Federal Reserve Bulletin, 1964-05

FEDERAL RESERVE May 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 Flows Through Financial Intermediaries 549 Member Bank Income, 1963 558 Law Department 563 Announcements 567 National Summary of Business Conditions 568 Guide to Tabular Presentation 570 Financial and Business Statistics, U.S. (Contents on p. 571) 572 International Financial Statistics (Contents on p. 645) 646 Board of Governors and Staff 664 Open Market Committee and Staff; Federal Advisory Council 665 Federal Reserve Banks and Branches 666 Federal Reserve Board Publications 667 Index to Statistical Tables 669 Map of Federal Reserve System Inside back cover Volume £o Number Subscription Price 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 a copy. (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or 50 cents each.) Elsewhere, $7.00 per annum or 70 cents a copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flows Through Financial Intermediaries IN 1963, as in other recent years, those into commercial bank time deposits, and who borrowed in the capital markets ob- hence about the volume of bank investment tained long-term funds primarily through in State and local government securities, did major financial intermediaries. have some effect on yields of these obliga- To meet this demand intermediaries had tions, particularly in the September-Novemavailable a record net inflow of funds. The ber period of 1963. In the mortgage market, total for the full year amounted to $38 bil- although intermediaries have continued to lion, despite some slowing in the flow from finance a large volume of new mortgage consumers after the first quarter. Even so, debt at stable interest rates, they have ceased such savings still accounted for more than to make net purchases of mortgages in the four-fifths of the total inflow to these institu- secondary market and have relied heavily tional investors during the year. on funds borrowed from the Home Loan In the first quarter of 1964 total net in- Bank System. flows to intermediaries—as defined in the note to the accompanying chart—continued at high levels, but were below first-quarter SAVINGS FLOWS have been directed largely throigh iiterm*diari«s rates for both 1962 and 1963. Preliminary data available for March and April show no clear-cut effect of the Federal tax cut on these flows. During the expansion phases of earlier postwar cycles, consumers diverted considerable amounts of their savings from intermediaries to direct purchases of securities. This pattern has been less marked in the current expansion. In contrast with earlier experience, market rates of interest have advanced only moderately, and returns paid on the deposits and shares of financial intermediaries have risen enough to keep these outlets for saving competitive with market NOTE.—Flow of funds annual data. Net flows to financial intermediaries encompass (1) growth in reserves of contractual investments. intermediaries (life insurance companies and noninsured, private pension funds) and (2) net acquisitions by domestic Slackening in the flow of savings to inter- individuals, nonfinancial corporations and other institutions— excluding the U.S. Government—of income-producing claims mediaries since the first quarter of 1963 has on depositary institutions (time and savings deposits at commercial banks, savings deposits at mutual savings banks, and share accounts at savings and loan associations and credit had only a moderate impact on capital unions.) Net purchases of shares of open-end investment companies and demand deposits at commercial banks are not markets. Uncertainties about flows of funds included. 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN • MAY 1964 FLOWS INTO DEPOSITARY INSTITUTIONS COMMERCIAL BANKS have increased Net savings flows to financial intermediaries, their share of depositary savings although recently below the peak volume reached in early 1963, have been unusually large throughout the current economic expansion. In part, these record inflows reflect a continuation of the broad underlying forces that have fostered steady growth of financial saving at intermediaries since World War II. This has been particularly true for such intermediaries as life insurance companies and pension funds, through which individuals and their employers make contractual provision for specific financial needs. In the past several years, however, the strongest expansion has occurred at depositary institutions. Here, too, the operation of long-run trends has been evident. Rising NOTE.—Semiannual flow of funds data plotted at seasonally adjusted annual rates. incomes have continued to expand financial savings among people who favor claims in the unusual rise in flows to financial interdepositary form—a preference that reflects mediaries since 1960 has been the accelerboth the typically small size of their savings ated growth of time and savings deposits at increments and a lack of familiarity with commercial banks. But increases in claims the mechanics of security markets. Also, as on other types of intermediaries have also returns on savings deposits and shares have been large. risen, consumers and business firms have Commercial banks. Expansion in time and been encouraged to hold their liquidity resavings deposits at banks reached record serves in the form of depositary-type savings proportions in 1962 when the net inflow and to minimize the size of their nonexceeded $15 billion. This total was more interest-bearing demand deposits. than seven times the low 1959 level, and it But the sharpness of the upsurge in flows accounted for more than 40 per cent of total to financial intermediaries during recent flows to all major intermediaries. In 1963, years and the tendency for this rise to persist however, the inflow of time and savings debeyond the early recovery stage of the cycle posits at banks diminished by $2 billion, have also clearly reflected forces that were while flows to other intermediaries showed not operative in earlier postwar periods of a year-over-year gain of $2.5 billion. The economic advance. During each of the two share of commercial bank flows in total flows previous cycles, flows to intermediaries declined to 35 per cent, but remained larger reached a peak in the recession, and then than that for any other type of intermediary. contracted during the subsequent recovery Commercial banks have been making a as the volume of savings flowing into direct sustained effort in recent years to expand purchases of securities increased. their position as financial intermediaries. The principal component accounting for Their success has depended in large part on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOWS THROUGH FINANCIAL INTERMEDIARIES 551 higher rates of return paid on time and savings deposits at banks relative to those avail- AS YIELDS on soviiis accounts havi men, ipriadi havi narrowad able on money market instruments. In addi- ' ir crm * •• •*• tion, successive increases in rates at commercial banks, although partly offset by upward adjustments at other depositary institutions, have narrowed spreads between returns paid on time and savings deposits at banks and those paid on claims at other savings institutions. ,' MUTUAL Nevertheless, average spreads have re- I S SAVINGS BANKS mained substantial. And funds diverted from these other institutions appear to have been less important in accounting for the growth in flows to commercial banks than funds diverted from checking accounts and secu- IM1 WS3 1«51 171/ 19*9 IV6I l«63 rities markets. Unlike earlier postwar cycles, growth in time and savings deposits did not contract as the current expansion developed; in fact, during 1962 and early 1963 the rate of growth increased. In part, this reflected the NOTE.—Ratio of total interest or dividends paid during year to average deposits or shares on which interest or dividends are fact that market interest rates advanced paid. Commercial bank data include both savings and other time deposits. Data for mutual savings banks are from National Association of Mutual Savings Banks; for savings only moderately as general money and and loan associations (insured), from Federal Home Loan Bank Board; and for commercial banks (member), from credit conditions remained easy in compari- Federal Reserve. son with the two previous upswings. At the same time it reflected a sharp rise in rates mercial bank time deposits and those availpaid on bank time and savings deposits able on short-term money market instrumade possible by revisions in regulatory ments has been particularly important since ceilings. The details of these changes in 1961 because of the rapid growth in negoticeiling rates are shown in the table on page able time certificates of deposits (CD's) at 577 of this BULLETIN. banks. The relatively high interest returns In late 1961, when market rates began on CD's, their flexible maturities, and the to push toward the bank rate ceilings estab- availability of a secondary market make lished at the beginning of 1957, maximum them suitable substitutes for other shortpermissible rates were adjusted upward. And term market instruments. Thus they reprein the summer of 1963 ceiling rates on time sent a means by which at least the larger deposits of shorter duration were raised banks may compete for the liquid reserves again, in conjunction with the July increase of corporations and other large participants in the Federal Reserve discount rate. These in the market. revisions facilitated continued commercial From late 1960 to late 1961 the outstandbank competition for savings flows as the ing volume of negotiable CD's issued at economic expansion progressed. weekly reporting banks rose by $2 billion. The relationship between rates on com- Since these are the largest banks, they ac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN • MAY 1964 count for the bulk of the supply of such this compares with nearly 50 per cent in instruments. Growth in CD's at weekly re- 1961. porting banks accelerated after the January The ability of the savings and loan associ- 1962 increase in the Regulation Q ceilings, ations to maintain steady growth in the aband by the end of March 1964 the total out- solute volume of their share accounts reflects standing had increased by almost $8 billion the fact that they have continued on the more. From the end of 1960 through March average to offer the highest rates available 1964, growth in such deposits accounted for on liquid claims. At a few associations on roughly one-fourth of the total expansion of the West Coast—where growth in share accommercial bank time and savings deposits. counts has been sharpest—rates touched 5 The largest share of the expansion in per cent in 1963. In fact, during the last 2 bank time and savings deposits, however, has years rates in that area have averaged well continued to come from the consumer sec- over 4.5 per cent and have attracted a sizator. In 1960, consumer savings flowing to ble flow of funds from other parts of the banks amounted to only $3.3 billion, but country. in 1962 the flow expanded to $11.5 billion Mutual savings banks. While mutual savand represented 75 per cent of the total net ings banks have continued to receive a savings flow to banks. In 1963, as market minor share of total savings flows to all rates rose, the stimulus from increases in major intermediaries, they have enjoyed rate ceilings began to moderate, and net large percentage gains since 1959. As was flows from the consumer sector dropped true for commercial banks, some of this back to an estimated $7.3 billion. At this growth represented the recapturing of a posilevel, however, they still accounted for more tion lost during the 1959 period when marthan half of the increase in commercial bank ket securities were particularly attractive time and savings balances. because of their higher returns. But in 1962 Savings and loan associations. Among net inflows rose nearly 50 per cent to $3.1 other major intermediaries, the savings and billion. While the rate of increase during loan associations have received the largest 1963 was much lower, growth in 1964 has volume of funds in recent years, as the chart picked up again, apparently due in large on page 550 shows. In 1961, for the first measure to a local rate increase in the New time, the flow of funds to these associations York metropolitan area. matched net flows to contractual institutions —that is, life insurance companies and un- INVESTMENT PATTERNS insured corporate pension funds combined. Since then it has exceeded the net inflow to Large flows of funds into financial interthese institutions. mediaries have permitted record advances In 1963 savings and loan associations to borrowers seeking long-term funds. Dereceived $11 billion, net, in new share-ac- positary institutions, whose inflows expericount balances, two-thirds more than in enced the sharpest growth in 1962 and early 1959. At the same time, however, because 1963, accounted for most of the increase of the sharp rise in flows into time and sav- over earlier years. ings deposits at commercial banks, these Net acquisitions of financial assets by associations accounted for only 30 per cent savings and loan associations were $13.4 of total flows to all financial intermediaries; billion in 1963—up 30 per cent from 1961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOWS THROUGH FINANCIAL INTERMEDIARIES 553 —while net acquisitions by mutual savings pattern of takings established then has genbanks increased by more than 60 per cent erally persisted since. over the same period to $3.4 billion. Com- Mortgages. Borrowers obtain more funds mercial bank takings of mortgages and through mortgages than through any other securities other than those of the U.S. Gov- market instrument. During 1963 the net inernment amounted to $10.5 billion last year crease in mortgages outstanding exceeded and accounted for more than half their total $29 billion and represented two-thirds of increase in loans and investments. Acquisi- total long-term funds raised by issuers other tions of comparable assets had accounted than the Federal Government. for little more than 10 per cent of the total The rate of expanison in debt secured by in 1960 and less than 30 per cent in 1961. 1- to 4-family residential property, while In some instances net acquisitions of in- substantial, has been less than that in other vestments by savings institutions substan- mortgages—principally those on apartments tially exceeded inflows of savings to them. and commercial properties. The increase in In addition to channeling individual savings debt of the latter type, which had averaged to borrowers, these institutions have been little more than $4 billion per year during able to draw on funds from other sources 1952-61, totaled $13.6 billion in 1963. when they thought an active investment pol- Mortgages, like corporate bonds, find icy was justified. In 1963, borrowing—pri- their major market among institutional inmarily from the Federal home loan banks— vestors. Although the mortgage instrument provided savings and loan associations with is not readily marketable, it provides largefunds for a tenth of their net acquisitions, scale holders with a considerable element of with most of the increase on a seasonally liquidity through amortization. In recent adjusted basis occurring in the second half years mortgage borrowers have benefited of the year. from the rapid growth of intermediaries Variations in liquidity reserves also per- such as savings and loan associations and mit investment flexibility. Mutual savings mutual savings banks, which specialize in banks, for instance, continued to acquire mortgage lending. At the same time, more funds for mortgages by reducing their hold- diversified lending institutions such as coming of U.S. Government securities, and com- mercial banks and life insurance companies mercial banks helped finance their enlarged have maintained or expanded their acquisiacquisitions of State and local obligations tions of mortgages. Commercial banks in and mortgages by reducing their holdings of particular have turned more extensively to short-term Government securities. mortgages as they have sought to increase Changes in the flows of institutional funds their holdings of higher-yielding assets in into particular market instruments over the line with the growing importance of time past 2 years have reflected the financing and savings deposits among their liabilities. needs of long-term borrowers, the more rapid Savings and loan associations have congrowth of depositary intermediaries, and the tinued to be the single most important suppressures that rate competition for savers' plier of mortgage funds for 1- to 4-family funds has exerted on intermediaries to ac- properties, as the following chart shows. In quire higher-yielding assets. These pressures the decade 1952-61 they provided 47 per induced a sharp shift in institutional prefer- cent of the total. By 1963 the figure had ences among asset types in 1962, and the risen to 59 per cent. Acquisitions in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN • MAY 1964 first quarter of 1964 about matched last In the rapidly growing market for such year's pace. Bank lending, which had ac- mortgages, life insurance companies have counted for only 10 per cent of the 1952-61 until recently been the most important instiexpansion in home mortgage debt, rose to tutional lender. Despite large increases in 18 per cent in 1963, with most of the pro- amounts lent in 1962, however, their proportional increase occurring during 1962. portional share in the total declined as did Mutual savings banks also increased their that of mutual savings banks. Although share of total funds flowing into mortgages commercial banks recently have more than on 1- to 4-family properties. tripled their average takings in the 1952-61 As these suppliers have grown in relative decade, their role in providing long-term fiimportance, the share of mortgage money nancing for income properties has increased supplied by life insurance companies and only moderately. other lenders has declined. Life insurance The most striking increase in relative imcompanies accounted for only 5 per cent of portance has been at savings and loan assothe net increase in mortgages on 1- to 4- ciations. Their share rose from 12 per cent family properties in 1962 as compared with in 1952-61 to 22 per cent in 1962 as net 15 per cent in 1952-61, and the dollar vol- acquisitions increased from an average of ume of their net acquisitions declined by $0.5 billion to $2.6 billion. Despite a furnearly $1 billion from the preceding dec- ther small increase in their acquisitions last ade's annual average of $1.5 billion. Some year, the relative importance of savings and recovery occurred in 1963, with loan vol- loan associations apparently declined someume in an uptrend throughout the year. But what as the market expanded further. in each of the last 2 years insurance invest- Corporate and foreign bonds. Financial inments in mortgages were directed in larger termediaries, and especially those with conmeasure toward those on multifamily and tractual inflows and predictable obligations, commercial properties. make up the major market for corporate and DEPOSITARY INSTITUTIONS played a growing role in the market for mortgages and for state aid local securities Per tent 25 19 6 5 1 2- 1962 1963 19 6 5 1 2- 1962 1963 19 6 5 1 2- 1962 1963 1- TO 4-FAMILY OTHER NOTE.—Flow of funds data; "other" mortgages include loans on farm as well as multifamily arid commercial properties. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

555 FLOWS THROUGH FINANCIAL INTERMEDIARIES foreign bonds. Life insurance companies pro- but the sums involved have been small relavide more than 40 per cent of the net funds, tive to the estimated value of outstanding and most of the rest comes from private corporate stocks, and stock ownership repension funds and retirement systems oper- mains predominantly in the hands of indiated by State and local government units. viduals. In 1963 corporate and foreign bonded Since the sums realized through sales of debt showed a net increase of $6.7 billion, investment company shares are used to acwith more than half of the new corporate quire existing assets—principally common offerings taking the form of private place- stocks—these transactions constitute mainly ments. This total, while well short of the a shift in the form of individual stock owner- 1957 record volume, was high compared ship. Participation by individuals in openwith most other years. Foreign borrowers end investment company portfolios condrew heavily on U.S. capital markets in the tinued to expand in 1963, but at $1.3 bilfirst half of the year—prior to proposals for lion, net sales of shares were the smallest in an interest-equalization tax—and long-term 6 years. issues by finance companies were large. State and local government securities. Inter- Corporate and foreign debt instruments est received from State and local obligations provided investment outlets for $2.8 billion is exempt from Federal income tax; since in life insurance funds, the largest amount the value of the exemption is reflected in since 1952. As compared with the two pre- lower yields, the appeal of these instruments vious years, pension fund acquisitions also has been limited in large part to institutions rose somewhat, varying inversely with the that are fully subject to corporate income amount of funds directed toward the stock tax and to individuals in the higher income market. tax brackets. Institutional participation in Corporate stocks. Purchases of corporate financing State and local government debt stocks constitute an important investment has been important for many years, with outlet for private pension funds and, to a commercial banks and fire, marine, and lesser extent, insurance companies. Last casualty insurance companies figuring as year these two groups made net purchases major purchasers. amounting to $2.2 billion—somewhat less In the decade ending with 1961, individthan in 1961 and 1962. uals on the average acquired about one- Unlike other capital market instruments, third of the net increase in tax-exempt most transactions in stocks take place in the bonds, and insurance companies (other secondary market and involve transfers of than life) took just under one-fifth. Comoutstanding shares rather than new issues. mercial banks accounted for somewhat In years of small new-issue volume, the net more than one-fourth of the increase, but effect of stock acquisitions by institutional their annual acquisitions fluctuated widely investors is to shift existing shares from in- around an average level of $1.1 billion. On dividual to institutional ownership. balance, the proportion of outstanding Such a shift occurred during 1963 when issues that they held declined slightly over new stock financing—excluding the increase the period. in shares of open-end investment companies Concurrent with the steep rise in time —was less than retirements. Net transfers and savings deposits in 1962, net acquisitions of lesser magnitude have occurred before, of tax-exempt securities by commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN • MAY 1964 banks rose to about $4.5 billion. This equaled nearly 90 per cent of the year's in- CHAN6ING YIELD RELATIONSHIPS reflect supplies and investor preferences crease in State and local government bonded Per cent per annum debt. Banks' net purchases rose further to more than $5 billion in 1963, but their FHA MORTGAGES share in last year's record volume of financing fell to about 75 per cent. The bulk of the increase in 1963, moreover, occurred early in the year; fourthquarter takings were at a seasonally adjusted annual rate of only about $2 billion. STATE & LOCAL GOVT. Aaa Bank participation in the market for these instruments in early 1964 has been intermittent, but on balance takings appear to 1956 1958 1960 1962 1964 have been at about the fourth-quarter pace. NOTE.—Yields on FHA mortgages are Federal Reserve compilation from average secondary price reported by FHA; corporate Aaa bonds, weighted average of new publicly offered MARKET ADJUSTMENTS issues rated Aaa, Aa, and A by Moody's and adjusted to an Aaa basis; State and local government Aaa issues from Moody's Investors Service; U.S. Government, bonds due or In accommodating changing patterns of in- callable in 10 years or more. Latest figures plotted: Apr. vestment demand, yield differentials among icing mortgage debt. Mortgage companies the various market instruments have shifted charge up to V2 percentage point for this moderately since 1961. Shifts in quoted inservice. terest rates might have been greater except Despite this reduction in the relative atfor some easing of average terms—for intractiveness of mortgages, savings and loan stance, lengthening of mortgage maturities associations and mutual savings banks last and increasing loan-to-value ratios. At the year supplemented their funds for acquiring same time, other factors have helped to mortgages by borrowing or by reducing bring supplies of favored instruments into balance with demand. other investments. And lenders with wider During a period when new mortgage fi- investment options allotted more funds nancing has been in record volume, heavy rather than less to the mortgage market. institutional demand for mortgages has nar- Thus it does not appear that rate differenrowed the traditional spread between mort- tials had narrowed to the point of reversing gage yields and those on newly issued high- investment preferences. Once a pattern of grade corporate bonds—the most directly mortgage investment has been established, competitive instrument. As the chart shows, it seems that yield comparisons less favoryields on FHA-insured home mortgages con- able than those that induced the shift may tinued to decline for some months after be adequate to sustain the new pattern. other yields began to rise late in 1962 and Continuing ability of lenders to find outhave remained steady since early 1963, lets for mortgage money at rates satisfactory despite the gradual increase in most long- to them has reflected in part both record term rates. The differential, which at pres- levels of construction and larger loans relaent is about 1 percentage point, must include tive to property values. Ready availability compensation to the lender for costs of serv- of financing has probably encouraged both Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOWS THROUGH FINANCIAL INTERMEDIARIES 557 construction activity and additional financ- to accept lower yields in return for greater ing on existing properties. The secondary liquidity and risklessness. But it probably market was also an important supply factor also reflects increased supply, stemming in the first half of 1963 when the Federal from Treasury decisions to lengthen debt National Mortgage Association made sub- maturities when the market was receptive stantial sales out of its portfolio. to long-term instruments. Outstanding U.S. Bank acquisitions of State and local gov- Government marketable debt maturing in ernment bonds on a greatly expanded scale more than 5 years increased by a total of have forced down the returns on these in- $14.5 billion in 1962 and 1963. The imstruments. Yields on such bonds fell more pact on rates of these additions to supply sharply in 1962 than other long-term rates. was moderated, however, by the fact that Although yields on State and local govern- most of the issues were offered in refunding ment securities participated fully in the rather than cash operations. gradual uptrend of interest rates during Many borrowers in capital markets take 1963, they remained below those on taxable advantage of differences in cost or availinstruments by about a full percentage point ability of funds by modifying the form or —a wider margin than had prevailed before timing of new financing. Last year, for ex- 1962. Fluctuation in the differential in- ample, some local governments took advancreased in late 1963 and early 1964, how- tage of the favorable market for their debt ever, as bank participation in the State and by raising money to refund some issues in local market became less regular. advance of redemption dates and then hold- The quest for higher-yielding assets has ing the proceeds in the form of shorter-term not been confined to shifts among instru- assets. Corporate borrowers also often have ments and maturities but has also been re- considerable latitude in meeting their needs flected in a greater willingness of institu- for long-term financing. They may postpone tional investors to accept medium-quality long-term debt issues through short-term issues. There has reportedly been some lib- borrowing or accelerate them and invest the eralization of credit standards in mortgage loan proceeds in short-term assets. lending, and the yield spread between high- This ability of issuers to choose between grade and lower-grade bonds has narrowed long- and short-term financing according to perceptibly for both corporate and State and market conditions constitutes an important local government debt. element of flexibility. Management of the The spread between long-term Govern- U.S. Government debt probably presents ment and high-grade corporate yields has the most clear-cut opportunity for tailoring also been sharply reduced. In part this is offerings to maturity preferences so as to another illustration of reduced willingness moderate movements in interest rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income, 1963 THE MAJOR developments reflected in EARNING ASSETS AND OPERATING REVENUES member bank statements of income and dividends for 1963 are: Average holdings of earning assets of mem- Net income rose to a new high, after ber banks during 1963 were $200 billion, having declined in 1962. $18 billion higher than during 1962. In- Revenue from current operations rose creases of $14 billion in loans and $5 bilmore than current operating expenses. lion in other securities were partially offset Thus, net current operating earnings in- by a drop of more than $1 billion in average creased. holdings of U.S. Government securities. Substantial increases in earnings from Considering these three broad groups of larger holdings of loans and of State and assets, member banks generally added to local government securities were primarily their holdings of those that had greater responsible for the increase in revenues. current yields, in order to offset the in- Average rates of return realized on these creased costs of time and savings deposits. assets declined slightly. Holdings of all classifications of loans in- The rise in expenses was attributable creased, but the largest dollar increases mainly to a sharp increase in interest paid on savings and other time deposits. Such FACTORS IN HIGHER NET INCOME deposits expanded substantially, and the (In millions of dollars) average rate of interest paid also went up. Interest payments on these deposits are now ¥•««, Change ltem from 1962 the largest single expense item of member Increase in net income, total 136 banks. Factors increasing net income, total 1,173 Smaller provisions for income taxes Increase in operating revenue from earning assets... 1,016 more than offset an increase in losses on On loans 765 On other securities 144 nonoperating transactions. This contributed On miscellaneous operating revenue 68 On U.S. Government securities 39 to the rise in net after-tax income. Nonoperating transactions 126 Smaller net increase in valuation reserves on Dividend payments increased, but not loans 75 Change from net increase to net decrease in in the same proportion as average total valuation reserves on securities 35 Increase in miscellaneous recoveries 11 Decrease in net losses on securities *• 5 capital accounts, and the dividend rate fell Decrease in provision for taxes on net income 31 slightly. Factors decreasing net income, total 1,037 Ratios of capital accounts to total as- Increase in operating expense 890 sets, to risk assets (total assets less U.S. Of interest paid on time deposits 499 Of miscellaneous expense 231 Government securities and cash), and to Of salaries and wages 159 Nonoperating transactions 147 deposits all declined from 1962 levels. Decrease in profits on sale of securities 76 Increase in net losses on loans * 66 Increase in miscellaneous losses 5 NOTE.—This article was prepared by Robert Solo- * Includes recoveries credited and losses charged to undivided dow of the Board's Division of Data Processing. profits or to valuation reserves. 558 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

559 MEMBER BANK INCOME, 1963 were in real estate loans, commercial and 13.0 per cent, the result of increases in industrial loans, and other loans to individ- holdings of loans and of other securities. uals (largely consumer loans). Most of the This continued the downward trend in this increase in holdings of securities was in ratio. issues of State and local governments, which Total revenues from loans and from generally have a relatively high after-tax other securities increased substantially, even yield. though slightly lower rates of return accom- Total average holdings of U.S. Govern- panied the strong expansion in average ment securities maturing in less than 5 holdings of these assets. Income from loans years declined from 1962 levels. Within this was $765 million more than in 1962, despite group, holdings of notes maturing in 1 to a decline in the average rate of return from 5 years increased. Among longer-term bond 5.93 to 5.87 per cent. The expansion in issues, larger average holdings of 5- to 10- average holdings of other securities resulted year maturities more than offset a reduction in an increase of $144 million in revenue in holdings of issues maturing in more than from this source. 10 years. Despite smaller average holdings of U.S. The ratio of average total capital ac- Government securities, income from these counts to risk assets declined from 14.0 to issues rose by $39 million, as the rate of re- MEMBER BANK INCOME, 1952-63 (Dollar amounts in millions) Item 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 Revenue $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 $10,154 $11,169 On U.S. Government securities 929 1,011 1,066 1,118 1,110011 1,168 1,266 1,399 1,414 1,537 1,687 1,726 On other securities 235 252 273 296 308 339 411 445 467 513 629 773 On loans 2,306 2,632 2,711 3,083 3,725 4,208 4,326 5,021 5,730 5,870 6,435 7,200 Service charges on deposits accounts 198 219 252 274 310 354 389 422 464 495 532 568 Other revenue 452 477 523 572 634 702 734 788 853 802 870 903 Expenses ] 2,501 2,782 2,999 3,265 3,680 4,222 4,617 5,140 5,655 6,074 7,041 7,931 Salaries and wages 1,244 1,371 1,463 1,571 1,735 1,877 1,981 2,118 2,289 2,363 2,501 2,661 Officer and employee benefits... 331 364 393 Interest on time deposits 365 425 494 543 650 927 1,123 1,280 1,434 1,720 2,358 2,858 Net occupancy expense 424 459 501 Other expenses ""893 "985' i * 042 1,236 1,360 1,519 Net current earnings before income taxes. 1,619 1,809 1,828 2,077 2,398 2,549 2,510 2,935 3,273 3,143 3,112 3,239 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 181 251 +73 401 654 485 +96 904 344 181 308 329 Profits and recoveries (+), losses and charge-offs: On securities 2. 65 129 + 315 189 326 211 + 535 792 +72 + 351 + 152 + 8! On loans 2 26 43 30 39 81 59 47 37 179 157 J32 197 Other 22 40 47 34 18 39 49 31 25 29 27 21 Net increase (or decrease,-)-) in valuation reserves: On securities + 13 + 11 63 + 37 + 32 + 10 189 + 140 64 123 26 +9 On loans 81 51 102 176 261 187 153 184 148 224 275 200 Net income before related taxes 1,437 1,558 1,900 1,676 1,744 2,063 2,606 2,032 2,929 2,962 2,805 2,910 Taxes on net income 608 692 804 691 718 895 1,148 775 1,241 1,250 1,110 1,079 Net income 829 865 1,096 985 1,027 1,169 1,457 1,257 1,689 1,712 1,695 1,831 Cash dividends declared 3. 390 419 456 501 547 604 646 690 735 793 832 878 Ratio of net income to average total capital accounts (per cent) 7.9 7.9 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 8.9 9.0 Number of banks at end of year 6,798 6,743 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 6,047 6,108 1 Expenses were reclassified in 1961 as described on pages 526-27 divided profits or to valuation reserves and excludes transfers to and of the May 1962 BULLETIN. from valuation reserves. 2 Includes recoveries credited and losses charged either to un- 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN • MAY 1964 CHANGES IN MEMBER BANK AVERAGE LOANS posits and the effective average rate on AND INVESTMENTS, 1963 them have been rising sharply since the end (Dollar amounts in millions) of 1956, when the maximum interest rates banks were permitted to pay were raised. Change from Average average, 1962 Item amount, Maximum permissible rates were raised 1963 Amount Percentage again in 1962, and in mid-1963 such rates were raised on time deposits, other than Total loans and investments 200,095 17,874 9.8 savings accounts, with maturities of from 90 Loans 1 122,732 14,181 13.1 Commercial and industrial 44,945 3,642 8.8 days to 1 year. In 1956 the average rate of Agricultural 4,580 535 13.2 For purchasing and carrying securities 6,595 1,389 26.7 interest paid on time deposits was 1.58 per To financial institutions 10,799 2,391 28.4 Real estate 28,745 750 15.0 cent. By 1962 this rate had more than Other loans to individuals 25,986 505 10.7 All other 3,628 204 5.9 doubled, reaching 3.23 per cent. In 1963 U.S. Government securities 51,043 -1,300 -2.5 it advanced to 3.34 per cent. Treasury bills, notes, and certificates 29,452 -1,157 -3.8 Bonds 2 21,591 - 142 - .7 The average volume of time and savings Other securities 26,321 4,992 23.4 deposits held in member banks during 1963 State and local government. 22,873 4,340 23.4 Other 3,447 652 23.3 was 17 per cent above the 1962 figure. This 1 Totals are net (after deduction of valuation reserves); individual compares with a rise of 16 per cent from loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. 1961 to 1962 and 15 per cent from 1960 to 1961. The average volume of time and turn rose from 3.22 per cent in 1962 to 3.38 savings deposits also increased in relation per cent in 1963. Revenue from other to total deposits. Such deposits in 1963 repsources also rose, but did not change sig- resented nearly 39 per cent of average total nificantly as a proportion of the total. deposits at member banks, as compared with All of these factors contributed to the 10 26 per cent in 1956. per cent increase in total operating revenues Salaries and wages of officers and emof member banks, which reached $11,169 ployees, the second most important expense million. item in terms of dollar volume, accounted for 18 per cent of the increase in operating EXPENSES expenses during 1963. Fringe benefits for officers and employees working on banking Total expenses of member banks, at $7,931 operations amounted to $393 million. Total million, were 13 per cent, or $890 million, more than in 1962. payments for these benefits, which represent such expenses to the bank as hospitalization More than half of this increase was due to the rise in interest payments on savings and life insurance premiums, unemployand other time deposits. This expense item ment and social security taxes, and current rose by $499 million and absorbed a total contributions to retirement funds, were $30 of $2,858 million, or 26 per cent, of total million, or 8 per cent, more than in 1962 current operating revenues in 1963. Interest and were equal to 14.8 per cent of the total on these deposits was the largest single ex- amount of direct compensation paid in the pense item, for the first time exceeding di- form of wages, salaries, and bonuses. rect compensation of officers and employees. Expenses relating to the occupancy of Both the volume of interest-bearing de- bank premises amounted to $501 million Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1963 561 after a deduction for rents received, and ac- other transactions on loans and securities counted for 6.3 per cent of total expenses. that tend to reduce net income. An additional $255 million was attributable Transactions in loans, including transfers to furniture and equipment expense. to and from valuation reserves, reduced reported net income by $398 million, down slightly from the 1962 total of $406 million, PROFITS, RECOVERIES, LOSSES, AND which was the largest net loss reported on TRANSFERS TO VALUATION RESERVES these transactions in recent years. Net in- Nonoperating transactions reduced net income was reduced further by $21 million come by $329 million in 1963, compared as a result of losses and charge-offs on all with a reduction of $308 million in 1962. other bank assets. Member banks have shown a net gain from Security transactions have increased net these transactions in only three postwar income in every year since 1959. The inyears (1946, 1954, and 1958), when profits crease in 1963, however, was not so large on the sale of securities more than offset the as in 1962. Substantially lower profits on the MEMBER BANK INCOME, BY CLASS OF BANK, 1963 AND 1962 (Dollar amounts in millions) Reserve city banks Total Coun try banks New York City City of Chicago 1963 1962 1963 1962 1963 1962 1963 ! 1962 Revenue $11,169 $10,154 $1,757 $1,644 $457 On U.S. Government securities 1,726 1,687 218 228 68 798 On other securities 773 629 139 106 42 279 On loans 7,200 6,435 ,106 1,017 288 All other 1,471 1,403 293 293 59 Expenses 7,931 7,041 ,134 1,010 300 3,074 Salaries and wages 2.661 2,501 394 385 89 1,075 Officer and employee benefits. 393 364 84 83 20 132 Interest on time deposits 2,858 2,358 367 277 127 1,038 Net occupancy expense 501 459 95 90 14 192 All other 1,519 1,360 194 175 51 636 Net current earnings before income taxes 3,239 3,112 623 634 156 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 329 308 16 59 24 Pro O f n it s s e a c n u d r i r ti e e c s o v l eries (-f-), losses and charge-offs: + 81 + 152 + 16 +25 +? On loans l 197 132 40 15 Other 21 27 +4 6 3 Net increase (or decrease.+) in valuation reserves: On securities +9 26 + 12 + 1 1 On loans 200 275 64 17 Net income before related taxes 2,910 2,805 607 575 132 Taxes on net income 1,079 1,110 205 242 47 Net income 1,831 1,695 402 333 85 Cash dividends declared 2 878 832 196 191 35 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 16.0 16.3 15.8 16.7 i 16.1 Average total assets 1.29 1.34 1.37 1.50 1.36 Net income to— Average total capital accounts 9.0 8.9 10.2 Average total assets .73 .73 .79 .75 i Includes recoveries credited and losses charged either to undivided 2 Includes interest on capital notes and debentures. profits or to valuation reserves and excludes transfers to and from valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN • MAY 1964 sale of securities were partly offset in 1963 net income before taxes, compared with 40 by smaller losses. Also, charge-offs rose per cent in 1962. slightly. Thus, the increase in net income NET INCOME AND CASH DIVIDENDS resulting from nonoperating transactions in securities was only $90 million, compared Net income after taxes amounted to $1,831 with $126 million in 1962. million, up 8.0 per cent from 1962 and 7.0 Member banks continued to increase their per cent from the 1961 level. valuation reserves against loans in 1963. Cash dividends declared amounted to The addition was smaller than in the pre- $878 million, $46 million more than in vious 2 years, but slightly above the average 1962. This represented 48 per cent of net for the 5 years 1958-62. These reserves income after taxes, compared with 49 per have expanded in each year since they were cent in the previous year. The ratio of cash first reported separately in 1948. Valuation dividends to average total capital accounts was 4.3 per cent. reserves against securities were reduced by $9 million in 1963. Retained income accounted for 79 per cent of the increase in total capital accounts during the year. The total retained was $953 INCOME TAXES million, $90 million more than in 1962. Although net income before taxes increased, Revenues, expenses, and income by rea larger proportion of the total represented serve classifications of member banks for income from tax-exempt investments. Provi- 1962 and 1963 are shown in an accompanysions for income taxes were therefore $31 ing table. Detailed figures for income, exmillion less in 1963 than in 1962. The total, penses, and related items appear on pages $1,079 million, represented 37 per cent of 630-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Interlocking Relationship Involving Securities the affiliate may carry on the securities business Affiliate of Brokerage Firm (such as Section 32 business) with limited liability and other advantages, has become rather wide- The Board was asked recently whether Section spread in recent years. Accordingly, other cases 32 of the Banking Act of 1933, as amended ("Sec- may arise where a partner in such a firm may tion 32"), prohibited the interlocking service of desire to serve at the same time as director of a X as a director of a member bank of the Federal member bank. Reserve System and as a partner in a New York On the basis of the information presented, the City brokerage firm ("Partnership") having a Board concluded that X, in his capacity as an "incorporate affiliate ("Corporation") engaged in dividual," was not engaged in Section 32 business. business of the kinds described in Section 32 However, as that information showed Corpora- ("Section 32 business"). tion to be "primarily engaged" in Section 32 Section 32, subject to an exception not appli- business, the Board stated that a finding that cable here, provides that "No officer, director, or Partnership and Corporation were one entity for employee of any corporation or unincorporated the purposes of the statute would mean that X association, no partner or employee of any partner- would be forbidden to serve both the member ship, and no individual, primarily engaged in the bank and Partnership, if the one entity were so issue, flotation, underwriting, public sale, or dis- engaged. tribution, at wholesale or retail, or through syndi- Paragraph .15 of Rule 321 of the New York cate participation, of stocks, bonds, or other similar Stock Exchange governing the formation and consecurities, shall serve the same time as an officer, duct of affiliated companies of member organizadirector, or employee of any member bank. ..." tions states that: From the information submitted it appears that "Since Rule 314 provides that each member and Partnership, a member firm of the New York allied member in a member organization must have a Stock Exchange, is the successor of two prior fixed interest in its entire business, it follows that the partnerships, in one of which X had been a partner. fixed interest of each member and allied member must extend to the member organization's corporate affiliate. This prior partnership had been found not to be When any of the corporate affiliate's participating "primarily engaged" in Section 32 business. The stock is owned by the members and allied members in the member organization, such holdings must at other prior partnership, however, had been so enall times be distributed among such members and gaged. By arrangement between the two prior allied members in approximately the same proportions firms, Corporation was formed chiefly for the as their respective interests in the profits of the member organization. When a member or allied member's purpose of carrying on the Section 32 business of interest in the member organization is changed, a the prior firm that had been "primarily engaged" corresponding change must be made in his participating interest in the affiliate." in that business, which business was transferred to Corporation. The two prior firms were then Although it was understood that X had received merged, and the stock of Corporation was acquired special permission from the Exchange not to own by all the partners of Partnership, other than X, any of the stock of Corporation, it appeared to in proportion to the respective partnership in- the Board that Rule 321.15 would apply to the terests of the stockholding partners. The informa- remaining partners. Moreover, other paragraphs tion submitted indicated also that two of the three of the Rule forbid transfers of the stock, except directors and "some" of the principal officers of under certain circumstances to limited classes of Corporation are partners in Partnership, although persons, such as employees of the organization or X is not a director or officer of Corporation. estates of decedent partners, without permission It is understood that the practice of forming of the Exchange. corporate affiliates of brokerage firms, in order that The information supplied to the Board clearly 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN • MAY 1964 indicated that Corporation was formed in order that possesses general powers of taxation, includto provide Partnership with an "underwriting ing property taxation, constitute "general obligaarm." Under Rule 321 of the Exchange, the part- tions" within the meaning of Section 5136 of the ners (other than X) are required to own stock in United States Revised Statutes (12 U.S.C. 24). Corporation because of their partnership interest, In cases where this question can be answered in would be required to surrender that stock on leav- the affirmative, member State banks of the Feding the partnership, and incoming partners would eral Reserve System may lawfully underwrite and be required to acquire such stock. Furthermore, deal in such securities, and invest therein without Rule 321 speaks of a corporate affiliate, such as limitation on amount, as far as Federal banking Corporation, as a part of the "entire business" law in concerned. of a member organization. The Board understands that the issuing Authori- On the basis of the foregoing, the Board con- ties usually have no taxing powers and that their cluded that Partnership and Corporation must be obligations are not, under pertinent State constiregarded as a single entity or enterprise for pur- tutional and statutory provisions as interpreted by poses of Section 32. the courts, "debts" of the lessee—that is, the gov- The remaining question was whether the enter- ernmental entity with general powers of taxation. prise, as a whole, should be regarded as "primarily However, whether a security constitutes a "debt" engaged" in Section 32 business. The information for purposes of State law is not determinative as presented stated that the total dollar volume of to whether it is a "general obligation" within the Section 32 business of Corporation during the first meaning of Section 5136, a Federal statute. (See eleven months of its operation was $89 million. 1963 Federal Reserve BULLETIN 1237, 1238) The gross income from Section 32 business was During recent Hearings before the Committee less than half a million, and represented about on Banking and Currency of the House of Repre- 7.9 per cent of the income of Partnership. The sentatives, published under the title "Increased Board was advised that the relatively low amount Flexibility for Financial Institutions—1963", the of income from Section 32 business of Corpora- Board expressed its understanding of the meaning tion was due to special costs, and to the condition of the phrase "general obligations of any State or of the market for municipal and State bonds dur- any political subdivision thereof" as used in Secing the past year, a field in which Corporation tion 5136. specializes. Corporation is listed in a standard As the House Committee was informed, the directory of securities dealers, and holds itself out Board understands that phrase to include "only as having separate departments to deal with the obligations that are supported by an unconditional principal underwriting areas in which it functions. promise to pay, directly or indirectly, an aggre- In view of the above information, the Board gate amount which (together with any other funds concluded that the enterprise consisting of Part- available for the purpose) will suffice to discharge, nership and Corporation was "primarily engaged" when due, all interest on and principal of such in Section 32 business. Accordingly, the Board obligations, which promise (1) is made by a Govstated that the partners in Partnership, including ernmental entity that possesses general powers of X, were forbidden by that section and by the taxation, including property taxation, and (2) Board's Regulation R, issued pursuant to the statpledges or otherwise commits the full faith and ute, to serve as officers, directors, or employees credit of said promisor; said term does not inof any member banks. clude obligations not so supported that are to be repaid only from specified sources such as the Underwriting of Public Authority Bonds Payable income from designated facilities or the proceeds From Rents Under Lease With Governmental of designated taxes." (Hearings, p. 1018) Entity Having General Taxing Powers A major requirement of the foregoing definition is that a "general obligation" must be sup- The Board of Governors has been asked whether ported by general powers of taxation, including securities of a public Authority that are to be property taxation. The Board recognizes, howpaid from rents payable under a lease of the ever, that such support by general powers of taxa- Authority's facilities to a governmental entity tion may be indirect as well as direct. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

565 LAW DEPARTMENT If a State (or other governmental entity having Company for approval of merger with The First general powers of taxation) agrees unconditionally National Bank of Park Ridge. to pay to an Authority rentals that will be suffi- ORDER APPROVING MERGER OF BANKS cient and will be used, in all events, to cover required payments of interest and principal on the There has come before the Board of Goverrelevant securities when due, the securities, in nors, pursuant to the Bank Merger Act of 1960 the opinion of the Board, are indirectly supported (12 U.S.C. 1828(c)), an application by County by general taxing powers, and, accordingly, con- Trust Company, Tenafly, New Jersey, a State stitute "general obligations" within the meaning member bank of the Federal Reserve System, for of R. S. 5136. On the other hand, if the lease the Board's prior approval of the merger of that does not contain an unconditional promise of the bank and The First National Bank of Park Ridge, State to provide sums sufficient, in all events, to Park Ridge, New Jersey, under the charter and cover required payments of interest and principal title of the former. As an incident to the merger, on the bonds of the lessor Authority as they be- the three offices of The First National Bank of come due, the securities cannot be considered Park Ridge would become branches of County "general obligations." Trust Company. Notice of the proposed merger, The status of a particular issue of such lease- in form approved by the Board, has been pubsupported bonds thus depends upon the terms of lished pursuant to said Act. the lease involved. Where the lease is for a term Upon consideration of all relevant material in of years not less than the maximum maturity of the light of the factors set forth in said Act, inthe relevant bond issue, and the State uncondi- cluding reports furnished by the Comptroller of tionally promises to pay rentals sufficient to cover the Currency, the Federal Deposit Insurance all payments on the bonds as they become due, Corporation, and the Department of Justice on the bonds ordinarily will qualify as "general ob- the competitive factors involved in the proposed ligations." Where the promise of the State is to merger, pay a fixed dollar rental, the securities will not IT IS HEREBY ORDERED, for the reasons set forth qualify as "general obligations" unless the lease in the Board's Statement of this date, that said provides that rental payments in amounts sufficient application be and hereby is approved, provided to service the bonds cannot be expended by the that said merger shall not be consummated (a) Authority for any other purpose than the payment within seven calendar days after the date of this of principal and interest thereon. Order or (b) later than three months after said This interpretation is intended to indicate the date. circumstances in which securities issued by public Dated at Washington, D. C, this 6th day of Authorities without taxing powers constitute "gen- May, 1964. eral obligations" that are eligible for under- By order of the Board of Governors. writing by member banks, under R. S. 5136. The Voting for this action: Unanimous, with all members present. status of any particular issue can only be de- (Signed) MERRITT SHERMAN, termined through examination of all relevant laws Secretary. and contracts, in order to ascertain the actual [SEAL] legal and financial arrangements. STATEMENT Order Under Bank Merger Act County Trust Company, Tenafly, New Jersey ("County Trust"), with deposits of $57.8 million The Board of Governors of the Federal Reas of September 30, 1963, has applied, pursuant serve System issued the following Order and Stateto the Bank Merger Act of 1960 (12 U.S.C. ment with respect to an application for approval 1828(c)), for the Board's prior approval of the of the merger of banks: merger of that bank and The First National Bank of Park Ridge, Park Ridge, New Jersey ("First COUNTY TRUST COMPANY, TENAFLY, National"), with deposits of $11.8 million as of NEW JERSEY the same date, under the charter and title of In the matter of the application of County Trust County Trust. The proposal contemplates that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN • MAY 1964 the three offices of First National would be oper- transaction upon banking convenience and needs ated as branches of County Trust, increasing the in County Trust's present service area, in which number of its operating offices to seven. County there also are situated three branches of Peoples Trust has received approval to establish two other Trust Company of Bergen County and seven branches which are not yet operative. offices of Citizens National Bank of Englewood, Under the Act, the Board is required to con- respectively, the largest and third largest banks sider, as to each of the banks involved, (1) its in the County. financial history and condition, (2) the adequacy The service area of First National includes of its capital structure, (3) its future earnings principally Park Ridge, Montvale, and Woodcliff prospects, (4) the general character of its man- Lake, in each of which the bank has an office. agement, (5) whether its corporate powers are The total population of the area, which exceeds consistent with the purposes of 12 U.S.C., Ch. 27,000, more than doubled over the ten years, 16 (the Federal Deposit Insurance Act), (6) the 1950-1960. Although primarily residential, a conconvenience and needs of the community to be siderable part of the area around Montvale has served, and (7) the effect of the transaction on been zoned for light industry, and development competition (including any tendency toward mo- for that purpose has begun. A substantial volume nopoly). The Board may not approve the trans- of home construction is occurring throughout the action unless, after considering all these factors, bank's service area. it finds the transaction to be in the public in- First National is restricted in its ability to assist terest. in the economic development of its service area, Banking factors. Both banks have satisfactory particularly by its lending limit of only $62 financial histories. The asset condition of each is thousand. The credit needs of real estate developsound, and this would be true also of the result- ers, and other business and institutional customers ing bank. The capital structure of County Trust involve financing in excess of the capacity of the is adequate. While the capital of First National bank. The banking needs of the area would be is a little below a desirable level, it is regarded better served, not only by the resulting bank's as reasonably satisfactory. The resulting bank loan limit of about $500,000, but also by other would have an adequate capital structure. services which it would offer and which are The management of each bank is satisfactory. needed in an area of both residential and indus- However, consummation of the proposal would trial expansion (but which are not offered at First provide the resulting bank with depth and strength National), such as complete fiduciary services, of management possessed by neither of the par- construction loans, personal and commercial letticipating banks individually, and would also pro- ters of credit, and education loans. Although a vide, partly through operating economies, a basis number of these services are presently available for meeting the need for improvement in the from offices of two other banks in or near the earnings of the two banks. service area of First National, effectuation of the There is no indication that the powers of the transaction would provide in the area a convenient banks are or would be inconsistent with the pur- alternative source of such services. poses of 12 U.S.C., Ch. 16. Competition. The main offices of the participat- Convenience and needs of the communities. ing banks are about 11 miles apart and their The service area* of County Trust lies in the nearest branches are separated by approximately northeastern corner of Bergen County, which had 7 miles. In the intervening area are natural bara population growth of 45 per cent in the decade riers and the offices of other banks, including ending in 1960. Effectuation of the proposal would branches of the largest and third largest banks in increase the lending limit of County Trust, the Bergen County. Because of this, and the few sixth largest bank in the County, from approxi- direct routes connecting the service areas of the mately $387,000 to around $500,000. Otherwise participating banks, there is only minor competithere would be no significant effect from the tion between them. Consummation of the proposal would not * The area from which a bank obtains 75 per cent change County Trust's position as the sixth largor more of its deposits of individuals, partnerships, and corporations ("IPC deposits"). est bank in Bergen County. Competition might Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 567 be intensified between County Trust and its prin- City banks, particularly those with offices close by cipal competitors, the County's largest and third the transport station facilities used by the comlargest banks, noted above. It is not expected that muters. Savings and loan associations holding the transaction would result in any adverse com- withdrawable balances in excess of $317 million petitive effects in County Trust's present service compete vigorously with banks in the County for area. real estate loans and savings accounts. First National's principal competitors are Citi- Summary and conclusion. The proposal would zens National Bank of Englewood, the third largunite the sixth largest of Bergen County's 29 comest bank in the County, and Pascack Valley Namercial banks with one of the County's relatively tional Bank and Trust Company, with IPC desmall banks. There is no more than minor composits in December 1963 of about $20 million. petition between the two banks. County Trust's Effectuation of the proposal would not change ranking would not be affected. Some intensification significantly the relationship between County Trust of competition may result, although there is no and Citizens National Bank of Englewood. Alindication that any other bank in the service area though there would probably result an intensificaof the resulting bank would be adversely affected. tion of competition in First National's service area, there is no indication that Pascack Valley Pursuant to the proposal, the residents and busi- National Bank and Trust Company or any other nesses in First National's service area would have bank in or on the periphery of the area would conveniently available stronger and broader bankbe affected adversely. ing facilities more adequate to their expanding Because of the large number of Bergen County needs. residents who commute to New York City, the Accordingly, the Board finds the proposed transbanks in the County compete with New York action to be in the public interest. Announcements STATEMENTS TO CONGRESS resentatives, Eighty-eighth Congress, Second Ses- The attention of interested readers is directed to sion, Volume 2, pages 1220 and 1223, respectively. the fact that Professors Milton Friedman and Karl The Hearings also include a supplementary state- Brunner have filed with the House Committee on ment by Governors Mitchell and Daane, page Banking and Currency comments on statements 1515, and a comment by Governor Mitchell, page made by Governors George W. Mitchell and J. 1517. Dewey Daane before that Committee and pub- ADMISSION OF STATE BANK TO MEMBERSHIP IN lished in the BULLETIN for March 1964, pages THE FEDERAL RESERVE SYSTEM 308-20. The comments by Professors Friedman The following bank was admitted to Membership and Brunner are printed in "The Federal Reserve in the Federal Reserve System during the period System After Fifty Years," Hearings before the April 16, 1964, through May 15, 1964: Subcommittee on Domestic Finance of the Com- North Dakota mittee on Banking and Currency, House of Rep- Minot . First Western Bank of Minot Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 15 Industrial production continued to increase in and most other materials expanded further in April while construction activity and retail sales April. In early May, steel ingot production conremained at advanced levels. Nonfarm employ- tinued to increase. ment rose further, but the unemployment rate was unchanged. The private money supply expanded CONSTRUCTION ACTIVITY while Government deposits declined and bond New construction put in place continued at the yields changed little. record seasonally adjusted annual rate of just under $67 billion reached in March and was more INDUSTRIAL PRODUCTION than a tenth above a year earlier. Both private Industrial production in April, at 129.2 per cent and public construction activity changed little of the 1957-59 average, was 1 point above March from earlier highs. and 5Vi per cent above a year ago. Output of both final products and materials increased to new EMPLOYMENT highs. Production of consumer goods rose in April and Employment in nonagricultural establishments continued about 5 per cent above a year earlier. rose 200,000 in April. Although the gain was Auto assemblies, following a decline in March, largely concentrated in retail trade, employment rose to a record level. Output of furniture and increased further in State and local government some other home goods rose in April and produc- and durable goods manufacturing. In manufaction of consumer staples changed little. Output of turing, the average workweek at 40x/i hours was industrial, commercial, and freight and passenger longer than last year and increased overtime in equipment increased. Total business equipment the machinery and motor vehicle industries raised output was up 8 per cent from a year earlier and the average workweek in those industries to 42V£ overtime operations in the machinery industry hours. The unemployment rate for the third sucreached the highest levels since 1956. cessive month was 5.4 per cent. In April last year Output of iron and steel, construction materials, the rate was 5.7 per cent. INDUSTRIAL PRODUCTION DISTRIBUTION 1957-59=100 Retail sales in April were unchanged from a month earlier. Sales of new and used cars and of other consumer durable goods increased, while sales of most nondurable goods changed little. Total sales were up 5 per cent from a year earlier, with sales up 6 per cent at durable goods stores and 4 per cent at nondurable goods stores. COMMODITY PRICES Prices of copper scrap declined from peaks reached in early April but upward tendencies persisted in the markets for various other materials and some final industrial products. Prices of live- F.R. indexes, seasonally adjusted. Latest figures shown are for Apr, stock and meats remained at reduced levels and 568 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 569 were about 5 per cent below a year ago as the million in April, slightly higher than in March; volume of marketings expanded further to a rate bank borrowings from the Fedeal Reserve were 10 per cent higher than last year. $215 million, somewhat lower than in March. The total wholesale commodity price index con- Monthly average required reserves, seasonally adtinued to change little in late April and early May. justed, showed little change. Reserves were absorbed through currency outflow and supplied BANK CREDIT, MONEY SUPPLY, AND RESERVES principally through System purchases of U.S. Gov- Seasonally adjusted commercial bank credit ernment securities and an increase in float. declined about $2 billion in April following rapid expansion earlier in the year. Reductions in hold- SECURITY MARKETS ings of U.S. Government securities and in security loans were offset in part by continued expansion Yields on seasoned corporate bonds and State in most other loan categories. The seasonally ad- and local government bonds showed little net justed money supply increased $600 million fol- change between mid-April and mid-May, while lowing little net change in the previous two those on Treasury bonds declined somewhat. The months. Time and savings deposits at commercial rate on 3-month Treasury bills remained slightly banks rose further but the increase was less than below the 3V£ per cent discount rate. in March. U.S. Government deposits were re- After declining somewhat in late April, comduced. mon stock prices rose to a new high around mid- Member bank excess reserves averaged $375 May. PRICES INTEREST RATES ALL ITEMS ^^^^ ALL COMMODITIES 1 1 1 1 1 1 1 1 COMMODITIES , ! NONFOOD COMMODITIES ... 1 1 1 1 - . 1 1 1 1 _ .. SERVICES^^^-- Jf**"*~ -'^m*S' FOODS _ j * FARM PRODUCTS | .... 1 1 1 1 ..... Bureau of Labor Statistics indexes. Latest figures shownfor Discount rate, range or level for all F.R. Banks. Weekly avconsumer prices, Mar.; for wholesale prices, Apr. erage market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending May 15. 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, U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMI ANNUALLY, 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 . Feb. 1964 242-47 Mar. 1964 396-97 Semiannually Banks and branches, number of, by class and State Apr. 1964 518-19 Banking offices: Analysis of changes in number of Feb. 1964 240 On, and not on, Federal Reserve Par List Income and expenses: number of Feb. 1964 241 Federal Reserve Banks Feb. 1964 238-39 Member banks: Calendar year May 1964 630-38 Annually Operating ratios Apr. 1964 520-22 Insured commercial banks. May 1964 639 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 570 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserve, Reserve Bank credit, and related items 572 Reserve Bank discount rates; margin requirements; reserve requirements. 576 Federal Reserve Banks. 578 Bank debits; currency in circulation. . , 580 Money supply; banks and the monetary system. 582 Commercial and mutual savings banks, by classes. ,584 Commercial banks, by classes. 588 Weekly reporting member banks. 590 Business loans. , 593 Interest rates , 594 Security prices; stock market credit; open market paper. . 595 Savings institutions. 596 Federal finance 598 Federally sponsored credit agencies. . 603 Security issues.... , 604 Business finance... 607 Real estate credit. . 609 Consumer credit. . . 612 Industrial production. . . 616 Business activity. 620 Construction 620 Employment and earnings.... 622 Wholesale and consumer prices 624 National product and income series. . , 626 Flow of funds. . 628 Member bank income, 1963. . . .630 Banking and monetary statistics. . ... 640 Guide to tabular presentation. . 570 Index to statistical tables. 669 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements; department stories, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publieral finance, and Federal business-type activi- cations at end of the BULLETIN. 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 BANK RESERVES AND RELATED ITEMS MAY 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ',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 ,195 18,628 304 18,932 I960—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—Apr.. 30,897 30,833 64 151 ,596 32,692 15,878 5,578 34,719 436 917 183 199 ,022 16,671 2,901 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 2,918 19,679 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 16,991 3,029 20,020 Aug.. 32,233 32,171 62 355 ,45334,080 15,602 5,584 35,794 394 846 164 200 ,144 16,723 2,996 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 34,628 15,582 5,587 36,120 395 918 161 194 ,089 16,920 3,083 20,003 Nov.. 33,126 32,936 190 407 35,353 15,582 5,594 36,693 395 938 150 198 ,138 17,017 3,097 20,114 Dec.. 33,729 33,626 103 360 434 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 1644 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 r433 948 153 202 998 17,146 3,067 20,213 Apr.. 33,498 33,453 45 214 ,79835,602 15,462 5,580 36,886 426 924 141 195 987 17,084*>3,1862*20,270 Week ending— 1963 Mar. 6 30,552 30,402 150 172 ,66532,444 15,878 5,573 34,282 448 856 188 213 ,135 16,772 2,745 19,517 13 30,651 30,528 123 168 ,52732,402 15,877 5,576 34,454 450 783 191 181 ,114 16,682 2,740 19,422 20 30,430 30,430 87 ,87232,441 15,878 5,577 34,511 448 845 180 191 ,073 16,648 2,854 19,502 27 30,635 30,519 116 271 ,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 30,855 142 204 ,34532,596 15,878 5,577 34,535 428 895 189 191 ,074 16,740 2,868 19,608 10 31,188 31,106 82 117 ,42532,779 15,878 5,578 34,745 441 897 184 194 ,076 16,696 2,675 19,371 17 30,988 30,946 42 187 ,630 32,853 15,878 5,574 34,915 427 826 190 216 1,001 16,730 2,960 19,690 24 30,589 30,589 188 ,919 32,743 15,877 5,578 34,685 437 996 191 192 987 16,710 3,019 19,729 May 1 30,808 30,646 162 124 1,52232,500 15,877 5,582 34,583 438 963 167 196 997 16,615 3,029 19,644 8 31,350 31,113 237 141 1,, 5-4'5- 3333,081 15,864 5,580 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 1,47133,077 15,828 5,570 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 1,,8"9"9 "3,3163 15,828 5,574 34,896 422 931 190 177 1,162 16,787 2,896 19,683 29 30,910 30,910 266 1,446 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 1,318 32,868 15,797 5,583 35,108 407 643 169 183 1,156 16,582 2,856 19,438 12 31,587 31,513 74 249 1,382 33,261 15,797 5,581 35,298 402 774 218 205 1,156 16,587 2,841 19,428 19 31,317 31,244 73 284 1,85333,498 15,798 5,582 35,331 404 781 202 237 1,111 16,813 2,983 19,796 26 31,583 31,430 153 234 1,8 54" 33,714 15,779 5,582 35,279 402 892 185 217 1,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 ,65134,273 15,733 35,581 383 863 173 235 1,101 17,257 2,985 20,242 10 32,652 32,308 344 323 ,726 34,744 15,691 35,899 391 1,022 180 196 1,107 17,228 2,865 20,093 17 32,042 31,939 103 401 ,929 34,419 15,669 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24 , 31,687 31,687 313 ,990 34,030 15,633 35,698 391 886 168 193 ,062 16,850 3,078 19,928 31 32,086 32,044 143 ,344 33,611 15,633 35,564 393 891 179 202 ,069 16,530 3,118 19,648 Aug. 7 , 32,443 32,373 403 ,288 34,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 14 32,286 32,253 382 ,367 34,075 15,618 5,581 35,879 382 870 167 188 ,038 16,750 2,959 19,709 21 32,017 31,964 324 ,787 34,167 15,583 5,583 35,850 394 879 153 185 ,217 16,655 2,999 19,654 28 , 32,142 32,07'4 305 ,418 33,901 15,583 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 BANK RESERVES AND RELATED ITEMS 573 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves reserves Period U.S. <3ovt. securities Gold cur- rency ury with F.R. Bainks 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- Other i F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures Week ending— 1963 Sept 4 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 11..:..::: 32,644 32,350 294 385 1,487 34,553 15,583 5,591 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18... 32,209 32,209 225 1,995 34,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 1,937 34,434 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 1,545 34,467 15,582 5,589 35,858 393 901 153 192 1,114 17,027 3,150 20,177 9 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 [ 107 16,894 3,095 19 989 23 32,226 32,226 392 1,930 34,589 15,581 5,583 36,165 394 915 171 188 1,060 16,860 3,082 19,942 30 32,474 32,413 229 1,416 34,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 1,315 34,842 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 1,581 35,138 15,582 5,598 36,625 402 886 146 198 I 001 17 060 3,005 20 065 20 32,949 32,773 176 462 2,180 35,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080 3,170 20,250 27.. 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 386 1,006 151 199 1,250 16,823 3,212 20,035 Dec. 4 33,795 33,590 205 540 1,631 36,010 15,582 5,580 37,274 385 812 167 197 17,074 3,246 20,320 11 33,849 33,759 90 148 1,899 35,945 15,582 5,586 37,487 388 856 143 202 '268 16 770 3,224 19,994 18 33,665 33,582 83 307 2,471 36,507 15,582 5,582 37,621 392 907 158 196 ,194 17,204 3,476 20,680 25 . 33,586 33,552 34 350 2,991 37,040 15,552 5,586 37,752 395 903 154 210 1,208 17,556 3,445 21,001 1964 Jan. 1 33,655 33,563 92 590 2,75237,153 15,513 5,580 37,730 381 927 185 227 ,14? 17,653 3,790 21,443 8.... 33,698 33,531 167 396 2,461 36,706 15,513 5,582 37,306 402 966 168 205 ,070 17 685 3,485 21,170 15 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 167 213 ,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 ,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 34,780 15,512 5,582 36,364 410 869 141 208 ,041 16,840 3,360 20,200 Feb 5 33,009 32,979 30 277 1,417 34,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 61 372 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 25 291 1,846 35,088 15,462 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 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 1,529 35,204 15,462 5,586 36,352 443 989 150 207 ,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 75 358 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 83 279 1,973 35,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 1 33,575 33,534 41 155 1,512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 8 33,979 33,916 63 209 1,593 35,898 15,463 5,583 36,839 415 922 148 203 ,039 17,376 2,974 20,350 15 33,843 33,843 191 1,756 35,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22 33,050 33,050 321 2,166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123*>3,200^20,323 29 33,086 32,985 ioi 137 1,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667^3,285*19,952 End of month 1964 Feb . 33,169 33,169 570 1,471 35,274 15,462 5,583 36,312 433 1,024 155 207 [,044 17,146 2,887 20,033 M!ar 33 770 33,611 159 130 1,289 35,314 15,461 5,583 36,799 376 831 167 200 926 17,060 3,458 20,518 Apr 33,169 33,117 52 116 1,737 35,115^15,463»5,581^36,873 2*422 925 166 193 951 16,629^3,583^20,212 Wednesday 1964 Mar. 4 33,452 33,452 77 1.447 35,053 15,463 5,589 36,456 457 947 136 203 ,032 16,874 3,244 20,118 11 33,434 33,434 436 317 35,272 15,463 5,574 36,679 454 869 173 197 • 089 16,848 3,271 20,119 18 33,335 33,195 140 953 801 36,188 15,463 5,578 36,724 446 1,133 132 217 975 17,602 3,395 20,997 25 . 33 383 33 355 28 55 1,497 35,055 15,463 5,579 36,715 415 1,101 143 170 947 16,611 3,512 20,123 Apr 1 34,042 33,916 126 287 ,18735,677 15,463 5,578 36,792 400 695 154 202 1 018 17,457 3,487 20,944 8 33,932 33,916 16 130 ,48235,649 15,463 5,590 37,000 433 912 144 185 1,035 16,993 3,197 20,190 15 33,485 33,485 772 ,72936,082 15,463 5,575 37,002 443 957 145 189 951 17,432 3,629 21,061 22 .. 32,885 32,885 148 1.693 34,780 15,463 5,576 36,889 429 970 125 177 945 16,284^3,547#19,831 29 33,140 33,076 64 378 1,451 35,067 15,463 5,581 36,878 431 952 140 187 999 16,525*>3,667^20,192 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, I960; 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

574 BANK RESERVES AND RELATED ITEMS MAY 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 ld al qu R i e re - d Excess B F r i a o n . a n w g t R 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 F r i a o n . a n w g t R k s - . s s F e r r r e v e - e e s T h o e t ld al qu R i e r - ed Excess B F r i o a n . a n w R g t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 —62 1933 June . ... 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec 11 473 6 462 5 011 3 5,008 5 623 3,012 2 611 2 611 1 141 601 540 540 1941 Dec 12,812 9,422 3 390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 61 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 1,356 353 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 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 I 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 I 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—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 I 025 8 —8 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 I 026 12 24 — 12 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 I 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 1,036 I 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 1,056 1,051 5 26 —21 1964 Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 [,044 5 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 I 016 —2 87 —89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 1,022 4 90 —86 Apr »20,270219,910 2360 213 *147 23,787 23,773 214 16 v-2 21,021 VI 015 P7 21 p—14 Week ending— 1963—Apr. 3.... 19,608 19,154 454 174 280 3,787 3,767 20 31 -11 1,003 994 8 29 -21 10.... 19,371 18,997 374 87 287 3,668 3,669 -1 7 -8 982 981 1 6 -5 17.... 19,690 19,157 533 157 376 3,736 3,701 36 24 12 995 994 1 36 -35 24.... 19,729 19,216 513 157 356 3,719 3,715 5 18 -14 1,006 1,003 4 15 -12 Nov. 6.... 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 1,038 [,036 2 46 -44 13.... 20,065 19,637 428 300 128 3,669 3,616 54 100 -46 1,031 1,021 10 22 -11 20 20,250 19,744 506 431 75 3,652 3,650 1 76 -75 1,049 1,035 15 73 -58 27.... 20,035 19,700 335 200 135 3,671 3,650 20 5 16 1,034 1,035 -1 4 -4 Dec. 4.... 20,320 19,734 586 507 79 3,741 3,707 34 59 -25 1,032 [,027 6 43 -37 11.... 19,994 19,804 190 115 75 3,747 3,745 3 13 -10 1,009 1,012 -3 3 18 20,680 20,188 492 272 220 3,913 3,906 8 11 -3 1,053 1,044 9 24 -~15 25.... 21,000 20,516 484 317 167 4,046 4,004 42 53 -11 1,080 I 080 24 —24 1964—Jan. 1.... 21,449 20,663 786 558 228 4,228 4,073 155 67 88 1,094 1,090 4 51 -47 8.... 21,169 20,706 463 364 99 4,068 4,072 -4 45 -49 1,100 1,091 9 28 -19 15.... 20,905 20,305 600 361 239 3,909 3,864 45 79 -34 1,047 1,043 4 41 -37 22.... 20,463 20,174 289 164 125 3,841 3,837 4 15 -11 1,027 [,032 -5 28 -33 29.... 20,200 19,827 373 177 196 3,791 3,780 11 21 -10 1,012 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 1,018 13 132 -119 26.... 20,036 19,683 353 200 153 3,733 3,734 -1 35 -36 1,011 1,011 60 —60 Mar. 4.... 20,183 19,693 490 362 128 3,836 3,766 70 65 5 1,030 1,020 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 20,510 20,002 508 279 229 3,866 3,837 28 8 20 1,037 1,033 5 177 -172 Apr. 1.... 20,309 20,037 272 155 117 3,900 3,871 29 2 27 1,050 1,037 13 32 -19 8.... 20,350 19,928 422 208 214 3,814 3,812 1,017 I 015 2 59 57 15 20,368 20,069 299 190 109 3,822 3,801 21 10 11 1,014 1,013 1 1 22.... 220,323?19,880 2443 319 2124 3,736 3,727 9 58 -49 1,017 1,016 1 28 -27 29.... 219,952219,747 2205 135 270 23,736 23,721 215 215 21,014 VI 014 2-1 2 2-3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 BANK RESERVES AND RELATED ITEMS 575 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 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 1,302 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—Apr 7,992 7,965 27 54 -27 6,850 6,459 391 41 350 May 8,016 7,963 53 117 -64 6,868 6,500 368 50 318 June 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 Aug 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 8,208 8,172 36 90 -54 7,176 6,864 312 57 255 Apr ^8,233 ^8,206 108 P7,230 ^6,917 68 P244 Week ending— 1963—Apr. 3 8,007 7,969 38 49 -11 6,810 6,423 387 65 322 10 7,947 7,921 26 47 -21 6,774 6,427 347 27 320 17 8,045 7,993 51 37 14 6,914 6,469 445 60 385 24 8,012 7,992 20 101 -81 6,991 6,506 485 23 462 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 7,352 6,909 443 29 414 Apr. 1 8,286 8,251 35 49 -14 7,073 6,878 195 72 123 8 8,261 8,230 31 92 -61 7,258 6,870 388 57 331 15 8,334 8,312 22 105 -83 7,198 6,943 255 74 181 22 8,214 8,196 19 176 -157 ^7,355 ?6,942 57 29 *>8,099 *>8,092 54 P-48 »7,105 ^6,920 79 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves Required reserves: Based on deposits as of opening of business each day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 DISCOUNT RATES MAY 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 Apr. 30 date rate Apr. 30 date rate Apr. 30 date rate Boston July 17, 1963 July 17, 1963 July 17, 1963 New York. . . July 17, 1963 July 17, 1963 June 10, 1960 Philadelphia.. July 19, 1963 July 19, 1963 Aug.19, 1960 Cleveland July 17, 1963 July 17, 1963 July 17, 1963 Richmond. . . July 17, 1963 July 17, 1963 July 17,1963 ¥ Atlanta July 24, 1963 July 24, 1963 July 24, 1963 Chicago July 19, 1963 July 19, 1963 July 19, 1963 St. Louis July 17, 1963 July 17, 1963 July 17, 1963 Minneapolis.. July 17, 1963 July 17, 1963 Aug.15,1960 Kansas City.. July 26, 1963 July 26, 1963 July 26, 1963 Dallas July 17, 1963 July 17, 1963 Sept. 9, 1960 San Francisco July 19, 1963 July 19,1963 June 3, 1960 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 2*4 1953 1958 Jan. 16 Jan. 22 1933 23 24 Mar. 3 2*^3*4 Mar. 7 2*4 4 13 2% Apr. 7 1954 21 214 May 26 Feb. 5 1*4-2 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 t 1934 16 Sep, ....... Feb. 2 May 21 1*4 Mar. 16 Oct. 24 2 Nov. 7 Jan. 11 1935 1*4-2*4 Apr-£:: 19 : 5 : 5 2*4 May 14 1*4-2 1959 May 2 Mar. 6 3 1937 Aug. 4 16 3 Aug. 27 1 -2 5 May 29 3 -3*4 3*4 Sept. 4 1 -1*4 12 June 12 3% Sept. 9 Sept. 11 Apr. 11 1942 :r l Nov. 1 1 8 3 18 4 Oct. 15 l 23 30 »*4 1960 1946 June 3 3*4-4 Apr. 25 1956 10 May 10 I Apr. 13 14 20 Aug. 12 3 -3./ 1948 Aug. 24 Sept. 9 Jan. 12 1 ~W4 31 19 Aug. 13 1*4-1*4 1963 23 1*4 1957 July 17 3 -31/2 1950 Aug. 2 9 3 3 -3*4 T 26 Aug. 21 1*4-134 Nov. 15 3 % A 1964 25 Dec. 2 In effect Apr. 30 3*4 3*4 1 Preferential rate of *4 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. 439^2. 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

MAY 1964 RESERVE REQUIREMENTS 577 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 Effective 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 i b C re a e c s n n i e k t t r y s r v a e l 3 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 s s n e e r r d v v e e C ba o tr n u y k n s - Savings deposits held for: banks } 2* 3 / 4 4 Less than 1 year 3% \ 3% IneffectDec.31,1948... 26 22 16 7% 7% Postal savings deposits held for: 1949_May 1,5 24 21 15 7 7 1 year or more } 2* 3 / 4 4 June 30, July 1.. 20 14 6 6 Less than 1 year \ 3% 3% Aug. 1, 11 8* 13 5 Aug. 16, 18 12 5 Other time deposits pay- Aug. 25 it* able in: i Sept. 1 1 year or more } 2* 3 / 4 I: 1951—Jan. 11, 16 23 19 13 6 6 6 months-1 year Jan. 25, Feb. 1.. 24 20 14 90 days-6 months 1953—July 1,9. , 22 19 13 Less than 90 days 1 1954_jUne 16, 24 21 5 5 July 29, Aug. 1. 20 18 12 A i For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. \t 17% BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 lished by the Board of Governors under provisions of Regulation Q. Apr. 24 IS* 16% Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 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 1176%% 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 May 1, 1964... 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Present legal require men 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 July 28, July 10, Nov. 6, at 2 c e D n e tr m al a n re d s e d rv ep e o o s r it s r e s s u er b v je e c c t it t y o b re a s n e k r s v . e 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 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, 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; margin 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 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 Item m b e a A m n l k b l s er Y N o e r w k C o i f ty Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Mar. 4, 1964 Four weeks ending Apr. 1, 1964 Gross demand: Gross demand: Total 131,005 24,847 6,163 49,527 50,468 Total 131.483 24,964 6,200 49,984 50,335 Interbank 13,696 4,171 1,155 6,659 1,712 Interbank 13,809 4,102 1,202 6,784 1,720 U.S. Govt 4,521 874 254 1,814 1,579 U.S. Govt 5,486 1,121 338 2,142 1,885 Other 112,787 19,802 4,755 41,054 47,177 Other 112,189 19,741 4,660 41,058 46,730 Net demand 1 108,418 19,720 5,195 40,174 43,330 Net demand 1 109,140 20,017 5,242 40,656 43,224 Time 94,666 12,313 3,950 36,669 41,734 Time 95,563 12,551 3,926 36,939 42,147 Demand balances due Demand balances due from domestic banks. 6,904 99 97 1,946 4,761 from domestic banks. 6,997 131 95 1,970 4,802 Currency and coin 3,139 249 49 955 1,886 Currency and coin 3,094 246 48 948 1,852 Balances with F.R. Balances with F.R. Banks 17,003 3,524 970 7,181 5,328 Banks 17,159 3,575 979 7,268 5,337 Total reserves held 20,142 3,773 1,019 8,136 7,214 Total reserves held.... 20.253 3,821 1,027 8,216 7,189 Required 19,726 3,746 1,015 8,095 6,869 Required 19,885 3,805 1,022 8,186 6,873 Excess 416 27 4 41 345 Excess 368 16 5 30 316 i 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

578 FEDERAL RESERVE BANKS MAY 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr, 1 Apr. Mar. Apr. Assets Gold certificate account 13,790 13,790 13,765 13,770 13,785 13,790 13,785 14,326 Redemption fund for F.R. notes 1,405 1,409 1,413 1,416 1,405 1,405 1,405 1,269 Total gold certificate reserves 15,195 15,199 15,178 15,186 15,190 15,195 15,190 15,595 Cash 178 184 196 210 237 188 246 374 Discounts and advances: Member bank borrowings 373 138 772 130 287 116 130 123 Other 10 30 Acceptances: Bought outright 53 54 57 60 62 54 61 44 Held under repurchase agreement 45 39 45 99 39 64 U.S. Govt. securities: Bought outright: Bills.. 3,563 3,372 3,972 4,453 4,453 3,604 4,148 2,302 Certificates—Special Other 3,265 3,265 3,265 3,265 3,265 3,265 3,265 13,571 Notes 21,622 21,622 21,622 21,622 21,622 21,622 21,622 10,524 Bonds 4,626 4,626 4,626 4,576 4,576 4,626 4,576 4,294 Total bought outright 33,076 32,885 33,485 33,916 33,916 33,117 33,611 30,691 Held under repurchase agreement 64 16 126 52 159 491 Total U.S. Govt. securities 33,140 32,885 33,485 33,932 34,042 33,169 33,770 31,182 Total loans and securities 33,616 33,087 34,353 34,167 34,490 33,378 34,025 31,379 Cash items in process of collection 5,724 6,110 6,690 5,312 5,362 5,645 4,763 5,226 Bank premises 103 103 102 103 102 103 102 103 Other assets: Denominated in foreign currencies 164 215 218 220 238 214 330 99 All other 440 421 395 374 355 441 351 388 Total assets 55,420 55,319 57,132 55,572 55,974 55,164 55,007 53,164 Liabilities F.R. notes 31,637 31,662 31,782 31,776 31,578 31,634 31,566 29,575 Deposits: Member bank reserves 16,525 16,284 17,432 16 993 17 457 16,629 17,060 16,904 U.S. Treasurer—General account 952 970 957 912 695 925 831 952 Foreign 140 125 145 144 154 166 167 160 Other 187 177 189 185 . 202 193 200 206 Total deposits 17,804 17,556 18,723 18,234 18,508 17,913 18,258 18,222 Deferred availability cash items 4,273 4,417 4,961 3,830 4,175 3,908 3,474 3,780 Other liabilities and accrued dividends 91 88 95 92 94 92 95 80 Total liabilities 53,805 53,723 55,561 53,932 54,355 53,547 53,393 51,657 Capital Accounts Capital paid in 510 510 509 509 509 510 509 479 Surplus.... 990 990 990 990 990 990 990 934 Other capital accounts 115 96 72 141 120 117 115 94 Total liabilities and capital accounts 55,420 55,319 57,132 55,572 55,974 55,164 55,007 53,164 Contingent liability on acceptances purchased for foreign correspondents .... 116 117 117 114 110 117 110 S3 U.S. Govt. securities held in custody for foreign account 7,840 7,947 7,967 8,096 8,147 7,860 8,105 7,478 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 33,782 33,817 33,785 33,692 33,600 33,760 33,594 31,429 Collateral held against notes outstanding: Gold certificate account 6,552 6,552 6,532 6,522 6,522 6,552 6,542 7,253 Eligible paper 69 10 114 29 46 43 21 38 U.S. Govt. securities 28,387 28,387 28,412 28,412 28,392 28,387 28,392 25,470 Total collateral. 35,008 34,949 35,058 34,963 34,960 34,982 34,955 32,761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 FEDERAL RESERVE BANKS 579 STATEMENT OF CONDITION OF EACH BANK ON APRIL 30, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i- o Lo s u , 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 13,790 716 3,843 707 1,090 969 736 2,115 527 286 583 604 1,614 Redemption fund for F.R. notes 1,405 79 333 78 123 114 84 255 59 27 54 44 155 Total gold certificate reserves 15,195 795 4,176 785 1,213 1,083 820 2,370 586 313 637 648 1,769 F.R. notes of other Banks 543 32 168 43 42 24 69 32 14 29 15 35 40 Other cash . .. 188 20 51 5 14 16 15 19 7 6 4 5 26 Discounts and advances: Secured by U.S. Govt. securities.. . 116 6 2 1 8 28 20 15 2 26 3 Other * * * Acceptances: 5 Bought outright 54 54 Held under repurchase agreement.. 39 39 U.S. Govt. securities: Bought outright 33,117 8,046 1,806 2,732 2,282 1,818 5,714 1,294 677 1,366 1,280 4,391 Held under repurchase agreement.. 52 52 1,711 Total loans and securities 33,378 1,716 8,197 1,808 2,733 2,290 1,846 5,734 1,309 679 1,392 1,283 4,391 Cash items in process of collection.. . 7,039 593 1,343 399 549 509 544 1,196 308 208 367 364 659 Bank premises 103 3 8 3 6 5 18 22 6 4 6 12 10 Other assets: Denominated in foreign currencies . 214 10 157 12 20 12 30 7 5 9 12 29 All other 441 23 107 24 35 30 24 77 18 8 19 18 58 Total assets ... 57,101 3,192 14,107 3,079 4,612 3,968 3,348 9,480 2,255 1,252 2,449 2,377 6,982 Liabilities F R notes 32,177 1,884 7,810 1,875 2,733 2,626 1,843 5,793 1,306 581 1,239 963 3,524 Deposits: Member bank reserves . .. 16,629 680 4,589 741 1,204 721 914 2,469 582 415 780 978 2,556 U.S. Treasurer—General account.. 925 51 193 42 54 120 59 101 62 50 65 66 62 Foreign 166 6 263 8 13 7 8 20 5 3 6 8 19 Other 193 1 134 1 * 4 1 2 * * 2 1 47 Total deposits 17,913 738 4,979 792 1,271 852 982 2,592 649 468 853 1,053 2,684 Deferred availability cash items 5,302 489 866 317 455 402 426 847 241 164 282 265 548 Other liabilities and accrued dividends. 92 22 5 9 6 5 16 4 2 4 3 11 Total liabilities 55,484 3,116 13,677 2,989 4,468 3,886 3 256! 9 ?4R 2,200 1,215 2,378 2,284 6,767 Capital Accounts Capital paid in 510 24 U6 28 46 25 29 72 17 12 23 30 68 Surplus 990 471 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 117 5! in 7 8 8 7 20 4 2 5 6 15 Total liabilities and capital accounts.. 57,101 3,192 14,107 3,079 4,612 3,968 3,348 9,480 2,255 1,252 2,449 2,377 6,982 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Apr 30 1964 30.3 30.3 32.7 29.4 30.3 31.1 29.0 28.3 30.0 29.8 30.4 32.1 28.5 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 Apr. 30 1963 32.3 34.9 31 .1 30.9 31.6 32.0 31.8 33.7 32.5 31.5 30.6 33.2 33.7 Contingent liability on acceptances purchased for foreign correspondents . . 117 6 331 6 6 6 16 4 3 5 7 16 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33,760 1,967 8,256 1,935 2,924 2,701 1,936 6,022 1,383 603 1,274 1,036 3,723 Collateral held against notes outstanding: Gold certificate account 6,552 423 1,650 405 500 575 340 1,100 260 112 272 180 735 Eligible paper 43 2 15 26 U.S. Govt. securities 28,387 "i,580 'ejsb 1,600 2,550 2,165| 1,650 '5J77 1.210 505 1,100 900 3,200 Total collateral 34,982 2,003 8,400| 2,007 3,050 2,740| 1,990 6,277| 1,485 1,398 1,080 3,935 1 After deducting $157 million participations of other F.R. Banks. 3 After deducting $86 milion participations of other F.R. Banks. 2 After deducting $103 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BANKS; BANK DEBITS MAY 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 Apr. 29 Apr. 22 Apr. 15 Apr. i Apr. 1 Apr. Mar. Apr. Discounts and advances—Total 378 148 772 130 287 116 130 153 Within 15 days 373 144 770 127 282 111 126 122 16 days to 90 days 5 4 2 3 5 5 4 31 91 days to 1 year Acceptances—Total 98 54 96 105 161 93 125 44 Within 15 days 55 9 48 54 111 50 77 11 16 days to 90 days 43 45 51 50 43 48 33 U.S. Government securities—Total 33.140 32,885 33.485 33.932 34,042 33,169 33,770 31,182 Within 15 days i 454 595 747 1.095 1,089 6,598 866 3,982 16 days to 90 days 8,356 7,933 8,311 8,306 8,417 2,099 8,413 1,431 91 days to 1 year 9.837 9,864 9,934 10,089 10,094 9,979 10,034 12,441 Over 1 year to 5 years 12.158 12,158 12,158 12,145 12,145 12,158 12,160 10,980 Over 5 years to 10 years 2.105 2,105 2,105 2,075 2,075 2,105 2,075 2,183 Over 10 years 230 230 230 222 222 230 222 165 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) 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 la d r ia 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 g N u 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—Aug 66 3 51 2 6 1 2 * Sept 96 3 51 2 6 1 7 25 Oct . 115 3 51 2 2 51 4 Nov 110 5 41 6 5 51 1 * Dec 153 10 37 2 1 101 1964—Jan 254 10 37 2 1 1 201 2 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts l Annual rate of turnover (billions of dollars) of demand deposits 1 Period re c p e A o n r t l e t l i r n s g New Y L o e rk ading cent 6 e r o s thers 2 3 r c e 3 e p 7 n o t o r e t r t i h s n e g 3 r New Y L o e r a k ding cen 6 te o rs thers 2 3 r c e 3 e p 7 n o t o e rt r t i s h n e 3 g r cen 3 t 4 e 3 rs 4 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 30.0 22.9 24.9 1959 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 26.7 1960 2.838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961 3,111.1 1,278.8 622.7 1,209.6 70.0 36 9 26.2 29.0 1962 3.436.4 1,415.8 701.7 1,318.9 77.8 41.2 27.7 31.3 1963 3,754.7 1,556.0 775.7 1,423.0 84.8 44.6 29.0 ::::::: 33.1 1963—Apr 307.8 125.0 126.9 63.8 64.1 119.4 116.8 82.2 80.6 44.1 45.1 29.6 28.8 33.3 33.0 May.... 318.0 129.8 133.1 62.1 64.4 117.1 120.6 85.0 85.2 43.1 43.9 29.1 29.5 33.2 33.3 June.... 299.6 121.5 125.0 61.6 61.7 113.9 112.9 79.3 85.1 42.7 44.5 28.1 29.0 32.2 33.1 July 320.7 130.3 129.9 66.9 66.8 122.8 124.0 85.1 83.7 46.8 45.8 30.3 30.2 34.3 34.3 Aug 300.1 127.8 119.5 63.3 61.9 119.2 118.7 88.9 83.7 44.2 42.9 29.5 29.1 33.6 32.7 Sept 310.4 140.1 130.3 67.0 63.1 122.6 116.9 96.9 95.6 46.7 46.1 29.9 29.9 34.3 34.1 Oct 337.2 133.7 136.9 69.4 71.3 123.6 128.9 87.2 86.5 48.4 47.6 30.1 30.2 34.9 34.7 Nov 296.6 125.4 116.7 67.3 63.8 120.0 116.1 80.7 80.4 46.0 45.3 29.0 29.4 33.6 33.6 Dec 357.1 139.6 151.0 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 360.8 143.7 153.9 69.6 73.5 126.6 133.3 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 C121.1 113.3 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 46.9 49.6 30.1 30.2 34.4 35.1 Apr 350.0 146.0 148.2 72.4 72.8 131.9 129.0 95.5 93.6 P49.3 ^50.4 *31.6 ^30.6 P36.1 ^35.7 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

MAY 1964 U.S. CURRENCY 581 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963-Mar. 34,513 24,548 2,795 1,523 95 2,230 6,838 11,067 9,965 2,954 6,471 241 292 3 4 Apr. 34,645 24,613 2,827 1,539 95 2,232 6,819 11,102 1"0,032 2,975 6,516 242 291 3 4 May, 35,067 24,953 2,850 1,562 96 2,266 6,932 11,246 10,114 3,001 6,572 243 292 3 4 June 35,470 25,266 2,878 1,566 97 2,279 7,004 11,442 10,204 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 11,644 1"0,535 3,103 6,885 245 294 3 5 Nov. 37,227 26,536 2,986 ,644 100 2,396 7,359 12,050 10,691 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 Mar. 36,799 26,000 3,105 ,621 102 2,321 7,096 11,75410.799 3,158 7.094 246 294 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Total out- Held by Kind of currency M sta a 1 n 9 r. d 6 i 3 4 n 1 g , A g a s o s g l s i d a l e v i c a n e u n r s 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 F a g a . n e n R d n k . t s s M 1 a 9 r. 6 4 31, Fe 1 b 9 . 6 2 4 9, Ma 1 r 9 . 6 3 3 1, certificates Agents Gold . . 15,461 (15,190) 2 271 Gold certificates (15,190) 3 P 374 2 816 F R notes 33 595 72 2,028 31,495 31,089 29,408 Treasury currency Total 5,583 (1,913) 34 245 5,304 5,223 5,106 Standard silver dollars 485 3 1 1 481 459 395 Silver bullion 1.924 1,913 11 Silver certificates (K913) 198 1,715 1,703 1,827 Subsidiary silver coin 1 940 17 19 1,905 1,871 1,739 Minor coin 723 2 719 713 662 United States notes 347 I 320 312 313 In process of retirement 4 164 * 25 163 164 170 Total—Mar 31 1964 5 54,639 (17,103) 376 12,374 5,090 36,799 Feb 29 1964 5 54,651 (17,114) 433 12.369 5,538 36 312 Mar 31 1963 5 52,662 (17,749) 409 12 790 4 950 34,513 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. 573. 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

582 MONEY SUPPLY MAY 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 c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - l Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - 1 d d e e p m os a i n ts d 1 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—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. 104.0 7.0 June 149.8 31.6 118.2 104.5 148.2 31.4 116. 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 154.8 32.9 121.9 115.6 153.3 32.6 120.7 115.5 6.0 Apr? 155.4 33.0 122.4 116.2 155.6 32.7 122.9 116.4 4.2 Half month 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 Apr. (1). 155.5 33.0 122.5 115.9 154.8 32.8 122.0 116.2 5.6 (2)v 155.4 33.1 122.3 116.4 156.3 32.6 123.7 116.7 2.7 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W din ee 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 a p s t n o it d - d ju e T s p a i t d o m e s d - e i ts i d d e G e p U m o o .S s a v i n . t t . s d en W din ee 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 a p s t n o it d - d ju e T s p a t i o d m e s d - e i t l s d d e G e p U m o o .S s a v i n . t t . s d 1 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. 5. 156.3 32.2 124.1 113.7 3.5 13. 149.6 30.6 119.0 99.8 4.8 12. 155.7 32.4 123.3 114.2 3.6 20. 147.6 30.5 117.1 100.1 6.1 19. 153.5 32.3 121.2 114.4 5.2 27., 146.3 30.4 115.8 100.4 6.6 26. 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 25. 152.3 32.5 119.8 115.6 7.7 Apr. 3. 146.8 30.8 116.1 102.5 6.9 Apr. 1. 153.0 32.5 120.5 115.9 7.8 10. 148.3 31.2 117.1 102.8 4.5 8. 154.0 32.9 121.1 116.1 5.9 17. 151.1 31.1 120.0 102.8 3.2 15. 155.8 32.8 123.0 116.4 5.0 24., 150.2 30.8 119.5 102.9 3.6 22.. 156.9 32.7 124.1 116.4 2.3 29.. 156.0 32.5 123.5 116.9 2.9 May 1., 149.6 30.6 119.0 103.2 4.6 8., 148.7 31.2 117.6 103.5 6.6 May 154.7 32.9 121.8 117.2 6.2 15., 148.3 31.1 117.1 103.9 6.2 13. 20. 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

MAY 1964 BANKS AND THE MONETARY SYSTEM 583 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas- net- Date Gold s r t c o e u i a u n n u r n g r y c t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o v n r m c d e i r a - n l me R n F t e e d s s e e e r c r 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 d t t i a s a l l - l, c d u e T r a p o r n o e t d 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 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30, 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30, 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31, 22,737 247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31 22,754 562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31 17,767 398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30 16,889 585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Dec. 28 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Apr. 24 15,900 5,600 309,600 171,200 101,500 70,300 30,500 700 36,900 331,100 301,100 29,900 May 29 15,800 5,600 311,600 173,300 101,000 69,200 31,100 700 37,300 332,900 301,900 31,000 June 29 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug. 28 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 Oct. 30 15,600 5,600 323,600 182,200 101,300 67,900 32,800 700 40,100 344,700 312,800 32,000 Nov. 27 15,600 5,600 327,000 185,200 102,200 68,200 33,300 600 39,700 348,200 316,200 32,000 Dec. 20 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—Jan. 29 15,500 5,600 328,700 187,200 101,400 68,100 32,700 600 40,100 349,800 319,000 30,800 Feb. 26 15,500 5,600 330,400 188,700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr. 29^ 15,500 5,600 334,900 193,500 100,100 66,100 33,100 800 41,400 356,000 323,600 32,300 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time U. S. Government te Total o b r u C e a t n u n s c r i 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 i s Total o b r u C e a t n u n s c r i 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 m c k ia s - l b M sa a v n u i k t n u s g a 2 s 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 t d r l - g - s B F A a .R n t k . s banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 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 1,217 2,409 846 634 1941 Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945 Dec 31 .. 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2.141 2,287 24,608 977 1947_Dec. 31 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 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 M84 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—Apr. 24.... 148,300 30,500 117,800 148,400 30,200 118,200 146,000 103,000 42,500 500 1,200 400 4,000 1,100 May 29.... 146,400 30,500 115,900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 29.... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 ,337 369 11,306 806 July 31.... 148,900 30,900 118,000 148,800 31,000 117,800 150,300 106,600 43,300 500 ,300 400 7,400 600 Aug. 28.... 148,200 30,900 117,300 146,900 31,100 115,800 151,600 107,600 43,500 500 1,200 400 6,100 1,000 Sept. 25.... 149,100 31,000 118,100 148,100 31,100 117,000 152,300 108,100 43,700 500 1,200 400 9,100 900 Oct. 30'... 150,700 31,100 119,600 152,100 31,300 120,800 154,500 109,900 44,100 500 1,200 400 3,800 800 Nov. 27r... 151,800 31,600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 1,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Jan. 29 T.. 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 1,200 400 3,100 800 Feb. 26^.. 151,200 32,000 119,200 150,400 31,600 118,800 160,600 114,800 45,400 400 1,100 500 6,000 800 Mar. 25'*.. 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 1,200 400 8,100 1,100 Apr. 29»... 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 1,300 400 4,400 1,000 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

584 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (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 . t c . urit O ie t s her a C ss a e s t h s1 c c b T o a i a l a l u o p i i n c a t t n i - d i a - t e t a l s s l 2 Total i m I D n a e t n - e d rba T nk ime G U o .S D v . t e . ma O O n t d t h h e e r r Time 3 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m r ks - 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 8,414 14,826 1945__Dec. 31.. 140,227 30,362101,288 8,577 35,415177,332 165,612 14,065 105,935 45,613 22710,542 14,553 1947_Dec. 31 4. 134,924 43,002 81,199 10 "" 388175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30.. 256,700154,318 72,715 29667 57,368321,394 287.17617,914 482 5,952 141,979 120,848 482 26',227 13,946 1962—Dec. 28.. 280,397172,822 72,563 3-5J012 54,939 343,201 303,65316,008 535 6,839141,084 139,188 3,635 28,046 13,940 1963—Apr. 24.. 280,760173,570 70,250 36,940 47,290 335990 296,04013,910 560 ,060 145,750 3,270 28,17013,96? May 29. . 282,640176,120 69,220 37,300 47,720 338250 298,09013,730 540 540 147,460 3,060 28;,380 13,983 June 29.. 287,411179,714 69,708 37,989 52,046 347896 309,42815,042 55111,069133,681149,083 1,563 28,612 13,993 July 31.. 287,680180,530 68,650 38,500 49,170 344990 304,96014,000 530 130 133 150,050 2,960 28,550 14,014 Aug. 28. . 287,450181,150 67,010 39,290 46, 190 341620 300,86013,800 530 870 129; 151,330 3,240 28,690 14,025 Sept. 25.. 292,200184,470 67,970 39760 48,,920 349210308,35014,510 550 8,850 132,380 152.060 2,930 28,830 14,034 Oct. 30'. 293,550185,640 67,860 40050 48!770 350,510 309,02014,790 550 135,840 154,230 3,690 29.02014,050 Nov. 27r. 296,870188,950 68,190 39730 51;270 356.420 313,63014,880 550 139, 100 154,710 4,430;29;130 14,068 Dec. 20. . 302,251192,686 69.068 40,497 51.536J362;394,319,63615,267 528 141.576 155,531 3,702,29,882 14,079 1964—Jan. 29 rP 298,190190,010 68,050 40,130 48,530 355,410 313,95014,090 570 2,820 137,480 158,990 3,230 29,530 14,095 Feb. 26^ 299,450191,340 67,530 40.580 48,830 356,940 314,55013,960 590 5,730133,850 160,420 3,320 29,870 14,113 Mar. 25 r*> 303,200194,440 67,610,41,150 48,280 360,310 318,07014,070 630 7,870133,500 162,000 3,27029,990 14,122 Apr. 29P. 304,030196,590 66,090 41,350 48,750 361,710 318,45013,700 640 4,180 136,620 163,310 3,560 30,320 14,140 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.. 24,019 26,083 90,606 7,331 3"•4 ,8*0"6 160,312 150,227 14,065 105,921 30,241 219 8,995500 14,011 1947_Dec. 314. 16,284 38,057 69,221 9."0"0'6 37,502 155,377 144,1032,792 240 1,343 94,367 35,360 65 100,05914,181 1961—Dec. 30 .. 15,441124,925 66,578 23,937 56432 278,561248,689 7,914 481 5,946141,920 82,429 47122,45913,432 1962—Dec. 28.. 35,839 40,106 66,434 29,298 54,049 297,116 262,122 6,008 535 6,829141,041 97,709 3,627 24,09413,429 1963—Apr. 24.. 234,920 39,540 64,010 31,,370 46.460 288.580 253,490 3,910 560 3,760 132,000103,260 3,270 24,18013,456 May 29.. 236,490 41,750 63,010 31,730 46;880 290;510 255,28013,730 540 6;,820129,480104,710 3,060 24360 13,472 June 29.. 241,014 45,049 63,542 32!,423 51,156 299,875 266,179'5,042 550 11,060133,624 105,903 1,545 24582 13,482 July 31.. 240,980 45,560 62,480 32;,940 48,340 296,710 261,650 4,000 530 ,130133,,190 106,800 2,960 24520 13,503 Aug. 28.. 240,380 45,800 60,870 33;,710 45,390 293.000 257,340 3,800 530 870 129,270 107,870 3,240 2460013,515 Sept. 25.. 244,840 48,870 61,810 34;160 48,080 300 i250 264,560 4.510 550 850132,320 108,330 2,930 2472013,524 Oct. 30'. 246,080 49,670 61,960 34;450 47,950 301,460 264,910 4,790 550 610 135780 110,180 3,690 2492013,540 Nov. 27*-. 249,070 52,650 62,300 34;120150,470 307.060 269,280 4,880 550 390 139040 110,420 4,430 25000 13,558 Dec. 20.. 254,162 56,006 63,196 34;959J50,711 312,773 275,120 5,267 526 ,729141,534 111,064 3,664 25677,13,570 1964—Jan. 29^, :49,790 53,050 62,140 34,600 47,670 305,330 268,800 4,090 570 2,820 137,420 113,9003,230 25,380 13.586 Feb. 26™, 150,590 54,000 61,540135,050 47,930 306,340 269,090 3,960 590 5,730 133,790 115,0203,320 25,670 13,604 Mar. 25^, 153,880 56,810 61,50035,57047,390 309,270 272,110 4,070 630 7,870 133,450 116,0903,270 25,750 13,614 Apr. 29 v. 154,590 58,660 60,120 35,810 47,890 310,580 272,400 3,700 640 4,180 136,570 117,3103,560 26,080 13,633 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,717 0,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31... 07,183 22,775 78,338 6,070 "2,9845 138,304129,670 3,576 64 222,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,,845132,060 '1"2,2528 2,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 79,599 06,232 54,058 1_9.,,3_0.8. 49,,5 79 235.,,1 1_2 209,630 7,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Dec. 28.. 95,698 18,637 52,968 24,092 47,427 249,488 219,468 5,309 358 6~0~86 117,999 79,716 3,550 19,854 6,049 1963—Apr. 24.. 94,589 17,677 50,950 25962 40434 241,409 211,275 3,290 380 109,920 84,384 3,23519,925 6,041 May 29. . 95,892 19,515 50,023 26354 41009 243,246 213,104 3,146 361 107,939 85,640 2,910 "20,082 6,052 June 29.. 99,495 22,088 50,399 27;008 44929 251,214 222,619 4,388 373 111,548 86,550 1,440 20,238 6,058 July 31... 99,412 22,550 49,37127,49142388 248,396 218,376 3,370 349 110,997 87,311 2,849 20,213 6,072 Aug. 28. . 198,780 22,763 47,876 28,, 14139,,627 244,827 214,;303 3,172 355 107,350 88,278 3,076 20,273 6,080 Sept. 25. . 202,599 25,458 48,633 28,508 42,211251,312 220,730 3,837 371 936 109,959 88,627 ,377 6,092 Oct. 30.. 203,343 26,074 48,568 28,70141895 251,833 220,475 4,083 377 154 112,702 90,159 3^553 20,555 6,097 Nov. 27.. 205,816 28,811 48,647 28358 44276 256,778 224,315 4,171 376 812 115,516 90.440 4,244 20,606 6,104 Dec. 20.. 210,127 31,712 49,342 29073 44;395 261,469 229,376 4,518 382 986 117,562 90,929 3,499 21,054 6,112 1964—Jan. 29.. 206,179129,103 48,344 28,732 41,480 254,644 223,,404 3,363 429 2,394113,823 93,395 3,07320,952 6,124 Feb. 26.. 206,916'29,888 47,87329; 155 41,,996699 225555,,880044 222233,,'940 3,275 448 5,044 111100,823 94,350 3,166 21,172 6,130 Mar. 25. . 209,979 32,381 47,985 29,661133 4411,,117711 258.229 226,541 3,378 489 7,032110,459 95,183 3.054 21.226 6,136 Apr. 29^. 210,375 33,873 46,734 29,768 41,889 259,460 226,817 3,019 493 3,751113,314 96,240 3,37121,500 6,153 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 14 17,745 1,889 533 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 7 60 38,420 3,768 514 1962—Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3,951 511 1963—Apr. 24.. 45,840 34,030 6.240 5,570 830 47,410 42,550 60 42,490 3,990 511 May 29. . 46,150 34,370 6,210 5,570 840 47,740 42,810 60 42,750 4.020 511 June 29.. 46,397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 19 4,031 511 July 31.. 46,700 34,970 6,170 5,560 830 48,280 43,310 60 43,250 4,030 511 Aug. 28.. 47,070 35,350 6,140 5,580 800 48,620 43,520 60 43,460 4,090 510 Sept. 25.. 47,360 35,600 6,160 5,600 840 48,960 43,790 60 43,730 4,110 510 Oct. 30. . 47,470 35,970 5,900 5,600 820 49,050 44,110 60 44,050 4,100 510 Nov. 27. . 47,800 36,300 5,890 5,610 800 49,360 44,350 60 44,290 4,130 510 Dec. 20. . 48,089 36,679 5,872 5,539 826 49,621 44,516 42 44,467 38 4,205 509 1964—Jan 29.. 48,400 36,960 5.910 5.530 860 50 080 45,150 60 45.090 4,150 509 Feb. 26.. 48.860 37,340 5,990 5,530 900 50.600 45,460 60 45,400 4,200 509 Mar. 25 rp 49,320 37,630 6,110 5,580 890 51,040 45,960 50 45,910 4,240 508 Apr. 29P. 49,440 37,930 5,970 5.540 860 51,130 46,050 50. 46,000 4,240 507 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 585 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 a l o u p i n i c a t t n i d - i - a t e t a l s s l 2 Total i m I D n a e t n - e d rba 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 D N b a u o n e m f k r s - Govt. Other Reserve city member banks: New York City:5 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 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 6,935 283 3,683 13 1962—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—Apr. 24.. 31,829 20,258 6,805 4,766 8,296 42,343 34,091 3,919 227 669 19,303 9,973 1,352 3,927 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 1,292 3,947 16 June 29.. 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 July 31.. 32,451 21,416 5,941 5,094 8,786 43,557 35,779 4,092 189 1,453 19,686 1100,359 1,029 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 1,204 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. 20.. 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,960 ,446 ,438 3,984 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 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 ,187 4,184 13 Apr. 29*\ 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 ,270 4,203 13 City of Chicago :5 1941—Dec. 31.. 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 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 4,201 913 426 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—Dec 28.. 8,957 5,418 2,129 1,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—Apr. 24.. 8.813 5,291 2,168 1,354 1,949 10,983 9,469 ,182 161 4,757 3,357 313 963 12 May 29.. 8,832 5,428 2,050 1,354 2,084 11,143 9,759 ,122 346 4,791 3,488 165 971 12 June 29.. 9,082 5,545 2,071 1,466 2,136 11,440 10,141 584 4,840 3,499 111 974 12 July 31.. 9,171 5,574 2,096 1,501 2,109 11,484 10,007 ]l53 406 4,926 3,509 240 980 12 Aug. 28.. 8,965 5,566 1,825 1,574 1,951 11,097 9,638 ,165 289 4,616 3,556 252 979 12 Sept. 25.. 9,346 5,796 1,915 1,635 2,094 11,623 10,036 ,209 583 4,669 3,563 327 983 12 Oct. 30.. 9,211 5,826 ,743 1,642 1,993 11,394 9,934 ,218 186 4,802 3,714 274 990 12 Nov. 27. . 9,376 6,038 .731 1,607 1 955 11,521 10,103 .186 200 4,909 3,794 211 993 12 Dec. 20. . 9,615 6,220 ,705 1,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29. . 9,24: 5,837 ,823 1,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Feb. 26. . 9,423 5,956 ,867 1,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 1,00: 12 Mar. 25. . 9.695 6.064 2,063 1,568 1,776 11,713 10,128 ,124 472 4.627 3.889 327 1,011 12 Apr. 29^. 9.316 6,088 1,706 1,52: 2,118 11,676 10,263 ,114 212 4,893 4,028 166 1,012 12 Other reserve city: 6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 2,844 353 1961—Dec. 30 68.565 42,379 19,748 6,43820,216 90,815 81,883 8,350 62 2,103 44,986 2266,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—Apr. 24. 72,921 46,791 17,329 8,801 16,940 92,086 81,349 6,616 90 1,218 40,8222 32,603 1,429 7,330 192 May 29. 73,49^ 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 6,811 110 3,793 41,29133,549 407 7,440 194 July 31. 74,735 48,512 16,930 9,29317,748 94,865 83,987 6,544 96 2,488 41,096 "3,3763 1,294 7,462 194 Aug. 28. 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 98 2,022 39,867 34,105 1,213 7,490 195 Sept. 25. 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6,959 97 2,941 40,34134,216 1,250 7,557 196 Oct. 30. 76,106 50,132 16,324 9,65017,185 95,705 84,266 7,062 94 1,141 41,359 -3,4610 1,500 7,635 194 Nov. 27. 76.776 50.699 16,472 9.60518.887 98,069 85.891 6.949 90 1 ,462 42,69834.69' 2,102 7 653 195 Dec. 20. 78.370 51,891 16,686 9,79: 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—Jan. 29 76,859 51,034 16,152 9,67316,826 96,184 84,938 6,512 98 813 41,43936,076 1,146 7,773 189 Feb. 26 77,289 51,529 15,994 9,766 17,193 96,845 85,456 6,449 105 2,062 40,2"34 36,606 1,095 7,814 189 Mar. 25 78,288 52 39515,86610,02"16,863 97,572 86,404 6,495 2,796 40.16736.839 1,000 7.815 186 Apr. 29^ 78.650 52,811 15,69210,147|l7,445 98,569 86,601 6,232 1,586 41,32137,345 1,500 7,984 186 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,40: 19,466 17,415 792 225 10,109 6,258 1,98: 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,63: 46,059 43,418 1,207 5,465 24,23512,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 1,925 1,641 46,21131,83 40 7,088 5,885 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1,773 1,931 46,89536,69: 17: 7,744 5,828 1963—Apr. 24 81.026 45,33' 24,64811,04113,249 95,997 86,366 1,573 1,253 45,038 38,451 141 7,705 5,821 May 29 81,448 45,901 24,30811,23912,999 96,117 86,276 1,471 51 2,087 43,830 38,837 32 7,751 5,832 June 29 82,952 46,934 24,496 11,52214,465 99,361 89,470 1,641 3,332 45,066 39,371 12 7,894 5,839 July 31 83,055 47,048 24,40411,60313,745 98,490 88,603 1,581 2,002 45,289 39,680 286 7,827 5,853 Aug. 28 83,152 47,109 24,19311,850 13,420 98,283 88,152 1,591 1,900 44,727 39,883 407 7,864 5,860 Sept. 25 84,421 47,869 24,53712,01513,644 99,829 89,779 1,678 2,334 45,596 40,111 7,89" 5,871 Oct. 30 85,166 48,351 24,57512,24013,941100,887 90,620 1,783 ,159 46,970 40,648 341 7,964 5,878 Nov. 27 86 049 48,971 24.810 1226814.175101,988 91 514 1 .764 .485 47 708 40 497 451 7 9Q4 5.884 Dec. 20 87,316 50,023 24,797 12: 496,14,274103,615 92,759 1,793 ,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29.. 86,427 49,267 24,67812,48213,796102.111 91,815 1,736 ,130 47,484 41,405 376 8,016 5,910 Feb. 26.. 86,593 49,604 24,45112,53813,436101,941 91,418 1,642 ,802 46,180 41,734 381 8,17" 5,916 Mar. 25.. 87,111 50,269 24,177 12,66514,002103,069 92,348 1,663 2.201 46.212 42,212 540 8,216 5,925 Apr. 29?. 87.785 51,007 23.946 12,832 13,462103,175 92,305 1,629 56 1,120 46,960 42,540 435 8,301 5,942 II For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposit5 Total assets— Securities Total Interbank 1 Other Total Num- Class of bank Cash lia- Bor- capital ber and date Total Loans assets * bi a li n t d ies Total * Demand r i o n w gs - co a u c n - ts ba o n f ks I U T .o. Other ac- JL/c- Time Time Govt. counts 2 mand G U o . v S t . . Other Insured commercial banks: 1941—Dec.31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34 292 157,544 147,775 13883 23,740 80,27629,876 215 8,671 13,297 1947—Dec.31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1960—Dec.31.. 198,011117,092 60,46820,451 51,836 255,669 228,40116,921 1,667 5,932132,53371,348 14920,62813,119 1961—Dec.30.. 213,904124,348 66,02623,531 56,086 276,600 247,17617,737 333 5,934141,05082,122 46222,08913,108 1962—Dec.28.. 234,243 139,449 65,89128,903 53 702 295,093 260,60915,844 402 6,815140,16997,380 3,58423,71213,119 1963—June 29.. 239,447144,363 63,03732,047 50 770 297,836 264,65414,871 430 11,005132,788105,559 1,49824,19113,189 Dec.20.. 252,579 155,261 62,72334,594 50 337 310,730 273,65715,077 443 6,712140,702110,723 3,57125,27713,284 National member DanKs: 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 11994415——DDeecc..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 8,375 35 795 53,54119,278 45 5,409 5,005 I960—Dec. 31.. 107,546 63,694 32 712 11,140 28 675 139 261 124,911 9,829 611 3,265 71,66039,546 111 11,098 • ,530 1961—Dec.30.. 116 402 67,309 36 088 13 006 31 078 150 809 135,51110,359 104 3,315 76,29245,441 225 11,875 • ,513 1962—Dec.28.. 127 254 75,548 35 663 16 042 29 684 160 657 142,825 9,155 127 3,735 76,07553,733 1,63612,750 4• ,505 1963—June 29.. 130 146 78,383 34 011 17 751 28 641 162 748 145,513 8,468 159 6,038 72,38758,462 600 13,008 • ,537 Dec. 20.. 137 447 84,845 33 384 19 218 28 635 170 233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 •,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 17081 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 43,30321,716 213 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 41,92425,983 1,914 7,104 1,544 1963—June29.. 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 ,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 6 959 t5,810 1945—Dec. 31.. 14 639 2,992 10 584 1 063 4 448 19 256 18,119 244 1,560 10,635 5,680 7 1,083 (5,416 1947—Dec. 31.. 16 444 4,958 10 039 1448 4 083 20 691 19,340 262 4 149 12,366 6,558 7 1,271 (5,478 I960—Dec. 31.. 32 411 17,169 11 368 3 874 6 082 39 114 35,391 484 27 645 20,14014,095 19 3,232 <5,948 1961—Dec. 30.. 34 320 18,123 11 972 4 225 6 508 41 504 37,560 543 30 553 21,45614,979 24 3,452 5,997 1962—Dec.28.. 38 557 20,811 12 932 4 814 6 276 45,619 41,142 535 43 729 22,17017,664 34 3,870 7,072 1963—June 29.. 39 963 22,274 12 647 5 042 5,841 46 635 42,035 483 57 1,245 21,241 19,010 58 3,964 *7,133 Dec. 20.. 42 464 23,550 13,391 5 523 5,942 49 275 44,280 559 61 726 23,140 19,793 72 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 13 329 852 1945—Dec. 31.. 2 211 318 1 693 200 514 2 768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 * 2 009 474 1 280 255 576 2 643 2,251 177 185 18 1,392 478 4 325 783 1960—Dec. 31.. 1 498 550 535 413 314 1 883 1,443 159 132 13 846 293 14 358 352 1961—Dec. 30.. 1 536 577 553 406 346 1 961 1,513 177 148 12 869 307 8 370 323 1962—Dec.28.. 1 584 657 534 392 346 2 009 1,513 164 133 14 872 330 44 371 308 1963—June 29.. 1 555 686 496 373 386 2 026 1,525 171 120 55 835 343 47 379 291 Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 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 l)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 22,325 15,286 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 23,042 17,994 77 4,240 •7,380 1963—June 29.. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1300 22,07619,353 105 4,343 •r,424 Dec.20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 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.. io'846 3,081 7, 160 606 429 11,424 10,363 12 10,351 1 1 034 192 1947—Dec. 31.. 12',683 3,560 8,165 958 675 13 499 12,207 1 2 12 12,192 1,252 194 1960—Dec. 31.. 33,794 23,852 4,787 5 155 766 35,092 31,502 4 29 31,468 3 2,998 325 1961—Dec 30.. 35 660 25 812 4,690 5 158 828 37 065 33 400 6 256 33 137 11 3 191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39 951 36,104 9 267 35^827 7 3 '343 331 1963—June 29 . 40 128 30 533 4,545 5 050 789 41 580 37,585 g 303 37 273 17 3,414 331 Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 5 292 38!359 38 3^572 330 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 587 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 Securities a C ss a e s t h si b T i a l l o i i n a t t d i a - e l s Total i Interbank1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f r ks - G U o .S v . t. Other c c o a u a p c n i - t t a s l 2 m D a e n - d Time U.S. Other Time Govt. 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. 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 I960—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 1 8 5,851 633 179 1 Reciprocal balances excluded beginning with 1942. Reclassification Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city of deposits of foreign central banks in May 1961 reduced interbank banks with total loans and investments of $500 million and total deposits deposits by a total of $1,900 million ($1,500 million time to other time of $600 million were reclassified as country banks. and $400 million demand to other demand). Beginning with June 1963, 3 New York City banks with loans and in- 2 Includes other assets and liabilities not shown separately. vestments of $392 million and total deposits of $441 million were reclas- 3 Figures for mutual savings banks include relatively small amounts sified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. of demand deposits. Beginning with June 1961, also includes certain accounts previously classified as other liabilities. NOTE.—Data are for all commercial and mutual savings banks in the 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 United States (including Alaska and Hawaii, beginning with 1959). noninsured nonmember commercial banks with total loans and invest- Commercial banks represent all commercial banks, both member and ments of about $110 million were added, and 8 banks with total loans nonmember; stock savings banks; and nondeposit trust companies. and investments of $34 million were transferred from noninsured mutual Commercial banks exclude, and member banks include, a national bank in sav 5 i n T g h s e t s o e n d o a n ta m r e e m fl b ec e t r t c h o e m r m ec e l r a c s i s a i l f i b ca a t n io k n s . of New York City and city of t 1 h 9 e C 4 1 V o m i t r o g p i a n J r u a I l b s y l i a l 1 i n t 9 d y 6 s 2 o t , h f f a r t o f i m b g e u c r 1 e a s m t o e f o 3 a r m m c e l u a m t s u s b a e e l s r s i o a n v f i M n b g a a s n y k b 1 s a 9 n 5 i k s 7 s , . a a f n fe d c te in d t th s e o m p e e w ri h od at Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 by changes in F.R. membership, deposit insurance status, and the reserve BULL., p. 993. See also second paragraph of note 6 to this table. classifications of cities and individual banks, and by mergers, etc. 6 Beginning with Feb. 1960 reserve city banks with total loans and in- Figures are partly estimated except on call dates. vestments of $950 million and total deposits of $1,070 million were re- For revisions in series before June 30, 1947, see July 1947 BULL., pp. classified as country banks. Beginning with Aug. 23, 1962 (Topeka and 870-71. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loansx Total i Loans i 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 1960 194.5 114.2 59.6 20.7 198.5 116.7 61.0 20.9 1961 209.6 121.1 64.7 23.8 214.4 123.9 66.6 23.9 1962 2 228.1 134.7 64.3 29.1 233.6 137.9 66.4 29.3 1963 2 246.5 150.3 61.3 34.9 252.4 153.9 63.4 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 May.. 234.8 138.9 64.2 31.7 233.6 138.9 63.0 31.7 June.. 240.3 141.8 66.0 32.5 239.1 143.1 63.5 32.4 July.. 237.8 142.4 62.4 33.0 237.8 142.4 62.5 32.9 Aug... 238.5 142.5 62.1 33.9 237.1 142.5 60.8 33.7 Sept.., 240.7 145.0 61.7 34.0 241.9 146.0 61.8 34.2 Oct.. . 241.0 146.1 60.4 34.5 242.4 146.0 62.0 34.5 Nov... 244.0 148.5 61.1 34.4 245.0 148.6 62.3 34.1 Dec. 2 246.5 150.3 61.3 34.9 252.4 153.9 63.4 35.1 1964—Jan.P. 246.0 151.0 60.3 34.7 246.2 149.5 62.1 34.6 Feb.p. 249.2 152.4 61.5 35.3 247.2 150.6 61.5 35.1 Mar.p, 253.2 154.3 63.5 35.4 249.9 152.8 61.5 35.6 Apr.p. 250.9 155.3 60.0 35.6 250.6 154.7 60.1 35.8 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

588 COMMERCIAL BANKS MAY 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - i Total 2 C m d t a c i r o u n n i i e a m a s d - r l l - - - A c tu a u g r l l r - - i- o b k d a T s r r e e n e o o r a d c c s - l a u - 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 ti s tut o io t T h 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 h o i d l - - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds ! ! s g r l S o i e a o t t c n c i a v e u a d t t s e l - . 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 18,167 830 ,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1961—Dec. 30..215,441 124,992255 45; 172 6i248 4,056 2; 1341,033 7,31130,320 27,847 3,412 66,57811,488 2,114 26,336 26,64120,345 3,592 1962—Dec. 28..235,839 140,106 48 673 7,097 5,144 2,131 2,578 8,"" .. 3,909 66,43411,674 3,932 23 -" 26,987 24 755 4,543 1963—June 29..241,014 145,049 49 4,645 2,233 1,934 88,^49 36;725 32^61 3,812 63,542 9,128 3,21623 27,378 27 817 4,606 Dec. 20..254,162 15"6',006 52947 7;470 5,353 2,509 3,605 9,479 39,056 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 9,214 1,450 614 662 40 4,773 4.505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3.164 3,606 49 4,677 2,3611,132 88,912 2,45519,07116,04551,342 3,873",258 1947—Dec. 31.. 114,274 37,58318,0121,610 '8"2"3 ,1"9"0 114 9,266 5,654 914 67,941 2,124 7,552 5,918 5"2',347 5,129 3,621 1961—Dec. 30.. 213,904124,348 44,965 6,211 4,,030 2,107 1,027 7,296 30,21127,7083,396 66,02611,356 2,09826,145 26,426 20,068 3,462 1962—Dec. 28.. 234,243139,449 48,458 7,060 "5, 119 2,103 2,551 8,434 34,123 30^02 3 890 65,89111,514 ,746 24,547 4,356 1963—June 29.. 239,447144,363 49,,660 7,513 4,615 2,203 1,902 8,620 36,558 32,506 3 793 63,037 9,002 3,203 23,741 27,092 27,573 4,475 Dec. 20.. 252,579155,26152,743 7,444 5,3212,476 3,594 9,415 38,861 34,383 4 015 62,72310,952 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 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 057 78,338 2,27516,98514,27144,807 3 ,815 1947—Dec. 31.. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,199 3,105 1961—Dec. 30.. 179,599106,232 40,931 3,934 3,8771,827 1,014 6,893 23,987 22,8523,198 54,058 9,229 1,842 21,390 21,598 16,691 2,617 1962—Dec. 28.. 195,698118,637 43,843 4,419 4,954 1,777 2,445 7.,,9..3. 6 27,, 162 24,, 79.9 3,65752,968 8,862 3,249 19,443 21,414 20,773 3,319 1963—June 29.. 199,495122,088 44,701 4,664 4,436 1,880 1,844 8,134 29,127 26,366 3,557 50,399 6,863 2,608 19,423 21,505 23,533 3,475 Dec. 20.. 210,127131,712 47,403 4,659 5,124 2,136 3,439 8,875 3" 1,009 27,908 3,765 49,342 8,032 1,307 18,072 21,932 25,210 3,864 New York City: 3 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,002 640 558 9,772 638 604 1961—Dec. 30.. 30,297 19,53511,278 231,956 467 376 1,711 934 2,072 ,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28.. 32,989 21,95411,943 17 22,766 425 572 2,087 1,329 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—June 29.. 32,847 21,44611,630 13 2,308 448 546 2,044 1,845 2,161 1,034 6,506 1,639 240 2,508 2,118 4,451 444 Dec. 20.. 34,827 23,57712,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 City oj Chicago: 3 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—June 29.. 9,082 5,545 3,051 358 176 135 741 393 555 288 2,071 426 71 782 791 1,226 240 Dec. 20.. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 Other reserve city:1 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1961—Dec. 30.. 68,565 42,37916,879 ,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28.. 73,130 46,56717,660 ,1791,053 752 1,020 3,58311,030 9,860 1,266 1188,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29.. 74,614 48,116644 17,805 ,2451,090 786 751 3,88611,68310,464 1,38017,326 1,685 1,191 7,281 7,168 8,163 961 Dec. 20.. 78,370 51,89118,862 ,219',243 891 1,224 4,28612,52511,1061,46216,686 2,152 545 6,600 7,390 8,810 981 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 ,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1961—Dec. 30.. 73,131 39,69310,1652,811 591 438 116 1,25113,24211,132 75124,407 3,614 566 9,560 10,667 7,530 ,500 1962—Dec. 28.. 80,623 44,69811,299 3,187 728 447 764 1,56314,44112,273 826' •255,425 4,144 1,223 8,84911,209 8,694 ,807 1963—June 29.. 82,952 46,93412,215 3,378 680 469 412 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 1,59116,114 13,951 917 24,797 3,822 573 8,531 11,87110,385 2,111 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 4,830 2",678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,9821,224 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 11,131 Dec. 20.. 44,035 24,295 5,544 2,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,5761,309 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

MAY 1964 COMMERCIAL BANKS 589 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 v e R t - 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 d n e n a o i c s k t l e - t h - s i s c 4 j m p u D s o a d a t d s e e e n i - - - d t d s 5 me D I s n o ti - t c e ^ rba e F n ig k o n r- ^ G U o .S v . t. g S l a o o t n c a v d a t t e l . c C h c o a e f e e e i f t n e c f r c r d i d t s k . - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a n . s g S v v t d s 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 n l - i t - s Total: 2 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28... 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6.450 90,991 627 24,094 1963—June 29... 16,529 3,483 12,579117,419 13,749 1,294 11,060 12,396 4,502 116,726 550 254 7,466 98,183 545 24,582 Dec. 20... 17,150 4,048 12,312 12-'6,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,886 3,664 25,677 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 1,248 233,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 1962—Dec. 28... 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 3,,558844 2233,712 1963—June 29... 16,529 3,468 12,237116,471 13,607 1,264 111,005 12,300 4,421 116,067 430 254 7,412 97,8931,498 24,191 Dec. 20... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,600 3157125,277 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 1,243 2>22,179 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 8,724 100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 438818,638 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 74,316 3,55019,854 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,,"3"2 2 "1 ; '"20,223388 Dec. 20... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,,326 3,499 21,054 New York City:* 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 14 1,418 30 2,259 1961—Dec. 30... 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Dec. 28... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,937 1,728 3,898 1963—June 29... 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 326 9,,77466 7"9'4 3,931 Dec. 20... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,,r9"20 1,438 3,984 City of Chicago: 3 1941—Dec. 31... 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 200 3,153 ,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 ,196 72 285 63 3,853 902 426 1961—Dec. 30... 889 158 3,809 ,578 369 315 124 4,830 1,996 35 870 1962—Dec. 28... 1,071 99 4,262 ,235 410 351 109 4,804 16 3,001 262 948 1963—June 29... 974 154 3,941 ,155 584 373 112 4,355 130 3,363 111 974 Dec. 20... 1,019 98 4,144 ,169 395 275 112 4,500 185 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 28,0271,388 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 31,982 1,416 7,697 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 52 219 12,224 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 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 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 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 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 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 Nonmember:2 1947_Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 12 1,596 1961—Dec. 30. 876 5,446 21,994 649 565 2,755 402 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28. 989 5,202 22,814 642 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—June 29. 840 4,889 21,782 603 1,300 2,861 442 18,773 177 1,467 17,861 105 4,343 Dec. 20. 917 4,953 23,763 671 743 2,880 438 20,654 144 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 t©tal 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

590 WEEKLY REPORTING MEMBER BANKS MAY 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 iVednesday m i l n o a e v a n n e n d s t s s t- 1 j i m u n s a v e t d e n e s d t t s * - L u o s .4 t a e n d s 2 i C m n t a c r o d i n e i a m u a d r l l s - - - A tu g r r a i l - G c a T U s u o n o e . r v d S - i - t b . . d r e o O a k c l s e u t e e h r r r - s s e i- r G c U s T u o e . r v o S - i - t . . oth O c e s u t r e h s r - i e - r F ei o g r n B - ank c m D o ti e o m c s - - - f P s i a n a e N n l a r e d n s o s . . nt> O an th k er es R ta e t a e l o A th l e l r V s t e r a r o e v l n u - e a s ties ties ties ties mer- COS., cial etc. Total— Leading Cities 1963 Apr 3 130,779 815 81 130 35 736 1 517 521 7,639 92 1 43? 674 1 914 1 964 7,693 ,944 18,367 1,937 10 130,709 198 555 81,930 35, 1,577 535 9 637 92 1,435 694 1,654 1,850 704 \e,026 18,431 1 935 17 131,583 787 81 597 35,718 1 538 622 9 655 103 1,443 680 1 796 ,809 7,734 \f ,093 18,559 1,939 24 130,61? 129 154 81 , 34 996 1 548 564 7 630 99 1,45? 681 1458 q 711 7 760 \f ,185 18,578 1 935 1964 Mar 4 139 454 137 748 89,977 37,599 1 487 489 3 366 96 1 768 ,004 1 706 A[.,113 3 447 1f5,163 70,500 9,050 11 139 740 137 589 90 168 37,507 1 484 553 3 399 98 773 058 1 651 A^703 3 444 1?,217 70,486 ,054 18 141 160 139,308 91,777 38,137 1 493 759 3 569 97 1 775 1,051 1 859 A^650 3 455 If5,280 90,518 057 25 141 158 138 908 91 351 38,17? 1 493 573 3 469 97 1 775 1,063 ?50 A|.,438 3 449 1f5,341 90,541 ,060 Apr 1 141 144 138,373 9? 00? 38 308 1 496 343 3 796 109 1 785 1,071 ? 771 i[,640 3 539 1f5,366 90,601 059 8 141 065 138 844 345 37 964 1 49? 561 3 706 103 1 806 1 088 9 991 A1- 159 506 5 39390 690 053 15 141 14? 139,988 9? 191 38 494 593 3 739 102 1 810 1,119 1 854 [,369 3 549 If5,461 90 771 054 22 140 405 138 001 91 59? 38 015 1 501 432 3 679 100 1 796 1,193 9 404 lt,146 3 575 If5,488 90,841 ,054 99 140 858 138,680 99 908 38 057 510 434 3 613 101 1 804 1J94 9 178 i[,310 3 571 5 520 917 1 053 New York City 1963 Apr 3 31 485 30,609 19 690 11 643 1? 239 1 379 19 404 317 883 1,309 579 1,354 3 047 562 10 31 164 30 67? 19 759 11 606 1? 295 1 477 19 408 399 49? 1,250 1,401 3 053 56? 17 31 685 31,065 19 735 11 563 1? 317 1 416 21 407 319 6?0 ,219 5?3 1,441 3 059 562 24 31 091 30 688 19 448 11 400 1? 262 1 370 21 408 390 403 ,171 516 1,488 3 56? 1964 Mar 4 33 506 39,943 91 909 1? 139 7? 234 ,840 25 576 591 563 1,318 688 1,828 3 977 566 11 33,660 33,13? 99 144 1? 1?? 262 1 909 25 581 543 598 I 437 700 I 839 971 567 18 34,?59 33,81? 746 1? 358 7? 322 ,098 25 575 541 447 1,605 705 1,860 3 979 567 25 34 40 33 563 22 565 1? 38Q 7 314 1 945 25 579 543 840 1,450 714 1,873 3 779 567 Apr 1 34 31 33 310 99 931 1? 430 70 188 9,930 24 584 556 001 1,582 716 1,889 3 ?78 566 8 34,05 33 499 22 606 1? ?33 70 289 9,907 25 578 570 699 1,330 719 1,907 995 567 15 33 96 33 507 22 838 1? 30? 70 259 901 24 579 576 455 1,483 730 1,925 3 306 567 22 33,88 39 90 22 519 1? 146 70 230 9,17? 24 579 587 989 1,323 734 1,931 333 567 29 34 33 70 22 781 1? 70 247 9 150 25 580 57? 998 1,480 758 .945 3 446 567 Outside New York City 1963 Apr 3 .... 99 98,913 61 440 593 1,500 282 1,?53 73 1 098 357 1 031 2.655 9 164 14 590 15 390 375 10 99 04 97 88 61 471 r23 678 1 51 240 1 710 73 1 0?7 365 1,169 '2.600 9,183 14,625 15 378 373 17 99,89 98,77? 61 787 r23 655 1,5? 305 1,739 82 1,036 361 1,176 2,590 9 911 14 652 15 500 370 24 99 57 98,466 61 771 r23 596 1,536 302 1,760 78 1,044 361 1,055 r2,540 ,744 14,697 15 486 373 1964 Mar 4 105,94 104,805 68 075 75 460 1,460 255 1,5?6 71 1,19? 483 1,143 2 795 9 759 16 335 17 99^ 484 11 105,580 104 457 68 074 ?5 385 ,46 291 1,490 73 ,19? 515 1,173 2,766 9,744 16,378 17 915 487 18 106,90 105,496 68 981 75,779 1,47 437 1,541 72 1 900 510 1 405 3 045 9 750 16 420 17 I 490 25 106 105,34 68 786 75,783 1,47 259 1,574 72 1,196 590 1,410 2 988 9 735 16 468 17 969 I 493 Apr 1 106 83 105,06 69 071 75,878 1,47 155 1,566 85 1 901 515 1 770 3 058 9 8^3 16 477 17 39^ I 486 8 107Joo 105 41 68 739 75,731 1,47 272 1,499 78 1 518 1,597 2,829 9 787 16,486 17 395 I 486 15 107,18( 105,78 69,353 25,950 1,47 334 1,53 78 1,231 536 1,399 2,886 2,819 16,536 17,465 1,487 22 106 105,100 69,080 95,869 1,48 202 ,507 76 1 911 536 1491 2 823 9 791 16 557 17 508 I 487 29 106,72 105,479 69,427 25,932 1,49 187 ,463 76 1,224 552 1,250 2,830 2,813 16,575 17,771 1,486 1 For notes see p. 592. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 WEEKLY REPORTING MEMBER BANKS 591 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continue d (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 i e f 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 r n e i t d a n o r g b s — on 5 A d y f s t e e 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 o i n a i c g r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e 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 p o i o n b e i t u d i s t a l a n i l - l ts Total- Leading Cities 1963 Apr. 3 30,857 4,724 1,750 2,507 14,222 7,654 16,828 17,207 3,103 190 1,533 12,381 4,919 165,988 10 30,348 4,200 1,794 2,495 14,230 7,629 16,977 16,895 2,952 171 1,618 12,154 4,886 164,902 17 30,946 4,773 1,808 2,489 14,226 7,650 17,319 17,281 3,209 193 1,691 12,188 5,028 168,269 24 30,597 4,409 1,807 2,456 14,216 7,709 17,338 17,473 2,906 184 1,679 12,704 5,058 165,423 1964 Mar. 4.. 28,197 4,938 111 2,868 14,403 5,877 19,574 17,384 3,098 271 1,607 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 1,726 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 1,744 13,221 5,481 179,498 25., 27r" 4,837 111 2,856 14,229 5,769 19,755 17,219 2,830 267 1,779 12,343 5,560 177,072 Apr. 1. 26,870 4,081 109 2,871 14,133 5,676 19,501 18,881 3,727 255 1,717 13,182 5,674 181,656 8. 27,960 4,836 113 2,923 14,454 5,634 19,53r 17,329 2,870 254 1,701 12,504 5,677 177,771 15. 27,261 4,281 115 2,995 14,279 5,591 19,836 18,589 3,331 245 1,779 13,234 5,662 182,403 22. 26,609 3,646 162 3,013 14,232 5,556 19,800 17,044 2,995 256 1,800 11,993 5,693 177,211 29. 26,713 3,806 155 3,022 14,184 5,546 19,759 17,379 2,837 266 1,842 12,434 5,714 177,812 New York City 1963 Apr. 3 6,527 1,713 211 500 2,44: 1,661 4,385 3,673 113 84 238 3,238 2,068 41,433 10 6,417 1,607 219 500 2,43' 1,654 4,496 3,676 105 67 252 3,252 2,037 41,212 17 6,61 1,813 226 507 2,419 1,649 4,716 3,479 92 80 243 3,064 2,161 41,739 24 6,565 1,754 223 515 2,407 1,666 4,675 4,205 87 71 246 3,801 2,167 41,439 1964 w"-n::::::::: 5 5 , , 8 7 0 7 0 2 1 1 , , 4 4 5 3 1 2 4 49 8 1 5 2 2 , , 6 6 7 8 7 0 1 1 , , 1 1 5 5 : ' 5 5 , , 2 24 1 1 6 3 3 , , 8 9 3 3 1 3 1 8 2 2 2 1 1 2 0 1 4 2 2 5 6 3 9 3 3 , , 3 4 3 7 5 8 2 2 , , 4 4 4 4 8 5 4 44 4 , , 9 5 8 2 3 4 18 5,794 1,500 493 2,652 1,12' 5,272 4,185 72 121 258 3,734 2,375 45,879 25 5,725 1,422 481 2,678 1,12 5,273 3,794 61 125 268 3,340 2,422 45,298 V<*r. 1 5,382 1,161 490 2,654 1,056 4,99' 4,604 562 113 255 3,674 2,486 47,440 8 5,842 1,503 480 2,779 1,058 4,98 3,904 90 117 267 3,430 2,500 45,182 15 5,399 1,133 474 2,732 1,038 5,270 4,480 239 110 262 3,869 2,539 46,523 22 5,180 904 487 2,69. 1,038 5,209 3,635 58 121 263 3,193 2,547 44,400 29 5,235 972 490 2,683 1,041 5,185 4,003 56 120 263 3,564 2,512 45,449 Outside New York City 1963 Apr. 3 24,33i 3,01 1,539 2,007 11,780 5,99: 12,44: 13,534 2,990 106 1,295 9,143 2,85 124,555 10 23,93 2,593 1,575 1,995 11,793 5,97: 12,48 13,219 2,847 104 1,366 8,902 2,849 123,690 17 24,33: 2,960 1,582 1,982 11,807 6,00 12,60: 13,802 3,117 113 1,448 9,124 2,867 126,530 24 24,03: 2,655 1,584 1,941 11,809 6,04: 12,66: 13,268 2,819 113 1,433 8,903 2," 123,984 1964 Mar. 4 22,39' 3,48' 88 2,377 11,723 4,722 14,33 13,55: 2,976 150 1,354 9,073 3,06 131,883 11 22,09 3,297 90 2,370 11,629 4,707 14,34C 13,70 2,934 142 1,457 9,168 3,119 131,529 18 22,Hi 3,36' 90 2,379 11,627 4,659 14,39S 14,04( 2,924 143 1,486 9,487 3,106 133,619 25 22,07 3,41: 89 2,375 11,551 4,647 14,48: 13,42. 2,769 142 1,511 9,00: 3,13r 131,774 Apr. 1 21,48 2,92< 88 2,381 11,479 4,62C 14,504 14,27' 3,165 142 1,462 9,508 3,18! 134,216 8 22,11 3,33: 91 2,443 11,675 4,57i 14,558 13,42 2,780 137 1,434 9,074 3,17' 132,589 15 21,86: 3,14: 93 2,521 11,547 4,55 14,56( 14,10S 3,092 135 1,517 9,365 3,12 135,880 22 21,42< 2,74: 105 2,526 11,538 4,51! 14,591 13,40S 2,937 135 1,537 8,80C 3,14 132,811 29 21,471 2,83- 106 2,532 11,501 4,50: 14,57- 13,37f 2,781 146 1,579 8,87r 3,202 132,363 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 WEEKLY REPORTING MEMBER BANKS MAY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday ju u T s n o t a e t d a d l - * j p m u o a s d a t d s e e n i - - t d d s 5 Total6 IPC G S l a o t o n c a v d a te t l . For- G U o .S v . t, c m m D c o t i e 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 ig o n 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 Apr. 3 144,118 61,811 90,700 65,005 4,77: 1,676 3,684 12,072 53,418 35,956 10,447 3,839 2,790 48 2,563 5,46: 13,797 10 142,96: 63,139 89,439 65,970 4,65 1,674 1,843 11,545 53,523 35,92910,529 3,856 2,814 26! 2,409 5,44: 13,820 17 146,256 64,393 92,831 68,586 5,056 1,676 ,991 12,070 53,425 35,78510,470 3,961 2,812 33 2,559 5,636 13,785 24... 142,722 63,529 89,072 65,806 5,050 1,758 2,389 10,874 53,650 35.80110,601! 4,006 2,843 798 2,359 5,759 13,785 1964 Mar. 4... 153,247 62,353 92,140 65,731 5,304 763 3,68912,038 61,107 38,36014,475 4,407 3,411 12 2,211 6,220 14,717 11... 152,608 63,457 91,237 67,421 4,687 754 2,14811,558 61,371 38,42814,687 4,383 3,414 39' 2,613 6,170 14,724 18... 155,196 63,360 94,006 67,781 4,797 754 4,49811,516 61,190 38,50914,319 4,437 3,439 911 2,714 5,986 14,691 25... 153,467 62,630 92,053 65,376 5,169 854 5,49310,795 61,414 38,56614,513 4,390 3,460 21 2,842 6,034 14,708 Apr. .... 157,257 62,53: 95,811 66,659 5,349 1,841 5,130 12,192 61,446 38,70414,418 4,381 3,457 223 3,470 5,926 14,780 154,008 63,083 92,338 66,452 4,768 1,775522 "3,917 11,638 61,670 38,67214,625 4,369 3,523 103 2,917 5,947 14,796 15... 157,911 65,987 96,401 70,854 6,204 1,803 ,38012,024 61,510 38,48314,508 4,448 3,604 716 2,841 6,057 14,878 22... 152,622 64,341 90,665 67,881 5,314 1,820 1,309 10,946 61,957 38,459 .1 4.,7574,588 3,684 103 3,279 6,337 14,870 29 153,455 63,959 91,232 66,813 5,529 1,806 2,948 10,464 62,223 38,43714,950 4,660 3,704 276 2,884 6,283 14,914 New York City 1963 Apr. 3... 33,889 15,647 24,123 16,334 298 1,218 1,037 3,232 9,766 4,189 3,110 269 2,004 894 2,792 3,858 10 33,528 15,966 23,738 16,484 278 1,236 493 2,944 9,790 4,188 3,108 268 2,027 49 ,037 2,740 3,858 17... 33,938 16,167 24,243 17,161 287 1,245 498 3,164 9,695 4,165 3,053 266 2,015 ,096 2,849 3,856 24 33,295 15,988 23,518 16,575 274 1,309 662 2,892 9,777 4,169 3,H3 265 2,034 120 ,232 2,935 3,857 1964 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 2,924 148 11 36,797 15,967 24,566 17,046 270 1,290 515 3,139 12,231 4,450 4,698 379 2,440 ,219 2,819 148 18 37,593 16,046 25,467 17,402 241 1,299 1,226 3,135 12,126 4,466 4,529 386 2,451 177 ,274 2,695 140 25 37,147 15,713 24,955 16,613 343 1,380 1,559 3,004 12,192 4,471 4,598 372 2,457 ,200 2,811 140 Apr. 1 38,922 16,106 26,805 17,457 364 1,363 1,516 3,144 12,117 4,484 4,500 389 2,452 ,582 2,774 4,162 8 36,927 15,797 24,721 16,665 284 1,282 ,192 3,012 12,206 4,468 4,557 395 2,497 ,285 2,806 4,164 15 37,907 16,758 25,822 17,708 881 1,349 289 3,233 12,085 4,430 4,430 391 2,559 ,572 2,811 4,163 22 35,891 16,142 23,676 16,919 274 1,363 248 2,951 12,215 4,427 4,507 383 2,619 ,385 2,932 4,161 29 37,119 16,285 24,857 17,123 377 1,338 824 2,943 12,262 4,418 4,563 384 2,618 ,285 2,887 4,158 Outside New York City 1963 Apr. 3 110,229 46,164 66,577 48,671 4,474 4582,647 8,840 43,652 31,767 7,337 3,570 786 48 1,669 2,670 9,939 10 109,434 47,173 65,701 49,486 4,374 4381,350 8,601 43,733 31,741 7,421 3,588 787 220 1,372 2,702 9,962 17 112,318 48,226 68,588 51,425 4,769 4311,493 8,906 43,730 31,620 7,417 3,695 797 33 1,463 2,787 9,929 24 109,427 47,541 65,554 49,231 4,776 4491,727 7,982 43,873 31,632 7,488 3,741 809 678 1,127 2,824 9,928 1964 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 1,440 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 Apr. 1 118,335 46,426 69,006 49,202 4,985 4783,614 9,048 49,329 34,220 9,918 3,992 1,005 223 1,888 3,152 10,618 8 117,081 47,286 67,617 49,787 4,484 4702,725 8,626 49,464 34,20410,068 3,974 1,026 103 1,632 3,141 10,632 15 120,004 49,229 70,579 53,146 5,323 454 ,091 8,791 49,425 34,05310,078 4,057 1,045 646 1,269 3,246 10,715 22 116,731 48,199 66,989 50,962 5,040 457 ,061 7,995 49,742 34,03210,250 4,205 1,065 72 1,894 3,405 10,709 29 116,336 47,674 66,375 49,690 5,152 4682,124 7,521 49,961 34,01910,387 4,276 1,086 276 1,599 3,396 10,756 iFAfter 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

MAY 1964 BUSINESS LOANS OF BANKS 593 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1964 1964 1964 1963 1963 Apr. - Apr. Apr. Apr. Apr. Mar. Feb. IV III 2nd 1st 29 15 half half Durable goods manufacturing: Primary metals 702 705 714 711 705 32 27 53 4 5 9 -38 Machinery 2,204 2,201 2,234 2,204 2,232 -49 32 83 177 9 186 151 Transportation equipment 850 858 871 872 876 -43 36 25 12 -5 -90 -95 -91 Other fabricated metal products. . . 903 893 907 898 906 24 57 34 72 -51 -7 -59 58 Other durable goods 1,119 1,118 1,113 1,105 1,101 37 71 20 40 -90 23 -67 91 Nondurable goods manufacturing: Food, liquor, and tobacco 1,328 1,331 1,385 1,394 1,485 -131 -41 -126 -459 496 148 644 -593 Textiles, apparel, and leather 1,515 1,527 1,556 1,537 1,547 -27 95 191 211 -238 71 -167 288 Petroleum refining 1,070 1,077 1,102 1,090 1,086 -25 -54 -43 -92 72 27 99 7 Chemicals and rubber 1,153 1,149 1,146 1,136 1,148 48 79 21 108 -20 -40 -60 66 Other nondurable goods 897 893 889 860 874 40 17 21 -96 60 -36 92 Mining, including crude petroleum and natural gas 2,679 2,693 2,676 2,677 2,654 -10 -33 -213 413 30 443 237 Trade: Commodity dealers 1,031 1,073 1,081 1,120 1,171 -137 -109 -104 -254 348 235 583 -263 Other wholesale 2,044 2,049 2,053 2,039 2,051 -4 55 37 -19 125 -30 95 23 Retail 2,518 2,524 2,529 2,430 2,516 23 124 72 -17 220 -67 154 52 Transportation, communication, and other public utilities 4.056 4,034 4,028 4,012 4,075 -44 -65 -135 -423 546 -16 529 -255 Construction 1,941 1,935 1,933 1,883 1,884 47 44 26 39 -27 67 40 133 All other: i Bankers' acceptances 871 844 921 918 902 -18 -43 43 -47 All other types of business, mainly 570 573 180 services 4,936 4,923 4,925 4,926 4,945 1 144 118 170 Total classified loans 31,817 31,827 32,063 31,812 32,158 -226 459 293 -728 2,446 427 2,873 137 Commercial and industrial loans— all weekly reporting banks 38,057 38,015 38,252 37,964 38,308 -115 582 395 -621 2,849 385 3,234 393 1 Beginning December 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from 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 j_ (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.: i 19 large cities : New York City: 1963—Mar 4.80 5.62 5.36 5.06 4.70 1955 3.7 5.0 4.4 4.0 3.5 June 4.78 5.61 5.37 5.05 4.68 1956 4.2 5.2 4.8 4.4 4.0 Sept 4.81 5.64 5.36 5.04 4.71 1957 . . 4.6 5.5 5.1 4.8 4.5 Dec 4.76 5.63 5.36 5.04 4.65 1958 4.3 5.5 5.0 4.6 4.1 1964—Mar 4.77 5.66 5.39 5.06 4.66 1959 5.0 5.8 5.5 5.2 4.9 7 northern and I960 5.2 6.0 5.7 5.4 5.0 eastern cities: 1961 5.0 5.9 5.5 5.2 4.8 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: l 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 5.33 5.07 June 5.01 5.86 5.54 5.24 4.84 June 5.32 5.97 5.63 5.34 5.12 Sept 5.01 5.86 5.54 5.21 4.85 Sept 5.30 5.96 5.64 5.33 5.09 Dec 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.31 5.07 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, 3V2; 1956—Apr. 13, 3%; 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, 41/2; Sept. 1, 5; and 1960—Aug. 23, 4i/2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 INTEREST RATES MAY 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 m 4 p o - a n t p o t e h r s 6 , - 1 m d 3 p i o - r l n a e to c c th t e l 6 s d y - , 2 90 a a c n d c c a e e y p s s t , - * 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 d k s ) et Other 4 i 3 s - s y u t e o e a s r 5 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—Apr 3.32 3.13 2.909 2.90 2.988 2.98 3.03 3.02 3.56 May 3.25 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 June 3.38 3.24 2.995 2.99 3.078 3.08 3.11 3.17 3.67 July 3.49 3.41 3.143 .18 3.272 3.31 3.40 3.33 3.78 Aug 3.72 3.57 3.59 3.320 .32 3.437 3.44 3.50 3.41 3.81 Sept 3.88 3.63 3.63 3.379 .38 3.494 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.61 3.59 3.91 Nov 3.88 3.75 3.71 3.522 3.52 3.648 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 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 Apr 3.91 3.80 3.80 3.484 3.47 3.676 3.66 3.75 3.63 4.18 Week ending— 1964—Apr. 4. 4.00 3.93 3.80 3.525 3.52 710 3.70 3.77 3.71 4.21 11. 3.98 3.84 3.88 3.503 3.48 703 3.69 3.77 3.68 4.19 18. 3.88 3.75 3.78 3.484 3.47 687 3.67 3.78 3.64 4.18 25. 3.88 3.75 3.75 3.463 3.45 662 3.64 3.74 3.58 4.16 May 2. 3.88 3.75 3.75 3.446 3.45 3.616 3.60 3.69 3.56 4.14 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 loca 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 Apr 3.97 3.21 2.97 3.55 4.47 4.21 4.87 4.40 A.63 4.39 4.31 3.15 3 97 3 21 2 99 3 54 4 48 4 22 4 86 4 40 A 63 4 39 4 29 3 13 June 4 00 3.31 3.09 3.62 4.47 4 23 4.84 4 40 4 61 4 40 4 29 3 16 5 88 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3.99 3.28 3.09 3.58 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 AAA 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 A AA 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 4 36 4 83 4 48 4 67 4 51 4 31 3 05 4 18 3 33 3 14 3 57 4 56 4 38 4 83 4 49 4 67 4 51 4 34 3 03 Apr 4.20 3.30 3.12 3.52 4.58 4.40 4.85 4.53 4.69 4.53 4.37 3.00 Week ending— 1964 Apr. 4 4.20 3.33 3.14 3.56 4.58 4.40 4.84 4.52 4.69 4.53 4.37 3.02 11 4 20 3 31 3 15 3 51 4 58 4 40 4 85 4 53 4 68 4 53 4 38 3 00 18 . 4.20 3.29 3.11 3.51 4.59 4.40 4.85 4.53 A.69 4.54 4.37 2.99 25 4.19 3.29 3.10 3.52 4.59 4.41 4.85 4.54 4.70 4.53 4.37 2.98 May 2 4.19 3.30 3.12 3.52 4.59 4.41 4.85 4.54 4.70 4.53 4.38 3.01 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

MAY 1964 SECURITY MARKETS 595 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 l u t t i i b y c l - - n s a a e i f c n n r i- e v d c - e Min- s s h a a o n r f e d s 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—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 65.64 151.1 141.4 137.7 145.0 134.9 191.3 176.5 135.2 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 Apr 83.84 110.3 94.7 79.94 84.92 43.27 67.30 163.0 154.9 151.8 158.0 153.2 195.7 189.2 149.3 5,616 Week ending— Apr. 4. 83.82 109.4 94.6 79.40 84.34 42.99 66.95 162.9 155.1 152.7 157.5 154.1 195.1 186.9 143.8 5,938 11. 83.85 109.9 94.6 79.81 84.78 43.35 67.20 162.6 154.9 152.3 157.4 154.0 193.4 188.2 147.4 5,483 18. 83.87 111.0 94.8 80.12 85.12 43.30 67.44 164.1 155.6 152.0 159.2 153.7 198.0 191.6 153.4 5,401 25. 83.94 110.7 94.6 80.33 85.35 43.45 67.60 162.5 154.0 150.2 157.7 150.8 196.3 190.1 152.6 5,803 May 2. 83.94 110.7 94.7 79.72 84.69 43.11 67.08 163.4 155. 151.4 158.6 153.4 195.9 191.5 158.4 5,549 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 5Vi-hour trading day. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit b«ilances with Bank loans to other than N.Y. Stock. Exchange brokers and dealers for pur- Money borrowed on— Cusfirms served by— chasing and carrying— tomers Months Total 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 I960—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—Apr 5,978 27 4,526 99 1,452 33 3,239 2,889 350 1,201 May.... 6,229 24 4,737 75 1,492 33 3,655 3,150 505 1,166 June.... 6,420 32 4,898 104 1,522 44 3,909 3,333 576 1,149 July 6,511 25 4,895 81 1,616 29 3,836 3,359 477 1,126 Aug 6,660 23 5,034 87 1,626 23 3,933 3,467 466 1,093 Sept 6,971 41 5,316 86 1,655 69 4,100 3,592 508 1,180 Oct 7,180 29 5,495 83 1,685 33 4,218 3,713 505 1,176 Nov 7,298 34 5,586 90 1,712 28 4,457 3,892 565 1,211 Dec 7,242 26 5,515 140 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 '3,646 r492 1,231 Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 1,165 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

596 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MAY 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Jased 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 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963—Mar 7,076 2,260 4,816 2,589 1.167 886 280 52 83 1,288 554 730 142 122 1.041 Apr 7,382 2,204 5,178 2,658 ,251 977 274 44 83 1,280 523 750 146 108 1,130 May.... 7,542 2,084 5,458 2,696 ,148 923 225 42 83 1,422 525 808 149 72 1,142 June 7,239 2,049 5,190 2,697 ,227 953 274 43 83 1,344 536 807 130 66 1,158 July 7,522 2,059 5,463 2,712 ,202 990 213 39 85 1,386 555 791 128 64 1,174 Aus 7,808 2,062 5,746 2,644 ,174 938 236 38 89 1,343 556 772 105 53 1,159 Sept 7,161 2,098 5,063 2,709 ,107 946 181 34 104 1,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 ,093 911 181 58 105 1,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2,744 ,190 976 214 42 102 1,410 571 842 54 46 1,230 Dec 6,747 1,928 4,819 2,890 .291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964—Jan 7,765 2,042 5,723 2,93s? ,393 1,025 368 68 91 1,386 557 962 70 39 1,310 Feb 8 119 2 079 6 040 3 0** 466 1 095 371 64 95 1,431 596 983 94 31 1 1 351 Mar 7,737 2,038 5,699 3,102 ,395 1,042 353 125 110 1,473 590 990 87 35 } 1,401 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortgage loan Total Other commitments 3 End of period M ga o g r e t- Other G U o .S vt . . S g l a o o t n c a v a d t t e l . C ot r o a h a n r e t p d e r o - i a C s a se sh ts O as t s h e e ts r s l a u ia a t c r i b n c p e i d t l s l s u i . - s D i e t p s o 2 s- lia ti b e i s li- S c u o a r u c p n - l t u s s Number Amount 1941 4,787 89 3,592 1,786 829 689 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 1 1 9 9 5 5 9 8 4 2 2 4 3 , , 7 0 6 3 9 8 3 3 2 5 0 8 7 6 , , 2 8 7 7 0 1 7 72 2 1 9 4 4 , , 9 8 7 4 1 5 9 8 2 2 1 9 5 5 3 5 5 2 3 38 7 , , 9 7 4 8 5 4 3 3 4 4 , , 0 9 3 7 1 7 6 5 0 2 6 6 3 3 , , 2 3 2 6 7 2 6 8 5 9 , , 2 9 4 i 8 i 1 1 , , 6 1 6 7 4 0 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 Feb 32,812 583 6,172 501 5,166 870 722 46,826 41,780 J 057 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 1,034 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 [,138 4,035 108,914 2,419 Aug 34,690 662 6,137 455 5,132 809 741 48,626 43,282 [,248 4,096 107,108 2,366 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 ,124 4,118 109,205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4 093 106,337 2 379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964 Jan 36,352 661 5,951 440 5,088 849 837 50,179 45,006 ,023 4,150 102,694 2,228 Feb 36,635 700 6,033 427 5,135 800 803 50,614 45,266 1,143 4,260 113,062 2,391 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. 583. 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

MAY 1964 SAVINGS INSTITUTIONS 597 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l 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 &57 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 1962—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 Feb ' 134 683 12,940 6 2"H 4 059 2.648 56,966 51,711 5 255 47,311 4 164 6 306 6 996 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 A.us 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 Feb . ... 142,531 12,506 5,805 3,857 2,844 60,050 54,281 5,769 51,126 4,377 6,770 7,702 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 i 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 ce s 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 . ... 5 376 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 1,347 430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 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 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 . 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 cl,999 1,221 2,230 1963—Feb 80,137 5,923 3,699 5,284 95,043 82,065 6,573 2,697 1,954 1,754 2,446 Mar 81 042 6,100 3,789 5,401 96,332 83,260 6,573 2,601 2,097 1,801 2,662 Apr 82,103 6,135 3,650 5,493 97,381 83,738 6,584 2,725 2,254 2,080 2,843 May 83,281 6,111 3,613 5,887 98,892 84,707 6,600 2,840 2,353 2,392 3,019 June 84,525 6,201 3,850 5,858 100,434 86,349 6,800 3,434 2,461 1,390 3,092 July 85 628 6,271 3,401 5,708 101,008 86,313 6,810 3,688 2,485 1,712 3,097 Aug 86,836 6,233 3,353 5,859 102,281 86,956 6,826 3,912 2,493 2,094 3,110 Sept 87,933 6,345 3,383 5,897 103,558 87,872 6,830 4,208 2,536 2,112 3,067 Oct 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.'" 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 2,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 2,336 2,137 2,818 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

598 FEDERAL FINANCE MAY 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 recpts. Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e t v s r s t a . : - * E r T e q c o u t a t s a l . l s 2 : Budget fu T P n l r u d u s s s : t 3 A m L d e e j n s u s t s s : t - A E p T q a o u y a t t a l s l s . : pay o m r ts. C (d d h i i e a r n n b e t g ct e a In g L v e b e n e y s . s s : t & , L N c e a o s s n s h : - Eq N u e a t ls: & agen.) trusts debt 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—Mar 9,663 2,123 237 11,545 7,806 1,968 852 8,922 2,622 -1,949 120 -4 -2,066 Apr 5,735 1,752 236 7,248 7,590 2,242 163 9,669 -2,421 104 -829 87 846 May 6.953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 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 1,550 830 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 -946 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. Budget in s d u e r o f p i r c lu it s T fu r n u d st s3 a C c l c e o a u ri n n t g s i M ss s u e a o c a r f . k n 3 e c t e i I n G n s e v o U c e v . . s 3 t S t . , . p d g d u i r e r b o e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T c u 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 t r s Fiscal year—1960 1,224 -870 -149 1,746 -925 1,625 -4 2,654 8,005 504 6,458 1,043 1961 -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 Half year: 1962—Jan.-June 962 1,256 704 879 -1,978 2,032 -81 3,936 10,430 612 8,815 1,003 July-Dec -8,160 -1,172 -599 874 870 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-June 1,894 2,315 720 148 -2,939 2,390 -78 4,607 12,116 806 10,324 986 July-Dec -8,567 -1,408 -365 1,648 403 3,487 -60 -4,741 7,375 880 5,621 874 Month: 1963—Mar. 1,857 154 618 -304 r 121 -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 -151 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 Mar 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. 2 Includes small adjustments not shown separately. 5 Includes technical adjustments not allocated by functions. 3 Includes net expenditures of Govt. sponsored enterprises. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 FEDERAL FINANCE 599 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d - ividual Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. E a g s n t if a d t te t C o u m s- s r m e a I p e n n a n t d . y ts - fu R n e d - s Other held Other Fiscal vear—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.. 97,224422 3322,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962.. 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963.. 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,735 15,127 4,114 2,187 1,241 1,903 6,571 2,516 Half year: 1962—Jan.-June. 57,19518,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 1,030 July-Dec.. 49,01118,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,848 2"0,120 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—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 ,192 499 311 3,998 3,026 933 229 106 109 1,204 157 June 13,980 3,272 2,033 5,511 ,171 507 267 1,422 1,337 48 188 95 128 292 458 July. 4,693 1,295 381 574 ,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 ,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 ,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct....... 4,423 1,404 247 557 ,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 ,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 ,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 ,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 ,112 382 320 3,382 2,393 954 184 87 102 944 170 Mar 12,168 3,222 770 6,654 ,121 264 1,678 1,527 109 196 108 177 1,960 202 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C ra a o e n n r m d s c p e - . H & m d o e u c u v n o s e i m i t l n y . - g l H w ab e el o a f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1960. . 94,328 45,915 1,574 401 4,877 1,822 4,819 1,440 19,107 867 5,907 7,233 1,558 1961.. 99,542 47,685 2,153 744 5,183 2,101 5,107 -103 22,364 945 6,187 7,257 1,724 1962.. 107.662 51,462 2,492 1,257 5,942 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,882 1963.. U3J751 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—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 4,385 251 355 701 192 394 -12 2,448 127 703 269 263 Feb 9,393 4,311 204 317 610 179 424 -383 2,357 120 468 1,396 178 Mar 9,390 4,425 131 359 541 171 446 -101 2,377 140 499 365 181 1962 1963 1964 1962 1963 1964 Item II III IV II III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts. . 26.5 27.3 27. 1 27.4 27.8 28.7 28 9 29.5 31.0 26.0 23.0 28.2 32.6 27.3 24.5 30.3 Payments. 27.0 28.1 29.2 28 28.2 30.4 30.2 30.4 27.8 28.5 29.6 26.5 29.1 30.9 30.6 28.6 Net - .5 - .7 -2. - .8 - .4 -1 .7 j 3 -1.0 3.2 -2.5 -6.6 1.7 3.4 -3.5 -6.1 1.7 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 U.S. GOVERNMENT SECURITIES MAY 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issue5 3 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s 2 l t Total Total Bills Ma C c r e k a r e t t e i t f a s i b - le Notes Bonds 4 b C v i o b e o n r l n d e t- - s T N o o ta n l m 5 arke b S t i o a n a n b g v d l s - e s i S s p su e e c s ia 6 l 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 I960 Dec 290 A 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963 Apr 303.7 303.2 257.6 204.3 49.4 21.8 53.0 80.1 3.5 49.7 48.1 41.6 May 305.8 305.2 257.6 204.1 49.7 22.2 52.1 80.1 3.5 50.0 48.2 43.6 306.5 305.9 257.2 203.5 47.2 22.2 52.1 82.0 3.5 50.2 48.3 44.8 July . . . .. 305.5 304.8 257.2 203.5 47.2 22.2 52.2 81.9 3.5 50.3 48.4 43.7 Aug 307.2 306.5 257.0 203.2 47.2 17.0 58.6 80.5 3.4 50.3 48.5 45.5 Sept 307.3 306.6 258.0 204.3 48.2 15.5 54.1 86.5 3.4 50.4 48.6 44.7 Oct 307.1 306.4 259.2 205.3 49.7 15.5 53.7 86.5 3.3 50.6 48.7 43.3 308.9 308.2 260.5 206.6 50.5 10.9 58.7 86.4 3.3 50.7 48.8 43.6 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 88.7 3.2 50.8 48.9 41.9 Feb C311.1 310.4 263.2 209.2 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 Apr 308.4 307.6 261.4 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 * Includes non-interest-bearing debt (of which $363 million, on Apr. 5 Includes Series A investment bonds, depository bonds, armed forces 30, 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 $14,421 million on Mar. 31, 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 t e a U r o n u n . v c s S d i t t . e . s b F an .R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r n o t e e d n i r g a - n l2 i O m t n o t v i h r s e e c s 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 C22.8 18.0 45.9 C22.1 12.0 10.1 I960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 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—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 48.0 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 C56.5 32.8 220.0 r62.6 5.9 11.1 22.0 21.0 48.1 19.2 15.9 14.2 Feb C311.1 57.5 33.2 220.5 61.9 6.0 11.0 23.0 21.4 48.2 r19.4 H5.9 13.6 Mar 310.4 57.6 33.8 219.0 61.2 6.1 10.9 22.0 21.9 48.3 19.7 15.4 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

MAY 1964 U.S. GOVERNMENT SECURITIES 601 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—Feb. 29.. 209,218 85,046 53,550 31,496 63,392 36,053 8,356 16,372 Mar. 31 208,223 84,044 52,548 31,496 63,413 36.047 8,356 16,363 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 2,731 309 2,583 1963—Dec. 31 11,889 1,844 1,366 478 1,910 3,021 178 2,936 1964—Feb. 29.. .. . 12,157 1,747 1,470 277 1,929 3,165 194 3,122 Mar. 31. 12,004 1,557 1,279 278 1,926 3,180 195 3.146 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—Feb. 29 33,169 18,734 3,728 15.006 12,149 2,067 88 131 Mar. 31 33.770 19,312 4,295 15.017 12,161 2,075 88 134 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—Feb. 29 163.893 64,565 48,352 16,213 49,314 30,821 6,074 13,119 Mar. 31 162;449 63,175 46,974 16,201 49,326 30,792 6,073 13.083 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— Feb. 29.. 52,977 14,403 8,299 6,104 26,574 10,938 531 531 Mar. 31 52,355 14,017 7,984 6,033 26,465 10,849 532 492 Mutual savings 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—Feb. 29 5,671 723 404 319 1,367 1,986 372 1,223 Mar. 31 5,750 752 427 325 1,415 1,984 372 1.227 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—Feb. 29 9,242 1,143 565 578 1,976 2,364 929 2,829 Mar. 31 9,146 1,042 481 561 1,924 2,416 927 2,837 Nonfinancial corporations: 1961—Dec. 31 10.547 8,697 5,466 3,231 1,747 72 22 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—Feb. 29 11,780 9,085 7,488 1,597 2,203 369 10 113 Mar. 31 10,589 7,922 6,290 1,632 2,198 351 9 109 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—Feb. 29 3,336 368 279 89 1,015 1,215 253 486 Mar. 31. 3,349 388 300 1,010 1,221 251 479 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 ,505 688 4.017 1963—Dec. 31.. 12,453 4,637 3,869 768 941 ,502 1,591 3,782 1964—Feb. 29 14,929 5,397 4,569 828 1,736 ,800 1,693 4.303 Mar. 31 15,197 5,462 4,694 768 1,893 ,830 1,697 4,314 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—Feb. 29 65,958 33,446 26,746 6,700 14,443 12,149 2,286 3,634 Mar. 31... 66,063 33,593 26,796 6,796 14,419 12,140 2,284 3,626 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 70 per cent by 506 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, include holdings of all those not ketable issues held by groups, the proportion held on latest date and the reporting in the Treasury Survey, including investor groups not listed number of reporting owners surveyed were: (1) about 90 per cent by the separately. 6,048 commercial banks, 504 mutual savings banks, and 786 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 U.S. GOVERNMENT SECUMTIES MAY 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 agency securities Total Within 1-5 5-10 Over mercial All 1 year years years 10 years G U o .S v . t. Other banks other securities 1963—Mar ,694 1,241 224 149 79 544 39 657 454 91 Apr 1,788 1,438 195 105 50 509 33 757 488 91 May 1,639 1,160 282 127 69 529 30 601 479 81 June 1,574 1,208 168 165 33 471 26 584 493 108 July 1,775 1,440 172 134 29 556 27 727 464 95 Aug 1,308 1,060 139 88 21 401 15 507 384 88 Sent 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 t ,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 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 Mar 1,685 361 213 81 31 563 22 657 443 86 Week ending— 1964—Mar. 4 1,890 J.5O9 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 Apr 1 2,078 1,715 264 76 24 611 16 851 600 92 8 2,091 ,673 316 72 30 754 25 807 505 177 15 1,834 .542 214 61 17 537 24 789 485 112 22 1,826 1,560 197 57 12 616 22 666 522 171 29 1,483 1,245 176 52 10 465 25 588 405 97 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 ea in 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 1 a- o A th l e l r 1963—Mar 3,547 2,439 563 543 212 Apr 3,467 2,934 355 178 228 1963—Mar 4,027 1,436 1,009 1,129 453 May 3,494 2,810 640 44 305 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 Mar 2,775 2,486 323 -34 195 Feb 3,645 1,048 879 1,355 363 Mar 2,971 784 613 1,247 326 Week ending— Week ending— 1964—Feb. 5.. 3,708 3,127 163 418 185 12.. 3,628 2,674 649 305 203 1964—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 Mar. 4.. 2,999 2,565 415 20 202 11. . 2,813 2,400 416 -3 195 Mar. 4... 3,085 756 603 1,459 267 18.. 3,023 2,691 355 -24 181 11... 2,979 771 482 1,456 270 25.. 2,515 2,343 252 -80 194 18... 3,292 988 725 1,210 369 2,819 720 589 1,138 372 25... NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. 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

MAY 1964 OUTSTANDING SECURITIES 603 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, APRIL 30, 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. May 7,1964 2,100 Oct. 15, 1964 900 Nov. 15, 1965 3i/i 2,954 May 15. 1968 3% 2,460 May 14, 1964 2,103 Oct. 22, 1964 901 Feb. 15, 1966 35/8 5,653 Aug. 15, 1968 334 3,747 May 21, 1964 2,001 Oct. 29, 1964 900 Apr. 1,1966 iy2 675 Nov. 15, 1968 3% 1,591 May 28, 1964 2,003 Oct. 31, 1964 1,000 Aug. 15, 1966 4 5,820 Feb. 15, 1969 4 1,844 June 4,1964 2,102 Nov. 30, 1964 1,005 Oct. 1,1966 U/2 357 Oct. 1,1969 4 2,537 June 11, 1964 2,101 Dec. 31, 1964 1,000 Feb. 15, 1967 3% 3,475 Aug. 15, 1970 4 4,129 June 18, 1964 2,102 Jan. 31, 1965 1,000 Apr. 1,1967 IVi 270 Aug. 15, 1971 4 2,806 June 22, 1964 i 2,501 Feb. 28, 1965 1,001 Aug. 15, 1967 334 4,433 Nov. 15, 1971 3% 2,760 June 25, 1964 2,112 Mar. 31, 1965 1,001 Oct. 1,1967 iy2 457 Feb. 15, 1972 4 2,344 July 2, 1964 2,101 Apr. 1,1968 11/2 212 Aug. 15, 1972 4 2,579 July 9, 1964 2,101 Certificates Oct. 1,1968 IV2 115 Aug. 15, 1973 4 3,894 July 15, 1964 1,998 May 15, 1964 3*4 4,198 Apr. 1,1969 iy2 2 Nov. 15, 1974 3% 2,244 July 16,1964 2,001 Treasury bonds May 15, 1975-85.. AVA 1,218 July 23, 1964 2,001 Treasury notes June 15, 1962-67... 2 V2 1,460 June 15, 1978-83...3V4 1,587 July 30, 1964 2,002 May 15, 1964 4% 4,400 Dec. 15, 1963-68... 21/2 1,814 Feb. 15, 1980 4 2,610 Aug. 6,1964 900 May 15, 1964 3% 2,016 June 15, 1964-69...2V2 2,628 Nov. 15, 1980 31/2 1,914 Aug. 13, 1964 901 Aug. 15, 1964 5 2,045 Dec. 15, 1964-69... 21/2 2,540 May 15, 1985 3*4 1,129 Aug. 20, 1964 901 Aug. 15, 1964 334 4,086 Feb. 15, 1965 25/8 3,976 Feb. 15, 1990 3% 4,909 Aug. 27, 1964 902 Oct. 1,1964 li/i 490 Mar. 15, 1965-70.. .2y2 2,417 Aug 15, 1987-92... 4*4 365 Aug. 31, 1964 1,001 Nov. 15,1964 4% 3,867 May 15,1966 3% 2,8612 Feb. 15, 1988-93 4 250 Sept. 3, 1964 902 Nov. 15, 1964 334 5,961 Aug. 15, 1966 3 1,024 May 15, 1989-94... 4 H 1,560 S S S e e e p p p t t t . . . 2 1 1 4 0 7 , , , 1 1 1 9 9 9 6 6 6 4 4 4 9 9 8 0 0 9 0 0 9 A M M p a a r y y . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 3 4 \ % % y2 7 1 , , 4 9 8 6 7 1 6 7 6 N J M u o n a v e r. . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 7 - - 7 7 1 2 . .. .. . 2 3 i V 3 y / 2 8 i 1 1 1 , , , 8 4 3 5 0 0 1 5 5 F N e o b v . . 1 1 5 5 , , 1 1 9 9 9 9 5 8 31/ 3 2 2 4 , , 4 4 7 4 7 2 Sept. 30, 1964 1,002 Aug. 13,1965 378 6,202 Sept. 15, 1967-72...21/2 1,952 Convertible bonds Oct. 1,1964 901 Aug. 13, 1965 3% 1,066 Nov. 15, 1967 35/s 3,604 Investment Series B Oct. 8, 1964 900 Oct. 1,1965 IV2 315 Dec. 15, 1967-72... 2 Vi 2,745 Apr. 1, 1975-80... 2 % 3,126 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, MARCH 31, 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 July 1,1963 3.45 Apr. 1, 1964 232 Apr. 15, 1963 3.30 Apr. 15,1964 435 Aug. 1,1963 3.65 May 4, 1964 223 Aug. 15,1963 3.70 May 15,1964 330 Sept. 3, 1963 334 June 1, 1964 197 J S u e l p y t . 1 1 6 6 , , 1 1 9 96 6 3 3 3 3 .9 y 5 2 J J u u l n y e 1 15 5 , ,1 1 9 9 6 6 4 4 4 3 1 2 3 6 O N c o t v . . 4 1 , , 1 1 9 9 6 63 3 3 3 V % & J A u u ly g . 3 1 , , 1 1 9 9 6 6 4 4 1 17 8 8 8 Oct. 15, 1963 3.90 Aug. 17,1964 300 Dec. 2,1963 3.95 Sept. 1, 1964 203 Dec. 9,1963 4.00 Sept. 15,1964 564 Jan. 2,1964 4.00 Oct. 1, 1964 256 Feb. 17, 1964 3% Nov. 16,1964 175 Feb. 3,1964 3.90 Nov. 2, 1964 315 Mar. 3, 1964 3.90 Dec. 1, 1964 278 Bonds: Federal land banks J D S u e e n p c e t . . 1 1 9 7 7 , , , 1 1 1 9 9 9 6 6 6 3 3 2 4 3 3 V 3 y 4 s 2 A O Se c u p t g t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 4 5 4 2 1 6 0 7 0 0 5 Bo A A n u p d g r s . . : 2 8 0, , 1 1 9 9 6 6 3 3 4 3 » % /2 A Au p g r. . 2 2 0 0 , , 1 19 9 6 6 4 4 2 1 1 4 5 7 Dec. 10, 1960 4 Oct. 20,1964 142 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 3y8 Feb. 21, 1966 150 Debentures: May 1,1958 3*4 May 2,1966 108 May 10, 1961 3% May 11,1964 87 Sept. 20, 1961 414 July 20,1966 193 Sept. 11, 1961 4 Sept.10,1964 144 Feb. 15, 1957 4% Feb. 15,1967-72 72 Dec. 11, 1961 3% Dec. 11,1964 111 May 1, 1962 4 May 22,1967 180 D D A A S M e e e p p a p c c r r r . t . . . . . 1 1 1 1 1 1 1 2 0 0 0 0 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 5 5 5 0 0 2 8 9 7 4 3 4 4 3 4 3 % 3 y 5 % 4 / / 8 8 8 J D A M M A u e p p a a n c r r r r e . . . . .1 1 1 1 1 1 1 0 0 0 0 2 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 7 9 5 8 6 6 0 1 1 9 9 8 8 4 0 8 3 7 8 6 8 J O O A M F u e c c p l a b y t t r y . . . . 2 1 2 2 1 1 1 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 6 6 5 9 9 7 3 3 7 4 4 4 4 4 5 1 V i % / / 4 4 8 2 8 J J O O M M u u c c l n a a y t t e r r . . . . 2 2 1 2 2 3 0 5 0 0 1 , , , , , ,1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 9 9 7 8 8 7 -70 1 1 1 7 8 6 7 8 0 5 6 0 4 6 0 A S S e e u p p g t t . . . 2 1 1 3 2 1 , , , 1 1 1 9 9 9 6 6 6 0 1 0 4 4 4 V 1 V /2 s s A S S e e u p p g t t . . . 1 1 1 0 0 0 , , , 1 1 1 9 9 9 7 7 7 1 1 0 1 9 6 1 8 4 9 J F F a e e n b b . . . 1 5 1 4 , , , 1 1 1 9 9 9 6 6 5 0 0 8 5 5 3 V V V & % 2 A J F u e p l b y r . . 2 2 0 0 1 , , , 1 1 1 9 9 9 7 7 7 0 0 0 8 8 8 2 3 5 Feb. 10, 1960 5V6 Feb. 10,1972 100 May. 1, 1956 3% May 1,1971 60 D J F u e e n b c e . . 1 1 1 1 3 2 , , , 1 1 1 9 9 9 6 6 6 1 2 1 4 4 4 3 % l/ / 4 8 J J F u u e n n b e e . 1 1 1 0 2 2 , , , 1 1 1 9 9 9 7 7 7 3 7 2 1 1 1 0 9 4 0 8 6 S F Fe e e b b p . . t . 2 2 1 0 0 4 , , , 1 1 1 9 9 9 6 6 5 3 2 6 4 3 4 V % l/2 s S F F e e e p b b . . t . 2 2 1 0 0 5 , , ,1 1 1 9 9 9 7 7 7 2 3 4 -78 1 1 15 0 4 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 197 July 1,1961 4% July 1, 1986 50 Feb. 1,1962 4l/2 Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 CREDIT AGENCIES; SECURITY ISSUES MAY 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks F M ed o e rt r g al a g N e a A tio ss n n a . l Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A t e n e o d m c r - s e - s I m nv e e n s t t s - p C a o d a n e s s - d i h ts B n a o o n n t d e d s s M po b d e e s e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e d e e ) s s n- c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A i n a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A a o g n r ) e t s - B ( o L n ) ds 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 1,315 454 222 932 886 919 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 m 90 1,266 938 989 2 788 2,523 649 407 1,501 1,454 2 564 2 210 1961 2 662 .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 1,727 3,052 2,628 1963—Mar.. 2,514 .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 ,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 .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 ,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,023 3,218 2,725 Aug.. 3,758 ,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 .484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 • .537 131 3.599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1515 96 3,599 978 1.166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 .906 159 4,363 1.151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 1,730 101 3,961 944 1,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 1.622 86 3,631 943 1,182 1,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 1,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in- principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, 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 amount Period deliv- Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 ered3 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 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 1960 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 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—Feb 855 446 389 20 100 347 407 850 746 252 114 91 91 198 Mar 1,018 649 215 ""1*38 16 265 333 420 902 976 251 52 233 142 298 Apr 957 697 244 16 160 208 589 1,008 869 371 70 226 202 May.... 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.... 928 462 444 21 78 431 419 1,084 680 247 67 157 26 183 Aug.. . . 764 394 240 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 754 401 310 43 185 208 362 897 729 278 130 221 2 98 Dec 495 401 85 9 69 126 299 1,005 416 158 136 115 1964—Jan 975 597 208 140 31 215 323 438 422 919 265 100 141 60 310 Feb 817 646 162 1 8 213 189 415 914 749 237 227 3 30 220 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 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference 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

MAY 1964 SECURITY ISSUES 605 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds Gross proceeds, all issues 1 all corporate issues 5 Noncorporate Corporate New capital Re- Period tire- Total G U o . v S t . .2 G a U c g y o . e S v n 3 t . - . S U l a o t n . c a S d a te . l Other 4 Total Total o B P f l f o i u e c n b r l e y d - d s p v l P a a t r c e i e - ly d fe P r r r e e - S d toc C k om- Total Total m N on e e w y 6 O p p o t u h s r e e - s r s m ri e o t e c i f e u n s - t 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7.449 1,052 11,558 9,652 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,526 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9,425 4,706 4.720 449 3,273 12,874 11,979 10,829 1,150 895 1962 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4;529 436 1,318 10,572 9,814 8,323 1,491 757 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 ,528 1963—Feb.. 2,166 425 148 810 141 642 548 259 289 17 77 631 594 448 146 37 Mar. 2,830 396 989 82 1,363 1,273 499 774 17 74 1,349 1,144 1,056 88 205 Apr.. 2,927 716 "186 915 62 1,049 832 380 452 26 191 1,034 930 812 118 104 May. 2,783 409 902 131 1,340 1,244 550 694 17 78 1,323 904 830 74 419 June. 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 1,013 783 230 217 July. 2,089 413 789 78 810 710 279 431 35 65 797 676 588 89 121 Aug., 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 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 483J 13 1,459 1,376 626 751 i30 53 1,444 1,415 1,098 316 30 1964—Jan.. 2.486 474 1,006 14 991 871 338 533 94 979 925 872 53 53 Feb.. 2; 090 413 810 779 692 279 413 770 750 584 166 20 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utility Communication 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 capital 8 secu- capitals secu- capital^ secu- capitals secu- capitali 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 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 1961 3,708 306 1,095 46 680 26 2,892 104 1,427 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,281 10 1,773 39 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1963—Feb.. 220 6 52 1 30 115 30 68 110 Mar.. 592 31 85 5 143 97 61 43 183 105 Apr.. 148 5 64 12 34 342 86 71 271 1 May. 216 29 60 2 101 60 222 58 92 262 212 9 June. 227 10 114 3 109 12 230 179 58 276 5 July. 297 28 63 4 35 107 82 86 5 89 2 Aug.. 272 3 50 7 36 100 22 25 71 155 4 Sept.. 237 47 32 4 61 78 39 348 7 Oct.. 240 5 60 4 25 201 73 41 446 1 Nov.. 214 41 5 83 131 41 13 337 4 Dec. 515 104 118 198 2 64 416 6 1964—Jan.. 153 21 103 108 27 152 329 Feb.. 137 3 68 165 156 4 82 142 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 notation. 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

606 SECURITY ISSUES MAY 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I C n O ve S s .* 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 1562 IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 79 1963 I 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,267 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 Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 RFC, special offerings to employees, and also 3 Railroad and other transportation cos. i n n e t w o s s t t o o c c k k s i . s R su e e t s ir e a m nd e n c t a s s h in c p l r u o d c e e e t d h s e c s o am nn e e c ty te p d e s w o i f t h i s c s o u n es v , e a rs n i d o n a s l s o o f s b ec o u n r d i s - * Includes investment cos. ties retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 605. actions only. As contrasted with data shown on p. 605, 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 Sales1 Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 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—Mar... 200 117 84 22,639 1,350 21,289 1953 672 239 433 4,146 Apr... 203 133 70 23,487 1,256 22,231 1954 863 400 463 6,110 309 5,801 May.. 194 132 61 24,038 1,286 22,752 June.. 195 115 79 23,692 1,166 22,526 1955 1,207 443 765 7,838 438 7,400 July... 219 124 95 23,550 1,310 22,240 1956 1,347 433 914 9,046 492 8,554 Aug... 193 123 69 24,925 1,287 23,638 1957 1,391 406 984 8,714 523 8,191 Sept... 206 142 64 24,496 1,300 23,196 1958 1,620 511 1,109 13,242 634 12,608 Oct.... 214 132 82 24,914 1,374 23,540 1959 2,280 786 1,494 15,818 860 14,958 Nov... 210 123 87 24,774 1,419 23,355 Dec... 225 132 92 25,214 1,341 23,873 1960 2,097 842 1,255 17,026 973 16,053 1961 2,951 1,160 1,791 22,789 980 21,809 1964—Jan... 294 183 110 25,854 1,383 24,471 1962 2,699 1,123 1,576 21,271 1,315 19,956 Feb... 219 165 55 26,334 1,380 24,954 1963 2,460 1,504 952 25,214 1,341 23,873 Mar... 263 184 79 26,863 1,403 25,460 1 Excludes shares issued to shareholders as capital gains and dividend NOTE.—Investment Co. Institute data based on reports of members, distributions. which comprise substantially all open-end investment cos. registered with 2 Market value at end of period less current liabilities. the Securities and Exchange Commission. Data reflect newly formed 3 Cash and deposits, receivables, all U.S. Govt. securities, and other cos. after their initial offering of securities. short-term debt securities, less current liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 BUSINESS FINANCE 607 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 Industry 1959 1960 1961 1962 1963 III IV III i IV Manufacturing Total (180 corps.): Sales 118,423123,126122,849135,579145,825 34,602 31,995 35,690 34,549 37,521 35,007 38,748 Profits before taxes 14,090 13,463 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 7,121 7,135 8,184 9,041 2,096 1,700 2,355 2,078 2,431 1,984 2,548 Dividends 4,342 4,464 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 47,277 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 5,570 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 3,210 3,219 3,416 3,662 815 827 959 867 899 935 961 Dividends 1,912 1,953 2,037 2,153 2,270 513 517 611 539 539 543 650 Durable goods industries (101 corps.): 3 Sales 72,981 75,849 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 7,893 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 3,911 3,916 4,768 5,379 1,282 873 1,397 1,211 1,532 1,049 1,587 Dividends 2,430 2,510 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 ,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 9,556 2,408 2,332 2,405 2,238 2,474 2,398 2,447 Profits before taxes 845 648 625 728 816 186 172 237 116 252 197 252 Profits after taxes 578 445 382 571 651 105 125 275 82 189 156 225 Dividends 406 385 359 367 383 92 67 123 89 103 66 125 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 1,417 335 337 335 336 357 368 356 Dividends 743 806 867 935 232 235 237 225 255 252 256 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

608 BUSINESS FINANCE MAY 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year 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 - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a l t l s i p o o u i w n 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 - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a t l s l i p o o u i w n t m a - l pances ! ances i 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 III.... 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 IV.... 48.4 22.9 25.5 17.1 8.4 31.3 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 III.... 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'... 54.3 25.8 28.6 18.8 9.7 33.2 i Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt. i Govt. i 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 1960 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—1 144 9 327.7 36 9 20 7 3 5 148 7 102 7 15 2 182.8 2 3 120.2 14.1 46.2 II 147.1 334.7 38.0 20.2 3.3 153.1 104.0 16.0 187.6 2.5 123.8 14.2 47.1 Ill 149.7 341.6 38.5 19.6 3.4 157.8 105.8 16.6 192.0 2.5 126.6 15.1 47.7 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) Manufacturing 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 ca m ti m on u s - Other i a ( r n S a n . t u e A ) a . l 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958. . . 30 53 5.47 5 96 .94 .75 1.50 6 09 2.62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5 65 3.79 10 03 1964 2 43.19 8.97 8.75 1.04 1.38 2.06 6.01 1'.98 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—1 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 III 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 2 9.15 1.81 1.84 .24 .29 .48 1.12 3 37 41.25 II 2 10.99 2.32 2.13 .28 .41 .68 1.51 3 66 42.70 1 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

MAY 1964 REAL ESTATE CREDIT 609 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfanri 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 4 tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions 1 ers tutions1 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 1962* 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* 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 II* 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 Ill* 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 IV* 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—I* 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 n* 265.1 204.1 11.2 49.9 249.0 173.7 147.9 25.8 75.3 50.3 25.0 16.1 5.9 10.2 Ill* 273.1 210.6 11.1 51.4 256.5 178.2 152.2 26.0 78.3 52.3 26.0 16.5 6.1 10.5 IV* 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 holdings 2 Residential Residential End of period Total Other O n t o h n e - r FHA- VA- Con- non- Farm Total FHA- VA- Con- farm Farm Total in- guar- ven- farm 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 29 181 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 1961—11 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 Ill 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 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 I . 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 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 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 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

610 REAL ESTATE CREDIT MAY 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 1 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 c36,370 8,273 7,086 c21,011 C2,827 I960 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 t.576 680 5,878 872 50,543 46,753 10,790 6,411 29,552 3,790 1963 Feb r. 523 452 100 44 308 71 47,311 43,889 10,301 6,398 27,190 3,422 Mar 705 608 125 63 420 97 47,618 44,156 10,388 6,399 27,369 3,462 Apr 705 624 126 68 430 81 47,910 44,407 10,444 6,418 27,545 3,503 May 713 635 129 73 433 78 48,165 44,616 10,483 6,428 27,705 3,549 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July .... 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 Aue 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 Feb 705 615 140 54 421 90 51,126 47,271 10,923 6,423 29,925 3,855 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 a s s a n v n s - & . p I c a n a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b s i 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 J 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 1,780 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 7,207 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 QS7 1963 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1963 36,925 16.716 1,339 6,354 2,061 1963 1963 Mar 1,834 573 666 81,042 4,535 7,045 69,462 Jan . ... 2,876 2,658 1,143 100 457 141 Apr 2,058 622 760 82,103 4,547 7,068 70,488 Feb 2,869 2,424 1,086 88 408 123 May 2,199 651 854 83,281 4,581 7,089 71,611 Mar 2,907 2,751 1,261 99 467 126 June 2,242 638 936 84,525 4,587 7,047 72,891 Apr 2,986 3,065 1,412 112 539 145 July 2,341 619 1,003 85,628 4,621 7,084 73,923 May 3,066 3,233 L,497 116 563 168 Aug 2,428 623 1,071 86,836 4,635 7,085 75,116 3,121 3,177 1,468 119 551 181 Sept 2,196 642 928 87,933 4,662 7,058 76,213 July 3,183 3,515 .606 127 595 218 Oct 2,387 685 977 89,051 4,679 7,028 77,344 3,213 3,525 1.611 123 612 212 Nov 1,856 502 757 89,857 4,683 6,980 78,194 Sept 3,189 3,177 1,442 116 546 190 Dec 2,118 620 776 90,849 4,685 6,960 79,204 Oct 3,134 3,534 1,594 125 616 206 Nov 3,149 2,880 1,271 103 495 184 1964 Dec 3,059 2,987 1,322 110 504 166 Jan 1,716 434 696 91,453 4,705 6,931 79,817 1964 Feb 1,712 474 674 92,163 4,705 6,902 80,556 Mar.p 2,078 625 786 93,070 4,706 6,876 81,488 Jan 2,758 1,170 103 483 145 * 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

MAY 1964 REAL ESTATE CREDIT 611 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period Total h N om ew es h is o E t m i x n - e g s e P c r t o s j - i m pr e i e o m r n t v y t - e s - 2 Total 3 h N om ew es h is o E t m i x n - e g s period Total Total s F u i H n re - A d - a g V n u t A a e r e - - d ti v o e n n a - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957....... 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 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 1,079 834 2,652 1,357 1,292 1963^ .. 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—Mar. 546 137 279 73 57 219 106 113 II 159.1 60.4 30.9 29.5 98.7 Apr., 540 120 273 86 62 245 114 130 Ill 162.9 61.0 31.5 29.5 101.9 May, 562 123 292 72 75 260 108 151 IV 166.5 62.0 32.3 29.7 104.5 June, 590 118 301 86 85 226 91 135 July. 640 142 369 72 56 265 98 167 1963—IP 169.2 62.8 33.0 29.8 106.4 Aug. 653 136 372 60 86 278 103 175 IIP 173.7 63.5 33.5 30.0 110.2 Sept. 617 138 367 46 66 267 103 165 III? 178.2 64.3 34.3 30.0 113.9 Oct.. 734 160 407 88 79 316 119 196 IV* 182.2 65.2 35.0 30.2 117.0 Nov. 577 127 317 55 78 258 100 158 Dec, 601 142 345 63 52 255 106 149 NOTE.—For total debt outstanding, figures are 1964—Jan.. 666 162 381 62 61 268 114 153 FHLBB and F.R. estimates. For conventional, Feb.. 534 126 314 48 46 201 81 120 figures are derived. Mar. 600 126 357 59 58 208 84 124 Based on data from Federal Home 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. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Endof ( p d e u ri r o in d g ) m m e i n t- ts Period Ad- R m e e p n a t y s - M de e p m o b si e t r s s period Total F su H in r A e - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s - - ed Total t S e h rm or t- ! t L e o rm ng - 2 chases 1945 278 213 195 176 19 46 1956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957. 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958. 3,901 1,483 2,418 623 48? 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 1960. 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 2,882 200 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 294 3,479 2,005 1.474 1,213 1963. 4,650 3,017 1,634 290 1,114 191 1963 5,601 296 4,784 2,863 1,921 1,151 1963-—Mar ... 5,501 3,375 2,126 28 191 289 1963—Apr.. 425 304 2,635 1,516 1,119 1,250 5,227 3,269 1,958 28 268 281 May. 382 277 2,740 1,585 1,155 1,236 May . • • • 4,993 3,164 1,828 26 213 272 June. 696 166 3,270 1,876 1,393 1,325 June 4,883 3,114 1,769 32 102 251 July. 710 432 3,548 2,139 1,409 1,069 July 4,795 3,069 1,727 19 74 183 Aug., 466 256 3,758 2,296 1,462 1,011 Aug . 4,752 3,050 1,703 23 29 185 Sept. 517 251 4,024 2,493 1,531 1,014 Sept ........ 4,720 3,034 1,686 21 10 183 Oct.. 610 408 4,226 2,588 1,638 986 Oct 4,702 3,033 1,669 23 5 190 Nov. 363 299 4,290 2,611 1,679 978 Nov 4,677 3,021 1,656 15 7 196 Dec. 754 259 4,784 2,863 1,921 1,151 Dec 4,650 3,017 1,634 24 19 191 1964—Jan.. 467 837 4,414 2,653 1,762 944 1964-~jan 4,624 3,006 1,618 21 11 189 Feb.. 225 424 4,216 2,500 1,716 943 Feb 4,613 3,011 1,603 24 4 188 Mar. 339 387 4,168 2,406 1,763 977 Mar 4,598 3,016 1,582 27 11 192 Apr.. 573 296 4,444 2,463 1,982 957 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin., and Community 1 year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 CONSUMER CREDIT MAY 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co O g 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 n m a a s t o i i * 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 s e 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 I960 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—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 SeDt 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 Oct 67,088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964—Jan 69,203 53,597 22,189 13,638 3,354 14,416 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 Mar 68,913 53,795 22,471 13,451 3,321 14,552 15,118 6,002 4,634 4,482 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 Retailoutlets End of period Total Com- Sales Con- Depart- Furni- Appli- Auto- Total mercial finance Credit sumer Other i Total ment ture ance mobile Other banks cos. unions finance * stores 2 stores stores dealers 3 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1.269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 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 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 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 1,647 6,753 3,427 [,086 287 328 1,625 1963—Mar. 48,075 42,531 19,450 12,460 4,928 4,139 ,554 5,544 2,566 1,002 278 315 1,383 Apr. 48,806 43,149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 1,382 May 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 1,377 June 50,307 44,373 20,602 12,693 5,251 4,241 1,586 5,934 2,925 997 274 331 1,407 July. 50,894 44,878 20,874 12,807 5,330 4,276 1,591 6,016 2,999 994 274 343 1,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 1,627 6,151 3,107 1,004 276 341 1,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 1,630 6,031 3,025 1,009 279 321 1,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 1,629 6,096 3,077 1,015 280 325 1,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 1,644 6,233 3,172 1,032 282 326 1,421 Dec. 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964—Jan.. 53,597 47,300 21,630 13,840 5,584 4,592 1,654 6,297 3,063 1,065 281 328 1,560 Feb. 53,552 47,454 21,799 13,788 5,607 4,595 1,665 6,098 2,949 1,047 278 330 1,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 1,667 6,142 3,044 1,022 273 334 1,469 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

MAY 1964 CONSUMER CREDIT 613 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r R e l m r t o a e n i n o a p o i n z d d a n a s - 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 p o h n e d e e - r r s r m R iz l o o a e a n d a p t d i n e a o s r i n r n- l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 ,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,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—Mar. 12,460 7,514 3,307 164 ,475 1963—Mar.. . 19,450 6,386 3,592 2,866 2,209 4,397 Apr. 12,506 7,639 3,214 162 ,491 Apr 19,882 6,549 3,699 2,895 2,229 4,510 May 12,583 7,778 3,136 162 ,507 May... 20,229 6,695 3,794 2,930 2,258 4,552 June 12,693 7,934 3,069 162 ,528 June... 20,602 6,849 3,869 2,973 2,286 4,625 July. 12,807 8,069 3,011 162 ,565 July... 20,874 6,976 3,922 2,986 2,312 4,678 Aug. 12,906 8,153 2,986 161 ,606 Aug.. . 21,101 7,073 3,936 3,012 2,336 4,744 Sept. 13,073 8,099 3,157 161 ,656 Sept.. . 21,145 7,072 3,903 3,033 2,352 4,785 Oct.. 13,187 8,163 3,186 161 ,677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov. 13,302 8,210 3,233 160 ,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 3,701 156 ,763 1964—Jan... 21,630 7,246 4,016 3,134 2,333 4,901 Feb. 13,788 8,227 3,635 154 ,772 Feb... 21,799 7,275 4,052 3,226 2,316 4,930 Mar. 13,802 8,265 3,603 152 ,782 Mar.. . 21,919 7,364 4,102 3,195 2,303 4,955 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- losins End of period Total mobile sumer modern- sonal 1 1 9 94 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 5 4 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 t n t i i s h a o a t n e i l n - r - s s m t p D o a e r e r e n - t s - t i o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 1960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1960 13,196 3,884 623 941 3,952 436 3,360 1963—Mar 10,621 2,123 747 804 6,947 1961 14,151 4,413 723 948 3,907 469 3,691 Apr 10,761 2,165 755 809 7,032 1962 15,130 4,690 766 927 4 252 505 3 990 May 10,911 2,208 764 825 7,114 1963 16,145 5,047 912 895 4,456 520 4,315 June 11,078 2,253 111 833 7,215 July 11,197 2,283 789 842 7,283 1963—Mar. . 14,074 4,727 812 587 3,308 479 4,161 Aug 11,368 2,316 799 860 7,393 Apr... 14,361 4,793 769 603 3,505 473 4,218 Sept 11,469 2,330 802 864 7,473 May.. 14,651 4,836 838 610 3,699 484 4,184 Oct 11,583 2,355 815 869 7,544 June.. 14,680 4,893 816 599 3,689 495 4,188 Nov 11,674 2,369 822 874 7,609 July... 14,597 4,874 809 555 3,682 523 4,154 Dec 11,859 2,394 835 870 7,760 Aug... 14,782 4,879 910 579 3,713 547 4,154 Sept.. 14,820 4,927 917 620 3,667 546 4,143 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 Mar 11,932 2,406 845 866 7,815 Dec... 16,145 5,047 912 895 4,456 520 4,315 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 NOTE.—Institutions represented are consumer finance cos., credit Feb... 15,234 5,036 922 655 3,590 560 4,471 unions, industrial loan cos., mutual savings banks, savings and loan Mar.. 15,118 5,076 926 614 3,485 535 4,482 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

614 CONSUMER CREDIT MAY 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i 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 Mar . 4,973 4,702 1 Rll 1,787 1 406 1,238 180 160 1 576 1,517 Apr 5,008 5,332 ,870 2,072 ,359 1,355 187 195 ,592 1,710 May 4,985 5,294 ,847 2,067 ,357 1,386 188 218 ,593 1,623 June 5,054 5,222 ,820 1,967 ,408 1,410 186 199 ,640 1,646 July 5,100 5,365 ,854 2,055 ,409 1,393 191 214 ,646 1,703 5,100 5,242 ,802 1,839 ,441 1,456 185 213 ,672 1,734 Sept 5,093 4,755 ,730 1,524 ,425 1,384 181 193 ,757 1,654 Oct 5,311 5,487 ,910 2,040 .457 1,547 188 205 ,756 1,695 Nov 4,979 4,981 .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 1,574 Feb 5,421 4,552 1,953 1,686 1,578 1,212 186 142 ,704 1,512 Mar 5,480 5,322 1,942 1,983 1,665 1,488 179 163 ,694 1,688 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—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 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 i Afn 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 1,547 1,549 Feb 4,842 4,597 1,716 1,604 1,395 1,383 171 161 1 560 1,449 Mar 4,956 5,079 1,735 1,783 1,468 1,504 174 177 1,579 1,615 Net change in credit outstanding 2 1956 . 2,814 960 965 212 678 1957 2,148 920 238 197 793 1958 -225 — 1 189 184 245 534 1959 5,601 2,268 1,602 463 1,269 I960 3 588 1 270 896 330 1 093 1961 . 696 — 465 332 53 777 1962 4 506 2 318 746 55 1,388 1963 5 711 2 659 1 161 143 1 748 1963—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 Aue 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 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 F M e a b r 5 5 2 7 4 9 - 2 4 4 5 3 2 2 3 0 7 7 20 8 0 2 1 1 9 8 7 3 -1 -1 7 6 1 1 5 5 - - 1 1 9 4 1 1 1 4 5 4 6 7 3 3 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

MAY 1964 CONSUMER CREDIT 615 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Period S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 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 Mar 4,973 4,702 1.902 1,840 1.022 957 1,191 1,151 858 754 Apr 5,008 5,332 ,916 2,133 ,032 1,094 1,223 1,283 837 822 May 4,985 5,294 ,887 2,074 1,042 1,107 1.224 1.276 832 837 5,054 5,222 ,919 2,010 1,016 1,076 1,245 ,268 874 868 July 5,100 5,365 ,898 2,066 1,054 1,159 1,254 ,307 894 833 5,100 5.242 ,878 1,920 1,051 1,094 1,274 ,328 897 900 Sept 5,093 4,755 ,878 1,744 1,021 955 1,322 ,218 872 838 Oct 5,311 5,487 *£,000 2,061 1,115 1,194 1,351 ,311 845 921 Nov 4,979 4,981 1,877 1,766 1,030 1,013 1,198 ,213 874 989 Dec 5,272 5,974 ,963 1,889 1,134 1,192 1,252 ,476 923 1,417 1964 Jan 5,276 4,784 1.928 1,825 1.125 1,020 1.312 .157 911 782 Feb 5,421 4,552 2,043 1,786 l|l87 980 1 283 1' 122 908 664 Mar , 5,480 5,322 2,006 2,011 1,209 1,166 1,292 1,290 973 855 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_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 ,701 1,014 1,048 1,112 1,143 715 709 May 4,544 4,616 1,681 ,727 1,017 1,030 1,114 1,126 732 733 June ., 4,568 4,399 1,699 ,637 1,012 966 1,129 1,101 728 695 July 4,591 4,778 1,690 ,794 1,007 1,045 1,144 1,188 750 751 Aug 4,619 4,610 1,692 ,693 1,000 995 1,158 1,157 769 765 Sept ,, 4,752 4,563 1,737 ,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1.737 ,815 1,054 1,129 1,209 1,197 780 807 Nov 4,596 4,543 1,734 ,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 1,802 ,765 1,039 1,066 1,167 1,291 804 802 1964—Jan 4,848 4,932 1,768 ,805 1,076 1,050 1,184 1,186 820 891 Feb 4,842 4,597 1,793 1,703 1,094 1.032 1,173 1,085 782 777 Mar. 4,956 5,079 1,843 ,891 1,084 1,152 1,201 1,225 828 811 Net change in credit outstanding 2 1956 . .. 2,814 1,176 670 733 235 1957 2,148 1,066 491 665 -75 1958 -225 -63 -765 289 315 1959 5,601 2,447 1,475 986 693 I960 3,588 1,446 1,152 1,051 -61 1961 696 335 — 199 578 —20 1962 4,506 1,997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1963—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 Sept 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 Nov....... 383 438 143 95 108 115 82 91 50 137 Dec 460 1,050 161 124 190 221 85 185 24 520 1964 Jan 428 -148 160 20 396 317 128 -29 -256 -456 Feb 579 -45 336 169 93 -52 110 37 40 -199 Mar 524 243 163 120 125 14 91 65 145 44 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

616 INDUSTRIAL PRODUCTION: S.A. MAY 1964 MARKET GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i o r o 7 o r n - - - 59 ^ a 1 a v g 9 e e 6 r- 3 Mar. Apr. May June July 1963 Aug. Sept. Oct. Nov. Dec. Jan.r F 1 e 9 b 6 . 4 Mar. Total index. 100.00 124.3 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 127.4 127.8 128.2 Final products, total 47.35 124.8 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.4 128.3 127.9 128.2 Consumer goods 32.31 125.1 123.1 122.5 124.1 125.9 126.4 126.7 128.0 128.2 128.2 128.5 128.5 128.3 Equipment, including defense. . . 15.04 124.2 120.7 120.4 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 128.0 126.7 127.8 Materials 52.65 123.6 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 126.2 127.7 128.2 Consumer goods Automotive products 3.21 141.1 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146. 149.1 147.6 146.4 146.5 143.7 Autos 1.82 149.5 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 154.6 158.0 152.5 Auto parts and allied products 1.39 130.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.5 132.1 Home goods and apparel 10.00 123.0 121.3 120.6 122.3 123.6 123.9 125.1 125.5 126.2 126.9 126.5 127.1 128.0 128.4 Home goods 4.59 129.4 127.3 126.9 130.3 131.0 130.1 132.0 132.3 131.3 132.8 133.6 134.0 136.7 136.5 Appliances, TV, and radios 1.81 124.7 123.2 123.6 128.0 129.1 126.0 130.2 130.4 126.6 129.4 128.1 127.5 130.9 128.9 Appliances 1.33 130.1 126.7 125.6 131.9 133.7 130.6 136.8 136.9 131.8 135.2 132.6 130.7 135.3 132.6 TV and home radios .47 109.4 113.4 118. 117. 116.0 112.9 111.4 112.0 112.0 113.1 115.6 118.6 118.6 118.5 Furniture and rugs 1.26 131.3 127.4 127.0 130.7 132.8 133.8 133.6 131.6 133.2 134.1 134.3 135.1 135.8 137.7 Miscellaneous home goods 1.52 133.6 131.9 130.7 132.6 131.7 131.9 133.0 135.2 135.4 135.9 139.5 140.8 144.4 144.5 Apparel, knit goods, and shoes.... 5.41 117.5 116.2 115.3 115.5 117.4 118.7 119.2 119.7 121.8 121.9 120.5 121.2 120.7 Consumer staples 19.10 123.6 121.8 121.0 122.9 123.8 125.2 126.1 125.4 125.7 125.3 125.8 126.2 125.7 125.2 Processed foods 8.43 116.5 115.2 114.9 115.9 116.1 116.3 117.9 117.9 118.1 117.8 119.0 120.1 119.1 118.8 Beverages and tobacco 2.43 115.0 114.0 112.7 116.2 115.2 117.1 117.4 112.9 116.0 114.5 115.7 114.8 118.0 Drugs, soap, and toiletries 2.97 140.0 137.7 137.1 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.4 142.2 140.1 140.8 Newspapers, magazines, and books. 1.47 117.8 115.3 118.3 119.3 119.3 119.1 120.2 118.2 117.6 117.2 120.9 120.3 123.4 123.7 Consumer fuel and lighting 3.67 134.4 131.4 128.7 132.0 136.1 138.2 138.4 137.6 138.0 137.9 135.7 136.9 135.0 Fuel oil and gasoline 1.20 116.9 117.3 115.0 115.6 119.2 115.5 115.6 118.8 119.3 118.2 117.2 115.9 117.6 119.1 Residential utilities 2.46 143.0 138.2 135.4 140.0 144.3 149.2 149.6 146.7 147. 147.4 144.7 147.2 143.4 Electricity 1.72 146.7 141.9 137.3 143.5 149.2 155.4 155.9 151.4 150.8 151.1 151.9 155.1 149.2 Gas .74 Equipment Business equipment 11.63 128.3 124.9 124.3 125.9 727.5 129.0 130.1 131.0 132.0 132.1 133.2 132.4 131.3 133.2 Industrial equipment 6.85 122.9 119.2 119.2 120.9 122.8 123.6 124.9 125.6 126.6 127.4 128.6 128.9 128.2 131.7 Commercial equipment 2.42 142.4 143.8 143.3 143.4 142.2 142.4 141.5 141.6 141.2 139.0 140.2 141.6 140.4 140.8 Freight and passenger equipment. 1.76 132.1 126.3 126.0 124.8 128. 135.3 134.6 140.7 140.6 139.7 137.2 135.6 137.5 134.1 Farm equipment .61 121.6 119.7 115.2 112.2 122.0 116.6 118.8 122.0 130.7 131.9 129. 133.5 127.9 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.1 118.0 121.2 124.5 125.8 125.2 121.9 122.1 722.5 722.5 722.2 722.5 725.7 126.4 Consumer durable 3.43 137.2 134.0 135.4 139.4 145.9 142.7 136.6 137.8 138.0 138.4 140.2 140.2 141.5 142.5 Equipment 7.84 125.4 122.2 123.1 125.1 128.0 126.4 126.3 128.4 128.3 125.9 127.9 128.2 128.4 129.5 Construction 9.17 116.3 112.4 115.1 116.7 118.0 119.4 119.2 119.0 119.3 119.0 117.8 118.2 121.4 121.5 Metal materials n.e.c.. . . 6.29 114.2 115.0 120.6 126.8 123.6 116.7 108.8 107.5 110.6 111.5 113.4 117.6 123.3 124.3 Nondurable materials 25.9. 126.2 122.6 124.7 126.9 127.3 128.3 128.4 128.0 725.5 72P.7 725.7 130.0 130.3 729.5 Business supplies 9.11 120.1 117.8 119.0 121.6 121.6 119.8 121.7 121.2 121.5 122.8 122.6 124.4 124.5 123.6 Containers 3.03 120.3 121.5 116.1 120.3 121.1 119.9 119.7 118.2 122.6 123.9 121.3 125.1 125.2 123.7 General business supplies. 6.07 120.1 115.9 120.4 122.2 121.8 119.8 122.7 122.7 121.0 122.3 123.2 124.0 124. 123.6 Nondurable materials n.e.c.. 7.40 145.1 140.2 143.2 145.0 145.3 147.6 147.0 147.9 149.8 150.2 150.5 151.4 153.2 153.7 Business fuel and power 9.41 117.2 113.3 115.6 117.9 118.8 121.2 120.4 119.1 118.7 118.6 117.5 118.5 118.1 117.0 Mineral fuels 6.07 109.3 105. 108.0 110.5 111.5 114.0 113.8 112.1 110.5 109.9 108.0 109.1 108.2 106.3 Nonresidential utilities 2.86 138.8 134.7 135.9 138.3 138.7 141.9 140.4 139.4 141.2 141.9 142.0 143.0 143.8 Electricity 2.32 139.4 135.3 136.5 139.0 139.2 143.0 141.0 139.7 141.9 142.5 143.3 144.1 145.0 General industrial 1.03 131.1 124.2 130.3 132.6 132.2 136.5 132.5 133.1 134.2 133.5 134.5 134.8 135.6 Commercial and other.. 1.21 149.7 147.5 144.6 147.6 148.3 151.8 151.4 148.4 151.7 153.5 154.1 155.5 156.4 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.1 140.8 139.5 Apparel and staples 24.51 122.2 120.5 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.1 124.6 124.4 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INDUSTRIAL PRODUCTION: S.A. 617 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 * a 1 a v g 9 e 6 e r- 3 Mar. Apr. May June July 196 A 3 ug. Sept. Oct. Nov. Dec. Jan.r F 1 e 9 b 6 . 4 ' Mar. Total index 100.00 124.3 121.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 126.9 127.4 127.8 128.2 Kfanufacturins total 86.45 124.7 121.9 123.1 125.2 126.4 126.8 125.9 126.1 127.1 127.5 127.9 128.2 128.8 129.2 Durable 48.07 124.4 121.5 122.8 125.6 127.4 127.0 125.0 125.3 126.3 126 6 127 0 127 9 128 7 129 4 38.38 125.1 122.5 123.4 124.8 125.2 126.4 127.2 127.1 128.1 128.6 128.9 128.6 128 9 128 9 Mining 8.23 107.8 105.4 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.5 106.6 108.3 108.1 107.2 Utilities 5.32 140.7 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 143 3 144 9 143 6 144 0 Durable Manufactures Primary and fabricated metals. .. 12.32 117.6 115.1 120.1 125.6 125.5 124.0 116.8 115.5 116.4 116.7 117.0 119.8 122.5 124.0 Primary metals 6.95 113.1 111.9 120.1 127.4 125.8 122.8 109.4 107.7 108.4 109 5 110 4 113.6 118 6 120 2 5.45 109.5 111.5 121.8 129.3 126.1 117.1 102.6 100.0 100.0 103.5 104.9 108.3 114 5 118 1 Nonferrous metals and products.. 1.50 126.3 123.7 121.0 124.2 125.5 123.5 126.4 129.4 103.5 132.9 134.7 132.2 139.5 139.0 Fabricated metal products 5.37 123.4 119.3 120.2 123.3 125.1 125.6 126.4 125.6 126.8 126.0 125.6 127.7 127 6 129 0 Structural metal Darts 2.86 120.2 115.4 116.8 120.9 123.0 124.2 124.5 123.7 122.8 121.5 121.8 123.1 123.6 126.1 Machinery and related products 27.98 128.6 125.0 125.3 127.3 130.3 130.0 129.4 130.6 131.9 131.9 132.3 132.5 132.2 132.6 Machinery 14.80 129.1 126.2 125.9 128.4 129.4 129 6 130.5 131.3 132.2 132 6 133 3 134 7 133 7 135 4 Nonelectrical machinery 8.43 126.7 122.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 131.9 133.3 135.2 133 2 135 8 Electrical machinery 6.37 132.2 130.8 131.4 133.5 133.9 133.0 133.9 133.7 133.3 133.6 133.3 134.0 134.4 134.8 Transportation equipment 10.19 127.0 122.1 123.7 124.5 130.4 129.3 126.8 128.7 130.8 130.8 130.6 129.6 130.7 129.6 Motor vehicles and parts 4.68 146.1 140.2 141.8 143.1 153.8 150.9 143.7 146.5 150.3 151.8 151.2 149 2 152 0 150 3 Aircraft and other equipment.... 5.26 109.5 105.6 107.2 107.5 109.4 109.6 111.1 112.1 113.0 111.7 111.4 111.1 110.8 110.4 Instruments and related products. .. 1.71 130.2 127.2 126.6 130.2 131.6 132.6 132.1 133.0 132.5 131.9 132.6 131.8 132.4 132.5 1.28 4.72 114.4 115.0 112.7 113.3 113.9 114.0 115.3 115.5 115.9 117.3 118.8 118.8 121 7 122 2 Clay, glass, and stone products 2.99 117.5 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.5 122.6 125.0 126.0 Lumber and products 1.73 109.0 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 112.5 112.1 116.1 115.6 Furniture and miscellaneous 3.05 129.1 124.8 125.8 129.3 129.3 132.0 132.1 131.9 130.6 131.9 131.9 132 1 132 6 133 2 Furniture and fixtures 1.54 133.1 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 137.1 137.8 Miscellaneous manufactures 1.51 124.9 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 128.1 128 6 Nondurable manufactures Textiles apparel and leather 7.60 118.5 115.9 116.2 116.5 118.0 118.9 120.2 121.1 121.7 123.0 123.7 122.5 122.5 122.5 Textile mill products 2.90 117.1 114.3 115.9 116.3 116.7 117.6 119.1 120.0 120.9 122.0 121.8 118 8 119 1 119 0 Aooarel t)ro ducts 3.59 125.5 122.5 122.9 122.6 124.9 126.2 126.9 126.5 127.9 129.8 131.3 131.7 132.2 Leather and products 1 11 99.8 98.8 95.4 97.5 99.2 98.9 101.3 106.6 103.9 103 7 104 3 102 4 100 0 8.17 120.0 115.7 119.2 120.5 121.6 122.3 122.4 122.0 122.3 122.7 123.8 123.0 123.9 124.5 Paper and products 3.43 125.2 123.9 122.8 123.4 125.8 127.8 127.8 126.7 128.4 128.5 126.9 128 6 127 9 Printing and publishing 4.74 116.4 109.7 116.5 118.4 118.6 118.4 118.5 118.6 117.9 118.5 121.5 119.0 121.1 121.3 Newspapers 1.53 108.0 90.8 109.7 111.4 112.5 111.6 112.8 113.7 111.9 113.2 119.2 113.9 115.1 115.2 Chemicals, petroleum, and rubber 11.54 141.5 138.2 759.7 141.3 141.3 143.3 144.4 144.8 145.9 147.3 146.1 145.5 145.7 146.9 Chemicals and products 7.58 148.5 143.6 146.1 147.8 148.5 151.3 151.7 152.6 153.9 154.6 153.9 153 2 153 8 155 3 Industrial chemicals 3.84 162.5 155.2 160.7 161.9 162.2 165.2 165.3 166.8 169.1 169.7 169.9 170.5 171 8 Petroleum products 1.97 117.1 115.5 115.8 116.9 118.2 119.5 117.6 117.0 119.0 118.5 116.6 116.0 119.1 120 0 Rubber and plastics products 1.99 138.9 140.3 138.8 140.7 137.0 136.5 143.1 142.5 142.1 147.9 145.7 145.7 141.1 Foods, beverages, and tobacco 11.07 116.3 115.6 114.7 116.4 116.1 116.9 117.5 116.5 118.2 117.2 118.4 119.3 119.3 117.9 Foods and beverages 10.25 116.4 115.7 114.8 116.2 116.3 116.8 117.5 116.5 118.5 117.4 118.6 119.9 120.4 118.8 Food manufactures 8.64 116.7 116.0 115.2 116.4 116.4 116.8 117.5 117.5 118.8 118.0 119.2 120.6 119 7 119 0 Beverages 1.61 114.9 113.9 112.7 115.2 115.6 116.7 117.7 110.9 117.0 114.5 115.7 115.9 124 3 Tobacco products .82 115.1 114.2 112.7 118.1 114.4 117.9 116.8 116.8 114.1 114.6 115.8 112 7 105.6 Mining Coal oil and gas 6.80 106.9 103.9 106.1 107.7 108.6 111.1 111.2 109.9 108.3 107.0 105.3 106 7 106 4 104 9 Coal 1.16 102.4 93.9 100.8 104.5 107.1 107.1 108.0 106.2 104.1 102.1 103.4 104.0 99 2 94 5 Crude oil and natural gas 5.64 107.9 105.9 107.2 108.3 108.9 111.9 111.8 110.6 109.1 108.0 105.7 107.2 107.9 107.1 Oil and gas extraction 4.91 110.9 107.8 109.7 111.9 112.6 115.7 115.1 113.5 112.0 111.7 109.1 110.3 110.3 109.1 Crude oil 4.25 108.2 104.9 107.3 109.5 110.1 113.0 112.7 110.6 109.6 108.9 105.7 106.8 107.0 105.5 Gas and gas liquids .66 128.5 126.0 124.5 130.4 128.2 132.8 130.7 131.9 127.4 129.8 130.8 132.9 Oil and gas drilling .73 87.4 93.5 90.3 84.0 84.5 86.4 89.5 91.1 89.7 82.5 83.0 86.1 91.4 93.7 Metal, stone, and earth materials.. .. 1.43 112.1 112.6 113.9 112.8 113.0 112.1 111.6 112.5 113.1 110.3 112.7 116.3 116.0 118.1 Metal mining .61 112.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.8 106.4 111.6 116.4 118 8 121 8 Stone and earth minerals .82 112.1 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.2 113.5 116.2 114.0 115.3 Utilities Electric 4.04 142.5 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 147.0 148.8 146 8 Gas 1.28 135.2 130.6 132.9 133.7 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 INDUSTRIAL PRODUCTION: N.S.A. MAY 1964 MARKET GROUPINGS (1957-59= 100) Grouping 9 p p t 5 i o r 7 o o r n - - - 59 * a > a v 1 g e 9 e r 6 - 3 Mar. Apr. May June July 196 A 3 ug. Sept. Oct. Nov. Dec, Jan.r F 1 e 9 b 6 . 4 r Mar. Total index. 100.00 124.3 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.8 128.3 128.9 Final products, total 47.35 124.8 123.7 122.1 123.0 727.7 727.7 123.8 130.0 757.9 727.7 725.5 725.5 725.5 725.5 Consumer goods 32.31 125.1 123.9 122.1 123.1 128.1 121.3 124.3 131.7 134.2 128.5 123.9 126.1 128.9 127.9 Equipment, including defense. .. 15.04 124.2 123.1 122.1 122.8 124.8 122.6 122.6 126.3 126.9 126.1 128.5 128.1 127.9 130.2 Materials 52.65 123.6 121.5 124.0 126.9 128.6 119.4 123.9 126.8 128.1 126.5 123.8 124.9 128.1 129.2 Consumer Goods Automotive products 3.21 141.1 144.7 148.2 145.9 755.7 134.9 75.5 127.4 750.7 750.5 754.5 757.9 154.4 151.9 Autos 1.82 149.5 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 Auto parts and allied products.... 1.39 130.1 128.1 132.2 129.1 129.1 121. 127.1 133.7 139.0 132.8 130.0 134.2 130.8 131.1 Home goods and apparel 10.00 123.0 126.3 122.1 727.2 725.2 772.0 126.3 130.1 757.9 727.5 777.5 727.7 755.2 752.5 Home goods 4.59 129.4 128.6 126.0 128.0 132.4 116.8 126.8 141.0 140.2 138.7 132.9 129.5 137.4 137.8 Appliances, TV, and radios 1.81 124.7 129.6 123.6 127.3 133.5 104.0 113.6 140.2 135.8 135.8 123.5 124.7 138.7 135.6 Appliances 1.33 130.1 138.2 129.7 135.1 141.7 111.7 114.4 144.2 135.9 137.4 135.0 126.0 144.6 144.5 TV and home radios .47 109.4 105.5 106.3 105.4 110.2 82.4 111.4 128.8 135.5 131.2 91.3 121.0 122.2 110.2 Furniture and rugs 1.26 131.3 127.1 125.7 124.8 130.3 125.8 134.9 137.8 139.3 138.1 139.7 133.1 135.8 137.4 Ap M pa is r c e e l, l la k n n e it o u g s o o h d o s m , e an g d o o s d h s oes.... 5 1 . .5 4 2 1 1 1 3 1 3 7 . . 6 5 1 1 2 2 8 4 . . 5 3 1 1 2 1 9 8 . . 1 11 3 5 1 . . 5 3 1 1 3 2 2 0 . . 9 9 1 1 2 0 4 8 . . 6 0 1 1 2 3 5 5. . 9 8 1 12 4 0 4 . . 9 7 1 1 4 2 6 4 . . 1 8 1 1 4 1 2 7 . . 7 6 1 1 0 3 4 8 . . 5 4 1 1 3 1 2 5 . . 1 1 1 1 3 2 7 9 . .7 140.7 Consumer staples 19.10 123.6 119.2 777.5 120.3 724.5 123.9 757.5 133.3 750.9 725.5 722.7 124.1 122.4 727.5 Processed foods 8.43 116.5 108.9 107.5 110.5 115.1 116.5 126.5 133.8 130.5 119.9 115.2 113.5 111.0 109.9 Beverages and tobacco 2.43 115.0 110.3 115.6 125.7 132.0 120.8 126.4 116.6 121.4 108.4 100.2 102.4 107.0 Drugs, soap, and toiletries , 2.97 140.0 136.3 137.8 138.8 142.8 137.0 145.7 146.0 146.9 142.4 139.8 141.1 139.7 139.4 Newspapers, magazines, and books., 1.47 117.8 116.5 117.8 118.7 117.5 116.5 120.2 121.2 119.4 117.2 120.9 120.3 122.8 124.9 Consumer fuel and lighting 3.67 134.4 135.5 126.2 124.7 129.3 135.3 139.2 137.7 129.6 130.2 138.4 150.1 144.0 Fuel oil and gasoline 1.20 116.9 115.4 109.4 111.7 117.6 118.1 119.9 118.4 116.4 117.7 120.2 120.5 119.9 117.1 Residential utilities 2.46 143.0 Electricity 1.72 146.7 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 Gas .74 I Equipment Business equipment 77.55 128.3 727.5 126.4 725.5 729.5 725.5 727.0 757.0 757.2 750.7 752.7 752.5 752.5 755.7 Industrial equipment 6.85 122.9 119.3 119.2 121.0 123.9 122.4 124.5 126.7 125.8 125.6 129.4 129.2 127.6 131.8 Commercial equipment 2.42 142.4 142.5 140.6 141.7 142.6 139.6 141.8 143.7 143.6 140.7 142.6 141.7 139.4 139,5 Freight and passenger equipment. 1.76 132. 134.0 132.3 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.2 132.9 139.2 142.3 Farm equipment .61 121.6 136.9 134.7 122.1 125.6 106.1 98.1 116.3 120.3 118.6 125.8 131.8 142.0 Defense equipment 3.41 Materials Durable goods materials. 26.73 727.7 118.5 722.0 725.5 729.2 775.7 775.7 724.0 725.5 725.2 727.0 727.7 725.4 727.0 Consumer durable 3.43 137.2 137.4 135.8 139.5 144.9 128.4 112.4 138.6 143.0 145.6 150.0 146.9 146.5 146.1 Equipment 7.84 125.4 124.4 123.7 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 130.8 131.8 Construction 9.17 116.3 106.9 113. 120.2 125.4 121.2 126.4 125.9 125.1 118.8 110.6 107.9 113.4 115.5 Metal materials n.e.c.... 6.29 114.2 117.8 124.2 130.0 128.8 105.3 105.6 110.7 113.3 112.4 108.4 114.5 124.4 127.3 Nondurable materials 25.92 725.2 124.5 725.0 727.5 725.0 120.1 729.2 729.5 757.0 729.5 725.5 725.5 750.9 757.4 Business supplies 9.11 120.1 118.6 122.1 122.8 122.8 112.2 123.5 125.0 127.2 123.8 118.1 119.6 122.8 124.4 Containers 3.03 120.3 121.5 119.6 121.5 127.2 115. 131.7 125.9 128.7 117.1 105.5 117.6 122.7 123.7 General business supplies. 6.07 120.1 117.1 123.4 123.4 120.7 110.8 119.4 124.5 126.4 127.2 124.4 120.5 122.9 124.8 Nondurable materials n.e.c.. 7.40 145.1 144.4 144.6 147.2 146.0 136.2 145.5 147.2 150.5 151.7 148.2 151.4 155.5 156.8 Business fuel and power 9.41 117.2 114.6 115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 119.9 119.4 118.2 Mineral fuels 6.07 109.3 108.4 109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.1 112.2 109.6 Nonresidential utilities 2.86 138.8 Electricity 2.32 139.4 131.4 131.1 134.7 141.0 147.0 152.0 149. 144.0 139.7 139.9 141.5 138.9 General industrial 1.03 131.1 124.9 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 Commercial and other.. 1.21 149. 139.5 136. 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 134.3 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 143.6 Apparel and staples 24.51 122.2 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INDUSTRIAL PRODUCTION: N.S.A. 619 INDUSTRY GROUPINGS (1957-59= 100) Grouping : 9 p p 5 r o o 7 r - - - 59 1 a 9 v 6 e 3 r- * 1963 1964 tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.' Feb.r Mar, Total index. 100.00 124.3 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.8 128.3 128.9 Manufacturing, total. 86.45 724.7 123.3 124.0 126.1 128.8 120.5 123.4 128.7 131.1 128.2 125.1 125.9 129.1 130.1 Durable 48.07 124.4 123.2 124.4 126.9 129.8 121.0 118.1 126.6 129.3 128.4 127.2 126.7 129.6 131.2 Nondurable 38.38 125.1 123.4 123.7 125. 127.6 119.8 130.0 131.4 133.3 127.9 122.5 124.8 128.5 128.7 Mining 8.23 107.8 104.5 106.9 108.9 111.3 105.3 112.2 111.4 111.0 108.1 106.7 107.9 108.1 106.2 Utilities 5.32 140.7 Durable manufactures Primary and fabricated metals 12.32 117.6 118.1 122.5 127.0 128.2 112.1 113.5 777.5 775.7 777.7 115.4 779.3 124.4 727.2 Primary metals 6.95 113.1 118.8 125.7 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.1 114.7 124.2 127.6 Iron and steel 5.45 109.5 117.1 125.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 102.3 110.5 119.4 124.0 Nonferrous metals and products. 1.50 126.3 125.1 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 124.5 130.0 141.6 140.5 Fabricated metal products 5.37 123.4 117.2 118.4 122.3 126.4 122.5 127.5 131.6 130.6 126.8 126.2 125.1 124.7 126.7 Structrual metal parts 2.86 120.2 112.2 113.8 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 121.0 122.6 Machinery and related products 27.98 128.6 128.2 127.3 128.4 131.9 124.8 777.0 729.5 133.9 134.1 755.7 133.7 134.9 755.9 Machinery 14.80 129.1 128.5 126.9 128.3 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.3 135.7 137.9 Nonelectrical machinery 8.43 126.7 126.1 125.3 126.4 129.0 123.6 123.3 128.5 128.8 129.3 134.4 135.1 135.6 139.6 Electrical machinery 6.37 132.2 131.6 129.0 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.7 Transportation equipment 10.19 127.0 127.4 127.7 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.4 135.0 134.6 Motor vehicles and parts 4.68 146.1 148.5 149.3 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.1 160.0 157.8 Aircraft and other equipment. .. 5.26 109.5 108.2 107.7 107.1 107.9 107.5 108.5 110.8 112.4 112.4 113.1 112.2 112. 113.2 Instruments and related products. . 1.71 130.2 126.9 126.5 128.2 131.6 129.7 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 705.7 772.5 775.5 722.7 777.7 725.7 724.5 724.4 117.3 705.5 704.2 772.7 775.5 Clay, glass, and stone products. 2.99 117.5 105.4 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.9 115.9 Lumber and products 1.73 109.0 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 108.7 Furniture and miscellaneous.., 3.05 729.7 725.5 722.5 725. 725.7 725.7 754.5 757.7 757.7 755.2 755.9 727.5 729.5 757.5 Furniture and fixtures 1.54 133.1 126. 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 136.1 Miscellaneous manufactures. 1.51 124.9 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 126.9 Nondurable manufactures Textiles, apparel, and leather 7.50 775. 124.7 779.5 118.4 727.7 705.9 724.7 727. 725.9 779.5 709.9 777.7 729.5 725.4 Textile mill products 2.90 117.1 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119.2 112.9 116.4 122.7 122.6 Apparel products 3.59 125.5 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.3 125.1 142.8 Leather and products 1.11 99.8 104.2 95.4 93.9 100.6 89.4 108.7 105. 105.5 98.0 94.4 97.3 106.9 Paper and printing 5.77 720.0 777.7 720.9 722.5 727.7 772.5 727.5 725.5 727.5 724.5 779.4 720.4 724.4 725.5 Paper and products 3.43 125. 127.0 125.0 126.0 128.3 113.7 131.0 127.8 135.3 127.9 115. 126.8 132.1 Printing and publishing 4.74 116.4 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.3 122.2 122.5 115.8 118.9 122.7 Newspapers 1.53 108.0 92.6 116.4 118.8 113.1 97.1 102.1 114.5 121.8 124.5 118.6 104.9 110.7 117.5 Chemicals, petroleum, and rubber.. 11.54 747.5 759.5 142.1 142.3 745.9 755.0 745. 745.5 747.5 145.6 742.9 745.5 747.5 745.5 Chemicals and products 7.58 148.5 145.8 149.7 150. 150.9 144.3 150.7 152.0 154.5 153.1 150. 152.8 155.3 157.3 Industrial chemicals 3.84 162.5 159.4 162.9 163.8 162. 157.3 162.3 164.8 169.1 170.7 169.9 172.2 175.6 Petroleum peoducts 1.97 117.1 111.5 112.3 115.1 121. 123.1 123.5 121.7 119.6 116.7 114.9 114. 117.3 115.8 Rubber and plastics products 1.99 138.9 144.8 143.1 139.3 139.1 117.0 134.5 144.4 150.1 145.7 140.6 147.2 149.3 Foods, beverages, and tobacco 77.07 775.5 709.5 109.4 774.0 775.5 777.2 725. 729.7 128.7 777.7 772. 777.5 770.5 770.2 Foods and beverages 10.25 116.4 109.4 109.2 113.4 118.4 118.2 126. 130.5 129.0 117.8 113. 111. 111.0 110.7 Food manufactures 8.64 116. 109.4 107.7 110.7 115.1 116.2 126. 133.4 130.7 120.4 115.6 114.0 111.6 110.2 Beverages 1.61 114. 109. 117. 127.4 136.4 129.2 126.5 114.8 120.0 104.0 103. 97.9 108.0 Tobacco products 115. 112.5 112.5 122.4 123.5 104.3 126.4 120. 124.3 116.9 94.3 111.5 105. Mining Coal, oil, and gas , 6.80 705.9 705.9 705.7 705.4 705.5 707.5 709.5 705.5 705.5 707.5 707.5 709.5 709.7 707.0 Coal 1.16 102. 94. 101.5 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 100.4 95.3 Crude oil and natural gas 5.64 107.9 108. 107.8 106.6 106.8 107.9 109.0 107.7 107.6 108.1 108.8 111.4 111.6 109.4 Oil and gas extraction 4.91 110.9 111.6 111.3 110.1 110.0 110. 111.4 109.8 110. 111.6 112.3 114.5 114.9 112.9 Crude oil 4.25 108.2 108.3 109.1 108.4 108.4 108. 109.5 107.6 108.0 108.1 107.7 110.1 111.0 108.9 Gas and gas liquids .66 128.5 132.6 125.4 124.3 120.4 123.6 123.8 124.0 124.3 133.8 141.7 143.0 Oil and gas drilling .73 87.4 85.1 84.1 82.4 85.3 88.6 92.8 93. 90.1 84.1 85.5 90.4 *89.'3 *85.'3 Metal, stone, and earth minerals... 1.43 772.7 98.0 707.9 720.9 725.0 722.0 725.5 725.0 722.5 709.9 702.5 98.7 700.7 702.5 Metal mining .61 112.3 101.8 104. 123.4 127.5 118.0 121.8 127.0 119.7 103. 101.6 102.4 106.9 107.2 Stone and earth minerals 112. 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114. 103.2 96.0 95.1 99.5 Utilities Electric. 4.04 142.5 140.: 133.1 133.0 138.8 147.1 153. 150.3 140.: 137.8 146.6 157.9 150.8 Gas 1.28 135 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 BUSINESS ACTIVITY; CONSTRUCTION MAY 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manu- Industrial production facturing 2 Prices * Nonag- Major market groupings Con- ricul- Major industry struc- tural Freight Total Period grouping3 tion em- load- retail 3 Whole- Total Final products Mate- t c ra o c n t - s T m p o e l t o n a y t l — - i p m E lo m en y - t - P ro a l y ls - ings sales s C um on e - r m c s o o a m d le i - ty Con- Equip- rials Min- Util- Total sumer ment Mfg. ing ities goods 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 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.9 106.7 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108.3 108.4 109.7 102.6 122.8 108 103.1 95.9 105.4 91.2 107 104.2 100.3 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—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 93.9 121 107.1 100.6 125.7 126.2 126.7 125.3 125.1 125.9 111.3 144.6 132 109.1 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 126.9 128.4 128.2 128.8 125.4 127.9 106.6 143.3 148 109.8 100.5 121.7 93.9 123 107.6 100.3 1964—Jan '127.4 128.3 128.5 128.0'126.2 '128.2 '108.3 144.9 147 110.0 100.3 120.2 97.2 123 107.7 101.0 Feb '127.8 '127.9 '128.5 126.7'127.7 '128.8 '108.1 '143.6 143 '110.7 '100.8 122.8 96.9 r126 107.6 100.5 Mar 128.2 128.2 128.3 127.8 128.2 129.2 107.2 144.0 140 110.8 101.3 123.1 94.0 '125 107.7 100.4 129.2 129.1 129.0 129.3 129.3 130.2 108.5 145.0 111.2 101.5 123.8 94.8 124 100.3 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Corp. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Ty ty p p e e o o f f o c w o n n e s r t s ru h c ip ti o a n nd 1962 1963 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction . 41,303 45,546 3,583 3,983 4,851 4,402 4,125 4,061 3 707 4,313 3,749 3,413 3,346 3,201 4,215 By type of ownership: Public 13,599 14,653 1,18? 1,168 1,567 1,384 1,319 1 318 1 1S4 1,321 1S7 1 155 1,197 1041 Private 27 705 30 893 -> 2 814 3 283 3 019 2 805 744 o 5«P 2 992 ? 057 2 149 160 By type of construction: Residential building 18,039 20,502 1,642 1,986 2,061 1,966 1,934 ,883 1789 2,028 ,519 1,325 1,372 1,427 1,991 Nonresidential building . . 13,010 14,377 1 146 1,210 1,452 1,458 1,271 ^?? 1 154 1,331 1 1JO? 1 158 1,08? 1 252 Nonbuilding 10,255 10,667 796 787 1,337 978 920 857 764 954 1,148 985 816 692 972 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 formerly labeled 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

MAY 1964 CONSTRUCTION 621 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non- Business Other Total d f e r a e n r s t m i i - al Total Indus- Com- Public n d re o e s n n i - - - 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 trial mercial utility tial 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1 08*5 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 I 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 1 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 ,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 ,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 ,754 8,379 1963 62,775 43,796 25,711 12,885 3,118 5,110 4,657 5,200 18,979 6,702 ,966 1963—Apr 59,555 42,436 24,984 12,437 2,810 4,890 4,737 5,015 17,119 1,176 5,602 ,802 8,539 May . 60,458 43,143 25,646 12,432 2,852 4,775 4,805 5,065 17,315 1,369 5,611 ,868 8,467 June 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 1,682 6,813 ,927 8,729 July 62,733 43,931 25,888 12,807 3,136 4,953 4,718 5,236 18,802 1,909 6,331 .990 8,572 AuE 64,194 44 571 25,832 13,397 3,310 5,346 4,741 5 342 19 623 6 965 2 061 Sept 64,228 44,827 25,919 13,536 3,395 5,561 4,580 5,372 19,401 6,550 2,109 Oct . 65 888 45 608 26 532 13 722 3 461 5 412 4 849 5 354 20 280 7 442 2 128 Nov 66,106 45,750 26,927 13,460 3,538 5,367 4,555 5,363 20,356 7,706 2,159 Dec 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 65 765 46 026 26 984 13 568 3 472 5 448 4 648 5 474 19 739 6 262 2 273 Mar.P 66,765 46,562 27,385 13,705 3,492 5,569 4,644 5,472 20,203 7,049 2,341 Apr p 66,768 46,637 27,482 13,614 3,505 5,465 4,644 5,541 20,131 2,459 1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. W HOUSING STARTS (In thousands of units) Annual rate, By area l By type of ownership Government- Period (private only) Total Non- Private underwritten Total N fa o rm n- p M o e li t t r a o n - p m o e l t i r ta 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 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 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 1,313 975 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 Mar ,575 1,549 128 89 39 124 81 4 40 4 22 17 5 Apr ,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 ,588 1,573 152 105 47 150 98 5 47 2 29 21 8 AUK . .. 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 1,718 1,688 101 75 26 100 55 4 41 1 16 11 4 Feb . p ,653 V1,609 P101 73 28 *>100 64 5 31 v\ 17 12 4 Mar V1,648 p1,622 *132 94 38 *>129 21 16 5 1 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

622 EMPLOYMENT MAY 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed! Not in the m ra e te n 2 t 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 1%3 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963—Apr 131,740 74,897 72,161 68,097 63,434 4,673 4,063 56,843 5.7 May 131,865 75,864 73,127 69,061 63,883 5,178 4,066 56,001 5.9 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 Aue 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 Apr 133,678 76,544 73,799 69,877 65,448 4,429 3,921 57,135 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 fa g c- Mining c C o o n t n i s o t t r r n a u c c t - T t l i i o r c a n n u s & t p il o i p t r i u e ta 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—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 AUE •• 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 58,183 17,175 624 3,169 3,934 12,143 2,911 8,515 9,712 Mar.p 58,268 17,244 624 3,157 3,932 12,093 2,918 8 551 9 749 Apr.? 58,471 17,285 627 3,124 3,943 12,244 2,925 8,543 9,780 NOT SEASONALLY ADJUSTED 1963—Apr 56,505 16,845 632 2,846 3,859 11,740 2,842 8,199 9,542 May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 57,609 17,111 650 3,232 3,954 11,848 2,885 8 423 9 506 July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9,170 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9,139 SeDt 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 57,045 16,982 611 2,681 3,879 11,837 2,885 8,362 9 808 Mar.p 57,375 17,054 610 2,756 3,885 11,921 2,895 8,414 9,840 Apr.p 57,872 17,093 620 2,958 3,911 11,974 2,913 8,543 9,860 i 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

MAY 1964 EMPLOYMENT AND EARNINGS 623 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Apr. Feb. Apr.** Apr. Feb. Total 12,604 12,697 12,764 12,790 12,426 12,518 12,588 12,612 Durable goods 7,070 7,148 7,207 7,245 7,010 7,075 7,131 7,184 Ordnance and accessories 118 114 112 110 118 114 112 110 Lumber and wood products 528 539 540 528 511 504 503 511 Furniture and fixtures 322 329 332 332 318 325 328 328 Stone, clay, and glass products 489 499 503 497 482 471 480 490 Primary metal industries 952 954 958 976 953 958 966 977 Fabricated metal products 881 903 912 918 868 892 898 904 Machinery except electrical 1,041 1,072 1,093 1,096 1,056 1,081 1,106 1,111 Electrical machinery 1,067 1,041 1,045 1,055 1,048 1,040 1,035 1,036 Transportation equipment 1,123 1,137 1,151 1,172 1,118 1,148 1,157 1,167 Instruments and related products 236 238 239 240 235 237 238 238 Miscellaneous manufacturing industries. 313 322 322 321 305 305 309 312 Nondurable goods 5,534 5,549 5,557 5,545 5,416 5,443 5,457 5,428 Food and kindred products 1,152 1,154 1,149 1,136 1,081 1,064 1,059 1,066 Tobacco manufactures 78 77 78 77 67 74 70 66 Textile-mill products 800 804 805 802 795 795 799 797 Apparel and other finished textiles 1,153 1,162 1,162 1,162 1,135 1,174 1,178 1,145 Paper and allied products 486 489 491 489 483 483 485 486 Printing, publishing and allied industries 591 598 601 602 588 594 599 599 Chemicals and allied products 524 526 527 527 532 521 528 535 Products of petroleum and coal 120 116 116 116 119 114 114 115 Rubber products 323 317 321 327 315 315 317 319 Leather and leather products 307 306 307 307 301 308 307 301 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 Apr. Feb. Mar.? Apr.? Apr. Feb. Apr. Feb. Total 40.1 40.6 40.7 40.6 97.36 101.15 101.40 101.81 2.44 2.51 2.51 2.52 Durable goods 40.7 41.3 41.2 41.3 106.37 109.88 110.29 111.24 2.62 2.68 2.69 2.70 Ordnance and accessories 40.4 40.3 40.0 40.2 115.14 119.29 119.39 118.99 2.85 2.96 2.97 2.96 Lumber and wood products 39.9 40.3 40.4 40.2 78.41 81.97 81.99 82.59 1.98 2.07 2.06 2.07 Furniture and fixtures 40.5 41.4 41.1 41.6 78.01 82.21 82.01 83.03 1.96 2.02 2.02 2.03 Stone, clay, and glass products 41.3 41.7 41.6 41.5 101.11 101.75 102.00 103.66 2.46 2.50 2.50 2.51 Primary metal industries 41.3 41.1 41.2 41.6 127.82 126.18 127.51 129.58 3.08 3.07 3.08 3.10 Fabricated metal products 40.9 41.8 41.7 41.7 104.75 109.18 109.86 110.12 2.58 2.65 2.66 2.66 Machinery except electrical 41.2 42.4 42.4 42.2 113.85 120.56 121.55 121.26 2.75 2.85 2.86 2.86 Electrical machinery 40.1 40.4 40.4 40.6 96.87 100.90 100.90 100.90 2.44 2.51 2.51 2.51 Transportation equipment 41.4 41.8 41.4 42.1 121.54 126.99 126.38 128.63 2.95 3.06 3.06 3.07 Instruments and related products 40.5 40.8 40.6 40.6 99.14 101.66 101.40 101.81 2.46 2.51 2.51 2.52 Miscellaneous manufacturing industries.. 39.2 39.8 39.6 39.6 79.17 82.16 82.37 81.95 2.03 2.08 2.08 2.08 Nondurable goods 39.3 39.9 39.9 39.7 85.97 89.04 89.67 89.60 2.21 2.26 2.27 2.28 Food and kindred products 40.7 41.0 40.7 41.0 92.40 95.68 95.60 96.32 2.31 2.38 2.39 2.39 Tobacco manufactures 35.6 36.5 39.7 40.0 68.71 68.84 75.60 79.17 1.98 1.95 2.00 2.03 Textile-mill products 40.2 41.2 41.1 41.0 67.26 71.98 71.63 71.46 1.69 1.76 1.76 1.76 Apparel and other finished textiles 35.9 36.4 36.4 36.4 60.16 64.61 64.97 63.54 1.69 1.78 1.78 1.76 Paper and allied products 42.2 43.0 42.6 42.5 102.24 107.10 106.60 106.77 2.44 2.52 2.52 2.53 Printing, publishing and allied industries. 38.3 38.5 38.5 38.7 108.97 111.93 113.58 113.58 2.86 2.93 2.95 2.95 Chemicals and allied products 41.8 41.5 41.8 41.3 113.40 113.99 114.40 114.13 2.70 2.76 2.75 2.75 Products of petroleum and coal 42.3 42.2 42.1 41.7 133.77 132.07 131.56 132.70 3.17 3.19 3.17 3.19 Rubber products 40.7 41.1 41.0 41.3 98.25 101.09 101.50 101.75 2.45 2.49 2.50 2.50 Leather and leather products 36.8 37.9 37.7 37.5 62.13 68.76 68.24 65.88 1.75 1.80 1.81 1.82 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

624 PRICES MAY 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p r e - - F c a o o u n i a e l d l l t e r G a l i n e c a i c d t s - y o n F i t p a n i i u n e o s g r h r n d s a - - - A u p p a p n k a e d r e e p l T p t o r i a r o t n n a s - - Total M c ic a e a r d l e - s P c o a e n r r a e - l r R e t a i c e i n n o r a g e d n d a - - g O s a i o e c t n o r h e v d d e s - r s 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—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 May 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 107.1 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 117.1 108.0 112.1 108.0 Sect 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 Mar 107.7 105.7 107.1 107.5 108.9 106.1 107.1 102.8 105.3 108.9 113.1 118.7 108.7 113.6 108.5 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 i m e d l 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 t e e c x s . - , Hides, Fuel, C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, 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 el o 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 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 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—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. 98.3 99.4 100.0 102.0 98.1 101.2 105.8 108.1 July. 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107.5 110.4 Aug. 100.4 96.3 100.9 100.8 100.4 103.6 98.9 96.0 93.7 102.6 99.1 100. 102.1 98.1 101.0 107.5 111.1 Sept. 100.3 95.5 100.9 100.7 100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8 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 98.1 101.3 107.5 111.2 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 98.1 101.2 107.5 110.9 Dec., 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99.1 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 98.4 101.1 107.6 112.6 Feb., 100.5 94.5 100.9 101.2 101.2 102.5 99.0 96.4 93.6 r99 9 99.9 101.8 102.7 '98.5 101.2 107.1 110.9 Mar. 100.4 95.3 100.4 101.1 101.2 102.6 97.4 96.5 93.9 101.0 99.3 101.9 102.7 98.5 101.3 107.1 109.9 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 PRICES 625 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Mar. Jan. Feb. Mar, Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 99.0 95.9 97.9 104.9 Woodpulp 89.4 96.1 96.1 96.1 Grains 103.7 103.9 102.0 99.1 Wastepaper 96.6 91.1 91.1 91.9 Livestock and poultry 85.6 84.7 82.8 83.8 Paper 102.2 103.1 103.1 103.5 Plant and animal fibers 101.8 101.5 101.7 102.1 Paperboard 94.1 96.5 96.5 96.5 Fluid milk 99.6 102.8 102.3 101.5 Converted paper and paperboard... 99.7 100.0 100.1 98.9 Eggs 99.8 106.3 89.7 90.5 Building paper and board 94.1 95.2 95.0 93.0 Hay and seeds 113.8 115.5 113.9 112.0 Other farm products 89.0 99.0 96.4 100.7 Metals and Metal Products: Processed Foods: Iron and steel 98.4 100.2 100.2 100.2 Nonferrous metals 98.1 101.4 101.7 102.8 Cereal and bakery products 108.0 107.0 107.4 106.8 Metal containers 104.5 104.6 "105.6 105.6 Meat, poultry, and fish 91.8 91.8 r88.9 88.7 Hardware 103.9 104.6 104.6 104.7 Dairy products and ice cream 107.1 108.0 107.5 107.2 Plumbing equipment 101.3 100.5 '100.4 100.4 Canned and frozen fruits, and veg- Heating equipment 92.6 92.0 r91.8 92.0 etables 101.3 107.2 107.4 107.5 Fabricated structural metal products 97.8 99.0 99.1 98.9 Sugar and confectionery 106.1 130.3 122.9 117.3 Fabricated nonstructural metal prod- Packaged beverage materials 79.1 90.6 r94.6 98.1 ucts 103.7 109.3 109.4 109.0 Animal fats and oils 80.0 88.2 '91.0 89.1 Crude vegetable oils 83.8 74.4 r73.7 75.1 Machinery and Motive Products: Refined vegetable oils 90.0 74.8 74.8 75.9 Vegetable oil and products 90.5 87.9 88.1 87.6 Agricultural machinery and equip.... 111.0 112.1 112.5 112.6 Miscellaneous processed foods 101.5 107.4 106.6 107.7 Construction machinery and equip... 108.8 111.8 111.8 112.0 Metalworking machinery and equip.. 109.1 110.8 111.0 111.3 Textile Products and Apparel: General purpose machinery and equipment 103.4 104.8 104.8 104.9 Cotton products 100.2 101. 101.2 101.0 Miscellaneous machinery 103.7 104.1 104.3 104.4 Wool products 100.8 103. 103.3 103.4 Special industry machinery and Man-made fiber textile products 93.8 94, 95.1 95.5 equipment (Jan. 1961= 100) 103.1 105.2 105.2 105.2 Silk products 150.9 121. 116.8 116.6 Electrical machinery and equip 96.9 96.9 r97.4 97.5 Apparel 101.4 102. 102.3 102.3 Motor vehicles 100.7 99.8 99.8 99.8 Other textile products 114.9 118.3 117.3 116.5 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 88.4 76.1 r74.0 75.9 Furniture and Other Household Dura- Leather 103.7 99.5 99.7 99.6 bles: Footwear. 108.3 108.3 108.2 108.2 Other leather products 104.7 101.9 101.9 101.7 Household furniture 104.6 105.0 105.0 105.0 Commercial furniture , 102.3 103.1 103.1 103.1 Fuels and Related Products, and Power Floor coverings , 96.0 100.1 100.1 100.1 Household appliances , 92.3 r91.5 r91.8 91.7 Coal 98.1 98.3 98.1 97.1 Television, radios, and phonographs., 89.4 87.2 87.2 87.2 Coke 103.6 103.6 103.6 103.6 Other household durable goods 102.8 103.6 103.7 103.7 Gas fuels (Jan. 1958= 100) 127.8 124.8 126.8 123.6 Electric power (Jan. 1958= 100).... 102.4 101.3 101.3 101.3 Petroleum products, refined 98.2 96.6 95.3 92.9 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 101.0 101.0 101.7 Concrete ingredients 103.0 102.7 102.7 102.7 Industrial chemicals 95.4 94.3 '94.2 94.4 Concrete products 102.2 101.2 101.0 100.7 Prepared paint 103.7 105.3 104.8 104.9 Structural clay products 103.6 103.5 103.8 I103.9 Paint materials 93.0 91.2 91.5 91.8 Gypsum products 105.0 106.1 108.6 108.6 Drugs and Pharmaceuticals 95.2 95.4 95.3 95.3 Prepared asphalt roofing 94.1 87.4 87.4 88.7 Fats and oils, inedible 74.5 83.1 r83.2 85.8 Other nonmetallic minerals 101.5 101.3 101.3 101.3 Mixed fertilizers 103.6 103.6 103.8 103.8 Fertilizer materials 102.3 99.4 100.2 100.2 Tobacco Products and Bottled Bever- Other chemicals and products 99.5 99.2 99.1 ages: Rubber and Products: Tobacco products 102.2 105.9 105.9 106.0 Alcoholic beverages 101.1 101.0 101.0 100.7 Crude rubber 92.7 89.4 89.5 91.2 Nonalcoholic beverages 117.4 127.7 125.3 125.3 Tires and tubes 89.0 91.3 91.3 91.3 Miscellaneous rubber products 97.9 97.6 97.8 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 100.5 100.9 100.9 101.1 Manufactured animal feeds 117.1 120.4 117.4 115.3 Lumber 96.6 99.2 100.3 101.4 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 102.5 106.7 106.9 107.3 Jewelry watches, photo equipment.. 103.9 103.6 103.3 103.3 Plywood 91.2 91.1 '92.2 94.3 Other miscellaneous products 101.7 101.7 101.7 102.4 NOTE.—Bureau of Labor Statistics index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 NATIONAL PRODUCT AND INCOME MAY 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 19 3 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 99.8 147.1 151.8 155.1 161.4 167.1 163.6 165.3 165.9 168.6 168.7 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.0 145.7 154.5 148.9 151.4 153.5 155.5 157.7 Gross private domestic investment. 16.2 1.4 18.1 50.0 72.7 71.8 69.0 78.8 82.3 78.8 77.8 80.7 83.7 87.1 New construction 8.7 1.4 6.6 24.2 40.2 40.7 41.6 44.4 46.6 45.0 43.7 45.8 47.9 49.2 Residential, nonfarm 3.6 .5 3.5 14.1 22.3 21.1 21.0 23.2 25.0 23.7 22.7 24.8 25.9 26.8 Other 5.1 1.0 3.1 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. -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 3.0 4.4 3.8 4.5 3.3 3.6 4.8 4.3 5.4 Exports 7.0 2.4 6.0 13.1 22^9 26.3 27.5 28.9 30.7 28.8 28.6 30.7 31.4 32.3 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.1 25.1 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 f 13 3 . . 8 2 1 5 4. . 3 2 4 7 6 . . 9 2 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 3 0 5 1 6 0 . . 7 5 5 1 4 0 . . 3 4 5 1 6 0 . . 4 1 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 '478.1 462.2 466.7 474.6 482.0 '489.1 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 62.1 146.4 258.5 271.3 278.8 297.1 312.3 301.5 304.5 316.8 314.6 319.4 Private 45.5 23.9 51.9 124.1 213.1 222.9 221.0 241.6 253.0 244.7 246.7 252.2 255.1 258.1 Military .3 .3 1.9 9.9 9.9 10.2 10. 11.0 10.5 10.7 10.8 10.8 11.8 Government civilian 4.6 4.9 8.3 35.4 38.5 41.6 44. 48.3 46.3 47.1 47.8 48.7 49.5 Supplements to wages and salaries .7 .5 2.7 7.8 20.1 22.3 23.3 25 28.0 26.2 27.5 27.9 28.2 28.5 Employer contributions for social insurance .1 .1 2.0 9.7 11.3 11.9 15.4 13.8 15.0 15.3 15.5 15.7 Other labor income .6 .4 .7 10.4 11.0 11.4 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 SO.8 Business and professional 8.8 3.2 10.9 35.1 34.2 35.3 37.7 36.9 37.2 37.4 37.8 38.2 Farm 6.0 2.4 6.5 11.4 12.0 12.8 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.© 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 '53.2 Profits before tax. 9.6 .2 17.0 40.6 47.7 44.3 43.8 46.8 51.5 48.4 48.3 51.0 52.2 '54.3 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 8.3 -.4 9.4 22.8 24.5 22.0 21.8 24.6 27.1 25.5 25.4 26.8 27.5 r28.6 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.5 8.1 9.3 8.4 8.3 9.2 9.8 '9.7 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 .2 .2 -.4 .9 .4 -.9 .0 -1.1 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.0 22.0 24.1 23.0 23.3 23.7 24.3 25.0 NOTE.—Dept. of C ommerce estimates. Quarterly data are seasonally adjusted totals at ann ual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 NATIONAL PRODUCT AND INCOME 627 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 49.1 53.0 56.6 54.1 55.2 56.0 57.2 58.1 S B t u a s t i i n st e i s c s a l t r d a i a s s c f r e e r p a p n a c y y ments. . . 6 3 . . 7 9 . . 5 4 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 -.7 -3.0 -3.0 -1.9 -1.8 r-3.0 -1.9 -2.3 -4.1 -4.4 '-1.0 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: Nationa ]income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 r478.1 462.2 466.7 474.6 482.0 '489.1 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. 52.2 '53.2 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 .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 45.1 49.0 50.9 49.7 50.0 50.4 51.1 52.2 State and local 1.4 1.3 2.6 6.4 8.7 9.6 9.9 1.0 7.3 7.8 9.6 8.8 9.4 9.7 Equals: Disposable personal income 83.1 93.0 207.7 337.1 384.4 400.0 410.9 45.7 349.9 364.4 402.4 391.4 394.5 404.4 Less: Personal consumption expenditures..., 79.0 81.9 195.0 313.5 355.4 370.4 379.9 46.4 328.2 336.8 373.1 362.9 367.4 374.9 Equals: Personal saving 4.2 11.1 12.6 23.6 29.1 29.6 31.0 -.6 21.7 27.6 29.3 28.5 27,1 29.5 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.* 442.1 463.0 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.8 480.4 297.1 312.3 306.1 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.7 324.2 325.0 Commodity-producing industries.. 118.5 123.8 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 127.2 126.9 128.4 128.6 frfanufactiiTing only 94.2 98.3 96.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.1 101.9 102.1 76.6 79.8 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 82.1 82.1 46.4 49.5 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.2 51.4 Government 55.6 59.3 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 62.8 12.1 12.6 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 12.9 49.8 50.5 50.5 50.1 50.0 50.0 50.4 50.6 50.6 50.9 50.8 50.9 50 6 50 7 51.0 Business and professional 36.5 37.7 37.2 37.3 37.4 37.6 37.7 37.9 37.9 38.2 38.2 38.4 38.4 38.6 38.7 13.3 12.8 13.3 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 12.2 12.1 12.3 12.0 12.1 12.0 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.2 12.3 12.3 16.6 17.8 17.2 17.3 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.1 19.2 30.0 32.5 31.8 31.9 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.1 34.3 34.5 34.8 36.9 36.2 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 139.9 37.7 37.8 Less: Personal contributions for 10.2 11.8 11.5 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 12.4 Nonaffricultural income 424.5 445.7 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 M61.6 462.4 463.7 17.6 17.3 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.5 16.4 16.7 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

628 FLOW OF FUNDS MAY 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV I II III IV I II III IV I. Saving and investment 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 A 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 B 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 C 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 D E US 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 E 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 F 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 G 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 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 72.1 76 6 79 7 81 9 K 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 52.1 50.6 55 5 56 5 58 0 M N Financial sectors .7 .6 7 .7 .7 8 .8 .7 .7 .6 .8 .6 .6 .6 N O Net financial investment -1.7 .7 2.0 .8 2 3 1.4 2.4 2.3 * -1.5 3.0 3.4 — 8 3 6 O P Discrepancy (A—H) 2.0 2.2 1.5 3.0 3.6 .6 -2.4 2.8 5.9 5.5 2.8 3.1 8.3 .6 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors... 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 B Loans and short-term securities.... 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 C Long-term securities and mtgs 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 By sector D US. 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 -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 3.3 4.3 3.7 2.0 .2 3.3 3.3 5.0 2 0 2 8 G H Loans . • . • .2 1.4 1.9 1.3 2.2 3.2 3.1 .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 1 J Pvt. domestic nonfin. sectors 43.6 36.3 36.9 48.2 54.4 43.8 41.9 52.6 45.5 53.0 43.6 54.0 54 4 65 5 J K. Loans . . 14.7 11.2 5.9 13.7 16.2 10.4 8.1 17.2 12.5 17.1 9.7 15 1 13 1 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 loans n.e c 5.6 2.8 1.9 4.5 6.8 4.0 2.2 6.3 3.5 5.8 3.3 4.2 3 5 16 0 M 2.7 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 33.8 38.9 41 4 38 7 O P 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 P Q Corporate securities 5.3 5.3 7.3 4.8 3.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 3.8 2.3 0 R 7- to 4-family mortgages 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 R S 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 77.2 S T Net sources of credit (—A) 53.2 36.2 47.2 58.1 62.4 53.8 61.8 63.0 40.1 61.1 58.7 68.3 50.0 72.6 T U Chg. in U.S. Govt. cash balance.. .7 .9 .3 1.0 -.6 .2 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 U V U.S. Govt. lending 3.8 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 W Foreign funds 3.6 3.3 2.2 2.5 2.6 4.0 2.7 2.8 1.9 2.7 2.2 6.4 2 2 — 5 W X Pvt. insur. and pension reserves.. 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 Y Sources n.e.c 5.7 6.3 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 Z Pvt domestic nonfin sectors .. 30.5 15.3 28.2 36.5 40.8 31.3 38.4 38.2 25.4 44.1 33.4 41.3 33 1 54 4 Z A A Deposits and U.S. Govt. secur.... 23.8 8.3 23.5 32.2 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 26.1 37.9 30.8 30.4 29 0 43 0 AB AC Demand dep. and currency. . .5 -1.0 4.5 1.6 5.3 8.3 -7.7 2.9 2.3 8.9 -3.7 7.0 4.2 13.2 AC AD Time and svgs. accounts 10.5 15.0 20.0 28.3 28.1 17.1 35.4 24.8 23.9 29.0 34.5 23.4 24.8 29.8 AD AE At commercial banks 2.1 5.4 8.7 15.1 13.1 4.9 22.7 13.4 10.6 13.7 17.1 9.4 77 7 14 3 AE AF A t savings instit 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 AF AG U.S Govt securities 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 AG AH Other securities and mtgs 6.8 6.8 6.0 4.1 3.5 4.8 6.7 .2 3.3 6.2 2.0 3.3 2.7 6 1 AH AI Less security debt .2 __ o 1.3 1.7 1.8 -.1 -4.5 2.8 1.2 1.6 3.6 1.9 -.2 AI III. Financial institutions A Net funds advanced—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 A B U.S Govt. securities -7.2 2.9 8.4 3.9 -1.0 1.3 10.6 1.0 -3.9 7.8 8.3 -4.5 — 7 0 — ^ B C Other securities and mtgs 23.2 20.7 27.4 34.0 39.9 31.4 30.9 39.3 32.1 33.8 36.4 41.8 43 0 38*5 C D Loans .. 14.6 11.1 8.5 13.5 18.9 15.8 11.0 8.0 14.8 20.4 10.4 20.1 18.3 26.7 D By sector F Banking system . . 5.0 9.9 17.5 20.4 22.7 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 14.5 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 10.7 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 nee 4.9 5.3 4.2 5.0 5.6 5.9 3.2 3.8 6.7 6.2 -.2 7.7 9.7 T 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 J K. Gross savins 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 K L Deposit claims 10.9 15.6 26.8 32.1 34.7 28.9 35.0 31.3 18.8 43.4 38.2 35 3 22 2 42 0 I M Demand deposits and currency... 1.4 .3 5.9 3.5 5.4 10.7 A 6.3 -4.7 12.8 2.3 10.6 -3.5 11.1 M N Time dep at coml banks 1.1 5.8 9.4 15.3 14.1 5.5 22.1 13.3 10.2 15.0 18.4 10 5 12 4 15 2 N 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 O P 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 P 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 Q R Credit market instruments 6.2 3.4 3.3 5.6 7.2 5.5 4.9 7.2 6.1 4.4 .6 9.4 9.3 9.5 R S Investment co shares 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 .8 .8 1 0 1 5 17 S 1.1 1.5 .5 .8 1.9 .2 .3 1.1 .5 1.4 .3 2 0 16 3 5 T 3.1 .2 .6 2.8 3.8 2.0 1.2 3.9 4.2 2.1 -.6 6.3 6 0 3 4 U * .5 .9 .9 .8 2.2 1.5 -2.0 1.6 2.7 -1.4 1.8 3.9 -1.0 V W Other sources net 3.1 4.9 3.0 1.3 2.8 1.0 1.2 * 5.0 -.7 5.8 -1.8 4.4 3.8 W NOTE.—Quarterly data are seasonally adiusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 FLOW OF FUNDS 629 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV III IV III IV I. Demand deposits and currency A Net incr. in banking system liability. .3 5.9 3.5 5.4 10.7 -.4 4.7 12.8 2.3 10.6 -3.5 11.1 B U.S. Govt. deposits .9 .3 1.0 -.6 .2 4.9 6.5 1.5 7.4 2.5 -9.5 -3.0 C Other -.6 5.7 2.5 5.9 10.5 5.3 1.7 11.3 -5.1 8.1 6.0 14.1 D Net increase in assets by sector. . . .5 4.9 5.0 5.5 6.4 2.1 5.1 17.6 1.7 9.9 -2.7 12.7 E U.S. Govt .9 .3 1.1 -.3 1.3 5.3 6.3 1.7 7.3 3.3 -11.5 -.6 F Other domestic sectors o 4.8 3.8 5.5 7.0 4.6 2.1 15.7 -5.2 5 7. 13.7 H G N Co o n nf s i u n m an e c r ia a l n d b u n s o in n e p s r s ofit - - '. . 6 5 1 1 . . 6 3 -2 5 . . 1 1 -1 5 . . 0 3 2 5 . . 9 7 -5 3 . . 7 0 1.0 * 1 2 3 . . 1 1 - -4 1 . . 3 0 -1 6 . . 3 5 6 I. .5 - 9 .2 .0 I State and local govt .2 .6 -.1 .9 2.8 -2.8 2.7 -1.6 1.1 .3 -1.3 3.6 J Financial sectors .6 1.3 .8 .3 1.4 1.1 .4 2.1 — 1.0 .2 .8 1.2 K Rest of the world .1 .3 .7 1.4 Q .3 -.4 .9 1.0 .4 L Discrepancy—U.S. Govt. cash -.1 -.3 1.5 -.4 -.2 .2 -.8 2.0 -2 .4 M Other 1.0 -1.4 .1 2.8 -2.1 -4.7 .5 1.5 -2.8 .7 II. Time and savings accounts Net increase-^—Total 9.5 15.3 20.9 28.6 29.3 18.2 35.4 23.5 30.6 35.9 24.7 25.7 30.9 At commercial banks—Total 1.1 5.8 9.4 15.3 14.1 5.5 22.7 10.2 15.0 18.4 10.5 12.4 15.2 Corporate business -.4 .8 1.3 2.6 4.2 2.4 4.8 .6 2.3 4.6 2.4 3.2 6.4 State and local govt A 1.4 .9 1.0 1.7 .8 2.0 .4 1.0 2.9 .3 1.0 2.5 Foreign depositors n .3 .6 .3 1.0 .5 -.3 1.3 1.4 1.0 .7 .8 Consumer and nonprofit orgs.. . 3^0 3.3 6.5 11.5 7.3 6.6 15.9 9.6 10.5 9.6 6.7 7.5 5.4 A M t e s m a o v — ing C s o i n n s s u ti m tu e t r i on a s nd nonprofit 8.4 9.5 11.5 13.3 15.2 12.7 12.7 13.3 15.7 17.4 14.2 13.4 15.8 G 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 III. 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 B Short-term direct. 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 7.6 -14.4 C Net acquisitions, by sector 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 Pv C t. o d n o s m um es e t r i s c a n n o d n f n in o . n s p e r c o t f o it rs 1 7 2 . . 3 9 - - 5 3 . . 7 3 -1 - . . 1 9 2. . 4 7 5 3 . . 5 7 2 3 . . 9 2 3 j .9 9 5 3 . . 7 9 -1.3 .1 1. . 3 9 2. . 3 1 1 6 1 . . 4 1 3 3 . . 4 2 4 5 . . 6 1 Svgs. bonds and postal svgs. dep. -2.0 - .4 .7 .3 1.1 .9 \l .4 .6 .2 .9 1.2 1.0 1.2 Securities 9.2 -2. -1.6 .4 2.6 2.4 -2.0 3.5 -.5 .7 -.8 5.2 2.3 3.4 Corp. nonfin. business 3. -2.7 4 .3 .6 c 1.9 A -2.0 .7 1.3 2.1 -1.7 .5 State and local govt 1. .2 '.3 1.4 1.3 '.2 3.9 1.4 .7 -.3 .8 2.6 1.6 Financial sectors -7.2 2.9 8.4 3.9 -1.0 1.3 10.6 1.0 -3.9 7.8 8.3 -4.5 -7.0 -.*3 Banking system -7.9 2.7 7.4 2.2 -.2 .1 9.6 .7 -6.4 5.1 11.0 -4. -8.8 2.2 Monetary authorities .3 .7 7.5 2.0 2. 2.8 5.4 .3 2 2.5 5.1 2.0 1.3 2.8 Commercial banks -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 Savings institutions .5 -.4 .5 A .7 1.0 .8 -.5 .8 A 1.2 .5 .6 A Insurance and pension funds.... .2 -.4 -.1 .4 .1 .6 .3 .3 .5 .6 -1.2 .2 .7 .7 Finance n.e.c 1.0 .6 .8 -1.6 -.5 -.1 .5 1.2 1.6 -2.7 -.4 .5 -3.7 Rest of the world 3.0 .6 .4 1.3 .6 .8 .7 2.6 1.2 .7 1.0 3.1 -1.0 -.7 IV. Other securities A Total net issues, by sector.. 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 B State and local govt 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 C Nonfinancial corporations. 5.3 5.3 7.3 4.8 3.4 5.5 6.0 4.9 4.0 4. 5.8 1.6 3.8 2.3 D Finance companies 1.1 1.5 .5 .8 1.9 .3 1.1 .5 1.4 .3 2.0 1.6 3.5 E Rest of the world .7 .7 1.0 ! .6 1.1 .7 2.0 1.6 -.2 F Net purchases, by sector 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 G Consumers and nonprofit orgs. 2.7 2.1 2.0 -.8 -1.2 1.3 2.4 -3 -2.0 -.2 -2.7 -1.5 -2.7 2.1 H State and local govt 1.3 2.2 1.9 1.4 1 1.5 .9 1.5 1.7 1.9 2.0 1.4 1.7 I Corp. business .7 -.2 .2 -.2 .2 .2 -.2 .1 .2 J Commercial banks .4 .4 2.7 4.4 5.2 3.3 5.0 3.3 3.5 5.8 5.7 3.0 K Insurance and pension funds... 7.0 7.0 7.7 7.4 7.6 8.1 6.5 6.8 7.9 8.4 8.5 7.4 6.2 L Finance n.e.c -.4 -.6 -.8 -.4 -.9 -.3 -1.5 -1.3 -.7 -.5 .6 .5 M Security brokers and dealers. .2 -.1 -.2 .3 .9 * -.4 -.3 .9 1.4 N Investment cos.—Net -.7 -.5 -.6 -.8 -.9 -1.3 -1.5 -.3 -.2 -.3 -.9 O Purchases 1.2 1.0 1.4 1.1 1.7 1.9 -.2 .6 .8 1.2 .7 P Net issues 1.8 1.5 2.0 1.9 1.3 2.7 3.2 1.3 .8 1.0 1.5 1.7 Q Rest of the world .4 .3 .4 -.1 .2 .4 -.6 -.1 .4 .3 .2 V. Mortgages A Total net borrowing. 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 27.4 24.1 27.9 31.1 29.5 B 1- to 4-family... . 13.2 10.4 11.7 15.4 17.6 13.5 13.2 15.5 16.5 15.5 17.2 19.7 18.3 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 Net acquisitions 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 29.7 31.1 29.5 Consumer and nonprofit orgs., 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 U.S. Govt 2.2 1.2 .6 .3 -1.0 1.4 1.2 .3 -.1 -.1 -1.3 -2.0 -.5 -.2 Commercial banks 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 Savings institutions 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 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 Mortgage companies .2 .6 .4 1.1 -.3 1.3 .7 1.5 1.1 .7 VI. Bank loans n.e.c. Total net borrowing 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 No C n o fi r n p a o n r c a i t a e l business 5 3. . 7 3 2 2 . . 6 7 1 1 . . 6 6 2 4 . . 6 0 4 6 . . 2 6 | 3 3. . 3 1 1 1 . . 9 3 6 1 . .7 2 3 . . 9 0 4 5 . .0 5| 2 2 . . 4 9 2 4. .7 3. . 3 9 1 1 1 5 . . 3 6 Nonfarm noncorporate. 1.0 -.1 -.3 .7 1.6 -.2 .3 3.9 -.9 .1 .9 1.5 3.1 Farm .7 .2 .3 .7 .7 .3 .4 .6 .9 .4 .6 .9 1.2 Rest of the world .2 .1 .7 .4 .6 1.3 2.1 * -.4 -.1 .7 .7 1.3 I inancial sectors 1.7 -.3 .1 1.1 1.5 .5 -.2 1.7 2.1 -.4 2.7 2.6 1.4 NOTE.—Quarterly data are seasonally adusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city All member banks* Country New York City of City Chicago Other 1959 1960 1961 1962 1963 1963 Revenue 8,074,868 8,927,868 9,216,795 10,153,594 11,169,491 1,756,635 456,693 4,291,444 4,664,719 Interest and dividends on securities: U.S. Govt 1,398,835 1,414,361 1,537,142 1,686,765 1,725,561 217,730 67,824 589.606 850,401 Other 444,652 467,351 513,410 629,130 773,150 139,458 41,760 261;606 330,326 Interest and discount on loans 4,925,848 5,640,438 5,773,423 6,319,741 7,072,778 1,093,065 285,697 2,792,655 2,901,361 Other charges of loans 95,397 89,469 96,221 115,200 127,034 13,052 2,595 66,232 45,155 Service charges on deposits 421,689 463,666 494,535 532,409 567,682 37,650 3,775 226,800 299,457 Other charges, fees, etc 149,399 162,140 164,256 175,259 180,270 28,541 6,535 70,055 75,139 Trust department 408,503 442,083 483,580 529,701 556,684 167,039 44,179 225,742 119,724 Other current revenue 230,545 248,360 154,228 165,389 166,332 60,100 4,328 58,748 43,156 Expenses 5,139,614 5,654,675 6,073,550 7,041,375 7,930,985 1,134,116 300,474 3,029,321 3,467,074 Salaries—Officers 680,090 731,508 778,428 830,300 892,580 93,065 25,147 306,879 467,489 Salaries and wages—Others. . 1,438,261 1,557,204 1,585,010 1,671,111 1,768,197 301,202 63,450 712,401 691,144 Officer and employee benefits. 330,584 363,561 393,150 83,582 20,053 141,237 148,278 Directors' fees, etc 34,586 36,884 38,844 40,692 43,230 1,764 400 6,449 34,617 Interest on time deposits 1,279,719 1,434,259 1,720,414 2,358,132 2,857,600 366,974 127,137 1,121,362 1,242,127 Interest on borrowed money.. 75,898 84,220 36,402 62,542 104,074 38,809 8,615 46,962 9,688 Net occupancy expense 423,592 458,634 500,550 95,012 13,823 180,260 211,455 Furniture and equipment 179,876 217,703 254,865 27,006 7,207 101,730 118,922 Other current expenses 1,631,060 1,810,600 980,400 1,038,700 1,116,739 126,702 34,642 412,041 543,354 Net current earnings before income taxes. 2,935,254 3,273,193 3,143,245 3,112,219 3,238,506 622,519 156,219 1,262,123 1,197,645 Recoveries, transfers from reserves, and profits 296,179 503,710 627,393 396,291 409,072 139,341 18,907 118,682 132,142 On securities: Profits 41,693 283,991 402,424 216,336 140,361 26,364 9,042 46,339 58,616 Recoveries 25,448 10,336 7,133 4,377 2,902 1 243 2,658 Transfers from reserves 106,235 51,287 79,598 50,147 56,705 19,610 7,469 13,376 16,250 On loans: Recoveries 13,892 19,883 10,230 10,035 10,551 315 7 1,778 8,451 Transfers from reserves 53,173 66,545 47,237 51,859 124,361 86,965 492 22,044 14,860 All other 55,738 71,668 80,771 63,537 74,192 6,086 1,897 34,902 31,307 Losses, charge-offs, and transfers to reserves 1,199,926 847,465 808,173 703,795 737,728 154,916 42,858 254,054 285,900 On securities: Sold 666,514 195,526 32,174 51,169 42,929 7,867 3,500 16,237 15,325 Charge-ofFs prior to sale ' 18,200 9,230 9,917 2,886 1,694 5,337 Transfers to reserves 157,997 142,435 210,042 84,632 56,646 7,124 9,393 21,677 18,452 On loans: Losses and charge-offs 15,382 22,813 21,051 16,825 16,165 778 15,386 Transfers to reserves 273,068 389,856 417,095 451,526 516,448 134,986 25,093 166,845 189,524 All other 96,835 109,611 90,413 95,623 2,053 4,871 46,823 41,876 86,965 Net income before related taxes. 2,929,438 2,962,465 2,804,715 2,909,850 606,944 132,268 1,126,751 1,043,887 2,031,507 Taxes on net income. 1,240,662 1,250,492 1,109,798 1,078,789 205,296 46,861 464,192 362,440 Federal 774,622 1,165,534 1,170,215 1,021,782 991,081 178,907 46,861 422,48" 342,831 State 75,128 80,277 88,016 87,708 26,389 41,710 19,609 728,418 Net income 1,688,776 1,711,973 1,694,917 1,831,061 401,648 85,407 662,559 681,447 46,204 Cash dividends declared. 734,830 792,635 831,955 877,770 196,297 34,703 354,23' 292,533 On preferred stock 2.. 1,256,885 1,173 1,113 1,064 2,578 40 873 1,665 On common stock... 733,657 791,522 830,891 875,192 196,257 34,703 353,364 290,868 689,721 Memoranda items: 1,461 Recoveries credited to reserves • 688,260 On securities 2,848 16,476 10,510 3,541 5,724 697 1,425 2,609 993 On loans 66,050 58,052 67,224 71,942 81,604 10,200 5,183 27,418 38,803 Losses charged to reserves 4— On securities 195,044 43,652 18,350 11,950 14,860 208 2,098 8,774 3,780 On loans 101,989 233,782 212,941 196,822 273,439 50,662 12,525 91,731 118,521 Assets, deposits, and capital accounts: Loans 87,260 96,823 100,446 108,551 122,73: 22,120 5,664 48,333 46,615 U.S. Govt. securities 51,070 44,978 50,415 52,343 51,043 6,665 2,045 17,448 24,884 Other securities 16,626 16,068 17,660 21,328 26,321 4,616 1,474 8,896 11,335 Cash assets 39,468 41,891 41,068 43,548 44,968 9,881 2,056 18,671 14,359 Other assets 4,055 4,645 5,508 5,977 6,59. 2,179 206 2,305 1,904 Total assets. 198,479 204,406 215,097 231,746 251,657 45,461 11,445 95,653 99,098 Time deposits 54,124 55,012 63,099 73,097 85,505 10,39: 3,398 32,958 38,756 Total deposits 177,160 180,804 189,983 205,029 221,479 37,478 10,006 84,974 89,021 Total capital accounts. 15,821 16,710 17,917 19,066 20,266 3,933 968 7,424 7,941 Number of officers 68,702 71,698 74,734 78,406 82,045 5,802 1,426 26,695 48,122 Number of employees. 399,285 418,339 410,080 420,886 433,299 59,076 13,279 167,887 193,057 Number of banks 6,233 6,174 6,113 6,047 6,108 12 1901 5,893 NOTE.—The schedule for reporting current operating expenses was funds transactions have been classified as interest and discount on loans revised beginning with 1961 and certain items are not directly comparable and interest on borrowed money in these tables. with data for previous years. For detailed summary of these changes see For other notes see following two pages. May 1962 BULL., pp. 526-27. Revenue and expenses incident to Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 MEMBER BANKS, 1963 631 INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 507,9482,728,687 569,977 844,230 537,326 630,884 ,611,129 349,755 297,053 483,431573,0612,036,010 Interest and dividends on securities: U.S. Govt 60,466 362,483 86,858154,757 87,702 110,169 318,164 67,882 54,100 86,405 97,409 239,166 Other 25,477 222,881 36,119 79,059 29,357 40,742 126,976 23,883 18,434 28,224 36,700 105,298 Interest and discount on loans 118,4991,718,576 365,512 50(33,588 343,315 388,505 974,900 221,636 182,775 308,577379,995 ,366,900 Other charges on loans 4,462 23,801 4,292 6,770 7,359 7,925 11,500 1,963 2,864 3,426 4,847 47,825 Service charges on deposits.. 31,332 97,348 22,648 37,300 33,160 43,626 63,964 14,403 17,924 29,816 25,708 150,453 Other charges, fees, etc 13,024 40,107 8,165 9,022 11,497 12,533 23,237 5,119 9,722 7,408 7,655 32,781 Trust department 46,977 194,057 38,870 44,752 20,569 21,061 77,777 11,134 8,878 15,378 14,514 62,717 Other current revenue 7,711 69,434 7,513 8,982 4,367 6,323 14,611 3,735 2,356 4,197 6,233 30,870 Expenses 137,391 ,886,542 399,799 603,353 370,172 454,721 ,178,002 241,070 214,434 331,797 396,221 ,517,483 Salaries—Officers 45,176 169,039 45,084 60,506 50,646 59,645 123,475 33,780 31,287 56,014 5"8 ,115 159,813 Salaries and wages—Others.. 95,963 455,081 91,086 12233,136 88,990 103,750 237,422 49,004 40,926 69,214 73,726 339,899 Officer and employee benefits. 20,839 117,621 20,363 24,943 16,630 19,880 56,298 11,286 10,468 14,258 15,560 65,004 Directors' fees, etc 2,439 6,615 4,502 3,475 3,356 3,340 6,122 2,590i 1,848 3,358 3,472 2,113 Interest on time deposits.... 73,339 674,283 132,191242,573 108,260 135,883 485,409 77,126 75,318 99,720128,446 625,052 Interest on borrowed money. 2,584 42,030 3,099 4,328 2,823 3,313 12,371 1,838 943 2,926 5,824 21,995 Net occupancy expense 25,390 143,163 26,816 30,037 23,873 27,813 63,147 15,366 12,529 19,530 22,i684 90,202 Furniture and equipment.... 13,959 49,925 16,102 17,042 13,227 18,528 31,706 8,468 7,153 11,501 13,067 54,187 Other current expenses 57,702 228,785 60,556 97,313 62,367 82,569 162,052 41,612 33,962 55,276 75,327 159,218 Net current earnings before income taxes 170,557 842,145 170,178 240,877 167,154 176,163 433,127 108,685 82,619 151,634176,840 518,527 Recoveries, transfers from reserves, and profits 16,774 178,507 17,547 24,619 8,929 15,830 54,271 14,424 6,335 18,411 15,714 37,711 On securities: Profits 6,783 38,008 10,771 7,637 4,971 8,086 26,804 6,007 2,119 6,632 5,433 17,110 Recoveries 638 311 387 84 83 139 360 154 263 318 274 171 Transfers from reserves. . . 1,200 24,328 3,063 4,817 375 1,987 11,502 1,603 1,188 1,916 2,630 2,096 On loans: Recoveries 323 912 490 563 254 616 664 1,293 1,112 1,609 1,858 857 Transfers from reserves. . . 4,592 95,331 1,068 4,304 893 1,481 5,222 4,174 407 375 3,066 3,448 All other 3,238 19,897 1,768 7,214 2,353 3,521 9,719 1,193 1,246 7,561 2,453 14,029 Losses, charge-offs, and transfers to reserves 38,985 227,819 33,228 43,435 27,565 38,368 110,250 22,678 13,280 26,711 39,873 115,536 On securities: Sold 1,42: 11,556 2,084 2,943 857 1,387 11,970 1,101 266 952 1,040 7,351 Charge-offs prior to sale... 67: 3,169 683 779 236 239 707 866 409 595 866 696 Transfers to reserves 4,369 15,356 3,898 5,565 1,058 1,537 14,734 1,053 623 1,369 1,834 5,250 On loans: Losses and charge-offs All 1,015 751 1,109 607 1,536 1,216 1,008 1,561 3,028 2,767 1,146 Transfers to reserves 21,591 188,512 21,418 27,474 19,094 27,579 64,841 11,997 8,864 17,317 28,748 79,013 All other 10,510 8,211 4,394 5,565 5,713 (,090 16,782 6,653 1,557 3,450 4,618 22,080 Net income before related taxes. 148,346 792,833 154,497 222,061 148,518 153,625 377,148 100,431 75,674 143,334 152,681 440,702 Taxes on net income. 65,426 257,695 59,465 70,727 61,108 56,812 124,851 41,583 31,641 54,827 62,136 192,518 Federal 55,744 225,300 59,120 70,727 59,868 55,682 123,153 40,819 27,323 51,686 62,078 159,581 State 9,68: 32,395 345 1,240 1,130 1,698 764 4,318 3,141 58 32,937 Net income 82,920 535,138 95,032151,334 87,410 96,813 252,297 58,848 44,033 88,507 90,545 248,184 Cash dividends declared 47,566 260,869 51,213 65,348 40,693 39,646 101,236 26,282 19,610 33,423 46,668 145,216 On preferred stock 2 48 1,585 10 270 9 16 17 623 On common stock 47,518 259,284 51,213 65,348 40,693 39,636 100,966 26,273 19,594 33,406 46,668 144,593 Memoranda items: Recoveries credited to reserves 3— On securities 1,103 50 2,079 130 41 1,4911 41 33 106 553 On loans 3,202 17,012 3,204 6,446 3,01 4,810 15,453 2,064 1,905 4,077 7,513 12,906 Losses charged to reserves4—• On securities 740 1,953 292 3,163 560 319 7,114 264 9 184 118 144 On loans 15,13. 80,631 10,090 14,170 7,656 18,146 34,130 6,728 5,589 12,796 17,554 50,815 Assets, deposits, and capital accounts: Loans 5,427 32,250 6,231 9,043 5,66: 6,256 17,365 3,905 3,003 5,102 6,37: 22,115 U.S. Govt. securities 1,852 10,798 2,569 4,536 2,588 3,269 9,297 2,042 1,538 2,539 2,855 7,161 Other securities 940 7,431 1,218 2,641 1,003 1,321 4,364: 825 619 967 1,280 3,711 Cash assets 1,841 12,277 2,035 3,017 2,093 2,886 6,095! 1,696 1,073 2,322 3,151 6,483 Other assets 246 2,557 236 315 23r 323 6261 125 13^ 196 376 1,217 Total assets 10,306 65,312 12,289 19,552 11,585 14,055 37,748 8,593 6,371 11,126 14,033 40,687 Time deposits 2,364 19,450 4,395 7,683 3,482 4,036 14,508 2,439 2,364 2,890 3,875 18,017 Total deposits 8,875 55,281 10,829 17,266 10,277 12,626 33,847 7,719 5,743 9,960 12,537 36,520 Total capital accounts 961 5,388 1,113 1,752 955 1,129 2,887 732 498 972 1,156 2,724 Number of officers 4,161 12,579 4,587 5,376 5,138 5,716 10,170 3,600 3,251 5,705 5,724 16,038 Number of employees 24,847 98,758 23,690 30,274 24,957 29,197 58,823 14,052 11,299 19,180 19,986 78,236 Number of banks 252 426 443 513 413 467 1,010 475 485 796 656 172 i Includes figures for all banks that were members of the FRS at the 2 Includes interest on capital notes and debentures. end of the year (including those becoming members during the year 3 Not included in recoveries shown above. whose returns may cover operations for only part of the year); and in 4 Not included in losses shown above. addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Asset and For other notes see following page. liability data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 170,602 97,736 230,130 512,611 274,478 245,271 358,720 160,644 88,922 188,728 261,308 1,702,294 Interest and dividends on securities: U.S. Govt 17,911 10,725 26,303 83,479 42,274 36,740 69,519 23,850 11,544 27,612 43,187 196,462 Other 5,162 7,133 10,095 56,472 13,704 13,487 29,372 9,585 4,451 9,598 13,498 89,049 Interest and discount on loans, 103,683 69,169 149,960 298,972 172,787 158,696 217,524 107,446 58,649 128,787 180,5821,146,400 Other charges on loans 2,503 1,552 1,997 4,734 4,379 3,775 1,956 1,005 753 1,385 3,155 39,038 Service charges on deposits.. 4,483 4,817 9,146 19,739 17,804 13,449 15,450 5,355 2,936 6,634 4,318 122,669 Other charges, fees, etc 8,030 1,228 4,625 5,066 6,340 5,458 4,800 2,064 3,134 1,813 2,961 24,536 Trust department 24,542 2,175 23,931 37,815 14,799 11,332 16,639 9,270 6,908 11,436 10,623 56,272 Other current revenue 4,288 937 4,073 6,334 2,391 2,334 3,460 2,069 547 1,463 2,984 27,868 Expenses 100,147 75,868 151,100 360,660 184,719 171,358 265,206 102,713 59,587 123,800 167,088 1L,267,075 Salaries—Officers 12,811 6,576 15,793 30,313 23,516 20,047 20,072 11,513 6,185 15,013 17,524 127,516 Salaries and wages—Others.. 34,427 15,455 43,875 78,396 50,352 42,876 63,083 24,113 15,438 30,073 29,500 284,813 Officer and employee benefits. 6,506 3,544 10,276 15,566 8,692 7,911 12,191 6,041 3,526 6,064 7,333 53,587 Directors' fees, etc 227 261 465 682 1,038 604 475 375 233 424 431 1,234 Interest on time deposits.... 15,951 34,680 35,403 148,678 47,494 46,963 106,413 29,308 17,531 39,055 63,442 536,444 Interest on borrowed money. 1,306 283 2,608 4,025 2,380 2,386 2,525 1,639 705 2,344 5,381 21,380 Net occupancy expense 7,604 4,442 12,020 17,289 13,598 10,977 16,166 6,828 4,057 6,840 6,015 74,424 Furniture and equipment.... 4,199 1,880 7,267 9,816 6,735 6,314 6,884 3,913 2,326 4,083 4,802 43,511 Other current expenses... 17,116 8,747 23,393 55,895 30,914 33,280 37,397 18,983 9,586 19,904 32,660 124,166 Net current earnings before income taxes 70,455 21,868 79,030 151,951 89,759 73,913 93,514 57,931 29,335 64,928 94,220 435,219 Recoveries, transfers from reserves, and profits 8,012 7,544 9,234 16,564 3,957 7,208 12,049 8,793 762 10,366 4,764 29,429 On securities: Profits 2,059 834 6,300 3,535 1,966 3,033 6,699 2,773 179 3,197 2,624 13,140 Recoveries 1 22 76 40 1 5 98 Transfers from reserves 64 2,043 3,790 708 1,493 1,008 49 561 989 1,383 On loans: Recoveries 28 86 22 15 111 33 829 246 59 55 294 Transfers from reserves... 3,875 4,966 646 3,054 622 833 960 3,654 56 1 37 3,340 All other 1,986 458 158 6,141 1,352 2,447 2,864 489 232 6,547 1,054 11,174 Losses, charge-offs, and transfers to reserves 15,523 12,860 17,179 26,444 12,575 13,653 24,378 11,446 3,145 9,223 11,897 95,731 On securities: Sold 285 893 1,169 85 814 5,469 705 41 195 147 6,434 Charge-offs prior to sale... All 75 60 330 147 655 Transfers to reserves 1,966 1,669 "3^403 4,001 ""388 470 4,145 498 36 "*865 676 3,560 On loans: Losses and charge-offs 2 232 85 14 2 151 177 115 Transfers to reserves 8,697 10,676 10,627 17,864 8,951 9,211 10,078 5,809 2,667 7,371 9,942 64,952 All other 4,575 513 2,256 2,751 3,151 2,998 4,612 4,102 250 615 985 20,015 Net income before related taxes. 62,944 16,552 71,085 142,071 81,141 67,468 81,185 55,278 26,952 66,071 87,087 368,917 Taxes on net income. 30,894 5,335 30,855 42,913 34,919 26,850 24,256 25,453 12,721 26,303 41,300 162,393 Federal 26,392 4,390 30,855 42,913 34,018 26,395 23,260 24,944 10,782 24,517 41,300 132,716 State 4,502 945 901 455 996 1,939 1,786 29,677 509 Net income 32,050 11,217 40,230 99,158 46,222 40,618 56,929 14,231 39,768 45,787 206,524 29,825 Cash dividends declared. 20,431 8,296 24,304 43,496 23,047 17,622 26,816 7,264 14,703 27,358 125,872 On preferred stock 2.. 136 168 15,028 569 On common stock.... 20,431 8,160 '24^304 43^496 "ll\ 047 17,622 26,648 "7^264 14,703 '27^358 125,303 Memoranda items: Recoveries credited to reserves 3— On securities 1 1,995 36 34 29 514 Lo O ss n e s l o c a h n a s rged to reserves 4— 783 1,023 862 3,201 1,597 1,365 3,137 812 600 997 2,253 10,788 On securities 716 495 2,171 374 4,745 152 2 11 108 On loans.... 4,861 2,278 4,309 6,104 3,453 6,991 5,037 2,724 2,324 6,216 5,663 41,771 Assets, deposits, and capital accounts: Loans 1,061 2,640 5,591 2,998 2,693 3,930 2,048 1,086 2,305 3,342 18,751 U.S. Govt. securities 579 303 727 2,404 1,237 1,134 1,979 727 347 824 1,289 5,898 Other securities 180 225 324 1,884 471 428 957 321 150 317 453 3,184 Cash assets 739 270 1,096 2,006 1,227 1,442 1,781 980 521 1,205 1,748 5,657 Other assets 101 42 100 189 134 134 144 54 50 101 216 1,040 Total assets. 3,489 1,901 4,886 12,074 6,066 5,831 8,791 4,131 2,155 4,752 7,048 34,530 Time deposits 523 948 1,058 4,448 1,528 1,375 3,194 565 1,064 1,906 15,461 Total deposits 2,959 1,700 4,276 10,577 5,382 5,222 7,898 3,680 1,917 4,211 6,203 30,949 Total capital accounts. 371 129 440 1,105 466 467 637 360 172 422 581 2,273 Number of officers 1,007 550 1,193 2,096 2,015 1,636 1,335 959 473 1,262 1,305 12,864 Number of employees. 7,916 3,993 10,156 17,500 13,414 11,370 14,926 6,552 3,549 7,534 7,163 63,814 Number of banks 20 18 24 15 17 31 19 25 NOTE.—Does not include reserve city banks in the cities of New York as of the end of the year. Cash assets are comprised of cash, balances and Chicago. The figures of assets, deposits, and capital accounts are with other banks (including reserve balances), and cash items in process averages of the amounts reported for 4 consecutive official call dates of collection. Total capital accounts are comprised of the aggregate beginning with the end of the previous year and ending with the fall call book value of capital stock, capital notes and debentures, surplus, unof the current year (except that in 1963 the Dec. 20 call was included in divided profits, reserves for contingencies, and other capital reserves. place of the fall call). The number of officers, employees, and banks are For other notes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 MEMBER BANKS, 1963 633 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila- Cleve- Rich- St. Minne- Kansas I San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas I Francisco Revenue 337,346 874,316 339,847 331,619 262,848 385,613 795,716 189,111 208,131 294,703 311,753 333,716 Interest and dividends on securities : U.S. Govt 42,555 134,028 60,555 71,278 45,428 73,429 180,821 44,032 42,556 58,793 54,222 42,704 Other 20,315 76,290 26,024 22,587 15,653 27,255 55,844 14,298 13,983 18,626 23,202 16,249 Interest and discount on loans 214,816 556,342 215,552 204,616 170,528 229,809 471,679 114,190 124,126 179,790 199,413 220,500 Other charges on loans 1,959 9,197 2,295 2,036 2,980 4,150 6,949 958 2,111 2,041 1,692 8,787 Service charges on deposits. 26,849 54,881 13,502 17,561 15,356 30,177 44,739 9,048 14,988 23,182 21,390 27,784 Other charges, fees, etc 4,994 10,338 3,540 3,956 5,157 7,075 11,902 3,055 6,588 5,595 4,694 8,245 Trust department 22,435 24,843 14,939 6,937 5,770 9,729 16,959 1,864 1,970 3,942 3,891 6,445 Other current revenue 3,423 8,397 3,440 2,648 1,976 3,989 6,823 1,666 1,809 2,734 3,249 3,002 Expenses 237,244 676,558 248,699 242,693 185,453 283,363 612,322 138,357 154,847 207,997 229,133 250,408 Salaries—Officers 32,365 69,398 29,291 30,193 27,130 39,598 78,256 22,267 25,102 41,001 40,591 32,297 Salaries and wages—Others. 61,536 138,424 47,211 44,740 38,638 60,874 110,889 24,891 25,488 39,141 44,226 55,086 Officer and employee benefits 14,333 30,495 10,087 9,377 7,938 11,969 24,054 5,245 6,942 8,194 8,227 11,417 Directors' fees, etc 2,212 4,590 4,037 2,793 2,318 2,736 5,247 2,215 1,615 2,934 3,041 879 Interest on time deposits. . . 57,388 272,629 96,788 93,895 60,766 88,920 251,859 47,818 57,787 60,665 65,004 88,608 Interest on borrowed money 1,278 2,938 491 303 443 927 1,231 199 238 582 443 615 Net occupancy expense 17,786 43,709 14,796 12,748 10,275 16,836 33,158 8,538 8,472 12,690 16,669 15,778 Furniture and equipment 9,760 21,039 8,835 7,226 6,492 12,214 17,615 4,555 4,827 7,418 8,265 10,676 Other current expenses 40,586 93,336 37,163 41,418 31,453 49,289 90,013 22,629 24,376 35,372 42,667 35,052 Net current earnings before income taxes 100,102 197,758 91,148 88,926 77,395 102,250 183,394 50,754 53,284 86,706 82,620 83,308 Recoveries, transfers from reserves, and profits 8,762 31,622 8,313 8,055 4,972 8,622 23,315 5,631 5,573 8,045 10,950 8,282 On securities: Profits 4,724 10,810 4,471 4,102 3,005 5,053 11,063 3,234 1,940 3,435 2,809 3,970 Recoveries 638 30 386 62 83 63 360 114 263 317 269 73 Transfers from reserves... 1,136 3,432 1,020 1,027 373 1,279 2,540 595 1,139 1,355 1,641 713 On loans: Recoveries 295 597 404 541 239 505 624 464 866 1,550 1,803 563 Transfers from reserves... 111 3,400 422 1,250 271 648 3,770 520 351 374 3,029 108 All other 1,252 13,353 1,610 1,073 1,001 1,074 4,958 704 1,014 1,014 1,399 2,855 Losses, charge-offs, and transfers to reserves 23,462 60,043 16,049 16,991 14,990 24,715 43,014 11,232 10,135 17,488 27,976 19,805 On securities: Sold 1,137 3,689 1,191 1,774 772 573 3,001 396 225 757 893 917 Charge-offs prior to sale.. 672 283 683 352 236 164 647 536 409 595 719 41 Transfers to reserves 2,403 6,563 495 1,564 670 1,067 1,196 555 587 504 1,158 1,690 On loans: Losses and charge-offs. . . 421 1,013 751 877 607 1,451 1,201 1,006 1,410 2,851 2,767 1,031 Transfers to reserves 12,894 42,850 10,791 9,610 10,143 18,368 29,670 6,188 6,197 9,946 18,806 14,061 All other 5,935 5,645 2,138 2,814 2,562 3,092 7,299 2,551 1,307 2,835 3,633 2,065 Net income before related taxes 85,402 169,337 83,412 79,990 67,377 86,157 163,695 45,153 48,722 77,263 65,594 71,785 Taxes on net income 34,532 47,064 28,610 27,814 26,189 29,962 53,734 16,130 18,920 28,524 20,836 30,125 Federal 29,352 42,003 28,265 27,814 25,850 29,287 53,032 15,875 16,541 27,169 20,778 26,865 State 5,180 5,061 345 339 675 702 255 2,379 1,355 58 3,260 Net income 50,870 122,273 54,802 52,176 41,188 56,195 109,961 29,023 29,802 48,739 44,758 41,660 Cash dividends declared 27,135 56,276 26,909 21,852 17,646 22,024 39,717 11,254 12,346 18,720 19,310 19,344 On preferred stock 2 48 1,409 10 102 9 16 17 54 On common stock 27,087 54,867 26 ,'909 '17^646 22,014 39,615 11,245 12,330 18,703 19*310 19,290 Memoranda items: Recoveries credited to reserves 3— On securities 9 405 50 84 94 41 66 7 33 106 59 39 On loans 2,419 5,789 2,342 3,245 1,415 3,445 7,133 1,252 1,305 3,080 5,260 2,118 Losses charged to reserves 4— On securities 24 1,250 292 992 186 319 271 112 9 182 107 36 On loans 10,273 27,691 5,781 8,066 4,203 11,155 16,568 4,004 3,265 6,580 11,891 9,044 Assets, deposits, and capital accounts: Loans 3,538 9,069 3,592 3,453 2,663 3,563 7,771 1,857 1,917 2,798 3,030 3,365 U.S. Govt. securities 1,273 3,829 1,842 2,132 1,351 2,135 5,273 1,315 1,191 1,714 1,566 1,263 Other securities 760 2,590 893 757 532 894 1,933 504 468 650 827 527 Cash assets 1,101 2,125 939 1,011 867 1,444 2,258 716 552 1,117 1,402 826 Other assets 145 336 136 126 105 189 277 72 87 95 160 177 Total assets 6,817 17,950 7,402 7,478 5,519 8,225 17,512 4,462 4,216 6,374 6,985 6,158 Time deposits 1,841 8,110 3,337 3,235 1,954 2,661 7,917 1,551 1,799 1,826 1,969 2,557 Total deposits 5,916 16,103 6,553 6,688 4,895 7,404 15,943 4,039 3,826 5,749 6,334 5,572 Total capital accounts 590 1,326 673 646 489 662 1,281 372 326 549 575 450 Number of officers 3,154 6,227 3,394 3,280 3,123 4,080 7,409 2,641 2,778 4,443 4,419 3,174 Number of employees 16,931 35,689 13,534 12,774 11,543 17,827 30,618 7,500 7,750 11,646 12,823 14,422 Number of banks 247 410 437 493 395 443 983 458 478 765 637 147 For notes, see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 MEMBER BANKS, 1963 MAY 1964 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentage) All member banks Reserve city Country New City Item York of Other 1959 1960 1961 1962 1963 City Chicago 1963 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 18.6 19.6 17.5 16.3 16.0 15.8 16.1 17.0 15.1 Net income before related taxes 12.8 17.5 16.5 14.7 14.4 15.4 13.7 15.2 13.1 Net income 7.9 10.1 9.6 8.9 9.0 10.2 8.9 8.6 Cash dividends declared 4.4 4.4 4.4 4.4 4.3 5.0 3.6 4.8 3.7 Percentage of total assets: Total operating revenue 4.07 4.37 4.28 4.38 4.44 3.86 3.99 4.49 4.71 Net current earnings before income taxes 1.48 1.60 1.46 1.34 1.29 1.37 1.36 1.32 1.21 Net income .63 .83 .80 .73 .73 .88 .75 .69 .69 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 17.3 15.8 16.7 16.6 15.4 12.4 14.9 13.7 18.2 Other securities 5.5 5.2 5.6 6.2 6.9 7.9 9.1 6.1 7.1 Revenue on loans 62.2 64.2 63.7 63.4 64.5 63.0 63.1 66.6 63.2 Service charges on deposit accounts. 5.2 5.2 5.3 5.2 5.1 2.1 .8 5.3 6.4 All other revenue 9.8 9.6 8.7 8.6 8.1 14.6 12.1 8.3 5.1 Total revenue. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 26.2 25.6 25.6 24.6 23.8 22.4 19.4 23.8 24.8 Officer and employee benefits. 3.6 3.6 3.5 4.8 4.4 3.3 3.2 Interest on time deposits 15.8 16.1 18.7 23.2 25.6 20.9 27.8 26.1 26.6 Net occupancy expense 4.6 4.5 4.5 5.4 3.0 4.2 4.6 Other current expenses 13.4 13.4 13.6 11.1 11.2 13.2 15.1 Total expenses 63.6 63.3 65.9 69.3 71.0 64.6 65.8 70.6 74.3 Net current earnings before income taxes.. 36.4 36.7 34.1 30.7 29.0 35.4 34.2 29.4 25.7 Net losses including transfers (or recoverie: and profits +) 11.2 3.9 2.0 3.0 2.9 .9 5.2 3.2 3.3 Taxes on net income 9.6 13.9 13.5 11.0 9.7 11.6 10.3 10.8 7.8 Net income after taxes 15.6 18.9 18.6 16.7 16.4 22.9 18.7 15.4 14.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.14 3.05 3.22 3.38 3.27 3.32 3.38 3.42 Interest and dividends on other securities. 2.91 2.91 2.95 2.94 3.02 2.83 2.94 2.91 Net losses (or recoveries and profits -f) l. + .12 + .52 + .21 + .11 + .14 + .14 + .09 + .10 Return on loans: Revenue on loans 5.75 5.92 5.84 5.93 5.87 5.00 5.09 5.91 6.32 Net losses (or recoveries +) * .04 .18 .16 .12 .16 .18 .13 .13 .19 Distribution of assets: Percentage of total assets: U.S. Govt. securities.. . 25.7 22.0 23.4 22.6 20.3 14.7 17.9 18.3 25.1 Other securities 8.4 7.9 8.2 9.2 10.4 10.1 12.9 9.3 11.4 Loans 44.0 47.4 46.7 46.8 48.8 48.7 49.5 50.5 47.1 Cash assets 19.9 20.5 19.1 18.8 17.9 21.7 17.9 19.5 14.5 Other assets 2.0 2.2 2.6 2.6 2.6 4.8 1.8 2.4 1.9 Other ratios: Total capital accounts to: Total assets 8.0 8.2 8.3 8.2 8.1 8.7 8.5 7.8 8.0 Total assets less U.S. Govt. securities and cash assets 14.7 14.2 14.5 14.0 13.0 13.6 13.2 12.5 13.3 Total deposits 8.9 9.2 9.4 9.3 9.2 10.5 9.7 8.7 8.9 Time to total deposits 30.6 30.4 33.2 35.7 38.6 27.7 34.0 38.8 43.5 Interest on time deposits to time deposits . 2.36 2.61 2.73 3.23 3.34 3.53 3.74 3.40 3.20 Number of banks. 6,233 6,174 6,113 6,047 6,108 13 12 190 5,893 1 Net losses is the excess of (1) actual losses charged against net profits —regardless of size or amount—are weighted equally and in general plus losses charged against valuation reserves over (2) actual recoveries have an equally important influence on the result. In the ratios based and profits credited to net profits plus recoveries credited to valuation on aggregates presented here, the experience of those banks in each group reserves; net recoveries and profits is the reverse. Transfers to and from whose figures are largest have a much greater influence than that of the valuation reserves are excluded. many banks with smaller figures. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speak- NOTE.—The ratios in this and the following 3 tables were computed ing, are the more significant for purposes of general analyses of credit from the dollar aggregates shown in preceding tables. Many of these and monetary problems, while averages of individual ratios are useful ratios vary substantially from the average of individual bank ratios, primarily to those interested in studying the financial results of operations which were shown in the April BULL., in which each bank's figures of individual banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 MEMBER BANKS, 1963 635 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item 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 - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas 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. 17.7 15.6 15.3 13.7 17.5 15.6 15.0 14.8 16.6 15.6 15.3 19.0 Net income before related taxes 15.4 14.7 13.9 12.7 15.6 13.6 13.1 13.7 15.2 14.7 13.2 16.2 Net income 8.6 9.9 8.5 8.6 9.2 8.6 8.7 8.0 8.8 9.1 7.8 9.1 Cash dividends declared 4.9 4.8 4.6 3.7 4.3 3.5 3.5 3.6 3.9 3.4 4.0 5.3 Percentage of total assets: Total operating revenue 4.93 4.18 4.64 4.32 4.64 4.49 4.27 4.07 4.66 4.35 4.08 5.00 Net current earnings before income taxes. 1.65 1.29 1.38 1.23 1.44 1.25 1.15 1.26 1.30 1.36 1.26 1.27 Net income .80 .82 .77 .77 .75 .69 .67 .68 .69 .80 .65 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 11.9 13.3 15.2 18.3 16.3 17.5 19.7 19.4 18.2 17.9 17.0 11.7 Other securities 5.0 8.2 6.3 9.4 5.4 6.5 7.9 6.8 6.2 5.8 6.4 5.2 Revenue on loans 63.6 63.9 64.9 60.5 65.3 62.8 61.2 64.0 62.5 64.5 67.2 69.5 Service charges on deposit accounts 6.2 3.5 4.0 4.4 6.2 6.9 4.0 4.1 6.0 6.2 4.5 7.4 AH other revenue 13.3 11.1 9.6 7.4 6.8 6.3 7.2 5.7 7.1 5.6 4.9 6.2 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 27.8 22.9 23.9 21.7 26.0 25.9 22.4 23.7 24.3 25.9 23.0 24.5 Officer and employee benefits 4.1 4.3 3.6 3.0 3.1 3.2 3.5 3.2 3.5 3.0 2.7 3.2 Interest on time deposits 14.4 24.7 23.2 28.7 20.2 21.5 30.1 22.0 25.4 20.6 22.4 30.7 Net occupancy expense 5.0 5.2 4.7 3.6 4.4 4.4 3.9 4.4 4.2 4.0 4.0 4.4 Other current expenses 15.1 12.0 14.7 14.5 15.2 17.1 13.2 15.6 14.8 15.1 17.0 11.7 Total expenses 66.4 69.1 70.1 71.5 68.9 72.1 73.1 68.9 72.2 68.6 69.1 74.5 Net current earnings before income taxes 33.6 30.9 29.9 28.5 31.1 27.9 26.9 31.1 27.8 31.4 30.9 25.5 Net losses including transfers (or recoveries and profits +) 4.4 1.8 2.8 2.2 3.5 3.6 3.5 2.4 2.3 1.7 4.2 3.8 Taxes on net income 12.9 9.5 10.4 8.4 11.3 9.0 7.7 11.9 10.7 11.4 10.9 9.5 16.3 19.6 16.7 17.9 16.3 15.3 15.7 16.8 14.8 18.3 15.8 12.2 Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.26 3.36 3.38 3.41 3.39 3.37 3.42 3.32 3.52 3.40 3.41 3.34 Interest and dividends on other securities. 2.71 3.00 2.97 2.99 2.93 3.08 2.91 2.89 2.98 2.92 2.87 2.84 Net losses (or recoveries and profits +) *.. + .16 + .12 + .22 + .04 + .10 + .14 + .06 + .14 + .08 + .15 + .09 + .09 Return on loans: Revenue on loans 5.95 5.40 5.93 5.64 6.19 6.34 5.68 5.73 6.18 6.12 6.04 6.40 Net losses (or recoveries +) 1 .22 .20 .11 .09 .09 .11 .11 .14 .20 .17 .17 .23 Distribution of assets: Percentage of total assets: O U t .S he . r G s o e v cu t. r i s t e ie c s urities 1 9 8 . . 1 0 1 1 6 1 . . 5 4 2 9 0 . . 9 9 2 1 3 3 . . 2 5 2 8 2 . . 6 3 2 9 3 . . 4 3 2 1 4 1 . . 6 6 2 9 3 . . 6 8 249..17 2 8 2 . . 7 8 2 9 0 . . 1 3 1 9 7 . . 1 6 Loans 52.6 49.4 50.7 46.3 48.9 44.5 46.0 45.4 47.1 45.8 45.4 54.4 Cash assets 17.9 18.8 16.6 15.4 18.1 20.5 16.1 19.7 16.9 20.9 22.5 15.9 Other assets 2.4 3.9 1.9 1.6 2.1 2.3 1.7 1.5 2.2 1.8 2.7 3.0 Other ratios: Total capital accounts to: Total assets 9.3 8.2 9.1 9.0 8.2 8.0 7.6 8.5 7.8 8.7 8.2 6.7 Total assets less U.S. Govt. securities and cash assets 14.5 12.8 14.5 14.6 13.8 14.3 12.9 15.1 13.2 15.5 14.4 10.1 Total deposits 10.8 9.7 10.3 10.1 9.3 8.9 8.5 9.5 8.7 9.8 9.2 7.5 Time to total deposits 26.6 35.2 40.6 44.5 33.9 32.0 42.9 31.6 41.2 29.0 30.9 49.3 Interest on time deposits to time deposits.. 3.10 3.4' 3.01 3.16 3.11 3.37 3.35 3.16 3.19 3.45 3.31 3.47 Number of banks 252 426 443 513 413 467 1,010 475 485 796 656 172 i Net losses is the excess of (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 MEMBER BANKS, 1963 MAY 1964 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i l l i - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas 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. 19.0 17.0 18.0 13.8 19.3 15.8 14.7 16.1 17.1 15.4 16.2 19.1 17.0 12.8 16.2 12.9 17.4 14.4 12.7 15.4 15.7 15.7 15.0 16.2 Net income 8.6 8.7 9.1 9.0 9.9 8.7 8.9 8.3 8.3 9.4 7.9 9.1 Cash dividends declared 5.5 6.4 5.5 3.9 4.9 3.8 4.2 4.2 4.2 3.5 4.7 5.5 Percentage of total assets: Total operating revenue . 4.89 5.14 4.71 4.25 4.52 4.21 4.08 3.89 4.13 3.97 3.71 4.93 Net current earnings before income taxes. 2.02 1.15 1.62 1.26 1.48 1.27 1.06 1.40 1.36 1.37 1.34 1.26 Net income .92 .59 .82 .82 .76 .70 .65 .72 .66 .84 .65 .60 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 10.5 11.0 11.4 16.3 15.4 15.0 19.4 14.8 13.0 14.6 16.5 11.6 Other securities 3.0 7.3 4.4 11.0 5.0 5.5 8.2 6.0 5.0 5.1 5.2 5.2 Revenue on loans 62.3 72.4 66.0 59.2 64.5 66.2 61.2 67.5 66.8 69.0 70.3 69.6 Service charges on deposit accounts 2.6 4.9 4.0 3.9 6.5 5.5 4.3 3.3 3.3 3.5 1.7 7.2 All other revenue 21.6 4.4 14.2 9.6 8.6 7.8 6.9 8.4 11.9 7.8 6.3 6.4 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 27.7 22.5 25.9 21.2 26.9 25.7 23.2 22.2 24.3 23.9 18.0 24.2 Officer and employee benefits 3.8 3.6 4.5 3.0 3.2 3.2 3.4 3.8 4.0 3.2 2.8 3.1 Interest on time deposits 9.3 15.4 29.0 17.3 19.1 29.6 18.2 19.7 20.7 24.3 31.5 35.5 Net occupancy expense 4.5 5.2 4.6 3.6 2.3 4.4 Other current expenses 13.4 11.4 14.7 13.8 15.0 17.4 13.2 15.5 14.4 14.2 16.5 11.2 Total expenses 77.6 70.4 67.3 69.9 73.9 63.9 58.7 65.7 67.0 65.6 63.9 74.4 Net current earnings before income taxes 22.4 29.6 32.7 30.1 26.1 36.1 41.3 34.3 33.0 34.4 36.1 25.6 Net losses including transfers (or recoveries and profits-|-) 4.4 5.4 3.4 1.9 3.2 2.6 3.4 1.7 2.7 + .6 2.8 3.9 Taxes on net income 18.1 5.5 13.4 8.4 12.7 10.9 6.8 15.8 14.3 13.9 15.8 9.6 Net income after taxes 18.8 11.5 17.5 19.3 16.8 16.6 15.9 18.6 16.0 21.1 17.5 12.1 Rates of return on securities and loans: Return on securities: 3.09 3.54 3.62 3.47 3.42 3.24 3.51 3.28 3.33 3.35 3.35 3.33 Interest and dividends on other securities. 2.87 3.17 3.12 3.00 2.91 3.15 3.07 2.99 2.97 3.03 2.98 2.80 Net losses (or recoveries and profits+) * • • + .14 -f .06 + .04 + .09 + .14 .12 + .16 + .03 + .14 + .07 + .51 + .26 Return on loans: Revenue on loans .. . . .. 5.62 6.67 5.76 5.43 5.91 6.03 5.58 5.30 5.47 5.65 5.50 6.32 Net losses (or recoveries+)1 .21 .12 .13 .06 .06 .21 .05 .05 .15 .23 .10 .16 Distribution of assets: Percentage of total assets : U S Govt securities . . .. 16.6 16.0 14.9 19.9 20.4 19.5 22.5 17.6 16.1 17.3 18.3 17.1 Other securities 5.2 11.8 6.6 15.6 7.8 7.3 10.9 7.8 7.0 6.7 6.4 9.2 54.1 55.8 54.0 46.3 49.4 46.2 44.7 49.6 50.4 48.5 47.4 54.3 C O a th sh e r a a s s s s e e ts ts 2 2 1 . . 9 2 1 2 4 . . 2 2 222..14 1 1 6 . . 6 6 2 2 0 . . 2 2 2 2 4 . . 3 7 20 1 . . 3 6 23 1 . . 7 3 2 2 4 . . 3 2 2 2 5 . . 1 4 2 3 4 . . 1 8 1 3 6 . . 0 4 Other ratios: Total capital accounts to : Total assets . . . . 10.6 6.8 9.0 9.2 7.7 8.0 7.2 8.7 8.0 8.9 8.2 6.6 Total assets less U.S. Govt. securities and cash assets .. . 17.1 9.7 14.4 14.4 12.9 14.4 12.7 14.9 13.4 15.5 14.5 9.9 12.5 7.6 10.3 10.4 8.7 8.9 8.1 9.8 9.0 10.0 9.4 7.3 Time to total deposits 17.7 55.8 24.7 42.1 28.4 26.3 40.4 24.1 29.5 25.3 30.7 50.0 Interest on time deposits to time deposits... 3.05 3.66 3.35 3.34 3.11 3.42 3.33 3.30 3.10 3.67 3.33 3.47 5 3 6 20 18 24 15 17 7 31 19 25 1 Net losses is the excess of (1) actual losses charged against net profits NOTE.—Figures do not include reserve city banks in the cities of New plus losses charged against valuation reserves over (2) actual recoveries York and Chicago. and profits credited to net profits plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 MEMBER BANKS, 1963 637 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas 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. 17.0 14.9 13.5 13.8 15.8 15.4 14.3 13.6 16.3 15.8 14.4 18.5 Net income before related taxes 14.5 12.8 12.4 12.4 13.8 13.0 12.8 12.1 14.9 14.1 11.4 16.0 Net income ... . . . 8.6 9.2 8.1 8.1 8.4 8.5 8.6 7.8 9.1 8.9 7.8 9.3 CasM dividends declared 4.6 4.2 4.0 3.4 3.6 3.3 3.1 3.0 3.8 3.4 3.4 4.3 Percentage of total assets : Total operating revenue 4.95 4.87 4.59 4.43 4.76 4.69 4.54 4.24 4.94 4.62 4.46 5.42 Net current earnings before income taxes. 1.47 1.10 1.23 1.19 1.40 1.24 1.05 1.14 1.26 1.36 1.18 1.35 Net income .75 .68 .74 .70 .75 .68 .63 .65 .71 .76 .64 .68 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U S Govt securities 12.6 15.3 17.8 21.5 17.3 19.0 22.7 23.3 20.5 19.9 17.4 12.8 Other securities . . . 6.0 8.7 7.6 6.8 6.0 7.1 7.0 7.5 6.7 6.3 7.4 4.9 Revenue on loans 64.3 64.7 64.1 62.3 66.0 60.7 60.2 60.9 60.6 61.7 64.5 68.7 Service charges on deposit accounts 8.0 6.3 4.0 5.3 4.8 6.9 8.3 All other revenue 9.1 5.0 6.5 3.8 5.3 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 27.8 23.8 22.5 22.6 25.0 26.0 23.8 24.9 24.3 27.2 27.2 26.2 Officer and employee benefits 4.2 3.5 3.0 2.8 3.0 3.1 3.0 2.8 3.3 2.8 2.6 3.4 Interest on time deposits 17.0 31.2 28.5 28.3 23.1 23.1 31.7 25.3 27.8 20.6 20.9 26.6 Net occupancy expense 1 Other current expenses 16.0 13.9 14.9 15.6 15.5 16.9 14.3 15.7 14.9 15.7 17.5 14.1 Total expenses ... 70.3 77.4 73.2 73.2 70.5 73.5 77.0 73.2 74.4 70.6 73.5 75.0 Net current earnings before income taxes 29.7 22.6 26.8 26.8 29.5 26.5 23.0 26.8 25.6 29.4 26.5 25.0 Net losses including transfers (or recoveries and profits-(-) 4.4 3.2 2.3 2.7 3.8 4.2 2.5 3.0 2.2 3.2 5.4 3.5 Taxes on net income . . . 10.2 5.4 8.4 8.4 10.0 7.7 6.7 8.5 9.1 9.7 6.7 9.0 Net income after taxes 15.1 14.0 16.1 15.7 15.7 14.6 13.8 15.3 14.3 16.5 14.4 12.5 Rates of return on securities and loans: Return on securities: Interest on U S Govt securities 3.34 3.50 3.29 3.34 3.36 3.44 3.43 3.35 3.57 3.43 3.46 3.38 Interest and dividends on other securities. 2.67 2.95 2.91 2.98 2.94 3.05 2.89 2.84 2.99 2.87 2.81 3.08 Net losses (or recoveries and profits+)1 • • + .17 + .09 + .10 + .04 + .11 + .14 + .11 + .13 + •10 + .10 + .06 + .17 Return on loans: Revenue on loans .. . 6.13 6.24 6.06 5.98 6.52 6.57 6.16 6.20 6.59 6.50 6.64 6 81 Net losses (or recoveries-)-)1 .23 .25 .11 .15 .12 .24 .13 .18 .13 .17 .25 .22 Distribution of assets: Percentage of total assets: U S. Govt. securities 18.7 21.3 24.9 28.5 24.5 26.0 30.1 29.5 28.2 26.9 22.4 20.5 Other securities 11.1 14.4 12.1 10.1 9.6 10.9 11.0 11.3 11.1 10.2 11.8 8.6 Loans 51.9 50.5 48.5 46.2 48.3 43.3 44.4 41.6 45.5 43.9 43.4 54.6 Cash assets 16.2 11.9 12.7 13.5 15.7 17.5 12.9 16.0 13.1 17.5 20.1 13.4 Other assets 2.1 1.9 1.8 1.7 1.9 2.3 1.6 1.6 2.1 1.5 2.3 2.9 Other ratios: Total capital accounts to: Total assets 8.7 7.4 9.1 8.6 8.9 8.0 7.3 8.3 7.7 8.6 8.2 7.3 Total assets less U.S. Govt. securities and cash assets. . 13.3 11.1 14.6 14.9 14.8 14.2 12.8 15.3 13.2 15.5 14.3 11.1 Total deposits 10.0 8.2 10.3 9.7 10.0 8.9 8.0 9.2 8.5 9.5 9.1 8.1 Time to total deposits .. . 31.1 50.4 50.9 48.4 39.9 35.9 49.7 38.4 47.0 31.8 31.1 45.9 Interest on time deposits to time deposits... 3.12 3.36 2.90 2.90 3.11 3.34 3.18 3.08 3.21 3.32 3.30 3.47 Number of banks . . . 247 410 437 493 395 443 983 458 478 765 637 147 1 Net losses is the excess of (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries, credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Revenue 11,079,160 38,662 291,111 506,005 928,624 744,987 824,090 2,404,101 5,341,580 Interest and dividends on securities: U.S. Govt 1,711,409 9,164 66,325 106,702 183,446 142,536 151,019 369,150 683,067 Other 767,728 1,935 18,311 35,896 66,650 51,152 58,644 154,613 380,527 Interest and discount on loans 7,023,413 23,998 180,094 313,157 567,325 453,088 506,794 1,532,365 3,446,592 Other charges on loans 125,784 182 1,374 2,957 7,466 8,171 8,434 27,561 * 69,639 Service charges on deposits 561,071 2,008 16,223 32,142 66,833 50,295 51,927 127,071 * 214,572 Other charges, fees, etc 178,686 905 5,696 9,026 15,662 12,649 11,882 35,053 87,813 Trust department 545,462 74 545 1,877 12,509 19,120 28,611 133,713 349,013 Other current revenue 165,607 396 2,543 4,248 8,733 7,976 6,779 24,575 110,357 Expenses 7,855,946 29,184 217,642 376,927 698,680 560,654 610,303 1,694,001 3,668,555 Salaies—Officers 884,247 8,557 47,548 65,198 98,879 72,345 72,680 188,784 330,256 Salaries and wages—Others 1,750,196 3,668 32,566 62,957 132,042 115,020 127,420 404,414 872,109 Officer and employee benefits 389,904 810 6,873 12,929 27,224 23,216 28,333 84,174 206,345 Directors' fees, etc 42,805 804 5,206 6,829 8,871 4,719 3,761 7,325 5,290 Interest on time deposits 2,833,874 7,502 71,277 134,436 252,286 201,397 219,815 555,918 1,391,243 Interest on borrowed money 103,906 31 196 378 1,049 1,365 2,349 14,724 83,814 Net occupancy expense 495,313 1,738 11,812 21,435 42,361 34,683 37,832 104,351 241,101 Furniture and equipment 252,409 847 6,918 12,188 23,280 17,618 20,893 60,943 109,722 Other current expenses 1,103,292 5,227 35,246 60,577 112,688 90,291 97,220 273,368 428,675 Net current earnings before income taxes 3,223,214 9,478 73,469 129,078 229,944 184,333 213,787 710,100 1,673,025 Recoveries, transfers from reserves, and profits 407,914 1,157 6,931 12,152 23,046 20,001 24,719 74,798 245,110 On securities: Profits 139,679 230 2,533 5,677 11,679 9,989 9,702 33,559 66,310 Recoveries 2,891 50 153 220 1,185 364 584 233 102 Transfers from reserves 56,511 9 531 851 2,743 2,928 3,736 9,143 36,570 On loans: Recoveries 10,506 743 2,418 2,047 1,628 639 422 708 1,901 Transfers from reserves 124,286 47 388 1,293 2,023 2,862 4,168 7,762 105,743 All other 74,041 78 908 2,064 3,788 3,219 6,107 23,393 34,484 Losses, charge-offs, and transfers to reserves 733,595 2,116 16,210 27,758 55,186 44,532 53,051 139,393 395,349 On securities: Sold 42,065 94 901 1,567 2,883 3,705 2,804 6,021 24,090 Charge-ofFs priot to sale 9,874 64 696 1,206 2,037 593 549 850 3,879 Transfers to reserves 56,319 16 200 541 2,887 1,812 2,517 16,963 31,383 On loans: Losses and charge-offs 16,048 1,175 4,547 3,901 3,169 1,284 619 961 392 Transfers to reserves 514,662 514 7,350 15,739 36,061 30,586 39,494 92,539 292,379 All other 94,627 2,516 4,804 8,149 6,552 7,068 22,059 43,226 253 Net income before related taxes 2,897,533 64,190 113,472 197,804 159,802 185,455 645,505 1,522,786 8,519 Taxes on net income 1,072,356 18,184 35,431 66,962 57,282 67,541 253,398 571,351 Federal 985,639 2,207 17,216 33,772 64,036 54,748 64,675 240,570 508,509 State 86,717 2,113 968 1,659 2,926 2,534 2,866 12,828 62,842 Net income 1,825,177 94 46,006 78,041 130,842 102,520 117,914 392,107 951,435 Cash dividends declared 871,333 6,312 17,105 28,787 51,909 42,777 50,771 185,318 492,242 On preferred stocks 2,576 8 8 49 208 10 629 1,664 On common stock 868,757 2,424 17,097 28,779 51,860 42,569 50,761 184,689 490,578 Memoranda items '^424 Recoveries credited to reserves3 On securities 5,725 9 43 214 125 191 499 4,644 On loans 80,957 204 2,848 5,093 8,574 6,022 6,736 16,586 34,894 Losses charged to reserves4 On securities 14,847 5 155 All 1,170 673 2,336 10,031 On loans. 271,451 351 5,625 10,920 23,616 18,785 23,030 54,190 134,934 Assets, deposits, and capital accounts: Loans 131,290,692 380,328 2,900,440 5,074,447 9,464,886 7,923,239 9,090,999 28,527,592 67,928,761 U.S. Govt. securities 49,149,324 287,259 2,024,910 3,214,624 5,404,184 4,174,639 4,392,37610,462,869 19,188,463 Other securities 28,993,273 63,497 655,770 1,347,364 2,545,254 1,976,177 2,195,072 5,731,617 14,478,522 Cash assets 44,263,501 158,876 1,043,169 1,675,834 2,847,194 2,293,153 2,669,461 9,997,678 23,578,136 Other assets 6,915,822 10,595 99,688 186,773 389,695 340,649 368,275 1,214,213 4,305,934 Total assets 260,612,612 900,555 6,723,97711,499,04220,651,21316,707,85718,716,183 55,933,969129,479,816 Time deposits 90,994,820 272,280 2,487,755 4,602,214 8,529,910 6,638,414 7,121,010 18,049,232 43,294,005 Total deposits 228,683,073 787,675 6,003,719 100,364,89918.608,856 155,009,01316,788,440 49,719,997111,400,474 Total capital accounts 20,911,795 107,445 668,738 1,009,095 1,680,068 1,312,097 ,423,307 4,379,785 10,331,260 Number of officers 81,360 1,555 6,507 7,772 10,224 6,749 6,314 15,660 26,579 Number of employees 430,554 1,443 10,517 19,113 38,440 32,532 35,037 103,248 190,224 Number of banks 5,933 558 1,747 1,459 1,210 431 235 227 66 1 Total is for banks operating during the entire year, except that 1 4 Not included in losses above. trust company having no deposits is excluded. NOTE.—The figures for assets, deposits, capital accounts, number of 2 Includes interest on capital notes and debentures. officers and employees, and number of banks are as of the end of the year. 3 Not included in recoveries above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INSURED COMMERCIAL BANKS 639 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1960 1961 1962 1963 1960 1961 1962 1963 Revenue. 10,723,545 11,069,604 12,218,959 13,509,713 1,796,553 1,850,932 2,074,638 2,349,875 Interest and dividends on securities: U.S. Govt 1,790,341 1,901,732 2.093,207 2,176,454 376,205 363,426 406,759 451,250 Other 578,783 629,134 759,030 921,060 111,501 115.287 129,996 147,981 Interest and discount on loans 6,698,655 6,891,442 7.578,200 8,516,837 1,058,716 1,118,074 1,258,459 1,444,059 Other charges on loans 108,655 117,259 139.645 155,478 19,194 20,830 24,445 28,444 Service charges on deposits 589,954 630,458 681,243 728,857 126,288 135,632 148,834 161,175 Other charges, fees, etc. 218,566 223,283 237,446 248,362 56,438 58,881 62,194 68,092 Trust department 460,251 502,871 543,916 573,252 18,223 19,385 23,041 25,772 Other current revenue... 278,340 173,425 186,272 189,413 29,988 19,417 20,9101 23,102 Expenses 6,932,820 7,440,492 8,589,177 9,714,980 1,278,924 1,363,507 1,553,750 1,790,227 Salaries—Officers 966,643 1,028,869 1,098,146 1,183,264 235,234 249,831 268,992 291,885 Salaries and wages—Others. . . 1,831,323 1,869,961 1,975,406 2.101.111 274,188 284,042 306,1951 334,927 Officer and employee benefits . 377,494 419,098 457,033 47,010 56.162 64,488 Directors' fees, etc 56,292 59,794 63,236 67,469 19,412 20,875 22;559 24,254 Interest on time deposits...... 1,785,086 2,106,645 2,845,283 3.464,308 351,346 385,372 487,151 606,708 Interest on borrowed money .. 87,385 37,997 64,325 106,517 3,165 1,589 1,765 2,443 Net occupancy expense 510,691 555,670 608,462 86,691 97,316 108,192 Furniture and equipment 224,852 267,885 311,518 43,991 50,244 56,733 Other current expenses 2,206,091 1,415,298 395,579 244,106 1,224,189 1,300,128 263,366 300,597 Net current earnings before income taxes 3,790,725 3,794,733 517,629 487,425 3,629,112 3,629,782 520,888 559,648 Recoveries, transfers from reserves, and profits. 574,826 468,450 71,119 81,066 On securities: 708,171 467,061 70,947 59,433 Profits 329,322 167,445 45,334 49,922 40,818 27,130 Recoveries 12,927 453,730 256,987 4,046 2,590 2,794 1,864 1,144 Transfers from reserves 55,568 6,241 60,516 4,281 6,980 6,614 3,811 On loans: 86^574 56,761 Recoveries 25,684 16,825 16,902 17,913 5,802 6,504 6,867 7,362 Transfers from reserves 51,817 56,610 131,235 3,666 5,641 4,751 6,874 All other 811114 89,291 73,560 87,295 9,446 9,225 10,033 13,112 Losses, charge-off's, and transfers to reserves 978,422 935,461 836,665 883,637 130,971 124,400 132,939 146,122 On securities: S C o h l a d rge-ofTs prior to sale 219,767 L f 4 2 4 1 , , 2 3 9 5 0 4 5 1 8 2 , , 9 6 3 0 9 3 4 1 9 2 , , 8 8 8 2 7 7 24,254 1 3 1 , , 0 74 6 6 2 7 3, , 3 8 7 2 3 0 1 6 2 , , 9 9 6 1 1 0 Transfers to reserves 156,232 224,678 95,039 63,530 13,797 13,414 10,407 7,084 On loans: Losses and charge-offs 35,760 31,194 30,107 29,588 12,947 11,664 13,2821 13,423 Transfers to reserves 451,667 481,200 528,710 609,059 61,811 64,0761 77,184 92,611 All other 114,996 132,745 111,267 118,746 18,162 20,438 20,873 23,133 Net income before related taxes.. 3,387,129 3,401,822 3,260,178 3,379,546 457,777 444,091 458,896 472,959 Taxes on net income 1,384,397 1,406,102 1,256,382 1,226,783 143,737 153,445 148,397 149,865 Federal 1,300,940 1,317,292 1,159,725 1,130.629 135,408 144,928 139,505 141,162 State 83,457 88,810 96,657 96;i54 8,329 8,517j 8,892 8,703 Net ncome. 2,002,732 1,995,720 2,003,796 2,152,763 314,040 290,646 310,499 323,094 Cash-dividends declared 831,546 895,053 941,189 993,374 96,736 101,903 110,701 117,051 On preferred stock* 2,024 1,823 1,763 3,335 851 704 699 757 On common stock 829,522 893,230 939,426 990,039 95.885 101,199 110,002 116,294 Memoranda items Recoveries credited to reserves- On securities. 18,294 9,911 4,714! 6.216 1,818 699 1,173 492 On loans 68,232 73,844 84,863 96,897 10,180 11,623 12,921 15,293 Losses charged to reserves3 On securities. 47,716 22,463 16,305 17,314 4,064 4,124 4,355 2,454 On loans 264,405 249,500 238,825 323,475 30,623 36,284 42,003 50,036 Assets, deposits, and capital accounts: Loans 114,275,450 117,,969,985127,789,110145,028,233 16,601,34117,532,857 19,244,426 22,296,505 U.S. Govt. securities 57,773,429 6"1',792,135 64,519,914 64,058,431 11,300,08811,382,34812,183,09713,025,134 Other securities 20,092,632 21,660,321 25,761,084 31,421,875 3,877,146 4,002,947 4,434,993 5,103,896 Cash assets 49,317,003 46,613,211 49,438,670 50,997,566 5,605,810 5,546,688 5,891,680 6,030,031 Other assets 5,318,208 6,162,547 6,712,000 7,434,673 593,275 654,205 735,619 841,842 Total assets... 246,776,722 254,198,199 274,220,778 298,940,778 37,977,660 39,119,045 42,489,815 47,297,408 Time deposits 69,647,547 77,658,528 89,470,056 104.507,516 13,696,61214,575,63516,383,64819,002,579 Total deposits 220,099,028 22"5 ,214,703 124433,319,555500 264,069,489 3^44,369,335522 "355,247,356 "388,300,790 422,590,786 Total capita] accounts. 19,965,172 21,288,987 22,703,808 24,283,900 3,137,209 3,374,058 3,642,459 4,029,246 Number of officers 103,211 107,060 112,200 117,147 31,527 32,355 33,895 35,206 Number of employees... 506,596 496,040 512,739 531,820 88,276 86,339 92,419 99,088 Number of banks 13,126 13,115 13,124 13,291 6,955 7,004 7,079 7,184 1 Includes interest on capital notes and debentures. were State member banks of the FRS and were included in member 2 Not included in recoveries above. bank figures. 3 Not included in losses above. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each NOTE.—Includes all insured commercial banks in the United States year (except that in 1963 the March 18 call was also included). The and possessions. Excludes 1 to 3 mutual savings banks prior to 1962, number of officers, employees, and banks are as of the end of each year. and 1 or 2 noninsured nondeposit trust companies prior to 1962; these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 BANKS AND THE MONETARY SYSTEM MAY 1964 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and csipital Bank credit Total assets. Treas- net— Date c u u r r y - U. S. Government securities l T ia o b t i a l l - Total Ca a p n i d tal Gold s r t o e a n u n c t d - y - Total Lo n a e n t s, m C e o rc m ia - l Federal O se t c h u e - r ca i a p t n i i e d t s al, c d u e a r p r n o e d s n i c ts y c m o a u i c s n - c t . s ing Total and Reserve Other rities net net savings Banks banks 1929—June 29.... 4,037 2,019 58,642 41,082 5 741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.... 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23 105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.... 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.... 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1958—Dec. 31.... 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31.... 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960—Dec. 31.... 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30.... 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—June 30.... 16,435 5,598 293,212 159,463 101,052 70,722 29,663 667 32,697 315,245 286,968 28,275 Dec. 28.... 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Jan. 30.... 15,900 5,600 305,500 167,000 103,300 72,400 30,300 600 35,200 327,000 297,100 29,800 Feb. 27.... 15,900 5,600 307,100 168,900 102,600 71,500 30,500 600 35,600 328,500 298,500 30,100 Mar.27.... 15,900 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 5,600 309,600 171,200 101,500 70,300 30,500 700 36,900 331,100 301,100 29,900 May 29.... 15,800 5,600 311,600 173,300 101,000 69,200 31, 100 700 37,300 332,900 301,900 31,000 June 29.... 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31.... 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug.28.... 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept.25.... 15,600 5,600 322,600 182,100 100,700 68,000 32, 100 700 39,800 343,700 312,000 31,700 Oct. 30.... 15,600 5,600 323,600 182,200 101,300 67,900 32,800 700 40,100 344,700 312,800 32,000 Nov. 27 15,600 5,600 327,000 185,200 102,200 68,200 33,300 600 39,700 348,200 316,200 32,000 Dec. 20.... 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time U. S. Government Date Total o b r C u e a t n u n s c r i k d - y s e d ju m e s D p a t a o d e e n - d - s d i ts i Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a d o e e n - - d s d i t i s Total m b C e a o r n m c k i s a - l b M s a av n u i k t n u s g a 2 s 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 g l s a y d h s s - - sa c m a c v o A n i i e 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 1,217 2 409 846 634 1941_Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215! 1,895 867 1945_Dec. 31 102,341 26.490 75,851 48,452 30,135 15,385 2,932 2.141 2,287! 24.608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26.476 87,121 56,411 35,249 17,746 3,416 ,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 >,518 1,293 2,989 668 1955—Dec. 31.... 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,129 1,890 5,167 767 4,038 394 1958—Dec. 31.... 138,800 28,100 110,700 144,247 28,740 115,507 98,306 63,166 34,006 1,134 5,870 683 4,558 358 1959—Dec. 31.... 140,200 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 5,203 391 5,319 504 I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 5,184 377 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—June 30.... 143,300 29,300 114,000 142,522 30,433 112,089 132,106 91,734 39,791 581 ,508 379 9,841 612 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—Jan. 30.... 146,800 30,100 116,700 148.900 29,700 119,200 141,200 99,000 41,700 500 ,300 400 4,600 800 Feb. 27.... 147,100 30,200 116,900 146,400 29,800 116,500 142,900 100,500 41,900 500 ,200 500 6,700 800 Mar. 27.... 147,700 30,400 117,300 145,500 30,100 115,400 145,100 102,200 42,400 500 ,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 31.... 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 31,100 119,600 152,100 31,300 120,800 154,500 109,900 44,100 500 ,200 400 3,800 800 Nov. 27.... 151,800 31,600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 1,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6,986 850 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 I 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

MAY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 641 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— 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 G U o . v S. t. Other assets c c b o a i a a l u p i n c n t i - d i t t e a s s l 2 Total 1 m D a e n - d Time U. D S. ema O n t d her Time 3 r i o n w gs - co a u c m - its ba o n f ks Govt. All banks: 1939—Dec. 30.. 50,884 22,165 19,417 ,302 23 9,874 32,516 25,852 26 194 15,035 1941—Dec. 31.. 61,126 26,615 25,511 ,999 27 10,982 44,355 26,479 23 414 14,826 1945—Dec. 31.. 140,227 30,362101,288 ,577 35 177,332 14,065 105,935 45,613 227 10542 14,553 1947—Dec. 31 4, 134,924 43,002 81,19910,723 38 175,091161,865 793 240 1,346 94,381 53,105 66 11 14,714 1950—Dec. 30.. 148,021 60,386 72,89414,74141,086 191,317175,296 577 462 2,809 101,936 56,513 90 13 14,650 1955—Dec. 31.. 190,780100,057 70,052 20,670 47,803 242008 220 059 1,587 3,712 123,238 76,844 16318,112 14,243 1 1 9 9 5 5 8 9 — — D D e e c c . . 3 3 1 1 . . . . 2 22 2 7 1 , , 8 4 3 8 1 51 1 2 3 1 5 , , 5 9 7 5 1 8 7~ 6 3 5 ', , 6 8 " 0 4" 1 1' 2 2 " 6 6 , ," 07 1 27 5 3 0 ; ,49 2 91 9 1 6 2 2 7 83 64 6 3 2 0 9 2 2 5 5 0 4 7 6 9 5 9 0 2 1 , ,4 3 4 7 3 4 4 5 , , 2 0 5 5 3 4 1 1 3 3 0 1 , , 1 6 3 2 2 21 9 0 7 1 , , 4 1 9 1 8 6 6 8 2 1 4 2 2 1 21, , , 7 (9 0 1 5 5 1 13 4 , , 9 0 9 2 1 0 1960—Dec. 31.. 238,623144,764 67,242 26 617 53022 298 126 266 080 1,800 5,949133,408107,959 167 24,,5:3913,986 1961—Dec. 30.. 256,700154,318 72,715 29,667 57 368 321394 287; 914 482 5,952 141,979120,848 482 26i,,2:2713,946 1962—June 30., 263,542160,123 70,722 32!697 49 612 320638 285; 400 526 9,559 128.845131,855 796 27,036 13^34 Dec. 28.. 280,397172,822 72,563 35;012 54,939 343;201303,653 008 535 6,839141,084139,188 3,635 28,04613,940 1963—Jan. 30.. 276,950169,410 72,350 35,190 46,780 331500 293 14,1C0 520 320 133,110 140,980 2,670 27,790] , Feb. 27.. 278,850171,8C0 71,450 35!600 48;410 335030 295 14,140 520 440JI31 67O'142,68O 3,070 28,000 13,954 Mar. 27.. 280,650173,090 71,280 36;280 46;530 335010 295 13,800 520 ,330 128950 144,860 3,100 28 13,962 Apr. 24.. 280,760173,570 70,250 36;940 47;290 335990 296; 13,910 560 760 060 145,750 3,270 28; 13,967 May 29.. 282.640176,120 ,220 37;300 47 338,250 298,09013,730 540 6,820 540 147,460 3,060 28;380 13,983 June 29., 287,411179,714 69,70837989 52 347,896309,42815,042 55111,069133,681149,083 1,563 28; 13,993 July 31., 287,680180,530 68,650 38500 49 990 304 14,000 530 7,130133;250 150,050 2,960 28, 14,014 Aug. 28., 287,450181,150 67,010 39290i46 620 300; 13,800 530 5; 870 129 330 151,330 3,240 28; 14,025 Sept. 25., 292,200184,470 67,970 39760 48.920 349210 308; 14,510 550 8,850 380 152,060 2,930 28;830 14,034 Oct. 30., 293,550185,640 67,860 4005048;770 350510 309. 14,790 550 3.610 840 154,230 3,690 29;02014,050 Nov. 27., 296,870188,950 68,190 39730 51270 356420 313; 14,880 550 4,390 139 100 154,710 4,430 29;130 14,068 Dec. 20., 302,251192,686 69,068 40497 51;536 362394 319; 15,267 528 6,734141576 155,531 3,702 29;882 14,079 Commercial banks: 1939—Dec. 30.. 40,668 17,238 16,316 ,114 22 65. 9,874 32,513 15,331 26 6,885 14,484 1941—Dec. 31.. 50,746 21,714 21,808 ,225 26; 79; 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31.. 124,019 26,083 90,606 33134,806160,312 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4 116,284 38,057 69,221 006 37 155,377144,103 792 240 1,343 94,367 35,360 6510,05914,181 1950—Dec. 30.. 126,675 52,249 62,027 399 40; 168,932155,265 577 462 2,806 101,917 36,503 9011,59014,121 1955—Dec. 31.. 160,881 82,601 61,592 688 46;838 210,734 192,254 058 1,585 3,709123,187 48,715 15915,30013,716 1958—Dec. 31.. 185,165 98,214 66,376 20 575 48;990 238651216,017 799 2,372 4,250 130,104 63,493 7318,486 13,501 1959—Dec. 31. . 190,270110,83f 58,937 20 501 49;467 244686 219 649 1,441 5,050 131,593 66,169 61519,55613,474 1 1 9 9 6 6 0 1 — — D D e e c c . . 3 3 0 1 . . . , 2 1 1 9 5 9 , , 4 5 4 0 1 91 1 1 2 7 4 , , 6 9 4 2 : 5 6 66 1 , , 5 0 7 0 8 3 2 2 0 3 9 8 3 6 7 4 5 5 6 2 ; ; 4 1 3 5 2 0 2 2 7 5 8 7 5 5 6 52 1 2 2 4 2 8 9 ,689 0 9 7 1 9 4 1, 4 79 8 9 1 5 5 , , 9 9 4 4 5 6 1 1 3 4 3 1 , , 3 9 7 2 9 0 7 8 1 2 , , 6 4 4 2 1 9 4 1 7 6 1 3 2 2 2 0 ,, ,9 4 8 5 6 9 1 1 3 3 , ,4 4 7 3 2 2 1962—June 30.. 220,670129,193 64,443 27 034 48 728 276220 245 400 525 9,554128,785 92,034 786 23,,18313,422 Dec. 28. . 235,839140,106 66,434 29;298 54,049 297 116 262 008 535 6,829141,041 97,709 3,627 24,094 13;429 1963—Jan. 30. . 232,040136,340 66,200 29,500 45970 2855,050 25127014,100 520 4,320 133,050 99,280 2,670 23,84013,440 Feb. 27. . 233,620138,410 65,270|29,940 47540 2888,210 253,47014,140 520 100,760 3,070 24;010 13,443 Mar. 27. . 234,860139,360 64,84030,660 45640 2877,590 252,96013,800 520 7^330 128^890102,420 3,100 24;070 13,451 Apr. 24. . 234,920139,540 64,010j31,370 46460 2888,580 253,49013,910 560 103,260 3,270 24;180 13,456 May 29. . 236,490141,750 63,010 31,730 46880 290,510 255,28013,730 540 6,820 129,480104,710 3,060 24;360 13,472 June 29.. 241,014145,049 63,542 32 423 51156 299, 875266,17—9 15,042 55011,060133,624105,903 1,545 24;58213,482 July 31.. 240,980145,560 62,480 32; 940 48340 296,710 261,650 14,000 530 7 130 190 106,800 2,960 24;520 13,503 Aug. 28. . 240,380145,800 60,870 33 71045,390 293000 25734013,800 530 5 870 270 107,870 3,240 24. 13,515 Sept. 25. . 244,840148,870 61,810 34 160 48,080 300250 264560 14,510 550 8,850 320 108,330 2,930 24; 13,524 Oct. 30.. 246,080149,670 61,960 34 450 47;950 301460 264,910 14,790 550 3,610 ,780 110,180 3,690 24. 13,540 Nov. 27. . 249,070152,650 62,300 34 120 50;470 307,060 269,28014,880 550 4,390 ,040 110,420 4,430 25; 13,558 Dec. 20. . 254,162156,006 63,196 34 959 50;711312,,'773 275,12015,267 526 6,729 ,5341111,064 3,664 25, 13,570 Member banks: 1939—Dec. 30.. 33,941 13,962 14,328 9,257 154 743 27,489 11,699 5,522 6,362 1941—Dec. 31.. 43,521 18,021 19,539 10,385 140 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 .. 107,183 22,775 78,338 ,070 29 304 129,670 13,576 64 22 179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 ,304 32 060 122 ,5—2812,353 50 176 80,609 28,340 54 8,464 6,923 1950—Dec. 30. . 107,424 44,705 52,365 ,355 35524 144,660 133,08913,106 341 2^523 87,783 29,336 79 9,695 6,873 1955—Dec. 31.. 135,360 70,982 50,697 ,680 41416 179 14,512 1,353 ;327 105,400 39,165 13712,783 6,543 1958—Dec. 31 .. 154,865 84,061 54,299 ,504 43188 202 15,227 2,187 ,822 110,448 51,132 5415,460 6,312 1959—Dec. 31 .. 157,879 94,779 46,813 ,287 43509 205,726 184^0615,048 1,338 110,989 52,827 58116,264 6,233 1960—Dec. 31.. 165,619 99,933 49,106 ,579 45756 216,577193,02916,436 1,639 112,393 57,272 13017,398 6,174 1961—Dec. 30.. 179,599106,232 54,058 ,308 49579 235,112 209 17,195 303 119,595 67,157 43818,638 6,113 1962—June 30. . 183,497109,212 52,065 22;219 42853 232,359 206 13,796 351 3,734 108,014 75,162 73519,179 6,070 Dec. 28. . 195,698118,637 52,968 24i092 47427 249^488 219; 46815,309 358 5,086 117,999 79,716 3,550 19,854 6,049 1963—Jan. 30.. 192,301115,289 52,749 24263 40,024 238,565 209 13,449 341 3,785110,954 81,060 2,614 19,697 6,046 Feb. 27.. 193,694117,075 51,984 24635 41,471241,407 211 13,501 347 ,667109,730 82,280 3,03319,819 6,042 Mar. 27.. 194,884117,883 51,719 25,28239,685 240835 211, 13,186 345 6; 523107,402 83,690 3,04219,851 6,039 Apr. 24. . 194,589117,677 50,950 25962 40,434241409 211; 13,290 380 109,920 84,384 3,23519,925 6,041 May 29. . 195,892119,515 50,023 26354 41,009 243246 213 13,146 361 6,018107,939 85,640 2,910 20,082 6,052 June 29.. 99,495122,088 50,399 27,008 44,929251 214 222; 14,388 373 9,761 111,548 86,550 1,440 20,238 6,058 July 31.. 99,412122,550 49,37127,49142,388 248 396 218; 13,370 349 6,349110,997 87,311 2,849 20,213 6,072 Aug. 28.. 98,780122,763 47,876 28 14139,627 827 214; 13,172 355 148107,350 88,278 3,076 20,273 6,080 Sept. 25. . 202,599 25,458 48,633 28508 42,211 312 220 730 13,837 371 936109,959 88,627 2,836 20,377 6,092 Oct. 30.. 203,343 26,074 48,568 2870141,895 833 220; 14,083 377 ,154112,702 90,159 3, ,555 6,097 Nov. 27.. 205,816 28,811 48,647 28 358 44276 256778 224; 14,171 376 ,812115,516 90,440 4,244 20,606 6,104 Dec. 20.. 210,127 31,712 49,34229073 44;395 261; 469 229; 14,518 382 ,986117,562 90,929 3,499 21,054 6,112 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e t . c . urit O ie t s her a C ss a e s t h si c c b T o a a l l a o u p i i n c t a t i n i d - t a - e t a l s s l 2 TotaP m I D n a e t n e - d rba T nk ime U. D S. ema O O n t t d h h e e r r Time- r B i o n o w g r s - - c T a a o p c t i - a ta l l N ba b o u n e f m r ks - Govt. Mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521] 1,309 551 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 14 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 415128,129 2,812 527 1958—Dec. 31 36.320 23,357 7,265 5,698 921 37,779 34,040 29 34.006 3.219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 29 34,948 10 3,359 517 I960—Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 29 36,318 3,553 514 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,4201 3,768 514 1962—June 30 42,872 30,930 6,278 5,663 884 44,418 39,888 60 39.8211 10 3.853 512 Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 6 43 41,478 3,951 511 10 1963—Jan. 30 44.910 33,070 6,150 5,690 810 46,450 41,760 60 41.700! 3,950 511 Feb. 27 45,230 33,390 6,180 5,660 870 46,820 41,980 60 41,920 3,990 511 Mar. 27 45,790 33,730 6,440 5,620 890 47,420 42,500 60 42,440 4,020 511 Apr. 24 45,840 34,030 6,240 5,570 830 47,410 42,550 60 42,490 3,990! 511 May 29 46,150 34,370 6,210 5,570 840 47,740 42,810 60 42,750 4.020! 511 June 29 46,397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 194.03l! 511 July 31 46,700 34,970 6,170 5,560 830 48,280 43,310 60 43,250 4,030i 511 Aug. 28 47,070 35,350 6,140 5,580 800 48,620 43,520 60 43.460 4,090| 510 Sept. 25 47,360 35,600 6,160 5,600 840 48,960 43,790 60 43,730 4,110 510 Oct. 30 47,470 35,970 5,900 5,600 820 49,050 44,110 60 44,050! 4,100 510 Nov. 27 47,800 36,300 5,890 5,610 800 49,360 44,350 60 44,2901 4,130 510 Dec. 20 48.089 36.679 5,872 5,539 826 49.621 44,516 42144,467! 38 4.205 509 Reserve city member banks New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459; 736 1,592 36 1941_Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6.439 32,887 30,121 4,640 17 6,940 17,287! 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836' 1.722 70 2,351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 2,745 18 1958—Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704! 3,482 3,282 18 1959—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1.027 20,419 3,448 232 3,361 16 1960—Dec. 31 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833! 4,206 3,554 15 1961—Dec. 30 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129j6,935 "283 3.683 13 1962—June 30 30,396 19,224 7,659 3,513 9,552 41,910 35,039 4,517 210 1,918 20,296 8,098 381 3,761 13 Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Jan. 30 31,808 20,649 7,009 4,150 8,731 42,626 34,799 4,119 213 769 20.231j 9,467 1,082 3,897 17 Feb. 27 32,302 20,874 7,125 4,303 9,125 43.563 35.044 4,047 209 1,068 20,000 9,720 1,645 3,904 16 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 1,117 3,904 16 Apr. 24 31,829 20,258 6,805 4,766 8,296 42,343 34,091 3,919 227 669 19,303 9,973 1,352 3,927 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 1,292 3,947 16 June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931! 13 July 31 32,451 21,416 5,941 5,094 8,786 43,557 35,779 4,092 189 1,453 19,68610,359 1,029 3,944! 13 Aug. 28 31,947 21.191 5,418 5.338 7.591 41,789 33,809 3,804 194 937 18.14010,734 1,204 3,940i 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 1,031 3,945| 13 Oct. 30 32,860 21,765 5,926 5,169 8,776 43,847 35,655 4,020 209 668 19,57111,187 1,438 3.9661 13 Nov. 27 33,615 23,103 5,634 4,878 9,259 45,200 36,807 4,272 212 665 20,20111,457 1,480 3,966! 13 Dec. 20 34.827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 1,438 3.984! 13 City of Chicago:s 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 801 1.867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201| 913 426 j 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 174 4,604 1,103 490! 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 222 5,165 1,327 3 628 13 1958—Dec. 31 6,830 3,637 2,562 631 2.158 9.071 8,214 1.357 249 5,136 1,438 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822! 10 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 8701 9 1962—June 30 7,937 4,672 1,936 1,329 1,893 10,009 8,810 1,128 546 4,520 2,598 34 894} 9 Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 1,277 410 5,264 3,025 262 948' 13 1963—Jan. 30 8,682 5,101 2,217 1,364 1,969 10,860 9,481 1,140 218 4,956 3.152 132 956 13 Feb. 27 8,901 5,348 2,232 1,321 1,982 11,092 9,594 1,194 309 4.872 3.204 235 955 13 Mar. 27 9,138 5,376 2,440 1,322 1,899 11,260 9,410 1,155 427 4,619 3,198 596 957 13 Apr. 24 8,813 5,291 2,168 1,354 1,949 10,983 9,469 1,182 161 4,757 3,357 313 963 12 May 29 8,832 5,428 2,050 1,354 2,084 11,143 9,759 1,122 346 4,791 3,488 165 971 12 June 29 9,082 5,545 2,071 1,466 2,136 11,440 10,141 1,202 584 4,840 3,499 111 974 12 July 31 9,171 5,574 2,096 1,501 2,109 11,484 10,007 1,153 406 4,926 3,509 240 980 12 Aug. 28 8,965 5,566 1,825 1,574 1,951 11,097 9,638 1,165 289 4,616 3,556 252 979 12 Sept. 25 9,346 5,796 1,915 1,635 2,094 11,623 10,036 1,209 583 4,669 3,563 327 983 12 Oct. 30 9,211 5,826 1,743 1,642 1,993 11,394 9,934 1,218 186 4,802 3,714 274 990 12 Nov. 27 9,376 6,038 1,731 1,607 1,955 11,521 10,103 1,186 200 4,909 3,794 211 993 12 Dec. 20 9,615 6,220 1,705 1,690 1,970 11,776 10,296 1,211 395 4,887 3,787 255 996 12 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 643 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 U S .S e . curities a C ss a e s t h s * 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 D n e t - erbank * Dema O n t d her r B i o n o w g r s - - j I c T a o p t i a t l al b N a b u o n e m f r ks - Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Other Reserve City:6 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3.565 120 435 9,004 4,616 1.828 346 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 2.566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 2:844 353 1950—Dec. 30 40,685 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,366 11,647 3,322 336 1955—Dec. 31 52,459 28,622 18,826 5,01116,994 70,478 64,733 7,207 239 1,288 39,83516,164 82 4,641 292 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 12,641 7,506 377 1,429 42,259 -2'1,074 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,668 21,555 238 6,106 265 I960—Dec. 31 62,953 40,002 17,396 5,554 18,668 83,464 75,067 7,989 326 1,960 42, ,525 73 6,423 217 1961—Dec. 30 68,565 42,379 19,748 6,438 20,216 90,815 81,883 8,350 62 2,103 44,986 26,381 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—Jan. 30 72,053 45,692 18.143 8,218 16,172 90,467 80,101 6,555 65 1,400 40,765 31,316 1,178 7.263 190 Feb. 27 72,315 46,412 17,564 8,339 16,884 91,380 81,023 6,660 75 2,276 40,298 31,714 994 7,298 190 Mar. 27 72,850 46,821 17,420 8,609 16,603 91,622 81,320 6,561 72 2,605 39,698 32,384 1,082 7,315 190 Apr. 24 72,921 46,791 17,329 8,80116,940 92,086 81,349 6,616 90 1,218 40, ,603 1,429 7.330 192 May 29 73,497 47,300 17,187 9,001100 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 6,811 110 3,793 41,29133,549 407 7,440 194 July 31 74,735 48,512 16,930 9,293 17,748 94,865 83,987 6,544 96 2,488 41,096 33,763 1,294 7,462 194 Aug. 28 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 98 2,022 39,86734,105 1,213 7,490 195 Sept. 25 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6,959 97 2,941 40,34134,216 1,250 7,557 196 Oct. 30 76,106 50,132 16,324 9,650 17,185 95,705 84,266 7,062 94 1,141 41,35934,610 1,500 7,635 194 Nov. 27 76,776 50,699 16,472 9,605 18,887 98,069 85,891 6,949 90 1,462 42,698 "3,4692 2,102 7,653 195 Dec. 20 78,370 51,891 16,686 9.792 18,778 99,643 87,994 7.225 95 2,212 43,459 35,004 1.417 7.697 190 Country member banks:6 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572! 26i 154 7,158 5,852 1.851; 5.966 1941—Dec. 31 12,518 5,890 4,377 ,250 6,402 19,466 17,415 7921 30| 225 10.109 6,258 1.98216,219 1945—Dec. 31 35,002 5,596 26,999 ,40810,632 46,059 43,418 ,207i 17 5.465 24,23512,494 2,525| 6,476 1947—Dec. 31 36,324 10,199 22,857 ,26810,778 47.553 44.443 ,056 17 432 28,37814,560 2,9341 6,519 1950—Dec. 30 40.558 14,988 21,377 ,19311.571 52,689 48,897 ,121 12 922 31,97714,865 3,532 6.501 1955—Dec. 31 52.115 24.379 22.570 ,82613,342 66,988 61,636 ,505 18 1,061 39,68119,372 52 4,769 6,220 1958—Dec. 31 6i;5ii 30.257 23,606 ,64814,031 76,767 70,277 ,578 36 1,175 42,349 25",137 37 5,685! 6,006 1959—Dec. 31 64.082 33,766 22,535 ,78114,122 79,567 72,323 .602 24 1,508 42, ,356 71 6,035 5,938 1960—Dec. 31 67,890 36,981 22,848 8^060 14,740 84.126 76,004 J78 37 1,783 43,395 29,011 23 6,599 5,932 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 ,925 37 1,641 46,21131,832 40 7,088 5.885 1962—June 30 75,019 41,492 23,843 9,68513,806 90,555 81,577 ,529 48 2,601 42,596 *3 4,803 80 7.323 5.842 Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 ,773 1,931 46,895 36,692 172 7.744 5.828 1963—Jan. 30 79,758 43.847 25,38010,531 ,152 94,612 85,208 ,635 1.398 45,002 37,125 222 7.581 .826 Feb. 27 80,176 44,441 25,06310,672 ,480 95,372 85,864 .600 2,014 44,560 37,642 159 7,662 >3 Mar. 27 80,363 44,736 24.76310,864 ,196 95,301 85,622 .557 2.106 43,765 38,146 247 7.675 ,820 Apr. 24 81.026 45,337 24,64811,041 ,249 95,997 86,366 :573 1,253 45,03838,451 14l! 7.705! 521 May 29 8i;448 45,901 24,30811,239 ,999 96,117 86,276 All 2.087 43,83038,837 322 7.751 June 29 82,952 46,934 24,49611,522 ,465 99,361 89.470 .641 3.332 45,066 3399,371 127 7.894 ,839 July 31 83,055 47.048 24,40411,603 ,745 98,490 88;603 :581 2:002 45,28939,680 286 7.827 ,853 Aug. 28 83.152 47.109 24,19311,850 13,420 98,283 88,152 ,591 51 i K900 44,727 "3,9883 407 7,864, ,860 Sept. 25 84:421 47.869 24,53712,015 ,644 99,829 89,779 ,678 6O1 2.334 45,596 40,111 228 7.892J ,871 Oct. 30 85,166 48,351 24.57512.240 ,941100,887 90,620 .783 60' 1,15946,970 40,648 341 7.9641 ,878 Nov. 27 86,049 48,971 24,81012;268 14,175101,988 91,514 .764 60l 1.48547,708 40,497 451 7.994! ,884 Dec. 20 87.316 50.023 24:797 2,496 ,274103,615 92,759 ,793 56j 1.96048.256 40,693 390 8,377! 5.897 1 Reciprocal balances excluded beginning with 1942. Reciassification banks with total loans and investments of $500 million and total deposits of deposits of foreign central banks in May 1961 reduced interbank of $600 million were reclassified as country banks. deposits by a total of $1,900 million ($1,500 million time to other time Beginning with June 1963, 3 New York City banks with loans and inand $400 million demand to other demand). vestments of $392 million and total deposits of $441 million were reclas- 2 Includes other assets and liabilities not shown separately. sified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. 3 Figures for mutual savings banks include relatively small amounts of demand deposits. Beginning with June 1961, also includes certain ac- NOTE.—Data are for all commercial and mutual savings banks in the counts previously classified as other liabilities. United States (including Alaska and Hawaii, beginning with 1959). 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 Commercial banks represent all commercial banks, both member and noninsured nonmember commercial banks with total loans and invest- nonmember; stock savings banks; and nondeposit trust companies. Comments of about $110 million were added, and 8 banks with total loans mercial banks exclude, and member banks include, a national bank in the and investments of $34 million were transferred from noninsured mutual Virgin Islands that became a member in May 1957, and in the period 1941 savings to nonmember commercial banks. to July 1962, from 1 to 3 mutual savings banks. 5 These data reflect the ^classification of New York City and city of Comparability of figures for classes of banks is affected somewhat Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 by changes in F.R. membership, deposit insurance status, and the reserve BULL., p. 993. See also second paragraph of note 6 to this table. classifications of cities and individual banks, and by mergers, etc. 6 Beginning with Feb. 1960 reserve city banks with total loans and in- Figures are partly estimated except on call dates. vestments of $950 million and total deposits of $1,070 million were re- For revisions in series before June 30, 1947, see July 1947 BULL., classified as country banks. Beginning with Aug. 23 1962 (Topeka and pp. 870-71. Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 646 Gold production 647 Net gold purchases and gold stock of the United States 648 Estimated foreign gold reserves and dollar holdings 649 International capital transactions of the United States 650 U.S. balance of payments 659 Foreign trade 660 Money rates in foreign countries 661 Foreign exchange rates 662 Guide to tabular presentation 570 Index to statistical tables 669 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 I lected by the F.R. Banks in accordance with data are available in Banking and Monetary I 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- 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 GOLD RESERVES MAY 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- End of mated Mone- United mated Argen- Aus- Aus- Bel- Coperiod total tary States rest of tina tralia tria gium Brazil Burma Canada Chile lombia world 1 Fund world 1957.. 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 62 1958.. 39,445 1,332 20,582 17,530 60 162 194 1,270 325 1,078 72 1959. . 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 71 1960. . 40,505 2,439 17,804 20,260 104 147 293 1,170 287 885 78 1961 . . 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 88 1962. . 41,440 2,194 16,057 23,190 61 190 454 1,365 225 42 708 57 1963—Mar.. .41,575 2,226 15,946 23,405 52 198 484 1,372 208 42 732 59 Apr.. 2,228 15,914 52 198 494 1,372 179 42 739 59 May. 2,235 15,854 51 199 504 1,372 179 42 746 60 June. '41,725 2,244 15,830 p23,650 51 200 504 1,373 179 42 755 60 July.. ,268 15,677 51 201 504 1,354 179 42 762 61 Aug.. 2,276 15,633 49 202 504 1,365 179 42 768 61 Sept.. '41',865 2,304 15,634 '23,925 49 202 504 1,367 42 775 61 Oct... 2,305 15,640 49 205 515 1,367 42 784 61 Nov.. 2,312 15,609 78 206 525 1,367 150 42 800 61 Dec. 2,312 15,596 '24^375 78 208 536 1,371 150 42 817 62 1964—Jan... 2,314 15,540 78 210 547 1,373 42 837 62 Feb.. 2,322 15,518 211 558 1,374 42 850 Mar.. 2.328 15,550 211 569 1,376 42 871 Domin- Ger- End of ican Ecua- El Sal- Fin- many, Guate- Indoperiod Cuba Repub- dor vador land France Fed. Greece mala India nesia Iran Iraq lic Rep. of 1957. 136 581 2,542 27 247 39 138 20 1958. 80 750 2,639 27 247 37 141 34 1959. 50 1,290 2,637 24 247 33 140 84 1960. 1 1,641 2,971 24 247 58 130 98 1961. 2,121 3,664 24 247 43 130 84 1962. 2,587 3,679 24 247 44 129 98 1963—Mar.. 2,709 3,749 24 247 44 129 98 Apr.. 2,743 3,749 23 247 44 129 98 May. 2,777 3,749 23 247 44 129 98 June. 2,814 3,753 23 247 129 98 July.. 2,963 3,761 23 247 142 98 Aug.. 2,997 3,761 23 247 142 98 Sept.. 3,031 761 23 247 142 98 Oct... 3,089 817 23 247 142 98 Nov.. 3,128 823 23 247 142 98 Dec. 3,175 843 23 247 142 98 1964—Jan. . 3,210 3,844 247 142 Feb.. 3,248 3,849 247 142 Mar.. 3,298 3,953 247 141 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.. 452 91 180 744 45 49 28 6 461 217 1958.. 1,086 91 143 1,050 43 49 19 10 493 211 1959.. 1,749 102 142 1,132 30 50 28 9 548 18 238 1960.. 2,203 119 137 1,451 30 52 42 15 552 18 178 1961.. 2,225 140 112 ,581 30 53 47 27 443 65 298 1962. . 2,243 172 95 ,581 30 53 47 41 471 78 499 1963—Mar.. 2,286 172 94 ,581 30 53 47 45 478 78 551 Apr.. 2,286 172 95 ,581 30 53 47 45 478 78 571 May. 2,287 172 93 ,581 30 53 47 46 478 78 591 June. 2,289 172 92 ,581 30 53 47 21 478 78 598 July.. 2,292 172 95 ,581 31 53 52 22 482 78 611 Aug.. 2,291 172 95 ,581 31 53 57 24 496 78 639 Sept.. 2,291 172 94 ,581 31 53 57 25 497 78 643 Oct... 2,331 172 r115 ,581 31 53 57 497 78 630 Nov.. 2,331 172 '134 ,581 31 53 57 497 78 629 Dec. 2,343 172 139 ,601 31 53 57 497 78 630 1964—Jan... 2,343 172 ,601 31 53 57 497 78 632 Feb.. 2,343 172 ,601 31 53 57 78 631 Mar.. 2,143 172 ,601 31 53 57 627 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 GOLD RESERVES AND PRODUCTION 647 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 o i i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi 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 14 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963 Mar 514 181 2,461 19 104 140 174 2,447 180 401 4 107 41 Apr 533 181 2,453 19 104 140 174 180 401 4 132 May 552 182 2 453 19 104 140 174 172 401 5 137 June 574 182 2,530 19 104 r130 174 2,447 171 401 5 78 43 July 574 182 2.444 19 104 110 174 171 401 7 155 Aug 574 182 2,451 19 104 r108 174 171 401 8 150 Sept 574 182 2,501 19 104 107 174 2,506 171 401 11 42 Oct 573 182 2,520 19 104 103 174 171 401 14 -22 Nov 573 182 2,522 19 104 102 174 171 401 14 — 77 Dec 573 182 2,820 19 104 115 174 2,484 174 401 -279 47 1964 Jan 573 182 2,549 19 104 115 174 174 401 Feb 573 182 2,551 115 174 401 7 Mar 573 182 2,542 115 174 23 * 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 ld i c- A So fr u ic th a R de h s o i - a Ghana C p ( v o L o i n l e l l g o d e - o ) - , U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India ot A he ll r i 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7 3 63 0 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6 0 69 8 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5 8 64 8 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 161.1 10.5 7.0 4 1 15.2 38 0 5 7 64 7 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37 5 5 7 64 4 1962 1,290.0 892.7 19.4 31.1 7.1 54.5 145.5 8.3 7.8 4 5 13 7 37 4 5 7 62 3 1963 960.1 19.7 138.9 8.2 4.9 1963 Feb . . .. 76.5 1 .6 2 7 11 0 6 4 1 0 2 9 4 Mar 79.4 6 2.7 32.0 11.6 .7 .4 1.1 3 1 5 Apr 79.1 .6 2.7 11.8 .8 .4 1.1 2.8 .5 May 80.6 6 2 6 12 4 7 3 2 8 June 80.1 6 2.6 11.6 .5 4 .9 3 3 A July 81.6 6 2 7 10.9 7 4 1 0 3 4 4 81 7 7 2 7 11 7 6 4 9 3 0 4 Sept 80.9 1.6 2.7 11.5 .4 .4 .7 3.0 .4 Oct 82.0 7 12.2 .5 .6 2.6 Nov 81.6 7 11.7 4 .8 3 1 Dec 78.6 8 10.8 .5 1964 Jan 10.7 .4 Feb 9.8 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data, except for Brazil, based on reports from 2 Gold exports. individual countries and Bureau of Mines; data for Brazil from American 3 Quarterly data. Bureau of Metal Statistics. Data for the United States are from the Bureau of the Mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 U.S. GOLD MAY 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 II III IV Western Europe: — 84 — 83 — 1 — 143 — 82 — 30 — 30 —20 — 32 Beleium 3 3 -329 -39 -141 -144 -63 -34 -266 -173 -456 -518 -101 -101 -101 -214 -101 Germany Fed. Rep. of -23 Italy -349 100 Netherlands 25 -261 -30 -249 -25 Portucal -20 -10 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 15 5 190 Latin American republics: 115 75 67 — 50 -90 85 — 30 — 30 Brazil -1 -11 -2 -2 57 72 59 17 28 28 28 — 6 38 27 Mexico -30 -20 —4 A -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: — 30 — 157 — 15 Other * 18 -4 -28 -97 1-101 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. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $ 13 million to Saudi Arabia. 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 Total To G ta o l 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total Tot G a o l 2 ld s T to re c a k s 1 ury h c F o u o l r d r r i e e n i n g g c n s y 3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1963—Apr.... 16,046 15,914 15,877 132 -32 -32 1952 23,252 23,252 23,187 379 379 May... 16,009 15,854 15,797 155 -37 -60 1953 22,091 22,091 22,030 -1,161 -1,161 June... 15,956 15,830 15,733 126 -53 -24 1954 21,793 21,793 21,713 -298 -298 July... .15,764 15,677 15,633 87 -192 -153 1955 21,753 21,753 21,690 -40 -40 Aug 15,725 15,633 15,582 92 -39 -44 1956 22,058 22,058 21,949 305 305 Sept.... 15,788 15,634 15,582 154 63 1957 22,857 22,857 22,781 799 799 Oct 15,910 15,640 15,583 270 122 6 Nov.... 15,780 15,609 15,582 171 -130 -31 1958 20,582 20,582 20,534 -2,275 -2,275 Dec... 15,808 15,596 15,513 212 28 -13 1959 19,507 19,507 19,456 -1,075 4-1,075 1960 17,804 17,804 17,767 -1,703 -1,703 1964—Jan.... 15,847 15,540 15,512 307 39 -56 1961 17,063 16,947 16,889 116 -741 -857 Feb.... 15,865 15,518 15,462 347 18 -22 1962 16,156 16,057 15,978 99 -907 -890 Mar.... 15,990 15,550 15,461 440 125 32 1963 15,808 15,596 15,513 212 -348 -461 Apr. ».. 15,992 15,728 15,463 264 2 178 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million increase in U.S. gold subscription tary Fund with the right of repurchase, which amounted to $800 million to the IMF. on Apr. 30, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 657 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 578 and 580. 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

MAY 1964 GOLD RESERVES AND DOLLAR HOLDINGS 649 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3 , 1961 Dec. 3 , 1962 Mar. 3I, 1963 June 30, 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 & 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 1,678 1 1,791 1 * Denmark 83 30 98 16 96 16 111 15 147 15 192 13 14 F F i r n a l n a c n e d 3,1 1 1 3 0 8 2 4 3,7 1 4 3 4 4 2 3 4,1 1 2 4 8 0 2 3 4,5 1 4 3 1 1 3 * 4,5 1 1 3 0 4 3* 4,6 1 5 6 3 0 *3 6 1 G G r e e r e m c a e ny, Fed Rep of . .. 6,5 1 0 5 6 4 3 6,4 1 0 9 9 6 3 * 6,2 2 2 4 4 3 3 * 6,4 2 6 5 2 1 3 * 6,6 2 3 5 4 8 3 * 6,8 2 8 6 4 5 3 * * Italy 3,459 * 3,627 * 3,385 1 3,422 3,540 1 3,146 1 1 Netherlands 1,797 3 1,829 1,809 2 1,897 2 1,910 2 1,961 2 4 135 126 155 87 160 111 165 137 158 133 164 126 131 Portugal . . . 542 1 632 635 1 625 646 1 688 1 * Spain 469 1 623 1 705 1 736 1 751 1 778 1 2 Sweden 586 93 671 93 673 73 699 73 616 123 591 133 129 T S U w u n r i i k t t z e e e d y r l K an i d ngdom 4 3 , , 4 4 1 9 3 6 5 5 5 43 8 5 3 4 3 , , 1 5 1 9 7 6 1 5 5 3 8 7 3 0 4 3 , , 6 2 1 3 7 6 0 3 2 29 8 7 5 * 4 3 , , r 3 4 1 5 2 4 4 6 0 29 8 8 3 4 3 , , M 2 3 5 2 2 3 5 8 31 8 2 * 2 3 3 , , 7 9 1 2 7 3 6 3 6 36 8 1 * 3 32 7 8 5 * Other2 681 48 542 48 572 46 497 48 502 50 430 49 46 Total 27,887 840 28,916 708 29,182 644 r29,888 668 '30,093 729 30,439 779 741 Canada 3,704 459 4,057 389 3,871 528 3,929 644 3,877 700 3,805 686 687 Latin American republics: Argentina . • . 425 1 271 1 318 393 1 453 1 453 1 * Brazil 513 1 429 1 400 1 348 1 360 329 1 * Chile 153 * 178 « 167 * 172 * 176 * 186 m * C C o u l b o a mbia 23 4 5 4 * 1 20 1 5 6 * 1 22 1 6 6 * 1 24 1 3 5 * 21 1 6 4 * 23 1 1 2 * 1 * 1 M P P U a e r e r n u x u a g i m c u o a a y . Republic of 6 2 1 0 3 8 3 7 7 7 1 5 1 1 1 6 2 1 2 9 8 5 6 8 1 2 4 * 6 2 1 9 9 7 5 7 0 6 5 4 * 1 2 6 1 1 6 8 1 6 2 8 1 8 4 * 1 2 7 1 1 6 5 9 1 3 9 8 7 5 * 1 2 8 2 1 8 0 1 2 7 8 5 9 5 * 1 2 * * * Venezuela 819 1 806 1 837 11 905 11 933 992 1 * Other 293 336 3 421 3 398 2 376 1 420 1 2 Total 3,544 12 3,398 13 3,603 13 3,703 12 3,865 12 4,062 12 5 Asia: India 325 6 288 6 296 5 295 302 5 298 5 * Indonesia 119 1 72 74 1 76 1 67 1 92 1 1 J P T O a h h t p h i a l a e i i n l p r a p n i d nes 3 1 1 , , 3 9 2 3 2 7 6 1 9 6 8 2 45 3 * 1 2 1 , , 4 4 4 2 4 9 3 1 7 9 7 5 40 3 * 2 1 , , 5 5 2 4 1 5 2 7 9 8 5 1 40 3 * * 2 1 , , 6 5 2 4 4 1 2 8 9 3 3 0 40 3 * 4c 2 1 , ,5 6 2 4 4 8 2 8 0 9 2 6 42 3 * 2 1 , , 7 6 2 4 4 5 8 3 1 8 6 4 42 3 * * 41 5 * * Total 34,329 56 4,958 50 5,143 49 5,236 49 5,306 51 5,509 51 47 Africa: S U o u A t h R A C fr E ic e a vDt) 3 1 3 8 0 9 * * 5 1 4 8 0 8 * * 5 1 9 9 7 3 6 1 3 9 6 1 • * 6 1 8 8 3 6 * * 6 1 7 8 1 8 * * * 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 * * All other 275 27 287 29 281 28 358 30 329 28 321 30 25 Total 535 27 624 29 621 28 718 30 677 28 709 30 25 Total foreign countries4 340,861 1,406 43,054 1,199 43,587 1,272 r44,656 1,413 '45,018 1,530 45,674 1,568 1,514 International and regional5 5,829 1,432 7,352 911 7,218 966 7,091 1,065 7,096 1,163 6,960 1,213 1,219 Grand total4 346,690 2,838 50,406 2,110 50,805 2,238 r51,747 2,478 '52,114 2,693 52,634 2,781 2,733 i 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 Includes, in addition to other Western European countries, 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 reserves 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. 656. 5 International Bank for Reconstruction and Development, Inter- See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional * Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p r u e e r a - o n - L r . e A - . Total c O ia ff l i 3 - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s - r 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 I960 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—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.... 25,506 4,950 4,783 18 150 20,556 11,961 8,594 10,354 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 '26,297 '4,760 4,617 17 '126 21,537 12,341 9,196 10,865 3,370 3,021 3,852 265 164 Nov.... ^26,448 '4,671 4,526 17 '128 21,777 12,396 9,381 10,826 3,498 3,038 3,955 274 185 Dec '25,949 '4,639 4,499 18 '121 21,310 12,470 8,840 10,776 2,988 3,141 3,971 241 194 1964—Jan 26,136 4,671 4,535 17 120 21,465 12,219 9,246 10,761 3,100 3,173 4,012 246 172 Feb.?'... 26,136 4,781 4,647 17 116 21,355 12,054 9,301 10,634 3,034 3,191 4,073 238 184 Mar.*3... 25,928 4,735 4,600 19 115 21,193 11,989 9,204 10,698 2,684 3,192 4,194 248 177 la. Europe Ger- End of period Total Austria Belgium m D a e r n k - l F a i n n d - France m F a e n d y . , Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963—Mar.... 10,277 305 186 65 79 1,419 2,475 166 1,099 228 130 157 191 492 Apr 10,114 276 211 69 70 1,438 2,456 171 1,121 286 131 159 169 480 May.... 10,282 288 234 74 68 1,578 2,670 174 1,054 324 130 153 163 483 June 10,762 310 244 80 70 1,727 2,709 174 1,133 316 135 147 162 517 July.... 10,354 354 218 99 76 1,444 2,771 181 1,195 238 136 151 184 470 Aug.... 10,666 392 281 101 75 1,486 2,844 176 1,287 226 133 146 201 432 Sept 10,789 399 311 116 73 1,479 2,873 181 1,249 329 127 149 177 434 Oct 10,865 372 410 128 78 1,434 2,965 174 1,029 367 119 149 164 419 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 10.761 360 440 176 93 1,487 2,999 177 685 319 107 199 206 421 Feb.2\ .. 10,634 322 431 157 108 1,467 3,157 167 536 294 96 200 217 431 Mar.-".. . 10,698 342 406 168 110 1,411 2,858 162 784 297 104 192 234 428 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t s r h o t e 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 1960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 . 908 25 1,609 11 351 3 19 2,448 210 204 135 148 715 531 1963—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 1,489 16 465 2 24 3,141 375 179 143 169 11 669 1964—Jan 915 18 1,786 14 334 3 23 3,173 381 169 131 174 11 684 Feb.?... 919 28 1,746 13 320 2 22 3,191 392 172 136 173 11 708 Mar.P... 986 20 1,796 13 366 3 19 3,192 376 179 138 181 11 681 For notes sec following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 651 1 . SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e l i l n t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1959 129 82 62 277 227 9 14 88 33 2,780 36 60 114 139 87 1960 .. 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—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 111 168 105 646 354 128 80 31 4 012 35 78 51 44 121 Feb.*3... 113 173 104 592 387 125 79 26 4,073 36 72 52 49 129 Mar.p... 91 173 106 616 395 141 79 25 4,194 36 74 55 46 126 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 h l e l r8 1959 1 285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1,887 152 203 84 1 186 204 227 32 64 29 22 80 125 oo 37 1961 51 672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 11A 75 333 280 319 35 68 41 14 161 152 147 5 1963—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 1 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 Sept 2 385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2,403 | 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov 2,456 ! 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec 2 454 1 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964 Jan 2 4^4 122 201 166 385 384 246 25 48 42 17 114 172 157 15 Feb.''. . . 2,389 i 126 203 177 400 441 238 25 41 43 19 110 184 170 14 Mar.*'.. . 2,446 ! 124 209 200 409 472 248 26 33 43 24 123 177 162 15 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 o 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. i2 Jamaica, Trinidad and Tobago included in British West Indies. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 4 Includes SI,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 from end of 1961 reflects principally reclassification of de- description of the data in this and the following tables on international posits for changes in domicile over the past few years from Cuba to other capital transactions of the United States, see "International Finance," countries. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 8 Data based on reports by banks in the Second F.R. District only for year-end 1959-1962; Dec. 1962 fieure carried forward through Mar. 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 Data10 (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 H31.3 H18.7 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 H26.2 H23.2 21 ? 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 H22.8 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 H21.9 H22.5 48.6 41.7 Syria 2.6 4.9 3.4 2.1 Guatemala H45.8 H40.9 14.8 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 II.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 (12) 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 1214.0 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 .5 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 i 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 officialinstitutions 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 i c T b er i r l t U e l i s f a . i s S c a u a . n r t d y es 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 l t e U l i s f a . i s c S a u a . n r t y e d s Other 3 currencies 1959 419,389 416,913 6 •41 7,180 42,065 1,328 2,398 1,833 295 270 77 I960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962 25,022 22,314 8,528 9,214 3,012 1,560 2,565 2,096 116 352 143 1963 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 ^ 4.80 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 25,506 22,600 5,638 3,561 8,811 2,961 1,629 2,797 1,401 858 117 421 108 Aue 25,789 22,813 5,487 3,674 8,916 3,028 1,708 2,864 1,399 886 lit 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 r26 297 r23 209 5,760 3 821 8 735 3,036 1,857 2,943 1,391 931 122 499 145 Nov r26,448 r23,294 5,994 3,806 8,555 3,036 rl,903 3,025 1,454 952 134 485 130 Dec '25,949 r22,769 5,629 3,673 8,571 3,036 1,860 3,047 1,493 966 119 469 134 1964—Jan 26,136 23,004 5,900 3,756 8,531 3,036 1,781 3,002 1,425 980 120 477 131 Feb.? 26,136 22,942 5,800 3,841 8,371 3,166 1,764 3,069 1,443 993 127 506 125 Mar.p 25,928 22,705 5,818 3,801 7,972 3,171 1,943 3,111 1,424 1,023 136 528 112 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 special International Monetary Fund; excludes such notes held by the Inter- U.S. notes representing increase in U.S. dollar subscription to the IMF national Development Assn. and the Inter-American Development paid in June 1959. Bank, which amounted to $289 million on Mar. 31, 1964. 5 These figures reflect the inclusion of data for banks initiallv included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INTL. CAPITAL TRANSACTIONS OF THE U-S. 653 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 i i n ca Asia Africa * co O un th tr e ie r s 2 1959. 2,624 534 272 ,176 586 56 1960. 3,614 717 421 ,356 1,052 69 1961. M820 767 556 ,522 3 1,891 85 1962. 5,163 877 526 ,606 2,017 137 1963—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.. . 6,094 958 637 ,761 2,577 104 55 Feb.p. 6,210 1,006 601 ,751 2,694 100 56 Mar.?'. 6,334 947 688 ,782 2,772 98 46 3a. Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France G Fe e d r . m o R f an ep 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 30 186 54 27 35 19 18 1963—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.. . 958 25 53 74 160 106 40 39 31 25 Feb. P. 1,006 30 69 80 165 105 42 34 29 25 947 28 69 85 123 93 43 33 32 23 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 e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 4 U.S.S.R. E E O u as r th o te e p r r e n 5 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 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 1,522 192 186 127 125 19 425 1962 75 42 221 19 1,606 181 171 186 131 17 408 1963—Mar 71 32 197 21 1,563 161 178 151 145 17 409 Apr 65 40 190 21 ,587 170 196 151 137 17 405 May 66 44 175 20 ,592 180 196 161 136 17 406 June 65 49 188 21 ,612 180 197 166 153 17 409 July 69 47 187 21 ,668 200 192 171 146 17 448 Aug 71 44 204 21 ,697 198 199 170 176 17 448 Sept 75 47 197 19 ,698 187 210 179 169 17 454 Oct 91 42 232 20 ,690 183 183 186 180 17 445 Nov 78 23 262 22 ,687 184 172 192 185 16 443 Dec 70 48 225 23 ,742 188 163 187 208 18 465 1964—Jan 79 36 200 23 ,761 179 170 184 218 17 468 74 50 208 23 .751 175 166 184 219 17 475 77 46 191 23 ,782 176 155 182 223 16 496 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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. Asa E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O l L e ic t p . h s A u e 6 . b r - m B B m u a & e d h a r a s a - - i A N S n n e u a t & i t m r l h i l - e . s A O L ic m a t a h t e i e n 7 r r - Total C M la h a n i i n d n a - ] ]K lo o n n g g India I n n e d s o ia - ! 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 Mar 40 86 113 97 68 9 89 2 048 2 14 24 39 Apr 34 91 121 100 60 10 96 2 158 2 14 22 33 May.... 34 95 97 101 115 27 10 19 2,176 2 13 22 31 June 29 [03 95 99 105 27 U 18 2,138 2 12 19 27 July.... 29 106 96 96 113 29 U 11 2,124 2 12 16 29 Aug.. . . 30 •104 93 99 112 31 10 10 2,046 2 11 19 28 Sept 30 103 86 102 109 33 9 10 2,119 2 11 20 * 28 Oct 33 103 89 103 116 31 8 15 2,139 2 11 18 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 47 106 54 109 148 37 9 15 2,577 2 11 18 25 Feb.p... 45 107 50 112 145 33 10 12 2,694 2 11 17 i 29 Mar. ^... 50 110 50 116 147 34 12 14 2,772 2 12 26 31 3c. Asia—Continue d 3d. 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 * Total 2 A tr u a s - - i ot A he ll r 8 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 31,528 4 114 10 34 145 6 10 13 85 29 27 1962 1 740 3 70 9 41 80 2 10 26 137 41 57 1963 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 1 3 14 25 44 47 41 6 July 1 872 17 52 16 38 69 78 2 1 H 20 42 47 41 6 Aug 1,793 16 51 13 40 73 83 1 13 26 41 50 43 6 Sept 1,862 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct . . . 1 876 13 63 8 44 72 82 1 15 27 36 56 49 8 Nov 1,995 26 74 g 45 73 97 1 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.* 2,317 30 142 10 58 76 100 1 15 28 55 56 49 8 Mar.? 2,376 31 150 9 58 77 98 1 1 17 24 55 46 39 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

MAY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 655 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 Loans to— C t o io ll n e s c- Acceptances Deposits Fo s r e e c i u g r n i ti g e o s, vt. Total O i t n i f o s f n t i i c s t i u a l - l Banks Others st o i a n u n g t d - - f m o a r a c e d c i t g e . n o f e o f r r s Other 2 Total for w ei i g t n h ers com f p in m a a p n l e . c r e and 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 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—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 6,094 5,452 191 1,047 798 863 2,236 317 642 394 204 43 Feb.p 6,210 5,573 164 1,100 806 891 2,313 300 636 405 194 36 Mar.p 6,334 5,677 150 1,093 824 932 2,380 298 658 394 209 55 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 I960 1,698 7 1961 2,034 2 1962 2,160 4 1963—Mar ... . 2,133 6 Apr 2,185 11 M^ay. 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 Sept 2,509 2,509 2,468 41 47 Oct 2,507 2,504 2,465 39 2 '58 Nov 2,567 2,565 2,529 36 2 r61 Dec . . »• 23,005 r23,003 2,786 2 '59 1964—Jan 3,038 3 036 2,819 217 2 63 Feb » 3,098 3,096 2,880 217 63 3,213 3,212 2,997 215 1 93 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 $193 million reported by banks for the first time as of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U. s S e . c u c r o it r i p e o s ra 2 te Foreign bonds Foreign stocks Net purchasesor sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a t s e le p s s u o r r regional Total Official Other 1960 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 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 55 79 -24 Aug . ... 142 105 37 43 -6 225 207 18 45 110 -65 42 43 -1 SeDt 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 -5 -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb ' 29 28 26 2 230 264 -34 51 126 -75 62 36 26 Mar p -27 * -27 -27 299 334 -35 44 41 3 66 36 30 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 Apr 551 25 200 200 126 183 125 58 May . ... 605 25 30 200 200 150 183 125 58 June 605 25 30 200 200 150 183 125 58 July 655 25 30 225 200 175 208 125 58 25 AUK . ... 705 25 30 275 200 175 163 125 13 25 Sent 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 411 175 158 125 8 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 657 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 a rea Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia Africa i t O c r o i t e u h s n e r - 2 reg I a i n n o t d n l. al I960 252 202 50 38 171 -48 72 234 -45 36 13 1 14 1961 223 323 -99 21 166 i n 61 232 -112 44 44 3 12 1962 60 111 -51 4 129 -33 24 124 —43 -20 — 18 17 1963 207 198 9 o -14 206 16 199 -47 14 17 1 22 1963—Mar... * * * -1 -2 11 -5 3 -3 * 1 Apr... 38 37 1 * A 43 33 -5 3 4 t 3 May.. 71 60 10 • 2 39 4 45 12 6 6 t 1 June.. 12 21 -9 -4 -7 32 -3 19 -12 3 1 < 2 July.. 16 8 8 -1 • 20 1 21 -4 * -4 k 2 Aug.. 18 16 1 -2 8 2 4 13 1 -1 2 2 Sept.. 4 11 *T 1 2 9 1 11 -6 -4 1 t 2 Oct... -11 -8 -3 — 1 -10 15 -5 -2 -11 * 1 2 Nov.. 31 38 -7 3 6 22 6 36 -14 5 1 It 2 Dec... 23 21 2 * 3 8 7 18 2 1 1 f. 2 1964—Jan... 13 4 9 2 -2 -16 8 -12 11 10 1 t ! Feb.p. -34 -26 -9 * -6 -22 4 -25 -10 1 -2 2 Mar.p -35 -51 16 2 -13 -19 5 -25 -5 -10 2 3 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local eovt. securi- 2 Yearly figures and monthly figures through April 1963 include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I 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 m a c t a e in r- Asia Africa5 t c O 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 . c S u . A ri G t s i s e o e s v t s t * . inc E u a st r o g m d o a y l r d ked I960 -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 5,726 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 c 1962 247 6.990 12,700 1963 Mar — 115 — 29 — 86 — 43 —27 1 — 19 1 1963—Apr... 160 7,478 12,815 -67 -62 c 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 *j -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 e * * 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 -49 22 -76 -4 8 * 1 Mar... 167 8,105 12,775 Mar.*5. . . 33 2 31 23 10 1 -4 * Apr... 166 7,860 12,726 1 Not reported separately until May 1963. i 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 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1962 1963 1962 1963 IV1 II I III IV* IV i III 1\P Europe: Austria 2 2 2 2 2 6 5 5 5 6 Belgium 21 18 18 20 23 26 24 24 24 27 26 21 Denmark 3 2 2 3 2 3 8 6 6 7 5 8 Finland 1 1 1 1 1 3 4 4 3 3 4 France 32 31 31 32 31 33 51 59 59 50 48 47 Germany, Fed. Rep. of 33 36 36 33 35 34 117 114 114 106 106 103 Greece 1 1 1 2 2 2 5 6 6 6 7 9 Italy 28 29 29 30 26 25 78 82 82 83 102 106 Netherlands 33 46 46 50 56 46 31 24 24 34 24 32 Norway 10 12 12 13 13 14 15 15 15 15 16 18 Portugal 1 1 1 1 1 1 6 8 8 7 7 8 Spain 9 7 7 7 6 7 20 25 25 23 26 29 Sweden 7 8 8 8 7 9 15 17 17 20 19 17 Switzerland 24 26 26 27 40 27 28 28 28 36 30 27 Turkey 4 4 4 4 5 2 4 6 6 5 6 5 United Kingdom 94 109 110 118 127 100 238 192 196 201 218 225 Yugoslavia 4 4 4 3 3 4 3 3 3 3 3 3 Other Western Europe 2 1 1 1 2 3 3 5 4 4 3 4 4 U.S.S.R 1 1 1 Other Eastern Europe 3 2 2 3 Total. . . 341 356 384 339 660 625 629 639 660 678 Canada 64 59 62 72 752 789 830 918 887 668 Latin America: Argentina 9 6 6 6 6 7 34 31 31 30 28 40 Brazil 17 17 18 18 21 13 106 108 108 103 112 113 Chile 4 3 3 4 4 3 25 25 25 26 23 25 Colombia 4 3 3 5 5 7 15 17 18 20 22 19 Cuba 1 * 6 6 6 6 6 5 Mexico 6 6 6 10 6 57 58 58 56 53 59 Panama 25 5 5 11 17 20 13 13 13 14 13 13 Peru 8 9 9 4 3 5 20 14 14 19 19 27 Uruguay 1 1 1 3 4 1 6 7 7 5 4 9 Venezuela • 24 23 23 27 25 22 33 33 33 37 38 36 Other L.A. Republics 4 6 3 3 11 11 13 20 22 22 38 40 39 Bahamas and Bermuda ? 3 6 3 11 12 12 Neth. Antilles & Surinam 5 9 9 6 6 7 7 9 10 5 Other Latin America 6 20 15 2 2 4 45 41 41 11 10 Total.... 129 101 101 113 I 119 110 386 382 382 383 389 413 Asia: China Mainland 2 2 2 Hong Kong 2 2 2 4 4 4 3 4 4 India 11 16 15 14 39 50 50 49 42 42 Indonesia 2 2 2 2 3 3 3 3 4 7 10 Israel 2 1 1 2 1 1 10 7 7 7 7 7 Japan 52 46 46 43 29 24 123 124 127 142 130 157 Korea 3 3 3 3 1 4 4 4 4 4 6 Philippines 3 4 4 5 7 5 11 10 10 11 11 9 Taiwan * * 1 1 3 5 5 6 3 4 Thailand 4 4 4 4 1 2 5 5 5 5 4 11 Other Asia 16 16 16 19 21 18 33 39 39 44 42 41 Total 97 90 90 99 82 236 251 255 I 275 254 Africa: Congo (Leopoldville). 2 3 Morocco 5 1 2 South Africa 12 11 12 10 10 9 9 9 9 U.A.R. (Egypt) 9 10 5 10 12 12 15 12 11 Other Africa 5 14 10 15 18 18 Total 5. 35 33 25 42 43 Other countries: Australia 11 10 10 13 18 17 24 26 26 28 32 All other ? 13 13 13 4 6 5 27 27 7 9 Total § 37 30 30 17 24 74 77 77 35 35 42 International and regional. 1 1 1 3 2 2 Grand total 653 624 626 679 703 639 2,109 2,125 2,175 2,295 2,269 2,137 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- * 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

MAY 1964 U.S. BALANCE OF PAYMENTS 659 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1961 1962 1963 III IV IV ' A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total ' 28,311 29,790 31,603 7,550 7,424 7,452 7,903 7,921 8,327 Merchandise 19,913 20,479 21,902 5,270 4,925 5,010 5,494 5,559 5,839 Military sales 402 660 632 141 216 181 203 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 1,152 1,160 Imports of goods and services—Total. -22,867 -24,964 -26,118 -6,282 -6,341 -6,270 -6,453 -6,694 -6,701 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 -309 -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 1,626 Remittances and pensions -705 -736 -812 -176 -187 -211 -211 -195 -195 1. Balance on goods, services, remittances and pensions '. 4,739 4,090 4,673 1,092 896 971 1,239 1,032 1,431 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 -3,370 -3,520 -3,789 -849 -911 -871 -1,199 -784 935 Grants 3.4 -1,854 -1,903 -1,907 -434 -466 -440 -515 -462 490 Long-term loans and subscriptions 4 -1,941 -2,133 -2,184 -486 -660 -563 -620 -438 563 Change in foreign currency holdings and short-term claims, net (increase,—) 2,4 -261 -248 -74 28 -50 -260 -30 Seasonal adjustment on three preceding items combined -50 14 41 -78 37 Change in associated liabilities 80 147 94 65 25 31 -1 46 18 Scheduled loan repayments 606 617 649 130 148 151 I 156 178 164 3. Private capita] 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 -9 203 112 81 U.S. short-term capital -1,541 -507 -642 -164 -39 84 -626 29 -129 Foreign short-term capital -. ill -116 5 13 -18 63 24 -64 -55 4. Errors and unrecorded transactions -905 ! -1,025 -495 -469 -135 121 -386 -95 -492 Balance of A ( = l+2 + 3-f-4) -3,043 -3,573 -3,301 -934 -991 1,307 -476 -527 Less: Net seasonal adjustments 337 -1,409 -181 -94 364 -89 Balance of A before seasonal adjustment -3,301 -1,271 -95 -810 1,213 -840 -438 -1,314 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 6 668 666 325 471 142 25 34 241 25 Advances on U.S. military exports, net 5 470 359 107 223 20 c 105 239 Sales of nonconvertible nonmarketable securities,7 net ..... . . . .... 251 — 43 251 63 -10 -95 Dollar securities 31 58 8 19 -45 8 | Foreign currency securities 251 -74 251 -29 -50 Sales of convertible nonmarketable securities,7 net 702 350 152 175 25 Dollar securities 150 125 25 Foreign currency securities 552 225 152 150 25 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable U S Govt bonds and notes i,764 653 1,580 -188 309 320 918 187 155 International and regional organizations 1 ° 407 213 -225 -107 109 -64 -48 -19 -94 Foreign private holders excluding banks 11 81 134 394 -137 -42 74 115 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 I C M on F v e p r o t s ib it l i e o n currencies - - 1 1 3 1 5 6 62 1 6 7 -11 3 3 0 3 1 3 0 1 4 35 1 1 4 I -2 5 8 9 -5 1 8 5 Gold 857 890 461 446 24 111 116 196 38 1 Excludes military transfers under grants. 8 Certificates sold abroad by Export-Import Bank. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes official liabilities. liquid liabilities." i° Includes, for International Monetary Fund, only changes in its 3 Includes military grants. holdings of income-earning U.S. Govt. securities. 4 5 N Ot o h t e s r e a th so an n a f l o ly re i a g d n ju l s i t q e u d i d s e a p s a se ra ts t e i l n y . U.S. 11 Including undetermined holders. 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

660 FOREIGN TRADE; MONEY RATES MAY 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1,623 1.668 3985 2,037 1,161 1,327 31,092 1,430 462 341 3-107 607 Feb 1,712 1,809 32,118 2,029 1,150 1,320 31,497 1,445 562 489 3621 584 Mar 1,751 1,672 31,960 2,078 1,163 1,342 31,487 1,523 588 330 3473 555 Apr 1,662 1,795 31,913 1,152 1,365 3J.417 510 430 3496 May 1,585 1,762 1,893 1,153 1,404 [,420 432 358 473 June 3 1 582 1,836 1,785 31,174 1,351 1,421 3 408 485 364 July 3 1,689 1,748 1,823 31,379 1,347 1,458 3 310 401 365 Aug 1,689 1,703 1,895 1,254 1,346 1,508 435 357 387 Sept 1,678 31,908 1,980 1,262 31,471 [,450 416 3437 530 Oct 1,780 31,523 1,946 1,300 31,312 1,459 480 3211 487 Nov 1 733 I 725 1,945 1,309 1,425 ,472 424 300 473 Dec 1,725 3 .839 2,049 1,315 31,377 1.480 410 3462 569 Quarter: I 5,086 5,149 35,063 6,144 3,474 3,989 34,076 4,398 1,612 1,160 3987 1 746 II 3 4,829 5,393 35,591 3 3,479 4,120 34,258 3 1 350 1 273 31 333 III 3 5,056 35,359 5,698 3 3,895 34,164 4,416 31,161 31 195 1,282 IV 5 238 35 087 5,940 3,924 34,114 4,411 1 314 3973 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 * 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 Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , 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 s a e i n r t ' s c s e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a y l - 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 .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—Mar 3.63 3.55 3.70 3.55 2.82 2.00 3.43 2.63 3.50 1.88 .27 2.00 Apr........ 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 .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 .14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 2.07 11.92 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 .24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 .95 .11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 .14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 .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 1 8t 3.57 4.00 3.91 3.10 2.08 4.33 2.63 2.69 2.33 r .88 2.00 Mar 3.88 3.70 4.53 4.30 3.79 3.00 4.98 2.63 2.69 2.88 2.55 2.00 1 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. Fin N a O n T c E e, . " — S F e o c r tio d n e sc 1 r 5 i p o ti f o n S up o p f le r m at e e n s t a to n d B a b n a k c i k n g d a a n ta d , M se o e n et " a I r n y t ern St a a t t i i o st n i a c l s, 4 Rate in effect at end of month. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1964 MONEY RATES 661 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Apr. 30, 1963 Rate Country 1963 1964 as of Apr. 30, Per Month 1964 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 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 * 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, Fed. Rep. of 3.0 May 1961 3.0 •Greece 5.5 Jan. 1963 5.5 Honduras3 3.0 Jan. 1962 3.0 9.0 Dec. 1960 9.0 India 4 . . 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 3.5 June 1958 3.5 Japan 5.84 Apr. 1963 6.57 6.57 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4.0 4.0 New Zealand 7.0 Mar. 1961 7.0 Nicarasua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic5 6.0 Jan. 1962 6.0 Portugal . 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 3.5 4.0 June 1961 4.0 Sweden 3.5 Jan. 1963 4.6 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 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 rediscounts in excess of an individual bank's quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); govt. securities and other eligible paper. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities ; 5 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; NOTE.—Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or Peru—8 per cent for agricultural, industrial and mining paper; and •govt. securities for commercial banks or brokers. For countries with Venezuela—4 per cent for rediscounts of certain agricultural paper and more than one rate applicable to such discounts or advances, the rate for advances against govt. bonds or gold and 5 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

662 FOREIGN EXCHANGE RATES MAY 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period tralia Austria Belgium Canada Ceylon Denmark Finland France (pound) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) 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 1960 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 14.484 531.057 220.404 1963—Apr. .7252 223.16 3.8676 2.0058 92.851 21.014 14.491 31.055 20.405 May .7266 223.08 8677 2.0055 92.810 21.014 14.477 31.057 20.405 June .7265 223.12 8702 2.0036 92.722 21.015 14.490 31.057 20.405 July. .7309 223.17 8719 2.0038 92.598 21.015 14.488 31.057 20.405 Aug. .7439 223.07 8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sept. .7034 222.92 8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct.. .6767 222.93 8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov. .6942 222.93 8659 2.0059 92.778 21.021 14.484 31.057 20.405 Dec. .7391 222.83 8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan.. .7514 222.97 8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb., .7582 222.86 8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar. .7438 222.95 8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr. .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 Germany Malay- Neth- New Period (deutsche India Ireland Italy Japan sia Mexico erlands Zealand mark) (rupee) (pound) (lira) (yen) (dollar) (peso) (guilder) (pound) 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—Apr. 25.045 20.964 280.07 .16100 .27716 32.594 8.0056 27.828 277.30 May 25.090 20.962 279.96 .16097 .27582 32.586 8.0056 27.815 277.19 June 25.121 20.965 280.02 .16081 .27563 32.595 8.0056 27.780 277.25 July. 25.109 20.968 280.08 .16086 .27550 32.648 8.0056 27.755 277.31 Aug. 25.101 20.962 279.96 .16102 .27554 32.647 8.0056 27.712 277.19 Sept. 25.121 20.951 279.77 .16078 .27589 32.645 8.0056 27.721 277.00 Oct.. 25.137 20.961 279.78 .16062 .27603 32.698 8.0056 27.749 277.01 Nov. 25.154 20.961 279.78 .16065 .27586 32.705 8.0056 27.765 277.01 Dec. 25.165 20.954 279.65 .16065 .27564 32.697 8.0056 27.765 276.88 1964—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 27.733 276.92 Mar. 25.163 20.968 279.81 .16029 .27603 32.645 8.0056 27.731 277.04 Apr. 25.160 20.970 279.90 .16000 .27583 32.595 8.0056 27.711 277.13 Philip- South Africa United Norway pine Portu- Spain Sweden Swit- King- Period (krone) Republic gal (peseta) (krona) zerland dom (peso) (escudo) (pound) (rand) (franc) (pound) 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 1.6635 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 1.6654 19.397 23.124 280.78 1963. 13.987 3.4891 139.48 1.6664 19.416 23.139 280.00 1963—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 .6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 .6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 .6664 19.268 23.171 279.77 Oct 13.971 3,4863 139.37 .6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 .6665 19.262 23.166 270.78 Dec 13.972 3.4874 139.30 .6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 19.272 23.168 279.83 Feb 13.962 3.4848 139.32 !6664 19.290 23.122 279.69 Mar 13.976 3.4867 139.38 .6663 19.430 23.110 279.81 Apr 13.989 3.4879 139.43 .6664 19.451 23.143 279.90 1 A new markka, equal to 100 old markkaa, was introduced on Jan.l, 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 ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD 3VL 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 664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 665 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

666 FEDERAL RESERVE BULLETIN • MAY 1964 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip Code Boston ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York 10045 Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo ...14240 Whitworth Ferguson Insley B. Smith Philadelphia 19101 Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland 44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston 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. Cummings 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 Darryl R. Francis Little Rock 72203 Carey V. Stabler Fred Burton Louisville ,..40201 C. Hunter Green Donald L. Henry Memphis ...38101 Frank Lee Wesson E. Francis DeVos Minneapolis 55440 Atherton Bean Frederick L. Deming Judson Bemis M. H. Strothman, Jr. Helena ...59601 C. G. McClave Clement A. Van Nice Kansas City 64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver 80217 Robert T. Person John W. Snider Oklahoma City.....73101 James E. Allison Howard W. Pritz Omaha ...68102 Clifford Morris Hardin George C. Rankin Dallas.. ...75222 Robert O. Anderson Watrous H. Irons 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

Federal Reserve Board Publications The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated t remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 1745-48 of the Dec. 1963 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND DEBITS AND CLEARING STATISTICS AND THEIR USE. FUNCTIONS. 1963. 297 pp. 1959. 144 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL FUNDS MARKET—A Study by a THE FEDERAL RESERVE SYSTEM. Federal Reserve System Committee. 1959. Ill FEDERAL RESERVE BULLETIN. Monthly. $6.00 pp. $1.00 a copy; in quantities of 10 or more per annum or $.60 a copy in the United States sent to one address, $.85 each. and its possessions, Bolivia, Canada, Chile, ALL-BANK STATISTICS, 1896-1955. 1959. 1,229 pp. Colombia, Costa Rica, Cuba, Dominican Re- $4.00. public, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, INDUSTRIAL PRODUCTION—1957-59 Base. 1962. 172 pp. $1.00 a copy; in quantities of 10 or Paraguay, Peru, El Salvador, Uruguay, and more sent to one address, $.85 each. (The 1959 Venezuela. (In quantities of 10 or more of revision available at $.50 a copy.) same issue sent to one address, $5.00 per annum or $.50 each.) Elsewhere, $7.00 per annum INDUSTRIAL PRODUCTION MEASUREMENT IN THE or $.70 a copy. UNITED STATES: CONCEPTS, USES, AND COM- PILATION PRACTICES. Prepared in reply to an FEDERAL RESERVE CHART BOOK ON FINANCIAL inquiry from the Economic Commission for AND BUSINESS STATISTICS. Monthly. Annual Europe. 50 pp. of text, plus tables and charts. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy THE FEDERAL RESERVE ACT, as amended through in the United States and the countries listed Oct. 1, 1961, with an appendix containing proabove. (In quantities of 10 or more of same visions of certain other statutes affecting the issue sent to one address, $.50 each.) Else- Federal Reserve System. 386 pp. $1.25. where, $7.00 per annum or $.70 a copy. SUPPLEMENT TO BANKING AND MONETARY STATIS- TICS. Sec. 1. Banks and the Monetary System. HISTORICAL CHART BOOK. Issued annually in Sept. 1962. 35 pp. $.35. Sec. 10. Member Bank Re- Subscription to monthly chart book includes serves and Related Items. 1962. 64 pp. $.50. one issue. $.60 a copy in the United States and Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. the countries listed above. (In quantities of 10 Gold. 1963. 24 pp. $.35. Sec. 15. Internaor more sent to one address, $.50 each.) Elsetional Finance. 1962. 92 pp. $.65. where, $.70 a copy. REGULATIONS OF THE BOARD OF GOVERNORS OF TREASURY-FEDERAL RESERVE STUDY OF THE GOV- THE FEDERAL RESERVE SYSTEM. ERNMENT SECURITIES MARKET. Pt. 1. 1959. RULES OF ORGANIZATION AND PROCEDURE—BOARD 108 pp. Pt. II. 1960 159 pp. Pt. III. 1960. 112 OF GOVERNORS OF THE FEDERAL RESERVE SYSpp. Individual books $1.00 each; set of 3, $2.50. TEM. 1962. 40 pp. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. PUBLISHED INTERPRETATIONS of the Board of 1955. 390 pp. $2.75. Governors, as of Dec. 31, 1962. $2.50. 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Index to Statistical Tables Acceptances, bankers', 594, 596 Deposits—continued Agricultural loans of commercial banks, 588, 590 Federal Reserve Banks, 578, 657 Assets and liabilities (See also Foreign liabilities and Postal savings, 577, 583, 640 claims): Discount rates, 576, 661 Banks and the monetary system, consoli- Discounts and advances by Federal Reserve dated, 583, 640 Banks, 572, 578, 580 Corporate, current, 608 Dividends, corporate, 607, 608 Domestic banks, by classes, 584, 588, 590, 641 Dollar assets, foreign, 649, 657 Federal Reserve Banks, 578 Automobiles: Earnings and hours, manufacturing industries, 623 Consumer instalment credit, 612, 613, 614 Employment, 620, 622, 623 Production index, 616, 617 Farm mortgage loans, 609, 610 Bankers' balances, 589, 591 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 598 Banking and monetary statistics for 1963, 640 Receipts and expenditures, 599 Banks and the monetary system, consolidated Treasurer's balance, 598 statement, 583, 640 Federal home loan banks, 603, 604, 611 Banks for cooperatives, 603, 604 Federal Housing Administration, 609, 610, 611 Bonds (See also U.S. Govt. securities): Federal intermediate credit banks, 603, 604 New issues, 604, 605, 606 Federal land banks, 603, 604 Prices and yields, 594, 595 Federal National Mortgage Assn., 603, 604, 611 Brokers and dealers in securities, bank Federal Reserve Banks: loans to, 588, 590 Condition statement, 578 Business expenditures on new plant and U.S. Govt. securities held by, 572, 578, equipment, 608 580, 600, 601 Business indexes, 620 Federal Reserve credit, 572, 578, 580 Business loans (See Commercial and industrial loans) Federal Reserve notes, 578, 581 Federally sponsored credit agencies, 603, 604 Capital accounts: Finance company paper, 594, 596 Banks, by classes, 584, 589, 592, 641 Financial institutions, loans to, 588, 590 Federal Reserve Banks, 578 Float, 572 Carloadings, 620 Flow of funds, 628 Central banks, foreign, 646, 661 Foreign central banks, 646, 661 Coins, circulation of, 581 Foreign currency operations, 578, 580, 648, 656 Commercial banks: Foreign deposits in U.S. banks, 572, 578, 583, 589, Assets and liabilities, 584, 587, 588, 641 592, 640, 657 Consumer loans held, by type, 613 Foreign exchange rates, 662 Number, by classes, 584, 641 Foreign liabilities and claims: Real estate mortgages held, by type, 609 Banks, 650, 652, 653, 655, 657 Commercial and industrial loans: Nonfinancial concerns, 658 Commercial banks, 588 Foreign trade, 660 Weekly reporting member banks, 590, 593 Commercial paper, 594, 596 Gold: Condition statements (See Assets and liabilities) Certificates, 578, 581 Construction, 620, 621 Earmarked, 657 Consumer credit: Net purchases by U.S., 648 Instalment credit, 612, 613, 614, 615 Production, 647 Noninstalment credit, by holder, 613 Reserves of central banks and govts., 646 Consumer price indexes, 620, 624 Reserves of foreign countries and international Consumption expenditures, 626, 627 organizations, 649 Corporations: Stock, 572, 583, 640, 648 Sales, profits, taxes, and dividends, 607, 608 Govt. debt (See U.S. Govt. securities) Security issues, 605, 606 Gross national product, 626, 627 Security prices and yields, 594, 595 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 623 Currency in circulation, 572, 581, 582 Housing starts, 621 Customer credit, stock market, 595 Income and expenses: Debits to deposit accounts, 580 Insured commercial banks, 639 Demand deposits: Member banks, 630 Adjusted, banks and the monetary Industrial production index, 616, 620 system, 583, 640 Instalment loans, 612, 613, 614, 615 Adjusted, commercial banks, 580, 582, 589 Insurance companies, 597, 600, 601, 610 Banks, by classes, 577, 584, 592, 641 Insured commercial banks, 586, 588, 639 Turnover of, 580 Interbank deposits, 577, 584, 589, 641 Type of holder, at commercial banks, 589 Interest rates: Deposits (See also specific types of deposits): Bond yields, 594 Adjusted, and currency, 583, 640 Business loans by banks, 593 Banks, by classes, 577, 584, 589, 592, 596, 641 Federal Reserve Bank discount rates, 576 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN • MAY 1964 Interest rates—continued Reserves—continued Foreign countries, 660, 661 Federal Reserve Banks, 578 Open market, 594, 660 Foreign countries and international Stock yields, 594 organizations, 649 Time deposits, maximum rates, 577 Member banks, 572, 574, 577, 589, 591 Residential mortgage loans, 609, 610, 611 International capital transactions of the U.S., 650 Retail sales, 620 International institutions, 646, 648, 649 Inventories, 626 Sales finance companies, consumer Investment companies, new issues, 606 loans of, 612, 613, 615 Investments (See also specific types of investments): Saving: Banks, by classes, 584, 588, 591, 596, 641 Flow of funds series, 628 Commercial banks, 587 National income series, 627 Federal Reserve Banks, 578, 580 Savings deposits (See Time deposits) Life insurance companies, 597 Savings institutions, principal assets, 596, 597 Savings and loan assns., 597 Savings and loan assns., 597, 601, 610 Securities (See also U.S. Govt. securities): Labor force, 622 Federally sponsored agencies, 603 Loans (See also specific types of loans): International transactions, 656, 657 Banks, by classes, 584, 588, 590, 596, 641 New issues, 604, 605, 606 Commercial banks, 587 Silver coin and silver certificates, 581 Federal Reserve Banks, 572, 578, 580 State member banks, 586 Insurance companies, 597, 610 State and local govts.: Insured or guaranteed by U.S., 609, 610, 611 Deposits of, 589, 592 Savings and loan assns., 597, 610 Holdings of U.S. Govt. securities, 600, 601 New security issues, 604, 605 Manufactures, production index, 617, 620 Ownership of obligations of, 588, 596, 597 Margin requirements, 577 Prices and yields of securities, 594, 595 Member banks: Stock market credit, 595 Assets and liabilities, by classes, 584, 588, 641 Stocks: Borrowings at Federal Reserve Banks, 574, New issues, 605, 606 578, 592 Prices and yields, 594, 595 Deposits, by classes, 577 Income and expenses, 630 Tax receipts, Federal, 599 Number, by classes, 585, 641 Time deposits, 577, 582, 583, 584, 589, 592, 640, 641 Reserve requirements, 577 Treasurer's account balance, 598 Reserves and related items, 572 Treasury cash, 572, 581, 583, 640 Weekly reporting series, 590 Treasury currency, 572, 581, 583, 640 Mining, production index, 617, 620 Treasury deposits, 572, 578, 598 Money rates (See Interest rates) Money supply and related data, 582 Unemployment, 622 Mortgages (See Real estate loans) U.S. balance of payments, 659 Mutual savings banks, 583, 584, 586, 596, 600, 601, U.S. Govt. balances: 609, 640, 642 Commercial bank holdings, by classes, 589, 592 Consolidated monetary statement, 583, 640 National banks, 586 Treasury deposits at Federal Reserve National income, 626, 627 Banks, 572, 578, 598 National security expenditures, 599, 626 U.S. Govt. securities: Nonmember banks, 586, 588, 589, 639 Bank holdings, 583, 584, 588, 591, 596, 600, 601, 640, 641 Payrolls, manufacturing, index, 620 Dealer transactions, positions, and financing, 602 Personal income, 627 Federal Reserve Bank holdings, 572, 578, 580, Postal Savings System, 577, 583, 640 600, 601 Prices: Foreign and international holdings, 578, 649, 657 Consumer, 620, 624 International transactions, 656 Security, 595 New issues, gross proceeds, 605 Wholesale commodity, 620, 624 Outstanding, by type of security, 600, 601, 603 Production, 616, 620 Ownership of, 600, 601 Profits, corporate, 607, 608 Prices and yields, 594, 595 Real estate loans: United States notes, outstanding and in circulation, 581 Banks, by classes, 588, 596, 609 Utilities, production index, 617, 620 Type of holder, 609, 610, 611 Vault cash, 572, 577, 589 Type of property mortgaged, 609, 610, 611 Reserve requirements, member banks, 577 Veterans Administration, 609, 610, 611 Reserves: Central banks and govts., 646 Weekly reporting member banks, 590 Commercial banks, 589 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 (p THE FEDERAL RESERVE SYSTEM o) 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