Federal Reserve Bulletin, 1964-06

FEDERAL RESERVE June 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 A Stronger Labor Market 671 Revision of the Money Supply Series 679 Revision of Bank Credit Series 693 Grants of Reduced Reserves to Banks in Reserve Cities 698 Statements to Congress 704 Membership of the Board of Governors of the Federal Reserve System, 1913-64 708 Law Department 710 Announcements 719 National Summary of Business Conditions 720 Guide to Tabular Presentation 722 Financial and Business Statistics, U.S. (Contents on p. 723) 724 International Financial Statistics (Contents on p. 785) 786 Board of Governors and Saff 804 Open Market Committee and Staff; Federal Advisory Council 805 Federal Reserve Banks and Branches 806 Federal Reserve Board Publications 807 Index to Statistical Tables 811 Map of Federal Reserve System Inside back cover Volume go Number 6 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

A Stronger Labor Market EMPLOYMENT has moved up steadily this labor force has been due in part to the stimuyear. Gains have outpaced an accelerated lus of increased demands for labor, which growth in the labor force, and some progress have attracted many married women and has been made in reducing unemployment. younger workers into gainful activities. In Most of the recent improvement has come addition, youths born during the postwar from a reduction in the number of unem- baby boom have begun to enter the labor ployed adult males. Unemployment is still force in increasing numbers. very high among younger workers and non- This year 2.25 million youths—300,000 white workers and among those with the more than in 1963—are graduating from least skill, experience, and education. high school, and a similar increase is ex- In the current business expansion the pected next spring. Based on last year's exrise in employment has been maintained perience, more than half of these graduates longer than in the two preceding cycles. will not go on to college and will become Moreover, with sizable further increases in relatively permanent members of the labor demands for goods and services, employment has shown a substantial gain over the past year instead of slowing down after an initial EMPLOYMENT passes the 70 million mark sharp rise as it did in the 1954-57 expan- Millions of persons i 72 sion. Unemployment, however, has remained above the rates experienced in that period. Most new job opportunities have continued to be in the rapidly growing private service and trade activities and in State and local government. Output in manufacturing has risen by substantial amounts and relatively long workweeks have been the rule, but increases in employment have been moderate, and they have been concentrated in the metals industries. [ns\Sl „ . . _.. 60 UNEMPLOYMENT rate declines Per cunt Thus far in 1964, expansion of output in manufacturing has exceeded the small rise in total manhours worked, and growth in productivity appears to have continued at about the same relatively high rate as in 1963. Meanwhile, wage increases have been moderate, and labor costs per unit of output QUARTERS AFTER have remained stable. The accelerated flow of workers into the NOTE.—Bureau of Labor Statistics household data, seasonally adjusted. Dots represent averages for April-May. 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN • JUNE 1964 force. Of those who do not continue their facturing, employment in May totaled 17.3 schooling, about 90 per cent of the boys and million persons, 215,000 above a year ear- 70 per cent of the girls will be working or lier. Rising expenditures for automobiles, looking for work by early fall. other consumer durable goods, business capital equipment, and the products of related EMPLOYMENT metals industries have been the major factor in the recent expansion of manufacturing Nonfarm payroll employment has been employment. rising at a fairly steady pace since early In nondurable goods industries employ- 1963, following a period of hesitancy in the ment has changed little, as has often been last half of 1962. In May 1964 it reached the case in recent years—even in periods of 58.5 million persons and was 1.4 million recession. This has been true also in such higher than in May last year. This was a industries as chemicals, textiles, and petroslightly larger increase than that in the preleum products where there have been sharp ceding year. advances in production. In these as well as Almost four-fifths of the gain in nonfarm other manufacturing industries, output per employment over the year was concentrated manhour has continued to grow rapidly. in trade, services, and State and local gov- Other industrial sectors also have exhibernments. The rise in these activities was one ited a moderate upward tendency in emof the largest on record. Federal Governployment. Construction employment, which ment employment in May was a little below had been relatively stable from 1957 to the year-earlier level. 1962, increased 3 per cent over the past year, Additions to employment have been only and the number employed in transportation moderate in industrial activities. In manuand public utilities rose slightly. The current expansion, however, has proved inadequate to stem a long-term decline in mining employment. Longer-run changes. In the 4 years since the preceding cyclical high in the spring of 1960, nonfarm establishments have added almost 4 million workers to their payrolls. The average annual increase of 1 million compares with an average of only 600,000 over the two preceding cycles. The trend towards increased importance of public and private service activities and of occupations requiring higher skills has continued to be dramatic, as it has been throughout the past decade. From early 1960 to the spring of 1964, 3.6 million persons obtained employment in nonindustrial activities. NOTE.—Federal Reserve data for output, and Bureau of Labor Statistics data for all employees; seasonally adjusted. Latest In manufacturing and other industrial figures shown, May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STRONGER LABOR MARKET 673 the labor market adapts the demand for MOST NEW JOBS are in nonindustrial sectors labor to the available supply in a period of 1957.100 rapid gains in employment. On the one hand, new hiring has been at a low rate in manufacturing industries, and a relatively long workweek has been maintained. In May the average workweek in manufactur- PRODUCTION-WORKER employment ing was 40.7 hours, about the same as it was still below earlier peaks last year and in other years of high activity. In some industries, particularly in metal working, overtime has risen and the workweek is quite long. On the other hand, a large proportion of the sharp increase in service and trade employment this year, as well as in other recent years, has consisted of voluntary part-time workers, mainly married women and youths. In May the number of such voluntary part- 1958 1964 time workers totaled about 8 million, an eighth of total employment and not far from NOTE.—Bureau of Labor Statistics establishment data. Indus- double the number a decade ago. Reflecting trial represents manufacturing, mining, construction, transportation, and public utilities; nonindustrial represents trade, service, finance, and government. "Metals industries" represents primary mainly the rise in part-time employment, and fabricated metals, machinery, and transportation equipment. All data seasonally adjusted. Latest figures shown, May. the workweek in nonfarm activities has been declining and in May it averaged 40.0 hours. activities, the 4-year gain in employment This was slightly less than a year earlier and amounted to only 350,000, and there are almost 1 hour shorter than in 1955. now substantially fewer workers in such activities than in the mid-1950's. Only 43 per cent of all nonfarm workers are now en- LABOR FORCE gaged in industrial activities compared with A stepped-up rate of growth in the civilian close to 50 per cent a decade ago. labor force, especially this year, has been Most of the new opportunities in manuindicative of strengthening demands for lafacturing, as in other activities, have been bor. In April and May an average of 74.6 for professional and managerial personnel million persons were in the labor force— and for other salaried workers. Needs for that is, they were either working or looking production workers have generally been met for work. This represented an increase of by recalling laid-off workers. As a result, 1.6 million from a year earlier and compares blue-collar jobs for new entrants into the labor force have been limited. As of May, with an average increase of only 800,000 production-worker employment had not yet over the preceding 3 years. It was also more returned to the early 1960 level and was 1.5 than the projected growth of 1.2 million for million below its 1953 level. the latest year. Hours. Changes in the workweek in re- Until recently, analysis of labor force cent years reflect the complex way in which growth usually emphasized demographic and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN • JUNE 1964 social forces—the age distribution of the reflected a combination of these diverse inpopulation, the rise in school enrollment, fluences. earlier age of retirement, and the emancipa- With women and younger workers now tion of women from household duties. Cur- entering the labor force more rapidly, the rent analysis tends to give increased weight over-all participation rate (proportion of the to the influence of employment opportunities working-age population in the labor force) on the available labor supply. appears to have leveled off this year. Among When jobs are plentiful, many persons on women, participation rates have been inthe margin of participating—for the most creasing faster than earlier. Among youths, part married women and younger workers— the very sharp declines typical of recent years enter the job market. When demand for appear to have halted. The reduction in parlabor is weak, the reverse tends to happen. ticipation of older male workers, which has Some older workers who lose their jobs leave been so pronounced in recent years, has the labor force. Fewer married women and also slowed. For men in the prime working teenagers enter the labor market and more ages, participation rates continue to be very withdraw from it, although there are influ- high. ences working in the other direction—par- A significant change is developing in the ticularly the need for additional family age-sex composition of new additions to the workers to seek jobs in order to make up for labor force. Over the past 10 years adult losses in family income. The decline in labor women have accounted for about one-half of force participation during the years 1956-63 the total increase. But in the years ahead GAINS in labor force rapid for women and youths 1960=100 1960=100 115 MALES, FEMALES, BOTH SEXES, 20 YEARS AND OVER 20 YEARS AND OVER 16 TO 19 YEARS OF AGE 110 110 110 105 105 LABOR FORCE -£^5^ 100 100 «*<•- ,-'J EMPLOYMENT i i ! • .„„ UNEMPLOYMENT RATE remains high among youths 18 10 1962 1964 1960 1962 1964 1960 1962 NOTE.—Bureau of Labor Statistics household data, seasonally adjusted. Quarterly averages; latest based on May data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STRONGER LABOR MARKET 675 younger workers will account for the major Growth in the adult male labor force has part of the increase. Persons 16-19 years been relatively small, so that gains in emof age entered the labor force in increasing ployment have brought about a sizable renumbers in 1963 and early 1964, and next duction in unemployment. In contrast, emyear the number will be even larger. ployment gains among adult women and In the last half of this decade it is expected younger workers have been strong, but sizthat the labor force will increase by close to able increases in their labor-force numbers 7 million persons and that nearly one-half —along with other influences—have been of them will be 24 years of age or less. Only associated with high unemployment rates. 5 per cent of the increase in the labor force Those hardest hit by unemployment are from 1950 to 1960 occurred in these younger youths whose lack of adequate training, eduage groups. cation, and seniority complicates their efforts About the same number of adult women to find and hold jobs; older men and women are expected to enter the labor force in the whose skills have become obsolete; and nonlast half of this decade as in the past 5 years, white workers who are at a disadvantage in but their proportion of total growth is ex- terms of training and education and who pected to be considerably smaller. Additions often suffer from discriminatory hiring pracof adult men to the labor force will not show tices. Many in these groups have been unable a substantial increase until late in the decade, to find steady work even in periods of ecoand this will operate to hold down their un- nomic expansion. employment rates in the next few years if In May almost 1 million persons, onedemands for labor remain reasonably high. fourth of all the unemployed, had been seeking work for at least 15 weeks. This UNEMPLOYMENT number was somewhat less than last year, but more than in 1960 and almost twice as Unemployment declined to 5.1 per cent of large as in 1956. the civilian labor force in May from 5.4 per Younger workers. Unemployment among cent in the previous 3 months. In May the younger workers has traditionally been rate was below the narrow range in which higher than for other age groups. Even in it has fluctuated for more than 2 years and 1956, when total unemployment averaged was about the same as in May 1960, but close to 4 per cent of the civilian labor force, was above rates prevailing from mid-1955 to the jobless rate for youths 16-19 years of mid-1957. age averaged more than 10 per cent. Within the total, the most notable change In 1963 unemployment in this age group over the past year has been the reduction in worsened appreciably as their number in unemployment among adult males. As the the labor force was swollen by those born chart shows, the seasonally adjusted unemearly in the postwar years. In May 1964, ployment rate for men 20 years of age and after allowance for seasonal influences, the over declined to 3.6 per cent in May from 4.4 per cent a year earlier. For married men number of youths unemployed totaled althe rate was down to 2.6 per cent. Men 20 most 1 million, and the unemployment years of age and older accounted for 3 out of rate was 18 per cent. Although younger 5 persons in the labor force and for only 2 workers represented little more than 7 per out of 5 of the unemployed. cent of the labor force, they accounted for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN • JUNE 1964 mum wages in September to $1.25 an hour COLLECTIVE BARGAINING in covered industries. Also, there was a The moderate nature of the rise in consumer heavier concentration of previously negoprices, the cut in Federal income taxes, and tiated wage increases in the second half of the annual gains in wages provided by longthe year. term contracts in a number of major indus- When allowance is made for increases in tries have tended to ease union demands for fringe benefits and in earnings of salaried larger increases in wage rates. Instead, many employees, total labor costs per unit of manunions, concerned with the limited nature of ufacturing output have changed little over job opportunities for their members and the past year. with the impact on employment of techno- Gross weekly earnings in manufacturing logical advances, are emphasizing measures before deductions for taxes and social seto extend job security and increase employcurity amounted to $103 in May. This was ment. With corporate profits up consider- $3.74 more than a year earlier. As a result ably and the labor market stronger, some of the March reduction in Federal tax withunions are pushing for larger packages, in holdings, however, the increase in take-home pay over the year amounted to about $5 for terms of total employment costs, than those the average factory worker with 3 depend- negotiated in recent years. ents. The automobile workers' union has announced, prior to the forthcoming negotia- Nonmanufacturing. Wage increases in nonmanufacturing activities for which data are tions with the producers, that its major available varied significantly from the man- demands will include proposals for earlier ufacturing pattern, due in part to differences retirement, higher pensions, and more relief in demand for labor. Since 1960 the sharp- time on the assembly line. These proposals est advances have occurred in retail trade would apparently be in addition to proposed and in the building construction industries, increases in wage rates. The current 3-year where employment increases have been rela- automobile contracts, which expire August tively larger than in manufacturing. In min- 31, 1964, included annual increases of 2.5 ing and railroads, where demands for work- per cent in hourly wage rates and a quarterly ers have been weak, wages have changed cost-of-living adjustment. Similar provisions little. have been in effect in the automobile indus- This September about 3.6 million workers try since 1950. in service, trade, and other nonmanufac- Labor contracts with longshoremen and turing activities, who were first covered in with workers in such important industries as 1961, will be affected by an increase in farm machinery, metal mining, meat packminimum wages from $1.15 to $1.25 an ing, and can manufacturing will expire later hour. Their minimum wages will then be on this year. Steel industry contracts may be a parity with those for workers who had reopened to change wage rates, upon giving already been covered in the minimum wage 120 days' notice, at any time after January increase in September 1963. 1, 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN • JUNE 1964 one-fourth of the unemployed. This propor- disappearing. Young workers have been tion was considerably higher than earlier. finding it more difficult to obtain jobs in This summer more young jobseekers than many highly automated activities, in which ever before will enter the labor market, and gains in output per manhour are rapid and the largest number will be those 17 years there is little need for additional semiskilled old. Many youths will be seeking work for or unskilled labor. the summer only, but many of those who In 1963, for example, only 25 per cent graduate from high school this year will not of all young persons (24 years of age or go on to college and will become perma- less) engaged in nonfarm activities were nently attached to the labor force. employed in manufacturing. This figure Unemployment rates have been high for compared with 30 per cent in 1950. In contrast, over the same period services—both private and government—have accounted JOB OPPORTUNITIES decline for youths in for a much higher and a growing propormanufacturing; rise in services tion of younger workers. Nonwhite workers. Unemployment among nonwhite workers has shown a decline this 1963 40 year, but it remains very high and is a serious 1957 I \ h 37 ••. .~ 1950 problem. In May such workers accounted •jpj . ' • for only one-tenth of the labor force but 1I I • 1 1 . i "16 one-fifth of total unemployment. The non- I ' I I 1 1 white unemployment rate was 9.0 per cent I 1 o compared with 10.3 per cent a year earlier; Mm. I •_ _• J . b MANUFAC- .„_„. the reduction was concentrated among male TURING itRVlCE . TRADE workers. Among nonwhite women there has NOTE.—Bureau of Labor Statistics household data. Proportion been no reduction in unemployment. of total nonfarm employment of persons 14 to 24 years of age in selected industries; excludes miscellaneous activities. Service Notwithstanding the recent decline, the represents private and domestic services, and government educational and health services. unemployment rate for nonwhite male workers has continued to be more than those no longer enrolled in school and in the double that of white male workers, as it labor force. A study in October 1963 found has since 1955. During recessions the differthat almost 15 per cent of those 18 or 19 ential has narrowed slightly, but in subseyears of age who had either dropped out of school or had graduated were unemployed. quent recoveries unemployment among non- This was more than double the 1956 rate and white workers has continued at very high indeed as high as in any recession year. rates and the differential has widened again. Unemployment rates were found to be lower In part this widening has reflected a greater for those 20-24 years of age who were no proportion of nonwhite workers with perlonger in school, but unemployment in this sistent long-term unemployment. In May group has also risen significantly. nonwhite workers accounted for about a Employment opportunities of many types, fourth of all the long-term unemployed. which in earlier years had been available for Areas of unemployment. Expansion in econew, inexperienced entrants into the labor nomic activity has resulted in some further force, especially young men, have been geographic improvement in labor market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STRONGER LABOR MARKET 677 conditions. In May, 39 of the 150 major UNIT LABOR COSTS stable in manufacturing labor market areas in the country had unemployment rates of more than 6 per cent, compared with 43 areas a year ago. _ PER O M UT A P N U H T OUR . AVER E A A G R E N IN H G O S URLY UNIT LABOR COST - 6 A number of industrial centers which for III, extended periods had been classified as Ml - 4 having substantial labor surpluses—includ- II. ing Detroit, Youngstown, and Birmingham —are no longer listed as problem areas. However, unemployment rates are still high in some other centers, such as Pittsburgh, NOTE.—Bureau of Labor Statistics data for hourly earnings of Buffalo, and San Diego. Unemployment also production workers. Unit labor costs, Bureau of the Census; includes wages, salaries, and supplements. Changes computed remains a serious problem in the Appala- from cyclical quarterly peaks. Seasonally adjusted; latest period is first quarter 1964. chian region and in some other areas of previous expansions output per manhour insufficient diversification of industry. increased sharply in the early period of recovery, as output rose rapidly. But as the LABOR COSTS AND EARNINGS expansions progressed, productivity gains An important aspect of the current eco- tended to slacken for a variety of reasons, nomic expansion has been the stability of including slowdown in growth of demands labor costs per unit of output in manufac- and output and, at times, capacity limitaturing. Contributing to this stability have tions. As yet in this expansion there has been been the moderate nature of wage increases, no evidence of a slowing down in producattributable in part to ample supplies of tivity growth in manufacturing. manpower, and the sustained high rate of Productivity also advanced at a fast rate advance in output per manhour as producers in the early postwar period, but wages rose have installed more efficient equipment and even more sharply and unit labor costs have improved methods of production to moved up rapidly. In the mid-1950's wage meet competition and minimize costs. For advances were not quite so large, but prothe total private economy too, gains in out- ductivity gains were smaller, and upward put per manhour have been relatively large pressure was maintained on unit labor costs in recent years. and prices. Preliminary data suggest that in the first Earnings in manufacturing. Hourly earnings 5 months of this year output per manhour of production workers in manufacturing for all employees in manufacturing was rose to an average of $2.53 per hour in May. about 4 per cent more than a year earlier. This was 8 cents, or a little more than 3 This was about the same as the increase for per cent, above a year earlier and was close the year 1963. Since the cyclical high in to the average annual increase since 1960. early 1960 the rise in output per manhour Since December 1963 the increase in in manufacturing has been above the post- hourly earnings has amounted to only 2 war average. cents, about the same as during the corre- The maintenance of a high rate of produc- sponding months last year. The rise in wages tivity gain for more than 3 years after a was somewhat more rapid in the latter part lower cyclical turning point is unusual. In of 1963, due in part to the increase in mini- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of the Money Supply Series THE DAILY-AVERAGE series for the money shown without seasonal adjustment in the supply and related data for time deposits at table on page 682. commercial banks have been revised. The largest revisions in the seasonally As defined for the purposes of this series, the adjusted series for the money supply apply money supply consists of (1) demand de- to the period beginning with 1962. They posits at all commercial banks, other than affect for the most part the pattern of those due to domestic commercial banks growth within the year. In both 1962 and and the U.S. Government, less cash items in 1963 the revised series is smoother than the process of collection and Federal Reserve old series, and the rate of growth is steadier. float; (2) foreign demand balances at Fed- Over the full year the rate of expansion is eral Reserve Banks; and (3) currency out- roughly the same for both series—about 3.7 side the Treasury, the Federal Reserve Sys- per cent in 1963, as the table shows. tem, and the vaults of all commercial banks. Time deposits adjusted are time deposits at all commercial banks other than those due AVERAGE MONEY SUPPLY to domestic commercial banks and the U.S. Government. (Seasonally adjusted annual rate of change, in per cent) Changes in these series result from ad- Old New justments to new benchmark data now avail- Period series series able for 1962 and 1963 and from revision Dec. 1961-Dec. 1962 + 1.5 + 1.4 of seasonal factors for the period 1955 to Dec. 1961-June 1962 - .2 + .9 June 1962-Dec. 1962 +3.2 +2.0 date. Revised data, both before and after seasonal adjustment, together with the esti- Dec. 1962-Dec. 1963 +3.8 +3.7 mated seasonal factors for 1964 are shown Dec. 1962-June 1963 +2.6 +3.4 June 1963-Dec. 1963 +5.0 +4.0 in the tables on pages 682-92. Dec. 1963-May 1964 +2.2 +2.1 Data on U.S. Government demand deposits at commercial banks, which are published regularly with the money supply statistics, also have been adjusted to new benchmarks. Expansion in the first 5 months of 1964 The revised data for these deposits are has been about 2 per cent in both the old and the revised series, and preliminary esti- NOTE.—The revised series were prepared by Edward mates indicate that there will be some further R. Fry and Robert R. Wyand II of the Banking Section of the Board's Division of Research and Statistics. increase in June. For further information on concepts, coverage, and Revisions based on the new benchmarks methods of measurement, see "A New Measure of the Money Supply," Federal Reserve BULLETIN, October raised the unadjusted figures for the money 1960, pp. 1102-21, and "Revision of Money Supply supply for the months of February through Series," Federal Reserve BULLETIN, August 1962, pp. 941-51. August for both 1962 and 1963. The re- 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN • JUNE 1964 visions based on changes in seasonal factors supply averages $200 million higher in 1962 lowered the seasonally adjusted series for and $100 million higher in 1963. This the months of December through May and change raised the average level of the raised it for the months of June through money supply about % of 1 per cent. Re- 0 November. visions in each year were concentrated in For time deposits the revision has raised the months February through August; the the level of the series since 1961, and the largest increase, $600 million, applied to new series shows about the same rapid rate March and April of 1962. of expansion as the old. In the first 5 months While most of the adjustments in the of this year such deposits rose at a seasonally deposit component of the money supply adjusted annual rate of about 11 per cent. were upward, the latest available bench- Benchmark adjustments. Series for the mark—that for the end of 1963—indicated money supply and related deposits are con- the need to reduce estimated demand deposstructed mainly on the basis of daily figures its of nonmember banks by $200 million. obtained from the records of member banks These deposits have therefore been carried and the Federal Reserve Banks. However, it forward at a correspondingly lower level in is necessary to estimate deposit and cash the revised estimates for 1964. figures for nonmember banks, as well as Upward revisions in time deposits at nonsome minor deposit items for member banks. member banks averaged $100 million in These estimated components, which repre- 1962 and $200 million in 1963. In most sent about 15 per cent of the total money months the increases ranged from $100 supply, are adjusted periodically to agree million to $200 million. Estimates for this with corresponding totals derived from series have been carried forward into 1964 condition reports made by nonmember from the December 1963 benchmark, which banks and by member banks. The current was $200 million above the old series. revision incorporates new benchmark levels Revisions in U.S. Government demand as shown in four call reports for 1962 and deposits were minor in 1962. In 1963, howin three for 1963.1 ever, benchmark adjustments raised the The largest estimated components of the level of this series by $100 million in most money supply are the deposits and vault cash months. The estimates for 1964 reflect this holdings of nonmember banks. Retrospechigher level. tive adjustments of these estimates to the new Seasonal adjustment. Seasonal factors were benchmarks resulted in only minor changes reviewed for the period 1955 to date. These in the figures for vault cash and, consefactors were computed by a ratio-to-movingquently, in the currency component of the average method similar to those used in the money supply. Deposit estimates for nonpast. This review indicated that estimated member banks, however, have been revised seasonal movements of the currency comupward for both 1962 and 1963. As a result, ponent of the money supply had changed the demand deposit component of the money little but that there had been an appreciable change in the deposit component in recent *A description of procedures for estimating components for which current data are not reported may years. be obtained from the Division of Administrative Serv- The principal revisions of seasonal factors ices, Board of Governors of the Federal Reserve System, Washington, D. C, 20551. for demand deposits affected the period after Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 681 1960. These revisions increased the factors and of tax payments by individuals and busifor December through May and lowered nesses. Such influences are reflected in those for other months. January remains the changing patterns in the money supply as peak month, but the seasonal low has shifted demands for bank credit change and deposits from May to August. The largest increases are shifted between private and U.S. Governin seasonal factors applied to the months of ment accounts to accommodate new financ- January and April, and the largest reduc- ing and payment patterns. tions were for August and September. Seasonal influences are much less im- Some of these shifts in seasonal patterns portant for time deposits than for demand have been progressing for a number of years, deposits; hence the revisions in their seawhile others have developed only recently. sonal factors have been smaller. The effects The most notable long-term shift has been of these revisions have been to reduce slightly in deposit expansion in April, as the seasonal the seasonally adjusted level over the first 7 importance of this month has grown progres- months of each of the last 3 years and to sively for more than a decade. The increase raise it in the last 5 months. in the seasonal factor for January and the Changes in seasonal patterns often are reductions in the factors for August and apparent in retrospective data, but it is diffi- September are more recent developments cult to isolate them from other influences in that are reflected mainly in data since 1960. current estimates. Therefore the seasonal These recent changes in seasonal patterns factors for recent years are considered tentaof the money supply are due in part to tive, and they will be revised periodically as changes in patterns of Treasury financing additional data reveal changes in patterns. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i d d e e p m os a i n ts d 1 component component 1947_jan. ( ( 1 2 ) ) 1 1 0 0 9 9 . . 4 5 2 26 6 . . 7 6 8 8 2 2 . . 8 8 3 3 3 3 . . 3 2 1 11 1 1 2 . . 7 1 2 2 6 6 . . 8 5 8 8 5 5 . . 3 2 3 3 3 3. . 3 2 2 2 . . 5 7 Month 109.5 26.7 82.8 33.3 111.9 26.7 85.2 33.2 2.6 Feb. (1) 109.6 26.7 83.0 33.4 110.3 26.6 83.8 33.4 3.2 (2).- 109-8 26.7 83.1 33.5 109.2 26.5 82.8 33.5 3.4 Month 109.7 26.7 83.0 33.5 109.8 26.5 83.3 33.4 3.3 Mar. (1) 109.8 26.6 83.1 33.6 109.6 26.6 82.9 33.7 3.8 (2) H0.9 26.7 84.2 33.6 109.3 26.4 82.9 33.7 3.4 Month 110.3 26.7 83.7 33.6 109.4 26.5 82.9 33.7 3.6 Apr-$:::::::::::::::::: 111:? 26.6 84.3 33.7 108.9 26.5 82.4 33.7 3.1 26.6 84.7 33.7 109.4 26.3 83.1 33.8 2.8 26.6 84.5 33.7 109.1 26.4 82.7 33.8 2.9 Month 111.1 May (1) 111-6 26.6 85.0 33.8 109.9 26.5 83.4 33.9 2.4 (2) 1H.8 26.6 85.2 33.9 109.7 26.3 83.4 33.9 2.2 Month 111.7 26.6 85.1 33.8 109.8 26.4 83.4 33.9 2.3 June (1) 1119 26.6 85.3 33.9 110.8 26.5 84.4 34.0 1.0 (2) H2.3 26.6 85.7 33.9 111.0 26.4 84.6 34.0 1.0 Month 112.1 26.6 85.5 33.9 110.9 26.4 84.5 34.0 1.0 ** $:::::::::::::::::: l!i:i 26.5 85.7 33.9 111.3 26.6 84.7 34.1 1.0 26.5 85.8 34.1 111.5 26.3 85.2 34.3 1.0 26.5 85.7 34.0 111.4 26.4 84.9 34.2 1.0 Month 112.2 Aug. (1) H2.4 26.4 86.0 34.3 111.8 26.4 85.3 34.3 1.4 (2) H2.7 26.5 86.2 34.5 112.0 26.4 85.6 34.5 1.5 Month 112.6 26.5 86.1 34.4 111.9 26.4 85.5 34.4 1.4 Sept-$:::::::::::::::::: iii:I 26.7 86.2 34.6 113.4 26.9 86.5 34.6 1.5 26.6 86.5 34.8 113.2 26.7 86.5 34.8 1.7 26.7 86.3 34.7 113.3 26.8 86.5 34.7 1.6 Month 113.0 Oct. (1) H2.9 26.5 86.3 34.9 113.2 26.8 86.4 34.9 2.5 (2) H3.0 26.5 86.5 35.1 113.9 26.6 87.3 35.1 2.0 Month 112.9 26.5 86.4 35.0 113.6 26.7 86.9 35.0 2.2 Nov. (1) H3.3 26.5 86.8 35.1 114.4 26.8 87.6 35.1 1.7 (2)... 113.3 26.4 86.9 35.4 114.6 26.7 88.0 35.1 1.6 Month 113.3 26.5 86.8 35.2 114.5 26.7 87.8 35.1 1.6 Dec. (1) H3.1 26.4 86.7 35.4 115.9 26.8 89.1 35.0 1.0 (2) H3.1 26.4 86.6 35.5 116.0 26.8 89.1 35.2 1.0 Month 113.1 26.4 86.7 35.4 115.9 26.8 89.1 35.1 1.0 1948—Jan. (1) 113.3 26.4 87.0 35.5 116.2 26.6 89.6 35.5 (2) 113.4 26.4 87.0 35.6 115.6 26.2 89.4 35.5 1.0 Month 113.4 26.4 87.0 35.5 115.9 26.4 89.5 35.5 .9 Feb. (1) 113.3 26.4 86.9 35.6 114.1 26.3 87.8 35.6 1.5 (2) 113.1 26.3 86.8 35.7 112.6 26.1 86.5 35.7 1.8 Month 113.2 26.3 86.8 35.7 113.4 26.2 87.2 35.6 1.7 Mar. (1) 112.8 26.2 86.6 35.8 112.7 26.2 86.5 35.8 1.9 (2) 112.5 26.2 86.3 35.7 110.9 26.0 85.0 35.8 2.3 Month 112.6 26.2 86.4 35.7 111.8 26.1 85.7 35.8 2.1 Apr. (1) 112.4 26.1 86.4 35.7 110.3 26.0 84.4 35.8 2.4 (2) 112.2 26.1 86.2 35.7 110.5 25.8 84.7 35.8 2.3 Month 112.3 26.1 86.3 35.7 110.4 25.9 84.5 35.8 2.3 May (1) 112.1 26.0 86.1 35.7 110.5 25.9 84.5 35.8 2.6 (2) 112.0 26.0 86.0 35.7 110.0 25.8 84.2 35.8 2.8 Month 112.1 26.0 86.0 35.7 110.2 25.8 84.4 35.8 2.7 June (1) 112.0 26.0 86.0 35.8 111.0 25.9 85.1 35.8 2.3 (2) 112.0 26.0 86.0 35.8 110.7 25.8 84.9 35.9 2.0 Month 112.0 26.0 86.0 35.8 110.8 25.9 85.0 35.9 2.2 July (1) 112.2 26.0 86.2 35.8 111.2 26.1 85.1 36.0 1.7 (2) 112.2 26.0 86.2 35.8 111.3 25.9 85.5 36.0 2.2 Month 112.2 26.0 86.2 35.8 111.3 26.0 85.3 36.0 2.0 Aug. (1) 112.3 26.0 86.2 35.9 111.6 26.0 85.6 35.9 2.4 (2) 112.3 26.1 86.2 35.9 111.6 26.0 85.6 35.9 2.6 Month 112.3 26.0 86.2 35.9 111.6 26.0 85.6 35.9 2.5 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 683 MONEY SUPPLY AND RELATED DATA 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) 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 d t nt jus a t d ed - ! 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 - i d d e e p m os a i n ts d l 1948—Sept. (1) 112.2 26.0 86.2 35.9 112.7 26.2 86.5 35.9 2.2 (2) 112.1 26.0 86.1 35.9 112.0 26.0 86.0 35.9 2 6 Month 112.2 26.0 86.2 35.9 112.4 26.1 86.2 35.9 2 4 Oct (1) 112.2 26.0 86.2 35.9 112.5 26.3 86.3 36.0 2 5 (2) 112.1 25.9 86.1 35.9 113.0 26.1 86.9 36.0 2 1 Ivtonth 112.1 26.0 86.1 35.9 112.8 26.2 86.6 36.0 2.3 Nov (1) 111.9 26.0 85.9 36.0 113.0 26.3 86.8 36.0 2.3 (2) 111.7 25.9 85.8 36.0 112.9 26.1 86.7 35.8 2.6 Month 111.8 26.0 85.9 36.0 112.9 26.2 86.8 35.9 2 4 Dec (1) 111.6 25.8 85.8 36.0 114.2 26.2 88.1 35.7 1.8 (2) 111.5 25.7 85.7 36.0 114.3 26.1 88.2 35.8 I s M^onth 111.5 25.8 85.8 36.0 114.3 26.2 88.1 35.7 1.8 1949 Jan (I) 111.2 25.7 85.5 36.1 114.0 25.9 88.1 36.1 1 6 (2) 111.2 25.7 85.4 36.1 113.3 25.5 87.8 36.0 1.7 Mlonth ' 111.2 25.7 85.5 36.1 113.7 25.7 88.0 36.0 pcb (i) 111.2 25.7 85.5 36.1 112.1 25.6 86.5 36.1 2 5 ' (2) 111.2 25.7 85.5 36.1 110.7 25.5 85.3 36.1 3 1 Month 111.2 25.7 85.5 36.1 111.5 25.5 85.9 36.1 2 7 Mar (i) 111.2 25.7 85.5 36.1 111.2 25.7 85.5 36.2 2 8 (2) 111.3 25.7 85.6 36.1 109.8 25.4 84.3 36.2 3.2 Month 111.2 25.7 85.6 36.1 110.5 25.5 84.9 36.2 3.0 Apr (1) 111.2 25.7 85.5 36.2 109.2 25.6 83.6 36.2 3 0 (2) 111.5 25.7 85.8 36.2 109.8 25.4 84.5 36.3 2 2 Month 111.3 25.7 85.6 36.2 109.5 25.5 84.0 36.3 2 6 May (1) 111.5 25.7 85.8 36.3 109.9 25.6 84.4 36.4 1 8 (2) 111.5 25.7 85.8 36.4 109.5 25.4 84.1 36.4 2 0 Month 111.5 25.7 85.8 36.3 109.7 25.5 84.2 36.4 1.9 June (1) 111.4 25.6 85.8 36.4 110.5 25.5 85.0 36.4 1 2 (2) 111.2 25.6 85.7 36.4 109.8 25.3 84.5 36.5 1.7 Month 111.3 25.6 85.7 36.4 110.2 25.4 84.8 36.5 1.5 July (1) 111.1 25.5 85.6 36.4 109.9 25.6 84.3 36.5 1 6 (2) 111.3 25.5 85.8 36.4 110.4 25.3 85.1 36.5 1 2 Month 111.2 25.5 85.7 36.4 110.2 25.5 84.7 36.5 1.4 Aug (1) 111.0 25.5 85.5 36.4 110.4 25.5 84.9 36.5 2 4 (2) 111.1 25.4 85.6 36.4 110.3 25.3 85.0 36.5 3.3 Mlonth 111.0 25.5 85.6 36.4 110.3 25.4 84.9 36.5 2.8 Sept (1) 111.0 25.4 85.6 36.4 111.3 25.6 85.7 36.5 2.8 (2) 110.8 25.3 85.5 36.4 110.6 25.3 85.2 36.4 3 6 Month 110.9 25.3 85.6 36.4 110.9 25.4 85.5 36.4 3.2 Oct (1) 111 0 25 3 85.7 36.4 111.3 25.6 85.8 36.4 3 5 (2) 110.8 25.3 85.5 36.4 111.7 25.4 86.3 36.4 3.4 Month 110.9 25.3 85.6 36.4 111.5 25.5 86.0 36.4 3.4 Nov. (1) 111.0 25.2 85.7 36.4 112.1 25.5 86.6 36.4 3.4 (2) 111.0 25.2 85.9 36.4 112.0 25.4 86.6 36.2 3.7 Mlonth 111.0 25.2 85.8 36.4 112.0 25.4 86.6 36.3 3.5 Dec (i) 111.2 25.2 86.0 36.4 113.8 25.5 88.3 36.1 2.8 (2) 111.2 25.1 86.0 36.4 114.0 25.5 88.5 36.2 2.7 Month 111.2 25.1 86.0 36.4 113.9 25.5 88.4 36.1 2.8 1950—Jan (1) 111.3 25.1 86.2 36.4 114.1 25.3 88.8 36.4 2.8 (2) 111.7 25.1 86.5 36.5 113.9 24.9 88.9 36.4 2.9 Month 111.5 25.1 86.4 36.4 114.0 25.1 88.9 36.4 2.8 Feb (1) 111.8 25.1 86.7 36.5 112.8 25.0 87.7 36.5 3.5 (2) 112.3 25.2 87.1 36.6 112.0 25.0 87.0 36.6 3.9 Month 112.1 25.1 86.9 36.6 112.4 25.0 87.4 36.5 3.7 Mar (1) 112.4 25.2 87.2 36.6 112.4 25.2 87.3 36.7 3.1 (2) 112.7 25.2 87.5 36.6 111.3 25.0 86.3 36.7 3.8 112.5 25.2 87.3 36.6 111.8 25.1 86.8 36.7 3.5 Apr (1) 113.1 25.3 87.9 36.7 111.1 25.2 85.9 36.8 3.7 (2) 113.4 25.2 88.1 36.8 111.8 24.9 86.9 36.8 2.9 Month 113.2 25.3 88.0 36.7 111.5 25.1 86.4 36.8 3.3 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i d d e e p m os a i n ts d 1 component component 1950—May (1) 113.6 25.2 8.3 36.9 112.1 25.1 86.9 36.9 2.7 (2) 113.9 25.2 8.7 36.9 111.8 24.9 86.9 36.9 3.3 Month 113.7 25.2 8.5 36.9 111.9 25.0 86.9 36.9 3.0 June (1) 113.9 25.1 36.9 113.0 25.0 88.0 36.9 2.7 (2) 114.3 25.0 89.3 36.9 112.9 24.8 88.1 37.0 3.4 Month 114.1 25.1 89.0 36.9 112.9 24.9 88.0 37.0 3.0 July (1) 114.6 25.0 89.6 36.8 113.3 25.2 37.0 3.5 (2) 114.7 25.0 89.7 36.7 113.6 24.8 36.8 3.3 Month 114.6 25.0 89.6 36.8 113.5 25.0 36.9 3.4 Aug. (1) 115.1 25.0 90.1 36.7 114.4 25.0 89.4 36.7 2.9 (2) 114.9 24.9 90.0 36.6 114.1 24.8 89.3 36.7 3.8 Month 115.0 24.9 90.1 36.7 114.2 24.9 89.3 36.7 3.4 Sept. (1) 115.1 24.9 90.1 36.6 115.2 25.1 90.1 36.6 3.5 (2) 115.4 24.9 90.5 36.6 115.0 24.9 90.1 36.6 3.4 Month 115.2 24.9 90.3 36.6 115.1 25.0 90.1 36.6 3.4 Oct. (1) 115.6 24.9 90.7 36.5 115.9 25.2 90.8 36.6 2.9 (2) 115.7 24.9 90.8 36.6 116.6 25.0 91.6 36.6 2.8 Month 115.7 24.9 90.8 36.5 116.3 25.1 91.2 36.6 2.8 Nov. (1) 115.9 25.0 90.9 36.6 117.1 25.2 91.9 36.6 2.9 (2) 115.9 24.9 91.0 36.6 116.9 25.1 91.8 36.4 3.2 Month 115.9 24.9 90.9 36.6 117.0 25.2 91.8 36.5 3.0 Dec. (1) 116.0 25.0 91.0 36.7 118.8 25.4 93.4 36.3 2.4 (2) 116.4 25.0 91.4 36.7 119.5 25.4 94.1 36.5 2.3 Month 116.2 25.0 91.2 36.7 119.2 25.4 93.8 36.4 2.4 1951—Jan. (1) 116.7 25.0 91.7 36.7 119.7 25.2 94.5 36.7 1.9 (2) 116.7 25.1 91.7 36.7 119.3 24.9 94.4 36.7 2.2 Month 116.7 25.0 91.7 36.7 119.5 25.0 94.5 36.7 2.1 Feb. (1) 117.0 25.1 91.8 36.7 118.0 25.0 93.0 36.6 2.8 (2) 117.3 25.1 92.1 36.6 117.0 24.9 92.1 36.6 3.8 Month 117.1 25.1 92.0 36.6 117.5 25.0 92.5 36.6 3.3 Mar. (1) 117.6 25.2 92.4 36.6 118.0 25.1 92.9 36.7 3.6 (2) 117.6 25.2 92.4 36.6 116.8 25.0 91.9 36.6 5.3 Month 117.6 25.2 92.4 36.6 117.4 25.0 92.3 36.7 4.5 Apr. (1) 117.7 25.2 92.5 36.6 115.6 25.1 90.5 36.7 6.4 (2) 117.9 25.3 92.6 36.7 116.4 25.0 91.4 36.7 5.7 Month 117.8 25.2 92.6 36.7 116.0 25.0 91.0 36.7 6.1 May (1) 118.2 92.8 36.8 116.7 25.2 91.5 36.7 5.1 (2) 118.2 92.9 36.8 116.1 25.1 91.0 36.7 5.1 Month 118.2 92.8 36.8 116.4 25.1 91.2 36.7 5.1 June (1) 118.5 25.4 93.1 36.8 117.8 25.3 92.5 36.8 4.1 (2) 118.6 25.5 93.2 36.9 117.5 25.2 92.3 37.1 5.0 Month 118.6 25.4 93.2 36.9 117.6 25.3 92.4 36.9 4.6 July (1) 118.9 25.6 93.3 37.1 117.1 25.7 91.4 37.3 5.3 (2) 119.2 25.6 93.5 37.2 117.8 25.5 92.3 37.3 4.3 Month 119.1 25.6 93.4 37.2 117.5 25.6 91.9 37.3 4.8 Aug. (1) 119.5 25.7 93.8 37.4 118.7 25.7 92.9 37.4 4.1 (2) 119.7 25.8 93.9 37.5 118.2 25.7 92.6 37.5 4.3 Month 119.6 25.7 93.8 37.4 118.4 25.7 92.7 37.5 4.2 Sept. (1) 120.2 25.8 94.4 37.6 120.2 26.0 94.2 37.6 3.0 (2) 120.5 25.9 94.7 37.8 119.9 25.8 94.0 37.7 4.3 Month 120.4 25.8 94.5 37.7 120.0 25.9 94.1 37.7 3.6 Oct. (1) 120.7 25.9 94.7 37.8 120.6 26.2 94.4 37.9 4.4 (2) 121.3 26.0 95.3 37.9 122.1 26.0 96.0 37.9 3.5 Month 121.0 26.0 95.1 37.8 121.4 26.1 95.2 37.9 3.9 Nov. (1) 121.8 26.0 95.8 38.0 123.2 26.3 96.9 38.1 2.9 (2) 122.2 26.1 96.2 38.1 123.3 26.3 97.0 37.8 3.2 Month 122.0 26.0 96.0 38.0 123.2 26.3 97.0 38.0 3.1 Dec. m 122.5 26.1 96.4 38.2 125.4 26.5 98.9 37.8 2.5 (2) 122.8 26.2 96.6 38.2 126.3 26.7 99.6 38.1 3.0 Month 122.7 26.1 96.5 38.2 125.8 26.6 99.2 38.0 2.7 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 685 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) deposits deposits Govt. Total : C om ur p re o n n c e y nt c D o d e m e m p p o a o s n n i e t d nt jus a t d e - d i Total c C o u m rr p e o n n c e y nt : 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 i 1952—Jan. (1) 123.0 26.3 96.7 38.4 126.2 26.4 99.8 38.4 2.5 (2) 123.3 26.2 97.0 38.5 126.3 26.0 100.2 38.5 2.0 Month 123.1 26.2 96.9 38.4 126.2 26.2 100.0 38.4 2.2 Feb. (1) 123.6 26.3 97.3 38.6 125.0 26.2 98.8 38.6 3.0 (2) 123.5 26.3 97.2 38.7 123.3 26.1 97.2 38.7 3.8 Month 123.6 26.3 97.3 38.7 124.2 26.1 98.0 38.6 3.3 Mar. (1) 123.6 26.3 97.3 38.9 124.1 26.3 97.8 38.9 2.9 (2) 124.0 26.4 97.6 39.0 123.2 26.1 97.1 39.0 4.8 Month 123.8 26.4 97.5 38.9 123.6 26.2 97.4 38.9 3.9 Apr. (1) 124.2 26.4 97.7 39.0 122 A 26.3 95.8 39.1 4.8 (2) 124.0 26.4 97.5 39.1 122.5 26.1 96.4 39.1 4.2 Month 124.1 26.4 97.6 39.1 122.3 26.2 96.1 39.1 4.5 May (1) 124.4 26.5 97.9 39.2 122.8 26.3 96.5 39.2 4.0 (2) 124.6 26.5 98.1 39.4 122.5 26.2 96.2 39.3 4.6 Month 124.5 26.5 98.0 39.3 122.7 26.3 96.4 39.3 4.3 June (1) 124.8 26.6 98.2 39.5 124.2 26.6 97.7 39.5 3.6 (2) 125.3 26.7 98.6 39.6 124.2 26.5 97.7 39.7 4.9 Month 125.0 26.7 98.4 39.5 124.2 26.5 97.7 39.6 4.3 July (1) 125.2 26.7 98.5 39.7 123.3 26.9 96.4 39.8 8.2 (2) 125.5 26.7 98.7 39.8 123.9 26.5 97.4 39.9 7.0 Month 125.3 26.7 98.6 39.7 123.6 26.7 96.9 39.9 7.6 Aug. (1) 125.5 26.8 98.8 40.0 124.3 26.8 97.5 40.0 6.4 (2) 125.9 26.8 99.0 40.1 124.0 26.7 97.3 40.1 6.2 Month 125.7 26.8 98.9 40.0 124.2 26.8 97.4 40.1 6.3 Sept. (1) 126.3 26.9 99.4 40.2 126.1 27.1 99.0 40.2 4.5 (2) 126.5 27.0 99.5 40.4 125.6 26.9 98.7 40.3 5.8 Month 126.4 26.9 99.4 40.3 125.8 27.0 98.9 40.3 5.2 Oct. (1) 126.7 27.0 99.7 40.5 126.4 27.3 99.1 40.6 5.5 (2) 126.7 27.1 99.6 40.6 127.3 27.1 100.2 40.7 5.3 Month 126.7 27.0 99.7 40.5 126.9 27.2 99.7 40.6 5.4 Nov. (1) 126.9 27.2 99.8 40.8 128.4 27.5 100.9 40.8 4.4 (2) 127.2 27.2 100.0 41.0 128.3 27.5 100.8 40.7 6.0 Month 127.1 27.2 99.9 40.9 128.3 27.5 100.9 40.8 5.2 Dec. (1) 127.4 27.3 100.1 41.1 130.4 27.8 102.7 40.7 5.0 (2) 127.5 27.3 100.1 41.2 131.1 27.9 103.2 41.0 4.8 Month 127.4 27.3 100.1 41.1 130.8 27.8 103.0 40.9 4.9 1953—Jan. (1) 127.3 27.4 100.0 41.3 130.8 27.6 103.2 41.3 4.0 (2) 127.2 27.4 99.8 41.4 130.3 27.2 103.1 41.4 3.4 Month 127.3 27.4 99.9 41.4 130.5 27.4 103.1 41.4 3.7 Feb. (1) 127.3 27.5 99.8 41.5 128.9 27.4 101.5 41.5 4.2 (2) 127.5 27.5 100.0 41.7 127.2 27.3 100.0 41.6 5.1 Month 127.4 27.5 99.9 41.6 128.1 27.3 100.8 41.6 4.6 Mar. (1) 127.9 27.6 100.4 41.8 128.3 27.5 100.8 41.8 3.9 (2) 128.1 27.6 100.5 41.9 127.2 27.3 99.9 41.9 4.8 Month 128.0 27.6 100.4 41.9 127.7 27.4 100.3 41.9 4.4 Apr. (1) 128.2 27.6 100.6 41.9 126.2 27.5 98.7 42.0 4.5 (2) 128.5 27.7 100.8 42.2 127.1 27.3 99.8 42.1 3.0 Month 128.3 27.7 100.7 42.1 126.7 27.4 99.3 42.1 3.7 May (1) 128.4 27.7 100.7 42.3 127.0 27.6 99.4 42.3 2.7 (2) 128.5 27.7 100.8 42.4 126.4 27.4 99.0 42.4 2.8 Month 128.5 27.7 100.7 42.4 126.7 27.5 99.2 42.3 2.8 June (1) 128.6 27.7 100.9 42.5 128.0 27.6 100.4 42.6 2.0 (2) 128.3 27.8 100.6 42.7 127.3 27.5 99.8 42.8 3.3 Month 128.5 27.7 100.7 42.6 127.6 27.6 100.1 42.7 2.6 July (1) 128.7 27.7 101.0 42.8 127.0 27.9 99.1 43.0 2.8 (2) 128.5 27.8 100.7 43.0 126.9 27.6 99.3 43.1 7.5 Month 128.6 27.8 100.8 42.9 127.0 27.8 99.2 43.0 5.2 Aug. (1) 128.6 27.8 100.9 43.1 127.4 27.8 99.6 43.2 6.7 (2) 128.7 27.8 100.9 43.3 126.6 27.7 98.9 43.3 6.8 Month 128.7 27.8 100.9 43.2 127.0 27.8 99.2 43.2 6.8 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i d d e e p m os a i n ts d l component component -Cl).................. J28, 27.8 100.8 43.4 128.1 28.0 100.1 43.4 5.6 27.8 100.8 43.6 127.7 27.8 100.0 43.5 5.7 Month 128 27.8 100.8 43.5 127.9 27.9 100.0 43.5 5.6 °Ct'g> It 27.8 100.7 43.7 128.2 28.0 100.2 43.8 4.9 27.8 101.1 44.0 129.4 27.8 101.5 44.1 3.5 Month.::::::::::::: 12s, 27.8 100.9 43.9 128.8 27.9 100.9 44.0 4.2 Nov.(l) |28, 27.8 101.0 44.1 130.1 28.1 102.0 44.2 4.1 (2) 128. 27.8 100.8 44.2 129.6 28.0 101.6 44.0 5.7 Month 128, 27.8 100.9 44.2 129.9 28.0 101.8 44.1 4.9 Dec-$':-::::::::::::: iiS: 27.7 101.1 44.4 131.8 28.2 103.6 44.0 4.0 27.7 101.1 44.6 132.5 28.3 104.2 44.4 3.7 27.7 101.1 44.5 132.1 28.2 103.9 44.2 3.8 Month 128. 195^-Jan. £>•;;;;;;;;;;;;;;;;; }»; 27.7 101.3 44.7 132.6 27.9 104.7 44.7 3.1 27.7 101.3 44.9 132.1 27.5 104.6 44.8 2.9 Month 129, 27.7 101.3 44.8 132.3 27.7 104.6 44.8 3.0 Feb-$•::::::::::::::::: 1§: 27.7 101.4 45.1 130.7 27.6 103.1 45.1 3.3 27.7 101.5 45.3 128.9 27.4 101.5 45.2 4.2 27.7 101.5 45.2 129.8 27.5 102.3 45.2 3.7 Month 129, Mar-$:::::::::::::::::: III 27.7 101.6 45.5 129.6 27.6 102.0 45.5 3.3 27.6 101.6 45.7 128.2 27.3 100.9 45.7 4.7 27.6 101.6 45.6 128.9 27.4 101.4 45.6 4.0 Month 129 Apr-$:::::::::::::::::: It 2 2 7 7 . . 6 6 1 1 0 0 0 1 . . 9 1 4 4 6 6 . . 0 2 1 1 2 2 6 7 . . 7 6 2 2 7 7 . . 5 2 1 9 0 9 0 . . 2 4 4 4 6 6. . 1 0 4 3 . . 6 5 27.6 101.0 46.1 127.2 27.4 99.8 46.0 4.0 Month 128, May (1) 129 27.6 102.2 46.4 128.5 27.5 101.1 46.3 3.1 (2) 129 27.6 102.1 46.6 127.6 27.3 100.3 46.6 4.7 Month 129, 27.6 102.1 46.5 128.1 27.4 100.7 46.4 3.9 27.6 102.2 46.7 129.2 27.5 101.7 46.8 3.6 27.5 102.4 46.9 128.9 27.3 101.6 47.0 4.1 Month 129 27.5 102.3 46.8 129.0 27.4 101.6 46.9 3.9 July (1) 129 27.5 102.4 47.1 128.4 27.6 100.7 47.3 5.0 (2) 130 27.5 103.1 47.5 129.3 27.3 101.9 47.6 3.5 Month 130 27.5 102.8 47.3 128.8 27.5 101.3 47.5 4.2 Aug. (1) 130 27.5 103.1 47.7 129.4 27.5 101.8 47.8 4.6 (2) 130 27.4 103.3 47.8 128.6 27.3 101.3 47.9 5.1 Month 130, 27.5 103.2 47.8 129.0 27.4 101.5 47.9 Sept. (1) 130, 27.4 103.3 47.9 130.0 27.6 102.4 48.0 4.0 (2) 131 27.4 103.7 48.0 130.2 27.3 102.9 48.0 3.9 27.4 103.5 47.9 130.1 27.5 102.6 48.0 4.0 Month 130 Oct. (1) 131 27.4 103.9 48.1 131.0 27.7 103.3 48.2 6.2 (2) 131 27.4 104.2 48.1 132.0 27.5 104.5 48.2 5.9 Month 131 27.4 104.1 48.1 131.5 27.6 103.9 48.2 6.1 Nov. (1) 131 27.4 104.5 48.2 132.9 27.7 105.3 48.3 5.7 (2) 132, 27.4 104.9 48.2 133.3 27.7 105.6 47.9 6.7 Month 132. 27.4 104.7 48.2 133.1 27.7 105.4 48.1 6.2 Dec. (1) 132 27.4 104.7 48.2 134.8 27.9 106.9 47.8 5.6 (2) 132 27.4 105.2 48.4 136.4 27.9 108.5 48.2 4.6 Month 132 27.4 104.9 48.3 135.6 27.9 107.7 48.0 5.0 1955—Jan. (1) 132 27.4 105.3 48.4 136.4 27.6 108.9 48.5 3.2 (2) 133 27.4 105.8 48.6 136.4 27.2 109.2 48.5 2.8 Month 133 27.4 105.6 48.5 136.4 27.4 109.0 48.5 3.0 Feb. (1) 133 27.4 106.2 48.7 135.1 27.3 107.8 48.6 3.6 (2) 134 27.5 106.6 48.7 133.8 27.2 106.6 48.7 3.7 Month 133, 27.5 106.4 48.7 134.5 27.2 107.3 48.6 3.7 Mar. (1) 133 27. 106.0 48.8 133.7 27.4 106.3 48.8 3.6 (2) 133 27. 106.0 48.9 132.6 27.2 105.4 48.9 4.0 Month 133 27.5 106.0 48.8 133.1 27.3 105.8 48.8 3.8 Apr. (1) 133 27.6 106.3 48.9 132.2 27.4 104.8 49.0 5.3 (2) 133 27.5 106.4 49.0 133.3 27.2 106.2 48.9 4.5 Month 133 27.5 106.3 49.0 132.8 27.3 105.5 48.9 4.9 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 687 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply (Half mo P n e t r h i o o d r month) Time Time U.S. deposits deposits Govt. Demand ad- Demand ad- demand Total Currency deposit justed i Total Currency deposit justed i deposits * componentcomponent componentcomponent 1955—May (1) 134.2 27.5 106.7 49.0 133.0 27.4 105.6 48.9 4.8 (2) 134.9 27.6 107.3 49.1 132.5 27.3 105.2 49.0 5.0 Month 134.6 27.6 107.0 49.0 132.7 27.4 105.4 49.0 4.9 June (1) 134.2 27.6 106.6 49.1 133.4 27.5 105.8 49.2 3.9 (2) 134.6 27.6 107.0 49.2 133.7 27.4 106.3 49.3 4.1 Month 134.4 27.6 106.8 49.2 133.5 27.5 106.1 49.2 4.0 July (1) 134.8 27.6 107.2 49.3 133.2 27.8 105.4 49 A 4.1 (2) 134.9 27.7 107.2 49.3 133.6 27.6 106.0 49.4 5.1 Month 134.8 27.7 107.2 49.3 133.4 27.7 105.7 49.4 4.6 Aug. (1) 134.8 27.7 107.1 49.3 133.5 27.8 105.7 49.5 4.7 (2) 134.7 27.7 107.0 49.4 132.6 27.6 105.0 49.6 5.0 Month 134.8 27.7 107.0 49.3 133.0 27.7 105.3 49.5 4.9 Sept. (1) 134.8 27.7 107.1 49.5 134.1 27.9 106.1 49.7 4.1 (2) 135.3 27.8 107.6 49.7 134.4 27.7 106.7 49.7 3.6 Month 135.0 27.7 107.3 49.6 134.2 27.8 106.4 49.7 3.9 Oct. (1) 135.4 278 107.6 49.7 134.9 28.0 106.9 49.9 4.2 (2) 135.0 278 107.2 49.8 135.3 27.9 107.5 49.9 4.7 Month 135.2 278 107.4 49.7 135.1 27.9 107.2 49.9 4.5 Nov. (1) 134.9 278 107.1 49.9 135.9 28.1 107.7 50.0 4.0 (2) 135.0 278 107.2 49.9 135.9 28.1 107.7 49.6 4.6 Month 134.9 278 107.1 49.9 135.9 28.1 107.7 49.8 4.3 Dec. (1) 135.1 278 107.4 50.0 137.9 28.3 109.6 49.5 3.2 (2) 135.3 278 107.5 49.9 139.2 284 110.8 49.7 3.5 Month 135.2 278 107.4 50.0 138.6 284 110.2 49.6 3.4 1956—Jan. (1) 135.6 279 107.7 49.9 139.5 281 111.4 49.8 2.6 (2) 135-5 279 107.6 49.9 138.7 276 111.1 49.8 1.7 279 107.7 49.9 139.1 279 111.2 49.8 2.2 Month 135.5 Feb. (1) 135.6 279 107.7 49.9 136.9 277 109.2 49.8 2.3 (2) 135.5 279 107.6 50.0 135.1 275 107.6 49.9 3.2 Month 135.5 279 107.7 49.9 136.0 276 108.4 49.8 2.7 Mar. (1) 135.7 279 107.8 50.0 135.6 277 107.8 50.0 3.0 (2) 135.8 279 107.9 50.2 134.9 276 107.3 50.2 5.0 Month 135.7 279 107.8 50.1 135.2 277 107.5 50.1 4.1 Apr. (1) 136.2 27.9 108.3 50.2 134.8 278 107.0 50.3 4.3 (2) 135.8 27.9 107.9 50.3 135.4 275 107.9 50.3 3.8 27.9 108.1 50.3 135.1 277 107.5 50.3 4.1 Month 136.0 May (1) 135.9 27.9 108.0 50.3 134.6 278 106.9 50.3 4.6 (2) 135.7 27.9 107.8 50.4 133.3 276 105.7 50.4 5.6 Month 135.8 27.9 107.9 50.4 134.0 277 106.3 50.4 5.1 June (1) 135.7 27.9 107.8 50.6 134.9 279 107.0 50.6 4.2 (2) 136.3 28.0 108.4 50.8 135.4 278 107.7 51.0 4.2 Month 136.0 27.9 108.1 50.7 135.1 278 107.3 50.8 4.2 July (1) 136.0 28.0 108.1 50.9 134.5 282 106.2 51.2 4.5 (2) 135.9 28.0 107.9 51.0 134.6 279 106.7 51.2 3.3 Month 136.0 28.0 108.0 50.9 134.5 28.1 106.5 51.2 3.9 Aug. (1) 135.5 27.9 107.5 51.1 134.2 28.1 106.2 51.3 3.1 (2) 135.9 28.0 108.0 51.2 133.8 27.9 105.9 51.4 5.7 Month 135.7 28.0 107.8 51.2 134.0 28.0 106.0 51.4 4.4 Sept. (1) 136.1 28.0 108.1 51.4 135.4 28.2 107.2 51.6 4.4 (2) 136.3 28.0 108.2 51.5 135.4 28.0 107.4 51.6 4.4 Month 136.2 28.0 108.2 51.5 135.4 28.1 107.3 51.6 4.4 Oct. (1) 136.1 28.0 108.1 51.6 135.6 28.3 107.3 51.8 4.1 (2) 136.4 28.0 108.4 51.7 136.7 28.1 108.6 51.8 3.8 Month 136.3 28.0 108.2 51.6 136.2 28.2 108.0 51.8 3.9 Nov. (1) 136.4 28.1 108.3 51.8 137.4 28.4 109.0 51.8 3.2 (2) 136.8 28.2 108.6 51.8 137.6 28.5 109.2 51.2 5.1 Month 136.6 28.1 108.4 51.8 137.5 28.4 109.1 51.5 4.2 Dec. (1) 136.8 28.2 108.6 51.8 139.6 28.7 110.9 51.2 3.2 (2) 137.0 28.2 108.8 51.9 141.0 28.9 112.1 51.6 3.5 Month 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Money supply Time Money supply Time U.S. (Half month or month) deposits deposits Govt. Total c C o u m r p r o e n n e cy 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 - i Total c C o u m rr p e 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 - ! d d e e p m os a i n ts d 1 1957—Jan. (1) 136.9 28.3 108.7 52.4 140.9 28.5 112.4 52.1 2.5 (2)...-. 136.8 28.2 108.6 52.7 139.8 27.9 111.9 52.5 1.5 Month 136.9 28.2 108.6 52.6 140.3 28.2 112.1 52.3 2.0 Feb. (1) 136.7 28.2 108.5 52.9 138.0 28.0 110.0 52.8 1.6 (2) 136.9 28.2 108.7 53.2 136.4 27.8 108.6 53.1 2.3 Month. 136.8 28.2 108.6 53.1 137.3 27.9 109.3 52.9 1.9 Mar. (1) 136.9 28-.2 108.7 53.5 136.4 28.0 108.4 53.5 2.1 (2) 136.9 28.2 108.7 53.8 135.8 27.9 108.0 53.9 3.9 Month 136.9 28.2 108.7 53.7 136.1 27.9 108.2 53.7 3.0 Apr. (1) 136.7 28.2 108.5 54.0 135.4 28.1 107.4 54.2 5.0 (2) 137.1 28.3 108.8 54.1 136.8 27.9 108.9 54.2 3.9 Month 136.9 28.2 108.7 54.0 136.1 28.0 108.1 54.2 4.4 May (1) 137.0 28.2 108.8 54.4 135.7 28.0 107.7 54.5 4.2 (2) 137.0 28.2 108.8 54.6 134.6 27.9 106.7 54.8 4.0 Month 137.0 28.2 108.8 54.5 135.2 28.0 107.2 54.6 4.1 June (1) 136.9 28.3 108.6 54.7 135.9 28.2 107.7 55.0 3.6 (2) 136.8 28.3 108.5 55.0 135.8 28.1 107.7 55.3 4.4 Month 136.9 28,3 108.6 54.8 135.9 28.2 107.7 55.2 4.0 July (I) 137.0 28.3 108.7 55.2 135.4 28.6 106.8 55.5 5.7 (2) 137.1 28.3 108.8 55.4 135.9 28.2 107.7 55.7 4.1 28.3 108.7 55.3 135.6 28.4 107.2 55.6 4.9 Month 137.0 Aug. (1) 137.1 28.3 108.8 55.7 136.2 28.4 107.7 55.9 2.4 (2) 137.0 28.3 108.7 55.8 135.0 28.3 106.8 56.0 3.7 Month 137.1 28.3 108.8 55.7 135.6 28.3 107.2 55.9 3.1 Sept. (1) 136.9 28.3 108.6 56.0 136.4 28.6 107.9 56.2 2.9 (2) 136.6 28.3 108.2 56.3 135.8 28.3 107.5 56.4 4.1 28.3 108.4 56.1 136.1 28.4 107.7 56.3 3.5 Month 136.8 Oct. (1) 136.5 28.3 108.1 56.5 136.0 28.5 107.4 56.6 5.1 (2) 136.5 28.3 108.2 56.7 136.7 28.3 108.4 56.8 3.3 Month 136.5 28.3 108.2 56.6 136.4 28.4 107.9 56.7 4.2 Nov. (1) 136.4 283 108.1 56.9 137.4 28.6 108.8 56.7 2.7 (2) 136.1 28.3 107.8 57.1 137.0 28.6 108.4 56.3 3.3 283 108.0 57.0 137.2 28.6 108.6 56.5 3.0 Month 136.3 Dec. (1) 135.9 284 107.5 57.3 138.7 28.9 109.8 56.5 3.2 (2) 135.9 283 107.6 57.5 139.9 29.0 110.9 56.9 3.7 Month 135.9 283 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Jan. (I) 135.7 283 107.4 57.8 139.6 28.5 111.1 57.5 2.7 (2) 135.4 282 107.1 57.4 138.0 27.9 110.1 57.0 1.8 Month 135.5 283 107.2 57.6 138.8 28.2 110.6 57.2 2.3 Feb. (1) 136.1 282 107.9 58.9 137.2 28.0 109.2 58.7 2.1 (2) 136.2 282 108.0 59.6 135.4 27.8 107.6 59.4 3.0 282 107.9 59.2 136.4 27.9 108.5 59.1 2.5 Month 136.2 Mar. (1) 136.7 282 108.5 60.3 135.9 28.0 107.9 60.2 3.4 (2) 136.3 282 108.1 60.8 134.8 27.9 107.0 60.9 5.3 Month 136.5 282 108.3 60.5 135.4 27.9 107.4 60.5 4.3 Apr. (1) 136.9 282 108.6 61.2 135.8 28.1 107.6 61.4 3.5 (2) 137.1 28.2 108.8 61.8 137.0 27.8 109.2 61.9 4.9 Month 137.0 28.2 108.7 61.5 136.4 28.0 108.4 61.7 4.2 May (1) 137.4 28.3 109.1 62.2 136.1 28.1 108.0 62.5 5.3 (2) 137.7 28.4 109.3 62.5 135.2 28.1 107.1 62.8 5.7 28.3 109.2 62.3 135.7 28.1 107.6 62.6 5.5 Month 137.5 June (1) 138.8 28.4 110.4 62.9 137.8 28.3 109.4 63.3 4.4 (2) 138.1 28.3 109.7 63.4 136.9 28.2 108.8 63.8 7.7 Month 138.4 28.3 110.1 63.2 137.4 28.3 109.1 63.5 6.0 July (1) 138.2 28.4 109.9 63.9 136.5 28.7 107.8 64.3 7.3 (2) 138.6 28.4 110.2 64.1 137.5 28.4 109.2 64.5 4.8 Month 138.4 28.4 110.0 64.0 137.0 28.5 108.5 64.4 6.0 Aug. (1) 139.0 28.4 110.6 64.5 138.3 28.6 109.7 64.8 4.6 (2) 139.3 28.5 110.8 64.6 137.3 28.5 108.8 64.9 5.9 Month 139.1 28.4 110.7 64.6 137.8 28.5 109.2 64.8 5.3 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 689 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. (Half month or month) deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - ! Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - 1 d d e e p m os a i n ts d i component component 1958_Sept. (1) 139.5 28.5 111.0 64.8 139.1 28.7 110.4 65.1 4.2 (2) 139.6 28.5 111.1 64.8 138.7 28.4 110.3 64.9 3.8 Month 139.5 28.5 111.1 64.8 138.9 28.5 110.4 65.0 4.6 Oct. (1) 139.9 28.5 111.4 64.8 139.5 28.7 110.8 65.0 4.3 (2) 140.2 28.5 111.7 64.9 140.6 28.5 112.1 65.0 4.1 Month 140.1 28.5 111.6 64.9 140.0 28.6 111.5 65.0 4.2 Nov.(I) 140.8 28.5 112.3 65.1 142.1 28.8 113.3 64.9 3.0 (2) 141.1 28.5 112.5 65.2 141.9 28.8 113.1 64.4 4.9 Month 140.9 28.5 112.4 65.2 142.0 28.8 113.2 64.6 3.9 Dec. (1) 141.1 28.6 112.5 65.3 144.0 29.1 114.9 64.5 3.7 (2) 141.2 28.6 112.6 65.5 145.3 29.2 116.1 64.8 4.0 Month 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Jan. (1) 141.4 28.6 112.8 65.9 145.4 28.8 116.7 65.6 3.0 (2) 141.8 28.7 113.1 66.2 144.4 28.4 116.0 65.7 3.4 Month 141.6 28.6 112.9 66.0 144.9 28.6 116.3 65.6 3.2 Feb. (1) 141.7 28.7 113.0 66.0 142.8 28.5 114.3 65.7 4.3 (2) 142.0 28.7 113.3 66.0 141.0 28.3 112.7 65.8 4.3 Month 141.9 28.7 113.1 66.0 142.0 28.4 113.6 65.8 4.3 Mar. (1) 142.3 28.8 113.6 66.2 141.6 28.6 113.0 66.1 3.2 (2) 142.6 28.8 113.8 66.2 141.0 28.5 112.5 66.3 4.2 Month 142.5 28.8 113.7 66.2 141.3 28.5 112.8 66.2 3.7 Apr. (1) 142.8 28.7 114.1 66.4 141.8 28.6 113.2 66.6 5.3 (2) 142.5 28.8 113.7 66.5 142.8 28.4 114.4 66.7 4.0 Month 142.7 28.8 113.9 66.5 142.3 28.5 113.8 66.7 4.6 May (1) 142.9 28.9 114.0 66.6 141.6 28.7 112.9 67.0 5.1 (2) 143.4 29.0 114.3 66.7 140.8 28.7 112.1 67.1 5.3 Month 143.2 29.0 114.2 66.6 141.2 28.7 112.5 67.0 5.2 June (1) 143.2 29.0 114.2 66.9 142.0 29.0 113.0 67.3 3.5 (2) 143.5 29.0 114.5 67.0 141.8 28.9 113.0 67.4 4.5 Month 143.4 29.0 114.3 67.0 141.9 28.9 113.0 67.4 4.0 July (1) 144.3 29.0 115.3 67.1 142.4 29.3 113.1 67.5 4.4 (2) 144.0 29.0 115.0 67.1 142.9 29.0 113.9 67.4 5.4 Month 144.1 29.0 115.1 67.1 142.7 29.1 113.5 67.5 4.9 Aug. (1) 143.8 29.0 114.7 67.1 143.1 29.3 113.8 67.4 4.3 (2) 143.4 29.1 114.4 67.2 141.4 29.0 112.3 67.5 5.8 Month 143.6 29.1 114.5 67.2 142.2 29.1 113.0 67.4 5.1 Sept. (1) 143.3 29.0 114.2 67.3 142.9 29.3 113.7 67.5 4.7 (2) 143.3 29.0 114.4 67.4 142.4 28.9 113.6 67.5 5.7 Month 143.3 29.0 114.3 67.3 142.7 29.1 113.6 67.5 5.2 Oct. (1) 143.4 29.0 114.5 67.3 143.0 29.2 113.8 67.4 4.5 (2) 142.4 29.0 113.4 67.2 143.0 28.9 114.0 67.3 5.2 Month 142.9 29.0 113.9 67.3 143.0 29.0 113.9 67.4 4.9 Nov. (1) 142.7 28.9 113.8 67.3 144.1 29.2 114.9 67.1 4.9 (2) 142.9 28.9 114.0 67.4 143.9 29.2 114.6 66.5 4.5 Month 142.8 28.9 113.9 67.3 144.0 29.2 114.8 66.8 4.7 Dec. (1) 142.3 28.9 113.4 67.4 145.2 29.5 115.8 66.5 4.7 (2) 141.8 28.9 113.0 67.5 145.9 29.5 116.4 66.8 5.2 Month 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 I960—Jan. (1) 141.7 28.9 112.8 67.3 145.8 29.1 116.7 67.0 4.6 (2) 141.6 29.0 112.6 67.1 144.2 28.6 115.6 66.6 3.6 Month 141.7 29.0 112.7 67.2 145.0 28.9 116.1 66.8 4.1 Feb. (1) 141.2 29.0 112.3 66.9 142.3 28.7 113.6 66.6 3.8 (2) 141.3 29.0 112.3 66.9 140.1 28.6 111.5 66.7 4.5 Month 141.2 29.0 112.3 66.9 141.2 28.6 112.6 66.6 4.1 Mar. (1) 141.1 29.0 112.1 66.9 140.3 28.8 111.6 66.8 3.7 (2) 140.6 28.9 111.6 67.0 139.0 28.6 110.4 67.1 4.9 Month 140.9 29.0 111.9 67.0 139.7 28.7 111.0 67.0 4.3 Apr. (1) 140.6 29.0 111.5 67.2 139.7 28.9 110.8 67.4 3.1 (2) 141.0 29.0 112.0 67.3 141.6 28.6 113.0 67.5 4.2 Month 140.8 29.0 111.8 67.3 140.7 28.8 111.9 67.5 3.6 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Money supply Money supply (Half month or month) 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 - i 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 - ! d d e e p m os a i n ts d * 1960—May (1) 140.5 29.0 111.6 67.3 139.4 28.8 110.6 67.7 5.9 (2) 140.0 29.0 111.0 67.4 137.4 28.7 108.7 67.9 6.8 Month 140.3 29.0 111.3 67.4 138.4 28.8 109.6 67.8 6.4 June (1) 139.8 29.0 110.9 67.7 138.6 29.0 109.7 68.1 5.8 (2) 140.3 28.9 111.4 68.1 138.5 28.8 109.7 68.5 6.8 Month 140.1 29.0 111.1 67.9 138.6 28.9 109.7 68.3 6.3 July (1) 140.3 28.9 111.3 68.5 138. 29.3 109.2 68.9 6.6 (2) 140.6 29.0 111.6 68.9 139. 29.0 110.5 69.2 6.7 Month 140.4 29.0 111.5 68.7 139. 29.1 109.9 69.1 6.7 Aug. (1) 140.9 29.0 112.0 69.4 140.3 29.2 111.1 69.7 6.2 (2) 140.9 29.0 111.9 70.0 138.9 28.9 109.9 70.2 6.0 Month 140.9 29.0 112.0 69.7 139.6 29.1 110.5 70.0 6.1 Sept. (1) 141.0 29.0 112.0 70.3 140.7 29.2 111.5 70.6 4.3 (2) 141.1 29.0 112.1 70.7 140.3 28.9 111.4 70.8 6.4 Month 141 .1 29.0 112.1 70.5 140.5 29.1 111.4 70.7 5.4 Oct. (1) 141.0 29.0 112.0 71.1 140.5 29.2 111.3 71.3 6.0 (2) 141.2 29.0 112,2 71.5 142.0 29.0 113.0 71.6 5.3 Month 141.1 29.0 112.1 71.3 141.3 29.1 112.2 71.4 5.6 Nov. (1) 141.0 29.0 112.0 71.9 142.4 29.3 113.1 71.7 5.8 (2) 140.9 29.0 111.9 72.4 141.9 29.3 112.6 71.4 5.8 Month 140.9 29.0 111.9 72.1 142.1 29.3 112.8 71.5 5.8 Dec. (1) 141.2 29.0 112.2 72.7 144.2 29.5 114.7 71.8 4.0 (2) 141.0 29.0 112.1 73.1 145.3 29.6 115.7 72.3 5.3 Month 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Jan. (1) 140 8 29.0 111.8 73.4 144.8 29.2 115.7 73.0 4.7 (2) 141.6 28.9 112.7 73.8 144.2 28.5 115.6 73.3 3.5 Month 141.2 29.0 112.3 73.6 144.5 28.8 115.6 73.2 4.1 Feb. (1) 141.6 29.0 112.7 74.8 142.7 28.7 114.1 74.5 4.0 (2) 141.7 28.9 112.8 75.1 140.4 28.5 111.9 74.8 5.6 Month 141.6 28.9 112.7 74.9 141.6 28.6 113.0 74.6 4.8 Mar. (1) 141.7 28.9 112.8 75.4 141.0 28.7 112.3 75.3 4.6 (2) 142.3 28.9 113.4 75.5 140.7 28.6 112.1 75.7 4.9 Month 142.0 28.9 113.1 75.5 140.8 28.6 112.2 75.5 4.7 Apr. (1) 142.3 28.9 113.4 76.0 141.9 28.8 113.0 76.3 3.5 (2) 142.3 28.9 113.3 76.5 143.1 28.5 114.6 76.7 2.2 Month 142.3 28.9 113.4 76.2 142.5 28.7 113.8 76.5 2.8 May (1) 142.6 29.0 113.6 77.0 141.7 28.8 112.9 77.4 3.9 (2) 142.8 28.9 113.9 77.4 139.9 28.6 111.3 77.9 5.4 Month 142.7 28.9 113.8 77.2 140.8 28.7 112.1 77.7 4.7 June (1) 143.0 29.0 114.0 77.9 141.8 28.9 112.8 78.4 3.2 (2) 142.9 28.9 114.0 78.3 140.8 28.8 112.0 78.7 5.8 Month 143.0 28.9 114.0 78.1 141.3 28.9 112.4 78.6 4.5 July (1) 143.0 29.0 114.0 78.8 141.2 29.3 111.9 79.4 4.8 (2) 143.1 29.1 114.1 79.3 142.0 29.1 113.0 79.7 3.9 Month 143.0 29.0 114.0 79.1 141.6 29.2 112.4 79.5 4.3 Aug. (1) 143.2 29.1 114.1 79.8 142.4 29.3 113.1 80.1 5.1 (2) 143.5 29.1 114.4 80.0 140.8 29.1 111.8 80.3 5.8 Month 143.3 29.1 114.3 79.9 141.6 29.2 112.4 80.2 5.5 Sept. (1) 143.7 29.2 114.5 80.4 143.2 29.4 113.8 80.7 4.3 (2) 144.1 29.3 114.8 80.8 143.1 29.2 113.9 81.0 6.0 Month 143.9 29.2 114.7 80.6 143.1 29.3 113.8 80.9 5.2 Oct. (1) 144.2 29.4 114.8 81.3 143.7 29.6 114.2 81.5 6.9 (2) 144.5 29.4 115.2 81.5 145.3 29.3 116.0 81.6 6.0 Month 144.3 29.3 115.0 81.4 144.5 29.4 115.1 81.5 6.4 Nov. (1) 145.1 29.4 115.7 81.9 146.6 29.7 116.9 81.7 5.3 (2) 145.1 29.5 115.6 82.5 146.0 29.8 116.2 81.4 6.2 Month 145.1 29.4 115.7 82.2 146.3 29.7 116.6 81.5 5.8 Dec. (1) 145.4 29.5 115.9 82.7 148.5 30.1 118.4 81.7 4.2 (2) 145.7 29.6 116.1 82.8 150.3 30.3 120.0 81.9 5.5 Month 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 For notes, see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 691 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Money supply Time Money supply Time U.S. (Half month or month) deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - 1 Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - ! d d e e p m os a i n ts d * component component 1962—Jan. (1) 145.6 29.7 115.9 83.5 149.9 29.9 120.0 83.0 4.4 (2) 145.4 29.6 115.8 84.7 148.1 29.2 118.9 84.2 3.3 Month 145.5 29.6 115.8 84.1 149.0 29.5 119.4 83.6 3.8 Feb. (1) 145.6 29.7 115.9 85.6 146.9 29.4 117.5 85.2 4.2 (2) 145.8 29.7 116.0 86.4 144.2 29.3 114.9 86.1 5.2 Month 145.7 29.7 116.0 86.0 145.6 29.3 116.3 85.6 4.7 Mar. (1) 146.0 29.8 116.2 87.4 145.3 29.6 115.7 87.2 4.0 (2) 146.0 29.9 116.2 88.1 144.3 29.5 114.8 88.2 6.0 Month 146.0 29.8 116.2 87.8 144.8 29.5 115.3 87.8 5.0 Apr. (1) 146.3 30.0 116.4 146.2 29.9 116.3 89.1 4.0 (2) 146.4 30.0 116.3 89.0 147.5 29.6 117.9 89.3 3.5 Month 146.4 30.0 116.4 88.9 146.8 29.7 117.1 89.2 3.8 May (1) 146.2 30.0 116.2 89.2 145.6 29.8 115.8 89.7 6.2 (2) 145.9 30.0 115.9 89.8 142.7 29.6 113.0 90.3 7.7 Month 146.1 30.0 116.1 89.5 144.1 29.7 114.4 90.1 7.0 June (1) 146.2 30.1 116.1 90.4 144.8 30.1 114.8 90.9 6.0 (2) 146.2 30.1 116.1 90.9 143.9 29.9 113.9 91.4 8.3 Month 146.2 30.1 116.1 90.6 144.4 30.0 114.4 91.2 7.2 July (1) 146.1 30.1 116.0 91.4 144.3 30.5 113.8 92.1 8.1 (2) 146.0 30.1 115.9 91.9 144.9 30.1 114.8 92.3 6.0 Month 146.1 30.1 115.9 91.6 144.6 30.3 114.3 92.2 7.0 Aug. (1) 146.2 30.2 116.0 92.3 145.3 30.4 114.9 92.7 5.4 (2) 145.8 30.2 115.6 92.8 142.8 30.2 112.6 93.1 8.1 Month 146.0 30.2 115.8 92.5 144.0 30.3 113.7 92.9 6.8 Sept. (1) 145.8 30.2 115.6 93.3 145.2 30.5 114.7 93.6 6.6 (2) 145.8 30.3 115.5 93.9 144.7 30.1 114.6 94.0 7.8 Month 145.8 30.2 115.6 93.6 145.0 30.3 114.6 93.8 7.2 Oct. (1) 146.2 30.3 115.9 94.5 145.8 30.5 115.2 94.7 8.2 (2) 146.5 30.3 116.2 95.1 147.3 30.3 117.0 95.2 6.5 Month 146.3 30.3 116.0 94.8 146.5 30.4 116.2 95.0 7.3 Nov. (1) 147.0 30.4 116.5 95.8 148.5 30.7 117.8 95.5 5.4 (2) 147.1 30.5 116.6 96.6 148.0 30.8 117.2 95.4 6.7 Month 147.0 30.5 116.5 96.2 148.2 30.8 117.5 95.5 6.0 Dec. (1) 147.4 30.6 116.8 97.5 150.5 31.2 119.3 96.2 5.1 (2) 147.9 30.6 117.3 98.2 152.5 31.2 121.3 97.1 6.2 Month 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—Jan. (1) 148.0 30.6 117.3 98.8 152.6 30.8 121.8 98.2 5.4 (2) 148.1 30.7 117.4 99.6 151.0 30.3 120.7 99.0 4.2 Month 148.0 30.7 117.4 99.2 151.8 30.5 121.2 98.6 4.8 Feb. (1) 148.5 30.8 117.7 100.2 149.9 30.5 119.4 99.8 5.0 (2) 148.3 30.9 117.4 100.9 146.7 30.4 116.3 100.5 6.6 Month 148.4 30.9 117.6 100.5 148.4 30.5 117.9 100.1 5.7 Mar. (1) 148.8 31.0 117.8 101.6 148.1 30.8 117.3 101.4 5.3 (2) 148.9 31.1 117.8 102.1 147.1 30.7 116.4 102.3 6.7 Month 148.9 31.1 117.8 101.9 147.6 30.7 116.9 101.9 6.0 Apr. (1) 149.2 31.2 118.0 102.6 149.1 31.1 117.9 102.9 4.5 (2) 149.2 31.1 118.1 102.9 150.5 30.7 119.8 103.2 3.9 Month 149.2 31.2 118.1 102.8 149.8 30.9 118.9 103.1 4.2 May (1) 149.5 31.2 118.3 103.3 148.9 31.1 117.8 103.9 6.5 (2) 149.6 31.3 118.3 103.9 146.3 31.0 115.3 104.6 7.7 Month 149.6 31.3 118.3 103.6 147.5 31.0 116.5 104.3 7.1 June (1) 150.1 118.5 104.4 148.7 31.5 117.2 105.1 5.4 (2) 150.2 118.7 104.8 147.8 31.4 116.5 105.3 9.6 Month 150.2 118.6 104.6 148.3 31.4 116.9 105.2 7.5 July (1) 150.8 31.6 119.2 105.2 149.0 32.0 117.0 105.9 9.2 (2) 151.1 31.6 119.5 106.0 150.0 31.6 118.4 106.5 6.5 Month 151.0 31.6 119.4 105.6 149.5 31.8 117.7 106.2 7.8 Aug. (1) 151.3 31.7 119.6 106.7 150.4 31.9 118.5 107.2 5.9 (2) 151.1 31.8 119.3 107.4 148.0 31.8 116.2 107.8 6.7 Month 151.2 31.8 119.5 107.1 149.2 31.9 117.3 107.5 6.3 For notes, sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN • JUNE 1964 MONEY SUPPLY AND RELATED DATA, 1947-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Money supply Money supply (Half month or month) 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 - * 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 - * d d e e p m os a i n ts d 1 1963—Sept. (1) 151.5 31.9 119.7 107.9 150.8 32.1 118.7 108.2 5.3 (2) 151.6 31.9 119.7 108.3 150.3 31.8 118.5 108.4 7.9 Month 151.6 31.9 119.7 108.1 150.6 31.9 118.6 108.3 6.6 Oct. (1) 152.2 32.0 120.3 108.9 151.8 32.2 119.6 109.2 7.0 (2) 152.3 32.0 120.3 109.6 153.1 32.0 121.1 109.8 3.8 Month 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109.5 5.3 Nov. (1) 153.6 32.2 121.4 110.5 155.3 32.5 122.7 110.2 3.8 (2) 153.3 32.4 120.9 111.8 154.2 32.7 121.5 110.3 4.9 Month 153.5 32.3 121.2 111.1 154.8 32.6 122.1 110.2 4.4 Dec. (1) 153.3 32.6 120.8 112.3 156.6 33.2 123.4 110.8 4.0 (2) 153.1 32.4 120.7 112.4 157.9 33.1 124.8 111.1 6.2 Month 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964—Jan. (1) 153.6 32.5 121.1 113.3 158.7 32.7 126.0 112.6 5.4 (2) 154.0 32.6 121.3 114.3 157.0 32.2 124.8 113.7 3.0 Month 153.8 32.6 121.2 113.9 157.8 32.4 125.4 113.2 4.2 Feb. (1) 154.0 32.7 121.2 114.8 155.4 32.4 123.0 114.3 3.9 (2) 153.7 32.7 121.0 115.3 152.1 32.2 119.9 114.9 5.8 Month 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar. (1) 154.0 32.9 121.1 115.8 153.2 32.7 120.6 115.6 5.0 (2) 154.5 33.0 121.5 115.9 152.7 32.6 120.1 116.0 7.2 Month 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr. (1) 154.6 32.9 121 116.2 154.5 32.8 121.7 116.5 5.7 (2) 154.8 33.1 121 116.6 156.0 32.6 123.4 116.9 2.8 Month 154.7 33.0 121 116.4 155.3 32.7 122.6 116.7 4.2 May (1) 154.4 33.2 121.3 117.0 153.8 33.0 120.8 117.7 6.1 (2) 154.6 33.4 121.3 117.7 151.2 33.0 118.2 118.5 7.6 Month 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 June(l)^ 155.0 33.5 121.5 118.2 153.6 33.4 120.2 118.9 6.2 p Preliminary. U.S. Govt., less cash items in process of collection and F.R. float; (2) 1 At all commercial banks. foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—AH figures are averages and are based on daily figures. Treasury, the FRS, and the vaults of all commercial banks. Time Money supply consists of (1) demand deposits at all commercial deposits adjusted are time deposits at all commercial banks other banks, other than those due to domestic commercial banks and the than those due to domestic commercial banks and the U.S. Govt. SEASONAL FACTORS FOR 1964 Money supply Money supply Money supply (H or a P l m f e r m o io n o d th n ) th 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 j e T u p a s i d o m te s - e d its (H or a P l m f e r m o io n o d t n h t ) h C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d j e T u p a s i d m o te s - e d its (H or a P l m f e r m o io n o d t n h t ) h 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 j e T u p a s i d o m te s - e d its Jan. (1) 100.6 104.0 99.4 May (1) 99.5 99.6 100.5 Sept. (1) 100.8 99.2 100.3 (2) 98.6 102.8 99.4 (2) 98.9 97.5 100.6 (2) 99.6 99.0 100.1 Month.. 99.6 103.4 99.4 Month.. 99.2 98.5 100.6 Month. 100.2 99.1 100.2 Feb. (1) 99.0 101.5 99.6 June (1) 99.9 98.9 100.7 Oct. (1) 100.7 99.4 100.3 (2) 98.5 99.1 99.7 (2) 99.5 98.1 100.6 (2) 99.9 100.7 100.2 Month.. 98.8 100.3 99.6 Month.. 99.7 98.5 100.6 Month. 100.3 100.1 100.2 99.3 99.6 99.8 July (1) 101.2 98.1 100.7 Nov. (1) 100.9 101.1 99.7 Mar-$:::::: 98.8 98.9 100.1 (2) 100.0 99.0 100.5 (2) 101.1 100.5 98.7 Month.. 99.0 99.2 100.0 Month.. 100.6 98.6 100.6 Month. 101.0 100.8 99.2 99.8 100.0 100.3 Aug. (1) 100.7 99.0 100.4 Dec. (1) 101.9 102.2 98.7 Apr-$:::::: 98.6 101.4 100.3 (2) 99.9 97.4 100.4 (2) 102.2 103.4 98.9 Month.. 99.2 100.7 100.3 Month.. 100.3 98.2 100.4 Month. 102.1 102.8 98.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Bank Credit Series THE SEASONALLY adjusted series for bank The increase in the seasonal factor for credit and its major components, first pub- February appears to be related mainly to lished in July 1962, have been revised back the growth in loans for purchasing or carryto 1948 to incorporate new seasonal factors. ing securities. Growth in such loans has been In terms of credit categories and months associated with the large volume of Treasury affected, the revisions are most extensive refunding operations occurring in that for the period beginning with 1957. Changes month. For both March and June, increases for the 1948-56 period are limited to hold- in seasonal factors are related to the large ings of U.S. Government securities and volume of quarterly tax and dividend pay- "other" securities. ments made by corporations. In recent years No changes were required in the unad- corporations have been obtaining more funds justed data. These basic data are revised from banks—directly or indirectly—to meet semiannually to bring them in line with the these payments. most recent Call Report benchmarks; when Commercial banks facilitate such paythis is done, the revisions are incorporated ments by helping to absorb the large volume promptly in the published series. of liquid assets corporations are relinquish- Seasonally adjusted and unadjusted data ing. They do this in a variety of ways— for the period 1948 to date, together with by acquiring Treasury bills direct from corseasonal factors for 1964, are shown in the porations; by increasing loans to U.S. Govaccompanying table. The sources of the ernment security dealers to enable them, in basic data and the procedures used in deriv- turn, to acquire securities from corporations ing the seasonally adjusted data are the same or to redeem maturing repurchase agreeas those described in the BULLETIN for July ments held by corporations; by increasing 1962, pp. 797-802. loans to finance companies to cover the redemption of maturing commercial paper LOANS AND INVESTMENTS held by corporations; and by redeeming The principal revisions in the seasonal facmaturing negotiable time certificates of detors for total loans and investments were to posit held by corporations. raise the factors applicable to the February, Banks also make substantial increases in March, and June data and to make baltheir direct loans to corporations in quarterly ancing downward adjustments in the factors tax and dividend months, but in March and for surrounding months. As a result the June of recent years such advances have not series show considerably less month to month risen. fluctuations than the earlier series. The higher seasonal factor for June helps to moderate the large disparity in growth NOTE.—The revised series were developed by Edrates between the first and second half of the ward R. Fry and Mary F. Weaver under the supervision of James B. Eckert, chief of the Banking Section year shown in the earlier series. For example, of the Board's Division of Research and Statistics, according to old factors, bank credit showed who also prepared this article. 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN • JUNE 1964 an annual rate of growth of 10.7 per cent in has not been sustained. The reductions for the first half of 1963 and 5.2 per cent in the August and September appear to reflect an second half. Under the new factors, the over-all decline in the volume of borrowing annual rate of increase is 8.8 per cent in the in those months, with no single factor prefirst half and 6.8 per cent in the second. dominating. LOANS INVESTMENTS The principal revisions in seasonal factors Revisions have been made in the seasonal for total loans were to increase the factors factors applicable to bank holdings of applicable to the months of February, "other" securities in all months except No- March, June, and December, and to decrease vember. All of the changes for the Decemthose for May, August, and September. The ber-May period represent substantial reduchigher seasonal factors for February, March, tions, while those for the June-October peand June parallel those applicable to total riod are increases. This alteration in the seabank credit and reflect much the same in- sonal pattern for bank acquisitions of these fluences. securities is an important contributor to the The stronger seasonal factor for Decem- changed rate of growth in over-all bank credit between the first half and the second ber reflects a variety of influences. Loan half of recent years. expansion has always been large in December, and total loans reach their seasonal The seasonally adjusted data for U.S. Government securities, as previously, are peak on the last day of the year. Much of the residuals; they are derived by subtracting December rise reflects the normal seasonal seasonally adjusted figures for total loans build-up late in the year as well as the quarand for holdings of other securities from total terly needs of corporations for funds to meet loans and investments. Hence, seasonal factax and dividend payments—all of which tors for these securities are not shown in the have been growing in importance. However, table. an increasing amount of the December in- The pattern of change in bank holdings crease in recent years appears to be attribuof these securities is heavily influenced by table to corporate window-dressing and spethe pattern of Treasury financing, including cial year-end adjustments. For example, the timing of the financing within the month. year-end borrowings by crude petroleum Thus, with the conversion from a quarterly producers and the mining industry, presumto a monthly cycle of 1-year bill offerings ably associated with special adjustments for by the Treasury, the implicit seasonal factors tax purposes, recently have shown substanfor January, April, July, and October are tial increases. somewhat lower than previously. Other sig- The downward revision in the seasonal nificant changes include larger holdings of factor for May is mainly to correct for a Government securities in March and June change in the trend incorporated in earlier and smaller holdings in September and seasonal factors but which in recent years December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES 695 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Other U.S. Other Govt. Govt. 1948—Jan 115.2 37.7 68.4 9.1 116.4 38.0 69.4 9.0 Feb 115.4 38.2 68.1 9.1 115.2 38.4 67.9 9.0 Mar 114.1 38.5 66.4 9.2 113.4 38.7 65.5 9.3 Apr 115.4 39.0 67.2 9.2 114.1 38.7 66.3 9.2 May 115.4 39.8 66.4 9.2 114.4 39.3 65.9 9.2 June 114.7 40.1 65.4 9.2 113.7 39.7 64.8 9.2 July 115.2 40.6 65.4 9.2 114.5 39.8 65.3 9.3 Aug 114.5 40.7 64.6 9.2 114.8 40.3 65.1 9.4 Sept 113.2 41.1 62.9 9.2 113.3 41.4 62.5 9.4 Oct 113.0 41.3 62.5 9.2 113.9 41.4 63.3 9.2 Nov 113.0 41.4 62.4 9.2 114.0 42.1 62.8 9.1 Dec 113.0 41.5 62.3 9.2 114.2 42.4 62.6 9.2 1949—Jan 113.3 42.0 62.2 9.1 114.3 42.3 63.0 9.1 Feb 113.2 41.6 62.3 9.3 113.1 41.7 62.2 9.1 Mar 112.9 41.9 61.8 9.2 112.2 42.1 60.9 9.3 Apr 113.5 41.4 62.9 9.2 112.2 41.0 62.0 9.2 May 114.2 41.1 63.7 9.4 113.1 40.6 63.2 9.3 June 114.6 41.3 63.7 9.6 113.7 40.9 63.2 9.5 July 115.2 41.0 64.5 9.7 114.5 40.2 64.4 9.8 Aug 117.3 41.3 66.1 9.9 117.6 40.9 66.7 10.0 Sept 118.2 41.2 67.0 10.0 118.3 41.5 66.7 10.2 Oct 118.3 41.5 66.7 10.1 119.3 41.6 67.6 10.1 Nov 118.4 41.8 66.4 10.2 119.5 42.5 66.9 10.1 Dec 118.7 42.0 66.4 10.3 120.1 42.9 67.0 10.2 1950—Jan 120.0 42.4 67.2 10.4 120.9 42.6 68.0 10.3 Feb 120.4 42.8 67.1 10.5 120.3 42.8 67.1 10.4 Mar 120.8 43.3 66.7 10.8 120.1 43.5 65.8 10.8 Apr 121.4 43.8 66.6 11.0 120.0 43.5 65.5 11.0 May 122.1 44.4 66.6 11.1 121.0 43.9 66.1 11.0 June 122.4 45.1 66.1 11.2 121.7 44.7 65.8 11.2 July 122.8 46.4 65.1 11.3 122.0 45.7 65.0 11.4 Aug 122.9 47.4 63.9 11.6 122.9 46.9 64.2 11.8 Sept 123.1 48.5 62.7 11.9 123.3 48.6 62.5 12.1 Oct 123.4 49.5 61.8 12.1 124.3 49.7 62.5 12.1 Nov 123.6 50.3 61.1 12.2 125.0 51.1 61.7 12.1 Dec 124.7 51.1 61.2 12.4 126.6 52.2 62.0 12.4 1951—Jan 123.8 52.1 59.2 12.5 124.7 52.3 60.0 12.4 Feb.... 124.8 53.0 59.3 12.5 124.5 53.0 59.1 12.4 Mar 126.0 53.7 59.8 12.5 125.2 53.9 58.8 12.6 Apr 126.3 54.1 59.6 12.6 124.9 53.9 58.5 12.6 May 126.0 54.6 58.8 12.6 124.7 54.1 58.1 12.5 June 126.5 55.0 58.8 12.7 125.9 54.7 58.5 12.7 July 126.2 54.9 58.6 12.7 125.6 54.1 58.7 12.8 Aug 126.7 55.2 58.9 12.6 126.4 54.6 59.1 12.7 Sept 128.1 55.5 59.9 12.7 128.1 55.5 59.7 12.9 Oct 128.9 55.9 60.1 12.9 129.8 56.1 60.9 12.9 Nov 129.3 55.8 60.4 13.1 131.2 56.6 61.6 13.0 Dec 130.2 56.5 60.3 13.4 132.5 57.6 61.5 13.3 1952—Jan 131.1 56.6 61.1 13.4 132.0 56.7 62.0 13.3 Feb 131.8 57.1 61.2 13.5 131.5 56.9 61.3 13.4 Mar 132.9 57.3 62.1 13.5 132.1 57.4 61.1 13.6 Apr 133.4 58.1 61.6 13.7 131.9 57.8 60.5 13.7 May 134.0 58.5 61.6 13.9 132.6 58.0 60.7 13.8 June 135.0 59.3 61.7 14.0 134.3 59.1 61.2 14.0 July 137.0 59.9 63.0 14.1 136.4 59.3 62.9 14.1 Aug 136.2 60.3 61.7 14.2 136.0 59.6 62.0 14.4 Sept 136.5 60.6 61.7 14.2 136.4 60.5 61.6 14.3 Oct 137.9 61.6 62.1 14.2 138.8 61.8 62.9 14.2 Nov 139.3 62.3 62.8 14.2 141.3 63.0 64.1 14.2 Dec 139.1 62.8 62.1 14.2 141.5 64.0 63.3 14.1 1953—Jan 139.3 63.3 61.7 14.3 140.3 63.4 62.8 14.2 Feb 139.7 63.7 61.8 14.2 139.4 63.4 61.9 14.1 Mar 140.3 64.3 61.7 14.3 139.2 64.4 60.5 14.3 Apr 139.5 64.9 60.3 14.3 137.9 64.7 58.9 14.4 May 138.7 65.0 59.3 14.4 137.2 64.5 58.3 14.4 June 138.5 64.9 59.3 14.3 137.8 64.9 58.6 14.3 July 143.5 65.6 63.6 14.3 142.8 65.2 63.2 14.3 Aug 142.8 66.0 62.4 14.4 142.5 65.4 62.6 14.5 Sept 142.7 66.0 62.3 14.4 142.6 65.9 62.2 14.5 l Data are for last Wed. of month and are partly estimated (except 2 Adjusted to exclude interbank loans. for June 30 and Dec. 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN • JUNE 1964 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Date i Total 2 Loans 2 Total 2 Loans 2 G U o .S vt . . Other U.S. Other Govt. 1953—Oct.. 142.2 66.3 61.4 14.5 143.2 66.3 62.3 14.5 Nov.. 142.9 65.9 62.4 14.6 144.9 66.7 63.7 14.6 Dec. 143.1 66.1 62.3 14.7 145.5 67.4 63.4 14.7 1954—Jan... 143.8 66.0 63.0 14.8 144.8 66.0 64.2 14.7 Feb... 144.4 66.4 63.0 15.0 144.0 66.0 63.0 15.0 Mar.. 143.8 66.7 62.1 15.0 142.5 66.8 60.7 15.1 Apr.., 145.1 66.5 03.4 15.2 143.6 66.3 62.1 15.2 May., 146.1 66.6 64.2 15.3 144.8 66.2 63.3 15.3 June., 146.9 67.0 64.4 15.5 146.2 67.2 63.5 15.5 July. . 147.3 66.8 64.8 15.7 146.6 66.6 64.3 15.7 Aug.. 149.2 66.4 67.1 15.7 148.9 65.9 67.3 15.7 Sept.. 150.2 66.9 67.4 15.9 150.1 66.8 67.3 16.0 Oct... 152.2 67.1 69.0 16.1 153.3 67.0 70.2 16.1 Nov.. 153.1 68.2 68.7 16.2 155.1 68.9 70.1 16.2 Dec.., 153.1 69.0 67.7 16.4 155.7 70.4 69.0 16.3 1955—Jan... 154.5 70.0 67.7 16.8 155.5 69.8 69.0 16.7 Feb... 154.6 70.8 66.9 16.9 153.8 70.2 66.8 16.8 Mar.. 153.8 71.2 65.7 16.9 152.4 71.2 64.2 17.0 Apr... 155.5 72.1 66.5 16.9 154.4 71.8 65.6 17.0 May.. 155.6 73.2 65.7 16.7 154.5 72.8 65.0 16.7 June.. 155.5 74.3 64.4 16.8 154.8 74.8 63.3 16.8 July.. 156.6 75.5 64.3 16.8 155.8 75.4 63.7 16.7 Aug.. 155.9 76.7 62.4 16.8 155.6 76.2 62.5 16.9 Sept.. 156.4 77.4 62.3 16.7 156.4 77.5 62.0 16.9 Oct... 157.0 78.5 61.7 16.8 158.1 78.4 62.9 16.8 Nov.. 156.6 79.6 60.3 16.7 158.2 80.2 61.4 16.6 Dec... 157.6 80.5 60.3 16.8 160.3 82.0 61.6 16.7 1956—Jan.. . 158.0 81.4 59.9 16.7 158.3 80.9 60.9 16.5 Feb... 158.2 82.1 59.4 16.7 157.1 81.2 59.2 16.6 Mar.. 160.0 83.4 60.0 16.6 158.5 83.3 58.6 16.6 Apr... 159.2 84.2 58.5 16.5 158.7 83.9 58.2 16.6 May.. 159.2 85.1 57.7 16.4 158.4 84.7 57.3 16.4 June.. 159.8 85.4 57.9 16.5 159.3 86.2 56.6 16.5 July.. 159.1 85.9 56.9 16.3 158.3 85.8 56.2 16.3 Aug.. 160.2 86.6 57.2 16.4 159.8 86.3 57.2 16.4 Sept.. 160.7 87.0 57.2 16.5 160.7 87.2 57.0 16.6 Oct... 160.2 87.7 56.2 16.3 161.3 87.6 57.5 16.3 Nov.. 161.4 87.8 57.3 16.3 162.7 88.2 58.2 16.3 Dec... 161.6 88.0 57.3 16.3 164.5 89.7 58.6 16.3 1957—Jan... 161.6 88.5 56.8 16.3 161.6 87.7 57.7 16.2 Feb... 162.2 88.9 56.9 16.4 161.1 87.9 56.8 16.3 Mar.. 162.8 89.5 56.9 16.4 161.4 89.1 55.7 16.5 Apr... 163.8 90.1 57.2 16.5 163.8 89.7 57.5 16.7 May.. 164.6 90.3 57.5 16.8 163.8 89.9 57.1 16.8 June.. 164.6 91.1 56.7 16.8 164.3 92.0 55.5 16.8 July.. A Se u p g t . . . . 1 1 1 6 6 6 4 4 5 . . . 7 9 1 9 9 9 1 1 1 . . . 0 5 8 5 5 5 6 6 6 . , . 4 9 5 1 1 1 6 6 6 . . . 8 9 9 1 1 1 6 6 6 4 4 5 . . . 6 1 1 9 9 9 2 1 1 . . . 5 0 2 5 5 5 6 6 5 . . . 2 9 3 1 1 1 6 6 7 . . . 8 9 1 Oct... Nov.. 165.7 91.7 56.4 17.6 166.5 91.6 57.3 17.6 Dec... 164.9 91.4 55.9 17.6 165.9 91.5 56.9 17.4 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958—Jan.. . 166.3 91.4 56.8 18.1 166.2 90.5 57.7 17.9 Feb... 168.3 91.6 58.4 18.3 167.1 90.6 58.3 18.2 Mar.. 171.5 92.0 60.7 18.8 169.9 91.5 59.6 18.9 Apr... 174.0 92.1 62.8 19.1 174.0 91.9 62.8 19.3 May.. 174.7 91.8 63.5 19.4 173.8 91.3 63.1 19.4 June.. 178.6 92.7 66.0 19.9 178.2 93.6 64.6 20.0 July.. 176.7 92.2 64.6 19.9 176.2 92.2 64.1 19.9 Aug.., Sept.. 1 1 7 7 8 7 . . 6 9 9 9 2 2 . . 1 3 6 6 6 5 . . 3 2 2 2 0 0 . . 2 4 1 17 7 7 8 . . 9 3 9 9 2 2 . . 1 6 6 6 4 6 . . 7 1 2 2 0 0. . 6 2 Oct... Nov.. 179.2 93.5 65.2 20.5 180.1 93.4 66.2 20.5 Dec... 181.7 94.6 66.6 20.5 182.7 94.7 67.7 20.3 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959_ F j aenb .. . . .. 1 1 8 8 3 4 . . 2 0 9 9 6 7 . . 9 1 6 6 5 6 . . 5 5 2 2 0 0 . . 6 6 1 1 8 8 1 3 . . 9 8 9 9 6 5 . . 0 9 6 6 7 5 . . 5 5 2 2 0 0 . . 4 4 Mar.. 183.0 98.2 64.3 20.5 181.1 97.4 63.2 20.6 Apr... 183.8 99.6 63.5 20.7 183.8 99.3 63.6 20.9 May.. 184.8 100.9 63.2 20.7 183.9 100.5 62.6 20.8 June.. 184.6 101.7 62.4 20.5 184.2 102.8 60.9 20.6 i Data are for last Wed. of month and are partly estimated (except 2 Adjusted to exclude interbank loans. for June 30 and Dec. 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF BANK CREDIT SERIES 697 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Date i Securities Securities or item Loans 2 Total 2 Loans 2 Jotal 2 U.S. Other U.S. Other Govt. Govt. 1959— A Ju u l g y . . . . . 118866..50 1 1 0 0 3 5 . . 9 3 6 60 1 . . 6 4 2 2 0 0 . . 7 6 1 1 8 8 5 6 . . 7 1 1 1 0 0 3 5 . . 9 3 6 6 1 0 1 3 2 20 0 . . 5 6 Sept.. 185.9 105.9 59.4 20.6 186.3 106.3 59 2 20.7 Oct... 185.8 106.6 58.6 20.6 186.7 106.5 59 6 20.6 Nov.. 185 3 107.2 57.6 20.5 186.1 107.3 58.5 20.3 Dec... 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960—Jan... 185.8 108.4 57.0 20.4 185.6 107 4 58 0 20 3 Feb... 185.6 109.3 56.1 20.2 184.3 108.1 56 2 20.1 Mar.. 185 2 110 0 55 1 20.1 183 4 109 1 54 2 20 1 186.6 110.7 56.0 19.9 186.2 110.4 55.8 20.0 May.'. 187.0 111.4 55.8 19.8 185.9 110.9 55 1 19.8 June.. 187.1 111.5 55.8 19.8 186.7 112.6 54.2 19.9 July.. 189.0 111.9 57.1 20.0 188 6 111 9 56 7 20.0 Aug... 189.6 112.7 56.9 20.0 189.0 112.5 56 6 20.0 Sept.. 191 0 113 1 57 9 20.0 191 4 113 5 57 7 20 2 Oct... 192.6 113.1 59.1 20.4 193 8 113 0 60 4 20 4 Nov.. 193.1 113.3 59.3 20.5 193.9 113.4 60 2 20.3 Dec... 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Jan... 195 8 113.9 60.8 21.1 195.6 112.8 61.9 20.9 Feb... 198.0 115.5 61.1 21.4 197.0 114 4 61 3 21.3 Mar.. 197.6 115.2 60.8 21.6 195.6 114.2 59 7 21.7 Apr... 197.8 115.1 61.1 21.6 197.2 114.7 60.7 21.8 J M un ay e. . . . 2 2 0 0 1 0 . . 3 3 1 11 1 5 6 . . 8 2 6 63 2 . . 5 2 2 2 2 1 . . 0 9 2 19 00 9 . 9 1 1 1 1 1 5 7. 0 8 6 6 1 1 8 5 2 2 2 1 . . 1 9 July.. 203.7 116.4 65.1 22.2 203.3 116.3 64'.7 22.3 Aug.., 203.9 116.8 64.6 22.5 202.9 116.3 22.5 Sept.. 207.1 117.7 66.3 23.1 207.5 118.1 6 6 4 6 1 2 23.3 Oct... 207.0 118.6 65.3 23.1 208.3 118.5 66.6 23.2 Nov.. 208.4 119.4 65.4 23.6 209 1 119 5 23.4 Dec... 209 8 120.5 65.4 23.9 214.4 123.9 6 6 6 6 . 6 2 23.9 1962—Jan.. . 211 4 120.8 66.3 24.3 210.9 119.6 67.2 24.1 Feb... 212.6 122.1 65.9 24.6 211.6 121.1 66.0 24.5 Mar.. 214.3 123.4 65 6 25.3 212 4 122 6 64 4 25.4 Apr.., 215 7 124.6 65.2 25.9 214.8 124.0 64.7 26.1 May., 217.0 125.3 65.5 26.2 215.3 124.8 64.4 26.1 June.. 218.8 126.5 65.3 27.0 219 2 127 7 64 4 27.0 July. . 218 0 126.4 64.2 27.4 217.8 126.1 64.2 27.5 Aug.. 220.6 128.4 64.4 27.8 219.0 127.3 63.9 27.9 Sept.. 222.6 130.1 64 5 28.0 223 1 130 6 64 3 28.2 Oct... 224 3 131.6 64.1 28.6 225.7 131.5 65.6 28.6 Nov.. 226.1 132.2 64.8 29.1 226.8 132.3 65.6 28.8 Dec.3 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Jan.. . 229 6 134.8 65.0 29.8 229.1 133.4 66.2 29.5 Feb... 231.6 136.3 65.1 30.2 230.4 135.2 65.3 29.9 Mar.. 233.5 137.3 65.7 30.5 231.9 136.4 64.8 30.7 Apr... 233.5 137.6 64.7 31.2 232.3 136.9 64.0 31.4 May., 235 5 139.4 64.2 31.9 233.6 138.9 63.0 31.7 June.. 238.4 141.7 64.4 32.3 239.1 143.1 63.5 32.4 July.. . .. 238 0 142.6 62.6 32.8 237.8 142.4 62.5 32.9 Aug.. 239.2 143.6 62.0 33.6 237.1 142.5 60.9 33.7 Sept.. 241.5 145.4 62.2 33.9 241 9 146 0 61 8 34.2 Oct.., 241.2 146.1 60.8 34.3 242.4 146.0 62.0 34.5 Nov.. 244 2 148.4 61.4 34.4 245.0 148.6 62.3 34.1 Dec.3 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Jan.. . 246 7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb... 248 4 151.8 61.2 35.4 247.2 150.6 61.5 35.1 Mar.. 251 4 153.9 62.1 35.4 249.9 152.8 61.5 35.6 Apr... 251 8 155.4 60.8 35.6 250.6 154.7 60.1 35.8 May., 253.5 157.3 60.3 35.9 251.5 156.7 59.1 35.8 Seasonal adjustment factors for 1964 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Loans and investments . 99 8 99.5 99.4 99.5 99.2 100.4 99.9 99.0 100.2 100.5 100.3 102.5 Loans 99 0 99.2 99.3 99.5 99.6 101.0 99.8 99.2 100.4 99.9 100.1 103.0 Other securities 99.0 99.1 100.4 100.7 99.6 100.3 100.3 100.2 100.7 100.3 99.1 100.2 i Data are for last Wed. of the month and are partly estimated 2 Adjusted to exclude interbank loans. (except for June 30 and Dec. 31 call dates). 3 Data are estimates for Dec. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Grants of Reduced Reserves to Banks in Reserve Cities Reserve requirements that member banks center of a city. That is, if an applicant were must maintain against net demand deposits located adjacent to, but outside of, the busiare now set at \6Vi per cent of such deposits ness and financial center of the city, the for banks classified as "reserve city banks" Board in reaching a decision considered the and at 12 per cent for other banks, generally character of the bank's business to determine referred to as "country banks." Not all banks whether it was similar to that of banks situin reserve cities are required to carry the ated in the more remote areas of the city higher reserves because the Board of Gov- that had been granted reduced reserves. ernors is authorized to grant permission for This extension of the interpretation of the the lower reserves in those cases where such language of the law regarding "outlying disaction is deemed reasonable and appropriate trict," however, could not benefit any banks in view of the character of business translocated within the central business and fiacted by the member bank concerned. nancial district of a city. Even though many Prior to the 1959 amendment to Section of these banks were transacting primarily a 19 of the Federal Reserve Act, the law local business and even though the charspecified that member banks had to be acter of their business was similar to that of located in the "outlying districts" of central nonreserve city banks, they could not qualify reserve and reserve cities to be eligible to for reduced reserve requirements because apply for reduced reserves. they were not located in an outlying district In considering requests for reduced reof the city. There were many small banks in serves during that period, the Board of Govthis group. ernors was concerned mainly with two ques- In its recommendations to Congress in tions: (1) whether the applicant bank was 1959 the Board pointed out that it would located in an "outlying district," and (2) if be more equitable for the banks if the Board it were, whether the character of business had the power to grant an exception wherebeing transacted by the applicant bank was ever the character of a bank's business justitypical of reserve city banks or country fied reduced reserve requirements, regardbanks. less of the location of the bank. The Con- In early years the Board took the position gress adopted this recommendation. that, in order to be eligible for permission to The Board has always recognized that the carry reduced reserves, a member bank had level of reserve requirements is a factor in to be located at a considerable distance from the business center of the city. But as the the competitive relationship among banks. years passed, the term "outlying district" Accordingly, in applying the character-ofcame increasingly to be interpreted to in- business criterion to applicants for reduced clude all of the area outside the financial reserves, it gives particular consideration to 698 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GRANTS OF REDUCED RESERVES 699 the extent to which an applicant bank may Actions on applications from reserve city be competing with banks that are not eligible banks to carry reduced reserves have been for reduced reserves. reported in the Board's weekly H.2 release Among the measures that the Board con- since October 4, 1963. siders in assessing the character of a bank's A complete list of banks to which such business are the volume of its demand de- permission was granted between September posits, the activity in these deposits, and 30, 1963, and May 31, 1964, appears below the amount of its balances due to other together with a complete list of reserve city banks. It also takes into account whether banks as of May 31, 1964. For similar inthe bulk of the bank's deposits and loans formation covering previous periods since represent national or local accounts. July 1959, see BULLETINS for May 1960, In the 5 years since the July 28, 1959, October 1962, and October 1963. amendment to the Federal Reserve Act, the Board has granted permission to 153 banks BANKS GRANTED PERMISSION TO to maintain reduced reserves. This number MAINTAIN REDUCED RESERVES, Sept. 30, 1963—May 31, 1964 includes 81 of the 302 central reserve and reserve city banks in existence on that date. DISTRICT 2 The remaining 72 are new banks or conver- New York, New York sions to membership of existing banks dur- Century National Bank and Trust Company ing this period. In contrast, during the preceding 5 years the Board had authorized DISTRICT 5 only 30 banks to carry reduced reserves. Of Washington, D. C. these, 18 were new banks and all were in Madison National Bank outlying areas of reserve cities. Public National Bank Of the 153 banks granted permission to DISTRICT 6 maintain country bank reserves since the law Miami, Florida was changed in 1959, only 2 banks had de- Five Point National Bank of Miami mand deposits of over $100 million. Both Inter National Bank of Miami of these are in New York City but outside Lincoln National Bank of Miami the downtown area of Manhattan, and over Pan American Bank of Miami 10 years ago both had been granted permis- DISTRICT 7 sion to carry reserve city bank requirements Chicago, Illinois instead of central reserve city bank requirements applicable at the time to downtown Columbia National Bank of Chicago banks. Of the other 151 banks, only 4 had DISTRICT 9 demand deposits of over $50 million. Helena, Montana At the present time there are 48 reserve First National Bank & Trust Company of cities, including the cities of New York and Helena Union Bank and Trust Company Chicago. In 17 of these cities there are no banks that carry country bank reserves. The DISTRICT 10 remaining 31 reserve cities have a total of Denver, Colorado 228 banks authorized to carry reduced re- South Colorado National Bank of Denver serves. Western National Bank of Denver Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN • JUNE 1964 DISTRICT 10—Cont. RESERVE CITY BANKS, May 31, 1964 x Kansas City, Missouri DISTRICT 1 The Livestock National Bank of Kansas City Boston Merchants-Produce Bank First National Bank Metropolitan National Bank National Shawmut Bank New England Merchants National Bank Oklahoma City, Oklahoma Old Colony Trust Company Founders National Bank of Oklahoma City State Street Bank and Trust Company Friendly National Bank in Southwest Oklahoma City DISTRICT 2 The Guaranty National Bank of Oklahoma City New York Southwestern National Bank of Oklahoma City Bank of New York Bankers Trust Company Omaha, Nebraska Chase Manhattan Bank Stock Yards National Bank of South Omaha Chemical Bank New York Trust Company First National City Bank Tulsa, Oklahoma Franklin National Bank, Mineola, New York The National Bank of Commerce of Tulsa (branch in Manhattan) Mercantile National Bank Grace National Bank Irving Trust Company DISTRICT 11 Manufacturers Hanover Trust Company Marine Midland Trust Company Dallas, Texas Meadow Brook National Bank (Spring Gar- Commonwealth National Bank of Dallas dens), New York (branch in Manhattan) Inwood National Bank of Dallas Morgan Guaranty Trust Company Liberty National Bank of Dallas Schroder Trust Company The National Bank of Commerce of Dallas United States Trust Company National Bank of Oak Cliff in Dallas Buffalo Houston, Texas Liberty National Bank and Trust Company Union National Bank in Houston Manufacturers and Traders Trust Company Westmont National Bank Marine Trust Company of Western New York San Antonio, Texas DISTRICT 3 Bexar County National Bank of San Antonio Philadelphia The Groos National Bank of San Antonio Central-Penn National Bank First Pennsylvania Banking and Trust Company DISTRICT 12 Fidelity Philadelphia Trust Company Girard Trust Bank Los Angeles, California Philadelphia National Bank Beverly Hills National Bank (branch in Los Provident Tradesmens Bank and Trust Com- Angeles) pany Pioneer National Bank DISTRICT 4 San Francisco, California Golden Gate National Bank Cincinnati San Francisco National Bank Central Trust Company Salt Lake City, Utah xThe names of the banks are not necessarily the Granite National Bank full legal titles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GRANTS OF REDUCED RESERVES 701 DISTRICT 4—Cont. DISTRICT 5—Cont. Fifth Third Union Trust Company National Bank of Washington First National Bank National Savings and Trust Company Provident Bank Riggs National Bank Cleveland DISTRICT 6 Central National Bank Cleveland Trust Company Atlanta Bank of Georgia National City Bank Citizens Trust Company Society National Bank Citizens and Southern National Bank, Savannah, Union Commerce Bank Georgia (branch in Atlanta) Columbus First National Bank City National Bank and Trust Company Fulton National Bank Huntington National Bank Trust Company of Georgia Ohio National Bank Birmingham Pittsburgh American National Bank Mellon National Bank and Trust Company Birmingham Trust National Bank Pittsburgh National Bank First Nationtal Bank Union National Bank Western Pennsylvania National Bank, McKees- Jacksonville port, Pennsylvania (branch in Pittsburgh) Atlantic National Bank Barnett National Bank Toledo Central National Bank National Bank of Toledo Florida National Bank Ohio Citizens Trust Company Jacksonville National Bank Toledo Trust Company Nashville DISTRICT 5 Commerce Union Bank Baltimore First American National Bank First National Bank of Maryland Third National Bank Maryland National Bank New Orleans National City Bank Bank of New Orleans and Trust Company Union Trust Company Hibernia National Bank Charlotte National American Bank of New Orleans Bank of Commerce National Bank of Commerce First Union National Bank of North Carolina Whitney National Bank North Carolina National Bank Miami Wachovia Bank and Trust Company, Winston- Florida National Bank and Trust Company at Salem, North Carolina (branch in Charlotte) Miami The First National Bank of Miami Richmond Bank of Virginia DISTRICT 7 Central National Bank First and Merchants National Bank Chicago Southern Bank and Trust Company American National Bank and Trust Company State-Planters Bank of Commerce and Trust Central National Bank Continental Illinois National Bank and Trust Washington, D. C. Company American Security and Trust Company Drovers National Bank First National Bank Exchange National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN • JUNE 1964 DISTRICT 7—Cont. DISTRICT 8—Cont. First National Bank Memphis Harris Trust and Savings Bank First National Bank LaSalle National Bank National Bank of Commerce Live Stock National Bank Union Planters National Bank National Boulevard Bank Northern Trust Company National City, Illinois Sears Bank and Trust Company National Stock Yards National Bank of National City Des Moines Bankers Trust Company DISTRICT 9 Central National Bank and Trust Company Minneapolis Iowa-Des Moines National Bank First National Bank Detroit Marquette National Bank Bank of the Commonwealth Midland National Bank City National Bank of Detroit National City Bank Detroit Bank and Trust Company Northwestern National Bank Manufacturers National Bank Helena Michigan Bank, National Association (No reserve city banks) National Bank of Detroit St. Paul Indianapolis American National Bank American Fletcher National Bank and Trust First National Bank Company Northwestern National Bank Indiana National Bank Merchants National Bank and Trust Company DISTRICT 10 Milwaukee Denver First Wisconsin National Bank American National Bank Marine National Exchange Bank Central Bank and Trust Company Marshall and Ilsley Bank Colorado National Bank Denver United States National Bank DISTRICT 8 First National Bank St. Louis 17th Street National Bank Boatmen's National Bank Security National Bank First National Bank Mercantile Trust Company Kansas City, Missouri City National Bank and Trust Company Little Rock Civic Plaza National Bank Bank of Arkansas Columbia National Bank Commercial National Bank Commerce Trust Company First National Bank First National Bank Union National Bank Mercantile Bank and Trust Company Worthen Bank and Trust Company Traders National Bank of Kansas City Union National Bank Louisville Citizens Fidelity Bank and Trust Company Oklahoma City First National Lincoln Bank City National Bank and Trust Company Kentucky Trust Company Fidelity National Bank and Trust Company Liberty National Bank and Trust Company First National Bank and Trust Company Louisville Trust Company Liberty National Bank and Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GRANTS OF REDUCED RESERVES 703 D ISTR K x 10—-Cont. DISTRICT 11—Cont. Omaha Frost National Bank First National Bank National Bank of Commerce Omaha National Bank Packers National Bank DISTRICT 12 United States National Bank Los Angeles Mission National Bank Pueblo Security-First National Bank First National Bank Union Bank Tulsa United California Bank First National Bank and Trust Company Portland Fourth National Bank First National Bank of Oregon National Bank of Tulsa Oregon Bank United States National Bank of Oregon DISTRICT 11 Dallas Salt Lake City Citizens National Bank American National Bank First National Bank Continental Bank and Trust Company Mercantile National Bank First Security Bank of Utah, National Associa- Republic National Bank tion, Ogden, Utah (branch in Salt Lake City) Texas Bank and Trust Company of Dallas Tracy-Collins Bank and Trust Company Walker Bank and Trust Company El Paso Zions First National Bank El Paso National Bank State National Bank San Francisco Bank of America, N. T. and S. A. Fort Worth Bank of California, N. A. Continental National Bank Crocker-Citizens National Bank First National Bank of Fort Worth Pacific National Bank Fort Worth National Bank The Sumitomo Bank of California Wells Fargo Bank Houston Bank of the Southwest National Association Seattle First City National Bank National Bank of Commerce Houston National Bank Pacific National Bank Texas National Bank of Commerce Peoples National Bank of Washington San Antonio Seattle-First National Bank Alamo National Bank Seattle Trust and Savings Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement on bill relating to Federal Re- deficits through unwarranted expansion of serve purchases of special securities direct Federal Reserve credit. from the Treasury (H.R. 11499), by William The statutory provisions which this bill McChesney Martin, Jr., Chairman, Board of would continue require that the details of Governors of the Federal Reserve System, all transactions directly with the Treasury before the House Committee on Banking and be reported in the Annual Report of the Currency, June 11, 1964. Board of Governors. I should also like to add that such borrowing, when it is outstanding, is reported separately in the weekly The Board of Governors of the Federal statement of condition of Federal Reserve Reserve System recommends prompt enact- Banks. ment of H.R. 11499, which would extend for another 2 years the authority of the Federal Reserve System to purchase up to $5 billion of special securities direct from the Treasury. Statement on bills to provide for regulation This direct borrowing authority is an of collective investment funds maintained operating convenience which, while seldom by banks (H.R. 8499 and H.R. 9410), by used in recent years, has contributed to William McChesney Martin, Jr., Chairman, flexibility in the Treasury's management of Board of Governors of the Federal Reserve the public debt. Its use in the past has System, before the Subcommittee on Comavoided needless strains in the banking sys- merce and Finance of the House Committee tem immediately preceding tax-payment on Interstate and Foreign Commerce, June dates. Even when not used, it has enabled the 10, 1964. Treasury to operate with lower cash balances than would otherwise have been feasible and has provided added leeway in timing new For several decades, a number of larger offerings. Furthermore, it is always possible banking institutions throughout the country that we may find ourselves in an emergency have maintained collective investment funds in which the availability of this sort of of the type known as "common trust funds." "standby" financing would be very impor- Such funds have provided diversification and tant. economy that could not otherwise be Borrowing under this authority has been achieved for relatively small fiduciary actemporary as well as infrequent. It has been counts administered by the bank. This is confined to its proper role as a useful tool of accomplished by placing the funds of such debt management and has not been used as a small trusts in a "pool," and investing the lever to induce financing of Government resources of the pool, which customarily 704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 705 aggregate many millions of dollars, as a to outline the origin of the problem and to single account. place it in perspective. The principal inter- The typical account participating in a est of your committee, of course, is the relacommon trust fund has been a small trust— tive merit of each of the several ways in perhaps for charitable purposes or for the which the problem may be dealt with through benefit of a decedent's widow or children. legislation. In recent years, however, some banks have H.R. 8499 and H.R. 9410 do not purport felt that their successful experience justifies to dispose of the question whether it is in the expansion of common trust funds to con- public interest for banks to establish and stitute an investment vehicle—for example, operate collective funds to serve as investto enable salaried individuals or professional ment media, competing with mutual fund people to accumulate a competence for re- shares and similar securities. These identical tirement years and for disposition upon bills would leave that question for resolution death. under existing banking laws. In effect, the bills say: // banks are permitted to and do If a bank established a "collective investenter this field and, in so doing, sell interests ment fund" for this purpose, and the fund in an investment entity that would constitute was opened to participation by any person "securities" subject to the Federal securities who wished to invest funds in this way in a laws, such securities are to be exempted pool of corporate stocks and other securities, from those laws and, instead, are to be govthe arrangement might be similar in general erned by the provisions of this Act and effect to the operation of an open-end investregulations of the Comptroller of the Curment company, generally referred to as a rency. mutual fund. The proposals for legislation along the This development raised the question lines of these bills have been supported whether participation in such a collective mainly as a means of avoiding "duplicative investment fund, established and operated Federal regulation" and "overlapping claims principally as an investment vehicle, would of jurisdiction." The impression is thereby involve the issuance of "securities" within conveyed that, unless Congress takes action the purview of the Federal securities laws, along these lines, banks that engage in this particularly the Securities Act of 1933 and activity will be subject to overlapping and the Investment Company Act of 1940. Recperhaps conflicting requirements under the ognizing the existence of this question, the banking laws and the securities laws, adminbills now before the committee would answer istered respectively by the bank supervisory it by excluding all collective investment agencies and the Securities and Exchange funds of banks from the coverage of the Commission. Federal securities laws, and subjecting such The Board of Governors of the Federal funds to the provisions of this "Bank Collec- Reserve System believes that this view of tive Investment Fund Act" and "the rules the matter is based upon a fundamental and regulations . .. of the Comptroller of misapprehension and that its implementation the Currency pertaining to collective investthrough enactment of either of these bills ments by national banks." would not be in the public interest. The mis- Up to this point T have attempted simply Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN • JUNE 1964 apprehension to which I refer results from cies and securities issued by banks were a failure to keep in mind the different ob- subject to the disclosure and other provisions jectives and methods of bank supervision, on of the Federal securities laws. the one hand, and the regulation of sale of A large proportion of our country's insecurities, on the other. dustry and commerce is presently regulated The principal purpose of bank supervision by agencies such as the Interstate Commerce is to assure that this vital sector of the econ- Commission, the Federal Power Commisomy operates in a safe, sound, and service- sion, the Civil Aeronautics Board, the Fedable manner and in accordance with laws and eral Communications Commission, and the regulations adopted with those objectives public utilities commissions of the States, in mind. Among other functions, bank exam- to mention only a few; but the securities ination attempts to safeguard bank deposits, issued by railroads, pipeline companies, airto evaluate the quality of bank management, lines, telephone and telegraph companies, and to learn whether the bank is rendering electric and gas companies, and the like, are satisfactory service to its community and nevertheless governed by the securities laws whether its capital structure is adequate in that we are considering here. As far as I view of the nature of its business. In other know, it never has been contended that, words, bank supervision enforces banking because Triangle Airlines Company, for exlaws and regulations and evaluates the ample, is subject to the jurisdiction of the operations of banks, principally to protect Civil Aeronautics Board, there is "duplicaand benefit bank depositors and other cus- tion of supervision" or "conflict of juristomers. diction" because an offering of securities by The Federal securities laws with which we that corporation is subject to the disclosure are concerned have an entirely different aim requirements of the Securities Act of 1933, and focus. Their purpose is to protect and in the interests of prospective investors. benefit investors, and to accomplish this by In the opinion of the Board of Governors, making available to them relevant informa- this should be equally true in the case of tion regarding securities that they hold or banks and securities issued by banks. contemplate acquiring. The keynote of these Through the securities laws, Congress has laws is disclosure of information to the pub- implemented its considered judgment that lic, rather than regulation and control of American investors should be furnished with enterprises, banking or otherwise. information that is adequate to enable them If this fundamental distinction is kept in to make intelligent decisions regarding the mind, it becomes apparent that (1) regula- intrinsic and—even more important—the tion of banking by supervisory agencies and relative merits of securities competing for (2) disclosure to investors of information re- their investment dollars. The investing public garding securities issued by banks are en- is entitled to these benefits with respect to tirely different, and that no significant danger securities issued by banks as well as securities of duplication of effort or conflict of juris- issued by enterprises in other fields. dictions should result merely because banks The Federal securities laws embody and continued to be supervised by the Federal implement this salutary "disclosure philos- Reserve System and other supervisory agen- ophy," and the Securities and Exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 707 Commission, which administers those laws, the Securities and Exchange Commission to has resources of personnel and experience, bank supervisors, would yield no benefits devoted to the administration of those laws, of which we are aware, but on the contrary that would be difficult to duplicate. To ex- would be injurious to investors and would clude certain categories of securities from require the Federal Reserve System and those laws and that administration, merely other bank supervisors to perform functions because such securities are issued by funds that can be more efficiently performed by the maintained by banks, would deny investors Securities and Exchange Commission, whose important protections and benefits without facilities are devoted entirely to this complex any adequate reason. The proposed exclu- and important subject. sion of certain securities from the coverage For these reasons, the Board of Governors of the securities laws, and the proposed trans- recommends against enactment of H.R. fer of jurisdiction in the securities field from 8499 and H.R. 9410. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-64 APPOINTIVE MEMBERS3 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership 2 Charles S. Hamlin Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York do Term expired Aug. 9, 1918. Frederic A. Delano Chicago do Resigned July 21, 1918. W. P. G. Harding Atlanta do Term expired Aug. 9, 1922. Adolph C. Miller San Francisco do Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago do Died Nov. 28, 1930. Roy A. Young Minneapolis Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas ...Kansas City do.... Served until Feb, 10, 1936, on which date his successor took office. Marriner S. Eccles. ,.. .San Francisco Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick New York Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland do Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom Atlanta do Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis Richmond June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper ... New York Mar. 30, 1938 Served until Sept. 1,1950, on which date his successor took office. Rudolph M. Evans Richmond Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr St. Louis Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. Resigned Mar. 31, 1951. Thomas B. McCabe Philadelphia Apr. 15, 1948 For notes see following page. 708 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF THE BOARD OF GOVERNORS 709 APPOINTIVE MEMBERS *—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Edward L. Norton Atlanta Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr New York Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. A. L. Mills, Jr ,.. .San Francisco Feb. 18, 1952 Reappointed for term beginning Feb. 1, 1958. J. L. Robertson. . . .. .Kansas City do. . Reappointed for term beginning Feb. 1, 1964. Paul E. Miller Minneapolis Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston Philadelphia Aug. 12, 1954 Chas. N. Shepardson Dallas Mar. 17, 1955 G. H. King, Jr Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell.... ,.. .Chicago Aug. 31, 1961 Reappointed for term beginning Feb. 1, 1962. J. Dewey Daane .. .Richmond Nov. 29, 1964 CHAIRMEN s VICE CHAIRMEN3 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Platt July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston Mar. 11, 1955- Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr... .Apr. 2, 1951- EX-OFFICIO MEMBERS 1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15,1918. John Skelton Williams.. .Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1,1920. Daniel R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr... .Jan. 1, 1934-Feb. 1,1936. 1 Under the provisions of the original Federal Reserve composed of seven appointive members; that the Secre- Act the Federal Reserve Board was composed of seven tary of the Treasury and the Comptroller of the Curmembers, including five appointive members, the Secre- rency should continue to serve as members until Feb. 1, tary of the Treasury, who was ex-officio chairman of the 1936; that the appointive members in office on the date Board, and the Comptroller of the Currency. The original of that Act should continue to serve until Feb. 1, 1936, term of office was 10 years, and the five original ap- or until their successors were appointed and had qualipointive members had terms of 2, 4, 6, 8, and 10 years, fied; and that thereafter the terms of members should be respectively. In 1922 the number of appointive mem- 14 years and that the designation of Chairman and Vice bers was increased to six, and in 1933 the term of office Chairman of the Board should be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, 2 Date after word "Resigned" denotes final day of approved Aug. 23,1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal 3 Chairman and Vice Chairman were designated Gov- Reserve System and provided that the Board should be ernor and Vice Governor before Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material "Messenger Service" Provided by ice would be borne by the bank; that, in the case State Member Banks of deposits, there would be a written agreement The Board of Governors has been asked between the bank and the customer under which whether an arrangement under which a State the messenger would act as agent of the customer member bank provides "messenger service" for a and the bank would assume no liability for the customer, subject to an agreement that the mes- funds collected until they were received by it from senger acts as agent for the customer, would in- the messenger at the bank's premises; and that, volve the operation of a branch by the bank. in the case of payment of checks, the checks would Section 9 of the Federal Reserve Act (12 U.S.C. be presented at the bank's premises by the mes- 321) provides, in effect, that a State member bank, senger acting as agent of the customer and the if permitted to do so by State law, may establish proceeds received by the messenger for transmittal branches on the same terms and conditions and to the customer, with no liability on the part of subject to the same limitations and restrictions as the bank for such proceeds after their delivery are applicable to the establishment of branches by to the messenger. national banks, except that the approval of the Assuming the facts to be as stated above, the Board of Governors, instead of the Comptroller Board does not regard such arrangements as inof the Currency, shall be obtained before a branch volving the establishment and operation of may be established by a State member bank. It branches by State member banks. Whether the is apparent that it was the intent of Congress that use of messenger service in other circumstances national banks and State member banks should would constitute branch banking would, of course, have substantially equal opportunity to establish have to be determined on the basis of the facts branches. involved. Section 5155 of the Revised Statutes (12 U.S.C. Whether Undivided Profits May Be Considered 36), relating to branches of national banks, pro- Part of Capital Or Surplus of Member Banks vides that the term "branch" shall be held to "include any branch bank, branch office, branch The Board has been presented with the quesagency, additional office, or any branch place of tion whether a bank's undivided profits may be business . .. at which deposits are received, or considered as part of its "capital stock," "capichecks paid, or money lent." tal," or "surplus" for purposes of provisions of Whether any of the banking transactions de- law imposing requirements or limitations upon scribed in the law, or other banking transactions, member banks of the Federal Reserve System. are conducted at an "additional office" or other It is obvious that undivided profits are not a "place of business" can be determined only on the part of a bank's "capital stock"; and Congress basis of particular factual situations. The ques- has explicitly indicated in the national banking tion here presented refers only to "messenger laws that the more general term "capital" is limservice" provided by the bank, without any indica- ited to common stock and preferred stock. (12 tion of the purpose of the service or the exact U.S.C. 51c). circumstances in which it would be provided. In the banking field, the undivided profits ac- It is assumed, however, that the service in ques- count traditionally represents a fluctuating amount tion would involve picking up deposits at the re- as distinguished from the relatively fixed and spective addresses of particular customers and the permanent amount of a bank's "surplus" or "surpayment of checks drawn by such customers on plus fund." This distinction has been explicitly the bank; that the "messenger" normally would recognized by the Supreme Court of the United be an armored car owned by the bank or by an States: independent contractor; that the cost of the serv- "By incorporated banks the term [undivided profits] 710 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 711 is commonly employed to designate the account in for the purposes of provisions of the Federal Rewhich profits are carried more or less temporarily, in serve Act, including those that limit member banks contradistinction to the account called surplus in which are carried amounts treated as permanent capi- with respect to loans to affiliates (12 U.S.C. tal, and which may have been derived from payments 371c), purchases of investment securities (12 for stock in excess of par, or from profits which have U.S.C. 335), investments in bank premises (12 been definitely devoted to use as capital." Edwards v. Douglas, 269 U.S. 204, 215 (1925) U.S.C. 371d), loans on stock or bond collateral The Federal banking laws use the terms "un- (12 U.S.C. 248(m)), deposits with nonmember divided profits" and "surplus" as having different banks (12 U.S.C. 463), and bank acceptances meanings. For example, with respect to the ad- (12 U.S.C. 372, 373), as well as provisions that mission to membership in the Federal Reserve limit the amount of paper of one borrower that System of mutual savings banks having no capital may be discounted by a Federal Reserve Bank stock, the Federal Reserve Act requires such a for any member bank or accepted as security for bank to have "surplus and undivided profits" not an advance to a member bank (12 US.C. 330, less than the amount of capital required for the 345, 347). organization of a national bank in the place in Order Under Bank Merger Act which the savings bank is located. (12 U.S.C. 333). Similarly, various provisions of the Na- The following Order and Statements were issued tional Bank Act distinguish between "undivided in connection with action by the Board of Govprofits" and "surplus fund." Thus, a national bank ernors of the Federal Reserve System on an apmay not declare dividends if its losses have ex- plication for approval of the consolidation of ceeded its "undivided profits" (12 U.S.C. 56); banks: and, until a national bank's "surplus fund" equals CITY BANK AND TRUST COMPANY, its common capital, it may not declare dividends JACKSON, MICHIGAN unless a specified percentage of its net profits is carried to its "surplus fund." (12 U.S.C. 60). In the matter of the application of City Bank If undivided profits were regarded as a part and Trust Company for approval of consolidation of a bank's surplus or "surplus fund," such pro- with Calhoun State Bank. visions for transfer of profits to surplus would be meaningless and the application of other pro- ORDER DENYING APPLICATION FOR APPROVAL visions would be uncertain and impracticable. For OF CONSOLIDATION OF BANKS example, subscriptions by member banks to Fed- There has come before the Board of Governors, eral Reserve Bank stock are based upon the pursuant to the Bank Merger Act of 1960 (12 amount of the member bank's "capital stock and U.S.C. 1828(c)), an application by City Bank surplus" (12 U.S.C. 287), so that, if undivided and Trust Company, Jackson, Michigan, a State profits were regarded as a part of "surplus," the member bank of the Federal Reserve System, for amount of a bank's subscription to Reserve Bank the Board's prior approval of the consolidation stock would have to be increased and decreased of that bank and Calhoun State Bank, Homer, continuously, an inconvenient and costly pro- Michigan, under the charter and title of the forcedure that could not have been contemplated by mer. As an incident to the consolidation, the office Congress. of Calhoun State Bank would be operated as a It is recognized that the question whether un- branch of City Bank and Trust Company. Notice divided profits may be added to capital stock and of the proposed consolidation, in form approved surplus in calculating the lending limitations gov- by the Board, has been published pursuant to said erning member banks is a matter for determina- Act. tion under applicable State law in the case of Upon consideration of all relevant material in State banks and under the National Bank Act in the light of the factors set forth in said Act, inthe case of national banks, except as further lim- cluding reports furnished by the Comptroller of ited by particular provisions of the Federal Re- the Currency, the Federal Deposit Insurance Corserve Act. For the reasons indicated above, it is poration, and the Department of Justice on the the Board's opinion that undivided profits do not competitive factors involved in the proposed conconstitute "capital," "capital stock," or "surplus" solidation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN • JUNE 1964 IT IS HEREBY ORDERED, for the reasons set forth succession, but this should not affect adversely in the Board's Statement of this date, that said the bank's earnings prospects. application be and hereby is denied. The resulting bank, which would be under the Dated at Washington, D. C. this 14th day of management of City Bank, would have a sound s May, 1964. asset condition, an adequate capital structure, and favorable future earnings prospects. By order of the Board of Governors. There is no indication that the corporate powers Voting for this action: Vice Chairman Balderston, and of the banks are or would be inconsistent with Governors Mills, Robertson, and Shepardson. Voting against this action: Governor Mitchell. Absent and the purposes of 12 U.S.C, Ch. 16. not voting: Chairman Martin and Governor Daane. Convenience and needs of the communities. The (Signed) MERRITT SHERMAN, head office of City Bank is in Jackson, Michigan, Secretary. located 73 miles west of Detroit, with a popula- [SEAL] tion, according to the 1960 census, of somewhat over 50,000. The local retail establishments serve STATEMENT an area having a population estimated at 200,000. City Bank and Trust Company, Jackson, Michi- The economy of Jackson consists primarily of gan ("City Bank"), with deposits of $84.3 million diversified industries. City Bank operates seven as of December 20, 1963, has applied, pursuant branches and, as noted previously, has approval to the Bank Merger Act of 1960 (12 U.S.C. for one more branch that is not yet operating. 1828(c)), for the Board's prior approval of the There is no indication that the proposed consolidaconsolidation of that bank with the Calhoun State tion would have a significant effect on the con- Bank, Homer, Michigan ("Calhoun Bank"), with venience and needs of the service area * of City deposits of $3.2 million as of the same date. As Bank. an incident to the consolidation, the sole office of Calhoun Bank, in Homer, Michigan, is located Calhoun Bank would be operated as a branch of 21 miles southwest of Jackson and 9 miles south City Bank, increasing the number of its operating of Albion, the site of City Bank's largest branch. offices to nine. City Bank has received approval Homer has a population, according to the 1960 to establish one branch that is not yet in opera- census, of somewhat over 1,600, although Caltion. houn Bank's service area has a population of about Under the Act, the Board is required to con- 5,000. The area has shown a steady population sider, as to each of the banks involved, (1) its increase and the prospect for continued economic financial history and condition, (2) the adequacy growth is good. The economy of the community of its capital structure, (3) its future earnings is primarily agricultural, although there are some prospects, (4) the general character of its manage- small industries in Homer. While consummation ment, (5) whether its corporate powers are con- of the proposed consolidation wTould enable the sistent with the purposes of 12 U.S.C, Ch. 16 resulting bank to offer a variety of banking services (the Federal Deposit Insurance Act), (6) the in the Homer area not now provided by Calhoun convenience and needs of the community to be Bank, only little need for such expanded services served, and (7) the effect of the transaction on was indicated by the application. Moreover, broad banking services are now available from reasoncompetition (including any tendency toward ably convenient sources, including the Albion monopoly). The Board may not approve the branch of City Bank. There is no indication that transaction unless, after considering all these facany significant demand for banking services in the tors, it finds the transaction to be in the public Homer area is not now being supplied. interest. Competition. Consummation of the proposed Banking factors. The financial history and conconsolidation would have no significant effect on dition, capital structure, and earnings, as well as the competitive situation in the immediate Jackfuture earnings prospects, of each of the subject banks are satisfactory. While both banks are capa- * The area from which a bank obtains 75 per cent bly managed, Calhoun Bank in the near future or more of its deposits of individuals, partnerships, must take steps to assure competent management and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 713 son area. Present competition between City Bank already available from other sources, is insufficient and National Bank of Jackson, the only banks in to outweigh these considerations. Jackson, is confined primarily to the city, since the Accordingly, the Board is unable to find that out-of-town branches of National Bank of Jack- the proposed consolidation would be in the public son are located east or southeast of the city, while interest. City Bank's out-of-town branches are located to the west or southwest. The acquisition by City DISSENTING STATEMENT OF GOVERNOR MITCHELL Bank of a branch in Homer, also southwest of The artificial concept of a banking market that Jackson, would not change materially, if at all, is used by the majority to justify protection from the competitive situation in Jackson. further "concentration" leaves me no choice but to Since there is some overlapping of the service dissent from their denial of this application. areas of Calhoun Bank and City Bank's branch There is very little competition between City in Albion, consummation of the consolidation Bank and the relatively small Calhoun Bank. The would eliminate the small amount of competition substitution of a branch of the larger bank for the that exists between the two banks. sole office of the smaller institution, which is the There is already a substantial concentration of only banking office located in its service area, banking resources in the area served by the institu- would not eliminate significant competition in tions proposing to consolidate. City Bank holds 44 Homer. City Bank's business would be increased per cent of the total deposits in commercial banks by an extension of its market area, but this is a having offices in this area, and National Bank of far different matter than the elimination of com- Jackson holds 34.7 per cent. A branch of Michi- petition in its present market area. gan National Bank at Marshall, 14 miles north- Replacement of Calhoun Bank with a branch west of Calhoun Bank, holds 11.2 per cent. While of City Bank would not adversely affect any com- Calhoun Bank's 1.7 per cent of the area's total peting bank. Instead, it would bring into the deposits is relatively small, the consolidation would Homer community expanded banking service, inraise the three-bank total from 89.9 per cent to cluding an increased lending limit, trust services, 91.6 per cent, and would leave the remaining five and improved consumer and mortgage lending competing banks with a total of but 8.4 per cent. facilities. This would enhance the banking con- Under Michigan law, branching by banks hav- venience and better fulfill the credit needs of ing home offices in Jackson can be permitted Homer and vicinity, which is in an area having within a radius of 25 miles. Within a radius of favorable economic prospects. Indeed, it may be slightly more than 25 miles, the concentration of reasonably anticipated that effectuation of the prodeposits in the three largest banks is significantly posal also would bring to the community the benelarge at 64.6 per cent—City Bank, 32.4 per cent; fits of more active competition, not only for the National Bank of Jackson, 24 per cent; and Mar- banks located just beyond the service area of shall branch of Michigan National, 8.2 per cent. Calhoun Bank, but for the Marshall branch of The inclusion of Calhoun Bank's 1.2 per cent the large Michigan National Bank, as well. would increase this total to 65.8 per cent, leaving A further factor weighing in support of the the remaining 19 banks with only 34.2 per cent application is the management succession problem of the deposits. facing the Calhoun Bank and the negative impact Summary and conclusion. Consummation of the that steps to correct this problem may well have proposed consolidation would increase the already on the bank's earnings. substantial concentration of banking resources in It does not seem to me that the public interest the area served by the two participating banks, is served by denying the application involving a and there would be eliminated a sound, well- local situation like this merely because of the managed, independent bank located in a growing existence of a high degree of banking concentraarea. In addition, such direct and potential com- tion within a 25-mile radius of Jackson. The competition as presently exists between City Bank's petitive situation outside of the Homer area, if it Albion branch and Calhoun Bank would be elimi- is affected at all by this transaction, should not be nated. The fact that the resulting bank would pro- evaluated in terms of an artificial 25-mile radius vide expanded banking services in Homer, services around Jackson, but rather in relation to banking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN JUNE 1964 competition in an area embracing Ann Arbor, Board's Statement of this date, that said applica- Lansing, and Battle Creek. By relying so heavily tions be and hereby are approved, provided that on a formalistic market definition, the majority in the acquisition so approved shall not be consumthis case prevent a bank consolidation which I be- mated (a) within seven calendar days after the lieve would be in the public interest. date of this Order or (b) later than three months Accordingly, I would approve the application. after said date, and provided further that the Second National Bank of Tampa shall be opened Orders Under Section 3 of for business not later than six months after said Bank Holding Company Act date. The following Orders and Statements were is- Dated at Washington, D. C, this 18th day of sued in connection with actions by the Board of May, 1964. Governors of the Federal Reserve System on ap- By order of the Board of Governors. plications by bank holding companies for approval of the acquisition of voting shares of a bank: Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting against this action: Governors Robertson and Mit- FIRST NATIONAL BANK OF TAMPA AND chell. Not participating: Governor Daane. UNION SECURITY & INVESTMENT CO., TAMPA, FLORIDA (Signed) MERRITT SHERMAN, Secretary. In the matter of the applications of the First [SEAL] National Bank of Tampa and Union Security & Investment Co. for approval of the acquisition of STATEMENT voting stock of Second National Bank of Tampa, The First National Bank of Tampa ("First Tampa, Florida. National") and Union Security & Investment Co. ("Union Security"), both of Tampa, Florida, ORDER APPROVING APPLICATIONS UNDER herein jointly referred to as "Applicants", have BANK HOLDING COMPANY ACT applied pursuant to Section 3(a)(l) of the Bank There have come before the Board of Gov- Holding Company Act of 1956 ("the Act") for ernors, pursuant to Section 3(a)(l) of the Bank the Board's approval of the acquisition by Union Holding Company Act of 1956 (12 U.S.C. Security of 20,000 shares (80%) of the voting 1842(a)) and Section 222.4(a)(l) of Federal stock to be issued of the Second National Bank Reserve Regulation Y (12 CFR 222.4(a)(l), apof Tampa ("Second National"), a proposed new plications on behalf of The First National Bank bank. Union Security now owns approximately 76 of Tampa and Union Security & Investment Co., per cent of the 25,000 outstanding shares of The both of Tampa, Florida, for the Board's approval Broadway National Bank of Tampa ("Broadway of the acquisition by Union Security & Invest- National"), and the stock of Union Security is ment Co. of 20,000 shares (80%) of the voting held by trustees for the benefit of the shareholders stock of the Second National Bank of Tampa, of First National. Accordingly, the proposed Tampa, Florida, a proposed new bank. acquisition would cause each Applicant to become As required by Section 3(b) of the Act, notice a bank holding company, as that term is defined of receipt of the applications was given to, and in Section 2(a) of the Act.1 views and recommendation requested of, the Views and recommendation of the Comptroller Comptroller of the Currency. He recommended of the Currency. Since both First National and approval of the applications. Notice of receipt of Second National are national banks, notice of the the applications was published in the Federal applications was given to the Comptroller of the Register on January 8, 1964 (29 Federal Register Currency pursuant to Section 3(b) of the Act, and 204), which provided an opportunity for submishis views and recommendation requested. The sion of comments and views regarding the proposed acquisition. Time for filing such comments 1 Hereinafter, the term "Group banks" will refer to and views has expired and all comments and views First National and Broadway National, or to First filed with the Board have been considered by it. National, Broadway National, and the proposed Sec- IT IS ORDERED, for the reasons set forth in the ond National. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 715 Comptroller expressed the opinion that approval that Second National will hold total deposits of $7 of the applications is in the public interest and he million after three years of operation. recommended such approval. Financial history and condition, prospects, and Statutory factors. In acting upon these applica- character of management of Applicants and bank. tions the Board is required under Section 3(c) Applicants' financial history and condition are of the Act to take into consideration the following considered satisfactory. Viewed primarily in relafive factors: (1) the financial history and condi- tion to the generally satisfactory growth records tion of the Applicants and the bank concerned; of the Group banks, their present sound condition (2) their prospects; (3) the character of their and favorable prospects, Applicants' operations management; (4) the convenience, needs, and wel- and those of the Group banks evidence sound and fare of the communities and the area concerned; capable management. Second National's proposed and (5) whether the effect of the proposed acquisifinancial structure appears sound and Applicants' tion would be to expand the size or extent of the estimate of its growth and earnings potential is rebank holding company system involved beyond garded as reasonably susceptible of attainment. limits consistent with adequate and sound banking, Operating as one of the Group banks, Second Nathe public interest, and the preservation of comtional's prospects are regarded as satisfactory. petition in the field of banking. Respecting Second National's management, since The City of Tampa is located in Hillsborough it is to be drawn from the operating staff and County on the west coast of Florida, and consti- Board of Directors of First National, it may be tutes one of the State's most active seaports. It reasonably concluded that management of the prois a major manufacturing and distribution center posed bank will be sound and capable. for such products as cigars, phosphate, cement, Convenience, needs, and welfare of the comfertilizer, aluminum, clothing, and machine tools; munities and area concerned. Second National's and its location near the heart of the citrus belt proposed site, west of the Tampa business district, constitutes it a significant distribution center for is in an area principally residential in character. citrus products. Following extensions of the city The area primarily to be served by Second limits of Tampa in 1953 and 1960, Tampa's 1960 National (from which Applicants estimate that appopulation was approximately 275,000, an increase proximately 75 per cent of the bank's total of deof 120 per cent over 1950. An economic study posits of individuals, partnerships, and corporasubmitted by Applicants estimates Tampa's annual tions ("IPC deposits") will be drawn) contains population growth at 8,000. some 20 or more residential subdivisions, most of Each of the banks involved in Applicants' prowhich are of recent origin. The estimated populaposal is located in Tampa. First National, one of tion of the primary service area near year-end the Applicants here, is the largest bank in Tampa, holding at December 20, 1963,2 total deposits of 1963 was 24,000. While this area contains no major industries, there are in excess of 375 business $139 million. First National has operated as a establishments therein reflecting construction ennational bank since 1886, having obtained the first terprises, retail trade establishments, various servnational bank charter issued to a bank in Florida. Broadway National, organized in 1930 and con- ice organizations, and a scattering of manufacturverted to national bank status in 1937, is located ing, transportation, and wholesale trade concerns. in the Ybor City section of Tampa, northeast of Second National's proposed site is in the immediate Tampa's central business district. It holds total vicinity of a 44-acre tract upon which Applicants deposits of $17 million. The proposed Second Na- state a regional shopping center will be constructtional, the establishment of which has received ed. Second National, when opened for business, the preliminary approval of the Comptroller of will be the nearest banking office to the Tampa the Currency, will open for business at a site west International Airport, located approximately IV2 of the Tampa business district, about four miles miles north of the bank's site. from First National's location. Applicants estimate Applicants concede that the banking needs of the aforedescribed area are presently being served 2 Unless otherwise indicated, all banking data are in all major respects, a fact not contradicted in of this date. the evidence before the Board, and that the banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN • JUNE 1964 now serving Second National's proposed service view of the relatively small portion of its business area, while not located therein, offer the same which First National now obtains from Second general type of services which will be available at National's primary service area, and the fact that Second National. However, Applicants make the the area is and will be served by other large downpoint that since there is no banking office now town Tampa banks, and by at least four banks located in Second National's designated primary located from 1.6 to 4 miles from Second National's service area, the proposed bank's operation would proposed site, the prospect of significant competioffer a source of banking service considerably tion between Second National and First National more convenient than any presently available to is unlikely. the area. Conceding that such a result weighs As earlier noted, Applicants anticipate that after favorably toward approval of Applicants' proposal, three years of operation Second National will have since the bank will open for business whether or total deposits of approximately $7 million. Among not Applicants' acquisition is approved, the matter the banks which are presently serving Second Naof convenience is, in the Board's opinion, a less tional's designated service area, those that would decisive factor than Applicants urge. It would apbe most directly affected by consummation of Appear, however, that Second National's affiliation plicants' proposal, and their sizes in terms of total with First National under Applicants' ownership deposits, are the Peninsula State Bank ($16 milwould more promptly and more assuredly, and lion), Central Bank of Tampa ($10 million), perhaps more efficiently, provide banking services Tampa Bay Bank ($8.4 million), and National at greater convenience to the area involved than Bank of Tampa ($5.6 million). These banks are would be done if Second National opened for busirespectively located 1.6 miles southeast, 2.6 miles ness as an independent bank. The likelihood of east, 3 miles southeast, and 4 miles northeast of such a result, while not a significant makeweight Second National's proposed site. Considering the toward approval of the applications, is consistent facts that these banks have been and are healthwith such approval. fully competing with First National for business Effect of proposed acquisition on adequate and within their respective service areas, that their sound banking, public interest, and banking comsizes, considered in respect to their distances from petition. Inasmuch as Second National will be Second National's site, will limit the extent to newly established, its acquisition by Applicants, which they and Second National will compete, and and subsequent affiliation with the Group subsidithat each of these banks will be serving residential aries, would not result in the elimination of existgrowth within its respective area, the Board coning competition. As to potential competition cludes that Applicants' acquisition of Second Naamong the Group banks, the designated primary tional will not produce as to these banks signifiservice areas of both Second National and Broadcantly adverse competitive consequences. way National lie within the primary service area There are 15 banks located in Tampa, holding of First National. First National and Broadway combined total deposits of $456 million. In Hills- National together derive about $746,000 of IPC borough County, a total of 21 banks hold comdeposits from Second National's service area. This bined total deposits of $492 million. The comtotal, although equal to nearly 11 per cent of bined total deposits of First National and Broad- Second National's expected deposits after three way National ($156 million) represent 34 per cent years of operation, represents but a small percentof the total deposits of the Tampa banks and nearly age of the combined total IPC deposits of Appli- 32 per cent of the deposits held by all banks in cants' two existing banks. Assuming, arguendo, Hillsborough County. Viewed apart from the that should these applications be denied Second actualities attending the conduct of banking busi- National would operate entirely independent of ness in the Tampa area, the percentage of the the Group banks, it is considered unlikely that any area's total banking resources controlled by the significant competition is likely to develop between Group banks would appear to present a degree Second National and Broadway National in view of market occupancy or control inimical to conof their respective sizes, the distance separating tinued effective competition. If this apparency their locations, and the number of downtown were a reality, the proposed addition to the Group Tampa banks located between them. Similarly, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 717 of Second National would clearly be inconsistent of potential toward such position through the with the public interest. As hereafter discussed, acquisition proposed, the Board concludes that however, the Board finds the Applicants' Group as approval of these applications will not have an presently composed and operated does not consti- adverse effect on the adequacy and soundness of tute a competitive force having undue advantage banking, nor on competition in the areas herein of its competitors; nor, in the Board's opinion, considered but, rather, will be consistent with the would consummation of the present proposal so preservation of such competition. position Applicants. On the basis of all the relevant facts as contained First National, the largest of the Group banks in the record before the Board, and in the light with total deposits of $139 million, meets vigorous of the factors set forth in Section 3(c) of the Act, competition from the Exchange National Bank, it is the Board's judgment that the proposed Tampa, an institution with $133 million of de- acquisition would be consistent with the public posits. In the 10-year period 1953-1963, Exchange interest and that the applications should therefore National Bank's deposit increase exceeded that of be approved. First National by nearly 15 per cent. A second large competitor in Tampa is the Marine Bank & DISSENTING STATEMENT OF GOVERNOR Trust Company, with total deposits of $61 million. ROBERTSON Excluding Broadway National, six other Tampa Although I have viewed in a light most favorbanks hold deposits ranging in total from $ 10 milable to Applicants' case those facts and arguments lion to $16 million, and five additional Tampa that are said to warrant approval of these applicabanks hold combined total deposits of $28 million. tions, I am unable to conclude, as did the Board, The size, area of operation, and growth record of that such approval would be in the public interest. First National Bank's competitors make clear the The sole benefit that the Board finds will result fact that neither First National nor it and Broadfrom the acquisition here proposed is that Second way National hold a dominant position in the National's prospective customers will be more Tampa area. Nor would the addition of the proconveniently served than at present. However, the posed new Second National to the Group effect Board's Statement then points out that the same such dominance in the foreseeable future. Adding result is likely to occur in any event since we are to the Group's combined deposits the $7 million assuming that—regardless of the Board's action of deposits anticipated for Second National, after on these applications—Second National will be three years of operation, increases by only one the opened and operated at its presently proposed site. Group's percentage of deposits of all banks in The record before the Board does not establish Tampa and in Hillsborough County, respectively. that the banking needs of the residents and busi- First National presently operates in Hillsborough nesses in Second National's designated service area County, its service area encompassing the whole would be significantly less served by Second Naof Second National's designated primary service tional operating independently of Applicants' conarea. Thus, Second National's operation as a Group trol. constituent wrould not represent a de novo entry At the present time the Group banks involved of the Group banks into Hillsborough County. control 34 per cent of the total deposits of all Rather, there would be located in a rapidly ex- Tampa banks and approximately 32 per cent of panding sector of the County in which no bank the total deposits of all banks in Hillsborough is presently located, a more convenient source County. Consummation of Applicants proposal of full-scale banking service under the direction would, admittedly, insignificantly increase these of a banking group already established in the area. figures. This fact, however, does not justify ap- Considering the present and prospective popu- proval of a proposal where, as here, the degree of lation of the pertinent area and the number of concentration existing at the outset is such as to large- and small-sized banking institutions addi- be inherently anti-competitive. Statement of this tionally accessible to the area's residents, and ab- position has been made recently by the United sent evidence of an unduly advantageous competi- States Supreme Court in United States v. Philative position presently enjoyed by Applicants or delphia National Bank, et al, 314 U.S. 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN • JUNE 1964 (1963), wherein, referring to the proposed merger The share of the banking resources of the Tampa of the Philadelphia National Bank and Girard area banks now held by Applicants' Group con- Trust Corn Exchange Bank, the Court said: stitutes a present threat of undue concentration; the acquisition of Second National not only in- "The merger of appellees will result in a single creases this threat but, in addition, forecloses to bank's controlling at least 30% of the commercial banking business in the four-county Philadelphia met- the area forever the benefits of potential competiropolitan area. Without attempting to specify the tion between Second National and First National. smallest market share which would still be considered The amount of business which the record shows to threaten undue concentration, we are clear that 30% presents that threat, (page 364) First National now derives from Second National's proposed service area makes clear, in my judgment, that in time the two banks would directly "... It is no answer that, among the three presently largest [banks] . . ., there will be no increase in compete one with the other for a substantial porconcentration. If this argument were valid, then once tion of the business arising in Second National's a market had become unduly concentrated, further concentration would be legally privileged. On the con- area. The detriment to the public in foreclosing trary, if concentration is already great, the importance this potential competition by approval of these apof preventing even slight increases in concentration plications is not justified by any countervailing and so preserving the possibility of eventual deconcentration is correspondingly great." (page 365, f.n, 42) consideration contained in the record of this case. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN THE BOARD'S STAFF Acting Director of the Division of Data Processing Mr. John E. Reynolds was appointed an Associate until a new Director is appointed. Adviser in the Division of International Finance, effective June 1, 1964. RESIGNATION OF DIRECTOR Formerly Chief of the Special Studies and Op- Mr. Jack W. Warner, who had served as a Director erations Section, Division of International Finance, of the Birmingham Branch of the Federal Reserve Mr. Reynolds had been serving on detail to the Bank of Atlanta since January 1, 1960, has re- Bureau of the Budget for the past year as the Staff signed effective May 27, 1964. Mr. Warner is Director of the Review Committee for Balance of Chairman of the Board and President of the Gulf Payments Statistics. Before joining the Board's States Paper Corporation, Tuscaloosa, Alabama. Staff in September 1953, Mr. Reynolds served for three years as a Research Economist in the Mone- TRANSFER OF FEDERAL RESERVE BRANCH tary and Economics Department of the Bank for TERRITORY International Settlements, Basel, Switzerland. Effective May 28, 1964, the territory of the Little Mr. Reynolds received his A.B. and M.A. de- Rock Branch of the Federal Reserve Bank of St. grees in Economics from Harvard University in Louis was extended to include 11 northwestern 1944 and 1950, respectively, and is currently counties of Arkansas (Baxter, Benton, Boone, working toward a doctorate at the same University. Carroll, Crawford, Fulton, Madison, Marion, Sebastian, Sharp, and Washington), which had been Mr. Reed J. Irvine was appointed an Associate included in the territory served by the Head Office Adviser in the Division of International Finance, at St. Louis. The Little Rock Branch now serves effective June 8, 1964. all the State of Arkansas except the counties of Appointed to the Board's Staff in October 1951 Clay, Greene, and Randolph, which are served by as an Economist, Mr. Irvine has most recently St. Louis, and the counties of Craighead, Crittenserved as the Chief of the Asia, Africa, and Latin den, Cross, Lawrence, Lee, Mississippi, Phillips, America Section, Division of International Fi- Poinsett, St. Francis, and Woodruff, which are nance. Mr. Irvine is a graduate of the University served by the Memphis Branch. of Utah and studied at Oxford University, Oxford, England, as a Fulbright Scholar, receiving a B.Litt. ADMISSION OF STATE BANK TO MEMBERSHIP in 1951. IN THE FEDERAL RESERVE SYSTEM Mr. M. H. Schwartz resigned as Director of the The following bank was admitted to member- Board's Division of Data Processing on June 10, ship in the Federal Reserve System during the 1964, to accept a position as Associate Director period May 16, 1964 to June 15, 1964: of the Office of Business Economics, U.S. Department of Commerce. Texas Mr. W. M. Davis, an Assistant Cashier of the Corpus Christi Corpus Christi Bank and Federal Reserve Bank of Atlanta, will serve as the Trust Company 719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 16 Industrial production and consumer buying in- tinued to expand while output of commercial creased further in May and construction activity machinery changed little. remained at an advanced level. The unemploy- Production of iron and steel rose further and ment rate was reduced although nonfarm employ- was close to the high reached a year ago when ment changed little. The money supply declined inventories were being accumulated because of somewhat while time and savings deposits at com- the strike possibility. Output of other metal mamercial banks increased. The broad indexes of terials and of nondurable materials continued to wholesale commodity prices remained stable. expand. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production rose further in May to Employment in nonagricultural establishments 130.3 per cent of the 1957-59 average, from a changed little in May. Employment continued to revised April figure of 129.6 per cent, as output expand in finance, services, and State and local of both final products and materials continued to government but declined in construction, in part expand. In the first 5 months of the year, total because of strikes. In manufacturing, further industrial output increased 3 per cent, reflecting gains in apparel and machinery were partly offset mainly gains in production of business equipment by a reduction in transportation equipment. The and materials. average factory workweek remained at an ad- Auto assemblies were maintained at a record vanced level and average weekly earnings rose to level in May and schedules for June indicate a new high of $103. The unemployment rate another month of high output. Production of declined to 5.1 per cent from 5.4 per cent in the consumer staples and of furniture and some other preceding 3 months. home goods rose further in May but output of television sets declined, mainly reflecting a work stoppage. Production of industrial equipment con- CONSTRUCTION New construction put in place in May—at a INDUSTRIAL PRODUCTION seasonally adjusted annual rate of $66.7 billion— 1957-59 100 was virtually unchanged from March and April and was a tenth above a year earlier. In recent FINAL months, private building and public construction PRODUCTS both remained close to the levels reached near the end of last year. DISTRIBUTION Retail sales increased somewhat in April, according to revised figures, and rose more than 1 MANUFACTURES per cent further in May to a new high. Sales inkN./ EQUIPMENT creased substantially at apparel and general merchandise stores and remained at a high rate at _1 I _J ., durable goods stores. Compared with a year F.R. indexes, seasonally adjusted. Latest figures shown are for May. earlier, total retail sales were up 7 per cent. 720 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 721 COMMODITY PRICES posits at commercial banks increased much more than in the preceding two months. In May and early June the wholesale com- Member bank borrowings from the Federal modity price index and the broad components for Reserve averaged $255 million and excess reindustrial commodities and foodstuffs were stable serves $340 million in May; borrowings were and were virtually unchanged from their levels higher and excess reserves lower than in April. at the end of 1963. Seasonally adjusted total and required reserves In the recent period, increases in prices of declined somewhat. Reserves were supplied aluminum ingots and some mill products were announced and prices for some stainless steel through System purchases of U.S. Government products were reduced. Winter wheat fell in re- securities and were absorbed through currency sponse to the lower Federal loan rate that takes outflow and other factors. effect July 1 and sugar declined as supply prospects improved. Prices of most other basic commodities changed little. SECURITY MARKETS Between mid-May and mid-June yields on U.S. BANK CREDIT, MONEY SUPPLY, AND RESERVES Government and corporate bonds changed little while those on high grade State and local govern- Seasonally adjusted commercial bank credit rose ment bonds declined somewhat. The rate on 3about $2 billion in May, after a decrease in April, month Treasury bills fluctuated narrowly just with an increase in loans accounting for most of below the 3Vi per cent discount rate. the rise. The seasonally adjusted money supply declined somewhat following substantial expan- Common stock prices in mid-June were modsion in March and April. Time and savings de- erately below the record high reached in mid-May. PRICES INTEREST RATES WHOLESALE ALL COMMODITIES COMMODITIES NONFOOD COMMODITIES ' TREASURY RILLS FARM PRODUCTS Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F.R. Banks. Weekly avconsumer prices, Apr.; for wholesale prices, May. 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 June 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 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, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—continued Issue Page Flow of funds Apr. 1964 508-17 Banking and monetary statistics, 1963 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, 1963 June 1964 782 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1963 June 1964 783 balances Sept. 1963 1322 722 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 . 724 Reserve Bank discount rates; margin requirements; reserve requirements 728 Federal Reserve Banks 730 Bank debits; currency in circulation. 732 Money supply; banks and the monetary system. 734 Commercial and mutual savings banks, by classes 736 Commercial banks, by classes. 740 Weekly reporting member banks 742 Business loans 745 Interest rates 746 Security prices; stock market credit; open market paper 747 Savings institutions 748 Federal finance. 750 Federally sponsored credit agencies 755 Security issues. 756 Business finance. 759 Real estate credit. 761 Consumer credit. 764 Industrial production 768 Business activity. 772 Construction 772 Employment and earnings. 774 Wholesale and consumer prices. 776 National product and income series. 778 Flow of funds. 780 Bank holding companies, December 31, 1963 782 Guide to tabular presentation 722 Index to statistical tables 811 The data for F.R. Banks, member banks, and ties are obtained from Treasury statements; department stores, and consumer credit are the remaining data are obtained largely from derived from regular reports made to the other sources. For many of the banking and Board; production indexes are compiled by the monetary series back data and descriptive text Board on the basis of data collected by other are available in Banking and Monetary Staagencies; figures for gold stock, currency, Fed- tistics and its Supplements (see list of publieral finance, and Federal business-type activi- cations at end of the BULLETIN. 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 BANK RESERVES AND RELATED ITEMS JUNE 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Other F.R. rency Total right agree- ury eign Banks and coin 3 Averages of daily figures i 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 2 3 , , 2 7 1 0 9 8 23 2, , 2 7 1 0 9 8 381 5 6 1 5 7 2 0 2 2 4 , , 4 7 0 44 4 2 2 2 0 , , 7 0 5 4 9 7 4 3 , , 3 23 2 9 2 2 1 8 0 , , 4 9 5 8 2 5 2 2 , , 1 2 8 6 9 9 5 62 9 5 2 1 1, , 5 2 3 4 1 7 2 49 9 3 2 1 1 2 6 , , 8 0 1 2 2 7 1 16 2 , , 0 8 2 1 7 2 1945—Dec 1950—Dec 20,345 20,336 9 142 1,117 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 1,375 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 1,262!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 l,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 1,389 26,853 21,689 5,008 31,265 111 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,633;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 1,443 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 1,49628,412 20.563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,426:29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 l,665J29,060 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 1.921131.217 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 2.298.33.218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—May. 31,138 31,041 97 229 1,560,32.972 15,834 34,879 423 890 171 183 ,075 16,761 2,918 19,679 June. 31,540 31,446 94 236 1,635133,454 15,785 35,293 400 794 193 216 ,125 16,800 2.929 19,729 July 32,158 32,014 144 322 1,74034,262 15,664 35,752 393 923 176 201 ,076 16,991 3,029 20,020 Aug.. 32,233 32,171 62 355 1,453134,080 15,602 35,794 394 846 164 200 ,144 16,723 2,996 19,719 Sept.. 32,341 32,243 98 352 1,71034,440 15,582 35,945 401 866 149 196 1,163 16,890 3,055 19,945 Oct.. 32,648 32,464 184 343 1,593 34,628 15,582 36,120 395 918 161 194 1,089 16,920 3,083 20,003 Nov.. 33,126 32,936 190 407 1,771135,353 15,582 36,693 395 938 150 198 1,138 17,017 3,097 20,114 Dec. 33,729 33,626 103 360 2,434,36,610 15,562 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Jan 33,200 33,127 73 289 2,164 35,770 15,513 5,583 36,827 408 965 155 212 1,052 17,247 3,428 20,675 Feb 33,009 32,981 28 311 l,644!35,028 15,480 5,586 36,383 429 926 141 205 991 17,018 3,130 20,148 Mar 33,389 33,348 41 259 1,710 35,454 15,462 5,579 36,615 433 948 153 202 998 17,146 3,067 20,213 Apr 33,498 33,453 45 214 1,798,35,602 15,462 5,580 r36,887 426 924 141 195 987 17,084 3,189 20,273 May 33,907 33,836 71 256 1 ,747 35.981 15.462 5.577 37,106 426 957 148 180 1, 17,092^3.133^20,225 Week ending— 1963 Apr. 3 30,997 30,855 142 204 ,345 321,596 15,878 5,577 34,535 428 895 189 191 1,074 16,740 2,868 19,608 10 31,1*8 31,106 82 117 ,425 32:,779 15,878 5,578 34,745 441 897 184 194 1,076 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 ,522 32,500 15,877 5,582 34,583 438J 963 167 196 997 16.615 3,029 19,644 8 31,350 31,113 237 141 ,545;33,081 15,864 5,580 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 ,471 33,077 15,828 5,570 34,933 416 1,047 156 189 984 16,750 2,910 19,660 2"> 30,914 30,914 304 ,899|33,163 15,828 5,574 34.896 422 931 190 177 1,162 16.787 2,896 19,683 29 '.'.'. 30,910 30,910 266 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 1.853 33,498 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 1.854 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 1,651 34.273 15,733 5,587 35,581 383 863 173 235 1,101 17,257 2,985 20.242 10 32,652 32,308 344 323 1,726 34,744 15,691 5,588 35,899 391 1,022 180 196 1,107 17,228 2,865 20;093 17 32,042 31,939 103 401 1,929134,419 15,669 5,582 35,850 396 922 180 199 1.056 17,067 3,105 20,172 24 31,687 31,687 313 1,990 34,030 15,633 5.584 35,698 391 886 168 193 1^062 16,850 3,078 19,928 31 32,086 32,044 "42 143 1,344 33,611 15,633 5,586 35,564 393 891 179 202 1,069 16,530 3,118 19,648 Aim. 7 32,443 32,373 70 403 ,288 34,174 15,633 5,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 14 32,286 32,253 33 382 ,367 34,075 15,618 5,581 35,879 382 870 167 188 1,038 16,750 2,959 19,709 21 32,017 31,964 53 324 ,787 34,167 15,583 5,583 35,850 394 879 153 185 1.217 16,655 2,999 19,654 28 32,142 32,074 68 305 ,418 33,901 15,583 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 Sept. 4 32,438 32,264 174 355 ,348 34,180 15.582 35.889 391 806 170 192 1,214 16,689 2,995 19,684 11 32,644 32,350 294 385 ,487;34,553 15.583 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18 32,209 32,209 225 ,995 34,465 15^582 36,016 417 942 142 209 1,139 16,770 3,130 19.900 25 32,040 32,040 418 ,937,34,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20,200 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 BANK RESERVES AND RELATED ITEMS 725 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Otheri F.R. rency Total right agree- vances ury Banks and ments coin 3 Averages of daily figures Week ending— 1963 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,: ,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 16 32,784 32,521 263 339 1,567 34,737 15,583 5,582 36,235 392 930 150 194 1,107 16,894 3,095 19,989 23 , 32,226 32,226 392 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 61 229 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 1,31534,842 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 1,58135,138 15,582 5,598 36,625 402 886 146 198 1,001 17,060 3,005 20,065 20 , 32,949 32,773 176 462 2,180 3"5",635 15,582 5,596 36,722 403 1,045 144 208 1,211 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 1,63136,010 15,582 5,580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11 , 33,849 33,759 90 148 1,889999 3355,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 392 907 158 196 1,194 17,204 3,476 20,680 25 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 1,208 17,556 3,445 21,001 1964 Jan. 1 33,655 33,563 92 590 2,752 37,153 15,513 5,580 37,730 381 927 185 227 1,142 17,653 3,796 21,449 8 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 402 966 168 205 1,070 17,685 3,484 21,169 15 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 32,944 32,944 198 2,36535,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 3"-4,780 15,512 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 5 33,009 32,979 277 ,417 34,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 372 ,496 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19 32,887 32,862 291 846 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 ,83534,846 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 ,529 35,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 ,609 35,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 ,758 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 ,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 33,534 155 ,512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 8 33,979 33,916 209 ,593 35,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33,843 191 ,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 ,166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29 33,086 32,985 101 137 ,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 May 6 33,763 33,580 183 213 ,65335,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 13 33,987 33,904 83 314 640 36,020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,075 20,293 20 33,749 33,715 34 298 2,06436,179 15,462 5.573 37,154 427 1.010 143 178 1,195 17,107"3,196"20.303 27 33,839 33,819 20 209 1 ,7"3"9" 35,844 15,462 5,581 37.123 430 927 131 1,250 16,852"3.264"20,116 End of month 1964 Mar.. 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 -1,741 C35,119 15,462 5,579 36,885 413 925 166 193 951 16,629 3,555 20.184 May. 34.229 34,229 226 1,564 36,066 "15,463"5,581 "37,194 "431 997 161 184 1,254 16,890"2,864"19,754 Wednesday 1964 Apr. 34,042 33,916 126 287 1,18735,677 15,463 5,578 36,792 400 695 154 202 1,018 17,457 3,487 20,944 33,932 33,916 16 130 ' ,482" "3,5649 15,463 5,590 37,000 433 912 144 185 1,035 16,993 3,197 20,190 15 33,485 33,485 772 ,729 36,082 15,463 5,575 37,002 443 957 145 189 951 17,432 3,629 21,061 22 32,88" 32,885 148 ,69334,780 15,463 5,576 36,889 42( 970 125 177 945 16,284 3,548 19,832 29 33,140 33,076 64 378 ,45135,067 15,463 5,581 36,878 431 952 140 187 999 16,525 3,680 20,205 May 6 34.229 33,907 32: 247 ,403 35,967 15,463 5,584 37,064 436 785 137 175 962 17,455 3.185 20,640 33,944 33,904 40 179 ,527 35,723 15,463 5,573 37,218 424 829 165 171 875 17,076 3,518 20,594 20'.'.'.'.'. 33,824 33,760 64 530 ,700 36,125 15,463 5,575 37.163 435 1,072 148 170 1,244 16,931"3,486"20,417 27 34,023 34,013 10 204 ,27435,556 15,463 5,582 37;208 43' 884 145 185 1,251 16,490"3,646"20.136 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 BANK RESERVES AND RELATED ITEMS JUNE 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B F r i o . a n a w n g t R k s - . s Free 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 l a d l qu R i e r - ed Excess B F r i o a n . a n w g t R k s - . s s F e r r r e v e - e e s 1929—June. 2,31 2,275 42 974 -93: 762 755 7 174 -167 161 161 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| I 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 4,742 4,616 125 58 67 1,199 1,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954_Dec 19,279 18,576 703 246 45 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 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 39 -31 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 I960—Dec. 19,283 18,514 769 87 68! 3,687 3,658 29 19 10 958 953 -4 1961—Dec. 20,118 19,550| 568 149 419 3,834 3,826 7 57 -50i 987 987 -22 1962—Dec. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 -11 1963—May. 19,679 19,223 456 209 24' 3,770 3,735 35 34 1 1,025 ,025 -8 June. 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 ,032 -4 -7 July.. 20,020 19,537 483 322 161 3,795 3,740 55 40 15 1,038 ,026 12 -12 Aug.. 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 ,007 2 -27 Sept.. 19,945 19,533i 412 321 91 3,748 3,721 27 82 -55 1,029 ,030 -1 -41 Oct.. 20,003 19,596 407! 313 94 3,695 3,693 2 101 -99 1,036 ,028 8 -11 Nov.. 20,114 19,705! 409 376 33 3,683 3,668 15 89 -74 1,035 ,031 4 -36 Dec.. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 5 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 ,044 5 -22 Feb 20,148 19,753 395 304! 91 3,797 3,757 40 47 -7 1,014 ,016 -2 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 ,022 4 -86 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 -2 1,021 ,015 7 -14 May.... 2*20,225 '19,887 255 ^3.833 ^3,832v 26 ^-26 ^1,044 ,042 P2 Week ending— 1963—May 1. 19,644 19,244! 400 94 306 3,848 3,799 49 49 1,020 ,023 -3 -6 8. 19,715 19,354! 361 110! 251 3,839 3,822 17 17 1,032 ,027 5 -21 15. 19,660 19,201| 459 199! 260 3,702 3,711 -9 53 -62 1,021 ,019 3 -3 22. 19,683 19,230i 453 281 172 3,753 3,729 24 81 -57 1,035 ,031 2 29. 19,599 19,122! 477 266 211 3,737 3,683 54 15 39 1,027 ,024 Dec. 4. 20,320 19,7341 586 507 79 3,741 3,707 34 59 -25 1,032 ,027 6 -37 11. 19,994 19,804 190 115 75 3,747 3,745 3 13 -10 1,009 ,012 -3 -6 2 1 5 8 . . 2 21 0 , , 0 6 0 8 1 0 2 2 0 0 , , 1 5 8 2 8 7 4 4 9 74 2 j 2 3 7 1 2 7 2 1 2 5 0 7 4 3 , , 0 91 4 3 6 4 3 , , 0 9 0 0 4 6 42 8 5 1 3 1 -11 2 1 1 , , 0 0 5 8 3 0 1 1 , , 0 0 4 80 4 9 - - 1 2 5 4 1964—Jan. 1 . 21,449 20,663 786 558 228 4,228 4,073 155 67 1,094 1,090 4 -47 8. 21,169 20,706 463 364 99 4,068 4,072 -4 45 1,100 ,091 9 -19 15. 20,905 20,305 600 361 239 3,909 3,864 45 79 1,047 ,043 4 -37 22., 20,463 20,174 289 i 164 125 3,841 3,837 4 15 1,027 ,032 -5 -33 29. 20,200 19,827 373 177 196 3,791 3,780 11 21 1,012 ,007 5 Feb. 5. 20,220 19,854 366 242 124 3,834 3,820 14 24 1,028 ,021 46 -40 12. 20,178 19,776 402 367 35 3,762 3,744 18 89 1,003 ,011 117 -124 19., 20,171 19,751 420 291 129 3,762 3,742 20 4 1,031 ,018 13 132 -119 26. 20,036 19,683 353 200 153 3,733 3,734 -1 35 1,011 ,011 60 -60 Mar. 4., 20,183 19,693 490| 362 128 3,836 3,766 70 65 1,030 ,020 30 -20 11., 19,978 19,664 314! 253 61 3,718 3,707 11 33 999 999 70 -69 18., 20,213 19,838 375! 3581 17 3,801 3,804 -2 32 1,020 ,019 113 -112 25., 20,510 20,002 508; 279 229 3,866 3,837 28 8 1,037 ,033 177 -172 Apr. 1 . , 20,309 20,037 272| 155 117 3,900 3,871 29 2 1,050 ,037 13 32 -19 8.. 20,350 19,928 422 208 214 3 814 3 812 1 1,017 ,015 2 59 -57 15.. 20,368 20,069 2991 190 109 3,822 3,801 21 10 1,014 ,013 1 1 22., 20,323 19,882 441j 319 122 3,736 3,727 9 58 1,017 ,016 1 28 -27 29. , 19,966 19,698 268 j 135 133 3.736 3,721 15 1,013 ,014 -1 2 -3 ! May 6. , 20,277 19,988 2891 211 78 3,910 3,890 20 8 1,056 ,051 5 13., 20,293 19,892 401! 314 87 3,805 3,783 22 13 1,036 ,036 9 -9 20. , ?2O,3O3 '19,896 "407 i 298 3,824 3,825 -1 47 1,056 1,047 27. , ?20,116 '19,783 | 208 3,846 3,818 28 12 1,038 1,035 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 BANK RESERVES AND RELATED ITEMS 727 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 I 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 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 i 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 i 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 I 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 j 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 i 277 1 19 9 5 5 8 9 — _D D e e c c 7 7 , , 9 9 5 4 4 0 7 7 , , 9 8 1 8 2 3 4 5 1 7 4 2 9 5 0 4 - - 1 44 9 9 8 6 5 , , 0 8 2 4 0 9 5 5 , , 5 4 6 1 9 9 4 45 3 0 0 211632 II 2 2 3 6 7 8 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—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 ,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 56 534 Feb 8,122 8,104 19 106 OH 7,215 6,876 339 64 275 Mar 8,208 8,172 36 90 -54 7,176 6,864 312 57 255 Apr 8,234 8,204 30 108 -78 7,230 6,906 323 68 255 May ^8,184 "8,151 144 ''-111 ^7,164 "6.862 ?>3O3 80 "223 Week ending— 1963—May 1 7,987 7,966 21 49 -28 6,789 6.457 333 42 291 8 8,053 8,025 27 58 -31 6,792 6,480 312 26 286 15 7,994 7,954 40 89 -49 6,943 6,517 426 52 374 22 7,986 7,957 29 161 -132 6.910 6,513 397 37 360 29 8,012 7,928 84 172 6,823 6.487 336 77 259 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 8,488 8,463 24 161 -137 7,388 6,979 408 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 1! 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 7.356 6.943 412 57 355 29 8,107 8,083 24 54 -30 7; 109 6,879 230 79 151 May 6 8,215 8,186 118 -89 7,095 6.860 235 80 155 8,198 8,164 34 197 -163 7,254 6,908 346 95 251 20!'.'.'.'.'.'.'.'.'. 8,173 8,144 29 188 -159 ^7,251 '•6,880 2>37l 63 "308 27 8,137 8,105 32 104 -73 ^7,096 "6.825 P271 90 "181 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

728 DISCOUNT RATES JUNE 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 i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous May 31 date May 31 date rate May 31 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 Juiy 24, 1963 July 24, 1963 July 24, 1963 4*4 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 4*4 Kansas City.. July 26, 1963 July 26, 1963 July 26, 1963 Dallas July 17, 1963 July 17, 1963 Sept. 9, 1960 5 San Francisco July 19, 1963 July 19, 1963 June 3,1960 5 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*4-3*4 2V4 1953 1958 Jan. 16 WA-2 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 WA-2 Apr. 18 Oct. 20 15 May 9 Apr. 14 1*4-1% Aug. 15 1934 16 1*4-1% Sept. 12 Feb. 2 IB May 21 1*4 23 Mar. 16. Oct. 24 Nov. 7 1935 1955 J M an ay . 1 1 1 4 ifci* IB Apr-!!:::: 1959 May 2 WA Mar. 6 1937 Aug. 4 — . l%2 16 Aug. 27 1 -2 %% May 29 Sept. 4 1 -1*4 Sept- 1 2 .1 '!' : . : '. : '. :: 2 -2X J S u e n p e t. 1 1 2 1 1942 2 ^ 18 Apr. 11 1 l Nov. 18 Oct. 15 23 30 1960 1946 June 3 Apr. 25 l 1956 10 May 10 l Apr. 13 2^-3 14 20 2M-3 Aug. 12 1948 Aug. 24 23/4-3 Sept. 9 Jan. 12 1 -WA 1% 31 Aug. 1 1 3 9 IWAI 1% 1963 1*4 IB 1957 July 17 3 -3*4 3*4 1950 Aug. 2 9 3 3 -3 V 26 3*4 3*4 Aug. 21 1*4-1% Nov. 15 3 -3 1964 WA Dec. 2 3 In effect May 31 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. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 RESERVE REQUIREMENTS 729 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 * b C re a e c s n n i e k t t r y s r v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e n e t r r d y v v e e C ba o tr n u y k n s - Savin 1 g s y e d a e r p o o r s i m ts o h r e e ld for: } 2* 3 4 banks 3% IneffectDec.31,1948... 26 22 16 71/2 7% Postal savings deposits hel 1 d y f e o a r r : or more } m 3 { k 4 1949_M Ju a n y e 3 1 0 , , 5 J uly . 1 . .. 24 2 2 1 0 1 1 4 5 7 6 7 6 3% Aug. 1, 11 , , 8* 13 5 Aug. 16, 18.... 12 5 Other time deposits pay- { Aug. 25 able in: i J VA 3 ¥ 1951— S Ja e n p . t . 1 1 1, 16 25 11* 13 6 6 6 L e m ss o t n h t a h n s - 9 1 0 y d ea ay r s l ); 1 1 9 9 5 5 3 4 — _j J J J u u a u n l n l y y e . 2 2 1 5 9 6 1 , , , , 2 9 A F 4 e u b g . . 1 1 . . . 2 2 2 2 2 1 0 4 2 1 1 1 0 9 9 8 1 1 12 4 3 5 5 i For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. S* \P BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 it* lished by the Board of Governors under provisions of Regulation Q. Apr. 24 Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 17% any event exceed the maximum rate payable by State banks or trust Nov 24 12 cos. on like deposits under the laws of the State in which the member Dec. 1 I61/2 bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. No M v. a x 1 i , m 1 u 9 m 33 r J a a t n e . p 3 a 1 y , a 1 b 9 l 3 e 5 , o 3 n p a e l r l c ty en pe t; s F o e f b . t i 1 m , e 1 9 a 3 n 5 d - D s e a c v . i n 3 g 1 s , 1 d 9 e 3 p 5 o , s 2 it i s /2 ; In effect June 1, 1964... 16i/2 12 4 4 per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation at central reserve or reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, For short sales 70 50 70 June 21, 1917, until late 1959. Since then, member banks have also been Regulation U: allowed to count vault cash as reserves, as follows: County banks—in For loans by banks on stocks 70 50 70 excess of 4 and 2y2 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 it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending April 1, 1964 Four weeks ending April 29, 1964 Gross demand—Total.. 131,483 24,964 6,200 49,984 50,335 Gross demand—Total.. 132,449 25,108 6,163 50,472 50,706 Interbank '13,807 4,102 1,202 6,784 1,719 Interbank 14,146 4,293 1,236 6,845 1,772 U.S. Govt 5,486 j 121 338 2,142 1,885 U.S. Govt 3,591 727 179 1,386 1,298 Other 112,190 741 4,660 41,058 r46,731 Other 114,712 20,088 4,748 42,241 47,635 Net demand 1 109,140 20,017 5,242 40,656 43,224 Net demand i 109,085 19,780 5,184 40,699 43,422 Time 95,563 12,551 3,926 36,939 42,147 Time 96,223 12,543 3,977 37,244 42,460 Demand balances due Demand balances due from domestic banks. 6,997 131 95 1,970 4,802 from domestic banks. 7,082 136 102 1,972 4,872 Currency and coin 3,094 246 48 948 1,852 Currency and coin 3,165 250 49 969 1,897 Balances with F.R. Balances with F.R. Banks 17,159 3,575 979 7,268 5,337 Banks 17,087 3,527 967 7,260 5,333 Total reserves held 20,253 3,821 1,027 8,216 7,189 Total reserves held.... 20,252 3,777 1,016 8,229 7,230 Required 19,885 3,805 1,022 8,186 6,873 Required 19,894 3,765 1,015 8,205 6,909 Excess 368 16 5 30 316 Excess 358 12 1 24 321 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

730 FEDERAL RESERVE BANKS JUNE 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 . 1963 May 27 May 20 May 13 May 6 Apr. 29 May Apr. May Assets 13,764 13,764 13,766 13,785 13,790 13.764 13.790 14.256 Redemption fund for F.R. notes 1,412 1,417 1,419 1,405 1,405 1,412 ! 1,405 1,268 Total sold certificate reserves • • • 15,176 15,181 15,185 15,190 15,195 15,176 | 15.195 15,524 Cash 156 157 164 180 178 169 188 362 Discounts and advances: Miember bank borrowings 204 530 179 247 373 226 ' 116 208 Other 5 Acceptances: 48 49 50 52 53 47 54 42 Held under repurchase agreement 7 22 23 36 45 39 U.S. Govt. securities: Bought outright: 4,479 4,226 4,391 4,394 3,563 4,643 3,604 2,604 Certificates Soecial Other 3,265 3,265 3.265 3,265 ! 14,438 Notes 24,887 24,887 21,622 21,622 21;622 24,905 21,622 9,680 Bonds 4,647 4,647 4,626 4,626 4,626 4,681 4,626 4,379 Total bousht outright 34,013 33,760 33,904 33,907 33.076 34 229 33 117 31,101 Held under repurchase agreement 10 64 40 322 64 52 ' 153 Total U.S. Govt. securities 34,023 33,824 33,944 34,229 33,140 34,229 33,169 I 31,254 34,282 34,425 34,196 34,564 33,616 34,502 33,378 31.504 Cash items in orocess of collection 5,219 6,088 6,124 5,581 5,724 5 027 I f5 649 4,733 103 103 103 103 103 103 103 102 Other assets: 213 214 214 214 164 213 214 128 All other 159 139 481 458 440 168 441 205 Total assets • • • 55,308 56,307 56,467 56,290 55,420 55,358 C55,168 52,558 Liabilities F R notes 31,933 31,898 31,956 31,823 31,637 31,925 C31,638 •>9 966 Deposits: Member bank reserves 16.490 16,931 17.076 17,455 16,525 16,890 16,629 16,574 U S Treasurer—General account 884 1,072 '829 785 952 997 925 651 Foreign 145 148 165 137 140 161 166 171 Other 185 170 171 175 187 184 193 ; 177 Total deposits 17,704 18,321 18,241 18,552 17,804 18,232 17,913 17,573 Deferred availability cash items 3.945 4,388 4,597 4,178 4,273 3,463 3,908 3,429 Other liabilities and accrued dividends 111 108 102 103 91 112 92 76 Total liabilities 53,693 54,715 54,896 54,656 53,805 53,732 C53,551 | 51,044 Capital Accounts Capital paid in 512 512 511 511 510 512 510 480 Surplus 990 990 990 990 990 990 990 i 934 Other capital accounts 113 90 70 133 115 124 117 100 Total liabilities and capital accounts 55,308 56,307 56,467 56,290 55,420 55,358 C55,168 52,558 Contingent liability on acceptances purchased for 147 144 129 117 116 146 117 : 83 U.S. Govt. securities held in custody for foreign account 7,890 7,911 7,917 7,818 7,840 7,892 7,860 7,886 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).. 33,939 33,948 33,862 33,765 33,782 33,957 33,760 I 31,583 Collateral held against notes outstanding: Gold certificate account 6.527 6,527 6,502 6,502 6,552 6,542 6,552 7,248 Eligible paper 27 59 42 32 69 21 43 75 U.S. Govt. securities 28,407 28,407 28,427 28,427 28,387 28,407 28,387 25,470 Total collateral. 34,961 34,993 34,971 34,961 35.008 34,970 34,982 32,793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 FEDERAL RESERVE BANKS 731 STATEMENT OF CONDITION OF EACH BANK ON MAY 31, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap 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 13,764 678 3,350 729 1,138 942 795 2,236 562 292 641 600 1,801 Redemption fund for F.R. notes 1,412 80 334 79 124 118 83 254 58 26 53 44 159 Total gold certificate reserves 15,176 758 3,684 808 1,262 1,060 878 2,490 620 318 694 644 1,960 F R notes of other Banks 486 26 161 39 35 27 55 25 13 26 10 30 39 169 15 45 6 13 18 21 6 4 5 5 20 Discounts and advances: Secured by U.S. Govt. securities... 209 12 81 4 16 5 18 36 4 4 13 14 Other 17 16 * 1 * Acceptances: Bought outright 47 47 Held under repurchase agreement.. U.S. Govt. securities: Bought outright 34,229 1,715 8,598 1,864 2,815 2.312 1,848 5,893 1,326 681 1,359 1,345 4,473 Held under repurchase agreement.. Total loans and securities 34,502 1,727 8,726 1,868 2,831 2.317 1,882 5,929 1,330 685 1,373 1,359 4,475 Cash items in process of collection.. . 6,341 450 1.296 372 499 478 478 1,058 286 195 346 293 590 Bank, premises 103 3 8 3 6 5 18 22 6 4 6 12 10 Other assets: Denominated in foreign currencies. 213 10 i 57 12 19 12 30 7 5 9 12 29 All other 168 9 41 9 14 11 9 28 7 4 8 7 21 Total assets 57,158 2,998 14,018 3,117 4,677 3.922 3,350 9,603 2,275 1,241 2,451 2,362 7,144 Liabilities F R notes 32,411 1,887 7,837 1,891 2 747 ,™ 1,866 5,843 1,312 586 1 259 973 3 579 Deposits: Member bank reserves 16 890 609 4.525 771 1 290 733 939 2,543 601 417 799 1 001 2 662 U.S. Treasurer—General account.. 997 39 111 52 57 82 63 141 87 48 76 57 118 Foreign 161 6 2 58 8 13 7 8 20 5 3 6 8 19 Other 184 * 117 1 * 3 1 3 * 1 2 1 55 18,232 654 4,877 832 1,360 825 1,011 2,707 693 469 883 1,067 2,854 Deferred availability cash items 4,777 374 846 298 415 376 374 801 210 146 233 225 479 Other liabilities and accrued dividends. 112 6 27 6 10 8 6 18 4 3 4 4 16 Total liabilities 55,532 2,921 13,587 3,027 4,532 3,840 3,257 9,369 2,219 1,204 2,379 2,269 6,928 Capital Accounts Capital paid in 512 24 136 28 46 25 29 73 18 12 23 30 68 Surplus 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 124 6 31 7 9 8 8 21 4 2 6 6 16 Total liabilities and capital accounts.. 57,158 2,998 14,018 3,117 4,677 3,922 3,350 9,603 2,275 1,241 2,451 2,362 7,144 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): May 31 1964 30.0 29.8 29.0 29.7 30.7 30.7 30.5 29.1 30.9 30.1 32.4 31.6 30.5 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 Mav 31 1963 32.4 32.6 32.9 32.1 33.2 32.0 29.9 33.2 30.8 31.7 30.0 35.0 32.0 Contingent liability on acceptances purchased for foreign correspondents 146 7 3 38 8 13 7 8 21 5 4 7 8 20 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 33,957 1,972 8,276 1,941 2,935 2,717 1,956 6,055 1,378 612 1,301 1,041 3,773 Collateral held against notes outstanding: Gold certificate account 6,542 423 1,650 405 500 565 340 1,100 260 112 272 180 735 Eligible paper 21 4 4 13 U.S. Govt. securities 28,407 1,580 6,750 1,600 2,550 2,185 1,650 5,177 1,210 505 1,100 900 3,200 Total collateral 34,970 2,003 8,400 2,009 3,050 2,750 1,990 6,277 1,474 617 1,385 1,080 3,935 1 After deducting $156 million participations of other F.R. Banks. 3 After deducting $108 million 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

732 FEDERAL RESERVE BANKS; BANK DEBITS JUNE 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1964 1964 1963 May 27 May 20 May 13 May 6 Apr. 29 May Apr. May Discounts and advances—Total 204 530 179 247 378 226 116 208 Within 15 days 199 526 175 242 373 218 111 206 16 days to 90 days 5 4 4 5 5 8 5 91 days to 1 year Acceptances—Total 55 71 88 98 47 93 42 Within 15 days 20 38 39 49 55 13 50 8 16 days to 90 days 35 33 34 39 43 34 43 34 U.S. Government securities—Total 34,023 33,824 33.944 34.229 33,140 34,229 33,169 31,254 Within 15 days i 605 917 7,030 7.268 454 343 6,598 450 16 days to 90 days 4,293 3,840 2,294 2,302 8,356 4,667 2,099 5,608 91 days to 1 year 12,447 12,389 10,127 10,166 9.837 12,490 9,979 14,778 Over 1 year to 5 years 14,335 14,335 12,158 12.158 12,158 14,364 12,158 8,233 Over 5 years to 10 years 2,113 2,113 2,105 2,105 2,105 2,131 2,105 2,020 Over 10 years 230 230 230 230 230 234 230 165 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar 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 l d a i r a s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an g N l u e a i t n l h d d e e s r r - s f S ra w n i c ss s 1963—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 1 * 1964—jan 254 10 37 *> 1 201 -} * Feb 271 52 2 1 201 * 3 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts l Annual rate of turnover (billions of dollars) of demand deposits l 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 s h n e 3 g 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—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 60.5 121.1 113.3 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 '349.9 146.0 148.2 72.4 72.8 131.8 129.0 95.5 93.6 49.3 50.4 31.6 30.6 36.0 35.7 May.... 329.7 135.1 135.3 67.7 68.6 125.1 125.8 90.9 91.1 *>47.6 *>48.4 P3O.5 ^31.0 *>35.3 ?35.5 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

JUNE 1964 U.S. CURRENCY 733 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $12 $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 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963-Apr.... 34,645 24,613 2,827 ,539 95 2,232 6,819 11,10210,032 2,975 6,516 242 291 3 4 May... 35,067 24,953 2,850 ,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June... 35,470 25,266 2,878 ,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July.... 35,663 25,368 2,904 ,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 3 4 Aug 35,850 25,487 2,926 ,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept.... 35,891 25,468 2,947 ,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 ,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov.... 37,227 26,536 2,986 ,644 100 2,396 7,359 12,05010,691 3,155 6,988 247 295 3 4 Dec.. .. 37,692 26,807 3,030 ,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 3 4 1964—Jan 36,247 25,500 3,021 1,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb 36,312 25,561 3,044 1,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar.... 36,799 26,000 3,105 1,621 102 2,321 7,096 11,75410,799 3,158 7,094 246 294 3 4 Apr.. . . 36,885 26,063 3,139 1,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 1 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 l Kind of currency T s A o ta p t 1 a n r 9 l . d 6 i o 3 4 n u 0 g t , - A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s H A B e F a g a l . n d e n R d n k . b t s s y Ap 1 r 9 . 6 3 4 0. M 1 a 9 r. 6 3 4 1. Ap 1 r 9 . 6 3 3 0, certificates Agents Gold . . . 15,462 (15,195) 2 267 Gold certificates (15,195) 3 12,379 2,816 I F R notes . . .. . . 33 762 78" 2,122 31,563 31,495 •"2"9.",5:0"5.:" Treasury currency—Total . ... . 5 579 (1,844) 68 188 5,322 5,304 5,139 Standard silver dollars 485 3 * 48? 481 400 4 Silver bullion 1,894 1,844 50 Silver certificates (1,844) 145 1,699 1,715 1.829 Subsidiary silver coin 1 962 13 16 1 931 1 905 1 .759 Minor coin 727 7 724 719 668 United States notes 347 \ 24 322 320 314 In process of retirement 4 164 * 1 163 Ifil 169 Total—Apr. 30, 1964 5 54,803 (17,039) 413 12,379 5,126 36,885 I Mar 31 1964 5 54,639 (17,103) 376 12,374 5,090 i Ifi 7QQ Apr. 30 1963 5 52,887 (17,719) 420 12.778 5.044 34,645 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. 725. 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

734 MONEY SUPPLY JUNE 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - * Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i d d e e p m os a i n ts d l component component 1956—Dec 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.5 29.6 116.0 82.8 149 A 30.2 119.2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—Apr 149.2 31.2 118.1 102.8 149.8 30.9 118.9 103. 4.2 May 149.6 31.3 118.3 103.6 147.5 31.0 116.5 104. 7.1 June 150.2 31.5 118.6 104.6 148.3 31.4 116.9 105. 7.5 July 151.0 31.6 119.4 105.6 149.5 31.8 117.7 106. 7.8 Aug 151.2 31.8 119.5 107.1 149.2 31.9 117.3 107. 6.3 Sept 151.6 31.9 119.7 108.1 150.6 31.9 118.6 108. 6.6 Oct 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109. 5.3 Nov 153.5 32.3 121.2 111.1 154.8 32.6 122.1 110.2 4.4 Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964—Jan 153.8 32.6 121.2 113.9 157.8 32.4 125.4 113.2 4.2 Feb 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr 154.7 33.0 121.7 116.4 155.3 32.7 122.6 116.7 4.2 May P. . 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 Half month 1964— Feb. (1) 154.0 32.7 121.2 114.8 155.4 32.4 123.0 114.3 3.9 (2) 153.7 32.7 121.0 115.3 152.1 32.2 119.9 114.9 5.8 Mar. (1) 154.0 32.9 121.1 115.8 153.2 32.7 120.6 115.6 5.0 (2) 154.5 33.0 121.5 115.9 152.7 32.6 120.1 116.0 7.2 Apr. (1) 154.6 32.9 121.7 116.2 154.5 32.8 121.7 116.5 5.7 (2) 154.8 33.1 121.7 116.6 156.0 32.6 123.4 116.9 May (1) 154.4 33.2 121.3 117.0 153.8 33.0 120.8 117.7 6.1 (2) 154.6 33.4 121.3 117.7 151.2 33.0 118.2 118.5 7.6 June (1) 155.0 33.5 121.5 118.2 153.6 33.4 120.2 118.9 6.2 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. ending— Total C c u o r m re p n o c - y D c d o e e m m po p a s n o it d - d ju e s p a t d o ed - si t i s d d e G e p m o o s a v i n t t . s d 1 ending— Total C c u o r m re p n o c - y D c d o e e m m po p a s n o it d - d ju e s p a t d o ed - si t * s d d e G e p m o o s a v i n t t . s d * nent nent nent nent 1963—Feb. 6 150.4 30.5 119.9 99.5 4.9 1964—Feb. 5 156.1 32.2 123.9 113.9 3.6 13 149.7 30.6 119.1 99.9 4.9 12 155.5 32.5 123.0 114.4 3.6 20 147.7 30.5 117.2 100.2 6.2 19 153.2 32.3 120.9 114.7 5.3 27 146.4 30.4 116.0 100.5 6.7 26 151.5 32.2 119.4 114.9 6.0 Mar. 6 147.5 30.7 116.8 101.0 6.5 Mar. 4 152.4 32.3 120.1 115.2 5.7 13 148.2 30.8 117.4 101.6 4.6 11 153.1 32.7 120.4 115.6 4.6 20 148.7 30.8 117.9 102.0 5.0 18 154.5 32.7 121.8 115.8 4.6 27 146.4 30.6 115.7 102.3 7.3 25 151.9 32.5 119.4 115.9 7.8 Apr. 3 147.1 30.8 116.3 102.7 7.0 Apr. 1 152.7 32.5 120.2 116.2 7.9 10 148.6 31.2 117.4 102.9 4.6 8 153.7 32.9 120.8 116.4 6.0 17 151.3 31.0 120.3 103.0 3.2 15 155.5 32.8 122.7 116.7 5.1 24 150.5 30.8 119.8 103.1 3.6 22 156.6 32.8 123.8 116.7 2.4 29 155.8 32.5 123.2 117.2 3.0 May 1 149.8 30.6 119.2 103.4 4.7 8 148.3 31.2 117.1 103.7 6.7 May 6 154.4 32.9 121.5 117.4 5.6 15 148.5 31.1 117.4 104.1 6.3 13 153.5 33.1 120.4 117.8 6.1 22 146.1 31.1 115.0 104.4 8.2 20 151.5 33.0 118.6 118.1 7.6 29 146.4 30.9 115.5 104.7 7.6 27 150.6 32.8 117.8 118.5 7.7 June 5 147.5 31.3 116.2 104.9 6.8 June 3 P... 152.5 33.1 119.3 118.9 7.2 12 148.9 31.5 117.3 105.1 4.7 10 19 149.5 31.4 118.1 105.2 5.9 17 1 At all commercial banks. less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, the FRS, NOTE.—Averages of daily figures. For back data see pp. 679-92. and the vaults of all commercial banks. Time deposits adjusted are Money supply consists of (1) demand deposits at all commercial banks time deposits at all commercial banks other than those due to domestic other than those due to domestic commercial banks and the U.S. Govt., commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 BANKS AND THE MONETARY SYSTEM 735 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas- net— Gold s r t c o e u i a u n n u r n r g c y t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o v r n c m e d i r a - n l men R F t e e d s s e e e r r c v a u e l ritie O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t t d t i a s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y C c m o a a a n u p n i c e s n i d - t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1 1 9 9 3 3 9 3 — _j D Un e e c . 3 3 0 0 . . 1 4 7 , , 0 6 3 4 1 4 2 2 , , 9 2 6 8 3 6 4 5 2 4 , , 1 5 4 6 8 4 2 2 2 1 , , 1 95 5 7 7 2 1 3 0 , , 1 3 0 2 5 8 1 8 9 , , 1 4 9 1 9 7 2 1 , ,9 4 9 8 8 4 1,2 1 0 3 4 1 9 9 , , 3 8 0 6 2 3 4 7 8 5 , , 4 1 6 7 5 1 4 6 2 8 , , 0 3 2 5 9 9 6 6 , , 8 4 1 3 2 6 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 3332288 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 888 14,741 199,009 184,384 14,624 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—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—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. 21. 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 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356.100 323,600 32,400 May 27 15,500 5,600 336,900 195,900 99,700 65,200 34,000 500 41,300 358;000 325,100 32,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time u. s Government te For- At Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d - - s d i t 2 s 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 2 s Total m b C e a o r n m c k i s a - l b M sa a v n u i k t n u s g a s 3 l S P a S t o e v y s m i s t n - a g l s n e e ig t n 4 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 n i e i m a n 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 3*5 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 l947_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 \,A52 870 1950—Dec. 30.... 114,600 24,600 90 000 117,670 25, 398 92,272 59, 247 36,314 20,009 2,923 2,518 1,293 2,989 668 I960—Dec. 31.... 139,200 28,200 111 000 144,458 29, 356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116 100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118 000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—May 29.... 146,400 30,500 115 900 144,900 30,700 114,200 147,700 104,500 42,800 500 1,200 400 7,100 600 June 29.... 148,300 30,700 117 600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 July 31.... 148,900 30,900 118 000 148,800 31,000 117,800 150,300 106,600 43,300 500 1,300 400 7,400 600 Aug. 28.... 148,200 30,900 117 300 146,900 31, 100 115,800 151,600 107,600 43,500 500 1,200 400 6,100 1,000 Sept. 25.... 149,100 31,000 118 100 148,100 31, 100 117,000 152,300 108,100 43,700 500 1,200 400 9,100 900 Oct. 30.... 150,700 31,100 119 600 152,100 31,300 120,800 154,500 109,900 44,100 500 1,200 400 3,800 800 Nov. 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 1,206 392 6,986 850 1964—Jan. 29?... 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. 26P... 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. 29rP.. 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 May 21 P.. . 151,900 32,500 119 400 150,000 32,400 117,600 165 100 118,400 46,300 400 1,300 400 7,400 900 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLS. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 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 U S .S e . curities a C ss a e s t h s1 b c T a i a l l o p i i n a t i t d i t - a e a l s l Total i I D n e t - erbank * Dema O nd ther r B o o w r- - 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 - Govt. Other co a u c n - ts2 mand Time G U o .S v . t. Other Time 3 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 35,415 177,332165,612 14,065 105,935 45,613 22710.542 14,553 1947_Dec. 31 3 134,924 43,002 81,199 10,723 38,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30.. 256,700154,318 72,715 29,667 57,368 321,394287176 17,914 482 5,952 141,979120,848 482 26,227 13,946 1962—Dec. 28.. 280,397172,822 72,563 35,012 54,939 343,201303,65316,008 535 6,839141,084139,188 3,635 28,046 13,940 1963—May 29.. 282,640176,120 69,220 37,300 47,720 338,250 298,09013,730 540 6,,820 129,540147,460 3,060 28,38013,983 June 29.. 287,411 179,714 69,708 37,989 52,046 347,896 309,42815,042 55111,069• 133,681149,083 1,56328,61213,993 Sept. 25.. 292,200184,470 67,970 39,760 48,920 349,210 308,35014,510 550 8,850 132,380 115522,060 2,930 28,83014,034 Oct. 30. . 293,550185,640 67,860 40,050 48,770 350,510 309,02014,790 550 3,610135,840 154,230 3,690 29,02014,050 Nov. 27. . 296,870188,950 68,190,39,730 51,270 356,4201313,63014,880 550 4,390139,100154,710 4,430 29,13014,068 Dec. 20. . 302,251192,686 69,068140,497 51,536 362,3941319,63615,267 528 6,734141,576155,531 3,702 29,88214,079 1964—Jan. 29?. 298,190190,010 68,050 40,130 48,530 355,410 313,95014,090 570 2,820137,480158,990 3,230 29,53014,095 Feb. 26». 299,450191,340 67,530 40,580 48,830 356,940 314,55013,960 590 5,730133,850160,420 3,320 29,87014,113 Mar. 25*. 303,200194,440 67,610 41,150 48,280 360,310 318,07014,070 630 7,870133,500 116622,000 3,270 29,99014,122 Apr. 29 r: 304,130196,580 66,180 41,370,48,710 361,760 318,45013,700 640 4,180136,620163,310 3.560 30,29014,140 May 27 P. 305,660199,210 65,150 41,300 48,850 363,420 319,50013,680 630 7,200133,080164,910 3,560 30,62014,154 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 7,173 14,278 1945—Dec. 31.. 124,019 26,083 90,606 7,331 3344;,880066 160^12 150,227 14,065 105,921 30,241 219 8,950 114,011 1947_Dec. 313. 116,284 38,057 69,221 9,,0 06 37.,502155,377144,10312,792 240 1,343 94,367 35,360 6510,059 114,181 1961—Dec. 30 .. 215,441 124,925 66,578 23,937 56,,443322 227788,561248,68917,914 481 5,946141,920 82,429 47122,459 1133,,432 1962—Dec. 28.. 235,839140,106 66,434 29,298 54,049297,1"1"6 262,12216,008 535 6,829 141,041 97,709 3,627 24J094 13,429 1963—May 29.. 236,490141,750 63,010 31,730 46,880 290,.5 1_0. 255,28013,730 540 6,820 129,480104,710 3,060 24,360 13,472 June 29.. 241,014145,049 63,542 32,423 51,156 299,887755 226666,17915,042 550 ll,'060133,624105,903 1,545 24,58213,482 Sept. 25.. 244,840148.870 61,810 34,160 48,080300[250 264,56014.510 550 8.,,.85.0 132,320108,330 2,930 24.720 1"3,524 Oct. 30. . 246,080149,670 61,960 34,450 47,950 301,446600 226644,91014,790 550 3,610 135,780110,180 3,690 24,920 13,540 Nov. 27. . 249,070152,650 62,300 34,120 50,470307,060 269,28014,880 550 4,390 139,040110,420 4,430 25,00013,558 Dec. 20.. 254,162156,006 63,196 34,959 50,711312,773 275,12015,267 526 6,729,141,5"3'4 111,064 3,664125,67713,570 1964—Jan. 29*>. 249,790153,050 62,140 34,600 47,670 305,330 268,80014,090 570 2,820 137,420 113,900 3,230!25,38013,586 Feb. 26P. 250,590154,000 61,540 35,050 47,930 306,340 269,09013,960 590 5,730 133,790115,020 3,320;25,67013,604 Mar. 25P. 253,880156,810 61,500 35,570 47,390 309,270 272,11014,070 630 7,870 133,450116,090 3,270125,75013,614 Apr. 29*>. 254,590158,660 60,120,35,810 47,890 310,580 272,40013,700 640 4,180,136,570 111177,310 3,560 26,08013,633 May 27^. 255,720160,860 59,110 35,750 48,000 311,810 273,17013,680 630 7,200 133,030118,630 3,560 26,38013,647 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,0—70 29,845138,304 129,67013,576 64 2122,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,845132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,058 1.9,308 49;579 235,112 209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Dec. 28.. 195,698118,637 52,968 2"4 ,092 47427 249,488 219,46815,309 358 6,086 11'"7,999 79,716 3,550 19,854 6,049 1963—May 29.. 195,892119,515 50,023 26,354 41,009 243,246 213,10413,146 361 6,018 107,939 85,640 2,910 20,082 6,052 June 29.. 199,495122,088 50,399 27,008 44,929 251,221144 222222,61914,388 373 9,761 111,548 86,550 1,440 20,238 6.058 Sept. 25. . 202,599125,458 48,63328,508 42,211251,312 220,73013,837 371 7,936 10"9,959 88,627 2,836 20,377 6,092 Oct. 30.. 203,343126,074 48,56828,701 41.,895251,833 220,47514,083 377 3,154 112,702 90,159 3,553 20,555 6,097 Nov. 27.. 205,816128,811 48,64728,358 44,276 256,778 224,31514,171 376 3,812115,516 90,440 4,244 20,606 6,104 Dec. 20.. 210,127131,712 49,342 2"9,073 44,395 261 469 229,37614,518 382 5,986117,562 90,929 3,499 21,054 6,112 1964—Jan. 29.. 206,179129,103 48,344 28,732 41,480 254.644 223,40413,363 429 2,394113,823 93,395 3.07320.952 6,124 Feb. 26.. 206,916129,888 47,87329,155 41,969 255,804 223,94013,275 448 5,044 110,823 94,350 3,166 21,172 6,130 Mar. 25. . 209,979132.381 47,98529.613 41,171258,229226,541 13,378 489 7,032110,459 95,183 3,054 21,226 6,136 Apr. 29. . 210,375133,873 46,734 29,768 41 889 259,460 226,81713,019 493 3,751 113,314 96,240 3,371 '21,500 6,153 May 27*>. 211,293135,665 45,979 29,649 41 983 260,441227,45913,022 489 6,440110,182 97,326 3,389(21,719 6,161 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 3. 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,889 533 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 7 38,420 3,768 514 1962—Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 10 41,478 3,951 511 1963—May 29.. 46,150 34,370 6,210 5,570 840 47,740 42,810 42,750 4,020 511 June 29.. 46,397 34,665 6,166 5,566 890 48,020 43,248 43,180 19 4,031 511 Sept. 25.. 47,360 35,600 6,160 5,600 840 48,960 43,790 43,730 4,110 510 Oct. 30. . 47,470 35,970 5,900 5,600 820 49,050 44,110 44,050 4,100 510 Nov. 27. . 47,800 36,300 5,890 5,610 800 49,360 44,350 44.290 4,130 510 Dec. 20.. 48,089 36,679 5,872 5,539 826 49,621 44,516 44,467 38 4,205 509 1964—Jan 29.. 48.400 36,960 5,910 860 50.080 45,150 60 45.090 4.150 509 Feb. 26.. 48,860 37,340 5,990 900 50,600 45,460 60 45.400 4 200 509 Mar. 25». 49,320 37,630 6,110 890 51,040 45,960 50 45,910 4,240 508 Apr. 29 n 49,540 37,920 6,060 820 51,180 46,050 50 46,000 4,210 507 May 27 P. 49,940 38,350 6,040 5,550 850 51,610 46,330 50, 46,280! 4,240 507 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 737 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 s1 c b T a i a l l o p i n i a t t i d i a - t e a l s l Totall Interbank i Dema O nc ther r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N aa b i ( i D a e m k r f s - G U o . v S t . . Other co a u c n - ts2 m D a e n - d Time U.S. Other Time Govt. Reserve city member banks: New York City:3,4 1941 Dec 31 1? 896 4 07? 7 265 1 559 6 637 19 86? 17J93? A\ 202 6 866 P, 051 807 1 648 36 1945 Dec 31 26 143 7 334 17,574 1,235 6,439 32 887 30 121 At,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 ?0 393 7 179 11,972 1,242 7,261 98? ?5 A\ 453 12 ?67 040 445 30 2,259 37 1961—Dec. 30 30 ?97 19535 7,862 2,900 11,164 43 538 36 818 « ?96 191 1?67 ?3 6 935 283 3,683 13 1962 Dec 28 32 989 21 954 7,017 4,017 11,050 46 135 37 885 A 207 1,408 22,231 9,256 1,728 3,898 17 1963 May 29 115 ?0 886 6,478 4 751 9,323 43 6?4 35 459 A 207 1 198 19,61?10,164 1 2923 947 16 June 29 3? 847 446 6,506 4,895 9,802 44 981 37 454 AK734 187 05? ?0 351 10 131 794 3,931 13 Sept 25 32957 22 036 5,642 5,279 8,995 44 185 36 361 ,991 202 2,078 19,35310737 1,031 3,945 13 Oct 30 3? 860 765 5,926 5 169 8,776 43 847 35 655 A1,020 209 668 19 57111,187 1,438 3,966 13 Nov 27 33 615 23 103 5,634 4,878 9.259 45 200 36 807 A,272 212 665 20,20111457 1,480 3,966 13 Dec 20 34 827 23 577 6,154 5,095 9,372 46 434 38 327 A 214 1,419 20,96011,446 1,438 3,984 13 T 964 Jan 29 33651 965 5,691 4 995 8 864 44 91? 36 674 1,040 256 351 ?0 06111966 1 2944 161 n Feb. 26 33 611 22 799 5,561 5,251 9,317 45 377 37 010 i1,060 268 901 19 694 1? 087 1,320 4,184 n Mar. 25 34 885 23 653 5,879 5,353 8,530 875 37 661 z1,096 306 1 563 19 453 1? ?43 1,187 4,184 13 Apr 29 34 6?4 967 5,390 5,267 8,864 46 040 37 648 L 304 833 ?0 140 1? 3?7 1,270 4,203 13 May 27 P 35 467 ?4 544 5,619 5,304 9,393 47 346 38 590 I1,071 295 349 19 670 ?05 1,494 4,351 14 Cit 1 y 9 4 o 1 f C D hi e c c a g 3 o 1 :3 . 760 954 1 430 376 1 566 4 363 4 057 L 035 419 476 288 n 1945 Dec 31 5,931 1,333 4,213 385 1,489 459 7 046 ,312 1552 3 462 719 377 12 1947 Dec 31 s 088 1801 2 890 397 1 739 6 866 6 40? 217 7? 4 913 426 14 1961—Dec. 30 7 606 4 6?6 2,041 940 2,603 10 383 9 ?83 6?4 14 369 5 ?68 9 008 35 870 9 1962 Dec 28 8,957 5,418 2,129 1,409 2,280 11432 9 993 1,277 18 410 5264 3025 262 948 13 1963 May 29 8,83? ,4?8 2,050 J .354 2,084 11 143 9 759 1,122 12 346 4 791 3488 165 971 1? June 29 9,08? 5 545 2,071 466 2,136 11 440 10 141 16 584 4 840 3 499 111 974 P Sept 25 9,346 5,796 1,915 1,635 2,094 11623 10036 1,209 12 583 4 669 3 563 327 983 12 Oct. 30 9,211 5,826 1,743 1,642 1,993 11394 9 934 1,218 14 186 4 802 3 714 274 990 12 Nov 27 9 376 6,038 1,731 I 6071 95511 10 103 1,186 14 ?00 4 909 3794 211 993 1? Dec 20 9,61S 6 1,705 ,690 1,970 11 776 10 ?96 1,211 17 395 4 887 3 787 255 996 P 1964 Jan 29 9 5,837 1,823 ,58? 1,994 11 437 9 977 1,075 15 100 4 839 3 948 257 1 002 P Feb. 26 9'473 5 956 1,867 ,600 2,023 11 641 10 056 1,124 15 ?79 4 715 3 9?3 370 1,002 P Mar 25 9 69S 6,064 2,063 568 1,776 11 713 10 1,124 16 47? 4 6?7 889 327 1 011 1? Apr. 29 9 6 088 1,706 2,118 11 676 10 ?63 1,114 16 4.893 4 0?8 166 1,012 1? May 27 v 9,394 6,173 1,706 51 5 2,185 11806 10 414 1,151 23 384 4 810 4 046 185 1,008 12 Other reserve city:4 1941—Dec 31 15,347 7 105 6,467 1,776 8,518 ?4 430 313 l*,356 104 491 1? 557 4 806 1 967 351 1945—Dec. 31 40,108 8 514 29,552 2,042 11,286 51 898 49 085 5 418 30 8 ?4 655 9 760 2 2,566 359 1947—Dec 31 36 040 13,449 20,196 2,396 13,066 49 659 46 467 5,627 22 405 ?8 990 4? 3 1 2 844 353 1961—Dec. 30 68 565 4? 379 19,748 6,43820,216 90 815 81 883 3,350 62 103 44 986?6 381 81 6,997 ?06 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_May 29 73,497 47 300 17,187 9,010 16,603 9? 36? 81 610 5 ?75 91 387 3970633 151 1,131 7,413 19? June 29 .... 74,614 48,164 17,326 9,124 18,526 95,433 85,555 5,811 110 3 793 41 29133 549 407 7,440 194 Sept. 25 75,875 49 757 16,539 9,579 17,478 95 675 84 554 (5,959 97 941 40 34134 1,250 7,557 196 Oct 30 76 106 50,13? 16,324 9,65017,185 9S 705 84 ?66 7,062 94 141 41 359 34 610 1 5007 635 194 Nov ?7 76,776 50,699 16,472 9.60518,887 98 069 85 891 5.949 90 1462 42 69834.692 2,102 7,653 195 Dec 20 78,370 si 891 16,686 9,792 18,778 99 643 87994 7,225 95 op 43 45935.004 1,417 7,697 190 1964—Jan. 29. 76 859 51 034 16,152 9,673 16.826 96 184 84 938 5,512 98 813 41 439 36 076 1,146 7,773 189 Feb. 26. 77,?89 51 5?9 15,994 9,76617,193 96 845 85 456 5,449 105 9 06? 40 ?34 36 606 1,095 7,814 189 Mar. 25 78,288 52,395 15,866 10,02716,863 97,572 86,404 5,495 107 2 796 40 16736 839 1,000 7,815 186 Apr. 29 78 650 5? 811 15,69210,14717,445 98 S69 86601 5,232 117 1 586 41 37 US 1,500 7,984 186 May 27 P 79,226 53,749 15,29410,18316,999 98 750 86,814 5,231 115 2 708 40009 M 751 1,301 8,032 183 Country member banks:3,4 1941—Dec. 31 1? 518 S 890 4,377 2,250 6,402 19466 17415 792 30 10 109 6 ?58 4 1,982 6 1945—Dec. 31 35,00? 5 596 26,999 2,408 10,632 46 059 43,418 1,207 17 5 465 ?4 ?35 1? 494 11 2 525 6,476 1947 Dec 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 17 432 28,37814,56C 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81 646 1,925 37 1,641 46 31 40 7 088 S 885 1962—Dec. 28 80,6?3 44,698 25,425 10,50114,559 97,008 87,34? 1,773 51 1931 46 895 36 69? 172 7,744 5,8?8 1963—May 29 81,448 45,901 24,308 11,239 12,999 96,117 86,276 1,471 51 2,087 43,83038,837 322 7,751 5,832 June 29 82,952 46,934 24,496 11,52214,465 99,361 89,470 1,641 60 3,332 45,06639,371 127 7,894 5,839 Sept 25 84 47,869 24,537 12,01513,644 99,8?9 89,779 1,678 60 ,334 45,59640 111 228 7 892 5 871 Oct. 30 85 166 48 351 24,575 12,24013,941 100 887 90 6?0 1,783 60 ,159 46 97040 648 341 7,964 5,878 Nov 27 86 049 48971 24,810 12 26814 175101 988 91 S14 1,764 60 1485 47 708 40 497 451 7 994 S 884 Dec 20 87,316 SO,0?3 24,797 12,49614,274103 615 9?,759 1,793 56 1,960 48 ?S6 40 693 390 8,377 S,897 1964—Jan. 29 86 4?7 49 ?67 24,678 12,48213,796 10? 111 91 815 1 736 60 1 no 47 48441 405 376 8,016 5 910 Feb. 26 86,593 49,604 24,451 12,53813,436101 941 91,418 1,642 60 1,80? 46 18041 734 381 8,172 5,916 Mar. 25 87,111 50,269 24,177 12,66514,002103,069 92,348 1,663 60 2,201 46,21242,212 540 8,216 5,925 Apr 29 87,785 S1,007 23,946 12,83213,462103 175 92 305 1,629 56 46 9604? 540 435 8,301 S940 May 27 P 87,206 51,199 23,360 12,64713,406102,539 91,641 1,569 56 1,999 45,69342,324 409 8,328 5,952 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Bor- Total Num- Cla a s n s d o f d a b te ank Total Loans U.S. as C s a e s ts h i c b a i a l p i n t i d i t e a s l Total De- Demand r i o n w gs - c c a o a p u c i n - ta ts l ba b o n e f r ks Govt. Other cou a n c- ts 2 mand Time U.S. Time Govt. Other Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92:,,975 34,882 61 9,734 1-3,398 1961—Dec. 30.. 213,904 124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 462 22 13,108 1 19 9 6 6 3 2 — — J D u e n c e . 2 2 9 8 . . . . 2 2 3 3 4 9 , , 2 4 4 4 3 71 1 4 3 4 9 , , 3 44 6 9 3 6 6 5 3 , , 8 0 9 3 1 7 2 3 8 2 , , 9 0 0 4 3 7 5 5 3 0 , , 7 7 0 7 2 0 2 2 9 9 5 7 , , 0 8 9 3 3 6 2 2 6 6 0 4 , , 6 6 0 5 9 4 1 1 5 4 , , 8 8 4 7 4 1 | 4 4 0 3 2 01 6 1 , , 8 0 1 0 5 5 1 1 4 32 0 , , 7 1 •I8 6 \8 9 J^7 1 9 ^0 7 /5 ,^ 3 5 8 5J 0 O9v 3 1 , , , 4 5 9 8 8 4 2 2 3 4 , ,1 7 9 1 1 21 1 3 3 , , 1 1 1 8 9 9 Dec. 20.. 252,579 155,261 62,723 -3,4594 50,337 310,730 273,65715,077 443 6,712140,702110,723 3,57125,27713,284 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 ,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,,292 45,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,636 12,750 4,505 1963—June 29.. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 5"8,462 600 13,008 4,537 Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 ,704 13,548 4,615 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947_Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 25,983 1,914 7,104 1,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 1,521 Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72.:"5 '2"9,642 1,795 7,506 1,497 Insured nonmember commercial banks: 1941_Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,45614,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,17017,664 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,14019,793 4,234 7,173 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31 3 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 285 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288! 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947_Dec. 31 3 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 l,596j 7,261 1961—Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 33 3,822 7,320 1962—Dec. 28. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 1"7,994 77 4,240 7,380 1963—June 29. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1,300 22,076 19,353 105 4,343 7,424 Dec. 20. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10.351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 12 12,192 1,252 194 1961—Dec. 30. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 333,137 3,191 330 1962—Dec. 28. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 355,827 3,343 331 1963—June 29. 40,128 30,533 4,545 5,050 789 41,580 37,585 303 37,273 3,414 331 Dec. 20. 41,664 32,300 4,324 5,041 722 43,019 38,657 292 38,359 3,572 330 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 739 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 t a e nk 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 s * c c b o T a i a u l a l o p i n i a n c t t i d - - i t a t e a s l s l 2 Total 1 m D I a n e n t - e d rba T n i k m ^ e U.S D . ema O O n t t d h h e e r r Time B r in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r k - s 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. 313 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 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. 2 Includes other assets and liabilities not shown separately. parability of figures for classes of banks is affected somewhat by changes 3 See notes; p. 643, May 1964 BULL. in F.R. membership, deposit insurance status, and the reserve classifica- 4 Beginning with May 18, 1964, one New York City country bank tions of cities and individual banks, and by mergers, etc. with loans and investments of $1,034 million and total deposits of $982 Figures are partly estimated except on call dates. million was reclassified as a reserve city bank. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 870-71. NOTE.—Data are for all commercial and mutual savings banks in the See also NOTE, p. 643, May 1964 BULL. United States (including Alaska and Hawaii, beginning with 1959). Com- LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Date Securities Securities Total 1 Loans1 Total 1 Loans * U.S. Other U.S. Other Govt. Govt. 1957—Dec 31 166 4 91 4 57 1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959 Dec 31 18*> 9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960 Dec 31 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec 30 209.8 120 5 65 4 23.9 214 4 123.9 66.6 23.9 1962 Dec 31 2 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963 Dec 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1963 Apr 24 233 5 137.6 64.7 31.2 232.3 136.9 64.0 31.4 May 29 235.5 139.4 64 2 31.9 233.6 138.9 63.0 31.7 June 29 238 4 141 7 64 4 32.3 239 1 143 1 63 5 32.4 July 31 238.0 142.6 62.6 32.8 237.8 142.4 62.5 32.9 Aug. 28 239 2 143 6 62 0 33.6 237.1 142.5 60.8 33.7 Sept 25 241.5 145.4 62.2 33.9 241.9 146.0 61.8 34.2 Oct. 30 241.2 146.1 60.8 34.3 242.4 146.0 62.0 34.5 Nov 27 244 2 148 4 61 4 34.4 245 0 148.6 62.3 34.1 Dec 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964 Jan 29^ . 246.7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb. 26*> 248 4 151.8 61.2 35.4 247.2 150.6 61.5 35.1 Mar 25*> 251.4 153.9 62.1 35.4 249.9 152.8 61.5 35.6 Apr. 29*> 251 8 155.4 60 8 35.6 250.6 154.7 60.1 35.8 May 27^ 253.5 157.3 60.3 35.9 251.5 156.7 59.1 35.8 1 Adjusted to exclude interbank loans. For description of seasonally adjusted series, see July 1962 BULL. pp. 2 Data are estimates. 797-802. Data are for last Wed. of month and are partly estimated (except for NOTE.—All data in this table are revised, For back data, including June 30 and Dec. 31 call dates). revisions, see pp. 693-97. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 COMMERCIAL BANKS JUNE 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government Class of lo T a o n t s a l 1 C m o e m r- - o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total 2 d t a c r i u n i n i a s a d - - l l A c tu u g l r r - - i- b k d a T r e e n o o r a d - s l- ot T h o ers ba T n o ks o T th o ers R t e a e s t - a e l u v i d t a i n o i d - l - s - Other Total Bills c C t a i e f t i e r - - s Notes Bonds s g r l a o i e o t n c c i v e d u a t s l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31. 116,284 38,05718,167 ,660 8301,220 115 9,393 5,723 947 69 2,193 7,789 6,034 53,205 276 3,729 1961—Dec. 30. 215,441124,925 4"5,172 248 4,056 2,134 1,033 7,31130,320 27,847 3,412 66 11,488 2,114 26,336 2266,641 _, 345 3,592 1962—Dec. 28. 235,839140,106 48,673 097 5,144 2,131 2,578 8,45934,25930,5533,909 66,434 11,674 3, $,84126,987 24,755 4,543 1963—June 29. 241,014145,049 49;862 7^5414,645 2,233 1,934 8,64936,725 32,,6613,812 63 9,128 3,216 233,82127,378 27,817 4,606 Dec. 20. 254,162156,006 52,947 7";470 5,353 2,509 3,605 9,47939,056 34,550 4,034 63 11,059 1,,658 222,41528,06529;786 5,173 AH insured: 1941—Dec. 31. 49,290 21,259 9,214 ,450 614 662 40 4,773 4 505 21,046 3,15916,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,461 ,331144 3,164 3,606 49 4,677 2,361 1,132 88,912 2,45519,07116,04551,342 3,873 3,258 1947—Dec. 31. 114,274 37,58318,0121,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,91852,347 5,129 3,621 1961—Dec. 30. 213,904 124,348 44,9656,211 4,030 2,107 1,027 7,296 30,21127,708 3,396 66.02611,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28. 234,243 1'3"9 ,4•4"9 4-8 ^'5"8 7,060 5,119 2,103 2,551 8,434 34,123 3300,402 3,890 6589111,514 3,916 23,715 26,746 24,547 4,356 1963—June 29. 239,447144,363 49,660 7,513 4,6"1"52 2,203 1,902 8,620 36,558 32,506 3, 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 38,86134,383 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 3,00715,561 090 2,871 1945—Dec. 31. 107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,9001,057 78,338 2,27516,98514,27144,807 ,815 1947—Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,81545,295 199 3,105 1961—Dec. 30. 179,599106,232 40,931 3,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,691 2,617 1962—Dec. 28. 195,698118,637 43,843 4,419 4,954 i;777 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,249 1"9,443 414 20,773 3,319 1963—June 29. 199,495122,088 44,701 4,664 4,436 1,8801,844 8,134 29,127 26,366 3,557 50,399 6,863 2,608 19,423 ,533 3,475 Dec. 20. 210,127131,712 47,403 4,659 5,124 2,136 3,439 8,875 31,009 27,908 3,765 49,342 8,032 1,307 18,0—72 21,932 25,210 3,864 New York City: 1941—Dec. 31. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,325 100,339 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30. 30,297 19,53511,278 231,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28. 32,989 21,95411,943 17 22,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—June 29. 32,847 21,446 1111,630 13 2,308 448 546 2,044 1,845 2,1611,034 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 of Chicago : 1941—Dec. 31. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—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: 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 1,342 1,053 1961—Dec. 30. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28. 73,130 46,567 1177,6601,1791,053 752 1,020 3,58311,030 9,860 1,266 1"8,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29. 74,614 48,16417,8051,2451,090 786 751 3,88611,68310,464 1,380 17,326 1,685 1,191 7,281 7,168 8,163 961 Dec. 20. 78,370 51,89118,8621,2191,243 891 1,224 4,286 12,52511,106 1,462 16,686 2,152 545 6,600 7,390 8,810 981 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,2221,028 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 1,3421,067 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 2,0061,262 1961—Dec. 30. 73,131 39,69310,,165 2,811 591 438 116 1,25113,24211,132 751 24,407 3,614 566 9,560 10,667 7,530 1,500 1962—Dec. 28. 80,623 44,69811,2993,187 728 447 764 1,56314,44112,273 ,425 4,144 1,223 8,84911,209 8,6941,807 1963—June 29. 82,952 46,93412,215 33,378 680 469 412 1,46315,206 1133,186 856 24,496 3,112 1,106 8,85111,427 9,6921,830 Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,53111,87110,3"8-5 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 221144 12,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,883300 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,982 ,224 1963—June 29. 41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 225544 1133,143 2,265 608 4,398 5,873 4,284 1,131 Dec. 20. 44,035 24,295 5,5"4"4 2",811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 ,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. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 COMMERCIAL BANKS 741 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 t f e d B s F w e R a r . i n e v 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 3 ju p m D s o d a a t e d s e e n - i - - d t d s 4 me D I s o n ti - t c e 3 rba e F n ig k o n r- 5 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o f a e e e e i f t n e c f c r r i d d t s k . - i ' s - , IPC I b n a t n e k r- P G U S i a o n o a n . s g S v v t d a s . - t l . S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p l - n i t - s Total: 2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.. 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.. 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6.450 90,9913,627 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 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8"8"6' 3664 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 ,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 90,771144 3,584 23,712 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 3; 57125,27i 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 2122,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 438 18,638 1962—Dec. 28.. 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,.5.5.0 19,854 1963—June 29.. 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80',, 322 1,4"4"0 20,238 Dec. 20.. 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,,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 ,728 3,898 1963—June 29.. 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 326 9,746 794 3,931 Dec. 20.. 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,9201,438 3,984 City of Chicago: 1941—Dec. 31.. 1,021 298 2,215 ,027 127 233 34 2,152 476 288 1945—Dec. 31.. 94: 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 2,566 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 31,9821,416 7,697 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 ,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 ,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1961—Dec. 30.. 5,210 1,678 5,881 43,575 ,910 1,641 5,320 796 40,095 108 1,891 29,834 40 7,088 1962—Dec. 28.. 4,817 1,947 5,389 44,689 ,753 1,931 5,337 756 40,801 100 2,242 34,350 172 7,744 1963—June 29.. 4,933 1,599 5,182 42,524 ,617 3,332 5,610 755 38,700 94 2,631 36,647 127 7,894 Dec. 20.. 4,919 1,884 5,060 46,049 ,764 1,960 5,590 790 41,877 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 44: 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 3 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States. These 4 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. Comparability of figures for classes of banks is affected somedemand deposits other than domestic commercial interbank and U.S. what by changes in F.R. membership, deposit insurance status, and the Govt., less cash items in process of collection. reserve classifications of cities and individual banks, and by mergers, etc. ^ See note 6, May 1964 BULL., p. 589. Also see NOTE, May 1964 BULL., p. 589. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 WEEKLY REPORTING MEMBER BANKS JUNE 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total Loans Wednesday 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 a a s v e n t d e n e d - s t d t s - 2 j L u o s a t a d e n - d s 2 i C n m t a c r o d i n e i a m u a r d l s l - - - A t c u g u r r l a - i l - G c a T U t u o i n o e . n v d S s - t b . . d r e o O a k c t l s u e t i e e h e r r r - s e s i s - r G c U t s u T o i e e . r v o S - s i t - . . oth O c e t s u t i r e h e r s - s e i- r F ei o g r n B - an c k m m D c o t i i e e m o a c r s - l - - - f P s C i a e n a e O N n t l a r c S e d o s n . . s , . n . ba O n t k her es R ta e t a e l ot A h l e l r V s t e i a r r o e l v n u - e a s - Total- Leading Cities 1963 May 1 133,015 130,890 82,961 35,297 1,540 1,036 3,064 1,459 684 2,125 3,983 2,762 16,237 18,751 1,937 8 131,491 129,777 82,285 35,192 1,538 840 2,836 1,469 679 1,714 3,819 2,769 16,310 18,694 1,938 15 132,329 130,716 82,963 35,393 1,548 747 3,063 1,475 694 1,613 3,918 2,796 16,421 18,765 1,934 22 131,969 130,540 82,755 35,227 1,555 634 3,160 1,488 707 1,429 3,770 2,800 16,502 18,769 1,932 29 131,565 129,843 82,280 35,028 1,560 294 3,070 1,492 702 1,722 3,754 2,869 16,537 18,833 1.934 1964 Apr. 1 141,144 138,373 92,002 38,308 1,496 343 3,796 109 1,785 1,071 2,771 4,640 3,539 18,366 20,601 2,052 8 141,065 138,844 91,345 37,964 1,492 561 3,706 103 1,806 1,088 2,221 4,159 3,506 18,393 20,620 2,053 15 141,142 139,288 92,191 38,252 1,494 593 3,732 102 1,810 1,112 1,854 4,369 3,549 18,461 20,771 2,054 22 140,405 138,001 91,592 38,015 1,501 432 3,679 100 1,796 1,123 2,404 4,146 3,525 18,488 20,841 2,054 29 140,858 138,680 92,208 38,057 1,510 434 3,613 101 1,804 1,124 2,178 4,310 3,571 18,520 21,217 2,053 May 6 141,284 139,050 92,796 38,307 1,517 615 95 1,808 1,110 2,234 4,367 3,564 18,530 21,308 2,062 141,266 138,888 92,886 38,394 1,523 615 93 1,831 1,105 2,378 4,322 3,562 18,606 21,325 2,064 2O'.'.'.['.'.'.'.'.'.'.'. 141,120 139,185 93,275 38,416 1,538 634 95 1,837 1,101 1,935 4,378 3,578 18,658 21,373 2,056 27 141,426 139,030 93,172 38,321 1,545 534 3,783 1,838 1,117 2,396 4,322 3,584 18,700 21,388 2,056 New York City 1963 May 1 32,453 31,793 20,582 11,564 588 1,698 410 323 660 1,379 538 1,519 3,097 563 8 31,491 30,992 20,134 11,474 508 1,524 415 319 499 1,259 535 1,561 3,077 563 15 31,810 31,461 20,449 11,553 429 1,690 419 326 349 1,342 522 1,608 3,099 563 22 31,530 31,278 20,194 11,492 339 1,688 424 334 252 1,221 520 1,626 3,089 563 29 31,374 30,829 19,935 11,420 121 1,664 429 330 545 1,230 525 1,646 3,108 563 1964 Apr. 1 34,311 33,310 22,931 12,430 188 2,230 584 556 1,001 1,582 716 1,889 3,278 566 8 34,058 33,429 22,606 12,233 289 2,207 578 570 629 1,330 719 1,907 3,295 567 15 33,962 33,507 22,838 12,302 259 2,201 579 576 455 1,483 730 1,925 3,306 567 22 33,883 32,901 22,512 12,146 230 2,172 579 587 982 1,323 734 1,931 3,333 567 29 34,129 33,201 22,781 12,125 247 2,150 580 572 928 1,480 758 1,945 3,446 567 May 6 33,914 33,169 22,883 12,148 325 2,134 26 580 572 745 1,444 784 1,954 3,462 566 13 33,810 33,045 22,772 12,191 312 2,041 26 583 567 765 1,401 787 1,968 3,442 566 20 33,683 33,124 22,897 12,202 317 2,112 26 586 558 559 1,435 777 1,973 3,457 566 27 33,882 33,206 22,967 12,195 2,190 26 586 579 676 1,438 774 1,977 3,450 567 Outside New York City 1963 May 1 100,562 99,097 62,379 •23,733 1,528 448 ,366 1,049 361 ,465r2,604 2,224 14,718 15,654 ,374 8 100,000 98,785 62,151 '23,718 1,525 332 ,312 1,054 360 1,215r2,560 2,234 14,749 15,617 ,375 15 100,519 99,255 62,514 '23,840 1,536 318 ,373 1,056 368 1,264r2,576 2,274 14,813 15,666 371 22 100,439 99,262 62,561 '23,735 1,543 295 ,472 1,064 373 1,177r2,549 2,280 14,876 15,680 ,369 29 100,191 99,014 62,345 '23,608 1,547 173 ,406 1,063 372 1,177'2,524 2,344 14,891 15,725 ,371 1964 Apr. 1 106,833 105,063 69,071 25,878 1,476 155 ,566 1,201 515 1,770 3,058 2,8231 16,477 17,323 ,486 8 107,007 105,415 68,739 25,731 1,472 272 ,499 1,228 518 1,592 2,829 2,787 16,486 17,325 ,486 15 107,180 105,781 69,353 25,950 1,474 334 ,531 1,231 536 1,399 2,886 2,819 16,536 17,465 ,487 22 106,522 105,100 69,080 25,869 1,481 202 ,507 1,217 536 1,422 2,823 2,791 16,557 17,508 ,487 29 106,729 105,479 69,427 25,932 1,490 187 ,463 1,224 552 1,250 2,830 2,813 16,575 17,771 ,486 May 6 107,370 105,881 69,913 26,159 1,497 290 ,503 1,228 538 1,489 2,923 2,780 16,576 17,846 ,496 107,456 105,843 70,114 26,203 1,503 303 ,533 1,248 538 1,613 2,921 2,775 16,638 17,883 ,498 20'.'.'.'. '.'.'.'.'.'.'.'. 107,437 106,061 70,378 26,214 1,518 317 ,611 1,251 543 1,376 2,943 2,801 16,685 17,916 ,490 27 107,544 105,824 70,205 26,126 1,524 236 ,593 1,252 538 1,720 2,884 2,810 16,723 17,938 ,489 For notes see p. 744. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 WEEKLY REPORTING MEMBER BANKS 743 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U.S. Government securities assets— Wcdnc*day 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 d t a n o r g s b — o 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l e k e h - s s s- b a w e B 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 R t - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t u i d t s a l a n i l - l ts Total- Leading Cities 1963 May 1.. 30,689 4,537 ,841 2,441 14,168 7,702 17,240 18,028 3,361 194 ,554 12,919 5,126 171,271 8.. . 30,277 4,156 ,857 2,444 14.203 7,617 17,215 17,341 2,943 200 ,567 12.631 5,076 166,664 15 30,481 4,342 ,754 2,381 14,618 7,386 17,272 17,716 3,256 199 ,628 12,633 5,020 171,255 30,225 4,220 .779 2,378 14,602 7.246 17,560 17,606 2,977 207 ,648 12,774 4,952 167,600 29 29.966 4,145 ,774 2^90! 7.127 17,597 16.910 2,931 210 ,618 12,151 5,074 167,292 1964 Apr. 26,870 4,081 109 2,871 14,133 5,676 19,501 18,881 3,727 255 ,717 13,182 5,674 181,656 27,960 4,836 113 2,923 14,454 5,634 19,539 17,329 2,870 254 ,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 ,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 ,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 ,842 12,434 5,714 177,812 May 6.. 26,664 3,820 194 3,092 14,047 5,511 19,590 17,909 2,922 281 ,640 13,066 5,687 179,362 13 26,440 3,640 206 3,118 14,015 5,461 19,562 17.896 3,088 263 ,836 12,709 5,729 180,092 20 26,488 3,772 3,744 13,117 5,855 19,422 17,724 2,950 268 ,778 12,728 5,616 178,563 26.311 3,689 3,813 12.980 5.829 19,547 17,558 3,021 276 ,849 12.412 5,652 178,443 27.. New York City 1 1963 May 1. . 6,639 1,850 245 501 2,390 1,653 4,572 4,240 112 77 227 3,824 2,165 44,455 8.. . 6,406 1,6251 266 490 2,399 1,626 4,452 3,934 71 82 242 3,539 2,139 42,054 15... 6,564 1,875 232 347 2,582 1,528 4,448 4,087 100 76 231 3,680 2,100 43,660 22.. 6,452 1,794 230 347 2,591 1,490 4,632 4,193 117 79 239 3,758 2,097 42,337 29.. 6.238 1,6301 235 357 2,544 1,472 4,656 3,903 79 85 227 3,512 2,136 42,708 1964 Apr. 1......... 5,382 1,161 490 2,654 1,056 4,997 4,604 562 113 255 3,674 2,486 47,440 8 5,842 1,503 480 2,779 1,058 4,981 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 2,694 1,038 5,209 3,635 58 121 263 3,193 2,547 44,400 29 5,235 972J 490 2,683 1,041 5,185 4,003 56 120 263 3,564 2,512 45,449 May 6., 5,236 926 549 2,646 1,043 5,050 4,152 55 122 260 3,715 2,474 45,514 13.. 5.251 996 551 2,620 ,003 5,022 4,221 73 110 267 3,771 2,529 45,482 20.. 5.323 1,128 818 2,302 ,075 4,904 4,439 56 115 262 4,006 2,455 45,139 27.. 5.323 1,141 806 2.294 ,082 4,916 4,261 102 121 269 3,769 2,417 45,525 Outside New York City 1963 May 1.. 24,050 2,687 ,596 1,940 11,778! 6.049 12,668 13,788 3,249 117 ,327 9,095 2,961 126,816 8.. . 23,871 2,531 ,591 1,954 [ 1 804J 5,991 12,763 13,407 2,872 118 ,325 9,092 2,937 124,610 15... 23,917 2,467 ,522 2,034 12'036j 5,858 12,824 13,629 3,156 123 ,397 8,953 2,920 127,595 23,773 2,426 ,549 2,031 12,011 5,756 12,928 13,413 2,860 128 ,409 9,016 2,855 125,263 23.728 2,515 ,539 2,033 11.986! 5,655 12,941 13,007 2,852 125 ,391 8,639 2,938 124,584 1964 Apr. 1. 21,488 2,920 2,381 11,479 4,620 14,504 14,277 3,165 142 ,462 9,508 3,188 134,216 8. 22,118 3,333 91 2,443 11,675 4,576 14,558 13,425 2,780 137 1,434 9,074 3,177 132,589 15. 21,862 3,148 93 2,521 11,547 4,553 14,566 14,109 3,092 135 1,517 9,365 3,123 135,880 22. 21,429 2,742 105 2,526 11,538 4,518 14,591 13,409 2,937 135 1,537 8,800 3,146 132,811 29. 21,478 2,834 106 2,532 11,501 4,505 14,574 13,376 2,781 146 1,579 8,870 3,202 132,363 May 6....... 21.428 2,894 122 2,543 11,401 4,468 14,540 13,757 2,867 159 1,380 9,351 3,213 133,848 13 21,189 2,644 125 2,567 11.395 4.458 14,540 13,675 3,015 153 ,569 8,938 3,200 134,610 20 21,165 2,644 2,926 10,815 4,780 14,518 13,285 2,894 153 1,516 8,722 3,161 133,424 27 20,988 2,548 3,007 10.686 4,747 14,631 13,297 2,919 155 1,580 8; 643 3,235 132,918 For note* see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 WEEKLY REPORTING MEMBER BANKS JUNE 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ! ital Wednesday Total mand Do- Other time From liabili-l acj u us n t a e d d - 4 j p u o a s d t d s e e - i - t d s 5 Total6 IPC G S l a o t o n c a v d a te t l . e F i o gn r- 7 G U o .S v . t. c m m c o t i e i e m a c s r l - - - Total8 S i a n v g - s IPC S l a o t n c a d a te l e F ig o n r- 7 B F a . n R k . s F ot r h o e m rs ties i counts banks Govt. 148,923 63,699 95,172 67,004 5,993 ,6914,957 11,414 53,751 35,82210,679 4,019 2,834 75 2,671 5,737 13,865 144,163 61,888 90,137 63,914 5,376 ,773 4,191 11,302 54,026 35,90910,854 4,052 2,818 332 2,551 5,738 13,880 148,507 61,006 94,266 66,197 5,364 ,748 5,20411,866 54,241 35,95211,036 4,027 2,834 565 2,481 5,833 13,869 144,892 61,245 90,477 63,760 5,367 ,672 5,481 10,678 54,415 36,01411,133 4.039 2,847 732 2,293 5,817 13,866 144,714 61,143 90,176 64,260 5,399 ,635 4,537 10,753 54,538 36,04811,175 4; 076 2,857 79 2,662 5,926 13,911 157,257 62,532 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 1,752 3,91711,638 61,670 38,667722 14,625 4,369 3,523 103 2,917 5,947 14,796 157,911 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 14,878 152,622 64,341 90,665 67,881 5,314 1,820 ,30910,946 61,957 38,45914,757 4,588 3,684 103 3,279 6,337 14,870 153,455 63,959 91,232 66,813 5,529 1,806 2,94810,464 62,223 38,43714,950 4,660 3,704 276 2,884 6,283 14,914 155,135 62,261 92,770 65,246 5,843 1,7914,78111,246 62,365 38,53314,920 4,705 3,736 189 2,866 6,193 14,979 155,564 61,797 93,058 66,429 5,223 1,7414.97311,087 62,506 38,57115,060 4,665 3,740 103 3,055 6,400 14,970 153,924 60,692 91,135 64,709 5,039 1,747 5; 43310,907 62.789 38,63215,242 4,694 3,748 477 2,842 6,363 14,957 153,971 61,656 90,974 64,882 5,107 1,793 5,02910,482 38,66415.411 4,724 3,729 108 3,043 6,319 15,002 36,615 16,422 26,831 17,405 755 ,259 ,579 ,2331 9,784 4,175 3,126 265 2,026 ,073 2,883 3,884 34,122 15,372 24,287 15,974 312 ,3411,279 ,146 9,835 4,194 3,172 265 2.011 ,185 2,860 3,887 35,416 15,004 25,529 16,620 311 304 1,466 ,396 9,887 4,204 3,212 270 2,020 257 ,248 2,854 3,885 34,116 15,262 24,203 15,976 331 ,2511,462 ,962 9,913 4,216 3.211 274 2,030 282 ,226 2,838 3,875 34,653 15,025 24.711 16,414 394 ,2251,185 3,206 9,942 4,215 3,231 279 2,035 ,293 2,887 3,875 38,922 16,106 26,805 17,457 364 ,363 ,516 3,144 12,117 4,484 4,500 389 2,452 ,582 2,774 4,162 36,927 15,797 24,721 16,665 284 ,282 ,192 3,012 12,206 4,468 4,557 395 2,497 ,285 2,806 4,164 37,907 16,758 25,822 17,708 881 ,349 289 3,233 12,085 4,430 4,430 391 2,559 ,572 2,8111 4,163 35,891 16,142 23,676 16,919 274 ,363 248 2,951 12,215 4,427 4,507 383 2,619 ,385 2,932 4,161 37,119 16,285 24,857 17,123 377 ,338 824 2,943 12,262 4,418 4,563 384 2,618 1,285 2,887' 4,158 37,290 15,415 25.063 16,150 529 ,339 ,525 3,149 12,227 4,424 4,484 403 2,640 20 1,107 2,902 4,195 37,011 15,257 24,782 16,419 271 ,288 ,521 3,082 12,229 4,425 4,484 402 2,643 1,352 2,924 4,195 36,517 15,030 24,134 16,139 268 ,295 ,432 3,110 12,383 4,430 4,616 401 2,661 213 1,316 2,905 4,188 37,018 15,316 24,564 16,402 274 ,326 ,330 2,953 12,454 4,433 4.714 400 2,635 1,463 2,855 4,183 ! 112,308 47,277 68,341 49,599 5,238 432 3,378 8,181 43,967 31,647 7,553 3.754 808 75 1,598 2,854 9,981 110,041 46,516 65,850 47,940 5,064 432 2,912 8,156 44,191 31,715 7,682 3,787 807 332 1,366 2,878 9,993 113,091 46,002 68.737 49,577 5,053 444 3,738 8,470 44,354 31,748 7,824 3,757 814 308 1,233 2,979 9,984 110,776 45.983 66,274 47,784 5,036 421 4,019 7,716 44,502 31,798 7,922 3.765 817 450 1,067 2,979 9,991 110,061 46,118 65.465 47,846 5,005 410 3,352 7,547 44,596 31,833 7,944 3,797 822 79 1,369 3,039 10,036 118,335 46,426 69,006 49,202 4,985 478 3,614 9,048 49,329 34,220 9,918 3,992 ,005 223 M 3,152 10,618 117,081 47,286 67,617 49,787 4,484 470 2,725 8,626 49,464 34,204[0,068 3,974 ,026 103 1,632 3,141 10,632 1 1 1 1 1 2 6 6 0 , , , 7 3 0 3 3 0 1 6 4 4 4 4 9 8 7 , , , 2 1 6 2 9 7 9 9 4 7 6 6 0 6 6 , , , 5 3 9 7 7 8 9 5 9 4 5 5 9 3 0 , , , 6 1 9 4 9 6 6 0 2 5 5 5, , , 1 3 0 5 2 4 2 3 0 4 4 4 5 6 5 4 8 7 2, , , 1 0 0 2 9 6 4 1 1 7 8 7 , , , 5 7 9 2 9 9 1 1 5 4 4 4 9 9 9 , , , 9 4 7 6 2 4 1 5 2 3 3 3 4 4 4 , , , 0 0 0 5 1 3 3 9 2 1 1 1 0 0 0 , , , 3 2 0 8 5 7 7 0 8 4 4 4 , , , 2 0 2 7 5 0 6 7 5 , , , 0 0 0 4 6 8 5 5 6 6 2 4 7 7 6 6 2 1 1 1 , , , 2 5 8 6 9 9 9 9 4 3 3 3 , , , 4 3 2 0 9 4 5 6 6 1 1 1 0 0 0 , , , 7 7 7 1 5 0 5 6 9 117,845 46,846 67,707 49,096 5,314 4523,256 8,097 50,138 34,10910,436 4.302 ,096 169 1,759 3,291 10,784 118,553 46,540 68,276 50,010 4,952 4533,452 8,005 50,277 34,14610,576 4,263 ,097 103 1,703 3,476 10,775 117,407 45,662 67,001 48,570 4,771 4524,001 7,797 50,406 34,20210,626 4,293 ,087 264 1,526 3,458 10,769 116,953 46.340 66,410 48,480 4,833 467 3,699 7,529 50,543 34,23110,697 4.324 ,094 102 1,580 3,464 10,819 1 After deduction of valuation reserves. 6 Includes certified and officers' checks and deposits of mutual savings 2 Exclusive of loans to domestic commercial banks and after deduction banks, not shown separately. of valuation reserves; individual loans items are shown gross. 7 Deposits of foreign governments and official institutions, central 3 Excludes cash items in process of collection. banks, international institutions, banks in foreign countries, and foreign 4 Total demand and total time deposits. branches of U.S. banks other than reporting bank. 5 Demand deposits other than domestic commercial interbank and 8 Includes U.S. Govt., postal savings, domestic commercial interbank U.S. Govt., less cash items in process of collection. and mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 BUSINESS LOANS OF BANKS 745 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1964 1964 1964 1963 1963 M 2 a 7 y M 2 a 0 y M 1 a 3 y M 6 ay A 2 p 9 r. May Apr. Mar. I IV III h 2 a n l d f h 1 a s l t f Durable goods manufacturing: Primary metals 693 691 688 703 702 -9 32 27 53 4 5 9 -38 2,165 2,168 2,187 2,218 2,204 -39 -49 32 83 177 9 186 151 Transportation equipment . ... 908 915 889 905 850 58 -43 36 12 -5 -90 -95 -91 Other fabricated metal products... 954 939 936 931 903 51 24 57 72 -51 -7 -59 58 1,139 1,141 1,145 1,127 1,119 20 37 71 40 -90 23 -67 91 Nondurable goods manufacturing: Food, liquor, and tobacco 1,283 1.295 1,303 1,310 1,328 -45 -131 -41 -459 496 148 644 -593 Textiles, apparel, and leather 1,536 1,552 1,555 1,533 1.515 21 -27 95 211 -238 71 -167 288 Petroleum refining 1,055 1,067 1,070 1,066 1,070 — 15 -25 -54 -92 72 27 99 7 1,141 1,142 1,143 1 ,146 1,153 -12 48 79 108 -20 -40 -60 66 Other nondurable goods 918 917 912 901 897 21 40 17 8 -96 60 -36 92 Mining, including crude petroleum and natural cas 2,696 2,693 2,710 2.678 2,679 17 -10 -213 413 30 443 237 Trade * Commodity dealers 923 952 962 997 1,031 -108 -137 -109 -254 348 235 583 -263 Other wholesale 2,076 2,089 2,075 2,057 2 044 32 A 55 -19 125 -30 95 23 Retail 2,602 2,653 2,618 2,633 2,518 84 23 124 -17 220 -67 154 52 Transportation, communication, and other public utilities 4,009 3,992 4,003 3,994 4.056 -47 -44 -65 -423 546 -16 529 -255 Construction 2,051 2,046 2,019 1,971 1,941 110 47 44 39 -27 67 40 133 All other: 1 Bankers' acceptances 909 943 955 887 871 38 -18 -43 -47 All other types of business, mainly 1 570 3 573 180 services • .. 4,943 4,932 4,919 4,952 4,936 7 1 144 170 Total classified loans 32,001 32,127 32,089 32,009 31,817 184 -226 459 -728 2,446 427 2,873 137 Commercial and industrial loans— all weekly reporting banks 38,320 38,416 38,394 38,307 38,057 263 -115 582 -621 2,849 385 3,234 393 i 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 Area All (thousands of dollars) Area All (thousands of dollars) period loans 1- 10- 100- 200 period loans 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: l 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: * 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 i 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, 3%; Oct. 14, 3^; 1956—Apr. 13, 3%; Aug. 21, 4; NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 1957_Aug. 6, AV2; 1958—Jan. 22,4; Apr. 21,3%; Sept. 11,4; 1959—May 228-37. Bank prime rate was 3 per cent Jan. 1,1955-Aug. 3,1955. Changes 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 INTEREST RATES JUNE 1964 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable'3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- 3- to 5- 4- to 6- directly, ances, year months * m 3 o - n to th 6 s - 2 90 days i on R a n t e e w Market on R a n t e e w Market (m B a i r ll k s et Other 4 issues 5 issue yield issue yield yield) 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—May . 3.25 3.15 3.13 2.920 2.92 3.006 3.01 3.06 3.06 3.57 June 3.38 3.21 3.24 2.995 2.99 3.078 3.08 3.11 3.17 3.67 July 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 Aug 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept 3.88 3.63 3.63 3.379 3.38 3.494 3.50 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 Nov 3 88 3.75 3.71 3.522 3.52 3.648 3.65 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 1964—Jan 3 97 3.82 3.70 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 May.. 3.89 3.76 3.75 3.482 3.48 3.612 3.60 3.71 3.67 4.07 Week ending— 1964—May 2 3.88 3.75 3.75 3.446 3.45 3.616 3.60 3.69 3.56 4.14 9 3.88 3.75 3.75 3.482 3.49 3.629 3.63 3.72 3.55 4.10 16 3.88 3.75 3.75 3.491 3.47 3.625 3.59 3.71 3.52 4.04 23 3.88 3.75 3.75 3.482 3.47 3.598 3.60 3.71 3.84 4.07 30 3.94 3.80 3.75 3.475 3.47 3.595 3.58 3.70 3.84 4.06 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 States (long- 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 r2 98 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 r5.75 1963—May 3.97 3.21 2.99 3.54 4.48 4.22 4.86 4.40 4.63 4.39 4.29 3.13 June. . . 4 00 3.31 3.09 3.62 4.47 4.23 4 84 4 40 4 61 4 40 4 29 3 16 r5 85 Julv 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3 99 3.28 3.09 3.58 4.50 4.29 4 83 4 45 4 63 4 42 4 30 3 13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 '5.72 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3.05 Nov 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4.45 4.28 3.14 Dec 4.14 3.33 3.12 3.61 4.55 4.35 4.85 4.48 4.68 4.49 4.32 '3.13 '5.49 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 Mar 4.18 3.33 3.14 3.57 4.56 4.38 4.83 4.49 4.67 4.51 4.34 3.03 r5.42 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 May... 4.16 3.29 3.09 3.54 4.59 4.41 4.85 4.54 4.69 4.53 4.41 3.01 Week ending— 1964—Mav 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 9 . 4.18 3.31 3.12 3.54 4.59 4.41 4.86 4.54 4.70 4.53 4.39 2.96 16 4.16 3.30 3.10 3.55 4.59 4.41 4.86 4.54 4.70 4.54 4.41 3.00 23 4 14 3 27 3 07 3 52 4 59 4 41 4 84 4 54 4 69 4 54 4 41 3 03 30 4.14 3.28 3.08 3.53 4.59 4.41 4.84 4.54 4.69 4.54 4.43 3.05 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 i 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 heal govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 SECURITY MARKETS 747 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 r d a o b u n l - e - p T t o r i a r o t n n a s - - P u l i u t i t i b c y l - - n s a a e i f n c n r i e v d - c - e, M in i g n- 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 '60.20 134.2 126.7 129.2 124.4 105.7 168.4 160.2 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—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 66.78 160.9 152.8 150.9 154.8 150.4 194.5 185.3 143.0 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 May... . 84.38 111.6 94.8 80.72 85.79 44.86 67.29 164.4 156.0 152.2 159.7 158.0 195.7 194.6 160.7 4,959 Week ending— May 2. 83.94 110.7 94.7 79.72 84.69 43.11 67.08 163. 155.1 151.4 158.6 153.4 195.9 191.5 158.4 5,549 9. 84.14 110.7 94.7 80.91 86.08 43.88 67.19 165.3 157.1 153.3 160.8 156.5 196.3 194.1 162.5 5,352 16. 84.36 111.1 94.6 80.98 86.10 44.53 67.48 165.0 156.7 152.8 160.5 157.3 195.9 195.9 161.0 5,075 23. 84.58 112.1 94.8 80.62 85.64 45.57 67.34 164.5 155.8 152.1 159.5 162.1 196.0 195.8 160.9 4,747 30. 84.54 112.5 94.9 80.40 85.37 45.97 67.18 163.8 155.2 151.5 158.9 160.8 194.2 195.9 160. 4,329 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 balances with Bank loans to other than N.Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Months Total firms served by— chasing and carrying— tomers securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total Customer Other c a b r n e a c d l e - i s t collateral collateral 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—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 ,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 ,180 Oct 7,180 29 5,495 83 ,685 33 4,218 3,713 505 ,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 ,736 33 4,158 3,738 420 1,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 1,231 7,314 21 5,510 101 1,804 17 4,411 3,916 495 ,165 May.'.'.'. 7,277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 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

748 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JUNE 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollai* acceptances Commercial and finance company paper Heldby- 3ased on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers * 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—Apr 7,382 2,204 5,178 2,658 1,251 977 274 44 83 ,280 523 750 146 108 1.130 May.. 7,542 2,084 5,458 2,696 1,148 923 225 42 83 ,422 525 808 149 72 1,142 June 7,239 2,049 5,190 2 697 1,227 953 274 43 83 1,344 536 807 130 66 1,158 Julv 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 1,174 Aug....... 7,808 2,062 5,746 2 644 1,174 938 236 38 89 ,343 556 772 105 53 1,159 Sent 7,161 2,098 5,063 2,709 1,107 946 181 34 104 ,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 58 105 1,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2 744 1,190 976 214 42 102 ,410 571 842 54 46 1,230 Dec 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964—Jan . 7,765 2,042 5,723 2,938 1,393 1,025 368 68 91 1,386 557 962 70 39 1,310 Feb 8,119 2,079 6,040 3 056 1,466 1,095 371 64 95 .431 596 983 94 31 1,351 Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 M73 590 990 87 35 ,401 Apr 7,920 2,039 5,881 3,102 1,355 1.060 295 44 83 1,619 587 963 105 36 ,411 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 v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l u ia a t r i b n p e i d l s l u i- s D i e ts p 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 govt. other i accts. Number Amount 1941 4,787 89 3,592 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1^257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 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—Mar. 33,125 611 6,432 475 5,157 891 743 47,436 42,306 ,106 4,023 103,534 2,379 Apr. 33,452 568 6,191 470 5,085 830 728 47,325 42,318 ,034 3,973 107,672 2,409 May 33,809 614 6,166 462 5,080 852 734 47,717 42,549 ,148 4,019 107,429 2,390 June 34,075 588 6,189 458 5,090 890 737 48,028 42,972 ,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 ,049 4,093 106,337 2,379 Nov. 35,654 659 5,885 448 5,073 811 781 49,312 44,028 ,141 4,143 109,881 2,378 Dec. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—Jan.. 36,352 '667 5,951 440 ''5,097 849 '823 50,179 45,006 ,023 4,150 102,694 2,228 Feb. 36,635 '703 6,033 427 5,135 '880 '800 50,614 45,266 ,143 '4,206 113,062 2,391 Mar. 36,933 704 6,117 424 5.151 887 825 51,042 45,761 ,036 4,244 120,396 2,504 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

JUNE 1964 SAVINGS INSTITUTIONS 749 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total U S n ta i t t e e s d Sta lo te c a a l ndForeign l Total Bonds Stocks gages estate loans assets Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1^370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 Book value: 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 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 Mar r 135,151 12,757 6,022 4,041 2,694 57,275 51,953 5,322 47,581 4,171 6,349 7,018 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 6,910 136,698 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 Aus 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 "6,772 7,702 Mar 143,067 12,421 5,731 3,849 2,841 60,189 54,335 5,854 51,441 4,391 6,819 7,806 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 End of assets2— loan period M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m m e m nt i s tties profits 4 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 1,430 843 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 1,999 1,221 2,230 1963—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 C2,138 2,818 Mar 93,069 6,733 3,613 6,233 109,648 93,525 7,219 4,323 2,430 2,151 2,964 1 Includes other loans, stock in the Federal home loan banks, other 4 The decline in reserves and surplus from Feb. to Mar. 1964 is coninvestments, real estate owned and sold on contract, and office buildings centrated in state-chartered savings and loan assns. in Calif, where the and fixtures. accounting system is being revised. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no NOTE.—Federal Savings and Loan Insurance Corp. data; figures are deductions for mortgage-pledged shares. Beginning with Jan. 1958, no estimates for all savings and loan assns. in the United States. Data deduction is made for mortgage-pledged shares. These have declined beginning with 1954 are based on monthly reports of insured assns. and consistently in recent years and amounted to $42 million at the end of annual reports of noninsured assns. Data before 1954 are based entirely 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL FINANCE JUNE 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 T f P u r l n u u d s s : s t g I L n o e t v s r t s a . : 1 - E r T q ec o u t t a s a l . l 2 s: Budget fu T P n r lu d u s s s : t 3 A m L d e e j n s u t s s s : t - 4 E p T q a o u y t a t a s l l s . : pay o m r ts. C & (d d h a i i e a r n g b n e e t c g n t e .) a I t n g L r e v b e u n e s y s . s s t : t s & , L N c d e a o e s s b n s h - t : Eq N u e a t ls: Cal. year—1961 78,157 24,099 4,418 97,774 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963 87,516 29,255 4,144 112,575 94,188 28,348 5,382 117,153 -4,579 7,672 2,535 883 4,255 Fiscal year—1960 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 1,848 1961 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,068 1,033 5,579 Half year: 1962—Jan.-June.... 45,583 13,633 2,000 57,195 44,622 12,377 3,225 53,773 3,422 2,911 1,978 521 412 July-Dec 39,126 11,838 1,928 49,011 47,286 13,010 2,195 58,101 -9,090 6,143 -870 865 6,148 1963—Jan.-June.... 47,250 15,851 2,352 60,728 45,356 13,536 3,241 55,650 5,078 2,538 2,939 169 -569 July-Dec 40,266 13,404 1,792 51,847 48,832 14,812 2,141 61,503 -9,657 5,135 -403 714 4,824 Month: 1963—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 1,550 830 133 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 Apr 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. 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 ssu a a rk n e c t e i I n n U ve . s S t . . p d g u i r r b o e l s c i s c t T o r H u e t a e s s l i u d d r e y a T u cc r r o e er a u ' s n s - t Balance F.R. T an a d x O as n t s h e e t e t r s se o c f . 3 G se o c v . 3 t. debt banks a lo cc a t n 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—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 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 Apr -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3,974 1,186 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

JUNE 1964 FEDERAL FINANCE 751 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period W I i n th d - ivid O ua th l er 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 n a t d . y ts - fu R n e d - s Other held Fiscal year—1960.. 95,07831,675 13,271 22,179 11,865 5,126 2,642 14,678 11,526 2,670 1,626 1,123 1,820 5,238 2,079 1961.. 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962.. 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963.. 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,735 15,127 4,114 2,187 1,241 1,903 6,571 2,516 Half year: 1962—Jan.-June. 57,19518,594 11,214 13,037 6,358 2,578 1,468 9,991 7,737 1,997 1,162 592 596 5,379 1,030 July-Dec. 49,01118,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,84820,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 Month: 1963—Apr 7,248 973 4,371 551 1,022 446 258 1,177 936 200 303 110 129 1,603 215 May 11,323 5,642 651 443 1,192 499 311 3,998 3,026 933 229 106 109 1,204 157 June 13,980 3,272 2,033 5,511 1,171 507 267 1,422 1,337 48 188 95 128 292 458 July 4,693 1,295 381 574 1,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 1,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 1,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 1,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 1,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 1,112 382 320 3,382 2,393 954 184 87 102 944 170 Mar 12,168 3,222 770 6,654 1,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 1,103 n.a. 254 1,394 1,116 239 422 109 123 1,575 179 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 ff n a t i l r . s s S e p a a r c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . H & m d o e u c u v n o s e i m i t l n y . - g H w e el a f l a t r h e , E t d i u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year--1960 94,328 45,915 1,574 401 4,877 1,822 4,819 1,440 19,107 867 5,907 7,233 1,558 1961 99,542 47,685 2,153 744 5,183 2,101 5,107 -103 22,364 945 6,187 7,257 1,724 1962 107,662 51,462 2,492 1,257 5,942 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,882 1963 113,751 53,429 2,242 2,552 7,266 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,983 Half year: 1962—Jan.-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—Apr 9,669 C4,531 C324 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 c2,402 140 499 365 181 Apr 10,163 4.594 -152 452 587 174 472 386 2,404 125 457 402 172 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 28.2 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. 1 - .8 - .4 -1 .7 -1. 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

752 U.S. GOVERNMENT SECURITIES JUNE 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 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 l 2 t Total Total Bills Ma C r c e k a r e t t e i t f a s i b - le Notes Bonds 4 b C v o ib e o n r l n d e t- - s T N o o ta n l m 5 arke b t S 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 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296 5 296 2 249 2 196 0 43 4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—May 305.8 305.2 257.6 204.1 49.7 22.2 52.1 80.1 3.5 50.0 48.2 43.6 June 306.5 305.9 257.2 203.5 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 Nov 308.9 308.2 260.5 206.6 50.5 10.9 58.7 86.4 3.3 50.7 48.8 43.6 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 88.7 3.2 50.8 48.9 41.9 Feb 311.1 310.4 263.2 209.2 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 May 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3.1 51.0 49.2 45.0 1 Includes non-interest-bearing debt (of which $362 million, on May 31, 5 Includes Series A investment bonds, depository bonds, armed forces 1964, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign ities, 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 $14,101 million on Apr. 30, 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 d s S t i t . e . s b F an .R ks . 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 a d t ts e l . Savi I n n g d s ividu O al th s er n F a i o t n a i r t o n e e n d i r g a - n l2 i O m t n o v t i r h s e s e c s 3 r - . funds 1 bonds securities 1941—Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.8 18.0 45.9 22.1 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 19.7 18.7 46.4 18.5 13.4 11.6 1962—Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 20.1 19.5 46.9 18.3 15.3 12.7 1963—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 56.5 32.8 220.0 62.6 5.9 11.1 22.0 21.0 48.1 19.2 15.9 14.2 Feb 311.1 57.5 33.2 220.5 61.9 6.0 11.0 23.0 21.4 48.2 19.4 15.9 13.6 Mar 310.4 57.6 33.8 219.0 61.2 6.1 10.9 22.0 21.9 48.3 '19.5 15.6 13.6 Apr 308.4 56.1 33.2 219.1 60.6 6.0 10.8 22.3 22.6 48.3 18.9 15.3 14.2 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 U.S. GOVERNMENT SECURITIES 753 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—Mar. 31. 208.223 84,044 52,548 31,496 63,413 36,047 8,356 16,363 Apr. 30. 207,356 82,554 51,049 31,505 64,057 36,041 8,355 16,350 U.S. Govt. agencies and trust funds: 1961—Dec. 31 8.484 1,252 583 669 1,860 1,594 1,756 2,022 1962—Dec. 31 9.638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Dec. 31 11,889 1,844 1,366 478 1.910 3,021 2,178 2,936 1964—Mar. 31 12,004 1,557 1,279 278 1,926 3,180 2,195 3,146 Apr. 30 11,711 1,258 980 278 1,930 3,181 2,196 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 2,136 131 1964—Mar. 31 33,770 19,312 4,295 15,017 12,161 2,075 134 Apr. 30 33,169 18,658 3,626 15,032 12,176 2,105 139 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—Mar. 31. 162,449 63.175 46,974 16,201 49.326 30,792 6,073 13,083 Apr. 30. 162,476 62.638 46,443 16,195 49,951 30,755 6,068 13,065 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—Mar. 31. 52,355 14,017 7,984 6,033 26,465 10,849 532 492 Apr. 30 51,882 13,700 7,501 6,199 26,512 10,707 488 474 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—Mar. 31... 5,750 752 427 325 1,415 1,984 372 1,227 Apr. 30 5,707 691 369 322 1,444 1,975 370 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—Mar. 31.. 9,146 1,042 481 561 1,924 2,416 927 2,837 Apr. 30 9,052 939 416 523 1,927 2,420 928 2,837 Nonfinancial corporations: 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 8 1962—Dec. 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Dec. 31 10,427 7,671 6,178 1,493 2.397 290 9 60 1964—Mar. 31 10.589 7,922 6,290 1,632 2,198 351 9 109 Apr. 30 11,041 8,519 6,878 1,641 2,061 341 9 111 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—Mar. 31 3.349 388 300 88 1,010 1,221 251 479 Apr. 30 3,302 348 257 91 1,027 1,200 249 479 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 1,505 688 4,017 1963—Dec. 31 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Mar. 31 15,197 5,462 4,694 768 1,893 1,830 1,697 4,314 Apr. 30 16,140 6,207 5,404 803 2,041 1,856 1,712 4,324 AH 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—Mar. 31. 66.063 33,593 26,796 6,796 14,419 12,140 2,284 3,626 Apr. 30 65,353 32,234 25,617 6,617 14,940 12,254 2,311 3,613 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. 6,046 commercial banks, 503 mutual savings banks, and 786 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 U.S. GOVERNMENT SECURITIES JUNE 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total Com- Within 1-5 5-10 Over mercial All 1 year years years 10 years U.S. banks other Govt. Other securities 1963—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 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1.575 1,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 1,719 ,348 213 122 37 508 30 730 451 96 1964—Jan 2,144 ,656 264 159 65 687 36 905 516 99 Feb 1,809 ,336 272 145 56 528 29 737 516 91 Mar 1,685 ,361 213 81 31 563 22 657 443 86 Apr 1,849 ,528 234 70 18 590 24 737 498 134 Week ending— 1964—Apr. 1 2,078 ,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 ,560 197 57 12 616 22 666 522 171 29 1,483 ,245 176 52 10 465 25 588 405 97 May 6 2,034 ,504 276 232 23 587 30 824 593 98 13 1,784 ,265 280 220 21 651 39 679 416 164 20 1,594 ,192 246 116 40 510 29 600 455 106 27 1,559 ,212 209 121 17 546 21 574 418 109 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur ll ities 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 sou A r l c l es Y N C o e it r w y k w E h ls e e r - e Co ti r o p n o s r 1 a- o A th l e l r 1963— \pr 3,467 2,934 355 178 228 May 3,494 2,810 640 44 305 1963—Apr 3,548 886 854 1,366 442 June 3,093 2,666 347 80 357 May 3,764 936 888 1,536 403 July 2,881 2,505 357 21 267 June 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 1,478 350 Sept 3,689 3,099 290 300 195 Aug 3,293 553 501 1,924 316 Oct 3 538 2 899 196 444 176 Sept 3,974 1,201 898 1,527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 1,387 429 Dec 3,090 2,800 295 —4 254 Nov 3,551 660 671 1,748 472 Dec 3,139 823 587 1,466 263 1964 —Jan 3 582 3,218 272 92 163 Feb 3 475 2 1%1 468 219 195 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 Apr 2,393 2,316 156 — 78 170 Mar 2,971 784 613 1,247 326 Apr 2,390 545 556 1,065 225 Week ending— Week ending— 1964—Mar. 4.. 2,999 2,565 415 20 202 11.. 2,813 2,400 416 -3 195 1964—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 25... 2,819 720 589 1,138 372 Apr. 1 . . 2,587 2,547 110 -70 190 8.. 2,383 2,281 170 -69 173 Apr. 1 ... 2,698 645 645 1,091 318 15. . 2,476 2,344 198 -65 163 8. .. 2,390 635 565 964 227 22. . 2,126 2,069 134 -77 153 15. .. 2,638 701 686 1,034 216 29. . 2,509 2,463 149 -104 180 22. .. 2,127 324 489 1,130 183 29. .. 2,335 452 485 1,120 278 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the i All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 OUTSTANDING SECURITIES 755 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY 31, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. June 4,1964.. 2,102 Nov. 5, 1964 900 Aug. 15, 1966 4 5,820 Feb. 15, 1969 4 1,844 J Ju u n n e e 1 1 8 1 , , 1 1 9 9 6 6 4 4 . . . . 2 2 , , 1 1 0 0 1 2 N N o o v v . . 1 1 2 9 , , 1 1 9 9 6 6 4 4 9 9 0 0 0 0 O Fe c b t. . 15 1 , , 1 1 9 9 6 6 6 7 3 \ % y2 3,4 3 7 5 5 7 O Au ct g . . 1 1 5, , 1 1 9 9 6 7 9 0 4 4 4 2 , , 1 5 2 3 9 7 June 22, 1964 1 2,501 Nov. 27, 1964 900 Apr. 1, 1967 1% 270 Aug. 15, 1971 4 2,806 June 25, 1964.. 2,112 Nov. 30, 1964 1,005 Aug. 15, 1967 3% 4,433 Nov. 15, 1971 3% 2,760 July 2,1964.. 2,101 Dec. 31, 1964 1,000 Oct. 1,1967 1% 457 Feb. 15, 1972 4 2,344 July 9, 1964.. 2,101 Jan. 31, 1965 1,000 Apr. 1,1968 11/2 212 Aug. 15, 1972 4 2,579 July 15, 1964.. 1,998 Feb. 28, 1965 1,001 Oct. 1,1968 n/2 115 Aug. 15, 1973 4 3,894 J J u u l l y y 2 1 3 6 , , 1 1 9 9 6 6 4 4 . . . . 2 2 , , 0 0 0 0 1 1 A M p a r r . . 3 3 0 1 , , 1 1 9 9 6 6 5 5 1 1 , , 0 00 0 1 1 Tre A a p s r u . r y 1 b , o n 19 d 6 s 9 IV2 6 N M o a v y . 1 1 5 5 , , 1 1 9 9 7 7 4 4 3 4 7 y / 4 s 2 1 , , 2 53 4 1 4 July 30, 1964.. 2,002 June 15, 1962-67...214 1,456 May 15, 1975-85...414 1,218 A A u u g g . . 1 6 3, , 1 1 9 9 6 6 4 4 . . . . 2 2 , , 1 1 0 0 1 1 Tre A a u s g u . r y 1 5 n , o 1 te 9 s 64 5 2,045 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8. . . . . . 2 2 1 1 / / 2 2 2 1 , ,8 6 1 2 4 8 J F u e n b e . 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 3 y 4 A 2 1 , , 6 58 1 7 0 Aug. 20, 1964.. 2,103 Aug. 15, 1964 3VA 4,086 Dec. 15, 1964-69... 21/2 2,540 Nov. 15, 1980 3% 1,914 A A u u g g . . 2 3 7 1 , , 1 1 9 9 6 6 4 4 . . . . 2 1 , ,0 1 0 0 1 2 O N c o t v . . 15 1 , , 1 1 9 9 6 6 4 4 4 li % /2 3,8 4 6 9 7 0 F M e a b r . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 - 70.. .2 2 V % i 2 3 , , 4 9 1 7 6 6 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 i 1 y /2 A 4 1 , ,1 9 2 0 9 8 S S e e p p t t . . 1 3 0 , , 1 1 9 9 6 6 4 4 . . . . 9 9 0 0 2 0 N A o p v r. . 15 1 , , 1 1 9 9 6 6 5 4 3 IV V4 i 5,9 4 6 6 1 6 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3% 3 2 1 , ,0 8 2 6 4 2 A Fe u b g . 1 1 5 5 , , 1 1 9 9 8 8 8 7 - - 9 9 3 2 ... 4lA 4 2 3 5 6 0 5 S S e e p p t t . . 2 1 4 7 , , 1 1 9 9 6 6 4 4 . . . . 9 8 0 9 0 9 M M a a y y 1 1 5 5 , , 1 1 9 96 6 5 5 3 4 % % 7 1 , , 9 8 7 1 7 6 N M o a v r . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 -7 1.. .21 3 / 3 2 /8 1 1 , , 8 4 5 0 1 4 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 5 9 -94...4^8 3 2 1 , ,5 4 6 6 0 8 Sept. 30, 1964.. 1,002 Aug. 13, 1965 3% 6,202 June 15, 1967-72... 21/2 1,299 Nov. 15, 1998 31/2 4,441 Oct. 1,1964.. 901 Aug. 13, 1965 3% 1,066 Sept. 15, 1967-72... 21/2 1,952 Oct. 8, 1964.. 900 Oct. 1,1965 IVi 315 Nov. 15, 1967 35/s 3,604 Convertible bonds Oct. 15, 1964.. 900 Nov. 15, 1965 3V2 2,954 Dec. 15, 1967-72... 21/2 2,743 Investment Series B Oct. 22, 1964.. 901 Nov. 15, 1965 4 8,561 May 15, 1968 3% 2,460 Apr. 1, 1975-80... 2 % 3,121 Oct. 29, 1964.. 900 Feb. 15, 1966 3Ys 5,653 Aug. 15, 1968 3*A 3,747 Oct. 31, 1964.. 1,000 Apr. 1,1966 11/2 675 Nov. 15, 1968... ...3% 1,591 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, APRIL 30, 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 i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Aug. 15, 1963 3.70 May 15,1964 328 Aug. 1,1963 3.65 May 4, 1964 223 J S u e l p y t . 1 1 6 6 , , 1 1 9 9 6 6 3 3 3 3 . i 9 / 5 2 J J u u l n y e 1 1 5 5 , , 1 19 9 6 6 4 4 4 3 1 2 3 6 O Se c p t. t . 3 1 , , 1 1 9 9 6 6 3 3 3 3 % % J J u u l n y e 1 1 , , 1 1 9 9 6 6 4 4 1 1 8 9 8 7 Oct. 15, 1963 3.90 Aug. 17,1964 300 Nov. 4, 1963 V/% Aug. 3, 1964 178 Dec. 9,1963 4.00 Sept. 15,1964 564 Dec. 2,1963 3.95 Sept. 1, 1964 208 Feb. 17, 1964 3% Nov. 16, 1964 175 Jan. 2,1964 4.00 Oct. 1, 1964 256 Mar. 16, 1964 4.05 Jan. 15,1965 249 Feb. 3,1964 3.90 Nov. 2, 1964 318 Apr. 15, 1964 4.15 Feb. 15,1965 435 Mar. 3, 1964 3.90 Dec. 1, 1964 280 Apr. 1,1964 4.05 Jan. 4, 19 65 309 Bonds: Federal land banks June 17, 1963 3^ Oct. 15, 1964 460 Bonds: Sept. 17, 1962 3% Sept. 15, 1965 175 Aug. 8,1963 3% Aug. 20, 1964 215 Dec. 9,1963 4i/8 Aug. 15, 1966 200 D A e p c r . . 2 1 0 0 , , 1 1 9 9 6 6 4 0 4*A 4 A O p ct r . . 2 20 0 , , 1 1 9 9 6 6 4 5 2 1 0 4 9 2 Oct. 20, 1960 4 Oct. 20, 1965 160 Federal National Mortgage Association— June 20, 1961 4 Dec. 20, 1965 140 secondary market operations Apr. 2,1961 35/s Feb. 21, 1966 150 Debentures: May 1, 1958 3*4 May 2,1966 108 M Se a p y t. 1 10 1 , , 1 1 9 9 6 6 1 1 3% 4 M Se a p y t. 1 1 0 1 , , 1 1 9 9 6 6 4 4 1 8 4 7 4 S Fe e b p . t . 2 1 0 5 , , 1 1 9 9 5 6 7 1 4 4 V % 4 J F u e l b y . 1 2 5 0 , ,1 1 9 9 6 6 6 7-72 1 7 9 2 3 Dec. 11, 1961 3% Dec. 11, 1964 111 May 1, 1962 4 May 22,1967 180 D Se e p c. t . 1 1 0 0 , , 1 1 9 9 5 6 7 2 4 3 3 % /8 J M un ar e . 1 1 0 0 , , 1 1 9 9 6 6 5 6 1 9 0 8 8 O Oc c t t . . 22 1 , , 1 1 9 9 5 6 7 3 4 41 V /s i O Oc c t t . . 23 1 , , 1 1 9 9 6 6 7 7-70 1 7 74 5 D M e a c r . . 1 1 0 2 , , 1 1 9 9 5 6 8 0 4 3 V % s D M e a c r . . 1 1 2 1 , , 1 1 9 9 6 6 8 6 9 8 3 7 A M p a r y . 1 1 , , 1 1 9 9 5 6 9 3 4V 4 4 J M un ar e . 2 2 0 0 , , 1 1 9 9 6 6 8 8 1 8 8 6 6 Apr. 10, 1959 4% Apr. 10, 1969 88 Feb. 2,1959 4% Mar. 20, 1969 100 A Se p p r t . . 1 1 2 1, , 1 1 9 9 6 6 0 0 4 4 5 1 / / g s S A e p p r t . .1 1 0 0 , , 1 1 9 9 7 7 0 0 1 1 1 4 9 6 J F u e l b y . 1 1 5, , 1 1 9 9 6 5 0 7 5 4 V 5/ s 8 J F u e l b y . 2 1 0 5 , ,1 1 9 9 6 7 9 0 6 8 0 2 A Se u p g t . . 2 1 3 1 , , 1 1 9 96 6 1 0 4 4 1 % /2 A Se u p g t . . 1 1 0 0 , , 1 1 9 9 7 7 1 1 9 6 8 4 J F a e n b . . 1 5 4 , , 1 1 9 9 6 5 0 8 5 3 V V2 s J A u p ly r. 20 1 , ,1 1 9 9 7 7 0 0 8 8 3 5 Feb. 10, 1960 51/s Feb. 10, 1972 100 May. 1, 1956 3% May 1,1971 60 D Ju e n c e . 1 12 1 , , 1 1 9 9 6 6 1 1 4 4 * y 4 8 J J u u n n e e 1 1 2 2 , , 1 19 9 7 7 3 2 1 14 0 6 0 S Fe e b p . t . 2 1 0 4 , , 1 1 9 9 6 5 3 6 4 3 % % S F e e p b. t . 2 1 0 5 , ,1 1 9 9 7 7 2 3-78 1 1 4 0 8 9 Feb. 13, 1962 41/2 Feb. 10, 1977 198 Feb. 20, 1962 4l/2 Feb. 20, 1974 155 Tennessee Valley Authority Banks for cooperatives Short-term notes 35 Debentures: Dec. 2,1963 3% June 1, 1964 188 Bonds: Feb. 3,1964 3.90 Aug. 3, 1964 199 Nov. 15, 1960 4.40 Nov.15,1985 50 Apr. 1,1964 3.95 Oct. 1,1964 147 July 1,1961 45/s July 1,1986 50 Feb. 1,1962 4V2 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

756 CREDIT AGENCIES; SECURITY ISSUES JUNE 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n r t d g a a l a r g y N e a m A ti a o s r s n k n a e . l t coo B pe a fo r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a d a n < r ; Aa ral Assets Liabilities and capital operations) ks End of period v m a b A e t n e o d m c r - s e - s I m nv e e n s ts t- p C a o d a n s e s i d - t h s B n a o o n n t d e d s s M po b d e s e e m i r - ts - C s a to p c it k al M l g o ( a A a o g n r ) e t s - D n t e a u ( o b n L r t e e d e ) s n s - c L a o t ( o o i t A v a o 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 n i a s n d n ) - t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - Bo (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 I960 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 ,180 1,107 2,770 2 453 697 435 1,650 1,585 2,828 2.431 1962 3^479 ,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Apr... 2,635 1,702 87 1,908 1,250 1,133 2,285 2,043 745 491 2,108 1,935 3,147 2,661 May.. 2,740 1,720 75 2,035 1,236 1,134 2,126 1,984 702 489 2,210 2,037 3,176 2,725 June.. 3,270 1,937 159 2,770 1,325 1,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July . 3,548 1,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,023 3,218 2,725 Aug.. 3,758 1,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 Sept.. 4,024 1,484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 '986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 [,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 ,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 ,420 72 3,625 957 1,193 1,983 1,781 786 533 2,329 2,157 3,445 2,973 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 Period a d m e o li u v n - t 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 ered 3 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 tie ti s l ' - * H in o g u s s- V a a e n i t s d e ' r- O p p o t u h s r e e - s r 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 I 620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—Mar.... 1,018 649 215 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 1 202 May.... 961 443 503 138 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 1,265 679 567 116 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 7 136 1 115 1964—Jan '1,007 '606 '230 140 31 215 '336 '456 '428 '944 '273 '42 '114 141 60 '313 Feb '853 '663 '181 1 8 '214 '208 '431 '868 '772 '242 '33 '238 3 30 '226 Mar 843 477 351 15 136 249 458 976 789 243 261 133 1 151 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

JUNE 1964 SECURITY ISSUES 757 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l Prop a o l s l e c d o r u p s o e r o a f t e n e is t s u p e r s o c 5 eed5 Noncorporate Corporate New capital Re- Period tire- Total G U o . v S t. . 2 G a U c g o y . e v S n 3 t . - . U S l a o t n . c a S d a te l . Other 4 Total Total B P l o i u c n b ly d - s v P at r e i- ly Pre- Stoc C k om- rotal Total m N on ew ey6 O p p o t u h s r e e - s r s m ri e t o e c i f e u n s - t offered placed ferred mon 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4 225 3 777 636 2 301 10 749 If) 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 2,661 11> 447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9 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 <>,392 8,578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 c),653 8,758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9 4 706 4,720 449 3 273 12,874 1 ,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 0,572 (J.814 1,491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1963 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 1,049 380 452 26 191 1 034 910 812 118 104 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 2,977 394 174 1,282 10 1,116 511 481 34 91 1 101 I 013 100 88 Nov 2,117 333 200 688 5 891 732 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 1 ,376 626 751 30 53 1,444 1,415 1,098 316 30 1964—Jan '2,482 474 1,006 '16 '985 '863 338 '526 27 '95 '972 '930 '845 '85 '43 Feb '2,022 413 810 '89 '710 '621 279 '342 '8 80 '702 '685 '523 '162 '17 Mar 2,121 399 844 73 805 714 361 353 3 87 796 754 677 77 42 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital 8 secu- capital8 secu- capital8 secu- Ccipitais secu- capital 8 secu- capital8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 ?,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 1,29^I 118 1 014 47 1959 1,941 70 812 28 942 15 ,189 15 70"f * 1 801 6 I960 1,997 79 794 30 672 39 ?,754 51 1,03* 2 401 71 1961 3,708 306 1,095 46 680 76 ,892 104 1,42'I 378 2 176 36 1962 3,020 204 832 29 551 30 ,357 445 1,281 10 1 773 39 1963 3,312 190 774 55 873 83 1,935 699 72< 356 2,933 144 1963 Mar 592 31 85 5 143 97 61 4:\ 3 183 105 Apr . .. 148 5 64 12 34 342 86 71 271 1 216 29 60 2 101 60 222 58 9:y 262 212 9 June 227 10 114 3 109 12 230 179 5$? 8 276 5 July 297 28 63 4 35 107 82 8< 5 89 2 272 3 50 7 36 100 22 2!> 71 155 4 Sept 237 47 32 4 61 8 78 * 3<) 1 348 7 Oct 240 5 60 4 25 2 201 73 4 4 446 1 Nov 214 8 41 5 83 131 41 rt 3 337 4 Dec 515 13 104 8 118 1 198 2 64 * 416 6 1964 Jan . .. '14 '84 '1 '98 '109 '26 '15'J r* '332 '1 Feb '123 3 '60 2 '154 '6 '155 4 '8: '110 '1 Mar 146 17 48 1 31 174 18 3'^ 1 322 4 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 SECURITY ISSUES JUNE 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 v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 , 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 1960 13,084 5,033 8,051 8,072 3,078 4,994 2,288 2,724 869 1,086 1,419 1,638 1961 16,745 6,967 9,778 9,225 4,090 5,134 3,259 4,261 1,811 1,696 2,078 2,566 1962 13,490 6,249 7,241 8,593 3,566 5,028 2,788 2,109 1,123 1,561 1,665 548 1963 15,050 8,818 6,232 10,546 4,979 5,567 2,541 1,963 1,521 2,318 1,020 -355 1962—IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 79 1963—1 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,267 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 t s es Stocks & B o n n o d t s es Stocks & B o n n o d t s es Stocks & B o n n o d t s es 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 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,372 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—1 391 -102 58 -18 100 -3 190 25 197 87 73 273 II 460 -224 112 -14 131 —31 250 167 99 101 422 254 HI 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. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose r NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 757. actions only. As contrasted with data shown on p. 757, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales i 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 ti d o 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—Apr... 203 133 70 23,487 1,256 22,231 1953 672 239 433 4,146 May.. 194 132 61 24,038 1,286 22,752 1954 863 400 463 6,110 309 5,801 June.. 195 115 79 23,692 1,166 22,526 July... 219 124 95 23,550 1.310 22,240 1955 1,207 443 765 7,838 438 7,400 Aug... 193 123 69 24,925 i;287 23,638 1956 1,347 433 914 9,046 492 8,554 Sept.. 206 142 64 24,496 1,300 23,196 1957 1,391 406 984 8,714 523 8,191 Oct... 214 132 82 24,914 1,374 23,540 1958 1,620 511 1,109 13,242 634 12,608 Nov. . 210 123 87 24,774 1,419 23,355 1959 2,280 786 1,494 15,818 860 14,958 Dec... 225 132 92 25,214 1,341 23,873 1960 2,097 842 1,255 17,026 973 16,053 1964—Jan... 294 183 110 25,854 1,383 24,471 1961 2,951 1.160 1,791 22,789 980 21,809 Feb... 219 165 55 26,334 1,380 24,954 1962 2,699 1,123 1,576 21,271 1,315 19,956 Mar. . 263 184 79 26,863 1,403 25,460 1963 2,460 1,504 952 25,214 1,341 23,873 Apr... 291 165 126 27,051 1,339 25,712 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

JUNE 1964 BUSINESS FINANCE 759 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962' 1963 1964 Industry 1959 1960 1962 1962 ' 1963 III Manufacturing Total (180 corps.): Sales 118,423123,126 122,849135,727'145,848 32,038 35,649 34,549 37,521 35,007 '38,771 37,878 Profits before taxes 14,090 11 3o, 4/6i3zn 113 ,12 o0n0n15,267 r17,147 3,186 4,222 3,960 4,701 3,668 '4,818 4,722 Profits after taxes 7,440 7,121 7,135 8,183 9,041 1,708 2,360 2.078 2.431 1,984 2,548 2,571 Dividends 4,342 4,464 4,714 5,027 5,420 1,164 1,548 1,164 ,1315 1,178 1,762 1,279 Nondurable goods industries (79 corps.):1 Sales 45,442 47.277 49,237 52,089 '54,991 12,953 13,306 13,207 13,818 13,956 "14,010 14,163 Profits before taxes 5,648 5,570 5,589 5,879 '6,402 1,462 1,560 1,512 1,617 1,614 '1,659 1,657 Profits after taxes 3,210 3.210 3,219 3,391 3,662 842 939 867 899 935 961 994 Dividends 1,912 1,953 2,037 2,155 2,270 517 612 539 539 543 650 562 Durable goods industries (101 corps.)2 Sales 72,981 75,849 73,613 83,638 '90.857 19,085 22,343 21,342 23,703 21,051 r24.761 23,715 Profits before taxes 8,442 7,893 7,611 9,388'10,746 1,724 2,662 2,448 3,083 2,055 '3,160 3,065 Profits after taxes 4,231 3,911 3,916 4,792 5.379 867 1,421 1,211 1,532 1,049 1,587 1,577 Dividends 2,430 2,510 2,677 2,872 3,150 647 936 626 776 635 1,113 718 Selected industries: Foods and k indred products (25 corps.): Sales 11,303 11,901 12,607 13,061 13,773 3,266 3,312 3,268 3.470 3,533 3,503 3,490 Profits before taxes 1,274 1,328 1,417 1,437 '1,523 376 370 334 386 402 '401 335 Profits after taxes 604 631 670 683 735 178 178 162 184 194 195 167 Dividends 344 367 392 420 443 104 109 108 110 110 116 115 Chemicals and allied products (21 corps.): Sales 11,979 12,411 12,825 13,999 14,862 3,487 3,515 3,508 3,788 3,765 3,800 3,865 Profits before taxes 2,187 2,010 1,989 2,168 '2,353 549 527 548 621 587 '597 644 Profits after taxes 1,131 1,061 1,039 1,128 1,220 291 280 283 318 307 312 350 Dividends 799 795 843 877 913 199 283 204 204 204 301 209 Petroleum refining (16 corps.): Sales 13,372 13,815 14,483 15,106 r15,995 3,733 3,944 3,959 3,937 4,068 '4,032 4,134 Profits before taxes 1,187 1,267 1,237 1,319 '1,495 309 420 490 343 381 '381 407 Profits after taxes 969 1,026 1,025 1,099 1,184 260 346 304 265 312 303 335 Dividends 518 521 528 566 608 141 145 151 149 154 154 158 Primary metals and products (35 corps.): Sales 21,035 20,898 20,308 21,399 22,284 5,016 5,07: 5,155 6,151 5,502 5,477 5,569 Profits before taxes 2,331 2,215 1,998 1,844 2,189 339 418 431 713 469 576 561 Profits after taxes 1,222 1,170 1,067 1,019 1,189 180 251 231 372 253 333 316 Dividends 831 840 845 823 735 210 19: 180 182 182 191 186 Machinery (25 corps.): Sales 17,095 16,826 17,576 19,156 r20,368 4,690 5,010 4,768 5,120 5,117 '5,364 5,194 Profits before taxes 1,890 1,499 1,672 1,909 2,154 458 511 481 535 531 607 609 Profits after taxes 934 763 838 959 1,071 226 264 239 266 270 296 312 Dividends 448 48! 49' 520 567 129 133 137 140 139 151 156 Automobiles and equipment (14 corps.): Sales 22,731 25,738 22,779 28,615 '32,675 5,714 8,470 7,851 8,615 6,424 '9,784 9,132 Profits before taxes 2,985 3,185 2,788 4,327 '4,994 590 1,389 1,265 1,469 673 '1,586 1,568 Profits after taxes 1,479 1,527 1,410 2,138 '2,386 288 72" 599 704 332 '751 777 Dividends 807 833 969 1,148 1,444 216 501 216 361 220 647 276 Public Utility Railroad: Operating revenue ,825 9.514 9,189 9,440 '9,560 2,332 2,407 '2,239 2,474 '2,399 2,447 2,362 Profits before taxes 845 648 625 729 816 172 236 116 252 197 25f Profits after taxes 578 445 38: 57: 651 131 259 82 189 156 225 Dividends 406 385 359 367 383 67 121 89 103 66 125 Electric power: Operating revenue 11,906 12,478 13,489 r14,177 3,285 3,390 '3,819 '3,371 '3,458 '3,529 3,973 Profits before taxes 3,163 3,349 3,583 3,741 883 829 1,100 848 930 86' 1,106 Profits after taxes 1,793 2,06: 2,185 489 516 626 498 529 53: 660 Dividends 1,307 l'374 1,46: 1,548 354 374 392 378 384 394 424 Telephone: Operating revenue 8,111 8,615 9,196 9,796 2,300 2,355 2,365 2,440 2.465 2,526 2,543 Profits before taxes 2,326 2,478 2,639 2,815 683 630 67' 711 725 707 726 Profits after taxes 1,155 1,233 1,32- 1,417 337 335 336 357 368 356 377 Dividends 806 935 988 235 237 225 255 252 256 261 1 Includes 17 cos. in groups not shown separately. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps. Data are obtained primarily from Lines and General departments of American Telephone and Telegraph published co. reports. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operat- Railroads. Interstate Commerce Commission data for Class I line- ing subsidiaries and the 2 affiliates. haul railroads. AH series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series see electric utilities, except that quarterly figures on operating revenue and June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. profits before taxes are partly estimated by the Federal Reserve to include 215-17 (public utilities); and Sept. 1944 BULL., p. 208 (electric power). affiliated nonelectric operations. Back data available from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 BUSINESS FINANCE JUNE 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d co c a n a l t l s i p o o u i w n 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 l t l s i p o o u i w n t m a - l pances ! ances J 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—I... . 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 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . .i Other G U o . v S t . . 1 Other taxes 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957.. 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 136.8 306.0 40.3 19.7 3.4 135.5 95.2 12.0 169.3 1.8 111.6 14.0 41.9 1962—III 141.3 320.5 37.5 19.0 3.4 146.4 100.5 13.7 179.2 1.9 117.7 14.6 45.0 IV 144 0 325.9 41.0 20.1 3.6 146.5 100.9 13.7 181.9 2.0 119.8 14.9 45.1 1963—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 * 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 c m ati 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 r 43.92 9.05 9.20 1.09 1.44 2.21 6.03 1490 1962 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 Ill 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 l»- 9.40 1.93 1.87 .26 .32 .51 1.18 .97 2.37 42 55 II 2 r 11.05 2.29 2.26 .28 .38 .60 1.53 3.72 43.35 Ill 2 11.19 2.23 2.39 .28 .34 .53 1.63 3.79 44.30 i Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 REAL ESTATE CREDIT 761 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm 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 « tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions i 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 I960 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—IJ> 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 II* 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 1 Mutual savings bankholdings 2 Residential Residential End of period Total Other Other Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o rm n- Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1 048 566 4 812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 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 II 29,383 20,595 5,820 2,726 12,049 7,072 1,716 28,015 25 318 7,634 9 192 8 492 2 645 51 III 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 9,192 9,208 2 842 51 II 32,194 22,049 6,195 2,593 13,260 8,219 ,977 30,638 27,632 8,662 9,502 9,469 2,954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 978 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 I 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. scries for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 REAL ESTATE CREDIT JUNE 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 36,370 8,273 7,086 21,011 2,827 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 L576 680 5,878 872 50,543 46,753 10,790 6,411 29,552 3,790 1963—Mar r 697 600 118 63 419 97 47,581 44,117 10,346 6,407 27,364 3,464 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 June 725 657 117 54 486 68 48,421 44,831 10,501 6,432 27,898 3,590 July 821 737 140 57 540 84 48,665 45,028 10,510 6,428 28,090 3,637 766 704 140 50 514 62 48364 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 Mar 800 673 143 53 All 127 51,441 47,523 10,982 6,420 30,121 3,918 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 a s n v n s - & . p I c a n a o n s n m c u ie e r - - s b C m 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 2,017 950 1,097 917 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 ,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 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 I 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 16,716 339 6,354 2,061 1963 1963 Apr 2,058 622 760 82,103 4,547 7,068 70,488 Jan 2,876 2,658 ] 143 100 457 141 May 2,199 651 854 83,281 4,581 7,089 71,611 Feb 2,869 2,424 ,086 88 408 123 June 2,242 638 936 84,525 4,587 7,047 72,891 Mar 2,907 2,751 ,261 99 467 126 July 2,341 619 1,003 85,628 4,621 7,084 73,923 2,986 3,065 ,412 112 539 145 Aug 2,428 623 1,071 86,836 4,635 7,085 75,116 May 3,066 3,233 ,497 116 563 168 Sept 2,196 642 928 87,933 4,662 7,058 76,213 June 3,121 3,177 ,468 119 551 181 Oct 2,387 685 977 89,051 4,679 7,028 77,344 July 3,183 3,515 ,606 127 595 218 Nov. 1,856 502 757 89,857 4,683 6,980 78,194 3,213 3,525 1,611 123 612 212 Dec 2,118 620 776 90,849 4,685 6,960 79,204 Sept 3,189 3,177 ,442 116 546 190 Oct 3,134 3,534 1,594 125 616 206 1964 Nov 3,149 2,880 1,271 103 495 184 Dec 3,059 2,987 All 110 504 166 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Feb 1,712 474 674 92,163 4,705 6,902 80,556 1964 Mar 2,071 784 93,069 4,710 6,879 81,480 2,066 581 823 93,944 4,717 6,860 82,367 Jan 2,758 1,170 103 483 145 1 Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 REAL ESTATE CREDIT 763 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAM1LY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j - i m p P r e i e r o m r n o t v y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1956 99.0 43.9 15.5 28.4 55.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2,890 863 1958 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 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—Apr 540 120 273 86 62 245 114 130 II 159.1 60.4 30.9 29.5 98.7 May 562 123 292 72 75 260 108 151 Ill 162.9 61.0 31.5 29.5 101.9 June 590 118 301 86 85 226 91 135 IV 166.5 62.0 32.3 29.7 104.5 July 640 142 369 72 56 265 98 167 Aug 653 136 372 60 86 278 103 175 1963—IP 169.2 62.8 33.0 29.8 106.4 Sept 617 138 367 46 66 267 103 165 IIP 173.7 63.5 33.5 30.0 110.2 Oct 734 160 407 88 79 316 119 196 178.2 64.3 34.3 30.0 113.9 Nov 577 127 317 55 78 258 100 158 182.2 65.2 35.0 30.2 117.0 Dec 601 142 345 63 52 255 106 149 1964—Jan 666 162 381 62 61 268 114 153 NOTE.—For total debt outstanding, figures are Feb 534 126 314 48 46 201 81 120 FHLBB and F.R. estimates. For conventional, Mar 600 126 357 59 58 208 84 124 figures are derived. Apr 646 117 367 119 43 206 81 125 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) End of ( p d e u ri r o in d g ) m m e i n t- ts Period va A n d c - es R m e e p n a ts y- M de e p m o b si e ts rs period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total t S e h rm or t- l t L e o rm ng - 2 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 RQ9 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1963 4,650 3,017 1,634 290 1,114 191 1963 5,601 4,296 4,784 2,863 1,921 1,151 1963—Apr 5,227 3,269 1.958 28 268 281 1963—Apr 425 304 2,635 1,516 1,119 1,250 Mav 4,993 3,164 1,828 26 213 272 May 382 277 2,740 1,585 1,155 1,236 4,883 3,114 1,769 32 102 251 June 696 166 3,270 1,876 1,393 1,325 July 4,795 3,069 1,727 19 74 183 July 710 432 3,548 2,139 1,409 1,069 Aue 4,752 3,050 1,703 23 29 185 466 256 3,758 2,296 1,462 1,011 Sent 4,720 3,034 1,686 21 10 183 Sept 517 251 4,024 2,493 1,531 1,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 2,588 1,638 986 Nov 4,677 3,021 1,656 15 7 196 Nov 363 299 4,290 2,611 1,679 978 Dec 4,650 3,017 1,634 24 19 191 Dec 754 259 4,784 2,863 1,921 1,151 1964—Jan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 1,762 944 Feb 4,613 3,011 1,603 24 4 188 Feb 225 424 4,216 2,500 1,716 943 Mar 4,598 3,016 ,582 27 11 192 Mar 339 387 4,168 2,406 1,763 977 Apr 4,572 3,015 1,557 38 31 204 Apr 573 296 4,444 2,463 1,982 957 May 352 401 4,395 2,438 1,957 990 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the 1 Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 2 Secured loans, amortized quarterly, having maturities of more tkan Facilities Admin. 1 year but not more than 10 years. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 CONSUMER CREDIT JUNE 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co O g p n o a s t p o h u d e m e 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 ir o l 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—Apr 63,167 48,806 20,376 12,197 3,200 13,033 14,361 5,562 4,581 4,218 May 64,135 49,484 20,794 12 272 3,245 13,173 14,651 5,674 4,793 4,184 June 64,987 50,307 21,236 12,422 3,281 13,368 14,680 5,709 4,783 4,188 July 65 491 50 894 21,593 12 459 3,316 13,526 14,597 5,683 4,760 4,154 Aug 66,308 51,526 21,819 12,607 3,357 13,743 14,782 5,789 4,839 4,154 Sept 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 Oct 67 088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 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 Apr ... 69,816 54,382 22,830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates cover loans to individuals for house- BULL. Back data are availabe upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Sales Credit Con- Depart- Furni- Appli- Auto- Total mercial finance 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 19$ 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 ,129 4,743 1,408 ,187 377 502 ,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 ,210 361 478 [,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 ,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 ,225 310 481 1,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 ,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 ,058 293 342 1,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 1,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 1,625 1963—Apr. 48,806 43,149 19,882 12,506 5,034 4,174 ,553 5,657 2,686 992 273 324 1,382 May, 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 1,377 June 50,307 44,373 20,602 12,693 5,251 4,241 ,586 5,934 2,925 997 274 331 1,407 July. 50,894 44,878 20,874 12,807 5,330 4,276 ,591 6,016 2,999 994 274 343 1,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 ,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 1,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6,096 3,077 ,015 280 325 1,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 ,644 6,233 3,172 ,032 282 326 1,421 Dec, 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 1,625 1964—Jan.. 53,597 47,300 21,630 13,840 5,584 4,592 ,654 6,297 3,063 ,065 281 328 1,560 Feb.. 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 ,047 278 330 1,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 3,044 ,022 273 334 1,469 Apr.. 54,382 48,191 22,224 13,893 5,776 4,628 ,670 6,191 3,106 ,013 272 340 ,460 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

JUNE 1964 CONSUMER CREDIT 765 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 m l r t o a e n i o n a p o iz n 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 i R z l o o a e a d n a p ti d n e a o s r i n r n- l s P o o a e n n r 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 ,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 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 1,066 1960 16 672 5 316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962. 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 1,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—Apr.. . 12,506 7,639 3,214 162 1,491 1963—Anr 19,882 6 549 3,699 2,895 2,229 4,510 May. . 12,583 7,778 3,136 162 1,507 May 20,229 6,695 3,794 2,930 2,258 4,552 June.. 12,693 7,934 3,069 162 1,528 June 20,602 6,849 3,869 2,973 2,286 4,625 July... 12,807 8,069 3,011 162 1,565 July 20,874 6,976 3,922 2,986 2,312 4,678 Aug... 12,906 8,153 2,986 161 1,606 Aug ... 21,101 7,073 3,936 3,012 2,336 4,744 Sept... 13,073 8,099 3,157 161 1,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct.... 13,187 8,163 3,186 161 1,677 Oct 21 391 7,177 3,951 3,073 2,370 4,820 Nov... 13,302 8,210 3,233 160 1,699 Nov 21,486 7,218 3,984 3,084 2,373 4,827 Dec.. . 13,523 8,228 3,383 158 1,754 Dec 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan.... 13,840 8,220 3,701 156 1,763 1964—Tan 21,630 7,246 4,016 3,134 2,333 4,901 Feb.. . 13,788 8,227 3,635 154 1,772 Feb 21 799 7 275 4,052 3,226 2,316 4,930 Mar... 13,802 8,265 3,603 152 1,782 Mar 21,919 7,364 4,102 3,195 2,303 4,955 Apr.. . 13,893 8,371 3,580 151 1,791 Apr 22,224 7,501 4,172 3,185 2,308 5,058 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 19 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 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 l i n - r - s s m t p D o a e r e r e n - t- s t J 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 I960 9,074 1,665 111 800 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—Apr 10,761 2,165 755 809 7,032 1961 14,151 4,413 723 948 3,907 469 3,691 10 911 2,208 764 825 7,114 1962 15,130 4,690 766 927 4,252 505 3,990 June 11,078 2,253 111 833 7,215 1963 16,145 5,047 912 895 4,456 520 4,315 July 11 197 2,283 789 842 7,283 Aug 11,368 2,316 799 860 7,393 1963—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 Apr 12,074 2,446 860 869 7,899 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 Feb... 15,234 5,036 922 655 3,590 560 4,471 NOTE.—Institutions represented are consumer finance cos., credit Mar. . 15,118 5,076 926 614 3,485 535 4,482 unions, industrial loan cos., mutual savings banks, savings and loan Apr.. . 15,434 5,152 896 610 3,667 556 4,553 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

766 CONSUMER CREDIT JUNE 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 r e n p iz a a ir ti o a n n d loans Personsil loans Period S.A.1 N.S.A. S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1 582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14 070 I960 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 Apr 5,008 5,332 J.870 2,072 1,359 187 195 1,592 1 7in May 4,985 5,294 1,847 2.067 1,357 1,386 188 218 1,593 1,623 June • • • • 5,054 5,222 1,820 1,967 1,408 1,410 186 199 1,640 1,646 July 5,100 5,365 1,854 2,055 1,409 1,393 191 214 1,646 1,703 5,100 5,242 1,802 1,839 1,441 1,456 185 213 1,672 1,734 Sept 5,093 4,755 1,730 1,524 1,425 1,384 181 193 1,757 1,654 Oct 5,311 5,487 1,910 2,040 1,457 1,547 188 205 1 756 1,695 Nov 4,979 4,981 1,792 1,734 1,432 1,517 168 169 1,587 1,561 Dec 5,272 5,974 1,914 1,767 1,523 £,094 172 154 1,663 1,959 1964—Jan 5,276 4,784 1,888 1,689 1,493 1,380 185 141 1,710 1,574 Feb 5,421 4,552 1,953 1,686 1,578 ,212 186 142 1,704 1,512 Mar 5,480 5,322 ,942 1,983 1,665 1,488 179 163 1,694 1,688 Apr 5,371 5,578 1,961 2,127 1,544 ,495 174 178 1,692 1,778 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—Apr 4,487 4,601 1,626 1,276 J.W7 170 172 1,456 J 4Q6 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 J 487 1,545 4,619 4,610 1,607 1,613 1,326 1,308 170 172 ,516 1,517 Sept ... . 4,752 4,563 1,659 1,618 ,347 1,289 174 173 ,572 1,483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 I 572 I 568 Nov 4,596 4,543 [,638 1,598 1,324 1,316 167 162 ,467 1,467 4,812 4,924 1,707 1,675 1,384 1,374 177 172 ,544 701 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 1,449 Mar 4,956 5,079 1,735 1,783 468 1,504 174 177 1,579 1,615 Apr 4,959 4,991 1,759 1,768 1,453 ,470 172 171 1,575 1,582 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—Apr 521 731 285 446 83 48 17 23 136 214 May 441 678 236 418 63 75 18 45 124 140 June 486 823 232 442 91 150 19 36 144 195 July 509 587 251 357 79 37 20 35 159 158 Aug t • • ... 481 632 195 226 115 148 15 41 156 217 Sent 341 192 71 -94 78 95 7 20 185 171 Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1964—Jan 428 -148 204 -10 52 -128 9 -35 163 25 Feb 579 -45 237 82 183 -171 15 -19 144 63 Mar 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 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 sec 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

JUNE 1964 CONSUMER CREDIT 767 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.1 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 Apr 5,008 5,332 1.916 2,133 1,032 1 094 1 223 J. 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 1,307 894 833 5,100 5,242 ,878 1,920 1,051 1,094 ,274 1,328 897 900 Sept 5,093 4755 ],878 1,744 1,021 955 ,322 1,218 872 838 Oct 5,311 5,487 > 000 2,061 1,115 1,194 ,351 1,311 845 921 Nov 4,979 4,981 1,877 1,766 1 030 1 013 ,198 1,213 874 989 Dec 5,272 5,974 1,963 1,889 1,134 1,192 ,252 1,476 923 1,417 1964 Jan 5,276 4,784 1,928 1,825 1 125 1 020 ,312 [,157 911 782 Feb 5,421 4,552 2,043 1,786 1,187 980 ,283 1,122 908 664 Mar 5,480 5,322 2,006 2,011 1,209 1,166 .292 ,290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 1,201 1,309 1,347 921 872 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—Apr 4,487 4,601 1.646 1.701 1.014 1,048 1.112 1.143 715 709 May 4,544 4,616 1,681 1,727 1,017 1,030 1,114 1,126 732 733 4,568 4,399 1,699 [,637 1,012 966 1,129 1,101 728 695 July , 4,591 4,778 1,690 1,794 1,007 1,045 1,144 1,188 750 751 4,619 4,610 1,692 [,693 1,000 995 [,158 1,157 769 765 Sept , 4,752 4,563 1,737 1,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1,737 1,815 1,054 1,129 1,209 1,197 780 807 Nov , 4,596 4,543 1,734 1,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 1,802 1,765 1,039 1,066 1,167 1,291 804 802 1964 Jan 4,848 4,932 1,768 1,805 1,076 1,050 1,184 1,186 820 891 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 1,891 ,084 1,152 1,201 1,225 828 811 Apr 4,959 4,991 1,833 1,853 1,097 1,110 1,197 1,205 832 823 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—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 SeDt 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 Apr 412 587 148 305 63 91 112 142 89 49 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

768 INDUSTRIAL PRODUCTION: S.A. JUNE 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.r Apr. Total index 100.00 124.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 127.4 127.9 128.3 129.6 Final products, total 47.35 124.8 122 1 723.5 125.2 725.9 126.2 126.5 127.9 128.0 128.4 128.3 128.1 128.1 729 4 Consumer goods . . 32.31 125.1 122.5 124.1 125.9 126.4 126.7 126.7 128.0 128.2 128.2 128.5 128.7 128.2 129.3 Equipment, including defense.... 15.04 124.2 120.4 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 128.0 126.7 127.9 129.7 52.65 123.6 122 9 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 126.2 127.8 128.5 129.5 Consumer goods Automotive products 3.21 141.1 137 6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.6 146.4 146.4 143 6 148 2 1.82 149.5 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 154.6 158.0 152.5 160.0 Auto parts and allied products 1.39 130.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.0 132.0 135.3 Home goods and apparel 10.00 123.0 720.5 722.3 723.5 723.9 725.7 725.5 725.2 126.9 725.5 727.7 727.3 126.1 727.5 Home goods 4.59 129.4 126 9 130.3 131.0 130.1 132.0 132.3 131.3 132.8 133.6 134.0 135.7 134 9 135 8 Appliances, TV, and radios 1.81 124.7 123.6 128.0 129.1 126.0 130.2 130.4 126.6 129.4 128.1 127.5 130.9 128.2 129.4 Appliances 1.33 130.1 125 6 131.9 133.7 130.6 136.8 136.9 131.8 135.2 132.6 130.7 135 3 132 9 133 1 .47 109.4 118 1 117.1 116.0 112.9 111.4 112.0 112.0 113.1 115.6 118.6 118.6 114.8 118 8 Furniture and rugs .. 1.26 131.3 127.0 130.7 132.8 133.8 133.6 131.6 133.2 134.1 134.3 135.1 135.8 135.9 136.8 Miscellaneous home goods 1.52 133.6 130 7 132.6 131.7 131.9 133.0 135.2 135.4 135.9 139.5 140.8 141.4 142 0 142 5 Apparel, knit goods, and shoes 5.41 117.5 115.3 115.5 117.4 118.7 119.2 119.7 121.8 121.9 120.5 121.2 120.1 118.7 120.5 19.10 123.6 727 0 122.9 123.8 125.2 126.1 725.4 125.7 725.3 125.8 725.2 125.8 126.2 727 0 Processed foods 8.43 116.5 114 9 115.9 116.1 116.3 117 9 117.9 118.1 117.8 119.0 120.1 119.2 118 7 119 2 2.43 115.0 112 7 116.2 115.2 117.1 117.4 112.9 116.0 114.5 115.7 114.8 118.5 121.6 Drugs soap and toiletries 2.97 140.0 137.1 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.4 142.2 140.1 140.1 142.8 Newspapers, magazines, and books.. 1.47 117.8 118.3 119.3 119.3 119.1 120.2 118.2 117.6 117.2 120.9 120.3 123.4 123.6 124.5 Consumer fuel and lighting 3.67 134.4 128.7 132.0 136.1 138.2 138.4 137.6 138.0 137.9 135.7 136.9 135.0 135.8 Fuel oil and gasoline 1.20 116.9 115.0 115.6 119.2 115.5 115.6 118.8 119.3 118.2 117.2 115.9 117.6 118.3 "\2Q.2 Residential utilities 2.46 143.0 135.4 140.0 144.3 149.2 149.6 146.7 147.1 147.4 144.7 147.2 143.4 144.3 Electricity 1.72 146.7 137.3 143.5 149.2 155.4 155.9 151.4 150.8 151.1 151.9 155.1 149.2 150.5 Gas 74 Equipment Business equipment 11.63 128.3 124 3 725.9 127.8 129.0 130.1 131.0 132.0 132.1 133.2 132.4 131.4 733 7 135 6 Industrial equipment . 6.85 122.9 119.2 120.9 122.8 123.6 124.9 125.6 126.6 127.4 128.6 128.9 127.9 131.9 133.4 Commercial equipment 2.42 142.4 143 3 143.4 142.2 142.4 141.5 141.6 141.2 139.0 140.2 141.6 140 4 141 0 143 0 Freight and passenger equipment... 1.76 132.1 126.0 124.8 128.1 135.3 134.6 140.7 140.6 139.7 137.2 135.6 137.5 133.7 139.8 Farm equipment .61 121.6 115.2 112.2 122.0 116.6 118.8 122.0 130.7 131.9 129.1 133.5 127.9 128.8 126.1 3.41 Materials 26.73 121.1 727.2 124.5 125.8 125.2 121.9 122.1 122.5 122.5 122.2 722.5 124 8 725 4 727 8 Consumer durable 3.43 137.2 135.4 139.4 145.9 142.7 136.6 137.8 138.0 138.4 140.2 140.2 141.5 142.6 144.5 7.84 125.4 123.1 125.1 128.0 126.4 126.3 128.4 128.3 125.9 127.9 128.2 128 4 129 5 130 5 Construction 9.17 116.3 115.1 116.7 118.0 119.4 119.2 119.0 119.3 119.0 117.8 118.2 120.5 120.7 121.2 Metal materials n.e.c 6.29 114.2 120.6 126.8 123.6 116.7 108.8 107.5 110.6 111.5 113.4 117.6 122.4 124.5 126.0 Nondurable materials • • . . 25.92 126.2 724.7 126.9 727.3 128.3 128.4 128.0 128.6 129.1 72S.7 730.0 730.3 130.1 131.3 Business supplies 9.11 120.1 119.0 121.6 121.6 119.8 121.7 121.2 121.5 122.8 122.6 124.4 124.8 124.5 126.1 Containers 3.03 120.3 116.1 120.3 121.1 119.9 119.7 118.2 122.6 123.9 121.3 125.1 125.5 124.7 128.0 General business supplies 6.07 120.1 120.4 122.2 121.8 119.8 122.7 122.7 121.0 122.3 123.2 124.0 124.4 124.4 125.2 Nondurable materials nee 7.40 145.1 143.2 145.0 145.3 147.6 147.0 147.9 149.8 150.2 150.5 151.4 152.2 152.3 153.4 Business fuel and power 9.41 117.2 115.6 117.9 118.8 121.2 120.4 119.1 118.7 118.6 117.5 118.5 118.4 118.0 118.8 Mineral fuels . 6.07 109.3 108.0 110.5 111.5 114.0 113.8 112.1 110.5 109.9 108.0 109.1 108.7 108.0 108.9 2.86 138.8 135.9 138.3 138.7 141.9 140.4 139.4 141.2 141.9 142.0 143 0 143 8 144 2 Electricity 2.32 139.4 136.5 139.0 139.2 143.0 141.0 139.7 141.9 142.5 143.3 144.1 145.0 145.3 General industrial 1.03 131.1 130.3 132.6 132.2 136.5 132.5 133.1 134.2 133.5 134.5 134.8 135.6 136.1 Commercial and other 1.21 149.7 144.6 147.6 148.3 151.8 151.4 148.4 151.7 153.5 154.1 155.5 156.4 156.4 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 134.3 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.1 140.1 138.5 140.9 Apparel and staples 24.51 122.2 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.1 124.5 124.5 125.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 INDUSTRIAL PRODUCTION: S.A. 769 INDUSTRY GROUPINGS (1957-59= 100) Grouping 9 p p t 5 i r o o 7 o r n - - - 59 P a a 1 v g 9 e e 6 r- 3 Apr. May June July 1 A 9 u 6 g 3 . Sept. Oct. Nov. Dec Jan. Feb.r 1 96 M 4 ar. Apr. Total index. 100.00 124.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 126.9 127.4 127.9 128.3 129.6 Manufacturing, total. 86.45 724.7 123.1 125.2 126.4 126.8 125.9 126.1 127.1 127.5 127.9 128.2 725.7 729.3 730.7 Durable 48.07 124.4 122.8 125.6 127.4 127.0 125.0 125.3 126.3 126.6 127.0 127.9 128.6 129.6 131.2 Nondurable 38.38 125.1 123.4 124.8 125.2 126.4 127.2 127.1 128.1 128.6 128.9 128.6 128.9 128.8 130.1 Mining 8.23 107.8 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.5 106.6 108.3 108.5 108.3 109.3 Utilities 5.32 140.7 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 143.3 144.9 143.6 144.2 145. Durable Manufactures Primary and fabricated metals 12.32 117.6 120.1 125.6 125.5 124.0 116.8 115.5 116.4 116.7 117.0 119.8 722.5 124.5 727.0 Primary metals 6.95 113.1 120.1 127.4 125.8 122.8 109.4 107.7 108.4 109.5 110.4 113.6 118.7 120.9 123.5 Iron and steel 5.45 109.5 121.8 129.3 126.1 117.1 102.6 100.0 100.0 103.5 104.9 108.3 114.5 118.1 123.0 Nonferrous metals and products. 1.50 126.3 121.0 124.2 125.5 123.5 126.4 129.4 103.5 132.9 134.7 132.2 139.9 142.6 137.6 Fabricated metal products 5.37 123.4 120.2 123.3 125.1 125.6 126.4 125.6 126.8 126.0 125.6 127.7 127.6 129. 131.6 Structural metal parts 2.86 120.2 116.8 120.9 123.0 124.2 124.5 123.7 122.8 121.5 121.8 123.1 123.6 126.3 128.6 Machinery and related products. ... 27.98 128.6 125.3 127.3 130.3 130.0 129.4 130.6 131.9 131.9 132.3 132.5 132.0 132.7 134.7 Machinery 14.80 129.1 125.9 128.4 129.4 129.6 130.5 131.3 132.2 132.6 133.3 134.7 133.5 135.8 138.1 Nonelectrical machinery 8.43 126.7 121.7 124.5 126.0 127.0 128.0 129.4 131.4 131.9 133.3 135.2 132.9 136.7 138.9 Electrical machinery 6.37 132.2 131.4 133.5 133.9 133.0 133.9 133.7 133.3 133.6 133.3 134.0 134.4 134.6 137.1 Transportation equipment 10.19 127.0 123.7 124.5 130.4 129.3 126.8 128.7 130.8 130.8 130.6 129.6 130.3 129.0 131.4 Motor vehicles and parts 4.68 146.1 141.8 143.1 153.8 150.9 143.7 146.5 150.3 151.8 151.2 149.2 151.4 149.9 153.2 Aircraft and other equipment. . . 5.26 109.5 107.2 107.5 109.4 109.6 111.1 112.1 113.0 111.7 111.4 111.1 110.8 109.6 111.7 Instruments and related products. . 1.71 130.2 126.6 130.2 131.6 132.6 132. 133.0 132.5 131.9 132.6 131.8 132.4 132.5 132.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 772.7 775.3 775.9 774.0 775.5 775.5 775.9 777.5 775.5 775.5 727.5 722.5 720.4 Clay, glass, and stone products. 2.99 117.5 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.5 122.6 124.8 126.0 124.2 Lumber and products 1.73 109.0 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 112.5 112.1 116.1 117.3 113.8 Furniture and miscellaneous 3.05 729.7 725.5 729.5 729.5 752.0 752.7 757.9 750.5 757.9 757.9 752.7 752.5 755.2 734.4 Furniture and fixtures 1.54 133.1 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 137.1 137.6 138.7 Miscellaneous manufactures.... 1.51 124.9 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 128.1 128.8 130.1 Nondurable manufactures Textiles, apparel, and leather 7.60 775.5 775. 775.5 775.0 775.9 720. 727.7 727.7 725.0 725.7 722.5 722.2 720.7 121.0 Textile mill products 2.90 117.1 115.9 116.3 116.7 117.6 119.1 120.0 120.9 122.0 121.8 118.8 119.2 119.3 120.5 Apparel products 3.59 125.5 122.9 122.6 124.9 126.2 126.9 126.5 127.9 129.8 131.3 131.7 131.7 128.1 128.5 Leather and products 1.11 99.8 95.4 97.5 99.2 98.9 101.3 106.6 103.9 103.7 104.3 102.4 99.3 96.4 Paper and printing 8.17 720.0 779.2 720.5 727.5 722.5 722.4 722.0 722.5 722, 725.5 725.0 724.4 724.0 727.2 Paper and products 3.43 125. 122.8 123.4 125.8 127.8 127.8 126. 128.4 128. 126.9 128.6 129.1 127.9 133.0 Printing and publishing 4.7 116.4 116. 118.4 118.6 118.4 118.5 118.6 117.9 118, 121.5 119.0 121.1 121.2 123.0 Newspapers 1.53 108.0 109.7 111.4 112.5 111.6 112.8 113.7 111.9 113, 119.2 113.9 115.1 115.2 117.3 Chemicals, petroleum, and rubber.. 77.5- 747.5 759.7 747.5 747.5 745.5 744.4 744.5 745.9 747.5 745.7 745.5 745.7 745.5 148.3 Chemicals and products 7.58 148 146 147.8 148 151.3 151.7 152.6 153.9 154.6 153.9 153.2 153.5 154.2 155.6 Industrial chemicals 3.8. 162.5 160. 161.9 162.: 165. 165.3 166.8 169.1 169.7 169.9 170.5 171.2 173.1 Petroleum products 1.97 117 115.8 116.9 118. 119 117.6 117.0 119.0 118.5 116.6 116.0 119.1 119.7 \2Q>'.2 Rubber and plastics products 1.99 138.9 138.8 140.7 137.0 136.5 143.1 142.5 142.1 147.9 145.7 145.7 142.2 145.1 Foods, beverages, and tobacco 77.07 116.3 774. 775.4 775.7 775.9 777.5 775.5 775. 777. 775.4 779.5 779.5 779.5 119.7 Foods and beverages 10.25 116.4 114.8 116. 116.3 116.8 117.5 116.5 118.5 117.4 118.6 119.9 120.6 119.6 119.8 Food manufactures 8.64 116. 115.2 116.4 116.4 116.8 117.5 117.5 118.8 118.0 119.2 120.6 119.8 118.9 119.8 Beverages 1.61 114.9 112.7 115. 115.6 116. 117. 110.9 117.0 114.5 115.7 115.9 125.0 123.3 Tobacco products 115.1 112.7 118.1 114.4 117.9 116.8 116.8 114. 114.6 115.8 112.7 105.6 118.2 Mining Coal, oil, and gas 6.80 106.9 705. 707.7 705.5 777.7 777.2 709.9 705.5 707.0 705.5 705.7 705.9 705.5 106.8 Coal 1.16 102. 100.8 104.5 107.1 107.1 108.0 106.2 104.1 102.1 103.4 104.0 99. 94.5 98.7 Crude oil and natural gas 5.64 107.9 107.2 108.3 108.9 111.9 111.8 110.6 109.1 108.0 105.7 107. 108.4 108.7 108.5 Oil and gas extraction 4.91 110.9 109.7 111.9 112.6 115. 115. 113.5 112.0 111. 109.1 110.3 111.0 111. 111.3 Crude oil 4.25 108.2 107.3 109.5 110.1 113.0 112.7 110.6 109.6 108.9 105.7 106.8 107.0 107.8 107.6 Gas and gas liquids .66 128.5 124.5 130.4 128.2 132.8 130.7 131.9 127. 129.8 130.8 132.9 136.2 Oil and gas drilling .73 87. 90.3 84.0 84.5 86.4 89.5 91.1 89.7 82.5 83.0 86.1 91.4 Metal, stone, and earth materials.. 1.43 772.7 775. 772.5 775.0 772. 777.5 772.5 775.7 770.5 772. 775.5 775.0 777.9 727.2 Metal mining 112. 114. 116.4 112.8 110. 112.8 113. 109.8 106.4 111.6 116.4 118.8 121.1 126.2 Stone and earth minerals 112.1 113. 110.1 113.2 113. 110.7 111.9 115.5 113.2 113.5 116. 114.0 115.6 117.5 Utilities Electric 4.04 142.5 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 147.0 148.8 146.8 147.5 Gas 1.28 135 132.9 133 135 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

770 INDUSTRIAL PRODUCTION: N.S.A. JUNE 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1964 pro- *>1963 Grouping por- avertion age Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.*" Apr. Total index 100.00 124.3 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.8 128.3 129.1 131.1 47.35 124.8 122.1 123.0 127.1 121.7 123.8 130.0 131.9 127.7 125.3 126.8 128.5 128.5 130.3 Consumer goods 32.31 125.1 122.1 123.1 128.1 121.3 124.3 131.7 134.2 128.5 123.9 126.1 128.9 127.7 129.8 Equipment, including defense.... 15.04 124.2 122.1 122.8 124.8 122.6 122.6 126.3 126.9 126.1 128.5 128.1 127.5 130.1 131.3 Materials 52.65 123.6 124.0 126.9 128.6 119.4 123.9 126.8 128.1 126.5 123.8 124.9 128.1 129.6 131.9 Consumer Goods 3.21 141.1 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.3 151.9 154.4 151.9 162.1 1.82 149.5 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 Auto parts and allied products 1.39 130.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.2 130.8 131.1 135.3 Home goods and oppoTel 10.00 123.0 122.1 121.2 126.2 112.0 126.3 130.1 131.9 127.3 117.5 121.7 132.9 129.8 130.3 4.59 129.4 126.0 128.0 132.4 116.8 126.8 141.0 140.2 138.7 132.9 129.5 137.4 138.6 137.7 Appliances, TV, and radios 1.81 124.7 123.6 127.3 133.5 104.0 113.6 140.2 135.8 135.8 123.5 124.7 138.7 137.8 134.5 Appliances 1.33 130.1 129.7 135.1 141.7 111.7 114.4 144.2 135.9 137.4 135.0 126.0 144.6 147.5 143.1 .47 109.4 106.3 105.4 110.2 82.4 111 4 128.8 135.5 131.2 91.3 121 0 122.2 110.2 110.5 Furniture and rugs. 1.26 131.3 125.7 124.8 130.3 125.8 134.9 137.8 139.3 138.1 139.7 133.1 135.8 137.3 136.8 Miscellaneous home goods 1.52 133.6 129.1 131.3 132.9 124.6 135.9 144.7 146.1 142.7 138.4 132.1 137.2 140.6 142.2 Apparel, knit goods, and shoes 5.41 117.5 118.8 115.5 120.9 108.0 125.8 120.9 124.8 117.6 104.5 115.1 129.1 122.3 124.1 19.10 123.6 117.8 120.3 124.5 123.9 131 5 133.3 130.9 123.8 122.1 124.1 122.5 122.6 124.1 Processed foods 8.43 116.5 107.5 110.5 115.1 116.5 126.5 133.8 130.5 119.9 115.2 113.5 111.1 109.8 112.8 2.43 115.0 115.6 125.7 132.0 120.8 126.4 116.6 121.4 108.4 100.2 102.4 107.4 117.6 2.97 140.0 137.8 138.8 142.8 137.0 145.7 146.0 146.9 142.4 139.8 141.1 139.7 139.4 142.8 Newspapers, magazines, and books.. 1.47 117.8 117.8 118.7 117.5 116.5 120.2 121.2 119.4 117.2 120.9 120.3 122.8 124.8 125.9 Consumer fuel and lighting 3.67 134.4 126.2 124.7 129.3 135.3 139.2 137.7 129.6 130.2 138.4 150.1 144.0 140.2 1.20 116.9 109.4 111.7 117.6 118.1 119.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 \\4.5 Residential utilities 2 46 143 0 Electricity 1.72 146.7 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 Gas .74 Equipment 11.63 128.3 126.4 126.8 129.3 126.5 127.0 131.0 131.2 130.1 132.7 132.5 132.4 135.9 137.6 Industrial equipment 6.85 122.9 119.2 121.0 123.9 122.4 124 5 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.4 Commercial equipment 2.42 142.4 140.6 141.7 142.6 139.6 141.8 143.7 143.6 140.7 142.6 141.7 139.4 139.7 140.3 Freight and passenger equipment... 1.76 132.1 132.3 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.2 132.9 139.2 141.9 146.8 .61 121.6 134.7 122.1 125.6 106.1 98.1 116.3 120.3 118.6 125.8 131.8 142.0 147.3 147.4 3.41 Materials 26.73 121.1 122.0 126.5 129.2 118.7 118.7 124.0 125.3 123.2 121.0 121.1 125.3 127.4 130.7 Consumer durable 3.43 137.2 135.8 139.5 144.9 128.4 112.4 138.6 143.0 145.6 150.0 146.9 146.5 146.2 146.2 Equipment 7.84 125.4 123.7 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 130.8 131.8 132.9 9.17 116.3 113.9 120.2 125.4 121.2 126 4 125 9 125.1 118.8 110.6 107.9 113.3 116.0 122 4 Metal materials nee 6.29 114.2 124.2 130.0 128.8 105.3 105.6 110.7 113.3 112.4 108.4 114.5 124.5 128.2 131.6 25.92 126.2 126.0 127.3 128.0 120.1 129.2 129.6 131.0 129.8 126.8 128.8 131.0 131.9 133.1 Business supplies 9.11 120.1 122.1 122.8 122.8 112.2 123.5 125.0 127.2 123.8 118.1 119.6 123.1 125.3 129.4 3.03 120.3 119.6 121.5 127.2 115.1 131.7 125.9 128.7 117.1 105.5 117.6 123.0 124.7 131.8 6.07 120.1 123.4 123.4 120.7 110.8 119.4 124.5 126.4 127.2 124.4 120.5 123.2 125.6 128.3 Nondurable materials nee 7.40 145.1 144.6 147.2 146.0 136.2 145.5 147.2 150.5 151.7 148.2 151.4 155.2 156.2 156.5 Business fuel and power 9.41 117.2 115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 119.9 119.6 119.3 118.3 6.07 109.3 109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.1 112.6 111 4 110 2 Nonresidential utilities 2.86 138.8 Electricity 2.32 139.4 131.1 134.7 141.0 147.0 152.0 149.1 144.0 139.7 139.9 141.5 138.9 141.3 General industrial 1.03 131.1 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 Commercial and other 1.21 149.7 136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 134.3 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 147.7 Apparel and staples 24.51 122.2 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.5 124.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 INDUSTRIAL PRODUCTION: N.S.A. 771 INDUSTRY GROUPINGS (1957-59- 100) Grouping 9 p p t 5 i r o o 7 o r n - - - 59 1 a a 9 v g 6 e e 3 r- * Apr. May June July A 19 u 6 g 3 . Sept. Oct. Nov. Dec. Jan. Feb.1 1 " 9 6 M 4 ar.r Apr. Total index. 100.00 124.3 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.] 124.5 125.8 128.3 129.1 131.1 Manufacturing, total., 86.45 124.7 124.0 126.1 128.8 120.5 123.4 128.7 131.1 128.2 125.1 125.9 129.1 130.1 132.6 D N u o r n a d b u l r e able 4 3 8 8 . . 0 3 7 8 1 1 2 24 5 .1 A 1 1 2 2 3 4 . . 7 4 1 1 2 2 6 5 . . 9 1 1 12 2 7 9 . . 6 8 1 11 2 9 1 . . 8 0 1 13 1 0 8 . . 0 1 1 13 2 1 6 . . 4 6 1 1 3 2 3 9 . . 3 3 1 12 2 7 8 . . 9 4 1 1 2 2 2 7 . . 5 2 ne.i 1 1 2 2 8 9 . . 5 5 1 1 2 3 8 1 . . 4 4 1 1 3 3 1 3 . . 1 8 Mining 8.23 107.8 106.9 108.9 111.3 105.3 112.2 111.4 111.0 108.1 106.7 124.8 108.3 107.6 108.8 Utilities 5.32 140.7 107.9 Durable manufactures Primary and fabricated metals 12.32 117.6 122.5 127.0 128.2 112.1 113.5 117.5 118.7 117.7 115.4 119.3 124.4 127.7 130.9 Primary metals 6.95 113.1 125.7 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.1 114.7 124.3 128.4 131.8 Iron and steel 5.45 109.5 125.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 102.3 110.5 119.4 124.0 128.5 Nonferrous metals and products. 1.50 126.3 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 124.5 130.0 142.0 144.2 143.7 Fabricated metal products 5.37 123.4 118.4 122.3 126.4 122.5 127.5 131.6 130.6 126.8 126.2 125.1 124.7 126.8 129.6 Structrual metal parts 2.86 120.2 113.8 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 121.0 122.8 125.3 Machinery and related products 27.98 128.6 127.3 128.4 131.9 124.8 117.0 129.8 133.9 134.1 135.1 133.7 134.7 136.0 137.6 Machinery 14.80 129.1 126.9 128.3 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.3 135.5 138.4 139.1 Nonelectrical machinery 8.43 126.7 125.3 126.4 129.0 123.6 123.3 128.5 128.8 129.3 134.4 135. 135.3 140.5 141.7 Electrical machinery 6.37 132.2 129.0 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.5 Transportation equipment 10.19 127.0 127.7 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.4 135.0 134.3 137.8 Motor vehicles and parts 4.68 146.1 149.3 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.1 160.0 158.1 165.0 Aircraft and other equipment... 5.26 109.5 107.7 107.1 107.9 107.5 108.5 110.8 112.4 112.4 113.1 112.2 112.1 112.3 113.0 Instruments and related products.. 1.71 130.2 126.5 128.2 131.6 129.7 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 112.5 118.3 122.7 117.7 125.7 124.5 124.4 117.3 106.5 104.2 112.0 113.9 119.6 Clay, glass, and stone products. 2.99 117.5 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.2 Lumber and products 1.73 109.0 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 110.3 111.5 Furniture and miscellaneous.. 3.05 129.1 122.8 125.2 725.7 126.7 134.6 137.1 137.7 755.2 133.9 727.5 729.5 131.5 132.7 Furniture and fixtures 1.54 133.1 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 136.6 Miscellaneous manufactures. 1.51 124.9 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 119.3 118.4 121.7 106.9 124.1 121. 123.9 119.6 109.9 777.7 729.5 124.7 124.7 Textile mill products 2.90 117.1 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119. 112.9 116.4 122.8 122.9 121.1 Apparel products 3.59 125.5 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.3 125.1 142.2 133.2 135.8 Leather and products 1.11 99.8 95.4 93.9 100.6 89.4 108.7 105.2 105.5 98.0 94.4 97.3 106.2 102.2 Paper and printing 8.1 120.0 120.9 122.3 121.1 112.6 121.8 123.5 127.8 724.5 119.4 120.4 124.5 126.4 730.5 Paper and products 3.43 125.2 125.0 126.0 128.3 113.7 131.0 127.8 135.3 127.9 115.2 126.8 132.3 131.7 137.3 Printing and publishing 4.74 116.4 117.9 119.6 117.6 111.8 115.2 120.3 122.3 122. 122.5 115.8 118.9 122.6 125.6 Newspapers 1.53 108.0 116.4 118.8 113.1 97.1 102.1 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 Chemicals, petroleum, and rubber.. 11.54 141.5 142.1 142.3 143.9 136.0 143.3 145.5 147.8 145.6 142.9 145.3 147.7 148.4 151.1 Chemicals and products 7.58 148.5 149.7 150. 150.9 144.3 150.7 152.0 154.5 153.1 150.7 152.8 155.0 156.5 159.5 Industrial chemicals 3.84 162.5 162.9 163.8 162.2 157.3 162.3 164.8 169.1 170. 169.9 172.2 175.0 176.6 Petroleum peoducts 1.9' 117.1 112.3 115.1 121.7 123.1 123.5 121.7 119.6 116. 114.9 114.3 117.3 115.5 116.6 Rubber and plastics products 1.99 138.9 143.1 139.3 139.1 117.0 134.5 144.4 150.1 145.7 140.6 147.2 150.4 149.7 Foods, beverages, and tobacco 11.07 116.3 109. 114.0 118.8 117. 126. 129.7 725. 777.7 772. 777.5 770.7 111.8 775.2 Foods and beverages 10.25 116.4 109. 113.4 118.4 118.2 126. 130.5 129.0 117.8 113.7 111.5 111. 111.4 115.0 Food manufactures 8.64 116.7 107. 110. 115.1 116. 126. 133.4 130.7 120.4 115.6 114.0 111.7 110. 113.2 Beverages 1.61 114.9 117. 127.4 136.4 129. 126.5 114.8 120.0 104.0 103. 97.9 108.5 118.2 Tobacco products 115.1 112. 122.4 123.5 104.3 126.4 120. 124.3 116.9 94.3 111.5 105.1 116.4 Mining Coal, oil, and gas 6.80 106.9 106. 106. 108.5 101.8 109.8 108.5 108.6 707.5 707.5 709.5 110. 705.5 707. Coal 1.16 102. 101.5 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 100.4 95.3 99.4 Crude oil and natural gas 5.64 107.9 107.8 106.6 106.8 107.9 109.0 107.7 107.6 108.1 108.8 111.4 112.1 111.3 109.2 Oil and gas extraction 4.91 110.9 111.3 110.1 110.0 110.7 111. 109.8 110.2 111.6 112.3 114.5 115.4 115.2 112.8 Crude oil 4.25 108.2 109.1 108. 108.4 108. 109.5 107.6 108.0 108.1 107.7 110.1 111.0 111.2 109.4 Gas and gas liquids .66 128.5 125. 124.3 120.4 123.6 123.8 124.0 124.3 133.8 141.7 143.0 144.0 Oil and gas drilling .73 87. 84.1 82. 85.3 88.6 92.8 93.2 90.1 84.1 85.5 90.4 89.3 Metal, stone, and earth minerals... 1.43 112.1 107.9 120.9 125.0 122.0 123.8 125.0 722.3 109.9 702.5 P5.7 700.7 702.7 114.7 Metal mining .61 112.3 104.2 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 102.4 106.9 106.6 114.8 Stone and earth minerals .82 112.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.6 Utilities Electric., 4.04 142.5 133.1 133.0 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 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

772 BUSINESS ACTIVITY; CONSTRUCTION JUNE 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 Total Final products Mate- ip-oupingi» t c t r i a o o c n n t - s T m p o e e l m t o n a y t - l — - i p m E lo m en y - t - P ro a l y ls - l i o n a g d s - re s t a a l i e l s 3 s C u o m n e - r W m c s o o a h m l d o e i l - t e y - Total g s C u o m o o n d e - s r E m q e u n ip t - rials Mfg. M in i g n- U iti t e il s - 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—Apr 122.5 122.1 122.5 120.4 122.9 123.1 107.4 135.7 125 108.2 100.1 116.6 95.7 119 106.2 99.7 May 124.5 123.5 124.1 122.1 125.7 125.2 108.5 139.1 144 108.5 100.4 117.9 96.9 118 106.2 100.0 June 125.8 125.2 125.9 123.8 126.6 126.4 109.4 141.3 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 126.5 125.9 126.4 124.8 126.7 126.8 111.3 145.3 126 109.1 100.4 118.0 93.9 121 107.1 100.6 Aug 125.7 126.2 126.7 125.3 125.1 125.9 111.3 144.6 132 109.1 99.8 117.0 90.9 121 107.1 100.4 Sept 125.7 126.5 126.7 126.2 125.0 126.1 110.3 142.8 128 109.3 100.1 120.3 91.2 119 107.1 100.3 Oct 126.5 127.9 128.0 127.7 125.5 127.1 109.1 143.9 146 109.6 100.4 120.0 92.7 121 107.2 100.5 Nov 126.7 128.0 128.2 127.6 125.8 127.5 107.5 144.5 144 109.5 100.0 119.4 92.3 120 107.4 100.7 Dec 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 9 r128 1 128 7 126.7 '127 8 -128 7 '108.5 143.6 143 110 7 100 8 122 8 96 9 126 107.6 100.5 Mar r128.3 r128.1 128.2 r127.9 r128.5 ''129.3 r108.3 r144.2 140 r110.9 101.3 123.1 94 0 '124 107.7 100.4 Apr 129.6 129.4 129.3 129.7 129.5 130.7 109.3 145.0 138 111.2 101.7 124.2 94.8 125 107.8 100.3 May^ 130.3 130.0 129.6 130.6 130.4 131.2 110.7 146.5 111.3 101.8 123.9 96.4 127 100.1 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; • 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 Type of ownership and type of construction 1962 1963 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 41,303 45,546 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 By type of ownership: Public 13,599 14,653 1,168 1,567 1,384 1,319 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318 Private 27,705 30,893 2,814 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042 By type of construction: Residential building.... 18,039 20,502 1,986 2,061 1,966 1,934 1,883 1,789 2,028 1,519 1,325 1,372 1,427 1,991 Nonresidential building 13,010 14,377 1,210 1,452 1,458 1,271 1,322 1,154 1,331 1,082 1,102 1,158 1,082 1,252 Nonbuilding 10,255 10,667 787 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

JUNE 1964 CONSTRUCTION 773 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total Indu B s u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other trial mercial utility tial 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 J.287 3,861 1.085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3,557 3,564 5,414 4,212 14,079 1,287 4,954 1,344 6,494 1958 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 1959 l 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 I960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,455 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,156 1,378 5,855 1,581 8,342 1962 59,036 41,478 24,174 12,251 2,857 5,023 4,371 5,053 17,558 1,269 6,156 1,754 8,379 1963 . ... 62,775 43,796 25,711 12,885 3,118 5,110 4,657 5,200 18,979 6,702 1,966 1963—May 60,458 43,143 25,646 12,432 2,852 4,775 4,805 5,065 17,315 ,369 5,611 1,868 8,467 June ... 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 682 6,813 1,927 8,729 July 62,733 43,931 25,888 12,807 3,136 4,953 4,718 5,236 18,802 1,909 6,331 990 8,572 Aug 64,194 44,571 25,832 13,397 3,310 5,346 4,741 5,342 19,623 6,965 2,061 Sept . ... 64,228 44,827 25,919 13,536 3,395 5,561 4,580 5,372 19,401 6,550 2,109 Oct 65,888 45,608 26,532 13,722 3,461 5,412 4 849 5,354 20,280 7,442 2 128 Nov . 66 106 45 750 26 927 13 460 3 538 5 367 4 555 5 363 20 356 7 706 2 159 Dec 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 66,756 46,552 27,450 13,630 3,492 5,569 4,569 5,472 20,204 7,049 2,341 Apr 66,691 46,492 27,376 13,575 3,505 5,465 4,605 5,541 20,199 6,735 2,371 Mayp 66,708 46,562 27,342 13,641 3,593 5,445 4,603 5,579 20,146 2,389 1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area * By type of ownership Government- (private only) underwritten Period Total Metro- Non- Private Total N fa o rm n- politan p m o e li t t r a o n - Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1955 ,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 .618 1,139 479 1,587 1,005 53 529 31 292 221 71 1963—Apr 1,618 1.590 160 112 49 158 106 6 47 2 29 22 7 May J.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 Aus . .. 1,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept ,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 ,533 121 84 37 119 72 4 44 2 22 17 5 Dec ,564 1,518 97 76 21 95 51 3 41 2 21 16 5 1964 Jan ,718 ,688 101 75 26 100 55 4 41 1 16 11 4 Feb ,657 ,613 101 74 27 100 64 5 32 1 17 12 4 Mar V ,665 V ,640 P133 97 37 ?130 83 5 42 ^3 21 16 5 Apr V ,558 V ,526 ?i54 103 51 *>151 23 18 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 inspection*. farm and nonfarm series developed initially by the Bureau of Labor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 EMPLOYMENT JUNE 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period in T s 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 Total In c u n l o t n u a ra g l ri- In U pl n o e y m ed - (pe S r . A ce . nt) industries agriculture 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 3 125,368 73,126 70,612 66 681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963 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 Aug 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 May 133,866 77,490 74,742 71,101 66,094 5,007 3,640 56,376 5.1 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n n s t t r r a u c c t - T tio ra n n s & p o p r u t b a- - Trade Finance Service G m ov e e n r t ntion lic utilities 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 1960 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—May 57,060 17,095 640 3,019 3,909 11,825 2,864 8,228 9,480 June 57,194 17,075 639 3,046 3,919 11,864 2,865 8,282 9,504 July 57,340 17,103 640 3,069 3,936 11,884 2,870 8,349 9,489 Aug 57,344 17,033 635 3,083 3,941 11,907 2,873 8,373 9,499 Sept 57,453 17,076 632 3,071 3,950 11,922 2,873 8,377 9,552 Oct 57,646 17,119 629 3,066 3,937 11,935 2,887 8,430 9,643 Nov 57,580 17,061 630 3,057 3,928 11,941 2,887 8,423 9,653 Dec 57,748 17,127 630 3,069 3,915 11,963 2,892 8,447 9,705 1964—Jan 57,850 17,119 623 3,017 3,923 12,072 2,904 8,474 9,718 Feb 58,183 17,175 624 3,169 3,934 12,143 2,911 8,515 9.712 Mar 58,327 17,242 625 3,162 3,930 12,143 2,918 8,552 9,755 Apr.*3 58,463 17,287 631 3,140 3,955 12,201 2,924 8,540 9,785 Mayp 58,503 17,311 628 3,100 3,958 12,184 2,930 8,577 9,815 NOT SEASONALLY ADJUSTED 1963—May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 June 57,609 17,111 650 3,232 3,954 11,848 2,885 8,423 9,506 July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9,170 Aug 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9,139 Sept 58,211 17,398 641 3,378 3,982 11,942 2,887 8,436 9,547 Oct 58,426 17,367 637 3,333 3,968 12,014 2,884 8,472 9,751 Nov 58,220 17,229 634 3,176 3,944 12,166 2,878 8,406 9,787 Dec 58,585 17,139 631 2,925 3,931 12,774 2,880 8,379 9,926 1964—Jan 56,909 16,935 614 2,628 3,876 11,917 2,875 8,313 9.751 Feb 57,045 16,982 611 2,681 3,879 11,837 2,885 8,362 9,808 Mar 57,388 17,051 611 2,760 3,883 11,926 2,895 8,415 9,847 Apr.*3 57,908 17,093 624 2,974 3,923 11,977 2,912 8,540 9,865 May27 58,413 17,174 631 3,131 3,946 12,076 2,924 8,646 9,885 1 Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 EMPLOYMENT AND EARNINGS 775 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 May Mar. Apr.*5 May*3 May Mar. Apr.p May? Total 12,647 12,759 12,806 12,820 12,526 12,584 12,628 12,705 Durable goods • 7,081 7,207 7,255 7,242 7,083 7,132 7,193 7,247 Ordnance and accessories 119 113 111 111 118 113 111 110 530 544 535 533 533 506 518 536 Furniture and fixtures 323 331 332 333 317 327 328 328 492 503 501 496 497 480 494 500 962 958 978 980 970 966 979 988 883 912 920 916 880 898 906 913 1,040 1,091 1,096 1,099 1,052 1,104 1,111 1,112 Electrical machinery 1,068 1,047 1,058 1,063 1,049 1,037 1,039 1,044 Transportation equipment 1,112 1,147 1,161 1,150 1,121 1,153 1,156 1,159 237 239 240 239 235 238 238 237 315 322 323 322 312 309 314 319 Nondurable goods •... . 5,566 5,552 5,551 5,578 5,443 5,452 5,435 5,458 1,158 1,146 1,133 1,130 1,098 1,057 1,063 1,071 77 78 78 78 65 70 67 66 Textile-mill products 798 805 804 804 796 799 799 802 1 171 1 161 1 171 1 190 1 142 1,177 1,153 1,160 488 491 491 494 484 485 488 491 Printing, publishing and allied industries 595 600 602 607 590 598 599 602 525 527 525 523 530 528 533 528 Products of petroleum and coal 120 116 116 115 121 114 115 116 324 321 323 327 317 317 316 320 Leather and leather products 310 307 308 310 301 307 302 302 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.) ndustry group 1963 1964 1963 1964 1963 1964 May Mar. Apr.? May May Mar. Apr.* May* May Mar. Total 40.5 40.7 40.7 40.7 99.23 101.40 102.06 102.97 2.45 2.51 2.52 2.53 Durable goods 41.1 41.2 41.4 41.3 108.36 110.29 111.51 112.19 2.63 2.69 2.70 2.71 Ordnance and accessories. 40.9 40.0 40.1 40.2 117.67 119.39 119.90 120.50 2.87 2.97 2.99 2.99 Lumber and wood products 39.5 40.3 40.1 40.1 80.60 82.18 83.58 86.27 2.02 2.07 2.10 2.13 Furniture and fixtures 40.9 41.2 41.3 41.0 79.60 82.62 82.42 81.81 1.98 2.03 2.03 2.03 Stone, clay, and glass products 41.6 41.6 41.8 41.8 103.07 102.00 104.83 106.93 2.46 2.50 2.52 2.54 Primary metal industries 41.6 41.2 41.5 41.7 127.30 127.51 128.85 129.27 3.06 3.08 3.09 3.10 Fabricated metal products 41.4 41.6 41.8 41.6 108.32 109.59 111.22 111.76 2.61 2.66 2.68 2.68 Machinery except electrical 41.5 42.3 42.4 42.4 115.79 121.26 122.26 122.55 2.77 2.86 2.87 2.87 Electrical machinery 40.4 40.4 40.7 40.4 98.74 100.90 101.15 101.56 2.45 2.51 2.51 2.52 Transportation equipment 41.9 41.5 42.0 41.5 125.76 126.68 128.33 128.74 2.98 3.06 3.07 3.08 Instruments and related products 40.8 40.6 40.6 40.5 100.94 101.40 101.81 102.21 2.48 2.51 2.52 2.53 Miscellaneous manufacturing industries.. 39.6 39.8 39.9 39.7 79.40 82.78 82.97 82.37 2.01 2.08 2.09 2.08 Nondurable goods 39.7 39.9 39.8 39.8 87.52 89.67 89.83 90.52 2.21 2.27 2.28 2.28 Food and kindred products 40.8 40.8 40.9 40.8 94.66 95.84 96.08 97.92 2.32 2.39 2.39 2.40 Tobacco manufactures 39.0 39.7 40.6 40.2 78.17 75.60 80.39 81.40 2.02 2.00 2.03 2.04 Textile-mill products 40.6 41.1 41.1 41.1 69.02 71.63 71.63 72.34 1.70 1.76 1.76 1.76 Apparel and other finished textiles 36.4 36.3 36.4 36.1 61.52 64.79 63.90 63.90 1.69 1.78 1.77 1.77 Paper and allied products 42.6 42.7 42.8 42.8 104.55 1106.85 107.53 108.03 2.46 2.52 2.53 2.53 Printing, publishing and allied industries. 38.4 38.5 38.7 38.5 110.21 jl 13.581113.58 113.96 2.87 2.95 2.95 2.96 Chemicals and allied products 41.6 41.8 41.4 41.7 112.59 1114.401114.40 115.79 2.70 2.75 2.75 2.77 Products of petroleum and coal 41.9 42.0 41.4 41.9 131.57 131.24:i30.92 132.82 3.14 3.17 3.17 3.17 Rubber products 40.4 41.2 41.6 41.1 99.23 101.59 102.50 103.41 2.45 2.49 2.50 2.51 Leather and leather products 37.3 37.7 37.8 38.5 64.42 I 68.24 66.43 68.42 1.76 1.81 1.82 1.81 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

776 PRICES JUNE 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreatiorl Period it A em ll s Food Total Rent o H w s o h n m i e p e r- - F c a o o u n i a e d l l l t e r G a i l n c e a i d c s t - y o n F i p a n i u e n s g r h r d s - a - - A u p p a p n k a d e r e e p l T p t o r i a o r n t n a s - - Total M c ic a e a r d e l - 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 h r e v d d e s - r s tion 1929. 59.7 55.6 85.4 1933. 45.1 35.3 60.8 1941. 51 3 44 2 61 4 64 3 45 2 88 3 51 2 50 6 47 6 57 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 1006 103.8 102.8 1044 10? 4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107 0 101.5 10? ? 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 1036 107.2 109.4 114 ? 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 1167 1079 Ill 5 107.1 1963—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 Mav 106.2 104.2 105.7 106.6 106.7 102.4 107.4 102.3 104.3 107.4 110.7 116.4 107.8 110.7 106.0 106.6 105.0 105.9 106.7 106.8 102.1 108.1 102.4 104 5 107.4 111.4 116 8 107-8 1109 107.6 Julv .. . 107.1 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 Aug 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 1047 108.3 111.9 117 1 1080 11? 1 108.0 Sent 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 105Q 109.0 112.3 1174 1084 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 1084 11? 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 1084 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 1136 108.5 Apr 107.8 105.7 107.0 107.7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 108.7 1140 108.6 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m 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 e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c. er, Metals c M e h r i a y n - - F t e u u t r r c n e . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 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. 97.4 100.1 99. 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. 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. 102.2 98.1 101.3 106.1 110.4 1963—Apr 99.7 95.4 99.3 100.4 100.1 104.5 100.3 96.3 94.1 97.0 99.0 99.4 101.9 98.1 101.5 104.4 108.0 May 100.0 94.4 101.7 100.5 100.2 104.8 100.4 96.4 93.2 97.5 99.1 99.9 102.0 98.0 101.3 105.2 107.6 June 100.3 94.9 102.4 100.7 100.3 104.5 100.9 96.3 93.1 98.3 99.4 100.0 102.0 98. 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 99.1 100.1 102.1 98.1 101.0 107.5 111.1 Sept 100.3 95.5 100.9 100.7 100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8 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 99.9 99.9 101.8 102.5 98.5 101.2 107.1 110.9 Mar 100.4 '95.2 r100.5 101.1 101.2 102.5 97.4 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101.1 107.1 109.8 Apr 100.3 94.5 100.4 101.1 101.1 104.5 96.1 96.6 93.5 101.8 99.1 102.3 102.9 98.6 101.3 107.1 109.5 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 PRICES 777 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 99.6 97.9 104.9 106.2 Woodpulp 91.3 96.1 96.1 96.2 Grains 105.1 102.0 99.1 103.3 Wastepaper 92.5 91.1 91.9 90.2 Livestock and poultry 88.2 82.8 83.8 82.4 Paper 102.2 103.1 103.5 103.5 Plant and animal fibers 102.0 101.7 102.1 102.1 Paperboard 94.1 96.5 96.5 96.5 Fluid milk 98.3 102.3 r101.2 99.8 Converted paper and paperboard... 99.7 100.1 98.9 98.6 Eggs 81.3 89.7 90.5 79.5 Building paper and board 95.5 95.0 r93.7 93.5 Hay and seeds 110.7 113.9 110.7 107.4 Other farm products 89.4 96.4 100.7 99.5 Metals and Metal Products: Processed Foods: Iron and steel 98.5 100.2 100.2 100.4 Nonferrous metals 98.2 101.7 103.0 104.2 Cereal and bakery products 108.1 107.4 107.1 108.0 Metal containers 104.5 105.6 105.6 105.6 Meat, poultry, and fish 90.3 88.9 88.7 88.3 Hardware 103.9 104.6 104.8 104.8 Dairy products and ice cream 106.9 107.5 r107.3 107.1 Plumbing equipment 100.8 100.4 100.3 100.4 Canned and frozen fruits, and veg- Heating equipment 92.9 91.8 '92.1 92.2 etables 102.9 107.4 107.5 107.1 Fabricated structural metal products. 97.6 99.1 '98.7 98.9 Sugar and confectionery 113.9 122.9 117.3 115.5 Fabricated nonstructural metal prod- Packaged beverage materials 80.9 94.6 98.1 98.1 ucts 103.8 109.4 109.0 109.0 Animal fats and oils 79.1 91.0 r89.3 90.1 Crude vegetable oils 83.3 73.7 75.1 75.1 Machinery and Motive Products: Refined vegetable oils 84.1 74.8 75.9 77.1 Vegetable oil and products 87.2 88.1 87.6 87.5 Agricultural machinery and equip... 110.9 112.5 112.6 112.7 Miscellaneous processed foods 101.4 106.6 107.7 110.0 Construction machinery and equip... 108.8 111.8 112.0 112.2 Metal working machinery and equip.. 109.4 111.0 111.2 111.3 Textile Products and Apparel: General purpose machinery and equipment 103.4 104.8 104.8 104.8 Cotton products 100.1 101.2 101.1 100.6 Miscellaneous machinery 103.4 104.3 104.4 104.4 Wool products 100.8 103.3 103.3 103.2 Special industry machinery and Man-made fiber textile products 93.8 95.1 95.5 95.5 equipment (Jan. 1961= 100) 103.9 105.2 105.8 105.8 Silk products 150.9 116.8 116.6 116.4 Electrical machinery and equip 97.0 '96.9 r97.0 97.6 Apparel 101.3 102.3 102.3 102.3 Motor vehicles 100.2 99.8 r99.9 99.9 Other textile products 116.3 117.3 116.5 116.5 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 85.0 74.0 r75.7 88.1 Furniture and Other Household Dura- Leather 102.8 99.7 99.6 101.5 bles: Footwear 108.2 108.2 108.2 108.3 Other leather products 104.5 101.9 101.4 103.9 Household furniture 104.4 105.0 105.0 105.0 Commercial furniture 102.3 103.1 103.1 103.1 Fuels and Related Products, and Power. Floor coverings 95.9 100.1 100.1 100.1 Household appliances 92.1 91.8 91.7 91.7 Coal 95.0 98.1 97.1 94.7 Television, radios, and phonographs. 89.4 87.2 87.2 87.3 Coke 103.6 103.6 103.6 106.1 Other household durable goods 103.0 103.7 103.7 104.1 Gas fuels (Jan. 1958= 100) 124.1 126.8 123.2 120.4 Electric power (Jan. 1958= 100) 102.4 101.3 101.3 101.3 Petroleum products, refined 98.2 95.3 92.9 91.1 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 101.0 101.7 102.8 Concrete ingredients 103.0 102.7 102.7 102.8 Industrial chemicals 95.0 94.2 94.4 94.4 Concrete products 102.2 101.0 100.7 100.6 Prepared paint 103.7 104.8 104.8 104.8 Structural clay products 103.8 103.8 103.9 104.5 Paint materials 91.5 91.5 91.8 91.6 Gypsum products 105.0 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.1 95.3 '95.2 95.4 Prepared asphalt roofing 94.1 87.4 r86.4 86.4 Fats and oils, inedible 77.7 83.2 85.8 87.3 Other nonmetallic materials 101.4 101.3 101.3 101.3 Mixed fertilizers 103.7 103.8 103.8 103.9 Fertilizer materials 102.3 100.2 100.2 100.2 Tobacco Products and Bottled Bever- Other chemicals and products 98.6 99.1 99.1 99.2 ages: Rubber and products: Tobacco products 102.3 105.9 106.0 106.0 Alcoholic beverages 101.1 101.0 100.7 100.7 Crude rubber 92.8 89.5 91.2 91.3 Nonalcoholic beverages 117.4 125.3 125.3 125.3 Tires and tubes 89.0 91.3 91.3 90.3 Miscellaneous rubber products 99.8 97.6 r97.7 97.8 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 100.7 100.9 101.1 100.5 Manufactured animal feeds 111.9 117.4 115.3 114.8 Lumber 97.6 100.3 101.4 102.0 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 102.4 106.9 107.4 108.8 Jewelry, watches, photo equipment., 103.8 103.3 103.2 103.2 Plywood 91.0 92.2 '94.6 94.9 Other miscellaneous products 101.4 101.7 102.4 102.4 NOTE.—Bureau of Labor Statistics Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 NATIONAL PRODUCT AND INCOME JUNE 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 19:3 II m IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.3 608.0 Personal consumption expenditures. 79.0 46.4 81.9 195.0 313.5 328.2 336.8 355.4 373.1 367.4 370.4 374.9 379.9 387.9 Durable goods 9.2 3.5 9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.6 51.0 50.8 53.6 55.5 Nondurable goods 37.7 22.3 43.2 99.8 147. 151.8 155.1 161.4 167.1 165.3 165.9 168.6 168.7 172.4 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.0 145.7 154.5 151.4 153.5 155.5 157.7 160.0 Gross private domestic investment. 16.2 1.4 18.1 50.0 72.7 71.8 69.0 78.8 82.3 77.8 80.7 83.7 87.1 84.8 New construction , 8.7 1.4 6.6 24.2 40.2 40.7 41.6 44.4 46.6 43.7 45.8 47.9 49.2 49.7 Residential, nonfarm , 3.6 .5 3.5 14.1 22.3 21.1 21.0 23.2 25.0 22.7 24.8 25.9 26.8 21A Other 5.1 1.0 3.1 10.1 17.9 19.7 20.5 21.2 21.6 21.0 21.0 22.0 22.4 22.6 Producers' durable equipment.. 5.9 1.6 6.9 18.9 25.9 27.6 25.5 28.8 30.9 29.0 30.7 31.6 32.5 32.9 Change in business inventories. 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.5 4.7 5.1 4.3 4.2 5.4 2.1 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 4.9 4.2 4.3 3.6 3.7 5.1 1.9 Net exports of goods and services. .8 .2 1.1 .6 3.0 4.4 3.8 4.5 3.6 4.8 4.3 5.4 6.6 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.5 28.9 30.7 28.6 30.7 31.4 32.3 33.6 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.1 25.1 26.2 24.9 25.9 27.1 26.S 27.0 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 97.2 99.6 107.9 117.0 125.1 123.0 123.8 125.7 127.1 128.8 Federal 1.3 2.0 16.9 19.3 53.6 53.1 57.4 62.4 66.3 65.5 66.5 66.4 66.6 66.9 National defense 14.3 46.2 45.7 49.0 53.3 56.7 56.4 56.7 56.7 57.2 57.1 Other ) 1.3 2.0VI2 5.2 7.9 8.0 8.9 10.0 10.5 10.1 10.6 10.8 10.4 10.9 Less: Government sales .1 .5 .6 .6 .8 1.0 1.0 .8 1.2 1.0 1.1 State and local 7.2 6.0 7.8 19.7 43.6 46.5 50.6 54.6 58.8 57.5 57.3 59.4 61.2 61.9 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 485.3 489.4 495.1 501.-/ 506.4 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) 1963 1964 Item 1929 1933 1941 1950 1939 I960 1961 1962 1963 II III IV National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 466.7 474.6 482.0 489.1 Compensation of employees 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 332.0 338.7 342.8 347.9 Wages and salaries 50.4 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.3 304.5 318.8 314.6 319.4 Private 45.5 23.9 51.9 124.1 213.1 222.9 227.0 241.6 253.0 246.7 252.2 255.1 258.1 Military 1.9 5.0 9.9 9.9 10.2 10.8 11.0 10.7 10.8 10.8 11.8 Government civilian 4.6 4*.9 8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.1 47.8 48.7 49.5 Supplements to wages and salaries .7 .5 2.7 7.8 20.1 22.3 23.3 25.7 28.0 27.5 27.9 28.2 28.5 28.8 Employer contributions for social insurance .1 .1 2.0 4.0 9.7 11.3 11.9 13.7 15.4 15.0 15.3 15.5 15.7 16.0 Other labor income .6 .4 .7 3.8 10.4 11.0 11.4 12.1 12.6 12.4 12.6 12.7 12.? 12.9 Proprietors' income 14.8 5.6 17.4 37.5 46.5 46.2 48.1 49.8 50.5 50.7 50.0 50.5 50.8 50.8 Business and professional 8.8 3.2 10.9 23.5 35.1 34.2 35.3 36.5 37.7 37.2 37.4 37.8 38.2 38.6 Farm 6.0 2.4 6.5 14.0 11.4 12.0 12.8 13.3 12.8 13.5 12.6 12.7 12. e 12.2 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.1 12.1 12.0 12.1 12.0 12.0 12.1 12.2 12.3 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 43.8 47.0 51.1 48.8 50.1 52.2 53.2 55.8 Profits before tax 9.6 .2 77.0 40.6 47.7 44.3 43.8 46.8 51.5 48.3 51.0 52.2 54.3 56.0 Profits tax liability 1.4 .5 7.6 17.9 I'i.l 22.3 22.0 22.2 24.4 22.9 24.2 24.7 25.8 24.9 Profits after tax 8.3 — .4 9.4 22.8 24.5 22.0 21.8 24.6 27.1 25.4 26.8 27.5 28.6 31.1 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.6 17.6 18.8 19.1 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.5 8.1 9.3 8.3 9.2 9.S 9.7 12.0 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 .2 .2 -.4 .4 -.9 .0 -1.1 -.2 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.0 22.0 24.1 23.3 23.7 24.3 25.€ 25.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 NATIONAL PRODUCT AND INCOME 779 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 II m IV Gross national product , 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.1 Less: Capital consumption allowances , 8.6 7.2 9.0 19.1 41.0 43.0 44.3 49.4 51.6 50.6 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 55.2 56.0 57.2 58.1 Business transfer payments .6 .7 .5 2.3 Statistical discrepancy .3 .9 .4 .8 2.1 2.2 2.3 -1. 2.3 2.3 2.3 2.3 2.3 -.7 -3.0 -3.0 -1.9 -3.0 -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 .7 .4 .5 1 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 466.7 474.6 482.0 489.1 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 48.8 50.1 52.2 53.2 55.8 Contributions for social insurance.... .2 .3 2.8 6.9 17.6 20.6 21.4 23.9 27.2 26.5 27.0 27.4 27. h 28.3 Plus: Government transfer payments... .9 1.5 2.6 14.3 25.4 27.3 31.3 32.5 34.6 34.7 34.2 34.4 35.2 36.2 Net interest paid by government. 1.0 1.2 1.3 4.8 7.1 7.8 7.7 8.0 8.4 8.3 8.4 8.5 8 5 8.7 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.6 17.6 18.8 19.1 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2 3 2.3 Equals: Personal income 85.8 47.2 96.3 228.5 383.9 401.3 417.4 442.1 463.0 453.9 459.9 465.2 473 0 479.1 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.8 46.8 51.4 52. 57.7 60.5 59.4 59.9 60.8 62 1 60.4 S F t e a d t e e r a a l nd local 1 1 .4 l.'o 2 1 . . 0 3 1 2 8 . . 6 2 4 6 0 . . 4 4 44.0 4 7 5 . . 8 1 4 8 9 . . 7 0 5 9 0 . . 6 9 5 9 0 . . 4 0 5 9 0 . . 6 4 5 9 1 . . 7 1 52.2 4 1 9 0 . . 9 6 9 9 7.3 Equals: Disposable personal income 83.1 45.7 93. 207.7 337.1 364.4 384.4 402.4 394.5 400.0 404.4 418.7 410 9 349.9 Less: Personal consumption expenditures... 79.0 46.4 81.9 195.0 313.5 336.8 355.4 373.1 367.4 370.4 374.9 387.9 379.9 328.2 Equals: Personal saving 4. -.6 11.1 12.6 23.6 27.6 29.1 29.3 27.1 29.6 29.5 30.8 31 0 21.7 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 349.5 353.2 356.0 360.'/ 366.0 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.*7 Total personal income. 442.1 463.0 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.8 480.9 483.1 Wage and salary disbursements....... 297.1 312.3 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.7 324.2 325.3 326.9 Commodity-producing industries.. 118.5 123.8 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 127.2 126.9 128.4 128.8 129.7 Manufacturing only 94.2 98.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.1 101.9 102.3 103.1 Distributive industries 76.6 79.8 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 82.1 82.2 82.4 Service industries 46.4 49.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.2 51.4 51.6 Government 55.6 59.3 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 62.8 63.1 Other labor income 12.1 12.6 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 12.9 12.9 Proprietors* income 49.8 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 50.9 Business and professional. 36.5 37.7 37.3 31A 37.6 37.7 37.9 37.9 38.2 38.2 38.4 38.4 38.6 38.7 38.7 Farm 13.3 12.8 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 12.2 12.1 12.3 12.2 Rental income 12.0 12.1 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.2 12.3 12.3 12.3 Dividends 16.6 17.8 17.3 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.1 19.3 19.4 Personal interest income 30,0 32.5 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 Transfer payments 34.8 36.9 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 139.9 37.7 38.0 38.2 Less: Personal contributions for social insurance 10.2 11.8 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 12.4 12.4 Nonagricultural income 424.5 445.7 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 1461.6 462.4 464.3 466.5 Agricultural income 17.6 17.3 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.5 16.4 16.7 16.6 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

780 FLOW OF FUNDS JUNE 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 A Gross national saving 115.6 119.5 116.1 130.2 139 7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3 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 U.S. Government -4.5 4.3 -5.5 -4.7 -4.5 -5.7 -7.0 -4.4 -2.0 -5.7 -4.5 -6.0 -3.8 -3.7 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 G Financial sectors 1.5 2.2 1.7 2.3 2.9 1.6 1.4 2.5 2.6 2.8 3.3 3.2 3.5 1.6 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 H 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 1 8 4.6 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 L Consumer and nonprofit 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 -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 U.S. Government 8.7 -2.1 7.5 7.6 4.8 5.7 16.1 8.4 -5.6 11.4 11.9 9.3 -6.4 4.4 D E Short-term securities 5.5 —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 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 (j 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 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 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 o 1 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 5.7 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 P 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 O R /- fo 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 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 67.7 58.7 68.3 50.0 72.6 T U Chg. in U.S. Govt. cash balance.. .7 .9 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 3.5 2.6 4.5 4.0 4.5 1.9 3.6 2.4 3.9 4.3 V 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 8.9 X 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 7 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 AA 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 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 A t commercial banks 2.1 5.4 8.7 15.1 13.1 4.9 22.7 13.4 10.6 13.7 77.7 9.4 11.7 14.3 AE AF At 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 -.3 1.3 -.2 1.7 1.8 -.1 -4.5 2.8 1.2 1.6 3.6 1.9 -.2 AI m. 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 US 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 - 3 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 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 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 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 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 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 5.3 I J Net sources of funds—Total 30.6 34.6 44.4 51.4 57.8 48.5 52.5 48.3 43.0 61.9 55.1 57.4 54.3 64.9 J 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 L M Demand deposits and currency... 1.4 .3 5.9 3.5 5.4 10.7 -.4 6.3 -4.7 12.8 2.3 10.6 -3.5 11.1 M 1.1 5.8 9.4 15.3 14.1 5.5 22.7 13.3 10.2 15.0 18.4 10.5 12.4 15.2 N O Other savings accounts 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 3.6 3.4 3.7 4.1 4.0 3.5 4.1 3.6 4.4 4.2 3.9 3.5 AA 4.2 P Q Pension fund reserves • • ... 5.2 4.7 4.9 5.0 5.5 5.9 4.5 5.7 4.6 5.2 4.7 5.9 6.6 4.7 0 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 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 .8 .8 1.0 1.5 1.7 S T Corporate bonds 1.1 1.5 .5 .8 1.9 .2 .3 1.1 .5 1.4 .3 2.0 1.6 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 V Security credit * .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

JUNE 1964 FLOW OF FUNDS 781 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV II III IV III IV I. Demand deposits and currency Net incr. in banking system liability. 1.4 .3 5.9 3.5 5.4 10.7 - .4 6.3 4.7 12.8 2.3 10.6 -3.5 11.1 U.S. Govt. deposits .7 .9 .3 1.0 -.6 .2 4.9 3.9 6.5 1.5 7.4 2.5 -9.5 -3.0 Other .7 -.6 5.7 2.5 5.9 10.5 5.3 2.3 1.7 11.3 -5. 8.1 6.0 14.1 Net increase in assets by sector. . . .4 .5 4.9 5.0 5.5 6.4 2.1 5.2 5.1 17.6 1.7 9.9 -2.7 12.7 U O . t S h . e r G d o o v m t estic sectors .7 2 -.3 .9 4. . 8 3 3 1 . . 8 1 5^5 -3 7 1 . . 0 3 4 5 . . 6 3 2 3 . . 0 6 2 6 . . 1 3 1 1 5 . . 7 7 1 -5 7 . . 2 3 5 3.3 -11 7 . . 5 8 1 - 3 .6 .7 Consumer and nonprofit \'.2 -.6 1.6 5. 5.3 2.9 3.0 5.5 1.0 13.1 -1.0 6.5 6.5 9.0 Nonfinancial business 2.2 c 1.3 -2. -1.0 5.7 -5.7 -4.7 2.1 -4.3 -1.3 1 -.2 State and local govt .5 '.2 .6 .9 2.8 -2.8 1.4 2.7 -1.6 1.1 .3 -1.3 3.6 Financial sectors .1 .6 1.3 .3 1.4 1.1 -.1 2.1 -1.0 .2 .8 1.2 Rest of the world -.1 .3 .7 1.4 -.4 .3 -.4 .9 1.0 -.4 Discrepancy—U.S. Govt. cash -i -.3 1.5 -.4 .3 -.2 .2 2.0 -2-4 Other -.1 * 1.0 -1.4 .1 2. -2.1 .7 -4.7 .5 2 .7 II. Time and savings accounts A Net increase—Total 9.5 15.3 20.9 28.6 29.3 18.2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 30.9 B At commercial banks—Total 1.1 5 9.4 15.3 14.1 5.5 22.7 13.3 10.2 15.0 18.4 10.5 12.4 15.2 C Corporate business -.4 1.3 2.6 4.2 2.4 4.8 2.6 .6 2.3 4.6 2.4 3.2 6.4 D State and local govt -.4 1.4 .9 1.0 1.7 .8 2.0 .6 .4 1.0 2.9 .3 1.0 2.5 E Foreign depositors -.9 .3 .6 .3 1.0 .5 .1 2 1.3 1.4 1.0 .7 .8 F Consumer and nonprofit orgs.. . 3.0 3.3 11.5 7.3 15.9 10.5 9.6 5.4 6.5 6.6 10.1 6.7 7.5 G At savings institutions 8.4 9.5 13.3 15.2 12.7 13.3 15.7 17.4 15.8 G H Memo—Consumer and nonprofit 11.5 12.7 11.7 14.2 13.4 orgs.—Total 11.3 12.8 24.7 22.3 28.6 22.9 25.7 27.0 20.8 H 17.8 18.8 21.6 20.7 20.7 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 .1 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 41 Pvt. domestic nonfin. sectors 12.9 -5.7 -1. 2.4 5.5 2.9 3.9 5.7 -1.3 1.3 2.3 11.1 3.2 5.1 Consumers and nonprofit 7.3 -3.3 -.9 .7 3.7 3.2 -1.9 3.9 .1 .9 .1 6.4 3.4 4.6 Svgs. bonds and postal svgs. dep. -2.0 - .4 .7 .3 1.1 .9 .1 .4 .6 .2 .9 1.2 1.0 1.2 Securities 9.2 -2.8 -1.6 .4 2.6 2.4 -2.0 3.5 -.5 .7 -.8 5.2 2.3 3.4 Corp. nonfin. business 3.8 -2.7 -.4 .3 .6 -.5 1.9 .4 -2.0 .1 1.3 2.1 -1.7 .5 State and local govt 1.8 .2 .3 1.4 1.3 .2 3.9 1.4 .7 -.3 .8 2.6 1.6 .1 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 -8.8 2.2 Monetary authorities .3 .7 1.5 2.0 2. 2.8 5.4 .3 -.2 2.5 5./ 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. -10.1 -.6 Savings institutions .5 -.4 .5 .4 .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 .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 4.1 5.8 1.6 3.8 2.3 D Finance companies 1.1 1.5 .5 .8 1.9 .2 .3 1.1 .5 1.4 .3 2.0 1.6 3.5 E Rest of the world .7 .7 1.0 1.1 1.1 .6 1.1 .7 1.8 2.0 1.6 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 -3.4 -2.0 -.2 -2.7 -1.5 -2.7 2.1 H State and local govt 1.3 2.2 1.9 1.4 1.8 1.5 .9 1.3 1.5 1.7 1.9 2.0 1.4 1.7 I Corp. business .7 2 .2 -.2 -.1 .2 .2 — 2 -.1 .1 .2 J Commercial banks .4 A 2.7 4.4 5.2 3.3 5.0 5.7 3.3 3.5 5^8 6.3 5.7 3.0 K Insurance and pension funds... 7.0 7.0 7.7 7.4 7.6 8.1 6.5 8.5 6.8 7.9 8.4 8.5 7.4 6.2 L Finance n.e.c -.4 -.6 -.8 -.4 -.9 2 1.5 -1.5 -1.3 -.7 c .6 .5 M Security brokers and dealers. .2 -.1 2 .3 .4 .1 '.9 1.3 * -.8 -.4 -.'3 .9 1.4 N Investment cos.—Net n -.5 -'.6 o -.4 o -1.3 .2 -1.5 -.4 T -.2 -.3 -.9 P O Q Rest P N o u e f r t c th i h s e a s s u w e e s o s rld l 1 ! . . 2 8 4 1 1 . . . 0 5 3 2 1 . . . 0 4 4 - l 1 . ' 1 . . 9 l 1. .2 3 2 \. . . l 7 4 - 3 1 .6 . . 9 2 - 2 2 .1 . . 4 2 - 1 .2 . . 3 3 . . . 4 8 1 .6 1. . . 0 8 4 1 1 . . 2 3 1. . . 7 2 7 V. Mortgages A Total net borrowing.. 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 29.5 B 1- to 4-family 13.2 10.4 11.7 15.4 17.6 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 18.3 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 D 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 E 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 F U.S. Govt 2.2 1.2 .6 .3 -1.0 1.4 1.2 .3 -.1 -1.3 -2.0 -.5 G Commercial banks 2.5 .7 1.6 4.0 5.3 2.2 2.4 4.7 4.3 3.8 6.1 6.1 2 H 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 s!o I Insurance sector 2.4 2.8 2.7 3.0 3.9 3.0 2.2 2.4 3.0 4.5 3.2 3.5 4.0 16.9 J Mortgage companies .6 .4 1.1 -.3 1.3 .7 1.5 1.1 4.9 .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 Nonfinancial business 5.3 2.7 1.6 4.0 6.6 3.3 1.9 6.1 2.9 5.0 2.9 4.1 3.3 15.6 Corporate 3.7 2.6 1.6 2.6 4.2 3.1 1.3 1.7 3.0 4.5 2.4 2.7 .9 11.3 Nonfarm noncorporate. 1.0 -.1 -.3 .7 1.6 -.2 .3 3.9 -.3 .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 Financial 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

782 BANK HOLDING COMPANIES JUNE 1964 BANK HOLDING COMPANIES, DECEMBER 31, 1963 (Registered pursuant to Section 5, Bank Holding Company Act of 1956) Location of Location of principal office Holding company principal office Holding company California New York Los Angeles Western Bancorporation Buffalo Marine Midland Corporation New York Amalgamated Clothing Workers of America Colorado New York Empire Shares Corporation Englewood First Colorado Bankshares, Inc. New York Southeastern Shares Corporation Warsaw Financial Institutions, Inc. Florida Jadksonville The Atlantic National Bank of Jacksonville Ohio Jacksonville Atlantic Trust Company Columbus BancOhio Corporation Jacksonville Barnett National Securities Corporation Springfield The Springfield Savings Society of Clark County Pensacola Commercial Associates, Inc. Oklahoma Georgia Oklahoma City First Oklahoma Bancorporation, Inc. Atlanta Trust Company of Georgia Atlanta Trust Company of Georgia Associates Tennessee Savannah Citizens and Southern Holding Company Chattanooga Hamilton National Associates, Inc. Savannah The Citizens and Southern National Bank Knoxville Tennessee Shares Corporation Indiana Texas South Bend St. Joseph Agency, Inc. Fort Worth The Fort Worth National Bank South Bend St. Joseph Bank and Trust Company Houston C. B. Investment Corporation Iowa Utah Des Moines Brenton Companies, Inc. Salt Lake City First Security Corporation Kentucky Virginia Louisville Trustees, First National Bank of Louisville Arlington The First Virginia Corporation Richmond United Virginia Bankshares Incorporated Maine Richmond Virginia Commonwealth Corporation Bangor Eastern Trust and Banking Company Washington Massachusetts Port Angeles Union Bond & Mortgage Company Boston Baystate Corporation Spokane Old National Corporation Boston The National Shawmut Bank of Boston Boston Shawmut Association Wisconsin Appleton Valley Bancorporation Minnesota Milwaukee First Wisconsin Bankshares Corporation Minneapolis Bank Shares Incorporated Milwaukee The Marine Corporation Minneapolis First Bank Stock Corporation Milwaukee Marshall & Ilsley Bank Stock Corporation Minneapolis Northwest Bancorporation Wausau Central Wisconsin Bankshares, Inc. St. Paul Otto Bremer Company Canada Missouri Montreal Bank of Montreal St. Joseph The First National Bank of St. Joseph Toronto Canadian Imperial Bank of Commerce St. Louis General Bancshares Corporation Japan Montana Tokyo... .... The Bank of Tokyo, Ltd. Great Falls Bancorporation of Montana New Hampshire Nashua New Hampshire Bankshares, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 BANK HOLDING COMPANIES 783 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1963 A. Details for 32 States Number of offices Deposits - Banks and branches Number of As a percompanies ' As a per- In centage of Banks Branches centage of millions all coml. Total a b l a l n c k o i m ng l. of dollars de b p a o n s k its offices Totals—32 States. • 52 454 1,278 1,732 22,528 Arizona 1 2 87 37.4 617 35.4 California 4 4 171 175 7.8 2,679 8.6 Colorado 2 7 7 3.1 173 6.8 Florida 4 16 16 4.2 455 7.5 Georgia 6 19 70 89 15.5 1,243 34.4 Idaho 2 2 53 55 40.1 311 41.2 Illinois 2 4 4 .4 100 .5 Indiana 2 3 3"" 6 .7 45 .8 Iowa 2 18 13 31 3.5 317 8.7 Kentucky. . I 2 26 5.1 314 11.1 Maine 1 4 8 12 5.9 37 5.0 Massachusetts 3 22 154 176 27.7 1,269 20.9 Minnesota. . . 4 118 6 124 17.3 3,042 60.2 Missouri 2 9 2 11 1.6 283 3.9 Montana... . 4 33 33 26.2 501 51.1 Nebraska 1 5 3 1.8 189 9.4 Nevada 1 2 31 33 57.9 433 70.2 New Hampshire. 1 7 1 8 10.1 74 14.8 New Mexico 1 5 14 19 14.0 112 12.6 New York.... 9 22 203 225 11.0 3,211 6.2 North Dakota .. . 3 33 8 41 21.0 374 40.6 Ohio 2 24 48 72 5.3 775 6.0 Oklahoma. 1 2 2 .5 299 9.5 Oregon 1 1 ""96"" 97 34.0 1.037 41.9 South Dakota . . . 11 30 41 16.8 310 33.5 Tennessee... 9 11 20 3.6 139 3.3 Texas 7 7 .6 407 2.7 Utah 3 ""57"" 60 41.7 600 51.0 Virginia 19 98 117 17.0 821 20.2 Washington . . . 7 59 66 15.3 423 13.1 Wisconsin.. . 30 26 56 7.6 1,851 34.0 Wyoming... 4 4 6.3 87 17.2 B. Summary totals and comparisons 32 States United States— Holding company groups as a Item comm al e l rcial percentage of all commercial banks in— Holding j AH banks co. groups coml. banks 32 States United States Number of banking offices, total 1,732 18,477 26,786 9.4 6.5 Banks 454 10 100 13 568 Branches 1.278 8.377 13.218 Deposits (millions of dollars) 2 22,528 208,796 275,098 10.8 8.2 NOTE.—Holding cos. registered pursuant to Bank Holding Company Act of 1956. The data include: (1) banks of which the bank holding cos. owned or controlled 25 per cent or more of the outstanding stock, and (2) 8 domestic commercial banks that are themselves bank holding cos. (A list showing the names and total deposits of the banks is available man one aiaie are inciuuea in me loiai oniy once. upon request.) The 8 banks have 86 branches and deposits aggregating The 52 bank holding cos. included in the total represent only 47 separa $2,047,468,000. Exclusion of these 94 banking offices and their deposits bank groups because in 5 cases the bank group is controlled by a bank from the data in the table would reduce the percentage ratios shown in holding co. that is in turn controlled by another bank holding co. These the table as follows: holding co. groups to all commercial banks in 32 groups are located in the following States: Fla., 1; Ga., 2; Ind., 1; and States—number of banking offices from 9.4 to 8.9; deposits from 10.8 Mass., 1. to 9.8; holding co. groups to all commercial banks in the United States— 2 Deposits as of Dec. 20, 1963. number of banking offices from 6.5 to 6.2; deposits from 8.2 to 7.4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 786 Gold production 787 Net gold purchases and gold stock of the United States 788 Estimated foreign gold reserves and dollar holdings . 789 International capital transactions of the United States. 790 U.S. balance of payments. 799 Foreign trade 800 Money rates in foreign countries 801 Foreign exchange rates. 802 Guide to tabular presentation 722 Index to statistical tables 811 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. 10033, dated Feb. 8, 1949, and Treas- cations at end of the BULLETIN). ury regulations thereunder. Other data are com- 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 GOLD RESERVES JUNE 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 i Fund world 1957. 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 1958. 39,445 1,332 20,582 17,530 60 162 194 1,270 325 1,078 40 72 1959. 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 71 1960. 40,505 2,439 17,804 20,260 104 147 293 1,170 287 885 45 78 1961. 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 48 88 1962. 41,440 2,194 16,057 23,190 61 190 454 1,365 225 42 708 43 57 1963--Apr.. 2,228 15,914 52 198 494 1,372 179 42 739 42 59 May. 2,235 15,854 51 199 504 1,372 179 42 746 43 60 June. 41,725 2,244 15,830 23,650 51 200 504 1,373 179 42 755 43 60 July.. 2,268 15,677 51 201 504 1,354 179 42 762 43 61 Aug.. 2,276 15,633 49 202 504 1,365 179 42 768 43 61 Sept.. r41,870 2,304 15,634 r23,930 49 202 504 1,367 42 775 43 61 Oct... 2,305 15,640 49 205 515 1,367 42 784 44 61 Nov.. 2,312 15,609 78 206 525 1,367 150 42 800 43 61 Dec. " 42^290* 2,312 15,596 24^380' 78 208 536 1,371 150 42 817 43 62 1964—Jan... 2,314 15,540 78 210 547 1,373 42 837 44 62 Feb.. 2,322 15,518 78 211 558 1,374 42 850 43 Mar.. *>42,390 2,328 15,550 ^24,510 211 569 1,376 42 871 43 Apr.. 2,334 15,727 215 579 1,390 42 892 43 Domin- Ger- E p n er d i o o d f Cuba R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d si o a - Iran Iraq lic Rep. of 1957. 136 22 31 35 581 2,542 13 27 247 39 138 20 1958. 80 22 31 35 750 2,639 17 27 247 37 141 34 1959. 50 20 30 38 1,290 2,637 26 24 247 33 140 84 1960. 1 20 30 41 1,641 2,971 76 24 247 58 130 98 1961. 19 18 47 2,121 3,664 87 24 247 43 130 84 1962. 19 18 61 2,587 3,679 77 24 247 44 129 98 1963—Apr.. 19 18 61 2,743 3,749 77 23 247 44 129 98 May. 19 18 61 2,777 3,749 77 23 247 44 129 98 June. 19 18 61 2,814 3,753 77 23 247 129 98 July.. 19 18 61 2,963 3,761 77 23 247 142 98 Aug.. 19 18 61 2,997 3,761 77 23 247 142 98 Sept.. 19 18 61 3,031 3,761 77 23 247 142 98 Oct... 19 18 61 3,089 3,817 77 23 247 142 98 Nov.. 19 18 61 3,128 3,823 77 23 247 142 98 Dec. 19 18 61 3,175 3,843 77 23 247 142 98 1964—Jan.., 19 18 66 3,210 3,844 77 23 247 142 Feb... 18 18 66 3,248 3,849 77 247 142 Mar... 18 18 66 3,298 3,953 77 247 141 Apr.. . 17 65 3,366 4,060 141 E pe n r d i o o d f R Ir e e p l . a 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 33 45 49 28 6 461 217 1958 1,086 91 143 ,050 33 43 49 19 10 493 211 1959 1,749 102 142 ,132 34 30 50 28 9 548 18 238 1960 2,203 119 137 ,451 35 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—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 1,581 31 53 57 24 496 78 639 Sept. 2,291 172 94 1,581 31 53 57 25 497 78 643 Oct.. 172 115 1,581 31 53 57 497 78 630 Nov. 172 134 1,581 31 53 57 497 78 629 Dec 2,343 172 139 1,601 31 53 57 497 78 630 1964—Jan.. 2,343 172 151 1,601 31 53 57 497 78 632 Feb., 2,343 172 157 1,601 31 53 57 78 631 Mar. 2,143 172 1,601 31 53 57 78 627 Apr. 2,143 1,601 31 53 57 627 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 GOLD RESERVES AND PRODUCTION 787 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 o t t t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 -134 40 1960 178 170 2,185 19 104 134 174 2,800 180 401 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 115 56 1962 446 181 2,667 19 104 140 174 180 401 -50 56 1963—Apr.. 533 181 2,453 19 104 140 174 180 401 132 May. 552 182 2,453 19 104 140 174 172 401 137 June. 574 182 2,530 19 104 130 174 2,447 171 401 78 43 July.. 574 182 2,444 19 104 110 174 171 401 155 Aug.. 574 182 2,451 19 104 108 174 171 401 150 Sept.. 574 182 2,501 19 104 107 174 2,506 171 401 -1 *42* Oct... 573 182 2,520 19 104 103 174 171 401 -22 Nov.. 573 182 2,522 19 104 102 174 171 401 -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 19 104 115 174 171 401 Mar.. 573 182 2,542 19 104 115 174 2,458 m I 47' Apr.. 573 182 2,524 115 174 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through Dec. 1958 and European Fund distributed by the Tripartite Commission for the Restitution of Monetary thereafter. Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. NOTE.—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see "Gold," Section 14 of the Bank's gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics, 1962. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Other Period p W t r i o o o d n r u l 1 d 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 d o 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 1 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 1 19 9 5 5 8 7 1 1 , , 0 0 1 5 5 0 . . 0 0 5 61 9 8 6 . . 0 2 1 19 8 . . 4 8 2 29 7 . . 8 7 1 1 3 2 .3 1 6 61 3 . . 6 0 1 15 5 8 5 . . 8 2 1 1 1 2 . . 6 1 7 6 . . 2 9 4 3 .9 2 1 1 3 1 . . 0 4 3 3 7 8 . . 9 6 6 6 .0 3 6 6 2 9 .8 2 1 1 9 9 5 6 9 0 1 1 , , 1 1 2 7 5 5 . . 0 0 7 74 0 8 2 . . 4 2 1 1 9 9 . . 8 6 3 3 2 0 .8 0 1 1 2 1 .1 2 5 5 7 8 .8 2 1 15 6 6 1 .1 9 1 1 0 1 .5 0 7 7 . . 3 0 4 3 .1 8 1 13 5 .2 9 3 3 8 8. . 1 0 55 .78 6 6 4 4 .7 8 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 11 .4 15 8 1963—Mar 79.4 1 .6 2 7 3 2 0 11 6 7 4 1 1 3 1 5 Apr . ... 79.1 1.6 2.7 11.8 .8 .4 1.1 2.8 .5 May 80.6 6 2 6 12 4 .7 .3 1.1 2.8 June 80.1 1.6 2.6 11.6 .5 .4 .9 3.3 •4 July 81.6 6 2.7 10.9 \l .4 1.0 3.4 Aug 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 8 5 .6 2.6 4 Nov 81 6 7 11.7 .8 .4 .8 3.1 Dec 78.6 8 10 8 8 5 9 2 8 1964—Jan 7 10.7 .4 Feb 6 9 8 4 Mar 3243 0 37 8 10.3 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

788 U.S. GOLD JUNE 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1963 1964 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 I II III IV I Western Europe: Austria — 84 — 83 _1 — 143 — 82 — 30 —20 — 32 — 32 Belgium 3 3 — 329 — 39 — 141 — 144 — 63 France ... -34 -266 -173 -456 -518 -101 -101 -214 -101 -101 Germany Fed. Rep. of -34 -23 -200 Italy — 349 100 200 Netherlands 25 -261 -30 -249 -25 Portugal -20 -10 Spain 31 32 -114 -156 -146 -130 -70 -60 -8 -215 20 -324 -125 102 United Kingdom 100 —900 — 350 — 550 — 306 -387 329 107 18 74 131 109 Bank for Intl Settlements . . . -178 — 32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 Q 14 * -4 -7 Total 80 68-2,326 -827 -1,718 -754 -1,105 -399 -104 -149 -139 -7 -31 Canada 15 5 190 Latin American republics: Argentina 115 75 67 -50 -90 85 -30 -30 Brazil — 11 —2 —2 57 72 17 28 — 1 28 — 1 Colombia . .... 28 -6 38 -30 -20 -4 -4 Venezuela —200 65 Other 29 6 2 -5 -22 -17 -5 -7 * 6 -ii -1 -3 Total -28 81 69 19 -100 -109 175 32 16 34 -16 -3 -4 Asia: 30 157 15 Other 18 -4 -28 -97 1-101 2-93 3 12 -8 25 * -4 5 Total * 18 -34 -186 -113 -101 -93 12 -8 25 * -4 5 All other 14 T -5 -38 -6 -1 -36 -10 -25 -1 2 Total foreign countries 80 172 -2,294 -998 -1,969 -970 -833 -392 -96 -100 -180 -15 -28 Intl. Monetary Fund 4 200 600 5-44 4 300 150 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -96 -100 -180 -15 — 28 ^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- L 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 Tot G al o 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 To G ta 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 s n y 3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1963—May... 16,009 15,854 15,797 155 -37 -60 1952 23,252 23,252 23,187 379 379 June... 15,956 15,830 15,733 126 -53 -24 1953 22,091 22,091 22,030 -1,161 -1,161 July... .15,764 15,677 15,633 87 -192 -153 1954 21,793 21,793 21,713 -298 -298 Aug.... 15,725 15,633 15,582 92 -39 -44 1955 21,753 21,753 21,690 -40 -40 Sept.... 15,788 15,634 15,582 154 63 1 1956 22,058 22,058 21,949 305 305 Oct 15,910 15,640 15,583 270 122 6 1957 22,857 22,857 22,781 799 799 Nov.... 15,780 15,609 15,582 171 -130 -31 Dec... 15,808 15,596 15,513 212 28 -13 1958 20,582 20,582 20,534 -2,275 -2,275 1959 19,507 19,507 19,456 -1,075 4-1,075 1964—Jan.... 15,847 15,540 15,512 307 39 -56 1960 17,804 17,804 17,767 -1,703 -1,703 Feb.... 15,865 15,518 15,462 347 18 -22 1961 17,063 16,947 16,889 116 -741 -857 Mar.... 15,990 15,550 15,461 440 125 32 1962 16,156 16,057 15,978 99 -907 -890 Apr.... 15,991 15,727 15,462 264 1 177 1963 15,808 15,596 15,513 212 -348 -461 May P. . 15,947 15,694 15,463 253 -44 -33 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 May 31, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 797 for gold held under earmark at F.R. Banks for foreign and international accounts. Gold under earmark is 3 For holdings of F.R. Banks only see pp. 730 and 732. 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

JUNE 1964 GOLD RESERVES AND DOLLAR HOLDINGS 789 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 Mar. 31, 1963 June 30, 1963 Sept. 30, 1963 Dec. 31, 1963 Mar. 31, 1964 » U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes i Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- short Govt. term bonds term bonds term bonds term bonds term term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes series series Western Europe: Austria , 783 789 2 814 903 2 901 2 911 Belgium , 1,542 1,558 1 1,617 1,678 1 1,791 1 1,782 Denmark , 98 96 16 111 147 15 192 13 14 198 14 Finland , 134 140 2 131 134 * 160 * 176 1 France 3,744 4,128 3 4,541 4,510 3 4,653 3 6 4,709 7 G Gr e e r e m c a e ny, Fed. Rep. of. 6,4 1 0 9 9 6 6, 2 2 4 2 3 4 3 * 6, 2 4 5 6 1 2 6, 2 6 5 3 8 4 3 6, 2 8 6 8 5 4 3 • * 1 6,8 2 1 3 1 9 * 1 N I N ta o e l t r y h w e a r y lands 3 1 , ,8 6 1 2 2 5 9 7 5 87 1 3 1 , , 3 8 1 8 0 6 5 0 9 111 2 1 3 1 , , 4 8 16 2 9 5 2 7 13 2 7 3 1 , , 5 9 1 4 1 58 0 0 13 2 3 1 3 1 , ,9 1 1 6 4 6 1 6 4 12 2 6 1 13 4 1 1 2 1 , , 9 8 1 2 9 35 7 8 13 4 1 1 Portugal 632 1 635 1 625 1 646 1 688 1 689 Spain 623 1 705 1 736 751 778 1 2 807 2 Sweden 671 93 673 73 699 73 616 123 591 133 129 610 130 Switzerland 3,575 83 3,273 85 3,420 83 3,325 82 3,726 83 75 3.52: 77 Turkey 165 * 162 • 146 128 136 * * 135 * United Kingdom 4,191 370 4,630 297 4,354 298 4,253 312 3,973 361 328 4.254 380 Other2 542 572 46 497 48 502 50 430 49 46 '628 49 Total 28,916 708 29,182 644 29,888 668 30,093 729 30,439 779 7411 30,437 800 Canada 4,057 389 3,871 528 3,929 644 '3,882 700 3,805 686 687! 3,555 686 Latin American republics: Argentina 271 318 393 453 453 454 Brazil 429 400 348 360 329 329 Chile 178 167 172 176 186 181 Colombia 205 226 243 216 231 243 Cuba 16 16 15 14 12 11 Mexico 626 690 688 759 808 838 Panama, Republic of 98 97 111 117 129 91 Peru 152 155 168 198 215 230 Uruguay 281 276 262 263 287 277 Venezuela 806 837 905 933 992 1,017 Other 336 421 398 376 420 460 Total 3,398 3,603 3,703 3,865 12 4,062 14 4,131 Asia: India 288 296 295 302 298 302 Indonesia 7. 74 76 67 9: 90 Japan 2,499 2,558 2,613 2,689 2,758 2,750 Philippines 215 225 223 222 234 234 Thailand 437 471 480 486 486 513 Other 1,447 40 1,519 40 1,549 40 '1,542 42 1,646 41 1,845 38 Total 4,958 50 5,143 49 5,236 49 '•5,308 5,514 51 5,734 44 Africa: South Africa 540 636 683 671 670 U.A.R. (Egypt) 188 191 186 188 198 Other 373 10 355 331 291 10 284 10 Total 1,101 1,16' 1,182 1,200 1,150 10 1,152 10 Other countries: Australia 337 340 360 348 388 373 All other 287 29 281 28 '•355 30 '326 28 318 30 26 310 25 Total 624 29 621 28 '715 30 '674 28 706 30 26 683 25 Total foreign countries 3 43,054 1,19! 43,587 1,272 '44,653 1,413 '45,02: 1,530 45,676 1,568 1,524 45,692 1,570 International and regional4 H, 349 911 '7,214 966 '7,089 1,065 '7,094 1,163 6,956 1,213 1,218 7,065 1,170 Grand total 3 '50,403 2,110 r5O,8Ol 2,238 '51,742 2,478 '52,116 2,693 52,632 2,781 52,757 2,740 1 The first column continues the series based on a 1960 survey and pean regional organizations, except the Bank for International Settlements subsequently reported securities transactions; the second is based on a and European Fund, which are included in "Other Western Europe." survey as of July 31, 1963, and reported securities transactions for Aug.- Dec. Data are not available to reconcile the 2 series. 2 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Mone- nonnegotiable, non-interest-bearing special U.S. notes held by the Intertary Gold; European Fund; and the Bank for International Settlements American Development Bank and the International Development (the figures for the gold reserves of the BIS represent the Bank's net Assn. U.S. Govt. bonds and notes are official and private holdings of gold assets). U.S. Govt. securities with an original maturity of more than 1 year; 3 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. 796. 4 Includes international organizations and Latin American and Euro- See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 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 1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o r u e n e r a a - o n l - 2 g L i r o . e A n - a . l Total c O i f a fi l - Other Europe Canada A L m a e t r i i n ca Asia Africa c O t o r t i u h e n e s - r 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 iis 17,260 10,212 7,048 9,046 2,439 2,308 3,115 227 125 1961 522,533 3,752 3 695 57 518,781 10,940 57,841 10 322 2,758 2,340 52,974 283 104 1962 '25,019 '5,145 4,938 34 '173 19,874 11,963 7,911 10,162 3,349 2,448 3,444 319 152 1963— Apr '25,352 '5,024 4,847 19 '157 20,328 11,916 '8,412 10,114 3,227 2,862 3,644 321 160 May.... '25,438 '4,860 4,697 20 '143 '20,578 '12,095 8,483 10,282 3,244 '2,880 3,704 303 165 June.... '25,847 '4,836 4,671 26 '139 '21,011 '12,377 8,634 10,762 3,174 '2,876 3,733 291 175 July '25,501 '4,948 4,783 18 '148 '20,553 '11,958 8,594 10,354 3,073 '2,940 3,737 286 162 Aug '25,782 '4,821 4,662 18 '142 '"20,961 '12,215 '8,746 10,666 '3,128 '2,969 3,741 293 164 Sept '25,883 '4,781 4,622 18 '140 '21,102 '12,392 '8,710 10,789 '3,107 '3,003 3,779 264 160 Oct '26,298 '4,757 4,617 17 '123 21,541 '12,342 '9,198 '10,868 '3,373 '3,019 3,852 265 164 Nov.... '26,436 '4,669 '4,527 17 '125 '21.767 '12,394 '9,374 10,826 '3,493 '3,034 3,955 274 185 Dec '25,942 '4,635 4,499 18 '118 '21^307 '12,467 8,840 10,776 2,988 '3,137 3,971 241 194 1964—Jan '26,129 '4,666 '4,534 17 '115 '21,463 '12,217 9,246 10,761 3,100 '3.171 4,012 246 172 Feb 26,128 4,774 4,648 17 109 21,355 12,059 9,295 10,629 3,034 3,191 4,077 238 184 Mar.P.. . 25,920 4,728 4,601 19 108 21,192 11,988 9,204 10,697 2,684 3,192 4,194 248 177 Apr.P. .. 26,348 4,772 4,588 16 168 21,576 11,728 9,848 10,665 2.903 3,366 4.223 236 184 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—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 ,133 316 135 147 162 517 July.... 10,354 354 218 99 76 1,444 2,771 181 :,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 '10,868 372 410 128 78 1,434 2,965 174 1,029 367 119 152 164 419 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 10,629 322 431 157 108 1,467 3,157 167 536 289 96 200 217 431 10,697 342 406 168 110 1,411 2,858 162 784 297 104 192 234 428 Apr."*.'.'.' 10,665 297 436 191 111 1,406 2,386 156 843 260 117 189 218 415 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 715 531 1963—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 '2,880 335 167 124 165 15 627 June 890 16 1,907 12 192 3 20 '2,876 342 169 129 183 14 596 July.... 809 16 1,800 12 177 2 19 '2,940 383 151 114 157 13 658 Aug.... 790 27 1,854 15 179 3 19 '2,969 399 160 117 168 12 670 Sept 824 21 1,747 15 265 2 17 '3,003 404 181 133 155 13 665 Oct 857 26 1,810 15 325 2 21 r3,019 381 185 122 163 12 632 Nov.... 831 25 1,713 16 395 2 20 '3,034 360 '189 135 162 11 654 Dec 906 21 1,489 16 465 2 24 r3,137 375 179 143 169 11 669 1964—Jan 915 18 1,786 14 334 3 23 '3,171 381 169 131 174 11 684 Feb 919 28 1,746 13 320 2 22 3,191 392 172 136 173 11 708 Mar.**... 986 20 1,796 13 366 3 19 3,192 376 179 138 181 11 681 Apr.2>... 1,043 16 2,016 13 528 3 21 3,366 377 178 142 190 12 707 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 791 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O R L t e . h A p e . . r B B e a r h m & a u m d a a s 8 A S n N u 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 - K H 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 I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 52,974 35 56 78 76 63 1962 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963—Apr 103 110 91 505 361 129 94 25 3,644 35 66 40 33 95 May.... 110 113 94 498 357 133 95 r49 3,704 35 61 47 34 97 June.... 111 121 91 504 331 138 98 '49 3,733 35 64 48 32 106 July.... 109 126 93 559 326 129 93 '30 3,737 39 61 49 34 91 Aug 113 129 91 541 322 126 89 '32 3,741 35 62 48 33 96 Sept 117 141 92 532 310 132 94 r36 3,779 35 65 55 23 93 Oct 111 153 93 616 307 128 87 '30 3,852 35 67 51 32 105 Nov 125 155 110 581 306 134 82 '30 3,955 35 69 49 27 113 Dec 129 158 113 591 350 136 '93 ^20 3,971 35 66 51 48 112 1964 Jan 111 168 105 646 354 128 r88 r21 4,012 35 78 51 44 121 Feb 113 173 104 592 387 125 87 18 4,077 36 72 52 54 129 Mar.33... 91 173 106 616 395 141 79 25 4,194 36 74 55 46 126 Apr.*... 93 191 98 717 406 154 86 15 4,223 35 73 56 45 131 lc. Asia—Continued Id. Africa le. Other countries E p n er d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s i - a ot A he ll r s 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 1960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 ' 280 319 35 68 41 14 161 152 147 5 1963—Apr 2,268 108 176 92 368 363 321 32 105 46 19 119 160 149 11 May 2,305 99 179 100 371 375 303 29 103 49 15 107 165 149 16 June 2,309 92 202 108 376 361 291 30 101 38 17 105 175 160 15 July 2,315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 Aug 2,309 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept 2,385 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2,403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov 2,456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec.. . 2,454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964—Jan.... 2,424 122 201 166 385 384 246 25 48 42 17 114 172 157 15 Feb.. . 2,388 126 203 177 400 441 238 25 41 43 19 110 184 170 14 2,446 124 209 200 409 472 248 26 33 43 24 123 177 162 15 2,415 120 205 215 416 512 236 25 24 46 26 114 184 162 22 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International 10 Represent a partial breakdown of the amounts shown in the "other" Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 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." 11 Based on reports by banks in all F.R. districts. 2 Not reported separately until 1962. 12 Jamaica, Trinidad and Tobago included in British West Indies. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. NOTE.—Short-term liabilities are principally deposits (demand and 4 Includes $1,031 million representing increase in U.S. dollar sub- time) and U.S. Govt. securities maturing in not more than 1 year from scription to the IMF paid in June 1959. their date of issue; the latter, however, exclude nonnegotiable, non- 5 Includes $82 million reported by banks initially included as of Dec. interest-bearing special U.S. notes held by the International Develop- 31, 1961, of which $81 million reported for Japan. ment Assn. and the Inter-American Development Bank. For data 6 Includes Bank for International Settlements and European Fund. on long-term liabilities, see Table 5. For back figures and further 7 Decline 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 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 Datai° (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. 10.8 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 1126.2 H23.2 21.2 32.6 Malaysia 7.6 18.4 18.9 24.1 Costa Rica 13.3 16.5 32.8 29.1 Pakistan 10.1 15.9 15.9 17.3 Dominican Republic 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 1121.9 H22.5 48.6 41.7 Syria 2.6 4.9 3.4 2.1 Guatemala 1145.8 1140.9 74.8 47.9 Viet-Nam 7.9 10.1 11.6 12.1 Haiti 9.9 10.5 11.9 12.9 Honduras 14.8 13.8 23.7 20.0 Other Africa: Jamaica 3.3 5.8 5.6 Algeria .5 1.6 .5 .9 Nicaragua 17.3 14.8 42.5 35.0 Ethiopia, incl. Eritrea 11.1 17.0 20.8 22.3 Paraguay 4.9 5.7 6.8 8.9 Ghana 1.1 4.1 10.8 n.a. Trinidad & Tobago (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 10.2 6.9 New Zealand 4.0 4.7 10.5 Ceylon 6.5 4.9 9.6 3.1 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total for i e n ign Total Deposits U.S. Deposits U.S. currencies Demand Time c T b er i r l t e l i s f a i s c a u a n r t d e y s n S o U p t e . e c S s i . 2 al Other 3 Total Demand Time c T b er i r l t e l i s f a i s c a u a n r t d e y s Other 3 1959 419,389 416,913 6,341 7,180 42,065 1,328 2,398 1,833 295 270 77 1960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962 r25,019 '•22,311 8,528 9,214 3,012 1,557 2,565 2,096 116 352 143 1963—Apr r25,352 '22,478 8,929 8,875 2,981 '1,693 2,759 2,197 146 416 116 May '25,438 >"22,545 5,471 3,480 8,955 2,976 1,663 2,762 1,405 806 128 423 130 June '25,847 ^22,899 5,714 3,561 9,012 2,922 1,690 2,822 1,442 832 109 439 127 July '25.501 -"22,595 5,638 3,561 8,811 2,961 1,624 2,797 1,401 858 117 421 108 Aug '25; 782 '•22.807 5,487 3,674 8,916 3,028 1,702 2,864 1,399 886 111 468 112 Sept 25,883 22^53 5,567 3,647 8,859 3,028 1,752 2,921 1,441 902 109 469 108 Oct '26,298 23,209 5,760 r3,824 8,735 3,036 1,854 2,943 1,391 931 122 499 145 D N e o c v ' ' 2 2 6 5 , , 4 9 3 4 6 2 r r 2 2 3 2 , , 2 7 8 6 5 2 5 5, , 6 9 2 9 9 4 3 3 , , 8 6 0 7 6 3 8 8, , 5 5 7 5 1 5 3 3, , 0 0 3 3 6 6 1 1 , , 8 8 5 9 3 4 ' 3 3 , , 0 0 4 2 7 2 1 1 , , 4 4 9 5 3 4 r 9 9 6 49 6 1 11 3 9 4 4 4 8 6 5 9 1 1 3 3 0 4 1964—Jan 26,129 '•22,997 5,900 3,756 8,531 3,036 1,774 3,002 1,425 980 120 477 131 Feb 26,128 22,932 5,796 3,842 8,371 3,166 1,757 3,070 1,443 994 127 506 125 Mar.P 25,920 22,697 5,818 3,801 7,972 3,171 1,935 3,111 1,424 1,023 136 528 112 Apr.?5 26,348 23,078 6,063 3,947 7,687 3.166 2,215 3,153 1,457 1,039 116 541 117 EExxcclluuddees negotiable time certificates of deposit which are included 3 PPrriinncciippaallllyy bbaannkkeerrss 'a accceptances, commercial paper, and negotiable in 1 2 " O N ^ t m o h n e e n r r e ." . g otiable, non-interest-bearing special U.S. notes held by the ttiimm44 e e II n ct c , l ec ld ri u tu d ifu e ic^ s a $ a $ ti 1 e 1 c 0 sa ,0 3 3 o* 1 J 1 f L du m ec ili py ll u i o li sa o in n t., 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 paiidd iinn JJuunnee 11995599.. i B i.c a ii n iw k i , j .c w ii hic j- h /L a v m vi o u u pu n i t u e i d ii to r w $ o 3 i 1 i, 4 m cu i i l u li on L II o V n A JL p ii r tw . i 3 -j 0 rv , i n 1 v 9 ii 6 ^ 4 ci . i 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 793 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 i co O un th tr e ie r s 2 1959 2 624 534 272 1,176 586 56 1960.. 3 614 717 421 1 356 1 052 69 1961 3 4,820 767 556 1,522 3 1,891 85 1962.. 5 163 877 526 1,606 2,017 137 1963—Apr 5 306 850 580 1,587 2,158 131 May. . . . . .... '5 345 1 863 580 1 593 '2,178 83 48 June '5,529 1 985 654 1,613 '2,141 88 47 July '5,469 1 877 667 1,669 '•2.128 78 47 Aug '5 434 1 954 597 1 698 '2051 83 50 Sept '5,435 1 '919 554 1,699 '•2,125 88 51 Oct.. . . . '5.568 1 '964 627 1,694 '2,144 82 56 N D o ec v .. '5 5, J 9 3 1 5 5 1 1 r 9 98 3 9 2 6 6 3 0 2 7 1 1 ,6 7 8 4 8 0 2 2 , , 4 2 7 7 0 6 1 9 0 7 4 5 5 2 8 1964—Jan '6,084 1 '948 637 1,761 2,577 104 55 Feb 6 201 1 996 601 1 753 2 693 100 56 Mar.? 6; 324 1 937 688 1,782 2,772 98 46 Apr v . 6,456 1 1,000 716 1,820 2,768 102 48 3a. Europe i 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 f R an e y p , . 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 5 30 38 7 2 8 19 1960 717 65 32 82 6 34 33 17 4 8 28 1961 767 20 23 42 165 6 35 54 27 5 11 35 1962 877 32 30 68 186 6 54 27 35 9 19 18 1963—Apr 850 29 41 67 144 9 67 32 33 13 33 23 May 863 34 44 72 143 7 58 37 34 12 40 26 June 985 29 51 67 256 8 57 34 31 11 44 24 July 877 28 51 63 132 10 69 37 34 11 44 25 Aug 954 26 49 65 159 9 85 37 35 12 52 33 Sept. '919 28 51 69 146 10 70 37 35 13 45 32 Oct '964 26 49 66 151 9 81 41 34 14 38 33 D N e o c v ' 9 9 3 8 2 9 2 2 7 6 4 5 9 2 7 6 0 5 ' 1 1 2 7 1 0 9 9 9 8 7 2 3 3 6 3 4 4 1 0 1 1 6 4 T2 3 9 0 3 3 6 0 1964—Jan '948 25 53 74 160 9 '96 40 39 12 31 25 Feb 996 30 69 80 165 9 95 42 34 12 29 25 Mar.*5 937 28 69 85 123 9 83 43 33 17 32 23 1,000 29 75 135 9 85 47 34 17 30 29 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 t r h 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 ,176 60 117 59 68 115 291 1960 60 49 245 11 ,356 121 225 73 80 26 343 1961 105 16 181 9 ,522 192 186 127 125 19 425 1962 75 42 221 19 ,606 181 171 186 131 17 408 1963—Apr... 65 40 190 21 ,587 170 196 151 137 17 405 May.. 66 44 175 20 ,593 180 196 161 136 '18 406 June.. 65 49 188 21 ,613 180 197 166 153 18 409 July. . 69 47 187 21 ,669 200 192 171 146 '18 448 Aug... 71 44 204 21 ,698 198 199 170 176 18 448 Sept.. 75 47 '196 19 ,699 187 210 179 169 '18 454 Oct... 91 42 '229 20 ,694 183 183 186 180 '18 445 Nov.. 78 23 262 22 1,688 184 172 192 185 '18 443 Dec... 70 48 225 23 1,742 188 163 187 208 18 465 1964—Jan.. . 79 36 200 23 1,761 179 170 184 218 17 468 Feb... 74 50 208 23 1,753 175 166 184 219 17 477 Mar.p 77 46 191 23 1,782 176 155 182 223 16 496 Apr.*3. 81 25 240 25 1,820 180 147 192 228 17 519 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia Other Baha- Neth. Other 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 l L e ic p . s A u 6 . b- m B m u & e d a r a s - A S n n u a t & i m r l i l - es A L ic m a a t e i 7 n r- Total C M la h a n i i n d n a - K H o o n n g g India I n n e d si o a - 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 t 37 1963—Apr 34 91 121 100 60 10 96 2,158 2 14 22 33 May.... 34 95 97 101 115 27 10 19 '2,178 2 13 22 t 31 June.... 29 103 95 99 105 27 U 18 '2,141 2 12 19 27 July.... 29 106 96 96 113 29 14 11 '2,128 2 12 16 29 Aug.. . . 30 104 93 99 112 31 10 10 '2,051 2 11 19 28 Sept.. .. 30 103 86 102 109 33 9 '11 '2,125 2 11 20 28 Oct 33 103 '92 103 116 31 8 15 '2,144 2 11 18 30 Nov.. .. 33 98 82 106 121 33 8 14 2,276 2 12 16 it 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 45 107 50 112 145 33 1C 12 2,693 2 11 17 29 Mar.p... 50 110 50 116 147 34 12 14 2,772 2 12 26 31 Apr.*... 46 113 48 124 146 37 12 2,768 2 13 22 34 3c. Asia—Continued 3d. Africa 3e. Other countries 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 C ( p L o o n e ld o g - - o 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 t l r u i a a s - - ot A he ll r 8 ville) 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 H7 41 57 1963 Apr 1,876 15 73 15 40 70 2 n 17 131 44 55 May '1,898 14 69 16 38 75 83 2 0 n 18 48 48 42 6 June '1,872 16 66 14 40 73 88 1 14 25 44 47 41 6 July '1,877 17 52 16 38 69 78 2 1 •M 20 42 47 41 6 Aug '1 798 16 51 13 40 73 83 1 2 13 26 41 50 43 6 Sept . . '1 868 16 56 11 43 69 88 2 1 M 29 42 51 44 7 Oct '1,881 13 63 8 44 72 82 1 •15 27 36 56 49 8 Nov 1 995 26 74 8 45 73 97 1 •6 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 s 25 61 55 47 8 Feb 2,316 30 142 10 58 76 100 1 1 •15 28 55 56 49 8 Mar." 2,376 31 150 9 58 77 98 1 1 •7 24 55 46 39 8 2,368 29 161 8 57 74 102 1 1 20 24 56 48 40 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

JUNE 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 795 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total O in f s f t i i c t i u a - l Lo B an a s n k to s — Others C s t t o o i i a o n u l n l n g t e d - s c - - A f m c o a c r a c e e d c p i t g e t . a n o f n e o f r c r s es Other 2 Total f D or e e w p i i g o t n h si e t r s s F c o o s r e m f e p c i i n m u a g a r p n n l i e . t c i r g e e a o s n , v d t. Other 3 tions i 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—Apr 5,306 4.713 236 824 686 731 2,235 594 383 211 May '5,345 '4,751 171 '790 '680 '742 '2,051 316 595 389 152 54 June '5,529 '4,838 142 '869 '695 '734 '2,031 367 692 461 176 54 July '5,469 '4,833 136 '827 '708 '741 '2,040 381 636 401 176 58 Aug '5,434 '4,803 166 '876 '717 r734 '1,961 349 631 407 170 55 Sept '5,435 '4,834 177 '840 '719 '758 '2,030 310 602 404 148 49 Oct '5.568 '4,877 153 '852 "724 '773 '2,034 341 691 462 174 55 Nov '5,735 '5,100 201 '961 '754 '801 2,040 '344 636 429 156 51 Dec 5,915 5,291 186 '955 '776 832 2,203 340 624 428 153 42 1964—Jan '6,084 '5,442 191 '1,037 798 863 2,236 317 642 394 204 43 Feb 6,201 5,562 164 1,090 805 891 2,313 300 638 407 194 36 Mar.p 6,324 5,667 150 1,083 824 932 2,380 298 658 394 209 55 Apr.p 6,456 5,761 140 1,113 860 942 2,368 339 694 430 209 56 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 Pay<ible 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 Apr 2,185 11 May 12,379 12,379 12,345 33 * '34 June.... 2,396 2,396 2,361 35 * '40 July 2,431 2,431 2,395 36 * r50 Aug 2,472 2,472 2,433 39 * '53 Sept '2,510 '2,510 '2,469 41 * '52 Oct '2,510 '2,508 '2,468 39 2 '63 Nov .. . '2,579 '2,576 '2,541 36 2 '60 Dec 2 3,005 2 3,003 2,786 217 2 '66 1964 Jan '3 048 '3,046 '2,829 217 2 r70 Feb 3,109 3,107 2,891 217 2 71 Mar p.. 3 223 3 222 3 007 215 1 100 Apr.? 3,251 3,251 3,039 212 140 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

796 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govi. bonds and notes l U. s S e . cu c r o it r i p es o ra 2 te Foreign bonds Foreign stocks Net piarchases or sales Period Intl. Foreign c P ha u s r e - s Sales c N ha s e a s t e le s p s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le s p s u o r- r c P ha u s r e - s Sales c N ha s e s a t e le s p s u o r- r regional Total Official Other I960 127 225 — 98 2 419 2 167 252 883 1 445 —562 509 592 — 83 1961 . . 512 532 — 20 3 384 3 161 223 802 1 262 —460 596 966 — 370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 —944 702 806 -104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1963—Apr 12 7 5 273 235 38 121 181 -60 66 74 -7 May 206 101 105 127 -ii 310 239 71 144 409 -265 67 87 -20 June 22 -8 30 31 354 342 12 57 157 -100 59 61 -2 July -10 -7 5 --112 208 192 16 75 117 -41 55 79 -24 AUK 142 105 37 43 -6 225 207 18 45 110 -65 42 43 -1 Sept 83 -4 87 82 5 239 236 4 228 232 -4 44 23 21 Oct 8 3 5 14 Q 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 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 30 1 29 26 3 230 264 -34 51 126 -75 62 36 26 Mar v -27 * -27 -27 299 334 -35 44 41 3 66 36 30 Apr.?3 -4 1 -5 4 -8 340 360 -20 70 175 -105 69 49 20 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 Mav 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 25 705 25 30 275 200 175 163 125 13 25 Sect 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 30 477 175 158 125 8 25 May 802 50 30 477 1245 158 125 8 25 i Includes the equivalent of $70 million payable in Swiss francs to the Bank for International Settlements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 797 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia Africa 1 t c O r o i t e u h s n e - r 2 reg I a n i n o t d l n . al 1960 252 202 50 38 171 -48 72 234 -45 36 13 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 $ 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 * 17 1963 207 198 9 -14 206 16 199 -47 14 17 22 1963—Apr... 38 37 1 * -4 43 -5 33 -5 3 4 3 May.. 71 60 10 2 39 4 45 12 6 6 1 June.. 12 21 -9 -4 -7 32 -3 19 -12 3 1 i 2 J A O S N u e c u o l p t g y v . t . . . . . . . . . . -1 3 1 1 1 4 1 8 6 -8 3 1 1 8 8 6 1 - - - 3 7 7 8 - - - - 1 2 1 1 3 -10 2 * 8 6 2 2 1 2 9 0 2 5 -5 4 6 1 1 - 2 2 3 1 1 1 6 3 1 - - 1 - - 1 4 6 1 4 1 - - 1 4 * * -4 2 1 1 1 j 2 2 2 2 2 Dec... 23 21 2 * 3 8 7 18 2 5 1 i 2 1 1964—Jan... 13 4 9 -2 -2 -16 8 -12 11 10 1 i Feb... 24 -26 -9 * -6 -22 4 -25 -10 1 -2 t 2 A M p a r r . . P ? . - - 3 2 5 0 - - 5 1 1 7 -2 16 2 * -1 -6 3 - - 1 2 9 4 5 3 - - 2 2 5 7 -5 10 -1 -2 0 2 3 1 Not reported separately until May 19633.. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures and monthly figures throuugh 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 millionsof 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 Africa1 t O c r o i t e u h s n e r - 2 E pe n r d i o o d f Deposits s U e . c S u . A ri G t s i s e o e s v t s t 1 . in c E u a s r t g o m o d a l y d rked 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 A,All 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 — 8 1962 247 6,990 12,700 1963 Apr.. — 67 —62 — 5 37 * 1 -13 — 31 1963—May.. 171 7,886 12,878 May. -284 3 -287 -24 -207 * -57 # June 175 7,957 12,917 June. -102 2 -104 -24 -42 1 -41 1 1 July. 182 7,733 13,086 July. -65 8 -73 2 -6 -36 -36 1 2 Aug. 177 7,856 13,129 Aug.. -66 1 -67 -7 -29 2 -34 • 1 Sept. 174 7,945 13,132 Sept.. 16 2 15 -11 -16 16 20 4 2 Oct. 175 8,241 13,025 Oct.. 36 4 32 10 28 2 -10 1 Nov. 165 8,343 13,048 Nov.. 10 2 8 2 8 2 -5 * Dec. 171 8,675 12,954 Dec 12 2 10 16 -2 1 -11 1 1964—Jan. 136 8,740 12,899 1964—Jan 35 3 32 24 16 1 -10 1 Feb.. 155 8,731 12,884 Feb -49 1 -49 22 -76 -4 8 1 Mar. 167 8,105 12,775 Mar.*5. . . 33 2 31 23 10 1 -4 \ Apr.. 166 7,860 12,726 Apr.25 -85 -48 -37 24 -44 -14 -5 2 May.. 161 7,892 12,747 1 Not reported separately until May 1963. 1 U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures and monthly figures through April 1963 include Africa. notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Area and country 1962 1963 IV I Europe: Austria 2 2 Belgium 21 18 3 2 Finland 1 1 France 32 31 Germany Fed Rep of .. 33 36 Greece 1 1 Italy 28 29 Netherlands 33 46 10 12 Portugal 1 1 Spain 9 7 Sweden 7 8 Switzerland 24 26 Turkey 4 4 United Kingdom 94 109 4 4 Other Western Europe 2 1 1 * TT Q C T? * Other Eastern Europe 3 1 1 Total.... 309 339 Canada 81 63 Latin America: Argentina 9 6 Brazil 17 17 Chile 4 3 Colombia 4 3 Cuba 1 Mexico 6 6 Panama . 25 5 Peru 8 9 1 1 Venezuela . 24 23 Other L A Republics 4 6 3 Bahamas and Bermuda 5 .... Neth. Antilles & Surinam 5 8 20 15 Total 129 101 Asia: China Mainland •. . . • 2 Hong Kong 2 India 11 Indonesia 2 Israel 2 Japan 52 Korea 3 Philippines 3 Taiwan Thailand 4 Other Asia 16 Total 97 Africa: Congo (Leopoldville) * Morocco 5 South Africa 12 U.A.R. (Egypt) 1 Other Africa 5 Total 5 Other countries: Australia ... 11 Allother 7 13 Total 8 37 International and regional * Grand total 653 ot ot ooot — iClaims on foreigners 1962 1963 Ii II III IV* IV I 11 II III IV* 2 2 2 2 6 5 5 5 6 8 18 20 23 26 24 24 24 27 26 21 2 3 2 3 8 6 6 7 5 8 1 1 3 4 4 3 3 4 31 32 31 33 51 59 59 50 48 47 36 33 35 34 117 114 114 106 106 103 1 2 2 2 5 6 6 6 7 9 29 30 26 25 78 82 82 83 102 106 46 50 56 46 31 24 24 34 24 32 12 13 13 14 15 15 15 15 16 18 1 1 1 6 8 8 7 7 8 7 7 6 7 20 25 25 23 26 29 8 8 7 9 15 17 17 20 19 17 26 27 40 27 28 28 28 36 30 27 4 4 5 2 4 6 6 5 6 5 110 118 127 100 238 192 196 201 218 225 4 3 3 4 3 3 3 3 3 3 1 2 3 3 5 4 4 3 4 4 * * * I * * 1 * 2 2 2 3 3 3 341 356 384 339 660 625 629 639 660 678 64 59 62 72 752 789 830 918 887 668 6 6 6 7 34 31 31 30 28 40 18 18 21 13 106 108 108 103 111 113 3 4 4 3 25 25 25 26 23 25 3 5 5 7 15 17 18 20 22 19 * * 6 6 6 6 6 5 6 10 6 g 57 58 58 56 53 59 5 11 17 20 13 13 13 14 13 13 9 4 3 5 20 14 14 19 19 27 1 3 4 1 6 7 7 5 4 9 23 27 25 22 33 33 33 37 38 36 3 11 11 13 20 22 22 38 40 39 3 6 3 11 12 12 8 9 9 6 6 7 7 9 10 5 15 2 2 4 45 41 41 11 8 10 101 113 119 110 386 382 382 383 389 413 2 2 2 1 * * * * * 2 2 2 2 4 4 4 3 4 4 8 16 15 14 39 50 50 49 42 42 2 2 2 3 3 3 4 7 10 1 2 1 10 7 7 7 7 7 46 46 43 29 24 123 124 127 142 130 157 3 3 3 1 4 4 4 4 4 6 4 4 5 7 5 11 10 10 11 11 9 * 1 1 3 5 5 6 3 4 4 4 1 2 5 5 5 5 4 11 164 16 19 21 18 33 39 39 44 42 41 90 90 99 82 72 236 251 255 275 254 291 1 1 * 1 3 3 3 2 2 3 * * 1 1 2 6 6 11 12 10 10 9 9 8 9 9 1 1 9 10 5 10 12 12 15 12 11 14 10 8 15 18 18 35 33 25 41 42 43 10 10 13 18 17 24 26 26 28 28 32 13 13 4 6 5 26 27 27 8 7 9 30 30 17 24 22 74 77 77 35 35 42 * 1 1 3 2 2 624 626 679 703 639 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 Mar. 31, 1963 (7th revised series). (Leopoldville), South Africa, and U.A.R. (Egypt). 2 Until June 1963 includes Eastern European countries other than 8 Includes Africa until June 1963. U.S.S.R., Czechoslovakia, Poland, and Rumania. 3 Czechoslovakia, Poland, and Rumania only until June 1963. NOTE.—Reported by exporters, importers, and industrial and com- 4 Bolivia, Dominican Republic, El Salvador, and Guatemala only mercial concerns in the United States. Data exclude claims held through until June 1963. U.S. banks, and intercompany accounts between U.S. companies and 5 Not reported separately until June 1963. their foreign affiliates. 6 Until June 1963 includes also the following Latin American Republics: See also NOTE to Table 1. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 U.S. BALANCE OF PAYMENTS 799 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 1963 Item 1961 1962 1963 P III IV III IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions Seasonally adjusted Exports of goods and services—Total 1.... 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 servic 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 1. 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 -441 -74 28 -50 -260 -30 -101 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 , 606 617 649 130 148 151 156 178 164 3. Private capital flows, net, excluding foreign liquid assets in U.S -3,507 -3,118 -3,690 -708 -902 -956 -1,468 -338 -928 U.S. direct investments abroad -1,598 -1,557 -1,799 -359 -493 -501 -488 -209 -601 U.S. long-term capital, other -1,011 -1,209 -1,641 -188 -335 -512 -620 -294 -215 Foreign long-term investments in U.S 466 271 387 -10 20 -9 203 112 81 U.S. short-term capital -1,541 -507 -642 -164 -39 84 -626 29 -129 Foreign short-term capital 5 111 -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 (=1+2+3+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 < 668 666 325 471 142 25 34 241 25 Advances on U.S. military exports, net. . . 5 470 359 107 223 20 -5 105 239 Sales of nonconvertible nonmarketable securities,1 net 251 -43 251 63 -10 -95 -1 Dollar securities 31 58 8 19 -45 '' -1 Foreign currency securities 251 -74 5 -29 -50 Sa D le o s ll o a f r c s o e n c v u e r r it t i i e b s le nonmarketable securities,1 net 7 15 0 0 2 3 1 5 2 0 5 152 1 2 7 5 5 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 1,764 653 1,580 -188 309 320 918 187 755 International and regional organizations 1 o 407 213 -225 -107 109 -64 -48 -19 QA Foreign private holders excluding banks * * 81 134 394 -137 -42 74 115 93 111 Foreign commercial banks 595 -147 434 -214 -132 384 75 -36 11 Foreign official holders 681 453 977 270 374 -74 776 149 126 Change in U.S. monetary reserve assets (increase, — ) 606 1,533 378 881 389 32 124 227 -5 IMF position -135 626 30 331 14 -46 2 59 15 Convertible currencies -116 17 -113 104 351 -33 6 -28 -58 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 Not seasonally adjusted separately. 11 Including undetermined holders. 5 Other than foreign liquid assets in U.S. 6 Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 1 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

800 FOREIGN TRADE; MONEY RATES JUNE 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1,623 1,668 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 1,662 1,795 31,913 2,046 1,152 1,365 31,417 1,542 510 430 3496 504 May 1,585 1,762 1,893 1,153 1,404 1,420 432 358 473 June 3 1 582 1 836 1,785 3 1,174 ,351 1,421 3 408 485 364 July 3 1 689 1,748 1,823 31,379 ,347 1,458 3 310 401 365 Aus 1,689 1,703 1,895 1,254 L346 1,508 435 357 387 Sept 1 678 31 908 1,980 1,262 31,'471 1,450 416 3437 530 Oct 1 780 31,523 1,946 1,300 31,312 1,459 480 3211 487 Nov 1 733 1 725 1,945 1,309 1 425 1 472 424 300 473 Dec 1 725 31 839 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 Ill 3 5 056 35 359 5,698 3 3,895 34,164 4,416 3 1 161 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 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France 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 o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t ' s c s e D m a o d y n a - y e t y o 3 - Tr 6 d b e a 0 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 t e o 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 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Apr 3.58 3.60 3.88 3.71 2.84 2.00 3.92 2.63 3.06 .91 1.62 2.00 May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 .96 L.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2,00 4.76 2.63 3.88 .87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 >.O7 1.92 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 .78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 .89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 .95 Ml 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 >.10 1.14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 >.25 1.56 2.00 1964—Jan 3.76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 >.31 .67 2.00 Feb 3.81 3.57 4.00 3.91 3.10 2.08 4.33 2.63 2.69 >.33 1.88 2.00 Mar 3.88 3.70 4.53 4.30 3.79 3.00 4.98 2.63 C3.38 t.88 1.55 2.00 Apr 3.75 3.52 4.53 4.30 3.81 3.00 5.03 2.63 3.44 .00 >.48 2.38 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 4 R R a a t t e e i s n h o e w ffe n c t i s a o t n e n p d r iv o a f te m s o e n c t u h r . ities. F 19 in 6 N 2 a O . n T c E e, . " — S F e o c r tio d n e sc 1 r 5 ip 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 er S n t a a t t i i o st n ic a s l , Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1964 MONEY RATES 801 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of May 31, 1963 Rate Country 1963 1964 M a a s y o 3 f 1, Per Month 1964 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 4.5 4.5 Belgium... ... 3.5 Dec. 1962 4.0 4.25 4.25 Brazil 10.0 Apr. 1958 10.0 Burma. . . 4.0 Feb. 1962 4.0 Canada * 3.5 May 1963 4 0 4.0 Ceylon.... 4.0 Aug. 1960 4.0 Chile 2 14.20 Jan. 1963 14 21 14.39 14.39 Colombia. 8.0 May 1963 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 Honduras 3 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India* 4.5 Jan. 1963 4.5 Indonesia 3.0 Apr. 1946 9.0 9.0 Iran 6.0 Nov 1960 4 6 4.0 Ireland 3.88 May 1963 3.95 3.94 3.98 3.94 4.5 4.69 4.69 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan ... 5.84 Apr. 1963 6 57 6.57 Mexico 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4 0 4.0 New Zealand 7.0 Mar. 1961 7.0 Nicaragua . 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa . .. 3 5 Nov 1962 3.5 Spain 4.0 June 1961 4.0 Sweden 3.5 Jan. 1963 4.0 4.5 4.5 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 (rate shown is for agricultural and industrial paper); 4 Rate applies to advances against commercial paper as well as against 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 ard 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

802 FOREIGN EXCHANGE RATES JUNE 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 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963 May .7266 223.08 3.8677 2.0055 92.810 21.014 14.477 31.057 20.405 June .7265 223.12 3.8702 2.0036 92.722 21.015 14.490 31.057 20.405 July ... . .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20.405 AUK .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sept .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov .6942 222.93 3.8659 2.0059 92.778 21.021 14.484 31.057 20.405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964 Jan .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr .. . .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May .7312 223.06 3.8686 2.0089 92.499 21.021 14.482 31.066 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 I960 23.976 20.968 280.76 .16104 .27785 32.817 8 0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 16107 27712 32.757 8 0056 27 755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1963 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 May ?5 159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 Philip- SouthAfrica 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 2-0S79 19.324 23.142 280.88 I960 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 .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 C19.272 23.139 280.00 1963 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 I 6663 19 302 23 129 280 08 Aug 13.985 3 4893 139.46 1.6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 1.6664 19.268 23.171 279.77 Oct 13.971 3 4863 139 37 I 6664 19 250 23 171 279 78 Nov 13.970 3.4875 139.37 1.6665 19.262 23'.166 '279.78 Dec 13.972 3.4874 139.30 [.6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 666 «5 19.272 23.168 279.83 Feb 13.962 3.4848 139.32 1.6664 19 290 23 122 279 69 Mar 13.976 3.4867 139.38 1.6663 19.430 23.110 279.81 Apr 13.989 3.4879 139.43 1.6664 19.451 23.143 279.90 May 13.992 3.4874 139.45 1.6664 19.464 23.171 279.94 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 M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director ALBERT R. KOCH, Associate Director DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser J. CHARLES PARTEE, Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Adviser HARRY E. KERN, Assistant Director LEWIS N. DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE RALPH A. YOUNG, Director J. J. CONNELL, Controller J. HERBERT FURTH, Adviser SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser REED J. IRVINE, Associate Adviser OFFICE OF DEFENSE PLANNING SAMUEL I. KATZ, Associate Adviser JOHN E. REYNOLDS, Associate Adviser INNIS D. HARRIS, Coordinator RALPH C. WOOD, Associate Adviser DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director W. M. DAVIS, Acting Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 805 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

806 FEDERAL RESERVE BULLETIN • JUNE 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. Bohne Houston 77001 Edgar H. Hudgins J. Lee Cook San Antonio ...78206 Harold D. Herndon Carl H. Moore San Francisco 94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles 90054 S. Alfred Halgren Clifford H. Watkins Portland 97208 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

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, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND DEBITS AND CLEARINGS STATISTICS AND THEIR FUNCTIONS. 1963. 297 pp. USE. 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. I. 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. 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN • JUNE 1964 PERIODIC RELEASES INTERDISTRICT SETTLEMENT FUND (G.15) WEEKLY INDEX NUMBERS OF WHOLESALE PRICES (G.8) MONTHLY DEPARTMENT STORE SALES—Selected APPLICATIONS RECEIVED, OR ACTED ON, BY THE Cities and Areas (G.7.2) BOARD (H.2) MONTHLY DEPARTMENT STORE SALES, BY DE- COMMERCIAL AND INDUSTRIAL LOANS OUTSTAND- PARTMENTS (G.7.3) ING BY INDUSTRY (H.I2) MONTHLY FOREIGN EXCHANGE RATES (G.5) CONDITION OF WEEKLY REPORTING MEMBER BANKS IN NEW YORK AND CHICAGO (H.4.3) NATIONAL SUMMARY OF BUSINESS CONDITIONS (G.12.2) CONDITION OF WEEKLY REPORTING MEMBER OPEN MARKET MONEY RATES AND BOND PRICES BANKS IN LEADING CITIES (H.4.2) (G.13) FACTORS AFFECTING BANK RESERVES AND CON- RETAIL FURNITURE REPORT (G.I6) DITION STATEMENT OF F. R. BANKS (H.4.1) SALES FINANCE COMPANIES (G.20) WEEKLY DEPARTMENT STORE SALES—SELECTED STATE MEMBER BANKS OF THE FEDERAL RESERVE CITIES AND AREAS (H.8b) SYSTEM AND NONMEMBER BANKS THAT MAIN- WEEKLY FOREIGN EXCHANGE RATES (H.10) TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) (G.4) WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES (H.I5) MONTHLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES (G.14) SEMIMONTHLY-IRREGULAR CHANGES IN STATE BANK MEMBERSHIP (K.3) QUARTERLY-SEMIANNUALLY ASSETS AND LIABILITIES OF ALL BANKS IN THE ALL BANKS IN THE UNITED STATES AND OTHER UNITED STATES (J.4) AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES (E.4) DEMAND DEPOSITS, CURRENCY, AND RELATED ITEMS (J.3) BANK RATES ON SHORT-TERM BUSINESS LOANS (E.2) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS (J.I) SUMMARY REPORT—ASSETS AND LIABILITIES OF MEMBER BANKS (E.3.1) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) MEMBER BANK LOANS (E.3.4) MONTHLY SALES, PROFITS, AND DIVIDENDS OF LARGE COR- ASSETS AND LIABILITIES OF ALL MEMBER BANKS, PORATIONS (E.6) BY DISTRICTS (G.7.1) ANNUALLY BANK DEBITS AND DEPOSIT TURNOVER (G.6) BUSINESS INDEXES (G.12.3) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS EXCEPT INTERBANK AND U.S. GOVERNMENT CONSUMER CREDIT (G.19) ACCOUNTS (C.5) CONSUMER CREDIT AT CONSUMER FINANCE COM- DEPARTMENT STORE TRADE, UNITED STATES PANIES (G.22) (C.7.3) CONSUMER INSTALMENT CREDIT AT COMMERCIAL MEMBER BANK INCOME (C.4) BANKS (G.I8) DEPARTMENT STORE CREDIT (G.17) BIENNIALLY FEDERAL RESERVE PAR LIST (Also annual list.) DISTRIBUTION OF BANK DEPOSITS BY COUNTIES (G.3) and STANDARD METROPOLITAN AREAS (C.8) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 809 REPRINTS SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) REVISION OF MONEY SUPPLY SERIES. Aug. 1962. 11 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. INTEREST RATES IN THE CURRENT CYCLE. Sept. 20 pp. 1962. 9 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- INTEREST RATES AND MONETARY POLICY. Sept. tion of method used by Board in adjusting 1962. 28 pp. economic data for seasonal variation. June 1941. 11 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. Mar. 1953. 16 pp. AUTOMATION AT COMMERCIAL BANKS. NOV. 1962. 13 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. 1954. 10 pp. A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 1962. 18 pp. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pp. FARM DEBT AS RELATED TO VALUE OF SALES. REVISION OF CONSUMER CREDIT STATISTICS. Oct. Feb. 1963. 9 pp. 1956. 24 pp. (Also, similar reprint from Apr. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. 1953 BULL.) Mar. 1963. 10 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. Nov. 1958. 15 pp. FEDERAL RESERVE OPEN MARKET OPERATIONS IN 1962. Apr. 1963. 29 pp. *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. scription of revised statistics for all banks in Apr. 1963. 11 pp. the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. STATISTICS ON THE GOVERNMENT SECURITIES MARKET. Apr. 1961. 8 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. INTEREST RATES ON SAVINGS AND OTHER TIME 1961. 21 pp. DEPOSITS, MID-FEBRUARY 1963. June 1963. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. 7 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. MEASURES OF MEMBER BANK RESERVES. July 1961. 15 pp. 1963. 14 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. BANK LOANS SECURED BY STOCKS AND BONDS. 1961. 3 pp. July 1963. 19 pp. GROWTH IN INSTITUTIONAL SAVINGS. May 1962. A BANK EXAMINER LOOKS AT AGRICULTURAL 9 pp. LENDING. July 1963. 8 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN • JUNE 1964 MEASURING AND ANALYZING ECONOMIC GROWTH. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- Aug. 1963. 14 pp. SUMERS. Mar. 1964. 9 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. TREASURY AND FEDERAL RESERVE FOREIGN EX- 1963. 8 pp. CHANGE OPERATIONS AND THE GOLD POOL. Mar. 1964. 14 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. BANKING AND MONETARY STATISTICS, 1963. Se- 1963. 8 pp. lected series of banking and monetary statis- THE OPEN MARKET POLICY PROCESS. Oct. 1963. tics for 1963 only. Feb., Mar., and May 1964. 11 pp. 15 pp. RECENT INTEREST RATE TRENDS. NOV. 1963. REVISION OF THE MONEY SUPPLY SERIES. June 10 pp. 1964. 14 pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. REVISION OF BANK CREDIT SERIES. June 1964. 7 pp. 5 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 746, 748 Demand deposits—Continued Agricultural loans of commercial banks, 740, 742 Turnover of, 732 Assets and liabilities {See also Foreign liabilities and Type of holder, at commercial banks, 741 claims): Deposits {See also specific types of deposits): Banks and the monetary system, consolidated, 735 Adjusted, and currency, 735 Corporate, current, 760 Banks, by classes, 729, 736, 741, 744, 748 Domestic banks, by classes, 736, 740, 742 Federal Reserve Banks, 730, 797 Federal Reserve Banks, 730 Postal savings, 729, 735 Automobiles: Discount rates, 728, 801 Consumer instalment credit, 764, 765, 766 Discounts and advances by Federal Reserve Production index, 768, 769 Banks, 724, 730, 732 Dividends, corporate, 759, 760 Dollar assets, foreign, 789, 797 Bank holding companies: Banking offices and deposits of group banks, Earnings and hours, manufacturing industries, 775 Dec. 31, 1963, 783 Employment, 772, 774, 775 List of, Dec. 31, 1963, 782 Bankers' balances, 741, 743 Farm mortgage loans, 761, 762 {See also Foreign liabilities and claims) Federal finance: Banks and the monetary system, consolidated state- Cash transactions, 750 ment, 735 Receipts and expenditures, 751 Banks for cooperative, 755, 756 Treasurer's balance, 750 Bonds {See also U.S. Govt. securities): Federal home loan banks, 755, 756, 763 New issues, 756, 757, 758 Federal Housing Administration, 761, 762, 763 Prices and yields, 746, 747 Federal intermediate credit banks, 755, 756 Brokers and dealers in securities, bank Federal land banks, 755, 756 loans to, 740, 742 Federal National Mortgage Assn., 755, 756, 763 Business expenditures on new plant and equip- Federal Reserve Banks: ment, 760 Condition statement, 730 Business indexes, 772 U.S. Govt. securities held by, 724, 730, 732, Business loans {See Commercial and industrial loans) 752, 753 Federal Reserve credit, 724, 730, 732 Capital accounts: Federal Reserve notes, 730, 733 Banks, by classes, 736, 741, 744 Federally sponsored credit agencies, 755, 756 Federal Reserve Banks, 730 Finance company paper, 746, 748 Carloadings, 772 Financial institutions, loans to, 740, 742 Central banks, foreign, 786, 801 Float, 724 Coins, circulation of, 733 Flow of funds, 780 Commercial banks: Foreign central banks, 786, 801 Assets and liabilities, 736, 739, 740 Foreign currency operations, 730, 732, 788, 796 Consumer loans held, by type, 765 Foreign deposits in U.S. banks, 724, 730, 735, 741, Number, by classes, 736 744, 797 Real estate mortgages held, by type, 761 Foreign exchange rates, 802 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 740 Banks, 790, 792, 793, 795, 797 Weekly reporting member banks, 742, 745 Nonfinancial concerns, 798 Commercial paper, 746, 748 Foreign trade, 800 Condition statements {See Assets and liabilities) Construction, 772, 773 Gold: Consumer credit: Certificates, 730, 733 Instalment credit, 764, 765, 766, 767 Earmarked, 797 Noninstalment credit, by holder, 765 Net purchases by U.S., 788 Consumer price indexes, 772, 776 Production, 787 Consumption expenditures, 778, 779 Reserves of central banks and govts., 786 Corporations: Reserves of foreign countries and international organizations, 789 Sales, profits, taxes, and dividends, 759, 760 Stock, 724, 735, 788 Security issues, 757, 758 Govt. debt {See U.S. Govt. securities) Security prices and yields, 746, 747 Gross national product, 778, 779 Cost of living {See Consumer price indexes) Currency in circulation, 724, 733, 734 Hours and earnings, manufacturing industries, 775 Customer credit, stock market, 747 Housing starts, 773 Debits to deposit accounts, 732 Industrial production index, 768, 772 Demand deposits: Instalment loans, 764, 765, 766, 767 Adjusted, banks and the monetary system, 735 Insurance companies, 749, 752, 753, 762 Adjusted, commercial banks, 732, 734, 741 Insured commercial banks, 738, 740 Banks, by classes, 729, 736, 744 Interbank deposits, 729, 736, 741 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN • JUNE 1964 Interest rates: Reserves: Bond yields, 746 Central banks and govts., 786 Business loans by banks, 745 Commercial banks, 741 Federal Reserve Bank discount rates, 728 Federal Reserve Banks, 730 Foreign countries, 800, 801 Foreign countries and international organiza- Open market, 746, 800 tions, 789 Stock yields, 746 Member banks, 724, 726, 729, 741, 743 Time deposits, maximum rates, 729 Residential mortgage loans, 761, 762, 763 International capital transactions of the U.S., 790 Retail sales, 772 International institutions, 786, 788, 789 Sales finance companies, consumer loans of, 764, Inventories, 778 765, 767 Investment companies, new issues, 758 Saving: Investments (See also specific types of investments): Flow of funds series, 780 Banks, by classes, 736, 740, 743, 748 National income series, 779 Commercial banks, 739 Savings deposits (See Time deposits) Federal Reserve Banks, 730, 732 Savings institutions, principal assets, 748, 749 Life insurance companies, 749 Savings and loan assns., 749, 753, 762 Savings and loan assns., 749 Securities (See also U.S. Govt. securities): Federally sponsored agencies, 755 Labor force, 774 International transactions, 796, 797 Loans (See also specific types of loans): New issues, 756, 757, 758 Banks, by classes, 736, 740, 742, 748 Silver coin and silver certificates, 733 Commercial banks, 739 State member banks, 738 Federal Reserve Banks, 724, 730, 732 State and local govts.: Insurance companies, 749, 762 Deposits of, 741, 744 Insured or guaranteed by U.S., 761, 762, 763 Holdings of U.S. Govt. securities, 752, 753 Savings and loan assns., 749, 762 New security issues, 756, 757 Ownership of obligations of, 740, 748, 749 Manufactures, production index, 769, 772 Prices and yields of securities, 746, 747 Margin requirements, 729 Stock market credit, 747 Member banks: Stocks: Assets and liabilities, by classes, 736, 740 New issues, 757, 758 Borrowings at Federal Reserve Banks, 726, Prices and yields, 746, 747 730, 744 Deposits, by classes, 729 Tax receipts, Federal, 751 Number, by classes, 737 Time deposits, 729, 734, 735, 736, 741, 744 Reserve requirements, 729 Treasurer's account balance, 750 Reserves and related items, 724 Treasury cash, 724, 733, 735 Weekly reporting series, 742 Treasury currency, 724, 733, 735 Mining, production index, 769, 772 Treasury deposits, 724, 730, 750 Money rates (See Interest rates) Money supply and related data, 734 Unemployment, 774 Mortgages (See Real estate loans) U.S. balance of payments, 799 Mutual savings banks, 735, 736, 738, 748, 752, U.S. Govt. balances: 753, 761 Commercial bank holdings, by classes, 741, 744 Consolidated monetary statement, 735 National banks, 738 Treasury deposits at Federal Reserve National income, 778, 779 Banks, 724, 730, 750 National security expenditures, 751, 778 U.S. Govt. securities: Nonmember banks, 738, 740, 741 Bank holdings, 735, 736, 740, 743, 748, 752, 753 Dealer transactions, positions, and financing, 754 Payrolls, manufacturing, index, 772 Federal Reserve Bank holdings, 724, 730, 732, 752, 753 Personal income, 779 Foreign and international holdings, 730, 789, 797 Postal Savings System, 729, 735 International transactions, 796 Prices: New issues, gross proceeds, 757 Consumer, 772, 776 Outstanding, by type of security, 752, 753, 755 Security, 747 Ownership of, 752, 753 Wholesale commodity, 772, 776 Prices and yields, 746, 747 United States notes, outstanding and in circulation, 733 Production, 768, 772 Utilities, production index, 769, 772 Profits, corporate, 759, 760 Real estate loans: Vault cash, 724, 729, 741 Banks, by classes, 740, 748, 761 Veterans Administration, 761, 762, 763 Type of holder, 761, 762, 763 Type of property mortgaged, 761, 762, 763 Weekly reporting member banks, 742 Reserve requirements, member banks, 729 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 C° THE FEDERAL RESERVE SYSTEM 5) HAWAII Legend 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