Full text of Federal Reserve Bulletin : September 1963
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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 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price 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 is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. 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