Federal Reserve Bulletin, 1964-04

FEDERAL RESERVE April 1964 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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 U.S. Trade and Payments in 1963 425 Law Department 432 Announcements 446 National Summary of Business Conditions 448 Guide to Tabular Presentation 450 Financial and Business Statistics, U.S. (Contents on p. 451) 452 International Financial Statistics (Contents on p. 523) 524 Board of Governors and Staff 542 Open Market Committee and Staff; Federal Advisory Council 543 Federal Reserve Banks and Branches 544 Federal Reserve Board Publications 545 Index to Statistical Tables 547 Map of Federal Reserve System Inside back cover Volume 50 Number 4 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

US. Trade and Payments in 1963 Improvements in both trade and capital below the $3 billion level, but in both these flows contributed to the sharp reduction in instances the reduction proved to be the the U.S. payments deficit during the second result of temporary factors. In the first half half of 1963. of 1961 economic recession in this country The adverse balance on all "regular trans- depressed imports, while a year later specuactions"—that is, excluding special U.S. lation against the Canadian dollar led to Government receipts from foreign govern- substantial, though quickly reversed, capital ments for advance payments of debts and flows from Canada to the United States. military orders, and for acquisitions of non- These past experiences of temporary immarketable U.S. Government securities— provement underscore the need to examine fell to a seasonally adjusted annual rate of the principal factors responsible for the cur- $2 billion in the second half of the year, rent reduction in the payments deficit. after having averaged $4.6 billion in the first Much of the improvement in the second half. In early 1964 this balance improved half of 1963 reflected the sharp decline in further. the outflow of private capital, from a $5 billion annual rate in the first half to less IMPROVEMENT—TEMPORARY OR LASTING? than $3 billion in the second. During the In two other periods since 1959, as the first half the outflow on security transactions chart shows, the rate of deficit has fallen had reached extraordinary levels, but follow- IMPROVED TRADE BALANCE and lower capital outflow reduce payments deficit in second half of '63 Annual rotes, billions of dollar Annual rates, billions of dollars 8 6 \^ TRADE BALANCE / ^^S/*\ /*** OVER-ALL BALANCE PRIVATE CAPITAL _ All OTHER TRANSACTIONS "" V *"" X _ NOTE.—Dept. of Commerce data, seasonally adjusted. "Pri- assets in the United States. "All other transactions" exvate capital" excludes changes in foreign private liquid cludes receipts from special Govt. transactions. 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN • APRIL 1964 ing the President's July proposal for an TRADE SURPLUS interest-equalization tax, U.S. purchases of The U.S. trade surplus increased by $0.6 new foreign bonds fell by two-thirds. billion on a seasonally adjusted annual basis In addition, a rise in U.S. money market from the first to the second half of 1963. and deposit rates in response to the July in- In response to buoyant foreign demand for creases in the Federal Reserve discount rate industrial supplies and machinery, and— and in the maximum interest rates payable late in the year—an increase in sales of by commercial banks on time and saving grain, exports rose by almost $1.8 billion deposits led to some repatriation of liquid in- from their average rate of $21 billion in the vestment funds held abroad. This helped to first half. Sales increased to all major marreduce the net outflow of short-term capital. ket areas except Latin America. But the moderate lessening of bank reserve The larger trade surplus was achieved in availability after midyear apparently did spite of a strong rise in imports through not restrain bank lending to foreigners. With July. The leveling off in imports after July strong foreign demands for credit, banks reflected in large measure some easing in made a record volume of term loans, and U.S. demand for imported materials for inthere was a sizable outflow of short-term dustrial use. bank credit. Exports. Much of the increase in U.S. ex- Another factor acting to improve the payports during 1963 reflected an unusual ments balance in the second half of 1963 coincidence of strong cyclical expansions in was the enlargement of the trade surplus. most major industrial countries. In the Exports rose sharply during the latter half United Kingdom and also in the Common of the year in response to both expanding demands from industrial countries abroad and increases in the foreign-exchange earnings of some countries producing primary products. Imports rose during the spring and summer, but then leveled off. In the fourth quarter the trade surplus was at an annual rate of just under $6 billion, seasonally adjusted. This was about 50 per cent larger than the 1958-62 average. Gradual improvement in recent years has occurred in some other types of U.S. international transactions, notably net income on foreign investments and military expenditures and sales. While some part of the gains in trade and capital accounts that were realized in the second half of 1963 were probably due to temporary factors, an appreciable share of NOTE.—Three-month centered moving averages, weighted 1-2-1, of Census Bureau data, adjusted by Federal Reserve the over-all improvement may prove to be for seasonal variation and to correct for timing distortions caused by the Dec. 1962-Jan. 1963 U.S. port strike. Data more lasting. exclude special-category exports, for which details are not available by destination. Latest figures, Dec. averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. TRADE AND PAYMENTS IN 1963 427 Market countries, industrial production in- quarter, when a temporary surge occurred creased by 8 per cent from the first quarter in U.S. Government-financed sales of farm to the fourth. In Japan and Canada sub- products for local currencies and in other stantial increases in industrial activity be- U.S. aid to various countries. By the fourth gan in April and August, respectively, and quarter, exports to these areas were at an continued through the end of the year. annual rate well over $9 billion. Commer- Domestic expansion in Great Britain, cial transactions not tied to aid accounted particularly in the second half, and the for all of the large expansion in the second recovery in U.S. exports of tobacco in the half. autumn from the unusually low levels of Exports to Australia, New Zealand, and 1962 raised total U.S. exports to Britain in South Africa were substantially higher than the final quarter of 1963 to a level 11 per in 1962, particularly in the second half. cent above their average annual rate of $1.1 There were also widespread increases in billion in the first 3 quarters. U.S. exports to commercial—that is, non-aid—sales to continental Western Europe rose much many other countries. faster than industrial output in that area. The rise since 1958 in U.S. exports to less Most of the increase occurred after midyear. industrialized areas outside this hemisphere It should be noted here that in the data has more than offset the loss of the Cuban shown in the accompanying chart the dis- market and the general decline in Latin tortions of timing produced by the U.S. American purchases of U.S. goods. During port strike at the beginning of 1963 on ex- 1963, exports to Latin America declined ports to markets other than Canada have further until late in the year when improvebeen eliminated by special adjustments. ment in the balance of payments of some Exports to Japan rose sharply from a of these nations helped to check the downseasonally adjusted annual rate of $1.5 trend. billion in the first half of 1963 to about $2 Agricultural exports benefited during the billion in October and November. Then in second half of the year from increased de- December and January there was a small mand for foodstuffs in Europe, where poor decline. In recent months, in response to a weather reduced local supplies of wheat, and worsening in Japan's balance of payments, also in Japan. A good crop of U.S. export the Bank of Japan has taken some measures tobacco and changes in procedures for sellto tighten credit in order to slow the very ing raw cotton from Government holdings rapid expansion of demand. also contributed to the rise. Sales to Canada, particularly of capital In the second half of 1963 exports of all equipment, showed a strong upward trend agricultural products reached a seasonally after the spring of 1963, despite the con- adjusted annual rate of just under $6 billion. tinuing adverse effects of the 1962 deprecia- This was 11 per cent above the rate in the tion of the Canadian dollar, which has first half of 1963 and 16 per cent above the tended to raise the prices of U.S. goods in total for 1962. Canada. Exports of capital equipment also rose Exports to areas outside Western Europe, strongly during the second half of 1963. Canada, and Japan also rose substantially Sales of machinery had turned up sharply in in 1963. The rise was sharp in the second the second quarter and for the rest of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN • APRIL 1964 year grew at an annual rate of about 8 per erage annual increases of only 1 per cent cent, the same rate as in the 1958-62 period. since the mid-1950's. Exports of commercial motor vehicles and In the aggregate, increased financing by of automotive parts for assembly abroad Government economic aid programs was not showed a substantial rise. a major factor in the 1963 rise in U.S. ex- The increasing tempo of industrial activ- ports, apart from the bulge in the second ity abroad accounted in large part for the quarter. The gross outflow of Government steady rise in U.S. exports of industrial ma- grants and capital rose by $0.2 billion from terials during 1963, even after allowance the first quarter to the fourth, in terms of seasonally adjusted annual rates, and Government payments directly financing U.S. EXPORT GAIN broadly exports rose by $0.3 billion. based in 1963 Imports. Business expansion in the United States has often tended to raise the ratio of merchandise imports to gross national product. This happened in the first half of 1963. The sharp increase in this ratio at that time was similar to the increases in 1958-59 and in mid-1961. Since July, however, imports have been relatively stable despite the con- FOODS tinuing increase in GNP, and the ratio to GNP has again dropped well below 3 per cent, as the following chart shows. NONFOOD CONSUMER GOODS The stability in total imports since July reflects in large measure the absence of urgent demands for industrial materials. The relative stability in demand for such materials may be seen from the Federal Reserve NOTE.—Dept. of Commerce data by end-use categories, sea- production index for these materials. Dursonally adjusted by Federal Reserve. Latest figure, fourth quarter. ing the period from January 1963 to July for the usual seasonal strengthening toward this index rose by 8 per cent, partly in the end of the year. But total exports of these response to the threat of a steel industry materials at the year-end were not much strike, but was no higher in February 1964 above the levels achieved in early 1960. than in July. Imports of crude and semiman- Since then exports of chemicals have risen ufactured industrial materials, other than markedly, but exports of steel are still below fuels, were virtually unchanged from July their early-1960 levels. through the early months of 1964. Exports of other types of goods also rose Increases in imports during 1963 were during 1963. Sales of consumer goods, while concentrated in consumer goods, particustill a very small part of total exports, were larly automobiles, and in capital equipment 8 per cent larger in the fourth quarter of and some types of steel. Automobile imports 1963 than a year earlier, compared with av- were 15 per cent greater in value in 1963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. TRADE AND PAYMENTS IN 1963 429 the British Treasury was purchasing U.S. stocks to replenish and diversify its share holdings, after it had shifted part of its holdings to private ownership abroad. Transactions in foreign securities. The net outflow on security transactions fell sharply after the President's proposal that Congress enact a temporary interest-equalization tax on purchases of foreign securities from foreigners. This proposal provides for a onetime tax on U.S. purchases of foreign securities at rates ranging up to 15 per cent of the purchase price of bonds, depending on their maturity, and at a flat rate of 15 per cent on stocks. The tax is designed to raise the effective interest cost to foreigners on bonds sold to NOTE.—Imports, 3-month centered moving averages, weighted 1-2-1, of Dept. of Commerce data (excluding uranium), sea- U.S. investors by about 1 percentage point sonally adjusted by Federal Reserve. Latest figure, Dec. average. GNP, Dept. of Commerce quarterly data, seasonally per annum. For new issues the tax would be adjusted. Percentages were chosen to indicate the range within which imports in the last several years have usually fallen. effective as of July 19, 1963. New issues of Latest figure, fourth quarter. less developed countries would be exempted. than in 1962, but there was little change in In addition, a special exception was prothe ratio of sales of foreign to domestic cars posed for new Canadian bond issues in the and no sign of a large build-up of foreign-car mutually agreed expectation that policies of inventories at dealers during the year. A rise the Canadian authorities would result in a in food imports reflected mainly the increase substantial reduction in Canadian borrowin the price of imported sugar. ing in this country. The outflow on new foreign issues de- PRIVATE CAPITAL MOVEMENTS clined from an annual rate of $2 billion in The substantial reduction in the net out- the first half of 1963 to just over $0.6 billion flow of U.S. private capital in the second in the second half, a rate more in line with half of 1963 was accompanied by a marked that of previous years. The reduction reshift in composition. The outflow on direct flected a drop in Canadian borrowing from investment account was slightly lower, and extraordinarily high levels and a curtailment that on security transactions much lower. In of borrowing by other industrial countries. addition, there was a reflux of liquid short- Some industrial countries that formerly borterm funds from abroad. On the other hand, rowed in the U.S. capital market have rethe outflow of bank credit rose markedly. cently turned to European markets. Most of The flow of foreign capital into long-term the outflow in the second half of the year investments in the United States amounted was on issues arranged prior to the tax proto nearly $200 million. This was about as posal and on issues of borrowers in Canada large as in the first half of the year when and other borrowers that would be ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN • APRIL 1964 empted. Pending enactment of the tax, un- balance on transactions in foreign stocks. As certainties regarding its final form continue the chart shows, gross U.S. purchases of to influence potential borrowers, under- foreign stocks usually exceeded gross sales writers, and investors. until last summer, and U.S. investors added Since last autumn the volume of external to their holdings each year. After midbond issues offered in Europe for U.S. August, when U.S. purchases of outstanddollars or for other currencies has been ing foreign securities had become potentially running well above totals for earlier years. liable to the tax, such purchases fell sharply Coupon rates on the dollar issues offered in to the lowest level in recent years. Since Europe, and on most foreign-currency issues there was little change in gross U.S. sales except those offered in Swiss francs, have of foreign stocks, which reflect at least in been slightly above those on issues of the part the normal turnover of portfolios, U.S. same borrowers offered in the U.S. market holdings were reduced by about $100 milin 1962 or early 1963. Apart from prospeclion in the fourth quarter. tive costs associated with the interest-equal- Bank credit. The net outflow of bank ization tax, the total costs of borrowing on credit in the second half of 1963 reached many of these issues also appear to be a half-year record of $0.8 billion, and it has slightly higher than in the United States. continued at very high levels in early 1964. By increasing the incentives for borrowers Acceptance credits and short-term bank to look to other capital markets for funds, loans accounted for about half of this outthe proposed tax is contributing to the faster flow. But more striking was the sharp growth development of those markets as alternatives in long-term bank loans that began last to the U.S. market. In this way the tax, although temporary in nature, may help the spring; early this year the outflow receded U.S. balance of payments in the long run from the peak fourth-quarter rate. as well as over the next 2 years. The net outflow on such loans to foreign- The proposed interest-equalization tax ers rose from $150 million in the first half contributed also to a shift during 1963 in the of 1963 to more than $400 million in the PURCHASES of foroigi slocks decline after tax proposal NOTE.—Quarterly totals, reported by banks, brokers, and dealers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. TRADE AND PAYMENTS IN 1963 431 second. In earlier years the annual outflow credits from the United States represent only had not exceeded $200 million. a very small portion of the total funds avail- Nearly all last year's outflow represented able to the European banks. credits to European countries and Japan. Liquid funds. The reflux of more than These credits were made for a wide range $250 million of short-term liquid investof borrowers. Most were made to private ments in the second half represented a recompanies. The rapid expansion of long- turn of funds previously placed in U.S.term lending in the second half appears to dollar time deposits in foreign banks. In recent years these deposits have accounted have resulted primarily from an increase in for roughly half of the outstanding volume the scale of lending by U.S. banks rather of recorded U.S. short-term investments than from any marked shift in the type of abroad. loan or borrower. The rise in market rates of interest after Short-term bank credits to foreigners, as mid-1963 and the rise in interest rates on in earlier years, represented mainly credits negotiable time certificates of deposit narto Japan and the less developed countries. rowed the advantage favoring placement of These outflows fluctuate substantially from funds in dollar deposits abroad and contribyear to year, for the most part with variauted to the repatriation of funds late in the tions in credit demands abroad. year. Investor interest in such placements of Japan drew heavily on acceptance credits funds may also have been adversely affected from U.S. banks in 1963, as it* had during by the bankruptcy of several businesses, its previous period of rapid expansion in both here and abroad, that had borrowed production and imports in 1960 and 1961. dollars from banks outside the United States. As at that time, the growth in these credits Net movements into or out of foreignreflected large increases both in acceptances currency assets were not large during 1963. based on U.S. exports and in those based on Following the July increase in the discount goods stored in or shipped between foreign rate here, the Bank of Canada also increased countries. its discount rate by Vi percentage point. The outflow of short-term credits to less This restored much the same relationship developed countries continued at a moderbetween money market rates in the two ate pace. This outflow has shown much less countries as had existed since May, when variation than that to Japan. The reason is the Bank of Canada's rate had been reduced. that no single country or small group of The February 1964 increase in the Bank countries borrows so heavily as Japan, and of England's discount rate from 4 to 5 per repayments by some borrowers each year cent was accompanied by a smaller rise in partly offset new credits to others. the British bill rate and a widening of the There was some outflow of short-term discount on the forward pound sterling. bank credit to Europe in 1963, mainly On balance, these changes substantially through loans to foreign commercial banks, eliminated the previous covered yield adincluding overseas branches of U.S. banks. vantage of U.S. Treasury bills compared European banks use these credits from U.S. with British bills and increased slightly the banks to provide both dollar and foreign- net return available on other British money currency financing for their customers, but market paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Assurances Required Under Bank Service 6(a)(4) of the Act, under which it is unlawful Corporation Act in Situations Involving State for a bank Member Banks "to make any loan, discount or extension of credit to a bank holding company of which it is a sub- Under Section 5 of the Bank Service Corpora- sidiary or to any other subsidiary of such bank holding company." tion Act (12 U.S.C. § 1865), no State member bank may cause to be performed, by contract or (1) Interest-bearing deposits as "loans" or otherwise, any bank services for itself, whether "extensions of credit". The first question involves on or off its premises, unless assurances satisfac- (i) an interest-bearing deposit by a bank, which tory to the Board of Governors of the Federal is also a registered bank holding company, with Reserve System are furnished to the Board by a subsidiary bank, and (ii) an interest-bearing both the bank and the party performing such deposit by the subsidiary bank with a branch of services that the performance thereof will be sub- its parent bank, the bank holding company. ject to regulation and examination by the Board The last paragraph of Section 6(a) of the Act to the same extent as if such services were being provides in part that performed by the bank itself on its own premises. "Non-interest-bearing deposits to the credit of a bank shall not be deemed to be a loan or advance to In reply to a recent inquiry, the Board's view is the bank of deposit . . . ." that Section 5 of the Act requires the furnishing On the basis of the clear implication of that lanof assurances, as described in that section, in the guage, it is the Board's position that an interestcase of the performance of bank services for a bearing deposit shall be deemed to be a loan or State member bank by another State member advance unless the circumstances of a particular bank. case strongly compel a different conclusion. Neither the language of the Act nor the Board's Assuming that the interest-bearing deposits in Regulation S (12 CFR 219) contains any excepthe present case are to be deemed to be loans or tion for situations of the kind in question. Section advances, the deposit by the subsidiary bank 219.2 of Regulation S contemplates that the aswith the branch of its parent holding company surances in such a situation be submitted in the would be prohibited as a "loan" or "extension of form of a letter (or separate letters) signed by credit" by a "bank", as defined in Section 2(c) duly authorized officers of both of the State mem- of the Act, "to a bank holding company of which ber banks. Section 219.2 also provides that letters it is a subsidiary". However, the deposit by the of assurances shall be addressed to the Board in parent bank, the bank holding company, with its care of the Federal Reserve Bank of the district subsidiary bank would not be prohibited because, in which the State member bank receiving per- on the basis of the language of Section 6(a) (4) formance of the bank services has its main office. and Section 222.6 of the Board's Regulation Y, the prohibition does not apply to a loan by a Loans, Discounts, and Extensions of Credit bank which is not itself a subsidiary of a bank Between Banks in Bank Holding Company Systems holding company. (2) Inter-subsidiary mortgage loan transfer The Board of Governors has recently been upon substitution of new borrower. The second asked to consider the application of Section 6(a) question involves the "transfer" of a home mortof the Bank Holding Company Act ("the Act") gage loan from holding company bank "X" to to three different factual situations involving trans- co-subsidiary bank "V in connection with the actions between holding company banks. All three substitution of the purchaser of the home for the questions pertain to the application of Section seller as borrower. Bank X agrees to forward the 432 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 433 loan to Bank Y for the recording of substitution is substituted as borrower on B's old line of credit of liability and for collection. with Y Bank, Y's co-subsidiary X Bank be sub- The question is whether such a loan transfer stituted as lender. X Bank would take a new note is a sale of paper equivalent to a "discount" pro- from A Corporation, pay off Y Bank, and take hibited by Section 6(a)(4) of the Act in accord- an assignment of collateral from Y Bank. Prior ance with the Board's decision in the matter of to the merger, B Corporation is wholly owned by General Contract Corporation, 44 F.R. BULLETIN A Corporation. 260 (1958). In the course of that opinion, the If A Corporation's assumption of B Corpora- Board took the position, in effect, that bank loans tion's liability can be regarded as the good faith might be participated, without involving a "dis- substitution of a new borrower, that event would count" of the amount of the participation, pro- permit the outstanding line of credit and advances vided that the participations are "joined at the thereunder to be regarded as a "new loan" eligible outset". A subsequent interpretation at 44 F.R. for transfer between co-subsidiary banks at the BULLETIN 1059 (1958) contains examples of the time of such substitution, on the same principles methods by which a loan might be participated as those applied above in the case of the home "at the outset" so that it would not involve the loan mortgage. However, the fact that prior to sale of an asset of the "originating" bank. The the merger B Corporation is wholly owned by A Board has also taken the position that upon cer- Corporation raises the question whether A Cortain changes in the incidents of a loan it may be poration should be regarded as a "new borrower" regarded as a "new loan" so that the participation for the purposes of Section 6(a)(4) in this case. of the loan as of the time of such a change be- The Board takes the position that, if A Corcomes permissible as a participation "at the out- poration has had no legal liability as to B Corset". poration's line of credit (or the security given The substitution of a new borrower in good therefor) prior to the merger, then A Corporafaith, as in the case of the sale of a mortgaged tion may be regarded as a "new borrower" in home by the original borrower thereon and the spite of its stock ownership of B Corporation. assumption of the loan by the purchaser, is re- However, a substitution of borrowers will not garded by the Board as a change permitting the constitute the making of a new loan unless the loan to be treated as a "new loan" eligible for "new borrower" is in fact entirely new so far as participation as of the time of the substitution liability on the loan or extension of credit is conof borrowers. It is clear that the same principles cerned; when there is a corporate affiliation as in that determine the eligibilty of a loan for partici- this case, it becomes particularly appropriate to pation also determine eligibility for a change of make inquiry as to whether there is in fact a good lenders as to the entire amount of the loan. faith substitution of borrowers. Therefore, it is the Board's position that the substitution of borrowers on the home mortgage Orders Under Bank Merger Act loan as described would permit the loan to be The Board of Governors of the Federal Reserve transferred between holding company co-subsid- System issued the following Orders and Stateiary banks, provided that the transfer is accomments with respect to applications for approval plished "at the outset" with respect to the substituof the merger or the consolidation of banks: tion of borrowers, in a manner consistent with the 1958 interpretation cited above. GIRARD TRUST BANK, PHILADELPHIA, (3) Inter-subsidiary transfer of corporate loan PENNSYLVANIA upon a substitution of borrowers by merger. The facts pertaining to the third question may be In the matter of the application of Girard summarized as follows: B Corporation has a line Trust Bank for approval of merger with The of credit with holding company subsidiary Y First National Bank of Riegelsville. Bank. By the terms of a proposed merger of B Corporation into A Corporation, A Corporation ORDER APPROVING MERGER OF BANKS is to assume B's loan liability. It is proposed that There has come before the Board of Governors, at the time of the merger, when A Corporation pursuant to the Bank Merger Act of 1960 (12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN • APRIL 1964 U.S.C. 1828(c)), an application by Girard Trust lion as of the same date, under the charter and Bank,* Philadelphia, Pennsylvania, a State mem- title of Girard Trust. The proposal contemplates ber bank of the Federal Reserve System, for the that the sole office of Riegelsville Bank would Board's prior approval of the merger of that bank be operated as a branch of Girard Trust, increasand The First National Bank of Riegelsville, ing the number of its operating offices to 42. Riegelsville, Pennsylvania, under the charter and In addition, Girard Trust has received approval title of the former. As an incident to the merger, to establish two other branches which are not yet the sole office of The First National Bank of operative. Riegelsville would become a branch of Girard Under the Act, the Board is required to con- Trust Bank. Notice of the proposed merger, in sider, as to each of the banks involved, (1) its form approved by the Board, has been published financial history and condition, (2) the adequacy pursuant to said Act. of its capital structure, (3) its future earnings Upon consideration of all relevant material in prospects, (4) the general character of its manthe light of the factors set forth in said Act, in- agement, (5) whether its corporate powers are cluding reports furnished by the Comptroller of consistent with the purposes of 12 U.S.C, Ch. 16 the Currency, the Federal Deposit Insurance Cor- (the Federal Deposit Insurance Act), (6) the poration, and the Department of Justice on the convenience and needs of the community to be competitive factors involved in the proposed served, and (7) the effect of the transaction on merger, competition (including any tendency toward IT IS HEREBY ORDERED, for the reasons set forth monopoly). The Board may not approve the in the Board's Statement of this date, that said transaction unless, after considering all these facapplication be and hereby is approved, provided tors, it finds the transaction to be in the public that said merger shall not be consummated (a) interest. within seven calendar days after the date of this Banking factors. Girard Trust and Riegelsville Order or (b) later than three months after said Bank have satisfactory financial histories. Each date. bank has a sound asset condition and an adequate Dated at Washington, D. C, this 13th day of capital structure. The management of each is March, 1964. satisfactory. While the earnings prospects of Riegelsville Bank are only fair, Girard Trust's By order of the Board of Governors. earnings have been good consistently and its earnings prospects are satisfactory. Girard Trust's fa- Voting for this action: Vice Chairman Balderston, and Governors Mills, Robertson, Shepardson, vorable position with respect to these factors would Mitchell, and Daane. Absent and not voting: Chair- not be affected adversely by consummation of the man Martin. proposal. (Signed) MERRITT SHERMAN, There is no indication that the powers of the Secretary. banks are or would be inconsistent with the pur- [SEAL] poses of 12 U.S.C, Ch. 16. Convenience and needs of the communities. Girard Trust operates 41 offices in the city of STATEMENT Philadelphia and the adjoining counties of Mont- Girard Trust Bank,* Philadelphia, Pennsyl- gomery and Delaware. The proposed merger vania ("Girard Trust"), with deposits of $745.7 would have no significant effect upon the conmillion as of September 30, 1963, has applied, venience and needs of the communities in which pursuant to the Bank Merger Act of 1960 (12 the bank now has offices. U.S.C. 1828(c)), for the Board's prior approval The sole office of Riegelsville Bank is the only of the merger of that bank and The First National commercial banking office in Riegelsville, which Bank of Riegelsville, Riegelsville, Pennsylvania has a population of about 1,000 and which is ("Riegelsville Bank"), with deposits of $6.2 mil- situated about 44 miles from Philadelphia along the Delaware River in the extreme northeastern section of Bucks County. Riegelsville serves a * Entitled "Girard Trust Corn Exchange Bank" prior to March 9, 1964. trade area, predominantly agricultural, having an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 435 estimated population of over 5,000. The trade tervening banking offices, only a negligible amount area covers portions of Bucks and Northampton of competition exists between Girard Trust and Counties, Pennsylvania, and a strip of Hunterdon Riegelsville Bank. The relatively insignificant in- County, New Jersey, adjacent to the Delaware crease in deposit size of Girard Trust, and its River and readily accessible by a bridge at Riegels- entry into an area where it presently has no office ville. Commercial activity of the area is limited to would have virtually no effect on banking comsmall retail stores. Local industry consists of a petition as it presently exists in the areas now paperboard and box factory on the Pennsylvania served by Girard Trust. side of the Delaware River and four paper mills It does not appear that Riegelsville Bank is on the New Jersey side. Many residents of the directly competitive with any Pennsylvania banks; area commute to employment in Easton, eight its principal competitors are across the Delaware miles north, and to the Allentown-Bethelhem River in New Jersey. The First National Bank of area, twenty miles west. The economic outlook Milford, Milford, New Jersey, eight miles east, for the area appears to be stable and generally and The Hunterdon County National Bank of favorable. The population of Bucks County in- Flemington, Flemington, New Jersey, whose creased by over 113 per cent during the decade nearest branch is about nine miles southeast, prothat ended in 1960. vide the principal competition for Riegelsville Bank. Both banks are well established and it does Consummation of the transaction would make not appear that the merger would have any sigavailable at the Riegelsville branch of Girard nificant adverse competitive effects on their Trust a more complete range of banking services operations. than is presently offered by Riegelsville Bank. Riegelsville is equally accessible to New York Girard Trust offers complete consumer instalment City and Philadelphia, and industrial firms in the loan services. This is an area of service Riegels- Riegelsville area have sought financing from New ville Bank and its closest competitors have devel- York City banks. The presence of a branch of oped on only a nominal scale. Trust services and Girard Trust in the area may tend to stimulate a material increase in lending limit also would be competition for these industrial accounts. conveniently available to those residents and Summary and conclusion. Consummation of businesses of the area who must now seek such the proposed merger would make available to inservices elsewhere. dividuals and industry in the Riegelsville area the Competition. On the basis of deposits, Girard broad range of services provided by a large Phila- Trust is the third largest among 41 banks in the delphia bank. combined service areas* of both banks, holding The minor increase in the deposit size of Girard 14.8 per cent of the IPC deposits* of that area. Trust would not alter its competitive standing in Effectuation of the proposed merger would add the areas it presently serves nor result in any comabout one-tenth of one per cent to the bank's petitive advantages adverse to other banks in the proportionate share of such deposits and its rela- Riegelsville area. tive standing would remain unchanged. Accordingly, the Board finds the proposed trans- Under the law of Pennsylvania, banks can action to be in the public interest. operate branches in their home county and counties adjacent thereto. Girard Trust operates branches in two of the three counties adjoining HYANNIS TRUST COMPANY, HYANNIS, Philadelphia County. The proposed merger would MASSACHUSETTS result in the establishment of Girard Trust's first branch in Bucks County. Girard Trust's office In the matter of the application of Hyannis nearest to Riegelsville is 40 miles away. Due to Trust Company for approval of consolidation with this distance and the existence of numerous in- Cape Cod Trust Company. * The areas from which each of the banks, respec- ORDER APPROVING CONSOLIDATION OF BANKS tively, obtains 75 per cent or more of its deposits There has come before the Board of Governors, of individuals, partnerships, and corporations ("IPC deposits"). pursuant to the Bank Merger Act of 1960 (12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN • APRIL 1964 U.S.C. 1828 (c)), an application by Hyannis as of the same date. The banks would consolidate Trust Company, Hyannis, Massachusetts, a State under the charter of Hyannis Trust and the title member bank of the Federal Reserve System, for of Cape Cod Bank and Trust Company. As an the Board's prior approval of the consolidation of incident to the consolidation, the present main that bank and Cape Cod Trust Company, Har- office and branch of Cape Cod Trust would bewichport, Massachusetts, a State nonmember in- come branches of the resulting bank, increasing sured bank, under the charter of the former and to five the number of offices (including one seawith the title of Cape Cod Bank and Trust Com- sonal branch) operated under the charter of Hyanpany. As an incident to the consolidation, the nis Trust. In addition, Hyannis Trust has received main office and branch of Cape Cod Trust Com- approval to establish two other branches which pany would be operated as a branch of Cape Cod are not yet operative. Bank and Trust Company. Notice of the proposed Under the Act, the Board is required to conconsolidation, in form approved by the Board, sider, as to each of the banks involved, (1) its has been published pursuant to said Act. financial history and condition, (2) the adequacy Upon consideration of all relevant material in of its capital structure, (3) its future earnings the light of the factors set forth in said Act, in- prospects, (4) the general character of its mancluding reports furnished by the Comptroller of agement, (5) whether its corporate powers are the Currency, the Federal Deposit Insurance consistent with the purposes of 12 U.S.C, Ch. Corporation, and the Department of Justice on 16 (the Federal Deposit Insurance Act), (6) the the competitive factors involved in the proposed convenience and needs of the communities to be consolidation, served, and (7) the effect of the transaction on IT IS HEREBY ORDERED, for the reasons set forth competition (including any tendency toward in the Board's Statement of this date, that said monopoly). The Board may not approve the application be and hereby is approved, provided transaction unless, after considering all these facthat said consolidation shall not be consummated tors, it finds the transaction to be in the public (a) within seven calendar days after the date of interest. this Order or (b) later than three months after Banking factors. The financial history and consaid date. dition, the capital structure, the earnings prospects, and the management of Hyannis Trust appear Dated at Washington, D. C, this 25th day of satisfactory. The same is true of Cape Cod Trust, March, 1964. except that the capital structure of the resulting By order of the Board of Governors. bank would represent a substantial improvement Voting for this action: Chairman Martin, and Gov- over the present capital structure of Cape Cod ernors Balderston, Mills, and Shepardson. Voting Trust. against this action: Governors Robertson, Mitchell, The resulting bank would have a sound finanand Daane. cial condition, an adequate capital structure, (Signed) MERRITT SHERMAN, favorable earnings prospects, and greater depth Secretary. of management than presently available to either [SEAL] Hyannis Trust or Cape Cod Trust. There is no indication that the powers of any STATEMENT of the banks involved are or would be inconsistent with the purposes of 12 U.S.C, Ch. 16. Hyannis Trust Company, Hyannis, Massachu- Convenience and needs of the communities. setts ("Hyannis Trust"), a State member bank The head office and seasonal branch of Hyannis of the Federal Reserve System, with deposits of Trust are located at Hyannis, Massachusetts, $13.3 million as of September 30, 1963, has apabout 70 miles southeast of Boston in the popular plied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior ap- resort area of Cape Cod. Its other branch is six proval of the consolidation of that bank and Cape miles southwest of Hyannis at Osterville. Both Cod Trust Company, Harwichport, Massachusetts communities are also serviced by offices of other ("Cape Cod Trust"), with deposits of $9.2 million commercial banks, as well as by mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 437 banks and cooperative banks. The permanent case the particularly competitive operations of population of the Hyannis Trust service area* is mutual savings banks substantially reduce the imestimated at about 19,000, with a summer popu- portance of such a percentage figure. If savings lation exceeding 50,000. bank deposits are taken into account, the resulting The head office of Cape Cod Trust is at Har- bank would hold only about 17 per cent of bank wichport (1960 population: 3,700), 13 miles deposits in its service area. This figure would be east of Hyannis. Its sole branch is 15 miles fur- reduced further if cognizance were also taken of ther to the northeast at Orleans. These communi- share accounts in local cooperative banks. ties are served by mutual savings and cooperative Summary and conclusion. The increased lendbanks and offices of other commercial banks are ing limits and expanded services, including trust reasonably accessible to residents of the commu- administration, which could be made available by nities. The service area of Cape Cod Trust does the resulting bank would benefit the communities not significantly overlap that of Hyannis Trust. served. No significant existing or foreseeable com- The substantially increased loan limits of the petition would be eliminated. The resulting bank resulting bank would provide an alternative source would be able to compete more effectively with of credit for the larger Cape Cod businesses, such the large local mutual savings and cooperative as the fast growing construction industry, which banks, and also with outside commercial banks are now forced on occasion to rely upon local already serving the Cape Cod area, without admutual savings banks or upon commercial banks versely altering the general competitive situation outside Cape Cod for needed funds to finance the of financial institutions in the area. expanding local economy. Moreover, the larger Accordingly, the Board finds the proposed conresulting bank would be able to operate a greatly solidation to be in the public interest. improved trust department that would be of considerable benefit to individuals for whom adequate DISSENTING STATEMENT OF GOVERNORS trust service is not now locally available. The ROBERTSON, MITCHELL, AND DAANE resulting bank would also be able to provide instalment loan service on an expanded scale. The positive factors cited by the majority in Competition. Present competition between support of approval of the application in this case Hyannis Trust and Cape Cod Trust is not signifi- are not impressive. There is no showing of significant. After the establishment by Hyannis Trust cant present needs for the increased lending limit of a proposed branch in South Yarmouth, the and expanded trust and other services. Any needs nearest office of Cape Cod Trust would be its not met by the participating banks can be accommain office nine miles to the east, and three offices modated at adequate banking facilities in Boston of three commercial banks would separate it from or elsewhere at nearest sources. The Cape Cod the South Yarmouth branch. While it is to be area is not a "credit deficit area". The asserted expected that some potential competition would need for strengthening the capital structure of be eliminated thereby, consummation of the con- the smaller of the two sound and well managed solidation would enable a local commercial bank banks adds nothing of consequence in support to compete more effectively with larger mutual of the application. savings and cooperative banks and Boston com- On the other hand, significant potential and mercial banks. some present competition will be foreclosed by the The proposal would unite the first and third consolidation. Furthermore, the very substantial largest of the six commercial banks in the comincrease in the present dominance of Hyannis bined service areas of the participating banks. Trust—which, after the consolidation, will be more The resulting bank would hold about 45 per cent than twice as large as the next largest bank in of the IPC deposits in commercial banks located the combined area—will inevitably disrupt the in its service area. In the circumstances of this relatively favorable competitive balance that now prevails among the commercial banks in the area. * The area from which the bank acquires 75 per We are not convinced that the adverse competicent or more of its deposits of individuals, partnerships, and corporations ("IPC deposits"). tive aspects are sufficiently mitigated by the limited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN • APRIL 1964 competition from the mutual savings banks and ments and views filed with the Board have been cooperative banks operating in the area. considered by it. On balance, we find nothing in the record of IT IS ORDERED, for the reasons set forth in the this case which justifies approval in the face of Board's Statement of this date, that said applithe foregoing adverse competitive considerations. cation be and hereby is approved, provided that We would deny the application. the acquisition so approved shall not be consummated (a) within seven calendar days after the date of this Order or (b) later than three Orders Under Section 3 of Bank Holding months after said date. Company Act Dated at Washington, D.C., this 25th day of March, 1964. The Board of Governors of the Federal Reserve By order of the Board of Governors. System has issued the following Orders and Statements with respect to applications by bank hold- Voting for this action: Vice Chairman Balderston, and ing company for approval of the acquisition of Governors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not voting: Chairman Martin. voting shares of banks: (Signed) MERRITT SHERMAN, Secretary. FIRST WISCONSIN BANKSHARES COR- PORATION, MILWAUKEE, WISCONSIN [SEAL] In the matter of the application of First Wisconsin Bankshares Corporation for approval of STATEMENT the acquisition of voting shares of Brookfield Na- First Wisconsin Bankshares Corporation, Miltional Bank, Brookfield, Wisconsin, a proposed waukee, Wisconsin ("Applicant"), a registered new bank. bank holding company, has applied to the Board of Governors, under the Bank Holding Company ORDER APPROVING APPLICATION UNDER BANK Act of 1956 ("the Act"), for permission to ac- HOLDING COMPANY ACT quire 80 per cent or more of the 3,000 shares of common stock to be issued of the Brookfield There has come before the Board of Governors, National Bank, Brookfield, Wisconsin ("Brookpursuant to Section 3(a) (2) of the Bank Holding field National" or "Bank"), a proposed new bank. Company Act of 1956 (12 U.S.C. 1842) and Views and recommendation of supervisory au- Section 222.4((a)(2) of Federal Reserve Regthority. As required by Section 3(b) of the Act, ulation Y (12 CFR 222.4(a)(2)), an application the Board notified the Comptroller of the Curon behalf of First Wisconsin Bankshares Corporarency of receipt of the application and requested tion, Milwaukee, Wisconsin, a registered bank his views thereon. The Comptroller recommended holding company, for the Board's approval of the approval of the application. acquisition of 80 per cent or more of the 3,000 Statutory factors. Section 3(c) of the Act revoting shares of the Brookfield National Bank, quires the Board to take into consideration the Brookfield, Wisconsin, a proposed new bank. following five factors: (1) the financial history As required by Section 3(b) of the Act, notice and condition of the holding company and the of receipt of the application was given to the bank concerned; (2) their prospects; (3) the Comptroller of the Currency with a request for his character of their management; (4) the conveniviews and recommendation. The Comptroller rec- ence, needs, and welfare of the communities and ommended approval of the application. Notice of the area concerned; and (5) whether the effect receipt of the application was published in the of the proposed acquisition would be to expand Federal Register on January 4, 1964 (29 Federal the size or extent of the bank holding company Register 117), which provided an opportunity for system involved beyond limits consistent with submission of comments and views regarding the adequate and sound banking, the public interest, proposed acquisition, and the time for filing such and the preservation of competition in the field comments and views has expired and all com- of banking. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 439 Applicant has engaged in the ownership and sively. On the basis of Bank's proposed location control of banking institutions since its organiza- and the projected growth of its primary service tion in 1929. It presently owns seven banks and a area, the foregoing projections appear reasonable trust company, all located in the State of Wis- and Bank's prospects favorable. consin. Three of the seven banks and the trust Character of management. Applicant's direccompany are located in Milwaukee County; the torate consists of 34 members, 25 of whom are remaining four banks are located in Eau Claire officers and/or directors of Applicant's banking (Eau Claire County), Fond du Lac (Fond du and trust company subsidiaries. Similarly, Appli- Lac County), Madison (Dane County), and cant's officers, with few exceptions, are also of- Oshkosh (Winnebago County). Applicant's larg- ficers of at least one of Applicant's banking and est banking subsidiary, First Wisconsin National trust company subsidiaries. The financial history Bank, Milwaukee, held at June 29, 1963,1 $702 and condition of Applicant and its subsidiaries, million of total deposits, representing approxi- heretofore discussed, support the conclusion that mately 77 per cent of the $915 million of total the management of Applicant and its banking and deposits held by all of Applicant's banks. trust company subsidiaries is satisfactory. Bank's The permanent site of the proposed Brookfield management will be drawn initially from person- National Bank will be in the City of Brookfield, nel of Applicant's Milwaukee area subsidiaries. Waukesha County, in a shopping center proposed Each of the five proposed directors of Bank is to be developed by Sears, Roebuck and Co., on a presently a director and/or officer of one or more 136-acre site located approximately nine miles of Applicant's Milwaukee subsidiaries. The Board west of downtown Milwaukee. Bank will open concludes that the character of Bank's managefor business in temporary quarters near the site ment will be satisfactory. of the shopping center. Convenience, needs, and welfare of the com- Financial history, condition, and prospects of munities and area concerned. Bank's primary Applicant and Bank. Applicant's financial history service area, as designated by Applicant, extends and condition are considered to be satisfactory. over an area of slightly more than 20 square miles On the basis of its nearly 35 years' operational in Waukesha County and lies generally between history and the sound financial condition of its the cities of Waukesha and Milwaukee. Bank's subsidiary banks, including a consideration of the proposed site is some seven miles east of Waudeposit growth of these banks, Applicant's pros- kesha and about nine miles west of Milwaukee. pects appear favorable. The Board finds that The character of Bank's primary service area is Bank's prospects are satisfactory. This determina- essentially residential. In the past 12 years the tion is based, in part, upon the favorable financial area's population has increased from approxihistory and condition both of the Applicant and mately 3,500 to 15,000. Waukesha County has its existing subsidiary banks, as well as upon the experienced the most rapid growth of any county following facts. Bank, when permanently located, in the State, its population having increased 84 will be the only bank in the large shopping center per cent in the previous ten years. to which reference was earlier made. Bank's A major portion of the wage earners residing designated primary service area (the area from in the area that Bank will primarily serve comwhich approximately 75 per cent of Bank's de- mute to places of employment in other sections posits of individuals, partnerships, and corpora- of the Milwaukee Metropolitan Area (Milwaukee tions will be derived), hereafter described, has and Waukesha Counties). Driving time from the had substantial population growth since 1950 and area to both Waukesha, the industrial center of there is reason to believe that the area will con- Waukesha County, and to Milwaukee, the industinue to experience such growth. Bank's deposits, trial and financial center of the State, has been projected by Applicant to the end of each of Bank's reduced to but a few minutes by the recent openfirst three years of operation, are estimated to be ing of Interstate Expressway 94 which bisects $2.1 million, $3.6 million, and $4.7 million, succes- Waukesha County in an east-west direction. Two other major thoroughfares facilitate east-west traf- 1 Unless otherwise indicated, all banking data noted fic through the County. Applicant's prediction are of this date. of continued residential development of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN • APRIL 1964 Brookfield area appears reasonable in view of the to any significant unserved demand for banking highway development contributing to relatively services of a nature usually required by a preprompt access to the large centers of employment dominantly residential community. to the east and west. However, in regard to the future needs and Although, as indicated, Bank's primary service convenience of the residents and businesses within area is predominantly residential in character, it Bank's primary service area, Applicant has estabalso contains four small industries, numerous lished a stronger case for approval of its acquisicommercial establishments, professional offices, tion of Bank. Completion of the proposed shopand other retail and service establishments. By ping center in which Bank will be permanently early 1966, the now limited commercial character located will give impetus to substantially increased of this area will experience substantial expansion commercial activity within Bank's primary service through the construction and occupancy of the area. Establishment of some 60 enterprises in the proposed shopping center to be developed in the shopping center will create a need for banking area by Sears, Roebuck and Co. Present plans services of a volume and type presently not recall for occupancy by about 60 business estab- quired in the area, and for a banking facility lishments. more conveniently located than are any of the At the present time there are no banking offices banks now serving the area. It is apparent from located in Bank's primary service area. However, the documentation supporting this application that within a five-mile radius of Bank's proposed site the developers of the shopping center consider there are six banking offices, one of which, May- important to the development the presence of a fair National Bank, Wauwatosa, is a subsidiary banking facility. Should this application be denied, of Applicant. The closest banking office to the the proposed Bank would not open for business, proposed site is the Elm Grove office of Wauwa- and there is no indication that any other interests tosa State Bank located in the Village of Elm are prepared to undertake the establishment of Grove, 1.6 miles from Bank's proposed site. A a bank at or near Bank's proposed site. portion of Elm Grove is included within Bank's In view of the need for banking services which primary service area, as are portions of the City likely will accompany the opening of the proof Brookfield and portions of the City of New posed shopping center, and assuming the con- Berlin. Brookfield, with an estimated population tinued residential expansion predicted in and near at January 1963 of 23,000, has two banking offices, Bank's primary service area, the Board concludes the Elm-Brook State Bank and the Brookfield Of- that the convenience, needs, and welfare of the fice of the Waukesha County Marine Bank. The area weigh toward approval of Applicant's prothree remaining banks within the above-mentioned posal. five-mile radius which derive some business from Effect on adequate and sound banking, public Bank's primary service area are Applicant's bank interest, and banking competition. The principal in Wauwatosa, the New Berlin State Bank, New market area in relation to which the Board must Berlin, and the Central Bank, West Allis, located, determine the probable effects of Applicant's prorespectively, about five, four, and six road miles posal generally encompasses that portion of from Bank's proposed site. Waukesha County constituting Bank's designated It is Applicant's position that its acquisition primary service area and contiguous portions of of Bank, resulting in the immediate availability the cities of Brookfield, West Allis, and New Berof a wide spectrum of banking services, would lin and the Village of Elm Grove. Consideration respond to a presently unserved demand from must be given also to any impact that may reasonwithin Bank's primary service area for certain of ably be anticipated on the Waukesha and Milthese services. While Bank's operation at this waukee banks nearest to and apparently serving time would, in respect to certain of Bank's po- the area concerned. tential customers, constitute a more convenient Applicant has no bank in Waukesha County. banking facility than is now available, the exist- Its banks at Eau Claire, Fond du Lac, Madison, ence of six banking offices within distances from and Oshkosh derive but a negligible portion of approximately one and one-half to six road miles their total business from the Milwaukee area. from Bank's proposed site precludes a finding as Applicant's Milwaukee County banks, although Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 441 controlling a substantial portion of the total of- concerned, the office most directly to be affected fices and deposits of all banks in the Milwaukee by Applicant's proposal will be the Elm Grove Metropolitan Area, derive relatively little of their office of the Wauwatosa State Bank, 1.6 miles total business from Bank's designated primary from Bank's proposed site. The Wauwatosa State service area. These banks, operating 16 offices, Bank's total deposits are about $35 million. At held combined total deposits of $719.6 million, June 30, 1962, the Elm Grove office held $8.4 $702 million of which were held by First Wis- million. Even assuming that the proposed Bank consin National Bank. A total of $461,000 of would make use of the full line of services that deposits and $1.4 million of loans were derived Applicant asserts will be available to it, a fact by Applicant's Milwaukee area banks from Bank's not easily assumed, there is little likelihood that proposed primary service area. A substantial por- the service and growth potential of an office or tion of the last mentioned business undoubtedly a $35 million bank will be unduly impeded. As to consists of convenience accounts placed with the the remaining banks or banking offices that are Milwaukee banks, principally First Wisconsin Na- serving Bank's primary service area and are lotional Bank, by depositors and borrowers who cated some three to six miles from Bank's prohave their places of business or work in Mil- posed site, with the exception of Mayfair waukee. If Bank is established, it undoubtedly National Bank each is closer to a section of Bank's would attract a portion of the latter accounts as primary service area than Bank will be. On the a more convenient source of deposit and service. basis of all the circumstances presented, the The degree to which banking offices and bank Board perceives no significant adverse effect on deposits in the Milwaukee area arc concentrated these banking offices from Applicant's acquisition in the Applicant's group of banks has previously and operation of Bank. been the subject of concern to this Board, and is Viewing Applicant's proposal in the context a significant factor in the present case. Applicant's of its direct effect on the inhabitants of the area Milwaukee area banks held 36.5 per cent of the primarily to be served by Bank, as well as on the total deposits of all banks in the Milwaukee banks now serving that area, approval of the pro- Metropolitan Area. However, within Bank's priposal appears warranted. However, there remains mary service area, Applicant's system is not presthe question as to whether, in view of the extent ently a dominant operating force, and it does not to which the banking offices and bank deposits in appear that its competitive strength in that area, the Milwaukee Metropolitan Area are now conto be reflected in its operation of Bank, will be centrated in the banks controlled by Applicant, so enhanced by that operation as to constitute a even the relatively small increase in concentration force inimical to adequate and sound banking, that would follow from the acquisition of Bank the public interest, or banking competition. This can be said to be consistent with the public interest conclusion is premised upon the fact that Appliand the preservation of banking competition. In cant would be acquiring a newly established bank the Board's judgment, such increase, albeit slight, rather than a going concern with numerous wellis a fact adverse to approval of the application. established accounts; that Bank's business, rather However, a more decisive consideration, in the than being comprised principally of accounts opinion of the Board, is the extent to which the captured from other area banks, will be derived future needs and convenience of the area involved principally from the shopping center in which it will be served by Applicant's acquisition of Bank. will be located, and from residents new to the This result outweighs to a sufficient degree the area, many of whom will have no previously adverse consideration noted as to warrant apestablished bank connections in Bank's area; and proval of the application. that the banking offices that are currently com- Conclusion. Viewing the relevant facts in the peting in varying degrees for the business within Bank's primary service area should not experience light of the general purposes of the Act and the undue adverse competitive effects from Bank's factors enumerated in Section 3(c) thereof, it is operation. the Board's judgment that the proposed acquisi- As to the effect of Bank's establishment on the tion would be consistent with the public interest banking offices now serving the area principally and that the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN • APRIL 1964 BAYSTATE CORPORATION, Dated at Washington, D. C, this 9th day of BOSTON, MASSACHUSETTS April, 1964. By order of the Board of Governors. In the matter of the application of Bay state Corporation, Boston, Massachusetts, for prior ap- Voting for this action: Chairman Martin, and Govproval of the acquisition of up to 100 per cent ernors Balderston, Mills, Robertson, Shepardson, and Daane. Absent and not voting: Governor Mitchell. of the voting shares of Merrimack Valley National Bank, Haverhill, Haverhill, Massachusetts. (Signed) MERRITT SHERMAN, Secretary. ORDER APPROVING APPLICATION UNDER [SEAL] BANK HOLDING COMPANY ACT STATEMENT There has come before the Board of Governors, Baystate Corporation, Boston, Massachusetts pursuant to Section 3(a) (2) of the Bank Holding ("Applicant"), a registered bank holding com- Company Act of 1956 (12 U.S.C. 1842(a)(2)) pany, has applied pursuant to Section 3 (a) (2) and Section 222.4(a) (2) of Federal Reserve Reg- of the Bank Holding Company Act of 1956 ("the ulation Y (12 CFR 222.4(a)(2)), an applica- Act") for the Board's approval of the acquisition tion on behalf of Baystate Corporation, Boston, of up to 100 per cent of the outstanding voting Massachusetts, a registered bank holding com- shares of Merrimack Valley National Bank, pany, for the Board's approval of the acquisition Haverhill, Haverhill, Massachusetts ("Merrimack of up to 100 per cent of the outstanding voting Haverhill" or "Bank"). shares of Merrimack Valley National Bank, Hav- Views and recommendation of supervisory auerhill, Haverhill, Massachusetts. thorities. Pursuant to Section 3(b) of the Act, the As required by Section 3(b) of the Act, the Comptroller of the Currency was asked for his Board notified the Comptroller of the Currency views and recommendation. He recommended apof receipt of the application and requested his proval of the application. The Board was also adviews thereon. The Comptroller recommended ap- vised that approval as required under the laws proval of the application. Notice of receipt of of Massachusetts was granted, after hearing, by the application was also given to the Massa- the Massachusetts Board of Bank Incorporation. chusetts Commissioner of Banks which notice was Statutory factors. Section 3(c) of the Act reacknowledged by the Clerk of the Massachusetts quires the Board, in determining whether to ap- Board of Bank Incorporation. The Board was ad- prove the proposed acquisition, to consider the vised that the Massachusetts Board of Bank In- following factors: (1) the financial history and corporation, after a hearing pursuant to the laws condition of the holding company and the bank of Massachusetts upon the related application concerned; (2) their prospects; (3) the character tiled with it, granted approval. of their management; (4) the convenience, needs Notice of receipt of the application was pub- and welfare of the communities and the area conlished in the Federal Register on November 22, cerned; and (5) whether the effect of the pro- 1963 (28 Federal Register 12378), providing an posed acquisition would be to expand the size opportunity for submission of comments and or extent of the bank holding company system views regarding the proposed acquisition. The involved beyond limits consistent with adequate time for filing such comments and views has ex- and sound banking, the public interest, and the pired and all comments and views filed with the preservation of competition in the field of bank- Board have been considered by it. ing. IT IS HEREBY ORDERED, for the reasons set forth Financial history, condition, and prospects of in the Board's Statement of this date, that said Applicant and Bank. Applicant controls nine application be, and it hereby is, approved, pro- banks, all in Masachusetts, operating a total of vided that the acquisition so approved shall not 110 offices with total deposits at June 29, 1963,1 be consummated (a) within seven calendar days after the date of this Order or (b) later than 1 Unless otherwise indicated, all banking data noted three months after said date. are of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 443 of $589 million. In terms of total deposits, Ap- involved. The primary service area 2 of Bank conplicant's banks range in size from $8 million to sists of the cities of Lawrence and Haverhill and $123 million. On the basis of available informa- 12 adjacent and surrounding towns, including tion, including Applicant's operating history and four located in New Hampshire. During the the growth and financial soundness of its sub- period 1950-1960, the population of the service sidiary banks, the Board finds satisfactory Appli- area increased from about 192,000 to 201,000. cant's financial history, condition, and prospects. There are 450 manufacturing firms in the area Bank, with its head office located at Haverhill, of which about 74 employ 100 or more persons about 35 miles northwest of Boston, has total de- each. Twenty-seven of these employ 500 or more posits of $31 million, and has an operating his- persons each. Although the area suffered some tory, including the operations of its corporate years ago from a recession in and relocation of predecessors, extending back to 1814. While the the shoe and textile industries, it has made a good record before the Board indicates that Bank has recovery and achieved a healthy industrial dinot exhibited the aggressiveness of its principal versification. commercial bank competitors, its financial his- Applicant contends that consummation of its tory appears satisfactory and its condition sound. proposal will result in a more economic and effi- Its prospects, apart from its proposed affiliation cient operation of Bank through Applicant's aswith Applicant, also appear satisfactory. However, sistance in purchases of equipment and supplies, as hereafter discussed, it is the Board's judgment joint insurance and employee benefit plans, adthat affiliation with Applicant's system could pro- vice regarding modern internal management provide Bank with sufficient competitive impetus as cedures and techniques, surveys, advertising, new to make its prospects somewhat more favorable. business development, investment analysis, the Character of management. Considering the preparation of bids on municipal loans and the sound condition, satisfactory earnings, and capa- use of Applicant's automatic data processing ble management history of Applicant's banks, the equipment. While Applicant's assistance in the Board finds Applicant's management to be satis- foregoing respects will most directly inure to factory. Bank's benefit and but indirectly benefit the public, the result is consistent with the public inter- The chairman of Bank's board of directors est. plans to retire at the end of 1964. In August 1963, Bank's president resigned, effective January 1, It is the Board's opinion, however, that in cer- 1964, to accept the presidency of a larger bank. tain respects improved service can be rendered Following unsuccessful efforts by Bank to fill by Bank apart from the affiliation proposed. For the president's office, in September 1963 the posi- example, it is noted that some of Bank's comtion was offered to and accepted by the president petitors have utilized computer services offered by of one of Applicant's subsidiary banks, subject to two of the larger banks in Boston. Presumably, approval of the instant application by the Board. Bank has, or could have, access to such services Thus, consummation of the proposed acquisition on a correspondent bank basis. would seem to assure Bank of future sound man- Another respect in which Applicant asserts agement. Bank and its customers would benefit from the However, the Board finds that Bank's past proposed acquisition is an improvement in the management has also been sound and that, con- quality and quantity of available trust services. sidering the relatively short duration of Bank's While the trust department of Bank is small and efforts to obtain a successor president and the only one other bank in its primary service area fact that Bank has deposits of about $31 million, has a trust department, complete trust services the proposed affiliation with Applicant's system are available to the community through the Bosis not the only solution to Bank's asserted man- ton banks some 35 miles from Haverhill, not a agement problem. Accordingly, considerations re- 2 Ordinarily the area from which about 75 per cent lating to the effect of the proposed acquisition on of the deposits of individuals, partnerships, and cormanagement weigh only slightly in favor of apporations are obtained; in the present case, about 94 proval. per cent of such deposits originate in the designated Convenience, needs, and welfare of the area primary service area. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN • APRIL 1964 prohibitive distance in view of the relatively in- nearest each other are approximately 14 miles frequent customer-bank contacts ordinarily at- apart and are separated by other towns in which tendant upon the handling of trust matters. More- are located offices of competing commercial banks. over, if there is a need for additional trust services Applicant also has a subsidiary, Middlesex County in the community, Bank should be able to meet National Bank, Everett, with offices as near as 9 such needs either through expansion of its trust and 7 miles to an office of Bank, but not within department or through assistance from its larger Bank's primary service area. An analysis of the city correspondent banks. relevant data reflects that Bank derives but an It does not appear, nor is it contended, that insignificant portion of its deposits from the areas there are any substantial inadequacies in banking served by Beverly Trust Company and Middlesex service in the relevant area. Thus, the convenience, County National Bank and that these latter banks needs, and welfare of the area would not be sub- derive but a small amount of deposits from the stantially affected by the proposed acquisition. area served by Bank. However, since Applicant's control of Bank is It does not appear, therefore, that consummalikely to act as a catalyst to Bank's competitive ac- tion of the proposal would result in the eliminativities, heretofore lacking, the resulting benefit to tion of any significant competition between Apthe community is a consideration weighing toward plicant's subsidiary banks and Merrimack Haverapproval of the application. hill or place at an undue competitive disadvan- Effect upon adequate and sound banking, the tage the other banks in Merrimack Haverhill's public interest, and competition. In terms of total service area. deposits, Bank ranks among the five3 commercial Since Massachusetts law does not permit the banks located in its primary service area. Its total establishment of branch banks beyond county deposits of $31 million are some $28 million less lines, it is pertinent to observe that Beverly Trust than those of the largest of these five banks, and Company, one of 23 commercial banks in Essex about $4 million, $7 million, and $28 million County, has 6 of the county's 71 commercial larger than those ranking third, fourth, and fifth, banking offices and holds 3.5 per cent of the total respectively. Bank's nine offices represent 36 per deposits held by such banks in the county. Furcent of the total of such offices in its primary ther, with the acquisition of Bank, Applicant's service area and its total deposits represent 21.6 banks in Essex County, albeit they serve separate per cent of the $144 million total deposits held areas, would have 21.1 per cent of the commercial by the area's five commercial banks. banking offices and 12 per cent of the total de- Bank is the third largest commercial bank in posits held by such banks in the county. This Essex County in terms of total deposits. Its total degree of concentration in bank holdings in Esof nine banking offices is equaled by only one sex County would not appear, under the circumother bank in its primary service area. The three stances, to put in jeopardy banking competition in commercial banks in Bank's primary service area the county. which rank first, third, and fourth in size, realized The 110 offices of Applicant's subsidiaries repincreases in total deposits of 59 per cent, 25 per resent 17.8 per cent of the 617 commercial bankcent, and 15 per cent, respectively, during the ing offices in Massachusetts and their combined period 1959-1962. In the same period Bank extotal deposits of $589 million represent 9.9 per perienced an increase in total deposits of only cent of the $5,922 million total deposits held by4 6 per cent, an increase which was less in total amount than that experienced by each of the 4 Incident to a recent Statement issued by the Board three aforementioned banks. in respect to its approval of the consolidation of two Applicant has no subsidiaries located in the banks, the continuing institution being a subsidiary of primary service area of Bank but does have one Applicant, mention was made of the fact that The subsidiary, Beverly Trust Company, located in First National Bank of Boston owned directly 13 per cent of the stock of Applicant. The Board notes that Essex County. The offices of these two banks at this date all but a few of Applicant's shares owned by First National have been sold, and that, accord- 3 A sixth commercial bank commenced business in ing to the bank, the remaining shares will be donated Haverhill on November 18, 1963. in 1964 to one or more charitable institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 445 all commercial banks in the State. With the addi- On the basis of the evidence presented bearing tion of Bank to Applicant's system, the foregoing upon the extent to which the commercial bank percentages would be increased to 19.3 and 10.5, deposits in the relevant areas are controlled by Aprespectively. plicant's banks, the Board concludes that, while The two bank holding company groups in Mas- the portion of business controlled is not insigsachusetts—Applicant and the National Shaw- nificant, it is not such that the proposed acquisimut Bank of Boston group—include banks which tion would increase the size and extent of Appliaccount for 28.2 per cent of the offices and 21.2 cant's system beyond limits consistent with adeper cent of the total deposits of all commercial quate and sound banking, the public interest, and banks in the State. The addition of Bank to Ap- the preservation of banking competition. plicant's system would increase these percentages Conclusion. Viewing the relevant facts in the to 29.7 and 21.8, respectively. The holding com- light of the general purposes of the Act and the panies' banks in Essex County would, with the factors enumerated in Section 3(c) thereof, it is acquisition of Bank by Applicant, have 25.3 per the judgment of the Board that the proposed accent of the offices and 18.8 per cent of the total quisition would be consistent with the public indeposits of all commercial banks in the county. terest and that the application should be approved. The foregoing data relate to commercial banks. If mutual savings banks were included in the com- CONCURRING STATEMENT OF parisons, Applicant's banks, when including the GOVERNOR ROBERTSON deposits of Bank, would hold the following percentages of deposits of all banks in the stated I consider this to be a borderline case. The areas: Bank's primary service area, 7.4; Essex fact which has led me to vote for approval of this County, 3.7; and the State of Massachusetts, 4.8. application is that the affiliation between First The two holding company groups' banks would National Bank of Boston, the largest bank in hold 5.9 per cent of the deposits of all banks in Massachusetts, and Applicant has now been ef- Essex County, and 10 per cent of the deposits of fectively terminated. all banks in the State of Massachusetts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements REAPPOINTMENT OF J. L. ROBERTSON member bank's use of funds to meet credit AS A MEMBER OF THE BOARD needs arising from such catastrophe, and Mr. J. L. Robertson, a Member of the Board of (2) that this authority shall terminate as of Governors of the Federal Reserve System since close of business December 31, 1964." February 1952, was nominated by the President for reappointment to the Board for a term of 14 The Federal Reserve Bank of San Francisco years beginning February 1, 1964. The nomina- also called attention to the fact that it was pretion was confirmed by the Senate on March 12, pared to make credit available to Alaskan banks and Mr. Robertson took the oath of office on under various provisions of the Federal Reserve March 20, 1964. Act and regulations of the Board applicable to emergency conditions. These include making CHANGE IN FIRST VICE PRESIDENT AT FEDERAL RESERVE BANK OF CLEVELAND credit available to member banks for longer Mr. Edward A. Fink was appointed First Vice periods to help them meet the unusual situation President April 1, 1964, to serve for the unexpired in Alaska. portion of Mr. Donald S. Thompson's 5-year term PUBLICATION OF ANNUAL REPORT ending February 28, 1966. Mr. Thompson is re- The Fiftieth Annual Report of the Board of Govtiring. Mr. Fink was employed by the Bank in ernors of the Federal Reserve System, covering 1925, becoming Assistant Cashier in 1955. In operations for the calendar year 1963, is available 1957 he was promoted to Assistant Vice President for distribution. Copies may be obtained upon and in 1959 was made Vice President. Mr. Fink request from the Board's Publications Services, the is a graduate of the School of Banking at the Uni- Division of Administrative Services, Washington, versity of Wisconsin. D.C. 20551. CREDIT TO MEMBER BANKS IN ALASKA DEPARTMENT STORE SALES AND STOCKS The Federal Reserve System has moved to Responsibility for preparation of national sumfacilitate the efforts of Alaskan member banks mary figures on weekly department store sales and to accommodate the credit needs of their cuson monthly sales and stocks has been transferred tomers for reconstruction and rehabilitation purfrom the Federal Reserve to the Bureau of the poses. On April 14, 1964, the Board of Governors Census, beginning with data for February. of the Federal Reserve System authorized the San The Board, however, plans to continue for the Francisco Federal Reserve Bank to relax penalties for failure to maintain the balances that member time being its summary reports showing sales data, banks are required to keep with the Reserve Bank. compiled by the 12 Federal Reserve Banks, for The text of the Board's authorization follows: selected cities and metropolitan areas. The Board also plans to continue temporarily its monthly "In order to assist member banks in report on sales by departments. Data on out- Alaska to meet credit demands arising from standing orders will no longer be available. the recent catastrophe in that State as a result of earthquake and tidal waves, Board "INDUSTRIAL PRODUCTION MEASUREMENT IN THE UNITED STATES: CONCEPTS, USES, AND authorizes Federal Reserve Bank of San COMPILATION PRACTICES" Francisco, in its discretion, not to assess A paper on "Industrial Production Measurement penalties incurred by any such member bank in the United States: Concepts, Uses, and Comfor deficiencies in its reserve requirements, pilation Practices" has been prepared in reply to provided (1) that the Reserve Bank is satis- an inquiry from the Economic Commission for fied from information submitted by the Europe. member bank that deficiency resulted from Section I covers the uses and characteristics of 446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

447 ANNOUNCEMENTS index numbers representing five different produc- recent levels of the production index in relation tion concepts: (1) gross value of output by in- to other economic measures, including the revised dustry; (2) gross value of end products; (3) Census series on manufacturers' shipments and Census value added; (4) gross product originating inventories. in the industrial sector; and (5) income originat- The paper consists of 50 pages of text, 16 pages ing in the industrial sector. It presents the results of tables, and 19 charts. It is available without charge from Publications Services, the Division of of recombining Federal Reserve production in- Administrative Services, Board of Governors of dexes with gross value, gross product, and income the Federal Reserve System, Washington, D.C. originating weights; discusses the compilation of 20051. net output indexes; and analyzes the relationship of the production indexes to the gross national ADMISSION OF STATE BANKS TO MEMBERSHIP IN product series. The section concludes with pro- THE FEDERAL RESERVE SYSTEM The following banks were admitted to memberposals for further analysis and compilation of ship in the Federal Reserve System during the production measures. period February 16, 1964 through April 15, 1964: Section 2 presents the paper "United States Industrial Production Indexes: Basic Data and Georgia Compilation Practices." This paper was issued in Vidalia. Vidalia Banking Company June 1963. Both sections include materials on revision pro- Nevada cedures and some discussion of the adequacy of Reno. Valley Bank of Nevada Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 15 Industrial and construction activity expanded materials was maintained. Production of nonmoderately further in March. Retail sales of autos durable materials rose somewhat. In early April, and some other goods showed a less than seasonal steel ingot output expanded further. rise from the advanced February levels. Prices of nonferrous metals and some other sensitive mate- CONSTRUCTION rials increased. Bank credit expanded substantially further and the money supply rose moderately. New construction activity increased 2 per cent in March. The dollar volume exceeded the pre- INDUSTRIAL PRODUCTION vious high reached last November and was 12 per cent above a year earlier. Private construction— Industrial production in March was 128.2 per already at a new high in February—rose somecent of the 1957-59 average, up from 127.7 in what further, while public construction increased February, and was 5Vi per cent above a year ago. appreciably. Production of materials increased and output of final products was unchanged. EMPLOYMENT Over-all output of consumer goods changed little in March. Auto assemblies declined 3 per Employment in nonfarm establishments incent but were 8 per cent above a year earlier. creased moderately further in March, with gains In early April, auto production increased. Out- again recorded in durable goods manufacturing, put of furniture and some other home goods ex- services, and State and local government. Employpanded further in March and production of tele- ment declined somewhat in construction and trade. vision sets and consumer staples was unchanged. The manufacturing workweek rose slightly to a Output of business equipment increased after a high level of 40.7 hours, and was 0.2 hours longer small decline in February as production of in- than a year earlier. Average earnings continued dustrial and commercial machinery rose. relatively stable. The unemployment rate re- Production of iron and steel continued to in- mained in March at 5.4 per cent of the work crease in March and output of most other durable force, and this compared with 5.7 per cent a year earlier. INDUSTRIAL PRODUCTION COMMODITY PRICES 1957-59=100 Copper scrap prices continued to increase FINAL sharply in late March and early April, zinc prices PRODUCTS, were raised again, and steel scrap prices rose. There were also increases reported in some other commodities but the broad components of the wholesale price index, including foods, changed little. Newly enacted farm legislation will result in NONDURABLE MANUFACTURES CONSUMER lower market prices for cotton and substantially GOODS reduced costs of cotton fibres to domestic textile producers. Under this legislation, the permissive ^''EQUIPMENT program for wheat provides for a Federal support level to cooperators for 1964 wheat only moderately lower than for 1963 wheat rather than for F . M R. a r i . ndexes, seasonally adjusted. Latest figures shown are the considerably lower level anticipated earlier. 448 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 449 DISTRIBUTION SECURITY MARKETS Retail sales in March were somewhat lower than Treasury bond yields rose slightly from midthe advanced February level which was 4 per cent March to mid-April while the 3-month Treasury higher than last autumn. Sales of home goods rose bill rate declined to slightly below the 3Vi per further in March while auto sales were moderately cent discount rate. Yields on corporate and State below the February peak. Sales of nondurable and local government bonds were relatively goods showed offsetting changes, and their total stable. Common stock prices rose to new highs remained at the advanced February level. in early April and have changed little since then. BANK CREDIT. MONEY SUPPLY, AND RESERVES Seasonally adjusted commercial bank credit in- INTEREST RATES creased substantially in March. Most of the increase was in holdings of U.S. Government securities and in loans to finance companies and security brokers and dealers. The seasonally adjusted money supply rose moderately and time and savings deposits at commercial banks increased considerably less than in other recent months. U.S. Government deposits at commercial banks increased more than usual. Member bank excess reserves averaged $360 million in March and their borrowings from the Federal Reserve averaged $260 million, both lower than in most other recent months. Seasonally adjusted required reserves increased. Reserves were supplied principally through Federal Reserve pur- Discount rate, range or level for all F.R. Banks. Weekly avchases of U.S. Government securities and absorbed erage market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, through currency outflow. week ending Apr. 10. 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) i (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.M 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 Flow of funds ... Apr. 1964 508-17 Banking and monetary statistics, 1963. ... (ffb- J££ \ Mar, I"o4 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1964 518-19 Analysis of changes in number of Feb. 1964 240 On, and not on, Federal Reserve Par List numberof Feb. 1964 241 Income and expenses: Federal Reserve Banks Feb. 1964 238-39 Member banks: Calendar year May 1963 710-18 Annually Operating ratios Apr. 1964 520-22 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 450 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 452 Reserve Bank discount rates; margin requirements; reserve requirements 456 Federal Reserve Banks 458 Bank debits; currency in circulation 460 Money supply; banks and the monetary system. . 462 Commercial and mutual savings banks, by classes 464 Commercial banks, by classes.... 468 Weekly reporting member banks 470 Business loans 473 Interest rates 474 = Security prices; stock market credit; open market paper. 475 Savings institutions 476 Federal finance 478 Federally sponsored credit agencies. 483 Security issues . . 484 Business finance . 487 Real estate credit 489 Consumer credit 492 Industrial production 496 Business activity 500 Construction 500 Employment and earnings 501 Wholesale and consumer prices 504 National product and income series. 506 Flow of funds. 508 Number of banks and branches in operation on December 31, 1963. 518 Member bank operating ratios, 1963 520 Guide to tabular presentation 450 Index to statistical tables 547 The data for F.R. Banks, member banks, and from Treasury statements; the remaining data consumer credit are derived from regular re- are obtained largely from other sources. For ports made to the Board; production indexes many of the banking and monetary series back are compiled by the Board on the basis of data and descriptive text are available in Bankdata collected by other agencies; figures for ing and Monetary Statistics and its Supplements gold stock, currency, Federal finance, and (see list of publications at end of the BUL- Federal business-type activities are obtained LETIN). 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 BANK RESERVES AND RELATED ITEMS APRIL 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 than member bank Member bank P d e o a ri r t o e d T U o .S ta . l G B o r o v o i u t g u . g h t- s h t e t cu R m c r a e i h g t e p i a r n e u e s s t e e r s - - c v D o a a a n u n i d s c d n - - e ts s Float i t T a o l - 2 s G to o c ld k T r s o c r e t u i e a u n n u r a n g r c y t s - - d y - - r c C t e c u i i n i u o n l r c a n r - - y - T h c i r u o n a e r l g s a y d h s s - - Tr u e r w a y s i - th r e F s F e e . i o R r g v r n . - e B s, a O n t k h s er i c O F o a t . u c h R - n e . t r s B W F a . n i R t k h . s re c r C s e o a e n n u i r n c d r v - y 3 es Total 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 ,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec... 29,098 29,061 37 152 ,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec... 30,546 30,474 72 305 ,298 33,218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—Mar.... 30,613 30,507 106 185 626 32,477 15,878 5,576 34,431 446 878 188 185 ,095 16,707 ^2,808 ^19,515 30,897 30,833 64 151 596 32,692 15,878 5,578 34,719 436 917 183 199 ,022 16,671e2,901 -19,572 May!" 31,138 31,041 97 229 560 32,972 15,834 5,576 34,879 423 890 171 183 ,075 16,761 C2,918 C19,679 June. 31,540 31,446 94 236 635 33,454 15,785 5,583 35,293 400 794 193 216 ,125 16,800 2,929 "19,729 July.. 32,158 32,014 144 322 740 34,262 15,664 5,585 35,752 393 923 176 201 ,076 16,991c3,029 c20,020 Aug.. 32,233 32,171 62 355 453 34,080 15,602 5,584 35,794 394 846 164 200 ,144 16,723C2,996 19,719 Sept.. 32,341 32,243 98 352 710 34,440 15,582 5,589 35,945 401 866 149 196 ,163 16,890 3,055 19,945 Oct.. 32,648 32,464 184 343 593 34,628 15,582 5,587 36,120 395 918 161 194 ,089 16,920c3,O83 <>20,003 Nov.. 33,126 32,936 190 407 ,77135,353 15,582 5,594 36,693 395 938 150 198 ,138 17,017c3,097 "20,114 Dec, 33,729 33,626 103 360 2,4"34 36,610 15,562 5,583 37,603 389 879 160 206 ,215 17,303'3,443 "20,746 1964—Jan 33,200 33,127 73 289 ,164 35,770 15,513 5,583 36,827 408 965 155 212 1,052 17,247 3,428 20,675 Feb 33,009 32,981 28 311 ,644 35,028 15,480 5,586 •-36,383 '429 926 141 205 991 17,018 3,130 20,148 Mar 33,389 33,348 41 259 ,710 35,454 15,462 5,579 36,615 434 948 153 202 998 17,1462*3,058^20,204 Week ending— 1963 Feb. 6 30,540 30,235 305 225 ,358 32,194 15,928 5,569 34,107 421 783 206 297 971 16,907 2,777 19,684 13 30,786 30,447 339 165 ,319 32,330 15,928 5,563 34,263 427 838 212 298 959 16,825 2,799 19,624 20 30,392 30,337 55 157 ,702 32,312 15,928 5,566 34,293 444 901 187 310 ,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 ,125 16,550 2,927 19,477 Mar. 6 30,55: 30,402 150 172 ,665 32,444 15,878 5,573 34,28: 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 8 ,872 32,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648C2,854 '19,502 27 30,635 30,519 *ii6 271 ,598 32,555 15,878 5,576 34,415 451 1,014 186 174 ,078 16,690 2,908 19,598 Apr. 3 30,997 30,855 14: 204 ,345 32,596 15,878 5,577 34,535 428 895 189 191 ,074 16,740 2,868 19,608 10 31,188 31,106 8: 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 4: 187 ,630 32,853 15,878 5,574 34,915 42' 826 190 216 ,001 16,730 2,960 19,690 24 30,589 30,589 188 ,919 32,743 15,877 5,578 34,685 43' 996 191 19: 987 16,710 3,019 19,729 May 1 30,808 30,646 162 124 ,522 32,500 15,877 5,582 34,583 438 963 167 196 997 16,615 3,029 19,644 8 31,350 31,113 237 141 ,545 33,081 15,864 5,580 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 12: 229 ,47133,077 15,828 5,570 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 ,899 33,163 15,828 5,574 34,896 422 931 190 177 1,162 16,787 2,896 19,683 29 30,910 30,910 266 ,446 32,667 15,819 5,578 34,911 419 673 168 174 1,155 16,565 3,034 19,599 June 5 31,293 31,191 102 216 ,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 ,382 33,261 15,797 5,581 35,298 402 774 218 205 ,156 16,587 2,841 19,428 19 31,317 31,244 73 284 ,85333,498 15,798 5,58' 35,331 404 781 202 237 ,111 16,813 2,983 19,796 26 31,583 31,430 153 234 854 33,714 15,779 5,58: 35,279 40: 89: 185 21 ,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 ,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 ,72634,744 15,691 5,588 35,899 391 1,02: 180 196 ,107 17,228 2,865 20,093 2 3 1 4 1 7 3 3 32 2 1 , , , 0 0 6 8 4 8 6 2 7 3 3 3 1 1 2 , , , 9 6 0 3 8 4 9 7 4 103 4 3 1 0 1 4 1 3 3 , , , 9 9 3 2 9 4 9 0 4 3 3 3 4 4 3 , , , 4 0 6 1 3 1 9 0 1 1 1 1 5 5 5 , , , 6 6 6 3 3 6 3 3 9 5 5 5 , , , 5 5 5 8 8 8 6 4 2 3 3 3 5 5 5 , , , 6 8 5 9 5 6 8 0 4 3 3 3 9 9 9 1 3 6 9 8 8 2 9 8 : 1 6 1 1 17 6 8 9 8 0 2 1 1 0 9 9 2 9 3 , , ,0 0 0 6 6 5 f 9 6 1 1 1 6 6 7 , , , 8 5 0 5 3 6 0 0 7 3 3 3, , , 1 1 0 1 0 7 8 5 8 2 1 1 0 9 9 , , , 1 9 6 2 4 7 8 8 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 BANK RESERVES AND RELATED ITEMS 453 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 reas- 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- Otheri F.R. rency Total right agree- vances Banks and ments coin 3 Averages of daily figures Week ending— 1963 Aug. 7. 12,443 32,373 70 403 1,288 34,174 15,633 5,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 14. 12,286 32,253 33 382 *1, 336677 34,075 15,618 5,581 35,879 382 870 167 188 1,038 16,750 2,959 19,709 21. 12,017 31,964 53 324 1,778"7 34,167 15,583 5,583 35,850 394 879 153 185 1,217 16,655 2,999 19,654 28. 12,142 32,074 68 305 1,4418 33,901 15,583 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 Sep\?::: 32,438 32,264 174 355 1,348 34,180 15,582 5,587 35,889 391 806 170 192 1,214 16,689 2,995 19,684 32,644 32,350 294 385 1,48734,553 15,583 5,591 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18 32,209 32,209 225 1,99534,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 1,93734,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20,200 Oct. 2... 32,511 32,449 62 373 1,54534,467 15,582 5,589 35,858 393 901 153 192 1,114 17,027 3,150 20,177 33,036 32,617 419 422 1,527 35,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 16. 32,784 32,521 263 339 1,567 34,737 15,583 5,582 36,235 392 930 150 194 1,107 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 1,060 16,860 3,082 19,942 30. 32,474 32,413 61 229 416 34,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,20: 19,755 Nov. 6. 33,031 32,822 209 434 1,31534,84: 15,583 '5,593 36,251 "388 823 156 193 1,019 17,188 2,978 20,166 13. 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 40: 886 146 198 1,001 17,060 3,005 20,065 20. 32,949 32,773 176 46: 2,18035,635 15,582 5,596 36,722 403 1,045 144 208 1,211 17,080 3,170 20,250 27. 33,111 33,018 93 233 2,12635,512 15,582 5,593 36,87f 386 1,006 151 199 1,250 16,823 3,212 20,035 Dec. 4. 33,795 33,590 205 540 1,63136,010 15,58: 5,580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11. 33,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18. 33,665 33,58f 83 307 2,47136,507 15,582 5,582 37,621 39: 907 158 196 1,194 17,204 3,476 20,680 25. 33,586 33,55: 34 350 2,99137,040 15,55' 5,586 37,752 39! 903 154 210 1,208 17,556<3,445 c21,001 1964 Jan. 1.... 33,655 33,563 9: 590 2,75237,153 15,513 5,580 37,730 381 927 185 227 1,142 17,653 3,790 21,443 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 40: 966 168 205 1,070 17,685 3,485 21,170 15 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 16' 213 1,062 17,463 3,442 20,905 22 32,944 32,944 198 2,36535,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 3"4',780 15,51" 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 5. 33,009 32,979 277 1,417 34,771 15,512 5,58' 36,292 425 759 131 214 960 17,089 3,131 20,220 12. 33,275 33,214 372 1,496 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19. 32,887 32,862 291 1,846 35,088 15,46: 5,583 36,469 420 979 124 209 960 16,972 3,199 20.171 26. 32,750 32,750 200 1,835 34,846 15,46: 5,588 36,308 439 903 14' 197 1,051 16,852 3,184 20,036 Mar. 4. 33,24: 33,245 362 1,529 35,204 15,46: 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11. 33,437 33,437 253 1,609 35,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2.899 19,978 18. 33,270 33,195 358 1,758 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25. 33,384 33,301 279 1,973 35,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354"3,166 '20,520 End of month 1964 Jan 32,752 32,752 364 1,45« 34,643 15,51 5,58: 36,247 416 791 136 210 957! 16,983j 3,471 20.454 Feb 3 3 3 3 , , 1 7 6 7 9 0 3 3 3 3, , 6 1 1 6 1 9 159 5 1 7 3 0 0 1 1 , , 4 2 7 8 1 9 3 3 5 5 , , 2 3 7 1 . '1 1 5 5 , , 4 4 6 6 1 2 ^ 5 5, , 5 5 7 8 8 3 ^ 3 3 6 6 , ,7 3 7 1 8 2 433 1,0 8 2 3 4 1 1 16 5 ' 5 2 2 0 0 7 0 1,0 9 4 2 4 6 ! j 1 1 7 7 , , 1 0 4 6 6 0 ! 1 ^ 2 3 , , 8 4 8 0 7 8 ' 2 2 0 0 , , 0 4 3 6 3 8 Mar Wednesday 1964 Feb. 5 33,375 33,292 423 1,278 35,14: 15,513 5,592 36,38' 44 635 13 206 964 17,479 3,276 20,755 12 33,238 33,179 38 1,218 34,90: 15,463 5,581 36,553 422 942 137 197 935 16,761 3,456 20,217 19 32,720 32,720 73 1,888877 3344,,7744:2 15,463 5,585 36,432 432 944 14 199 1,052 16,589 3,499 20,088 26 32,932 32,932 574 1,375 34,94: 15,463 5,586 36,320 458 825 135 196 1,043 17,015 3,537 20,552 Mar. 4 33,45: 33,45: 77 1,44' 35,05: 15,463 5,58S 36,456 45' 947 13 203 1,032 16,874 3,244 20,118 11 33,43- 33,43. 436 1,31' 35,27: 15,463 5,574 36,679 454 869 173 197 1,089 16,848 3,27 20,119 18 33,33 33,19: 140 953 1,80 36,181 15,463 5,578 36,724 446 1,133 132 217 975 17,602 3,395 20,997 25 33,38 33,35: 28 55 1, 4'"97 "3•5,05: 15,463 5,579 36,715 415 1,10' 14: 170 942 16,611 3,52 20,132 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 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

454 BANK RESERVES AND RELATED ITEMS APRIL 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (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 o a n a . n w g 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 g 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 re - d Excess B r F i a n o a . n R w 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 6 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 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954_Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 [,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 4 8 —4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Mar 19,515 19,091 424 155 269 3,753 3,734 19 27 -8 [,009 1,008 1 38 -37 Apr 19,572 19,138 434 121 313 3,727 3,716 11 12 -1 1,003 998 5 14 -9 May 19,679 19,223 456 209 247 3,770 3,735 35 34 1 1,025 1,025 8 -8 June.... 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 1,032 -4 3 -7 July 20,020 19,537 483 322 161 3,795 3,740 55 40 15 1,038 1,026 12 24 -12 Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 1,007 2 29 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 1,029 1,030 -1 40 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 [,036 1,028 8 19 -11 Nov..... 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 1,035 1,031 4 40 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 [,056 1,051 5 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 1,044 5 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 1,016 -2 87 -89 Mar P20,204 '19,853 P351 259 P92 ^3,803 3798 22 Pl,026 V1,022 P4 90 P-S6 Week ending— Mar. 6. 19,517 19,121 396 142 254 3,746 3,740 6 36 -30 1 032 1,022 9 9 13. 19,422 18,933 489 137 352 3,696 3,667 29 20 9 990 994 -4 26 -30 20. 19,502 19,132 370 57 313 3,775 3,773 2 6 -4 1,023 1,011 12 1 11 27. 19,598 19,135 463 241 222 3,752 3,730 21 40 -19 1,016 :1,012 4 113 -109 Oct. 2. 20,177 19,825 352 343 9 3,891 3,877 15 83 -68 [,065 1,060 5 72 -67 9. 20,192 19,757 435 392 43 3,775 3,767 8 100 -92 ,044 1,043 1 51 -50 16. 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 ,033 1,025 8 18 -10 23. 19,942 19,513 429 361 68 3,643 3,639 127 -123 ,034 1,028 6 4 2 30. 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 ,009 1,007 2 4 -2 Nov. 6. 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 ,038 1,036 2 46 13. 20,065 19,637 428 300 128 3,669 3,616 54 100 -46 ,031 1,021 10 22 -11 20. 20,250 19,744 506 431 75 3,652 3,650 1 76 -75 ,049 1,035 15 73 -58 27. 20,035 19,700 335 200 135 3,671 3,650 20 5 16 ,034 1,035 -1 4 -4 Dec. 4. 20,320 19,734 586 507 79 3,741 3,707 34 59 -25 ,032 1,027 6 43 -37 11. 19,994 19,804 190 115 75 3,747 3,745 13 -10 1,009 1,012 -3 3 -6 18. 20,680 20,188 492 272 220 3,913 3,906 11 -3 ,053 1,044 9 24 -15 25. 21,000 20,516 484 317 167 4,046 4,004 42 53 -11 ,080 1,080 24 -24 1964—Jan. 1. 21,449 20,663 786 558 228 4,228 4,073 155 67 88 ,094 1,090 4 51 -47 8. 21,169 20,706 463 364 99 4,068 4,072 -4 45 -49 ,100 1,091 9 28 -19 15. 20,905 20,305 600 361 239 3,909 3,864 45 79 -34 ,047 ,043 4 41 -37 22. 20,463 20,174 289 164 125 3,841 3,837 4 15 -11 ,027 1,032 -5 28 -33 29. 20,200 19,827 373 177 196 3,791 3,780 11 21 -10 i;oi2 1,007 5 8 -3 Feb. 5. 20,220 19,854 366 242 124 3,834 3,820 14 24 -10 1,028 1,021 6 46 -40 12. 20,178 19,776 402 367 35 3,762 3,744 18 89 -71 1,003 1,011 -8 117 -124 19. 20,171 19,751 420 291 129 3,762 3,742 20 4 16 1,031 ,018 13 132 -119 26. 20,036 19,683 353 200 153 3,733 3,734 -1 35 -36 1,011 ,011 60 -60 Mar. 4. 20,183 19,693 490 362 128 3,836 3,766 70 65 5 1,030 ,020 9 30 -20 11. 19,978 19,664 314 253 61 3,718 3,707 11 33 -22 999 999 70 -69 18. 20,213 19,838 375 358 17 3,801 3,804 -2 32 -34 1,020 1,019 1 113 -112 25. P20,520 20001 279 3,866 3,837 28 8 20 ,037 1,033 5 177 -172 For notes sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 BANK RESERVES AND RELATED ITEMS 455 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (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 1960 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 Mar 7,934 7,917 17 50 -33 6,819 6,432 387 40 347 Apr 7,992 7,965 27 54 -27 6,850 6,459 391 41 350 M!ay .... 8,016 7,963 53 117 -64 6,868 6,500 368 50 318 8,036 8,018 18 129 -111 6,942 6,563 379 65 314 July 8,151 8,099 52 201 -149 7,037 6,672 365 57 308 AUE • 8,061 8,018 43 118 -75 7,019 6,611 408 93 315 Sept 8,118 8,096 22 130 -108 7,050 6,686 364 69 295 Oct 8,155 8,117 38 131 -93 7,118 6,758 360 62 298 Nov 8,197 8,164 33 171 -138 7,199 6,842 357 76 281 Dec 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964 Jan 8,346 8,325 21 137 -116 7,376 6,986 390 56 334 Feb 8,122 8,104 19 106 -87 7,215 6,876 339 64 275 Mar 90 ^6,864 *>307 57 P250 Week ending— Mar 6 . . 7,940 7,910 31 70 -39 6,800 6,449 350 36 314 13 7,897 7,854 42 50 -8 6 840 6 417 423 41 382 20 7,935 7,918 17 20 -3 6,769 6,430 338 30 308 27 7,969 7,951 18 50 -32 6,861 6,441 420 39 381 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 8,628 8,478 150 384 -234 7,500 7,023 477 56 421 8 8,540 8,498 42 217 -175 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 6,907 327 55 272 Feb 5 8,146 8,133 13 95 -81 7,213 6,879 333 77 256 12 8,157 8,111 46 102 -56 7,255 6,911 345 59 286 19. 8,140 8,102 38 83 -46 7,238 6,888 350 72 278 26 8,107 8,085 22 66 -44 7,185 6,853 332 39 293 Mar 4 .... 8,139 8,084 55 184 -130 7,178 6,823 355 83 271 11 8,142 8,113 29 96 -67 7,118 6,844 274 54 220 18 8,179 8,155 25 145 -121 7,212 6,860 352 68 284 25 8,256 8,224 32 65 -33 *>6,907 29 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. 1964 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

456 DISCOUNT RATES APRIL 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 * Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date Mar. 31 date Mar. 31 date rate N Bo ew sto Y n ork. . . 3 31 % /2 J J u u l l y y 1 1 7 7 , , 1 1 9 9 6 6 3 3 J J u u l l y y 1 1 7 7 , , 1 1 9 9 6 6 3 3 I 41/2 J J u ul n y e 1 10 7 , , 1 1 9 9 6 6 3 0 4 5 C Ph le i v la e d la e n lp d hia.. IB J J u u l l y y 1 1 7 9 , , 1 1 9 9 6 6 3 3 J J u u l l y y 1 1 9 7 , , 1 1 9 9 6 6 3 3 J A u u ly g.1 17 9 , , 1 1 9 9 6 6 3 0 4V4 Richmond. . . July 17,1963 July 17, 1963 .» July 17, 1963 A C St h t . l i a L c n a o t g u a o is I I B B J J J u u u l l l y y y 2 1 1 4 9 7 , , , 1 1 1 9 9 9 6 6 6 3 3 3 J J J u u u l l l y y y 2 1 1 4 7 9 , , , 1 1 1 9 9 9 6 6 6 3 3 3 4 5 1/2 J J J u u u l l l y y y 2 1 1 4 9 7 , , , 1 1 1 9 9 9 6 6 6 3 3 3 4 4 4 1 V /2 2 Minneapolis.. July 17,1963 July 17, 1963 3% 4 Aug.15, 1960 D S K a a a n l n l s a F a s r s a n C c i i t s y c . o . 3 3 3 1 1 1 / / / 2 2 2 J J J u u u l l l y y y 2 1 1 6 7 9 , , , 1 1 1 9 9 9 6 6 6 3 3 3 J J J u u u l l l y y y 2 1 1 6 7 9 , , , 1 1 1 9 9 9 6 6 6 3 3 3 IB 4 4 41 V i / / 2 i J J S u u e l n p y e t. 26 9 3 , , , 1 1 1 9 9 9 6 6 6 3 0 0 4 5 5 31/2 3% 1 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 maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— 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 2i/2 Jan. 16 1953 Jan. 22 1958 4 3 1933 23 24 23,4-3 234 Mar. 3 3J/2 Mar. 7 214-3 21/4 4 13 214-234 214 Apr. 7 3 % 3 2 1954 21 21/4 21/4 May 26 21/2-31 Feb. 5 Apr. 18 1^21/ WA Oct. 20 2 -31 15 May 9 1% 1934 Apr. 1 1 4 6 1 11 / /22 2 - 4 I VA A Se u p g t . i ? 15 :::::::: I 1 V 3 A 4 - - 2 2 Feb. 2 n/2-31/2 May 21 Mar. 16 11/2-3 nn//2 Oct. 24 2 2 - 1 2 /2 i/2 1935 1955 Nov. 7 Jan. 11 183* Apr. 14 11/2-1% May 14 15 11/2-I VA 1959 May 2 Mar. 6 231/2-3 1 1937 Aug. 4 WA-2VA i* 16 k Aug. 27 1 -2 5 WA-2VA May 29 Sept. 4 12 2 -214 2 June 12 Apr. 11 1942 N Se o p v t . . 1 1 9 3 8 2 4 2V -2V4 2 2 1 1 / 4 4 Sept. 1 1 1 8 31/ 4 2-4 Oct. 3 1 0 5 n 1 / 1 2 /2-I 23 21/2 2 2 1 1 / / 2 2 1960 1946 June 3 A M p a r y . 2 1 5 0 1 l 1 ^-l Apr. 13 1956 21/2-3 f 1 1 4 0 31/ 3 2 1 -4 /2 3 m 1/2 20 234-3 Aug. 12 3 -31/2 Jan. 12 1948 1 -114 Aug. 2 3 4 1 2*4-3 Sept. 9 3 19 WA WA Aug. 13 1V4-W2 1963 23 11/2 11/2 Aug. 9 1957 3 4* 3 July 2 1 6 7 3 31 - / 3 2 1/2 3 31 1 / / 2 2 1950 23 31/2 Aug. 21 IV2-W4 WA Nov. 15 1964 25 1% WA Dec. 2 3 In effect Mar. 31 31/2 1 Preferential rate of y2 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

APRIL 1964 RESERVE REQUIREMENTS 457 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effecti/e date Type of deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, Ja 1 n 9 . 6 2 1, Ju 1 l 9 y 6 1 3 7, Effective date ] b C re a e c s n n i e k t t r y s r v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r re e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits held for: banks L 1 e y s e s a t r h a o n r m 1 o y r e e ar ) 2i/2 { 3*4 4 In effect Dec. 31,1948... 26 22 16 71/2 71/2 Postal savings deposits held for: ~ 1949_May 1,5 24 21 15 7 7 1 year or more ) 2* f 4 4 June 30, July 1.. 20 14 6 6 Less than 1 year \ 31/2 A Au u g g . . 16 1 , , 1 1 8 1 "2 2 3 3 V2" ir /2 1 1 2 3 5 5 Ot a h b e 9 l 6 r L 1 e 0 e t m v i s i d m n e s o a a : e n t y r h i t s h d a o - n e s 6 r p 1 m m 9 o 0 s o y o i r t e n d e s a t a h r y p s s ay- } 2 2 1 *4 3 1 IB 1: 1 1 1 9 9 9 5 5 5 1 3 4 — _ _ _ A J S J j j a u u a e u l n n n p y e g . . t . . 1 2 2 1 6 5 5 1 1 1 , , , 5 2 9 F 1 4 e 6 b. 1.. 2 2 2 2 2 2 2 4 2 3 1 2i/2 2 1 1 1 1 8 0 8 9 9 1/2 . . 1 1 1 . 4 3 3 ^ ' ' ' 6 5' ' ' ' "'5 6 '" July 29, Aug. 1 . 20 "is"" 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 191/2 {?* J.V4 BULL., p. 1279. Mar. 20, Apr. 1.. 19 lish N e O d T b E y .— t M he a x B im oa u r m d r o a f t es G o th v a e t r n m o a rs y u b n e d p e a r id p r b o y v i m si e o m ns b e o r f b R an e k g s u l a a s ti o e n s ta Q b- . A A p p r r . . 2 1 4 7 1 18 8i/2 I6I/2 Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 171/2 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 Apr. 1, 1964... I6I/2 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2i/2 per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 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 terminated 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: County banks—in For loans by banks on stocks 70 50 70 excess of 4 and 2l/i 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 U, 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; martin requirements are the difference between the market value (100 + ) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. 5, 1964 Four weeks ending March 4, 1964 Gross demand: Gross demand : Total 134.209 25,493 6,234 50,910 51,572 Total 131,005 24,847 6,163 49,527 50,468 Interbank 14,350 4,249 1,186 7,065 1,851 Interbank 13,696 4,171 1,155 6,659 1,712 U.S. Govt 2,982 602 147 1,067 1,166 U.S. Govt 4,521 874 254 1,814 1,579 Other 116,877 20,642 4,901 42,779 48,555 Other 112,787 19,802 4,755 41,054 47,177 Net demand 1 110,812 20,244 5,266 41,188 44,115 Net demand l 108,418 19,720 5,195 40,174 43,330 Time 93,525 12,127 3,924 36,107 41,366 Time 94,666 12,313 3,950 36,669 41,734 Demand balances due Demand balances due from domestic banks. . 7,205 105 95 1,996 5,009 from domestic banks. 6,904 99 97 1,946 4,761 Currency and coin 3,312 262 50 1,005 1,996 Currency and coin 3,139 249 49 955 1,886 Balances with F.R. Balances with F.R. Banks 17,135 3,582 978 7,261 5,313 Banks 17,003 3,524 970 7,181 5,328 Total reserves held 20,447 3,844 1,028 8,266 7,309 Total reserves held 20,142 3,773 1,019 8,136 7,214 E R x e c q e u s i s red 20,040 3,82 1 5 9 1,026 2 8,24 2 0 6 6,9 3 4 6 8 1 E R x e c q e u s i s red 19,7 4 2 1 6 6 3,74 2 6 7 1,015 4 8,09 4 5 1 6,8 3 6 4 9 5 407 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

458 FEDERAL RESERVE BANKS APRIL 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 26 Mar. Feb. Mar. Assets 13,787 13,774 13,774 13,774 13,754 13,785 13,774 14,338 Redemption fund for F.R. notes 1,403 1,400 1,403 1,407 1,411 1,405 1,411 1,268 15,190 15,174 15,177 15,181 15,165 15,190 15,185 15,606 Cash 245 245 241 267 289 246 299 407 Discounts and advances: 55 953 436 77 574 130 570 171 Other 30 Acceptances: 62 62 62 62 62 61 64 52 Held under repurchase agreement 58 37 23 15 64 U.S. Govt. securities: Bought outright: Bills 3,892 3,754 3,993 4,011 3,491 4,148 3,728 2,466 Certificates—Special Other 3,265 3,265 3,265 3,265 3,265 3,265 3,265 13,580 Notes 21,622 21,621 21,621 21,621 21,621 21,622 21,621 10,475 Bonds 4,576 4,555 4,555 4,555 4,555 4,576 4,555 4,284 33,355 33,195 33,434 33,452 32,932 33,611 33,169 30,805 Held under repurchase agreement 28 140 159 158 Total U.S. Govt. securities 33,383 33,335 33,434 33,452 32,932 33,770 33,169 30,963 33,558 34,387 33,955 33,606 33,568 34,025 33,803 31,216 5,499 7,270 5,183 5,437 5,301 4,763 5,010 4,548 102 103 102 103 102 102 102 103 Other assets: 308 280 224 279 268 330 271 94 All other 335 311 302 283 258 351 264 310 55,237 57,770 55,184 55,156 54,951 55,007 54,934 52,284 Liabilities F.R notes 31,523 31,548 31,514 31,309 31,183 31,566 31 182 29 483 Deposits: 16 611 17,602 16,848 16,874 17 015 17 060 17 146 16 748 1,101 1,133 869 947 825 831 1,024 909 143 132 173 136 135 167 155 201 Other 170 217 197 203 196 200 207 188 18,025 19,084 18,087 18,160 18,171 18,258 18,532 18,046 4,002 5,469 3,866 3,990 3,926 3,474 3,539 3,179 Other liabilities and accrued dividends 92 93 93 92 88 95 90 71 Total liabilities 53,642 56,194 53,560 53,551 53,368 53,393 53,343 50,779 Capital Accounts Capital paid in 508 508 508 508 507 509 507 478 990 990 990 990 990 990 990 934 Other capital accounts 97 78 126 107 86 115 94 93 Total liabilities and capital accounts 55,237 57,770 55,184 55,156 54,951 55,007 54,934 52,284 Contingent liability on acceptances purchased for 105 100 98 97 92 110 95 83 U.S. Govt. securities held in custody for foreign 8,334 8,547 8,525 8,755 8,796 8,105 8,731 7,277 FederalReserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 33,562 33,663 33 649 33,599 33,621 33,594 33,606 31,207 Collateral held against notes outstanding: 6,557 6,557 6 607 6,607 6,607 6,542 6,607 7,283 13 58 52 15 53 21 54 7 U.S. Govt. securities 28,392 28,392 28,392 28,387 28,387 28,392 28,387 25,360 Total collateral 34,962 35,007 35,051 35,009 35,047 34,955 35,048 32,650 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 FEDERAL RESERVE BANKS 459 STATEMENT OF CONDITION OF EACH BANK ON MARCH 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 - L S ou t. is M ap i o n l n is e- 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 13,785 691 3,631 752 1,023 882 111 2,369 536 306 558 523 1,737 Redemption fund for F.R. notes 1,405 79 333 78 124 111 84 257 59 28 53 43 156 Total gold certificate reserves 15,190 770 3,964 830 1,147 993 861 2,626 595 334 611 566 1,893 F.R. notes of other Banks 522 31 152 37 45 20 80 31 16 32 11 32 35 Other cash 246 21 69 9 17 17 15 32 11 8 7 7 33 Discounts and advances: Secured by U.S. Govt. securities... 118 8 35 2 3 6 25 11 2 20 1 5 Other 12 12 * Acceptances: Bought outright 61 61 Held under repurchase agreement.. 64 64 U.S. Govt. securities: Bought outright 33,611 1,747 8,311 1,832 2,778 2,293 1,834 5,770 1,324 686 1,364 1,276 4,396 Held under repurchase agreement.. 159 159 Total loans and securities. .. 34,025 1,755 8,630 1,834 2,781 2,299 1,871 5,781 1,324 688 1,384 1,277 4,401 Cash items in process of collection... 5,863 394 1,290 410 431 446 450 918 240 155 290 270 569 Bank premises 102 3 8 3 6 5 17 22 6 4 6 12 10 Other assets: Denominated in foreign currencies. 330 15 1103 17 28 15 17 44 11 7 14 18 41 All other 351 18 85 19 30 23 20 62 14 6 15 13 46 Total assets 56,629 3,007 14,301 3,159 4,485 3,818 3,331 9,516 2,217 1,234 2,338 2,195 7,028 Liabilities F.R. notes 32,088 1,874 7,785 1,871 2,739 2,621 1,838 5,779 1,298 583 1,231 956 3,513 Deposits: Member bank reserves 17,060 649 4,777 791 1,150 718 952 2,652 595 426 754 847 2,749 U.S. Treasurer—General account.. 831 48 189 44 56 69 63 80 57 54 51 58 62 Foreign 167 6 268 7 12 7 8 19 5 3 6 8 18 Other 200 1 136 1 5 2 * 1 1 2 49 Total deoosits 18,258 704 5,170 843 1,219 799 1,024 2,753 657 484 812 915 2,878 Deferred availability cash items 4,574 348 891 351 375 311 373 736 203 128 220 228 410 Other liabilities and accrued dividends. 95 5 26 7 6 5 15 4 2 4 4 12 Total liabilities 55,015 2,931 13,872 3,070 4,340 3,737 3,240 9,283 2,162 1,197 2,267 2,103 6,813 Capital Accounts Capital paid in 509 24 135 28 46 25 29 72 17 12 23 30 68 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 115 30 6 9 7 6 21 4 2 5 15 Total liabilities and capital accounts.. 56,629 3,007 14,301 3,159 4,485 3,818 3,331 9,516 2,217 1,234 2,338 2,195 7,028 Ratio of gold certificate reserves to deposit and F.R note liabilities combined (per cent): Mar. 31, 1964 30.2 29.9 30.6 30.6 29.0 29.0 30.1 30.8 30.4 31.3 29.9 30.3 29.6 Feb 29 1964 30.1 31.1 32.9 30.3 30.8 28.9 30.0 27.5 31.1 29.6 32.0 29.6 26.8 Mar 31 1963 32 5 32 9 33.6 32.2 31.8 32.1 30.3 32.4 30.1 33.0 33.7 32.0 32.6 Contingent liability on acceptances purchased for foreign correspondents . . .. 110 t 333 6 9 t 6 15 c 6 14 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33,594 8^41 1 2,926 2,691 1 5 981 1j368 605 1 ?70 1.028 3 683 Collateral held against notes outstanding: Gold certificate account 6,542 423 1,650 425 500 555 340 1,100 250 112 272 180 735 Eligible paper 21 1 20 U.S. Govt. securities 28,392 1,580 6,750 1,600 2,550 2,170 1,650 5,177 1,210 ""505 1,100 900 3,200 Total collateral 34,955 2,003 8,400 2,026 3,050 2,725 1,990 6,277 1,460 617 1,392 1,080 3,935 1 After deducting $227 million participations of other F.R. Banks. 3 After deducting $77 million participations of other F.R. Banks. 2 After deducting $99 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BANKS; BANK DEBITS APRIL 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 1964 1963 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 26 Mar. Feb. Mar. Discounts and advances—Total 55 953 436 77 574 130 570 201 Within 15 days . . 51 951 434 74 572 126 568 169 16 days to 90 days 4 2 2 3 2 4 2 32 91 days to 1 year * Acceptances—Total 120 99 85 77 62 125 64 52 Within 15 days 72 54 43 36 21 77 20 14 16 days to 90 days 48 45 42 41 41 48 44 38 U.S. Government securities—Total... 33,383 33,335 33,434 33,452 32,932 33,770 33,169 30,963 Within 15 days i 659 809 746 803 603 866 454 517 16 days to 90 days 8,265 8,090 8,241 8,213 8,079 8,413 8,371 4,717 91 days to 1 year 10 002 10 001 10 012 10,001 9,815 10,034 9,909 12,464 Over 1 year to 5 years 12,160 12,149 12,149 12,149 12,149 12,160 12,149 10,917 Over 5 years to 10 years 2,075 2,067 2,067 2,067 2,067 2,075 2,067 2,183 Over 10 years 222 219 219 219 219 222 219 165 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalents) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d a i r a s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an N gu l e a i t l n h d d e e s r r - s f S r w an is c s s 1963—June 113 25 51 27 1 July. 63 * 51 6 1 Aug. 66 3 51 6 1 Sept. 96 3 51 6 1 25 Oct.. 115 3 51 2 51 Nov. 110 5 41 5 51 Dec. 153 10 37 1 101 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * 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 NewYork 6 others 2 centers 3 New York 6others 2 centers 3 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. 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. 2 356.8 888 5 489.3 979.0 49 5 30.4 23.0 25.1 1958. 2 439.8 958 7 487.4 993 6 53 6 30.o 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 o 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 i 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—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 July.. 320.7 130 3 129 9 66 9 66.8 122.8 1240 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 1169 96.9 95.6 46.7 46.1 29 9 29.9 34.3 34A Oct...• •. 337.2 133 7 136 9 69 4 71.3 123.6 1289 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 69 7 74.6 123.7 131 5 89.0 93.8 47.5 48 6 29 8 30.6 33.9 35.3 1964—Jan... 360.8 C143 7 153.9 69 6 73.5 126.6 133 92 1 93.0 47.8 47 4 '30 6 30.4 34 8 34.9 Feb.. '294.9 129 4 121.1 65 5 60.5 121.1 113 2 86 2 81.8 45.4 42 9 29 5 28.2 33 7 32.0 Mar.. 342.9 138 1 145.8 68 4 71.1 125.1 126 1 91 6 94.4 .9 P49 6 P30 1 4 1 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

APRIL 1964 U.S. CURRENCY 461 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation ! Total Coin $1 2 $2 $5 $10 $20 $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 ,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 ,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 ,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 ,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 ,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 ,511 85 2,216 6,672 10,476 9,326 2,803 5.913 261 341 3 5 1960 32,869 23,521 2,427 ,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 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963-Feb., 34,286 24,385 2,773 ,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 ,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 ,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May 35,067 24,953 2,850 ,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June 35,470 25,266 2,878 ,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July. 35,663 25,368 2,904 ,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 3 4 Aug. 35,850 25,487 2,926 ,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept. 35,891 25,468 2,947 ,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct.. 36,177 25,642 2,960 ,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov. 37,227 26,536 2,986 ,644 100 2,396 7,359 12,05010,691 3,155 6,988 247 295 3 4 Dec. 37,692 26,807 3,030 ,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 3 4 1964—Jan.. 36,247 25,500 3,021 ,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb. 36,312 25,561 3,044 ,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 i* OUUuItMsiUdeC Tlrrcetatssuuriyy a«mndu Fr\.Riv.. BJOaCnUkIKsS. . Boeefiourree 1I9?5JJ5 duect iacitulss acrtiee sMligighmtliyy 2 - Praappecri ccuurrrency 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 N^vO/Ti^E..——Ccooindensed from Circulation Statement of United States breakdown is not available. MMoonneeyy,, iissssuueecd by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation l Held by Total out- F.R. Kind of currency s F t e a 1 b n . 9 d 6 i 2 4 n 9 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s A B a g a n e n d n k t s s Fe 1 b. 9 6 2 4 9, Ja 1 n 9 . 6 3 4 1, Fe 1 b. 9 6 2 3 8, certificates Agents Gold 15,462 (15,185) 2 277 Gold certificates (15,185) 3 12,369 2,816 F R notes 33,607 93" 2.424 31,089 31,034 29.200 Treasury currency—Total 5,583 (1,930) 62 298 5,223 5,214 5,086 Standard silver dollars 485 24 1 459 455 391 Silver bullion 1.948 1,930 19 Silver ciertificates (1 930) 226 i 703 1 722 1 833 Subsidiary silver coin 1,920 16 33 1,871 1.859 1,724 Minor coin . ... 718 2 3 713 708 658 United States notes 347 1 34 312 306 310 In process of retirement 4 165 I * 164 164 170 Total Feb 29 1964 5 54,651 (17,114) 433 12,369 5,538 36,312 Jan 31 1964 5 54 976 (17 201) 416 12 414 5,898 36,247 Feb 28 1963 5 52,775 (17,745) 428 12,779 5.282 34,286 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. 453. 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

462 MONEY SUPPLY APRIL 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 re o n n c e y nt D d e e m po a s n it d jus a t d ed - ! Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - 1 d d e e p m os a i n ts d 1 component component 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 I960—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—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 152.1 32.0 120.1 108.9 152.5 32.1 120.4 109.3 5.2 Nov.. . . 153.4 32.3 121.1 110.7 154.8 32.6 122.2 110.0 4.3 Dec 153.5 32.4 121.1 111.8 157.4 33.1 124.3 110.8 5.1 1964—Jan 154.8 32.5 122.3 113.7 158.0 32.4 125.6 112.9 4.1 Feb 154.4 32.7 121.7 114.8 154.1 32.3 121.8 114.3 4.7 Mar.P. . 154.8 32.9 121.9 115.6 153.3 32.6 120.7 115.5 6.0 Half month 1963—Dec. (1) 153.5 32.5 121.0 111.6 156.7 33.2 123.6 110.6 4.0 (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 32.6 121.8 114.3 157.2 32.1 125.1 113.4 3.0 Feb. (1) 154.6 32.7 121.9 114.4 155.7 32.4 123.3 114.1 3.8 (2) 154.1 32.7 121.4 115.2 152.4 32.2 120.2 114.6 5.7 Mar. (1) 154.7 32.9 121.8 115.4 153.5 32.6 120.9 115.3 4.7 (2) 154.9 33.0 121.9 115.9 153.0 32.5 120.4 115.7 7.1 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t d m o ed s - e i t ! s d d e G e p U m o o .S s a v i . n t t . s d 1 en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t d m o ed - s e i t ! s d d e G e p U m o o .S s a v i . n t t . s d i 1962—Dec. 5. 149.1 30.9 118.1 95.8 6.3 1963—Dec. 4.. 155.6 33.0 122.6 110.2 4.5 12. 150.7 31.2 119.5 96.2 4.5 11.. 156.5 33.2 123.2 110.6 3.8 19. 152.6 31.2 121.4 96.6 4.5 18.. 158.4 33.1 125.3 110.8 4.1 26. 152.2 31.4 120.8 96.9 6.4 25.. 157.6 33.2 124.3 110.7 6.5 1963—Jan. 2. 153.4 30.9 122.6 97.5 6.8 1964—Jan. 1.. 159.0 32.8 126.2 111.3 6.5 9. 152.4 31.0 121.5 97.8 6.0 8.. 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. 156.3 32.2 124.1 113.7 3.5 13. 149.6 30.6 119.0 99.8 4.8 155.7 32.4 123.3 114.2 3.6 20. 147.6 30.5 117.1 100.1 6.1 153.5 32.3 121.2 114.4 5.2 27. 146.3 30.4 115.8 100.4 6.6 151.8 32.2 119.7 114.6 5.9 Mar. 6. 147.4 30.7 116.7 100.8 6.4 Mar. 4.. 152.7 32.3 120.4 114.9 5.6 13. 148.0 30.9 117.2 101.4 4.5 11.. 153.5 32.7 120.7 115.3 4.5 20. 148.4 30.8 117.7 101.8 4.9 18. 154.8 32.7 122.2 115.6 4.5 27. 146.1 30.6 115.5 102.1 7.2 152.3 32.5 119.8 115.6 7.7 Apr. 3. 146.8 30.8 116.1 102.5 6.9 Apr. 153.0 32.5 120.5 115.9 7.8 10. 148.3 31.2 117.1 102.8 4.5 17. 151.1 31.1 120.0 102.8 3.2 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

APRIL 1964 BANKS AND THE MONETARY SYSTEM 463 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit Total assets, net— Date Gold T s r t c o e r u i a u n e n u r n a g r y c t d - - s y - - Total Lo n a e n t s, Tota U l . S. m G C o e a o r n v c m d e i r a - n l me R F nt 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 a i i a n a p t o n i b e i e t t d t i a s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s c C m o a a n a u p i n c e s n i d - t c t t a s . , l savings Banks banks 1929 June 29 4,037 ?,019 58,642 41,08? 5,741 5 499 216 ?6 11,819 64,698 55,776 8,922 1933 June 30 /\ 031 0,286 42,148 ,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939 Dec 30 17 644 0,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941 Dec 31 737 247 64,653 26,605 29,049 ?s,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 ,867 8,577 191,785 180,806 10,979 1947 Dec 31 00,754 4,562 160,832 43 107,086 81 199 22,559 3,328 10,723 188,148 175,348 12,800 1950 Dec 30 00 706 4,636 171,667 ,366 96,560 70,894 20,778 o,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 7? 715 28,881 71? 29,667 308,466 280,397 28,070 1962 Dec 28 . . IS 978 S,568 309,389 170,693 103,684 7?,563 30,478 643 35,012 330,935 302,195 28,739 1963—Mar. 27 900 5 600 309,100 170 300 102,500 71 300 30,600 600 36,300 330,500 300,600 29,900 Apr 24 15,900 5,600 309,600 171 101,500 70 300 30,500 700 36,900 331,100 301,100 29,900 May 29 IS 800 S,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*> 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 S,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*> is 600 5,600 323,400 ,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 29^ 15,500 5 600 328,300 187,400 100,800 67 500 32,700 600 40,100 349,400 318,400 31,100 Feb 26^ is 500 S,600 330,000 188,800 100,600 67,000 32,900 700 40,600 351,000 318,800 32,200 Mar. 25? 15,500 5,600 334,200 191,600 101,500 67,400 33,400 700 41,100 355,200 323,300 31,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) u. s Seasonally adjusted Not seasonally adjusted Time 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 ! 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 d o e e n d - s - d i t l s Total m b C e a o r n c m k i s a - l b M sa a v n u i k t n u s g a s 2 l 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 r u o n a e r l g s a y d h s s - - sa c m a c v o A n i e i m a n d t 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 1933 June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 ,217 2 409 846 634 1941 Dec 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 .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 ,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 I 518 1,293 2,989 668 I960—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 ,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 ,488 405 7,090 602 1963—Mar. 27.... 147,700 30,400 117 300 145,500 30,100 115,400 145,100 102,200 42,400 500 ,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 ,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 ,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 ,337 369 11,306 806 July 31P... 148,900 30,900 118 000 148,800 31,000 117,800 150,300 106,600 43,300 500 ,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 ,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 ,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 ,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 Feb. 26P... 150,700 31,900 118 800 149,900 31,500 118,400 160,400 114,600 45,400 400 ,100 500 6,000 800 Mar. 25?... 152,600 32,300 120 300 150,300 32,000 118,400 162,100 115,700 46,000 400 1,200 400 8,100 1,100 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

464 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 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 Other Bor- Total Num- Cla a s n s d o d f a b te ank Total Loans G U o .S v . t. Other a C ss a e s t h si c b c o a i a l a u p i n c t n i - d i t e t a s s l 2 Total 1 m D a e n - d Time U.S D . ema O n t d her Time 3 r i o n w gs - c c a o a p u c i - n ta ts l ba b o n e f r ks Govt. All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945_Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332165,612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31 4 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11J948 14,714 1961—Dec. 30 256,700154,318 72,715 29,667 57,368 321,394 2'8"7",176 17,914 482 5,952141,979 120,848 482 26,227 13,946 1962—June 30 263,542 160,123 70,722 32,697 49,612 320,638 ,18614,400 526 9,559128,845 131,855 796 27,036 13,934 Dec. 28 280,397 172,822 72,563 35,012 54,939 343,201303,653 16,008 535 6,83914i;084 139,188 3,635 28,04613,940 1963—Mar. 27 280,650 173,090 71,280 36.280 46,530 335,010 295 460 13,800 520 7,330128,950 144,860 3,100 28,09013,962 May 29 282,640 176,120 69,220 37,30047;720 338,,250 298 090 13,730 540 6,820129,540 147,460 3,060 28,380 13,983 J D J A S O N u u e e c u o l c n p y t . g v e . t . . . 2 2 2 2 2 3 3 9 7 8 5 0 5 1 * * * * * * 2 2 2 2 2 2 3 8 9 9 9 8 0 8 7 2 3 6 7 1 7 , , , , , , , 4 2 4 6 4 2 6 5 0 1 5 1 7 8 0 0 0 0 1 0 01 1 1 1 1 1 1 8 8 8 8 9 8 7 0 4 5 9 2 1 9 , , , , , , , 5 4 6 0 3 1 7 3 7 9 6 4 5 1 0 0 0 0 0 0 4 6 6 6 6 6 6 6 8 7 7 7 9 7 8 , , , , , , , 5 6 9 8 7 0 6 6 7 0 7 6 1 5 0 0 8 0 0 0 0 4 3 4 3 3 3 3 0 0 9 9 8 9 7 ,3 0 2 7 7 9 5 7 5 9 6 3 8 0 0 0 0 0 0 9 0 4 5 5 4 4 4 5 6 8 9 1 8 1 2 ; ; , ! , , 9 0 9 7 1 1 1 1 4 2 9 7 9 7 0 6 0 0 0 0 0 3 3 3 3 3 3 3 6 4 4 4 5 5 4 1 1 7 9 6 0 4 , , , , , , , 6 8 6 2 3 9 1 2 9 2 1 9 9 0 0 6 0 0 0 0 0 3 3 3 3 3 3 3 1 0 1 0 0 0 0 3 4 8 8 9 0 9 ; . ; , , , , 9 5 4 6 4 2" 0 0 8" 1 1 1 1 1 1 1 4 5 4 4 3 4 5 , , , , , , , 8 3 5 7 8 0 0 8 4 1 9 0 0 4 0 0 0 0 0 0 2 5 5 5 5 5 5 5 5 5 5 5 5 3 3 1 0 0 0 0 0 0 1 1 8 1 , , , 7 6 0 8 3 8 1 9 6 9 7 1 5 3 0 9 0 0 0 0 0 1 1 4 3 1 8 1 1 1 1 1 1 1 5 5 5 5 5 5 4 5 4 4 2 9 0 1 , , , , , , , 6 1 6 0 0 0 3 8 2 9 3 6 5 3 3 0 0 0 0 0 0 4 2 3 2 3 3 1 , , , , , , , 4 9 5 9 6 9 2 6 0 5 9 3 4 6 3 0 0 0 0 0 0 2 2 2 2 2 2 2 9 9 9 8 8 8 8, , 0 6 8 5 6 2 9 3 5 1 0 0 0 0 2 1 1 1 1 1 1 1 4 4 4 4 4 3 4 , , , , , , , 0 0 0 0 0 9 0 6 5 2 3 7 9 1 8 0 5 4 8 3 4 1964—Jan. 29* 297,800 190,160 67,510 40,130 48,310 354,800 313,41014.060 610 2,840 137,070 158,830 3,20029,51014,095 Feb. 26? 299,050 191,480 66,990 40,580 48,680 356,390 314,03013,930 630 5,750133,460 160,260 3,310 2299,87014,113 Mar. 25" 303,130 194,650 67,350 41,130 48.000 359,930 317,60014,040 670 7,890133,110161,890 3,26029,99014,122 Commercial banks: 1941_Dec. 31 50,746 21,714 21,808 7,,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945_Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 "1,4,0i11 1947_Dec. 31.« 116,284 38,057 69,221 9,006 3"7",502155,377144,103 12,792 240 1,343 94,367 35,360 6510,059 14,,181 1961—Dec. 30 215,441 124,925 66,57823,937 56,432278,561 248,689 17,914 481 5,946 141,920 82,429 47122,459 13,,432 1962—June 30 220,670 129,193 64,44327,034 48,728276,222200 245,29814,400 525 9,554 128,785 92,034 786 23,18313,422 Dec. 28 235,839 140,106 66,434 29J298 54,049297,116262,122 16,008 535 6,829141,041 97,709 3,627 24iO94 13,429 1963—Mar. 27 234,860 139,360 64,840 30,660 45, 287,590252,960 13,800 520 7,330128,890102,420 3,100 24,,107013,451 May 29 236,490 141,750 63,010 31,730 46 i 290,510255,280 13,730 540 6,820129,480 104,710 3,060 24,,36013,472 June 29 241,014145,049 63,542 32,423 51.156 299,875266,179 15,042 550 11,060133,624 105,903 1,545 24,,58213,482 July 31* 240,980145,560 62,480 32,940 48;,340296;710 261 65014,000 530 130133,,190106,800 2,960 24,520 13J5O3 Aug. 28? 240,380145,800 60,870 33,710 45;,390293 ooo 257;34013,800 530 870129,,270107,870 3,240 24,600 13,515 Sept. 25* 244,840 148,870 61,810 34 160 48.080 300^250264i560 14,510 550 8,850 132,320108,330 2,930 24,720 13,524 Oct. 30* 245,940 149,720 61,770 34 450 47,970 301,340 264; 14,790 550 ,700110,140 3,690 24, Nov. 27* 248,850152,760 61,970 34 370 306;, 740 269. 14,880 550 |390 138,860110,340 4,400 25, Dec. 25* 253,270 155,720 62,690 34 860 50,940 31i; 870 274; 89015,340 550 6,790141,180111,030 3,950 25,070 13,569 1964-Jan. 29* 249,400 153,200 61,600 34,600 47,450 304,720268,260 14,060 610 2,840 137,010113,740 3,200 255,,360 13,586 Feb. 26" 250,190154,140 61,000 35,050 47,780 305,790 268,57013,930 630 5,750133,400114,860 3,310 255,,6-7.-0 .13_,,6—0.4 Mar. 25" 253,500 156,960 60,97035,570 47,220 308 720 271,58014,040 670 7,890 133,050115,930 3,260 25,760 13,614 Member banks: 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 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 6i~,0"70 2299,845 138,304 129,67013,576 64 222,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 304 32,845132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30 179,599 106,232 54,058 308 49,579235,112 209,63017,195 303 5,381119,595 67,157 438 18,638 6,113 1962—June 30 183,497109,212 52,065L,219 42;853 232,359 206,05713,796 351 8,734108,014 75,162 735 19,179 6,070 Dec. 28 195,698 118,637 52,968 24,092 47,427249,488 219,46815,309 358 6,086117,999 79,716 3,550 19,854 6,049 1963—Mar. 27 194,884 117,883 51,71925,28239,685240835 211 14613,186 345 6,523107,402 83,690 3,04219,851 6,039 May 29 195,892119,515 50,023 26 354 41,009 243 246 213,10413,146 361 6,018107,939 85,640 2,910 "20,082 6,052 June 29 199,495 122,088 50,399 27 008 44,929251,214222', 61914,388 373 9,761 111,548 86,550 1,440 20,238 6,058 July 31 199,412 122,550 49,371 27,491 42,388248,396 218,37613,370 349 6,349110,997 87,311 2,849 20,213 6,072 Aug. 28 198,780 122,763 47,876 28 14139,627 827 214,30313,172 355 5,148107,350 88,278 3,076 20,273 6,080 Sept. 25 202,599 125,458 48,633 28 508 42,211251,312 220,73013,837 371 7,936109,959 88,627 2,836 20,377 6,092 Oct. 30 203,343 126,074 48,568 28 70141,895251,833 220,475 14,083 377 3,154112,702 90,159 3,553 20,555 6,097 Nov. 27 205,816 128,811 48,647 28;358 44,,276256778 224, 14,171 376 3,812115,516 90,440 4,244 20,606 6,104 Dec. 25 209,812 131,467 49,326 29 019 44,655 261 239 229; 14,596 377 6,052117,469 91,024 3,779 20,669 6,108 1964—Jan. 29 206,179 129,103 48,344 28,732 41,480 254,644 223,40413,363 429 2,394113,823 93,395 3,073 20,952 6,124 Feb. 26 206,916 129,888 47,87329,155 41,969255;804 223,940 13,275 448 5,044110,823 94,350 3,166 21,172 6,130 Mar. 25" 209,979 132,381 47,98529,613 41,171258,229 226,541 13,378 489 7,032110,459 95,183 3,05421,226 6,136 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—Mar. 27 45,790 33,730 6,440 5,620 890 47,420 42,500 42,440 4,020 511 May 29 46,150 34,370 6,210 5,570 840 47,740 42,810 42,750 4,020 511 June 29 46,397 34,665 6,166 5,566 890 48,020 43,248 43,180 19 4,031 511 July 31* 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 Feb. 26* 48,860 37,340 5,990 5,530 900 50,600 45,460 45,400 4,200 509 Mar. 25* 49,630 37,690 6,380 5,560 780 51,210 46,020 45,960 4,230 508 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 465 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 a C ss a e s t h s1 c c b T o a i a l l a o u p i i n c a t t i n d - i - t a e t a l s s l 2 Total i Interba T nk im 1 e 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 t l s l b N a b n o u e k f m 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 4,202 866 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 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935i 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—Mar. 27 32,533 20,950 7,096 4,487 7,987 42,652 34,794 3,913 214 1,385 19,320 9,962 ,117 3,904 16 May 29 32,115 20,886 6,478 4,751 9,323 43,624 35,459 4,278 207 1,198 19,61210,164 ,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 ,029 3,944 13 Aug. 28 31,947 21,191 5,418 5,338 7,591 41,789 33,809 3,804 194 937 18,14010,734 ,204 3,940 13 Sept. 25 32,957 22,036 5,642 5,279 8,995 44,185 36,361 3,991 202 2,078 19,35310,737 ,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 ,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 ,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 ,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 ,294 4,161 13 Feb. 26 33,611 22,799 5,561 5,251 9,317! 45,377 37,010 4,060 268 901 19,69412,087 ,320 4,184 13 Mar. 25» 34,885 23,653 5,879 5,353 8,53O| 45,875 37,661 4,096 306 1,563 19,45312,243 ,187 4,184 13 City of Chicago:5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 .... 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 .... 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 9131 426 14 1961_Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5.268 2,008] 35 870 9 1962—June 30 7,937 4,672 1,936 ,329 1,893 10,009 8,810 ,1281 546 4,520 2,598 34 894 9 Dec 28 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,277i 410 5,264 3,025; 262 948 13 1963—Mar. 27 9,138 5,376 2,440 ,322 1,899 11,260 9,410 ,155 427 4,619 3,198 596 957 13 May 29 8,832 5,428 2,050 ,354 2,084 11,143 9,759 ,122 346 4,791 3,488' 165 971 12 June 29 9,082 5,545 2,071 ,466 2,136 11,440 10,141 ,202 584 4,840 3,499! 111 974 12 July 31 9,171 5,574 2,096 ,501 2,109 11,484 10,007 ,153 406 4,926 3,509J 240 980 12 Aug. 28 8,965 5,566 1,825 ,574 1,951 11,097 9,638 ,165 289 4,616 3,556! 252 979 12 Sept. 25 9,346 5,796 1,915 ,635 2,094 11,623 10,036 ,209 583 4,669 3,563! 327 983 12 Oct. 30 9,211 5,826 1,743 ,642 1,993 11,394 9,934 ,218 186 4,802 3,714! 274 990 12 Nov. 27 9,376 6,038 1,731 ,607 1,955 11,521 10,103 ,186 200 4,909 3,794i 211 993 12 Dec. 25 9,662 6,276 1,699 ,687 2,074 11,936 10,441 ,219 398 5,012 3,798 272 1,000 12 1964—Jan. 29 9,24: 5,837 1,823 ,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Feb. 26 9,42: 5,956 1,867 ,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 1,002 12 Mar. 25*> 9,69! 6,064 2,063 ,568 1,776 11,713 10,128 ,124 472 4,627 3,889 327 1,011 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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760| 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,438 2200,216 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 7,69417,602 89,885 80,631 6,622 75 3,670 40,60129,663 240 7,201 206 Dec. 28 73,130 46,567 18,398 8,16519,539 94,914 84,248 7,477 82 2,337 43,609 "3,0743 1,388 7,263 191 1963—Mar. 27 72,850 46,821 17,420 8,609 16,603 91,622 81,320 6,561i 72 2,605 39,698 32,384!1.082 7.315 190 May 29 73,497 47,300 17,187 9,010 16,603 92,362 81,610 6.275! 91 2,387 39,706 33,151 1,131! 7,413 192 June 29 74,614 48,164 17,326 9,124 18,526 95,433 85,555 6,8111 110 3,793 41,291 33,549 4071 7,440 194 July 31 74,735 48,512 16,930 9,293 17,748 94,865 83,987 6,544! 96 2,488 41,096133,763! 294 7,462 194 Aug. 28 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612) 98 2,022 39,867134,105 j1,213 7,490 195 Sept. 25 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6.9591 97 2,941 40,341134,216 1,2501 7,557 196 Oct. 30 76,106 50,132 16,324 9,650 17,185 95,705 84,266 7,062| 94j 1,14141,359'"34,6101 1 .5001 7,635 194 Nov. 27 76,776 50,699 16,472 9,605 18,887 98,069 85,891 6,949| 90 1,462 42,69834,692i 2,102 7,653 195 Dec. 25 78,434 51,947 16,664 9,823 18,927 99,833 88,253 7,35O| 2,288 43;474 35,0531 1,4271 7,703 191 1964—Jan. 29 76,859 51,034 16,152 9,673 16,826 96,184 84,938 6.512 98 813 41,439 36,076 1J46I 7,773 189 Feb. 26 77,289 51,529 15,994 9,76617,193 96,845 85,456 6,449 105 2,062 40,234J36,606 1,095 7,814 189 Mar. 25*> 78,288 52,395 15,866 10,027:16,863 97,572 86,404 6,495 107 2,796 40.167136,839 1,000 7,815 186 Country member banks:6 1941_Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,235 12,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,378 14,560 23| 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 ,925 1,641 46,211 31,832 40 7,088! 1962—June 30 75,019 41,492 23,843 9,685 13,806 90,555 81,577 ,529 2,601 42,5"9"6' 34,803 80 7,323! Dec. 28 80,623 44,698 25,42510,501 14,559 97,008 87,342 ,773 1,931 46,895 36,692 172 7,744 5,828 1963—Mar. 27 80,363 44,736 24,76310,864 ,196 95,301 85,622 ,557 48 2,106 43,765 38,146 247 7.675 5,820 May 29 81,448 45,901 24,30811,239 ,999 96,117 86,276 ,471 51 2,087 43,830 38,837 322 7,751 5,832 June 29 82,952 46,934 24,49611,522 ,465 99,361 89,470 ,641 60 3,332 45,06639,371 127 7,894 5,839 July 31 83,055 47,048 24,40411,603 ,745 98,490 88,603 ,581 2,002 45,289 3~9~,680 286 7,827 5,853 Aug. 28 83,152 47,109 24,19311,850 ,420 98,283 88,152 ,591 1,900 44,727 39,883 407 7,864 5,860 Sept. 25 84,421 47,869 24,53712,015 ,644 99,829 89,779 ,678 2,334 45,596 40,111 228 7,892 5,871 Oct. 30 85,166 48,351 24,57512,240 ,941100,887 90,620 ,783 1,159 46,970 40,648 341 7,964 5,878 Nov. 27 86,049 48,971 24,81012,268 ,175101,988 91,514 ,764 1,485 47,708 40,497 451 7,994 5,884 Dec. 25 86,905 49,596 24,88612,423 ,593103,390 92,957 ,859 1,897 48,446 40,695 481 7,995 5,892 1964—Jan. 29 86,427 49,267 24,67812,48213.796102.111 91,815 ,736 1.130 47.484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,53813,436101,941 91,418 ,642 1,802 46,180 41,734 381 8,172 5,916 Mar. 25? 87,111 50,269 24,17712,66514,002103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total Class of bank Securities Cash T l o ia t - al Interbank 1 Other Bor- c T a o p t i a ta l l N b u e m r and date Total Loans U.S. assets l c b a i a l p i n t i d i t e a s l Total De- Demand r i o n w gs - co a u c- nts ba o n f ks Govt. Other cou a n c- ts 2 mand Time U.S. Time Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 ,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,975 34,882 61 9,734 '1"3,398 1960—Dec. 31.. 198,011117,092 60,468 20,451 51,836 255,669 228,40116,921 1,667 5,932 132,53371,348 149 20,62813,119 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,176 1177,737 333 5,993344 141 ;050 82,122 462 22,08913,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 140,169 97,380 3,584 23,71213,119 1963—June 29.. 239,447144,363 63,037 "3"2,047 50,770 297,836 264,654 1144,871 430 11,005132,788 105,559 1,498 24,19113,189 Dec. 20.. 252,579155,261 62,723 34,594 50,337 310,730 273,65715,077 443 6,712140,702 110,723 3,57125,27713,284 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 4 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 45,47316,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 45 5,409 5,005 I960—Dec. 31.. 107,546 63,694 32,71211,140 28,675 139,261 124,911 9,829 611 3,265 71,660 39,546 11111,098 4,530 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,63612,750 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 58,462 60013,008 4,537 Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,70413,548 4,615 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 1,502 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 1,867 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 1,918 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 1,644 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 1,600 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 1,544 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 1,521 Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 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 1960—Dec. 31.. 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 14,095 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 Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,140 19,793 4,234 7,173 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. 31 4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1960—Dec. 31.. 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 285 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. 31 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 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 22,076 '1"9,353 105 4,343 7,424 Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 421 151 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 1960—Dec. 31. 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—Dec. 30. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 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 30337,273 3,414 331 Dec. 20. 41,664 32,300 4,324 5,041 722 43,019 38,657 292 "3,8359 3,572 330 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 467 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cia a s n s d o d f a b te ank Total Loans 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 N ba b u o n e m f r ks - G U o .S v . t. Other cou ac n - ts 2 m D a e n - d Time G U o .S v . t. Other Time Noninsured mutual savings banks: 1941 Dec 31 8,687 4,259 3,075 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 1960—Dec. 31 5,320 3,270 1,453 597 107 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 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 1 18 5,645 2 617 180 Dec. 20 6,425 4,380 1,548 498 104 6,602 5,859 8 5,851 633 179 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. 463. Virgin Islands that became a member in May 1957, 2 noninsured non- * 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 from comand 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 ^classification 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. 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 Securities Securities Period Total1 Loans1 Total1 Loans1 U.S. Other U.S. Other Govt. Govt. 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 I960 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 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 \f ay 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 32.4 July? 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Augp . 238.5 142.5 62.1 33.9 237.1 142.5 60.8 33.7 Sept.p 240.7 145.0 61.7 34.0 241.9 146.0 61.8 34.2 Octv 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 Dec 2P 246.3 150.6 60.8 34.9 252.2 154.2 62.9 35.1 1964 Jan * 245.8 151.3 59.8 34.7 246.0 149.8 61.6 34.6 Feb v 249.0 152.7 61.0 35.3 247.0 150.9 61.0 35.1 Mar P 253.0 154.7 62.9 35.4 249.7 153.2 61.0 35.6 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. 31. 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

468 COMMERCIAL BANKS APRIL 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans l Investments For To purchasing financial U. S. Government b c C a a l n l a l k s s d a a o n t f d e l i m o T n a a v o e n n e n t d s a s t t l s 1 - Total 2 C m d t a c i r o u n n i i e a m s a d - r - l l - - c tu a u r l l - - o b k d a T s r r e e n e o o r a d c c - s l u a - r r o r it y t i T h i e n o e s g rs b i a T n n o s k t s itut o io T th n o e s rs R t e a e s t - a e l O u v i d t t a i n o h i d l - - e s - r Other Total Bills sec c C t u a i e r n te i r - t - s i e ! ! s I Notes Bonds ! s g r l S a o e i o t n t c c i v a d e u a t t s l - e . O s r e i t t h c i e e u r s ers Total: 2 1947_Dec. 31.. 116,284 38,057 18,167 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205i 5,,276 3 ,729 1961—Dec. 30.. 215,441124,925 45,172 6^248 4,056 22,113344 1,033 7,31130,320 27;847 3,412 66,57811,488 2,114 26,336 26,641120,,345 3,592 1962—Dec. 28..235,839140,106 48,673 7,097 5,1442,131 2,578 8,445599 34,25930,553 3,,990099 66,43411.674 3,932 23,84126,987 24•,,755 4,543 1963—June 29.. 241,014145,049 49,862 7 4,645 2,233 1,934 8,649 36,72532,6613,812 63,542 9,128 3,21623,821 27,378 27,817 4,606 Dec. 20.. 254,162156,006 52,947 7,470 "5,353 2,509 3,605 9,47939,056 34;550 4,034 63,19611,059 1,658 22,415 28,06529;786 5,173 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4.773 4 505 21,046 988 3,159 16,899 3,651 3,333 1945_Dec. 31.. 121,809 25,765 9,4611,3143,1643,606 49 4,677 2,361 1,132 88,912 2,455 19,071 16,045151,342 3,873 ",258 1947—Dec. 31.. 114,274 37,58318,0121,610 823 1,1~90~! 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.. 213,904 124,348 44,965 6,211 4,0302,107' 1,027 7,296 30,21127,7083,396 66,026 ll,356j 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28..234,243 139,449 48,458 7,060 5;il92,103 2,551 8,434 34,12330,402 3,890 65,891 11,514 3,916 23,715 26,746 24,547 4,356 1963—June 29.. 239,447 144,363 49,660 7,513 4,615 2,203 1,902 8,620 36,55832,506 3,793 63,037 9,0021 3,203 23,741 27,092 27,573 4,475 Dec. 20.. 252,579 155,261 52,7437,444 5,321 2,476!3,594 9,415 38,86134,383 4,015 6.2,.723 10,952 1,649 22,316 27,806 29,559 5,035 Member, total: 1941—Dec. 31..43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 97lj 3,00715,561 3,090 2,871 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 . . . . 1 9 0 7 7 , , 8 1 4 8 6 3 2 3 2 2 , , 7 6 7 2 5 81 8 6 , , 9 9 4 6 9 21,0 88 4 55 6 55 3, 8 1 1 3 1 33 1 , , 3 0 7 6 8 5 1 4 1 7 3 7 3 , , 1 45 3 5 0 4 1 , , 6 90 6 0 2 1, 8 05 3 7 9 5 78 7 , , 3 9 3 1 8 4 2,275 16,9851 4 4 , , 8 2 1 7 5 1 4 445 4 5, , 2 8 9 0 5 7 4 3 , , 1 2 9 5 9 4 3, , 1 8 0 1 5 5 1961—Dec. 30..179,599 106,232 40,9313,934 3,8771,827 1,014 893 23987 22,8523,198 54,058 9,229 842 21,390 21,59816,6912,617 1962—Dec. 28..195,698 118,637 43,843 44,,4419 49541,777 2,445 . ,9_3_6. 2 7,,16 2 24,,79 9 3,657 52,9688,862 3,24919;443 21,414 20,773 3,319 1963—June 29..199,495 122,088 44,7014,664 4,-4361,880 1,844 8,134 29,127 26,366 3,557 50,399 6,863 2,60819,423 21,505 23,533 3,475 Dec. 20..210,127 131,712o1 *4•7,403 4,659 5,1242,136 3,439 8,87531,009 27,908 3,765 49,342 8,032 1,30718,072 21,932 25,210 3,864 New York City:3 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 558 9,772 638 604 1961—Dec. 30.. 30,297 19.53511,278 231,956 467 376 1,711 934 2,0721,220 7,862 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,95411,943 17 "2,766 425 572 2,087 1,329 2,1431,196 7,017 2,488 2,023 3,585 432 1963—June 29.. 32,847 21,44611,630 132,308 448 546 2,044 1,845 2,1611,034 6,506 2,508 2,118 4,451 444 Dec. 20.. 34,827 23,57712,332 26 "2,677 569 1,007 2,247 1,968 2,2571,068 6,154 2,341 1,955 4,653 442 City of Chicago:3 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 749 1,864! 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 248 2,274 213 185 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 728 743 816 124 1962—Dec. 28.. 8,957 5,418 2,941 407 152 703 362 523 369 2,129 849 788! 1,242 168 1963—June 29.. 9,082 5,545 3,051 358 176 135 741 393 555 288 2,071 782 79l| 1,226 240 Dec. 20.. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 599 717 1,361 329 Other reserve city:3 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 2:99,552 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 35120,196 373 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 19,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,660 1,179 ,053 752 1,020 3,58311,030 9,860 ,266 18,398 2,343 l,403i 7,257 7,395 7.252 913 1963—June 29.. 74,614 48,16417,805 ,2451,090 786 751 3,88611,68310,464 ,380 17,326 1,685! 1,191 7,2817,168j 8,163 961 Dec. 20.. 78,370 51,89118,862 ,2191,243 891 1,224 4,28612.52511,106 ,462 16,686 2,152! 545 6,600 7,390| 8,810 981 Country : 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,52! 4,377 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 16,722 1,342 ,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2',583 17,687 2,006 ,262 1961—Dec. 30.. 73,131 39,69310,165 2,811 591 438 116 1,25113,24211,132 75124,407 3,614 566 9,560 10,667 7,530 ,500 1962—Dec. 28.. 80,623 44,69811,2993,187 728 447 764 1,56314,44112,273 826. 2255,425 4,144 1,223 8,849 11,209 8,694 ,807 1963—June 29.. 82,952 46,93412,2153,378 680 469 412 1,46315,20613,186 856 24,496 3,112 1,106 8,851 11,427 9,692 ,830 Dec. 20.. 87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,531 11,87110,3852,111 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,'8"3-0 "2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,982 1,224 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 Dec. 20.. 44,035 24,295 5,5"4"4 2,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 1,309 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not 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

APRIL 1964 COMMERCIAL BANKS 469 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 t R - k h e . s s r C c e a o n n u i c d r n - y b m a a w B n d e n a o c i s t k l - e t - h i s s c 4 ju m p D s o a d a t d s e e e n - i - - d t d s 5 me D I s o n t - i t c e 4 rba e F n ig k o n r- 6 G U o .S v . t. S l g 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 s d k - i ' s - , IPC I b n a t n e k r- P G U S o a o a . n s S v v t d a . - t l . g S 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 14,169 122,654 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 13,099 124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—June 29.... 16,529 3,483 12,579 117,419 13,749 1,294 11,060 12,396 4,502 116,726 550 254 7,466 98,183 1,54524,582 Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 All insured: 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 13,871 121,671 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 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—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 97,893 1,49824,191 Dec. 20 17,150 4,033 11,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 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—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 80,322 1,44020,238 Dec. 20.... 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 New York City:3 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—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 Dec. 20 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 City of Chicago:3 1941—Dec. 31.... 1,021 43 298 2,215 1,027 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 1,196 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—June 29.... 974 40 154 3,941 1,155 47 584 373 112 4,355 16 6 130 3,363 111 974 Dec. 20.... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 Other reserve city:* 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—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 Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 7,697 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 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—June 29 4,933 1,599 5,182 42,524 1,617 25 3,332 5,610 755 38,700 60 94 2,631 36,647 127 7,894 Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 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 Dec 20 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 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

470 WEEKLY REPORTING MEMBER BANKS APRIL 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Total and 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 _ v e J t e n e s t d t s - 2 j L us o t a e n d s 2 i C n m t a c r o d n i e i m a u a d r l s l - - - A tu g r r a i l - G c a T U t s u o i n e o e . r v d S - s i- t b . . d r e o O a k c l t s e u t e i e h e r r r - s s i s e - r G c U t s T u o i e e . r o v S - s i - t . . oth O c e t s u t i r e h e s r - s i e - r F ei o g r n B - ank c m m D c o t i i e e m o a c s r - l - - - f P s C i a e n a e O N n t l a r c S e d n s o . . s , . . nb O an t k her es R ta e t a e l ot A h l e l r V s t e a i r r o e l v u n - e a s - Total- Leading Cities 1963 Mar 6 129,858 1?8 158 80,991 34,639 1,510 1,566 ?,584 102 1,404 663 ,700 1,700 ?,685 15,784 18,286 ,939 13 130,504 128,491 81,142 34,746 ,502 1,558 2,532 104 1,405 644 £,013 5,762 2,704 15,827 18,290 1,932 20 131,161 1?9,106 81 S91 35,289 ,504 902 ?,637 99 1,4^5 639 1,055 tM17 9 7?4 15,872 18,312 1999 27 131,557 129,556 81,406 35,208 ,510 759 2,617 100 1,423 637 2,001 i1,050 2,740 15,921 18,372 1,931 1964 Feb 5 138,397 136,3?8 89,504 37,314 1,5?0 637 3,334 103 1j741 J .011 2,069 J.908 3.537 18,021 20,422 ,044 12 138,479 136,84? 89,887 37,368 1,5?4 930 3.374 97 1.741 ,011 ,637 *$,876 3,51? 18,081 20,420 "ti047 19 138,855 136,987 90,052 37,619 1,528 783 3,312 95 1,736 1,015 1,868 $,947 3,497 18,127 20,441 .,048 26 138,541 136,847 89,875 37,590 1,513 583 3,?79 97 1,736 1,000 1,694 iJ,O33 3,478 18,161 20,457 ,05? Mar 4 139,454 137 748 89,977 37,599 1,48? 489 3,366 96 ,768 1,004 1,706 i.113 3,447 18,163 20,500 ,050 11 139,240 137,589 90,168 37,507 1,484 553 3,399 98 1,773 ,058 1,651 4,203 3,444 18,217 20,486 i,054 18 141,160 139,308 91.7?7 38,137 1,493 759 3,569 97 1,775 1,051 1,852 4,650 3,455 18,280 20,518 057 25 141,158 138 908 91,351 38,172 1,493 573 3,469 97 1,775 1.063 2,250 4.438 3,449 18,341 20,541 ,060 New York City 1963 Mar 6 31,242 30 8?6 19,914 11,376 13 956 1,3?1 22 398 316 416 ,155 504 1,304 3,109 560 13 31 684 31,057 ?0,009 11,391 13 963 315 22 397 299 627 ,252 505 1 323 3 089 560 20 31,679 31 01? ?0 111 11,658 13 481 1,388 19 397 299 667 ,498 50? 1,336 3,080 560 27 31,812 31,138 19,878 11,620 12 353 1,372 24 398 293 674 ,433 510 1,341 3,082 560 1964 Feb 5 33,314 3?,66? ?1,993 12,071 ?? 390 1.895 26 553 530 65? ,?97 679 1.819 3,273 56? 12 33,109 32,814 22,127 12,054 22 473 1,944 26 554 536 295 [,308 677 1,825 3,270 562 19 33,232 3?,596 ??.037 12,190 ?? 326 1,836 25 550 530 636 1,345 668 ,829 3,279 563 26 33,116 3?,576 ?1,99? 12,201 ?? 317 1,784 25 55? 527 S40 ,36S 669 ,833 3,263 566 Mar 4 33,506 32,943 21,902 12,139 22 234 1,840 25 576 521 563 1,318 688 1,828 3,277 566 11 33,660 33 13? ?9,144 12,122 ?? 262 1,909 25 581 543 528 1,437 700 1,839 3,271 567 18 . . 34,259 33^8P 99,746 12,358 99 322 9,098 25 575 541 447 1,605 705 ,860 3 272 567 25 34,403 33,563 22,565 12,389 21 314 1,945 25 579 543 840 1,450 714 .873 3,279 567 Outside New York City 1963 Mar 6 98 616 97,33? 61,077 23,263 497 610 963 80 1,006 347 1 284 2 545 9 181 14 480 15 177 1 372 13 98,820 97 434 61,133 23,355 489 595 ,?17 82 1,008 345 1,386 2,510 ?, 199 14,504 15,201 1,379 20 99,482 98,094 61,480 23,631 ,491 421 ],?49 80 1,098 340 1,388 2,619 9 999 14,536 15,232 ,369 27 99,745 98,418 61,528 23,588 ,498 406 1,245 76 1,025 344 1,327 2,617 2,230 14,580 15,290 1,371 1964 Feb 5 105,083 103.666 67,511 25,243 ,498 247 1,439 77 ,188 481 1,417 2,611 ?,858 16,202 17,149 ,48? 12 105,370 104 0?8 67,760 25,314 ,50? 457 1.430 71 1.187 475 1,34? 2,568 ?.835 16,256 17,150 ,485 19 105,623 104 391 68 015 25,429 ,506 457 1,476 70 1,186 485 1,?3? ?,60? ?,8?9 16,298 17,162 ,485 26 105,425 104j?71 67,883 25,389 ,491 266 1,495 72 1,184 473 1,154 2,668 ?,809 16,328 17,194 ,486 Mar 4 105,948 104 80*; 68,075 25,460 ,460 255 1,5?6 71 1,19? 483 1,143 2,795 r759 16,335 17,223 ,484 11 105,580 104,457 68,024 25,385 1,462 291 1,490 73 1,192 515 1,123 2,766 2,744 16,378 17,215 ,487 18 106,901 105,496 68 981 25,779 ,471 437 1,541 72 1,900 510 1 405 3 045 9 750 16 420 17 246 I 490 25 106,755 105,345 68,786 25,783 1,472 259 1,524 72 1,196 520 1,410 2,988 2 735 16,468 17,262 1,493 For notes sec p. 356. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 WEEKLY REPORTING MEMBER BANKS 471 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 Wednesday Total Bills c C t a if e t i e r - - s W 1 i y i N n t e h a o - r m te a s 5 t u a 1 y n r e i t d a n o r g b s — o 5 n A d y f s e te a r rs 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 a i c c t l e k e h - s s s - b a w B e f a n i o n a i c g r t l e k n h - - s s "u c a r o n re i d n ncy B s F w e R . a r i n e v t R - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i o b n e t i u i d s t a l a n i l - l ts Total— Leading Cities 1963 Mar. 6 30,940 4,464 2,576 3,599 13,296 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 13,282 6,976 16,627 17,387 3,205 197 1,629 12,356 4,880 166,615 20 30,912 4,508 1,771 2,578 14,340 7,715 16,603 17,342 3,152 171 1,615 12,404 4,845 166,773 27 31,399 4,988 1,753 2,593 14,343 7,722 16,751 17,129 2,940 174 1,663 12,352 4,912 165,680 1964 Feb. 5 27,590 4,111 1,062 2,386 13,748 6,283 19,234 17,972 2,924 256 ,646 13,146 5,592 176,191 12 27,728 4,264 1,072 2,383 13,768 6,241 19,227 17,476 3,025 252 ,796 12,403 5,636 175,701 19 27,682 4,276 118 2,736 14,563 5,989 19,253 17,485 3,019 258 ,779 12,429 5,406 175,396 26 27,591 4,221 110 2,802 14,531 5,927 19,381 17,877 2,906 267 ,793 12,911 5,438 175,301 Mar. 4 28,197 4,938 111 2,868 14,403 5,877 19,574 17,384 3,098 271 ,607 12,408 5,509 176,407 11 27,865 4,729 111 2,855 14,306 5,864 19,556 17,634 3,016 246 ,726 12,646 5,564 176,512 18 27,910 4,861 112 2,872 14,279 5,786 19,671 18,225 2,996 264 ,744 13,221 5,481 179,498 27,802 4,837 111 2,856 14,229 5,769 19,755 17,219 2,830 267 ,779 12,343 5,560 177,072 25 New York City 1963 6,707 1,680 634 780 2,170 1,443 4,205 4,026 145 239 3,562 2,140 41,863 Mar. 6 6,639 1,631 640 780 2,171 1,417 4,409 4,013 110 246 3,579 2,079 42,558 13 6,544 1,648 212 477 2,520 1,687 4,357 3,86" 239 3,475 2,012 42,423 20 6,861 1,937 199 499 2,520 1,706 4,399 3,780 80 246 3,384 2,081 41,765 27 1964 Feb. 5 5,620 1,134 330 428 2,475 1,253 5,049 4,364 73 105 261 3,925 2,395 44,869 12 5,650 1,191 331 425 2,469 1,234 5,037 4,090 83 107 270 3,630 2,455 44,058 19 5,453 1,120 21 464 2,693 1,155 5,106 4,090 93 110 260 3,627 2,387 44,286 26 5,407 1,078 22 466 2,694 1,147 5,177 4,391 68 118 262 3,943 2,408 44,766 Mar. 4 5,800 1,451 23 491 2,680 1,155 5,241 3,831 122 121 253 3,335 2,448 44,524 11 5,772 1,432 21 485 2,677 1,157 5,216 3,933 82 104 269 3,478 2,445 44,983 18 5,794 1,500 2: 493 2,652 1,127 5,272 4,185 72 121 258 3,734 2,375 45,879 25 5,725 1,422 481 2,678 1,122 5,273 3,794 61 125 268 3,340 2,422 45,298 Outside New York City 1963 Mar. 6 24,233 2,784 1,94: 2,819 11,126 5,562 12,02: 13,133 2,917 118 ,264 8,834 2,818 123,142 13 24,083 2,62: 1,946 2,842 11,111 5,559 12,218 13,37-' 3,095 119 ,383 8,777 2,801 124,057 20 24,368 2,860 1,559 2,101 11,820 6,028 12,246 13,475 3,064 106 ,376 8,929 2,833 124,350 27 24,538 3,051 1,554 2,094 11,823 6,016 12,35" 13,349 2,860 104 ,417 8,968 2,831 123,915 1964 Feb. 5 21,970 2,977 73: 1,958 11,273 5,030 14,185 13,608 2,851 151 ,385 9,221 3,197 131,322 12 22,078 3,073 741 1,958 11,299 5,007 14,190 13,386 2,942 145 ,526 8,773 3,181 131,643 19 22,229 3,156 97 2,27." 11,870 4,834 14,147 13,395 2,926 148 ,519 8,802 3,019 131,110 26 22,184 3,143 88 2,336 11,837 4,780 14,204 13,486 2,838 149 ,531 8,968 3,030 130,535 Mar. 4 22,397 3,487 88 2,377 11,723 4,72: 14,333 13,553 2,976 150 ,354 9,073 3,061 131,883 11 22,093 3,29" 90 2,370 11,629 4,70 14,340 13,701 2,934 142 ,457 9,168 3,119 131,529 18 22,116 3,361 90 2,379 11,627 4,65' 14,399 14,040 2,924 143 ,486 9,487 3,106 133,619 25 22,077 3,415 2,375 11,551 4,647 14,482 13,425 2,769 142 ,511 9,003 3,138 131,774 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 WEEKLY REPORTING MEMBER BANKS APRIL 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday j u u T n s o t a t e d a d l - 4 j m p u o s d a a t s d e e n i - - d t d s 5 Total6 IPC G S l a o t o n c a v d a te t l . e F i o g r n - 7 G U o .S v . t. c m m D c o t e i i e o m a c s r - l - - - Total8 S in a g v s - IPC Oth S l a o e t n r c a d a t t e l ime e F i o gn r- 7 F B F r a o . n R m k . s F ot r h o e m rs li t a i b e i s li- co i a u t c a n - l ts banks Govt. Total— Leading Cities 1963 Mar 6 142,644 61,701 90,082 64,477 5,238 1,6393,363 11,988 52,562 35,562 10,159 3,704 2,773 130 2 597 5 886 13 748 13 144,119 63,232 91,181 67,074 4,737 1,6332,523 11,582 52,938 35,657 10,363 3,783 2,759 29 2,898 5 830 13,739 20 144,307 61,936 91,336 65,207 4,779 1,7534,275 11,700 52,971 35,751 10,328 3,797 2,712 96 3,020 5,637 13,713 27 143,446 62,312 90,259 64,608 4,916 1,7125,034 10,831 53,187 35,874 10,372 3,824 2,744 165 2 770 5 562 13 737 1964 Feb ^ 152,281 64,015 91,816 67 228 5,260 1.8501,99611,575 60,465 38,172 14,198 4 368 3 280 323 2 908 6 009 14 670 12 152,245 63,718 91,567 67,605 4,879 ,8292,560 11,179 60,678 38,218 14,327 4,404 3,280 338 2,317 6,126 14,675 19 151,917 62,090 91,106 65,508 4,997 ,7214,129 11,237 60,811 38,264 14,317 4,381 3,402 28 2,666 6,112 14,673 26 151,505 62,565 90,575 65,460 5,188 ,614 3,755 10,810 60,930 38,291 14,390 4 407 3,387 528 2 439 6 131 14 698 M^ar 4 . . 153,247 62,353 92,140 65 731 5,304 ,7633,689 12,038 61,107 38,360 14,475 4 407 3 411 12 2 211 6 220 14 717 11 152,608 63,457 91,237 67,421 4,687 ,7542,148 11,558 61,371 38,428 14,687 4,383 3,414 397 2,613 6^70 14,724 18 155,196 63,360 94,006 67,781 4,191 ,7544,498 11,516 61,190 38,509 14,319 4,437 3,439 911 2,714 5,986 14,691 25 153,467 62,630 92,053 65 376 5 169 8545,493 10,795 61,414 38,566 14,513 4 390 3 460 21 2 842 6 034 14 708 New York City 1963 Mar. 6 33,662 15,469 24,040 16,326 318 1,224 907 3,209 9,622 4,142 3,059 222 2,010 36 1,327 2,995 3 843 13 . . 34,374 16,075 24,619 17,052 274 1 221 669 3 093 9,755 4,161 3,137 274 1 992 1 422 2 919 3 843 20 34,436 15,403 24,738 16,392 260 1,3251,170 3,300 9,698 4.175 3,110 270 1,949 39 1,373 2,742 3,833 27 34,016 15,882 24,264 16,595 216 1,2741,372 2,918 9,752 4,182 3,140 269 1,969 6 1,112 2,797 3,834 1964 Feb 5...... 36,445 16,201 24,556 16,854 323 1,407 545 3,014 11,889 4,416 4,519 397 2,303 166 1,294 2 811 4,153 12 36,013 16,149 24,110 16,739 253 1,379 712 2,845 11,903 4,421 4,526 398 2 304 72 954 2 865 4 154 19 36,227 15,579 24,269 16,367 311 1,2921,031 3,082 11,958 4,431 4,463 394 2,415 1,063 2 853 4 143 26 36,474 15,694 24,492 16,543 350 1,230 901 3,046 11,982 4,436 4,484 395 2,405 213 1,115 2,824 4,140 Mar 4 36 692 15,706 24,646 16 578 330 1 314 947 3 254 12,046 4 439 4,527 402 2 417 760 2 924 4 148 11 36,797 15,967 24,566 17,046 270 1,290 515 3,139 12,231 4,450 4,698 379 2,440 1,219 2,819 4,148 18 37,593 16,046 25,467 17,402 241 1,2991,226 3,135 12,126 4,466 4,529 386 2,451 177 1,274 2,695 4,140 25 37,147 15,713 24,955 16,613 343 1,3801,559 3,004 12,192 4,471 4,598 372 2,457 1,200 2,811 4,140 Outside New York City 1963 Mar 6 108,982 46,232 66,042 48 151 4 920 4152,456 8 779 42,940 31 420 7 100 3 482 763 94 J 970 2 891 9 905 13 109,745 47,157 66,562 50,022 4,463 4121,854 8,489 43,183 31,496 7,226 3,509 767 29 1,476 2,911 9,896 20 109,871 46,533 66,598 48,815 4,519 4283,105 8,400 43,273 31,576 7,218 3 527 763 57 I 647 2 895 9 880 27 109,430 46,430 65,995 48,013 4,700 4383,662 7,913 43,435 31,692 7,232 3,555 775 159 1,658 2,765 9,903 1964 Feb 5 115,836 47,814 67,260 50,374 4,937 4431,451 8,561 48,576 33,756 9,679 3,971 977 157 I 614 3 198 10 517 12 116,232 47,569 67,457 50,866 4,626 4501,848 8,334 48,775 33,797 9,801 4,006 976 266 1,363 3,261 10,521 19 115,690 46,511 66,837 49 141 4,686 4293,098 8 155 48,853 33 833 9,854 3 987 987 28 I 603 3 259 10 530 26 115,031 46,871 66,083 48,917 4,838 4442,854 7,764 48,948 33,855 9,906 4,012 982 315 I 324 3 307 10 558 Mar. 4 116,555 46,647 67,494 49,153 4,974 4492,742 8,784 49,061 33,921 9,948 4,005 994 12 1,451 3,296 10,569 11 115,811 47,490 66,671 50,375 4,417 4641,633 8,419 49,140 33,978 9,989 4,004 974 397 1,394 3,351 10,576 18 117,603 47,314 68,539 50 379 4,556 4553 272 8 381 49 064 34 043 9 790 4 051 988 734 I 440 3 291 10 551 25 116,320 46,917 67,098 48,763 4,826 474 3,934 7,791 49,222 34,095 9,915 4,018 1,003 21 1,642 3,223 10,568 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 BUSINESS LOANS OF BANKS 473 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during—• Industry 1964 1964 1964 1963 1963 M 2 a 5 r. M 1 a 8 r. M 1 a 1 r. M 4 ar. F 2 e 6 b. Mar. Feb. Jan. IV III h 2 a n l d f h 1 a s l t f Durable goods manufacturing: Primary metals 670 669 648 637 643 27 28 -2 53 4 5 9 -38 Machinery 2,253 2,245 2,179 2,175 2,221 32 98 -47 83 177 9 186 151 Transportation equipment 893 895 855 853 857 36 25 -49 12 -5 -90 -95 -91 Other fabricated metal products . . . 879 870 846 824 822 57 34 -19 72 -51 -7 -59 58 Other durable goods 1,082 1,065 1,031 1,014 1,011 71 20 -51 40 -90 23 -67 91 Nondurable goods manufacturing: Food, liquor, and tobacco 1,459 1,499 1,462 1,503 1,500 -41 -126 -292 -459 496 148 644 -593 Textiles, apparel, and leather 1,542 1,547 1,511 1,487 1,447 95 191 -75 211 -238 71 -167 288 Petroleum refining 1,095 1,104 1,106 1,128 1,149 -54: -43 5 -92 72 27 99 7 Chemicals and rubber 1,105 1,092 1,055 1,035 1,026 79 21 8 108 -20 -40 -60 66 Other nondurable goods 857 849 828 829 840 17 21 -30 -96 60 -36 92 Mining, including crude petroleum and natural gas 2,679 2,704 2,683 2,686 2,689 -10 -33 -170 -213 413i 30 443 237 Trade: Commodity dealers 1,168 1,202 1,222 1,241 1,277 -109 -104 -41 -254 348 235 583 -263 Other wholesale 2,048 2,032 2,011 2,013 1,993 55 37 -111 -19 125 -30 95| 23 Retail 2,495 2,519 2,402 2,403 2,371 124 72 -213 220 -67 154 52 Transportation, communication, and other public utilities 4,100 4,059 4,010 4,088 4,165 -65 -135 -2231 -423' 546| -16 529 -255 Construction 1,894 1,877 1,864 1,846 1,850 44 26 -31 39; -27 67 40 133 All other: i Bankers' acceptances 876 889 965 932 — 43] 43 -47 -47 All other types of business, mainly 570! 3 573 i 180 services 4,935 4,921 4,* 4,819 4,791 144* 118 -92 170 Total classified loans 32,043 32,025 31,460 31,546 31,584 459 293 -1,480 728 2.4461 427 137 Commercial and industrial loans— all weekly reporting banks 38,172 38,137 37,507 37,599 37,590 582 395 -1,598 -621 2,849 385 2,8731 393 1 Beginning December 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks3 ,a2r3e4 included of dollar exchange are excluded form commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: 1 19 large cities New York City: 1963—Mar 4.80 5.62 .36 5.06 4.70 1955 3.7 5.0 4.4 4.0 3.5 June 4.78 5.61 .37 5.05 4.68 1956 4.2 5.2 4.8 4.4 4.0 Sept 4.81 5.64 .36 5.04 4.71 1957 4.6 5.5 5.1 4.8 4.5 Dec 4.76 5.63 .36 5.04 4.65 1958 4.3 5.5 5.0 4.6 4.1 1964—Mar 4.77 5.66 .39 5.06 4.66 1959 5.0 5.8 5.5 5.2 4.9 7 northern and 1960 5.2 6.0 5.7 5.4 5.0 eastern cities: 1961 5.0 5.9 5.5 5.2 4.8 1963—Mar 4.98 5.85 5.53 5.18 4.84 1962 5.0 5.9 5.5 5.2 4.8 June 5.01 5.84 5.54 5.27 4.87 1963 5.0 5.9 5.5 5.2 4.8 Sept 5.01 5.85 5.56 5.19 4.88 Dec 5.04 5.85 5.55 5.27 4.90 1964—Mar 5.02 5.82 5.54 5.24 4.88 Quarter: 1 19 large cities 11 southern and western cities: 1963—Mar. 5.00 5.89 5.55 5.21 4.83 1963—Mar 5.30 6.02 5.66 5.07 June 5.01 5.86 5.54 5.24 4.84 June 5.32 5.97 5.63 5.12 Sept. 5.01 5.86 5.54 5.21 4.85 Sept 5.30 5.96 5.64 5.09 Dec. 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.07 1964—Mar. 4.99 5.83 5.53 5.22 4.82 1964—Mar 5.29 5.91 5.62 5.31 5.08 1 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3V4; Oct. 14, 3Vil 1956—Apr. 13, 3Y4; Aug. 21, 4; NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 1957—Aug. 6,41/2; 1958—Jan. 22, 4; Apr. 21, 31/2; Sept. 11,4; 1959—May 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955. Changes 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4V2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 INTEREST RATES APRIL 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 4 p - a t p o e r 6 , - d p ir la e c ct e l d y, a a c n c c e e p s t , - 3- to 5months * m 3 o - n to th s 6 - 2 90 days i on i R s 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 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1963—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 M!ay 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 3.70 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.532 3.53 3.664 3.67 3.71 3 63 4.02 Mar 4.00 3.83 3.75 3.553 3.54 3.740 3.72 3.78 3.67 4.15 Week ending— 1964 Feb 29 3.90 3.78 3.75 3.547 3.56 3.703 3.72 3.76 3.61 4.05 Mar 7 4.00 3.81 3.75 3.589 3.56 3.777 3.74 3.78 3 64 4 10 14 4.00 3.81 3.75 3.534 3.54 3.715 3.72 3.78 3.65 4.12 21 4.00 3.81 3.75 3.538 3.54 3.726 3.72 3.77 3.67 4.16 28 4.00 3.86 3.75 3.550 3.54 3.740 3.73 3.80 3.72 4.23 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 i 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 98 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 20 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 5 73 1963 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 3.40 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 3.58 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 '5.69 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 5.41 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 Feb 4 14 3.27 3.08 3.54 4.55 3.46 4.83 4 48 4 67 4 51 4 31 3 05 Mar 4.18 3.33 3.14 3.57 4.56 4.38 4.83 4.49 4 67 4 51 4 34 3 03 Week ending— 1964 Feb 29 4 15 3 28 3 09 3 55 4 54 4 35 4 83 4 47 4 66 4 50 4 31 3 06 Mar 7 4 16 3 31 3.12 3 57 4 55 4.36 4 83 4 48 4 66 4 51 4 32 3 05 14 4.17 3.31 3.13 3.55 4.55 4.37 4.83 4 48 4 67 4 51 4 33 3 02 21 4.18 3.35 3.16 3.57 4.56 4.38 4.83 4.48 4.67 4.51 4.35 3.01 28 4.20 3.35 3.16 3.58 4.57 4.39 4.83 4.50 4.68 4.53 4.37 3.03 Number of issues 6-12 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 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

APRIL 1964 SECURITY MARKETS 475 SECURITY PRICES Bonds Common stocks Vol- Standard Standard and Poor's index 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- ( t l e o r n m g ) - S l a o t n c a d a te l A C r p a A o o t - r e A - Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i y b c l - - Total Total r D ab u l - e N ra d o b u n l - e - p T t o r i a r o t n n a s - - P u i u t t i y b l - - n s a a e i f c n n r i- e v d c - e, M in i g n- s s h a a o n r f d es s ) 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—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 86.63 113.1 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 June 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 Aug.. . . 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 95.9 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 85.03 108.5 95.9 72.62 76.69 38.60 64.81 147.3 138.0 136.6 139.4 129.5 186.4 174.9 127.9 5,294 Dec 84.64 109.5 95.4 74.17 78.38 39.92 65.64 151 141.4 137.7 145.0 134.9 191.3 176.5 135.2 4,701 1964—Jan 84.42 111.2 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 Feb 84.60 112.3 95.7 77.39 81.96 41.54 67.20 158.3 149.0 144.7 153.0 145.2 197.3 182.1 143.4 4,639 Mar 84.10 109.9 95.2 78.80 83.64 42.88 66.78 160.9 152.8 150.9 154. 150.4 194.5 185.3 143.0 5,428 Week ending— Feb. 29. 84.48 111.8 95.6 77.73 82.36 42.34 *67.01 158.8 149.9 146.4 153.3 148.6 195.9 182.6 141.2 5,281 Mar. 7. 84.36 110.7 95.4 78.13 82.84 42.85 66.81 159.8 151.2 148.6 153.7 149.6 195.5 184.0 141.8 5,196 14. 84.26 110.0 95.3 78.82 83.65 43.08 66.83 161.5 153.4 152.5 154.3 149.7 195.4 185.8 143.0 5,627 21. 84.06 109.4 95.2 79.21 84.14 42.93 66.75 161.0 153.0 150.3 155.6 150.7 193.8 186.2 143.5 5,441 28. 83.81 109.4 94.9 78.97 83.87 42.64 66.72 161.4 153.7 152.0 155.4 151.7 193.4 185.2 143.6 4,267 NOTE.—Annual data are averages of monthly data. Monthly and weekly Common stocks, Standard and Poor's index based on averages of daily 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 5^-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 other than N.Y. Stocls. Exchange brokers and dealers for pur- Money borrowed on— Cus- Months Total firms served by— chasing and 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 d l 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—Mar 5,754 28 4,331 100 1,423 63 3,129 2,754 375 1,175 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 ,149 July 6,511 25 4,895 81 1,616 29 3,836 3,359 477 ,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 \,2\\ Dec r7,242 26 r5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 Feb 7,120 21 5,384 97 1,736 33 4,158 3,738 420 1,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,639 499 1,231 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 not member firms of N.Y. Stock Exchange carrying margin accounts, as 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 national reporting member banks. Before July 1959, loans for purchasing or securities exchanges and balances of reporting firm and of general part- 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 accounts and Chicago banks. Accordingly, for that period the fifth col. includes of one customer are consolidated. Money borrowed includes borrowings any loans for purchasing or carrying such securities at other reporting from banks and from other lenders except member firms of national banks. Composition of series also changed beginning with July 1959; securities exchanges. revised data for the new reporting series (but not for the breakdown of Nov. data on customers' net debit balances exclude amounts carried loans by purpose) are available back through July 1958 and have been by a large former member firm in liquidation; most of these accounts incorporated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 OPEN MARKET PAPER; SAVINGS INSTITUTIONS APRIL 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers i 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 76 878 278 456 46 296 232 1958 32,751 840 31,911 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 1960 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 ,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 ,153 865 288 110 86 1,301 541 778 186 171 974 1963—Feb 6,996 2,193 4,803 2,565 ,141 840 301 54 84 1,285 542 703 159 148 ,013 Mar 7,076 2,260 4,816 2,589 ,167 886 280 52 83 1,288 554 730 142 122 ,041 Apr 7,382 2,204 5,178 2,658 ,251 977 274 44 83 1,280 523 750 146 108 ,130 May 7,542 2,084 5,458 2,696 ,148 923 225 42 83 1,422 525 808 149 72 ,142 June 7,239 2,049 5,190 2,697 ,227 953 274 43 83 1,344 536 807 130 66 ,158 July 7,522 2,059 5,463 2,712 ,202 990 213 39 85 1,386 555 791 128 64 ,174 Aug 7,808 2,062 5,746 2,644 ,174 938 236 38 89 1,343 556 772 105 53 ,159 Sept 7,161 2,098 5,063 2,709 ,107 946 181 34 104 1,463 564 775 97 47 ,226 Oct 7,869 2,230 5,639 2,733 ,093 911 181 58 105 1,477 563 807 89 46 ,229 Nov 8,170 2,172 5,998 2,744 ,190 976 214 42 102 ,410 C571 842 54 46 ,230 Dec 6,747 1,928 4,819 2,890 ,291 1,031 260 162 92 1,345 567 908 56 41 ,317 1964—Jan 7,765 2,042 5,723 2,938 ,393 1,025 368 68 91 ,386 557 962 70 39 ,310 Feb 8,119 2,079 6,040 3,056 ,466 1,095 371 64 95 1,431 596 983 94 ,351 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— End of period M ga o g r e t- Other G U o . v S t . . S g l a o o t n c a v d a t t e l . C ot o r a h a n r e t p d e r o 1 - a C s a se sh ts O as t s h e e ts r s l a T u ia a t c r o i b n c p e t i d t l s a l s u i l . - s D i e t p s o 2 s- l O ia t t i b e h i s e li r - S c u o a r u c p n - l t u s s N c M u o m m o b r m t e g r i a tm ge A e n m lo ts a o n u 3 nt 1941 4,787 89 3 592 1,"86 829 689 11 772 10 503 38 1 231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 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 61,85^ 1 654 1962 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 6 143 512 5,176 819 735 46 451 41 565 912 3 955 101 815 2 345 Feb 32,812 583 6,172 501 5,166 870 722 46,826 41,780 1,052 3,993 108,060 2,398 Mar 33,125 611 6,432 475 5,157 891 743 47,436 42,306 1,106 4,023 103,534 2,379 Apr 33,452 568 6 191 470 5,085 830 728 47 325 42 318 ,034 3 973 107 672 2 409 May 33,809 614 6,166 462 5,080 852 734 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 Aug 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 ,049 4 093 106 337 2 379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 ,141 4,143 109,881 2.378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 r44,606 943 4,153 104,326 2,549 1964 Jan 36,352 661 5,951 440 5,088 849 837 50,179 45,006 1,023 4,150 102,694 2,228 1 Includes securities of foreign governments and international organi- NOTE.—National Assn. of Mutual Savings Banks data; figures are zations 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 the BULLETIN; the latter are for call dates 2 See note 3, p. 463. and 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

APRIL 1964 SAVINGS INSTITUTIONS 477 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l ndForeign i 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 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: 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 196? Dec . .. .... 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963 Jan r . .... 134,212 12,817 6 304 4,068 2,445 56,844 51,613 5 231 47,172 4,148 6,271 6 960 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 Apr 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 June 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 AllS 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 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov 140 207 12,371 5,787 3,889 2 695 59 574 53 989 5,585 49,813 4,369 6,651 7 429 Dec 140,903 12,330 5,755 3,876 2,699 59,452 53,769 5,683 50,543 4,348 6,690 7,540 1964—Jan 141,866 12,365 5,782 3,859 2,724 60,006 54,269 5,737 50,828 4,368 6,729 7,570 1 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 E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other 1 a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 . . ^ 376 2 420 450 356 8,747 7 365 644 336 402 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 j 484 862 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 1960 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 I 550 1,136 1 908 1962 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;i37 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 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 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 Dec 90 849 6 440 3 964 6,178 107,431 91,205 7,208 5,011 2,520 1,487 2,613 1964 Jan 91,484 6,584 3,555 5,967 107,590 91,654 7,224 4,596 2,365 1,751 2,645 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

478 FEDERAL FINANCE APRIL 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 t s a . : - i E r T e q c o u t t a s a . l l 2 s: Budget fu T P n r l d u u s s s : t 3 A m L d e e j n s u t s s s : t - 4 E p T q a o u y t a t a s l l s . : p r a e o y c 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 L n r e b v u e y n e s s . s t s s : & t. . L N d c 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 97,774 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 2,535 883 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 1,848 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 5,078 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: 1963—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 6,953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 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 -328 2,028 1,784 116 128 Sept 10,095 1,830 269 11,652 7,815 2,515 781 9,549 2,102 366 -575 101 839 Oct 3,400 1,289 259 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 1964—Jan 5,853 1,088 303 6,628 8,492 2,257 902 9,848 -3,219 -1,059 -1,328 86 183 Feb 8,047 3,705 222 11,525 7,521 2,063 191 9,393 2,132 1,550 830 133 586 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C s h h a b n a g l e a n in ces Tr ( e e a n s d u r o e f r 's p e a r c io co d u ) nt 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 se u a o c r a 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 d u d r e y a T u c r c 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 ts r 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 r874 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: 1963—Feb 542 rl,132 -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 -431 232 767 -260 1,132 -isi 2,105 7,375 880 5,621 874 1964—Jan -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 Feb 526 1,642 -163 -230 -830 1,780 194 2,531 6,795 1,024 4,783 988 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.—Bases on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 FEDERAL FINANCE 479 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total Individual and Cus- and Re- Liquor High- OASI Un- gift toms repay- funds Other Corp. Total and to- way Total and empl. ments With- Other bacco R.R. held 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 ,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 2,940 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 Month: 1963—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 1,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 1,087 385 283 542 294 195 180 101 C148 126 c240 Feb 11,525 6,105 870 451 1,112 382 320 3,382 2,393 954 184 87 102 944 176 Cash payments to the public Period Na- Space Nat- Com- Hous- Health, Gen- Total 5 tional Intl. re- Agri- ural merce ing labor & Educa- Vet- Inter- eral de- affairs search culture and & com. welfare tion erans est Govt. fense transp. devel. 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 07,662 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 13,751 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.-June 53,773 27,331 855 775 2,547 1,016 2,591 214 12,515 601 3,019 3,595 939 July-Dec 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: 1963—Feb.'" 8,779 4,135 223 194 318 163 402 -406 2,234 125 467 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 9,321 4,835 289 299 367 213 641 380 2,185 98 419 319 167 July 10,045 4,263 -7 270 818 215 502 464 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 1964—Jan 9,848 4,385 251 355 701 C192 394 -12 C2,448 127 703 269 263 Feb 9,393 4,311 204 317 610 179 424 -383 2,357 120 468 1,396 178 1962 1963 1962 1963 Item III IV III 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 27.3 24.5 Payments. . . 27.6 27.0 28.1 292 28.2 28.2 304 30.2 26.0 27.8 28.5 29.6 26.5 29.1 309 30.6 Net -2.2 -.5 -.7 -2 1 -.8 -.4 -1 7 -1.3 .3 3.2 -2.5 -6.6 1.7 3.4 -3 5 -6.1 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 U.S. GOVERNMENT SECURITIES APRIL 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total Total gross Marketable Nonmarketable | Special End of period d g e r b o t s s i d d e ir b e t c 2 t Total C v ib e o r l n e t- - Sav- issues 6 Total Bills Certifi- Notes Bonds 4 bonds Total 5 ings 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. 1963—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 June. 306. 305.9 257.2 203.5 47.2 22.2 52.1 82.0 3.5 50.2 48.3 44.8 July. , 305 304.8 257.2 203.5 47.2 22.2 52.2 81.9 3.5 50.3 48.4 43.7 Aug.. 307 306.5 257.0 203.2 47.2 17.0 58.6 80.5 3.4 50.3 48.5 45.5 Sept.. 307 306.6 258.0 204.3 48.2 15.5 54.1 86.5 3.4 50.4 48.6 44.7 Oct.. 307. 306.4 259.2 205.3 49.7 15.5 53.7 86.5 3.3 50.6 48.7 43.3 Nov.. 308 308.2 260.5 206.6 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 88.7 3.2 50.8 48.9 41.9 Feb.. 311.2 310.4 263.2 209.2 53.6 4.2 64.5 87.0 3.2 50.8 49.0 42.9 Mar.. 310.4 309.6 262.2 208.2 52.5 4.2 64.5 87.0 3.2 50.8 49.1 43.2 1 Includes non-interest-bearing debt (of which $363 million, on Mar. 5 Includes Series A investment bonds, depository bonds, armed forces 31, 1964, was not subject to statutory debt limitation) and guaranteed leave bonds, adjusted service bonds, foreign currency series, foreign securities, not shown separately. series, Rural Electrification Administration bonds, and before 1956, 2 Excludes guaranteed securities. 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 $14,578 million on Feb. 29, 1964. 4 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 i o o d f 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 v c d s S t i t . e . s b F a . n R ks . Total m C b e a o r n c m 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 p o e o n r - s g S l a o o t n v c 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 i O m t n o t v i h r s e s e c s 3 r . 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 1960—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 6.1 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 6.1 11.5 20.1 19.5 46.9 18.3 15.3 12.7 1963—Feb 305.2 55.1 30.6 219.5 65.8 6.1 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 6.3 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 6.1 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 6.1 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 6.1 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 6.1 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 6.1 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 21.6 20.3 c48.0 18.9 16.0 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 15.9 13.3 1964—Jan 309.3 56.6 32.8 220.0 62.7 5.9 11.1 '22.0 21.0 48.1 '19.2 '15.9 14.2 Feb 311.2 57.5 33.2 220.5 61.9 6.0 11.0 23.0 21.4 48.2 19.3 16.1 13.6 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

APRIL 1964 U.S. GOVERNMENT SECURITIES 481 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: 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 Dec 31 .. ... 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Jan. 31 208,589 88,445 52,547 35,898 57,509 37,900 8,357 16,378 Feb 29 209,218 85,046 53,550 31 496 63,392 36,053 8 356 16 372 U.S. Govt. agencies and trust funds: 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 Dec 31 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Jan. 31 12,205 1,916 1,549 367 1,707 3,279 2,193 3,110 Feb. 29 12,157 1,747 1,470 277 1,929 3,165 2,194 3,122 Federal Reserve Banks: 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 Dec 31 33.593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Jan. 31 32,753 21,729 3,312 18,417 8,669 2,136 88 131 Feb. 29 33,169 18,734 3,728 15,006 12,149 2,067 88 131 Held by public: 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 Dec 31 162,089 64.979 46,027 18,952 47,919 30,525 6,091 12,575 1964—-Jan. 31 163,631 64,800 47,686 17,114 47,133 32,485 6,076 13,137 Feb 29 163,893 64,565 48,352 16,213 49,314 30,821 6,074 13,119 Commercial banks: 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—Dec. 31 54,881 16,703 9,290 7.413 26,107 11,075 533 463 1964—Jan 31. . 53,488 15,183 8,782 6,401 25,405 11,785 530 584 Feb. 29 52,977 14,403 8,299 6,104 26,574 10,938 531 531 Mutual sayings banks: 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—Dec 31 5,502 690 268 422 1,211 2,009 377 1,215 1964—Jan 31 5,592 706 363 343 1,246 2,040 372 1,228 Feb 29 5,671 723 404 319 1,367 1,986 372 1 223 Insurance Companies: 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 Dec 31 9,254 1,181 549 632 2,044 2,303 939 2,787 1964—Jan. 31 9,292 1,130 588 542 2,011 2,397 929 2,825 Feb 29 . 9 242 1 143 565 578 1,976 2,364 929 2 829 Nonfinancial corporations: 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 Dec 31 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Jan. 31 10,994 8,039 6,749 1,290 2,496 341 10 109 Feb 29 . 11,780 9,085 7,488 1,597 2,203 369 10 113 Savings and loan associations: 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 Dec 31 3,253 378 236 142 919 1,202 253 501 1964 Jan 31 3,319 382 257 125 931 1,262 252 492 Feb. 29 3,336 368 279 89 1,015 1,215 253 486 State and local governments: 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 Dec 31 . 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Jan 11... 14,659 5,354 4,263 1,091 1,638 1,800 1,696 4,171 Feb. 29 14,929 5,397 4,569 828 1,736 1,800 1,693 4,303 All others: 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—Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964 Jan 31 66,287 34,005 26,684 7,321 13,407 12,860 2,287 3,728 Feb. 29 65,958 33,446 26,746 6,700 14,443 12,149 2,286 3,634 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 507 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 not number of reporting owners surveyed were: (1) about 90 per cent by the listed separately, 6,054 commleenrcial banks, 504 mutual savings banks, and 787 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 U.S. GOVERNMENT SECURITIES APRIL 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b e a r n c k i s al o A th l e l r securities 1963—Feb 2,350 1,646 400 230 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 M^ay 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 AUE . . •. • 1,308 1,060 139 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 1,300 252 131 29 480 28 662 544 117 Dec 1,719 1,348 213 122 37 508 30 730 451 96 1964—Jan 2,144 1,656 264 159 65 687 36 905 516 99 Feb 1,809 1,336 272 145 56 528 29 737 516 91 Week ending— 1964—Feb. 5 2,248 1,584 441 159 63 623 44 927 654 112 12 1,506 1,080 216 157 53 424 25 657 400 73 19 1,845 1,447 226 128 43 586 23 705 530 71 26 1,655 1,251 215 119 71 458 29 667 501 101 Mar. 4 1,890 1,509 215 115 51 641 23 713 513 97 11 1,617 1,294 222 74 28 528 24 658 407 69 18 1,428 1,145 185 79 19 494 24 568 342 59 25 1,627 1,264 232 90 41 542 21 619 445 109 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. 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 Commercial banks U.S. Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 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 so A ur l c l es Y N C o e it r w y k w E h ls e e r - e Co ti r o p n o s r ! a- o A th l e l r 1963—Feb 3,410 2,863 473 74 128 Mar 3,547 2,439 563 543 212 1963—Feb 3,553 1,070 897 ,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 June 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 1,478 350 Sept 3,689 3,099 290 300 195 Aug 3,293 553 501 1,924 316 Oct 3,538 2,899 196 444 176 Sept 3,974 1,201 898 1,527 348 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 1,466 263 1964—Jan 3,582 3,218 272 92 163 Feb 3,475 2,787 468 219 195 1964—Jan 3,646 1,139 1,019 1,159 328 Feb 3,645 1,048 879 1,355 363 Week ending— Week ending— 1964—Jan. 1.. 3,045 2,752 328 -35 271 8.. 3,408 3,124 326 -42 181 1964—Jan. 1... 2,901 839 633 1,194 235 15.. 3,902 3,723 360 -181 146 8... 3,377 1,024 921 1,063 368 22.. 3,572 3,360 248 -36 140 15... 3,583 978 1,092 1,132 381 29.. 3,421 2,720 215 486 173 22... 4,024 1,378 1,205 1,155 285 29... 3,749 1,222 923 1,298 306 Feb. 5. . 3,708 3,127 163 418 185 12.. 3,628 2,674 649 305 203 Feb. 5... 3,506 1,153 915 1,091 347 19.. 3,476 2,716 542 218 194 12... 3,980 1,314 1,019 1,199 448 26.. 3,293 2,761 434 98 198 19... 3,815 1,063 951 1,416 385 26... 3,463 817 758 1,595 292 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the i 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. Average 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

APRIL 1964 OUTSTANDING SECURITIES 483 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 31, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 2,1964 2,199 Sept. 10, 1964 900 Nov. 15, 1965 31/2 2,954 May 15, 1968 3% 2,460 A A A p p p r r r . . . 1 1 9 5 6 , , , 1 1 1 9 9 9 6 6 6 4 4 4 2 2 2 , , , 2 5 1 0 0 0 1 1 1 S S S e e e p p p t t t . . . 2 3 1 4 0 7 , , , 1 1 1 9 9 9 6 6 6 4 4 4 1,0 9 8 0 9 0 2 9 0 A F A e p u b g r . . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 6 U 3y / 4 2 8 5 5 , , 6 8 6 5 2 7 3 0 5 N A Fe o u b g v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 9 8 8 3 3 V 7 4 s 4 3 1 1, , , 8 5 7 4 9 4 4 1 7 Apr. 23, 1964 2,103 Oct. 31, 1964 1,000 Oct. 1,1966 U/2 357 Oct. 1,1969 4 2,537 A M M M p a a a r y y y . 2 3 1 1 7 0 4 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 2 2 2 2 , , , , 1 0 1 1 0 0 0 0 1 1 3 0 N D J F a e e o n b c v . . . . 3 3 2 3 0 1 8 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 4 4 5 1 1 1 1 , , . , 0 0 0 0 0 0 0 0 5 0 0 1 A F A O e p c u b t g r . . . . 1 1 5 5 1 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 7 7 7 3 1 3 i 1 V y y / 2 2 4 8 4 3 . , 4 4 2 4 3 7 5 7 3 5 7 0 A A N Fe u u o b g g v . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 19 9 9 9 7 7 7 7 1 0 1 2 3% 4 4 4 4 2 2 2 , , , , 1 7 8 3 2 6 0 4 9 0 6 4 May 28, 1964 2,003 Apr. 1,1968 11/2 212 Aug. 15, 1972 4 2,579 June 4, 1964 2,102 Certificates Oct. 1,1968 IV2 74 Aug. 15, 1973 4 3,894 June 11, 1964 2,101 May 15, 1964 3*4 4,198 Nov. 15, 1974 3% 2,244 June 18, 1964 2,102 Treasury bonds May 15, 1975-85... 4!4 1,218 J J u u n n e e 2 25 2 , , 1 1 9 9 6 6 4 4 i 2 2 , , 5 1 0 1 1 2 Tre A a p s r u . r y 1 n , o t 1 e 9 s 64. 457 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 - - 6 6 8 7 . . . . . . 2 2 1 1 / / 2 2 1 1, , 8 4 1 6 4 0 J F u e n b. e 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 3l/4 4 2 1 , , 6 58 1 8 0 July 2, 1964 800 May 15, 1964. 4.400 June 15, 1964-69... 21/2 2,629 Nov. 15, 1980 31/2 1,914 J J J J u u u u l l l l y y y y 2 1 1 9 3 6 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 1, 8 8 8 9 0 0 0 98 0 1 0 A M A O u u c a t g g y . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 . . . . 2 2 4 , , , 0 0 0 4 4 8 1 9 5 5 6 0 D F M M e e a a b c y r . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 5 4 - - 7 6 0 9 . . . . . . 2 2 3 2 1 i % y / /2 2 8 2 2 2 3 , , , , 8 4 5 9 6 1 4 7 - 7 0 5 2 M F A F e e u a b b g y . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 8 8 8 0 5 8 7 - - 9 9 3 2 ... 3 3 4 V V i/ 4 4 4 2 4 1 , ,1 9 2 3 2 0 5 6 9 9 0 5 July 30, 1964 800 Nov. 15, 1964. 3,868 Aug. 15, 1966 3 1,024 May 15, 1989-94.. .4^ 1,560 A A A u u u g g g . . . 2 1 6 0 3 , , , 1 1 1 9 9 9 6 6 6 4 4 4 9 9 9 0 0 0 1 1 0 N A M o p a v r y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 4 5 5 . . . 5 1, ,9 4 8 6 6 1 3 6 6 J N M u o n a v e r. . 1 1 1 5 5 5 , , . 1 1 19 9 9 6 6 6 6 6 7 - - 7 7 1 2 . . . . . . 2 3 21 i 3 / / / 2 2 8 1 1 1 , , , 8 4 3 5 0 0 1 6 5 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 9 9 8 5 31/ 3 2 2 4 , , 4 4 8 4 8 3 Aug. 27, 1964 902 May 15, 1965. 7,977 Sept. 15, 1967-72... 21/2 1.952 Convertible bonds A Se u p g t . . 31 3 , , 1 1 9 9 6 6 4 4 ], 9 0 0 01 2 O A c u t g . . 1 1 3 , , 1 1 9 9 6 6 5 5 . . 6, 3 2 1 0 5 2 D N e o c v . . 1 1 5 5 , , 1 19 9 6 6 7 7 -72... 3 21 5 / / 2 8 2 3 , , 7 6 4 0 9 4 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri - e 8 s 0 B ... 2 Y4 3,175 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, 1964 Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: June 17, 1963 3.40 Mar. 16,1964 253 June 3, 1963 3.30 Mar. 2, 1964 231 Apr. 15, 1963 3.30 Apr. 15,1964 435 July 1,1963 3.45 Apr. 1, 1964 232 Aug. 15, 1963 3.70 May 15,1964 330 Aug. 1,1963 3.65 May 4, 1964 223 J S u e l p y t . 1 1 6 6 , , 1 1 9 9 6 6 3 3 3 3 .9 i/ 5 2 J Ju u l n y e 1 1 5 5 , , 1 1 9 9 6 6 4 4 4 3 1 2 3 6 S O e c p t. t . 3 1 , , 1 1 9 9 6 6 3 3 3 3 % % J Ju u l n y e 1 1 , , 1 1 9 9 6 6 4 4 1 18 9 3 7 Oct. 15, 1963 3.90 Aug. 17,1964 300 Nov. 4, 1963 3% Aug. 3, 1964 178 Dec. 9, 1963 4.00 Sept. 15,1964 564 Dec. 2, 1963 3.95 Sept. 1, 1964 203 Feb. 17, 1964 3% Nov. 16, 1964 175 Jan. 2,1964 4.00 Oct. 1, 1964 256 Feb. 3,1964 3.90 Nov. 2, 1964 315 Bonds: Federal land banks June 17, 1963 3% Oct. 15, 1964 460 Bonds: D Se e p c. t . 1 9 7 , , 1 1 9 9 6 6 3 2 4 3 i % /8 A Se u p g t . . 1 1 5 5 , , 1 1 9 9 6 6 6 5 2 1 0 7 0 5 A D A e p u c g r . . . 2 1 0 8 0 , , , 1 1 1 9 9 9 6 6 6 3 0 3 4 3% y 4 2 A A O p u ct g r . . . 2 2 2 0 0 0 , , , 1 1 1 9 9 9 6 6 6 4 4 4 2 1 1 1 4 4 5 7 2 Oct. 20, 1960 4 Oct. 20, 1965 160 Federal National Mortgage Association— June 20, 1961 4 Dec. 20, 1965 115 secondary market operations Apr. 2,1961 3% Feb. 21, 1966 150 De S M b e e a p n y t t . u 1 1 r 0 e 1 s , , : 1 1 9 9 6 6 1 1 3Y& 4 S M e a p y t . 1 1 1 , 0,1 1 9 9 6 6 4 4 1 8 4 8 4 F S M e e a b p y . t . 2 1 0 5 1 , , , 1 1 1 9 9 9 5 5 6 8 7 1 3 4 4 V V % 4 4 J F M u e l a b y y . 2 15 2 0 , , , 1 1 1 9 9 9 6 6 6 6 6 7-72 1 1 7 9 0 2 3 8 Dec. 11, 1961 3% Dec. 11,1964 111 May 1,1962 4 May 22,1967 180 Dec. 10, 1957 4% June 10,1965 98 Oct. 1,1957 41/2 Oct. 1,1967-70 75 D Se e p c. t . 1 1 2 0 , , 1 1 9 9 6 6 0 2 4 3 V Y4 s D M e a c r . . 1 1 0 2 , , 1 1 9 9 6 6 6 6 1 9 0 3 8 A O p ct r . . 22 1 , , 1 1 9 9 5 6 9 3 4 4 1 y 4 8 O M c a t r . . 2 2 3 0 , , 1 19 9 6 6 8 7 1 8 7 6 4 A A A M Se p p u a p g r r r t . . . . . 2 1 1 1 1 3 0 0 2 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 5 5 6 6 0 8 9 0 0 4 4 3 4 4 V 5 5 i y / / / s 8 8 8 8 A A S A M e p p u a p r r g r t . . . . . 1 1 1 1 1 1 0 0 0 0 , , , , , 1 1 1 1 19 9 9 9 9 7 6 6 7 7 1 9 8 0 0 1 1 6 8 8 1 4 4 7 8 9 6 J F F M F u e e e l a b b b y y . . . 1 1 2 4 1 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 6 5 5 6 9 0 8 7 3 5 4 4 3 V % % l/ 6 4 i J J A F M u u e p l n a b y r e . r . . 2 2 2 1 0 0 0 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 7 7 6 9 9 0 0 8 1 1 6 8 8 8 0 0 2 3 6 0 Sept. 11, 1961 41/2 Sept. 10,1971 98 Jan. 5,1960 5Vs July 20, 1970 85 J D F F u e e e n b b c . e . . 1 1 1 1 0 2 3 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 2 1 0 4 4 5 4 1 3 * * / / / 4 2 8 8 J J F F u u e e n n b b e e . . 1 1 1 2 1 2 0 0 , , , ,1 1 1 1 9 9 9 9 7 7 7 7 3 7 2 2 1 1 1 1 9 4 0 0 8 6 0 0 S F F M e e e a b b p y . . t . . 2 2 1 1 0 0 4 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 2 3 6 6 3 4 4 3 V V i % / i 2 8 M S F F e e e a b b p y . . t . 2 2 1 0 0 5 1 , , , ,1 1 1 1 9 9 9 9 7 7 7 7 1 2 4 3-78 1 1 1 6 5 0 4 0 5 9 8 Tennessee Valley Authority Banks for cooperatives Short-term notes . . . . 35 Debentures: Oct. 1, 1963 3.80 Apr. 1, 1964 193 Bonds: Dec. 2,1963 3% June 1, 1964 196 Nov. 15, 1960 4.40 Nov. 15, 1985 50 Feb. 3,1964 3.90 Aug. 3, 1964 200 J F u e l b y . 1 1 , , 1 9 1 6 9 1 6 2 4 4 5 l / / 8 2 J F u e l b y . 1 1 , , 1 1 9 9 8 8 7 6 4 5 5 0 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

484 CREDIT AGENCIES; SECURITY ISSUES APRIL 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn. for intermediate land Assets Liabilities and capital (seco o n p d er a a ry ti o m n a s) rket cooperatives credit banks banks 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 [,501 ,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 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 ,727 3,052 2,628 1963—Feb... 2,611 1,883 81 2,096 1.213 1,129 2.599 2,343 775 480 1,926 ,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 ,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 1,137 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 ,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 [,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 ,515 96 3,599 978 1,166 2,020 ,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 ,906 159 4,363 ,151 1,171 2,000 ,788 840 589 2,099 ,952 3,310 2,834 1964—Jan... 4,414 ,730 101 3,961 C944 1,176 1.988 ,786 866 589 2,102 ,964 3,333 2,836 Feb... 4,216 ,622 86 3,631 943 1,182 1,985 ,786 849 589 2,163 2,018 3,364 2,886 NOTE.—Data from Federal Home Loan Bank Board, Federal National held within the FHLB System), and are not guaranteed by the U.S. Govt.; Mortgage Assn., and Farm Credit Admin. Among the omitted balance for a listing of these securities, see preceding page. Loans are gross of sheet items are capital accounts of all agencies, except for stock of home valuation reserves and represent cost for FNMA and unpaid principal loanfbanks. Bonds, debentures, and notes are valued at par. They include for other agencies. onlyfpublicly offered securities (excluding, for the home loan banks, bonds 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 Total Use of proceeds Period amount 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 p i s a s u t e t n a t r c d h t i i . c a . t l Other* 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 ti t e i s l * - H in o g u s s- V a a e n i t s d e ' r- O p p o t u h s r e e - s r 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 1,167 1,700 385 478 1,913 1962.. ...... 8.845 5.582 2,681 437 145 1,419 2,600 4,825 8.732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1962—Dec 572 277 173 117 6 54 242 276 544 550 163 14 93 117 163 1963—Jan.'... 987 528 438 21 41 257 689 655 732 311 98 178 2 143 Feb. r... 855 446 389 20 100 347 407 850 746 252 114 91 91 198 Mar.r... 1,018 649 215 138 16 265 333 420 902 976 251 52 233 142 298 Apr.r... 957 697 244 16 160 208 589 1,008 869 371 70 226 1 202 May r.. 961 443 503 15 168 424 368 910 866 215 69 350 56 176 June .. 1,074 423 623 28 131 517 426 921 930 249 39 193 114 335 July r... 928 462 444 21 78 431 419 1,084 680 247 67 157 26 183 Aug. r... 764 394 240 116 14 187 287 290 969 708 261 32 144 123 148 Sept.'... 480 333 122 25 94 73 314 712 449 204 33 77 31 103 Oct.'. .. 1,265 679 567 20 143 424 698 581 1,051 232 102 338 9 371 Nov. r... 754 401 310 43 185 208 362 897 729 278 130 221 2 98 Dec 495 401 85 9 69 126 299 1,005 416 158 7 136 115 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 to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal differ- 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser ence is in the treatment of U.S. Govt. loans. (and payment to issuer) which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues. 4 Water, sewer, and other utilities. Based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 SECURITY ISSUES 485 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l 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 Period t R ir e e - - Bonds Stock ment Total U.S. G U o .S v . t. S U t . a S t . e Total New Ait... nf Govt.2 a c g y e n 3 - l a o n c d al Other « 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 - 1956 22,405 5,517 169 5,446 334 10,939 ,00? 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 q,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 ,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1 1960 27,541 7,906 1,672 7,230 579 10,154 a,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 4,706 4,720 449 3,273 12,874 11,979 10,879 1,150 895 1962 29,975 8,59C 1,188 8,558 869 10,770 ,016 4,487 4,529 436 1,318 10 572 <) 814 8,373 1,491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,'553 8,993 1,561 1,528 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 1.773 499 774 17 74 1,349 1.144 1,056 88 205 Apr 2,927 716 186 915 62 1,049 832 380 452 26 191 1,034 930 812 118 104 May.... 2,783 409 902 131 1,340 1.744 550 694 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.... 1,980 398 726 100 756 656 336 319 39 61 745 638 566 71 107 Sept.... 1,673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct 2,977 394 174 1,282 10 1,116 992 511 481 34 91 1,101 1,013 912 100 88 Nov.... 2,117 333 200 688 5 891 732 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 ,376 626 751 30 53 1,444 1,415 1,098 316 30 1964—Jan 2,486 474 1,006 14 991 871 338 533 27 94 979 925 872 53 53 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial 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 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 ,821 51 1,441 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 ,189 15 707 * 1,801 6 1960 1,997 79 794 30 672 39 ?,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 ,357 445 1,281 10 1,773 39 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1963 Jan 135 5 49 2 99 114 65 125 91 1 Feb 220 6 52 1 30 115 30 68 110 * Mar 592 31 85 5 143 97 61 43 3 183 105 Apr 148 5 64 12 34 342 86 71 271 1 May.... 216 29 60 2 101 60 222 58 92 262 212 9 227 10 114 3 109 1? 230 179 58 8 276 5 July.... 297 28 63 4 35 107 82 86 5 89 2 272 3 50 7 36 100 22 25 71 155 4 Sept 237 47 32 4 61 8 78 39 1 348 7 Oct 240 60 4 25 2 201 73 41 4 446 1 Nov. 214 8 41 5 83 131 41 13 3 337 4 Dec 515 13 104 8 118 1 198 2 64 * 416 6 1964 Jan 153 21 80 2 103 108 27 152 2 329 2 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

486 SECURITY ISSUES APRIL 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 ssues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 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 1963 15,050 8,818 6,232 10,546 4,979 5,567 2,541 1,963 1,521 2,318 1,020 -355 1962—IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 7' 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 3*> Ill r3,267 2,004 1,263 '2,159 1,230 '929 659 449 389 385 270 64 IV 4,532 2,561 1,971 3,277 1,121 2,156 661 594 388 1,052 273 -458 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 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 1960 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 1963 1,804 -675 274 -441 316 -22 876 246 438 448 1,861 1,108 1962—IV 390 -83 78 -35 40 -11 316 69 308 97 410 268 1963 I 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 '399 254 IV 574 -289 87 -383 180 -15 288 47 61 129 967 326 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or FRC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment companies. into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 485. actions only. As contrasted with data shown on p. 485, new issues exclude 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 1963—Feb... 166 115 51 22,015 1,401 20,614 1953 672 239 433 4,146 Mar... 200 117 84 22,639 1,350 21,289 1954 863 400 463 6,110 309 5,801 Apr... 203 133 70 23,487 1,256 22,231 May.. 194 132 61 24,038 1,286 22,752 1955 1,207 443 765 7,838 438 7,400 June.. 195 115 79 23,692 ,166 22,526 1956 1,347 433 914 9,046 492 8,554 July... 219 124 95 23,550 1,310 22,240 1957 1,391 406 984 8,714 523 8,191 Aug... 193 123 69 24,925 ,287 23,638 1958 1,620 511 1,109 13,242 634 12,608 Sept... 206 142 64 24,496 ,300 23,196 1959 2,280 786 1,494 15,818 860 14,958 Oct.... 214 132 82 24,914 1,374 23,540 Nov... 210 123 87 24,774 ,419 23,355 1960 2,097 842 1,255 17,026 973 16,053 Dec... 225 132 92 25,214 ,341 23,873 1961 2,951 1,160 1,791 22,789 980 21,809 1962 2,699 1,123 1,576 21,271 1,315 19,956 1964—Jan... 294 183 110 25,854 1,383 24,471 1963 2,460 1,504 952 25,214 1,341 23,873 Feb... 219 165 55 26,334 1,380 24,954 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

APRIL 1964 BUSINESS FINANCE 487 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 Industry 1959 1960 1961 1962 1963 Ill IV III IV Manufacturing Total (180 corps.): Sales 118,423123,126 122,849135,579145,825 34,602 31,995 35,690 34,549 37,521'35,007 38,748 Profits before taxes 14,090 463 13,200 15,401 17,144 4,096 3,187 4,210 3,960 '4,701 '3,668 4,815 Profits after taxes 7,440 121 7,135 8,184 9,041 2,096 1,700 2,355 2,078 2,431 '1,984 2,548 Dividends 4,342 464 4,714 5,022 5,420 1,158 1,163 1,548 1,164 1,315 '1,178 1,762 Nondurable goods industries (79 corps.): 2 Sales 45,442 277 49,237 52,077 54,985 12,984 12,981 13,320 13,207 13,818'13,956 14,004 Profits before taxes 5,648 570 5,589 6,001 6,399 1,501 1,453 1,586 1,512 1,617 '1,614 1,656 Profits after taxes 3,210 210 3,219 3,416 3,662 815 827 959 867 899 '935 961 Dividends 1,912 953 2,037 2,153 2,270 513 517 611 539 539 '543 650 Durable goods industries (101 corps.): 3 Sales 72,981 849 73,612 83,502 90,840 21,619 19,014 22,371 21,342 23,703 '21,051 24,744 Profits before taxes 8,442 893 7,611 9,400 10,744 2,595 1,734 2,624 2,448 3,083 '2,055 3,158 Profits after taxes 4,231 911 3,916 4,768 5,379 1,282 873 1,397 1,211 1,532 '1,049 1,587 Dividends 2,430 510 2,677 2,870 3,150 644 647 936 626 776 '635 1,113 Selected industries: Foods and kindred products (25 corps.): Sales 11,303 11,901 12,607 13,124 13,773 3,267 3,328 3,298 3,268 3,470 '3,533 3,503 Profits before taxes 1,274 1,328 1,417 1,440 1,524 355 380 368 334 386 '402 402 Profits after taxes 604 631 670 685 735 167 180 178 162 184 '194 195 Dividends 344 367 392 419 443 103 104 109 108 110 110 116 Chemicals and allied products (21 corps.): Sales 11,979 12,411 12,825 13,978 14,862 3,567 3,467 3,572 3,508 3,788 3,765 3,800 Profits before taxes 2,187 2,010 1,989 2,229 2,352 586 546 553 548 621 '587 595 Profits after taxes 1,131 1,061 1,039 1,160 1,220 297 283 301 283 318 '307 312 Dividends 799 795 843 876 913 196 199 283 204 204 '204 301 Petroleum refining (16 corps.): Sales 13,372 13,815 14,483 15,013 15,990 3,612 3,714 3,916 3,959 3,937 '4,068 4,026 Profits before taxes 1,187 1,267 1,237 1,362 1,494 300 299 420 390 343 '381 380 Profits after taxes 969 1,026 1,025 1,084 1,184 227 255 341 304 265 '312 303 Dividends 518 521 528 566 608 142 141 145 151 149 '154 154 Primary metals and products (35 corps.): Sales 21,035 20,898 20,308 21,361 22,284 5,535 4,992 5,102 5,155 6,151 '5,502 5,477 Profits before taxes 2,331 2,215 1,998 1,860 2,189 505 353 383 431 713 '469 576 Profits after taxes 1,222 1,170 1,067 1,003 1,189 269 186 228 231 372 253 333 Dividends 831 840 845 821 735 210 210 192 180 182 182 191 Machinery (25 corps.): Sales 17,095 16,826 17,576 19,127 20,366 4,916 4,665 5,008 4,768 5,120 '5,117 5,361 Profits before taxes 1,890 1,499 1,672 1,913 2,154 490 457 512 481 535 '531 607 Profits after taxes 934 763 838 957 1,071 240 228 265 239 266 '270 296 Dividends 448 482 497 520 567 129 129 133 137 140 '139 151 Automobiles and equipment (14 corps.): Sales 22,731 25,738 22,779 28,603 32,661 7,515 5,708 8,476 7,851 8,615 '6,424 9,771 Profits before taxes 2,985 3,185 2,788 4,326 4,991 1,253 589 1,389 1,265 1,469 673 1,583 Profits after taxes 1,479 1,527 1,410 2,136 2,385 596 287 721 599 704 '332 750 Dividends 807 833 969 1,148 1,444 216 216 501 216 361 220 647 Public Utility Railroad: Operating revenue 9,825 9,514 9,189 9,440 2,408 2,332 2,405 2,238 2,474 2,398 Profits before taxes 845 648 625 728 186 172 237 116 252 197 Profits after taxes 578 445 382 571 105 125 275 82 189 156 P225 Dividends 406 385 359 367 92 67 123 89 103 66 Electric power: Operating revenue 11,129 11,906 12,478 13,252 14,206 3,206 3,255 3,392 3,830 3,377 '3,463 3,536 Profits before taxes 2,983 3,163 3,349 3,591 3,741 835 887 818 1,100 848 930 862 Profits after taxes 1,655 1,793 1,883 2,053 2,185 472 488 508 626 498 529 532 Dividends 1,219 1,307 1,374 1,459 1,548 371 356 366 392 378 384 394 Telephone: Operating revenue 7,572 8,111 8,615 9,196 9,796 2,296 2,300 2,355 2,365 2,440 2,465 2,526 Profits before taxes 2,153 2,326 2,478 2,639 2,815 678 683 630 672 711 725 707 Profits after taxes 1,073 1,155 1,233 1,327 1,417 335 337 335 336 35' 368 356 Dividends 743 806 867 935 988 23: 235 237 225 255 25: 256 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., pp. haul 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

488 BUSINESS FINANCE APRIL 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a r f o x o f e i r s t e s c ta o I x n m e - s e P t a r a f o x te f 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 t l s l i p o o u i w n t m a - l p- Quarter P b t r e 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 te f 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 t l s i p l o o u i n w t m a - l pances 1 ances * 1956 44.7 21.2 23.5 12.1 11.3 20.0 1962—1... 45.9 21.7 24.2 16.2 8.0 30.3 1957 43.2 20.9 22.3 12.6 9.7 21.8 II.. 46.7 22.1 24.6 16.4 8.2 30.7 1958 37.4 18.6 18.8 12.4 6.4 22.7 in.. 46.2 21.9 24.3 16.5 7.8 31.0 1959 47.7 23.2 24.5 13.7 10.8 24.3 48.4 22.9 25.5 17.1 8.4 31.3 IV.. 1960 44.3 22.3 22.0 14.5 7.5 25.6 1963—1... 48.3 22.9 25.4 17.1 8.3 31.7 1961 43.8 22.0 21.8 15.3 6.5 26.8 II.. 51.0 24.2 26.8 17.6 9.2 32.1 1962 46.8 22.2 24.6 16.6 8.1 30.8 Til.. 52.2 24.7 27.5 17.6 9.8 32.7 1963 51.5 24.4 27.1 17.8 9.3 32.4 IV.. 54.5 25.8 28.7 18.8 9.8 33.2 l 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 Govt. Inven- Other Total Federal Other securi- tories income ties G U o . v S t . . i Other G U o . v S t . .i 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 2.3 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 1.7 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 1.8 111.6 14.0 41.9 1962—III 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 1.9 117.7 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 III.... 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 IV 152.4 348.9 41.4 20.7 3.5 159.6 107.3 16.4 196.6 2.5 130.3 16.2 47.6 1 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) Manufaicturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o c m at m ion u- s Other i a ( r n S a n . t A u e a ) . l 1956 35.08 7.62 7.33 1.24 1.23 [.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 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 39 22 7 85 7 84 1 04 1 10 1 92 5 65 3 79 10 03 19642 . 43.19 8.97 8.75 1.04 1.38 2.06 601 1498 1962—III 9.62 1.79 1.93 .28 .24 .50 1.54 .87 2.48 38.35 IV 10.18 2.03 2.10 .27 .20 .50 1.52 .95 2.60 37.95 1963—I 8.25 1.62 1.65 .24 .21 .39 1.04 .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 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964 I* . . . 9.15 1.81 1.84 .24 .29 .48 1.12 3.37 41.25 112 10.99 2.32 2.13 .28 .41 .68 1.51 3.66 42.70 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

APRIL 1964 REAL ESTATE CREDIT 489 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarro 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- holders * tutions l agen- viduals Total insti- hold- Total insti- hold- tutions^ cies and tutions 1 ers tutions i 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 1957 156.5 119.7 7.4 29.3 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.4 4.0 6.4 1958 171.8 131.5 7.8 32.5 160.7 117.7 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 1963?1 280.9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1962—I? 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 UP 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 IIIP. 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 IVP 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 IIP 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 11\P 273 1 210 6 11 1 51 4 256 5 178 2 152 2 26 0 78.3 52.3 26.0 16.5 6.1 10.5 l\p 280.9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1 Commercial banks (including nondeposit trust cos. but not trust * Derived 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 Eod of period Other Other Tota FHA- VA- Con- f n a o r n m - Farm Total FHA- VA- Con- n fa o r n m - Farm Total iu- guar- ven- Total in- guar- vensured 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 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 29.1ST 9,238 9.787 10,156 3.088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 I961-—n.. 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 m............ 29,920 20t953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV... 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 9t208 2,842 51 II 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 Ill 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 rv 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 IT 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 Ill 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 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

490 REAL ESTATE CREDIT APRIL 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 i 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 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 1963 9,006 8,134 1,576 680 5,878 872 50,543 46,753 10,790 6,411 29,552 3,790 1963—Jan r 644 578 119 48 411 66 47,172 43,772 10,268 6,402 27,102 3,400 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 M!ay 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 June 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 Au2 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 Sept 716 653 134 48 471 63 49,233 45,522 10,604 6,402 28,516 2,711 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 Dec 1,236 1,148 172 69 907 88 50,543 46,753 10,790 6,411 29,552 3,790 1964—Jan 745 638 141 61 436 107 50,828 47,010 10,857 6,418 29,735 3,818 1 Certain mortgage loans secured by land on which oil drilling or figures may not add to annual totals and for loans outstanding, the extracting operations in process were classified with farm through June end-of-Dec. figures may differ from end-of-year figures, because monthly 1959 and with "other" nonfarm thereafter. These loans totaled $38 million figures represent book value of ledger assets whereas year-end figures on July 31, 1959. represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the monthly 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 i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A. 2 N.S.A. i a n l S s o g s a a s n v n s - & . p I c a n a o n s n m c u ie e r - s - b C m a c 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 1941 1,379 437 581 4,578 1941 . . 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5 204 1 640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 :[,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 68,834 4,167 7,152 57,515 1961 31,157 13,662 1,160 4,997 1,741 1962 20,754 5,979 8^524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1,212 5,851 Q57 1963 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1963 36,925 16-716 .339 6,354 1963 1963 Feb 1,503 429 576 80,137 4,522 7,047 68,568 Jan 2,876 2,658 1,143 100 457 141 Mar 1,834 666 81,042 4,535 7,045 69,462 Feb 2,869 2,424 1,086 88 408 123 Apr 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 June 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 Aug 2,428 1,071 86,836 4,635 7,085 75,116 July 3,183 3,515 ,606 127 595 218 Sept 2,196 642 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 1,442 116 546 190 Nov 1,856 502 757 89,857 4,683 6,980 78,194 Oct 3,134 3,534 1,594 125 616 206 Dec 2,118 776 90,849 4,685 6,960 79,204 Nov 3,149 2,880 1,271 103 495 184 Dec .... 3,059 2,987 L 322 110 504 166 1964 1964 Jan.' 1,716 434 696 91,453 4,705 6,931 79,817 Feb.* 1,718 470 671 92,139 4,708 6,902 80,529 2,758 1,170 103 483 145 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

APRIL 1964 REAL ESTATE CREDIT 491 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE M O R T G A GE D E BT O U T S T A N D I NG ON N O N F A RM 1- to 4-FAMILY P R O P E R T I ES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period Total h N o e m w es is E t x i - ng e P c r t o s j - 1 m p e r e i o n r m- t v y ts e- 2 Total 3 h N om ew es is E t x i - ng period Total Total s F u i H r n- e A d - a g V n u t A a - e r- ed t v io e n n- al homes homes 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 1960 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 ,079 834 2,652 1,357 1,292 1963P 182.2 65.2 35.0 30.2 117.0 1963 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1962—1 155.3 59.9 30.3 29.6 95.4 1963—Feb 536 141 259 82 54 202 100 101 II 159.1 60.4 30.9 29.5 98.7 Mar 546 137 279 73 57 219 106 113 Ill 162.9 61.0 31.5 29.5 101.9 Apr 540 120 273 86 62 245 114 130 IV 166.5 62.0 32.3 29.7 104.5 May 562 123 292 72 75 260 108 151 June 590 118 301 86 85 226 91 135 1963—1^ 169.2 62.8 33.0 29.8 106.4 July 640 142 369 72 56 265 98 167 l\p 173.7 63.5 33.5 30.0 110.2 Aug 653 136 372 60 86 278 103 175 III^ 178.2 64.3 34.3 30.0 113.9 Sept 617 138 367 46 66 267 103 165 l\p 182.2 65.2 35.0 30.2 117.0 Oct 734 160 407 88 79 316 119 196 Nov 577 127 317 55 78 258 100 158 Dec 601 142 345 63 52 255 106 149 NOTE.—For total debt outstanding, figures a re F H L BB and F.R. estimates. For conventional, 1964—Jan 666 162 381 62 61 268 114 153 figures are derived. Feb 534 126 314 48 46 201 81 120 Based on data from Federal H o me Loan Bank Board, Federal Housing Admin, and Veterans Admin. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing 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. F E D E R AL N A T I O N AL M O R T G A GE A S S O C I A T I ON ACTIVITY F E D E R AL H O ME L O AN B A N KS (In millions of dollars) (In millions of dollars) Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of ( p d e u ri r o in d g ) m m e i n t- ts Period va Ad n - ces R m e e p n a ts y- M de e p m o b s e its rs period Total F su H i r n- A e - d a g n V u t A a e - r- ed c P ha u s r- es Sales bu d u r i n- s s- ed Total t S e h rm o rt * - t L e o rm n g- 2 1945 278 213 195 176 19 46 1956 3,C47 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 1960 1,943 2,097 1,981 1,089 892 938 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 5,601 4,296 4,784 2,863 J 921 J 151 1963—Feb 5,697 3,469 2,227 17 129 323 1963 Feb 178 370 2,611 1,534 ,077 ,213 Mar 5,501 3,375 2,126 28 191 289 Mar 250 348 2,514 1,399 1,115 ,282 Apr 5,227 3,269 1,958 28 268 281 Apr 425 304 2,635 1,516 1,119 1,250 May 4,993 3,164 1,828 26 213 272 May 382 277 2,740 1,585 1,155 1,236 June 4,883 3,114 1,769 32 102 251 June 696 166 3,270 1,876 ,393 1,325 July 4,795 3,069 1,727 19 74 183 July 710 432 3,548 2,139 1,409 [,069 Aug 4,752 3,050 1,703 23 29 185 Aug 466 256 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 1,531 .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 1,656 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 1964—Jan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 1,762 944 Feb 4,613 3,011 1,603 24 4 188 Feb 225 424 4,216 2,500 1.716 943 Mar 339 387 4,168 2,406 1J63 977 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by F N MA from the R FC Mortgage Co., the 1 Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 2 Secured loans, amortized quarterly, having maturities of more than Facilities Admin. 1 year but not more than 10 years. NOTE.—Federal H o me Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 CONSUMER CREDIT APRIL 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p h u d e e m r r s er e a r n l R n o d i e a z p m n a a s t o i i 1 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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 1963—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 14J35 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 1964—Jan.. '69,203 '•53,597 22,189 '13,638 3,354 r14,416 15,606 5,900 5,339 4,367 Feb. 68,786 53,552 22,271 13,467 3,335 14,479 15,234 5,958 4,805 4,471 I 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 coyer loans to individuals for house- BULL. Back data are availabe 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 m c k i - a s l fi S n a a l n es ce u C n r i e o d n i s t fi s n C u a m o n n c e - e r Other i Total D st m e o p r e e a n s r t t i - F st 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 e A a o u l b e t r o il s - e * 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 ,129 4,743 1,408 1,187 377 502 1,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 1,210 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 1,128 292 506 ',175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 1,225 310 481 ,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 1963—Feb.. 47,852 42,371 19,256 12,556 4,876 4,138 ,545 5,481 2,480 1,027 284 288 ,402 Mar. 48,075 42,531 19,450 12,460 4,928 4,139 ,554 5,544 2,566 1,002 278 315 ,383 Apr.. 48,806 43,149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 ,382 May. 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 ,377 June. 50,307 44,373 20,602 12,693 5,251 4,241 ,586 5,934 2,925 997 274 331 ,407 July. 50,894 44,878 20,874 12,807 5,330 4,276 ,591 6,016 2,999 994 274 343 ,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 ,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 ,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6,096 3,077 1,015 280 325 ,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 ,644 6,233 3,172 1,032 282 326 ,421 Dec, 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 1,625 1964—Jan.. '53,597 '47,300 21,630 13,840 5,584 4,592 ,654 '6,297 '3,063 1,065 281 328 1,560 Feb.. 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 1,047 278 330 1,494 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

APRIL 1964 CONSUMER CREDIT 493 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 P A u u r- t p o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h m d e e e - r r s r e R m r t a e n i n o p o iz d d a n a - ir - l s P o o e a n r n 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 r s r m i R z lo o a a e a d n p ti n e a d o r s i n r n- l s P o o a e n r n a - s l chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941. 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 411 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 I960 11,472 7,528 2,739 139 1.066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—Feb 12,556 7,477 3,446 165 1,468 1963—Feb 19,256 6,281 3,530 2,865 2,220 4,360 Mar 12,460 7,514 3,307 164 1,475 Mar 19,450 6,386 3,592 2,866 2,209 4,397 Apr 12,506 7,639 3,214 162 1,491 Apr 19,882 6,549 3,699 2,895 2,229 4,510 May 12,583 7,778 3,136 162 1,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June 12,693 7,934 3,069 162 1,528 June 20,602 6,849 3,869 2,973 2,286 4,625 July 12,807 8,069 3,011 162 1,565 July 20,874 6,976 3,922 2,986 2,312 4,678 Aus 12,906 8,153 2,986 161 1,606 Aug 21,101 7,073 3,936 3,012 2,336 4,744 Sept 13,073 8,099 3,157 161 1,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct 13,187 8,163 3,186 161 1,677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov 13,302 8,210 3,233 160 1,699 Nov 21,486 7,218 3,984 3,084 2,373 4,827 Dec 13,523 8,228 3,383 158 ,754 Dec 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan 13,840 8,220 r3,701 156 r ,763 1964—Jan 21,630 7,246 4,016 3,134 2,333 4,901 Feb 13,788 8,227 3,635 154 1,772 Feb 21,799 7,275 4,052 3,226 2,316 4,930 Sec 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 1 9 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 2 8 r 2 1 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 7 6 n 8 6 s 5 9 End of period Total b C m c a o i n e a m r k l - - s t f O u i i n c n t t i i s h a a o t e n i l n - r - s s m t p D o a e r e r n e - t s t - ! o O r u e t t t h l a e e i t r l 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 I960 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 1963—Feb 10,559 2,102 746 800 6,911 1961 14,151 4,413 723 948 3,907 469 3,691 Mar 10,621 2,123 747 804 6,947 1962 . 15,130 4,690 766 927 4,252 505 3,990 Apr 10,761 2,165 755 809 7,032 1963 16,145 5,047 912 895 4,456 520 4,315 May 10,911 2,208 764 825 7,114 11,078 2,253 111 833 7,215 1963—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 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 1964—Jan 11,830 2,379 834 865 7,752 Oct... 14,831 4,952 878 639 3,743 516 4,103 Feb 11,867 2,387 838 865 7,777 Nov... 15,051 4,987 907 667 3,817 515 4,158 Dec... 16,145 5,047 912 895 4,456 520 4,315 NOTE.—Institutions represented are consumer finance cos., credit 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 unions, industrial loan cos., mutual savings banks, savings and loan Feb... 15,234 5,036 922 655 3,590 560 4,471 assns., and other lending institutions holding 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

494 CONSUMER CREDIT APRIL 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Other consumer Repair and Personal loans goods paper modernization loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.I 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 1963—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 ,640 1,646 July. 5,100 5,365 1,854 2,055 1,409 1,393 191 214 ,646 1,703 Aug.. 5,100 5,242 1,802 1,839 1,441 1,456 185 213 ,672 1,734 Sept.. 5,093 4,755 1,730 1,524 1,425 1,384 181 193 ,757 1,654 Oct.. 5,311 5,487 1,910 2,040 1,457 1,547 188 205 ,756 1,695 Nov.. 4,979 4,981 1,792 1,734 1,432 1,517 168 169 ,587 1,561 Dec. 5,272 5,974 1,914 1,767 1,523 2,094 172 154 ,663 1,959 1964—Jan.. '5,276 '4,784 1,888 1,689 '1,493 '1,380 185 141 ,710 'I,574 Feb., 5,421 4,552 1,953 1,686 1,578 1,212 186 142 ,704 1,512 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 1960 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 1963—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 1,588 1,525 1,317 1,260 167 163 1,496 1,451 July.. 4,591 4,778 1,603 1,698 1,330 1,356 171 179 1,487 1,545 Aug.. 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 1,675 1,384 1,374 177 172 1,544 1,703 1964—Jan.. '4,848 '4,932 1,684 1,699 '1,441 '1,508 176 176 'I,547 '1,549 Feb., 4,842 4,597 1,716 1,604 1,395 1,383 171 161 1,560 1,449 Net change in credit outstanding 1 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 1960 3,588 1,270 896 330 1,093 1961 696 -465 332 53 777 1962 4,506 2,318 746 55 1,388 1963 5,711 2,659 1,161 143 1,748 1963—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 June. 486 823 232 442 91 150 19 36 144 195 July., 509 587 251 357 79 37 20 35 159 158 Aug.. 481 632 195 226 115 148 15 41 156 217 Sept.. 341 192 71 -94 78 95 7 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 1964—Jan.. '428 '-148 204 -10 '52 '-128 9 -35 '163 '25 Feb.. 579 -45 237 82 183 -171 15 -19 144 63 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 of outstanding. 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

APRIL 1964 CONSUMER CREDIT 495 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s pa fi n n i a e n s ce Ot i h n e s r t itu fi t n io an n c s ial Retail outlets Period S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. Extensions 1956 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 1960 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 1963 Feb 4,957 4,083 1,879 1,614 1 03S 845 J IRS 1 019 858 605 Mar 4,973 4,702 1,902 1,840 ,022 957 191 1 151 858 754 5,008 5,332 1,916 2,133 ,032 1,094 ,223 1,283 837 822 M^ay • 4,985 5,294 1,887 2,074 ,042 1,107 I 224 1 276 832 837 5,054 5,222 1,919 2,010 ,016 1,076 1,245 1,268 874 868 July. 5,100 5,365 1,898 2,066 ,054 1,159 1,254 1,307 894 833 5,100 5,242 1,878 1,920 ,051 1,094 I 274 1,328 897 900 Sept 5,093 4,755 1,878 1,744 ,021 955 1,322 1,218 872 838 Oct 5,311 5,487 2,000 2,061 ,115 1,194 1 351 1 311 845 921 Nov 4,979 4,981 1,877 1,766 ,030 1,013 1,198 1,213 874 989 Dec 5,272 5,974 1,963 1,889 .134 1,192 1.252 1,476 923 1,417 1964 Jan , '5,276 '4,784 1,928 1,825 '1,125 rl,020 1,312 1,157 '911 '782 Feb 5,421 4,552 2,043 1,786 1,187 980 1,283 1,122 908 664 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 1963 Feb 4,462 4,151 1,594 1,487 1,035 957 1 096 998 737 709 Mar 4,496 4,479 1,664 1,646 1.026 1,053 1,104 1,089 702 691 Apr 4,487 4,601 1,646 1,701 1 014 1 048 1 112 1 143 715 709 4,544 4,616 1,681 1,727 1,017 1,030 1,114 1,126 732 733 4,568 4,399 1,699 1,637 1,012 966 1,129 1,101 728 695 July 4,591 4,778 1,690 1,794 1,007 1,045 1,144 1,188 750 751 4,619 4,610 1,692 1,693 1.000 995 1,158 1,157 769 765 Sept 4,752 4,563 1,737 1,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1,737 1,815 1,054 1,129 1,209 1,197 780 807 4,596 4,543 1,734 1,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 1,802 1,765 1,039 1,066 1,167 1,291 804 802 1964 Jan '4,848 '4,932 1,768 1,805 '1.076 '1.050 1,184 1,186 '820 r891 Feb 4,842 4,597 1,793 1,703 1,032 1,173 1,085 782 in 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 -61 696 335 — 199 578 -20 1962 4,506 1,997 921 932 656 1963 5,711 2,605 1 329 1 276 50 J 1963 Feb 495 -68 285 127 0 -112 89 21 121 -104 Mar 477 223 238 194 -4 -96 87 62 156 63 Apr 521 731 270 432 18 46 111 140 122 113 May 441 678 206 347 25 77 110 150 100 104 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 481 632 186 227 51 99 116 171 128 135 341 192 141 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' 1964 Jan '428 '-148 160 20 '396 '317 128 -29 '-256 '-456 Feb 579 -45 336 169 93 -52 110 37 40 -199 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

496 INDUSTRIAL PRODUCTION: S.A. APRIL 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 ^1963 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index. 100.00 124.3 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 127.3 127.7 Final products, total 47.35 124.8 122.6 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.4 128.3 128.4 Consumer goods 32.31 125.1 122.9 123.1 122.5 124. 125.9 126.4 126.7 126.7 128.0 128.2 128.2 128.5 129.2 Equipment, including defense. . . 15.04 124.2 121.5 120.7 120.4 122.1 123.8 124 125.3 126.2 127.7 127.6 128.8 128.0 126.7 Materials 52.65 123.6 118.0 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 126.1 127.3 Consumer goods Automotive products 3.21 141.1 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.6 146.4 146.5 Autos 1.8: 149.5 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144. 156.8 160.6 157.0 154.6 158.0 Auto parts and allied products 1.3! 130.1 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.4 Home goods and apparel 10.00 123.0 120.8 121.3 120.6 122. 123.6 123.9 125.1 125.5 126.2 126.9 126.5 126.9 128.4 Home goods 4.59 129.4 125.9 127.3 126.9 130.3 131.0 130.1 132.0 132.3 131.3 132.8 133.6 133.8 136.0 Appliances, TV, and radios 1.81 124.7 119. 123.2 123.6 128.0 129.1 126.0 130.2 130.4 126.6 129.4 128.1 127.5 130.4 Appliances 1.33 130.1 123.7 126.7 125.6 131.9 133.7 130.6 136.8 136.9 131.8 135.2 132.6 130.7 134.6 TV and home radios .47 109.4 108.8 113.4 118.1 117.1 116.0 112.9 111.4 112.0 112.0 113.1 115 118.6 118.6 Furniture and rugs 1.26 131.3 126.0 127.4 127.0 130.7 132.8 133.8 133.6 131.6 133.2 134.1 134 134.4 135.3 Miscellaneous home goods 1.5: 133.6 132.9 131.9 130.7 132.6 131.7 131.9 133.0 135.2 135.4 135.9 139.5 140.9 143.1 Apparel, knit goods, and shoes. . . . 5.41 117.5 116.6 116.2 115.3 115.5 117.4 118.7 119.2 119.7 121.8 121.9 120.5 121.2 Consumer staples 19.10 123.6 121.4 121. 121.0 122.9 123.8 125.2 126.1 125.4 125.7 125.3 125.8 126. 126.6 Processed foods 8.43 116.5 114.5 115.2 114.9 115.9 116.1 116.3 117.9 117.9 118.1 117.8 119.0 120.0 120.0 Beverages and tobacco 2.43 115.0 114.3 114.0 112.7 116.2 115.2 117.1 117.4 112.9 116.0 114.5 115.7 114.8 Drugs, soap, and toiletries 2.97 140.0 135.2 137.7 137.1 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.4 143.0 141.9 Newspapers, magazines, and books. 1.47 117. 115.0 115.3 118.3 119.3 119.3 119.1 120.2 118.2 117.6 117.2 120.9 120.3 123.9 Consumer fuel and lighting 3.67 134.4 133.4 131.4 128.7 132.0 136.1 138.2 138.4 137.6 138.0 137.9 135.7 136.9 Fuel oil and gasoline 1.20 116.9 117.9 117.3 115.0 115.6 119.2 115.5 115.6 118.8 119.3 118.2 117.2 115.7 116.9 Residential utilities 2.46 143.0 140.9 138.2 135.4 140.0 144.3 149.2 149.6 146.7 147.1 147.4 144.7 147.2 Electricity 1.72 146.7 144.9 141.9 137.3 143.5 149.2 155.4 155.9 151.4 150.8 151.1 151.9 155.1 Gas .74 Equipment Business equipment 11.63 128.3 125.0 124.9 124.3 125.9 127.8 129.0 130.1 131.0 132.0 132.1 133.2 132.4 131.5 Industrial equipment 6.85 122.9 119.3 119.2 119.2 120.9 122.8 123.6 124.9 125.6 126.6 Ml A 128.6 128.9 128.6 Commercial equipment 2.42 142.4 144.5 143.8 143.3 143.4 142.2 142.4 141.5 141.6 141.2 139.0 140.2 141.6 140.5 Freight and passenger equipment. 1.76 132.1 126.9 126.3 126.0 124.8 128.1 135.3 134.6 140.7 140.6 139.7 137.2 135.8 137.5 Farm equipment .61 121.6 123.2 119.7 115.2 112.2 122.0 116.6 118.8 122.0 130.7 131.9 129. 133.5 128.3 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.1 114.4 118.0 121.2 124.5 125.8 125.2 121.9 122.1 122.5 122.5 122.2 122.6 124.3 Consumer durable 3.43 137.2 130.9 134.0 135.4 139.4 145.9 142.7 136.6 137.8 138.0 138.4 140.2 140.2 141.2 Equipment 7.84 125.4 121.2 122.2 123.1 125. 128.0 126.4 126.3 128.4 128.3 125.9 127.9 128.2 128.6 Construction 9.17 116.3 109.2 112.4 115.1 116.7 118.0 119.4 119.2 119.0 119.3 119.0 117.8 118.3 120.8 Metal materials n.e.c.. . . 6.29 114.2 109.5 115.0 120.6 126.8 123.6 116.7 108.8 107.5 110.6 111.5 113.4 117.4 120.5 Nondurable materials 25.92 126.2 121.8 122.6 124.7 126.9 127.3 128.3 128.4 128.0 128.6 129.1 128.7 129.7 130.4 Business supplies 9.11 120.1 116.7 117.8 119.0 121.6 121.6 119.8 121.7 121.2 121.5 122.8 122.6 123.5 124.9 Containers 3.03 120.3 119.3 121.5 116. 120.3 121.1 119.9 119.7 118.2 122.6 123.9 121.3 122.6 125.6 General business supplies. 6.07 120.1 115.4 115.9 120.4 122.2 121.8 119.8 122.7 122.7 121.0 122.3 123.2 124.0 124.6 Nondurable materials n.e.c.. 7.40 145.1 138.0 140.2 143.2 145.0 145.3 147.6 147.0 147.9 149.8 150.2 150.5 151.3 152.7 Business fuel and power 9.41 117.2 113.9 113.3 115.6 117.9 118.8 121.2 120.4 119.1 118.7 118.6 117.5 118.6 118.1 Mineral fuels 6.07 109.3 105.6 105.1 108.0 110.5 111.5 114.0 113.8 112.1 110.5 109.9 108.0 109.2 107.5 Nonresidential utilities 2. 138.8 135.9 134.7 135.9 138.3 138.7 141.9 140.4 139.4 141.2 141.9 142.0 143.0 Electricity 2.32 139.4 136.9 135.3 136.5 139.0 139.2 143.0 141.0 139.7 141.9 142.5 143.3 144.1 General industrial 1.03 131.1 125.8 124.2 130.3 132.6 132.2 136.5 132.5 133.1 134.2 133.5 134.5 134.8 Commercial and other.. 1.21 149.7 149.2 147.5 144.6 147.6 148.3 151.8 151.4 148.4 151.7 153.5 154.1 155.5 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 130.7 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 138.9 140.3 Apparel and staples 24.51 122.2 120.4 120.5 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125. 125.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 INDUSTRIAL PRODUCTION: S.A. 497 INDUSTRY GROUPINGS (1957-59= 100) 957-59 1963 1964 pro- Grouping por- avertion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb, Total index. 100.00 124.3 120.2 121.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 126.9 127.3 127.7 Manufacturing, total. 86.45 124.7 120.6 121.9 123.1 125.2 126.4 126.8 125.9 126.1 127.1 127.5 127.9 128.1 128.5 Durable 48.07 124.4 120.0 121.5 122.8 125.6 127.4 127.0 125.0 125.3 126.3 126.6 127.0 127.6 128.4 Nondurable 38.38 125.1 121.4 122.5 123.4 124.8 125.2 126.4 127.2 127.1 128.1 128.6 128.9 128.6 128.8 Mining 8.23 107.8 104.7 105.4 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.5 106.6 108.4 107.6 Utilities 5.32 140.7 138.2 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 143.3 144.9 146.0 Durable Manufactures Primary and fabricated metals 12.32 117.6 111.0 115.1 120.1 125.6 125.5 124.0 116. 115.5 116.4 116.7 117.0 118.6 120.8 Primary metals 6.95 113.1 105.2 111.9 120. 127.4 125.8 122.8 109.4 107.7 108.4 109.5 110.4 112.4 116.2 Iron and steel 5.45 109.5 102.2 111.5 121.8 129.3 126.1 117.1 102.6 100.0 100.0 103.5 104.9 108.3 112.1 Nonferrous metals and products. 1.50 126.3 121.0 123.7 121.0 124.2 125.5 123.5 126.4 129.4 103.5 132.9 134.7 131.7 136.9 Fabricated metal products 5.37 123.4 118.5 119.3 120.2 123.3 125.1 125.6 126.4 125.6 126.8 126.0 125.6 126.7 126.7 Structural metal parts 2.86 120.2 113.9 115.4 116.8 120.9 123.0 124.2 124.5 123.7 122.8 121.5 121.8 123.1 123.6 Machinery and related products 27.98 128.6 125.3 125.0 125.3 127.3 130.3 130.0 129.4 130.6 131.9 131.9 132.3 132.4 132.2 Machinery 14.80 129.1 126.4 126.2 125.9 128.4 129.4 129.6 130.5 131.3 132.2 132.6 133.3 134.4 133.9 Nonelectrical machinery 8.43 126.7 123.1 122.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 131.9 133.3 135.1 133.5 Electrical machinery 6.37 132.2 130.8 130.8 131.4 133.5 133.9 133.0 133.9 133.7 133.3 133.6 133.3 133.5 134.4 Transportation equipment 10.19 127.0 122.3 122.1 123.7 124.5 130.4 129.3 126.8 128.7 130.8 130.8 130.6 129.6 130.4 Motor vehicles and parts 4.68 146.1 139.1 140.2 141. 143.1 153.8 150.9 143.7 146.5 150.3 151.8 151.2 149.3 151.8 Aircraft and other equipment. . . 5.26 109.5 106.8 105.6 107.2 107.5 109.4 109.6 111.1 112. 113.0 111.7 111.4 111.1 110.4 Instruments and related products. . 1.71 130.2 127.0 127.2 126.6 130.2 131.6 132.6 132.1 133.0 132.5 131.9 132.6 131.8 132.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 109. 115.0 112.7 113.3 113.9 114.0 115.3 115.5 115.9 117.3 118.8 120.2 122.7 Clay, glass, and stone products. 2.99 117.5 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.5 122.5 124.6 Lumber and products 1.73 109.0 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 112.5 116. 119.3 Furniture and miscellaneous 3.05 129.1 123.6 124.8 125.8 129.3 129.3 132.0 132.1 131.9 130.6 131.9 131.9 132.1 132.4 Furniture and fixtures 1.54 133.1 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 137.1 Miscellaneous manufactures 1.51 124.9 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 127.6 Nondurable manufactures Textiles, apparel, and leather.... 7.60 118.5 115.6 115.9 116.2 116.5 118.0 118.9 120. 121.1 121.7 123.0 123.7 122.3 122.1 Textile mill products 2.90 117.1 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0 120.9 122.0 121.8 118.4 119.2 Apparel products 3.59 125.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5 127.9 129.8 131.3 131.8 Leather and products 1.11 99.8 98.7 98. 95.4 97.5 99.2 98.9 101.3 106.6 103.9 103.7 104.3 102.1 Paper and printing 8.17 120.0 115.8 115.7 119.2 120.5 121.6 122.3 122.4 122.0 122.3 122.7 123.8 122.7 124.3 Paper and products 3.43 125.2 123.3 123.9 122.8 123.4 125.8 127.8 127.8 126.7 128.4 128.5 126.9 127.7 128.7 Printing and publishing 4.74 116.4 110.5 109.7 116.5 118.4 118.6 118.4 118.5 118.6 117.9 118.5 121.5 119.0 121.1 Newspapers 1.53 108.0 93.9 90.8 109.7 111.4 112.5 111.6 112.8 113.7 111.9 113.2 119.2 113.9 115.1 Chemicals, petroleum, and rubber. 11.54 141.5 135.3 138.2 139.7 141.3 141.3 143.3 144.4 144.8 145.9 147.3 146.1 145.8 145.9 Chemicals and products 7.58 148.5 141.4 143.6 146.1 147.8 148.5 151.3 151.7 152.6 153.9 154.6 153.9 153.6 153.7 Industrial chemicals 3.84 162.5 153.1 155.2 160.7 161.9 162.2 165.2 165.3 166.8 169.1 169.7 169.9 170.5 Petroleum products 1.97 117.1 114.3 115.5 115.8 116.9 118.2 119.5 117.6 117.0 119.0 118.5 116.6 116.0 Rubber and plastics products . .. 1.99 138.9 132.8 140.3 138.8 140.7 137.0 136.5 143. 142.5 142.1 147.9 145.7 145.7 Foods, beverages, and tobacco.... 11.07 116.3 115.0 115.6 114.7 116.4 116.1 116.9 117.5 116.5 118.2 117.2 118.4 119.3 118.8 Foods and beverages 10.25 116.4 115.0 115.7 114.8 116.2 116.3 116.8 117.5 116.5 118.5 117.4 118.6 119.8 119.3 Food manufactures 8.64 116.7 115.2 116.0 115.2 116.4 116.4 116.8 117.5 117.5 118. 118.0 119.2 120. 119.6 Beverages 1.61 114.9 114.2 113.9 112.7 115.2 115.6 116.7 117.7 110.9 117.0 114.5 115.7 115.9 Tobacco products .82 115.1 114.6 114.2 112.7 118.1 114.4 117.9 116.8 116.8 114.1 114.6 115.8 112.7 Mining Coal, oil, and gas 6.80 106.9 103.7 103.9 106.1 107.7 108.6 111.1 111. 109.9 108.3 107.0 105.3 106.7 105.8 Coal 1.16 102.4 96.1 93.9 100.8 104.5 107.1 107.1 108.0 106.2 104.1 102.1 103.4 104.0 99.2 Crude oil and natural gas 5.64 107. 105.3 105.9 107.2 108.3 108.9 111.9 111.8 110.6 109.1 108.0 105.7 107.3 107.2 Oil and gas extraction 4.91 110.9 107.9 107.8 109.7 111.9 112.6 115.7 115.1 113 112.0 111.7 109.1 110.4 109.5 Crude oil 4.25 108. 104.8 104.9 107.3 109.5 110.1 113.0 112.7 110.6 109.6 108.9 105.7 106.8 106.0 Gas and gas liquids .66 128.5 124.7 126.0 124.5 130.4 128.2 132.8 130. 131.9 127.4 129. 130.8 Oil and gas drilling .73 87.4 87.4 93.5 90.3 84.0 84.5 86.4 91.1 89.7 82.5 83.0 86.1 91.4 Metal, stone, and earth materials. 1.43 112.1 109.7 112.6 113.9 112.8 113.0 112.1 111.6 112.5 113.1 110. 112.7 116.3 116.0 Metal mining .61 112.3 114.3 115.7 114. 116.4 112.8 110.3 112.8 113.4 109.8 106.4 111.6 116.4 118.1 Stone and earth minerals 112.1 106.2 110.2 113.4 110.1 113.2 113.5 110. 111.9 115.5 113.2 113.5 116.2 114.5 Utilities Electric 4.04 142.5 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 147.0 148.8 Gas 1.28 135. 131.4 130.6 132.9 133. 135. NOTE.—Published groupings include some series and subtotals not A new paper on the industrial production index is now available as deshown separately. A description and historical data are available in scribed in Announcements on p. 446. Industrial Production 1957-59 Base. Figures for individual series and ubtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 INDUSTRIAL PRODUCTION: N.S.A. APRIL 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1964 pro- Grouping por- avertion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Total index. 100.00 124.3 120.5 122.5 123.1 125. 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.' 128.0 Final products, total 47.35 124.8 122.4 123.7 122.1 123.0 127.1 121. 123.8 130.0 131.9 127.7 125.3 126.7 128.3 Consumer goods 32.31 125.1 122.4 123. 122.1 123.1 128.1 121.3 124.3 131.7 134. 128.5 123. 126.1 128.4 Equipment, including defense. . . 15.04 124.2 122.6 123.1 122.1 122.8 124.8 122.6 122.6 126.3 126.9 126. 128.5 128. 128.0 Materials 52.65 123.6 118.7 121.5 124.0 126.9 128.6 119.4 123.9 126.8 128.1 126.5 123.8 124.7 127.7 Consumer Goods Automotive products 3.2 141.1 144.0 144.7 148. 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.3 151.9 154.3 Autos 1.8: 149.5 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 Auto parts and allied products 1.39 130.1 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.2 130.8 Home goods and apparel 10.00 123.0 123.1 126.3 122.1 121. 126.2 112.0 126.3 130.1 131.9 127.3 117.5 121.6 130.1 Home goods 4.59 129.4 126.6 128.6 126.0 128.0 132.4 116. 126.8 141.0 140.2 138.7 132.9 129.3 136.7 Appliances, TV, and radios 1.81 124.7 127.3 129.6 123.6 127.3 133.5 104.0 113.6 140.2 135.8 135.8 123.5 124.7 138.3 Appliances 1.33 130.1 133.5 138.2 129.7 135. 141.7 111.7 114.4 144.2 135.9 137.4 135.0 126.0 144.0 TV and home radios .47 109.4 109.9 105.5 106.3 105.4 110.2 82.4 111.4 128. 135.5 131. 91.3 121.0 122.2 Furniture and rugs 1.26 131.3 126.0 127.1 125.7 124. 130.3 125.8 134.9 137.8 139.3 138.1 139.7 132.4 135.3 Miscellaneous home goods 1.5 133.6 126.3 128.5 129.1 131.3 132.9 124.6 135.9 144.7 146.1 142.7 138.4 132.2 135.9 Apparel, knit goods, and shoes.... 5.41 117.5 120.1 124.3 118.8 115.5 120.9 108.0 125.8 120.9 124.8 117.6 104.5 115. Consumer staples 19.10 123.6 118.3 119.2 117.8 120.3 124.5 123.9 131.5 133.3 130.9 123.8 122.1 124.1 123.3 Processed foods 8.43 116.5 106.7 108.9 107.5 110.5 115.1 116.5 126.5 133.8 130.5 119. 115.2 113.4 111.0 Beverages and tobacco 2.43 115.0 104.2 110.3 115.6 125.7 132.0 120.8 126.4 116.6 121.4 108.4 100.2 102.4 Drugs, soap, and toiletries 2.97 140.0 134.8 136.3 137.8 138.8 142.8 137.0 145.7 146.0 146.9 142.4 139.8 141.1 140.1 Newspapers, magazines, and books. 1.47 117.8 114.4 116.5 117.8 118.7 117.5 116.5 120 121.2 119.4 117.2 120.9 120.3 123.3 Consumer fuel and lighting 3.67 134.4 142.2 135.5 126.2 124.7 129.3 135.3 139.2 137.7 129.6 130.2 138.4 150.0 Fuel oil and gasoline 1.20 116.9 120.4 115.4 109.4 111.7 117.6 118.1 119.9 118.4 116.4 117.7 120.2 120.4 119.0 Residential utilities 2.46 143.0 Electricity 1.72 146.7 162.0 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 Gas .74 Equipment Business equipment 11.63 128.3 126.3 127.3 126.4 126.8 129.3 126.5 127.0 131.0 131.2 130.1 132.7 132.5 132.8 Industrial equipment 6.85 122.9 118.7 119.3 119.2 121.0 123.9 122.4 124.5 126.7 125.8 125.6 129.4 129.2 128.0 Commercial equipment 2.42 142.4 143.5 142.5 140.6 141.7 142.6 139.6 141.8 143.7 143.6 140.7 142.6 141.7 139.5 Freight and passenger equipment. 1.76 132.1 128.4 134.0 132.3 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.2 133.1 139.2 Farm equipment .61 121.6 137.4 136.9 134.7 122.1 125.6 106.1 98.1 116.3 120.3 118.6 125.8 131.8 Defense equipment 3.41 Materials Durable goods materials 26.73 121.1 114.6 118.5 122.0 126.5 129.2 118.7 118.7 124.0 125.3 123.2 121.0 121.0 124.5 Consumer durable 3.43 137.2 135.5 137.4 135.8 139.5 144.9 128.4 112.4 138.6 143.0 145.6 150.0 146.9 146.1 Equipment 7.84 125.4 123.5 124.4 123.7 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 131.0 Construction 9.17 116.3 102.0 106.9 113.9 120.2 125.4 121.2 126.4 125.9 125.1 118.8 110.6 108.0 112.8 Metal materials n.e.c 6.29 114.2 110.5 117.8 124.2 130.0 128.8 105.3 105.6 110.7 113.3 112.4 108.4 114.3 121.6 Nondurable materials 25.92 126.2 122.9 124.5 126.0 127.3 128.0 120.1 129.2 129.6 131.0 129.8 126.8 128.5 130.9 Business supplies 9.11 120.1 115.1 118.6 122. 122.8 122.8 112.2 123.5 125.0 127.2 123.8 118.1 118.8 123.3 Containers 3.03 120.3 116.9 121.5 119.6 121.5 127.2 115.1 131.7 125.9 128.7 117.1 105.5 115.2 123.1 General business supplies. 6.07 120.1 114.2 117.1 123.4 123.4 120.7 110.8 119.4 124.5 126.4 127.2 124.4 120.5 123.4 Nondurable materials n.e.c.. 7.40 145.1 142.1 144.4 144.6 147.2 146.0 136.2 145.5 147.2 150.5 151.7 148.2 151.3 155.0 Business fuel and power 9.41 117.2 115.2 114.6 115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 120.0 119.4 Mineral fuels 6.07 109.3 109.6 108.4 109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.2 111.5 Nonresidential utilities 2.86 138.8 Electricity 2.32 139.4 131. 131.4 131.1 134.7 141.0 147.0 152.0 149.1 144.0 139.7 139.9 141.5 General industrial 1.03 131.1 122.5 124.9 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 Commercial and other.. 1.21 149.7 141.0 139.5 136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.6 143.9 Apparel and staples 24.51 122.2 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 123.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 INDUSTRIAL PRODUCTION: N.S.A. 499 INDUSTRY GROUPINGS (1957-59= 100) Grouping 9 p p 5 r o 7 o r - - - 59 1 a 9 v 6 e 3 r- ? 1963 1964 tion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan.r Feb. Total index 100.00 124.3 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.0 Manufacturing, total 86.45 124.7 120.7 123.3 124.0 126.1 128.8 120.5 123.4 725.7 131.1 128.2 125.1 125.7 128.6 Durable 48.07 124.4 120.7 123.2 124.4 126.9 129.8 121.0 118. 126.6 129.3 128.4 127.2 126.6 129.1 Nondurable 38.38 125.1 120.6 123.4 123.7 125. 127.6 119.8 130.0 131.4 133.3 127.9 122.5 124.7 128.0 Mining 8.23 107.8 104.9 104.5 106.9 108.9 111.3 105.3 112.2 111.4 111.0 108.1 106.7 107.9 107.6 Utilities 5.32 140.7 Durable manufactures Primary and fabricated metals 12.32 117.6 112.6 118.1 122.5 727.0 725.2 772.7 773.5 777.5 775.7 777.7 775.4 775.5 722.5 Primary metals 6.95 113.1 110.1 118.8 125.7 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.1 114.6 121.7 Iron and steel 5.45 109.5 106.6 117.1 125.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 102.3 110.5 116.9 Nonferrous metals and products. 1.50 126.3 122. 125.1 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 124.5 129.5 139.0 Fabricated metal products 5.37 123.4 115.8 117.2 118.4 122.3 126.4 122.5 127.5 131.6 130.6 126.8 126.2 124.2 123.8 Structrual metal parts 2.86 120.2 111.5 112.2 113.8 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 121.0 Machinery and related products 27.98 128.6 127.6 128.2 127.3 128.4 757.9 724.5 777.0 729.5 133.9 754.7 755.7 735.7 754.5 Machinery 14.80 129.1 128.1 128.5 126.9 128.3 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.3 135.8 Nonelectrical machinery 8.43 126.7 125.3 126.1 125.3 126.4 129.0 123.6 123.3 128.5 128.8 129.3 134.4 135.1 135.9 Electrical machinery 6.37 132.2 132.0 131.6 129.0 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 Transportation equipment. ....... 10.19 127.0 126.0 Ml A 127.7 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.5 134.7 Motor vehicles and parts 4.68 146.1 145.9 148.5 149.3 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.1 159.9 Aircraft and other equipment. . . 5.26 109.5 108. 108.2 107.7 107.1 107.9 107.5 108.5 110. 112.4 112.4 113.1 112.2 111.7 Instruments and related products. . 1.71 130.2 126.2 126.9 126.5 128.2 131.6 129.7 132.1 133. 134.0 134.3 134.3 131.3 131.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 700.5 705.7 772.5 7/5.5 722.7 777.7 725.7 724.5 724.4 777.5 705.5 704.7 772.2 Clay, glass, and stone products. 2.99 117.5 99. 105.4 115.5 1T2.2 126.1 126.3 128.7 126.2 127.6 122. 111.5 107.2 111.5 Lumber and products 1.73 109.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 113.3 Furniture and miscellaneous.. 3.05 729.7 727.5 725.5 722.5 725.2 725.7 725.7 754.5 757.7 757.7 755.2 755.9 727.5 729.4 Furniture and fixtures 1.54 133.1 126.3 126.8 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 Miscellaneous manufactures. 1.51 124.9 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.0 Nondurable manufactures Textiles, apparel, and leather 7.60 775.5 720.5 724.7 779.5 775. 727.7 705.9 124.1 727.2 725.9 779.5 709.9 777.5 727.3 Textile mill products 2.90 117. 116.0 120.0 115.3 121.0 121.4 105. 120.3 120.0 119.7 119.2 112.9 116.0 122.2 Apparel products 3.59 125.5 129.4 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.3 125.2 Leather and products 1.11 99.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 105.2 105.5 98.0 94.4 97.0 Paper and printing 8.17 720.0 775.9 777.7 720.9 122.3 727 772.5 727.5 725.5 727.5 724.5 779.4 720.0 724.5 Paper and products 3.43 125.2 125.9 127.0 125.0 126.0 128 113.7 131.0 127.8 135.3 127.9 115.2 125.9 132.9 Printing and publishing. 4.74 116.4 108.7 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.3 122.2 122.5 115.8 118.9 Newspapers 1.53 108.0 90.3 92.6 116.4 118.8 113 97.1 102.1 114.5 121.8 124.5 118.6 104.9 110.7 Chemicals, petroleum, and rubber.. 11.54 141.5 757. 759.5 742.7 742.5 745.9 755.0 745.5 745.5 747.5 745.5 742.9 745.4 747.7 Chemicals and products 7.58 148.5 142.7 145.8 149.7 150.2 150.9 144.3 150.7 152.0 154.5 153.1 150.7 153.0 154.7 Industrial chemicals 3.84 162.5 156.5 159.4 162.9 163.8 162.2 157.3 162.3 164.8 169.1 170.7 169.9 172.2 Petroleum peoducts 1.97 117.1 112.6 111.5 112.3 115.1 121.7 123.1 123.5 121.7 119.6 116.7 114.9 114.3 117.1 Rubber and plastics products 1.99 138.9 140.5 144.8 143.1 139.3 139. 117.0 134.5 144.4 150. 145.7 140.6 147.2 Foods, beverages, and tobacco., 77.07 775.3 705.7 709.5 109.4 774.0 775.5 777. 725. 729.7 725.7 777.7 772.2 777.4 770.2 Foods and bererages 10.25 116.4 106. 109.4 109.2 113.4 118.4 118.2 126.2 130.5 129.0 117.8 113.7 111.4 110.1 Food manufactures 8.64 116.7 107.4 109.4 107.7 110.7 115. 116.2 126.2 133.4 130.7 120.4 115.6 113.9 111.5 Beverages 1.61 114.9 99.2 109.2 117.2 127.4 136.4 129.2 126.5 114.8 120.0 104.0 103.2 97.9 Tobacco products 115.1 114.0 112.5 112.5 122.4 123.5 104.3 126.4 120.2 124.3 116.9 94.3 111.5 Mining Coal, oil, and gas 5.50 705.9 707.0 705.9 705.7 705.4 705.5 707.5 709.5 705.5 705.5 707.5 707.5 709.9 709./ Coal 1.16 102.4 97.3 94.7 101.5 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 100.4 Crude oil and natural gas 5.64 107.9 109.0 108.2 107.8 106.6 106.8 107.9 109.0 107.7 107.6 108.1 108.8 111.5 110.9 Oil and gas extraction 4.91 110.9 112.5 111.6 111.3 110.1 110.0 110.7 111.4 109.8 110.2 111.6 112.3 114.7 114.2 Crude oil 4.25 108.2 108.7 108.3 109. 108.4 108.4 108.7 109.5 107.6 108.0 108.1 107.7 110.1 109.9 Gas and gas liquids .66 128.5 133.3 132.6 125.4 124.3 120.4 123.6 123.8 124.0 124.3 133.8 141.7 Oil and gas drilling .73 87.4 85.4 85.1 84. 82.4 85.3 88.6 92.8 93.2 90.1 84.1 85.5 Metal, stone, and earth minerals.. 1.43 772.7 94. 95.0 707.9 720.9 725.0 722.0 725.5 725.0 722.3 709.9 702.5 95.7 700./ Metal mining .61 112.3 102.9 101.8 104. 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 102.4 106.3 Stone and earth minerals 112. 88.6 95. 110.6 119.0 123. 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.5 Utilities Electric. 4.04 142.5 144.3 140.2 133.1 133.0 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 Gas 1.28 135 NOTE.—Published groupings include some series and subtotals not A new paper on the industrial production index is now available as shown separately. A description and historical data are available in described in Announcements on p. 446. Industrial Production—1957-59 Base. Figures for individual series and 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

500 BUSINESS ACTIVITY APRIL 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Industria1 production fac M tu a r n in u g - 2 Prices 4 Nonag- Major market groupings Con- ricul- Maior industry stru- tural Freight Total Period Total Tot F a i l na g l s C o u p o o m r n d o e - s d r u E c m t q s e u n ip t - M ria a l t s e- Mfg. igro M i u n i p g n in - g5 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 m t 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 - re s t a a l i e l s 3 s C um on e - r W m c s o o h a m d l o e i 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 79 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 83 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 82 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 89 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 92 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 97 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 98 100.7 100.4 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 1960 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 91.2 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.3 120 106.2 99.2 113.7 92.4 115 105.4 100.6 1963 124.3 124.8 125.1 124.2 123.6 124.7 107.8 140.7 132 108.7 99.9 118.0 93.3 120 106.7 100.3 1963—Feb 120.2 122.6 122.9 121.5 118.0 120.6 104.7 138.2 130 107.4 98.9 115.8 93.9 119 106.1 100.2 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 95.7 119 106.2 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 96.9 118 106.2 100.0 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 93.9 121 107.1 100.6 Aug 125.7 126.2 126.7 125.3 125.1 125.9 111.3 144.6 132 109.1 99.8 117.0 90.9 121 107.1 100.4 Sept 125.7 126.5 126.7 126.2 125.0 126.1 110.3 142.8 128 109.3 100.1 120.3 91.2 119 107.1 100.3 Oct 126.5 127.9 128.0 127.7 125.5 127.1 109.1 143.9 146 109.6 100.4 120.0 92.7 121 107.2 100.5 Nov 126.7 128.0 128.2 127.6 125.8 127.5 107.5 144.5 144 109.5 100.0 119.4 92.3 120 107.4 100.7 Dec r126.9 r128.4 r128.2 128.8 r125.4 127.9 r106.6 r143.3 148 109.8 100.5 121.7 93.9 123 107.6 100.3 1964—Jan r127.3 r128.3 128.5 r128.0 r126.1 r128.1 r108.4 r144.9 147 r110.0 r100.3 120.2 97.2 123 107.7 101.0 Feb 127.7 128.4 129.2 126.7 127.3 128.5 107.6 146.0 143 110.6 100.9 122.8 96.9 125 107.6 100.5 128.2 128.4 129.0 127.1 128.0 129.0 107.1 146.0 110.7 101.2 122.9 94.0 124 100.4 1 Employees only, excludes personnel in the armed forces. Employment and payrolls: Based on Bureau of Labor Statistics data; 2 Production workers only. includes data for Alaska and Hawaii beginning with 1959. 3 Federal Reserve index based on Census Bureau figures. Prices: Bureau of Labor Statistics data. 4 Prices are not seasonally adjusted. Freight carloadings: Based on data from Association of American Railroads. NOTE.—Data are seasonally adjusted unless otherwise noted. A new paper on the industrial production index is now available as de- Construction contracts: F. W. Dodge Corp. monthly index of dollar scribed in Announcements on p. 446. value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb, Total construction 41,303 45,546 2,917 3,583 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 By type of ownership: Public 13,599 14,653 1,092 1,182 1,168 1,567 1,384 1,319 1,318 1,154 1.321 1,157 1,155 1,197 1,041 Private 27,705 30,893 1,825 2,401 2,814 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 By type of construction: Residential 18,039 20,502 1,215 1,642 ,986 2,061 1,966 1,934 1,883 1,789 2,028 1,519 1,325 1,372 Nonresidential 13,010 14,377 1,005 1,146 ,210 1,452 1,458 1,271 1,322 1,154 1,331 1,082 1,102 1,158 Nonbuilding 10,255 10,667 698 796 787 1,337 978 920 857 764 954 1,148 985 816 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge accumulated monthly data after original figures have been published. Corp. does not include data for Alaska or Hawaii. Totals of monthly Nonbuilding construction includes public works and utilities. data exceed annual totals because adjustments—negative—are made to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 CONSTRUCTION 501 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 Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 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 i 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 I960 53,941 38 078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1 487 7 573 1961 55,455 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,156 1,378 5,855 1,581 8,342 1962 59,036 41,478 24,174 12,251 2,857 5,023 4,371 5,053 17,558 1,269 6,156 1,754 8,379 1963 62,775 43,796 25,711 12,885 3,118 5,110 4,657 5,200 18,979 6,702 1 966 1963—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 1,802 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 1,868 8 467 June 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 1,682 6,813 1,927 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 Sent 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 65,522 45,867 26,615 13,841 3,577 5,412 4,852 5,411 19,655 6,761 2 176 1964—Jan 65,641 45,610 26,710 13,516 3,469 5,400 4,647 5,384 20,031 7,150 2 185 Feb P 65,785 46,121 26,959 13,688 3,472 5,448 4,768 5,474 19,664 6,262 2,273 Mar P 67,020 46,556 27,258 13,826 3,492 5,569 4,765 5,472 20,464 2,376 i 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) Annual rate, By area 1 By type of ownership Government- (private only) Pri\'ate underwritten Period Total Metro- Non- Total N fa o rm n- politan p m o e l t it r a o n - Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1955 1,329 976 353 [,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 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 L,343 1,079 49 215 36 458 349 109 1959 . ... 1,554 1,077 All 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 .313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,618 1,139 479 1,587 1,005 53 529 31 292 221 71 1963 Feb ,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 .. 1,618 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 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 1,807 166 117 49 163 103 5 55 3 27 21 6 Nov 1,564 1,533 121 84 37 119 72 4 44 2 22 17 5 Dec 1,564 1,518 97 76 21 95 51 3 41 2 21 16 5 1964 Jan V1,729 1,699 PlOl 75 26 57 3 40 Pl 16 11 4 Feb V1,643 P1,601 PlOO 73 27 p\ 17 12 4 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

502 EMPLOYMENT APRIL 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 rate 2 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 1963 Mar 131,590 74,382 71,650 67,148 62,812 4,337 4,501 57,208 5.7 Apr 131,740 74,897 72,161 68,097 63,434 4,673 4,063 56,843 5.7 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5 9 June 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 Aus 132,345 77,167 74,418 70,561 65,065 5,496 3,857 55,178 5.5 Sept 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 5.6 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 Feb 133,358 75,259 72,527 68,002 64,071 3,931 4,524 58,099 5.4 Mar 133,519 75,553 72,810 68,517 64,500 4,017 4,293 57,965 5.4 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 i l o i r c a n n u s & t p il o i p t r i u t e a s b - - 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 1959 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 1963 57,174 17,035 634 3,029 3,913 11,865 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963 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 Aug 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 57,748 17,127 630 3,069 3,915 11,963 2,892 8,447 9,705 1964 Jan 57,850 17,119 623 3,017 3,923 12,072 2,904 8,474 9,718 Feb * 58,160 17,175 624 3,163 3,937 12 114 2 910 8 517 9 720 Mar.P 58,226 17,224 626 3,135 3,941 12,070 2,917 8,564 9,749 NOT SEASONALLY ADJUSTED 1963 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 June 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 Nov 58,220 17,229 634 3,176 3,944 12,166 2,878 8,406 9,787 Dec 58,585 17,139 631 2,925 3,931 12,774 2,880 8,379 9,926 1964 Jan 56,909 16,935 614 2,628 3,876 11 917 2,875 8 313 9,751 Feb.P 57,026 16,984 611 2,676 3,882 11,809 2,884 8,364 9,816 Mar.? 57,336 17,033 612 2,737 3,894 11,898 2,894 8,427 9,841 1 Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, 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

APRIL 1964 EMPLOYMENT AND EARNINGS 503 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Mar. Jan. Feb.*? Mar.? Mar. Jan. Feb. Total. 12,521 12,639 12,705 12,741 12,344 12,472 12,523 12,567 Durable goods 6,994 7,120 7,155 7,193 6,919 7,064 7,081 7,118 Ordnance and accessories 119 118 114 114 120 118 114 114 Lumber and wood products 538 535 538 539 501 502 503 502 Furniture and fixtures 322 328 330 332 318 324 326 328 Stone, clay, and glass products 480 492 499 501 458 467 471 478 Primary metal industries 922 945 955 957 929 945 959 965 Fabricated metal products 868 894 903 907 855 891 892 893 Machinery except electrical 1,038 1,085 1,075 1,090 1,051 1,083 1,084 1,103 Electrical machinery 1,061 1,045 1,043 1,045 1,050 1,051 1,042 1,035 Transportation equipment 1,099 1,124 1,139 1,149 1,104 1,152 1,150 1,155 Instruments and related products 234 237 238 238 233 237 237 237 Miscellaneous manufacturing industries. 313 317 321 321 300 294 304 308 Nondurable goods 5,527 5,519 5,550 5,548 5,425 5,408 5,442 5,449 Food and kindred products 1,172 1,154 1,154 1,144 1,081 1,081 1,064 1,055 Tobacco manufactures 77 75 77 78 69 76 74 70 Textile-mill products , 800 798 804 804 794 788 795 798 Apparel and other finished textiles 1,141 1,152 1,160 1,160 1,157 1,136 1,172 1,176 Paper and allied products. 488 488 489 492 482 484 483 486 Printing, publishing and allied industries. 581 596 599 599 579 592 595 597 Chemicals and allied products 521 524 527 528 522 519 522 529 Products of petroleum and coal , 119 116 116 116 117 114 114 114 Rubber products 318 312 318 320 314 313 316 316 Leather and leather products , 310 304 306 307 310 304 308 307 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 Mar. Jan. Mar. Jan. Mar.? Mar. Jan. Total. 40.5 40.1 40.6 40.7 98.09 99.90 101.15 101.40 2.44 2.51 2.51 2.51 Durable goods 41.0 40.8 41.3 41.3 106.49 109.21 109.88 110.56 2.61 2.69 2.68 2.69 Ordnance and accessories 40.7 40.6 40.2 39.9 118.20 121.18 119.80 119.10 2.89 2.97 2.98 2.97 Lumber and wood products 39.9 39.2 40.5 40.7 77.81 79.90 82.39 82.61 1.98 2.07 2.07 2.06 Furniture and fixtures 40.7 40.1 41.3 41.1 79.19 79.59 82.01 82.42 1.97 2.02 2.02 2.03 Stone, clay, and glass products 41.4 40.7 41.6 41.5 99.47 99.50 101.50 101.34 2.45 2.50 2.50 2.49 Primary metal industries 40.5 41.0 41.1 41.0 122.91 125.77 126.18 126.48 3.02 3.06 3.07 3.07 Fabricated metal products 41.2 41.3 41.8 41.9 105.67 108.79 109.18 110.39 2.59 2.66 2.65 2.66 Machinery except electrical 41.6 41.9 42.5 42.4 115.51 118.71 120.84 121.13 2.77 2.84 2.85 2.85 Electrical machinery 40.3 40.0 40.3 40.6 97.84 100.40 100.65 101.40 2.44 2.51 2.51 2.51 Transportation equipment 41.8 42.0 41.9 41.5 123.85 127.41 127.71 126.68 2.97 3.07 3.07 3.06 Instruments and related products 41 .0 39.8 40.7 40.6 101.18 99.90 101.40 101.81 2.48 2.51 2.51 2.52 Miscellaneous manufacturing industries.. 39.6 38.8 39.8 39.7 80.39 79.87 82.16 82.58 2.03 2.08 2.08 2.08 Nondurable goods 39.8 39.1 39.9 39.8 86.68 87.85 89.04 89.44 2.20 2.27 2.26 2.27 Food and kindred products. 41.1 40.7 41.0 40.9 93.32 95.91 95.68 96.08 2.31 2.38 2.38 2.39 Tobacco manufactures 39.2 37.6 36.2 39.0 73.11 72.69 68.25 73.83 1.96 1.97 1.95 1.99 Textile-mill products 40.7 40.4 41.2 41.1 68.51 70.40 71.98 71.63 1.70 1.76 1.76 1.76 Apparel and other finished textiles 36.5 34.7 36.4 36.3 62.59 60.00 64.61 64.79 1.71 1.77 1.78 1.78 Paper and allied products 42.8 42.5 42.9 42.6 104.13 106.09 106.85 106.60 2.45 2.52 2.52 2.52 Printing, publishing and allied industries. 38.4 38.1 38.4 38.4 110.21 110.67 111.63 113.28 2.87 2.92 2.93 2.95 Chemicals and allied products 41.6 41.2 41.5 41.8 111.37 113.85 113.99 114.82 2.69 2.77 2.76 2.76 Products of petroleum and coal 41.3 41.4 42.3 41.7 128.61 132.16 132.39 129.47 3.16 3.20 3.19 3.15 Rubber products 41.1 40.7 41.0 40.8 100.12 101.25 100.85 100.19 2.46 2.50 2.49 2.48 Leather and leather products 36.9 36.5 37.8 37.4 64.58 66.95 68.58 67.32 1.75 1.79 1.80 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

504 PRICES APRIL 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation All Fur- Apparel Trans- Read- Other Period items Food Total Rent o H w s o h n m i e p e r- - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t - y o n i p a n i n e s g r h d s a - - up an k d eep p t o io rt n a- Total 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 tion 1929.. 59.7 55 6 85 4 1933 45.1 35.3 60.8 1941 51.3 44 2 61 4 64 3 45 2 88 3 51 2 50 6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955.. 93.3 94.0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961. . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106.8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 116.7 107.9 111.5 107.1 1963—Feb 106.1 105.0 105.4 106.4 106.1 104.8 108.0 102.1 104.0 106.8 110.1 115.6 107.3 110.0 105.7 Mar 106.2 104.6 105.7 106.4 106.5 104.8 108.0 102.3 104.2 107.0 110.2 115.8 107.3 110.1 105.7 Apr 106.2 104.3 105.8 106.5 106.9 104.2 107.5 102.3 104.4 107.0 110.7 116.1 107.6 111.0 105.8 M!ay 106.2 104.2 105.7 106.6 106.7 102.4 107.4 102.3 104.3 107.4 110.7 116.4 107.8 110.7 106.0 June 106.6 105.0 105.9 106.7 106.8 102.1 108.1 102.4 104.5 107.4 111.4 116.8 107.8 110.9 107.6 July 107.1 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 Aug 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 117.1 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.2 108.2 112.3 108.0 Oct 107.2 104.9 106.3 107.1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 117.4 108.4 112.7 108.2 Nov 107.4 105.1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117.5 108.4 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.4 105.8 108.1 102.9 106.1 108.9 112.7 117.9 108.8 113.1 108.3 1964—Jan 107.7 105.8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 Feb 107.6 106.0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - Paper, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s 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. 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. 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. 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 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 1963—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 June 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. 110.4 Aug. 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. 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. 111.8 Oct.. 100.5 95.1 102.2 100.9 100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107. 111.2 Nov. 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107, 110.9 Dec. 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99. 99.4 101.3 102.6 98.0 101.3 107.5 112.2 1964—Jan.. 101.0 96.3 '102.5 101.3 '101.2 102.7 99.5 96.3 93.7 '99.0 '99.8 '101.7 102.5 r98.4 101.1 107.6 112.6 Feb.. 100.5 94.5 100.9 101.3 101.2 102.5 99.0 96.4 93.6 99.8 99.9 101.8 102.7 98.4 101.2 107.1 110.9 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 PRICES 505 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 96.5 94.8 '95.9 97.9 Woodpulp 89.4 94.4 96.1 96.1 Grains 103.0 101.8 103.9 102.0 Wastepaper 96.1 90.8 91.1 91.1 Livestock and poultry 89.5 79.9 84.7 82.8 Paper 102.2 102.9 103.1 103.1 Plant and animal fibers 100.8 101.4 101.5 101.7 Paperboard 94.1 96.5 96.5 96.5 Fluid milk 101.1 103.4 '102.8 102.3 Converted paper and paperboard... 99.9 99.5 100.0 100.1 Eggs 99.1 99.8 106.3 89.7 Building paper and board 95.5 '95.2 '95.2 95.0 Hay and seeds 113.5 114.6 115.5 113.9 Other farm products 89.1 90.6 99.0 96 A Metals and Metal Products: Processed Foods: Iron and steel 98.6 100.0 100.2 100.2 Nonferrous metals 98.0 101.0 101.4 101.7 Cereal and bakery products 108.6 106.9 107.0 107.2 Metal containers 104.5 104.6 104.6 105.8 Meat, poultry, and fish 95.6 87.7 91.8 88.8 Hardware 104.0 104.3 104.6 104.6 Dairy products and ice cream 108.0 108.1 108.0 107.5 Plumbing equipment 101.1 100.6 100.5 100.5 Canned and frozen fruits, and veg- Heating equipment 92.4 92.7 '92.0 92.0 etables 99.8 106.8 107.2 107.3 Fabricated structural metal products 98.0 99.0 '99.0 99.1 Sugar and confectionery 105.1 124.9 130.3 122.9 Fabricated nonstructural metal prod- Packaged beverage materials 79.1 85.7 '90.6 94.9 ucts 103.7 108.2 '109.3 I 109.3 Animal fats and oils 86.0 88.4 '88.2 91.2 Crude vegetable oils 82.5 76.7 r74.4 73.6 Machinery and Motive Products: Refined vegetable oils 89.2 77.4 74.8 74.8 Vegetable oil and products 91.9 87.9 87.9 88.1 Agricultural machinery and equip. 110.8 111.9 112.1 112.2 Miscellaneous processed foods 101.5 107.4 107.4 106.6 Construction machinery and equip... 108.5 111.2 111.8 111.8 Metal working machinery and equip.., 109.1 110.8 110.8 111.1 Textile Products and Apparel: General purpose machinery and equipment 103.6 104.8 104.8 104.9 Cotton products 100.5 101.5 101.3 101.2 Miscellaneous machinery 103.4 103.7 104.1 104.3 Wool products 100.7 102.8 103.2 103.3 Special industry machinery and Man-made fiber textile products 93.7 94.6 '94.7 95.1 equipment (Jan. 1961= 100) 103.1 105.0 105.2 105.2 Silk products 151.1 126.3 121.6 116.8 Electrical machinery and equip 97.8 97.7 '•96.9 97.5 Apparel 101.4 102.3 102.3 102.3 Motor vehicles 100.8 99.9 99.8 99.8 Other textile products 118.2 116.0 118.3 117.3 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.5 100.5 100.5 Hides, Skins, Leather, and Products: Hides and skins 85.9 76.3 76.1 74.1 Furniture and Other Household Dura- Leather 104.7 99.5 99.5 99.7 bles: Footwear 108.3 108.2 108.3 108.3 Other leather products 104.8 103.3 101.9 101.8 Household furniture 104.5 104.7 r105.0 105.0 Commercial furniture 102.3 103.1 103.1 103.1 Fuels and Related Products, and Power Floor coverings 95.9 98.0 100.1 100.1 Household appliances 92.3 91.1 -91.3 91.4 Coal 98.4 98.3 '98.3 98.1 Television, radios, and phonographs.. 90.1 87.3 '87.2 87.2 Coke 103.6 103.6 103.6 103.6 Other household durable goods 102.8 103.3 103.6 103.7 Gas fuels (Jan. 1958= 100) 127.8 124.8 124.8 126.7 Electric power (Jan. 1958= 100) 102.5 101.3 101.3 101.3 Petroleum products, refined 97.1 96.1 96.6 95.3 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 101.0 101.0 101.0 Concrete ingredients 103.0 103.1 '102.7 102.7 Industrial chemicals 95.2 94.3 '94.3 94.3 Concrete products 102.2 101.4 101.2 101.0 Prepared paint 103.8 105.3 105.3 105.3 Structural clay products 103.6 103.5 103.5 103.6 Paint materials 93.0 91.0 '91.2 91.5 Gypsum products 105.0 106.1 106.1 108.0 Drugs and Pharmaceuticals 95.1 95.0 95.4 95.3 Prepared asphalt roofing 94.1 87.4 87.4 87.4 Fats and oils, inedible 72.7 85.0 83.1 82.7 Other nonmetallic minerals 101.5 101.4 101.3 101.3 Mixed fertilizers 103.6 103.5 103.6 103.7 Fertilizer materials 102.3 98.4 99.4 100.5 Tobacco Products and Bottled Bever- Other chemicals and products 99.5 99.1 •99.2 99.2 ages: Rubber and Products: Tobacco products 102.2 105.9 105.9 105.9 Alcoholic beverages 101.1 101.0 101.0 101.0 Crude rubber 93.7 89.9 89.4 89.5 Nonalcoholic beverages 117.4 127.7 127.7 125.0 Tires and tubes 89.0 91.4 91.3 91.3 Miscellaneous rubber products 99.7 97.9 97.9 97.6 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.1 101.1 r100.9 100.9 Manufactured animal feeds 118.2 119.7 120.4 117.4 Lumber 96.2 99.2 '99.2 100.3 Notions and accessories 98.7 99.1 99.1 99.1 Mill work 102.3 106.3 106.7 106.9 Jewelry watches, photo equipment.. 104.0 103.6 103.6 103.3 Plywood 90.5 92.4 '91.1 91.8 Other miscellaneous products 101.7 101.4 101.7 101.7 NOTE.—Bureau of Labor Statistics index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 NATIONAL PRODUCT AND INCOME APRIL 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 19C3 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. 163.6 165.3 165.9 168.6 168.7 Services 32. 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 21.0 23.2 25.0 23.7 22.7 24.8 25.9 26.8 Other 5.1 1.0 3.1 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. 25.1 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 99.6 107.9 117.0 125.1 120.2 123.0 123.8 125.7 127.7 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 i \ 13 3 . . 8 2 1 5 4 . . 2 3 4 7 6 . . 9 2 45 8. . 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 7.8 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 Business; U.S. Income and Output, A Supplement to the Survey of Current adjusted totals at annual rates. For back data and explanation of series Business (1958); and the July 1963 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 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 r478.2 462.2 466.7 474.6 482.0 489.3 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. 213.1 222.9 227.0 241.6 253.0 244.7 246.7 252.2 255.1 258.1 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. 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. 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 56.7 50.0 50.5 50.8 Business and professional 8.8 3.2 10.9 23.5 35.1 34.2 35.3 36.5 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 12.6 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 "51.1 49.3 48.8 50.1 52.2 53.4 Profits before tax 9.6 .2 77.0 40.6 47.7 44.3 43.8 46.8 r51.5 48.4 48.3 51.0 52.2 54.5 Profits tax liability 1.4 .5 7.6 17.9 23.2 22.3 22.0 22.2 ••24 4 22.9 22.9 24.2 24.7 25.8 Profits after tax 5.3 — .4 9.4 22.8 24.5 22.0 21.8 24.6 r27.1 25.5 25.4 26.8 27.5 28.7 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 8.4 8.3 9.2 9.8 9.8 '9.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 .2 .2 .9 .4 -.9 .0 -1.1 -.4 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.0 22.0 23.0 23.3 23.7 24.3 25.0 24.1 NOTE.—Dcpt. 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

APRIL 1964 NATIONAL PRODUCT AND INCOME 507 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (ID 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 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. 53.0 56.6 54.1 55.2 56.0 57.2 58.1 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 -3 2 . . 0 1 -3 2 . . 0 2 -1 2 . .3 -1 2 . . 8 3 -3 2 . . 2 3 -1 2 . . 9 3 -2 2 . . 3 3 -4 2 . . 1 3 -4 2 . . 4 3 -1 2 . . 2 3 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .4 .5 1.7 1.7 .7 1.6 .7 .4 .5 1.1 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 r478.2 462.2 466.7 474.6 482.0 489.3 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 '51.1 49.3 48.8 50.1 52.2 53.4 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 96.3 228.5 383.9 401.3 417.4 442.1 463.0 449.9 453.9 459.9 465.2 473.0 Less: Personal tax and nontax payments.... 2.6 1.5 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. 49.0 50.9 49.7 50.0 50.4 51. 52.2 State and local 1.4 1.3 2.6 6.4 7.8 8.7 9.6 9.4 9.6 9.7 9.9 1.0 7.3 8.8 Equals: Disposable persona] income 83.1 93.0 207.7 337.1 364.4 384.4 402.4 394.5 400.0 404.4 410.9 45.7 349.9 391.4 Less: Personal consumption expenditures... 79.0 81.9 195.0 313.5 336.8 355.4 373.1 367.4 370.4 374.9 379.9 46.4 328.2 362.9 Equals: Personal saving 4.2 11.1 12.6 23.6 27.6 29.1 29.3 27.1 29.6 29.5 31.0 -.6 21.7 28.5 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) 1963 1964 1962 1963 Item Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.* Total personal income. 442.1 463.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.3 Wage and salary disbursements 297.7 312.3 304.7 306.1 308.7 377.2 312.9 314.1 314.4 316.2 375.7 379.2 320.8 327.7 323.8 Commodity-producing industries. 118.5 123.8 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 127.2 126.9 128.3 Manufacturing only 94.2 98.3 95.5 96.3 97.2 98.4 99.0 99.2 98.7 99.6 700.2 700.2 707.7 101.1 101.8 Distributive industries 76.6 79.8 78.6 78.7 79.2 79.7 79.8 80. 80.2 80.7 80.9 81.0 81.3 81.7 81.9 Service industries 46.4 49.5 48.3 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.1 Government 55.6 59.3 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 Other labor income. 12.1 12.6 12.5 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 Proprietors' income 49.8 50.5 50.7 50.5 50.7 50.0 50.0 50.4 50.6 50.6 50.9 50.8 50.9 50.6 50.5 Business and professional. 36.5 37.7 37.2 37.2 37.3 37.4 37.6 37.7 37.9 37.9 38.2 38.2 38.4 38.4 38.5 Farm 13.3 12.8 13.5 13.3 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 12.0 12.2 Rental income 12.0 12.1 12.0 12.0 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.3 12.2 Dividends 16.6 17.8 17.2 17.2 17.3 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.0 Personal interest income. 30.0 32.5 31.7 31.8 31.9 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.3 34.1 Transfer payments 34.8 36.9 35.7 36.2 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 37.9 139.9 Less: Personal contributions for social insurance 10.2 11.8 11.5 11.5 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 Nonagricultural income. 424.5 445.7 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 1461.6 462.1 Agricultural income 17.6 17.3 18.0 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.5 16.2 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.1 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1A. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FOURTH QUARTER, 1963—Not seasonally adjusted o (In billions of dollars) oo Consumer Nonfinancial business sectors Government sectors Financial sectors and non- Rest of All Natl. Sector orga p n r i o z f a i t t ions Farm co N rp o o n r - ate Corporate G U o .S v . t. an S d t a lo te cal B s a y n st k e i m ng ins S t a i v tu in ti g o s ns Insurance F n in .e a . n c c . e w t o h r e ld sectors c a D r n e i c s p - y - i s n a a v v n e i d n st g - Transaction ment category U S U S U S U S U S u s U S U S U S U S U S u s 22.7 2.1 3.5 11.6 -5.4 -1.1 2 -.7 4 -.4 -1.4 31.6 -5.7 33.0 A B Capital consumption 12 6 11 2 3 8 2 .... 24 2 24.2 B 3 C1 Net savins (A. — B) 10 0 3 4 —1 1 7.4 8.7 C D Gross investment (E+J) 27.2 . ... 2.1 3.5 . ... 10.2 -6.0 .5 . .. .6 .. .. -.7 .. .. .7 .. .. -1.1 36.7 . . 38.4 D E Private capital expenditures, 22.0 1.2 3.4 10.5 .1 .1 37.3 . . 37.3 E F Consumer durables 15 9 15 9 15.9 F H G P R l e a s n i t d e a n n t d ia l e q c u o ip n m st e ru nt ction... 5 1 . . 2 0 "i.2 '."'." 2 .7 8 9 .7 3 1 i 1 6 4 . 6 5 1 6 4 . . 6 5 G H I Inventory change A 2 .5 .4 .4 I J Net financial invest. (K - L)... 5.1 .9 . .1 -.3.. .. -6.0 . .5 .. .5 -.7.. .. .6.. .. -.4 -1.1 .7 . .. .7 1.1 J 13.8 .6 7.2 -1.2 2.7 12.1 4.8 3.2 2.2 .5 45.9 1.6 K 8 7 -.9 .5 7.5 4.8 2.3 11.6 5.4 2.6 2.6 1.6 46 6 .5 L M Gold and official U.S. foreisn exchange * . * * * * M N Treasury currency * * * * * N P O De P m ri a v n a d te d d e o p m os e i s t t s i c and curr.. ' 35 2 5 17 1 7 0 .8 2 5 i 1 6 8. . 4 2 1 7 0 . . 8 2 1.7 O P Q R U Fo S r ei G gn ovt -2.4 -2.5 1 i -2.4 -2.5 1 -.1 S Time and svgs. accounts... 5.3 3.3 .1 7 9 s T At com! banks 8 16 7 o q .2 3.3 T U At svgs. institutions 4.5 .1 4.6 4.6 U V Life insurance reserves 1.0 * 10 1 0 v W Pension fund reserves 2 4 1 8 1.5 2 4 w X Credit market instr 2.3 8.5 i 6 3 2 2 4 5 2 12 4 3 4 1 4 11 1 2 4 0 8 3 1 2 0 2 2 -.2 .9 26.8 26.8 X Y U.S. Govt. securities 1.6 1.1 3.9 -.1 2.1 -.1 .1 -.6 3.9 3.9 Y Z State and local oblig .7 -.1 1.4 .4 * .3 1.4 Z AA Corp. and foreign bonds. .2 '.'.'.'.'.'. 'i.2 .5 .2 -.1 '.'.'.'.'.'. 1.0 .4 '"i.O 2.2 AA A A C B C 1- o t r o p . 4 s -f to am ck il s y mtgs -.9 .1 4.8 '.'.'.'.'.'. '-A * * .7 2 3.3 * '.'.'.'.'.'. . . 5 4 . . 5 2 .5 .1 -.1 4.6 1 A A C B AD Other mortgages .6 .1'.'.'.'.'.'. "".3 1 2 14 1 .5 .8 1.0 3.0 AD AE Consumer credit 3.4 .6 1.4 .6 .2 .7 ...... 3 4 AE AF Bank loans n.e.c .1 i 1.4 3.0 6.0 * 1.1 6.0 AF A A A I H G Ot O F he e p r d e e n l r o a m a l n a l s o rk a e n t s paper. .. 2'.'.'.'..'. -'.3 '.'." . . 7 3 * * -. . 1 3 * i 1 . .1 i '.'." .5 " ". . 1 1 . . 7 2 "* "'. . & 8 -'.2 i ...... .8 -.3 3 -A i A 2 ..... 2 . . 3 2 i . . 2 l 2 A A A G H I AJ Security credit .2 .2 .1 .1 .3 * * .5 AJ AK To brokers and dealers. . .2 .1 -.1 .3 .3 AK AL To others . . .. .2 2 2 AL AM Trade credit -.4 -2.3 A 2.2 A * -A * O AM AN Equity in noncorp. business o -.4 -.4 —.8 AN AO Misc. financial trans * '"".(} * A .2 .H .3 2 .1 A "".3 '"".<> 2.1 1.4 AO AP Sector discrepancies (A—D).. -4.5 . 1.3. .6 . .. -1.6.. .. -.4 2 -.3 -5.0. -5.1 -5.5 AP Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IB. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FOURTH QUARTER, 1963-Seasonally adjusted 5 (In billions of dollars) Sector or C g a a o n p n n d r i s o z u n f a m i o t t i n e o - r ns Farm Nonfinanc c ia o l N r p b o o u n r s - a i t n e ess sec C to o r r s porate G G U o o .S v v . t e . rnment a s n e S c d t t o a lo r te s cal B s a y n st k e i m ng in S st a i v t F u in i t n i g o a s n n s cia se In ct s o u r r s ance F n in .e a . n c c . e th R e e s w t o o r f ld se A ct l o l rs c a D r n e c i p s y - - i s n N a a v v n a e i d n t s l t g . - ON ment Transaction category U S U S U S U S U S U S U S U S U S U S U S U S A Gross saving 95 8 4 3 9.3 42.3 -3.7 -4.4 .9 6 .9 -.7 -3.4 141.9 .8 145.3 A B Capital consumption 50.4 4.3 32 5 96.5 96.5 B C Net saving (A —B) 45.4 9.8 -4.4 45.4 48.8 C 9.3 D Gross investment (E+J) 98.3 4.3 38.6 -1.8. .. -2.7. 3.9 . .6 .. .. 2.1 -.7 -3.6 148.2 -7.1 144.7 D E Private capital expenditures, 9.3 net 76.9 5.5 41.9 .3 .3 141.1 141.1 E F Consumer durables 53.7 .. 53.7 53.7 F G Residential construction... 19.3 16.2 "3'.8 '.'.'.'.'.'. 26.9 26.9 G H Plant and equipment 3.9 .... 5^2 ...... ll'.O '.'.'.'... 34.3 ""3 '.'.'.'.'.'. 14.5 14.5 H I Inventory change .3 1.4 3.8 5.5 5.5 I J Net financial invest. (K - L)... 21.4 .. -t o -6.9.. . -3.2. -1.8 -2.7 .. .. 3.5 .. .. .6 .. .. 1.8. .. -.7 .. .. -3.6 7.1 -7.1 3.6 J K Financial uses, net 49.2 .8 19.7 3.9 8.0 30.7 18.4 11.2 6.1 1.3 149.4 4.9 K L Financial sources 27.9 7.7 22.9 5.7 10.8 27.2 17.8 9.4 6.9 4.9 142.3 1.3 L M Gold and official U.S. for- M eign exchange .2 .2 .2 .2 N N Treasury currency — 1 1 — 1 - 1 1 2 O Demand deposits and curr.. 11 1 12 7 11 1 O P Private domestic 9 0 - 2 . . 3 6 14 4 .4 * 8 13.7 14.4 .7 P Q U.S Govt — 6 —3 0 -.6 -3.0 -2.4 Q R Foreign — 4 -.4 -.4 .. R S Time and svgs. accounts.. . 20.8 15.2 .3 30.9 S T At coml. banks 5.4 "6^4 '.'.'.'.'.'. 2 5 15 2 8 15 2 T U At svgs. institutions 15.4 .3 15.8 15.8 U V Life insurance reserves 4.3 .1 4.2 4.3 V W Pension fund reserves 8.9 1.0 3 2 4 7 8 9 w X Credit market instr 8.6 27.3 2.7 .7 8.7 1.9 19.3 4.3 4.4 1.9 7.5 32.9 .9 17.4 2.1 11.6 4.1 6.5 -1.2 2.8 82.2 82.1 X Y U.S. Govt. securities 4.6 .5 4.0 .1 2 2 4 7 -3.7 -.7 4.1 4.0 '-'.1 Y Z State and local oblig 3.3 .2 -.2 7.0 2.1 -.1 1.4 .3 7.0 AA Corp. and foreign bonds. 1.1 3.2 1.9 .9 Q 2.8 .6 3.5 * .2 6.9 z AB Corp. stocks -2.3 -.9 9 2.1 1.2 1.7 .2 -.4 1.2 AA A A C D O 1- t h to er 4 m -fa o m rtg il a y g e m s tgs 1. . 7 4 18. . 4 5'.'.'.'.'.'. '"i'...h.... 4.1 ...... 5 1 "-'A' 2 .'.'.'.'.'. .1 ...... 2 2 . . 2 8 1 3 3 .7 2 '.'.'.'.'.'. 3 1 .0 9 7 1 11 8 . 2 3 A A C B AE Consumer credit 7.5 .7 .6 3 0 6 2 6 7 5 AD AF Bank loans n.e.c 3...... 1.2 3.1 11.3 18.6 1.4 1.3 6.1 AAEF § AG Other loans 6 — 1 1 6 6 7 "4 5 4 5 1.1 -.2 2.0 '-'.2 '.'.'.'.'.'. 2.3 -.1 -.7 1.6 7.3 7.3 AG AH Open market paper. .. -.5 .6 -.6 6 — 6 -. 1 -.7 .9 9 AH AI Federal loans . . . -.1 1.1 1 4.4 5 2 0 7'.'.'.'." 4'.4 AI AJ Security credit .7 .6 -2.4 1.3 -1.0 * * A AJ AK To brokers and dealers 7 —2 2 .5 -1.0 '.'.'.. . -i.o AK AL To others 6 -.2 .8 AL .6 AM Trade credit 3 4 9.5 3.6 * .6 1 — 4 -4.0 AM AN Equity in noncorp. business —3 3 — 1 8 — 1 5 9.0 5.0 AN AO Misc. financial trans .1 2.1 * .3 -.4 .3 .1 .3 4 1.4 1.9 1.9 4.9 3.5 -1.5 AO AP Sector discrepancies (A—D).. -2.4 3 7 — 1 9 — 16 -3 0 * -1.3 * .2 -6.2 -6.3 .6 AP Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FLOW OF FUNDS APRIL 1964 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV II III IV IIr III' IV I. Saving and investment A Gross national saving 115.6 119.5 116.1 130.2 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3 B Consumer and nonprofit 74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 C Farm and noncorp, business 13.4 12.9 12.5 13.1 13.3 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 13.6 D Corporate nonfin. business 35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3 E U.S. Government -4.5 4.3 -5.5 -4.7 -4.5 -5.7 -7.0 -4.4 -2.0 -5.7 -4.5 -6.0 -3.8 -3.7 F State and local govt -3.5 -3.0 -4.7 -3.8 -3.5 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.4 -4.4 G Financial sectors 1.5 2.2 1.7 2.3 2.9 1.6 1.4 2.5 2.6 2.8 3.3 3.2 3.5 1.6 H Gross national investment 114.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7 H I Consumer durable goods 43.6 44.9 43.6 48.2 51.5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53.7 I J Business inventories 6.6 3.5 1.8 4.9 4.6 7.0 7.7 5.9 2.8 3.3 4.4 4.3 4.3 5.5 J K Gross pvt. fixed investment 66.2 68.3 67.1 73.2 77.6 70.4 69.3 73.2 75.4 75.0 72. 76.6 79.7 81.9 K L Consumer and nonprofit 22.1 21.6 20.1 21.3 21.8 21.5 21.7 19.9 21.2 22.3 20.7 20.5 22.5 23.2 L M Nonfin. business 43.4 46.0 46.4 51.3 55.1 48.2 46.8 52.6 53.5 52. 50.6 55.5 56.5 58.0 M N Financial sectors .7 .6 7 .7 .7 .7 .7 .6 .6 .6 .6 N O P Di N sc e r t e p fi a n n a c n y c i ( a A l — inv H e ) stment -1 2 . . 7 0 2. . 2 7 2 1 . . 0 5 3.0 2 3. . 6 3 1. . 4 6 -2 2 . . 4 4 2 2 . . 8 3 5.9 * -1 5 .5 .5 2 3 . .0 3 3 . . 1 4 8.3 3. . 6 6 II. Financial flows—Summary 53.2 36.2 47.2 58.1 62.4 53.8 61.8 63.0 40.1 67.7 58.7 68.3 50.0 72.6 A A Net funds raised—Nonfin. sectors.. 19.7 8.0 19.5 17.6 19.5 25.9 29.7 19.9 -1.9 22.7 1.1 27.9 .2 48.5 B B Loans and short-term securities. . . 33.4 28.3 27.7 40.5 42.9 28.0 32.1 43.1 42.0 45.0 57.6 40.5 49.7 24.1 C C Long-term sBeyc usreictiteosr and mtgs D U.S. Government 8.7 -2.1 7.5 7.6 4.8 5.7 16.1 8.4 -5.6 11.4 11.9 9.3 -6.4 4.4 D E Short-term securities 5 -5.1 11.3 2.4 1.5 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 -12.4 18.4 E F Other securities 3.8 2.5 -4.1 4.9 3.7 -6.6 -2.4 6.6 8.3 7.3 21.7 .1 7.6 -14.4 F G Foreign borrowers .8 2.0 2.8 2 3.3 4.3 3.7 2.0 .2 3.3 3.3 5.0 2.0 2.8 G H Loans 1.4 1.9 1 2.2 3.2 3. .8 -.5 1.5 1.2 3.5 1.2 2.9 H I Securities .7 .7 .8 1.0 1.1 1.1 .6 1.1 .7 1.8 2.0 1.6 .8 -.2 I J Pvt. domestic nonfin. sectors 43.6 36.3 36.9 48. 54.4 43.8 41.9 52.6 45.5 53.0 43.6 54.0 54.4 65.5 J K Loans 14. 11.2 5.9 13. 16.2 10.4 8.1 17.2 12.5 17.1 9.7 15.1 13. 26.8 K L Consumer credit 6.4 4.5 1.7 5.8 6.7 4.9 4.3 7.0 4.3 7.6 5.9 7.0 6.5 7.5 L M Bank leans n.e.c 5.6 2.8 1.9 4 6. 4.0 2.2 6.3 3.5 5.8 3.3 4.2 3.5 16.0 M N Other loans 2. 3.9 2.4 3.5 2.7 1.5 1.6 4.0 4.7 3.7 .5 3.9 3.1 3.3 N O Securities and mortgages 29.0 25.2 31.0 34.5 38.2 33.4 33.8 35.4 33.1 35.9 33. 38.9 41.4 38.7 O P State and local obligations 4. 3.7 5.0 5.7 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 P g 1 C - o t r o p o 4 r - a fa te m s i e ly c u m ri o ti r e tg s ages 1 5 3 . . 3 2 1 5 0 . . 3 4 11 7 . .3 1 4 5 . . 8 4 1 3 7 . . 4 6 1 5 3 . . 5 5 1 6 3 . . 0 2 1 4 5 . . 9 5 1 4 6 . . 0 3 1 4 6 . . 1 5 1 5 5 . . 8 5 1 1 7 . . 6 2 1 3 9 . . 8 7 1 2 8 . . 3 3 o Other mortgages 5.8 5.8 6.9 9.4 10.5 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 11.2 R s S Net sources of credit (=A) 53.2 36.2 47.2 58.1 62.4 53.8 61.8 63.0 40.1 67.7 58.7 68.3 50.0 72.6 T T Chg. in U.S. Govt. cash balance. .9 1.0 -.6 .2 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 U U U.S. Govt. lending 2.4 2.8 3.5 2.6 4.5 4.0 4.5 1.9 3.6 2.4 3.9 4.3 V V w P F v o t r . e i i g n n s u f r u . n a d n s d pension reserves. 3 8. .6 8 8 3 . . 1 3 2 9 2 .0 9 2 . . 5 6 4 9. . 4 0 2 8 . . 7 6 9 2 . . 3 8 9 1 . . 0 9 9 2 . . 4 7 2 8 . . 2 6 6 9. . 5 4 1 2 1 . . 2 0 - 8 .5 .9 w X X Sources n.e.c 5 6 5.1 5.6 7.5 4.4 3.3 4.3 8.4 6.3 7.1 6.3 9.4 8.6 Y Y Z Pvt. domestic nonfin. sectors 30.5 15.3 28. 36.5 40.8 31.3 38.4 38.2 25.4 44.1 33.4 41.3 33.1 54.4 Z AA Deposits and U.S. Govt. secur.., 23.8 8.3 23.5 32. 39.0 28.3 31.6 33.4 24.9 39.1 33.0 41.5 32.3 48.1 AA AB Deposits 11.0 14.0 24.6 29.8 33.4 25.5 27.7 27.7 26. 37.9 30.8 30.4 29.0 43.0 AB AC Demand dep. and currency. -1.0 4.5 1.6 5.3 8.3 -7.7 2.9 2.3 8.9 -3.7 7.0 4. 13.2 AC AD Time and svgs. accounts.... IO'.S 15.0 20.0 28.3 28.1 17. 35.4 24.8 23.9 29.0 34.5 23.4 24.8 29.8 AD AE At commercial banks 2. 5.4 8.7 15.1 13.1 4.9 22. 13.4 10.6 13.7 17.1 9.4 11. 14.3 AE AF At savings instit 8.4 9.6 11.4 13.2 15.0 12. 12. 11.5 13.3 15.3 17.4 14.0 13.2 15.4 AF AG U.S. Govt. securities 12.9 -5. -1.1 2. 5.5 2.9 3.9 5.7 -1.3 1.3 2.3 11.1 3.: 5.1 AG AH Other securities and mtgs 6.8 6.8 6.0 4.1 3.5 4.8 6. .2 3.3 6. 2.0 3.3 2: 6.1 AH 1.3 1.7 1.8 -.1 -4.5 2.8 1. 1.6 3.6 1.! -.2 AI AI Less security debt III. Financial institutions 30.6 34.6 44.4 51. 57.8 48.5 52.5 48.3 43.0 61.9 55.1 57.4 54.3 64.9 A A Net funds advanced—Total n <y 2.9 3.9 -1.0 1.3 10.6 1.0 -3. 7.8 -4.5 -7.0 -.3 B B U.S. Govt. securities 23 '.2 20.7 27. 34.0 39.9 31.4 30.9 39.3 32.1 33.8 36.4 41.8 43.0 38.5 C C Other securities and mtgs 14.6 11.1 8.5 13.5 18. 15.8 11.0 8.0 14.8 20.4 10.4 20.1 18.3 26.7 D D Loans By sector F Banking system 5.0 9.9 17.5 20.4 22. 17.3 25.1 19.5 9.3 27.7 26.8 20.8 12.9 30.5 F G Savings institutions 10.6 9.3 12.0 14. 17.5 13.5 13.6 13.3 15.7 15.4 17.0 16.9 18.6 17.4 G H Insurance and pension funds 10.1 10.2 10. 11.5 12.1 11.8 10.7 11.7 11.3 12.5 11.6 12.0 13.1 11.6 H I Finance n.e.c 4. 5.3 4.2 5.0 5.6 5.9 3. 3.8 6.7 6.2 7. 9.7 5.3 I J Net sources of funds—Total 30.6 34.6 44.4 51.4 57.8 48.5 52.5 48.3 43.0 61.9 55.1 57.4 54.3 64.9 K Gross saving 1.5 2.2 1. 2.3 2.9 1.6 1. 2 2.6 2.8 3.3 3.5 1.6 L Deposit claims 10.9 15.6 26.8 32. 34.7 28.9 35.0 31 18.8 43. 38.2 35i3 22.2 42.0 M Demand deposits and currency. 1. 5.9 3.5 5.4 10.7 6 -4.7 12.8 2.3 10.6 -3.5 11.1 N Time dep. at compl. banks 1. 9. 15.3 14.1 5.5 22^7 13 10.2 15.0 18. 10.5 12. 15.2 O Other savings accounts 8.4 11.5 13.3 15.2 12.7 12. 11 13.3 15. 17. 14.2 13. 15.8 P Life insurance reserves 3.6 3.7 4. 4.0 3.5 4.1 3.6 4. 4.2 3.9 3.5 4. 4.2 Q Pension fund reserves 5.2 4. 5.0 5.5 5.9 4.5 5 4.6 5.2 4. 5.9 6. 4.7 R Credit market instruments 6.2 3.3 5.6 7 4.9 7 6.1 4.4 .6 9.4 9. 9.5 S Investment co. shares 2.C 1. 1.3 2. 3.2 2.2 1.3 .8 1.0 1. 1.7 T Corporate bonds 1. 1. 2.0 1. 3.5 U Loans 3.8 2.0 1.2 3.9 4.2 2. — .6 6.3 6.0 3.4 V Security credit .8 2.2 1.5 -2.0 1.6 2.7 -1. 1.8 3.9 -1.0 W Other sources, net 3.C 2.8 1.0 1.2 5.0 5. -1.8 4. 3.8 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see p. 512. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 FLOW OF FUNDS 511 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, 1959 1960 1961 1962 1963 or sector IV I II in IV I' II r III' IV I. Demand deposits and currency A Net incr. in banking system liability.. 1.4 .3 5.9 3.5 5.4 107 - .4 6.3 -4.7 12.8 2.3 10.6 -3.5 11.1 A B US. Govt. deposits .7 .9 .3 1.0 -.6 .2 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 B C Other .7 -.6 5.7 2.5 5.9 10.5 -5.3 2.3 1.7 11.3 -5 1 8 1 6 0 14 1 C D Net increase in assets, by sector.... .4 .5 4.9 5.0 5.5 6.4 2.1 5.2 -5.1 17.6 1.7 9.9 -2.7 12.7 D E F O U t . h S e . r G d o o v m t estic sectors . .... -.3 .7 — .9 3 4 .3 8 3 1. . 1 8 5.5 — 7 1 0 3 -4 5 . . 6 3 2 3 . . 0 6 -6 2 . . 3 1 1 1 5 . . 7 7 -5 7 . 2 3 3 5 .8 3— 1 7 1 '. 8 5 13> 6 E F G Consumer and nonprofit...... -2 1 . . 2 2 -\s 1 1 . . 6 3 -2 5 . 1 1 -1 5 . . 0 3 2 5 9 7 -5 3 . . 7 0 -4 5 . . 7 5 -1.0 1 2 3 . . 1 1 -1 4 . . 0 3 — 6 1 .5 3 6 1 . 5 8 — 9. 0 2 G H I State and local govt .5 .2 .6 -.1 .9 2 8 -2.8 1.4 2.7 -1.6 1.1 .3 1.3 3.6 I .1 .6 1.3 .8 .3 1 4 1.1 -.1 A 2.1 1 0 2 8 12 J L K. Di R sc e r s e t p o a f n t c h y e — w U or . l S d . Govt. . cash .... * * -.1 - 1 * - .1 1 -.3 .3 1. . 5 7 -A 1.4 _ .3 A _ - .1 9 -.2 3 .2 4 -.8 9 2 1 . 0 0 -2.4 4 K L M Other .9 1.0 -1.4 .1 2.8 -2.1 .7 .5 -4.7 5 1 5 — 2 8 II. Time and savings accounts A Net increase—Total 9.5 15.3 20.9 28 6 29.3 18,2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 30.9 A C Corporate business • -A 1.1 5. . 8 8 9 1 , . 4 3 1 2 5 6 3 1 4 4 . . 2 1 5 2 . . 5 4 2 4 2 . . 8 7 1 2 3 . . 6 3 10 . . 6 2 1 2 5 . . 3 0 1 4 8 . . 6 4 1 2 0 . 4 5 1 3 2 . 2 4 1 6 5 A 2 C B D State and local govt -.4 1.4 .9 1.0 1.7 .8 2.0 .6 .4 1.0 2.9 1.0 2.5 D -.9 .3 .6 .3 1.0 .5 * .1 1.3 1.4 7 8 E F Consumer and nonprofit orgs.... 3.0 3.3 6.5 11.5 7.3 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 5.4 F G At savings institutions 8.4 9.5 11.5 13.3 15.2 12.7 12.7 11.7 13.3 15.7 17.4 14.2 13.4 15.8 G H Memo—Consumer and nonprofit orgs.—Total 11.3 12.8 17.8 24.7 22.3 18.8 28.6 21.6 22.9 25.7 27.0 20.7 20.7 20.8 H HE. U.S. Govt. securities A Total net issues 9.3 -2.6 7.3 7.4 5.2 4.7 15.4 8.6 —4.1 9.7 11.3 10 4 4 9 4 0 A 5.5 -5.1 11.3 2.4 1.5 11.3 17.8 2.0 -12.4 2.4 -10.4 10 3 12 4 18 4 B C Other 3.8 2.5 -4.1 4.9 3.7 -6.6 -2.4 6.6 8.3 7.3 21.7 .1 7.6 -14 4 C 8.7 -2.3 7.8 7.6 5.1 5.0 15.2 9.3 —3.9 9.8 11.6 9.6 -4.7 4.1 D 12.9 -5.7 -1.1 2.4 5.5 2.9 3.9 5.7 -1.3 1.3 2.3 11 1 3 2 5 1 E 7.3 -3.3 -.9 .7 3.7 3.2 -1.9 3.9 .1 .9 .1 6.4 3.4 4 6 F G Svgs. bonds and postal svgs. dep. • -2.0 — .4 .7 .3 1.1 .9 .7 .4 .6 2 .9 7 2 7 0 7 2 G H Securities 9.2 -2.8 -1.6 .4 2.6 2.4 -2.0 3.5 - .5 .7 -.8 5.2 2.3 3 4 H I Corp nonfin business . 3.8 -2.7 -A .3 .6 - .5 1.9 A -2.0 7 1 3 2 1 1 7 5 I J State and local govt 1.8 .2 3 1 4 1.3 3.9 1.4 .7 -.3 .8 2.6 1 .6 .1 J -7.2 2.9 8.4 3.9 -1.0 K3 10.6 1.0 -3.9 7.8 8.3 -4.5 -7.0 - 3 K -7.9 2.7 7 4 2.2 .2 ,1 9.6 .7 -6.4 5.1 11.0 -4.8 -8.8 2.2 L .7 7.5 2.0 2.8 2.8 5.4 .3 -.2 2.5 5.7 2 0 7 3 2 8 M -8.2 2.0 5.9 .3 -3.0 -27 4.2 .4 -6.2 2.6 5.9 -6.8 -10.1 - .6 N — A c A .7 1.0 8 — 5 g 4 1 2 5 4 0 Q P I F n i s n u a r n a c n e ce n a e nd e p . ension funds •. 2 * — 1 .0 A -.1 .6 A .8 -1.6 .1 -.5 .6 -.1 .3 . .3 5 1. .5 2 1.6 6 — -2 . 1 7 2 2 A .5 -3.7 7 Q p R Rest of the world 3.0 .6 .4 1.3 .6 .8 .7 2.6 1.2 .7 1.0 -1.0 -.7 R IV. Other securities 11.8 11.1 13 6 11 7 13.0 13.2 13.3 13.0 8.8 11.6 12.1 14.5 12.7 12.6 A 4.7 3.7 5.0 5 1 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 B 5.3 5.3 7.3 4.8 3.4 5 5 6 0 4 9 4 0 4 i 5 8 1 6 3 8 2 3 C 1.1 1.5 .8 1.9 2 .3 1.1 5 1.4 .3 2 0 1 6 3 5 D E Rest of the world .7 .7 .8 1 0 1.1 1 1 .6 1.1 .7 1.8 2.0 1.6 8 -.2 E 11.8 11.1 13.6 11 7 13.0 13.2 13.3 13.0 8.8 11.6 12.1 14.5 12.7 12.6 F G Consumers and nonprofit orgs...... 2.7 2.1 2.0 - 8 -1.2 1.3 2.4 -3.4 -2.0 -2.7 — 1.5 -2.7 2.1 G H State and local govt 1.3 2.2 1.9 14 1.8 1.5 .9 1.3 1.5 1.9 2.0 1.4 1.7 H -.2 2 — 2 — 1 .2 2 — 2 — 1 t 2 I J Commercial banks .4 .4 2.7 4 4 5.2 3.3 5 0 5.7 3.3 3.5 5.8 6 3 5 7 3 0 J K Insurance and pension funds 7.0 7.0 7 7 7 4 7.6 8.1 6.5 8.5 6.8 7.9 8.4 8.5 7.4 6.2 K L M Fin S a e n c c u e ri t n y e b e rokers and dealers... — .4 - - . . 1 6 - - .2 8 - 3 4 * .4 .1 a -.3 .9 1 1 . . 3 5 -1.5 * - - 1 . . 8 3 - - . . 7 4 -.5 3 . . 9 6 1. . 4 5 M L N Investment cos —Net........ — .7 5 - .6 - 8 -.4 - 9 -~1 3 .2 -1.5 -A -.3 -.3 -.9 N 1.2 1.0 1.4 1 1 .8 1 7 I 9 2.4 A .6 .8 1.2 .7 O P Net issues 1.8 1.5 2 0 1.9 1.3 2 7 3.2 2.2 1.3 .8 .8 1.0 1.5 1.7 P Q Rest of the world .4 .3 .4 -.1 .2 .4 -.6 -.1 .3 .1 -.1 4 .3 .2 Q V. Mortgages A Total net borrowing 19.0 16.2 18.7 24.7 28.1 21 6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 29.5 A B 1 - to 4-family 13 2 10 4 11.7 15.4 17.6 13.5 13.2 15.5 16,3 16.5 15.5 17.2 19.7 18.3 B C Other . .. 5.8 5.8 6 9 9.4 10.5 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 11.2 C 19.0 16.2 18.7 24 7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 29.5 D 2.0 2.4 1.6 3.3 2.9 1.2 3.1 2.0 3.5 4.4 2.9 2.8 3.7 2.0 E F US Govt 2.2 1.2 6 .3 -1.0 1.4 1.2 .3 -.1 -1.3 -2.0 -.5 -.2 F 2.5 .7 1.6 4 0 5.3 2.2 2 4 4.7 4.6 4.3 3.8 6.1 6.1 5.0 G 9.5 8.8 11.0 13.3 16.2 12 1 12.3 13.4 13.4 14 2 15.4 15.8 16.5 16.9 H I Insurance sector 2.4 2.8 2.7 3 0 3.9 3 0 2.2 2.4 3.0 4 5 3.2 3.5 4.0 4.9 I J Mortgage companies * .6 .4 .8 _ 3 1.3 .7 1.5 1.1 .7 J VT. Bank loans n.e.c. 7 5 2.7 2 7 6 0 8.9 5 7 3 9 8 2 4.3 7 6 2.7 7.7 6.6 18.6 A 5 3 2.7 1 6 4 0 6.6 3 3 1.9 6,1 2.9 5 0 2.9 4.1 3.3 15.6 B G Corporate •*•• 3 7 2.6 1 6 2 6 4.2 3 1 1.3 1.7 3 0 4 5 2.4 2.7 .9 11.3 C 1.0 -.1 .7 1.6 3.9 -.9 .1 .9 1.5 3.1 D 3 .7 .7 3 .4 .6 .8 .4 .6 .9 1.2 E 2 .1 .4 .6 1.3 2.1 * - 4 .7 .7 1.3 F 1." 1 1 1 1.5 — . A 1.7 .7 2.1 -.4 2.7 2.6 1.4 G I NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FLOW OF FUNDS APRIL 1964 Notes to Table 2. of lines H through L in Table 4 (I). I. Saving and investment. Derived statistically from Commerce Dept. Sources n.e.c. (line Y) is mainly consumer credit advanced by nonincome and product accounts. Tables presenting the relation to those financial business and financial sector net sources of funds other than accounts are available on request. Gross national saving (line A) is the deposits and insurance and pension reserves. The series is net of financialsum for domestic sectors of gross-saving entries in Table 4. It is before sector discrepancies shown in Table 4 (G) and (H). deduction of capital consumption allowances. Govt. saving is net of Private domestic nonfinancial sectors (line Z) is the sum of lines AA public outlays for capital goods as well as current operations. Gross through AI. Private sectors consist of consumer and nonprofit, nonnational investment (line H) is gross private domestic investment in financial business, and State and local govts. Line AI is borrowing income-and-product accounts plus consumer durables plus net foreign by consumers to carry securities less net free credit balances with security investment. Net foreign investment differs from corresponding income- brokers; the borrowing is secured by U.S. Govt. as well as private secuand-product series by amount of errors and omissions in balance of rities. payments statement. III. Financial institutions. An unconsolidated grouping for all financial Relation of saving-investment discrepancy to flow of funds matrix is sectors; e.g., bank loans to finance companies are included both as described in Aug. 1959 BULL., p. 859. assets and as liabilities. Line R includes bank stock issues not shown II. Financial flows—Summary. Structure of this table is described separately. "Other sources, net" reflects mainly (with negative sign) in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists financial sector account discrepancies but also net gold purchases and of borrowing through credit market instruments (line X of matrix, Table plant and equipment spending. IB) by consumer and nonprofit, nonfinancial business, govt., and rest- Notes to Table 3. of-world sectors. Credit-market funds raised by all sectors consist of For descriptions of transactions included in accounts see Aug. 1959 Line A plus financial sector borrowing shown in line R of Sec. III. BULL., p. 851 ff. Short-term securities included in line B are those shown on line E for III. U.S. Govt. securities. Consumer-held savings bonds and Postal U.S. Govt. U.S. Govt "other" securities (line F) include savings bonds. Savings System deposits are now included in U.S. Govt. securities rather Total U.S. Govt. borrowing (line D) includes CCC-guaranteed bank than the former group, fixed-value redeemable claims. loans not shown separately. IV. Other securities. Total shown for issues of "other securities" Demand deposits are included here on bank-record basis, for both the excludes open-end investment co. shares; these are shown as a deduction U.S. Govt. (line U) and private sectors (line AC) rather than as they on line P, offsetting net purchases of such shares included in the other appear on the books of depositors and in Table 3, Part I. Difference is lines (mainly consumer) under "net purchases." Net purchases includes described in Aug. 1959 BULL., p. 852 ff. Foreign funds (line W) consists small amounts for mutual savings banks not shown separately. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1961 1962 1963 Category 1959 1960 1961 1962' 1963 IV II III IV ii »• in' IV (A) Consumer and nonprofit organizations A Current receipts 381.4 399.2 415.0 440.8 463.7 426.2 431.8 439.5 443.4 448.7 452.9 461.0 466.3 474.5 A B Income receipts * 353.2 368.8 380.5 404.6 425.3 390.7 396.0 403.7 407.4 411.4 415.2 422.7 427.9 435.2 B C Transfer receipts 2 28.1 30.4 34.5 36.2 38.4 35.5 35.8 35.8 36.0 37.3 37.7 38.3 38.4 39.3 C D Income taxes and other deductions 58.7 64.7 66.6 72.3 77.2 69.4 69.9 73.1 72.4 73.7 75.3 77.1 78.4 78.0 D E Taxes less tax refunds 3 46.4 51.0 52.6 57.3 60.1 54.5 55.8 57.5 57.7 58.1 59.0 59.5 60.4 61.7 E F Pension and OASI deductions 4., 12.2 13.6 14.1 15.0 17.0 14.9 14.1 15.6 14.8 15.6 16.3 17.6 18.0 16.3 F G Cur. receipts after deduct. (A—D). 322.7 334.6 348.4 368.5 386.5 356.8 361.9 366.4 370.9 374.9 377.6 383.9 388.0 396.5 G H Cur. expend, for goods and serv. 5. 256.1 268.5 277.7 291.1 305.0 281.8 285.8 289.5 292.9 296.1 299.7 303.0 307.7 309.8 H I Net life insurance premiums 6 3.7 3.6 3.2 3.6 3.8 3.3 3.5 3.7 3.5 3.6 3.0 4.0 4.2 4.1 I J Current surplus (G—H —I) 63.0 62.5 67.5 73.9 77.7 71.7 72.6 73.1 74.5 75.2 75.0 77.0 76.1 82.6 J K Insurance and retirement credits 7. 11.5 10.9 12.6 12.7 13.4 13.6 12.6 14.0 11.9 12.5 11.7 14.0 14.7 13.2 K L Capital consumption 8 43.5 45.5 46.9 48.5 50.2 47.0 47.5 48.2 48.9 49.6 49.9 50.1 50.2 50.4 L M Net saving (J+K-L) 31.0 27.9 33.1 38.0 40.9 38.3 37.7 38.9 37.6 38.1 36.8 40.9 40.6 45.4 M N Gross saving (L+M) 74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 N O Gross investment (P+T) 78.0 73.6 83.1 91.0 89.9 82.8 96.4 89.7 77.2 100.7 82.2 89.5 89.2 98.3 O P Capital expend, (net of sales).. 65.7 66.5 63.7 69.5 73.3 67.9 69.0 67.4 68.9 72.8 71.1 71.7 73.5 76.9 P Q Residential construction 19.2 18.4 16.7 17.7 17.9 18.1 18.3 16.3 17.6 18.5 16.9 16.7 18.6 19.3 Q R Consumer durable goods 43.6 44.9 43.6 48.2 51.5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53.7 R S Plant and equipment (nonprofit)., 2.9 3.2 3.4 3.6 3.9 3.4 3.5 3.6 3.7 3.8 3.8 3.9 3.9 3.9 S T Net finan. investment (U—A J) 12.3 7.0 19.4 21.5 16.6 15.0 27.4 22.3 8.2 28.0 11.2\ 17.8 15.7 21.4 T U Net acquis. of finan. assets 9 33.0 23.4 35.1 44.1 43.7 36.3 46.0 42.4 31.7 56.4 55.il 44.5 45.5 49.2 U V Demand deposits and currency 1.2 -.6 1.6 5.1 5.3 -2.9 3.0 5.5 -1.0 13.1 -1.0 6.5 6.5 9.0 V W Savings accounts 11.3 12.8 17.8 24.7 22.3 18.8 28.6 21.6 22.9 25.7 27.0 20.7 20.7 20.8 w X At commercial banks 3.0 3.3 6.5 11.5 7.3 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 5.4 X Y At savings institutions 8.4 9.6 11.4 13.2 15.0 12.2 12.7 11.5 13.3 15.3 17.4! 14.0 13.2 15.4 Y AA Life insurance reserves * ° , 3.8 3.5 3.8 4.2 4.1 3.6 4.3 3.8 4.5 4.3 4.0! 3.6 4.5 4.3 AA AB Pension fund reserves 1 ° 7.7 7.4 8.8 8.5 9.3 9.9 8.3 10.2 7.4 8.2 7.7| 10.4 10.3 8.9 AB AC Cr. and equity mkt. instr. hr. 11, 11.9 1.2 2.6 3.2 5.3 5.7 3.6 2.6 1.5 5.1 7.7 4.4 8.6 AC AD U.S. Govt. securities , 7.3 -3.3 -.9 .7 3.7 3.2 -1.9 3.9 .1 .9 .1 6.4 3 i 4.6 AD AE State and local obligations.., 1.7 1.7 1.0 -.5 .9 2.1 .4 -.8 -.7 -.9 -?.4| 2.6 3.3 AE AF Corporate and foreign bonds * .1 * .5 .3 -.4 1.1 1.4 -.7 .3 1.61 -.51 1.1 AF AG Corporate stock 1.0 .3 .9 -.9 -2.4 -.4 .9 -4.0 -.6 .3 -1.8! -3.6 -1.0! -2.3 AG AH Mortgages 2.0 2.4 1.6 3.3 2.9 1.2 3.1 2.0 3.5 4.4 2.91 2.8| -2.0J 2.0 AH AI Net invest, in noncorp. bus. -3.1 -1.4 .2 -1.9 -2.8 1.0 -1.7 -2.8 -2.5 -.5 -2.3| -3.3 3.7 -3.3 AI —2.2! AJ Net increase in liabilities 20.7 16.4 15.8 22.6 27.1 21.3 18.6 20.1 23.4 28.4 24.2' 26.7 29.s! 27.9 AJ AK Consumers , 20.0 15.9 15.1 21.6 26.3 20.2 17.9 19.4 22.1 27.1 23.2 26.2 28.9| 27.0 AK AL Credit market instruments.., 20.0 16.0 13.8 21.7 24.4 18.6 18.5 22.5 20.5 25.4 22.0 23.8 25.5! 26.4 AL AM 1-to 4-family mortgages.., 13.1 10.8 11.5 15.4 17.2 13.3 13.7 15.0 15.6 17.3 15.7 16.3 18.3 18.4AM AN Consumer credit 6.4 4.5 1.7 5.8 6.7 4.9 4.3 7.0 4.3 7.6 5.9 7.0 6.5! 7.5 AN AO Other loans * 2 .5 .7 .6 .5 .5 .4 .5 .5 .6 .5 .4 .5 .6! .6 AO A A P Q No S n e p c r u o r f i i t t y o c r r g e a d n it izations 13 .7 * __ !5 1 1. .7 3 — 1 . # 1 1 1. . 9 8 1 1 . . 1 6 -.6 .8 -3.1 .8 1 1 . . 5 4 1 1 . . 7 4 1 1. . 0 2 2. . 4 6 3. . 3 9 1 . . 6 9 A A Q P AR Discrepancy (N—O) , -3.5 -.2 -3.0 -4.4 1.2 2.5 -11.3 -2.6 9.3 -13.0 4.5 1.5 1.6| -2.4 AR NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 FLOW OF FUNDS 513 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 1962 1963 Category 1959 1960 1961 1962 r 1963 IV II III IV II' III IV (B) Farm business A Net income 11.4 12.0 12.8 13.3 13.7 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.8 13.9 B Proprietors' income withdrawals 14. 11.4 12.0 12.g 13.3 13.7 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.8 13.9 C Net saving (A-B) 15 D Capital consumption 4.2 4.2 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.3 E Current surp.= gross saving (C+D). 4.2 4.2 4.1 4.2 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.3 F Gross investment (G+J) 4.2 4.2 4.1 4.2 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.3 F G Capital expenditures 4.7 4.5 4.9 4.8 5.4 4.6 4.6 4.7 4.8 5.0 5.2 5.7 5.4 5.5 G H Construction and equipment * 6.. 4.7 4.2 4.7 4.7 5.1 4.5 4.5 4.6 4.8 4.9 5.2 5.1 4.9 5.2 H I Change in inventories .1 .3 .2 .1 .3 .1 .1 .1 .6 .5 .3 I Net financial investment (K— L) -.6 -.4 -.8 -.6 -1.2 -.4 -1.0 -1.5 -1.1 -1.2 J Net acquis. offinan. assets 17 -.2 -.1 * * * * K Net increase in liabilities .2 .2 .7 1.2 .5 .6 .7 .8 1.0 1.6 1.2 1.2 L Credit market instruments 1.8 1.2 1.7 2.2 2.6 1.8 2.4 2.3 2.5 1.9 3.2 2.7 2.7 M Mortgages .9 .9 1.1 1.3 1.6 1.1 1.5 1.3 1.4 1.1 2.0 1.7 1.5 N Bank loans n.e.c. i« .7 .2 .3 .7 .7 .4 .6 .8 .9 .4 .6 • 9 1.2 O Other loans 19 .2 .2 .3 .3 .3 .3 .2 .2 .5 .6 .21 -.1 Trade debt .2 .1 .3 .5 .7 .1 .3 2 .3 Proprietors' net investment -1.7 -1.0 -1.9 -1.8 -1.4 -2.0 -1.9 -1.8 -2.0 -1.7 -2.1 -1.8 -1.8 I (C) Noncorporate nonfinancial business A Net income 2 o. . 40.8 40.1 40.9 42.1 43.3 41.9 41.6 42.1 42.2 42.5 42.8 43.0 43.5 44.0 B Proprietors' income withdrawals 21. 40.8 40.1 40.9 42.1 43.3 41.9 41.6 42.1 42.2 42.5 42.8 43.0 43.5 44.0 C Net saving (A-B) 15 8.3 8.7 8.4 9.0 9.2 8.2 8.9 9.1 9.2 9.0 9.1 9.2 9.3 D Capital consumption 8.2 8.7 8.4 9.0 9.1 8.3 8.8 8.9 9.1 9.2 9.0 9.1 9.3 9.3 E Current surp.= gross saving (C-fI>)- F Gross investment (G-f-J) 8.2 8.7 8.4 9.0 9.1 8.3 8.8 8.9 9.1 9.2 9.0 9.1 9.3 9.3 F G Capital expenditures 11.1 11.4 12.1 13.9 14.5 12.S 12.6 15.2 14.0 13.9 13.3 13.4 15.2 16.2 G H Plant and equipment 22 10.7 10.9 11.3 13.1 14.1 12.3 10.9 13.7 13.9 13.7 12.7 14.4 14.5 14.8 H I Change in inventories 2<> .4 .5 .9 .4 .2 1.7 1.5 .1 .2 .6 -1.0 .6 1.4 I J Net financial investment (K—N) -2.9 -2.6 -3.7 -5.0 -5.4 -4.3 -3.8 -6.3 -4.9 -4.7 -4.3 -4.3 -5.9 -6.9 J K Net acquis. offinan. assets .1 .5 .5 .4 .5 .6 .1 .9 .3 .3 .3 K L Demand deposits and currency. -.3 .1 L M Consumer credit .2 .3 \l A A .4 .3 A .2 .3 3 .7 M N Net increase in liabilities 2.5 2.8 4.2 5.5 5.9 5,0 4.4 6.9 5.1 5.6 4.6 4.6 6.2 7.7 N O Credit market instruments..... 4.1 3.1 3.0 5.2 6. 3.1 3.2 8.4 4.7 4.3 3.2 6.1 8.0 8.7 O P Mortgages 2.3 2.1 2.8 3.6 4.3 3.1 2.9 3.6 4.0 3.7 3.3 4.5 5.4 4.0 P Q Bank loans n.e.c 1.0 -.1 -.3 .7 1.6 -.2 .3 3.9 -.9 -.3 .1 .9 1.5 3.1 Q R Other loans 23 .9 1.1 .5 .9 .9 .2 .1 .9 1.6 .9 -.3 1.3 1.1 1.6 R S Trade debt, net (debt less asset). -.3 -.1 * .3 * -.5 .8 -.6 1.1 -.1 2.0 a -1.3 .4 S T Proprietors' net investment.... -1.3 -.2 1.2 -.9 2.4 .3 -.9 -.7 1.5 -.6 X.2 -.5 -1.5 T (D) Corporate nonfinancial business A Profits 20 40.8 37.5 36.9 39.5 43.8 41.9 39.1 39.2 38.6 41.3 41.1 42.9 45.0 46.2 B Profits tax payments (net) 2 4 18.7 21.4 19.6 20.6 21.4 20.3 20.2 20.1 21.3 20.9 21.6 20.8 21.2 22.2 C Net dividend payments 2 5 10.4 11.2 11.4 12.4 13.8 11.3 12.4 12.5 12.5 12.2 13.3 13.9 13.9 14.2 D Net saving (A —B —C) 11.6 5.0 6.0 6.5 8.6 10.4 6.5 6.6 4.8 8.1 6.3 8.2 9.9 9.8 E Capital consumption 23.6 24.8 26.1 30.1 31.8 26.9 29.7 30.0 30.3 30.5 31.1 31.5 32.0 32.5 F Current surp.= gross saving (D+E). 35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3 G Gross investment (H-f-M) 32.1 26.5 28.3 34.0 36.6 37.1 35.5 32.5 33.1 35.0 32.3 39.2 36.1 38.6 H Capital expenditures 34.1 33.6 31.1 37.5 39.9 38.0 37.3 38.6 37.5 36.5 36.6 40.7 40.3 41.9 I Fixed investment 28.0 30.9 30.4 33.5 36.0 31.4 31.3 34.3 34.8 33.5 32.7 36.0 37.1 38.1 J Plant and equipment 26.4 29.6 28.2 30.7 32.4 28.9 29.8 30.8 31.4 30.8 30.0 31.9 33.4 34.3 K Residential construction 26. . .. 1.6 1.3 2.2 2.8 3.6 2.4 1.5 3.5 3.4 2.7 2.7 4.1 3.7 3.8 L Change in inventories 2 ° 6.1 2.7 .7 4.0 3.9 6.7 6.0 4.3 2.7 3.0 3.9 4.7 3.2 3.8 M Net financial investment (N—W) -2.0 -7.1 -2.9 -3.5 -3.3 —.9 -1.7 -6.1 -4.4 -1.5 -4.3 -2.5 -4.2 -3.2 N Net acquis. offinan. assets 12.3 5.1 12.0 9.6 15.1 17.0 7.7 6.6 15.0 9.2 12.0 14.1 14.6 19.7 O Liquid assets 2.4 -1.9 2.2 .8 3.7 2.8 1.0 -1.7 -1.3 5.1 1.6 3.3 3.2 6.7 P Demand dep. and curr -1.0 • 1.3 -2.1 -1.0 5.6 -5.7 -4.7 * 2.1 -4.3 -1.3 1.8 -.2 Q Time deposits -.4 .8 1.3 2.6 4.2 -2.4 4.8 2.6 .6 2.3 4.6 3.2 6.4 R U.S. Govt. securities 3.8 -2.7 -.4 .3 .6 -.5 1.9 .4 -2.0 .7 1.3! 2.1! -1.7 .5 S Consumer credit .8 .2 .1 1.0 .7 1.2 .6 1.6 1.0 1.0 .6 1.5! 1.1 .6 T Other loam (finance paper) .5 .6 .1 .8 .7 .7 -.1 1.1 2.0 .3 2.2| -.1 .6 U Trade credit 6.1 4.2 7.7 5.1 8.0 10.4 5.1 3.8 10.8 8.3 5.4 9.1 9.5 V Other financial assets 2? 1.9 2.2 2.0 1.9 2.0 1.7 1.3 1.9 2.4 1.9 2.7 1.9 1.1 2.1 W Net increase in liabilities 2 8 14.3 12.2 14.9 13.1 18.4 17.9 9.4 12.8 19.4 10.8 16.4\ 15.6 18.8 22. W X Credit and equity market instr.. 12.1 11.7 12.6 12.5 12.8 12.6 10.8 12.1 12.9 14.1 11.3 10.5 10.5 19.3 X Y Corporate bonds 3.0 3.5 4.6 4.2 3.7 4.5 5.1 5.2 3.4 3.1 5.7 2.6 3.3 3.2 Y Z Corporate stock 2.3 1.8 2.7 .5 -.3 1.1 .9 -.3 .5 1.1 .1 -1.0 .5 -.9 Z AA Mortgages. 2.5 2.2 3.0 4.0 4.7 3.7 3.4 4.0 4.1 4.5 3.7 4.7| 5.3 5.1 AA AB Bank loans n.e.c 3.7 2.6 1.6 2.6 4.2 3.1 1.3 1.7 3,0 4.5 2.4 2.71 .9 11.3 AB AC Other loans 29 .7 1.5 .7 1 1 .5 .2 .1 1.5 1.8 .9 -.6 1.5J .7 AC AD Trade debt 2.1 .4 2.2 .*5 5.5 5.3 -1.5 .3 6.5 -3.4 5.2; 5.0J 3.6 AD AE Discrepancy (F — G) 3.1 3.3 3.8 2.6 3.8 .2 .7 4.2 2.1 3.7 5.1 5.8 3.7 AE AF Memo: Profits tax accruals 2* 20.7 19.2 19.2 19.5 21.8 22.2 19.3 19.5 19.1 20.0 20.4 21.6 22.2 23.2 AF NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FLOW OF FUNDS APRIL 1964 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 1962 1963 Category 1959 1960 1961 1962 1963 IV I n m IV I* III' IV (E) U.S. Government 3 0 A Tax receipts (net of refunds) 73.1 80.8 80.0 85 8 89 5 83 0 83 4 85.3 86.9 87.4 oo 2 88.1 89.7 91.8 A 40.0 43.7 44.8 48.6 50.5 46 6 47 3 48.9 49.0 49.3 49.6 50.0 50.7 51.8 B C Corporate profits 20.0 23.2 21.0 21.9 22.8 21.3 21.2 21.3 22.7 22.4 22.9 22.1 22.6 23.5 C D Other 31 13.0 14.0 14.2 15.2 16.2 15.1 14.9 15.1 15.3 15.7 15.7 16.0 16.4 16.5 D E Premiums received 13.0 15.7 16.3 18.4 21.3 16.7 18.1 18.4 18.5 18.5 20.7 21.2 21.5 21.8 E F Benefits paid 12.9 14.1 16.9 17.3 18.2 17.5 17.1 17.1 17.2 18.0 18.0 18.1 18.2 18.7 F Life insur. & retirement programs 33 G Premiums received 1.9 1.9 2.0 2.0 2.1 1.9 2.0 2.0 2.0 2.0 2.1 2.0 2.1 2.1 G H Benefits paid 2.4 2.6 2.9 2.9 3.2 2.7 2.9 2.8 2.9 2.9 3.8 2.9 2.9 2.9 H [ Net grants and donations paid 34... 13.6 13.4 14.6 15.7 17.6 14.9 15.6 15.5 15.4 16.3 16.5 17.2 18.0 18.7 I J K N N e e t t p in u t r e c r h e a s s t e p s a o id f g 3 o 5 ods & services 3 6 5 6 6 . . 4 1 5 7 5 . . 1 9 6 6 1 . . 9 4 6 7 6 . . 2 7 6 7 9 . . 5 6 6 6 4 .3 9 6 7 6 . . 0 9 6 7 5 . . 1 7 6 7 6 . . 2 0 6 7 8 . . 3 0 6 7 8 . . 4 9 6 7 9 . . 5 6 6 7 9 . . 6 6 7 7 0 . . 6 4 K J L Construction expenditures 3.7 3.7 3.8 3.8 4.1 3.6 3.6 4.1 3.6 4.0 4.1 4.0 4.0 4.4 L M Other 52.4 52.2 57.6 62.8 65.5 60 7 63.3 61.6 62.4 64.0 64.8 65.6 65.6 66.1 M N Current surplus (A, E, and G, less -3.5 5.3 -4.6 -3.6 -3.3 -4.8 -6.0 -2.5 -1.3 -4.6 -3.6 -4.0 -2.9 -2.6 N F and H through K) O Credits imputed to consumers 37... 1.0 1.0 1.0 1.1 1.2 .9 1.0 1.9 .6 1.1 .9 2.0 .9 1.1 O P Gross and net saving (N—O) -4.5 4.3 -5.5 -4.7 -4.5 -5.7 -7.0 -4.4 -2.0 -5.7 -4.5 -6.0 -3.8 -3.7 P Q Net finan. investment (R—X) -5.1 3.7 -5.8 -5.0 -3.1 -6.7 -10.2 .1 -2.4 -7.6 -5.4 -2.3 -3.3 -1.8 Q R Net acquis. of finan. assets 4.8 3.4 3.3 4.2 2.9 2.0 8.7 8.2 -5.5 5.3 8.7 6.9 -8.0 3.9 R S T D Cr e e m di a t n d m a d r e k p e o t s i i n ts s t & ru m cu e r n r t e s ncy... 3. . 8 7 2. . 4 9 2. . 8 3 3 1 . . 5 1 - 2 .3 .6 -1 4 . . 3 5 4 5 . . 0 3 4 3 . . 5 6 -6 1 . . 3 9 3 1 . . 6 7 7.3 * 2 3 . . 4 3 -11 3 . . 5 9 - 4 .6 .3 ; \T S V Other loans 39 2 1. . 6 2 1 1. . 1 2 2. . 2 6 3. . 2 3 -1 3 . . 0 6 3 1 . . 1 4 2 1 . . 9 2 4. . 2 3 - 2 .1 .0 - 3 .1 .8 -1 1 . . 3 3 -2 4 . . 0 4 -4.5.4 -4.2.5 [UV W Other financial assets 40 .3 .1 .2 — .4 .6 -1 2 - 6 .1 -1.0 * 1.5 1.2 -.4 .2 W X Net increase in liabilities 10.0 -.3 9.1 9.2 6.0 8.7 19.0 8.1 -3.0 12.9 14.1 9.2 -4.7 5.7 X Y Life insurance and retirement reserves 1.0 1.0 1.0 1.1 1.2 .9 1.0 1.9 .6 1.1 .9 2.0 .9 1.1 Y A Z A U. S S h . o G rt o - v te t r . m se c d u ir r e it c i t e s 4 2 4 * 9 5 . . 3 5 - -5 2 . . 1 6 1 7 1 . . 3 3 2 7. . 4 4 5 1 . . 2 5 1 4 1 . . 7 3 1 17 5 . . 8 4 2 8. . 6 0 -1 -4 2 . . 1 4 9 2 . . 7 4 -1 1 0 1 . . 4 3 1 1 0 0 . . 4 3-1 -4 2 . . 9 4 1 4 8 . . 0 4 A l-Z A AB Other securities 5.8 2.9 -4.7 4.6 2.6 -7.5 -2.4 6.3 7.7 7.2 20.8 -1.2 6.6 -15.6 AB AC Svgs. bonds 43 -2.0 -.4 .7 .3 1.1 .9 .1 .4 .6 .2 .9 1.2 1.0 1.2 AC AD Other loans 44 -.6 .5 .2 .2 -.4 1.1 .7 -.2 -1.5 1.7 .6 -1.1 -1.6 .4 AD AE Other liabilities 45 2 .8 6 5 .1 2 1 1 9 -2 2 2.0 .4 1.3 -2.1 8 .2 AE AF Discrepancy (P—Q) .6 .6 .3 .3 -1.4 1.1 3.2 -4.5 .5 2.0 .9 -3.7 -.5 -1.9 AF (F) State and local governments A Tax receipts 4^ 37.2 41.1 44.1 47.9 51.5 45.5 46.8 47.6 48.2 48.9 50.3 51.0 51.8 52.9 A B Net insurance and grants receipts 47. 4.6 4.2 4.8 5.4 6.4 5.0 5.1 5.4 5.3 5.8 5.8 6.1 6.8 7.0 B C D N N e e t t p in u t r e c r h e a s s t e p s a o id f goods & services 3 6 43. . 0 7 45. . 8 7 49. . 8 8 53. . 7 8 57 . . 9 8 51. . 6 8 52 . . 8 4 52. . 7 8 53. . 8 8 55 . . 8 9 56 . . 9 5 56 . . 9 3 58 . . 9 3 60 . . 9 2 D C E Construction and land 13.9 13.9 14.8 15.5 16.4 15.5 15.4 15.0 15.3 16.5 16.3 15.2 16.5 17.4 E F Other by govt enterprises -2.1 -2.2 -2.4 -2.5 -2.7 -2 4 -2.5 -2.5 -2.5 -2.6 -2.6 -2.7 -2.7 -2.7 F G Other by general government.... 31.2 34.2 37.3 40.7 44.1 38.5 39.5 40.2 41.0 42.0 42.8 43.7 44.6 45.5 G H Current surplus (A -f- B — C—D) -1.9 -1.2 -1.7 -.8 -1.9 — 1.4 -.6 -2.0 -1.3 -.1 -.6 -1.2 H I Credits imputed to consumers 4 8. .. 1.6 1.8 3.0 2 5 2.7 3.3 3.1 2.7 2 3 2.0 2.2 2.5 2.8 3.2 I J Gross and net saving (H—I) -3.5 -3.0 -4.7 -3.8 -3.5 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.4 -4.4 J K Net financial investment (L-S) -3.3 -1.5 -4.2 -4.3 -4.0 -4.2 -5.7 -4.1 Q -6.7 .1 -6.6 -7.0 -2.7 K L Net acquis. of finan assets 3.4 4.3 4.1 4.0 5.8 5.5 4.4 5.7 5.5 .8 6.9 5.3 2.9 8.0 L M Demand deposits and currency. .5 .2 .6 i .9 2.8 -2.8 1.4 2.7 -1.6 .3 -1.3 3.6 M N Time deposits -.4 1.4 .9 i!o 1.7 .8 2.0 .6 .4 1.0 2i9 .3 1.0 2.5 N O Credit market instruments 3.3 2.7 2.7 3.1 3.1 2.3 5.3 3.1 2.4 1.5 2.8 4.7 3.1 1.9 O P Q U St . a S t . e G an o d v t. l o s c e a c l u r o i b ti l e i s gations... 1. . 8 4 . . 2 1 .3 * 1.4 - 1 .2 .3 .2 * - 3 .2 .9 1.4 -.1 .7 -.3 * -.1 .8 - 2 .2 .6 - 1 .1 .6 -2 .1 Q P R Other 4 9 1.2 2.4 2.4 2.0 2.1 1.6 1.8 1.9 2.1 2.3 1.6 2.0 R S Net increase in liabilities 6.7 5.8 8.4 8.3 9.8 10.0 10.1 9.2 6.4 7.5 6.7 77.9 9.9 10.8 S T State and local obligations 4.7 3.7 5.0 5.1 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 T U Short-term .3 * .4 .4 .5 .9 .6 .6 -1.2 1.4 -.7 2.8 -1.1 1.0 U V Other 4.4 3.6 4.6 4.7 6.2 5.5 5.8 5.3 4.8 2.9 4.7 6.5 7.6 6.0 V W X E O m th p e l r o y li e a e b i r li e t t i i e r s e m 5 e 0 nt reserves.. 1. . 6 3 1. . 8 4 3. . 0 4 2. . 5 7 2. . 7 4 3. . 3 4 3. . 1 6 2. . 7 7 2. . 3 4 2 1 . . 0 1 2. . 2 5 2.5 * 2. . 8 6 3. . 2 6 W X Y Discrepancy (J—K) -.3 -1.5 -.5 .5 .6 -1.0 1.2 .9 -2.5 2.7 -3.6 4.0 3.6 -1.6 Y NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 FLOW OF FUNDS 515 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 1962 1963 Category 1959 1960 1961 1962 1963 IV I II III IV II r III' IV (G) Banking system 3.8 4.3 3.8 4.0 4.0 3.6 3.7 3.9 4.1 4.3 4.2 4.1 3 9 3 8 A B Profits tax and net div. pymts.51... 2.6 3.1 2.9 2.8 2.9 2.5 2.6 2.7 2.8 3.0 2.8 2.8 2.9 2.9 B C Current surp.« gross svg. (A-B)... 1.2 1.1 .9 1.2 1.1 1.1 1.1 1.2 1.3 1.3 1.4 1.2 1.1 .9 C D Grosi investment fE4-F). . . .9 1.1 1.1 .8 2.1 .5 3.5 1.7 -1.7 -.4 2 5 9 2 3 3 9 D E Capital expenditures ••••••••••• .3 .2 .3 .3 .4 A A .3 .3 .2 .5 .3 .3 .3 E F Net financial invest. (G - X) .... .5 .9 .9 .5 1.7 .1 3.2 1A -2.0 -.6 2.0 .6 2.0 3.5 F G Net acquis. offinan. assets 52 5.1 8.7 17.8 19.3 23.0 16.1 22.2 21.7 3.5 29.7 27.3 21.6 12.6 30.7 G H Gold -1.0 -2.1 -.6 -1.5 -.4 -3.1 -1.7 .7 -3.5 -1.6 -.5 -.9 * H I Credit market instruments 4.8 9.6 16.4 19.3 22.0 15.1 22.9 22.2 6.8 25.3 27.6 17.8 10.1 32.9 I J US Govt securities -7.9 2.7 7.4 2.2 -.2 .1 9.6 .7 -6.4 5.1 11.0 -4.8 -8 8 2.2 J K. Afonetarv authorities .3 .7 1.5 2.0 2.8 2.8 5.4 .3 — .2 2.5 5 1 2 0 1 3 2 8 K L Commercial bonks —8.2 2.0 5.9 .3 -3.0 -2.7 4.2 .4 -6.2 2.6 5.9 -6 8 -10 1 — 6 L M Short-term direct 42 -3.1 3.5 7.1 -1.0 -3.3 -9.0 9.5 -A -11.5 -1.6 -8.0 -3.2 -7.1 5.3 M N Other -5.1 -1.5 -1.2 1.3 .3 6.3 -5.3 .8 5.3 4.2 13.9 -3.6 -3.0 -5.9 N P State and local obligations... .4 .6 2.8 4.5 5.1 3.2 5.0 6.2 3.5 3.3 5.7 6.5 5.9 2.1 P Q Corp. and foreign bonds.... * -.2 — .1 .2 .1 .1 — .5 -.2 .2 .1 — .2 - 2 .9 Q .7 1.6 4.0 5.3 2.2 2.4 4.7 4.6 4.3 3.8 6.1 6.1 5.0 R S Consumer credit 22..95 1.7 .9 2.2 3.0 1.4 1.4 3.1 1.6 2.7 3.3 3 3 2 3 3 0 S 7.5 2.7 2.7 6.0 8.9 5.7 3.9 8.2 4.3 7.6 2.7 7.7 6.6 18.6 T U Other loans 53 -.6 1.4 1.1 .5 -.2 2.2 .3 * -.5 2.2 .9 -.7 -2.0 1.1 U V Security loans .2 .2 1.1 1.1 .6 2.2 2.2 -2.8 2.5 2.4 -.8 2.9 2.8 -2.4 V W Other assets 5 4 1.1 .8 .8 .4 .7 1.8 -1.2 1.6 -2.1 3.5 .6 1.3 .6 .3 W 4.6 7.8 16.9 18.8 21.3 16.0 19.1 20.3 5.5 30.3 25.3 21.0 10.6 27.2 X Y Demand dep. net & curr. 5$... 1.4 .3 5.9 3.5 5.4 10.7 -.4 6.3 -4.7 12.8 2.3 10.6 -3.5 11.1 Y Z Due to U S Govt. 56 .7 .9 1.0 -.6 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 Z AA Due to rest of the world * — .1 — .1 .1 .3 .7 1.4 -.4 -.9 .3 — .4 9 1 0 — 4 AA AB Due to others 5 * .6 -.5 5.8 2.4 5.7 9.7 -6.7 2.7 2.6 11.0 -4.7 7.3 5.0 14.4 AB AC Demand deposits, net 55... * -.4 5.7 1.6 4.3 9.2 -8.5 1.0 3.4 10.3 -9.0 5.6 7.0 13.2 AC AD Currencv .6 — .7 .7 .9 1.3 .6 1.8 1.7 -.8 .7 4.2 1 7 -2 0 1.2 AD AE Time deposits 1.1 5.8 9.4 15.3 14.1 5.5 22.7 13.3 10.2 15.0 18.4 10.5 12.4 15.2 AE 3.0 3.3 6.5 11.5 7.3 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 5.4 AF AG Due to others -1.8 2.5 2.9 3.8 6.8 -1.1 6.8 3.2 .6 4.5 8.8 3.8 4.9 9.8 AG AH Other liabilities 57 1.9 1.5 1.5 -.1 1.8 -.7 -3.5 .7 -.1 2.5 4.5 * 1.8 1.0 AH AI Discrepancy (C—D) .3 * -.2 .5 -.9 .6 -2.4 -.5 3.0 1.7 -1.1 .3 -1.2 -3.0 AI (H) Nonbank financial institutions A Current surplus 5 8 9.1 9.2 9.4 10.1 11.3 9.9 8.8 10.6 10.2 10.9 10.5 11.4 13.5 9.7 A B Credits imputed to consumers 59... 8.8 8.1 8.7 9.0 9.5 9.4 8.6 9.3 9.0 9.4 8.6 9.5 11.0 8.9 B C Gross savinff (A. B^ .3 1.1 .7 1.1 1.8 .5 .3 1.3 1.3 1.5 1.9 2 0 2 5 .7 C 13 Gross investment (E-J-F) 1.7 3.1 3.2 3.2 3.3 3.4 2.2 2.6 4.5 3.6 3.4 2.4 5.4 2.0 D E Capital expend, (insur. sector).. A .4 .4 .4 .3 A A A A A .3 .3 .3 .3 E F Net financial invest. (G —Z) .... 1.3 2.7 2.8 2.8 3.0 3.0 1.8 2.2 4.1 3.2 3.1 2.2 5.1 1.7 F 25.8 25.9 28.9 32.3 35.8 33.2 29.0 29.6 34.1 36.7 28.5 37.1 42.1 35.8 G By subsector: H Mutual savincs banks 1.4 1.6 2.2 3.2 3.4 2.3 3.0 2.7 3.8 3.4 3.6 3.0 3.4 3.6 H I S. & L. assns. & cr. unions.. 8.9 8.3 10.8 12.0 14.3 12.7 10.8 10.9 12.3 14.3 13.2 14.0 15.4 14.8 I J Life insurance companies.... 5.2 5.4 5.8 6.5 6.4 6.0 6.1 5.9 7.0 7.0 6.0 5.8 7.1 6.7 J K Other insurance companies.. 1.9 1.5 1.6 1.8 1.9 1.4 2.1 2.0 1.7 1.5 2.4 2.0 1.8 1.5 K L Noninsured pension funds... 3.2 3.4 3.5 3.6 4.0 4.1 3.3 4.3 3.2 3.7 3.6 4.5 4.9 3.0 L 5.3 5.6 4.8 5.1 5.7 6.7 3.7 3.7 6.2 6.9 -.4 7.8 9.5 6.1 M By type: N Demand dep and curr .6 1.3 .8 .3 1.4 1.1 -.1 .4 2.1 -1.0 .2 .8 1.2 N O Cr. and equity mkt. instr 25.6 24.8 25.8 31.3 33.2 29.5 28.3 32.6 31.8 32.6 27.3 34.2 38.5 33.1 O P US Govt securities .. .7 .2 1.1 1.6 -.8 1.2 1.0 .3 2.5 2.6 -2.7 .3 1.8 -2.5 P O State and local oblisations 1.6 1.5 1.2 1.2 .9 .8 1.5 .8 .8 1.7 1.0 .6 .2 1.6 Q R Corp. and foreign bonds.. 3.5 3.5 3.6 4.0 4.3 3.9 3.3 4.9 3.8 4.0 4.2 4.6 5.4 3.1 R 3.1 3.0 4.0 3.6 3.4 5.0 4.4 6.1 2.3 1.6 3.0 3.3 3.9 3.3 S T 1 - to 4-family mortgages... 9.7 8.8 10.9 12.9 15.9 12.2 10.6 13.7 13.8 13.4 14.6 16.5 17.0 15.4 T *? A 0 8 "5 A 2 5 2.3 5 2.1 2.8 1.9 1 9 1 9 1.7 3.0 3.1 1.9 2.8 3.2 V W Other loans «o 2.0 2.7 1.1 1.9 1.8 .5 1.8 1.5 3.4 1.0 .1 2.7 2.7 1.9 W X Security credit * * 1.1 -.3 1.9 1.7 -.8 -3.8 1.9 1.6 1.0 2.4 3.0 1.3 X Y Other financial assets 61 * .6 .7 .5 .3 .6 .5 .9 .4 1.1 .3 2 .2 Y A Z A Ne D t e in p c . r i e n a s m e u i t n u l a i l a b sa il v it i i n e g s s .. banks.. 24 1 . . 5 2 23 1 . . 1 4 25 2 . . 9 1 29 3 . . 5 1 3 3 2. . 7 3 30 2 . . 2 2 27 2 . . 2 7 27 2 . . 3 6 30 3 . . 0 5 33 3 . . 5 7 25 3 . . 3 3 3 3 5. . 0 0 36 3 . . 9 2 34 3 . . 0 7 AA Z 7.2 8.1 9.4 10.2 11.9 10.5 10.1 9.1 9.8 12.0 14.2 11.2 10.2 12.0 AB AC Life insurance reserves 3.6 3.4 3.7 4.1 4.0 3.5 4.1 3.6 4.4 4.2 3.9 3.5 4.4 4.2 AC AD Pension fund reserves 5.2 4.7 4.9 5.0 5.5 5.9 4.5 5.7 4.6 5.2 4.7 5.9 6.6 4.7 AD AE Credit & equity market instr.**. 6.0 3.5 3.3 5.7 6.8 5.1 4.8 7.4 6.4 4.3 .6 9.2 9.0 8.6 AE 1.1 1.5 .5 .8 1.9 .2 .3 1.1 .5 1.4 .3 2.0 1.6 3.5 AF AG Corporate stock 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 .8 .8 1.0 1.5 1.7 AG 1.7 -.3 .1 1.1 1.5 .5 -.2 1.7 .7 2.1 -.4 2.7 2.6 1.4 AI A J Open market paper *> 3 .5 .9 * 1.1 .8 .5 1.2 1.2 2.7 -.8 1.3 1.8 .3 -.1 AJ AK FHLBloanstoS.&L.assns.«3 .8 .7 .8 1.3 1.2 .3 1.2 1.1 .8 -1.4 1.7 3.0 2.0 AK AL Security credit * '.5 .9 .9 .8 2.2 1.5 -2.0 1.6 2.7 -1.4 1.8 3.9 -1.0 AL AM Miscellaneous 64 1.2 1.5 1.6 .5 .4 .8 -.3 .9 -.2 1.5 * .3 -.4 1.8 AM AN Discrepancy (C—D) -1.4 -2.1 -2.5 -2.1 -1.6 -2.9 -1.9 -1.3 -3.2 -2.1 -1.5 -.4 -2.9 -1.3 AN NOTF.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FLOW OF FUNDS APRIL 1964 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1961 1962 1963 Category 1959 1960 1961 1962 r 1963 IV I II III IV r I' II r HI' IV (I) Rest of the world A Net purch. of goods and serv. (B — C) -.8 3.0 4.5 3.8 4.6 4.0 3.3 4.4 4.1 3.2 3.7 4.8 4.3 5.4 A B Purch. of goods and services 6 5... 22.9 26.3 27.5 28.9 30.7 28.2 27.9 29.5 29.4 28.8 28.4 30.7 31.4 32.4 B C Sales of goods and services 6 5..,. 23.6 23.3 23.1 25.1 26.2 24.2 24.6 25.0 25.3 25.5 24.7 25.9 27.1 26.9 C D Net unilateral receipts from Govt.6 5. 1.5 1.6 1.6 1.6 1.7 1.6 1.8 1.5 1.5 1.5 1.5 1.8 1.7 2.0 D E Current surplus (D—A) 66 2.3 -1.4 -2.9 -2.2 -2.8 -2.4 -1.5 -3.0 -2.6 -1.7 -2.2 -3.1 -2.6 -3.4 E F Net financial investment (G-N) 1.7 -.7 -2.0 -.8 -2.3 -1.4 -2.4 -2.3 * 1.5 -3.0 -3.4 .8 -3.6 F 4.5 3.8 3.3 3.0 3.4 4.3 2.9 3.3 1.4 4.3 3.2 6.3 2.9 1.3 G H Gold 1.1 1.7 .9 .9 .5 2.0 1.2 .5 1.8 .1 .4 .5 .8 .2 H I U.S. dem. dep. and currency... * — 1 — l .1 .3 .7 1 4 — .4 -.9 .3 — .4 .9 1.0 -.4 I J Time deposits 9 .3 .6 .3 1.0 .5 * -.3 1.3 1.4 1.0 .7 .8 J K US Govt securities 3 0 6 4 1 3 .6 .8 7 2*6 1.2 .7 1.0 3 1 -1.0 -.7 K L Other credit market instr 6 7.... 4 .8 5 * .2 -.1 -.6 .1 .3 2 1.0 .8 -.5 L .9 .6 1.1 .5 .9 .2 .2 .6 -.5 1.6 .9 -.1 .7 1.9 M N Net increase in liabilities 2.8 4.6 5.4 3.7 5.7 5.7 5.2 5.5 1.5 2.7 6.1 9.7 2.1 4.9 N O Official U.S. foreign exchange 69 * — 4 3 — .6 .1 -1.0 -.5 -1.7 -1.5 .3 * -.1 .2 O P Q S L e o c a u n r s i ti 7 e < s > . . 2 7 1. . 4 7 1. . 9 8 1 1. . 3 0 2 t .l 2 3 1. . 1 2 3. . 1 6 1. . 1 8 -.5 .7 1 1 . . 8 5 2 1 . . 0 2 3 1 . . 5 6 1. .8 2| - 2 .2 .9 O P R Miscellaneous 7 * 1 9 3 0 2 3 2.1 2.4 2.4 2.0 2.6 3.0 .9 2.6 4.7 .3 1.9 R S Discrepancy (E—F) 72 6 — .7 ^ -1.4 -.5 -1.0 .9 -.7 -2.6 -3.3 .8 .3 -3.4 .2 S Quarterly data are seasonally adjusted totals at annual rates. 3 5 Includes net accruals on savings bonds and Treasury bills. 3 6 Purchases less sales for general govt. and govt. enterprises, in- 1 Payrolls, interest, dividends, and income withdrawals from unincor- cluding outlays for tangible capital and (for U.S. Govt.) net disburseporated business. ments to farmers in form of CCC-direct and guaranteed loans. 2 Grant and donation receipts of consumers and nonprofit organiza- 37 Govt. life ins., employee retirement, and R.R. retirement protions (net of transfers within the sector), social insurance benefits, and grams. Excludes social security, which is treated as nonfinancial operation. benefits from private pension and govt. retirement funds. 3 8 Mainly on 1- to 4-family and farm properties. 3 U.S. Govt., State, and local income and estate and gift taxes. 3 9 Mainly loans to business sectors, to foreign and State and local 4 Mainly employee contributions to OASI and to private pension and govts. and to savings and loan assns. (by FHLB). Excludes CCCgovt. retirement funds. guaranteed loans other than those on tobacco. * Figures include net operating outlays of nonprofit organizations 40 Mainly nonconvertible foreign currencies and imputed claims on and net transfer payments abroad. monetary authorities connected with net IMF position; see note 69. 6 Net of dividends on and benefits from private life insurance and 41 Includes U.S. Govt. agency debt and accrued interest on Treasury individual annuity policies and Govt. life insurance. bills and savings bonds. Excludes debt held by U.S. Govt. agencies, 7 In connection with consumer saving through life insurance, private IMF notes, and currency items in public debt. pension funds, railroad retirement, and govt. employee retirement. 42 Direct marketable issues due within 1 year. 8 On consumer durables, owner-occupied houses, and nonprofit plant 4 3 Consumer-held only. Other holdings in line AB. and equipment. 44 CCC-guaranteed bank loans and CCC certificates of interest. 9 Includes net free credit balances with security brokers not shown 45 Mainly misc. deposits. separately. 46 Excludes employment taxes. 1 o Includes govt. as well as private. 47 Receipts of U.S. Govt. grants; payments of direct relief & other 11 Includes savings bonds and PSS deposits in line AX>. transfers; & receipts & payments in connection with govt. employee 12 Policy loans and hypothecated deposits. retirement, unemployment insurance, & cash sickness comp. programs. 13 Consists of commercial mortgages, bank loans, loans from Govt. 48 Arising from employee pension programs. and trade debt. 49 Corporate bonds and mortgages. 14 Estimated as equal to seasonally adjusted net farm income. 5 0 Trade debt and loans from U.S. Govt. 15 Zero by definition; see note 14. 51 Includes payment to Treasury on F.R. notes outstanding. 16 Includes farm residential construction. 52 Foreign-exchange components are described in note 69. 17 Mainly demand deposits and currency. 53 Includes misc. and Treasury currency assets not shown separately. 18 Excludes CCC-guaranteed loans. See Aug. 1959, BULL., p. 840. 54 Mainly unidentified assets. 19 Govt.; excludes CCC nonrecourse loans. 5 5 Net of F.R. float and cash items in process of collection as reported 2 ° After inventory valuation adjustment. by commercial banks. 21 Estimated as equal to seasonally adjusted business net income. 5 6 Bank-record basis, net of bank float; differs from sector demand 22 Includes residential construction equal in amount to line K in deposits and currency assets (shown in Table 3 and in nonbank sector accorporate business table. counts in Table 4) principally because of mail float. 2 3 Mainly REA and other loans from U.S. Govt. and loans from 57 Mainly floats on interbank deposits and loans and unidentified finance cos. liabilities. Includes bank security issues. 24 U.S. Govt., State, and local taxes on profits. 5 s Includes premiums on life insurance and private pension plans, less 2 3 Includes profits paid by U.S. branches to foreign parent corps, less benefit payments and policy dividends. profits paid by foreign branches to U.S. parent corps. 5 9 In connection with consumer saving through life insurance and pen- 2« Includes change in work in place in 1-4 family construction. sion funds. 27 Direct investments abroad and foreign-currency holdings. State and 6 0 Mainly finance co. loans to business and insurance policy loans. local securities are included in line N but not shown separately. 61 Trade credit, time deposits, savings shares, and misc. assets. 2 8 Includes direct investments from abroad not shown separately. 62 Lines AF, AI, and AJ are finance co. liabilities; line AG is open-end 29 Mainly commercial paper and loans from finance cos. investment co. shares. 3 0 Lines A through P of Table 4 (E) are derived mainly from national- 63 Part of "other loans" category. income data, while lines Q through AE are based on data behind Treasury 64 Deposits at banks in U.S. possessions and agencies of foreign banks. cash budget; discrepancy (line AF reflects differences in treatment be- 6 5 Lines B, C, and D are exports, imports, and net transfers from Govt. tween these two sources of information. Since line C is profit-tax pay- in national income accounts. ments rather than accruals, line N is surplus in national-income accounts 66 Net foreign investment in national income accounts with opposite plus excess of profit-tax receipts over accruals. sign. Net cash borrowing in Treasury cash budget corresponds closely to 67 Corporate securities and acceptances. line Z less accrual of interest on savings bonds and Treasury bills included 68 Direct investments, unidentified assets, and misc. deposits. in that line. Cash surplus is closely indicated by line S less net cash 69 Official foreign currency holdings and net IMF position of U. S. borrowing. Lines T, W, AD, and AE are reflected in cash outgo in cash IMF position consists of U.S. capital subscription less IMF holdings of budget except for small amounts included in receipts. Lines O and AB special U.S. Govt. notes and deposits with Federal Reserve. are imputations reflected in neither national-income accounts nor cash 70 Security credit, bank loans n.e.c, and other loans (consisting of budget. loans from U.S. Govt. and acceptances). 31 Mainly excise taxes and customs receipts; also includes estate and 7! Direct investments, foreign currency and deposits held by U.S. gift taxes. domestic sectors, and other liabilities. 32 OASI, disability insurance, and unemployment programs. Line E 72 "Errors and omissions" in U.S. balance of payments statements. includes U.S. Govt. employment taxes; line F, U.S. Govt. benefit payments to consumers. NOTE.—"Liabilities" covers equity as well as debt claims. 33 Veterans' life insurance and Govt. employee and R.R. retirement For descriptions of sectors, of capital expenditures, and of financial funds. Line G excludes Govt. contributions to these funds. transaction categories, see "Technical Notes,'* Aug. 1959 BULL., pp. 34 Transfer payments (other than insurance benefits) to individuals, 846-59; for discussion of saving and investment concepts, see p. 834. plus net cash unilateral transfers to foreign countries, grants-in-aid to State and local govts. and subsidies to business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

> 5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1963 (Amounts outstanding in billions of dollars) Sector or C g a a o n p n n d r i s o z i i i a f m i t t i e o r ns Fa N rm onfinan c c o i N a rp l o o b n r u - a s t i e ness C se o c r t p o o rs rate G G U o o v .S v e . t r . nment a s n e S d c t t a l o o t r e c s al B s a y n st k e i m ng in S st a i F v t i u i n n t a i g o n s n c s ial se I c n t s o u rs rance F n in .e a . n c c . e R w e t o s h t r e l o d f se A ct l o l rs Transaction category A L A L A L A L A L A L A L A L A L A L A L A L K L T T o o t t a a l l l a i s a s b e i t l s ities 1,208.0 274*7 7.1 *30.*3 22.2 62^4 226.7 '243*7 59.1 '294*9 67.7 iib'.i 317.5 '294*3 161.8 U8.5 220.7 •i*3 75.8 73.0 *73*5 2,439.6 1,770.5 K L M Gold and U.S. official fgn. exchange. 16.8 26.7 1.2 43.5 1.2 M N Treasury currency * 2.8 5 4 5.4 2.8 N O Demand deposits and currency.. . 170 4 163.8 170.4 O P Private domestic 77.0 5.5 12.5 30.8 13.2 157.6 4.0 3 9 4 5 151.5 157.6 P Q U.S. Govt i.9 8 4 7.9 8.4 Q R Foreign 4 4 4.4 4.4 R S Time and savings accounts 232.1 112 4 1 4 255.9 S T At commercial banks 89 8 io 3 8 1 112 4 2 3 7 112.4 T U At savings institutions 142.3 1 2143 5 143.5 U V Life insurance reserves 102.9 6 7 96.2 102.9 V W Pension reserves 117 8 17 2 27 2 73 4 117.8 W X Credit market instruments 670.2 264.0 26.6 6.2 64.5 37.7 177.4 43.3 261.8 46.4 90.8 281.9 154.1 5.0 214.3 64.1 27.6 25.9 29.7 1,544.1 947.3 X Y U.S. Govt. securities 1 74.0 19.9 261.0 21.7 100.1 13.7 16.1 2.9 12.9 261.4 261.0 Y A Z A C St o a r t p e o a r n a d te lo a c n a d l f g o o re v i t g . n s e b cu o r n i d ti s es 3 6 2 .2 5 2.4 '*86.*9 1 7 5 . . 0 7 '88 .'6 29 1 . . 9 0 3. .4 3 7 1 7 5 . . 9 6 2. . 8 5 'n'A '".7 "7*9 1 8 0 8 7 . . 0 8 AA Z A A B C C 1- o t r o p o 4 r - a fa te m i s l t y o c m ks o r 2 tgages 51 1 6 1 .8 3 178.2 5 8 n 2 . a 1 5.9 2.0 25.0 n a 10 1 7 .7 l 4 3 4 0 .1 3 2 3 3 . . 5 2 n.a. 11.2 n.a. *'596*i 1 n 8 . 6 a . . 0 A A C B AD Other mortgages 29.4 3.2 17.1 34.5 37.8 5.2 14.5 20.2 23.3 * 92.6 AD AE Consumer credit 70 2 6 2 io 9 26 6 7 4 19.1 70.2 AE AF Bank loans nee 3.6 6 7 13 5 42 3 79 9 2 8 9 4 7 80.0 AF AG Other loans 2 8 10 7 4 4 8.3 32.2 .7 2 8 4 8 3 4 8 7 2 11.9 5.6 1.1 17.1 62.0 61.5 AG AH Open market paper .3 4.4 1.5 3.3 .5 5.6 1.1 2.2 9.6 AH AI Federal loans 6 2 8 4 5 1.3 31 6 2 8 4 8 14 9 31.6 AI AJ Security credit 1 5 8 5 7 9 7 2 8.1 1 .1 16.7 AJ AK To brokers and dealers 1 5 5 4 1.1 8.1 .1 8.1 AK AL To others 8 5 2 5 6 1 i 8.6 AL AM Trade credit 2 2 3 7 3 2 1 103 6 58 8 2 5 3 5 2 7 2 5 108.6 68.9AM AN Misc. financial instruments 6.4 1.6 3.5 44.2 7.6 5.1 2.9 5.4 11.5 2.3 417.7 4.5 12.2 42.5 80.7 86.6 AN I 1 Includes savings bonds and postal savings system deposits. NOTE.—For description of sectors and transaction categories, see Aug. 1959 BULL., pp. 846-57. 2 Assets shown at market value; no specific liability attributed to issuers of stocks for amounts out- Details may not add to totals because of rounding. standing. These asset and liability levels are consistent with those shown in the 1963 Supplement to the flow of 3 Net of trade credit assets. funds accounts and the net changes over 1963; they do not incorporate revisions in underlying data made 4 Prepaid premiums and benefits payable. Distributed as assets to consumer and business sectors. For since last August, most notably in consumer credit and mortgages. description see Nov. 1962 BULL., p. 1406. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 BANKS AND BRANCHES APRIL 1964 NUMBER IN OPERATION ON DECEMBER 31, 1963 Commercial and mutual savings banks Number maintaining branches or additional offices * Commercial Commercial Mutual Mutual State savings savings Member Nonmember Member Nonmember Total Total Total ti N on a- al State su In re - d N su i o n re n - d - su In re - d s N u i o n re n - d - Total i N on a- al State su In re - d N su i o n re n - d - su In re - d s N u o re n d - United States 2 4,078 3,569 4,615 1,493 7,177 284 330 179 3,016 2,791 1,133 3439 1,200 19 160 65 Alabama 242 242 73 24 145 33 33 21 3 9 Alaska 13 12 5 4 3 1 8 8 5 2 1 Arizona 13 13 3 1 8 1 10 10 3 1 5 1 242 242 60 21 157 4 51 51 20 7 24 California 155 155 54 16 79 6 75 75 24 13 36 2 Colorado 227 227 104 18 72 33 Connecticut 135 64 23 7 28 6 71 71 37 15 6 16 34 Delaware .. 22 20 5 2 13 2 10 8 2 5 2 District of Columbia 14 14 7 4 3 11 11 4 4 3 Florida 385 385 161 10 211 3 423 423 55 15 300 53 52 52 21 6 25 Hawaii .. 12 2 5 5 8 8 2 5 1 27 27 10 6 11 12 12 6 3 3 1,009 1,009 405 118 480 6 Indiana 441 437 124 100 208 4 151 151 55 25 71 Iowa .... 674 674 100 65 492 17 165 165 17 15 133 593 593 167 42 382 42 42 24 c 13 Kentucky 348 348 83 14 244 91 91 38 <7 46 Louisiana 199 199 44 11 143 1 79 79 28 7 44 Maine 78 46 22 6 12 6 26 6 39 33 14 4 11 6 ]Vtaryland 124 118 46 64 1 56 51 21 5 23 1 Massachusetts 3 3 4 6 2 7 3 1 6 6 7 2 9 8 3 7 12 1 9 9 1 4 4 6 9 4 8 172 1 1 7 5 2 2 1 1 0 5 1 2 4 5 3 4 5 1 2 9 2 5 8 6 i 6 65 708 707 188 27 484 8 1 4 Mississippi 194 194 29 156 84 84 21 58 Missouri 636 636 84 87 453 12 46 46 12 13 21 125 125 47 44 33 1 1 1 429 429 121 283 11 24 24 17 1 6 Nevada 2 1 New Hampshire . 109 76 52 20 3 33 A 2 2 1 1 New Jersey . 256 235 144 52 36 21 159 149 90 38 21 10 New Mexico 61 61 30 8 23 35 35 16 15 New York 486 360 211 88 37 24 126 248 169 91 57 18 2 79 North Carolina 156 156 31 120 1 82 82 21 57 North Dakota 159 159 39 114 28 28 24 Ohio 554 552 217 133 201 223 222 115 48 59 401 401 211 25 164 29 29 22 Oregon 52 51 11 35 2 25 25 20 Pennsylvania 628 621 40* 5' 149 10 227 222 25 5! 18 10 8 17 10 7 South Carolina 138 138 25 103 5 51 16 33 South Dakota 173 173 33 25 114 33 33 2 26 Tennessee . .. 294 294 74 207 89 89 39 e 45 Texas 1,099 1,099 519 78 486 16 26 26 c 21 Utah ... 52 52 10 13 27 19 19 2 ~, Vermont 55 49 28 20 1 15 Virginia .... 280 280 123 6 96 116 54 20 42 ^Washington 97 9 25 58 3 3 16 West Virginia 182 18 76 3 72 580 57 104 59 410 10 100 10 84 6 6 34 15 1 Excludes banks that have banking facilities only; banking facilities 5 Each bank is reported once only—according to the widest area in are shown separately; see note 4. which it operates branches or additional offices. 2 Includes 1 national bank in the Virgin Islands, with 2 branches, that NOTE.—Each branch and additional office is located in the same State became a member of the F.R. System in 1957. as its parent bank except that 1 national bank in N.J. has a branch in Pa., 3 State member bank figures include 1 noninsured trust co. without 1 national bank in Calif, has 2 branches in Wash, and 1 in Ore., 1 nondeposits. insured (unincorporated) bank in N.Y. has 1 branch in Mass, and 1 in Pa.; 4 Banking facilities (other than branches) that are provided at military 2 insured nonmember banks in Puerto Rico have 4 branches in N.Y. In and other Govt. establishments through arrangements made by the the table these branches are shown according to their own location rather Treasury; they are operated by 191 banks, 66 of which have no other than that of the parent bank. type of branch or additional office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 BANKS AND BRANCHES 519 NUMBER IN OPERATION ON DECEMBER 31, 1963—Continued Branches and additional offices1 Class of bank Location Bank- Commercial banks Mutual Outside head office city fa i c n i g li- Total Total Member Nonmember s b av a i n n k g s s o h c f e I f i n i t a c y d e In o f h fi e c a e d I ti n g u c o o u n s - I c n u o n o n t u o i s g n - ties4 Na- State 3 In- Non- In- Non- county counties counties tional sured insured sured insured United States2 13,844 13,220 7,204 3,166 2,800 50 502 122 5,301 4,266 1,904 2,373 278 Alabama 120 120 97 5 18 60 46 5 9 9 Alaska 46 46 38 5 3 14 20 7 5 5 Arizona 225 225 154 16 47 8 78 49 63 35 6 Arkansas 75 75 35 11 ?Q 24 45 5 1 2 California 2,081 2,081 1,543 379 154 5 313 253 330 1,185 46 Colorado 7 Connecticut 344 257 132 70 55 87 108 188 42 6 1 Delaware 65 59 3 29 27 6 11 30 19 5 1 District of Columbia.. 70 70 35 27 8 70 6 Florida 16 Georgia 152 152 97 29 26 r 107 2 6 37 8 Hawaii 106 106 38 67 36 27 43 6 Idaho 110 110 84 J8* 8 9 12 19 70 1 Illinois 4 Indiana " "395* 395 218 50 127 215 180 4 Iowa 212 212 19 19 174 40 123 49 Kansas 42 42 24 5 13 41 1 3 Kentucky 197 197 101 33 63 119 73 5 1 Louisiana 216 216 118 23 75 139 68 6 3 4 Maine 166 157 61 49 38 9 9 34 65 58 9 3 Maryland 358 323 155 49 114 5 35 117 74 106 61 14 Massachusetts 621 474 271 119 83 1 25 122 320 292 8 1 3 Michigan 725 725 301 292 130 2 355 251 109 10 3 Minnesota 8 8 6 2 8 Mississippi 172 172 36 20 116 69 69 28 6 5 Missouri 46 46 12 13 21 46 Montana 1 1 1 1 ~> Nebraska . . .. 24 24 17 1 6 24 2 Nevada 50 50 28 15 7 15 9 8 18 2 New Hampshire 4 3 2 1 1 1 1 2 I New Jersey 588 564 342 164 58 24 211 376 1 8 New Mexico 75 75 40 5 30 44 23 7 1 4 New York 1.898 1,690 687 917 82 4 208 1.044 516 270 68 12 North Carolina 668 668 232 93 340 3 128 84 146 310 4 North Dakota. 36 36 3 1 32 3 19 14 2 Ohio 814 812 421 283 108 2 392 410 12 3 Oklahoma 29 29 22 2 5 29 5 Oregon.. 234 234 191 10 33 45 30 27 132 Pennsylvania. 1.097 1,040 616 227 194 3 57 364 435 296 2 8 Rhode Island 139 104 52 21 25 6 35 38 58 24 19 2 South Carolina 211 211 144 2 65 55 31 25 100 6 South Dakota. 71 71 34 2 35 8 26 21 16 Tennessee 265 265 160 23 82 165 85 7 8 7" Texas 26 26 5 21 26 19 Utah 92 92 48 26 18 19 26 11 36 3 Vermont 44 43 22 21 1 4 18 15 7 Virginia 409 409 243 76 90 199 73 69 68 21 Washington 351 339 298 24 17 12 121 72 58 100 5 West Virginia Wisconsin 164 164 22 12 ""i30" 32 106 26 1 Wyoming. 1 Virgin Islands2 2 2 2 2 i Nonmember Mutual Member banks banks savings banks Location o"" branches with respect to head office 5 Total Non- Non- National State Insured insured Insured insured Banks with branches oradditional offices (except banking facilities)2 3,016 1,133 439 1,200 19 160 65 In head office city 966 404 168 296 4 72 22 Outside head office; city: In head officecounty 1,501 553 182 669 56 36 In contiguouscounties. 423 121 59 199 30 7 In noncontiguous counties2 126 55 30 36 2 Branches and additiona offices (except banking facilities) 13,844 7,204 3,166 2,800 50 502 122 In head office city 5,301 2,459 1,571 858 15 339 59 Outside head office; city: In head officecounty 4,266 2,016 853 1,221 16 104 56 In contiguouscounties 1,904 930 415 481 15 56 7 In noncontiguous countes2 2,373 1,799 307 240 4 3 Banking facilities4.. 278 216 27 35 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 MEMBER BANKS, 1963 APRIL 1964 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—Total deposits Ratio of time deposits to (thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 - 2 5 5 0 , , 0 0 0 0 0 0 - 5 1 0 0 , 0 0 ,0 0 0 0 0 - 1 O 00 v , e 0 r 0 0 Un 2 d 5 er 25-50 o a 5 v n 0 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.6 8.5 10.7 12.5 14.0 14.9 15.3 16.0 17.1 14.5 14.3 12.2 Net income before related taxes 11.9 7.3 9.6 10.9 12.3 12.8 13.1 13.8 15.2 12.7 12.3 10.7 Net income 8.2 5.4 7.2 7.8 8.5 8.5 8.4 9.3 8.5 8.4 7.6 Cash dividends declared 3.1 2.5 2.7 2.8 3.1 3.3 3.5 3.7 4.5 3.5 3.2 2.9 Percentage of total assets: Total operating revenue 4.69 4.80 4.73 4.66 4.68 4.77 4.74 4.66 4.55: 4.35 4.75 4.78 Net current earnings before income taxes. 1.18 1.04 1.17 1.18 1.19 1.19 1.17 1.19 1.32! 1.42 1.21 1.03 Net income .71 .64 .78 .74 .72 .68 .64 .66 .71! .84 .72 .65 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 22.0 22.5 25.2 23.9 22.1 20.7 19.5 19.0 15.7 23.6 21.6 21.9 Other securities 6.8 3.2 5.3 6.5 7.3 7.4 7.1 7.4 6.4 6.6 6.7 6.9 Revenue on loans 61.7 64.9 61.2 61.5 61.7 61.1 61.5 61.9 64.8 59 4 61.2 63.5 Service charges on deposit accounts 5.9 5.5 5.0 5.3 6.0 7.0 6.7 6.0 5.0 6.4 6.5 4.7 All other revenue , 3.6 3.9 3.3 2.9 3.8 5.2 5.7 4.0 4.0 3.0 Total revenue. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ! 100.0 Salaries and wages 26.4 37.2 31.1 27.4 25.3 24.6 25.1 24.1 24.4 33.0 27.2 i 22.1 Officer and employee benefits 2.6 2.0 2.0 2.3 2.6 2.9 3.1 3.3 3.5 2.8 2.6 i 2.4 Interest on time deposits 25.4 13.1 20.3 24.8 26.8 27.7 27.3 27.1 23.7 8.8 23.6 i 36.3 Net occupancy expense 4.3 5.8 4.3 3.9 4.2 4.5 4.6 4.6 4.4 4.9 4.5 I 3.6 Other current expenses 15.8 19.4 17.3 15.9 15.6 15.5 15.2 15.1 14.6 17.6 I6.4 ; 14.1 Total expenses 74.5 77.5 75.0 74.3 74.5 75.2 | 75.3 74.2 70.6 67.1 74.3 I 78.5 Net current earnings before income taxes 25.5 22.5 25.0 25.7 25.5 24.8 24.7 25.8 29.4 32.9 25.7 21.5 Net losses (or recoveries and profits+)i.. 2.3 1.3 1.7 1.4 1.3 1.6 1.2 .8 , 1 .9 i.6 1.0 Net increase in valuation reserves .5 1.0 1.4 1.5 2.0 1.8 2.0 2.2 ; 1.6 1.7 1.4 Taxes on net income 5.6 5.8 6.4 7.0 7.2 7.6 8.2 10.4 i 9.6 7.1 5.5 Net income after taxes 14.1 16.9 16.2 15.6 14.3 13.7 14.4 16.0 I 19.8 15.3 13.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities.., 3.48 3.48 3.59 3.53 3.50 3.43 3.39 3.43 3.3Oi 3.53 3.48 3.46 Interest and dividends on other securities 3.23 4.12 3.69 3.33 3.08 3.03 3.17 3.06 3.18i 3.26 3.21 3.24 Net losses (or recoveries and profits+)*. . + •07 + .03 + .04 + .05 + .07 + .10 + .07 + .10 + .161 —.08 + .081 +.06 Return on loans: Revenue on loans 6.71 7.40 7.04 6.80 6.75 6.65 6.41 6.19 6.02, 6.63 6.811 6.59 Net losses1 .17 .27 .16 .16 .17 .18 .17 .19 .18 -19! .14 Distribution of assets: Percentage of total assets : U.S. Government securities 28.6 28.2 31.6 30.2 28.6 26.5 25.0 20.9 27.9 28.3 29.2 Other securities 10.1 4.7 7.2 9.4 11.2 11.0 11.1 9.4 9.3 10.2 10.5 Loans 43.7 42.9 42.0 42.8 43.2 45.7 46.6 48.8 j 40.0 43.2 46.5 Cash assets 16.0 23.0 18.0 16.2 15.4 14.8 15.3 18.7 I 21.6 16.6 12.4 Real estate assets 1.4 1.0 1.1 1.3 1.4 1.6 1.5 1.4 i 1.2 1.5 1.3 Other ratios: Total capital accounts to: Total assets 9.1 14.9 11.7 9.8 8.7 8.1 7.6 Total assets less U.S. Government securities and cash assets 17.5 32.8 24.7 19.4 16.2 14.4 13.5 13.0 13.1 22.2 17.2 15.5 Total deposits 10.3 19.3 13.6 11.0 9.6 9.0 8.6 8.4 8.8 11.9 10.2 9.8 Time to total deposits 41.7 23.1 35.0 41.1 43.8 45.5 43.6 42.1 36.0 I 14.0 38.2 60.3 Interest on time deposits 2 3.13 3.12 3.05 3.08 3.11 3.14 3.23 3.25 3.32 2.86 3.19 3.15 Trust department revenue to total revenue 2.. 2.9 2.7 1.8 1.5 2.4 3.2 3.9 5.7 4.2 3.1 2.1 Number of banks3 5,887 116 533 1,772 j 1,415 ! 1,145 411 209 286 974 I 2,924 i 1,989 For notes see second following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 MEMBER BANKS, 1963 521 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS AND BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over gr A ou H ps Size group—Total deposits (thousands of dollars) u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 . , 0 0 0 0 0 0 -5 25 .0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 .0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 13.6 11.0 13.9 16.6 17.3 10.2 12.8 15.2 16.8 9 3 11.3 12 8 14 0 Net income before related taxes 11.9 10.0 12.3 14.1 15.4 8.9 10.8 13.2 14.5 8.3 10.0 11.2 12.1 Net income 8.2 7.4 8.7 9.2 8.8 6.7 7.9 8.8 9.0 6 3 7.2 7 8 8 4 Cash dividends declared 3 1 3 3 3.5 3.3 4 0 2 4 2 8 3 4 4 0 2 0 2 5 3 0 3.6 Percentage of total assets : Total operating revenue 4.69 4.41 4.30 4.43 4.24 4 91 4 74 4 75 4 67 4 94 4 75 4 76 4 86 Net current earnings before income taxes 1.18 1.29 1.43 1.47 1.47 1.10 1.17 1.24 1.27 1.00 1.05 1.04 1.00 Net income .71 .85 .89 .82 .75 .71 .73 .72 .69 .68 .67 .64 .60 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U S Government securities 22.0 26.0 25.2 23.1 17.1 23.8 23.8 21.1 18.2 24.7 23.3 21.5 18.7 Other securities 6.8 4.7 7.7 7.1 5.7 5 0 6.3 7.3 6.8 5 1 6 0 7 5 8.0 Revenue on loans 61.7 60.3 58.0 58.1 63.6 62.3 60.9 60.8 62.2 63.5 64.1 63.2 62.9 Service charges on deposit accounts 5.9 5.8 6.0 8.0 5.3 5.3 5.9 7.2 6.4 3.8 4.0 5.0 5.8 All other revenue 3.6 3.2 3.1 3.7 8.3 3 6 3.1 3.6 6.4 2 9 2 6 2 8 4 6 Total revenue 100.0 100.0 100.0 100.0 100.0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 Salaries and wages 26.4 38.3 34.0 30.6 26.9 31.0 28.3 26.4 25.2 24.8 22.3 21.5 22.4 Officer and employee benefits 2.6 2.3 2.7 3.0 3.8 1.9 2.2 2.8 3.3 1 9 2.2 2.5 2.9 Interest on time deposits 25.4 6.2 7.7 10.0 13.0 21.7 23.6 23.8 24.2 34.0 36.1 36.6 36.6 Net occupancy expense 4.3 5.0 4.6 5.3 4.7 4.7 4.2 4.6 4.6 3.4 3.2 3.7 4.3 Other current expenses 15.8 17.4 17.6 16.7 18.1 16.7 16.3 15.4 15.4 14.2 14.0 13.4 18.5 Total exDenses . .. 74.5 66.4 66.5 65.1 77.4 75.0 73.9 72.7 79.5 78.0 78.3 79.6 70.3 Net current earnings before income taxes... 25.5 33.6 33.5 34.9 22.6 25.0 26.1 27.3 20.5 22.0 21.7 20.4 29.7 Net losses (or recoveries and profits +)1 1.4 2.0 2.2 1.6 1.6 1.8 1 4 1 6 1 3 1.2 1.0 .4 Net increase in valuation reserves 1.6 1..59 1.5 2.2 2.0 1.1 1.6 1.8 1.9 .6 1.0 1.5 2.1 Taxes on net income 7.0 7.3 9.1 10.2 13.5 5 2 5 9 7 5 8 9 4 5 5 5 5 7 Net income after taxes 15.5 20.0 21.0 18.9 17.8 14.7 15.7 15.4 14.9 14.1 14.3 13.5 12.4 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities 3.48 3.61 3.60 3.50 3.28 3.58 3.55 3 48 3 34 3 49 3 47 3 45 3.46 Interest and dividends on other securities 3.23 3.99 3.05 3.01 3.08 3.66 3.42 3.03 3.10 3.63 3.37 3.10 3.27 Net losses (or recoveries and profits +)i + .07 + .05 + .05 + .11 + .16 + .04 + .05 + .10 + .10 + .01 + .05 + .06 + .08 Return on loans: Revenue on IO&IK 6.71 6.91 6.71 6.65 5.94 7.30 6.96 6.82 6.27 7.00 6.63 6.58 6.33 Net losses ^ .17 .18 .17 .22 .17 .19 .17 .19 .19 .15 .14 .14 .14 Distribution of assets : Percentage of total assets: U S Government securities 28.6 ^0 4 29 1 27 9 21 3 30 6 30 2 28 0 24 7 32 9 30 7 28 8 25 5 Other securities. 10 I 6 1 10 9 10.5 8 0 7 1 9 3 11 4 10 ? 7 1 8 8 12.5 Loans 43.7 39.4 38.0 39.5 45.5 42.6 42.2 42.7 46.5 45.6 46.3 46.1 48.5 Cash assets 16.0 23.1 20.8 20.5 23 0 18 4 16 8 16 1 16 6 13 3 12 9 12 1 11.7 Real estate assets 1.4 1.0 1.1 1.5 1.6 1.2 1.4 1.6 1.6 1.1 1.2 1.4 1.4 Other ratios: Total capital accounts to: Total assets 9.1 12.7 10.6 9.2 8.7 12.3 9.7 8.3 7.7 11.5 9.5 8.3 7.2 Total assets less U.S. Government securities and cash assets 17.5 29.3 22.5 19.1 15.9 25.4 19.6 15.5 13.4 22.7 17.5 14.3 1 1.7 Total deposits . 10.3 14.9 12.0 10.3 9.8 14.9 10.9 9.3 8.6 13.5 10.6 9.2 8.0 Time to total deposits 41.7 10.2 12.3 16.6 19.1 36.9 38.2 38.7 37.7 60.9 61.1 60.3 58.1 Interest on time deposits 2 .. 3.13 2.84 2.77 2.83 3.11 3.20 3.20 3.16 3.28 3.07 3.09 3.16 3.32 Trust department revenue to total revenue 2 2.9 1.2 3.1 2.5 5.9 3.4 1.8 2.1 4.3 .9 1.8 3.0 Number of banks ^ 5,887 221 j 345 268 140 290 817 1 317 500 138 610 975 266 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 MEMBER BANKS, 1963 APRIL 1964 OPERATING RATIOS BY FEDERAL RESERVE DISTRICTS (Averages of individual ratios expressed as percentages) Federal Reserve district All Item tr d i i c s- ts B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t- ta c C a h go Lo S u t. is n M o e l a i i n p s - - \ K C sa a it s n y - Dallas! I I F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes . 13.6 14.2 12.3 11.6 12.5 14.4 14.5 13 3 13.4 I 14.5 14.7 13.7 15.8 Net income before related taxes 11.9 12.3 10.6 10.1 11.3 12.9 12.2 11 7 11.8 13.2 12.8 11.2 13.0 Net income 8.2 7.8 7.6 7.3 7.9 8.4 8.6 8 1 8.1 ! 8.6 8.8 8.2 ! 8.1 Cash dividends declared 3.1 3.5 3.2 3.0 3.0 3.1 3.0 2 9 3.0 ! 3.5 3.4 3.3 I 3.1 Percentage of total assets : Total operating revenue 4.69 5.06 4.85 4.62 4.47 4.82J 4.86J 4.52 4.281 4.89 4.73 4.70| 5.42 Net current earnings before income taxes. 1.18 1.36 .99 1.11 1.14 1.32 1.201 1.08 1.19 1.16: 1.33 1.24) 1.21 Net income .71 .76 .61 .72 .77 .71 .66 .72 .69 .79 .74! .63 .70 Sources and disposition of income: Percentage of total operating revenue : Interest and dividends on: U.S. Government securities 22.0 16.2 18.8 19.4 18.3 Other securities 6.8 4.5 7.8 7.8 4.9 Revenue on loans 61.7 64.3 63.2 63.3 63.5 Service charges on deposit accounts 5.9 9.7 6.6 6.3 8.2 All other revenue 3.6 5.3 3.6 3.2 5.1 Total revenue . . . 100.0 100.0 100.0 100.0 jlOO.O Salaries and wages 26.4 29.1 24.3 30.4 27.0 Officer and employee benefits 2.6 3.4 3.0 2.1 2.8 Interest on time deposits 25.4 17.1 33.5 17.3 28.9 Net occupancy expense 4.3 5.5 4.5 5.6 4.2 Other current expenses 15.8 17.9 14.2 17.7 14.5 Total expenses 74.5 73.0 79.5 73.1 | 77.4 Net current earnings before income taxes.. 25.5 27.0 20.5 26.9 ' 22.6 Net losses (or recoveries and profits +)1 1.4 2.2 1.2 2.5 2.0 Net increase in valuation reserves 1.6 1.0 1.6 1.9 1.7 Taxes on net income 7.0 8.7 5.0 6.2 7.0 Net income after taxes 15.5 15.1 12.7 16.3 11.9 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities . . . 3.48 3.3 3.48 3.33 3.34 3.48 3.451 3.49 3.45J 3.58 3.5 3.70 3.41 Interest and dividends on other securities. 3.23 3.08 3.13 3.30 3.21 3.16 3.30 3.21 3.28 3.15 3.18 3.30 3.85 Net losses (or recoveries and profits +)1.. + .07 + .08 + .05 + .06 + .03 .06 +.10 +.09 f-.lO -K07 —.08 + .04 Return on loans: Revenue on loans.. 6.71 6.65 6.42 6.35 6.31 6.94 7.11 6.39 6.58 6.63 6.90 7.331 7.35 Net losses 1 .17 .23 .17 .14 .12 .121 .21 .14 .14 .13; .2l! .26| Distribution of assets: Percentage of total assets: U.S. Government securities 28.6 23.5 25.5 30.2 27.4 27.5 33.3 32 4 29 9 ?7 5 23.7 ! 27.5 Other securities 10.1 7.8 12.2 9.3 9.2 I 10.9 9.4 10.1 i 11.3 9.5 11.6 j 7.8 Loans 43.7 49.4 48.1 44.9 46.2 41.7 41.5 38.6 [ 43.6 43.4 41 .2 I 47. Cash assets 16.0 17.2 12.4 14.1 15.5 17.7 14.5 17.5 13.6 18.4 21.6 15.1 Real estate assets 1.4 1.9 1.4 1.4 1.5 1.9 1.1 1.2 1 .0 1.7 1.7 Other ratios: Total capital accounts to: Total assets 9.1 10.0 10.0 9.4 9.5 8.8 8.5 9.1 8.4 9.7 8.5 Total assets less U.S. Government securities and cash assets 17.5 17.8 14.4 17.0 17.6 17.6 16.7 17.3 20.0 ! 15.6 18.6 18.9 15.8 Total deposits 10.3 11.7 9.6 11.4 10.6 10.8 9.9 9.5 10.1 i 9.4 10.9 11.1 9.7 Time to total deposits 41.7 31.5 54.1 58.3 51.1 45.4 37.9 44.8 34.9 ! 48.4 30.0 | 25.9 47.8 Interest on time deposits 2 3.1 2.1 3.30 2.91 2.81 3.10 3.31 3.05 2.98! 3.21 3.19 3.45 3.57 Trust department revenue to total revenue ; 2.9 4.4 3.4 3.2 3. 2.6 3.0 2.7 2.1 ! 2.8 2.5 2.4 3.1 Number of banks 3 . 5,887 249 424 436 495 400 422 995 465 i 468 760 618 ! 155 1 Net losses is the excess of (a) actual losses charged against net income subsequent issue of the BULLETIN. Such differences result from the fact plus losses charged against valuation reserves over (b) actual recoveries that each bank's figures have an equal weight in calculation of the averages and profits credited to net income plus recoveries credited to valuation whereas the figures of the many small and medium-sized banks have but reserves; net recoveries and profits is the reverse. Transfers to and from little influence on the aggregate dollar amounts. Averages of individual reserves are excluded. ratios are useful primarily to those interested in studying the financial 2 Banks reporting no interest paid on time deposits or trust department results of operations of individual banks, while ratios based on aggregates revenue, as the case may be, were excluded in computing this average. show combined results for the banking system as a whole and. broadly 3 The ratios for 220 member banks in operation at the end of 1963 were speaking, are the more significant for purposes of general analyses of excluded from the compilations because of unavailability of data covering credit and monetary problems. the complete year's operations, certain accounting adjustments, lack of Figures of revenue, expenses, etc., used in the calculations were taken comparability, etc. from the annual income and dividends reports for 1963. Balance-sheet 4 No ratios are shown for groups of less than 3 banks. figures used in the compilations were obtained by averaging the amounts NOTE.—These ratios, being arithmetic averages of the operating ratios shown in each bank's official condition reports submitted for Dec. 28, of individual member banks, differ in many cases from corresponding 1962, March 18, and June 29, 1963. Savings deposits are included in the ratios computed from aggregate dollar amounts that will be shown in a time deposit figures used in the~e tables. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 524 Gold production 525 Net gold purchases and gold stock of the United States 526 Estimated foreign gold reserves and dollar holdings 527 International capital transactions of the United States 528 U.S. balance of payments 537 Foreign trade 538 Money rates in foreign countries 539 Foreign exchange rates 540 Guide to tabular presentation 450 Index to statistical tables . 7 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- 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 GOLD RESERVES APRIL 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- 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 i t t e e s d 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 C R on ep g . o, world i Fund world of the 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 I960 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 41,440 2,194 16,057 23,190 61 190 454 1,365 225 708 43 57 1963—Feb. 2,225 15,891 53 195 469 1,364 225 725 42 58 Mar . '. 4i 575 2,226 15,946 '23^405* 52 198 484 1,372 208 732 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 . 41 735 2,244 15,830 23,660 51 200 504 1,373 179 755 43 60 July 2,268 15,677 51 201 504 1,354 179 762 43 61 Aug 2,276 15,633 49 202 504 1,365 179 768 43 61 Sept ...41,895 2,304 15,634 23,955 49 202 504 1,367 775 43 61 Oct 2,305 15,640 49 205 515 1,367 784 44 61 Nov . 2,312 15,609 78 206 525 1,367 150 800 43 61 Dec .."42,300 2,312 15,596 "24,390 78 208 536 1,371 150 817 43 62 1964 Jan 2,314 15,540 210 547 1,373 837 44 62 . Feb 2.322 15.518 :::::::: 211 558 1,374 850 Domin- Ger- E pe n r d i o o d f Cuba R i e c p a u n b- E d c o u r a- E v l a S do al r - 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 s o ia - Iran Iraq lic Rep. of 1957 136 11 22 31 35 581 2,542 13 27 247 39 138 20 1 1 9 9 5 5 9 8 . ....... 8 5 0 0 \l % 3 3 1 0 3 3 8 5 1,2 7 9 5 0 0 2 2 , , 6 6 3 3 9 7 2 1 6 7 2 2 4 7 2 2 4 4 7 7 3 3 7 3 1 1 4 4 0 1 3 8 4 4 1960 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 2% 247 43 130 84 1962 3 19 18 61 2,587 3,679 77 24 247 44 129 98 1963—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 44 129 98 June 3 19 18 61 2,814 3,753 77 23 247 129 98 July 3 19 18 61 2 963 3 761 77 23 247 142 98 Aug .... 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 23 247 142 Dec 3 19 18 61 3,175 3,843 77 23 247 142 1964 Jan 4 19 18 66 3 210 3 844 247 142 Feb . 66 3,248 3,849 247 142 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 i i n l e - s Po g r a t l u- A S r a a u b d i i a A So fr u ic th a 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 1,132 34 30 50 28 9 548 18 238 1960 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 18 2,243 172 95 ,581 1 30 53 47 41 471 78 499 1963—Feb 18 2,284 172 94 ,581 1 30 53 47 43 476 78 505 M^ar 18 2,286 172 94 ,581 30 53 47 45 478 78 551 Apr 18 2,286 172 95 ,581 30 53 47 45 478 78 571 May 18 2,287 172 93 ,581 30 53 47 46 478 78 591 June 18 2,289 172 92 ,581 1 30 53 47 21 478 78 598 July 18 2,292 172 95 ,581 1 31 53 52 22 482 78 611 Aug 18 2,291 172 95 ,581 1 31 53 57 24 496 78 639 Sept 18 2,291 172 94 ,581 1 31 53 57 25 497 78 643 Oct 18 2,331 172 110 ,581 1 31 53 57 497 78 630 Nov 18 2,331 172 127 ,581 1 31 53 57 497 78 629 Dec 18 2,343 172 ,601 1 31 53 57 497 78 630 1964—jan 18 2,343 172 ,601 1 31 53 57 497 78 632 Feb . . 18 2.343 601 1 31 53 5? 631 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 GOLD RESERVES AND PRODUCTION 525 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS Continued (In millions of dollars) Bank E pe n r d i o 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 n it m g e - d I g U u 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 t o t t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 -134 40 1960 178 170 2,185 19 104 134 174 2,800 180 401 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 -50 56 1963— Feb 495 181 2,460 19 104 120 174 180 401 88 Mar 514 181 2,461 19 104 140 174 2,447 180 401 107 Apr 533 181 2,453 19 104 140 174 180 401 132 May 552 182 2,453 19 104 140 174 172 401 137 June 574 182 2,530 19 104 140 174 2,447 171 401 78 43 July 574 182 2,444 19 104 140 174 171 401 155 Aug 574 182 2,451 19 104 138 174 171 401 150 Sept 574 182 2,501 19 104 137 174 2,506 171 401 Oct 573 182 2,520 19 104 136 174 171 401 -22 Nov 573 182 2,522 19 104 135 174 171 401 -77 Dec 573 182 2,820 19 104 135 174 '2,*484' 171 401 -279 47 1964—Jan 573 182 2,549 174 401 Feb 573 182 2,551 174 -7 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 Period p W t r i o o o d n r u l J d c- A So fr u ic th a R de h s o ia - Ghana C ( p L o o e n l o d 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 C°£«" t A ra u l s i - a India ot A he l r l i ville) j 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 i 114 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 1 13.0 38.6 6.0 69.8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 i 11-0 7.3 3.8 1 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 1963 960.1 138.9 4 9 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 1.6 2.7 11.6 .7 .4 1.1 3.1 Apr 79.1 1.6 2 7 11.8 .8 4 ' 11 2.8 May 80.6 1.6 2.6 12 4 7 .3 i l.l 2.8 .5 June 80.1 1.6 2.6 11.6 .5 .4 .9 3.3 .4 July.. . . 81.6 1 6 10.9 7 4 1 0 3.4 4 Aug 81.7 1.7 11.7 .6 .4 , .9 3.0 .4 Sept ... .... 80.9 1.6 11.5 .4 4 ! 7 3.0 4 Oct 82.0 1.7 12.2 .8 s 6 2 6 Nov 81.6 1.7 11.7 8 4 3.1 Dec 78 6 10.8 1964—Jan 10.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Bureau of Mines. Country data, except for Brazil, based on reports from China Mainland, and North Korea. individual countries and Bureau of Mines; data for Brazil from American 2 Gold exports. Bureau of Metal Statistics. Data for the United States are from the Bureau of the Mint. NOTE.—Estimated world production based on reports of the U.S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 tLS. GOLD APRIL 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 1956 1957 1958 1959 1960 1961 1962 1963 IV I n III IV Western Europe: 3 3 -3 -8 2 4 9 - -3 8 9 3 -141 - iii -1 -6 4 3 3 -82 -30 -30 -20 -32 France — 34 —266 — 173 -456 -518 -101 -101 -101 -214 -101 Germany, Fed. Rep. of -34 -23 Italy — 349 100 Netherlands 25 -261 -3*6 -249 -25 -20 -10 Spain 31 32 -114 -156 -146 -130 -20 -70 -60 Switzerland -8 -215 20 -324 -125 102 50 United Kingdom . .. 100 -900 -350 -550 -306 -387 329 8 107 18 74 131 Bank for Intl. Settlements -178 -32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 15 -9 14 * 4 Total 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -79 -104 -149 -139 -7 Canada 15 5 190 Latin American republics: Argentina 115 75 67 — 50 —90 85 — 30 — 30 Brazil — 1 -11 -2 -2 57 72 59 17 28 -1 28 Colombia 28 -6 38 27 30 20 4 4 Venezuela — 200 65 Other 29 6 2 -5 -22 -17 -5 -7 -4 * 6 -11 -1 Total... -28 81 69 19 -100 -109 175 32 83 16 34 -16 -3 Asia: Japan .• — 30 — 157 — 15 Other * 18 -4 -28 -97 i -101 2-93 3 12 -11 -8 25 * -4 Total * 18 -34 -186 -113 -101 -93 12 -11 -8 25 * -4 All other 14 -3 -5 -38 -6 -1 -36 1 -1 -10 -25 -1 Total foreign countries 80 172 -2,294 -998 -1,969 -970 -833 -392 -6 -96 -100 -180 -15 Intl. Monetary Fund 4 200 600 5 -44 4 300 150 Grand total 280 772-2,294 -1,041 -1,669 -820 -833 -392 -6 -96 -100 -180 -15 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 4 Proceeds from this sale invested by the IMF in U.S. Govt. 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. 5 Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription 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 holdings 3 gold Total2 Treasury Total2 Treasury 1951.. 22,873 22,873 22,695 53 53 1963—Mar.... 16,078 15,946 15,878 132 55 55 1952.. 23,252 23,252 23,187 379 379 16,046 15,914 15,877 132 -32 -32 1953.. 22,091 22,091 22,030 -1,161 -1,161 M^y";;; 16,009 15,854 15,797 155 -37 -60 1954.. 21,793 21,793 21,713 -298 -298 June... 15,956 15,830 15,733 126 -53 -24 1955.. 21,753 21,753 21,690 -40 -40 July.... 15,764 15,677 15,633 87 -192 -153 1956.. 22,058 22,058 21,949 305 305 Aug.... 15,725 15,633 15,582 92 -39 -4* 1957.. 22,857 22,857 22,781 799 799 Sept.... 15,788 15,634 15,582 154 63 Oct.... 15,910 15,640 15,583 270 122 6 1958.. 20,582 20,582 20,534 -2,275 -2,275 Nov.... 15,780 15,609 15,582 171 -130 -31 1959.. 19,507 19,507 19,456 -1,075 4-1,075 Dec... 15,808 15,596 15,513 212 28 -13 I960.. 17,804 17,804 17,767 -1,703 -1,703 1961.. 17,063 16,947 16,889 ii6 -741 -857 1964—Jan 15,847 15,540 15,512 307 39 -56 1962.. 16,156 16,057 15,978 99 -907 -890 Feb.... 15,865 15,518 15,462 347 18 -22 1963.. 15,808 15,596 15,513 212 -348 -461 Mar.*\. 15,991 15,551 15,461 440 126 33 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 Mar. 31, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 535 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 458 and 460. 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

APRIL 1964 GOLD RESERVES AND DOLLAR HOLDINGS 527 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1961 Dec. 3 , 1962 Mar. 3 , 1963 June 3C, 1963 Sept. 30, 1963 Dec. 31, 1963* U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds &c notes i short Govt. short- Govt. short- Govt. short- Govt. short- Govt. shortterm bonds term bonds term bonds term bonds term bonds term dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New series series Western Europe: Austria 558 3 783 789 2 814 2 903 2 901 2 3 Belgium . . .... 1,574 8 1,542 * 1,558 1 1,617 1 1,678 1 1,791 1 * Denmark 83 30 98 16 96 16 111 15 147 15 192 13 14 Finland 138 2 134 2 140 2 131 * 134 * 160 * F G r e a r n m ce any, Fed. Rep of 6 3 , ,1 5 1 0 0 6 4 3 6 3 , , 4 7 0 4 9 4 3 3 4 6 , , 1 2 2 2 8 4 3 3 4 6 , , 5 4 4 6 1 2 3 3 4 6 , , 5 6 1 3 0 4 3 3 6 4 , , 8 65 8 3 4 3 3 6 1 Greece 154 * 196 * 243 * 251 * 258 * 265 * Italy 3 459 * 3,627 * 3,385 1 3,422 1 3 540 1 3,148 ] • Netherlands 1,797 3 1,829 I 1,809 2 1,897 2 1,910 2 1,961 2 4 P N o o r r t w ug a a y l ... 5 1 4 3 2 5 126 6 1 3 5 2 5 87 1 6 1 3 6 5 0 111 1 6 1 2 6 5 5 137 6 1 4 5 6 8 133 1 6 1 8 6 8 4 126 131 Spain 469 1 623 1 705 736 1 751 1 778 1 2* Sweden 586 93 671 93 673 73 699 73 616 123 591 133 129 Switzerland 3,435 83 3,575 83 3,273 85 3,420 83 3,325 82 3,726 83 75 Turkey 165 * 165 * 162 * 156 * 158 * 156 * * U O n th i e te r d Kingdom 4 4 68 9 1 5 43 4 5 8 4,1 5 9 4 1 2 3 4 7 8 0 4,6 5 3 7 0 2 29 46 7 4,3 4 5 9 4 7 29488 4 2 5 5 02 3 3 5 1 0 2 3,9 4 7 3 3 3 3 4 6 9 1 32 4 8 6 Total 27,887 840 28,916 708 29,182 644 29,898 668 30,123 729 30,464 779 741 Canada 3,704 459 4,057 389 3,871 528 3,929 644 3,877 700 3,803 686 687 Latin American republics : Argentina 425 1 271 1 318 1 393 1 453 1 453 1 * Brazil . . .. 513 1 429 1 400 1 348 1 360 328 1 * Chile 153 178 * 167 * 172 * 176 * 186 * Colombia 235 1 205 1 226 243 1 216 1 231 1 1 Cuba ... 44 * 16 16 • 15 * 14 * 12 * P M a e n x a i m co a, Republic of 60 8 7 7 c 6 9 2 8 6 4 1 6 9 9 7 0 4 * 6 1 8 1 8 1 1 7 1 5 1 9 7 5 1 7 1 9 2 6 9 5 1 * 2 P V U O e e t r r h u n u e g e r z u u a e y la 2 2 8 1 3 9 1 3 7 3 9 1 1 2 8 3 1 8 0 3 5 1 6 6 2 * 1 1 2 4 8 1 2 7 3 5 1 6 7 5 1 1 9 2 3 1 0 6 9 6 5 2 8 8 * 9 2 3 1 3 6 7 9 3 3 6 8 * 1 1 1 9 2 4 2 9 3 8 1 2 1 4 5 * 1 1 2 * 4 4 c c Total 3,544 12 3,398 13 3,603 13 3,703 12 3,865 12 4,057 12 5 Asia: India .. . . 325 6 288 6 296 295 c 302 298 5 4c I J n a d p o an nesia 31,9 1 7 1 6 9 1 2,49 7 9 2 1 2,55 7 8 4 1 2,61 7 3 6 1 2,68 6 9 7 3 2,75 9 8 2 3 1 5 i T P O h h th i a l e i i l p r a p n i d nes 1,3 2 3 2 1 6 9 2 8 45 * 1 1,4 2 4 4 1 3 7 5 7 40 * * 1,5 2 4 1 2 7 9 5 1 40 * 1,5 4 2 4 8 2 9 0 3 40 * * 1,5 4 2 4 8 2 0 6 2 42 * * 1,6 2 4 4 3 8 1 4 6 42 * * 41 * 4c Total 34,329 56 4,958 50 5,143 49 5,236 49 5,306 51 5,509 51 47 Af S ri o c u a: th Africa 330 * 540 * 597 * 636 * 683 * 671 • 4> U A R CEevot) 189 * 188 * 193 * 191 186 * 188 * 4c Other 343 12 373 10 377 10 355 10 331 10 291 10 9 Total.... 862 12 1,101 10 1,167 10 1,182 10 1,200 10 1,150 10 9 Other countries: Australia 260 * 337 340 * 360 348 * 388 * 4c All other 275 27 287 29 281 28 358 30 329 28 322 30 25 Total 535 27 624 29 621 28 718 30 677 28 710 30 25 Total foreign countries ^ . . 340,861 1,406 43,054 1,199 43,587 1,272 44,666 1,413 45,048 1,530I 45,693 1,568 1,514 International and regional ~s 5,829 1,432 7,352 911 7,218 966 7,091 1,065 7,096 1,163 6,975 3,213 1,219 Grand total4 346,690 2,838 50,406 2,110 50,805 2,238 51,757 2,478 52,144 2,693 52,668 2,781 2,733 1 The first column continues the series based on a 1960 survey and national Monetary Fund, International Finance Corp., International subsequently reported securities transactions; the second is based on a Development Assn., and other international organizations; Inter-Amersurvey as of July 31, 1963, and reported securities transactions for Aug.- ican Development Bank, European Coal and Steel Community, European Dec. Data are not available to reconcile the 2 series. Investment Bank, and other Latin American and European regional 2 In addition to other Western European countries includes unpub- organizations except the BIS and E.F. (see note 2). lished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Mone- NOTE.—Gold and short-term dollars include reported and estimated tary Gold; European Fund; and the Bank for International Settlements official gold reserves, and official and private short-term dollar holdings (the figures for the gold reserves of the BIS represent the Bank's net (principally deposits and U.S. Treasury bills and certificates); excludes gold assets). nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- 3 Total short-term dollars include $82 million reported by banks American Development Bank and the International Development initially included as of Dec. 31, 1961, of which $81 million reported for Assn. U.S. Govt. bonds and notes are official and private holdings of Japan. U.S. Govt. securities with an original maturity of more than 1 year; 4 Excludes gold reseryes of the U.S.S.R., other Eastern European excludes nonmarketable U.S. Treasury bonds and notes held by official countries, and China Mainland. institutions of foreign countries as shown in Table 7 on p. 534. -s 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

528 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regiorml i Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p r u e e r a - o n - L r . e A - . Total c O ia ff l i ^ - Other Europe Canada A L m a e t r i i n ca Asia Africa c O t o r t i u h e n e s - r gional 2 gional 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 3,897 115 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 25,022 5,148 4,938 34 176 19,874 11,963 7,911 10,162 3,349 2,448 3,444 319 152 1963—Feb 24,996 5,059 4,856 26 177 19,937 11,489 8,448 10,105 3,261 2,576 3,523 329 142 Mar.... 25,172 4,983 4,797 28 158 20,189 11,785 8,404 10,277 3,139 2,678 3,621 326 147 Apr 25,357 5,029 4,847 19 162 20,328 11,916 8,413 10,114 3,227 2,862 3,644 321 160 May.... 25,443 4,862 4,697 20 145 20,581 12,098 8,483 10,282 3,244 2,883 3,704 303 165 June 25,852 4,838 4,671 26 141 21,014 12,380 8,634 10,762 3,174 2,879 3,733 291 175 July r25,506 4,950 4,783 18 150 r20,556 11,961 8,594 r10,354 3,073 2,943 3,737 286 162 Aug 25,789 4,824 4,662 18 144 20,965 12,218 8,747 10,666 3,129 2,972 3,741 293 164 Sept.... 25,883 4,783 4,622 18 142 21,100 12,395 8,705 10,789 3,102 3,006 3,779 264 160 Oct 26,308 4,771 4,617 17 137 21,537 12,341 9,196 10,865 3,370 3,021 3,852 265 164 Nov.... 26,459 4,682 4,526 17 139 21,777 12,396 9,381 10,826 3,498 3,038 3,955 274 185 Dec 25,965 4,655 4,499 18 137 21,310 12,470 8,840 10,776 2,988 3,141 3,971 241 194 1964—Jan.P. .. 26,151 4,688 4,535 17 136 21,463 12,220 9,244 10,763 3,099 3,172 4,012 246 172 Feb."... 26,153 4,798 4,647 17 134 21,355 12,054 9,301 10,634 3,034 3,191 4,073 238 184 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 l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden 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 ,234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 ,384 248 125 161 177 490 1963—Feb..... 10,105 317 192 44 75 1,361 2,413 162 ,123 216 134 161 209 507 Mar.... 10,277 305 186 65 79 1,419 2,475 166 ,099 228 130 157 191 492 Apr 10,114 276 211 69 70 1,438 2,456 171 ,121 286 131 159 169 480 May.... 10,282 288 234 74 68 1,578 2,670 174 ,054 324 130 153 163 483 June 10,762 310 244 80 70 1,727 2,709 174 ,133 316 135 147 162 517 July r10,354 354 218 99 76 1,444 2,771 181 r ,195 238 136 151 184 470 Aug.... 10,666 392 281 101 75 1,486 2,844 176 ,287 226 133 146 201 432 Sept 10,789 399 311 116 73 1,479 2,873 181 ,249 329 127 149 177 434 Oct..... 10,865 372 410 128 78 1,434 2,965 174 .029 367 119 149 164 419 Nov 10,826 347 401 144 86 1,499 3,041 183 '877 361 119 162 172 431 Dec 10,776 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964—Jan.p. .. 10.763 360 440 176 93 1,487 2,999 177 685 319 107 199 208 421 Feb.p... 10,634 322 431 157 108 1,467 3,157 167 536 294 96 200 217 431 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 te e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1959 969 31 990 6 569 3 13 2 408 337 151 185 217 164 442 I960 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 908 25 1,609 11 351 3 19 2,448 210 204 135 148 715 531 1963—Feb 813 36 2,041 13 266 3 19 2,576 235 173 118 177 14 589 Mar.... 812 22 2,183 10 240 2 16 2,678 266 192 125 167 15 596 Apr 751 21 2,056 11 217 3 18 2,862 309 198 120 163 15 639 May.... 718 20 1,948 11 172 2 19 2,883 335 167 124 165 15 627 June.... 890 16 1,907 12 192 3 20 2,879 342 169 129 183 14 596 July 809 16 1,800 12 177 2 19 2,943 383 151 114 157 13 658 Aug 790 27 1,854 15 179 3 19 2,972 399 160 117 168 12 670 Sept 824 21 1,747 15 265 2 17 3,006 404 181 133 155 13 665 Oct 857 26 1,810 15 325 2 21 3,021 381 185 122 163 12 632 Nov.... 831 25 1,713 16 395 2 20 3,038 360 187 135 162 11 654 Dec... 906 21 ,489 16 465 2 24 3,141 375 179 143 169 11 669 1964—Jan.P. .. 915 18 ,786 14 334 3 23 3,172 381 168 131 174 11 684 Feb.p... 919 28 1,746 13 320 2 22 3,191 392 172 136 173 11 708 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 529 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. .4sia End of Panama Peru Uru- Vene- O L t . h A e . r Bah & amas An N ti e ll t e h s . & O La th ti e n r Total M Ch a i i n n a - Hong India d In o - - Israel guay Rep. Bermuda * Surinam America « land nesia 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 98 105 101 405 267 123 97 10 3 444 36 65 41 28 81 1963—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.... 110 113 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 125 155 110 581 306 134 82 36 3,955 35 69 49 27 113 Dec 129 158 113 591 350 136 85 31 3,971 35 66 51 48 112 1964—Jan.p... 111 168 105 646 354 128 80 31 4,012 35 78 51 44 121 Feb."... 113 173 104 592 387 125 79 26 4,073 36 72 52 49 129 lc. Asia-Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea 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 Total (L C e v o o il n p le g o ) o ld- 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 Total t A ra u l s i - a ot A he ll r 8 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 '1,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963—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 Aug 2 309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sent 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 2 456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec 2 454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964—Jan.P. .. 2,424 122 201 167 384 384 246 25 48 42 17 114 172 157 15 Feb.". . 2,389 126 203 177 400 441 238 25 41 43 19 110 184 170 14 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International I ° 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 1961-62 based on reports Investment Bank and other Latin American and European regional by banks in the Second F.R. District only; data for Apr. and Dec. 1963 organizations, except Bank for International Settlements and European based on reports by banks in all F.R. Districts. Fund which are included in "Europe." I1 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 * 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 1959-1962; Dec. 1962 figure carried forward through Mar. 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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 Data18 (end of period) 1963 1963 Area or country 1961 1962 Area or country 1961 1962 Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): Iceland 3.1 5.6 5.2 7.0 Iran 11 31.3 11 18.7 49.4 23.5 Ireland, Rep. of 3.2 2.9 4.7 n.a. Iraq 20.2 8.5 11.1 n.a. Luxembourg 16.1 10.8 8.9 7.4 Jordan 1.6 1.2 1.7 2.8 Monaco 3.4 1.7 2.0 2.7 Kuwait 27.1 33.0 38.2 46.5 Laos 4.6 14.0 12.8 8.8 Other Latin American Republics: Lebanon 52.3 65.9 77.9 76.3 Bolivia n26.2 21.2 32.6 Malaysia 7.6 18.4 18.9 24.1 Costa Rica 13.3 16.5 32.8 29.1 Pakistan 10.1 15.9 15.9 17.3 Dominican Republic n22.8 H42.0 47.4 58.0 Ryukyu Islands (incl. Okinawa) 14.6 17.0 32.7 n.a. Ecuador 23.6 36.3 37.8 53.4 Saudi Arabia 24.9 28.4 37.1 61.7 El Salvador "21.9 H22.5 48.6 41.7 Syria 2.6 4.9 3.4 2.1 Guatemala n45.8 H40.9 74.8 47.9 Viet-Nam 7.9 10.1 11.6 12.1 Haiti 9.9 10.5 11.9 12.9 Honduras 14.8 13.8 23.7 20.0 Other Africa: Jamaica 1.8 3.3 5.8 5.6 Algeria .5 1.6 .5 .9 Nicaragua 17.3 14.8 42.5 35.0 Ethiopia, incl. Eritrea 11.1 17.0 20.8 22.3 Paraguay 4.9 5.7 6.8 8.9 Ghana 1.1 4.1 10.8 n.a. Trinidad & Tobago 3.1 4.1 2.3 Liberia 21.9 17.6 13.4 22.0 Libya 5.4 5.5 10.5 14.1 Other Latin America: Mozambique 1.6 2.5 1.1 1.4 British West Indies 12 14.0 9.0 22.6 19.9 Nigeria 21.8 26.8 24.5 n.a. French West Indies & French Somali Republic 1.7 .6 .6 .8 Guiana 1.0 1.3 1.3 Southern Rhodesia n.a. n.a. n.a. 3.6 Sudan 2.0 2.4 2.4 2.5 Other Asia: Tunisia 1.2 10.9 11.6 1.0 Afghanistan. 3.6 5.3 13.3 5.0 Burma 4.5 2.5 8.9 n.a. All other: Cambodia. . 15.3 12.6 10.2 6.9 New Zealand 4.0 4.7 10.5 Ceylon 6.5 4.9 9.6 3.1 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 End of period Total for i e n ign Total Dem D an e d pos T it i s me 1 c T b er i r l t e U l i s f a i . s c S a u a . n r te y d s n S o U p t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me i c T b er i r t l U e i l f s a . i s S c a u a . n r t d e y s Other 3 currencies 1959 419,389 416,913 6 341 7,180 4 2,065 1,328 2,398 1,£33 295 270 77 1960 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 25,022 22,314 8,528 9,214 3,012 1,560 2,565 2,096 116 352 143 1963 Feb 24,996 22,192 8,957 8,617 2,980 1,638 2,655 2,110 144 401 150 Mar 25,172 22,357 8,936 8,766 2,965 1,690 2,671 2,116 143 412 143 Apr 25,357 22,483 8 929 8,875 2,981 1,698 2,759 2,197 146 416 116 May 25,443 22,550 5,471 3,480 8,955 2,976 1,668 2,762 1,405 806 128 423 130 June 25,852 22,904 5,714 3,561 9,012 2,922 1,695 2,822 1,442 832 109 439 127 July r25,506 '22,600 5,638 3,561 '8,811 2,961 1,629 2,797 1,401 858 117 421 108 Aug 25,789 22,813 5,487 3,674 8,916 3,028 1,708 2,864 1,399 886 111 468 112 Sept 25,883 22,853 5,567 3,647 8,859 3,028 1,752 2,921 1,441 902 109 469 108 Oct 26,308 23,220 5,760 3,821 8,735 3,036 1,868 2,943 1,391 931 122 499 145 Nov 26,459 23,305 5,994 3,806 8,555 3,036 1,914 3,025 1,454 952 134 485 130 Dec ..... 25,965 22,785 5,629 3,673 8,571 3,036 1,876 3,047 1,493 966 119 469 134 1964—Jan.p 26,151 23,018 5,900 3,756 8,531 3,036 1,795 3,001 1,425 979 120 477 131 Feb.* 26,153 22,959 5,800 3,841 8,371 3,166 1,781 3,069 1,443 993 127 506 125 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 Feb. 29, 1964. 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

APRIL 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 531 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 co O un th tr e i r es 2 1959... 2,624 534 272 ,176 586 56 1960... 3,614 111 421 ,356 1,052 69 1961... 3 4,820 767 556 ,522 3 1,891 85 1962... 5,163 877 526 ,606 2,017 137 1963—Feb... 5,080 794 573 ,605 1,978 131 Mar... 5,115 825 547 ,563 2,048 133 Apr... 5,306 850 580 ,587 2,158 131 May.. 5,343 863 580 ,592 2,176 83 48 June. . 5,526 985 654 ,612 2,138 88 47 July. . 5,463 877 667 ,668 2,124 78 47 Aug... 5,429 954 597 ,697 2,046 83 50 Sept... 5,430 920 554 ,698 2,119 88 51 Oct.. . 5,563 967 627 ,690 2,139 82 56 Nov... 5,746 1,000 632 ,687 2,276 97 52 Dec.. . 5,915 932 607 ,742 2,470 104 58 1964—Jan. P. 6,093 958 637 ,760 2,577 104 55 6,210 1,006 601 ,751 2,694 100 56 3a. Europe End of period Total Aus- 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- 1959 534 56 57 54 30 38 7 19 1960 717 65 9 32 82 34 33 17 28 1961 767 20 23 42 165 35 54 27 11 35 1962 877 32 30 68 186 54 27 35 19 18 1963—Feb.. 794 30 39 56 144 69 36 35 23 19 Mar. 825 25 39 58 160 58 29 32 25 22 Apr.. 850 29 41 67 144 67 32 33 33 23 May. 863 34 44 72 143 58 37 34 40 26 June. 985 29 51 67 256 57 34 31 44 24 July. 877 28 51 63 132 69 37 34 44 25 Aug.. 954 26 49 65 159 85 37 35 52 33 Sept.. 920 28 51 69 146 70 37 35 45 32 Oct.. 967 26 49 66 151 81 41 34 38 33 Nov., 1,000 27 49 65 176 82 36 41 34 36 Dec. 932 26 52 70 121 97 33 40 30 30 1964—Jan.?1 958 25 53 74 160 106 40 39 31 25 Feb.* 1,006 30 69 80 165 105 42 34 29 25 3a. Europe—Continued 3b. Latin 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 ed - 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 u as t r h o te e p r r e n - 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- 1959 38 47 121 3 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 t 1,606 181 171 186 131 17 408 1963—Feb.. 67 36 172 6 19 1,605 161 179 160 149 17 420 Mar.. 71 32 197 9 21 1,563 161 178 151 145 17 409 Apr.. 65 40 190 12 21 1,587 170 196 151 137 17 405 May. 66 44 175 17 20 1,592 180 196 161 136 17 406 June. 65 49 188 16 21 1,612 180 197 166 153 17 409 July. 69 47 187 17 21 1,668 200 192 171 146 17 448 Aug.. 71 44 204 16 21 1,697 198 199 170 176 17 448 Sept. 75 47 197 13 19 1,698 187 210 179 169 17 454 Oct.. 91 42 232 7 20 1,690 183 183 186 180 17 445 Nov. 78 23 262 10 22 1,687 184 172 192 185 16 443 Dec. 70 48 225 7 23 1,742 188 163 187 208 18 465 1964—Jan. P 79 36 200 8 23 1,760 179 170 184 218 16 468 Feb." 74 50 208 11 23 1,751 175 166 184 219 17 475 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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 p n er d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O l L e ic t p . h s A u e 6 . b r - m B B m u a & d e h a r a s a - - A N S n n u e t a & i m t r l h i l - e . s A O L ic m a t a h t e i e 7 n r r - Total C M la h a n i i n d n a - - "C lo o n n g g India I n n e d s o ia - 1 Israel 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 . . 30 85 122 102 66 9 98 2 017 2 13 20 ; 37 1963—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 ~>o 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 c 27 July.... 29 •06 96 96 113 29 U 11 2,124 2 12 16 29 A Se u p g t .. . . 3 3 C 0 • • 0 0 4 3 9 8 3 6 1 9 0 9 2 1 10 1 9 2 3 3 3 1 K 9 1 1 0 0 2 2 , ,1 0 1 4 9 6 2 2 1 1 1 1 2 1 0 9 c 2 2 8 8 Oct 33 03 89 103 116 31 8 15 2,139 2 11 18 30 Nov.. .. 33 98 82 106 121 33 8 14 2,276 2 12 16 25 Dec 35 99 65 114 135 42 9 16 2,470 2 11 17 22 1964—Jan."... 47 104 54 111 147 37 9 16 2.577 2 11 18 25 Feb.*... 45 107 50 112 145 33 10 12 2,694 2 11 17 29 3c. Asia—Continued *d. Africa 3e. Other countries Congo End of period Japan Korea 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 Total i ( p L o e l o d - - M c o o r o i c- 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 1 Total ^ A tr u a s - - ot A he ll rs ville) lia 1959 324 1 24 9 15 180 3 P 2 56 18 21 I960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31 598 4 114 10 34 145 6 10 13 85 99 27 1962 I 740 3 70 9 41 80 2 10 26 137 41 57 1963—Feb I 691 8 80 13 43 70 1 P 21 131 39 57 Mar 1,751 13 81 14 40 69 2 n 19 133 44 55 Apr 1,876 15 73 15 40 70 2 n 17 131 44 55 May 1,896 14 69 16 38 75 83 2 -> n 18 48 48 42 6 June 1,869 16 66 14 40 73 88 1 3 14 25 44 47 41 6 July 1,872 17 52 16 38 69 78 2 1 14 20 42 47 41 6 Aug ,793 16 51 13 40 73 83 1 "> n 26 41 50 43 6 Sept I 862 16 56 11 43 69 88 2 1 M 29 42 51 44 7 Oct 1,876 13 63 8 44 72 82 1 -> is 27 36 56 49 8 Nov QQ5 26 74 8 45 73 97 1 3 16 27 51 52 44 8 Dec 2,149 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964—Jan.? 2,223 28 129 9 52 80 104 1 -> 15 25 61 55 47 8 Feb.P 2,317 30 142 10 58 76 100 1 15 28 55 56 49 8 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 5 Czechoslovakia, Poland, and Rumania only until May 1963. foreigners where collection is being made by banks and bankers for 6 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 7 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

APRIL 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 533 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 o s f n t i i c s t i 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 d c p ig t e t . a n o f n e o f r c r s es Other 2 Total f D or e w e p i i g o t n h si e t 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 n l i e . t c i r g e e a o s n , v d t. Other 3 1959 2.624 2,406 351 498 460 516 582 217 203 15 I960 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 1961 * „... 4,820 4,234 329 709 622 700 1,874 586 386 200 1962 5;163 4,606 359 953 642 686 1,967 557 371 186 1963—Feb. 5,080 4,534 293 853 662 684 2,041 546 359 188 Mar 5,115 4,541 255 850 671 708 2,057 575 375 200 Apr, 5,306 4,713 236 824 686 731 2,235 594 383 211 May. 5,343 4,748 171 790 680 741 2,049 316 595 389 152 54 June 5.526 4,834 142 884 680 733 2,028 367 692 461 176 54 July 5,463 4,827 136 842 693 740 2,035 381 636 401 176 58 Aug 5,429 4,797 166 891 702 733 1,956 349 631 407 170 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........ 5.746 5,110 201 966 760 800 2,040 345 636 429 156 51 Dec. 5,915 5,291 186 970 761 832 2,203 340 624 428 153 42 1964—-Jan. P....... 6,093 5,451 192 1,047 798 862 2,236 317 642 394 204 43 Feb." 6,210 5,573 164 1,100 806 891 2,313 300 636 405 194 36 1 Includes central banks. 4 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 Total Payable in liabilities Total foreign Total Loans All other currencies 1959. ... . . 1 545 1 1960 1,698 7 1961 2,034 2 1962 2,160 4 1961—Feb . . 2,122 4 Mar 2,133 6 Apr 2,185 11 May 12,379 12,379 12,345 33 29 June... 2,396 2,396 2,361 35 35 July 2,431 2,431 2,395 36 45 Aug 2,472 2,472 2,433 39 48 Sent . . 2,509 2,509 2,468 41 47 Oct 2,507 2,504 2,465 39 2 47 Nov . .. 2,567 2,565 2,529 36 2 44 Dec 22,998 22,996 2,786 210 2 43 1964—Jan P. 3,031 3,029 2,819 210 2 47 Feb v 3,098 3,096 2,880 217 2 46 1 Includes $86 million of long-term loans previously held but reported December 1963, representing in part claims previously held but not for the first 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

534 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Gov . bonds and notes l 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 Total I a n n t d l. Foreign c P h u as r- es Sales c N ha s e a t s l e e p s s u o r- r c P h u as r- es Sales c N ha s e a t s l e e p s s u o r- r c P ha u s r- es Sales c N ha e sa t s e le s p 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 -944 702 806 — 104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1963 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 — 7 May 206 101 105 127 -21 310 239 71 144 409 -265 67 87 -20 June 22 -8 30 31 -1 354 342 12 57 157 -100 59 61 2 July -10 -3 7 5 -12 208 192 16 75 117 -41 79 -24 Aug 142 105 37 43 -6 225 207 18 45 110 -65 42 43 i Sept 83 -4 87 82 5 239 236 4 228 232 -4 44 23 21 Oct 8 3 5 14 -9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 -5 277 254 23 40 62 22 63 28 34 1964—Jan.*3 c -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb P 29 28 26 2 230 264 -34 51 126 -75 36 26 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—Mar 481 200 200 81 183 125 58 Apr 551 25 200 200 126 183 125 58 M!ay 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 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 1964—Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 535 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 z w er i - t- U K n in it g e - d Other Total Canada A L m at e in r- Asia ' ! Africa ^ j c O o t u h n e - r a I n n d tl. land dom Europe Europe ica tries : j regional 1960 252 202 50 38 171 -48 72 234 -45 36 13 !.. 1 ' U• 1961 223 -99 21 166 -17 61 232 -112 44 44 !.. 3 i: 1962 60 323 -51 4 129 -33 24 124 -43 -20 -is ;.. i r1 1963 207 9 -8 -14 206 16 199 -47 14 17 . i 2:> 198 1963—Feb... -7 2 -1 -10 3 7 -2 -7 * * Mar... * -9 * -1 -2 11 -5 3 -3 * * 1 * J J A A M u u p u l n a y r g y e . . . . . . . . . . . 7 3 1 1 1 1 8 6 8 2 2 6 3 1 * 0 8 7 1 Q 8 1 0 - - - 4 1 2 * - - 4 7 2 * 8 4 2 3 3 3 0 2 9 2 - - 5 3 4 4 1 4 2 3 1 1 5 1 3 9 3 - - 1 4 1 2 c 2 1 -1 3 6 3 * -4 4 6 i •:['. /. i * * * : : Sept. . 4 16 *j 2 9 1 11 -6 -4 2 * - Oct... -11 11 -3 -1 -10 15 -5 -2 -11 * i * : Nov.. 31 -8 n 3 6 22 6 36 -14 5 l * :I Dec... 23 2 3 1 8 2 * 3 8 7 18 2 1 i l * * 1964—Jan.*'. 13 4 9 _2 -2 -16 8 -12 11 10 I * * Feb. P. -34 -26 -6 -22 4 -25 -10 1 2 * * Q 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures and monthly figures through April 1963 include Africa. ties. 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 J Period Total g I a i r n o n e t - d n l. al c T t e f o r o o i i u g t r e n n - a s - l r E o u p - e C a a d n a - A L i a m c t a e in r- Asia Africa1 t O c r o i t e u h s n e r - 2 E pe n r d i o o d f Deposits s U e .S cu .. A ri G t s i s e o e s v t s t l in i 1 c E u a st r o 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 I960 217 ^, 726 11,843 1962 -1,048 -235 -813 -188 -360 -41 -175 -50 1961 279 6,006 11,905 1963 — 1 044 — 96 — 949 — 49 -614 — 26 — 252 — 8 1962 247 6,990 12,700 1963 Feb . — 162 6 — 167 — 4 — 125 — 3 — 34 * 1963—Mar... 201 7,277 12,789 Mar .... — 115 -29 -86 -43 -27 1 -19 1 Apr... 160 7,478 12,815 Apr -67 -62 -5 37 * 1 -13 -31 May.. 171 7,886 12,878 May -284 3 -287 -24 -207 * -57 * June.. 175 7,957 12,917 June -102 2 -104 -24 -42 1 -41 1 1 July... 182 7,733 13,086 July -65 8 -73 2 -6 -36 -36 1 2 Aug... 177 7,856 13,129 Aug -66 1 -67 -7 -29 2 -34 * 1 Sept... 174 7,945 13,132 Sept 16 2 15 -11 -16 16 20 4 2 Oct... 175 8,241 13,025 Oct 36 4 32 10 28 2 -10 * 1 Nov... 165 8.343 13,048 Nov 10 2 8 2 8 2 -5 * * Dec... 171 8,675 12,954 Dec 12 2 10 16 -2 1 -11 6 1 1964—Jan... 136 8,740 12,899 1964—Jan.".... 35 3 32 24 16 1 -10 * 1 Feb.. . 155 8,731 12,884 Feb.*.... -49 1 -49 22 -76 -4 8 * 1 Mar... 167 8.105 12,775 1 Not reported separately until May 1963. 1 U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures and monthly figures through April 1963 include Africa. 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

536 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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 IV i I 11 II III? IV i Europe: Austria 2 2 2 2 2 6 Belgium 21 18 18 20 23 24 Denmark •. 3 2 2 3 2 8 Finland 1 1 1 3 France 32 31 31 32 31 51 Germany Fed Rep of 33 36 36 33 35 117 Greece 1 1 2 2 5 Italy ... 28 29 29 30 26 78 Netherlands 33 46 46 50 56 31 Norway 10 12 12 13 13 15 Portugal 1 1 1 6 9 7 7 7 6 20 Sweden 7 8 8 8 7 15 Switzerland .. 24 26 26 27 40 28 Turkey . 4 4 4 4 5 4 United Kingdom 94 109 110 118 127 238 4 4 4 3 3 3 Other Western Europe 2 1 1 2 3 5 USSR * • * * 1 Other Eastern Europe > 1 1 1 * 1 2 Total 309 339 341 356 384 660 Canada 81 63 64 59 62 752 Latin America: Arsentina .... 9 6 6 6 6 34 Brazil 17 17 18 18 20 106 Chile 4 3 3 4 4 25 Colombia 4 3 3 5 5 15 Cuba 1 1 * * 6 Mexico 6 6 6 10 6 57 Panama 25 5 5 11 17 13 Peru 8 9 9 4 3 20 Tjrusuav 1 1 3 4 6 24 23 23 27 25 33 Other L A. Republics 4 6 3 3 11 11 20 Bahamas and Bermuda 5 3 6 Neth Antilles & Surinam . . 5 8 8 9 9 6 Other Latin America 6 20 15 15 2 2 45 Total 129 101 101 113 118 386 Asia: China Mainland 2 2 2 2 2 Hone Kons 2 2 2 2 2 4 India 11 8 8 16 15 39 Indonesia 2 2 2 2 2 3 Israel 2 1 2 1 10 Japan 52 46 46 43 29 123 Korea 3 3 3 3 1 4 Philirjo i nes 3 4 4 5 7 11 Taiwan . * * * * 1 3 Thailand 4 4 4 4 1 5 Other Asia 16 16 16 19 21 33 Total 97 90 90 99 82 236 Africa: Congo (Leopold ville) * 1 1 3 * South Africa 12 6 6 11 12 U A R (Egypt) 1 1 1 9 10 Other Africa 5 14 10 Total 5 35 33 Other countries: Australia 11 10 10 13 18 Allother 7...... 13 13 13 4 6 Total 8 37 30 30 17 24 International and regional * * * * Grand total 653 624 626 679 703 •oo • 1963 I Ii II HI, 5 5 5 6 24 24 27 26 6 6 7 5 4 4 3 3 59 59 50 48 114 114 106 106 6 6 6 7 82 82 83 95 24 24 34 30 15 15 15 16 8 8 7 7 25 25 23 26 17 17 20 19 28 28 36 30 6 6 5 6 192 196 201 222 3 3 3 3 4 4 3 4 1 1 * * 2 2 3 3 625 629 639 664 789 830 918 887 31 31 30 29 108 108 103 112 25 25 26 23 17 18 20 22 6 6 6 6 58 58 56 53 13 13 14 13 14 14 19 20 7 7 5 4 33 33 37 38 22 22 38 41 11 7 7 9 41 41 11 382 382 383 * 4 4 3 50 50 49 3 3 4 7 7 7 124 127 142 4 4 4 10 10 11 5 5 6 5 5 5 39 39 44 251 255 275 3 3 2 9 9 8 12 12 15 15 41 24 26 26 28 26 27 27 8 74 77 77 35 1 1 1 3 2,109 2,125 2,175 2,295 otooo 390 4 42 5 7 133 4 11 3 4 42 255 2 i 9 12 18 42 28 7 35 2 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. 3 Czechoslovakia, Poland, and Rumania only until June 1963. NOTE.—Reported by exporters, importers, and industrial and com- 4 Bolivia, Dominican Republic, El Salvador, and Guatemala only mercial concerns in the United States. Data exclude claims held through until June 1963. U.S. banks, and intercompany accounts between U.S. companies and 5 Not reported separately until June 1963. their foreign affiliates. 6 Until June 1963 includes also the following Latin American Republics: See also NOTE to Table 1. 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

APRIL 1964 U.S. BALANCE OF PAYMENTS 537 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1961 1962 III IV II' III 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—Total i. 28,311 29,790 31,603 7,550 7,424 7,452 7,903 i 7.921 8,327 Merchandise 19,913 20,479 21,902 5,270 4,925 5,010 5.494 1 •> 559 5,839 Military sales 402 660 632 141 216 181 203 f - ' "r.92 156 Investment income receipts, private. 3,464 3,850 4,067 946 1,060 1,059 969 993 1 ,046 Investment income receipts, Govt..., 380 472 498 105 114 123 124 125 126 Other services 4,152 4,329 4,504 1,088 1,109 1,079 1.113 - 3 ,152 1,160 Imports of goods and services—Total. -22,867 -24,964 -26,118 -6,282 -6,341 -6,270 -6,453 -6,694 -6,70! Merchandise -14,497 -16,145 -16,962 -4,127 -4,046 -4.014 -4.182 -4.392 -4,374 Military expenditures -2,934 -3,028 -2,880 -732 -794 -748 -725 -708 -699 Investment income payments -882 -995 -1,196 -245 -265 -278 - 287 -109 -322 Other services -4,554 -4,796 -5,080 -1,178 -1,236 -1,230 - 1.259 - 1,285 -1.306 Balance on goods and services * 5,444 4,826 5,485 1,268 1,083 1,182 1.450 1,227 S 1,626 Remittances and pensions -705 -736 -812 -176 -187 -211 -211 I -195 -195 i 1. Balance on goods, services, remittances and pensions 4,739 4,090 4,673 1,092 896 971 1.032 1,431 1.239 ' 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments2 -3,370 -3,520 -3,789 -849 -911 -871 -784 -935 Grants 3,4 -1,854 -1,903 -1,907 -434 -466 -440 -1,199 I -462 -490 Long-term loans and subscriptions 4 -1,941 -2,133 -2,184 -486 -660 -563 -438 -563 Change in foreign currency holdings and short-term claims, net (increase, —) 2,*.... -261 -248 -441 -74 28 -50 -30 -101 Seasonal adjustment on three preceding items combined -50 14 43 i -78 37 Change in associated liabilities 80 147 94 65 25 31 -1 i 46 18 Scheduled loan repayments 606 617 649 130 148 151 156 178 164 3. Private capital flows, net, excluding foreign liquid assets in U.S -3,507 -3,118 -3,690 -708 -902 -956 -1,468 -338 -928 U.S. direct investments abroad -1,598 -1,557 -1,799 -359 -493 -501 -488 -209 -601 U.S. long-term capital, other -1,011 -1,209 -1,641 -188 -335 -512 -620 -294 -215 Foreign long-term investments in U.S 466 271 387 -10 20 -9 203 81 U.S. short-term capital -1,541 -507 -642 -164 -39 84 - 626 29 -129 Foreign short-term capital 5. 177 -116 5 13 -55 -18 63 24 -64 4. Errors and unrecorded transactions. -905 -1,025 -469 -492 -135 -95 -495 -386 Balance of A (= 1+2+3+4) -3,043 -3,573 -934 -1,409 -991 -1.307 -527 Less: Net seasonal adjustments -3,301 337 -95 -181 -94 -476 -89 Balance of A before seasonal adjustment. -3^043 -3J573 -3,301 -1,271 -1,314 -810 -1,213 364 -438 -840 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,043 3,573 3,301 1,271 1,314 810 1,213 840 438 Advance repayments on U.S. Govt. loans 668 666 325 471 142 25 34 241 25 Advances on U.S. military exports, net 5 470 359 107 223 20 239 Sales of nonconvertible nonmarketable securities,7 net 251 -43 251 63 -10 -95 -7 D Fo o r l e la ig r n s e c c u u r r r i e ti n e c s y securities '251' -7 3 4 1 251 58 5 - s 2 9 19 - - 5 4 0 5 : -1 Sates of convertible nonmarketable securities, 7 net. 702 350 175 25 Dollar securities 150 125 25 Foreign currency securities 552 225 150 'is' Change in U.S. short-term liabilities reported by U.S. banks9 and foreign holdings of marketable U.S. Govt. bonds and notes 1,764 653 1,580 -188 309 320 91S 187 755 International and regional organizations 10 407 213 -225 -107 109 -64 -48 -19 -94 Foreign private holders excluding banks 1l 81 134 394 -137 -42 74 315 93 112 Foreign commercial banks 595 -147 434 -214 -132 384 75 -36 11 Foreign official holders 681 453 977 270 374 -74 776 149 126 Change in U.S. monetary reserve assets (increase,—).. 606 1,533 378 881 389 32 124 227 -5 IMF position -135 626 30 331 14 -46 -> 59 15 Convertible currencies -116 17 -113 104 351 -33 6 -28 -58 Gold 857 890 461 446 24 116 196 38 * Excludes military transfers under grants. • 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." 1 o 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. 1! 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

538 FOREIGN TRADE; MONEY RATES APRIL 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1,623 1.668 985 2,037 1,161 1.327 1.092 1,430 462 341 -107 607 Feb 1,712 ,809 2.118 2,029 1,150 [,320 1,497 1,445 562 489 621 584 Mar 1,751 1,672 1,960 1,163 1,342 1,487 588 330 473 Apr 1,662 ,795 1,913 1,152 1,365 1,417 510 430 496 Mav 1,585 ,762 1,893 1,153 1,404 1,420 432 358 473 June 3 1 582 ,836 1,785 3 1,174 [,351 [ 421 3 408 485 364 July 31,689 ,748 1,823 31,379 ,347 1,458 3 310 401 365 Aug 1 689 I 703 1,895 1,254 ,346 I 508 435 357 387 Sent 1 678 [,908 1,980 1,262 1,471 1,450 416 437 530 Oct 1,780 1,523 1,946 1,300 1,312 1,459 480 211 487 Nov 1 733 1,725 .945 1,309 .425 [,472 424 300 473 Dec 1 725 .839 2,049 1,315 1^377 .480 410 462 569 Quarter: I S 086 5,149 5,063 3,474 3,989 4,076 1,612 1 160 987 II 3 4,829 5,393 5,591 3 3,479 4,120 4,258 3 1,350 1,273 1,333 III 3 5 056 5,359 5,698 3 3,895 4,164 4,416 31 161 1 195 1 282 IV 5 238 5,087 5,940 3,924 4,114 4,411 1 314 973 1,529 Year 4 20,152 20,945 22,288 14,713 16,389 17,151 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 * m Da o d y n a - e y 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 m Da o d y n a - y e t y o 3 - Tr 6 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 - e y 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 i c a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 .11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 .98 .24 2.00 1963—Feb 3.68 3.52 3.63 3.45 2.82 2.00 3.45 2.63 2.94 1.67 .00 2.00 Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 .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 .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 2.07 1.92 2.00 Aug 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 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 t.ll 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 4.66 2.63 2.56 2.25 1.56 2.00 1964—Jan 3 76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 2.31 1.67 2.00 Feb 3.81 3.57 4.00 3.91 3.10 2.08 4.33 2.63 2.69 2.33 1.92 2.00 * Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International 4 Rate in effect at end of month. F 19 in 62 a . nce," Section 15 of Supplement to Banking and Monetary Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1964 MONEY RATES 539 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Mar. 31, 1963 Rate Country 1963 I 1964 as of Mar. 31, Per Month 1964 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina 6.0 Dec. 1957 6.0 Austria.. . 5.0 Mar. 1960 4.5 4.5 Belgium 3.5 Dec. 1962 4 0 4 25 4.25 Brazil 10.0 Apr. 1958 10.0 Burma 4.0 Feb. 1962 4.0 Canada 3. 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 39 14.39 Colombia. 5.0 Aug. 1959 8 0 8.0 Costa Rica 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 France... 3.5 Oct. 1960 4 0 4.0 Germany.... 3.0 May 1961 3.0 Greece ... 5.5 Jan. 1963 5 5 Honduras3 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India* 4.5 Jan. 1963 4.5 Indonesia 3.0 Apr. 1946 9 0 9.0 Iran ... 6.0 Nov. 1960 4.0 4.0 Ireland 4.03 Mar. 1963 3.88 3.95 3.94 3.98 3.94 4.5 4.5 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 6.21 Mar. 1963 5.84 6.5? 6.57 Mexico 4.5 June 1942 4.5 Netherlands... 3.5 Jan. 1963 4 0 4.0 New Zealand... 7.0 Mar. 1961 7.0 Nicaragua 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 Philippine Republic'. 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 Switzerland 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 5.0 5.0 Venezuela 4.5 Dec. 1960 4.5 I 1 On June 24, 1962, the bank rate on advances to chartered banks the largest proportion of its credit operations. Other rates for some was fixed at 6 per cent. Rates on loans to money market dealers will of these countries follow: continue to be ,25 of 1 percent 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 rediscount* 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 shown is for agricultural and industrial paper); 4 Rate applies to advances against commercial paper as well as against Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by govt. securities and other eligible paper. national public securities; s 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 per cent on advances shown is the one at which it is understood the central bank transacts against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FOREIGN EXCHANGE RATES APRIL 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r 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 14.484 131.057 220 404 1963—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 AUK .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 Feb .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 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 e a n n ) ( 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 i e a l n t 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 1960 . . .. 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—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 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 AUK 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 Jan 25.148 20.963 279.83 .16065 .27589 32.706 8.0056 27.753 277.06 Feb . . 25.169 20.959 279.69 .16063 .27567 32.694 8.0056 27 733 *>76 92 Mar 25.163 20.968 279.81 .16029 .27603 32.645 8.0056 27.731 277.04 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 u a 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 S fr 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 2.0579 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 1.6643 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 1 6664 19 416 23 139 •>80 00 1963 Mar 13.995 3.4901 139.51 .6661 19.264 23.102 280.06 Apr 13.999 3.4901 139.51 1.6663 19.251 23.099 280.07 May 13.995 3.4900 139.46 1.6663 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 1.6663 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—Jan 13.969 3.4861 139.39 1.6665 19.272 23.168 279.83 Feb 13.962 3.4848 139.32 1.6664 19.290 23.122 279.69 Mar 13 976 3.4867 139.38 1 6663 19.430 23.110 279.81 * A new markka, equal to 100 old markkaa, was introduced on Jan. I, 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

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 GLENN M. GOODMAN, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary BRENTON C. LEAVITT, Assistant Director ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel Examiner DAVID B. HEXTER, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION JEROME W. SHAY, Assistant General Counsel 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 DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Director FRANK R. GARFIELD, Adviser JOSEPH E. KELLEHER, Director J. CHARLES PARTEE, Adviser HARRY E. KERN, Assistant Director KENNETH B. WILLIAMS, Adviser 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 542 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 543 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary J. HERBERT FURTH, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary DAVID L. GROVE, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel HOMER JONES, Associate Economist DAVID B. HEXTER, Assistant General Counsel ALBERT R. KOCH, Associate Economist GUY E. NOYES, Economist MAURICE MANN, Associate Economist DANIEL H. BRILL, Associate Economist BENJAMIN U. RATCHFORD, 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

544 FEDERAL RESERVE BULLETIN • APRIL 1964 Federal Reserve Banks and Branches Federal ReserveBank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Up 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 Edward A. Fink 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. Curnmings Donald F. Hagner Charlotte ...28201 Clarence P. Street 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 Dairy 1 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 Carl J. Thomsen Philip E. Coldwell El Paso 79999 Dysart E. Holcomb Roy E. Bonne 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 Graham 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 Publications Services, 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. 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN • APRIL 1964 REPRINTS NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. (From Federal Reserve BULLETIN unless preceded Apr. 1963. 11 pp. by an asterisk) NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938, BANKING AND MONETARY STATISTICS, 1962. Se- 20 pp. lected series of banking and monetary statistics for 1962 only. Feb., Mar., and May 1963. 16 THE MONETARY SYSTEM OF THE UNITED STATES. pp. Feb. 1953. 16 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. INTEREST RATES ON TIME DEPOSITS, Mid-February 1963. June 1963. 7 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. SURVEY OF COMMON TRUST FUNDS, 1962. June •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 1963. 6 pp. print of the U.S. Summary containing a de- MONETARY DEVELOPMENTS, FIRST HALF '63. July scription of revised statistics for all banks in 1963. 7 pp. the United States, by class of bank, together MEASURES OF MEMBER BANK RESERVES. July with revised statistics. Apr. 1959. 94 pp. 1963. 14 pp. STATISTICS ON THE GOVERNMENT SECURITIES BANK LOANS SECURED BY STOCKS AND BONDS. July MARKET. Apr. 1961. 8 pp. 1963. 19 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. A BANK EXAMINER LOOKS AT AGRICULTURAL 1961. 15 pp. LENDING. July 1963. 8 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. MEASURING AND ANALYZING ECONOMIC GROWTH. 1961. 3 pp. Aug. 1963. 14 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. July 1962. 6 pp. 1963. 8 pp. REVISION OF MONTHLY DEPARTMENT STORE IN- ECONOMIC CHANGE AND ECONOMIC ANALYSIS. DEXES. July 1962. 6 pp. Sept. 1963. 17 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. TREASURY AND FEDERAL RESERVE FOREIGN EX- 11pp. CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. similar reprint from Mar. 1963 BULL.) 1962. 10 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 11pp. 1962. 15 pp. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 1963. 8 pp. 14 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 11pp. 1962. 18 pp. RECENT INTEREST RATE TRENDS, NOV. 1963. MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8 10 pp. pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. FARM DEBT AS RELATED TO VALUE OF SALES. 7 pp. Feb. 1963. 9 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- May 1963. 10 pp. SUMERS. Mar. 1964. 9 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. TREASURY AND FEDERAL RESERVE FOREIGN EX- 1963. 8 pp. CHANGE OPERATIONS AND THE GOLD POOL. Mar. 1964. 14 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. U. S. TRADE PAYMENTS IN 1963. Apr. 1964. 7 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 474, 476 Discount rates, 456, 539 Agricultural loans of commercial banks, 468, 470 Discounts and advances by Federal Reserve Assets and liabilities {See also Foreign liabilities and Banks, 452, 458, 460 claims): Dividends, corporate, 487, 488 Banks and the monetary system, consolidated, 463 Dollar assets, foreign, 527, 535 Corporate, current, 488 Domestic banks, by classes, 464, 468, 470 Earnings and hours, manufacturing industries. 503 Federal Reserve Banks, 458 Employment, 500, 502, 503 Automobiles: Farm mortgage loans, 489, 490 Consumer instalment credit, 492, 493, 494 Federal finance: Production index, 496, 497 Cash transactions, 478 Bankers' balances, 469, 471 Receipts and expenditures, 479 {See also Foreign liabilities and claims) Treasurer's balance, 478 Banks and branches, number, by class and State, 518 Federal home loan banks, 483, 484, 491 Banks and the monetary system, consolidated state- Federal Housing Administration, 489, 490, 491 ment, 463 Federal intermediate credit banks, 483, 484 Banks for cooperatives, 483, 484 Federal land banks, 483, 484 Bonds {See also U.S. Govt. securities): Federal National Mortgage Assn., 483, 484, 491 New issues, 484, 485, 486 Federal Reserve Banks: Prices and yields, 474, 475 Condition statement, 458 Brokers and dealers in securities, bank U.S. Govt. securities held by, 452, 458. 460. loans to, 468, 470 480,481 Business expenditures on new plant and Federal Reserve credit, 452, 458, 460 equipment, 488 Federal Reserve notes, 458, 461 Business indexes, 500 Federally sponsored credit agencies, 483. 484 Business loans {See Commercial and industrial loans) Finance company paper, 474, 476 Financial institutions, loans to, 468, 470 Capital accounts: Float, 452 Banks, by classes, 464, 469, 472 Flow of funds: Federal Reserve Banks, 458 Financial assets and liabilities, 517 Carloadings, 500 Saving and financial flows, 508 Central banks, foreign, 524, 539 Foreign central banks, 524, 539 Coins, circulation of, 461 Foreign currency operations, 458, 460, 526, 534 Commercial banks: Foreign deposits in U.S. banks, 452. 458, 463. Assets and liabilities, 464, 467, 468 469, 472, 535 Consumer loans held, by type, 493 Foreign exchange rates, 540 Number, by classes, 464, 518 Foreign liabilities and claims: Real estate mortgages held, by type, 489 Banks, 528, 530, 531,533, 535 Commercial and industrial loans: Nonfinancial concerns, 536 Commercial banks, 468 Foreign trade, 538 Weekly reporting member banks, 470, 473 Commercial paper, 474, 476 Gold: Condition statements {See Assets and liabilities) Certificates, 458, 461 Construction, 500, 501 Earmarked, 535 Consumer credit: Net purchases by U.S., 526 Instalment credit, 492, 493, 494, 495 Production, 525 Noninstalment credit, by holder, 493 Reserves of central banks and govts., 524 Consumer price indexes, 500, 504 Reserves of foreign countries and international Consumption expenditures, 506, 507 organizations, 527 Corporations: Stock, 452, 463, 526 Sales, profits, taxes, and dividends, 487, 488 Govt. debt {See U.S. Govt. securities) Security issues, 485, 486 Gross national product, 506, 507 Security prices and yields, 474, 475 Hours and earnings, manufacturing industries, 503 Cost of living {See Consumer price indexes) Housing starts, 501 Currency in circulation, 452, 461, 462 Customer credit, stock market, 475 Industrial production index, 496, 500 Debits to deposit accounts, 460 Instalment loans, 492, 493, 494, 495 Demand deposits: Insurance companies, 477, 480, 481, 490 Adjusted, banks and the monetary system, 463 Insured commercial banks, 466, 468, 518 Adjusted, commercial banks, 460, 462, 469 Interbank deposits, 457, 464, 469 Banks, by classes, 457, 464, 472 Interest rates: Turnover of, 460 Bond yields, 474 Type of holder, at commercial banks. 469 Business loans by banks, 473 Deposits {See also specific types of deposits): Federal Reserve Bank discount rates, 456 Adjusted, and currency, 463 Foreign countries, 538, 539 Banks, by classes, 457, 464, 469, 472, 476 Open market, 474, 538 Federal Reserve Banks, 458, 535 Stock yields, 474 Postal savings, 457, 463 Time deposits, maximum rates, 457 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN • APRIL 1964 International capital transactions of the U.S., 528 Reserves—continued International institutions, 524, 526, 527 Foreign countries and international organiza- Inventories, 506 tions, 527 Investment companies, new issues, 486 Member banks, 452, 454, 457, 469, 471 Investments (See also specific types of investments): Residential mortgage loans, 489, 490, 491 Banks, by classes, 464, 468, 471, 476 Retail sales, 500 Commercial banks, 467 Federal Reserve Banks, 458, 460 Sales finance companies, consumer Life insurance companies, 477 loans of, 492, 493, 495 Savings and loan assns., 477 Saving: Flow-of-funds series, 508 National income series, 507 Labor force, 502 Savings deposits (See Time deposits) Loans (See also specific types of loans): Savings institutions, principal assets, 476, 477 Banks, by classes, 464, 468, 470, 476 Savings and loan assns., 477, 481, 490 Commercial banks, 467 Securities (See also U.S. Govt. securities): Federal Reserve Banks, 452, 458, 460 Federally sponsored agencies, 483 Insurance companies, 477, 490 International transactions, 534, 535 Insured or guaranteed by U.S., 489, 490, 491 New issues, 484, 485, 486 Savings and loan assns., 477, 490 Silver coin and silver certificates, 461 State member banks, 466, 518 Manufactures, production index, 497, 500 State and local govts.: Margin requirements, 457 Deposits of, 469, 472 Member banks: Holdings of U.S. Govt. securities, 480, 481 Assets and liabilities, by classes, 464, 468 New security issues, 484, 485 Borrowings at Federal Reserve Banks, 454, 458, Ownership of obligations of, 468, 476, 477 472 Prices and yields of securities, 474, 475 Deposits, by classes, 457 Stock market credit, 475 Number, by classes, 465, 518 Stocks: Operating ratios, 520 New issues, 485, 486 Reserve requirements, 457 Prices and yields, 474, 475 Reserves and related items, 452 Weekly reporting series, 470 Tax receipts, Federal, 479 Mining, production index, 497, 500 Time deposits, 457, 462, 463, 464, 469, 472 Money rates (See Interest rates) Treasurer's account balance, 478 Money supply and related data, 462 Treasury cash, 452, 461, 463 Mortgages {See Real estate loans) Treasury currency, 452, 461, 463 Mutual savings banks, 463, 464, 466, 476, 480, Treasury deposits, 452, 458, 478 481,489,518 Unemployment, 502 National banks, 466, 518 U.S. balance of payments, 537 National income, 506, 507 U.S. Govt. balances: National security expenditures, 479, 506 Commercial bank holdings, by classes, 469, 472 Nonmember banks, 466, 468, 469, 518 Consolidated monetary statement, 463 Treasury deposits at Federal Reserve Operating ratios, member banks, 520 Banks, 452, 458, 478 U.S. Govt. securities: Payrolls, manufacturing, index, 500 Bank holdings, 463, 464, 468, 471, 476, 480, 481 Personal income, 507 Dealer transactions, positions, and financing, 482 Postal Savings System, 457, 463 Federal Reserve Bank holdings, 452, 458, 460, Prices: 480,481 Consumer. 500, 504 Foreign and international holdings, 458, 527, 535 Security. 475 International transactions, 534 Wholesale commodity, 500, 504 New issues, gross proceeds, 485 Production, 496, 500 Outstanding, by type of security, 480, 481, 483 Profits, corporate, 487, 488 Ownership of, 480, 481 Prices and yields, 474, 475 Real estate loans: United States notes, outstanding and in circula- Banks, by classes, 468, 476, 489 tion, 461 Type of holder, 489, 490, 491 Utilities, production index, 497, 500 Type of property mortgaged, 489, 490, 491 Vault cash, 452, 457, 469 Reserve requirements, member banks, 457 Reserves: Veterans Administration, 489, 490, 491 Central banks and govts., 524 Commercial banks, 469 Weekly reporting member banks, 470 Federal Reserve Banks, 458 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 (6 THE FEDERAL RESERVE SYSTEM Legend 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis