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FEDERAL RESERVE

B U LLETIN
September 1963

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




WASHINGTON

E D I T O R I A L

C O M M I T T E E

Charles Molony
Ralph A. Young

Guy E. Noyes

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.

Contents
Changes in Banking Structure, 1953-62

1191

Economic Change and Economics Analysis

1199

Treasury and Federal Reserve Foreign Exchange Operations

1216

Bank and PCA Lending to Farmers

1224

Collateral for Federal Reserve Credit

1235

Law Department

1237

Announcements

1254

National Summary of Business Conditions

1255

Guide to Tabular Presentation

1258

Financial and Business Statistics, U.S. (Contents on p. 1259)

1260

International Financial Statistics (Contents on p. 1323)

1324

Board of Governors and Staff

1342

Open Market Committee and Staff; Federal Advisory Council

1343

Federal Reserve Banks and Branches

1344

Federal Reserve Board Publications

1345

Index to Statistical Tables

1347

Map of Federal Reserve System

Inside back cover

Volume 49 * Number 9
i




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THE COMMERCIAL BANKING SYSTEM in

the United States, like most of our institutions, has been affected by social and economic change throughout its history. During
the past 10 years these changes have had
important effects on the banking structure.
The distribution of banks and banking
offices that has evolved over the years reflects a complex pattern of function, ownership, and supervision. But throughout, several basic influences have shaped the banking structure: the geographical size of the
country, the diversity and changing character of its economy, an historical opposition to concentration of financial power in
large institutions located in a few financial
centers, and the early development of a system of national and State banking laws that
left to the individual States the right to shape
in large part the type of banking they would
have.
As a result, the banking structure of the
United States is a composite of individual
State banking structures, which are similar
in many respects, however.
During the first two decades of this century, when agriculture and industry were
developing rapidly, the number of commercial banks also increased rapidly—from
about 12,400 in 1900 to nearly 30,500 in
1921. Then the number began to decline
gradually, at first primarily in those midwestern States that had suffered a severe
agricultural depression in 1920-21. The decline in the number accelerated during the
next 8 years, as a result of continued difficulties in agricultural areas, better trans-




NUMBER of commercial baiks decliits;
balking offices increase sharply

portation, and centralization of industrial
and financial activity in urban centers.
During the great depression the number
of banks fell off sharply. More than 8,800
banks suspended operations permanently
during the 4-year period 1930-33, and by
the end of 1933 only about 15,000 banks
remained open.
The number of commercial banks in operation increased somewhat during the reorganization of the banking system from
1933 to 1935. But since then, except for a
short period after World War II, there has
been a persistent decline. The recent decline,
however has reflected mainly mergers between solvent banks seeking to improve their
competitive positions, whereas the earlier
declines were primarily the result of bank
failures. At the end of last year there were
about 13,400 banks in operation.
In contrast, the total number of commer-

1191

1192

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

cial banking offices—which include banks
and their branches—after showing some decline from 1935 to 1945, has since risen
rapidly. At the end of 1962 there were
about 25,500 offices compared with about
19,000 in 1935 and 1950. The increase in
banking offices in the face of the decline in
the number of banks reflects the fact that
many de novo branches have been established in recent years where no banking
office existed previously and that most of
the banks acquired in mergers have been
converted into branches by the banks that
acquired them.
The growth in income and population
and the migration of the population into
rapidly growing suburbs have also been in-

fluencing the banking structure. In the areas
surrounding urban centers in particular
there has been a great expansion both in
business activity and in the demand for
checking and consumer loan services, some
by people who only a few years ago might
not have been customers of banks. Therefore, city banks seeking these customers
have sought to establish new branches or to
merge with banks in the suburbs, where
permitted by law.
Changes in authority of Federal bank
supervisory agencies to regulate bank holding companies and to pass on bank mergers
and consolidations, and a change in the attitude of some State banking departments toward these activities, have also influenced

CHANGES IN COMMERCIAL BANKING STRUCTURE

Change

1953
and
1954

195362

1955
and
1956

1957
and
1958

1959
and
1960

1961
and
1962

Total changes
Number of banks, beginning of period

14,073

14, 073

13,868

13,667

13,527

13,471

New banks organized
Mergers and absorptions
Voluntary liquidations and suspensions.

1,113
1,669
91

139
321
23

239
421
19

186
308
18

254
298
12

295
321

13,426

13, 868

13,667

13,527

13,471

-647

--205

-201

-140

-56

Number of banks, end of period.
Net change

19
13,426
-45

States with statewide branch banking
Number of banks, beginning of period
New banks organized
Mergers and absorptions
Voluntary liquidations and suspensions
Number of banks, end of period
Net change

1,305

1,305

1,225

1,131

1,063

1,007

166
489

29
107
2

34
124
4

24
91

32

47
79

1,225

1,131

1,007

975

-56

-32

7
975
-330

-80

-94

1

1,063
-68

i Banks in Alaska and Hawaii are included throughout, although these territories did not become States until 1959.




1193

CHANGES IN BANKING STRUCTURE, 1953-62

the number and location of banks and of
branch offices.
RECENT CHANGES

During the last decade there has been a net
decline of 647 in the number of banks.
Newly organized banks—a total of 1,113—
only partially offset the number discontinued—1,760. Over this period, however, the
rate of decline in the number of banks
lessened steadily, from a net loss of more
than 100 banks per year in 1953-54 to
only about 25 banks per year in 1961-62.
The slower rate of decline reflects primarily a doubling in the number of new banks
organized. During most of the decade an

DURING THE 10-YEAR PERIOD

195362

1953
and
1954

1955
and
1956

average of 175 banks went out of existence
each year, but very few of these banks
were suspended or liquidated because they
were in unsatisfactory condition. About 95
per cent were merged with other banks; and
17 in 20 of these were continued as branches
of the surviving banks.
Banks have not only continued to convert
most of the banks they acquired by mergers
into branch offices, but they have also been
opening more de novo branches. Last year
they opened 874 new branches, three times
as many as in 1953. Over the 10-year period
banks opened 5,643 de novo branches and
closed only 387 branches.
As a result of the new branches and the

1953-62

1957
and
1958

1959
and
1960

1961
and
1962

Change

States with limited branch banking
5,705

5,705

5,541

5,328

5,173

5?O38

. . . Number of banks, beginning of period

260
1,055

36
191
9

61
270
4

45
191
9

53
187
1

65
216

New banks organized
Mergers and absorptions
.. Voluntary liquidations and suspensions

5,541

5,328

5,173

5,038

4,879

Number of banks, end of period

-164

-213

-155

-135

-159

Net change

31

4,879
-826
States with unit banking
7,063

7,063

7,102

7,208

7,291

7,426

. . .Number of banks, beginning of period

687
125
53

74
23
12

144
27
11

117
26
8

169
23
11

183
26
11

New banks organized
Mergers and absorptions
.. Voluntary liquidations and suspensions

7,572

7,102

7,208

7,291

7,426

7,572

Number of banks, end of period

509

39

106

83

135

146

Net change




1194

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

chartering of new banks, the total number
of commercial banking offices has increased
by about 6,100 in the last decade. This rate
of growth has exceeded that for the population. Consequently, the average banking
office now serves 7,300 persons, compared
with about 8,100 at the end of 1952.
For the country as a whole, these changes
in the banking structure have been accompanied by little change in the concentration
of deposits held by a given number or percentage of the largest banks. For example,
the 100 largest banks at the end of 1962
held about 48 per cent of total deposits, only
a little more than 10 years earlier and much
less than the 58 per cent they held in 1940.
CHANGES BY STATES

Focus on the recent changes in the structure
of commercial banking for the country as a
whole tend to mask the diverse changes that
have occurred among States. In general,
these changes have been influenced by the
type of banking legislation adopted. For this
discussion, the 50 States and the District of
Columbia have been placed in three broad
groups: those in which statewide branch
banking is prevalent; those in which branch
banking is limited usually to the county in
which the bank's head office is located or to
contiguous counties; and those that strictly
limit or prohibit branch banking—the socalled unit banking States.
The map indicates clearly that the type
of banking structure is a regional phenomenon. Unit banking predominates in the midwestern States, while statewide branch
banking prevails in the Far West. Most of
the States east of the Mississippi permit limited branch banking, although statewide
branching and unit banking are also represented.




Number of banks. At the end of 1952
about half the commercial banks were located in the 18 unit banking States, and half
in the remaining States, where some form
of branch banking is permitted. The picture
has changed since then. By the end of 1962
the number of banks had increased by 509
in unit banking States but had decreased
by 1,156 in branch banking States.
States in which statewide branching is
prevalent had a net loss of 330 banks in
the 10-year period, a 25 per cent decline.
Because of mergers, more than one in every
three banks existing in 1952 was eliminated
as a separate institution; and only 166 new
banks were organized. In recent years the
rate of decline has lessened as fewer mergers have occurred and more new banks have
been organized. In the States that permit
limited branching the decline in the number
of banks—about 15 per cent—has been
spread fairly evenly over the period.
The increase of 7 per cent in the number
of banks in the unit banking States reflects
primarily the formation of new banks; few
mergers have occurred there. These States
have accounted for about 60 per cent of all
new banks chartered since 1952.
For most of the States within each group
the changes in the number of banks over the
decade were generally in the same direction,
but the size of the changes varied widely (see
Table 1, p. 1320. Except for Hawaii all of
the 17 States with statewide branching had
fewer banks at the end than at the beginning
of the period, while 12 of the 16 limited
branching States had fewer banks. Except
in New York and Pennsylvania, States that
limit branch banking generally lost relatively
fewer banks than those that permit statewide
branching. In each of those two States the
number of banks declined by about onethird.

1195

CHANGES IN BANKING STRUCTURE, 1953-62

STATEWIDE BRANCH BANKING predominant in the West;
Mississippi to Rockies main area of unit banfi

as-

~~——,

I " \

H
43

"•"A I
18

36

60
39
53

82

6RANCH BANKING

C3 B
NOTE.—Figures indicate the percentage of deposits held by
the 5 largest banks or bank groups in the State. A bank group

includes banks that are members of a holding company registered pursuant to the Bank Holding Company Act of 19S6.

Only 3 of the 18 unit banking States
failed to show an increase in the number of
banks. The largest relative increases were in
Florida, Colorado, Texas, and Illinois. The
growth in population was higher in these
States than in the other unit banking States,
and this no doubt contributed to the high
rate at which new banks were formed there.
Number of banking offices. Despite the
decline in number of banks in most States
over the past decade, every State except New
Hampshire and West Virginia had an increase in the number of banking offices. The
number of offices increased by about 60 per
cent in States that permit statewide branching, 40 per cent in the group that permit

limited branching, and 10 per cent in States
with unit banking.




CONCENTRATION OF DEPOSITS

One broad measure of the organization of
any industry is the degree to which the volume of business is concentrated in a few
companies. In banking, the proportion of
deposits held by the largest banks or bank
groups is useful for making such comparisons over time and among States. The proportion of deposits held by the 5,10, or 100
largest banks presents only one aspect of the
structural picture, however, and such measures, by themselves, are not accurate indexes of the degree of competition.

1196

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

banks—about 2 per cent of the total number—accounted for 60 per cent of total deposits at the end of last year compared with
about 64 per cent at the end of 1952.
In unit banking States a decrease in concentration of deposits accompanied an increase in the number of banks. The share of
total deposits held by the 150 largest banks
—about 2 per cent of the number in these
States—fell from 53 to about 48 per cent.
On the whole the results summarized in
the chart for the three groups of States are
characteristic of the individual States in each
group. The percentage of deposits held by
the 5 largest banks in each State at the end
of 1962 are shown on the map.

The proportion of deposits held by the
largest banks changed little for the country
as a whole from 1952 through 1962 because
changes for the three major groups of States
tended to offset one another. In the statewide
branching States, where there was a decline
in number of banks, there was some increase
in concentration of deposits. Over this
period the 25 largest banks, which represent
about 2 per cent of the total number of
banks, increased their share of deposits from
about 62 per cent to 71 per cent. The proportions for 1962 were larger than those for
the same number of banks or the top 2 per
cent of the banks in groups of States with
either limited branch banking or unit banking. The largest number of banks shown in
the chart for each group is about 2 per cent
of the average of the numbers of banks in
these States in 1952 and 1962.
Unlike States with statewide branching,
where concentration and growth in numbers
moved in opposite directions, States with
limited branch banking showed both a substantial decline in the number of banks and
a small decline in the concentration of deposits. As the chart shows, the 100 largest

For many purposes State differences in
banking structure are not so relevant for
measuring concentration and available banking alternatives as data for metropolitan
areas and for smaller population centers. For
individuals and for many small and mediumsize businesses, alternative sources of banking services are limited for the most part to
the banking institutions in the locality in

NOTE.—The largest mimber of banks shown for each group
is about 2 per cent of the average number of banks in these

States in 1952 and 1962. The total number of banks in those
years is shown for each group in Table I, p. 1320.




LOCAL BANKING ALTERNATIVES

1197

CHANGES IN BANKING STRUCTURE, 1953-62

which they are situated. In this connection,
the number of "institutions" is the number
of banks or branches of banks under independent management.
In general, the number of banking institutions operating in a locality increases with
the size of its population. Almost no center
or town with a population of less than 1,000
has more than one banking institution.

Towns with populations between 5,000 and
10,000 are apt to have two, and it is not
until the population reaches 25,000 that
three or more institutions become usual. But
many of the smaller towns with only one or
two banking institutions, or none at all, are
located near other towns that may provide
ready access to other institutions.
In the standard metropolitan areas the av-

NUMBER OF COMMERCIAL BANKING INSTITUTIONS, BY SIZE OF POPULATION CENTER,
JUNE 30,
1962
Per cent of centers with—
Number of
centers with
banking
institutionsl

1

Statewide...
Limited....
Unit . .

383
1,365
2 595

98.4
98.7
98.7

1.3
1.3
1 3

.3

Statewide...
Limited....
Unit

666
1,613
1 756

81.7
78.7
74 9

17.3
20.3
24 6

1.0
.9
4

.1
1

5,000-10,000

Statewide...
Limited....
Unit

144
361
329

26.4
32.1
17.6

61.8
57.3
71.7

9.7
8.9
10.3

2.1
1.7
.3

10,000-25,000

Statewide...
Limited....
Unit

103
262
203

11.7
16.4
5.4

32.0
50.8
63.5

47.6
26.7
27.1

8.7
6.1
3.9

25,000-50,000

Statewide...
Limited....
Unit

41
81
70

9.8
11.1

12.2
28.4
17 1

34.1
35.8
51 4

41.5
23.5
31 4

2.4
1.2

Statewide...
Limited....
Unit

3
5
14

33.3

66.7
80.0
35.7

20.0
21.4

21.4

Statewide...
Limited....
Unit

29
62
42

41.4
32.3
7.1

27.6
24.2
16.7

27.6
16.1
31.0

3.4
4.8
26.2

Statewide...
Limited....
Unit

14
26
13

3.8

14.3
15.4

35.7
26.9

14.3
11.5

Size of center

Center outside standard
metropolitan
statistical
area, with population of—
Less than 1,000

1,000-5,000...

Standard metropolitan statistical area with population
of—
50,000-100,000

100,000-500,000

500,000 or more

Type of
banking

i The number of institutions equals the number of separate managements available to bank customers, whether through head office,
branch, or holding company, except that in this table holding com-




2

3

7.1

14.3

1.6

8.1

4-6

7-9

20 or
10-14 15-19 more

12.9
19.0
35.7
42.3
100.0

pany affiliates are consolidated only for standard metropolitan
statistical areas.
NOTE.—Details may not add to totals because of rounding.

1198

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

erage number of banking institutions available was generally somewhat larger for the
unit banking States than for States having
either statewide or limited branching. All
but 11 of the 208 standard metropolitan
areas studied, however, had at least four
banking institutions. In these areas, provision of adequate banking services to the
smaller customers, both businesses and individuals, may depend more on the strategic
location of banking offices of competing institutions within the area than on the number
of banks operating in the entire area.
Some comparisons of the number of banking institutions and the percentage of deposits held by the two largest banks or bank
groups in standard metropolitan areas with
populations of 300,000 or more are shown
in Table 2 on page 1321.
For most of the areas shown, the percentage of deposits held by the largest banking institution is close to or above 30 per
cent of the total held in the area. The concentration of deposits in the largest institution in metropolitan areas located in both
statewide and limited branching States
ranges from about 20 per cent to a high of
about 60 per cent.




In unit banking States the concentration
of deposits in the largest institution is not
so pronounced; it ranges from 15 to 45 per
cent. However, if the proportion of deposits
held by the two largest institutions is used as
the measure, the range of proportions for the
unit banking States is closer to that for the
other two groups.

The statistics in this text and the accompanying tables are presented as useful
summary measures of the dimensions of the
banking structure and the major changes
therein over the past decade. It should be
recognized, however, that over fairly broad
ranges, differences in the numbers of banks
and banking offices or in the degree of deposit concentration may have little relationship to competitive vigor or the extent of
services offered by banking institutions in
their communities. Legal and institutional
factors may be as important as the banking
structure, or even more important, in influencing bank performance. To reach judgments on this score, intensive analyses of the
prevailing circumstances in individual markets are a requisite.

Economic Change and Economic Analysis
by FRANK R. GARFIELD
IN CONNECTION with some work on seaeconomy. Most of his data and charts related
sonal adjustment procedures last winter, I
either to prices for commodities and servhad occasion to look over a hundred seaices, or to banking and financial statistics
sonally adjusted monthly production series
(Chart 1); relatively little organized inforfor the postwar period. I was surprised by
mation was available for production, emthe extent and diversity of change. Questions
ployment, or income.
soon arose concerning the significance of
Mitchell attempted to develop a theory
large and diverse changes not only for seaof self-generating movements that could be
sonal adjustment but also
checked in large part by
for cyclical and trend anreference to time series. He
TAFF PAPERS—In addialysis and, more broadly,
had a place in his account,
tion to its regular contents,
for economic analysis genhowever,
for changing exthe Federal Reserve Bulletin
erally. Presently, I found
pectations
and other realifrom time to time includes special
papers
on
economic
and
myself extending the time
ties not readily represented
financial subjects. These pahorizon back half a cenby time series. He hoped
pers, prepared originally for
tury, to 1913, and roaming
that generalizations derived
the information of the Board
far afield. This article is a
from an expanding volume
of Governors by individuals on
condensed, but not brief,
of information—and limiits staff, are selected for pubaccount of my wanderings.
ted as to time, place, and
lication because of their general
interest.
The
authors
are
institutional
environment—
The year 1913 was the
responsible for the analyses
could be used, with due
last year before the first of
and conclusions set forth.
caution, for purposes of
two world wars. It was the
prediction
and control.
year when, by constitutionIn another pioneer volume of theory and
al amendment, Federal income taxes were
statistics written in the late 1920's and
authorized. It was the year of the Federal
published in 1930, Simon Kuznets examined
Reserve Act. And that year the University
Secular Movements in Production and
of California published Wesley Mitchell's
Prices [2]. His heading for the first chapter
Business Cycles [1].
was "Retardation of Industrial Growth." He
Mitchell examined all the theories of crises
observed general tendencies for growth in
and all the numbers then available—mostly
particular manufacturing industries to slow
annual data. He found enough similarity in
down; for gains from particular inventions
fluctuations from one peacetime period to
such as the steam engine to peter out; and
another and from one industrial country to
for new inventions to be less significant than
another to feel justified in referring to
old, a point he illustrated by comparing elecall such fluctuations as "cycles." His analysis
tricity and the steam engine.
took into account a wide range of influences
One reason, he said, that gains in parbut revolved around those affecting profits,
ticular manufacturing industries tended to
which he regarded as central in a pecuniary




S

1199

1200

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963
Chart 1

RELATIVE PRICES OF LABOR
A N D OF C O M M O D I T I E S Ih\ THE U. S.
1 8 9 0 - 1 8 9 9 = 100

140

N 4 , M F G . INDUSTRIES
:OMMODITIES

130

AT WHOLESALE -

/
120

120

y

no
\
\

100

110

/

100
/

90

90
..-•••

,890 -91 '92 93 '94 • « 96 17 98 99,900 -01 '02 '03 04 '05 06 '07

slow down—a tendency noted earlier by
Raymond D. Prescott [3]—was the lack of
similar improvements in sectors supplying
materials. Kuznets found output per acre of
cotton and three other major crops little
changed for many decades. He also found
that after eliminating "primary" trends from
various series covering half a century or
more there remained broad "secondary"
movements considerably longer than business cycles, running about 18 to 20 years
(Chart 2 ) . Primary and secondary trends,
he thought, should be studied in relation
to each other and to cycles. Trends in prices
and production should be examined together.
This study of trends was quickly followed
in 1932 by another comprehensive Kuznets
book, this time on Seasonal Variations in
Industry and Trade [4]. Seasonal movements, like cycles and trends, of course, had
been studied in the 1920's or before by
various other people, especially at Harvard
University, at the National Bureau of Economic Research, and in the Federal Reserve
System. Frederick R. Macaulay was one of
the pioneers in developing new techniques,
as for seasonal adjustment, although his perceptive volume on The Smoothing of Time
Series [5] did not appear until 1931.




In constructing the Board's new index of
industrial production in 1927, Woodlief
Thomas was already using monthly seasonal
factors which changed over the years. He
was also using nonworking-day allowances
to reduce the irregular component in seasonally adjusted and unadjusted series, a
refinement Kuznets let go in order to cover
a large number of series (Chart 3 ) . And
in the early 193O's, to facilitate interpretation of changes from one day to the next
in the amount of currency in circulation,
Aryness Joy was making daily adjustments
that took into account the influence of the
day of the week, the day of the month, and
the season of the year.
Analysis of economic developments
through the use of national income accounts developed later. This approach—
Chart 2
PORTLAND CEMENT PRODUCTION IN THE U.S.

A
100.00
80.00
60.00

/

-

v~

/ 1

H
/ /

10.00
8.00
6.00

/
/

/

II

V
//

/
/
A
\B
I
1

I

i

I

i

i

|

1

I

1201

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

based in part on Kuznets' work on national
income and given impetus by the Keynesian
formulation of aggregative economics—was
perhaps more readily related to formation of
public policy, especially fiscal policy, than
the analysis embodied in the Mitchell approach. In somewhat different ways, however, both approaches aimed initially at description and prediction. In the theory of
the national income approach, causal relationships—such as that between income and
consumption—were stressed more than time
sequences—leads and lags. But as a matter
of practice, study of causal relationships has
proved to be closely related to study of time
sequences and subject to similar problems in
a changing economy.
Discussion of other differences between
these two broad approaches, such as different emphases on changes in prices and in
expectations, together with discussion of the
varying degrees to which these approaches
have been integrated with each other by different analysts, could easily occupy the remainder of this article. But economic change
is first in our title, and not much has been
said yet either about the nation's economy
before World War I or about changes since
that time.
In 1913, only 97 million people lived in
the United States. Now the population is
nearly twice that. Living conditions have
changed too. For example, whereas 33 per
cent of the people lived on farms then, only
7 per cent do now—and the farm is a different place. Horses and mules have largely
disappeared from the countryside as well as
from city streets. Autos and gasoline have
made a place for themselves and for uncounted earthmoving machines and highway
engineers. On the railroads, steam locomotives have been replaced by dicsels. We now
have a fine new assortment of chemicals and




chemists, computers and programmers, jet
planes and jet pilots, spaceships and spacemen. The iceman no longer tracks mud on
the kitchen floor; the TV man goes to the
family room. Disposal as well as creation of
income has been facilitated by development
of 36-month auto instalment paper and 30year home mortgages.
Enough. No one will deny dramatic
changes over this 50-year interval. But have
Chart 3

1919

1920

1922

1926

Comparison of three indexes of manufactures to show elfects
f adjustments for number of working days and for seasonal
ariations. Curve 1 is eomputed from data measuring total
monthly output, curve 2 from data measuring daily average
.mtput. and curve 3 from data measuring daily average output
idjusted for seasonal variations. Curves are all drawn on the
;ame scale and are placed at different levels on chart in order
o show distinctly the month-to-month ikictuations of each one.

changes during the period been of a sort to
affect cyclical analysis? What do they suggest about trend analysis? Seasonal adjustment? Regression analysis? Model-building?
IMPACT OF WARS

The first observation must be, most tragically, that two world wars and numerous
lesser wars have been fought in these 50
years, with widespread repercussions on all
sorts of activities, private and public. Over
extended periods they have upset Mitchell's
rhythm of economic fluctuation and Kuznets' growth patterns.

1202

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

Thus, in Western Europe, industrial production was drastically curtailed during both
world wars; in the United States it was not
(Chart 4). Partly because of this and the
need for reconstruction in Western Europe,
output there after both wars expanded
much more rapidly than in the United States.
Although the world is now much more
closely integrated in many ways than it was
early in the century, cyclical fluctuations in
Europe for a decade and a half have been

major impact on technological change
throughout the economy. Military flight requirements, for example, have greatly stimulated the development of light-weight materials, heat-resistant materials, and many sorts
of space-saving devices.
Clearly, for extended periods wars and
their aftermath have dominated the course
of activity in many countries. And over the
longer term they have altered a good many
basic conditions affecting activity and prices
and flows of goods, services, and capital.
In some countries wars have even been a
major factor in altering the whole organization of economic activity. The revolution in
Russia came in 1917. More recently, the
shift of many peoples from colonial status
to independence has been speeded by World
War II. Also, the less extensive institutional
changes in this country in the 1930's may
be attributed in part to the impact of World
War I in disrupting production patterns, distorting value relationships, and encouraging
many financial commitments that later could
not be met.
IMPACT OF DEPRESSION OF 1930's

observable only as minor hesitations in expansion, while in the United States output
has dipped cyclically four times. By the late
1950's, almost everyone had forgotten the
spritely generalization that "when the United
States catches cold, Europe gets pneumonia."
Domestically, military activities have altered the underlying structure of peacetime
demand, with defense outlays now 10 per
cent of gross national product, whereas in
1913 the country had virtually no defense
outlays. Military activities have greatly altered tax structures. They also have had a




The depression of the 1 930"s, like the war
periods, had both short-term and longerlasting effects on economic behavior and on
economic analysis. Rising trends calculated
in the 1920's were written off almost immediately, and debate raged over the nature
and sources of stagnation. With a fourth of
the labor force unemployed by 1932 and
all the banks closed in early 1933 there was
an almost total eclipse of trend analysis and
also of cyclical analysis. Even seasonal factors were suspect in industries such as those
producing cement, where output for the year
1932 was down 60 per cent from the late
1920's, and steel and autos, where output
was off 75 per cent. In fact, depressed con-

1203

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

ditions in the cement industry led to Federal
Reserve use for a time of seasonal allowances of so many barrels rather than so many
per cent of current output.
Population did continue to increase, but
the rate of increase, which had begun to
slow down in the middle 1920's, when immigration was restricted, by the mid-1930's
was less than half the earlier rate (Chart 5).
The effects of the sharp reduction in births
in that period are still evident in current
statistics on the labor force and the marriage rate.
High levels of unemployment, widespread
business failures, and collapse of many fiPOPULATION GROWTH
AVERAGE A N N U A L RATE o r INCREASE
2.5

owned companies, and also credit margin
requirements administered by the Federal
Reserve. New theories concerning the purposes and functions of Federal finance were
advanced by Keynes an<jl others, and many
of the built-in stabilizers had their origin in
that period.
Agricultural price-support policies, adopted at that time primarily to protect farmers
and their creditors, incidentally have greatly
modified speculation and price fluctuations
in markets for leading farm commodities.
The reduced fluctuations in cotton prices,
for example, are clearly evident in the record
of the past 8 years (Chart 6). Cotton prices
in this period have held within a range of
30 to 36 cents, with changes within particular years varying from 5 to 15 per cent;
the corresponding figures for the years from
1922 to 1929 were 11 to 35 cents, and 15
to 50 per cent. Wheat pricefluctuationshave
also been reduced, though not so much.
In contrast, fluctuations in steel scrap prices
have been about as wide as ever.
•GKotl 6

PRICE RANGES
Ratio icole
"'-'' ! | 400
1900
'OS

1910
IS

1930
-3 5

1930
35

1O40
J5

19S0
")'.

IV&O
Ill
. ClNTJ >i« IUSHU

nancial institutions created demands for relief and for reorganization along many lines.
The social security system, new arrangements for financing home buying, new labor
laws, and new farm measures adopted in that
period have proved in most instances to be
permanent features of our economic system.
So have new rules adopted for security markets, including requirements for registration
of new issues with a newly formed Securities
and Exchange Commission, standardized
reporting to the Commission by publicly




COTTON

.

CENTS MR POUND

STItL iCtAf
DOUARS PER TON

1915

1915

193S

1945

1955

1965

1204

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

The more or less permanent effects of all
such policy developments on the operation
of the economy and the nature of economic
change cannot be summarized even roughly
by a single figure comparable to the 10 per
cent of GNP cited as now going to defense.
They may none the less be significant. Their
significance, moreover, need not depend
wholly on whether the country has been
made depression-proof by new attitudes reflected in the measures adopted during the
1930's, in later legislation such as the Employment Act of 1946, and in various administrative policies.
If it should happen that we do not have
a depression or a major war over the next
half century, then the economic record of the
next 50 years will be very different from
that of the 50 years just past. And presumably it will be much more amenable to
economic analysis, particularly with reference to trends. Meanwhile, in seeking relationships from data for the past half century
to project into the future we need to take
due cognizance of the wars and depressions
of the past and their impact on the record.
We need to remember wars and depressions
when we draw or interpret trends, strike
averages for the length and depth of cycles,
calculate seasonals, run regressions, and
build models.
Of particular moment for much current
analysis, the economic consequences of
World War II merit attention when we think
about the significance of changes in postwar
years. For example, the list of postwar shortages of goods was too long to be treated
lightly. The aftermath of wartime finance
included a money supply so large that not
much further expansion was to be expected
or desired for some years. More generally,
in studying a wide range of economic developments, we need to remember that the af-




termath of war or depression may last 2
years for one series, 5 years for another, 10
or 15—or even more—for a third. And we
need to remember that for some series even
the little wars are pertinent; production records for coal and oil were altered sharply by
the Suez incident.
IMPACT OF OTHER INFLUENCES

Influences other than wars and depressions
that have a bearing on changes in the economy and in economic analysis are many and
difficult to disentangle. Moreover, they go
back a long, long way. Looking a little beyond 1913, we note a comment of David A.
Wells in a vigorous preface to his Recent
Economic Changes, written in 1889 [6]:
"The economic changes that have occurred
during the last quarter of a century —or during the present generation of living men—
have unquestionably been more important
and varied than during any former corresponding period of the world's history." And
he had much to say about "inventing and
perfecting tools and machinery, building
workshops and factories, and devising instrumentalities for the easy intercommunication of persons and thoughts and the cheap
exchange of products and services." After
further comment on the marvels of progress,
he noted that "concurrently, or as the necessary sequence of these changes, has come a
series of widespread disturbances"—disturbances which "to many thoughtful and conservative minds" seemed to presage "an
attack on the present organization of society
and even the permanency of civilization
itself."
In 1913 reform was in the air, with passage of the Clayton Antitrust Act less than a
year after the Federal Reserve Act and with
adoption of the 17th amendment providing

1205

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

for direct election of Senators soon after the
16th authorizing Federal income taxes.
Child labor was under attack. The number
of youths going to high school or even to
college was increasing rapidly. For those
employed, working hours were being sharply
reduced.
MANUFACTURING WORKWEEK

Average weekly hours of work at factories
had already declined from 53 in 1900 to 49
in 1913, although the workweek of 66 hours
at steel mills was not to be lowered until after
World War I (Chart 7). By 1929 the average factory workweek was down to 45 hours,
and further reductions were brought about
by the depression and the Fair Labor Standards Act providing overtime pay beyond 40
hours. In the postwar period, although paid
weekly hours, at around 40, have shown
little change, actual working time per year
has been reduced somewhat further by increases in paid holidays and vacations. Outside manufacturing there have been further
reductions in the workweek during the postwar period.
Continuing reductions in working hours
and substantial increases in production per
capita have ben made possible in part by




increased employment of women but to a
greater extent by persistent increases in output per hour, commonly referred to as "output per man-hour." These increases in output per man-hour, in turn, have reflected a
complex of developments in education, technology, management, saving, investment,
and research—and also changes in attitudes
of people all the way from the workbench
to the Supreme Court.
Trends. For aggregate production, it
would almost seem as though the underlying
forces for growth had been so strong as to
lead to a trend for the first 60 years of this
century in this country which could be regarded as meaningful despite many changes
in the economy. A single 2.9 per cent straight
line keeps fairly close company with all the
data for real GNP, except for periods of depression and war. The same is true of a 3.6
per cent straight line trend for industrial
production (Chart 8). Raised slightly, these
trend lines would represent the general drift
of nondepression peacetime years a little
more closely.
RYATGNP AND INDUSTRIAL PRODUCTION

1(99

1914

1944

1959

1206

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

One theory explaining persistence of a
given rate of growth might be that in the
long run developments that deflect activity
from its general course—such as wars and
depressions—tend to stimulate adjustments
of various sorts that bring activity back on
course. Perhaps we should assume here that
the whole has a life of its own, independent
of the parts, and that, as a matter of behavior, the whole is an amount to which the
parts must add, even though, as a matter of
arithmetic, the whole is nothing more than
the sum of the parts. This idea I have found
difficult to grasp. But I seem to be reluctant
to discard it without comment.
Under conditions of not too rapid change
in basic economic organization or human
values, opposing pressures—on the one
hand, to find employment and to utilize
growing resources and, on the other, to
realize the gains in productivity in forms
other than additional goods and services—
might be offsetting for some time and might
lead to a fairly constant rate of growth in
real GNP. I am inclined, however, to regard the re-emergence of the predepression
growth rate as reflecting to a considerable
degree an accidental offsetting of depression
influences by World War II influences. I
doubt if there is sufficient reason to suppose
that changes in the rates of change in population, labor force participation, employment, hours of work, and productivity must
continue to balance out so that in the next
half century the growth rate in real GNP
will be very close to the 2.9 per cent rate prevailing since the beginning of the century.
If the years from 1930 to 1945 are set aside,
the rate for the other three 15-year subperiods has been close to 3.5.
The rate of increase in output per manhour for private production, estimated at
around 1.4 per cent early in the century,




has accelerated. In the postwar period it
has been over 3 per cent (Chart 9). This
indicated doubling in the rate of increase hi
productivity has been offset by lower rates of
increase in some other elements. Population,
for example, has been growing somewhat less
rapidly since World War II than in the early
years of the century, with annual increases
OUTPUT PER MAN-HOUR
PIIVATI

Ratio seal*
1947 49=100
200

generally around 1.6 or 1.7 per cent rather
than 2 per cent (Chart 5). The rate in 1962
was down to 1.5 per cent.
As we consider possibilities for future
broad trends, we can be clear that typical
retardation of growth in production over the
life of particular industries is not of itself
evidence of any tendency toward retardation
in growth in output in the economy as a
whole. Growth in the economy depends
partly on how many industries are in a stage
of rapid growth, as Arthur M. Burns observed in his Production Trends in the
United States Since 1870, published in 1934
[7], and as Walther G. Hoffman emphasized
in his British Industry, 1700-1950 [8].

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

Nor can the retardation of growth in a
particular industry in one period be accepted
as a sure guide to the future of even that one
industry. New demands may appear as they
did for cement (Chart 2 ) . On the supply
side, too, even old industries may be revolutionized. Thus the output per acre of cotton and three other major crops, which Kuznets cited as showing little change in the last
three decades of the 19th century and the
first two of the 20th, has doubled in the last
four decades.
Also, I think the evidence does not point
to any decline in the importance of new discoveries. Electricity has done many jobs the
steam engine was totally unfitted to do directly—in homes as well as in industry. Electronic computers seem to represent at least
as much of an advance over electro-mechanical tabulating equipment as that equipment
represented over hand-cranked desk calculators. Computers seem destined to alter
basically the nature of a wide range of industrial activities as well as many types of
office work. As aids to research of all sorts
they may well have a significant impact also
on almost every other type of activity, not
excluding agricultural production, construction, and the practice of medicine and law.
More broadly—with all due respect to the
facts to be found in volumes on Recent Economic Changes published in 1889 [6] and
in 1929 [9]—perhaps one of the most significant observations to be made about the economic scene in the United States now in
contrast with that half or three-quarters of
a century ago is that change seems to be
more readily accepted as a feature of almost
every phase of life. This is one of the chief
reasons why so many people are willing to
entrust their family heirlooms, if any, to
moving vans.




1207

Reference to the increased tempo of
change seems to call insistently for discussion of developments abroad where the shift
in tempo—from a less rapid pace in the
earlier period—may well be greater than in
this country. But domestic developments
alone, it seems to me, are quite sufficient to
warrant the emphasis here on the importance of change as an element to be considered at every point in analyzing economic
conditions.
Cycles. For further study of changes in
the economy and their impact on cycles,
seasonals, and other relatively short-time
fluctuations, it would be convenient if we
could regard some recent period, even a
few years, as free from war and depression
influences. The 10-year period since 1953
would be one possibility. It was only in mid1953, however, that the Korean truce was
arranged. Also, at that time Western Europe
was still years away from Article VIII currency convertibility, and the TreasuryFederal Reserve accord had been reached
only 2 years earlier. Production was quite
high in relation to capacity, and postwar
inflationary forces were still so strong that
prices were to rise sharply when boom conditions developed after recovery from the
1954 recession.
Another possibility is the period since
1957. Altogether, for present purposes this
short period is perhaps as good as any
other. We do well to remember, however,
that even in 1957 it was not clear that postwar inflationary tendencies were being—or
could be—modified as much as now seems,
in retrospect, to have been the case (Chart
10). Also, it may be argued with some force
that at least the fairly sharp recession of
1958 belonged to and for many purposes
should be grouped with the years preceding
1958.

1208

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

PRODUCTION AND PRICES

120
INDUSTRIAL

COMMODITY

PRICES

•0
70
W4t

1*60

NOTE.—Figures for production are adjusted for seasonal variation.

While industrial production as a whole
showed a rise of 17 per cent over the 5-year
period from 1957 to 1962, industrial chemicals, including synthetic materials, were
up 55 per cent, electric and gas utilities
41 per cent, and rubber and plastics products
33 per cent. On the other hand, transportation equipment other than autos showed
little change, oil drilling was off 11 per cent,
iron and steel 12, and coal 17.
In these 5 years industrial chemicals
rose from 3.6 per cent of total industrial
output to 4.8, passing iron and steel, which
declined from 6.2 to 4.6 per cent. For strict
accuracy, note should be made that these
shares are calculated without allowance for
the effect of relative price changes on valueadded relationships.
Such shifts in composition of industrial
and other output naturally affect the cyclical behavior of the total. So also do basic
changes in the utilization of resources and




the outlook for price changes, such as occurred in the same short period. And in the
background are many longer-term trends,
in both domestic and international affairs.
At the low in April 1958 industrial production was off 14 per cent from the August
1957 level. This decline was substantially
more than the 10 per cent in 1954 or the
8 per cent in 1949. The most recent decline,
in 1960-61, was only 6 per cent (Chart 10).
Meanwhile, industrial prices as a whole
stabilized in mid-1959, after only moderate
advances during a single year of expanding
activity. The preceding advance in industrial
prices, after the 1954 recession, had been
much more rapid and had continued more
than 2 years. In the recovery after the 196061 recession, industrial prices as a whole
showed no advance, and the rise even for
commodities whose prices are particularly
sensitive to changes in demand was small
and short-lived. Such variety of experience
in production, price, and other changes is
not new in the annals of cycles—many of
Mitchell's original data related to years of
depression in the 1890's, others to periods of
more moderate fluctuation. But the recent
historical record does remind us of the continuing need for a sharp look at averages of
cyclical experience and for selective analysis
of each cycle.
From the low in early 1961 to mid-1962
industrial production and real GNP rose
considerably, but after that industrial production held within a range of less than a
point for 7 months and GNP rose only moderately. As late as last March the question
was being asked whether this extended period of near stability in activity was a
forerunner of recession, a mere hesitation
in a general advance, or the beginning of
a long period in which neither the expansive forces nor the contractive forces would

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

prove to be cumulative in their effects.
When the economy emerged on the upside, other questions arose. Was February
the twenty-fourth month of recovery and
expansion or the first? Had we had a European-type recession, with less than a 1 per
cent decline in industrial production after
mid-1962 but with noticeable declines in the
rate of inventory accumulation and in plant
and equipment expenditures? Such questions
suggest that complexity and uncertainty in
cyclical behavior and cyclical analysis are
not to be denied, inconvenient as they may
be for those who seek simple answers.
Taking a look at cyclical experience over
all 18 years of the postwar period, we see
first that there has been no postwar depression to parallel the one beginning 11 years
after World War I. In Western Europe,
meanwhile, even the shorter cycles have
been so minor that recessions have been
mainly periods of pause in rapid growth.
How far the improved cyclical record of this
postwar period may be attributed to greater
wisdom and how far to other factors is hard
to tell.
In this country shorter cycles of significant amplitude have persisted, bearing some
resemblance to interwar cycles and perhaps
more to each other. All four postwar periods
of appreciable decline in industrial production have continued 7 or 8 months, although
the amount of decline has varied widely
(Chart 10). Also, recovery in each instance
has been rapid for a while even though the
time elapsed before the start of rapid recovery has ranged from no time at all in the
spring of 1958 to several months in 1954.
The length of complete cycles has varied
from 3 to 5 years. But all such counting becomes truly meaningful for analysis of the
future only as the circumstances of each situation are reviewed. And a word must be




1209

added concerning the changing meaning of
"cyclical high" from one period to another.
A cyclical high may involve, as in the
mid-1950's, generally active use of resources, shortages in some lines, efforts to
accumulate inventories, rapid capital expansion, widespread increases in prices—
of commodities and services, and of real
estate and other capital items—and various
other elements that together make the situation unsustainable and likely to be followed
by sharp reaction. Or the cyclical high may
not be very high; in 1959-60 the low in unemployment was about 5 per cent, whereas
in the mid-1950's it was around 4 per cent.
The 1960-61 recession that followed was
mild, and recovery and expansion since early
1961 have been substantial. The labor force
has been expanding, however, and with output per manhour up sharply, unemployment
this summer was still 5.5 per cent or more.
Rates were lower than this for certain
groups—a little over 3 per cent for married
adult males with wife present—but much
higher for some groups not adequately
trained to meet modern job requirements
or for other reasons at a disadvantage in
labor markets.
Unemployment rates for labor and capacity use rates for equipment, incidentally,
throw a special light on the nature of cyclical
highs and cyclical changes generally. They
are by definition "adjusted for trend," after
a fashion, whereas production and employment figures typically are not. Neither type
of series by itself tells the whole story of
current developments.
SEASONALS

Seasonal movements, being in considerable
measure determined by weather, might appear to be less affected than cycles or trends
by various changes in the economy. Can we

1210

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

perhaps use "constant seasonals" and avoid
the paradox implied in "changing seasonals"? Under some circumstances, yes. But
sooner or later in a changing economy every
seasonal pattern turns out to be changing.
One way out is to use more than one set of
constant factors with breaks in between, but
this approach often creates greater problems
than it solves.
Why do seasonals change? Perhaps the
question should be put the other way; why
should seasonals stay the same? An industry
such as industrial chemicals, in which output rose 55 per cent in the 5 years from 1957
to 1962, may be expected to have constant
seasonals only if the increased output consists of similar products sold to customers
in similar areas, and then only if these products are turned out in similar plants and are
otherwise subject to similar seasonal influences on the supply side—or if various
changes offset each other. For industrial
chemicals seasonals did change in this period
—but only moderately.
For a quite different set of reasons there
has been a marked change since 1960 in the
seasonal behavior of rates on 3-month
Treasury bills. Those reasons relate to
changes in the nature of Treasury and Federal Reserve participation in this market and
to the responses made to these changes by
other market participants.
Changes in the composition of production or other series, from year to year as well
as over longer periods, make difficult any
satisfactory direct adjustment of totals
whose parts have different seasonals. Thus
they argue for adjusting totals by adjusting
parts and adding the results, except where
the parts behave too erratically to permit
separate adjustment. The two approaches
sometimes lead to quite different results, as
they did for industrial production in mid-




1962. The direct adjustment of the total
suggested that this "coincident indicator"
was declining from March to June, perhaps
taking its cue from the "leading indicators."
The regularly published series derived from
the seasonally adjusted parts meanwhile rose
further.
The issue of adjusting totals directly or
via the parts is only one of several affected
by rapid changes; for example, such changes
greatly complicate the estimating of terminal year seasonals. The year 1958, with
sharp turnaround in activity after April,
was by no means a vintage year for production seasonals. For quite a few series, seasonals calculated with 1958 data as the last
in the series were distorted not only in 1958
but all the way back to 1955. Dropping
1958 data out of the calculations improved
the results substantially.
Adjust series seasonally as you will to
take out variations recurring every twelfth
month or fourth quarter—in order better
to reveal the general drift—and there will
still remain confusing changes of other
sorts. These changes are ordinarily called
"irregular," or even "random," although
actually they may contain elements of regularity. "Irregular" fluctuations—due to one
more snowstorm than usual this particular
January, a strike, a revision in Regulation
Q, a quirk of reporting, or any of a hundred
and one other special circumstances—are
reflected, along with other nonseasonal influences, in the final "adjusted" series. All
too often this is forgotten. For series as
erratic as monthly business failures, new
capital issues, or housing starts it hardly
could be.
FACTS AND DATA AND ANALYSIS

So far changes in the economy have been
treated largely as though they affected anal-

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

ysis directly, without reference to data problems. Actually, over the years the quantity
and quality of data available have improved
considerably. Our data now tell us something about more subjects, are shown in
more detail, and are classified in more meaningful ways. They are available for shorter
time periods, and they are available more
promptly. Quite a few of our figures are
collected under the guidance of sampling
experts and processed into refined numbers
by electronic computers under the direction
of scholars versed in the dark arts of editing
and adjustment—adjustment for nonresponse, adjustment for nonworking days,
adjustment for seasonal variation, adjustment to benchmark. We make more serviceable estimates of crucial current figures,
and we make them less reluctantly. We also
make more revisions than ever before to set
the record straight. A modern Shakespeare
could have fun with the ages in the life of
a mid-century statistic.
The evolution of data preparation has
blurred the distinction between data preparation and analysis. More data collectors try
to find out what information is needed, and
more committees argue over treatises on the
meaning of concepts such as unemployment
and productivity. A man who has really
learned what GNP is—or industrial production—has dealt with quite a few economic realities. He knows something about
prices as well as "quantities." He is versed
in the subtleties of weighting and is aware
of the distinction between an establishment
and an enterprise. He is alert to the dangers
in ignoring gaps and the dangers in filling
them on the basis of unwarranted assumptions. He understands, hopefully, how the
circumstances of the time affect the significance of the numbers under review.
The improved data now at hand offer




1211

new opportunities to analysts of every persuasion. Almost every question may stimulate the making of one or more regressions,
and elaborate models may be built with the
hope of finding numbers more or less appropriate for the purpose in hand. But in
such operations—as in mathematically less
complicated approaches—it is easy to lose
one's way, unless one is familiar with the
limitations that still characterize available
data.
Looking back to the Census of Population
for 1910 we can readily see internal evidence
of statistical trouble in that modern time.
The number of people reported as 40 years
old was 1.5 million, which was 700,000
more than the number 41 years old and,
even more startling, 400,000 more than the
number 39 years old. Obviously, a certain
carelessness had crept in somewhere along
the way, presumably in the answering of a
simple question by the original respondent.
The population figures for 1910 showed
considerably less "heaping" at the adult "0"
years than in 1880, but they still were not
good enough. Gradually over the decades
this particular problem has been cut down
to size. Have we similarly mastered the
problem of finding out what consumers plan
to buy and what the plans they report at a
particular time may mean in terms of the
purchases they—or somebody else—will actually make?
In the 1960 Census of Population, one of
the many sources of error on the long route
from the respondent's answer to the finished
statistic has been eliminated. Information on
the original schedule is transmitted direct to
the computer without any card punching. In
this operation quality control standards for
the permissible number of punching errors
are no longer needed. True, in this particular
Census, occasional failures in the microfilm-

1212

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

ing process caused some entire pages of
schedules to be unreadable by FOSDIC
(Film Optical Sensing Device for Input to
Computers), but the damage was minor.
For most economic statistics the struggle to
minimize card punching errors—as well as
all the other potential mishaps along the way
—must go on.
Considering conceptual problems, reporting problems, processing problems, and adjustment problems, those who ask the data
producer to state just what probability there
is that the particular figures being issued are
accurate within certain ranges are asking
quite a little. The sampling error that is subject to quantification is only one of several
problems. Fortunately it is possible, by
charting and studying series, by keeping
in mind the degree of irregularity typical
of particular series, by noting the position
last month, and by being informed as to the
surrounding circumstances, to make use of
series which are not known to be accurate
within a narrow range.
People acquainted with the uncertainties
of various statistics relating to production,
employment, prices, and the like sometimes
long for the certainties they associate with
banking—accounts always balance. It is evident, however, that no matter how carefully
banks keep their books and how specific the
rules may be for valuing assets, various current banking statistics are subject to problems such as those relating to the representativeness of respondent banks and the comparability of reporting dates. Months may
end on one day of the week or another, and
it may make a difference. The week ending
in the middle of March may be closer this
year to the corporate income tax payment
date than it was last year. Year to year
changes in the timing of Treasury financing
operations also often complicate the inter-




pretation of reported changes in bank credit
and bank deposits.
In construction and real estate many data
problems remain unsolved. For example, information on the amount of office space, occupied and unoccupied, is still inadequate.
Again, Census takers have found so many
more houses standing than had been expected
that a substantial revision in housing starts
data before 1959 is being considered. Such
a revision, if made, would raise the level of
starts in the early postwar years sharply in
relation to more recent years. It would also
raise the level in relation to existing prewar
figures—but those figures are also in process
of revision, from 1840 to 1939.
The repercussions of a revision in postwar housing starts would extend to the series
on residential construction activity and total
construction activity, to all the series of
which they are parts, including GNP, and
to all the series derived by comparing these
series with other series. All this is recited
not to decry revisions—which scientific candor demands be made—but rather to emphasize the intricacy of the whole structure
of data and analysis. One way to improve
analysis is to improve data.
In another area, also long recognized as
particularly difficult to handle, series showing changes in the seasonally adjusted book
values of inventories in some periods, as in
the summer and autumn of 1962, fluctuate
so irregularly and over so wide a range
from month to month as to disturb some
analysts. Those encountering problems here
should recognize that practically all series
have an irregular component which cannot
be expected to yield to adjustment of any
sort, save the last resort smoothing of adjusted series. But they may also be pleased
that efforts to improve the basic series are
continuing and that many respondents,

ECONOMIC CHANGE AND ECONOMIC ANALYSIS

newly equipped with electronic computers,
are coming to be in a better position to
answer inventory questions.
Basic to every economic statistic is the
unit of measurement—and the economic significance of almost every unit is subject to
change. While the number of pounds in a
short ton does not change even over long
periods, the quality of the steel being
weighed may improve appreciably. Specifying a size range for electric generators
may not yield strict comparability—the proportion of generators toward the top of the
range may be higher at one time than at
another. The design of products and the
materials of which they are made are continually changing, confusing the meaning of
any simple count. The list of problems relating to "physical volume" measures is by
no means short.
Many of the data available for analysis
are expressed in dollar terms. In one sense
a dollar is always a dollar, but what it will
buy is another question. A rise of $1 billion
in inventory holdings in a period of price
stability represents much more accumulation than a rise of the same amount in a
period of advancing prices. Interpretation
of current changes in the whole wide range
of dollar series—for shipments as well as
inventories, loans extended as well as loans
outstanding, payments for currently produced goods and for existing assets—clearly
needs to take account of price behavior.
Even when the "general level" of prices is
stable, particular prices may be changing
considerably. So, for many purposes it is
uesful to "deflate" current dollar figures to
obtain "constant dollar" figures.
But problems in deflating value figures
are many. Matching prices imbedded in
value figures with price indexes that really
correspond would often require more de-




1213

tailed information about prices and quantities than that now available, and information of different types. For example, do we
know whether the prices in this month's
shipments are prices quoted this month or
some months ago? Whether for any particular group in any particular period deflated value figures do now provide a better
"constant dollar" measure than can be obtained from other data depends on all the
virtues and all the limitations of the data
being considered.
One way to improve actual deflation of
value figures will be to collect price data
with this objective more in mind. But it will
be well to remember that price data are
useful for many other purposes.
Modern statistical techniques and computing devices are helping to broaden understanding of the nature of data problems and
to meet a wide variety of such problems.
Basic to further improvement in data are
increased data requirements for private and
public administrative purposes and deeper
understanding of the significance of good
data for good analysis.
Data by themselves will not provide solutions to economic problems, no matter how
plentiful and accurate the data may be.
Hypotheses as to which phenomena are relevant and how they are related are essential
at every stage of analysis. But it is important
to have information as reliable and pertinent as possible as a basis for proceeding
to each next step in an inquiry or a demonstration. On occasion, data problems in implementing certain preferred concepts may
even be so great that the better part of valor
is to use serviceable concepts that can be
well implemented rather than preferred concepts that cannot.
If we can assume that the data are becoming more descriptive of the facts and that

1214

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

the facts are becoming more amenable to
analysis as we get farther away from the last
war and the last depression, how is economic
analysis developing? Certainly actual events
in recent years have differed enough from
those predicted to call for many second
thoughts. For example, must all analysis
assume creeping inflation, as a consequence
of the modern distribution of economic
power? Five years of little change in the
wholesale price level would suggest that
this position, once so widely accepted, in
this form or with a proviso about resource
utilization, is one of those that need to be
reviewed. In another area, events of recent
years relating to the international flows of
goods and services and funds have been
hard on many earlier suppositions. The record of shorter-term forecasts for 1962 and
1963 suggests that if we are to be successful
in forecasting results we shall need to know
more about causes.
Certainly the new equipment developed
in recent decades—a fascinating succession
of new computing, charting, printing, and
display devices—has been an extraordinarily powerful force for change. This new
equipment and the new statistical techniques
developed in recent decades together make
feasible inquiries and demonstrations beyond possible consideration before.
That thinking about time series analysis
is being pushed in various new directions is
clearly evident. Witness the development of
flow of funds accounts and continuing pressures to build an integrated system of time
series tied to the national accounts as one
mold, perhaps the mold, into which the economic world should be cast. Witness the
spread of seasonal adjustment and the current reconsideration of methods of seasonal
adjustment. Witness the expanding efforts




to capture the essentials of many economic
relationships in regressions and in large-scale
models.
This is not the place to appraise such efforts; it is appropriate to note, however, that
economic change is a central fact to be dealt
with, and that formal tidiness in formulation of a problem is only one of many virtues.
Experimentation along such lines need not
preclude experimentation along other lines.
The Harvard ABC curves of the 1920's were
neat, in their own way, and perished. More
broadly, the experience of the past half century suggests that history is full of surprises,
especially for those who are sure, and that a
good analyst needs to be a good historian as
well as a good mathematician.

References arranged in the order of their appearance in this article:
1. Wesley Mitchell, Business Cycles, University
of California Press, 1913
2. Simon Kuznets, Secular Movements in Production and Prices, Houghton Mifflin Co., 1930
3. Raymond D. Prescott, "Law of Growth in
Forecasting Demand." Journal of the American
Statistical Association, December 1922, pp. 471-79
4. Simon Kuznets, Seasonal Variations in Industry and Trade, National Bureau of Economic
Research, 1932
5. Frederick R. Macaulay, The Smoothing of
Time Series, National Bureau of Economic Research, 1931
6. David A. Wells, Recent Economic Changes,
D. Appleton and Company, 1898
7. Arthur F. Burns, Production Trends in the
United States Since 1890, National Bureau of
Economic Research, 1934
8. Walther G. Hoffman, British Industry, 17001950, English ed., Basil Blackwell, 1955
9. Recent Economic Changes in the United
States, National Bureau of Economic Research,
1929

ECONOMIC CHANGE AND ECONOMIC ANALYSIS
Charts:
1. Adapted from Mitchell [1], p. 135.
2. Adapted from Kuznets [2], p. 100, with trend
projected and data added for 1925-62.
3. Reproduced from the March 1927 BULLETIN,
p. 171.
4. Industrial production in Western Europe: data
from Office of Economic Cooperation and Development, put on a 1957-59 base. Industrial production in
the United States: 1901-19, Day-Thomas index,
1919-62, Federal Reserve index.
5. Based on U.S. Census of Population data as of
July 1, excluding population in U.S. possessions but
including armed forces outside the United States from
1917-19 and beginning in 1929.
6. Based on Dept. of Agriculture data for cotton
and wheat, and Iron Age composite for steel scrap.




1215

7. Based on estimates for 1899-1919 from Paul H.
Douglas, Real Wages in the United States, 1890-1926,
and for 1919 to date on estimates of the Bureau of
Labor Statistics.
8. Gross national product data from Dept. of
Cemmerce except that estimates from 1899-1909 are
from John W. Kendrick, Productivity Trends in the
United States, a report of the National Bureau of
Economic Research, 1961. Industrial production as
above, Chart 4.
9. Derived from data on real product of the private domestic economy and on man-hour estimates
for 1899-1908 shown in Solomon Fabricant, Basic
Facts on Productivity Change, Occasional Paper 63
of the National Bureau of Economic Research, 1959,
and for 1909-62 on Bureau of Labor Statistics data.
10. Federal Reserve grouping based on Bureau of
Labor Statistics wholesale price indexes.

Treasury and Federal Reserve Foreign
Exchange Operations
This third joint interim report reflects the
Treasury-Federal Reserve policy of making
available additional information on foreign
exchange operations from time to time.
The Federal Reserve Bank of New York acts
as agent for both the Treasury and the Federal Open Market Committee of the Federal
Reserve System in the conduct of foreign exchange operations.

This report was prepared by Charles A.
Coombs, Vice President in charge of the
Foreign Department of the New York Reserve Bank, and Special Manager, System
Open Market Account. It covers the period
March-August 1963. The first report was
published in the BULLETIN for September
1962, and the second in the BULLETIN for
March 1963.

As of early March 1963 the Federal Reserve reciprocal credit, or swap, network
covered 10 foreign central banks, plus the
Bank for International Settlements, and involved a total amount of $1,100 million.
In May 1963 the reciprocal currency agreement with the Bank of England was increased from $50 million to $500 million,
thereby raising the total of these short-term
swap lines to $1,550 million.
From the first use of the Federal Reserve
swap program in March 1962 through the
end of August 1963, total drawings on these
swap lines by the Federal Reserve and other
central banks amounted to $978 million.
Over the same period, total repayments of
$876 million were made, each generally
within 6 months from the date of the drawing. The net debtor position of the Federal
Reserve under all these agreements combined was $92 million as of the end of August 1963, compared with $65 million at the
end of February 1963. During the first week
of September, the net debtor position of
the Federal Reserve was reduced to $73
million.

TABLE 1
FEDERAL RESERVE RECIPROCAL CURRENCY
AGREEMENTS, END OF AUGUST 1963




Other party to
agreement

Amount
of facility (of Date
original
(millions
of dollars) agreement)

Term
(months)

1962
1

Bank of France 2..
Bank of England .
Netherlands Bank.
National Bank of
Belgium
Bank of Canada...
Bank for International Settlements3
Swiss National
Bank
German Federal
Bank*
Bank of Italy 5
Austrian National
Bank

100
500
50

Mar. 1
May 31
June 13

3
12
3

50
250

June 20
June 26

6
3

100

July 16

100

July 16

3

150
150

Aug. 2
Oct. 18

3
3

50

Oct. 25

3

1963
Bank of Sweden...

1216

Total for all
banks

50

Jan. 17

1,550

1 Increased from $50 million to $100 million on Mar. 4, 1963.
2 Increased from $50 million to $500 million on May 29, 1963.
3 In Swiss francs.
4 Increased from $50 million to $150 million on Jan. 17, 1963.
5 Increased from $50 million to $150 million on Dec. 6, 1962.

1217

FOREIGN EXCHANGE OPERATIONS

At the end of February 1963, there were
outstanding U.S. Treasury issues of $481
million in foreign currency bonds and of
$48 million in foreign currency certificates.
During the next 6 months, all of the foreign
currency certificate issues were converted
TABLE 2
U.S. TREASURY FOREIGN CURRENCY BONDS,
OUTSTANDING E N D OF AUGUST 1963
Amount
(millions
of U.S.
dollar
equivalents)

Original
maturity
(months)

German Federal
Bank

275

15-24

Bank of Italy

200

15-24

Swiss Confederation

127

15-18

Swiss
franc

Swiss N a t i o n a l
Bank

48

15-18

Swiss
franc

National Bank of
Belgium

30

24

Belgian
franc

Investor

Austrian National
Bank
Total

25

Currency
TABLE 3

18

FEDERAL RESERVE AND NATIONAL BANK
OF BELGIUM RECIPROCAL CURRENCY
AGREEMENT THROUGH AUGUST 1963

German
mark
Italian
lira

Austrian
schilling

705

into foreign currency bonds, while additional
bonds were issued in the amount of $177
million. Of this total of $705 million of
foreign currency bonds outstanding at the
end of August 1963, $50 million has in one
instance been employed to refund Federal
Reserve swap drawings into medium-term
obligations of the Treasury.
BELGIAN FRANCS

Unlike the other swap arrangements, which
are now on a standby basis, the Federal Reserve-National Bank of Belgium swap remains fully drawn, as it has been from the




beginning. The swap thus provides the National Bank of Belgium with a supplementary dollar balance of $50 million and the
Federal Reserve with an equivalent balance
of 2.5 billion Belgian francs.
During the period under review, disbursements of the reciprocal balances created by
the swap were made by both parties for a
combined total of $25 million equivalent.
These exchange operations were quickly reversed, as the payments balance of Belgium
oscillated around equilibrium.
In May 1963 the U.S. Treasury issued

Disbursement

Date

Repurchase

Closing
balance

F.R. operations in Belgian francs *
(millions of U.S. dollar equivalents)
1962
June
Aug.
Sept.
Oct
Nov.
Dec.
1963

Jan

20 .
7
17-21
11
19
19

10.5
10.5
10.0
10.0
5.0

2-4

14.4

Jan. 3 1 . . .
Feb. 11
Apr. 2.
June 11

5 0
5.0
5.0
5.0

50.0
39.5
50.0
40 0
30.0
35.0
50.0
45.0
50.0
45.0
50.0

National Bank of Belgium operations in U.S. dollars
(millions)
1963
Jan. 16
Jan. 31
Feb. 21
Mar. 11
Mar. 27Apr. 2
June 27
Aug. 2
1

5 0
5.0
10.0
10.0
20.0
....

10.0
5.0

Closing balance includes interest earnings.

45.0
50.0
40.0
30.0
50.0
40.0
45.0

1218

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

to the National Bank of Belgium 24-month
bonds denominated in Belgian francs in the
amount of $30 million equivalent. These
bond issues were timed to coincide with Belgian Government borrowings of dollars in
London and New York, which would otherwise have resulted in an accrual of surplus
dollars on the books of the National Bank
of Belgium. These dollars were immediately
absorbed, however, by the Treasury with
the Belgian franc proceeds of the bond
issues.
Over the past year, payments swings in
the Belgian dollar position totaling $175
million have been financed through the
Federal Reserve swap facility and the U.S.
Treasury issue of Belgian franc bonds,
thereby dispensing with the use of existing
reserves by an equivalent amount. Although
limited in scale, these coordinated exchange
operations by the U.S. and Belgian exchange
authorities provide a clear illustration of
the technical feasibility of readily financing, through the flexible use of the international financial machinery that has recently been developed, the payments swings
that inevitably accompany even a balanced
growth of trade and payments.
NETHERLANDS GUILDERS

From mid-November 1962 through February 1963 the dollar-guilder market remained
quiet with no need for intervention by the
Federal Reserve Bank of New York for
either the Federal Reserve System or the U.S.
Treasury. Renewed buying pressure on the
guilder developed, however, in mid-March
1963 and continued for over 2 months thereafter. Part of the dollar influx into the
Netherlands apparently originated in foreign direct investment. But a more important cause appeared to be a gradual tight-




ening of money market conditions in the
Netherlands.
As Dutch commercial banks began to be
squeezed for liquidity, the call money rate
in the Netherlands rose sharply from 1 per
cent to 3 per cent, and rates on Treasury
paper also advanced. To ease the pressure
on the banks, the Netherlands Bank in
March agreed to accept certain Netherlands
Treasury paper under repurchase agreements and, for the monthly reserve period
ended April 21, reduced the banks' cash
reserve requirements by 1 percentage point
to 4 per cent. Nevertheless, the tightness
continued, and Dutch commercial banks
repatriated short-term investments from
abroad in order to bolster their strained
domestic liquidity positions. The return
flow of short-term funds was reflected both
in a strengthening of the spot guilder rate
and in a narrowing of the forward guilder
premium.
In these circumstances it seemed appropriate to prevent through central bank swap
operations the potential unloading of such
repatriations on the Netherlands Bank. Accordingly, from April 10 through May 28,
the Federal Reserve gradually disbursed a
total of $44 million equivalent in guilders
acquired through drawings upon the $50
million swap line with the Netherlands Bank.
The great bulk of these disbursements were
effected through exchange market operations
with the dual purpose of preventing the spot
rate for the dollar from declining to the
floor and of simultaneously absorbing dollars that would otherwise have flowed to
the Netherlands Bank.
By early June the tide began to turn as
the Netherlands Bank again reduced the
commercial banks' cash reserve requirements by 1 percentage point to 3 per cent
and money market conditions eased in the

FOREIGN EXCHANGE OPERATIONS

Netherlands. With the decline in Dutch
money rates and with the strengthening of
their liquidity positions, Dutch commercial
banks resumed placements of short-term
funds abroad, thereby pushing up the spot
rate for the dollar and widening the forward
premium on the guilder. Between July 1
and July 3 the Federal Reserve was able
to acquire $5 million of guilders through
market operations conducted by the Netherlands Bank, and the dollar rate continued
to strengthen gradually throughout the summer months.
Although such favorable market conditions would probably have permitted further gradual liquidation of most of the swap
drawing, the Netherlands Bank and the
Federal Reserve both deemed it preferable
to take advantage of a $70 million debt prepayment by the Netherlands Government to
the U.S. Government on July 22. This debt
prepayment, which resulted in an equivalent
draft upon the dollar reserves of the Netherlands Bank, enabled the Federal Reserve to
buy directly from the Netherlands Bank a
sufficient amount of guilders to liquidate
its remaining commitment under the swap
drawing.
STERLING

Sterling strengthened in early January 1963,
and there were numerous indications at that
time that seasonal inflows of dollars might
considerably augment British official reserves during the first half of 1963. Accordingly, the Federal Reserve drew £ 9
million, or $25 million equivalent, of its
$50 million swap facility with the Bank of
England and subsequently used £ 2 million,
or $5.6 million equivalent, of this drawing
to support the dollar rate.
Late in January, however, the exchange




1219
market situation was abruptly transformed
when the British bid for Common Market
membership was rejected. The Federal Reserve reversed gear and on February 1 purchased sufficient sterling to replenish its
sterling balance to £ 9 million, or $25 million equivalent. Simultaneously, as speculative pressure on sterling gathered force, the
Bank of England disbursed the $25 million
credited to its account at the Federal Reserve under the initial swap drawing. Despite sizable intervention by the Bank of
England, the sterling rate gradually declined
during February and March and slipped below par. On March 29 the Federal Reserve
Bank of New York purchased in the market
for U.S. Treasury account £ 3 million,
equivalent to $8.4 million, thereby reinforcing the support operations of the Bank of
England.
The Bank of England might have readily
drawn on the remaining $25 million of the
$50 million swap line, which the Federal
Reserve was prepared to increase, but the
nature of the speculative selling of sterling
suggested to the Bank of England that recourse to other short-term facilities would
be more appropriate. As far as could be
ascertained, the speculative outflow from
London was directed largely to continental
financial centers rather than to New York.
The Bank of England accordingly negotiated short-term credits of $250 million
equivalent with several continental European central banks in order to reinforce
British official reserves. These short-term
credits, which cushioned the decline in British reserves during February and March,
were reported early in April by Chancellor
Maudling. This announcement immediately
strengthened sterling, as the markets realized
that cooperative action by central banks to

1220

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

defend sterling was under way, and the sterling rate stabilized slightly above par.
Between May 6 and 20 during temporary
declines in the sterling rate to slightly below
par, the Federal Reserve Bank of New York,
on behalf of both the System and the
Treasury, accumulated £ 6 . 5 million, equivalent to $18.2 million, in order to build up
U.S. official holdings. No immediate need
to employ these balances for intervention in
the dollar-sterling market was anticipated,
however, and several weeks later it appeared
advantageous to swap £ 9 . 3 million, or
$26.0 million, of the combined Treasury
and Federal Reserve holdings into Swiss
francs. This was done to accelerate repayment of earlier Federal Reserve drawings
upon its swap line with the Swiss National
Bank. In August, as sterling weakened
again, the Federal Reserve Bank of New
York acquired in the market additional
sterling balances of £ 2 . 7 million, or $7.5
million, for the account of the Federal Reserve and the Treasury.
Perhaps the most important single development during the period under review,
however, was the announcement on May 29
that the swap line between the Federal Reserve and the Bank of England had been
increased from $50 million to $500 million.
The magnitude of this increase in the reciprocal credit arrangement between the Federal Reserve and the Bank of England has
greatly reinforced market confidence in the
stability of the sterling-dollar parity relationship and may well mark a milestone in
the development of international financial
cooperation. The $25 million swap operation initiated in January was fully liquidated
on July 16, and the $500 million swap arrangement is consequently on a standby basis
immediately available in its entirety to either
party in case of need.




GERMAN MARKS

From early March through late July there
was almost continuous buying pressure on
the German mark, which strengthened from
a quotation of $0.2500^ on March 1 to a
peak rate of $0.2515V6 on June 20. Although some improvement in the German
foreign trading position seemed to be involved, there were numerous indications of
sizable inflows of capital. Throughout the
period relatively tight money market conditions prevailed in Germany. In June in particular, the German banks found their reserve positions squeezed, owing to the coincidence of the quarterly tax date and the customary midyear "window-dressing" needs.
Reflecting this tightness, the rate for call
money traded among the banks remained
above the central bank discount rate of 3
per cent, and on occasion rose to over 4
per cent. These relatively high short-term
rates appeared to be pulling in funds from
other European financial centers and from
New York. In addition, there was evidence
of quite substantial foreign investment in
German bonds, on which yields were also
relatively high, as well as in German equities. Subsequent statistical reports have confirmed these early impressions.
The pressures on the mark—dollar exchange market were resisted by closely coordinated action by the German Federal
Bank and the Federal Reserve Bank of New
York. From early March through August,
the German Federal Bank took in a substantial amount of dollars at rates well below
the ceiling on the mark and thus helped
to maintain a calm and orderly atmosphere in the market. On the U.S. side, the
Federal Reserve Bank of New York intervened heavily for both Treasury and Federal Reserve account. It used mark balances available at the beginning of the pe-

1221

FOREIGN EXCHANGE OPERATIONS

riod and, in addition, drew on the Federal
Reserve-German Federal Bank swap line
and placed with the German Federal Bank
additional issues of U.S. Treasury mark
bonds.
In April, combined Treasury and Federal
Reserve disbursements of previously accumulated mark balances amounted to $16.5
million equivalent. A further mark supply
of $13.2 million equivalent became available and was disbursed in June and July, as
a weakening of the Swiss franc facilitated a
partial reversal of the $30 million Treasury
swap of marks for Swiss francs that had been
arranged in December 1962 following the
Cuban crisis. Most of the intervention operations by the New York Reserve Bank for
both the System and the Treasury, however, were financed by bilateral credit arrangements. In May and June the Federal
Reserve drew the entire $150 million equivalent of marks available under its swap line
with the German Federal Bank, and by July
5 it had disbursed $143 million of such
drawings. At this point, in the face of continuing pressure, it appeared advisable to
shift to medium-term U.S. Treasury financing through a $25 million issue on July 11
of a 2-year mark bond, which provided
funds for further intervention during the remainder of July.
Early in August, buying pressure on the
mark tapered off considerably, partly because of an easing of the German money
market, and over the next few weeks the
Federal Reserve System was able to purchase a total of $25 million equivalent of
marks, which were immediately employed to
reduce the swap by that amount. The German Federal Bank would have been agreeable to an extension of the Federal Reserve
Bank swap drawings pending the expected
reversal of the flow of funds. As this ap-




peared likely to take some time, however,
the Federal Reserve and the Treasury, in
line with the general policy of reserving swap
facilities for countering flows that give evidence of being quickly reversible, felt it desirable at this point to substitute for a portion of short-term obligations of the Federal
Reserve to the German Federal Bank a medium-term U.S. Treasury borrowing in the
form of a further issue of 2-year mark bonds.
Accordingly, on August 28 the Treasury
issued to the German Federal Bank a $50
million 2-year mark bond, the proceeds of
which were immediately sold by the Treasury to the Federal Reserve System and were
used to reduce the Federal Reserve swap
drawing to $75 million equivalent. This is
the first instance of a refunding of a Federal
Reserve swap drawing through mediumterm Treasury borrowing.
SWISS FRANCS

On March 1, the short-term commitments of
the United States in Swiss francs amounted
to $153 million equivalent. These comprised
Federal Reserve swap drawings of $100 million on the Swiss National Bank and the
Bank for International Settlements, and
Treasury forward contracts of $53 million.
By June 20, these short-term commitments
had been fully liquidated.
As pointed out in previous reports in this
series, as well as by Swiss official spokesmen,
the strength of the Swiss franc in recent years
has been mainly attributable to recurrent inflows of short-term capital funds associated
with international political tensions. Whenever these short-term inflows have tapered
off, the underlying deficit in the Swiss balance of payments has emerged and generated sizable demands for dollars to finance
imports and other payments. During the

1222

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

spring and early summer of 1963 such a
demand for dollars reappeared and brought
about a strengthening of both the spot and
forward dollar rates against the Swiss franc.
Under these conditions, the Federal Reserve
and Treasury made more or less simultaneous progress in rapidly reducing their shortterm debt in Swiss francs.
The Treasury accelerated the liquidation
of the $53 million of forward contracts outstanding on March 1 by issuing to the Swiss
Confederation an additional $46 million of
Swiss franc bonds. By providing the Swiss
Confederation with franc-denominated assets, these bonds correspondingly reduced
the need for the Confederation to invest in
dollar assets abroad and, consequently, its
need to have recourse to the forward market to acquire Swiss franc cover for such
investments.
The Federal Reserve System, for its part,
liquidated $75 million of the $100 million of swap drawings outstanding in early
March by buying Swiss francs, both from
the market and directly from the Swiss National Bank, and by drawing down existing
U.S. official balances in Swiss francs. To
speed up liquidation of the final $25 million
of the swap drawing, the Federal Reserve,
in cooperation with the Treasury, made use
of the technique of swapping outright holdings of one currency for another. As mentioned above, the System and the Treasury
swapped with the Bank for International
Settlements $26 million of previously acquired sterling for Swiss francs. This swap
technique, discussed in the preceding report, was first employed in December 1962
to enable the U.S. Treasury to swap $30
million of marks for Swiss francs to deal
with buying pressure on the Swiss franc
resulting from the Cuban crisis. In such




transactions involving third currencies, the
Federal Reserve has worked out its operations in consultation also with the central
bank responsible for that currency.
In late July, the Swiss franc strengthened
once more as the Swiss money market became somewhat tighter. To counter the
liquidity squeeze, Swiss commercial banks
repatriated funds placed abroad, and this
inflow—combined with some renewed speculative pressures—created a heavy demand
for Swiss francs. In closely coordinated operations in New York and Zurich, the Swiss
and U.S. authorities tempered these market pressures and prevented unduly sharp
rate movements. Intervention took the form
mainly of renewed U.S. Treasury placements of forward Swiss franc contracts and
market purchases of dollars by the Swiss
National Bank, both on a moderate scale.
With some easing of the Swiss money market, the exchange market returned to a more
balanced position in August, and the dollar
rate held slightly above the floor.
FRENCH FRANCS

Between July 19 and July 23, in an effort to
test the market, the Federal Reserve System drew and disbursed for the first time
a total of $12.5 million equivalent of French
francs under the $100 million swap line
with the Bank of France. This intervention lifted the dollar slightly off the floor,
but it quickly became apparent that very
sizable disbursements would be required to
bring about any appreciable improvement
of the dollar rate. Intervention was accordingly suspended to await a more favorable
opportunity. Since then, the French franc
obligation incurred by the Federal Reserve
through the swap drawing in July has been
fully covered by purchases of French francs
in the forward market.

FOREIGN EXCHANGE OPERATIONS
ITALIAN LIRE

During the period under review, no spot
operations in lire were conducted by the
Federal Reserve Bank of New York for
either the Federal Reserve or the Treasury.
Forward operations in lire for Treasury account were continued with satisfactory
results and will be reported in detail in due
course.
In March and June a total of $100 million equivalent of 15-month lira bonds issued to the Bank of Italy by the U.S. Treasury in 1962 were converted into 24-month
obligations carrying the privilege of conversion into shorter maturities in case of need.




1223
CANADIAN DOLLARS, SWEDISH KRONOR,
AND AUSTRIAN SCHILLINGS

No exchange stabilization operations in
Canadian dollars, Swedish kronor, or Austrian schillings were conducted during the
period by the Federal Reserve Bank of
New York for either the Federal Reserve
or the Treasury. In April, however, the
Treasury issued a $25 million equivalent
18-month bond denominated in Austrian
schillings to the Austrian National Bank
and used the schilling proceeds to absorb
dollar holdings of the Austrian National
Bank, which had been increasing owing to
Austria's balance of payments surplus.

Bank and PCA Lending to Farmers
This is the third in a series of BULLETIN
articles based on the debt portion of the
Sample Survey of Agriculture conducted by
the Bureau of the Census in 1960.
The article was prepared by Leon F.
Hesser, Agricultural Economist, Federal Reserve Bank of Kansas City. Other articles
analyzing the results of the debt portion of
the Survey will appear in future issues of the
BULLETIN. A handbook of the more important statistics on farm debt and related characteristics of farms and farm operators and
landlords will also be published by the Board.
Agencies cooperating in the debt Survey

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

The 1960 Sample Survey of Agriculture
provided new detailed information on
farmers who use credit from banks and
production credit associations (PCA's), the
two leading institutional suppliers of shortand intermediate-term credit to agriculture.
The Survey asked farmers about the amount
of debt they owed to these institutions and
to other sources, and also about such items
as the size and type of their farms and their
tenure arrangements, age, and income. The
results show that there were significant differences in the kinds of farmers who were
financed by banks and PCA's and in the
average debt owed to these institutions.
Average non-real-estate debt owed to
PCA's was larger than that owed to banks.
Borrowers from PCA's also had greater total
non-real-estate debt, on average, than did
borrowers from banks.

A part of these differences in average debt
was traced to the fact that a higher proportion of borrowers from banks operated small
farms. The remainder resulted from the fact
that on large and medium-sized commercial
farms the average debt of PCA borrowers
was larger than that of borrowers from
banks.
Sorting bank and PCA borrowers by geographic area, type of farm, and tenure arrangement revealed significant differences in
the composition of these two groups of
farmers. Analysis of these differences in
composition, however, showed that they did
not cause the differences observed in average
debt. In about three-fourths of the groupings
of farmers with similar tenure arrangements
operating large or medium-sized commercial
farms of the same type in the same area, the
PCA borrowers had greater average non-




1224

BANK AND PCA LENDING TO FARMERS

1225

real-estate debt and higher ratios of such
debt to sales and income.
The probable explanation of the larger
debt and relatively heavier indebtedness of
PCA borrowers is that certain characteristics
of PCA's and their operations have made
them more likely than banks to do business
with farmers who use the most credit. These
differences between banks and PCA's and
the implications of the Survey data for banks
and other lenders seeking to adapt their
operations to the rapidly increasing financial
demands of modern agriculture are discussed
in the concluding part of this article.

not asked to make a distinction between
these loans when reporting their debt.
Following the usual practice in debt surveys, respondents were asked to report their
debt in two major classifications—loans secured by real estate and loans without this
type of collateral. As a result, bank loans
for the purchase of farmland and any loans
for production and intermediate-term purposes that were secured by real estate were
reported as one real estate debt figure. For
comparison with PCA debt, however, the
latter bank loans had to be separated from
other real estate debt and combined instead
with the non-real-estate debt. To accomplish
this, a new category called non-real-estate
and related debt was established during
tabulation of the Survey, and provided
the data shown in this article.
All debt to PCA's and all non-real-estate
debt to banks was placed in the non-realestate and related debt category. Real-estatesecured debt to banks and similar lenders
was also included if the borrower had other
real estate debt that was greater in amount.
This procedure obviously failed to isolate
precisely the bank debt that ought to be
compared with PCA debt, but available
evidence suggests that it served the purpose
fairly well.
Although the debt figures used in this
article represent the non-real-estate and related debt category, a shorter term, "nonreal-estate debt," is used when referring to
this debt. Similarly, references to farmers
who owed debt to banks include only those
with non-real-estate and related debt to
banks.

COMPARABILITY OF DEBT TO BANKS
AND PCA'S

PCA's are cooperative agencies that were
first organized under provisions of the Farm
Credit Act of 1933. They are owned and
operated by the farmer-borrowers who are
their members, but they are subject to supervision by the Federal intermediate credit
banks and the Farm Credit Administration.
They extend short- and intermediate-term
farm credit, mostly to finance current production or to provide capital for such purposes as the purchase of farm machinery and
livestock. In addition, they extend credit for
farm household purposes and make a small
number of loans for the purchase of farmland and buildings.
Banks, a term used here to refer to all
commercial and savings banks as well as
trust companies, not only make the same
types of loans to farmers that the PCA's do
but also make long-term loans to finance the
purchase of farm real estate. For comparison with PCA credit, it seemed desirable to
separate the latter loans from the shorterterm credit, much of which was also secured
by real estate. This presented special problems because respondents in the Survey were




WHOM DID BANKS AND PCA'S FINANCE?

The Survey found that 1,538,000 farm operators had non-real-estate debt in the autumn
of 1960. This number represented 47 per

1226

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

cent of all operators. Of these, 666,000 reported debt to banks and 174,000 to PCA's
(Table 1). About 38,000 reported nonreal-estate debt to both sources.1
Nationally, banks financed about four
times as many operators as the PCA's did.
The proportion, however, differed considerably among some categories into which
farms in the Survey were classified—such
as size and type. Knowledge of the influence
of such factors on this and other aspects of
farm debt are the most significant contribution that this Survey made to farm credit
knowledge.
One of the major classifications of farms
employed in the Survey, and also in regular
1

The Survey data reported here differ somewhat
from other estimates relating to farm debt and are
also subject to sampling errors. The technical note
at the end of this article lists several references that
provide information on these aspects of the data.

censuses of agriculture, is a division between
commercial and noncommercial farms. Except for abnormal farms—such as institutional farms and Indian reservations—all
farms with sales of $2,500 and over were
classified as commercial farms. In addition,
farms with sales of $50 to $2,500 were
classified as commercial farms if the operator
was under 65, did not work off the farm
for as many as 100 days during the year,
and did not have family off-farm income in
excess of the value of farm products sold.
Table 2 classifies commercial farms into
three groups according to value of farm
products sold, each group being a combination of two of the economic classes used by
the Census Bureau. The group consisting of
Classes I and II represents large commercial
farms (annual sales of $20,000 and over);
Classes III and IV, medium-sized farms

TABLE 1
SOURCES OF FARM OPERATORS' NON-REAL-ESTATE AND RELATED DEBT,

1960

Debt to indicated source
Indicated source

Number of
indebted
operators 1
(thousands)

Total
(millions
of dollars)

Average
per
operator
(dollars)

Per cent
of total

Average
debt owed
to all
sources
(dollars)

Banks 2
PCA's

666
174

2,684
1,096

4,028
6,290

39
17

5,966
8,693

Other institutions:
Insurance companies
Farmers Home Administration
Other 3

53
49
122

171
208
366

3,234
4,211
2,992

2
3
5

9,024
6,955
5,752

Noninstitutional sources:
Merchants and dealers
Individuals 4
Miscellaneous

921
237
268

1,501
700
116

1,630
2,956
433

22
10
2

4,366
6,269

1,538

6,841

100

AMI

All sources

1
Figures add to more than total number of farmers with non-realestate and related debt because a farmer with debts to more than
one2 source was included in the total for each source.
All commercial banks, savings banks, and trust companies.




5,169

3
Includes such agencies as livestock loan companies, finance
companies,
and State or county loan agencies.
4
Includes such items as unpaid veterinary bills or utility bills, past
due taxes or insurance premiums, and other items except family
living expenses.

1227

BANK AND PCA LENDING TO FARMERS
TABLE 2
FARM OPERATORS WITH NON-REAL-ESTATE AND RELATED DEBT,

Per cent of total
with debt to—

Operators with debt
(thousands)

Classification

1960

To PCA's

Banks

PCA's

Total

To banks

All operators

1,538

666

174

43

11

Economic class:
Commercial
I and II
Ill and IV
V and VI
Noncommercial

1,207
209
641
357
331

548
112
307
130
118

159
32
96
32
15

45
53
48
36
36

13
15
15
9
4

Type of commercial farm:
Cash-grain
Cotton
Tobacco
Dairy
Livestock
Other

234
103
93
247
284
247

128
24
27
114
154
102

27
11
9
53
31
29

55
23
29
46
54
41

11
11
10
22
11
12

Area:
North
South
West

674
421
444

344
115
207

79
46
49

51
27
47

12
11
11

Tenure of operator:
Full owner
Part owner
Manager
Tenant

655
477
10
396

261
216

64
76

40
45

10
16

0)

0

0)

32

47

8

Age of operator:
Under 35
35-54
55 and over
Not reported

231
779
388
141

119
342
155
50

25
100
39
10

51
44
40
35

11
13
10
7

185

0

i Sampling variability of this item was too large to justify its
publication.

(sales of $5,000-$19,999); and Classes V
and VI, small farms (sales under $5,000).
Banks financed about 50 per cent of the
farmers with non-real-estate debt on large
and medium-sized commercial farms in
Classes I through IV and about 36 per cent
of the smaller commercial and noncommercial farms. PCA's financed 15 per cent of
the farms in Classes I-IV, about 9 per cent
of the smaller commercial farms, and only
4 per cent of the noncommercial farms with
non-real-estate debt. Noncommercial farms




made up 18 per cent of the banks' customers
but only 9 per cent of PCA customers.
Classification of commercial farms by
type of farm is also provided by the Census
Bureau. Farms deriving 50 per cent or more
of their total sales from a particular commodity or group of commodities were classified under that commodity. For instance, a
commercial farm obtaining 50 per cent or
more of its cash sales from grain was classified as a cash-grain farm. Other types of
farms singled out in this Survey were cotton,

1228

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

tobacco, dairy, and livestock other than
dairy and poultry.
PCA's financed about 22 per cent of all
dairy farms with non-real-estate debt, compared with about 11 per cent of each of the
other types. Banks financed more than half
of the cash-grain and livestock farms with
non-real-estate debt, but only a fourth of the
cotton and tobacco farms. While banks, in
total, financed about four times as many
farms as PCA's, they financed five times as
many cash-grain and livestock farms, compared with only twice as many cotton and
dairy farms.
The sample of farms in the Survey was
too small to provide reliable data for small
geographic areas such as States. For this
reason, regional classification of farms was
limited to three large areas—the North,
South, and West.2 Examination of figures for
these areas reveals that the number of operators with non-real-estate debt to banks
represented only a fourth of all operators
with non-real-estate debt in the South compared with about one-half in the other regions. In each of the three areas, PCA's
financed about the same proportion—about
11 per cent—of the operators with non-realestate debt. Thus a higher proportion of indebted operators who are located in the
South obtained credit mainly from noninstitutional sources such as merchants, dealers,
and landlords.
Classification of farmers into tenure
groups revealed one of the outstanding differences in the kind of farmers financed by
2
In tabulations of the Sample Survey, the West is
defined to include North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, and all States to
the west of these. The South includes Arkansas, Tennessee, Kentucky, Virginia, Maryland, Delaware, and
States to the south, and the North encompasses the
remaining States. Alaska and Hawaii were not included in the Survey.




the two types of institutions. As shown in
Table 2, banks financed about the same proportion of operators with non-real-estate
debt in each of the tenure groups, but PCA's
financed about twice the proportion of part
owners (operators who both owned and
rented land) as of tenants, and also relatively
more part owners than full owners. From
another point of view, 44 per cent of PCA
customers were part owners, compared with
32 per cent of bank non-real-estate customers, but only 18 per cent of PCA borrowers were tenants, as opposed to 28 per
cent for banks.
Part owners appear to be agriculture's
dynamic tenure group. Their number has
increased in recent years in spite of a decline
in the total number of farmers. By renting
land in addition to farming their own holdings, part owners have taken a step to expand
the size of their operations. Survey data
show that more of them use credit. Meeting
their credit needs may require more individual tailoring of financing arrangements,
with traditional credit benchmarks for full
owners and full tenants not applicable.
Under these circumstances, the higher proportion of part owners among PCA customers may well be noted.
Grouping operators by age showed that
the proportion using bank credit declined
as age increased. As previously noted, a
similar drop in the proportions using either
bank or PCA credit was also observed as
size of farm decreased. The two tendencies
are probably related, for a greater percentage of the operators of noncommercial and
small commercial farms fell into the older
age brackets. Very likely, however, both age
of operator and size of farm affected the proportion of operators using credit from institutional sources.

BANK AND PCA LENDING TO FARMERS
SIZE OF DEBT

At the time of the Survey in late 1960,
farmers reported owing $2.7 billion in nonreal-estate debt to banks and $1.1 billion to
PCA's. Average debt to PCA's was about
$6,300; to banks it was about $4,000. But
because many farmers had non-real-estate
debt outstanding to more than one source,
the average total non-real-estate debt was
larger than the averages to these specific
sources. For all farmers with PCA loans it
was about $8,700; for farmers with bank
loans it was about $6,000.
On the average, therefore, farmers who
borrowed from PCA's used substantially
more non-real-estate credit, both from that
source and in total, than did borrowers from
banks. However, PCA's supplied only a
slightly higher proportion of the total nonreal-estate credit used by their customers
than banks did for their customers. What
other factors, then, were responsible for the
large difference in the average amounts of
such credit used by these two groups of
farmers?
It is natural first to seek the answer in the
distribution of bank and PCA customers
among different sizes of farms. If it were
found that a much higher percentage of
PCA borrowers operated large farms, for
instance, this would account for part or all
of the difference in average non-real-estate
debt.
In fact, however, Table 3 shows that relatively more of the PCA customers than of
the bank customers were on medium-sized
commercial farms, and that the proportions
were about equal on both the large and small
commercial farms. The proportion of bank
customers who operated noncommercial
farms, on which average debt is relatively
low, was twice the proportion of PCA customers who fell into this category.




1229
According to Survey data, non-real-estate
debt of PCA borrowers was larger than that
of borrowers from banks in each of the economic class groupings shown in Table 3.
On the noncommercial and small commercial farms, however, the differences are not
large enough to be significant when the
probable sampling errors are considered.
On both large and medium-sized farms,
though, average non-real-estate debt of PCA
borrowers was substantially greater than that
of bank customers. These differences between groups of farms of essentially the same
size indicate that the distribution of borrowers by economic class does not explain
all of the differences between the over-all
average debts of borrowers from the two
institutions. Rough calculations show that
the gap between the over-all averages would
be reduced by only about one-fourth if the
distribution of PCA customers by economic
class were the same as that found for bank
customers, or vice versa.
Because borrowers from PCA's had higher
average non-real-estate debt than did bank
borrowers on the large and medium-sized
farms, they were more heavily indebted as
measured by the ratio of such debt to their
sales of farm products. In Table 3, the operators' share of farm products sold minus cash
rent is used as the base for this measure of
relative indebtedness to obtain more nearly
comparable data for operators with different
tenure arrangements.
Is the larger average non-real-estate debt
of PCA borrowers on the medium-sized and
large commercial farms explained by differences in the type of farm or the tenure or
age of the operators financed? For instance,
were PCA's simply more active in those areas
where the predominant farm types normally
use more credit in relation to the value of
farm products produced? Data showing the

1230

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

relationships among these factors and the
relative indebtedness of all bank and PCA
borrowers are also presented in Table 3.
Data showing these relationships separately
for borrowers on the large and medium-sized
farms were also examined because of the
particular interest in these farms on which
PCA borrowers were more heavily indebted
than bank borrowers, but they are not published here because of space limitations.
More PCA customers were dairy farmers
and fewer operated cash-grain or livestock
farms. On both dairy and cash-grain farms
in the same economic class groupings, average debt of PCA and of bank borrowers was
about the same as for all farms with PCA or
bank debt, respectively, so the difference in
distribution of borrowers did not affect the

over-all average. But on livestock farms the
average debt was higher than on other types
of farms in the same economic classes. Inasmuch as banks financed relatively more
livestock farms, this tended to reduce rather
than increase the difference between the
bank and PCA averages. Rather than helping to explain the difference between average
non-real-estate debt of bank and PCA borrowers, therefore, differences in the distribution of borrowers by type of farm are more
useful in showing why the spread between
these averages was not greater than that
actually found.
Compared with bank borrowers, a larger
proportion of PCA customers were part
owners and a smaller percentage were tenants. Because part owners on the average

TABLE 3: FARMERS WITH NON-REAL-ESTATE AND RELATED DEBT

Average non-real-estate debt (dollars )—
Line

Classification

Percentage distribution
of borrowers at—

Owed to all sources
by borrowers at—

Owed to—
Banks

PCA's

Banks

PCA's

Banks

PCA's

1

All operators

100

100

4,000

6,300

6,000

8,700

2
3
4
5

Economic class:
Commercial
I and II
III and IV
V and VI
Noncommercial

17
46
20
18

18
55
18
9

11,900
3,000
1,800
1,600

17,900
4,600
1,900
2,000

17 000
4,900
2,500
2,200

24 100
6,600
2 500
2,700

6
7
g
9
10
11

Type of commercial farm:
Cash-grain
Cotton
Tobacco
Dairy
Livestock
Other

19
4
4
17
23
15

15
6
5
30
18
17

3,700
4,400
900
3,100
7,000
4,600

6,500
5,700
2,000
4,900
11,500
6,800

5,400
7,200
1,400
6,000
9,200
6,900

9 100
8,400
2,500
7 300
14,400
9,600

12
13
14

Area:
North
South
West

52
17
31

45
26
28

3,400
2,600
5,800

4,700
5,600
9,500

5,300
4,300
8,000

7,100
8 000
11,900

15
16
17

Tenure of operator: 1
Full owner
Part owner
Tenant

39
32
28

37
44
18

3,200
4,800
3,500

5,600
6,700
5,500

4,800
7,100
5,300

7,700
9,100
8,100

18
19
20

Age of operator: 2
Under 35
35-54
55 and over

18
51
23

14
57
22

4,000
4,300
3,300

5,900
6,100
6,000

6,300
6,400
4,500

8 600
8,600
8,300

JData for managers are omitted because of excessive probable
sampling errors.




2 Data for operators who did not report their age are omitted
because of excessive probable sampling errors.

BANK AND PCA LENDING TO FARMERS

1231

had more debt than tenants, this fact at first
glance seems to be pertinent to analysis of
the difference in the over-all average debt.
A look at the debt ratios, however, reveals
that among PCA customers on the same size
of farm, part owners had about the same
non-real-estate debt as did tenants. The same
fact is observed among the bank customers.
The difference between bank and PCA distributions of customers by tenure thus was
not responsible for the higher average debt
of PCA borrowers on the large and mediumsized commercial farms.
Neither is examination of data by age of
operator particularly revealing, because the
difference in average debt of bank and PCA
borrowers was fairly constant among the
different age groups and the distribution of

customers by age was roughly the same for
the two types of institutions. The only item
of note is a lower average debt and ratio of
debt to sales for bank borrowers 55 years of
age and over. On a more detailed tabulation
than is shown in Table 3, this difference was
traced to smaller debt of bank borrowers on
small commercial and on noncommercial
farms. Bank borrowers in this age group who
operated larger farms did not have much
lower average debt than bank borrowers in
other age groups on such farms.
Data by area presented in Table 3 indicate
that a higher percentage of PCA than of
bank customers were in the South. The average non-real-estate debt of these PCA borrowers, however, was about the same as the
national average for farmers financed by

TO BANKS AND P C A ' S BY SELECTED CLASSIFICATIONS,

Non-real-estate debt, as per cent of operators' share
of farm sales minus cash rent—

Average value( dollars) of—
Land and buildings operated
by borrowers at—

1960

Farm products sold
by borrowers at—

To specified source
for borrowers at—

Line

Total,
for borrowers at—

Banks

PCA's

Banks

PCA's

Banks

PCA's

Banks

PCA's

54,000

61,000

13,900

15,400

34

47

51

64

1

152,100
48,600
19,000
14,000

167,100
45,600
20,100
20,100

48,800
10,800
2,900
1,000

46,300
11,400
3,100
1,400

28
35
70
192

44
46
69
163

40
56
96
269

59
67
90
223

3
4
5

74,800
93,400
15,600
39,000
71,900
65,100

89,300
90,700
21,600
46,100
79,300
63,900

13,300
18,500
4,500
13,000
22,000
19,500

15,900
19,300
5,700
13,900
19,100
22,100

38
28
31
26
37
26

54
37
49
37
68
33

57
46
46
51
49
40

77
55
62
56
85
47

6
7
8
9
10
11

48,200
34,100
74,800

45,100
53,400
93,600

12,400
9,500
18,700

13,400
13,800
20,100

34
31
36

40
45
55

53
50
49

60
65
69

12
13
14

30,000
69,500
58,600

41,900
68,200
71,500

9,100
17,200
13,700

11,800
16,800
16,100

35
33
39

47
46
50

53
48
59

65
62
73

15
16
17

54,600
56,000
49,000

59,600
59,700
62,300

14,600
14,600
11,700

14,900
15,800
14,300

35
35
31

48
45
45

55
52
43

71
62
63

18
19
20




1232

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

PCA's, as was the average ratio of such debt
to the value of farm products sold.
On the other hand, average non-real-estate
debt of borrowers from banks was lower in
the South than elsewhere, because about
three-fifths of the bank customers in the
South operated noncommercial or small
commercial farms, whereas only about onethird of the bank customers in the rest of
the country operated such farms. Thus the
relative indebtedness of bank borrowers in
the South, as measured by the ratio of nonreal-estate debt to the value of farm products
sold, was also about the same as the national
average for farmers financed by banks. Analysis of the Survey data by area, therefore,
fails to explain why the national debt-tosales ratio of borrowers from banks is lower
than that of borrowers from PCA's.
To recapitulate, it appears that none of
the farm and farm operator characteristics
for which Survey data were obtained explain
why PCA borrowers on large and mediumsized commercial farms had larger non-realestate debt than did bank borrowers on such
farms.
As a check on the analysis leading to
this conclusion, bank and PCA customers on
these farms were each sorted into 18 groups.
Tenure, area, and size of farm (mediumsized or large) were the same for all farmers
in each of the groups. In all but one of these
groups, the average non-real-estate debt of
the PCA borrowers exceeded that of the
bank borrowers. When each group was further divided on the basis of farm type, such
debt of PCA borrowers was greater than that
of bank borrowers in 71 per cent of the resulting groupings, which lends support to the
previous conclusion. It appears, therefore,
that one must turn to differences in the operations of the lenders to shed further light on
the reasons for this finding.




INSTITUTIONAL DIFFERENCES BETWEEN
BANKS AND PCA'S

Three factors may account for much of the
greater relative indebtedness of PCA borrowers : (1) legal limits set on the maximum
size of bank loans; (2) PCA specialization
in agricultural lending; and (3) variation in
the number of PCA and bank facilities.
Both State and Federal laws restrict the
maximum loan that a bank may make to
any one individual, relative to the capital
structure of the bank. This is a real restriction for many small rural banks unless they
make it a practice to invite correspondent
banks to share in larger loans. PCA's are
subject to a similar type of regulation which
limits loans to a specified percentage of the
capital and surplus of the individual PCA.
Unlike the restriction imposed on banks,
however, the PCA limit may be exceeded
in cases approved by the supervisory authorities, and such action is taken fairly often.
Whereas banks make many types of loans
and may or may not employ specialists in
agricultural lending, PCA's lend only to
farmers. They generally collect more information on a farmer-borrower's operations,
inspect his operations more often, and may
do a more thorough job of analyzing his
repayment potential. This specialization enables them to make larger loans in certain
instances than many bankers would.
Variation in the number of facilities is
another important difference between banks
and PCA's. One PCA may serve three or
four counties, while several banks may serve
the same area. This factor certainly influences the relative number of loans between
the two sources, and it may also influence
the average size of loans. A farmer would
probably not drive a much greater distance

BANK AND PCA LENDING TO FARMERS

1233

to a PCA to arrange for a small loan. Furthermore, a PCA fieldman would probably
not canvass a large area for the smaller farm
loans.

ing to reports from the institutions, non-realestate farm credit outstanding at banks increased by 88 per cent while PCA loans rose
by 210 per cent. Banks that wish to compete
more vigorously for the business of farmers
who use relatively large amounts of credit—
the area in which, judging from the Survey
data, much of the PCA growth presumably
occurred—may wish to consider the advisability of employing persons trained in agriculture and agricultural lending and equipping themselves to handle large farm loans
through correspondent arrangements if this
is necessary. By the same token, as credit
needs of individual farms continue to expand, large city banks may find increasing
potentials for farm departments equipped to
advise correspondents on the credit needs
and worthiness of operators of large farms
and to participate in loans as needed to
permit their correspondents to engage in
this business.

IMPLICATIONS FOR LENDERS

In drawing conclusions from the Survey data,
it should be emphasized that the data are
averages, and averages do not tell the entire
story. Policies among individual banks and
PCA's vary considerably. Attitudes among
farmers toward borrowing also differ substantially. When data are averaged, these
variations are obscured, but one may be sure
that they are greater than those revealed by
the classifications used in the analysis presented here.
Nevertheless, data from the Survey appear
to contain clues of use to banks that desire
to compete more effectively for the expanding non-real-estate credit business of agriculture. Over the 10 years 1953-62, accord-

TECHNICAL NOTE
The estimates given in the accompanying
article are based on data collected from a
sample of the farms existing in the 48 States,
excluding Alaska and Hawaii, at the time of
the Survey in 1960. All farms had a chance
to be included in the sample. A stratified
random sampling procedure was used, which
allowed heavier sampling rates for farms
with higher values of farm products sold.
For a comprehensive treatment of the nature
of the sample, see 1960 Sample Survey of
Agriculture, Part 5 of Volume V of the U.S.
Census of Agriculture: 1959, published by
the Bureau of the Census.
In interpreting the significance of data
shown in this article, it is important to note
that the data are estimates based on infor-




mation obtained from a representative sample of farms. The data are, therefore, also
subject to sampling errors, the probable
magnitude of which can be estimated by
statistical procedures.
For example, average debt owed to PCA's
was reported to be $6,290. Because this
figure was obtained from a sample rather
than from a complete survey of all farms,
it is estimated that there is one chance in
three that a complete survey would have
yielded a figure more than 7 per cent greater
or smaller than this amount, and five chances
in 100 that a complete survey would have
differed by more than 14 per cent. Because
of possible sampling errors such as this, small
differences in items cannot be considered

1234

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

significant. Throughout this article care has
been taken to call attention only to those
differences that are large enough to appear
significant even after the probable sampling
errors are considered.
In general, the larger the number of farms
in a given grouping, the smaller the probable
sampling error of any figure reported for that
group. For instance, because of the larger
number of farmers with bank debt, the figures cited for these farmers are generally
more reliable than corresponding figures for
PC A borrowers.
Comprehensive definitions of such terms
as farm, farm operator, economic class, type
of farm, and value of farm products sold are
given in 7960 Sample Survey of Agriculture.




The Survey questionnaire is reproduced in
that publication, and the part of the questionnaire pertaining to farm debt was also
published in the Federal Reserve BULLETIN
for December 1962.
A more extensive technical note appeared
in the same issue of the BULLETIN at the end
of the first article in this series, "A New Look
at the Farm Debt Picture." That note discussed reasons for differences between the
estimates of debt of farm operators and farm
landlords for 1960 in the Survey and those
made by other agencies on the basis of other
surveys. It also discussed the statistical reliability of estimates obtained in the 1960
Sample Survey and contained tables that
gave measures of sampling errors.

Collateral for Federal Reserve Credit
AFTER AN EXTENSIVE REVIEW of the

law,

regulation, and practices governing member
bank borrowing from the Federal Reserve
Banks, the Board of Governors has recommended legislation to broaden the kinds of
security on which the Reserve Banks may
extend credit.1 If enacted, this legislation
would do away with outmoded technical
requirements governing the eligibility of
collateral for such borrowings and would
authorize the Reserve Banks, subject to
regulation by the Board of Governors, to
make loans to member banks based primarily on the soundness of the paper offered as
security and the appropriateness of the purpose for which credit is sought.
The original Federal Reserve Act authorized the Reserve Banks to discount only
certain types of paper arising out of commercial or agricultural transactions, and
it specified maturity limitations. The concept underlying the limitations was that the
liquidity of commercial banks could be assured only if the loans they made were shortterm and self-liquidating. Related to this
concept was the assumption that the pledging of such discounted paper by the Reserve
Banks as security for the issuance of Federal
Reserve notes would serve as the basis for
an elastic currency. It was expected that currency would expand and contract directly in
response to the credit needs of the economy,
as reflected by the volume of short-term
borrowing by commercial and agricultural
enterprises.
1
This legislation was proposed in identical letters
sent to the Chairmen of the Banking and Currency
Committees of the Congress on Aug. 23, 1963.




EARLIER CHANGES IN THE ACT

Fairly early in the history of the System the
principle that Federal Reserve credit should
be extended only on the basis of short-term,
self-liquidating paper proved to be too limiting. The first departure from this standard
came in 1916 when the law was amended to
authorize the Reserve Banks to make 15-day
advances to member banks, not only on the
security of eligible paper but also on the
security of direct obligations of the United
States. A more significant departure occurred in 1932, when Congress authorized the
Reserve Banks to make advances to member
banks in exceptional and unusual circumstances on any security satisfactory to the
Reserve Banks, although at a penalty rate
of interest. This authority was temporary at
first but was made permanent in 1935. It is
no longer limited to exceptional and unusual
circumstances, but any advances under it
still carry a penalty rate of interest.
Experience over the years also showed
that limitation of discounts to short-term,
self-liquidating paper did not automatically
supply a sufficient volume of Federal Reserve notes for circulation. Hence in 1932,
Congress authorized the issuance of Federal
Reserve notes on the security of Government obligations, in addition to eligible paper
and gold. This authority too was temporary
at first, but it was made permanent in 1945.
Today the volume of Federal Reserve notes
fluctuates with the changing demands of the
economy without regard to the nature of the
paper offered as collateral for Federal Reserve credit or pledged as security for Federal Reserve notes.

1235

1236

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

Each of these legislative changes took
place during a period of economic stress
that demonstrated the inadequacy of the
original framework for extension of Federal
Reserve credit. The credit needs of American
businessmen, farmers, and consumers were
evolving in many ways that could not be
adequately handled by the old instrument of
short-term, commercial-type paper. And the
rapid growth of both private and Governmental economic activity generated credit
requirements far in excess of those that could
be supported by the relatively small volume
of eligible paper.
NEED FOR FURTHER CHANGES

Despite changes in the character of paper
held by commercial banks and the repeated
departures from the original concept that
discounts should be based only on shortterm, self-liquidating paper, the Federal Reserve believes that the law continues to impose unduly restrictive requirements on the
nature and maturity of the paper that member banks may offer as security for advances
by the Reserve Banks or that the Reserve
Banks may discount.
For many years, it has been generally
recognized that the concept of an elastic
currency based on short-term, self-liquidating paper is no longer in consonance with
banking practice and the needs of the economy. It has long been apparent that the
narrow requirements of the law regarding
eligible paper serve no useful purpose and
that it would be preferable to emphasize the
soundness of the paper offered as security
and the appropriateness of the purposes for
which member banks borrow. The 1-year
paper of many bank customers may be just
as satisfactory collateral as the 90-day notes




of others, but it is not eligible for discount.
Moreover, the nature of the collateral provides no assurance that the borrowing bank
will use the proceeds for an appropriate
purpose.
As long as member banks hold a large
enough volume of Government securities,
they need not be particularly concerned
about whether the paper they hold is eligible
for discount with their Reserve Bank. Since
World War II, however, there has been a
net decline in the aggregate holdings of
Government securities by member banks.
If any substantial increase in economic activity should cause banks to reduce their
holdings of Government securities to meet
increased credit demands, many of them
would have to offer other kinds of collateral
if they tried to obtain Federal Reserve credit.
If such a situation should develop, the
Reserve Banks could accept technically "ineligible" paper as collateral for advances to
their member banks under Section 10(b) of
the Federal Reserve Act, but they would
have to charge a rate of interest that is Vi of
1 per cent above the regular discount rate.
The necessity for distinguishing between
"eligible" paper and "ineligible" paper
would give rise to cumbersome administrative procedures that are not warranted by
current banking conditions.
A revision of the law to eliminate the
existing restrictions with respect to "eligible
paper" would avoid such problems. It would
also make it possible for the Reserve Banks
to perform promptly and efficiently one of
their principal responsibilities—that is, to
extend appropriate credit assistance to member banks to enable them to meet the legitimate credit needs of the economy.

Law Department
Administrative interpretationst new regulations, and similar material

Deposits of Trustees in Bankruptcy
as "Savings Deposits"
The opinion of the Board of Governors of the
Federal Reserve System has been requested as to
whether the authority under Section 19 of the
Federal Reserve Act to define "savings deposits"
and the definition of that term, as contained in
Regulation Q, which limits savings deposits to
individuals and certain types of organizations, are
affected by Public Law 88-16 of May 8, 1963,
which amended Section 47 of the Bankruptcy Act
(11 U.S.C. 75(a)(2)) so as to authorize trustees
in bankruptcy to "deposit all money received by
them in designated depositories initially in demand
deposits; and subsequently, if authorized by the
court, in interest-bearing savings deposits, time
certificates of deposit, or time deposits-open account;".
Prior to this amendment to the Bankruptcy
Act, trustees in bankruptcy were required by
judicial decisions to obtain creditors' consent to
make other than demand deposits. There is
nothing in the legislative history of this amendment to indicate that its purpose was more than
to eliminate the need for creditors' consent for
deposits in interest-bearing savings or time deposits. In the absence of any evidence of intent
to modify Section 19 of the Federal Reserve
Act and the Board's authority thereunder, it is
the opinion of the Board that the definition of
savings deposits in Regulation Q has not been
affected by this amendment to the Bankruptcy
Act.
Under Section 217.1(e)(l) (i) of Regulation Q,
a "savings deposit" must be (1) a deposit to the
credit of one or more individuals or certain types
of organizations or (2) a deposit as to which the
"entire beneficial interest" is held by individuals
or such organizations. A trustee in bankruptcy
holds the assets of the bankrupt estate for the
benefit of the bankrupt's creditors. Accordingly,
it is the Board's opinion that a deposit by a
trustee in bankruptcy may not be classified as a
savings deposit under Regulation Q except in
those rare instances in which all of the bankrupt's




creditors are individuals or organizations of the
types described in the regulatory definition of a
"savings deposit."
It would be permissible, of course, for funds of
a trustee in bankruptcy to be classified as time
deposits under Regulation Q. In this connection,
it may be noted that, as a result of the action
taken by the Board of Governors and the Federal
Deposit Insurance Corporation on July 17, 1963,
member and nonmember insured banks could now
pay interest at a rate up to 4 per cent on a time
deposit of a trustee in bankruptcy having a maturity of not less than 90 days.
Underwriting Bonds Payable from Proceeds
of State Sales Taxes
The opinion of the Board of Governors of the
Federal Reserve System has been requested with
respect to the authority of member State banks to
underwrite securities issued by States and political subdivisions thereof, with particular reference
to $35,750,000 of Public Building Bonds, 1961,
Series D, and Public School Plant Facilities
Bonds, 1961, Series C, of the State of Washington.
The Comptroller of the Currency has held that
said bonds are eligible for underwriting by national
banks.
Paragraph Seventh of Section 5136 of the Revised Statutes (12 U.S.C. 24) provides that a
national bank "shall not underwrite any issue
of securities", but further provides that this restriction "shall not apply to . . . general obligations of any State or of any political subdivision
thereof". The twentieth paragraph of Section 9 of
the Federal Reserve Act (12 U.S.C. 335) subjects
State member banks to the same limitations with
respect to the underwriting of investment securities "as are applicable in the case of national banks
under paragraph 'Seventh' of Section 5136."
Under the statutory provisions quoted above,
member banks are prohibited from underwriting
securities issued by a State unless those securities
are "general obligations". In the opinion of the
Board of Governors, securities are not "general
obligations" unless they are backed by the full

1237

1238

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

faith and credit of the issuer. As stated in Paragraph 520 of the Digest of Opinions of the Office
of the Comptroller of the Currency, "Securities
payable only out of particular funds or out of
the obligor's revenues from a particular source are
not general obligations." In order to be eligible
for underwriting by member banks, the issuer
must possess the power of general property taxation and the securities must be supported by that
power, as a part of the "full faith and credit" of
the issuer.
The bonds in question are issued pursuant to
Washington Laws of 1961, Ex. Sess., Chapters
3 and 23. These statutes provide that the bonds
"shall not be a general obligation of the state of
Washington but shall be payable . . . from the
proceeds of retail sales taxes. . . ." The statutes
also provide that "the state undertakes to continue
to levy the taxes referred to herein and to fix and
maintain said taxes in such amounts as will provide
sufficient funds to pay said bonds and interest
thereon until all such obligations have been paid
in full."
The statutory provisions that the bonds in question "shall not be a general obligation of the state
of Washington" and "shall be payable . . . from
the proceeds of retail sales taxes" appear to indicate that the bonds will not be supported by the
full faith and credit of the State, including its
power of general property taxation. If this is
correct, it follows, on the principles previously
stated, that these bonds would not be "general
obligations" of the State within the meaning of
R. S. 5136 and would not be eligible to be underwritten by member banks. The undertaking to levy
retail sales taxes that will provide sufficient funds
to pay the bonds in full reflects the intent of the
State that the bonds (and interest thereon) shall
be paid, but it does not negate the plain statement
in the Washington statute that the bonds shall be
payable from a particular source—namely, the
proceeds of retail sales taxes—and are not general
obligations.
This conclusion does not conflict with the
decision of the Supreme Court of Washington in
State of Washington v. Martin, decided August 7,
1963. It was there held that bonds of this nature
are "issued upon the credit of the state and are in
truth debts of the state." However, the Court
made it quite clear that such bonds are not supported by the full faith and credit of the State




and its plenary taxing power. Under the State
constitutional and statutory provisions dealt with
in that decision, bonds of the State of Washington
that are payable from a particular source of
revenue constitute a debt of that State but are
not general obligations thereof.
For these reasons, the Board concludes that
the bonds in question are not "general obligations"
within the purview of Section 5136 of the Revised
Statutes and consequently are not eligible for
underwriting by State banks that are members of
the Federal Reserve System.
Federal Funds Transactions
It is the position of the Board of Governors of
the Federal Reserve System that, for purposes of
provisions of law administered by the Board, a
transaction in Federal funds involves a loan on the
part of the "selling" bank and a borrowing on the
part of the "purchasing" bank.
For example, for purposes of Section 23A of the
Federal Reserve Act, a "sale" of Federal funds by
a member bank, whether State or national, to an
affiliate of the member bank is subject to the
limitations prescribed in that Section. Similarly,
as the Board has heretofore held (1959 Federal
Reserve BULLETIN, p. 7), a "sale" of Federal
funds by a banking subsidiary of a bank holding
company, whether a State or national bank, to another subsidiary bank in the same holding company system would result in a criminal violation
of the provisions of Section 6 of the Bank Holding
Company Act of 1956.
Foreign Banking and Financing Corporations
The Board of Governors of the Federal Reserve
System, effective September 1, 1963, adopted a
revision of Regulation K affecting corporations
engaged in foreign banking and financing under
the Federal Reserve Act. The revision followed a
comprehensive review of the rules previously applicable to so-called Edge Act and Agreement
corporations operating under Sections 25 and
25(a) of the Federal Reserve Act. The primary
objective of the revision was to enable such corporations to operate more effectively in financing
international and foreign commerce. Another important objective was to shorten and simplify the
Regulation. The revised Regulation K reads as
follows:

1239

LAW DEPARTMENT

(12 CFR PART 211)

(/) "Organization" includes a corporation, government, partnership or association, or any legal or commercial entity.

As Revised Effective September 1, 1963

S E C T I O N 2 1 1 . 3 — O R G A N I Z A T I O N AND O W N E R -

REGULATION K

CORPORATIONS ENGAGED IN FOREIGN
BANKING AND FINANCING UNDER THE
FEDERAL RESERVE ACT
SECTION 211.1—AUTHORITY, SCOPE, AND
NATIONAL PURPOSE
(a) Authority and scope. This part is issued by the
Board of Governors of the Federal Reserve System
(the "Board") under authority of the Federal Reserve
Act (the "Act"). It applies to corporations organized
under Section 25(a)t of the Act (12 U.S.C. 611-631)
and, to the extent specified in Section 211.10, to
corporations having an agreement or undertaking
with the Board under Section 25 t of the Act (12
U.S.C. 601-604a).
(b) National purpose. (1) The Congress, in enacting
Section 25(a) of the Act, provided for the establishment of international banking and financial corporations operating under Federal supervision with powers
sufficiently broad to enable them to compete effectively
with similar foreign-owned institutions and to afford
to the United States exporter and importer in particular—and to United States commerce, industry,
and agriculture in general—at all times a means of
financing international trade.
(2) In light of the public purposes involved, Corporations should be able in their activities abroad to operate, as best meets their corporate policies, through
branches, agencies, and correspondents or through
direct and indirect ownership in foreign-chartered
companies engaged in banking or other international
or foreign operations, so long as their credit and
other activities are in the interest of the United States.
Corporations shall confine the scope of their operations both in the United States and abroad to practices
consistent with high standards of banking or financial
prudence. Activities in the United States shall be restricted to operations clearly related to international
or foreign business.

SHIP OF SHARES

(a) Organization. A proposed Corporation shall become a body corporate upon issuance by the Board
of a preliminary permit approving its name, articles
of association, and organization certificate.1 The name
shall include "international," "foreign," "overseas," or
some similar word, but may not resemble the name
of any other organization to an extent that might
mislead or deceive the public. After issuance of its
preliminary permit, a Corporation may (1) elect officers and otherwise complete its organization and (2)
invest in obligations of the United States Government;
but none of its other powers may be exercised until
the Board has issued to it a final permit to commence
business. No amendment to the articles of association
shall become effective until approved by the Board.
(b) Ownership of shares. Shares of stock in a Corporation (which may not include no-par value shares)
shall be issuable and transferable only on its books,
and no issue or transfer that would cause a violation
of Section 25(a) of the Act shall be so effected. A
Corporation shall notify the Board as soon as possible
of any change in status of a shareholder which causes
a violation of said Section 25(a) and shall take such
action with respect thereto as the Board may direct.
Each class of shares shall be so named and described
in the share certificates as to indicate its character and
any unusual attributes, and such certificates shall
conspicuously set forth the substance of (1) limitations
upon the rights of ownership and transfer of shares
imposed by said Section 25(a) and this part and (2)
rules which the Corporation shall prescribe in its bylaws to insure compliance with this paragraph.
S E C T I O N 2 1 1 . 4 — I S S U A N C E O F OBLIGATIONS

Except in accordance with prior Board approval,
no Corporation may issue or have outstanding any
debentures, bonds, promissory notes (other than notes
due within one year), or similar obligations.
S E C T I O N 2 1 1 . 5 — U N D E R W R I T I N G , SALE, AND
DISTRIBUTION OF SECURITIES

SECTION 211.2—DEFINITIONS
For the purposes of this part, unless the context
otherwise requires—
(a) "Abroad," "foreign," or "foreign country" refers to one or more foreign nations or colonies, dependencies, or possessions thereof, overseas territories,
dependencies, or insular possessions of the United
States, or the Commonwealth of Puerto Rico.
(b) "Capital and surplus" means paid-in and unimpaired capital and surplus.
(c) "Corporation" when spelled with a capital "C"
means a corporation organized under Section 25(a)
of the Act.
(d) A Corporation is "engaged in banking" whenever
it has aggregate demand deposits and acceptance
liabilities exceeding its capital and surplus.
(e) "Person" includes an individual or an organization.
t Statute is printed in the Appendix.




(a) General. Except as permissible for member
banks under Section 5136 of the Revised Statutes (12
U.S.C. 24), a Corporation engaged in banking may
not engage in the business of underwriting, selling,
or distributing securities other than obligations of the
national government of a foreign country in which it
has a branch or agency.2
(b) In the United States. No Corporation may (1)
engage in the business of selling or distributing securities in the United States (except private placements of
participations in its investments or extensions of credit)
or underwrite any portion thereof so sold or distributed or (2) act in the United States as trustee, reg1
Appropriate forms for articles of association and organization certificate (FR 151 and 152, Revised 9-1-63), filed as part
of the original document, may be obtained from the Federal
Reserve Bank of the district in which the home office of the
Corporation is to be located.
2
Including obligations issued by any agency or instrumentality, and supported by the full faith and credit, of such a
government.

1240

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

istrar, or in any similar capacity, with respect to
securities distributed in the United States.
SECTION 211.6—BRANCHES AND AGENCIES
(a) In the United States. A Corporation may not
establish any branch in the United States, but with
prior Board approval may establish agencies in the
United States for specific purposes, but not generally
to carry on its business.
(b) Abroad. With prior Board approval, a Corporation may establish branches or agencies abroad. If
a Corporation has established a branch or agency in
a foreign country, it may, unless otherwise advised
by the Board, establish other branches or agencies in
that country after thirty days' notice to the Board
with respect to each such branch or agency.
(c) Suspending operations abroad during disturbed
conditions. The officer in charge of a branch or
agency abroad may suspend its operations during disturbed conditions which, in his judgment, make conduct of such operations impracticable; but every effort
shall be made before and during such suspension to
serve its depositors and customers. Full information
concerning any such suspension shall be promptly
reported to the home office of the Corporation, which
shall immediately send a copy thereof to the Board
through the Federal Reserve Bank of its district.
SECTION 211.7—LIMITED OPERATIONS IN THE
UNITED STATES
(a) General policy. It is the Board's general policy
to permit Corporations to transact, subject to Section
25(a) of the Act and this part, such limited business
in the United States as is usual in financing international commerce, including deposit facilities; loan,
overdraft, advance, acceptance, and other credit facilities; commercial letters of credit; foreign collections;
purchase and sale of foreign exchange; remittance of
funds abroad; purchase, sale, and custody of securities and acceptances for account of customers abroad;
and foreign credit information.
(b) Employment of funds. Funds of a Corporation
not currently employed in its international or foreign
business, if held or invested in the United States, shall
be only in the form of (1) cash, (2) deposits with
banks, (3) bankers' acceptances, or (4) obligations of,
or obligations fully and unconditionally guaranteed by,
the United States, any State thereof, or any department, agency, or establishment of, or corporation
wholly owned by, the United States.
(c) Receipt of deposits. It will ordinarily be considered incidental to or for the purpose of carrying out
transactions abroad for a Corporation to receive in
the United States demand and time (but not savings)
deposits that are not to be used to pay expenses in
the United States of an office or representative
therein—
(1) from foreign governments, persons conducting business principally at their offices or establishments abroad, and individuals resident abroad and
(2) from any other person if the deposit (i) is to
be transmitted abroad, (ii) is to provide collateral or
payment for extensions of credit by the Corporation,
(iii) represents proceeds of collections abroad which
are to be used to pay for goods exported or imported
or for other direct costs of export or import, or
periodically transferred to the depositor's account at
another financial institution, or (iv) represents proceeds of extensions of credit by the Corporation.




Such deposits shall be subject to Parts 204 (Reg. D)
and 217 (Reg. Q) and be reported in the same manner
as if the Corporation were a member bank of the
Federal Reserve System; but in no event shall reserves
against such deposits be less in the aggregate than
10 per cent.
(d) Other permissible activities. It will ordinarily be
considered incidental to the international or foreign
business of a Corporation for it to engage in the following transactions in the United States:
(1) Finance the following types of transactions,
including payments or costs (but not expenses in the
United States of an office or representative therein)
incident thereto: (i) contracts, projects, or activities
performed abroad, (ii) the importation into or exportation from the United States of goods, (iii) the delivery
through domestic transport facilities of goods so imported or their assembly or packaging for resale
without essential change therein, if the Corporation
financed the importation, and (iv) the domestic shipment or temporary storage (but not production) of
goods being exported or accumulated for export, if
the Corporation is financing their exportation;
(2) Take over or require subsequent participations in extensions of credit, or acquire obligations,
growing out of transactions it could have financed at
inception under subparagraph (1) of this paragraph;
(3) Guarantee customers' debts or otherwise agree
for their benefit to make payments
on the occurrence
of readily ascertainable events,3 if the guarantee or
agreements specifies its maximum monetary liability
thereunder and is related to a type of transaction
described in subparagraph (1) of this paragraph;
(4) Buy and sell spot and future foreign exchange;
(5) Receive checks, bills, drafts, acceptances,
notes, bonds, coupons, and other securities for collection abroad, and collect such instruments in the
United States for customers abroad;
(6) Hold securities in safekeeping for, or buy and
sell securities upon the order and for the account and
risk of, customers abroad;
(7) Act as paying agent for securities issued by
foreign goyernments or other organizations organized
under foreign law and not qualified under the laws of
the United States or any State or the District of
Columbia to do business in the United States.
S E C T I O N 2 1 1 . 8 — I N V E S T M E N T S IN SHARES O F
OTHER

CORPORATIONS

(a) General consent. Subject to Section 25(a) of the
Act 4 and this part, the Board hereby grants its general consent for any Corporation to acquire (other
than through a broker, dealer, or stock exchange firm
or representative) and hold the shares of corporations
organized under foreign law if such acquisition (1) is
incidental to an extension of credit by the Corporation to the corporation whose shares are acquired, (2)
consists of shares in a foreign bank, or (3) is otherwise
likely to further the development of United States
foreign commerce; but no acquisition under this
paragraph may cause a Corporation
to hold 25 per
cent or more of the voting shares 5 of a foreign bank
and the aggregate amount invested in the shares of
3
Including, but not limited to, such types of events as nonpayment of taxes, rentals, customs duties, or costs of transport
and
loss or nonconformance of shipping documents.
4
Including the limitations therein based on capital and
surplus.
5
Exclusive of rights to acquire shares.

LAW DEPARTMENT
any other corporation under subparagraph (3) of this
paragraph may not exceed $200,000 or its equivalent.
A Corporation may request an advisory opinion of the
Board as to whether a particular acquisition is covered by the preceding sentence.
(b) Specific consent. Prior specific consent of the
Board is required with respect to the acquisition of
any shares by a Corporation in any situation not
covered by Section 211.8(a) or the ninth paragraph
of Section 25(a) of the Act.
(c) Conditions. (1) Shares of stock in a corporation
shall be disposed of as promptly as practicable if (i)
such corporation should engage in the business of
underwriting, selling, or distributing securities in the
United States or (ii) the Corporation is advised by the
Board that their holding is inappropriate under Section
25(a) of the Act or this part.
(2) In computing the amount which may be invested in the shares of any corporation under Section
25(a) of the Act or Section 211.8(a), there shall be
included any such investments in other corporations
controlled by such corporation. Unless otherwise
specified, "shares" in this section includes any rights
to acquire shares.
(d) Reports. A Corporation shall inform the Board
through the Federal Reserve Bank of its district within
thirty days after the close of each quarter with respect
to any acquisition or disposition of shares during that
quarter, including the following information concerning any corporation whose shares it acquired for the
first time (unless previously furnished): (1) Recent
balance sheet and income statement, (2) brief descriptions of the corporation's business (including full
information concerning any such business transacted
in the United States), the shares acquired, and any
related credit transaction, (3) lists of directors and
principal officers (with address and principal business
affiliation of each) and of all shareholders (known
to the issuing corporation) holding 10 per cent or
more of any class of the corporation's shares (and
the amount held by each), and (4) information concerning the rights and privileges of the various classes
of shares outstanding.
SECTION 211.9—LIMITATIONS AND
RESTRICTIONS

(a) Acceptances. A Corporation shall be and remain
fully secured as to (1) 50 per cent of all acceptances
outstanding in excess of the amount of its capital and
surplus, (2) all acceptances in excess of twice such
amount, and (3) all acceptances for any one person
in excess of 10 per cent of such amount, except to the
extent any such excess represents the international
shipment of goods and is fully covered by primary
obligations to reimburse it which are also guaranteed
by banks or bankers.
(b) Liabilities of one borrower. Except as the Board
may otherwise specify, the total liabilities to a Corporation of any person shall at no time exceed 50 per
cent of the Corporation's capital and surplus, or 10
per cent thereof if it is engaged in banking. In this
paragraph "liabilities" includes: any obligations for
money borrowed and shares of stock; unsecured
liabilities resulting from issuance by the Corporation
of guarantees or similar agreements (described in
Section 211.7(d)(3)), the aggregate of which liabilities
incurred for any person may in no event exceed 10
per cent of any Corporation's capital and surplus;
in the case of a partnership or firm, liabilities of the




1241
members thereof; in the case of a corporation, liabilities incurred for its benefit by other corporations
which it controls; and in the case of a foreign government, the liabilities of its departments or agencies
deriving their current funds principally from its general tax revenues. The limitations of this paragraph
shall not apply to (1) bills or drafts drawn in good
faith against actually existing values, (2) obligations
arising out of the discount of commercial or business
paper actually owned by the negotiator, (3) any acceptance made by a Corporation which has not
matured and is not held by it, or (4) obligations to
the extent supported by the full faith and credit of
the following:
(i) The United States or any department,
agency, or establishment thereof or corporation wholly
owned thereby, the International Bank for Reconstruction and Development, the International Finance
Corporation, the International Development Association, or the Inter-American Development Bank;
(ii) A foreign national government or its appropriate financial or central banking authority, if at
least 25 per cent of such an obligation or of the total
credit is also supported by the full faith and credit
of, or participated in by, any institution designated in
subdivision (i) of this subparagraph in such manner
that default to the Corporation will necessarily include
default to such institution;
(iii) The national government of any foreign
country in which the Corporation has a branch or
agency with at least equal outstanding liabilities payable in the same currency;
(iv) Any person if the Corporation is not engaged in banking and the obligations or total credit
are subject to 25 per cent support or participation of
the type described in subdivision (ii) of this subparagrah; but the total liabilities of such person to the
Corporation shall at no time exceed 100 per cent of
its capital and surplus.
(c) Aggregate liabilities. Except with prior Board
permission, a Corporation's aggregate outstanding
liabilities on account of acceptances, monthly average deposits, borrowings, guarantees, endorsements,
debentures, bonds, notes and other such obligations
shall not exceed ten times its capital and surplus;
provided that aggregate outstanding unsecured liabilities under guarantees or similar agreements (described
in Section 211.7(d)(3)) may in no event exceed 50
per cent of its capital and surplus. In this paragraph
"liabilities" does not include endorsements of bills
having not more than six months to run, drawn and
accepted by others.
(d) Relations with banks. A Corporation controlled
by a bank may not incur any liability to such bank
that would cause (1) the total of such liabilities to
exceed 10 per cent of the bank's capital and surplus
or (2) the total liabilities to such bank of all Corporations which it controls to exceed 20 per cent thereof.
A Corporation incurs a liability to a bank under this
paragraph whenever such bank or any organization
controlled by such bank (other than the Corporation
or any organization controlled by it) makes (i) any
investment in, or advance on the security of, the
shares or obligations of such Corporation or any organization controlled by it or (ii) any extension of
credit to, or any purchase under repurchase agreement from, such Corporation or any organization controlled by it.
(e) Endorsement or guaranty. A Corporation which
endorses or guarantees any securities, notes, bills,

1242

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

drafts, acceptances, or other evidences of indebtedness
shall enter on its books proper records thereof, describing in detail each such instrument, including its
amount, its maturity, the parties thereto, and the
nature of the Corporation's liability thereon. Every
financial statement of the Corporation submitted to
the Board or made public in any way shall show the
aggregate of such liabilities outstanding as of the date
such statement purports to show the Corporation's
financial condition.
(/) Reports. Each Corporation shall make at least
two reports annually to the Board at such times and
in such form as the Board may prescribe. The Board
may require that statements of condition or other
reports be published or made available for public
inspection.
(g) Examinations. Examiners appointed by the
Board will examine each Corporation at least once a
year. Each Corporation shall obtain and make available to such examiners, among other things, information as to the earnings, finances, management, and
other relevant aspects of any organization whose
shares it holds. When required by the Board, a Corporation shall cause any organization controlled by it
to submit to examination by examiners selected or
auditors approved by the Board. The cost of examinations shall be fixed by the Board and paid by the
Corporation.
SECTION 211.10—CORPORATIONS WITH AGREEMENTS UNDER SECTION 25 OF THE ACT
In addition to any other requirements to which it
may be subject, no corporation having an agreement
or undertaking with the Board under Section 25 of
the Act shall purchase or hold any asset or otherwise
exercise any power in the United States or abroad in
any manner not permissible for a Corporation engaged
in banking.
Orders Under Bank Merger Act
The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications for approval of
the merger of certain banks:
ASBURY PARK AND OCEAN GROVE BANK,
ASBURY PARK, NEW JERSEY
In the matter of the application of As bury Park
and Ocean Grove Bank for approval of merger
with New Jersey Trust Company of Long Branch.
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 Asbury Park
and Ocean Grove Bank, Asbury Park, New Jersey,
a State member bank of the Federal Reserve System, for the Board's prior approval of the merger
of that bank and New Jersey Trust Company of
Long Branch, Long Branch, New Jersey, under
the charter of the former and with the title of




New Jersey Trust Company. As an incident to the
merger, the three offices of New Jersey Trust Company of Long Branch would become branches of
Asbury Park and Ocean Grove Bank. Notice of
the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger,
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 16th day of
August, 1963.
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) KENNETH A. KENYON,

Assistant Secretary.
[SEAL]
STATEMENT

Asbury Park and Ocean Grove Bank, Asbury
Park, New Jersey ("Asbury Bank"), with deposits
of $36 million,* has applied, pursuant to the Bank
Merger Act of 1960 (12 U.S.C. 1828(c)), for the
Board's prior approval of the merger of that bank
and New Jersey Trust Company of Long Branch,
Long Branch, New Jersey ("Jersey Trust"), with
deposits of $16.6 million,* under the charter of
the applicant bank and with the title New Jersey
Trust Company. The proposal contemplates that
the three existing offices of Jersey Trust would
become branches of the resulting bank, increasing
the number of its offices from four to seven.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
!

Deposit figures as of March 31, 1963.

LAW DEPARTMENT
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C., Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest.
Banking factors. Both banks have satisfactory
financial histories dating back from the difficult
financial period of the 1930's. Each bank has an
adequate capital structure, and this would be true
also for the resulting bank.
Asbury Bank has a good earnings record and
its future earnings prospects are favorable. Jersey
Trust's earnings are somewhat below the average
of banks of comparable size in the Second Federal
Reserve District. Future earnings prospects of the
resulting bank would appear to be enhanced by
an increased lending capacity and economies of
operations that would be expected to result from
the merger.
Asbury Bank's management is capable and it
has a progressive policy of training junior officers
for executive positions. Management of Jersey
Trust is regarded as competent. Joining of these
two staffs would add a measure of depth in experienced executives not now enjoyed by the banks
individually.
No inconsistency with the purposes of 12
U.S.C., Ch. 16 is indicated.
Convenience and needs of the communities.
Monmouth County, New Jersey, where both institutions are located, lies in the east-central part of
the State. Its 1960 population of 334,401 reflects
an increase of 48 per cent since 1950. In the past,
its economy has been largely dependent upon
summer resort activity in the coastal area and
diversified farming in the interior. While these two
activities, particularly the former, continue to be
important, a substantial change has occurred in
the county's economy due to the influx of permanent residents, commerce, and industry. Industries now include the manufacture of rugs, textiles,
clothing, clay products, and chemical and electronic equipment, with an estimated working force
of 120,000.
Contributing to the recent growth and develop-




1243
ment of Monmouth County has been the general
population movement to the suburbs and the
area's reasonable accessibility to the metropolitan
areas of Newark, New Jersey, and New York
City.
Asbury Park is about 55 miles south of downtown New York City and is the leading shore
resort on the northern New Jersey coast. Its population of 17,366 reflects only nominal growth due
to lack of space for expansion within the city
limits. However, its numerous hotels, motels, and
boarding houses cater to a summer population of
approximately 100,000. The town is also the local
mercantile center for the area, having a number
of branches of nationally-known stores.
A branch of Asbury Bank is maintained at
Ocean Grove which is located south of Asbury
Park. Ocean Grove, in Neptune Township, is also
primarily a resort community showing wide fluctuation in population during the summer months.
Two other branches of Asbury Bank are located
in nearby Neptune and Ocean Townships, both
primarily residential areas.
The seaside city of Long Branch, the site of
Jersey Trust's main office, is located about 5Vz
miles north of Asbury Park; it had a 1960 population of 26,228. Jersey Trust also maintains
branches in the adjoining boroughs of West Long
Branch and Deal. The region served by Jersey
Trust also caters to the summer resort business;
however, the area includes those sections of Monmouth County experiencing increasing industrial
growth.
The proposed merger would place the resulting
bank in a better position to serve the credit needs
generated by this industrial expansion. The lending limit of the resulting bank would be increased
from $253,000 to $400,000. During the past year
both banks participated with other banks in 23
loans totaling approximately $4.5 million; most
of these loans necessitated participation due to
the banks' lending limits. The proposed merger
would make available an expanded consumer
credit department to serve more completely the
needs of individuals and commercial enterprises
in the area; provide greater mortgage loan accommodations to building contractors; and allow the
establishment of a separate trust department under
the guidance of specialists in the field.
Competition. The main offices of the two banks
are SVi miles apart, with offices of three compet-

1244

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

ing banks between them, including offices of the
second and third largest banks in the county. The
nearest branches of the two banks are two miles
apart and competition between them is limited,
since they act primarily as paying and receiving
stations. The banks have no common borrowers,
and common depositors are limited to one of the
local utilities and large supermarkets which operate units near each bank.
Asbury Bank currently ranks fourth in size with
respect to IPC deposits, and Jersey Trust ranks
seventh. The resulting institution would still rank
fourth and would remain substantially smaller
than the third ranking bank. It does not appear
that there would be any adverse competitive effects
on smaller banks in the area.
In addition to competition between commercial
banks in the county, the three largest commercial
banks in the State, all of Newark, New Jersey,
actively solicit banking and mortgage business, not
only in the service area of Asbury Bank, but
throughout the county.
Competition is also provided by a number of
nonbanking institutions including five savings and
loan associations which operate seven offices
within or near the service areas of the two banks.
Summary and conclusion. The merger will permit the resulting bank with its substantially higher
lending limit, expanded services and management
facilities to employ its funds more fully and profitably in the local market.
It will place the resulting bank in a better position to contribute to the developing economy of
this rapidly expanding area.
In both Asbury Park and Long Branch, strong
and effective local competition will remain, while
in the county a variety of banking and other financial institutions provide a wide and highly competitive range of services.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
WELLS FARGO BANK,
SAN FRANCISCO, CALIFORNIA
In the matter of the application of Wells Fargo
Bank for approval of merger with State Center
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 Wells Fargo
Bank, San Francisco, California, a State member
bank of the Federal Reserve System, for the
Board's prior approval of the merger of that bank
and State Center Bank, Fresno, California, under
the charter and title of the former. As an incident
to the merger, the six offices of State Center Bank
would be operated as branches of Wells Fargo
Bank. Notice of the proposed merger, in form
approved by the Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on the
competitive factors involved in the proposed
merger.
IT IS HEREBY ORDERED, for the reasons set
forth in the Board's Statement of this date, that
said application be and hereby is approved, provided that said merger shall not be consummated
(a) within seven calendar days after the date of
this Order or (b) later than three months after
said date.
Dated at Washington, D. C , this 19th day of
August, 1963.
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) KENNETH A. KENYON,

Assistant Secretary.
[SEAL]
STATEMENT

Wells Fargo Bank, San Francisco, California
("Wells Fargo"), with deposits of $2,886 million,*
has applied, pursuant to the Bank Merger Act of
1960 (12 U.S.C. 1828(c)), for the Board's prior
approval of its merger with State Center Bank,
Fresno, California ("State Center"), with deposits
of $26.3 million,* under the charter and title of
the former. The proposal contemplates that the
six offices of State Center would become branches
of the resulting bank. The number of offices
operated by Wells Fargo as of June 30, 1963, was
158.
Under the Act, the Board is required to con* Deposit figures are as of December 28, 1962.

LAW DEPARTMENT
sider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C., Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. The financial history of both
Wells Fargo and State Center is satisfactory. The
financial condition and capital structure of each
is adequate, and their managements are satisfactory. However, State Center faces a management
succession problem, which has given rise to the
application.
Wells Fargo traces its ancestry to two California
banks which were founded in the 1800's, and
has grown to its present size in part as a result
of a number of mergers and consolidations. It
assumed its present name on January 30, 1962.
In terms of deposits, Wells Fargo is the third
largest bank in California, with 9.9 per cent of
total commercial bank deposits in the State, which
approval of the application would increase to 10
per cent. The operations of Wells Fargo have
been confined to the northern and central portion
of the State; and in the twenty-three counties in
which it has been functioning, the bank has
about 24 per cent of total IPC ** deposits held
by commercial banks. Its prospects are considered
favorable. Consummation of the proposed merger
would give it about 5 per cent of total commercial
bank deposits in Fresno County and would not
cause any unfavorable change in respect to the
first four factors specified by the Bank Merger
Act.
State Center was founded in 1955. Its president, the dominant influence in all bank matters
since that time, is well past normal retirement age
and in poor health. He expects to retire within a
year. Despite repeated efforts by the bank, it has
been unable to find a suitable successor. The
search has been complicated by the fact that the
bank achieved its present growth principally
** Deposits of individuals, partnerships, and corporations.




1245
through his abilities and influence. The greater
part of its business has been done with large commercial customers, unusual for a bank of this size,
particularly one located in an area served by
branches of several very large banks. It is urged
with some force by Wells Fargo that much of the
deposit and loan business attracted by State Center's president will be lost, regardless of the choice
of his successor, unless State Center is taken over
by a bank equipped to furnish the type of services
which larger customers require. Accordingly,
while prospects of the merged institution are favorable, it seems likely that State Center would lose
a significant amount of business were the application to be denied.
There is no indication that the corporate powers
of Wells Fargo, State Center, or the resulting
bank are, or would be, inconsistent with 12 U.S.C.,
Ch. 16.
Convenience and needs of the communities.
Aside from a few customers of Wells Fargo, San
Francisco exporters who deal in agricultural products from the San Joaquin Valley area, it is not
believed that consummation of the proposed
merger would have any appreciable effect on the
convenience and needs of any communities now
served by Wells Fargo.
The city of Fresno, with a population of 134,000, is located in the San Joaquin Valley, geographically at the center of California, about 185
miles from San Francisco and 219 miles from
Los Angeles. The county of Fresno leads the
United States in value of agricultural production,
its principal crops including grapes, cotton,
peaches, and alfalfa. Related warehousing and
food processing industries, as well as diversified
manufacturing, are also important to the economy
of the area.
Other banks serving Fresno County include
Bank of Tokyo of California, San Francisco, with
total deposits of $77 million, and Central Valley
National Bank of Oakland, with total deposits of
$144 million, each having one branch in the
county. In addition, there are 39 branches of
five Los Angeles and San Francisco banks ranging in size from Bank of America, NT&SA, San
Francisco ("Bank of America"), which has total
deposits of $11,569 million, to First Western
Bank and Trust Company, Los Angeles, with total
deposits of $580 million. Bank of America is the
largest bank serving the county, having 21 of the

1246

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

49 banking offices and 59.2 per cent of the deposits of the banking offices in the county.
One of State Center's branches, together with
the main office, is located in the city of Fresno.
Another is in Clovis, about two miles north of
the city limits. The remaining three are in Kingsburg, about 20 miles, San Joaquin, about 30 miles,
and Huron, about 48 miles to the southeast of
Fresno. Offices of Bank of America provide a
choice of banking facilities in Clovis and in Kingsburg but the nearest alternative source of services
to State Center's office in San Joaquin is 15 miles
and to its Huron office is 18 miles distant. In
recent years, the number of farms in Fresno
County has declined and their average size increased substantially, giving rise to a need for
larger amounts of agricultural credit, beyond the
lending limit of State Center. Nor is the bank
equipped to supply the specialized services needed
by farmer customers in the communities served
by its branches. Injection of a large bank better
equipped to compete for this business will provide
the communities with an alternative in particular
to Bank of America, which has held the largest
share of agricultural business in the county.
The banking needs in the city of Fresno are
being served by offices of one medium size and
five big banks, in addition to State Center and the
small First National Bank of Fresno, so that the
entrance of another large California bank would
not significantly improve service to the community as a whole. Nevertheless, the banking needs
and convenience of that part of the public which
has been served by State Center would probably
be served better by a large bank than by a local
bank operating on a reduced scale.
There is also reported to be a growing demand
for trust services in the Fresno area, a report
which is substantiated by the fact that CrockerAnglo National Bank of San Francisco has recently established a trust department in its Fresno
offices, and that Wells Fargo, without functioning
in the area, now has 22 trust accounts with an
aggregate carrying value of almost $3 million
where trustors or beneficiaries reside in Fresno
County. State Center does not have a trust department although the customers which it attracts
tend typically to make use of trust services, and
the trust department of Wells Fargo would meet
the needs and convenience of these customers.
Competition. There is relatively little direct




competition between State Center and Wells
Fargo. Their nearest offices are 55 miles apart.
A survey of more important common customers
of the two banks indicated little common business. A survey of deposit or loan accounts in
amounts of $1,000 or more at State Center whose
addresses of record were in counties served by
Wells Fargo offices, and a corresponding survey
on a selective basis by Wells Fargo of deposit and
loan accounts with addresses of record in Fresno
County, showed small amounts of business of
each bank originating in the other's territory. The
two banks have had a close corresponding relationship, but loss of a potential customer of the
size of State Center would not materially affect
the regional market for correspondent banking
business.
California banking is highly concentrated, with
the nine largest banks in the State holding about
89 per cent of total commercial bank deposits
and operating approximately 83 per cent of banking offices in the State. About 40 per cent of
total bank deposits in the State are held by Bank
of America. Wells Fargo, while third in size, falls
into a group of banks whose shares range from
two to about fourteen per cent. During the calendar years 1960, 1961, and 1962, there has been a
reversal in California of the trend toward fewer
banks, and the total number in the State has
climbed from 115 to 129. New charters were
granted during that period to 28 banks, while 14
lost their independent identity through merger,
or discontinued operations.
In recent years savings and loan associations
have grown in California at a rate greatly exceeding that of commercial banks. Four such associations operate a total of nine offices in Fresno
County, with total withdrawable balances, as of
December 31, 1961, of $120 million, an increase
of 377 per cent over December 31, 1956. Total
loans of these institutions increased 372 per cent
during the same four-year period. Accordingly,
it appears that as to savings shares and real
estate mortgages, these associations provide keen
competition to the commercial banks in the
county.
Summary and conclusion. The management
succession problem at State Center, which threatens to affect its continued development along the
path marked out in the seven years of the bank's
existence, would be resolved by merger of that

1247

LAW DEPARTMENT
bank with one equipped to continue in the same
direction. The convenience and needs of the clientele which State Center has chosen to serve would
be facilitated by effectuation of the proposal, and
in at least two towns where its branches are located, the resulting bank would offer services
needed by the communities which are not presently available there (although conveniently
available in other communities within driving distance). Relatively little competition between the
two banks would be eliminated, and the degree
of banking concentration in California would not
be significantly increased by consummation of
the proposed merger.
Accordingly, the Board finds that the proposed
merger would be in the public interest.

(28 F. R. 3562), providing an opportunity for
submission of comments and views regarding the
proposed acquisition. The time for filing such
comments and views has expired and no such
comments and views have been received.
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 the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.
Dated at Washington, D. C , this 19th day of
August, 1963.
By order of the Board of Governors.

Orders Under Section 3 of Bank Holding
Company Act

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

The Board of Governors of the Federal Reserve
System has issued the following Orders and Statements with respect to applications by a bank holding company for approval of the acquisition of
voting shares of banks.
VIRGINIA COMMONWEALTH
CORPORATION, RICHMOND, VIRGINIA
In the matter of the application of Virginia
Commonwealth Corporation for approval of the
acquisition of voting shares of Washington Trust
and Savings Bank, Bristol, Virginia.
ORDER APPROVING APPLICATION
UNDER BANK HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to Section 3(a) (2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842) and
Section 222.4(a)(2) of the Federal Reserve Regulation Y (12 CFR 222.4(a) (2)), an application
by Virginia Commonwealth Corporation, Richmond, Virginia, for the Board's prior approval of
the acquisition of more than 80 per cent of the
outstanding voting shares of Washington Trust
and Savings Bank, Bristol, Virginia.
As required by Section 3(b) of the Act, notice
of the application was given to the Commissioner
of Banking of the State of Virginia, who expressed no objection to approval thereof. In addition, notice of receipt of the application was published in the Federal Register on April 11, 1963




(Signed) KENNETH A. KENYON,

Assistant Secretary.
[SEAL]
STATEMENT

Virginia Commonwealth Corporation ("Commonwealth", or "Applicant"), Richmond, Virginia, a registered bank holding company, has
filed an application pursuant to Section 3 (a) (2)
of the Bank Holding Company Act of 1956 ("the
Act"), for the Board's approval of the acquisition
of more than 80 per cent of the outstanding voting shares of Washington Trust and Savings Bank,
Bristol, Virginia ("Bank").
Section 3(c) of the Act requires the Board to
take into consideration the following five factors
with respect to the proposed acquisition: (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 Applicant's system beyond limits consistent with adequate and
sound banking, the public interest, and the preservation of competition in the field of banking.
General background. Four bank holding companies control 24.3 per cent of all deposits of

1248

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

banks in the State of Virginia.1 Of these, Commonwealth ranked second with $193.9 million, or
5.1 per cent. Two banks in the State each had
more deposits than Commonwealth, which ranked
fourth among banking organizations.
Offices of Commonwealth's subsidiary banks are
widely distributed in the State. The Bank of Virginia, the leading subsidiary, with $159.6 million
of deposits, has 24 offices. These offices are located in the east-central portion of the State in
the Richmond Metropolitan area, in Petersburg,
and in Dinwiddie some 35 miles to the southwest
of Petersburg; in Norfolk, Portsmouth, and Newport News in the southeast; and in Roanoke in
the west-central section. Additional subsidiary
banks are located in Occoquan in the northeast,
in Salem (near Roanoke), and in Newport News.
Approval of the application now before the Board,
and of a concurrent application involving The
Peoples National Bank of Pulaski, Pulaski, Virginia, will give Applicant representation in the
southwestern section of the State. None of Applican'ts subsidiaries is the dominant bank in the
area which it serves.
Banking factors. The history of Applicant is
brief. Commonwealth became a bank holding company through an exchange of its stock for stock in
five subsidiary banks, which took place on December 21, 1962, pursuant to approval by the
Board given in an Order of October 25, 1962.
One of the five, The Bank of Henrico, Sandston,
Virginia, has since been merged with The Bank
of Virginia, pursuant to approval of the Board
granted in an Order of June 17, 1963. Because
of the short period of time which has elapsed
since its formation, Commonwealth has not as
yet been able to put into operation most of the
advantages which it urged as favoring the holding company system of bank operation. However,
a beginning has been made in supervising generally the securities portfolios of the other subsidiary banks and in extending to them facilities
of the data processing center of The Bank of Vir1
This figure is adjusted to include deposits of The
Farmers Bank of Dinwiddie, Dinwiddie, Virginia,
which merged with The Bank of Virginia, a subsidiary
of Applicant, pursuant to approval by the Board given
on May 24, 1963. Unless otherwise indicated, deposit
figures herein stated are as of December 28, 1962.
United Virginia Bankshares, Incorporated, was formed
January 10, 1963, and the deposits of its banks are
included.




ginia. Studies are also under way in connection
with such matters as accounting practices, loan
policies, and the establishment of retirement and
fringe benefit programs on a uniform basis.
The financial condition of Applicant is, of
course, largely affected by the condition of the
subsidiary banks, particularly that of The Bank
of Virginia, by far the largest in the group. That
Bank's net earnings have been lower than those
of the average member bank in its size group in
the Fifth Federal Reserve District. Its capital
position, even after the addition of $2 million
capital, now proposed, will continue to reflect a
need for additional strengthening. In other respects, however, the condition of Applicant and
its subsidiaries is satisfactory, and their prospects
are favorable. Management of Applicant, which
is to a considerable extent the same as that of The
Bank of Virginia, is considered satisfactory.
Bank, which has two offices, both in Bristol, and
$8.4 million of deposits, was chartered in 1906 as
a savings and thrift institution. In more recent
years, it has engaged in a general banking business, but as of December 28, 1962, its percentage of consumer loans to total loans was still
above, and of commercial loans below, that of
all other banks competing in its area or in Virginia generally. Its capital position is strong, and
its earnings have been good, and the Board concludes that its prospects would be satisfactory
either as a member of Applicant's system, or as
an independent bank. In addition, the services
which Commonwealth should be able to provide
as it further develops and strengthens its operating techniques could, in certain respects, improve the prospects of a small bank which has,
evidently, lacked certain facilities appropriate to
the numerous and diversified businesses operating
in the Bristol area.
Bank's management is competent, but all four
officers at the top executive level are over sixty
years of age. Complicating the long-range problem
of recruiting successors to these four men is the
fact that control of Bank is held by the estate of
the former president, a co-founder of the Bank,
and trustees of the estate have indicated a preference for shifting its chief asset, stock of the Bank,
into a security with a broader market. Until the
question of future control is settled, it may be
more than normally difficult to obtain personnel
capable of rising to top executive rank. Accord-

LAW DEPARTMENT
ingly, the Board concludes that the greater likelihood of Applicant's easing the problem of management succession is a consideration that affords
some although not substantial support for approval
of the application.
Convenience and needs of communities. Applicant's nearest subsidiary to Bank is located in
Salem, some 148 miles northeast of Bristol. In
view of Bank's size, and the distance between its
office and the offices of Commonwealth's remaining subsidiaries, the Board concludes that the proposed acquisition would have no effect on communities other than Bristol and the surrounding
area. The city of Bristol, with a population of
17,144 is located on the State line adjoining Bristol, Tennessee, which is roughly the same size, so
that the two form virtually a single community.
The community is a commercial and manufacturing center serving a considerable area in western Virginia and eastern Tennessee, with abundant electric power available from the Tennessee
Valley Authority, and an ample labor supply. The
largest industrial plant is the Sperry-Farragut
guided missile plant, but others manufacture products including calculating and adding machines,
mining cars, stainless steel tubing, structural steel,
apparel, thread, and foods and confections. The
surrounding area is a prosperous agricultural region with primary cash income derived from livestock and burley tobacco. Coal is mined and gas
produced in adjacent counties. The two Bristols
and the neighboring cities of Kingsport and Johnson City, Tennessee, form an industrial complex
known as the "Tri-Cities" area, with a population
of approximately 235,000. Prospects for continued growth in the area are considered good.
Five banks now function in Bank's primary
service area.2 The First National Exchange Bank
of Virginia, Roanoke, Virginia, with deposits of
$178.4 million3 has three Bristol offices as does
The First National Bank of Sullivan County,
Kingsport, Tennessee, with deposits of $60.7 million. Tri-City Bank and Trust Company, Blountville, Tennessee, with deposits of $5.7 million has
two, and Farmers Exchange Bank, Abingdon, Vir2

The area from which are drawn roughly 86 per
cent of the Bank's deposits, and which includes the two
Bristols and the surrounding area within approximately
five miles.
3
Including December 28, 1962 deposits of banks
which have since merged.




1249
ginia, with deposits of $11.1 million, has one office in Bristol. A proposed merger between Farmers Exchange Bank and Virginia National Bank,
Norfolk, Virginia, if approved, will introduce into
the area the resources of a bank with $301.8 million of deposits.
Applicant argues that the various services and
facilities afforded members of its system will enable Bank better to serve the convenience and
needs of the Bristol area. While the range of services offered by Bank would be expanded under
Applicant's control, two banks of substantial size
already have offices in the community, and it
does not appear to the Board that banking needs
are going unmet, or that community convenience
would be significantly improved by introducing
some additional services into two more banking
offices there.
In connection with benefits to the area which
Applicant states will follow upon the proposed
acquisition, Applicant appears to make a twopronged assertion (1) that, when credit needs of
large customers in an area which is experiencing
growth, such as that including the two Bristols,
cannot be met by an independent local bank, these
customers suffer inconvenience in having to go
elsewhere, and this inconvenience can be reduced
through greater ease in arranging participations
if the bank is permitted to enter a holding company system; and (2) that, similarly, credit needs
of a number of large businesses in Virginia are
greater than any Virginia bank or banking system
can accommodate, and economic growth of the
State would be facilitated by emergence of larger
banking complexes. The facts in the application
before the Board, however, demonstrate that no
substantial volume of large credits is being handled
as yet by the smaller banks in Applicant's group
as a result of affiliation with the group. Accordingly, whether on the local or the State level, it
would be purely conjectural to suppose that entrance into the system will substantially expand
the extent to which Bank actually will serve larger
credit requirements through intra-system participations. On the State-wide level, moreover, Commonwealth remains smaller than the three largest
banking organizations in Virginia. In view of
Bank's size the proposed acquisition will not significantly increase Applicant's ability to serve the
larger credit needs of Virginia businesses.

1250

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

For these reasons, the Board concludes that the
fourth factor supplies little support for approval
of the application.
Competitive effect. Here again, the proposed
transaction need be considered only in the context
of the Bristol area. No significant competition
exists between Bank and any offices of present
subsidiaries of Applicant, nor will the addition of
Bank's resources to those of Applicant significantly
strengthen its system in relation to other leading
Virginia banking organizations. While it can be
assumed that most of Bank's correspondent banking business would flow to its sister subsidiaries
in Applicant's system, The Bank of Virginia, to
which the lion's share would probably fall, holds
only 5.7 per cent of interbank deposits held by
all Virginia banks and cannot be considered a
dominant, or even a very strong, factor in the
correspondent banking picture in the State. For
this reason, even the addition of all Bank's business of this kind would not adversely affect competition for correspondent banking.
Turning to the local area, at June 30, 1962,
Bank held a fifth of the offices, but only 15.9 per
cent of deposits of offices located in its primary
service area. While its growth has been satisfactory, it has not vigorously taken advantage of the
opportunities open to it in a developing region.
The stimulus of some of the facilities offered by
Applicant's system, together with an infusion of
adequately trained younger management personnel, should somewhat increase competition with
the larger and more energetic banks with branches
already located there. There is no basis to conclude that entry of Applicant would adversely
affect the ability of the remaining small bank in
the area, Tri-City Bank and Trust Company, to
maintain its present competitive position. Control
of Bank will not give Applicant a commanding
position in the area, nor will it significantly advance Applicant toward a similar position in the
State.
Conclusions. The financial history and condition of Applicant and of Bank are consistent with
approval of the application now before the Board.
Prospects for Bank's growth are, possibly, somewhat better as a member of Applicant's system,
although they would remain satisfactory outside
it. As discussed, some weight is lent for approval
by the prospective remedial effect Applicant's
assistance will have in regard to the management




succession problem at Bank. The convenience,
needs, and welfare of the community principally
concerned will not be significantly affected by the
acquisition. Under the fifth factor, the extent of
Applicant's system will be somewhat increased,
although its size only minimally so, but the Board
does not find that either size or extent will be inconsistent with adequate and sound banking or
the public interest, and concludes that some improvement in banking competition in the Bristol
area may result from consummation of the proposed acquisition.
On the basis of all the relevant facts as contained in the record before the Board, then, and
in the light of the factors set forth in Section 3(c)
of the Act and the underlying purposes of the Act,
it is the Board's judgment that the proposed acquisition would be consistent with the public interest
and that the application should therefore be approved.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON

Bank holding companies should not be authorized by this Board to acquire additional banks
unless, upon review of each of the factors specified
by Congress, the Board has determined that approval is warranted in the public interest. Although there are cases in which one adverse factor may be outweighed by favorable factors, the
instant proposal would not seem to present such
a case.
Section 3 of the Bank Holding Company Act
requires the Board, when considering an application for approval of bank holding company expansion, to take into consideration the financial
condition of the holding company and its constituent banks. In this case the principal bank in the
Virginia Commonwealth holding system has a
capital structure that, as noted in the majority
opinion, is inadequate in view of the nature of its
assets, deposit liabilities, and other responsibilities.
In my opinion, it is substantially inadequate and
should be corrected before the present company
is permitted to expand, save for exceptionally
compelling circumstances. For some time to come,
all the resources of the holding company should
be utilized to raise the capital structure of that
bank to a more satisfactory level. If this is done,
the holding company will not be in a position to

1251

LAW DEPARTMENT
come to the aid of its smaller banks should the
occasion arise.
In support of its instant application, the holding
company has urged that, as a result of the improved management and services that would result
from holding company control, the Bristol Bank
should grow at a more rapid rate. If this be true,
then it is likely that its deposit liabilities and other
responsibilities will expand more rapidly than its
capitalization can be increased through retained
earnings. In such case, an increase of its capital
would be effected by the sale of additional stock
to existing stockholders of the bank. The stockholders will be (to a very large extent) the Virginia Commonwealth Corporation. In view of the
pressing need of its largest unit for additional
capital, it seems hardly likely that the holding
company will have funds available for expansion
of the capital cushion of the Bristol Bank or of
any of its other smaller banks. In fact, the reverse may be more likely; there may exist a temptation to siphon off from the smaller banks' excessive amounts of their earnings in order to provide funds for capital needs of the larger bank.
Accordingly, acquisition of the Bristol Bank by
the Virginia Commonwealth Corporation before
the financial condition of its present units has been
satisfactorily provided for does not seem warranted, especially in the absence of anything to
indicate that the public will benefit from the
change of ownership, or that exceptional problems exist for which there appears to be no other
suitable remedy. I would deny the application.
VIRGINIA COMMONWEALTH
CORPORATION, RICHMOND, VIRGINIA
In the matter of the application of Virginia
Commonwealth Corporation for approval of the
acquisition of voting shares of The Peoples National Bank of Pulaski, Pulaski, Virginia
ORDER APPROVING APPLICATION
UNDER BANK HOLDING COMPANY ACT

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




of the outstanding voting shares of The Peoples
National Bank of Pulaski, Pulaski, Virginia.
As required by Section 3(b) of the Act, notice
of the application was given to the Comptroller
of the Currency, who advised the Board his office
does not oppose the proposed acquisition. In addition, notice of receipt of the application was
published in the Federal Register on May 11,
1963 (28 F. R. 4777), providing an opportunity
for submission of comments and views regarding
the proposed acquisition. The time for filing such
comments and views has expired and no such
comments and views have been filed with the
Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.
Dated at Washington, D. C , this 19th day of
August, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, and Shepardson.
Absent and not voting: Governors King and Mitchell.
(Signed) KENNETH A. KENYON,

Assistant Secretary.
[SEAL]
STATEMENT

Virginia Commonwealth Corporation ("Commonwealth", or "Applicant"), Richmond, Virginia, a registered bank holding company, has
filed an application pursuant to Section 3(a) (2)
of the Bank Holding Company Act of 1956 ("the
Act"), for the Board's approval of the acquisition
of 80 per cent or more of the outstanding voting
shares of The Peoples National Bank of Pulaski,
Pulaski, Virginia ("Bank").
Section 3(c) of the Act requires the Board to
take into consideration the following five factors
with respect to the proposed acquisition: (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 Applicant's system beyond limits
consistent with adequate and sound banking, the

1252

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

public interest, and the preservation of competition in the field of banking.
The general background with regard to the
banking structure in the State of Virginia and
Applicant's place in that structure, as well as the
first three, or "banking" factors in respect to Applicant, are discussed in the Board's Statement in
the matter of the application of Virginia Commonwealth Corporation for approval of the acquisition of voting shares of Washington Trust and
Savings Bank, Bristol, Virginia, issued as of today's date, and that discussion is hereby incorporated by reference as part of the present Statement. In sum, the Board found those factors satisfactory in respect to Commonwealth, which is the
fourth banking organization in Virginia in respect
to size, although the capital position of its leading
bank, The Bank of Virginia, continues to reflect a
need for further strengthening.
Banking factors as related to Bank. Bank, an
institution with $5.0 million of deposits,1 was
chartered in 1902. Its single office is located in the
county seat of Pulaski County. It offers most
general banking services, including a limited trust
department operation, and its growth, while slow,
has been steady. It has a strong capital position,
and its earnings have been satisfactory. Were it
not for the management problem discussed below,
its prospects would be favorable, whether alone
or as part of Applicant's system. In view of this
problem, however, the Board concludes that while
Bank's prospects could continue favorable as a
member of the Commonwealth family, its prospects as an independent institution are more
doubtful.
After the sudden death of the former president
of Bank, in 1960, the Board of Directors made
unsuccessful attempts to find a successor. The
next senior officer, then over sixty, has been in
poor health and remains unable to assume the
duties of chief executive. As a result, the chairman of the Board, who is actively engaged in what
should be full-time employment in another business, has been acting as president, although he
can spend no more than two or three hours daily
in the bank. A junior officer who showed promise
of developing into successor management material resigned in March of this year to accept a
1
Unless otherwise indicated, deposit figures herein
stated are as of March 18, 1963.




post with another bank. The acting president will
be unable to continue in this role indefinitely, and
the immediate situation has only been tentatively resolved by the loan of a junior officer
from one of Applicant's banks, with the expectation that if the application is approved, he will
remain for training as candidate for the top executive post. If the application were denied, he
retains the right to return to his former position.
The Board concludes that, in view of Bank's relatively small size and need for strengthening management, this factor supports approval of the
application.
Convenience and needs of communities. As in
the case of the application with respect to the
Washington Trust and Savings Bank, referred to
above, the distance between the location of Bank
and Applicant's nearest subsidiary, located in
Salem, Virginia, about 52 miles northeast of
Pulaski, together with Bank's relatively small size,
is such that the proposed acquisition will not, in
the opinion of the Board, have any effect on communities other than Pulaski and the surrounding
area.
The town of Pulaski, with a population of about
10,500, and most of the county population of
some 27,250, is located in a fertile valley that lies
between mountainous areas to the northwest and
southeast. Diversified manufacturing, centered
chiefly in the county seat, includes hosiery, chemicals, furniture, millwork, plastic fabrics, iron
castings, and clothing. Livestock and dairying lead
the list of agricultural products. A part of the
Radford Arsenal is located in the county, and
there are prospects for continued industrial growth.
Only three banks function in Pulaski County.
Bank's leading competitor, The Pulaski National
Bank, is nearly twice its size. Bank of Dublin,
with $2.1 million of deposits, has its single office some eight miles from the town of Pulaski.
Five banks located in neighboring counties, ranging in deposit size from $2.5 million to $10.6 million, appear to offer limited competition to the
three Pulaski County banks. Bank's lending limit
is $37,500, and that of the largest bank with
which it competes is $75,000. Although Bank has
not, apparently, handled loans beyond its lending limit to any great extent, access to intrasystem participations with others of Applicant's
subsidiary banks will make it possible for Bank
to offer a slightly more convenient alternative

LAW DEPARTMENT
source for larger amounts of credit for which
there have been some instances of demand in the
area. Some additional services and some improvement in existing services will apparently be offered the community as a result of affiliation of
Bank with Applicant.
Competitive effect. Reference is made to the
discussion of reasons for the lack of State-wide
competitive effects from the proposed acquisition
in the Statement of the Board cited above. The
same conclusion obtains in the situation discussed
herein. In the local context, Bank's primary service area is Pulaski County, from which 87.9 per
cent of the amount of its IPC 2 deposits come
and where 70.8 per cent of the amount of its
commercial and industrial, consumer, and farm
loans are made. On March 18, 1963, Bank held
about 29 per cent of both IPC deposits and total
deposits of the three banks which are located in
that area. In view of Bank's size, both relative
and absolute, and the vigor of its chief competitors, both of which have been growing at a faster
rate, the Board concludes that Applicant's entry
into the area through the proposed acquisition
will, if anything, stimulate competition in the
area. Nor will addition of Bank to the Commonwealth system, any more than in the case of Washington Trust and Savings Bank, significantly advance Applicant toward a commanding position
among banking organizations in the State.
Conclusions. The financial history and condition of Applicant and of Bank are consistent with
3

Deposits of individuals, partnerships, and corporations.




1253
approval of the application now before the Board.
While prospects for Bank's growth outside Applicant's system would be satisfactory were it not
for the management problem which has plagued
Bank since the death of its former president in
1960, the difficulty of solving the problem without
outside assistance, lends support for approval of
the application. Convenience, needs, and welfare
of the local community—the only community affected to any degree—will be slightly improved
by entrance of Bank into the Commonwealth
family. While the extent of Applicant's system
will be increased, the Board does not find that
the resulting size or extent of that system will be
inconsistent with adequate and sound banking or
with the public interest, and concludes that the
effect on competition in the town and the county
of Pulaski will, if anything, be beneficial.
On the basis of all the relevant facts as contained in the record before the Board, and in the
light of the factors set forth in Section 3(c) of the
Act and the underlying purposes of the Act, it is
the Board's judgment that the proposed acquisition would be consistent with the public interest
and that the application should therefore be approved.
CONCURRING STATEMENT OF GOVERNOR
ROBERTSON

The management problem in this case places
the application in an exceptional category where
the remedy offered by holding company ownership is appropriate and outweighs factors which
would otherwise require an adverse conclusion.

Announcements
RESIGNATION OF DIRECTOR

Dr. Harry K. Newburn, who had served as a
director of the Helena Branch of the Federal
Reserve Bank of Minneapolis since January 1,
1961, resigned effective September 1, 1963. Dr.
Newburn was formerly President of Montana
State University, Missoula, Montana.
SURVEY OF COMMON TRUST FUNDS

The Board of Governors has discontinued the
annual surveys of common trust funds conducted
since 1955. The results of the survey for 1962 were
published in the June 1963 BULLETIN, pages
773-80. Effective September 28, 1962, Congress
transferred regulatory authority over these funds
to the Comptroller of the Currency, and it is expected that the Comptroller will conduct comparable surveys in the future.
BALANCE SHEET OF AGRICULTURE

The Board is no longer publishing the Balance
Sheet of Agriculture. Copies of this publication
may be obtained from the Office of Information
of the U.S. Department of Agriculture, Washington, D.C. 20250.
RESIGNATION OF MR. KING AS A MEMBER OF THE
BOARD OF GOVERNORS

Mr. G. H. King, Jr., who had been a member of
the Board since March 25,1959, resigned effective
September 18, 1963. At the time of his appointment as a member of the Board of Governors, Mr.
King was President of King Lumber Industries,
Canton, Mississippi, and was also engaged in
timber and mineral leasing of lands and in the
production and marketing of purebred Hereford
cattle throughout the United States and Mexico.
He had been a director of the New Orleans Branch
of the Federal Reserve Bank of Atlanta and had
served as Chairman of its Board of Directors in
1958.
Mr. King's letter of resignation and the President's letter of acceptance follow:




September 12, 1963.
Dear Mr. President:
Because of a variety of personal reasons that impel my return to my home area and my interests
there, I respectfully submit herewith my resignation as a member of the Board of Governors of
the Federal Reserve System.
It has been both a privilege and a pleasure for
me to have participated in the great public service
performed by the Federal Reserve System, earlier
and for more than three years as a member and
then as chairman of the board of directors of the
New Orleans Branch of the Federal Reserve Bank
of Atlanta, and most recently for more than four
years as a member of the Board of Governors in
Washington.
I shall miss the close and harmonious association I have enjoyed with my colleagues on the
Board and in the System, and wish all of them
well in all that they do.
Respectfully yours,
G. H. King, Jr.
The President,
The White House
September 18, 1963.
Dear Mr. King:
I have your letter of September twelfth and, in
accordance with your wishes, am accepting your
resignation as a member of the Board of Governors of the Federal Reserve System.
Your long period of association with the Federal
Reserve System must indeed have brought you a
great deal of personal satisfaction, and I want especially to thank you for your years of service by
Presidential appointment as a member of the
Board of Governors.
With best wishes for your welfare and happiness,
Sincerely,
John F. Kennedy.
Honorable G. H. King, Jr.
Board of Governors of the
Federal Reserve System
Washington, D. C.

1254

National Summary of Business Conditions
Released for publication September 16

Following several months of expansion industrial production declined slightly in August while
construction activity, retail sales, and nonfarm
employment remained at record levels. The money
supply declined a little after a substantial increase
in July, but time and savings deposits at commercial banks rose sharply. Bond yields increased in
early September, reflecting in part announcement
by the Treasury of a large advance refunding.
INDUSTRIAL PRODUCTION

The Board's index of industrial production in
August was 126 per cent of the 1957-59 average,
1 point below the record reached in July and 5
per cent above the level prevailing through the
second half of last year. In August, production of
iron and steel fell sharply further and output of
autos declined from a high rate while production
of most other materials and final products changed
little.
Auto assemblies, at 140 per cent of the 1957-59
average, were down 9 per cent from July and 13
per cent from the June peak; production schedules
indicate a rise in September. Output of other consumer goods changed little in August. Among
business equipment, production of industrial machinery continued to expand while output of commercial machinery declined.
INDUSTRIAL PRODUCTION

Production of iron and steel declined 12 per
cent and was 20 per cent below the May peak.
After mid-August steel ingot production leveled
out. Output of other durable materials and of
nondurable materials remained at record levels.
CONSTRUCTION

New construction put in place in August—at a
seasonally adjusted annual rate of $65 billion—
was unchanged from the June-July level. Residential activity declined somewhat further from
its high in June, but other private construction
continued to rise. Public construction increased
somewhat, following an appreciable upward revision for the previous two months.
EMPLOYMENT

Employment in nonagricultural establishments
changed little in August following seven months of
advance. Employment increased in finance, services, and State and local government but declined
somewhat in manufacturing, reflecting mainly the
curtailment in steel production and a greater-thanusual impact in August of auto model changeovers.
The average factory workweek was little changed
from both a month earlier and a year ago. The
unemployment rate was 5.5 per cent, compared
with 5.6 per cent in July and 5.7 per cent in
August 1962.

1957-59 = 100

DISTRIBUTION

Retail sales, after rising in June and July, were
unchanged in August. Sales at department stores
rose to a new high, 4 per cent above the June-July
level and 9 per cent above a year earlier. Dealers'
deliveries of new cars declined from the high rate
of July.
AGRICULTURE

1963

1959

F. R. indexes, seasonally adjusted. Latest figures shown
for Aug.




Based on September 1 conditions, crop production was estimated at 108 per cent of the 1957-59
average, up 1 per cent from the estimate of a
month earlier and equal to the record levels of
1962 and 1960. Record large crops were estimated
for corn, soybeans, rice, and sugar. Prospective

1255

1256

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

crops of cotton, tobacco, oats, barley, rye, and
hay are below last year. Owing to record yields
the prospective cotton crop is only 4 per cent less
than last year although acreage is 8 per cent
smaller.
COMMODITY PRICES

Average wholesale prices of industrial commodities were stable in August and early September and were unchanged from a year ago. Prices
of lead and steel scrap increased in the recent
period while those of lumber, rubber, and hides
declined, and average prices of sensitive industrial
materials continued to change little. Among farm
products, livestock prices declined as marketings
of hogs expanded seasonally.

stantially in July, declined slightly. Time and
savings deposits at commercial banks rose $1.2
billion, a larger amount than in other recent
months.
Required and total reserves declined more than
seasonally in August, due to a larger than usual
reduction in U. S. Government deposits. Excess
reserves declined somewhat and member bank
borrowings from the Federal Reserve rose slightly.
Reserves were absorbed principally through a decrease in Reserve Bank float, an increase in circulation, and an outflow of gold and they were supplied mainly through an increase in Federal Reserve holdings of U. S. Government securities.
SECURITY MARKETS

Seasonally adjusted commercial bank credit increased $700 million in August, less than the
average monthly expansion earlier this year. Holdings of non-Government securities continued to
expand rapidly, but total loans increased less than
earlier, mainly because of decreases in loans to
security dealers and finance companies. Holdings
of U. S. Government securities declined somewhat
further, following a large reduction in July. The
average money supply, which had increased sub-

After changing little in late August yields on
corporate and State and local government bonds
and on long-term Treasury issues increased somewhat in early September, reflecting in part announcement by the Treasury of a large advance
refunding. Treasury bill yields rose over the period;
in mid-September the rate on 3-month bills was
close to 3% per cent.
Common stock prices advanced further in active
trading. In mid-September average prices were
1 per cent above the previous peak reached in
December 1961.

INTEREST RATES

PRICES

BANK CREDIT, MONEY SUPPLY, AND RESERVES

1957-59 = 100

ALL

ITC

"

r

-

f

ALL COMMODITIES

1

1

1

1

1

1

1

1

1

1

v

COMMODITIES
Other than farm and food
>Ci

TREASURY BILLS

1

1

1

1

^<^—^NONFOOD
COMMODITIES

--

|

|

.^
1963

Discount rate, range or level for all F. R. Banks. Weekly
average market yields for U.S. Govt. bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures
shown, week ending Sept. 13.




1

~

^ > ^ * - * ^ J r ^ * S E R V1C E S

PROCESSED FOODS

_ ^ FARM PRODUCT'S

1

1

1

1

1

1|A-

1959

Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, July; for wholesale prices, Aug.




Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp

Estimated
Corrected
Preliminary
Revised
Revised preliminary

IPC
A
L
S

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

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

U

N.S.A.

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

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

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

Issue

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

Annually
Bank holding companies:
List of, Dec. 31, 1962
June 1963
Banking offices and deposits of group banks,
Dec/31, 1962
..
.7.
July 1963




Annually— continued

Page

Aug. 1963 1144-1161

Banking and monetary statistics, 1962

1162
1163

856
1012

Issue

Page

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

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

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

Stock Exchange firms, detailed debit and credit
balances
Sept. 1963

1258

1322




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

1260
1264
1266
1268
1270
1272
1276
1278
1281

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

1282
1283
1284
1286
1291
1292
1295
1297
1300

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

1304
1308
1308
1310
1312
1314
1316
1318

Commercial banking
Stock market credit

1320
1322

Guide to tabular presentation
Index to statistical tables

1258
1348

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
agcncies; 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)

1259

1260

BANK RESERVES AND RELATED ITEMS

SEPTEMBER 1963

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

Factors absorbing reserve funds

F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Discounts
Toand Float 1 tal
2
Bought RepuradTotal out- chase
agree- vances
right ments

Gold
stock

Deposits, other
than member bank
Member bank
Cur- Treasi•eserves
reserves,
rency
with F.R. Banks
Other
in
F.R.
ciracoutholdcounts With Curstand- culaings Treas- Fortion
ing
F.R. rency
ury
eign Other i
and 3 Total
Banks coin
ury
cur-

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

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

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

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

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

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

142 1,117 21,606
9
657 1,375 25,446
99
524 1,633 1,262 27,299
421
448 1,018 27,107
29
407
992 26,317

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

4,629
4,701
4,806
4,885
4,982

27,806 1,290
29,139 1,280
30,494 1,271
30,968
767
805
30,749

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

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

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

284
267
367
96
43

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

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

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

1960—Dec
1961—Dec
1962 June

27,248 27,170
29,098 29,061
29,568 29,510

78
37
58

1962—Aug
Sept
Oct
Nov
Dec . . . .

30,088
29,921
30,241
30,195
30,546

978
250
8
5
381

30
81
616
592
625

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

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

739 17,391
796 20,310
832 21,180
908 19,920
929 19,279

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

768
691
396

434
463
385
470
524

459
372
345
262
361

394
247
186
337
348

983 19,240
998 19,535
,063 19,420
,174 18,899
,195 18,628

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

94 1,665 29,060 17,954 5,396 33,019
152 1,921 31,217 16,929 5,587 33,954
154 1,508 31,265 16,434 5,601 33,626

408
422
402

522
514
514

250
229
269

495
244
322

,029 16,688 2,595 19,283
.112 17,259 2,859 20,118
'971 17,196 2,728 19,924

840
706
716
564
911

1,389
1,633
1,443
1,496
1,426

26,853
27,156
26,186
28,412
29,435

30,074
29,865
30,178
30,064
30,474

14
56
63
131
72

143
91
76
129
305

1,330
1,760
1,705
1,694
2,298

31,600
31,807
32,057
32,053
33,218

1963—Jan . . 30,198 30 148
30,541 30,355
Feb
30,613 30,507
Mar.
30,897 30,833
Apr
31,138 31,041
May
31,540 31,446
June
July
32,158 32,014
32,233 32,171
Aug .

50
186
106
64
97
94
144
62

101
181
185
151
229
236
322
355

2,278
1,503
1,626
1,596
1,560
1,635
1,740
1,453

32,663
32,287
32,477
32,692
32,972
33,454
34,262
34,080

177
92

153
81
178
74

1,498
1,627
2,039
1,968

31,597
31,729
31,561
31,315

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

85
171
145
171
92

1,346
1,150
1,279
1,684
1,287

31,066
31,559
31,642
31,795
31,433

m
in

5,598
5,548
5,552
5,552
5,561

33,962
34,004
34,111
34,584
35,281

405
398
404
400
398

524
500
517
472
587

200
211
216
202
222

335
764
296
799
320
710
293
925
290 1,048

17,144
17,227
17,382
16,706
16,932

15,950 5,568
15,922 5,567
15,878 5,576
15,878 5,578
15,834 5,576
15,785 5,583
15,664 5,585
*15,602 ^5,584

34,574
34,230
34,431
34,719
34,879
35,293
35,752
*35,793

422
437
446
436
423
400
393
*395

111
832
878
917
890
794
923
846

226
208
188
183
171
193
176
164

299
305
185
199
183
216
201
200

1,041
1,095
1,022
1,075
1,125
,076
.144

16,909
16,724
16,707
16,671
16,761
16,800
16,991
16,723

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

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

16,136
16,079
16,050
15,978
15,978

976

2,780
2,807
2,823
2,898
3 108

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

3 126 20,035
2,857 19,581
2,809 19,516
2,903 19,574
2,915 19,676
2,935 19,735
3,026 20,017
*2,996 2>19,719

Week ending—
1962
29,884
29,962
29,304
29,230

29,707
29 870
29,304
29,230

Aug. 1
8 .
15
22
29

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

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

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

1,134
1,400
2,136
2 176

31,685
31,921
31,955
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.

3
10
17 .
24
31

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

29,946
30,546
30,385
29,931
29,853

13
136
95
35

74
56
82
67
91

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

31,816
32,416
32,229
32,116
31,491

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

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

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

400
410
397
398
406

476
513
480
519
541

217
243
214
211
207

323
314
336
315
311

754
751
717
684
672

17,352
17,706
17,445
17,476
16,872

2 822
2,627
2,861
2 882
2,935

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

Nov. 7
14
21
28

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

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

187
240
60
18

170
156
105
103

1,247
1,300
2,056
2,109

31,686
31,868
32,299
32,259

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

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

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

410
401
394
400

392
523
464
488

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

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

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

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

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

188
95

93
109
164
308

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

32,373
32,629
33,163
33,733

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

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

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

390
402
399
395

500
478
669
665

302
309
289
262
315
268
277
295

822
798
1,020
1,023

Dec.

184
216
193
214
207
207
208
210

July

4
11
18
25

5
12
19
26

For notes see opposite page.




17
12

""n

1,068 16,565 2,964 19,529
1,068 16,517 3,010 19,527
1,011 16,771 3,182 19,953
1,026 17,212 3,113 20,325

SEPTEMBER 1963

1261

BANK RESERVES AND RELATED ITEMS

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

Factors absorbing reserve funds

F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securitie!
Discounts
ToBought Repur- and Float i tal 2
chase
adoutTotal
agree- vances
right
ments

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Treasury

Foreign

Member bank
reserves
Other
F.R.
accounts

Other i

With
F.R.
Banks

Currency
and
coin 3

Total

17,623
17,157
16,927
16,881
16,583

Averages of
daily figures
Week ending—
1963
30,598
30,404
30,227
29,898
30,123

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

120

2
9
16
23
30

6.
Feb.
13.
20.
27.

30,540
30,786
30,392
30,405

30,235
30,447
30,337
30,361

Mar.

6
13
20
27

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

Apr.

3
10
17
24

148

716
65
80
172
101

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

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

399
423
412
429
432

628
711
767
823
837

280
226
232
225
220

319 1,054
306
991
298
980
281
960
297
966

3,456
3,139
3,173
3,034
3,028

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

305
339
55
44

225 1,358 32,194 15,928 5,569
165 ' 319 32,330 15,928 5,563
157
702 32,312 15,928 5,566
159
596 32,219 15,913 5,570

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

421
427
444
454

783
838
901
801

206
212
187
230

297
971 16,907 2,777
298
959 16,825 2,799
310 1,086 16,586 2,926
314 1,125 16,550 2,927

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

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

150
123

172 1,665 32,444
527
.
32
32,402
168
872 32,441
87
32,555
271 1,598

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

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

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

448
856
450
783
448
845
451 1,014

188
191
180
186

213
181
191
174

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

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

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

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

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

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

142
82
42

204 1,345 32,596
117 11425 32,779
187 '630 32,853
188
919 32,743

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

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

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

428
441
427
437

895
897
826
996

189
184
190
191

191 1,074
194 1,076
216 1,001
192
987

16,740
16,696
16,730
16,710

2,868
2,675
2,960
3,019

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

15
22
29

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

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

162
237
122

124
141
229
304
266

1,522 32,500
1,545 33,081
1,471 33,077
1 ,899
" 33,163
1,446 32,667

15,877
15,864
15,828
15,828
15,819

5,582
5,580
5,570
5,574
5,578

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

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

167
172
156
190
168

196
191
189
177
174

997
990
984
,162
,155

16,615
17,012
16,750
16,787
16,565

3,029
2,703
2,910
2,896
3,034

19,644
19,715
19,660
19,683
19,599

June

5.
12.
19.
26.

31,293
31,587
31,317
31,583

31,191
31,513
31,244
31,430

102
74
73
153

216 1,318132,868 15,797
i382 33,261 15,797
249
,853 33,498 15,798
284
234 1,854 33,714 15,779

5,583
5,581
5,582
5,582

35,108
35,298
35,331
35,279

407
402
404
402

643
774
781
892

169
218
202
185

183
205
237
217

,156
,156
,111
,099

16,582
16,587
16,813
17,001

2,856 19,438
2,841 19,428
2,983 19,796
3,051 20,052

July

3
10
17
24
31

32,249
32,65f
32,04:
31,687
32,086

32,078
32,308
31,939
31,687
32,044

171
344
103
"42

329 1,651 34,273 15,733 5,587 35,581
726 34,744 15,691 5,588 35,899
323
929 34,419 15,669 5,582 35,850
401
990 34,030 15,633 5,584 35,698
313
344 33,611 15,633 5,586 35,564
143

383
863
391 1,022
396
922
391
886
393
891

173
180
180
168
179

235
196
199
193
202

,101
,107
,056
,062
,069

17,257
17,228
17,067
16,850
16,530

2,985
2,865
3,105
3,078
3,118

32,443
32,286
32,017
32,142

32,373
32,253
31,964
32,074

70
33
53
68

1,071
1,038
1,217
1,219

17,055
16,750
16,655
16,461

2,858 19,913
2,959 19,709
2,999 19,654
>309r *>19,553

32,027 31,988
32,468 32,324
32,391. 32,237

1963
3
10
17
24
31

32,683
32,291
31,752
31,750
32,468

32,289
32,053
31,752
31,750
32,324

7
14
21
28

32,369
32,128
32,097
32,23^

32,316
32,119
31,993
32,183

Jan.

May

Aug

1.

21
28

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

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

4,587
5,581
5,583
5,586

35,703
35,879
35,850
35,728

402
382
394
400

742
870
879
918

170
167
153
16:

250
188
185
181

39
144
154

96 1,638 33,804 15,733 5,587
338 1,101 33,946 15,633 5,588
389 1,316 34,134 15,58" 5,588

35,470
35,663
35,833

369
389
39(

806
629
705

175
182
178

242 1,097
26: 1,070
195 1,213

394
238

565
131
282
75
338

403
382
324
305

1,288
1,367
1,787
1,418

34,174
34,075
34,167
33,901

15,633
15,618
15,583
15,583

20,242
20,093
20,172
19,928
19,648

End of month
1963
June
July

16,965 2,700 19,665
16,971 3,382 20,353
16,78" ?2,809 19591

Aug
Wednesday
July

Aug.

144

53 1,059
159
620
338

104
54

1,522 34,814
1,529 33,994
1,965 34,042
33
1 ,384
" 33,248
1,101 33,946

15,73!
15,68:
15,63:
15,63:
15,63:

5,588
5,588
5,583
5,586
5,588

35,864
35,943
35,820
35,651
35,663

393
884
398 1,190
398
884
393 1,020
389
629

167
18.
180
177
182

19:
201
211
197
262

1,131
1,406
1,434
1,132

15,63:
15,58!
15,58!
15,58:

5,589
5,581
5,585
5,583

35,849
35,918
35,826
35,77-

404
941
392 1,052
403
948
401 1,015

198
152
152
147

187 1,065
193
990
178 1,218
188 1,213

34,598
33,732
34,188
33,744

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.




1,098
1,107
1,064
1,063
1,070

2,996
3,277
3,320
3,397
3,382

20,534
19,519
20,021
19,362
20,353

17,176 3,043
16,199 3,319
16,631 3,321
16,172 *>3,430

20,219
19,518
19,952
*>19,602

17,538
16,242
16,701
15,965
16,971

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

1262

BANK RESERVES AND RELATED ITEMS

SEPTEMBER 1963

RESERVES AND BORROWINGS OF MEMBER BANKS
(Averages of daily figures; in millions of dollars)
Reserve city banks
All member banks
New York City
Period

Reserves
Total
held

Required Excess

Borrowings
at
F. R.
Banks

City of Chicago

Borrowings
at
ReF.
R.
Excess
quired
Banks

Reserves
Free
reserves

Total
held

Reserves
Free
reserves

Total
held

Required

Borrowings
at
Excess F.R.
Banks

Free
reserves

192
38

-167
69
2,611
989
-144
67

161
211
1,141
1 143
939
1,024

161
133
601
848
924
1,011

1
78
540
295
14

125
44
30
14
12

58
151
486
115
62

67
-107
-456
-101
-50

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

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

4,432 4,397
4,448 4,392
4,336 4,303
4,033 4,010
3,920 3,930

35
57
34
23
-10

197
147
139
102
99

-162
-91
-105
-81
-109

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

,164
,138
,127
,070
,038

3,687 3,658
3,834 3,826
3,781 3,774
3,709 3.684
3,718 3,723
3,774 3,736
3,627 3,601
3,863 3,817

29
7
7

19
57
19

10
-50
-12

958
987
976

953
987
977

24
-4
38
27
46

17
15
4
14
108

7
-19
34
13
-62

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

1,013
1,022
1,032
1,001
1,035

3,857 3,840
3,721 3,704
3,752 3,734
3,727 3,716
3,769 3,735
3,722 3,742
3,796 3,740
*3631 ^3,620

18
17
19
11
34
-20
55
v\\

5
42
27
12
34
39
40
90

1,038
1,016
1,009
1,003
1,025
-59 1,029
15 1,038
Pl,009
P-19

1,037
1,012
1,008
998
1,025
1,032
1,026

15
-15
29
-27
7

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

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

6
29
2
21

-30
8
-3
-19

1,032
990
1,023
1,016

1,022
994
1,011
1,012

20
-1
36
5
49
17
-9
24
54

-11
-8
12
-13

1,003
982
995
1,006

994
981
994
1,003

49
17
-6:
-57
39

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

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

-6
-58
— 53

1,028
1,012
1,016
1,058

1,025
1,009
1,021
1,051

-1
1

1,055
1,036
1,034
1,025
1,023

1,056
1,029
1,030
1,013
1,021

-26
-1

1,021
1,002
1,012
1,003

1,024
997
1,009
1,001

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

2,314 2,275
12,160 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

974
184
3
5
334
224

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

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

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

7
69
2,611
989
48
105

174

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

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

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

1,027
826
723
693
703

142
657
1,593
441
246

885
169
-870
252
457

4,742 4,616
5,275 5,231
5,357 5,328
4,762 4,748
4,508 4,497

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

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

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

594
652
577
516
482

839
688
710
557
906

-245
-36
-133
-41
-424

1960—Dec
1961—Dec
1962—June

19,283 18,527
20,118 19,550
19,924 19,433

756
568
491

87
149
100

669
419
391

1962—Aug
Sept
Oct
Nov
Dec

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

19,358
19,579
19,721
19,012
19,468

566
455
484
592
572

127
80
65
119
304

439
375
419
473
268

1963—Jan
Feb
Mar
Apr
May
June....
July
Aug

20,035
19,581
19,516
19,574
19,676
19,735
20,017

483
472
426
434
457
377
480

99
172
155
121
209
236
322
330

384
300
271
313
248
141
158

P19,719

19,552
19,109
19,090
19,140
19,219
19,358
19,537
'19,256

1962—Aug. 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

14
3
37
12
15

1963—Mar. 6.
13.
20.
27.

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

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

396
489
376
463

142
137
57
241

254
352
319
222

3,740
3,667
3,773
3,730
3,767
3,669
3,701
3,715

13
-25
-8
-1

63

-62
78
540
295
14
7

3
-4
1
-1

5
64
232
37
15

3
-61
-236
-36
-16

2
12
8
7

85
97
85
39
104

-83
-86
-77
-31
-104

8
22
2

-4
-22

-1
4
-1
5
6
7

18
9
6
13
18

-14
-10

7
15
38
14
8
3
24
29

-6
-11
-37
-9
-8
-6

13

-3
11

1007

-7
-11

-13

Week ending—

Apr.

3.
10.
17.
24.

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

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

454
374
533
513

174
87
157
157

280
287
376
356

May

1.
8.
15.
22.
29.

19,644
19,715
19,660
19,683
19,599

19,244
19,354
19,201
19,230
19,122

400
361
459
453
477

94
110
199
281
266

306
251
260
172
211

3,746
3,696
3,775
3,752
3,787
3,668
3,736
3,719
3,848
3,839
3,702
3,753
3,737

June

5.
12.
19.
26.

19,438
19,428
19,796
20,05f

19,098
19,009
19,298
19,673

340
419
498
379

216
248
284
234

124
171
214
14!

3,672
3,632
3,749
3,848

3,662
3,621
3,743
3,828

3.
10.
17.

20,242
20,093
20,172
19,928
19,648

19,810
19,630
19,577
19,457
19,351

432
463
595
471
297

329
323
400
312
143

103
140
195
159
154

3,886
3,758
3,706
3,720
3,711

19,913 19,431
19,709 19,236
19,654 19,252
*>19,553 *>19,148

482
47:
402
*>405

398
352
294
274

84
121
108

3,891
3,797
3,719
3,797
3,726
3,722
3,611
3,613
3,569

July

24.
31.

Aug.
21.
28.

For notes see opposite page.




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

3,720
3,599
3,605
3,570

40

10
1
20

-55
-68
77
15
12
8
-1

106
89
81

-80
-94
-81

6
-16
-25
-22
-5
9
-4
12
4

26
1

112
29
6
36
15
26

9
-30
11
-108
-21
-5
-35
-11

-6
-21
-3
2
1

66

-55
-3
-75
-40
-9
2

SEPTEMBER 1963

1263

BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(Averages of daily figures; in millions of dollars)
Country banks

Other reserve city banks
Reserves

Period

Borrowings at
F.R.
Banks

Reserves
Free
reserves

Borrow-

ings at

Free
reserves

Total
held

Required

Excess

F.R.
Banks

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

50
354
639
184
117

182
-170
-519
-99
-26

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

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

663
596
576
594
602

29
88
236
105
52

634
508
340
489
550

7,865
7,983
7,956
7,883
7,912
7,851
8,308
8,209

60
96
86
57
41
100
59
61

398
300
314
254
490
20
39
45

-338
-203
-228
-198
-449
80
20
16

5,716
5,859
5,906
5,849
6,020
6,689
6,931
6,896

5,220
5,371
5,457
5,419
5,569
6,066
6,429
6,473

497
488
449
430
450
623
502
423

159
144
172
162
213
40
31
34

338
344
277
268
237
583
471
389

8,182
8,189
8,203
7,995
8,178

8,129
8,166
8,175
7,951
8,100

52
23
29
44
78

47
26
24
60
130

5
5
-16
-52

7,017
7,106
7,192
6,975
6,956

6,531
6,668
6,779
6,459
6,515

486
438
413
515
442

45
30
31
32
48

441
408
382
483
394

8,115
7,945
7,936
7 995
8,013
8,038
8,150
*>8,059

8,104
7,919
7,916
7,965
7,962
8,018
8,099

10
25
20
29
51
20
51

60
80
50
54
117
129
201
118

-50
-55
-30
-25
-66
-109
-150

7,025
6,899
6,818
6,849
6,868
6,946
7,033

6,572
6,474
6,432
6,461
6,496
6,566
6,671
^6,613

453
425
386
388
372
380
362
M07

27
35
40
41
50
65
57
93

426
390
346
347
322
315
305
^314

1962—Aug. 1
8
15
22
29

8,172
8,151
8,158
8,232
8,138

8,142
8,121
8,088
8,199
8.104

30
30
70
33
34

27
66
49
52
21

4
-34
21
-19
13

6,874
6,945
6,991
7,035
7,061

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

381
455
492
492
481

40
54
50
38
34

340
401
443
454
448

1963—Mar. 6
13.
20
27

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

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

31
42
23
18

70
50
20
50

-39
-8
3
-32

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

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

350
423
338
420

36
41
30
39

314
382
308
381

3
10..
17.
24

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

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

38
26
51
20

49
47
37
101

-11
-21
14
-81

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

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

387
347
445
485

65
27
60
23

322
320
385
462

1
15 . .
22
29 . . .

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

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

21
27
40
29
84

49
58
89
161
172

-28
-30
-49
-132
-88

6,789
6,792
6,943
6,910
6,823

6,457
6,480
6,517
6,513
6,487

333
312
426
397
336

42
26
52
37
77

291
285
374
360
259

June

5
12
19
26

7,937
7,893
8,014
8,194

7 913
7,869
7 986
8,163

24
24
28
31

128
150
159
81

-104
-126
-131
-50

6 801
6,891
7,018
6,952

6,497
6,511
6,548
6,631

304
380
470
321

74
78
59
75

230
302
411
246

July

3
10
17 .
24
31

8,238
8,198
8,168
8,128
8,037

8,205
8,146
8,136
8,050
8,013

33
53
32
77
25

193
220
266
190
84

-160
-167
-234
-113
-59

7,059
7,061
7,251
6,979
6,861

6,664
6,697
6,705
6,674
6,607

395
364
546
305
254

51
59
48
56
54

344
305
497
248
200

8 100
8,043
8,043
8,011

8 069
8,014
8,016
7,980

31
29
27
31

140
117
111
97

-109
-88
-84
-66

7,069
7,053
6,986
*>6,970

6,619
6,626
6,622
*>6,596

451
427
365

103
84
82
96

348
343
283

Total
held

Required

Excess

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

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

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

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
I960 Dec
1961—Dec
1962 June .

7,924
8,078
8,042
7,940
7,954
7,950
8,367
8,270

1962

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

. .

Aug
Sept
Oct
Nov
Dec

1963—Jan
Feb
Mar
Apr
May .
June
July
Aug
Week ending—

Apr.

May

Aug.

7
14
21
28

.

.

i This total excludes, and that in the preceding table indues, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through




*>374

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.

1264

DISCOUNT RATES

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

Advances and discounts under
Sees. 13 and 13a i

Federal Reserve Bank

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

Effective
date
July
July
July
July
July
July
July
July
July
July
July
July

17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,

Previous
rate

Rate on
Aug. 31

Effective
date

1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963

July
July
July
July
July
July
July
July
July
July
July
July

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

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

Advances under
Sec. 10(b) 2
Previous
rate

Rate on
Aug. 31

17,1963
17, 1963
19, 1963
17, 1963
17, 1963
24, 1963
19, 1963
17, 1963
17, 1963
26, 1963
17, 1963
19, 1963

Effective
date
July 17,1963
June 10, 1960
Aug. 19, 1960
July 17, 1963
July 17, 1963
July 24, 1963
July 19, 1963
July 17, 1963
Aug. 15, 1960
July 26. 1963
Sept. 9, 1960
June 3, 1960

Previous
rate
4
5

2

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

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)

Effective
date

Range
(or levelsall F.R.
Banks

Feb.
1934

183*
1935

1937
Aug. 27
Sept. 4
1942
Apr. 11
Oct. 15
30

F.R.
Bank
of
N.Y.

5
15
Apr. 14
16
May 21

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

1954

1958

*"-g-:

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

Aug. 4

Sep

F.R.
Bank
of
N.Y.

Oct. 24
Nov. 7

if:::::
May 2

-2
-1J4

Range
(or level)—
all F.R.
Banks

1955

Apr
1
1

Effective
date

12.'.'.'.'.

Si:::::
Nov. 18

1959

23

1946
Apr. 25
May 10
Jan. 12
19

Range
(or level)—
all F.R,
Banks

Jan. 16
23

1933

Feb. 2
Mar. 16
Jan. 11
May. 14

Effective
date

1953

In effect Dec. 31,1932
Mar. 3
4
Apr. 7
May 26
Oct. 20

F.R.
Bank
of
N.Y.

194S

Apr. 13
20
Aug. 24
31

**£

Nov. 15
Dec. 2
i Preferential rate of }£ of 1 per cent for advances secured by U.S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.
NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, see Banking and Monetary Statistics,
pp. 439-42.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts




3
10
14
Aug. 12
Sept. 9

1957

&::::::::::::::
1950

June

1956

3H

r

1960

f
1963

July 17
26
In effect Aug. 31

against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29.
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75.

MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS

RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)

(Per cent per annum)

Net demand deposits2

Effective date
Type of deposit

Jan. 1,
1936

}»*

1

I

3

1

21/2

1

Less than 90 days

4
3%

ik

3

} 2*

July 17,
1963

ik

3

Less than 1 year

Other time deposits payable in: i
1 year or more
6 months-1 year

Jan. 1,
1962

Jan. 1,
1957

Savings deposits held for:

Postal savings deposits
held for:
1 year or more

1265

RESERVE REQUIREMENTS

SEPTEMBER 1963

4

4

ig

> :

For exceptions with respect to foreign time deposits, 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
FDIC, have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2%
per cent.
MARGIN REQUIREMENTS
(Per cent of market value)
Effective date
Regulation
Oct. 16, July 28, July 10,
1960
1962
1958
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

90
90

70
70

50
50

90

70

50

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

Effective date i

Central
reserve
city
banks 3

Reserve
city
banks

Country
banks

Time deposits
Central
reserve
and
reserve
city
banks

Country
banks

In effect Dec. 31, 1948..

26

22

16

m

1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954_june
July

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

24

21
20
19Vi
19
18%
18
19
20
19

15
14
13
12

7
6
5

7
6

13
14
13

6

6

12

5

5

18

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

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

171/2
17
i6i/ 2

11%
11

4

4

4

4

3
6

3
6

I*
23
24
22
21
20
191/2
19
I8I/2
18
17i/2

7%

5

12

I6I/2

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

16i/2

Present legal requirement:
Minimum
Maximum

10
4 22

12

7
14

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

NOTE.—All required reserves were held on deposit with F. R. 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

Reserve city banks
Country
banks

Chicago

Item

Other

Four weeks ending June 26, 1963
Gross demand:
Total
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
from domestic banks..
Currency and coin
Balances with F . R .
Banks
Total reserves held
Required
Excess

New
York
City

City
of
Chicago

Country
banks
Other

Four weeks ending July 24, 1963

130,021
13,749
6,173
110,099
107,188
86,248

25,176
4,210
1,312
19,654
20,020
10,256

6,395
1,195
363
4,838
5,374
3,497

49,793
6,749
2,446
40,598
40,299
33,329

48,656
1,595
2,052
45,008
41,495
39,166

7,065
2,933

108
226

105
41

2,022
904

4,831
1,761

16,746
19,679
19,269
410

3,499
3,725
3,714
11

988
1,029
1,027
2

7,105
8,009
7,982
27

5,154
6,915

6,546
369

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.




All
member
banks

Gross demand:
Total
133,106
Interbank
14,366
U.S. Govt
7,657
Other 1
111,083
Net demand
109,423
Time
86,967
Demand balances due
from domestic banks.
7,320
Currency and coin
3,008
B a l a n c e s with F.R.
17,101
Banks
Total reserves held
20,109
Required
Excess

19,619
490

25,380
4,303
1,595
19,481
20,331
10,320

6,457
1,238
439
4,780
5,402
3,516

51,221
7,099
2,966
41,156
41,140
33,652

50,048
1,725
2,657
45,666
42,550
39,478

111
228

110
42

2,033
922

5,067
1,814

3,573
3,801
3,767
34

995
1,037
1,032
5

7,261
8,183
8,134
49

5,273
7,087
6,685
402

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.

1266

FEDERAL RESERVE BANKS

SEPTEMBER 1963

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday

End of month
1962

1963

1963

Item
Aug. 28

Aug. 21

Aug. 14

Aug. 7

July 31

August

July

August

13,974
1,317

13,974
1,322

13,985
1,314

14,031
1,305

14,032
1,314

13,972
1,319

14,032
1,314

14,609
1,208

15,291

15,296

15,299

15,336

15,346

15,291

15,346

15,817

359

348

339

349

359

372

359

403

308
30
37

590
30
37

129
30
39

1,024
35
39

338

359
30
38

338

90

39

35

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

Cash
Discounts and advances:
Member bank borrowings
HelcT under repurchase agreement
U.S. Govt. securities:
Bought outright:
Bills
Notes

•

Other

Total bought outright
Held under repurchase agreement
Total U.S. Govt. securities
Total loans and securities
Cash items in process of collection
Bank premises •.
Other assets:
Denominated in foreign currencies
Total assets

39

3,003

2,891

3,108

3,359

3,506

3,057

3,506

2,984

10,732
14,010
4,438

10,732
13,985
4,385

U,464
9,887
4,660

14,464
9,870
4,623

14,464
9,806
4,548

10,732
14,010
4,438

14,464
9,806
4,548

9,538
13,772
3,952

32,183
54

31,993
104

32,119
9

32,316
53

32,324
144

32,237
154

32,324
144

30,246
112

32,237

32,097

32,128

32,369

32,468

32,391

32,468

30,358

32,612

32,754

32,326

33,467

32,845

32,818

32,845

30,494

4,780
102

5,511
102

6,148
102

4,922
102

4,907
102

4,567
102

4,907
102

3,998
107

66
222
53,432

66
202

63
410

63
391

63
366

63
366

317
229

54,279

54,687

54,630

53,988

66
228
53,444

53,988

51,365

30,659

30,705

30,784

30,716

30,537

30,724

30,537

28,900

16,172
1,015
147
188

16,631
948
152
178

16,199
1,052
152
193

17,176
941
198
187

16,971
629
182
262

16,782
705
178
195

16,971
629
182
262

17,110
478
168
311

17,522

17,909

17,596

18,502

18,044

17,860

18,044

18,067

3,648
78

4,077
79

4,742
77

3,791
76

3,806
76

3,251
76

3,806
76

2,874
75

51,907

52,770

53,199

53,085

52,463

51,911

52,463

49,916

486
934
105

485
934
90

484
934
70

484
934
127

483
934
108

486
934
113

483
934
108

460
888
101

53,432

54,279

54,687

54,630

53,988

53,444

53,988

51,365

Liabilities
F.R. notes
Deposits:
U S Treasurer—General account
Other
Total deposits
Other liabilities and accrued dividends
Total liabilities
Capital Accounts
CaDital Daid in
Surplus •
Other capital accounts

•

Total liabilities and capital accounts
Contingent liability on acceptances purchased f r
foreicn correspondents
...
U.S. Govt. securities held in custody for foreign

88

87

87

85

85

89

85

71

7,853

7,861

7,860

7,853

7,733

7,856

7,733

6,407

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




...
...

....

32 ,568

32,541

32,546

32,451

32,457

32 ,587

32,457

30, 505

7 ,183
68
26 ,214

7,183
120
26,214

7,183
20
26,234

7,163
80
26,224

7,163
105
26,234

7 ,183
27
26 ,224

7 745
15
23, 885

33 ,465

33,517

33,437

33,467

33,502

33 ,434

7,163
105
26,234
33,502

31, 645

1267

FEDERAL RESERVE BANKS

SEPTEMBER 1963

STATEMENT OF CONDITION OF EACH BANK ON AUGUST 31, 1963
(In millidhs of dollars)
Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.

Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

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

13,972
1,319

787
76

3,239
316

697
77

1,140
115

924
113

735
75

2,446
231

540
53

311
28

605
51

609
42

1,939
142

Total gold certificate reserves

15,291

863

3,555

774

1,255

1,037

810

2,677

593

339

656

651

2,081

454
372

50
28

89
68

70

20
34

25
27

40
31

32
55

13
23

41
11

14
11

16
14

44
49

7
1

148
8

25
3

65
1

36

30
4

]

F.R. notes of other Banks
Other cash

Discounts and advances:
Secured by U.S. Govt. securities...
355
Other
34
Acceptances:
Bought outright.
38
Held under repurchase agreement..
U.S. Govt. securities:
32,237
Bought outright
154
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
All other
Total assets

21

c

9
4

i

38

1,551

8,179
154

1,727

2,661

2,112

1,794

5,419

1,280

625

1,353

1,305

4,231

32,818

1,559

8,527

1,731

2,689

2,178

1,835

5,453

1,282

630

1,379

1,311

4,244

5,711
102

470
3
3
10

1,120
8

460
7
6
18

454
5
3
15

411
14

867
23

237
6

179

30:

281

589
10

i 18
57

340
3
4
12

4
13

9
38

10

1
6

c

4
10

9
30

2,986 13,442

2,955

4,489

3,744

3,158

9,154

2,166

1,211

2,382

2,299

7,056

66
228
55,042

Liabilities
F.R. notes
31,178
Deposits:
16,782
M^ember bank reserves
705
U.S. Treasurer—General account..
178
Foreign
195
Other

1,832

7,501

1,824

2,681

2,518

1,791

5,640

1,271

554

1,224

941

3,401

647
58
7
3

4,446
62

2 72
131

736
37
8
1

1,254
43
14
1

695
67
7
3

891
49
8
1

2,483
73
21
2

575
67

425
58
3

812
53
6
1

976
61
8
1

2,842
77
19
51

17,860

715

4,711

782

1,312

772

949

2,579

647

486

872

1,046

2,989

4,395
76

363
4

799
20

259
4

350
6

374
4

329
4

704
13

192
3

453
10

2,869

4,349

3,668

3,073

8,936

2,113

216
3
2,315

222
3

2,914 13,031

134
2
1,176

2,212

6,853

130
251
30

27
54
5

45
87
8

24
44
8

27
51
7

69
132
17

17
32
4

11
22
2

21
40
6

28
53
6

64
124
15

2,986 13,442

2,955

4,489

3,744

3,158

9,154

2,166

1,211

2,382

2,299

7,056

Total deposits
Deferred availability cash items
Other liabilities
Total liabilities

53,509

£
*

Capital Accounts
Capital paid in
Surplus
Other capital accounts

486
934
113

Total liabilities and capital accounts.. 55,042

23
44
5

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

31.2
31.3
33.4

33.9
33.4
31.7

29.1
31.8
33.8

29.7
29.7
30.7

31 4
30.3
32.9

31 5
29.7
33.9

29.6
30.5
33.2

32.6
32.9
34.4

30.9
28.9
34.1

32 6
28.5
30.7

31 3
29.1
33.6

32 8
28.1
33.8

32.6
32.6
33.0

Contingent liability on acceptances
purchased for foreign correspondents

89

4

3 24

5

8

4

5

13

3

2

4

5

12

5,800

1 ,324

646

1 ,261

1,015

3 ,545

130

Federal Reserve Notes—Federal Reserve Agent's Accounts

F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral
1

32, 587

1 ,911

7,813

1,912

2 ,855

7, 183

433

1,600

605

400

1,400

2 ,055

1,500

4,500

550

285
24
1 ,000

800

2 ,300

310
1
1 ,100

215

6,300

425
2
1,600

580

2 6 , 224

1 ,494

825

3 ,000

3 3 , 434

1 ,927

7,900

2,027

2 ,880

2 ,660

1,900

5,900

1,411

680

1 ,309

1,040

3 ,800

After deducting $48 million participations of other F.R. Banks.
2 After deducting $106 million participations of other F.R. Banks.




3

2 ,640

1,865

After deducting $65 million participations of other F.R. Banks.

1268

FEDERAL RESERVE BANKS; BANK DEBITS

SEPTEMBER 1963

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

End of month
1963

1963
Aug. 28

Aug. 21

Aug. 14

Aug. 7

July 31

338
304
7
27

620
586
4
30

159
124
5
30

1,059
1,024
5
30

338
333
5

389
354
5
30

338
333
5

101
87
14

37
10
27

37
9
28

39
8
31

39
10
29

39
11
28

38
10
28

39
11
28

35
9
26

32,237
594
5,313
13,089
10,866
2,176
199

32,097
723
5,122
13,089
10,813
2,151
199

32,128
4,637
1,460
15,152
8,476
2,208
195

32,369
4,751
1,628
15,165
8,452
2,182
191

32,468
4,796
1,804
15,182
8,385
2,120
181

32,391
565
5,450
13,135
10,866
2,176
199

32,468
4,796
1,804
15,182
8,385
2,120
181

30,358
407
4,968
12,547
9,987
2,233
216

Netherlands
guilders

Swiss
francs

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

1962

Aug.

July

Aug.

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)

Total

End of period

Pounds
sterling

Belgian
francs

Canadian
dollars

French
francs

German
marks

Italian
lire

1962—-Nov
Dec

154
81

•
•

30
36

77

31
27

11
11

4
4

1963—Jan
Feb
Mar
Apr
May

110
93
94
99
128

20
25
25
25
38

45
50
50
45
45

2
2
2
2
2

27
10
10
7
29

11
1
1
13
8

4
4
4
5
5

1
1

1

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

Period

N.S.A.

Leading centers
New York
S.A.

N.S.A.

6 others

2

N.S.A.

S.A

Annual rate of turnover
of demand deposits l
Leading centers

337 other
reporting
centers3
S.A.

New York

N.S.A.

1955.
1956.
1957.
1958.
1959.

2,043.5
2,200.6
2,356.8 . . . .
2,439.8
2,679.2

766.9
815.9
888.5
958.7
1,023.6

845.0
431.7
462.9 . . . . . . .
921.9
489.3
979.0
487.4
993.6
545.3
1,110.3

1960.
1961.
1962.

2,838.8
3,111.1
3,436.4 . . . .

1,102.9
1,278.8
1,415.8

N.S.A.

S.A

1,158.3
1,209.6
1,318.9

6 others2
S.A.

N.S.A.

N.S.A.
22.3
23.7
25.1
24.9
26.7

60.0
70.0
77.8

34.8
36.9
41.2

25.7
26.2
27.7

28.2
29.0
31.3

..

115 .8
120 .9
124 .5
122 .2
134 .2

110.8
109.7
127.5
116.5
141.6

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

57.5
53.4
62.8
59.4
63.7

110.7
107.6
112.4
113.1
111.3

112.7
100.1
117.2
112.3
115.6

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

74.3
81.1
82.3
80.4
93.7

41 .1
41 .8
43 .7
43 .5
43 .4

39.9
41.2
43.0
42.9
44.4

1963—Jan
Feb....
Mar....
Apr
May...
June...
July.... .
.
Aug

325.9
274.6
306.8
307.8
318.1
299.6
'320.7
300.5

128 .1
127 .7
128.9
125 .0
129 .8
121 .5
130 .3
127 .8

137.2
116.6
133.0
126.9
133.1
125.0
129.9
119.5

62. 8
61. 2
61. 6
63. 9
62. 1
61. 6
66. 9
63. 3

66.3 116.3
55.2 112.7
62.5 113.1
64.2 '119.4
64.4 117.2
61.7 113.9
66.8 '122.8
61.9 119.5

122.4
102.8
111.3
116.8
120.6
112.9
'124.0
119.0

83. 7
84. 6
85. 8
82. 2
85. 0
79. 3
85. 1
88. 9

84.5
80.3
88.4
80.6
85.2
85.1
83.7
83.7

44 .1
42 .7
43 .1
44 .2
43 .1
42 .8
46 .8
P44.2

43.7
40.4
45.6
45.2
43.9
44.5
45.8
*42.9




S.A

20.4
21.8
23.0
22.9
24.5

281.0
263.3
307.4
288.2
320.9

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

N.S.A.

27.3
28.8
30.4
30.0
32.5 . . . .

.
.
.
.
.

••

S.A.

343
centers 4

42.7
45.8 . . . .
49.5
53.6
56.4

577.6
622.7
701.7

1962—Aug....
Sept....
Oct
Nov....
Dec...

337 other
reporting
centers 3

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

28. 3
27. 3
28 5
28 5
27. 7
28
28
28
29
29
28
30

8
3
3
6
1
1
3
*>29 6

27.9
27.3
28.5
28.9
28.5

31. 8
31. 1
32. 5
32. 5
31. 3

31.0
30.9
32.3
32.6
32.6

28.7
27.1
28.3
28.7
29.5
29.0
30.2
*>29.2

32. 6
32. 2
32. 1
33. 3
33. 2
32. 2
34. 3
»33. 6

32.6
30.6
32.8
33.0
33.3
33.1
34.3
*32.8

SEPTEMBER 1963

1269

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

Total
in circulation i

Total

Coin

$12

$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
,048
,113

1955
1958
1959
1960
1961

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

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

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

1962—July
Aug
Sept
Oct
Nov
Dec

33,869
33,932
33,893
34,109
34,782
35,338

24,327
24,364
24,305
24,440
24,991
25,356

1963—Jan
Feb
Mar
Apr
May
June....
July

34,093
34,286
34,513
34,645
35,067
35,470
35,663

24,214
24,385
24,548
24,613
24,953
25,266
25,368

End of period

Large denomination currency
$20

Total

$50

$100

$500

$1,000

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

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

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

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

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

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

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

307
275
261
249
242

438
373
341
316
300

3
3
3
3
3

12
9
5
10
10

94
93
93
94
94
97

2,214
2,210
2,211
2,228
2,294
2,375

6,814
6,832
6,801
6,819
7,009
7,071

11,021
11,040
10,980
11,031
11,268
11,395

9,542
9,568
9,588
9,669
9,791
9,983

2,868
2,870
2,864
2,882
2,924
2,990

6,134
6,163
6,188
6,254
6,333
6,448

239
237
237
237
237
240

294
291
291
289
289
293

3
3
3
3
3
3

5
5
5
5
4
10

95
95
95
95
96
97
97

2,217
2,219
2,230
2,232
2,266
2,279
2,265

6,723
6,788
6,838
6,819
6,932
7,004
6,993

10,897 9,879
10,991 9,902
11,067 9,965
11,102 10,032
'",114
11,246 10
11,442 10 ,204
11,549 10,295

2,937
2,939
2,954
2,975
3,001
3,030
3,060

6,407
6,427
6,471
6,516
6,572
6,631
6,691

239
239
241
242
243
244
244

289
289
292
291
292
293
293

3
3
3
3
3
3
3

4
4
4
4
4
4
4

$5

$10

36
44
73
65
64

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

,312
,494
,511
,533
,588

75
83
85
88
92

2,671
2,687
2,701
2,727
2,756
2,782

,512
,502
,518
,542
,570
,636

2,759
2,773
2,795
2,827
2,850
2,878
2,904

,524
519
,523
,539
,562
,566
,559

2

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

$5,000 $10,000

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

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

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Total outstanding As security
July 31,
against
Treasury
1963
gold and
cash
silver
certificates

Kind of currency

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

Julv 31 1963
June 30 1963 .
July 31 1962

1

. .

15,633
(15 346)
32 458
5,588
486

2,072
(2 106)
1 828
'686
347
168
5 53,678
5 53,335
5 52,265

(15,346)

2 287

(2,106)

71
31

3 12,530

34

2,072

(17,452)
(17,585)
(18,126)

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. 1261.
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, FRS, and (2) the Redemption Fund for
F.R.
notes.
4
Redeemable from the general fund of the Treasury. Beginning with
Aug. 1962, excludes $58 million which was determined, pursuant to the
Old Series Currency Adjustment Act, to have been destroyed or lost.




For
F.R.
Banks
and
Agents

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

2,816
1 921
359

July 31,
1963

June 30,
1963

July 31,
1962

30,466
5,198

30,274
5,196

28,698
5,171

23

10

420

411

363

4
1
3
*

298
21
3
26
1

1,808
1,803
682
318
168

1,832
1,790
676
319
168

1,950
1,673
635
317
233

5,096
4,855
4,937

35,663

389
369
404

12,530
12,641
13,055

35,470

33,869

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.

1270

MONEY SUPPLY

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

Not seasonally adjusted
Money supply

Money supply
Period
Total

Currency Demand
deposit
component component

Time
deposits
adjusted1

Total

Currency Demand
deposit
component component

Time
deposits
adjusted*

U.S.
Govt.
demand
deposits *

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

135.2
136.9
135.9
141.2
142.0

27.8
28.2
28.3
28.6
28.9

107.4
108.7
107.5
112.6
113.2

50.2
52.1
57.5
65.5
67.4

138.6
140.3
139.3
144.7
145.6

28.4
28.8
28.9
29.2
29.5

110.2
111.5
110.4
115.5
116.1

49.6
51.4
56.7
64.6
66.6

3.4
3.4
3.5
3.9
4.9

1960—Dec
1961—Dec
1962—Dec

141.2
145.7
147.9

28.9
29.6
30.6

112.2
116.1
117.3

72.7
82.5
97.5

144.7
149.4
151.6

29.6
30.2
31.2

115.2
119.2
120.4

72.1
81.8
96.6

4.7
4.9
5.6

1962—Aug
Sept
Oct
Nov
Dec

145.1
145.3
146.1
146.9
147.9

30.2
30.2
30.3
30.5
30.6

114.9
115.1
115.8
116.4
117.3

92.5
93.4
94.6
96.0
97.5

143.8
145.0
146.5
148.2
151.6

30.3
30.3
30.4
30.8
31.2

113.5
114.6
116.1
117.5
120.4

93.0
93.8
94.9
95.4
96.6

6.8
7.2
7.3
6.0
5.6

1963—Jan
Feb
Mar
Apr
May
June
July

148.7
148.6
148.9
149.4
149.4
149.8
150.7
150.5

30.7
30.9
31.1
31.2
31.3
31.6
31.6
31.8

118.1
117.7
117.8
118.2
118.1
118.2
119.1
118.8

99.1
100.3
101.8
102.6
103.7
104.5
105.5
106.7

151.8
148.3
147.4
149.5
147.3
148.2
149.4
149.1

30.5
30.5
30.7
30.9
31.1
31.4
31.8
31.9

121.3
117.8
116.7
118.6
116.2
116.7
117.6
117.2

98.4
99.9
101.7
102.9
104.0
105.0
106.0
107.3

4.8
5.6
5.9
4.2
7.0
7.4
7.7
6.2

Aug.p. . .
Half month
1963—May

1..

149.8
149.1

31.3
31.3

118.5
117.8

103.3
104.0

148.6
146.0

31.1
31.0

117.5
115.0

103.7
104.4

6.3
7.7

June

1..
2..

149.9
149.7

31.5
31.6

118.4
118.1

104.3
104.7

148.6
147.8

31.5
31.4

117.1
116.4

104.9
105.2

5.4
9.4

July

1..

150.6
150.9

31.7
31.6

118.9
119.3

105.2
105.7

148.8
149.9

32.0
31.6

116.8
118.3

105.7
106.2

9.1
6.4

Aug. 1..
2*.

150.7
150.3

31.7
31.8

119.0
118.5

106.4
107.1

150.2
148.1

31.9
31.8

118.3
116.3

106.9
107.6

5.8
6.5

Not seasonally acijusted

Not seasonally adjusted

Money supply

Money supply
Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits

Week
ending—
Total

Currency Demand
compodeposit
nent
component

Time
deposits
adjusted i

U.S.
Govt.
demand 1
deposits

1962—May 2.
9.
16.
23.
30.

145.9
145.1
144.6
142.0
142.1

29.5
30.0
29.8
29.8
29.6

116.4
115.2
114.7
112.2
112.5

89.2
89.5
89.7
90.1
90.4

4.8
6.3
6.5
8.0
7.5

1963—May

1..
8..
15..
22..
29..

149.6
148.7
148.3
145.9
146.1

30.6
31.2
31.1
31.1
30.9

119.0
117.6
117.1
114.8
115.2

103.2
103.5
103.9
104.2
104.5

4.6
6.6
6.2
8.1
7.5

June 6.
13.
20.
27.

143.5
144.8
145.0
142.8

30.0
30.1
30.0
29.9

113.5
114.6
114.9
112.9

90.7
91.0
91.1
91.4

7.1
5.3
6.8
8.6

June

5..
12..
19..
26..

147.4
148,8
149.2
147.0

31.4
31.6
31.4
31.3

116.0
117.2
117.8
115.7

104.8
104.9
105.0
105.1

6.7
4.6
5.9
10.3

Ju,y

143.3
143.9
144.7
144.3

30.2
30.6
30.4
30.2

113.1
113.4
114.3
114.2

91.9
92.1
92.2
92.3

9.5
8.2
6.6
6.0

July

18.
25..

148.0
148.5
149.9
149.6
150.0

145.0
145.2
144.8
142.5
142.7

92.5
92.6
92.8
93.0
93.3

5.8
5.6
5.0
8.4
7.9

116.4
116.4
118.1
117.9
118.4

10.8
9.3
7.6
6.6
6.0

Aug. 1..
8..
15..
22..
29..

114.9
114.7
114.4
112.1
112.6

31.6
32.1
31.8
31.7
31.5

105.6
105.6
105.9
106.1
106.5

30.0
30.5
30.4
30.4
30.1

3..
10..
17..
24..
31..

Aug. 7..
14..
21..

150.6
150.1
148.0
147.8

31.9
32.0
31.9
31.7

118.6
118.1
116.1
116.2

106.8
107.0
107.4
107.7

6.3
5.3
6.8
6.5

Sept. 5..
12..
19..

143.9
145.5
146.0

30.4
30.5
30.3

113.5
115.0
115.7

93.5
93.6
93.8

7.8
6.1
6.3

4.

* At all commercial banks.
NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL.,
pp. 941-51. Money supply consists of (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and




Sep.^4.
18.
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 FRS, 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.

1271

BANKS AND THE MONETARY SYSTEM

SEPTEMBER 1963

CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)

Liabilities
and capital

Assets

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Bank credit
Date
Gold

Treasury
currency
outstanding

U. S. Government securities
Total

Loans,
net
Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—June

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

4,037
4,031
17,644
22,737
20,065
22,754
22,706
17,767
16,889
16,435

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,398
5,585
5,598

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
266,782 144,704
285,992 154,017
293,212 159,463

5,741
10,328
23,105
29,049
128,417
107,086
96,560
95,461
102,308
101,052

5,499
8,199
19,417
25,511
101,288
81,199
72,894
67,242
72,715
70,722

216
1,998
2,484
2,254
24,262
22,559
20,778
27,384
28,881
29,663

26
131
1,204
1,284
2,867
3,328
2,888
835
712
667

11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,617
29,667
32,697

64,698
48,465
75,171
90,637
191,785
188,148
199,009
289,947
308,466
315,245

55,776
42,029
68,359
82,811
180,806
175,348
184,384
263,165
280,397
286,968

8,922
6,436
6,812
7,826
10,979
12,800
14,624
26,783
28,070
28,275

1962—Aug.
Sept.
Oct.
Nov.
Dec.

29.
26.
31.
28.
28.

16,100
16,100
16,000
16,000
15,978

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

293,900
297,100
300,800
301,900
309,389

159,400
162,800
164,200
164,900
170,693

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

70,200
70,600
71,700
71,700
72,563

30,100
29,100
30,000
30,100
30,478

700
700
700
700
643

33,600
33,900
34,300
34,500
35,012

315,600
318,700
322,400
323,400
330,935

285,300
289,200
292,000
293,000
302,195

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

15,900
15,900
15,900
15,900
15,800
15,700
15,600
15,600

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

305,500
307,100
309,100
309,600
311,500
317,100
317,800
316,900

167,000
168,900
170,300
171,100
173,100
177,000
177,500
177,600

103,300
102,600
102,500
101,500
100,900
102,000
101,500
99,800

72,400
71,500
71,300
70,300
69,100
69,700
68,400
66,800

30,300
30,500
30,600
30,500
31,100
31,600
32,500
32,200

600
600
600
700
700
700
700
700

35,200
35,600
36,300
37,000
37,500
38,100
38,800
39,600

327,000
328,500
330,500
331,000
332,900
338,400
339,000
338,100

297,100
298,500
300,600
301,100
301,900
308,500
308,600
307,000

29,800
30,100
29,900
29,900
31,000
29,900
30,400
31,100

1963—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 24P
May 29»
June 26 r
July 31 r
Aug. 28*\

DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)

Money supply
Seasonally adjusted i
Date
Total

Currency
outside
banks

Demand
deposits
adjusted 2

Total

Currency
outside
banks

Demand
deposits
adjusted 2

Total

Commercial
banks

U. S. Government

Postal
Mutual Savings
savings
Sysbanks 4
tem

Foreign
net 5

Treasury
cash
holdings

At
commercial
and
savings
banks

At
F.R.
Banks

26,100 84,400
24,600 90,000
28,200 111,000
28,700 116,100
29,300 114,000

26,179
19,172
36,194
48,607
102,341
113,597
117,670
144,458
150,578
142,522

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
29,356 115,102 108,468
30,053 120,525 121,216
30,433 112,089 132,106

19,557
10,849
15,258
15,884
30,135
35,249
36,314
71,380
82,145
91,734

8,905
9,621
10,523
10,532
15,385
17,746
20,009
36,318
38,420
39,791

149
1,186
1,278
1,313
2,932
3,416
2,923
770
651
581

365
50
1,217
1,498
2,141
1,682
2,518
5,184
1,497
1,508

204
264
2,409
2,215
2,287
1,336
1,293
377
422
379

381
852
846
1,895
24,608
1,452
2,989
6,193
6,219
9,841

36
35
634
867
977
870
668
485
465
612

2 9 . . . . 142,900
2 6 . . . . 144,400
3 1 . . . . 145,100
2 8 . . . . 145,800
2 8 . . . . 147,600

29,300
29,300
29,400
29,600
29,600

113,600
115,100
115,700
116,200
118,000

141,600
143,500
146,800
147,600
153,162

29,500
29,400
29,700
30,100
30,904

112,100
114,100
117,100
117,600
122,258

133,800
135,200
136,500
136,800
139,448

93,100
94,000
95,100
95,300
97,440

40,200
40,600
40,800
41,000
41,478

600
600
600
500
530

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

400
400
400
400
405

7,700
8,300
6,600
6,300
7,090

500
500
500
600
602

30....
27....
27....
24*...
29?...
26 r P..
31'P..
28P. . .

30,100
30,200
30,400
30,500
30,500
30,700
30,900
30,900

116,700
116,900
117,300
117,800
115,900
117,500
117,900
117,200

148,900
146,400
145,500
148,400
144,900
146,200
148,700
146,800

29,700
29,800
30,100
30,200
30,700
30,700
31,000
31,100

119,200
116,500
115,400
118,200
114,200
115,500
117,700
115,700

141,200
142,900
145,100
146,000
147,700
148,700
150,200
151,400

99,000
100,500
102,200
103,000
104,500
105,100
106,500
107,500

41,700
41,900
42,400
42,500
42,800
43,100
43,300
43,400

500
500
500
500
500
500
500
500

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

400
500
400
400
400
400
400
400

1929—June
1933 June
1939—Dec.
1941—Dec
1945 Dec
1947—Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—June

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

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

110,500
114,600
139,200
144,800
143,300

146,800
147,100
147,700
148,300
146,400
148,200
148,800
148,100

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




Time 3

Not seasonally adjusted

800
4,600
800
6,700
900
7,600
4,000 1,100
600
7,100
10,800 1,100
600
7,300
6,100 1,000

NOTE.—Includes all commercial and mutual savings banks, F.R. Banks,
Postal Savings System, and Treasury currency funds (the gold account,
Treasury currency account, and Exchange Stabilization Fund).
For description of statement and back figures (except for seasonally
adjusted money supply), see Jan. 1948 BULL., pp. 24-43, except that
stock of F.R. Banks held by member banks is included in other securities
and in capital and misc. accounts, net, and balances of the PSS and the
ESF with the Treasury are netted against capital and misc. accounts, net.
Except on call dates, figures are partly estimated and are rounded to
nearest $100 million.

1272

COMMERCIAL AND MUTUAL SAVINGS BANKS

SEPTEMBER 1963

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

Class of bank
and date

All banks:
1941—Dec.
1945—Dec.
1947—Dec.
1961—Dec.
1962—June

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

1962—Aug. 29. .
Sept. 2 6 . .
Oct. 3 1 . .
Nov. 2 8 . .
Dec. 2 8 . .
1963—Jan. 3 0 . .
Feb. 2 7 . .
Mar. 2 7 . .
Apr. 24*.
May 29*.
June 26 rr *
July 31 *
Aug. 28*.
Commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31 •.
1961—Dec. 3 0 . .
1962—June 3 0 . .

Total

Loans

61,126
140,227
134,924
256,700
263,542

26,615
30,362
43,002
154,318
160,123

265,700 161,980
269,080 164,640
272,480 166,480
273,510 167,240
280,397 172,822
276,950 169,410
278,850 171,800
280,650 173,090
280,730 173,470
282,540 175,920
287,130 179,310
"",010
287,190 180
286,830 180 ,440
50,746
124,019
116,284
215,441
220,670

21,714
26,083
38,057
124,925
129,193

Deposits
Total
assets—
Securities
Total
Interbank *
Other
liaCash 1 bilities
assets
and
Demand
capital Total i DeU.S. Other
acTime
Time*
Govt.
mand
counts2
U.S. Other
Govt.

25,511 8,999
101,288 8,577
81,199 10,723
72,715 29,667
70,722 32,697

27,344 90,908 81,816
44 ,355
10,982
26,479
35,415 177,332
77,332 165,612
105 ,935
45,613
14,065
38,388
" 388 175
175091
,091 161,865 12,793
240 1,346 94,381 53,105
57,368 32^394
287
394 287,176
17,914
482 5,952 141,979 120,848
49,612 320 638 285,186 14,400
526 9,559 128
'",845 131,855

70,160 33. 560 45. 480 318. 280 280,310 13,840
70,560 33^ 880 47; 480 323; 770 286,170 14,530
71,700 34;300 50;,560 330; 380 292,350 15,260
71,730 34! 540 48 ,280 329;070 290,700 15,190
303,653 16,008
72,563 35 012 54 ,939 343;
293,030 14,100
72,350 35 190 46;,780 331;
71,450 35 600 48; 410 335; 030 295,450 14,140
71,280 36 280 46; 530 335; 010 295,460 13,800
70,250 37 010 47; 290 335; 960 296,040 13,910
69,120 37, 500 47,720 338, 150 298,090 13,730
69,690 38;130 48.720 343. 880 304,120 14,010
68,400 38,780 49; 420 344; 750 304,760 13,990
66,830 39,560 46,490 341 310 300,660 13,800

Bor- Total Number
row- capital
of
acings counts
banks

23 8,414 14,,826
]
227 10,542 14,553
14,714
1
66 11,948
11
13,946
482 26,227 13;
796 27;036 13,934

510 7,450 124,960 133,550
510 8!,090 128,160 "134
,880
520 6 ,380 134,030 136 ,160
520 6 ,090 132,340 136 ,560
535
,188
520
320 133,110 140,980
520
,670 142 ,680
440 131,670
520
,950 144 ,860
330 128,950
560
760 132,060 145,750
540 6,820 129,540 147 ,460
530 10,610 130,510 148 ,460
530
133, " 149,970
530
151,220
129,

2,750 27,100 13,932
2,610 27 250 13,928
2,780 27 450 13,925
2,500 27 630 13,938
3,635 28 046 13,940
2,670 27 790 13,951
3,070 28 000 13,954
3,100 28 090 13,962
3,270 28 140 13,967
2,990 28, 350 13,983
3,000 28,
13,993
2,920 28,
14,014
3,180 28,610 14,014

10,982
44,349
15,952
21,
7,225 26 ,551 79,104 71,283
.50,227
105,921
30,241
14,065
90,606 7,331 34,806 160,312 150
006 37,502 155,377 144,103 12,792
240 1,343 94,367 35,360
69,221 _9,006
• " 56 432 278,561 248,689 17,914
481 5,946 141,920 82,429
66,578 23",937
220 245,298 14,400
525 9,554 128,785 92,034
64,443 27 034 48;

23 7,173 14,278
14
219 8,950 14,011
65 10,059 14,181
471 22,459 13,432
786 23,183 13,422

222,140 130,430
225,270 132,840
228,560 134,400
229,260 134,840
235,839 140,106
232,040 136,340
233,620 138,410
860 139,360
234,860
234,890 139,440
236,390 141,550
240,750 144,650
240,490 145,040
239,910 145,280

63,850 27.860 44. 670 273.230 240 ,050 13,840
64,250 28;,180 46;,630 278;,400 245,480 14,530
65,550 28;610 49 ,690 284;,890 251 470 15,260
65,600 28;820 47; 450 283,,310 249 680 15,190
66,434 29;298 54; 049 297; 116 262 122 16,008
66,200 29;500 45; 970 285; 050 251 270 14,100
65,270 29;940 47; 540 288; 210 253 470 14,140
64,840 30. 660 45; 640 287; 590 252 ,960 13,800
64,010 31 i440 46; 460 288; 550 253 490 13,910
62,910 31, 930 46 880 290,410 255 280 13,730
63,510 32, 590 47; 830 295,870 260 960 14,010
62,230 33,220 48: 590 2963 470 261 450 13,990
60,630 34,000 45,640 292,780 257,170 13,800

510 ,450 124 900 93,350
510 ,090 128 100 94,250
520 6,380 133,'970 95,340
520
090 132; 280 95,600
535
829 141,041 97,709
520
320 133 050 99,280
520
440 131 610 100,760
520
330 128 890 102,420
560
760 132 000 103,260
540 6,820 129,480 104,710
530 10,610 130,.450 105,360
530
110 133, 100 106,720
870 129; 180 107,790
530

Member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—June 30..

43,521 18,021
107,183 22,775
97,846 32,628
179,599 106,232
'",212
183,497 109

19,539 5,961 23,123 68,121
121 61,7
61,717 10,385
78,338 6~—
304 129,670 13,576
138,304
1,070 29,845
29
304 32,845 132,060
57,914
060
122,528
122,5
12,353
132,
54,058 . .308
. . .49,579
..
235,112 209,630
630 17,195
235
853
359
0605713,796
52,065 22,219 42,853 232,359 206

140 1,709 37,136
2,179- 69,640
64 22
50 1,176 80,609
303 5,381 119,595
734 108,014
351

12,347
24,210
28,340
67,157
75,162

4 5,886
208 7,589
54 8,464
438 18,638
735 19,179

6,619
6,884
6,923
6,113
6,070

1962—Aug. 29..
Sept. 26..
Oct. 31..
Nov. 28..
Dec. 28..
1963—Jan. 30..
Feb. 27..
Mar. 27..
Apr. 24..
M a y 29..
June 26..
July 31..
Aug. 28*.

184,398 110,331
186,641 112,240
420 113,711
189,420
189,619 113,865
195,698 118,637
192,301 115,289
694 117,075
193,'"'
194, 884 117,883
194,589 117,677
195,892 119,515
199,719 122,201
199,412 122,550
198,780 122,763

51,149 22; 918 39 107 229.231 200,667 13,232
51,27123 130 40 877 233;279 204 ,995 13,878
14,577
52,238 23 471 43 686 239;009 210
14,502
52,097 23 657 41 564 237; 050 208
468
15,309
427
249;
488 219
52,968 24 092 47
52,749 24 263 40 024 238; 565 209 589 13,449
51,984 24 635 41 471 241 407 211 525 13,501
51,719 25 282 39 .685 240 835 211 146 13,186
50,950 25 962 40 ,434 241 409 211 275 13,290
13,146
50,023 26 354 41,,009 243 246 213,
13,398
50,589 26 929 41 ,772 247;939 218,
49,371 27,491
13,370
,388 248,396 218,
13,172
,627 244,827 214,
47,876 28,141

338
337
339
343
358
341
347
345
380
361
355
349
355

104,280
6
7,284 106',702
5,700 112 ,045
110,181
~,999
6,086 117
3,785 110 ,954
5,667 109 ,730
6,523 107,402
3,301 109,920
6,018 107,939
9,404 108
108,691
110,997
107,350
5,

76,122
76,794
77,667
77,932
79,716
81,060
82,280
83,690
84,384
85,640
86,182
87,311
88,278

.,212
2,682 19
2,585 19,281
19,466
2,722 19
2,423 19,546
19,854
3,550 19
2,614 19,697
3,033 19,819
19,851
3,042 19
3,235 19,925
",082
2,910 20
2,928 20 ,133
2,849 20,213
3,076 20 ,273

6,060
6,053
6,054
6,056
6,049
6,046
6,042
6,039
6,041
6,052
6,058
6,072
6,072

1962—Aug. 2 9 . .
Sept. 2 6 . .
Oct. 3 1 . .
Nov. 2 8 . .
Dec. 2 8 . .
1963—Jan. 3 0 . .
Feb. 2 7 . .
Mar. 2 7 . .
Apr. 24*.
May 29*.
June 26*.
July 31*.
Aug. 28*.

Mutual savings banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 *.
1961—Dec. 30..
1962—June 30..
1962—Aug. 29..
Sept. 26..
Oct. 31..
Nov. 28..
Dec. 28..
1963—Jan. 30..
Feb. 27..
Mar. 27..
Apr. 24*.
M a y 29*.
June 26 r *
July 31*-*
Aug. 28*.
For notes see end of table.




10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
42,872 30,930 6,278 5,663
43,560
43,810
43,920
44,250
44,558
44,910
45,230
45,790
45,840
46,150
46,380
46,700
46,920

31,550
31,800
32,080
32,400
32,716
33,070
33,390
33,730
34,030
34,370
34,660
34,970
35,160

6,310
6,310
6,150
6,130
6,129
6,150
6,180
6,440
6,240
6,210
6,180
6,170
6,200

5,700
5,700
5,690
5,720
5,714
5,690
5,660
5,620
5,570
5,570
5,540
5,560
5,560

2,750 23 200 13,421
2,610 23 ,330 13,417
2,780 23 ,560 13,414
2,500 23 ,680 13,427
3,627 24 ,094 13,429
2,670 23 840 13,440
3,070 24 010 13,443
3,100 24; 070 13,451
3,270 24; 150 13,456
2,990 24,
13,472
3,000 24,
2,920 24s480 13,482
13,503
3,180 24. 560 13,503

793
609
886
936
884

11,804
17,020
19,714
42,833
44,418

10,533
15,385
17,763
38,487
39,888

10,527
15,371
14 17,745
60 38,420
60 39,821

1,241
1,592
1,889
3,768
3,853

548
542
533
514
512

810
850
870
830
890
810
870
890
830
840
890
830
850

45,050
45,370
45,490
45,760
46,086
46,450
46,820
47,420
47,410
47,740
48,010
48,280
48,530

40,260
40,690
40,880
41,020
41,531
41,760
41,980
42,500
42,550
42,810
43,160
43,310
43,490

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

3,900
3,920
3,890
3,950
3,951
3,950
3,990
4,020
3,990
4,020
4,030
4,030
4,050

511
511
511
511
511
511
511
511
511
511
511
511
511

10

40,200
40,630
40,820
40,960
41,478
41,700
41,920
42,440
42,490
42,750
43,100
43,250
43,430

COMMERCIAL AND MUTUAL SAVINGS BANKS

SEPTEMBER 1963

1273

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank 1
Other
liaCash bilities
assets^ and
Demand
capital Total i DeU.S.
acOther
Time
Govt.
mand
counts 2
U.S.
Govt. Other

Loans and investments

Class of bank
and date

Reserve city member banks
New York City:5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec 30
1962—June 30

Total

Loans

4,202
4,640
4,453
5,296
4,517

866 12,051
807
17 6,940 17,287 1,236
12
267 19,040 1,445
191 1,267 23,129 6,935
210 1,918 20,296 8..098

195
30
283
381

1,648
2,120
2,259
3,683
3,761

36
37
37
13
13

8,026
8,488
10,491
8,863
111,050
8,731
9,125
7,987
8,296
9,323
8,749
8,786
7,591

40,085
40,868
43,634
41,204
46,135
42,626
43,563
42,652
42,343
43,624
43,749
43,557
41,789

32,214
33,033
35,766
33,746
37,885
34,799
35,044
34,794
34,091
35,459
35,803
35,779
33,809

3,844
3,990
4,350
4,298
4,783
4,119
4,047
3,913
3,919
4,278
4,066
4,092
3,804

210
208
205
211
207
213
209
214
227
207
196
189
194

1,332
1,459
1,287
910
1,408
769
1,068
1,385
669
1,198
2,002
1,453
937

18,552 8,276
19,054 8,322
21,501 8,423
19,606 8,721
22,231 9,256
20,231 9,467
20,000 9,720
19,320 9,962
19,303 9,973
19,612 10,164
19,444 10,095
19,686 10,359
18,140 10,734

1,242
1,384
1,333
935
1,728
1,082
1,645
1,117
1,352
1,292
1,286
1,029
1,204

3,806
3,809
3,853
3,849
3,898
3,897
3,904
3,904
3,927
3,947
3,929
3,944
3,940

16
16
16
16
17
17
16
16
16
16
13
13
13

4,057
7,046
6,402
9,283
8,810

1,035
1,312
1,217
1,624
1,128

127
1,552
72
369
546

2,419
476
3,462
719
4,201
913
5,268 2,008
4,520 2,598

35
34

288
377
426
870
894

13
12
14
9
9

10,247 8,934 1,201
10,469 9,087 1,243
10,815 9,380 1,281
10,738 9,450 1,326
11,432 9,993 1,277
10,860 9,481 1,140
11,092 9,594 1,194
11,260 9,410 1,155
10,983 9,469 1,182
11,143 9,759 1,122
11,441 10,006 1,206
11,484 10,007 1,153
11,097 9,638 1,165

384
440
366
279
410
218
309
427
161
346
562
406
289

2,778
2,820
2,892
2,951
3,025
3,152
3,204
3,198
3,357
3,488
3,474
3,509
3,556

122
163
267
66
262
132
235
596
313
165
202
240
252

925
930
944
941
948
956
955
957
963
971
969
980
979

12
12
12
12
13
13
13
13
12
12
12
12
12

104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11 ,423
62 2,103 44,986 26 ,381
75 3,670 40,601 29,663

2
1
81
240

1,967
2,566
2,844
6,997
7,201

351
359
353
206
206

30,090
30,497
31,196
30,371
32,989
31,808
32,302
32,533
31,829
32,115
32,821
32,451
31,947

19,619
20,234
20,693
20,119
21,954
20,649
20,874
20,950
20,258
20,886
21,355
21,416
21,191

City of Chicago:5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 3 0 . . . . . .

2,760
5,931
5,088
7,606
7,937

954
1,333
1,801
4,626
4,672

1,430
376
4,213
385
2,890
397
2,041
940
1,936 1,329

1,566 4,363
1,489 7,459
1,739 6,866
2,603 10,383
1,893 10,009

8,201
8,293
8,552
8,456
8,957
8,682
8,901
9,138
8,813
8,832
9,129
9,171
8,965

4,761
4,879
4,961
5,029
5,418
5,101
5,348
5,376
5,291
5,428
5,593
5,574
5,566

2,001
2,028
2,175
2,025
2,129
2,217
2,232
2,440
2,168
2,050
2,080
2,096
1,825

1,439
1,386
1,416
1,402
1,409
1,364
1,321
1,322
1,354
1,354
1,456
1,501
1,574

1,870
1,997
2,073
2,102
2,280
1,969
1,982
1,899
1,949
2,084
2,103
2,109
1,951

15,347 7.105 6,467 1,776
40,108 8,514 29,552 2,042
36,040 13,449 20,196 2,396
68,565 42,379 19,748 6,438
70,145 43,824 18,627 7,694

8,518
11,286
13,066
20,216
17,602

24,430
51,898
49,659
90,815
89,885

22,313
49,085
46,467
81,883
80,631

4,356
6,418
5,627
8,350
6,622

1962—Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28*>
Other reserve city: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 30
1962—Aug.
Sept.
Oct.
Nov.
Dec.
1963—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Country member
1941—Dec.
1945—Dec.
1947—Dec.
1961—Dec.
1962—June

3,762
3,842
3,819
3,906
4,017
4,150
4,303
4,487
4,766
4,751
4,868
5,094
5,338

4,554
4,569
4,826
4,879
5,264
4,956
4,872
4,619
4,757
4,791
4,751
4,926
4,616

29
26
31
28
28
30
27
27
24
29
26
31
28?

69,597
69,932
71,007
71,264
73,130
72,053
72,315
72,850
72,921
73,497
74,829
74,735
74,716

7,729
7,734
7,905
7,965
8,165
8,218
8,339
8,609
8,801
9,010
9,149
9,293
9,379

16,027
16,897
17,046
16,881
19,539
16,172
16,884
16,603
16,940
16,603
17,391
17,748
16,665

87,722
88,950
90,244
90,307
94,914
90,467
91,380
91,622
92,086
92,362
94,494
94,865
93,658

77,524
78,946
80,217
79,777
84,248
80,101
81,023
81,320
81,349
81,610
83,830
83,987
82,704

6,646
7,010
7,235
7,139
7,477
6,555
6,660
6,561
6,616
6,275
6,566
6,544
6,612

2,599
2,839
2,063
1,918
2,337
1,400
2,276
2,605
1,218
2,387
3,691
2,488
2,022

38,
,585
39,259 29 ,772
40,781 30,067
40,611 30,040
",743
43,'""
609 30
40, 765 31 ,316
40,298 31 ,714
39,698 32 ,384
40, 822 32,603
39,706 33 ,151
40,064 33,414
41,096 33 ,763
39, 867 34 ,105

1,036
938
892
1,216
1,388
1,178
994
1,082
1,429
1,131
1,171
1,294
1,213

7,142
7,148
7,190
7,201
7,263
7,263
7,298
7,315
7,330
7,413
7,428
7,462
7,490

194
193
193
195
191
189
189
189
191
191
193
193
193

banks: 6
31
31
31
30
30

12,518 5,890 4,377 2,250
35,002 5,596 26,999 2,408
36,324 10,199 22,857 3,268
73,131 39,693 24,407 9,031
75,019 41,492 23,843 9,685

6,402
10,632
10,778
15,595
13,806

19,466
46,059
47,553
90,376
90,555

17,415
43,418
44,443
81,646
81,577

792
1,207
1,056
1,925
1,529

225
5,465
432
1,641
2,601

10,109 6,258
24,235 12,494
28,378 14,560
14
46,211 31,832
42.596 34,803

11
23
40
80

1,982
2,525
2,934
7,088
7,323

6,219
6,476
6,519
5,885
5,842

24,620 9,988 13,184
25,013 10,168 13,495
25,432 10,331 14,076
25,638 10,384 13,718
25,425 10,501 14,559
13152
13,152
25,380 10
25380
672 13,480
25,063
864 13,196
24,763
24,648 11,041 13,249
24,308 11,239 12,999
24,524 11,456 13,529
24,404 11,603 13,745
24,193 11,850 13,420

91,177
92,992
94,316
94,801
97,008
94,612
95,372
95,301
95,997
96,117
98,255
98,490
98,283

81,995
83,929
84,965
85,286
87,342
85,208
85,864
85,622
86,366
86,276
88,391
88,603
88,152

1,541
1,635
1,711
1,739
1,773
1,635
1,600
1,557
1,573
1,471
1,560
1,581
1,591

2,380
2,546
1,984
2,194
1,931
1,398
2,014
2,106
1,253
2,087
3,149
2,002
1,900

554 35
5,483
820 35
5,880
937 36
6,285
085 366,220
895 366,692
002 37
7,125
560 37
7,642
765 38
8,146
038 388,451
830 338,837
432 39
9,199
289 39
9,680
727 39
9,883

282
100
230
206
172
222
159
247
141
322
269
286
407

7,339
7,394
7,479
7,555
7,744
7,581
7,662
7,675
7,705
7,751
7,807
7,827
7,864

5,838
5,832
5,833
5,833
5,828
5,827
5,824
5,821
5.822
5,833
5,840
5,854
5,854

1962—Aug. 29
Sept. 26
Oct. 31
Nov.28
Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28?
For notes see end of table.




6,709
6,421
6,684
6,346
7,017
7,009
7,125
7,096
6,805
6,478
6,598
5,941
5,418

Time

17,932
30,121
25,216
36,818
35,039

12,896 4,072 7,265 1,559 6,637 19,862
26,143 7,334 17,574 1,235 6,439 32,887
20,393 7,179 11,972 1,242 7,261 27,982
30,297 19,535 7,862 2,900 11,164 43,538
30,396 19,224 7,659 3,513 9,552 41,910

29
26......
31
28
28
30
27
27
24
29
26
31
28^

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

Bor- Total Number
row- capital
acof
ings counts
banks

76,510
77,919
78,665
79,528
80,623
79,758
80,176
80,363
81,026
81,448
82,940
83,055
83,152

44,049
44,389
45,155
45,211
46,567
45,692
46,412
46,821
46,791
47,300
48,293
48,512
48,897

41,902
42,738
42,902
43,506
44,698
43,847
44,441
44,736
45,337
45,901
46,960
47,048
47,109

17,819
17,809
17,947
18,088
18,398
18,143
17,564
17,420
17,329
17,187
17,387
1,6,930
16,440

1274

COMMERCIAL AND MUTUAL SAYINGS BANKS

SEPTEMBER 1963

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

Loans and investments
Securities
Class of bank
and date

Cash
assets 1
Total

Loans
U.S.
Govt.

Other

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

Total
assets—
Total
liabilities
and
capital
accounts 2

1

Interbank

Other
Borrowings

Demand

Total i
Demand

Time

Time
U.S.
Govt.

Other

25,788
34,292
36,926

76,820
157,544
152,733

69,411
10,654
1,762 41,298 15,699
147,775
276 29
29,876
13,883
23,740 80,276
141,851 12,615
54 1,325 92,975 34,882

58,348 20,143
60,468 20,451
66,026 23,531
63,921 26,630
65,891 28,903

49,158
51,836
56,086
48,415
53,702

242,828
255,669
276,600
274,318
295,093

218,474
228,401
247,176
243,856
260,609

27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178

14,977
20,114
22,024

43,433
90,220
88,182

39,458
84,939
82,023

10,892
11,140
13,006
14,962
16,042

27,464
28,675
31,078
26,860
29,684

132,636
139,261
150,809
149,559
160,657

119,638
124,911
135,511
133,728
142,825

15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125

8,145
9,731
10,822

24,688
48,084
43,879

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

1959—Dec. 31.
1960—Dec. 31.
1961—Dec. 30.
1962—June 30.
Dec. 28.

55,264
58,073
63,196
64,256
68,444

34,817
36,240
38,924
39,442
43,089

5,396
5,439
6,302
7,257
8,050

16,045
17,081
18,501
15,993
17,744

73,090
77,316
84,303
82,800
88,831

65,069
68,118
74,119
72,329
76,643

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

5,776
14,639
16,444

3,241
2,992
4,958

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

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

30,939
32,411
34,320
35,681
38,557

15,534
17,169
18,123
19,409
20,811

11,546
11,368
11,972
11,860
12,932

3,859
3,874
4,225
4,412
4,814

5,651
6,082
6,508
5,563
6,276

37,132
39,114
41,504
41,975
45,619

33,795
35,391
37,560
37,814
41,142

451
484
543
440
535

Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3H

1,457
2,211
2,009

455
318
474

761
1,693
1,280

241
200
255

763
514
576

2,283
2,768
2,643

1,872
2,452
2,251

177

1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—June 30..
Dec. 28..

,480
,498
,536
,506
,584

534
550
577
580
657

589
535
553
523
534

358
413
406
404
392

309
314
346
313
346

1,858
1,883
1,961
1,901
2,009

1,429
1,443
1,513
1,442
1,513

150
159
177
165
164

Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31*

7,233
16,849
18,454

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

1959—Dec.
I960—Dec.
1961—Dec.
1962—June
Dec.

32,419
33,910
35,856
37,188
40,141

16,068
17,719
18,700
19,989
21,469

12,134
11,904
12,525
12,383
13,466

4,216
4,287
4,631
4,816
5,206

5,961
6,396
6,854
5,876
6,622

38,990
40,997
43,465
43,877
47,628

35,224
36,834
39,073
39,256
42,654

1,693
10,846
12,683

64:
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

30,580
33,794
35,660
36,989
38,597

20,94:
23,85:
25,81:
27,179
28,778

5,016
4,787
4,690
4,708
4,639

4,622
5,155
5,158
5,102
5,180

686
766
828
779
784

31,743
35,092
37,065
38,366
39,951

28,577
31,502
33,400
34,581
36,104

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

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

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

31.
31.
30.
30.
28.

State member banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.

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

31.
31.
30.
30.
28.

Insured mutual
savings banks:
1941—Dec. 31.
1945—Dec. 31.
1497—Dec. 31.
1959—Dec.
I960—Dec.
1961—Dec.
1962—June
Dec.

31.
31.
30.
30.
28.

188,790 110,299
198,011 117,092
213,904
904 124,348
219,163 128,613
234,243 139,449

10 6,844 13,426
215 8,671 13,297
61 9,734 13,398

15,500 1,358 5,037 130,720 65,858
602 19,206
149 20,628
16,921 1,667 5,932 132,533 71,348
,089
17,737
333 5,934 141,050 82,122
,810
14,235
388 9,529 127,990 91,714
15,844
402 6,815 140,169 97,380 3,584 23,712

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

I

102,615
107,546
116,402
119,241
127,254

For notes sec end of table.




Total Numcapital ber
acof
counts banks

59,962
63,694
67,309
69,771
75,548

31,761
32,712
36,088
34,508
35,663

15,052
16,394
17,971
17,557
17,305

3,640 5,117
4,644 5,017
5,409 5,005

1,088 23,262 8,322
6,786
9,229
14,013 45,473 16,224
,375
35
795 53,541 19,278
8,947
9,829
10,359
8,154
9,155

514
611
104
123
127

2,742
3,265
3,315
5,424
3,735

10,302
11,098
11,875
12,243
12,750

4,542
4,530
4,513
4,500
4,505

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

1,502
1,867
1,918

5,962
6,299
6,763
6,936
7,104

1,691
1,644
1,600
1,570
1,544

71,015 36,421
340
71,660 ",546
39
111
76,
,441
225
69,256 50,770
379
76,075 53,733 1,636

6,102
825 1,763 39,974 16,406
240
6,608 1,028 2,022 40,733 17,727
20
6,835
199 2,066 43,303 ",716
21
213
5,641
227 3,310 38,758 24,392
355
6,154
231 2,351 41,924 25,983 1,914

129
244
4

53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558

959 6,810
1,083 6,416
1,271 6,478

19,732
20,140
21,456
19,976
22,170

13,059
14,095
14,979
16,565
17,664

2,944
3,232
3,452
3,633
3,870

6,878
6,948
6,997
7,036
7,072

185

1,291
1,905
18 1,392

253
365
478

329
279
325

852
714
783

83
132
148
137
133

873
846
869
795
872

311
293
307
320
330

350
358
370
372
371

366
352
323
317
308

439

190

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

1,288 7,662
1,362 7,130
1,596 7,261

601
643
719
605
699

103
160
178
174
176

545
657
565
819
743

13,370
14,388
15,286
16,886
17,994

3,294
3,590
3,822
4,005
4,240

7,244
7,300
7,320
7,353
7,380

1,789
10,351
12,192
12

164
1,034
1,252

52
192
194

28 28,544
29 31,
,468
256 33,137
275 34,300
34
267 35,827

2,654
2,998
3,191
3,259
3.343

268
325
330
331
331

533
645
553
795
729

329
181

457
425

20,605
20,986
22,325
20,771
23,042

12

1275

COMMERCIAL AND MUTUAL SAYINGS BANKS

SEPTEMBER 1963

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

Class of bank
and date

Total

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

31
31
30
30
28

Loans

Deposits

Total

assets—
Securities
Total
Interbank l
liaCash 1 bilities
assets
and
capital Total i DeU.S.
acOther
Govt.
mand Time
counts 2

8,687
5,361
5,957

4,259
1,198
1,384

3,075 1,353
3,522
641
3,813
760

180
211

9,846
5,596
6,215

8,744
5,022
5,556

6 981
5,320
5,600
5 882
5,961

4,184
3,270
3,581
3,751
3,938

1,848
1,453
1,446
1,570
1,490

949
597
572
561

143
107
108
104

533

106

7,200
5,481
5,768
6,052
6,134

6,405
4,850
5,087
5,306
5.427

642

1 Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and2 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
3 See note 4 on p. 1271.
4
Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmember commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962. For details see Aug.
1962 BULL., p. 993.

6 Beginning with June 1963, 3 New York City banks with loans and
investments of $392 million and total deposits of $441 million were
reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315.

Other

Bor- Total Number
row- capital
of
acings counts
banks

Demand
Time
U.S.
Govt.

6

2
1
1
1
1

Other

8,738
5,020
2 5,553
6,404
4,850
4 5,083
15 5 291
6 5,420

6

1,077
558
637

496

1

705
555
577
594

350
339
249
189
184
181

1

608

180

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 FRS during 1941 (3 before Jan. 1960, 2 until
June 1961, and 1 until July 1962). These banks were excluded from
commercial banks.
Comparability of figures for classes of banks is affected somewhat
by changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL.,
pp. 870-71.

LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted

Securities

Period
Total i

Loans i

Securities
Total*

U.S.
Govt.

Other

Loans 1
U. S.
Govt.

Other

1956
1957
1958
1959

161.6
166.4
181.0
185.7

88.0
91.4
95.6
107.8

57.3
57.0
64.9
57.6

16.3
17.9
20.5
20.4

164.5
169.3
184.4
189.5

89.7
93.2
97 5
110.0

58.6
58.2
66 4
58.9

16.3
17.9
20 6
20.5

I960
1961
1962 2

194.5
209.6
228.1

59.6
64.7
64.3

20.7
23.8
29.1

198.5
214.4
233.6

116 7
123.9
137.9

61 0
66.6
66.4

20 9
23.9
29.3

220.3
222.0
224.4
225.9
228.1

114.2
121.1
134.7
127.3
129.7
131.6
132.2
134.7

65.0
64.3
64.2
64.6
64.3

28.0
28.0
28.6
29.1
29.1

219.0
223.1
225.7
226.8
233.6

127.3
130.6
131.5
132 3
137.9

63 9
64.3
65.6
65 6
66.4

27 9
28.2
28.6
28 8
29.3

228.9
232.3
235.0
232.6
234.8
239.4
237.4
238.1

134.7
136.8
137.8
137.4
138.8
140.8
141.9
142.1

64.6
65.4
66.7
64.0
64.1
66.0
62.2
61.8

29.6
30.1
30.5
31.2
31.9
32.6
33.3
34.2

229.1
230.4
231.9
232 4
233.6
238.2
237 4
236.7

133.4
135.2
136.4
136 9
138.8
142.1
141 9
142.1

66.2
65.3
64.8
64 0
62 9
63.5
C
62 2
60.6

29.5
29 9
30.7
31 4
31.9
32.6
33 2
34.0

1962

1963

Aug
Sept
Oct
Nov
Dec

2

Jan
Feb
Mar p
Apr p
May
June p
July*"

1 Adjusted to exclude interbank loans.
2 Data for Dec. are estimates for Dec. 31, 1962.




NOTE.—Data are for last Wed. of month (except for June 30 and
Dec. 31 call dates). For description of seasonally adjusted series and
back data, see July 1962 BULL., pp. 797-802.

1276

COMMERCIAL BANKS

SEPTEMBER 1963

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans *

Investments

For
To
purchasing
financial
or
carrying
Total
institutions
Comloans !
mer- Agri- securities
and
cial culReal
invest- Total 2 and
estur- To
ments
tate
inal
broduskers To
To
To
trial
and others banks others
dealers

Class of
bank and
call date

Total: 2
1947—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
Dec. 28..
1963—Mar. 18 e.

38,057 18,167 1,660 830 1,220
124,925 45,172 6^48
056 22,134
',248 4,056
129,193 45,909 6,801
2
,801 3,254 2,005
140,106 48,673 7,097 5,144
"144 2,131
2
140,380 48,710 7,460 4 480 2,130

115
1,033
1,474
2,578
3,120

All insured:
1941—Dec. 3 1 . . 49,290 21,259 9,214 1,450 614 662
1945—Dec. 3 1 . . 121,809 25,765 9,461 1,3143,1643,606
1947—Dec. 3 1 . . 114,274 37,583 18,012 1,610 823 1,190

40
49
114

1961—Dec. 30..
1962—June 30..
Dec. 28..
1963—Mar. 18..

116,284
215,441
220,670
235,839
235,550

213,904 124 ,348 44,965 6,211 4,030
..... 2,107
219,163 128,613 45,717 6,766 3,234 1,981
1
234,243 139,449 48,458 7 060 5,119 2,103
233,975 139,731 48i 499 7; 417 4,
",105
459
"~2

1,027
1,469
2,551
3,098

Member, total:
1941—Dec. 3 1 . . 43,521 18,021 8,671 972 594 598
1945—Dec. 3 1 . . 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 3 1 . . 97,846 32,628 16,962 1,046
~ " 811 1,065

39
47
113

40,931
,
, 3,934
,
3,877 1,827
1961—Dec. 30..179,599 106,232
1962—June 30.. 183,497 109,212 41,435 4,220 3,088 1,699
Dec. 28.. 195,698 118,637 43 843 4,419 4,954 1,777
'",490 43 832 4,580 4,283 1,790
1963—Mar. 18.. 195,060 118

1,014
1,453
2,445
2,994

New York City: 3
1941—Dec. 31.. 12,896
1945—Dec. 31.. 26,143
1947—Dec. 31.. 20,393

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

1961—Dec. 30.. 30,297
1962—June 30.. 30,396
Dec. 28.. 32,989
1963—Mar. 18.. 32,941

19,535 11,278
19,224 10,980
21,954
954 11,943
21,501 11,839

23 1,956
10 1,512
17 2,766
2
13 2,138

2,760
5,931
5,088

954
732
1,333
760
1,801 1,418

48
211
73

52
233
87

7,606
7,937
8,957
9,078

4,626
4,672
5,418
5,473

354
265
407
350

137
147
152
163

53
89
89
139

114 194
427 1,503
170 484

4
17
15

City of Chicago: 3
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1961—Dec. 30..
1962—June 30..
Dec. 28..
1963—Mar. 18..

2,609
2,659
2,941
2,989

Other reserve city:*
1941—Dec. 3 1 . . 15,347 7,105 3,456
1945—Dec. 3 1 . . 40,108 8,514 3,661
1947—Dec. 3 1 . . 36,040 13,449 7,088
1961—Dec. 30..
1962—June 30..
Dec. 28..
1963—Mar. 18..

68,565
70,145
73,130
72,594

Nonmember:
1947—Dec.
1961—Dec.
1962—June
Dec.

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

300
205
225

42,379 16,879 1,076 976
43,824 17,077
17
1,184 888
46,567 17,660 1,179 1,053
46,710 17
",555 1,179 1,159

Country:
1941—Dec. 3 1 . . 12,518 5,890 1,676
1945—Dec. 3 1 . . 35,002 5,596 1,484
1947—Dec. 3 1 . . 36,324 10,199 3,096
1961—Dec. 30..
1962—June 30..
Dec. 28..
1963—Mar. 18..

412 169
2,453 1,172
545 267

183
471
227

2
4
5

39,693 10,165 2 ,811
41,492 10,
,007
44,698 11,
,187
44,805 11,448 3,360

591
424
728
635

438
416
447
452

116
240
764
708

18,454 5,432 1,205 614
35,856 18,700 4,241 2,314
",580
37,188 19,989 4,474 2
40,141 21,469 4,830 2 ,678

20
179
165
190

156
306
306
354

2
19
22
132

73,131
75,019
80,623
80,447

7,296 30,211 27,708 3,396 66 026
3;,692 63 921
7,200 31,915 29,299
29
8,434 34,123 30,402 3,890 65 891
8,022 34,781 30,568 3,763 64;290

6,893 23,987 22,852 3,198 54,058
6,789 25,362 24,006 3,480 52,065
7,936 27,162 24,799 3,657 52,968
7,528 27,683 24,869 3,531 51,461
123
80
111

7,789 6,034 53,205 5.276 3,729
2,114 26,336 26,641 20;345 3,592
3,629 26,041 26,453 23,165 3,869
3,932 23,841 26,987 24,755 4,543
4
3,230 23,830 27,190 26 070 4,280

11,356
8,226
11,514
10,419

2,098 26,145
,
26,426 20,068 3,462
3,577 25,886 26,231 22;883 3,747
3,916 23,715 26,746 24,547
24^47 4,356
4
3,215 23,703 26,953 25,860 4,093

669
611
703
698

221
278
362
379

9,229
6,467
8,862
7,839

1,842
2,984
3,249
2,628

21,390
21,367
19,443
19,480

7,862
7,659
7,017
6,984

1,430
95
40 4,213
51
26 2,890
149
476
456
523
537

229
298
369
369

2,041
1,9J6
2,129
2,275

090 2',871
254 2•,815
199 31,105

21,598 16,691 2,617
21,247 19
",321
. ... . 2,899
21 414 20,773 3,319
21 514 21,978 3,131
729
606
638

830
629
604

2,806
2,247
2,023
2,299

2,635
3,158
3,585
4,082

265
355
432
374

256
133 1,467
132
235

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

182
181
213

193
204
185

478
200
377
572

728
844
849
780

743
816
741 1,150
788 1,242
864 1,167

124
179
168
162

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

934 2,072 1,220
1,711
1,774 1,084 2,075 1,321
2,087 1,329 2,143 1,196
2,040 1,425 2,119 1,082

2,117
1,989
1,998
1,799

442
492
508
247

92
151
115
60

2,496
2,931
2,488
2,640

1,527
1,508
6,467
295
751 5,421
956 820
1,459
19,552 1,034 6,982 5,653 15,883 1,126 916
855 387 29
3,147 1,969 351 20,196
373 2,358 1,901 15,563 1,342 1,053
9,590
10,272
11,030
11,252

9,172 998 19,748 3,020
741 8,605 7,382
9,682 ,129 18,627 1,611 1,267 8,186 7,563
9,860 1,266 18,398 2,343 1,403 7,257 7,395
9,,894 1,284 17,382 1,751 1,236 7,293 7,103

1,823
1,528
4,377
1,881
707 359 26
".,999
3,827 1,979 224 22,857
1,251
1,256
1,563
1,381

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 fiie total and are not entirely comparable with prior figures. Total
loans continue to be shown net.




Certifi- Notes Bonds
cates

3,494
3,653
19,539
971
3,007 15,561
3,455 1,900 1,057 78,338
2,275 16,985 14,271 44 ,807
78
7,130 4,662 839 57,914 1,987 5,816 4,815 45 ,295

784
470 3,261
727
556 3,148
752 1,020 3,583
767 1,128 3,409

20
42
23

Bills

State
and
local Other
govt. secusecu- rities
rities

21,046
4,773
4,505
3,159 16,899
6
3,651 3,333
4,677 2,361 1, 132 88,912 2,455 19,071 6,"045 51,342
51
3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621

22
36
46

659
648
818

U.S. Government
securities

9,393 5,723 947 69,221 2,193
7,311 30,320 27,847 3,412 66 578 11,488
7,221 32,036 29,444 3,713 64
8,320
66,434 11,674
8J459 34,259 30,553 3J909
~
8,050 34,920 30;720 3,780 64,820 10,570

32
26
93

467
376
409
568
425
572
409 1,020

Other
to
in- Other
dividuals
Total

13,242 11,132
13,728
13
11,792
14,441 12,273
14,627 12,319

2,266 1,061
418 6,341 4,995
431 6,682 5,439
523 7,097 5,754

751 24,407
$,843
826 25,425
796 24,820

5,710
6,867
7,252
7,630

727
827
913
872

110
481 3,787 1,222 ,028
630 5,102 4,544 16
6,722 1,342 ,067
480 2,583 2,108 17,687 2,006 ,262
566 9,560 10,667
3,614
2,667 1,075 9,405 10,696
4,144 1,223 8,849 11,209
3,718 1,085 8,768 11,248

7,530
8,146
8,694
9,099

,500
,539
1,807
1,723

109 11,318
206 1,973 1,219 7,920 1,078 625
214 12,525 2,259
272 4,947 5,046 3,655 976
233 12,383 1,853
645 4,675 5,210 3,845 971
252 13,466 2,812
683 4,398 5,573 3,98f 1,224

2 Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
3 New York City and city of Chicago were central reserve city banks
before July 28, 1962; reserve city banks thereafter.
For other notes see opposite page.

SEPTEMBER 1963

COMMERCIAL BANKS

1277

RESERVES AND LIABILITIES BY CLASS OF BANK
[In millions of dollars]
Demand deposits
Class of
bank and
call date

Total: 2
1947_Dec.
1961—Dec.
1962—June
Dec.
1963—Mar.

31....
30....
30....
28....
18*...

All insured:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
30....
30....
28....
18....

Reserves
with
F.R.
Banks

DeBalCur- ances mand
derency with
posits
doand
coin mestic4 adbanks justed 5

17,796
16,918
16,839
17,680
16,100

2 ,216
3 ,689
3 ,185
4 ,252
3 ,920

Interbank
U.S.
Govt.

State
and
local
govt.

1, 343
5, 946
9, 554
6, 829
5, 400

6, 799
12, 242
11, 814
12, 071
11, 720

12,396 1,358 8, 570 37,845 9,823
673 1, 762
15,810 1 ,829 11, 075 74,722 12,566 1,248 23, 740
17,796 2 ,145 9, 736 85,751 11,236 1,379 1, 325

3, 677
5, 098
6, 692

10, 216
14, 169
11, 799
13, 099
12, 630

87,123
122,654
114,043
124,342
118,930

DoFormestic 4 eign «

11,362
16,574
13,185
14,713
14,120

1,430
1,340
1,215
1,295
1,150

Time deposits

Certified
and
officers'
checks,
etc.

IPC

581
I 056
437

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

84, 987
124, 622
112, 534
4 511 124, 459
340 117, 480

240
481
525
535
460

111
283
300
269
270

36, 544
72, 593
83, 723

158
70
54

59
103
111

123, 878
111, 874
744
4 284 123,
116, 825
4

333
388
402
422

283
300
269
267

t
077
559
I 585
390
I 023
434

IPC

866
5, 465
6, 341
6, 450
7, 150

65
34,383
76,680 471
85,393 786
90,991 3 ,627
94,610 2 ,990

492 15,146
496 29,277
826 33,946

5, 934
9, 529
6, 815
5, 391

12, 149
11, 727
11, 991
11, 636

12,396 1,087
15,811 1,438
17,797 1,672

671 1, 709
6, 246 33,754 9,714
7 3 117 64,184 12,333 1,243 22 179
270
73,528
10,978 1,375 1 176
6,

3, 066
4, 240
5 504

1 009
450
2 401

33, 061
62, 950
72, 704

140
64
50

50
99
105

30....
30....
28....
18....

16,918
16,839
17,680
16,098

2 ,813
2 ,399
3 ,263
3 ,005

8
7
7
7

9
9
9
8

487
107
270
874

4 ,654 105, 454
4 ,080 94, 826
4 ,083 104 646
3 ,950 98 481

303
351
358
374

260
274
243
241

New York City:*
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .

5,105
4,015
4,639

93
111
151

141 10,761
78 15,065
70 16,653

866
3,595
607
3,535 1,105 6 940
267
3,236 1,217

319
237
290

450
1 ,338
1 ,105

11 282
15 712
17 646

6
17
12

10
12

29
20
14

30....
30....
28....
18....

3,286
3,495
4,121
3,341

240
165
251
254

143
106
156
126

17,089
15,796
17,095
16,103

4,330
3,643
3,854
3,926

267
918
1408
880

333
327
366
309

2 ,583
2 ,390
2 ,237
2 ,231

20
17
19
17

213
580
628
953

191
210
207
215

38
53
53
55

162
221
266
318

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

1,021
942
1,070

43
36
30

298
200
175

2,215
3,153
3,737

1.027
1,292
,196

8
127
20 1 552
72
21

233
237
285

34
66
63

152
I3 853
160

2

9

476
719
902

1961—Dec. 3 0 . . . .
1962—June 3 0 . . . .
Dec. 2 8 . . . .
1963—Mar. 1 8 . . . .

889
916
1,071
856

37
31
44
42

158
94
99
157

3,809
3,728
4,262
4,146

1,578
L,O83
1,235
1,190

45
44
41
44

369
546
410
265

315
330
351
288

124
109
109
118

4 830
4 082
804
458

14
18
18
14

5
7
7
7

8
10
16
49

1,996
2,581
3,001
3,161

Other reserve
1941—Dec.
1945_Dec.
1947—Dec.

city: 3
31....
31....
31....

4,060
6,326
7,095

425
494
562

2 ,590 11,117
2 ,174 22,372
2 ,125 25,714

4,302
6,307
5,497

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

1961—Dec.
1962—June
Dec.
1963—Mar.

30....
30....
28....
18....

7,533
858
7,406
764
7,671 1 ,021
7,130
935

2 ,542
2 ,111
2 ,253
2 ,301

36,187
33,710
35,481
33,917

8,107
6,394
7,229
6,829

243
228
248
237

2 ,103
3 ,670
2 ,337
1 ,863

3 ,520
3 ,191
3 ,216
2 ,822

1 ,152
907
980
901

40 ,315
36 ,504
39 ,413
37 ,199

62
75
82
90

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

7

225
5 ,465
432

1,370
2 ,004
2 ,647

239
435
528

8 ,500
21 ,797
25 ,203

30
17
17

31
52
45

1961—Dec. 3 0 . . . .
1962—June 3 0 . . . .
Dec. 2 8 . . . .
1963—Mar. 1 8 . . . .

5,210
5,023
4,817
4,771

1,678
1 ,438
1 ,947
1,774

5 ,881
4 ,872
5 ,389
5 ,105

43,575
40,321
44,689
42,737

1,910
1,512
1,753
1,612

15
17
19
19

1 ,641
2 ,601
1 ,931
1 ,752

5 ,320
5 ,261
5 ,337
5 ,456

796
676
756
700

40 ,095
36 ,660
40 ,801
38 ,872

37
48
51
55

108
104
100
97

544
876
787
989

3 ,947
5 ,446
4 ,617
5 ,202

13,595
21,994
20,489
22,814

385
649
553
642

55
70
52
57

167
565
819
743

1 ,295
2 ,755
2 ,707
2 ,802

180
402
356
428

12 ,284
19 ,168
17 ,708
19 ,813

190
178
174
176

1961—Dec.
1962—June
Dec.
1963—Mar.

Member, total
1941 _ D e c . 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1961—Dec.
1962—June
Dec.
1963—Mar.

1961—Dec.
1962—June
Dec.
1963—Mar.

Nonmember:2
1947_Dec.
1961—Dec.
1962—June
Dec.
4

31
30
30
28

16,918
16,839
17,680
16,098

3 ,670
3 ,168
4 ,232
3 ,906

13, 871
H s 524
12, 795
123 162

724
182
897
689

121,671
113,136
123,361
118,014

100,660
93,555
101,528
96,903

16,440
13,053
14,579
14,021

15,924
12,633
14,071
13,558

1,298
1,182
1,265
1,138

1,270
1,163
1,237
1,117

5
8
6
4

967
874
929
818 1

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.




381
734
086
760

5, 412
6, 290
6, 397
7 3 091

371
096
158
745

1 ,891
2 ,158
2 ,242
2 ,504

3,683
3,761
3,898
3,920
288
377
426

35
34
262
267

870
894
948
954

1,967
2 2,566
1 2,844

110 2 ,310 23,962
81
110 ,706 26,847 240
83 2 ,633 28,027 ,388
82 2 ,873 29,205 1 ,038
146 6,082
219 12,224
337 14,177

18,638
19,179
19,854
19,919

1,648
195 2,120
30 2,259

6,735 283
7,824 381
8,937 1 ,728
9,541 1 ,357

243 4,542
160 9,563
332 11,045

22,089
22,810
23,712
23,784

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

62,526 438
69,793 735
74,316 3 ,550
77,352 2 ,883
778
1,206
1,418

10,059
22,459
23,183
24,094
24,140

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

76,426 462
85,124 773
90,714 3 ,584
94,320 2 ,953

418 11,878
399 23,712
693 27,542
4
5
5
5

Bor- Capital
row- acings counts

6,997
7,201
7,263
7,294

4 1,982
11 2,525
23 2,934

29,834
32,541
34,350
35,446

40
80
172
222

7,088
7,323
7,744
7,750

6
172 6,858
23 1 ,094 14,169
26 1 ,245 15,614
26 1 ,292 16,675

12
33
52
77

1,596
3,822
4,005
4,240

NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
banks. During 1941 3 mutual savings banks became members of the
FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until
July 1962) are included in member banks but are not included in all insured
or total banks. Comparability of figures for classes of banks is affected
somewhat by changes in F.R. membership, deposit insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
For other notes see opposite page.

1278

WEEKLY REPORTING MEMBER BANKS

SEPTEMBER 1963

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In million! of dollar*)
Loans
For purchasing
or carrying securities

Wednesday

Total
loans
and
invest1
menu

and
Cominvestments Loans mercial
adadand
justed* justed* industrial

Agricultural

To brokers
and dealers

To financial institutions

To others

Bank

U.S.
U.S.
Oovt. Other
Govt. Other
Forseseseseeign
curicuri- ties curi- curities
ties
ties

Nonbank

Domestic
commercial

Pers.
and

Real

All
other

Valuation
reserves

Other
COS.,

etc.

Total—
Leadint CttUi
1962
Aug. 1
8
15
22
29

124,212
122,947
124,437
123,850
124,105

122,314
121,149
122,717
122,328
122,068

75,732
75,236
76,07r4
75,924
75,975

33,146 1,221
33,120 1,214
33,360 1,218
33,418
,230
33,442 ,230

363
199
452
349
298

1,916
1,886
2,009
1,876
1,926

1,303
,299
,306
,298
,300

740
753
739
740
744

1,8
1,798
1,720
1,522
2,037

3,717
3,480
3,602
3,557
3,505

2,542
2,536
2,584
2,582
2,599

14,525
14,542
14,604
14,656
14,696

17,895
17,856
17,847
17,869
17,883

1,728
1,728
1,730
1,730
1,728

133,668
133,954
133,801
132,241
133,926

132,302
132,012
131,924
130,874
131,985

84,311
83,945
83,840
83,253
84,384

35,391
35,291
35,261
34,947
35,014

,539
,480
,394
,408
,414

408
483
513
268
509

3,351
3,156
3,088
2,996
3,122

,521
,522
,524
,620
,616

742
750
762
749
770

1,366
1,942
1,877
1,367
1,941

4,219
4,081
3,996
3,840
4,349

3,087
3,116
3,176
3,212
3,275

16,829
16,872
16,908
16,978
17,030

19,096
19,069
19,095
19,110
19,158

1,951
1,951
1,953
1,951
1,954

132,976
133,375
132,906
133,128

131,347
131,255
131,440
131,126

84,191
84,467
84,632
84,502

35,159
35,198
35,264
35,204

,390
,395
,408
,420

358
364
367
291

3,124
3,104
3,063
3,040

,604
,617
,622
,626

770
774
777
764

1,629
2,120
1,466
2,002

4,159
4,206
4,241
4,126

3,243
3,293
3,302
3,321

17,083
17,153
17,203
17,269

19,169
19,232
19,255
19,310

1,953
1,956
1,956
1,956

29,885
29,039
29,782
29,174
29,467

29,139
28,401
29,238
28,862
28,738

18,574
18,171
18,680
18,440
18,447

10,930
10,900
11,007
11,002
11,013

192 1,026
103
973
319 1,048
160
942
145
996

404
402
404
403
404

373
380
365
364
364

746
638
544
312
729

1,300
1,091
1,216
1,197
1,150

528
534
540
555
562

1,018
1,023
1,024
1,037
1,052

3,277
3,239
3,230
3,254
3,236

495
495
495
496
496

31,996
31,964
31,704
31,259
32,080

31,738
31,548
31,022
30,635
31,454

20,502
20,225
20,067
19,828
20,597

11,429
11,325
11,295
11,131
11,210

190
264
223
136
337

438
439
437
524
523

347
352
344
343
357

258
416
682
624
626

,369
,306
,256
,184
,525

549
544
554
570
591

,733

,737
,752
,761

3,109
3,102
3,086
3,106
3,098

566
566
566
565
568

31,484
31,781
31,371
31,577

31,001
30,918
31,037
30,876

20,271
20,368
20,414
20,299

11,233
11,182
11,205
11,201

182
239
240
183

1,711
1,727
1,715
1,698

515
529
529
530

365
364
362
360

483
863
334
701

1,342
1,379
1,403
1,340

592
597
596
601

,778
,785
,792
,806

3,096
3,109
3,115
3,123

568
568
568
568

94,327
93,908
94,655
94,676
94,638

93,175
92,748
93,479
93,466
93,330

57,158
57,065
57,394
57,484
57,528

22,216 1,213
22,220 ',206
22,353
,210
22,416
,222
22,429
,223

171
96
133
189
153

890
913
961
934
930

899
897
902
895
896

367
373
374
376
380

1,152
1,160
1,176
1,210
1,308

2,417
2,389
2,386
2,360
2,355

2,014
2,002
2,044
2,027
2,037

13,507
13,519
13,580
13,619
13,644

14,618
14,617
14,617
14,615
14,647

1,233
1,233
1,235
1,234
1,232

101,672
101,990
102,097
100,982
101,846

100,564
100,464
100,902
100,239
100,531

63,809
63,720
63,773
63,425
63,787

23,962
23,966
23,966
23,816
23,804

,527
,466
,380
,390
,396

218 1,471
219 1,456
290 \ 4 1 0
132 ,376
172 ,386

,083
,083
,087
,096
,093

395
398
418
406
413

1,108
1,526
1,195
743
1,315

2,850
2,775
2,740
2,656
2,824

2,538
2,572
2,622
2,642
2,684

15,096
15,136
15,171
15,226
15,269

15,987
15,967
16,009
16,004
16,060

1,385
1,385
1,387
1,386
1,386

101,492
101,594
101,535
101,551

100,346
100,337
100,403
100,250

63,920
64,099
64,218
64,203

23,926
24,016
24,059
24,003

,374
,379
,392
,404

176
125
127
108

,413
,377
,348
,342

,089
,088
,093
,096

405
410
415
404

1,146
1,257
1,132
1,301

2,817
2,827
2,838
2,786

2,651
2,696
2,706
2,720

15,305
15,368
15,411
15,463

16,073
16,123
16,140
16,187

1,385
1,388
1,388
1,388

1963
July

3
10
17
24
31

Aug. 7
14
21
28
New York City
1962
Aug. 1
8
15
22
29
1963
July

Aug

3
10
17
24
31

-.!::::::::::::
21
28

,880
,700
,678
,620
,736

>36

Outside
New York City
1962
Aug. 1
8
15
22
29
1963
July

AU8

3
10
17
24
31

-.I::::::::::::
21
28

For notes sec p. 1280.




SEPTEMBER 1963

1279

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

Investments
U.S. Government securities
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

With- 1 to After
in
1 year 5 years 5years

Balances
with
domestic
banks

BalReances Currency serves
with
and
with
forcoin
F.R.
eign
Banks
banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

Total—
Leading Cities
1962
Aug

6,737
6,664
7,251
7,356
7,485

14,667
14,626
12,967
12,790
12,564

4,576
4,557
5,275
5,221
5,225

14,944
14,954
14,896
14,954
15,018

17,453
17,178
17,448
17,473
17,089

2,911
2,683
2,999
2,679
2,674

152
150
159
164
161

1,483
1j499
,508
i ,569
i 610

12,907
12,846
12,782
13,061
12,624

4,754
4,725
4,559
4,443
4,599

159,825
156,300
161,317
157,527
157,219

2,489
2,508
2,488
2,502
$m 2,546

14,402
14,363
14,290
14,235
14,257

7,362
7,267
7,192
7,128
7,091

18,202
18,153
18,348
18,407
18,502

18,093
17,010
17,473
17 001
17,833

3,133
3,006
3,133
3,234
3,063

217
237
211
216
209

1,475
1,715
1 ,668
i ,716
1,634

13,268
12,052
12,461
11,835
12,927

5,057
5,097
5,186
5,239
5,330

172,188
169,866
171,393
167,071
170,832

2,638
23655
3,480
3,509

14,245
14,207
14,533
14,484

6,895
6,841
5,828
5,731

18,810
18,670
18,851
18,941

17,618
16,911
17,446
16,916

2,874
3,040
2,926
2,874

205
214
207
217

1^ 9 5
: ,691
,689
,759

12,944
11,966
12,624
12,066

5,371
5,327
5,059
5,115

168,134
170,112
168,556
167,174

442
437
729
688
698

1,467
1,424
1 541
1,521
1,523

2,513
2,499
2,145
2,157
2,169

1,004
998
1,177
1,143
1,146

3,670
3,674
3,663
3,701
3,731

4,065
3,918
3 783
4,115
3,891

64
80
75
72
66

77
78
92
84
88

214
219
?16
??1
230

3,710
3,541
3,400
3,738
3,507

1,899
1,935
1,838
1,824
1,927

40,621
38,681
40,756
39,087
39,310

1,517
1,665
1,327
1,159
1,106

242
251
248
257
299

389
390
380
383
418

2,549
2,562
2,529
2,520
2,503

1,561
1,523
1,490
1,469
1,489

4,978
4,932
4,981
5,019
5,042

4,186
3,784
3,968
3,764
4,120

95
95
95
76
119

79
98
70
86
80

714
249
237
738
230

3,798
3,342
3,566
3,364
3,691

2,121
2,150
2,238
2,299
2,278

43,182
42,289
42,588
41,582
43,089

5,420
5,368
5,387
5,291

785
744
891
789

299
328
251
262

416
429
775
771

2,486
2,460
2,389
2,400

1,434
1,407
1,081
1,069

5,310
5,182
5,236
5,286

3,962
3 314
3,934
3,653

83
96
87
87

81
91
79
82

239
?44
248

3,559
2,883
3,528
3,236

2,343
2,288
2,167
2,208

41,465
41,931
41,805
41,319

24,743
24,403
24,852
24,729
24,515

2,104
1,837
1,980
1,891
1,809

1,643
1,640
2,242
2,292
2,270

12,154
12,127
10,822
'10,633
r
10,395

3,572
3,559
4,098
4,078
4,079

11,274
11,280
11,233
11,253
11,287

13,388
13,260
13,665
13,358
13,198

2,847
2,603
2,924
2,607
2,608

75
72
67
80
73

^69
1,280
,79?
,348
,400

9,197
9,305
9,382
9,323
9,117

2,855
2,790
2,721
2,619
2,672

119,204
117,619
120,561
118,440
117,909

3
10
17
24
31

23,531
23,523
23,762
23,426
23,284

2,250
2,362
2,693
2,478
2,266

1 •S27

11,853
11,801
11,761
11,715
11,754

5,801
5,744
5,702
5,659
5,602

13,224
13,221
13,367
13,388
13,460

13,907
13,226
13,505
13,237
13,713

3,038
2,911
3,038
3,158
2,944

138
139
141
130
129

1,261
1,466
,431
1,478
1,404

9,470
8,710
8,895
8,471
9,236

2,936
2,947
2,948
2,940
3,052

129,006
127,577
128,805
125,489
127,743

14
21
28

22,926
22 750
22,570
22,392

1,947
1,825
1,744
1,675

,537 2,222 11,759
1,518 2,226 11,747
2,705 12,144
,?33 2,738 12,084

5,461
5,434
4,747
4,662

13,500
13,488
13,615
13,655

13,656
13,597
13,512
13,263

2,791
2,944
2,839
2,787

124
123
128
135

,356
,447
,449
1,511

9,385
9,083
9,096
8,830

3,028
3,039
2,892
2,907

126,669
128,181
126,751
125,855

.•

31,638
30,959
31,747
31,450
31,075

3,573
3,035
3,283
3,103
2,833

2,085
2,077
2,971
2,980
2,968

. .

29,789
29,914
29,736
29,214
29,099

3,767
4,027
4,020
3,637
3,372

1 769
,749
,746
,712

28,346
28,118
27,957
27,683

2,732
2,569
2,635
2,464

1,836
1,846
1,481
1,495

6,895
6,556
6 895
6,721
6,560

1,469
1,198
1,303
1,212
1,024

6,258
6,391
5,974
5,788
5,815

t
8
15

22
29
1963
July

3
10
17

24
31

Aug

7
14
21

28

....

New York City
1962
Aug

1

8
15

22
29
1963
July

3
10
17
24
31

Aug

7
14
21
28

?40

Outside
New York City
1962
Aug

1
8
15
22
29

...

5,270
5,240
5,710
'5,835
r
5,962
r

r

1963
July

For notes see the following page.




1,498
1,498
1,455
1,534

2,100
2,118
2,108
2,119
2,128

1280

WEEKLY REPORTING MEMBER BANKS

SEPTEMBER 1963

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

Deposits
Demand
Wednesday

Demand
Total
deunadjusted* posits
adTotal*
justed 5

IPC

State
and
local
govt.

Time

DomesFor- U.S. tic Total*
eign? Govt. commercial
banks

Other Capital
From From liabiliacF.R. others ties counts
Banks

Other time
SavIPC

State
and
local
govt.

Foreign7

Total-—
Leading Cities
1962
138,769
134,707
140,054
136,323
135,630

62,451
61,308
60,518
60,484
60,638

91,527
87,326
92,583
88,735
87,901

65,116
63,018
64,914
62,687
62,583

5,129
4,953
4,848
4,697
4,622

,671 4,369 11,301
,611 3,070 11
11,498
,644 5,321
5
11,871
605 5,413 11,077
565 4,917 10,920

47,242
47,381
47,471
47,588
47,729

33,114
33,242
33,304
33,374
33,404

8,251
8,260
8,296
8,354
8,428

3,252
3,233
3,239
3,246
3,255

2,269
2,289
2,274
2,259
2,282

133
566
268
494
77

2,136
2,219
2,188
2,002
2,547

5,426
5,436
5,453
5,370
5,575

13,361
13,372
13,354
13,338
13,390

3
10
17
24
31

150,108
147,623
148,985
145,836
148,399

60,954
61,692
62,526
62,883
63,281

95,198
92,537
93,868
90,500
92,818

65,724
65,501
67,401
65,474
66,795

4,992
4,705
4,716
4,731
4,968

,720 6;,879 11,995
,665 5,154 11,886
1692 4,648 11,761
,884 3,790 11,237
788 4,920 10,874

54,910
55,086
55,117
55,336
55,581

36,518
36,621
36,660
36,700
36,741

11,234
11,314
11,358
11,549
11,691

3,883
3,866
3,800
3,816
3,837

2,900
2,912
2,918
2,897
2,934

537
82
241
21
260

2,147
2,717
2,592
1,551
2,434

5,439
5,487
5,643
5,732
5,734

13,957
13,957
13,932
13,931
14,005

Aug. 7
14
21

144,801
146,991
145,799
144,338

61,833
61,249
60,828
61,528

89,076
91,064
89,657
88,012

64,342
66,047
64,302
64,024

4,919
4,662
4,611
4,715

,644 3,579 11,495
,685 3,788 11,528
,716 4,558
4
11,126
i682 3,759 10,710

55,725
55,927
56,142
56,326

36,821
36,850
36,887
36,896

11,756
11,876
12,064
12,181

3,803
3,831
3,837
3,894

2,969
2,992
2,980
2,984

924
90
531
258

2,540
3,096
2,392
2,678

5,844
5,920
5,817
5,859

14,025
14,015
14,017
14,041

33,115
30,962
33,214
31,564
31,523

15,998
15,295
15,119
15,217
15,139

25,099
22,897
25,126
23,442
23,354

16,743
15,728
16,362
15,756
15,727

296
256
293
247
206

229
,198
,202
,165
,141

1,246
886
,492
,457
,319

3,083
2,927
3,162
2,794
2,871

8,016
8,065
8,088
8,122
8,169

3,643
3,677
3,687
3,700
3,698

2,375
2,388
2,408
2,438
2,472

197
195
199
201
205

1,620
1,623
1,610
1,604
1,614

1,026 2,702
115 1,085 2,738
29 1,046 2,691
108
976 2,676
1,234 2,782

3,778
3,781
3,776
3,763
3,763

35,345
34,301
34,725
34,438
35,376

15,489
15,421
15,746
15,764
16,072

25,403
24,281
24,700
24,298
25,134

16,464
16,157
16,654
16,277
16,968

395
333
336
276
306

,287
,222
,265
,443
,353

,958
,426
,269
,013
,449

3,077
3,043
3,007
3,261
3,002

9,942
10,020
10,025
10,140
10,242

4,277
4,296
4,307
4,313
4,322

3,107
3,162
3,159
3,279
3,327

324
321
320
329
335

2,055
2,062
2,062
2,041
2,078

79 1,175 2,688
1,392 2,701
25 1,168 2,775
390 2,865
1,027 2,773

3,895
3,895
3,895
3,889
3,913

33,390
34,014
34,009
33,413

15,403
15,180
15,057
15,225

23,085
23,612
23,448
22,798

15,847
16,266
15,851
15,821

285
244
256
230

,218 ,036 2,970 10,305
,231 ,017 2,867 10,402
,265 ,181 2,877 10,561
,239 939 2,753 10,615

4,336
4,344
4,355
4,345

3,349
3,415
3,564
3,609

336
336
336
357

2,107
2,129
2,128
2,127

130
3
47
104

1,171
1,170
1,067
1,089

2,852
2,821
2,771
2,803

3,922
3,923
3,911
3,910

105,654
103,745
106,840
104,759
104,107

46,453
46,013
45,399
45,267
45,499

66,428
64,429
67,457
65,293
64,547

48,373
47,290
48,552
46,931
46,856

4,833
4,697
4,555
4,450
4,416

442 3,123
413 2,184
442 3,829
440 3,956
424 3,598

8,218
8,571
8,709
8,283
8,049

39,226
39,316
39,383
39,466
39,560

29,471
29,565
29,617
29,674
29,706

5,876
5,872
5,888
5,916
5,956

3,055
3,038
3,040
3,045
3,050

649
666
664
655
668

133
451
239
386
69

,110
,134
,142
,026
,313

2,724
2,698
2,762
2,694
2,793

9,583
9,591
9,578
9,575
9,627

114,763
113,322
114,260
111,398
113,023

45,465
46,271
46,780
47,119
47,209

69,795
68,256
69,168
66,202
67,684

49,260
49,344
50,747
49,197
49,827

4,597
4,372
4,380
4,455
4,662

433 4,921 8,918
443 3,728 8,843
" 7 3,379
427
3
8,754
441I 2,777 7,976
7,872
435 3

44,968
45,066
45,092
45,196
45,339

32,241
32,325
32,353
32,387
32,419

8,127
8,152
8,199
8,270
8,364

3,559
3,545
3,480
3,487
3,502

845
850
856
856
856

458
82
216
21
260

972
,325
,424
,161
,407

2,751
2,786
2,868
2,867
2,961

10,062
10,062
10,037
10,042
10,092

111,411
112,977
111,790
110,925

46,430
46,069
45,771
46,303

65,991
67,452
66,209
65,214

48,495
49,781
48,451
48,203

4,634
4,418
4,355
4,485

426 2,543
454 2,771
451 3,377
443 2,820

45,420
45,525
45,581
45,711

32,485
32,506
32,532
32,551

8,407
8,461
8,500
8,572

3,467
3,495
3,501
3,537

862
863
852
857

794
87
484
154

,369
,926
,325
,589

2,992
3,099
3,046
3,056

10,103
10,092
10,106
10,131

Aug. 1
8
15
22
29
1963
July

28
New York City
1962
Aug. 1

8
15
22
29
1963
My

3
10
17
24
31

Aug

-,!::::::
21
28

Outside
New York City
1962
Aug.

1
8
15
22
29
1963

July

3
10
17
24
31

Au

M::::::
21
28

1
After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loans items are shown gross.
3 Excludes cash items in process of collection.
* Total demand and total time deposits.
3 Demand deposits other than domestic commercial interbank and
U.S. Govt., less cash items in process of collection.




8,525
8,661
8,249
7,957

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.

SEPTEMBER 1963

1281

BUSINESS LOANS OF BANKS

COMMERCIAL AND INDUSTRIAL LOANS O F WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)

Industry
Aug.
28
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other'fabricated metal p r o d u c t s . . .
Other durable goods
Nondurable goods manufacturing:
Food liquor and tobacco..
...
Textiles, apparel, and leather
Petroleurn refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
Construction
All other types of business, mainly
services

Week

Month

1963

1963

Aug.
14

Aug.

July
31

Aug.

July

Half year

Quarter
1963
June

1962

1963

1962

1st

2nd

II

I

IV

-38
151
-91
58
91

-74
19
47
-91
-18

-593
288
7
66
92

528
-179
43
-129
-105

-11
-1
5
2
10

7
41
-97
-9
30

-13
-66
-64
-11
-35

-7
54
68
6
26

-50
16
-80
36
58

12
135
-11
22
33

21
18

28
11
_3
-13
-5

50
89
1
43
36

-54
44
—22
-94
7

34
46
1
11
33

-222
80
39
-24
47

-371
207
— 32
90
46

-25
-13
62
44
-158
416
-275
31
25
-112

30
12
-4
-13

2
31
3
-11

-24
27
5
18

13
108
-27
-54

-15
49
-25
-49

-36
-23
7
25

-59
-195
100
71

296
-69
—77
-19

91
133
60
117

237
-263
23
52

66
220
123
154

4
5

-24
14

-23
17

15
7

-34
24

-134
10

83
31

-22
175

-233
-42

346
-46

-255
133

655
-17

6
11
-72
-7
13

1
-4
-17
-5
-4

-2
-12
-7
3
13

2
45
-1

-5
17
_3
4
11

24
15
—6
4
-1

33
24
9
15
9

-2
34

-21
50
-8
-29

2
16
-18
-1

9
-12

9

-3

42

-49

-10

1

-19

-18

88

147

33

283

180

290

Net change in classified loans

-40

58

50

136

71

204

-491

446

116

21

893

137

1533

Commercial and industrial change—
all weekly reporting banks

-60

66

39

145

67

190

-545

531

351

42

1103

393

1812

NOTE.—Data for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 70 per

cent of those of all commercial banks.
End-of-week date shown. Figures for periods other than week are
based on weekly changes.

BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)

Area
and
period

All
loans

Size of loan
(thousands of dollars)
1_
10

10100

100200

200
and over

Year:
19 large cities:
1954
1955
1956
1957
1958
1959

3.6
3.7
4.2
4.6
4.3
5.0

5.0
5.0
5.2
5.5
5.5
5.8

4.3
4.4
4.8
5.1
5.0
5.5

3.9
4.0
4.4
4.8
4.6
5.2

3.4
3.5
4.0
4.5
4.1
4.9

I960
1961
1962

5.2
5.0
5.0

6.0
5.9
5.9

5.7
5.5
5.5

5.4
5.2
5.2

5.0
4.8
4.8

5.01
4.99
5.02
5.00
5.01

5.88
5.86
5.88
5.89
5.86

5.53
5.53
5.55
5.55
5.54

5.25
5.21
5.28
5.21
5.24

4.84
4.82
4.85
4.83
4.84

Quarter: 1
19 large cities:
1962—June
Sept
Dec
1963—Mar
June

i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL.,
pp. 228-37. Bank prime rate was 3V4 per cent Jan. 1,1954-Mar. 16,1954.




Area
and
period

Size of loan
(thousands of dollars)
All
loans

110

10100

100200

200
and over

Quarter—cont.: *
New York City:
1962—June
Sept
Dec
1963—Mar
June

4.79
4.77
4.78
4.80
4.78

5.64
5.60
5.61
5.62
5.61

5.35
5.35
5.33
5.36
5.37

5.09
5.14
5.12
5.06
5.05

4.68
4.65
4.68
4.70
4.68

7 northern and
eastern cities:
1962—June
Sept
Dec
1963—Mar
June

5.00
5.00
5.05
4.98
5.01

5.83
5.87
5.85
5.85
5.84

5.52
5.51
5.55
5.53
5.54

5.21
5.20
5.23
5.18
5.27

4.86
4.87
4.92
4.84
4.87

11 southern and
western cities:
1962—June
Sept
Dec
1963—Mar
June

5.33
5.32
5.33
5.30
5.32

6.01
5.98
6.01
6.02
5.97

5.65
5.65
5.68
5.66
5.63

5.39
5.28
5.41
5.33
5.34

5.12
5.12
5.10
5.07
5.12

Changes thereafter occurred on the following dates (new levels shown, in
per cent): 1954—Mar. 17, 3; 1955—Aug. 4, 3Y4; 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 1960—Aug. 23,4%.

1282

INTEREST RATES

SEPTEMBER 1963
MONEY MARKET RATES
(Per cent per annum)

Period

Prime
coml.
paper,
4- to 6-1
months

U.S. Government securities (taxable)3
Finance
CO.

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days 1

3-month bills

6-month bills

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

Other *

3- to 5year
issues 5

1960
1961
1962

3.85
2.97
3.26

3.54
2.68
3.07

3.51
2.81
3.01

2.928
2.378
2.778

2.87
2.36
2.77

3.247
2.605
2.908

3.20
2.59
2.90

3.41
2.81
3.01

3.55
2.91
3.02

3.99
3.60
3.57

1962—Aug
Sept
Oct
Nov
Dec

3.30
3.34
3.27
3.23
3.29

3.12
3.13
3.04
3.08
3.16

3.11
3.09
3.03
3.00
3.00

2.837
2.792
2.751
2.803
2.856

2.82
2.78
2.74
2.83
2.87

3.005
2.947
2.859
2.875
2.908

2.99
2.93
2.84
2.89
2.91

3.10
2.99
2.90
2.94
2.94

3.13
3.00
2.90
2.92
2.95

3.57
3.56
3.46
3.46
3.44

1963—Jan
Feb
Mar
Apr.....
May....
June....
July....
Aug
Week ending—
1963—Aug. 3.

3.34
3.25
3.34
3.32
3.25
3.38
3.49
3.72

3.18
3.13
3.15
3.17
3.15
3.21
3.35
3.57

3.07
3.13
3.13
3.13
3.13
3.24
3.41
3.59

2.914
2.916
2.897
2.909
2.920
2.995
3.143
3.320

2.91
2.92
2.89
2.90
2.92
2.99
3.18
3.32

2.962
2.970
2.950
2.988
3.006
3.078
3.272
3.437

2.96
2.98
2.95
2.98
3.01
3.08
3.31
3.44

3.00
3.00
2.97
3.03
3.06
3.11
3.40
3.50

2.97
2.89
2.99
3.02
3.06
3.17
3.33
3.41

3.47
3.48
3.50
3.56
3.57
3.67
3.78
3.81

3.58
3.63
3.75
3.75
3.78

3.38
3.53
3.56
3.63
3.63

3.50
3.53
3.63
3.63
3.63

3.263
3.253
3.335
3.355
3.396

3.24
3.26
3.32
3.36
3.39

3.398
3.389
3.441
3.462
3.494

3.38
3.39
3.43
3.47
3.49

3.46
3.48
3.50
3.52
3.54

3.30
3.28
3.36
3.51
3.54

3.77
3.77
3.80
3.83
3.85

10.
17.
24.
31.
1
2

Averages of daily offering rates of dealers.
Averages of daily rates, published by finance cos., for varying maturities3 in the 90-179 day range.
Except for new bill issues, yields are averages computed from daily
closing bid prices.

4
5

Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)
Corporate bonds

Government bonds

Period

State
and local

By selected
rating

United
States
(longterm)

Total i

Aaa

Baa

I960
1961
1962

4.01
3 90
3.95

3.69
3.60
3.30

3.26
3.27
3.03

4.22
4.01
3.67

1962—Aug .
Sept
Oct
Nov
Dec

3.97
3.94
3 89
3.87
3 87

3.38
3.28
3.21
3.15
3.22

3.10
3.01
2.94
2.89
2.93

1963_Jan
Feb
Mar .
Apr
May
June
July
Aug

3.88
3.92
3.93
3.97
3 97
4.00
4 01
3.99

3.22
3.24
3.21
3.21
3 21
3.31
3.31
3.28

Week ending—
1963—Aug. 3
10
17
24
31

3.99
3.99
3.99
3.99
3.99

3.27
3.27
3.28
3.30
3.29

Number of issues

4-12

20

Dividend/
price ratio

By
group

Earnings/
price ratio

Total i
Aaa

Baa

Industrial

Railroad

Public
utility

Preferred

Common

Common

4.73
4.66
4.61

4.41
4.35
4.33

5.19
5.08
5.02

4.59
4.54
4.47

4.92
4.82
4.86

4.69
4.57
4.51

4.75
4 66
4.50

3.47
2 97
3.37

5.88
4 74
6.05

3.74
3.66
3.62
3.53
3.57

4.64
4.61
4.57
4.55
4.52

4.35
4.32
4.28
4.25
4.24

5.06
5.03
4.99
4.96
4.92

4.51
4.45
4 40
4.39
4 40

4.90
4.88
4.85
4.83
4.76

4.50
4.49
4.46
4.42
4 41

4.55
4.50
4 49
4.45
4 42

3.57
3.60
3 71
3.50
3 40

2.95
2.99
2.97
2.97
2 99
3.09
3.10
3.09

3.56
3.57
3.56
3.55
3 54
3.62
3.60
3.58

4.49
4.48
4.47
4.47
4 48
4.47
4.49
4.50

4.21
4.19
4.19
4.21
4 22
4.23
4.26
4.29

4.91
4.89
4.88
4.87
4 86
4.84
4.84
4.83

4.38
4.37
4.38
4 40
4 40
4.40
4 43
4.45

4 72
4.69
4.65
4.63
4 63
4.61
4 62
4.63

4.38
4.37
4.38
4 39
4 39
4.40
4 42
4.42

4 34
4.27
4.24
4 31
4 29
4.29
4 34
4 30

3 31
3.27
3.28
3 15
3 13
3.16
3 20
3 13

3.08
3.08
3.08
3.11
3.09

3.57
3.57
3.59
3.59
3.58

4.50

4.50
4.50
4.50
4.50

4.29
4.29
4.29
4.29
4.29

4.84
4.83
4.83
4.83
4.83

4.45
4.45
4.44
4.44
4.45

4.63
4.64
4.63
4.63
4.63

4.42
4.42
4.43
4.42
4.42

4.33
4.32
4.30
4.29
4.29

3.21
3.18
3.13
3.12
3.09

5

5

120

30

30

40

40

40

14

500

i Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.




Stocks

6.22
6 57

5.50
P5.66

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.

SEPTEMBER 1963

1283

SECURITY MARKETS
SECURITY PRICES
Bonds

Common stocks

Standard
and Poor's
Period

U.S.
Govt.
(longterm)

State
and
local

Corporate
AAA

Volume
of
trading
Trade.
(thousands
fiof
nance, Minand
ing shares)
service

Securities and Exchange Commission index
(1957-59= 100)

Standard and Poor's index
(1941-43=- 10)

Manufacturing
Industrial

Total

Railroad

Public
utility

Total
Total

Trans- Public
Non- portautiltion
duity
rable

Durable

1960
1961
1962

86.22
87.55
86.94

103.9
107.8
112.0

94.7
95.2
95.6

55.85 59.431 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4
66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2
62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0

1962—Aug....
Sept
Oct
Nov....
Dec

86.64
87.02
87.73
87.96
87.96

110.1
112.1
114.4
114.5
113.0

95.3
95.8
96.6
96.6
96.6

58.52
58.00
56.17
60.04
62.64

61.29
60.67
58.66
62.90
65.59

28.09
27.68
27.40
30.47
32.24

56.96
56.96
55.63
57.69
60.24

119.5
117.9
114.3
122.8
128.0

110.4
108.9
105.6
114.0
119.1

109.1
106.2
102.5
110.7
114.0

111.7 90.6
111.5 88.5
108.4 86.6
117.3 97.2
123.8 102.3

160.7
158.2
154.3
162.0
167.9

143.6 92.7
141.6 92.3
135.9 91.3
145.4 97.7
151.8 101.5

1963—Jan
Feb
Mar....
Apr
May....
June....
July....
Aug.. . .

87.81
87.33
87.15
86.63
86.66
86.36
86.16
86.45

113.0
112.1
113.3
113.2
112.6
110.7
110.3
111.4

97.4
97.8
97.8
97.4
97.1
97.1
96.7
96.5

65.06
65.92
65.67
68.76
70.14
70.11
69.07
70.98

68.00
68.91
68.71
72.17
73.60
73.61
72.45
74.43

34.06
34.59
34.60
36.25
38.37
39.34
38.75
39.22

63.35
64.07
63.35
64.64
65.52
64.87
64.47
66.57

132.6
135.0
133.7
140.7
143.2
142.5
140.7
144.6

123.6
125.5
124.5
132.0
134.3
133.7
131.8
135.6

119.2
121.0
118.7
126.9
130.7
130.8
126.6
130.4

127.7
129.7
129.9
136.9
137.7
136.7
136.7
140.5

107.3
110.3
109.3
116.3
124.2
127.2
125.8
128.8

173.0
177.5
174.5
179.2
180.6
178.0
176.7
180.9

155.8
158.4
158.6
164.8
170.0
170.6
168.5
173.

106.8
109.3
111.5
120.1
123.2
125.2
127.3
132.3

'4,573
4,168
3,565
5,072
4,781
4,529
3,467
4,154

86.48
86.45
86.42
86.47
86.42

111.1
111.4
111.4
111.4
111.4

96.5
96.6
96.5
96.5
96.4

69.08
70.07
71.06
71.48
72.03

72.43
73.50
74.52
74.93
75.56

38.06
38.64
39.23
39.76
39.66

64.96
65.61
66.64
67.19
67.41

140.9
143.4
145.4
146.0
147.3

132.2
134.4
136.1
136.9
138.3

126.4
128.6
130.9
132.4
133.6

137.6
139.9
141.
141.2
142.8

125.0
127.0
130.4
129.9
131.7

176.8
179.7
182.7
182.1
183.2

167.7
170.5
174.1
176.2
177.1

126.9
132.9
133.5
132.6
135.6

3,340
3,686
4,555
4,110
4,702

Week ending—
1963_Aug. 3.
10.
17.
24.
31.

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.

73.8 3,042
92.5 4.085
98.0 3,820
3.368
3.310
3.423
4,803
4,048

Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N.Y. Stock
Exchange for a 5^-hour trading day.

STOCK MARKET CREDIT
(In millions of dollars)
Customer credit

Months

Total
securities
other than
U.S.Oovt.

Net debit balances with
N.Y. Stocl: Exchange
firms secured by—

Broker and dealer credit

Bank loans to others than
brokers and dealers for purchasing and carrying—

Money borrowed on—

Other securities

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Total

Customer
collateral

Other
collateral

Customers'
net
{«•»»
iree
credit
balances

1959—Dec
I960—Dec
1961—Dec

4,461
4.415
5.602

150
95
35

3.280
3,222
4.259

167
138
125

1.181
1.193
1,343

221
142
48

2.362
2,133
2.954

2,044
1,806
2,572

318
327
382

996
1,135
1,219

1962—Aug
Sept
Oct
Nov
Dec

5.073
5.156
5.165
5,285
5.494

23
27
25
24
24

3,773
3,887
3.864
3.951
4! 125

80
81
81
82
97

1.300
1.269
,301
.334
,369

35
49
29
28
35

2,472
2,689
2,596
2,558
2,785

2,190
2,381
2,271
2,269
2,434

282
308
325
289
351

1,130
1,091
1,126
1,151
1,216

1963—Jan
Feb
Mar
Apr
May....
June
July....
Aug

5,595
5,717
5,754
5,978
6,229
6,420
6,511
6,660

28
23
28
27
24
32
25
23

4.208
4,332
4.331
4,526
4,737
4,898
4,895
5,034

95
91
100
99
75
104
81
87

.387
,385
1,423
I 452
,492
,522
1,616
1,626

32
35
63
33
33
44
29
23

2,895
3,059
3.129
3.239
3,655
3,909
3,836
3,938

2,556
2,695
2,754
2,889
3,150
3,333
3,359
3,472

339
364
375
350
505
576
477
466

1,199
1,191
1,175
[,201
1,166
1,149
1,126
1,093

NOTE.—Data in thefirstthree cols, and last col. are for end of month
in the other cols., for last Wed.
Net debit balances and broker and dealer credit: ledger balances of
member firms of the N.Y. Stock Exchange carrying margin accounts, as
reported to the Exchange. Customers' debit and free credit balances
exclude balances maintained with the reporting firm by other member
firms of national securities exchanges and balances of the reporting firm
and of general partners of the reporting firm. Balances are net for each
cuitomer—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) arc available back through July 1958 and have beoo
incorporated.

1286

SEPTEMBER 1963

FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Deviation of U. S. Government cash transactions

Net cash borrowing
or repayment

Payments to the public,
other than debt

Receipts from the public,
other than debt

Net
rects.

Period
Budget
net

Plus:
Trust
funds r

Equals:
Total
rects. 2r

Less:
Intragovt. l r

Equals:
Total
payts. r

Plus:
Less:
AdjustTrust
funds 4 r ments 3 r

Budget

payts.

Change
Less:
in
Invest.
debt
by
*
(direct agen. &
& agen.) trusts'"

Less:
Noncash
debt

Equals:
Nef

-2,669
6,755
6,612

Cal. year—1960
1961
1962

79,518
78,157
84,709

21,773
24,260
25,508

2,946 98,287
4,425 97,929
3,942 106,229

77,565
84,463
91,907

20,876
25,299
25,475

3,747 94,694
5,024 104,738
5,433 111,950

3,593
-6,809
-5,720

-549
6,792
9,055

1,629
-433
1,056

1,386

Fiscal year—1960...
1961...
1962...

20,342
23,583
24,290
27,685

2,975 95,078
3,945 97,242
3,776 101,865
4,266 109,731

76,539
81,515
87,787
92,590

21,212
22,793
25,140
26,534

3,424 94,328
4,766 99,542
5,266 107,661
5,267 113,857

750
-2,300
-5,796
-4,125

3,371
2,102
11,010
8,681

925
856
494

597
536
923

1963P..

77,763
77,659
81,409
86,357

2,065

1,033

1,848
712
9,592
5,583

Half year:
1961—July-Dec...
1962—Jan.-June..
July-Dec...
1963—Jan.-June*>.

35,826
45,583
39,126
47,231

10,673
13,652
11,856
15,847

1,782
2,007
1,935
2,338

44,680
57,207
49,023
60,720

43,165
44,622
47,286
45,304

12,779
12,424
13,051
13,526

2,047
3,232
2,201
3,073

53,898
53,813
58,136
55,757

-9,217
3,393
-9,114
4,963

8,098 - 1 , 4 8 4
2,911
1,950
6,142
-894
r
2,538
2,933

402
521
865
169

9,180
440
6,172
-564

Month:
1962—July
Aug
Sept
Oct
Nov
Dec

3,566
7,089
10,053
3,030
7,027
8,360

1,191
3,4441
1,620
1,374
2,528
1,681

189
203
531
251
264
490

4,565
10,326
11,138
4,148
9,287
9,546

7,252
8,541
7,327
8,524
8,070
7,572

2,162
2,292
2,404
2,146
1,909
2,095

127
260
1,093
523
-41
234

9,287
10,575
8,637
10,147
10,019
9,434

4,722
-62
4,266
-249
2,501 - 2 , 3 0 9
2,974
-5,998
3,258
-723
112 - 1 , 9 8 4

101
411
21
121

-936

1,548
-1,337

753
2,344
-1,706
3,206
1,262
289

5,533
7,305
9,663
5,735
6,953
12,042
3,547

990
3,361
2,123
1,752
4,656
2,966
1,419

237
314
237
236
283
1,031
271

6,283
10,350
11,545
7,248
11,323
13,972
4,693

8,013
6,763
7,806
7,590
7,470
7,663
7,863

1,795
2,230
1,968
2,244
2,304
2,984
2,651

990
213
852
163
-218
1,072
468

8,818
8,780
8,922
9,671
9,992
9,575
10,045

-372
-998
-2,535
1,570
1,010
516
2,623 -1,949!
120
-2,423
104i!
-830
1,331
2,282
2,818
4,397
1,463
1,305
-5,353
-854 -1,253

61
33
-A
87
28
-36
128

565
461
-2,067
847
-564
193
271

1963—Jan
Feb
Mar
Apr
May 5
June*
July

915

1,511
-624
-353

449

491
470

Effects of operations on Treasurer's account
Net operating transactions

Net financing transactions
Agencies & trusts

Period

Invest,
in U. S.
Govt.
sec. 4 r

Treasurer's
account

Balance

1,746
-538
1,780
1,022

-925
-856
-494
-2,065

1,625
2,640
9,230
7,659

-4
-222
118
-184

2,654
-1,311
3,736
1,685

8,005
6,694
10,430
12,116

504
408
612
806

6,458
5,453
8,815
10,324

1,043
833
1,003
986

900
879
873
148

1,484
-1,950
894
-2,933

7,198
2,032
5,269
2,390

199
-81
4
-188

-200
3,936
-2,922
4,607

6,494
10,430
7,509
12,116

465
612
597
806

5,157
8,815
6,092
10,324

872
1,003
820
986

151
-1,852
1,080

263
300
35
405
-65
-64

915
-1,511
624
353
-449
936

-325
3,966
-2,344
2,569
3,323
-1,920

85
-52
60
-39
-57
6

-4,051
2,151
738
-2,750
591
400

6,380
8,530
9,268
6,518
7,109
7,509

390
478
400
513
585
597

5,089
7,210
7,919
5,131
5,728
6,092

901
842
949
874
796
820

692

-319

-133

998
-516

-53

-211
-304

57
73
-245
100
-208
36
39

-2,024
1,961
806
-1,672
978
4,558
-5,118

5,485
7,446
8,252
6,579
7,558
12,116
6,998

821
841
909
952
651
806
629

3,678
5,580
6,466
4,340
5,992
10,324
5,564

986
1,025
877
1,287
915
986
805

Clearing
accounts

Market
issuance
of
sec. 4 r

Fiscal year—1960....
1961....
1962....
1963P..

1,224
-3,856
-6,378
-6,233

-870
790
-850
1,151

-149
285
566
-33

Half year:
1961—July-Dec...
1962—Jan.-June..,
July-Dec
1963—Jan.-JuneP.

-7,339
962
-8,160
1,927

-2,106
1,228
-1,195
2,321

-137
704

-3,686

-163
-356

-1,042
788

-970
1,152
-784
-772
619
-414

-2,480
542
1,857
-1,854
-516
4,379
-4,316

-805
1,131
155
-492
2,352
-18
-1,232

Dec.

1963—Jan.. .
Feb..
Mar..
Apr..
May.
June*
July..

-5,494

-599
566

541

619
-160
-529
77
69

-69
244
807
171

1,221

-120
830

-1,645

-2,818

2,038
656

-1,305
1,253

1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employees trust funds.
2
Includes small adjustments not shown separately.
3 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.




Operating bal.
Held
outside
Treasury

Trust
funds'*r

-1,452
2,727

Treasurer's account
(end of period)

Change
in
gross
direct
public
debt

Budget
surplus
or
deficit

Month:
1962—July.
Aug..
Sept..
Oct..
Nov..

Change in
cash balances

173
-1,025

F.R.
banks

Tax
and
loan
accts.

Other
net*
assets

* Includes net expenditures of Govt. sponsored enterprises
s Primarily military defense, military assistance, and atomic energy.
NOTE.—Treasury Dept. & Bureau of the Budget.

1287

FEDERAL FINANCE

SEPTEMBER 1963
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)

Selected excise taxes
(IRS data)

Budget receipts

Net 2

Refunds

High- R.R.
reway
tire.

Oldage

Corporation
taxes

Excise
taxes

Employment
taxes

Other
receipts

Liquor

Mfrs.
Torebacco and
tailers

22,179
21,765
21,296
22,336

11,865
12,064
12,752
13,410

11,159
12,502
12,708
15,005

6,813
7,007
6,412
7,850

3,194
3,213
3,341

1,932
1,991
2,026

5,114
5,294
5,536

17,652 3,189 8,259
18,593 11,213 13,036
18,958 3,319 8,810
19,755 10,949 13,525

6,394
6,358
6,808
6,603

5,024
7,686
5,608
9,397

3,057
3,357
4,050
3,799

1,754
1,587
1,805

1,035
991
1,040

2,656
2,880
2,876

Total

Withheld

Other

13,271
13,175
14,403
14,268

2,539
2,798
2,949
3,279

607
571
564
572

5,237 96,962 31,675
5,976 99,491 32,978
6,266 103,818 36,246
582 38,714
6,571 111,""

35,826
45,583
39,126
47,231

4,741 1,533
6,802 1,415
5,311 1,672
8,034 ,607

278
288
291
280

885
5,380
805
5,766

43,575
60,243
47,553
64,028

3,566
7,089
10,053
3,030
7,027
8,360

436
1,699
911
536
1,129
600

281
332
287
276
218
277

12
86
50
14
77
51

165
193
111
200
73
64

4,540
9,445
11,414
4,068
8,533
9,553

1,199
5,298
2,980
1,156
5,195
3,131

299
169
2,092
235
117
407

525
431
3,533
460
412
3,450

1,106
1,188
1,103
1,150
1,125
1,136

450
1,786
962
551
1,208
652

961
573
744
516
478
780

257
289
290
363
339
267

148
197
171
190
182
152

5,533
7,305
9,663
5,735
6,953
12,042
3,547

178
1,761
1,308
920
2,579
1,288
522

261
234
279
258
308
267
297

12
78
48
13
80
49
13

109
838
1,720
1,603
1,204
292
245

6,285
10,997
13,093
8,544
11,132
13,977
4,871

1,269
5,422
3,182
973
5,642
3,267
1,295

2,367
783
745
4,371
651
2,032
381

517
422
6,081
551
443
5,511
574

1,099
1,038
1,081
1,022
1,192
1,171
1,179

429
2,596
1,428
940
2,664
1,340
537

605
736
576
686
540
656
905

243
216
278
270
312
318
n.a.

166
163
160
176
187
189
n.a.

Fiscal year—1960...
1961...
1962...
1963P

77,763
77,659
81,409
86,357

Half year:
1961—July-Dec
1962—Jan.-June
July-Dec
1963—Jan.-JuneP
Month:
1962—July
Aug
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr
May
June?
July

Indiv. taxes

Transfers to trusts

Period

10,122
11,490
11,545
13,345

1,509
,367

,655

Budget expenditures

Agriculture

Natural
resources

Commerce
and
transp.

Housing
&com.
devel.

Health,
labor &
welfare

Education

Veterans

Interest

General
Govt.

401
744
1,257
2,552

4,882
5,173
5,895
7,028

1,714
2,006
2,147
2,352

1,963
2,573
2,774
2,816

122
320
349
-78

3,690
4,244
4,524
4,761

866
943
1,076
1,244

5,266
5,414
5,403
5,187

9,266
9,050
9,198
9,976

1,542
1,709
1,875
1,978

1,634
1,183
1,317
1,228

482
775
1,024
1,528

3,567
2,328
4,590
2,438

1,179
968
1,331
1,020

1,262
1,512
1,339
1,477

346
3
364
-442

2,397
2,127
2,556
2,205

462
614
578
666

2,725
2,678
2,663
2,523

4,502
4,696
4,936
5,040

938
937
979
1,000

3,947
4,448
4,035
4,610
4,566
4,344

95
276
204
358
327
57

135
187
141
187
187
187

664
1,126
570
978
531
721

191
247
268
231
219
175

156
300
224
232
212
215

190
23
-19
-23
72
121

453
348
415
454
470
409

84
131
125
61
79
98

442
492
401
440
443
445

834
806
813
826
814
843

138
195
150
182
156
158

4,548
4,102
4,523
4,522
4,491
4,604
4,237

251
208
210
299
70
190
7

233
194
250
271
281
299
270

510
253
473
397
425
380
940

184
156
143
157
181
199
205

224
310
212
220
247
264
185

3
-125
116
-157
-169
-110
87

483
150
379
443
392
358
506

150
125
110
93
93
95
109

486
445
405
367
435
385
468

863
820
832
828
830
867
893

170
149
157
156
200
168
203

Total 2

National
defenses

Intl.
affairs

Fiscal year—1960
1961
1962
1963*....

76,539
81,515
87,787
92,590

45,691
47,494
51,103
52,743

1,832
2,500
2,817
2,545

Half year:
1961—July-Dec
1962—Jan.-June....
July-Dec
1963—Jan.- June*...

43,165
44,622
47,286
45,304

23,980
27,123
25,953
26,790

Period

Month:
1962—July
Aug
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr
May p
June
July

r

7,252
8,541
7,327
8,524
8,070
7,572
8,013
6,763
7,806
«7,590
7,470
7,663
7,863
1961

Space
research

1963

1962

r

1961

1962

1963

Item
III

IV

III

IV

III

IV

Seasonally adjusted
Cash budget:
Receipts. .
Payments.

24.6
26.3

25.2
26 9

Net....

-1.7

-1 7

For notes, see opposite page.




25. 3
27. 6
2 2

III

IV

Not seasonally adjusted

26 5
27 0

27 3
28 1

27. t
29. 2

27. 4
28. 2

27.8
28.3

23.4
26.7

- 5

- 7 -2. 1

-• 8

-.5

-3.3

21 .3
27 .2
c

.9

26 .2
26 .0

31.0
27 8

26 0
28 5

23 .0
29 .6

28. 2
26. 5

32.5
29.1

.3

3 2

-2 5

- 6 .6

1. 7

3.3

1288

U.S. GOVERNMENT SECURITIES

SEPTEMBER 1963

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debt i

End of period

Total
gross
direct2
debt

3

Nonmarketable

Marketable
Total
Total

Bills

Certificates

Notes

Bonds

4

Convertible
bonds

Special

Total 5

Savings
bonds

8.9
56.9
59.5

6.1
48.2
52.1

7.0
20.0
29.0

1941_Dec
1945 Dec
1947 Dec

64.3
278.7
257.0

57.9
278.1
256.9

50.5
255.7
225.3

41.6
198.8
165.8

2.0
17.0
15.1

38.2
21.2

6.0
23.0
11.4

33.6
120.6
118.0

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

280.8
276.7
275.0
283.0
290.9

280.8
276.6
274.9
282.9
290.8

233.9
228.6
227.1
236.0
244.2

163.3
160.4
164.2
175.6
188.3

22.3
25.2
26.9
29 7
39.6

15.7
19.0
34.6
36.4
19.7

43.3
35.3
20.7
26.1
44.2

81.9
80.9
82.1
83.4
84.8

11.4
10.8
9.5
8 3
7.1

59.2
57.4
53.4
52 1
48.9

57.9
56.3
52.5
51.2
48.2

43.9
45.6
45.8
44.8
43.5

I960—Dec
1961 Dec

290.4
296.5

290.2
296.2

242.5
249.2

189.0
196.0

39.4
43.4

18.4
5.5

51.3
71.5

79.8
75.5

5.7
4.6

47.8
48.6

47.2
47.5

44.3
43.5

1962—Aug
Sept
Oct
Nov 7
Dec

302.3
300.0
302.6
305.9
304.0

301.8
299.5
302.1
305.4
303.5

252.5
251.0
254.3
257.2
255.8

199.3
197.9
201.3
204.2
203.0

43.6
42.2
46 1
47.8
48.3

20.4
17.8
17.9
22.7
22.7

58.1
58.1
57.6
53.7
53.7

77.2
79.8
79.7
80.0
78.4

4.2
4.1
4 0
4.0
4.0

49.0
48.9
48 9
49.0
48.8

47.7
47.7
47.7
47.7
47.5

45.4
44.6
43.9
44.2
43.4

1963 Jan
Feb
Mar
Apr
May
June
July
Aug

303.9
305.2
303.5
303.7
305.8
306.5
305.5
307.2

303.4
304.6
303.0
303.2
305.2
305.9
304.8
306.5

257.1
258.1
256.8
257.6
257.6
257.2
257.2
257.0

204.0
204.8
203.5
204.3
204.1
203.5
203.5
203.2

48.9
49.9
48.5
49.4
49 7
47.2
47.2
47.2

22.7
23.7
21.8
21.8
22.2
22.2
22.2
17.0

53.7
50.0
53.4
53.0
52.1
52.1
52.2
58.6

78.6
81.1
79.8
80.1
80 1
82.0
81.9
80.5

4.0
3.9
3.7
3.5
3 5
3.5
3.5
3.4

49.2
49.4
49.6
49.7
50 0
50.2
50.3
50.3

47.7
47.9
48.0
48.1
48.2
48.3
48.4
48.5

42.2
42.5
42.2
41.6
43.6
44.8
43.7
45.5

1 Includes some debt not subject to statutory debt limitation (amounting
to $367 million on Aug. 31, 1963), and fully guaranteed securities, not
shown separately.
23 Includes non-interest-bearing debt, not shown separately.
Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled
$13,378 million on July 31, 1963.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depository bonds, armed forces

leave bonds, adjusted service bonds, Foreign currency series, Foreign
series, Rural Electrification Administration bonds, and before 1956,
tax and savings notes, not shown separately.
6
Held only by U.S. Govt. agencies and trust funds.
7
Includes $1.4 billion of 2% per cent partially tax-exempt bonds,
acquired by Treasury for retirement on Dec. 15, 1962, in exchange for
various issues on Nov. 15, 1962.
NOTE.—Based on daily statement of U.S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—

Held by the public

U.S.
Govt.
agencies
and
trust
funds i

F. R.
banks

Total

64 3
278.7
257.0

9.5
27.0
34.4

2.3
24.3
22.6

280.8
276.7
275.0
283.0
290.9

51.7
54.0
55.2
54.4
53.7

I960 Dec
1961 Dec

290.4
296.5

1962 July
Sent
Oct
Nov
Dec
1963 Jan
Feb
Mar
Apr
May
June
JUly

Total
gross
debt

End of
period

1941 Dec
1945 Dec
1947 Dec
1955 Dec
1956—Dec
1957 Dec
1958 Dec
1959 Dec

.

. .

...
.

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

52.5
227.4
200.1

21.4
90.8
68.7

3.7
10.7
12.0

8.2
24.0
23.9

4.0
22.2
14.1

.7
6.5
7.3

5.4
42.9
46.2

24.8
24.9
24.2
26.3
26.6

204.3
197.8
195.5
202.3
210.6

62.0
59.5
59.5
67.5
60.3

8.5
8.0
7.6
7.3
6.9

14.6
13.2
12.5
12.7
12.5

23.5
19.1
18.6
18.8
22.6

15.4
16.3
16.6
16.5
18.0

55.1
54.5

27.4
28.9

207.9
213.1

62.1
67.2

6.3
6.1

11.9
11.4

20.1
19.7

298.3
302.3
300.0
302.6
305.9
304.0

55.5
57.1
56.4
56.1
57.9
55.6

29.8
30.4
29.8
30.2
30.5
30.8

213.0
214.9
213.7
216.3
217.5
217.6

64.5
64.5
64.6
65.9
65.4
66.5

6.3
6.3
6.3
6.1
6.1
6.1

11.5
11.5
11.4
11.5
11.5
11.5

303.9
305.2
303.5
303.7
305.8
306.5
305.5

54.5
55.1
55.1
54.3
57.1
58.4
57.1

30.3
30.6
31.0
31.2
31.3
32.0
32.5

219.1
219.5
217.4
218.2
217.4
216.1
215.9

66.0
65.1
63.9
64.2
63.0
63.5
62.4

6.1
6.1

11.5
11.4
11.2
11.1
11.0
10.8
10.9

1 Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
in the United States.




Individuals

Commercial
banks

6.1
6.1
6.1
6.

Foreign
and
international2

Other
misc.
investors 3

8.2
21.2
19.4

.4
2.4
2.7

5
6.6
5.7

50.2
50.1
48.2
47.7
45.9

14.5
15.4
15.8
15.3
22.3

7.5
7.8
7.6
7.7
12.0

8.1
8.4
9.0
8.9
10.1

18.7
18.7

45.7
46.4

19.1
18.5

13 0
13.4

11 2
11.6

20.0
21.1
19.0
19.9
21.8
20.0

19.9
19.9
19.8
19.6
19.3
19.5

46.7
46.8
46.8
46.8
46.9
46.9

18.6
18.7
18.9
18.8
18.9
19.0

14.2
14.6
15.1
15.4
15.4
15.3

11 3
11.5
11.9
12.3
12.2
12.7

21.0
21.6
20.7
20.9
22.0
19.8
20.3

19.9
19.9
20.1
20.6
20.6
20.8
21.0

47.1
47.2
47.3
47.3
47.4
47.5
47.6

19.4
19 4
19.9
19.3
19.0
19.2
19.3

15.3
15.2
15.4
15.6

12.9
13 8
M2.7
'13.0
12.5
12.5
M2.6

Other
Savings
bonds securities

r

15.8
15.7

3
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corporate pension funds.

NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and
trust funds; Treasury estimates for other groups.

U.S. GOVERNMENT SECURITIES

SEPTEMBER 1963

1289

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
Type of holder and date

All holders:
I960—Dec.
1961 Dec
1962—Dec.
1963—June
July

Total
Total

Bills

Other

1-5
years

5-10
years

10-20
years

Over
20 years

31
31
31
30
31

189,015
195,965
203,011
203,508
203,491

73,830
84,428
87,284
85,294
85,286

39,446
43,444
48,250
47,230
47,222

34,384
40,984
39,034
38,064
38,064

72,298
66,360
61,640
58,026
58,035

18,684
19,782
33,983
37,385
37,376

13,224
11,976
4,565
8,359
8,359

10,979
13,419
15,539
14,444
14,435

U.S. Govt. agencies and trust funds:
I960—Dec. 31
1961—Dec. 31
1962 Dec 31
1963—June 30
JUly 31

8,116
8,484
9,638
11,120
10,921

1,482
1,252
1,591
1,849
1,632

591
583
865
1,142
946

891
669
726
707
686

2,431
1,860
1,425
1,646
1,646

1,602
1,594
2,731
3,028
3,029

1,461
1,756
1,309
2.083
2,083

1,140
2,022
2,583
2,514
2,531

Federal Reserve Banks:
I960 Dec 31
1961—Dec 31
1962—Dec. 31
1963 June 30 . .
July 31

27,384
28,881
30,820
32,027
32,468

15,223
17,650
17,741
21,490
21,777

3,217
3,349
2,723
3,364
3,600

12,006
14,301
15,018
18,126
18,177

10,711
8,737
10,834
8,307
8,389

1,179
2,227
2,094
2,058
2,120

243
204
68
74
81

28
63
83
98
101

31
31
31
30
31

153,515
158,600
162,553
160,361
160,102

57,125
65,526
67,952
61 955
61,877

35,638
39,512
44,662
42,724
42,676

21 487
26 014
23,290
19 231
19,201

59 156
55,763
49,381
48 073
48,000

15,903
15,961
29,158
32,299
32,227

11,520
10,016
3,188
6,202
6,195

9,811
11,334
12,873
11,832
11,803

Commercial banks:
I960—Dec 31
1961—Dec. 31
1962—Dec. 31
1963—June 30
July 31

54,260
59,073
58,004
55,439
54,353

14,697
21,149
19,885
15,545
14,868

6,976
9,962
9,838
7,633
6,890

7,721
11,187
10,047
7,912
7,978

31,596
30,751
26,348
25,748
25,605

5,654
5,043
11,163
13,205
12,961

1,775
1,724
191
553
540

538
407
417
389
379

Mutual savings banks:
1960—Dec. 31
1961 Dec. 31
1962—Dec. 31
1963—June 30
July 31

5,944
5,867
5,793
5,852
5,839

480
868
635
783
801

144
181
252
388
399

336
505
383
395
402

1.544
1,514
1,337
1,255
.256

1,849
1,708
2,210
2.154
2,155

897
662
306
427
411

1,174
1,298
1,305
1,233
1,215

Insurance Companies:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—June 30
July 31

9,001
9,020
9,265
8,987
9,105

940
1,228
1,259
906
1,016

341
442
552
343
456

599
786
707
563
560

2,508
2,222
2,175
2,038
1,983

2,076
1,625
2,223
2,312
2,375

1,433
1,274
718
943
942

2,044
2,671
2,890
2,788
2,789

10,741
10,547
10,750
10,144
10,448

8,340
8,697
9,063
7,850
7,969

5,599
5,466
6,551
6,325
6,377

2,741
3,231
2,512
1 525
1,592

2 269
1,747
1,524
1 895
2,077

58
72
149
378
383

39
22
5
11
9

33
8
9
9
10

2,454
2,760
2,862
3,208
3,228

322
446
437
384
413

163
155
254
210
240

159
291
183
174
173

858
895
817
824
819

473
617
1,030
1,285
1,296

396
371
105
275
263

406
431
473
440
436

State and local governments:
I960—Dec. 31
1961 Dec 31
1962—Dec. 31
1963—June 30 . . .
July 31

10,957
10,893
11,716
12,647
12,647

3,933
3,974
4,447
5,137
5,055

2,643
2,710
3,282
4,246
4,125

1,290
1,264
1,165
891
930

1,320
1,059
1,034
0<iR

828
842
1,505
1,347
1,374

1,382
1,250
688
1,622
1,662

3,029
3,507
4,017
3,507
3,498

All others:
I960—Dec.
1961 Dec
1962—Dec.
1963—June
July

60,158
60,440
64,162
64,083
64,482

28,413
29,346
32,227
31,349
31,753

19,772
20,596
23,935
23,578
24,189

8,641
8,750
8,292
7,771
7,564

18,596
17,314
16,121
15,279
15,202

4,965
6,054
10,877
11,619
11,683

5,598
4,713
1,175
2,370
2,368

2,587
3,012
3,761
3,466
3,476

Held by public:
I960—Dec.
1961—Dec.
1962—Dec.
1963—June
July

Nonfinancial corporations:
I960—Dec. 31
1961 Dec 31
1962—Dec. 31
1963—June 30
July 31
Savings and loan
I960—Dec.
1961—Dec.
1962—Dec.
1963 June
July

associations:
31
31
31
30
. . .
31

31
31 .
31
30
31

NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,113 commercial banks, 507 mutual savings banks, and 806 insurance




cos. combined; (2) about 50 per cent by the 471 nonfinancial corps, and
488 savings and loan assns.; and (3) about 60 per cent by 480 State and
local govts.
Holdings of "all others," a residual throughout, include holdings of
all those not reporting in the Treasury Survey, including investor groups
not listed separately.

1290

U.S. GOVERNMENT SECURITIES

SEPTEMBER 1963

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity

By type of customer

Period

U.S. Govt.
agency
securities

Dealers and brokers
Total

Within
1 year

1-5
years

5-10
years

Over
10 years

U.S.
Govt.
securities

Commercial
banks

Other

All
other

1962—July
Aug
Sept
Oct
Nov
Dec

,682
,603
,913
,967
,770
2,071

1,457
1,318
1,432
1,517
1,266
1,446

139
158
293
263
262
366

63
94
147
159
210
222

23
33
40
28
32
38

529
542
571
682
550
610

34
27
42
40
32
38

621
600
766
744
722
881

498
435
534
501
466
543

82
78
105
115
70

1963—Jan
Feb
Mar
Apr
May
June
July

,871
2,350
,694
,788
,639
,574
,775

1,484
1,646
1,241
1,438
1,160
1,208
1,440

226
400
224
195
282
168
172

124
230
149
105
127
165
134

36
75
79
50
69
33
29

621
733
544
509
529
471
556

37
44
39
33
30
26
27

730
952
657
757
601
584
727

484
622
454
488
479
493
464

81
73
91
91
81
108
95

,895
,810
,770
,568
,910

1,534
1,457
1,512
1,309
1,477

181
182
125
139
225

146
144
111
88
178

34
29
22
32
30

554
640
572
469
549

22
27
31
23
31

767
709
716
708
751

552
434
452
368
579

123
85
95
97
68

,548
,410
,165
1,182

1,246
1,152
903
985

163
148
143
120

116
80
101
62

22
31
17
15

508
464
320
323

15
17
13
17

587
524
489
466

438
406
342
376

108

Week ending—
1963—July

Aug

3
10
17
24
31
-i4:::::::::::::
21
28

85
87
71

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

All
maturities

Within
1 year

1-5
years

Over
5 years

July
Aug
Sept
Oct
Nov
Dec

2,881
2,648
3,177
3,569
4,013
4,268

2,818
2,484
2,643
2,991
3,309
3,829

94
72
323
383
447
365

-32
91
211
195
256
74

231
165
190
248
204
227

1963—Jan
Feb
Mar
Apr
May
June
July

4,021
3,410
3,547
3,467
3,494
3,093
2,881

3,622
2,863
2,439
2,934
2,810
2,666
2,505

368
473
563
355
640
347
357

30
74
543
178
44
80
21

185
128
212
228
305
357
267

5..
12. .
19. .
26..

2,959
2,782
3,372
3,341

2,743
2,483
2,841
2,787

284
297
379
395

-68
2
152
159

339
377
371
338

3.
10.
17.
24.
31.

2,910
2,974
2,876
2,760
2.875

2,448
2,632
2,532
2,374
2.487

364
350
373
372
329

98
7
-29
14
59

323
309
246
239
252

1962

Week ending—
1963—June

July

.
.
.
.
.

NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Averages of daily figures based on number of trading days in the period.




Commercial banks

U.S.
Govt.
agency
securities

All
sources

Period

New
York
City

Elsewhere

Corporations i

All
other

1962—July
Aug
Sept
Oct
Nov
Dec

3,053
2,597
3,332
3,528
4,100
4,378

636
460
943
1,074
,170
1,563

521
405
660
707
716
839

] ,631

1 ,438
1 ,308
1 ,301
,666
,566

266
294
421
445
548
411

1963—Jan
Feb
Mar
Apr
May
June
July

4,062
3,553
4,027
3,548
3.764
3;361
3,020

1,388
1,070
1,436
886
936
866
659

895
897
1,009
854
888
650
533

,396
,083
,129
,366
,536
,543
,478

383
502
453
442
403
303
350

Week ending—
1963—June

5...
12. . .
19. . .
26...

3,369
2,991
3,502
3,675

687
530
1,043
1,022

626
452
711
827

1,713
1,714
,441
1,472

343
296
308
353

July

3...
10. . .
17. . .
24. . .
31 . . .

3,182
3,116
2,961
2,878
3,101

931
772
750
483
571

643
504
555
553
492

,299
1,331
1,336
,623
1,741

307
510
319
218
298

1

All business corps, except commercial banks and insurance cos.

NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
note to the opposite table on this page.

1291

OUTSTANDING SECURITIES

SEPTEMBER 1963

U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 31, 1963
(In millions of dollars)
Issue and coupon rate
Treasury bills
Sept. 5,1963
Sept. 12, 1963
Sept. 19, 1963
Sept. 26, 1963
Oct. 3,1963
Oct. 10, 1963
Oct. 15, 1963
Oct. 17, 1963
Oct. 24, 1963
Oct. 31, 1963
Nov. 7, 1963
Nov. 14, 1963
Nov. 21, 1963
Nov. 29, 1963
Dec. 5,1963
Dec. 12, 1963
Dec. 19, 1963
Dec. 26, 1963
Jan. 2, 1964
Jan. 9, 1964
Jan. 15, 1964
Jan. 16, 1964
Jan. 23, 1964
Jan. 30, 1964
Feb. 6,1964
Feb. 13, 1964

Issue and coupon rate

Amount

Treasury bills—Cont.
2,103
Feb. 20, 1964
2,101
Feb. 27, 1964
2,102
Apr. 15, 1964
2,102
July 15, 1964
2,101
2,102
2,500
P-l,
Iff
1 QflA
2,101
2,101
May 15, 1964
2,102
2,103
2,102 Treasury notes
2,101
Oct. 1,1963
2,101
Nov. 15, 1963
800
Apr. 1,1964
801
May 15, 1964
801
May 15, 1964
799
Aug. 15, 1964
800
Aug. 15, 1964
800
Oct. 1,1964
2,496
Nov. 15, 1964
800
Nov. 15, 1964
800
Apr. 1, 1965
800
May 15, 1965
801
Oct. 1, 1965
800
Nov. 15, 1965

NOTE.—Direct public issues only.
U.S. Treasury.

Amount

Issue and coupon rate

Treasury notes—Cont.
Feb. 15, 1966
3%
Apr. 1,1966
IV2
2,501
Aug. 15, 1966
4
1,998
Oct. 1,1966
lVi
Feb. 15, 1967
3%
Apr. 1,1967
11/2
Aug. 15, 1967
3%
Oct. 1,1967
iy 2
Apr.
15,
1968
I Vi
5,693
Treasury bonds
June 15, 1962-67... 21/2
506
Dec. 15, 1963-68... 21/2
3,011
Feb. 15, 1964
3
457
June 15, 1964-69... 21/2
4,933
Dec. 15, 1964-69... 2Vi
3,893
Feb. 15, 1965
2%
2,316
Mar. 15, 1965-70.. . 2 %
5,019
May 15, 1966
3%
490
Aug. 15, 1966
3
4,195
Nov. 15, 1966
33/8
6,398
Mar. 15, 1966-71... iy2
466
June 15, 1967-72... 21/2
2,113
Sept. 15, 1967-72... 2Vi
315
Nov. 15, 1967
35/8
2,954
Dec. 15, 1967-72... 21/2
801
800

"I

U

3V4
iy 2
4y8
11/2
4%
3%
5
3Y4
iy2
4%
354
IV2
4%
n/2
31/2

Amount

Amount

Issue and coupon rate
Treasury bonds—Cont.
May 15, 1968
3%
Aug. 15, 1968
3%
Feb. 15, 1969
4
Oct. 1,1969
4
Aug. 15, 1970
4
Aug. 15, 1971
4
Nov. 15, 1971
3%
Feb. 15, 1972
4
Aug. 15, 1972
4
Nov. 15, 1974
3%
May 15, 1975-85.. .4*4
June 15, 1978-83...314
Feb. 15, 1980
4
Nov. 15, 1980
3V2
May 15, 1985
3V4
Feb. 15, 1990
3Vi
Aug. 15, 1987-92... 4V4
Feb. 15, 1988-93
4
May 15, 1989-94.. .4Vs
Feb. 15, 1995
3
Nov. 15, 1998
31/2

5,653
675

4,454
357

4,287
270

5,282
457
63

1,461
1,815
1,634
2,631
2,542
4,682
2,420
3,597
1,024
1,851
1,408
1,315
1,952 Convertible bonds
3,604
Investment Series B
2,768
Apr. 1, 1975-80... 2%

2,460
3,747
1,844
2,538
1,906
2,806
2,760
2,344
2,579
2,244
470

1,590
2,610
1,915
1,130
4,912
365
250
300

2,540
4.454

3,437

Based on Daily Statement of

FEDERALLY SPONSORED AGENCIES, JULY 31, 1963
Agency, type and date of issue,
and coupon rate

Amount
(millions
of dollars)

Maturity

Federal home loan banks
Notes:
Sept. 17, 1962
Oct. 15, 1962
Mar. 15, 1963
Apr. 15, 1963
June 17, 1963
Apr. 15, 1963

3.30
3.30
3.20
3%
3.40
3.30

Aug.
Sept.
Jan.
Feb.
Mar.
Apr.

1963
1963
1964
1964
1964
1964

110
450
320
265
275
435

Bonds:
July 16, 1963
June 17, 1963
Sept. 17, 1962..

3Vi
3V2
3V4

June 15, 1964
Oct. 15, 1964
Sept. 15, 1965

326
460
175

15,
16,
15,
17,
16,
15,

Federal National Mortgage Association—
secondary market operations
Discount notes
Debentures:
Nov. 10, 1958
May 10, 1961
Sept. 11, 1961
Dec. 11, 1961
Dec. 10, 1957
Sept. 10, 1962
Dec. 12, 1960
Mar. 10, 1958
Apr. 10, 1959
Apr. 11, 1960
Sept. 12, 1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10, 1960
Dec. 11, 1961
June 12, 1961
Feb. 13, 1962
Banks for cooperatives
Debentures:
Feb. 4,1963
Apr. 1,1963
June 3,1963

4Vs
3%
4
37^
4%
3V4
4VH

3^
4^
4'
41
•
41
5V8
4%
4y4
4%

92
100
147
117
98
128
95
94
88
146
119
67
98
100
100
147
198

Nov. 12, 1963
M a y 11, 1964
Sept. 10, 1964
Dec. 11, 1964
June 10, 1965
Mar. 10, 1966
Dec. 12, 1966
Mar. 11, 1968
Apr. 10, 1969
Apr. 10, 1970
Sept. 10, 1970
Aug. 10, 1971
Sept. 10, 1971
Feb. 10, 1972
June 12, 1972
June 12, 1973
Feb. 10, 1977

Maturity

Federal intermediate credit banks
Debentures:
Nov. 1,1962
Dec. 3,1962
Jan. 2,1963
Feb. 4,1963
Mar. 4, 1963
Apr. 1, 1963
May 1,1963
June 3,1963
July 1, 1963

3.10
3.15
3.15
3.15
3.15
3.20
3V4
3.30
3.45

Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Ap.

Federal land banks
Bonds:
Aug. 20, 1962
Oct. 22, 1962
Apr. 20, 1963
Dec. 20, 1960
Oct. 20, 1960
June 20, 1961
Apr. 3,1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1,1962
Oct. 1,1957
Apr. 1,1959
May 1,1963
Feb. 2, 1959
July 15, 1957
Feb. 1,1960
Feb. 14, 1958
Jan. 5,1960
May 1,1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962

35/s
3V4
4^
4
4
4
35/8
3V4
4V4
4i/8
4
414
\y4
4
43/8
45/8
5Vs
3%
5%
3i/2
3%
4i/8
4%

Aug. 20,1963
Oct. 22,1963
Apr. 20,1964
Oct. 20,1964
Oct. 20,1965
Dec. 20,1965
Feb. 21,1966
M a y 2, 1966
July 20, 1966
Feb. 15,1967-72
M a y 22, 1967
Oct. 1, 1967-70
Mar. 20, 1968
June 20,1968
Mar. 20, 1969
July 15, 1969
Feb. 20,1970
Apr. 1, 1970
July 20, 1970
M a y 1, 1971
Sept. 15,1972
Feb. 20,1973-78
Feb. 20,1974

1, 1963
3, 1963
1, 1963
4, 1963
2, 1963
2, 1964
3, 1964
2, 1964
1, 1964

Tennessee Valley Authority
Short-term notes
3.15
3.15
3.20

Aug. 1, 1963
Oct. 1, 1963
Dec. 2, 1963

1

169
160
130

NOTE.—These securities are not guaranteed by the U.S. G o v t ; see
also NOTE to table at top of following page.




Agency, type and date of issue,
and coupon rate

Bonds:
Nov. 15, 1960
July 1,1961
Feb. 1,1962

Amount
(millions
of dollars)

197
205
251
278
282
263
269
231
228

144
136
147
90
160
115
150
108
193
72
180
75
86
186
100
60
82
83
85
60
109
148
155
25

4.40
4%
4%

Nov. 15, 1985
July 1, 1986
Feb. 1, 1987

50

50

45

1292

CREDIT AGENCIES; SECURITY ISSUES

SEPTEMBER 1963

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets

Federal National
Mortgage Assn.
(secondary market
operations)

Liabilities and capital

Federal
intermediate
credit banks

Banks
for
cooperatives

Fed sral
lar
bar id
Lks

PriH r\f

cno 01

period

Advances
to
members

Investments

1955
1956
1957
1958
1959

1,417
1,228
1,265
1,298
2,134

I960
1961

Mortgage
loans
(A)

Debentures
and
notes
(L)

Loans
to
cooperatives
(A)

Debentures

516
607
685
769
866

83
628
1,562
1,323
1,967

200
1,315
1,100
1,640

371
457
454
510
622

938
1,180

989
1,107

2,788
2,770

2,523
2,453

2,108
2,233
2,257
2,707
2,707
2,707

976
954
984
1,016
1,028
1,214

1,117
1,118
1,118
1,120
1,121
1,126

2,743
2,750
2,752
2,765
2,768
2,752

2,348
2,096
2,003
1,908
2,035
2,770
2,816

1,155
1,213
1,283
1,250
1,236
1,325
1,069

1,128
1,129
1,130
1,133
1,134
1,137
1,146

2,708
2,599
2,446
2,285
2,126
2,072
2,038

Cash
and
deposits

Bonds
and
notes

765
1,027
908
999
1,093

62
62
63
75
103

1,981
2,662

1,233
1,153

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

2,860
2,948
3,046
3,091
3,068
3,479

1963—Jan...
Feb..
Mar..
Apr...
May..
June..
July..

2,802
2,611
2,514
2,635
2,740
3,270
3,548

Member
deposits

Capital
stock

975
963
825
714
1,774

698
683
653
819
589

90
159

1,266
1,571

1,384
1,420
1,363
1,800
1,848
1,531

67
58
75
79
75
173

1,876
1,883
1,974
1,702
1,720
1,937
1,525

87
81
62
87
75
159
94

NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They
include only publicly offered securities (excluding, for the home loan

Loans
and
discounts
(A)

Debentures
(L)

Mortgage
loans
(A)

110
143
222
252
364

693
747
932
1,157
1,391

657
705
886
1,116
1,356

1,497
1,744
1,919
2,089
2,360

1,191
1,437
1,599
1,743
1,986

649
697

407
435

1,501
1,650

J.454

1,585

2,564
2,828

2,210
2,431

2,435
2,458
2,481
2,492
2,479
2,422

704
680
690
738
746
735

430
482
475
480
480
505

2,047
2,049
2.007
,896
,822
,840

1,926
1,952
1,930
1,842
1,774
1,727

2,986
3,003
3,021
3,031
3,037
3,052

2,550
2,596
2,596
2,628
2,628
2,628

2,370
2,343
2,126
2,043
1,984
1,960
1,950

111
775
761
745
702
701
711

505
480
480
491
489
459
459

,858
1,926
,892
2,108
2,210
2,293
2,352

1,729
1,787
1,842
1,935
2,037
2,133
2,203

3,069
3,089
3,118
3,147
3,176
3,198
3,218

2,628
2,661
2,661
2,661
2,725
2,725
2,725

(L)

Bonds
(L)

banks, bonds held within the FHLB System), and are not guaranteed by
the U.S. Govt.; for a listing of these securities, see preceding page. Loans
are gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issue

Type of issuer

Period
Total

General
obligations

Revenue

PHAi

Issues for new capital

U.S.
Govt.
loans

State

Special
district
and Other 2
stat.
auth.

Total
amount
delivered 3

Use of proceeds
Total

Education

Roads Utiland
bridges ities «

Housing 5

Veterans'
aid

Other
purposes

1957
1958
1959

6,926
7,697

4,795
5,447
4,782

1,965
1,778
2,407

66
187
332

99 1,489
115 1,993
176 1,686

1,272 4,164
1,371 4,162
2,121 3,890

6,568 6,875
7,708 7,441
7,423 7,589

2,524
2,617
2,318

1,036
1,164
844

1,517
1,412
1,985

113
251
401

333 1,352
339 1,657
355 1,685

1960
1961
1962

7,292
8,566
8,845

4,771
5,724
5,582

2,095
2,407
2,681

302
315
437

125 1,110
120 1,928
145 1,419

1,984 4,198
2,165 4,473
2,600 4,825

7,102 7,247
8,301 8,463
8,732 8,568

2,405

1,007
1,167
1,114

1,316
1,700
1,668

426
385
521

201 1,891
478 1,913
125 2,177

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

650
563
440
666
610
572

404
251
343
378
403
277

237
200
74
273
194
173

839
639
559
416
650
544

612
544
427
650
578
550

190

1963—Jan
Feb . .
Mar . . .
Apr

978
834
1,012
949
947
r
l,081
810

527
431
674
691
435
r
417
421

429
383
185

657
843
880
1,003
900
r
901
1,093

731
726
973
868
856

]yf ay , .

June...
July...

106

117

138

497
367

109

9
6
23
15
12
6

34
62
60
150

21
20
16
16
15
28
21

41
100

54

156
168
76

179
184
58
236
200
242

437
317

250
342
331
208
423
r
525
379

686
391
416
585
356

1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt loans. Based on date of delivery to purchaser
(and
payment to issuer), which occurs after date of sale.
4
Water, sewer, and other utilities.




280
289
276

355

577

2,963

175

33

213
163

14
97
14

310
238

99
114

373

69
69
38
65

r

248
202

146
151
85
136
150
93
182
r
85
231
223
345
r
192
112

2
117

213
126
128
290
116
163

2
91
142
1
56
114
26

138
197
298
201
172
r
347
171

106
7

5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.

1293

SECURITY ISSUES

SEPTEMBER 1963
TOTAL NEW ISSUES
(In millions of dollars)

Proposed use of net proceeds,
all corporate issues 5

Gross proceeds, all issues 1
Noncorporate

Corporate

New capital

Period
Total
U.S.
Govt.2

U.S.
Govt.
agency 3

U.S.
State
and
local

1955
1956
1957
1958
1959

26,772 9,628
22,405 5,517
30,571 9,601
34 443 12,063
31,074 12,322

746 5,977
169 5,446
572 7 6,958
2,321 7,449
707 7,681

I960
1961
1962

27,541 7,906
35,494 12,253
29,975 8,590

1,672
1,448
1,188

7,230
8,345
8,558

150
175

760
641
559
426
646
595
547

1962—June
July
Aug
Sept
Oct
Nov
Dec

2,422
1,663
4,056
1,568
2,150
1,821
2,149

363
358
2,408
300
359
327
295

1963—Jan
Feb
Mar
Apr
May. . . .
June....

2,708
2,166
2,830
'2,927
'2,783
5,054

774
425
396
716
409
2,252

148
186
459

999
810
989
915
902
1,072

Bonds

Stock
Total

Other

4

Total

Publicly
offered

Total

182
334
557
1,052
616

10,240
10,939
12.884
1 1,558
<5.748

7 420
8 007

579 10,154
302 13,147
869 10,770

8 081
q 475

67
34
17
34
169
115
111

4, 119
4, ??5
6, 118
6

New 6 Other
purTotal money
poses

Privately Pre- Complaced ferred mon

S57

3,301
3,777
3,839
3,320
3,632

635
636
411
571
531

9 ,016

4, R06
4, 706
4, 487

3,275
4,720
4,529

c> 653 p, 758
409 1,664 q
895
449 3,273 P 874 11 ,979 10
1,150
436 1,318 10 ,572 c>,814 8, 323 1,491

1,232
630
922
632
976
784
1,197

1,063
565
840
472
853
732
1,072

488
?00
477
176
539
286
264

575
366
363
295
314
446
808

46
32
24
51
49
24
59

124
32
58
110
74
28
65

240
695
141
642
82 1.363
'62 '1,049
131 M.340
25 1,246

593
54*

350
259
499
380
5S0
459

243
289
774
'452
'694
675

30
17
17
'26
'17
38

9 957
q ,653
7 190

1

'832
1

,133

2,185
2,301
2,516
1,334
2,027

10 049
,821 7, 957
10 7/|q 1f ) 384 q 663
P 661 r .,447 11, 784
1f ) 823 q 907
11
c>,392
q 5^7
578

1,214

1 ,132

907
618
q61
776
1 ,184

582
749
579
835
703
1,103

71
684
77
631
74 1
191 '1 ,034
78 '1
75 1,230

613
594
1,144
'930
'904
1,013

Retirement
of
securities

864 1,227
721
364
663
214
549
915
814
135

953
504
620
441
7">7
494

923
563
448
1 056
'812
R30
783

271
895
757

180
78
129
138
108
209
180

82
39
159
39
126
73
81

50
146
88
'118
'74
230

72
37
205
'104
'419
217

Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Period

Real estate
and financial

RetireRetireRetireRetireRetireRetireNew
ment of
ment of
New
ment of
ment of
New
New
New
ment of
New 8 ment of
secusecucapital 8 secucapital 8
secucapital 8
capital 8
capital 8
secucapital
securities
rities
rities
rities
rities
rities
1955 . .
1956
1957
1958
1959

2,397
3,336
4,104
3,265
1,941

533
243
49
195

I960
1961
1962

1,997
3,708
3,020

79

..

...

1962—June
July
Aug

Sept

. .

Oct
Nov
Dec

1963

Jan..
Feb
Mar
Apr

May
June

. . .

70
306

204

342

14

217

31

218
166

4
21

153
271

10
3

345

31

135

5

220
592

6
31

'148
'216
227

'5
29
10

51
51
29
13
28

544
694
802
778
942

338
20
14
38
15

,254
,474
,821
3 ,605
3 ,189

174
14
51
138
15

; 04*

794
1,095
832

30
46
29

672
680
551

39
26
30

,754
,892
2 ,357

51
104
445

t0V

90
28
47
56
40
40
104

4

48
24
71
54
20
35
90

410

7
1
6
1
4

49
52
85
'64
'60
114

2
5
'12
2
3

1 Gross proceeds are derived by multiplying principal amounts or
number
of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
* Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of flotation.




?

769
682
579
867
812

15
13

252

56
4
142
14
108
50
25

'60 "
12

114
115
97
'342
'222
230

65
30
61
'86
58
179

118

110
148

99
30
143
'34
'101
109

141
175

\

441

I
101r

49-

,281
7C>
8f
12C )
6'r
">6f )

[

5^I
p« 5

6*\
4' \
'7 >
rQ'
5*I

77
21
4
118

1 812
1 815
1 701
1 014
1,801

56
17
67
47
6

1

2,401
2 176
1,773

71
36
39

163

7

*

378
10
4

2
2
*
3

3

'262
8

107

183
OO

222
178
257
9t
110
183
'271
'212
276

3
1
2
4
5
1
*
105

n

'95

6
7

For plant and equipment and working capital.
Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8 All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.

1294

SECURITY ISSUES

SEPTEMBER 1963

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
Bonds and notes

All securities

Common and preferred stocks

Period
New ssues

Retirements

New
issues

Net
change

New
issues

Retirements

Net
change

Invest.
COS. 1

Retirements

Net change

Other

Invest.
cos. 1

Other

Invest.
cos. 1

Other

1957
1958
1959

14,350
14,761
12,855

3,609
5,296
4,858

10,741
9,465
7,998

9,638
9,673
7,125

2,584
3,817
3,049

7,053
5,856
4,076

1,391
2,018
2,353

3,321
3,070
3,377

406
515
785

618
964
1,024

985
1,503
1,568

2,703
2,106
2,354

I960
1961
1962

13,084
16,745
13,490

5,033
6,967
6,249

8,051
9,778
7,241

8,072
9,225
8,593

3,078
4,090
3,566

4,994
5,134
5,028

2 288
3,259
2,788

2 724
4,261
2,109

869
1,181
1,123

1 086
1,696
1,561

1 419
2,078
1,665

1 638
2,566
548

1962—1
II
III
IV

3,226
4,097
2,744
3,423

1,406
1,633
1,634
1,576

1,820
2.463
1.110
1,848

1,668
2,606
1,816
2,503

730
793
1,082
960

938
1,813
734
1,543

966
811
500
511

592
680
428
409

282
320
235
286

394
520
317
330

684
491
265
225

198
160
111

1963—1

3,074

1,803

1,272

2,096

1,087

1,009

608

370

348

367

260

79

Type of issuer
Manufacturing

Commercial
and other 2

Transportation 3

Public
utility

Communication

Period
Bonds
& notes

Bonds
& notes

Stock

1957
1958
1959

1,779
2,191
316

1,391
-61
425

169
417
217

24
9
158

I960
1961
1962

399
1,938
1,479

451
318
-403

261
505
313

1962 I
II
Ill
IV

...

1963—i

Stock

Bonds
& notes

Stock

Bonds
& notes

Stock

289
413
335

-93

2

2,585
2,133
1,738

815
1,027
1,028

1,236
494
475

198
1,070
443

995
206
994

1,259
1,656
1,866

-91
-431
-173

173
63
-61

-42
1
-34

1,689
1,655
1,301

635
700
487

901
14S
1,178

356
1,472
363

1,572
825
819

1,749
2,584
1,972

-122
-25
11

-56

-1

-18
-27

-9
-12

201

51

698
87

233
134

82
85
100

86

191
132

316

69

434
191
244
308

97

410

844
558
302
268

100

-3

190

25

197

87

73

273

Stock

28

79

-189
-159

147
8

390

-83

78

-35

391

-102

58

-18

193

605
291

Bonds
& notes

Real estate
and financial

40

1 Open-end and closed-end cos.
23 Extractive and commercial and misc. cos.
Railroad and other transportation cos.
4 Includes investment companies.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1293, new issues

-11

Bonds
& notes

Stock

exclude foreign and include offerings of open-end investment cos., sales
of securities held by affiliated cos. or RFC, special offerings to employees,
and also new stock issues and cash proceeds connected with conversions
of bonds into stocks. Retirements include the same types of issues, and
also securities retired with internal funds or with proceeds of issues for
that purpose shown on p. 1293.

OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares

Assets (market value
at end of period)

Year
Sales

Redemptions

Net
sales

Total i

Cash
position 2

1952
1953
1954

783
672
863

196
239
400

587
433
463

3,931
4,146
6,110

309

1955
1956
1957
1958
1959

1,207
1,347
1,391
1,620
2,280

443
433
406
511
786

765
914
984
1,109
1,494

7,838
9,046
8,714
13,242
15,818

438
492
523
634
860

1960
1961
1962

2,097
2,951
2,699

842
1,160
1,123

1,255
1,791
1,576

17,026
22,789
21,271

973
980
1,315

I'Market value at end of period less current liabilities.
2 Cash and deposits, receivables, all U.S. Govt. securities
short-term debt securities less current liabilities.




Sales and redemption
of own shares

Assets (market value
at end of period)

Month
Sales

Other
1962—July...
Aug...
Sept...
Oct....
Nov...
7,400
Dec...
8,554
8,191
12,608 1963—Jan....
Feb...
14,958
Mar...
Apr...
16,053
May..
21,809
June..
19,956
July...
5,801

other

Redemptions

Net
sales

Total 1

Cash
position 2

Other

207
155
134
157
163
191

74
79
83
92
89
105

133
76
51
65
74
87

19,384
20,124
19,088
19,215
21,088
21,271

1,205
1,382
,334
1,298
,324
1,315

18,179
18,742
17,754
17,917
19,764
19,956

235
166
200
203
194
195
219

116
115
117
133
132
115
124

118
51
84
70
61
79
95

22,447
22,015
22,639
23,487
24,038
23,692
23,550

,336
1,401
1,350
1,256
1,286
1,166
1,310

21,111
20,614
21,289
22,231
22,752
22,526
22,240

NOTE.—Investment Co. Institute data based on reports of members,
which comprise substantially all open-end investment companies registered
with the Securities and Exchange Commission. Data reflect newly formed
companies after their initial offering of securities.

SEPTEMBER 1963

1295

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1961

Industry

1958

1959

1960

1961

1962

1963

1962 i
IV

III

IV

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends

2

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
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

105,134 118,423
10,466 14,090
5,714 7,440
4,078 4,342

126 122,849 135,579 32,875 33,291 34,602 31,995 35,690 '34,549 37,527
463 13,200 15,401 4,140 3,908 4,096
3,187 4,210 '3,960 4,720
121 7,135 8,184 2,258 2,033 2,096
1,700 2,355 ••2,078
2,442
r
464 4,714 5,022 1,380 1,154 1,158
1,163 1,548 l , 164
1,315

41,541 45,442
4,402 5,648
2,574 3,210
1,785 1,912

277 49,237 52,077
570 5,589 6,001
210 3,219 3,416
953 2,037 2,153

63,593 72,981
6,065 8,442
3,140 4,231
2,294 2,430

849 73,612 83,502 20,169 20,499 21,619 19,014 22,371 '21,342 23,699
893 7,611 9,400 2,618 2,447 2,595 1,734 2,624 2,448
3,083
911 3,916 4,768 1,364 1,217 1,282
873
1,397 '1,211
1,528
510 2,677 2,870
642
803
644
936
647
626
776

12,706 12,793 12,984 12,981 13,320 '13,207
1,522 1,461
1,501
1,453 1,586 1,512
894
816
815
959
827
'867
577
512
513
517
611
'539

r

3,268
'334
162
'108

3,464
385
183
110

3,508
'548
'283
204

3,788
621
318
204

3,714
299
255
141

3,916 '3,959
420
'390
r
341
304
145
'151

3,937
356
276
149

5,535
505
269
210

4,992
353
186
210

5,102
383
228
192

5,155
431
231
180

6,151
713
372
183

4,537
454
225
129

4,916
490
240
129

4,665
457
228
129

5,008
512
265
133

4,768
481
239
137

5,120
535
265
140

6,904
1,096
531
215

7,515
1,253
596
216

5,708
589
287
216

8,476
1,389
721
501

7,851
1,265
599
216

8,612
1,470
702
361

10,707 11,303 11,901 12,607 13,124
1,152 1,274 1,328 1,417 1,440
555
604
631
670
685
312
344
367
392
419

3,202
365
174
101

3,231
336
160
103

3,267
355
167
103

3,328
380
180
104

3,298
368
178
109

10,390 11,979 12,411 12,825 13,978
1,538 2,187 2,010 1,989 2,229
1,131 1,061 1,039 1,160
829
843
876
799
795
717

3,331
552
296
270

3,372
545
279
198

3,567
586
297
196

3,467
546
283
199

3,572
553
301
283

12,838 13,372 13,815 14,483 15,013
919
1,187 1,267 1,237 1,362
791
969 1,026 1,025 1,084
516
521
528
566
518

3,735
341
280
133

3,771
343
262
139

3,612
300
227
142

19,226 21,035 20,898 20,308 21,361
2,182 2,331 2,215 1,998 1,860
1,154 1,222 1,170 1,067 1,003
802
821
831
840
845

5,360
618
338
221

5,733
620
320
209

14,685 17,095 16,826 17,576 19,127
1.463 1,890 1,499 1,672 1,913
734
934
763
838
957
422
482
497
520
448

4,727
516
256
128

18,469 22,731 25,738 22,779 28,603
1,332 2,985 3,185 2,788 4,326
706 1,479 1,527 1,410 2,136
758
807
833
969 1,148

6,577
1,152
597
348

i

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

9,565
843
602
419

9,514
648
445
385

9,189
625
382
359

9,440
728
571
367

2,415
276
199
113

2,296
133
66
85

2,408
186
105
92

2,332
172
125
67

2,405
237
275
123

10,195 11,129 11,906 12,478 13,252
2,704 2,983 3,163 3,349 3,591
1,519
1,655 1,793 1,883 2,053
1,134
1,219 1,307 1,374 1,459

3,268
840
475
344

3,399
1,051
58"
366

3,206
835
472
371

3,255
887
488
356

3,392 '3,830
818 1,100
508
626
366
392

3,378
848
498
378

2,230
657
326
225

2,245
648
320
231

2,296
678
335
232

2,300
683
337
235

2.355
630
335
237

2,440
711
357
255

6,939
1.860
921
674

9,825
845
578
406

7,572
2,153
1,073
743

8,111
2,326
1,155
806

1

Figures have not been adjusted for the varying treatment by individual companies of additional depreciation under the new guidelines and
of 2the investment tax credit.
Includes 17 cos. in groups not shown separately.
3
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.




13,828
1,637
914
539

8,615
2,478
1.233
867

9,196
2,639
1,327
935

I

2,238
89

2,365
672
336
225

!

Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL. , p p .

215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from Division of Research and Statistics.

1296

BUSINESS FINANCE

SEPTEMBER 1963

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)

Year

1955
1956
1957
1958
1959

. ...

I960
1961
1962

Profits
before
taxes

Ineome
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances 1

44.9
44.7
43.2
37.4
47.7

21.8
21.2
20.9
18.6
23.2

23.0
23.5
22.3
18.8
24.5

11.2
12.1
12.6
12.4
13.7

11.8
11.3
9.7
6.4
10.8

18.4
20.0
21.8
22.7
24.3

44.3
43.8
46.8

22.3
22.0
22.2

22.0
21.8
24.6

14.5
15.3
16.6

7.5
6.5
8.1

25.6
26.8
30.8

i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.

Quarter

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances 1

1961—III
IV....

44.3
48.9

22.3
24.6

22.0
24.3

15.2
15.8

6.8
8.5

26.9
27.5

1962—1
II
III....
IV

45.9
46.7
46.2
48.4

21.7
22.1
21.9
22.9

24.2
24.6
24.3
25.5

16.2
16.4
16.5
17.1

8.0
8.2
7.8
8.4

30.3
30.7
31.0
31.3

1963—1

48.3

22.9

25.4

17.1

8.3

31.7

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

Cash

1955
1956
1957
1958
1959
I960;

103.0
107.4
111.6
118.7
124.2
128.6

224.0
237.9
244.7
255.3
277.3
289.0

34.6
34.8
34.9
37.4
36.3
37.2

U.S.
Govt.
securities

Current liabilities

Notes and accts.
receivable
U.S.
Govt.i

Other

23.5
19.1
18.6
18.8
22.8
20.1

2.3
2.6
2.8
2.8
2.9
3.1

86.6
95.1
99.4
106.9
117.7
126.1

Inventories

Other

Total

72.8
80.4
82.2
81.9
88.4
91.8

4.2
5.9
6.7
7.5
9.1
10.6

121.0
130.5
133.1
136.6
153.1
160.4

Notes and accts.
payable
Accrued
Federal
income
U.S.
taxes
Other
Govt.i

Other

2.3
2.4
2.3
1.7
1.7
1.8

73.8
81.5
84.3
88.7
99.3
105.0

19.3
17.6
15.4
12.9
15.0
13.5

25.7
29.0
31.1
33.3
37.0
40.1

1961—IV

136.8

306.0

40.3

19.7

3.4

135.5

95.2

12.0

169.3

1.8

111.6

14.0

41.9

1962—I
II
Ill
IV

138.4
140.4
141.3
144.0

308.6
313.3
320.5
325.9

36.9
37.2
37.5
41.0

20.4
19.6
19.0
20.1

3.4
3.3
3.4
3.6

137.0
141.0
146.4
146.5

97.8
98.7
100.5
100.9

13.1
13.5
13.7
13.7

170.2
172.9
179.2
181.9

1.8
1.8
1.9
2.0

111.4
113.4
117.7
119.8

13.5
13.6
14.6
14.9

43.5
44.1
45.0
45.1

1963—1

144.9

327.7

36.9

20.7

3.5

148.7

102.7

15.2

182.8

2.3

120.2

14.1

46.2

1

Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period

Total
Durable

Nondurable

Transportation
Mining
Railroad

Other

Public
utilities

Communications

Other i

1955
1956
1957
1958
1959

28.70
35.08
36.96
30.53
32.54

5.44
7.62
8.02
5.47
5.77

6.00
7.33
7.94
5.96
6.29

.96
1.24
1.24
.94
.99

.92
1.23
1.40
.75
.92

1.60
1.71
1.77
1.50
Z.02

4.31
4.90
6.20
6.09
5.67

1.98
2.68
3.03
2.62
2.67

7.49
8.36
7.37
7.20
8.21

1960
1961
1962
1963 2 r

35.68
34.37
37.31
39.09

7.18
6.27
7.03
7.76

7.30
7.40
7.65
7.83

.99
.98
1.08
1.04

1.03
.67
.85
1.07

1.94
L85
2.07
1.90

5.68
5.52
5.48
5.64

3.13
3.22
3.63

8 44
8.46
9.52

1962 I
11
Ill
IV

8.02
9.50
9.62
10.18

1.44
1.77
1.79
2.03

1.69
1.92
1.93
2.10

.26
.27
.28
.27

.16
.26
.24
.20

.47
.60
.50
.50

1.06
.37
.54
L.52

.88
.93
.87
.95

1963—1
II r
Ill 2 r
IV 2

8.25
9.74
10.09
11.00

1.62
1.96
3.92
2.25

1.65
1.95
1.98
2.24

.24
.26
.27
.27

.21
.28
.28
.31

.39
.54
.46
.51

1.04
1.40
1.59
1.61

.85
.95

1 Includes trade, service, finance, and construction.
Anticipated by business.

2




13. 86

3. 58
3. 81

Total
(S.A.
annual
rate)

2.06
2.37
2.48
2.60

35.70
36.95
38.35
37.95

2.26
2.41

36.95
38.05
39.95
41.15

NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

SEPTEMBER 1963

1297

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties

End of period

Other
holders 2
FinanAll
cial
holdinsti- 1 U.S.
Indiers tutions
agen- viduals
and
cies
others

1941
1945...

1- to 4-family houses
All
holders

Finan. Other
instiholdTotal
tutions ! ers

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

144.5
156.6
171.9
190.9

111 2
119.7
131.5
145.5

6.0
7.5

7.8
10.0

27.3
29.4
32.7
35.4

134.6
146.1
160.7
178.7

99.0
107.6
117.7
130.9

83.4
89.9
98.5
109.2

15.6
17.7
19.2
21.6

207.1
225.8
250.5

157 6
172.6
192.7

11.2
11.8
12.2

38 3
41.3
45.7

194.0
211.6
235.0

141.3
153.0
168.4

117.9
128.7
142.9

23.4
24.3
25.5

1961 I
II
Ill
IV

210.3
215.3
220.3
225.8

160.2
164 4
168.4
172.6

11.3
11.2
11.4
11.8

38.9
39 7
40.4
41.3

197.0
201.6
206.3
211.6

143.2
146.3
149.6
153.0

119.7
122.8
125.8
128.7

23.5
23.5
23.8
24.3

1962—IP
IIP

230.4
237.0
243.5
250.5

176.0
181.6
187.0
192.7

12.1
12.1
12.1
12.2

42.3
43.3
44.4
45.7

215.9
222.0
228.2
235.0

155.7
159.9
164.2
168.4

130.9
135.0
139.1
142.9

24.8
24.9
25.1
25.5

255.7
263.0

197.4
204.0

11.8

46.5

239.9

171.6

146.3

25.3

1956
1957
1958
1959
I960
1961
1962P

.

IIIP

IV*
1963—IP
H2>

. .

Farm

Nonfarm

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.

Multifamily and
commercial properties

3

Finan. Other
Total insti- 1 holdtutions ers
12.9
12.2
35.6
38.5
43.0
47.9
52.7
58.6
66.6
53.8
55.2
56.7
58.6
60.2
62.2
64.0
66.6
68.3

All Financial Other 4
hold- instiers tutions1 holders

8.1
7.4

4.8
4.7

6.4
4.8

23.9
25.8
28.8
31.9
35.0
38.9
44.3
35.7
36.7
37.7
38.9
40.0
41.3
42.5
44.3
45.5

11.7
12.7
14.2
16.0

10.5
11.3
12.2

17.7
19.7
22.3
18.0
18.5
19.0
19.7
20.2
20.9
21.5
22.3
22.8

13.1
14.2
15.5
13.3
13 7
14.0
14.2
14.5
14.9
15.2
15.5
15.8

1.5
1.3

9.9

3.9
4.0

4.2
4.5
4.7
5.0

4.9
3.4
6.0
6.5

7.1
7.7
8.4
9.2

5.5
4.7
4 8

10.0
8.6
8 9

5.1
5.3
5.4
5.5

9.4
9.7
9.9

4.9
5.0

5.6

9.1
9.2

10.0
10.2

4
Derived figures; includes debt held by Federal land banks and
Farmers Home Administration.

NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce Federal National Mortgage Assn., Federal Housing
Administration, Public Housing Administration, Veterans Administration, and Comptroller of the Currency.
Figures for first three quarters of each year are F.R. estimates.

MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings 1

Mutual savings bank holdings

Residential

Residential

End of period
Total
Total

FHAinsured

VAguaranteed

1941
1945

4,906
4,772

1956
1957
1958
1959

22,719
23,337
25,523
28,145

17,004
17,147
18,591
20,320

4,803
4,823
5,476
6,122

3,902
3,589
3,335
3,161

I960
1961
1962

28,806
30,442
34,476

20,362
21,225
23,482

5,851
5,975
6,520

1961 I
II
Ill
IV

28,864
29,383
29,920
30,442

20,281
20,595
20,953
21,225

1962 I
II
Ill
IV

30,844
32,194
33,430
34,476

1963—1

35,233

1
2

Conventional

Other
nonfarm

1,048

Farm

Total
Total

FHAinsured

VAguaranteed

856

566
521

4,812
4,208

3,884
3 387

8,300
8,735
9,780
11,037

4,379
4,823
5,461
6,237

336

,367
,471
,588

19,746
21,169
23,263
24,992

17,703
19,010
20,935
22,486

4,409
4,669
5,501
6,276

7,139
7,790
8,360
8,589

2,859
2,627
2,654

11,652
12,623
14,308

6,796
7,470
8,972

648
26,935
1,747 29,145
?, 0?.?, 32,320

24,306
26,341
29,181

5,793
5,820
5,905
5,975

2,776
2,726
2,676
2,627

11,712
12,049
12,372
12,623

6,906
7,072
7,227
7,470

1,716
1,747

27,447
28,015
28,589
29,145

21,211
22,049
22,824
23,482

6,003
6,195
6,376
6,520

2,547
2,593
2,617
2,654

12,661
13,260
13,831
14,308

7,817
8,218
8,628
8,972

,816
,977
1 978
?,07?

23,836

6,627

2,641

14,568

9,342

2,055

3,292
3 395

Includes loans held by nondeposit trust cos., but not bank trust depts.
Data for 1941 and 1945, except for totals, are special F.R. estimates.

NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States




2

677
740

Conventional

Other
nonfarm

Farm

900
797

28
24

1,984
2,102
2,275
2,451

59
57
53
55

7,074
8,045
9,238

8,986 8,246 2,575
9,267 9 028 2,753
9,787 10,156 3,088

54
51
51

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

29,833
30,638
31,484
32,320

26,940
27,632
28,464
29,181

8,340
8,662
8,984
9,238

9,392 9 208
9,502 9,469
9,633 9,847
9,787 10,156

2,842
2,954
2,968
3,088

51
51
52
51

33,368

30,143

9,724 10,046 10,373

3,174

51

6,155
6,551
7,073
7,622

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.

1298

REAL ESTATE CREDIT

SEPTEMBER 1963

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Period
Total
Total

1941
1945

.

FHAinsured

VAguaranteed

Farm i

Total

Other 1

Total

976

FHAinsured

6,442
6,636

5,529
5,860

815
1,394

VAguaranteed

Farm
Other

4,714
4,466

913
776

1956
1957
1958
1959

6,715
5,230
5,277
5,970

6,201
4,823
4,839
5,472

842
653
1,301
1,549

1,652
831
195
201

3,707
3,339
3,343
3,722

514
407
438
498

32,989
35,236
37,062
39,197

30,508
32,652
34,395
36,353

6,627
6,751
7,443
8,273

7,304
7,721
7,433
7 s 086

16,577
18,180
19,519
20,994

2,481
2,584
2,667
2,844

1960
1961
1962c

6,086
6,785
7,478

5,622
6,233
6,859

1,401
1,388
1,355

291
220
469

3,930
4,625
5,035

464
552
619

41,771
44,203
46,902

38,789
41,033
43,502

9,032
9,665
10,176

6,901
6,553
6,395

22,856
24,815
26,931

2,982
3,170
3,400

1962—Julyr .
Aug
Sect
Oct
Nov
Dec

609
637
566
719
727
1,016

564
597
530
673
683
952

96
118
109
139
142
148

36
38
41
54
46
49

432
441
380
480
495
755

45
40
36
46
44
64

45,309
45,576
45,758
46,051
46,380
46,980

41,999
42,247
42,413
42,686
43,003
43,582

9,952
10,005
10,051
10,107
10,182
10,257

6,432
6,412
6,403
6,397
6,389
6,394

25,615
25,830
25,959
26,182
26,432
26,931

3,310
3,329
3,345
3,365
3,377
3,398

647
518
705
705
713
725
821

581
447
608
624
635
657
737

122
98
125
126
129
117
140

48
44
63
68
73
54
57

411
305
420
430
433
486
540

66
71
97
81
78
68
84

47,203
47,348
47,618
47,910
48,165
48,421
48,665

43,805
43,928
44,156
44,407
44,616
44,831
45,028

10,309
10,343
10,388
10 444
10,483
10,501
10,510

6,397
6,390
6,399
6,418
6,428
6,432
6,428

27,099
27,195
27,369
27,545
27,705
27,898
28,090

3,398
3,420
3,462
3,503
3,549
3,590
3,637

1963—Jan
Feb
Mar
Apr
May
June
July

1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31, 1959.

NOTE.—Institute of Life Insurance data.

monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for
year-end adjustments are more complete.

For loans acquired, the

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

(In millions of dollars)
Loans made
Period
Total 2

New
construction

(In millions of dollars)
Total i

Loans outstanding (end of period)

FHAHome
inpur- Total 2
sured
chase

ConVAvenguaranteed tional 2

By type of lender (N.S.A.)

N.S.A.

Savings &
loan
assns.

Insurance
companies

1941
1945

4,732
5,650

1,490
2,017

404
250

1 165
1,097

218
217

Period
S.A. 2

Commercial
banks

Mutual
savings
banks

1941
1945

1 379
1,913

437
181

581
1,358

4 578
5,376

1956
1957
1958
1959

10,325
10,160
12,182
15,151

3,699
3,484
4,050
5,201

4,620
4,591
5,172
6,613

35,729
40,007
45,627
53,141

1,486
1,643
2,206
2,995

6,643
7,011
7,077
7,186

27,600
31,353
36,344
42,960

1956
1957
1958
1959

27,088
24,244
27,388
32,235

9,532
9,217
10,516
13,094

1,799
1,472
1,460
1,523

5,458
4,264
5 204
5,832

J 894
1,429
1,640
1,780

1960
1961
1962

14,304
17,364
20,754

4,678
5,081
5,979

6,132 60,070
7,207 68,834
8,524 78,973

3,524
4,167
4,480

7,222 49,324
7,152 57,515
7,022 67,471

I960
1961
1962

29,341
31,157
34,187

12,158
13,662
15,144

1,318
1,160
1,212

4,520
4,997
5,851

1,557
1,741

1,839
2,036
1,731
1,953
1 750
1,755

515
540
495
543
505
534

796
920
746
823
708
643

74,511
75,527
76,371
77,333
78,137
78,973

4,378
4,399
4,414
4,425
4,459
4,480

7,105
7,097
7,086
7,081
7,069
7,022

63,028
64,031
64,871
65,827
66,609
67,471

June
July
Aue
Sept
Oct
Nov
Dec

1,573
1,503
1,834
2,058
2,199
2,242
2,352

434
429
573
622
651
638
621

616
576
666
760
854
936
1,007

79,648
80,341
81,247
82,311
83,489
84,720
85,813

4,507
4,529
4,542
4,555
4,588
4,594
4,626

7,026
7,057
7,055
7,078
7,102
7,057
7,040

68,115
68,755
69,650
70,678
71,799
73,069
74,147

Jan
Feb
Mar
Apr
May
June

1962

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

1
Includes loans for repair, additions and alterations, refinancing, etc.
not2 shown separately.
Beginning with 1958 includes shares pledged against mortgage loans.

NOTE.—Federal Home Loan Bank Board data.




Q57

. .

2,891
2,973
2,933
2,929
2,925
2,939
2,916

3,075
3,134
3,333
2,861
3,208
2,883
2,682

1,382
1,501
1,285
1,403
.270
1* 168

107
107
123
104
116
105
103

542
549
563
476
554
490
444

177
201
201
183
191
178
168

2,876
2,869
2,907
2,986
3,066

2,658
2,424
2,751
3,065
3,233
3,177

1 141
1,086
1,261
1,412
1,497
1 468

100
88
99
112
116
119

457
408
467
539
563
551

141
123
126
145
168
181

1963

1
Includes amounts for other lenders, not shown separately.
2 Three-month moving average, seasonally adjusted by Federal Re
serve.

NOTE.—Federal Home Loan Bank Board data.

SEPTEMBER 1963
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES

(In millions of dollars)

(In billions of dollars)
VA-guaranteed

FHA-insured
Mortgages
Period
Total

New
homes

Existing
homes

Governmentunderwritten

Mortgages
Property
ProjimTotal
3
ects i proveExNew
isting
ments 2
homes homes

1945

665

257

217

20

1956
1957
1958
1959

3,461
3,715
6,349
7,694

1,133
880
1,666
2,563

1,505
1,371
2,885
3,507

130
595
929
628

692
869
868
997

5,868
3,761
1,865
2,787

3,910
2,890
1,311
2,051

1,948
863
549
730

1960
1961
1962

6,293
6,546
7,184

2,197
1,783
1,849

2,403
2,982
3,421

711
926
,079

982
855
834

1,985
1,829
2,652

1,554
1,170
1,357

428
656
1,292

171

192

1962—July
Aug
Sept
Oct
Nov
Dec

678
670
576
673
649
589

144
157
144
193
172
145

289
308
287
353
321
284

164
130
62
54
86
95

81
75
83
72
70
65

219
247
231
285
254
236

109
120
114
136
124
115

110
127
117
149
129
121

1963—Jan
Feb
Mar
Apr
May
June
July

618
536
546
540
562
590
640

179
141
137
120
123
118
142

324
259
279
273
292
301
369

60
82
73
86
72
86
72

54
54
57
62
75
85
56

254
202
219
245
260
188
232

123
100
106
114
108
82
93

131
101
113
130
151
106
138

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
amounts of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type arc derived
from data on number and average amount of loans closed.

End of
period

Total
Total

ConvenFHA- VA- tional
inguarsured anteed

1945

18.6

4.3

4.1

.2

14.3

1956
1957
1958
1959

99.0
107.6
117.7
130.9

43.9
47.2
50.1
53.8

15.5
16.5
19.7
23.8

28.4
30.7
30.4
30.0

55.1
60.4
67.6
77.0

I960
1961

141.3
153.0
168.4

56.4
59.1
62.0

26.7
29.5
32.3

29.7 84.8
29.6 93.9
29.7 106.4

I960—IV

141.3

56.4

26.7

29.7

84.8

1961—1
II
Ill
IV

143.2
146.3
149.6
153.0

57.1
57.8
58.7
59.1

27.4
28.0
28.8
29.5

29.7
29.8
29.9
29.6

86.1
88.6
90.9
93.9

1962—IP

155.7
159.9
164.2
168.4

59.9
60.4
61.0
62.0

30.3
30.9
31.5
32.3

29.6 95.8
29.5 99.4
29.5 103.2
29.7 106.4

171.6

62.8

33.0

29.8 108.8

UP

1963—IP

NOTE.—For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Administration, and Veterans
Administration.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

FEDERAL HOME LOAN BANKS

(In millions of dollars)

(In millions of dollars)

Mortgage holdings
Endof
period
Total

FHAinsured

VAguaranteed

978

Mortgage
transactions
(during
period
Purchases

1956
1957
1958
1959.

3,047
3,974
3,901
5,531

1,237
1,483
2,546

2,069
2,737
2,418
2,985

1960
1961.
1962

6,159
6,093
5,923

3,356
3,490
3,571

2,803
2,603
2,353

1,248

5,989
. . . 5,969
5,951
5,944
5,949
5,923

3,557
3,556
3,552
3,555
3,575
3,571

2,432
2,413
2 399
2,389
2,374
2,353

5,853
5,697
5,501
5,227
4,993
4,883
4,795

3,552
3,469
3,375
3,269
3,164
3,114
3,069

2,300
2,227
2,126
1,958
1,828
1,769
1,727

1962- -July
Aug
Sept
Oct
Nov
Dec

1963- J a n
Feb
Mar
Apr
M^ay
July

S ales

Commitments
undisburscd

Period

Advances

Repayments

Advances outstanding
(end of period)
Total

Shortterm *

Longterm 2

Members
deposits

1945

278

213

195

176

19

46

745
1,116
1,364
2,067

934
1,079
1,331
1,231

1,228
1,265
1,298
2,134

798
731
685
1,192

430
534
613
942

683
653
819
589

1,943
2,882
4,111

2,097
2,200
3,294

1,981
2,662
3,479

1,089
1,447
2,005

SQ?

1,216
1,474

938
1,180
1,213

2
48?
5

1,541
568

1956
1957
1958
1959

815
740

357
541
498

576
631
355

1960
1961
1962

34
35

47
19

485
442

1?
11
19

429
431
366

26

18

1962—Aug
Sept
Oct
Nov
Dec

355

312
279
383
252
611

225
180
338
275
200

2,948
3,046
3,091
3,068
3,479

1,787
1,835
1,876
1,821
2,005

1,161
1,211
1,215
1,246
1,474

954
984
1,016
1,028
1,213

34
17

66

336
323

1963—Jan
Feb
Mar
Apr
May
June
July
Aug

249
178
250
451
382
696
709
466

926
370
348
329
277
166
432
456

2,802
2,611
2,514
2,635
2,740
3,270
3,548
3,758

1,669
1,534
1,399
1,516
1,585
1,876
2,139
2,310

1,134
1,077
,115
,119
,155
,393
,409
,448

1,155
1,213
1,282
1,250
1,236
1,325
1,069
1,011

609

1 096
623

1,907

32
39
57

28
28
26
32
19

191
768

?n

10?
74

360
764

289
281
272
251
183

NOTE.—Federal National Mortgage Association data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage
Company, the Defense Homes Corporation, the Public Housing Administration and Community Facilities Administration.




1299

REAL ESTATE CREDIT

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.

1300

CONSUMER CREDIT

SEPTEMBER 1963
TOTAL CREDIT
(In millions of dollars)
Instalment

End of period

Total
Total

Automobile
paper

Other
consumer
goods
paper

Noninstalment
Repair
and modernization
loans J

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1956
1957
1958
1959

42,334
44,970
45,129
51,542

31,720
33,867
33,642
39,245

14,420
15,340
14,152
16,420

8,606
8,844
9,028
10,630

1,905
2 101
2,346
2,809

6,789
7 582
8,116
9,386

10,614
11,103
11,487
12,297

3,253
3,364
3,627
4,129

4,995
5 146
5,060
5,104

2,366
2 593
2,800
3,064

1960
1961
1962

56,028
57,678
63,458

42,832
43,527
48,243

17,688
17,223
19,384

11,525
11,857
12,855

3,139
3,191
3,290

10,480
11,256
12,714

13,196
14,151
15,215

4,507
5,136
5,579

5,329
5,324
5,642

3,360
3,691
3,994

1962—July
Sept
Oct
Nov
Dec

59,364
60,003
60,126
60,626
61,473
63,458

45,650
46,204
46,310
46,722
47,274
48,243

18,680
18,933
18,881
19,083
19,307
19,384

11,754
11,824
11,861
11,986
12,186
12,855

3,226
3,260
3,277
3,289
3,302
3,290

11,990
12,187
12,291
12,364
12,479
12,714

13,714
13,799
13,816
13,904
14,199
15,215

5,402
5,469
5,481
5,442
5,526
5,579

4,457
4,491
4,495
4,663
4 825
5,642

3,855
3 839
3,840
3,799
3 848
3,994

Jan
Feb
Mar
Apr
May
June
July

62,728
62,198
62,239
63,230
64,165
64,892
65,364

48,118
48,004
48,153
48,836
49,494
50,220
50,792

19,438
19,525
19,720
20,120
20,509
20,904
21,242

12,695
12 468
12,359
12,419
12,512
12,622
12,661

3,250
3 221
3,210
3,229
3,272
3,305
3,340

12,735
12 790
12,864
13,068
13,201
13,389
13,549

14,610
14,194
14,086
14,394
14,671
14,672
14,572

5,511
5,545
5,593
5,596
5,696
5,715
5,688

5,058
4 496
4,340
4,567
4 791
4,783
4,727

4,041
4 153
4,153
4,231
4 184
4,174
4,157

1963

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

mortgage loans. The
Jan. 1959 (except for
for Hawaii beginning
see BULL., Apr. 1953.

estimates include data for Alaska beginning with
instalment credit held by sales finance cos.) and
with Aug. 1959. For a description of the series
Back data are available upon request.

INSTALMENT CREDIT
(In millions of dollars)
Financial institutions»
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

Credit
unions

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

1956
1957
1958
1959

31,720
33,867
33,642
39,245

26,977
29,200
28,659
33,570

11,777
12,843
12,780
15,227

9,117
9,609
8,844
10,319

2,014
2,429
2,668
3,280

42,832
43,527
48,243

37,218
37,935
41,807

16,672
17,008
18,909

11,472
11,273
12,194

45,650
46,204
46,310
46,722
47,274
48,243

40,062
40,537
40,597
40,896
41,285
41,807

18,235
18,427
18,443
18,613
18,765
18,909

48,118
48,004
48,153
48,836
49,494
. . . . 50 220
50,792

42,304
42,286
42,398
42,959
43,482
44,077
44,581

18,981
19,057
19,203
19,581
19,874
20,190
20,459

1960
1961
1962

. .

1962 July
Aug
Sept
Oct
Nov
Dec
1963—Jan
Feb

Mar
Apr
Tune . .
July

Consumer
finance

1

Other i

Total

Department
stores 2

Furniture
stores

Appliance
stores

Automobile
dealers 3

Other

657
759
629

1 438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

2,940
3,124
3,085
3,337

1,129
1,195
1,282
1.407

4,743
4,668
4,983
5,676

1,408
1,393
1,882
2,292

1,187
1,210
1 128
1,225

377
361
292
310

502
478
506
481

1.269
,226

3,923
4,330
4,973

3,670
3,799
4,131

,481
,525
,600

5,615
5,595
6,436

2,414
2,421
3,013

1,107
1,058
1,073

333
293
279

359
342
284

,402
,481
,787

11,682
11,796
11,787
11,860
11,986
12,194

4,681
4,783
4,814
4,874
4,928
4,973

3,907
3,948
3,969
3,974
4,009
4,131

,557
,583
,584
,575
,597
1,600

5,588
5,667
5,713
5,826
5,989
6,436

2,545
2,609
2,675
2,737
2,835
3,013

989
999

275
275
273
273
274
279

298
296
299
298
292
284

,481
,488
,468
,516
1,569
1,787

12,668
12,556
12,460
12,506
12,583
12,693
12,807

4,939
4,952
5,007
5,117
5,228
5,345
5,427

4,134
4,138
4,139
4,174
4,191
4,241
4,276

1,582
1,583
1,589
.581
1,606
1.608
1,612

5,814
5,718
5,755
5,877
6,012
6 143
6,211

2,478
2,480
2,566
2,686
2,797
2,925
2,999

275
273
264
259
260
260
260

284
281
277
269

1,728
[,657
1,646
1,671
1,698
I 703
1.704

1 Consumer finance cos. included with 'other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.




Retail outlets

998

[,002
1,019
1,073
1,049
1,027
1 002
992
994
997

994

263
258
254

175

,368

3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.

1301

CONSUMER CREDIT

SEPTEMBER 1963
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES

(In millions of dollars)

(In millions of dollars)

Direct

Other
comsumer
goods
paper

Repair
and
modernization
loans

178
338

166
309

135
161

Automobile
paper
End of period

Total

Purchased

1939
1941
1945

1,079
1,726
745

237
66

143

114

110

312

1956
1957
1958
1959

11,777
12,843
12,780
15,227

3,651
4,130
4,014
4,827

2,075
2,225
2,170
2,525

2,464
2,557
2,269
2,640

1,469
1,580
1,715
2,039

2,118
2,351
2,612
3,196

I960
1961
1962

16,672
17,008
18,909

5,316
5,391
6,181

2,820
2,860
3,393

2,759
2,761
2,811

2,200
2,198
2,238

3,577
3,798
4,286

18,235
18,427
18,443
18,613
18,765
18,909

5,922
6,008
6,009
6,091
6,160
6,181

3,270
3,295
3,259
3,305
3,357
3,393

2,734
2,726
2 732
2,746
2,762
2,811

2,206
2,224
2,235
2,246
2,250
2,238

4,103
4,174
4,208
4,225
4,236
4,286

18,981
19,057
19,203
19,581
. . 19,874
20,190
20,459

6,194
6,240
6,327
6,470
6,596
6,728
6,853

3,427
3,458
3,513
3,612
3,699
3,766
3,818

2,832
2,822
2,809
2,824
2,843
2,871
2,884

2,213
2,191
2,178
2,194
2,221
2,245
2,271

4,315
4,346
4,376
4,481
4,515
4,580
4,633

1962—July
Aus

Sept
Oct
Nov

Dec
1963—Jan
Feb

Mar
Apr
May
June
July

447

Automobile
paper

Other
consumer
goods
paper

1,197
1,797
300

878
1,363
164

115
167
24

148
201
58

56
66
54

1956
1957
1958
1959

9,117
9,609
8,844
10,319

7,238
7,393
6,310
7,187

1,277
1,509
1,717
2,114

32
31
36
72

570
676
781
946

1960
1961
1962

11,472
11,273
12,194

7,528
6,811
7,449

2,739
3,100
3,123

139
161
170

,066
,201
,452

1962—July.
Aug.
Sept.
Oct..
Nov.
Dec.

11,682
11,796
11,787
11,860
11,986
12,194

7,228
7,327
7,296
7,350
7,440
7,449

2,981
2,969
2,957
2,952
2,967
3,123

171
171
172
172
171
170

,302
,329
,362
,386
,408
,452

1963—Jan..
Feb.,
Mar.
Apr.
May
June
July.

12,668
12,556
12,460
12,506
12,583
12,693
12,807

7,471
7,477
7,514
7,639
7,778
7,934
8,069

3,567
3,446
3,307
3,214
3,136
3,069
3,011

167
165
164
162
162
162
162

,463
,468
,475
,491
,507
,528
,565

Personal
loans

363
471

End of period

1939
1941
1945

lotal

,

Repair
and
modernization
loans

Personal

See NOTE to first table on previous page.
See NOTE to first table on previous page.

INSTALMENT CREDTT HELD BY OTHER
FINANCIAL INSTITUTIONS

NONINSTALMENT CREDIT
(In millions of dollars)

(In millions of dollars)

Total

End of period

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Singlepayment
loans

Personal
loans
End of period

Total
Commercial
banks

Charge accounts

Service
Other
credit
finan- DeOther C A'
cial
part- retail
H 2
insti- ment outlets carus
tutions stores 1

1939
1941
1945

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1956
1957
1958
1959

6,083
6,748
7,035
8,024

954

624

404

1,114
1,152
1,400

588
565

490
595

1939
1941
1945

2 719
3,087
3,203

625
693
674

162
152
72

236
275
290

1 178
1,370
1,322

681

698

4,101
4,555
4,723
5,244

I960
1961
1962

9,074
9,654
10,704

771

800

5,837
6,257
6,976

1956
1957
1958
1959

10,614
. . . . 11,103
11,487
12,297

2,843
2,937
3 156
3,582

410
427
471
547

893
876
907
958

3,842
3,953
3 808
3,753

260
317
345
393

2,366
2,593
2 800
3,064

1962—July
Aug
Sept
Oct
Nov
Dec

10,145
10,314
10,367
10,423
10 534
10,704

1,665
1,819
2,077
1,962
2,007
2,018
2,039
2,058
2,077

1960
1961
1962

13 196
14,151
15,215

3 884
4,413
4,704

623
723
875

941
948
927

3 952
3,907
4,203

436
469
512

3,360
3,691
3,994

10,655
10,673
10,735
10,872
. . 11,025
11,194
11,315

2 062
2,069
2,089
2,130
2,173
2,218
2,248

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

13,714
13,799
13,816
13,904
14,199
15,215

4,662
4,657
4,666
4,662
4,680
4,704

740
812
815
780
846
875

569
570
614
638
688
927

3,388
3,394
3,353
3,507
3,629
4,203

500
527
528
518
508
512

3,855
3,839
3,840
3,799
3,848
3,994

1963—Jan....
Feb...
Mar...
Apr...
May..
June..
July...

14,610
14,194
14,086
14,394
14,671
14,672
14,572

4,680
4,704
4,713
4,774
4,813
4,865
4,846

831
841
880
822
883
850
842

775
646
587
603
610
599
555

3,759
3,324
3,251
3,466
3,675
3.665
3,628

524
526
502
498
506
519
544

4,041
4,153
4,153
4,231
4,184
4,174
4,157

1963—Jan
.
Feb
Mar
Apr
May
June
July

.

.

.

.

743
769

832
882

749
758
758
760

849
865
870
871

760
769

881
882

766

870

763
765

865
868

773
784
797
809

873
889
898
907

6,585
6,684
6,721
6,753
6,835
6,976
6,957
6,976
7,013
7,096
7,179
7,281
7,351

NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.




518
597
845

1
Includes mail-order houses.
2
Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.

1302

CONSUMER CREDIT

SEPTEMBER 1963

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Automobile paper

Total
Period
S.A.i

N.S.A.

S.A.I

N.S.A.

Other consumer
goods paper
S.A.I

Repair and
modernization loans

N.S.A.

S.A.1

N.S.A.

Personal loans
S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40 119
48,052

15,515
16,465
14 226
17,779

11,721
11,807
11,747
13,982

1,582
1,674
1,871
2,222

11,051
12,069
12,275
14,070

1960
1961
1962

49,560
48,396
55,395

17,654
16,007
19,515

14,470
14,578
16,129

2,213
2,068
2,113

15,223
15,744
17,638

1962—July
Sept
Oct
Nov.
Dec

.

1963—Jan
Feb
Mar
Apr
May
June
July

4,669
4,619
4,491
4,682
4,961
4,829

4,720
4,862
4,098
4,913
4,932
5,379

? 631
1,602
1,505
1,685
1,797
1,684

1,751
1,731
1,309
1,816
1,701
1,539

1,368
1,325
1,308
1,335
1,425
1,469

\ 290
1,345
1,255
1,432
1,499
1,937

189
179
170
169
168
172

199
209
176
191
177
151

1 481
1,513
1,508
1,493
1,571
1,504

1,480
1,577
1,358
J.474
1,555
,752

4,869
4,884
4,933
5,033
4,950
5,011
5,106

4,362
4,035
4,663
5,291
5,263
5,134
5,348

1,757
1,745
1,760
1,863
,797
,763
,796

1,583
1,488
1,731
2,000
1,995
1,894
2,004

1,398
1,394
1,423
1,396
1,390
1,417
1,473

1,211
1,045
1,258
1,394
1,434
401
1,424

176
165
178
187
186
189
195

130
125
159
193
216
199
215

1,538
1,580
1,572
1,587
1,577
1,642
1,642

,438
,377
,515
,704
,618
,640
,705

Repayments
1956.
1957
1958
1959

054
868
344
603

14,555
15 545
15,415
15,579

10,756
11 569
11 563
12,402

1
1
1
1

370
477
626
765

10,373
11 276
11,741
12,857

45,972
47,700
50 679

16,384
16,472
17,354

13,574
14,246
15,131

1,883
2,015
2,014

14,130
14,967
16,180

37
39
40
42

I960
1961
1962

.

1962—July
Aug
Sent
Oct
Nov
Dec

.

..

1963—Jan
Feb
Mar
Apr
May
June
July

4,283
4,261
4,289
4,298
4,380
4,371

4,278
4,308
3,992
4,501
4,380
4,410

J 456
1,446
I 440
1,491
1,490
1,513

1,481
1,478
1,361
1,614
1,477
1,462

1,296
1,281
1,298
1,261
1,302
1,293

1.262
1,275
1,218
1,307
1,299
1,268

170
172
169
165
163
171

173
175
159
179
164
163

1,361
1,362
1,382
1,381
1,425
1,394

1,362
1,380
1,254
1,401
1,440
1,517

4,382
4,459
4,544
4,502
4,516
4,578
4,605

4,487
4,149
4 514
4 608
4,605
4,408
4,776

1,505
1,518
1,549
1,570
1,573
,561
.576

1,529
1,401
1,536
1,600
1,606
1,499
1,666

1,299
1,316
1,360
1,306
1,316
1,345
1,371

,371
1,272
L.367
1,334
1,341
1,291
1,385

169
167
173
171
171
173
171

170
154
170
174
173
166
180

1,409
1,458
1,462
1,455
1,456
1.499
1,487

1,417
1,322
1,441
1,500
1,485
1,452
1,545

Net change in credit outstanding
1956
1957
1958
1959

2 814
2 148
— 225
5 601

1960
1961
1962

3,588
696
4 716

960
920
- 1 189
2 268
1,270
— 465
2,161

2

965
238
184
1 602

212
197
245
463

678
793
534
1 269

896
332
998

330
53
99

1,093
111
1,458

Nov
Dec

386
358
202
384
581
458

442
554
106
412
552
969

175
156
65
194
307
171

270
253
-52
202
224
77

72
44
10
74
123
176

28
70
37
125
200
669

19
7
1
4
5
1

26
34
17
12
13
-12

120
151
126
112
146
110

118
197
104
73
115
235

1963 Jan
Feb
Mar
Apr
May
June
July

487
425
389
531
434
433
501

-125
-114
149
683
658
726
572

252
227
211
293
224
202
220

54
87
195
400
389
395
338

99
78
63
90
74
72
102

-160
-227
-109
60
93
110
39

7
-2
5
16
15
16
24

-40
—29
-11
19
43
33
35

129
122
110
132
121
143
155

21
55
74
204
133
188
160

1962—July
Aug

•

Sept
Oct

•

.••

1
Includes adjustment for difference in trading days.
2 Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction
of outstanding balances for Alaska and Hawaii.

NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and




sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULL., pp. 9-17. Back data upon request.

SEPTEMBER 1963

CONSUMER CREDIT

1303

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total

Commercial banks

Sales finance
companies

Other financial
institutions

Retail outlets

Period

S.A.i

N.S.A.

S.A.i

N.S.A.

S.A.i

N.S.A.

S.A.i

N.S.A.

S.A.i

N.S.A.

Extensions
1956...
1957...
1958...
1959...

39.868
42,016
40,119
48,052

14,463
15,355
14,860
17,976

9,619
10,250
9,043
11,196

9,148
9,915
9,654
10,940

6,638
6,495
6,563
7,940

1960
1961
1962

49,560
48,396
55,395

18,269
17,711
20,360

11,456
10,667
12,124

12,073
12,282
13,623

7,762
7,736
9,288

1962—July
Aug
Sept
Oct
Nov
Dec

4,669
4,619
4,491
4,682
4,961
4,829

4,720
4,862
4,098
4,913
4,932
5,379

,708
,679
,643
,722
,813
,772

,789
,773
,486
,806
,701
,682

984
971
944
1,021
1,104
1,189

1,069
1,068
863
1,108
1,070
1,189

1963- -Jan
Feb
Mar
Apr
May
June
July

4,869
4,884
4,933
5,033
4,950
5,011
5,106

4,362
4,035
4,663
5,291
5,263
5,134
5.348

,782
,794
,829
,880
,810
,849
1,861

,698
,552
,774
,057
,993
,924
2,026

1,085
1,023
1,015
1,055
1,055
1,026
1,029

978
845
957
1,094
1,107
1,076
1,159

,146 !
,177
,138
,144
,208
,143
,174
,186
,199
,237
,232
1,264
1,262

,152
,233
,015
,136
,231
,332

,050
,025
1,162
1,289
1,287
1,280
1.317

831 |
792 |
766
795
836
725

828
881
890
861
853
872
954

710
788
734
863
930
1,176

636
613
770
851
876
854
846

Repayments
1956.
1957.
1958.
1959.

1960
1961
1962

I 37,054
I 39,868
40,344
42,603

13,362
14,360
14,647
15,560

8,949
9,759
9,842
9,742

8,415
9,250
9,365
10,020

6,328
6,499
6,490
7,281

45,972
47,700
50,679

16,832
18,294
18,450

10,442
10,943
11,434

11,022
11,715
12,570

7,676
6,749
8,225

1962—July
Aug
Sept
Oct
Nov
Dec

4,283
4,261
4,289
4,298
4,380
4,371

4,278
4,308
3,992
4,501
4,380
4,410

1,546
1,555
1,562
1,546
1,579
1,594

1,578
1,581
1,470
1,636
1,549
1,538

956
932
936
949
937
978

957
954
872
1,035
944
981

1,055
1,054
1,062
1,071
1,105
1,060

,052
,064
962
,080
,120
,162

726
720
729
732
759
739

691
709
688
750
767
729

1963—Jan
Feb
Mar
Apr
May
June
July

4,382
4,459
4,544
4,502
4,516
4,578
4,605

4,487
4,149
4,514
4,608
4,605
4,408
4,776

1,586
1,564
1,657
1,628
1,662
1,677
1,657

1,626
1,476
1,628
1,679
1,700
1,608
1,757

977
,048
,044
,021
,016
,017
,003

966
957
1,053
1,048
1,030
966
1,045

1,090
1,113
1,113
1,126
1,108
1,136
1,159

,099
,007
,100
,152
,134
,111
,196

729
734
730
727
730
748
786

796
709
733
729
741
723
778

Net change in credit outstanding

2

1956.
1957.
1958.
1959.

2,814
2,148
-225
5,601

1,176
1,066
-63
2,447

670
491
-765
1,475

733
665
289
986

235
-75
315
693

1960.
1961.
1962.

3,588
696
4,716

1,446
335
1,901

1,152
-199
921

1,051
578
1,053

-61
-20
841

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

386
358
202
384
581
458

442
554
106
412
552
969

162
124
81
176
234
178

211
192
16
170
152
144

28
39
8
72
167
211

112
114
-9
73
126
208

91
123
76
73
103
83

100
169
53
56
111
170

105
72
37
63
77
-14

19
79
46
113
163
447

1963—Jan
Feb
Mar
Apr
May
June
July

487
425
389
531
434
433
501

-125
-114
149
683
658
726
572

196
230
172
252
148
172
204

72
76
146
378
293
316
269

570
-25
-29
34
39
9
26

474
-112
-96
46
77
110
114

84
73
86
111
124
128
103

-49
18
62
137
153
169
121

-363
147
160
134
123
124
168

-622
-96
37
122
135
131
68

1
Includes adjustment for differences in trading days.
2 Net changes in credit outstanding equal to extensions less repayments
except: (1) in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii, and (2) in certain months
when data for extensions and repayments have been adjusted as necessary




to eliminate duplication resulting from large transfers of paper. In
those months the differences between the two for some types of holders
do not equal the changes in outstanding credit. Such transfers do not
affect total instalment credit outstanding.
See also NOTE to previous table.

1304

INDUSTRIAL PRODUCTION: S.A.

SEPTEMBER 1963

MARKET GROUPINGS
(1957-59=100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials

1957-59 1962
proaverporage
tion

1962
July

Aug.

Sept.

Oct.

1963
Nov.

Dec,

100.00 118.3 119.4 119.4 119.8 119.2 119.5 119.
47.35
32.31
15.04
52.65

119.7
119.7
119.6
117.0

121.3
121.2
121.4
117.3

121.4
121.0
122.8
117.4

121.7
121.4
123.0
118.2

121.4
120.6
123.3
117.2

121.3
120.5
123.1
117.8

121.7
121.2
122.4
116.9

Jan.

Feb.

Mar.

Apr.

May r June r

July

119.2 120.2 121.3 122.5 124.5 125.7 126.5
122.3
121.8
122.0
116.8

122.6
122.9
121.5
118.0

122.4
123.1
120.7
120.2

122.1
122.5
120.4
122.9

123.5
124.1
122.1
125.7

125.1
125.7
123.9
126.5

125.8
126.2
125.0
126.8

Consumer goods
Automotive products
Autos
Auto parts and allied products

3.21 131.1 135.8 134.6 135.3 135.6 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1
1.82 135.9 143.9 140.0 141.2 142.1 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1
1.39 124.9 125.2 127.5 127.4 127.1 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and s h o e s . . . .

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

118.1
122.2
118.2
121.4
109.2
123.9
125.7
114.5

118.6
122.4
118.1
121.9
107.4
124.3
125.9
115.3

118.2
122.0
117.5
121.7
105.7
125.4
124.6
114.9

118.8
122.0
117.0
122.6
101.3
125.5
124.9
116.1

118.9
122.1
117.6
123.9
99.8
125.8
124.4
116.1

119.2
122.9
119.0
126.0
99.5
125.8
125.0
116.1

119.9
123.9
120.0
127.2
99.6
125.4
127.5
116.4

120.2
M25.8
'117.3
121.9
104.4
130.0
132.3
115.7

120.8
125.9
119.8
123.7
108.8
126.0
132.9
116.6

121.3
127.3
123.2
126.7
113.4
127.4
131.9
116.2

120.6
126.9
123.6
125.6
118.1
127.0
130.7
115.3

122.3
130.3
128.0
131.9
117.1
130.7
132.6
115.5

123.1
129.8
126.2
129.8
116.0
132.8
131.7
117.4

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6

120.1
114.7
112.3
132.0
117.4
128.6
111.7
136.9
141.4

120.2
115.6
111.9
131.7
117.6
127.7
108.4
137.1
140.4

120.5
115.6
112.0
132.7
117.0
128.5
114.0
135.6
139.3

119.1
114.0
110.0
132.4
116.4
126.8
112.8
133.7
137.6

119.5
114.3
112.6
131.6
116.4
126.9
112.0
134.2
139.9

119.8
114.4
112.5
132.9
115.8
127.9
113.7
134.9
139.5

120.2
113.8
115.
134.2
113.9
129.7
113.2
137.7
142.0

121.4
114.5
114.3
135.2
115.0
133.4
117.9
140.9
144.9

121.8
115.2
114.0
137.7
115.3
131.4
117.3
138.2
141.9

121.0
114.9
112.7
137.1
118.3
128.7
115.0
135.4
137.3

122.9
115.9
116.2
138.7
119.3
132.0
115.6
140.0
143.5

123.8 124.7
116.1 116.4
115.2
139.7
119.3 119.6
136.1
119.2 ii3l2
144.3
149.2

11.63
6.85
2.42
1.76
.61

122.1
117.2
143.1
117.2
107.7

124.4
119.0
145.6
121.0
110.4

125.6
119.2
144.7
124.2
115.5

126.2
118.9
144.9
125.2
116.7

126.1
120.4
143.8
125.6
117.3

125.9
120.5
144.4
124.5
118.4

125.1
119.9
144.2
125.4
119.1

125.0
118.8
145.3
126.2
118.8

125.0
119.3
144.5
126.9
123.2

124.9
119.2
143.8
126.3
119.7

124.3
119.2
143.3
126.0
115.2

125.9
120.9
143.4
124.8
112.2

127.8
122.8
142.2
128.1
122.0

129.1
123.6
142.2
135.9
117.4

124.3
130.5
112.9
133.5
132.3
119.1

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c....
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..

26.73
3.43
7.84
9.17
6.29

114.1
127.5
118.9
110.4
106.1

113.8
130.4
119.3
112.0
98.0

114.3
130.6
119.2
112.7
98.6

114.9
129.7
121.3
113.3
98.5

114.0
129.4
121.0
111.3
100.1

114.1
129.3
120.4
111.3
102.3

113.2
129.7
120.3
108.6
103.5

113.3
129.3
121.4
108.6
106.0

114.4
130.9
121.2
109.2
109.5

118.0
134.0
122.2
112.4
115.0

121.2
135.4
123.1
115.1
120.6

124.5
139.4
125.
116.7
126.8

125.8
145.9
128.0
118.0
123.6

125.3
142.6
126.4
119.2
117.6

25.92
9.11
3.03
6.07
7.40

120.0
116.5
117.1
116.3
134.7

120.8
116.5
117.4
116.1
136.3

120.6
117.0
116.5
117.3
136.3

121.6
118.4
118.7
118.2
136.9

120.6
116.5
116.0
116.7
135.4

122.4
118.5
120.6
117.5
137.8

121.1
117.4
118.0
117.1
137.1

120.5
116.0
118.5
114.7
137.3

121.8
116.7
119.3
115.4
138.0

122.6
117.8
121.5
115.9
140.2

124.7
119.0
116.1
120.4
143.2

126.9
121.6
120.3
122.2
145.0

127.3
121.5
121.0
121.8
145.2

128.3
120.7
122.1
120.0
147.7

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

111.7
104.9
129.9
130.7
122.8
139.9
126.4

112.9
106.4
131.2
132.4
124.1
142.0

111.8
105.6
129.5
130.1
122.0
139.5

112.7
106.7
130.0
130.4
122.7
139.5

112.8
106.3
131.5
132.3
124.3
141.7

113.9
107.2
132.6
133.4
123.5
144.5

112.0
104.2
132.9
133.6
123.2
145.1

111.7
102.9
134.3
135.0
124.9
146.5

113.9
105.6
135.9
136.9
125.8
149.2

113.3
105.1
134.7
135.3
124.2
147.5

115.6
108.0
135.9
136.5
130.3
144.6

117.9
110.5
138.3
139.0
132.6
147.6

118.7 120.3
111.4 113.6
138.7
139.2
132.2
148.3

7.80 125.9 127.9 127.2 127.4 127.7 128.0 129.3 130.0 130.7 131.0 131.3
24.51 117.7 119.0 119.0 119.5 118.4 118.7 119.1 119.2 120.4 120.5 119.8

133.1
121.3

136.2 134.9
122.4 123.5

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




SEPTEMBER 1963

1305

INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59 - 100)

Grouping

1957-59 1962
proaverporage
tion

1962
July

Aug.

Sept.

Oct.

1963
Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May r June r

July

100.00 118.3 119.4 119.4 119.8 119.2 119.5 119.1 119.2 120.2 121.3 122.5 124.5 125.7 126.5

Total index
Manufacturing\ total.
Durable
Nondurable
Mining
Utilities

86 45
48.07
38 38
8.23
5.32

118.7
117.9
119 8
105.0
131.3

119.7
118.7
121 0
106.5
133.8

119.9
118.9
121 1
105.4
133.1

120.4
119.2
121.8
105.7
132.6

119.7
118.8
121.0
105.2
132.5

119.9
119.2
120.9
105.7
133.4

119.7
118.9
120.8
103.2
133.8

119.8
119.0
120.7
103.0
135.9

120.6
120.0
121.4
104.7
138.2

121.9
121.5
122.5
105.4
136.4

123.1
122.8
123.4
107.4
135.7

125.2
125.6
124.8
108.5
139.1

126.4
127.3
125.2
109.3
141.3

127.0
127.5
126 4
111.0
143.0

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products..
Fabricated metal products .
Structural metal p a r t s . . .

12.32
6.95
5.45
1.50
5.37
2.86

110.0
104.6
100.6
119.1
117.1
113.2

106.7
96.6
87.8
117.9
119.7
116.2

107.5
98.1
92.1
112.9
119.6
115.2

108.3
99.6
92.8
118.4
119.6
115.1

107.1
98.9
91.0
120.1
117.8
114.2

108.2
100.7
95.3
121.2
117.9
112.8

107.3
99.7
95.8
120.6
117.2
112.5

107.8
99.6
96.0
121.7
118.4
113.5

111.0
105.2
102.2
121.0
118.5
113.9

775.7
111.9
111.5
123.7
119.3
115.4

720.7
120.1
121.8
121.0
120.2
116.8

125.6
127.4
129.3
124.2
123.3
120.9

125.5
125.8
126.1
125.5
125.1
123.0

725.2
123.6
117.4
126.7
127.4
124.1

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment.. . .
Instruments and related products...

27.98
14.80
8.43
6.37
10.19
4 68
5.26
1.71
1 28

122.1
123.5
119.7
128.5
118.3
134.1
103.9
123.0

124.5
125.2
121.8
129.6
122.3
141 8
104.7
124.9

124.6
125.5
122.5
129.6
121.4
136.8
107.3
125.0

124.6
125.7
122.7
129.7
121.5
137 8
106.7
124.3

724.9
126.1
123.2
129.8
121.8
138.1
107.2
124.2

124.8
125.9
123.0
129.7
121.5
137.3
107.2
125.0

124.7
125.5
121.5
130.8
121.7
137.7
107.0
125.4

124.7
125.2
122.2
129.5
122.4
137.9
107.9
125.7

125.3
126.4
123.1
130.8
122.3
139.1
106.8
127.0

725.0
126.2
122.7
130.8
122.1
140.2
105.6
127.2

725.3
125.9
121.7
131.4
123.7
141.8
107.2
126.6

727.3
128.4
124.5
133.5
124.5
143.1
107.5
130.2

130.1
129.0
126.0
133.1
130.4
153 8
109.4
131.6

730.3
130.0
127.7
133.1
129.3
150 9
109.8
132.2

Durable manufactures

r

Clayy glass* and lumber
Clay, glass, and stone products
Lumber and products .

4.72 109.3 109.2 110.4 110.8 108.5 110.4 111.5 110.9 109.8 775.0 772.7 773.3 113.9 113.7
2.99 111.1 111.7 111.9 112.3 112.4 112.9 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.1
1.73 106.1 104.9 107.8 108.3 101.9 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.5

Furniture and miscellaneous
Furniture and fixtures . . . .
Miscellaneous manufactures

3.05
1.54
1.51

124.5 127.7 126.1 126.8 125.3 125.5 124.6 125.0 123.6 124.8 125.8 729.3 129.3 131.6
126.8 128.4 128.9 129.2 128.2 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133 2 135 4
122.2 126.9 123.3 124.4 122.3 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 127.7

Nondurable manufactures
Textiles, apparel, and leather . ..
Textile mill products
Apparel products
Leather and products...
. .

7.60 115.1
2.90 115.2
3.59 118.9
1.11 102.3

115.6
117.1
118.8
101.7

115.7
117.2
119.2
100.6

116.8
116.1
120.5
106.6

115.8
114.6
121.4
100.8

115.5 115.2 115.2 115.6 115.9 116.2 116.5 118.0 119.5
112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.8 117.9
122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.4
100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2

Paper and printing. . .
Paper and products
Printing and publishing
Newspapers

8.17
3.43
4.74
1.53

116.7
119.7
114.6
108.5

117.4
121.1
114.7
109.1

117.9
120.5
116.0
112.4

118.2
120.9
116.2
111.3

117.2
120.8
114.6
108.2

116.9
119.8
114.8
109.7

115.4 114.5 115.8 115.7
119.6 120.3 123.3 123.9
112.3 110.2 110.5 109.7
100.5 94.0 93.9 90.8

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

131.2
136.1
147.5
112.9
130.6

133.4
138.3
150.7
113.4
134.3

133.2
138.6
150.8
111.0
134.5

134.8
139.8
152.0
115.8
134.5

134.1
139.2
151.9
113.6
135.1

133.6
138.7
151.2
113.0
134.5

134.2
138.7
150.6
114.2
136.8

134.2
140.0
152.6
114.3
131.4

735.3
141.4
153.1
114.3
132.8

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products ..

11.07
10.25
8.64
1.61

113.4
113.5
113.8
111.5
.82 112.0

114.5
114.6
115.1
111.7
113.4

114.4
114.6
115.1
111.9
112.0

114.3
114.2
115.0
110.0
116.0

113.6
114.0
114.6
110.7
108.6

114.2
114.2
114.7
111.5
114.7

114.5
114.8
115.1
113.1
111.4

115.0
115.2
115.0
116.1
113.0

103.8
95.3
105 5
107.2
105.1
66 120 4
.73 94.2

104.9
92.8
107 4
109.6
107.7
121 6
92.8

104.2
93.8
106.3
108.4
106.7
119 2
92.3

105.2
94.2
107.5
109.6
107.8
121 3
93.0

105.1
94.3
107.3
109.1
107.2
121 2
95.4

105.5
96.6
107.4
109.7
107.5
123 7
91.5

102.8
95.6
104.2
106.3
103.8
121.9
90.5

119.2
122.8
116.5
109.7

120.5
123.4
118.4
111.4

121.6
125.7
118.6
112.5

735.2
143.6
155.2
115.5
140.3

739.7
146.1
160.7
115.8
138.8

141.3
147.8
161.9
116.9
140.7

141.3 143.1
148.4 151.2
162.1
118.2 117.7
137.0

775.0
115.0
115.2
114.2
114.6

775.6
115.7
116.0
113.9
114.2

114.7
114.8
115.2
112.7
112.7

116.4
116.2
116.4
115.2
118.1

116.1 116.7
116.3 116.9
116.4 116.9
115 6
114 4

101.3
95.1
102.6
104.8
101.6

703.7
96.1
105.3
107.9
104.8

103.9
93.9
105.9
107.8
104.9

106.1
100.8
107.2
109.7
107.3

107.7
104.5
108.3
111.9
109.5

108.5
107.1
108 8
112.4
110.1

110.7
107.1
111 4
115.1
113.4

87.6

87.4

93.5

90.3

84.0

84.5

86.4

722 5
127.8
118.6
111.6

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

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.43 110.9 113.9 111.3 107.8 105.9 106.8 105.1 111.1 709.7 112.6 773.9 112.8 113.0 772.3
.61 112.6 118.3 110.7 101.1 96.8 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112.7 110.7
.82 109.7 110.6 111.7 112.7 112.6 112.5 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5

Utilities
Electric
Gas

4.04 133.1 136.2 134.5 134.2 134.5 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5
1.28 125.9 126.4 128.6 127.5 126.2 124.6 126.8

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

1306

INDUSTRIAL PRODUCTION: N.S.A.

SEPTEMBER 1963

MARKET GROUPINGS
(1957-59 ~ 100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials

1957-59 1962
proaverporage
tion

1962
July

Aug.

Sept.

Oct.

1963
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May* June7"

July

100.00 118.3 114.0 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.8 120.5
47.35
32.31
15.04
52.65

119.7
119.7
119.6
117.0

117.5
116.7
119.2
110.9

119.5
119.2
120.2
116.2

125.0
126.4
122.0
119.8

125.4
126.7
122.5
120.0

122.1
122.1
122.0
119.2

119.5
117.7
123.3
115.2

120.0
119.0
122.
115.9

122.4
122.4
122.6
118.7

123.7
123.9
123.1
121.5

122.1
122.1
122.1
124.0

123.0
123.1
122.8
126.9

127.0
128.0
124.8
128.6

121.7
121.3
122.7
119.4

Consumer Goods
Automotive products
Autos
A u t o p a r t s a n d allied p r o d u c t s . . . .

3.21 131.1 129.8 79.4 124.9 148.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9
1.82 135.9 136.7 43.4 120.0 160.6 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4
1.39 124.9 120.7 126.8 131.3 131.6 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes. . .

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

118.1
122.2
118.2
121.4
109.2
123.9
125.7
114.5

107.6
110.7
99.6
107,1
78.4
116.8
119.0
104.9

119.6
117.8
103.6
101.7
108.9
126.7
127.3
121.2

124.0
130.6
127.5
127.1
128.6
131.4
133.6
118.4

123.9
131.1
128.1
127.5
129.7
131.6
134.2
117.8

120.1
128.3
124.8
128.1
115.4
129.6
131.3
113.2

111.2
123.2
115.6
124.8
89.6
130.4
126.5
100.9

113.6
118.0
108.3
112.6
96.1
126.1
122.8
109.9

123.1
126.6
127.3
133.5
109.9
126.0
126.3
120.1

126.3
128.6
129.6
138.2
105.5
127.1
128.5
124.3

122.1
126.0
123.6
129.7
106.3
125.7
129.1
118.8

121.2
128.0
127.3
135.1
105.4
124.8
131.3
115.5

125.8
131.5
131.3
138.7
110.2
130.3
132.9
120.9

112.9
118.1

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6

119.4
116.1
115.8
125.8
114.8
126.0
114.2

125.6
124.2
120.6
134.6
117.6
128.4
112.3

128.0
131.0
115.8
133.1
119.9
128.5
113.5

124.6
126.0
115.2
135.0
118.1
121.5
110.1

119.3
117.5
106.5
132.0
116.4
122.2
111.5

116.7
110.7
97.4
131.6
115.8
131.5
116.6

117.9
107.5
101.2
133.
113.9
141.9
117.9

118.3
106.7
104.2
134.8
114.4
142.2
120.4

119.2
108.9
110.3
136.3
116.5
135.5
115.4

117.8
107.5
115.6
137.8
117.8
126.2
109.4

120.3
110.5
125.7
138.8
118.7
124.7
111.7

124.5
115.1
132.0
142.8
117.5
129.3
117.6

123.4
116.6

11.63
6.85
2.42
1.76
.61

122.1
117.2
143.1
117.2
107.7

122.0
117.8
142.7
117.6
99.6

122.6
118.8
145.0
116.6
94.1

124.9
120.0
147.1
118.2
111.4

125.3
119.7
146.2
124.3
108.0

124.3
118.8
146.1
122.0
106.6

126.1
120.6
146.7
122.6
116.3

125.1
119.0
145.4
123.7
117.3

126.3
118.7
143.5
128.4
137.4

127.3
119.3
142.5
134.0
136.9

126.4
119.2
140.6
132.3
134.7

126.8
121.0
141.7
130.3
122.1

129.3
123.9
142.6
133.2
125.6

126.6
122.4
139.4
132.1
106.8

82.4
125.5
125.0
108.4

117.0
115.9

134.0 139.1 139.7 128.1 130.1 145.1 164.7 162.0 152.1 135.9 130.6 135.8

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c

26.73
3.43
7.84
9.17
6.29

114 A
127.5
118.9
110.4
106.1

108.7
117.4
115.4
113.7
88.4

111.4
107.5
116.1
119.5
95.7

116.8
130.5
119.4
119.9
101.5

116.6
134.1
120.2
116.8
102.5

115.5
136.0
121.7
111.1
103.1

112.3
138.8
122.7
102.5
98.9

112.3
135.5
123.5
100.2
103.2

114.6
135.5
123.5
102.0
110.5

118.5
137.4
124.4
106.9
117.8

122.0
135.8
123.7
113.9
124.2

126.5
139.5
125.4
120.2
130.0

129.2
144.9
127.0
125.4
128.8

118.8
128.3
122.2
121.0
106.1

Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..

25.92
9.11
3.03
6.07
7.40

120.0
116.5
117.1
116.3
134.7

113.1
109.2
112.7
107.4
125.8

121.3
118.7
128.1
114.1
134.9

122.9
122.2
126.4
120.0
135.5

123.4
121.9
121.8
121.9
138.1

123.0
119.4
114.0
122.2
139.2

118.3
111.5
102.7
115.9
133.7

119.7
112.2
111.4
112.6
137.3

122.9
115.1
116.9
114.2
142.1

124.5
118.6
121.5
117.1
144.4

126.0 127.3
122.
122.8
119.6 121.5
123.4 123.4
144.6 147.2

128.0
122.8
127.1
120.7
145.9

120.0
113.0
117.2
111.0
135.9

9.41
6.07
2.86
2.32
1.03
1.21
.54

111.7
104.9
129.9
130.7
122.8
139.9
126.4

107.0 113.0 113.6 113.4 113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.8 114.3
96.2 103.7 104.9 106.4 107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.1 103.1

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas

136.1 140.3 139.3 134.2 130.7 130.4 132.6 131.1 131.4 131.1 134.7 141.0
120.6 125.4 125.2 127.0 123.9 122.0 124.3 122.5 124.9 128.2 131.9 133.4
152.2 156.1 154.3 143.1 139.0 140.0 142.3 141.0 139.5 136.1 139.8 150.7

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




7.80 125.9 118.6 102.0 128.2 138.1 135.2 131.7 128.0 133.8 135.2 135.1 135.4 141.5 125.0
24.51 117.7 116.2 124.6 125.9 123.1 117.9 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.1

SEPTEMBER 1963

1307

INDUSTRIAL PRODUCTION: N.S.A.
INDUSTRY GROUPINGS
(1957-59 = 100)

Grouping

1957-59 1962
pro- j averpor- ! age
tion

1962
July

Aug.

Sept.

Oct.

1963
Nov.

Dec

Jan.

Feb.

Mar.

Apr.

May r June

July

100.00 118.3 114.0 117.8 122.3 122.5 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.8 120.5

Total index.

86.45
48.07
38.38
8.23
5.32

118.7
117.9
119.8
105.0
131.3

122.9
120.4
125.9
106.6

123.5
121.8
125.8
106.9

121.4
121.0
121.9
106.3

117.5
119.4
115.1
103.3

117.8
118.3
117.2
102.6

120.7
120.7
120.6
104.9

123.3
123.2
123.4
104.5

124.0
124.4
123.7
106.9

126.1
126.9
125.
108.9

128.8
129.8
127.6
111.2

120.6
121.3
119.8
105.1

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12.32
6.95
5.45
1.50
5.37
2.86

110.0 97.6 104.5 110.2
104.6 82.9 92.0 98.5
100.6 76.8 86.6 92.8
119.1 104.9 111.8 119.2
117.1 116.7 120.7 125.3
113.2 113.9 115.8 118.6

109.2
99.9
93.7
122.4
121.3
117.9

109.0
101.7
96.3
121.2
118.6
116.0

106.2
97.3
93.4
111.4
117.8
114.8

108.4
102.6
97.9
119.6
116.0
112.4

112.6
110.1
106.6
122.8
115.8
111.5

118.1
118.8
117.1
125.1
117.2
112.2

122.5
125.7
125.5
126.3
118.4
113.8

127.0
130.7
130.6
130.8
122.3
119.1

128.2
129.6
128.6
133.3
126.4
123.0

112.9
104.8
102.7
112.8
123.2
121.6

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment...
Instruments and related products..
Ordnance and accessories

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

122.1
123.5
119.7
128.5
118.3
134.1
103.9
123.0

727.0
127.0
120.7
135.3
126.3
148.3
106.7
125.6

127.1
126.2
120.5
133.7
127.2
149.1
107.8
127.2

127.7
127.0
122.5
132.9
127.6
149.1
108.6
127.0

125.9
124.9
122.2
128.5
126.2
145.6
109.0
125.2

127.6
128.1
125.3
132.0
126.0
145.9
108.1
126.2

128.2
128.5
126.1
131.6
127.4
148.5
108.2
126.9

127.3
126.9
125.3
129.0
127.7
149.3
107.7
126.5

128.4
128.3
126.4
130.9
127.5
149.4
107.1
128.2

131.8
131.0
129.0
133.7
132.2
158.9
107.9
131.6

725./
123.6
124.3
122.7
125.0
144.2
107.7
129.3

Manufacturing, total.
Durable
Nondurable
Mining
Utilities

114.1
113.5
114.9
100.9

117.7
112.7
123.9
106.5

Durable manufactures

119.6
119.3
119.1
119.6
118.0
135.0
102.7
122.2

113.2
121.
118.0
125.2
97.
87.0
104.8
125.0

123.9
127.6
121.2
136.1
116.6
128.8
105.4
125.2

97.2 700.5 705.7 772.5 118.3 722.7 117.4
99.7 99.1 105.4 115.5 122.2 126.1 125.7
93.0 102.8 107.3 107.4 111.4 116.9 103.1

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.72 109.3 112.6 120.4 119.5 116.5 110.4 99.9
2.99 111.1 117.8 122.0 119.6 119.1 114.0 102.9
1.73 106.1 103.5 117.6 119.3 112.1 104.1 94.6

Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.

3.05 124.5 122.5 129.1 131.9 132.1 129.6 725.5 120.9 727.5 723.3 722.5 725.2 725.7 126.3
1.54 126.8 124.8 132.1 133.1 133.3 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 131.6
1.51 122.2 120.2 126.0 130.6 130.9 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124.8 120.9

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

115.1 102.7
115.2 101.9
118.9 106.7
102.3 91.9

119.5
118.4
124.0
107.9

117.4
116.1
122.3
105.2

707.5
117.0 114.5 704.7 772.7 720.5 124.7 779.3 118.4 727.
115.7 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121.5 106.1
122.6 119.2 105.7 116.4 129.4 134.8 129.9 123.8 128.6 113.5
102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6

Paper and printing
Paper and products
Printing and publishing.
Newspapers

8.17
3.43
4.74
1.53

116.7 108.7
119.7 107.8
114.6 109.5
108.5 96.0

117.2
123.5
112.7
101.7

119.6
122.0
117.9
112.1

122.4
127.3
118.9
117.7

120.8
123.0
119.2
120.7

777.4 772.7 775.9 777.7 720.9
108.6 118.6 125.9 127.0 125.0
113.4 107.5 108.7 111.0 117.9
100.0 86.6 90.3 92.6 116.4

722.3
126.0
119.6
118.8

722.0 112.8
128.2 113.7
117.6 112.1
113.1 97.1

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

131.
136.
147.5
112.9
130.6

126.6
131.9
143.5
117.9
115.1

132.5
138.2
148.1
116.6
126.4

134.6
138.5
149.4
118.1
136.2

135.9
139.8
151.9
114.2
142.7

753.5
138.9
153.6
111.3
135.3

131.4
136.6
150.6
112.5
130.6

134.3
138.9
152.6
112.6
138.1

737.2
142.7
156.5
112.6
140.5

73P.5
145.8
159.4
111.5
144.8

7¥2.7
149.7
162.9
112.3
143.

142.3
150.2
163.8
115.1
139.3

143.8 735.7
150.8 144.1
162.1
121.7 12K2
139.1

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

113.4
113.5
113.8
111.5
112.0

115.7
116.9
115.7
123.6
100.4

123.0
123.1
123.7
120.3
121.2

127.3
127.9
130.5
113.9
119.4

123.7
124.2
126.1
113.6
118.3

775.5
115.4
118.1
101.2
117.0

705.7
109.5
111.1
100.9
90.7

705.5
106.2
108.1
95.8
111.8

705.7
106.
107.4
99.2
114.0

70P.5
109.4
109.4
109.2
112.5

109.4
109.2
107.7
117.2
112.5

114.0
113.4
110.7
127.4
122.4

775.5 117.1
118.4 118.3
116.3
115.
136.4
123.5

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.80
1.16
5.64
4.91
4.25
.66
.73

103.8
95.3
105.5
107.2
105.1
120.4
94.2

96.1
59.3
103.6
104.9
103.6
113.2
95.2

102.9
98.7
103.7
104.9
103.7
112.9
95.7

103.9
99.7
104.7
106.1
104.9
114.0
95.1

105.3
102.8
105.8
107.3
105.6
118.3
95.9

106.2
100.6
107.4
109.5
106.7
127.5
93.3

105.0
93.9
107.3
109.3
105.8
132.0
93.2

104.3
93.2
106.6
108.7
104.7

707.0
97.3
109.0
112.5
108.7

105.9
94.7
108.2
111.6
108.3

705.7
101.5
107.8
111.3
109.1

106.4
105.5
106.6
110.
108.4

108.3
116.6
106.7
109.8
108.4

101.5
72.5
107.5
110.3
109.1

92.0

85.4

85.1

84.1

82.4

85.3

88.6

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.43 110.9 123.9 123.5 119.7 114.5 106.4
.61 112.6 126.6 119.6 113.2 105.5 96.1
.82 109.7 121.8 126.4 124.5 121.2 114.2

95.6
94.7
96.2

Mining

94.3
94.7 98.0 707.9 720.9 124.9 722.2
96.9 102.9 101.8 104.2 123.4 Ml A 118.4
92.4 88.6 95.1 110.6 119.0 123.1 125.0

Utilities
Electric
Gas

4.04 133.
135.2 139.8 139.5 131.6 130.4 136.7 146.3 144.3 140.2 133.1
1.28 125.9

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




133.0 138.8

Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

1308

BUSINESS ACTIVITY

SEPTEMBER 1963
SELECTED BUSINESS INDEXES
(1957-59=- 100)
Manufacturing 2 3

Industrial production

NonagriculContural
strution
ploycon- ment— Emtracts
ployToment
tal^

Major market groupings
Period

Major industry
igroupings

Final products
Total

MateConrials
Total sumer Equipment
goods

Mfg.

Mining

Utilities

Prices 4

Freight Departloadings

Payrolls

store
sales

1949

64.7

64.5

68.8

52.0

64.8

65.1

74.5

43.4

44

83.3

93.6

60.0

108.2

67

1950
1951
1952
1953
1954

74.9
81.3
84.3
91.3
85.8

72.8
78.6
84.3
89.9

78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9

76.9
83.8
84.3
92.6
85.9

75.8
81.9
85.2
92.7
86.3

83.2
91.3
90.5
92.9
90.2

49.5
56.4
61.2
66.8

61
63
67
70

86.0
91.0
92.9
r
95.5
'93.2

99.4
106.1
106.1
111.6
101.8

68.9
r
80.2

72
76
78
80
80

1955
1956
1957
1958
1959

96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0

99.2
104.8
104.6
95.6
99.7

80.2
87.9
93.9
98.1
108.0

117.1
121.5
115.0
116.6
104.6
115.3

I960
1961
1962

108.7 109.9 111.0 107.6 107.6 108.9
109.8 111.3 112.7 108.3 108.4 109.7
118.3 119.7 119.7 119.6 117.0 118.7

101.6
102.6
105.0

115.6
122.8
131.3

1962—July
Aug
Sept
Oct
Nov
Dec

119.4
119.4
119.8
119.2
119.5
119.1

121.3
121.4
121.7
121.4
121.3
121.7

121.2
121.0
121.4
120.6
120.5
121.2

121.4
122.8
123.0
123.3
123.1
122.4

117.3
117.4
118.2
117.2
117.8
116.9

106.5
105.4
105.7
105.2
105.7
103.2

133.8
133.1
132.6
132.5
133.4
133.8

1963—Jan
Feb
Mar
Apr
May
June
July
Aug

119.2
120.2
121.3
122.5
124.5
125.7
126.5

122.3
122.6
122.4
122.1
123.5
125.1
125.8
»125.3

121.8
122.9
123.1
122.5
124.1
125.7
126.2
P125.3

122.0
121.5
120.7
120.4
122.1
123.9
125.0
^125.4

116.8
118.0
120.2
122.9
125.7
126.5
126.8
P125.4

119.8 103.0
120.6 104.7
121.9 105.4
123.1 107.4
125.2 108.5
126.4 109.3
127.0 111.0
P109.6

135.9
138.2
136.4
135.7
139.1
141.3
143.0

85.7

119.7
119.9
120.4
119.7
119.9
119.7

71.8

1
2

Employees only, excludes personnel in the armed forces.
Seasonally adjusted data revised.
3 Production workers only.
Prices are not seasonally adjusted.

76
91

92
93
102
105

96.4 105.5
99.7 106.7
100.6 104.7
97.8 '95.2
101.6 1 0 0 . 1

84.5
93.6
85.4
94.8

100.2
101.4
93.5
105.1

Consumer

83.0
83.8
90.5
92.5
93.2
93.6

115.9
108.2
93.8
97.9

94
96
99
105

93.3
94.7
98.0
100.7
101.5

88

103.4
103.1
120 1 0 6 . 2

r
99.9
r
95.9
r

99.2

106.7
105.4
113.7

95.3
91.2

106
109
114

103.1
104.2
105.4

106.5
106.5
106.7
106.9
106.9
106.9

99.6
99.2
99.4
99.3
98.9
98.8

113.5
113.0
115.6
113.6
113.7
114.7

89.4
90.6
90.3
89.5
92.9
90.6

114

105.5
105.5
106.1
106.0
100.7
105.8

98.9 115.2
98.9 115.8
99.4 116.7
100.1 116.6
100.4 117.9
100.3 118.2
100.5 118.0
?99.6 pi 16.8

89.9
93.9
94.3
95.7
96.9
94.6
93.9
90.9

113
114
119
115
117
120
P120
,125

105
108

117
118

113
117
123
138
121
130
118
125
144
135
126

107.1
107.4
107.9
108.2
108.5
108.8
109.1
*>109.0

92.4

115

117
110
118
117

Wholesale
com"
modity

83.5
86.8
96.7
94.0
92.7
92.9
93.2
96.2
99.0
100.4
100.6
100.7
100.3
100.6
100.4
100.5
101.2
100.6
106.0
100.4

106.0 100.5
106.1 100.2
99.9
106.2
99.7
106.2
106.2 100.0
106.6 100.3
107.1 1 0 0 . 6
100.4

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 car loadings: Based on data from Association of American
Railroads.

4

NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F.W. Dodge Corp. monthly index of dollar

CONSTRUCTION CONTRACTS
(In millions of dollars)
1962

Type of ownership and
type of construction

1961

1962

July

Aug.

Sept.

Oct.

1963
Nov.

Dec.

J an.

Feb.

Mar.

Apr.

May

June

July

Total construction

37,135 41, 303 3 ,747 3,631 3 ,273 3,425 3 ,188 3 ,198 2 ,779 2,917 3 ,583 3,983 4,851 4 ,402 4,125

By type of ownership:
Public
Private

93? 1,092 1 J 1 8 ^ 1,168 1,567 1 384
12,547 IV 599 1 ,731 1,039 1 099 1,003 1 ,099 1 J90
089
401 2 814 3 283
24 588 Of 705 ? 516 2 591
174 2 422
009 1 847 1 825
019

By type of construction:
Residential
Public works and utilities

.

.

16,123 18, 039 1 ,623 1,651
,519 1,610 1 ,361 1 ,166 1 ,250 1,215 1 ,642 1,986 2,061
9?1 1 ,016 1,005 1 ,146 1,210 1,452
12,115 IV 010 1 ,197 1,177 1 ,019 1,075 1 ,066
802
8,897 10, 255
926
514
796
735
740
761 1 ,111
698
787 1,337

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




1,966 1,934
1 ,458 1,271
978
920

data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.

SEPTEMBER 1963

1309

CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private

Period

Total
Tota.

1954......
1955
1956
1957. . . .
1958

,

1959 i
1960
1961......
1962

.

1962—Aug.
Sept

...

Oct

Nov
Dec
1963—Jan
Feb

Mar c
Apr.
May

June. .
JulyP
Aug v

Nonfarm
residential

Public

Total

Industrial

Commercial

Public
utility

Other
nonresidential

Business

Total

Military

Highway

Sewer
and
water

Other

39,234
44,164
45,815
47,845
48,950

27,556
32,440
33,067
33,766
33,493

15,379
18 705
17,677
17,019
18,047

8,403
9,980
11,608
12,535
11,058

2,030
2,399
3,084
3,557
2,382

2,212
3,218
3,631
3,564
3,589

4,161
4,363
4,893
5,414
5,087

3,774
3 755
3,782
4,212
4,388

11,678
11,724
12,748
14,079
15,457

1,003
1,287
1,360
1,287
1,402

3,680
3,861
4,431
4,954
5,545

982
1,085
1,275
1,344
1,387

6,013
5,491
5,682
6,494
7,123

56,555
55,556
57,399
61,084

40 344
39,603
40,365
43,378

24,962
22,546
22,499
24,833

11,044
12.354
12,811
13,286

2,106
2,851
2,759
2,814

3,930
4,180
4,663
4,964

5,008
5,323
5,389
5,508

4 338
4,703
5,055
5,259

16,211
15,953
17,034
17,706

1,488
1,386
1,368
1,267

5,870
5,464
5,818
6,254

1,467
1,487
1,581
1,754

7,386
7,616
8,267
8,431

62,829
62,358
63,517
62,610
61,823

45,244
44,976
43,843
44,059
44,134

25,957
25,813
25,013
25,432
25,654

13,835
13,692
13,478
13,424
13,424

2,936
2,930
2,885
2,820
2,788

5,273
5,214
5,018
4 967
4,979

5,626
5,548
5,575
5,637
5,657

5,452
5,471
5,352
5 203
5,056

17,585
17,382
19,674
18,551
17,689

1,244
1,164
1,492
1,003
1,324

6,195
6,140
7,786
6,922
6,343

1,771
1.754
1,764
1,755
1,738

8,375
8,324
8,632
8,871
8,284

62 866
60,163
61 018
60,626
62,451
64 928
64,636
65,023

43,434
42,313
42 483
43,818
45,170
46 060
46,132
46,273

24,830
23,878
23 978
25,247
26,689
27 632
27,284
26,785

13,480
13,303
13,323
13,301
13,092
12,998
13,356
13,895

2,773
2,716
2 722
2,815
2,837
2 833
2,948
3,056

5,086
4,999
4 982
4,846
4,630
4 566
4,792
5,233

5,621
5,588
5,619
5,640
5,625
5,599
5,616
5,606

5,124
5,132
5 182
5,270
5,389
5 430
5,492
5,593

19,432
17,850
18 535
16,808
17,281
18 868
18,504
18,750

1,736
1,494
1,312
1,204
1,277
1 400

7,483
6,181
6,948
5,254
5,586
6,661
6,315

1,758
1,768
.804
1^860
1,924
1,957
1,999
2,042

8,455
8,407
8,471
8,490
8,494
8,850

Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.

i Beginning with 1959, includes data for Alaska and Hawaii.
NOTE.—Monthly data are at seasonally adjusted annual rates.

NEW HOUSING STARTS
(In thousands of units)
By area

Annual rate,
S.A.
(private only) *
Period

Total
Total

Nonfarm

Metropolitan

2

By type of ownership

Nonmetropolitan

Governmentunderwritten

Private
Total

family

2family

Multifamily

1-

Public
Total

FHA

VA

1954..
1955..
1956..
1957..
1958..
1959..

1,220
1,329
1,118
1,042
1,209
1,379

897
976
780
700
827
946

324
353
338
342
382
432

,202
,310
,094
993
,142
,343

1,077
1,190
981
840
933
1,079

34
33
31
33
39
49

90
87
82
120
170
215

19
19
24
49
68
36

583
670
465
322
439
458

276
277
195
193
337
349

307
393
271
128
102
109

1959..
I960..
1961..
1962 i .

1,554
1,296
1,365
1,492

1,077
889
948
1,054

477
407
417
439

,517
,252
,313
,463

1,234
995
975
992

56
44
44
49

227
214
295
422

37
44
52
30

458
336
328
339

349
261
244
261

109
75
83
78

1962—July i.
Aug..
Sept..
Oct...
Nov..
Dec.

,442
,486
,356
,537
,579
,562

,423
,459
,328
,491
,564
,541

140
150
117
138
123
95

99
101
85
95
84
68

42
48
32
43
39
27

137
148
114
135
121
94

95
102
76
92
79
56

4
4
4
4
4
4

37
42
35
39
39
34

4
2
3
3
2
1

33
36
26
30
25
20

25
28
20
23
19
16

1963—Jan...
Feb..
Mar..
Apr..
May.
June.
July..

,344
,380
,575
,618
,618
.560
,513

,317
,353
,549
,590
,590
,543
,497

83
88
128
160
170

62
65
89
112
116
108
102

22
23
39
49
53
47
43

81
87
124
158
166
*>152

47
52
81
106
107
101

3
4
4
6
6
5

31
31
40
47
54
47

3
1
4
2
3

18
17
22
29
30
27
29

14
13
17
22
22
20
21

1 Seasonally adjusted data revised in conjunction with over-all revisions
of seasonals back to 1959. In addition minor changes in unadjusted figures
also made for 1962.
2 Beginning with 1959, based on revised definition of metropolitan areas.
NOTE.—Beginning with 1959, Census Bureau series includes both




n

farm and nonfarm series developed initially by the Bureau of Labor
Statistics, for which annual totals are given including overlap for 1959.
Data from Federal Housing Administration and Veterans Administration
represent units started, based on field office reports of first compliance
inspections.

1310

SEPTEMBER 1963

EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total noninstitutional
population

Period

1956
1957
1958
1959 .
1960 3
1961
1962

. .

1962—Aug
Sept
Oct
Nov
Dec

1963—Jan
Feb

Mar
Apr

May .
June
July
Aug

...

Total
labor
force

Employed l
Total

Not in the

Total

In nonagricultural
industries

In
agriculture

Unemployed

Unemployment
rate 2
(per cent)
S.A.

118 734
120,445
121,950
123,366

70,387
70,746
71,284
71,946

67 530
67,946
68,647
69,394

64 708
65,011
63,966
65,581

58 135
58,789
58,122
59,745

6,572
6,222
5,844
5,836

2,822
2,936
4,681
3,813

48,348
49,699
50,666
51,420

4.2
4.3

125 368
127,852
130,081

73 126
74,175
74,681

70 612
71,603
71,854

66 681
66,796
67,846

60 958
61,333
62,657

5,723
5,463
5,190

3,931
4,806
4,007

52,242
53,677
55,400

5.6
6.7

130,359
130,546
130,730
130,910
131,096

76,554
74,914
74,923
74,532
74,142

73,695
72,179
72,187
71,782
71,378

69,762
68,668
68 893
67,981
67,561

63,993
63,103
63,418
63,098
63,495

5,770
5,564
5,475
4,883
4,066

3,932
3,512
3,294
3,801
3,817

53,805
55,631
55,808
56,378
56,954

5.7
5.6
5.3

131,253
131 414
131,590
131,740
131 865
132,036
132,196
132,345

73,323
73,999
74,382
74,897
75,864
77,901
77,917
77,167

70,607
71 275
71,650
72,161
73 127
75,165
75,173
74,418

65,935
66 358
67 148
68,097
69 061
70,319
70,851
70,561

61,730
62 309
62,812
63,424
63 883
64,365
64,882
65,065

4,206
4,049
4,337
4,673
5,178
5,954
5,969
5,496

4,672
4,918
4,501
4,063
4,066
4,846
4,322
3,857

57,930
57,414
57,208
56,843
56,001
54,135
54,279
55,178

5.8

1
2
3

Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.

6.8
5 5
5.6

5.8

5.5
6.1
5.6

5.7
5.9
5.7

5.6
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 estimate.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction

Transportation & public utilities

Trade

Finance

Service

Government

4,244
4,241
3,976
4,011

10,858
10,886
10,750
11,127

2,429
2,477
2,519
2,594

6,536
6,749
6,811
7,115

7,277
7,626
7,893
8,190

2,885
2,816
2,909

4,004
3,903
3.903

11,391
11,337
11,582

2,669
2,731
2,798

7.392
7,610
7,949

8,520
8,828
9,188

652
647
644
640
633

2,949
2,941
2,939
2,942
2,913

3,899
3,901
3,904
3,896
3,898

11,620
11,637
11,627
11,637
11,629

2,804
2,807
2,817
2,821
2,822

8,017
8,019
8,044
8,063
8,079

9,211
9,252
9,310
9,348
9,386

16,871
16,872
16,948
17,037
17,095
17,075
17,110
16,993

631
631
631
639
640
639
641
637

2,967
2,920
2,928
3,005
3,019
3,046
3,067
3,059

3.821
3,899
3,894
3,890
3,909
3,919
3,932
3.931

11,685
11,729
11,795
11,784
11,825
11,864
11,880
11,887

834
839
848
853
864
865
873
2.877

8,110
8,144
8,207
8,199
8,228
8,282
8,348
8,379

9,414
9,424
9,455
9,466
9.480
9,504
9,505
9.536

56,329
56,872
56,953
56,828
57,044

17,040
17,249
17,157
17,023
16,862

663
657
652
644
634

3,288
3,235
3,195
3,057
2,776

3,934
3,932
3,935
3,912
3,914

11,592
11,656
11,704
11,856
12,420

2,849
2,821
2,814
2,813
2,811

8,097
8,075
8,084
8,047
8,014

8,866
9,247
9,412
9,476
9,613

55,409
55,374
55,714
56,505
56,967
57,609
57,437
57,603

16,687
16,683
16,756
16,845
16,960
17,111
17,057
17,160

622
618
616
632
643
650
642
648

2,584
2,470
2,556
2,846
3,049
3,232
3,361
3,411

3,775
3,844
3,847
3,859
3,897
3,954
3,971
3,966

11,535
11,433
11,497
11,740
11,720
11,848
11,828
11,858

2,806
2,813
2,825
2,842
2,858
2,885
2,919
2,923

7,956
7,997
8,076
8,199
8,294
8,423
8,473
8,463

9,444
9,516
9,541
9,542
9,546
9,506
9,186
9,174

Total

Manufacturing

1956
1957
1958
19591

52,408
52,904
51,423
53,404

17,243
17,174
15,945
16,675

822
828
751
732

2,999
2,923
2,778
2,960

1960
1961
1962

54,370
54,224
55,841

16,796
16,327
16,859

712
672
652

1962—Aug
Sept
Oct
Nov
Dec

56,019
56.125
56,195
56,205
56,211

16,867
16,921
16,910
16,858
16,851

1963—Jan
Feb
Mar
Apr
May
June
JulyP
Aug.?

56,333
56,458
56,706
56,873
57,060
57,194
57,356
57,299

1962—Aug
Sept
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr
May
June
JulyP 7
Aug.*

Period

Mining

SEASONALLY ADJUSTED

NOT SEASONALLY ADJUSTED

1

Data includes Alaska and Hawaii beginning with 1959.

NOTE.—Bureau of Labor Statistics; revised data include all full- and
part-time 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.

SEPTEMBER 1963

1311

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted

Industry group

1962

Not seasonally adjusted

1963

Aug.

June

July

1963

1962
p

Aug.

June

12,489

12,628

12,660

12,545

12,624

12,652

12,579

12,679

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.

6,935
125
526
322
483
911
862
1,049
1,070
1,038
232
317

7,086

7,108
120
501
326
497
987
891
1,046
1,061
1,122

7,028

312

316

6,883
124
557
326
502
904
860
1,036
1.066
947
232
328

7,138
118
523
323
508
984
894
1,055
1,057
1,121
239
316

7,061
119
526
321
512
973
879
1,042
1,040
1,103
237
311

6,975
119
550
328
515
954
889
1,038
1,046
970
240
325

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

5,554
1,172
81
810
1,128
487
596
520
125
317

5,542
1,151
75
797
1,160
489
594
527
119
321
309

5,552
1,148
75
797
1,169
491
594
528
121
317
312

5,741
1,297
91
819
1.156
492
594
521
128
317
326

5,514
1,146
64
803
1,140
492
592
527
122
319
310

5,518

5,704
1,262
91
804
1,174
499
593
525
124
311
320

Total

318

120

498
325
493
977
888
1,042
1,069
1,122
240

241

NOTE.—Bureau of Labor Statistics; revised data cover production and
related workers only (full- and part-time) who worked during, or received

120

519
323
495
961
891
1,052
1,049
1,064
240
314

5,517
1,140
81
794
1,145
494
595
524
121
311
312

1,188

63
791
1,133
488
589
526
123
309
310

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

1962
Aug.

1962 !

1963
Aug.1

June

Average weekly earnings
(dollars per week; N.S.A.)

Aug.

1963

Average hourly earnings
(dollars per hour; N.S.A.)
1963

1962

June

Aug.

June

July*'

Total

40.2

40.5

40.4

40.3

95.75 100.37

99.23

98.42

2.37

2.46

2.45

2.43

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..

40.9
41.2
40.3
40.6
41.2
39.7
40.9
41.7
40.5
41.8
41.0
39.7

41.3
41.4
40.1
40.9
41.5
41.7
41.2
41.7
40.4
42.2
40.7
39.5

41.2
41.0
40.5
41
41.3
41.1
41.2
41.6
40.7
42.0
40.6
39.6

41.0
41.2
40.4
41.0
41.0
40.9
41.5
41.7
40.3
41.3
40.7
39.6

103.89
115.34
81.80
80.54
101.40
115.84
105.32
112.32
97.20
118.78
99.63
77.81

109.82
118.24
82.62
81.39
104.41
129.55
108.84
117.04
99.88
126.90
101.84
80.19

108.09
117.33
82.62
81.19
103.66
125.77
107.53
115.23
99.14
125.28
100.44
78.98

107.01
118.20
84.05
83.40
103.42
123.02
109.36
115.23
98.74
121.39
101.34
79.60

2.54
2.82
2.00
1.95
2.42
2.94
2.55
2.70
2.40
2.89
2.43
1.96

2.64
2.87
2.02
1.99
2.48
3.07
2.61
2.78
2.46
3.00
2.49
2.02

2.63
2.89
2.03
1.99
2.48
3.06
2.61
2.77
2.46
2.99
2.48
2.02

2.61
2.89
2.05
2.00
2.48
3.03
2.61
2.77
2.45
2.99
2.49
2.01

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

39.5
40.8
37.5
40.4
36.0
42.5
38.3
41.5
41.7
40.7
37.6

39.6
41.0
39.7
40.5
36.0
42.7
38.3
41.4
41.9
40.1
37.3

39.5
40.9
39.8
40.4
36.0
42.7
38.4
41.6
41.5
40.2
37.0

39.5
41.0
39.3
40.5
35.6
42.9
38.4
41.2
41.6
40.0
37.7

86.18
91.05
68.04
68.21
62.36
103.39
108.29
110.12
126.35
99.80
65.53

88.36
95.17
81.81
69.70
61.35
106.21
110.69
113.42
133.25
100.53
66.70

88.36
95.87
79.97
68.68
61.71
107.25
110.30
113.57
133.35
100.44
66.12

88.18
93.98
73.66
69.60
63.15
107.82
110.88
111.79
130.21
98.58
67.61

2.16
2.21
1.80
1.68
1.69
2.41
2.82
2.66
3.03
2.44
1.72

2.22
2.31
2.03
1.70
1.69
2.47
2.89
2.72
3.15
2.47
1.76

2.22
2.31
2.04
1.70
1.70
2.50
2.88
2.73
3.16
2.48
1.74

2.21
2.27
1.86
1.71
1.73
2.49
2.88
2.72
3.13
2.45
1.77

NOTE.—Bureau of Labor Statistics; revised data are for production and
related workers only.




1312

DEPARTMENT STORES

SEPTEMBER 1963
SALES AND STOCKS, BY DISTRICT
(1957-59= 100)
Federal Reserve district

United
States

Period

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

88
94
96
99
105
106
109
114

91
96
96
99
104
106
112
114

80
89
95
100
105
108
112
116

93
97
98
99
104
104
107
110

92
96
98
98
104
108
110
113

89
95
97
98
105
105
108
113

81
90
94
99
107
107
110
118

95
99
100
97
104
104
105

114
115
117

117
116

112
113
106
111
112

'113
109
116
108
116
114

112
116
118
107
119
113

118
121
112
125
C
122

116
112
123
111
116
120

123
119
135
118
123
130
124

no

St. Minne- Kansas
Dallas
Louis apolis
City

San
Francisco

SALES
1955
1956
1957
1958
1959
I960
1961
1962

85
93
97
99
104
106
108
109

88
93
94
99
107
108
111
114

84
92
96
99
105
100
102
108

82
91
93
98
109

no

90
96
97
98
104
103
104
109

111
113
115
107
113
114

112
108
113
104
111
115

111
111

'117
113
118
108
117
117

112
107
113
100
109
111

123
124
122
121
128
127

107
108
116

104
108
114
114
111
117
113

108
117
122

107
109
113

116
116

PllO

115
113

127
128
130
118
129
127
128

88
106
118
111
130
197

105
111
119
111
133
203

102
108
109
102
126
193

112
119
121
117
145
232

82
84
101
114
114

83
80
98
108
106
103
103

97
101
105
116
118
121
117

no
115
123

SEASONALLY ADJUSTED

mi

no

no

118
117

120
116

113
117
120
112
121
118

'113
114
119
115
117
120
P120

115
111
121
112
118
119
121

113
115
119
119
119
120
123

103
108
112
105
111
112
115

109
118
111
113
118
116

96
104
117
113
141
212

87
96
117
115
147
225

86
94
120
120
152
216

'85
92
113
112
145
202

95
99
114
109
141
211

94
103
118
115
142
210

106
109
114
113
139
219

92
101
116
111
136
201

'86
85
101
112
112
114

87
79
95
112
114
113
91

90
88
101
111
114
116
94

75
78
98
104
108
104
87

'83
79
97
111
109
109
98

82
79
102
112
111

94
92
116
111
116
117
111

79
79
97
109
110
115
96

79
78
97
107

no
109
95

76
80
96
105
105
113
92

78
89
97
99
104

117

88
96
97
99
104
108
111
116

109
115

87
95
99
98
103
105
105
112

86
93
102
97
101
113
112
116

90
99
100
96
104
108
110
118

86
98
102
97
101
107
108
118

89
97
100
97
103
108
109
119

93
102
103
98
99
103
111
117

88
98
102
97
101
108
108
'113

90
99
100
98
103
109
111
113

79
91
99
98
104
106
103
112

81
92
96
97
107
114
115
125

119
118
118
120
118
117

118
115
114
116
116
118

'114
116
116
118
119
120

113
113
112
114
112
112

117
116
117
118
117
118

119
117
117
119
121
122

116
119
125
123
130

122
123
122
124
122
121

117
116
115
117
119
121

113
115
115
115
113
111

115
115
111
111
108
111

'113
112
110
113
112
111

'126
126
127
129
118
108

120
119
120
120
121
121

119
119
119
120
120
118
121

116
116
115
118
119
118
119

113
109
108
110
109
'109
114

125
121
119
122
120
119
125

121
119
119
121
117
118

129
126
123
122
125
127
129

120
119
121
119
124
126
126

117
120
118
121
119
122
122

111
111
113
114
'115
'115
117

111
114
117
118
120
118

113
113
113
114
118
118
Pill

128
127
129
128
132
129

1962—July
Aug
Sept
Oct
Nov
Dec

112

108
114
123
134
137

102
113
121
134
138
112

103
109
119
131
132
102

112
115
125
135
138
109

112
119
126
135
138
112

110
116
126
140
144
115

119
122
129
135
136
108

112
117
123
133
135
108

'109
'115
'121
'130
131
104

'109
112
116
123
126
103

109
115
117
127
128
103

'122
126
132
143
129
118

1963—Jan
Feb
Mar
Apr
May
June
July

107
112
120
123
122
116

105
109
117
'121
120
111
107

99
102
109
114
112
'103
103

106
112
119
123
121
121
119

106
109
120
124
119
111
Pill

116
123
126
125
124
118
118

108
110
121
125
127
122
123

104
111
119
124
119
115
117

99
106
112
'114
113
'107
113

101
108
117
121
118
113

99
106
114
117
116
111
ni6

115
120
130
129
130
125
P127

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

111
119
116

no
116
111
110

no
114
117
103

no

no
no

NOT SEASONALLY ADJUSTED
1962—July
SeDt
Oct
Nov . .
Dec
1963—Jan
Feb
Mar
Apr
May
July

no
P99

94
103
114

no
133
201

STOCKS
1955
1956
1957
1958
1959
I960
1961..
1962

. ..

85
94
99
98
103
109

no

no

SEASONALLY ADJUSTED
1962—July
Aug
Sept
Oct
Nov
Dec

.

1963—Jan
Feb
Mar
Apr
May
June
Tuly
NOT SEASONALLY ADJUSTED

125
135
135
110

no
104
109
118
121
121
112
111

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, se«
July 1962 BULL., p. 803.

SEPTEMBER 1963

1313

DEPARTMENT STORES
DEPARTMENT STORE MERCHANDISING DATA
Amounts (millions of dollars)

Period

Ratios to sales

Sales

Stocks

Outstanding
orders

Receipts

New
orders

Stocks

Outstanding
orders

Stocks
plus
outs,
orders

Receipts

1953
1954

406
409

1,163
1,140

421
388

408
410

401
412

3.0
3.0

1.1
1.0

4.1
4.0

1.0
1.0

1955
1956
1957
1958
1959

437
454
459
462
488

1,195
1,286
1,338
1,323
1,391

446
470
461
437
510

444
459
461
462
495

449
458
458
464
498

2.9
3.0
3.1
3.0
3.0

l.l
l.l
t.l
1.0
l.l

4.0
4.1
4.1
4.1
4.1

L.O
0
L.O
L.O
1

494
506
526

1,474
1,485
1,593

518
529
571

496
512
535

493
517
533

3.1
3.1
3.2

l.l
'.2

4.3
4.2
4.4

L.O
.0

'404
482
493
556
657
998

1,486
1,571
1,700
1,845

'390
563
622
701
704
611

'445
514
653
661
587
447

3.7
3.3
3.4
3.3
2.9
1.5

1.8
1.4
L.4
1.2
.8
.4

5.5
4.7
4.9
4.5
3.7
1.9

.0
.2
L.3

1,505

'726
675
706
666
549
385

407
366
467
512
512
482
434

1,466
1,508
1,616
1,653
1,632
1,540
1,554

498
555
507
459
509
710
770

368
408
575
549
491
390
448

481
465
527
501
541
591
508

3.6
4.1
3.5
3.2
3.2
3.2
3.6

1.2
1.5
L.l
.9
1.0
1.5
1.8

4.8
5.6
4.5
4.1
4.2
4.7
5.4

.9
1
1.2
1
0

I960
1961
1962

....

1962—July
Aug
Sent
Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr
June
JulyP

....

.

NOTE.—Sales, stocks, and outstanding orders; actual dollar amounts
reported by a selected group of department stores whose 1962 sales
were more than 40 per cent of estimated total department store sales. Sales
are total for month, stocks and outstanding orders are as of end of month




892

0

.1
.6

.8
1.0

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.

1314

PRICES

SEPTEMBER 1963
CONSUMER PRICES
(1957-59= 100)
Housing
All
items

Food

1929
1933
1941
1945

59.7
45 1
51.3
62.7

1954...

Period

Gas
and
electricity

Solid
and
petroleum
fuels

Total

Rent

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

ApHouse- House- parel
hold
furnish- operation
ings
56.6
42.7
54.4
73.9

Transportation

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

47.6
63.6

57.3
75.0

58.2
67.3

53.3
62.9

56 2
42.8
51.9
71.2

51.2
55.4

50.6
57.5

93.6

95.4

93.4

93.5

92.5

90.6

101.9

89.5

97.3

90.8

86.6

88.5

92.4

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

1960
1961
1962

103 1
104.2
105.4

101.4
102.6
103.6

103.1
103.9
104.8

103.1
104.4
105.7

107.0
107.9
107.9

99.5
101.6
102.1

100.1
99.5
98.9

104.8
105.9
107.4

102.1
102.8
103.2

103.8
105.0
107.2

108.1
111.3
114.2

104.1
104.6
106.5

104.9
107.2
109.6

103.8
104.6
105.3

105.5
105.5
106.1
106.0
106 0
105.8

103.8
103.8
104.8
104.3
104.1
103.5

104.8
104.8
104.9
105.0
105.1
105.2

105.7
105.8
105.9
106.1
106.2
106.2

108.0
108.0
108.0
108.0
108.1
108.1

99.7
100.1
101.3
102.4
103.6
104.8

99.0
98.5
98.7
98.8
98.7
98.6

107.5
107.4
107.6
107.6
107.8
108.1

102.9
102.5
104.6
104.9
104.3
103.9

106.8
107.4
107.8
108.1
108.3
108.0

114.6
114.6
114.7
114.9
115.0
115.3

106.8
106.8
106.8
106.9
107.1
107.6

110.0
110.3
110.0
109.5
110.1
110.0

105.6
105.5
105.6
105.6
105.6
105.6

106.0
106.1
106 2
106.2
106.2
. . . 106 6
107.1

104.7
105.0
104.6
104.3
104.2
105.0
106.2

105.4
105.4
105.7
105.8
105.7
105.9
106.0

106.3
106.4
106.4
106.5
106.6
106.7
106.7

108.2
108.0
108.0
107.5
107.4
108.1
108.1

104.9
104.8
104.8
104.2
102.4
102.1
102.3

97.9
98.3
98.6
98.5
98.4
98.5
98.5

109.3
109.3
109.7
109.9
110.0
110.2
110.3

103.0
103.3
103.6
103.8
103.7
103.9
103.9

106.6
106.8
107.0
107.0
107.4
107.4
107.8

115.5
115.6
115.8
116.1
116.4
116.8
116.9

107.4
107.3
107.3
107.6
107.8
107.8
108.0

110.2
110.0
110.1
111.0
110.7

105.7
105.7
105.7
105.8
106.0
107.6
108.0

1962 July
Aug

Sept
Oct
Nov

Dec

1963 Jan
Feb
Mar

Apr .
May

June
July

..

110.9

111.5

NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical-worker families.

WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period

1954...

All
com- Farm Processed
modi- products foods Total
ties

92.9 104.4

97.6

Textiles,
etc.

90.4 100.6

RubHides, Fuel, Chemicals, ber,
etc.
etc.
etc.
etc.

89.9

1955
1956
1957
1958
1959

93.2 97.9 94.3 92.4
96.2 96.6 94.3 96.5
99.0 99.2 97.9 99.2
100.4 103.6 102.9 99.5
100.6 97.2 99.2 101.3

1960
1961
1962

100.7
100.3
100.6

1962—July
Aug
Sept
Oct
Nov
Dec

100.4 96.5 100.8 100.8 100.9 107.5
100.5 97.6 101.5 100.6 100.8 107.0
101.2 100.6 103.3 100.8 100.6 107.5
100.6 98.7 101.5 100.7 100.5 107.4
100.7 99.3 101.3 100.7 100.5 107.3
100.4 97.3 100.9 100.7 100.6 106.9

1963—Jan
Feb
Mar
Apr
May
June
July

100.5
100.
99.9
99.7
100.0
100.3
100.7

97.3

96.9 100.0 101.3 101.5 105.2 99.6 100.2
96.0 100.7 100.8 99.7 106.2 100.7 99.1
97.7 101.2 100.8 100.6 107.4 100.2 97.5

98.5
96.5
95.4
95.4
94.4
94.9
96.8

100.8
100.5
99.0
99.3
101.7
-"102.4
102.2

100.7
100.6
100.6
100.4
100.5
r
100.7
100.9

87.6

97.6

84.3

83.2

93.9

93.8 110.5

100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1
100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5
100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9
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
93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3

100.0
99.5
100.8
100.8
100.7
100.8

97.2
97.0
96.9
97.
97.0
96.8

92.7
92.7
92.8
93.1
93.7
94.4

99.7
99.8
99.7
99.4
99.3
99.3

102.3
102.3
102.3
102.2
102.2
102.3

98.8
98.7
98.6
98.5
98.6
98.4

101.6
101.6
101.5
101.6
101.6
101.5

104.0
104.2
104.2
104.5
104.5
104.3

107.6
107.2
109.1
108.7
109.8
110.2

100.4 106.0 100.4
100.3 105.1 100.3
100.2 105.1 100.8
104.5 100.3
100
100.2 r 104.8 100.4
100.3 104.5 100.9
100.4 104.3 100.3

96.9
96.7
96.8
96.3
96.4
96.3
96.2

94.3 95.9 99.0 99.5
94.2 96.1 99.1 99.4
94.1 96.5 99.0 99.4
94.1 97.0 99.0 99.4
93.2 97.5 99.1 99.9
93.1 '98.3 '99.4 100.0
93.0 101.5 99.1 100.0

102.3
102.2
102.0
101.9
102.0
r
102.0
102.3

98.3
98.2
98.2
98.1
98.0
98.1
98.2

101.4
101.5
101.5
101.5
101.3
'101.2
100.9

104.3
104.3
104.3
104.4
105.2
r
105.8
107.0

111.6
111.5
110.8
108.0
107.6
108.1
110.4

See next page for composition of other commodities.




94.6

NonLum- Paper,
Ma- Furni- meMisTober,
chintallic bacco
ture,
cellaMetals
etc.
etc.
ery
minneous
etc.
erals

97.5 100.0
97.4 99.7
97.0 99.5
96.6 99.3
96.3 99.1
95.8 99.0

SEPTEMBER 1963

1315

PRICES
WHOLESALE PRICES: DETAIL
(1957-59=100)
1962

1962

1963

July

May

June

July

92.2
99.1
95.8
99.3
99.8
86.2
105.3
92.5

99.8
102.9
86.8
101.7
97.3
77.1
112.5
89.5

'97.1
101.4
89.3
101.4
97.9
79.2
113.8
89.3

97.0
99.5
94.4
100.2
99.8
87.5
111.1
89.1

107.9
99.0
105.7

107.6
91.9
106.8

107.0
'94.1
106.6

106.6
96.4
107.3

98.7
102.2
82.6
85.8
78.2
85.2
94.5
101.0

103.4
133.6
80.9
77.2
84.2
85.8
87.0
101.8

104.6
132.1
81.1
'79.2
83.3
84.4
87.0
103.9

101.9
99.3
94.7
130.2
101.8
121.6

99.7
100.6
93.8
144.4
101.6
118.2

99.7
100.6
93.8
148.0
"102.0
117.4

105.6
120.3
81.1
82.9
83.6
84.3 Machinery and Motive Products:
87.0
104.5
Agricultural machinery and equip.. .
Construction machinery and equip...
Metalworking machinery and equip..
General purpose machinery and
equipment
99.8
Miscellaneous machinery
100.3
Special industry machinery and equip93.6
ment (Jan. 1961= 100)
134.5
Electrical machinery and equip
102.2
115.1
Motor vehicles
Transportation equip., R.R. rolling
stock (Jan. 1961=100)

104.2
108.4
108.8
105.0

87.4
103.2
108.2
104.4

85.8
102.5
108.2
104.3

95.3
103.6
119.7
102.8
98.0

94.2
103.6
120.1
102.2
99.1

'94.9
103.6
120.3
102.2
99.9

96.1
103.8
96.0
95.1
73.5
103.9
101.0
99.4

95.0
103.0
91.7
95.2
78.6
103.6
102.3
98.6

'95.0
103.0
91.1
95.2
'80.6
103.6
100.8
98.6

94.7
103.0
90.9
95.0
81.3
103.6
100.3
98.7

92.4
86.4
99.1

92.6
89.1
97.5

92.5
89.1
97.5

91.6
89.1
97.5

98.0
102.3
92.4

98.4
102.4
90.9

'99.2
102.8
92.6

101.8
104.1
100.7

Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil and products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk products
Apparel
Other textile products
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products.
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958 = 100)
Electric power (Jan. 1958 = 100)
Petroleum products, refined

NOTE.—Bureau of Labor Statistics Index.




July

Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard .
Building paper and board

93.6
96.8
102.6
94.0
101.0
96.3

91.3
89.8
102.2
94.1
99.9
96.2

91.3
90.8
102.2
94.1
100.3
'97.5

91.7
91.4
102.2
94.1
99.8
97.5

99.0
103.7
103.7
97.1
92.9
98.3

99.3
98.7
104.6
103.9
100.8
93.0
98.2

99.0
98.7
104.9
104.0
100.6
'93.3
'98.2

99.0
99.0
105.0
104.1
100.8
93.3
98.3

103.9 | 104.0

104.9

105.0

109.5
107.6
109.6

110.9
109.2
109.4

111.0
109.6
109.6

110.8
109.7
110.0

102.9
103.4

103.4
103.3

103.5
103.4

103.9
103.4

102.0
98.1
101.2

103.9
97.7
'99.8

103.9
97.7
'99.3

104.0
97.8
99.8

Metals and Metal Products :
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal products

100.5 | 100.5 ! 100.5 | 100.5

Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals

98.0
103.3
102.7
103.6
105.0
89.4
101.7

102.0
100.7
116.7

Lumber and Wood Products:
Lumber. .
Millwork.
Plywood..

June

104 .1
102 .4
96 .7
93 .9
90.8
103 .0

Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products.

May

83.5
Furniture and Other Household Dura102.2
bles:
108.4
104.1
Household furniture
Commercial furniture
Floor coverings
Household appliances
95.7
Television, radios, and phonographs.
103.6
Other household durable goods
120.4
102.0
98.7 Nonmetallic Mineral Products :

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

July
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 p r o d u c t s . . . .

1963

Group

Group

Tobacco Products
erages:

and

104.5
104.4
i02.3 102.8
95.9
95.7
91.9
92.0
'88.9
88.9
1 0 2 . 9 ! 103.2

104.5
102.8
96.6
91.9
88.5
103.5

96 . 6
103 .0
101 .9
104 .0
105 .0
92 .7
101.4

96.6
103.2
101.9
104.0
105.0
'89.1
101.3

96.6
103.2
101.4
103.5
105.0
88.2
101.2

104.5
101.0
117.4

105.7
101.0
118.2

105.7
101.0
125.1

101.0
100.7
111.0 j 111.2
98.7
98.7
104.3
103.9
101.0
101.4

100.7
112.1
98.7
103.8
101.3

100.9
116.3
98.7
103.9
100.9

Bottled Bev-

Tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous Products :
Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.
Other miscellaneous products

1316

NATIONAL PRODUCT AND INCOME

SEPTEMBER 1963

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963

1962
Item

1929

1933

1941

1950

1958

1959

1960

1961

1962

n
Gross national product.

104.4

46.4
3.5
22.3
20.7

81.9 195.0 293.2 313.5 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4
9.7 30.4 37.3 43.6 44.9 43.6 48.2 47.5 47.7 50.5 50.6 51.0
161.4 160.6 162.5 163.6 165.3 165.9
43.2 99.8 141.6 147.1 151.8 155.
29.0 64.9 114.3 122.8 131.5 138.0 145.7 144.8 146.6 148.9 151.4 153.5

79.0
9.2
37.7
32.1

Gross private domestic investment.
New construction
Residential, nonfarm
Other
Producers' durable equipment..,
Change in business inventories..
Nonfarm only

1.4
16.2
1.4
8.7
.5
3.6
1.0
5.
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4

18.1
6.6
3.5
3.1
6.9
4.5
4.0

.2
2.4
2.3

1.1
6.0
4.8

Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
Gross national product in constant (1954)
dollars
,

.8
7.0
6.3
8.5
1.3
} 1.3

50.0 56.6
24.2 35.5
14.1 18.0
10.1 17.4
18.9 23.1
6.8 - 2 . 0
6.0 - 2 . 9

72.7
40.2
22.3
17.9
25.9
6.6
6.5

71.8
40.7
21.1
19.7
27.6
3.5
3.2

69.0
41.6
21.0
20.5
25.5
1.9

.6
13.1
12.5

1.2
22.7
21.5

-.8
22.9
23.6

3.0
26.3
23.3

8.0 24.8
16.9
2.0
( 13.8
2.0 { 3.2

39.0
19.3
14.3
5.2

6.0

19.7

93.5
52.6
44.8
8.3
.5
40.8

97.2
55.5
46.2
7.9
.5
43.6

99.6 107.9 117.0 115.5 117.0 120.2 123.0 123.8
53.7 57.4 62.4 61.9 62.4 63.6 65.5 66.5
45.7 49.0 53.3 52.9 53.5 54.3 56.4 56.7
10.6
8.0
8.9 10.0
9.8
9.7 10.4 10.1
.8
.8
.6
.6
1.0
.8
.8
46.5 50.6 54.6 53.6 54.6
57.5 57.3

.1
7.2

iv

56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6

Personal consumption expenditures
Durable goods
Nondurable goods
Services

Net exports of goods and services.
Exports
Imports

in

7.8

1.5

78.8
44.4
23.2
21.2
28.8
5.5
4.9

79.6
44.5
23.3
21.2
28.7
6.5
5.8

78.9
46.0
24.2
21.7
29.3
3.6
2.8

78.8
45.0
23.7
21.2
29.9
4.0
3.2

77.8
43.7
22.7
21.0
29.0
5.1
4.3

80.7
45.8
24.8
21.0
30.7
4.3
3.6

4.4
27.5
23.1

3.8
28.9
25.1

4.4
29.5
25.0

4.1
29.4
25.3

3.3
28.8
25.5

3.6
28.6
24.9

4.8
30.7
25.9

181.8 126.6 238.1 318.1 401.3 428.6 439.9 447.7 474.8 474.0 475.6 481.4 485.3 489.4

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 1963 Survey of Current Business.

NATIONAL INCOME
(In billions of dollars)
1962
Item

1929

1933

1941

1950

1958

1959

1960

1961

II

Compensation of employees
Private. • . .
Military
Supplements to wages and salaries
Employer contributions for social inOther labor income

Corporate profits and inventory valuation
Profits before tax
Profits tax liability
Profits after tax
Undistributed profits
Inventory valuation adjustment

III

I

IV

II

87.8

40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7

51.1

29.5

64.8 154.2 257.1 278.5 293.6 302.1 322.9 322.5 325.3 327.7 332.0 338.7

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9

62.1 146.4 239.8 258.5 271.3 278.8 297.1 296.8 299.4 301.5 304.5 310.8
51.9 124.1 196.6 213.1 222.9 227.0 241.6 241.7 243.7 244.7 246.7 252.2
1.9
5.0
9.8
9.9
9.9 10.2 10.8 11.0 10.7 10.5 10.7 10.8
8.3 17.3 33.5 35.4 38.5 41.6 44.7 44.1 45.0 46.3 47.1 47.8

.7

.5

2.7

7.8

17.3

20.1

22.3

23.3

25.7

25.7

25.9

26.2

27.5

27.9

.1
.6

.1
.4

2.0
.7

4.0
3.8

8.0
9.4

9.7
10.4

11.3
11.0

11.9
11.4

13.7
12.1

13.7
12.0

13.8
12.2

13.8
12.3

15.0
12.4

15.3
12.6

14.8

5.6

17.4

37.5

46.1

46.5

46.2

48.1

49.8

49.6

49.8

50.3

50.7

50.0

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

32.5
13.5

35.1
11.4

34.2
12.0

35.3
12.8

36.5
13.3

36.5
13.1

36.6
13.2

36.9
13.4

37.2
13.5

37.4
12.6

5.4

2.0

3.5

9.0

12.2

11.9

12.1

12.1

12.0

12.0

12.0

12.0

12.0

12.0

14.5

35.7

37.2

47.2

44.5

43.8

47.0

46.5

46.1

49.3

48.8

.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

37.4
18.6
18.8
12.4
6.4

47.7
I'i.l
24.5
13.7
10.8

44.3
22.3
22.0
14.5
7.5

43.8
22.0
21.8
15.3
6.5

46.8
22.2
24.6
16.6
8.1

46.7
22.1
24.6
16.4
8.2

46.2
21.9
24.3
16.5
7.8

48.4
22.9
25.5
17.1
8.4

48.3
22.9
25.4
17.1
8.3

.5 - 2 . 1

-2.5

-5.0

-.3

-.5

.2

.2

-.2

-.1

.9

.4

4.5

5.5

14.8

16.4 1 8 . 1

20.0

22.0

21.7

22.3

23.0

23.3

10.1 - 2 . 0
9.6
1.4
8.3
5.8
2.4

6.4

5.0

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.




1963

1962

n.a.

ii.6
23.7

SEPTEMBER 1963

1317

NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1963

1962
Item

1929

1933

1941

1958

1950

1960

1959

1961

1962
II

Gross national product

104.4

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

IV

I

11

56.0 125.8 284.6 444.5 482.7 502.6 518.2 554.9 552.4 556.8 565.2 571.8 579.6

8.6

7.2

9.0

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

Plus: Subsidies less current surplus of government enterprises

49.7

50.1

50.6

51.3

23.7 39.3 42.6 46.4 49.1 53.0 52.7 53.3
2.3
2.2
2.3
2.3
2.3
1.8
2.1
.8
- . 7 -1.5 -3.0 -3.0 -1.9 -1.8 -2.5 -2.6

54.1
2.3

55.2
2.3
-2.3

56.0
2.3

1.6

.7

A

38.6

19.1

.1

2

41.0

4

1.1

43.0

.5

44.3

1 7

49.4

1.7

49.2

1.7

1.4

40.2 104.7 241.9 367.4 400.5 414.5 426.1 453.7 452.4 455.5 462.2 466.7

Equals: National income

87.8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance

10.1 - 2 . 0
.3
.2

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments

III

14.5
2.8

35.7
6.9

37.2
14.8

47.2
17.6

44.5
20.6

43.8
21.4

47.0
23.9

46.5
23.9

46.1
24.0

49.3
24.2

48.8
26.5 "ll'.'b

2.6
1.3
4.5
.5

14.3
4.8
9.2
.8

24.5
6.2
12.4
1.8

25.4
7.1
13.7
2.1

27.3
7.8
14.5
2.2

31.3
7.7
15.3
2.3

32.5
8.0
16.6
2.3

32.1
7.9
16.4
2.3

32.3
8.1
16.5
2.3

33.6
8.2
17.1
2.3

34.7
8.3
17.1
2.3

34.2
8.4
17.6
2.3

.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

42.3

46.8

51.4

52.9

57.7

57.9

58.1

58.5

59.4

59.9

1.3
1.4

.5
1.0

2.0
1.3

18.2
2.6

36.6
5.7

40.4
6.4

44.0
7.3

45.1
7.8

49.0
8.7

49.3
8.6

49.4
8.7

49.7
8.8

50.0
9.4

50.4
9.6

Equals: Disposable personal income

83.1

45.7

93.0 207.7 317.9 337.1 349.9 364.4 384.4 382.7 386.5 391.4 394.5 400.0

Less: Personal consumption expenditures....

79.0

46.4

81.9 195.0 293.2 313.5 328.2 336.8 355.4 352.9 356.7 362.9 367.4 370.4

4.2

- .6

11.1

Equals: Personal income
Less: Personal tax and nontax payments
Federal
State and local

Equals: Persona] saving
Disposable personal income in constant (1954)
dollars

96.3 228.5 360.3 383.9 401.3 417 4 442.1 440.7 444.5 449.9 453.9 459.9

12.6

24.7

23.6

21.7

27.6

29.1

29.8

29.7

28.5

27.1

29.6

134.9 102.1 175.1 231.0 296.3 310.7 317.8 328.4 343.6 342.6 345.1 348.2 349.5 353.2

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

PERSONAL INCOME
(In billions of dollars)
1962
Item

.*,

1963

,,«

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June July.

417 4 442 1 443 5 444 6 445 5 447 7 449 9 452 1 1454 0 452 9 454 8 457 4 460 1 462 6 464 3

Total personal income

Wage and salary disbursements
278.8 297.1 299.0 299.4 299.8 300.1 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314. J
Commodity-producing industries... 110.8 118.5 119.5 119.6 119.5 119.4 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.0
87.5 94.2 95.0 95.1 95.0 94.6 95.0 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.1
72.9 76.6 77.0 77.1 77.6 77.4 77.5 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.0
Distributive industries
43.4 46.4 47.1 47.1 46.8
47.3 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8
Service industries
Government
56.3 56.9 57.3 57.6 57.8 58.0 58.3 58.6 58.9 v 59.2
51.8 55.6 55.4 55.6 55.9 47.1
Other labor income...

.

Personal interest income...

Agricultural income

12.3
50.4
37.0
13.4

12.0

12.0

16 4

16 6

16.8

12.0
16.9

30.1

30.3

30.6

34.4

34.8

34.7

30.9
35.8

31.1
36.0

12.1

12.2

49.8
36.6
13 2

49.8
36.6
13 2

12.0

...

15 3

16 6

16 4

....

27.7
33.6

30.0
34.8

Transfer payments
Less: Personal contributions
social insurance

12.3
50.1
36.8
13.3

12.1
49.8
36.5
13.3
12.0

Rental income.
Dividends«..««...

12.2
49.9
36.6
13.3
12.0

11.4
48.1
35.3
12.8
12.1

...

Proprietors'1 income
Business and professional
Farm

for

12.3
50.7
37.1
13.6

17.7
31.3

50.5
37.2
13.3

12.0

12.5
50.7
37.2
13 5
12.0

17 0

17 2

17.2

31.5

31.7
35.7

31.8

35.7 139.1

12.5

12.0

36.2

12.5
50.1
37.3
12.8
12.0
17.3
31.9
36.4

12.6
50.0
37.4
12.6
12.0
17.3
32.1
36.6

12.6
50.0
37.6
12.4
12.0
18.2

12.7
50.3

32.3
36.4

32.6

37.7
12 6
12.1
17 8

36.5

10.3 11.4 11.5 11.5 11.6 11.7 11.8 11.8
400.3 424.5 426.0 427.2 428.1 430.1 432.0 434.1 !435.9 434.9 437.0 440.5 443.1 445.8 447 I
17.1 17.6 17.4 17.4 17.4 17.6 17.8 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.1
9.5

10.2

10.3

10.3

10.2

1 Includes stepped-up rate of Govt. life insurance payments to veterans
and a special dividend to all W.W. II veterans holding NSLI policies;
disbursements amounted to $3.6 billion.




12.4
50.5
37.0
13.5
12.0

10.4

10.3

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

1318

FLOW OF FUNDS/SAVING

SEPTEMBER 1963

SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1961
Transaction category,
or sector

I.
A
B
C

1958

H
I

Gross national investment
.
Consumer durable goods

L
M
N

Consumer and nonprofit
Nonfin. business
Financial sectors

III

II

IV

II

I

III

IV

I

Financial flows—Summary

Net funds raised—Nonfinan. sectors.
Loans and short-term securities....
Long-term securities and mtgs

D
E
F
G
H
I
J

By sector
U S Government
Short-term securities
Other securities
Foreign borrowers
Loans
Securities
.
.
Pvt. domestic nonfin. s e c t o r s . . . . . . .
Consumer credit
.
Bank loans n ex
Other loans
Securities and mortgages .
State and local obligations
Corporate securities
/ - to 4-family mortgages

.
.

T Net sources of credit (—A)
U
Chg. in U.S. Govt. cash balance..
V
U.S Govt. lending
W
Foreign funds
• •
X
Pvt. insur. and pension reserves. .

Z Pvt. domestic nonfin. sectors...

AA
AB
AC
AD
AE
AF
AG

Deposits and U.S. Govt. secur....
Deposits
.
Demand dep. and currency..
Time and svgs. accounts
At commercial banks
At savings instit
U S Govt securities .

AH

Other securities and mtgs
III.

42.9
3.4
39.5
8.6
-1.2
9.5
2.3
1.1
1.3

32.0
3.2
.7
1.8
1.3

28.7
5.5
8.0
10.1
5.2

53.1
19.7
33.4

34.6
8.0
26.6

46.2
19.4
26.8

7.4
8.7 - 2 . 2
11.3
5.5 - 5 . 1
3.8
2.4 - 4 . 1
2.0
2.8
.8
.2
1.4
1.9
.7
.6
.8
43.6 34.7 36.0
14.6 11.2
5.9
6.3
4.5
1.6
2.8
5.6
1.9
2.4
3.9
2.7
29.0 23.5 30.1
2.0
4.1
4.7
5.3
7.3
5.3
13.2
10.4
11.7
5.8
5.8
6.9

42.9 53.1 34.6
*
.4
.9
2.4
1.7
3.8
3.6
3.2
3.1
7.8
8.1
8.8
6.2
5.0
5.9
25.3 30.5 13.7
17.7 23.8
8.3
20.6 11.0 14.0
4.9
.5 - 1 . 0
15.7 10.5 15.0
5.5
7.0 2.2

46.2
.3
2.8
2.1
8.7
5.0

Net funds advanced—Total
U S Govt. securities
Other securities and mtgs
Loans

F
G
H
I

By sector
Banking system
Savings institutions
Insurance and pension funds
Finance n.e.c

J
j£
L
M
N
O
P
Q
R
S

Net sources of funds—Total
Gross saving
Deposit claims
Demand deposits and currency...
Time dep. at coml. banks
Other savings accounts
Life insurance reserves
Pension fund reserves
Credit market instruments
Investment co. shares
Loans.

W Other sources, net

32.8
23.2
9.6

40.3
14.5
25.8

7.4
1.7
7.5
5.6
18.0 15.1
1.6 -17.0 - 7 . 3
3.0
.3
2.3
1.3
2.4
-.5
1.0
.5
.8
48.4 28.2 32.4
.1
13.7
2.1
5.7
.3
-.2
4.5
.9 -1.9
2.2
3.5
.9
34.8 26.0 32.3
3.6
5.3
3.7
4.8
6.4 10.8
15.4 10.2 11.3
9.4
5.8
6.6

32.8 40.3
-3.0 -1.3
-.5
2.3
-.2
2.9
8.0
8.5
.1
3.4
22.0 30.8
17.3 25.1
25.2 23.4
.6 4.0
24.6 19.4
13.4 8.4
11.2 11.0
-7.9
1.7
4.3
8.2
4.9

58.2
1.0
3.5
2.4
9.1
5.6
36.7
32.2
29.8
1.5
28.3
15.1
13.2
2.4

8.7

8.4
12.9

9.6
-5.7

27.3
23.5
24.6
4.5
20.0
8.7
11.4
-1.1

.9

6.8
.2

5.2
-.3

5.1
1.3

-.1

.2

2.5

37.5 30.6
11.3 - 7 . 2
22.9 23.2

51.4
3.9
34.0
13.5

37.8

14.5

44.3
8.5
27.4
8.4

36.8

3.3

34.7
2.9
20.7
11.1

23.7

26.7

17.5
9.3
9.0
1.8
37.5
2.2
22.5
5.7
8.0
8.9
3.3
4.4

5.0
10.6
10.1
4.8

9.9
9.4
10.2
5.2

17.5
12.0
10.7
4.2

20.4
14.5
11.5
5.0

34.7
3.0
15.6
.3
5.8
9.5
3.5
4.7
3.4
1.5
1.5

44.3
1.7
26.8
5.9
9.4
11.5
3.7
4.9
3.3
2.0

4.0

2.2

4.1

51.4
2.3
32.1
3.5
15.3
13.3
4.1
5.0
5.6
1.9
r.5
.8
2.8 - 2 . 69
9
1.3
2.0

11.5
11.2
9.9
5.2
37.8
1.6
23.7

-1.3

30.6
2.4
10.9
1.4
1.1
8.4
3.6
5.2
6.2
1.8
1.1
3.1

15.7
11.3
10.3
-.6
36.8
1.9
24.1
-.7
13.6
11.2
4.0
4 *

-2.9
8.5

\.\

.6
9
3.0

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.




58.2
20.7
37.4

57.3
12.4
44.9

54.4
27.7
26.7

60.5
28.5
31.9

14.6
5.9
15.9
.9 11.3 17.8
14.2 - 6 . 4 - 2 . 6
3.5
4.3
3.7
2.7
3.2
3.1
.8
1.1
.6
39.1 44.2 40.9
9.2
12.2
6.9
1.6
4.8
4.2
2.8
1.2
5.9
4.9
1.5
1.6
29.9 32.0 33.9
4.3
4.9
6.5
6.4
5.5
6.0
11.9
13.5
13.2
7.3
8.0
8.3

61.1
18.3
42.8

44.0
1.4
42.5

67.2 59.5
34.8 -12.0
32.4 71.5

A
B
C

8.1 - 5 . 3
11.1 11.2 D
2.0 - 1 2 . 4
15.1 -23.2 E
6.3
8.6 - 5 . 7
33.7 F
2.0
3.2 G
3.3
.2
.8
-.5
1.5
1.2 H
1.1
.7
1.8
2.0 I
51.0 49.1 52.8 45.2 J
15.6 15.8 16.4
9.4 K
6.9
4.3
7.6
5.7 L
6.8
5.1
4.7
1.7 M
4.0
4.7
3.7
1.9 N
35.4 33.3 36.4 35.9 O
3.8
4.8
6.0 P
5.9
4.9
4.0
4.1
5.8 Q
15.5
16.3
16.5
15.5 R
9.1
9.2
10.9
8.5 S

60.5
4.8
4.0
2.7
8.6
2.9
37.5
30.9
27.4
-8.0
35.4

61.1
3.7
4.5
2.5
9.3
3.7

44.0
-6.2
1.9
1.9
9.0
9.0

67.2
1.5
3.6
2.4
9.4
6.7

22.7
12.7
3.4

37.2
32.8
27.2
2.4
24.8
13.4
11.5
5.6

28.3
27.4
27.9
4.0
23.9
10.6
13.3
-.5

43.6
37.8
36.7
7.7
29.0
13.7
15.3
1.1

3.3
1.8

6.6
-.1

-.1
-4.5

3.7
2.8

52.8
16.2
27.9
8.7

50.0
.7
31.5
17.9

51.6
10.9
31.1
9.7

46.8
1.1
39.6
6.1

46.0
-4.4
31.9
18.5

61.1
7.9
33.5
19.8

55.4
12.6
36.9
5.8

A
B
C
D

23.7
11.9
10.8
6.5

18.9
13.5
11.8
5.8

24.3
13.6
10.7
3.1

18.0
13.3
11.7
3.8

12.3
15.7
11.3
6.7

26.9
15.4
12.5
6.3

52.8
1.6
29.3
9.2
9.2
11.0
3.9
4.8
5.6
2.1
.1
3.:

50.0
1.6
30.0
11.8
5.5
12.7
3.5
5.9
5.7
2.7

51.6
1.4
34.7
-.8
22.7
12.7
4.1
4.4
4.7
3.2

2.2
2.2
1.2

1.0
1.5
.8

46.8 46.0
2.5
2.6
30.8 20.7
5.8 - 2 . 8
13.3 10.2
11.7 13.3
3.6
4.4
5.7
4.6
6.9
6.5
2.2
1.3
1.1
3.6
4.6
-2.0
1.6
— .7
5.7

25.5
16.9
12.5
.5
55.4
3.5
44.0
7.1
19.6
17.3
4.0
5.0
.7
.8
.3
-.5
— 14
-.4

F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W

57.3
4.7
4.9
2.0
8.7
12.2

54.4
.7
4.5
3.7
9.4
4.5

24.7
21.3
23.5
4.5
19.0
8.0
11.0
-2.1

31.7
30.2
26.3
9.1
17.1
4.9
12.2
3.9

4.0
.6

59.5
8.3
1.3
1.6
9.0
1.8

T
U
V
W
X
Y

37.6 Z
33.2 AA
35.9 AB
.2 AC
35.8 AD
78.5 AE
17.3 AF
- 2 . 7 AG
7.0
3.5 AH
1.2
- . 9 AI

Financial institutions

A
B
C
D

U

1963

94.3 114.6 119.6 114.5 127.3 104.4 110.7 117.7 125.1 126.8 129.1 126.1 127.2 130.0 H
I
43.6 44.9 43.6 48.2 41.2 43.1 43.9 46.4 47.3 47.5 47.7 50.5 50.2
3.4
7.7
2.8
3.3
6.6
3.5
1.8
4.9 - 4 . 3
1.1
7.0
5.9
-37.3
2.0
4.8 J
58.6 66.2 68.3 67.1 73.2 64.0 65.6 68.5 70.4 69.3 73.2 75.4 75.0 72.0 K
18.1 22.1 21.7 20.1 21.3 20.5 19.0 19.3 21.5 21.7 19.9 21.2 22.3 23.7 L
40.0 43.4 46.0 46.4 51.2 42.8 46.0 48.5 48.2 46.8 52.6 53.5 52.1 47.3 M
.7
.7
.7
.7
.7
.7
.6
.8
.6
.6
.6
.6
.8
.9 N
.1
2.0
2.9
2.0
.9
3.5
1.0
2.5
2.5
3.1 O
.4 - 1 . 7
1.3
-.1
1.4
1.4
.6 - 2 . 5
2.6
5.6
.2
1.0
1.6
2.9
2.9
5.8
3.4 P

A
B
C

L
M
N
O
P
Q
R

1962

1962

94.5 115.6 119.5 116.1 130.2 105.8 113.6 119.1 125.7 124.3 131.7 131.9 132.8 133.5 A
68.9 74.5 73.5 80.0 86.6 73.0 79.1 82.7 85.3 85.2 87.1 86.5 87.7 82.9 B
11.9 12.4 12.9 12.5 13.1 12.6 12.5 12.4 12.4 12.9 13.1 13.2 13.3 14.0 C
25.2 35.2 29.7 32.1 36.7 26.6 32.1 32.3 37.3 36.2 36.7 35.1 38.6 37.3 D
-7.8 -4.5
4.3 - 5 . 5 - 4 . 8 - 4 . 0 -7.2 -5.3 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 - 5 . 7
— .7 E
-3 Q
A
A
A C
•3 A
A C
c ^
A n
A 7
o n
'Xf. -p
1.6
1.4
2.8
2.2
2.4
3.0
2.3
1.6
1.6
2.5
2.6
3.5 G
1.7
1.9

Discrepancy (A—H)
II.

1961

Saving and investment

U S . Government

P

1960

I

Gross national saving
Consumer and nonprofit .
Farm and noncorp. business

E

1959

8.6

4.5

8.4

2.7

n.7

3.5
4.5
2.2
1.7
.8

— .*•

2.2
.1

8.7

61.1
2.8
42.3
11.6
15.0
15.7
4.2
5.2
4.4
.8
1.4
2.2
2.7
— .4

1319

FLOW OF FUNDS/SAVING

SEPTEMBER 1963

PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)

Transaction category,
or sector

1959

1960

1961

I.

Consumer and nonprofit
Nonfinancial business
State and local govts
Financial sectors
Rest of the world

M

Other
II.

I

IV

II

III

I

IV

1.4
4c
.4
1.0
5.6
6.2
.5
.1
.7
6.1
o
2.5
1.2
2.7 - 2 . 2
.2
.5
.7
.2
— .1
.1
-.1
-.3
c
1.2
5.7

.3
.9
-.5
.5
.9
-.6
-.5
.2
.6
-.1

5.9
3.5
.3
1.0
5.6
2.5
4.8
5.0
.3
1.1
4.8
3.8
1.6
5.1
1.3 - 2 . 1
.6 - . 1
1.3
.8
_ 2
1
4s
— .1
1 0 —1 4

9.2 11.8
-.7
3.2
1 0
-3.0
4.7
.7
2.3
4.4 11.1
-1.3
2.4 10.8
7.5
7.3
-3.2 -2.1
-.9
4.9
1.5
4.8
7.8
2.3
3.8 - 1 . 9
2.1
.1
1.2
-1.6
5.6
1.6 - 1 . 6
-.4
2.6
.8
1.5
1.4
1.4
5 — 4 — 1.5
6
.2
.8 - 2 . 6
1.7
4
1 0
2 7

-.8
5.8
4.8
3.7
-5.5
2.0
1.8
4.7
5.2
3.5
-4.9
1.6
2.5
4.9
-5.7 -4.7
1.5
-2.8
-.1
1.1
1 4 —4
.2
— .4
8
—2 1

-2.8
11.6
7.1
-6.2
1.5
8.3
3.4 10.2 - 1 . 2
-2.7
16.3
4.1
-6.2
1.8
6.9
4.5 14.2 - 2 . 3
2.2 10.8
5.0
-.4
2.6 - 7 . 9
2.2 - 1 . 3
1.2
.4
-.6
2.1
n
3 — 6
.1
— .3
1.4
— 1 —4 3
1 7

A
B
C
D
E
F
G
H
I
J
K
L
M

Time and savings accounts

A
B
C
D
E
F

Net increase—Total
At commercial banks—Total
Corporate business
State and local govts
Foreign depositors
.
Consumer and nonprofit orgs

G
H

At savings institutions
Memo—Consumer and nonprofit
orgs.—Total
III.

A
B
C

III

II

Demand deposits and currency

Net incr. in banking system liability..
U S Govt. deposits
Other
Net increase in assets, by sector
U S . Govt

G
H
I
J
K

1963

1962
I

A
B
C
D
E

1962

1961
1958

25.0
13.3
2.6
.6
.1
10.1

16.9
8.0
.9
.8
.9
5.3

-.4
-.4
-.9
3.0

15.3
5.8
.8
1.4
.3
3.3

20.9
9.4
1.3
.9
.6
6.5

28.6
15.3
2.6
1.0
.3
11.5

24.8
13.6
5.6
.8
.1
7.0

20.5
9.3
1.2
1.1
.6
6.1

20.2
9.2
.8
1.0
1.1
6.2

18.2
5.5
-2.4
.8
.5
6.6

8.9

8.4

9.5

11.5

13.3

11.2

11.2

11.0

12.7

12.7

11.7

13.3

14.0

11.3

12.9

17.8

24.7

18.2

17.1

17.2

18.8

28.6

21.6

22.9

8.3
-1.2
9.5

9.3
5.5
3.8

-2.6
-5.1
2.4

7.2
11.3
-4.1

7.2
1.1
7.8
5.6 18.0 15.1
1.6 - 1 7 . 0 - 7 . 3

15.0
.9
14.2

9.5

35.4
22.7
4.8
2.0
15.9

23.5
10.2
.6
.4
-.3
9.6

30.6
15.0
2.3
1.0
1.3
10.5

36.9
19.6
5.2
2.4
1.2
10.9

A
B
C
D
E
F

15.7

17.3

G

25.7

28.1

H

9.4 10.5
15.1 - 2 3 . 2
-5.7
33.7

A
B
C

U.S. Govt. securities

Total net issues
Short-term direct.
Other

8.7
D Net acquisitions, by sector
8.5
12.9
E Pvt. domestic nonfin. sectors
-2.9
-2.5
7.2
F
Consumers and nonprofit
G
Savings bds. and postal svg. dep.. - . 7 -2.0
9.2
-1.7
H
Securities
3.8
I
Corp nonfin business
*
1.8
J
State and local sovts
— 4 -7.2
11.3
K Financial sectors .
10.4 - 7 . 9
L
Banking system
2.2
.3
M
Monetary authorities
8.2 -8.2
N
Commercial banks

-2.3
7.7
-5.7 -1.1
-3.3 -1.0
-.4
.7
-2.8
-1.6
-2.7
— .4
3
.3
2.9
8.5
2.7
7.4
1.5
.7
2.0
5.9

4.8 15.2
11.3 17.8
-6.4 -2.6

8.3 - 3 . 8
2.0 - 1 2 . 4
6.3
8.6

1.1
5.2 15.0
9.5 15.1
3.9
3.4
-7.9
1.7 - 2 . 1
-7.6 -2.2
2.1
3.9 - 2 . 3
.0
.7
.7
.1
.5
1.4
-8.1
-2.9
3.1 -2.4
— 1.0
3 4 -3.8
1.8
— 2
7
6 —4
2
3 9
8.6
16.2
8.4
.7 10.9
9.1
8.6
12.5
9.8
-.7
.1
1.9
1.2
5.4
2.7
11.2 -3.4
6.7
9.0
4.4
8
2
2
1 0
4
3
6
.2
— .2
— 9
*
.8 - . 8
3.6
-.3
\l
1.2
.5 - . 6
1.1
.5

9.0
5.6
4.0
.4
3.6
.2
1 4
1.1
1.0
.3
.7
5
.3
.3
2.3

-3.6
-.5
.2
.6
-.3
—1 5
8
-4.4
-7.0
-.2
-6.8
8
5
1.4
1.3

13.0
5.9
4.9

9.0
3.8
4.0
5
.7

7.5
2.4
.7
.3
.4
.3
1 4
3.9
2.2
2.0
.2

9.4 10.8 D
1.1 - 2 . 7
E
1.0 - 4 . 5
F
.9 G
.2
.8 -5.4
H
6
1 1
I
-.4
.7
J
7.9
12.6 K
12.0 L
5.2
5.2 M
2.5
6.8 N
2.7
4
12 O
6 — 6 P
* Q
1.7
.4
.9 R

.3
.2
.1

.2
*
3.0

— .4
1.0
.5

— 1
.6
.4

Total net issues, by sector.
State and local govts
Nonfinancial corporations
Finance companies
Rest of the world

14.9
5.5
8.0
2
1.3

11.8
4.7
5.3
1.1
.7

9.5
2.0
5.3
1 5
.6

12.7
4.1
7.3
.85

11.9
5.3
4.8
8
1.0

11.5
3.7
6.4
9
.5

16.1
3.6
10.8
8
.8

11.6
4.3
6.4
1
.8

11.8
4.9
5.5
1.12

13.4
6.5
6.0
3
.6

F
G
H
I
J
K

Net purchases
Consumers and nonprofit orgs
State and local govts
Corp business
Commercial banks .
Insurance and pension funds

14.9
3.4
2.1
.5
2.5
6.5

12.7
1.0
1.9

11.9
-.6
1.3

Security brokers and dealers

2.7
7.7
8
— '2

4.4
7.4
4
3

16.1 11.6
4.0
— .3
1.6
2.2
-.1
1.2
3i5
7.5
8.4
7
1 8
1 1 —1 1

•5

"M

1 4
2.0
.4

13.4 13.0
9.0
2 3 - 3 . 7 — 1.5
1.0
1.3
1.4
2
.2
3.3
5^8
6.8
8.5
6.5•5
1 6
1 7
9
1 4 —2
1 c
2
1 3
2 4 —2
1 9
2.2
1.3
3.2
-.1
-.6
.3

12.1 14.1
F
.7 — 1 1 G
1.6
1.8 H
.2 - . 2
T
3.2
5.8
J
7.9
8.6 K
1 3
4 L
—9 — 1 M

1 l
1.9
1

11.5
.5
2.5
-.3
2.7
6.7
1 0
— 7
4

11.8
_ 1
1.4
.2
3.6
8.1

—4
4
1.1
1.6

9.5
.3
2.3
-.2
.4
7.0
5

M

11.8
2.7
1.3
.7
.4
7.0
4
.2

4
.8
.1

6
8
-.1

O
P
T

P
Q
R

Insurance and pension funds
Finance n.e.c
Rest of the world

A
B
C
D
E

IV.

Other securities

O
P
I

Purchases
Net issues
Rest of the world

A
B
C

Total net borrowing
1- to 4-family
Other

D
E
F
G
H
I
J

Net acquisitions
Consumer and nonprofit orgs . . .
U S Government
Commercial banks
Savings institutions
Insurance sector
Mortgage companies

A
B
C
D
E
F
G

Total net borrowing
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
. . .
Rest of the world
Financial sectors

V.

VI.

1.2
1.8
.5

_
1.0
1.5
.3

15.3
10.1
5.2

19.0
13.2
5.8

16.2
10.4
5.8

18.7
11.7
6.9

15.3
2.4
.3
2.1
7.8
2.0
.5

19.0
2.0
2.2
2.5
9.5
2.4
.2

16.2
2.4
1.2
.7

18.7
1.6
6
1.6
11.0
2.7
.6

1.2
1.4
.4
.5
.6
.5
-1.1

7.5
5.3
3.7
1.0
.7
.2
1.7

2.7
2.7
2.6
-.1
.2
.1

0

n

_ '2
Q

A

14.1
6.0
5.8
3
2 0

A
B
C
D
E

1.5
.4

1 3
1.7
.6

1 4
2.1
.3

1 7
2.7
.4

24.7
15.4
9.4

16.0
10.2
5.8

17.9
11.3
6.6

19.3
11.9
7.3

21.6
13.5
8.0

21.4
13.2
8.3

24.6
15.5
9.1

25.5
16.3
9.2

27.4
16.5
10.9

24.1
15.5
8.6

A
B
C

24.7
3.3
3
4.0
13.3
3.0
.5

16.0
1.7
1
1.1
10.0
2.7

17.9
1.6
1
1.4
10.8
2.8
.6

19.3
2.0
8
1.8
11.0
2.2
.8

21.6
1.2
1 4
2.2
12.1
3.0
1.1

21.4
3.1
1 2
2.4
12.3
2.2

24.6
2.0
.3
4.7
13.4
2.4
1.3

25.5
3.5

27.4 24.1
4.4
2.9
— 1 —13
4.3
3.8
14.2 15.4
4.5
3.2

D
E
F
G
H
I
J

6.0
- . 9 -1.9
4.0
.9 - 2 . 1
2.6
2.2
-.2
.7 - 1 . 9 - 1 . 8
4c
.7
.6
.5
.4
.8
1.1 - 2 . 3
-.8

5.8
2.6
.7
1.5
.4
.2
2.8

7.9
5.2
3.8
1.1
.3
1.3
.7

2.7
.9
1.0
-.6
.4
2.1
-.4

6.3
4.6
1.0
3.1
.5

8.0
6.2
3.7
1.7
.8

Mortgages

2.8
4c

1

4.6
13.4
3.0
.7

Bank loans n.e.c.

_ o

2.7
1.6
1.6
-.3
.3
.7
.1

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.




A

1.1

12.1
4.8
4.1
1 4
1.8

4c

1.5

1.1

7.0
4.3
4.7
-1.3
1.0
-.4
2.2

1.2
1.4
.4
.4
.6
-.2
-.3

A
B
C
D
E
F
G

1320

COMMERCIAL BANKING

SEPTEMBER 1963
TABLE 1

CHANGES IN COMMERCIAL BANKING STRUCTURE OF EACH STATE DURING 1953-62
Number of banks
Number of
banking offices

Changes during 1953-62
State
Dec. 1952

New banks
organized

Mergers
and
absorptions

Voluntary
liquidations
and
suspensions

Dec. 1962
Dec. 1952

Dec. 1962

12
11
129
66
19
12
12
31
121
7
162
49
10
142
49
51
92

23
82
1,200
180
66
62
58
101
287
28
481
179
67
208
84
78
274

49
216
2,052
296
74
78
112
123
408
50
767
262
112
321
129
91
410

975

3,458

5,550

239
419
439
351
196
47
163
371
192
242
60
372
564
638
294
292

255
448
605
432
253
143
379
711
273
498
71
1,454
919
1,190
403
427

339
552
801
533
394
197
604
1,040
350
751
125
1,942
1,305
1,578
543
638

4,879

8,461

11,692

251
161
214
894
828
609
685
598
109
419
77
175
385
221
919
182
703
52

306
206
343
999
866
628
700
669
124
444
76
188
419
240
1,072
182
732
56

7,482

8,250

States with statewide branch banking
Alaska
Arizona
Connecticut
Delaware
District of Columbia
Hawaii . . . .
Idaho

...

Nevada
North Carolina
Oregon
Rhode Island
South Carolina
Utah
Vermont
Washington
All States in group

18
14
199
112
35
19
9
40
156
8
226
68
13
149
55
67
117

2
5
61
5

1,305

1
3
5
7
2
3
17

8
8
128
51
16
8

3

2

27

12
42
3
67
35
4
22
17
16
52

166

489

7

16
11

1
1

States with limited branch banking
Alabama
Georgia
Indiana
Kentucky
Louisiana . . .
Maine
Massachusetts
Michigan
New Jersey
New Mexico
New York
Ohio
Pennsylvania
Tennessee . . .
Virginia
All States in group

229
403
481
380
167
64
180
429
202
312
51
604
651
940
297
315

21
47
9
8
33
3
24
20
3
20
H
15
16
4
9
17

11
12
50
35
4
20
40
77
11
89
3
247
103
304
9
40

5,705

260

1,055

19
1
2
1
1
2
1
1
2
3
31

States with unit banking
Arkansas. .
Colorado
Florida . . .
Illinois .
Iowa
Minnesota

....

Montana
Nebraska.
New Hampshire*
North Dakota . . . .
Oklahoma
South Dakota
Texas
West Virginia
Wisconsin.
Wyoming

.

All States in group

....

15
54
131
118
23
18
27
41
14
18
3
4
19
10
157
7
22
6

3
6
1
13
13
21
6
10

3
13
6
2

5
3

4
1

6
8
17
7
5

12
I

241
205
343
999
672
593
694
627
123
426
74
157
392
171
1,047
182
570
56

7,063

687

125

53

7,572

NOTE.—States are classified according to the type of banking that
seems to be prevalent in each State and not necessarily on the current
status of legal provisions. This classification is from the Annual
Report of the Federal Deposit Insurance Corporation 1960>, Table 23,




1
3

230
160
213
894
665
609
679
598
109
417
75
153
385
170
919
182
553
52

6

p. 45, except that the District of Columbia is included here in the
group with statewide branch banking rather than in the group with
limited branch banking.

1321

COMMERCIAL BANKING

SEPTEMBER 1963
TABLE 2

CONCENTRATION OF COMMERCIAL BANK DEPOSITS IN LARGEST METROPOLITAN AREAS. JUNE 30, 1962

Area

Number
of
banking
institutions *

Total
deposits
(in
millions
of
dollars)

Per cent
of deposits
Largest
banki

Number
of
banking
institutions !

Two
largestl
banks

Total
deposits
(in
millions
of
dollars)

Per cent
of deposits

Largest

banki

Two
largest
banks'

States v/ith limited branch ba nking—

States with statewide branch banking

Continued

Fresno, Calif.
Providence-Pawtucket,
R.I.-Mass
Phoenix Ariz
.
Sacramento Calif
Wilmington, Del.-N.J
Hartford Conn
. .
Bridgeport, Conn
New Haven Conn
San Bernardino-RiversideOntario, Calif
San Jose Calif
San Diego Calif
San Francisco-Oakland,
Calif.
Honolulu Hawaii
Seattle Wash
Portland, Oreg.-Wash
Tacoma Wash
Los Angeles-Long Beach,
Calif.
Baltimore Md
Salt Lake City, Utah
Washington, D.C.-Md.-Va..

7
11

438

59.2

76.8

889

85.3
80 7
70 9
68.5
88.9
84.0
66.3
80.4
63.9
66.4

17
14
7
10

590
764
298
311

51.5
49 6
48 8
47.0
44.7
44.6
43.0

15
9
10

746
982
1,046

41.7
41.7
41.5

8
11

25
11
21

19
10
52
30

10
41

955
828

8.399
700
1 552
1,243
289

41.1
40.6
39 7
39.2
38.1

65.1
76.0
59 6
77.0
67.8

11,192
1,586
618
2,523

35.4
29.0
28.7
21.8

61.0
50.2
55.1
37.7

Albany-Schenectady-Troy,
N.Y
Richmond Va
Syracuse N Y
Spring field-ChicopeeHolyoke Mass .
Gary-Hammond-East
Chicago Ind . . .
Atlanta, Ga
Cincinnati, Ohio-Ky
Jersey City, N J .
Louisville, Ky.-Ind
Harrisburg, Pa
Youngstown-Warren, Ohio.
Canton, Ohio
Newark N J
Philadelphia, Pa.-N.J
New York, N.Y
Wilkes-Barre-Hazelton, Pa..
Allentown-BethlehemEaston, Pa.-N.J
Paterson-Clifton-Passaic,
N. J

19
8

354
39

11
19
28
15
14
42
99
104
31

7
13
8
58

10
15
12

7
4
7
9
8
26
6
7
12
15
55

44
11
14

638
923
575

3,961
376
586
1,517
243
563
288
796
869
734
571

1,224
418
348
323

4,098
5,647
3,724
1,235

58.7
52 3
51.9
49.9
49.8
49.4
49.0
48.3
46.4
43 3
43.0
41.8
41.3
40.8
40.3
39.8
39.7
39 5
37.7
37.3
37.2
36.7

83.9
74 3
70 2
72.5
68.2
71.2
79.5
67.6
68.8
85 6
68.7
79.9
77.5
57.5
76.5
73 9
65.6
77 8
52 2
54.5
58 9
56.0

* All banks in an area that were controlled by one holding company
were considered as a single bank and their deposits were added
together.




439
1S461
1 .372
818
887
420
474
327
2 490
5,968
40.724
430

33.9
32.9
31 7

59.6
60.6
55 2

31.3

59.7

31.2
31.0
29.3
28.7
28.6
26.8
24.4
20.7
19 8
19.1
19.0
18.6

41.0
56.2
54.7
48.8
57.1
49.8
43.6
41.1
36 3
36.0
35.8
33.9

17

697

17.8

28.9

41

1,649

16.6

30.6

States with limited branch banking
Birmingham Ala
Columbus Ohio
Toledo Ohio
Pittsburgh, Pa
Norfolk-Portsmouth, Va.. .
Grand Rapids, Mich
Buffalo, N.Y
Worcester, Mass
Akron Ohio .
Mobile Ala
Rochester N Y
Memphis Tenn
Nashville, Tenn
Dayton Ohio
Indianapolis, Ind
Flint Mich
Knoxville, Tenn
Utica-Rome N Y
Boston Mass
Detroit Mich
Cleveland, Ohio. . .
New Orleans La

1 ,047
723
625

States with unit banking

Minneapolis-St. Paul, Minn
El Paso Tex
Wichita Kans . . .
Milwaukee, Wis
Omaha Nebr -Iowa
Fort Worth, Tex
Tulsa, Okla
Jacksonville, Fla
Oklahoma City, Okla
Dallas Tex
Miami, Fla .
Orlando, Fla
San Antonio, Tex..
Houston, Tex
Beaumont-Port Arthur, Tex
Denver Colo
Kansas City, Mo.-Kans.. . .
Chicago 111 .
St. Louis Mo -111 .
Fort Lauderdale-Hollywood, Fla .
Tampa-St. Petersburg, Fla..

63
8
20
36
30
30
33
18
38
71
18
18
64
17
61
91
255
118
18
41

2.423
111
443
1 .823
664
880
747
640
835
3 008
1 .248
313
765
2.726
305
1.450
1.979
14.375
3.431
411
942

43.7
42.0
40.0
38.1
37.5
36.7
36.4
35.6
35.2
34.4
29.4
28.7
28.1
27.9
27.3
22.8
22.5
21.2
18.1

77.4
83.6
64.9
56.6
59.1
66.7
68.6
59.9
58.1
64.2
36.8
43.3
50.2
44.5
47.3
44.3
38.0
42.2
34.9

16.9
12.7

31.6
25.0

NOTE.—The "largest metropolitan areas" are the Census Bureau's
standard metropolitan statistical areas with populations of 3C0,0C0
or more.

1322

STOCK MARKET CREDIT

SEPTEMBER 1963

DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
N.Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1955-63
(In millions of dollars)

1955

1956

1958

1959

1960

1961

1962

1963

Item
June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30
DEBIT B A L A N C E S
Cash on hand and in banks
337
Securities—
Borrowed
85
Sold, delivery pending (failed to deliver)
214
Net debit balances due from—
Member firms of national securities exchanges:
N.Y. Stock Exchange
144
Other exchanges
16
All other customers exclusive of firms' own partners secured by—
U.S. Govt. securities
2,768
Other collateral
Net debit balances in partners' individual investment & trading
accounts
,
14
Debit balances in—
Firm investment accounts
, } 673
Firm trading & underwriting accounts
Commodity margins on deposit with banks & commodity guaranty
35
funds on deposit
All other debit balances
144
Total.

322

324

363

366

422

437

422

65
148

134
170

129
291

96
334

152
530

151
368

181
275

151
14

132
15

159
18

216
36

253
2,811 \ 2,926

165
3,370

134
22
104
3,081

48
4,024

169
22
32
3,604

219
25
31
4,916

35

36

37

58

74

70

625

335
486

286
336

309
374

293
582

243
520

247
694

38
137

23
151

39
190

23
218

22
309

30
303

31
347

4,332

4,985

5,382

5,097

6,694

5,954

7,460

2,115

2,266

2,387

2,508

2,331

2,880

2,305

4,027

2,075
1,744
331

2,231
1,872
359

622
1,743
1,402
341

605
1,871
1,428
444

806
1,473
1,157
316

817
2,016
1,515
501

525
1,739
1,007
732

815
3,156
1,852
1,303

4,430

21

CREDIT BALANCES
Money borrowed
From banks and trust companies:
U.S. agencies of foreign banks
U.S. banks
In New York City
Elsewhere
From other lenders (not including members of national securities
exchanges) i
Securities—
Loaned
Bought, delivery pending (failed to receive)
Net credit balances due to member firms of national securities exchanges:
N.Y. Stock Exchange
Other exchanges
Credit balances of other customers exclusive of firms' own partners:
Free credit balances
Other net credit balances
Credit balances & money borrowed which are subordinated to general
creditors under approved agreements
Net credit balances in partners' individual investment & trading
accounts
Credit balances in firm investment & trading accounts
All other credit balances (except those included in next item)
Net balance in capital, profit & loss, & partners' drawing accounts
Total.

40

35

21

31

52

47

41

56

156

124
156

187
181

204
294

233
568

211
363

244
289

126
11

123

120
9

132
13

167
352
120
11

174
23

153
17

202
12

918
241

837
207

1,034
367

1,070

1,006
246

1,264
335

1,330
441

1,115
369

31
62
85
467

34
34
78
466

34
82
83
483

4,430

4,332

4,985

218

Value of securities sold under repurchase agreements.
Number of firms
i Before 1958 probably includes some borrowing from U.S. agencies
of foreign banks.
NOTE.—End of month figures. Data not collected for June 1957.
For explanation of these figures see "Statistics on Margin Accounts,"
Sept. 1936 BULL. The items "net debit balances due from all other
customers exclusive of firms' own partners," "money borrowed," and




25

31

51

90

38
71
149
604
5,382

37
61
129
612

47
100
241
797

43
76
193
771

36
116
200
759

5,097

6,694

5,954

7,460

,451

156
161
1,824

96
123
1,722

38
108
2,289

23
93
,833

27
188
3,181

204
98
239

105
64
198

107
99
182
1

41
104
300

1

24
106
227
1

19
119
492
1

24
320

24
328

27
336

42
337

44
335

20

Money borrowed, according to collateral :
Customer collateral:
Exempt securites (under Sec. 3(a) of Securities Exchange Act—1934)
U.S. Govt. or agency
Other securities
,
Nonexempt securities or mixed collateral
Firm or partners' collateral:
Exempt securities (under Sec. 3(a) of Securities Exchange Act—
1934):
U.S. Govt. or agency
Other securities
Nonexempt securities or mixed collateral
Unsecured

277

245
150

22

1

299

303

24
316

"credit balances of other customers exclusive of firms' own partners—
free credit balances" are conceptually identical to these items (including
debit balances secured by and money borrowed on U.S. Government
obligations), as shown in the table on Stock Market Credit, p. 1283, but
the data differ somewhat because of minor differences in coverage,
statistical discrepancies in reporting, and—for the item "money borrowed"
—the date of reporting.

Financial Statistics

* International *
Reported gold reserves of central banks and governments

1324

Gold production

1325

Net gold purchases and gold stock of the United States

1326

Estimated foreign gold reserves and dollar holdings

1327

International capital transactions of the United States

1328

U.S. balance of payments

1337

Foreign trade

1338

Money rates in foreign countries

1339

Foreign exchange rates

1340

Guide to tabular presentation

1258

Index to statistical tables

1347

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).

1323

1324

GOLD RESERVES

SEPTEMBER 1963

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
lind of
period

Estimated
total
world 1

Intl.
Monetary
Fund

United
States

Estimated
rest of
world
14,325
14,730
17,530
18,280
20,260
22,080

1956
1957
1958
1959
1960
1961

38,075
38,765
39,445
40,195
40,505
41,105

1,692 22,058
1,180 22,857
1.332 20,582
2.407 i 19,507
2.439 ! 17,804
2,077 I 16,947

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

41,250

2,.36!
2,155 i
2.175 i
2.179 '
2.190 ,
2,194 I

1963—Jan...
Feb..
Mar..
Apr..
May.
June.
July..

End of
period

1956.
1957.
1958.
1959.
1960.
1961.

'41,435

41.570
1,725

Cuba

2.199
2.225
2.226
2,228
2,235
2,244
.268

Denmark

Argentina

Australia

224 I
126 I
60 ! |
56
104
190

Austria

Belgium

Brazil

Canada

1,103
1,100
1,078
960
885
946

107
126
162
154
147
162

71
103
194
292
293
303

925
915
,270
,134
,170
,248

324
324
325
327
287
285
286
286
286
286
286

714
725
732
739
746
755
762

43
42
42
42
43
43
43

58
58
59
59
60

419
419
419
429
439
454

,335
,342
,341
,341
,340
,365

| 15.974
I 15,891
! 15,946 23.400
I 15,914
! 15,854
{ 15,830 "23.652
! 15,677

58
53
52
52
51
51

192
195
198
198
199
200
201

454
469
484
494
504
504
504

,362
,364
,372
,372
,372
,373
,354

France

Germany.
Fed.
Rep. of

Greece

Guatemala

136
136

Finland

India

Congo,
Rep.
of the
122
81
83
42
30

93
94
83
84
64
57

180
182
184
186
187
190

El Salvador

46
40
40
43
45
48
44
44
43
43
43
43

78
74
71
68
64
61

Ecuador

Colombia

674
683 j
689
695
702
708

16,182
16,139
16,081 22,995
16.026
16,014
16.057 '23.185

Dominican
Republic

Chile

Indonesia

Iran

22
22
22
20
20
19

35
35
35
38
41
47

924
581
750
1,290
1,641
2,121

1,494
2,542
2,639
2,637
2,971
3,664

10
13
17
26
76
87

27
27
27
24
24
24

247
247
247
247
247
247

45
39
37
33
58
43

138
138
141
140
130
130

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

19
19
19
19
19
19

62
62
61
61
61
61

2,417
2,450
2,481
2,513
2,545
2,587

3,667
3,667
3,668
3,669
3,669
3,679

92
86
86
81
77
77

24
24
24
24
24
24

247
247
247
247
247
247

44
44
44
44
44
44

129
129
129
129
129
129

1963—Jan..,
Feb..
Mar..
Apr..
May.
June.
July..

19
19
19
19
19
19

61
61
61
61
61
61
61

2,626
2,673
2,709
2,743
2,777
2,814
2,963

3,694
3,727
3,749
3,749
3,749
3,753
3,761

77
77
77
77
77
77

24
24
24
23

247
247
247
247
247
247
247

End of
period

Ireland,
Rep. of

Iraq

Italy

Lebanon

Mexico

NetherNew
lands Zealand

Norway

Pakistan

Peru

Philippines

129
129
129
129
129
129
142
Portugal

South
Africa

1956.
1957.
1958.
1959.
1960.
1961.

14
20
34
84
98
84

338
452
1,086
1,749
2,203
2,225

77
91
91
102
119
140

167
180
143
142
137
112

844
744
,050
,132
,451
,581

50
45
43
30
30
30

49
49
49
50
52
53

35
28
19
28
42
47

448
461
493
548
552
443

224
217
211
238
178
298

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

98
98
98
98
98

2,244
2,244
2,241
2,239
2,237
2,243

172
172
172
172
172
172

106
98
97
95
95
95

,581
,581
,581
,581
,581
,581

30
30
30
30
30
30

53
53
53
53
53
53

47
47
47
47
47
47

455
467
469
469
471
471

446
468
488
501
509
499

1963—Jan...
Feb..
Mar..
Apr..
May.
June.
July..

98
98
98

2,254
2,284
2,286
2,286
2,287
2,289
2,292

172
172
172
172
172
172

95
94
94
95
93

,581
,581
,581
1,581
1,581
1,581
1.581

30
30
30
30
30
30
31

53
53
53
53
53
53
53

47
47
47
47
47
47
52

471
476
478
478
478
478

486
505
551
571
591
598
611

For notes see end of table.




SEPTEMBER 1963

1325

GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS -Continued
(In millions of dollars)

End of
period

Spain

1956
1957
1958
1959.
I960
1961

... .

1962—July
Aug
SeDt

...

Sweden Switzerland

Nov
Dec
1963—Jan
Feb

Mar .
Apr
Vlay
June
July

. .

Turkey

U.A.R.
(Egypt)

1,664
1,706
1,925
1,934
2,185
2,560

19
24
24
19
19
19

112
112
112
104
104
104

144
144

188
188

144
133

174
174

178
316

266
219
204
191
170
180

134
139

174
174

429
429
428
438
437
446

182
181
181
181
181
181

2,459
2,459
2,453
2 452
2,421
2,667

19
19
19
19
19
19

104
104
104
104
104
104

140

174

140
140

174
174

140
140
140

174
174
174

475
495
514
533
552
574

181
181
181
181
182
182
182

2,455
2 460
2,461
2,453
2 453
2,530
2,444

104
104
104
104
104
104
104

140
120
140
140
140
140
140

174
174
174
174
174
174
174

132
101

Oct

Thailand

Syria

57
68

i Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.

United
Kingdom

Uruguay

1,772
1,554
2,808
2,514
2,800
2,268

Venezuela

Yugoslavia

603
719

186
180

Bank
for
Intl.
Settle-2
ments

719
652

18
14

59
24

180
180

17
10

-42
-134

180
180

401
401

4
6

-19
115

EPUEF3

268
254
126
40
55
56

180

401

2,517

180
180

401
401

3
3

210
200

62

2,582

180
180
180

401
401
401

4
4

172
151
-50

^6

180
180
180
180
172

401
401
401
401
401
401
401

2 447
2,447

209

4
4

116
88
107
132
137
78
155

4

41

2
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets
minus gold deposit liabilities.
3
European Payments Union through Dec. 1958 and European Fund
thereafter.

NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold" Section 14,
Supplement to Banking and Monetary Statistics.

GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period

1956
t 957
1958
1959
I960
1961
1962

World
production *

975.0
1,015.0
1,050.0
1,125.0
1,175.0
1,215.0
1,290.0

1962 June
July
Aug

Sept
Oct
Nov

Dec
1963 Jan
Feb

Mar
Apr
May
June

North and South America
Congo,
Rep. United
of the States

South
Africa

Rhodesia

Ghana

556.2
596.2
618.0
702.2
748.4
803.1
892.7

18.8
18.8
19.4
19.8
19.6
20.1
19.4

22.3
27.7
29.8
32.0
31.3
29.2

13.1
13.1
12.3
12.2
11.1

75.2
76.3
76.6
76.1
78.1
78 5
74.7

1.6
6

2.8
2.6

3 1.8

.6
7

2.6
2.6

78.0
76.5
79.4
79.1
80.6
80.1

6
6
6
6

6
6
7

8.1

3 1.8

Mexico

65.3
63.0
61.6
57.2
58.8
54.8
54.5

153.4
155.2
158.8
156 9
161.1
156.6
145 5

12.3
12.1
11.6
11 0
10.5

3.1
4.0

11.8
11.9
12.0
11.7
12.5
12 1
11 7

.8
6

4.6
4.8

2.7

4.3

2 7

3 8
3 7

1
Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
23 Gold exports.
Quarterly data.




Canada

11.7
11 0
11.6
11 8
12.4
11.6

Nicaragua 2 Brazil
76

6 9
7.2

7 3

9.4

7.0
7.7

8 3

7 8

8
.7
.5

4
.8
6
.7
8

Other

4
4
3
3
4
4
4

Colom- Ausbia
tralia

3
2
9
8
I
4
5

15 3
11 4
13 0
13 9
15*2
14 0
13 7

4
4
4

9
12
\'.2
1 1
1 2
1 0
8

3i4
3 4
3 2
3 0
3 3

1
1
1
1

o
o
3
2

4
4
3

">
0
1
i

36
37
38
38
38
37
37

1
9
6
1
0
5
4

All
other »

India

7
6
6
S

3
3
0
8

<S 7
57
s*7

63
6">
69
64
64
64

0
2
8
8
2
4

3 3
3 3

9
9
1
8

'5
4
4
4
4
5

NOTE.—Estimated world production based on reports of the U.S.
Bureau of Mines. Country data based on reports from individual countries
and of the Bureau of Mines except Brazil, data for which are from
American Bureau of Metal Statistics. For the United States, annual figures
are from the Bureau of the Mint and monthly figures are from American
Bureau of Metal Statistics.

1326

U.S. GOLD

SEPTEMBER 1963

NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1962
Area and country

1956

1955

Western Europe:
Austria
Belgium
.
France
Germany, Fed. Rep. of
Italy
Netherlands
Portugal
Spain
Switzerland
United Kingdom
.
Bank for Intl. Settlements
Other

-68
-10
-5

3

4

18

-78

80

Latin American republics:
.

...

Total
.•

...

-84
-329
-349
-261
-20
32
-215
-900
-178
-21

68 - 2 , 3 2 6

15

5

115
1
28

75

1960

1961

II

III

-143
-63
-456

-17
-35
-96

-56

-30

-30

-20

-214

-101

-ioi

-101

-146
102
-387

-59
35
-150

-20
-45
-64

-20
50
8

-70

-60

107

18

-12

-15

*

-754 -1,105

-337

190

190

85
57
38

60
-1

-83
-39
-266

-1
-141
-173
-34

-30
-10

-249

-23
100
-25

20
-350
-32
-38

-114
-324
-550
-36
-96

-156
-125
-306
-23
-53

-827 -1,718

67

-50
-2
-6
-20

-11

1963

1962

-144

-90
-2

IV

I

II

15

-9

14

-399

-79

-104

-149

-1
10

59
27

17

28

14

-200
29

6

2

14

-28

81

69

19

5

•

18

-30
-4

-157
-28

•

18

-34

-186

-113

-5

-38

-6

-1

2

-2

-1

-10

-998 -1,969

-970

-833

-102

-434

-6

-96

-100

-833

-102

-434

-6

-96

-100

All other
-68

14

-3

80

172 - 2 , 2 9 4

3 200

Intl Monetary Fund
Grand total

8

1959

-30
65
-5

-5

Total

Total foreign countries

31
-8
100

..

Canada

Asia:
Japan
Other

3
-34

25

Total

Brazil
Colombia
Mexico
Venezuela
Other

1958

1957

-68

280

4_ 4 4

600
772 - 2 , 2 9 4

-22

-17

-5

-1

-4

•

6

-100

-109

175

59

9

83

16

34

-15
- 9 7 i -101

2 -93

-16

-41

-11

-8

25

-93

-16

-41

-11

-8

25

3 300

-1,041 -1,669

1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2
Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.

-101

1

150
-820

3 Proceeds from this sale invested by the IMF in U.S. Govt. securities;
upon termination of the investment the IMF can reacquire th« sam«
amount of gold from the United States.
« Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3).

U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)

Gold stock i

Year
Total

Total 2 Treasury
1951
1952
1953
1954

22,873
23,252
22,091
21,793

22,873
23,252
22,091
21,793

22,695
23,187
22,030
21,713

1955
1956
1957
1958.....
1959

21,753
22,058
22,857
20,582
19,507

21,753
22,058
22,857
20,582
19,507

21,690
21,949
22,781
20,534
19,456

1960
1961.
1962

17,804
17,063
16,156

17,804
16,947
16,057

17,767
16,889
15,978

Foreign
currency
holdings

Total

Total
gold

53
379
-1,161
-298

116
99

Month

Gold stock i
Total
Total 2 Treasury

53 1962—Aug..
Sept.
379
Oct..
-1,161
Nov..
-298
Dec.
-40
-40
305
305 1963—Jan..
799
799
Feb..
-2,275
-2,275
Mar.. ••
- 1 , 0 7 5 4-1,075
Apr..
May.
June.
-1,703
-1,703
July.
-741
-857
Aug. p
-890
-907

1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on Aug. 31, 1963.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 1266 and 1268.




End of period

Changes in—

End of period

Changes in—
Foreign
currency
holdings 3

Total

Total
gold

16,562
16,531
16,364
16,216
16,156

16,139
16,081
16,026
16,014
16,057

16,098
16,067
15,978
15,977
15,978

423
450
338
202
99

-116
-31
-167
-148
-60

-43
-58
-55
-12
43

16,102
16,023
16,078
16,046
16,009
15,956
15,764
15,726

15,974
15,891
15,946
15,914
15,854
15,830
15,677
15,634

15,928
15,878
15,878
15,877
15,797
15,733
15,633
15,582

128
132
132
132
155
126
87
92

-54
-79
55
-32
-37
-53
-192
-38

-83
-83
55
-32
-60
-24
-153
-43

4
Includes payment of $344 million as increase in U.S. gold subscription to the International Monetary Fund.

NOTE.—See Table 10 on p. 1335 for gold held under earmark at F.R.
Banks for foreign and international accounts. Gold under earmark is
not included in the gold stock of the United States.
See also NOTE to table on gold reserves.

1327

GOLD RESERVES AND DOLLAR HOLDINGS

SEPTEMBER 1963

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31, 1961
Area and country

Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other 2
Total...
Canada
Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
Total...

June 30, 1962

Gold&
shortterm
dollars

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

558
1,574
83
138
3,110
6,506
154
3,459
1,797
135
542
469
586
3,435
165
4,495
681

3
126
1
1
93
83
*
435
48

640
1,593
83
133
3,664
6,289
206
3,429
1,888
131
584
568
607
3,360
163
4,882
671

27,887

840

3,704

459

425
513
153
235
44
607
87
131
237
819
'293

3,544

Asia:
India
Indonesia
Japan
Philippines
Thailand
Other

U.S.
Gold&
Govt.
shortbonds
term
& notes dollars

440
46

744
1,511
78
135
3,643
6,467
187
3,533
1,857
142
610
588
639
3,290
162
4,319
665

28,891

820

3,566

253

2
29
2
3
3
2
85
1
1
123
83

U.S.
Govt.
bonds
& notes

Gold&
shortterm
dollars

87
1
1
93
83
*
370
48

789
1,555
96
140
4,123
6,224
243
3,385
1,809
160
635
705
673
3,273
162
4,640
562

2
1
16
2
3
3

2
91
1
1
102
86
*
418
47

783
1,539
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,199
540

297
46

814
1,606
111
131
4,532
6,462
251
3,434
1,895
165
625
736
699
3,424
156
4,352
476

1
2
137
1
1
73
83
*
298
48

28,570

786

28,919

708

29,174

644

29,869

668

4,169

266

4,057

389

3,869

528

3,928

644

301
499
147
228
37
528
85
154
272
780
'354

3,549

12

3,385

12

3.399

6
1
3
1
*
41

293
77
2,344
198
430
'1,420

6
1
3
1
•
41

288
72
2,499
212
437
'1,447
r

12

5

40

49

5,231

10

538
188
370

10

592
193
374

10

636
191
348

10

10

1,096

10

1,159

10

1,175

10

30

337
288

29

340
281

28

360
359

30

30

625

29

621

28

719

30

1,413

12

471
193
352

10

535
186
368

Total

862

12

1,016

10

260
275

27

281
272

29

535

27

553

29

3

340,861

1,406

42,210

1,176

42,569

1,156

'43,051

1,199

43,566

1,272

44,626

5,829

1,432

6,620

1,165

7,127

993

7,350

911

7,218

966

7,095

1,065

346,690

2,838

48,830

2,341

49,696

2,149

'50,401

2,110

50,784

2,238

51,721

2,478

Excludes nonmarketable U.S. Treasury bonds and notes held by
official
institutions of foreign countries as shown in Table 7 on page 1334.
2
In addition to other Western European countries includes unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Total short-term dollars include $82 million reported by banks
initially included as of Dec. 31, 1961, of which $81 million reported for
Japan.
4 Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.




3,704

40

330
189
343

Grand total 4

13

49

Africa:
South Africa
U.A.R. (Egypt)
Other

1

3,603

5,140

52

International and regional .

2

13

50

4,762

5

393
350
172
243
15
689
111
168
263
905
395

40

52

Total foreign countries 4 ....

3
3

4,955

4,635

Total

73
85

2
1
15

295
76
2,613
215
480
1,552

56

315
279
594

1
2
111

U.S.
Govt.
bonds 1
& notes

296
74
2,558
218
471
1,523

45

All other

its

318
400
167
226
16
690
97
155
276
837
421

271
430
178
205
16
626
98
152
281
806
'336

3 4,329

Other countries:
Australia

June 30, 1963»

Gold&
shortterm
dollars

296
126
2,210
213
431
'1,359

Total

Mar. 31, 1963

U.S.
Govt.
bonds
& notes

325
119
3 1,976
212
368
'1,329

1
3
1

Dec. 31, 1962

Gold&
U.S.
shortGovt.
term
bonds
& notes dollars

310
511
176
252
38
609
87
137
259
765
'405
12

Sept. 30, 1962

s International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, and other international organizations; Inter-American Development Bank, European Coal and Steel
Community, European Investment Bank, and other Latin American and
European regional organizations except the B.I.S. and E.F. (see note 2).
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); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development
Association. U.S. Govt. bonds and notes are official and private holdings
of U.S. Govt. securities with an original maturity of more than 1 year.
See also NOTE to table on gold reserves.

1328

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional 1
End of
period

Grand
total

Intl.

Total

European
regional 2

1,544
3 158
3,897
3,695

Foreign

L.A.
regional

Europe

Latin
Canada America

Total

Official

Other

115
57

14,615
16 231
17,260
18,781

8 665
9 154
10,212
10,940

5,950
7 076
7,048
7,841

7 708
8 473
9,046
10,322

2 019
2 198
2,439
2 758

2 403
2 408
2,308
2 340

Africa

Other
countries

2 205
2 780
3,115
5 2 974

192
253
227
283

88
119
125
104

321
327
325
305
320
317

128
132
137
161
164
152

316
325

147
142
147
160
165
175
162

Asia

16 159
419 389
21,272
522 533

1,544
43 158
4,012
3,752

23,623
1962—July
Aug
24,158
S e p t . . . . 24,524
Oct
25,211
Nov
25,196
Dec
25,023

4,836
5,015
4,943
5,005
5,095
5,147

4,742
4,900
4,824
4,846
4,936
4,937

29
33
35
34
34
34

65
82
84
126
125
176

18,787
19,143
19,581
20,206
20,101
19,876

10,715
11,031
11,582
11,979
11,996
11,958

8,072
8,112
7,999
8,227
8,105
7,918

9,591
9,697
10,030
10,239
10,290
10,166

3,120
3,416
3,480
3,894
3,667
3,349

2,427
2,338
2,329
2,262
2,295
2,448

3,200
3,233
3,280
3,345
3,365
3,444

24,955
24,995
25,157
25,338
25,413
25,825
25,483

5,100
5,059
4,983
5,030
4,867
4,842
4,953

4,895
4,856
4,796
4,847
4,696
4,671
4,783

30
26
28
21
22
31
20

175
111
158
162
148
141
150

19,856
19,936
20,174
20,308
20,546
20,983
20,530

11,564
11,482
11,767
11,885
12,064
12,349
11,924

8,292
8,454
8,407
8,422
8,482
8,634
8,606

10,018
10,108
10,269
10,094
10,251
10,732
10,318

3,295
3,261
3,137
3,227
3,244
3,173
3,073

2,561
2,576
2,678
2,862
2,880
2,881
2,951

3,518
3,523
3,621
3,644
3,704
3,731
3,740

Greece

Italy

Nether- Norway
lands

Portugal

Spain

1958
1959
I960
1961

1963—Jan
Feb
Mar.. . .
Apr
May....
June* 3 ...
July?. ..

4

'322
321
303
291
286

la. Europe
End of period

Total

Austria Belgium

Denmark

Finland

France

Germany

Sweden

1958
1959
I960
1961

7,708
8,473
9,046
10,322

411
331
243
255

115
138
142
326

169
137
54
52

69
71
46
91

532
655
519
989

1,755
1,987
3,476
2,842

126
186
63
67

1,121
1,370
877

1,234

339
485
328
216

130
95
82
105

163
138
84
99

36
86
149
153

303
213
227
406

1962—July
Aug
Sept
Oct
Nov
Dec

9,591
9,697
10,030
10,239
10,290
10,166

291
316
325
319
305
329

204
184
170
190
195
174

44
52
47
55
69
67

68
70
74
73
72
73

1,046
1,080
1,162
1,205
1,271
1,157

2,543
2,592
2,799
2,823
2,770
2,730

100
98
101
103
113
119

1,095
1,244
1,292
1,310
,296
,384

339
258
276
259
243
248

103
117
112
109
115
125

132
137
141
156
154
161

176
144
160
151
165
177

425
463
458
458
483
490

1961—Jan . . . .
Feb
Mar
Apr
May....
June"...
July^. ..

10,018
10,108
10,269
10,094
10,251
10,732
10,318

320
317
305
276
288
310
354

177
189
183
208
224
233
208

56
44
65
69
74
80
99

75
75
79
70
68
70
76

,272
,359
,414
1,433
,573
1,718
1,435

2,495
2,413
2,475
2,456
2,670
2,709
2,771

142
162
166
171
174
174
181

,182
1,123
1,099
1,121
1,062
1,145
1,192

232
216
228
285
323
314
236

120
134
130
131
130
135
136

167
161
157
159
153
147
151

184
209
191
169
163
162
184

476
507
492
480
483
517
470

Colombia

Cuba

lb. I^atin America

la. Europe—Continued
Turkey
End of period Switzerland

United
Kingdom

Yugoslavia

Other
Other
Western U.S.S.R. Eastern
Europe 6
Europe

Total

Argentina

Brazil

Chile

Mexico

1958
1959
I960
1961

852
969
678
875

20
31
18
26

1,667
2,227

9
6
10
12

671
569
357
325

2
3
12
5

12
13
14
16

2,403
2,408
2,308
2,340

150
337
315
235

138
151
194
228

100
185
135
105

169
217
158
147

286
164
77
43

418
442
397
495

1962—July
Aug
Sept.. . .
Oct
Nov
Dec

913
832
837
885
837
908

17
17
22
26
25
25

1,853
1,846
1,802
1,853
1,893
1,617

12
13
12
12
15
11

211
216
222
232
249
349

3
3
3

16
15
15
18
17
19

2,427
2,338
2,329
2,262
2,295
2,448

231
210
230
187
205
210

201
198
213
180
176
204

113
106
104

149
143

37
36
36

1963—Jan
Feb
Mar
Apr
May....
J u n e3p . . .
July* . . .

861
813
812
751
719
894
815

30
36
22
21
20
16
16

1,932
2,051
2,193
2,065
1,947
1,905
1,801

14
13
10
11

261
264
230
197
149
169
157

19
19
16
18
19
20
20

2,561
2,576
2,678
2,862
2,880
2,881
2,951

211
235
266
309
335
342
383

188
173
192
198
167
171
153

131
118
125
120
124

For notes see following page.




873
990

It

12
13

2
3
3

3
3
2
3
2
3

2

112
101
135

129
114

145
152
136

7 15

148

15
15

474
454
431
437
492
531

183
177
167
163
165
183
157

14
14
15
15
15
14
13

558
589
596
639
627
596
658

1329

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lb. Latin America—Continued
End of
period

1958
1959
I960
1961
1962—July
Aug
Sept
Oct .
Nov
Dec

1963— Jan.
Feb

Mar....
Apr
May....
June?'...
July*. . .

Peru

Panama

Uruguay

Venezuela

Other
L.A.
Rep.

l c . Asia

Bahamas
Neth.
Other
&
\ntilles & Latin
Total
Bermuda 8 Surinam America 8

Indonesia

Israel

108
139
178
76

56
87
75
63

82
62
51
57

494
277
398
418

222
227
235
226

97
9 14

69
111

79
88
72
89

35 2 205
33 2,780
12 3,115
15 52 974

36
36
35
35

62
60
57

56

77
114
54
78

87
87
85
84
87
98

96
104
107
103
103
105

73
87
92
90
85
101

436
394
379
417
407
405

308
300
287
267
267
267

111
111
111
111
111
123

96
93
94
92
95
97

15
15
15
15
15
10

3,200
3,233
3,280
3,345
3,365
3,444

35
35
36
36
36
36

60
60
57
63
62
65

39
39
46
49
51
41

79
83
33
39
26
28

76
89
81
74
81
81

96
102
97
103
110
111
109

105
103
108
110
113
121
126

90
95
96
91
94
91
93

455
413
436
505
498
504
559

300
329
352
361
357
328
329

123
123
123
129
118
115
114

97
95
95
94
95
103
92

10
10
10
25
64
72
51

3,518
3,523
3,621
3,644
3,704
3,731
3,740

36
36
36
35
35
35
39

62
61
61
66
61
64
61

46
45
49
40
47
48
52

30
30
30
33
34
32
34

87
93
96
95
97
103
91

Korea

Philippines

935
1,285
1
887
5
1 672

145
148
152
199

176
172
203
185

1962 July
Aug . . .
Sept
Oct . . .
Nov....
Dec .

1 903
1,942
2 040
2 104
2,111
2 195

160
155
153
147
142
136

1963 Jan
Feb . . .
Mar
Apr . .
May. . .
June**. .
July-...

2 204
2,191
2,254
2 268
2,305
2,309
2,315

129
120
116
108
99
92
87

Id. Africa
Taiwan

le. Other countries

Congo
Mo- 8
(Leopold- rocco
ville)

South
Africa

30
31
32
34

43
58
64
93

30
49
29
32

16
20
22
15

321
327
325
305
320
317

37
41
35
31
38
35

93
93
93
93
93
68

36
45
47
42
43
39

22
13
12
13
17

316
325
r
322
321
303
291
286

36
36
32
32
29
29
30

68
68
68
105
103
101
88

40
41
41
46
49
38
45

13
16
19
19
15
17
15

Thailand

Other
Asia

Total

99
94
84
92

133
141
186
264

378
504
204
254

192
253
227
283

169
169
161
163
171
174

86
82
80
78
76
75

327
327
326
326
324
333

266
252
267
266
285
280

174
181
180
176
179
202
204

79
81
88
92
100
108
114

348
361
367
368
371
376
379

324
325
344
363
375
362
365

1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, and other international organizations;
Inter-American Development Bank, European Coal and Steel Community, European Investment Bank and other Latin American and
European regional organizations, except Bank for International Settlements and European Fund which are included in "Europe."
2 Not reported separately until July 1962.
3 Foreign central banks and foreign central governments and their
agencies, and Bank for International Settlements and European Fund.
4 Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
6 Includes Bank for International Settlements and European Fund.
7 Decline from Sept. reflects reclassification of deposits for changes
in domicile over the past few years from Cuba to other countries.
8 Data based on reports by banks in the Second F.R. District only for
end-year 1958-1962; Dec. 1961 figure carried forward through Nov.
1962 and Dec. 1962 figure carried forward through Mar. 1963.




India

77
82
72
84

Japan

1958
1959
1960
1961

Hong
Kong

146
129
123
87

lc. Asia—Continued
End of
period

China
Mainland

U.A.R. Other
(Egypt) Africa

14

r

Total

Australia

All
others

73
95
80
109

88
119
125
104

79
110
88
98

9
9
37
6

133
135
138
126
129
161

128
132
137
161
164
152

122
126
131
155
158
147

6
6
6
6
6
5

159
164
162
119
107
105
109

147
142
147
160
165
175
162

142
137
142
149
149
160
147

5
5
5
11
16
15
15

9
Bermuda only; Bahamas included in "Other Latin America."
!0 Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables la-le.
Except as indicated by note 11, data for 1960-62 based on reports
by banks in the Second F.R. District only; data for Apr. 1963 based on
reports
by banks in all F.R. Districts.
11
Based on reports by banks in all F.R. districts.
12
Jamaica, Trinidad and Tobago included in British West Indies.

NOTE.—Short-term liabilities are principally deposits (demand and
time) and U.S. Govt. securities maturing in not more than 1 year from
their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Association and the Inter-American Development Bank. For data
on long-term liabilities, see Table 5. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, see "International Finance"
Section 15, Supplement to Banking and Monetary Statistics.

1330

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
If. Supplementary Data 10 (end of period)
Area or country
Other Western Europe:
Iceland
Ireland, Rep. of
Luxembourg
Monaco

1960

1961

1962

1963
Apr.

5.1
2.7

3.1
3.2

5.6
2.9

12.6

16.1

10.8

5.2
4.7
9.9
2.0

4.1

Other Latin American Republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago

1.7

H23.1
19.8
H36.9
27.3
H24.3
H43.9
10.7
15.0

H26.2
13.3
H22.8
23.6
H21.9
H45.8

(12)

14.8
1.8

11.9
4.6

17.3
4.9

H23.2
16.5
H42.0
36.3
H22.5
H40.9
10.5
13.8
3.3
14.8

21.2
32.8
47.4
37.8
48.6
74.8
11.9
23.7
5.8
42.5

(12)

5.7
3.1

6.8
4.1

12 14.0

9.0

22.6

.5

1.0

1.3

9.8
.9

3.6
4.5

5.3
2.5

10.9

15.3

12.6

n.a.
8.9
10.2
n.a.

(12)

Other Latin America:
1211.3
British West Indies
French West Indies & French
.4
Guiana
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon

3.4

6.9

9.9

6.5

4.9

Area or country

1961

1962

1963
Apr.

H31.3
20.2

H18.7

27.1

33.0
14.0
65.9
12.6
15.9
17.0
28.4

49.4
n.a.
1.7
38.2
n.a.
77.9
13.6
15.9
32.7
37.1
5.3
3.4
11.6

1960

Other Asia (Cont.):
H22.4
Iran
Iraq
13.8
1.8
Jordan
Kuwait
9.6
Laos
5.0
Lebanon
36.2
6.3
Malaya
Pakistan
10.6
Ryukyu Islands (inch Okinawa). 14.2
Saudi Arabia
18.4
1.9
Singapore
4.2
Syria
Viet-Nam
14.6
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Rhodesia & Nyasaland, Fed. of..
Somali Republic
Sudan
Tunisia
All other:
New Zealand

8.5
1.2

1.6

4.6

52.3
4.4

10.1
14.6
24.9
3.2
2.6
7.9

.4
9.3
.9

16.8

.5

1.6

11.1
1.1

17.0

21.9

5.6
2.2
.8
3.9
3.5
1.9
2.8

5.8
4.9

10.1

4.1

17.6

1.6

5.5
2.5

21.8

26.8

5.4

6.5
1.7
2.0
1.2

35.1

6.8
.6
2.4

10.9

4.0

.5
20.8
n.a.
13.4
10.5
1.1
n.a.
7.5
.6
n.a.
n.a.

4.7

For notes see preceding page.

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
To banks and official institutions
End of period

Total

Deposits
Demand

16,159 13,669
419,389 4 16,913
21,272 18,929
22,450 19,944
22,533 20,025

1958
1959
I960
1961
1961 s
1962 July .
Aug
SeDt
Oct

Nor
Dec
1963—Jan
Feb
Mar
Apr
June*

U.S.

Treasury Other 3
bills and
Time i certificates2

Deposits
Total
Demand

Time i

U.S.
Treasury Other 3
bills and
certificates

Payable
in
foreign
currencies

6,772
6,341
7,568
8,644
8,707

5,823
49,245
9,960
9,751
9,751

1,075
1,328
1,401
1,549
1,567

2,430
2,398
2,230
2,356
2,358

1,951
1,833
1,849
1,976
1,977

306
295
148

174
270
233

59
77
113

149

231

149

232

150

150

23,623
24,158
24,524
25,211
25,196
25,023

20,890
21,371
21,739
22,409
22,425
22,309

8,376
8,289
8,206
8,495
8,437
8,528

11,020
11,645
12,082
12,463
12,465
12,226

1,494
1,437
1,451
[,451
1,523
1,555

2,553
2,541
2,531
2,520
2,559
2,571

2,087
2,066
2,057
2,050
2,049
2,094

112
109
100
108
130
116

354
366
374
362
380
361

180
246
254
282
212
143

24,955
24,995
25,157
25,338
25,413
25,825
25,483

22,222
22,185
22,336
22,454
22,522
22,880
22,576

8,858
8,957
8,934
8,924

11,760
11,597
11,731
11,856
11,938
11,946
11,772

1,604
1,631
1,672
1,674
1.634
1,661
1,600

2,570
2,661
2,677
2,769
2,760
2,818
2,798

2,075
2,106
2,112
2,197
1,405
1,448
1,401

123
144
143

372
411
422

164
150
143

146
128

426
421

116
130

5,471
5,711
5,640

3,479
3,562
3,564

1 Excludes negotiable time certificates of deposit which are included
in 2"Other."
Includes nonnegotiable, non-interest-bearing special U.S. notes held
by the International Monetary Fund, which amounted to $2,961 million
on July 31, 1963; excludes such notes held by the International Development Association and the Inter-American Development Bank, which
amounted to $254 million on July 31.




To all other foreigners

Total

806
827
861

109
117

434
419

127
108

3 Principally bankers' acceptances, commercial paper, and negotiable
time
certificates of deposit.
4
Includes $1,031 million of nonnegotiable, non-interest-bearing
special U.S. notes representing increase in U.S. dollar subscription to
the5 IMF paid in June 1959.
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

1331

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Grand
total

End of period
1958
1959.
1960
1961

2
2
3
24

1962 July
Aug.
Sept

. .

Intl. and
regional

542
624
614
804

4 877
4 833
4,811
4 955
4,866
5 113

.

Oct

Nov
Dec

1963 Jan
Feb .
Mar
May
June39
July p

Canada

696
534
717
767

243
272
421
539

703
709

451
430

726

443

765
741
877

4 901
5 017
5,064
5 257
5,284
5,469
5,396

Apr

Europe

Asia

1,099
1,176
1,356
1,522
1,540
1,522
1,521
1,524
1,563
1,606

435
586
1,052
2 1,891

1,575
1,605
1,563
1,587
1,592
1,612
1,668

1,970
1,978
2,048
2,158
2,176
2,138
2,124

547
489
467

751
794

474
499

825

486

850
865
980
874

1
1

Latin
America

521
510
593
594

Africa 1

Other
countries
69
56
69
85
124
127

2,060
2,046
1,982
1,985
1,940
2,017

138

135
132
146
131
140
142

141
48
47
47

92

96
87

3a. Europe
End of period

Total

Austria

Belgium

Denmark

7
4

65
56
65
20

14
18
13
11

19
19
15
16
21
32
21
30
25
29
34
28
28

1958
1959
1960 . . .
1961

696
534
717
767

1962—July
Aug
Sept
Oct

703
709
726
765
741
877

7
7
7
7

751
794
825

7
8
9

865
980

9
10

874

9

Nov

Dec

1963—Jan
Feb
Mar
Apr

. . .

7
6

8

850

May

June3p .
July*

2
5

. .

Finland

France

Germany

Greece

Italy

Switzerland

Turkey

United
Kingdom

42
38
60
105

72
47

124
121

49

245

1962—July
Aug
Sept
Oct . .
Nov
Dec

67
69
68
75
64
75

1963—Jan
Feb

72
67
71
65
66
65
69

V958
1959
I960
1961

Mar
Apr
May
June**7
July* .

.

For notes see following page.




12
18
22
24
23
19

9
10
11
13
12
11
12

19
23
25
33
40
44
44

25

7
5
6
6

30
34
35

56
38
33
54

11
11
12
10
10
14

51
42
43
48
62
68

137
139
135
144
139
186

5
5
5
6
7
6

43
39
41
45
43
54

57
55
60
49
24
27

22
7
17
27
26
27
28
27
28
35

9
13
13
15
14
10
10

35
39
39
41
44
51
51

56
56
58

134
144
160
144
143
256
132

6
6
6

51
69
58
67
60
57
68

26
36
29
32
37
34
37

34
35
32
33
34
31
34

181

9

27
31
41
24
12
42

161
166
163
202
211
221

6
6
6
6
S
6

12
10
12
15
15
19

42
36
32
40
44
49
47

180
172
197
190
175
188
184

6
6
9
12
17
16
17

19
19
21
21
20
21
21

16

2
2
4
5
8
9
11
8
9
9

82
165

5
13
11
9

11

Portugal

102
57
32
42

67

72
63
63

77
54

9

7
8
10

36

Spain

30
8

8
11

Sweden
24
19
28
35
16
17
16
15
18
18
16
19
22
23
26
24

3b. Latin America

Other
Other
Yugo- Western
Eastern 4 Total
slavia Europe 3 U.S.S.R. Europe
1
3

Norway

6
8
9
23
28
28
28
31
32
30

3a. Europe—Continued

End of period

Netherlands

*

i

i
t

4
5
8
8

1,099
1 176
1*356
1,522

10
12
13
13
12
8

1,540
1,522
1,521
1,524
1,563
1,606

7
6
8
8
11
11
13

1,575
1,605
1,563
1,587
1,592
1,612
1,668

Argen- Brazil
tina
40
60
121

192

148
117
225

Chile

Colombia

Cuba

Mexico

52
59

51
68

166
115

293
291

73

80

186

127

125

177
164
183
169
182
181

199
191
196
188
180
171

164
158
161
174
174
186

156
161
161
170
180
180
200

187
179
178
196
196
197
192

168
160
151
151
161
166
171

26

343

19

425

147
138
137
151
138
131

18
17
17
17
17
17

393
397
369
376
400
408

129
149
145
137
136
153
146

17
17
17
17
17
17
17

417
420
409
405
405
409
448

1332

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3b. Latin America—Continued

End of
period

Panama

Uruguay

Venezuela

Other
L.A.
Republics 5

3c. Asia
Bahamas

Neth.
Antilles

Bermuda i

Surinam

1958
1959
1960
1961

23
18
23
32

31
36
44
74

52
47
57
55

142
247
234
144

44
57
55
56

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

37
36
36
32
32
30

83
86
86
87
84
85

63
80
89
99
107
122

125
122
115
94
104
102

47
49
44
47
54
66

7
10
11
10
7

1963—Jan...
Feb...
Mar..
Apr...
May..
June?.

33
38
40
34
34
29
29

83
86
91
95
103
106

114
123
113
121
97
95
96

102
104
97
100
101
99
96

67
70
68
60
115
105
113

10
10
9
10
10
14
14

27
27
29

3c. Asia—Continued

End of period

1958
1959
1960
1961

Japan

Korea

Philippines

Other
Latin
America 6

Total

53
57
66
74

435
586
1,052
21,891

6
10
9
9

74
75
81
82
98

2,060
2,046
1,982
1,985
1,940
2,017

11
11
13
13
13
13

14
14
18
18
18
20

38
37
36
37
34
37

87
92
89
96
19
18

1,970
1,978
2,048
2,158
2,176
2,138
2,124

14
14
14
14
13
12
12

17
20
24
22
22
19
16

35
38
39
33
31
27
29

China
Mainland

Hong
Kong

Thailand

Other
Asia

Total i

Indonesia

Israel

23
14
24
36

3d. Africa

Tai-

India

3e. Other countries

Congo
(Leo- Moroc- South
poldco i
Africa
ville)

U.A.R. Other Total 7
(Egypt) Africa i

Austra-

All
other 8

179
324
806
21,528

67
24
19
114

13
15
24
34

134
180
150
145

21
12
11
10

3
2
3
13

69
56
69
85

13
18
28
29

28
21
24
27

1962—July
Aug
Sept
Oct
Nov
Dec

1,765
1,767
1,711
1,710
1,662
1,740

76
69
69
70
77
70

30
33
30
32
33
41

111
100
87
88
89
80

12
12
12
11
12
10

26
23
25
23
25
26

124
127
138
135
132
146

34
40
46
45
44
41

50
48
51
54
49
67

1963—Jan
Feb
Mar
Apr
May
June*3
July"

1,697
1,691
1,751
1,876
1,896
1,869
1,872

75
80
81
73
69
66
52

43
43
40
40
38
40
38

73
70
69
70
75
73
69

9
12
13
13
13
14
14

21
21
19
17
18
25
20

131
140
142
141
48
47
47

38
39
44
44
42
41
41

61
66
64
64
6
6
6

1 Not reported separately until May 1963.
Includes $58 million reported by banks initially included as of Dec. 31,
1961, of which $52 million reported for Japan.
3 Until May 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
4 Czechoslovakia, Poland, and Rumania only until May 1963.
5 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
May 1963.
6 Until May 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago.
7 Includes Africa until May 1963.
2




92
96
87

57
53
50

8
Until May 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).

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
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.

SEPTEMBER 1963

1333

INTL. CAPITAL TRANSACTIONS OF THE U.S.

4. SHORT-TERM

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—

End of period

Official
institutions 1

Banks

Others

Collections
outstanding

Total
Total

Payable in foreign currencies

Acceptances
made for
acct. of
foreigners

Other 2

Deposits
with
foreigners

Total

Foreign govt.
securities,
comml. and
finance
paper

Other 3

1958.
1959
1960
1961
1961 4

2,542
2 624
3 614
4 746
4 804

2,344
2 406
3 135
4'160
4 217

401
351
290
329
329

439
498
524
699
709

428
460
482
618
622

421
516
605
694
700

656
582
1 233
1,821
1 857

198
217
480
586
586

181
203
242
385
386

16
15
238
200
200

1962—July

4,877
4 833
4.811
4 955
4 866
5,113

4,387
4 370
4,318
4 330
4 294
4,563

476
455
475
428
371
359

828
818
802
816
824
953

560
605
593
632
644
651

701
698
690
706
718
686

1,822
1 793
1,759
1 749
1,736
1,914

490
463
493
625
572
550

311
304
312
419
364
371

179
159
181
207
208
179

4 901
5 017
5 064
5 257
5,284
5 469
5,396

4 385
4 479
4 497
4.673
4.703
4 791
4.775

322
293
255
236
174
143
136

845
853
850
824
790
878
835

658
672
680
695
689
691
696

652
684
708
731
741
733
745

1,908
1 977
2,005
2,187
259
319
328

516
538
566
584
581
678
620

347
359
375
383
389
464
401

169
179
191
200
41
38
43

Sept
Oct
Nov
Dec
196V -Jan
Feb
Mar
Apr
May
June**
lu\yp .

...

1

Includes central banks.
Until May 1963 includes acceptances made for account of foreigners.
3 Until May 1963 includes foreign government securities, commercial
and finance paper.
2

2,049
2,028
2,035

152
176
176

4 These figures reflect the inclusion o fdata for banks initially included
as of Dec. 31, 1961.

5. LONG-TERM CLAIMS ON AND LIABILITIES T O FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
Payable in dollars

End of period
Total
Total
1958
1959
I960
1961

....

19f,"> - Fuly
Aug
Sent
Oct
NJOV

.

.

.

Dec
1963

Jan
Feb
Anr
May
Julv

p

1

.

.

All other

Total
liabilities

1,362
1,545
1 698
2,034

2
1
7
2

2.209
2,200
2,184
2 131
2,144
2,151

1
6
5
1
1
4

2 139
2 112
2 124
2 176
i 2,370
2,372
2.424

4
4
6
11
29
35
45

Includes $86 million of Ions-term loans previously held but reported
for the first time as of May 1963.




Loans

Payable in
foreign
currencies

i 2,370
2,372
2.424

i 2,337
2,337
2,388

33
35
36

1
*
*

1334

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corpo rate
securities 2

U.S. Govt. bonds and notes *

Foreign b o n d s

Foreign stocks

Net purchases or sales

Period
Total

1959
I960
1961
1962
1962 July
Sept
Oct
Dec
1963 Jan
Feb
Mar
Apr
M!ay
July?

Intl.
and
regional

Foreign
Total

Purchases

Sales

N e t pur- Purchases or chases
sales

Sales

N e t purchases or
sales

-512
-562
-460
-944

566
509
596
702

804
592
966
806

— 238
— 83
-370
-104
10
16
4
17
22
*

Purchases

Sales

Other

Official

689
127
512
-728

165
225
532
-521

524
-98
-20
-207

2,593
2,419
3,384
2,568

2,158
2,167
3,161
2,508

435
252
223
60

946
883
802
1,093

1,458
1.445
1,262
2,037

26
-211
-8
-34
— 67
62

-7
-198
32
14
— 74
-23

33
— 13
-40
-48
7
85

168
160

200
156

125
155
210
195

140
160
198
211

-32
4
— 15
<
12
-16

64
50
44
251
70
60

89
65
100
419
201
216

-24
-15
— 57
-168
— 131
— 157

48
48
44
58
69
61

38
64
39
41
48
61

106
-38
5
5
105
30
-7

215
183
177
273
310
354
209

202
190
176
235
239
341
193

12

56
61
84
120
144
52
75

314
214
186
179
409
130
116

-258
— 153
— 102
-59
-265
-78
-41

58
50
60
66
67
58
54 j

59
59
72
73
86
59
78

127
-44
45
12
206
22
-10

21
-6
40
7
101
-8
-3

N e t purchases or
sales

i

127 !
31
2

-21
-1
—8

1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 7.
2 Includes small amounts of State and local govt. securities.

—7

38
71
13
17

—1
—9
— 12

-7
— 19
—1

-24

NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 1.

7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies

Payable n dollars

End of period
Total
1962 Sept
Oct
Nov
Dec
1963

Jan
Feb
Mar
Apr
May
June
July
Aug




Austria

Belgium

Germany

48
201
251
381
481
481
551
605
605
655
705

25
25
25
25
25

30
30
30
30

100
200
200
200
200
200
225
275

Italy

Switzerland

25
150
200

23
51

200
200
200
200
200
200
200
200

81
81
81
126
150
150
175
175

Total

Canada

Italy

Sweden

51

183
183
183
183
183
183
208
163

125
125
125
125
125
125
125
125

58
58
58
58
58
58
58
13

25
25

SEPTEMBER 1963

1335

INTL. CAPITAL TRANSACTIONS OF THE U.S.

8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Type of security
Period

C o u n t r y or area

Total
Stocks

Bonds

France

Switzerland

United
Kingdom

Other
Europe

Total
Europe

435
252
223
60

363
202
323
111

73
50
-99
-51

40
38
21
4

254
171
166
129

15
-48
-17
-33

71
72
61
24

379
234
232
124

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

-32
3
-15
-5
12
-16

-18
4

1
—2
-1

-28
-13
-5
9

-23
-3
-10

-1
-3

6
13
*
-16
8
-11

-3

-4
21
-4

-13
*
-6
2
-8
-12

1963—Jan.. .
Feb...
Mar...
Apr...
May..
June p .

12

3
-9
*
37
60
21
8

9
2
*
1
10
-8
9

*
*
-4
-1

-2
-10
-2
-4
2
-6
*

4
3
11
43
39
32
20

1959
1960
1961
1962

1

n
*

38
71
13
17

Q

-4
-1

6
-15

2

-3

4
7
-5
-5
4
-3

4
2
3
33
45
19
21

Canada

Latin
America

Asia

40
36
44
-20

25
13
44
-18

-30
-45
-112
-43
-13
1
-4
2

Africa i

Other
countries

Intl.
and
regional
22
14
12
17

-

6
-2

I

i

1

-3
2

c

1
-7
-3
-5
12
-12

1
*
*
3
6
3

A

2
4
*
*
4
6
1
-4

2

I

1
3

*
*
*

2
2

*

Not reported separately until May 1963.

NOTE.—Statistics include small amounts of State and local govt. securities.

9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA

10. DEPOSITS, U.S. GOVT. SECURITIES,""AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Period

1959
1960
1961
1962

Total

-750
-645
-830
-1,048

1962—July
Aug
Sept
Oct
Nov
Dec

-15
-31
-52
-151
-109
-156

1963—Jan
Feb
Mar
Apr
May
June?
July?

-259
-162
-114
-66
-283
-79
-66

Intl. Total
forand
eign
recoungional tries
-157
-147
1
-235

-593
-498
-832
-813

1 -16
4 -35
9 -61
- 4 -147
- t o -- 79 89
-78
-35 -224
6 -167
-85
-29
-5
-62
3 -286
2 -81
8 -73

Europe

Latin
Other
Can- AmerAsia Africa* counada
ica
tries

-50
-117
-262
-188

-443
-196
-318
-360

2
8
-32
2
8 -14
29 - 1 2 6
4 -95
2 -45

*
*
2
-19

- 3 -197
- 5 -125
-42
-27
37
1
- 2 3 -207
-23
-32
1
-6

-12

i Not reported separately until May 1963.




11 - 9 7
-107
-41
- 5 8 -121
- 4 1 -175

•

-7
o

1
1
*
-1
-36

-1
-5
-57
-6
-10
-36
-12
-34
-19
-13
-57
-28
-36

•

1
1

Assets in custody
End of
period

Deposits
U.S. Govt.
securities 1

Earmarked
gold

-15
-36
-73
-50

1958
1959
1960
1961

272
345
217
279

3,695
4,477
5,726
6,006

8 538
9^861
11,843
11^905

-26
1
*
-24
2
7

1962—Aug...
Sept...
Oct.. .
Nov...
Dec...

168
229
182
202
247

6,407
6,767
7,137
7,132
6,990

12,689
12,687
12,706
12,680
12,700

1963—Jan.. .
Feb.. .
Mar...
Apr...
May..
June..
July. .
Aug...

197
201
160
171
175
182
177

7,033
7,079
7,277
7,478
7,886
7,957
7,733
7,856

12,789
12,836
12,789
12,815
12,878
12,917
13,086
13,129

*
2
-30
2

192

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).

1336

INTL. CAPITAL TRANSACTIONS OF THE U.S.

SEPTEMBER 1963

11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Claims on foreigners

Liabilities to foreigners
1962

Area and country
II
Europe:

III

1962

1963
IV 1

IV

1*1

I-

II

III

1963
IV 1

IV

5
24
6
4
58

5
24
6
4
59

114
6
82
24
15

114
6
82
24
15

20
15
29
4

8
25
17
29
6

8
25
17
29
6

238
3
7

192
3
7

196
3
6

645

661

625

629

732

753

789

830

33
4

34
4

106
25

106
25

15
6

31
5
108
25
17
6

31
5
108
25
18
6

5

4

6

6

25
8
3
43

27
6
4
49

24
8
3
51

24
8
3
51

130
4

106
6
62
37
13

116
5

117
5

67
47
12

2
24
5
1
30

3

2

24
5
1
34

21
3
1
32

Germanv Fed ReD of
Greece
Italy
Netherlands

34
2
25
41
8

38
3

33

27
27
9

28
26
10

Portugal

1
8
7
18
4

1

1

6

6

7
8
26
4

1
7
8
26
4

6

9
7
24
4

1
9
7
24
4

7

11
7
25
4

16
23
27
5

15
25
34
6

20
15
29
4

122
6
3

115
4
2

93
4
2

94
4
2

109
4
2

110
4
2

178
2
7

245
2
6

227
3
7

341

341

301

302

342

344

609

654

58

67

80

81

64

64

'725

824

9
1
26
5
3
2

9
2

32
4

18
3

68
24

90
r
25

3

4
*

3
1

6
1
18
3
3
1

36
4

17
4

9
2
17
4
4
*

6
1

23
5

16
6

17
6

15
6

Finland

Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other
Total
Canada
Latin America:
Bolivia
Brazil
Chile
Cuba
FJominican Reoublic
El Salvador
Guatemala
Neth. Antilles and Surinam...

9
2

2
21
3
1
32
33
1
28
26
10

2

18
2
1
31
36
1
39
39
12
1

2
18
2
1
31
36
1
39
39
12

1-

75
31
15

78
31
15

1

2

4

4

2

2

*
6
8

1
7
5

1
6
5

1
6
5

*
6

*
6
8

4
3
6
52
3

4
3
6
53
2

6
4
6
'56
6

6
4
6
'57
6

7
4
6
59
7

7
4
6
59
7

15
5

5
9

5
9

11
14

10
23

18
3

1
23
15

1
23
15

5
44
39

5
38
43

13
20

Venezuela
Other

25
8
1
24
20

13
14

5
19
16

25
8
1
23
20

13
20

2
21
9

6
33
44

6
33
45

7
33
41

13
14
7
33
41

Total

112

118

128

129

101

102

336

362

'383

'387

383

383

2
8

2
10

2
11
2
7
2

2
8

3
'44

2
6
2

3
7
14

4
'38

4
50

2
6
2

4
'34

4

2
6
1

2
11
2
7
2

2
8

2
7
1

3
7
10

3
7
10

3
6
8

4
50
3
6
8

59
*

66
1
5

52
3
3

46
3

46
3
4

101
3

112
3

119
4

123
4

124
4

4
11

4
12

4
12

11
5

3
33

10
3

4
30

'11
3
5
26

11
3

5
26

10
5

5
33

128
4
10
5
5
33

Panama Reo of
Peru

Asia:
India
Israel
Japan
Philiooines
Thailand
Other
Total
All other:
Australia
Con20 Ren of the

5
17

3
15

48
3
3
*
4
11

107

111

92

97

91

91

'228

'220

'231

'236

253

256

13

14

11
*
12

11
*
12
1
13

10

10

25

24

24

1
8
1
10

10

3
10
17
22

3
10
13
27

3
10
10
25

24
3
10
10
26

26
3
9
12
27

26
3
9
12
27

30

30

77

76

73

'74

77

78

*

*

1

1

1

1

1

628

630

'2,137

'2,064

'2,111

2,128

2 ,178

5
*

U A R (Ecvot")
Other

1
18

*
12
1
12

Total

46

40

37

1

*

37
*

678

638

645

14

International
Grand total

665

13

i Includes data for a number of firms reporting for the first time on
Dec. 31, 1962 (6th revised series) and on Mar 31, 1963 (7th revised series).
NOTE.—Reported by exporters, importers, and industrial and com-




3
6
12

4
*

8

'1,975

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.

SEPTEMBER 1963

1337

U.S. BALANCE OF PAYMENTS
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1961
1960

Item

1961

1962

1963

1962
IV

III

IV

A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—
Seasonally adjusted
26,9T4
19,459
335
2,873
349
3,958

28,311
19,913
402
3,464
380
4,152

29,790
20,479
660
3,850
472
4,329

7,273
5,121
100
871
95
1,086

7,206
5,022
113
904
109
1,058

7,610
5,262
190
940
144
1,074

7,550
5,270
141
946

-23,205
-14,723
-3,048

-939
-4,495

-22,867
-14,497
-2,934
-882
-4,554

-24,964
-16,145
-3,028
-995
-4,796

-6,013
-3,881
-717
-237
-1,178

-6,119
-3,942
-754
-240
-1,183

-6,222
-4,030
-748
-245
-1,199

-6,282
-4,127
-732
-245

Balance on goods and services *.

3,769

5,444

4,826

1,260

1,087

1,388

Remittances and pensions

-672

-705

-736

-174

-191

-182

1. Balance on goods, services, remittances and
pensions

3,097

4,739

4,090

1,086

896

1,206

-2,775
-1,664
-1,213

-3,370
-1,854
-1,941

-3,520
-1,903
-2,133

-993
-475
-685

-907
-537
-480

-853
-466
-507

-527

-261

-67

-48
-10

Exports of goods and services—Total 1.
Merchandise
Military sales
Investment income receipts, private..
Investment income receipts, Govt....
Other services
Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income p a y m e n t s . . . . . .
Other services

2. U.S. Govt. grants and capital flow,
net, excluding
advance debt repayments 2
Grants 3,4
Long-term loans and subscriptions 4
Change in foreign currency holdings
and
short-term claims, net (increase, —) 2 , 4 . . . ,
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
,
Scheduled loan repayments

-248

7,424
4,925
216
1,060
114
1,109

7,366
4.998
183
1,005
118
1,062

-6,341
-4,046
-794
-265
-1,236

-6,173
-3,985
-741
-251
-1,196

1,083

1,193

-187

-217

1,092

896

976

-849
-434
-486

-911
-466
-660

-906
-452
-557

105

1,088

-1,178
1,268
-176

-74

28

-63

13
155

46
44
184

-50
65
130

14
25
148

-10
33
143

-689
-199
-357
195

-819
-506
-329
66

-708
-359
-188
-10

-902
-493
-335
20

-943
-556
-457
28

-164
13

-39

-51

55
-13

-154

41
588

80
606

147
617

41
40
153

-3,552
-1,694
-850
430

-3,507
-1,598
-1,011
466

-3,118
-1,557
-1,209

-1,123
-397
-464

271

123

U.S. short-term capital
Foreign short-term capital 5.
4. Errors and unrecorded transactions.

-1,348
-90

-1,541
177

-507
-116

-419
34

-683

-905

-1,025

-303

-27

-37

-469

Balance of A (= 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.

-3,913

-3,043

-3,573

-3,643

-3^573

-1,333
-74
-1,259

-727
-113
-614

-503
-129
-374

-934
337
-1,271

3,043
668
5

3,573
666
470

1,259
43
16

614

374
53
-2

1,271
471
107

3. Private capital flows, net, excluding foreign
liquid assets in U.S
,
U.S. direct investments abroad
,
U.S. long-term capital, other
Foreign long-term investments in U.S
,

-305

-23

-55
-492

-44

-917
-137
-780

-1,409
-95
-1,314
B. Changes in foreign liquid assets in U.S. and n U.S. monetary reserve assets, and special U.S. Govt . transactions—Not seasonally adjusted

Total
Advance repayments on U.S. Govt. loans 6
Advances on U S military exports net

. ..

3,913
48
-16

Sales of nonconvertible nonmarketable securities,7
Dollar securities
Sales of convertible nonmarketable securities,7
Dollar securities .

Foreign official holders
Change in U.S. monetary reserve assets (increase, —).
IMF position
.

251

251

251

251

63
58
5

. . . .

350
125
225

1,738
636
-151
104
1,149

1,764
407
81
595
681

653
213
134
-147
453

432
245
73
59
55

46
213
44
442
-653

486
-3
270
-243
462

-188
-105
-139
-214
270

309
108
-41
-132
374

287
-64
56
384
-89

2,143
441

606
-135
-116
857

1,533
626
17
890

755
312
-54
510

426
237
-114
303

-163
44
-324
117

881
331
104
446

389
14
351
24

32
—46
-33
111

1,702

1 Excludes military transfers under grants.
2 Includes also very small amounts of changes in "misc. Govt. nonliquid liabilities."
3 Excludes military grants.
4 Not seasonally adjusted separately.
5 Other than foreign liquid assets in U.S.
6 Includes sell-offs.
1 With maturities over 12 months.




780
25
23

net...

Change in U.S.8 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U S Govt bonds and notes . . . .
...
International and regional organizations 9
Foreign private holders excluding banks *o

Gold

1,314
142
223

142

8 Includes official liabilities.
9
Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt. securities.
!0 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits).

1338

FOREIGN TRADE; MONEY RATES

SEPTEMBER 1963

MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Imports 2

Exports *

Export surplus

Period

Month:
Jan...
Feb...
Mar...
May!!
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
Quarter:

II.'!!!!
in
rv
Year 4

1960

1961

1962

1,561
1,566
1,518
1,622
1,659
1,634
1,707
1,625
1,647
1,668
1,681
1,645

1,623
1,712
1,751
1,662
1,585
> 1,582
s 1,689
1,689
1,678
1,780
1,733
1,725

1,655
1,812
1,674
1,803
1,838
1,729
1,687
31,943
3 1,493
1,695
3 1,839

4,645
4,915
4,979
4,994

5,086
3 4,829
3 5,056
5,238

5,141
5,423
3 5,359
3 5,027

19,609

20,152

20,901

1,782

1963

3 982
32,131
3 1,991
3 1,918
1,901
1,814
1,779

35,104
5,633

1960

1961

1962

1963

1960

1,213
1,307
1,261
1,315
1,242
1,252
1,235
1,227
1,188
1,178
1,126
1,109

,161
,150
,163
,152
,153
3 1,174
3 1,379
,254
,262
,300
,309
,315

,327
,315
,339
,364
,386
,342
,362
,364
,476
,319
,432
,372

,093
,493
,484
,423
,406
,410
,469

3,781
3,809
3,650
3,413

3,474
3 3,479
3 3,895
3,924

3,981
4,092
3 4,202
3 4,123

14,654

14,713

16,397

1 Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual
Security Program.
2
General imports including imports for immediate consumption plus
entries into bonded warehouses.

3 4,070
4,239

1961

1962

1963

348
259
257
308
417
382
471
398
459
490
555
537

462
562
588
510
432
3 408
3 310
435
416
480
424
410

328
497
335
439
396
496
367
323
3 467

3 -111
3 637
3 507
3 495
494
404
310

864
1,107
1,328
1,582

1,612
3 1,350
3 1,161
1,314

1,160
1,331
31,157
3 904

4,955

5,439

4,504

3 174

263
3 467
3 1,033
1,393

3 Significantly affected by strikes.
* Sum of unadjusted figures.
NOTE.—Bureau of the Census data.

OPEN MARKET RATES
(Per cent per annum)
United Kingdom

Canada
Month

Treasury Day-today
bills,
3 months 1 money 2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

France
Bankers'
allowance Day-today
on
deposits money 3

Germany
Treasury
bills,
60-904
days

Day-today
money 5

Netherlands

Treasury
bills,
3 months

Day-today
money

Switzerland
Private
discount
rate

1960—Dec
1961—Dec

3.53
2.82

3.16
2.37

4.64
5.61

4.44
5.35

3.88
4.83

3.12
4.00

3.70
3.58

3.75
2.00

4.31
3.06

1.51
L.32

.13
.11

2.00
2.00

1962—July
Aug
Sept
Oct
Nov
Dec

5.47
5.15
5.03
4.46
3.81
3.88

4.89
5.03
4.99
4.64
3.82
3.75

4.09
4.02
3.93
3.92
4.03
3.86

3.90
3.79
3.69
3.71
3.77
3.64

3.33
3.32
3.36
3.16
3.31
3.30

2.50
2.50
2.50
2.50
2.50
2.50

3.66
3.46
3.48
3.51
3.50
3.51

2.38
2.50
2.50
2.63
2.63
2.63

2.94
2.50
3.06
2.50
2.56
3.50

2.21
1.53
1.57
.96
1.85
.98

1.78
.03
1.10
L50
1.47
.24

2.00
2.00
2.00
2.00
2.00
2.00

1963—Jan
Feb
Mar
Apr
May
June
July

3.82
3.68
3.63
3.58
3.33
3.23
3.39

3.68
3.52
3.55
3.60
3.33
2.89
2.91

3.69
3.63
3.70
3.88
3.88
3.84
3.87

3.51
3.45
3.55
3.71
3.67
3.69
3.77

2.85
2.82
2.82
2.84
2.92
2.88
2.98

2.04
2.00
2.00
2.00
2.00
2.00
2.00

3.39
3.45
3.43
3.92
3.91
4.76
5.26

2.63
2.63
2.63
2.63
2.63
2.63
2.63

2.50
2.94
3.50
3.06
2.94
3.88
3.44

L.93
1.67
1.88
t .91
1.96
1.87

1.66
1.00
1.79
1.67
1.58
1.14

2.00
2.00
2.00
2.00
2.00
2.00
2.00

1
2

Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
4 Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.




NOTE.- -For description of rates and back data, see "International
Finance,' Section 15 of Supplement to Banking and Monetary Statistics,
1962.

SEPTEMBER 1963

1339

MONEY RATES

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Aug. 31, 1962
Country

1962
Per
cent

Month
effective

Belgium
Brazil

6.0
5.0
3.75
10.0
4.0

Dec.
Mar.
Aug.
Apr.
Feb.

1957
1960
1962
1958
1962

Canada *
Ceylon
Chila*
Colombia
Costa Rica

6.0
4.0
14.62
5.0
3.0

June
Aug.
July
Aug.
Apr.

1962
1960
1962
1959
1939

Cuba
Denmark
Ecuador
Egypt
El Salvador

6.0
6.5
5.0
5.0
6.0

Jan.
May
Nov.
May
June

1960
1961
1956
1962
1961

7.0
3.5
3.0
6.0
3.0

Apr.
Oct.
May
Nov.
Jan.

1962
1960
1961
1960
1962

Iceland
India «
Indonesia

9.0
4.0
3.0
6.0
4.0

Dec.
May
Apr.
Nov.
Aug.

1960
1957
1946
1960
1962

Israel
Italy
Japan
Mexico
Netherlands

6.0
3.5
7.3
4.5
4.0

Feb.
June
Sept.
June
Apr.

1955
1958
1961
1942
1962

New Zealand . . .
Nicaragua

7.0
6.0
3.5
4.0
9.5

Mar.
Apr.
Feb.
Jan.
Nov.

1961
1954
1955
1959
1959

6.0
2.0
4.0
4.0
4.0

Jan.
Jan.
June
June
June

1962
1944
1962
1961
1962

2.0
7.0
7.5
4.5
4.5

Feb.
Feb.
May
Apr.
Dec.

1959
1945
1961
1962
1960

Argentina

.

•

Finland
France
Greeco
Honduras ' . . . . .

Pakistan
Peru
Philippine Republic
South Africa
Sweden
Switzerland
Thailand
Turkey
United Kingdom

5

Sept

Oct

Nov.

5.0

Jan.

Feb.

Mar.

Apr.

May

June

4.5

3.5

4.0

July

Aug.
6.0
4.5
4.0
10.0
4.0

4.0

4.0

14.2
8 0

6.0

4.5
3.94

4.06

6.94

9-0
3.69

3.86

6.57

4.0
4.0
14.2
8.0
3.0
6.0
6.0
5.0
5.0
6.0
7.0
3.5
3.0
5.5
3.0

5 5

4.03

6.21

J.OO

3.95

9.0
4.5
9.0
6.0
3.95
6.0
3.5
5.84
4.5
3.5

5.84

3.5

7.0
6.0
3.5
4.0
9.5

3.5

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 wiU not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
tho average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3
Rate shown is for advances only.
* Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
3 Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts




Dec

3.5

5.5

Rate
as of
Aug. 31,
1963

1963

3.5

4.0

4.0

6.0
2.0
3.5
4.0
4.0
2.0
7.0
7.5
4.0
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—5 per cent for warehouse receipts covering approved lists of
products and 6 and 7 per cent for agricultural bonds;
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.

1340

FOREIGN EXCHANGE RATES

SEPTEMBER 1963

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

5.556
2.506
2.207
5.556
1.2730
1.2026
1.2076
i .9080

222.57
223.88
223.81
223.71
223.28
223.73

3.8539
3.8536
3.8619
3.8461
3.8481
3.8685

1.9906
2.0044
2.0012
2.0053
2.0052
2.0093

104.291
103.025
104.267
103.122
98.760
293.561

20.913
21.049
21.055
21.048
21.023
21.034

14.482
14.482
14.508
14.505
14.481
14.490

.3995
.3118
.3115
.3112
.3110
.3107

.2376
.2374
.2038
20.389
20.384
20.405

1962—Aug
Sept
Oct
Nov
Dec

.8121
.7874
.7392
.6830
.7057

223.41
223.18
223.21
223.26
223.37

3.8700
3.8700
3.8701
3.8680
3.8694

2.0105
2.0093
2.0094
2.0098
2.0098

92.111
92.848
92.914
92.849
92.924

21.021
21.008
21.009
21.011
21.013

14.458
14.443
14.442
14.455
14.498

.3106
.3106
.3106
.3106
.3106

20.405
20.405
20.405
20.405
20.404

1963 Jan . .
Feb
Mar.
Apr
May
June .
July
Aug

.7466
.7422
.7362
.7252
.7266
.7265
.7309
.7439

223.49
223.38
223.16
223.16
223.08
223.12
223.17
223.07

3.8694
3.8676
3.8681
3.8676
3.8677
3.8702
3.8719
3.8712

2.0086
2.0073
2.0049
2.0058
2.0055
2.0036
2.0038
2.0039

92.823
92.777
92.746
92.851
92.810
92.722
92.598
92.325

21.021
21.011
21.005
21.014
21.014
21.015
21.015
21.010

14.487
14.480
14.492
14.491
14.477
14 490
14 488
14.470

3 31.056
31.057
31.057
31.055
31.057
31 057
31.057
31.056

4 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)

23.798
23.848
23.926
23.976
24.903
25.013

20.910
21.048
21.031
20.968
20.980
21.026

279.32
280.98
280.88
280.76
280.22
280.78

.16003
.16006
.16099
.16104
.16099
.16107

.27791
.27791
.27781
.27785
.27690
.27712

32.527
32.767
32.857
32.817
32.659
32.757

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26.170
26.418
26 492
26.513
27.555
27.755

276.56
278.19
278 10
277.98
277.45
278.00

25.020
24.996
24.963
24.947
25.031

21.008
20.971
20.963
20.970
20.989

280.38
280.09
280.13
280.19
280.33

.16110
.16110
.16106
.16104
.16105

.27631
.27852
.27902
.27901
.27897

32.746
32.738
32.745
32.751
32.790

8.0056
8.0056
8.0056
8.0056
8.0056

21,142
27.755
27 748
27.748
27.779

277.61
277.32
277 36
277.42
277.56

24.966
24.985
25.023
25.045
25.090
25.121
25.109
25.101

20.996
20.984
20.963
20.964
20.962
20.965
20.968
20.962

280.48
280.34
280.06
280.07
279.96
280.02
280.08
279.96

.16104
.16102
.16102
.16100
.16097
.16081
.16086
.16102

.27894
.27892
.27886
.27716
.27582
.27563
.27550
.27554

32.817
32.717
32.633
32 594
32.586
32.595
32 648
32.647

8.0056
8.0056
8.0056
8 0056
8.0056
8.0056
8 0056
8.0056

27.772
27.773
27.808
27 828
27.815
27.780
27 755
27.712

277.71
277 56
277.29
277 30
277.19
277.25
277 31
277.19

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49.693
49.695
49 721
49.770

3.4900
3.4900
3.4967
3.4937
3.4909
3.4986

139.57
139.87

2.3810
2 ns70
1.6635
[.6643
[.6654

19.331
19.328
19 324
19.349
19.353
19.397

23.330
23.328
23 142
23.152
23.151
23.124

279.32
280 98
280 88
280 76
280.22
280.78

Period

.

.

Period

1957
1958
1959
I960
1961
1962

'.

.

1962 Aug
Sept
Oct
Nov
Dec

1963 Jan
Feb
Mar
Apr
May
June
July
Aug

Period

France
(franc)

Free

Official
1957
1958
1959
I960
1961
1962

Finland
(markka)

South Africa
(pound)

(rand)

1957
1958 .
1959
I960
1961
1962

14.008
14.008
14.028
14.018
14.000
14.010

1962—Aug
Sept
Oct
Nov
Dec

13.994
13.982
13.983
13.989
14.000

3.4996
3.5018
3.4899
3.4900
3.4902

139.67
139.52
139.54
139.57
139.64

1.6651
[.6659
1.6661
1.6662
1.6664

19.432
19.410
19.409
19.363
19.278

23.136
23.129
23.139
23.170
23.167

280.38
280.09
280.13
280.19
280.33

1963—Jan
Feb
Mar
Apr
May
June
July
Aug

14.000
13.995
13.995
13.999
13.995
13.997
13.993
13.985

3.4900
3.4900
3.4901
3.4901
3.4900
3.4900
3.4900
3.4893

139.72
139.64
139.51
139.51
139.46
139.49
139.52
139.46

1.6665
[.6664
1.6661
1.6663
1.6663
1.6663
.6663
6664

19.313
19.290
19.264
19.251
19.267
19.286
19.302
19.266

23.120
23.123
23.102
23.099
23.127
23.125
23.129
23.164

280.48
280.34
280.06
280.07
279.96
280.02
280 08
279.96

1 Quotations not available Mar. 20-Apr. 3, 1962.
2 Effective May 2,1962, the par value of the Canadian dollar was set at
92.5
U.S. cents.
3
A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
4
Effective Jan. 1, 1963, the franc again became the French monetary




278.28
279.93
279 83
279.71
279.48

unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.
NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics.
1962.




BOARD OF GOVERNORS
of the Federal Reserve System
WM. M C C . MARTIN, JR.,

Chairman

C. CANBY BALDERSTON, Vice Chairman

A. L. MILLS, JR.
J. L. ROBERTSON

RALPH

CHAS. N. SHEPARDSON
GEORGE W. MITCHELL

A. YOUNG, Adviser to the Board

ROBERT

CHARLES MOLONY,

L. CARDON, Legislative Counsel

OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary

CLARKE

DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
ROBERT C. MASTERS, Associate Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
BRENTON C. LEAVITT, Assistant Director
ANDREW N. THOMPSON, Assistant Director

ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary

LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General

LLOYD M. SCHAEFFER, Chief Federal Reserve

Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS

Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director

GUY E. NOYES, Director
ALBERT R. KOCH, Associate Director

DANIEL H. BRILL, Adviser
FRANK R. GARFIELD, Adviser
ROBERT C. HOLLAND, Adviser
KENNETH B. WILLIAMS, Adviser

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director

LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

DIVISION OF INTERNATIONAL FINANCE
RALPH

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

A. YOUNG, Director

J. J. CONNELL, Controller

J. HERBERT FURTH, Adviser
A. B. HERSEY, Adviser
ROBERT L. SAMMONS, Adviser
SAMUEL

I. KATZ, Associate Adviser

RALPH C. WOOD, Associate Adviser

Assistant to the Board

L. FAUVER, Assistant to the Board

SAMPSON

H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING
INNIS

D. HARRIS, Coordinator

DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director

DIVISION OF DATA PROCESSING
M. H. SCHWARTZ, Director
LEE W. LANGHAM, Assistant Director

JOHN N. KILEY, JR., Assistant Director




1342

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL

1343

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

C.

Chairman

CANBY BALDERSTON

KARL R.

BOPP

GEORGE H.

CLAY

ALFRED HAYES,

Vice Chairman

WATROUS H. IRONS

J. L.

A.

CHARLES J.

L. MILLS, JR.

GEORGE W.

MITCHELL

ROBERTSON

CHAS. N.

SCANLON

SHEPARDSON

RALPH A. YOUNG, Secretary
MERRITT SHERMAN,
KENNETH

Assistant Secretary

A. KENYON, Assistant Secretary

HOWARD H. HACKLEY, General Counsel

DAVID

B. HEXTER, Assistant General Counsel

GUY E. NOYES, Economist

DAVID

P. EASTBURN, Associate Economist

J. HERBERT FURTH, Associate Economist
GEORGE GARVY, Associate Economist

RALPH

T. GREEN, Associate Economist

ROBERT C. HOLLAND, Associate Economist

ERNEST T. BAUGHMAN, Associate Economist

DANIEL H. BRILL, Associate Economist

ALBERT R. KOCH, Associate Economist

CLARENCE W. TOW, Associate Economist

W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
ROBERT

Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON
GEORGE

A. MURPHY, NEW YORK, President

KENNETH V. ZWIENER, CHICAGO
SIDNEY MAESTRE, ST. LOUIS

HOWARD C. PETERSEN, PHILADELPHIA

JOHN A. MOORHEAD, MINNEAPOLIS

L. A. STONER, CLEVELAND

M. L. BREIDENTHAL, KANSAS CITY

ROBERT

B. HOBBS, RICHMOND, Vice President

J. FlNLEY McRAE, ATLANTA
HERBERT




V. PROCHNOW, Secretary

JAMES

W. ASTON, DALLAS

ELLIOTT MCALLISTER, SAN FRANCISCO
WILLIAM

J. KORSVK, Assistant

Secretary

1344

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

Federal Reserve Banks and Branches
Federal Reserve Bank
or branch

Chairman

Deputy Chairman

President
First Vice President

Boston

Erwin D. Canham
William Webster

George H. Ellis
Earle O. Latham

New York

Philip D. Reed
James DeCamp Wise
Thomas E. LaMont

Alfred Hayes
William F. Treiber

Philadelphia

Walter E. Hoadley
David C. Bevan

Karl R. Bopp
Robert N. Hilkert

Cleveland

Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele

W. Braddock Hickman
Donald S. Thompson

Edwin Hyde
William H. Grier
Harry B. Cummings
George H. Aull

Edward A. Wayne
Aubrey N. Heflin

Jack Tarver
Henry G. Chalkley, Jr.
Selden Sheffield
Harry T. Vaughn
W. N. Krauth
Kenneth R. Giddens

Malcolm Bryan
Harold T. Patterson

Robert P. Briggs
James H. Hilton
James William Miller

Charles J. Scanlon
Hugh J. Helmer

Ethan A. H. Shepley
J. H. Longwell
Frederick P. Blanks
Philip Davidson
Edward B. LeMaster

Harry A. Shuford
Darryl R. Francis

Atherton Bean
Judson Bemis
John M. Otten

Frederick L. Deming
Albert W. Mills

Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin

George H. Clay
Henry O. Koppang

Robert O. Anderson
Morgan J. Davis
William R. Mathews
Max Levine
G. C. Hagelstein

Watrous H. Irons
Philip E. Coldwel)

F. B. Whitman
John D. Fredericks
Robert J. Cannon
Raymond R. Reter
Thomas B. Rowland
Henry N. Anderson

Eliot J. Swan
H. Edward Hemmings

Buffalo

Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Me nphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle




Vice President
in charge of branch

Insley B. Smith

Fred O. Kiel
Clyde E. Harrell

Donald F. Hagner
Edmund F. MacDonald

Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw

Russel A. Swaney

Fred Burton
Donald L. Henry
E. Francis DeVos

Clement A. Van Nice

Cecil Puckett
Howard W. Pritz
George C. Rankin

Roy E. Bohne
J. Lee Cook
Carl H. Moore

Clifford H. Watkins
James A. Randall
Arthur L. Price
Erwin 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, D. C. 20551. 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 877-880 of the June 1963 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1961. 238 pp.
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
FEDERAL RESERVE BULLETIN. Monthly. Subscrip-

tion prices: (1) $6.00 per annum or $.60 a
copy in the United States and its possessions,
Bolivia, Canada, Chile, Colombia, Costa Rica,
Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more copies sent to one address in
the United States, $5.00 per annum or $.50 per
copy per month.
FEDERAL RESERVE CHART BOOK ON FINANCIAL

AND BUSINESS STATISTICS.

Monthly.

Annual

subscription includes one issue of Historical
Chart Book. Subscription prices: (1) $6.00 per
annum or $.60 per copy in the United States
and the countries listed above. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single
shipment, $.50 each.
HISTORICAL CHART BOOK. Issued annually in Sep-

tember. Annual subscription to monthly chart
book includes one issue of the Historical. Prices:
(1) $.60 each in the United States and the countries listed above. (2) Elsewhere, $.70 each. (3)
In quantities of 10 or more for single shipment,
$.50 each.
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.




1345

INDUSTRIAL

PRODUCTION—1957-59 Base. 1962.

172 pp. $1.00 per copy; in quantities of 10 or
more for single shipment, $.85 each. (Copies
of the 1959 revision also are available at $.50
each.)
THE

FEDERAL FUNDS MARKET—A

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.
DEBITS

AND CLEARING 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.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

1955. 390 pp. $2.75.
SUPPLEMENT TO BANKING AND MONETARY STA-

TISTICS. Sec. 1. Banks and the Monetary System.
1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 99 pp. $.65.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1962. 40 pp.

PUBLISHED INTERPRETATIONS of the Board, as of

December 31, 1962. $2.50.

1346

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE MONETARY SYSTEM OF THE UNITED STATES.

Feb. 1953. 16 pp.

pp.
FARM DEBT AS RELATED TO VALUE OF SALES.

Feb. 1963. 9 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp.

I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.

•PART

CONSUMER BUYING INTENTIONS AND QUARTERLY
SURVEY OF CONSUMER BUYING INTENTIONS.

May 1963. 10 pp.
FINANCING THE U.S.

PAYMENTS DEFICIT.

SECURITIES

REVISION OF CONSUMER CREDIT STATISTICS. Dec.

1961. 15 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961. 3 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

FEDERAL RESERVE OPEN MARKET OPERATIONS IN

1962. Apr. 1963. 29 pp.
NEGOTIABLE TIME

CERTIFICATES

OF DEPOSIT.

Apr. 1963. 11 pp.
NEW FOREIGN BOND ISSUES IN THE U.S. MARKET.

May 1963. 13 pp.

RECENT CHANGES IN LIQUIDITY.

June 1963. 10 pp.

INTEREST RATES ON TIME DEPOSITS,

Mid-Febru-

ary 1963. June 1963. 7 pp.
SURVEY OF COMMON TRUST FUNDS,

1962. June
'63. July

REVISION OF MONTHLY DEPARTMENT STORE INDEXES. July 1962. 6 pp.

MONETARY DEVELOPMENTS, FIRST HALF

ECONOMIC AND CREDIT CONDITIONS. Aug.

MEASURES OF MEMBER BANK RESERVES.

1962.

5 pp.

1963. 7 pp.
July

1963. 14 pp.

REVISION OF MONEY SUPPLY SERIES. Aug.

1962.

11pp.

BANK LOANS SECURED BY STOCKS AND BONDS.

July

1963. 19 pp.

REVISION OF WEEKLY DEPARTMENT STORE SALES
INDEX. Aug. 1962. 3 pp.
INTEREST RATES AND MONETARY POLICY.

Sept.

A BANK EXAMINER LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.

1962. 28 pp.
U.S. BALANCE OF PAYMENTS IN 1962. Oct.

1962.

8 pp.

Aug. 1963. 14 pp.
CHANGES IN BANKING STRUCTURE,

PRODUCTION—1957-59

BASE.

Oct.

1962. 10 pp.
1962. 15 pp.
A SECTORAL ANALYSIS OF VELOCITY. Dec.

1962.

14 pp.
A N E W LOOK AT THE FARM DEBT PICTURE. Dec.

1962. 18 pp.

1953-62. Sept.

1963. 8 pp.
ECONOMIC CHANGE AND ECONOMIC ANALYSIS.

FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.




Se-

lected series of banking and monetary statistics
for 1962 only. Feb., Mar., and May 1963. 16
pp.

1963. 6 pp.

July 1962. 6 pp.

INDUSTRIAL

Apr.

1963. 8 pp.

BANKING AND MONETARY STATISTICS, 1962.

Combined reprint. Sept. 1960. 31 pp.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.

MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8

Sept. 1963. 17 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1963. 8 pp. (Also

similar reprint from Mar. 1963 Bull.)
BANK AND PCA LENDING TO FARMERS.

11pp.

Sept. 1963.

Index to Statistical Table
Acceptances, bankers', 1282, 1284
Agricultural loans of commercial banks, 1276, 1278
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 1271
Corporate, current, 1296
Domestic banks, by classes, 1272, 1276,
1278, 1284
Federal Reserve Banks, 1266
Automobiles:
Consumer instalment credit, 1300, 1301, 1302
Production index, 1304, 1305
Bankers' balances, 1277, 1279
(See also Foreign liabilities and claims)
Banking structure data, 1320
Banks and the monetary system, consolidated statement, 1271
Banks for cooperatives, 1291, 1292
Bonds (See also U.S. Govt. securities):
New issues, 1292, 1293, 1294
Prices and yields, 1282, 1283
Brokers and dealers in securities, bank
loans to, 1276, 1278
Business expenditures on new plant and equipment, 1296
Business indexes, 1308
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1272, 1277, 1280
Federal Reserve Banks, 1266
Carloadings, 1308
Central banks, foreign, 1324, 1339
Coins, circulation of, 1269
Commercial banks:
Assets and liabilities, 1272, 1275, 1276
Consumer loans held, by type, 1301
Number, by classes, 1272
Real estate mortgages held, by type, 1297
Commercial and industrial loans:
Commercial banks, 1276
Weekly reporting member banks, 1278, 1281
Commercial paper, 1282, 1284
Condition statements (See Assets and liabilities)
Construction, 1308, 1309
Consumer credit:
Instalment credit, 1300, 1301, 1302, 1303
Noninstalment credit, by holder, 1301
Consumer price indexes, 1308, 1314
Consumption expenditures, 1316, 1317
Corporations:
Sales, profits, taxes, and dividends, 1295, 1296
Security issues, 1293, 1294
Security prices and yields, 1282, 1283
Cost of living (See Consumer price indexes)
Currency in circulation, 1260, 1269, 1270
Customer credit, stock market, 1283, 1322
Debits to deposit accounts, 1268
Demand deposits:
Adjusted, banks and the monetary system, 1271
Adjusted, commercial banks, 1268, 1270, 1277
Banks, by classes, 1265, 1272, 1280
Turnover of, 1268
Type of holder, at commercial banks, 1277
Department stores, 1308, 1312, 1313




Deposits (See also specific types of deposits):
Adjusted, and currency, 1271
Banks, by classes, 1265, 1272, 1277. 1280, 1284
Federal Reserve Banks, 1266, 1335
Postal savings, 1265, 1271
Discount rates, 1264, 1339
Discounts and advances by Federal Reserve
Banks, 1260, 1266, 1268
Dividends, corporate, 1295, 1296
Dollar assets, foreign, 1327, 1335
Earnings and hours, manufacturing industries, 1311
Employment, 1308, 1310, 1311
Farm mortgage loans, 1297, 1298
Federal finance:
Cash transactions, 1286
Receipts and expenditures, 1287
Treasurer's balance, 1286
Federal home loan banks, 1291, 1292, 1299
Federal Housing Administration, 1291, 1292,
1297, 1298, 1299
Federal intermediate credit banks, 1291, 1292
Federal land banks, 1291, 1292
Federal National Mortgage Assn., 1291, 1292, 1299
Federal Reserve Banks:
Condition statement, 1266
U.S. Govt. securities held by, 1260, 1266,
1268, 1288, 1289
Federal Reserve credit, 1260, 1266, 1268
Federal Reserve notes, 1266, 1269
Federally sponsored credit agencies, 1291, 1292
Finance company paper, 1282, 1284
Financial institutions, loans to, 1276, 1278
Float, 1260
Flow of funds/saving, 1318
Foreign central banks, 1324, 1339
Foreign currency operations, 1266, 1268, 1326, 1334
Foreign deposits in U.S. banks, 1260, 1266, 1271,
1277, 1280, 1335
Foreign exchange rates, 1340
Foreign liabilities and claims:
Banks, 1328, 1330, 1331, 1333, 1335
Nonfinancial concerns, 1336
Foreign trade, 1338
Gold:
Certificates, 1266, 1269
Earmarked, 1335
Net purchases by U.S., 1326
Production, 1325
Reserves of central banks and govts., 1324
Reserves of foreign countries and international
organizations, 1327
Stock, 1260, 1271, 1326
Govt. debt (See U.S. Govt. securities)
Gross national product, 1316, 1317
Hours and earnings, manufacturing industries, 1311
Housing starts, 1309
Industrial production index, 1304, 1308
Instalment loans, 1300, 1301, 1302, 1303
Insurance companies, 1285, 1288, 1289, 1298
Insured commercial banks, 1274, 1276
Interbank deposits, 1265, 1272, 1277
Interest rates:
Bond yields, 1282
Business loans by banks, 1281

1347

1348

FEDERAL RESERVE BULLETIN • SEPTEMBER 1963

Interest rates—Continued
Federal Reserve Bank discount rates, 1264
Foreign countries, 1338, 1339
Open market, 1282, 1338
Stock yields, 1282
Time deposits, maximum rates, 1265
International capital transactions of the U.S. 1328
International institutions, 1324, 1326, 1327
Inventories, 1316
Investment companies, new issues, 1294
Investments (See also specific types of investments):
Banks, by classes, 1272, 1276, 1279, 1284
Commercial banks, 1275
Federal Reserve Banks, 1266, 1268
Life insurance companies, 1285
Savings and loan assns., 1285
Labor force, 1310
Loans (See also specific types of loans):
Banks, by classes, 1272, 1276, 1278, 1284
Commercial banks, 1275
Federal Reserve Banks, 1260, 1266, 1268
Insurance companies, 1285, 1298
Insured or guaranteed by U.S., 1297. 1298. 1299
Savings and loan assns., 1285, 1298
Manufactures, production index, 1305. 1308
Margin requirements, 1265
Member banks:
Assets and liabilities, by classes, 1272. 1276
Borrowings at Federal Reserve Banks, 1262.
1266, 1280
Deposits, by classes, 1265
Number, by classes, 1273
Reserve requirements, 1265
Reserves and related items, 1260
Weekly reporting series, 1278
Mining, production index, 1305, 1308
Money rates (See Interest rates)
Money supply and related data, 1270
Mortgages (See Real estate loans)
Mutual savings banks, 1271. 1272. 1274, 1284.
1288, 1289, 1297
National banks, 1274
National income, 1316, 1317
National security expenditures, 1287. 1316
Nonmember banks. 1274, 1276, 1277
Payrolls, manufacturing, index, 1308
Personal income, 1317
Postal Savings System, 1265, 1271
Prices:
Consumer, 1308, 1314
Security, 1283
Wholesale commodity, 1308, 1314
Production, 1304, 1308
Profits, corporate, 1295, 1296
Real estate loans:
Banks, by classes, 1276, 1284, 1297
Type of holder, 1297, 1298, 1299
Type of property mortgaged, 1297, 1298. 1299
Reserve requirements, member banks. 1265
Reserves:
Central banks and govts., 1324
Commercial banks, 1277
Federal Reserve Banks. 1266




Reserves—Continued
Foreign countries and international organizations, 1327
Member banks, 1260, 1262, 1265, 1277, 1279
Residential mortgage loans, 1297, 1298, 1299
Sales finance companies, consumer loans of. 1300.
1301, 1303
Saving:
Flo w-of-funds series, 1318
National income series, 1317
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1284, 1285
Savings and loan assns., 1285, 1289, 1298
Securities (See also U.S. Govt. securties):
Federally sponsored agencies, 1291
International transactions, 1334, 1335
New issues, 1292, 1293, 1294
Silver coin and silver certificates, 1269
State member banks, 1274
State and local govts.:
Deposits of, 1277, 1280
Holdings of U.S. Govt. securities, 1288, 1289
New security issues, 1292, 1293
Ownership of obligations of, 1276, 1284, 1285
Prices and yields of securities, 1282, 1283
Stock market credit, 1283, 1322
Stocks:
New issues, 1293, 1294
Prices and yields, 1282, 1283
Tax receipts, Federal, 1287
Time deposits, 1265, 1270, 1271, 1272. 1277. 1280
Treasurer's account balance, 1286
Treasury cash, 1260, 1269, 1271
Treasury currency, 1260, 1269, 1271
Treasury deposits. 1260, 1266, 1286
Unemployment, 1310
U.S. balance of payments, 1337
U.S. Govt. balances:
Commercial bank holdings, by classes, 1277, 1280
Consolidated monetary statement, 1271
Treasury deposits at Federal Reserve
Banks, 1260, 1266, 1286
U.S. Govt. securities:
Bank holdings, 1271, 1272. 1276, 1279
1284, 1288, 1289
Dealer transactions, positions, and financing, 1290
Federal Reserve Bank holdings, 1260, 1266,
1268, 1288, 1289
Foreign and international holdings, 1266,
1327, 1335
International transactions, 1334
New issues, gross proceeds, 1293
Outstanding, by type of security, 1288.
1289, 1291
Ownership of, 1288, 1289
Prices and yields, 1282, 1283
United States notes, outstanding and in circulation, 1269
Utilities, production index. 1305, 1308
Vault cash, 1260, 1265, 1277
Veterans Administration, 1297, 1298, 1299
Weekly reporting member banks, 1278
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

(p THE FEDERAL RESERVE SYSTEM g)

1

Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System
© Federal Reserve Bank Cities

• Federal Reserve Branch Cities