Federal Reserve Bulletin, 1964-02
FEDERAL RESERVE B U LLETIN February 1964 **** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes Daniel H. Brill Elizabeth B. Sette 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 Bank Credit and Money in 1963 141 Statement on Proposed Changes in Federal Reserve Act 148 Directors of Federal Reserve Banks and Branches 155 Presidents, Vice Presidents, and General Auditors of Reserve Banks 166 Law Department 168 Announcements 173 National Summary of Business Conditions 174 Guide to Tabular Presentation 176 Financial and Business Statistics, U.S. (Contents on p. 177) 178 International Financial Statistics (Contents on p. 251) 252 Board of Governors and Staff 270 Open Market Committee and Staff; Federal Advisory Council 271 Federal Reserve Banks and Branches 272 Federal Reserve Board Publications 273 Index to Statistical Tables 275 Map of Federal Reserve System Inside back cover Volume go • Number 2 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DURING 1963 THE Federal Reserve con- outflows were restrained also by the protinued to encourage monetary and credit posed retroactive interest equalization tax expansion with a view to stimulating a on foreign long-term securities. With the further rise in economic activity. The avail- trade balance continuing to show some imability of bank reserves was reduced some- provement and capital outflows more limwhat during the year, however. Reflecting ited, the U.S. balance of payments deficit this shift in policy, member bank borrow- showed substantial improvement after midings from Federal Reserve Banks rose mod- year. erately, and market rates of interest generally advanced, especially short-term rates TOTAL RESERVES <oftia«a growth after mid-July when the Federal Reserve discount rate was raised. Expansion of bank credit continued to be rapid, although the increase was slightly smaller than the unusually large 1962 rise. Loans rose somewhat more than in 1962. Banks also made larger additions to their holdings of tax-exempt securities, although growth slackened late in the year. To accom- - 17 modate the larger credit growth in these areas under somewhat less stimulative monetary conditions, banks reduced their hold- BORROWINGS rise ii 1963 ings of U.S. Government securities by more than 5 per cent. As a result, bank liquidity declined further. The privately held money supply rose 3.8 per cent in 1963, the second highest 1959 1960 196) 1961 1**3 "64 annual rate of growth in the past decade. NOTE.—Monthly averages of daily figures for member banks. Time and savings deposits at commercial Total and nonborrowed reserves seasonally adjusted. Total reserves adjusted to exclude the effect) of changes in reserve banks continued their rapid expansion, in- requirements. Nonborrowed reserves a« total reserves adjusted minus member bank borrowings from the Federal Reserve. Latest figures, Jan., preliminary. creasing nearly 15 per cent, a rate slightly less than the postwar record in 1962. Along with its action to raise discount The moderate additional upward pres- rates in July, the Federal Reserve increased sure on interest rates—mainly short-term to 4 per cent the maximum rate of interest ones—reduced the incentives for capital to that member banks may pay on time deposflow out of this country to financial centers its and certificates with maturities of 90 abroad. In the last half of the year capital days to 1 year. This change was designed to 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
142 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 enable banks to continue to compete effec- decline in the U.S. gold stock provided a tively for foreign and domestic funds, thus partial offset. helping further to combat the U.S. balance As in the previous 2 years, the Federal of payments problem. Reserve continued to conduct open market In early November, the Board of Gov- operations so as to minimize downward ernors raised initial margin requirements pressures on short-term interest rates. It on loans for purchasing or carrying listed did this by supplying part of the bank resecurities from 50 to 70 per cent to help serves needed to support further bank credit prevent excessive use of stock market credit. and monetary expansion through open mar- Such credit had increased sharply since ket purchases of longer-term U.S. Govern- July 1962, when margin requirements had ment securities. System purchases of securibeen lowered from 70 to 50 per cent. ties maturing in more than a year amounted to $1.5 billion in 1963, or about 17 per cent of the outright purchases of all maturities. BANK RESERVES AND FEDERAL RESERVE OPERATIONS But purchases of longer-term securities were smaller both absolutely and in relation Total reserves of member banks increased to total Federal Reserve purchases than in by nearly $700 million from December the 2 previous years when downward mar- 1962 to December 1963. This was about ket pressures on short-term interest rates the same as the amount of reserves provided were more persistent. In 1962 and 1961, in the previous year. In 1962, however, the Federal Reserve purchased $1.9 billion reserves were made available mainly through and $2.7 billion, respectively, of such secua reduction in time deposit reserve require- rities, representing 20 and 30 per cent of ments rather than through an increase in the total System purchases. volume of reserves. Banks in 1963, however, had to obtain COMMERCIAL BANK LOANS AND more reserves on their own initiative by bor- INVESTMENTS rowing from Federal Reserve Banks than in Despite the slight reduction in reserve availthe previous 2 years. Such borrowings averability, commercial banks continued to supaged about $340 million in the fourth quarply credit to businesses, consumers, and ter of 1963, compared with $160 million a credit markets generally, in substantial volyear earlier and $100 million in the same ume during 1963. On balance, outstanding period in 1961. bank loans and investments increased about In addition to providing reserves for $18.5 billion, or 8 per cent, compared with credit expansion, the Federal Reserve made almost 9 per cent in 1962 and about 8 per larger net purchases of U.S. Government cent in 1961. In all of these years, large insecurities in the open market during 1963 flows of funds into time and savings deposits in order to offset the influence of other fac- facilitated the expansion of credit. In view tors that absorbed reserves. Outflows of of the increased interest costs associated currency into circulation and a rise in U.S. with the rapid growth of these deposits, Government deposits held at the Federal banks continued to emphasize longer-term, Reserve Banks absorbed more reserves in higher-yielding types of both loans and in- 1963 than in 1962, although the smaller vestments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT AND MONEY IN 1963 143 Loans. Almost 90 per cent of the net rise ducers and fabricators and other manufacin bank credit in 1963 represented bank turers, however, showed little net change; loans—a much larger share than in 1962 this reflected in part the large and expandor 1961, when the percentages were about ing amounts of internal funds generated 75 and 45. This higher ratio reflected the through depreciation charges and earnings. reduced availability of bank reserves com- Banks increased their holdings of real bined with a somewhat stronger demand estate loans by $5.3 billion, about one-third for business and consumer loans than in more than in 1962. The rise in total mort- 1962 and 1961, as well as the continued in- gage debt outstanding, however, was only terest of banks in expanding their holdings about one-sixth larger than in 1962. As of real estate mortgages. Total loans at all a result, the proportion of the increase accommercial banks rose nearly 12 per cent counted for by commercial banks—18 per cent—was 2 percentage points higher than in 1962. BANKS add to loans and "other" securities Banks also added more to their consumer while reducing holdings of U.S. Governments loans last year, in line with the general Billions of dollars expansion in demand for credit to finance 1963 automobiles and other durable goods. In 1962 addition, bank loans to nonbank financial institutions—principally mortgage and sales finance companies—rose somewhat more 1 than in 1962, as these companies too resorted to bank financing to help meet the increased demand for consumer and mortgage credit. TOTAL LOANS AND U.S. GOVT. OTHER Security loans of banks exhibited rather INVESTMENTS SECURITIES SECURITIES sharp month-to-month swings, while mov- NOTE.—Based on data for all commercial banks for Dec. 31. ing appreciably higher over the year. Lend- Figures for 1962 and 1963 estimated. Interbank loans excluded. ing to U.S. Government security dealers was heavy in February, June, and September in in 1963, compared with 11 per cent in 1962 connection with Treasury financing activiand 6 per cent in 1961. ties, including large advajnce refundings in Business loans rose by $4.5 billion, nearly the late winter and in the summer. Reflectone-fifth more than in the previous year and ing in large part the expansion in stock marover twice as much as in 1961. Over half ket credit, bank loans to purchase and carry of the increase, after allowance for seasonal non-U.S. Government securities rose subinfluences, occurred in the fall of the year, stantially in 1963. After1 the Federal Rewhen business inventory accumulation acserve increased margin requirements in early celerated moderately at both the manufac- November, however, expansion in stock turing and the distribution levels. In this market credit slackened. period there was more lending than usual to food processors, commodity dealers, and Investments. With loans absorbing a larger trade concerns. Borrowing by public utilities proportion of investable funds than in the also was substantial. Loans to metal pro- 2 previous years, banks were able to add Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
144 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 only a small amount to their investment refundings during 1963 contributed to the portfolios in 1963. But within the portfolios lengthening of their security holdings. they continued, as in 1962, to emphasize the The rise in holdings of securities matursecurities of State and local governments ing in more than 5 years, however, was and of Federal agencies. much smaller than in 1962. In part, this Banks added $5.8 billion to such holdings may have reflected the rise in short-term in 1963, or slightly more than in 1962 when rates to more attractive levels, and also exthey had been unusually active in the munic- pectations at times of further increases in ipal issues market. The 1963 rate of growth, the general level of interest rates. As of the which was rapid early in the year but end of 1963, banks' holdings of U.S. Govslackened in the last few months, amounted ernment securities maturing in more than to 20 per cent, slightly below the 22 per 5 years were about 5 per cent of their cent rise in 1962. total loans and investments, 1V2 percentage In making large additions to their loans points more than at the end of 1961 but conand to their holdings of municipal and Fed- siderably below the levels prevailing during eral agency securities, the banks reduced most of the 1950's. their holdings of U.S. Government securities Banks also have been lengthening the by $3.5 billion, or about 5 per cent; in 1962 average maturity of their total assets by there had been a decrease of less than 1 per making substantial additions to their holdcent. Thus, most of the bank adjustment to ings of real estate loans and non-U.S. Govthe 1963 reduction in reserve availability ernment securities. These items together acunder conditions of strengthened loan de- counted for 30 per cent of the banks' total mand was made in holdings of U.S. Gov- loans and investments outstanding at the ernment securities, except for the more re- end of 1963, compared with 25 per cent 6 strained buying of other securities in the last years earlier. few months of the year. Liquidity measures. The lengthening of The decline in Government security hold- bank portfolios in the past 2 years and the ings was concentrated in the short-term area. substantial rise in total loans have reduced At banks reporting in the Treasury Survey bank liquidity. For instance, the ratio of of Ownership, holdings of securities matur- short-term U.S. Government securities to ing within a year declined by $3.2 billion. total deposits declined 1.7 percentage points At the same time, holdings maturing in 1 in 1962 and another 2 percentage points in to 5 years declined by $240 million, but 1963 to an estimated 7.5 per cent at the holdings maturing in more than 5 years in- year-end. Practically all of the decline in creased by $300 million. 1963 took place in the first half, however; The shifting away from short-term hold- after June the ratio fluctuated in a narrow ings continued the tendency that began in range. 1962, when the banks had also stressed As measured by the ratio of loans to total higher-yielding longer-term U.S. Govern- deposits, the decline in bank liquidity was ment securities as part of their efforts to rather steady during 1963. By the year-end maintain earnings in the face of the rapid this ratio had risen to about 59 per cent, growth in interest-bearing deposits. The compared with 56.5 per cent a year earlier banks' participation in two large advance and 54.5 at the end of 1961. The 1963 ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
145 BANK CREDIT AND MONEY IN 1963 vance continued the uptrend evident since ings deposits, a shift that stemmed from the the end of World War II. higher rates paid on such deposits beginning Increases in loan-deposit ratios have been in early 1962. marked at country banks, where ratios are In both 1962 and 1963, however, expanthe lowest, and also at reserve city banks sion during the fourth quarter was particuoutside New York and Chicago. At Chicago larly rapid, equal to a seasonally adjusted annual rate of about 7 per cent. The increases probably were associated in part with SHORT-TERM Govts. decline relative to deposits as loans ratio rises the unusually strong business demands for Per Per bank financing in the latter part of both RATIO TO TOTAL DIPOSITJ: years. But there were also greater-than- 12 - /VM - usual declines in U.S. Government deposits at commercial banks, and these resulted in / i /SHORT-TERMM /> JL AS OOVTS. V"\/-' large transfers of funds into the hands of S — the public. In the earlier months of both LOANS years, the Treasury had built up its cash balv ances to high levels, in part through short- 4 - term cash financings timed to minimize the downward pressure on short-term interest 7 , 0 I 1 ! 48 rates in periods of seasonal market ease. In 1963, however, the pattern of fourthquarter expansion of the money supply was NOTE.—Based on data for all commercial banks. Loans ex- somewhat different from that in 1962. Pracclude interbank loans. Short-term U.S. Govt. securities are those maturing within a year. Deposits are net of cash items in tically all of the upsurge came early in the process of collection. Latest figures, Dec. quarter, whereas the expansion in the fourth banks, ratios drifted upward during the year, quarter of 1962 was steadier. In part, this but at New York City banks, where ratios difference is accounted for by the fact that are the highest—around 67.5 per cent at average U.S. Government deposits showed a the year-end-—there was little net change. substantial rise in December 1963, when unexpectedly large corporate tax payments MONEY SUPPLY AND TIME DEPOSITS were transferring funds out of private deposits. During 1963 the money supply—defined as In early 1964 the money supply rose currency and demand deposits in the hands sharply further, reflecting mainly the large of the public—grew by 3.8 per cent. About year-end bulge in bank cjredit. one-third of the increase was in currency, which rose 6 per cent or about twice as fast The turnover of money rose further in as demand deposits. The over-all increase 1963, as in nearly every postwar year. The was the second most rapid expansion for turnover of demand deposits at centers outany year in the past decade, and it compares side New York in the fourth quarter was with a growth rate of only 1.5 per cent in 6.2 per cent larger than a year earlier. This 1962. In that year expansion in the money was smaller, however, than the comparable supply, as well as in other financial assets, rise—7.7 per cent—in 1962, when the was influenced by a large-scale shift in the stock of money expanded less rapidly than public's preferences toward time and sav- in 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
146 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 Along with the substantial growth in the 90 days to 1 year. Previously, the maximum money supply during 1963, time deposits rate had been ZVi per cent on deposits maexpanded by about $14 billion, or 15 per turing in 6 months to 1 year and IV2 per cent—a higher rate than in any previous cent on those maturing in 90 days to 6 postwar year except 1962. Negotiable time months. The latter rate had effectively priced certificates of deposit were an important such maturities out of the market, since the contributor to this rise. At major New York yield on 3-month Treasury bills had been City banks, certificates outstanding increased above 2Vi per cent from late 1961 on. By mid-July, moreover, the 2>Vi per cent maximum on time deposits with maturities of 6 months to 1 year was being pressed by the rise in rates on 6-month Treasury bills. Commercial banks made upward adjustments in the rates for these shorter-term maturities in mid-July, and they also raised the rates offered on maturities of 1 year and over, for which the maximum permissible rate remained at 4 per cent. With the attractiveness of both short- and longer-term negotiable certificates enhanced, the volume outstanding increased sharply during the remainder of 1963 and in early 1964. NOTE.—Seasonally adjusted. Money supply and time deposits, Corporations apparently have come to remonthly averages of daily figures. Other liquid assets, end of period. Money supply consists of demand deposits at all com- gard negotiable time certificates, which are mercial banks (except those due to domestic commercial banks and the U.S. Govt.); foreign demand balances at F. R. Banks; salable in the secondary market, as an inand currency in the hands of the public. Commercial bank and F.R. Bank float excluded. Time deposits are time and strument suitable for the temporary investsavings deposits, other than domestic interbank and U.S. Govt., at all commercial banks. Other liquid assets are hold- ment of funds. Throughout 1963 there were ings by the nonbank public of deposits in mutual savings banks and the Postal Savings System; shares in savings and loan associations; U.S. Govt. savings bonds; and U.S. Govt. se- substantial temporary declines in outstandcurities maturing within a year. Latest figures, Dec. ing certificates on and around the quarterly by $1.8 billion, compared with less than corporate tax and dividend payment dates. half that amount in 1962; at weekly report- The money supply and time deposits toing banks outside New York City they in- gether grew more rapidly than gross nacreased by more than $2 billion, also more tional product in 1963. With the continued than in 1962. At all weekly reporting banks, substantial growth in other liquid assets in time deposits (other than passbook savings the hands of the public—such as shares in accounts) accounted for 63 per cent of the savings and loan associations, deposits in increase in time and savings deposits com- mutual savings banks, and short-term U.S. bined, a much larger proportion than in Government securities—the ratio of total 1962 when the rise in time deposits also liquid asset holdings to GNP rose from 80.4 had been exceptional. per cent in the fourth quarter of 1962 to an A further impetus to the issuance of ne- estimated 81.7 per cent in the fourth quargotiable time certificates came from the ter of 1963. The continued rise in this ratio, mid-July rise to 4 per cent in maximum per- which often declines in periods of economic missible rates on time deposits maturing in expansion, reflected in part the relatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT AND MONEY IN 1963 147 favorable interest rates available on deposit- MOST PRIVATE long-tern interest rates type and other liquid assets compared with rise ia 1963 market yields on direct security investments. FHA-INSURED MORTGAGES INTEREST RATES Many short- and long-term interest rates moved upward in 1963. This uptrend in the structure of rates contrasted with 1962, when long-term rates declined while shortterm rates rose slightly. U.S. GOVERNMENT rates rise too Yields in the long-term markets in 1962 had been strongly influenced by the increased flow of funds into those markets from commercial banks stemming from the large growth in their time and savings deposits "after rates were raised early in the year. Banks and other savings institutions supplied an even larger volume of funds to the capital markets in 1963. But demands 1957 1959 19*1 19«3 for long-term financing strengthened con- NOTE.—Monthly averages, except for FHA (based on quotasiderably. As a result, bond yields generally tion for 1 day each month). Corporate and State and local govt. bonds, Moody's Investors Service. U.S. Govt. bonds, isrose, and mortgage yields stabilized after sues maturing or callable in 10 years or more. Treasury bills, market yields on 3-month bills. Latest figures, Dec. a 3-year decline. Yields on high-quality long-term corpo- average yields on long-term securities were rate and State and local government bonds, still appreciably below their peaks in the after declining in 1962, increased moder- previous business upswing—by 25 basis ately in 1963, in part because of larger of- points on corporate and U.S. Treasury isferings of new issues. The average yield on sues and more than 50 basis points on mulong-term U.S. Government securities also nicipals. In early 1964 yields on long-term rose rather moderately during 1963, after bonds declined slightly. declining in the previous year. Although the The yield on short-term securities—as Treasury issued a somewhat smaller volume typified by the 3-month Treasury bill—reof long-term debt for cash in 1963 than in mained fairly stable in the first hah* of 1963, 1962, it continued to move a substantial after having edged upward) during 1962. In volume of issues into longer maturities the second half, however, the bill yield rose through advance refundings. by about Vz of a percentage point to about Upward pressure on long-term rates last 3Y2 per cent, the level to which the Federal year also reflected the change in investor Reserve discount rate had been raised in expectations associated with improved busi- mid-July. At this level the bill yield was ness activity as well as the upward pressure still well below the previous peak in early on short-term rates resulting from monetary 1960. In early 1964 short-term rates showed policy actions. Nevertheless, at the year-end, little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statement on Proposed Changes in Federal Reserve Act WE WELCOME the inquiries into the Fed- providing the country with an elastic cureral Reserve System that are conducted each rency, for which it had vainly sought duryear by various committees of the Congress, ing most of its earlier history. To be sure, believing as we do that every gain made this and other goals were attained by the in knowledge of the System will be bene- System only over time, through a process ficial to us all. Your present inquiry is es- of evolution, innovation, and experimentapecially timely, coming as it does shortly tion as experience demonstrated errors in after the 50th anniversary of President Wil- the assumption prevalent 50 years ago that son's signing of the Federal Reserve Act the supply of money and credit could be on December 23, 1913. We are pleased on geared automatically to the needs of the this occasion to join with you again in con- country through adherence to the "real bills" sidering the merits of the present structural doctrine. Yet the framers of the Federal arrangement of the System, and to aid in Reserve Act, like those of the U.S. Constiyour consideration in any way we can. tution, wrought exceedingly well when they We do not claim the System is perfect or created a structure capable of adaptation infallible. Being a human institution, it is and development as the economy itself deneither. It has made mistakes, and un- veloped—a structure that places trusteeship doubtedly it will make more of them, for over the creation of money in a body that is the mind of man has not yet managed to insulated from shortsighted pressures for devise any means of excluding error. In its abuse of that power; one that combines the half-century of existence, encompassing the advantages of regional units with central ordeal of two world-embracing wars and supervision and coordination; and one that between them the anguish of boom, crash, ingeniously engages public and private parand depression, the System has experienced ticipation in a democratic effort to serve the failures as well as successes. But it has also interests of the people as a whole. learned from experience, and I believe we Having 12 regional banks in the System can find considerable satisfaction today in has aided the System greatly in keeping in the extent to which the Federal Reserve close touch with developments and trends System over the years has accomplished in credit and business throughout the counthe objectives set for it by the Congress. try. Furthermore, the regional system has Clearly, the System has achieved the goal enabled us to bring into focus a wide range uppermost in the minds of its creators by of views, enhancing flexibility in adapting to economic changes. Perhaps the develop- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal ment of open market operations as a method Reserve System, before the Subcommittee on Domes- of supplying or absorbing bank reserves, the tic Finance of the House Committee on Banking and base on which bank credit rests in this Currency, Jan. 21, 1964. 148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT 149 country, is the most striking example of what the archaic technical requirements of "eligihas been accomplished by that process. ble paper." Authorized initially for the chief purpose According to the "real bills" doctrine, the of enabling investments to make the in- supply of money and credit would be audividual Reserve Banks financially self-sup- tomatically expanded and contracted in step porting, open market operations evolved with the needs of the economy if reserve gradually as a major tool of monetary policy, bank credit was based on short-term, selfwith the operations of the 12 regional banks liquidating "real bills" drawn to finance the coordinated today through a single, broad- production and distribution of the goods the based committee that pools in the public economy produced. In keeping with this behalf the economic and human resources idea, the original Federal Reserve Act proof the entire System. At present, the Sys- vided that member banks could obtain credit tem is again breaking new ground in es- from their Reserve Banks only by discounttablishing a network of currency interchange ing short-term, self-liquidating, agricultural, arrangements with central banks in other industrial, or commercial paper arising out countries as a means of protecting the dol- of actual transactions. lar on the foreign exchanges and contribut- The realization grew that the amount of ing in the long run to a stronger interna- "real bills" could be blown up disproportional payments mechanism. tionately during times of inflationary bid- I believe that a good part of the Federal ding for goods, and conversely, that it could Reserve's strength is derived from this constrict unduly during periods of depressed unique blend of public and private partici- business conditions. Furthermore, the Amerpation, regional initiative, and central su- ican economy was developing needs for new pervision. Obviously, the System is open to and more flexible credit forms—needs which improvement, and it has been improving could not be met within the old "real bills" as a result of evolution. Change is inevita- framework. ble, but we should make sure it is change Commercial banking changed to meet for the better. Change purely for the sake these needs. Congress also changed the law of making the System conform more closely to free Federal Reserve credit from being to the structure of the standard Government based on "real bills" alone. Today, when agency would, in my judgment, slow our member banks borrow from a Federal Reprogress toward achievement of the goals serve Bank, they have three choices as to the set forth in the Federal Reserve Act and collateral they may offer: (1) obligations of the Employment Act of 1946. the United States, (2) eligible paper, or (3) One constructive step that you could take other paper satisfactory to the Reserve to remove the last vestige of the now-obso- Bank. If, however, they take the third lete "real bills" doctrine, to which I referred choice, they must pay a penalty rate of inearlier, would be to pass legislation that the terest, Vi of 1 per cent higher than the rate Board recommended last August 21. That that applies in the other two cases. Member legislation would permit the Federal Reserve banks have had no difficulty making this Banks to make discounts or advances on choice and have shown an overwhelming sound collateral without imposing a penalty preference for the simpler, less expensive merely because this collateral does not meet method of offering U.S. Government obli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
150 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 gations as security for their borrowings. member banks to enable the latter to meet the The technical requirements of present legitimate credit needs of the economy." law, such as those with respect to maturity I hope that this legislation will be given and relation to "actual" commercial trans- favorable consideration by your Committee. actions, exclude large volumes of perfectly You have asked for comments on two sound paper as a basis for Federal Reserve other bills. One of these, H.R. 9631, would credit, except at a penalty rate of interest. abolish the Board of Governors and the The reasons the Board advocates a change Federal Open Market Committee. It would in these provisions are set forth in the fol- establish a new 12-member Federal Reserve lowing excerpt from our letter of August 21, Board under the chairmanship of the Secre- 1963, to your chairman, transmitting a draft tary of the Treasury. It would increase the of the proposed bill, which has been intro- Federal Advisory Council from 12 members duced in the House by Mr. Kilburn (H.R. to as many as 52 and include among them 8505) and in the Senate by Senator Robertthe Comptroller of the Currency and the son (S. 2076): Chairman of the Federal Deposit Insurance "As long as member banks hold a large enough Corporation. Finally, it would provide for volume of Government securities, they need not, of an annual audit of the Federal Reserve Syscourse, be particularly concerned as to the eligitem by the General Accounting Office. bility for discount with the Reserve Banks of cus- While time to study this bill has been tomers' paper held by them. Since World War II, however, there has been a sharp net decline in the limited, since it was introduced only 6 days aggregate holdings of Government securities by ago, the issues it raises have been studied inmember banks. If any substantial increase in eco- tensively over the years. nomic activity should cause banks to reduce their As we look back today on the 50th anholdings of Government securities in order to meet niversary of the signing of the Federal Reincreased credit demands, many banks would be serve Act, we are approaching other anniobliged to tender other kinds of collateral if they should seek to obtain Federal Reserve credit. versaries. On January 29, 12 years will have "If such a situation should develop, the Reserve elapsed since I transmitted to your chair- Banks could accept technically 'ineligible' paper as man replies by the Board of Governors to an collateral for advances to their member banks only extensive and searching questionnaire he under Section 10(b) of the Federal Reserve Act addressed to us in his capacity as chairman at a rate of interest Vi of 1 per cent above the of the Subcommittee on General Credit regular discount rate. However, the necessity for distinguishing between 'eligible' and 'ineligible' Control and Debt Management of the Joint paper would give rise to cumbersome administra- Committee on the Economic Report, now tive procedures that are not warranted by the exi- the Joint Economic Committee. gencies of current banking conditions. In order to Coincidentally, January 29 will also be avoid these problems, it would clearly be preferathe first anniversary of the opening of your ble to move in advance and to revise and up-date the law so as to eliminate the existing restrictions Committee's first hearing under your present with respect to 'eligible paper.' chairman, at which I had the pleasure of in- "The Board of Governors and the Federal Re- troducing to you my fellow Board members serve Banks believe that such a revision of the and the Presidents of the Federal Reserve law would be desirable so that the Reserve Banks Banks. You may recall that at that time I will always be in a position to perform promptly commended to your attention the compreand efficiently one of their principal responsibilities hensive study of the Federal Reserve that —the extension of appropriate credit assistance to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT 151 Mr. Patman directed in 1952. In comment- "We recommend that an appropriate, flexible, ing on the issues before you today, I shall and vigorous monetary policy, employed in coordination with fiscal and other policies, should be borrow freely from the material developed one of the principal methods used to achieve the by that study. purposes of the Employment Act. Timely flexi- At the outset, H.R. 9631 raises the issue bility toward easy credit at some times and credit of whether the Secretary of the Treasury restriction at other times is an essential characshould exercise control over the Federal Re- teristic of a monetary policy that will promote economic stability rather than instability. The vigorserve System. To oversimplify only slightly, ous use of a restrictive monetary policy as an antithe question is whether the principal officer inflation measure has been inhibited since the war in charge of paying the Government's bills by considerations relating to holding down the should be entrusted also with the power to yields and supporting the prices of U.S. Governcreate the money to pay them. The Con- ment securities. As a long run matter, we favor interest rates as low as they can be without inducgress concluded in 1935 that Secretaries of ing inflation, for low interest rates stimulate capithe Treasury should not be faced with a tal investment. But we believe that the advantages conflict of interest of this magnitude and of avoiding inflation are so great and that a reamended the Federal Reserve Act to discon- strictive monetary policy can contribute so much tinue their service on the Board of Gover- to this end that the freedom of the Federal Reserve to restrict credit and raise interest rates for gennors. In debate on the Banking Act of 1935, eral stabilization purposes should be restored even the then chairman of the Senate Banking if the cost should prove to be a significant increase and Currency Committee, Carter Glass, in service charges on the Federal debt and a speaking from the experience he had gained greater inconvenience to the Treasury in its sale from service as chairman of your Commit- of securities for new financing and refunding purtee and as Secretary of the Treasury, com- poses." mented as follows: This is not to say that the Federal Reserve <c. . . With respect to the Secretary of the Treas- should operate in isolation from the Treasury, it was urged—and I know it to be a fact, ury. On the contrary, we enjoy cordial and because I was once Secretary of the Treasury— close relations with the Secretary, and we that he exercised undue influence over the Board; are working together in harmony to meet that he treats it rather as a bureau of the Treasury instead of as a board independent of the Gov- our separate responsibilities. ernment, designed to respond primarily and alto- Another question thoroughly explored in gether to the requirements of business and indus- 1952 was the role of the Federal Open Martry and agriculture, and not to be used to finance ket Committee. The Board's replies to the the Federal Government, which was assumed al- Patman Subcommittee Questionnaire inways to be able to finance itself." cluded the following statement on this sub- Monetary policy should be directed toject: ward gearing the supply of money and "The present arrangement, however, under credit to the needs of the economy as a which open market operations are placed under whole, not the needs of the Treasury. This the jurisdiction of a committee representing the principle was laid down more precisely in Reserve Banks as well as the Board is consistent 1950 by the Douglas Subcommittee on with the basic concept of a regional Federal Reserve System. It provides a means whereby the Monetary, Credit, and Fiscal Policies, viewpoints of the Presidents of the Federal Requoted with approval in the 1952 Report of serve Banks located in various parts of the cou* the Patman Subcommittee, as follows: try, with their technical experience in banking ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
152 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 with their broad contacts with current credit and practicable. The elimination of the prohibition of business developments, both indirectly and through the law against reappointment of a member at the their boards of directors, may be brought to bear expiration of his term would permit the mainteupon the complex credit problems of the System. nance of a Board membership over the years hav- It promotes System-wide understanding of these ing the requisite knowledge and experience reproblems and closer relations between the Presi- garding the Board's problems." dents and the Board in the determination of System policies. In practice the open market policies H.R. 9631 also would provide that the new of the Open Market Committee and the credit Federal Reserve Board members be appolicies of the Board have been coordinated and pointed with "due regard to a fair representhe existing arrangement has worked satisfactation of the financial, agricultural, industorily." trial, commercial, labor, and consumer in- The 1952 Patman Subcommittee Report terests, and geographical divisions of the concluded that "the present arrangement country." This would continue the present serves a useful purpose and there is no reaprovisions regarding qualifications for apson to disturb it." I concur in that conclupointment to the Board of Governors, exsion. cept that reference to labor and consumer In my judgment, the present arrangement interests would be added, and the present governing membership on the Open Market prohibition against appointing more than Committee has produced a body of capable, one member from a Federal Reserve district qualified men, beholden to no group or facwould be dropped. I would favor dropping tion in private or public life, and dedicated from the Federal Reserve Act any reference exclusively—in accordance with the oath to representation of particular segments of taken by every one of them—to the service our society. Our efforts should be bent toof the whole American public. It pleases me ward obtaining qualified men who will act that you will have the opportunity to become in the interest of the nation as a whole. Rebetter acquainted with them as these hearpealing the restrictions based on district ings progress. lines would assist in this primary goal of ap- A third issue raised by H.R. 9631 relates pointing the best men available for service to the number of members of the Board and on the Board. the length of their terms. In my judgment, a Another provision of H.R. 9631 would 12-man Board would be unwieldy—and I require an annual audit of the Board and might add parenthetically that the same the Reserve Banks by the General Accountwould be true of a 52-member Federal Ading Office. visory Committee, as provided for in Section Until 1933, the GAO audited expendi- 2 of the bill. If any change is to be made in tures by the Board, but not the Reserve the size of the Board, I would favor reduc- Banks. The Banking Act of 1933, however, ing it, possibly to 5 members, rather than provided that the "Board shall determine enlarging it. In our reply to the 1952 Patand prescribe the manner in which its obliman Subcommittee Questionnaire, the gations shall be incurred and its disburse- Board commented as follows concerning ments and expenses allowed and paid. . . ." terms of members: The House and Senate Committee reports "... A considerably shorter term, say a term of said the change was made in order to leave 6 years, without any prohibition against reappointment, might be sufficiently long and might be more "to the Board the determination of its own Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT 153 internal management policies." Thus, Con- tablished plan of organization, are directly gress in 1933 freed from GAO audit the only responsible to the Board of Directors and part of the System that was ever subject to it. independent of the Bank's operating man- Since 1952, the Board has been audited agement. In addition, a staff of examiners annually by independent certified public ac- directly employed by the Board of Govcounting firms, and their audit reports have ernors in Washington examines each Bank been submitted to the two Banking and every year and reports directly to the Board Currency Committees. Topflight auditors of Governors. We have the statement of have been used (Arthur Andersen & Co., certified public accountants of national re- Price Waterhouse & Co., and now Haskins pute that the examination procedures em- & Sells). ployed by the Board's staff fully conform The Federal Reserve Act provides that with generally accepted auditing standards. the Board "shall, at least once each year, This combination of internal and external order an examination of each Federal Re- scrutiny provides an audit coverage of the serve Bank." The Board maintains a staff of Reserve Banks that is unexcelled in any examiners who devote themselves exclu- other organization and is as objective and sively to this work. The Board's instructions independent in approach as human ingenuto its examiners require, briefly, that the ex- ity can devise. It is difficult to perceive how amination shall determine (a) each Bank's the GAO or any other audit group could financial condition through appraisal of its achieve a more effective result. assets and verification of its assets and lia- You also have asked for comments on bilities; (b) its proper discharge of all its H.R. 3783, which would provide for the reresponsibilities; and (c) its compliance with tirement of Federal Reserve Bank stock. As all applicable provisions of law and regula- I testified at your hearings on this question tions. Each year, an outside commercial in 1960, Federal Reserve Bank stock, while auditor (currently Haskins & Sells) accom- not an indispensable feature of the System, panies the Board's examiners on their ex- has served as a means of integrating member amination of one of the Banks, to review and banks and bankers into the System. It has observe the examination procedures. Also, provided a business-like method for electing each Bank has a resident auditor, responsi- two-thirds of the directors of the Reserve ble directly to the Bank's Board of Direc- Banks, and I see no reason to change it. The tors, and not dependent on any of the stock is an attractive investment for member Bank's officers for security of position. banks. Without saying that it is a principal Throughout the year he and his staff make consideration in their attitude toward memcomprehensive audits of all phases of the bership in the System, I feel that in view of Bank's operations, reporting directly to the the fact that most smaller State banks are Board of Directors of the Bank. Copies of not members and a number of smaller nathese reports are reviewed by the Board of tional banks are pressing for release from Governors of the Federal Reserve System. membership, it would be unwise to tip the In sum, then, we have in each Reserve scales further in the direction of making Bank an internal audit program conducted membership unattractive. Admittedly, other the year around by the Bank's resident audi- methods could be found for electing director and his staff, who, by a deliberately es- tors, and retirement of the stock would in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 crease the payments from Federal Reserve In the last analysis, whether an institution earnings into the Treasury, by roughly the renders good or bad public service will alamount of the dividend payments ($29 mil- ways depend more upon the character of lion in 1963). But I would earnestly advise the human beings engaged in its operations against making this change, not only because than upon its organizational form and strucof its potentially disruptive effect on rela- ture. The solution of difficult and complex tions with member banks but also because problems depends upon the ability of coninevitably some observers would view it as scientious men to reconcile differences of a step toward nationalization of the bank- opinion and come to a meeting of the minds ing system while others would read into it on what best serves the public's good rather some other significant portent of basic mone- than upon the forms of institutional organitary changes. Fear of public misunderstand- zation. ing should not deter us from making In his first inaugural address as President, changes for which there is a demonstrated Woodrow Wilson gave us some counsel need or prospect of real benefit, but, in my about dealing with our economic system judgment, those conditions are not met by that I believe applies as well to the Federal this proposal. Reserve itself. These are his words, as they The purpose of the Federal Reserve Sys- are inscribed below his plaque in the Fedtem is to contribute—to the maximum ex- eral Reserve Building: tent that monetary policy can contribute— "We shall deal with our economic system as it to the achievement of sustained high em- is and as it may be modified, not as it might be if ployment, stable values, and a rising stand- we had a clean sheet of paper to write upon; and ard of living for all Americans. It cannot of step by step we shall make it what it should be, in the spirit of those who question their own wisdom course achieve those goals alone, but it can and seek counsel and knowledge, not shallow selfcontribute, and I can assure you that it is satisfaction or the excitement of excursions whither unreservedly dedicated to that end today. they cannot tell." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the Board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 President, The Howard National Bank and Trust Company, Burling- WILLIAM M. LOCK WOOD ton, Vt. 1964 Chairman, Hartford National Bank and Trust Company, Hartford, OSTROM ENDERS Conn. 1965 President, The Orange National Bank, Orange, Mass. 1966 DARIUS M. KELLEY Class B: JAMES R. CARTER President, Nashua Corporation, Nashua, N. H. 1964 JOHN R. NEWELL President, Bath Iron Works Corp., Bath, Maine. 1965 WILLIAM R. ROBBINS Vice President for Finance, United Aircraft Corporation, East Hartford, Conn. 1966 Class C: ERWIN D. CANHAM i Editor, The Christian Science Monitor, Boston, Mass. 1964 JOHN T. FEY President, University of Vermont, Burlington, Vt. 1965 WILLIAM WEBSTER 2 Chairman and Executive Officer, New England Electric System, Boston, Mass. 1966 * Chairman. 2 Deputy Chairman. 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
156 FEDERAL RESERVE BULLETIN - FEBRUARY 1964 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Dec. 31 Class A: GEORGE CHAMPION Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964 RALPH H. RUE Chairman, The Schenectady Trust Company, Schenectady, N. Y. 1965 ROBERT H. FEARON President, The Oneida Valley National Bank of Oneida, N. Y. 1966 Class B: B. EARL PUCKETT Formerly Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1964 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965 ALBERT L. NICKERSON Chairman of the Board, Socony Mobil Oil Company, Inc. New York : N. Y. 1966 Class C: JAMES DECAMP WISE 2 Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown, N. J. 1964 PHILIP D. REED I Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1965 EVERETT N. CASE President, Alfred P. Sloan Foundation, New York, N. Y. 1966 BUFFALO BRANCH Appointed by Federal Reserve Bank: ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1964 ELMER B. MILLIMAN President, Central Trust Company, Rochester, N. Y. 1964 ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. 1965 CHARLES W. MILLARD, JR. President, Manufacturers and Traders Trust Company, Buffalo, N. Y. 1966 Appointed by Board of Governors: WHITWORTH FERGUSON I President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1964 MAURICE R. FORMAN President, B. Forman Company, Inc., Rochester, N. Y. 1965 THOMAS E. LAMONT Farmer, Albion, N. Y. 1966 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: EUGENE T. GRAMLEY President, Milton Bank and Safe Deposit Company, Milton, Pa. 1964 BENJAMIN F. SAWIN Vice Chairman of the Board, Provident Tradesmens Bank and Trust Company, Philadelphia, Pa. 1965 CHARLES R. SHARBAUGH President, Cambria County National Bank of Carrolltown, Pa. 1966 Class B.- FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Reading, Pa. 1964 RALPH K. GOTTSHALL Chairman of the Board and President, Atlas Chemical Industries, Inc., Wilmington, Del. 1965 LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1966 Class C: WILLIS J. WINN Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1964 DAVID C. BEVAN 2 Chairman, Finance Committee, The Pennsylvania Railroad Company, Philadelphia, Pa. 1965 WALTER E. HOADLEY l Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 157 District 4—FEDERAL RESERVE BANK OF CLEVELAND Term expires Dec. 31 Class A: C. N. SUTTON President, The Richland Trust Company, Mansfield. Ohio 1964 FRANK E. AGNEW, JR. Chairman of the Board and Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1965 RICHARD R. HOLLINGTON President, The Ohio Bank and Savings Company, Findlay, Ohio 1966 Class B: Chairman of the Board and Chief Executive Officer, The Hobart DAVID A. MEEKER Manufacturing Company, Troy, Ohio 1964 Chairman of the Board, The Warner & Swasey Company, WALTER K. BAILEY Cleveland, Ohio 1965 Chairman of the Board and Chief Executive Officer, The Goodyear EDWIN J. THOMAS Tire & Rubber Company, Akron, Ohio 1966 Class C: Chairman of the Board, The Kroger Co., Cincinnati, Ohio 1964 JOSEPH B. HALL 1 President, Armco Steel Corporation, Middletown, Ohio 1965 LOGAN T. JOHNSTON 2 President, Clay Tobacco Company, Mt. Sterling, Ky. 1966 ALBERT G. CLAY CINCINNATI BRANCH Appointed by Federal Reserve Bank: G. Carlton Hill Chairman of the Board, The Fifth Third Union Trust Co., Cincinnati, Ohio 1964 JOHN W. WOODS, JR. President, The Third National Bank of Ashland, Ky. 1965 JOHN W. HUMPHREY President, The Philip Carey Manufacturing Company, Cincinnati, Ohio 1966 JAMES PUGH President, The Security Central National Bank of Portsmouth, Ohio 1966 Appointed by Board of Governors: BARNEY A. TUCKER President, Burley Belt Fertilizer Company, Lexington, Ky. 1964 HOWARD E. WHITAKER I Chairman of the Board, The Mead Corporation, Dayton, Ohio 1965 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1966 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: JAMES B. GRIEVES President, Commonwealth Bank and Trust Company, Pittsburgh, Pa. 1964 ALFRED H. OWENS President, The Citizens National Bank of New Castle, Pa. 1965 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1966 JOSEPH S. ARMSTRONG President, The Grove City National Bank, Grove City, Pa. 1966 Appointed by Board of Governors: WILLIAM A. STEELE 1 Chairman of the Board and President, Wheeling Steel Corporation, Wheeling, W. Va. 1964 F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1965 G. L. BACH Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1966 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: J. MCKENNY WILLIS, JR. Director, Maryland National Bank (Baltimore), Easton, Md. 1964 DAVID K. CUSHWA, JR. President, The Washington County National Savings Bank, Williamsport, Md. 1965 ROBERT T. MARSH, JR. Chairman of the Board, First and Merchants National Bank, Richmond, Va. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
158 FEDERAL RESERVE BULLETIN - FEBRUARY 1964 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued Term expires Dec. 31 Class B: ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1964 R. E. SALVATI Chairman of the Board, Island Creek Coal Company, Huntington, W. Va. 1965 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1966 Class C.- EDWIN HYDE 1 President, Miller & Rhoads, Inc., Richmond, Va. 1964 WILSON H. ELKINS President, University of Maryland, College Park, Md. 1965 WILLIAM H. GRIER 2 President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1966 BALTIMORE BRANCH Appointed by Federal Reserve Bank: HARVEY E. EMMART Senior Vice President and Cashier, Maryland National Bank, Baltimore, Md. 1964 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgantown, W. Va. 1964 JOSEPH B. BROWNE President, Union Trust Company of Maryland, Baltimore, Md. 1965 JOHN P. SIPPEL President, The Citizens National Bank of Laurel, Md. 1966 Appointed by Board of Governors: LEONARD C. CREWE, JR. President and Treasurer, Maryland Fine & Specialty Wire Co., Inc. Cockeysville, Md. 1964 E. WAYNE CORRIN President, Hope Natural Gas Company, Clarksburg, W. Va. 1965 HARRY B. CUMMINGS 1 Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1966 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: JOE H. ROBINSON Senior Vice President, Wachovia Bank and Trust Company, Charlotte, N. C. 1964 WALLACE W. BRAWLEY President, The Commercial National Bank of Spartanburg, S. C. 1964 G. HAROLD MYRICK Executive Vice President and Trust Officer, The First National Bank of Lincolnton, N. C. 1965 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1966 Appointed by Board of Governors: CLARENCE P. STREET President, McDevitt & Street Company, Charlotte, N. C. 1964 J. C. COWAN, JR. Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1965 JAMES A. MORRIS Dean, School of Business Administration, University of South Carolina, Columbia, S. C. 1966 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1964 M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1965 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1966 Class B: JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1964 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1965 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 159 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term expires Dec. 31 Class C.- JACK TARVER l President, Atlanta Newspapers, Inc., Atlanta, Ga. 1964 J. M. CHEATHAM 2 President, Dundee Mills, Incorporated, Griffin, Ga. 1965 JOHN A. HUNTER President, Louisiana State University, Baton Rouge, La. 1966 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: JOHN H. NEILL, JR. President, Union Bank & Trust Co., Montgomery, Ala. 1964 W. H. MITCHELL President, The First National Bank of Florence, Ala. 1964 A. CALVIN SMITH President, First National Bank, Greenville, Ala. 1965 JOHN A. HAND President, The First National Bank of Birmingham, Ala. 1966 Appointed by Board of Governors: C. CALDWELL MARKS * Chairman of the Board, Owen-Richards Company, Inc., Birmingham, Ala. 1964 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1965 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: J. T. LANE Chairman of the Board, The Atlantic National Bank, Jacksonville, Fla. 1964 HARRY FAGAN President, First National Bank in Fort Myers, Fla. 1964 ARTHUR W. SAARINEN President, Broward National Bank of Fort Lauderdale, Fla. 1965 WILLIAM H. DIAL President, The First National Bank at Orlando, Fla. 1966 Appointed by Board of Governors: HARRY T. VAUGHN ! President, United States Sugar Corporation, Clewiston, Fla. 1964 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1965 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1966 NASHVILLE BRANCH Appointed by Federal Reserve Bank: TRAVIS HITT President, Farmers National Bank, Winchester, Tenn. 1964 HARRY M. NACEY, JR. President, Hamilton National Bank, Knoxville, Tenn. 1964 R. S. WALLING President, First National Bank, McMinnville, Tenn. 1965 WILLIAM F. EARTHMAN, JR. President, Commerce Union Bank, Nashville, Tenn. 1966 Appointed by Board of Governors: V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1964 ANDREW D. HOLT I President, University of Tennessee, Knoxville, Tenn. 1965 JAMES E. WARD President, Baird-Ward Printing Company, Nashville, Tenn. 1966 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: LEWIS GOTTLIEB Chairman of the Board, City National Bank, Baton Rouge, La. 1964 JOHN OULLIBER President, The National Bank of Commerce in New Orleans, La. 1964 J. R. MCCRAVEY, JR. Vice President, Bank of Forest, Miss. 1965 L. Y. FOOTE President, First National Bank of Hattiesburg, Miss. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
160 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 District 7—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1964 J. O. EMMERICH 1 Editor, Enterprise-Journal, McComb, Miss. 1965 GEORGE BENJAMIN BLAIR General Manager, American Rice Growers Cooperative, Lakes Charles, La. 1966 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1964 HARRY W. SCHALLER President, The Citizens First National Bank of Storm Lake, Iowa 1965 KENNETH V. ZWIENER Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111. 1966 Class B: WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1964 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1965 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1966 Class C: ROBERT P. BRIGGS ] Executive Vice President, Consumers Power Company, Jackson, Mich. 1964 JAMES H. HILTON 2 President, Iowa State University of Science and Technology, Ames, Iowa 1965 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1966 DETROIT BRANCH Appointed by Federal Reserve Bank: DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1964 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1965 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1966 JOHN H. FRENCH, JR. President, City National Bank of Detroit, Mich. 1966 Appointed by Board of Governors: JAMES WILLIAM MILLER ! President, Western Michigan University, Kalamazoo, Mich. 1964 GUY S. PEPPIATT Chairman of the Board, Federal-Mogul-Bower Bearings, Inc., Detroit, Mich. 1965 MAX P. HEAVENRICH, JR. President and General Manager, Heavenrich Bros. & Company, Saginaw, Mich. 1966 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A : ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1964 HARRY F. HARRINGTON Chairman of the Board and President, The Boatmen's National Bank of Saint Louis, Mo. 1965 H. LEE COOPER President, Ohio Valley National Mank of Henderson, Ky. 1966 Class B: Chairman of the Board, Townsend Lumber Company, Inc., MARK TOWNSEND Stuttgart, Ark. 1964 Senior Executive Vice President, Mead Johnson & Company, HAROLD O. MCCUTCHAN Evansville, Ind. 1965 Vice President and Secretary, Laclede Steel Company, St. Louis, Mo. 1966 ROLAND W. RICHARDS 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 161 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Class C: Dec. 31 J. H. LONG WELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1964 RAYMOND REBSAMEN Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1965 WILLIAM KING SELF President, Riverside Industries, Marks, Miss. 1966 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: Ross E. ANDERSON Chairman of the Board, The Commercial National Bank of Little Rock, Ark. 1964 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1965 CECIL W. CUPP President and Chairman, Arkansas Bank and Trust Company, Hot Springs, Ark. 1966 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1966 Appointed by Board of Governors: WALDO E. TILLER President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1964 CAREY V. STABLER 1 President, Little Rock University, Little Rock, Ark. 1965 FREDERICK P. BLANKS Planter, Parkdale, Ark. 1966 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1964 JOHN H. HARDWICK President, The Louisville Trust Company, Louisville, Ky. 1965 RAY A. BARRETT President, The State Bank of Salem, Ind. 1966 WM. G. DEATHERAGE President, Planters Bank & Trust Co., Hopkinsville, Ky. 1966 Appointed by Board of Governors: RICHARD T. SMITH Farmer, Madisonville, Ky. 1964 C. HUNTER GREEN I Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Louisville, Ky. 1965 LISLE BAKER, JR. Executive Vice President & General Manager, The Courier-Journal & Louisville Times Company, Louisville, Ky. 1966 MEMPHIS BRANCH Appointed by Federal Reserve Bank: LEON C. CASTLING President, First National Bank at Marianna, Ark. 1964 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1965 ALLEN MORGAN President, The First National Bank of Memphis, Tenn. 1966 CON T. WELCH President, Citizens Bank, Savannah, Tenn. 1966 Appointed by Board of Governors: FRANK LEE WESSON 1 President, Wesson Farms, Inc., Victoria, Ark. 1964 SAM COOPER President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tenn. 1965 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1966 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: ROLLIN O. BISHOP Consultant, The American National Bank of Saint Paul, Minn. .. 1964 CURTIS B. MATEER Executive Vice President, The Pierre National Bank, Pierre, S. B. 1965 HAROLD C. REFLING Executive Vice President, First National Bank in Bottineau, N. D; 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
162 FEDERAL RESERVE BULLETIN * FEBRUARY 1964 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued Term expires Dec, 31 Class B: T. G. HARRISON Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn. 1964 HUGH D. GALUSHA, JR. Lawyer and Certified Public Accountant, Helena, Mont. 1965 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1966 Class C.- JOHN H. WARDEN Chairman of the Board, Upper Peninsula Power Company, Houghton, Mich. 1964 ATHERTON BEAN I President, International Milling Company, Minneapolis, Minn. 1965 JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1966 HELENA BRANCH Appointed by Federal Reserve Bank : ROY G. MONROE Chairman of the Board and President, The First State Bank of Malta, Mont. 1964 HARALD E. OLSSON President, Ronan State Bank, Ronan, Mont. 1964 B. MEYER HARRIS President, The Yellowstone Bank, Laurel, Mont. 1965 Appointed by Board of Governors: C. G. MCCLAVE i President and General Manager, Montana Flour Mills Co., Great Falls, Mont. 1964 EDWIN G. KOCH President, Montana School of Mines, Butte, Mont. 1965 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1964 BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1965 EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1966 Class B: ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1964 K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1965 FRED W. GILMORE President, Union Stock Yards Company of Omaha, Nebr. 1966 Class C: DOLPH SIMONS 2 Editor and President, The Lawrence Daily Journal-World, Lawrence, Kans. 1964 DEAN A. MCGEE Chairman of the Board, Kerr-McGee Oil Industries, Inc., Oklahoma City, Okla. 1965 HOMER A. SCOTT I Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1966 DENVER BRANCH Appointed by Federal Reserve Bank: J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colorado 1964 J. P. BRANDENBURG President, The First State Bank of Taos, N. Mex. 1964 ELWOOD M. BROOKS Chairman of the Board, The Central Bank & Trust Company of Denver, Colo. 1965 Appointed by Board of Governors: R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1964 ROBERT T. PERSON * President, Public Service Company of Colorado, Denver, Colo. 1965 1 Chairman. 3 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 163 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OKLAHOMA CITY BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1964 GUY L. BERRY, JR. President, The American National Bank and Trust Company, Sapulpa, Okla. 1964 HOWARD J. BOZARTH President, City National Bank and Trust Company of Oklahoma City, Okla. 1965 Appointed by Board of Governors: OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1964 JAMES E. ALLISON I Consultant, Warren Petroleum Corporation, Tulsa, Okla. 1965 OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN F. DAVIS President, First National Bank, Omaha, Nebr. 1964 R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1965 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1965 Appointed by Board of Governors: CLIFFORD MORRIS HARDIN I Chancellor, The University of Nebraska, Lincoln, Nebr. 1964 JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1965 District 11—FEDERAL RESERVE BANK OF DALLAS Class A: J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1964 RALPH A. PORTER President, The State National Bank of Denison, Tex. 1965 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1966 Class B: H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1964 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1965 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1966 Class C: C. J. THOMSEN 2 Senior Vice President, Texas Instruments, Inc., Dallas, Tex. 1964 ROBERT O. ANDERSON * Owner, Lincoln County Livestock Company, Roswell, N. Mex. 1965 MAX LEVINE President, Foley's, Houston, Tex. 1966 EL PASO BRANCH Appointed by Federal Reserve Bank: JOSEPH F. IRVIN President, Southwest National Bank of El Paso, Tex. 1964 CHAS. B. PERRY Chairman of the Board, First State Bank, Odessa, Tex. 1965 DICK ROGERS President, First National Bank in Alpine, Tex. 1966 ROBERT W. HEYER President, Southern Arizona Bank & Trust Company, Tucson, Ariz. 1966 Appointed by Board of Governors: DYSART E. HOLCOMB * Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1964 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1965 C. ROBERT MCNALLY, JR. Rancher, Roswell, N. Mex. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: J. W. MCLEAN President, Texas National Bank of Commerce of Houston, Tex. 1964 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1965 J. A. ELKINS, JR. Chairman of the Board, First City National Bank of Houston, Tex. 1966 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1966 Appointed by Board of Governors: EDGAR H. HUDGINS ! Ranching—Partner in Hudgins Division of J. D. Hudgins, Hungerford, Tex. 1964 D. B. CAMPBELL Works Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Orange, Tex. 1965 LOVETT C. PETERS Vice President—Transportation and Supplies, Continental Oil Company, Houston, Tex. 1966 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank : MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1964 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1965 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1966 J. R. THORNTON Chairman of the Board and President, State Bank and Trust Company, San Marcos, Tex. 1966 Appointed by Board of Governors: HAROLD D. HERNDON I Independent Oil Operator, San Antonio, Tex. 1964 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1965 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio, Tex. 1966 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1964 President and Chairman of the Board, Citizens Commercial Trust and M. VlLAS HUBBARD Savings Bank of Pasadena, Calif. 1965 Chairman of the Board and President, The First National Bank of CARROLL F. BYRD Willows, Calif. 1966 Class B: Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1964 WALTER S. JOHNSON President, Fireman's Fund American Insurance Companies, San Francisco, Calif. 1965 FRED H. MERRILL President, The Eimco Corporation, Salt Lake City, Utah 1966 JOSEPH ROSENBLATT Class C: President, The Emporium Capwell Company, San Francisco, Calif. 1964 FREDERIC S. HIRSCHLER President, The Western Pacific Railroad Company, San Francisco, Calif. 1965 F. B. WHITMAN I President, Pacific Clay Products, Los Angeles, Calif. 1966 JOHN D. FREDERICKS 2 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: DOUGLAS SHIVELY President, Citizens State Bank.of Santa Paula, Calif. 1964 ROY A. BRITT Vice Chairman of the Board and Chairman, Executive Committee, Crocker-Citizens National Bank, Los Angeles, Calif. 1964 RALPH V. ARNOLD President and Chairman of the Board, First National Bank and Trust Company, Ontario, Calif. 1965 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 165 District 12—FEDERAL RESERVE BANK OF SA1V FRANCISCO—Continued LOS ANGELES BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: S. ALFRED HALGREN 1 Vice President and Director, Carnation Company, Los Angeles, Calif. 1964 ARTHUR G. COONS President, Occidental College, Los Angeles, Calif. 1965 PORTLAND BRANCH Appointed by Federal Reserve Bank: D. S. Baker President, The Baker-Boyer National Bank, Walla Walla, Wash. 1964 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1964 E. J. KOLAR President, The United States National Bank of Portland, Oreg. 1965 Appointed by Board of Governors: RAYMOND R. RETER Reter Fruit Company, Medford, Oreg. 1964 GRAHAM J. BARBEY I President, Barbey Packing Corporation, Astoria, Oreg. 1965 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: ALAN B. BLOOD Executive Vice President, Barnes Banking Company, Kaysville, Utah 1964 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1964 V. R. STEFFENSEN President, First Security Bank of Tdaho, N. A., Boise, Idaho 1965 Appointed by Board of Governors: THOMAS B. ROWLAND President and General Manager, Rowland's Inc., Pocatello, Idaho 1964 HOWARD W. PRICE ! President, The Salt Lake Hardware Company, Salt Lake City, Utah 1965 SEATTLE BRANCH Appointed by Federal Reserve Bank: CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane, Wash. 1964 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1964 MAXWELL CARLSON President, The National Bank of Commerce of Seattle, Wash. 1965 Appointed by Board of Governors: ROBERT D. O'BRIEN I President, Pacific Car and Foundry Company, Seattle, Wash. 1964 WILLIAM MCGREGOR Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1965 i Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Presidents, Vice Presidents, and General Auditors of Reserve Banks Federal Reserve President Vice Presidents General Auditor Bank of— First Vice President Boston. George H. Ellis D. Harry Angney Ansgar R. Berge Stanley B. Lacks E. O. Latham Luther M. Hoyle, Jr. Oscar A. Schlaikjer Charles E. Turner G. Gordon Watts Parker B. Willis New York. Alfred Hayes Harold A. Bilby John J. Clarke John P. Jensen William F. Treiber Charles A. Coombs Howard D. Crosse Marcus A. Harris Alan R. Holmes Robert G. Rouse Walter H. Rozell, Jr. Horace L. Sanford Insley B. Smith Robert W. Stone (Buffalo) Thomas O. Waage Philadelphia. Karl R. Bopp Hugh Barrie John R. Bunting G. William Metz Robert N. Hilkert Joseph R. Campbell Norman G. Dash David P. Eastburn Murdoch K. Goodwin Harry W. Roeder J. V. Vergari Richard G. Wilgus Cleveland. W. Braddock Hickman Roger R. Clouse Edward A. Fink Elfer B. Miller Donald S. Thompson Elmer F. Fricek Fred S. Kelly Fred O. Kiel Clyde E. Harrell (Cincinnati) (Pittsburgh) Maurice Mann Clifford G. Miller Martin Morrison Paul C. Stetzelberger Richmond. Edward A. Wayne Robert P. Black J. G. Dickerson, Jr. G. Harold Snead Aubrey N. Heflin W. S. Farmer D. F. Hagner E. F. MacDonald (Baltimore) (Charlotte) Upton S. Martin John L. Nosker J. M. Nowlan Benjamin U. R. E. Sanders, Jr. Ratchford Atlanta. Malcolm Bryan J. E. McCorvey J. E. Denmark DeWitt Adams Harold T. Patterson T. A. Lanford R. E. Moody, Jr. (Jacksonville) (Nashville) E. C. Rainey L. B. Raisty (Birmingham) M. L. Shaw Brown R. Rawlings (New Orleans) Charles T. Taylor Chicago. Charles J. Scanlon Ernest T. Baughman A. M. Gustavson John J. Endres Hugh J. Helmer Paul C. Hodge L. H. Jones C. T. Laibly Richard A. Moffatt H. J. Newman Leland M. Ross Harry S. Schultz R. A. Swaney (Detroit) St. Louis. Harry A. Shuford Marvin L. Bennett Homer Jones George W. Hirshman Darryl R. Francis Dale M. Lewis Fred Burton E. Francis DeVos (Little Rock) (Memphis) Donald L. Henry Howard H. Weigel (Louisville) Orville O. Wyrick Joseph C. Wotawa 166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRESIDENTS, VICE PRESIDENTS, GENERAL AUDITORS 167 Federal Reserve President Vice Presidents General Auditor Bank of First Vice President Minneapolis. Frederick L. Deming Kyle K. Fossum C. W. Groth Ralph J. Dreitzler M. H. Strothman, Jr. M. B. Holmgren A. W. Johnson H. G. McConnell Franklin L. Parsons Clement A. Van Nice (Helena) Kansas City George H. Clay John T. Boysen Wilbur T. Billington William F. Fairley Henry O. Koppang Ray J. Doll J. R. Euans L. F. Mills H. W. Pritz George C. Rankin (Oklahoma City) (Omaha) John W. Snider Clarence W. Tow (Denver) J. T. White Dallas. Watrous H. Irons Roy E. Bohne James L. Cauthen Arthur H. Lang Philip E. Coldwell (El Paso) Ralph T. Green J. L. Cook Carl H. Moore (Houston) (San Antonio) T. A. Hardin James A. Parker G. R. MurfT W. M. Pritchett T. W. Plant Thomas R. Sullivan San Francisco... Eliot J. Swan J. L. Barbonchielli E. R. Barglebaugh H. E. Hemmings W. M. Brown (Seattle) George D. Hartlin (Portland) P. W. Cavan E. H. Galvin David L. Grove A. B. Merritt A. L. Price (Salt Lake City) D. M. Davenport C. H. Watkins (Los Angeles) (Los Angeles) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Reserves of Member Banks Reserve Act (12 U.S.C. 342) and, therefore, an institution of the kind for which a Federal Re- The Board of Governors of the Federal Reserve serve Bank may open and maintain a nonmember System, effective January 29, 1964, amended Secclearing account pursuant to the statute. tion 204.2(b) of Regulation D, pertaining to the According to the information before the Board, computation of reserves, to conform this section the foreign bank is an incorporated commercial to the language of Section 19 of the Federal banking institution. The branch is licensed by Reserve Act (12 U.S.C. 465), which makes no the bank supervisory authority of the State in reference to private banks. The amendment is rewhich it is located. The business of the branch lated to that portion of the Board's interpretation does not appear to differ essentially from that published below concerning the status of certain usually conducted by a commercial bank; and, private banks under the provision of the statute under the law of the State, the branch is subject just cited. The text of the amendment to the to regulation and supervision comparable in im- Regulation is as follows: portant respects to that applicable to Statechartered banks. AMENDMENT TO REGULATION D The Board has concluded that such a branch, (12 CFR PART 204) being a "bank" within the definition of that term Effective January 29, 1964, Section 204.2(b) is in Section 1, paragraph 2, of the Act (12 U.S.C. amended to read as follows: 221) but ineligible for membership in the Federal Reserve System under Section 9 of the Act (12 SECTION 204.2—COMPUTATION OF RESERVES U.S.C. 321), is a "nonmember bank" to which nonmember clearing privileges may be made avail- (/?) Deductions allowed in computing reserves. In able in the discretion of the Federal Reserve determining the reserve balances required under the Bank of the district pursuant to Section 13, paraterms of this part, member banks may deduct from the amount of their gross demand deposits the graph 1, of the Act. amounts of balances subject to immediate withdrawal (b) Domestic branch of foreign bank a "bank" due from other banks and cash items in process of collection as denned in § 204.l(g). Balances "due under Section 22(g) of the Act. A related inquiry from other banks" do not include balances due from received by the Board is whether a branch in this Federal Reserve banks, balances (payable in dollars country of a foreign bank, such as the one inor otherwise) due from foreign banks or branches thereof wherever located, or balances due from for- volved under (a) above, falls within the term eign branches of domestic banks." "any bank" in the second sentence of Section 22(g) of the Federal Reserve Act (12 U.S.C. Domestic Branches of Foreign Banks 375a), which requires an executive officer of a and Private Banks as "Banks" member bank to report to that bank any indebted- (a) Domestic branch of foreign bank a "nonness owed by him to "any bank" other than the member clearing bank." The Board has been asked member bank. whether a branch in this country of a foreign The Board is of the view that, for reasons bank is a "nonmember bank" within the meansimilar to those determinative of the matter set ing of Section 13, paragraph 1, of the Federal forth in (a) hereof, such a branch clearly is within the words "any bank" in Section 22(g) of 0 A member bank exercising fiduciary powers may not include in balances "due from other banks" amounts of trust the Act, and that, accordingly, any indebtedness funds deposited with other banks and due to it as trustee of an executive officer of a member bank to any or other fiduciary. If trust funds are deposited by the trust department of a member bank in its commercial or savings such branch must be reported as required by the department and are then redeposited in another bank subject to immediate withdrawal they may be included by the member statute. bank in balances "due from other banks," subject to the provisions of § 204.2 (b). (c) Private bank a "nonmember clearing 168 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
169 LAW DEPARTMENT bank." In connection with the matters covered the term "any bank" in the second sentence of under (a) and (b) above, the Board has been Section 22(g) of the Federal Reserve Act (12 asked whether a private bank, as described below, U.S.C. 375a). That statute requires any executive may be properly regarded as a "nonmember bank" officer of a member bank to report to that bank within the meaning of Section 13, paragraph 1, of any indebtedness owed by him to "any bank" the Federal Reserve Act (12 U.S.C. 342) and, other than the member bank. therefore, as a bank of the kind for which a Fed- The Board's view is that any indebtedness of eral Reserve Bank may open and maintain a an executive officer of a member bank to any nonmember clearing account pursuant to the such private bank must be reported as required statute. by the aforementioned provision of Section 22(g) Private banks are unincorporated and, there- of the Act since, as indicated in (c) hereof, the fore, ineligible for membership in the Federal private bank clearly is within the words "any Reserve System under Section 9 of the Federal bank" as used in the statute. Rserve Act (12 U.S.C. 321). The private bank These views of the Board supersede any other with respect to which the question arose operates previous interpretations to the extent that they pursuant to authority in the law of the State of conflict with these views, and to that extent such its location, conducts a banking business similar interpretations are hereby revoked. to that of incorporated commercial banks, and (e) Private bank a "bank" under Section 19, maintains required reserves pursuant to State law. paragraph 11, of the Act. In connection with the Such private bank is examined periodically by matters covered in (c) and (d) above, the Board and submits reports of condition to the State was asked whether, in computing its required authority responsible for its supervision pursuant reserves under Section 19, paragraph 11, of the to the law of the State wherein it maintains bank- Federal Reserve Act (12 U.S.C. 465), a member ing offices. It seems clear that the private bank bank may deduct any balance due from a private conforms to the policy and terms set forth by bank of the kind involved in those paragraphs. Congress for engaging in the banking business, The statute provides that: whether by individuals, firms, corporations, or "In estimating the reserve balances required by this other organizations, in Section 21 (a) (2) of the Act, member banks may deduct from the amount of Banking Act of 1933 (12 U.S.C. 378). their gross demand deposits the amounts of balances due from other banks (except Federal reserve banks The Board is of the opinion that, in view of the and foreign banks) and cash items in process of colforegoing and in the light of its conclusion in lection payable immediately upon presentation in the (a) hereof, any such private bank constitutes a United States, within the meaning of these terms as defined by the Board of Governors of the Federal "bank" within the definition of that term in Sec- Reserve System." (Emphasis added) tion 1, paragraph 2, of the Federal Reserve Act The Board regards this question as governed (12 U.S.C. 221) and a "nonmember bank" under by its views in (c) and (d) hereof. Accordingly, the language of Section 13, paragraph 1, of the as the term "other banks" in the statute includes Act. Accordingly, a Federal Reserve Bank, in its such private banks, balances due therefrom may discretion, may make available to any such private be deducted in accordance with the provisions of bank in the district nonmember clearing privileges Section 19, paragraph 11, of the Act. as described in the statute. These views of the Board supersede the inter- These views of the Board supersede the inpretation referring to private banks published at terpretation regarding private banks published 1935 Federal Reserve BULLETIN 108 and any other at 1917 Federal Reserve BULLETIN 693 and any interpretations to the extent that they conflict with other interpretations to the extent that they conthese views, and to that extent such interpretations flict with these views, and to that extent such are hereby revoked. interpretations are hereby revoked. (d) Private bank a "bank" under Section 22(g) Loans to Executive Officers of Foreign Branches of the Act. The Board has received an inquiry reof National and State Member Banks lated to the matters covered under (b) and (c) above. The question is whether a private bank, Section 22(g) of the Federal Reserve Act (12 such as the one involved in (c), comes within U.S.C. 375a) provides, with certain exceptions, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 that "no executive officer of any member bank tion M. The Board also believes that it would not shall borrow from or otherwise become indebted violate Section 22(g) for an executive officer of a to any member bank of which he is an executive foreign branch of a national or State member officer, and no member bank shall make any loan bank to borrow from such branch to the same or extend credit in any other manner to any of extent to which the branch may extend him credit. its own executive officers. . . ." Pursuant to the authority conferred by the ninth paragraph of Order Under Bank Merger Act Section 25 of the Federal Reserve Act (12 U.S.C. The Board of Governors of the Federal Reserve 604a), which was added to that section by the System issued the following Order and Statement Act of August 15, 1962 (P.L. 87-588), the Board with respect to an application for approval of the of Governors in Section 213.4(f) of Regulaacquisition of bank assets: tion M has, subject to certain conditions, authorized foreign branches of national banks to make home loans of $20,000 or less to their executive RHODE ISLAND HOSPITAL officers. The question has arisen whether foreign TRUST COMPANY, branches of State member banks would violate PROVIDENCE, RHODE ISLAND Section 22(g) by extending credit to their executive officers to the same extent and subject to In the matter of the application of Rhode Island the same conditions as foreign branches of na- Hospital Trust Company for approval of acquisitional banks. A separate but related question is tion of assets of Wickford Savings Bank whether executive officers of foreign branches of national (and State member) banks may borrow ORDER APPROVING ACQUISITION from their respective branches as envisaged by OF BANK'S ASSETS Section 213.4(f). There has come before the Board of Governors, It is manifest that in enacting Section 22(g) pursuant to the Bank Merger Act of 1960 (12 Congress intended that identical rules regarding U.S.C. 1828(c)), an application by Rhode Island loans to executive officers should apply to both na- Hospital Trust Company, Providence, Rhode Istional and State member banks. Moreover, the land, a member bank of the Federal Reserve legislative history of the ninth paragraph of Sec- System, for the Board's prior approval of its tion 25 (Act of August 15, 1962) clearly estab- acquisition of assets of Wickford Savings Bank, lishes that Congress did not intend thereby to Wickford, Rhode Island. As an incident to such confer upon national banks any special advan- application, Rhode Island Hospital Trust Comtages vis-a-vis State member banks. This Con- pany has applied, under Section 9 of the Federal gressional intent is further evidenced by the pro- Reserve Act, for the Board's prior approval of the vision regarding establishment of branches in the establishment of a branch by that bank at the third paragraph of Section 9 of the Federal Reserve present location of Wickford Savings Bank. Notice Act (12 U.S.C. 321) that "nothing herein con- of the proposed acquisition of assets, in form aptained shall prevent any State member bank from proved by the Board of Governors, has been pubestablishing and operating branches in the United lished pursuant to said Bank Merger Act. States or any dependency or insular possession Upon consideration of all relevant material, thereof or in any foreign country, on the same including the reports furnished by the Comptroller terms and conditions and subject to the same of the Currency, the Federal Deposit Insurance limitations and restrictions as are applicable to the Corporation, and the Department of Justice on the establishment of branches by national banks. . . ." competitive factors involved in the proposed trans- On the basis of the foregoing considerations, action, the Board of Governors is of the opinion that for- IT IS HEREBY ORDERED, for the reasons set forth eign branches of State member banks would not in the Board's Statement of this date, that said violate Section 22(g) by extending credit to their applications be and hereby are approved, provided executive officers subject to the same restrictions that said acquisition of assets and establishment of and conditions as apply to foreign branches of na- a branch shall not be consummated (a) within tional banks under Section 213.4(f) of Regula- seven calendar days following the date of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 171 Order, or (b) later than three months after said There is no indication that the powers of the date. banks involved are or would be inconsistent with the purposes of 12 U.S.C, Ch. 16. Dated at Washington, D. C, this 10th day of Convenience and needs of the communities. February, 1964. Wickford, an unincorporated community in the By order of the Board of Governors. Town of North Kingstown on the western shore Voting for this action: Unanimous, with all members of Narragansett Bay, is 20 miles south of the city present. of Providence. The proposed transaction would (Signed) MERRITT SHERMAN, affect only the banking needs and convenience in Secretary. the Wickford-North Kingstown area, which com- [SEAL] prises the service area of Savings Bank.* North Kingstown's 1960 population of about STATEMENT 19,000 represents an increase of around 28 per cent for the preceding decade. For the same pe- Rhode Island Hospital Trust Company, Proviriod, Wickford's population increased by 20 per dence, Rhode Island ("Trust Company"), with cent to approximately 3,000. While the economy deposits of $341.7 million as of June 29, 1963, has of Savings Bank's service area is based largely on applied, pursuant to the Bank Merger Act of 1960 local retail outlets and small manufacturing con- (12 U.S.C. 1828(c)), for the Board's prior apcerns, North Kingstown has experienced substanproval of its acquisition of assets of the Wickford tial growth because of extensive military installa- Savings Bank, Wickford, Rhode Island ("Savings tions in the area. Industrial expansion in the area Bank"), a mutual savings bank with deposits of is in progress and is expected to increase. $4.4 million as of the same date. Incident to such application, Trust Company The only commercial bank with offices in the also has applied, under Section 9 of the Federal Wickford-North Kingstown area is Industrial National Bank of Rhode Island, the State's largest Reserve Act (12 U.S.C. 321), for the Board's prior commercial bank, which has one office at Wickapproval of the establishment of a branch at the ford and two elsewhere in the service area of location of the sole office of Savings Bank, increas- Savings Bank. ing the number of offices operated by Trust Company to 24. In addition, Trust Company has re- While leaving unchanged the number of bankceived approval to establish three other branches ing offices where savings accounts can be mainwhich are not yet operative. tained in the Wickford-North Kingstown area, Under the Act, the Board is required to con- consummation of the proposal would make available at the Wickford branch of Trust Company, sider, as to each of the banks involved, (1) its the State's second largest commercial bank, sigfinancial history and condition, (2) the adequacy nificant banking services not available at Savings of its capital structure, (3) its future earnings Bank. These would include checking accounts, prospects, (4) the general character of its maninstalment and other loans, a substantially higher agement, (5) whether its corporate powers are lending limit, and trust services. As a result, the consistent with the purposes of 12 U.S.C, Ch. 16 residents of the Wickford-North Kingstown area (the Federal Deposit Insurance Act), (6) the would have the benefit of a convenient alternative convenience and needs of the community to be source of banking services. People's Savings Bank served, and (7) the effect of the transaction on in Providence, with a branch three miles north of competition (including any tendency toward mo- Savings Bank, would remain conveniently availnopoly). The Board may not approve the transacable to those residents of the area desiring the tion unless, after considering all these factors, it services of a mutual savings bank. finds the transaction to be in the public interest. Competition. The effect of the proposed transac- Banking factors. Both of the banks have satistion on competition would be limited to the service factory financial histories. Each has a sound finanarea of Savings Bank. Trust Company's service cial condition, an adequate capital structure, satisfactory management, and favorable future earn- "That area from which a bank contains 75 per cent ings prospects. It is expected that this would be or more of its deposits of individuals, partnerships, true also of the acquiring bank. and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 area includes almost all of the State and encom- As previously noted, the only commercial bank passes the service area of Savings Bank. However, with offices in the Wickf ord-North Kingstown area there is no more than a minor amount of competi- is Industrial National Bank of Rhode Island, the tion between the two banks. Trust Company's State's largest. While effectuation of the transacoffices nearest to Wickford are at East Greenwich, tion would provide residents of the area a choice seven miles north, and at Wakefield, ten miles of commercial banking services and thereby stimsouth of Wickford; but the Industrial National ulate competition for commercial banking services Bank of Rhode Island, mentioned above, has a in that area, it would not be expected to affect adversely People's Savings Bank in Providence, the branch midway between East Greenwich and mutual savings bank whose branch would be the Wickford, in addition to a branch at Wakefield. only other banking office in the Wickford-North Furthermore, mutual savings banks are not per- Kingstown area. mitted under State law to offer many of the serv- Summary and conclusion. This proposal, which ices available at commercial banks. would supplant the sole office of a small mutual While the proposal does not provide for the savings bank with a branch of the second largest assumption by Trust Company of the deposit commercial bank in the State, would provide to liabilities of Savings Bank, it may be reasonably the customers of the former a convenient alternaexpected that some depositors in Savings Bank will tive source of commercial banking services. The transfer their accounts to Trust Company, rather transaction would be expected to stimulate compethan receive them in connection with the liquidatition between the acquiring bank and the largest tion of Savings Bank. However, Savings Bank's commercial bank in the State, since branches of deposits are equal to only about one-half of one the latter are now the only commercial banking per cent of the aggregate deposits of individuals, offices within the relevant area, without adversely corporations, and partnerships in commercial affecting the only other bank in the area, a mutual banks in Rhode Island, so that any resulting in- savings bank. crease in the size of Trust Company would not Accordingly, the Board finds the proposed acbe significant. quisition of assets to be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements CHANGES IN THE BOARD'S STAFF in September 1952, Mr. Benner was appointed to the position from which he retired. Henry Benner, Assistant Director, Division of Ex- Karl E. Bakke, formerly a Senior Attorney in aminations, retired February 1, 1964. Mr. Benner, the Board's Legal Division, was appointed an Asformerly with the Federal Reserve Bank of Philasistant Secretary in the Office of the Secretary, delphia, came to the Board in September 1950 to effective January 20, 1963. Before joining the assist in the formulation and administration of the Board's staff in May 1962, Mr. Bakke was an real estate credit regulation, and was appointed Attorney-Adviser with the U.S. Tariff Commis- Assistant Director of the Division of Selective sion. He received his A.B. degree from Yale Uni- Credit in February 1951. With the suspension of versity and his LL.B. from Georgetown University Regulation X and discontinuance of that division Law School. 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication February 14 Industrial production, construction activity, and CONSTRUCTION ACTIVITY retail sales were virtually unchanged in January New construction activity in January, at a and nonfarm employment increased. The money seasonally adjusted annual rate of nearly $66 supply and time and savings deposits at commer- billion, was little changed from November and cial banks rose further. Since mid-January bond December and was about a tenth above a year yields have declined. earlier. Public construction, which had declined 3 per cent in December, rose 1 per cent while private construction was unchanged. INDUSTRIAL PRODUCTION Industrial production in January was 127 per EMPLOYMENT cent of the 1957-59 average, the same as in the Nonfarm employment increased 87,000 in Janpreceding 3 months. Auto assemblies declined uary to 57.8 million. Employment increased in somewhat but were 8 per cent above a year earlier. trade, services, and State and local government Output of other consumer durable goods rose fur- but declined appreciably in construction. In manuther, reflecting mainly increases in production of facturing, employment changed little and the avertelevision sets, furniture, and rugs. Production of age workweek was down slightly from December most types of business equipment changed little, but was the same as a year earlier. The unemployment rate was 5.6 per cent compared with 5.5 in and altogether output of final products was un- December. changed. Output of materials also was stable in January, DISTRIBUTION although production of iron and steel continued to After rising 2Vi per cent in December, retail rise. Output of most other durable materials as sales changed little in January. Sales were off at well as most nondurable materials changed little. department stores and most other major outlets for In early February steel ingot production advanced nondurable goods but were unchanged at durable slightly further. goods stores. New car sales declined somewhat from December but were equal to the high rate for the fourth quarter as a whole. INDUSTRIAL PRODUCTION 1957-59 = 100 COMMODITY PRICES I 140 Since the beginning of the year prices of basic | 130 FINAL industrial commodities have changed little. Prices PRODUCTS. of lead, zinc, tin, and wool have been stable following substantial increases last year, and prices of rubber and hides have changed little after substantial decreases. Among foodstuffs, coffee prices rose about a fifth in late December and early Jan- 140 uary and then declined somewhat. Cocoa and NONDURABLE 130 MANUFACTURES CONSUMER --«, sugar have declined, and with marketings about GOODS 120 a tenth larger than a year ago, livestock prices no have remained at reduced levels. 100 BANK CREDIT, MONEY SUPPLY, AND RESERVES Seasonally adjusted commercial bank credit de- F. R. indexes, seasonally adjusted. Latest figures shown are for Jan. clined $500 million in January following an aver- 174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 175 age monthly expansion of over $2.5 billion in Federal Reserve, at $255 million, were lower than November and December. A further rise in loans, in other recent months. In January reserves were mainly security loans, was more than offset by supplied principally through a return flow of curreductions in holdings of U.S. Government and rency from circulation. Reductions in float and in other securities. The money supply rose sharply System holdings of U.S. Government securities in the first half of the month and declined mod- absorbed reserves. erately in the second half; time deposits at commercial banks rose substantially further. U.S. Gov- SECURITY MARKETS ernment deposits declined. Since mid-January yields on U.S. Government Total and required reserves of member banks bonds and on seasoned corporate and State and rose somewhat after allowance for seasonal factors. local government bonds have declined slightly. Excess reserves, at $425 million, were lower than Treasury bill rates have changed little. Common in December but about the same as in the 3 pre- stock prices have risen somewhat further to a new vious months; member bank borrowings from the high. RETAIL TRADE PRICES 1957-59 = 100 WHOLESALE RETAIL SALES h _ TOTAL^^yv/" _ SALES J\ A 1 AtI. COMMODHIES \ \ [ ! I CO MMODITIES NONFOOD COMMODITIES 1— arm end toco 1 _ AUTO T M O O T T A I L V E LE S G S ROUP>Vl/> _ STOCKS J ' f ! ! 1 i i i PROCESSED FOODS •v ...I 1 1 1 M .rt-L 1 ' I 1 1964 1960 F. R. indexes; retail sales based on Dept. of Commerce data. Seasonally adjusted figures; latest for stocks is Dec; for other Bureau of Labor Statistics indexes. Latest figures shown for series, Jan. consumer prices, Dec; for wholesale prices, Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, II, in, rv Quarters U Uses of funds n.a. Not available * Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities'* may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—continued Issue Page Flowoffunds Jan. 1964 106-114 Banking and monetary statistics, 1963 Feb. 19C4 242-47 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1963 551 52 Analysis of changes in number of Feb. 1964 240 On, and not on, Federal Reserve Par List number of Feb. 1964 241 Income and expenses: Federal Reserve Banks Feb. 19C4 238-39 Member banks: Calendar year May 1963 710-18 Operating ratios Apr. 1963 553-55 Annually Insured commercial banks May 1963 719 Bank holding companies: List of, Dec. 31, 1962 June 1963 856 Banking offices and deposits of group banks, Stock Exchange firms, detailed debit and credit Dec.31,1962 July 1963 1012 balances Sept. 1963 1322 176 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 178 Reserve Bank discount rates; margin requirements; reserve requirements 182 Federal Reserve Banks 184 Bank debits; currency in circulation 186 Money supply; banks and the monetary system 188 Commercial and mutual savings banks, by classes 190 Commercial banks, by classes. . . 194 Weekly reporting member banks 196 Business loans 199 Interest rates . . 200 Security prices; stock market credit; open market paper 201 Savings institutions 202 Federal finance . . . 204 Federally sponsored credit agencies 209 Security issues 210 Business finance 213 Real estate credit 215 Consumer credit 218 Industrial production 222 Business activity 226 Construction 226 Employment and earnings 228 Department stores . . 230 Wholesale and consumer prices 232 National product and income series. 234 Flow of funds, saving and investment. 236 Earnings and expenses of Federal Reserve Banks during 1963 . 238 Number of banking offices in the United States 240 Banking offices on Federal Reserve par list and not on par list 241 Banking and monetary statistics, 1963 242 Guide to tabular presentation 176 Index to statistical tables. 275 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publicral finance, and Federal business-type activi- cations at end of the BULLETIN). 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 BANK RESERVES AND RELATED ITEMS FEBRUARY 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933_june.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945_Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 ,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954_Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Jan 30,198 30,148 50 101 2,27832,663 15,950 5,568 34,574 422 777 226 299 976 16,909 3,126 20,035 Feb 30,541 30,355 186 181 1,503 "3"2,287 15,922 5,567 34,230 437 832 208 305 1,041 16,724 ,857 19,581 Mar 30,613 30,507 106 185 1,626 32,477 15,878 5,576 34,431 446 878 188 185 1,095 16,707 ,809 19,516 Apr 30,897 30,833 64 151 ' ,596 32,692 15,878 5,578 34,719 436 917 183 199 1,022 16,671 ,903 19,574 May 31,138 31,041 97 229 560 32,972 15,834 5,576 34,879 423 890 171 183 1,075 16,761 ,915 19,676 June 31,540 31,446 94 236 635 33,454 15,785 5,583 35,293 400 794 193 216 1,125 16,800 ,935 19,735 July 32,158 32,014 144 322 740 34,262 15,664 5,585 35,752 393 923 176 201 1,076 16,991 ,026 20,017 Aug 32,233 32,171 62 355 ,080 15,602 5,584 35,794 394 846 164 200 1,144 16,723 ,998 19,721 Sept 32,341 32,243 98 352 710 34,440 15,582 5,589 35,945 401 866 149 196 1,163 16,890 ,055 19,945 Oct 32,648 32,464 184 343 34,628 15,582 5,587 36,120 395 918 161 194 1,089 16,920 ,084 20,004 Nov..... 33,126 32,936 190 407 35,353 15,582 5,594 36,693 395 938 150 198 1,138 17,017 ,102 20,119 Dec 33,729 33,626 103 360 2,434 36,610 15,562 5,583 r37,603 '389 879 160 206 1,215 17,303 ,427 20,730 1964—Jan.. . . 33,200 33,127 73 289 2,164 35,770 15,513 5,583 36,827 408 965 155 212 1,052 17,247^3,427*>20,674 Week en ding- 1962 Dec. 5 30,411 30,223 188 93 1,832 32,373 15,977 5,556 34,860 390 500 207 315 1,068 16,565 2,964 19,529 12 30,698 30,603 95 109 1,' ,629 15,977 5,559 35,226 402 478 207 268 1,068 16,517 3,010 19,527 19 :30,493 30,493 164 2,443 33,163 15,978 5,560 35,366 399 669 208 277 1,011 16,771 3,182 19,953 26 30,510 30,489 21 308 2,842 33,733 15,978 5,564 35,471 395 665 210 295 1,026 17,212 3,113 20,325 1963 Jan. 2 30,598 30,478 120 716 2,684 34,104 15,978 5,568 35,349 399 628 280 319 1,054 17,623 3,456 21,079 9 30,404 30,404 65 2,728 33,286 15,978 5,572 35,022 423 711 226 306 991 17,157 3,139 20,296 16 30,227 30,227 80 2,,392 32,784 15,963 5,563 34,694 412 767 232 298 980 16,927 3,173 20,100 23 29,898 29,898 172 2,30732,464 15,928 5,567 34,361 429 823 225 281 960 16,881 3,034 19,915 30 30,123 29,975 148 101 1,61531,916 15,928 5,571 34,080 432 837 220 297 966 16,583 3,028 19,611 Feb. 6 30,540 30,235 305 225 ,35832,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13 30,786 30,447 339 165 ,31932,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20 30,392 30,337 55 157 ,70232,312 15,928 5,566 34,293 444 901 187 310 1,086 16,586 2,926 19,512 27 30,405 30,361 44 159 ,596 32,219 15,913 5,570 34,228 454 801 230 314 1,125 16,550 2,927 19,477 Mar. 6 30,552 30,402 150 172 ,66532,444 15,878 5,573 34,282 448 856 188 213 ,135 16,772 2,745 19,517 13 30,651 30,528 123 168 ,527 32,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 87 ,872 32,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,857 19,505 27 30,635 30,519 116 271 ,59832,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3 30,997 30,855 142 204 ,34532,596 15,878 5,577 34,535 428 895 189 191 ,074 16,740 2,868 19,608 10 31,188 31,106 82 117 ,425 32.,779 15,878 5,578 34,745 441 897 184 194 ,076 16,696 2,675 19,371 17 30,988 30,946 42 187 ,630 32,853 15,878 5,574 34,915 427 826 190 216 ,001 16,730 2,960 19,690 24 30,589 30,589 188 ,91932,743 15,877| 5,578 34,685 437 996 191 192 987 16,710 3,019 19,729 May 1 30,808 30,646 162 124 ,52232,500 15,877 34,583 438 963 167 196 997 16,615 3,029 19,644 8 31,350 31,113 237 141 ,54533,081 15,864 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 ,47133,077 15,828 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 ,89933,163 15,828 34,896 422 931 190 177 1,162 16,787 2,896 19,683 29 30,910 30,910 266 ,44632,667 15,819 5,578 34,911 419 673 168 174 1,155 16,565 3,034 19,599 For notes sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BANK RESERVES AND RELATED ITEMS 179 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 Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Othcri F.R. Total right agree- vances ury Banks ments Averages of daily figures Week ending— 1963 June 5 31,293 31,191 102 216 1,318 32,868 15,797 5,583 35,108 407 643 169 183 ,156 16,582 2,856 19,438 12 31,587 31,513 74 249 1,38233,261 15,797 5,581 35,298 402 774 218 205 ,156 16,587 2,841 19,428 19 31,317 31,244 73 284 1,85333,498 15,798 5,582 35,331 404 781 202 237 ,111 16,813 2,983 19,796 26........ 31,583 31,430 153 234 1,8 "54 33,714 15,779 5,582 35,279 402 892 185 217 ,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 1,65134,273 15,733 5,587 35,581 383 863 173 235 ,101 17,257 2,985 20,242 10 32,652 32,308 344 323 1,,-72"6 "34 ,74415,691 5,588 35,899 391 1,022 180 196 ,107 17,228 2,865 20,093 17 32,042 31,939 103 401 ,929 34:,419 15,669 5,582 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24 , 31,687 31,687 313 1^90 34,030 15,633 5,584 35,698 391 886 168 193 ,062 16,850 3,078 19,928 31 32,086 32,044 143 1,344 33,611 15,633 5,586 35,564 393 891 179 202 ,069 16,530 3,118 19,648 Aug. 7 , 32,443 32,373 70 403 1,288 34,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 14 , 32,286 32,253 33 382 1,367 34,075 15,618 5,581 35,879 382 870 167 188 ,038 16,750 2,959 19,709 21 , 32,017 31,964 53 324 1,787 34,167 15,583 5,583 35,850 394 879 153 185 ,217 16,655 2,999 19,654 28 32,142 32,074 68 305 1,418 33,901 15,583 5,586 35,728 400 918 162 181 ,219 16,461 3,093 19,554 32,438 32,264 174 355 1,348 34,180 15,582 5,587 35,889 391 806 170 192 ,214 16,689 2,995 19,684 32,644 32,350 294 385 1,487 34,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 nV.'.','.'.'3.2,,209 32,209 225 1,995 34,465 15,582 5,590 36,016 417 942 142 209 ,139 16,770 3,130 19,900 25 32,040 32,040 418 1,937 34,434 15,582 5,587 35,850 385 856 139 181 ,140 17,052 3,148 20,200 Oct 2 32,511 32,449 62 373 1,545 34,467 15,582 5,589 35,858 393 901 153 192 ,114 17,027 3,150 20,177 9 33,036 32,617 419 422 * 527 35,030 15,583 5,591 36,061 397 910 153 193 ,141 17,349 2,843 20,192 16 32,784 32,521 263 339 567 34,737 15,583 5,582 36,235 392 930 150 194 ,107 16,894 3,095 19,989 23 32,226 32,226 392 930 34,589 15,581 5,583 36,165 394 915 171 188 ,060 16,860 3,082 19,942 30 32,474 32,413 229 416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 1,315 34,842 15,583 5,595 36,250 391 823 156 193 ,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 402 886 146 198 ,001 17,060 3,005 20,065 20 32,949 32,773 176 462 2,180 3"5,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080 3,170 20,250 27 33,111 33,018 93 233 2,,126 35,512 15,582 5,593 36,872 386 1,006 151 199 ,250 16,823 3,212 20,035 Dec. 4 33,795 33,590 205 540 1,631 36,010 15,582 5,580 37,274 385 812 167 197 ,264 17,074 3,246 20,320 11 33,849 33,759 90 148 1,889999 35,945 15,582 5,586 37,487 388 856 143 202 ,268 16,770 3,224 19,994 18 33,665 33,582 83 307 2,471 36,507 15,582 5,582 37,621 392 907 158 196 ,194 17,204 3,476 20,680 25 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 ,208 17,556 3,444 21,000 1964 Jan. 1 33,655 33,563 92 590 2,752 37,153 15,513 5,580 37,730 381 927 185 227 ,142 17,653 3,790 21,443 8 33,698 33,531 167 396 2,461 36,706 15,513 5,582 37,306 402 966 168 205 ,070 17,685 3,485 21,170 15 33,494 33,338 156 394 2,203 36,231 15,513 5,584 36,983 406 1,033 167 213 ,062 17,463 3,442J 20,905 22 32,944 32,944 198 2,336655 3355,623 15,513 5,586 36,690 416 1,044 148 216 ,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 34,780 15,512 5,582 36,364 410 869 141 208 ,041 16,840^3,360 ^20,200 End of month 1963 Nov. 33,667 33,567 100 868 1,34135,918 15,582 5,572 37,227 378 890 165 192 1,267 16,952 3,069 20,021 33,593 33,582 11 63 2,600 36,418 15,513 5,578 37,692 361 171 291 1,065 17,049 4,099 21,148 Dec 1964 32,752 32,752 364 1,45934,643P15,513 '5,586*>36,237 791 136 210 957 16,983 '3,447 •20,430 Jan Wednesday 1963 Dec. 4... 33,976 33,783 193 121 817 35,962 15,583 5,583 37,403 387 586 152 203 1,259 17,139 3,376 20,515 11... 33,597 33,594 3 321 769 35,737 15,583 5,583 37,634 394 1,067 164 195 1,264 16,185 3,703 19,888 18... 33,732 33,552 180 307 768 36,891 15,583 5,583 37,719 400 927 158 198 1,207 17,448 3,776 21,224 25... 33,672 33,552 120 259 916 36,968 15,513 5,587 37,873 401 888 138 220 1,213 17,335 3,691 21,026 31 4.. 33,593 33,582 11 63 600 36,418 15,513 5,578 37,692 361 880 171 291 1,065 17,049 4,099 21,148 1964 Jan. 8. 13,493 33,341 152 325 1,956 35,919 15,513 5,583 37,187 403 l,082| 171 214 1,063 16,895 3,725 20,620 15. 13,419 33,322 97 94 2,386 36,022 15,513 5,585 36,888 417 996 j 155 219 1,063 17,382 3,776 21,158 22. 12,696 32,696 348 1,74834,888 15,513 5,581 36,568 418 1,036 147 210 1,055 16,547 3,649 20,196 29. 12,721 32,721 333 347 34,467 15,513 5,582 36,310 427 847 130 197 956 16,696 •3,685^20,381 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances 4 Tuesday. on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 BANK RESERVES AND RELATED ITEMS FEBRUARY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (Averages of daily figures; in millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B r F i a o . n a n g w R t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B r F i a o n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B r F i o a n a . n w R g t k s - . s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941_Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ',406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954—Dec.... 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 1,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 A 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 -11 1963—Jan 20,035 19,552 483 99 384 3,857 3,840 18 5 13 ,038 1,037 1 -6 Feb 19,581 19,109 472 172 300 3,721 3,704 17 42 -25 ,016 1,012 4 -11 Mar 19,516 19,090 426 155 271 3,752 3,734 19 27 -8 ,009 1,008 1 -37 Apr 19,574 19,140 434 121 313 3,727 3,716 11 12 -1 ,003 998 5 o May 19,676 19,219 457 209 248 3,769 3,735 34 34 ,025 1,025 -8 June 19,735 19,358 377 236 141 3,722 3,742 -20 39 "-59 ,029 1,032 -3 -6 July 20,017 19,537 480 322 158 3,796 3,740 55 40 15 ,038 1,026 11 -13 Aug 19,721 19,254 467 330 137 3,631 3,620 11 90 -79 ,009 1,007 2 -27 Sept 19,945 19,532 413 321 92 3,748 3,722 27 82 -55 ,029 1,030 -1 -41 Oct 20,004 19,596 408 313 95 3,695 3,693 2 101 -99 ,036 1,028 8 -11 Nov 20,119 19,704 415 376 39 3,683 3,668 15 89 -74 ,035 1,032 3 -37 Dec 20,730 20,205 525 327 198 3,950 3,895 55 37 18 ,056 1,050 6 -20 1964—Jan J>20,674^20,247 »427 256 ?3,906 *3,893 36 P-23 ,048 Week ending— 1963—Jan. 2 21,079 20,045 1,034 714 320 4,180 4,030 149 299 -150 ,102 1,092 10 -55 9 20,296 19,858 438 63 375 3,973 3,934 39 39 ,063 1,056 7 6 16.... 20,100 19,579 521 79 442 3,816 3,818 2 6 -8 ,028 1,029 i -12 23 19,915 19,429 486 170 316 3,811 3,793 18 13 ,030 1,025 6 -3 30 19,611 19,180 431 99 332 3,757 3,746 11 1 ,019 1,017 2 -5 Aug. 7 19,913 19,431 482 398 84 3,722 3,720 2 8: -80 ,021 1,024 -2 73| -75 14.... 19,709 19,236 473 352 121 3,611 3,599 12 106 -94 ,oo: 997 5 45 -40 21.... 19,654 19,252 402 294 108 3,613 3,605 8 89 -81 ,oi: 1,009 3 12 -9 28 19,554 19,146 408 274 134 3,569 3,570 -1 81 ,oo: 1,001 2 2 SepSf:::: 19,684 19,204 480 325 155 3,645 3,601 44 81 -3' ,014 1,010 5 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 ,001 1,001 -38 18 19,900 19,552 348 193 155 3,710 3,713 -2 41 -43 ,033 1,028 5 -22 25.... 20,200 19,740 460 388 72 3,847 3,817 30 83 -53 ,046 1,051 -5 -50 Oct. 2.... 20,177 19,825 352 343 9 3,891 3,877 15 83 -68 ,065 1,060 5 -67 9 20,192 19,757 435 392 43 3,775 3,767 8 100 -9: ,044 1,043 1 -50 16 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 ,033 1,025 8 -10 23.... 19,942 19,513 429 361 68 3,643 3,639 4 127 -123 ,034 1,028 6 2 30.... 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 ,009 1,007 2 -2 Nov. 6 20,166 19,737 429 404 25 3,760 3,752 9 18: -173 ,038 1,036 2 -44 13.... 20,065 19,637 428 300 128 3,669 3,616 54 100 -46 ,031 1,021 10 -11 20 20,250 19,744 506 431 75 3,652 3,650 1 76 -75 ,049 1,035 15 -58 27 20,035 19,700 335 200 135 3,671 3,650 20 16 ,034 1,035 -1 -4 Dec. 4 20,320 19,734 586 507 79 3,741 3,707 34 -25 ,03: 1,027 6 -37 11 19,994 19,804 190 115 75 3,747 3,745 -10 ,009 1,012 -3 -6 18 20,680 20,188 492 272 220 3,913 3,906 ,053 1,044 9 -15 25. ... 21,000 20,516 484 317 16' 4,046 4,004 -11 ,080 1,080 -24 1964—Jan. 1 21,443 20,658 785 558 227 4,228 4,073 155 88 1,090 -47 8 21,170 20,707 463 364 99 4,068 4,072 —4 -49 ,100 1,091 -19 15 20,905 20,305 600 361 239 3,909 3,864 45 -3- ,047 1,043 -37 22 20,463 20,174 289 164 125 3,841 3,837 -11 ,027 1,032 -33 29 *>20,200^19,828 P373 177 3,791 3,780 -10 ,012 1,007 -3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BANK RESERVES AND RELATED ITEMS 181 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (Averages of daily figures; in millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow- Borrowings at Free ings at Free Total F.R. reserves Total F.R. reserves held Required Excess Banks held Required Excess Banks 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933_june 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1 011 46 965 1947 Dec . . 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5 371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Jan 8,115 8,104 10 60 -50 7,025 6,572 453 27 426 Feb 7,945 7,919 25 80 -55 6,899 6,474 425 35 390 Mar . .. 7,936 7,916 20 50 -30 6,818 6,432 386 40 346 Apr 7,995 7,965 29 54 -25 6,849 6,461 388 41 347 May 8,013 7,962 51 117 -66 6,868 6 496 372 50 322 June 8,038 8,018 20 129 -109 6,946 6,566 380 65 315 July 8,150 8,099 51 201 -150 7,033 6 671 362 57 305 8,060 8,017 43 118 -75 7,021 6,611 411 93 318 Sept 8,119 8,095 24 130 -106 7,049 6,686 362 69 293 Oct 8,154 8,117 37 131 -94 7,119 6,758 361 62 299 Nov. 8,197 8,163 34 171 -137 7,205 6,842 363 76 287 Dec 8,390 8,322 68 190 -122 7,333 6 937 396 74 322 1964—Jan . .. . .. *8,347 P8,325 *>22 137 *-115 *7,373 *>6,985 P388 56 P332 Week ending— 1963 Jan 2 8,455 8,318 137 315 -178 7,342 6,605 737 35 702 9 8,301 8,248 53 34 19 6,958 6,620 338 27 311 16 8,151 8,131 20 48 -28 7,105 6,601 504 13 490 23 8,077 8 036 41 115 -74 6,997 6 576 All 33 388 30 7,972 7,938 34 53 -19 6,862 6,479 383 38 345 Aug. 7 8,100 8,069 31 140 -109 7,069 6,619 451 103 348 14 8,043 8,014 29 117 — oo 7,053 6,626 427 84 343 21 8,043 8,016 27 111 -84 6,986 6,622 365 82 283 28 8,011 7,980 31 97 -66 6,971 6,594 376 96 280 Sept. 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 11 8,092 8,047 45 112 -67 7,106 6 660 446 70 376 18 8,118 8,111 7 74 -67 7,039 6 701 338 51 287 25 . 8,168 8,135 34 203 -169 7,139 6,737 402 57 345 Oct 2 8,191 8,170 21 111 -90 7,030 6 719 311 77 234 9 8,221 8,185 36 185 -149 7,152 6,762 390 56 334 16 8,173 8,135 38 119 -81 7,105 6,782 323 42 281 23 8,105 8,083 21 182 -161 7,160 6,762 398 48 350 30 8,064 8,038 25 66 -41 7,032 6,729 303 95 208 Nov 6 8,184 8,168 17 111 -94 7,184 6,782 402 65 337 13 8,194 8,156 39 111 -72 7,170 6,845 325 67 258 20 8,180 8,177 4 222 -218 7,369 6 882 487 60 427 27 8,199 8,162 37 101 -64 7,131 6,853 278 90 188 Dec 4 8,198 8,154 44 304 -260 7,349 6,846 502 101 401 11 8,204 8,167 37 24 13 7,033 6,880 153 75 78 18 8,362 8,313 49 166 -117 7,351 6,925 426 71 355 25 8,487 8,452 35 161 -126 7,388 6,979 409 79 330 1964 Jan 1 8,621 8,473 148 384 -236 7,500 7,023 477 56 421 8 8,540 8,499 41 217 -176 7,461 7,046 415 74 341 15 8,416 8,376 40 193 -153 7,533 7,022 511 48 463 22 8,337 8,319 18 77 -59 7,257 6,986 271 44 227 29 8,163 8,133 30 93 -63 *>7,234 *>6,907 P327 55 '272 i This total excludes, and that in the preceding table includes, $51 1959; thereafter on closing figures for balances with F.R. Banks and openmillion in balances of unlicensed banks. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves Borrowings at F.R. Banks: Based on closing figures. are estimated except for weekly averages. Total reserves held: Based on figures at close of business through Nov. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 DISCOUNT RATES FEBRUARY 1964 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a 1 Sec. 10(b) * Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Jan.31 date rate Jan.31 date rate Jan.31 date rate Boston July 17, 1963 July 17, 1963 July 17,1963 4 New York... July 17, 1963 July 17, 1963 June 10,1960 5 Philadelphia.. July 19, 1963 July 19, 1963 Aug. 19,1960 Cleveland.... July 17, 1963 July 17, 1963 July 17,1963 Richmond... July 17, 1963 July 17, 1963 July 17,1963 Atlanta July 24, 1963 July 24, 1963 July 24,1963 Chicago July 19, 1963 July 19, 1963 July 19,1963 St. Louis July 17, 1963 July 17, 1963 July 17,1963 Minneapolis.. July 17, 1963 July 17, 1963 Aug. 15,1960 Kansas City.. July 26, 1963 July 26, 1963 July 26,1963 Dallas July 17, 1963 July 17, 1963 Sept. 9,1960 5 San Francisco July 19, 1963 July 19, 1963 June 3, 1960 5 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturities not over 6 months and 9 months, respectively, and advances maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or levels- Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 1953 1958 Jan. 16 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 I* 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 1934 Apr. 1 16 4 ASeupg 4 . f : 15 :::::: Feb. 2 May 21 Mar. 16 Oct. 24 Nov. 7 1935 1955 Jan. 11 ig May 14 Apr-&:::: 1959 May 2 Mar. 6 1937 Aug. 4 16 Aug. 27 1 -2 May 29 Sept. 4 1 -1% 12!!!;; June 12 Sept. 9 Sept. 11 1942 13 18 Apr. 11 Nov. 18 Oct. 15 23 30 1960 1946 June 3 Apr. 25 1956 10 f May 10 Apr. 13 , 14 20 Aug. 12 1948 Aug. 24 Sept. 9 Jan. 12 31 19 1963 **&::::::::::::::: 1957 3 «2* July 2 1 6 7 3 - 1950 *•&::::: Nov. 15 1964 Dec. 2 3 -3% In effect Jan. 31 1 Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. 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, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 RESERVE REQUIREMENTS 183 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits2 Time deposits Effective date Type of deposit Central Jan. 1, Jan. 1, Jan. 1, July 17, Effective date 1 Central reserve 1936 1957 1962 1963 reserve Reserve Coun- and Councity city try reserve try banks 3 banks banks city banks Savings deposits held for: banks 1 year or more } 2* 3 { k 4 Less than 1 year m IneffectDec.31,1948... 26 22 16 7V2 7V2 Postal savings deposits held for: 1949—May 1,5 24 21 15 7 7 3 { k 4 June 30, July 1.. 20 14 6 6 Less than 1 year 3% Aug. 1,11 13 5 Aug. 16, 18 12 5 Other time deposits pay- Aug. 25 11* able in: i Sept. 1 6 9 L 1 0 e m y s d e s o a a n t y r h t s h a o - s n 6 r - 1 m m 9 0 o y o r e n d e a t a h r y s s 3 <ji 1 1 1 9 9 9 5 5 5 3 1 4 — — — J J J J a u a u n l n n y . . e 2 1 1 5 1 6 1 , , , , 2 F 9 1 4 e 6 b. 1.. 2 2 2 2 3 4 2 1 2 1 1 0 9 9 1 1 1 3 4 3 6 5 6 5 July 29, Aug. 1. 20 18 12 i For exceptions with respect to foreign time deposits, see Oct. 1962 1958_Feb. 27, Mar. 1. 171/2 H1/2 BULL., p. 1279. Mar. 20, Apr. 1.. 19 2 17 11 l U is n h N d e O e d r T E b th y .— i s t M h R e a e x g B im u o l u a a m r ti d o n r o a f t t e h s G e t o r h v a a e t t e r n m p o a a r y s y a b u b e l n e d p e b a r y i d p a r b o y m v i e m s m i e o b m n e s b r e o b r f a b n R a k n e k g m s u a l a a y s t i n o e o n st t a Q b in - . 1960— A A Se p p p r r t . . 2 1 1 4 7 1 1 1 8 7 8 i % /2 16!/2 any event exceed the maximum rate payable by State banks or trust Nov 24 12 cos. on like deposits under the laws of the State in which the member Dec. 1 I61/2 bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits; In effect Feb. 1, 1964... I6I/2 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31 1935,2% per cent. Present legal requirement: MARGIN REQUIREMENTS 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation at central reserve or reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 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 Regulation T: central reserve cities was teminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, For short sales 70 50 70 June 21, 1917, until late 1959. Since then, member banks have also been Regulation U: allowed to count vault cash as reserves, as follows: Country banks—in For loans by banks on stocks 70 50 70 excess of 4 and 2V2 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, NOTE.—Regulations T and Us prescribed in accordance with Securities 1960, respectively. Effective Nov. 24, 1960, all vault cash. 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. DEPOSITS, CASH, AND RESERVES OF MEMBER BANES (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Dec. 11, 1963 Four weeks ending Jan. 8, 1964 Gross demand: Gross demand: Total 134,126 25,023 6,349 51,278 '51,476 Total 139,772 27,054 6,675 53,447 52,596 Interbank 14,787 4,314 1,273 7,343 1,857 Interbank 15,231 4,452 1,279 7,596 1,904 U.S. Govt '3,904 739 203 1,492 1,470 U.S. Govt 5,231 1,211 305 1,922 1,792 Other '115,436 19,970 4,873 '42,444 '48,149 Other 119,311 21,391 5,091 43,930 48,900 Net demand 1 109,566 19,530 5,301 41,048 '43,687 Net demand 1 114,287 21,473 5,593 42,562 44,658 Time '90,831 11,639 3,808 34,802 '40,581 Time 91,739 11,766 3,838 35,283 40,852 Demand balances due Demand balances due from domestic banks. . 7,482 121 102 2,051 5,207 from domestic banks. 7,664 115 100 2,138 5,311 Currency and coin 3,216 257 47 998 1,915 Currency and coin 3,549 300 55 1,087 2,108 Balances with F.R. Balances with F.R. Banks 16,936 3,446 984 7,197 5,308 Banks 17,524 3,764 1,027 7,416 5,317 Total reserves held 20,152 3,703 1,031 8,195 7,223 Total reserves held 21,073 4,064 1,082 8,503 7,425 Required 19,745 3,688 1,027 8,165 6,865 Required 20,517 4,014 1,076 8,434 6,993 Excess 407 15 4 30 358 Excess 556 50 6 69 432 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 FEDERAL RESERVE BANKS FEBRUARY 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1963 1964 1963 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Dec. 31 i Jan. Dec. Jan. Assets Gold certificate account 13,819 13,804 13,809 13,809 13,819 13,819 13,819 14,385 Redemption fund for F.R. notes 1,412 1,418 1,420 1,424 1,418 1,412 1,418 1,275 15,231 15,222 15,229 15,233 15,237 15,231 15,237 15,660 Cash 310 286 263 229 182 325 182 449 Discounts and advances: 301 316 62 293 31 332 31 87 Other . . . 32 32 32 32 32 32 32 Acceptances: 66 69 71 71 70 68 70 62 27 52 74 92 92 10 U.S. Govt. securities: Bought outright: Bills 3,281 3,256 3,882 3,901 4,142 3,312 4,142 2,109 Other 7,066 7,066 7,066 7,066 7,066 7,066 7,066 13,182 Notes 17,729 17,729 17 729 17,729 17,729 17,729 17,729 10,682 Bonds 4,645 4,645 4,645 4,645 4,645 4,645 4,645 4,137 Total bought outright 32,721 32,696 33,322 33,341 33,582 32,752 33,582 30,110 Held under repurchase agreement 97 152 11 11 179 Total U.S. Govt. securities 32,721 32,696 33,419 33,493 33,593 32,752 33,593 30,289 33,120 33,140 33,636 33,963 33,818 33,184 33,818 30,448 Cash items in process of collection 5,303 6,200 6,853 6,227 6,435 4,832 6,435 4,846 Bank premises 104 104 104 104 104 103 104 104 Other assets: Denominated in foreign currencies 255 153 153 153 153 255 153 110 All other 338 318 294 273 247 341 247 367 Total assets 54,661 55,423 56,532 56,182 56,176 54,271 56,176 51,984 Liabilities F.R. notes 31,182 31,401 31,699 31,956 32,381 31,122 32,381 29,111 Deposits: Member bank reserves • 16,696 16,547 17,382 16,895 17,049 16,983 17,049 16,644 U.S. Treasurer—General account 847 1,036 996 1,082 880 791 880 821 130 147 155 171 171 136 171 197 Other 197 210 219 214 291 210 291 327 Total deposits 17,870 17,940 18,752 18,362 18,391 18,120 18,391 17,989 Deferred availability cash items . ... 3,956 4,452 4,467 4,271 3,835 3,373 3,835 3,335 81 79 81 84 82 77 82 68 Total liabilities 53,089 53,872 54,999 54,673 54,689 52,692 54,689 50,503 Capital Accounts Capital paid in . . . .. . . .. .. 501 499 499 497 497 501 497 471 990 990 990 990 990 990 990 934 Other capital accounts 81 62 44 22 88 76 Total liabilities and capital accounts 54,661 55,423 56,532 56,182 56,176 54,271 56,176 51,984 Contingent liability on acceptances purchased for foreign correspondents 92 92 92 88 92 91 92 84 U.S. Govt. securities held in custody for foreign account 8,795 8,643 8,612 8,642 8,675 8,740 8,675 7,033 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).. . 33,952 34,085 34,179 34,275 34,317 33,879 34,317 31,595 Collateral held against notes outstanding: Gold certificate account 6,700 6,700 6,740 6,740 6,890 6,700 6,890 7,517 Eligible paper 39 23 7 20 15 68 15 24 U.S. Govt. securities 28,377 28,397 28,394 28,394 28,242 28,367 28,242 25,231 Total collateral 35,116 35,120 35,141 35,154 35,147 35,135 35,147 32,772 1 Tuesday. 2 No accrued dividends at end-of-Dec. dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 FEDERAL RESERVE BANKS 185 STATEMENT OF CONDITION OF EACH BANK ON JANUARY 31, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 13,819 700 3,508 736 1,055 983 769 2,281 512 315 639 557 1 764 Redemption fund for F.R. notes 1,412 80 334 78 125 110 86 259 60 29 54 44 153 15,231 780 3,842 814 1,180 1,093 855 2,540 572 344 693 601 1,917 F.R. notes of other Banks 866 80 181 76 70 55 92 74 29 53 22 48 86 Other cash 325 20 69 17 23 19 33 43 18 11 14 9 49 Discounts and advances: Secured by U.S. Govt. securities... 332 3 8 4 2 4 35 133 33 5 32 46 27 Other 32 2 9 2 3 2 4 1 1 2 4 Acceptances: Bought outright 68 68 Held under repurchase agreement.. U.S. Govt. securities: 32,752 1,656 8,426 1,741 2,728 2,209 1,779 5,454 1,292 633 1,328 1,271 4,235 Held under repurchase agreement.. Total loans and securities • 33,184 1,661 8,511 1,747 2,733 2,214 1,816 5,591 1,326 639 1,361 1,319 4,266 Cash items in process of collection... 6,084 494 1,176 359 461 426 473 988 279 176 309 300 643 Bank premises 103 3 8 3 6 5 17 22 6 4 7 12 10 Other assets: Denominated in foreign currencies. 254 12 167 14 23 13 14 36 9 6 11 15 34 All other 342 18 86 18 29 24 19 57 14 5 15 13 44 Total assets 56,389 3,068 13,940 3,048 4,525 3,849 3,319 9,351 2,253 1,238 2,432 2,317 7,049 Liabilities F.R. notes 31,988 1,875 7,750 1,868 2,734 2,618 1,844 5,768 1,304 584 1,228 954 3 461 Deposits: Member bank reserves 16,983 676 4,585 751 1,218 751 946 2,532 615 426 824 972 2 687 U.S. Treasurer—General account.. 791 47 177 47 45 45 43 50 56 51 63 49 118 136 6 2 40 7 12 7 7 18 5 3 6 7 18 Other 210 144 1 4 1 2 * 2 1 54 Total deposits 18,120 729 4,946 806 1,276 807 997 2,602 676 480 895 1,029 2,877 Deferred availability cash items .... 4,625 385 805 282 367 338 386 741 215 136 237 242 491 Other liabilities 77 4 20 4 6 5 4 14 3 2 3 3 9 Total liabilities 54,810 2,993 13,521 2,960 4,383 3,768 3,231 9,125 2,198 1,202 2,363 2,228 6,838 Capital Accounts 501 24 132 28 45 25 28 72 17 12 22 29 67 Surplus 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 88 4 23 5 7 7 4 14 4 1 4 3 12 Total liabilities and capital accounts.. 56,389 3,068 13,940 3,048 4,525 3,849 3,319 9,351 2,253 1,238 2,432 2,317 7,049 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Jan 31 1964 30.4 30.0 30.3 30.4 29.4 31.9 30.1 30.3 28.9 32.3 32.6 30.3 30.2 Dec. 31, 1963 29.7 30.0 29.5 29.5 29.6 27.5 28.0 31.5 33.3 29.7 30.4 29.7 28.6 Jan 31 1963 32.7 32.4 33.7 32.4 31.5 33.5 31.7 33.1 33.2 34.3 32.9 33.6 30.6 Contingent liability on acceptances purchased for foreign correspond- 91 5 3 24 5 8 5 5 13 3 2 4 5 12 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33,879 1,983 8,?37 1,946 2,959 2,731 1,962 6,079 1,376 612 1 1,034 3,690 Collateral held against notes outstanding : Gold certificate account 6,700 433 1,700 500 605 365 1,100 750 120 180 750 Eligible paper .. 68 4 33 31 U.S. Govt. securities 28,367 1,580 6,700 1,600 2,550 2,150 1,700 5,177 1,210 500 1,100 900 3,700 Total collateral. 35,135 2,013 8,400 2,029 3,050 2,755 2,065 6,277 1,493 620 1,403 1,080 3,950 * After deducting $187 million participations of other F.R. Banks. 3 After deducting $67 million participations of other F.R. Banks. * After deducting $96 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1963 1964 1963 Jan. 29 Jan. 22 Jan.15 Jan. 8 Dec. 31 Jan. Dec. Jan. Discounts and advances—Total. . . 333 348 94 325 63 364 63 87 Within 15 days 331 314 60 291 28 360 28 85 16 days to 90 days 2 34 34 34 35 4 35 2 Acceptances—Total 66 96 123 145 162 68 162 72 Within 15 days 14 39 62 87 105 13 105 27 16 days to 90 days 52 57 61 58 57 55 57 45 U. S. Government securities—Total 32,721 32,696 33,419 33,493 33,593 32,752 33,593 30,289 Within 15days2 331 432 677 824 493 4,137 493 4,154 16 days to 90 days 5,944 5,801 6,128 6,034 6,322 2,153 6,322 1,256 91 days to 1 year 15,422 15,439 15,590 15,611 15,754 15,438 15,754 11,861 Over 1 year to 5 years 8,669 8,669 8,669 8,669 8,669 8,669 8,669 10,773 Over 5 years to 10 years 2,136 2,136 2,136 2,136 2.136 2,136 2,136 2.094 Over 10 years 219 219 219 219 219 219 219 151 1 Tuesday. 2 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) Nether- End of period Total Pounds Belgian Canadian French German Italian lands Swiss sterling francs dollars francs marks lire guilders francs 1963—Apr 99 25 45 2 7 1 13 5 May 128 38 45 2 29 1 8 5 June 113 25 51 2 27 1 7 * July 63 * 51 2 6 1 2 * Aug 66 3 51 2 6 1 2 * Sept 96 3 51 2 6 1 7 25 Oct 115 3 51 2 2 51 4 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand depositsl Leading centers Leading centers All 337 other 337 other 343 Period reporting reporting reporting centers 4 centers New York 6others 2 centers 3 New York 6others 2 centers 3 N.S.A S.A S.A N.S.A. S.A. N.S.A S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A N.S.A. 1955. 2,043.5 766 9 431.7 845.0 42 7 27 3 20.4 22.3 1956. 2,200.6 815.9 462.9 921.9 45 8 28.8 21.8 23.7 1957 2,356.g 888 5 489 3 979.0 49 5 30 4 23 o 25. 1958. 2,439.8 958 7 487.4 993.6 53 6 30 0 22.9 24.9 1959. 2,679.2 1,023 6 545.3 1,110.3 56 4 32 5 24.5 26.7 1960. 2,838.8 1,102 9 577.6 1,158 3 60 0 34 8 25.7 28.2 1961. 3,111.1 1,278 8 622.7 1,209 6 70 0 36 9 26.2 29.0 1962. 3,436.4 1,415 8 701.7 1,318 9 77 8 41 2 27.7 31.3 1963. 3,754.7 1,556 0 775.7 1,423.0 84 8 44 6 29.0 33 1 1963—Jan... '325.9 128 ! 137 2 62.8 66.3 116.2 122 4 83.7 84 5 44.1 43 7 28.8 28.7 32.6 32 6 Feb... 274.5 127 7 116 6 61.2 55.2 112.6 '102 8 84.6 80 3 42.7 40 4 28.3 27.1 32.2 30.6 Mar.. 306.8 128 9 133 0 61.6 62.5 113.0 111 3 85.8 88 4 43.1 45 6 28.3 28.3 32.1 32 8 Apr.. 307.8 125 0 126 9 '63.8 '64.1 '119.4 '116 8 82.2 80 6 '44.1 '45 1 29.6 '28.8 33.3 33 0 May. 318.0 129 8 133 1 62.1 64.4 117.1 120 6 85.0 85 2 43.1 43 9 29 1 29.5 33.2 33 3 June. 299.6 121 5 125 0 61.6 61.7 113.9 112 9 79.3 85.1 '42.7 44 5 28 1 29.0 32.2 33 1 July.. 320.7 130 3 129.9 66.9 66.8 122.8 124 0 85 1 83.7 46.8 45 8 30 3 30 2 34.3 34 3 Aug.. 300.1 127 8 119 5 63 3 61.9 119.2 118 7 88 9 83.7 44.2 42.9 29 5 29 1 33.6 32 7 Sept.. 310.4 140.1 130 3 67 0 63.1 122.6 116 9 96 9 95.6 46.7 46.1 29 9 29 9 34.3 34 1 Oct... '337 2 133 7 136.9 69 4 71.3 123.6 128 9 87 2 86.5 48.4 47.6 30 1 30 2 34.9 34.7 Nov.. 296 6 125 4 116 7 67 3 63.8 120.0 116.1 80 7 80.4 46.0 45.3 29 0 29 4 33 6 33 6 Dec. '357 1 139 6 151 0 70 0 74.6 '123.7 '131.5 89 0 93.8 47.5 48.6 29 8 30 6 33 9 35 3 1964—Jan 360 7 142.9 153.9 69 6 73.5 126.6 133.3 92 1 93.0 ,47.8 HI.4 ,30 6 no4 »34 8 P34.9 * Excludes interbank and U.S. Govt demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 U.S. CURRENCY 187 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962—Dec 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Jan 34,093 24,214 2,759 1,524 95 2,217 6,723 10,897 9,879 2,937 6,407 239 289 3 4 Feb 34,286 24,385 2,773 1,519 95 2,219 6,788 10,991 9,902 2,939 6,427 239 289 3 4 Mar 34,513 24,548 2,795 1,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 3 4 Apr 34,645 24,613 2,827 1,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 1,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June .. 35,470 25,266 2,878 1,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July 35,663 25,368 2,904 1,559 97 2,265 6,993 11,549 10,295 3,060 6,691 244 293 3 4 Aug 35,850 25,487 2,926 1,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept 35,891 25,468 2,947 1,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 1,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov 37 227 26 536 2 986 1 644 100 2,396 7 359 12 05010 691 3 155 6 988 247 295 3 4 Dec 37,692 26,807 3,030 1,722 103 2,469 7,373 12,'1O910,885 3,221 7,110 249 298 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circukition l Held by Total out- F.R. Kind of currency standing As security For Banks Dec. 31, against Treasury F.R. and Dec. 31, Nov. 30, Dec. 31, 1963 gold and cash Banks Agents 1963 1963 1962 silver and certificates Agents Gold 15,513 (15,237) 2 276 Gold certificates (15,237) 3 12,421 2,816 F R notes 34 318 68 1 937 32 313 31 920 30,084 Treasury currency—Total 5,578 (1,999) 17 183 5,378 5,308 5,254 Standard silver dollars . . .. 485 17 11 5 452 440 385 Silver bullion 1,981 1,981 Silver certificates (1,999) 136 1,863 1,831 1,986 Subsidiary silver coin 1,891 4 15 1,872 1,846 1,739 Minor coin 709 1 1 706 700 658 United States notes 347 1 25 321 325 315 In process of retirement 4 166 * 165 165 172 Total—Dec. 31, 1963 5 55,410 (17,236) 361 12,421 4,936 37,692 Nov 30 1963 5 54,748 (17,324) 378 12,478 4,665 37,227 Dec. 31, 1962 5 53,665 (17,912) 380 12,880 5,066 35,338 1 Outside Treasury and F.R. Banks. Includes any paper currency held for other items; gold certificates are secured by gold, and silver certificates outside the United States and currency and coin held by banks. Estimated by standard silver dollars and monetized silver bullion. Duplications totals for Wed. dates shown in table on p. 179. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money issued by the Treasury. For explanation of currency reserves and notes. security features, see the Circulation Statement or the Aug. 1961 BULL., 4 Redeemable from the general fund of the Treasury. p. 936. 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 MONEY SUPPLY FEBRUARY 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a te d d - i Total c C om ur p r o en n c e y nt co D d m e e m p p o o a n s n i e t d nt jus a t d e - d 1 d d e e p m o a si n t d s1 1956—Dec 136.9 28.2 108.7 52.1 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.5 57.5 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.2 28.6 112.6 65.5 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.0 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.2 28.9 112.2 72.7 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.7 29.6 116.1 82.5 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.9 30.6 117.3 97.5 151.6 31.2 120.4 96.6 5.6 1963—Dec 153.5 32.4 121.1 111.8 157.4 33.1 124.3 110.8 5.1 1963—Jan 148.7 30.7 118.1 99.1 151.8 30.5 121.3 98.4 4.8 Feb 148.6 30.9 117.7 100.3 148.3 30.5 117.8 99.9 5.6 Mar 148.9 31.1 117.8 101.8 147.4 30.8 116.7 101.7 5.9 Apr 149.4 31.2 118.2 102.6 149.5 30.9 118.6 102.9 4.2 May 149.4 31.3 118.1 103.7 147.3 31.1 116.2 104.0 7.0 June..... 149.8 31.6 118.2 104.5 148.2 31.4 116.7 105.0 7.4 July 150.7 31.6 119.1 105.5 149.4 31.8 117.6 106.0 7.7 Aug 150.5 31.8 118.8 106.7 149.1 31.9 117.2 107.3 6.2 Sept 150.9 31.8 119.1 107.6 150.5 32.0 118.6 108.1 6.5 Oct C152.1 32.0 120.1 108.9 152.5 32.1 120.4 109.3 C5.2 Nov C153.4 32.3 121.1 110.7 154.8 32.6 122.2 110.0 C4.3 153.5 32.4 121.1 111.8 157.4 33.1 124.3 110.8 5.1 Dec 154.8 32.5 122.3 113.7 158.0 32.4 125.6 112.9 4.1 1964—Jan.p... Half month 1963—Oct. (1). 152.1 31.9 120.2 108.5 151.8 32.2 119.6 108.9 6.9 (2). 152.0 32.0 120.1 109.4 153.1 32.0 121.2 109.6 *3.6 Nov. (1). C153.4 32.2 121.3 110.1 155.3 32.5 122.8 109.9 (2). 153.3 32.4 121.0 111.3 154.3 32.7 121.6 110.1 C4.8 Dec. (1). 153.5 32.5 121.0 111.6 156.7 33.2 123.6 110.6 c4.0 (2). 153.5 32.3 121.2 111.9 158.0 33.0 124.9 110.9 6.1 1964—Jan. (1). 155.2 32.5 122.7 113.0 158.8 32.7 126.2 112.4 5.3 (2) 154.4 32.6 121.8 114.4 157.2 32.1 125.1 113.4 3.0 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— deposits Govt. ending— deposits Govt. Currency Demand ad- demand Currency Demand ad- demand Total compo- deposit justed i deposits : Total compo- deposit justed 1 deposits J nent compo- nent component nent 1062— Oct. 3.. 144.9 30.2 114.7 94.3 8.2 1963—Oct. 2.. 150.1 31.7 118.3 108.5 8.7 10.. 145.4 30.6 114.8 94.6 8.9 9.. 151.3 32.3 119.0 108.9 7.6 17.. 146.8 30.5 116.3 94.9 7.4 16.. 152.8 32.2 120.7 109.1 5.3 24.. 146.7 30.4 116.3 95.1 6.9 23.. 152.7 32.2 120.5 109.4 4.1 31.. 147.7 30.2 117.5 95.3 5.8 30.. 153.3 31.9 121.4 109.8 C3.1 Nov. 7.. 148.2 30.7 117.5 95.5 6.1 Nov. 6.. 155.1 32.3 122.8 110.0 14. 148.7 30.8 117.9 95.5 4.7 13.. 155.3 32.7 122.6 109.9 21. 147.9 30.9 117.1 95.1 6.7 20.. 154.5 32.6 121.9 109.9 C4.6 28. 147.8 30.7 117.1 95.3 6.5 27.. 153.9 32.6 121.3 110.1 C4.8 Dec. 5. 149.1 30.9 118.1 95.8 6.3 Dec. 4.. 155.6 33.0 122.6 110.2 C4.5 12. 150.7 31.2 119.5 96.2 4.5 11.. 156.5 33.2 123.2 110.6 C3.8 19. 152.6 31.2 121.4 96.6 4.5 18.. 158.4 33.1 125.3 110.8 C4.1 26.. 152.2 31.4 120.8 96.9 6.4 25.. 157.6 33.2 124.3 110.7 C6.5 1963—Jan. 2., 153.4 30.9 122.6 97.5 6.8 1954—Jan. 159.0 32.8 126.2 111.3 6.5 9. 152.4 31.0 121.5 97.8 6.0 158.9 32.8 126.1 112.1 6.3 16. 152.7 30.6 122.1 98.3 4.2 15.., 158.6 32.5 126.1 112.7 4.1 23. 151.5 30.4 121.1 98.7 4.2 22.., 158.3 32.4 125.9 113.4 3.1 30. 150.1 30.1 120.0 99.0 4.1 29*. 156.4 32.0 124.4 113.4 2.8 Feb. 6. 150.3 30.5 119.9 99.3 4.8 Feb. 13. 149.6 30.6 119.0 99.8 4.8 20. 147.6 30.5 117.1 100.1 6.1 I 1 At all commercial banks. 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 NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., Treasury, the FRS, and the vaults of all commercial banks. Time pp, 941-51. Money supply consists of (1) demand deposits at all com- deposits adjusted are time deposits at all commercial banks other than mercial banks, other than those due to domestic commercial banks and those due to domestic commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BANKS AND THE MONETARY SYSTEM 189 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date Gold T s r t o c e r u i a u n n e u r n g a r y c t d - - s y - - Total Lo n a e n t s, Total U.S. G m C o a e o v r n m c e d i r a - n l men R F t e e d s s e e e r r c v a u e l ritie O s ther O s ri e t t c h ie u e s - r c l T n a i i a n a e p t o n i b t e i e t — d t t i a s a l l - l, c d u e T r a p o r n o e t d s n a i l c t y s C c m o a a n a u p n i c e s n i d - t c t t a s . l , savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30., 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30., 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31., 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31., 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31., 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30., 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31., 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 "289,947 263,165 26,783 1961—Dec. 30., 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—June 30., 16,435 5,598 293,212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 Dec. 28., 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Jan. 30., 15,900 5,600 305,500 167,000 103,300 72,400 30,300 600 35,200 327,000 297,100 29,800 May 29., 15,800 5,600 311,600 173,300 101,000 69,200 31,100 700 37,300 332,900 301,900 31,000 June 29., 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31 v 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug. 28P, 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25*. 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 Oct. 30* 15,600 5,600 323,400 182,300 101,100 67,700 32,800 700 40,100 344,600 312,600 32,000 Nov. 27*. 15,600 5,600 326,900 185,300 101,800 67,900 33,300 600 39,700 348,000 315,900 32,100 Dec. 25* 15,500 5,600 332,000 188,800 102,900 68,600 33,700 700 40,400 353,100 322,800 30,300 1964—Jan. 29P. 15,500 5,600 328,300 187,400 100,800 67,500 32,700 600 40,100 349,400 318,400 31,100 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i ts i Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i t J s Total m b C e a o r n c m k ia s - l b M s a av n u i k t n u s g a s l 2 S P a S t o e v y s m i s t n a - g l s n F e e i o g t r n - 3 T h c i u r o n a e r g l s a y d h s s - - sa c m a c v o A n i i e m a n t d r l g - - s B F A a .R n t k . s banks 1929—June 29... 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1 1 9 9 3 3 9 3 — _j DUn e e c . 3 3 0 0 . . . . . . 3 1 6 9 , , 1 1 9 7 4 2 4 6 , ,4 7 0 6 1 1 2 1 9 4 , , 7 4 9 1 3 1 2 2 7 1 , , 0 6 5 5 9 6 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 1,21 5 7 0 2,4 2 0 6 9 4 8 8 5 4 2 6 63 3 4 5 1941—Dec 31... 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945_Dec. 31... 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947_Dec. 31... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1960—Dec. 31... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Jan. 30... 146,800 30,100 116,700 148,900 29,700 119,200 141,200 99,000 41,700 500 1,300 400 4,600 800 Feb. 27... 147,100 30,200 116,900 146,400 29,800 116,500 142,900 100,500 41,900 500 1,200 500 6,700 800 Mar. 27... 147,700 30,400 117,300 145,500 30,100 115,400 145,100 102,200 42,400 500 1,200 400 7,600 900 Apr. 24... 148,300 30,500 117,800 148,400 30,200 118,200 146,000 103,000 42,500 500 1,200 400 4,000 1,100 May 29... 146,400 30,500 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 29... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 July 31*.. 148,900 30,900 118,000 148,800 31,000 117,800 150,300 106,600 43,300 500 1,300 400 7,400 600 Aug. 28*.. 148,200 30,900 117,300 146,900 31,100 115,800 151.600 107,600 43,500 500 1,200 400 6,100 1,000 Sept. 25*.. 149,100 31,000 118,100 148,100 31,100 117,000 152,300 108,100 43,700 500 1,200 400 9,100 900 Oct. 30*.. 150,600 31,100 119,500 152,000 31,300 120,700 154,400 109,900 44,100 500 1,200 400 3,800 800 Nov. 27*.. 151,600 31,600 120,000 153,900 32,500 121,400 154,900 110,100 44,300 500 1,200 400 4,600 900 Dec. 25*.. 152,600 31,600 121,000 157,400 32,900 124,500 155,800 110,800 44,600 500 1,200 400 7,000 900 1964—Jan. 29*.. 151,700 31,800 119,900 153,800 31,400 122,400 159,000 113,500 45,100 400 1,200 400 3,100 800 1 Other than interbank and U.S. Govt., less cash items in process of NOTE.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see "Banks and the Monetary System," with June 1961, also includes certain accounts previously classified as Section 1 of Supplement to Banking and Monetary Statistics, 1962, and other liabilities. Jan. 1948 and Feb. 1960 BULLS. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other lia- Bor- Total Num- Class of bank Cash bilities row- capital ber and date assetsl and Demand ings of Total Loans capital Total i banks U.S. ac- De- Time Time 3 Govt. Other counts 2 mand U.S. Govt. Other All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,999 2277,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945_Dec. 31.. 140,227 30,362101,288 8,5.7..7 35,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31 4 134,924 43,002 81,199 10,72338,388175,091161,86512,793 240 1,346 94,381 53,105 66 1111,94814,714 1961—Dec. 30.. 256,700154,318 72,715 29,666677 5.7.,.3.6..8321,394287,17617,914 482 5,952141,979120,848 482 26,22713,946 1962—June 30. . 263,542160,123 70,722 32,697 49,612 332200;,638285,18614,400 526 9,559 128,845131,855 796 27,03613,934 Dec. 28.. 280,397172,822 72,563 35,012 54939 343,201303,65316,008 535 6,839141^084 139,188 3,635 28iO46 13,940 1963—Jan. 30.. 276,950169,410 72,350 35,,190 46780 331500 293,03014,100 520 4,320133,110 140,980 2,670 27,790 13,951 May 29. . 282,640176,120 69,220 37!,30047;720 338;250 298,09013,730 540 6,820129^40 147,460 3,060 28,,38013,983 J J D A S O N c u e e u u o t l c p n g v . . t y e . . . 3 2 2 2 3 2 2 7 5 0 9 l 5 8 * * * 2 . > > P * \ \ . . . . \ 2 2 2 2 2 2 3 9 8 9 8 8 9 0 7 3 6 7 7 2 1 , , , , , , , 4 4 6 2 6 4 2 1 1 5 7 8 5 0 1 0 0 0 0 0 0 1 1 1 1 1 1 1 8 8 9 8 8 8 7 5 9 2 0 1 4 9 , , , , , , , 6 0 3 1 4 5 7 9 6 4 5 7 3 1 0 0 0 0 0 0 4 6 6 6 6 6 6 6 9 7 7 7 7 8 8 , , , , , , , 7 0 9 6 8 5 6 0 1 7 7 6 6 5 8 0 0 0 0 0 0 4 4 3 3 3 3 3 0 0 9 9 9 8 7 ; ; ; ; ; ! ! , 0 9 2 7 7 3 5 8 5 3 9 6 7 0 9 0 0 0 0 0 0 5 4 5 4 4 4 1 8 2 6 8 9 , 0 7 9 9 1 1 1 4 9 2 1 7 7 9 6 0 0 0 0 0 0 3 3 3 3 3 3 3 6 4 5 4 4 4 5 1 7 0 9 4 i 6 ; ; ; ; ; ; 9 6 6 2 8 3 1 2 9 2 1 9 9 0 0 0 0 0 6 0 0 3 3 3 3 3 3 3 0 0 0 1 0 0 1 0 8 9 4 8 9 3 , , , , , , , 8 3 5 4 9 9 3 6 5 4 2 0 6 7 0 0 0 8 0 0 0 1 1 1 1 1 1 1 4 5 4 4 3 4 5 , , , , , , , 8 3 7 0 8 5 0 8 4 9 0 1 4 0 0 0 0 0 0 2 0 5 5 5 5 5 5 5 5 5 5 3 5 3 5 1 0 0 0 0 0 0 1 i 5 5 1 ! : , 7 8 8 6 3 0 1 9 7 5 9 1 6 3 0 0 0 0 0 9 0 1 1 1 1 1 1 4 2 3 3 3 3 1 9 5 8 2 3 ; , , , , ^ 3 7 9 3 2 5 3 6 2 8 4 0 0 0 0 0 0 1 1 1 1 1 1 1 5 4 5 5 5 5 5 0 9 4 5 4 1 2 , , , , , , , 0 0 6 6 1 3 0 8 5 3 2 9 3 6 3 0 0 0 0 0 0 4 2 3 22 3 3 1 , , , , , , , 9 5 4 9 9 9 6 2 6 6 0 5 3 9 6 4 0 3 0 0 0 0 0 0 2 2 2 2 2 2 2 9 8 9 8 8 9 8 , , 0 2 8 6 1 2 3 2 1 3 0 0 0 2 0 1 1 1 1 1 1 1 4 4 4 4 3 4 4 , , , , . , , 0 0 9 0 0 0 0 6 9 5 2 3 7 1 8 3 0 5 4 8 4 1964—Jan. 29*\ 297,800190,160 67,510 40,130 48,310 354,800 313,41014,060 610 2,840137,'070158,830 3,200 29,51014,095 Commercial banks: 1941_Dec. 31.. 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 4,278 1945—Dec. 31.. 124,019 26,083 90,606 7,33134,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314. 116,284 38,057 69,221 9,006 3377,502 155,377 144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30 .. 215,441124,925 66,,557788 2>33,93756,432 278,561 248,68917,914 481 5,946 141,920 82,429 47122,459 1133,432 1962—June 30.. 220,670129,193 64,44327,003344 48,728 276,220 245,29814,400 525 9,554128,785 92,034 786 23,18313,422 Dec. 28. . 235,839140,106 66,434 2"9,298 54,049 297,116262,12216,008 535 6,829141,041 97,709 3,627 24,09413,429 1963—Jan. 30. . 232,040136,340 66,200 29,500 45.970 285,050251,27014,100 520 4,320 050 99,280 2,67023,84013,440 May 29.. 236,490141,750 63,010 3i;730 46;880 290;510255,28013,730 540 6,820129,480104,710 3,060 24,36013,472 June 29.. 241,014145,049 63,542 32,42351,156299;875266,17915,042 55011,060133,624105,903 1,54524 ,'582 13,482 July 31». 240,980145,560 62,48032,940 48, 296,710261,65014,000 530 7,130 133,190106,800 2,9602"4', 5~2"0 13,503 Aug. 28*\ 240,380145,800 60,870 33,710 45; 293,000257,34013,800 530 5,870 129,270107,870 3,240 24;60013,515 Sept. 25v. 244,840148,870 61,810 34,160 48;080 300',250 264;56014,510 550 8,850 132,320108,330 2,93024,72013,524 Oct. 30*\ 245,940149,720 61,770 34,450 47;970 301,340 264;79014,790 550 3,610135,700110,140 3,69024,92013,540 Nov. 27?. 248,850152,760 61,970 34 370 306,740269,02014,880 550 4J390 138,860110,340 4,400 25,00013,558 Dec. 25*. 253,270155,720 62,690 34 940 3111870 274,89015,340 550 6,790141,180 1"1\1030 3,95025,07013,569 1964-Jan. 29*>. 249,400153,200 61,600 34,600 47,450 304,720268,26014,060 610 2,840 137,010 113,740 3,200 25,36013,586 Member banks: 1941_Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 2299,845138,304129,67013,576 6422,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 3"2,845 132,0"6"0 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,05819,308 49,579235,112 209,63017,195 303 5,381119,595 67,157 43818,638 6,113 1962—June 30. . 183,497109,212 52,065 _2_2,,2.19 42,853232,359 206,05713,796 351 ;734 108,014 75,162 73519,179 6,070 Dec. 28.. 195,698118,637 52,968 24,092 47,427249,488219,46815,309 358 6,086 117,999 79,716 3,55019,854 6,049 1963—Jan. 30.. 192,301115,289 52,749 24263 40i.,024238,565209,58913,449 341 785110,954 81,060 2,61419,697 6,046 May 29.. 195,892119,515 50,023 26354 41,009 243,246213,10413,146 361 018107,939 85,640 2,910 "20,082 6,052 June 29.. 199,495122,088 50,399 27^008 44;929251,214 222,61914,388 373 761111,548 86,550 1,440 20,238 6,058 July 31.. 199,412122,550 49,37127,491 388 248;396218,37613,370 349 349110,997 87,311 2,849 20,213 6,072 Aug. 28. . 198,780122,763 47,876 28,141 627 244;827214,30313,172 355 148107,350 88,278 3,076 20,273 6,080 Sept. 25. . 202,599125,458 48,63328,508 42,211251J312220,73013,837 371 936109,959 88,627 2,836 20,377 6,092 Oct. 30. . 203,343126,074 48,568 28;70141,895251,833220,47514,083 377 154 112,702 90,159 3,553 20,555 6,097 Nov. 27. . 205,816128,811 48,647 28;358 44;,276256,778 224,31514,171 376 812115,516 90,440 4,244 20,606 6,104 Dec. 25.. 209,812131,467 49,326 29019 44,655 261 239 229,51814,596 377 052117,469 91,024 3,779 20,669 6,108 1964—Jan. 29*\ 206,179129,103 48,344 28,73241,480254,644 223,40413,363 429 2,394113,823 93,395 3,073 20,952 6,124 Mutual savings banks 1941_Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31., 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,889 533 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 7 38,420 3,768 514 1962—June 30.. 42,872 30,930 6,278 5,663 884 44,418 39,888 6 39,821 3,853 512 Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 41,478 3,951 511 1963—Jan. 30. , 44,910 33,070 6,150 5,690 810 46,450 41,760 41,700 3,950 511 May 29. . 46,150 34,370 6,210 5,570 840 47,740 42,810 42,750 4,020 511 June 26., 46,397 34,665 6,166 5,566 890 48,020 43,248 43,180 19 4,031 511 July 31 P. 46,700 34,970 6,170 5,560 830 48,280 43,310 43,250 4,030 511 Aug. 28^. 47,070 35,350 6,140 5,580 800 48,620 43,520 43,460 4,090 510 Sept. 25^. 47,360 35,600 6,160 5,600 840 48,960 43,790 43,730 4,110 510 Oct. 30*\ 47,470 35,970 5,900 5,600 820 49,050 44,110 44,050 4,100 510 Nov. 27*>. 47,800 36,300 5,890 5,610 800 49,360 44,350 44,290 4,130 510 Dec. 25*. 48,000 36,620 5,870 5,510 970 49,750 44,650 44,590 4,150 509 1964—Jan. 29* 48,400 36,960 5,910 5,530 860 50,080 45,150 45,090 4,150 509 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 191 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S . v S ec t . . urit O ie t s her a C ss a e s t h s c c b T o a i a l l a o u p i i n c a t t n i d i - - a t e t a l s s l 2 Total i m D a e n - d Time U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta ts l b N a b u o n e m f k r s - Govt. Other Reserve city member banks: New York City:5 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,'"9"00 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—June 30 30,396 19,224 7,659 3,513 9,552 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 13 Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Jan. 30 31,808 20,649 7,009 4,150 8,731 42,626 34,799 4,119 213 769 20,231 9,467 1,082 3,897 17 May 29 32,115 20,886 6,478 4,751 9,323 43,624 35,459 4,278 207 1,198 19,61210,164 1,292 3,947 16 June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 July 31 32,451 21,416 5,941 5,094 8,786 43,557 35,779 4,092 189 1,453 19,68610,359 1,029 3,944 13 Aug. 28 31,94^ 21,191 5,418 5,338 7,591 41,789 33,809 3,804 194 937 18,140 1100,734 1,204 3,940 13 Sept. 25 32,95' 22,036 5,642 5,279 8,995 44,185 36,361 3,991 202 2,078 19,35310,737 1,031 3,945 13 Oct. 30 32,860 21,765 5,926 5,169 8,776 43,847 35,655 4,020 209 668 19,57111,187 1,438 3,966 13 Nov. 27 33,615 23,103 5,634 4,878 9,259 45,200 36,807 4,272 212 665 20,20111,457 1,480 3,966 13 Dec. 25 34,811 23,648 6,077 5,086 9,061 46,080 37,867 4,168 215 1,469 20,53711,478 1,599 3,971 13 1964—Jan. 29* 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 1,294 4,161 13 City of Chicago:5 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 39 1,739 6,866 6,40: 1,217 72 4,201 913 426 14 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—June 30 7,937 4,67f 1,936 ,329 1,893 10,009 8,810 1,128 546 4,520 2,598 34 894 9 Dec. 28 8,957 5,418 2,129 ,409 2,280 11,43" 9,993 1,277 410 5,264 3,025 262 948 13 1963—Jan. 30 5,101 2,217 ,364 1,969 10,860 9,481 1,140 15 218 4,956 3,152 132 956 13 May 29 8,832 5,428 2,050 ,354 2,084 11,143 9,759 1,122 12 346 4,791 3,488 165 971 12 June 29 9,082 5,545 2,071 ,466 2,136 11,440 10,141 1,202 16 584 4,840 3,499 111 974 12 July 31 9,171 5,574 2,096 ,501 2,109 11,484 10,007 1,153 13 406 4,926 3,509 240 980 12 Aug. 28 8,965 5,566 1,825 ,574 1,951 11,097 9,638 1,165 12 289 4,616 3,556 252 979 12 Sept. 25 9,346 5,796 1,915 ,635 2,094 11,623 10,036 1,209 12 583 4,669 3,563 327 983 12 Oct. 30 9,211 5,826 1,743 ,642 1,993 11,394 9,934 1,218 14 186 4,80: 3,714 274 990 12 Nov. 27 9,376 6,038 1,731 ,607 1,955 11,521 10,103 1,186 14 200 4,909 3,794 211 993 12 Dec. 25 9,662 6,276 1,699 ,687 2,074 11,936 10,441 1,219 14 398 5,01" 3,798 27: 1,000 12 1964—Jan. 29* 9,242 5,83' 1,823 1,582 1,994 11,43' 9,97' 1,075 100 4,839 3,948 257 1,00: 12 Other reserve city: 6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 2: 405 28,99011,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,43820,216 90,815 81,883 8,350 62 2,103 44,986 2266,381 81 6,997 206 1962—June 30 70,145 43,824 18,627 7,69«' 17,602 89,885 80,631 6,62: 75 3,670 40,60129,663 240 7,201 206 Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 2,337 43,60930,743 1,388 7,263 191 1963—Jan. 30 72,053 45,69: 18,143 8,218 16,172 90,467 80,101 6,555 65 1,400 40,76531,316 1,178 7,263 190 May 29 73,497 47,300 17,187 9,010 16,603 92,362 81,610 6,275 91 2,387 39,70633,151 1,131 7,413 192 June 29 74,614 48,164 17,326 9,12-' 18,526 95,433 85,555 6,811 110 3,793 41,29133,549 40^ 7,440 194 July 31 74,735 48,512 16,930 9,293 17,748 94,865 83,987 6,544 96 2,488 41,09633,763 1,294 7,462 194 Aug. 28 74,716 48,89^ 16,440 9,379 16,665 93,658 82,704 6,61: 98 2,02: 39,86734,105 1,213 7,490 195 Sept. 25 75,875 49,75' 16,539 9,579 17,478 95,675 84,554 6,95< 9 2,941 40,34134,216 1,250 7,557 196 Oct. 30 76,106 50,13: 16,324 9,65017,185 95,705 84,266 7,06: 94 1,141 41,35934,610 1,500 7,635 194 Nov. 27 76,776 50,699 16,472 9,60518,887 98,069 85,891 6,949 90 1,46: 42,69834,692 2,102 7,653 195 Dec. 25 78,43. 51,94^ 16,664 9,82318,927 99,833 88,253 7,350 88 2,288 43,47435,053 1,42^ 7,703 191 1964—Jan. 29* 76,859 51,034 16,15: 9,673 16,826 96,184 84,938 6,512 98 813 41,43936,076 1,146 7,773 190 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 79: 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 43." 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 1,641 46,21131,832 40 7,088 5,885 1962—June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 1,529 2,601 42,596 3344,803 80 7,323 5,842 Dec. 28 80,623 44,698 25,42510,50114,55r 97,008 87,342 1,773 1,931 46,89536,692 172 7,744 5,828 1963—Jan. 30 79,758 43,84' 25,38010,53113,152 94,612 85,208 1,635 1.398 45,00237,125 222 7,581 5,826 May 29 81,448 45,901 24,30811,23912,999 96,117 86,276 1,471 2,087 43,83038,837 322 7,751 5,832 June 29 82,952 46,934 24,49611,52214,465 99,361 89,470 1,641 3,332 45,066i 3399,371 127 7,894 5,839 July 31 83,055 47,048 24,40411,60313,745 98,490 88,603 1,581 2,00: 45,289 39,680 286 7,827 5,853 Aug. 28 83,15f 47,109 24,19311,85013,420 98,283 88,152 1,591 1,900 44,72739,883 407 7,86 5,860 Sept. 25 84,421 47,869 24,53712,01513,644 99,829 89,779 1,678 2,334 45,596340 HI 228 7,892 5,871 Oct. 30 85,166 48,351 24,57512,24013,941100,887 90,620 1,783 1,159 46,970 40,648 341 7,964 5,878 Nov. 27 86,04f 48,971 24,810 12,26814,175101,988 91,514 1,764 1,485 47,7.0..8 40,497 451 7,994 5,884 Dec. 25 86,905 49,596 24,886 12,42314,593103,390 92,957 1,859 1,897 48,446 40,695 481 7,995 5,892 1964—Jan. 29* 86,427 49,267 24,678 12,48: 13,796102,111 91,815 1,736 60 1,130 47,484 41,405 376 8,016 5,909 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her as C s a e s ts h * c c b o T a i a u l a l o p i i n n c a t t i - d i t t - a e s a l s l 2 Total m I D n a e t n - e d rba T nk ime G U o . D S v . t e . ma O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m r ks - Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,227766 2299,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 2,615 54 1,325 92,97534,882 61 9,734 "1,3398 1959—Dec. 31.. 188,790110,299 58,348 2200,143 49,158 242,828 218,474 5,500 1,358 5,037130,720 65,858 602t19,20613,107 I960—Dec. 31.. 198,011117,092 60,468 2200,451 51,836 255,669 228,401 [6,921 1,667 5,932132,533 71,348 149 20,62813,119 1961—Dec. 30.. 213,904124,348 66,02623,531 56,086 276,600 247,176 7,737 333 5,934141,050 82,122 462 22,08913,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,609 [5,844 402 6,815 140,169 ^9,7,380 3,558844 2233,J71122 13,119 1963—June 29.. 239,447144,363 63,03732,047 50,770 297,836 264,654 .4,871 43011,005132,788105,559 1,498 24,19113,189 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 5,409 5,005 1959—Dec. 31.. 102,615 59,962 31,76110,892 27,464 132,636 119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 I960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 3"9,546 11,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 ,441 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,636 12,750 4,505 1963—June 29.. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 5"8,462 600 13,008 4,537 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 ,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 1959—Dec. 31.. 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102) 825 1,763 39,974 16,406 240 5,962 ,691 1960—Dec. 31.. 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 ,644 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 "2'1,716 213 6,763 ,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 25,983 1,914 7,104 ,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 ,521 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1959—Dec. 31.. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 "1,4095 3,232 6,948 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,456 14,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,170 17,664 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1959—Dec. 31.. ,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 I960—Dec. 31.. ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. ,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. ,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963— June 29.. ,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 Nonmember commercial banks: 1941_Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1959—Dec. 31.. 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 34 3,294 7,244 1960—Dec. 31.. 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 33 3,590 7,300 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 77 4,240 7,380 1963—June 29.. 41,519 22,961 13,143 5,415 6,227 48.661 43,560 654 177 1,300 22,07619,353 105 4,343 7,424 Insured mutual savings banks: 1941—Dec. 31. 1.693 64: 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1959—Dec. 31. 30,580 20,94: 5,016 4,622 686 31,743 28,57 28 288,,544 2,654 268 I960—Dec. 31. 33,79-' 23,85: 4,787 5,155 766 35,09f 31,50: 29 31,468 2,998 325 1961—Dec. 30. 35,660 25,81: 4,690 5,158 828 37,065 33,400 3,137 3,191 330 1962—Dec. 28. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 35,827 3,343 331 1963—June 29. 40,128 30,533 4,545 5,050 789 41,580 37,585 303 37,273 3,414 331 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 193 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Lo<ins and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loains Securities a C ss a e s t h s1 c b T a i a l l o p i i n a t t i d i - t a e a l s l Total i Interbank1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m k r s - Govt. Other cou ac n - t s- m D a e n - d Time U.S. Time Govt. Other Noninsured mutual savings banks: 1941 Dec *1 8 687 075 1 353 642 9 846 8 744 6 8 738 1 077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1959 Dec 31 f, 1848 949 143 7 200 405 1 404 1 705 249 1960 Dec 31 s 320 270 1453 597 107 5 481 4 850 4 850 555 189 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 1 4 5,083 577 184 1962 Dec 28 961 938 1490 533 106 6 134 427 1 6 420 608 180 1963—June 29 6,269 4, 132 1,621 516 101 6,440 5,663 1 18 5,645 2 617 180 1 Reciprocal balances excluded beginning with 1942. Reclassification NOTE.—Data are for all commercial and mutual savings banks in the of deposits of foreign central banks in May 1961 reduced interbank United States (including Alaska and Hawaii, beginning with 1959). deposits by a total of $1,900 million ($1,500 million time to other time Commercial banks include all nonmember and member commercial and $400 million demand to other demand). banks; stock savings banks and nondeposit trust cos. are included with 2 Includes other assets and liabilities not shown separately. commercial banks. Member banks include 1 national bank in the 3 See note 2 on p. 189. Virgin Islands that became a member in May 1957, 2 noninsured non- 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 deposit trust cos. and, before July 1962, mutual savings banks that noninsured nonmenber commercial banks with total loans and invest- became members of the FRS during 1941 (3 before Jan. 1960, 2 :until ments of about $110 million were added, and 8 banks with total loans June 1961, and 1 until July 1962; these banks were excluded fromjcomand investments of $34 million were transferred from noninsured mutual mercial banks). savings to nonmember commercial banks. Comparability of figures for classes of banks is affected somewhat 5 These data reflect the reclassification of New York City and city of by changes in F.R. membership, deposit insurance status, and the reserve Chicago as reserve cities effective July 28, 1962. For details see Aug. classifications of cities and individual banks, and by mergers, etc. 1962 BULL., p. 993. Figures are partly estimated except on call dates. 6 Beginning with June 1963, 3 New York City banks with loans and For revisions in series before June 30, 1947, see July 1947 BULL.6 investments of $392 million and total deposits of $441 million were pp. 870-71. reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. LOANS AND INVESTMENTS AT COMMERCIAL BANES (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total Loans * Total l Loans i G U o .S v . t. Other G U o .S v . t, Other 1957 166.4 91.4 57.0 17.9 169.3 93.2 58.2 17.9 1958 181.0 95.6 64.9 20.5 184.4 97.5 66.4 20.6 1959 185.7 107.8 57.6 20.4 189.5 110.0 58.9 20.5 1960... 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 ... 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 2. 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 1963 2. 246.3 150.6 60.8 34.9 252.2 154.2 62.9 35.1 1963—Jan 228.9 134.7 64.6 29.6 229.1 133.4 66.2 29.5 Feb.. .. 232.3 136.8 65.4 30.1 230.4 135.2 65.3 29.9 Mar.... 235.0 137.8 66.7 30.5 231.9 136.4 64.8 30.7 Apr.... 232.5 137.4 63.9 31.2 232.3 136.9 64.0 31.4 May.. . 234.8 138.9 64.2 31.7 233.6 138.9 63.0 31.7 June... 240.3 141.8 66.0 32.5 239.1 143.1 63.5 32.* July?.. 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Aug.2'.. 238.5 142.5 62.1 33.9 237.1 142.5 60.8 33.7 SepUJ.. 240.7 145.0 61.7 34.0 241.9 146.0 61.8 34.2 Oct.P. . 241.0 146.3 60.2 34.5 242.4 146.2 61.8 34.5 Nov.p. 244.0 148.8 60.8 34.4 245.0 148.9 62.0 34.1 246.3 150.6 60.8 34.9 252.2 154.2 62.9 35.1 1964—Jan.p. 245.8 151.3 59.8 34.7 246.0 149.8 61.6 34.6 1 Adjusted to exclude interbank loans. NOTE.—Data are for last Wed. of month (except for June 30 and 2 Data are estimates for Dec. 3K Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 COMMERCIAL BANKS FEBRUARY 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans * Investments For b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - ! Total 2 C m d t a c i r o u i n n i e a m a s d - r l - l - - A c tu a u g r l l r - - i- o p b k d a T s r u r e e n e o o r r a d c c - s c l a u - h r r a o r i y t s t T i h i i e n n o e s g g rs b i a T n n f o s i k n ti s a T tu n o t c o i i o t T a h n l o e s rs R t e a e s t a - e l O u v i d t t a i n h o i d l - - e s - r Other Total Bi U ll .S s . se G c c C t o u a i e f v r t i e i r e - t - s i r e n s m N e o n t t es Bonds S g s r l a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c ie e u s r ers Total: 2 1947—Dec. 31..116,284 38,057 18,,1671,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 276 3,729 1961—Dec. 30..215,441 124,925 45,172 6,248 4,056 2,134 1,033 7,311 30.,320 2"7,847 3,412 66,57811,488 2,114 26,336 26,641 345 3,592 1962—Dec. 28..235,839140,106 48 ,144 2,131 2,578 8,459 34,259 30,5533,909 66,43411,674 3,932 23,84126,9987 24,755 4,543 1963—M Ju a n r e . 2 1 9 8 . • . .2 2 3 4 5 1 , , 5 0 5 1 0 4 1 14 4 5 0 , , 0 3 4 8 9 0 4 4 8 9;862 7;5 4 4 6 1 0 4 4 , , 6 4 4 8 5 0 2 2 , , 2 1 3 3 3 0 3 1 , , 1 9 2 3 0 4 8 8 , ,0 6 05 4 50 9 0 33 3 4 6 4, , ;9 7 9 2 22 5 00 3 33 2 00 , ,; 6 77 6 22 1 00 3 3 , , 8 7 1 8 2 0 6 6 3 4 , , 5 8 4 2 2 01 9 0 , , 1 5 2 7 8 0 3 3 , , 2 2 1 3 6 0 2 2 3 3 , ,8 8 2 3 1 0 22 2 7 7 7, , , 3 11 7 9 8 0 2 2 _6 7 . , , 8 0. 1 .7. 7 0 4 4, , , 6 2 0 8 6 0 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 11,,331144 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 51" ,342 3,8733,258 1947—Dec. 31.. 114,274 37,58318,012 1,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.. 213,904124,348 44,965 6,211 1,027 7,296 30,211 27,708 3,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28.. 234,243139,449 48,458 7,060 5;il9 2 2,551 8,434 34,123 30,402 3,890 65,89111,514 3,916 23,715 26,746 24,547 4,356 1963—Mar 18.. 233,975139,731 , ....,._.,_ 3,098 8,022 34,781 30,568 3,763 64,29010,419 3,215 23,703 26,953 2_5,860 4,093 June 29.. 239,447144,363 49,660 7,513 4,615 2,203 1,902 8,620 36,558 32,506 3,793 63,0379,002 3,203 23,74127,092 27,573 4,475 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,62816,962 1,046 811 ,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,199 3,105 1961—Dec. 30.. 179,599106,232 40,9313,934 3,877 ,827 1,014 6,893 23,987 22,852 3,198 54•, 1,0589,229 1,842 21,390 21,598 16,6912,617 1962—Dec. 28.. 195,698118,637 43,843 4^19 4^54 1,777 2,445 7,936 27,162 24,799 3,6 :,968 8,862 3,24919,443 21,414 20,773 3,319 1963—Mar. 18.. 195,060118,490 43,832 4,580 4,283 J1 ,79—0 2,994 7,528 27,683 24,869 3,531 : 7,839 2,628 19,,4 80 21,,5.1 4 2_1.,,9 78 3,,131 June 29.. 199,495122,088 44,701 4,6"6 4 4,436' 1,880 1,844 8il34 29,127 26,366 3i557 50^399 6,863 2,608 19,423 21,505 23,533 3,475 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 477 3,433 3,325 100,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30.. 30,297 19,53511,278 23 ,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,954 1111,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Mar. 18.. 32,941 21,501 11,839 13 2,138 409 1,020 2,040 1,425 2,1191,082 6,984 1,799 247 2,640 2,299 4,082 374 June 29.. 32,847 21,446 1"1,630 13 2,308 448 546 2,044 1,845 2,161 1,034 6,506 1,639 240 2,508 2,118 4,451 444 City of Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Mar. 18.. 9,078 5,473 2,989 350 163 139 698 379 537 369 2,275 572 60 780 864 1,167 162 June 29.. 9,082 5,545 3,051 358 176 135 741 393 555 288 2,071 426 71 782 791 1,226 240 Other reserve city:* 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 373 2,358 1,90115,563 1,342 1,053 1961—Dec. 30.. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 998 19,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,6601,1791,053 752 1,020 3,583 11,030 9,860 266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Mar. 18.. 72,594 46,71017,5551,1791,159 767 1,128 3,409 11,252 9,894 1,284 17,382 1,751 1,236 7,293 7,103 7,630 872 June 29.. 74,614 48,16417,8051,2451,090 786 751 3,886 11,68310, 46'4 1,38017,326 1,685 1,191 7,281 7,168 8,163 961 Country: 1941—Dec. 31..12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31..35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 1,067 1947—Dec. 31..36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1',262 1961—Dec. 30..73,131 39,69310,165 2,811 591 438 116 1,251 13,242 11,132 751I 24,407 3,614 566 9,560 10,667 7,530 1,500 1962—Dec. 28..80,623 44,69811,,299 3,187 728 447 764 1,563 14,44112,273 826> 2255,425 4,144 1,223 8,84911,209 8,694 1,807 1963—Mar. 18.. 80,447 44,80511,,448 3,360 635 452 708 1,381 14,627 12",319 796 24,820 3,718 1,085 8,76811,248 9,099 ,723 June 29..82,952 46,934 \2,2\5 3,378 680 469 412 1,463 15,206 13,186 856 24,496 3,112 1,106 8,851 11,427 9,692 1,830 Nonmember: 1947—Dec. 31..18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30..35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28..40,141 21,469 4,883300 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,982 ,224 1963—June 29..41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 25413,143 2,265 608 4,398 5,873 4,284 1,131 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not * DCguuuug wiui juiio JU, I7TO, iiguics iui vcuiuus* IUCUI licuis arc * r>rcaK.uuwus ui IUCUI, juivcsixucm, ouu ucpua.11 ciassiiiuttuons arc noi shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. (loans continue to be shown net. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 COMMERCIAL BANKS 195 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n e v R t - h k e . s s r C c e a o n n u i c d r n y - m b a w B a d n e n a o i c s t l - k t e h - i s s c * j p m u D o d a s a e d s e t n e - i - - t d d s 5 m D e I s o n t - t i e c r * ba e F n ig k o n r- « G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o a f e e e i f n e c f r r i d t d s k - i ' s - , IPC I b n a t n e k r- P G U S a o o a n s .S v v t d a . - t. l S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p - l n i t - s etc. ings Total: 2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.... 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—Mar. 18«... 16,100 3,920 12,630118,930 14,120 1,150 5,400 11,720 4,340 117,480 460 270 7,150 94,6102,99024,140 June 29.... 16,529 3,483 12,579117,419 13,749 1,294 11,060 12,396 4,502 116,726 550 254 7,466 98,183 1,545 24,582 ADinsured: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Mar. 18.... 16,098 3,906 12,162118,014 14,021 1,138 5,391 11,636 4,284 116,825 422 267 7,091 94,3202,95323,784 June 29.... 16,529 3,468 12,237116,471 13,607 1,264 11,005 12,300 4,421 116,067 430 254 7,412 97,8931,49824,191 Member, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.... 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Mar. 18.... 16,098 3,005 7,689 96,903 13,558 1,117 4,760 8,874 3,950 98,481 374 241 5,745 77,3522,883 19,919 June 29.... 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80,3221,44020,238 New York City:* 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1961—Dec. 30.... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 38 162 6,735 283 3,683 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,9371,728 3,898 1963—Mar. 18.... 3,341 254 126 16,103 3,926 818 880 309 2,231 17,953 215 55 318 9,541 1,357 3,920 June 29.... 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 59 326 9,746 794 3,931 City of Chicago:* 1941—Dec. 31.... 1,021 43 298 2,215 J.027 8 127 233 34 2,152 476 288 1945_Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 ,196 21 72 285 63 3,853 2 9 902 426 1961—Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 1962—Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Mar. 18.... 856 42 157 4,146 1,190 44 265 288 118 4,458 14 7 49 3,161 267 954 June 29.... 974 40 154 3,941 1,155 47 584 373 112 4,355 16 6 130 3,363 111 974 Other reserve city: 3 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945_Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1961—Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7,263 1963—Mar. 18.... 7,130 935 2,301 33,917 6,829 237 1,863 2,822 901 37,199 90 82 2,873 29,2051,038 7,294 June 29.... 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1961—Dec. 30.... 5,210 1,678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 1962—Dec. 28.... 4,817 1,947 5,389 44,689 L,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—Mar. 18.... 4,771 1,774 5,105 42,737 1,612 19 1,752 5,456 700 38,872 55 97 2,504 35,446 222 7,750 June 29.... 4,933 1,599 5,182 42,524 ,617 25 3,332 5,610 755 38,700 60 94 2,631 36,647 127 7,894 Nonmember:2 1947 Dec 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1961—Dec 30 876 5,446 21,994 649 70 565 2,755 402 19,168 178 23 1,094 14,169 33 3,822 1962—Dec. 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963—June 29 840 4,889 21,782 603 51 1,300 2,861 442 18,773 177 26 1,467 17,861 105 4,343 4 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 5 Through 1960, demand deposits other than interbank and U.S. figures exclude data for banks in U.S. possessions except for member Govt., less cash items in process of collection; beginning with 1961 banks. During 1941 3 mutual savings banks became members of the demand deposits other than domestic commercial interbank and U.S. FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until Govt., less cash items in process of collection. July 1962) are included in member banks but are not included in all insured 6 Beginning with June 1961, reclassification of deposits of foreign or total banks. Comparability of figures for classes of banks is affected central banks reduced foreign interbank demand deposits by about $400 somewhat by changes in F.R. membership, deposit insurance status, and million and interbank time deposits by about $1,500 million. These the reserve classifications of cities and individual banks, and by mergers, amounts are now included in demand and time deposits of individuals, etc. partnerships, and corporations. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financialinstitutions Total Loans Wednesday i l n o a v n a e n d s s t- i m n a v e n e n d s t t s - Loans C m c o i e a m r l - - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V t a io lu n aments * jus a t r e t d* justed2 in t a r d n i u a d l s- tural G c U t s u o i e e . r v - S s i t - . . O c t s u t i e h e r - s i e - r G c U t s u o i e e . r v - S s i t - . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e m o a c r s - l - - - f P s C i a e a n e O n t l a r c e S d * n . . s , , . Other estate other se r r e v - es Total- Leading Cities 1963 Jan 2 133,221 131,094 82,947 35,351 1.562 1,569 2,801 113 1,413 669 2,127 4,563 2,834 15 519 18 454 1 901 9 130,380 128,641 80,842 34,937 1,552 1,087 2,481 109 1,383 651 1,739 3,881 2,792 15 520 18 351 1 902 16 130,938 129,012 80,801 34,612 1,544 1,453 2,682 112 1,381 645 1,926 3,660 2,785 15,565 18,275 1,913 23 128,724 127,482 79,536 34,291 1,540 837 2,532 98 1,378 645 1,242 3,495 2,788 15 585 18 262 1 915 30 129,284 127,391 79,457 34,295 ,5?7 537 2,531 95 1,387 651 1,893 3,694 2,740 15 626 18 290 1,916 Dec. 4 138,061 135,697 88,513 37,326 ,594 301 3,517 87 1,725 902 2,364 3,711 3,546 17,855 19,911 1,962 11 139,016 136,749 89,059 37,476 1,607 533 3,527 82 1,730 941 2,267 3,744 3,557 17 879 19 945 1 962 18 141,090 138,912 90,932 37,999 ,618 726 3,812 103 1,733 958 2,178 4,342 3,557 17,915 20,114 1,945 25 141,172 138,931 91,035 37,858 1,634 494 3,908 101 1,738 978 2,241 4,578 3,567 17 921 20 200 1 942 31 9 142,098 141,305 92,901 38,793 ,569 532 4,222 140 1,727 995 793 4,901 3,694 17 880 20 452 2 004 1964 Jan 8 140,855 138,816 90,819 37,818 1,561 779 3,827 115 1,729 993 2,039 4,308 3,603 17 889 20 242 2 045 15 140,965 138,696 90,937 37,641 559 1,114 3,928 121 1,723 970 2,269 4,187 3,595 17,944 20 203 2 048 22 138,808 136,814 89,741 37,424 1,551 984 3,516 117 1,720 973 1,994 3,794 3,553 17,983 20,173 2,047 29 137,764 135,868 89,122 37,195 1,531 642 3,453 108 1,726 982 1,896 3,788 3,551 17 991 20 197 2 042 New York City 1963 Jan 2 32,216 31,709 21,075 11,751 17 945 1,567 17 428 317 507 1 606 562 J 9ftQ 3,205 549 9 31 132 30,434 19,913 11,570 17 647 1,354 19 415 314 698 1,193 558 I 208 3 167 549 16 31,544 30,860 19,985 11,373 11 927 1,483 15 412 313 684 1,083 551 1,224 3 147 554 23 30,488 30,198 19,447 11,248 11 645 1,358 16 404 312 290 1,058 556 1,221 3,172 554 30 30,940 30,192 19,368 11,317 12 388 1,304 15 408 312 748 1,197 546 ,230 3 193 554 Dec. 4 33,076 32,096 21,648 12,141 19 173 1,985 17 540 437 980 ,194 667 ,856 3,192 573 11 33,696 32,811 21,970 12,220 25 351 2,030 15 542 455 885 1,194 675 [ 840 3 196 573 18 34,703 33,882 22,732 12,421 25 315 2,252 31 543 469 821 ,495 672 ,834 3 232 557 25 34,412 33,687 22 720 12 298 26 187 2,353 30 544 490 725 [,584 669 ,829 3,267 557 31 * 34 898 34,562 23,666 12,776 41 244 2,631 34 538 509 336 .618 708 ,798 3 295 526 1964 Jan 8 34,098 33,691 22,695 12,357 26 298 2,341 31 537 512 407 1,380 698 ,809 3 268 562 15 34 255 33,560 22 742 12 217 27 478 2,376 30 535 500 695 1,400 687 822 3 232 562 22 33,470 32,776 22,183 12,172 21 500 2,102 29 539 496 694 1,175 682 ,825 3,204 562 29 . . .. 33,228 32,412 21,921 12,058 21 380 2,007 28 542 525 816 1,230 673 .815 3 204 562 Outside New York City 1963 Jan 2 101,005 99,385 61,872 23,600 1.545 624 1,234 96 985 352 1,620 2,957 2,272 14,310 15 249 J.352 9 99,248 98,207 60,929 23,367 535 440 1,127 90 968 337 1,041 2,688 2,234 14,312 15,184 ,353 16 99,394 98,152 60,816 23,239 ,533 526 1,199 97 969 332 1,242 2 577 2 234 14 341 15 128 359 23 98,236 97,284 60,089 23,043 5?9 192 1,174 82 974 333 952 2,437 2,232 14 364 15 090 361 30 98,344 97,199 60,089 22,978 515 149 1,227 80 979 339 1,145 2,497 2,194 14,396 15,097 ,36? Dec. 4 104,985 103,601 66,865 25,185 575 128 1,532 70 1,185 465 1,384 2,517 2,879 15,999 16,719 ,389 11 ... 105,320 103,938 67,089 25,256 1,582 182 1,497 67 1,188 486 1,382 2,550 2 882 16 039 16 749 389 18 106,387 105,030 68,200 25,578 1,593 411 1,560 72 1,190 489 1,357 2,847 2,885 16,081 16,882 ,388 25 106,760 105,244 68,315 25,560 608 307 1,555 71 1,194 488 1,516 2,994 2,898 16,092 16,933 ,385 31 » . 107,200 106,743 69,235 26,017 1,528 288 1,591 106 1,189 486 457 3,283 2,986 16,082 17.157 ,478 1964 Jan. 8 106,757 105,125 68,124 25,461 481 1,486 84 1,192 481 1,632 2,928 2,905 16,080 16,974 ,483 15 106 710 105 136 68,195 25,424 ,532 636 1,552 91 1,188 470 1,574 2,787 2 908 16 122 16 971 1 486 22 105,338 104,038 67,558 25,252 ,530 484 1,414 88 1,181 477 1,300 2,619 2,871 16,158 16,969 ,485 29 104,536 103,456 67,201 25,137 510 262 1,446 80 1,184 457 1,080 2,558 2,878 16,176 16,993 ,480 For notes see p. 198. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 WEEKLY REPORTING MEMBER BANKS 197 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities as T s o et t s a — l Bal- Bal- All Total Wednesday Cer- Not m es a t a u n ri d n g b — onds O se t c h u e - r Total d a o w n m i c t e e h s s- a w f n o i c r t e h - s Cu a rr n e d ncy s w e R r i v e th - es a o s t s h e e t i s lia a ti b n e i d s li- Total Bills c t a if t i e - s W i i n th- 1 to After rities ba t n ic ks b e a i n g k n s coin B F a . n R k . s a c c a c p o i u ta n l ts 1 year 5 years 5 years Total— Leading Cities 1963 Jan. 2 32,369 5,487 2,368 3,996 14,330 6,188 15,778 18,596 3,761 181 1,816 12,838 4,972 173,985 9 31,961 5,164 2,363 3,988 14,286 6,160 15,838 17,386 3,006 163 1,761 12,456 4,831 166,627 16 32,409 5,651 2,360 3,929 14,299 6,170 15,802 17,467 3,137 184 1,665 12,481 4,831 168,749 23 32,116 5,353 2,348 3,961 14,297 6,157 15,830 17,459 2,898 173 1,687 12,701 4,817 163,546 30 31,986 5,205 2,358 3,958 14,277 6,188 15,948 17,078 2,853 168 1,659 12,398 4,925 163,742 Bee. 4 28,393 4,263 842 2,899 14,028 6,361 18,791 17,735 284 1,773 12,548 5,277 176,079 11 28,485 4,377 845 2,885 14,066 6,312 19,205 17,416 274 2,008 12,099 5,242 176,534 18 28,577 4,497 844 2,866 14,335 6,035 19,403 18,536 296 1,993 13,096 5,239 179,917 25 28,576 4,581 849 2,869 14,298 5,979 19,320 18,337 310 1,915 12,925 5,315 179,662 31 9 29,018 5,027 864 2,889 14,260 5,978 19,386 18,743 3,671 274 1,995 12,803 5,538 184,994 1964 Jan. 8 28,601 4,733 2,896 14,216 5,* 19,396 17,740 2,935 292 1,901 12,612 5,356 178,959 15 28,569 5,016 870 2,861 14,085 5,737 19,190 18,207 3,186 273 1,817 12,931 5,362 180,969 22 28,034 4,619 876 2,845 13,995 5,699 19,039 17,308 2,919 274 1,845 12,270 5,443 175,633 27,759 4,509 2,342 13,770 6,250 18,987 17,580 2,860 273 1,851 12,596 5,541 173,885 29 New York City 1963 Jan. 2 6 6 , , 5 6 2 6 7 8 1 1 , , 8 7 5 8 9 1 4 4 9 9 5 4 7 6 0 8 1 5 2 2 , , 3 3 2 1 3 5 , , 2 2 9 5 0 2 3 3 , , 9 9 6 9 6 4 4 3 , , 5 9 0 6 5 2 1 9 1 0 6 8 6 6 9 2 2 7 6 5 5 4 3 , , 0 5 2 3 8 8 2 2, , 0 0 2 8 5 2 4 41 4 , , 7 8 8 9 3 3 9 6,905 2,195 490 689 2,321 ,210 3,970 3,979 110 86 246 3,537 2,059 42,985 16 6,743 2,030 483 703 2,307 ,220 4,008 4,207 100 82 247 3,778 1,996 40,956 23 6,75! 2,032 491 708 2,306 ,215 4,072 4,076 94 83 248 3,651 2,036 41,561 30 Dec. 4 5,628 1,362 159 471 2,533 ,103 4,820 3,870 87 122 277 3,384 2,200 44,010 11 5,891 1,593 153 478 2,558 ,109 4,950 3,956 70 113 325 3,448 2,184 44,794 18 6,061 1,746 153 487 2,591 1,084 5,089 4,211 83 131 323 3,740 2,159 46,182 25 5,947 1,645 154 484 2,576 1,088 5,020 4,379 108 147 292 3,832 2,166 45,573 31 9 5,840 1,548 154 459 2,586 1,093 5,056 4,549 150 111 297 3,991 2,340 48,303 1964 Jan. 8 5,915 1,620 158 466 2,557 1,114 5,081 4,268 75 132 294 3,767 2,235 45,502 15 5,84f 1,527 155 533 2,546 1,084 4,973 4,19- 108 124 264 3,701 2,253 46,384 22 5,64' 1,237 159 667 2,515 1,069 4,946 4,07( 124 269 3,598 2,331 44,571 29'.'.'.'.'.'.'.'.'. 5,563 1,259 163 396 2,484 1,261 4,928 4,259 92 118 274 3,775 2,359 44,400 Outside New York City 1963 Jan. 2 25,701 3,628 ,873 3,295 12,007 4,898 11,812 14,091 3,645 1,541 8,810 2,890 129,092 9 25,434 3,383 ,869 3,303 11,971 4,908 11,844 13,424 2,916 1,496 8,918 2,806 124,844 16 25,504 3,456 ,870 3,240 11.978 4,960 11,832 13,488 3,027 1,419 8,944 2,772 125.764 23 25,373 3,323 ,865 3,258 11,990 4,937 11,822 13,252 2,798 1,440 8,923 2,821 122,590 30 25,234 3,173 ,867 3,250 11,971 4,973 11,876 13,002 2,759 1,411 8,74^ 2,889 122,181 Dec. 4 22,765 2,901 683 2,428 11,495 5,258 13,971 13, 3,043 162 1,496 9,164 3,077 132,069 11 22,594 2,784 692 2,407 11,508 5,203 14,255 13,460 2,965 161 1,683 8,651 3,058 131,740 18 22,516 2,751 691 2,379 11,744 4,951 14,314 14,259 3,068 165 1,670 9,356 3,080 133,735 25 22,629 2,936 695 2,385 11,722 4,891 14,300 13,958 3,079 163 1,623 9,093 3,149 134,089 31 9 23,178 3,479 710 2,430 11,674 4,f~~ 14,330 14,194 3,521 163 1,698 8,812 3,198 136,691 1964 Jan. 8 22,686 3,113 710 2,430 11,659 4,774 14,315 13,472 2,860 160 1,607 8,845 3,121 133,457 15 22,724 3,489 715 2,328 ll,53r 4,653 14,21" 14,010 3,078 149 1,553 9,230 3,109 134,585 22 22 387 3,382 717 2,178 11,480 4,630 14,093 13,229 2,831 150 1,576 8,672 3,112 131,062 29 22,196 3,250 725 1,946 11,286 4,989 14,059 13,321 2,768 155 1,577 8,821 3,182 129,485 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars Deposits Borrowings Demand Time De- Other Wednesday ju u T s n o t a e t d a d l - * p m o d a a e s d n i - - t d s Totals IPC S l a o t n c a d a te l e F ig o n r- ? G U o .S v . t. c m D o t e i o m c s - - - Totals S i a ng v s - Oth S e t r a t t e ime F B F a r . n o R k m . s F ot r h o e m rs lia ti b e i s li- co a u c n - ts justed 5 govt. m ci e a r l - IPC l a o n ca d l e F ig o n r- 7 banks govt. Total- Leading Cities 1963 Jan. 2... 152,495 65,843102,109 71,531 5,125 1,849 4,74914,321 50,386 34,920 9,221 3,410 2,483 75 2,566 5,219 13,630 9... 145,280 64,787 9 A,611 68,378 4,749 1,704 2: ,9"1"6 1122,994444 50,603 34,993 9,265 3,475 2,514 54 2,453 5,208 13,632 16... 147,033 65,447 96,160 70,075 4,939 1,761 :,682 12,518 50,873 35,042 9,384 3,537 2,545 76 2,607 5,417 13,616 23... 142,086 64,401 90,951 67,052 4,866 1,765 21.,566 11,438 51,135 35,106 9,463 3,595 2,611 595 1,799 5,445 13,621 30... 142,022 64,495 90,720 66,791 5,054 1,716 2,760 11,010 51,302 35,143 9,542 3,622 2,635 107 2,398 5,558 13,657 Dec. 4... 152,334 63,527 94,207 67,802 5,051 1,770 3,160 12,514 58,127 37,729 12,883 3,994 3,152 47 3,151 6,187 14,360 11... 152,403 65,412 94,095 69,847 4,765 1,836 , 11,956 58,308 37,740 13,028 4,054 3,110 219 3,467 6,087 14,358 18... 156,017 66,609 97,800 71,056 4,776 1,887700 3,646 12,493 58,217 37,76512,794 4,140 3,133 244 3,271 6,065 14,320 25... 155,886 66,077 97,506 70,556 4,844 1,933 4,73511,856 58,380 37,787 1122,834 4,188 3,179 187 3,310 5,921 14,358 31 9 163,562 67,844 1"0 4',33574,513 5,338 2,019 4,55613,320 59,227 38,08313,310 4,237 3,188 16 1,181 5,666 14,569 1964 Jan. 8... 155,386 65,239 95,898 69,437 4,889 1,870 2,97212,679 59,488 38,04313,518 4,287 3,224 259 3,157 5,588 14,569 15... 157,883 67,136 98,229 72,209 5,095 1,857 2,09712,561 59,654 38,05213,643 4,321 3,216 34 2,860 5,598 14,594 22... 152,144 65,151 92,168 68,843 4,919 1,949 11,54611,397 59,976 38,11713,818 4,361 3,245 255 2,770 5,899 14,565 29 150,500 64,940 90,224 67,605 4,926 1,8661,54510,739 60,276 38,13114,057 4,401 3,241 245 2,642 5,879 14,619 New York City 1963 Jan. 2 37,254 16,849 28,26: 18,341 360 1,3951,441 3,882 8,99: 3,974 2,864 212 1,760 1,242 2,580 3,817 9 34,178 16,416 25,133 17,116 272 1,277 857 3,196 9,045 4,001 2,855 213 1,791 1,204 2,581 3,820 16 35,030 16,519 25,919 17,605 348 1,345 773 3,224 9,111 4,017 2,867 226 1,816 1,458 2,665 3,820 23 33,369 16,073 24,176 16,751 251 1,348 736 3,102 9,193 4,040 2,872 227 1,868 987 2,713 3,820 30 33,857 16,264 24,613 17,043 306 1,295 757 3,083 9,244 4,050 2,892 224 1,892 1,078 2,807 3,815 Dec. 4 36,255 15,876 24,872 16,763 322 1,318 896 3,236 11,383 4,409 4,157 396 2,237 988 2,810 3,957 11 36,588 16,623 25,183 17,705 274 1,367 525 3,077 11,405 4,407 4,210 413 2,183 1,405 2,760 3,950 18 38,000 17,381 26,691 18,298 325 1,419 974 3,293 11,309 4,406 4,092 410 2,201 1,466 2,740 3,939 25 37,426 16,994 26,072 17,734 310 1,4771,466 2,996 11,354 4,406 4,109 417 2,217 1,551 2,609 3,937 31 9... 40,978 17,692 29,373 19,484 419 1,53:1,470 3,695 11,605 4,434 4,348 379 2,222 587 2,616 4,122 1964 Jan. 8 37,061 16,541 25,434 17,237 380 1,420 911 3,081 11,627 4,411 4,362 374 2,253 143 1,566 2,631 4,101 15 38,368 17,081 26,708 18,217 411 1,370 609 3,339 11,660 4,398 4,373 404 2,253 1,222 2,671 4,123 22 36,414 16,572 24,644 17,309 320 l,49f 384 2,997 11,770 4,405 4,442 40: 2,277 105 1,167 2,766 4,119 29 36,228 16,520 24,349 17,160 286 1,43: 345 2,930 11,879 4,410 4,538 401 2,275 144 1,156 2,748 4,124 Outside New York City 1963 Jan. 2 115,241 48,994 73,847 53,190 4,765 4543,30810,439 41,394 30,946 6,357 3,198 723 75 1,324 2,639 9,813 9 111,102 48,371 69,544 51,262 4,477 427 22,059 9,748 41,558 30,992 6,410 3,262 723 54 1,249 2,627 9,812 16 112,003 48,928 70,241 52,470 4,591 4161,909 9,294 41,76: 31,025 6,517 3,311 729 64 1,149 2,752 9,796 23 108,717 48,328 66,775 50,301 4,615 4171,830 8,336 41,94: 31,066 6,591 3,368 743 528 812 2,732 9,801 30 108,165 48,231 66,107 49,748 4,748 4212,003 7,92- 42,058 31,093 6,650 3,398 743 103 1,320 2,751 9,842 Dec. 4 116,079 47,651 69,335 51,039 4,729 4522,264 9,278 46,744 33,320 8,726 3,598 915 47 2,163 3,377 10,403 11 115,815 48,789 68,912 52,142 4,491 4691,342 8,879 46,903 33,333 8,818 3,641 927 128 2,062 3,327 10,408 18 118,017 49,228 71,109 52,758 4,451 4512,672 9,200 46,908 33,359 8,702 3,730 932 207 1,805 3,325 10,381 25 118,460 49,083 71,434 52,822 4,534 4563,269 8,860 47,026 33,381 8,725 3,771 962 137 1,759 3,312 10,421 31 9.... 122,58. 50,15: 74,96f 55,029 4,919 4873,086 9,625 47,622 33,649 8,962 3,858 966 16 594 3,050 10,447 1964 Jan. 8 118,325 48,698 70,464 52,200 4,509 4502,061 9,598 47,861 33,63: 9,156 3,913 971 116 1,591 2,95' 10,468 15 119,515 50,055 71,521 53,99" 4,684 4871,488 9,222 47,994 33,654 9,270 3,9r 963 34 1,638 2,927 10,471 22 115,730 48,579 67,524 51,534 4,599 45' 1,162 8,400 48,206 33,712 9,376 3,95' 968 150 1,603 3,133 10,446 29 114,272 48,420 65,875 50,445 4,640 4341,200 7,809 48,397 33,721 9,519 4,000 966 101 1,486 3,131 10,495 1 After deduction of valuation reserves. 6 Includes certified and officers* checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves; individual loans items are shown gross. 7 Deposits of foreign governments and official institutions, central 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign 4 Total demand and total time deposits. branches of U.S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U.S. Govt., postal savings, domestic commercial interbank U.S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. 9 Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BUSINESS LOANS OF BANKS 199 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1964 1963 1964 1963 1963 1963 J 2 an 9 . J 2 a 2 n. Ja 1 n 5 . Jan. D 3 e 1 c . i Jan. Dec. Nov. IV III h 2 a n l d f h 1 a s l t f Durable goods manufacturing: Primary metals , 615 614 608 608 617 -2 3 9 4 5 -50 9 -38 Machinery , 2,123 2,152 2,175 2,174 2,170 -47 279 13 177 9 16 186 151 Transportation equipment , 832 903 908 881 881 -49 -12 59 -5 -90 -80 -95 -91 Other fabricated metal products. . , 788 794 797 799 807 -19 -14 -2 -51 -7 36 -59 58 Other durable goods , 991 1,010 1,021 1,032 1,042 -51 -19 -33 -90 23 58 -67 91 Nondurable goods manufacturing: Food, liquor, and tobacco 1,626 1,645 1,718 1,751 1,918 -292 74 153 496 148 -222 644 -593 Textiles, apparel, and leather 1,256 1,277 1,308 1,309 1,331 -75 -57 -66 -238 71 80 -167 288 Petroleum refining 1,192 1,195 1,193 1,152 1,187 5 84 12 72 27 39 99 7 Chemicals and rubber 1,005 993 984 978 997 8 39 -4 -20 -40 -24 -60 66 Other nondurable goods 819 821 823 844 849 -30 -19 4 -96 60 47 -36 92 Mining, including crude petroleum • and natural gas 2,722 2,736 2,753 2,794 2,892 -170 320 97 413 30 -59 443 237 Trade: Commodity dealers 1,381 1,387 1,390 1,386 1,422 -41 -64 125 348 235 -195 583 -263 Other wholesale 1,956 1,954 1,969 2,001 2,067 -111 42 15 125 -30 100 95 23 Retail 2,299 2,315 2,331 2,330 2,512 -213 -147 231 220 -67 71 154 52 Transportation, communication, and other public utilities 4,300 4,352 4,375 4,489 4,523 -223 305 546 -16 -22 529 -255 Construction 1,824 1,825 1,841 1,834 1,855 -31 -28 16 -27 67 175 40 133 All other:2 Bankers' acceptances 817 806 835 936 -47 All other types of business, mainly 510 155 570 3 147 573 180 services 4,673 4,687 4,683 4,674 4,765 -92 Total classified loans 31,291 31,477 31,683 31,871 32,771 -1,480 1,296 863 2,446 427 116 2,873 137 Commercial and industrial loans— all weekly reporting banks 37,195 37,424 37,641 37,818 38,793 -1,589 1,539 958 2,849 385 351 3,234 393 1 Tuesday. NOTE.—About 200 of the weekly reporting member banks are included 2 Beginning December 31, 1963, bankers' acceptances for the creation in this series; these banks classify, by industry, commercial and industrial of dollar exchange are excluded from commercial and industrial loans loans amounting to about 85 per cent of such loans held by all weekly and those relating to commercial transactions are shown in a separate reporting member banks, and about 60 per cent of those held by all category. Current figures are therefore not strictly comparable with commercial banks. figures previously reported, but differences are relatively small. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1962 Dec 4.78 5.61 5.33 5.12 4.68 1955 3.7 5.0 4.4 4.0 3.5 1963—Mar 4.80 5.62 5.36 5.06 4.70 1956 4.2 5.2 4.8 4.4 4.0 June........ 4.78 5.61 5.37 5.05 4.68 1957 4.6 5.5 5.1 4.8 4.5 Sept 4.81 5.64 5.36 5.04 4.71 1958 4.3 5.5 5.0 4.6 4.1 Dec 4.76 5.63 5.36 5.04 4.65 1959 5.0 5.8 5.5 5.2 4.9 7 northern and I960 5.2 6.0 5.7 5.4 5.0 eastern cities: 1961 5 0 5.9 5.5 5.2 4.8 1962—Dec 5.05 5.85 5.55 5.23 4 92 1962 5 0 5.9 5 5 5.2 4.8 1963—Mar 4.98 5 85 5 53 5 18 4 84 1963 5.0 5.9 5.5 5.2 4.8 June 5.01 5.84 5.54 5.27 4.87 Sept 5.01 5.85 5.56 5.19 4.88 Dec 5.04 5.85 5.55 5.27 4.90 Quarter: * 19 large cities: 11 southern and western cities: 1962 Dec 5.02 5.88 5.55 5.28 4.85 1962—Dec 5.33 6.01 5.68 5.41 5.10 1963 Mar 5 00 5 89 5 55 5 21 4 83 1963—Mar 5.30 6.02 5.66 5 33 5 07 June . 5 01 5 86 5 54 5 24 4.84 June 5.32 5.97 5.63 5.34 5.12 Sept ....... 5.01 5.86 5 54 5.21 4.85 Sept 5.30 5.96 5.64 5.33 5.09 Dec 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.31 5.07 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3^: Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL, 21, 4; 1957—Aug. 6, 4y2; 1958—Jan. 22, 4; Apr. 21, 3y2; Sept. 11, 4; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955. 1959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, 4i/2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 INTEREST RATES FEBRUARY 1964 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- 3- to 5m 4 o - n to th 6 s - 1 m d 3 i o - r n e to c th t l s 6 y - , 2 90 a n d c a e y s s , i on R is s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Other 4 iss y u e e a s r 5 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3 26 3 07 3 01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.219 3.16 3.253 3.25 3.30 3.28 3.72 1963 Jan 3.34 3 18 3 07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb 3.25 3.13 3.13 2.916 2.92 2.970 2.98 3.00 2.89 3.48 Miar . 3 34 3 15 3 13 2 897 2 89 2.950 2.95 2.97 2.99 3.50 Apr 3.32 3 17 3 13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 May 3.25 3.15 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 June 3.38 3 21 3 24 2 995 2.99 3.078 3.08 3.11 3.17 3.67 July 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 Aug . 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept 3.88 3 63 3 63 3.379 3.38 3,494 3.50 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 Nov . 3.88 3.75 3.71 3.522 3.52 3.648 3.65 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 1964 Jan 3.97 3.82 3.71 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Week ending— 1964 Jan 4 4.00 3.84 3.63 3.524 3.52 3.651 3.65 3.70 3.75 4.08 11 4.00 3.86 3.63 3.534 3.53 3.669 3.66 3.72 3.68 4.08 18 4 00 3 88 3 73 3 549 3.54 3.679 3.65 3.69 3.59 4.07 25 3.98 3.78 3.75 3.538 3.52 3.648 3.63 3.66 3.66 4.04 Feb 1 3.88 3.75 3.75 3.501 3.50 3.613 3.61 3.65 3.67 4.04 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio ( S l t o a n te g s - Total i term) Total 1 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4 57 4.66 2 97 4.74 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.05 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 1963 Jan 3.88 3.22 2.95 3.56 4.49 4.21 4.91 4.38 4.72 4.38 4.34 3.31 Feb 3.92 3.24 2.99 3.57 4.48 4.19 4.89 4.37 4.69 4.37 4.27 3.27 Mar . 3.93 3.21 2.97 3.56 4.47 4.19 4.88 4.38 4.65 4.38 4.24 3.28 5.50 Apr 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4 40 4 63 4 39 4 29 3 13 June 4.00 3.31 3.09 3.62 4.47 4.23 4.84 3.40 4.61 4.40 4.29 3.16 5.71 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3.99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4 30 3 13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 *>5.49 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4 83 4 47 4 66 4 44 4 26 3 05 Nov 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4 68 4 45 4 28 3 14 Dec 4.14 3.33 3 12 3 61 4 55 4 35 4 85 4 48 4 68 4 49 4 32 3 14 1964 Jan 4.15 3.29 3.09 3.56 4.57 4.37 4.83 4.50 4.68 4.51 4.32 3.06 Week ending— 1964 Jan 4 4 15 3 30 3 11 3 56 4 ^7 4 37 4 84 4 50 4 69 4 51 4 34 3 11 11 4.16 3.31 3.11 3 ^"7 4 57 4.37 4 84 4 50 4 67 4 51 4 33 3 07 18 4 16 3 30 3 10 3 56 4 57 4 38 4 84 4 50 4 68 4 52 4 31 3 05 25 4.15 3.29 3.07 3.56 4.57 4.38 4.83 4.50 4^69 4.52 4.31 3.03 Feb. 1 4.15 3.28 3.08 3.56 4.57 4.37 4.83 4.50 4.68 4.52 4.30 3.05 Number of issues 6-12 20 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rate A a and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend,price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 SECURITY MARKETS 201 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor'sindex Securities and Exchange Commission index ume and Poor's (1941-43= 10) (1957-59= 100) of trad- Period U.S. ing Govt. Manufacturing Trade, (thou- (long- Cor- Pub- Pub- fi- sands term) State po- In- Rail- lic Trans- lic nance, Min- of and rate Total dus- road util- Total Du- Non- porta- util- and ing shares] local AAA trial ity Total rable du- tion ity servrable ice 1961 87.55 107.8 95 2 66 27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 1962 86.94 112.0 96 2 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180.5 169.3 123.5 4,573 1963—Jan 87.81 113.0 97.6 65.06 68.00 34.06 63.35 132.6 123.6 119.2 127.7 107.3 173.0 155.8 106.8 4,573 Feb 87.33 112.1 97.8 65.92 68.91 34.59 64.07 135.0 125.5 121.0 129.7 110.3 177.5 158.4 109.3 4,168 Mar 87.15 113.3 97.8 65.67 68.71 34.60 63.35 133.7 124.5 118.7 129.9 109.3 174.5 158.6 111.5 3,561 Apr .. 86.63 113.2 97.4 68.76 72.17 36.25 64.64 140.7 132.0 126.9 136.9 116.3 179.2 164.8 120.1 5,072 May 86.66 112.6 97.1 70.14 73.60 38.37 65.52 143.2 134.3 130.7 137.7 124.2 180.6 170.0 123.2 4,781 86.36 110.7 97.1 70.11 73.61 39.34 64.87 142.5 133.7 130.8 136.7 127.2 178.0 170.6 125.2 4,528 July 86.16 110.3 96.7 69.07 72.45 38.75 64.47 140.7 131.8 126.6 136.7 125.8 176.6 168.5 127.3 3,467 86.45 111.4 96 5 70.98 74.43 39.22 66.57 144.6 135.6 130.4 140.5 128.8 180.9 173.1 132.3 4,154 Sept 85.77 110.7 96.0 72.85 76.63 39.00 67.09 148.2 139.4 135.5 143.2 128.0 182.9 179.7 132.9 5,331 Oct 85.50 109.9 95.9 73.03 77.09 38.31 65.55 148.7 139.9 138.0 141.6 128.2 184.8 179.9 130.0 5,316 Nov 85.03 108.6 95 9 72.62 76.69 38.60 64.81 147.3 138.0 136.6 139.4 129.5 186.4 174.9 127.9r5,294 Dec 84.64 109.5 95.5 74.17 78.38 39.92 65.63 151.1 141.4 137.7 145.0 134.9 191.3 176.5 135.2 4,701 1964—Jan 84.42 111.0 95.3 76.45 80.85 41.00 67.26 155.7 146.3 142.9 149.7 140.4 196.0 178.3 140.2 5,302 Week ending— 1964—Jan 4 . 84 48 109.9 95 2 75 12 79 41 40.55 66.22 153.6 144.6 141.5 147 7 138.3 192.1 176.6 139.8 5,473 11 84.36 109.9 95.3 75.98 80.31 40.74 67.09 155.2 145.9 142.9 148.8 139.8 195.1 177.7 139.5 5,401 18 84.34 111.1 95.2 76.47 80.85 41.05 67.37 155.8 146.3 143.5 149.0 141.0 196.9 177.7 139.2 6,098 25 84.48 111.4 95.2 76.85 81.27 41.13 67.62 157.0 147.2 143.4 150.9 142.5 198.6 180.0 141.7 5,253 Feb. 1 84.50 112.5 95.4 76.91 81.39 41.20 67.29 157.0 147.7 143.3 151.9 140.4 197.4 179.6 140.7 4,529 NOTE.—Annual data are averages of monthly data. Monthly and Common stocks, Standard and Poor's index based on averages of daily weekly data are computed as follows: figures; Securities and Exchange Commission index on weekly closing U.S. Govt. bonds, derived from average market yields in preceding prices. table on basis of an assumed 3 per cent, 20-year bond, averages of daily Volume of trading, average daily trading in stocks on the N.Y. Stock figures. Exchange for a 5Vi-hour trading day. 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. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cus- Months Total firms secured by— chasing anc carrying— tomers' securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total Customer Other c a b r n e a c l d - e i s t collateral collateral 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Jan 5,595 28 4,208 95 1,387 32 2,895 2,556 339 1,199 Feb 5,717 23 4,332 91 1,385 35 3,059 2,695 364 1,191 Mar 5,754 28 4,331 100 1,423 63 3,129 2,754 375 1,175 Apr 5,978 27 4,526 99 1,452 33 3,239 2,889 350 1,201 May.... 6,229 24 4,737 75 1,492 33 3,655 3,150 505 1,166 June 6,420 32 4,898 104 1,522 44 3,909 3,333 576 1,149 July 6,511 25 4,895 81 1,616 29 3,836 3,359 477 1,126 Aug 6,660 23 5,034 87 1,626 23 3,933 3,467 466 1,093 Sept 6,971 41 5,316 86 1,655 69 4,100 3,592 508 1,180 Oct 7,180 29 5,495 83 1,685 33 4,218 3,713 505 1,176 Nov 7,298 34 5,586 90 1,712 28 4,457 3,892 565 1,211 Dec r7,241 26 r5,514 140 1,727 32 '4,449 '3,852 r597 rl,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 NOTE.—Data in first 3 cols, and last col. are for end of month; in other have been transferred to other member firms and are reported in their cols, for last Wed. debit figures from the month received (some in Dec. 1963, more in Jan. Net debit balances and broker and dealer credit: Ledger balances of 1964). Debit balance totals for the period Oct.-Jan., therefore, are member firms of N.Y. Stock Exchange carrying margin accounts, as not completely comparable. reported to Exchange. Customers' debit and free credit balances exclude Bank loans to others than brokers and dealers: figures are for weekly balances maintained with reporting firm by other member firms of nation a 1 reporting member banks. Before July 1959, loans for purchasing or sseeccuurriittiieess eexxcchnaannggeess aannda boaaliaanncceess ooif rreeppoorrttiinngg fnirrmm aannud ooif ggeenneerraall ppaarrtt-- carrying U.S. Govt. securities were reported separately only by N.Y. ners of reporting firm. Balances are net for each customer—i.e., all and Chicago banks. Accordingly, for that period the fifth col. includes accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Nov. data on customers' net debit balances exclude amounts carried by a large former member firm in liquidation; most of these accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 OPEN MARKET PAPER; SAVINGS INSTITUTIONS FEBRUARY 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— 3ased on— End of period Accepting banks F. R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar Total through direct- into from exdealers 1 ly 2 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 16 878 278 456 46 296 232 1958 3 2,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 Dec 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 Jan 6,790 2,091 4,699 2,593 1,153 849 304 72 84 1,284 538 730 149 180 996 Feb . 6,996 2,193 4,803 2,565 1,141 840 301 54 84 1,285 542 703 159 148 1,013 Mar 7,076 2,260 4,816 2,589 1,167 886 280 52 83 1,288 554 730 142 122 ,041 Apr 7,382 2,204 5,178 2,658 1,251 977 274 44 83 1,280 523 750 146 108 [,130 May 7,542 2 084 5 458 2 696 1,148 923 225 42 83 1,422 525 808 149 72 1,142 7,239 2,049 5,190 2,697 1,227 953 274 43 83 1,344 536 807 130 66 1,158 July . 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 1,174 Aug 7,808 2,062 5,746 2,644 1,174 938 236 38 89 1,343 556 772 105 53 [,159 Sept 7,161 2,098 5,063 2,709 1,107 946 181 34 104 1,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 C58 105 cl,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2,744 1,190 976 214 42 102 1,410 572 842 54 46 1,230 Dec 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortgage loan End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments 3 govt. other 1 accts. Number Amount 1941 4,787 89 3,592 1/ 86 829 689 11,772 10 503 38 1 231 1945 4 202 62 10 650 57 606 185 16 962 15 332 48 1 582 1955 17,279 211 8,464 646 3,366 966 414 31,346 28 182 310 2 854 1956 19 559 248 7 982 675 3 549 920 448 33 381 30 026 369 2 986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1962 Nov 31,820 586 6,133 542 5,181 832 683 45,776 40,791 1,025 3,960 99,616 2,323 Dec 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Jan 32,492 575 6,146 512 5,173 819 735 46,451 41,565 932 3,955 101,815 2,345 Feb 32,812 583 6,177 501 5,162 870 722 46,826 41,780 [,052 3,993 108,060 2,398 Mar 33,125 611 6,437 475 5,153 891 743 47,436 42,306 1,106 4,023 103 534 2,379 Apr 33,452 568 6,195 470 5,081 830 728 47,325 42,318 1,034 3,973 107,672 2,409 33,809 614 6,170 462 5,076 852 734 47,717 42,549 1,148 4,019 107,429 2,390 June 34,075 588 6,189 458 5,090 890 737 48,028 42,972 1,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,107 828 750 48,282 43,109 1,138 4,035 108,914 2,419 34,690 662 6,137 455 5,132 809 741 48,626 43,282 1.248 4,096 107,108 2,366 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109 205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4,093 106,337 2,379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 1 Includes securities of foreign governments and international organiza- NOTE.—National Assn. of Mutual Savings Banks data; figures are tions and U.S. Govt. agencies not guaranteed, as well as corporate estimates for all savings banks in the United States and differ somewhat securities. from those shown elsewhere in BULLETIN; the latter are for call dates and 2 See note 3, p. 189. are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 SAVINGS INSTITUTIONS 203 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l ndForeign1 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3 869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5 231 5 273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 Book value: 1960—Dec 119,576 11,699 6,428 3,606 1,665 51,053 46,967 4,086 41,815 3,796 5,233 5,980 1961—Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Nov.r 132,584 12,694 6,395 4,046 2,253 56,511 51,370 5,141 46,352 4,128 6,204 6,695 Dec 133,169 12,510 6,189 4,060 2,261 56,555 51,374 5,181 46,980 4,124 6,214 6,786 1963—Jan 134,011 12,852 6,312 4,088 2,452 56,829 51,592 5,237 47,203 4,154 6,245 6,728 Feb 134,500 12,877 6,243 4,080 2,554 57,059 51,784 5,275 47,348 4,171 6,279 6,766 Mar 134,977 12,687 6,032 4,063 2,592 57,381 52,038 5,343 47,618 4,179 6,320 6,792 135,610 12,660 6,013 4,036 2,611 57,664 52,289 5,375 47,910 4,200 6,364 6,812 May 136,236 12,497 5,851 4,000 2,646 58,054 52,673 5,381 48,165 4,211 6,399 6,910 136,698 12,389 5,757 3,981 2,651 58,294 52,841 5,453 48,421 4,239 6,438 6,917 July 137,670 12,456 5,843 3,954 2,659 58,578 53,129 5,449 48,665 4,260 6,511 7,200 138,361 12,452 5,810 3,935 2,707 58,764 53,268 5,496 48,964 4 313 6 548 7,320 Sept 138,764 12,429 5,824 3,892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 Oct 139,610 12,425 5,829 3,893 2,703 C59,214 53,654 c5,560 49,536 4,357 6,620 7,458 140,207 12,371 5,787 3,889 2,695 59,574 53,989 5,585 49,813 4,369 6,651 7,429 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets 2— loan period M ga o g r e t s - s G e U c o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m o o rr n o e w y e 3 d L p o r a o n ce s s i s n Other co m m e m nt i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1 dRd 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,990 1,221 2,230 1962—Nov 77,972 5,569 3,230 5,445 92,216 78,581 6,070 3,172 1,932 2,461 2,434 Dec 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963—Jan 79,441 5,751 3,593 5,238 94,023 81,221 6,554 2,892 1,929 1,427 2,342 Feb 80,137 5,923 3,699 5,284 95,043 82,065 6,573 2,697 1,954 1,754 2,446 Mar . , . 81,042 6,100 3,789 5,401 96,332 83,260 6,573 2,601 2,097 1,801 2,662 Apr 82,103 6,135 3,650 5,493 97,381 83,738 6,584 2,725 2,254 2,080 2,843 May 83,281 6,111 3,613 5,887 98,892 84,707 6,600 2,840 2,353 2,392 3,019 June 84,525 6,201 3,850 5,858 100,434 86,349 6,800 3,434 2,461 1,390 3,092 July 85,628 6,271 3,401 5,708 101,008 86,313 6,810 3,688 2,485 1,712 3,097 Aug 86,836 6,233 3,353 5,859 102,281 86,956 6,826 3,912 2,493 2,094 3,110 Sept 87.933 6,345 3,383 5,897 103,558 87,872 6,830 4,208 2,536 2,112 3,067 Oct. r 89,051 6,419 3,450 5,979 104,899 88,667 6,838 4,405 2,576 2,413 3,025 Nov 89,857 6,548 3,482 6,154 106,041 89,471 6,855 4,464 2,502 2,749 2,929 1 Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances from FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage pledged shares. Beginning with Jan. 1958, no annual reports of noninsured assns. Data before 1954 are based entirely deduction is made for mortgage pledged shares. These have declined on annual reports. Data for current and preceding year are preliminary consistently in recent years and amounted to $42 million at the end of even when revised. 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 FEDERAL FINANCE FEBRUARY 1964 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e t v s r s t a . : - ! E r T e q c o u t t a s a l . l s 2 : Budget fu T P n r l d u u s s s : t 3 m A L e d e n j s u t s s s : t 4 - E p T q a o u y a t t a l s l s . : p r a e o c y r t t s s . . C & (d d h a i i e a r n g b n e e t c g n t e .) a I t g n L r e v e u n s e s . s s t : s t & . L N c d e a e o s s b n s h t : - Eq N u e a t ls: Cal. year—1961. . . 78,157 24,099 4,418 97,77r4 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962... 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963... 87,516 29,255 4,144 112,575 94,188 28,348 5,382 117,153 -4,579 7,672 2,535 4,255 Fiscal year—1960.. 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 I 848 1961.. 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962.. 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9 594 1963.. 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 '2,068 1,033 5,579 Half year: 1962—Jan.-June. 45,583 13,633 2,000 57,195 44,622 12,377 3,225 53,773 3,422 2,911 1,978 521 412 July-Dec.. 39,126 11,838 1,928 49,011 47,286 13,010 '2,195 58,101 -9,090 '6,143 -870 865 6,148 1963—Jan.-June. 47,250 15,851 2,352 60,728 45,356 13,536 3,241 55,650 c5,078 2,538 2,939 169 -569 July-Dec.. 40,266 13,404 1,792 51,847 48,832 14,812 2,141 61,503 -9,657 5,135 -403 714 4,824 Month: 1962—Dec 8,360 1,681 490 9,546 7,572 '2,097 '233 '9,436 '111 -1,985 '-938 -1,337 '290 1963—Jan 5,533 990 237 6,283 8,013 1,795 990 8,818 -2,535 -372 -998 61 565 Feb 7,305 3,361 314 10,350 6,763 2,230 213 8,779 1,570 1,010 517 33 461 Mar 9,663 2,123 237 11,545 7,806 1,968 852 8,922 2,622 -1,949 120 4 -2,066 Apr 5,735 1,752 236 7,248 7,590 2,242 163 9,669 -2,421 104 -829 87 846 May 6,953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 June 12,061 2,969 1,046 13,980 7,715 2,981 1,375 9,321 4,659 1,463 1,458 -36 40 July 3,547 1,419 271 4,693 7,863 2,651 468 10,045 -5,353 -854 -1,253 128 271 Aug 7,290 3,887 213 10,960 8,305 2,438 -544 11,287 -3281 2,028 1,784 116 128 Sept 10,095 1,830 274 11,652 7,815 2,515 781 9,549 2,102 366 -575 101 839 Oct 3,400 1,289 266 4,423 8,776 2,592 629 10,740 -6,318 103 -1,101 78 1,126 Nov 7,131 2,749 259 9,617 7,784 1,955 -73 9,812 -194 1,593 481 163 949 Dec 8,803 2,230 521 10,503 8,289 2,661 881 10,069 433 1,899 260 128 1,511 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c lu i e t s t T fu r n u d st s3 a C c l c e o a u ri n n t g s i M ss s u e a o c a r f . k n 3 e c t e i I n G n s e v o U c e v . . s 3 t S t . , . p d g d u i r i e r b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d t x n s. O as n t s h e e t e t r s Fiscal year—1960.. 1,224 -870 -149 1,746 -925 1,625 4 2,654 8,005 504 6,458 1.043 1961.. -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962.. -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963.. -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 Half year: 1962—Jan.-June. 962 1,256 704 879 -1,978 2,032 -81 3,936 10,430 612 8,815 1,003 July-Dec. -8,160 -1,172 -599 '874 870 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-June. 1,894 2,315 720 148 -2,939 2,390 -78 4,607 12,116 806 10,324 986 July-Dec.. -8,567 -1,408 -365 1,648 403 3,487 -60 -4,741 7,375 880 5,621 874 Month: 1962—Nov -1,042 619 -1,852 -65 -449 3,323 -57 591 7,109 585 5,728 796 Dec 788 '-416 1,080 '-65 '938 -1,920 6 400 7,509 597 6,092 820 1963—Jan -2,480 -805 692 -319 998 -53 57 -2,024 5,485 821 3,678 986 Feb 542 1,131 -133 -211 -517 1,221 73 1,961 7,446 841 5,580 1,025 Mar 1,857 155 618 -304 -120 -1,645 -245 806 8,252 909 6,466 877 Apr -1,854 -490 -159 -69 829 173 100 -1,672 6,579 952 4,340 1,287 May -516 2,354 -528 244 -2,820 2,038 -208 978 7,558 651 5,992 915 June 4,346 -12 231 1,462 -1,979 656 145 4,558 12,116 806 10,324 986 July -4,316 -1,232 70 171 1,253 -1,025 39 -5,118 6,998 629 5,564 805 Aug -1,015 1,449 -874 328 -1,784 1,700 -43 -152 6,846 705 5,389 752 Sept 2,279 -685 411 265 575 100 9 2,938 9,783 948 7,958 877 Oct -5,377 -1,304 291 296 1,101 -193 87 -5,273 4,510 881 2,839 790 Nov -652 795 -495 -179 -481 1,773 760 5,270 890 3,521 859 Dec 514 -431 232 76 7 -260 1,132 -151 2,105 7,375 5,621 874 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. 2 Includes small adjustments not shown separately. 5 Includes technical adjustments not allocated by functions. 3 Includes net expenditures of Govt. sponsored enterprises. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 FEDERAL FINANCE 205 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d - ividual Corp. Total a L b n i a q d c u c t o o o r - H w ig a h y - Total O R a A n .R d S . I e U m n p - l. E a g s n t if a d t te t C o u m s- s r m e I a p e n n n a t d . y ts - fu R n e d - s Other held Other Fiscal year—1960.. 95,07831,675 13,271 22,179 11,865 5,126 2,642 14,678 11,526 2,670 1,626 1,123 1,820 5,238 2,079 1961., 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962.. 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963.. 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,735 15,127 4,114 2,187 1,241 1,903 6,571 2,516 Half year: 1962—Jan.-June. 57,19518,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 1,030 July-Dec.. 49,01118,958 3,319 8,810 6,808 2.845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,84820,120 3,465 9,242 7,043 n.a. 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 Month: 1962—Dec 9,546 3,131 407 3,450 1,136 419 277 735 652 47 132 94 258 64 267 j 963—Jan 6,283 1,269 2,367 517 1,099 409 261 552 330 173 191 80 122 109 195 Feb 10,350 5,422 783 422 1,038 379 272 3,119 2,025 1,055 145 103 91 838 65 Mar 11,545 3,182 745 6,081 1,081 438 279 1,526 1,361 123 216 107 147 1,720 180 Apr 7,248 973 4,371 551 1,022 446 258 1,177 936 200 303 110 129 1,603 215 May 11,323 5,642 651 443 1,192 499 311 3,998 3,026 933 229 106 109 1,204 157 June 13,980 3,272 2,033 5,511 1,171 507 267 1,422 1,337 48 188 95 128 292 458 July. 4,693 1,295 381 574 1,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 1,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 1,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 1,156 561 285 678 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 n.a. 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 n.a. 300 1,240 1,147 52 150 103 272 103 262 Cash payments to the public Period Total 5 t f i N e d o n n e a s - a - e l a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d i e o c n v u o g e m s l - . . l H w ab e e l o a fa r lt r h & e , E t d i u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1960 94,328 45,915 1,574 401 4,877 '1,822 4,819 1,440 19,107 867 5,907 7,233 '1,558 1961 99,542 47,685 2,153 744 5,183 '2,101 5,107 -103 22,364 945 6,187 7,257 1,724 1962 107,662 51,462 '2,492 1,257 5,942 2,223 5,487 '1,691 '23,975 1,052 6,092 6,940 1,882 1963'.... 113,751 53,429 2,242 2,552 7,266 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,983 Half year: 1962—Jan.-Juner. .. 53,773 27,331 855 775 2,547 1,016 2,591 214 12,515 601 3,019 3,595 939 July-Dec.r... 58,101 26,123 875 1,024 4,446 1,386 3,099 1,028 12,349 562 2,956 3,580 983 1963—Jan.-June'. . . 55,650 27,306 1,367 1,528 2,816 1,067 2,681 -1,294 13,348 651 3,010 3,846 1,000 July-Dec 61,502 26,359 1,032 1,857 4,314 1,455 3,657 1,857 13,150 561 2,954 3,845 1,084 Month: 1962—Dec.r 9,436 4,431 53 187 532 188 527 443 2,082 98 489 320 160 1963—Jan 8,818 4,580 270 233 '509 195 398 -723 2,309 132 784 225 169 Feb 8,779 4,135 225 194 •"320 164 401 -406 2,232 125 467 1,358 150 Mar 8,922 4,609 225 250 '529 153 406 '-310 2,227 110 452 325 158 Apr 9,669 4,572 284 271 '501 166 386 -74 2,278 93 411 305 155 May 9,989 4,575 74 281 '590 '176 449 -161 2,117 93 476 1,314 201 June r 9,321 4,835 289 299 367 213 641 380 2,185 98 419 319 167 July 10,045 4,263 n 270 818 215 502 464 2,217 109 513 227 204 Aug 11,287 4,456 152 285 915 295 643 274 2,099 126 481 1,474 171 Sept 9,549 4,246 186 287 621 265 650 274 2,129 88 476 285 183 Oct 10,740 4,670 239 342 882 253 682 264 2.274 83 503 348 169 Nov 9.812 4,164 242 301 446 209 561 82 2,201 68 489 1,239 171 Dec 10.069 4,560 220 372 632 216 619 499 2,230 87 492 273 186 1962 1962 1963 Item II III IV IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.. 25.3 26.5 27.3 27.1 27.4 27.8 28.7 28.9 26.2 31.0 26.0 23.0 28.2 32.6 Payments. 27.6 27.0 28.1 29.2 28.2 28.2 30.4 30.2 26.0 27.8 28.5 29.6 26.5 29.1 Net -2.2 -.5 -.7 -2.1 -.8 -.4 -1.7 -1.3 3.2 -2 .5 -6 .6 1.7 3.4 -6.1 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 U.S. GOVERNMENT SECURITIES FEBRUARY 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period T gr o o t s a s l gross Marketable Con- Nonmarketable Special debti debt 2 Total vert- Total Bills C c e a r t t e if s i- Notes Bonds * bo ib n l d e s Total 5 S in a g v s bonds 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33 6 8.9 6 1 7.0 1945 Dec 278.7 278.1 255.7 198.8 17 0 38 2 23 0 120 6 56 9 48 2 20 0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118 0 59 5 52 1 29 0 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35 3 80 9 10 8 57 4 56 3 45 6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51 3 79 8 5 7 47 8 47 2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48 6 47.5 43.5 1962—Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963 Jan . 303.9 303.4 257.1 204.0 48.9 22.7 53.7 78.6 4.0 49.2 47.7 42.2 Feb 305.2 304.6 258.1 204.8 49.9 23.7 50 0 81 1 3 9 49 4 47 9 42 5 Mar 303.5 303.0 256.8 203.5 48.5 21.8 53.4 79 8 3 7 49 6 48 0 42.2 Apr 303.7 303.2 257.6 204.3 49.4 21.8 53.0 80.1 3.5 49 7 48.1 41.6 May 305.8 305.2 257.6 204.1 49.7 22.2 52.1 80.1 3.5 50.0 48.2 43.6 306.5 305.9 257.2 203.5 47.2 22.2 52.1 82.0 3.5 50 2 48 3 44.8 JUly 305.5 304.8 257.2 203.5 47.2 22.2 52.2 81.9 3.5 50.3 48.4 43.7 307.2 306.5 257.0 203.2 47.2 17.0 58.6 80.5 3.4 50.3 48.5 45.5 Sept 307.3 306.6 258.0 204.3 48.2 15.5 54.1 86.5 3.4 50 4 48.6 44.7 Oct 307.1 306.4 259.2 205.3 49.7 15.5 53.7 86.5 3.3 50.6 48.7 43.3 Nov 308.9 308.2 260.5 206.6 50 5 10 9 58 7 86 4 3 3 50 7 48 8 43 6 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86 4 3 2 50 7 48 8 43.7 1964 Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 oo. / 3.2 50.8 48.9 41.9 1 Includes some debt not subject to statutory debt limitation (amounting 5 Includes Series A investment bonds, depository bonds, armed forces to $364 million on Jan. 31, 1964), and fully guaranteed securities, not leave bonds, adjusted service bonds, foreign currency series, foreign shown separately. series, Rural Electrification Administration bonds, and before 1956 2 Includes non-interest-bearing debt, not shown separately. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,322 million on Dec. 31, 1963. * Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d t T g d r o e o t b s a t s l ag G U t e a r o n . u n S v c s d . i t t e . s b F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t o n e e d n i r g a - n l2 t O i m o n r t v i h s s e e c s r . 3 funds i bonds securities 1941—Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945_Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947_Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.6 18.0 45.9 22.3 12.0 10.1 I960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6. 11.4 19.7 18 7 46.4 18.5 13 4 11 6 1962—Dec 304.0 55.6 30.8 217.6 67.2 6. 11.5 20.1 19.5 46.9 18.3 15.3 12.7 1963—Jan 303.9 54.5 30.3 219.1 66.7 6. 11.5 21.0 19.9 47.1 18.6 15.3 12 9 Feb 305.2 55.1 30.6 219.5 65.8 6. 11.4 21.6 19.9 47.2 18.7 15.2 13.8 Mar 303.5 55.1 31.0 217.4 64.7 6.: 11.2 20.7 20 1 47.3 19 1 15 4 12 7 Apr 303.7 54.3 31.2 218.2 65.1 6. 11.1 21.0 20.5 47.3 18.4 15.6 13.0 May 305.8 57.1 31.3 217.4 63.9 6. 11.0 22.2 20.5 47.4 18.0 15.9 12.5 June 306.5 58.4 32.0 216.1 64.4 6. 10.8 20.2 20 7 47.5 18 1 15 8 12 5 July 305.5 57.1 32.5 215.9 63.3 6. 10.9 20.5 20.9 47.6 18.4 15 6 12 6 Aug 307.2 58.9 32.4 215.9 61.7 6. 10.9 21.3 21.2 47.7 18.4 15.9 12.7 Sept 307.3 58.3 32.6 216.4 63.0 6.0 11.0 19.6 20 9 47 7 18 7 16 0 13 5 Oct 307.1 57.2 32.8 217.2 63.1 5.8 11.0 20.4 20.7 47.8 18.8 15 9 13 6 Nov 308.9 57.7 33.7 217.5 62.7 5.8 11.0 r21.6 20.3 47.8 18.9 r16.0 13.2 Dec 310.1 58.0 33.6 218.5 64.1 5.8 11.0 20.7 20.8 48.1 18.8 16.0 13.2 1 Includes the Postal Savings System. 3 includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 U,S. GOVERNMENT SECURITIES 207 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other All holders : 1960—Dec. 31 189,015 73,830 39,446 34,384 72,298 18,684 13,224 10,979 1961—Dec. 31 195,965 84,428 43,444 40,984 66,360 19,782 11,976 13,419 1962—Dec. 31 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Nov. 30 206,551 88,385 50,521 37,864 56,660 37,500 8,358 15,648 Dec. 31 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 U.S. Govt. agencies and trust funds: 1960—Dec. 31 8,116 1,482 591 891 2,431 1,602 1,461 1,140 1961—Dec. 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962—Dec. 31 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Nov. 30 11,754 1,725 1,248 477 1,827 3,102 2,175 2,925 Dec. 31 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 Federal Reserve Banks: 1960—Dec. 31 27,384 15,223 3,217 12,006 10,711 1,179 243 28 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Nov. 30 33,667 22,632 4,199 18,433 8,517 2,300 88 131 Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 Held by public: 1960—Dec. 31 153,515 57,125 35,638 21,487 59,156 15,903 11,520 9,811 1961—Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12.873 1963—Nov. 30 161,130 64,028 45,074 18,954 46,316 32,098 6,095 12,592 Dec. 31 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 Commercial banks: 1960—Dec. 31 54,260 14,697 6,976 7,721 31,596 5,654 1,775 538 1961—Dec. 31 59,073 21,149 9,962 11,187 30,751 5,043 1,724 407 1962—Dec. 31 , 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963—Nov. 30 53,551 15,215 7,821 7,394 25,563 11,776 527 469 Dec. 31 54,881 16,703 9,290 7,413 26,107 11,075 533 463 Mutual savings banks: I960—Dec. 31 5,944 480 144 336 1,544 1,849 897 1,174 1961—Dec. 31 5,867 868 181 505 1,514 1,708 662 1,298 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—Nov. 30 5,533 682 256 426 1,128 2,114 390 1,219 Dec. 31 5,502 690 268 422 1,211 2,009 377 1,215 Insurance Companies: I960—Dec. 31 9,001 940 341 599 2,508 2,076 1,433 2,044 1961—Dec. 31 9,020 1,228 442 786 2,222 1,625 1,274 2,671 1962—Dec. 31 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—Nov. 30 9,225 1,152 519 633 1,860 2,485 939 2,789 Dec. 31 9,254 1,181 549 632 2,044 2,303 939 2,787 Nonfinancial corporations: 1960—Dec. 31 10,741 8,340 5,599 2,741 2,269 58 39 33 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 8 1962—Dec. 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Nov. 30 11,176 8,442 6,932 1,510 2,307 350 12 65 Dec. 31 10,427 7,671 6,178 1,493 2,397 290 9 60 Savings and loan associations: I960—Dec. 31 2,454 322 163 159 858 473 396 406 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963—Nov. 30 3,338 373 240 133 889 1,303 252 521 Dec. 31 3,253 378 236 142 919 1,202 253 501 State and local governments: 1960—Dec. 31 10,957 3,933 2,643 1,290 1,785 828 1,382 3,029 1961—Dec. 31 10,893 3,974 2,710 1,264 1,320 842 1,250 3,507 1962—Dec. 31 11,716 4,447 3,282 1,165 1,059 1,505 688 4,017 1963—Nov. 30 11,913 4,156 3,393 763 861 1,534 1,591 3,771 Dec. 31 12,453 4,637 3,869 768 941 1,502 1,591 3,782 All others: 1960—Dec. 31 60,158 28,413 19,772 8,641 18,596 4,965 5,598 2,587 1961—Dec. 31 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—Dec. 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Nov. 30 66,394 34,008 25,914 8,094 13,707 12,534 2,384 3,760 Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 NOTE.—Direct public issues only. Based on Treasury Survey of cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and Ownership. 488 savings and loan assns.; and (3) about 60 per cent by 480 State and Data complete for U.S. Govt. agencies and trust funds and F.R. Banks local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual throughout, include holdings of all ketable issues held by groups, the proportion held on latest date and the those not reporting in the Treasury Survey, including investor groups no number of reporting owners surveyed were: (1) about 90 per cent by the listed separately. 6,070 commercial banks, 505 mutual savings banks, and 794 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 U.S. GOVERNMENT SECURITIES FEBRUARY 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Dealers and brokers securities Total W 1 i y t e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U.S. m b C e a o r n m c k ia - s l o A th l e l r Govt. Other securities 1962—Dec 2,071 1,446 366 222 38 610 38 881 543 88 1963—Jan 1,871 J.484 226 124 36 621 37 730 484 81 Feb 2,350 [.646 400 230 75 733 44 952 622 73 Mar 1,694 1,241 224 149 79 544 39 657 454 91 Apr 1,788 1,438 195 105 50 509 33 757 488 91 May 1,639 1,160 282 127 69 529 30 601 479 81 June ... 1,574 1,208 168 165 33 471 26 584 493 108 July 1,775 1,440 172 134 29 556 27 727 464 95 1,308 ,060 139 88 21 401 15 507 384 88 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 1,261 144 124 46 467 31 637 439 91 Nov 1,713 .300 252 131 29 480 28 662 544 117 Dec 1,719 213 122 37 508 30 730 451 96 Week ending— 1963—Dec 4 1,623 [,349 165 82 28 431 23 664 506 228 11 1,591 1,281 172 109 29 473 30 643 445 67 18 1,515 1,052 273 151 37 489 21 655 349 60 25 1,550 1,177 228 112 33 494 29 688 339 116 1964—Jan 1 2,410 2,013 209 134 54 640 45 1,042 683 147 8 2,022 1,602 252 144 23 653 22 868 479 90 15 . . 2,513 1,918 336 193 66 759 40 1,142 573 96 22 2,478 L 851 274 226 126 872 51 981 575 100 29 1,624 1,323 175 86 40 518 29 685 391 121 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. GOYL securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur U ities W 1 i y t e h a in r y 1 ea -5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . es Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r 1 a- o A th l e l r 1962—Dec 4,268 3,829 365 74 227 1962—Dec 4,378 1,563 839 11,566 411 1963—Jan 4,021 3,622 368 30 185 Feb 3,410 2,863 473 74 128 1963—Jan 4,062 1,388 895 1,396 383 Mar 3,547 2,439 563 543 212 Feb 3,553 1,070 897 1,083 502 Apr 3,467 2,934 355 178 228 Mar 4,027 1,436 1,009 1,129 453 May 3,494 2,810 640 44 305 Apr 3,548 886 854 1,366 442 June 3,093 2,666 347 80 357 May 3,764 936 888 1,536 403 July 2,881 2,505 357 21 267 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 ,478 350 Sept 3,689 3,099 290 300 195 Aug 3,293 553 501 ,924 316 Oct ... . 3,538 2,899 196 444 176 Sept 3,974 1,201 898 [,527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 1,387 429 Dec 3,090 2,800 295 4 254 Nov 3,551 660 671 1,748 472 Dec 3,139 823 587 .466 263 Week ending— Week ending— 1963—Nov. 6.. 4,108 3,328 551 228 178 13.. 3,630 3,042 449 138 144 1963—Nov. 6... 3,718 924 837 ,503 454 20.. 3,415 2,952 391 72 138 13... 3,533 526 642 ,685 679 27.. 3,322 2,870 395 58 173 20... 3,579 691 772 1,659 457 27... 3,473 592 548 ,995 337 Dec. 4, . 3,433 3,034 356 41 259 11. . 2,942 2,629 279 33 254 Dec. 4... 3,421 576 482 ,962 402 18. . 3 3 , , 0 0 9 5 2 3 2 2 , , 8 8 1 4 3 6 2 2 9 5 8 1 - - 1 5 2 2 2 2 4 4 3 0 1 1 1 8 . . . . . . 3 3 , , 1 2 0 1 8 4 1,0 5 2 2 9 3 4 6 4 4 3 6 , , 8 30 6 9 3 2 2 3 7 0 8 25. . 25... 3,078 1,038 689 ,171 179 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Averages of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 OUTSTANDING SECURITIES 209 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount sue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb. 6,1964. 2,201 July 16, 1964 800 Feb. 15, 1966 3% 5,653 May 15,1968 37/g 2,460 F F e e b b . . 2 1 0 3 , , 1 1 9 9 6 6 4 4 . . 2 2 , , 1 2 0 0 2 2 J Ju u l l y y 2 30 3 , , 1 1 9 9 6 6 4 4 8 8 0 0 1 0 A A u p g r. . 15 1 , , 1 1 9 9 6 6 6 6 \V 4 i 4,0 6 1 7 0 5 N Au o g v . . 1 1 5 5 , , 1 1 9 9 6 6 8 8 3 3 V % 4 3 1 , ,5 7 9 4 1 7 Feb. 27, 1964. 2,102 Aug. 31, 1964 1,001 Oct. 1,1966 1 357 Feb. 15, 1969 4 1,844 Mar. 5, 1964. 2,202 Sept. 30, 1964 1,002 Feb. 15,1967 3! 3,475 Oct. 1,1969 4 2,538 Mar. 12, 1964. 2,200 Oct. 31, 1964 1,000 Apr. 1,1967 V 270 Aug. 15, 1970 4 4,130 Mar. 19, 1964. 2,202 Nov. 30, 1964 1,005 Aug. 15, 1967 3: 4,433 Aug. 15,1971 4 2,806 Mar. 23, 1964 2,001 Dec. 31, 1964 1,000 Oct. 1, 1967 1 457 Nov. 15, 1971 3% 2,760 Mar. 26, 1964. 2,209 Apr. 1,1968 1 212 Feb. 15, 1972........4 2,344 Apr. 2,1964. 199 Certificates Oct. 1,1968 1 51 Aug. 15, 1972 4 2,579 A A p p r r . . 1 9 5 , , 1 1 9 9 6 6 4 4 . . 2 5 0 0 1 1 F M e a b y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 3 V V /A 4 4 6 , , 1 74 9 1 8 Treasury bonds A N u o g v . . 1 1 5 5 , , 1 1 9 9 7 7 4 3 3% 4 2 3 , , 2 8 4 9 4 4 Apr. 16, 1964. 101 June 15, 1962-67... 2Vi 1,461 May 15, 1975-85... 4 VA 1,216 Apr. 23, 1964. 103 Treasury notes Dec. 15, 1963-68...2Vi 1,814 June 15, 1978-83... 3 VA 1,589 30, 1964. 101 Apr. 1,1964 l^i 457 Feb. 15, 1964 3 1,634 Feb. 15, 1980 4 2,610 May 7, 1964. 800 May 15, 1964 V/A 4,399 June 15, 1964-69... 2 Vi 2,629 Nov. 15, 1980 3& 1,914 May 14, 1964. 801 May 15, 1964 3% 2,016 Dec. 15, 1964-69...2% 2,541 May 15, 1985 3*4 1,129 May 21, 1964 800 Aug. 15, 1964 5 2,046 Feb. 15, 1965 2% 3,974 Feb. 15, 1990 .3% 4,909 May 28, 1964 802 Aug. 15, 1964 3VA 4,085 Mar. 15, 1965-70... 2Vi 2,418 Aug. 15, 1987-92... 4VA 365 J J u u n n e e 1 4 1 , , 1 1 9 9 6 6 4 4 8 80 0 1 0 O N c o t v . . 15 1 , , 1 1 9 9 6 6 4 4 4 1 % & 3, 4 8 9 6 0 8 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3V 3 4 2 1 , , 8 02 6 4 2 F M e a b y . 1 1 5 5 , , 1 1 9 9 8 8 8 9 - - 9 9 3 4 ... 4H 4 1,5 2 6 5 0 0 June 18, 1964 800 Nov. 15, 1964 3VA 5,963 Nov. 15, 1966 3% 1,851 Feb. 15, 1995 3 2,502 June 22, 1964 i 2,501 Apr. 1,1965 \Vi 466 Mar. 15, 1966-71...2Vi 1,406 Nov. 15, 1998 3Vi 4,445 June 25, 1964 804 May 15, 1965 4% 1,816 June 15, 1967-72...2% 1,307 July 2,1964 800 May 15, 1965 3% 7,977 Sept. 15, 1967-72... 2 Vi 1,952 Convertible bonds J J u u l l y y 1 9 5 , , 1 1 9 9 6 6 4 4 1,9 8 9 0 8 0 O N c o t v . . 15 1 , , 1 1 9 9 6 6 5 5 3 V i/ h i 2,9 31 5 5 4 D N e o c v . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 -72...2 3 V y i 8 2 3 , , 7 6 5 0 4 4 I A n p ve r. s tm 1 e , n 1 t 9 S 7 e 5 ri - e 8 s 0 B ...2% 3,211 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1963 Agency a , n t d y p c e o u an p d o n d a ra te te of issue, Maturity o ( A f m m d i o l o l l i l u o a n n r t s s) Agency a , n t d y p c e o u a p n o d n d r a a te te of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Mar. 15, 1963 3.20 Jan. 15, 1964 320 Apr. 1, 1963 .3.20 Jan. 2, 1964 252 Apr. 15, 1963 3% Feb. 17, 1964 265 May 1,1963 44 Feb. 3, 1964 273 Sept. 16, 1963 3.85 Feb. 17, 1964 300 June 3, 1963 .3.30 Mar. 2, 1964 231 June 17, 1963 3.40 Mar. 16, 1964 275 July 1, 1963 .3.45 Apr. 1, 1964 232 Apr. 15, 1963 3.30 Apr. 15, 1964 435 Aug. 1, 1963 .3.65 May 4, 1964 223 Aug. 15, 1963 3.70 May 15, 1964 330 Sept. 3, 1963 ..334 June 1, 1964 191 July 16, 1963 3*4 June 15, 1964 326 Oct. 1,1963 July 1, 1964 175 Sept. 16, 1963 3.95 July 15, 1964 413 Nov. 4,1963 Aug. 3, 1964 172 Oct. 15, 1963 3.90 Aug. 17, 1964 300 Dec. 2, 1963 !3.95 Sept. 1, 1964 203 Dec. 9,1963 4.00 Sept. 15, 1964 564 Federal land banks Bonds: Bonds: June 17, 1963 3Vi Oct. 15, 1964 460 Apr. 20. 1963. Apr. 20,1964 147 Sept. 17, 1962 3% Sept. 15, 1965 175 Aug. 8, 1963. Aug. 20,1964 215 Dec. 9,1963 4% Aug. 15, 1966 200 Dec. 20, 1960. Oct. 20.1964 90 Oct. 20, 1960. Oct. 20,1965 160 June 20, 1961. Dec. 20,1965 115 Federal National Mortgage Association— Apr. 2, 1961. Feb. 21, 1966 150 secondary market operations May 1,1958. May 2,1966 108 Debentures: Sept. 20, 1961. July 20,1966 193 May 10, 1961 3% May 11, 1964 89 Feb. 15, 1957. Feb. 15,1967-72 72 Sept. 11, 1961 4 Sept.10, 1964 144 May 1, 1962. May 22,1967 180 Dec. 11, 1961 3"' Dec. 11, 1964 111 Oct. 1,1957. Oct. 1,1967-70 75 Dec. 10, 1957 4 June 10, 1965 98 Oct. 22, 1963. Oct. 23, 1967 174 Sept. 10, 1962 3 Mar. 10, 1966 108 Apr. 1,1959. Mar. 20,1968 86 Dec. 12, 1960 4 Dec. 12, 1966 93 May 1,1963. June 20,1968 186 Mar. 10, 1958 3 Mar. 11, 1968 87 Feb. 2, 1959. Mar. 20,1969 100 Apr. 10, 1959 4 Apr. 10, 1969 88 July 15, 1957. July 15,1969 60 Apr. 11, 1960 4 Apr. 10, 1970 146 Feb. 1, 1960. Feb. 20,1970 82 Sept. 12, 1960 4 Sept.10, 1970 119 Feb. 14, 1958. Apr. 1,1970 83 Aug. 23, 1960 4 Aug. 10, 1971 64 Jan. 5, 1960. July 20,1970 85 Sept. 11, 1961 4i Sept.10, 1971 98 May 1, 1956. May 1,1971 60 Feb. 10, 1960 5 Feb. 10, 1972 100 Sept. 14, 1956. Sept. 15,1972 109 Dec. 11, 1961 4 June 12, 1972 100 Feb. 20, 1963. Feb. 20,1973-78 148 June 12, 1961 4 June 12, 1973 146 Feb. 20, 1962. Feb. 20,1974 155 Feb. 13, 1962 4' Feb. 10, 1977 198 Tennessee Valley Authority Short-term notes 35 Banks for cooperatives Debentures: Bonds: Aug. 1,1963 3% Feb. 3, 1964 200 Nov. 15, 1960. .4.40 Nov. 15, 1985 50 Oct. 1, 1963 3.80 Apr. 1, 1964 193 July 1, 1961. 4% July 1, 1986 50 Dec. 2,1963 3% June 1, 1964 196 Feb. 1,1962. Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 CREDIT AGENCIES; SECURITY ISSUES FEBRUARY 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r p n t r d e g a r a l a a r g N y t e i o a m n A ti a s o s ) r s n k n a e . l t coo B p a e fo r n a r k t s ives i c n r t e F e d r e i m d t e e b r d a a i n l a k te s F b e l a d a n < r j i k d r s al End of period Ad- Mort- Deben- Loans Loans Mortvances Cash Bonds Mem- gage tures to Deben- and Deben- gage to Invest- and and ber Capital loans and cooper- tures dis- tures loans Bonds mem- ments de- notes de- stock notes atives counts bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 1,919 1,599 1958 1 298 999 75 714 819 769 1 323 1 100 510 252 1 157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 .. . 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962—Dec... 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Jan... 2,802 1,876 87 2,348 1,155 1,128 2,708 2,370 777 505 1,858 1,729 3,069 2,628 Feb... 2,611 1,883 81 2,096 1,213 1,129 2,599 2,343 775 480 1,926 1,787 3,089 2,661 Mar.. 2,514 1,974 62 2,003 1,283 1,130 2,446 2,126 761 480 1,892 1,842 3,118 2,661 Apr... 2,635 1,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 1,935 3,147 2,661 May.. 2,740 1,720 75 2,035 1,236 1,134 2,126 1,984 702 489 2,210 2,037 3,176 2,725 June.. 3,270 1,937 159 2,770 1,325 ,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July.. 3,548 1,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,203 3,218 2,725 Aug.. 3,758 1,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 Sept.. 4,024 1,484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 ,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 ,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 1,906 159 4,363 1,151 ,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 NOTE.—Data from Federal Home Loan Bank Board, Federal National banks, bonds held within the FHLB System), and are not guaranteed by Mortgage Assn., and Farm Credit Admin. Among the omitted balance the U.S. Govt.; for a listing of these securities, see preceding page. Loans sheet items are capital accounts of all agencies, except for stock of home are gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They principal for other agencies. include only publicly offered securities (excluding, for the home loan NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total amount Period deliv- Total G g o a e b t a n i l l o e i- n r- s R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 ered 3 Total c E a d ti u o - n b R r a o i n d a d g d e s s i U tie ti s l - 4 H in o g u 5 s- V a a e n i t d s e ' r- O p p o t u h s r e e - s r ] 1957 6,926 4,795 1,965 66 99 1.489 1,272 4,164 6,568 6,875 2,524 J .036 1,517 113 333 1,352 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2 165 4,473 8,301 8 463 2,821 I 167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 41Q 2,600 4,825 8,732 8,568 2,963 114 1,668 521 125 2,177 1962—Nov . 610 403 194 12 121 200 289 650 578 213 97 150 2 116 Dec... 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan... 978 527 429 21 41 250 686 657 732 310 99 182 2 139 Feb... 834 431 383 20 100 342 391 843 726 238 114 85 91 197 Mar.. 1,012 674 210 138 16 265 332 416 880 974 251 52 231 142 298 Apr... 948 692 240 16 156 207 585 1,003 866 369 70 225 1 202 May.. 952 437 500 15 168 424 359 899 861 214 69 346 56 176 June.. 1,089 422 639 28 134 528 426 912 945 251 39 194 114 347 July.. 885 447 416 21 77 422 386 1,100 647 246 67 126 26 182 Aug.. 754 392 232 ii6 14 186 285 283 928 706 260 32 143 123 148 Sept.. 464 '318 25 93 72 298 701 448 204 33 77 31 103 Oct... '1,313 '672 r622 r20 143 r485 r685 '564 '1 103 '262 r133 '335 9 r365 Nov.. 660 391 226 43 184 135 340 1,039 639 241 99 203 2 94 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions NOTE.—The figures in the first column differ from those shown onrthe to the local authority. following page, which are based on Bond Buyer data. The principal 2 Municipalities, counties, townships, school districts. difference is in the treatment of U.S. Govt. loans. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser Investment Bankers Assn. data; par amounts of long-term issues. and payment to issuer) which occurs after date of sale. Based on date of sale unless otherwise indicated. 4 Water, sewer, and other utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 SECURITY ISSUES 211 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Re- Period tire- Total U.S. G U o .S v . t. S U t . a S t . e Bonds Stock Total New Other m o e f nt Govt.2 a c g y e n 3 - l a o n c d al Other 4 Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total money6 p p o u s r e - s s ri e t c ie u s - 1955, 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956, 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957, 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958, 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959, 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960, 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961. 35,494 12,253 1,448 8,345 302 13,147 9,425 4,706 4,720 449 3,273 12,874 11,979 10,829 1,150 895 1962, 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4,529 436 1,318 10,572 9,814 8,323 1,491 757 1962—Nov. 1,821 327 595 115 784 732 286 446 24 28 776 703 494 209 73 Dec. 2,149 295 547 111 1,197 1,072 264 808 59 65 1,184 1,103 923 180 81 1963—Jan.. 2,708 774 999 240 695 593 350 243 30 71 684 613 563 50 72 Feb.. 2,166 425 148 810 141 642 548 259 289 17 77 631 594 448 146 37 Mar. 2,830 396 989 82 1,363 1,273 499 774 17 74 1,349 1,144 1,056 88 205 Apr.. 2,927 716 915 62 1,049 832 380 452 26 191 1,034 930 812 118 104 May. 2,783 409 902 131 1,340 1,244 550 694 17 78 1,323 904 830 74 419 June. 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 1,013 783 230 217 July. 2,089 413 789 78 810 710 279 431 35 65 797 676 588 89 121 Aug. 2,010 398 726 100 786 686 336 349 39 61 774 667 596 71 107 Sept. 1,673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct.. 3,023 394 174 1,282 3 1,170 1,043 511 532 36 91 1,154 1,062 960 102 92 Nov. 2,130 333 200 688 5 904 747 205 542 51 106 893 830 614 216 63 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Tr ansp ortation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 , 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,281 10 1,773 39 1962—Nov. 271 3 40 1 35 15 175 50 4 178 4 Dec. 345 31 104 4 90 13 252 25 54 257 5 1963—Jan.. 135 5 49 2 99 114 65 125 91 1 Feb.. 220 6 52 1 30 115 30 68 110 * J J M M A u u p a a l n r r y y e . . , . , , 2 2 2 5 1 1 2 9 9 4 6 7 7 2 8 2 2 3 1 5 9 8 1 0 1 8 6 6 6 1 5 4 0 3 4 1 2 5 4 3 2 1 1 1 3 3 4 0 0 4 5 3 1 9 6 1 0 2 2 2 3 1 9 2 3 4 0 7 2 0 2 7 1 6 8 5 8 7 1 6 8 2 9 4 9 7 5 8 3 2 1 8 6 26 8 2 2 2 2 1 7 7 8 1 8 1 6 3 2 9 10 9 5 1 5 Aug. 272 50 7 36 100 22 25 71 184 4 Sept. 237 47 32 4 61 78 * 39 1 348 7 Oct.. 266 10 56 1 31 198 72 42 4 469 Nov. 224 10 43 5 104 130 41 13 1 316 6 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 SECURITY ISSUES FEBRUARY 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I C n O ve S. s * t. Other I c n o v s e . s i t, Other In co v s e . s 1 t. Other 1957 14,350 3,609 10,741 9,638 2,584 7,053 1,391 3,321 406 618 985 2,703 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2,288 2,724 869 1,086 1,419 1,638 1961 16,745 6,967 9,778 9,225 4,090 5,134 3,259 4,261 1,811 1,696 2,078 2,566 1962 13,490 6,249 7,241 8,593 3,566 5,028 2,788 2,109 1,123 1,561 1,665 548 1962—III 2,744 1,634 1,110 1,816 1,082 734 500 428 235 317 265 111 IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 79 1963—1 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,297 2,004 1,293 2,189 1,230 959 659 449 389 385 270 64 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock & B o n n o d te s s Stock 1957 1,779 1,391 169 24 289 2,585 815 1,236 198 995 1,259 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,938 318 505 -431 63 1 1,655 700 148 1,472 825 2,584 1962 1,479 -403 313 -173 -61 -34 1,301 487 1,178 363 819 1,972 1962—III 291 -159 8 11 -27 -12 87 134 244 100 132 302 IV 390 -83 78 -35 40 -11 316 69 308 97 410 268 1963—1 391 -102 58 -18 100 -3 190 25 197 87 73 273 II 460 -224 112 -14 131 -31 250 167 99 101 422 254 Ill 378 -60 17 -27 -95 27 148 8 82 131 429 254 1 Open-end and closed-end cos. exclude foreign and include offerings of open-end investment cos., sales 2 Extractive and commercial and misc. cos. of securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation cos. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for NOTE.—Securities and Exchange Commission estimates of cash trans- that purpose shown on p. 211. actions only. As contrasted with data shown on p. 211, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other Sales Re t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other 1952 783 196 587 3,931 1962—Dec... 191 105 87 21,271 1,315 19,956 1953 672 239 433 4,146 1954 863 400 463 6,110 309 5,801 1963—Jan... 235 116 118 22,447 1,336 21,111 Feb... 166 115 51 22,015 1,401 20,614 1955 1,207 443 765 7,838 438 7,400 Mar... 200 117 84 22,639 1,350 21,289 1956 1,347 433 914 9,046 492 8,554 Apr... 203 133 70 23,487 1,256 22,231 1957 1,391 406 984 8,714 523 8,191 May.. 194 132 61 24,038 1,286 22,752 1958 1,620 511 1,109 13,242 634 12,608 June.. 195 115 79 23,692 1,166 22,526 1959 2,280 786 1,494 15,818 860 14,958 July... 219 124 95 23,550 1,310 22,240 Aug... 193 123 69 24,925 1,287 23,638 1960 2,097 842 1,255 17,026 973 16,053 Sept... 206 142 64 24,496 1,300 23,196 1961 2,951 1,160 1,791 22,789 980 21,809 Oct.... 214 132 82 24,914 1,374 23,540 1962 2,699 1,123 1,576 21,271 1,315 19,956 Nov... 210 123 87 24,774 1,419 23,355 1963 2,460 1,504 952 25,214 1,341 23,873 Dec... 225 132 92 25,214 ,341 23,873 1 Market value at end of period less current liabilities. NOTE.'—Investment Co. Institute data based on reports of members, 2 Cash and deposits, receivables, all U.S. Govt. securities, and other which comprise substantially all open-end investment cos. registered with short-term debt securities, less current liabilities. the Securities and Exchange Commission. Data reflect newly formed cos. after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BUSINESS FINANCE 213 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 Industry 1958 1959 1960 1961 1962 1 I II III IV 1 I i III IIIi Manufacturing Total (180 corps.): Sales 105,134118,423123,126122,849135,579 33 291 34 602 31,995 35 690 34 549 37 521 34 861 Profits before taxes 10,466 14,090 13,463 13,200 15,401 3,908 4,096 3,187 4,210 3 960 4 721 3,717 Profits after taxes 5,714 7,440 7,121 7,135 8,184 2,033 2,096 1,700 2,355 2,078 2,431 1,981 Dividends 4,078 4,342 4,464 4,714 5,022 1,154 1,158 1,163 1,548 1,164 1,315 1,165 Nondurable goods industries (79 corps.): 2 Sales 41,541 45,442 41,211 49,237 52,077 12,793 12,984 12,981 13 320 13 207 13 818 13 941 Profits before taxes 4,402 5,648 5,570 5,589 6,001 1,461 1,501 1,453 1,586 1,512 1,617 1,657 Profits after taxes 2,574 3,210 3,210 3,219 3,416 816 815 827 959 867 899 942 Dividends . . 1,785 1,912 1,953 2,037 2,153 512 513 517 611 539 539 530 Durable goods industries (101 corps.): 3 Sales 63,593 72,981 75,849 73,612 83,502 20,499 21,619 19,014 22,371 21,342 23,703 20,920 Profits before taxes 6,065 8,442 7,893 7,611 9,400 2 447 2,595 1,734 2 624 2 448 3 083 2 060 Profits after taxes 3,140 4,231 3,911 3,916 4,768 1,217 1,282 873 1,397 1,211 1,532 1,039 Dividends .. . .... 2,294 2,430 2,510 2,677 2,870 642 644 647 936 626 776 636 Selected industries: Foods and kindred products (25 corps.): Sales 10,707 11,303 11,901 12,607 13,124 3,231 3,267 3,328 3,298 3,268 3,470 3,557 Profits before taxes 1,152 1,274 1,328 1,417 1,440 336 355 380 368 334 386 404 Profits after taxes . . . . 555 604 631 670 685 160 167 180 178 162 184 195 Dividends 312 344 367 392 419 103 103 104 109 108 110 110 Chemicals and allied products (21 corps.): Sales 10,390 11,979 12,411 12,825 13,978 3 372 3,567 3 467 3 572 3 508 3 788 3 765 Profits before taxes 1,538 2,187 2,010 1,989 2,229 545 586 546 553 548 621 607 Profits after taxes 829 1,131 1,061 1,039 1,160 279 297 283 301 283 318 319 Dividends 717 799 795 843 876 198 196 199 283 204 204 194 Petroleum refining (16 corps.): Sales 12,838 13,372 13,815 14,483 15,013 3 771 3,612 3,714 3 916 3 959 3 937 4 028 Profits before taxes 919 1,187 1,267 1,237 1,362 343 300 299 420 390 343 387 Profits after taxes 791 969 1,026 1,025 1,084 262 227 255 341 304 265 303 Dividends 516 518 521 528 566 139 142 141 145 151 149 150 Primary metals and products (35 corps.): Sales 19,226 21,035 20,898 20,308 21,361 5,733 5,535 4,992 5 102 5 155 6 151 5,498 Profits before taxes 2,182 2,331 2,215 1,998 1,860 620 505 353 383 431 713 474 Profits after taxes ... 1,154 1,222 1,170 1,067 1,003 320 269 186 228 231 372 253 Dividends 802 831 840 845 821 209 210 210 192 180 182 182 Machinery (25 corps.): Sales 14,685 17,095 16,826 17,576 19,127 4,537 4,916 4,665 5,008 4,768 5,120 5,111 Profits before taxes 1,463 1,890 1,499 1,672 1,913 454 490 457 512 481 535 537 Profits after taxes 734 934 763 838 957 225 240 228 265 239 266 263 Dividends 422 448 482 497 520 129 129 129 133 137 140 140 Automobiles and equipment (14 corps.): Sales . . 18,469 22,731 25,738 22,779 28,603 6 904 7,515 5 708 8 476 7 851 8 615 6 421 Profits before taxes 1,332 2,985 3,185 2,788 4,326 1,096 1,253 589 1,389 1,265 1,469 673 Profits after taxes 706 1,479 1,527 1,410 2,136 531 596 287 721 599 704 331 Dividends 758 807 833 969 1,148 215 216 216 501 216 361 220 Public Utility Railroad: Operating revenue 9,565 9,825 9,514 9,189 9,440 2,296 2,408 2,332 2,405 2,238 2,474 2,398 Profits before taxes 843 845 648 625 728 133 186 172 237 116 252 197 Profits after taxes 602 578 445 382 571 66 105 125 275 82 189 156 Dividends 419 406 385 359 367 85 92 67 123 89 103 66 Electric power: Operating revenue... .... 10,195 11,129 11,906 12,478 13,252 3,399 3,206 3,255 3,392 3,830 3,377 3,481 Profits before taxes 2,704 2,983 3,163 3,349 3,591 1,051 835 887 818 1,100 848 930 Profits after taxes 1,519 1,655 1,793 1,883 2,053 585 472 488 508 626 498 529 Dividends . . 1,134 1,219 1,307 1,374 1,459 366 371 356 366 392 378 384 Telephone: Operating revenue 6,939 7,572 8,111 8,615 9,196 2,245 2,296 2,300 2,355 2,365 2,440 2,465 Profits before taxes 1,860 2,153 2,326 2,478 2,639 648 678 683 630 672 711 725 Profits after taxes 921 1,073 1,155 1,233 1,327 320 335 337 335 336 357 368 Dividends . . . . 674 743 806 867 935 231 232 235 237 225 255 252 1 Figures have not been adjusted for the varying treatment by indi- Telephone. Data obtained from Federal Communications Commisvidual cos. of additional depreciation under the new guidelines and of sion on revenues and profits for telephone operations of the Bell System the investment tax credit. Consolidated (including the 20 operating subsidiaries and the Long 2 Includes 17 cos. in groups not shown separately. Lines and General departments of American Telephone and Telegraph 3 Includes 27 cos. in groups not shown separately. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. NOTE.—Manufacturing corps. Data are obtained primarily from All series. Profits before taxes are income after all charges and before published co. reports. Federal income taxes and dividends. For description of series see Railroads. Interstate Commerce Commission data for Class I line- June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pphaul railroads. 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). Electric power. Federal Power Commission data for Class A and B Back data available from Division of Research and Statistics. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 BUSINESS FINANCE FEBRUARY 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d co c a n a l t l s i p o o u i w n m ta - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi i t t s e s - d co c a n a t l s i l p o o u i w n t m a - l pances 1 ances ! 1955 44.9 21.8 23.0 11.2 11.8 18.4 1962 I 45.9 21.7 24.2 16.2 8.0 30.3 1956 44.7 21.2 23.5 12.1 11.3 20.0 II 46.7 22.1 24.6 16.4 8.2 30.7 1957 43.2 20.9 22.3 12.6 9.7 21.8 III.... 46.2 21.9 24.3 16.5 7.8 31.0 1958 37.4 18.6 18.8 12.4 6.4 22.7 IV.... 48.4 22.9 25.5 17.1 8.4 31.3 1959 47.7 23.2 24.5 13.7 10.8 24.3 1963—1 48.3 22.9 25.4 17.1 8.3 31.7 1960 44.3 22.3 22.0 14.5 7.5 25.6 II 51.0 24.2 26.8 17.6 9.2 32.1 1961 43.8 22.0 21.8 15.3 6.5 26.8 III.... 52.2 24.7 27.5 17.6 9.8 32.7 1962 46.8 22.2 24.6 16.6 8.1 30.8 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v r e ie n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . . i Other G U o . v S t . .1 Other taxes 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2-1 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 L7 99.3 15.0 37.0 I960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 136.8 306.0 40.3 19.7 3.4 135.5 95.2 12.0 169.3 L.8 111.6 14.0 41.9 1962—11 . . 140.4 313.3 37.2 19.6 3.3 141.0 98.7 13.5 172.9 L.8 113.4 13.6 44.1 HI 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 0 117.7 14.6 45.0 IV 144.0 325.9 41.0 20.1 3.6 146.5 100.9 13.7 181.9 2.0 119.8 14.9 45.1 1963—I 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 II 147.1 334.7 38.0 20.2 3.3 153.1 104.0 16.0 187.6 2.5 123.8 14.2 47.1 Ill 149.7 341.6 38.5 19.6 3.4 157.8 105.8 16.6 192.0 2.5 126.6 15.1 47.7 i Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P ti u l b it l i i e c s n C i o c m ati m on u s - Other l a ( r n S a n . t u e A ) a . l 1955 28.70 5.44 6.00 .96 .92 1.60 4.31 1.98 7.49 1956 . . 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 1960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 2 39.05 7.77 7.85 1.04 1.08 1.91 5.64 1375 1962—11 9.50 1.77 1.92 .27 .26 .60 1.37 .93 2.37 36.95 Ill 9.62 1.79 1.93 .28 .24 .50 L.54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 1.52 .95 2.60 37.95 1963—1 .. 8.25 1.62 1.65 .24 .21 .39 L.04 .85 2.26 36.95 II 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2.41 38.05 HI 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2 64 40.00 IV 2 10.92 2.23 2.25 .28 .31 .54 L60 3 71 40.75 1964—I 2 9.05 1.79 1.80 .24 .26 .50 1.10 36 40.75 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JANUARY 1964 REAL ESTATE CREDIT 215 MORTGAGE DEBT OUTSTANDING [In billions of dollars] All properties Nonfarrrl Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- U.S. Indi- ers Finan. Other Finan. Other ers insti- holders4 tutions i agen- viduals Total insti- hold- Total insti- hold- tutions ! cies and tutions l ers tutions 1 ers others 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.8 3.9 6.0 1957 156.5 119.7 7.4 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.4 4.0 6.4 1958 171.8 131.5 7.8 32 7 160 7 117.7 98.5 19.2 43.0 28.8 14.2 11.1 4.2 6.9 1959 190.8 145.5 10.0 35.3 178.7 130.9 109.2 21.6 47.9 31.9 16.0 12.1 4.5 7.6 1960 . 206.8 157.6 11.2 38.0 194.0 141.3 117.9 23.4 52.7 35.0 17.7 12.8 4.7 8.2 1961^ 226.3 172.6 11.8 41.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 13.9 5.0 8.9 1962P 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1962 IP 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 IIP 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5.3 9.4 HIP 244.5 186.8 12.1 45.6 229.6 162.9 137.1 25.8 66.7 44.3 22.3 14.9 5.4 9.6 rw 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1963—IP 257.1 197.2 11 8 48 1 241 6 169 2 143 3 25 9 72 4 48 3 24 1 15.5 5.6 9.9 1\P.. . 265.1 204.1 11.2 49.9 249.0 173.7 147.9 25.8 75.3 50.3 25.0 16.1 5.9 10.2 Ill* 273.3 210.8 11.1 51.4 256.8 178.3 152.3 26.0 78.5 52.4 26.1 16.6 6.1 10.5 281.3 217.3 1 Commercial banks (including nondeposit trust cos. but not trust 4Derived figures; includes debt held by Federal land banks and depts.), mutual savings banks, life insurance cos., and savings and loan Farmers Home Admin. assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., NOTE.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- Other U.S. agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with individuals and others. Admin., Public Housing Admin., Veterans Admin., and Comptroller 3 Derived figures; includes small amounts of farm loans held by of the Currency. savings and loan assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings * Mutual savings bank holdings2 Residential Residential End of period Other Other Total Total FH in- A- g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3 292 1 048 566 4,812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18 591 5 476 3 335 9 780 5 461 1,471 23,263 20 935 5,501 8 360 7 073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1961 II 29,383 20 595 5 820 2,726 12 049 7,072 1,716 28,015 25 318 7 634 9 192 8,492 2,645 51 in 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 rv 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 n 32,194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 in 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 n 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10,728 3,290 50 III? 38,550 26,021 7,130 2,940 15,951 10,216 2,313 35,215 31,833 10,370 10,370 11,093 3,332 50 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions; first and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks beginning in 1962. For earlier years the basis for first and third quarter estimates included F.R. commercial bank call NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. series for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 REAL ESTATE CREDIT FEBRUARY 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm * Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6 636 5 860 1,394 4,466 776 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 1960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1962—Nov 732 688 135 52 501 44 46,352 42,972 10,147 6,391 26,434 3,380 Dec 1,010 949 142 55 752 61 46,957 43,557 10,215 6,401 26,941 3,400 1963—Jan 647 581 122 48 411 66 47,203 43,805 10,309 6,397 27,099 3,398 Feb 518 447 98 44 305 71 47,348 43,928 10,343 6,390 27,195 3,420 Mar 705 608 125 63 420 97 47,618 44,156 10,388 6,399 27,369 3,462 Apr 705 624 126 68 430 81 47,910 44,407 10,444 6,418 27,545 3,503 May 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 My 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 Sept 716 653 142 48 463 63 49,233 45,522 10,604 6,402 28,516 3,711 Oct 774 718 147 52 519 56 49,536 45,799 10,658 6,393 28,748 3,737 Nov 680 622 126 54 442 58 49,813 46,057 10,711 6,395 28,951 3,756 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for year-end adjustments are more complete. Nan.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period Total 2 s N c t t o r i e o u n w n c - - H c p h o u a m r s - e e Total 2 r F su H in re A - d - a g V n u t A a ee r - d - ti C v o e n o n a n - l - 2 Period S.A. 2 N.S.A. i a n l S s o g a s a s n v n & s - . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1945. . . . 1,913 181 1,358 5 376 1941 4,732 1,490 404 1 165 218 1945 5,650 2,017 250 1,097 217 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1*472 4,264 1,429 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1960 29,341 12,158 1,318 4,520 1,557 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1961 31,157 13,662 1,160 4,997 1,741 1963P 24,706 7,010 9,917 90,811 4,684 6,960 79,167 1962 34,187 15,144 .212 5,851 1,957 1962 1962 Dec 1,755 534 643 78,770 4,476 7,010 67,284 Nov 2,939 2,883 1,270 105 490 178 Dec 2,916 2,682 1,168 103 444 168 1963 1963 Jan 1,573 434 616 79,441 4,500 7,015 67,926 Feb 1,503 429 576 80,137 4,522 7,047 68,568 Jan 2,876 2,658 1,143 100 457 141 Mar 1,834 573 666 81,042 4,535 7,045 69,462 Feb 2,869 2,424 11,086 88 408 123 2,058 622 760 82,103 4,547 7,068 70,488 Mar 2,907 2,751 1,261 99 467 126 May!!!!!!! 2,199 651 854 83,281 4,581 7,089 71,611 Apr 2,986 3,065 1,412 112 539 145 2,242 638 936 84,525 4,587 7,047 72,891 May 3,066 3,233 1,497 116 563 168 July 2,341 619 1,003 85,628 4,621 7,084 73,923 June 3,121 3,177 1,468 119 551 181 2,428 623 1,071 86,836 4,635 7,085 75,116 July 3,183 3,515 1,606 127 595 218 Sept 2,196 642 928 87,933 4,662 7,058 76,213 Aug 3,213 3,525 1,611 123 612 212 Oct 2,387 685 977 89,051 4,679 7,028 77,344 Sept 3,189 3 177 t 442 116 546 190 Nov 1,856 502 757 89,857 4,683 6,980 78,194 Oct 3,134 3,534 1,594 125 616 206 Dec P 2,090 592 773 90,811 4,684 6,960 79,167 Nov 2,880 1 271 103 495 184 1 Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 REAL ESTATE CREDIT 217 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j - * m p P r e i e r o m r o n t v y p - t e - s - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1 948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 1961 '153.1 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1962* 166.5 62.0 32.3 29.7 104.5 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1963 7,126 1,664 3,905 843 804 3,045 1,272 1,770 1962—I* 155.3 59.9 30.3 29.6 95.4 IIP 159.1 60.4 30.9 29.5 98.7 1962 Dec 589 145 284 95 65 236 115 121 Ill* 162.9 61.0 31.5 29.5 101.9 IV* 166.5 62.0 32.3 29.7 104.5 1963 Jan 618 179 324 60 54 254 123 131 Feb 536 141 259 82 54 202 100 101 1963—1* 169 2 62.8 33.0 29.8 106.4 Mar 546 137 279 73 57 219 106 113 II* 173.7 63.5 33.5 30.0 110 2 Apr 540 120 273 86 62 245 114 130 Ill* 178.3 64.3 34.3 30.0 114.1 May 562 123 292 72 75 260 108 151 590 118 301 86 85 226 91 135 July 640 142 369 72 56 265 98 167 NOTE.—For total debt outstanding, figures are 653 136 372 60 86 278 103 175 FHLBB and F.R. estimates. For conventional, SeDt 617 138 367 46 66 267 103 165 figures are derived. Oct 734 160 407 88 79 316 119 196 Based on data from Federal Home Loan Bank Nov 577 127 317 55 78 258 100 158 Board, Federal Housing Admin, and Veterans Admin. Dec 601 142 345 63 52 255 106 149 * 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 Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of ( p d e u r r io in d g ) m m e i n t- ts Period va A n d c - es R m e e p n a t y s - M de e p m os b i e ts rs period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s- e - d Total t S e h rm or t 1 - t L e o rm ng - 2 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 RQ2 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1963 4,650 3,017 1,634 290 1,114 191 1963 5,625 4,521 4,784 1,921 1,151 1962—Dec 5,923 3,571 2,353 26 18 355 1962—Dec 611 200 3,479 2,005 1,474 1,213 1963—Jan 5,853 3,552 2,300 34 66 336 1963—Jan 249 926 2,802 1,669 1,134 1,155 Feb 5,697 3,469 2,227 17 129 323 Feb 178 370 2,611 [,534 1,077 1,213 Mar 5,501 3,375 2.126 28 191 289 Mar 250 348 2,514 1,399 1,115 1,282 Apr 5,227 3,269 1,958 28 268 281 451 329 2,635 1,516 1,119 1,250 May 4,993 3,164 1,828 26 213 272 M^y!;;;;" 382 277 2,740 1,585 1,155 1,236 4,883 3,114 1,769 32 102 251 696 166 3,270 1,876 1,393 1,325 July 4,795 3,069 1,727 19 74 183 July 709 432 3,548 2,139 1,409 1,069 4,752 3,050 1,703 23 29 185 466 456 3,758 2,296 1,462 1,011 Sept 4,720 3,034 1,686 21 10 183 Sept 517 251 4,024 2,493 [,531 1,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 2,588 1,638 986 Nov 4,677 3,021 [,656 15 7 196 Nov 363 299 4,290 2,611 1,679 978 Dec 4,650 3,017 1,634 24 19 191 Dec 754 259 4,784 2,863 1,921 1,151 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin., and Community 1 year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 CONSUMER CREDIT FEBRUARY 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans1 loans 1939 . .. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 .... 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 1960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1962 Dec 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 Jan . 62,462 47,920 19,582 12,453 3,211 12,674 14,542 5,430 5,071 4,041 Feb 61,989 47,852 19,678 12,250 3,185 12,739 14,137 5,479 4,511 4,147 Mar 62,149 48,075 19,930 12,149 3,177 12 819 14,074 5,539 4,374 4,161 Apr ... . 63,167 48,806 20,376 12,197 3,200 13,033 14,361 5,562 4,581 4,218 May 64,135 49,484 20,794 12,272 3,245 13,173 14,651 5,674 4,793 4,184 June. 64,987 50,307 21,236 12,422 3,281 13,368 14,680 5,709 4,783 4,188 July 65,491 50,894 21,593 12,459 3,316 13,526 14,597 5,683 4,760 4,154 Aug 66,308 51,526 21,819 12 607 3,357 13 743 14,782 5,789 4,839 4,154 Sept 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 Oct 67,088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec . . 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in other consumer goods paper. (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates cover loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n c m k ia s - l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fin s C u a o m n n c e e - r Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m A ea o u l b t e i o r l - e ss Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1,187 377 502 ,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 1 1, , 1 2 2 4. 5 O 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 ,625 1962—Dec. 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 1,527 1963—Jan.. 47,920 42,335 19,129 12,668 4,864 4,134 ,540 5,585 2,478 1,049 290 308 1,460 Feb.. 47,852 42,371 19,256 12,556 4,876 4,138 ,545 5,481 2,480 1,027 284 288 1,402 Mar. 48,075 42,531 19,450 12,460 4,928 4,139 ,554 5,544 2,566 1,002 278 315 1,383 Apr.. 48,806 43,149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 1,382 May. 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 1,377 June. 50,307 44,373 20,602 12,693 5,251 4,241 ,586 5,934 2,925 997 274 331 1,407 July. 50,894 44,878 20,874 12,807 5,330 4,276 ,591 6,016 2,999 994 274 343 1,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 1,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 1,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6,096 3,077 1,015 280 325 1,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 1,644 6,233 3,172 1,032 282 326 1,421 Dec. 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 CONSUMER CREDIT 219 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a o t m o p h m d e e e - r r s r R e m l r t o a e n i o n p a o iz d n d a n a s i - r - s l P o o a e n n r a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 i 139 1,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 I 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 i 170 ,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 I 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1962—Dec.. 12,194 7,449 170 ,452 1962—Dec 19,005 6,184 3,451 2,824 2,261 4,285 3,123 | 1963—Jan... 12,668 7,471 167 ,463 1963—Jan 19,129 6,216 3,492 2,861 2,239 4,321 Feb.. 12,556 7,477 3,567 I 165 ,468 Feb 19,256 6,281 3,530 2,865 2,220 4,360 Mar.. 12,460 7,514 3,446 i 164 ,475 Mar 19,450 6,386 3,592 2,866 2,209 4,397 Apr.. 12,506 7,639 3,307 162 ,491 Apr 19,882 6,549 3,699 2,895 2,229 4,510 May. 12,583 7,778 3,214 162 ,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June. 12,693 7,934 3,136 162 ,528 June 20,602 6,849 3,869 2,973 2,286 4,625 July.. 12,807 8,069 3,069 162 ,565 July 20,874 6,976 3,922 2,986 2,312 4,678 Aug.. 12,906 8,153 3,011 161 ,606 Aug 21,101 7,073 3,936 3,012 2,336 4,744 Sept.. 13,073 8,099 2,986 161 ,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct... 13,187 8,163 3,157 161 1,677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov.. 13,302 8,210 3,186 160 1,699 Nov 21,486 7,218 3,984 3,084 2,373 4,827 Dec. 13,523 8,228 3,233 158 1,754 Dec 21,610 7,246 4,003 3,123 2,361 4,877 3,383 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 19 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 4 5 loa 6 7 n 8 6 s 5 9 End of period Total b C m a c o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e i l n - r - s s m p t D o a e r e r n e t - - s t l o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1 370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3 842 260 2 366 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1960 13 196 3 884 623 941 3 952 436 3 360 1962—Dec. 10,583 2,111 751 815 6,906 1961 14,151 4,413 723 948 3,907 469 3,691 1962 .. 15,130 4,690 766 927 4,252 505 3,990 1963—Jan.. 10,538 2,095 748 805 6,890 1963 16,145 5,047 912 895 4,456 520 4,315 Feb. 10,559 2,102 746 800 6,911 Mar. 10,621 2,123 747 804 6,947 1962—Dec... 15,130 4,690 766 927 4,252 505 3,990 M?y 1 10 0 , , 9 7 1 6 1 1 2 2, , 2 1 0 6 8 5 7 7 5 6 5 4 8 82 0 5 9 7 7, , 1 0 1 3 4 2 1963—Jan... 14,542 4,685 745 775 3,802 494 4,041 June 11,078 2,253 777 833 7,215 Feb. 14,137 4,713 766 646 3,376 489 4,147 July. 11,197 2,283 789 842 7,283 Mar. 14,074 4,727 812 587 3,308 479 4,161 Aug. 11,368 2,316 799 860 7,393 Apr. 14,361 4,793 769 603 3,505 473 4,218 Sept. 11,469 2,330 802 864 7,473 May 14,651 4,836 838 610 3,699 484 4,184 Oct.. 11,583 2,355 815 869 7,544 June 14,680 4,893 816 599 3,689 495 4,188 Nov. 11,674 2,369 822 874 7,609 July. 14,597 4,874 809 555 3,682 523 4,154 Dec. 11,859 2,394 835 870 7,760 Aug. 14,782 4,879 910 579 3,713 547 4,154 Sept. 14,820 4,927 917 620 3,667 546 4,143 Oct. 14,831 4,952 878 639 3,743 516 4,103 NOTE.—Institutions represented are consumer finance cos., credit Nov. 15,051 4,987 907 667 3,817 515 4,158 unions, industrial loan cos., mutual savings banks, savings and loan Dec. 16,145 5,047 912 895 4,456 520 4,315 assns., and other lending institutions holiing consumer instalment loans. See NOTE to first table on previous page. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 CONSUMER CREDIT FEBRUARY 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Period S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1962—Dec 4,826 5,351 1,739 1,579 1,415 1,884 164 145 1,508 1,743 1963—Jan 4,899 4,385 J.807 1,624 1.160 MRS 172 132 1 560 1,441 Feb 4,957 4,083 1,809 1,537 1,395 1,039 169 126 1,584 1,381 Mar 4,973 4,702 1,811 1,787 1,406 1,238 180 160 1,576 1,517 Apr 5,008 5,332 1,870 2,072 1,359 1,355 187 195 1,592 1,710 May 4,985 5,294 1,847 2,067 1,357 1,386 188 218 1,593 1,623 June 5,054 5,222 1,820 1,967 1,408 1,410 186 199 1,640 1,646 July 5,100 5,365 1,854 2,055 1,409 1,393 191 214 1,646 1,703 5,100 5,242 1,802 1,839 1,441 1,456 185 213 1,672 1,734 Sept 5,093 4,755 1,730 1,524 1,425 1,384 181 193 1,757 1,654 Oct 5,311 5,487 •1,910 2,040 .457 1,547 188 205 1,756 1,695 Nov 4,979 4,981 1,792 1,734 1,432 S17 168 169 1,587 1,561 Dec 5,272 5,974 ,914 1,767 1^523 2^094 172 154 1,663 1,959 Repayments 1956 37,054 14,555 10,756 1,370 10,373 1957 39,868 15,545 11,569 1,477 11,276 1958 40,344 15,415 11,563 1,626 11,741 1959 42 603 15 579 12 402 1 765 12 857 I960 45 972 16 384 13 574 1 883 14 130 1961 « 47,700 16,472 14,246 2,015 14,967 1962 50,620 17,478 14,939 1,996 16,206 1963 55 111 19 354 15 846 2 035 17 876 1962—Dec 4,341 4,368 1,509 1,454 1,262 1,239 166 158 1,404 1,517 1963—Jan 4,414 4,499 1.564 1.582 1,277 1.340 167 167 1.406 1,410 Feb 4,462 4,151 1,566 1,441 1,289 1,242 165 152 1,442 1,316 Mar 4,496 4,479 1,546 1,535 1,324 1,339 170 168 1,456 1,437 Apr 4,487 4,601 1,585 1,626 1,276 1,307 170 172 1,456 1,496 May 4,544 4,616 1,611 1,649 1,294 1,311 170 173 1,469 1,483 June 4,568 4,399 .5RR 1,525 1,317 1,260 167 163 1,496 1,451 July 4,591 4,778 i;603 1,698 1.310 1,356 171 179 1,487 1,545 4,619 4,610 1,607 1,613 1,326 1,308 170 172 1,516 1,517 Sept 4,752 4,563 1,659 1,618 1,347 1,289 174 173 1,572 1^483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 1,572 1,568 Nov 4,596 4,543 1,638 1,598 1,324 1,316 167 162 1,467 1,467 Dec 4,812 4,924 1,707 ,675 1,384 1,374 177 172 1,544 1,703 Net change in credit outstanding 2 1956 2,814 960 965 212 678 1957 2 148 920 238 197 793 1958 -225 — 1,189 184 245 534 1959 5,601 2,268 1,602 463 1,269 I960 3,588 1,270 896 330 1,093 1961 696 -465 332 53 111 1962 4,506 2,318 746 55 1 388 1963 5,711 2,659 1,161 143 1,748 1962—Dec 485 983 230 125 153 645 -2 -13 104 226 1963—Jan 485 -114 243 42 83 -152 5 -35 154 31 Feb 495 -68 243 96 106 -203 4 -26 142 65 Mar 477 223 265 252 82 — 101 10 —8 120 80 Apr 521 731 285 446 83 48 17 23 136 214 May 441 678 236 418 63 75 18 45 124 140 486 823 232 442 91 150 19 36 144 195 July 509 587 251 357 79 37 20 35 159 158 481 632 195 226 115 148 15 41 156 217 Sept 341 192 71 -94 78 95 20 185 171 Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1 Includes adjustment for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction outstanding. of outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 CONSUMER CREDIT 221 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.I N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 I960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 '11,999 13,525 '9,128 1963 60,822 22,871 12,664 14,894 10,393 1962—Dec 4,826 5,351 1,803 1,704 '1,053 '1,064 1,133 1,316 '837 '1,267 1963—Jan 4,899 4,385 1.843 1,754 1 074 978 1 180 1 044 802 609 Feb 4,957 4,083 1,879 1,614 1,035 845 1,185 1 niQ 858 605 Mar 4,973 4,702 1,902 1,840 1,022 957 1,191 1,151 858 754 Apr 5,008 5,332 1,916 2,133 1,032 J 094 1 17."K 1,283 837 822 May 4,985 5,294 [,887 2,074 1,042 ,107 1,224 1,276 832 837 5,054 5,222 1,919 2,010 1,016 ,076 1,245 1,268 874 868 July 5,100 5,365 1,898 2,066 1,054 1,159 1,254 1,307 894 833 Aug 5,100 5,242 1,878 1,920 1,051 1,094 1,274 1,328 897 900 Sept 5,093 4,755 1,878 1,744 1,021 955 1 322 1,218 872 838 N O o ct v 4 5 , , 9 3 7 1 9 1 4 5 , , 9 4 8 8 1 7 - 2 1, , 8 0 7 0 7 0 2 1 , ,7 0 6 6 6 1 1 1 ,1 0 1 3 5 0 1,1 O 9 i 4 l 1 1 , 3 1 5 9 1 8 1 I ,3 2 1 1 1 3 8 8 7 4 4 5 9 9 8 2 9 1 Dec 5,272 5,974 1,963 1,889 1,134 1,192 1,252 1,476 923 1,417 Repayments 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1962—Dec 4,341 4,368 1,610 1,545 978 981 1,064 1,156 689 686 1963—Jan 4,414 4,499 1.592 1.630 986 966 1.086 1,089 750 814 Feb 4,462 4,151 1,594 1,487 1,035 957 1,096 998 737 709 Mar 4,496 4,479 ,664 1,646 1,026 1,053 I 104 ,089 702 691 Apr 4,487 4,601 1,646 1,701 1,014 1,048 1,112 ,143 715 709 May 4,544 4,616 1,681 1,727 1,017 1 030 1,114 ,126 732 733 4,568 4,399 .699 1,637 1,012 966 1,129 ,101 728 695 July 4,591 4,778 1,690 1,794 1,007 1,045 [ 144 ,188 750 751 4,619 4,610 1,692 ,693 1,000 995 1,158 ,157 769 765 Sept . 4,752 4,563 1,737 ,700 1,034 997 1,190 ,117 791 749 Oct 4,780 4,948 1,737 1,815 1,054 1,129 .209 ,197 780 807 Nov 4,596 4,543 1,734 ,671 983 959 1,116 ,122 763 791 Dec 4,812 4,924 1,802 ,765 1,039 1,066 1,167 ,291 804 802 Net change in credit outstanding 2 1956 2,814 1,176 670 733 235 1957 2,148 1,066 491 665 -75 1958 -225 — 63 — 765 289 315 1959 5 601 2 447 1 475 986 693 I960 3,588 1,446 1,152 1,051 -61 1961 696 335 -199 578 -20 1962 4,506 1 997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1962—Dec 485 983 193 159 171 208 69 160 52 456 1963 Jan 485 -114 251 124 550 474 94 -45 -410 -667 Feb 495 -68 285 127 0 -112 89 21 121 -104 Mar 477 223 238 194 A -96 87 62 156 63 Apr 521 731 270 432 18 46 111 140 122 113 May 441 678 206 347 25 77 110 150 100 104 June 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 Aug 481 632 186 227 51 99 116 171 128 135 Sept 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 Nov. 383 438 143 95 108 115 82 91 50 137 Dec 460 1,050 161 124 190 221 85 185 24 520 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 INDUSTRIAL PRODUCTION: S.A. FEBRUARY 1964 MARKET GROUPINGS (1957-59= 100) 957-59 1962 1962 1963 Grouping p po ro r - - avertion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec, Total index. 100.00 118.3 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.6 127.0 Final products, total 47.35 119.7 121.7 122.3 122.6 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.5 Consumer goods 32.31 119.7 121.2 121.8 122.9 123.1 122.5 124.1 125.9 126.4 126.7 126.7 128.0 128.2 128.2 Equipment, including defense... 15.04 119.6 122.4 122.0 121.5 120.7 120.4 122.1 123.8 124.8 125.3 126.2 127.7 127.7 128.6 Materials 52.65 117.0 116.9 116.8 118.0 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.5 125.6 125.9 Consumer goods Automotive products 3.21 131.1 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.5 Autos 1.82 135.9 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 Auto parts and allied products.... 1.39 124.9 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 134.9 Home goods and apparel 10.00 118.1 119.9 120.2 120.8 121.3 120.6 122.3 123.6 123.9 125.1 125.5 126.2 126.9 126.1 Home goods 4.59 122.2 123.9 125.8 125.9 127.3 126.9 130.3 131.0 130.1 132.0 132.3 131.3 132.9 133.4 Appliances, TV, and radios 1.81 118.2 120.0 117.3 119.8 123.2 123.6 128.0 129.1 126.0 130.2 130.4 126.6 129.4 Appliances 1.33 121.4 127.2 121.9 123.7 126.7 125.6 131.9 133.7 130.6 136.8 136.9 131.8 135.2 TV and home radios .47 109.2 99.6 104.4 108.8 113.4 118.1 117.1 116.0 112.9 111.4 112.0 112.0 113.1 115.6 Furniture and rugs 1.26 123.9 125.4 130.0 126.0 127.4 127.0 130.7 132.8 133.8 133.6 131.6 133.2 134.1 135.4 Miscellaneous home goods 1.52 125.7 127.5 132.3 132.9 131.9 130.7 132.6 131.7 131.9 133.0 135.2 135.4 136.1 139.2 Apparel, knit goods, and shoes.... 5.41 114.5 116.4 115.7 116.6 116.2 115.3 115.5 117.4 118.7 119.2 119.7 121.8 121.8 120.0 Consumer staples 19.10 118.7 119.8 120.2 121.4 121.8 121.0 122.9 123.8 125.2 126.1 125.4 125.1 125.3 126.0 Processed foods 8.43 113.7 114.4 113.8 114.5 115.2 114.9 115.9 116.1 116.3 117.9 117.9 118.1 117.8 118.9 Beverages and tobacco 2.43 111.7 112.5 115.1 114.3 114.0 112.7 116.2 115.2 117.1 117.4 112.9 116.0 114.5 Drugs, soap, and toiletries 2.97 129.9 132.9 134.2 135.2 137.7 137.1 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.3 Newapapers, magazines, and books 1.47 116.7 115.8 113.9 115.0 115.3 118.3 119.3 119.3 119.1 120.2 118.2 117.6 117.2 121.1 Consumer fuel and lighting 3.67 126.1 127.9 129.7 133.4 131.4 128.7 132.0 136.1 138.2 138.4 137.6 138.0 137.9 Fuel oil and gasoline 1.20 111.9 113.7 113.2 117.9 117.3 115.0 115.6 119.2 115.5 115.6 118.8 119.3 118.2 iii'.i Residential utilities 2.46 133.0 134.9 137.7 140.9 138.2 135.4 140.0 144.3 149.2 149.6 146.7 147.1 147.4 Electricity 1.72 136.3 139.5 142.0 144.9 141.9 137.3 143.5 149.2 155.4 155.9 151.4 150.8 151.1 Gas .74 125.6 Equipment Business equipment 11.63 122.1 125.1 125.0 125.0 124.9 124.3 125.9 127.8 129.0 130.1 131.0 132.0 132.1 132.6 Industrial equipment 6.85 117.2 119.9 118.8 119.3 119.2 119.2 120.9 122.8 123.6 124.9 125.6 126.6 127.4 128.6 Commercial equipment 2.4: 143.1 144.2 145.3 144.5 143.8 143.3 143.4 142.2 142.4 141.5 141.6 141.2 139.0 141.2 F F a re rm ig h e t q a u n ip d m p e a n ss t enger equipment. 1. . 7 6 6 1 1 10 1 7 7 . . 7 2 1 11 2 9 5 . . 1 4 1 1 1 26 8 . .8 1 1 2 2 6 3 . . 9 2 1 11 2 9 6 . . 7 3 1 1 2 1 6 5 . . 0 2 1 1 2 1 4 2 . . 8 2 1 1 2 28 2 . . 1 0 1 1 3 1 5 6 . . 3 6 1 11 3 8 4 . . 8 6 1 1 4 2 0 2 . . 7 0 1 1 3 4 0 0 . . 7 6 1 1 3 3 9 1 . .9 1 1 2 3 9 7. . 5 3 Defense equipment 3.41 Materials Durable goods materials 26.73 114.1 113.2 113.3 114.4 118.0 121. 124.5 125.8 125.2 121.9 122.1 122.5 122.4 122.0 Consumer durable 3.43 127.5 129.7 129.3 130.9 134.0 135.4 139.4 145.9 142.7 136.6 137.8 138.0 138.4 138.7 Equipment 7.84 118.9 120.3 121.4 121.2 122. 123.1 125.1 128.0 126.4 126.3 128.4 128.3 125.9 128.0 Construction 9.1 110.4 108.6 108.6 109.2 112.4 115.1 116.7 118.0 119.4 119. 119.0 119.3 118.9 117.4 Metal materials n.e.c 6.29 106.1 103.5 106.0 109.5 115.0 120.6 126.8 123.6 116.7 108.8 107.5 110.6 111.4 113.2 Nondurable materials 25.92 120.0 121.1 120.5 121.8 122.6 124.7 126.9 127.3 128.3 128.4 128.0 128.6 128.8 130.0 Business supplies 9.11 116.5 117. 116.0 116.7 117.8 119.0 121.6 121.6 119.8 121.7 121. 121.5 121.8 124.4 Containers 3.03 117.1 118.0 118.5 119.3 121.5 116.1 120.3 121.1 119.9 119.7 118. 122.6 124.0 123.7 General business supplies. 6.07 116.3 117.1 114.7 115.4 115.9 120.4 122. 121.8 119.8 122.7 122.7 121.0 120.7 124.8 Nondurable materials n.e.c.. 7.40 134. 137.1 137.3 138.0 140.2 143. 145.0 145.3 147.6 147.0 147.9 149.8 150.1 151.8 Business fuel and power.... 9.41 111.7 112.0 111.7 113.9 113.3 115.6 117.9 118.8 121.2 120. 119.1 118.7 118.7 118.2 Mineral fuels 6.07 104.9 104. 102.9 105.6 105.1 108.0 110.5 111.5 114.0 113.8 112.1 110.5 110.0 108.9 Nonresidential utilities.. . 2.86 129.9 132.9 134.3 135.9 134.7 135.9 138.3 138. 141.9 140. 139.4 141.2 141.9 Electricity 2.32 130. 133.6 135.0 136.9 135.3 136.5 139.0 139. 143.0 141.0 139.7 141.9 142.5 General industrial 1.03 122.8 123.2 124.9 125.8 124. 130.3 132.6 132.2 136.5 132.5 133.1 134.2 133.5 Commercial and other.... 1.21 139.9 145.1 146.5 149. 147.5 144.6 147.6 148.3 151.8 151. 148.4 151.7 153.5 Gas .54 126 Supplementary groups of consumer goods Automotive and home goods... 7.80 125.9 129.3 130.0 130.7 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.6 139.2 Apparel and staples 24.51 117.7 119.1 119.2 120. 120.5 119.8 121.3 122. 123.8 124.6 124.1 124.9 124.5 124.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INDUSTRIAL PRODUCTION: S.A. 223 INDUSTRY GROUPINGS (1957-59 = 100) [957-59 1962 1962 1963 Grouping p p r o o r - - avertion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.; Dec. Total index. 100.00 118.3 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.6 127.0 Manufacturing, total. 86.45 118.7 119.7 119.8 120.6 121.9 123.1 125.2 126.4 126.8 125.9 126.1 127.1 727.3 127.8 Durable 48.07 117.9 118.9 119.0 120.0 121.5 122.8 125.6 127.4 127.0 125.0 125.3 126.3 126.6 MIA Nondurable 38.38 119.8 120.8 120.7 121.4 122.5 123.4 124.8 125.2 126.4 127.2 127.1 128.1 128.3 128.6 Mining 8.23 105.0 103.2 103.0 104.7 105.4 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.6 107.2 Utilities 5.32 131.3 133.8 135.9 138.2 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 145.0 Durable Manufactures Primary and fabricated metals 12.32 110.0 107.3 107.8 111.0 115.1 120.1 125.6 125.5 124.0 116.8 7/5.5 116.4 116.7 117.2 Primary metals 6.95 104.6 99.7 99.6 105.2 111.9 120.1 127.4 125.8 122.8 109.4 107.7 108.4 109.5 110.3 Iron and steel 5.45 100.6 95.8 96.0 102.2 111.5 121.8 129.3 126.1 117.1 102.6 100.0 100.0 103.5 104.4 Nonferrous metals and products. 1.50 119.1 120.6 121.7 121.0 123.7 121.0 124.2 125.5 123.5 126.4 129.4 103.51 132.9 136.0 Fabricated metal products 5.37 117.1 117.2 118.4 118.5 119.3 120.2 123.3 125.1 125.6 126.4 125.6 126.8 126.1 126.1 Structural metal parts 2.86 113.2 112.5 113.5 113.9 115.4 116.8 120.9 123.0 124.2 124.5 123.7 122.8 121.5 121.7 Machinery and related products 27.98 122.1 124.7 124.7 125.3 125.0 125.3 127.3 130.3 130.0 129.4 130.6 737.9 131.9 132.3 Machinery 14.80 123.5 125.5 125.2 126.4 126.2 125.9 128.4 129.4 129.6 130.5 131.3 132.2 132.6 132.8 Nonelectrical machinery 8.43 119.7 121.5 122.2 123.1 122.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 131.9 132.6 Electrical machinery 6.37 128.5 130.8 129.5 130.8 130.8 131.4 133.5 133.9 133.0 133.9 133.7 133.3 133.6 133.1 Transportation equipment 10.19 118.3 121.7 122.4 122.3 122.1 123.7 124.5 130.4 129.3 126.8 128.7 130.8 130.8 131.1 Motor vehicles and parts 4.68 134.1 137.7 137.9 139.1 140.2 141.8 143.1 153.8 150.9 143.7 146.5 150.3 151.8 151.1 Aircraft and other equipment. . . 5.26 103.9 107.0 107.9 106.8 105.6 107.2 107.5 109.4 109.6 111.1 112.1 113.0 111.7 112.5 Instruments and related products. . 1.71 123.0 125.4 125.7 127.0 127.2 126.6 130.2 131.6 132.6 132.1 133.0 132.5 131.9 132.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.3 777.5 770.9 709.5 775.0 772.7 773.3 773.9 114.0 775.3 7/5.5 775.9 777.3 118.9 Clay, glass, and stone products. 2.99 111.1 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 123.1 Lumber and products 1.73 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 111.6 Furniture and miscellaneous 5.05 724.5 124.6 725.0 723.6 124.8 725.5 729.3 729.3 732.0 732.7 131.9 730.6 131.9 732.7 Furniture and fixtures 1.54 126.8 128.6 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 138.0 Miscellaneous manufactures.... 1.51 122.2 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.1 Nondurable manufactures Textiles, apparel, and leather 7.60 775.7 775.2 775.2 115.6 775.9 776.2 776.5 775.0 775.9 720.2 727.7 727.7 123.0 123.4 Textile mill products 2.90 115.2 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0 120.9 122.3 122.1 Apparel products 3.59 118.9 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5 127.9 129.6 130.3 Leather and products 1.11 102.3 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 106.6 103.9 103.7 Paper and printing 5.77 775.7 115.4 114.5 775.5 775.7 779.2 720.5 727.6 722.3 122.4 722.0 122.3 122.7 124.2 Paper and products 3.43 119.7 119.6 120.3 123.3 123.9 122.8 123.4 125.8 127.8 127.8 126.7 128.4 128.5 127.5 Printing and publishing. 4.74 114.6 112.3 110.2 110.5 109.7 116.5 118.4 118.6 118.4 118.5 118.6 117.9 118.5 121.8 Newspapers 1.53 108.5 100.5 94.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 113.7 111.9 113.2 119.2 Chemicals, petroleum, and rubber. 11.54 131.2 134.2 134.2 735.3 735.2 739.7 141.3 141.3 143.3 144.4 144.8 145.9 146.2 145.3 Chemicals and products 7.58 136.1 138.7 140.0 141.4 143.6 146. 147.8 148.5 151.3 151.7 152.6 153.9 154.4 153.4 Pe I t n ro d l u e s u t m ria p l r c o h d e u m c i t c s als 3 1 . .9 8 7 4 1 1 4 1 7 2 . . 5 9 1 1 5 1 0 4 . . 6 2 1 11 5 4 2 . . 3 6 1 1 5 1 3 4 . . 1 3 1 1 5 15 5 . . 5 2 1 1 1 6 5 0 . . 8 7 1 1 6 1 1 6 . . 9 9 1 1 1 6 8 2. . 2 2 1 1 1 6 9 5 . . 5 2 1 1 6 1 5 7 . . 3 6 1 1 6 1 6 7 . . 8 0 1 1 6 1 9 9 . .0 1 1 6 1 9 8 . . 4 5 in.'i Rubber and plastics products 1.99 130.6 136.8 131.4 132.8 140.3 138.8 140.7 137.0 136.5 143.1 142.5 142. 142.4 Foods, beverages, and tobacco 77.07 113.4 774.5 775.0 775.0 775.6 114.7 116.4 776.7 776.9 777.5 776.5 118.2 117.2 775.7 Foods and beverages 10.25 113.5 114.8 115.2 115.0 115.7 114.8 116.2 116.3 116.8 117.5 116.5 118.5 117.4 118.4 Food manufactures 8.64 113.8 115.1 115.0 115.2 116.0 115.2 116.4 116.4 116.8 117.5 117.5 118.8 118.0 119.1 Beverages 1.61 111.5 113.1 116.1 114.2 113.9 112.7 115.2 115.6 116.7 117.7 110.9 117.0 114.4 Tobacco products .82 112.0 111.4 113.0 114.6 114.2 112.7 118.1 114.4 117.9 116.8 116.8 114.1 114.6 Mining Coal, oil, and gas 6.80 703.5 702.5 707.3 703.7 703.9 706.7 707.7 705.6 777.7 777. 709.9 108.3 106.1 Coal 1.16 95.3 95.6 95.1 96.1 93.9 100.8 104.5 107.1 107.1 108.0 106.2 104.1 102.1 103.4 Crude oil and natural gas 5.64 105.5 104.2 102.6 105.3 105.9 107.2 108.3 108.9 111.9 111.8 110.6 109.1 108.1 106.7 Oil and gas extraction 4.91 107.2 106.3 104.8 107.9 107.8 109.7 111.9 112.6 115.7 115.1 113.5 112.0 111.8 110.2 Crude oil 4.25 105.1 103.8 101.6 104.8 104.9 107.3 109.5 110.1 113.0 112.7 110.6 109.6 108.9 106.9 Gas and gas liquids .66 120.4 121.9 125.0 124.7 126.0 124.5 130.4 128.2 132.8 130.7 131.9 127.4 Oil and gas drilling .73 94.2 90.5 87.6 87.4 93.5 90.3 84.0 84.5 86.4 89.5 91.1 89.7 "83 .'6 Metal, stone, and earth materials. 1.43 770.9 705.7 777.7 709.7 772.6 773.9 772.5 773.0 772.7 777.6 772.5 7/3.7 770.3 112.3 Metal mining .61 112.6 104.1 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.8 106.3 111.4 Stone and earth minerals .82 109.7 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.2 113.0 Utilities Electric 4.04 133.1 136.1 138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 Gas 1.28 125.9 126.8 130.0 131.4 130.6 132.9 133.7 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
224 INDUSTRIAL PRODUCTION: N.S.A. FEBRUARY 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1962 1962 1963 pro- Grouping p ti o o r n - a a v g e e r- Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.' Dec. Total index . . . 100.00 118.3 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.0 124.5 47.35 119.7 119.5 120.0 122.4 123.7 122.1 123.0 127.1 121.7 123.8 130.0 131.9 127.8 125.3 Consumer goods 32.31 119.7 117.7 119.0 122 4 123.9 122.1 123.1 128.1 121.3 124.3 131.7 134.2 128.5 123.6 Equipment, including defense.... 15.04 119.6 123.3 122.1 122.6 123.1 122.1 122.8 124.8 122.6 122.6 126.3 126.9 126.2 129.0 52.65 117.0 115.2 115.9 118.7 121.5 124.0 126.9 128.6 119.4 123.9 126.8 128.1 126.3 123.9 Consumer Goods 3.21 131.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.1 1.82 135.9 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 Auto parts and allied products 1.39 124.9 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 129.6 Home goods and opporcl 10.00 118.1 111.2 113.6 123.1 126.3 122.1 121.2 126.2 112.0 126.3 130.1 131.9 127.2 116.5 4.59 122.2 123.2 118.0 126.6 128.6 126.0 128.0 132.4 116.8 126.8 141.0 140.2 138.8 131.3 Appliances, TV, and radios 1.81 118.2 115.6 108.3 127.3 129.6 123.6 127.3 133.5 104.0 113.6 140.2 135.8 135.8 Appliances 1.33 121.4 124.8 112.6 133.5 138.2 129.7 135.1 141.7 111.7 114.4 144.2 135.9 137.4 TV and home radios .47 109.2 89.6 96.1 109.9 105.5 106.3 105.4 110.2 82.4 111.4 128.8 135.5 131.2 91.3 Furniture and rugs 1.26 123.9 130.4 126.1 126 0 127.1 125.7 124.8 130.3 125.8 134.9 137.8 139.3 138.1 140.8 Miscellaneous home goods 1.52 125.7 126.5 122.8 126.3 128.5 129.1 131.3 132.9 124.6 135.9 144.7 146.1 142.9 138.1 Apparel, knit goods, and shoes 5.41 114.5 100.9 109.9 120.1 124.3 118.8 115.5 120.9 108.0 125.8 120.9 124.8 117.5 104.0 19.10 118.7 116.7 117.9 118.3 119.2 117.8 120.3 124.5 123.9 131.5 133.3 130.9 123.7 122.1 Processed foods 8.43 113.7 110.7 107.5 106.7 108.9 107.5 110.5 115.1 116.5 126.5 133.8 130.5 119.9 115.1 Beverages and tobacco 2.43 111.7 97.4 101.2 104.2 110.3 115.6 125.7 132.0 120.8 126.4 116.6 121.4 108.3 2.97 129.9 131.6 133.1 134.8 136.3 137.8 138.8 142.8 137.0 145.7 146.0 146.9 142.4 'l39!7 Newspapers, magazines, and books.. 1.47 116.7 115.8 113.9 114.4 116.5 117.8 118.7 117.5 116.5 120.2 121.2 119.4 117.2 121.1 Consumer fuel and lighting 3.67 126.1 131.5 141.9 142.2 135.5 126.2 124.7 129.3 135.3 139.2 137.7 129.6 130.2 1.20 111.9 116.6 117.9 120.4 115.4 109.4 111.7 117.6 118.1 119.9 118.4 116.4 117.7 'iio!7 2.46 133.0 Electricity 1.72 136.3 145.1 164.7 162.0 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 .74 125.6 Equipment 11.63 122.1 126.1 125.1 126.3 127.3 126.4 126.8 129.3 126.5 127.0 131.0 131.2 130.1 133.0 6.85 117.2 120.6 119.0 118.7 119.3 119.2 121.0 123.9 122.4 124.5 126.7 125.8 125.6 129.4 Commercial equipment 2.42 143.1 146.7 145.4 143.5 142.5 140.6 141.7 142.6 139.6 141.8 143.7 143.6 140.7 143.6 Freight and passenger equipment... 1.76 117.2 122.6 123.7 128.4 134.0 132.3 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.5 Farm equipment .61 107.7 116.3 117.3 137.4 136.9 134.7 122.1 125.6 106.1 98.1 116.3 120.3 118.6 126.1 3.41 Materials 26.73 114.1 112.3 112.3 114.6 118.5 122.0 126.5 129.2 118.7 118.7 124.0 125.3 123.2 120.8 3.43 127.5 138.8 135.5 135.5 137.4 135.8 139.5 144.9 128.4 112.4 138.6 143.0 145.6 149.8 Equipment 7.84 118.9 122.7 123.5 123.5 124.4 123.7 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.6 9.17 110.4 102.5 100.2 102.0 106.9 113.9 120.2 125.4 121.2 126.4 125.9 125.1 118.7 110.3 Metal materials nee 6.29 106.1 98.9 103.2 110.5 117.8 124.2 130.0 128.8 105.3 105.6 110.7 113.3 112.3 108.2 NonduToblc ntotcfictls . 25.92 120.0 118.3 119.7 122.9 124.5 126.0 127.3 128.0 120.1 129.2 129.6 131.0 129.4 127.0 Business supplies 9.11 116.5 111.5 112.2 115.1 118.6 122.1 122.8 122.8 112.2 123.5 125.0 127.2 122.7 118.3 Containers 3.03 117.1 102.7 111.4 116.9 121.5 119.6 121.5 127.2 115.1 131.7 125.9 128.7 117.2 107.6 General business supplies 6.07 116.3 115.9 112.6 114.2 117.1 123.4 123.4 120.7 110.8 119.4 124.5 126.4 125.5 123.6 Nondurable materials nee 7.40 134.7 133.7 137.3 142.1 144.4 144.6 147.2 146.0 136.2 145.5 147.2 150.5 151.6 148.0 9.41 111.7 112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.5 119.0 Mineral fuels 6.07 104.9 106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.7 111.1 2 86 129 9 Electricity 2.32 130.7 130.4 132.6 131.1 131.4 131.1 134.7 141.0 147.0 152.6 149.1 144.0 139.7 General industrial 1.03 122.8 122.0 124.3 122.5 124.9 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 Commercial and other 1.21 139.9 140.0 142.3 141.0 139.5 136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7 Gas .54 126.4 Supplementary groups of consumer goods Automotive and home goods 7.80 125.9 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 140.7 24.51 117.7 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INDUSTRIAL PRODUCTION: N.S.A. 225 INDUSTRY GROUPINGS (1957-59=100) 957-59 1962 1962 1963 pro- aver- Grouping p ti o o r n - age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec Total index. 100.00 118.3 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.0 124.5 Manufacturing, total., 86.45 118.7 117.5 117.8 120.7 123.3 124.0 126.1 128.8 120.5 123A 725.7 131.1 128.1 124.9 Durable 48.07 117.9 119.4 118.3 120.7 123.2 124.4 126.9 129.8 121.0 118.1 126.6 129.3 128.4 127.2 Nondurable 38.38 119.8 115.1 117.2 120.6 123.4 123.7 125.1 127.6 119.8 130.0 131.4 133.3 127.6 122.1 Mining 8.23 105.0 103.3 102.6 104.9 104.5 106.9 108.9 111.3 105.3 112.2 111.4 111.0 108.2 107.3 Utilities 5.32 131.3 Durable manufactures Primary and fabricated metals 12.32 110.0 106.2 108.4 112.6 118.1 122.5 127.0 128.2 112.1 113.5 117.5 118.7 7/7.7 115.6 Primary metals 6.95 104.6 97.3 102.6 110.1 118.8 125.7 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.0 Iron and steel 5.45 100.6 93.4 97.9 106.6 117.1 125.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 101.8 Nonferrous metals and products. 1.50 119.1 111.4 119.6 122.8 125.1 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 125.7 Fabricated metal products 5.37 117.1 117.8 116.0 115.8 117.2 118.4 122.3 126.4 122.5 127.5 131.6 130.6 126.9 126.7 Structural metal parts 2.86 113.2 114.8 112.4 111.5 112.2 113.8 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.1 Machinery and related products 27.98 122.1 127.7 125.9 127.6 128.2 127.3 128.4 131.9 124.8 117.0 129.8 133.9 134.2 755.7 Machinery 14.80 123.5 127.0 124.9 128.1 128.5 126.9 128.3 131.3 123.2 125.7 133.3 133.0 132.7 133.9 Nonelectrical machinery 8.43 119.7 122.5 122.2 125.3 126.1 125.3 126.4 129.0 123.6 123.3 128.5 128.8 129.3 133.7 Electrical machinery 6.37 128.5 132.9 128.5 132.0 131.6 129.0 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.2 Transportation equipment 10.19 118.3 127.6 126.2 126.0 127.4 127.7 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.8 Motor vehicles and parts 4.68 134.1 149.1 145.6 145.9 148.5 149.3 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.1 Aircraft and other equipment... 5.26 103.9 108.6 109.0 108.1 108.2 107.7 107.1 107.9 107.5 108.5 110.8 112.4 112.4 114.2 Instruments and related products.. 1.71 123.0 127.0 125.2 126.2 126.9 126.5 128.2 131.6 129.7 132.1 133.9 134.0 134.3 134.2 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 109.3 99.9 97.2 100.5 106.1 112.5 118.3 122.7 777.7 725.7 724.5 124.4 7/7.5 106.5 Clay, glass, and stone products. 2.99 111.1 102.9 99.7 99.1 105.4 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 112.0 Lumber and products 1.73 106.1 94.6 93.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.1 Furniture and miscellaneous 3.05 124.5 126.5 120.9 121.8 123.3 122.8 125.2 128.7 725.7 134.6 757.7 757.7 136. 754.2 Furniture and fixtures 1.54 126.8 131.2 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.8 Miscellaneous manufactures.... 1.51 122.2 121.7 114.8 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.4 Nondurable manufactures Textiles, apparel, and leather 7.60115.1 104.7 112.1 120.8 124.7 119.3 118.4 727.7 106.9 724.7 727.2 725.9 119.6 109.6 Textile mill products 2.90 115.2 108.2 112.3 116.0 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119.5 113.2 Apparel products 3.59 118.9 105.7 116.4 129.4 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.4 111.4 Leather and products 1.11 102.3 92.2 97.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 105.2 105.5 98.0 Paper and printing 8.17 116.7 111.4 112.1 115.9 117.7 120.9 122.3 722.7 772.5 727.5 725.5 727.5 124.6 7/9.9 Paper and products 3.43 119.7 108.6 118.6 125.9 127.0 125.0 126.0 128.3 113.7 131.0 127.8 135.3 127.9 115.8 Printing and publishing. 4.74 114.6 113.4 107.5 108.7 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.3 122.2 122.8 Newspapers 1.53 108.5 100.0 86.6 90.3 92.6 116.4 118.8 113.1 97.1 102.1 114.5 121.8 124.5 118.6 Chemicals, petroleum, and rubber. 11.54 131. 131.4 134.3 137.2 139.8 142.1 142.3 143.9 136.0 143.3 145.5 147.8 144.6 142.0 Chemicals and products 7.58 136.1 136.6 138.9 142.7 145.8 149.7 150.2 150.9 144.3 150.7 152.0 154.5 153.0 150.2 Industrial chemicals 3.84 147.5 150.6 152.6 156.5 159.4 162.Q 163.8 162.2 157.3 162.3 164.8 169.1 170.4 Petroleum products 1.97 112.9 112.5 112.6 112.6 111.5 112.3 115.1 121.7 123.1 123.5 121.7 119.6 116.7 Rubber and plastics products. 1.99 130.6 130.6 138.1 140.5 144.8 143.1 139.3 139.1 117.0 134.5 144.4 150.1 140.3 Foods, beverages, and tobacco.... 11.07 113.4 108.1 106.6 106.7 109.6 109.4 114.0 775.5 777.2 725.2 729.7 725.7 7/7.7 111.6 Foods and beverages 10.25 113.5 109.5 106.2 106.1 109.4 109.2 113.4 118.4 118.2 126.2 130.5 129.0 117.8 113.0 Food manufactures 8.64 113.8 111.1 108.1 107.4 109.4 107.7 110.7 115.1 116.2 126.2 133.4 130.7 120.4 115.5 Beverages 1.61 111.5 100.9 95.8 99.2 109.2 117.2 127.4 136.4 129.2 126.5 114.8 120.0 103.9 Tobacco products .82 112.0 90.7 111.8 114.0 112.5 112.5 122.4 123.5 104.3 126.4 120.2 124.3 116.9 Mining Coal, oil, and gas 6.80 103.8 105.0 104.3 107.0 105.9 106.7 106.4 705.5 707.5 709.5 705.5 705.6 107.8 108.4 Coal 1.16 95 93.9 93.2 97.3 94.7 101.5 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 Crude oil and natural gas 5.64 105.5 107.3 106.6 109.0 108.2 107.8 106.6 106.8 107.9 109.0 107.7 107.6 108.1 109.8 Oil and gas extraction 4.91 107.2 109.3 108.7 112.5 111.6 111.3 110.1 110.0 110.7 111.4 109.8 110.2 111.7 113.4 Crude oil 4.25 105.1 105.8 104.7 108.7 108.3 109.1 108.4 108.4 108.7 109.5 107.6 108.0 108.1 108.9 Gas and gas liquids .66 120.4 132.0 134.5 133.3 132.6 125.4 124.3 120.4 123.6 123.8 124.0 124.3 Oil and gas drilling .73 94. 93.2 92.0 85.4 85.1 84.1 82.4 85.3 88.6 92.8 93.2 90.1 *85.*5 Metal, stone, and earth minerals. 2.43 110.9 95.6 94.3 94.7 98.0 107.9 120.9 725.0 722.0 725.5 725.0 722.5 709.9 102.1 Metal mining .61 112.6 94.7 96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 127.0 119.7 103.1 101.4 Stone and earth minerals .82 109.7 96.2 92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.9 102.7 Utilities Electric 4.04 133.1 136.7 146.3 144.3 140.2 133.1 133.0 138.8 147.1 153.1 150.3 140.: 137.8 Gas 1.28 125.9 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 BUSINESS ACTIVITY FEBRUARY 1964 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g - 2 Prices 3 Nonag- Major market groupings Major industry C st o ru n - - r t i u c r u a l l - Freight Depart- Period Total Tot F a i l na s g l C u o p o m o r n d o e - s d r u E c m t q s e u n ip t - M ri a a t l e s - Mfg. gro M i u n i p g n i - ngs U iti t e il s - t c r ti a o o c n n t - s T m p o e e l t m o n a y t l - — - i p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - m s s t a o e le n re s t s C um on e - r W m c s o h o a d o m l i e l t e - y - 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.2 121.5 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92.9 106.1 84.5 115.0 78 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.5 111.6 93.6 116.6 80 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.2 101.8 85.4 104.6 80 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 88 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 94 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 96 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 99 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.9 106.7 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 103.1 95.9 105.4 91.2 109 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.3 120 106.2 99.2 113.7 92.4 114 105.4 100.6 1963 124.3 124.9 125.3 124.2 123.7 124.8 108.0 140.8 132 108.7 99.9 118.0 93.3 119 106.7 100.3 1962—Dec 119.1 121.7 121.2 122.4 116.9 119.7 103.2 133.8 138 106.9 98.8 114.7 90.6 117 105.8 100.4 1963—Jan 119.2 122.3 121.8 122.0 116.8 119.8 103.0 135.9 121 107.1 98.9 115.2 89.9 113 106.0 100.5 Feb 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 114 106.1 100.2 Mar 121.3 122.4 123.1 120.7 120.2 121.9 105.4 136.4 118 107.9 99.4 116.7 94.3 119 106.2 99.9 Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 115 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 117 106.2 100.0 June 125.8 125.2 125.9 123.8 126.6 126.4 109.4 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 125.9 126.4 124.8 126.7 126.8 111.3 145.3 126 109.1 100.4 118.0 93.9 120 107.1 100.6 Aug 125.7 126.2 126.7 125.3 125.1 125.9 111.3 144.6 132 109.1 99.8 117.0 90.9 126 107.1 100.4 Sept 125.7 126.5 126.7 126.2 125.0 126.1 110.3 142.8 128 109.3 100.1 120.3 91.2 121 107.1 100.3 Oct 126.5 127 9r128 0mi .i r125.5 127.1 r109.1 143.9 146 109 6 100 4 120 0 92 7 113 107 2 100 5 Nov r126.6 128.0 128.2 M27.7 125.6 127.3 r107.6 144.5 144 109.5 100.0 119.4 92.3 117 107.4 100.7 Dec 127.0 128.5 128.2 128.6 125.9 127.8 107.2 145.0 148 109.8 100.5 121.8 93.9 ?126 107.6 100.3 m\ 1964—Jan. v *127.1*128.6^128.4*>129.0 H25.1 *127.8 P107.7 P146.0 110.0 100.6 121.7 97.2 101.0 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Construction contracts: F. W. Dodge Corp. monthly index of dollar Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS an millions of dollars) 1962 1963 Ty ty p p e e o o f f o c w o n n e s r t s ru h c ip ti o a n nd 1962 1963 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Totfll construction . • 41,303 45,546 3,198 2,779 2,917 3,583 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 By type of ownership: Public 13,599 14 651 1,190 932 1,09? 1,182 1,168 1,567 1,384 1.319 1^18 1.154 1.3?1 1,157 1,155 Private 27,705 30,893 2,009 1,847 1,825 2,401 2,814 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 By type of construction: Residential 18,039 SfP 1,166 1,250 1.?15 1,642 1,986 ?,061 1,966 1934 1,883 1,789 ?j0?8 1,519 13,010 14 ^77 921 1,016 1,005 1,146 1,210 1.45? 1,458 ?71 1.T?? 1,154 1,331 1,082 Public works and utilities 10,255 10,667 1,111 514 698 796 787 1,337 978 920 857 764 954 1,148 NOTE.—Dollar value of total contracts as reportedby the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Corp. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 CONSTRUCTION 227 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Indu B s u - sines C s om- Public O n r d e t o e h s n n i e - - - r Total 1M tar i y li- H w ig a h y - S w a e a n w t d e e r r Other Total trial mercial utility tial 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957 47,845 33 766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6 494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 l r 55,305 39 235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 ,465 5,761 1 .467 7 377 1960 r 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 ,366 5,437 ,487 7,573 1961 r 55,455 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,156 ,378 5,855 ,581 8,342 1962 59 036 41 478 24,174 12,251 2,857 5,023 4,371 5,053 17,558 ,269 6,156 ,754 8 379 1963^ 62,770 43,789 25,719 12,870 3,118 5,110 4,642 5,200 18,981 ,966 1963—Jan 60,371 41,726 24,636 12,117 2,794 4,943 4,380 4,973 18,645 1,337 6,963 1,759 8,586 Feb 59,154 41,376 24,273 12,107 2,771 4,902 4,434 4,996 17,778 1,405 6,170 ,760 8,443 Mar 60,114 41,526 24,353 12,175 2,774 4,963 4,438 4,998 18,588 1,255 6,960 1,778 8,595 Apr .. 59,555 42,436 24,984 12,437 2,810 4,890 4,737 5,015 17,119 1,176 5,602 ,802 8,539 May 60,458 43,143 25,646 12,432 2,852 4,775 4,805 5,065 17,315 1,369 5,611 ,868 8,467 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 1,682 6,813 .927 8,729 July 62,733 43,931 25,888 12,807 3,136 4,953 4,718 5,236 18,802 1,909 6,331 1,990 8,572 Aug 64,194 44,571 25,832 13,397 3,310 5,346 4,741 5,342 19,623 6,965 2,061 Sept 64 228 44 827 25,919 13,536 3,395 5,561 4,580 5,372 19,401 6,550 2,109 Oct 65,888 45,608 26,532 13,722 3,461 5,412 4,849 5,354 20,280 7,442 2,128 Nov 66,106 45,750 26,927 13,460 3,538 5,367 4,555 5,363 20,356 7,706 2,159 Dec p 65,463 45,784 26,712 13,661 3,577 5,412 4,672 5,411 19,679 6,761 2,176 1964—Jan." 65,820 45,873 26,815 13,674 3,469 5,400 4,805 5,384 19,947 2 183 1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) By <irea l By type of ownership Annual rate, Government- Period (priv C at e A only) Total Metro- m N e o tr n o - - Prn('ate Public underwritten Total N fa o rm n- politan politan Total fam 1- ily fam 2- ily M fam ul i t l i y - Total FHA VA 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955.. 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 121 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 45S 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 451 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 32* 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 261 7* 1963 1,138 481 *>1,589 292 221 71 1962—Dec 1,562 1,541 95 6S 27 94 56 4 34 1 20 16 5 1963—Jan 1.344 1,317 83 62 22 81 47 3 31 3 18 14 4 Feb 1,380 1,353 88 65 23 87 52 4 31 1 17 13 4 Mar 1,575 1,549 128 89 39 124 81 4 40 4 22 17 5 Apr L618 1,590 160 112 49 158 106 6 47 2 29 22 7 May 1,618 1,590 170 116 53 166 107 6 54 3 30 22 7 June 1,571 1,554 157 109 48 153 100 5 49 4 27 20 7 July 1,588 1,573 152 105 47 150 98 5 47 2 29 21 8 Aug • 1,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept 1,732 1,697 147 104 44 145 93 5 48 2 25 19 6 Oct 1,847 ,807 166 117 49 163 103 5 55 3 27 21 6 Nov p1.556 V ,525 83 38 73 4 42 22 17 5 Dec p 597 V ,548 76 23 P2 21 16 5 i Beginning with 1959, based on revised definition of metropolitan areas. Statistics, for which annual totals are given including overlap for 1959. Data from Federal Housing Admin, and Veterans Admin, represent NOTE.—Beginning with 1959, Census Bureau series includes both units started, based on field office reports of first compliance inspections. farm and nonfarm series developed initially by the Bureau of Labor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 EMPLOYMENT FEBRUARY 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Total non- Total Employed * ment Period institutional labor Not in the rate2 population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total cultural industries agriculture 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5 5 I960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 i963 Jan 131,253 73,323 70,607 65,935 61,730 4,206 4,672 57,930 r5.7 Feb 131,414 73,999 71,275 66,358 62,309 4,049 4,918 57,414 5.9 Mar 131,590 74,382 71,650 67,148 62,812 4,337 4,501 57,208 r5.7 Apr 131,740 74,897 72,161 68,097 63,424 4,673 4,063 56,843 5.7 May 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5.9 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 132,345 77,167 74,418 70,561 65,065 5,496 3,857 55,178 5.5 Sent 132,497 75,811 73,062 69,546 64,220 5,326 3,516 56,686 '5.5 Oct 132,682 76,086 73,344 69,891 64,541 5,350 3,453 56,596 r5.6 Nov 132,853 76,000 73,261 69,325 64,548 4,777 3,936 56,852 5.9 Dec 133,025 75,201 72,461 68,615 64,576 4,039 3,846 57,824 5.5 1964 Jan . ... 133,200 74,514 71,793 67,228 63,234 3,993 4,565 58,685 5.6 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. Increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r r n a u c c t - T t l i i o r c a n n u s & ti p l i o p t r u ie t b a s - - Trade Finance Service G m ov e e n r t n- 1957 ,, 52 904 17,174 828 2,923 4,241 10 886 2 477 6 749 7 626 1958 51,423 15,945 751 2,778 3,976 10 750 2 519 6 811 7 893 19591 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 I960 54,370 16,796 712 2,885 4,004 11,391 2,669 7 392 8 520 1961 54,224 16,327 672 2,816 3,903 11,337 2 731 7 610 8 828 1962 55,841 16,859 652 2,909 3,903 11,582 2.798 7,949 9.188 19632? 57,175 17,035 634 3,030 3,913 11,864 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963—Jan 56,333 16,871 631 2,967 3,82i 11,685 2,834 8 110 9,414 Feb 56,458 16,872 631 2,920 3,899 11,729 2 839 8 144 9 424 Mar 56,706 16,948 631 2,928 3,894 11,795 2,848 8,207 9 455 Apr 56,873 17,037 639 3,005 3,890 11,784 2,853 8 199 9 466 May 57,060 17,095 640 3 019 3 909 11 825 2 864 8 228 9 480 57,194 17,075 639 3,046 3,919 11,864 2,865 8 282 9 504 July 57,340 17,103 640 3,069 3,936 11,884 2,870 8,349 9,489 57,344 17,033 635 3,083 3,941 11,907 2,873 8,373 9,499 Sept 57,453 17,076 632 3,071 3,950 11,922 2,873 8 377 9 552 Oct 57,646 17,119 629 3,066 3,937 11,935 2,887 8,430 9,643 Nov 57,580 17,061 630 3,057 3,928 11 941 2 887 8 423 9 653 Dec p 57,747 17,122 629 3,077 3,913 11,956 2,892 8,446 9,712 1964 Jan P 57,834 17,148 625 3,008 3,925 12,009 2,903 8,477 9,739 NOT SEASONALLY ADJUSTED 1963 Jan 55,409 16,687 622 2,584 3,775 11,535 2,806 7,956 9,444 Feb 55,374 16,683 618 2,470 3,844 11,433 2,813 7,997 9,516 Mar 55,714 16,756 616 2,556 3,847 11,497 2,825 8 076 9 541 Apr 56 505 16 845 632 2 846 3 859 11 740 2 842 8 199 9 542 May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 57,609 17,111 650 3,232 3,954 11,848 2 885 8 423 9 506 July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9,170 Aug 57,651 17,199 646 3,437 3,976 11,878 2,919 8 457 9 139 Sept 58,211 17,398 641 3,378 3,982 11,942 2,887 8 436 9 547 Oct 58,426 17,367 637 3,333 3,968 12,014 2,884 8,472 9,751 58,220 17,229 634 3,176 3,944 12,166 2 878 8 406 9 787 Dec r .. . .. 58,586 17,138 630 2,932 3,929 12,766 2,880 8,378 9,933 1964 Jan P 56,896 16,965 616 2,620 3,878 11,855 2,874 8,316 9,772 i Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed pertons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 EMPLOYMENT AND EARNINGS 229 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Jan. Nov. Jan.? Jan. Nov. Dec.*3 Total 12,453 12,590 12,654 12,672 12,286 12,756 12,666 12,504 Durable goods 6,950 7,081 7,129 7,146 6,896 7,180 7,154 7,088 Ordnance and accessories 121 117 118 118 121 119 119 118 Lumber and wood products 533 532 535 537 501 534 521 504 Furniture and fixtures 323 325 328 329 319 332 330 325 Stone, clay, and glass products 476 495 495 493 452 501 487 468 Primary metal industries 900 932 943 945 900 928 941 945 Fabricated metal products 860 891 897 903 857 907 904 900 Machinery except electrical 1,045 1,074 1,082 1,085 1,043 1,059 1,078 1,083 Electrical machinery 1,063 1,041 1,045 1,045 1,069 1,065 1,060 1,051 Transportation equipment 1,085 1,116 1,129 1,132 1,113 1,157 1,163 1,160 Instruments and related products 233 238 238 236 232 241 240 236 Miscellaneous manufacturing industries. 311 320 319 323 289 337 313 300 Nondurable goods 5,503 5,509 5,525 5,526 5,390 5,576 5,512 5,416 Food and kindred products 1,167 1,148 1,154 1,161 1,094 1,169 1,127 1,088 Tobacco manufactures 77 82 80 78 77 87 83 79 Textile-mill products 800 796 795 794 790 802 795 784 Apparel and other finished textiles 1,125 1,144 1,148 1,148 1,109 1,161 1,150 1,132 Paper and allied products 487 488 490 490 483 492 491 486 Printing, publishing and allied industries 582 590 597 599 578 598 602 595 Chemicals and allied products 519 524 525 525 514 522 522 520 Products of petroleum and coal 118 119 118 114 117 118 116 113 Rubber products 318 311 311 312 319 318 316 313 Leather and leather products 310 307 307 305 310 309 309 305 NOTE.—Bureau of Labor Statistics; data cover production and related for, the pay period ending nearest the 15th of the month. workers only (full- and part-time) who worked during, or received pay HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1963 1964 1963 1964 1963 1964 Jan. Nov. Jan.? Jan. Nov. Dec.?' Jan.? Jan. Nov. Dec? Jan.?5 Total 40.4 40.5 40.6 40.4 97.44 100.85 102.66 101.05 2.43 2.49 2.51 2.52 Durable goods 40.9 41.1 41.5 41.1 105.82 110.00 111.90 110.02 2.60 2.67 2.69 2.69 Ordnance and accessories 41.2 40.6 40.9 40.7 119.65 120.36 122.60 121.47 2.89 2.95 2.97 2.97 Lumber and wood products 39.9 40.1 40.7 39.7 77.03 82.97 83.60 80.94 1.96 2.09 2.09 2.07 Furniture and fixtures 40.8 41.0 41.1 40.6 79.00 83.43 85.26 80.60 1.97 2.02 2.03 2.02 Stone, clay, and glass products 40.8 41.3 40.9 40.4 97.36 103.75 100.85 99.40 2.44 2.50 2.49 2.51 Primary metal industries 40.3 40.9 41.0 41.1 120.80 123.42 126.07 126.07 2.99 3.04 3.06 3.06 Fabricated metal products 41.3 41.5 41.7 41.5 105.52 109.56 110.77 108.92 2.58 2.64 2.65 2.65 Machinery except electrical 41.7 42.1 42.5 42.4 114.40 117.88 120.98 120.13 2.75 2.82 2.84 2.84 Electrical machinery 40.3 40.2 40.4 40.1 97.93 100.60 102.66 100.65 2.43 2.49 2.51 2.51 Transportation equipment 42.5 42.3 42.6 42.8 127.74 132.68 134.23 130.71 2.97 3.10 3.10 3.09 Instruments and related products 40.6 40.7 40.7 40.7 99.88 102.91 102.91 102.16 2.46 2.51 2.51 2.51 Miscellaneous manufacturing industries.. 39.6 39.4 39.6 39.7 79.58 81.59 82.59 81.74 2.03 2.05 2.07 2.08 Nondurable goods 39.6 39.5 39.6 39.3 86.24 89.10 90.19 88.69 2.20 2.25 2.26 2.28 Food and kindred products 40.8 40.9 41.0 40.8 92.52 95.94 96.59 95.75 2.29 2.34 2.35 2.37 Tobacco manufactures 39.2 39.2 38.3 38.8 73.15 73.13 75.45 73.53 1.90 1.88 1.91 1.93 Textile-mill products 40.2 40.8 41.0 40.2 67.26 72.28 72.51 70.05 1.69 1.75 1.76 1.76 Apparel and other finished textiles 36.3 35.7 36.0 34.9 60.35 63.01 63.54 60.36 1.70 1.76 1.77 1.77 Paper and allied products 42.7 42.8 42.9 42.6 103.21 107.43 108.11 106.77 2.44 2.51 2.52 2.53 Printing, publishing and allied industries. 38.2 38.1 38.5 38.3 107.16 110.78 114.27 111.25 2.82 2.90 2.93 2.92 Chemicals and allied products 41.4 41.4 41.6 41.7 111.10 113.85 114.82 115.65 2.69 2.75 2.76 2.78 Products of petroleum and coal 41.7 41.5 41.8 41.2 130.62 132.39 132.57 133.16 3.14 3.19 3.21 3.24 Rubber products 41.0 40.9 41.5 40.9 100.37 102.91 105.08 102.16 2.46 2.51 2.52 2.51 Leather and leather products 36.8 37.4 38.1 37.5 65.60 66.59 69.45 69.12 1.74 1.79 1.79 1.80 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 DEPARTMENT STORES FEBRUARY 1964 SALES AND STOCKS, BY DISTRICT (1957-59- 100) Federal Reserve district United Period States Boston Y N o e r w k a P p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - SALES 1956 94 96 S9 97 96 95 90 99 96 93 93 92 91 1957 96 96 95 98 98 97 94 100 97 97 94 96 93 1958 99 99 100 99 98 98 99 97 98 99 99 99 98 1959 105 104 105 104 104 105 107 104 104 104 107 105 109 1960 106 106 108 104 108 105 107 104 103 106 108 100 110 1961 109 112 112 107 110 108 110 105 104 108 111 102 115 1962 114 114 116 nil 113 113 118 110 109 109 114 108 123 1963 PH9 118 121 in 116 119 127 115 112 113 118 112 129 SEASONALLY ADJUSTED 1962—Dec 117 117 118 '110 112 113 122 114 113 110 us 112 127 1963—Jan 113 115 113 103 111 116 123 107 104 110 108 107 127 Feb 114 111 115 108 109 112 119 108 108 114 117 109 128 Mar 119 121 119 112 118 123 135 116 114 117 122 113 130 Apr 115 112 119 105 111 111 118 110 114 103 118 110 118 May 117 118 119 111 113 116 123 111 111 110 118 110 129 June 120 119 120 112 118 120 130 119 117 116 120 115 127 July 120 121 123 115 116 118 124 116 113 114 120 113 128 Aug 126 129 129 116 125 126 130 126 115 125 122 112 132 Sept 121 123 128 120 119 124 130 118 112 111 116 111 125 Oct 113 112 113 104 112 112 121 109 102 110 110 102 127 Nov 117 110 114 105 113 119 131 115 109 112 117 109 130 Dec 124 129 118 124 134 123 118 115 121 NOT SEASONALLY ADJUSTED 1962—Dec 225 216 202 r209 210 219 201 197 203 193 232 1§63-Jan 86 87 90 75 83 82 94 79 79 76 82 83 97 Feb 85 79 88 78 79 79 92 79 78 80 84 80 101 101 95 101 98 97 102 116 97 97 96 101 98 105 Mar 112 112 111 104 111 112 121 109 107 105 114 108 116 May;;;;;;;;!!;;!";!;; 112 114 114 108 109 111 116 110 110 105 114 106 118 June 114 113 116 104 109 110 117 115 109 113 114 103 121 July 100 91 94 87 98 99 111 96 95 91 108 103 117 Aug 114 106 103 96 113 112 120 113 109 121 122 113 127 Sept 121 124 128 119 119 124 122 119 112 119 117 107 124 Oct 116 115 121 108 110 120 122 113 107 114 113 104 124 Nov 141 139 144 139 141 142 151 138 130 132 133 126 147 Dec 242 235 217 230 *>232 240 217 208 206 210 ^248 STOCKS 1956, 94 96 89 95 93 99 98 97 102 98 99 91 92 1957 99 97 97 99 102 100 102 100 103 102 100 99 96 1958 98 99 99 98 97 96 97 97 98 97 98 98 97 1959 103 104 104 103 101 104 101 103 99 101 103 104 107 1960 109 108 110 105 113 108 107 108 103 108 109 106 114 1961 110 111 109 105 112 110 108 109 111 108 111 103 115 1962 117 116 115 112 116 118 118 119 117 113 113 112 126 1963 120 120 112 125 121 127 125 121 116 119 117 132 SEASONALLY ADJUSTED 1962—Dec '120 118 120 112 118 121 129 121 121 113 111 129 1963—Jan 120 119 116 113 125 121 129 120 117 111 111 113 128 Feb 119 119 116 109 121 119 126 119 120 112 114 113 127 Mar 120 119 115 108 119 119 123 121 118 113 117 113 129 Apr 120 120 118 110 122 121 122 119 121 114 118 114 128 May 121 120 119 109 120 117 125 124 119 115 120 118 132 June 121 118 118 109 119 118 127 126 122 115 118 118 129 July 123 121 119 112 125 119 128 126 122 115 121 120 131 Aug 122 119 118 113 127 118 124 125 120 115 120 117 130 Sept 124 119 120 114 126 118 126 129 121 122 120 115 133 Oct 128 123 124 116 129 124 129 132 122 121 124 119 139 Nov 128 123 126 117 128 128 130 131 127 r122 122 122 138 Dec p\27 122 125 117 127 126 133 126 130 119 mo NOT SEASONALLY ADJUSTED 1962—Dec 110 110 112 101 109 mi 115 108 108 104 105 103 118 1963—Jan 107 104 105 99 106 106 116 108 104 99 101 99 115 Feb 112 109 109 102 112 109 123 110 111 106 108 106 120 Mar 1 1 2 2 3 0 1 12 1 1 8 1 1 2 1 1 7 1 1 0 1 9 4 1 12 1 3 9 1 1 2 2 0 4 1 12 2 5 6 1 1 2 2 1 5 1 1 1 2 9 4 1 1 1 1 2 4 1 12 1 1 7 1 11 1 7 4 1 12 3 9 0 M*ay;;;;;;;;;;;;;;;;;;; 122 121 120 112 121 119 124 127 119 113 118 116 130 June 116 112 111 103 121 111 118 122 115 107 113 111 125 July 117 111 107 102 119 112 118 123 117 112 115 115 127 Aug 122 118 115 109 125 119 124 124 121 116 118 119 131 Sept 131 129 126 121 135 127 133 137 129 129 125 122 139 Oct 143 143 141 134 148 140 145 144 139 137 137 135 154 Nov 147 146 147 137 151 145 152 147 143 140 141 139 157 Dec 114 117 106 118 115 118 112 116 112 1 NOTE.—Based on retail figures; sales are average per trading day; For description of series and for back data beginning with 1947 see stocks are as of end of month or averages of monthly data. July 1962 BULL., p. 803. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 DEPARTMENT STORES 231 DEPARTMENT STORE MERCHANDISING DATA Amounts (millions of dollars) Ratios to sales Period Out- Out- Stocks Sales Stocks st i a n n g d- ce R i e p - ts o N rd e e w rs Stocks st i a n n g d- o p u lu ts s , ce R i e p - ts orders orders orders 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 j 1 4.0 1 n 1956 454 1,286 470 459 458 3.0 1.1 4 1 I 0 1957 459 1,338 461 461 458 3.1 .1 4.1 0 1958 462 1,323 437 462 464 3.0 1.0 4.1 L.O 1959 488 1,391 510 495 498 3.0 t.l 4 1 [ l I960 494 1,474 518 496 493 3.1 l.l 4 3 I 0 1961 506 1,485 529 512 517 3.1 LI 4.2 1.0 1962 r524 rl,590 r569 r53O r529 3 2 I 2 4 4 1 1963*7 538 1,655 592 543 544 3.3 2 4.5 1.0 1962—Dec '989 M,498 '"382 r608 '441 1.5 .4 1.9 .6 1963 Jan 407 1,466 498 368 481 3.6 1.2 4.8 .9 Feb 366 1,508 555 408 465 4.1 1.5 5.6 1.1 Mar . . . . 467 1,616 507 575 527 3.5 L.I 4.5 1.2 Apr 512 1,653 459 549 501 3.2 .9 4.1 1.1 May 512 1,632 509 491 541 3.2 1.0 4 2 1 0 June 482 1,540 710 390 591 3.2 1.5 4.7 8 July 435 1,553 769 448 507 3.6 1.8 5.3 1.0 519 1,627 722 593 546 3.1 1.4 4 5 1 l Sept 509 1,768 739 650 667 3.5 1.5 4.9 1.3 Oct r556 rl,938 r680 r726 r667 3 5 ? 4 7 1 3 Nov 631 1,998 555 691 566 3.2 .9 4.1 1.1 Dec P 1,061 1,564 400 627 472 1.5 .4 1.9 .6 NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts Receipts and new orders: monthly totals derived from reported figures reported by a selected group of department stores whose 1962 sales on sales, stocks, and outstanding orders. were more than 40 per cent of estimated total department store sales. Sales For further description see Oct. 1952 BULL., pp. 1098-1102. Back are total for month, stocks and outstanding orders are as of end of month. figures may be obtained upon request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 PRICES FEBRUARY 1964 CONSUMER PRICES (1957-59= 100) Housing Read- Other Period it A em ll s Food Total Rent t e r G a i l c n e a i d c s t - y p S l a e e o n t u l r d m i o d - H n i f o n i u s u g r h - s s - e H o h t p o i o e o u l r n d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s fuels 1929 59.7 55.6 85.4 56.6 56.2 1933 45 1 35 3 60 8 42.7 42 8 1941 51.3 44.2 61.4 64.3 88.3 45.2 54.4 53.3 51.9 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 86.4 53.6 73.9 62.9 71.2 55.4 57.5 63.6 75.0 67.3 1955 93.3 94.0 94.1 94.8 94.9 91.9 100.0 90.8 96.7 89.7 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 95.9 95.9 98.9 93.7 98.4 91.3 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 96.9 100.8 100.5 97.3 99.7 96.5 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.3 99.0 99.8 100.2 99.8 99.7 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 102.8 100.2 99.8 102.4 100.7 103.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 107.0 99.5 100.1 104.8 102.1 103.8 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 107.9 101.6 99.5 105.9 102.8 105.0 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 107.9 102.1 98.9 107.4 103.2 107.2 114.2 106.5 109.6 105.3 1963*3 106.7 105.1 106.0 106.8 107.9 104.0 98.5 110.2 104.2 107.8 116.7 107.9 111.5 107.1 1962 Dec 105.8 103.5 105.2 106.2 108.1 104.8 98.6 108.1 103.9 108.0 115.3 107.6 110.0 105.6 1963 Jan 106.0 104.7 105.4 106.3 108.2 104.9 97.9 109.3 103.0 106.6 115.5 107.4 110.2 105.7 Feb 106.1 105.0 105.4 106.4 108.0 104.8 98.3 109.3 103.3 106.8 115.6 107.3 110.0 105.7 Mar 106.2 104.6 105.7 106.4 108.0 104.8 98.6 109.7 103.6 107.0 115.8 107.3 110.1 105.7 Apr 106.2 104.3 105.8 106.5 107.5 104.2 98.5 109.9 103.8 107.0 116.1 107.6 111.0 105.8 May 106.2 104.2 105.7 106.6 107.4 102.4 98.4 110.0 103.7 107.4 116.4 107.8 110.7 106.0 June 106.6 105.0 105.9 106.7 108.1 102.1 98.5 110.2 103.9 107.4 116.8 107.8 110.9 107.6 July.... 107.1 106.2 106.0 106.7 108.1 102.3 98.5 110.3 103.9 107.8 116.9 108.0 111.5 108.0 AUR 107.1 106.0 106.0 106.8 107.2 102.6 98.3 110.6 104.0 108.3 117.1 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 108.0 103.7 98.6 110.7 104.8 107.9 117.2 108.2 112.3 108.0 Oct 107.2 104.9 106.3 107.1 108.1 104.5 98.7 110.5 105.4 109.0 117.4 108.4 112.7 108.2 Nov 107.4 105.1 106.6 107.2 108.0 105.4 98.8 110.7 105.6 109.1 117.5 108.4 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.1 105.8 98.8 110.9 105.5 108.9 117.5 108.8 113.1 108.3 NOTE.—Bureau of Labor Statistics index for city wage-earner and clerical worker families. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proccom- prod- essed Non- Period modi- ucts foods Tex- Chem- Rub- Lum- Ma- Furni- me- Misties Total tiles, Hides, Fuel, icals, ber, ber, Paper,Metals chin- ture, tallic To- cellaetc. etc. etc. etc. etc. etc. etc. ery etc. min- bacco neous erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 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 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 . 100 7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99 3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101 8 104 1 107 3 1963# . . 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1962—Dec 100.4 97.3 100.9 100.7 100.6 106.9 100.8 96.8 94.4 95.8 99.0 99.3 102.3 98.4 101.5 104.3 110.2 1963—Jan 100.5 98.5 100.8 100.7 100.4 106.0 100.4 96.9 94.3 95.9 99.0 99.5 102.3 98.3 101.4 104.3 111.6 Feb 100.2 96.5 100.5 100.6 100.3 105.1 100.3 96.7 94.2 96.1 99.1 99.4 102.2 98.2 101.5 104 3 111 5 Mar 99.9 95.4 99.0 100.6 100.2 105.1 100.8 96.8 94.1 96.5 99.0 99.4 102.0 98.2 101.5 104.3 110.8 Apr 99.7 95.4 99.3 100.4 100.1 104.5 100.3 96.3 94.1 97.0 99.0 99.4 101.9 98.1 101.5 104.4 108.0 May 100.0 94.4 101.7 100.5 100.2 104.8 100.4 96.4 93.2 97.5 99.1 99.9 102.0 98.0 101.3 105.2 107 6 100.3 94.9 102.4 100.7 100.3 104.5 100.9 96.3 93.1 98.3 99.4 100.0 102.0 98.1 101.2 105.8 108.1 July 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100 9 107 5 110 4 100.4 96.3 100.9 100.8 100.4 103.6 98.9 96.0 93.7 102.6 99.1 100.1 102.1 98.1 101.0 107.5 111 1 Sept 100.3 95.5 100.9 100.7 100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8 N O o c v t 1 1 0 0 0 0 . . 5 7 9 9 5 6 . . 1 2 1 1 0 0 2 2 . . 2 5 1 1 0 0 0 0 . . 9 9n 1 o 00 i. .7 i 1 1 0 0 3 3 . . 5 4 9 97 8 . . 9 8 9 9 6 6 . . 2 3 9 9 4 4 . . 2 2 r9 9 9 9 . . 2 2 9 9 9 9 . . 5 4 1 1 0 0 0 1 . . 9 0 1 10 0 2 2 . . 5 3 9 9 8 8 . . 1 1 1 1 0 0 1 1 . 2 3 1 1 0 0 7 7 .5 5 1 1 1 1 1 0. 9 2 Dec 100.3 93.3 100.4 101.2 101.2 102.9 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101.3 107.5 112.2 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 PRICES 233 WHOLESALE PRICES: DETAIL (1957-59= 100) 1962 1963 1962 1963 Group Group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products: Fresh End. dried produce 88.5 89.1 r96.1 94.8 Woodpulp 89.4 95.0 94.4 94.4 101.1 101.8 100.3 101.8 Wastepaper 94.6 90.7 91.0 90.8 Livestock and ooultrv 96.2 88.0 87.9 79.9 Paper 102.2 102.8 102.9 102.9 Plant and animal fibers . . 98.1 99.4 99.8 101.4 94.1 96.6 96.6 96.5 Fluid milk 101.9 102.6 r103.2 103.4 Converted paper and paperboard.... 99.6 99.4 99.4 99.5 Eggs ....... 99.3 97.9 102.4 99.8 Building paper and board 96.2 96.9 95.9 95.9 Hay and seeds 108.2 114.1 117.5 114.6 89.0 90.4 90.7 90.6 Metals and Metal Products: Processed Foods' Iron and steel 98.7 99.9 r99.9 100.0 Nonferrous metals 97.7 99.9 100.2 101.0 Cereal and bakery products 107.6 107.7 r107.3 106.9 Metal containers 103.7 104.6 104.6 104.6 Meat poultry and fish 99 A 93.2 91.7 87.7 Hardware 103.8 104.4 104 4 104.3 Dairy products and ice cream 108.1 107.4 107.9 107.9 97.5 100.6 100.6 100.6 Canned and frozen fruits, and veg- Heating equipment 93.3 93.1 r92.8 92.7 etables 95.7 105.8 106.4 106.8 Fabricated structural metal products . 98.1 98.9 r98.9 98.9 Sugar and confectionery 102.8 125.4 131.2 124.9 Fabricated nonstructural metal prod- 79.1 81.8 84.1 85.7 103.8 107.0 107.1 108.2 Animal fats and oils 85.2 90.2 93.5 88.7 78.9 84.8 '84.0 76.7 Machinery and Motive Products: Refined vegetable oils 90.0 82.3 84.1 77.4 Vegetable oil and products 91.8 86.0 '87.4 87.9 Agricultural machinery and equip 110.0 111.2 111.4 111.7 Miscellaneous processed foods 100.4 108.7 107.8 107.4 Construction machinery and equip.... 108.3 110.4 110.9 111.1 Metal working machinery and equip... 109.3 110.3 110.5 110.6 Textile Products and Apparel: General purpose machinery and 103.8 104.5 104.7 104.7 Cotton products . 100.8 100.2 r101.3 101.5 Miscellaneous machinery 103.4 103 5 103 7 103 8 Wool products 100.2 100.6 101.6 102.5 Special industry machinery and Man-made fiber textile products 93.7 94.2 94.4 94.6 equipment (Jan. 1961= 100) 102.8 104.8 104.7 105.0 Silk products 143.3 126.1 130.5 126.3 Electrical machinery and equip 98.1 97.2 97.5 97.6 Apparel 101.7 102.5 102.3 102.3 Motor vehicles 100.8 99.9 99.9 99.9 127.9 116.9 119.0 116.0 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.5 100.5 100.5 Hides, Skins, Leather, and Products: 101.6 80.5 82.7 76.3 Furniture and Other Household Dura- Leather 106.1 99.5 99.7 99.5 bles: 108.5 108.4 r108.2 108.2 Other leather Droducts 105 5 103.4 r103 2 103.1 Household furniture 104.2 104.8 104 8 104.7 Commercial furniture 102.3 103.1 103.1 103.1 Fuels and Related Products, and Power: Floor coverings 96.4 97.4 97.9 98.0 Household appliances 93.0 91.2 91.2 91.1 Coal 98.3 97.7 98.3 98.3 Television, radios, and phonographs.. 90.4 87.8 87.8 87.3 Coke 103.6 103.6 103.6 103.6 Other household durable goods 102.8 103.4 103.4 103.3 Gas fuels (Jan. 1958= 100) 123.1 122.0 '122.3 124.7 Electric power (Jan. 1958= 100) 102.7 101.4 101.3 101.3 Petroleum products, refined 98.6 95.6 93.8 96.1 Nonmetallic Mineral Products: Chemicals and Allied Products: 96.6 101.6 101.0 101.0 Concrete ingredients 103.2 102.9 102.9 103.1 Industrial chemicals 95.9 94.2 94.2 94.3 Concrete products 102.5 101.3 101.4 101.4 Prepared paint 103.8 103.9 105.1 105.3 103.5 103.4 103.5 103.5 Paint materials 92 9 90 8 r91 1 91 0 Gypsum products 105.0 106.1 106.1 106.1 Drugs and Pharmaceuticals 94.8 94.9 95.0 94.9 Prepared asphalt roofing 89.4 87.4 87.4 87.4 Fats and oils, inedible 72.8 88.5 r90.2 85.1 Other nonmetallic minerals 102.4 101.4 101.4 101.4 Mixed fertilizers 102.8 103.8 r103.7 103.5 Fertilizer materials 99.6 97.1 98.4 98.4 Tobacco Products and Bottled Bever- Other chemicals and products 99.5 99.0 99.0 99.1 ages: Rubber and Products: Tobacco products 102.2 105.9 105.9 105.9 Alcoholic beverages 101.1 100.9 100.9 101.0 Crude rubber 94.7 91.5 91.6 89.9 Nonalcoholic beverages 117.4 127.7 127.7 127.7 Tires and tubes ... 89.0 91.7 91.7 91.4 Miscellaneous rubber products 99.7 97.9 97.9 97.9 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 101.3 101.1 101.0 101.0 Manufactured animal feeds 115.7 117.9 117.2 119.6 Lumber 95.8 99.3 r99.3 99.2 98.7 99.1 99.1 99.1 Millwork 102.1 106.2 106.2 106.3 Jewelry, watches, photo equipment... 104.4 103.5 103.6 103.6 90.4 92.4 92.5 92.4 Other miscellaneous products 101.5 101.1 101.4 101.4 NOTE.—Bureau of Labor Statistics Index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 NATIONAL PRODUCT AND INCOME FEBRUARY 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 IV II III IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588.7 600.1 Personal consumption expenditures. 79.0 46.4 81.9 195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9 Durable goods 9.2 3.5 9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.5 50.6 51.0 50.8 53.6 Nondurable goods 37.7 22.3 43.2 99.8 147. 151.8 155.1 161.4 167.1 163.6 165.3 165.9 168.6 168.7 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.0 145.7 154.5 148.9 151.4 153.5 155.5 157.7 Gross private domestic investment 16.2 1.4 18.1 50.0 72.7 71.8 69.0 78.8 82.3 78.8 77.8 80.7 83.7 87.1 New construction 8.7 1.4 6.6 24.2 40.2 40.7 41.6 44.4 46.6 45.0 43.7 45.8 47.9 49.2 Residential, nonfarm 3.6 .5 3.5 14.1 22.3 21.1 21.0 23.2 25.0 23.7 22.7 24.8 25.9 26.8 Other 5.1 1.0 3. 10.1 17.9 19.7 20.5 21.2 21.6 21.2 21.0 21.0 22.0 22.4 Producers' durable equipment 5.9 1.6 6.9 18.9 25.9 27.6 25.5 28.8 30.9 29.9 29.0 30.7 31.6 32.5 Change in business inventories 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.5 4.7 4.0 5.1 4.3 4.2 5.4 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 4.9 4.2 3.2 4.3 3.6 3.7 5.1 Net exports of goods and services. .8 .2 1.1 .6 -.8 3.0 4.4 3.8 4.5 3.3 3.6 4.8 4.3 5.4 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.5 28.9 30.7 28.8 28.6 30.7 31.4 32.3 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.1 25. 26.2 25.5 24.9 25.9 27.1 26.9 Government purchases of goods and services. 8.5 8.0 24.8 39.0 97.2 99.6 167.9 117.0 125.1 120.2 123.0 123.8 125.7 127.7 Federal 1.3 2.0 16.9 19.3 53.6 53.1 57.4 62.4 66.3 63.6 65.5 66.5 66.4 66.6 O N t a h t e io r nal defense 1.3 2.0 ' 1 3 3 . .8 2 1 5 4 . . 2 3 4 7 6 . . 9 2 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 3 0 5 1 6 0 . . 7 5 5 1 4 0 . . 3 4 5 10 6 . .4 5 1 6 0 . . 7 6 5 1 6 0 . . 7 8 5 1 7 0 . . 2 4 Less: Government sales .1 .5 .6 .6 .8 1.0 1.1 1.0 .8 1.2 1.0 State and local 7.2 6.0 1A 19.7 43.6 46.5 50.6 54.6 58.8 56.6 57.5 57.3 59.4 61.2 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 481.4 485.3 489.4 495.1 501.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally and Output (a supplement to the Survey of Current Business) and the July adjusted totals at annual rates. For explanation of series see U.S. Income 1963 Survey of Current Business. NATIONAL INCOME (In billions of dollars) 1962 Item 1929 1933 1950 1939 1960 1961 1962 1963 IV II III IV National income.... 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.4 462.2 466.7 474.6 482.0 n.a. Compensation of employees... 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 327.7 332.0 338.7 342.8 347.9 Wages and salaries 50.4 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.3 301.5 304.5 310.8 314.6 319.4 Private 45.5 23.9 51.9 124.1 213.1 222.9 221.0 241.6 253.0 244.7 246.7 252.2 255.1 258.1 Military .3 .3 1.9 5.0 9.9 9.9 10.2 10.8 11.0 10.5 10.7 10.8 10.8 11.8 Government civilian 4.6 4.9 8.3 17.3 35.4 38.5 41.6 44.7 48.3 46.3 47.1 47.8 48.7 49.5 Supplements to wages and salaries .7 .5 2.7 7.8 20.1 22.3 23.3 25.7 28.0 26.2 27.5 27.9 28.2 28.5 Employer contributions for social insurance .1 .1 2.0 4.0 9.7 11.3 11.9 13.7 15.4 13.8 15.0 15.3 15.5 15.7 Other labor income .6 .4 .7 3.8 10.4 11.0 11.4 12.1 12.6 12.3 12.4 12.6 12.7 12.8 Proprietors' income 14.8 5.6 17.4 37.5 46.5 46.2 48.1 49.8 50.5 50.3 50.7 50.0 50.5 50.8 Business and professional 8. 3.2 10.9 23.5 35.1 34.2 35.3 37.7 36.9 37.2 37.4 37.8 38.2 Farm 6.0 2.4 6.5| 14.0 11.4 12.0 12.8 13*3 12.8 13.4 13.5 12.6 12.7 12.6 Rental income of persons 5.4 2.0 3.5! 9.0 11.9 12.1 12.1 12.0 12.1 12.0 12.0 12.0 12.1 12.2 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 51.3 49.3 48.8 50.1 52.2 n.a. Profits before tax 9.6 .2 17.0 40.6 47.7 44.3 43.8 46.8 51.7 48.4 48.3 51.0 52.2 n.a. Profits tax liability 1.4 .5 7.6 17.9 23.2 22.3 22.0 22.2 24.5 22.9 22.9 24.2 24.7 n.a. Profits after tax 8.3 - .4 9.4 22.8 24.5 22.0 21.8 24.6 27.2 25.5 25.4 26.8 27.5 n.a. Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.5 8.1 9.4 8.4 8.3 9.2 9.8 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5] .2 .2 -.4 .9 .4 Q .0 -1.1 Net interest 6.4 5.0 4.5 5.5 16.4! 18.1 20.0 22.0 24.1 23.0 23.3 23.7 24.3 25.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 NATIONAL PRODUCT AND INCOME 235 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 IV I II III IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588 7 600 1 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 41.0 43.0 44.3 49.4 51.6 50.1 50.6 51.3 52.1 52.7 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.1 53.0 56.6 54.1 55.2 56.0 57.2 58.1 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Statistical discrepancy 3 9 4 — .7 — 3.0 — 3.0 — 1.9 1 O — 3 2 — 19 — 2 3 — 4 1 — 4 4 n a Plus: Subsidies less current surplus of government enterprises — .1 .1 .2 .4 .5 1.7 1 7 7 1 6 7 4 5 1 i Equals * National income 87 8 40 2 104 7 241 9 400.5 414.5 426.1 453 7 478 4 462 2 466 7 474 6 482 0 n a Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 51.3 49.3 48.8 50.1 52.2 n.a. Contributions for social insurance .2 .3 2.8 6.9 17.6 20.6 21.4 23.9 27.2 24.2 26.5 27.0 27.4 27.8 Plus" Government transfer payments .9 1.5 2.6 14.3 25.4 27.3 31.3 32.5 34.6 33.6 34.7 34.2 34.4 35.2 Net interest paid by government 1.0 1.2 1.3 4.8 7.1 7.8 7.7 8.0 8.4 8.2 8.3 8.4 8.5 8.5 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Equals* Personal income 85 8 47 2 96 3 228.5 383.9 401.3 417 4 442 1 463 0 449 9 453 9 4*9 9 465 2 473 0 Less: Personal tax and nontax payments 2.6 7.5 3.3 20.8 46.8 51.4 52.9 57.7 60.5 58.5 59.4 59.9 60.8 62.1 Federal 1.3 .5 2.0 18.2 40.4 44.0 45.1 49.0 50.9 49.7 50.0 50.4 51.1 52.2 State and local 1.4 1.0 1.3 2.6 6.4 7.3 7.8 8.7 9.6 8.8 9.4 9.6 9.7 9.9 Equals: Disposable personal income 83.1 45.7 93.0 207.7 337.1 349.9 364.4 384.4 402.4 391.4 394.5 400.0 404.4 410.9 Less: Personal consumption expenditures 79.0 46.4 81.9 195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9 Equals: Personal saving 4.2 -.6 11.1 12.6 23.6 21.7 27.6 29.1 29.3 28.5 27.1 29.6 29.5 31.0 Disposable personal income in constant (1954) dollars . 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 348.2 349.5 353.2 356.0 360.7 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 1963 1961 1962 Item Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.^ Total personal income 417.4 442.1 452.1 1454.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 475.2 Wage and salary disbursements 278. 297.1 302.9 302.8 304.7 306.1 308.7 311.2 3 2.9 314.1 314.4 316.2 318.7 3 9.2 320.3 Commodity-producing industries.. 110.8 118.5 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 126.9 Manufacturing only 87.5 94.2 94.9 94.7 95.5 96.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2 100.9 Distributive industries 72.9 76.6 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.0 Service industries 43.4 46.4 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 Government 51.8 55.6 57.3 57.6 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59. 61.0 61.3 61.6 Other labor income . . . 11.4 12.1 12.4 12.3 12.5 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 Proprietors' income 48.1 49.8 50.5 50.7 50.7 50.5 50.1 50.0 50.0 50.4 50.6 50.6 50.9 50.8 50.8 Business and professional 35.3 36.5 37.0 37.1 37.2 37.2 37.3 37.4 37.6 37.7 37.9 37.9 38.2 38.2 38.3 Farm 12.8 13.3 13.5 13.6 13.5 13.3 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 Rental income... , 12.1 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 Dividends 15.3 16.6 17.7 17.0 17.2 17.2 17.3 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 Personal interest income , 27.7 30.0 31.3 31.5 31.7 31.8 31.9 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 Transfer payments 33.6 34.8 35.7 139.1 35.7 36.2 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.5 Less: Personal contributions for social insurance 9.5 10.2 10.3 11.4 11.5 11.5 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 Nonagricultural income . . . 400.3 424.5 434.1 1435.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 458.5 Agricultural income 17.1 17.6 18.0 18.1 18.0 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 1 Includes stepped-up rate of Govt. life insurance payments to veterans NOTE.—Dept. of Commerce estimates. Monthly data are seasonally and a special dividend to all W.W. II veterans holding NSLI policies; adjusted totals at annual rates. See also NOTE to table at top of previous disbursements amounted to $3.6 billion. page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 FLOW OF FUNDS/SAVING FEBRUARY 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1958 1959 1960 1961 1962 III IV III IV III I. Saving and investment A Gross national saving 94.5 115.6 119.5 116.1 130.2 119.1 125.7 124.2 131.7 131.9 132.8 131.6 139.5 142.2 B Consumer and nonprofit 68.9 74.5 73.4 80.0 86.6 82.7 85.3 85.2 87.1 86.5 87.7 87.0 91.2 91.0 C Farm and noncorp, business 11.9 13.4 12.9 12.5 13.1 12.4 12.4 12.9 13.1 13.2 13.3 13.3 13.5 D Corporate nonfin. business 25.2 35.2 29.7 32.1 36.6 32.3 37.3 36.2 36.7 35.1 38.6 39.5 41.7 E U.S. Government -7. -4.5 4.3 -5.5 -4.7 -5.3 -5.7 -7.0 -4.4 -2.0 -5.7 -5.9 -3.7 F State and local govt -5.2 -3.5 -3.0 -4.7 -3.8 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.5 G Financial sectors 1.5 1.5 2.2 1.7 2.3 1.6 1.6 1.4 2.5 2.6 2.8 2.1 4.0 3.2 H Gross national investment 94.3 114.6 117.4 114.5 127.2 117.6 125.2 126.6 128.9 126.0 127.3 129.4 135.1 134.6 H I Consumer durable goods 37.3 43.6 44.9 43.6 48.2 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 50.8 I J Business inventories -2.0 6.6 3.5 4.9 3.4 7.0 7.7 5.9 2.8 3.3 4.3 4.3 4.2 J K Gross pvt. fixed investment 58.6 66.2 68.3 67.1 73.2 68.5 70.4 69.3 73.2 75.4 75.0 72.0 76.4 79.5 K L Consumer and nonprofit 18.1 22.1 21.6 20.1 21.3 19.3 21.5 21.7 19.9 21.2 22.3 20.6 19.6 21.7 L M Nonfin. business 39.9 43.4 46.0 46.4 51.3 48.5 48.2 46.8 52.6 53.5 52.1 50.6 56.2 57.2 M N Financial sectors .6 .7 .6 .7 .7 .7 .7 .7 .6 .6 .6 N 0 Net financial investment .4 -1.7 .7 2.0 1.8 1.4 2.4 2.3 * -1.5 3.0 3.4 O P Discrepancy (A-H) .2 2.0 2.2 1.5 3.0 1.5 .6 -2.4 2.8 5.9 5.5 2.1 4.4 7.6 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors. . 42.9 53.2 36.2 47.2 58.1 58.3 53.8 61.8 63.0 40.1 67.7 60.9 67.4 49.0 B Loans and short-term securities. . . 3.5 19.7 8.0 19.5 17.6 11.7 25.9 29.7 19.9 -1.9 22.7 3.1 27.2 .1 C Long-term securities and mtgs 39.5 33.4 28.3 27.7 40.5 46.5 28.0 32.1 43.1 42.0 45.0 57.8 40.2 48.9 By sector D U.S. Government 8.6 8.7 -2.1 7.5 7.6 14.6 5.7 16.1 8.4 -5.6 11.4 12.1 9.1 D E Short-term securities -1.2 5.5 -5.1 11.3 2.4 .9 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 -12.4 E F Other securities 9.5 3.8 2.5 -4.1 4.9 14.2 -6.6 -2.4 6.6 8.3 7.3 12.9 -.2 7.2 F G Foreign borrowers 2.3 .8 2.0 2.8 2.3 3.5 4.3 3.7 2.0 .2 3.3 3.3 5.0 2.0 G H Loans 1.1 .2 1.4 1.9 1.3 2.7 3.2 3.1 .8 -.5 1.5 1.2 3.5 1.2 H 1 Securities 1.3 .7 .7 .8 1.0 .8 1.1 .6 1.1 .7 1.8 2.0 1.5 .8 I J Pvt. domestic nonfin. sectors 32.0 43.6 36.3 36.9 48.2 40.1 43.8 41.9 52.6 45.5 53.0 45.5 53.3 53.9 J K Loans 3.3 14.7 11.2 5.9 13.7 8.6 10.4 8.1 17.2 12.5 17.1 11.7 14.5 12.9 K L Consumer credit .2 6.4 4.5 1.7 5.8 1.6 4.9 4.3 7.0 4.3 7.6 6.7 6.6 6.7 L M Bank loans n.e.c 1.8 5.6 2.8 1.9 4.5 2.1 4.0 2.2 6.3 3.5 5.8 4.4 4.0 3.4 M N Other loans 1.3 2.7 3.9 2.4 3.5 4.9 1.5 1.6 4.0 4.7 3.7 .6 3.9 2.8 N 0 Securities and mortgages 28.7 29.0 25.2 31.0 34.5 31.6 33.4 33.8 35.4 33.1 35.9 33.8 38.9 41.0 O P State and local obligations 5.5 4.7 3.7 5.0 5.7 5.9 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.0 P Q Corporate securities 8.0 5.3 5.3 7.3 4.8 6.4 5.5 6.0 4.9 4.0 4.1 5. 1.6 3.8 Q R 1- to 4-family mortgages 10.1 13.2 10.4 11.7 15.4 11.9 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 R S Other mortgages 5.2 5.8 5. 6.9 9.4 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 S T Net sources of credit (=A) 42.9 53.2 36.2 47.2 58.1 58.3 53.8 61.8 63.0 40.1 67.7 60.9 67.4 49.0 T U Chg. in U.S. Govt. cash balance. .1 .7 .9 .3 1.0 4.8 .2 4.9 3.9 -6.5 1.5 6.8 2.5 -9.4 U V U.S. Govt. lending 1.7 3.8 2.4 2.8 3.5 4.9 4.5 4.0 4.5 1.9 3.6 1.2 1.2 3.6 V W Foreign funds 3.1 3.6 3.3 2.2 2.5 2.2 4.0 2.7 2.8 1.9 2.7 1.7 5.3 2.0 w X Pvt. insur. and pension reserves. 7.8 8.8 8.1 8.7 9.0 8.7 9.4 8.6 9.3 9.0 9.4 8.5 9.2 10.7 X V Sources n.e.c 5.0 5.7 6.3 5.1 5.6 11.0 4.4 3.3 4.3 8.4 6.3 9.1 6.0 9.6 Y Z Pvt. domestic nonfin. sectors 25.3 30.5 15.3 28.2 36.5 26.6 31.3 38.4 38.2 25.4 44.1 33.6 43.1 32.7 Z AA Deposits and U.S. Govt. secur... 17.7 23.8 8.3 23.5 32.2 21.6 28.3 31.6 33.4 24.9 39.1 32.7 42.1 32.3 AA AB Deposits 20.6 11.0 14.0 24.6 29.8 23.4 25.5 27.7 27.7 26.1 37.9 30.5 30.8 29.5 AB AC Demand dep. and currency. 4.9 .5 -1.0 4.5 1.6 4.4 8.3 -7.7 2.9 2.3 8.9 -4.1 7.3 4.5 AC AD Time and svgs. accounts 15.7 10.5 15.0 20.0 28.3 19.0 17.1 35.4 24.8 23.9 29.0 34.5 23.6 25.0 AD AE At commercial banks 7.0 2.1 5.4 8.7 15.1 8.0 4.9 22.7 13.4 10.6 13 17.1 9.4 11.7 AE AF At savings instit 8.7 8.4 9.6 11.4 13.2 11.0 12.2 12.7 11.5 13.3 15.3 17.4 14.2 13.4 AF AG U.S. Govt. securities -2.9 12.9 -5.7 -1.1 2.4 J O 2.9 3.9 5.7 -1.3 1.3 2.2 11.3 2.8 AG AH Other securities and mtgs 8.5 6.8 6.8 6.0 4.1 5.7 4.8 6.7 .2 3.3 6.2 2.5 3.2 3.5 AH .9 .2 -.3 1.3 -.2 .6 1.8 -.1 -4.5 2.8 1.2 1.6 2.2 3.2 AI AI Less security debt III. Financial institutions 37.5 30.6 34.6 44.4 51.4 51.7 48.5 52.5 48.3 43.0 61.9 54.3 60.4 53.9 A A Net funds advanced—Total 11.3 -7.2 2.9 8.4 3.9 15.9 1.3 10.6 1.0 -3.9 7.8 6.6 -1.9 -7.0 B B U.S. Govt. securities 22.9 23.2 20.7 27.4 34.0 27.8 31.4 30.9 39.3 32.1 33.8 36.0 42.9 42.3 C C Other securities and mtgs 3.3 14.6 11.1 8.5 13.5 8.0 15.8 11.0 8.0 14.8 20.4 11.8 19.5 18.7 D D Loans By sector F Banking system 17.4 5.0 9.9 17.5 20.4 22.5 17.3 25.1 19.5 9.3 27.7 26.0 22.9 13.2 F G Savings institutions 9.3 10.6 9.3 12.0 14.5 11.9 13.5 13.6 13.3 15.7 15.4 17.1 16.7 18.5 G H Insurance and pension funds 9.0 10.1 10.2 10.7 11.5 10.8 11.8 10.7 11.7 11.3 12.5 11.3 11.8 13.6 H 1 Finance n.e.c 1.8 4.9 5.3 4.2 5.0 6.5 5.9 3.2 3.8 6.7 6.2 -.1 9.0 8.7 I J Net sources of funds—Total 37.5 30.6 34.6 44.4 51.4 51.7 48.5 52.5 48.3 43.0 61.9 54.3 60.4 53.9 J K Gross saving 1.5 1.5 2.2 1.7 2.3 1.6 1.6 1.4 2.5 2.6 2.8 2.1 4.0 3.2 rK L Deposit claims 22.5 10.9 15.6 26.8 32.1 29.6 28.9 35.0 31.3 18.8 43.4 37.1 35.4 22 A *1 M Demand deposits and currency.. 5.6 1.4 .3 5.9 3.5 9.4 10.7 -.4 6.3 -4.7 12.8 1.2 10.7 M N Time dep. at compl. banks 8.0 1.1 5.8 9.4 15.3 9.2 5.5 22.7 13.3 10.2 15.0 18.4 10.5 12.4 N O Other savings accounts 8.9 8.4 9.5 11.5 13.3 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14.2 13.4 O P Life insurance reserves 3.3 3.6 3.4 3.7 4.1 3.9 3.5 4.1 3.6 4.4 4.2 4.0 3.5 4.4 P R Q P C e r n ed si i o t n m f a u r n k d e t r i e n s s e t r r v u e m s ents 4. . 4 5 5 6 . . 2 2 4 3 . . 7 4 4 3 . . 9 3 5 5 . . 0 6 4 5 . . 8 5 5 5 . . 9 5 4 4. . 9 5 7 5 . . 2 7 4 6 . . 6 1 4 5. . 2 4 4 1 . . 5 6 5 8 . . 7 3 9 6 . . 7 2 S S Investment co. shares 1.6 1.8 1.5 2.0 1.9 2.1 2.7 3.2 2.2 1.3 .8 .8 1.0 1.8 T Corporate bonds .2 1.1 1.5 .5 .8 .1 .2 .3 1.1 .5 1.4 .3 2.0 1.8 s U Loans -1.3 3.1 .2 .6 2.8 3.2 2.0 1.2 3.9 4.2 2.1 .4 5.2 6.1 V Security credit .6 * .5 .9 .9 -1.2 2.2 1.5 -2.0 1.6 2.7 -1.4 3.1 2.5' T W Other sources, net 4.7 3.1 4.9 3.0 1.3 7.4 1.0 1.2 5.0 -.7 6.4 .3 5.4 U V W NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1964 BULL., p. 110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 FLOW OF FUNDS/SAVING 237 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, 1958 1959 1960 1961 1962 or sector III IV I II III IV I II III I. Demand deposits and currency A Net incr. in banking system liability.. 5.6 1.4 .3 5.9 3.5 9.4 10.7 -.4 6.3 -4.7 12.8 1.2 10.7 -3.3 A B U.S. Govt. deposits .1 .7 .9 1.0 4.8 4.9 3.9 -6.5 1.5 6.8 2.5 -9.4 B C Other 5.5 .7 -.6 5.1 2.5 4.6 10*.5 -5.3 2.3 1.7 11.3 -5.6 8.3 6.1 C D Net increase in assets, by sector.... 6.2 .4 .5 4.9 5.0 11.1 6.4 2.1 5.2 -5.1 17.6 6.0 10.6 -.9 D E U.S. Govt .1 .7 .9 1.1 7.4 -1.3 5.3 3.6 —6.3 1.7 6 8 3 4— 11 2 E F Other domestic sectors 6.1 -.3 4.8 3.8 4.9 7.0 -4.6 2.0 2.1 15.7 * 6 4 9 5 F G Consumer and nonprofit 2.5 1.2 -.6 1.6 5.1 3.8 -2.9 3.0 5.5 -1.0 13.1 7.3 7.6 10.6 G 2.7 -2.2 -.5 1.3 -2.1 1.1 5.7 -5.7 —4.7 * 2.1 —7 6 — 1 9 — 6 H I State and local govt .2 .5 .6 -1.6 2.8 -2.8 1.4 2.7 -1.6 1.1 .5 -1.3 I J Financial sectors .7 .1 '.6 1.3 1.5 1.4 1.1 — .1 ,4 2.1 g 2 7 j K Rest of the world -.1 * -.1 -.1 -1.3 .7 1.4 -.4 .3 .7 8 9 K L Discrepancy—U.S. Govt. cash * * -2.6 1.5 -.4 .3 -.1 -.2 * -.9 1.8 L M Other -.5 .9 -.1 1.0 -\A 1.0 2.8 -2.1 .7 .5 -4.7 -4.9 1.0 -4.3 M II. Time and savings accounts A Net increase—Total 16.9 9.5 15.3 20.9 28.6 20.2 18.2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 A B At commercial banks—Total...... 8.0 1.1 5.8 9.4 15.3 9.2 5.5 22.7 13.3 10.2 15.0 18 4 10 5 12 4 B C Corporate business .9 -.4 .8 1.3 2.6 .8 -2.4 4.8 2.6 .6 2.3 4 6 2 4 3 2 C D State and local govt .8 -.4 1.4 .9 1.0 1.0 .8 2.0 .6 .4 1.0 2.9 .3 1.0 D E Foreign depositors .9 -.9 .3 .6 .3 1.1 .5 * .1 — .3 1.3 1 4 1 0 7 E F Consumer and nonprofit orgs.... 5.3 3.0 3.3 6.5 11.5 6.2 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 F 8.9 8.4 9.5 11.5 13.3 11.0 12.7 12.7 11.7 13.3 15.7 17.4 14 2 13 4 G H Memo—Consumer and nonprofit orgs.—Total 14.0 11.3 12.8 17.8 24.7 17.2 18.8 28.6 21.6 22.9 25.7 27.0 20.9 20.9 H III. U.S. Govt. securities A Total net issues 8.2 9.3 -2.6 7.3 7.4 15.0 4.7 15.4 8.6 -4.1 9.7 11 5 10 1 5 3 A B Short-term direct -1.2 5.5 -5.1 11.3 2.4 .9 11.3 17.8 2.0 -12.4 2.4 — 10 4 10 3— 12 4 B C Other 9.5 3.8 2.5 -4.1 4.9 14.2 -6.6 -2.4 6.6 8.3 7.3 21 9 7 2 C 8.5 8.7 -2.3 7.8 7.6 15.1 5.0 15.2 9.3 —3.9 9.8 9 7 12 3 — 5 1 D E Pvt. domestic nonfin. sectors -2.9 12.9 -5.7 -1.1 2.4 -1.8 2.9 3.9 5.7 -1.3 1.3 2.2 11.3 2 8 E F Consumers and nonprofit -2.5 7.3 -3.3 -.9 .7 2.6 3.2 -1.9 3.9 .1 .9 6.4 3.0 F G Sv&$ bonds and vostal SVBS dev -.7 —2.0 — .4 .7 .3 .7 .9 ,1 .4 .6 .2 9 1 2 10 G — 1.7 9.2 -2.8 -1.6 .4 1.9 2.4 —2.0 3.5 — .5 .7 9 5 2 2 0 H I Corp. nonfin. business * 3.8 -2.7 -.4 .3 -4.0 -.5 1.9 .4 -2.0 .7 1 3 2 1 — 18 I J State and local govt -.4 1.8 .2 .3 1.4 -.4 .2 3.9 1.4 .7 -.3 .8 2 8 1 6 J K Financial sectors 11.3 -7.2 2.9 8.4 3.9 15.9 1.3 10.6 1.0 -3.9 7.8 6 6 — 1 9 — 7 0 K 10.4 -7.9 2.7 7.4 2.2 12.2 .1 9.6 .7 -6.4 5.1 9.1 -2 2 — 8 7 L M Monetary authorities 2.2 .7 1.5 2.0 2.8 5.4 .3 -.2 2.5 5.2 1.9 1 3 M N Commercial banks 8.2 -8.2 2.0 5.9 .3 11.1 -2.7 4.2 .4 -6.2 2.6 3.9 -4.1 -10.0 N P Insurance and pension funds .3 .2 — 4 __ < .4 -.2 2 1 .6 0 .3 g .3 5 .5 g .6 4 -1 1 . 3 0 .2 e .7 P Q Finance n.e.c .2 * '.6 .8 3.5 -.5 — .1 .5 1.2 1.6 —2.5 — 4 3 Q R Rest of the world .1 3.0 .6 .4 1.3 1.1 .8 .7 2.6 1.2 .7 .9 3.0 -.9 R IV. Other securities 14.9 11.8 11.1 13.6 11.7 13.3 13.2 13.3 13.0 8.8 11.6 12.1 14.4 12 4 A B State and local govt ... . . 5.5 4.7 3.7 5.0 5.1 5.9 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.0 B C Nonfinancial corporations 8.0 5.3 5.3 7.3 4.8 6.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 3.8 C D Finance companies .2 1.1 1.5 .5 .8 .1 .2 .3 1.1 .5 1.4 3 2 0 18 D E Rest of the world 1.3 .7 .7 .8 1.0 .8 1.1 .6 1.1 .7 1.8 2 0 1 5 8 E 14.9 11.8 11.1 13.6 11.7 13.3 13.2 13.3 13.0 8.8 11.6 12.1 14 4 12 4 F G Consumers and nonprofit orgs 3.4 2.7 2.1 2.0 -.8 1.2 1.3 2.4 -3.4 -2.0 -.2 -2.2 -1.6 -1.8 G H State and local govt 2.1 1.3 2.2 1.9 1.4 1.8 1.5 .9 1.3 1.5 1.7 1.9 2.0 1 4 H .5 .7 — .2 .2 .2 — .2 2 2 2 \ j 2.5 .4 .4 2.7 4.4 3.3 3.3 5.0 5.7 3.3 3.5 5.8 6.3 5 7 J K Insurance and pension funds 6.5 7.0 7.0 7.7 7.4 8.4 8.1 6.5 8.5 6.8 7.9 8.1 8.2 7.9 K -.8 -.4 -.6 -.8 -.4 -1.7 -.9 -.3 1.5 — 1.5 -1.3 -.9 .8 — .9 L M Security brokers and dealers -.4 .2 -.1 -.2 .3 -1.0 .1 .9 1.3 -.8 -.6 1.0 -.3 M O N Inv P e u s r t c m h e a n s t e s cos.—Net - 1 .4 .1 — 1. 2 .7 — 1 . . 0 5 - 1 .6 .4 - 1 .8 .1 — 1 .4 7 — 1 .7 .9 -1 1 . . 3 9 2. . 4 2 — — 1 . . 5 2 — .4 .4 6 T — 2 8 — 1 2 6 O N P Net issues 1.6 1.8 1.5 2.0 1.9 2.1 2.7 3.2 2.2 1.3 .8 .8 1.0 18 P Q Rest of the world .4 .3 .4 -.1 .3 .4 — .6 -.1 .3 J — 1 — 6 * Q V. Mortgages A Total net borrowing 15.3 19.0 16.2 18.7 24.7 19.3 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 A B 1- to 4-family 10.1 13.2 10.4 11.7 15.4 11.9 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 B C Other 5.2 5.8 5.8 6.9 9.4 7.3 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11 5 C D Net acquisitions 15.3 19.0 16.2 18.7 24.7 19.3 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31 1 D E Consumer and nonprofit orgs 2.4 2.0 2.4 1.6 3.3 2.0 1.2 3.1 2.0 3.5 4.4 2.9 2.8 3.7 E F U.S. Govt .3 2.2 1.2 .6 .8 1.4 1.2 .3 -.1 -1.3 -2.0 -.5 F G Commercial banks 2.1 2.5 .7 1.6 4.0 1.8 2.2 2.4 4.7 4.6 4.3 3.8 6.1 6.1 G H Savings institutions 7.8 9.5 8.8 11.0 13.3 11.0 12.1 12.3 13.4 13.4 14.2 15.4 15.8 16.5 H 2.0 2.4 2.8 2.7 3.0 2.2 3.0 2.2 2.4 3.0 4.5 3.2 3.5 4.0 I .5 .2 * .6 .4 .8 1.1 -.3 1.3 .7 1.5 1.2 J VI. Bank loans n.e.c. 1.2 7.5 2.7 2.7 6.0 5.0 5.7 3.9 8.2 4.3 7.6 3.6 7.6 6.6 A 1.4 5.3 2.7 1.6 4.0 1.9 3.3 1.9 6.1 2.9 5.0 4.0 3.9 3.2 B C Corporate .. . .4 3.7 2.6 1.6 2.6 .4 3.1 1.3 1.7 3.0 4.5 2.1 3.0 1.0 C .5 1.0 -.1 -.3 .7 1.2 -.2 .3 3.9 -.9 -.3 1.4 .2 1.2 D E Farm .6 .7 .2 .3 .7 .3 .3 .4 .6 .8 .9 .5 .7 1.0 E F Rest of the world .5 .2 .1 .7 .4 .2 1.3 2.1 * * -.1 .7 .6 F G Financial sectors -1.1 1.7 -.3 .1 1.1 2.7 .5 -.2 1.7 .7 2.1 -.5 2.8 2.7 G NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1964 BULL., p. 110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
238 FEDERAL RESERVE BANKS, 1963 FEBRUARY 1964 EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances. $8,865,844 $267,047 $2,514,235 $282,807 $546,633 $563,965 $585,180 Acceptances 1,728,755 1,728,755 U.S. Govt. securities.... 1,138,167,465 57,691,810 286,967,895 61,405,726 94,214,163 75,645,681 62,77'4,757 Foreign currencies 2,039,600 97,018 549,698 118,491 190,022 95,995 111,142 All other 318,396 15,032 56,100 19,227 21,529 17,251 33,924 Total current earnings 1,151,120,060 58,070,907 291,816,683 61,826,251 94,972,347 76,322,891 63,505,003 Current Expenses Salaries: Officers 7,530,851 416,378 1,434,884 516,224 602,871 569,058 617,992 Employees 99,257,976 6,382,259 23,609,561 4,903,977 8,215,749 6,630,316 5,942,427 Retirement and other benefits. 17,517,934 1,090,900 3,877,325 903,164 1,474,774 1,211,181 1,105,009 Fees—Directors and others 571,122 19,685 69,001 60,434 55,762 43,844 91,330 Traveling expenses 2,144,063 128,303 364,090 92,905 173,718 154,789 177,137 Postage and expressage , 21,333,562 1,474,181 2,711,365 1,068,485 1,778,887 1,963,545 1,921,730 Telephone and telegraph 1,735,398 95,382 381,854 77,537 124,531 121.006 181,334 Printing and supplies 8,376,360 630,695 1,,692,605 517,689 639,204 666;270 564,353 Insurance 389,900 28,646 58,535 14,137 33,821 31,979 36,287 Taxes on real estate , 5,000,399 620,827 874,918 154,236 393,274 198,394 288,967 Depreciation (building) 6,368,389 197,775 455,999 270,528 900,317 523,786 580,541 Light, heat, power, and water. 1,930,003 119,841 256,301 95,608 177,978 164,655 138,247 Repairs and alterations 1,852,828 38,572 900,630 105,411 169,765 104,022 79,342 Rent 154,229 11,426 5,787 6,059 25,172 11,623 15,081 Furniture and equipment: Purchases 3,097,943 286,108 911,515 343,692 146,431 223,606 142,874 Rentals 9,125,749 840,616 1,018,106 523,122 832,752 674,367 535,817 All other 3,303,310 125,341 861,887 126,717 462,018 138,456 152,662 Inter-Bank expenses 53,024 -754,358 63,420 102,108 -9,461 64,551 Subtotal 189,690,014 12,559,959 38,730,006 9,843,345 16,309,131 13,421,436 12,635,681 F.R. currency 10,062,901 726,102 1,972,475 535,287 534,895 896,477 927.246 Assessment for expenses of Board of Governors 7,572,800 362,200 2,032,100 435,000 704,300 358,300 416,600 Total 207,325,716 13,648,261 42,734,580 10,813,632 17,548,326 14,676,213 13,979,526 Less: Reimbursement for certain fiscal agency and other expenses 20,052,359 1,125,501 3,636,001 901,516 1,896,146 1,139,644 1,374,488 Net expenses 187,273,357 12,522,760 39,098,579 9,912,116 15,652,180 13,536,568 12,605,038 Profit and Loss Current net earnings 963,846,704 45,548,147 252,718,103 51,914,136 79,320,167 62,786,323 50,899,965 Additions to current net earnings : Profits on sales of U.S. Govt. securities (net) 312,355 15,896 77,185 17,908 26,166 20,749 16,693 All other 490,787 34,153 112,711 38,653 45,949 36,891 19,027 Total additions 803,140 50,049 189,896 56,561 72,115 57,639 35,720 Deductions from current net earnings 188,309 10,822 10,970 3,165 1,415 1,459 1,686 Net deductions from ( —) or additions to current net earnings 614,834 39,227 178,927 53,396 70,700 56,181 34,034 Net earnings before payments to Treasury.,. . 964,461,538 45,587,374 252,897,030 51,967,532 79,390,867 62,842,503 50,933,999 Dividends paid 28,912,019 1,376,442 7,743,061 1,638,699 2,653,643 1,391,693 1,613.389 Paid Treasury (interest on F.R. notes) 879,685,219 41,648,032 232,650,269 48,851,933 73,916,924 56,413,810 44,938,810 Transferred to surplus. 55,864,300 2,562,900 12,503,700 1,476,900 2,820,300 5,037,000 4.381,800 Surplus, January 1. . .. 933,851,400 44,670,100 250,711,100 53,769,400 86,968,400 44,102,300 51,244,600 Surplus, December 31. 989,715,700 47,233,000 263,214,800 55,246,300 89,788,700 49,139,300 55,626,400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 FEDERAL RESERVE BANKS, 1963 239 FEDERAL RESERVE BANKS Chicago St. Louis Minneapolis Kansas Dallas San Item City Francisco Current Earnings $1,679,049 $246,814 $169,804 $821,800 $585,957 $602,554 Discounts and advances Acceptances 190,404,300 45,292,511 22,713,451 47,457,227 45,650,694 147,949,252 U.S. Govt. securities 288,100 69,486 46,502 84,916 116,460 271,770 Foreign currencies 42,590 9,447 14,384 32,766 22,853 33,294 All other 192,414,039 45,618,258 22,944,141 48,396,708 46,375,963 148,856,869 Total current earnings Current Expenses Salaries: 710,054 603,502 440,904 536,597 467,956 614,431 Officers 14,368,199 5,355,725 3,208,546 5,335,290 4,221,255 11,084,672 Employees 2,486,793 955,983 598,708 1,008,888 765,011 2,040,198 Retirement and other benefits 46,204 28,561 30,441 37,706 38,380 49,774 Fees—Directors and others 259,449 131,056 113,884 130,850 130,739 287,143 Traveling expenses 2,923.726 1,200,047 838,199 1,430,909 1,160,438 2,862,050 Postage and expressage 194,707 93,125 61,171 105,142 118,941 180,668 Telephone and telegraph 1,309.821 480,774 247,588 488,868 341,362 797,131 Printing and supplies 38,282 26,626 14,480 24,701 35,175 47,231 Insurance 933.423 182,920 348,805 239,233 259,616 505,786 Taxes on real estate 1,371,092 321,151 344,037 225,956 692,511 484,696 Depreciation (building) 309,456 137,098 99,781 156,364 134,139 140,535 Light, heat, power, and water 135,881 42,306 40,231 64,357 49,695 122,616 Repairs and alterations 63,218 2,262 1,361 3,878 1,508 6,854 Rent Furniture and equipment: 290,786 103,139 49,147 301,991 97,475 201,179 Purchases 1,650,167 355,926 405,432 601,311 500,262 1,187,871 Rentals 520.233 130,903 131,860 211,780 294,541 146,912 All other 155,373 39,742 26,016 48,795 64,200 146,590 Inter-Bank expenses 27,766,864 10,190,847 7,000,591 10,952,617 9,373,204 20,906,336 Subtotal 1,712,708 497,019 77,640 423,850 242,538 1,516,664 F.R. currency 1,069,700 256,900 176,300 322,600 434,400 1,004,400 Assessment for expenses of Board of Gvoernors 30,549,272 10,944,765 7,254,531 11,699,067 10,050,142 23,427,400 Total Less: Reimbursement for certain fiscal agency 3,697,765 1,231,094 611,557 1,550,287 841,691 2,046,668 and other expenses 26,851,507 9,713,671 6,642,974 10,148,781 9,208,451 21,380,731 Net expenses Profit and Loss 165,562,532 35,904,587 16,301,167 138,247,928 37,167,513 127,476,138 Current net earnings Additions to current net earnings: Profits on sales of U.S. Govt. securities 51,785 12,768 7,257 14,474 11,845 39,629 (net) 53,889 17,535 24,595 14,066 24,089 69,229 All other 105,674 30,303 31,852 28,540 35,934 108,857 Total additions 113,032 1,996 2,101 642 24,808 16,213 Deductions from current net earnings Net deductions from (—) or additions to -7,358 28,307 29,751 27,898 11,126 92,644 current net earnings 165,555,174 35,932,894 16,330,918 38,275,826 37,178,639 127,568,782 Net earnings before payments to Treasury 4,069,450 985,699 673,472 1,251,974 1,668,435 3,846,063 Dividends paid 153,713,724 32,405,995 14,332,545 33,396,652 32,204,404 115,212,119 Paid Treasury (interest on F.R. notes) 7,772,000 2,541,200 1,324,900 3,627,200 3,305,800 8,510,600 Transferred to surplus 132,072,500 31,706,300 21,709,200 39,625,000 53,464,000 123,808,500 Surplus, January 1. 139,844,500 34,247,500 23,034,100 43,252,200 56,769,800 132,319,100 Surplus, December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 BANKING OFFICES FEBRUARY 1964 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks l Mutualsavings bariks All Member Nonmember Type of office and type of change banks Total Total ti N on a- al State i Total su In re - d in N s o u n re - d su I r n ed - 1 in N s o ur n e - d Banks (head office): Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941 . 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec 31 1947 2 14,714 14,181 6,923 5,005 J .918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec 31 1956 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec. 31 1957 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec 31 1958 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec 31 1959 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec. 31, 1960 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec 31 1961 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31 1962 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31 1963 14,078 13,569 6,108 4,615 1.493 7,461 7,177 284 330 179 Branches, additional offices, and facilities: Dec. 31 1934 3,133 3,007 2,224 1,243 981 783 7J3 126 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec 31 1947 2 . 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec 31 1956 .. 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31 1957 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31 1958 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec 31 1959 .. . 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31 1960 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec 31 1961 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec 31 1962 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31 1963 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Changes Jan.-Dec. 31,1963 Banks: New banks 3 298 298 165 162 3 133 115 18 Suspensions .. .. -2 -2 -2 -2 Consolidations and absorptions: Banks converted into branches -140 -139 -81 -55 -26 -58 -56 -2 -i Other -13 -12 -9 -7 -2 -3 -3 — 1 Voluntary liquidations 4 . .... -2 -1 -1 — 1 1 Other change 5 -1 -1 -1 -1 Interclass changes: Nonmember to national 18 18 -18 -18 Nonmember to State member . . . .. 4 4 -4 -3 -1 State member to national. 8 -8 State member to nonmember . —22 -22 22 22 National to nonmember -13 -13 13 13 Noninsured to insured 37 -37 Net change .... 140 142 61 112 -51 81 105 -24 -1 -1 Number of banks Dec. 31 1963 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 179 Branches and additional offices: De novo .... 1,103 1,065 850 654 196 215 214 36 2 Banks converted 140 139 117 87 30 22 22 1 Discontinued 6 -54 -52 -40 -27 -13 -12 -12 _2 Interclass changes: Nonmember to national 50 50 -50 -50 Nonmember to State member 15 15 -15 -15 State member to national 37 -37 State member to nonmember —7 -7 7 7 National to State member 1 National to nonmember -19 -19 19 19 Noninsured to insured 1 i Net change 1,189 1,152 966 781 185 186 186 36 1 Number of branches and additional offices Dec 31 1963 13,844 13,220 10,370 7,204 3,166 2,850 2,800 50 502 122 Banking facilities: 7 Established 6 8 8 5 4 1 3 3 Discontinued -7 *i -7 -5 -2 Interclass changes: Nonmember to national 1 -1 2 National to nonmember -1 1 1 Net change 1 \ _2 j 3 3 Number of facilities, Dec. 31, 1963 278 278 243 216 27 35 35 1 State member bank and insured mutual savings bank figures both absorption of banks. included, 1941 to 1962 inclusive, mutual savings banks, but these figures 5 Ceased banking operations. were not included in commercial bank totals. State member bank 6 Includes 1 insured nonmember branch reclassified as a facility. figures also include 1 or 2 noninsured trust cos., 1954 to date. 7 Provided at military and other Govt. establishments through arrange- 2 Series revised as of June 30, 1947. The revision resulted in a net ments made by the Treasury Dept. addition of 115 banks and 9 branches. 3 Exclusive of new banks organized to succeed operating banks. NOTE.—Beginning with 1959, figures include all banks in Alaska and 4 Exclusive of liquidations incident to succession, conversion, and Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 FEDERAL RESERVE PAR LIST 241 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Nonpar Total (nonmember) F.R. District, Total Member Nonmember State, or other area Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands: 1 Dec. 31, 1962 13,341 12,459 11,724 12,127 6,045 9,667 5,679 2,460 1,617 332 Dec. 31, 1963 13,487 13,617 11,893 13,297 6,107 10,631 5,786 2,666 1,594 320 F.R. District, Dec. 31,1963: Boston 388 943 388 943 251 744 137 199 New York 530 2,361 530 2,361 426 2,084 104 277 Philadelphia 578 891 578 891 443 693 135 198 Cleveland 867 1,246 867 1,246 513 1,064 354 182 Richmond 859 1,732 752 1,633 413 1,094 339 539 107 99 Atlanta 1,456 743 923 668 467 548 456 120 533 75 Chicago 2,509 1,394 2,509 1,394 1,010 892 1,499 502 St. Louis 1,486 475 1,217 393 475 264 742 129 269 82 Minneapolis 1,331 170 724 118 485 67 239 51 607 52 Kansas City 1,843 174 1,841 174 796 123 1,045 51 2 Dallas 1,234 203 1,160 191 656 123 504 68 74 12 San Francisco 406 3,285 404 3,285 172 2,935 232 350 2 State or area, Dec. 31, 1963: Alabama 242 129 164 123 97 111 67 12 78 6 Alaska 12 51 10 51 5 43 5 8 2 Arizona 12 223 12 223 4 176 8 47 Arkansas 242 77 142 54 81 48 61 6 100 '23* California 149 2,122 149 2,122 70 1,968 79 154 Colorado 196 7 196 7 122 6 74 1 Connecticut 61 258 61 258 30 203 31 55 Delaware 20 60 20 60 7 32 13 28 District of Columbia 14 76 14 76 11 68 3 Florida 379 16 340 15 171 12 169 39 1 Georgia 423 160 152 149 70 132 82 17 271 11 Hawaii 7 111 7 111 2 40 5 71 Idaho 27 111 27 111 16 103 11 Illinois 1,006 4 1,006 4 523 4 483 Indiana. 436 399 436 399 224 272 212 127 Iowa 673 212 673 212 165 38 508 174 Kansas 593 45 593 45 209 32 384 13 Kentucky 348 198 348 198 97 135 251 63 Louisiana 199 220 95 185 55 145 40 40 104 35 Maine 43 158 43 158 28 113 15 45 Maryland 118 337 118 337 53 210 65 127 Massachusetts 161 476 161 476 111 391 50 85 Michigan 367 728 367 728 216 596 151 132 Minnesota 706 8 302 7 215 6 87 1 404 1 Mississippi 194 177 60 97 36 61 24 36 134 80 Missouri 633 48 582 48 171 27 411 21 51 Montana 124 3 124 3 91 3 33 Nebraska 424 26 424 26 135 19 289 7 Nevada 7 52 7 52 5 45 2 7 New Hampshire 75 4 75 4 53 3 22 1 New Jersey 232 572 232 572 196 513 36 59 New Mexico 61 79 61 79 38 47 23 32 New York 358 1,699 358 1,699 299 1,616 59 2 83 North Carolina 151 672 94 580 35 328 59 252 57 92 North Dakota 159 38 60 14 41 6 19 8 99 24 Ohio 552 815 552 815 350 706 202 109 Oklahoma 400 34 397 34 236 29 161 5 Oregon 50 234 50 234 14 201 36 33 Pennsylvania 616 1,047 616 1,047 462 850 154 197 Rhode Island 10 106 10 106 5 75 5 31 South Carolina 138 217 210 31 152 57 58 50 7 South Dakota 173 71 69 44 58 36 11 8 104 27 Tennessee 293 272 223 259 82 188 141 71 70 13 Texas 1,097 45 1,069 45 597 24 472 21 28 Utah 52 95 52 95 23 77 29 18 Vermont 48 43 48 43 28 22 20 21 Virginia 280 430 280 430 184 336 96 94 Washington 93 344 93 344 34 327 59 17 West Virginia 182 182 109 73 Wisconsin 575 165 575 165 163 34 412 131 Wyoming 63 1 63 1 48 1 15 Puerto Rico 1 11 136 11 136 ..... 15 11 121 Virgin Islands ] 2 6 2 6 6 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for NOTE.—Includes all commercial banking offices in the United States, purposes of Regulation J, "Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 2 in the Virgin Islands are branches 278 banking facilities. Number of banks and branches differs from that of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto in the preceding table because this table includes banks in Puerto Rico Rico and 1 in Virgin Islands) are included above as nonmember banks; and the Virgin Islands but excludes banks and trust cos. on which no and nonmember branches in Puerto Rico include 6 other branches of checks are drawn. Canadian banks. 2 Includes 4 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 WEEKLY REPORTING MEMBER BANKS, 1963 FEBRUARY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total L a o n a d ns Wednesday m i l n o a e v a n n e n d t s s s t - 1 j i m u n s a v e t d e e n - s d t t s - 2 j L us a o t d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u u g r l r a - i l - G c U T a t s u i o n . e o e S r v - d s i . - t b . d r e o O a k c t l s e u t i e e h e r r r - s s i e s - r G c U t u T i o . e S r v o s i . t - . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t e i i o e m a s c - r - l - - f P s C i a e n a O e N n t l a c r S e d n o s . . s , . . nba O n t k her es R ta e t a e l o A th l e l r V s t e r i a r e o l v - u n e a s - 1963—Jan. 2 133,221 131,094 82,947 35,351 ,562 1,569 2,801 113 1,413 669 2,127 4,563 2,834 15,519 18,454 ,901 9 130,380 128,641 80,842 34,937 ,552 1,087 2,481 109 1,383 651 1,739 3,881 2,792 15,520 18,351 ,902 16 130,938 129,012 80,801 34,612 ,544 1,453 2,682 112 1,381 645 1,926 3,660 2,785 15,565 18,275 ,913 23 128,724 127,482 79,536 34,291 ,540 837 2,532 98 1,378 645 1,242 3,495 2,788 15,585 18,262 ,915 30 129,284 127,391 79,457 34,295 ,527 537 2,531 95 1,387 651 1,893 3,694 2,740 15,626 18,290 .916 Feb. 6 129,454 127,662 79,690 34,388 ,521 753 2,507 99 1,400 630 1,792 3,706 2.735 15,641 18.230 ,920 13 129,584 127,409 79,784 34,389 ,524 706 2,579 95 1,381 633 2,175 3,751 2,726 15,688 18^35 ,923 20 129,407 127,738 79,890 34,534 ,521 689 2,554 92 1,384 615 1,669 3,729 2,715 15,748 18.232 ,923 27 130,534 128,344 80,672 34,564 ,508 1,249 2,607 91 1,385 647 2,190 3,807 2,704 15,768 18,269 ,927 Mar. 6 129,858 128,158 80,991 34,639 ,510 1,566 2,584 102 1,404 663 1,700 3,700 2,685 15,784 18,286 ,932 13 130,504 128,491 81,142 34,746 ,502 1,558 2,532 104 1,405 644 2,013 3,762 2,704 15,827 18,290 ,932 20 131,161 129,106 81,591 35,289 ,504 902 2,637 99 1,425 639 2,055 4,117 2,724 15,872 18,312 ,929 27 131,557 129,556 81,406 35,208 ,510 759 2,617 100 1,423 637 2,001 4,050 2,740 15,921 18,372 ,931 Apr. 3 130,729 128,815 81,130 r35,236 ,512 521 2,632 92 1,432 674 ,914 '3,964 2,693 15,944 18,367 ,937 10 130,209 128,555 81,230 '35,234 ,527 535 2,637 92 1,435 694 .654 '3,850 2,704 16,026 18,431 ,935 17 131,583 129,787 81,522 '35,218 ,538 622 2,655 103 1,443 680 ,796 '3,809 2,734 16,093 18,559 ,932 24 130,612 129,154 81,219 r34,996 ,548 564 2,630 99 1,452 681 ,458 '3,711 2,760 16,185 18,528 ,935 May 1 133,015 130,890 82,961 '35,297 ,540 1,036 3,064 85 1,459 684 2,125 '3,983 2,762 16,237 18,751 .937 8 131,491 129,777 82,285 '35,192 ,538 840 2,836 77 1,469 679 ,714 '3,819 2,769 16,310 18,694 ,938 15 132,329 130,716 82,963 r35,393 ,548 747 3,063 77 1,475 694 ,613 '3,918 2,796 16,421 18,765 ,934 22 131,969 130,540 82,755 '35,227 ,555 634 3,160 75 1,488 707 .429 '3,770 2,800 16,502 18,769 ,932 29 131,565 129,843 82,280 '35,028 ,560 294 3,070 75 1,492 702 J22 '3,754 2,869 16,537 18,833 ,934 June 5 131,641 129,645 82,388 34,922 1,548 323 3,080 1,489 707 ,996 3,840 2,866 16,566 18,904 ,938 12 131,882 129,961 82,686 34,994 1,549 376 3,111 77 ,494 714 ,921 3,805 2,931 16,645 18,928 ,938 19 133,219 131,935 84,167 35,449 1,550 594 3,309 76 ,498 761 ,284 4,192 3,013 16,703 18,960 ,938 26 134,553 133,116 84,693 35,559 1,533 645 3,423 104 ,522 728 ,437 4,218 3,074 16,771 19,055 ,939 July 3 133,668 132,302 84,311 35,391 1,539 408 3,351 79 ,521 742 ,366 4,219 3,087 16,829 19,096 ,951 10 133,954 132,012 83,945 35,291 1,480 483 3,156 76 ,522 750 ,942 4,081 16,872 19,069 ,951 17 133,801 131,924 83,840 35,261 1,394 513 3,088 76 ,524 762 ,877 3,996 16,908 19,095 ,953 24 132,241 130,874 83,253 34,947 1,408 268 2,996 76 ,620 749 ,367 3,840 16,978 19,110 ,951 31 133,926 131,985 84,384 35,014 1,414 509 3,122 81 ,616 770 1,941 4,349 3,275 17,030 19,158 ,954 Aug. 7 132,976 131,347 84,191 35,159 1,390 358 3,124 85 ,604 770 1,629 4,159 3,243 17,083 19,169 1,953 14 133,375 131,255 84,467 35,198 1,395 364 3,104 87 ,617 774 2,120 4,206 3,293 17,153 19,232 1,956 21 132,906 131,440 84,632 35,264 1,408 367 3,063 86 ,622 777 1,466 4,241 3,302 17,203 19,255 1,956 28 133,128 131,126 84,502 35,204 1,420 291 3,040 87 ,626 764 2,002 4,126 3,321 17,269 19,310 1,956 Sept-,?::::: 134,576 132,365 85,228 35,348 1,414 678 3,146 87 ,629 775 2,211 4,171 3,303 17,223 19,412 1,958 134,672 132,599 85,613 35,498 1,419 969 3,087 83 ,630 792 2,073 4,065 3,315 17,290 19,424 1,959 18 136,664 134,548 87,345 35,864 1,444 1,420 3,333 84 ,656 785 2,116 4,512 3,380 17,359 19,468 1,960 25 135,816 134,264 87,063 35,944 1,465 1,246 3,284 86 ,655 801 1,552 4,243 3,448 17,409 19,443 1,961 Oct. 2 136,864 134,984 87,366 36,145 1,477 1,152 3,319 85 ,673 803 1,880 4,262 3,469 17,455 19,487 1,961 9 135,528 133,423 86,193 36,121 1,499 497 3,176 85 ,666 827 2,105 3,895 3,465 17,485 19,438 1,961 16 135,695 134,115 86,827 36,282 1,521 745 3,244 83 ,680 833 1,580 3,820 3,489 17,570 19,521 1,961 23 135,398 133,183 86,188 36,310 1,540 368 3,083 89 ,681 823 2,215 3,664 3,474 17,612 19,501 1,957 30 135,894 133,754 86,598 36,296 1,554 452 3,183 87 ,685 838 2,140 3,759 3,484 17,651 19,565 1,956 Nov. 6 137,379 134,924 87,612 36,862 1,550 483 3,248 85 ,701 836 2,455 3,559 17,674 19,689 1,963 13 136,929 134,670 87,869 37,108 1,575 513 3,351 87 ,707 834 2,259 3,538 17,757 19,702 1,968 20 137,505 135,328 88,193 37,198 ,587 441 3,484 90 ,718 847 2,177 17,811 19,774 1,963 27 137,808 135,298 88,578 37,254 ,585 436 3,614 90 ,712 880 2,510 17,846 19,899 1,964 Dec. 4 138,061 135,697 88,513 37,326 ,594 301 3,517 87 ,725 902 2,364 3,711 3,546 17,855 19,911 1,962 11 139,016 136,749 89,059 37,476 ,607 533 3,527 82 ,730 941 2,267 3,744 3,557 17,879 19,945 1,962 18 141,090 138,912 90,932 37,999 ,618 726 3,812 103 1,733 958 2,178 4,342 3,557 17,915 20,114 1,945 25 141,172 138,931 91,035 37,858 ,634 494 3,908 101 1,738 978 2,241 4,578 3,567 17,921 20,200 1,942 31 9... 142,098 141,305 92,901 38,793 ,569 532 4,222 140 1,727 995 793 4,901 3,694 17,880 20,452 2,004 For notes see p. 244. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 WEEKLY REPORTING MEMBER BANKS, 1963 243 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 LJ.S. Government securities as T s o et t s a — l Wednesday Total Bills c C t a i e f t i e r - - s W i i n N th o - m te a s tu a 1 n r i t d n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t l k e e h - s s s- b a w e B f a n o i n i g a c r t k l e n - h - s s Cu c a r o r n e i d n ncy B s F w e R a r . i n v e R t - k h e . s s a o s A t s h e l e l t r s a c l c i 1 a c a a t p i O o n t ; i l u i i d a t s i l i a n a i- ti ts 1 year 5 years 5 years 1963—Jan. 2.... 32,369 5,487 2,368 3,996 14,330 6,188 15,778 18596 3,761 181 1,816 12,838 4,972 173,985 9.... 31,961 5,164 2,363 3,988 14,286 6,160 15,838 17386 3,006 163 1,761 12,456 4,831 166,627 16.... 32,409 5,651 2,360 3,929 14,299 6,170 15,802 17467 3,137 184 1,665 12,481 4,831 168,749 23.... 32,116 5,353 2,348 3,961 14,297 6,157 15,830 17459 2,898 173 1,687 12,701 4,817 163,546 30.... 31,986 5,205 2,358 3,958 14,277 6,188 15,948 17078 2,853 168 1,659 12,398 4,925 163,742 Feb. 6.... 32,050 5,231 2,370 4,067 14202 6,180 15,922 17331 2,908 161 1,522 12,740 5,000 164,080 13.... 31,735 5,005 2,338 4,068 14,215 6,109 15,890 17 112 3,068 182 1,666 12,196 5,056 166,476 20.... 31,716 5,029 2,455 3,485 13,789 6,958 16,132 17509 2,933 199 1,636 12,741 4,804 164,421 27.... 31,446 4,829 2,525 3,629 13,401 7,062 16,226 17228 2,971 207 1,665 12,385 4,904 166,242 Mar 6.... 30,940 4,464 2,576 3,599 13296 7 005 16,227 17 159 3,062 198 1,503 12,396 4,958 165,005 13.... 30,722 4,256 2,586 3,622 13282 6 976 16,627 17387 3,205 197 1,629 12,356 4,880 166,615 20.... 30,912 4,508 1,771 2,578 14340 7 715 16,603 17342 3,152 171 1,615 12,404 4.845 166,773 27.... 31,399 4,988 1,753 2,593 14343 7 722 16,751 17 129 2,940 174 1,663 12,352 4^12 165,680 Apr. 3.... 30,857 4,724 1,750 2,507 14222 7 654 16,828 17207 3,103 190 1,533 12,381 4,919 165,988 10.... 30,348 4,200 1,794 2,495 14230 7 629 16,977 16895 2,952 171 1,618 12,154 4,886 164,902 17.... 30,946 4,773 1,808 2,489 14226 7 650 17,319 17281 3,209 193 1,691 12,188 5,028 168,269 24.... 30,597 4,409 1,807 2,456 14216 7 709 17,338 17,473 2,906 184 1,679 12,704 5,058 165,423 May 1.... 30,689 4,537 1,841 2,441 14 168 7 702 17,240 18028 3,361 194 1,554 12,919 5,126 171,271 8.... 30,277 4,156 1,857 2,444 14203 7 617 17,215 17,341 2,943 200 1,567 12,631 5,076 166,664 15.... 30,481 4,342 1,754 2,381 14618 7 386 17,272 17716 3,256 199 1,628 12,633 5,020 171,255 22.... 30,225 4,220 1,779 2,378 14602 7 246 17,560 17,606 2,977 207 1,648 12,774 4,952 167,600 29.... 29,966 4,145 1,774 2,390 14530 7 127 17,597 16,910 2,931 210 1,618 12,151 5,074 167292 June 5.... 29,660 3,929 1,773 2,413 14491 7 054 17,597 17,350 3,002 208 1,525 12,615 5,150 167 715 12.... 29,566 3,876 1,769 2,437 14512 6 972 17,709 17,670 3,157 231 1,701 12,581 5,067 169401 19.... 29,791 4,068 1,761 2,472 14494 6996 17,977 18,194 3,167 219 1,670 13,138 5,032 170 641 26.... 30,377 4,223 1,757 2,462 14524 411 18,046 17,702 3,048 214 1,746 12,694 5,091 170720 July 3.... 29,789 3,767 1,769 2,489 14402 7 362 18,202 18,093 3,133 217 1,475 13,268 5,057 172 188 10.... 29,914 4,027 1,749 2,508 14363 7 267 18,153 17,010 3,006 237 1,715 12,052 5,097 169 866 17.... 29,736 4,020 1,746 2,488 14290 7 192 18,348 17,473 3,133 211 1,668 12,461 5,186 171 393 24.... 29,214 3,637 1,712 2,502 14235 7 128 18,407 17,001 3,234 216 1,716 11,835 5,239 167 071 31.... 29,099 3,372 1,833 2,546 14257 7 091 18,502 17,833 3,063 209 1,634 12,927 5,330 170 832 Aug. 7 28,346 2,732 1,836 2,638 14245 6 895 18,810 17,618 2,874 205 1,595 12,944 5,371 168 134 14.... 28,118 2,569 1,846 2,655 14207 6 841 18,670 16,911 3,040 214 1,691 11,966 5,327 170 112 21.... 27,957 2,635 1,481 3,480 14533 5 828 18,851 17,446 2,926 207 1,689 12,624 5,059 168 556 28.... 27,683 2,464 1,495 3,509 14484 5 731 18,941 16,916 2,874 217 1,759 12,066 5,115 167 174 Sept. 4 28,066 2,833 1,479 3,517 14517 5 720 19,071 17,441 3,225 207 1,632 12,377 5,146 171 113 11.... 27,863 2,888 1,439 3,409 14418 5 709 19,123 17,426 3,286 210 1,770 12,160 5,191 171 807 18.... 28,019 3,281 1,097 2,950 13447 7 244 19,184 17,552 3,172 218 1,732 12,430 5,124 174751 25.... 28,066 3,435 963 2,881 13466 7 321 19,135 17,601 3,063 206 1,765 12,567 5,155 172 306 Oct. 2.... 28,367 4,005 962 2,768 13325 7 307 19,251 17,897 3,190 231 1,660 12.816 5,207 174 821 9 28,086 3,821 957 2,763 13313 7 232 19,144 17,276 2,948 239 1,688 12,401 5,220 171 315 16.... 28,035 3,843 942 2,768 13,260 7 222 19,253 17,547 3,153 231 1,699 12,464 5,242 174 589 23.... 27,794 3,701 942 2,768 13,225 7,158 19,201 17,089 2,864 250 1,754 12,221 5,146 170787 30.... 27,990 3,904 936 2,853 13,219 7,078 19,166 17,517 2,850 258 1,814 12,595 5,237 171958 Nov. 6.... 28,242 4,261 932 2,878 13,183 6,988 19,070 17,573 3,046 269 1,657 12,601 5,234 174965 13.... 27,930 4,089 913 2,871 13,165 6,892 18,871 17,324 3,248 266 1,833 11,977 5,336 174746 20.... 28,180 3,953 832 2,881 14,014 6,500 18955 17,655 3,028 278 1,772 12,577 5,282 174 897 27.... 27 926 3 758 840 2,867 14,036 6,425 18794 17,540 3,190 290 1,753 12,307 5,347 176 233 Dec. 4.... 28 393 4 263 842 2,899 14,028 6,361 18,791 17,735 3,130 284 1,773 12,548 5,277 176079 11.... 28 485 4 377 845 2,885 14,066 6,312 19,205 17,416 3,035 274 2,008 12,099 5,242 176534 18.... 28 577 4 497 844 2,866 14,335 6,035 19403 18,536 3,151 296 1,993 13,096 5,239 179917 25.... 28 576 4 581 849 2,869 14,298 5,979 19 320 18,337 3,187 310 1,915 12,925 5,315 179662 31 9.. 29 018 5 027 864 2,889 14,260 5,978 19 386 18,743 3,671 274 1,995 12,803 5,538 184994 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 WEEKLY REPORTING MEMBER BANKS, 1963 FEBRUARY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ital Wednesday j u T u n o s a t t e a d d l - 4 ju m p s o a d a t e d s e n - i - d t d s 5 Total 6 IPC S l g a o t o n c a v d a te t l . e F ig o n r- 7 G U. o S v . t. c m m D c o t e i i o e m a s c - r - l - - Totals S in av g - s IPC Oth S l a e o t n r c a d a t t e i l me e F ig o n r- 7 F B F r a . o R n m k . s !F ot r h o e m rs li t a i b e i s libanks govt. 1963—Jan. 2.. 152,495 65,843102,109 71,531 5,125 1,849 4,749 14,321 50,386 34,920 9,221 3,410 2,483 75 2,566 5,219 13,630 9.. 145,280 64,787 94,677 6688,378 4,749 1,704 2,916 12,944 50,603 34,993 9,265 3,475 2,514 54 2,453 5,208 13,632 16.. 147,033 65,447 96,160 7700,075 4,939 1,761 2,682 12,518 50,873 35,042 9,384 3,537 2,545 76 2,607 5,417 13,616 23.. 142,086 64,401 90,95167,052 4,866 1,765 2,566 11,438 51,135 35,106 9,463 3,595 2,611 595 1,799 5,445 13,621 30.. 142,022 64,495 90,720 6"6,791 5,054 1,716 2,76011,010 51,302 35,143 9,542 3,622 2,635 107 2,398 5,558 13,657 Feb. 6.. 142,126 63,135 90,586 65,492 5,070 ,659 3,326 11,830 51,540 35,267 9,623 3,649 2,644 190 2,432 5,627 13,705 13.. 144,111 62.593 92,44867,344 4,935 ,629 3,35411,777 51,663 35,328 9,676 3,628 2,677 145 2,763 5,76313,694 20.. 142,237 61,958 90,32,r8 "6,4776 5,132 ,641 4,53211,137 51,909 35,384 9,807 3,661 2,704 362 2,356 5,77613,690 27.. 143,712 62,654 91,5"62 65,834 5,329 ,648 4,25411,078 52,150 35,426 9,928 3,668 2,771 65 2,885 5,859 13,721 Mar. 6.. 142,644 61,701 90,082 64,477 5,238 ,639 3,36311,988 52,562 35,56210,159 3,704 2,773 130 2,597 5,88613,748 13.. 144,119 63,232 91,18167,074 4,737 ,633 2,52311,582 52,938 35,65710,363 3,783 2,759 29 2,898 5,83013,739 20.. 144,307 61,936 91,,3"3'6 6'"5,207 4,779 ,753 4,27511,700 52,971 35,75110,328 3,797 2,712 96 3,020 5,637 13,713 27.. 143,446 62,312 90,,259 64,608 4,916 ,712 5,03410,831 53,187 35,87410,372 3,824 2,744 165 2,770 5,562 13,737 Apr. 3.. 144,118 61,811 90,700 65,005 4,772 1,676 3,68412,072 53,418 35,95610,447 3,839 2,790 48 2,563 5,46213,797 10.. 142,962 63,139 89,439 65,970 4,652 1,674 1,843 11,545 53,523 35,92910,529 3,856 2,814 269 2,409 5,444422 13,820 17.. 146,256 64,393 92,83168,586 5,056 1,676 1,991 12,070 53,425 35,78510,470 3,961 2,812 33 2,559 5,63613,785 24. 142,722 63,529 89,072 65,806 5,050 1,758 2,389 10,874 53,650 35,80110,601 4,006 2,843 798 2,359 5,75913,785 May 1. 148,923 63,699 95,172 67,004 5,993 1,691 4,957 11,414 53,751 35,82210,679 4,019 2,834 75 2,671 5,73713,865 8.. 144,163 61,888 90,137 63,914 5,376 1,773 4,191 11,302 54,026 35,90910,854 4,052 2,818 332 2,551 5,73813,880 15.. 148,507 61,006 94,: ,197 5,364 1,748 5,204 11,866 54,241 35,95211,036 4,027 2,834 565 2,481 5,83313,869 22.. 144,892 61,245 90,477 63,760 5,367 1,672 5,481 10,678 54,415 36,01411,133 4,039 2,847 732 2,293 5,81713,866 29.. 144,714 61,143 90,176 64,260 5,399 1,635 4,53710,753 54,538 36,04811,175 4,076 2,857 79 2,662 5,92613,911 June 5. 144,910 61,452 90,353 64,401 5,280 1,640 3,870 11,457 54,557 36,12611,160 4,035 2,857 133 2,852 5,896 13,924 12. 146,706 62,785 92,014 67,442 4,834 1,637 2,825 11,622 54,692 36,18111,275 4,001 2,859 170 2,694 5,917 13,914 19. 148,061 62,191 93,460 66,389 4,684 1,726 5,587 11,486 54,601 36,22011,206 3,928 2,871 716 2,079 5,891 13,894 26. 148,336 62,010 93,480 65,147 4,905 1,693 7,14410,952 54,856 36,35511,269 3,966 2,894 568 2,250 5,623 13,943 July 3. 150,108 60,954 95,198 65,724 4,992 1,720 6,879 11,995 54,910 36,51811,234 3,883 2,900 537 2,147 5,43913,957 10. 147,623 61,692 92,: ,501 4,705 1,665 5,154 11,886 55,086 36,62111,314 3,866 2,912 82 2,717 5,48713,957 17. 148,985 62,526 93,868 67,401 4,716 1,692 4,64811,761 55,117 36,66011,358 3,800 2,918 241 2,592 5,64313,932 24. 145,836 62,883 90,500 65,474 4,731 1,884 3,79011,237 55,336 36,70011,549 3,816 2,897 21 1,551 5,73213,931 31. 148,399 63,281 92,818 66,795 4,968 1,788 4,92010,874 55,581 36,74111,691 3,837 2,934 260 2,434 5,73414,005 Aug. 7. 144,801 61,833 89,076 64,342 4,919 1,644 3,579 11,495 55,725 36,82111,756 3,803 2,969 924 2,540 5,84414,025 14. 146,991 61,249 91,064 66,047 4,66f 1,685 3,78811,528 55,927 36,85011,876 3,831 2,992 90 3,096 5,920 14,015 21. 145,799 60,828 89,657 64,302 4,611 1,716 4,55811,126 56,142 36,88712,064 3,837 2,980 531 2,39.^ 5,817 14,017 28. 144,338 61,528 012 64,024 4,715 1,682 3,759 10,710 56,326 36,89612,181 3,894 2,984 258 2,678 5,859 14,041 Sep.^4. 148,065 61,547 91,673h65,551 4,899 1,690 4,047 12,129 56,392 36,94912,153 3,902 3,01 119 2,949 5,908 14,072 148,386 62,717 91,780 67,586 4,478 1,660 2,34012,205 56,606 36,99612,285 3,915 3,037 290 3,or 6,029 14,085 18. 151,309 63,190 94,994 68,697 4,405 1,628 4,16012,233 56,315 37,05511,913 3,911 3,063 297 6,03314,081 25. 149,433 61,609 92,967 65,640 4,427 1,649 6,31011,314 56,466 37,14711,951 3,933 3,05^ 430 3,031 6,04614,107 2,290 Oct. 2. 151,948 61,885 95,237 66,320 4,902 ,705 6,22912,270 56,711 37,34: 12,013 3,917 3,073 421 2,547 5,741 14,164 9. 148,193 61,752 91,,333 65,605 4,433 ,617 4,06912,221 56,860 37,42512,062 3,914 3,096 160 2,937 5,848 14,177 16. 151,573 62,749 94,63168,895 4,454 ,640 3,00112,776 56,94: 37,46512,107 3,913 3,092 338 2,549 5,951 14,178 23. 146,989 63,041 89,73166,837 4,458 ,725 2,13911,39" 57,258 37,50312,384 3,897 3,102 236 3,407 5,960 14,195 30. 148,428 63,809 90,87567,322 4,76: ,751 2,304 1"1,45: 57,553 37,53412,639 3,915 3,09r 11 3,26^ 5,88314,265 Nov. 6. 151,016 63,126 93,488 67,100 5,231 ,707 2,81012,773 57,528 37,60612,544 3,901 3,107 19: 3,55 5,881 14,319 13. 150,637 63,515 93,130 68,734 4,778 ,684 1,914 12,544 57,507 37,63012,491 3,891 3,125 51 3,580 6,167 14,311 20. 150,655 63,137 92,874 67,341 4,95" ,726 3,34211,940 57,781 37, "~12,640 3,928 3,152 361 3,393 6,21" 14,276 27. 151,722 63,950 93,77169,001 5,060 ,768 2,71411,569 57,951 37,69912,796 3,94: 3,140 48: 3,524 6,205 14,300 Dec. 4. 152,334 63,527 94,207 67,80: 5,051 ,770 3,16012,514 58,12' 37,72912,883 3,994 3,15: 4' 3,151 6,18 14,360 11. 152,403 65,412 94,095 69,847 4,765 ,836 1,867 11,956 58,308 37,74013,028 4,054 3,110 219 3,467 6,08 14,358 18. 156,017 66,609 97,800 71,056 4,776 ,870 3,64612,493 58,217 37,76512,794 4,140 3,133 244 3,271 6,065 14,320 25. 155,886 66,077 97,50670,556 4,844 ,933 4,73511,856 58,380 37,78^12,834 4,188 3,179 18 3,310 5,921 14,358 31 9.163,56: 67,844104,33574,513 5,338 2,019 4,556 13,320 59,227 38,08313,310 4,23^ 3,188 16 1,181 5,66614,569 1 After deduction of valuation reserves. banks, not shown separately. 2 Exclusive of loans to domestic commercial banks and after deduction 7 Deposits of foreign governments and official institutions, central of valuation reserves; individual loan items are shown gross. banks, international institutions, banks in foreign countries, and foreign 3 Excludes cash items in process of collection. branches of U.S. banks other than reporting bank. 4 Total demand and total time deposits. 8 Includes U.S. Govt., postal savings, domestic commercial interbank, 5 Demand deposits other than domestic commercial interbank and and mutual savings banks, not shown separately. U.S. Govt., less cash items reported as in process of collection. 9 Tuesday. 6 Includes certified and officers' checks and deposits of mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BUSINESS LOANS OF BANKS, 1963 245 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (Net change in millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals -3 -1 16 -61 18 -7 -13 7 11 9 3 Machinery -56 84 107 -12 -26 54 -66 41 34 -116 13 279 Transportation equipment -58 25 23 -105 -44 68 -64 -97 70 -52 59 -12 Other fabricated metal products -12 33 2 20 6 -11 Q 12 -35 -2 -14 Other durable goods -49 35 46 23 26 -35 30 28 -38 -33 -19 Nondurable goods manufacturing: Food, liquor, and tobacco -205 -99 -67 -136 -120 34 -54 50 152 269 153 74 Textiles, apparel, and leather -38 121 125 9 26 46 44 89 -62 -114 -66 -57 Petroleum refining -24 -21 13 12 26 1 -22 48 -24 12 84 Chemicals and rubber -28 13 105 17 -52 11 -94 43 10 -54 -4 39 Other nondurable goods -16 27 34 -7 20 33 7 36 17 -81 4 -19 Mining, including crude petroleum and natural gas 232 -13 78 -30 6 -36 -15 13 32 -4 97 320 Trade: Commodity dealers 19 -5 -82 -78 -94 -23 49 108 78 288 125 -64 Other wholesale -108 32 -2 50 43 7 -25 -27 21 68 15 42 Retail -181 59 102 22 24 25 -49 -54 37 136 231 -147 Transportation, communication, and other public utilities -183 -67 16 -64 -41 83 -134 -34 152 161 80 305 Construction -67 2 23 53 91 31 10 24 34 -15 16 -28 All other types of business, mainly services . . . r-45 18 60 32 -18 -19 40 -95 155 510 Net change in classified loans -821 244 598 •-284 -46 446 -491 204 714 287 863 1296 Commercial and industrial change—All weekly reporting banks -871 269 644 ' — 212 32 531 -545 190 740 352 958 1539 Week ending— Industry Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 2 9 16 23 30 6 13 20 27 6 13 20 27 Durable goods manufacturing: Primary metals -12 1 -2 -10 20 -4 -2 1 4 -5 5 9 Machinery -17 2 -8 -25 -8 31 13 36 4 17 20 82 -13 Transportation equipment -31 -3 -11 -10 17 4 15 -11 15 -14 79 -58 Other fabricated metal products... 8 2 -11 -15 9 10 7 7 5 3 19 -24 Other durable goods n -12 -7 -17 -4 1 14 10 10 4 15 20 7 Nondurable goods manufacturing: Food, liquor, and tobacco -4 -112 -14 -75 -2 -45 14 -65 -27 -28 5 ! -17 Textiles, apparel, and leather -33 -7 8 -16 9 32 31 30 28 25 39 37 | 24 Petroleum refining -6 -3 -1 -11 -4 c -6 -11 12 8 -4 -3 Chemicals and rubber -30 -1 6 -13 11 9 21 9 14 66 16 Other nondurable goods ^ 4 •j -15 3 10 11 10 | 5 Mining, including crude petroleum and natural gas 242 5 17 -24 45 -14 -32 79 -11 3 5 Trade: Commodity dealers -14 -7 -9 19 28 24 -11 -2 -17 -17 -29 -20 Other wholesale -7 -19 -44 -27 -11 11 21 -9 18 6 -16 Retail -119 -38 -7 -1 39 16 35 55 -4 Transportation, communication, and other public utilities 95 -28 -157 -56 -58 -38 24 -70 -11 103 -5 Construction 9 -28 -20 -11 3 7 -16 -5 21 -2 All other types of business, mainly services 49 -93 -18 -43 r61 -35 -1 54 21 27 Net change in classified loans 116 -353 -293 -315 23 86 136 19 61 130 497 -90 Commercial and industrial change— All weekly reporting banks 185 -414 -325 -321 93 145 30 75 107 543 -81 For NOTE see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 BUSINESS LOANS OF BANKS, 1963 FEBRUARY 1964 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS—Continued (Net change in millions of dollars) Week ending— Industry Apr. Apr. Apr. Apr. May May May May May June June June June 3 10 17 24 1 8 15 29 5 12 19 26 Durable goods manufacturing: Parimary metals -54 2 -3 _2 16 -5 -I 8 -12 2 3 -1 Machinery 25 -8 1 -30 17 -23 -2 -11 -7 -1 3 44 8 T O r t a h n er s p f o a r b t r a i t c i a o t n e d e q m u e i t p a m l e p n r t oducts. . . -3 8 -36 6 -49 6 - - 1 1 7 0 1 7 7 -20 8 I -15 1 -31 1 -18 2 2 8 4 1 5 7 -2 23 Other durable goods. . 4 7 1 16 7 -1 -5 -9 9 16 11 Nondurable goods manufacturing: 7 Food, liquor, and tobacco -6 -57 14 -86 16 -68 26 -48 -46 -26 -22 60 21 Textiles, apparel, and leather 12 17 -1 -19 14 25 26 -26 -13 4 16 16 10 Petroleum refining 6 1 6 -I — 6 4 -1 19 -5 7 c 3 Chemicals and rubber 1 11 12 1 4 -4 -3 -26 -24 8 2 11 -10 Other nondurable goods . . . -12 2 2 I 7 7 8 c 4 10 6 -1 Mining, including crude petroleum 18 and natural gas -29 — 1 i 3 13 8 -3 -15 -27 8 -32 Trade * Commodity dealers 4 -24 -25 -32 -21 -34 -25 -7 -7 _2 -10 15 -12 Other wholesale 27 -11 56 -23 15 2 10 4 13 3 1 -6 9 Retail 11 _2 14 39 -35 35 -10 -6 -16 2 18 21 Transportation, communication, and other public utilities 1 9 -53 -21 19 -22 _ | 2 -39 -7 -22 83 29 Construction 9 16 13 15 23 13 39 7 9 -3 3 20 All other types of business, mainly services . .. . . . r15 r24 -1 -11 89 -21 11 -15 -32 -3 43 51 -3 Net change in classified loans r19 '-49 -5 -249 258 -132 153 -154 -171 -104 59 407 84 Commercial and industrial change— All weekly reporting banks '28 r-2 -16 -222 301 -105 201 -166 -199 -106 72 455 110 Week endin?— Industry Julv July July Julv Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 3 10 17 24' J3u!y 7 14 21 28 4 11 18 25 Durable goods manufacturing: Parimary metals 2 -i 7 1 -11 2 -2 1 6 -22 9 22 3 Machinery -12 -6 8 -55 -I 45 -12 _4 -14 3 38 9 Transportation equipment -48 -9 -12 1 5 -1 -7 -17 -72 -7 ....... 63 15 Other fabricated metal products. . . -5 17 -10 -14 2 3 -5 -7 -8 21 -12 Other durable goods -23 10 -8 -23 10 9 13 -4 13 14 -4 -4 21 Nondurable goods manufacturing: Food liquor and tobacco -25 -31 9 -35 28 -2 33 24 -5 59 4 46 44 Textiles, apparel, and leather 23 22 5 -16 11 34 24 15 17 32 -12 -23 -59 Petroleum refining. . -11 1 7 -16 -3 9 -6 -3 8 19 23 _2 Chemicals and rubber -45 -19 -1 -15 -13 21 15 4 4 -7 1 6 10 Other nondurable goods 14 1 7 — 5 18 9 -1 11 6 8 2 1 Mining, including crude petroleum and natural gas -8 10 9 -3 -24 2 30 2 -21 13 31 c -7 Trade • Commodity dealers 39 4 -21 27 31 12 16 50 2 12 44 21 Other wholesale 2 2 -21 - i 3 5 3 -4 -18 -8 -1 4 9 9 Retail — 17 -19 22 — 54 18 — 11 -13 -1 -29 25 -» i Transportation, communication, and other public utilities -86 -42 -16 -5 15 -23 -24 4 9 22 -14 68 76 Construction — 10 9 8 -4 7 17 14 5 -12 13 5 27 -11 All other types of business, mainly services 29 -35 -8 -5 1 -10 -49 42 2 8 47 18 -33 Net change in classified loans -184 -93 -16 -268 71 136 50 58 -40 142 125 365 82 Commercial and industrial change— All weekly reporting banks -168 -100 -30 -314 67 145 39 66 -60 144 150 366 80 For NOTE see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 BUSINESS LOANS OF BANKS, 1963 247 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS—Continued (Net change in millions of dollars) Industry Oct. Oct. Oct. Oct. Oct. Nov. 2 9 16 23 30 6 Durable goods manufacturing: Primary metals . . . — 4 — I -1 — 4 1 -3 Machinery 4 -11 -2 -40 -67 Transportation equipment -12 -20 -28 20 -12 Other fabricated metal products . -23 13 2 — 16 -11 Other durable goods -3 -7 -22 -5 Nondurable goods manufacturing: Food, liquor, and tobacco 86 25 84 25 48 Textiles apparel and leather -13 -3 -9 -63 -26 Petroleum refining -9 -10 -7 7 -4 Chemicals and rubber -25 -42 27 -7 -7 Other nondurable goods -17 _2 -21 -27 -14 Mining, including crude petroleum and natural gas 26 20 -17 -14 -18 Trade* Commodity dealers .. 38 49 82 55 63 Other wholesale 17 5 12 19 15 Retail 2 69 45 23 Transportation, communication, and other public utilities. 74 — 27 21 28 66 Construction 2 -20 6 7 -9 All other types of business, mainly services . . 19 -13 -42 -11 -48 Net change in classified loans 161 -42 170 3 -5 Commercial and industrial change—All weekly reporting banks 201 -24 161 28 -14 ot ot Week ending— Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. 13 20 27 4 11 18 25 31 11 1 -1 — 1 3 11 4 -15 -3 -8 1 -5 9 46 20 208 9 20 2 -40 -9 24 -2 15 _2 2 -3 10 — 1 10 -21 -11 -6 -5 -14 -8 -9 -7 1 60 30 78 -15 44 -55 89 4 -8 -6 10 -46 — 25 -5 -7 4 -23 -28 25 -7 _5 -1 -6 20 4 -17 83 -14 -1 12 i -7 -4 19 9 21 -4 21 — 3 -10 -8 6 2 3 -18 82 4 11 -5 ->i 17 13 295 39 35 10 41 -32 -26 9 5 -1 6 M 26 2 -7 127 31 27 47 14 91 -151 -65 70 14 1 — 5 50 115 19 4 117 24 10 -19 -24 6 -2 -34 26 52 58 -20 65 46 101 101 33 228 503 210 73 78 35 140 451 -183 853 566 246 90 56 72 150 523 -141 935 NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial and End-of-week date shown. Monthly figures are based on weekly changes. industrial loans of all weekly reporting member banks and about 70 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 INTEREST RATES, 1963 FEBRUARY 1964 xMONEY MARKET RATES [Per cent per annum] Lr. S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period m 4 p o - a n t p o t e h r s 6 , - l m d 3 p i o - r l n a e to c c th e t l 6 s d y - , 2 9 a 0 a c n d c c e a e p y s t s , - i o i n R s s a n u t e e e w M y a ie r l k d et o i n R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Other 4 i 3 s - s y u e to e a s r 5 5 - Jan 3.34 3.18 3.07 2.914 2.91 2.962 2.96 3.00 2.97 3.47 Feb . 3 25 3 13 3 13 2 916 2.92 2.970 2.98 3.00 2.89 3.48 Mar 3 34 3 15 3.13 2.897 2.89 2.950 2.95 2.97 2.99 3.50 Apr 3 32 3 17 3 13 2 909 2.90 2 988 2.98 3.03 3.02 3.56 May.. 3 25 3 15 3 13 2 920 2.92 3.006 3.01 3.06 3.06 3.57 June 3.38 3.21 3.24 2.995 2.99 3.078 3.08 3.11 3.17 3.67 July. . . .. 3 49 3 35 3 41 3 143 3.18 3.272 3.31 3.40 3.33 3.78 Aug 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept . 3.88 3.63 3.63 3.379 3.38 3.494 3.50 3.57 3.54 3.88 Oct 3 88 3 72 3 63 3 453 3.45 3.573 3.58 3.61 3.59 3.91 Nov 3.88 3.75 3.71 3.522 3.52 3.648 3.65 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 Week ending— 1962—Dec. 29... 3.38 3.19 3.00 2.894 2.89 2.924 2.93 2.95 2.96 3.41 1963—Jan. 5 3.38 3.23 3.00 2.926 2.89 2.966 2.94 2.95 2.99 3.44 12 3.38 3.25 3.04 2.920 2.90 2.966 2.95 2.96 2.99 3.45 19 ... 3 38 3 15 3 06 2 884 2.90 2 932 2.95 3.00 2.96 3.44 26 3.30 3.13 3.10 2.923 2.93 2.976 2.99 3.03 2.97 3.50 Feb. 2 3.25 3.13 3.13 2.917 2.93 2.972 2.99 3.02 2.95 3.50 9 3.25 3.13 3.13 2.946 2.95 2.995 3.00 3.02 2.89 3.47 16 3.25 3.13 3.13 2.944 2.93 2.995 2.99 3.01 2.87 3.46 23 3.25 3.13 3.13 2.905 2.90 2.969 2.96 2.99 2.88 3.46 Mar. 2 3.25 3.13 3.13 2.870 2.90 2.922 2.94 2.98 2.93 3.50 9 3 25 3.13 3.13 2.897 2.89 2.938 2.93 2.97 2.99 3.49 16 3 38 3 13 3 13 2 870 2.88 2.931 2.94 2.95 2.97 3.49 23 3.38 3.13 3.13 2.902 2.90 2.955 2.96 2.97 2.99 3.51 30 3.38 3.23 3.13 2.919 2.91 2.977 2.98 2.99 3.01 3.53 Apr. 6 3.38 3.25 3.13 2.922 2.91 2.982 2.98 2.99 3.02 3.53 13 3.38 3.19 3.13 2.913 2.90 2.978 2.98 3.00 3.01 3.54 20 3.30 3.13 3.13 2.917 2.90 3.010 3.00 3.07 3.04 3.59 27 3.25 3.13 3.13 2.884 2.89 2.982 2.98 3.05 3.00 3.59 May 4 3.25 3.13 3.13 2.898 2.90 2.988 2.99 3.05 3.00 3.56 11 3.25 3.14 3 13 2.905 2.91 2.993 2.99 3.04 3.00 3.54 18 3.25 3.19 3.13 2.903 2.90 2.990 2.99 3.04 3.03 3.55 25 3.25 3.15 3.13 2.922 2.94 3.005 3.02 3.06 3.10 3.59 June 1 3.25 3.13 3.13 2.974 2.98 3.055 3.06 3.09 3.17 3.64 8 3 38 3.19 3.23 3.028 3.00 3.098 3.08 3.12 3.21 3.68 15 3.38 3.19 3.25 2.975 2.98 3.063 3.07 3.11 3.18 3.66 22 3.38 3.21 3.25 2.997 2.98 3.081 3.08 3.11 3.15 3.68 29 3.38 3.25 3.25 2.979 2.99 3.070 3.07 3.11 3.14 3.67 July 6 3.44 3.30 3.25 3.011 3.03 3.093 3.12 3.16 3.20 3.72 y 13. 3.50 3.34 3.35 3.164 3.22 3.272 3.34 3.39 3.35 3.80 20 3.50 3.38 3.45 3.192 3.19 3.355 3.36 3.48 3.40 3.80 27 3.50 3.38 3.50 3.206 3.19 3.369 3.36 3.47 3.35 3.79 Aug. 3 3.58 3.38 3.50 3.263 3.24 3.398 3.38 3.46 3.30 3.77 10 3.63 3.53 3.53 3.253 3.26 3.389 3.39 3.48 3.28 3.77 17 3.75 3.56 3.63 3.335 3.32 3.441 3.43 3.50 3.36 3.80 24 3.75 3.63 3.63 3.355 3.36 3.462 3.47 3.52 3.51 3.83 31 3.78 3.63 3.63 3.396 3.39 3.494 3.49 3.54 3.54 3.85 Sept. 7 3.88 3.63 3.63 3.384 3.36 3.487 3.47 3.56 3.54 3.88 14 3.88 3.63 3.63 3.343 3.36 3.460 3.48 3.57 3.54 3.88 21 3.88 3.63 3.63 3.409 3.41 3.522 3.51 3.58 3.54 3.89 28 3.88 3.63 3.63 3.379 3.38 3.507 3.51 3.56 3.53 3.88 Oct. 5 3.88 3.68 3.63 3.408 3.41 3.515 3.53 3.59 3.57 3.88 12 3.88 3.75 3.63 3.459 3.45 3.569 3.56 3.60 3.56 3.90 19 3.88 3.75 3.63 3.458 3.47 3.568 3.59 3.61 3.58 3.91 26 3.88 3.66 3.63 3.488 3.44 3.628 3.60 3.62 3.62 3.93 Nov 2 3.88 3.75 3.63 3.452 3.47 3.586 3.59 3.60 3.61 3.94 9 3.88 3.75 3.72 3.517 3.54 3.621 3.64 3.68 3.66 3.98 16 3.88 3.75 3.75 3.565 3.55 3.678 3.68 3.69 3.68 3.97 23 3.88 3.75 3.75 3.524 3.51 3.660 3.65 3.67 3.75 3.98 30 3.88 3.75 3.63 3.480 3.48 3.631 3.63 3.66 3.74 3.97 Dec. 7 3.88 3.75 3.63 3.531 3.52 3.670 3.68 3.69 3.76 3.99 14 3.98 3.84 3.63 3.500 3.50 3.662 3.66 3.68 3.78 4.02 21 4.00 3.88 3.63 3.538 3.53 3.679 3.67 3.69 3.77 4.06 28 4.00 3.88 3.63 3.522 3.52 3.657 3.64 3.69 3.77 4.07 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturities 5 Selected note and bond issues. in the 90-179 day range. |3 Except for new bill issues, yields are averages computed from daily closing bid prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INTEREST RATES, 1963 249 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca ratings group price ratio price ratio States Total i (longterm) Indus- Rail- Public Pre- Com- Com- Total i Aaa Baa Aaa Baa trial road utility ferred mon mon Jan 3.88 3.22 2.95 3.56 4.49 4.21 4.91 4 38 4 72 4 38 4 34 3 31 Feb 3.92 3.24 2.99 3.57 4.48 4.19 4.89 4.37 4.69 4.37 4.27 3.27 Mar 3.93 3.21 2.97 3.56 4.47 4.19 4.88 4.38 4.65 4.38 4.24 3.28 5.93 Apr 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 4.63 4.39 4.31 3.15 May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 June 4.00 3.31 3.09 3.62 4.47 4 23 4.84 4 40 4 61 4 40 4 29 3 16 5 88 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3.99 3.28 3.09 3.59 4.50 4.29 4.83 4.45 4.63 4.42 4.30 3.13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4 65 4 44 4.30 3.06 5 70 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3.05 Nov 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4.45 4.28 3.14 Dec 4.14 3.33 3.12 3.61 4.55 4.35 4.85 4.48 4 68 4 49 4.32 3.14 Week ending— 1962—Dec. 29. .. 3.85 3.22 2.94 3.57 4.52 4.23 4.93 4.40 4.75 4.40 4.41 3.39 1963 Jan 5 3.87 3.22 2.94 3.57 4.51 4.22 4.93 4.40 4.73 4.39 4.40 3.41 12 . 3.87 3.22 2.94 3.57 4.50 4.21 4.92 4.39 4.73 4.38 4.38 3.31 19 3.87 3.20 2.94 3.55 4.49 4.20 4 91 4.37 4 72 4 38 4 35 3.31 26 1 91 3 21 2 95 3 55 4 49 4 21 4 91 4 37 4 71 4 37 4 30 3 26 Feb 2 3.90 3.23 2.97 3.57 4.48 4.21 4.90 4.37 4.70 4.38 4.28 3.25 9 3.92 3.23 2.98 3.57 4.48 4.19 4.90 4.37 4.70 4.37 4.29 3.24 16 3 91 3.23 2.98 3.57 4.48 4.19 4.90 4 37 4 68 4 37 4 26 3 25 23 3.92 3.23 2.98 3.57 4.47 4.19 4.88 4.37 4.68 4.37 4.26 3.27 Mar 2 3.94 3.25 3.02 3.57 4.47 4.19 4.88 4.37 4 66 4 37 4.27 3.31 9 3.92 3.25 3.02 3.57 4.47 4.19 4.88 4.38 4.65 4.37 4.24 3.33 16 . . . 3.93 3.23 2.98 3.57 4.47 4.19 4.88 4.38 4.65 4.38 4.25 3.28 23 3.94 3.18 2.93 3.55 4.47 4.19 4.87 4.37 4 66 4 37 4.24 3.27 30 3 95 3 19 2 93 3 55 4 46 4 19 4 88 4 38 4 64 4 37 4 24 3 24 Apr. 6 3.95 3.20 2.94 3.55 4.47 4.20 4.87 4.38 4.64 4.38 4.28 3.20 13 3.96 3.20 2.95 3.55 4.47 4.20 4.87 4.39 4.63 4.38 4.29 3.16 20 3.99 3.21 2.99 3.55 4.47 4.21 4 87 4.40 4 63 4 39 4 34 3 13 27 3 98 3.23 3.00 3.56 4.48 4.22 4.87 4.41 4.64 4.39 4.34 3.10 Mav 4 3.98 3.23 3.01 3.56 4.48 4.22 4.87 4.41 4.63 4.40 4.31 3.09 11 3.97 3.23 3.01 3.56 4.48 4.22 4.86 4.40 4.63 4.39 4.30 3.10 18 3.96 3.19 2.97 3.52 4.47 4.21 4.86 4.40 4.63 4.39 4.28 3.14 25 3.97 3.20 2.97 3.52 4.47 4.22 4 85 4.40 4 63 4 39 4.27 3 15 June 1 3.99 3.22 3.00 3.55 4.48 4.23 4.84 4.40 4.63 4.39 4.27 3.15 8 4 00 3 29 3 06 3 60 4 47 4 23 4 84 4 40 4 62 4 39 4 27 3 15 15 3.99 3.30 3.08 3.62 4.47 4.23 4.83 4.40 4 61 4 39 4.28 3 15 22 4 00 3 32 3 10 3 63 4 47 4 22 4 84 4 40 4 61 4 40 4 30 3 16 29 . .. 4.00 3.32 3.10 3.63 4.47 4.22 4.84 4.40 4.63 4.40 4.31 3.19 Julv 6 4.02 3.30 3.08 3.60 4.48 4.23 4.85 4.41 4.62 4.40 4.34 3.17 I?::. :\\....'...:. 4.03 3.32 3.11 3.62 4.48 4.24 4.84 4.41 4.62 4 41 4.34 3.17 20 4 02 3 31 3 11 3 61 4 49 4 27 4 84 4 43 4 62 4 42 4 36 3 22 27 4.00 3.29 3.10 3.57 4.50 4.29 4.84 4.44 4 62 4 42 4.34 3 25 Aug 3 3.99 3.27 3.08 3.57 4.50 4.29 4.84 4.45 4.63 4.42 4.33 3.21 10 3.99 3.27 3.08 3.57 4.50 4.29 4.83 4.45 4.64 4.42 4.32 3.18 17 3.99 3.28 3.08 3.59 4.50 4.29 4.83 4.44 4 63 4 43 4.30 3.13 24 3.99 3.30 3.11 3.59 4.50 4.29 4.83 4.44 4.63 4.42 4.29 3.12 31 3.99 3.29 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4 42 4.29 3 09 Sept. 7 4.03 3.30 3.12 3.58 4.51 4.30 4.84 4.45 4.64 4.44 4.30 3.07 14 4.05 3.31 3.12 3.58 4.51 4.31 4.84 4.46 4.64 4 45 4.30 3 04 21 4.05 3.32 3.13 3.58 4.52 4.32 4.84 4.46 4.65 4.45 4.30 3.06 28 4.04 3.33 3.15 3.59 4.52 4.32 4.84 4.46 4 65 4 45 4.29 3.05 Oct 5 4.04 3.33 3.15 3.59 4.52 4.32 4.83 4.46 4.65 4.44 4.27 3.08 12 4.06 3.31 3.14 3.58 4.53 4.31 4.84 4.46 4.67 4 44 4.24 3.08 19 4.07 3.31 3.14 3.58 4.52 4.31 4.84 4.46 4.67 4.44 4.27 3.04 26 4.07 3.34 3.16 3.60 4.53 4.32 4.83 4.47 4.66 4.45 4.26 3.05 Nov. 2 4.09 3.34 3.16 3.60 4.53 4.32 4.83 4.47 4.66 4.45 4.25 3.02 9. .... 4.12 3.35 3.16 3.61 4.53 4.33 4.83 4.48 4 67 4 45 4.26 3.09 16 4.10 3.37 3.18 3.62 4.54 4.33 4.83 4.47 4.68 4.45 4.28 3.12 23 4.10 3.37 3.18 3.62 4.54 4.33 4.85 4.48 4.68 4.46 4.29 3.16 30 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.48 4.67 4.46 4.29 3.20 Dec 7. . .. 4.12 3.34 3.14 3.61 4.54 4.33 4.84 4 48 4.67 4 47 4.30 3.14 14 4.12 3.34 3.12 3.61 4.54 4.34 4.85 4.47 4.67 4.49 4.31 3.15 21 4.15 3.32 3.11 3.62 4.55 4.36 4.85 4.48 4.69 4.50 4.32 3.12 28 4.16 3.31 3.11 3.60 4.57 4.37 4.85 4.50 4.70 4.51 4.34 3.15 Number of issues 12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures. Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number of from Moody's Investors Service series. corp. bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Computed as follows: U.S. Govt. bonds: Averages of daily Preferred stock ratio is based on 8 median yields for a sample of nonfigures for bonds maturing or callable in 10 years or more. callable issues—12 industrial and 2 public utility; common stock ratios on the 500 stocks in the price index. Quarterly earnings are seasonally State and local govt. bonds: General obligations only, based on Thurs. adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * Reported gold reserves of central banks and governments. 252 Gold production 253 Net gold purchases and gold stock of the United States 254 Estimated foreign gold reserves and dollar holdings. 255 International capital transactions of the United States. 256 U.S. balance of payments. 265 Foreign trade 266 Money rates in foreign countries. 267 Foreign exchange rates. 268 Guide to tabular presentation. 176 Index to statistical tables. _.5 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. 10033, dated Feb. 8, 1949, and Treas- cations at end of the BULLETIN). ury regulations thereunder. Other data are com- 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 GOLD RESERVES FEBRUARY 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- Congo, E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta it t e e d s r m es a t t e o d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia o R f e th p e . world i Fund world 1956 38,075 1,692 22,058 14,325 224 107 71 925 324 1,103 46 57 122 1957 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 81 1958 39,445 1,332 20,582 17,530 60 162 194 1,270 325 1,078 40 72 83 1959 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 71 42 1960 40,505 2,439 17,804 20,260 104 147 293 1,170 287 885 45 78 30 1961 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 48 88 1962—Dec 41.435 2,194 16,057 23,185 61 190 454 1,365 225 708 43 57 1963—Jan 2,199 15,974 58 192 454 1,362 225 714 43 58 Feb 2,225 15,891 53 195 469 1,364 225 725 42 58 Mar . 41 575 2 226 15 946 23 405 52 198 484 L 372 208 732 42 59 Apr 2,228 15,914 52 198 494 1,372 179 739 42 59 May 2,235 15,854 51 199 504 1,372 179 746 43 60 June•• . . 41,730 2,244 15,830 23,660 51 200 504 1,373 179 755 43 60 July 2,268 15,677 51 201 504 I 354 179 762 43 61 A.uc 2 276 15 633 49 202 504 I 365 179 768 43 61 Sept *>41 895 2,304 15 634 j>23 955 49 202 504 I 367 775 43 61 Oct 2,305 15,640 49 205 515 1,367 784 44 Nov 2,312 15,609 206 525 1,367 800 43 Dec 2,312 15,596 208 536 ,371 817 43 Domin- Ger- E pe n r d io o d f Cuba R i e c p a u n b- E d c o u r a- E va l d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d si o a - Iran Iraq lic Rep. of 1956 136 11 22 28 35 924 1,494 10 27 247 45 138 14 1957 136 11 22 31 35 581 2,542 13 27 247 39 138 20 1958 80 11 22 31 35 750 2,639 17 27 247 37 141 34 1959 50 10 20 30 38 1,290 2,637 26 24 247 33 140 84 I960 1 10 20 30 41 1,641 2 971 76 24 247 58 130 98 1961 3 19 18 47 2,121 3,664 87 24 247 43 130 84 1962—Dec 3 19 18 61 2,587 3,679 77 24 247 44 129 98 1963—Jan 3 19 18 61 2,626 3 694 77 24 247 44 129 98 Feb 3 19 18 61 2,673 3,727 77 24 247 44 129 98 Mar 3 19 18 61 2,709 3,749 77 24 247 44 129 98 Apr 3 19 18 61 2,743 3,749 77 23 247 44 129 98 May 3 19 18 61 2,777 3,749 77 23 247 129 98 June 3 19 18 61 2 814 3 753 77 23 247 129 98 juiv 3 19 18 61 2 963 3 761 77 23 247 142 98 3 19 18 61 2 997 3 761 77 23 247 142 98 Sept 3 19 18 61 3 031 3 761 77 23 247 142 98 Oct 3 19 18 61 3 089 3 817 77 23 247 142 98 Nov 19 18 61 3,128 3 823 77 247 142 Dec 19 61 3,175 3,843 247 142 E pe n r d i o o d f R Ir e e p la . n o d f Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h in il e - s Po g r a t l u- A S r a a u b d i i a A So fr u i t c h a 1956 18 338 77 167 844 33 50 49 35 22 448 224 1957 18 452 91 180 744 33 45 49 28 6 461 217 1958 18 1 086 91 143 1 050 33 43 49 19 10 493 211 1959 18 1,749 102 142 J.132 34 30 50 28 9 548 18 238 I960 18 2,203 119 137 1,451 35 30 52 42 15 552 18 178 1961 18 2,225 140 112 1,581 1 30 53 47 27 443 65 298 1962—Dec 18 2,243 172 95 1,581 1 30 53 47 41 471 78 499 1963—Jan 18 2,254 172 95 1,581 30 53 47 42 471 78 486 Feb 18 2,284 172 94 1,581 30 53 47 43 476 78 505 Mar 18 2,286 172 94 I 581 30 53 47 45 478 78 551 Apr 18 2,286 172 95 1,581 30 53 47 45 478 78 571 May 18 2,287 172 93 1,581 30 53 47 46 478 78 591 18 2,289 172 92 1,581 30 53 47 21 478 78 598 July 18 2,292 172 95 1,581 31 53 52 22 482 78 611 18 2,291 172 95 1,581 31 53 57 24 496 78 639 Sect 18 2.291 172 94 1,581 31 53 57 25 497 78 643 Oct 18 2 331 172 110 1 581 31 53 57 497 78 630 Nov 18 2,331 172 1^581 31 53 57 497 629 Dec 18 2,343 1 601 I 31 53 57 630 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 GOLD RESERVES AND PRODUCTION 253 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n er d io o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n t m g ed - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l l e . - E E P F U 3 ments 2 1956 132 266 1,664 19 112 144 188 1,772 186 603 18 59 268 1957 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962—Dec 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963—Jan 475 181 2,455 19 104 140 174 180 401 4 116 Feb 495 181 2,460 19 104 120 174 180 401 4 88 Mar 514 181 2,461 19 104 140 174 2,447 180 401 4 107 41 Apr 533 181 2,453 19 104 140 174 180 401 4 132 May 552 182 2,453 19 104 140 174 172 401 5 137 June 574 182 2,530 19 104 140 174 2,447 171 401 5 78 43 July 574 182 2,444 19 104 140 174 171 401 7 155 Aug 574 182 2 451 19 104 138 174 171 401 8 150 Sept . . 574 182 2,501 19 104 137 174 2,506 171 401 11 j 42 Oct 573 182 2,520 104 136 174 171 401 -22 Nov 573 182 2,522 135 174 171 401 -77 Dec 573 182 2,820 135 174 -279 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through Dec. 1958 and European Fund distributed by the Tripartite Commission for the Restitution of Monetary thereafter. Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. NOTE—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see "Gold," Section 14 of the Bank's gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics, 1962. 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. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Other World Period p t r i o o d n u i c- A So fr u ic th a R de h s o ia - Ghana C p (L o o e n ld o g - - o U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India oth A e ll r * vilie) 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7.3 63.0 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 69.8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64.8 I960 1,175.0 748.4 19.6 '30.8 11.1 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 '64.7 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37.5 5.7 64.4 1962 1,290.0 892.7 19.4 31.1 7.1 54.5 145.5 8.3 7.8 4.5 13.7 37.4 5.7 62.3 1962—Nov 78.5 1.6 2.7 3.8 12.1 .3 .4 1.0 3.0 .5 Dec 74.7 2.9 31.4 3.7 11.7 .4 .3 .8 3.3 .4 1963—Jan 78.0 1.6 2.7 11.7 .8 .4 1.2 2.9 .4 Feb 76.5 1.6 2.7 11.0 .6 .4 1.0 2.9 .4 Mar 79.4 6 2.7 11.6 .7 .4 1.1 3.1 .5 Apr 79.1 6 2 7 11.8 .8 4 1.1 2 8 5 May 80.6 6 2.6 12.4 .7 .3 1.1 2.8 .5 80.1 6 2 6 11.6 .5 .4 9 3 3 4 July 81 6 6 10 9 7 4 1 0 3 4 4 Aug 81.7 7 11.7 .6 .4 .9 3.0 4 Sept 80.9 11.5 .4 .7 3.0 Oct 82.0 7 12.2 Nov 81.6 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data, except for Brazil, based on reports from 2 Gold exports. individual countries and Bureau of Mines; data for Brazil from American 3 Oct.-Dec. Bureau of Metal Statistics. For the United States, annual figures are from the Bureau of the Mint, monthly figures from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 LLS. GOLD FEBRUARY 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1962 1963 Area and country 1955 1956 1957 1958 1959 1960 1961 1962 m IV I n III Western Europe: -84 -83 -1 -143 -56 -30 -30 -20 3 3 -329 -39 -141 '*-i44 -63 France -68 -34 -266 -173 -456 -214 -101 -101 -101 -214 -10 -34 '"-23 Italy -349 100 Netherlands 25 —261 -30 -249 -25 -5 -20 -10 Spain 31 32 — 114 — 156 — 146 —20 —20 —70 -60 -8 -215 20 -324 -125 102 -45 50 100 -900 -350 -550 -306 -387 -64 8 107 18 74 Bank for Intl Settlements — 178 — 32 —36 —23 Other 4 18 8 -21 -38 -96 -53 -12 * 15 -9 14 * Total -78 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -79 -104 -149 -139 Canada 15 5 190 Latin American republics: 115 75 67 —50 —90 85 Brazil -1 -11 -2 -2 57 -1 59 17 28 -1 28 — 6 38 10 27 — 30 —20 -4 -200 65 Other 14 29 6 2 -5 -22 -17 -5 -i -4 * 6 -11 Xotal 14 -28 81 69 19 -100 -109 175 9 83 16 34 -16 Asia: 20 — 157 — 15 Other -5 * 18 -4 -28 -97 i -101 2 -93 -41 -11 -8 25 * Total 5 * 18 -34 -186 -113 -101 -93 -41 -11 -8 25 * All other 1 14 -3 e -38 -6 -1 -2 1 -1 -10 -25 Total foreign countries -68 80 172 -2,294 -998 -1,969 -970 -833 -434 -6 -96 -100 -180 Intl. Monetary Fund 3 200 600 4 _44 3 300 150 Grand total -68 280 772 -2,294 -1,041 -1,669 -820 -833 -434 -6 -96 -100 -180 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 3 Proceeds from this sale invested by the IMF in U.S. Goyt. securities ; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 4 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock i Foreign Month Gold stock i Foreign Total currency Total Total Total currency Total Total holdings gold holdings3 gold Total2 Treasury Total2 Treasury 1951 . 22,873 22,873 22,695 53 53 1963—Jan.... 16,102 15,974 15,928 128 -54 -83 1952.... . 23,252 23,252 23,187 379 379 Feb.... 16,023 15,891 15,878 132 -79 -83 1953 . 22,091 22,091 22,030 -1,161 -1,161 Mar.... 16,078 15,946 15,878 132 55 55 1954... . 21,793 21,793 21,713 -298 -298 16,046 15,914 15,877 132 -32 -32 1955... . 21,753 21,753 21,690 -40 -40 May!!' 16,009 15,854 15,797 155 -37 -60 1956... . 22,058 22,058 21,949 305 305 June.. 15,956 15,830 15,733 126 -53 -24 1957... . 22,857 22,857 22,781 799 799 July... 15,764 15,677 15,633 87 -192 -153 Aug.... 15,725 15,633 15,582 92 -39 -44 1958... . 20,582 20,582 20,534 -2,275 -2,275 Sept... 15,788 15,634 15,582 154 63 1 1959... . 19,507 19,507 19,456 -1,075 4-1,075 Oct.... 15,910 15,640 15,583 270 122 6 1960... . 17,804 17,804 17,767 -1,703 -1,703 Nov... 15,780 15,609 15,582 171 -130 -31 1961... . 17,063 16,947 16,889 116 -741 -857 Dec... 15,808 15,596 15,513 212 28 -13 1962... . 16,156 16,057 15,978 99 -907 -890 1963.. . . 15,808 15,596 15,513 212 -348 -461 1964—Jan. P.. 15,848 15,541 15,513 307 40 -55 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million as increase in U.S. gold subscriptary Fund with the right of repurchase, which amounted to $800 million tion to the IMF. on Jan. 31,1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 263 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 184 and 186. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 GOLD RESERVES AND DOLLAR HOLDINGS 255 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1961 Sept. 30, 1962 Dec. 3 , 1962 Mar. 3 , 1963 June 3C, 1963 Sept. 30, 1963^ Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold & U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes1 dollars & notesl dollars & notes1 dollars & notes i Western Europe: Austria 558 3 744 * 783 * 789 2 814 2 903 2 Belgium 1,574 8 1,511 1,539 * 1,555 1 1.606 1 1,667 Denmark 83 30 78 30 98 16 96 16 111 15 147 15 Finland 138 2 135 2 134 2 140 2 131 * 134 France 3,110 4 3,643 3 3,744 3 4,123 3 4 532 3 4 497 3 Germany Fed Rep of 6,506 3 6,467 3 6,409 3 6,224 3 6.462 3 6,634 3 Greece 154 187 * 196 * 243 '251 258 Italy 3,459 * 3,533 * 3,627 * 3,385 1 3,422 1 3 540 1 Netherlands 1,797 3 1,857 2 1,829 1 1,809 1,897 2 1,910 2 Norway 135 126 142 91 155 87 160 111 165 137 158 133 542 1 610 632 1 635 I 625 1 646 Spain 469 1 588 623 1 705 1 736 1 751 1 Sweden 586 93 639 102 671 93 673 73 699 73 616 123 Switzerland 3,435 83 3,290 86 3,575 83 3,273 85 3,420 83 3,325 82 Turkey 165 * 162 * 165 162 * 156 158 * United Kingdom 4,495 435 4,319 418 4,191 370 4,630 297 4,354 298 4,253 312 Other2 681 48 665 47 540 48 562 46 478 48 490 50 Total 27,887 840 28,570 786 28,911 708 29,164 644 29,859 668 30,087 728 Canada .. 3,704 459 4,169 266 4,057 389 3,871 528 3,929 644 3,877 700 Latin American republics: Argentina. 425 301 1 271 1 318 1 393 1 453 1 Brazil 513 1 499 1 429 1 400 1 348 1 360 1 Chile 153 * 147 178 * 167 * 172 * 176 Colombia 235 1 228 1 205 1 226 1 243 1 216 1 Cuba 44 * 37 * 16 16 15 14 Mexico 607 5 528 6 626 4 690 4 688 4 759 5 Panama Republic of 87 1 85 1 98 1 97 1 111 1 117 1 Peru 131 1 154 * 152 * 155 * 168 198 * Uruguay 237 1 272 1 281 j 276 1 262 j 263 1 Venezuela 819 1 780 1 806 837 1 905 1 933 Other 293 354 336 3 421 3 398 2 376 1 Total 3,544 12 3,385 12 3,398 13 3,603 13 3,703 12 3,865 12 Asia: India 325 6 293 6 288 6 296 5 295 5 302 5 Indonesia 119 1 77 1 72 1 74 1 76 1 67 1 Japan 3 1,976 3 2,344 3 2,499 3 2,558 3 2 613 3 2 689 3 Philippines 212 1 198 1 215 225 223 * 222 * Thailand 368 * 430 * 437 * 471 480 486 Other 1,329 45 1,420 41 1,444 40 1,516 40 1,546 40 1,537 43 Total 3 4,329 56 4,762 52 4,955 50 5,140 49 5,233 49 5 303 52 Africa: South Africa 330 * 535 540 • 597 636 * 683 * U A R (EevoO 189 186 * 188 * 193 * 191 * 186 * Other 343 12 368 10 373 10 377 10 355 10 331 8 Total 862 12 1,089 10 1,101 10 1,167 10 1,182 10 1,200 8 Other countries: Australia 260 * 315 * 337 * 340 * 360 348 * All other 275 27 279 30 287 29 281 28 358 30 329 30 Total 535 27 594 30 624 29 621 28 718 30 677 30 Total foreign countries4... 340,861 1,406 42,569 1,156 43,046 1,199 43,566 1,272 44,624 1,413 45,009 1,530 International and regional 5 5,829 1,432 7,127 993 7,352 911 7,218 966 7,090 1,065 7,091 1,163 Grand total4 346,690 2,838 49,696 2,149 50,398 2,110 50,784 1 2,238 51,714 2,478 52,100 2,693 1 Excludes nonmarketable U.S. Treasury bonds and notes held by national Monetary Fund, International Finance Corp., International official institutions of foreign countries as shown in Table 7 on p. 262. Development Assn., and other international organizations; Inter-Amer- 2 In addition to other Western European countries includes unpub- ican Development Bank, European Coal and Steel Community, European lished gold reserves of certain Western European countries; gold to be Investment Bank, and other Latin American and European regional distributed by the Tripartite Commission for the Restitution of Mone- organizations except the BIS and E.F. (see note 2). tary Gold; European Fund; and the Bank for International Settlements (the figures for the gold reserves of the BIS represent the Bank's net NOTE.—Gold and short-term dollars include reported and estimated gold assets). official gold reserves, and official and private short-term dollar holdings 3 Total short-term dollars include $82 million reported by banks (principally deposits and U.S. Treasury bills and certificates); excludes initially included as of Dec. 31, 1961, of which $81 million reported for nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- Japan. American Development Bank and the International Development 4 Excludes gold reseryes of the U.S.S.R., other Eastern European Assn. U.S. Govt. bonds and notes are official and private holdings of countries, and China Mainland. U.S. Govt. securities with an original maturity of more than 1 year. 5 International Bank for Reconstruction and Development, Inter- See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 INTL. CAPITAL TRANSACTIONS OF THE U. S. FEBRUARY 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional * Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o r u e n e r a - a o n l - 2 g L i r o . e A n - a . l Total O ci f a f l i - 3 Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s r - 1958 16,159 1,544 1,544 14,615 8,665 5,950 7,708 2,019 2,403 2,205 192 oo 1959 419,389 43,158 43,158 16,231 9,154 7,076 8,473 2,198 2,408 2,780 253 119 1960 21 272 4 012 3,897 iis 17,260 10 212 7,048 9 046 2,439 2,308 3,115 227 125 1961 522,533 3,752 3,695 57 518,781 10,940 57,841 10,322 2,758 2,340 52,974 283 104 1962—Dec 25,017 5,148 4,938 34 176 19,869 11,958 7,911 10,157 3,349 2,448 3,444 319 152 1963—Jan 24,949 5,100 4,895 30 175 19,849 11,564 8,285 10,009 3,295 2,561 3,518 319 147 Feb 24,989 5,059 4,856 26 177 19,930 11,482 8,448 10,098 3,261 2,576 3,523 329 142 Mar.... 25,154 4,983 4,797 28 158 20,171 11,767 8,404 10,259 3,139 2,678 3,621 326 147 Apr 25,328 5,029 4,847 19 162 20,300 11,887 8,413 10,086 3,227 2,862 3,644 321 160 May.... 25,407 4,862 4,697 20 145 20,546 12,062 8,483 10,247 3,244 2,883 3,704 303 165 June.. .. 25,812 4,837 4,671 26 141 20,975 12,341 8,634 10,722 3,174 2,879 3,733 291 175 July 25,436 4,950 4,783 18 150 20,486 11,891 8,594 10,284 3,073 2,943 3,737 286 162 Aug.... 25,745 4,819 4,658 18 144 20,926 12,179 8,747 10,627 3,129 2,972 3,741 293 164 Sept 25,842 4,778 4,618 18 142 21,064 12,359 8,705 10,752 3,102 3,006 3,779 264 160 Oct 26,257 4,767 4,613 17 137 21,490 12,294 9,196 10,818 3,370 3,021 3,852 265 164 Nov.».. . 26,379 4,678 4,522 17 139 21,701 12,316 9,385 10,755 3,498 3,034 3,951 277 185 Dec.*\.. 25,856 4,651 4,496 18 137 21,206 12,366 8,840 10,674 2,986 3,139 3,971 241 194 la. Europe End of period Total Austria Belgium m De a n rk - l F a i n n d - France m G a e n r- y Greece Italy N la et n h d e s r- Norway Po g r a t l u- Spain Sweden 1958 7,708 411 115 169 69 532 1,755 126 1,121 339 130 163 36 303 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 1960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962—Dec 10,157 329 174 67 73 ,157 2,730 119 1,384 248 125 161 111 490 1963—Jan 10,009 320 ill 56 75 1,272 2,495 142 1,182 232 120 167 184 476 Feb 10,098 317 189 44 75 1,359 2,413 162 1,123 216 134 161 209 507 Mar.. .. 10,259 305 183 65 79 ,414 2,475 166 1,099 228 130 157 191 492 Apr 10,086 276 208 69 70 1,433 2,456 171 1,121 286 131 159 169 480 May.. . . 10,247 288 224 74 68 1,573 2,670 174 1,054 324 130 153 163 483 June 10,722 310 233 80 70 ,718 2,709 174 1,133 316 135 147 162 517 July 10,284 354 208 99 76 ,435 2,771 181 1,165 238 136 151 184 470 Aug 10,627 392 271 101 75 ,477 2,844 176 1,287 226 133 146 201 432 Sept 10,752 399 300 116 73 ,466 2,873 181 1,249 329 127 149 177 434 Oct 10,818 372 398 128 78 ,421 2,965 173 1,029 367 119 149 164 419 Nov.75... 10,755 347 385 144 86 ,486 3,041 181 877 361 119 162 172 431 Dec.p... 10,674 365 403 161 99 ,463 3,041 187 805 359 133 191 205 409 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O u as t r h t o e e p r r e n Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1958 852 20 873 9 671 2 12 2,403 150 138 100 169 286 418 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 1960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962—Dec 908 25 ,609 349 3 19 2,448 210 204 135 148 715 531 1963—Jan 861 30 ,923 14 261 3 19 2,561 211 188 131 183 14 558 Feb 813 36 2,041 13 264 3 19 2,576 235 173 181 177 14 589 Mar.... 812 22 2.183 10 230 2 16 2,678 266 192 125 167 15 596 Apr 751 21 2,056 11 197 3 18 2,862 309 198 120 163 15 639 May.. .. 718 20 .948 11 152 2 19 2,883 335 167 124 165 15 627 June.... 890 16 ;907 12 172 3 20 2,879 342 169 129 183 14 596 July.... 809 16 ,800 12 157 2 19 2,943 383 151 114 157 13 658 Aug.... 790 27 ,854 15 159 3 19 2,972 399 160 117 168 12 670 Sept 824 21 ,747 15 252 2 17 3,006 404 181 133 155 13 665 Oct 856 ,810 15 305 21 3,021 381 185 122 163 12 632 Nov.p... 831 % ,713 16 356 20 3,034 360 187 135 162 11 654 Dec.P. .. 906 21 ,489 16 395 24 3,139 375 178 143 169 11 669 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 257 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 lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O R L t e . h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e i l n l t e h a s . m & Am O L e a th r t i i e c n r a 8 Total M C la h a n i i n d n a - K H o o n n g g India n d I e n o s - - ia Israel 1958 146 77 82 494 222 97 79 35 2,205 36 62 77 108 56 1959 129 82 62 277 227 9 14 88 33 2,780 36 60 114 139 87 I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 52,974 35 56 78 76 63 1962—Dec 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963—Jan 96 105 90 455 300 123 97 10 3,518 36 62 46 30 87 Feb 102 103 95 413 329 123 95 10 3,523 36 61 45 30 93 Mar.... 97 108 96 436 352 123 95 10 3,621 36 61 49 30 96 Apr 103 110 91 505 361 129 94 25 3,644 35 66 40 33 95 May.... no 113 94 498 357 133 95 52 3,704 35 61 47 34 97 June.... 111 121 91 504 331 138 98 52 3,733 35 64 48 32 106 July 109 126 93 559 326 129 93 33 3,737 39 61 49 34 91 Aug 113 129 91 541 322 126 89 35 3,741 35 62 48 33 96 Sept 117 141 92 532 310 132 94 39 3,779 35 65 55 23 93 Oct 111 153 93 616 307 128 87 32 3,852 35 67 51 32 105 NOV.P. .. 125 155 110 581 303 134 82 36 3,951 35 69 49 27 113 Dec.'... 129 158 113 591 349 136 85 32 3,971 35 66 51 48 112 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r T/v*-«»1 a1 C S o K n § g M o " ro M cc o o - 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r rp # | t A ra u l s i - a ot A he ll r* 1958 935 145 176 99 133 378 192 30 43 30 16 73 88 79 9 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1 887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 31,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962—Dec ... 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963 Jan 2,204 129 174 79 348 324 319 36 68 43 13 159 147 142 5 Feb 2,191 120 181 81 361 325 329 36 68 44 16 165 142 137 5 Mar 2,254 116 180 88 367 344 326 32 68 46 19 161 147 142 5 Apr.... 2,268 108 176 92 368 363 321 32 105 46 19 119 160 149 11 May... 2,305 99 179 100 371 375 303 29 103 49 15 107 165 149 16 June.... 2,309 92 202 108 376 361 291 30 101 38 17 105 175 160 15 July 2 315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 2,309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept.... 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2 403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov.*.. 2,455 108 196 141 379 378 277 25 59 55 14 123 185 171 14 Dec.?3.. 2,454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International 10 Represent a partial breakdown of the amounts shown in the "other" Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 1960-62 based on reports Investment Bank and other Latin American and European regional by banks in the Second F.R. District only; data for Apr. 1963 based on organizations, except Bank for International Settlements and European reports by banks in all F.R. Districts. Fund which are included in "Europe." 11 Based on reports by banks in all F.R. districts. 2 Not reported separately until 1962. 12 Jamaica, Trinidad and Tobago included in British West Indies. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 4 Includes $1,031 million representing increase in U.S. dollar sub- time) and U.S. Govt. securities maturing in not more than 1 year from scription to the IMF paid in June 1959. their date of issue; the latter, however, exclude nonnegotiable, non- 5 Includes $82 million reported by banks initially included as of Dec. interest-bearing special U.S. notes held by the International Develop- 31, 1961, of which $81 million reported for Japan. ment Assn. and the**''Inter-American Development Bank. For data 6 Includes Bank for International Settlements and European Fund. on long-term liabilities, see Table 5. For back figures and further 7 Decline reflects principally reclassification of deposits for changes description of the data in this and the following tables on international in domicile over the past few years from Cuba to other countries. capital transactions of the United States, see "International Finance," 8 Data based on reports by banks in the Second F.R. District only for Section 15 of Supplement to Banking and Monetary Statistics, 1962. year-end 1958-1962; Dec. 1962 figure carried forward through Mar. 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1964 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 Jo (end of period) Area or country 1960 1961 1962 A 19 p 6 r 3 . Area or country 1960 1961 1962 A 19 p 6 r 3 . Other Western Europe: Other Asia (Cont.): Iceland 5.1 3.1 5.6 5.2 Iran H22.4 H31.3 H18.7 49.4 Ireland, Rep. of 2.7 3.2 2.9 4.7 Iraq 13.8 20.2 8.5 n.a. Luxembourg 12.6 16.1 10.8 8.9 Jordan 1.8 1.6 1.2 1.7 Monaco 4.1 3.4 1.7 2.0 Kuwait 9.6 27.1 33.0 38.2 Laos 5.0 4.6 14.0 n.a. Other Latin American Republics: Lebanon 36.2 52.3 65.9 77.9 Bolivia H23.1 H26.2 H23.2 21.2 Malaya 6.3 4.4 12.6 13.6 Costa Rica 19.8 13.3 16.5 32.8 Pakistan 10.6 10.1 15.9 15.9 Dominican Republic H36.9 H22.8 H42.0 47.4 Ryukyu Islands (inch Okinawa). 14.2 14.6 17.0 32.7 Ecuador 27.3 23.6 36.3 37.8 Saudi Arabia 18.4 24.9 28.4 37.1 El Salvador H24.3 H21.9 H22.5 48.6 Singapore 1.9 3.2 5.8 5.3 Guatemala H43.9 H45.8 H40.9 74.8 Syria 4.2 2.6 4.9 3.4 Haiti 10.7 9.9 10.5 11.9 Viet-Nam 14.6 7.9 10.1 11.6 Honduras 15.0 14.8 13.8 23.7 Jamaica (12) 1.8 3.3 5.8 Other Africa: Nicaragua 11.9 17.3 14.8 42.5 Algeria .4 .5 1.6 .5 Paraguay 4.6 4.9 5.7 6.8 Ethiopia, incl. Eritrea 9.3 11.1 17.0 20.8 Trinidad & Tobago (12) (12) 3.1 4.1 Ghana .9 1.1 4.1 n.a. Liberia 16.8 21.9 17.6 13.4 Other Latin America: Libya 5.6 5.4 5.5 10.5 British West Indies 1211.3 12 14.0 9.0 22.6 Mozambique 2.2 1.6 2.5 1.1 French West Indies & French Nigeria .8 21.8 26.8 n.a. Guiana .4 .5 1.0 1.3 Rhodesia & Nyasaland, Fed. of.. 3.9 6.5 6.8 7.5 Somali Republic 3.5 1.7 .6 .6 Other Asia: Sudan 1.9 2.0 2.4 n.a. Afghanistan 9.8 3.6 5.3 n.a. Tunisia 2.8 1.2 10.9 n.a. Burma .9 4.5 2.5 8.9 Cambodia 10.9 15.3 12.6 10.2 All other: Ceylon 6.9 6.5 4.9 n.a. New Zealand 35.1 4.0 4.7 8.8 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 To all other foreigners Payable in End of period Total foreign Total Deposits Tr U ea . s S u . ry Special Deposits Tr U ea . s S u . ry currencies Demand Time 1 c b er il t l i s fi c a a n t d es no U t . e S s . 2 Other 3 Total Demand Time 1 c b er il t l i s fi c a a n t d es Other 3 1958 16,159 13,669 6,772 5,066 757 1,075 2,430 1.J51 306 174 59 1959 419,389 416,913 6,341 7,180 4 2,065 1,328 2,398 1,833 295 270 77 I960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962—Dec 25,017 22,309 8,528 9,214 3,012 1,555 2,565 2,096 116 352 143 1963 Jan 24,949 22 222 8,858 8,765 2,995 1,604 2,563 2,077 123 363 164 Feb 24,989 22,185 8,957 8,617 2,980 1,631 2,655 2,110 144 401 150 Mar 25,154 22,339 8,936 8,766 2,965 1,672 2,671 2,116 143 412 143 Apr 25,328 22,453 8,924 8,875 2,981 1,674 2,759 2,197 146 416 116 May 25,407 22,514 5,471 3,480 8,955 2,976 1,632 2,762 1,405 806 128 423 130 25,812 22,864 5,714 3,561 9,012 2,922 1,655 2,822 1,442 832 109 439 127 July 25,436 22,531 5,638 3,561 8,781 2,961 1,590 2,797 1,401 858 117 421 108 Aug 25,745 22,770 5,487 3,674 8,916 3,028 1,665 2,864 1,399 886 111 468 112 Sect .. 25,842 22,813 5,567 3,647 8,859 3,028 1,712 2,921 1,441 902 109 469 108 Oct 26,257 23,169 5,760 3,821 8,735 3,036 1,817 2,943 1,391 931 122 499 145 NOV.P 26,379 23,228 5,993 3,805 8,555 3,036 1,839 3,022 1,454 949 134 485 130 Dec.*5 25,856 22,672 5,628 3,673 8.570 3,036 1,765 3,047 1,493 966 119 469 137 1 Excludes negotiable time certificates of deposit which are included 3 Principally bankers' acceptances, commercial paper, and negotiable in "Other." time certificates of deposit. 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the 4 Includes $1,031 million of nonnegotiable, non-interest-bearing International Monetary Fund; excludes such notes held by the Inter- special U.S. notes representing increase in U.S. dollar subscription to national Development Assn. and the Inter-American Development the IMF paid in June 1959. Bank, which amounted to $289 million on Dec. 31, 1963. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 259 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r in ica Asia Africa i co O u t n h t e ri r es 2 1958 2 542 696 243 1,099 435 69 1959 2,624 534 272 1,176 586 56 I960 3,614 717 421 1,356 1,052 69 1961 3 4 820 767 556 1,522 3 1,891 85 1962—Dec , 5 173 877 526 1,606 2,017 146 1963—Jan 4 961 751 535 1,575 1,970 131 Feb 5 090 794 573 I 605 1 978 140 Mar 5,124 825 547 1,563 2,048 142 Apr 5,316 850 580 1,587 2,158 141 May 5,354 865 580 1,592 2,176 92" 48 June 5,534 985 654 1,612 2,138 97 47 July 5,470 875 667 1,668 2,124 87 47 Aug 5,435 952 597 1,697 2,046 92 50 Sent 5,430 920 554 1,698 2,119 88 51 Oct 5,563 967 627 1,690 2,139 82 56 Nov p 5,736 1,005 632 1,686 2,264 97 52 Dec /; 5,905 937 607 ,739 2,459 104 58 3a. Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France m G a e n r- y Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 1958 . 696 7 65 14 6 102 77 7 36 56 22 2 30 24 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 I960.. 717 ? 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 20 11 23 42 165 6 35 54 27 5 11 35 1962—Dec 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963 Jan . . . 751 7 21 9 35 56 134 6 51 26 34 9 19 16 Feb 794 8 30 13 39 56 144 6 69 36 35 10 23 19 Mar 825 9 25 13 39 58 160 6 58 29 32 11 25 22 Apr . ... 850 8 29 15 41 67 144 9 67 32 33 13 33 23 Mav 865 9 34 14 44 72 143 7 60 37 34 12 40 26 985 9 29 10 51 67 256 8 57 34 31 11 44 24 July 875 9 28 10 51 63 132 10 69 37 34 11 44 25 Aug 952 1? 26 9 49 65 159 9 85 37 35 12 52 33 Sept 920 10 28 11 51 69 146 10 70 37 35 13 45 32 Oct 967 10 26 11 49 66 151 9 81 41 34 14 38 33 NOV.P 1,005 9 27 11 49 65 176 9 82 36 41 16 34 36 Dec p 937 8 26 13 52 70 121 9 97 33 40 14 30 30 3a. Europe—Continued 3b. 1^atin America End of period S l w a e n r i - t d z- T k u e r y - U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 4 U.S.S.R. E E O a u s t r h t o e e p r r n e5 Total A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1958 42 72 124 1 5 * 4 1,099 40 148 52 51 166 293 1959 38 47 121 13 5 1,176 60 117 59 68 115 291 I960 60 49 245 11 11 8 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962 Dec 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963—Jan 72 42 180 6 19 7 1,575 156 187 168 129 17 417 Feb 67 36 172 6 19 6 1,605 161 179 160 149 17 420 Mar 71 32 197 9 21 8 1,563 161 178 151 145 17 409 Apr 65 40 190 12 21 8 1,587 170 196 151 137 17 405 May 66 44 175 17 20 11 1,592 180 196 161 136 17 406 65 49 188 16 21 11 1,612 180 197 166 153 17 409 July 69 47 185 17 21 13 1,668 200 192 171 146 17 448 71 44 202 16 21 13 1,697 198 199 170 176 17 448 Sept 75 47 197 n 19 12 1,698 187 210 179 169 17 454 Oct 91 42 232 7 20 12 1,690 183 183 186 180 17 445 Nov v 78 23 266 to 22 15 1,686 184 172 192 185 16 443 Dec v 70 48 229 7 23 16 1,739 188 163 187 208 16 465 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1964 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 3c. Asia E pe n r d i o o d f Panama Peru 1 1 U gu r a u y - V zu e e n l e a - R O l L e i t p c . h A u s e 6 . b r - m B B m u a & e h d a r a s a - - 1 A N S n n u e a t & i t r m l h i l - e . s A O L ic m a t a h t e i e 7 n r r - Total M C la h a n i i n d n a - ] ] [ J C o o n n g g India I n n e d si o a - Israel 1958 23 31 52 142 44 6 53 435 3 6 4 23 1959 18 36 47 247 57 4 57 586 2 10 6 14 I960 23 44 57 234 55 8 66 1,052 2 9 9 24 1961 32 74 55 144 56 13 74 31 891 2 9 8 36 1962—Dec.... 30 85 122 102 66 9 98 2 017 2 13 20 37 1963—Jan 33 88 114 102 67 10 87 1,970 2 14 17 35 Feb.... 38 83 123 104 70 10 92 1,978 2 14 20 38 Mar... 40 86 113 97 68 9 89 2,048 2 14 24 39 Apr.... 34 91 121 100 60 10 96 2,158 2 14 22 4 33 May... 34 95 97 101 115 27 10 19 2,176 2 13 22 31 June... 29 103 95 99 105 27 14 18 2,138 2 12 19 27 July... 29 (06 96 96 113 29 14 11 2,124 12 16 29 Aug.... 30 [04 93 99 112 31 10 10 2,046 2 11 19 28 Sept... 30 103 86 102 109 33 9 10 2,119 2 11 20 28 Oct.... 33 103 89 103 116 31 8 15 2,139 2 11 18 i 30 Nov. *.. 34 98 80 106 121 33 8 14 2,264 2 12 16 25 Dec.p.. 36 99 62 114 135 42 9 16 2,459 11 17 22 2 3c. Asia—Continue d Jd. Africa 3e. Other countries End of period Japan Korea P p h in il e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i C ( p v L o o il e n l l o d e g - ) - o M c o o r 1 oc- A So fr u i t c h a ( U E . g A y . p R t . ) A O f t r h ic e a r * Total2 A t l r u i a a s - - ot A he ll rs 1958 179 1 67 6 13 134 4 3 69 13 28 1959 324 1 24 9 15 180 3 12 2 56 18 21 I960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31,528 4 114 10 34 145 6 10 13 85 29 27 1962 Dec I 740 3 70 9 41 80 2 10 26 146 41 67 1963—-Jan 1,697 4 75 11 43 73 2 9 21 131 38 61 Feb 1,691 8 80 13 43 70 1 1? 21 140 39 66 Mar 1,751 13 81 14 40 69 2 13 19 142 44 64 I 876 15 73 15 40 70 2 13 17 141 44 64 May 1,896 14 69 16 38 75 92 2 2 13 18 57 48 42 6 June 1,869 16 66 14 40 73 97 1 14 25 53 47 41 6 July 1,872 17 52 16 38 69 87 2 1 14 20 50 47 41 6 AUE . . 1,793 16 51 13 40 73 92 1 2 13 26 50 50 43 6 Sept 1,862 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct , 1,876 13 63 8 44 72 82 1 7 IS 27 36 56 49 8 Nov.*. 1,983 26 74 8 45 73 97 3 16 27 51 52 44 8 Dec.*>. 2,137 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1 Not reported separately until May 1963. 8 Until May 1963 includes also African countries other than Congo 2 Includes Africa until May 1963. (Leopoldville), South Africa, and U.A.R. (Egypt). 3 Includes $58 million reported by banks initially included as of Dec. 1961, of which $52 million reported for Japan. NOTE.—Short-term claims are principally the following items payable 4 Until May 1963 includes Eastern European countries other than on demand or with a contractual maturity of not more than 1 year: loans U.S.S.R., Czechoslovakia, Poland, and Rumania. made to and acceptances made for foreigners; drafts drawn against s Czechoslovakia, Poland, and Rumania only until May 1963. foreigners where collection is being made by banks and bankers for * Bolivia, Dominican Republic, El Salvador, and Guatemala only until their own account or for account of their customers in the United States; May 1963. and foreign currency balances held abroad by banks and bankers and i Until May 1963 includes also the following Latin American Repub- their customers in the United States. Excludes convertible currencies lics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Para- held by U.S. monetary authorities. guay, and Trinidad and Tobago. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 261 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total O i t n i f s o f t i n i c t i s u a 1 - l Lo B an a s n k to s — Others C s t t o o i i a o n u l n l n g t e d - s c - - A f m c o a c r a c e e c d p ig t e t . n a o f n e o f r c r s es Other 2 Total f D or e e w p ig i o t n h s e it r s s F c o o s r e m f e c p i i n u m a g a r p n l n i e . t c i r g a e e o n s, v d t. Other 3 1958 2,542 2,344 401 439 428 421 656 198 181 16 1959 2,624 2,406 351 498 460 516 582 217 203 15 1960 . . 3,614 3,135 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 329 699 618 694 1,837 586 385 200 19614 4,820 4,234 329 709 622 700 1,874 586 386 200 1962—Dec 5,173 4,616 359 953 651 686 1,967 557 371 186 1963—Jan 4,961 4,438 322 845 658 637 1,976 523 347 176 Feb 5,090 4,544 293 853 672 684 2,041 546 359 188 Mar 5,124 4,550 255 850 680 708 2,057 575 375 200 Apr 5,316 4,722 236 824 695 731 2,235 595 383 211 May 5,354 4,759 174 790 689 741 2,049 316 595 389 152 54 June 5,534 4,843 142 884 689 733 2,028 367 693 464 176 52 July 5,470 4,834 136 842 702 740 2,035 379 636 401 176 58 Aug 5,435 4,804 166 891 711 733 1,956 347 631 407 170 55 Sept 5,430 4,828 177 848 713 757 2,024 310 602 404 148 49 Oct 5,563 4,871 153 869 710 772 2,027 341 691 462 174 55 Nov." 5,736 5,101 189 993 749 800 2,031 339 636 429 156 51 Dec. P. 5,905 5.281 188 972 762 831 2.193 335 624 428 153 42 1 Includes central banks. * These figures reflect the inclusion of data for banks initially included 2 Until May 1963 includes acceptances made for account of foreigners. as of Dec. 31, 1961. 3 Until May 1963 includes foreign government securities, commercial and finance paper. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Payable in lia T b o il t i a ti l es Total foreign Total Loans All other currencies 1958 1,362 2 1959 1,545 1 I960 1,698 7 1961 2 034 2 1962—Dec 2 151 4 1963—Jan 2,139 4 Feb 2,112 4 Mar 2,124 6 Apr 2,176 11 May i 2,370 12,370 12,337 33 1 29 June 2,388 2,388 2,353 35 35 July 2,422 2,422 2,386 36 45 Aug 2,463 2,463 2,424 39 * 48 Sept 2,509 2,509 2,468 41 47 Oct 2,503 2,501 2 461 39 2 47 Nov.p. 2,562 2,560 2,524 36 2 44 Dec? 22,998 22,996 2,781 214 2 44 1 Includes $86 million of long-term loans previously held but reported December 1963, representing in part claims previously held but not for the fir«!t time as of May 1963 reported by banks. 2 Includes $186 million reported by banks for the first time as of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes1 U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period I _ n _ t J l. Foreign c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r- es Sales c N ha s e a t s e le p s s u o r- r regional Total Official Other I960 127 225 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961. 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2.508 60 1,093 2.037 -Q44 702 806 -104 1963^ . ... 670 302 368 2,977 2,776 201 978 2,084 -1,105 695 643 52 1962 Dec 62 -23 85 195 211 -16 60 216 -157 61 61 * 1963 Jan 127 21 106 215 202 12 56 314 —258 59 59 * Feb -44 -6 -38 183 190 -7 61 214 -153 51 59 -9 Mar • ... 45 40 5 177 176 84 186 — 102 60 73 — 13 Apr 12 7 5 273 235 38 121 181 —60 66 74 H May 206 101 105 127 —21 310 239 71 144 409 -265 67 87 -20 22 -8 30 31 -1 354 342 12 52 156 -104 59 60 -1 July -10 -3 -7 5 -12 208 192 16 75 116 -42 55 79 -24 142 105 37 43 —6 224 207 17 44 110 -66 42 43 -1 Sept 83 -4 87 82 5 239 235 4 222 232 -9 44 23 21 Oct 8 3 5 14 —9 261 272 — 11 50 43 7 60 31 29 104 60 44 43 1 257 232 25 28 61 -33 70 27 43 Dec? -25 -14 -11 -6 -5 276 253 23 40 62 -22 63 28 34 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 7. organizations. 2 Includes small amounts of State and local govt. securities. 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 in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962 Dec 251 200 51 1963—Jan 381 100 200 81 183 125 58 Feb 481 200 200 81 183 125 58 Mar 481 200 200 81 183 125 58 Apr 551 25 200 200 126 183 125 58 May 605 25 30 200 200 150 183 125 58 June 605 25 30 200 200 150 183 125 58 July 655 25 30 225 200 175 208 125 58 25 Aug 705 25 30 275 200 175 163 125 13 25 Sept 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 263 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 Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa i O c t o r t i u h e n e s r - reg I a n i n o t d l n . al 1960 252 202 50 38 171 -48 72 234 -45 36 13 1 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 -\ 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 17 1963» 201 197 4 -9 -13 206 15 199 -53 14 17 ] 22 1962—Dec... -16 -4 -12 -3 -11 -3 2 -15 2 -5 • Xt 2 1963—Jan... 12 3 9 -1 4 4 4 1 1 4 4» 2 F M N e t a e b r y . . ! . . . . ! -7 7 3 1 • 8 -9 3 6 • 7 0 1 • 1 0 - - 1 1 • • - - - l 2 4 o 4 3 1 3 3 9 1 - - 5 5 7 4 -2 4 3 5 3 3 - - 7 5 12 • • 6 3 4 • 6 1 1 1 J J u ul n y e . .. . 1 1 2 6 21 -8 8 - - 4 1 7 * 2 3 0 2 -3 1 2 1 1 9 - - 1 4 2 3 • -4 1 2 2 Aug... 17 16 1 -2 8 4 13 1 -1 2 2 Sept... 4 10 -7 -1 2 9 1 11 -6 -4 1 2 Oct... -11 -8 -3 -1 -10 15 -5 -2 -11 • 1 i 2 Nov. P. 25 38 -13 3 7 21 5 36 -20 5 1 t 2 Dec. P. 23 21 2 * 3 8 7 17 2 1 1 2 i 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 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I i a r n o n e n t - d l a . l c T e t f o r o o i i u g t e r n a n - s l - r E o u p - e C a a d n a - A L i m a c t a i e n r- Asia Africa* O c t o r t i u h e n e s r - E pe n r d i o o d f Deposits U se . c S u . A ri G s ti s e o e s v t s t * . in c E u a s r to g m d o a y ld rked 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9,861 1961 -830 1 -832 -262 -318 -58 -121 -73 1960 217 5,726 11,843 1962 -1.048 -235 -813 -188 -360 -41 -175 -50 1961 279 6,006 11,905 1963?> . . .. -1,053 -96 -958 -53 -614 -31 -252 -8 1962 247 6,990 12,700 1962—Dec -156 -78 -78 2 -45 -7 -36 7 1963—Jan... 197 7,033 12,789 Feb... 192 7,079 12,836 1963—Jan -258 -35 -224 -3 -197 -12 -12 -1 Mar... 201 7,277 12,789 Feb . -162 6 -167 4 -125 -3 -34 * 160 7,478 12,815 Mar . -115 -29 -86 -43 -27 1 -19 1 M^y!! 171 7,886 12,878 -67 -62 -5 37 * 1 -13 -31 June.. 175 7,957 12,917 May!;;; . -284 3 -287 -24 -207 • -57 • * July.. 182 7,733 13,086 J D A O N J S u u e e u o c l p n y c t v g t . e . * * . * 7 . . . . . . . . . - - - 1 6 6 0 3 1 1 1 8 5 5 6 1 0 2 2 8 4 2 2 2 1 -1 - - 7 6 0 3 1 1 3 8 7 8 2 0 0 - - 2 - 1 6 1 1 5 4 2 2 0 6 - - - - 2 4 1 - 6 2 2 9 2 6 8 8 -3 -1 1 6 2 2 1 5 1 - - - - - 4 3 3 1 1 2 1 4 6 0 1 0 5 • 4 6 1 * * 1 2 1 2 * 1 1 1 1964— S A N D O J e a u o e c p n c g v t t . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 7 7 7 6 7 3 7 4 5 5 1 6 7 7 8 8 8 8 , , , , , , 8 9 2 6 3 7 4 5 4 7 4 4 1 6 5 5 3 0 1 1 1 1 1 1 3 3 2 2 3 3 , , , , , , 1 9 8 0 1 0 2 5 9 4 3 2 9 4 9 8 2 5 * Not reported separately until May 1963. i 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, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1962 1963 1962 1963 IV IV i I I 1 II III? IV IV i I 11 II III, Europe: 2 2 2 2 2 6 6 5 5 5 6 21 21 18 18 20 23 24 24 24 24 27 26 3 3 2 2 3 2 8 8 6 6 7 5 Finland 1 1 1 1 1 1 3 3 4 4 3 3 32 3? 31 31 32 31 51 51 59 59 50 48 Germanv Fed ReD of....... 33 33 36 36 33 35 116 117 114 114 106 106 1 1 1 1 2 2 5 5 6 6 6 7 [taly 28 ?8 29 29 30 26 75 78 82 82 83 95 Netherlands . 33 33 46 46 50 56 31 31 24 24 34 30 10 10 12 12 13 13 15 15 15 15 15 16 1 1 1 1 1 6 6 8 8 7 7 9 9 7 7 7 6 20 20 25 25 23 26 Sweden 7 7 8 8 8 7 15 15 17 17 20 19 Switzerland 24 24 26 26 27 40 '28 '28 '28 '28 36 30 4 4 4 4 4 5 4 4 6 6 5 6 United Kingdom 93 94 109 no 118 127 227 238 192 196 201 222 Y O u th g e o r s l W av e i s a tern Europe 2 4 1 4 * 4 4 1 2 3 3 3 3 5 5 3 4 3 j 4 3 3 3 4 3 * Other Eastern Europe 3 1 1 1 • 1 2 2 2 2 3 3 Total 308 309 339 341 356 384 '660 '625 '629 639 664 Canada . • 80 81 63 64 59 62 '731 '752 789 830 918 887 Latin America: Argentina 9 9 6 6 6 6 33 34 31 31 30 29 Brazil 17 17 17 18 18 20 106 106 108 108 103 112 Chile 4 4 3 3 4 4 25 25 25 25 26 23 Colombia 4 4 3 3 5 5 15 15 17 18 20 22 Cuba * * 1 1 6 6 6 6 6 6 Mexico 6 6 6 6 10 6 56 57 58 58 56 53 Panama 25 25 5 5 11 17 13 13 13 13 14 13 8 8 9 9 4 3 20 20 14 14 19 20 1 1 1 1 3 4 6 6 7 7 5 4 Venezuela. 23 24 23 23 27 25 33 33 33 33 37 38 Other L A. Republics 4 6 6 3 3 11 11 20 20 22 22 38 41 Bahamas and Bermuda ^ • 3 6 11 12 Neth. Antilles & Surinam .... 5 5 8 8 9 9 6 6 7 7 9 10 Other Latin America « 20 20 15 15 2 2 44 45 41 41 11 8 Total 128 129 101 101 113 118 '382 '386 382 382 383 390 Asia: China Mainland . ... 2 2 2 2 2 2 * * Hong Kong 2 2 2 2 2 2 4 4 4 4 3 4 11 11 8 8 16 15 38 39 50 50 49 42 Indonesia 2 2 2 2 2 3 3 3 3 4 5 Israel 2 2 1 1 2 1 10 10 7 7 7 7 48 52 46 46 43 29 119 123 124 127 142 133 3 3 3 3 3 1 4 4 4 4 4 4 Philippines..... 3 3 4 4 5 7 11 11 10 10 11 11 * * * 1 3 3 5 5 6 3 Thailand 4 4 4 4 4 1 5 5 5 5 5 4 Other Asia 16 16 16 16 19 21 33 33 39 39 44 42 Total 92 97 90 90 99 82 231 236 251 255 275 255 Africa: Congo (Leopoldville) * 1 1 * 3 3 3 3 2 2 M^orocco ^ * * 1 South Africa 12 12 6 6 11 12 10 10 9 9 8 9 U A R CEzvDi) 1 1 1 9 10 10 10 12 12 15 12 Other Africa 5 14 10 15 18 Total5 35 33 41 42 Other countries: Australia U 10 10 13 18 24 24 26 26 28 28 All other 7 13 13 13 13 4 6 25 26 27 27 8 7 Total 8 37 37 30 30 17 24 73 74 77 77 35 35 International and regional * 0 * * * 1 1 1 3 2 Grand total 646 653 624 626 679 703 '2,062 '2 109 '2,125 r? 175 ,295 2,275 1 Includes data for a number of firms reporting for the first time on 7 Until June 1963 includes also African countries other than Congo Dec. 31,1962 (6th revised series) and on Mar. 31, 1963 (7th revised series). (Leopoldville), South Africa, and U.A.R. (Egypt). 2 Until June 1963 includes Eastern European countries other than 8 Includes Africa until June 1963. U.S.S.R., Czechoslovakia, Poland, and Rumania. NOTE.—Reported by exporters, importers, and industrial and com- 3 Czechoslovakia, Poland, and Rumania only until June 1963. mercial concerns in the United States. Data exclude claims held through 4 Bolivia, Dominican Republic, El Salvador, and Guatemala only U.S. banks, and intercompany accounts between U.S. companies and until June 1963. their foreign affiliates. 5 Not reported separately until June 1963. See also NOTE to Table 1. 6 Until June 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 U.S. BALANCE OF PAYMENTS 265 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1960 1961 1962 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 Exports of goods and services—Total1 26,974 28,311 29,790 7,610 7,550 7,424 7,447 7,891 7,991 Merchandise 19,459 19,913 20,479 5,262 5,270 4,925 4,998 5,481 5,539 Military sales 335 402 660 190 141 216 181 203 176 Investment income receipts, private 2,873 3,464 3,850 940 946 1,060 1,063 964 1,003 Investment income receipts, Govt 349 380 472 144 105 114 124 125 125 Other services 3,958 4,152 4,329 1,074 1,088 1,109 1,081 1,118 1,148 ^mports of goods and services—Total. -23,205 -22,867 -24,964 -6,222 -6,282 -6,341 -6,257 -6,435 -6,681 Merchandise -14,723 -14,497 -16,145 -4,030 -4,127 -4,046 -4,002 -4,170 -4,404 Military expenditures -3,048 -2,934 -3,028 -748 -732 -794 -748 -725 -707 Investment income payments -939 -882 -995 -245 -245 -265 -276 -285 -299 Other services -4,495 -4,554 -4,796 -1,199 -1,178 -1,236 -1,231 -1,255 -1,271 Balance on goods and services 1 3,769 5,444 4,826 1,388 1,268 1,083 1,190 1,456 1,310 Remittances and pensions -672 -705 -736 -182 -176 -187 -212 -209 -193 1. Balance on goods, services, remittances and pensions 3,097 4,739 4,090 1,206 1,092 896 978 1,247 1,117 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments2 -2,775 -3,370 -3,520 -853 -849 -911 -876 -1,186 -744 Grants 3,4 -1,664 -1,854 -1,903 -466 -434 -466 -440 -515 -450 Long-term loans and subscriptions 4 -1,213 -1,941 -2,133 -507 -486 -660 -563 -620 -440 Change in foreign currency holdings and short-term claims, net (increase, —) 2,4 -527 -261 -248 -154 -74 28 -50 -260 -20 Seasonal adjustment on three preceding items combined 46 -50 14 -5 54 -63 Change in associated liabilities 41 80 147 44 65 25 31 1 46 Scheduled loan repayments 588 606 617 184 130 148 151 156 183 3. Private capital flows, net, excluding foreign liquid assets in U.S -3,552 -3,507 -3,118 -819 -708 -902 -953 -1,461 -451 U.S. direct investments abroad -1,694 -1,598 -1,557 -506 -359 -493 -501 -488 -276 U.S. long-term capital, other -850 -1,011 -1,209 -329 -188 -335 -512 -616 -289 Foreign long-term investments in U.S 430 466 271 66 -10 20 n 203 83 U.S. short-term capital -1,348 -1,541 -507 1 -164 -39 87 -623 28 Foreign short-term capital 5. -90 177 -116 -51 13 -55 -18 63 3 4. Errors and unrecorded transactions... -683 -905 -1,025 -37 -469 -122 142 -334 -492 Balance of A (= 1+2+3+4) -3,913 -3,043 -3,573 -503 -934 -973 -1,258 -412 Less: Net seasonal adjustments -129 337 -1,409 -176 -66 337 Balance of A before seasonal adjustment. -3,643 -3^573 -374 -1,271 -95 -797 -1,192 -749 -1,314 B. Changes in foreign liquid assets in U.S. and m U.S. monetary reserve assets, amd specialU.S. Govt.transactions—Not seasonally adjusted Total 3,913 3,043 3,573 374 1,271 1,314 797 1,192 749 Advance repayments on U.S. Govt. loans 6 48 668 666 53 471 142 25 34 237 Advances on U S military exports net -16 5 470 2 107 223 20 c 14 Sales of nonconvertible nonmarketable securities,"1 net 251 251 63 -10 -95 Dollar securities • 58 8 19 -45 Foreign currency securities 251 251 5 -50 -29 Sales of convertible nonmarketable securities 7 net 350 175 Dollar securities 125 152 25 Foreign currency securities . .. .... 225 152 150 Change in U.S. short-term liabilities reported by U.S. banks9 and foreign holdings of marketable U S. Govt. bonds and notes 1,738 1,764 653 486 -188 309 307 897 192 International and regional organizations 1 ° 637 407 213 -2 -107 109 -64 -48 -19 Foreign private holders excluding banks 1 * -152 81 134 269 -137 -42 74 115 97 Foreign commercial banks 104 595 -147 -243 -214 -132 384 75 -34 Foreign official holders 1,149 681 453 462 270 374 -87 755 148 Change in U.S. monetary reserve assets (increase,—).. 2,143 606 1,533 -163 881 389 32 124 226 IMF position 441 -135 626 44 331 14 -46 2 59 Convertible currencies -116 17 -324 104 351 -33 6 -28 Gold 1,702 857 890 117 446 24 111 116 195 1 Excludes military transfers under grants. 8 Certificates sold abroad by Export-Import Bank. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes official liabilities. liquid liabilities." 10 Includes, for International Monetary Fund, only changes in its 3 Includes military grants. holdings of income-earning U.S. Govt. securities. 4 Not seasonally adjusted separately. 11 Including undetermined holders. s Other than foreign liquid assets in U.S. 6 Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 FOREIGN TRADE; MONEY RATES FEBRUARY 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1960 1961 1962 r 1963 r 1960 1961 1962' 1963 r 1960 1961 1962 r 1963 r Month: Jan 1.561 1,623 1,668 985 1.213 1,161 1,327 1,092 348 462 341 107 Feb 1,566 1,712 1,809 2,118 1,307 1,150 1,320 1.497 259 562 489 621 Mar 1,518 1,751 1,672 1,960 1,261 1,163 1,342 1,487 257 588 330 473 1,622 1,662 1,795 1,913 1,315 1,152 1,365 1,417 307 510 430 496 May 1,659 1,585 1,762 1,893 1,242 1,153 1,404 1,420 417 432 358 473 1,634 31,582 1,836 1,785 1,252 3 1,174 1.351 I 421 382 3 408 485 364 July 1,707 3 1,689 1,748 1,823 1,235 3 1,379 1,347 1,458 472 3 310 401 365 Aug 1,625 1,689 1 703 1 895 1,227 1,254 1 346 508 398 435 357 387 Sept 1,647 1,678 1,908 1,980 1,188 1,262 1,471 1,450 459 416 437 530 Oct 1,668 1,780 1,523 1,946 1,178 1,300 1,312 1,459 490 480 211 487 Nov 1,681 1,733 1,725 1,945 1,126 1,309 1,425 1,472 555 424 300 473 Dec .... rvdS 1,725 1,839 2,049 10Q 1,315 1,377 4S0 536 410 462 569 Quarter: 4 645 5,086 5,149 5,063 3,781 3,474 3.989 4 076 864 1,612 1,160 987 II 4,915 3 4,829 5,393 5,591 3,809 3 3,479 4,120 4,258 1,106 3 1,350 1,273 1,333 Ill 4 979 3 5 056 5,359 5 698 3,650 3 3,895 4,164 4 416 1,329 3 1,161 1,195 1,282 IV 4,994 5,238 5,087 5,940 3,413 3,924 4,114 4,411 1,581 1,314 973 1,529 Year 4 19,609 20,152 20,945 22,288 14,654 14,713 16,389 17,151 4,955 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e e n p e s t t r h , - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t c s s ' e D m a o d y n a - y e t y o 3 - T 6 r d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1960—Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 [.98 1.24 2.00 1963—Jan 3.82 3.68 3.69 3.51 2.85 2.04 3.39 2.63 2.50 1.93 1.66 2.00 Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 L.67 LOO 2.00 Mar. 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 1,88 .27 2.00 Apr 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 1.91 .62 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 1.96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 1.87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 Z.07 1.92 2.00 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 1.78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 .24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 1.11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 1.14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 2.63 2.25 r1.61 2.00 1 Based on average yield of weekly tenders during month. NOTE.—For description of rates and back data, see "International 2 Based on weekly averages of daily closing rates. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 3 Rate shown is on private securities. 1962. 4 Rate in effect at end of month. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1964 MONEY RATES 267 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Jan. 31, 1963 Rate as of Country 1963 1964 Jan. 31, 1964 Per Month cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina •«. 6.0 Dec. 1957 6.0 5.0 Mar. 1960 4.5 4.5 3.5 Dec. 1962 4.0 4.25 4.25 Brazil 10.0 Apr. 1958 10.0 4.0 Feb. 1962 4.0 Canada * 4.0 Nov. 1962 3.5 4.0 4.0 Ceylon 4.0 Aug. 1960 4.0 Chile 2 14.20 Jan. 1963 14.21 14.21 5.0 Aug. 1959 8.0 8.0 3.0 Apr. 1939 3.0 Cuba 6.0 Jan. 1960 6.0 Denmark • . .. 6.5 May 1961 6 0 5 5 5.5 Ecuador 5.0 Nov. 1956 5.0 Egypt 5.0 May 1962 5.0 El Salvador . 6.0 June 1961 6.0 Finland 7.0 Apr. 1962 7.0 3.5 Oct 1960 4.0 4.0 3.0 May 1961 3.0 5.5 Jan. 1963 5.5 Honduras '.. 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India 4 4.5 Jan. 1963 4.5 3.0 Apr. 1946 9.0 9.0 Iran 6.0 Nov. 1960 4 0 4.0 Ireland 3.86 Dec. 1962 3.69 4.03 3.88 3.95 3.94 3.98 3.98 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 6.57 Nov. 1962 6.21 5.84 5.84 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4.0 4.0 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 3.5 Spain 4.0 June 1961 4.0 Sweden 3.5 Jan. 1963 4.0 4.5 4.5 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 7.5 May 1961 7.5 United Kingdom 4.0 Jan. 1963 4.0 Venezuela. ... •. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some of was fixed at 6 per cent. Rates on loans to money market dealers will these countries follow: continue to be .25 of 1 per cent above latest weekly Treasury bill tender Argentina—3 and 5 per cent for certain rural and industrial paper, deaverage rate but will not be more than the bank rate. pending on type of transaction; 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at Brazil—8 per cent for secured paper and 4 per cent for certain agricultural the average rate charged by banks in the previous half year. Old redis- paper; counts remain subject to old rates provided their amount is reduced by one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank's quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions * Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); govt. securities and other eligible paper. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities; 5 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; NOTE.—Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or Peru—8 per cent for agricultural, industrial and mining paper; and govt. securities for commercial banks or brokers. For countries with Venezuela—4 per cent for rediscounts of certain agricultural paper and more than one rate applicable to such discounts or advances, the rate for advances against govt. bonds or gold and 5 percent on advances shown is the one at which it is understood the central bank transacts ag ainst securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 FOREIGN EXCHANGE RATES FEBRUARY 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m in ar l k an k d a) F (f r r a a n n c c e ) Official Free 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14 508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20 405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 1 31.057 220.404 1963—Jan .7466 223.49 3.8694 2.0086 92.823 21.021 14.487 131.056 2 20.405 Feb .7422 223.38 3.8676 2.0073 92.777 21.011 14.480 31.057 20.405 Mar .7362 223.16 3.8681 2.0049 92.746 21.005 14.492 31.057 20.405 Apr . .7252 223.16 3.8676 2.0058 92.851 21.014 14 491 31 055 20 405 May .7266 223.08 3.8677 2.0055 92.810 21.014 14.477 31.057 20.405 June .7265 223.12 3.8702 2.0036 92.722 21.015 14 490 31 057 20 405 July .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20 405 Aug .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sent .7034 222.92 3.8706 2.0037 92.590 21.019 14 485 31 057 20 404 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov .6942 222.93 3.8659 2.0059 92.778 21.021 14 484 31 057 20 405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26 513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27 755 278 00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27 770 277 22 1963 Jan 24.966 20.996 280.48 .16104 .27894 32.817 8.0056 27.772 277.71 Feb 24.985 20.984 280.34 .16102 .27892 32.717 8.0056 27.773 277.56 Mar 25.023 20.963 280.06 .16102 .27886 32.633 8.0056 27 808 277 29 Apr 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27.828 277.30 May 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27 815 277 19 June 25.121 20.965 280.02 .16081 .27563 32.595 8.0056 27.780 277.25 July 25.109 20.968 280.08 .16086 .27550 32.648 8.0056 27 755 277 31 Aug 25.101 20.962 279.96 .16102 .27554 32.647 8.0056 27.712 277.19 Sept 25.121 20.951 279.77 .16078 .27589 32.645 8.0056 27.721 277.00 Oct 25.137 20.961 279.78 .16062 .27603 32.698 8.0056 27 749 277 01 Nov 25.154 20.961 279.78 .16065 .27586 32.705 8.0056 27.765 277.01 Dec 25.165 20.954 279.65 .16065 .27564 32.697 8.0056 27.765 276.88 1964—Dec 25.148 20.963 279.83 .16065 .27589 32.706 8.0056 27.753 277.06 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1958 14.008 49.695 3.4900 279.93 2 3810 19 328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 ? 0S7Q 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 6643 19 353 23 151 280 22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 .6664 19.416 23.139 280.00 1963 Jan 14 000 3.4900 139.72 .6665 19.313 23.120 280.48 Feb 13.995 3.4900 139.64 1.6664 19.290 23.123 280.34 Mar 13.995 3.4901 139.51 6661 19 264 23 102 280 06 Apr ... . . .. 13 999 3.4901 139.51 L.6663 19.251 23.099 280.07 May 13.995 3.4900 139.46 L.6663 19.267 23.127 279.96 June . . 13 997 3.4900 139.49 1.6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 L.6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 1.6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 1.6664 19 268 23 171 279 77 Oct 13.971 3.4863 139.37 1.6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 1 6665 19 262 23 166 279 78 Dec 13.972 3.4874 139.30 1.6666 19.250 23.170 279.65 1964—Dec 13.969 3.4861 139.39 1 6665 19.272 23.168 279.83 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, NOTE.—-Averages of certified noon buying rates in New York for 1963. cable transfers. For description of rates and back data, see "International 2 Effective Jan. 1, 1963, the franc again became the French monetary Finance," Section 15 of Supplement to Banking and Monetary Statistics, unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary GLENN M. GOODMAN, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director BRENTON C. LEAVITT, Assistant Director LEGAL DIVISION ANDREW N. THOMPSON, Assistant Director HOWARD H. HACKLEY, General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director ALBERT R. KOCH, Associate Director DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser J. CHARLES PARTEE, Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Adviser HARRY E. KERN, Assistant Director LEWIS N. DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE J. J. CONNELL, Controller RALPH A. YOUNG, Director SAMPSON H. BASS, Assistant Controller J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF DEFENSE PLANNING SAMUEL I. KATZ, Associate Adviser RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 27j_ Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON J. DEWEY DAANE J. L. ROBERTSON KARL R. BOPP WATROUS H. IRONS CHARLES J. SCANLON GEORGE H. CLAY A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL RALPH A. YOUNG, Secretary MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary J. HERBERT FURTH, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, Associate Economist DAVID B. HEXTER, Assistant General Counsel RALPH T. GREEN, Associate Economist GUY E. NOYES, Economist ROBERT C. HOLLAND, Associate Economist ERNEST T. BAUGHMAN, Associate Economist ALBERT R. KOCH, Associate Economist DANIEL H. BRILL, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON EDWARD B. SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS, President L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY JOHN F. WATLINGTON, JR., RICHMOND JAMES W. ASTON, DALLAS, Vice President J. FlNLEY McRAE, ATLANTA RANSOM M. COOK, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip Code Boston.. 02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York... .10045 Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo ..14240 Whitworth Ferguson Insley B. Smith Philadelphia 19101 Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland .44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Donald S. Thompson Cincinnati 45201 Howard E. Whitaker Fred O. Kiel Pittsburgh .15230 William A. Steele Clyde E. Harrell Richmond 23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore 21203 Harry B. Cummings Donald F. Hagner Charlotte .28201 Edmund F. MacDonald Atlanta .30303 Jack Tarver Malcolm Bryan J. M. Cheatham Harold T. Patterson Birmingham 35202 C. Caldwell Marks Edward C. Rainey Jacksonville ,32201 Harry T. Vaughn Thomas A. Lanford Nashville 37203 Andrew D. Holt Robert E. Moody, Jr. New Orleans .70160 J. O. Emmerich Morgan L. Shaw Chicago 60690 Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit ..48231 James William Miller Russel A. Swaney St. Louis 63166 Raymond Rebsamen Harry A. Shuford J. H. Longwell Darryl R. Francis Little Rock 72203 Carey V, Stabler Fred Burton Louisville 40201 C. Hunter Green Donald L. Henry Memphis ..38101 Frank Lee Wesson E. Francis DeVos Minneapolis 55440 Atherton Bean Frederick L. Deming Judson Bemis M. H. Strothman, Jr. Helena ..59601 C. G. McClave Clement A. Van Nice Kansas City ..64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver ..80217 Robert T. Person John W. Snider Oklahoma City , 73101 James E. Allison Howard W. Pritz Omaha ..68102 Clifford Morris Hardin George C. Rankin Dallas 75222 Robert O. Anderson Watrous H. Irons C. J. Thomsen Philip E. Coldwell EFPaso 79999 Dysart E. Holcomb Roy E. Bohne Houston 77001 Edgar H. Hudgins J. Lee Cook San Antonio ..78206 Harold D. Herndon Carl H. Moore San Francisco 94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles 90054 S. Alfred Halgren Clifford H. Watkins Portland 97208 jraham J. Barbey William M. Brown Salt Lake City.... 84110 Howard W. Price Arthur L. Price Seattle 98124 Robert D. O'Brien Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 1745-1748 of the December 1963 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND INDUSTRIAL PRODUCTION—1957-59 Base. 1962. FUNCTIONS. 1963. 297 pp. 172 pp. $1.00 per copy; in quantiies of 10 or more for single shipment, $.85 each. (Copies ANNUAL REPORT OF THE BOARD OF GOVERNORS of the 1959 revision also are available at $.50 OF THE FEDERAL RESERVE SYSTEM. each.) FEDERAL RESERVE BULLETIN. Monthly. Subscrip- THE FEDERAL FUNDS MARKET—A Study by a tion prices: (1) $6.00 per annum or $.60 a Federal Reserve System Committee. 1959. Ill copy in the United States and its possessions, pp. $1.00 per copy; in quantities of 10 or more Bolivia, Canada, Chile, Colombia, Costa Rica, for single shipment, $.85 each. Cuba, Dominican Republic, Ecuador, Guatemala Haiti, Republic of Honduras, Mexico, DEBITS AND CLEARING STATISTICS AND THEIR Nicaragua, Panama, Paraguay, Peru, El Salva- USE (rev. ed.). 1959. 144 pp. $1.00 per copy; dor, Uruguy, and Venezuela. (2) Elsewhere, in quantities of 10 or more for single shipment, $7.00 per annum or $.70 per copy. (3) In quan- $.85 each. tities of 10 or more copies sent to one address ALL-BANK STATISTICS, 1896-1955. Pt. I, U.S. in the United States, $5.00 per annum or $.50 Summary. Pt. II, Summaries by States and other per copy per month. areas. 1959. 1,229 pp. $4.00. FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual October 1, 1961, with an Appendix containing subscription includes one issue of Historical provisions of certain other statutes affecting the Chart Book. Subscription prices: (1) $6.00 per Reserve System. 386 pp. $1.25. annum or $.60 per copy in the United States FLOW OF FUNDS IN THE UNITED STATES, 1939-53. and the countries listed above. (2) Elsewhere, 1955. 390 pp. $2.75. $7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single SUPPLEMENT TO BANKING AND MONETARY STAshipment, $.50 each. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10 Member Bank Re- HISTORICAL CHART BOOK. Issued annually in Sep- serves and Related Items. 1962. 64 pp. $.50. tember. Annual subscription to monthly chart Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. book includes one issue of the Historical. Prices: Gold. 1963. 24 pp. $.35. Sec. 15. International (1) $.60 each in the United States and the coun- Finance. 1962. 99 pp. $.65. tries listed above. (2) Elsewhere, $.70 each. (3) In quantities of 10 or more for single shipment, REGULATIONS OF THE BOARD OF GOVERNORS OF $.50 each. THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD TREASURY-FEDERAL RESERVE STUDY OF THE GOV- OF GOVERNORS OF THE FEDERAL RESERVE SYS- ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. TEM. 1962. 40 pp. Individual books $1.00 each; set of 3 books PUBLISHED INTERPRETATIONS of the Board, as of $2.50. December 31, 1962. $2.50. 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 FEDERAL RESERVE BULLETIN FEBRUARY 1964 REPRINTS FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938, NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. 20 pp. Apr. 1963. 11 pp. THE MONETARY SYSTEM OF THE UNITED STATES. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. Feb. 1953. 16 pp. May 1963. 13 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC BANKING AND MONETARY STATISTICS, 1962. Se- STABILITY. May 1953. 7 pp. lected series of banking and monetary statistics for 1962 only. Feb., Mar., and May 1963. 16 OPEN MARKET OPERATIONS IN LONG-TERM SEpp. CURITIES. Nov. 1958. 15 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- INTEREST RATES ON TIME DEPOSITS, Mid-Februscription of revised statistics for all banks in ary 1963. June 1963. 7 pp. the United States, by class of bank, together SURVEY OF COMMON TRUST FUNDS, 1962. June with revised statistics. Apr. 1959. 94 pp. 1963. 6 pp. STATISTICS ON THE GOVERNMENT SECURITIES MONETARY DEVELOPMENTS, FIRST HALF '63. July MARKET. Apr. 1961. 8 pp. 1963. 7 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. MEASURES OF MEMBER BANK RESERVES. July 1961. 15 pp. 1963. 14 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. BANK LOANS SECURED BY STOCKS AND BONDS. July 1961. 3 pp. 1963. 19 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. A BANK EXAMINER LOOKS AT AGRICULTURAL July 1962. 6 pp. LENDING. July 1963. 8 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- MEASURING AND ANALYZING ECONOMIC GROWTH. DEXES. July 1962. 6 pp. Aug. 1963. 14 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. CHANGES IN BANKING STRUCTURE, 1953-62. Sept, 11 PP. 1963. 8 pp. REVISION OF WEEKLY DEPARTMENT STORE SALES ECONOMIC CHANGE AND ECONOMIC ANALYSIS. INDEX. Aug. 1962. 3 pp. Sept. 1963. 17 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. similar reprint from Mar. 1963 BULL.) 1962. 15 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. 11pp. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 1962. 18 pp. 1963. 8 pp. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 THE OPEN MARKET POLICY PROCESS. Oct. 1963. pp. 11pp. FARM DEBT AS RELATED TO VALUE OF SALES. RECENT INTEREST RATE TRENDS. NOV. 1963. Feb. 1963. 9 pp. 10 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. BANK CREDIT AND MONEY IN 1963. Feb. 1964. May 1963. 10 pp. 7 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 200, 202, 248 Demand deposits—continued Agricultural loans of commercial banks, 194, 196, 242 Banks, by classes, 183, 190, 198, 244 Assets and liabilities {See also Foreign liabilities and Turnover of, 186 claims): Type of holder, at commercial banks, 195 Banks and the monetary system, consoli- Department stores, 226, 230, 231 dated, 189 Deposits {See also specific types of deposits): Corporate, current, 214 Adjusted, and currency, 189 Domestic banks, by classes, 190, 194, 196, Banks, by classes, 183, 190, 195, 198, 202, 244 202, 242 Federal Reserve Banks, 184, 263 Federal Reserve Banks, 184 Postal savings, 183, 189 Automobiles: Discount rates, 182, 267 Consumer instalment credit, 218, 219, 220 Discounts and advances by Federal Reserve Production index, 222, 223 Banks, 178, 184, 186 Dividends, corporate, 213, 214 Bankers' balances, 195, 197, 243 Dollar assets, foreign, 255, 263 {See also Foreign liabilities and claims) Banking and monetary statistics for 1963, 242 Banking offices: Earnings and expenses, Federal Reserve Banks, 238 Changes in number, 240 Earnings and hours, manufacturing industries, 229 Par and nonpar offices, number, 241 Employment, 226, 228, 229 Banks, and the monetary system, consolidated statement, 189 Farm mortgage loans, 215, 216 Banks for cooperatives, 209, 210 Federal finance: Bonds {See also U.S. Govt. securities): Cash transactions, 204 New issues, 210, 211, 212 Receipts and expenditures, 205 Prices and yields, 200, 201, 249 Treasurer's balance, 204 Brokers and dealers in securities, bank loans to, 194, Federal home loan banks, 209, 210, 217 196, 242 Federal Housing Administration, 215, 216, 217 Business expenditures on new plant and Federal intermediate credit banks, 209, 210 equipment, 214 Federal land banks, 209, 210 Business indexes, 226 Federal National Mortgage Assn., 209, 210, 217 Business loans {See Commercial and industrial loans) Federal Reserve Banks: Condition statement, 184 Capital accounts: Earnings and expenses, 238 Banks, by classes, 190, 195, 198, 244 U.S. Govt. securities held by, 178, 184, 186, Federal Reserve Banks, 184 206, 207 Carloadings, 226 Federal Reserve credit, 178, 184, 186 Central banks, foreign, 252, 267 Federal Reserve notes, 184, 187 Coins, circulation of, 187 Federally sponsored credit agencies, 209, 210 Commercial banks: Finance company paper, 200, 202, 248 Assets and liabilities, 190, 193, 194 Financial institutions, loans to, 194, 196, 242 Consumer loans held, by type, 219 Float, 178 Number, by classes, 190 Flow of funds/saving, 236 Real estate mortgages held, by type, 215 Foreign central banks, 252, 267 Commercial and industrial loans: Foreign currency operations, 184, 186, 254, 262 Commercial banks, 194 Foreign deposits in U. S. banks, 178, 184, 189, 195, Weekly reporting member banks, 196, 199, 245 198, 244, 263 Commercial paper, 200, 202, 248 Foreign exchange rates, 268 Condition statements {See Assets and liabilities) Foreign liabilities and claims: Construction, 226, 227 Banks, 256, 258, 259, 261, 263 Consumer credit: Nonfinancial concerns, 264 Instalment credit, 218, 219, 220, 221 Foreign trade, 266 Noninstalment credit, by holder, 219 Consumer price indexes, 226, 232 Gold: Consumption expenditures, 234, 235 Certificates, 184, 187 Corporations: Earmarked, 263 Sales, profits, taxes, and dividends, 213, 214 Net purchases by U.S., 254 Security issues, 211, 212 Production, 253 Security prices and yields, 200, 201, 249 Reserves of central banks and govts., 252 Cost of living {See Consumer price indexes) Reserves of foreign countries and international Currency in circulation, 178, 187, 188 organizations, 255 Customer credit, stock market, 201 Stock, 178, 189, 254 Govt. debt {See U.S. Govt. securities) Gross national product, 234, 235 Debits to deposit accounts, 186 Demand deposits: Adjusted, banks and the monetary system, 189 Hours and earnings, manufacturing industries, 229 Adjusted, commercial banks, 186, 188, 195 Housing starts, 227 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 FEDERAL RESERVE BULLETIN • FEBRUARY 1964 Industrial production index, 222, 226 Reserve requirements, member banks, 183 Instalment loans, 218, 219, 220, 221 Reserves: Insurance companies, 203, 206, 207, 216 Central banks and govts., 252 Insured commercial banks, 192, 194, 240 Commercial banks, 195 Interbank deposits, 183, 190, 195 Federal Reserve Banks, 184 Interest rates: Foreign countries and international organiza- Bond yields, 200, 249 tions, 255 Business loans by banks, 199 Member banks, 178, 180, 183, 195, 197, 243 Federal Reserve Bank discount rates, 182 Residential mortgage loans, 215, 216, 217 Foreign countries, 266, 267 Open market, 200, 248, 266 Sales finance companies, consumer loans of, 218, Stock yields, 200, 249 219, 221 Time deposits, maximum rates, 183 Saving: International capital transactions of the U.S., 256 Flow-of-funds series, 236 International institutions, 252, 254, 255 National income series, 235 Inventories, 234 Savings deposits (See Time deposits) Investment companies, new issues, 212 Savings institutions, principal assets, 202, 203 Investments (See also specific types of investments): Savings and loan assns., 203, 207, 216 Banks, by classes, 190, 194, 197, 202, 243 Securities (See also U.S. Govt. securities): Commercial banks, 193 Federally sponsored agencies, 209 Federal Reserve Banks, 184, 186 International transactions, 262, 263 Life insurance companies, 203 New issues, 210, 211, 212 Savings and loan assns., 203 Silver coin and silver certificates, 187 State member banks, 192, 240 Labor force, 228 State and local govts.: Loans (See also specific types of loans): Deposits of, 195, 198, 244 Banks, by classes, 190, 194, 196, 202, 242 Holdings of U.S. Govt. securities, 206, 207 Commercial banks, 193 New security issues, 210, 211 Federal Reserve Banks, 178, 184, 186 Ownership of obligations of, 194, 202, 203 Insurance companies, 203, 216 Prices and yields of securities, 200, 201, 249 Insured or guaranteed by U.S., 215, 216, 217 Stock market credit, 201 Savings and loan assns., 203, 216 Stocks: New issues, 211, 212 Manufactures, production index, 223, 226 Prices and yields, 200, 201, 249 Margin requirements, 183 Member banks: Tax receipts, Federal, 205 Assets and liabilities, by classes, 190, 194 Time deposits, 183, 188, 189, 190, 195, 198, 244 Banking offices, changes in number, 240 Treasurer's account balance, 204 Borrowings at Federal Reserve Banks, 180, Treasury cash, 178, 187, 189 184, 198, 244 Treasury currency, 178, 187, 189 Deposits, by classes, 183 Treasury deposits, 178, 184, 204 Number, by classes, 191 Reserve requirements, 183 Unemployment, 228 Reserves and related items, 178 U.S. balance of payments, 265 Weekly reporting series, 196, 242 U.S. Govt. balances: Mining, production index, 223, 226 Commercial bank holdings, by classes, 195, 198 Money rates (See Interest rates) Consolidated monetary statement, 189 Money supply and related data, 188 Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 178, 184, 204 Mutual savings banks, 189, 190, 192, 202, U.S. Govt. securities: 206,207,215,240 Bank holdings, 189, 190, 194, 197, 202, 206, 207, 243 National banks, 192, 240 Dealer transactions, positions, and financing, 208 National income, 234, 235 Federal Reserve Bank holdings, 178, 184, 186, National security expenditures, 205, 234 206, 207 Nonmember banks, 192, 194, 195, 240 Foreign and international holdings, 184, 255, 263 Par and nonpar banking offices, number, 241 International transactions, 262 Payrolls, manufacturing, index, 226 New issues, gross proceeds, 211 Personal income, 235 Outstanding, by type of security, 206, 207, 209 Postal Savings System, 183, 189 Ownership of, 206, 207 Prices: Prices and yields, 200, 201, 248, 249 Consumer, 226, 232 United States notes, outstanding and in circula- Security, 201 tion, 187 Wholesale commodity, 226, 232 Utilities, production index, 223, 226 Production, 222, 226 Profits, corporate, 213, 214 Vault cash, 178, 183, 195 Real estate loans: Veterans Administration, 215, 216, 217 Banks, by classes, 194, 202, 215, 242 Type of holder, 215, 216, 217 Weekly reporting member banks, 196, 242 Type of property mortgaged, 215, 216, 217 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I j Minneapolis^ (? THE FEDERAL RESERVE SYSTEM g) HAWAII 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1964, January 31). Federal Reserve Bulletin, 1964-02. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196402
@misc{wtfs_bulletin_196402,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1964-02},
year = {1964},
month = {Jan},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196402},
note = {Retrieved via When the Fed Speaks corpus}
}