Federal Reserve Bulletin, 1964-07

FEDERAL RESERVE B U LLETIN July 1964 **** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes Daniel H. Brill Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Recent Monetary and Credit Developments 813 Federal Reserve Security Transactions, 1954-63 822 Statement Concerning the Coin Shortage 838 Law Department 840 Announcements 847 National Summary of Business Conditions 848 Guide to Tabular Presentation 850 Financial and Business Statistics, U.S. (Contents on p. 851) 852 International Financial Statistics (Contents on p. 911) 912 Board of Governors and Staff 930 Open Market Committee and Staff; Federal Advisory Council 931 Federal Reserve Banks and Branches 932 Federal Reserve Board Publications 933 Index to Statistical Tables 935 Map of Federal Reserve System Inside back cover Volume £o * Number 7 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

Recent Monetary and Credit Developments IN THE FIRST HALF OF 1964, the Federal the first half. Market yields fluctuated, how- Reserve continued to provide through open ever, increasing a little in the first quarter market operations the reserve base to sup- and dropping back thereafter, largely in port further expansion in bank credit and response to shifts in market expectations. money within an environment of rising out- BANK CREDIT put and employment and over-all stability Commercial banks continued to supply a of industrial prices. large volume of funds to credit users in the Meantime, the Federal Reserve also first half of 1964, as they have throughout helped to maintain a relatively firm tone in the current business upswing. Growth in the money markets so as to limit incentives total loans and investments was at an annual for liquid funds to move abroad in search of rate of 7 per cent, as compared with 8.6 higher yields. Despite some improvement in per cent in the 5 months immediately folthe U.S. balance of international payments, the continued adverse balance still constituted a major consideration in the formulation of monetary policy. Total bank credit continued to expand at a rapid pace during the first half of the year, although somewhat less rapidly than in late 1963. Bank loans were readily available, and total loans outstanding rose faster than thev had last year. To accommodate this growth in lending, banks reduced moderately their holdines of U.S. Government securities and curtailed their net purchases of municipal and other securities. The money supply rose at an annual rate of about 3 per cent, somewhat less than in late 1963. But in June it registered the largest increase since November. Time and savings deposits at commercial banks also increased less rapidly, reflecting in part a reduction in the rate of savings inflows to financial intermediaries generally. NOTE.—Seasonally adjusted. Total and nonborrowed reserves, monthly averages of daily figures for member banks. Total reserves also adjusted to exclude the effects of changes Demands for and supplies of funds in in reserve requirements. Nonborrowed reserves are total reserves (adjusted) minus borrowings at F.R. Banks. Latest credit markets were in close balance, and excluded) and investments, : for June 30, Dec. 31 call interest rates showed little net change during atest figures, June 30 (estimated). 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN • JULY 1964 lowing the shift to a moderately less stimulative monetary policy last July. Since the CONTRAST WITH earlier expansions: beginning of the current business upswing Bask loais rise at an iacreasfiig rate in early 1961, bank credit has increased 29 per cent, 5 percentage points more than the 1954-57 increase in gross national product. The trends toward liquidation of hold- 1959-60 „»' ings of U.S. Government securities and reduced purchases of municipal and other securities, which became evident in late 1963, have been more pronounced this year. Late last year banks added to their invest- Growth in business loans stable but less rapid BUSINESS ments while accommodating a large rise in loans. But this year, when they expanded loans even faster, they reduced their investments slightly. Loans. Bank loans appear to have been readily available throughout this business upswing. This is suggested by the different pattern of loan growth as compared with earlier postwar expansions. In earlier pe- 10 15 20 25 30 35 riods the rate of growth in loans accelerated Months offer cyclical low in the recovery phase, then tapered off and finally declined during the later stages of NOTE.—Indexes based on seasonally adjusted data (excluding interbank loans) at all commercial banks for last Wednesthe business expansion; this time it has been day of month (except for June 30, Dec. 31 call dates). Cyclical lows—May 1954, April 1958, February 1961. Cyclical highsrising almost continuously. During the first August 1957, May 1960. half of 1964, the annual rate of growth was nearly 13 per cent. Import Bank loans or increased their for- Moreover, interest rates on bank loans eign lending so much as they did in early have not shown any appreciable rise as they 1964. Over the first 5 months—as in the had in earlier periods of business expansion. last half of 1963—bank credit to foreign- Rates charged on short-term loans to busi- ers, including acceptance financing, inness are at about the same level as at the creased about 10 per cent. Although such recession trough in 1961 and are well below credit increased faster than that to domestic the 1959-60 highs. And on mortgage loans, users, it accounts for less than 5 per cent interest rates have declined substantially of all commercial bank credit. since 1960, although they have leveled off Business loans. Outstanding loans to nonrecently. financial businesses, a preferred customer The types of loans that banks have been group at most banks, have expanded less making also suggest that funds have been rapidly in the current business upswing than readily available. Had they not had ample in the 1954-57 and 1958-60 expansions. But funds for their regular domestic customers, again, the growth rate has been more stable. banks probably would not have acquired In both 1962 and 1963 it amounted to $370 million of participations in Export- about 9 per cent per annum and it continued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS 815 at a rate close to that in the first half of allowances—continues to exceed plant and 1964, after allowance for seasonal influ- equipment outlays, whereas in the later ences. stages of other recent expansions capital Growth slackened somewhat in the first outlays had substantially exceeded internal quarter, when the pace of inventory accumu- funds. lation fell off from the accelerated rate of Ready availability of funds to businesses late 1963. In the second quarter demand through the money and capital markets also for business loans strengthened again. Ex- has helped to moderate the need for bank pansion was more rapid mainly in the financing. The volume of new securities ismetals and metal products, construction, sued by corporations in the first half of 1964 trade, and miscellaneous manufacturing and was considerably larger than in the first half mining groups. Loans to public utilities and of 1963, although a $1.2 billion issue of the petroleum refining and chemicals in- stock by a large public utility in early April accounted for most of the increase. Through dustries, which had contributed substantially May, commercial and finance company to the 1954-57 credit expansion, have paper outstanding, seasonally adjusted, rose changed little in this upswing. at an annual rate of 16 per cent. This was The more moderate rate of increase in a continuation of the rapid growth trend business loans in the current upswing rethat has prevailed over much of the current flects less pressing needs by businesses for upswing. outside financing. Plant and equipment ex- Other loans. Banks added to their holdpenditures have grown less sharply and conings of real estate mortgages in the first half tinue to account for a smaller share of the of 1964 at about the same rapid pace— economy's total expenditures than in some roughly 13-14 per cent per year—as in 1962 earlier business upswings. Inventory acand 1963. They began to acquire larger cumulation, too, has been moderate and amounts of mortgages and other high-yieldrelatively more stable than before. ing longer-term assets following the rapid Also, the large volume of funds available inflow of time and savings deposits when from internal sources has contributed to rerates paid on these deposits were raised in duced reliance on banks for financing of early 1962. Even though the inflow of such capital requirements in this expansion. Cordeposits has slackened somewhat this year, porate profits before taxes have continued the volume of mortgage financing has reto expand, in contrast with the squeeze on mained close to 1963 levels, and banks have profits that developed in other recent upabsorbed about the same proportion of new swings. Profits after taxes have been buoyed mortgages as last year. by increased use of the investment tax credit This year's growth in consumer loans has and by this year's 2-point cut in the corpobeen a little faster than in the last half of rate income tax rate. Depreciation allow- 1963 and a little slower than in the first ances, which were stepped up with the half. Banks have been competing intensively inauguration of more liberal rules 2 years for such loans in recent years, and their ago, continue their gradual rise. share of total consumer credit outstanding As a result of these developments, the has remained near the 38 per cent peak total amount of internal funds available— reached in late 1963. from undistributed profits and depreciation Security loans advanced further in 1964 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • JULY 1964 but showed wide fluctuations, as usual. investment policies are generally less flexible These fluctuations stem mainly from changes than at city banks, the slackening in purin borrowing by brokers and dealers in re- chases of municipal and agency issues has sponse to changes in their inventories and in been more moderate. the availability of funds from other sources, particularly around the quarterly corporate tax dates. BANK INVESTMENT portfolios decline on balance The contraseasonal rise in security loans Siiiions of dolla between December and June reflected a smaller than usual amount of borrowing by U.S. Government securities dealers in late December and a larger than usual amount of borrowing by both brokers and dealers U.S. GOVT. SECURITIES toward midyear. Since November, when the Federal Reserve raised margin requirements on new loans for purchasing or carrying listed stocks, the volume of stock market OTHER SECURITIES credit has shown little change. Investments. Bank holdings of securities BANK LIQUIDITY reduced further declined about $1 billion in the first half of Per cent 1964, after allowance for seasonal changes. SHORT-TERM 20 { U.S. GOVT. SECURITIES/TOTAL DEPOSITS This was the first significant reduction since the first half of 1960. Although banks continued to acquire municipal and Federal agency issues, they did so at a reduced pace, and the increase in these holdings was NOTE.—U.S. Govt. and other securities are seasonally adjusted data for last Wednesday of month (except for June 30, more than offset by the decline in holdings Dec. 31 call dates). Short-term U.S. Govt. securities are those maturing within 1 year. Deposits are net of cash items of U.S. Government securities. in process of collection. Latest figures, U.S. Govt. and other securities, June 30 (estimated); ratio, May. The decline in rate of acquisition of municipal and Federal agency issues continued The reduced rate of acquisitions of muthe downtrend that began last September nicipal and Federal agency securities in after 2 years of unusually rapid growth. In early 1964 had little impact on the markets the first half of 1964, holdings of such issues for these securities, notwithstanding the preincreased at an annual rate of 7.5 per cent dominant position of commercial banks in compared with a rate of more than 12 per these markets in the preceding 2 years. Alcent in the last 4 months of 1963 and 23 though State and local governments issued per cent earlier in the year. about the same volume of new securities Most of the slackening has been at large this year as in the first half of 1963, the city banks, where the earlier growth had amount left to be absorbed by nonbank been most rapid. This suggests that desired purchasers was unusually large. Nevertheportfolio levels had been reached at these less, the redirection in the placement of banks. At banks outside leading cities, where these securities occurred with a smaller net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS 817 impact on their market yields than might Another indicator of the reduction in have been expected. bank liquidity is the declining ratio of bank Bank holdings of U.S. Government se- holdings of short-term Government securicurities, seasonally adjusted, declined by ties to total deposits. Since December this about $2.2 billion in the first half of 1964, ratio has dropped about 1 percentage point. or about as much as in the last half of 1963. In May, it stood at 6.4 per cent, less than Through May a large part of the decline 2 percentage points above the low reached was in Treasury bills and in other issues in mid-1960—near the end of a period of maturing within a year. Banks regularly ac- reduced availability of bank credit. Holdquired appreciable amounts of the new ings of short-term municipal and Federal monthly issues of 1-year bills, but sales and agency securities, however, are a more imrun-offs of bills and other short-term securi- portant supplemental source of liquidity ties exceeded these acquisitions. now than they were earlier. Holdings in the 1-5 year range also de- Some large banks apparently regard issuclined, but holdings in the long maturity ance of negotiable time certificates of derange increased slightly. Banks acquired posit as an alternate source of liquidity, substantial amounts of long-term bonds in which can be relied on to help meet unanticithe January advance refunding operation pated loan demands or other drains. This and in the May refunding, but the effects of presupposes that additional funds can be these acquisitions were offset in part by sales attracted from the money market as needed, and by shifts of securities into the inter- by offering higher rates if necessary. mediate maturity range through the pas- Reliance on this source of funds, howsage of time. ever, entails a variety of risks. An individual Bank liquidity. With loans expanding at an bank may not always have adequate leeaccelerated rate and deposits rising some- way under the regulations governing rates what less rapidly than in 1963, bank ratios on time deposits to offer rates that would of loans to deposits increased further. The attract increased funds. Furthermore, deaverage ratio for all commercial banks rose mand for CD's and other money market more than 2 percentage points to 60.9 per instruments may not always be adequate to cent in June—a new high for recent years. absorb increased offerings at rates acceptable to an individual bank in the light of the This was a larger rise than for the entire amount it can earn on reinvestment of the year 1963. funds. The most rapid advance was at country banks, which have shown the lowest ratios MONEY SUPPLY AND DEPOSIT TURNOVER throughout the postwar period. At banks in New York City, where ratios are highest, The seasonally adjusted money supply exthere has been little net change since 1959, panded at an annual rate of 3 per cent in the when they reached their postwar peaks. first half of 1964, as compared with 4 per Thus, smaller banks as well as large ones cent rate in the last half of 1963. Growth have achieved a more fully loaned position, this year has been somewhat uneven, partly thereby increasing the sensitivity of their in response to changes in U.S. Government lending responses to changes in monetary deposits. In early May in particular the policy. privately held money supply was under con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • JULY 1964 siderable downward pressure as a result of rise in currency outstanding over the past the unusually rapid build-up in these depos- year. its from their low April level. But in June, The slower expansion in the money when U.S. Government deposits again rose supply in early 1964 than in late 1963 remuch more than usual, the money supply flected the changing needs of the public for bank credit and for cash for transactions expanded almost as much as it had in the and liquidity purposes. Investment in invenprevious 5 months. tories, for example, was much smaller in the first half of 1964 than in the last half of 1963. In addition, interest rates were GROWTH ii Hoiey sipply <">& ••«• deposits coitiiies Billions of dollars higher, and this may have induced some holders of cash to seek ways to economize on the size of balances needed for transactions purposes. Finally, after accumulating cash balances in late 1963, individuals may have drawn down their balances in early 1964, in acquiring large amounts of marketable securities. Turnover of demand deposits at banks outside New York City advanced in the second quarter of 1964 after having shown little net change during the fall and winter. Meanwhile, the volume of bank debits had expanded substantially faster in the last half of 1963 than in early 1964, although there NOTE.—Seasonally adjusted. Money supply and time de- was some pick-up in the second quarter of posits, semimonthly averages of daily figures. Money supply consists of demand deposits at all commercial banks (except this year. those due to domestic commercial banks and the U.S. Govt.); foreign demand balances at F.R. Banks; and currency in the hands of the public. Commercial bank and F.R. Bank float TIME AND SAVINGS DEPOSITS excluded. Turnover, monthly, of demand deposits except interbank and U.S. Govt. at 343 centers outside New York. Latest figures, June (preliminary). Total time and savings deposits continued their rapid expansion in the first half of A major feature of the recent growth in 1964, but the rate of gain was somewhat the money supply has been the further large less than in 1963—11 per cent on an anrise in currency in circulation. In the first nual basis compared with about 15 per cent half currency increased almost as much in 1963. Growth was rapid early in the year as demand deposits. Since currency accounts and again toward midyear, but in March for only about one-fifth of the total money and April, the rate was only a little over supply, its relative growth rate per annum half that in the other 4 months. —6 per cent—greatly exceeded that for de- Passbook savings deposits at weekly remand deposits, which was only 2 per cent. porting banks rose much less in the first half The public has increased its holdings of both of 1964 than they had a year earlier. The coin and paper money, particularly large de- $970 million increase this year was only nominations. Increases in $50 and $100 about three-fifths that in the comparable bills have accounted for about a third of the period of 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS 819 This slowdown appears to have reflected erate. Around the quarterly tax and dividend in part a redirection of the flow of consumer payment dates in March and June, maturisavings away from financial intermediaries ties were quite large, and outstanding CD's and into direct acquisitions of marketable declined in those weeks. securities, including common stocks, and to The slowdown in growth of CD's in Febsome extent into accelerated debt repay- ruary and March may have been due in part ment. Savings and loan associations too to difficulties encountered by some banks in have experienced a marked slackening this rolling over maturing certificates at a 4 per year in the growth of savings balances. cent rate. To attract funds through CD's, Both commercial banks and savings and banks have found it necessary to pay a preloan associations also experienced increased mium over the market yield on Treasury competition from mutual savings banks, par- bills with comparable maturities. For the ticularly in New York City where the mu- largest banks this premium generally has tual banks raised their rates effective Janu- been between 15 and 30 basis points, and it ary 1. Although deposits at mutual savings has been larger for other issuers. banks rose nearly 25 per cent more in the In February and March, when market first half of 1964 than the first half of 1963, yields on Treasury bills advanced tempothe dollar increase was much smaller than rarily, some banks appear to have been unthe reduction in savings growth at com- able to maintain the requisite differential, mercial banks and savings and loan associa- and their outstanding CD's declined. In tions. April, after bill rates had receded, outstand- Time deposits other than savings accounts ing CD's at those banks began to increase at weekly reporting banks rose about the again. same amount as in the first half of 1963. A survey at weekly reporting member About two-thirds of the $3 billion or 14 banks indicated that on May 20 the bulk of per cent rise in these deposits was in negotia- the outstanding CD's in denominations of ble time certificates of deposit, which are $100,000 or more at the 244 banks issuing held mainly by business corporations. But such certificates had relatively short maturitime deposits of State and local govern- ties; 72 per cent matured within about 5 ments and of foreign governments, central months. Maturities at banks outside New banks, and other official institutions also York and Chicago were somewhat shorter rose substantially. than at banks in those cities. This pre- Negotiable time certificates of deposit sumably reflected in part the need for the smaller banks to offer shorter maturities in (CD's) outstanding at weekly reporting competing against large banks under the banks expanded by more than $2 billion 4 per cent ceiling rate. during the first half of 1964, or at an annual rate of 44 per cent, and at midyear they BANK RESERVES totaled $11.7 billion. Among money market instruments, these certificates are now sec- Total reserves of member banks, seasonally ond in importance only to Treasury bills. adjusted, rose at an annual rate of 4 per Growth in CD's was quite rapid in Jan- cent through June 1964, slightly faster than uary and again in April and May, but in for the full year 1963. Reserves required February and March it was relatively mod- against private demand and time deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • JULY 1964 increased at a considerably slower rate than some easing in reserve pressures on borrowlast year, but those against U.S. Government ing banks during the period. deposits rose much more than usual. To offset reserve drains from the decline INTEREST RATES in Federal Reserve float and from market Most short- and long-term interest rates factors influencing reserves and at the same showed little change on balance in the first time to accommodate moderate growth in half of 1964 after advancing during most the reserve base, the Federal Reserve inof 1963. At the end of June, yields on U.S. creased its holdings of U.S. Government Government securities were generally a few securities by $1.2 billion. Most of the acbasis points lower than at the turn of the quisitions were Treasury bills, but from year, with the 3-month Treasury bill yield time to time the System added moderate slightly below the discount rate. Yields on amounts to its holdings of issues in the interlong-term corporate issues were a few basis mediate and long maturity ranges. points higher than in late December, and Free reserves averaged close to $100 milyields on State and local government issues lion in the first half of 1964; this was about were about unchanged. Rates on mortgage the same as in the last 5 months of 1963 loans have remained stable for more than a following the July shift to a somewhat less year following a protracted downtrend bestimulative monetary policy. Excess reserves ginning in 1960. continued to decline, after allowance for usual seasonal movements, as they have since the outset of this business upswing. INTEREST RATES cbaige little The decline reflects, in large part, the closer in first half of '64 management of reserve positions at coun- Per cent per ann try banks, which normally hold about 85 per cent of the excess reserves of all member banks. The attractive levels of short-term interest rates have provided increased incentive to banks to make effective use of their excess reserves. Moreover, the expanding size of country banks and the development of regional markets for Federal funds by a number of correspondent banks throughout the country have enabled them to place surplus funds in the Federal funds market on a more widespread basis than earlier. Borrowings at the Reserve Banks also moved generally lower over the first half of 1958 1964 1964. Compared with an average of $335 million in the last 5 months of 1963, bor- NOTE.—Monthly averages of daily figures except for FHA (based on quotation for 1 day each month). Corporate and rowings averaged about $260 million in May State and local govt. bonds, Moody's Investors Service. U.S. Govt. bonds, issues maturing or callable in 10 years or more. and June. This reduction would indicate Treasury bills, market yields on 3-month bills. Latest figures, June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS 821 Early in 1964 most market yields receded The absence of any appreciable net from their peaks reached around the turn of change in interest rates this year appears to the year. Later, when the tax cut became reflect a close balance between the supplies imminent and interest rates in some foreign of and demands for funds in money and countries were rising, yields generally ad- capital markets. New capital financing by vanced. This increase reflected mainly ex- business corporations has been running at a pectations that increased pressures, includ- high level, and that by State and local goving those from an anticipated less stimulative ernments has been close to the high levels of monetary policy, would soon develop in fi- the past 2 years. In mortgage markets too, nancial markets. When it became apparent demands for funds have remained near last that the initial responses of businesses and year's record levels. consumers to the tax cut were moderate, Meanwhile, seasonal net repayments of that an immediate shift to a less stimulative debt by the U.S. Treasury have been somemonetary policy was unlikely, and that the what larger than last year, and total finan- Treasury deficit for this calendar year would cial saving has continued to run high. While be well below earlier projections, expecta- flows to depositary-type institutions have tions changed and interest rates generally been smaller, funds flowing directly into declined. stocks and bonds have been larger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Security Transactions, 1954-63 by STEPHEN H. AXILROD AND JANICE KRUMMACK IN THE LAST 3 YEARS of the decade 1954- serve open market operations, including 63, Federal Reserve open market transac- analysis of their relation to market pertions in U.S. Government securities were formance and to other factors—such as gold distinguished by their large volume and by flows, movements of currency into circulatheir distribution across all maturity classes. tion, and variations in Federal Reserve float Through these operations monetary policy —which affect bank reserves and therefore encouraged expansion of bank credit and the need for Federal Reserve credit. money in order to help sustain domestic eco- The main points that emerge from the nomic growth in a period material presented are: when manpower resources 1. The average annual STAFF PAPERS—In addiand plant capacity were increase in Federal Reserve tion to its regular contents, under-utilized, and at the the Federal Reserve Bulletin credit in 1961-63 was large same time took into account from time to time includes spe- ($2.3 billion) as compared the persistent deficit in the cial papers on economic and with that in 1954-60 ($185 U.S. balance of payments. financial subjects. These pa- million), and practically all pers, prepared originally for In this situation efforts were of it was supplied through the information of the Board made to minimize down- of Governors by individuals on open market operations. ward pressures on short- its staff, are selected for pub- Substantially greater flows term interest rates while lication because of their gen- of currency into circulation, supplying reserves to the eral interest. The authors are and some increase in the banking system. responsible for the analyses outflow of gold to foreign and conclusions set forth. With continuing growth countries, increased the in the economy and mone- need for open market optary policy stimulative, long- and short-term erations to offset the resulting decline in interest rates changed little in 1961-63 as bank reserves. Federal Reserve credit was compared with other recent postwar periods also required to support the large expansion of cyclical expansion. At the end of 1963 of bank credit that was generated in part long-term rates were close to their end-of- by the increased public preference for time 1960 levels. Meanwhile, short-term interest and savings deposits at commercial banks rates—typified by the 3-month Treasury bill in those years, especially after the revision rate—showed a moderate upward move- in the Board's Regulation Q, which became ment. Their day-to-day and week-to-week effective at the beginning of 1962. The need fluctuations also became quite narrow, es- for open market operations to supply repecially during 1962 and 1963. serves was especially marked because the Given the policy stance of this period as Federal Reserve made only minor use of a reference point, this paper sketches the the reserve requirement instrument in supmain features of the associated Federal Re- plying funds for bank credit expansion. 822 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 823 2. The gross volume of Federal Reserve fundamental influences on interest rates open market operations also expanded noted in the text—may have helped to keep sharply in 1961-63, with total transactions market interest rate expectations stable. This (purchases and sales taken together) aver- development, together with changes in the aging $28.2 billion as compared with $14.9 character of Federal Reserve operations, billion in the earlier period. Associated with had a marginal influence on rates. Interest the greater volume, there were changes in rate movements reflected the conjunction of the character of operations, which to some such operations and of the demand and extent may have altered the direct impact of supply forces that resulted from trends in System operations on interest rates. the economy and changing preferences for 3. Both outright transactions and repur- financial assets. chase agreements (RP's) increased. Outright transactions rose much more than RP's SUPPLY AND USE OF FEDERAL RESERVE on the average, but the use of RP's became CREDIT quite large by 1963 and to an extent may have reduced day-to-day fluctuations of the The Federal Reserve supplied substantially bill rate in that period. Transactions with more credit (net) to the economy in each of foreign accounts—especially purchases— the past 3 years than in any of the previous were a somewhat larger share of total out- 7 years, except for the recession-recovery right transactions. Purchases from these ac- year of 1958. As may be seen from Table 1, counts tended to shield the market from the supply of Federal Reserve credit reflecthe direct downward pressures on rates that tive of monetary policy operations (that is, are associated with System buying in the changes in security holdings and in dismarket. And with regard to transactions in counts and advances) rose by $1.9 billion in issues maturing in more than a year, they 1961, $1.6 billion in 1962, and $3.3 billion were principally purchases and were most in 1963, as compared with an average animportant in 1961; after that they dimin- nual increase of about $185 million in the ished in importance. When made, however, 1954-60 period. Open market operations these purchases kept some downward pres- have supplied practically all of Federal sure off bill rates and put some downward Reserve credit in recent years; the amounts pressure on long-term rates. that member banks acquired by borrowing 4. Greater weekly fluctuations in volatile have been quite small. In some other years, reserve factors such as Federal Reserve float such as 1955, all of the net increase in Fedand currency in circulation, together with a eral Reserve credit had been through memlarger net increase in required reserves over ber bank borrowings, as open market operathe period, accompanied the rise in open tions absorbed reserves. market transactions. At the same time, after Some of the larger amounts of Federal taking into account such transactions, week- Reserve credit supplied during 1961-63 to-week fluctuations in free reserves de- reflected on the one hand the stimulative clined, especially in 1962 and 1963, as monetary policy of the period, and on the compared with earlier years. other the greatly enlarged public preference 5. These smaller fluctuations in free re- for time deposits. The large inflow of time serves—in view of the comparative stability deposits to banks required a large expansion of the economy during the period and other in the reserve base even though the reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN • JULY 1964 requirement percentage against such depos- In 1960 a somewhat similar situation its is small. But there are other explanations, developed. In that year member banks were too, for the growth in Federal Reserve credit. given permission to count vault cash as One relates to the limited use of the reserve reserves. By this action the Federal Reserve requirement instrument as compared with made possible an increase in reserve availopen market operations in carrying out pol- ability, while utilizing funds already outicy. Changes in reserve requirements were standing. Therefore, total Federal Reserve used more often in the years before 1961 credit could decline over the year even than they have been since. During 1954, though bank credit rose. for instance, reserves were provided mainly In the 1961-63 period, the Federal Reby reductions in reserve requirements. These serve used the reserve requirement instrureductions were large enough to permit a ment only once. Hence a large expansion in very sizable growth in bank credit even Federal Reserve credit was necessary to though Federal Reserve credit and total foster growth in commercial bank credit. member bank reserves declined. The one use occurred in the fall of 1962 TABLE 1 FACTORS AFFECTING SUPPLY OF FEDERAL RESERVE CREDIT (Annual changes, in millions of dollars) Factors •accounting for increase Increase in: Decrease in: Increase in F. R. Year credit Treasury de- (excl. float) Total Currency posits at member in Reserve Float Gold stock bank reserves circulation * Banks and "other" 2 1954 -764 -641 -219 -249 76 317 1955 139 -39 516 40 -397 22 1956 59 295 510 -251 -244 -253 1957 -780 -115 157 -185 190 -827 1958 2,173 -521 439 101 -53 2,206 1959 3 1,093 33 404 -191 70 1,081 I960 3 -614 351 244 -205 -239 1,528 1961 1,901 835 671 -374 -256 1,025 1962 1,624 -78 1,078 50 —377 951 1963 3,256 706 1,987 282 -136 416 i Through 1960 represents currency in circulation outside the 3 In 1959 and 1960 the increase in Federal Reserve credit is Treasury and Federal Reserve. Thereafter, when all member smaller than the factors accounting for the increase since the perbank vault cash could be counted as reserves, represents currency mission given to count increasing portions of vault cash and in circulation outside the Treasury, Federal Reserve, and member reserves during those years added to member bank reserves withbanks. out at the same time adding to Federal Reserve credit. The i "Other" includes changes in Treasury currency outstanding, increase in vault cash counted as reserves in 1959 was $304 mil- Treasury holdings of cash, foreign and other deposits at the Fed- lion and in 1960 was $2,291 million. eral Reserve, and other Federal Reserve accounts. In the case of Treasury currency outstanding, a decrease accounts for an NOTE.—Changes are based on averages of daily figures for increase in Federal Reserve credit. December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 825 when $780 million of reserves were released Reserve credit over the past 3 years. The through a reduction of one percentage point annual average of gross transactions, inin the requirement against time deposits cluding outright transactions and RP's, rose from 5 per cent to 4 per cent. Even in 1962, from $14.9 billion in 1954-60 to $28.2 though, there was a large expansion of Fed- billion in 1961-63, as Table 2 shows. Most eral Reserve credit. This was because a of the increase was in outright transactions, substantial amount of credit was needed to which nearly tripled their 1954-60 average offset the impact on bank reserves of out- of $5.6 billion. The average volume of RP's flows of gold to foreign countries and of rose less than 50 per cent over the same the increase in currency in circulation. period, but they were especially large ($18.1 In comparison with the 1954-60 period, billion) in 1963. the movements of gold and currency in The rise in outright transactions included 1961-63 added substantially to the need for substantial increases in both System purexpansionary open market operations, as chases and System sales of Government segold outflows and increases in currency in circulation were not permitted to contract member bank credit and deposits. The amount of bank reserve absorption from TABLE 2 changes in the gold stock and in circulating SYSTEM TRANSACTIONS IN U.S. GOVERNcurrency taken together was in fact a fea- MENT SECURITIES ture of the years beginning with 1958. Cur- (In billions of dollars) rency and gold absorbed only slightly more Repur- Year Out- chase Redern bank reserves in the 1961-63 period than or period Total right agree- tions in the 1958-60 period. In the earlier period ments gold outflows were the major factor, but in 1954 9.6 4.3 5,4 2.0 1955....... 11*5 3.6 7.9 1.3 the more recent period increases of currency 1956....... 14*3 5.1 9.2 .9 in circulation came to be the major factor. 1957 18*3 4,7 13.5 1.0 1958 17J 9.4 7.7 1,6 The intensive use of open market opera- 1959.< 12.4 4,4 7.9 .9 I960 21,4 7.5 13*8 1.4 tions added slightly more downward pressure on short-term interest rates than if 1961 24,6 15.2 9.5 1962 28.6 16,6 12.0 1.4 more frequent use had been made of reduc- 1963,,,*... 31.4 13.3 18.1 1.2 tions in reserve requirement percentages. But Annual in view of the balance of payments problem, average: the Federal Reserve made efforts to modify 1954-60.... 14.9 5.6 9.4 1.3 such pressures by extending its operations 1961-63.,,. 2B,2 15.0 13.2 into longer-term securities. i Includes $295 million of maturing coupon issues. KomData on a delivery basis, Details may not a$d totals because of rounding, GROSS TRANSACTIONS IN U.S. GOVERNMENT SECURITIES A sharp increase in gross Federal Reserve curities, as Appendix Table 1 shows. Meansecurity transactions—open market pur- while, redemptions of maturing issues by the chases and sales taken together—accom- System were little changed from one period panied the rise in the net supply of Federal to the other. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN • JULY 1964 Gross transactions are always much has the largest capacity to absorb continuous larger than net transactions, depending as operations with minimum risk of unwarthey do on the amounts of short-run, up and ranted changes in expectations as to interest down movements in currency in circulation, rates and of System domination of the marfloat, and other reserve factors. A later sec- ket.1 Gross outright transactions in Treasury tion of the paper will evaluate the extent bills and in coupon issues maturing within 1 to which the rise in gross transactions was year together have far outweighed those in in fact a reflection of greater short-term long-term securities, as shown in Table 3. fluctuations in these reserve factors. Although their share of the total declined But the rise in gross transactions was also toward the end of the period, longer-term to some degree a result of the changes in issues represented an enlarged proportion the underlying credit conditions and in the of all System purchases in 1961-63. At the longer-term trends of the reserve factors dis- same time, however, such issues accounted cussed in the previous section. This was re- for only a small portion of all sales by the flected most strongly in System buying, and System. net purchases (net of sales and redemptions) rose from 7 per cent of total purchases in 1954-60 to 25 per cent in the last 3 years. Maturity distribution of outright transactions. TABLE 3 The sharp rise in gross transactions of the MATURITY DISTRIBUTION OF SYSTEM System in 1961 coincides—in part by PURCHASES AND SALES chance—with the formal abandonment of (Per cent) the "bills preferably" policy in February Transaction by of that year. In the ensuing period through maturity 1954-60 1961 1962 1963 1963, System purchases of issues maturing in more than 1 year totaled $6.1 billion, Total purchases 100.0 100.0 100.0 100.0 substantially dwarfing the $255 million in Treasury bills 93.0 63.6 69.3 82.9 sales of issues with these maturities, as Coupon issues maturing— shown in Appendix Table 2. The net addi- Within 1 year... 6.3 6.6 11.0 .6 tion to bank reserves over this period was In 1-5 years.... .5 21.1 16.0 9.6 Over 5 years .2 8.7 3.7 6.9 accomplished mostly in the long-term mar- Total sales 100.0 100.0 100.0 100.0 ket. During only two periods of the preceding Treasury bills 97.3 74.1 92.4 97.7 Coupon issues 7 years—in the summer of 1958 and the maturing— Within 1 year... 2.6 24.3 6.0 1.2 final months of 1960—had the System ven- In 1-5 years .1 1.6 1.6 1.1 tured into securities outside the short-term Over 5 years area, i.e., maturing in more than a year. Purchases of the longer-term issues during these periods were $178 million, and sales $14 million. 1 The absorptive capacity of the market can be indicated by available data on transactions. In 1962 and However, the System has continued in 1963, average annual transactions in Government the past 3 years to carry out the bulk of its securities (excluding transactions among dealers) as reported by dealers amounted to $241 billion in the open market operations within the shortwithin 1-year maturity range, $33 billion in the 1-5 term market, because that end of the market year range, and $26 billion in the over-5-year group. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 827 The continued larger share of Treasury System transactions with foreign accounts bills and short-term coupon issues in System may have less effect on market rates of insales as compared with purchases during terest than transactions with dealers. System 1961-63, and the correspondingly larger operations with foreign accounts generally share of longer-term issues in purchases, take place on occasions when foreign orders was consistent with System efforts to—at to buy or sell coincide with System needs a minimum—keep downward pressures off short-term rates. But the need for such operations varied with the degree of pressure TABLE 4 on short-term rates stemming from market TRANSACTIONS WITH DEALERS AND forces. FOREIGN ACCOUNTS The market itself kept short-term interest (Percentage distribution) rates somewhat higher during 1962 and Type of transaction 1 954-60 1961-63 1963. In 1962, in the aftermath of the increase in rates paid on time and savings de- Total transactions 100.0 100,0 With dealers 76.1 " 73.3 posits, investment preferences of banks With foreign accounts... 23.9 26.7 moved away from the short end of the mar- Total purchases 100.0 100*0 ket toward the long end, and this served to From dealers.". 85.2 79,0 From foreign accounts.. 14*8 21.0 put upward pressure on short-term rates and Total sales 100.0 100.0 downward pressure on long-term rates. In To dealers 59,9 64.5 1963, the increase in the Federal Reserve To foreign accounts,,.. 40.1 / 35,7 discount rate and an associated reduction in reserve availability helped to raise shortterm rates to still higher levels. to absorb or provide reserves. Transactions Transactions with dealers and foreign acdirectly with foreign accounts involve less counts. System transactions with dealers and chance of expectational rate movements than with foreign accounts have shared in the if the System asked for bids in the market to rise in gross transactions, though the mix has execute (say) sale orders of foreign accounts changed somewhat. On an annual average and at the same time bought in the market basis, transactions with dealers increased for its own account to supply reserves. If from $4.2 billion in 1954-60 to $11.0 billion the market sees both types of transactions, in 1961-63. Transactions with foreign acthere is no certainty that the rate effects will counts rose from $1.3 billion to $4.0 billion; cancel out, because of the likelihood that these transactions are mainly in bills, but undue weight will be given to the System's they include some coupon issues. own transactions. Although System transactions with for- Because operations with foreign accounts eign accounts were still not large in absoare undertaken generally when there is a lute amounts, they did rise somewhat as a need to absorb or supply reserves, there percentage of total transactions, as shown may be little reason to attach great signifiin Table 4. This rise was made possible cance to the fact that the rise from the 1954by the considerable enlargement in foreign 60 period to 1961-63 in transactions with holdings of U.S. Government securities as foreign accounts as compared with all transthe balance of payments position of foreign actions was accompanied by a relative incountries improved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN • JULY 1964 crease in purchases from foreign accounts over, this generates upward pressures on inand a relative decrease in sales, as shown terest rates. in Table 4. Nevertheless, the rise in pur- If, on the other hand, the System were to chases from foreign accounts relative to use RP's rather than outright purchases and purchases from dealers shielded the market sales, this would minimize some of the direct from some downward pressures on interest downward pressure on interest rates (and rates. subsequent associated upward pressure) be- Repurchase agreements. The most notable cause dealers would know that their securifact about RP's is the sharp rise in their ties would soon be available to satisfy cusvolume from 1961 to 1963, as shown in tomer demand, even though the securities Table 2. By 1963 the volume was greatly were temporarily tied up as collateral for above the average for the preceding 9 years RP's.3 Thus, there would be less fluctuation and was also considerably in excess of the in interest rates if RP's were used more. earlier high in 1960. The primary purpose Moreover, the availability of favorable of RP's is to provide bank reserves on a financing to dealers through RP's—especitemporary basis, and their use depends in ally at times when dealers were hard pressed large part, therefore, on the extent and dura- to find money—may have prompted them to tion of the reserve need. hold more inventories than they otherwise The effect of the use of RP's on market would have at existing market rates.4 This interest rates depends on what is assumed to too may have increased the market's capacity happen in the absence of such agreements. to ride out temporary changes in customer The reserves supplied by RP's would other- demand and supply with only minimum wise be supplied by System purchases of changes in interest rates. bills and would soon be absorbed by bill sales (in order to have a reserve effect simi- WEEK-TO-WEEK FLUCTUATIONS IN lar to RP's). RESERVE FACTORS If it is supposed that dealers were content with their bill positions in view of the exist- In evaluating System open market transacing bill rates, of their short-run expectations, tions in 1961-63 and the need for them, and of customer demand, outright purchases given the assumption that it is desirable not of bills by the System in preference to RP's to have large and frequent short-run inwould put direct downward pressure on stabilities in the money market, it is necesshort-term interest rates while temporarily sary to gauge such transactions against the reducing inventories of bills below the increased week-to-week variations in reserve desired levels.2 When this occurs, dealers factors. While these week-to-week variations cannot be certain that the System will sell reflect to some extent the trend that develops soon after it buys; hence they will feel the over a year in reserve factors, they reflect need to bid for new inventory. When the mainly temporary and seasonal movements. System does have to turn around and sell Especially important in this respect are bills when the temporary reserve need is 3 Dealers may, and often do, repurchase such securities before the maturity of the agreements. 3 Such downward pressures are, of course, in addi- 4 Dealer positions in bills averaged around $2.5 tion to those associated with bank utilization of the billion in 1962 and 1963 as compared with $1.9 newly created reserve funds. billion in 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

829 F.R. SECURITY TRANSACTIONS, 1954-63 Federal Reserve float, currency in circula- a new higher range in the 1961-63 period tion, and Treasury deposits at the Federal seems to lie in the increase in check writing. Reserve, all of which are highly volatile The annual rate of increase in debits to defrom week to week.5 Gold is significant in mand deposits at all reporting centers rose the longer run, but it does not show sizable to about 10 per cent in this period from a week-to-week fluctuations. 7 per cent average in 1954-60. The increase in the annual gross fluctua- Currency in circulation. Like float, but in tion of these volatile factors does indeed ac- an even more exaggerated form, gross shortcount for practically all of the absolute rise term fluctuations in currency in circulation in System transactions. Measures of these affecting bank reserves have been more profluctuations, shown in Table 5, are derived nounced in recent years. In 1961-63 such by summing the week-to-week increases and fluctuations jumped to an average of $10.0 decreases in these factors for a year.6 The billion, as compared with an average of $5.6 accompanying chart shows the week-toweek changes in these factors for the first LARGE weekly Ilittidtiois in reserve foctors; and last year of the period 1954-63. VOLATILITY of float and cwretcy increases Float. The gross fluctuation in float has Millions of dollars risen from an annual average of $9.5 billion in the 1954-60 period to an average $12.8 billion in 1961-63, with the net change over a year remaining close to zero, of course. The rise in these fluctuations was not a gradual one, however. They reached a peak first in 1956, then declined, and did not surpass that peak until 1961. During the past 3 years fluctuations in float were at a sustained high level. The principal explanation for the fact that the gross fluctuation in float reached 5 Variations in these factors are measured on a weekly-average basis. The intra-weekly movements of the reserve factors should not affect gross transactions of the System significantly because short-run operating reserve targets—for instance, free reserves—are expressed as averages of daily figures for the week. However, to the extent that the intra-weekly pattern of factors affecting reserves is not correctly anticipated, it is necessary for the System to make both purchases and sales during a week. In that event total System transactions are affected. Intra-weekly movements of money market indicators—such as the Treasury bill rate, the Federal funds rate, and the volume of Federal funds transactions—may also affect the volume of transactions if the System Account Management is attempting to maintain a more or less steady "tone" in the money market. 'The annual figure is not exact since the data are derived from statement-week changes, which do not 1954 1963 coincide exactly with the first and last day of the calendar year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN • JULY 1964 billion in 1954-60 (and a range that was The enlarged week-to-week fluctuation of only $5.0 billion to $6.5 billion over the currency in circulation during 1961-63 7-year period). seems to have been traceable to at least two factors. One was the increase in public pref- The definition of currency in circulation erence for currency, mentioned earlier. The that is relevant to analysis of the need for average annual net increase of currency in Federal Reserve credit has changed over the circulation in the recent period was equal to decade. In three stages, between November about 12 per cent of the gross fluctuation 1959 and November 1960, member banks in currency that occurred during a year, as were permitted to count all their vault cash compared with 5 per cent in the earlier years. in meeting reserve requirements. As a result, In other words, the short-term fluctuation with vault cash part of bank reserves, curwas enlarged because it occurred under conrency in circulation for the 1961-63 period refers to holdings of currency outside mem- 7 A precise measure of currency in circulation affecting reserves would exclude changing amounts of vault ber banks, the Federal Reserve, and the cash in the transition period 1959-60. Such calcula- Treasury; for earlier years currency in circu- tions present difficult statistical problems, however, and they were not attempted for the purposes of this lation included currency held by member paper. Such a measure would not change any of the banks since it could not be counted as analysis, especially since the bulk of vault cash could reserves.7 not be counted as reserves until toward the end of 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 831 ditions of changing long-term preferences this procedure, short-term fluctuations in the for cash in hand. Treasury's balance at the Federal Reserve To the extent that the greater preference fell from $6.8 billion in 1954 to $3.6 billion for currency reflected a greater need for in 1956. currency for transactions purposes, it would Use of calls on Class C banks has made also have tended to enlarge the seasonal it possible for the Treasury to keep a better swings; not only would outflows of currency day-to-day control over its balance. This into circulation have become larger but so control is by no means perfect, however, too would inflows from circulation. In any because it is difficult to predict on a daily event, both outflows and inflows increased. basis how receipts and payments will affect The provision for using vault cash as the balance. reserves was a second and major influence By 1963 the target level of the Treasury on the extent to which currency fluctuations balance with Reserve Banks had been raised came to affect reserves. In earlier years, from $500 million to $900 million. Though when vault cash could not be counted as a higher target balance does not necessarily reserves, the amount of cash that banks did result in greater short-term fluctuations, the hold provided a cushion that enabled them higher balance does afford more leeway and to satisfy currency needs of their customers thus makes it possible to put less emphasis before—and in the very short run perhaps on minimizing deviations from the target. without—making large calls on their reserve Fluctuations in Treasury deposits were in balances. Now, however, vault cash is not fact larger in 1963 than in any of the preonly a means for supplying customers' cash vious 5 years. needs but also a part of a bank's primary Nevertheless, for 1961-63 as a whole the reserves. One result of this dual function is average annual fluctuations on a week-tothat outflows of currency into circulation week basis fell to $3.2 billion from $4.2 have an immediate impact on banks' total billion in 1954-60. Thus the need for larger reserves, whereas formerly these outflows gross security transactions by the System as would have affected measures of bank a result of the greater short-term fluctuations liquidity immediately but would not have in float and currency was to a minor degree affected the reserve base until banks felt it canceled by the greater short-term stability necessary to call on reserve balances. in the Treasury's balance. Treasury deposits at the Federal Reserve. The factors taken together. It is possible There was little change in the gross fluctua- that the week-to-week movements of the tion of Treasury deposits at the Federal three factors could work out to be largely Reserve after 1955. In July of that year the offsetting in their effect on reserve balances. Treasury established a new procedure for This has not been the case, however. As the making calls on its tax and loan accounts at third column of Table 6 shows, the reserve banks. In so doing it set up a separate classi- effect of gross fluctuations in float, currency, fication of Class "C" depositaries, which and Treasury deposits taken together averare banks with total deposits of $500 million aged $16.3 billion in 1961-63. This was or more. Deposits with Class C banks can about 50 per cent more than the $10.6 bilbe adjusted on any particular day so as to lion average in 1954-60. keep Treasury balances with the Federal It would appear from the foregoing that Reserve at a desired level. As a result of the need for more intensive Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN • JULY 1964 operations in the 1961-63 period reflected next few years will bring a continuation of in part structural changes that affect some the accelerated rise in check writing evident of the reserve factors. For example, the per- in 1961-63, a return to the more moderate mission to count vault cash as reserves in- rise of earlier years, or a reduction in check creased the week-to-week fluctuations of collection lags as a result of increased autocurrency in circulation as they affect re- mation and more efficient transport. serves. The other changes are not so obviously SYSTEM TRANSACTIONS, RESERVE FACTORS, AND FREE RESERVES long lasting. It is possible that the enlarged public preference for currency may abate. The relation over a year between the volume However, the reasons for the greater pref- of System transactions and the volume of erence are not as yet clear—certainly not reserve factors is quite complex, depending so clear as in the Korean war period of 1951 - as it does on how reserve targets coincide 52—and therefore expectations of a return with movements in reserve factors week by to a net currency outflow more like that in week. At one extreme, if reserve targets were 1954-60 cannot be strongly based. And with constant, one would expect that increased respect to float, it is not clear whether the fluctuations in reserve factors would be ac- TABLE 6 GROSS RESERVE FLUCTUATIONS AND SYSTEM TRANSACTIONS In billions of dollars) Reserve effect of float, currency in circulation, Gross transactions Year and Treasury deposits Free reserves (weekly-average basis) ' or period Increases Decreases> Total Increases Decreases Total Increases Decreases Total 1954 5.5 5.2 10.7 4.6 4.8 9.4 2.7 3.9 6.6 1955 . ... 5.5 5.4 10.9 3.5 3.9 7.4 2.9 3.2 6.1 1956 5.3 5.9 11.3 3.5 3.6 7.0 3.1 2.9 5.9 1957 6.2 6.4 12.7 3.9 3.8 7.7 3.5 4.2 7.7 1958 4.1 4.6 8.6 1.9 2.1 4.0 5.3 3.2 8.5 1959 4.8 5.1 9.8 2.0 2.3 4.3 3.1 2 7 5.7 I960 5.2 5.1 10.3 3.5 2.4 5.8 4.7 4.5 9.2 1961 7.7 7.8 15.5 2.5 2.8 5.3 6.6 4.7 11.3 1962 8.0 8.9 16.8 1.8 1.8 3.6 7.4 5.7 13.0 1963 7.1 9.4 16.4 1.4 1.5 2.9 9.0 5.9 14.9 Annual average: 1954-60 5.2 5.4 10.6 3.3 3.3 6.5 3.6 3.5 7.1 1961-63 7.6 8.7 16.3 1-9 2.0 3.9 7.6 5.4 13.1 »Includes both outright transactions (including redemp- NOTE.—Annual figures represent sum of week-to-week intions) and repurchase agreements. creases and week-to-week decreases; derived from averages of daily figures for each statement week. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 833 companied by the same absolute increase lion and $2.9 billion, respectively. System in open market operations.8 But inasmuch operations thus offset more of the short-run as reserve targets change continuously, the changes in reserve factors, including required change in the volume of operations will for reserves, than in earlier years. this reason alone be at variance with the While the greater volume of System transchange in the volume of reserve factors. In actions, shown on a weekly-average basis practice, the correspondence between the in Table 6, was in some part related to the volume of operations and changes in reserve reduced fluctuation in the weekly average factors is at best loose. of free reserves, it also reflected an increase According to the figures shown in the last in offsetting intra-weekly transactions. The column of Table 6, weekly average Federal enlargement of such operations is indicated Reserve gross transactions rose by $6 billion by the growth from 1954-60 to 1961-63 in between the two periods 1954-60 and 1961- the size of the difference between total trans- 63.!l In absolute terms, the increased volume actions shown in Table 2 (with redemptions of operations was about in line with the in- added) and the volume of System transaccreased need as indicated by the three vola- tions on a weekly-average basis from Table tile reserve factors. However, more elements 6 (where purchases and sales during a week than these have to be considered, especially are offset against each other).10 if free reserves of member banks (excess The greater intra-weekly activity was rereserves less borrowings from Federal Related in part to efforts to keep money market serve Banks) are taken as reflecting the conditions, and especially at times the Treasshort-run impact of open market operations. ury bill rate, relatively stable, as indicated Short-term movements in required reserves by the Federal Open Market Committee are an additional factor to be considered in directives of that period. In carrying out evaluating the need for open market opera- this policy, there were some swap operations tions in terms of free reserves. With required between short- and long-term securities. reserves included, the gross fluctuation of the There were also some offsetting operations four principal factors taken together that in short-term securities themselves, although affect free reserves in the short run rose by this was in part because the changes in re- $4.7 billion from $9.3 billion (annual averserve factors during a week sometimes difage) in 1954-60 to $14.0 billion in 1961-63. fered from the projected changes and there- After taking into account Federal Reserve fore required a reversal of operations toward open market transactions, however, free rethe end of the week. serves in the latter period actually fluctuated less than earlier. This was especially true in 1962 and 1963, when the week-to-week 10 The volume of transactions can also be gauged against the number of days the System was in the fluctuations in free reserves fell to $3.6 bil- market during a year. In the 3 years 1958-60, the System made outright transactions in the market on 8 Assuming no use of other policy instruments. 88, 45, and 81 days, respectively, which represented 0 Gross transactions in this table differ from total 35 per cent, 18 per cent, and 32 per cent of trading transactions in Table 2 in three respects. First, they days. In the years 1961-63, the System was in the are based on the week-to-week change in the weekly market 115, 120, and 87 days, respectively—or 46 average of System holdings; therefore purchases and per cent, 48 per cent, and 35 per cent of all trading sales that occur during a statement week are netted. days. Thus, the market saw System trading activity Secondly, they include redemptions in the total. And on more days in 1961-63 than in 1958-60. In the first thirdly, they are on a statement-week basis, which 6 months of 1964 the System was in the market 31 does not necessarily coincide with the calendar year. per cent of all trading days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN • JULY 1964 CONCLUDING COMMENT fluences on interest rates. Some other important factors in 1961-63 were the impact The preceding sections of the paper have on the structure of the money market of shown how tendencies in the factors affectchanges in Regulation Q at the beginning of ing reserves in the past 3 years led, in view 1962 and in mid-1963, which raised the of the problems faced by monetary policy ceiling rates of interest that banks were perand the posture of policy, to an increase in mitted to pay on savings and time deposits. System open market operations and to a These changes led to the evolution of a large change in the character of operations. Some and active market for negotiable time certifioperations have been undertaken outside the cates of deposit—an instrument closely short-term area; transactions with foreign competitive with Treasury bills—and to enaccounts have increased; and the use of RP's has also risen, especially in the latter part of largement of the short-term credit market. the period. At the same tune fluctuations in They also led to large-scale investments by free reserves have dampened. In the money banks in long-term markets, such as those market during this period short-term interest for U.S. Government and State and local rates have shown less and less variation. As government securities and for mortgages. the accompanying chart shows, the week-to- The growth of negotiable time certificates week fluctuation in the Treasury bill rate of deposit may have taken some of the daily became quite small in 1962 and 1963. pressure off bill rates because these certifi- The volume and character of System open cates provided investors, mainly businesses, market operations are only one of many in- with another instrument through which they FREE RESERVES AND INTEREST RATES show less week-to-week fluctuation in last 2 years Billions of dollars Por cenl Per annum TREASURY BILLS 3-MO. MARKET YIELD NET BORROWED RESERVES J I L '55 '56 '59 '60 '61 '62 '63 NOTE.—Figures for bill rate and reserves are weekly averages of daily figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 835 could make adjustments in their liquidity of interest rates tended to produce expectapositions. In addition, the further develop- tions that the stability would continue, and ment of an active market in Federal funds this in itself served to dampen short-run rate (which are excess reserve balances made fluctuations. available mainly by one bank to another) It was not the purpose of this paper to tended to reduce the extent to which banks examine all of these influences on interest needed to make reserve adjustments in the rates in the 1961-63 period, nor to assess Treasury bill market, or through borrowing their relative importance. But the ones noted at the Federal Reserve. here are fundamental, and they provide es- Treasury operations were a fundamental sential background against which the market influence on the course of short-term inter- impact of the volume and character of Sysest rates. Concern about the U.S. balance of tem open market operations should be payments deficit and about the danger of judged. short-term capital outflows from this country Against this background, the juxtaposiled the Treasury to obtain much of its new tion of Federal Reserve operations and cash by issuing bills. In this way, upward reserve factors that led to dampened fluctuapressure was kept on Treasury bill rates on tions in free reserves, especially in 1962 and the average, and some of the seasonal pres- 1963, may have taken some of the edge off sures on rates that had appeared in earlier of temporary pressures on interest rates and years were ironed out. helped to sustain expectations that market Federal Reserve policy, too, was adapted rates of interest would tend to be stable. to the balance of payments problem as well Free reserves are taken by the market as a as to the need for expansion in the domestic significant indicator not only of Federal economy. The over-all stance of policy Reserve policy but also of short-term market changed little during 1961-63—as indicated conditions. Limited fluctuations in free reby only one change in the discount rate serves over a number of weeks would there- (that in mid-1963) and by a continued large fore tend to keep active participants in the volume of reserve funds available to member market from expecting significant immediate banks, which made it possible for the banks changes in short-term interest rates. The to finance credit expansion with relatively character of System operations during the little recourse to the Federal Reserve dispast 3 years was also a marginal factor in count window. the day-to-day market. In general, the With basic economic forces leading to emerging pattern of rates has to be viewed stable economic growth during the period as the product of System operations and of and with monetary policy continuing to be the basic demand/supply forces deriving stimulative, interest rates showed comfrom the credit demands of the economy paratively small changes, as compared with and the asset preferences of institutional other postwar periods of economic expanand other investors. sion. As time went on, the relative stability Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN • JULY 1964 APPENDIX TABLE 1 OUTRIGHT PURCHASES AND SALES OF THE SYSTEM OPEN MARKET ACCOUNT (In billions of dollars) With dealers j With foreign accounts Total Year or period 1 Purchases Sales Total Purchases Sales Total Purchases Sales Total 1 1954 2.8 1.1 3.9 .1 .3 .4 2.9 1.4 4.3 1955 2.1 1.0 3.1 .1 .4 .5 2.2 1.4 3.6 1956 2.8 1.3 4.2 .3 .7 1.0 3.1 2.0 5.1 1957 2.0 1.4 3.4 .4 .9 1.3 2.4 2.3 4.7 1958 5.9 1.6 7.4 .9 1.0 1.9 6.8 2.6 9.4 1959 2.2 .4 2.7 .6 1.1 1.8 2.9 1.6 4.4 1960 3.5 1.6 5.1 1.2 1.2 2.5 4.7 2.9 7.5 1961 6.9 3.5 10.4 2.2 2.6 4.8 9.1 6.1 15.2 1962 8.3 4.3 12.6 1.6 2.4 3.9 9.8 6.7 16.5 1963 6.7 3.3 10.0 2.1 1.2 3.3 8.8 4.5 13.3 Annual average: 1954-60 3.0 1.2 4.2 .5 .8 1.3 3.6 2.0 5.6 1961-63 7.3 3.7 11.0 2.0 2.1 4.0 9.2 5.8 15.0 NOTE.—Data on a commitment basis. Sales exclude redemptions. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F.R. SECURITY TRANSACTIONS, 1954-63 837 APPENDIX TABLE 2 MATURITY DISTRIBUTION OF TOTAL OUTRIGHT TRANSACTIONS OF THE SYSTEM (In millions of dollars) Coupon issues maturing— Treasury bills Year Within 1 year In 1-5years After 5 years Purchases Sales Redemptions Purchases Sales Purchases Sales Purchases Sales 1954 2,903 1,354 1,978 1955 . 2,009 1,416 1,257 167 1956 3,125 2,018 888 1957 2,407 2,161 984 153 1958 5,489 2,633 1,590 1,200 10 55 1959 ^,866 1 574 937 1960 4,370 2,631 1,445 202 218 in 14 1961 5,794 4,486 1,015 600 11,474 1,923 97 788 1962 6,813 6,211 1,353 1 085 402 1 569 108 362 1963 7,291 4,360 1,232 56 54 844 50 609 .... i Excludes $295 million of maturing issues. NOTE.—Data on a delivery basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement Concerning the Coin Shortage We are experiencing a critical coin short- achieved only limited success. We have preage that can be overcome only by a rapid viously recommended that the Treasury be and substantial increase in production. Nor- authorized to discontinue changing the mintmally, coins flow into circulation and back age date on coins each year, and we now into the Federal Reserve Banks in much the support the Secretary's proposal for legislasame manner as currency does. But in recent tion to this effect. Keeping the 1964 date, years demand for coin has grown in unprec- particularly on Kennedy half dollars, should edented fashion. As commercial banks have lessen the extent to which coins are withfound themselves with less and less excess drawn from circulation by collectors and coin, the return flow to the Reserve Banks speculators. has dwindled. Deliveries of new coin from So far as distribution is concerned, the the mint have risen, but this added supply Federal Reserve Banks are endeavoring to has been more than offset by the drying up use all practical means to assure that the of return flows of coin from circulation. Today, as shown in the accompanying chart, the return flow has shrunk to the point where FEDERAL RESERVE BANK COIN RECEIPTS, PAYMENTS, AND INVENTORY it is now less than the amount of new coin received from the mint; in more normal times, the return flow was nine times as great as receipts from the mint. In consequence, inventories have fallen to the point where the Reserve Banks have been unable to deliver coins on request, but instead have been forced to ration coins in order to distribute the limited supply on a fair basis. As the shortage has become more critical, we have considered various methods of dealing with it. To meet the heavy seasonal demand for coins in late 1963, we tried to induce larger return flows of coin by accepting deposits of wrapped coin from banks and by paying transportation charges on shipments from nonmember banks, but we NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Legal and Monetary Affairs Subcommittee of the Committee on Government Operations of the House of Representatives, July 1, NOTE.—Exclusive of silver dollars. Inventory figures are for the end of the month, except for Jan. 1, 1963. All others rep- 1964. resent totals for the month. 838 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT CONCERNING THE COIN SHORTAGE 839 supply of coins available to them is distrib- lars) contemplated by H.R. 10532. The uted fairly and efficiently among the com- need for increased production is heightened mercial banks. But, in our considered judg- by the fact that demand for coins can be ment, the only real solution to the present expected to rise seasonally later this year. coin shortage problem lies in a substantial Needs of this kind are extremely difficult increase in the production of coin. to predict with accuracy, and these estimates We are gratified that the Senate has comcould be substantially above or below the pleted action on H. R. 10532, the Treasurymark. But we in the Federal Reserve System Post Office appropriations bill, which would are convinced that the only safe course at provide the funds needed for construction this point is to flood the market with coins of the new mint in Philadelphia, as well as in order to remove the incentive to hold on for full-time operations at the existing mints, to excess coin, and that normal consideraand we hope that agreement will soon be tions of cost and efficiency in production are reached between the two Houses so that the of secondary importance at this time. We bill may be speedily signed into law. have urged the Secretary of the Treasury to But we cannot wait for the new mint to take steps to increase production, and we solve our problem. Production must be inwelcome the recent announcement of procreased substantially this year and next, and posals to accomplish substantial increases the new mint will not be in operation soon in the fiscal year 1965. Increases are sorely enough for that. Estimates by the Federal needed, particularly before the seasonal in- Reserve Banks of their coin requirements for crease in demand that may be expected this fiscal year 1965 (as were shown in an acfall, and we urge the Congress to provide companying table) indicate a need for 6.8 billion pieces, considerably more than the whatever funds and authority may be re- 4,970 million pieces (excluding silver dol- quired for this purpose. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendment to Defense Production Act gress assembled, That the second paragraph of Section 24 of the Federal Reserve Act (12 U.S.C. 371) The Defense Production Act of 1950 (Section is amended to read: 301 of which is the basis for guarantees of loans "Any national banking association may make real estate loans secured by first liens upon forest tracts for defense production), which would have exwhich are properly managed in all respects. Such pired June 30, 1964, was amended by Act of Con- loans shall be in the form of an obligation or obligagress approved June 30, 1964 (Public Law 88- tions secured by mortgage, trust deed, or other such instrument; and any national banking association may 343), so as to continue in force until the close of purchase any obligation so secured when the entire June 30, 1966. amount of such obligation is sold to the association. The amount of any such loan shall not exceed 60 per centum of the appraised fair market value of the Purchase of Government Obligations by growing timber, lands, and improvements thereon of- Federal Reserve Banks fered as security and the loan shall be made upon such terms and conditions as to assure that at no By Act of Congress approved June 30, 1964 time shall the loan balance exceed 60 per centum of (Public Law 88-344), the authority of the Fed- the original appraised total value of the property then eral Reserve Banks under Section 14(b) of the remaining. No such loan shall be made for a longer term than three years; except that any such loan may Federal Reserve Act to purchase and sell direct be made for a term not longer than fifteen years if or fully guaranteed obligations of the United the loan is secured by an amortized mortgage, deed States directly from or to the United States, which of trust, or other such instrument under the terms of which the installment payments are sufficient to would have expired on June 30, 1964, was ex- amortize the principal of the loan within a period of tended to June 30, 1966. The text of the Act is as not more than fifteen years and at a rate of at least follows: 6% per centum per annum. All such loans secured by first liens upon forest tracts shall be included in the AN ACT permissible aggregate of all real estate loans prescribed in the preceding paragraph, but no national To amend Section 14(b) of the Federal Reserve Act, banking association shall make forest-tract loans in as amended, to extend for two years the authority an aggregate sum in excess of 50 per centum of its of Federal Reserve Banks to purchase United States capital stock paid in and unimpaired plus 50 per obligations directly from the Treasury. centum of its unimpaired surplus fund." Be it enacted by the Senate and House of Repre- Approved June 30, 1964. sentatives of the United States of America in Congress assembled, That Section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is Deposit Contract Providing for amended by striking out "July 1, 1964" and inserting Three Month's Maturity With Option To in lieu thereof "July 1, 1966" and by striking out Withdraw On Ninety Days' Notice "June 30, 1964" and inserting in lieu thereof "June 30, 1966." Approved June 30, 1964. The Board of Governors has recently considered an inquiry as to whether a deposit con- Loans by National Banks on Forest Tracts tract of the following nature complies with Fed- By Act of Congress, approved June 30, 1964 eral Reserve Regulation Q (12 CFR Part 217). (Public Law 88-341), the second paragraph of The contract provides in effect that each de- Section 24 of the Federal Reserve Act, was posit will mature 3 months after deposit, except amended so as to liberalize the restrictions on that the whole or any part of the deposit may national banks with respect to loans on forest be withdrawn "before such maturity" at the extracts. The text of the Act is as follows: piration of either 90 days' or 30 days' written notice; that any part not withdrawn at maturity AN ACT or pursuant to notice of withdrawal will be deemed To amend Section 24 of the Federal Reserve Act (12 to be redeposited for an additional 3-month U.S.C. 371) to liberalize the conditions of loans period dating from the end of the original period, by national banks on forest tracts. subject to the same terms and conditions; and Be it enacted by the Senate and House of Representatives of the United States of America in Con- that, if not withdrawn, the deposit will be similarly 840 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 841 renewed for successive 3-month periods up to an U.S.C. 1828(c)), an application by Farmers Bank aggregate period of 2 years. Interest would be paid of Clinch Valley, Tazewell, Virginia, a State memat a rate of 4 per cent (the maximum rate cur- ber bank of the Federal Reserve System, for the rently permitted by Regulation Q in the case of Board's prior approval of the merger of that bank time deposits maturing in 90 days or more), ex- and Bank of Graham, Bluefield, Virginia, under cept that, if withdrawn pursuant to 30 days' the charter of Farmers Bank of Clinch Valley notice, the rate would be one per cent per annum and with the title of Bank of Tazewell County. (the maximum rate in the case of time deposits As an incident to the merger, the two officers of maturing in less than 90 days) from the begin- Bank of Graham (one of which has been apning of the "renewal period" in which the deposit proved but not yet opened) would become is withdrawn. branches of Bank of Tazewell County. Notice Where a time deposit contract provides for of the proposed merger, in form approved by the payment on a specified maturity date and also Board, has been published pursuant to said Act. affords the depositor the alternative of withdraw- Upon consideration of all relevant material in ing the deposit pursuant to a notice of withdrawal, the light of the factors set forth in said Act, inthe two withdrawal privileges are incompatible if cluding reports furnished by the Comptroller of the depositor gives a notice of withdrawal that the Currency, the Federal Deposit Insurance Corwould expire after the specified maturity date, poration, and the Department of Justice on the unless the giving of such notice is regarded as competitive factors involved in the proposed equivalent to an extension of the specified ma- transaction, turity and as supplanting that maturity. In other IT IS HEREBY ORDERED, for the reasons set forth words, as applied to the form of deposit contract in the Board's Statement of this date, that said above described, if the deposit is initially made application be and hereby is approved, provided on January 1 to mature on March 31 (that is, that said merger shall not be consummated (a) after 90 days), and if on March 1 the depositor within seven calendar days after the date of this gives 90 days' notice of withdrawal, so that the Order, or (b) later than three months after said period of such notice would expire after the date. original maturity date, the March 1 notice of Dated at Washington, D. C, this 16th day of withdrawal would not be revocable but must be June, 1964. construed as extending the maturity of the de- By order of the Board of Governors. posit from March 31 to May 29. Any other construction of such a contract would have the effect Voting for this action: Governors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not of permitting a member bank to agree to pay voting: Chairman Martin and Vice Chairman Baldinterest at a rate of 4 per cent on a deposit that erston. could be withdrawn within less than 90 days. (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act [SEAL] STATEMENT The following Orders and Statements were issued in connection with actions by the Board of Farmers Bank of Clinch Valley, Tazewell, Vir- Governors of the Federal Reserve on applica- ginia ("Farmers Bank"), with deposits of $9 miltions for approval of the merger of banks: lion,* has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's FARMERS BANK OF CLINCH VALLEY, prior approval of the merger of that bank and the TAZEWELL, VIRGINIA Bank of Graham, Bluefield, Virginia ("Graham Bank"), with deposits of $5.5 million,* under the In the matter of the application of Farmers Bank charter of the former and with the title of Bank of Clinch Valley for approval of merger with of Tazewell County. The proposal contemplates Bank of Graham that the main office of Graham Bank and the bank's only branch, approved but not yet opera- ORDER APPROVING MERGER OF BANKS tive, would become branches of the resulting There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 (12 * Deposit figures as of December 20, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN • JULY 1964 bank, increasing the number of its offices from of electronic components in Tazewell and by mantwo to four. ufacturing plants in other nearby communities, Under the Act, the Board is required to con- including Bluefield, which is situated in Tazesider, as to each of the banks involved, (1) its well County about 18 miles northeast of Tazewell. financial history and condition, (2) the adequacy The application indicates that the lending limit of its capital structure, (3) its future earnings of $90,000 of Farmers Bank has been generally prospects, (4) the general character of its man- adequate to serve the needs of its customers, and agement, (5) whether its corporate powers are it appears that consummation of the proposal consistent with the purposes of 12 U.S.C., Ch. would have little significant effect on the banking 16 (the Federal Deposit Insurance Act), (6) the convenience and needs of the Tazewell comconvenience and needs of the community to be munity. served, and (7) the effect of the transaction on In contrast to Tazewell, Bluefield (the location competition (including any tendency toward of Graham Bank and its approved but as yet monopoly). The Board may not approve the inoperative branch) is experiencing considerable transaction unless, after considering all these fac- commercial, industrial, and residential growth, tors, it finds the transaction to be in the public largely because of its contiguity to Bluefield, West interest. Virginia, which is also experiencing economic ex- Banking factors. The financial histories of both pansion. The populations of Bluefield, Virginia, banks are satisfactory. The asset condition of each and of Bluefield, West Virginia, exceed, respecis basically sound and both have adequate capi- tively, 4,200 and 19,500. There are some 17 intal structures. The asset condition and capital dustrial concerns in or near Bluefield, Virginia, structure of the resulting bank would be satisfac- and further economic support is derived from tory. Bluefield College. Graham Bank's lending limit of Graham Bank's net earnings have been a little $52,500 is too small to allow it to participate, to below the average for banks of comparable size any great extent, in the economic growth of the in the Fifth Federal Reserve District. The earn- area. The resulting bank's lending limit of $150,ings prospects of the bank are considered to be 000 would place it in a more favorable position fair. Farmers Bank has had a good history of earn- to offer a convenient alternative source of credit ings. The earnings prospects of Farmers Bank to the expanding commercial and industrial enand the resulting bank would appear to be favor- terprises in the area. able. Competition. There is no more than a minor Both banks are lacking in management depth. amount of competition between Farmers Bank Combining the staffs of the two banks, as the and Graham Bank. Although the service area * proposal contemplates, would supply some of the of each of the two banks overlaps slightly, the necessary depth, and the resulting bank would be 18 miles separating the banks are mountainous, in a better position to attract and hold competent rural, and sparsely settled. Generally, Tazewell executive personnel. Management of the result- County banks serve their own communities and ing bank would be reasonably satisfactory. are not in direct or active competition with banks There is no indication that the powers of the in other localities. banks are or would be inconsistent with the pur- Farmers Bank's principal competitor is the only poses of 12 U.S.C., Ch. 16. other bank in Tazewell, Tazewell National Bank, Convenience and needs of the communities. which is slightly smaller in deposit size. The main office of Farmers Bank is in Tazewell Graham Bank's principal competitors are three (population about 4,500), the seat of Tazewell banks in Bluefield, West Virginia, and to a lesser County, which lies in the southwestern part of extent, Southwest Virginia Bank in Pocahontas, the State. The bank's only branch is located two Virginia, which is located 13 miles northwest of miles north of the main office. Tazewell serves Graham Bank's main office. a trade area of about 12,000 persons. In addi- The resulting bank would hold about 16 per tion to coal mining and agriculture (important activities which, however, are of declining im- * The area from which a bank obtains 75 per cent or portance in the County), some employment for more of its deposits of individuals, partnerships, persons in the area is provided by a manufacturer and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

843 LAW DEPARTMENT cent of the deposits of the combined service area ORDER DENYING APPLICATION FOR APPROVAL OF of the participating banks and would be the third MERGER OF BANKS largest in the area with total deposits of about There has come before the Board of Gover- $14 million. The first and second largest, with nors, pursuant to the Bank Merger Act of 1960 deposits of approximately $34 and $23 million (12 U.S.C. 1828(c)), an application by Camden and located in Bluefield, West Virginia, are in Trust Company, Camden, New Jersey, a State direct competition with Graham Bank. member bank of the Federal Reserve System, for The principal competitive effect of the proposed the Board's prior approval of the merger of that merger would occur in the Bluefield area. The bank with Merchantville National Bank and Trust increased lending limit of the resulting bank would Company, Merchantville, New Jersey, under the stimulate competition with the two largest banks, charter and title of the former. As an incident to especially in the field of credit for industrial and the merger, the main office and branch of Mercommercial expansion. chantville National Bank and Trust Company There is no evidence that the smaller West would be operated as branches of Camden Trust Virginia bank, the Commercial Bank of Bluefield, Company. Notice of the proposed merger, in would experience undue competitive stress. It form approved by the Board, has been published presently competes successfully with the two larg- pursuant to said Act. est banks in the area. Upon consideration of all relevant material in The proposed merger would not have any sig- the light of the factors set forth in said Act, innificant adverse effect on the other bank in Taze- cluding reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corwell. No new offices would be gained by the poration, and the Department of Justice on the merger in the immediate Tazewell area to compete competitive factors involved in the proposed against Tazewell National Bank, nor would the merger, increased lending limit be a competitive factor, since the economy of that area at present does IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said not indicate a need for such service. application be and hereby is denied. Summary and conclusion. The merger of Farm- Dated at Washington, D. C, this 26th day of ers Bank of Clinch Valley, Tazewell, and Bank of June, 1964. Graham, Bluefield, would eliminate only a minor By order of the Board of Governors. amount of competition existing between them. It would not have undesirable competitive effects Voting for this action: Governors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not on other banks in the service area of the resulting voting: Chairman Martin and Vice Chairman Baldbank, nor would the proposal adversely affect er ston. the over-all competitive situation. (Signed) MERRITT SHERMAN, Secretary. Consummation of the merger will supply man- [SEAL] agement depth and create an institution that could STATEMENT more adequately serve Tazewell County than can Camden Trust Company, Camden, New Jersey the two banks as separate entities, particularly in ("Camden Trust"), with deposits of $193 milthe Bluefield area which is experiencing industrial lion,1 has applied, pursuant to the Bank Merger and residential growth. Act of 1960 (12 U.S.C. 1828(c)), for the Board's Accordingly, the Board finds the proposed prior approval of the merger of that bank and transaction to be in the public interest. the Merchantville National Bank and Trust Company, Merchantville, New Jersey ("Merchantville Bank"), with deposits of $16 million,1 under the CAMDEN TRUST COMPANY, CAMDEN, charter and title of Camden Trust. The proposal NEW JERSEY contemplates that the two offices of Merchantville In the matter of the application of Camden Trust Bank would be operated as branches of Camden Company for approval of merger with Merchantville National Bank and Trust Company 1 As of December 20, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN • JULY 1964 Trust, increasing the number of its offices to be served. The City of Camden, in Camden seventeen. County, is located directly across the Delaware Under the Act, the Board is required to con- River from Philadelphia, Pennsylvania. The popusider, as to each of the banks involved, (1) its lation of the city was about 117,000 in 1960, refinancial history and condition, (2) the adequacy flecting a decrease of almost 6 per cent since 1950, of its capital structure, (3) its future earnings while that of the county exceeded 392,000, reprospects, (4) the general character of its man- flecting an increase of over 30 per cent. Camden agement, (5) whether its corporate powers are County is one of New Jersey's major industrial consistent with the purposes of 12 U.S.C., Ch. 16 areas. (the Federal Deposit Insurance Act), (6) the con- The Borough (i.e., village) of Merchantville, venience and needs of the community to be served, also in Camden County, comprises an area of and (7) the effect of the transaction on competi- slightly more than one square mile, situated about tion (including any tendency toward monopoly). three miles from Camden. Merchantville is chiefly The Board may not approve the transaction unless, residential, many of its residents being employed after considering all these factors, it finds the in Camden. Merchantville's population of over transaction to be in the public interest. 4,000 in 1960 reflected a slight decline over the Banking factors. Camden Trust and Merchant- past decade. Unlike most of the area surrounding ville Bank have satisfactory financial histories. it, Merchantville has virtually no vacant land. The asset condition of each is sound and they have Under New Jersey law, banks may establish adequate capital structures. Were the merger to branches only in the county of their head offices; be consummated, these attributes would character- but a bank may not establish a de novo branch ize the resulting bank also. in any political subdivision where the main office Camden Trust has a satisfactory earnings rec- or branch of another bank is located. There are ord and its earnings prospects are favorable. Al- already banking offices in virtually all the politithough the net earnings of Merchantville Bank cal subdivisions in Camden County, and Merdeclined for 1963, its earnings record in general chantville Bank would be able to obtain a branch has been good. During the period 1955 to 1963 in any adjoining municipality only by merging the bank's total deposits increased by over 85 with an existing bank. No bank outside Merchantper cent, and its loans by 123 per cent. Its only ville can establish a branch within that borough branch was opened in June 1963. Prospects for the except by merger. foreseeable future are that the bank will continue Camden County is served by nine banks, of as a profitable organization. The earnings pros- which two, Camden Trust and First Camden Napects for the resulting bank would also be favor- tional Bank and Trust Company ("First Camable. den"), together have about 75 per cent of total The management of Merchantville Bank is sat- IPC deposits 2 and 82 per cent of total loans and isfactory, if less aggressive than that of Camden discounts of all banks in the county. The remain- Trust. The bank's chief executive officer, who is ing banks range in size from Haddonfield National past normal retirement age and has been the Bank, with $44 million of deposits, down to Deladominant influence in management, desires to be ware Valley National Bank of Cherry Hill, with relieved of his present responsibilities with the $3 million. In addition, the application states that bank. It appears that the bank has not recruited or several banks in Burlington County, some only a trained successor management. Nonetheless, in short distance across the county line from Merview of the bank's size and location and the ag- chantville, and in Gloucester County, southeast gregate compensation of that officer, it should be of Camden County, also serve, to some extent, the convenience and needs of the communities conpossible to find a successor by means other than cerned. merger, and no evidence is presented in the application to support a contrary conclusion. The Borough of Merchantville has only two banking offices. First Camden has a nearby of- There is no indication that the corporate powers are or would be inconsistent with 12 U.S.C., Ch. 16. 3 Deposits of individuals, partnerships, and cor- Convenience and needs of the communities to porations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 845 fice which serves that general area from which the in the area in which it now functions, and there bulk of Merchantville Bank's loans and deposits is no reason to anticipate that it will not continue are obtained. First Camden has two additional of- to enjoy a healthy growth as an independent local fices, and Camden Trust has one office, located institution. Nor would approval of the proposal outside that area but nearby and conveniently result in there being two competitive banks in available to it. Merchantville. The borough would remain exclu- The effect of the merger on banking conven- sive territory of a single bank. ience and needs would be limited almost entirely Any increased competition between the two to Merchantville. While Merchantville Bank does large banks which might result from consummanot offer banking services such as corporate trust tion of the proposed merger is more than outservices, dealer loans, certain types of instalment weighed by the increase in the already high degree loans, or safe deposit boxes at the present branch of concentration of banking resources in Camden office, and has a lending limit of $100,000, there County which would clearly ensue. At present, is little indication of a demand for such banking Camden Trust holds over 42 per cent of IPC deservices or a larger lending limit in Merchantville. posits and over 47 per cent of loans of banks All the services and facilities not now available headquartered in the county, and operates fifteen within the Borough of Merchantville which would of the forty-six banking offices in the county. If be offered by the resulting bank are already avail- the merger were consummated, these percentages able at easily accessible offices of larger banks, would increase to 46 and 49, respectively, and particularly the three offices of First Camden and the number of offices to seventeen out of fortythe office of Camden Trust located within, or on six. the perimeter of, the service area s of Merchant- The two largest banks in the County, Camden ville Bank. Nor are the convenience and needs of Trust and First Camden, together hold 75 per the Merchantville community such as to require cent of IPC deposits and 82 per cent of loans of the presence of a larger bank in the borough. banks headquartered in the county and operate 63 Competition. Camden Trust is the largest bank per cent of the banking offices of all banks in in Camden County. The entire service area of Camden County. If the proposed merger were con- Merchantville Bank lies within the service area of summated, these two banks combined would hold Camden Trust, and there is direct competition 79 per cent of the IPC deposits, 84 per cent of between the two banks. One office of Camden the loans, and operate 67 per cent of the banking Trust is little more than a mile from an office of offices in the county. Of the six other banks head- Merchantville Bank. Consummation of the merger quartered in the county, none would hold as much would eliminate that competition. as 10 per cent of the county's IPC deposits or The application contends that consummation of loans. the proposed transaction would increase competi- While indicating Camden County as the service tion between Camden Trust and First Camden. area of the resulting bank, the application also in- To some extent this would be the case, since rep- cludes banks in nearby areas of Burlington and resentation of Camden Trust would be increased Gloucester Counties, as mentioned above, in measin an area where First Camden's offices are clus- uring the share of banking business of banks optered. The application also urges that because of erating throughout the service area of Camden the restrictions imposed by New Jersey law that Trust. Even if this approach were justified, it reare described above, Merchantville Bank is mains true that a substantial existing degree of "locked into" its present competitive position. This concentration of banking resources would be inis accurate only in the sense that except by creased by the proposed merger. Thus, Camden merging, Merchantville Bank is not likely to grow Trust and First Camden together have about 65 into a major competitive factor in the county per cent of IPC deposits and 73 per cent of loans through establishment of additional offices. State of all banks in the extended area of service. After law protects the competitive position of that bank consummation of the proposed merger, these percentages would be about 68 and 75, respectively. Thus, even on the basis of a market diluted by the 3 The area from which a bank obtains 75 per cent or more of its IPC deposits. Burlington and Gloucester banks which the appli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN • JULY 1964 cant would include, the figures on concentration approval of the application. While effectuation of are not reduced sufficiently to alter this important the proposal would tend to increase competition aspect of the competitive picture. between the larger banks already competing in the Summary and conclusion. Consummation of community concerned, and although the possibility the proposed merger would eliminate a healthy of banks branching either in or out of the Borough and growing bank in direct competition with Cam- of Merchantville is severely limited by State law, den Trust and increase the already high degree of except by merger, these considerations do not apconcentration of banking resources in the area pear to the Board sufficient to outweigh the adserved by the two banks. Neither the management verse competitive considerations in this case. factor nor the convenience and needs of the com- Accordingly, the Board is unable to find that the munities concerned adds any significant weight for proposed merger would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF been revised back to May 1963, incorporating revisions of seasonal adjustment factors back to Mr. J. J. Connell, Controller since March 1, 1958, January 1961. The revised industry grouping inretired from the Board's staff July 1, 1964, after dexes for the whole period since January 1961 more than 35 years service. Prior to his appointand the revised seasonal factors, as well as those ment as Controller, Mr. Connell had extensive for the market groupings, will be available and experience in the areas of Reserve Bank superdistributed to the Business Indexes' mailing list vision and operations. within the next two months. To succeed Mr. Connell, effective July 1, the Board appointed as Controller, Mr. John Kakalec, ERRATA IN JUNE 1964 BULLETIN who had been serving as Assistant to the Controller since February, 1960. He joined the The last paragraph in the first column of page 678 Board's staff in June, 1949, and has been assigned should be changed to read as follows: to positions in the Divisions of Administrative "This September about 3.6 million workers in Services and Bank Operations in addition to service, trade, and other nonmanufacturing activiassignments in the Controller's office. A graduate ties, who were first covered in 1961, will be of The George Washington University School of affected by an increase in minimum wages from Government, Mr. Kakalec holds A.B. and M.A. $1.00 to $1.15 an hour. In September 1965 their degrees in accounting. minimum wages will be raised to $1.25 an hour, and they will then be on a parity with those for workers who had already been covered in the REVISIONS IN INDUSTRIAL PRODUCTION INDEXES minimum wage increase in September 1963." The seasonally adjusted indexes of industrial pro- On page 709, third column, the date of Govduction for the total and the industry groupings ernor Daane's oath of office should be November shown in this issue, pages 896, 897, and 900, have 29, 1963. 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 15 Industrial activity continued to advance in June among other materials, nondurable as well as while retail sales and construction activity changed durable. little. The unemployment rate rose slightly after declining in May. The money supply increased CONSTRUCTION substantially and time and savings deposits at com- New construction put in place changed little in mercial banks continued to expand. In security June, following downward revisions in May for markets, interest rates declined somewhat between both private and public expenditures. The seasonmid-June and mid-July while common stock prices ally adjusted annual rate of $65 billion in June rose appreciably. was 2 per cent below the record level in March- April. INDUSTRIAL PRODUCTION DISTRIBUTION Industrial production rose further in June to 131.8 per cent of the 1957-59 average. The figure Retail sales in June remained at the advanced for May was revised upward to 131.2 per cent, May rate. Dealer deliveries of new cars declined, reflecting in part the incorporation into the index in part because shipments from assembly plants in of revised seasonal adjustment factors for the the East were limited by a trucking strike. Sales period beginning with January 1961. at most major outlets for nondurable goods con- In June output of both consumer goods and tinued to expand. For the second quarter as a business equipment increased. Production of tele- whole, retail sales were up more than W2 per cent vision sets recovered from a strike and output of from the first quarter and 6 per cent from the furniture and of consumer staples advanced. Auto spring quarter of 1963. assemblies remained at record levels. In the business equipment industries, output of industrial AGRICULTURE machinery rose appreciably further. Commercial production of meat in the first half Over-all output of materials also expanded in of 1964 was 8 per cent above a year earlier, with June. Production of iron and steel changed little most of the expansion accounted for by beef. The but small increases in output were widespread July 1 survey of crop conditions indicates another year of large production. The planted acreage of INDUSTRIAL PRODUCTION cotton is almost as large as last year, suggesting 1957-59=100 that relatively few farmers elected to retire acreage under the new cotton-stabilization program. COMMODITY PRICES From early June to early July the wholesale commodity price index increased somewhat, reflecting a rise in foodstuffs that was mainly seasonal. The index for industrial commodities was stable at the level of last December. Since early June, livestock and meat prices have increased appreciably as marketings of meat animals have been curtailed. Wheat prices have declined further in adjustment to the lower loan rate under the Federal program for this year's crop. F.R. indexes, seasonally adjusted. Latest figures shown are Among basic industrial commodities, tin has risen for June. 848 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 849 sharply and steel scrap has increased. Supplies of million; excess reserves were higher than in May copper are being curtailed by strikes. but borrowings were also up slightly. Reserves were supplied principally through System pur- BANK CREDIT, MONEY SUPPLY, AND RESERVES chases of U.S. Government securities and were absorbed through currency outflow. Seasonally adjusted commercial bank credit increased $1.6 billion in June, reflecting principally SECURITY MARKETS continued expansion in loans. Holdings of U.S. Government securities declined further while hold- From mid-June to early July bond yields genings of other securities rose moderately. Following erally declined somewhat. On July 8 the Treasury a small reduction in May, the seasonally adjusted announced an advance refunding of nearly $27 money supply increased substantially. Time and billion of publicly-held securities. Subsequently, savings deposits at commercial banks continued yields on short-term Treasury securities declined to expand. to a new low for this year while the average yield Seasonally adjusted total and required reserves, on longer-term Government issues rose slightly on a monthly average basis, rose in June. Excess from its 1964 low. reserves of member banks averaged $390 million Since mid-June, common stock prices have risen and borrowings from the Federal Reserve $270 appreciably to a new high. PRICES INTEREST RATES WHOLESALE 5 ALL ITEM.S ALL COMMODITIES -^ - " " "~ .. . 1 ! ! I . . 1 1 1 COMMODITIES NONFOOD COMMODITIES Other than farm and lood 1 1 1 ! 1 SERVICES ..-•--• PROCESSED FOODS FOODS _ | * FARM PRODUCTS j 1 1 1 Bureau of Labor Statistics indexes. Latest figures shownfor Discount rate, range or level for all F.R. Banks. Weekly consumer prices, May; for wholesale prices, June estimated. average market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending July 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds i, ii, u Uses of funds III, IV Quarters Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (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 850 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 852 Reserve Bank discount rates; margin requirements; reserve requirements 856 Federal Reserve Banks 858 Bank debits; currency in circulation. 860 Money supply; banks and the monetary system 862 Commercial and mutual savings banks, by classes. 864 Commercial banks, by classes 868 Weekly reporting member banks 870 Business loans 873 Interest rates 874 Security prices; stock market credit; open market paper 875 Savings institutions 876 Federal finance. 878 Federally sponsored credit agencies . 883 Security issues. 884 Business finance 887 Real estate credit. 889 Consumer credit 892 Industrial production 896 Business activity. 900 Construction 900 Employment and earnings 902 Wholesale and consumer prices 904 National product and income series. 906 Flow of funds 908 Guide to tabular presentation. 850 Index to statistical tables 935 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. 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 BANK RESERVES AND RELATED ITEMS JULY 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 i F.R. rency Total right agree- ury eign Banks and coin 3 Averages of daily figures 1929—June.... 179 179 978 61 1,317 4.024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 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 99 657 446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 633 27,156 21,942 5.064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 >43 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 665 29,060 17,954! 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 31,217 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! 5,5611 35,281 398 587 222 290 ,048 16,932 3,108 20,040 | | 1963—June. 31,540 31,446 94 236 635 33,454 400 794 193 216 ,125 16,800 2,929 19,729 July . 32,158 32,014 144 322 ,740 34,2621 1155,,768654!; 55,.558853| 3355,,279532 393 923 176 201 ,076 16,991 3,029 20,020 Aug.. 32,233 32,171 62 355 ,453 34,080 15,602 5,584 35,794 394 846 164 200 ,144 16,723 2,996 19,719 Sept.. 32,341 32,243 98 352 ,710 34,440 15.582 5,589 35,945 401 866 149 196 ,163 16,890 3,055 19,945 Oct.. 32,648 32,464 184 343 593 34,628 15,582 5.587 36,120 395 918 161 194 ,089 16,920 3,083 20,003 Nov.. 33,126 32,936 190 407 ,77135,353 15,582j 5,594 36,693 395 938 150 198 ,138 17,017 3,097 20,114 Dec. 33,729 33,626 103 360 434 36,610| 15,562| 5,583 37,603 389 879 160 206 ,215 17,303 3,443 20,746 1964—Jan.., 33,200 33,127 73 289 16435,770 15,513j 5,5831 36,827 408 965 155 212 ,052 17,247 3,428 20,675 Feb.. 33,009 32,981 28 311 644 35,028 15,480 5,586 36,383 429 926 141 205 991 17,018 3,130 20,148 Mar.. 33,389 33,348 41 259 ,710 35,454 15,462 5,579 36,615 433 948 153 202 998 17,146 3,067 20,213 Apr.. 33,498 33,453 45 214 ,798 35.602 15.462 5,580! 36,887 426 924 141 195 987 17,084 3,189 20,273 May. 33,907 33,836 71 2561 ,747 35,981 15,462 5.577 '37,107 '425 957 148 180 ,111 17,092 3,127 20,219 June. 34,631 34,530 101 271 i ,784 36.760115.462 5.585 37,.541 415 886 135 200 ,273 17,356 3,192 20,548 Week ending— 1963 I May 1 30,808 30,646 162 124 1,,522 32,500 15,877 34,583 438 963 167 196 997 16,615 3,029 19,644 8 31,350 31,113 237 141 1,54533,081 15,864 34,755 435 969 172 191 990 17,012 2,703 19,715 15 31,333 31,211 122 229 1,47133,077 15,828 34,933 416 1,047 156 189 984 16,750 2,910 19,660 22 30,914 30,914 304 1,89933,163 15,828 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 1,31832,868 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,,338822 3333,261 15,797 5,581 35,298 402 774 218 205 ,156 16,587 2,841 19,428 19 31,317 31,244 73 284 1,85333,498 15,798 5,582 35,331 404 781 202 237 ,111 16,813 2,983 19,796 26 31,583 31,430 153 234 1,854 33,714 15,779 5,582 35,279 402 892 185 217 ,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 1,65134,273 15,733 35,581 383 863 173 235 ,101 17,257 2,985 20,242 10 32,652 32,308 344 323 1,726 34,744 15,691 35,899 391 1,022 180 196 ,107 17,228 2,865 20,093 17 32,042 31,939 103 401 1,929 34,419 15,669 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24 31,687 31,687 313 1,990 34,030 15,633! 35.698 391 886 168 193 ,062 16,850 3,078 19,928 31 32,086 32,044 42 143 1,344 33,611 15,633| 35,564 393 891 179 202 1,069 16,530 3,118 19,648 Aug. 7 32,443 32,373 70 403 1,28834,174 15,6331 5,587 35,703 402 742 170 250 1,071 17,055 2,858 19,913 14 32,286 32,253 33 382 1,367 34,075 15,618 5,581 35,879 382 870 167 188 1,038 16,750 2,959 19,709 21 32,017 31,964 53 324 1,787 34,167 15,583 5,583 35,850 394 879 153 185 1,217 16,655 2,999 19,654 28 32,142 32,074 68 305 1,418 33,901 15,5831 5,586 35,728 400 918 162 181 1,219 16,461 3,093 19,554 Sept. 4 32,438 32,264 174 355 1,348 34,180 15,582 5,587j 35, 391 806 170 192 1,214 16,689 2,995 19,684 11 32,644 32,350 294 385 1,487 34,553 15.583 5.591 36,066 409 824 153 206 1,219 16,850 2,964 19,814 18 32,209 32,209 225 1,99534,465 15;582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 1,93734,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20,200 Oct. 2 32,511 32.449 62 373 ,54534,467 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 ,52735,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 16 32,784 32,521 263 339 567 34,737 15,583 5,582 36,235 392 930 150 194 1,107 16,894 3,095 19,989 23 32,226 32,226 392 930 34,589 15.581 5,583 36,165 394 915 171 188 1,060 16,860 3,082 19,942 30 32,474 32,413 61 229 1J416 34,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,202 19,755 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 BANK RESERVES AND RELATED ITEMS 853 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 P d e o a ri r t o e d T U o .S ta . l Go B r v o o i t g u u . h t g - s t h e t cu R m c r a e i h g t e p i a r n e u e s t s e e r s - - c v D o a a a n u n d is c n d - e ts s Float t T al o - 2 s G to o c ld k T r s o c r e t u i e a u n n u r a n r g c y t s - - d y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n e a r l g a s y d h s s - - T t r u h e w r a a y i s n t h - m r F e e s F e . e m i o R r g v b r n . - e e B s r , a O b n a t k h n s e k r c O F o a . t u h c R n - e t . r s B W F a . n R it k M h . s e r I m e c r s b e a o C e n e n i r u c r n d v y 3 r e b - s an T k otal Averages of daily figures Week ending- 1963 Nov. 6 3,031 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 3,179 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 2,949 32,773 176 462 2,18035,635 15,582 5,596 36.722 403 1,045 144 208 1,211 17,080 3,170 20,250 27 3,111 33,018 93 233 2,12635,512 15,582 5,593 36,872 386 K006 151 199 1,250 16,823 3,212 20,035 Dec. 4.. 3,795 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.. 3,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18.. 3,665 33,582 83 307 2,47136,507 15,582 5582 37621 392 907 158 196 1,194 17,204 3,476 20,680 25.. 3,586 33552 34 350 2,99137,040 15552 5586 37752 395 903 154 210 1,208 17,556 3,445 21,001 1964 Jan. 1. 13,655 33563 92 590 2,75237153 15513 5580 37730 381 927 185 227 1,142 17,653 3,796 21,449 13,698 33531 167 396 2,46136706 15513 5582 37306 402 966 168 205 1,070 17,685 3,484 21,169 15 13,494 33338 156 394 2,20336231 15513 5584 36983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 12,944 32944 198 2,36535623 15513 5586 36690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 i2,73r 32739 209 1,76434780 15512 5582 36364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 5 13,009 32979 30 277 1,41734771 15512 5587 36292 425 759 131 214 960 17,089 3,131 20,220 12 13,275 33214 61 372 1,49635208 15498 5586 36462 424 978 151 200 961 17,116 3,062 20,178 19 12,~" 32862 25 291 1,84635088 15462 5583 36469 420 979 124 209 960 16,972 3,199 20,171 26 12,750 32750 200 1,83534846 15462 5588 36308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4. 33,245 33245 362 1,52935204 15462 5586 36352 443 989| 150 207 1,040 17,072 3,111 20,183 11. 33,437 33437 253 1,60935385 15463 5580 36538 452 9411 149 207 1,062 17,079 2,899 19,978 18. 33,270 33195 75 358 1,75835480 15463 5576 36692 444 897 144 200 1,005 17,137 3,076 20,213 25. 33,384 33301 83 279 1,97335750 15462 5579 36657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 1. 33,575 33534 41 155 1,51235353 15462 5578 36735 391 881 164 202 952 17,067 3,242 20,309 33,979 33916 63 209 1,59335898 15463 5583 36839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33843 191 1,75635891 15462 5585 36998 439 980 135 197 1,005 17,183 3,185 20,368 22 33,050 33050 321 2,16635593 15462 5576 36912 432 898 133 187 946 17,123 3,200 20,323 29 33,086 32985 101 137 1,77235083 15462 5578 36813 423 929 140 193 959 16,667 3,299 19,966 May 6. 33,763 33580 183 213 1,65335724 15463 5582 36910 426 888 156 188 954 17,247 3,030 20,277 33,987 33904 83 314 1,64036020 15463 5571 37,150 417 990 160 179 939 17,218 3,075 20,293 20'. 33,749 33,715 34 298 2,06436179 15,462 5573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27. 33,839 33819 20 209 1,73935844 15,462 5581 37,123 430 927 131 174 1,250 16,852 3,262 20,114 June 3 34,38 34,327 54 265 1,52136,222 15,463 5,584 37,263 425 914 145 197 1,257 17,066 3,128 20,194 10 34,75' 34,530 227 289 1,47136,597 15,462 5,590 37,487 436 905 135 199 1,308 17,179 3,007 20,186 2 1 4 7 3 3 4 4, , 5 42 9 7 3 3 4 4 , , 4 43 2 8 7 153 2 3 3 2 2 8 2 1 , , 1 82 3 3 6 3 3 6 6, , 8 81 7 1 5 1 1 5 5, , 4 4 6 6 1 1 5 5 , , 5 5 8 8 2 2 3 3 7 7 , , 6 5 1 7 4 4 4 3 1 9 5 5 9 8 0 8 5 0 1 1 3 3 1 8 2 1 0 9 3 6 1 1 , , 2 2 4 7 0 3 1 1 7 7 , , 3 4 7 3 8 0^ > 3 3 ,252 9 3 7 6^ n 2 o 0 , , 1 6 2 14 1 End of month 1964 Apr 33,169 33,117 52 116 1,74135,119 15,462 5,579 36,885 413 925 166 193 951 16,629 3,55: 20,184 May 3 3 4 4 , , 2 7 2 9 9 4 3 3 4 4, ,2 7 2 9 9 4 2 7 2 9 6 1 , ,6 5 3 6 3 43 3 6 6 , ,5 0 8 6 9 6 »1 1 5 5 , , 4 4 6 6 1 3 5, , 5 5 8 8 3 3* 3 3 7 7 , ,7 2 1 0 9 8 416 9 93 9 9 7 1 1 6 5 1 6 1 18 8 2 1 1 , ,2 25 5 5 1 16 6 , , 9 8 7 9 3 0 ^ 2 3 , , 8 4 2 6 : ^2 1 0 9 , , 4 7 3 1 4 3 June Wednesday 1964 34,229 33,907 322 247 1,40335,967 15,463 5,584 37,064 436 785 137 175 962 17,455 3,185 20,640 May 6 33,944 33,904 40 179 1,52735,723 15,463 5,573 37,218 424 829 165 171 875 17,076 3.518 20,594 13 33,824 33,760 64 530 1,70036,125 15,463 5,575 37,163 435 1,072 148 170 1,244 16,931 3,486 20,417 20 34,02f 34,013 10 204 1,27435,556 15,463 5,582 37,208 437 884 145 185 1,251 16,490 3,64 20,134 June 27 3 3 3 4 4 , , 6 6 5 5 : ' 3 3 4 4 , ,5 4 3 7 9 3 1 11 8 8 2 3 3 6 3 5 4 1 1, ,3 3 4 3 5 0 3 3 6 6, ,4 4 3 0 1 0 1 1 5 5, , 4 4 6 6 3 3 5 5 , , 5 5 8 8 9 6 3 3 7 7 , ,6 4 1 0 1 7 4 4 2 4 9 0 8 84 0 5 4 1 1 1 4 9 2 2 1 1 9 2 0 1 1 , , 2 3 5 1 2 1 1 1 7 6 , , 2 9 5 2 0 0 3 3 , ,3 4 3 2 5 0 2 2 0 0, , 5 3 8 4 5 0 2 1 1 4 0 7 3 3 4 4 , , 6 5 1 3 ' 3 3 4 4 , ,5 4 3 3 1 8 179 2 9 1 3 4 , ,8 9 2 5 1 43 3 6 6 , , 8 5 5 4 5 6 1 1 5 5, , 4 4 6 6 3 3 5 5 , , 5 5 8 8 5 6 3 3 7 7 , ,5 6 8 4 8 7 4 40 0 2 4 9 7 6 9 7 0 1 15 3 . 9 1 19 8 ' 7 1 1, , 2 2 8 3 4 0 1 1 7 7 , , 4 0 9 1 1 7P3',683 n "2 0 1 , , 7 0 0 0 0 2 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

854 BANK RESERVES AND RELATED ITEMS JULY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period 1Reserves Bor- Reserves Bor- Reserves Borr i o n w g - s Free r i o n w g - s Free r i o n w gs - Free T h o e t l a d l qu R i e r - ed Excess B F a . a n t k R s . se r r e v - es T h o e t l a d l qu R i e r - ed Excess B F a . a n R t k . s se r r e v - es T h o e t l a d l qu R i e r - ed Excess B F a . a n R t k . s se r r e v - es 1929—June.... 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941_Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,038 104 -104 1960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 ,035 18 -11 1963—June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 ,032 -4 3 -7 July 20,020 19,537 483 322 161 3,795 3,740 55 40 15 1,038 ,026 12 24 -12 Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 1,009 ,007 2 29 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 1,029 ,030 -1 40 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 1,036 ,028 8 19 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 1,035 ,031 4 40 -36 Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 5 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 ,044 5 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 ,016 -2 87 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 ,022 4 90 -86 20,273 19,898 375 213 162 3,787 3,773 14 16 -2 1,021 ,015 7 21 -14 May'.!!! 20,219 19,886 333 255 78 3 833 3 832 26 -26 1,044 ,042 2 5 -3 June.... "20,548"20,171 nil 270 noi "3,983 "3,945 "38 39 P-\ "1,033 ,034 "-1 13 P-14 Week ending— 1963—June 5. 19,438 19,098 340 216 124 3,672 3,662 10 11 -1 1,028 ,025 2 -1 12. 19,428 19,009 419 248 171 3,632 3,621 12 18 -6 1,012 ,009 3 1 19. 19,796 19,298 498 284 214 3,749 3,743 5 63 -58 1,016 ,021 -5 26. 20,052 19,673 379 234 145 3,848 3,828 20 73 -53 1,058 ,051 7 1964—Jan. 1. 21,449 20,663 786 558 228 4,228 4,073 155 67 88 1,094 ,090 4 51 -47 8. 21,169 20,706 463 364 99 4,068 4,072 -4 45 -49 1,100 ,091 9 28 -19 15. 20,905 20,305 600 361 239 3,909 3,864 45 79 -34 1,047 ,043 4 41 -37 22. 20,463 20,174 289 164 125 3,841 3,837 4 15 -11 1,027 ,032 -5 28 -33 29. 20,200 19,827 373 177 196 3,791 3,780 11 21 -10 1,012 ,007 5 8 -3 Feb. 5. 20,220 19,854 366 242 124 3,834 3,820 14 24 -10 1,028 ,021 6 46 -40 12. 20,178 19,776 402 367 35 3,762 3,744 18 89 -71 1,003 ,011 -8 117 -124 19. 20,171 19,751 420 291 129 3,762 3,742 20 4 16 1,031 ,018 13 13: -119 26. 20,036 19,683 353 200 153 3,733 3,734 -1 35 -36 1,011 ,011 60 -60 Mar. 4. 20,183 19,693 490 362 128 3,836 3,766 70 65 5 1,030 ,020 30 -20 11. 19,978 19,664 314 253 61 3,718 3,707 11 33 -22 999 999 70 -69 18. 20,213 19,838 375 358 1 3,801 3,804 2 32 -34 1,020 ,019 113 -112 25. 20,510 20,002 508 279 229 3,866 3,837 28 8 20 1,037 ,033 177 -172 Apr. 1. 20,309 20,037 272 155 11 3,900 3,871 29 2 27 1,050 ,037 13 3: -19 8. 20,350 19,928 422 208 214 3,814 3,812 1 1 1,017 ,015 59 -57 15. 20,368 20,069 299 190 109 3,822 3,801 21 10 11 1,014 ,013 1 1 22. 20,323 19,882 441 319 12: 3,736 3,727 9 58 -4! 1,01" ,016 1 28 -27 29. 19,966 19,698 268 135 133 3,736 3,721 15 15 1,013 ,014 -1 -3 May 6. 20,277 19,988 289 211 78 3,910 3,890 20 8 12 1,056 ,051 13. 20,293 19,892 401 314 87 3,805 3,783 22 13 9 1,036 ,036 -9 20. 20,304 19,896 408 298 110 3,824 3,825 i 47 -48 1,056 ,04' 27. 20,114 19,783 331 208 123 3,846 3,818 28 12 1 1,038 ,035 June 3. 20,194 19,899 295 264 31 3,881 3,877 4 80 1,027 ,028 -1 -10 10. 20,186 19,857 329 289 40 3,847 3,824 23 16 1,006 ,006 -20 17. "20,614"20,161 "453 327 "126 3,966 3,954 12 58 1,033 ,033 -20 24. "20,727"20,373 "354 232 "122 4,038 4,002 35 26 1,053 ,048 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 BANK RESERVES AND RELATED ITEMS 855 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929—June. 761 749 12 409 -397 632 610 22 327 -305 1933—June., 648 528 120 58 62 441 344 96 126 -30 1939—Dec. 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,011 46 965 1947—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec. 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec. 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec. 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec. 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec. 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec. 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec. 8,042 7,956 86 314 -228 5,906 5,457 449 172 111 1958—Dec. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—June. 8,036 8,018 18 129 -111 6,942 6,563 379 65 314 July.. 8,151 8,099 52 201 -149 7,037 6,672 365 57 308 Aug.. 8,061 8,018 43 118 -75 7,019 6,611 408 93 315 Sept.. 8,118 8,096 22 130 -108 7,050 6,686 364 69 295 Oct.., 8,155 8,117 38 131 -93 7,118 6,758 360 62 298 Nov.. 8,197 8,164 33 171 -138 7,199 6,842 357 76 281 Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Jan.. 8,346 8,325 21 137 -116 7,376 6,986 390 56 334 Feb.. 8,122 8,104 19 106 -87 7,215 6,876 339 64 275 Mar.. 8,208 8,172 36 90 -54 7,176 6,864 312 57 255 Apr.. 8,234 8,204 30 108 -78 7,230 6,906 323 68 255 May. 8,184 8,151 32 144 -112 7,159 6,861 298 80 218 June. 8315 *>8,288 142 6904 76 Week ending— 1963—June 5. 7,937 7,913 24 128 -104 6,801 6,497 304 74 230 12., 7,893 7,869 24 150 -126 6,891 6,511 380 78 302 19. 8,014 7,986 28 159 -131 7,018 6,548 470 59 411 26., 8,194 8,163 31 81 -50 6,952 6,631 321 75 246 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. 8,146 8,133 13 95 -81 7,213 6,879 333 77 256 8,157 8,111 46 102 -56 7,255 6,911 345 59 286 8,140 8,102 38 83 -46 7,238 6,888 350 72 278 8,107 8,085 22 66 -44 7,185 6,853 332 39 293 Mar. 4. 8,139 8,084 55 184 -130 7,178 6,823 355 83 271 11. 8,142 8,113 29 96 -67 7,118 6,844 274 54 220 18. 8,179 8,155 25 145 -121 7,212 6,860 352 68 284 25. 8,256 8,224 32 65 -33 7,352 6,909 443 29 414 Apr. 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 8,215 8,186 29 118 7,095 6,860 235 155 8,198 8,164 34 197 -163 7,254 6,908 346 95 251 20. 8,173 8,144 29 188 -159 7,252 6,880 371 63 308 27. 8,137 8,105 32 104 -73 7,094 6,825 269 90 179 June 3.... 8,184 8,173 11 102 -91 7,101 6,821 73 207 10.... 8,218 8,188 30 134 -104 7,115 6,839 276 119 156 17.... 8,302 8,283 18 170 -152 ^7,313 ^6,891 M22 79 ^343 24.... 8,420 8,361 59 147 -87 ^7,216 *>6,962 57 P197 * 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

856 DISCOUNT RATES JULY 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 June 30 date rate June 30 date rate June 30 date rate Boston July 17, 1963 July 17, 1963 July 17, 1963 New York... July 17, 1963 July 17, 1963 June 10, 1960 Philadelphia.. July 19, 1963 July 19, 1963 Aug.19, 1960 Cleveland July 17, 1963 July 17, 1963 July 17, 1963 Richmond... July 17, 1963 July 17, 1963 July 17, 1963 Atlanta July 24, 1963 July 24, 1963 July 24, 1963 Chicago July 19, 1963 July 19, 1963 July 19, 1963 St. Louis July 17, 1963 July 17,1963 July 17, 1963 Minneapolis.. July 17, 1963 July 17, 1963 Aug.15, 1960 Kansas City.. July 26, 1963 July 26, 1963 July 26, 1963 Dallas July 17, 1963 July 17, 1963 Sept. 9, 1960 San Francisco July 19, 1963 July 19, 1963 June 3, 1960 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective or level)— Bank Effective [or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 2*4-3*4 2V4 1953 1958 Jan. 16 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. 12..... Feb. 2 ifci May 21 Mar. 16 1*4 Oct. 24 Nov. 7 1935 1955 Jan. 11 May 14 Apr-!!:::: 1959 May 2 Mar. 6 1937 Aug. 4 .... 16 Aug. 27 1 -2 May 29 Sept. 4 1 -IV 12.'!!! June 12 Sept. 11 1942 **• it::::: 18 O A c p t r . . 1 1 1 5 IB"1 Nov. 2 1 3 8 30 1960 1946 June 3 Apr. 25 1956 10 May 10 Apr. 13 14 20 2H-3 Aug. 12 1948 Aug. 24 2%-3 Sept. 9 Jan. 1 1 2 9 14 2-W*A 31 1963 Aug-&:: 1 : 9 : 5 : 0 ::::: Au8-£:: 19 : 5 : 7 3 sjf4 f July 2 1 6 7 3 nl Aug. 21 Nov. 15 1964 25 Dec. 2 In effect June 30 i Preferential rate of l/i 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

JULY 1964 RESERVE REQUIREMENTS 857 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 93 . 6 1, Ja 1 n 95 . 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 n e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits held for: banks 1 year or more } 2* 3 { k 4 3% IneflFectDec.31,1948... 26 22 16 7% 7% Postal savings deposits held for: 1949—May 1,5 24 21 15 7 7 1 year or more } 2* 3 { k 4 June 30, July 1.. 20 14 6 6 Less than 1 year } 3% Aug. 1,11 13 5 Other time deposits pay- r { A A u u g g . . 2 1 5 6,18 a* 12 5 able in: i ¥ Sept. 1 1 year or more 3 1951—Jan. 11, 16 23 19 13 6 6 9 L 6 0 e m s d s o a t n y h t s a h - n s 6 - 1 9 m 0 y o d e n a a th r y s s 2% ); 1 1 9 9 5 5 3 4 — — J J J a u u n l n y . e 2 1 5 6 1 , , , F 2 9 4 eb. 1.. 2 2 2 4 2 1 2 1 0 9 1 1 4 3 5 5 July 29, Aug. 1. 20 18 12 s* 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 17% BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 lished by the Board of Governors under provisions of Regulation Q. Apr. 24 IS* 16% Under this Regulation the rate payable by a member bank may not in 1960—Sept. 1 any event exceed the maximum rate payable by State banks or trust Nov. 24 171/2 12 cos. on like deposits under the laws of the State in which the member Dec. 1 16% bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits; In effect July 1, 1964.... 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 (Per cent of market value) Miaximum 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 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, NOTE.—Regulations T and U, prescribed in accordance with Securities 1960, respectively. Effective Nov. 24, 1960, all vault cash. Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending April 29, 1964 Four weeks ending May 27, 1964 Gross demand—Total. . 132,449 25,108 6,163 50.472 50,706 Gross demand—Total.. 131,650 25,206 6,339 49,980 50,126 Interbank 14,146 4,293 1,236 6,845 1,772 Interbank 13,467 4,220 1,162 6,436 1,649 U.S. Govt 3,591 727 179 1,386 1,298 U.S. Govt 6,057 1,428 369 2,537 1,723 Other 114,712 20,088 4,748 42,241 47,635 Other 112,126 19,558 4,807 41,008 46,754 Net demand i 109,085 19,780 5,184 40,699 43,422 Net demand l 108,705 20,083 5,335 40,255 43,032 Time 96,223 12,543 3,977 37,244 42,460 Time 97,242 12,882 4,054 37,691 42,615 Demand balances due Demand balances due from dom. banks... 7,082 136 102 1,972 4,872 from dom. banks.. 6,810 104 99 1,956 4,652 Currency and coin 3,165 250 49 969 1 ,897 Currency and coin.... 3,141 248 46 961 Balances with F.R. Balances with F.R. Banks 17,087 3,527 967 7,260 5,333 Banks 17,106 3,598 1,000 7,220 5.288 Total reserves held 20,252 3,777 1,016 8,229 7,230 Total reserves held.... 20,247 3,846 1,046 8,181 7;i74 Required 19,894 3,765 7,015 8,205 6,909 Required 19,890 3,829 1,042 8,150 6,868 Excess 358 12 1 24 321 Excess 357 17 4 31 306 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

858 FEDERAL RESERVE BANKS JULY 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 June 24 June 17 June 10 June 3 May 27 June May June Assets 13,757 13,766 13,754 13,759 13,764 13,752 13,764 14,166 Redemption fund for F.R. notes 1,432 1,431 1,422 1,417 1,412 1,433 1,412 1,291 15,189 15,197 15,176 15,176 15,176 15,185 15,176 15,457 Cash 141 143 140 150 156 140 169 366 Discounts and advances: Member bank borrowings 93 214 334 365 204 79 226 96 Other Acceptances: 48 48 48 48 48 47 47 38 Held under repurchase agreements 53 22 31 18 7 36 5 U.S. Govt. securities: Bought outright: Bills 7 4,908 4,815 4,916 4,887 4,479 5,171 4,643 3,332 Certificates Special Other 14,454 Notes .. . 24 912 24 912 24,912 24,905 24,887 24,912 24 905 9,753 4,711 4,711 4,711 4,681 4,647 4,711 4,681 4,449 34,531 34,438 34,539 34,473 34,013 34,794 34,229 31,988 Held under repurchase agreements 179 118 182 10 39 Total U.S. Govt. securities 34,531 34,617 34,657 34,655 34,023 34,794 34,229 32,027 Total loans and securities 34,725 34,901 35,070 35,086 34,282 34,956 34,502 32,166 Cash items in process of collection 6,241 7,216 5,231 5,326 5,219 5,350 5,027 5,229 103 103 103 103 103 103 103 102 Other assets: Denominated in foreign currencies 109 159 159 213 213 124 213 113 All other 231 210 203 181 159 246 168 274 Total assets 56,739 57,929 56,082 56,235 55,308 56,104 55,358 53,707 Liabilities F.R. notes. 32,272 32,343 32,308 32,120 31,933 32,409 31,925 30,342 Deposits: Member bank reserves 17,017 17,491 16,920 17,250 16,490 16,973 16,890 16,965 967 790 845 804 884 939 997 806 139 154 142 119 145 156 161 175 Other 197 213 190 212 185 182 184 242 18,320 18,648 18,097 18,385 17,704 18,250 18,232 18,188 4,420 5,236 3,901 3,981 3,945 3,717 3 463 3 591 Other liabilities and accrued dividends i 116 113 119 115 111 97 112 71 Total liabilities 55,128 56,340 54,425 54,601 53,693 54,473 53,732 52,192 Capital Accounts 512 512 512 512 512 513 512 481 Surplus 990 990 990 990 990 990 990 934 Other capital accounts 109 87 155 132 113 128 124 100 Total liabilities and capital accounts 56,739 57,929 56,082 56,235 55,308 56,104 55,358 53,707 Contingent liability on acceptances purchased for foreign correspondents 148 147 148 147 147 146 146 83 U.S. Govt. securities held in custody for foreign account 8,172 8,037 7,937 7,899 7,890 8,043 7,892 7,957 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 34,302 34,302 34,194 34,004 33,939 34,411 33,957 32,014 Collateral held against notes outstanding: Gold certificate account 6,542 6,542 6,542 6,542 6,527 6,542 6,542 7,243 Eligible paper 13 14 41 52 27 16 21 23 U.S. Govt. securities 28,832 28,802 28,537 28,437 28,407 28,847 28,407 25,674 Total collateral. 35,387 35,358 35,120 35,031 34,961 35,405 34,970 32,940 1 No accrued dividends at end-of-June dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 FEDERAL RESERVE BANKS 859 STATEMENT OF CONDITION OF EACH BANK ON JUNE 30, 1964 (In millions of dollars) Phila- Kan- San Item Total Boston New del- Cleve- Rich- Atlan- Chi- St. Minne- sas Dallas Fran- York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account . 13,752 701 3,639 758 1,017 927 770 2,379 517 235 577 467 1,765 Redemption fund for F.R. notes 1,433 82 341 80 124 114 86 257 59 27 55 45 163 Total gold certificate reserves 15,185 783 3,980 838 1,141 1,041 856 2,636 576 262 632 512 1,928 F R notes of other Banks 426 19 154 27 30 22 44 27 15 27 10 21 30 140 10 42 3 7 11 15 15 7 3 5 6 16 Discounts and advances: Secured by U.S. Govt. securities... 78 1 3 4 16 26 * 6 13 7 Other 1 * 1 * * Acceptances: Bought outright 47 47 Held under repurchase agreements. 36 36 U.S. Govt. securities: Bought outright 34,794 1,796 8,684 1,868 2,893 2,336 1,862 5 883 1 344 714 1 385 1 378 4 651 Held under repurchase agreements. Total loans and securities . 34,956 1,797 8,768 1,871 2,894 2,340 1,879 5,909 1,344 720 1,398 1,385 4,651 Cash items in process of collection... 6,562 501 1,394 412 483 483 552 1,042 288 181 357 302 567 Bank premises 103 3 8 3 6 5 18 22 6 4 6 12 10 Other assets: Denominated in foreign currencies. 124 6 133 7 11 6 7 18 4 3 5 7 17 All other 246 13 60 14 20 17 13 40 10 6 11 10 32 Total assets 57,742 3,132 14,439 3,175 4,592 3,925 3,384 9,709 2,250 1,206 2,424 2,255 7,251 Liabilities F.R. notes 32,835 1,931 7,892 1,912 2,775 2,699 1,888 5,907 1,327 587 1,275 992 3 650 Deposits: M^ember bank reserves .. 16,973 609 4,847 802 1,201 671 915 2,577 553 380 774 871 2,773 U.S. Treasurer—General account.. 939 65 180 40 55 84 56 140 64 49 49 51 106 156 6 2 61 7 12 7 7 18 4 3 6 7 18 Other 182 * 122 1 * 2 1 2 1 2 1 50 Total deposits 18,250 680 5,210 850 1,268 764 979 2,737 621 433 831 930 2,947 Deferred availability cash items 4,929 439 882 318 397 373 419 814 243 146 242 235 421 Other liabilities 97 23 c 7 6 5 16 3 3 4 4 16 Total liabilities 56,111 3,055 14,007 3,085 4,447 3,842 3,291 9,474 2,194 1,169 2,352 2,161 7,034 Capital Accounts 513 24 136 28 46 25 29 73 18 12 23 30 69 Surplus 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 128 6 32 7 9 9 8 22 4 2 6 7 16 Total liabilities and capital accounts.. 57,742 3,132 14,439 3,175 4,592 3,925 3,384 9,709 2,250 1,206 2,424 2,255 7,251 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): June 30 1964 29.7 30.0 30.4 30.3 28.2 30.1 29.9 30.5 29 6 25.7 30.0 26 6 29.2 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 June 30 1963 31.6 32.3 31.5 31.2 30.6 30.4 33.2 31.9 30.3 33.1 32.7 32.1 31.7 Contingent liability on acceptances purchased for foreign correspondents . 146 7 3 37 8 14 7 8 21 5 3 7 9 20 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) . 34,411 2,005 8,375 1,967 2,969 2,780 1,982 6,118 1,392 608 1,315 1,052 3,848 Collateral held against notes outstanding : Gold certificate account 6,542 423 1,650 405 500 565 340 1,100 260 112 272 180 735 16 3 13 U.S. Govt. securities 28,847 1,610 6,850 1,600 2,550 2,245 1,700 5,177 1,210 505 1,100 900 3,400 Total collateral 35,405 2,033 8,500 2,008 3,050 2,810 2,040 6,277 1,470 617 1,385 1,080 4,135 1 After deducting $91 million participations of other F.R. Banks. 3 After deducting $109 million participations of other F.R. Banks. 2 After deducting $95 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BANKS; BANK DEBITS JULY 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 June 24 June 17 June 10 June 3 May 27 June May June Discounts and advances—Total.. . 93 214 334 365 204 79 226 96 Within 15 days 87 210 330 359 199 73 218 89 16 days to 90 days 6 4 4 6 5 6 7 91 days to 1 year Acceptances—Total 101 70 79 66 55 83 47 43 Within 15 days 64 36 45 31 20 45 13 17 16 days to 90 days 37 34 34 35 35 38 34 26 U.S. Government securities—Total 34,531 34,617 34,657 34,655 34,023 34,794 34,229 32,027 Within 15 days i 696 820 616 800 605 670 343 645 16 days to 90 days 4,463 4,477 4,676 4,496 4,293 4,635 4,667 5,681 91 days to 1 year 12,606 12,554 12,599 12,630 12,447 12,723 12,490 15,166 Over 1 year to 5 years 14,691 14,691 14,384 14,364 14,335 14,691 14,364 8,306 Over 5 years to 10 years 1,836 1,836 2,143 2,131 2,113 1,836 2,131 2,057 Over 10 years 239 239 239 234 230 239 234 172 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an 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 u l e a i t l n h d d e e s r r - s f S r w an i c ss s 1963—Oct ... 115 3 51 2 1 2 51 4 * Nov 110 5 41 6 1 5 51 1 * Dec 153 10 37 2 1 1 101 1 * 1964—Jan 254 10 37 2 1 1 201 2 * Feb 271 11 52 2 1 1 201 * 3 Mar 330 11 52 4 1 6 234 21 2 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts l Annual rate of turnover (billions of dollars) of demand deposits * All Leading centers 337 other Leading centers 337 other Period re c p e o n r te ti r n s g New York 6 others 2 r c e e p n o t r e t r i s n 3 g New York 6 others 2 r c e e p n o te rt r i s n 3 g 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 I960 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—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 '329.6 135.1 135.3 67.7 68.6 M25.0 r125.7 90.9 91.1 47.6 48.4 30.4 30.9 35.3 35.5 June.... 353.8 140.2 151.2 67.5 70.9 126.7 131.7 94.5 101.4 »47.1 ^48.9 *>30.5 »31.5 ^35.0 ^36.0 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

JULY 1964 U.S. CURRENCY 861 DENOMINATIONS IN CIRCULATION (In millions of dolars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Coin $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 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 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—May. . . 35,067 24,953 2,850 ,562 96 2,266 6,932 11,24610,114 3,001 6,572 243 292 3 4 June 35.470 25,266 2,878 ,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July.... 35;663 25,368 2,904 ,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 3 4 Aug 35,850 25,487 2,926 ,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept... . 35,891 25,468 2,947 ,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 ,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov... . 37,227 26,536 2,986 ,644 100 2,396 7,359 12,05010,691 3,155 6,988 247 295 3 4 Dec 37,692 26,807 3,030 ,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 3 4 1964—Jan 36,247 25,500 3,021 ,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb.. . . 36,312 25,561 3,044 ,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar... . 36,799 26,000 3,105 ,621 102 2,321 7,096 11,75410,799 158 7,094 246 294 3 4 Apr.. . . 36,885 26,063 3,139 ,630 103 2,320 7,095 11,77510,822 172 7,104 247 292 3 4 May. . . 37,208 26,353 3,169 ,655 105 2,350 7,170 11,90410,855 185 7,127 246 291 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 Held by Total out- F.R. Kind of currency s M ta 1 a n 9 y d 6 i 3 4 n 1 g , A g s a o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s A B a g a n e n d n k t s s M 1 a 9 y 6 3 4 1, Ap 1 r 9 . 6 3 4 0, M 1 a 9 y 6 3 3 1, certificates Agents Gold 15,463 (15,176) 2 287 Gold certificates (15,176) 3 12,360 2,816 F.R. notes 33,956 72 2,033 31,851 31,563 29,888 Treasury currency—Total. 5,583 (1,833) 58 169 5,356 5,322 5,178 Standard silver dollars 485 3 482 482 405 Silver bullion 1,872 1,833 39 Silver certificates (1,833) 129 1,704 1,699 ^846" Subsidiary silver coin 1,984 14 13 1,958 1,933 1,774 Minor coin 733 1 2 730 724 672 United States notes 347 1 24 321 322 320 In process of retirement 4. 163 162 163 169 Total—May 31, 1964 5 55,001 (17,009) 416 12,360 5,018 37,208 Apr. 30, 1964 5 54,803 (17,039) 413 12,379 5,126 36,885 May 31, 1963 5 52,964 (17,649) 391 12,708 4,798 35,067 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. Esti- by standard silver dollars and monetized silver bullion. Duplications mated totals for Wed. dates shown in table on p. 853. 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 notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. BULL., 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

862 MONEY SUPPLY JULY 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted 1Vloney supply Money supply Period Time Time U.S. deposits ieposits 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 - 1 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 us a t d e - d 1 d d e e p m os a i n ts d * 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 82.8 149.4 30.2 119 2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 c120.3 96.7 5.6 1963—May 149.6 31.3 118.3 103.6 147.5 31.0 116.5 104.3 7.1 June 150.2 31.5 118 6 104 6 148.3 31.4 116 9 105 2 7.5 July 151.0 31.6 119.4 105.6 149.5 31.8 117.7 106.2 7.8 Aug 151.2 31.8 119.5 107.1 149.2 31.9 117.3 107.5 6.3 Sept 151.6 31.9 119.7 108.1 150.6 31.9 118.6 108.3 6.6 Oct 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109.5 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 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 June23 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 Half month 1964 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 P* (2>:: : 154.8 33.1 121.7 116.6 156.0 32.6 123.4 116.9 2.8 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) 155.2 33.5 121.7 118.4 153.8 33.4 120.4 119.1 6.3 (2)P 155.9 33.4 122.5 118.6 153.4 33.2 120.2 119.2 9.3 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e T s p a i t o d m ed s - e i t i s d d e G e p U m o o .S s a v i . n t t . s d 1 en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e T s p a i t o d m e s - d e i t i s d d e G e p U m o o .S s a v i . n t t . s d * 1963 Mar 6 147.5 30.7 116.8 101.0 6.5 1964—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 c103.0 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 C7.6 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 3 152.5 33.1 119.3 118.9 7.2 12 148.9 31.5 117.3 105.1 4.7 10 153.2 33.5 119.7 119.2 6.2 19 C149.4 31.4 c118.0 105.2 5.9 17 155.3 33.4 122.0 119.2 6.3 26 147.1 31.2 115.9 105.3 10.5 24 153.5 33.3 120.2 119.2 9.0 July 3.... 148.1 31.6 116.6 105.8 10.9 July 1v. . . . 153.3 33.5 119.7 119.3 10.2 10 148.6 32.1 116.5 105.9 9.5 8p. . . . 154.7 34.2 120.5 119.6 9.7 17 150.0 31.8 118.2 106.1 7.7 15 1 At all commercial banks. eign demand balances at F.R. Banks; and (3) currency outside the Treasury, the FRS, and the vaults of all commercial banks. Time deposits adjusted NOTE.—Averages of daily figures. For back data see June 1964 BULL., are time deposits at all commercial banks other than those due to domestic pp. 679-92. Money supply consists of (1) demand deposits at all com- commercial banks and the U.S. Govt. mercial banks other than those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) for- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 BANKS AND THE MONETARY SYSTEM 863 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capita] Bank credit a T s o se ta ts l , Treas- net— Date Gold s r t c o e u i a u n n u r n r g y c t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o v 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 i n b e i e t t d t a i s a l l - l, c d u e T r a p o r n o e t d s n a i l c t y s C c m o a a n a u p n i e c n s i d - t c t t a s . l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31.. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30.. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—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—June 29.. 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 July 31.. 15,600 5,600 318,200 177,900 101,800 68,700 32,500 700 38,500 339,400 308,700 30,700 Aug. 28.. 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25.. 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 Oct. 30.. 15,600 5,600 323,600 182,200 101,300 67,900 32,800 700 40,100 344,700 312,800 32,000 Nov. 27.. 15,600 5,600 327,000 185,200 102,200 68,200 33,300 600 39,700 348,200 316,200 32,000 Dec. 20.. 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—Jan. 29*. 15,500 5,600 328,700 187,200 101,400 68,100 32,700 600 40,100 349,800 319,000 30,800 Feb. 26*. 15,500 5,600 330,400 188,700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25*. 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr. 29 '1 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 June 24*. 15,500 5,600 340,600 198,800 100,000 64,900 34,500 600 41,800 361,700 329,700 31,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) u. s Seasonally adjusted i Not seasonally adjusted Time Government Date Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i 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 o d e e n d - s - d i t 2 s Total m b C e a o r n c m k ia s - 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 F e e i o g t r 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 A n i e i m a n t d r l - g - s B F A a .R n t k . s banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 :,498 2,215 1,895 867 1945 Dec 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,287 24,608 977 1947_Dec. 31 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 : ]682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 1,518 1,293 2,989 668 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 l$,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 l,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 l,488 405 7,090 602 1963—June 29 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 l,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 ,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 ,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 ,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6,986 850 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. 26*... 151,200 32,000 119,200 150,400 31,600 118,800 160,600 114,800 45,400 400 1,100 500 6,000 800 Mar. 25*... 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 1,200 400 8,100 1,100 Apr. 29 r*.. 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 27*... 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 June 24*... 153,200 32,700 120,500 151,200 32,700 118,500 165,800 118,600 46,700 400 1,300 400 10,100 1,000 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

864 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 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 t a e nk 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 n i a t t i - d i t a e a l s l Total i I D n e t - erbank i Dema O nd ther r B in o o w g r s - - c c T a o a p o u c t i n - t a a t l s l b N a b u o n e m f r k - s Govt. Other cou ac n - ts 2 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 30,362 10011,288 8,577 35,415 177,332165,612 14,065 105,935 45,613 22710,542 14, ' 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 66 11,948 14,714 1961—Dec. 30 256,700154,318 72,715 29,667 57,368 321,394 228877.17617,914 482 5,952141,979120,848 482 26,227 13,946 1962—Dec. 28 280,397172,822 72,56335,012 54,939 343,201303,653 16,008 535 6,839141,084139,188 3,635 28,046 13,940 1963—June 29 287,411179,714 69,708 37,989 52,046 347,896 309,42815,042 55111.069 133,681149,083 1,563 28,612 13,993 Sept. 25 292,200184,470 67,970 39,760 48,920 349,210 308,35014,510 550 8,850132,380152,060 2,930 28,830 14,034 Oct. 30 293,550185,640 67,860 40,050 48,770 350,510 309,02014,790 550 3,661100 135,840154,230 3,690 29,020 14,050 Nov. 27 296,870188,950 68,190139,730 51,270 356,420 313,63014,880 550 4,390 139,100154,710 4,430;29,130 14,068 Dec. 20 302,251 192,686 69,068 40,497 51,536 362,394 319,63615,267 528 6,734141,576155,531 3,702 29,882 14,079 1964—Jan. 29? 298,190190,010 68,050 40,130 48,530 355410 313,95014,090 570 2,820 137,480 158,990 3,230 29,53014,095 Feb. 26P 299,450191,340' 67,530 40,580 48,830 356940 314,55013,960 590 5,730 133,850160,420 3,320 29,87014,113 Mar. 25" 303,200194,440: 67,610 41,,1 50 ,4 8,.2 80 360,310 318,07014,070 630 7,8701133,500 162,000 3,270 29,99014,122 Apr. 29 rP 304,130196 580 6^*6~, 118 o0n 4 411, 3n7n0 U4o8 ,—71-0- 361,760,318,45013,700 640 4,180jl36,620 163,310 3,560 30; 2"90'14,140 May 27 " 305,660199',2lO 65,150 41,300 48,850 363,420 319,50013,680 630 7,2001133,080 164,910 3,560 30,620 14,154 June 24" 308,850 202,170 64,890 41,790 49,430 367,040 323,64013,920 650 9,890 133,600165,580 3,540 30,660 14,175 Commercial banks: 1941_Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945_Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947_Dec. 313 116,284 38,057 69,221 9,006 37,502 155,377 144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30 215,441124,925 66,578 23,937 56,432 278,561 248,68917,914 481 5,946 141,920 82,429 47122,45913,432 1962—Dec. 28 235,839140,106 66,434 29,298 54,049 297,116 262,12216,008 535 6,829141,041 97,709 3,627 24,094 13,429 1963—June 29 241,014145,049 63,542 32,42351,156 299,875 266,17915,042 55011,060133,624105,903 1,545 24,582 13,482 Sept. 25 244,840148,870 61,810 34,160 48,080 300,225500 226644^,56600 1144.510 550 8,850 132; 320 11008,8330 2,930 24,720 113,524 Oct. 30 246,080149,670 61,960 34,450 47,950301,460 264,91014,790 550 3,610135,780 110,180 3,690 24,920 113,540 Nov. 27 249,070152,650 62,300 34,120 50,470 330077,^L6 0. 269^80 1144,880 550 4,390139,040110,420 4,430 255,;0' 133,555588 Dec. 20 254,162156,006 63,196 34,959 50,711312,773 275 120 15,267 526 6,729141,5"34 111,064 3,,6664 255,677 13,570 1964—Jan. 29? 249,790153,050 62,140 34,600 47,670 305,330 268,800 14,090 570 2,820 137,420 113,900 3,,230 25,380 13,586 Feb. 26^ 250,590154,000 61,540 35,050 47,930 306,340 269,090 13,960 590 5,730133,790 115,020 ,320 25,670 13,604 Mar. 25* 253,880156,810 61,500 35,570 47,390 309,270 272,110 1144,070 630 7,870133,450116,090 3^270 25^750 131614 Apr. 29? 254,590158,660 60,120 35,810 47,890 310,580 272,400 1133,700 640 4,180 136,570117,310 3,560 26,.0.8 013,633 May 27P 255,720 116600,860 59,110 35,750 48,000 311,810 273,311700 1133,680 630 7,200133,030118,630 3,560 26 ,3"8"0 13,647 June 24" 258,650163,600 58,820 36,230 48,540 315,120 2766,89013,920 650 9,890133,550118,880 3,540 26,420 13,669 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6—070 2299,845 138,304129,67013,576 64 2122!,179 69,640 24,210 208 7,589 6,884 1 1 9 9 4 6 7 1 — — D D e e c c . . 3 3 0 1 1 9 7 7 9 , , 8 5 4 9 6 9 10 3 06 2 6, , 2 62 3 8 2 5 54 7 , , 0 9 5 1 8 4 .. 3 3 0 0 4 8 4 32 9 , , 8 5 4 7 5 9 2 1 3 3 5 2v , ,0 H "6" 2 0 2 1 0 2 9 2 , , 6 5 3 2 0 8 1 1 7 2 , , 1 35 9 3 5 30 5 3 0 5 1 , , 3 1 8 7 1 6 1 8 1 0 9 , , 6 5 0 9 9 5 2 6 8 7 , , 3 1 4 5 0 7 4 5 3 4 81 8 8 , , 4 63 6 8 4 6 6 , ,1 9 1 2 3 3 1962—Dec. 28 195,698118,637 52,968 24! 219,468 15,309 358 6,0'"8'6 117,999 79,716 3,550 19,854 6,049 1963—June 29 199,495122,088 50,399 27,008 44,929 251,214 222,619 14,388 373 9,761 111,548 86,550 1,440 20,238 6,058 Sept. 25 202,599125,458 48,633 28,508 42 ,'2"1 1 2~__5~_1',,_3.1.2_ 220,730 13,837 371 7,936109,959 88,627 2,836 20,377 6,092 Oct. 30 203,343126,074 48,568 28,701 4411,,895 —25 1,833 220,4—7 514,083 377 3,154 111122,702 90,159 3,553 20,555 6,097 Nov. 27 205,816 112288,811 48,647 28,358 44,276 256778 224,31514,171 376 3,812115,516 90,440 4,244 20,606 6,104 Dec. 20 210,127131,712 49,342 29,073 44,395 261,469 229,37"6' 14,518 382 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 2,394 113,823 93,395 3,073 20,952 6,124 Feb. 26 206,916129,888 47,873 29,155 41,969 255,804 223,94013,275 448 5,044 111100,823 94,350 3,166 21,172 6,130 Mar. 25 209,979132,381 47,985 29,613 41,171 258, ,54113,378 489 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 3,37121,500 6,153 May 27 211,293135,665 45,979 29,649 41,983 260,441227,45913,022 489 6,440 111100,182 97,326 3,389 21,719 6,161 June 24" 214,131138,128 45,866 30,137 42,451 263,611230,94013,226 502 8,884 110,655 97,673 3,41121,793 6,179 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—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 51© 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 5,530 860 50,080 45,150 45,090 4,150 509 Feb. 26 48,860 37,340 5,990 5,530 900 50,600 45,460 45,400 4,200 509 Mar. 25 49,320 37,630 6,110 5,580 890 51,040 45,960 45,910 4,240 508 Apr. 29 49,540 37,920 6,060 5,560 820 51,180 46,050 46,000 4,210 507 May 27 49,940 38,350 6,040 5,550 850 51,610 46,330 46,280 4,240 507 June 24" 50,200 38,570 6,070 5,560 890 51,920 46,750 46,700 4,240 506 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 865 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 sl c c b T o a i a l l a o u p i i n c a t t n i d - i - a t e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im i e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a t i a l ts l b N a b i u o n e m f k r s - Govt. Other Reserve city member banks: New York City.3,4 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,01711,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 Sept. 25 32,957 22,036 5,642 5,279 8,995 44,185 36,361 3,991 202 2,078 19,35310,737 ,031 3,945 13 Oct. 30 32,860 21,765 5,926 5,169 8,776 43,847 35,655 4,020 209 668 19,57111,187 ,438 3,966 13 Nov. 27 33,615 23,103 5,634 4,878 9,259 45,200 36,807 4,272 212 665 20,20111,457 ,480 3,966 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 ,438 3,984 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 ,294 4,161 13 Feb. 26 33,611 22,799 5,561 5,251 9,317 45,377 37,010 4,060 268 901 19,69412,087 ,320 4,184 13 Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 ,187 4,184 13 Apr. 29 , 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 ,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 ,494 4,351 14 June 24^ 36,072 25,038 5,618 5,416 8,955 47,420 38,928 3,993 299 1,957 19,44813,231 ,507 4,362 14 City of Chicago:3 1941—Dec. 31 , 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 , 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 , 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 1,624 369 5,268 2,008 35 870 9 1962—Dec 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 1,277 410 5,264 3,025 262 948 13 1963—June 29 9,08: 5,545 2,071 1,466 2,136 11,440 10,141 1,202 584 4,840 3,499 111 974 12 Sept. 25 , 9,346 5,796 1,915 1,635 2,094 11,623 10,036 1,209 583 4,669 3,563 327 983 12 Oct. 30 9,211 5,826 1,743 ',642 1,993 11,394 9,934 ,218 186 4,802 3,714 274 990 12 Nov. 27 9,376 6,038 1,731 ,607 1,955 11,521 10,103 ,186 200 4,909 3,794 211 993 12 Dec. 20 9,615 6,220 1,705 ,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,24: 5,837 1,823 ,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 ,002 12 Feb. 26 9,423 5,956 1,867 ,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 ,002 12 Mar. 25 9,695 6,064 2,063 ,568 1,776 11,713 10,128 ,124 472 4,627 3,889 327 ,011 12 Apr. 29 9,316 6,088 1,706 ,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 ,012 12 May 27 9,394 6,173 1,706 ,515 2,185 11,806 10,414 ,151 384 4,810 4,046 185 ,008 12 June 24 P 9,464 6,199 1,678 ,587 2,155 11,852 10,379 ,132 581 4,598 4,044 262 ,012 12 Other reserve city:4 1941— Dec. 31 15,34' 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9.760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,438 2200,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—June 29 74,614 48,164 17,326 9,12418,526 95,433 85,555 6,811 110 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 6,959 97 2,941 40,34134,216 1,250 7,557 196 Oct. 30 76,106 50,132 16,324 9,65017,185 95,705 84,266 7,062 94 1,141 41,35934,610 1,500 7,635 194 Nov. 27 76,776 50,699 16,472 9,60518,887 98,069 85,891 6,949 90 1,462 42,69834,692 2,102 7,653 195 Dec. 20 78,370 51,891 16,686 9,79218,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—Jan. 29 76,859 51,034 16,152 9,67316,826 96,184 84,938 6,512 98 813 41,43936,076 1,146 7,773 189 Feb. 26 77,289 51,529 15,994 9,76617,193 96,845 85,456 6,449 105 2,062 40,234 3'6,606 1,095 7,814 189 Mar. 25 78,288 52,395 15,86610,02716,863 97,572 86,404 6,495 107 2,796 40,167 36,839 1,000 7,815 186 Apr. 29 78,650 52,811 15,69210,14717,445 98,569 86,601 6,232 117 1,586 41,32137,345 1,500 7,984 186 May 27 79,226 53,749 15,29410,18316,999 98,750 86,814 6,231 115 2,708 40,009 37,751 1,301 8,032 183 June 24 P 80,288 54,588 15,32110,37917,556100,345 88,448 6,455 123 3,691 40,35137,828 1,333 8,059 183 Country member banks:3,4 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 ,925 1,641 46,21131.832 40 7,088 5,885 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,34: ,773 1,931 46,89536,692 172 7,744 5,828 1963—June 29 82,95: 46,934 24,49611,522 14,465 99,361 89,470 ,641 3,33: 45,06639,371 127 7,894 5,839 Sept, 25 84,421 47,869 24,53712,01513,644 99,829 89,779 ,678 2,334 45,596 4"0,111 228 7,892 5,871 Oct. 30 85,166 48,351 24,57512,24013,941100,887 90,620 ,783 1,159 46,970 40,648 341 7,964 5,878 Nov. 27 86,049 48,971 24,81012,26814,175101,988 91,514 ,764 1,485 47,708 40,497 451 7,994 5.884 Dec. 20 87,316 50,023 24,79712,49614,274103,615 92,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213,796102,111 91,815 ,736 1,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,53813,436101,941 91,418 ,64: 1,802 46,180 41,734 381 8,172 5,916 Mar. 25 87,111 50,269 24,17712,66514,002103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,946 12; 83213,462103,175 92,305 ,629 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,360 12,647 13,406102,539 91,641 ,569 1,999 45,693 42,324 409 8,328 5,952 June 24 P 88,307 52,303 23,249 12,755 13,785 103,994 93,185 ,646 2,655 46i 258'42,570 309 8,360 5,970 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities as C s a e s ts h * c b T a i a l l o p i i n a t t i d i a t - e a l s l Total I D n e t - erbank i Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m r ks - Govt. Other cou a n c- ts 2 mand Time G U o .S v . t. Other Time Insured commercial banks: 1941—Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,227766 2299,876 215 8,67113,297 1947—Dec. 31. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1961—Dec. 30. 213,904 124,348 66;,,026 23,531 56,086 276,600 247,17617,737 333 5,934141,050 82,122 46:22,08913,108 1962—Dec. 28. 234,243 139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815140,169 97,380 3,,584 "2"3,71213,119 1963—June 29. 239,447 144,363 63,037 3322,047 50,770 297,836 264,65414,871 43011,005132,788105,559 1,498 24,19113,189 Dec. 20. 252,579 155,261 62,72334,594 50,337 310,730 273,65715,077 443 6,712140,70f 110,723 3,57125,27713,284 National member banks: 1941—Dec. 31. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76i,,292 45,441 22511,875 4,513 1962—Dec. 28. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 _5_3,733 1,63612,750 4,505 1963—June 29. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 5"8",462 60013,008 4,537 Dec. 20. 137,447 84,845 33,384 1"9,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,70413,548 4,615 State member banks: 1941—Dec. 31., 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 ,502 1945—Dec. 31., 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 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 ,600 1962—Dec. 28., 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 25,983 1,914 7,104 ,544 1963—June 29., 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 ,521 Dec. 20., 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,,7"2-5 2"9,642 1,795 7,506 ,497 Insured nonmember commercial banks: 1941—Dec. 31., 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 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 21,456 14,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,170 17,664 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,14019,793 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 m 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 323 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 835 343 379 308 Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 291 285 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 1,596 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 23,04217,994 77 4,240 7,380 1963—June 29. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1,300 22,076 "1,9353 105 4,343 7,424 Dec. 20. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 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

JULY 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 867 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 Total i Interbank i Dema O n t d her B r i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - G U o .S v . t. Other cou ac n - ts 2 m D a e n - d Time U.S. Other Time Govt. Noninsured mutual sayings 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 2 5,553 637 339 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 4 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 6 5,420 1 608 180 1963 June 29 6,269 4,132 1,621 516 101 6,440 5,663 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•" Soecce nnuoticeas;, py.. v6n43j,, rMviaayy i179u6t4 IBI\UJLL.LL,.. H in I J F T.J . V R . . i m iic e i m uu b c e i r M sh ii i p p , , u d c e p p u o s s n it l i i n is s u u im ra i n w c c e s s i t a a i t u u s s , , c a u n iu d m th e e i 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). Corn- LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Date Securities Securities Total i Loans1 Total* 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 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—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 312 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec 312 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1963 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 J A u u ly g 2 3 8 1 2 23 3 9 8 . 2 0 1 1 4 4 2 3 . . 6 6 6 62 2 . 0 6 3 3 2 3 . . 8 6 2 2 3 3 7 7 . . 8 1 1 14 4 2 2 .4 5 c6 6 0 2 . . 9 5 3 3 2 3 . . 9 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 29P . . . .. 246.7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb. 26P 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 29P 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 June 30^2 ; 255.1 158.9 59.9 36.3 256.1 160.5 59.1 36.4 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.—For back data, see June 1964 BULL. pp. 693-97. June 30 and Dec. 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 COMMERCIAL BANKS JULY 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s 1 - Total 2 C m d t a c i r o u n i n i e s a m a d - - r l l - - A c tu u a g l r l - r - i- o b k d a T s r r e e n o e o r a d - c c s l a u - r r o r it y t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs Real O v u i d t t i a n h o i d - l - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds S g s l r a o i e o t t n c c a i v e d u a t t e s l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31. 116,284 38,057 18,1671,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 276 3,729 1 1 9 9 6 6 2 1 — —D D e e c c . . 2 3 8 0 . . 2 2 1 3 5 5 , , 4 8 4 3 1 9 1 1 2 4 4 0 , , 9 1 2 0 5 6 4 45 8 , , 1 6 7 7 2 3 6 7, ^ 0 4 9 8 7 4 5 , , 0 1 5 4 6 4 22 2 , , 1 1 3 3 4 1 2 1 , ,0 5 3 7 3 8 7 8, , • 3 " 1 "" 13 .. 0 ,320 27,847 3 3 , , 9 4 0 1 9 2 6 6 6 6 , , 4 5 3 7 4 8 1 1 1 1 , , 4 6 8 7 8 4 2 3 , , 1 9 1 3 4 2 2 2 6 3 , , 3 8 36 4 1 26 2 , 69 6 ,8 4 —7 1 24, , 7 34 5 5 5 3 4, , 5 5 4 9 3 2 1963—June 29. 241,014145,049 49,862 7,5414,645 2,233 1,934 88,|649 36J25 32;661 3,812 63,542 9,128 3,216 23,82127,3 78 27,,8 17 4,,606 Dec. 20. 254,162156,006 52,947 7,470 5,3532,509 3,605 9,479 39,056 34,550 4,034 63,196 11,059 1,658 22,415 28,065 29,786 5,173 AH insured: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 40 4,773 505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,461 11,,331144 3,164 3,606 49 4,677 2,361 1,132 88,912 2,45519,07116,045 5-1',342 3,873 3,258 1947—Dec. 31. 114,274 37,58318,012 1,610 823 ,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.213,904124,348 44 965 6,211 4,,030 2,107 1,027 7,,2 96 30,.2 1127,708 3,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28.234,243139,449 48 458 7,060 5,119 2,103 2,551 8,434 34,123 30,402 3,890 65,89111,514 3,916 23,715 26,746 24,547 4,356 1963—June 29.239,447144,363 49;666600 77,513 4,615 2,203 1,902 8.620 36,558 32,506 3,793 63,037 9,002 3,203 23,741 27., 0,92 27,573 4,475 Dec. 20. 252,579155,26152,743 7,444 5,3212,476 3,594 9J415 38,861 34,383 4,015 62,72310,952 1,649 22,316 27,806 29,559 5,035 Member, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 2,27516,98514,27144,807 3, ,815 1947—Dec. 31. 97,846 32,628 16,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5-,295 4,199 3,105 1961—Dec. 30. 179,599106,232 40,9313,934 3,877 1,827 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 4^19 4;954 1 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,249 19",443 414 20,773 3,319 1963—June 29. 199,495122,088 44,7014,664 4,436 1[880 1,844 8,134 29,127 26,366 3,557 50,399 6,863 2,60819,423 ,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 1,30718,0—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 2,453 1,172 26 80 287 27217,574 477 3,433 3,325 100,339 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30. 30,297 19,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28. 32,989 21,95411,943 17 22,766 425 572 2,087 1,329 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—June 29. 32,847 21,44611,630 13 2,308 448 546 2,044 1,845 2,161 1,034 6,506 1,639 240 2,508 2,118 4,451 444 Dec. 20. 34,827 23,57712,332 26 2,677 569 1,007 2,247 1,968 2,257 1,068 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 1,3421,053 1961—Dec. 30. 68,565 42,379 16,8791,076 976 784 470 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 17,660 1,1791,053 752 1,020 3,58311,030 9,8601,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29. 74,614 48,16417,8051,245 1,090 786 751 3,88611,68310,4641,380 17,326 1,685 1,191 7,281 7,168 8,163 961 Dec. 20. 78,370 51,89118,862 ,219 ,243 891 1,224 4,286 1"2,525 11,1061,462 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 2"6,999 630 5,102 4,544 166,722 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,108 17,687 2,,006 1,262 1961—Dec. 30. 73,131 39,69310,165 2,811 591 438 116 1,25113,24211,132 75124,407 3,614 566 9,560 10,667 7,530 1,500 1962—Dec. 28. 80,623 44,69811,299 ,187 728 447 764 1,56314,44112,273 826 "255,425 4,144 1,223 8,84911,209 8,694 1,807 1963—June 29. 82,952 46,93412,215 ,378 680 469 412 1,46315,20613,186 856 24,496 3,112 1,106 8,851 11,427 9,6921,830 Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,531 11,87110,3-8-5 2,111 Nonmember: 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,883300 22,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,9821,224 1963—June 29. 41,519 22,961 5,1612,877 209 354 90 515 7,598 6,295 25413,143 2,265 608 4,398 5,873 4,2841,131 Dec. 20. 44,035 24,295 5,544 2",811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,5761,309 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 COMMERCIAL BANKS 869 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re- Bal- Deb 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 a . r i n v R t k e h . s s r C c e a o n u n i c d r n - y b m a a w n d e n o i c s k t - e t h s i s c 3 j m u p s o d a a t e d s e n - i - d t d s 4 me D I s o n ti - t c e r 3 ba e n F i k g 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 r c r i d d t . s k - i ' - s, IPC I b n a t n e k r- P G U S i o a n o . a n s g S v v t d . a s - t l . g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p l - n i t - s Total: 2 1947_Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.. 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.. 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 627 2244,094 1963—June 29.. 16,529 3,483 12,579117,419 13,749 1,294 111,060 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 7,908102,886 3,664 25,677 All insured: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.. 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 1962—Dec. 28.. 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 3,,558844 2233,712 1963—June 29.. 16,529 3,468 12,237116,471 13,607 1,264 111,005 12,300 4,421 116,067 430 254 7,412 97,8931,498 24,191 Dec. 20.. 17,150 4,033 11,984 12"5,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,,660000 3 25,277 Member, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 222,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.. 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,,5 50 1199,854 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 80,3221,440 20,238 Dec. 20.. 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,326 3• 1499 2,1054 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 8,9371,728 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.. 94f 200 3,153 ,292 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 175 3,737 ,196 72 285 63 3,85' 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 11 4,355 130 3,363 111 974 Dec. 20.. 1,019 98 4,144 ,169 395 275 11 4,500 185 3,595 255 996 Other reserve city: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,30: 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 1,15: 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 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 43f 2,64^ 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 1,94"" 5,389 44,689 ,753 1,931 5,337 756 40,801 100 2,242 34,350 n:7,744 1963—June 29.. 4,933 1,599 5,182 42,524 ,617 3,33f 5,610 755 38,700 94 2,631 36,647 7,894 Dec. 20.. 4,919 1,884 5,060 46,049 ,764 1,960 5,590 790 41,877 86 2,778 37,829 127 8,377 390 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 40: 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28.. 989 5,202 22,814 64: 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—June 29.. 840 4,889 21,782 603 1,300 2,861 442 18,773 17 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. 5 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

870 WEEKLY REPORTING MEMBER BANKS JULY 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 n a n e n d t s s s t- 1 j i m u n a s a v e n t d e e n d - s d t t s * - j L u o s a t a d e n - d s 2 i C m n t a c r o d n i e i a m u a d r l l s - - - A t c u u g r l- r a i l - G c a T U t s u o i n e . o e r S - v d s i . - t b . d r e o O a k c t l e u t i e h e r r n s s s e - r G c U t s u T o i e . e S r - v o s i . - t. oth O c e t s u t i r e h e s r - s i e - r F ei o g r n B - ank c m m D c o t e i o i e m s a c - - r l - - f P s C i a e n a O e N t n c S l a r e . . d , n s o s . . nb O an t k her es R ta e t a e l ot A h l e l r V s t e i a r r o e l v - n u e a s - Total— Leading Cities 1963 June 5 131,641 129,645 82,388 34,922 ,548 323 3,080 81 1,489 707 1,996 3,840 2,866 16,566 18,904 1,938 12 131,882 129,961 82,686 34,994 ,549 376 3,111 77 1,494 714 1,921 3,805 2,931 16,645 18,928 1,938 19 133,219 131,935 84,167 35,449 ,550 594 3,309 76 1,498 761 1,284 4,192 3,013 16,703 18,960 1,938 26 134,553 133,116 84,693 35,559 ,533 645 3,423 104 1,522 728 1,437 4,218 3,074 16,771 19,055 1,939 1964 May 6 141,284 139,050 92,796 38,307 ,517 615 3,637 ,808 ,110 2,234 4,367 3,564 18,530 21,308 2,062 13 141,266 138,888 92,886 38,394 ,523 615 3,574 ,831 ,105 2,378 4,322 3,562 18,606 21,325 2,064 20 141,120 139,185 93,275 38,416 ,538 634 3,723 ,837 ,101 1,935 4,378 3,578 18,658 21,373 2,056 27 '141,421 rl 39,025 r93,158'38,320 ,545 534 3,783 ,838 ,117 2,396 r4,321 3,584 18,692'21,384 2,056 June 3 141,644 139,791 93,658 38,243 ,548 832 3,821 ,850 ,121 1,853 4,409 3,604 18,706 21,488 2,059 10 142,113 140,053 93,852 38,234 ,555 989 3,780 ,851 ,131 2,060 4,333 3,641 18,764 21,538 2,058 17 144,147 142,013 95,573 38,885 ,563 853 3,996 ,852 ,159 2,134 5,051 3,732 18,836 21,611 2,057 143,369 141,173 94,969 38,748 ,570 719 3,935 ,859 ,198 2,196 4,509 3,811 18,875 21,707 2,056 24 New York City 1963 31,345 30,640 19,946 11,327 144 1,686 423 332 705 1,264 524 1,668 3,111 566 June 5 31,695 30,848 20,025 11,345 190 1,711 428 336 847 1,235 530 1,685 3,103 566 12 31,981 31,743 20,706 11,530 347 1,839 429 349 238 1,441 534 1,693 3,082 566 19 32,455 32,151 20,867 11,589 280 1,891 436 331 304 1,470 544 1,712 3,129 565 26 1964 May if:::::::::: 3 33 3 , , 8 9 1 1 0 4 3 3 3 3 , , 1 0 6 4 9 5 2 2 2 2 , , 8 7 8 7 3 2 1 1 2 2, , 1 1 9 4 1 8 3 3 2 1 5 2 2 2, , 0 1 4 3 1 4 5 58 8 3 0 5 5 7 6 2 7 7 7 4 6 5 5 1 1, , 4 4 0 4 1 4 7 78 8 7 4 1 1, , 9 9 6 5 8 4 3 3 , , 4 4 4 6 2 2 5 5 6 6 6 6 20 33,683 33,124 22,897 12,202 317 2,112 586 558 559 1,435 777 1,973 3,457 566 27 33,882 33,206 22,967 12,195 298 2,190 586 579 676 1,438 774 1,977 3,450 567 June 3 33,929 33,489 23,082 12,097 363 2,265 591 580 440 1,465 785 1,981 3,473 566 10 34,290 33,704 23,248 12,101 623 2,225 591 590 586 1,408 788 1,983 3,457 566 17 35,061 34,552 23,990 12,394 456 2,367 592 606 509 1,852 792 1,994 3,455 566 24 34,472 33,783 23,415 12,300 337 2,352 593 647 689 1,451 803 2,003 3,444 565 Outside New York City 1963 June 5 100,296 99,005 62,442 23,595 ,535 179 1,394 ,066 375 ,291 2,576 2,342 14,898 15,793 1,372 12 100,187 99,113 62,661 23,649 ,536 186 1,400 ,066 378 ,074 2,570 2,401 14,960 15,825 1,372 19 101,238 100,192 63,461 23,919 ,538 247 1,470 ,069 412 ,046 2,751 2,479 15,010 15,878 1,372 26 102,098 100,965 63,826 23,970 ,520 365 1,532 ,086 397 ,133 2,748 2,530 15,059 15,926 1,374 1964 May 6 107,370 105,881 69,913 26,159 ,497 290 1,503 ,228 538 ,489 2,923 2,780 16,576 17,846 1,496 13 107,456 105,843 70,114 26,203 ,503 303 1,533 ,248 538 ,613 2,921 2,775 16,638 17,883 1,498 20 107,437 106,061 70,378 26,214 ,518 317 1,611 ,251 543 ,376 2,943 2,801 16,685 17,916 1,490 27 107,539105,819 •70,191 '26,125 ,524 236 1,593 ,252 538 ,720'2,883 2,810 16,715 17,934 1,489 m June 3 107,715 106,302 70,576 26,146 ,526 469 1,556 ,259 541 ,413 2,944 2,819 16,725 18,015 10 107,823 106,349 70,604 26,133 ,533 366 1,555 ,260 541 ,474 2,925 2,853 16,781 18,081 1,493 17 109,086 107,461 71,583 26,491 ,541 397 1,629 ,260 553 ,625 3,199 2,940 16,842 18,156 1,492 24 108,897 107,390 71,554 26,448 ,546 382 1,583 ,266 551 ,507 3,058 3,008 16,872 18,263 1,491 1,491 For notes see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 WEEKLY REPORTING MEMBER BANKS 871 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— Total Wednesday Total Bills c C t a i e f t i e r - - s W 1 i y i N n t e h a o - r m te a s 5 t u a 1 y n r e i d t a n o r g b s — o 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m a n i i c c t l e k e h - s s s - b a w e B f a n o i a n 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 e v t R - k h e . s s a o s A t s h e l e l t r s a c l c i a c a a t p i o b n e i u i s t d l a n i ' - l ts Total— Leading Cities 1963 June 5 29,660 3,929 1,773 2,413 14,491 7,054 17,597 17,350 3,002 208 1,525 12,615 5,150 167,715 12 29,566 3,876 1,769 2,437 14,512 6,972 17,709 17,670 3,157 231 1,701 12,581 5,067 169,401 19 29,791 4,068 1,761 2,472 14,494 6,996 17,977 18,194 3,167 219 1,670 13,138 5,032 170,641 26 30,377 4,223 1,757 2,462 14,524 7,411 18,046 17,702 3,048 214 1,746 12,694 5,091 170,720 1964 26,664 3,820 194 3,092 14,047 5,511 19,590 17,909 2,922 281 1,640 13,066 5,687 179,362 May.!::::::::: 26,440 3,640 206 3,118 14,015 5,461 19,562 17,896 3,088 263 1,836 12,709 5,729 180,092 20 26,488 3,772 3,744 13,117 5,855 19,422 17,724 2,950 268 1,778 12,728 5,616 178,563 27 '26,318 '3,691 r3,814r12,983 r5,83O '19,549 '17,559 3,021 276 1,849 '12,413 '5,651 178,429 June 3 26,567 3,979 3,895 12,867 5,826 19,566 17,793 2,930 302 1,674 12,887 5,687 178,911 10 26,391 3,905 3,910 12,847 5,729 19,810 17,772 2,946 317 1,792 12,717 5,664 179,459 17 26,500 4,055 3,924 13,147 5,374 19,940 18,290 3,169 339 1,776 13,006 5,593 183,807 26,278 3,900 3,945 13,124 5,309 19,926 18,116 2,987 304 1,862 12,963 5,524 180,392 24 New York City 1963 6,002 1,412 233 350 2,549 1,458 4,692 3,886 94 239 3,475 2,219 42,097 June 5 6,046 1,459 236 363 2,565 1,423 4,777 3,933 84 249 3,508 2,131 42,652 12 6,263 1,636 225 373 2,558 1,471 4,774 4,434 104 242 4,008 2,094 43,052 19 6,470 1,741 230 382 2,552 1,565 4,814 4,066 90 252 3,646 2,138 43,296 26 1964 5,236 926 549 2,646 1,043 5,050 4,152 55 122 260 3,715 2,474 45,514 5,251 996 551 2,620 1,003 5,022 4,221 73 110 267 3,771 2,529 45,482 May 6 5,323 1,128 818 2,302 1,075 4,904 4,439 56 115 262 4,006 2,455 45,139 20.'.'.'.'.'/.'.'. 5,323 1,141 806 2,294 1,082 4,916 4,261 102 121 269 3,769 2,417 45,525 27 55,133 June 3 5,460 1,279 822 2,292 1,067 4,947 4,233 93 142 259 3,739 2,433 10 5,414 1,261 822 2,326 1,005 5,042 4,409 77 169 272 3,891 2,401 45,870 17 5,508 1,372 839 2,409 888 5,054 4,243 95 168 265 3,715 2,376 46,654 24 5,336 1,235 844 2,397 860 5,032 4,435 62 135 270 3,968 2,322 45,571 Outside New York City 1963 June 5 23,658 2,517 1,540 2,063 11,942 5,596 12,905 13,464 2,908 130 ,286 9,140 2,931 125,618 12 23,520 2,417 1,533 2,074 11,947 5,549 12,932 13,737 3,073 139 ,452 9,073 2,936 126,749 19 23,528 2,432 1,536 2,099 11,936 5,525 13,203 13,760 3,063 139 ,428 9,130 2,938 127,589 26 23,907 2,482 1,527 2,080 11,972 5,846 13,232 13,636 2,958 136 ,494 9,048 2,953 127,424 1964 May 6 21,428 2,894 122 2,543 11,401 4,468 14,540 13,757 2,867 159 ,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 ,516 8,722 3,161 133,424 27 '20,995 '2,550 r3,OO8 10,689 r4,748 '14,633 13,298 2,919 155 ,580 '8,644 '3,234 132,904 June 3 21,107 2,700 3,073 10,575 4,759 14,619 13,560 2,837 160 ,415 9,148 3,254 133,778 10 20,977 2,644 3,088 10,521 4,724 14,768 13,363 2,869 148 ,520 8,826 3,263 133,589 17 20,992 2,683 3,085 10,738 4,486 14,886 14,047 3,074 171 ,511 9,291 3,217 137,153 24 20,942 2,665 3,101 10,727 4,449 14,894 13,681 2,925 169 ,592 8,995 3,202 134,821 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 WEEKLY REPORTING MEMBER BANKS JULY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ital Wednesday j u u T n s o t a t e d a d l - 4 j m p u o s a d a t d s e e n i - - t d d s 5 Total 6 IPC G S l a o t o n c a v d a te t l . e F i o g r n - 7 G U o . v S t . . c m m D c o t i i e e o m a c s r - l - - - Total8 S i a ng v s - IPC Oth S l a e o t n r c a d a t t e l ime e F 9 i o gn r- 7 F B F r a o . n R m k . s F ot r h o e m rs li t a i b e i s li- co a u c n - ts banks Govt. Total— Leading Cities 1963 June 5 144,910 61,452 90,353 64,401 5,280 640 3,87011,457 54,557 36,12611,160 4,035 2,857 133 2,852 5,896 13,924 12 146,706 62,785 92,014 67,442 4,834 637 2,82511,622 54,692 36,18111,275 4,001 2,859 170 2,694 5,917 13,914 19 148,061 62,191 93,460 66,389 4,684 726 5,58711,486 54,601 36,22011,206 3,928 2,871 716 2,079 5,891 13,894 26 148,336 62,010 93,480 65,147 4,905 693 7,14410,952 54,856 36,35511,269 3,966 2,894 568 2,250 5,623 13,943 1964 May 6 155,135 62,261 92,770 65,246 5,843 ,7914,781 11,246 62.365 38,53314,920 4,705 3,736 189 2,866 6,193 14,979 13 155,564 61,797 93,058 66,429 5,223 ,7414,973 11,087 62;506 38,57115,060 4,665 3,740 103 3,055 6,400 14,970 20 153,924 60,692 91,135 64,709 5,039 ,7. 47 55,43310,907 62,789 38,63215,242 4,694 3,748 477 2,842 6,363 14,957 27 r153,955 '61,651'90,960'64,867'5,108 793 5,02910,482'62,995'38,662 15,410 '4,725 3,729 108 3,043 6,319 '15,004 June 3 154,574 61,472 91,474 64,312 5,300 782 4,997 11,218 63,100 38,72615,468 4,706 3,735 284 2,754 6,250 15,049 10 155,068 63,140 91,847 66,389 4,980 ._. 3,706 11,091 63,221 38,77415,546 4,681 3,750 241 2,969 6,124 15,057 17 159,401 63,274 96,377 68,578 4,790 813 5,66511,661 63,024 38,79715,387 4,626 3,740 157 3,154 6,062 15,033 156,152 62,025 93,070 65,207 4,849 7;043jl0.619 63,082 38,84815,481 4,597 3,670 35 3,199 5,972 15,034 24 New York City 1963 34,120 15,327 24,192 16,181 289 ,2211,113 3,105 9,928 4,220 3,220 278 2,028 1,192 2,905 3,880 June 5 34,735 15,983 24,735 17,165 286 ,210 785 3,074 10,000 4,234 3,288 273 2,024 25 1,169 2,845 3,878 12 34,902 15,920 24,980 16,845 278 ,2661,528 2,989 9,922 4,239 3,191 274 2,039 330 1,121 2,825 3,874 19 35,415 15,792 25,424 16,614 287 ,259 1,998 2,997 9,991 4,252 3,181 327 2,052 212 1,075 2,700 3,894 26 1964 May 6 37,290 15,415 25,063 16,150 529 339 1,525 3,149 12,227 4,424 4,484 403 2,640 20 1,107 2,902 195 13 37,011 15,257 24,782 16,419 271 ,288 ,521 3,082 12,229 4,425 4,484 402 2,643 1,352 2,924 195 20 36,517 15,030 24,134 16,139 268 ,295 ,432 3,110 12,383 4,430 4,616 401 2,661 213 ',316 2,905 188 27 37,018 15,316 24,564 16,402 274 ,326 ,330 2,953 12,454 4,433 4,714 400 2,635 6 ,463 2,855 183 June 3 36,695 15,367 24,220 15,921 286 ,327 ,365 2,950 12,475 4,434 4,720 410 2,639 59 ,341 2,846 4,192 10 37,396 16,119 24,847 16,915 273 ,297 ,042 2,916 12,549 4,445 4,765 408 2,662 43 ,496 2,743 4,192 17 38,260 16,247 25,794 17,326 278 ,339 ,446 3,127 12,466 4,445 4,699 403 2,643 24 ,537 2,649 4,184 24 37,330 15,748 24,862 16,304 313 ,359 ,933 2,839 12,468 4,449 4,724 413 2,598 ,503 2,562 4,176 Outside New York City 1963 June 5 110,790 46,125 66,161 48,220 4,991 419 2,757 8,352 44,629 31,906 7,940 3,757 829 133 1,660 2,991 10,044 12 111,971 46,802 67,279 50,277 4,548 427 2,040 8,548 44,692 31,947 7,987 3,728 835 145 1,525 3,072 10,036 19 113,159 46,271 68,480 49,544 4,406 460 4,059 8,497 44,679 31,981 8,015 3,654 832 386 958 3,066 10,020 26 112,921 46,218 68,056 48,533 4,618 434 5,146 7,955 44,865 32,103 8,088 3,639 842 356 1,175 2,923 10,049 1964 May 6 117,845 46,846 67,707 49,096 5,314 452 3,256 8,097 50,138 34,10910,436 4,302 1,096 169 1,759 3,291 10,784 13 118,553 46,540 68,276 50,010 4,952 453 3,452 8,005 50,277 34,14610,576 4,263 1,097 103 1,703 3,476 10,775 20 117,407 45,662 67,001 48,570 4,771 452 4,001 7,797 50,406 34,20210,626 4,293 1,087 264 1,526 3,458 10,769 27 116,937r46,335 '66,396'48,465r4,834 467 3,699 7,529 '50,541 '34,229 10,696'4,325 1,094 102 1,580 3,464 '10,821 June 3 117,879 46,105 67,254 48,391 5,014 455 3,632 8,268 50,625 34,29210,748 4,296 1,096 225 1,413 3,404 10,857 10 117,672 47,021 67,000 49,474 4,707 464 2,664 8,175 50,672 34,32910,781 4,273 1,088 198 1,473 3,381 10,865 17 121,141 47,027 70,583 51,252 4,512 474 4,219 8,534 50,558 34,35210,688 4,223 1,097 133 1,617 3,413 10,849 24 118,822 46,277 68,208 48,903 4,536 472 5,110 7,780 50,614 34,39910,757 4,184 1,072 35 1,696 3,410 10,858 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loans items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. an d mutual savings banks, not shown separately. * Total demand and total time deposits. 9 Includes outstanding certificates of deposit which were (in millions 5 Demand deposits other than domestic commercial interbank and of dollars): U.S. Govt., less cash items in process of collection. June 3 June 10 June 17 June 24 6 Includes certified and officers' checks and deposits of mutual savings Total—Lea ding Cities 11,914 11,917 11,595 11,687 banks, not shown separately. New York City 4,130 4,119 3,987 4.029 7 Deposits of foreign governments and official institutions, central Outside New York City... 7,784 7,798 7,608 7,658 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 BUSINESS LOANS OF BANKS 873 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during Industry 1964 1964 1964 1963 1964 1963 June June June June May 1st 2nd 24 17 10 3 27 June May Apr. half half Durable goods manufacturing: Primary metals 740 741 714 698 693 47 32 70 53 4 123 9 Machinery 2,195 2,225 2,166 2,166 2,165 30 -39 -49 -58 83 177 25 186 Transportation equipment 900 921 897 873 908 -8 58 -43 7 12 -5 19 -95 Other fabricated metal products... 998 ,007 983 962 954 44 51 24 119 72 -51 191 -59 Other durable goods 1,162 ,165 1,147 1,143 1,139 23 20 37 80 40 -90 120 -67 Nondurable goods manufacturing: Food, liquor, and tobacco 1,296 ,323 1,243 1,291 1,283 13 -45 -131 -163 -459 496 -622 644 Textiles, apparel, and leather 1,565 ,568 1,536 1,535 1,536 29 21 -27 23 211 -238 234 -167 Petroleum refining 1,053 ,052 1,049 1,048 1,055 -2 -15 -25 -42 -92 72 -134 99 Chemicals and rubber 1,155 ,159 1,123 1,114 1,141 14 -12 48 50 108 -20 158 -60 Other nondurable goods 955 944 922 922 918 37 21 40 98 -96 106 -36 Mining, including crude petroleum and natural gas 2,694 2,690 2,678 2,696 _2 17 15 -213 413 -198 443 Trade: Commodity dealers 884 885 879 894 923 -39 -108 -137 -284 -254 348 -538 583 Other wholesale 2,107 2,119 2,094 2,083 2,076 31 32 -4 59 -19 125 40 95 Retail 2,561 2,597 2,536 2,551 2,602 -41 84 23 66 -17 220 49 154 Transportation, communication, and other public utilities 4,027 4,042 3,911 3,944 4,009 18 -47 -44 -73 -423 546 -496 529 Construction 2,120 2,123 2,087 2,062 2,051 69 110 47 226 39 -27 265 40 All other: i Bankers' acceptances 860 871 893 924 909 -49 38 -18 -29 -47 -76 All other types of business, mainly 570 573 services 5,039 5,044 5,001 5,000 4,943 96 7 1 104 170 274 Total classified loans 32,311 32,476 31,869 31,888 32,001 310 184 -226 268 -728 2,446 -460 2,873 Commercial and industrial loans— all weekly reporting banks 38,748 38,885 38,234 38,243 38,320 428 263 -115 576 -621 2,849 -45 3,234 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 A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1963—June 4.78 5.61 5.37 5.05 4.68 1955 3.7 5.0 4.4 4.0 3.5 Sept 4.81 5.64 5.36 5.04 4.71 1956 4.2 5.2 4.8 4.4 4.0 Dec 4.76 5.63 5.36 5.04 4.65 1957 4.6 5.5 5.1 4.8 4.5 1964—Mar 4.77 5.66 5.39 5.06 4.66 1958 4.3 5.5 5.0 4.6 4.1 June 4.74 5.64 5.36 5.05 4.63 1959 5.0 5.8 5.5 5.2 4.9 7 other 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—June 5.01 5.84 5.54 5.27 4.87 1962 5.0 5.9 5.5 5.2 4.8 Sept 5.01 5.85 5.56 5.19 4.88 1963 5.0 5.9 5.5 5.2 4.8 Dec 5.04 5.85 5.55 5.27 4.90 1964—Mar 5.02 '5.81 5.54 5.24 4.88 June 5.03 5.83 5.55 5.27 4.89 Quarter: * 19 large cities: 11 southern and western cities: 1963—June 5.01 5.86 5.54 5.24 4.84 1963—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 '5.54 5.22 4.82 1964—Mar 5.29 5.91 5.62 5.31 5.08 June 4.99 5.84 5.53 5.24 4.81 June 5.29 5.93 5.61 5.34 5.07 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. 6,4Vi; 1958—Jan. 22,4; Apr. 21, 3i/i; 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

874 INTEREST RATES JULY 1964 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period 4 p - a t p o e r 6 , - d p ir la e c c e tl d y, a a c n c c e e p s t , - 3- to 5months 1 m 3 o - n to th s 6 - 2 90 days i on R is s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Other 4 iss y u e e a s r 5 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3.26 3.07 3.01 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 . 3.55 3.40 3.36 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1963 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 Au2 . 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 M!ay 3.89 3 76 3 75 3 482 3.48 3 612 3.60 3 71 3 67 4.07 June 4.00 3.88 3.75 3.478 3.48 3.572 3.56 3.70 3.83 4.03 Week ending— 1964—May 30 3.94 3.80 3.75 3.475 3.47 3.595 3.58 3.70 3.84 4.06 June 6 4.00 3.88 3.75 3.478 3.47 3.589 3.57 3.71 3.84 4.05 13 4.00 3.88 3.75 3 462 3.47 3 553 3.57 3.71 3.84 4.04 20 4.00 3.88 3.75 3.496 3.49 3.590 3.58 3.71 3.84 4.04 27 4.00 3.88 3.75 3.478 3.47 3.556 3.53 3.68 3.85 4.02 1 Averages of daily offering rates of dealers. 4 Certificates of indebtedness and selected note and bond issues. 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Selected note and bond issues. ties in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio ( S l t o a n te g s - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4.66 2.98 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 5.75 1963 June . . . 4 00 3.31 3.09 3.62 4.47 4.23 4.84 4 40 4 61 4 40 4.29 3 16 5 85 July 4.01 3.31 3.10 3.60 4.49 4.26 4.84 4.43 4.62 4.42 4.34 3.20 Aug 3.99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4.30 3.13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 5.72 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 5.42 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 June 4.13 3.29 3.10 3.54 4.59 4.41 4.85 4.54 4.70 4.55 4.41 3.05 Week ending— 1964—May 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 June 6 4.15 3.27 3.08 3.53 4.59 4.41 4.85 4 54 4 69 4 55 4.41 3 08 13 4 14 3 28 3 10 3 54 4 59 4 41 4 85 4 54 4 69 4 55 4 41 3 08 20 4 13 3.29 3.11 3.54 4.60 4 41 4 86 4 54 4 70 4 55 4 40 3 03 27 4.12 3.30 3.11 3.55 4.60 4.41 4.87 4.54 4.71 4.55 4.40 3.02 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend, price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 SECURITY MARKETS 875 MORTGAGES: NEW HOMES SECURITY PRICES FH su A re - d in- Conventional first mortgages Bond prices Com (1 m 94 o 1 n - 4 st 3 o = c k 1 0 p 0 r ) ices V um ol e - Period Y c ( e p ie n e l t r d ) I c n r ( e e p a t s n e e t t e t r r ) - ch c F ( a a e p e n r n e e g d t r s ) es M (ye i a t a t y u rs r ) - L p c r ( a o e r p i t n a e c i n t o r e ) / d (t o A l h o l v o l a a g u n r . s s . ) Period ( G t U l e o o r . n m S v g . t ) - . 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 ia s - - l R ro a a i d l- P u i l u t t i i y b c l- - s ( h tr t i a o h n a r f d o g e - u s) . 1961 15.69 (5.98) 1961 87.55 107.8 95.2 66.27 69.99 32.83 60.20 4,085 1962 5.60 (5.93) 1962 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3.820 1963 (5 81) 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1963 5.46 5.84 .64 24.0 73.3 16.5 1963—June.. 86.36 110.7 97.1 70.11 73.61 39.34 64.87 4,528 1963—Apr.... 5.46 5.84 .61 23.5 72.6 16.0 July.. 86.16 110.3 96.7 69.07 72.45 38.75 64.47 3,467 May... 5.45 5.82 .60 23.9 72.8 16.4 Aug.. 86.45 111.4 96.5 70.98 74.43 39.22 66.57 4,154 June... 5.45 5.82 .62 24.0 73.8 16.5 Sept.. 85.77 110.7 95.9 72.85 76.63 39.00 67.09 5,331 July.. . 5.45 5.82 .61 24.1 73.3 16.7 Oct... 85.50 109.9 95.9 73.03 77.09 38.31 65.55 5,316 Aug.. . 5.45 5.82 .64 24.5 74.2 16.9 Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Sept.. . 4.45 5.81 .61 24.2 73.5 16.5 Dec. 84.64 109.5 95.4 74.17 78.38 39.92 65.64 4,701 Oct.... 5.45 5.82 .61 24.6 73.4 16.5 Nov.. . 5.45 5.82 .65 24.2 73.5 16.6 1964—Jan... 84.42 111.2 95.3 76.45 80.85 41.00 67.26 5,302 Dec... 5.45 5.80 .62 24.5 73.9 16.9 Feb.. 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 1964—Jan.... 5.45 5.83 .64 24.7 74.7 16.9 Apr.. 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 Feb.... 5.45 5.81 .58 24.7 74.8 17.4 May.. 84.38 111.6 94.8 80.72 85.79 44.86 67.29 4,959 Mar.. . 5.45 5.79 .55 24.5 74.6 17.4 June.. 84.70 111.8 95.0 80.24 85.13 46.29 67.46 4,372 Apr.... 5.45 5.79 .55 24.8 73.9 17.2 May... 5.45 5.77 .52 24.7 73.7 17.0 Week ending— May 30 84.54 112.5 94.9 80.40 85.37 45.97 67.18 4,329 1 Last 6 months only. June 6 84.53 112.4 94.7 79.40 84.22 45.79 66.85 4,318 13 84.60 111.8 94.9 79.31 84.09 45.44 67.11 4,026 NOTE.—Annual data are averages of monthly figures. Yields on 20 84.70 111.4 95.0 80.57 85.51 46.14 67.63 4,565 FHA-insured mortgages are derived from weighted averages of FHA 27 84.85 111.4 95.2 81.12 86.09 47.12 67.89 4,581 field-office opinions on private secondary market prices for Sec. 203, 30year mortgages, with the minimum down payment, a maximum permissible interest rate of 5lA per cent, and an assumed prepayment period of NOTE.—Annual data are averages of monthly figures. Monthly and 15 years. Price data are reported as of the first of the succeeding month. weekly data are averages of daily figures unless otherwise noted and are Conventional first mortgages, Home Loan Bank Boards in cooperation computed as follows: with Federal Deposit Insurance Corporation beginning in late 1962; in- U.S. Govt. bonds, derived from average market yields in preceding table terest rate data for earlier years—in parentheses—are based on estimates on basis of an assumed 3 per cent, 20-year bond. from Federal Housing Administration. 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. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a S^-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to other than N.Y. Stoci: Exchange brokers and dealers for pur- Money borrowed on— Cusfirms served by— chasing and carrying— tomers Months Total net o s t e h c e u r r i t t h ie a s n Other securities r irre __ e U.S. Govt. U.S. Other U.S. Other U.S. c b re a d l- it se G cu o r v it t i . es securities se G cu o r v it t i . es securities se G cu o r v it t i . es Total Customer Other ances i oiai 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—June.... 6,420 32 4,898 104 1,522 44 3,909 3,333 576 1,149 July 6,511 25 4,895 81 1,616 29 3,836 3,359 477 1,126 Aug 6,660 23 5,034 87 1,626 23 3,933 3,467 466 1,093 Sept 6,971 41 5,316 86 1,655 69 4,100 3,592 508 1,180 Oct 7,180 29 5,495 83 1,685 33 4,218 3,713 505 1,176 Nov 7,298 34 5,586 90 1,712 28 4,457 3,892 565 1,211 Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 Feb 7,120 21 5,384 97 1,736 33 4,158 3,738 420 1,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 1,231 Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 1.165 May.... 7,277 19 5,439 96 1,838 113 4,362 3,868 494 i;i38 June.... 7,232 18 5,373 94 1,859 347 4,084 3,766 318 1,146 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

876 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JULY 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Heldby— Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers * ly2 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 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 ,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—May 7,542 2,084 5,458 2,696 1,148 923 225 42 83 1,422 525 808 149 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 July 7,522 2,059 5,463 2,712 1,202 990 213 39 85 1,386 555 791 128 64 1,174 AUK 7,808 2,062 5,746 2,644 1,174 938 236 38 89 1,343 556 772 105 53 1,159 Sept 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 ,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2,744 1,190 976 214 42 102 1,410 571 842 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 1,431 596 983 94 31 1.351 Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 ,473 590 990 87 35 1 *401 Apr 7,920 2,039 5,881 3,102 1,355 1,060 295 C93 c1,536 587 963 105 36 1,411 May . 8,326 1,973 6,353 3,049 1 418 1,105 313 47 146 438 576 941 73 34 1,426 * As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortgage loan End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments 3 govt. other i accts. Number Amount 1941 4 787 89 3 592 86 829 689 11 772 10 503 38 1 231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 * 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—Apr 33,452 568 6,191 470 5,085 930 728 47,325 42,318 1,034 3,973 107,672 2,409 May 33,809 614 6,166 462 5,080 852 734 47,717 42,549 1,148 4,019 107,429 2,390 June ... . 34,075 588 6,189 458 5,090 890 737 48,028 42,972 1,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,107 828 750 48,282 43,109 1,138 4,035 108,914 2,419 34,690 662 6,137 455 5,132 809 741 48,626 43,282 1,248 4,096 107,108 2,366 Sent 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109,205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4,093 106,337 2,379 Nov . 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 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 1,023 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 Apr 37,267 646 6,064 423 5,138 819 820 51,178 45,851 1,118 4,209 123,979 2,586 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. 863. 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. * 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

JULY 1964 SAVINGS INSTITUTIONS 877 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l ndForeign * Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 . . . 101,309 10,690 7 029 2 376 1,285 44,057 40,666 3,391 35,236 3,119 3 869 4 338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3 888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 Book value: 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 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—Apr r 135,780 12,728 6 003 4 014 2,711 57,554 52,202 5,352 47,866 4,193 6,396 7,043 May 136,236 12,497 5,851 4,000 2,646 58,054 52,673 5,381 48,165 4,211 6,399 6,910 June 136,698 12,389 5,757 3,981 2,651 58,294 52,841 5,453 48,421 4,239 6,438 6,917 July 137,670 12,456 5,843 3,954 2,659 58,578 53,129 5,449 48,665 4,260 6,511 7,200 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 Apr 143,676 12,389 5,689 3,853 2,847 60,426 54,525 5,901 51,806 4,402 6,872 7,781 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other 1 a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m l m o e a n m n t 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 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 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—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 Sent 87 933 6 345 3 383 5 897 103,558 87 872 6 830 4 208 2 536 2,112 3,067 Oct 89,051 6,419 3,450 5,979 104,899 88,667 6,838 4,405 2,576 2,413 3,025 Nov 89,857 6,548 3,482 6,154 106,041 89,471 6,855 4,464 2,502 2,749 2,929 Dec 90 849 6 440 3,964 6,178 107,431 91,205 7,208 5 011 2 520 1,487 2,613 1964 Jan 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 2,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 2,336 2,138 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 Apr 93,944 6,716 3,459 6,390 110,509 93,841 7,226 4,595 2,467 2,380 3,119 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 morgtages 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

878 FEDERAL FINANCE JULY 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 rects. Change Less: Plus: Less: Equals: Plus: Less: Equals: or in Invest. Less: Budget Trust Intra- Total Budget Trust Adjust- Total payts. debt by Non- Equals: net funds govt. i rects.2 funds 3 ments 4 payts. (direct agen. & cash Net & agen.) trusts debt Cal. year—1961... 78,157 24,099 4,418 97,774 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962... 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963... 87,516 29,255 4,144 112,575 94,188 28,348 5,382 117,153 -4,579 7,672 2,535 883 4,255 Fiscal year—1960.. 77,763 20,342 2,975 95,078 76,539 21,212 3,424 94,328 750 3,371 925 597 1,848 1961.. 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962.. 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963.. 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,068 1,033 5,579 Half year: 1962—Jan.-June. 45,583 13,633 2,000 57,195 44,622 12,377 3,225 53,773 3,422 2,911 1,978 521 412 July-Dec.. 39,126 11,838 1,928 49,011 47,286 13,010 2,195 58,101 -9,090 6,143 -870 865 6,148 1963—Jan.-June. 47,250 15,851 2,352 60,728 45,356 13,536 3,241 55,650 5,078 2,538 2,939 169 -569 July-Dec.. 40,266 13,404 1,792 51,847 48,832 14,812 2,141 61,503 -9,657 5,135 -403 714 4,824 Month: 1963—May 6,953 4,656 283 11,323 7,470 2,302 -218 9,989 1,334 2,282 2,820 28 -567 June 12,061 2,969 1,046 13,980 7,715 2,981 1,375 9,321 4,659 1,463 1,458 -36 40 July 3,547 1,419 271 4,693 7,863 2,651 468 10,045 -5,353 -854 -1,253 128 271 Aug 7,290 3,887 213 10,960 8,305 2,438 -544 11,287 -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 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May! '.".•.'. 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Agencies & trusts Operating bal. Period Change Budget in Held Treas- Other surplus Trust Clearing Market Invest, gross outside urer's Tax net or funds 3 issuance in U. S. direct Treasury account F. R. and assets deficit of Govt. public banks loan sec. 3 sec. 3 debt accts. Fiscal year—1960.. ,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 1,413 122 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—May -516 2,354 -528 244 -2,820 2,038 -208 978 7,558 651 5,992 915 June 4,346 -12 231 1,462 -1,979 656 145 4,558 12,116 806 10,324 986 July -4,316 -1,232 70 171 1,253 -1,025 39 -5,118 6,998 629 5,564 805 Aug -1,015 1,449 -874 328 -1,784 1,700 -43 -152 6,846 705 5,389 752 Sept 2,279 -685 411 265 575 100 9 2,938 9,783 948 7,958 877 Oct -5,377 -1,304 291 296 1,101 -193 87 -5,273 4,510 881 2,839 790 Nov -652 795 -495 -179 -481 1,773 760 5,270 890 3,521 859 Dec 514 -431 232 767 -260 1,132 -151 2,105 7,375 880 5,621 874 1964—Jan -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 Feb 526 1,642 -163 -230 -830 1,780 194 2,531 6,795 1,024 4,783 988 Mar 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 Apr -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3,974 1,186 May -1,375 2,677 -237 117 -3,230 3,931 -333 2,215 8,300 890 6,557 853 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 transactions 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

JULY 1964 FEDERAL FINANCE 879 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d - ividual Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A . n R d S . I e U m n p - l. a g n if d t t C o u m s- s r m e a p e n a n d y ts - fu R n e d - s Other held Other Fiscal year—1960.. 95,07831,675 13,271 22,179 11,865 5,126 2,642 14,678 11,526 2,670 1,626 1,123 1,820 5,238 2,079 1961.. 97,,224422 3322,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962.. 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963.. 109,739 3"8,719 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.. 51,8"4-8 20,120 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—May 11,323 5,642 651 443 ,192 499 311 3,998 3,026 933 229 106 109 1,204 157 June 13,980 3,272 2,033 5,511 ,171 507 267 1,422 1,337 48 188 95 128 292 458 July 4,693 1,295 381 574 ,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 ,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 ,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 ,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 ,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 ,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 ,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 ,112 382 320 3,382 2,393 954 184 87 102 944 170 Mar 12,168 3,222 770 6,654 ,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 ,103 465 254 1,394 1,116 239 422 109 123 1,575 179 May 10,652 4,837 561 491 ,195 n.a. 305 4,163 3,242 884 234 100 126 1,196 141 Cash payments to the public Period L otai J 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 r a e a r - c c h e 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 l\ H w aaVo e e \r l o a t f r l r a t r h Xe e , rc 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 Halfvear: 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—Mayr 9,989 4,614 35 281 590 176 449 -162 2,121 94 476 1,314 201 June 9,321 4,835 289 299 367 213 641 380 2,185 98 419 319 167 July 10,045 4,263 -7 270 818 215 502 464 2,217 109 513 227 204 Aug 11,287 4,456 152 285 915 295 643 274 2,099 126 481 1,474 171 Sept 9,549 4,246 186 287 621 265 650 274 2,129 88 476 285 183 Oct 10,740 4,670 239 342 882 253 682 264 2,274 83 503 348 169 Nov 9,812 4,164 242 301 446 209 561 82 2,201 68 489 1,239 171 Dec 10,069 4,560 220 372 632 216 619 499 2,230 87 492 273 186 1964—Jan 9,848 4,385 251 355 701 192 394 -12 2,448 127 703 269 263 Feb 9,393 4,311 204 317 610 179 424 -383 2,357 120 468 1,396 178 Mar 9,390 4,425 131 359 541 171 446 -101 2,402 140 499 365 181 Apr 10,163 4,594 -152 452 587 174 472 386 2,404 125 457 402 172 May 9,533 4,678 275 326 274 175 460 -245 2,000 106 486 1,394 178 1962 1963 1964 1962 1963 1964 Item II III IV II III IV III IV III IV Seasonally adjustedr Not seasonally adjusted Cash budget: Receipts. . 26.5 27.2 27.1 27.5 27.8 28.5 29.0 29.7 31.0 26.0 23 0 28 2 32.6 27.3 24.5 30.3 Payments. 27.2 28.0 29.0 28.2 28.5 30.4 30.0 30.5 27.9 28.5 29 6 26 5 29.1 30.9 30.6 28.6 Net - .9 -1 .9 -.7 -. 7 -1 .9 -1 .0 "3.1 -2 .5 -6 6 1 7 3.4 '-3 .6 -6 .1 1.7 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 U.S. GOVERNMENT SECURITIES JULY 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 2 l t Total Marketable C v i e b o r l n t e - - Nonmarket S a a b v l - e i S s p su e e c s ia 6 l Total Bills Certifi- Notes Bonds 4 bonds Total 5 ings bonds 1941—Dec... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947_Dec... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1956—Dec... 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec... 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec... 283.0 282.9 236.0 175.6 29.7 "56.4 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—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 June. . 312.5 311.7 260.7 206.5 50.7 67.3 88.5 3.1 51.1 49.3 46.6 1 1 Includes non-interest-bearing debt (of which $362 million, on June 30, 5 Includes Series A investment bonds, depositary 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 $14,319 million on May 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t e a U r o n u n . v c d s S i t t . e . s b F an .R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t ts e l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r n o t e e 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 1 1 9 9 4 4 1 5 — — D D e e c c 2 6 7 4 8 . . 3 7 2 9 7 . . 5 0 2 2 4 . . 3 3 2 5 2 2 7 . . 5 4 9 2 0 1 . . 8 4 1 3 0 .' /1 1 2 8 4 . . 2 0 2 4 2 . . 0 2 6. . 5 7 4 5 2 . . 4 9 2 8 1 . . 2 2 2. . 4 4 6. . 6 5 1947_Dec 257.0 34.4 22.6 200.1 68.7 12.() 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.() 13.2 19.1 16.3 50.1 15.4 7.8 8.4 l957_Dec 275.0 55.2 24.2 195.5 59.5 7.( 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.:. 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.S) 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.:1 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—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 () 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 JI 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 iI 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 5.1I 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.S) 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.() 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. 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.() 10.8 22.3 22.6 48.3 18.9 15.3 14.2 May 312.3 59.4 34.2 218.8 59.5 6.() 10.8 23.2 22.7 48.4 19.0 15.2 13.8 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

JULY 1964 U.S. GOVERNMENT SECURITIES 881 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—Apr. 30 207,356 82,554 51,049 31,505 64,057 36,041 8,355 16,350 May 31.... 208,009 82,930 52,246 30,684 62,825 37,561 8,355 16,339 U.S. Govt. agencies and trust funds: 1961—Dec. 31 8,484 1,252 583 669 ,860 1,594 1,756 2,022 1962—Dec. 31 9,638 1,591 865 726 ,425 2,731 1,309 2,583 1963—Dec. 31 11,889 1.844 1,366 478 ,910 3,021 2,178 2,936 1964—Apr. 30 11,711 1,258 980 278 ,930 3,181 2,196 3,146 May 31 11,945 1,650 1,286 364 ,734 3,215 2,197 3,148 Federal Reserve Banks: 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Apr. 30 33,169 18,658 3,626 15,032 12,176 2,105 91 139 May 31 34,229 17,500 4,642 12,858 14,364 2,131 91 143 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—Apr. 30 162,476 62,638 46,443 16,195 49,951 30,755 6,068 13,065 May 31 161,835 63,780 46,318 17,462 46,727 32,215 6,067 13,048 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—Apr. 30 51,882 13,700 7,501 6,199 26,512 10,707 488 474 May 31 50,947 14,102 7,130 6,972 24,690 11,194 490 471 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—Apr. 30 5,707 691 369 322 1,444 1,975 370 1,227 May 31 5,684 839 370 469 1,219 2,051 359 1,216 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—Apr. 30 9,052 939 416 523 1,927 2,420 928 2,837 May 31 9,052 1,003 442 561 1,810 2,491 917 2,831 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—Apr. 30 11,041 8,519 6,878 1,641 2,061 341 9 111 May 31 11,789 9,256 7,429 1,827 2,049 363 10 112 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—Apr. 30 3,302 348 257 91 1,027 1,200 249 479 May 31 3,309 442 257 185 916 1,244 245 462 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—Apr. 30 16,140 6,207 5,404 803 2,041 1,856 1,712 4,324 May 31 16,179 6,308 5,334 974 1,930 1,905 1,710 4,327 All others: 1961—Dec. 31 60,440 29,346 20,596 8,750 17,314 6,054 4,713 3,012 1962—Dec. 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964— Apr. 30 65,353 32,234 25,617 6,617 14,940 12,254 2,311 3,613 May 31 64.873 31,830 25,357 6,473 14,112 12,967 2,333 3,631 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. 6,043 commercial banks, 503 mutual savings banks, and 786 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 U.S. GOVERNMENT SECURITIES JULY 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt Period Dealers and brokers agency securities Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b C e a o r n m c k ia s - l o A th l e l r securities 1963—May 1.639 1.160 282 127 69 529 30 601 479 81 1,574 ,208 168 165 33 471 26 584 493 108 July 1,775 ,440 172 134 29 556 27 727 464 95 Aue 1,308 ,060 139 88 21 401 15 507 384 88 Seot 1,799 ,280 207 214 100 522 36 733 509 140 Oct 1,575 ,261 144 124 46 467 31 637 439 91 Nov 1,713 ,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 1,656 264 159 65 687 36 905 516 99 Feb 1,809 1,336 272 145 56 528 29 737 516 91 Mar 1,685 1,361 213 81 31 563 22 657 443 86 Apr 1,849 1,528 234 70 18 590 24 737 498 134 M!ay 702 1,264 248 165 25 566 29 651 457 120 Week ending— 1964 May 6 2 014 1 504 276 232 23 587 30 824 593 98 13 1,784 1,265 280 220 21 651 39 679 416 164 20 1,594 1,192 246 116 40 510 29 600 455 106 27 1,559 1,212 209 121 17 546 21 574 418 109 June 3 1,550 1,280 146 105 19 439 24 615 473 109 10 1,347 ,045 160 127 15 444 25 478 401 232 17 I 355 1,108 166 65 16 418 23 523 390 93 24 1,631 1,332 180 95 23 509 20 596 505 144 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur l i l ties W 1 i y th ea in r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period 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 i a- o A th H er 1963—May 3,494 2,810 640 44 305 June 3,093 2,666 347 80 357 1963—May 3,764 936 888 1,536 403 July 2,881 2,505 357 21 267 June 3,361 866 650 1,543 303 Aug 3,096 2,871 307 -82 275 July 3,020 659 533 1,478 350 Sept 3,689 3,099 290 300 195 Aug 3,293 553 501 1,924 316 Oct 3,538 2,899 196 444 176 Sept 3,974 1,201 898 1,527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 1,387 429 Dec 3,090 2,800 295 -4 254 Nov 3,551 660 671 1,748 472 Dec 3,139 823 587 1,466 263 1964—Jan 3,582 3,218 272 92 163 Feb 3,475 2,787 468 219 195 1964—Jan 3,646 1,139 1,019 1,159 328 Mar 2,775 2,486 323 -34 195 Feb 3,645 1,048 879 1,355 363 Apr 2,393 2,316 156 -78 170 Mar 2,971 784 613 1,247 326 May 3,087 2,670 164 253 231 Apr 2,390 545 556 1,065 225 May 3,082 711 724 1,347 300 Week ending— Week ending— 1964—Apr. 1. . 2,587 2,547 110 -70 190 8. . 2,383 2,281 170 -69 173 1964—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 May 6. . 2,983 2,848 148 -13 192 13.. 2,965 2,416 190 359 196 May 6... 2,739 661 706 1,023 350 20. . 3,143 2,605 196 342 234 3,061 668 805 1,229 359 27. . 3,064 2,680 126 259 288 20!!! 3,263 791 818 1,388 264 27... 3,152 702 605 1,580 267 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

JULY 1964 OUTSTANDING SECURITIES 883 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JUNE 30, 1964 (In millions of dollars) Issue and coupon rate Amount T-sue 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. July 2, 1964 2,101 Dec. 3,1964 905 Aug. 15, 1966 4 5,820 Nov. 15, 1968 3V% 1,591 July 9,1964 2,101 Dec. 10, 1964 901 Oct. 1, 1966 V 357 Feb. 15, 1969 4 1,844 July 15, 1964 [998 Dec. 17,1964 901 Feb. 15, 1967 3' 3,475 Oct. 1,1969 4 2,537 July 16, 1964 2,001 Dec. 24, 1964 900 Apr. 1, 1967. 270 Aug. 15, 1970 4 4,129 July 23, 1964 2,001 Dec. 31, 1964 1,000 Aug. 15, 1967. 4,433 Aug. 15, 1971 4 2,806 July 30, 1964 2,002 Jan. 31, 1965 1,000 Oct. 1, 1967 457 Nov. 15, 1971 3% 2,760 Aug. 6, 1964 2,101 Feb. 28, 1965 1,001 Apr. 1, 1968. 212 Feb. 15, 1972 4 2,344 Aug. 13, 1964 2,101 Mar. 31, 1965 1,001 Oct. 1, 1968. 115 Aug. 15, 1972 4 2,579 Aug. 20, 1964 2,103 Apr. 30, 1965 1,001 Apr. 1, 1969. 12 Aug. 15, 1973 4 3,894 A A u u g g . . 2 3 7 1, , 1 1 9 9 6 6 4 4 2, 0 1 0 0 1 2 May 31, 1965 1,000 Treasury bonds N M o a v y . 1 1 5 5 , , 1 1 9 9 7 7 4 4 4 3 V % 4 2 1 ,2 ,5 4 3 4 2 S O O O S S S S e e e e e c c c p p p p p t t t . . . t t t t t . . . . . 2 3 1 1 1 8 3 4 0 5 1 0 7 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 4 4 4 4 4 4 4 4 2 2 2 2 9 0 0 9 9 1 1 1 0 9 0 0 0 0 0 0 1 9 0 1 0 2 4 2 Tre A A O N N A M a u u c o p o s a t g g u r v v y . . . . r . . y 1 1 1 1 1 5 5 5 5 1 1 5 n , , , , , , , o 1 1 1 1 t 1 1 1 9 e 9 9 9 9 9 9 s 6 6 6 6 6 6 6 5 4 4 4 4 4 5 1 4 l 4 3 i 1 i % % y y / / 5 2 2 4 4 2 4 5 3 1 , , , , , 9 0 0 8 4 4 8 6 4 8 6 9 6 1 1 5 6 0 6 7 6 D J J D F A M M u u e e e u n n a a b c c g y e e . r . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 5 6 6 3 2 4 5 4 - - - - - 6 6 6 7 6 8 7 9 0 9 . . . . . . . . . . 3 2 2 V V 3 2 4 2 2 2 2 3 1 1 1 , , , , , , , , 0 8 4 4 6 9 8 5 1 5 2 1 7 2 3 6 3 2 4 6 6 8 9 2 J F M F N M A F u e e e u o a a n b b b g v y y . . e . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 8 9 8 8 8 7 8 7 0 0 0 5 8 5 7 8 - - - - 9 8 9 8 3 2 5 3 . . . . . . . . . 4 4 3 3 3 3 V l l V V Y / / 4 4 4 4 4 4 2 i 2 4 1 1 1 1 , , , , , , 6 2 5 9 3 2 9 1 1 8 6 1 5 0 1 2 8 7 5 0 0 8 4 9 Oct. 22, 1964 901 May 15, 1965 3% 7,977 Nov. 15, 1966 3Y$ 1,851 May 15, 1989-94... 4% 1,560 Oct. 29, 1964 900 Aug. 13, 1965 3V% 6,202 Mar. 15, 1966-71... 2% 1,404 Feb. 15, 1995 3 2,460 Oct. 31, 1964 1000 Aug. 13, 1965 37A 1,066 June 15, 1967-72... 21/2 1,299 Nov. 15, 1998 3% 4,439 Nov. 5,1964 900 Oct. 1,1965 IVi 315 Sept. 15, 1967-72... 2V2 1,952 N N o o v v . . 1 19 2 , , 1 1 9 9 6 6 4 4 9 9 0 0 0 0 N No o v v . . 1 15 5 , , 1 19 9 6 6 5 5 31/ 4 2 2 8 , , 9 56 5 0 4 D N e o c v . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 -72... 3 21 5 / / 2 8 2 3 , , 7 6 3 0 9 4 Co I n n v v e e r s t t i m bl e e n t b o S n e d r s ies B Nov. 27, 1964 900 Feb. 15, 1966 3% 5,653 May 15, 1968 3% 2,460 Apr. 1, 1975-80... 234 3,115 Nov. 30, 1964 1,005 Apr. 1,1966 1% 675 Aug. 15, 1968 3% 3,747 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, MAY 31, 1964 Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Agency, a n ty d p e c 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: July 16, 1963 3% June 15,1964 326 Sept. 3, 1963 3% June 1, 1964 197 Sept. 16, 1963 3.95 July 15,1964 413 Oct. 1,1963 3% July 1, 1964 188 Oct. 15, 1963 3.90 Aug. 17,1964 300 Nov. 4, 1963 3% Aug. 3, 1964 183 Dec. 9,1963 4.00 Sept. 15,1964 564 Dec. 2,1963 3.95 Sept. 1, 1964 216 Feb. 17, 1964 3% Nov. 16,1964 175 Jan. 2, 1964 4.00 Oct. 1, 1964 261 Mar. 16, 1964 4.05 Jan. 15,1965 249 Feb. 3,1964 3.90 Nov. 2, 1964 322 Apr. 15, 1964 4.15 Feb. 15,1965 435 Mar. 3, 1964 3.90 Dec. 1, 1964 280 May 15,1964 4.10 Apr. 15,1965 430 Apr. 1,1964 4.05 Jan. 4, 196 5 309 May 4,1964. Feb. 1, 1965 290 Bonds: Federal land banks June 17, 1963 3Vi Oct. 15, 1964 460 Bonds: Sept. 17, 1962 3% Sept. 15, 1965 175 Aug. 8, 11996633 . 3% Aug. 20, 1964 215 Dec. 9,1963 4% Aug. 15, 1966 200 Dec. 10, 11996600 . 4 Oct. 20. 1964 142 Apr. 20, 11996644 . 414 Apr. 20, 1965 209 Oct. 20, 11996600 . 4 Oct. 20, 1965 160 Federal National Mortgage Association— June 20, 11996611 . 4 Dec. 20, 1965 140 secondary market operations Apr. 2, 11996611 . 35/8 Feb. 21, 1966 150 Debentures: May 1,11995588 . 314 May 2, 1966 108 Sept. 11, 1961 4 Sept.10, 1964 144 Sept. 20, 11996611 414 July 20, 1966 193 Dec. 11, 1961 3% Dec. 11, 1964 111 Feb. 15, 11995577 . 41/g Feb. 15, 1967-72 72 Dec. 10, 1957 4% June 10, 1965 98 May 1,11996622 . 4 May 22, 1967 180 Sept. 10, 1962 334 Mar. 10, 1966 108 Oct. 1, 11995577 . 4 Oct. 1, 1967-70 75 Dec. 12, 1960 4% Dec. 12, 1966 93 Oct. 22, 11996633 . 41/8 Oct. 23, 1967 174 Mar. 10, 1958 3% Mar. 11, 1968 87 Apr. 1,11995599 . 414 Mar. 20, 1968 86 Apr. 10, 1959 4% Apr. 10, 1969 88 May 1, 11996633 . 4 June 20, 1968 186 A S A e u p p g r t . . . 2 1 1 3 1 2 , , , 1 1 1 9 9 9 6 6 6 0 0 0 4 4 4 % Y i/ 8 8 A S A e u p p g r t . . .1 1 1 0 0 0 , , , 1 1 1 9 9 9 7 7 7 1 0 0 1 1 6 1 4 4 9 6 J F F u e e l b b y . . 1 2 5 1 , , , 1 1 1 1 1 1 9 9 9 9 9 66 55 5 0 9 0 9 7 . 9 . . 5 7 /8 51/s J F M u e l a b y . r . 2 2 1 0 0 5 , , , 1 1 1 9 9 9 6 7 6 9 0 9 1 8 6 0 2 0 0 Sept. 11, 1961, 4Vi Sept.10, 1971 98 Feb. 14, 119589. 5 8 3% 3% Apr. 1, 1970 83 Feb. 10, 1960 5Vs Feb. 10, 1972 100 Jan. 5,11996600., 51/s July 20, 1970 85 D J F u e e n b c . e . 1 1 11 2 3 , , , 1 1 1 9 9 9 6 6 6 2 1 1 4 4 4 3 V % / 4 8 J J F u u e n n b e . e 1 1 10 2 2 , , , 1 1 1 9 9 9 7 7 7 3 2 7 1 1 1 4 9 0 6 8 0 F S F M e e e a b b p . . y t . . 2 2 1 1 0 0 4 , , , , 1 1 1 11 1 1 1 9 9 9 9 9 9 9 9 5 66 6 5 6 5 56 3 2 66 3 2 6 . . . . 3 4 31 7 V / / / 2 2 s 8 M S F F e e e a b b p y . . t . 2 2 1 0 0 1 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 2 4 3-78 1 1 1 4 6 5 0 8 0 5 9 Banks for cooperatives Tennessee Valley Authority Debentures: Short-term notes 35 Dec. 2,1963 3% June 1, 1964 187 Feb. 3,1964 3.90 Aug. 3, 1964 194 Bonds: Apr. 1,1964 3.95 Oct. 1, 1964 147 Nov. 15, 1960 4.40 Nov. 15, 1985 50 July 1,1961 45/s July 1, 1986 50 Feb. 1,1962 4l/2 Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 CREDIT AGENCIES; SECURITY ISSUES JULY 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r n p r t d e g a r a l a a r g y N t e i o a m n A ti a s o s ) r s n k n a e . l t coo B pe f a o r n a r k t s ives i c n re t 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 a d n n e k d r s al End of period v m a b A e n t 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 d i - h ts B n a o o n n t d e d s s p M o b d e s e e m i r - ts - C s a t p o i c t k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b L n r t e d e e ) s s n- 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 - B ( o L n ) ds 1955 1 417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1^744 U437 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 1959 . .. 2,134 J OQl 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1,981 ,233 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 , 107 2,770 2,453 697 435 1 650 1 585 2,828 2,431 1962 3,479 ,531 173 2^707 ,214 ,126 2,752 2*49.9. 735 505 1,840 1,727 3^052 2^628 1963—May.. 2.740 ,720 75 2,035 ,236 ,134 2,126 ,984 702 489 2.210 2,037 3,176 2,725 June.. 3,270 ,937 159 2,770 ,325 ,137 2,072 ,960 701 459 2,293 2,133 3,198 2.725 July . 3,548 ,525 94 2.816 ,069 ,146 2,038 ,950 711 459 2,352 2.023 3,218 2,725 Aug.. 3,758 ,511 70 3,036 ,011 ,148 2,030 ,916 706 473 2,360 2,233 3.240 2,796 Sept. . 4,024 ,484 96 3,299 ,014 ,153 2,028 ,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 ,537 131 3,599 986 ,150 2,027 ,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 ,515 96 3,599 978 ,166 2,020 ,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 ,906 159 4,363 1,151 ,171 2,000 ,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 .730 101 3.961 944 1,176 1.988 ,786 866 589 2,102 1,964 3,333 2.836 Feb... 4.216 .622 86 3,631 943 1,182 1.985 .786 849 589 2.163 2,018 3,364 2.886 Mar.. 4,168 ,709 86 3,622 997 ,189 1 .984 .785 815 586 2,238 2.069 3,406 2.886 Apr... 4.444 .420 72 3,625 957 ,193 1,983 ,781 786 533 2,329 2.157 3,445 2.973 May.. 4,395 ,607 82 3,727 990 ,196 1,984 ,698 747 527 2,412 2,246 3,481 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 newcapital Type of issue Type of issuer Total Use of proceeds amount Period deliv- Total g G a o e t b a n io l l e i n - r s - R n e u v e e- PHAi G l U o o a . v S n t . s . State S d a i p s a s u t e n t a t c r d h t i i . c . a t l Other 2 ered3 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l - 4 H in o g u s s- V a a e n i t d e s' 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 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 10 518 5 855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2 369 1963—Mar 1.018 649 215 138 16 265 333 420 902 976 251 52 233 142 298 Apr 957 6<>7 244 16 160 208 589 1.008 869 371 70 ?26 1 202 May 961 443 503 15 168 424 368 910 866 215 69 350 56 176 June 1.074 423 623 28 131 517 426 921 930 249 39 193 114 335 July.... 928 462 444 21 78 431 419 1 084 680 247 67 15? 26 183 Aug 764 394 240 116 14 187 287 290 969 708 261 32 144 123 148 Sept 480 333 122 25 94 73 314 712 449 204 33 77 31 103 Oct 1.265 679 567 20 143 424 698 581 1,051 232 102 338 9 371 Nov 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 M Fe a b r r8 8 6 5 7 3 r4 6 9 6 7 3 181 1 8 5 2 1 1 3 4 6 r2 2 6 0 2 8 431 r9 8 7 6 3 8 '8 7 1 7 2 2 r2 2 5 4 1 2 r26 3 2 3 r1 2 3 3 6 8 3 30 r1 2 5 2 3 6 Apr 1,230 618 449 141 22 101 552 577 813 1,180 364 59 220 145 392 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

JULY 1964 SECURITY ISSUES 885 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f te n i e s t s u p e r s o c 5 eeds Noncorporate Corporate New capital Re- Period Bonds Stock tire- Total U.S. U.S. rotal ment G U o . v S t. . 2 G a c g o y e v n 3 t - . S l a o t n c a d a te l Other 4 Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e - ly d fe P r r r e e - d C m o o m n - Total m N on ew ey6 O p p o t u h s r e e - s r s ri e o t c i f e u s - 1956 22,405 5,517 169 5,446 334 10,939 8 00? 4, ??5 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 12,661 r ,447 11 784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,65? 6,33? 3,320 571 1,334 11 372 If),823 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7 190 3,S57 3,632 531 2,027 9,526 c 8 578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4, R06 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? 5 4 706 4,720 449 3,273 12,874 11,979 10, 1,150 895 1962 . .. 29,975 8,590 1,188 8,558 869 10,770 9,016 4, 487 4,529 436 1,318 10 572 c> 814 8 323 1 491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10,87? 4, 714 6,158 342 1,022 12,081 If)S53 993 1,561 1,528 1963—Apr 2,927 716 186 915 62 1,049 83? 380 452 26 191 1,034 930 81? 118 104 M^ay 2,783 409 902 131 1,340 1,?44 S*>0 694 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 ?79 431 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 ^83 501 5 81 862 795 730 65 67 Oct 2,977 394 174 1,282 10 1,116 99? 511 481 34 91 1 101 1 013 9P 100 88 Nov 2,117 333 200 688 5 891 73? 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 ,415 098 316 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 Apr 4,866 1,444 1,204 43 2,175 812 383 429 22 1,342 2,156 2 008 103 45 Proposed us<2S of net proceeds, major groups of corporate 5iSUCrs Manufacturing C m om is m ce e l r la c n ia e l o a u n s d 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 Nevf ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capita secu- capital8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 ?,474 14 1,38^\ 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 1,44 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960 1,997 79 794 30 672 39 ,754 51 1,036 1 2 401 71 1961 3,708 306 1,095 46 680 26 ^,892 104 1,427 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,28 10 1,773 39 1963 3,312 190 774 55 873 83 ,935 699 726 356 2,933 144 1963 Apr 148 5 64 12 34 342 86 7 271 May 216 29 60 2 101 60 222 58 92 262 212 9 June 227 10 114 3 109 12 230 179 58 8 276 5 July 297 28 63 4 35 107 82 86 5 89 2 Aug 272 3 50 7 36 100 22 25 71 155 4 Sent 237 47 32 4 61 8 78 * 39 1 348 7 Oct 240 5 60 4 25 2 201 73 41 4 446 Nov 214 8 41 5 83 131 41 13 3 337 4 Dec 515 13 104 8 118 1 198 2 64 * 416 6 1964 Jan 149 14 84 1 98 109 26 157 * 332 1 Feb 123 3 60 2 154 6 155 4 83 * 110 1 Mar 146 17 48 1 31 174 18 34 322 4 Apr 157 11 86 1 91 8 150 19 1,369 * 258 6 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of notation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 SECURITY ISSUES JULY 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I C n O ve S. s 1 t. Other I c n o v s e . s 1 t. Other I C n O ve S. 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 1 1 9 96 6 1 2 r r 1 1 6 3 , , 9 6 3 5 5 6 6 7 , , 4 1 9 4 1 5 9 7, , 1 7 6 9 5 0 9 8 , , 2 61 1 3 4 4 3 , , 1 7 5 4 5 9 4 5 ,8 0 6 5 4 9 2 3 , , 7 2 8 8 8 0 4 2 , , 4 2 4 5 1 5 1 1 , , 1 1 8 2 1 3 1 1, , 6 8 1 0 9 9 2 1 ,6 0 6 9 5 9 2,6 6 3 3 2 6 1963 r 14,995 8,818 6,177 10,491 4,979 5,512 2,541 1,963 1,521 2,318 1,020 -355 1963 I 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3 013 1,540 1 473 613 550 396 513 217 36 Ill 3,267 2,004 1,263 2,159 1,230 929 659 449 389 385 270 64 IV '4,477 2,561 1,916 "3,222 1,121 '2,101 661 594 388 1,052 273 -458 1964—1 4,146 2,015 2,130 2,149 914 1,235 812 1,185 532 569 280 616 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 te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 I960 399 451 261 —91 173 -42 1,689 635 901 356 1,372 1,749 1961 r 1,892 415 505 -447 71 -7 1,648 704 149 1,459 795 2,607 1962 r . .. 1,355 -280 294 -204 -85 -34 1,295 479 1,172 357 833 1,984 1963 1,804 -675 274 -441 316 -22 876 246 438 448 r\, 806 1,109 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 '912 ••327 1964—I 81 -266 61 16 131 -36 156 70 234 811 572 301 1 Open-end and closed-end cos. 2 Extractive and commercial and misc. cos. 3 Railroad and other transportation cos. new SIOCK issues aim casn proceeus euunecieu wiin conversions oi oonus 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 NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 885. actions only. As contrasted with data shown on p. 885, 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 t d io e n m s p- s N al e e t s Total i po C si a ti s o h n 2 Other 1952 783 196 587 3,931 1963—May.. 194 132 61 24,038 1,286 22,752 1953 672 239 433 4,146 June.. 195 115 79 23,692 1,166 22,526 1954 863 400 463 6,110 309 5,801 July... 219 124 95 23,550 1,310 22,240 Aug... 193 123 69 24,925 1,287 23,638 1955 1,207 443 765 7,838 438 7,400 Sept.. 206 142 64 24,496 1,300 23,196 1956 1,347 433 914 9,046 492 8,554 Oct... 214 132 82 24,914 1,374 23,540 1957 1,391 406 984 8,714 523 8,191 Nov.. 210 123 87 24,774 1,419 23,355 1958 1,620 511 1,109 13,242 634 12,608 Dec... 225 132 92 25,214 1,341 23,873 1959 2,280 786 1,494 15,818 860 14,958 1964—Jan... 294 183 110 25,854 1,383 24,471 1960 2,097 842 1,255 17,026 973 16,053 Feb... 219 165 55 26,334 1,380 24,954 1961 2,951 1.160 1,791 22,789 980 21,809 Mar.. 263 184 79 26,863 1,403 25,460 1962 2,699 1,123 1,576 21,271 1,315 19,956 Apr... r276 165 rlll 27,051 1,339 25,712 1963 2,460 1,504 952 25,214 1,341 23,873 May. . 241 153 88 27,497 1,444 26,053 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. s hort-term debt securities, less current liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 BUSINESS FINANCE 887 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 1964 Industry 1959 1960 1961 1962 1963 in iv III IV Manufacturing Total (180 corps.): Sales 118,423123,126122,849135,727 145,848 32,038 35,649 34.549 37,521 35,007 38,771 37,878 Profits before taxes 14,090 13,200 15,267 17,147 3,186 4,222 3.960 4,701 3,668 4,818 4,722 Profits after taxes 7,440 7,135 8,183 9,041 1,708 2,360 2,078 2,431 1,984 2,548 2,571 Dividends 4,342 4,714 5,027 5,420 1,164 1,548 1,164 1,315 1,178 1,762 1,279 Nondurable goods industries (79 corps.): i Sales 45,442 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 ,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 ,210 3,219 3,391 3,662 842 939 867 899 935 961 994 Dividends 1,912 ,953 2,037 2,155 2,270 517 612 539 539 543 650 562 Durable goods industries (101 corps.):2 Sales 72,981 ,849 73,613 83,638 90,857 19,085 22,343 21,342 23,703 21,051 24,761 23,715 Profits before taxes 8,442 ,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 ,911 3,916 4,792 5,379 867 1,421 1,211 1,532 1,049 1,587 1,577 Dividends 2,430 ,510 2,677 2,872 3,150 647 936 626 776 635 1,113 718 Selected industries: Foods and kindred 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 15,995 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 5,072 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 831 840 845 823 735 210 192 180 182 182 191 186 Machinery (25 corps.): Sales 17,095 16,826 17,576 19,156 20,368 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 448 482 497 520 567 129 133 137 140 139 151 156 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 2,386 288 722 599 704 332 751 777 Dividends 807 833 969 1,148 1,444 216 501 216 361 220 647 276 Public Utility Railroad: Operating revenue 9,825 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 845 648 625 729 816 172 236 116 252 197 252 188 Profits after taxes 578 445 382 572 651 131 259 82 189 156 225 144 Dividends 406 385 359 367 383 67 121 89 103 66 125 110 Electric power: Operating revenue 11,129 11,906 12,478 13,489 14,177 3,285 3,390 3,819 3,371 3,458 3,529 3,973 Profits before taxes 2,983 3,163 3,349 3,583 3,741 883 829 1100 848 930 862 1,106 Profits after taxes 1,655 1,793 1,883 2,062 2,185 489 516 626 498 529 532 660 Dividends 1,219 1,307 1,374 1,462 1,548 354 374 392 378 384 394 424 Telephone: Operating revenue 7,572 8,111 8,615 9,196 9,796 2,300 2,355 ,365 2,440 2,465 2,526 2,543 Profits before taxes 2,153 2,326 2,478 2,639 2,815 683 630 672 711 725 707 726 Profits after taxes 1,073 1,155 1,233 1,327 1,417 337 335 336 357 368 356 377 Dividends 743 806 867 935 988 235 237 225 255 252 256 261 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 pub- Lines and General departments of American Telephone and Telegraph lished 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. All 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

888 BUSINESS FINANCE JULY 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a t ll i s p o o u i w n t m a - l pances ! ances l 1956 44.7 21.2 23.5 12.1 11.3 20.0 1962—III 46.2 21.9 24.3 16.5 7.8 31.0 1957 43.2 20.9 22.3 12.6 9.7 21.8 IV.... 48.4 22.9 25.5 17.1 8.4 31.3 1958 37.4 18.6 18.8 12.4 6.4 22.7 1959 47.7 23.2 24.5 13.7 10.8 24.3 1963—1 48.3 22.9 25.4 17.1 8.3 31.7 II 51.0 24.2 26.8 17.6 9.2 32.1 1960 . . . 44.3 22.3 22.0 14.5 7.5 25.6 III.... 52.2 24.7 27.5 17.6 9.8 32.7 1961 43.8 22.0 21.8 15.3 6.5 26.8 IV.... 54.3 25.8 28.6 18.8 9.7 33.2 1962 46.8 22.2 24.6 16.6 8.1 30.8 1963 51.5 24.4 27.1 17.8 9.3 32.4 1964 I 56.2 24.9 31.2 19.1 12.1 33.7 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 U.S. Other U.S. Other taxes Govt. i Govt. i 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 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 r 135.6 306.8 41.1 20.0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42.5 1962 r 142 8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15 0 45.7 1963 I'- 143 7 328.6 39.1 20.8 3.5 148.9 102.6 13.6 184.9 2.3 121.7 14 2 46.7 l m l'r 1 14 4 8 6 .0 8 3 3 3 4 5 2 . . 8 9 4 40 0 . . 8 3 2 1 0 9 . . 3 7 3 3 . . 3 4 1 1 5 58 3 . . 1 3 1 1 0 0 5 4 . . 8 0 1 1 4 5 . . 6 2 1 19 8 4 9 . . 1 8 2 2 .5 5 1 12 2 8 5 .3 1 1 15 4 .3 3 4 4 8 7 .7 3 IV r 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—1 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 1 Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o 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 43.92 9.05 9.20 1.09 1.44 2.21 6.03 14 90 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—I 9.40 1.93 1.87 .26 .32 .51 1.18 97 2 37 42 55 II 2 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 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 REAL ESTATE CREDIT 889 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfann 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 Fin an. Other Finan. Other ers insti- holders « tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions1 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 r35.4 178.7 130.9 109.2 21.6 47.9 r31 8 r16.1 12 1 4.5 7 6 1960 206.8 157.6 11.2 38.0 194.0 141.3 117.9 23.4 52.7 35.0 17.7 12.8 4.7 8.2 1961 226.3 172.6 11.8 41.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 13.9 5.0 8.9 1962* 251 6 192.5 12.2 47 0 236.4 166.5 140.4 26 0 69.9 46.6 23 4 15 2 5.5 9.7 1963* 280.9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1962—1" 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 IIP 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5 3 9.4 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—1" 257.1 197.2 11.8 48.1 241.6 169.2 143.3 25.9 72.4 48.3 24.1 15.5 5.6 9 9 IIP 265.1 204.1 11.2 49.9 249.0 173.7 147.9 25.8 75.3 50.3 25.0 16.1 5.9 10 2 HI* 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 1964 IP 287.0 221.9 11.2 53.9 269.8 185.2 158.9 26.3 84.6 56.6 28.0 17.2 6.4 10.8 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 Residential Residential End of period Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a o t r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h m n e - r 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.^91 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—HI 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—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29.833 26.940 8,340 9,392 9.208 2 842 51 II 32.194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8.662 9.502 9,469 2.954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31.484 28,464 8.984 9,633 9,847 2,968 52 IV 34,476 23 482 6 520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10 156 3 088 51 1963 I 35 24^ 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 1964 IP 340,300 337,173 1 Includes loans held by nondeposit trust cos., but not bank trust depts. series for all commercial and mutual savings banks in the United States 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. and possessions; first and third quarters, estimates based on FDIC data 3 Breakdown not available because of lack of call report data. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 REAL ESTATE CREDIT JULY 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm * Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 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 1,576 680 5,878 872 50,543 46,753 10,790 6,411 29,552 3,790 1963 Apr r 689 608 118 67 423 81 47,866 44,361 10,393 6,426 27,542 3,505 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 AUR 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 Sept 716 653 134 48 471 63 49,233 45,522 10,604 6,402 28,516 C3,711 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 53 477 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 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 1 By type of lender (N.S.A.) Period Total i s N c t t i o r o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A. 2 N.S.A. i a n l S s o g s a a s n v n s - & . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 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 9 SO 1,097 917 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 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 QV7 1963 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1963 36,925 16.716 .319 6,354 2,061 1963 1963 May 2,199 651 854 83,281 4,581 7,089 71,611 Jan 2,876 2,658 1,143 100 457 141 June. 2,242 638 936 84,525 4,587 7,047 72,891 Feb 2,869 2,424 1,086 88 408 123 July 2,341 619 1,003 85,628 4,621 7,084 73,923 Mar 2,907 2,751 1,261 99 467 126 2,428 623 1,071 86,836 4,635 7,085 75,116 Apr 2,986 3,065 1,412 112 539 145 Sept. 2,196 642 928 87,933 4,662 7,058 76,213 May 3,066 3,233 1,497 116 563 168 Oct 2,387 685 977 89,051 4,679 7,028 77,344 June 3,121 3,177 1,468 119 551 181 Nov 1,856 502 757 89,857 4,683 6,980 78,194 July 3,183 3,515 1,606 127 595 218 Dec 2,118 620 776 90,849 4,685 6,960 79,204 3,213 3,525 1,611 123 612 212 Sept 3,189 3,177 1,442 116 546 190 1964 Oct 3,134 3,534 1,594 125 616 206 Nov 3,149 2,880 1,271 103 495 184 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Dec 3,059 2,987 I 322 110 504 166 Feb 1,712 474 674 92,163 4,705 6,902 80,556 Mar 2 071 621 784 93,069 4,710 6,879 81,480 1964 Apr 2,081 579 831 93,978 4,714 6,855 82,409 May23 2,142 584 887 94,937 4,726 6,821 83,390 Jan 2,758 1,170 103 483 145 * Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federa Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 REAL ESTATE CREDIT 891 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j - i m p P r e e i 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 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 . . 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 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 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963* 182.2 65.5 35.0 30.5 116.7 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 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 II 159.1 60.4 30.9 29.5 98.7 1963—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 Ill* 178.2 64.3 34.3 30.0 113.9 Nov. 577 127 317 55 78 258 100 158 IV* 182.2 65.5 35.0 30.5 116.7 Dec.. 601 142 345 63 52 255 106 149 1964—IP 185.2 66.3 35.7 30.6 119.0 1964—Jan.. 666 162 381 62 61 268 114 153 Feb.. 534 126 314 48 46 201 81 120 Mar. 600 126 357 59 58 208 84 124 NOTE.—For total debt outstanding, figures are Apr. 646 117 367 119 43 206 81 125 FHLBB and F.R. estimates. For conventional, May. 570 105 352 68 46 192 71 121 figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admim. 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 * - 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 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 ,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 M1\ 1,151 1963—May 4,993 3,164 1.828 26 213 272 1963—June 696 166 3,270 1,876 1,393 1,325 4,883 3,114 1,769 32 102 251 July 710 432 3,548 2,139 11,409 1,069 July 4,795 3,069 1,727 19 74 183 466 256 3,758 2,296 ,462 1,011 4,752 3,050 1,703 23 29 185 Sept 517 251 4,024 2,493 1,531 1,014 Sept 4,720 3,034 1,686 21 10 183 Oct 610 408 4,226 2,588 1,638 986 Oct 4,702 3,033 1,669 23 5 190 Nov 363 299 4,290 2,611 1,679 978 Nov 4,677 3,021 1,656 15 7 196 Dec 754 259 4,784 2,863 1,921 1,151 Dec 4,650 3,017 1,634 24 19 191 1964—Jan 467 837 4,414 2,653 ,762 944 1964—Jan 4,624 3,006 1,618 21 11 189 Feb 225 424 4,216 2,500 1,716 943 Feb 4,613 3,011 1,603 24 4 188 Mar 339 387 4,168 2,406 1,763 977 Mar 4,598 3,016 1,582 27 11 192 Apr 573 296 4,444 2,463 1,982 957 Apr 4,572 3,015 1,557 38 31 204 May 352 401 4,395 2,438 ,957 990 May 4,565 3,027 1,538 44 21 202 June 703 329 4,769 2,674 £,095 1,153 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin., and Community 1 year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 CONSUMER CREDIT JULY 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 e m r r s er e a r n l R n o d i e a z p m n a a s t o i i 1 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 . 44 970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51 542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 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—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 May 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 i Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates coyer loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Sales Credit Con- Depart- Furni- Appli- Auto- Total mercial finance sumer Other i Total ment ture ance mobile Other banks cos. HunfliiAotniCs finance * stores 2 stores stores dealers 3 1939 4,503 3,065 1 079 1 197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 ,129 4,743 1,408 1.187 377 502 1.269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 ,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 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 ,225 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 ,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 ,058 293 342 ,481 1962...... 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 ,625 1963—May 49,484 43,723 20,229 12,583 5,139 4,191 ,581 5,761 2,797 994 274 319 ,377 June 50,307 44,373 20,602 12,693 5,251 4,241 ,586 5,934 2,925 997 274 331 ,407 July. 50,894 44,878 20,874 12,807 5,330 4,276 ,591 6,016 2,999 994 274 343 ,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 ,004 276 341 ,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 ,009 279 321 ,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6,096 3,077 ,015 280 325 ,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 ,644 6,233 3,172 ,032 282 326 ,421 Dec. 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 ,086 287 328 ,625 1964— Jan.. 53,597 47,300 21,630 13,840 5,584 4,592 ,654 6,297 3,063 ,065 281 328 ,560 Feb. 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 ,047 278 330 ,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 3,044 ,022 273 334 ,469 Anr. 54,382 48,191 22,224 13,893 5,776 4,628 .670 6, 191 3,106 ,013 272 340 ,460 May 55,120 48,824 22,559 14,027 5,889 4,657 ,692 6,296 3,182 t,020 271 348 ,475 if Consumer finance cos. included with "other" financial institutiors 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

JULY 1964 CONSUMER CREDIT 893 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair End of period Total ch P a u s r e - p d ape D r irect s g p c u o a o m o p n d e e - r s r e m l r t o a n i o n a o iz n d d n a s - - l s P o o a e n r n a - s l End of period Total m A pa o u p b t e i o l r - e s g p c u o a o m p o n e d e - r s r m iz l o o a a d n a ti e n d o r s n n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945...... 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 . 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 ... ....... 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 . ..... 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 ........ 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 . . . 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 . 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—May 12,583 7,778 3,136 162 ,507 1963—May 20,229 6,695 3,794 2,930 2,258 4,552 June 12,693 7,934 3,069 162 ,528 June 20,602 6,849 3,869 2,973 2,286 4,625 July. 12,807 8,069 3,011 162 ,565 July 20,874 6,976 3,922 2,986 2,312 4,678 Aug. 12,906 8,153 2,986 161 ,606 Aug 21,101 7,073 3,936 3,012 2,336 4,744 Sept. 13,073 8,099 3,157 161 ,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct.. 13,187 8,163 3,186 161 ,677 Oct. 21,391 7,177 3,951 3,073 2,370 4,820 Nov. 13,302 8,210 3,233 160 ,699 Nov. 21,486 7,218 3,984 3,084 2,373 4,827 Dec. 13,523 8,228 3,383 158 ,754 Dec. 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan.. 13,840 8,220 3,701 156 ,763 1964—Jan. 21,630 7,246 4,016 3,134 2,333 4,901 Feb. 13,788 8,227 3,635 154 ,772 Feb 21,799 7,275 4,052 3,226 2,316 4,930 Mar. 13,802 8,265 3,603 152 ,782 Mar 21,919 7,364 4,102 3,195 2,303 4,955 Apr. 13,893 8,371 3,580 151 ,791 Apr 22,224 7,501 4,172 3,185 2,308 5,058 May 14,027 8,489 3,583 149 May.......... 22,559 7,673 4,255 3,192 2,331 5,108 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 1 9 9 4 3 1 9 .. 9 7 5 8 7 9 pap 1 e 2 8 r 2 1 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 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 p t D o a e e r r - e n t- s t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 ... . ...... 6 748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8 024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 1960 9 074 1 665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 . 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1960 13,196 3,884 623 941 3,952 436 3,360 1963—May 10,911 2,208 764 825 7,114 1961 14,151 4,413 723 948 3,907 469 3,691 June........... 11,078 2,253 111 833 7,215 1962.. 15,130 4,690 766 927 4,252 505 3,990 July ... ... . 11,197 2,283 789 842 7,283 1963 16,145 5,047 912 895 4,456 520 4,315 Aug 11 368 2 316 799 860 7,393 Sept 11,469 2,330 802 864 7,473 1963—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 May 12,238 2,490 876 884 7,988 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 Mar.. 15,118 5,076 926 614 3,485 535 4,482 NOTE.—Institutions represented are consumer finance cos., credit Apr... 15,434 5,152 896 610 3,667 556 4,553 unions, industrial loan cos., mutual savings banks, savings and loan May.. 15,825 5,230 976 626 3,910 563 4,520 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

894 CONSUMER CREDIT JULY 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55 126 19 796 15 685 2 051 17 594 1963 60,822 22,013 17,007 2,178 19,624 1963 May 4,985 5,294 1.847 2,067 1 3S7 1,386 188 218 J . 593 1.623 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 Aue 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 2,094 172 154 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 1,212 186 142 1,704 1,512 Mar 5,480 5,322 1^942 1,983 1,665 1,488 179 163 ,694 1.688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 May 5,552 5,584 2,023 2,137 1,589 .547 187 205 .753 1,695 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 May 4,544 4,616 1.611 J.649 1.294 1.311 170 173 J.469 J.481 4,568 4,399 1,588 1,525 1,317 1,260 167 163 ,496 1,451 July 4,591 4,778 L,6O3 1,698 L,33O 1,356 171 179 ,487 1,545 4,619 4,610 1,607 ,613 1,326 ,308 170 172 ,516 1,517 Sept 4,752 4,563 1,659 1,618 1,347 1,289 174 173 ,572 1,483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 ,572 1,568 Nov 4,596 4,543 1,638 ,598 1,324 ,316 167 162 ,467 1,467 Dec 4,812 4,924 1,707 1,675 1,384 ,374 177 172 ,544 1,703 1964—Jan 4,848 4,932 1,684 ,699 1,441 1,508 176 176 ,547 1,549 Feb 4 842 4,597 1,716 ,604 1,395 ,383 171 161 560 I 449 Mar. 4,956 5,079 1,735 ,783 1.468 ,504 174 177 ,579 ,615 4,959 4,991 ,759 ,768 l|453 ,470 172 171 ,575 1,582 May 5,059 4,846 .776 .712 1,483 .424 175 169 .625 .541 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 Mav 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 35 159 158 481 632 195 226 115 148 15 41 156 217 Sept 341 192 71 -94 78 95 7 20 185 171 Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1964—Jan 428 -148 204 -10 52 -128 9 — 35 163 25 Feb 579 -45 237 82 183 — 171 15 — 19 144 63 Mar 524 243 207 200 197 -16 5 — 14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 1 Includes adjustment for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction of outstanding. outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 CONSUMER CREDIT 895 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.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 I960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962... 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1963—May 4,985 5,294 1.887 2,074 1,042 1.107 1.224 1.276 832 837 June 5,054 5,222 1,919 2,010 1.016 1,076 1,245 1,268 874 868 July 5,100 5,365 1,898 2,066 1,054 ,159 1,254 1,307 894 833 5,100 5,242 1,878 1,920 1,051 1,094 1,274 1,328 897 900 Sent 5,093 4,755 1,878 1,744 1,021 955 1,322 1,218 872 838 Oct 5,311 5,487 2,000 2,061 1,115 ,194 1,351 1,311 845 921 Nov 4,979 4,981 1,877 1,766 1,030 1,013 1,198 1,213 874 989 Dec 5,272 5,974 1.963 1,889 1,134 ,192 1,252 1,476 923 1,417 1964 Jan 5,276 4,784 1,928 1,825 1,125 1,020 1,312 1,157 911 782 Feb 5,421 4,552 2,043 1,786 1,187 980 1,283 1,122 908 664 Mar 5,480 5,322 2,006 2,011 1,209 1,166 1,292 1,290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 ,201 1,309 1,347 921 872 May 5,552 5,584 2,075 2,144 1,196 1,194 1,350 1,338 931 908 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—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 1,637 1,012 966 1,129 1,101 728 695 July 4,591 4,778 1,690 1,794 1,007 1,045 1,144 1,188 750 751 4,619 4,610 1,692 1,693 1,000 995 1,158 1,157 769 765 Sept.... 4,752 4,563 1,737 1,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1,737 1,815 1,054 1,129 1,209 1,197 780 807 Nov 4,596 4,543 1,734 1,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 L802 1,765 1,039 1,066 ,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 1,084 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 May 5,059 4,846 1,876 1,809 1,114 1,060 1,234 1,174 835 803 Net change in credit outstanding 2 1956 2,814 1 176 670 733 235 1957 2,148 1,066 491 665 -75 1558 -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 May 441 678 206 347 25 77 110 150 100 104 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 481 632 186 227 51 99 116 171 128 135 Sept 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 Nov. 383 438 143 95 108 115 82 91 50 137 Dec 460 1,050 161 124 190 221 85 185 24 520 1964 Jan 428 -148 160 20 396 317 128 -29 -256 -456 Feb 579 -45 336 169 93 -52 110 37 40 -199 Mar 524 243 163 120 125 14 91 65 145 44 Apr 412 587 148 305 63 91 112 142 89 49 May 493 738 199 335 82 134 116 164 96 105 1 IncJudes 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

896 INDUSTRIAL PRODUCTION: S.A. JULY 1964 MARKET GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 * a > a v 1 g e 9 e r 6 - 3 May June July Aug. 196 S 3 ept. Oct. Nov. Dec Jan.r Feb.r M 1 a 9 r 6 . 4 r Apr.' May Total index i. 100.00 124.3 124.5 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.0 130.4 131.2 Final products, total 47.35 124.8 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.4 128.6 128.1 128.5 129.9 130.1 Consumer goods 32.31 125.1 124.1 125.9 126.4 126.7 126.7 128.0 128.2 128.2 128.9 128.7 128.7 129.8 129.7 Equipment, including defense... 15.04 124.2 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 128.2 126.8 128.2 130.3 130.9 Materials 52.65 123.6 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 126.6 128.1 128.9 131.2 131.5 Consumer goods Automotive products 3.21 141.1 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.6 146.7 145.5 144.2 149.3 150.6 Autos 1.82 149.5 144.3 159.9 153. 139.6 144.2 156.8 160.6 157.0 155.3 156.5 152.5 160.0 160.3 Auto parts and allied products 1.39 130.1 127.7 126. 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.1 133.2 135.2 137.9 Home goods and apparel 10.00 123.0 122.3 123.6 123.9 125.1 125.5 126.2 126.9 126.5 127.0 127.3 126.2 127.6 127.2 Home goods 4.59 129.4 130.3 131.0 130.1 132.0 132.3 131.3 132.8 133.6 134.0 135.9 135.1 136.3 136.2 Appliances, TV, and radios 1.81 124.7 128.0 129.1 126.0 130.2 130.4 126.6 129.4 128. 127.5 131.3 128.7 130.7 130.4 Appliances 1.33 130.1 131.9 133.7 130.6 136.8 136.9 131.8 135.2 132.6 130.7 135.3 132.9 134.7 140.3 TV and home radios .47 109.4 117.1 116.0 112.9 111.4 112.0 112.0 113.1 115.6 118.6 120.3 116.9 119.5 102.4 Furniture and rugs 1.26 131.3 130.7 132.8 133.8 133.6 131.6 133.2 134.1 134.3 135.1 135.8 135.9 137.2 137.5 Miscellaneous home goods 1.52 133.6 132.6 131.7 131.9 133.0 135.2 135.4 135.9 139.5 140.8 141.4 142.0 142.2 142.1 Apparel, knit goods, and shoes.... 5.41 117.5 115.5 117.4 118.7 119.2 119.7 121.8 121.9 120.5 121.1 120.1 118.7 120.2 Consumer staples 19.10 123.6 122.9 123.8 125.2 126.1 125.4 125.7 125.3 125.8 126.3 125.7 126.3 127.0 127.5 Processed foods 8.43 116.5 115.9 116. 116.3 117.9 117.9 118.1 117.8 119.0 120.1 119.2 118.7 119.0 119.4 Beverages and tobacco 2.43 115.0 116.2 115.2 117. 117.4 112.9 116.0 114.5 115.7 116.5 118.5 121.9 125.2 Drugs, soap, and toiletries 2.97 140.0 138.7 139.7 143.8 144.0 144.8 144.0 143.8 143.4 142.2 140.1 140.1 142.8 144.6 Newspapers, magazines, and books. 1.47 117.8 119.3 119.3 119.1 120.2 118.2 117.6 117.2 120.9 120.3 122.2 123.6 124.3 124.5 Consumer fuel and lighting 3.67 134.4 132.0 136. 138.2 138.4 137.6 138.0 137.9 135.7 136.6 135.0 136.4 138.5 Fuel oil and gasoline 1.20 116.9 115.6 119.2 115.5 115.6 118.8 119.3 118.2 117.2 115.9 117.6 118.3 120.4 119.6 Residential utilities 2.46 143.0 140.0 144.3 149.2 149.6 146.7 147.1 147.4 144.7 146.6 143.4 145.3 147.4 Electricity 1.72 146.7 143.5 149.2 155.4 155.9 151.4 150.8 151.1 151.9 154.3 149.2 151.9 154.5 Gas .74 Equipment Business equipment 11.63 128.3 125.9 127.8 129.0 130.1 131.0 132.0 132.1 133.2 132.8 131.6 134.1 136.2 137.6 Industrial equipment 6.85 122.9 120.9 122.8 123.6 124.9 125.6 126.6 127.4 128.6 128.9 127.9 131.9 133.9 135.6 Commercial equipment 2.42 142.4 143.4 142.2 142.4 141.5 141.6 141.2 139.0 140.2 141.6 140.4 141.0 143.1 141.6 Freight and passenger equipment. 1.76 132.1 124.8 128.1 135.3 134.6 140.7 140.6 139.7 137.2 135.6 137.5 133.7 139.4 141.1 Farm equipment .61 121.6 112.2 122.0 116.6 118.8 122.0 130.7 131.9 129.1 133.5 127.9 128.8 125.9 130.5 Defense equipment 3.41 Materials Durable goods materials., 26.73 121.1 124.5 125.8 125.2 121.9 122.1 122.5 122.5 122.2 122.6 124.8 126.4 128.2 129.6 Consumer durable 3.43 137.2 139.4 145.9 142.7 136.6 137.8 138.0 138.4 140.2 140.2 141.5 142.6 144.6 145.0 Equipment 7.84 125.4 125.1 128.0 126.4 126.3 128.4 128.3 125.9 127.9 128.2 128.4 129.5 132.3 133.5 Construction 9.17 116.3 116.7 118.0 119.4 119.2 119.0 119.3 119.0 117.8 118.3 120.5 120.7 121.4 122.6 Metal materials n.e.c 6.29 114.2 126.8 123.6 116.7 108.8 107.5 110.6 111.5 113.4 117.6 123.4 125.2 126.8 127.4 Nondurable materials 25.92 126.2 126.9 127.3 128.3 128.4 128.0 128.6 129.1 128.7 130.2 130.4 130.2 132.2 133.6 Business supplies 9.11 120.1 121.6 121.6 119.8 121.7 121.2 121.5 122.8 122.6 124.4 124.8 124.1 126.1 127.6 Containers 3.03 120.3 120.3 121. 119.9 119.7 118.2 122.6 123.9 121.3 125.1 125.5 123.6 127.0 128.1 General business supplies. 6.07 120.1 122.2 121.8 119.8 122.7 122.7 121.0 122.3 123.2 124.0 124.4 124.4 125.7 127.3 Nondurable materials n.e.c.. 7.40 145.1 145.0 145.3 147.6 147.0 147.9 149.8 150.2 150.5 151.4 152.2 152.4 154.5 156.0 Business fuel and power 9.41 117.2 117.9 118.8 121.2 120.4 119.1 118.7 118.6 117.5 119.1 118.7 118.7 120.4 121.8 Mineral fuels 6.07 109.3 110.5 111.5 114.0 113.8 112.1 110.5 109.9 108.0 110.2 109.3 108.9 110.2 112.3 Nonresidential utilities 2.86 138.8 138.3 138.7 141.9 140.4 139.4 141.2 141.9 142.0 142.7 143.5 144.5 147.3 Electricity 2.32 139.4 139.0 139.2 143.0 141.0 139.7 141.9 142.5 143.3 143.8 144.6 145.6 149.0 General industrial 1.03 131.1 132.6 132.2 136.5 132.5 133.1 134.2 133.5 134.5 134.8 135.6 136.9 140.5 Commercial and other. 1.21 149.7 147.6 148.3 151.8 151.4 148.4 151.7 153.5 154.1 154.9 155.6 156.4 159.9 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.3 139.9 138.8 141.7 142.1 Apparel and staples 24.51 122.2 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.2 124.5 124.7 125.5 125.7 i Data revised back to May 1963. See NOTE on opposite page. See announcements, p. 847. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 INDUSTRIAL PRODUCTION: S.A. 897 INDUSTRY GROUPINGS 1 (1957-59- 100) Grouping 9 p p 5 r o 7 o r - - - 59 P a 1 v 9 e 6 r- 3 1963 1964 tion May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.' Mar.' Apr.' | May Total index. 100.00 124.3 124.5 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.0 130.4 131.2 Manufacturing, total. 55.45 124.7 125.1 126.1 126.1 125.3 125.9 126.7 127.0 727.7 725.5 729.7 729.9 131.4 732.0 Durable 48.07 124.4 125.2 127.0 126.3 124.5 125.1 126.2 126.4 127.1 128.1 128.9 130.0 131.6 132.5 Nondurable 38.38 125. 124.9 125.0 125.8 126.4 126.9 127.4 127.7 128.5 128.9 129.4 129.8 131. 131.5 Mining 8.23 107.8 108.9 109.3 110.2 111.2 109.9 108.6 107.4 107.0 108.8 108.9 108.8 109.8 111.3 Utilities 5.32 140.7 138.9 141.0 144.0 144.0 142.3 140.5 140.0 142.3 144.5 143.4 144.8 147.4 148.6 Durable Manufactures Primary and fabricated metals 12.32 117.6 125.0 124.9 123.4 116.5 115.5 116.4 116.7 777.5 120.0 122.6 124.6 725.2 725.5 Primary metals 6.95 113.1 127.4 129.6 122.8 109.4 107.7 108.4 109.5 110.4 113.6 117.6 120.9 123.7 127.1 Iron and steel 5.45 109.5 129.3 126. 117. 102.6 100.0 100.0 103.5 104.9 108.3 114.5 118.1 124.8 129.2 Nonferrous metals and products. 1.50 126.3 124.2 125.5 123.5 126.4 129.4 130.7 132.9 134.7 132.2 139.9 142.6 138.5 134.6 Fabricated metal products 5.37 123.4 122.1 123.9 124.4 125.7 125.6 126.8 126.0 126.8 128.2 129.0 129.3 129.5 130.2 Structural metal parts 2.86 120.2 119.7 120.6 121.7 122.0 122.5 123.0 123.1 123.0 124.4 126.0 127.8 129.2 128.1 Machinery and related products.... 27.98 128.6 126.8 129.9 129.2 128.9 730.3 131.5 737.8 732.3 732.9 732.3 733.2 735.2 735.5 Machinery 14.80 129.1 128.0 129.0 129.4 130.4 131.6 132.0 132.8 133.4 134.7 133.6 135.9 137.5 138.4 Nonelectrical machinery 8.43 126.7 124.5 126.0 126.8 128.0 130.2 131.1 132.1 133.5 135.2 132.9 136.7 138.1 139.4 Electrical machinery 6.37 132.2 132.8 132.9 132.9 133.6 133.6 133.3 133.7 133.3 134.0 134.5 134.9 136.8 137.1 Transportation equipment 10.19 127.0 123.3 130.3 127.8 126.1 127.7 130.3 130.4 130.8 130.8 131.1 130.1 133.0 133.7 Motor vehicles and parts 4.68 146.1 139.4 153.4 147.3 143.0 145.5 150.5 151.9 152.4 151.9 153.0 151.1 156.2 156.6 Aircraft and other equipment... 5.26 109.5 108.6 109.4 110.1 110.5 111.2 111.8 110.7 110.9 111.1 110.8 110.6 112.0 112.9 Instruments and related products. . 1.71 130.2 129.5 130.3 131.0 131. 132.4 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.8 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 773.9 114.0 114.4 114.8 775.5 777.3 777.7 777.3 777.9 727.5 727.9 727.5 727.0 Clay, glass, and stone products. 2.99 117.5 117.5 118.6 119.7 118.6 119.1 120.4 120.3 121.2 121.2 124 1 125.3 125.2 124.7 Lumber and products 1.73 109.0 107.8 106.3 105.3 108.5 109.6 112.2 111.8 110.6 112.2 117.3 116.1 115.4 114.5 Furniture and miscellaneous.. 3.05 729.7 725.0 725.5 730.3 130.4 737.0 730.7 737.7 732.5 733.0 733.9 734.7 735.5 735.0 Furniture and fixtures 1.54 133.1 131.5 132.8 135.0 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.0 Miscellaneous manufactures. 1.51 124.9 124.6 124. 125.7 126.1 126.8 126.2 127. 127.6 128.6 129.7 130.4 131.4 132.0 Nondurable manufactures Textiles, apparel, and leather 7.60 775.5 777.0 777.5 779.0 720.0 720.7 720.5 727.2 727.3 720.7 722.4 727.7 727.5 727.4 Textile mill products 2.90 117.1 115.8 116. 117.6 118.5 119.4 119.7 120.4 119.5 118.8 119.8 118.9 119.4 119.1 Apparel products 3.59 125.5 123.8 124.9 126. 126.9 127.1 127.3 128.5 129.0 129.4 131.7 131.8 130.4 Leather and products 1.11 99.8 98.3 99.6 99.9 102.1 103.6 102.9 100.0 101.2 97.8 99.3' 96.3 98.3 Paper and printing 5.77 720.0 727.3 727.3 727.2 727.5 727.5 727.5 722.2 723.9 723.4 724.5 725.4 727.5 725.0 Paper and products 3.43 125.2 125.4 125.8 126.3 126.7 125.9 127.0 127.3 127.6 128.7 129.1 130.4 132.9 133.8 Printing and publishing 4.7- 116 118.3 118 117.6 118.3 118 117.8 118 121.3 119.5 121.2 121.8 123.6 123.9 Newspapers 1.5: 108.0 111.4 112. 111.6 112.8 113.7 111.9 113.: 119.2 113.9 114.5 115.2 117.2 117.1 Chemicals, petroleum, and rubber.. 11.54 747.5 740.7 140.7 142.2 143.1 144.6 145.4 146.4 745./ 745 4 745.9 747.4 749.5 750.5 Chemicals and products 7.58 148.5 147. 147.5 149.7 150.5 152.4 153.2 154.3 154 3 154.7 154.5 155.2 157.0 157.4 Industrial chemicals 3.84 162.5 161. 160.6 163.0 164 2 166.5 168.3 169.3 171.6 173.1 173.3 174.9 176.6 Petroleum products 1.97 117.1 116.9 118.2 119. 117.6 117.0 119.0 U8.5 116.6 116.0 119. 119.7 120.8 \2\'.9 Rubber and plastics products 1.99 138.9 140.0 137.0 136.0 140.1 142.5 142.1 144.3 144.2 145.0 145.3 145.1 149.4 Foods, beverages, and tobacco 77.0: 775.3 116.6 116.2 775.5 775.5 775.5 777.3 775.5 775.5 720.2 779.5 720. 727.7 121.0 Foods and beverages 10.25 116. 116.5 116. 116. 116.8 116.7 117.5 117.0 118.7 120.8 120.6 120.3 120.6 120.5 Food manufactures 8.64 116.7 116.4 116.4 116.8 116.9 117.5 117.8 117.5 119.2 121.3 119.8 119.7 119.9 120.0 Beverages 1.61 114.9 117.3 115.6 116. 116.6 112.5 116.5 114.5 116.5 118.4 125.0 123.8 124.1 Tobacco products 115.1 118. 115. 117.9 116.8 115.7 114. 114.6 115.8 112.7 105.6 118.2 127.5 Mining Coal, oil, and gas 6.50 106.9 705. 108.6 709.5 7/0. 709.3 707.7 705.3 705. 707.5 707.4 707.7 705.0 770.0 Coal 1.16 102. 104. 107.1 107.1 108.0 106. 104.1 102.1 103.4 104.0 99.2 94.5 98. 106.1 Crude oil and natural gas 5.64 107.9 108.8 108.9 110. 111.3 109. 108.4 107.2 106.2 108.3 109. 109. 109.9 110.8 Oil and gas extraction 4.91 110.9 112.2 112.1 113.6 114.4 112.7 111.5 110.9 109.8 111. 111.7 112.3 112.9 113.7 Crude oil ... 4.2: 108.2 109 109.5 110.9 111 109.8 109 108.1 106 6 108.5 107.8 109.0 109.6 110.5 Gas and gas liquids .66 128.5 129.5 129.2 131.5 131.8 131. 127.0 129.0 130.8 132. 136. 133.3 Oil and gas drilling .73 87.4 86.2 87. 88.0 90.7 91.3 87.9 82.0 81.6 84.9 91.5 92.0 "89."8 Metal, stone, and earth materials. 1.43 772.7 772.5 7/3.0 772.7 7/3.7 112.9 772.5 772.7 773. 774.7 775.4 777.0 775.5 777.5 Metal mining .61 112.3 113 2 112.8 110.3 112.8 112.4 111. 112. 112.9 116.4 118.8 119.8 124. 119.0 Stone and earth minerals 112. 112 3 113.2 113.5 113.4 113 3 113.5 113.1 113.4 113.5 114.7 115.0 114.3 116.5 Utilities Electric. 4 04 142.5 140.9 (43.4! 146.8' 1*6 9 '45.1! 143.3 143.6 146.0 148.3 146.5 148.3 151.3 Gas » . 28135.2 132.5 133.3! 135.4 134.6 133.4 131.7 128.6 i Data revised back to May 1963. NOTE.—Published groupings include some series and subtotals not See announcements p. 847. s^own separately. A description and historical data are available in Industrial Production 1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 INDUSTRIAL PRODUCTION: N.S.A. JULY 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 *1963 1963 1964 Grouping p p ti o r o o r n - - a a v g e e r- May June July Aug. Sept. Oct. Nov. Dec. Jan.' Feb.'' Mar.' Apr.7" May 100.00 124.3 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.6 132.1 47.35 124.8 123.0 127.1 121.7 123.8 130.0 131.9 127.7 125.3 126.7 128.5 128.5 130.7 130.1 32.31 125.1 123.1 128.1 121.3 124.3 131.7 134.2 128.5 123.9 126.1 128.9 127.7 130.3 129.4 Equipment including defense.... 15.04 124.2 122.8 124.8 122.6 122.6 126.3 126.9 126.1 128.5 128.0 127.5 130.1 131.5 131.7 Materials 52.65 123.6 126.9 128.6 119.4 123.9 126.8 128.1 126.5 123.8 124.9 128.1 129.6 132.5 133.9 Consumer Goods 3.21 141.1 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.3 151.9 154.4 152.1 162.5 160.3 1.82 149.5 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 Auto parts and allied products 1.39 130.1 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.1 130.9 131.4 136.4 139.3 10.00 123.0 121.2 126.2 112.0 126.3 130.1 131.9 127.3 117.5 121.6 132.9 129.8 130 A 126.9 4.59 129.4 128.0 132.4 116.8 126.8 141.0 140.2 138.7 132.9 129.5 137.4 138.6 138.2 135.6 Appliances, TV, and radios 1.81 124.7 127.3 133.5 104.0 113.6 140.2 135.8 135.8 123.5 124.7 138.7 137.8 135.9 130.4 1.33 130.1 135.1 141.7 111.7 114.4 144.2 135.9 137.4 135.0 126.0 144.6 147.5 144.9 142.1 .47 109.4 105.4 110.2 82.4 111.4 128.8 135.5 131.2 91.3 121.0 122.2 110.2 110.5 97.4 1.26 131.3 124.8 130.3 125.8 134.9 137.8 139.3 138.1 139.7 133.1 135.8 137.3 137.2 135.3 Miscellaneous home goods 1.52 133.6 131.3 132.9 124.6 135.9 144.7 146.1 142.7 138.4 132.1 137.2 140.6 141.9 142.1 Apparel, knit goods, and shoes 5.41 117.5 115.5 120.9 108.0 125.8 120.9 124.8 117.6 104.5 115.0 129.1 122.3 123.8 19.10 123.6 120.3 124.5 123.9 131.5 133.3 130.9 123.8 122.1 124.1 122.5 122.6 124.8 125.5 Processed foods 8.43 116.5 110.5 115.1 116.5 126.5 133.8 130.5 119.9 115.2 113.5 111.1 109.8 112.6 113.8 Beverages and tobacco 2.43 115.0 125.7 132.0 120.8 126.4 116.6 121.4 108.4 100.2 102.3 107.4 117.6 127.6 2.97 140.0 138.8 142.8 137.0 145.7 146.0 146.9 142.4 139.8 141.1 139.7 139.4 142.8 "\AAJ Newspapers, magazines, and books.. 1.47 117.8 118.7 117.5 116.5 120.2 121.2 119.4 117.2 120.9 120.3 122.8 124.8 125.7 123.9 Consumer fuel and lighting 3.67 134.4 124.7 129.3 135.3 139.2 137.7 129.6 130.2 138.4 150.1 144.0 140.2 135.2 1.20 116.9 111.7 117.6 118.1 119.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 114.7 " i i 5." 7 2.46 143.0 Electricity 1.72 146.7 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 Gas .74 Equipment 11.63 128.3 126.8 129.3 126.5 127.0 131.0 131.2 130.1 132.7 132.5 132.4 135.9 137.8 138.6 6.85 122.9 121.0 123.9 122.4 124.5 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135.7 2.42 142.4 141.7 142.6 139.6 141.8 143.7 143.6 140.7 142.6 141.7 139.4 139.7 140.4 139.9 Freight and passenger equipment... 1.76 132.1 130.3 133.2 131.5 126.4 135.6 139.2 136.9 134.2 132.9 139.2 141.9 146.4 147.3 .61 121.6 122.1 125.6 106.1 98.1 116.3 120.3 118.6 125.8 131.8 142.0 147.3 147.3 140.4 3.41 Materials 26.73 121.1 126.5 129.2 118.7 118.7 124.0 125.3 123.2 121.0 121.1 125.3 127.4 131.1 133 8 Consumer durable 3.43 137.2 139.5 144.9 128.4 112.4 138.6 143.0 145.6 150.0 146.9 146.5 146.2 148.4 149.7 7.84 125.4 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 130.8 131.8 133 0 133 8 Construction . . .... 9.17 116.3 120.2 125.4 121.2 126.4 125.9 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127.5 6.29 114.2 130.0 128.8 105.3 105.6 110.7 113.3 112.4 108.4 114.5 124.5 128 2 131 9 134 4 25.92 126.2 127.3 128.0 120.1 129.2 129.6 131.0 129.8 126.8 128.8 131.0 131.8 133.9 134.0 9.11 120.1 122.8 122.8 112.2 123.5 125.0 127.2 123.8 118.1 119.6 123.1 124.9 129 5 128 8 Containers 3.03 120.3 121.5 127.2 115.1 131.7 125.9 128.7 117.1 105.5 117.6 123.0 123 6 130 8 129 4 General business supplies 6.07 120.1 123.4 120.7 110.8 119.4 124.5 126.4 127.2 124.4 120.5 123.2 125.6 128.8 128.6 Nondurable materials nee 7.40 145.1 147.2 146.0 136.2 145.5 147.2 150.5 151.7 148.2 151.4 155.2 156.2 157.6 158.3 Business fuel and power 9.41 117.2 115.9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 119.9 119.6 119.3 119.6 120.0 6.07 109.3 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.1 112.6 111 4 111 5 111 2 2.86 138.8 Electricity 2.32 139.4 134.7 141.0 147.0 152.0 149.1 144.6 139.7 139.9 141.5 138.9 141.3 141.9 General industrial 1.03 131.1 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 Commercial and other 1.21 149.7 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 Gas .54 Supplementary groups of consumer goods 7.80 134.3 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144 4 144 1 148 2 145 8 24.51 122.2 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.5 124.6 124.2 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 INDUSTRIAL PRODUCTION: N.S.A. 899 INDUSTRY GROUPINGS (1957-59- 100) 1957-59 1963 1964 Grouping p pr o o r - - avertion age May June July Aug. Sept. Oct. Nov. Dec, Jan.r Feb.r Mar.r Apr.r May Total index. 100.00 124.3 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.6 132.1 Manufacturing, total., 86.45 124.7 126.1 128.8 120.5 123.4 128.7 131.1 128.2 125.1 125.8 129.1 130.0 133.0 133.5 Durable 48.07 124.4 126.9 129.8 121.0 118.1 126.6 129.3 128.4 127.2 126.7 129.5 131.3 134.1 134.8 Nondurable 38.38 125.1 125.1 127.6 119.8 130.0 131.4 133.3 127.9 122.5 124.7 128.5 128.4 131.6 131.7 Mining 8.23 107.8 108.9 111.3 105.3 112.2 111.4 111.0 108.1 106.7 107.9 108.3 107.6 109.7 111.7 Utilities 5.32 140.7 Durable manufactures Primary and fabricated metals 12.32 117.6 127.0 128.2 112.1 113.5 117.5 118.7 117.7 115.4 119.3 124.4 127.4 130.6 131.9 Primary metals 6.95 113.1 130.7 129.6 104.1 102.6 106.5 109.5 110.6 107.1 114.7 124.3 128.4 132.0 132.9 Iron and steel 5.45 109.5 130.6 128.6 102.5 96.4 100.0 103.0 104.5 102.3 110.5 119.4 124.0 128.5 130.5 Nonferrous metals and products. 1.50 126.3 130.8 133.3 109.9 125.1 130.3 133.2 132.9 124.5 130.0 142.0 144.2 144.6 141.7 Fabricated metal products 5.37 123.4 122.3 126.4 122.5 127.5 131.6 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.5 Structrual metal parts 2.86 120.2 119.1 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 121.0 122.8 125.3 127.5 Machinery and related products.... 27.98 128.6 128.4 131.9 124.8 117.0 129.8 133.9 134.1 135.1 133.7 134.7 136.0 138.1 137.9 Machinery 14.80 129.1 128.3 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.3 135.5 138.4 139.5 139.8 Nonelectrical machinery 8.43 126.7 126.4 129.0 123.6 123.3 128.5 128.8 129.3 134.4 135.1 135.3 140.5 142.2 142.9 Electrical machinery 6.37 132.2 130.9 134.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.6 Transportation equipment 10.19 127.0 127.5 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.4 135.0 134.3 138.5 137.6 Motor vehicles and parts 4.68 146.1 149.4 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.0 160.1 158. 166.7 164.8 Aircraft and other equipment... 5.26 109.5 107.1 107.9 107.5 108.5 110.8 112.4 112.4 113.1 112.2 112.1 112.3 112.6 112.4 Instruments and related products.. 1.71 130.2 128.2 131.6 129.7 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 118.3 122.7 117.7 125.7 124.5 124.4 117.3 106.5 104.2 112.0 113.9 120.3 125.5 Clay, glass, and stone products... 2.99 117.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.7 Lumber and products 1.73 109.0 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 110.3 113.1 118.3 Furniture and miscellaneous.. 3.05 129.1 125.2 128.7 126.7 134.6 137.1 137.7 136.2 133.9 127.8 129.6 131.5 133.1 132.9 Furniture and fixtures , 1.54 133.1 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 135.8 Miscellaneous manufactures. 1.51 124.9 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 130.0 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 118.4 121.7 106.9 124.1 121.2 123.9 119.6 109.9 117.6 129.5 124.7 124.7 122.4 Textile mill products 2.90 117.1 121.0 121.4 105.8 120.3 120.0 119.7 119.2 112.9 116.4 122.8 123.1 121.2 124.5 Apparel products 3.59 125.5 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.3 124.9 142.2 133.1 135.6 Leather and products 1.11 99.8 93.9 100.6 89.4 108.7 105.2 105.5 98.0 94.4 97.3 106.2 102.1 98.3 Paper and printing , 8.17 120.0 122.3 121.1 112.6 121.8 123.5 127.8 124.6 119.4 120.4 124.5 126.4 130.9 729.0 Paper and products 3.43 125.2 126.0 128.3 113.7 131.0 127.8 135.3 127.9 115.2 126.8 132.3 131.7 138.2 134.5 Printing and publishing. 4.74 116.4 119.6 117.6 111.8 115.2 120.3 122.3 122.2 122.5 115.8 118.9 122.6 125.6 125.1 Newspapers , 1.53 108.0 118.8 113.1 97.1 102.1 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 Chemicals, petroleum, and rubber.. 11.54 141.5 142.3 143.9 136.0 143.3 145.5 147.8 145.6 142.9 145.3 147.7 148.3 151.6 152.8 Chemicals and products 7.58 148.5 150.2 150.9 144.3 150.7 152.0 154.5 153.1 150.7 152.8 155.0 156.5 160.3 160.6 Industrial chemicals 3.84 162.5 163.8 162.2 157.3 162.3 164.8 169.1 170.7 169.9 172.2 175.0 176.6 179.2 Petroleum peoducts 1.97 117.1 115.1 121.7 123.1 123.5 121.7 119.6 116.7 114.9 114.3 117.3 115.5 116.0 iio.'i Rubber and plastics products 1.99 138.9 139.3 139.1 117.0 134.5 144.4 150.1 145.7 140.6 147.2 150.4 149.7 154.0 Foods, beverages, and tobacco. 11.07 116.3 114.0 118.8 117.2 126.2 129.7 128.7 117.7 112.2 111.4 110.7 111.7 116.2 118.2 Foods and beverages , 10.25 116.4 113.4 118.4 118.2 126.2 130.5 129.0 117.8 113.7 111.4 111.2 111.4 115.3 117.1 Food manufactures 8.64 116.7 110.7 115.1 116.2 126.2 133.4 130.7 120.4 115.6 114.0 111.7 110.1 112.9 114.1 Beverages 1.61 114.9 127.4 136.4 129.2 126.5 114.8 120.0 104.0 103.2 97.7 108.5 118.2 127.8 Tobacco products .82 115.1 122.4 123.5 104.3 126.4 120.2 124.3 116.9 94.3 111.5 105.1 116.4 127.2 Mining Coal, oil, and gas 6.80 106.9 106.4 108.5 101.8 109.8 108.5 108.6 107.8 107.6 109.8 110.1 108.6 705.7 108.6 Coal 1.16 102.4 105.5 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 100.4 95.3 99.4 107.2 Crude oil and natural gas 5.64 107.9 106.6 106.8 107.9 109.0 107.7 107.6 108.1 108.8 111.4 112. 111.4 110.6 108.9 Oil and gas extraction 4.91 110.9 110.1 110.0 110.7 111.4 109.8 110.2 111.6 112.3 114.5 115.4 115.2 114.4 112.1 Crude oil 4.25 108.2 108.4 108.4 108.7 109.5 107.6 108.0 108.1 107.7 110. 111.0 111.2 111.4 109.4 Gas and gas liquids .66 128.5 124.3 120.4 123.6 123.8 124.0 124.3 133.8 141.7 143.0 144.0 140.5 Oil and gas drilling .73 87.4 82.4 85.3 88.6 92.8 93.2 90.1 84.1 85.5 90.4 89.3 85.3 Metal, stone, and earth minerals. 1.43 112.1 120.9 125.0 122.0 123.8 125.0 122.3 109.9 102.5 98.7 100.1 102.7 114.8 126.7 Metal mining .61 112.3 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 102.4 106.9 106.6 115.5 130.9 Stone and earth minerals .82 112.1 119.0 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.5 Utilities Electric. 4.04 142.5 133.0 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 Gas 1.28 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 BUSINESS ACTIVITY; CONSTRUCTION JULY 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Industria production fac M tu a r n in u g - 2 Prices * Nonag- Major market groupings Major industry s C tr o u n c - - r t i u c r u a l l - Freight Total Period Totals Final products Mate- groupings 5 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 e m n y - t - P ro a l y ls - l i o n a g d s - re s t a a l i e l s 3 s C 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—May 124.5 123.5 124.1 122.1 125.7 125.1 108.9 138.9 144 108.5 100.4 117.9 96.9 118 106.2 100.0 June 125.5 125.2 125.9 123.8 126.6 126.1 109.3 141.0 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July . . 125 7 125 9 126 4 124.8 126.7 126.1 110.2 144.0 126 109.1 100.4 118.0 93.9 121 107.1 100.6 Aug 125.1 126.2 126.7 125.3 125.1 125.3 111.2 144.0 132 109.1 99.8 117.0 90.9 121 107.1 100.4 Sent 125.4 126.5 126.7 126.2 125.0 125.9 109.9 142.3 128 109.3 100.1 120.3 91.2 119 107.1 100.3 Oct 125.9 127.9 128.0 127.7 125.5 126.7 108.6 140.5 146 109.6 100.4 120.0 92.7 121 107.2 100.5 Nov 126.1 128.0 128.2 127.6 125.8 127.0 107.4 140.0 144 109.5 100.0 119.4 92.3 120 107.4 100.7 Dec 126.8 128.4 128.2 128.8 125.4 127.7 107.0 142.3 148 109.8 100.5 121.7 93.9 123 107.6 100.3 1964—Jan 127.7 128.6 128.9 128.2 126.6 128.5 108.8 144.5 147 110.0 100.3 120.2 97.2 123 107.7 101.0 Feb 128.2 128.1 128.7 126.8 128.1 129.1 108.9 143.4 143 110.7 100.8 122.8 96.9 126 107.6 100.5 Mar 129 0r128 5 128 7 128 2 128 9 129 9 108.8 144.8 140 110.9 101.3 123.1 94.0 124 107.7 100.4 Apr 130.4 129.9 129.8 130.3 131.2 131.4 109.8 147.4 138 111.3 101.7 124.4 94.8 125 107.8 100.3 May 131.2 130.1 129.7 130.9 131.5 132.0 111.3 148.6 138 111.4 101.8 124.1 96.4 127 107.8 100.1 June33 131.8 130.8 130.4 131.6 132.1 132.6 110.8 151.0 111.6 102.1 124.3 93.8 127 1U0.1 * Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 5 Data revised back to May 1963. See announcements, p. 847. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American NOTE.—Data are seasonally adjusted unless otherwise noted. Railroads. Construction contracts: F. W. Dodge Corp. monthly index of dollar CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 41,303 45,546 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 4,639 By type of ownership: Public 13,599 14,653 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 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 2,061 1,966 1,934 1,883 1,789 2 028 1,519 1,325 1,372 1,427 1,991 2,006' 2,050 Nonresidential building 13,010 14,377 1,452 1,458 1,271 1,322 1,154 1,331 1,082 1,102 1,158 1,082 1,252 1,420 1,362 Nonbuilding 10,255 10,667 1,337 978 920 857 764 954 1,148 985 816 692 972 933 1,227 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

JULY 1964 CONSTRUCTION 901 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total N fa o r n m - Business O n t o h n e - r Mili- High- Sewer Total de r n es t i i - al Total Indus- Com- Public d re e s n i- - Total tary way w a a n t d er Other trial mercial utility tial 1955. 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1.287 3,861 1,085 5,491 1956... 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 ,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 ,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 ,402 5,545 1,387 7,123 1959 i 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 ,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 ,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 ,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 7fiQ 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 1 6,702 1,966 1963—June.......... 62,335 43,184 25,801 12,251 2,976 4,589 4,686 5,132 19,151 1,682 6,813 1 927 8 729 July 62,733 43,931 25,888 12,807 3,136 4,953 4,718 5,236 18,802 1,909 6,331 1,990 8,572 Aug 64,194 44,571 25,832 13,397 3,310 5,346 4,741 5,342 19,623 6,965 2,061 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. r. . .. ... 66,615 46,449 27,538 13,297 3,076 5,561 4,660 5,614 20,166 7,068 2,371 MayP. 64,784 45,596 26,641 13,290 3,149 5,542 4,599 5,665 19,188 6,410 2,404 65,076 45,609 26,442 13,371 3,204 5,562 4,605 5,796 19,467 2 368 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. Except for the most recent months, data do not reflect revisions now planned for release by the Census Bureau by early this August. NEW HOUSING STARTS (In thousands of units) Annual rate, By area * By type of ownership Government- Period (priv C a te A only) Total Metro- Non- Private underwritten Total N fa o r n m - 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 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959.......... 1,379 946 432 1,343 1,079 49 215 36 458 349 109 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 .313 975 44 295 52 328 244 83 1962 1,492 1,054 439 992 49 422 30 339 261 78 1963 1,618 1,139 479 1*587 1,005 53 529 31 292 221 71 1963—May 1.618 1,590 170 116 53 166 107 6 54 3 30 22 7 June 1,571 1,554 157 109 48 153 100 5 49 4 27 20 7 July 1,588 1,573 152 105 47 150 98 5 47 2 29 21 8 1,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept 1,732 1,697 147 104 44 145 93 5 48 25 19 6 Oct 1,847 1,807 166 117 49 163 103 5 55 3 27 21 6 Nov 1,564 1,533 121 84 37 119 72 4 44 2 22 17 5 Dec .564 1,518 97 76 21 95 51 3 41 2 21 16 5 1964 Jan 1,718 1,688 101 75 26 100 55 4 41 1 16 11 4 Feb 1,657 1,613 101 74 27 100 64 5 32 I 17 12 4 Mar 1,663 1,638 133 97 37 130 82 5 43 3 21 16 5 Apr. ^1,515 ^1,485 101 49 P147 89 6 52 23 18 5 May . , . ^1,501 2>1,479 111 46 »155 29 23 5 1 Beginning with 1959, based on revised definition of metropolitan areas. for which annual totals are given including overlap for 1959. Complete revisions pre-1959 are pending. Data from Federal Housing Admin, NOTE.—Beginning with 1959, Census Bureau series includes both farm and Veterans Admin, represent units started, based on field office reports and nonfarm series developed initially by the Bureau of Labor Statistics, of first compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 EMPLOYMENT JULY 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed 1 Not in the r m a e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r . A ce . nt) Total in c d u u lt s u t r ri a e l s 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 1960 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—June 132,036 77,901 75,165 70,319 64,365 5,954 4,846 54,135 5.7 July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 132,345 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 A,111 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 June 134,041 79,389 76,645 71,953 66,100 5,853 4,692 54,652 5.3 * Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in fa g c- Mining c C o o n t n i s o t t r n r a u c c t - T ti li o r c a n n u s & t p il o i p t r i u t e a s b - - Trade Finance Service G m ov e e n r t n- 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 I960 54,370 16,796 712 2,885 4,004 11,391 2,669 7,392 8,520 1961 54,224 16,327 672 2,816 3,903 11,337 2,731 7,610 8,828 1962 55,841 16,859 652 2,909 3,903 11,582 2,798 7,949 9,188 1963 57,174 17,035 634 3,029 3,913 11,865 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963—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 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 58,502 17,301 631 3,144 3,954 12,211 2,925 8,543 9,793 May v 58,551 17,323 628 3,122 3,957 12,198 2,931 8,575 9,817 June v 58,665 17,344 631 3,135 3,950 12,202 2,932 8,617 9,854 NOT SEASONALLY ADJUSTED 1963—May 56,967 16,960 643 3,049 3,897 11,720 2,858 8,294 9,546 57,609 17 111 650 3,232 3,954 11,848 2,885 8,423 9,506 July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9,170 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9,139 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 57 945 17,106 624 2,977 3,922 11,987 2 913 8 543 9 873 Mayp .. . . 58,462 17,188 631 3,153 3,945 12,089 2,925 8 644 9 887 June p 59,093 17,382 642 3,326 3,986 12,186 2,953 8,763 9,855 l Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed personi, 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

JULY 1964 EMPLOYMENT AND EARNINGS 903 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 June Apr. May 3 June? June Apr. May p June p Total 12,628 12,813 12,829 12,855 12,652 12,634 12,713 12,881 Durable goods 7,086 7,260 7,241 7,266 7,138 7,198 7,245 7,320 Ordnance and accessories 120 112 110 108 118 112 109 107 Lumber and wood products 498 535 531 533 523 518 534 560 Furniture and fixtures 325 334 332 334 323 330 327 332 Stone, clay, and glass products 493 501 500 501 508 494 505 516 Primary metal industries 977 978 982 991 984 979 990 998 Fabricated metal products 888 920 914 918 894 906 911 924 Machinery except electrical 1,042 1,097 1,103 1,107 1,055 1,112 1,116 1,120 Electrical machinery 1,069 1,055 1,057 1,065 1,057 1,036 1,038 1,053 Transportation equipment 1,122 1,165 1,149 1,144 1,121 1,160 1,158 1,143 Instruments and related products 240 239 239 240 239 237 237 239 Miscellaneous manufacturing industries 312 324 324 325 316 315 321 329 Nondurable goods 5,542 5,553 5,588 5,589 5,514 5,436 5,468 5,561 Food and kindred products 1,151 1,133 1,136 1,126 1,146 1,063 1,077 1,121 Tobacco manufactures 75 78 78 79 64 67 66 67 Textile-mill products 797 804 804 802 803 799 802 808 Apparel and other finished textiles 1,160 1,174 1,191 1,197 1,140 1,156 1,161 1,177 Paper and allied products 489 491 493 495 492 488 490 498 Printing, publishing and allied industries 594 602 605 605 592 599 600 603 Chemicals and allied products 527 525 529 533 527 533 534 533 Products of petroleum and coal 119 115 114 115 122 114 115 118 Rubber products 321 323 326 326 319 316 319 324 Leather and leather products 309 308 312 311 310 302 304 312 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.SJL) ndustry group 1963 1964 1963 1964 1963 1964 June Apr. May J June 2 June Apr. May p June p June Apr. May p June p Total 40.5 40.7 40.7 40.6 100.37 102.06 102.97 103.48 2.46 2.52 2.53 2.53 Durable goods 41.3 41.4 41.3 41.4 109.82 111.51 112.19 113.01 2.64 2.70 2.71 2.71 Ordnance and accessories 41.4 40.4 40.1 40.5 118.24 119.99 120.20 120.50 2.87 2.97 2.99 2.99 Lumber and wood products 40.1 40.2 39.9 39.9 82.62 84.19 85.84 87.91 2.02 2.11 2.13 2.16 Furniture and fixtures 40.9 41.4 41.2 41.0 81.39 82.62 81.81 83.23 1.99 2.03 2.02 2.03 Stone, clay, and glass products 41.5 41.8 41.7 41.5 104.41 104.83 106.68 106.93 2.48 2.52 2.54 2.54 Primary metal industries 41.7 41.4 41.8 41.5 129.55 128.54 129.58 130.20 3.07 3.09 3.10 3.10 Fabricated metal products 41.2 41.8 41.7 41.5 108.84 111.22 112.02 112.98 2.61 2.68 2.68 2.69 Machinery except electrical 41.7 42.3 42.3 42.3 117.04 121.98 122.26 122.98 2.78 2.87 2.87 2.88 Electrical machinery 40.4 40.7 40.5 40.5 99.88 101.56 101.81 102.56 2.46 2.52 2.52 2.52 Transportation equipment 42.2 42.2 41.7 42.1 126.90 129.36 129.78 130.82 3.00 3.08 3.09 3.10 Instruments and related products 40.7 40.7 40.7 40.7 101.84 102.06 102.31 103.07 2.49 2.52 2.52 2.52 ' Miscellaneous manufacturing industries.. 39.5 39.8 39.5 39.4 80.19 82.76 81.95 82.37 2.02 2.09 2.08 2.08 ( Nondurable goods 39.6 39.8 39.8 39.7 88.36 89.83 90.52 91.37 2.22 2.28 2.28 2.29 Food and kindred products 41.0 41.0 40.9 40.6 95.17 96.32 97.75 97.92 2.31 2.39 2.39 2.40 Tobacco manufactures 39.7 40.5 39.7 39.3 81.81 80.19 80.38 82.19 2.03 2.03 2.04 2.06 Textile-mill products 40.5 41.1 41.1 41.0 69.70 71.63 72.75 73.46 1.70 1.76 1.77 1.77 Apparel and other finished textiles 36.0 36.4 36.0 35.8 61.35 63.90 63.36 63.90 1.69 1.77 1.76 1.77 ' Paper and allied products 42.7 42.8 42.8 42.7 106.21 107.53 108.46 109.65 2.47 2.53 2.54 2.55 Printing, publishing and allied industries. 38.3 38.7 38.5 38.4 110.69 113.58 113.96 113.28 2.89 2.95 2.96 2.95 Chemicals and allied products. 41.4 41.4 41.6 41.5 113.42 114.40 115.51 116.62 2.72 2.75 2.77 2.79 Products of petroleum and coal 41.9 41.4 42.0 42.2 133.25 130.92 133.14 135.04 3.15 3.17 3.17 3.17 Rubber products 40.1 41.5 41.2 41.1 100.53 102.25 104.90 106.34 2.47 2.50 2.54 2.55 Leather and leather products 37.3 37.8 38.3 37.9 66.70 66.43 68.43 70.46 1.76 1.82 1.82 1.83 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

904 PRICES JULY 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m ip e e r- - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t - y o n F i t p a n i i u n e o s g h r d r n 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 c P o a e n r r a e - l r R e t a i c i e n n o r a g e d n d a - - g O s i a o e c t n o r h e v d d e s - r s 1929 59 7 55 6 85 4 1933 45.1 35 3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955 93 3 94 0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 . 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960 103.1 101 4 103.1 103.1 10^.7 99.5 107 0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.V 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106 8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 116.7 107.9 111.5 107.1 1963—May 106.2 104.2 105.7 106.6 106.7 102.4 107.4 102.3 104.3 107.4 110.7 116.4 107.8 110.7 106.0 106.6 105.0 105.9 106.7 106.8 102.1 108.1 102.4 104.5 107.4 111.4 116.8 107.8 110.9 107.6 July .. 107 1 106 2 106 0 106 7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 Aug 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 117.1 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.2 108.2 112.3 108.0 Oct 107.2 104.9 106.3 107.1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 117.4 108.4 112.7 108.2 Nov . 107.4 105.1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117.5 108.4 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.4 105.8 108.1 102.9 106.1 108.9 112.7 117.9 108.8 113.1 108.3 1964 Jan 107.7 105 8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 Feb 107.6 106.0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 Mar 107.7 105.7 107.1 107.5 108.9 106.1 107.1 102.8 105.3 108.9 113.1 118.7 108.7 113.6 108.5 Apr 107.8 105 7 107 0 107 7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 108.7 114.0 108.6 May 107.8 105.5 106.9 107.7 108.4 102.1 108.0 102.9 105.7 109.1 113.5 119.1 108.9 114.1 108.7 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 i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total T t e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u e tc b r . , - L b e u e tc m r . , - P e a t p c e . r,Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e 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 98.7 100.4 100.1 97.4 100. 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1963—May 100.0 94.4 101.7 100.5 100.2 104.8 100.4 96.4 93.2 97.5 99.1 99.9 102.0 98.0 101.3 105.2 107.6 June.... 100.3 94.9 102.4 100.7 100.3 104.5 100.9 96.3 93.1 98.3 99.4 100.0 102.0 98.1 101.2 105.8 108.1 July 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107.5 110.4 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 98.1 101 107.5 111.8 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 98.1 101 107.5 111.2 Nov 100.7 96.2 102.5 100.9 1011 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101 107.5 110.9 Dec 100.3 93.3 100.4 101.2 101 103.0 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101 107.5 112.2 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 95.2 100.5 101.1 101.2 102.5 '97.0 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101.1 107.1 109.8 Apr 100.3 '94.4 100.4 101.1 101.1 104.5 96.1 96.6 101.8 99. '•102.2 102.9 98.6 101.3 107.1 109.5 May..., 100. 93.7 99.4 101.0 101.0 104.7 96.3 96.7 92!6 101.8 98.6 102. 103.3 98.7 101.3 107.3 107.2 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 PRICES 905 WHOLESALE PRICES: DETAIL (1957-59=. 100) 1963 1964 1963 1964 Group Group May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce ,...„.. 99.8 104.9 105.9 107.4 Woodpulp 91.3 96.1 96.2 95.5 Grains 102.9 99.1 103.3 103.2 Wastepaper 89.8 91.9 90.2 90.8 Livestock and poultry 86.8 83.8 82.4 81.2 Paper 102.2 103.5 103.6 103.7 Plant and animal fibers 104.7 102.1 102.1 101.3 Paperboard 94.1 96.5 96.5 96.5 Fluid milk , 97.3 101.2 r99.6 98.4 Converted paper and paperboard... 99.9 98.9 98.6 97.6 77.1 90.5 79.5 76.9 Building paper and board 96.2 93.7 93.5 94.5 Hay and seeds 112.5 110.7 107.4 104.9 89.5 100.7 99.5 99.5 Metals and Metal Products: Other farm products. Iron and steel 99.3 100.2 100.2 100.3 Processed Foods: Nonferrous metals 98.7 102.8 104.0 103.9 107.6 106.8 '107.8 107.4 Metal containers 104.6 105.6 105.6 105.6 Cereal and bakery products 91.9 88.7 88.3 86.9 Hardware 103.9 104.8 104.8 104.8 Meat, poultry, and fish 106.8 107.3 107.1 106.6 Plumbing equipment 100.8 100.3 100.3 100.3 Dairy products and ice cream Heating equipment 93.0 92.1 '92.1 92.1 Canned and frozen fruits, and veg 103.4 107.5 107.3 106.2 Fabricated structural metal products. r98.0 98.7 98.9 98.7 etables 133.6 117.3 115.5 111.9 Fabricated nonstructural metal prod- Sugar and confectionery 80.9 98.1 98.1 98.3 ucts 104.0 109.0 108.9 108.2 Packaged beverage materials....... 77.2 89.3 r90.0 89.0 Animal fats and oils 84.2 75.1 75.1 79.1 Machinery and Motive Products: Crude vegetable oils 85.8 75.9 77.1 77.0 Refined vegetable oils 87.0 87.6 87.5 87.3 Agricultural machinery and equip... 110.9 112.6 112.7 112.7 Vegetable oil end products 101.8 107.7 110.0 108.9 Construction machinery and equip... 109.2 112.0 112.2 112.3 Miscellaneous processed foods Metal working machinery and equip.. 109.4 111.2 111.4 111.9 Textile Products and Apparel: General purpose machinery and equipment 103.4 104.8 iO4.7 104.9 Cotton products. 99.7 101.1 rl00.5 99.6 Miscellaneous machinery 103.3 104.4 104.4 104.4 Wool products 100.6 103.3 103.2 102.9 Special industry machinery and Man-made fiber textile products 93.8 95.5 95.5 95.9 equipment (Jan. 1961 = 100) 103.9 105.8 105.8 105.8 Silk products 144.4 116.6 116.4 116.4 Electrical machinery and equip 97.5 97.0 '97.7 97.7 Apparel 101.6 102.3 102.3 102.4 Motor vehicles 99.8 99.9 99.9 101.1 Other textile products 118.2 116.5 116.5 116.9 Transportation equip., R.R. rolling stock (Jan. 1961 = 100) 100.5 100.5 r100.1 100.1 Hides, Skins, Leather, and Products: Hides and skins 87.4 75.7 88.1 85.7 Furniture and Other Household Dura- Leather 103.2 99.6 '102.0 104.5 bles: Footwear 108.2 108.2 108.3 108.3 Other leather products 104.4 101.4 rl03.8 103.7 Household furniture 104.4 105.0 r105.2 105.3 Commercial furniture 102.3 103.1 103.1 103.1 Fuels and Related Products, and Power Floor coverings 95.7 100.1 100.1 100.1 Household appliances 92.0 91.7 '91.6 91.6 Coal 94.2 97.1 '95.0 94.9 Television, radios, and phonographs. 88.9 87.2 87.3 87.3 Coke 103.6 103.6 106.1 107.3 Other household durable goods 102.9 103.7 104.1 104.3 Gas fuels (Jan. 1958= 100) 120.1 123.2 120.4 116.1 Electric power (Jan. 1958= 100) 102.2 r99.4 101.3 101.3 Petroleum products, refined 99.1 92.9 91.1 92.2 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 101.7 102.8 102.8 Concrete ingredients 103.0 102.7 102.8 102.7 Industrial chemicals 95.0 94.4 94.4 94.5 Concrete products 101.9 100.7 100.6 100.8 Prepared paint 103.0 104.8 104.8 104.8 Structural clay products 104.0 103.9 104.5 104.5 Paint materials., , 91.7 91.8 91.6 91.8 Gypsum products 105.0 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.2 95.2 95.4 95.5 Prepared asphalt roofing 92.7 86.4 86.4 86.4 Fats and oils, inedible 78.6 85.8 87.3 88.1 Other nonmetallic minerals 101.4 101.3 101.3 101.3 Mixed fertilizers 103.6 103.8 103.9 103.6 Fertilizer materials 102.3 100.2 100.2 100.2 Tobacco Products and Bottled Bever- Other chemicals and products ...... 98.6 99.1 r99.3 99.3 ages : Rubber and Products: Tobacco products 104.5 106.0 106.0 106.0 Alcoholic beverages 101.0 100.7 100.7 100.7 Crude rubber , 92.6 91.2 91.3 90.7 Nonalcoholic beverages 117.4 125.3 125.3 126.6 Tires and tubes 89.1 91.3 r89.2 88.0 Miscellaneous rubber products.... 97.5 97.7 97.8 97.9 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 100.7 101.1 100.5 100.5 Manufactured animal feeds 111.2 115.3 114.8 110.5 Lumber 98.4 101.4 102.0 102.2 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 102.4 107.4 108.8 108.7 Jewelry, watches, photo equipment.. 103.9 103.2 103.2 103.2 Plywood 90.9 94.6 94.9 94.2 Other miscellaneous products 101.4 102.4 102.4 102.4 NOTE.—Bureau of Labor Statistics Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 NATIONAL PRODUCT AND INCOME JULY 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 I n III rv I 104.4 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.1 608.0 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 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 37.7 22.3 43.2 99.8 147.1 151.8 155.1 161.4 167.1 165.3 165.9 168.6 168.7 172.4 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 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 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 3.6 .5 3.5 14.1 22.3 21.1 21.0 23.2 25.0 11.1 24.8 25.9 26.8 27.1 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 1.7 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 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 6.3 2.3 4.8 12.5 23.6 23.3 23.1 25.1 26.2 24.9 25.9 27.1 26.9 27.0 Government purchases of goods and service!.. 8.5 8.0 24.8 39.0 97.2 99.6 107.9 117.0 125.1 123.0 123.8 125.7 127.7 128.8 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 \ 13.8 14.3 46.2 45.7 49.0 53.3 56.7 56.4 56.7 56.7 57.2 57.1 Other 2.0 / 3.2 5.2 7.9 8.0 8.9 10.0 10.5 10.1 10.6 10.8 10.4 10.9 .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 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 485.3 489.4 495.1 501.7 506.4 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 Curernetn B ~u si'ness. 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 1959 I960 1961 1962 1963 in iv I National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 446.7 474.6 482.0 489.1 497.1 Compensation of employees 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 332.0 338.7 342.8 347.9 352.5 Wages and salaries 50.4 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.3 304.5 319.8 314.6 319.4 323.6 Private 45.5 23.9 51.9 124.1 213.1 222.9 227.0 241.6 253.0 246.7 252.2 255.1 258.1 261.1 Military .3 1.9 5.0 9.9 9.9 10.2 10.8 11.0 10.7 10.8 10.8 11.8 11.8 Government civilian 4.6 8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.1 47.8 48.7 49.5 50.7 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 12.8 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 12.6 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.S 47.0 51.1 48.8 50.1 52.2 53.2 56.0 Profits before tax 9.6 .2 17.0 40.6 47.7 44.3 43.8 46.8 57.5 48.3 51.0 52.2 54.3 56.2 Profits tax liability 1.4 .5 7.6 17.9 23.2 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 31.2 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 9.8 9.7 12.1 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. 22.8 24.1 23.3 23.7 24.3 25.0 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

JULY 1964 NATIONAL PRODUCT AND INCOME 907 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 III IV Gross national product 104.4 56.0 125.8* 284.61 482.7 502.61 518.2 554.9 585.1 571.8 579.6 588.7 600.1 608.0 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 53.4 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 58.9 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 -3 2 . . 0 1 -3 2 . . 0 2 -1 2 . . 9 3 -1 2 . . 8 3 -3 2 . . 0 3 -2 2 . . 3 3 -4 2 . . 1 3 2.3 2.3 -2 2 . . 4 3 -4.4 -1.0 Plus: Subsidies less current surplus of government enterprises .1 .2 .4 .5 1.7 1.7 .7 .7 .4 .5 1.1 1.1 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 '497.1 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 '56.0 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 27.8 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. 51.4 52.9 57.7 60.5 59.4 59.9 60.8 62.1 60.4 Federal 1.3 .5 2.0 18.2 40.4 44.0 45.1 49.0 50.9 50.0 50.4 51.1 52.2 49.9 State and local 1.4 1.3 2.6 6.4 8.7 9.6 9.7 9.9 10.6 1.0 7.3 7.8 9.6 9.4 Equals: Disposable personal income 83.1 93.0 207.7 337.1 384.4 400.0 404.4 410.9 418.7 45.7 349.9 364.4 402.4 394.5 Less: Personal consumption expenditures.. 79.0 81.9 195.0 313.5 355.4 370.4 374.9 379.9 387.9 46.4 328.2 336.8 373.1 367.4 Equals: Personal saving 4.2 11.1 12.6 23.6 29.1 29.6 29.5 31.0 30.8 -.6 21.7 27.6 29.3 27.1 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 349.5 353.2 356.0 360.7 366.0 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayv Total personal income. 442.1 463.0 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.8 480.9' 483.6 484.8 I Wage and salary disbursements 297.1 312.3 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.7 324.2 325.3 327.3 328.0 Commodity-producing industries. 118.5 123.8 123.8 124.7 125.1 124.7 125.5 126.3 126.2 121.2 126.9 128.4 128.8 129.9 130.0 Manufacturing only 94.2 98.3 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.1 101.9 102.3 103.2 103.3 Distributive industries 76.6 79.8 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 82.1 82.2 82.5 82.7 Service industries 46.4 49.5 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.2 51.4 51.7 51.9 Government 55.6 59.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 62.8, 63. 63.4 Other labor income 12.1 12.6 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 12.9 12.9 13.0 Proprietors* income 49.8 50.5 50.0 50.0 50.4 50.6 50.5 50.9 50.8 50.9 50.6 50.7 51.0 50.9 51.0 Business and professional. 36.5 31.1 37.4 37.6 31.1 37.9 37.9 38.2 38.2 38.4 38.4 38.6 38.7 38.7 38.9 Farm 13.3 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6 12.5 12.2 12.1 12.3 12.2 12.1 Rental income 12.0 12. 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.2 12.3 12.3 12.3 12.4 Dividends 16.6 17.8 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.1 19.3 19.5 19.5 Personal interest income. 30.0 32.5 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.1 34.3 34.8 35.1 Transfer payments 34.8 36.9 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 139.9 37.7 38.0 38.3 38.3 Less: Personal contributions for social insurance 10.2 11.8 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 12.4 12.4 12.5 Nonagricultural income 424.5 445.7 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 1461.6 462.4 464.3 467.0 468.3 Agricultural income 17.6 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 16.5 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally o 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

908 FLOW OF FUNDS JULY 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 /^ 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 B Consumer and nonprofit 74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 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 D Corporate nonfin business ...... 35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3 D -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 fj Gross national investment 114.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7 H 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 6.6 3.5 1.8 4.9 4.6 7.0 7.7 5.9 2.8 3.3 4.4 4.3 4.3 5 5 J 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 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 .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 8.7 -2.1 7.5 7.6 4 8 5.7 16.1 8.4 -5.6 11.4 11.9 9.3 -6.4 4 4 D E Short-term securities • • . . 5.5 -5.1 11.3 2.4 1.5 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3-12.4 18.4 E F Other securities 3.8 2.5 -4.1 4.9 3 7 -6.6 -2.4 6.6 8.3 7.3 21.7 .1 7.6 — 14 4 F .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 5.5 6.7 4.9 4.3 7.0 4.3 7.6 5.9 7.0 6.5 7 5 L NL Bonk loons n e c .. 5.6 2.8 1.9 4.5 6.8 4.0 2.2 6.3 3.5 5.8 3.3 4.2 3.5 16.0 M 2.7 3.9 2.4 3.5 2.7 1.5 1.6 4.0 4.7 3.7 .5 3.9 3.1 3 3 N 29.0 25.2 31.0 34.5 38.2 33.4 33.8 35.4 33.1 35.9 33.8 38.9 41.4 38 7 O P State and local obligations 4.7 3.7 5.0 5.1 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 P R 1- to 4-family mortgages 13.2 10.4 11.7 15.4 17.6 13.5 13.2 1 4 5 . 9 5 1 d 6 .3 n 1A6 .51 75 c .5 o 1 1 7 .2 6 19? .7R 1 2 8 •JO. . 3 3 Q R f\ 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 .3 1.0 -.6 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 U V W F U o S re i G gn o v f t u . n l d e s n din . g .. 3 3 . . 8 6 2 3 . . 4 3 2 2 . . 8 2 2 3 . . 5 5 2 2 . . 6 6 4 4 . ! 0 5 4 2 . . 0 7 4 2. . 8 5 1 1 . . 9 9 2 3 . . 7 6 2.2* 6 2 . . 4 4 2 3 . . 2 9 - 4 .5 3 W V 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 Z Pvt domestic nonfin sectors • • • • 30.5 15.3 28.2 36.5 40.8 31.3 38.4 38.2 25.4 44.1 33.4 41.3 33.1 54.4 Z 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 A.B Deposits 11.0 14.0 24.6 29.8 33.4 25.5 27.7 27.7 26.1 37.9 30.8 30.4 29.0 43 0 AB AC Demand dep. and currency.. .5 -1.0 4.5 1.6 5.3 8.3 -7.7 2.9 2.3 8.9 -3.7 7.0 4.2 13.2 AC AD Time and svgs. accounts 10.5 15.0 20.0 28.3 28.1 17.1 35.4 24.8 23.9 29.0 34.5 23.4 24.8 29.8 AD AE A t commercial banks . 2.1 5.4 8.7 15.1 13.1 4.9 22.7 13.4 70.5 13.7 77.7 9.4 77.7 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 75 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 .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 23.2 20.7 27.4 34.0 39.9 31.4 30.9 39.3 32.1 33.8 36.4 41.8 43.0 38 5 C D Loans ... 14.6 11.1 8.5 13.5 18.9 15.8 11.0 8.0 14.8 20.4 10.4 20.1 18.3 26.7 D By sector 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 [ Finance nee. 4.9 5.3 4.2 5.0 5.6 5.9 3.2 3.8 6.7 6.2 -.2 7.7 9.7 5.3 I 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 L Deposit claims • 1 1 0 . .9 5 1 2 5 . . 2 6 26 1 . . 8 7 3 2 2 . . 3 1 3 2 4 . . 9 7 28 1 . . 9 6 3 1 5 . .0 4 3 2 1 . . 5 3 1 2 8 . . 6 8 4 2 3 . . 8 4 338..32 3 3 5 . . 2 3 2 3 2 . . 5 2 42 1 . 0 6 K 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 4.4 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 Q R Credit market instruments 6.2 3.4 3.3 5.6 7.2 5.5 4.9 7.2 6.1 4.4 .6 9,4 9.3 9 5 R 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 U Loans 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 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 adjusted 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

JULY 1964 FLOW OF FUNDS 909 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV III IV III IV I. Demand deposits and currency A Net incr. in banking system liability. 1.4 .3 5.9 3.5 5.4 10.7 6.3 4.7 12.8 2.3 10.6 -3.5 11.1 B U.S. Govt. deposits .7 .9 .3 1.0 -.6 .2 3.9 6.5 1.5 7.4 2.5 -9.5 -3.0 C Other .7 -.6 5.7 2.5 5.9 10.5 5.3 2.3 1.7 11.3 -5. 8. 6.0 14.1 D Net increase in assets by sector. .. .4 .5 4.9 5.0 5.5 6.4 2.1 5.2 5.1 17.6 1.7 9.9 -2.7 12.7 E U.S. Govt .7 .9 .3 1.1 — .3 1.3 5.3 3.6 6.3 1.7 7.3 3.3 -11.5 -.6 F Other domestic sectors -.3 -.3 4.8 3.8 5.5 7.0 4.6 2.0 2.1 15.7 -5.2 5.8 7.8 13.7 H G C N o o n n s fi u n m an e c r ia a l n d b u n s o in n e p s r s ofit 2 1 . . 2 2 — -.5 . 6 1 1. . 3 6 -2 5 . . 1 1 -1 5 . . 0 3 2 5 . . 9 7 -5 3 . . 7 0 -4 5 . . 7 5 1.0 * 1 2 3 . . 1 1 - - 1 4. . 3 0 -1 6 . . 3 5 6 1 . . 5 8 - 9 .2 .0 I State and local govt .5 .2 .6 -.1 .9 2.8 -2. 1.4 2.7 -1.6 1.1 .3 -1.3 3.6 J Financial sectors .1 .6 1.3 .8 .3 1.4 1.1 i .4 2.1 -1.0 .2 .8 1.2 K Rest of the world -.1 -.1 .1 .3 .7 1.4 -A -.9 .3 -.4 .9 1.0 -.4 L Discrepancy—U.S. Govt. cash • -.1 -.3 1.5 A .3 -.1 -.2 .2 -.8 2.0 -2.4 M Other -.1 1.0 -1.4 2.8 -2. .7 .5 -4.7 .5 1.5 -2.8 II. Time and savings accounts A Net increase-^-Total 9.5 15.3 20.9 28.6 29.3 18.2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 30.9 B At commercial banks—Total 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 C Corporate business -.4 .8 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 .6 .4 1.0 2.9 .3 1.0 2.5 E Foreign depositors -.9 .3 .6 .3 1.0 .5 2.0 .1 -.3 1.3 1.4 1.0 .7 .8 F Consumer and nonprofit orgs.. . 3.0 3.3 7.3 9.6 9.6 5.4 6.5 11.5 6.6 15.9 10.1 10.5 6.7 7.5 G At savings institutions , 8.4 9.5 15.2 13.3 17.4 15.8 G H Memo—Consumer and nonprofit 11.5 13.3 12.7 12.7 11.7 15.7 14.2 13.4 orgs.—Total 11.3 12.8 22.3 22.9 27.0 20.8 H 17.8 24.7 18.8 28.6 21.6 25.7 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 C O Sh th o e rt r -term direct. 5 3 . . 5 8 -5 2 . . 1 5 - 1 4 1 .1 .3 4 2 . . 9 4 3 1. . 5 7 - 1 6 1 .6 .3 - 1 2 7 .4 .8 2 6 . . 0 6 -12 8 . . 4 3 2 7. . 3 4 -1 2 0 1 . . 4 7 10.3 -12 7 . . 4 6 -1 1 4 8 . . 4 4 C B D Net acquisitions, by sector 8.7 -2.3 7.8 7.6 5.1 5.0 15.2 9.3 -3.9 9.8 11.6 9.6 -4.7 4.1 E Pvt. domestic nonfin. sectors 12.9 -5.7 -1.1 2.4 5.5 2.9 3.9 5.7 j 1.3 2.3 11.1 3.2 5.1 F Consumers and nonprofit 7.3 -3.3 -.9 .7 3.7 3.2 -1.9 3.9 .9 .1 6.4 3.4 4.6 G Svgs. bonds and postal svgs. dep. -2.0 -.4 .7 .3 1.1 .9 .1 .4 .5 .2 .9 1.2 1.0 1.2 H Securities 9.2 -2.8 -1.6 .4 2.6 2.4 -2.0 3.5 -.5 .7 -.8 5.2 2.3 3.4 I Corp. nonfin. business 3.8 -2.7 -A .3 .6 -.5 1.9 A -2.0 .7 1.3 2.1 -1.7 .5 J State and local govt 1. .2 .3 1.4 1.3 .2 3.9 1.4 .7 -.3 .8 2.6 1.6 K 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 L Banking system -7.9 2.7 7.4 2.2 -.2 9.6 .7 -6.4 5.1 11.0 -4.8 -8.8 2.2 M Monetary authorities .3 .7 1.5 2.0 2.8 2.8 5.4 .3 -.2 2.5 5.1 2.0 1.3 2.8 N Commercial banks -8.2 2.0 5.9 .3 -3.0 -2.7 4.2 .4 -6.2 2.6 5.9 -6.8 -10.1 -.6 O Savings institutions .5 -A .5 A .7 1.0 .8 -.5 .8 A 1.2 .5 .6 A P Insurance and pension funds .2 -A -.1 A .6 .3 .3 .5 .6 -1.2 .2 .7 .7 o Finance n.e.c 1.0 .6 .8 e -.1 .5 1.2 1.6 -2.7 A .5 -3.7 Rest of the world 3.0 .6 .4 1.3 .6 .7 2.6 1.2 .7 1.0 -1.0 R 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 2.3 D Finance companies 1.1 1.5 .5 .8 1.9 .2 .3 .5 1.4 .3 2.0 1.6 3.5 E Rest of the world .7 .7 .8 1.0 1.1 1.1 .6 .7 1.8 2.0 1.6 2 F Net purchases, by sector 11.8 11.1 13.6 11.7 13.0 13.2 13.3 13.0 8.8 11.6 12.1 14.5 12.7 12.6 G Consumers and nonprofit orgs., 2.7 2.1 2.0 -.8 -1.2 1.3 2.4 -3.4 -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 .2 .2 -.2 .1 J Commercial banks , .4 .4 2.7 4.4 5.2 3.3 5.0 3.3 3.5 5.8 5.7 3!o 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 M Fin S a e n c c u e ri t n y . e b .c r okers and dealers. , -.4 .2 -.6 « - - . . 2 8 -.4 .3 A * -.9 .1 -.3 .9 1 1 . .5 3 -1.5 - - 1 . . 8 3 -A 1 -.5 2 . . 9 6 1. . 4 5 N Investment cos.—Net n -.6 -A n -1.3 .2 -1.5 -A -.3 -'.2 -.3 -.9 O Purchases , \.2 1.0 1.4 .8 1.9 2.4 -.2 A .6 .8 1.2 .7 P Net issues , 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 1.0 1.5 1.7 Q Rest of the world , .4 .3 .2 A -.6 -.1 .3 .4 .3 .2 V. Mortgages 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 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 Other 5.8 5.8 6.9 9.4 10.5 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 11.2 Net acquisitions 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 29.7 31.1 29.5 Consumer and nonprofit orgs., 2.0 2.4 1.6 3.3 2.9 1.2 3.1 2.0 3.5 4.4 2.9 2.8 3.7 2.0 U.S. Govt 2.2 1.2 .6 .3 -1.0 1.4 1.2 .3 -1.3 -2.0 -.5 -.2 Commercial banks 2.5 .7 1.6 4.0 5.3 2.2 2.4 4.7 4^6 3.8 6.1 6. 5.0 Savings institutions 9.5 8.8 11.0 13.3 16.2 12.1 12.3 13.4 13.4 14.2 15.4 15.8 16.5 16.9 Insurance sector 2.4 2.8 2.7 3.0 3.9 3.0 2.2 2.4 3.0 4.5 3.2 3.5 4.0 4.9 Mortgage companies .2 .6 .4 .8 1.1 -.3 1.3 .7 1.5 1.1 .7 VI. Bank loans n.e.c. Total net borrowing 7.5 2.7 2.7 6.0 8.9 5.7 3.9 8.2 4.3 7.6 2.7 7.7 6.6 18.6 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. 1.3 1.7 3.0 4.5 2.4 2.7 .9 11.3 Nonfarm noncorporate. 1.0 -.3 .7 1.6 -.2 .3 3.9 -.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 .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

Financial Statistics * International * Reported gold reserves of central banks and governments 912 Gold production 913 Net gold purchases and gold stock of the United States 914 Estimated foreign gold reserves and dollar holdings 915 International capital transactions of the United States 916 U.S. balance of payments 925 Foreign trade 926 Money rates in foreign countries 927 Foreign exchange rates 928 Guide to tabular presentation 850 Index to statistical tables 935 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- 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 GOLD RESERVES JULY 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—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.. 41,870 2,304 15,634 23,930 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*,296' 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 63 Mar.. *>42,390 2,328 15,550 ^24,510 76 211 569 1,376 42 871 43 63 Apr.. 2,334 15,727 215 579 1,390 42 892 43 64 May. 2,353 15,693 216 579 1,392 42 910 42 Domin- Ger- E pe n r d i o o d f Cuba R i e c p a u n b- E d c o u r a- E v l a 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 s o ia - Iran Iraq lic Rep. of 1957.. 136 11 i 22 35 581 2,542 13 247 138 20 1958. . 80 11 j 22 35 750 2,639 17 247 141 34 1959. . 50 10 I 20 38 1,290 2,637 26 247 140 84 1960. , io j 20 41 1,641 2,971 76 247 130 98 1961. . 3 I 19 47 2,121 3,664 87 247 130 84 1962. . 3 ! 19 61 2,587 3,679 77 247 129 98 I 1963—May. 3 19 61 2,777 3,749 77 247 129 98 June. 3 ! 19 61 2,814 3,753 77 247 129 98 July.. 19 61 2,963 3,761 77 247 142 98 Aug.. \\ 19 61 2,997 3,761 77 247 142 98 Sept.. 19 61 3,031 3,761 77 247 142 98 Oct... 3 19 61 3,089 3,817 77 247 142 98 Nov.. 3 19 61 3,823 77 247 142 98 Dec. 3 19 61 3,843 77 247 142 98 1964—Jan... 3 19 66 3,210 3,844 77 247 142 Feb.. 3 18 66 3,248 3,849 77 247 142 Mar.. 3 18 66 3,298 3,953 77 247 141 Apr.. 3 17 65 3,366 4,060 77 247 141 May. 17 65 3,404 4,070 247 E pe n r d i o o d f I R r 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 ay r- P s a ta k n i- 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 S A o f u ri t c h a 1957. 452 91 180 744 33 49 461 217 1958. 1,086 91 143 1,050 33 49 493 211 1959. 1,749 102 142 1,132 34 50 548 18 238 1960. 2,203 119 137 1,451 35 52 552 18 178 1961. 2,225 140 112 ',581 53 443 65 298 1962. 2,243 172 95 ,581 53 471 78 499 1963—May. 2,287 172 93 ,581 53 478 78 591 June. 2,289 172 92 ,581 53 478 78 598 July.. 2,292 172 95 ,581 53 482 78 611 Aug.. 2,291 172 95 ,581 53 496 78 639 Sept.. 2,291 172 94 ,581 53 497 78 643 Oct.. 2,331 172 115 ,581 53 497 78 630 Nov.. 2,331 172 134 ,581 53 497 78 629 Dec. 2,343 172 139 ,601 53 497 78 630 1964—Jan... 2,343 172 151 ,601 53 497 78 632 Feb.. 2,343 172 157 ,601 53 497 78 631 Mar.. 2,143 172 156 ,601 53 497 78 627 Apr.. 2,143 172 ,601 53 78 627 May. 2,146 ,601 53 626 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 GOLD RESERVES AND PRODUCTION 913 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 av g i o a - S I e f n o tt t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 -134 40 1960 178 170 2,185 19 104 134 174 2,800 180 401 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 -50 56 1963—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 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 -7 Mar. 573 182 2,542 19 104 115 174 2,458 171 401 22 47 Apr., 573 182 2,524 19 104 115 174 401 -82 May, 573 182 2,526 174 47 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 ld i c- A So fr u ic th a R de h s o i - a Ghana C ( p v o L o i n l e l l g d e o 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 l r l i 1956 975.0 556.2 18.8 22.3 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7.3 63.0 1957 1,015.0 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 62.2 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 69.8 1959 1,125.0 702.2 19.8 32.0 12 2 57.2 156.9 11.0 7.3 3.8 13.9 38.1 5.8 64.8 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 161.1 10.5 7.0 4.1 15.2 38.0 5.7 64.7 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.7 4.4 14.0 37.5 5.7 64.4 1962 1,290.0 892.7 19.4 31.1 7.1 54.5 145.5 8.3 7.8 4.5 13.7 37.4 5.7 62.3 1963 960.1 19.7 138.9 8.2 4.9 11.4 35.8 1963—Apr 79.1 K6 2.7 11.8 .8 .4 1.1 2.8 .5 May 80.6 6 2.6 12.4 .7 .3 1.1 2.8 .5 June 80.1 1.6 2.6 11.6 .5 .4 .9 3.3 .4 July 81.6 6 2.7 10.9 .7 .4 1.0 3.4 .4 Aug. 81 7 7 2 7 11 7 6 4 9 3.0 4 Sept 80.9 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 .4 Dec 78 6 8 10 8 8 5 9 2 8 1964 Jan . 7 10 7 8 4 1 2 3 1 Feb 6 9.8 4 t 2 Mar 3243.0 37.8 10.3 .4 Apr 2 6 11 6 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on reports of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data, except for Brazil, based on reports from 2 Gold exports. individual countries and Bureau of Mines; data for Brazil from American 3 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

914 U.S. GOLD JULY 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 ni IV I Western Europe: Austria -84 -83 -1 -143 -82 -30 -20 -32 -32 Belgium 3 3 -329 -39 -141 -i44 -63 -34 -266 -173 -456 -518 -101 -101 -214 -101 -101 -34 -23 -200 Italy — 349 100 200 25 -261 -30 -249 -25 -20 -10 31 32 -114 -156 -146 -130 -70 —60 Switzerland — 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 -9 14 * -4 7 Total 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -104 -149 -139 -7 — 31 15 5 190 Latin American republics: Argentina 115 75 67 — 50 —90 85 — 30 -30 -1 -11 -2 -2 57 72 17 28 -1 28 -1 Colombia 28 —6 38 -30 -20 -4 -4 -200 65 Other 29 6 2 -5 -22 -17 -5 -7 * 6 -11 -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 -3 -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 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 4 Proceeds from this sale invested by the IMF in U.S. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 5 Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription less sale by the IMF of $300 million (see also note 4). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total To G ta o l 2 ld s T to r c e k as 1 ury c h F u o o r l r d r e e in i n g g c 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 r c e k a s 1 ury h c F o u o l r d r r i e e n i n g g c n s y 3 Total T g o o t l a d l 1951 22,873 22,873 22,695 53 53 1963—June... 15,956 15,830 15,733 126 -53 -24 1952 23,252 23,252 23,187 379 379 July... .15,764 15,677 15,633 87 -192 -153 1953 22,091 22,091 22,030 -1,161 -1,161 Aug.... 15,725 15,633 15,582 92 -39 -44 1954 21,793 21,793 21,713 -298 -298 Sept.... 15,788 15,634 15,582 154 63 1 1955 21,753 21,753 21,690 -40 -40 Oct 15,910 15,640 15,583 270 122 6 1956 22,058 22,058 21,949 305 305 Nov.... 15,780 15,609 15,582 171 -130 -31 1957 22,857 22,857 22,781 799 799 Dec... 15,808 15,596 15,513 212 28 -13 1958 20,582 20,582 20,534 -2,275 -2,275 1964—Jan.... 15,847 15,540 15,512 307 39 -56 1959 19,507 19,507 19,456 -1,075 4-1,075 Feb.... 15,865 15,518 15,462 347 18 -22 1960 17,804 17,804 17,767 -1,703 -1,703 Mar.... 15,990 15,550 15,461 440 125 32 1961 17,063 16,947 16,889 116 -741 -857 Apr.... 15,991 15,727 15,462 264 111 1962 16,156 16,057 15,978 99 -907 -890 May... 15,946 15,693 15,463 253 -45 -34 1963 15,808 15,596 15,513 212 -348 -461 June^.. 15,805 15,623 15,461 182 -141 -70 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 th e right of repurchase, which amounted to $800 million to the IMF. on June 30, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 923 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 858 and 860. Banks for foreign and international accounts. Gold under earmark is not included in the gold stock of the United States. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 GOLD RESERVES AND DOLLAR HOLDINGS 915 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 old& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes 1 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 2 903 901 2 911 Belguim 1,542 1,558 1 1.678 1,791 1 1,782 Denmark 98 96 16 147 192 13 14 198 14 Finland 134 140 2 134 160 * 1 176 1 France , 3,744 4,128 3 4,510 4,653 3 6 4,709 7 Germany, Fed. Rep. of., 6,409 6,224 3 6,634 6,884 3 1 6,811 1 Greece 196 243 * 258 265 * • 239 * Italy 3,627 3,385 1 3,540 3,146 1 1 2,927 1 Netherlands 1,829 1 1,809 2 2 1,910 1,961 2 4 1,898 4 Norway 155 87 160 111 137 158 133 164 126 131 135 131 Portugal 632 1 635 1 1 646 1 688 1 689 * Spain 623 1 705 1 1 751 1 778 2 807 2 Sweden 671! 93 673 73 73 616 123 591 133 129 610 130 Switzerland 3,5751 83 3,273 85 83 3,325 82 3,726 83 75 3,528 77 Turkey 165 162 * 128 136 * * 135 * United Kingdom 4,191 370 4,630 297 298 4,253 312 3,973 361 328 4,245 380 Other 2 542 48 572 46 48 502 50 430 49 46 634 49 Total. 28,916 708 29,182 644 29,888 668 30,093 729 30,439 779 741 30,434 800 Canada 4,057 389 3,871 528 3,929 644 3,882 700 3,805 686 687 3,555 686 Latin American republics: Argentina 271 318 393 453 453 452 Brazil 429 400 348 360 329 329 Chile 178 167 172 176 186 181 Colombia 205 226 243 216 231 244 Cuba 16 16 15 14 12 11 Mexico 626 690 688 759 808 837 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 336 421 398 376 420 461 Total 3,398 3,603 3,703 12 3,865 4,062 12 14 4,130 Asia: India 288 296 295 302 298 302 Indonesia.. 72 74 76 67 92 90 Japan 2,499 2,558 2,613 2,689 2,758 2,750 Philippines. 215 225 223 222 ••237 232 Thailand... 437 471 480 486 486 513 Other 1,447 40 1,519 40 1,549 40 1,542 42 '1,643 42 1,847 38 Total. 4,958 50 5,143 49 5,236 5,308 5,514 47 5,734 44 Africa: South Africa... 540 597 636 683 671 670 U.A.R. (Egypt). 188 193 191 186 188 198 Other 373 377 355 10 331 291 284 10 Total. ,101 1,167 1,182 10 1,200 1,150 1,152 Other countries: Australia 337 340 360 348 388 373 All other 287 29 281 355 30 326 318 30 26 310 25 Total 624 29 621 71 30 674 30 683 25 Total foreign countries 3 43,054 1,199 43,58 1,272 44,653 1,413 45,022 1,530 45,676 1,568 1,524 45,688 1,570 International and regional 4 7,349 911 7,214 966 7,089 1,065 7,094 1,163 6,956 1,213 1,218 7,06: 1,170 Grand total 3 50,403 2,110 50,801 2,238 51,742 2,478 52,116 2,693 52,632 2,781 2,742 52,750 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. NOTE.—Gold and short-term dollars include reported and estimated 2 Includes, in addition to other Western European countries, unpub- official gold reserves, and official and private short-term dollar holdings lished gold reserves of certain Western European countries; gold to be (principally deposits and U.S. Treasury bills and certificates); excludes 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 Assn. (the figures for the gold reserves of the BIS represent the Bank's net U.S. Govt. bonds and notes are official and private holdings of U.S. gold assets). Govt. securities with an original maturity of more than 1 year; excludes 3 Excludes gold reserves of the U.S.S.R., other Eastern European nonmarketable U.S. Treasury bonds and notes held by official institutions countries, and China Mainland. of foreign countries as shown in Table 7 on p. 922. 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

916 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 l Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p u r e e r a - o n - L r . e A - . Total c O ia ff l i s - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t u i h e n e s - r gional 2 gional 1959 419,389 43,158 43,158 16,231 9 154 7,076 8,473 2,198 2,408 2,780 253 119 I960 21 272 4 012 3 897 115 17 260 10 212 7 048 9 046 2 439 2,308 3,115 227 125 1961 522,533 3,752 3,695 57 18 781 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—May.... 25,438 4,860 4,691 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.... 25,913 4,725 4,601 19 105 21,188 12,022 9,166 10,693 2,684 3,192 4,194 248 111 Apr.P... 26,348 4,772 4,588 16 168 21,576 11,753 9,823 10,665 2,903 3,366 4,223 236 184 May *.. 26,354 4,828 4,651 16 161 21,526 11,905 9,621 10,640 2,932 3,330 4,208 231 185 la. Europe Ger- End of period Total Austria Belgium Den- Fin- France many, Greece Italy Nether- Norway Portu- Spain Sweden mark land Fed. lands gal Rep. of 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 1960 9,046 243 142 54 46 519 3 476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963—May.... 10,282 288 234 74 68 1,578 2,670 174 1,054 324 130 153 163 483 June.... 10,762 310 244 80 70 1,727 2,709 174 1,133 316 135 147 162 517 July.... 10,354 354 218 99 76 1,444 2,771 181 1,195 238 136 151 184 470 Aug.... 10,666 392 281 101 75 1,486 2,844 176 1,287 226 133 146 201 432 Sept 10,789 399 311 116 73 1,479 2,873 181 1,249 329 127 149 177 434 Oct 10,868 372 410 128 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 Mar.... 10,693 342 406 167 110 1,411 2,858 162 784 297 104 192 234 428 Apr.*3... 10,665 297 436 191 111 1,406 2,386 156 843 260 117 189 218 415 May P . . 10,640 341 439 195 112 1.518 2,303 148 866 264 159 191 241 420 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 s r 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—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 3,019 381 185 122 163 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 3,137 375 179 143 169 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 1,787 13 371 3 19 3,192 376 179 138 181 11 681 Apr.P... 1,043 16 2,016 13 528 3 21 3,366 377 178 142 190 12 707 May P .. 1,063 15 1,931 14 396 4 20 3,330 402 189 135 178 11 659 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 917 SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. .4sia E p n er d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e i ll n t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - i - a Israel 1959 129 82 62 277 227 9 14 oo 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—May.... 110 113 94 498 357 133 95 49 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 36 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 88 21 4 012 35 78 51 44 121 Feb 113 173 104 592 387 125 87 18 4,077 36 72 52 54 129 Mar.... 91 173 106 616 395 141 88 16 4,194 36 74 55 46 126 Apr.?... 93 191 98 717 406 154 86 15 4,223 35 73 56 45 131 May P . . 90 197 104 687 420 155 85 17 4.208 36 71 67 40 140 lc. Asia—Continue< Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r Total t A ra u l s ia - ot A he ll rs 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 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—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 AUE 2 309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept.... 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2,403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov 2,456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec 2,454 113 209 149 382 353 241 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 Mar .. 2 446 124 209 200 409 472 248 26 33 43 24 123 177 162 15 Apr.P. . 2,415 120 205 215 416 512 236 25 24 46 26 114 184 162 22 May P. . 2,392 115 203 219 416 510 231 24 19 49 21 118 185 164 21 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 1962 based on reports by banks Investment Bank and other Latin American and European regional in the Second F.R. District only; thereafter data based on reports by organizations, except Bank for International Settlements and European 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. 3 Foreign central banks and foreign central govts. and their agencies, NOTE.—Short-term liabilities are principally deposits (demand and and Bank for International Settlements and European Fund. time) and U.S. Govt. securities maturing in not more than 1 year from 4 Includes $1,031 million representing increase in U.S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U.S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Assn. and the Inter-American Development Bank. For data 31, 1961, of which $81 million reported for Japan. on long-term liabilities, see Table 5. For back figures and further 6 Includes Bank for International Settlements and European Fund. description of the data in this and the following tables on international 7 Decline from end of 1961 reflects principally reclassification of de- capital transactions of the United States, see "International Finance," posits for changes in domicile over the past few years from Cuba to other Section 15 of Supplement to Banking and Monetary Statistics, 1962. countries. 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

918 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 Data1 o (end of period) 1963 1964 1963 1964 Area or country 1962 Area or country 1962 Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): 5.6 5.2 7.0 4.7 Iran H18.7 49.4 23.5 33.4 Treland Ret) of 2 9 4.7 10 7 6 0 Iraq 8 5 11.1 19 8 n a 10.8 8.9 7.4 8.6 Jordan 1.2 1.7 2.8 2.7 1 7 2.0 2 7 2 4 Kuwait . 33 0 38 2 46 5 49 9 Laos . • 14.0 12.8 8.8 6.5 Other Latin American Republics: Lebanon 65.9 77.9 76.3 108.1 Bolivia H23.2 21.2 32.6 35.1 Malaysia 18.4 18.9 24 1 24 3 16.5 32.8 29.1 35.9 15.9 15.9 17.3 16.1 Dominican Ret?ublic U42.0 47.4 58.0 40.6 Ryukyu Islands (incl. Okinawa). 17.0 32.7 21.7 31.6 Ecuador 36.3 37.8 53.4 62.1 Saudi Arabia 28.4 37.1 61.7 151 0 El Salvador H22.5 48.6 41.7 57.8 Syria 4.9 3.4 2.1 5.7 Guatemala H40.9 74.8 47.9 63.2 Viet-Nam 10.1 11.6 12.1 17 9 Haiti 10.5 11.9 12.9 17.3 Honduras 13.8 23.7 20.0 26.3 Other Africa: 3 3 5 8 5 6 4 t Algeria 1 6 5 9 1 0 14.8 42.5 35 0 52 3 Ethiopia incl Eritrea 17.0 20.8 22 3 32 1 Paraguay . 5.7 6.8 8.9 8.4 Ghana 4.1 10.8 6.4 6.3 Trinidad & Tobago 3.1 4.1 2.3 2.6 Liberia 17.6 13.4 22.0 17.8 Libya 5.5 10.5 14.1 14.9 Other Latin America: Mozambique 2.5 1.1 1.4 1.4 British West Indies 9.0 22.6 M1.7 9.9 Nigeria 26.8 24.5 17.8 n.a. French West Indies & French Somali Republic .6 .6 .8 8 Guiana ... 1.0 1 3 1 3 Southern Rhodesia. n a n a 3 6 3 5 Sudan 2.4 2.4 2.5 2 0 Other Asia: Tunisia .. . 10.9 11.6 1.0 .8 Afghanistan 5.3 13.3 5.0 4.2 Burma 2.5 8.9 9.9 n.a. All other: Cambodia 12.6 10.2 6.9 2.1 New Zealand .... 4.7 8.8 10.5 18.8 4.9 9.6 3.1 3.7 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable in End of period Total foreign Total Dem D an e d pos T it i s me i c T b er i r l t U e l i s f a . i s S c a u a . n r t d e y s n S o U p t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me i c T b er i r l t U e l i s f a . i s S c a u a . n r t d e y s Other 3 currencies 1959 419,389 416,913 6,341 7,180 42,065 1.328 2,398 1,S33 295 270 77 I960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962 . ... 25,019 22,311 8,528 9,214 3,012 1,557 2,565 2,096 116 352 143 1963—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 Aus 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 22,853 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 3,824 8,735 3,036 ,854 2,943 1,391 931 122 499 145 Nov 26,436 23,285 5,994 3,806 8,555 3,036 1,894 3,022 1,454 949 134 485 130 Dec 25,942 22,762 5,629 3,673 8,571 3,036 1,853 3,047 1,493 966 119 469 134 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 ... . 25,913 22.690 5,818 3,799 7,972 3,171 1,930 3.111 1,424 1,023 136 528 112 Apr.^ 26,348 23.078 6.063 3,947 7.687 3.166 2,215 3,153 1,457 1,039 116 541 117 May P 26,354 23,129 5,899 3.931 7,800 3.164 2,335 3.107 1,467 1.057 87 496 118 1 Excludes negotiable time certificates of deposit which are included 3 Principally bankers' acceptances, commercial paper, and negotiable in "Other." time certificates of deposit. 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the 4 Includes $1,031 million of nonnegotiable, non-interest-bearing special International Monetary Fund; excludes such notes held by the Inter- U.S. notes representing increase in U.S. dollar subscription to the IMF national Development Assn. and the Inter-American Development paid in June 1959. Bank, which amounted to $314 million on May 31, 1964. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 INTL. CAPITAL TRANSACTIONS OF THE UJS. 919 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa co O un t t h r e ie r s ; 1959. 2,624 534 272 ,176 586 56 1960. 3,614 717 421 ,356 1,052 69 1961. 3 4,820 767 556 ,522 3 1,891 85 1962. 5,163 877 526 ,606 2,017 137 1963—May... 5,345 863 580 ,593 2,178 83 48 June... 5,529 985 654 ,613 2,141 88 47 July. . . 5,469 877 667 ,669 2,128 78 47 Aug 5,434 954 597 ,698 2,051 83 50 Sept.... 5,435 919 554 ,699 2,125 88 51 Oct 5,568 964 627 ,694 2,144 82 56 Nov.... 5,735 989 632 ,688 2,276 97 52 Dec... 5,915 932 607 ,742 2,470 104 58 1964—Jan 6,084 948 637 ,761 2,577 104 55 Feb.. 6,201 996 601 ,753 2,693 100 56 Mar.. 6,323 937 688 ,782 2,771 98 46 p 6,456 1,000 716 ,820 2,768 102 48 May P. 6,512 1,027 739 ,793 2,802 98 52 3a. Europe End of period Total A tr u i s a - 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 l e a e t n r d h - s - N w o a r y - t P u o g r a - l Spain S d w e e n - 1959 534 56 57 54 5 30 38 7 2 8 19 1960 717 65 9 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—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 Nov.. 989 27 49 65 170 9 82 36 41 16 29 36 Dec... 932 26 52 70 121 9 97 33 40 14 30 30 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.. 937 28 69 85 123 9 83 43 33 17 32 23 Apr. P. 1,000 29 75 86 135 9 85 47 34 17 30 29 May v 1.027 30 63 92 158 9 90 38 35 15 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 t o e e p r r n e5 Total A t r i g n e a n- Brazil Chile l C o b o m ia - - Cuba M ic e o x- 1959 38 47 121 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 1,522 192 186 127 125 19 425 1962 75 42 221 19 1,606 181 171 186 131 17 408 1963—May 66 44 175 20 1,593 180 196 161 136 18 406 June 65 49 188 21 1,613 180 197 166 153 18 409 July 69 47 187 21 1,669 200 192 171 146 18 448 Aug 71 44 204 21 1,698 198 199 170 176 18 448 Sept 75 47 196 19 1,699 187 210 179 169 18 454 Oct 91 42 229 20 1,694 183 183 186 180 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 77 46 191 23 1,782 176 155 182 223 16 496 Apr.?' 81 25 240 25 1,820 180 147 192 228 17 519 May P 76 23 250 24 1,793 175 141 186 230 17 509 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 1 i J ?u ru ay - V zu e e n l e a - R L ep .A u . b- B m & e a r s - A S nt u & il r l i < - A L m at e in r- Total C N a h a n i i n d n a - Cong India I n n e d s c i - Israel muda 1 nam 1959 18 36 47 247 57 4 57 586 2 10 6 14 I960 23 44 57 234 55 8 66 1,052 2 9 9 24 1961 32 74 55 144 56 13 74 31 891 2 9 8 36 1962 30 85 122 102 66 9 98 2 017 2 13 20 37 1963—May..., 34 95 97 101 115 27 10 19 2,178 2 13 22 31 June.. 29 103 95 99 105 27 14 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 1C 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 i 15 2,144 2 11 18 30 Nov.. 33 98 82 106 121 33 8 14 2,276 2 12 16 25 Dec... 35 99 65 114 135 42 9 16 2,470 2 11 17 22 1964—Jan... 47 106 54 109 148 37 9 15 2,577 2 11 18 25 Feb... 45 107 50 112 145 33 10 12 2,693 2 11 17 29 Mar.. 50 110 50 116 147 34 12 14 2,771 2 12 26 31 Apr.p. 46 113 48 124 146 37 11 12 2,768 2 13 22 34 May P 41 113 51 125 144 35 13 12 2,802 2 13 23 38 3c. Asia—Continued *d. Africa 3e. Other countries Congo End of period Japan Korea P p h i i n l e ip s - w Ta a i n - T la h n a d i- O A t s h i e a r Total i ( p v L o il e l l o d e - ) - M c o o r o l 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 i Total 2 A t l r u i a a s - - ot A he ll rs 1959 324 1 24 9 15 180 3 1? 2 56 18 21 I960 806 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 1 70 9 41 80 2 10 26 137 41 57 1963—May 1,898 14 69 16 38 75 83 2 2 n 18 48 48 42 6 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 14 20 42 47 41 6 Aug 1 798 16 51 13 40 73 83 1 2 n 26 41 50 43 6 Sect 1,868 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct 1,881 13 63 8 44 72 82 15 27 36 56 49 8 Nov 1 995 26 74 8 45 73 97 3 16 27 51 52 44 8 Dec 2 149 25 113 8 52 71 104 1 15 28 59 58 48 9 1964—Jan 2,223 28 129 9 52 80 104 15 25 61 55 47 8 Feb 2,316 30 142 10 58 76 100 1 15 28 55 56 49 8 Mar 2,375 31 150 9 58 77 98 1 17 24 55 46 39 8 Apr P 2 368 29 161 8 57 74 102 1 70 24 56 48 40 8 May p 2,398 28 155 7 54 84 98 2 18 29 49 52 43 9 1 Not reported separately until 1963. 8 Until 1963 includes also African countries other than Congo (Leo- 2 Includes Africa until 1963. poldville), 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 1963 includes Eastern European countries other than U.S.S.R., on demand or with a contractual maturity of not more than 1 year: loans Czechosolvakia, Poland, and Rumania. made to and acceptances made for foreigners; drafts drawn against 5 Czechoslovakia, Poland, and Rumania only until 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; 1963. and foreign currency balances held abroad by banks and bankers and 7 Until 1963 includes also the following Latin American Republics: their customers in the United States. Excludes convertible currencies Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, held by U.S. monetary authorities. and Trinidad and Tobago. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 INTL. CAPITAL TRANSACTIONS OF THF U.S. 921 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 Total O i t n i f o s f L n t i i c s o t i u a a ! - l ns to B — anks Others C s t t o o i i a o n l u n l n g t e d - s c - - e f A o o i m a g c r f n n c a a c f e e d o c e r p e s c r s t - t - . 2 Other 3 Total D w ei e i g t p h n o e f s r o i s t r s - g F c c p a n o u o o a n a v r m p r d i n e t e t . m i i c r f e s g e i e l s n - 2 . , - Other 4 1959 2,624 2,406 1,309 351 498 460 516 582 217 203 15 1960 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961 5 4,820 4,234 ,660 329 709 622 700 1,874 586 386 200 1962 5,163 4,606 ,954 359 953 642 686 1,967 557 371 186 1963—May 5,345 4,751 ,641 171 790 680 742 2,051 316 595 389 152 54 June 5,529 4,838 ,706 142 869 695 734 2,031 367 692 461 176 54 July 5,469 4,833 ,671 136 827 708 741 2,040 381 636 401 176 58 Aug 5,434 4,803 ,759 166 876 717 734 1,961 349 631 407 170 55 Sept 5,435 4,834 ,736 177 840 719 758 2,030 310 602 404 148 49 Oct 5,568 4,877 ,729 153 852 724 773 2,034 341 691 462 174 55 Nov 5,735 5,100 ,916 201 961 754 801 2,040 344 636 429 156 51 Dec 5,915 5,291 ,917 186 955 776 832 2,203 340 624 428 153 42 1964—Jan 6,084 5,442 2,026 191 1,037 798 863 2,236 317 642 394 204 43 Feb 6,201 5,562 2,059 164 1,090 805 891 2,313 300 638 407 194 36 Mar 6,323 5,666 2,056 150 1,083 823 932 2,380 298 658 394 209 55 Apr.** 6,456 5,761 2,113 140 1,113 860 942 2,368 339 694 430 209 56 May » 6,512 5,794 2,161 140 1,153 868 934 2,359 340 718 435 220 62 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 4 Until 1963 includes foreign government securities, commercial and finance paper. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Total Payable in liabilities Total foreign Total Loans All other currencies 1959 1,545 1 I960 1,698 7 1961 2,034 2 1962 2,160 4 1963 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 • 50 Aus 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 23,003 2,786 217 2 66 1964 Jan 3,048 3,046 2,829 217 2 70 Feb 3,109 3,107 2,891 217 2 71 Mar 3,224 3,223 3,008 215 104 Apr p 3,251 3,251 3,039 212 140 May P.. .. 3,277 3,276 3,064 212 154 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

922 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U.S. corporate Foreign bonds Foreign stocks securities 2 Net purchases or sales Period Intl. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r T/vfoi 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—May 206 101 105 127 -21 310 239 71 144 409 -265 67 87 -20 22 -8 30 31 — 1 354 342 12 57 157 — 100 59 61 -2 July -10 -3 -7 5 -12 208 192 16 75 117 -41 55 79 —24 142 105 37 43 —6 225 207 18 45 110 -65 42 43 Sept 83 -4 87 82 5 239 236 4 228 232 -4 44 23 21 Oct 8 3 5 14 —9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 277 254 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 -27 * —27 -27 299 334 -35 43 40 3 66 36 31 Apr.** -4 1 -5 4 -8 340 360 -20 70 175 -105 69 49 20 -83 -103 20 19 288 273 15 53 157 -103 62 50 12 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 June 605 25 30 200 200 150 183 125 58 JUly 655 25 30 225 200 175 208 125 58 25 Aug 705 25 30 275 200 175 163 125 13 25 Sept 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 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 g 25 May 802 50 30 477 1245 158 125 8 25 June 802 50 30 477 1245 152 125 2 25 1 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

JULY 1964 INTL. CAPITAL TRANSACTIONS OF THE UJS. 923 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 i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa^ O c tr o t i u h e n s e 2 r - reg I a n i n o t d l n . al I960 252 202 50 38 171 —48 72 234 —45 36 13 1 14 1961 223 323 -99 21 166 — 17 61 232 -112 44 44 3 12 1962 60 111 —51 4 129 —33 24 124 —43 —20 — 18 17 1963 207 198 9 — 8 — 14 206 16 199 —47 14 17 < 22 1963—May.. 71 60 10 * 2 39 4 45 12 6 6 X* June.. 12 21 -9 -4 -7 32 -3 19 -12 3 1 i 2 July. . 16 8 8 i * 20 1 21 -4 * -4 i 2 Aug... 18 16 1 -2 8 2 4 13 1 i 2 2 Sept... 4 11 -7 -1 2 9 1 11 -6 4 1 f 2 Oct... -11 -8 -3 i -10 15 -5 -2 -11 * 1 2 Nov... 31 38 -7 3 6 22 6 36 -14 5 1 i 2 Dec... 23 21 2 * 3 8 7 18 2 1 1 2 1964—Jan... 13 4 9 -2 -2 -16 8 -12 11 10 1 1 Feb... -34 -26 -9 * -6 -22 4 -25 -10 1 2 2 Mar... -35 -51 16 2 -13 -19 5 -25 c -10 2 3 Apr.p. -20 -17 -2 * -6 -24 3 -27 10 -2 1 |c 1 May*. 15 2 14 1 -12 8 6 3 9 2 1 1 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F. R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Intl. Total Assets in custody Period Total g a ir n oe~ d nail c t e f o r o i i u g r e n n - s - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia Africa* c O tr o i t u e h s n e 2 - r E pe n r d i o o d f Deposits U se . c S u . r G iti o e v s* t. Ear g m o a ld rked I960 — 645 — 147 — 498 — 117 — 196 — 107 — 41 — 36 1959 345 4 477 9,861 1961 -830 1 -832 -262 -318 -58 -121 — 73 I960 217 5,726 11,843 1962 — 1,048 — 235 — 813 — 188 — 360 — 41 — 175 — 50 1961 . ... 279 6,006 11 905 1963 — 1,044 -96 —949 -49 -614 — 26 -252 — 8 1962 247 6,990 12,700 1963—May.... -284 3 -287 -24 -207 * -57 * 1963—June.. 175 7,957 12,917 June.... -102 2 -104 -24 -42 1 -41 1 1 July... 182 7,733 13,086 July.. .. -65 8 -73 2 -6 -36 -36 1 2 Aug... 177 7,856 13,129 Aug -66 1 -67 -7 -29 2 -34 * 1 Sept... 174 7,945 13,132 Sept 16 2 15 -11 -16 16 20 4 2 Oct.... 175 8,241 13,025 Oct 36 4 32 10 28 2 -10 * 1 Nov... 165 8,343 13,048 Nov 10 2 8 2 8 2 -5 * * Dec... 171 8,675 12,954 Dec 12 2 10 16 -2 1 -11 6 1 1964—Jan.... 136 8,740 12,899 1964—Jan 35 3 32 24 16 1 -10 * 1 Feb.. . 155 8,731 12,884 Feb -49 1 -49 22 -76 -4 8 * 1 Mar... 167 8,105 12,775 Mar 33 2 31 23 10 1 -4 * 1 Apr... 166 7,860 12,726 Apr.*\. . -85 -48 -37 24 -44 -14 -5 * 2 May.. 161 7,892 12,747 May*.. . -91 1 -92 8 -93 3 -12 * 1 June.. 156 8,043 12,795 1 Not reported separately until May 1963. i U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures 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

924 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1962 1963 1962 1963 IV I Ii II III IV* IV I Ii II III Europe: 2 2 2 2 2 2 6 5 5 5 6 8 21 18 18 20 23 26 24 24 24 27 26 21 Denmark. 3 2 2 3 2 3 8 6 6 7 5 8 Finland 1 1 1 1 1 1 3 4 4 3 3 4 France 32 31 31 32 31 33 51 59 59 50 48 47 33 36 36 33 35 34 117 114 114 106 106 103 Greece 1 1 2 2 2 5 6 6 6 7 9 Italy 28 29 29 30 26 25 78 82 82 83 102 106 Netherlands 33 46 46 50 56 46 31 24 24 34 24 32 Norway .. 10 12 12 13 13 14 15 15 15 15 16 18 1 1 1 1 1 6 8 8 7 7 8 Spain 9 7 7 7 6 7 20 25 25 23 26 29 7 8 8 8 7 9 15 17 17 20 19 17 24 26 26 27 40 27 28 28 28 36 30 27 Turkey 4 4 4 4 5 2 4 6 6 5 6 5 United Kingdom 94 109 110 118 127 100 238 192 196 201 218 225 4 4 4 3 3 4 3 3 3 3 3 3 Other V^estern Europe ^...... 1 1 2 3 3 5 4 4 3 4 4 USSR * * * * * * 1 1 * * 1 Other Eastern Europe 3 1 1 1 * 1 * 2 2 2 3 3 3 Total 309 339 341 356 384 339 660 625 629 639 660 678 81 63 64 59 62 72 752 789 830 918 887 668 Latin America: 9 6 6 6 6 7 34 31 31 30 28 40 Brazil . 17 17 18 18 21 13 106 108 108 103 112 113 Chile 4 3 3 4 4 3 25 25 25 26 23 25 Colombia 4 3 3 5 5 7 15 17 18 20 22 19 Cuba * 1 1 * * * 6 6 6 6 6 5 Mexico 6 6 6 10 6 8 57 58 58 56 53 59 25 5 5 11 17 20 13 13 13 14 13 13 Peru . .... 8 9 9 4 3 5 20 14 14 19 19 27 1 1 1 3 4 6 7 7 5 4 9 Venezuela 24 23 23 27 25 22 33 33 33 37 38 36 6 3 3 11 11 13 20 22 22 38 40 39 Bahamas and Bermuda 5 3 6 3 11 12 12 Neth. Antilles & Surinam 5 8 8 9 9 6 6 7 7 9 10 5 Other Latin America 6 20 15 15 2 2 4 45 41 41 11 8 10 Total .. . 129 101 101 113 119 no 386 382 382 383 389 413 Asia: 2 2 2 2 2 * * * * • * Hong Kong 2 2 2 2 2 2 4 4 4 3 4 4 11 8 8 16 15 14 39 50 50 49 42 42 2 2 2 2 2 3 3 3 3 4 7 10 Israel 2 1 1 2 1 10 7 7 7 7 7 52 46 46 43 29 24 123 124 127 142 130 157 Korea 3 3 3 3 1 4 4 4 4 4 6 3 4 4 5 7 5 11 10 10 11 11 9 Taiwan * * * * 1 1 3 5 5 6 3 4 Thailand 1 2 5 5 5 5 4 11 Other Asia 164 146 146 149 21 18 33 39 39 44 42 41 Total 97 90 90 99 82 72 236 251 255 275 254 291 Africa: Congo (Leopoldville) * 1 1 1 * 3 3 3 2 2 3 * * 1 1 * 2 South Africa 12 6 6 11 12 10 10 9 9 8 9 9 U.A.R. (Egypt) 1 9 10 5 10 12 12 15 12 11 Other Africa 5 14 10 8 15 18 18 Total 5 35 33 25 41 42 43 Other countries: Australia • ... 11 10 10 13 18 17 24 26 26 28 28 32 Allother 7 13 13 13 4 6 5 26 27 27 8 7 9 Total » 37 30 30 17 24 22 74 77 77 35 35 42 International and regional * * * * * 1 1 1 3 2 2 Grand total 653 624 626 679 703 639 2,109 2,125 2,175 2,295 2,269 2,137 1 Includes data for a number of firms reporting for the first time on 7 Until June 1963 includes also African countries other than Congo 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

JULY 1964 U.S. BALANCE OF PAYMENTS 925 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1960 ' 1961 1962 ' 1963 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 * 27,044 28,438 30,084 31,673 7,416 7,880 7,972 8,405 8,858 Merchandise 19,459 19,913 20,576 21,938 4,984 5,459 5,597 5,898 6,087 Military sales 335 402 656 634 181 206 P 155 ^213 Investment income receipts, private. 2,911 3,464 3,850 3,982 1,026 972 993 991 1,231 Investment income receipts, Govt... 349 380 471 498 123 124 125 126 127 Other services 3,990 4,279 4,531 4,621 1,102 1,119 1,165 1,235 1,200 Imports of goods and $—;ces—Total. -23,193 -22,852 -25,021 -26,160 -6,293 -6,506 -6,659 -6,702 -6,680 Merchandise -14,723 -14,497 -16,134 -16,931 -4.017 -4,197 -4,353 -4.364 -4,347 Military expenditures -3,048 -2,954 -3,044 -2,897 -747 -731 -711 -708 -720 Investment income payments -939 -882 -995 -1,207 -271 -286 -309 -341 -298 Other services , -4,483 -4,519 -4,848 -5,125 -1,258 -1,292 -1,286 -1,289 -1,315 Balance on goods and services 1. 3,851 5,586 5,063 5,513 1,123 1,374 1,313 1,703 2,178 Remittances and pensions -672 -705 -738 -826 -213 -219 -203 -191 -202 1. Balance on goods, services, remittances and pensions 3,179 4,881 4,325 4,687 910 1,155 aio 1,512 1,976 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 -2,780 -3,396 -3,551 -3,784 -880 -1,166 -789 -949 -740 Grants 3,4 -1,664 -1,854 -1,919 -1.896 -445 -500 -455 -496 -435 Long-term loans and subscriptions 4 -1,213 -1,939 -2,129 -2,181 -558 -620 -441 -562 -516 Change in foreign currency holdings and short-term claims, net (increase,—) 2,4 -527 -261 -249 -444 -50 -260 -31 -103 46 Seasonal adjustment on three preceding items combined 12 48 20 12 Change in associated liabilities 41 80 147 94 20 10 35 29 -9 Scheduled loan repayments 583 578 599 643 141 156 183 163 162 3. Private capital flows, net, excluding foreign liquid assets in U.S -3,545 -3,558 -3,268 -3,903 -1,086 -1,350 -427 -1,040 -1,309 U.S. direct investments abroad -1,674 -1,599 -1,654 -1,862 -581 -451 -236 -594 -463 U.S. long-term capital, other -863 -1,025 -1,227 -1,644 -521 -598 -302 -223 -226 Foreign long-term investments in U.S 430 447 272 318 204 68 47 12 U.S. short-term capital -1,348 -1,556 -553 -696 46 -572 26 -196 -645 Foreign short-term capital 5. -90 175 -106 -19 -29 67 17 -74 13 4. Errors and unrecorded transactions. -772 -998 -1,111 -286 -124 42 -277 73 -108 Balance of A (=1+2+3+4) -3,918 -3,071 -3,605 -3,286 -1,180 -1,319 -383 -404 -181 Less: Net seasonal adjustments -367 -107 462 12 -249 Balance of A before seasonal adjustment. -3^918 -3^07i -3^605 -3^286 -813 -1.212 -845 -416 68 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 3,918 3,071 3,605 3,286 813 1,212 845 416 -68 Advance repayments on U.S. Govt. loans 6. 53 696 681 326 25 34 241 26 54 Advances on U.S. military exports, net...., -16 5 470 359 20 105 239 140 c Sales of nonconvertible nonmarketable securities,1 net 251 -43 63 -10 -95 i -55 Dollar securities 8 31 58 19 -45 -1 -5 Foreign currency securities "isi" -74 5 -29 -50 -50 Sales of convertible nonmarketable securities,1 net 702 350 152 175 Dollar securities 150 125 25 Foreign currency securities 552 225 150 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable U.S. Govt. bonds and notes 1,738 1,764 670 1,564 323 917 192 132 -156 International and regional organizations 1 ° 637 407 211 -238 -65 -46 -15 -112 -86 Foreign private holders excluding banks 11 -152 81 131 394 76 115 93 110 34 Foreign commercial banks 104 595 -129 438 386 75 -31 8 322 Foreign official holders 1,149 681 457 970 -74 773 145 126 -426 Change in U.S. monetary reserve assets (increase, — ) 2,143 606 1,533 378 32 124 227 -5 -57 IMF position 441 -135 626 30 -46 2 59 15 131 Convertible currencies -116 17 -113 -33 6 -28 -58 -228 Gold 1,702 857 890 461 111 116 196 38 46 1 Excludes military transfers under grants. 8 Includes certificates sold abroad by Export-Import Bank. 2 Includes also very small amounts of changes in "misc. Govt. non- 9 Includes official liabilities. liquid liabilities." 10 includes, for International Monetary Fund, only changes in its 3 Includes military grants. holdings of income-earning U.S. Govt. securities. 4 Not seasonally adjusted separately. 1* 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 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FOREIGN TRADE; MONEY RATES JULY 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 ,150 1,320 31,497 1,445 562 489 3621 584 Mar 1,751 1,672 31,960 2,078 1,163 1,342 31,487 1,523 588 330 3473 555 Apr 1,662 1,795 31,913 2,046 1,152 1,365 3J.417 1,542 510 430 3496 504 May 1,585 1,762 1,893 2,052 ,153 1,404 1,420 1,548 432 358 473 504 June 3 1,582 1,836 1,785 31,174 1,351 1,421 3 408 485 364 July 3 1,689 1,748 1,823 3 ,379 ,347 1,458 3 310 401 365 1,689 1.703 1,895 1,254 1.346 1,508 435 357 387 SeDt 1,678 31^908 1,980 1,262 31,471 1,450 416 3437 530 Oct 1,780 31,523 1,946 ,300 31,312 1,459 480 3211 487 Nov 1,733 1,725 1 945 .309 1,425 1,472 424 300 473 Dec 1,725 31,839 2,049 1,315 31,377 .480 410 3462 569 Quarter: 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 * 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under * Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer- Fed. Rep. of land 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 - e y t y o 2 - 3 B a a a m c n n c c o 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 ' c s s e m Da o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o 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 - d P is r r i c a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 Lll 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—May 3.33 3.33 3.88 3.67 2.92 2.00 3.91 2.63 2.94 1.96 1.58 2.00 June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 1.87 1.14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 2.07 L.92 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 1.78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 1.11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 1.14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 L.56 2.00 1964—Jan 3.76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 2.31 1.67 2.00 Feb 3.81 3.57 4.00 3.91 3.10 2.08 4.33 2.63 2.69 2.33 1.88 2.00 Mar 3.88 3.70 4.53 4.30 3.79 3.00 4.98 2.63 3.38 2.88 2.51 2.00 3.75 3.52 4.53 4.30 3.81 3.00 5.03 2.63 3.44 3.00 1A2 2.38 May 3.66 3.33 4.56 4.35 3.77 3.00 6.18 2.63 3.10 1.98 2.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International * Rate in effect at end of month. F 19 in 6 a 2 n . ce," Section 15 of Supplement to Banking and Monetary Statistics, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1964 MONEY RATES 927 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months June 30, 1963 Rate Countrv 1963 1964 Ju a n s e o 3 f 0, Per Month 1964 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 6.0 Dec. 1957 6.0 Austria 4.5 June 1963 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 14.2 Jan. 1963 14.21 14.39 14.39 China (Taiwan) 3 15.84 Aug. 1962 14.04 14.04 Colombia 8.0 May 1963 I 8.0 Costa Rica .... 3.0 Apr. 1939 3.0 Denmark 6.5 May 1961 6 0 5 5 6.5 6.5 Ecuador 5.0 Nov. 1956 5.0 El Salvador 6.0 June 1961 6.0 Finland 7.0 Apr. 1962 i 7.0 I France 3.5 Oct. 1960 4.0 4.0 Germany, Fed. Rep. of 3.0 May 1961 i 3.0 Ghana 4.5 Oct. 1961 l 4.5 Greece 5.5 Jan. 1963 5.5 Honduras 4 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India 5 4.5 Jan. 1963 4.5 Indonesia 3.0 Apr. 1946 9.0 9.0 I ran 6.0 Nov. 1960 4.6 4.0 Ireland 3.95 June 1963 3.94 3.98 3.94 4.5 4.62 4.69 4.69 j Israel 6.0 Feb. 1955 i 6.0 Italy 3.5 June 1958 3.5 Jamaica 5.0 Mar. 1963 4.5 4.0 4.0 Japan 5.84 Apr. 1963 6.57 6.57 Korea 10.22 June 1960 10.5 10.5 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4.0 4.5 4.5 New Zealand •.. 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 .... I . 6.0 Norwav • • 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic n...... 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 i 4.0 Sweden 4.0 June 1963 4 5 ! . 4.5 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 i 7.0 Tunisia 4.0 Oct. 1962 4.0 Turkey 7.5 May 1961 7.5 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 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 shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; 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 occur. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent for rediscounts in excess of an individual bank's quota; 3 Rate shown is for call loans. Costa Rica—5 per cent for paper related to commercial transactions 4 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 5 Rate applies to advances against commercial paper as well as against Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by govt. securities and other eligible paper. national public securities; 6 Beginning with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, comtinder U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, modity involved, etc.; 1962, the rediscount rate for commercial bank financing of 9 categories 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 Peru—8 per cent for agricultural, industrial and mining paper; and discounts or makes advances against eligible commercial paper and/or Venezuela—4 per cent for rediscounts of certain agricultural paper and govt. securities for commercial banks or brokers. For countries with for advances against govt. bonds or gold and 5 per cent on advances more than one rate applicable to such discounts or advances, the rate against securities of Venezuelan companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FOREIGN EXCHANGE RATES JULY 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period tralia Austria Belgium Canada Ceylon Denmark Finland France (pound) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) Official Free 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 1960 . . 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963 June . .7265 223.12 3.8702 2.0036 92.722 21.015 14.490 31.057 20.405 July .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20.405 Aug .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sent .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov .6942 222.93 3.8659 2.0059 92.778 21.021 14.484 31.057 20 405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 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 June .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31.063 20.401 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 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 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 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 J une 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276.65 Philip- South Africa United Norway pine Portu- Spain Sweden Swit- King- Period (krone) Republic gal (peseta) (krona) zerland dom (peso) (escudo) (pound) (rand) (franc) (pound) 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 . ... 14.028 49.721 3.4967 279.83 ? OS79 19.324 23.142 280.88 I960 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961.. . . . . .. 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1963—June 13.997 3.4900 139.49 L6663 19.286 23.125 280.02 July 13.993 3.4900 139.52 .6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 .6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 6664 19.268 23.171 279.77 Oct 13.971 3,4863 139.37 .6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 .6665 19.262 23.166 279.78 Dec 13.972 3.4874 139.30 1.6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 [.6665 19.272 23.168 279.83 Feb 13 962 3 4848 139 32 1 6664 19 290 23 122 279 69 Mar 13.976 3.4867 139.38 1.6663 19.430 23.110 279.81 Apr 13.989 3.4879 139.43 1.6664 19.451 23.143 279.90 May 13.992 3.4874 139 45 6664 19.464 23 171 279 94 June 13 984 3.4847 139.19 1.6663 19.467 23.172 279.42 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 JOHN KAKALEC, 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 930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 93_L 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

932 FEDERAL RESERVE BULLETIN • JULY 1964 Federal Reserve Banks and Branches Federal ReserveBank 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

Federal Reserve Board Publications The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 807-10 of the June 1964 BULLETIN. (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. 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN • JULY 1964 REPRINTS BANK LOANS SECURED BY STOCKS AND BONDS. July 1963. 19 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) A BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. MEASURING AND ANALYZING ECONOMIC GROWTH. 20 pp. Aug. 1963. 14 pp. THE MONETARY SYSTEM OF THE UNITED STATES. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. Feb. 1953. 16 pp. 1963. 8 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC ECONOMIC CHANGE AND ECONOMIC ANALYSIS. STABILITY. May 1953. 7 pp. Sept. 1963. 17 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- BANK AND PCA LENDING TO FARMERS. Sept. 1963. print of the U.S. Summary containing a de- 11pp. scription of revised statistics for all banks in the United States, by class of bank, together THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 1963. 8 pp. with revised statistics. Apr. 1959. 94 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. STATISTICS ON THE GOVERNMENT SECURITIES 11pp. MARKET. Apr. 1961. 8 pp. RECENT INTEREST RATE TRENDS. NOV. 1963. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 10 pp. 1961. 15 pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 7 pp. 1961. 3 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. SUMERS. Mar. 1964. 9 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. CHANGE OPERATIONS AND THE GOLD POOL. Mar. 1964. 14 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. BANKING AND MONETARY STATISTICS, 1963. Selected series of banking and monetary statis- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. tics for 1963 only. Feb., Mar., and May 1964. Mar. 1963. 10 pp. 15 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. REVISION OF THE MONEY SUPPLY SERIES. June 1963. 8 pp. 1964. 14 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. REVISION OF BANK CREDIT SERIES. June 1964. Apr. 1963. 11 pp. 5 pp. NEW FOREIGN BOND ISSUES IN THE U.S. RECENT MONETARY AND CREDIT DEVELOPMENTS. MARKET. May 1963. 13 pp. July 1964.9 pp. MEASURES OF MEMBER BANK RESERVES. July FEDERAL RESERVE SECURITY TRANSACTIONS, 1963. 14 pp. 1954-63. July 1964. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 874, 876 Deposits—continued Agricultural loans of commercial banks, 868, 870 Federal Reserve Banks, 858, 923 Assets and liabililties {See also Foreign liabilities and Postal savings, 857, 863 claims): Discount rates, 856, 927 Banks and the monetary system, consoli- Discounts and advances by Federal Reserve dated, 863 Banks, 852, 858, 860 Corporate, current, 888 Dividends, corporate, 887, 888 Domestic banks, by classes, 864, 868, 870 Dollar assets, foreign, 915, 923 Federal Reserve Banks, 858 Automobiles: Earnings and hours manufacturing industries, 903 Consumer instalment credit, 892, 893, 894 Employment, 900, 902, 903 Production index, 896, 897 Farm mortgage loans, 889, 890 Federal finance: Bankers' balances, 869, 871 Cash transactions, 878 {See also Foreign liabilities and claims) Receipts and expenditures, 879 Banks and the monetary system, consolidated state- Treasurer's balance, 878 ment, 863 Federal home loan banks, 883, 884, 891 Banks for cooperatives, 883, 884 Federal Housing Administration, 875, 889, 890, 891 Bonds {See also U.S. Govt. securities): Federal intermediate credit banks, 883, 884 New issues, 884, 885, 886 Federal land banks, 883, 884 Prices and yields, 874, 875 Federal National Mortgage Assn., 883, 884, 891 Brokers and dealers in securities, bank Federal Reserve Banks: loans to, 868, 870 Condition statement, 858 Business expenditures on new plant and U.S. Govt. securities held by, 852, 858, 860, equipment, 888 880, 881 Business indexes, 900 Federal Reserve credit, 852, 858, 860 Business loans {See Commercial and industrial loans) Federal Reserve notes, 858, 861 Federally sponsored credit agencies, 883, 884 Capital accounts: Finance company paper, 874, 876 Banks, by classes, 864, 869, 872 Financial institutions, loans to, 868, 870 Federal Reserve Banks, 858 Float, 852 Carloadings, 900 Flow of funds, 908 Central banks, foreign, 912, 927 Foreign central banks, 912, 927 Coins, circulation of, 861 Foreign currency operations, 858, 860, 914, 922 Commercial banks: Foreign deposits in U.S. banks, 852, 858, 863, 869, Assets and liabilities, 864, 867, 868 872, 923 Consumer loans held, by type, 893 Foreign exchange rates, 928 Number, by classes, 864 Foreign liabilities and claims: Real estate mortgages held, by type, 889 Banks, 916, 918, 919, 921, 923 Commercial and industrial loans: Nonfinancial concerns, 924 Commercial banks, 868 Foreign trade, 926 Weekly reporting member banks, 870, 873 Commercial paper, 874, 876 Gold: Condition statements {See Assets and liabilities) Certificates, 858, 861 Construction, 900, 901 Earmarked, 923 Consumer credit: Net purchases by U.S., 914 Instalment credit, 892, 893, 894, 895 Production, 913 Noninstalment credit, by holder, 893 Reserves of central banks and govts., 912 Consumer price indexes, 900, 904 Reserves of foreign countries and international Consumption expenditures, 906, 907 organizations, 915 Corporations: Stock, 852, 863, 914 Sales, profits, taxes, and dividends, 887, 888 Govt. debt {See U.S. Govt. securities) Security issues, 885, 886 Gross national product, 906, 907 Security prices and yields, 874, 875 Hours and earnings, manufacturing industries, 903 Cost of living {See Consumer price indexes) Housing starts, 901 Currency in circulation, 852, 861, 862 Customer credit, stock market, 875 Industrial production index, 896, 900 Instalment loans, 892, 893, 894, 895 Debits to deposit accounts, 860 Insurance companies, 877, 880, 881, 890 Demand deposits: Insured commercial banks, 866, 868 Adjusted, banks and the monetary system, 863 Interbank deposits, 857, 864, 869 Adjusted, commercial banks, 860, 862, 869 Interest rates: Banks, by classes, 857, 864, 872 Bond yields, 874 Turnover of, 860 Business loans by banks, 873 Type of holder, at commercial banks, 869 Federal Reserve Bank discount rates, 856 Deposits {See also specific types of deposits): Foreign countries, 926, 927 Adjusted, and currency, 863 Mortgage yields, 875 Banks, by classes, 857, 864, 869, 872, 876 Open market, 874, 926 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN • JULY 1964 Interest rates—continued Reserves—continued Stock yields, 874 Foreign countries and international Time deposits, maximum rates, 857 organizations, 915 International capital transactions of the U.S., 916 Member banks, 852, 854, 857, 869, 871 International institutions, 912, 914, 915 Residential mortgage loans, 889, 890, 891 Inventories, 906 Retail sales, 900 Investment companies, new issues, 886 Investments (See also specific types of investments): Sales finance companies, consumer loans of, 892, Banks, by classes, 864, 868, 871, 876 893, 895 Commercial banks, 867 Saving: Federal Reserve Banks, 858, 860 Flow of funds series, 908 Life insurance companies, 877 National income series, 907 Savings and loan assns., 877 Savings deposits (See Time deposits) Savings institutions, principal assets, 876, 877 Labor force, 902 Savings and loan assns., 877, 881, 890 Loans (See also specific types of loans): Securities (See also U.S. Govt. securities): Banks, by classes, 864, 868, 870, 876 Federally sponsored agencies, 883 Commercial banks, 867 International transactions, 922, 923 Federal Reserve Banks, 852, 858, 860 New issues, 884, 885, 886 Insurance companies, 877, 890 Silver coin and silver certificates, 861 Insured or guaranteed by U.S., 889, 890, 891 State member banks, 866 Savings and loan assns., 877, 890 State and local govts.: Deposits of, 869, 872 Manufactures, production index, 897, 900 Holdings of U.S. Govt. securities, 880, 881 Margin requirements, 857 New security issues, 884, 885 Member banks: Ownership of obligations of, 868, 876, 877 Assets and liabilities, by classes, 864, 868 Prices and yields of securities, 874, 875 Borrowings at Federal Reserve Banks, 854, Stock market credit, 875 858, 872 Stocks: Deposits, by classes, 857 New issues, 885, 886 Number, by classes, 865 Prices and yields, 874, 875 Reserve requirements, 857 Reserves and related items, 852 Tax receipts, Federal, 879 Weekly reporting series, 870 Time deposits, 857, 862, 863, 864, 869, 872 Mining, production index, 897, 900 Treasurer's account balance, 878 Money rates (See Interest rates) Treasury cash, 852, 861, 863 Money supply and related data, 862 Treasury currency, 852, 861, 863 Mortgages (See Real estate loans) Treasury deposits, 852, 858, 878 Mutual savings banks, 863, 864, 866, 876, 880, 881, 889 Unemployment, 902 U.S. balance of payments, 925 National banks, 866 U.S. Govt. balances: National income, 906, 907 Commercial bank holdings, by classes, 869, 872 National security expenditures, 879, 906 Consolidated monetary statement, 863 Nonmember banks, 866, 868, 869 Treasury deposits at Federal Reserve Payrolls, manufacturing, index, 900 Banks, 852, 858, 878 Personal income, 907 U.S. Govt. securities: Postal Savings System, 857, 863 Bank holdings, 863, 864, 868, 871, 876, 880, 881 Prices: Dealer transactions, positions, and financing, 882 Consumer, 900, 904 Federal Reserve Bank holdings, 852, 858, Security, 875 860, 880, 881 Wholesale commodity, 900, 904 Foreign and international holdings, 858, 915, 923 Production, 896, 900 International transactions, 922 Profits, corporate, 887, 888 New issues, gross proceeds, 885 Outstanding, by type of security, 880, 881, 883 Real estate loans: Ownership of, 880, 881 Banks, by classes, 868, 876, 889 Prices and yields, 874, 875 Mortgage yields, 875 United States notes, outstanding and in circulation, 861 Type of holder, 889, 890, 891 Utilities, production index, 897, 900 Type of property mortgaged, 889, 890, 891 Vault cash, 852, 857, 869 Reserve requirements, member banks, 857 Reserves: Veterans Administration, 889, 890, 891 Central banks and govts., 912 Commercial banks, 869 Weekly reporting member banks, 870 Federal Reserve Banks, 858 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 o THE FEDERAL RESERVE SYSTEM g) 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