Federal Reserve Bulletin, 1964-08

FEDERAL RESERVE B U LLETIN August 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 U.S. Exports in the Last Decade 937 New Series on Federal Funds 944 Ministerial Statement of the Group of Ten And Annex Prepared by Deputies 975 Law Department 1000 Announcements 1015 National Summary of Business Conditions 1018 Guide to Tabular Presentation 1020 Financial and Business Statistics, U.S. (Contents on p. 1021) 1022 International Financial Statistics (Contents on p. 1085) 1086 Board of Governors and Staff 1104 Open Market Committee and Staff; Federal Advisory Council 1105 Federal Reserve Banks and Branches 1106 Federal Reserve Board Publications 1107 Index to Statistical Tables 1109 Map of Federal Reserve System Inside back cover Volume £o • Number 8 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

US. Exports in the Last Decade U.S. EXPORTS of merchandise reached counting for over 10 per cent of the total, record levels in the first half of 1964, after rose only slightly. a rapid expansion in 1963. At the same time, Over the past decade U.S. exports nearly however, the rate of increase in industrial doubled in value, but the pattern and pace activity leveled off in Europe and Japan, of this growth varied with cyclical and other and partly as a result of this, U.S. exports developments here and abroad. Chief among showed no further growth after March. the foreign developments were the reemer- The expansion in exports from early 1963 gence of Europe and Japan as vigorous until early this year represented a commen- competitors in world markets and the mainsurate gain in the physical volume of ship- tenance of strong growth in total world ments. Average valuations per unit exported demand—to which the prosperity of Eushowed little change. This experience con- rope and Japan contributed greatly. trasts with the sharp increase in average ex- Changes also occurred in production costs port prices that occurred during and fol- and export prices, in product design and lowing the previous rapid export expansion availability, and in service and credit faciliin 1959-60. ties both for U.S. products and for com- Virtually all of the recent export gain re- peting products from abroad. flected higher commercial sales abroad. Ex- The adaptation of U.S. exports to these ports financed by U.S. Government non- changing circumstances has an important military grants and credits, though still ac- bearing on the competitive position of U.S. GROWTH •• U.S. uports ••rktd bit irragalar ovtr putt itttit Annual rates, billions of dollars al ral«s. billions ol dollars 30 30 •f 10 1954 1956 1958 1960 1962 1964 NOTE.—Three-month moving average of seasonally adjusted rect for timing distortions caused by port strikes. Data exclude Bureau of the Census data adjusted by Federal Reserve to cor- military grant-aid shipments. Latjest figure, April-June average. 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN • AUGUST 1964 VARIATIONS ii poti of latfistriil oitpit la J*p» MI1.. 960=00 250 200 - A 160 - -^ u.t. ixroiTS 120 100 - A // V\ —V to A/ r-~^y' INDUSTRIAL PRODUCTION / \ 60 - V 40 - 1 I I I! I 1 1 1 1 1 [ NOTE.—Japanese industrial production index from Ministry of International Trade and Industry, seasonally adjusted by Federal Reserve. Latest figure, June. European industrial production index from Organization for Economic Cooperation and Development. Latest figure, April. U.S. exports are centered goods in world trade and hence on the U.S. cause of poor harvests there. The less indusbalance of payments. trialized countries as a group also increased markedly their purchases of materials and EXPORTS IN 1964 capital goods from the United States. Merchandise exports, excluding military Expansion of economic activity in Eugrant-aid shipments, in the first 6 months rope and Japan was very rapid through Janof 1964 averaged $24.5 billion at a season- uary of this year but has since slackened ally adjusted annual rate. This was 5 per somewhat. In some countries this leveling cent above the already high rate of the sec- off has reflected government anti-inflationary ond half of last year and one-sixth above the measures aimed at curbing price increases average for 1962 and the first half of 1963. and losses of foreign exchange reserves, and Increased demands by European, Canadian, imports into these countries have leveled off and Japanese businesses for industrial mate- or declined. rials and for capital equipment from the Mirroring such developments as well as United States have accounted for more than the slowing in the pace of economic expanone-third of the total rise in U.S. exports sion in Britain, the seasonally adjusted ansince early 1963. nual rate of U.S. exports to Western Europe Exports of foods have also increased sub- was slightly smaller in the second quarter stantially since early 1963. The largest in- than at the beginning of the year. U.S. excreases have been in shipments to countries ports to Japan, which late last year had other than Europe and Japan, but exports reached a peak one-third higher than their to those two areas have also risen, in part be- 1962-and-early-1963 average, have since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. EXPORTS IN THE LAST DECADE 939 ... la Wastara Earaia ara Bijor iaflaaacas aa U.S. tiports la tfcasa irau 1960=100 a so 3-month moving averages weighted 1-2-1 of Bureau of the Census data adjusted by Federal Reserve for seasonal variation and for timing distortions caused by U.S. port strikes. Data exclude special-category exports. Latest figures, April-June averages. fallen off by more than 10 per cent. Declines been steady. Periods of vigorous expansion in exports to Europe and Japan involved have alternated with intervals of little or no mainly industrial materials and foods. Sales growth. Fluctuations in foreign business acof capital goods to these areas have remained tivity, especially in the industrial areas of strong. Western Europe and in Canada and Japan, Exports to Canada, on the other hand, have been important elements in these have continued the rapid expansion that be- swings in exports. gan early in 1963. Throughout this period Business cycles in industrial countries demands for capital equipment in Canada abroad may have a substantial impact on have been vigorous. U.S. exports because industrial materials Shipments to Latin America turned up and equipment account for such a large part late in 1963, after a prolonged decline, and —almost 70 per cent—of total U.S. exports. they continued to rise in the first 6 months Variations in foreign demand for these of 1964. Exports to other countries, how- goods tend to be relatively larger than ever, have shown little further increase, changes in total industrial activity abroad, partly as the result of the completion of not only because of shifts in inventory poligrain sales to the Soviet Union by March. cies and capital investment plans but also because of inverse shifts in the availability BUSINESS CYCLES ABROAD AND of substitute domestic equipment and sup- U.S. EXPORTS plies. While growth in the U.S. exports over the The chart on the preceding page illuspast decade has been marked, it has not trates how sensitive U.S. exports may be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN • AUGUST 1964 GROWTH in U.S. exports has varied widely by destination and . . . r ; I 6 ______ 6 . —_: =- 5 J ___^PW 4 4 ° •______1 3 »W«B_M_ " ._= 3 = 2 2 " 1 1 c o n i 1954'55 '58-'59 "62-63 •54'55 58'5» '62'63 54-'55 '5£ 59 '62-v63 •54'55 '58-59 '62'63 WESTERN EUROPE LATIN AMERICA CANADA OTHER NOTE.—Bureau of the Census data on destination of exports exclude specialcategory shipments. Dept. of Commerce data by selected end-use categories exto changes—even moderate ones—in for- formation of the European Economic Comeign industrial activity. On the three past munity and the consequent reduction in occasions since 1953 when the pace of Japa- barriers to intra-European trade were imnese industrial activity slackened, U.S. ex- portant factors tending to limit growth in ports to Japan fell precipitously; in 1954 European purchases from the United States and in 1957-58 by almost half, in response in this period. But with acceleration in Euto declines of only 5 to 10 per cent in Japa- ropean consumption and investment in nese industrial production; and in 1961-62 1963, European imports from the United by almost one-third, when Japanese produc- States showed a substantial rise. tion merely failed to continue its previous rapid rate of expansion. TRENDS IN COMMODITIES The connection between U.S. exports and European industrial activity has been simi- Beneath the cyclical swings in exports over lar, though less pronounced, as the chart on the past decade, there have been differences page 939 shows. U.S. exports to Europe in the rates of growth of different types of were raised sharply in 1956-57 by the U.S. exports. combined effects of a European investment Exports of foods have been among the boom and of the distortion in Europe's trade fastest growing items. This year these expatterns occasioned by the temporary clos- ports have been running at a seasonally ading of the Suez Canal. A subsequent leveling justed annual rate of $4 billion, more than off in general business activity was accom- double their average rate of the early 1950's. panied by a contraction in European im- Rising world demand for foods generally, ports, including those from the United and especially for such items as wheat, corn, States. Later, when European production ex- and feedgrains—which the United States panded anew, there was a sharp recovery produces in large quantities—have contribin U.S. exports to Europe. uted to this result. Moreover, the growth in From mid-1960 through 1962 European exports has been more rapid for raw foods industrial output increased less rapidly than than for processed items. Most of the inbefore, and total U.S. exports to Europe crease in total exports of foods has represhowed little change over this period. The sented increased commercial sales, but ship- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. EXPORTS IN THE LAST DECADE 941 ... by coaaodity grovps sine* Mid-1950's i i i i i i i _ - 1 1 1 • ~ 1954-55 '58-'59 '62'63 •54-55 '58'59 '62'63 54-55 '5B--59 -62-63 '54--55 '58-'59 -62-'63 INDUSTRIAL SUPPLIES CAPITAL EQUIPMENT FOOD CONSUMER GOODS elude U.S. Govt. military grant-aid shipments and commercial sales of military equipment. "Consumer goods" exclude foods. raents financed under various Government U.S. sales abroad of passenger cars have programs have also increased. declined steadily over most of the decade. Exports of machinery have grown in value Foreign preferences for smaller vehicles, about in line with total exports over the advances in productivity in European manudecade, and at an annual rate of about 8 facturing, and discriminatory tariff and tax per cent since 1958. Growth over the past treatment of the larger U.S. automobiles 10 years has been fastest in exports of the have contributed to this result. Also, the newer types of machinery, notably com- establishment in many countries outside Euputers and some types of multipurpose in- rope of local automobile assembly plants has dustrial machinery. Exports of metalwork- reduced their imports of cars built in the ing, textile, and farm machinery, as well as United States. In many cases domestic proof electrical machinery and apparatus, have duction of some components formerly imfailed to grow as fast as the total, and ex- ported from the United States has also been ports of machine tools are down sharply. encouraged. Exports of commercial transportation equip- Growth in exports of other consumer ment have shown no growth despite slight goods has also lagged well behind total exgains in exports of civilian aircraft. ports. Foreign markets for these types of Industrial materials, the most cyclically goods are often served in major part by provolatile group of exports, grew less rapidly duction facilities of U.S. manufacturers lothan total exports over the decade as a cated abroad. A marked expansion in these whole. Within this group, however, there facilities has occurred in recent years, eswere wide and significant differences. pecially in Europe. Exports of iron and steel rose only about Differences in the rates of growth of U.S. one-third, but exports of other metals in- exports among commodities and markets creased almost fivefold. And exports of over the past decade have reflected not only chemical products more than doubled. On variations in foreign demand for imported the other hand, sales of coal in 1963 were goods in general but also changes in the almost exactly the same as they were competitive ability of U.S. industry to satisfy 10 years earlier, while exports of raw cotton these demands. Changes in the commodity were one-fourth less in value than in 1954. and market structure of U.S. exports thus Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN • AUGUST 1964 reflect in part adjustments to economic and ports in 1954-55 to 18 per cent in 1962market conditions at home and abroad. 63. Exports of capital goods also gained in importance. On the other hand, exports of industrial CHANGING EXPORT STRUCTURE supplies dropped from 42 to 33 per cent Over the past decade, nine-tenths of total of the total, mainly as a result of lower sales U.S. exports have consisted of capital equip- of cotton and declines in the relative imporment, industrial supplies, and foods. And tance of steel. Total exports of consumer three-fifths of the total has gone regularly goods slipped in relative importance too, to Western Europe, Canada, and Japan. and within this total there was a striking Nevertheless, there have been significant decline in the importance of automobiles. shifts in the commodity and area composi- Most of these changes in commodity comtion of exports. position appear to have taken place more or As a basis from which to survey these less steadily over the decade. changes, three pairs of years have been selected—1954-55, 1958-59, and 1962-63. SPECIAL INFLUENCES ON U.S. EXPORTS In each instance the earlier year was one of relative stability in total exports, and the During the postwar period there have been second was one of rapid expansion. The use a number of special factors at work at variof pairs of years reduces, to some extent, the ous times to alter the volume and the cominfluence of special factors that often distort position of merchandise shipments to forthe picture for any given year. eigners. Among the most important of these Changes in the area distribution of ex- have been foreign aid and flows of long-term ports have been even greater than the shifts private investment. in commodity composition. In 1954-55, al- Foreign aid. Merchandise valued at $3.6 most half of total U.S. exports went to billion was exported in 1963 under various Canada and Latin America, historically U.S. Government foreign aid programs. Of areas whose total imports have come chiefly this amount, $0.9 billion represented Defrom this country. By 1962-63 this propor- partment of Defense shipments under milition had fallen to just over one-third. Most tary assistance programs. of the reduction reflected the relative decline The remainder—about one-eighth of of Latin America as a market for U.S. ex- total U.S. exports in 1963—is estimated to ports. have been financed by U.S. Government In contrast, the share of U.S. exports go- nonmilitary grants and aid. Both the value ing to Western Europe and Japan rose con- of such shipments and the proportion of siderably between these two periods, and total exports so financed appear to have there was also a substantial rise in the pro- risen substantially since the mid-1950's. portion of U.S. exports to nonindustrial Three broad types of transactions related to areas other than Latin America. Most of aid-financed exports can be distinguished: these changes occurred after 1958-59. sales for credit, and also donations, of sur- Among the changes in the commodity plus agricultural commodities; purchases of distribution of exports—in terms of the U.S. goods financed by the Agency for Inmajor "end-use" categories—exports of ternational Development; and financing of foods rose from 14 per cent of total ex- exports by the Export-Import Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. EXPORTS IN THE LAST DECADE 943 Shipments of surplus agricultural products Moreover, it is impossible to know under the Agricultural Assistance Act of whether a particular export transaction 1954 (known more familiarly as "Public would or would not have been made in the Law 480") now form the largest of these absence of the disbursement of the foreign three components of aid-financed exports. aid; a credit that frees part of the recipient Such shipments, which were begun in 1955, country's over-all resources for purchases totaled over $1.4 billion in 1963. Efforts are of other goods may or may not result in inmade to ensure that foreign purchases of creased purchases of U.S. goods. The comsuch surpluses are not made at the expense plexities of the relationship of foreign aid to of regular commercial sales of either U.S. or exports are compounded by the possibility competing suppliers. In some instances, sales that aid to one country may be used directly of surpluses under these programs have or indirectly to expand that country's purserved to develop markets for subsequent chases from some third country, which in commercial sales. turn may increase its purchases from the Purchases of U.S. goods financed by the United States. Agency for International Development in Private investment. Another factor that has 1963 amounted to almost $1 billion. These influenced the course of U.S. sales to forpurchases were divided fairly evenly between eigners during the past decade has been the industrial supplies and capital equipment. heavy flow of long-term private capital from In 1962 and in 1963 the value of exports this country into direct investments abroad. identified as having been financed in this When this capital has been used to establish way increased substantially above the level or expand subsidiaries of U.S. firms overof the immediately preceding years. This in- seas, it has often swelled the demand for crease was associated with the policy of ty- equipment and supplies produced here. Subing foreign aid more closely to U.S. exports. sequently, however, the products of some The other major source of Government subsidiaries have directly competed with financing of exports is the Export-Import U.S. produced goods, and hence may well Bank. To some extent, however, its lending have retarded the growth of U.S. exports. is less clearly "aid" than "export promotion" Two major investment booms during the since part of the funds disbursed are similar past decade have been particularly importo the types of commercial credit that are tant to U.S. exports. One was in 1956-58, commonly used to finance nonaided exports. when investments in American subsidiaries There is no doubt that over the past dec- in Canada—and related exports of U.S. maade exports have been larger than they chinery and supplies—were sharply above would have been had it not been for the their longer-term trend. The other has been foreign aid program. Beyond this, however, associated with the move since 1959 by U.S. little can be said either about how much of companies to establish subsidiaries within the export volume has been directly or in- the borders of the European Economic Comdirectly attributable to foreign aid, or even munity. This has helped, on balance, to raise when the aided exports were made. In some the flow of U.S. exports to Europe both dicases aid financed past purchases of U.S. rectly, in response to the need for machinery goods, while in other cases the granting of for the new plants, and indirectly, through the credits preceded the actual shipment of the effects of the increased rate of investgoods. ment on the level of European income. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOR MANY YEARS banks have been ex- ment securities. During the first 3 years of tending credit to each other through trans- this period figures were reported in considactions in Federal funds—that is, through erable detail, in order to provide the basis transfers of balances on deposit in the Fed- for a thorough analysis of the behavior and eral Reserve Banks. Most of the transactions significance, and also the structure, of the represent 1-day loans. For large banks, in Federal funds market. A study dealing with particular, Federal funds transactions pro- these matters will be published by the Board vide an important medium for making daily of Governors in a forthcoming monograph.1 adjustments in their widely varying reserve Analysis of this material has also served balances at Reserve Banks. as a basis for deciding what Federal funds The market for Federal funds originated data would be needed on a continuing basis and flourished during the 1920's. Activity for use in current analysis of developments was negligible in the 193O's and 1940's in money markets. Data, which now cover when short-term interest rates were very low. fewer categories of information, are being But since the early 1950's the higher levels collected on a continuing basis from a of interest rates, in combination with some smaller number of banks. technical factors, have caused the volume of This article describes the coverage of the transactions to rise sharply. As a result, the current national series on Federal funds and volume and distribution of these funds, and related transactions, and the Appendix prothe rates of interest being paid on them, have vides details concerning some of the techassumed an increasing importance among nical aspects of the series. The tables on the indicators of current money market pages 954-74 provide data beginning with conditions. September 1959 for the smaller group of In view of these changes, the Federal Re- banks that make up the current national serve System has been following develop- series. Current figures for this group will be ments in the Federal funds market closely published regularly in the BULLETIN (see page 1026 of this issue) and will be made in recent years. Since September 1959 it available in the form of a weekly press rehas been collecting from a selected number lease (H.5). of commercial banks information on their The structure and development of the activities in Federal funds markets and on Federal funds market as such are not disrelated transactions with dealers in Governcussed in this article, nor are the purposes NOTE.—This article is based on materials prepared for which the participants in the market use by Irving Auerbach, Chief, Market Statistics Division, it. These aspects were discussed in a Fed- Federal Reserve Bank of New York. Roberta Weil of the Board's Division of Research and Statistics helped to prepare the analytical material and assisted Rob- 'This study, by Dorothy Nichols of the Federal ert Steinberg of the Division of Data Processing in Reserve Bank of Chicago, will be one of a series of preparing the statistics. Federal Reserve Technical Papers. 944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

945 NEW SERIES ON FEDERAL FUNDS eral Reserve Technical Paper,2 which led A bank that covers part of its reserve to the initiation of the reporting program in needs with large temporary borrowings, in 1959, and they will be enlarged upon in the the Federal funds market or elsewhere, is forthcoming monograph mentioned earlier. in a less comfortable position than if it held the same quantity of reserve balances with smaller borrowings. In deriving a series PURPOSE that would measure such strains as this, Data on the volume of Federal funds trans- the System has used interbank Federal funds actions are one indication of changes in the data, along with borrowings from the Feddistribution of reserves in the banking sys- eral Reserve, to adjust figures on reserve tem, and they form a link in the develop- positions of banks in money market centers. ment of comprehensive data concerning the This new measure is referred to as the "basic working of financial markets in this coun- reserve position" of banks. Thus if a bank try. The very size of Federal funds transac- has bought Federal funds, this reduces its tions and the fact that they represent the basic reserve surplus (or increases its basic most important means by which large banks reserve deficit), and if it has sold such funds, make short-run adjustments in their reserve this increases its basic reserve surplus (or positions make it desirable to collect infor- reduces its basic reserve deficit).3 The hismation on such transactions. The data are of torical tables at the end of this article and interest not only to the Federal Reserve the regular BULLETIN table on page 1026 System, but also to such major participants show how the basic reserve position is dein this market as commercial banks and rived. securities dealers, and to analysts interested In a broader way the System uses the in the money market. data on Federal funds transactions, in con- With the growing use of Federal funds nection with other figures such as those on transactions by banks to cover part of their free reserves, to assist in forming judgments reserve needs or to turn temporary holdings on such matters as (1) the likelihood of of excess reserves into earning assets, data changes in short-term money rates, (2) the on free reserves alone have become a less possible need for funds by Government sensitive indicator of the stresses and strains securities dealers, (3) the potential presin the banking system. For this reason the sures on the reserve positions of banks that Federal Reserve System has sought to ana- exert a critical influence on the money marlyze further the changes in reserve com- ket, and (4) the probable changes in a ponents which reflect changes in money number of other factors that play an immarket positions. Since Federal funds reflect portant role in this segment of the economy. largely flows of excess reserves from one bank to another, transactions in these funds COVERAGE do not affect the level of free reserves, but During the 3-year survey period beginning rather the distribution of reserves within the in September 1959, the Federal Reserve banking system. System collected comprehensive daily fig- 2 The Federal Funds Market—A Study by a Federal Reserve System Committee, Board of Governors of the 3 Borrowings of Federal funds are usually re- Federal Reserve System (May 1959), 111 pp. ferred to as purchases, and loans as sales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN • AUGUST 1964 ures from a group of approximately 240 net lender of funds. A majority of the banks banks. The data showed interdistrict flows included in the current series have usually of Federal funds, purchases and sales by been net borrowers of Federal funds. Had transactor groups (commercial banks, they not borrowed such funds, they would Government securities dealers, and others), have had a net deficit reserve position. Some transactions by type of contract (1 -day and other banks in the group, on the other hand, over-1-day, with the 1-day contracts fur- have typically been sellers of funds: from ther divided into secured loans, unsecured funds that would otherwise have been excess loans, and repurchase agreements), and reserves, they have sold funds to other banks rate of interest. or have made loans to dealers in U.S. Gov- One conclusion from the 3-year study was ernment securities. that while a substantial and fluctuating num- It is believed that the present series prober of banks around the country may enter vides a reasonably accurate picture of the the Federal funds market on the selling side trends and developments in the Federal on any particular day, the group of banks funds market for it includes all banks that that accounts for most of the purchases is are substantial purchasers of Federal funds. relatively stable and relatively small. Thus, Data on this side of the market also provide for the purpose of the Federal funds a reflection of the volume of Federal funds series, it was possible to reduce the number being sold by the many banks that are not of reporting banks to 46 and still maintain included in the reporting group but are frea series that is an adequate indicator of quent participants in the market. These data Federal funds activity for current national —coupled with the data on related transmoney market analysis. During the 3-year actions with dealers by the 46 banks, figsurvey period, using the purchases of all ures for which are being released with the reporting banks as a close approach to the Federal funds series—provide an even total volume of all transactions in the Fed- broader insight into the operations of these eral funds market, the purchases of these 46 major banks in the money market. banks accounted for four-fifths of the pur- The survey for the 3 years beginning with chases and their sales were equal to three- September 1959 covered all loan and borfifths of total purchases. In the current rowings transactions among banks for which series separate figures are available for 8 payment was made in Federal funds and for banks in New York City and 38 outside; which interest was paid. It was assumed that and the group of 38 banks is further sub- this approach would provide data on the divided to show 5 Chicago banks separated Federal funds transactions undertaken by from the other 33.4 banks to adjust their reserve positions. The If a bank's purchases and sales of funds data included accommodating transactions are not offsetting over a reserve computa- —that is, transactions in which one of the tion period, it is either a net borrower or a banks serves, in effect, as a dealer in Federal funds. While serving in this capacity, 4 The actual number of banks in the current series these banks also seek to avoid having either has fluctuated, primarily because of mergers. In all mergers through September 1962, the data for both excess reserves or a deficit over the rebanks have been summed. Since September 1962, the serve computation period as a whole. In data of the merged bank have been included only if addition to these interbank transactions, the the bank was among those currently in the series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 947 data included bank purchases of Federal on collateral loans in Clearing House funds funds from, and sales to, Government se- and in Federal funds for New York City curities dealers, foreign agencies, savings banks is that it is difficult to distinguish bebanks, and others. Collateral loans to Gov- tween the nature or purpose of transactions ernment securities dealers by banks outside with dealers by banks in New York City and New York City were included.5 of transactions with dealers by banks out- Similar dealer loans extended by New side of New York. Like the New York City York City banks were not included in that banks, some banks in other cities maintain definition. The reason was that those banks what are essentially customer relationships tend to serve as residual lenders. Hence their in lending to dealers, particularly during operations are not usually undertaken for periods of Treasury financing when dealer purposes of adjusting reserves but instead borrowing requirements tend to be largest. may reflect customer accommodation.6 On occasion, these banks even purchase Federal funds to maintain such loans. TRANSACTIONS WITH SECURITIES Furthermore, even though a number of DEALERS New York City banks do serve as residual lenders to dealers, they can and do use The current series shows separate data for dealer loans to adjust their reserve positions. interbank transactions in Federal funds and By making daily changes in posted rates for banks' transactions with dealers in U.S. on dealer loans in Federal funds, they influ- Government securities. In contrast to the earlier series, however, the data on loans ence the volume of their outstanding loans to dealers include not only collateral loans of this type. Thus if a bank finds it has excess by banks outside New York City but also funds, it may lower its dealer loan rate to those by banks in New York City, both in become more competitive with the rates that Federal funds and New York Clearing other banks are charging. At other times it House funds. Collateral loans in Clearing may raise its rate above the rate posted by House funds are the same as those in Federal other New York City banks in order to disfunds, except that proceeds are not avail- courage dealer borrowing. able until the next business day. Collection The relationship between the interbank of data on Clearing House funds transac- Federal funds market and the dealer loan tions did not begin until July 26, 1962, and market is close, yet these two areas of bank these data are shown separately so that their activity are separate and distinct, and it impact on loans to dealers can be seen. seems preferable to publish the data for One reason for making the dealer loan each separately. One distinction between the figures more comprehensive by adding data two markets is that while the funds move from one bank to another in each type of 5 All references to loans in this article include transaction, in the transactions of dealers repurchase agreements—the simultaneous sale of a with banks, the bank receiving the proceeds security and an agreement to repurchase it on a subsequent date. of the credit is not a direct party to the ar- 6 For a detailed description of the characteristics of rangement. Another difference is that indealer borrowings from banks, see Louise Freeman, "Financing of U.S. Government Securities Dealers," terest rates on the two types of transactions Monthly Review, Federal Reserve Bank of New York, are often different, and that while the rates June 1964, pp. 107-16. on all interbank transactions at any given See also the Appendix p. 951. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN • AUGUST 1964 moment tend to be quite uniform, there is reflect three influences: random elements, more variation in rates on dealer loans. cyclical and seasonal influences, and changes The data published on loans to dealers in monetary policy. Both the basic reserve include certain other transactions between data and net interbank purchases and sales banks and dealers. These transactions occur of Federal funds show wide fluctuations on a whenever a dealer obtains a loan in New week-to-week basis and over longer periods York Clearing House funds to finance a pur- of time. For example, between September chase of securities but wants to obtain im- 1959 and July 1964, the net basic reserve mediate delivery of these securities. In these position ranged from a surplus of $226 milinstances the dealer pledges the securities lion to a deficit of $1.3 billion. as collateral for the Clearing House loan The seasonal pattern evident in the basic and uses the Clearing House check received reserve position for the 46 respondent banks as collateral for the purchase of Federal is primarily a reflection of the seasonal funds, which are used to make immediate movements in net interbank purchases and payment to the seller of the securities. The net interbank sales of Federal funds. Only next day, the dealer pays off his Federal from September 1959 through mid-1960 funds purchase when his Clearing House was the basic reserve position significantly funds become available. If he later sells the affected by borrowings from the Federal securities for payment in Federal funds, he Reserve Banks. Net interbank transactions can sell these funds and obtain a Clearing in Federal funds respond seasonally to vari- House check which he would then use to ous money market pressures. Briefly, net repay his Clearing House loan. purchases of Federal funds by these banks Most dealers arrange for a clearing bank have tended to decline from January to receive and deliver securities for them as through July and to rise during the rewell as to make and receive payments for mainder of the year to a peak in January. them. The clearing bank, as part of its serv- During a month, increases in float and ices, supplies the Federal funds needed by net Federal funds purchases have often cointhe dealer, and it absorbs the Federal funds cided. The intramonthly rise and fall in float acquired by the dealer when a loan in Clearnot only are sharp, but also are one of the ing House funds is repaid following the sale largest elements affecting reserve positions. of the securities. The clearing bank charges They tend to be fairly widely dispersed or credits the dealer at the current Federal among member banks. One cause of shortfunds rate for the funds supplied to him or run similarity between patterns in float and acquired from him. If a clearing bank cannet Federal funds transactions may be that not supply the Federal funds needed by a System actions taken to offset increases in dealer or absorb his excess funds, it will ask float initially affect U.S. Government securithe dealer to purchase or sell Federal funds ties dealers and the banks, chiefly those in himself. New York City, providing them with marginal financing. These actions cause banks lending to dealers to need reserves and, The fluctuations in the Federal funds and therefore, to increase their purchases of basic reserve positions of the 46 respondent Federal funds. banks, presented in the tables and chart, The month-to-month movements in net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 949 SPREAD fcttwaaa Ml salts ni tat aarcbasai af Faaaral f••4s, raflactad ia tha basic rasarva aasitiaa, wlaaas wltfc aaslaf al •••atary •alley Billions of dollars l.S 1959 1960 1961 1962 1969 1964 NOTE.—Weekly averages of daily figures for 46 money mar- sales are those of net selling banks. ket banks. Net purchases are those of net buying banks. Net interbank Federal funds transactions also special seasonal factor appears in the March involve many factors other than float. These and April data for the Chicago reporting include tax payments by businesses and banks: the basic reserve deficit of these individuals, withdrawals by the U.S. Gov- banks rises sharply prior to the Illinois tax ernment from its tax and loan accounts, and date when their customers make large definancing operations of the U.S. Treasury. A posit shifts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN • AUGUST 1964 Changes in economic activity and in from the Reserve Banks by the 46 banks monetary policy, and the attendant shifts in fell to a minimal level. It appears, thereabsolute and relative interest rate levels, fore, that net purchases by these banks affect activity in the Federal funds market, tended to be higher during periods of relabut statistical generalizations on this point tively high economic activity and moderate, are difficult to draw because of the short but not extreme, monetary ease. duration of the series. Although the basic reserve deficit of During late 1959, when economic activity the group of 46 money market banks was was at a peak, net purchases of Federal relatively small during the period of greatfunds from other banks by the 46 banks de- est monetary ease, it was larger during most clined somewhat, whereas in other years of the 1962-64 period than in the 1959 they increased seasonally. This was the only period of restraint. time during collection of the Federal funds Net interbank purchases of Federal funds data that borrowings from Federal Reserve by the 46 respondent banks have declined Banks exceeded net interbank Federal funds slightly from the level reached in late 1962. transactions. Thereafter, net interbank pur- This movement, combined with a recent chases of Federal funds climbed in 1960, slight rise in borrowings from the Reserve fell back in the period of greatest monetary Banks, may reflect the somewhat less easy ease in 1961, and then moved upward again monetary policy and the quickening in until mid-1962. Meanwhile, borrowings economic activity over the past year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 951 TECHNICAL APPENDIX The following paragraphs contain some ments, the deposit balances as shown in the additional technical details concerning the Federal Reserve Bank's books are adjusted derivation and composition of the new on an "as of" basis for any delayed entries. series on Federal funds and related transac- These adjustments appear in reserve analysis tions. statements and do not result in any change Criteria for selecting banks in series. The in the official entries. Consequently, the adcriteria used to select the 46 banks retained justed data provide a slightly more accurate in the national series were derived from a indication of the reserve needs and availdetailed statistical analysis of the data re- abilities. The data for excess and free reported by the survey banks. To be included serves regularly published by the System in the new reporting sample, banks had to are not adjusted for these "as of" credits have had during certain periods: (1) and debits. daily average purchases and sales combined Net interbank transactions. In view of the of at least $10 million for the full period; sizable amount of Federal funds transac- (2) daily average purchases or sales of $20 tions that the major banks carry out for the million in at least one week; and (3) daily accommodation of others, figures for their average purchases or sales of $10 million or gross purchases and sales do not reveal shifts more in about one-third of the weeks in reserve needs or in the availability of recovered.1 serves for the reporting banks. To isolate Procedures have been adopted to review and adjust for the large volume of transacthe market periodically, and if it seems tions for which the reporting banks serve desirable, new banks will be added. merely as intermediaries, data are compiled "As of" debits and credits. The figures for on the amount of each bank's purchases and reserves used in compiling the basic reserve sales that offset each other within the same position are adjusted for so-called "as of" week, so-called 2-way Federal funds transdebits and credits. After a Federal Reserve actions. As the accompanying table shows, Bank completes its ledger entries for a par- subtracting the total of 2-way transactions ticular day, no further changes are made in from gross purchases provides figures for the the official accounts. However, because of net purchases of the "net buying banks" the time differential among Reserve Banks TRANSACTIONS IN FEDERAL FUNDS and occasional mechanical failures in the FOR A SAMPLE GROUP OF BANKS Federal Reserve's wire facilities, as well as (Weekly averages) other factors, a bank's reserve account may not be credited or debited on the appro- Gross Gross 2-way Net Net Bank pur- trans- purpriate day for a transfer of funds. In deter- chases sales actions chases sales mining whether a member bank has sufficient reserves to cover its reserve require- A 100 80 80 20 B 50 60 50 10 C 45 20 20 25 D 10 10 1 These figures include some transactions that were E 15 15 classified as Federal funds activities during the survey period but that are excluded in the definition for Total... 205 175 150 55 25 the current national series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN • AUGUST 1964 during the week. Similarly, subtracting transactions with these groups will not be 2-way transactions from gross sales shows included in the national series. the net sales of the "net selling banks" dur- The back data on transactions with U. S. ing the week. Government securities dealers are incom- The totals for 2-way interbank Federal plete for banks outside New York. In adfunds transactions are derived from each dition, no data are available for collateral bank's operations over an entire week. This loans made by New York City banks in Fedmethod was adopted, in preference to one in eral funds before the week ended October which each bank's purchases and sales 25, 1961, and in Clearing House funds bewould be offset daily, because money market fore the week ended August 1, 1962. Hencebanks are not too concerned whether their forth the item "loans to dealers" will include Federal funds operations help to achieve a collateral loans in both Clearing House balance in their reserve position except over funds and Federal funds, and will also inthe entire reserve computation period, which clude straight Federal funds sold to dealers ends on Wednesday. For example, they may and funds "supplied by clearing banks." The incur large deficits early in the reserve item "borrowings from dealers" will include period by selling Federal funds to accomboth Federal funds purchased from dealers modate other banks. Over a full stateand funds "acquired by clearing banks." ment week, however, these banks attempt to Credits extended to dealers might be used have their Federal funds operations achieve in arriving at a definition of basic reserve the adjustments necessary to bring their positions of banks. An increase in such loans excess reserves as close to zero as possible. would represent a decrease in any basic re- For this reason all the data in the new serve deficit. The justification for such an apseries represent averages of daily figures— proach would be that in some instances including Saturdays, Sundays, and holidays dealer loans are used for reserve adjustment —for the week ending Wednesday. Thus purposes. However, since a large and indea Federal funds transaction on a Friday afterminable portion represents loans to acfects a bank's reserve position for 3 days. In commodate dealers, it is believed that the this respect the series is comparable with the basic reserve measure would become less published weekly-average figures on the accurate if such loans were treated in the reserve positions of reserve city banks. same manner as interbank Federal funds Changes in component series. The Federal transactions. This ambiguity does not exist funds data shown in this issue of the BULwith interbank transactions in Federal funds LETIN include transactions between the rebecause, while the amount of accommodatporting banks and entities other than coming transactions is very large, the net purmercial banks such as foreign bank agenchases or sales of an individual bank almost cies, mutual savings banks, and nonfinancial invariably represent an operation to adjust corporations. Through the week ended the level of its reserves. September 5, 1962, these data are included in related transactions with dealers. After Transactions for customers. In addition to that they appear in interbank transactions. selling Federal funds, banks make some Beginning with data for the week ending transfers of funds for the account of custom- August 26, 1964, the limited amounts of ers, on which they charge no interest. For ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 953 ample, many depositors (correspondent stances these loans represent 1-day or daybanks and others) frequently withdraw funds to-day transactions. There are many occaand ask that the funds be made available im- sions, however, especially during Treasury mediately—that is, in Federal funds. They financings, when large amounts of moremay want to make an immediate transfer to than-1-day loans are extended both in Clearan account with a bank in another city for ing House funds and Federal funds. various purposes. Quite often, they may want The 3-year study indicated that various to make a loan to a Government securities details could be omitted from the continuing dealer or perhaps purchase a security diseries because they are not needed for currectly and want the transaction effected the rent money market analysis. The details same day. The withdrawal may also result omitted relate to location of the other party from a sale of Federal funds by the depositor to the contract, the type of contract, and to another bank. Such transactions represent transactions covering more than 1 day. services provided by the bank to the deposi- This study also revealed that the "effector and are not included in the Federal tive rate" as estimated daily by the Federal funds concept. Reserve Bank of New York on the basis of Miscellaneous. The data on dealer loans direct contacts with banks and brokers in include only transactions with firms that New York City is representative of the rate make primary markets in Government secuon interbank Federal funds transactions takrities and bankers' acceptances against ing place throughout the country. Consespecified types of collateral. The figures inquently, further compilation of rate data on clude the borrowings of those firms on Govindividual transactions was replaced by pubernment securities, Federal agency issues, lication of this "effective rate." bankers' acceptances, certificates of deposit, and commercial paper. Borrowings against The interbank Federal funds transactions other types of collateral are excluded be- included in the national series are consistent cause the interest rates on such loans tend with those on which the "effective" interest to be somewhat higher and less sensitive to rate is based. While at times a sizable numdaily money market conditions. ber of transactions between dealers and Loans in Clearing House funds are in- banks outside New York City are made at cluded as of the day on which reserve the Federal funds rate, the rate on collateral balances are affected, that is, one business loans to dealers is generally above the rate day after the loans are made. In most in- on Federal funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 46 MAJOR RESERVE CITY BANKS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions J. R S e . l G at o e v d t . t r s a e n c s u a ri c t t i i e o s n d s e w al i e th rs4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending— Total Bors E e x r r c v e e - e s s s 1 r a o B t B w a o F n in r k . - R g s s . F f i b e n u N d a n t e n e e d t r k r s a - l S d u e r o f p i r c lu it s r P r e o e e q f s r e u a r i c v v r e e e g n d s . t c P ha u s r e - s Sales ac 2 tr t - a i w o n a n s y s - 3 b c b o P u h f a y a u n n s i r k n e e - s g s t s b o S e f a l a n l l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i l o n e d u g a s s r e - 6 d ro e f w a ro l i e m n r g s s 7 trans.2 1959_Sept. 2.. 3 344 -9 -332 3.8 605 614 317 288 297 49 n.a. 87 9.. 4 403 200 -599 6.9 694 495 285 410 210 84 T 101 16.. 3 572 383 -952 10.7 859 477 254 605 222 28 50 23.. 4 525 336 -858 9.7 908 572 338 570 234 36 82 30.. 4 304 136 -436 4.9 835 699 397 437 301 41 73 Oct. 7.. 5 562 260 -817 9.3 799 539 323 476 216 15 76 14.. 6 594 260 -848 9.8 805 545 321 484 225 5 94 21.. 1 465 188 -652 7.5 814 626 314 500 312 41 98 28.. 4 341 178 -515 5.8 830 652 319 511 333 15 88 Nov. 4.. 2 388 213 -599 6.8 850 637 310 541 328 40 84 11.. 5 527 375 -897 10.3 867 492 273 594 220 20 89 18.. 3 533 447 -977 11.2 989 542 379 609 163 38 92 25.. 6 342 144 -480 5.6 807 663 377 430 286 11 93 Dec. 2.. 3 301 139 -437 5.0 873 734 523 349 210 28 114 9.. 3 309 129 -435 4.9 754 625 466 288 159 21 97 16.. 3 440 226 -663 7.4 758 532 344 414 188 123 86 23.. 6 531 272 -798 8.8 698 426 280 418 146 35 89 30.. 10 456 385 -831 9.2 810 425 in 533 148 22 61 I960—Jan. 6.. 1 642 139 -781 8.5 335 195 90 245 105 65 62 13.. 8 432 331 -755 8.5 693 363 218 476 145 76 63 20.. 4 494 270 -760 8.6 617 347 194 423 154 66 106 27.. 5 277 56 -328 3.8 704 648 353 351 295 34 145 Feb. 3.. 1 314 81 -394 4.5 828 747 345 483 402 43 142 10.. 6 415 260 -669 7.8 904 644 361 543 283 28 163 17.. 2 533 176 -707 8.3 719 543 233 487 311 22 135 24.. 8 204 112 — 309 3.6 1,106 994 470 636 524 124 Mar. 2.. 298 19 -316 3.7 742 723 285 457 438 12 94 9.. 3 178 -8 -167 2.0 1,063 1,071 518 545 553 14 101 16.. 4 298 6 -300 3.5 871 865 438 434 427 63 104 23.. 8 336 201 -529 6.2 1,091 890 536 555 354 5 117 30.. 3 280 -100 -177 2.1 1,210 1,310 558 653 753 8 130 Apr. 6.. 4 256 -17 -236 2.8 1,012 1,029 435 577 594 19 155 13.. 3 337 31 -365 4.4 1,044 1,013 517 527 496 32 154 20.. 4 250 256 -503 5.8 1,178 922 579 599 343 52 92 27.. 3 231 -78 -150 1.7 :1,024 1,102 474 550 628 14 127 May 4.. ! 139 -77 -60 .7 1,167 1,245 633 534 612 53 96 11.. 5 197 33 -225 2.6 1,108 1,074 544 564 531 25 111 18.. 10 196 122 -309 3.6 1,057 935 459 598 476 4 138 25.. 3 84 -252 171 2.0 1,127 1,379 582 545 797 7 170 June 1.. 13 63 -244 195 2.3 1,030 1,274 594 436 680 28 163 8.. 2 115 -39 -74 .9 1,091 1,130 569 521 560 13 141 15.. 3 97 80 -173 2.0 1,125 1,045 564 561 481 61 84 22.. 4 312 365 -674 7.7 1,052 687 336 716 351 79 90 29.. 17 90 73 -145 1.7 1,128 1,056 527 601 529 -26 104 July 6.. 4 128 117 -241 2.8 965 848 515 449 332 21 255 13.. 6 97 291 -382 4.5 1,209 918 564 644 354 48 142 20.. 3 220 346 -563 6.3 1,112 766 477 635 289 65 91 27.. 5 96 164 -255 2.9 1,175 1,011 560 616 452 8 165 Aug. 3.. 2 140 196 -334 3.8 1,158 963 647 511 316 26 125 10.. 3 138 432 -567 6.5 1,314 882 578 736 304 16 62 17.. 2 210 451 -658 7.6 1,034 583 384 650 199 46 78 24.. 5 17 244 -256 2.9 1,131 887 664 467 223 66 71 31.. 3 67 252 -316 3.7 996 744 530 466 214 85 101 Sept. 7.. 8 80 378 -451 5.3 1,165 787 569 596 218 105 130 14.. 9 133 443 -567 6.7 1,113 670 412 702 259 71 163 21 2 520 -518 5.9 1,312 792 481 831 311 170 113 28.. 112 283 -396 4.5 1,003 720 389 614 331 121 65 Oct. 5.. 10 64 292 -346 3.9 895 603 359 536 244 128 56 12.. 2 76 515 -589 7.0 1,319 804 558 761 246 31 99 19.. 26 4 379 -357 4.0 1.075 696 452 623 243 21 97 26.. 147 223 -370 4.2 884 661 457 427 204 100 127 Nov. 2. 6 69 397 -459 5.2 1,162 765 548 614 217 82 102 9. 4 55 656 -706 8.1 1,358 702 545 812 157 6 123 16. 4 65 701 -763 8.9 1,513 812 615 899 197 65 116 23. 5 25 505 -525 6.1 1,276 771 553 723 218 31 i 127 30. 35 27 291 -283 3.3 926 635 414 512 221 81 n.a. 105 NOTE.—Weekly averages of daily figures. For other notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

955 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 46 MAJOR RESERVE CITY BANKS—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt. securities dealers 4 Less: Net: Gross transactions Net transactions Loans to dealers s E e x r r v c e e e - s s s 1 r a o B t B w a F o n in r . k - R g s s . F t i f r b e n N u a a d t n n e n e e d s t r k r s - . a 2 l S d u e r o f p i r c lu it s P r r o e e e f s q r e u a c r v i v e r g e n e . s t d c P ha u s r e - s Sales ac 2 t T r t - a o i w o n t a n a s y l s - 3 b c b o u P h f a y a u n n s i r k n e e - s g s t s o b S e f a l a l n l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i l o n e d u g a s s r e - 6 r d o e f w B a ro l i o e m n r r g - s s 7 1960—Dec. 7.. 6 1 188 -183 2.2 1,007 819 494 513 325 103 n.a. 76 2 1 1 4 . . . . 1 4 0 23 2 5 5 5 6 6 - - 2 5 4 7 6 6 2 6 . . 9 6 1 1 , , 0 3 5 2 5 9 7 7 9 7 9 3 4 4 5 3 6 0 6 8 2 7 4 3 3 3 6 1 9 7 2 1 4 0 7 2 T 1 1 8 1 4 1 28 9 665 — 656 7 5 1 401 736 509 891 226 205 127 1961—Jan. 4.. 6 128 237 -359 4.0 811 574 256 555 318 158 70 11.. 6 1 573 -568 6.6 1,298 725 485 813 240 118 133 18.. 5 4 484 -482 5.7 1,253 769 518 735 252 188 135 25 33 112 — 79 9 666 555 276 391 279 153 62 Feb. 1.. 1 11 69 -79 .9 846 776 529 316 247 196 68 8.. 7 79 330 -403 4.7 851 520 375 476 145 71 88 15.. 8 119 446 -557 6.7 1,069 624 440 629 184 107 121 22.. 9 51 522 -563 6.7 1,283 761 613 670 148 155 95 Mar. 1.. 10 419 -409 4.7 1,198 779 577 620 201 153 84 8.. 3 14 541 -552 6.5 1,348 807 621 727 187 100 127 15.. 10 347 -338 4.0 1,182 835 618 564 217 99 103 22.. 6 565 -559 6.5 1,353 788 603 750 185 152 108 29.. 7 15 141 -149 1.8 1,294 1,153 587 707 566 67 108 Apr. 5.. 13 4 128 -119 1.4 864 736 507 357 229 79 54 12.. 2 7 308 -313 3.7 1,121 813 490 631 323 111 109 19.. 9 292 -282 3.3 1,089 797 574 515 223 190 106 26 4 50 —46 5 912 862 529 382 332 157 111 May 3.. 12 -128 140 1.6 905 1,033 521 384 512 185 77 10.. 1 22 -20 -1 (8) 943 963 495 448 468 114 82 17.. 3 90 261 -348 4.1 1,014 753 558 455 195 164 115 24.. 5 16 338 -350 4.1 1,021 683 482 539 201 52 97 31.. 13 86 -73 .9 1,083 997 677 407 320 63 129 June 7.. 7 7 125 -125 1.5 1,065 940 598 467 341 53 137 14.. 13 1 12 .1 995 994 607 388 387 89 82 21.. 3 2 275 -274 3.1 1,102 827 573 529 255 97 86 28.. 16 -24 40 .5 915 940 539 376 400 58 92 July 5.. 5 6 -82 82 .9 806 889 434 372 455 70 89 12.. 11 206 -195 2.3 1,223 1,016 701 522 315 41 122 19.. 2 12 86 -96 1.1 1,019 933 502 516 431 118 99 26.. 16 4 -72 84 1.0 848 920 524 324 395 86 101 Aug. 2 . 15 -130 115 1.3 868 998 606 263 392 115 137 9.. 4 35 123 -154 1.8 978 854 579 399 275 62 134 16.. 4 16 230 -241 2.8 1,110 881 671 439 209 102 116 23.. 5 1 181 -177 2.0 1,082 901 629 453 272 188 91 30.. 5 2 -103 105 1.2 955 1,058 532 424 526 47 92 Sept. 6.. 11 5 -33 39 .5 898 931 555 343 376 65 84 2 1 0 3 . . . . 3 3 ii' 5 3 2 0 0 9 - - 5 3 3 0 4 7 6 3 . . 0 5 1 1 , , 2 1 9 1 1 6 7 8 7 0 1 7 5 53 7 8 2 7 5 5 4 3 3 2 23 3 3 4 2 9 0 3 5 1 1 3 1 6 0 27.. 6 6 425 -425 4.8 1,256 831 544 712 288 189 99 Oct. 4.. 7 242 -236 2.6 1,022 780 499 524 281 91 71 11.. 10 5 335 -330 3.8 1,147 812 535 612 277 91 84 18.. 4 101 513 -609 6.8 1,427 914 632 795 283 181 93 25.. 2 30 333 -361 4.0 1,134 801 582 552 218 596 117 Nov. 1.. 5 25 305 -326 3.6 1,176 871 599 577 272 549 109 8.. 3 54 533 -584 6.6 1,331 798 592 739 206 602 116 15.. 4 71 702 -770 8.7 1,365 663 488 877 175 721 115 22.. 4 45 723 -763 8.5 1,388 665 452 936 213 673 106 29.. 19 37 493 -511 5.7 1,295 802 601 694 201 413 114 Dec. 6.. 7 298 -291 3.3 1,285 987 723 561 264 272 146 13.. 11 283 -272 3.1 1,311 1,029 657 654 371 108 131 20.. 3 81 627 -705 7.6 1,405 779 519 887 260 520 137 27.. 6 127 817 -939 10.1 1,540 723 446 1,093 276 506 111 1962—Jan. 3.. 2 262 482 -742 7.8 1,030 549 296 734 253 380 81 10.. 14 27 761 -774 8.5 1,656 895 721 935 174 365 170 17.. 2 26 670 -694 7.7 1,430 761 629 801 132 286 186 24.. 15 374 -359 4.0 1,257 883 647 611 237 83 169 31.. 8 1 62 -55 .6 1,237 1,175 641 596 534 81 183 Feb. 7.. 4 12 179 -187 2.1 1,396 1,217 650 746 567 133 157 14.. 3 16 234 -246 2.8 1,232 998 619 613 379 199 176 21.. 5 6 321 -321 3.7 1,320 999 663 657 336 155 i 139 28.. 7 8 155 -155 1.8 1,163 1,008 571 592 437 179 122 n.a. For note see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 46 MAJOR RESERVE CITY BANKS—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l G at o ed v t. t r s a e n c s u a r c it t i i e o s n d s e w al i e th rs4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending— Excess Net Total Borser r v e e - s i r a o B t B w a F o n in r . k R - g s s . F t f i r b e n u a d a n t n n e e d s r k r s . - a 2 l S d u e r o f p i r c l i u t s P r r o e e e f s r q e u a c r v i v e r g e n e . s t d c P ha u s r e - s Sales ac 2 tr t - a i w o n a n s y s - 3 b c b o u P h f a y a u n n s i r k n e e - s g s t s b o S e f a l a n l l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i l o n e d u a g s s r e - 6 d ro e f w a ro l i e m n r g s s 7 1962—Mar. 7.. 3 36 435 -468 5.3 1,476 1,042 663 813 378 265 n.a. 138 14.. 6 12 316 -322 3.7 1,316 1,001 602 714 399 243 T 156 21.. 2 92 649 -739 8.3 1,683 1,034 738 945 296 520 113 28.. 3 41 537 -574 6.4 1,561 1,025 643 918 381 673 122 Apr. 4. . 6 21 392 -406 4.6 1,214 822 522 692 300 409 91 11.. 4 30 548 -574 6.5 1,407 859 530 877 329 400 158 18.. 1 42 548 -588 6.6 1,590 1.042 815 775 227 543 175 25.. 6 29 414 -437 4.9 1,289 875 642 647 233 404 119 May 2.. 6 8 231 -233 2.6 1,321 1,091 716 605 374 667 124 9.. 5 10 307 -312 3.5 1,320 1,013 680 639 332 636 155 16.. 3 18 295 -310 3.5 1,350 1,056 671 679 385 675 117 23.. 6 1 198 -193 2.2 1,357 ,159 766 591 393 392 126 30. . 20 -206 226 2.5 1,027 1,233 688 339 545 236 100 June 6 5 — 31 37 .4 1,118 ,149 653 465 496 317 136 13.. 6 4 155 -153 1.7 1,212 [,057 760 453 298 371 146 20.. 6 85 646 -724 8.0 1,285 639 540 745 99 757 99 27.. 5 57 471 -523 5.7 1,226 755 574 652 181 555 93 July 4.. 7 47 366 -406 4.4 1,072 706 551 521 154 375 98 11.. 8 14 807 -813 9.0 1,534 727 635 899 92 271 107 18.. 3 114 696 -807 9.0 1,352 656 559 793 97 246 i 138 25.. 15 3 287 -276 3.1 1,315 1,027 633 682 394 101 n.a. 113 Aug. 1.. 4 9 74 -79 .9 1,203 1,130 674 529 456 144 143 138 8.. 3 62 322 -381 4.3 1,560 1,239 775 786 464 122 146 158 15.. 9 28 381 -399 4.5 1,444 1,064 594 851 470 160 115 165 22.. 4 91 713 -800 9.0 1,608 895 582 1,026 313 273 180 138 29.. 5 17 306 -318 3.6 1,439 1,133 742 697 391 236 117 193 Sept. 5.. 2 10 384 -392 4.4 1,404 1,021 653 751 367 268 108 154 12.. 5 25 684 -704 7.9 1,772 1,088 640 1,132 448 (9) (9) (9) 19.. 26 5 1,196 -1,174 13.0 2,006 810 610 1,396 200 865 203 47 26.. 9 89 913 -993 11.0 1,782 869 677 1,105 192 669 225 80 Oct. 3.. 39 14 663 -639 7.0 1,550 887 660 890 227 502 224 61 10.. 22 13 593 -583 6.4 1,676 1.083 673 1,004 411 482 236 67 17.. -7 24 800 -831 9.2 1,844 ,045 746 1,098 299 579 251 75 24.. 24 18 638 -632 7.0 1,679 1,041 623 1,055 418 408 274 50 31.. 52 17 531 -496 5.6 1,537 1,007 687 850 319 630 272 67 Nov. 7.. 14 105 794 -885 10.1 1,848 1,054 755 1,093 299 614 331 127 14.. 28 51 930 -953 11.1 2,008 1,078 762 1,246 316 495 261 61 21.. 7 61 1,158 -1,211 13.9 1,960 802 636 1,323 166 652 277 96 28.. 83 49 956 -923 10.6 1,805 849 674 1,130 174 512 239 65 Dec. 5.. -21 25 609 -656 7.4 1,604 995 721 883 274 540 295 75 12.. 30 31 703 -705 8.1 1,883 1.180 945 939 235 337 301 78 19.. 16 70 970 ,024 11.4 1,896 927 665 1,231 261 1,152 384 83 26.. 66 161 1,101 ,196 13.0 1,874 773 578 1,296 194 1,111 541 90 1963—Jan. 2.. 120 534 809 1,223 13.0 1,267 458 314 952 143 1,177 543 65 9.. 66 17 1,271 —1,223 13.3 2,012 741 633 1,379 108 902 478 171 16.. 4 20 1,021 ,038 11.5 1,790 769 625 1,165 144 922 482 76 23.. 28 77 1,022 1,071 12.0 1,865 843 767 1,098 77 807 398 80 30.. 21 25 456 -461 5.2 1,552 1,095 873 679 222 482 312 56 Feb. 6.. 36 111 690 -765 8.7 1,716 ,025 851 865 174 689 330 54 13.. 28 82 786 -840 9.6 1,721 935 708 1,013 226 537 308 63 20.. 27 94 807 -874 10.0 1,789 982 701 1,089 281 473 279 49 27.. -17 49 749 -815 9.5 1,859 1,110 758 1,102 352 722 274 65 Mar. 6.. 21 89 1,051 -1,119 12.7 2,099 1,048 736 1,363 312 1,113 432 42 13.. 38 71 742 -775 8.9 1,829 1,088 701 1,129 387 1,063 389 51 20.. 33 14 917 -898 10.2 2,169 ,252 940 1,229 311 808 394 96 27.. 21 160 698 -837 9.5 1,750 1,051 744 1,006 308 557 290 81 Apr. 3.. 36 89 557 -610 6.9 1,750 ,193 843 907 350 370 247 21 10.. 10 31 458 -478 5.5 1,643 1,184 842 800 342 226 301 51 17.. 62 65 828 -831 9.5 1,981 1,153 111 1,205 377 423 347 22 24.. 6 85 635 -714 8.1 1,819 1,184 813 1,006 371 316 287 40 May 1.. 60 15 314 -270 3.0 1,684 ,370 978 707 392 660 237 51 8.. 17 51 587 -621 6.9 1,726 ,139 796 931 343 614 323 55 15.. 9 89 676 -756 8.6 1,707 1.031 766 941 265 578 290 42 22.. 21 133 689 -801 9.0 1,443 753 560 883 193 482 370 48 29.. 94 92 311 -309 3.5 1,398 1.087 784 613 302 253 250 65 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 957 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 46 MAJOR RESERVE CITY BANKS—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l G at o ed v t. t r s a e n c s u a r c it t i i e o s n d s e w al i e th rs4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending— Excess Net Total Borser r v e e - s l r a o B t B w a F o n in r . k R - g s s . F t i f r b e n u a d a t n n n e e d s r r k s - . a 2 l S d u e r o f p i r c l i u t s P r r o e e e f s q r e a u c r v i v e r g e n e . s d t c P ha u s r e - s Sales ac 2 tr t - a i w o n a n s y - s3 b c b o u P h f a y a u n n s i r k n e e - s g t s s o b S e f a a l n l l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i o l n e d u a g s s r e - 6 d ro e f w a ro l i e m n r g s s 7 1963—June 5.. 15 61 259 -305 3.5 1,414 1,155 769 645 386 317 204 56 12.. 21 108 357 -445 5.1 1,624 1,267 880 744 387 178 213 42 19.. 9 129 637 -756 8.5 1,536 899 651 884 248 462 313 17 26.. 23 102 710 -790 8.6 ,594 883 612 981 271 409 365 34 July 3.. 9 170 682 -843 9.1 1,320 638 400 921 239 364 304 19 10.. 66 159 941 -1,034 11.5 •1,833 892 645 1,188 247 257 201 38 17.. 22 229 663 -870 9.7 1,496 833 608 888 225 276 215 32 24.. no 135 410 -434 4.9 1,475 1,065 750 725 315 208 180 27 31.. 19 29 3 -7 •1 1,364 1,367 772 592 595 285 173 45 Aug. 7.. 7 213 399 -605 6.8 1,780 1,381 785 996 597 200 184 24 14.. 14 181 387 -555 6.3 1,668 1,281 736 933 545 198 198 29 21.. 16 132 529 -645 7.3 1,736 1,207 772 964 435 248 165 25 28.. 2 92 128 -219 2.5 1,584 1,456 902 681 553 199 132 35 Sept. 4.. 79 122 296 -338 3.8 1,710 1,414 1,004 706 409 318 169 34 11.. 29 233 682 -886 10.1 1,745 1,063 739 1,006 324 401 184 13 18.. -14 120 1,159 -1,293 14.5 2,202 1,042 837 1,364 205 1,023 372 40 25.. 16 245 804 -1,033 11.3 1,807 1,003 729 1,078 274 632 385 45 Oct. 2.. 15 199 742 -926 10.1 1,838 1,096 818 1,020 111 601 386 64 9.. 16 259 831 -1,074 11.9 1,781 950 774 1,007 176 282 321 38 16.. 33 217 991 -1,175 13.2 2,077 1,086 907 1,169 178 229 255 48 23.. 14 221 543 -750 8.5 2,015 1,472 1,056 959 416 106 221 37 30. . 21 37 346 -362 4.1 1,977 1,631 1,061 916 570 180 238 29 Nov. 6.. 16 262 702 -948 10.5 1,946 1,243 828 1,118 416 317 111 39 13.. 71 160 1,063 -1,152 13.0 2,335 1,272 1,049 1,286 223 120 199 70 20.. 11 291 902 -1,183 13.3 2,056 1,154 927 1,129 226 300 256 42 27. . 24 61 439 -476 5.3 2,050 1,612 1,149 902 463 253 230 27 Dec. 4.. 53 289 380 -616 6.9 1,782 1,402 1,011 771 390 282 201 32 11.. 12 23 612 -623 6.9 2,295 1,683 1,238 1,057 446 194 232 74 18.. 26 117 750 -840 9.1 2,036 1,286 996 1,040 290 455 256 89 25. . 18 177 1,039 -1,198 12.7 2,108 1,068 876 1,232 192 549 265 47 1964—Jan. 1 .. 243 341 726 -824 8.6 1,505 779 603 902 176 443 257 26 8.. 6 228 1,027 -1,250 13.1 1,933 906 697 1,236 209 675 318 42 15.. 56 226 842 -1,011 11.1 1,571 729 637 934 92 637 347 39 22.. 2 74 1,021 -1,092 12.0 1,924 902 819 1,105 83 979 411 59 29.. 59 399 -456 5.1 1,548 1,149 770 778 379 649 309 60 Feb. 5. . 41 112 503 -575 6.3 1,769 1,266 1,006 763 259 581 350 60 12.. 25 257 658 -890 9.9 1,564 907 707 857 199 740 319 39 19.. 21 160 649 -787 8.8 ,694 1,045 908 786 137 623 311 28 26.. 6 115 403 -513 5.7 1,718 1,315 930 789 385 396 307 9 Mar. 4.. 66 182 271 -386 4.3 1,428 ,158 934 494 224 293 305 39 11.. 21 132 621 -732 8.2 1,742 ,121 878 864 243 248 278 35 18.. 3 212 739 -948 10.4 1,718 979 798 919 181 562 297 34 25.. 37 207 620 -790 8.6 1,858 ,238 937 921 301 305 289 40 Apr. 1 . . 53 36 682 -664 7.2 2,032 ,351 1,012 1,020 339 394 304 16 8.. 11 110 390 -490 5.4 1,733 ,343 918 815 425 334 237 37 15. . 25 75 698 -747 8.2 2,093 ,395 1,033 1,060 363 410 272 38 22 15 193 565 -743 8.2 2.105 ,540 989 1,116 551 203 538 45 29.. 17 13 29 -25 .3 K819 ,790 1,184 636 607 242 224 62 May 6.. 29 30 -31 30 .3 ,446 ,477 947 500 531 434 308 50 13. . 35 75 301 -342 3.8 1,474 1,172 882 591 290 625 260 48 20.. 17 104 304 -391 4.3 ,549 1,245 978 571 267 554 288 37 27.. 30 44 125 -139 1.5 1,642 1,518 1,121 521 396 389 244 54 June 3.. 1 99 256 -354 3.9 1,586 1,330 973 613 358 541 316 25 10. 28 90 345 -407 4.5 1,639 1,293 945 693 348 462 321 43 17. 16 146 611 -740 8.0 1,641 1,030 827 814 204 672 349 44 24.. 59 75 818 -833 8.9 1.860 1,043 897 963 146 586 375 42 Julv 1.. 28 56 375 -403 4.3 1,698 1,324 1,002 696 322 653 393 35 8.. 15 87 842 -914 9.7 ,892 1,050 854 1,038 196 735 449 31 15.. 65 261 805 -1,000 10.8 ,597 792 708 889 85 857 455 47 22 50 45 631 -625 6.8 2,174 1,543 1,087 1,087 456 709 493 81 29'; 20 42 -51 30 3 1,993 2,045 1,210 783 834 312 408 132 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 8 MAJOR RESERVE CITY BANKS IN NEW YORK CITY (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U. R S e . l a G t o e v d t . t r s a e n c s u a r c it t i i e o s n s d e w a i l t e h rs4 Less: Net: Gross transactions Net transactions Loans to dealers Excess Net Total Borser r v e e - s ! r a B o t B a w o F n i r . n k - R g s s . F t i f e r b n u d a a t n n e e n s d r r k . a s - l 2 S d u e r f o p i r c l i u t s r P r o e e e f q s r e u a c r i v e v r g n e e . t s d c P h u as r e - s Sales ac 2 t t r - i a w o n a s n y - s 3 b c b o u P h a f y u a n n i r s k e n - e s t g s s b o S e a f a l n l l n i e k e n s s t g F f e u d n e d r s a 5 l f H C u l o i n e u n d a g s s r e - 6 d r e o f a w r l i e o n r m g s s 7 1959—Sept. 2.. 1 164 -71 -92 2.5 280 351 225 55 126 7 n.a. 87 9. . 1 126 165 -290 8.0 388 223 179 208 44 60 T 94 16.. 1 261 329 -589 15.5 543 214 132 411 82 -11 49 23 294 246 -540 14.5 519 273 202 317 71 9 78 30.. 167 39 -206 5.5 429 390 257 172 133 -6 73 Oct. 7.. 2 304 136 -438 11.7 405 269 203 203 67 -10 70 14.. 4 299 84 -379 10.4 410 327 209 201 117 -13 80 21 220 18 -239 6.4 363 345 205 158 139 13 87 28.. 1 124 47 -170 4.5 417 370 229 189 141 -4 79 Nov. 4.. 1 176 158 -334 8.9 467 309 199 268 110 7 74 11.. 1 285 256 -540 14.8 471 215 186 285 29 -7 81 18 278 296 -574 15.8 581 285 266 316 20 4 76 25.. 3 109 125 -232 6.5 471 346 270 201 77 -6 79 Dec 2.. 75 63 -137 3.8 488 425 366 122 59 15 106 9 1 — 21 21 6 363 383 343 20 40 84 16.. 100 188 -287 7.5 446 258 241 205 17 30 64 23.. 2 196 238 -432 11.2 425 187 185 240 2 -31 63 30.. 3 79 320 -396 10.4 506 186 186 320 2 56 I960—Jan. 6. . 217 133 -349 9.0 211 78 69 142 9 -7 47 13.. 3 111 277 -385 10.3 395 118 109 286 9 19 38 20.. 80 187 -266 7.2 387 200 156 231 44 13 82 27.. 2 49 -84 37 1.0 346 429 270 76 159 15 124 Feb. 3.. 67 -173 105 2.8 366 539 288 78 251 9 120 10.. 3" 79 -56 -20 .6 493 550 324 169 225 18 155 17.. 114 61 -174 4.9 417 356 196 222 160 13 127 24.. 3 14 -85 74 2.1 516 601 363 153 239 121 Mar 2 27 — 37 10 .3 368 405 203 165 202 — 6 88 9.. 4 -238 234 6.5 463 701 397 66 305 13 97 16.. 2 20 -57 38 1.1 391 448 313 78 135 55 95 23.. 3 7 94 -99 2.7 576 482 450 126 32 -9 109 30 -350 351 9.7 491 842 426 65 416 7 129 Apr,f:: 2 -263 265 7.4 387 650 297 90 353 12 148 1 25' -129 105 3.0 478 607 411 67 196 21 141 20.. 27 98 -124 3.3 716 618 488 228 131 Q 86 27.. 1 -211 212 5.7 462 672 347 114 325 -8 96 May 4.. -1 -211 211 5.6 558 769 449 109 320 22 83 11.. 1 -168 169 4.6 524 691 394 129 297 8 93 18.. 6 -111 116 3.2 494 604 354 140 251 -8 113 25 — 422 423 11 6 455 878 455 422 7 155 June 1.. 7 -374 381 10.5 449 823 418 31 405 18 154 8.. -229 229 6.3 531 760 456 75 304 — 1 135 15 — 110 110 3.0 536 646 433 103 213 45 63 22.. 2 73 331 -403 10.7 601 270 197 404 72 12 87 29. . 9 -189 197 5.3 461 650 367 94 283 -38 102 July 6.. 1 -107 108 2.9 430 537 358 72 179 16 221 13.. 2 26 12 -36 1.0 541 530 415 126 115 27 137 20.. 1 34 140 -174 4.6 525 384 323 202 61 14 84 27.. 2 27 -25 .7 523 495 378 144 117 -5 147 Aug. 3.. -41 41 1.1 531 572 477 54 95 2 109 10 322 -322 8.8 730 408 394 336 14 7 59 17.. 1 87 291 -377 10.3 470 179 163 307 15 -15 69 24.. 1 18 -17 .5 540 522 456 84 66 -10 54 31.. 1 20 70 -90 2.5 475 404 330 144 74 7 96 Sept.J.. 3 14 212 -224 6.3 638 425 369 269 56 21 120 2 43 253 -293 8.3 623 371 278 346 93 16 136 21.. 298 -298 8.0 693 395 286 407 109 40 113 28.. 11 99 -111 3.0 499 400 244 255 156 23 64 Oct. 5.. 3 14 120 -131 3.5 412 293 196 216 96 22 49 12.. -1 207 -207 6.2 627 421 336 292 85 5 96 19.. 14 105 -91 2.4 515 410 331 184 79 -12 91 26.. 58 -8 -51 1.4 391 399 314 78 85 26 118 Nov. 2.. 1 249 -248 6.8 659 410 371 288 39 33 95 9.. 3 27 431 -455 12.7 788 356 353 435 4 -9 113 16.. 1 40 492 -532 15.1 907 415 414 493 33 107 23.. -1 208 -209 5.9 678 470 427 251 43 2 4 124 30.. 20 134 -113 3.2 476 342 304 172 38 25 n.a. 105 NOTE.—Weekly averages of daily figures. For other notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 959 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 8 MAJOR RESERVE CITY BANKS IN NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt. securities dealers4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending Excess r a o B t B w a F o n in r . k R - g s . s F t f i r b e u n N a d a n t n n e e e d s t r k r s . - a 2 l S d u e r o f p i r c lu it s r P r e e e q s r e u o r c i f v r e e e n d s t c P ha u s r e - s Sales ac 2 t T r t - a i o w o n t a n a s y l s - 3 b c b o u P h f a y a u n n s i r k n e e - s g s t s b o S e a f l a n l l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i l o n e d u g a s s r e - 6 d ro e f B w a ro l o i e m n r r - g s s 7 I960—Dec. 7. 2 -54 56 1.7 405 459 339 67 120 19 72 14. 3 -66 69 2.0 432 499 308 124 191 24 167 21. 2 369 -382 10.6 752 383 290 462 93 49 110 28. 3 400 -397 11.2 813 413 387 426 26 35 126 1961—Jan. 4. 2 175 -244 6.7 447 273 172 275 100 1 70 11. 1 395 -394 11.2 738 343 317 421 26 9 133 18. 2 384 -383 11.1 762 378 358 404 20 42 133 25. 15 27 -12 .4 330 302 206 123 96 -4 62 Feb. 1. -1 18 -22 .6 459 441 386 73 55 73 65 8. 1 161 -166 4.8 464 303 279 185 24 -14 85 15. 3 246 -254 7.5 580 334 291 289 43 33 118 22. 2 266 -271 8.2 662 396 396 266 22 95 Mar. 1. 7 260 -254 7.1 673 413 378 295 35 13 80 8. 1 244 -244 7.2 668 424 403 265 21 18 120 15. 6 -32 38 1.1 477 509 428 49 81 35 100 22. 3 247 -244 7.0 642 395 368 275 27 17 106 29. 2 -308 309 9.0 397 705 387 11 318 11 99 Apr. 5. 4 54 -50 1.5 408 354 304 104 50 18 45 12. -2 357 -365 10.8 635 278 278 357 29 103 19. 5 227 -222 6.5 628 402 370 258 31 43 106 26. 2 -65 68 2.0 428 493 343 85 150 21 111 May 3. -257 264 7.6 390 646 292 98 355 43 75 10. -150 132 3.9 409 559 310 98 249 34 82 17. 75 -124 3.6 468 394 348 121 46 60 111 24. 150 -154 4.5 530 381 313 218 68 9 96 31. -58 64 1.9 491 550 414 77 136 17 120 June 7. -117 120 3.5 437 554 395 41 159 10 129 14. -137 143 4.2 400 538 388 12 150 52 80 21. 152 -149 4.2 559 407 325 234 82 37 86 28. -95 99 2.8 408 503 291 117 211 14 87 -27 28 408 435 265 143 170 31 83 100 -96 2.8 642 542 436 206 106 17 122 19. 52 -63 1.8 492 441 291 201 149 63 99 26. -102 110 3.2 410 512 308 102 204 18 100 Aug. 2. -92 80 2.2 475 567 366 108 200 35 118 9. 15 -27 .8 475 460 347 128 113 7 132 16. 180 -185 5.4 647 467 467 180 27 115 23. 73 -72 2.1 559 486 375 183 111 11 30. 75 -76 2.2 594 519 348 246 171 5 Sept,f: -40 47 1.4 481 521 377 104 144 3 77 262 -262 7.6 650 388 383 267 5 18 107 20. 442 -453 12.7 781 340 329 452 10 64 123 27. 428 -428 12.2 754 326 292 462 34 30 96 Oct. 4. 197 -194 5.4 507 309 284 223 25 -5 65 11. 311 -310 8.9 656 345 308 348 37 76 18. 11 372 -380 10.8 771 398 386 385 13 31 85 25. 6 92 -98 2.7 529 437 397 132 41 454 102 Nov. 1. 16 101 -115 3.3 571 470 439 132 31 387 99 8. 16 409 -423 12.1 761 352 346 415 6 403 104 15. 41 543 -581 16.9 844 301 299 545 2 571 107 22. 11 536 -545 15.6 849 313 280 569 33 483 102 29. 227 -225 6.5 661 434 387 274 47 224 108 Dec. 6. 56 -52 1.5 614 558 468 146 89 167 125 13. 76 -71 2.0 639 563 376 263 187 62 110 20. 19 438 -457 12.3 813 375 332 481 43 334 116 27. 85 842 -924 25.1 1,030 188 188 842 256 106 1962—Jan. 3. 178 472 -651 17.0 636 163 149 487 14 198 78 10. 352 -344 9.4 848 496 452 396 44 198 154 17. 385 -385 10.8 795 410 409 386 1 158 177 24. 120 -113 3.2 615 495 434 181 60 27 161 31. 14 .3 635 621 368 267 253 42 171 Feb. 7. 145 152 4.3 729 584 383 346 201 92 151 14. 260 266 7.7 671 412 382 290 30 173 166 21. 232 235 6.8 733 502 400 333 102 67 134 28. 140 140 4.0 650 510 389 261 121 135 111 For note see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 8 MAJOR RESERVE CITY BANKS IN NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l G at o ed v t. t r s a e n c s u a r c it t i i e o s n d s e w al i e th rs4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending— s E e x r r v c e e e - s s s 1 r a o B t B w a F o n in r . k - R g s s . F t i f r b e n u N a a d t n n n e e e d s r t k r s - . a 2 l S d u e r o f p i r c lu it s P r r o e e e f s q r e a u c r y i v e r g e n e . s d t c P ha u s r e - s Sales a 2 c t T r - t a o w io n t a a n s y l - s3 b c o b P u h f a y a u n n s i r k n e e - s s g t s o b S e f a a l l n l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i l o n e d u g a s s r e - 6 d ro e f B w a ro l o i e m n r r - g s s ? 1962—Mar. 7. 328 -335 9.5 804 475 412 392 64 225 n.a. 112 2 1 1 4 . . 29 2 8 3 - - 3 2 1 1 1 8. . 7 6 8 5 1 6 9 6 5 52 4 1 3 4 3 6 4 3 9 2 3 1 5 7 6 1 5 9 8 5 3 1 9 9 6 8 T 1 1 0 3 6 4 28. 261 -282 7.9 747 486 400 347 85 516 112 A P , 4. 4 21 0 8 4 - - 2 4 2 1 3 0 1 6 1 . . 3 9 6 7 3 4 1 8 4 3 1 4 2 4 2 3 7 0 9 9 4 3 6 2 9 2 1 6 0 5 3 2 3 6 1 7 6 1 7 5 7 0 18. 333 -353 10.1 834 501 501 333 415 170 25. 211 -217 6.1 663 452 375 289 77 285 112 May 2. 273 -268 7.4 791 518 428 363 90 453 116 9. 200 -199 5.6 734 534 461 273 73 446 150 16. 308 -312 8.9 788 479 433 354 46 457 113 23. 179 -177 5.0 785 606 509 275 96 299 125 30. -155 165 4.7 522 678 469 53 208 141 91 June 6. 95 -93 2.6 646 551 440 206 111 234 126 13. 24 -25 .7 595 571 497 97 74 272 140 20. 3 452 -485 13.3 763 311 302 461 9 536 99 27. 2 358 -392 10.8 719 360 329 390 31 309 91 Iu,y 4. 4 4 4 27 6 9 7 - - 3 4 0 7 5 4 1 8 3 . . 3 3 9 6 0 5 7 7 4 3 4 7 0 8 4 3 4 6 0 8 4 2 6 8 7 9 10 2 1 0 1 0 6 1 9 0 7 0 18. 1 348 -385 11.0 742 394 388 354 6 158 i 133 25. 10 -51 61 1.7 554 605 381 173 224 76 n.a. 103 Aug. 2 -124 125 3.3 567 690 399 168 291 76 143 131 8. 1 182 -197 5.7 846 664 510 335 154 60 146 153 15. 5 149 -147 4.3 716 567 395 320 172 127 115 157 22. 1 519 -555 15.9 881 362 362 519 182 180 133 29. 2 133 -131 3.8 723 590 507 217 "84 157 117 185 Sept. i5. 2 1 6 3 2 8 8 9 - - 6 3 3 8 3 8 1 1 1 8 . . 2 4 1,1 8 0 5 7 5 4 47 6 9 6 4 4 3 4 3 0 4 6 1 7 5 4 4 2 6 6 1 ( 3 9 2 ) 1 ( 0 9 8 ) 136 19. 25 976 -951 27.0 1,345 369 369 976 704 203 26. 7 635 -663 18.8 1,089 455 455 635 487 225 65 Oct. 3. 23 412 -390 10.9 858 446 431 427 15 381 224 44 10. 12 233 -221 6.2 868 635 435 433 200 379 236 66 17. -10 492 -515 14.7 1,015 523 467 548 56 460 251 74 24. 14 183 -172 4.9 869 686 435 433 250 298 274 49 31. 57 283 -226 6.5 843 560 447 396 113 483 272 48 Nov. 7. 10 431 -439 12.8 1,043 612 520 523 93 493 331 101 14. 16 511 -504 15.1 1,167 656 527 640 129 416 261 38 21. 6 666 -692 20.5 1,124 459 459 666 440 277 63 28. 57 540 -483 14.3 975 435 409 566 25 366 239 39 Dec. 5. -19 11 308 -338 9.8 895 587 501 395 86 295 45 12. 19 5 168 -154 4.5 907 739 658 249 81 254 301 52 19. 11 39 512 -540 15.1 1,098 586 463 635 123 919 384 59 26. 45 126 684 -766 20.8 1,075 391 391 684 873 541 66 1963—Jan. 2. 144 298 591 -745 19.7 775 184 184 591 932 543 40 9. 37 683 -645 17.5 1,143 460 404 739 657 478 101 16. -4 580 -588 16.5 1,111 530 436 675 697 482 54 23. 9 451 -455 12.8 1,053 602 584 469 633 398 61 30. 121 -112 3.2 839 718 661 178 359 312 56 Feb. 6. 2 322 -374 10.6 947 625 625 322 539 330 54 13. 21 484 -468 13.5 962 477 477 484 459 308 63 20. 16 532 -566 16.4 1,048 516 473 574 318 279 49 27. 5 523 -538 15.5 1,099 577 505 594 543 274 65 Mar. 6. 5 771 -802 22.8 1,240 470 470 771 767 432 42 13. 26 610 -602 17.5 1,012 402 402 610 800 389 45 20. 2 550 -553 15.6 1,193 643 639 554 590 394 75 27. 17 534 -552 15.7 980 446 422 559 276 290 61 Apr. 3. 19 330 -342 9.6 852 522 522 330 224 247 21 10. 5 295 -296 8.6 886 591 591 295 140 301 46 17. 32 649 -640 18.4 1,146 496 495 651 273 347 21 24. 5 355 -363 10.4 953 598 554 399 89 287 38 May 1. 45 194 -149 4.2 860 667 663 198 407 237 51 8. 13 406 -393 10.9 946 541 541 406 402 323 53 15. g 453 -500 14.3 936 483 483 453 455 290 40 22. 12 557 -619 17.6 839 282 277 563 292 370 28 29. 53 304 -266 7.7 780 476 476 304 150 250 41 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

961 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 8 MAJOR RESERVE CITY BANKS IN NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l G at o ed v t. t r s a e n c s u a r c it t i i e o s n d s e w al i e t r h s 4 Less: Net: Gross transactions Net transactions Loans to dealers Week ending— s E e x r r v c e e e - s s s * r a o B t B w a F o n in r . k R - g s . s F t f i r b e n u N a a d t n n n e e e d s t r k r s . - a 2 l S d u e r o f p i r c l i u t s P r r o e e e f s q r e u a c r y i v e r g e n e . s t d c P ha u s r e - s Sales ac 2 t T r t - a i o w o n t a n a s y l s - 3 b c b o P u h f a y a u n n s i r k n e e - s g s t s b o S e a f l a n l l n i e k n e s s g t F fu e n d d e s r a 5 l f H C un i o l n e d u a g s s r e - 6 r d o e f B w a ro o l i e m n r r - g s s 7 1963—June 5. 9 240 -242 6.9 753 513 434 319 79 176 204 33 12. 10 291 -300 8.7 830 539 462 368 76 115 213 30 19. 4 518 -578 16.2 905 387 341 564 46 283 313 17 26. 17 648 -704 19.3 965 317 312 654 6 214 365 34 July 3. 5 632 -681 18.4 833 201 185 648 16 259 304 19 10. 38 841 -835 23.3 ,119 278 272 847 6 167 201 38 17. 12 478 -535 15 847 370 322 525 47 148 215 32 24. 73 131 -59 701 570 473 228 97 108 180 27 31. 15 11 4 677 666 420 257 246 222 173 45 Aug. 7. 2 79 417 -494 13.9 967 550 440 526 110 165 184 24 14. 6 100 288 -382 11.1 848 560 464 384 95 132 198 29 21. 6 81 447 -523 15.2 915 468 468 447 177 165 25 28. -1 62 173 -237 7.0 790 617 524 266 93 171 132 35 39 69 105 -135 3.9 841 736 596 245 139 175 169 30 9 135 346 -472 13.7 865 519 460 405 59 218 184 13 18. 42 792 -837 23.7 ,188 396 396 792 603 372 38 25. 80 370 -444 12.2 528 433 465 95 383 385 43 Oct. 2. 70 207 -267 7.2 825 618 516 309 102 382 386 64 9. 100 495 -588 16.4 934 439 437 497 2 153 321 38 16. 125 516 -626 17.9 1,048 531 527 521 4 129 255 48 23. 121 293 -412 11.9 1,033 740 638 396 103 23 221 37 30. 32 157 -173 5.0 976 820 611 366 209 142 238 29 Nov. 6. 179 370 -541 15.1 989 620 461 529 159 192 277 39 13. 100 484 -533 15.5 1,165 681 650 515 31 83 199 70 20. 74 345 -416 12.0 991 646 554 437 92 162 256 42 27. 3 149 -135 3.9 898 750 641 257 109 201 230 27 Dec. 4. 52 85 -112 3.2 824 739 618 206 120 244 201 32 11. 13 5 -18 .5 996 991 786 210 205 162 232 55 18. 2 9 395 -402 10.8 982 588 550 432 37 310 256 35 25. 34 49 717 -731 19.1 1,165 448 448 717 373 265 34 1964—Jan. 139 61 401 -323 8.3 779 378 315 464 63 331 257 26 -5 40 640 -686 17.7 1,063 423 347 716 76 488 318 40 15. 39 79 612 -651 17.7 888 276 276 612 344 347 39 22. 3 15 595 -607 16.6 1,061 467 443 619 24 651 411 59 29. 6 21 91 -106 2.9 783 692 480 303 211 469 309 60 Feb. 5. 10 24 230 -244 6.7 922 693 586 336 106 349 350 60 12. 17 86 401 -471 13.2 812 411 397 415 14 441 319 39 19. 6 332 -327 9.2 882 550 534 348 16 317 311 28 26. 223 -257 7.2 873 650 531 342 119 159 307 Mar. 4. 47 73 -85 2.4 730 657 559 171 98 142 305 39 11. 10 448 -458 13.0 916 467 467 448 166 278 35 18. -4 538 -567 15.6 926 388 388 538 309 297 34 25. 18 444 -425 11.6 993 549 533 459 16 164 289 40 Apr. 1. 25 405 -380 10.3 1,009 604 564 446 41 159 304 16 8. 2 263 -261 7.2 892 629 542 350 87 149 237 37 15. 14 599 -595 16.4 1,143 544 544 599 142 272 38 22. 5 485 -537 15.1 1,079 595 595 485 123 538 45 29. 10 31 -22 .6 901 870 686 215 184 152 224 62 May 6. 12 29 -20 .5 748 718 505 243 213 182 308 50 18 254 -235 6.5 780 527 489 291 38 368 260 48 81 -123 3.4 743 661 601 142 60 307 288 37 27.' 20 68 -49 1.4 768 700 610 158 90 279 244 54 June 3. 63 130 -192 5.3 763 633 521 242 112 370 316 18 10. 16 16 165 -165 4.6 795 630 544 251 86 329 321 43 17. 9 54 431 -475 12.9 893 463 463 431 451 349 44 24. 32 21 531 -520 13.9 1,012 481 481 531 454 375 42 July 1. 25 10 258 -243 6.4 936 678 625 312 54 519 393 35 8. 5 67 436 -499 13.3 999 563 476 523 87 624 449 26 15. 43 49 510 -516 14.1 889 379 379 510 669 455 43 22. 16 184 -168 4.6 1,050 866 600 450 266 524 493 45 29. 9 14 -297 292 8.1 908 1,205 720 188 485 224 408 81 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 38 MAJOR RESERVE CITY BANKS OUTSIDE OF NEW YORK CITY (In millions of dollars unless otherwise noted) Related trans- Basic reserve position Interbank Federal funds transactions a G ct o io v n t. s s w ec it u h r i U tie .S s . dealers 4 Week ending— Less: Net: Gross transactions Net trarsactions re E se x r c v e e s s s r a o B B t w a o F n in r k . - R g s s . F t i f r b e n u N a a d t n n n e e e d s r t k r s . - a 2 l S d u e r o f p i r c lu it s r P r o e e e f q s r e u a r c i v v r e g e e n d . s t c P ha u s r e - s Sales ac T t 2 r t - o a i w o n ta a n s l y s - 3 b c b o P u h f a y a u n n s i r k n e e - s g s t s b o S e a f l a n l l n i e k n e s s g t d L e o a to a le n r s s d ro e f B w a ro l o i e m n r r - g s s 7 1959—Sept. 2.... 181 62 -241 4.8 325 264 92 234 172 42 9 277 35 -309 6.1 307 272 105 201 166 24 16 311 54 -363 7.1 316 262 122 194 140 39 23 231 90 -317 6.2 389 299 136 254 163 28 30 137 97 -230 4.5 406 308 140 265 168 46 Oct. 7.. 257 124 -379 7.5 394 270 120 273 149 25 6 14.. 295 176 -469 9.4 395 219 284 108 18 14 21.. 245 170 -413 8.2 451 282 109 342 173 29 11 28.. 217 131 -345 6.8 412 282 90 322 192 18 10 Nov. 4.. 212 55 -265 5.2 383 329 111 272 218 33 10 11.. 242 119 -357 7.1 396 277 86 309 191 28 7 18.. 255 151 -403 7.9 408 257 114 294 143 34 15 25.. 233 19 -249 4.9 336 316 107 228 209 17 14 Dec. 2. 226 76 -300 5.9 385 309 157 228 152 13 9. 309 150 -456 9.0 392 242 124 268 118 22 13 16. 340 38 -377 7.3 312 273 102 209 171 93 22 23. 4 335 34 -366 7.0 273 239 95 179 144 66 26 30. 7 377 64 -435 8.3 303 239 91 213 148 20 5 1960—Jan. 6. 426 6 -431 8.2 123 117 21 102 96 73 15 13. 320 54 -369 7.2 299 245 109 190 136 57 25 20. 414 83 -494 9.6 230 147 38 192 109 52 25 27. 229 139 -365 7.3 358 219 83 275 136 18 21 Feb. 3. 247 253 -499 10.0 462 209 57 405 151 34 22 10. 336 316 -649 13.1 410 95 37 374 58 9 17. 419 115 -533 10.8 302 187 37 265 150 10 24. 190 197 -383 7.8 590 393 107 483 285 Mar. 2 271 56 -326 6.6 374 318 83 291 235 18 9 174 230 -402 8.3 600 370 122 479 248 1 16 278 63 -338 6.9 480 417 124 356 292 7 23 329 107 -431 8.7 515 408 86 429 322 14 30 280 250 -528 10.8 719 469 132 587 337 1 Apr. 6.. 256 246 -501 10.4 625 379 138 488 241 7 7 13.. 312 160 -470 9.8 566 406 106 460 300 11 13 20.. 223 159 -379 7.6 462 303 91 371 212 61 6 27.. 231 133 -362 7.2 562 429 126 436 303 22 32 May 4 139 134 -271 5.4 609 476 184 426 292 31 13 11 197 201 -394 8.0 584 383 149 435 234 17 18 18 196 233 -425 8.6 563 330 105 458 225 12 24 25 84 170 -252 5.1 672 502 127 545 375 15 June 1 63 130 -186 3.7 581 451 176 405 275 10 9 115 190 -303 6.1 560 370 114 446 256 14 6 15 97 190 -283 5.7 589 400 132 457 268 16 21 22 239 34 -271 5.4 451 417 139 313 279 66 3 29 90 261 -342 6.8 667 406 160 507 246 12 2 July 6... 128 224 -349 7.0 535 311 158 377 153 4 33 13... 71 279 -346 7.0 667 388 149 518 239 21 5 20... 186 206 -389 7.6 587 382 154 434 228 51 7 27... 96 137 -230 4.5 653 516 181 472 335 13 18 Aug. 3. 140 236 -374 7.4 627 391 170 457 221 24 16 10. 138 110 -246 4.9 584 473 184 400 290 9 4 17. 123 159 -281 5.6 564 404 220 343 184 61 9 24. 17 226 -239 4.7 591 366 208 383 157 76 17 31. 47 182 -227 4.5 521 339 200 321 140 78 5 Sept. 7. 66 166 -227 4.5 528 362 200 327 162 84 10 14. 90 190 -274 5.5 490 300 134 356 166 55 27 21. 222 -220 4.3 619 397 195 424 202 129 28. 101 185 -285 5.6 505 320 145 360 175 98 Oct. 5. 49 173 -216 4.2 483 310 162 320 148 107 6 12. 76 309 -382 7.6 692 383 222 470 161 27 3 19. 4 274 -266 5.3 560 285 121 438 164 32 6 26. 90 231 -320 6.2 492 262 143 349 119 73 9 Nov. 2 69 148 -211 4.1 503 355 177 326 178 49 7 9 28 224 -251 4.9 570 345 192 377 153 15 11 16 25 209 -232 4.5 606 397 200 406 197 32 9 23 25 297 -316 6.2 598 300 126 472 175 29 3 30 27 157 -169 3.3 450 293 110 340 183 56 1 NOTE.—Weekly averages of daily figures. For other notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

963 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 38 MAJOR RESERVE CITY BANKS OUTSIDE OF NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Related transactions with U.S. Basic reserve position Interbank Federal funds transactions Govt. securities dealers 4 Less: Net: Gross transactions Net transactions Week ending— re E s x e c r e v s es s i r a B o t B a w o n i r F n - k . g s R s . F t i f e b r N n u d a a t e n e n n e d r t s r k a . s - l 2 S d u e r f o p i r c l i u t s r P r o e e e f q s r u e a i r c v v r e e g e n s . d t c P h u a r se - s Sales ac 2 t T t r - o i a w t o n a a n s l y s - 3 b c b o u P h f a y u a n n r i s k e e - n s t s g s b o S e a f a l n l l n i e k e n s s t g d L e o a t a l o e n r s s d r e o f B a w r o l i e o r n r m - g s s 7 I960 Dec 7 4 1 241 -239 4.8 601 360 155 446 205 85 4 14 8 322 -315 6.3 622 300 122 500 178 78 17 21 2 9 187 -194 3.8 577 390 167 411 224 198 2 28 6 265 -259 5.0 588 323 123 465 200 170 1 1961 Jan 4 5 57 63 -115 2.2 364 301 84 280 218 157 1 11 4 1 179 -175 3.4 560 382 167 393 214 109 18 4 4 99 -100 2.0 490 391 159 331 232 146 2 25 18 85 -67 1.3 337 252 69 268 183 157 Feb 1 . . 2 8 51 -58 1.1 387 336 144 243 192 122 3 8 6 73 169 -237 4.7 387 218 96 291 121 86 3 15 4 109 199 -304 6.1 489 290 149 340 141 74 2 22 ... 8 44 256 -292 5.8 621 365 217 404 148 132 Mar 1 3 159 -155 3.1 524 366 199 326 167 140 4 8 1 13 297 -309 6.1 680 383 217 463 166 82 ~l 15 4 379 -375 7.5 705 326 190 515 136 64 3 22 3 318 — 315 6 2 711 393 236 475 157 134 2 29 5 15 449 -459 9.1 897 448 200 696 248 56 10 Apr 5 9 4 74 -69 1.4 456 383 203 253 180 61 8 12 3 -49 52 1.0 486 535 212 274 323 81 5 19 4 65 -60 1.2 460 396 203 257 192 147 26 2 116 — 114 2 3 484 368 186 298 182 136 May 3 . . 5 129 -124 2.4 516 387 229 286 157 142 2 10 2 4 130 -132 2.6 535 404 185 350 220 80 17 3 41 186 -224 4.3 545 359 210 335 149 104 4 24 2 9 189 -196 3.8 491 302 169 322 133 61 1 31 7 145 -137 2.7 592 447 263 329 185 46 9 June 7 4 7 243 -246 4.8 628 386 203 425 183 44 7 14 7 138 -131 2.6 594 456 219 375 237 37 2 21 1 2 123 -124 2.3 543 420 248 296 173 60 28 11 70 -59 1.1 507 437 248 259 189 44 5 July 5 4 6 -55 53 1.0 398 454 169 229 285 38 6 12 7 106 -100 1.9 581 474 266 315 209 24 1 19 2 2 34 -34 .7 526 492 211 315 281 55 26 8 4 30 -26 .5 439 408 216 222 192 68 1 Aug. 2 2 5 -38 35 .6 394 431 239 154 192 80 19 9 1 20 109 -127 2.4 503 394 232 270 162 55 2 16 3 9 50 -56 1.1 463 413 204 259 209 74 2 23 4 1 108 -105 2.0 524 415 254 270 161 176 2 30 3 — 178 181 3.4 361 539 183 177 355 41 4 Sept. 6 4 5 7 -8 .1 417 410 178 239 232 62 7 13 2 47 — 45 .9 465 419 189 276 230 75 3 20 2 5 78 -81 1.5 510 432 209 301 223 141 13 27 -3 3 .1 502 505 252 250 253 159 2 Oct 4 4 45 -41 .8 516 471 215 301 256 95 6 11 10 5 25 -20 .4 491 466 227 264 240 92 7 18 1 90 140 -229 4.2 657 516 246 410 270 150 8 25... 2 24 242 -264 4.8 605 364 186 419 178 142 15 Nov 1 ... 3 9 204 -211 3.9 605 400 160 445 241 162 10 8 1 38 124 -161 3.0 570 446 246 325 200 200 12 15 j 30 160 -188 3.5 522 362 189 333 173 150 8 22 3 34 187 -218 4.0 538 352 172 366 180 189 4 29 9 29 266 -286 5.3 634 368 214 420 154 189 6 Dec 6 3 241 -238 4.4 671 430 255 416 175 105 21 13 6 207 -201 3.7 673 466 282 391 184 46 21 20 2 62 188 -248 4.5 592 404 187 406 217 186 21 27 3 43 -25 -15 .3 509 534 258 251 276 250 5 1962—Jan 3 3 84 9 -91 1.6 394 385 147 247 238 182 3 10 5 27 409 -430 7.8 808 399 269 539 130 167 15 17 2 26 284 -309 5.7 635 351 220 415 131 128 9 24 7 254 -247 4.6 642 389 212 430 176 56 8 31 3 1 48 -46 .9 602 554 273 329 281 39 12 Feb. 7 3 4 34 -35 .7 666 633 267 399 366 41 6 14 1 7 -26 20 .4 560 586 237 323 349 26 10 21 . 4 89 -86 1.6 587 498 263 323 234 87 5 28 2 3 14 -15 .3 513 499 183 330 316 44 11 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 38 MAJOR RESERVE CITY BANKS OUTSIDE OF NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Related trans- Basic reserve position Interbank Federal funds transactions actions with U.S. Govt. securities dealers * Week ending— Less: Net: Gross transactions Net transactions Excess Net Total Loans Borreservesi r a B o B t a w o n i r F n k - . g s R s .F f i e b n u d a t n e n e d r r k a s - l S d u e r f o p i r c l i u t s P r r o e e e f s r q e u a c r i v e v r g n e e . t s d c P h u a r se - s Sales ac 2 t t r - i a w o n a s n y - s3 b c o u P h f y u a n i r s e e n - t s g s b o S e a f a l n l l n i e k e n s s t g dea t l o ers d r e o f a w r l i e o n r m g s s 7 trans. 2 banks 1962 Mar 7 1 27 106 -132 2.5 673 567 252 421 315 40 26 14 4 12 293 -302 5.8 751 458 253 497 204 45 22 21 2 79 351 -427 8.0 864 513 275 589 238 124 7 28 1 18 275 -292 5.4 814 539 243 571 296 157 9 Apr 4 4 13 173 -183 3.4 583 410 213 370 197 142 14 p u::::: 3 23 144 -164 3.1 659 515 250 409 264 85 8 18 1 21 215 -235 4.4 756 540 313 442 227 128 4 25 . . .. 3 20 203 -220 4.1 626 423 268 358 155 119 8 May 2 1 8 -42 35 .6 530 572 288 242 284 214 8 9 3 10 107 -114 2.1 586 479 220 366 259 190 5 16 1 13 -14 2 <») 563 576 238 325 339 217 4 23 3 19 -17 572 553 257 316 297 93 2 30 10 -51 61 1.1 505 556 219 286 337 95 8 June 6 3 -126 129 2.4 472 598 213 259 385 83 10 13 6 3 131 -128 2.4 618 486 262 355 224 98 6 20 3 49 194 -240 4.4 522 329 239 284 90 221 27 3 22 112 -131 2.4 507 395 245 262 150 246 2 July 4 3 17 OQ -101 1.8 415 327 183 232 144 175 1 11 4 3 340 -340 6.2 627 287 195 432 92 155 7 18 1 75 348 -422 7.7 610 262 171 439 91 88 4 25 5 3 339 -337 6.2 761 422 252 509 170 26 10 Aug 1 .... 2 9 197 -204 3.7 637 439 275 362 164 68 8 8 3 47 140 -184 3.4 715 575 264 450 310 62 5 15 4 24 232 -253 4.7 729 497 199 530 298 33 9 22 3 55 194 -245 4.5 727 533 220 507 313 90 5 29 3 17 173 -187 3.4 715 542 235 480 308 79 8 Sept 5 1 10 -5 -4 .1 549 554 213 336 341 137 18 12 ... 3 18 56 -70 1.3 665 609 207 458 402 (9) (9) 19 2 5 220 -223 4.1 661 441 241 420 200 161 17 26 2 53 279 -330 6.0 693 414 222 470 192 182 14 Oct 3 16 14 251 -250 4.5 692 441 229 463 212 122 17 10 11 13 360 -362 6.5 808 448 238 571 210 103 1 17 3 11 308 -315 5.7 829 521 278 551 243 120 1 24 .... 11 16 455 -460 8.3 810 355 188 622 167 110 1 31 -5 17 248 -270 5.1 695 447 240 454 207 147 19 Nov 7 4 87 363 -446 8.4 805 442 235 569 206 121 27 14 12 42 418 -449 8.6 840 422 235 606 187 79 23 21 2 29 492 -519 9.8 836 343 178 658 166 212 33 28 26 49 416 -440 8.3 830 414 265 565 149 146 26 Dec 5 -2 14 301 -318 5.9 709 408 220 488 188 95 30 12 10 26 535 -550 10.4 976 441 287 690 155 82 26 19 . . 5 31 458 -484 8.9 798 340 202 596 138 233 24 26 21 35 417 -430 7.8 799 382 188 611 194 238 24 1963 Jan 2 -24 236 218 -478 8.5 492 274 130 361 143 244 24 9 28 17 588 -577 10.5 869 281 229 640 52 245 70 16 8 16 441 -449 8.3 679 238 189 490 49 225 22 23 18 64 571 -617 11.5 812 242 183 630 59 174 20 30 11 25 335 -349 6.6 713 378 212 501 166 123 Feb 6 ... 33 57 368 -391 7.4 768 400 226 543 174 149 13 7 77 302 -372 7.0 760 458 231 528 226 77 20 11 43 276 -308 5.8 742 466 227 515 239 155 27 -22 28 227 -277 5.4 760 533 252 507 281 179 Mar 6 16 53 280 -317 6.0 859 579 267 592 312 346 13 12 53 131 -173 3.3 817 686 299 519 387 263 6 20 31 8 368 -345 6.6 976 608 301 675 307 218 21 27 5 125 164 -285 5.3 769 605 322 447 283 281 20 Apr. 3 17 59 227 -268 5.0 898 672 322 577 350 146 10 5 24 163 -182 3.5 757 594 251 506 342 86 6 17 30 43 179 -192 3.6 836 657 282 553 375 150 1 24 1 72 280 -351 6.6 866 585 259 607 327 227 2 May 1 15 15 121 -121 2.3 824 703 315 509 388 254 8 4 51 182 -229 4.2 780 598 255 525 343 212 1 15 18 51 223 -256 4.8 771 548 282 488 265 123 1 22 9 59 132 -182 3.4 604 471 284 320 188 189 20 29 41 77 7 -42 .8 618 611 309 309 302 103 23 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SEMES ON FEDERAL FUNDS 965 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 38 MAJOR RESERVE CITY BANKS OUTSIDE NEW YORK CITY—Continued (In millions of dollars unless otherwise noted) Related transactions with U.S asic reserve position Interbank Federal funds transactions Govt. securities, dealers 4 Week ending— Less: Net: Gross transactions Net transactions re E se x r c v e e s s s r a B o t B w a o F n in r k . - R g s s . F t f i r b e n u N a d a n t n n e e e d s t r k r s . - a 2 l S d u e r o f p i r c l i u t s P r r o e e e f s q r e a u r c y i v e r g e n e . s d t ch P a u s r e - s Sales ac 2 t T r t - a i o w o n t a n a s y l s - 3 b c b o P u h a f y a u n n s i r k n e e - s g s t s b o S e f a l a n l l n i e k n e s s g t d L e o a to a le n r s s r d o e f B w r a o o l i e m n r- r g s s 7 1963—June 5., 5 49 19 -63 1.2 661 642 335 327 308 140 24 12. 11 90 66 -145 2.7 794 728 417 377 311 63 11 19. 5 65 118 -178 3.3 630 512 311 320 202 179 26. 6 29 62 -85 1.6 628 566 300 328 266 195 July 3 4 116 50 -162 2.9 488 438 215 273 223 105 10 28 126 100 -199 3.7 714 614 372 342 241 90 17 10 160 185 -335 6.2 648 463 285 363 178 127 24 38 135 279 -376 7.0 774 495 277 496 218 100 31 4 29 -14 -11 .2 687 701 352 334 348 62 Aug. 7. 135 -17 -112 2.1 814 831 344 469 487 35 14. 81 99 -173 3.2 820 721 271 549 450 66 21. 9 51 82 -123 2.3 821 740 305 517 435 70 28. 3 30 -45 18 .3 793 838 378 415 461 38 Sept. 4 40 53 191 -204 3.8 869 678 408 461 270 143 11 20 98 336 -414 7.7 880 544 279 601 265 184 18 -10 79 367 -456 8.4 1,013 646 441 572 205 420 25 10 165 434 -589 10.8 909 474 296 613 179 249 Oct. 2 5 129 535 -659 12.0 1,013 478 302 711 176 219 9 9 159 335 -485 8.9 846 511 337 509 174 129 16 18 92 475 -549 10.2 1,029 554 380 649 174 101 23 11 100 250 -339 6.3 982 732 419 563 313 83 30 5 5 189 -189 3.5 1,000 811 450 550 361 38 Nov. 6. 83 333 -407 7.5 956 624 367 589 257 125 13. 20 60 578 -619 11.5 1,170 591 399 771 192 37 20. 9 218 557 -767 14.1 1.065 508 374 692 134 139 27., 7 58 290 -341 6.3 1,152 862 507 645 355 53 Dec. 4. 27 236 295 -504 9.3 958 663 393 565 270 38 11. 11 10 607 -606 11.2 1,299 692 452 847 241 32 18 18. 24 108 355 -439 7.9 1,054 699 446 608 253 145 54 25. -16 128 322 -467 8.3 942 620 428 515 192 176 13 1964—Jan. 1. 104 280 325 -501 726 401 289 437 113 112 8. 11 188 387 -564 9.9 870 483 350 520 133 187 15. 17 147 230 -360 6.6 682 452 360 322 92 293 22. -1 59 427 -486 8.9 863 436 377 486 59 328 29. -5 38 308 -350 6.5 765 458 290 475 168 180 Feb. 5. 274 -331 6.1 847 573 420 427 153 232 12. 171 256 -419 7.8 752 495 310 442 185 299 19. 160 316 -461 8.5 812 496 374 438 122 26. 85 180 -256 4.7 845 665 399 446 266 238 1 Mar. 4. 122 198 -301 5.5 699 501 375 324 126 IV 11. 112 173 -274 5.1 826 654 410 416 243 83 18. 186 201 -380 7.0 791 591 410 381 181 253 25. 207 176 -365 6.6 865 689 403 462 285 141 Apr. 36 277 -285 5.1 1,023 746 448 574 298 236 110 127 -229 4.2 841 714 376 466 338 IRS 15.. 65 98 -152 2.7 950 851 489 461 363 268 22.. 135 81 -206 3.8 1,026 945 394 632 551 80 29.. 13 -2 -3 .1 918 921 498 421 423 90 May 6.. 27 -60 50 .9 699 759 442 257 317 253 13.. 75 48 -106 1.9 693 646 393 300 253 257 20.. 63 222 -268 4.9 807 584 378 429 207 247 27.. 44 56 -91 1.7 874 818 511 363 307 109 June 3.. 36 126 -162 2.9 823 698 452 371 245 171 i 10.. 74 180 -242 4.4 844 663 401 442 262 133 j.. 17.. 92 180 -265 4.8 748 567 364 384 204 221 j.. 24.. 54 287 -313 5.6 848 562 416 433 146 132 j.. July 1.. 46 117 -160 2.8 762 645 377 385 268 134 ' 8.. 20 406 -415 7.3 893 487 378 515 109 111 5 15.. 211 295 -484 8.6 708 413 328 379 85 188 4 22.. 45 447 -458 8.3 1,125 678 487 637 190 185 36 29.. 27 245 -262 4.8 1,085 840 490 595 350 88 51 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 5 MAJOR RESERVE CITY BANKS IN CHICAGO (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Less: Net: Gross transaction: Net transactions Week ending— Excess Net Total ser r v e e - s 1 r a o B t B w a F o n in r . k R - g s s . F t f i b e r u n a d a n t n n e e d s r k r s a - . l S d u e r o f p i r c l i u t s P r r o e e e f s q r e u a r c i y v e re g e n * s . t c P ha u s r e - s Sales ac 2 tr t - a i w o n n a s y s - b c b o u P h f a y a u n n s i r k n e e - s g s t s b o S e f a l a n l l n i e k n e s s g t 1959—Sept. 2. 64 -96 9.8 76 12 75 11 9. 27 -82 8.7 54 27 42 15 16. 18 -77 8.0 34 16 25 7 23. 30 -69 7.1 48 18 36 6 30. 69 -90 9.3 91 23 71 2 2 Oct. 7. 61 -158 16.4 65 5 63 14. 89 94 -183 19.4 97 3 95 21. 59 65 -125 13.1 95 30 73 28., 83 69 -151 15.8 89 20 70 Nov. 4. 53 35 9.0 70 35 50 15 11., 68 64 -132 13.7 98 34 82 18 18., 85 61 -145 15.1 92 31 77 16 25., 30 2 -28 2.9 38 40 19 21 Dec. 2. 56 21 -77 8.0 47 26 31 10 9.. 67 35 -102 10.6 58 23 50 15 16.. 73 46 -119 12.3 61 15 46 23.. 140 29 -169 17.1 44 15 40 12 30.. 154 27 -180 18.3 31 4 27 1960—Jan. 6.. 152 11 -163 16.3 16 5 14 3 13.. 80 45 -124 12.7 58 12 55 9 20.. 127 49 -175 17.9 50 50 1 27.. 29 30 -58 6.0 56 27 10 47 17 Feb. 3.. 68 57 -125 13.0 72 15 70 13 10.. 134 75 -208 22.1 83 8 81 6 17.. -1 187 37 -224 23.7 41 3 40 3 24.. 1 98 168 -265 28.8 173 5 168 Mar. 2.. 81 65 -146 15.7 73 72 7 9.. 35 87 -122 13.3 95 95 8 16.. 126 107 -232 25.3 110 110 2 23.. 256 131 -387 41.8 140 140 8 30.. 196 229 -424 46.5 243 242 14 Apr. 106 178 -283 32.5 181 180 3 135 127 -262 29.7 134 133 6 20. 93 99 -193 21.0 109 108 8 27.. 95 128 -223 23.9 132 128 May 4. 49 105 -154 16.2 115 108 97 138 -235 25.2 139 138 18! 93 172 -265 28.5 172 172 25.. 11 212 -223 24.1 214 214 June 1.. 145 -144 15.5 150 5 146 1 8.. 12 150 -163 17.6 161 11 160 9 15.. 47 128 -175 18.8 150 22 150 22 22.. 150 86 -236 24.8 114 28 110 24 29.. 30 179 -207 21.9 197 18 196 17 43 90 -133 14.0 110 20 101 11 July 12 141 -153 16.3 176 35 162 21 20.. 77 126 -203 20.7 146 20 138 12 27.. 29 180 -208 21.6 190 10 188 8 Aug. 3. 100 164 -264 27.2 184 20 10 174 10 10. 1 109 137 -245 25.2 170 33 12 159 22 17. -1 30 151 -182 18.6 180 29 16 164 13 24. 1 141 -140 14.4 169 28 16 153 12 31.. 1 34 -34 3.5 68 35 22 47 13 Sept. 7. -26 26 2.7 48 74 34 15 40 14. -7 -10 1.1 66 73 8 58 65 21. -2 3 .3 62 64 15 47 49 28. -1 3 -15 1.5 48 46 11 38 35 Oct. 5.. 63 -68 7.0 81 19 17 64 1 12.. 125 -125 13.2 156 31 12 143 19 19.. 82 -82 8.6 96 15 10 87 5 26.. -1 104 -127 13.2 113 9 5 108 4 Nov. 2.. 83 -112 11.6 100 18 9 91 9.. 122 -122 12.8 133 11 7 126 4 16. 141 -154 16.3 179 38 9 170 29 23. 87 -93 9.9 103 15 7 96 9 30. 91 -95 10.1 94 3 2 92 1 NOTE.—Weekly averages of daily figures. For other notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

967 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 5 MAJOR RESERVE CITY BANKS IN CHICAGO—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Less: Net: Gross transactions Net transactions Week ending— Total Excess Net 2-way Purser r v e e - s ! r a o B t B w a F o n in r . k - R g s s . F t f i r b e n u a d a n t n n e e d s r r k s . - a 2 l S d u e r o f p i r c l i u t s P r r o e e e f s r q e u a c r v i v e r g e n e . s t d c P ha u s r e - s Sales ac tr t a io n n s s - '1 b c o b h u f a y a n n s i k n e e s g s t s o b S e f a a l l n l n i e k n e s s g t I960—Dec 7 94 -93 10.6 114 20 5 109 15 14 i 149 -149 17.0 161 11 9 151 2 21 -l 9 156 -166 18.0 184 28 184 28 28 112 -111 12.0 163 51 2 161 50 1961—Jan 4 42 40 -82 8.7 113 74 113 74 11 i 54 -53 5.8 145 91 3 143 oo 18 60 -60 6.7 124 64 124 63 25 . . 2 57 -55 6.1 121 64 2 119 62 Feb 1 6 72 -79 8.7 117 44 13 103 31 8 1 26 121 — 146 16.2 124 3 124 3 15 79 95 -174 19.5 96 1 1 95 22 i' 24 100 -123 13.6 129 28 12 116 16 Mar. 1 i 94 -93 10.3 133 39 24 110 16 8 9* 68 -76 8.5 126 59 36 91 23 15 167 -168 19.0 183 15 5 177 10 22 i 147 -146 16.2 173 26 9 165 18 29 l is" 355 -369 41.8 360 5 360 5 Apr. 5 3 -3 6 .7 24 27 14 10 13 12 -136 136 15.5 11 147 11 136 19 i — 17 17 1.9 29 45 28 1 18 26 -38 39 4.4 19 57 9 9 48 May 3 i -38 39 4.4 56 94 38 18 56 10 9 9 1.1 78 69 14 64 55 17 i 9 62 — 70 7.9 116 55 18 98 37 24 47 -48 5.4 110 62 6 104 56 31 -21 22 2.4 77 98 24 53 74 June 7 l 2 12 -14 1.5 87 74 12 75 63 14 l -62 63 7.1 54 117 37 17 80 21 -37 36 3.8 40 77 35 5 41 28 2 -67 69 7.5 32 98 29 3 70 July 5 1 1 -108 108 11.8 35 144 28 7 116 1 1 2 9 1 i' - - 2 8 5 9 2 8 6 8 9 2 . . 8 8 4 6 3 1 1 8 3 6 3 2 3 5 5 2 1 6 8 1 5 0 1 8 26 1 11 -14 1.5 75 64 16 59 48 4 Aug. 2 9 44 — 3 1 1 7 -34 13 3 1 . . 7 4 6 6 2 4 7 3 9 3 2 3 5 9 2 3 3 9 40 9 16 5 64 -69 7.5 82 19 16 67 3 23 1 24 -23 2.6 73 49 49 25 1 30 -36 36 4.0 48 83 45 3 39 Sept 6 1 -31 32 3.5 46 78 36 10 42 13 35 -36 3.9 66 31 26 40 5 20 1 4 82 -86 9.3 125 43 7 118 35 27 36 -35 3.9 67 31 21 46 11 Oct. 4 54 — 54 5 8 83 29 12 71 17 11 5 62 -67 7.3 86 24 21 65 3 18 76 195 -270 29.0 201 6 6 195 25 1 16 232 -247 26.1 235 3 1 234 Nov. 1 8 226 -235 24.9 229 3 1 228 1 8 16 174 — 189 20 2 188 14 14 174 15 •• 13 103 -116 12.6 123 20 20 103 22 15 68 — 82 8 7 87 20 8 79 j | 29 15 87 -101 10.8 109 23 10 99 12 Dec. 6 62 -62 6.7 96 34 29 67 5 13 49 -49 5.5 70 20 20 49 20 58 119 — 177 18 7 144 25 2 142 23 27 1 1 — 1 .1 48 48 39 9 9 1962—Jan 3 31 40 — 71 7.3 58 18 18 41 10 1 142 -141 14.9 166 24 16 150 8 17 -1 8 80 -89 9.6 102 22 16 86 6 24 1 25 — 24 2.6 72 46 26 45 20 31 -35 36 3.9 32 67 25 7 42 Feb 7 -96 97 10.5 51 147 37 14 110 14 2 -32 29 3.3 104 136 24 80 112 21 1 42 — 41 4 6 137 95 43 94 51 28 -1 36 -37 4.1 115 79 19 97 61 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 5 MAJOR RESERVE CITY BANKS IN CHICAGO—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Less: Net: Gross transactions Net transactions Week ending— s E e x r r v c e e e - s s s 1 r a o B t B w a F o n i . n r k R - g s . s F f i b e n u N d a n t n e e e d t k r r s - al S d u e r o f p i r c l i u t s P r r o e e e f s r q e u a r c v i v e r g e n e . s t d c P ha u s r- es Sales ac 2 t T r t - a i o w o n t a n a s y l s - 3 b c b o P u h f a y a u n n s i r k n e e - s g t s s b o S e f a a l n l l n i e k n e s s g t trans. 2 1962 Mar 7 1 8 108 -114 12.7 200 92 39 161 54 14 179 -179 20.3 208 29 29 180 1 21 1 68 294 -362 40.1 324 30 18 306 12 28 15 313 -329 36.3 329 16 329 16 Apr 4 2 90 -92 10.3 104 14 6 98 8 11 6 85 -91 10.3 116 31 27 00 4 18 10 123 -134 14.9 129 6 6 123 25 1 3 11 -13 1.4 36 26 14 22 12 May 2 8 -43 34 3.7 56 99 38 18 60 9 . . .. 2 24 -25 2.7 70 46 30 40 16 16 -1 4 -12 8 .8 74 87 32 43 55 23 1 — 43 44 4.7 51 94 37 14 57 30 . .. 4 -60 63 6.9 52 111 41 11 70 June 6 -85 85 9.3 46 131 35 11 96 13 1 -62 62 6.9 75 137 37 38 100 20 -1 7 44 -51 5.4 80 36 24 56 12 27 1 32 -31 3.3 70 39 19 51 19 July 4 1 3 36 -39 4.1 74 38 20 54 18 11 75 -75 8.0 109 34 11 98 23 18 -1 10 16 -27 2.9 69 53 31 39 23 25 1 2 46 -47 5.1 91 44 29 61 15 Aug 1 1 2 5 -7 .7 60 55 37 23 18 8 . . 17 23 -40 4.3 87 65 31 57 34 15 17 88 -105 11.6 125 38 5 120 33 22 24 108 -132 14.2 157 49 5 151 43 29 1 6 127 -133 14.4 165 38 12 153 26 Sect 5 10 29 -38 4.1 70 41 18 51 23 12::'::.:.::.: : 1 10 35 -44 4.9 88 53 43 45 9 2 1 6 9 . -3 1 1 3 8 5 3 7 1 - - 3 7 8 4 4 7. . 9 1 1 8O 0 8O 5 4 5 9 7 3 3 9 0 4 7 9 5 1 1 8 8 Oct 3 . 4 2 97 -95 10.1 136 39 38 97 10 1 9 122 -130 13.7 178 57 35 143 21 17 -1 3 169 -173 18.4 186 18 10 176 7 24 . -3 1 141 -145 15.3 165 25 23 143 2 31 -1 4 163 -168 18.2 177 14 6 171 8 Nov. 7 -3 39 209 -251 27.3 219 10 1 219 10 14 . .. 2 16 212 -226 25.6 233 21 8 225 13 21 2 188 -185 20.3 213 25 4 208 21 28 4 112 -107 11.8 156 45 29 128 16 Dec 5 2 50 -52 5.7 82 32 26 56 6 12 4 2 172 — 170 18 9 186 14 5 181 9 19 — 4 1 124 -129 13.7 138 14 3 135 11 26 6 1 151 -146 15.1 166 15 10 155 5 1963 Jan 2 8 52 77 -122 12.2 99 22 13 86 9 9 . . 6 131 -125 13.1 155 24 15 140 9 16 -2 3 26 -31 3.4 77 51 43 34 8 23 2 3 98 -100 10.7 134 35 23 111 12 30 -1 15 -16 1.7 79 65 19 61 46 Feb 6 . . .. 5 15 144 -154 16.6 180 35 9 171 27 13 2 39 127 -164 17.9 147 20 9 139 11 20 3 87 -83 9.1 128 42 19 109 23 27 — 7 172 -179 22.5 224 53 38 186 14 Mar 6 9 218 -209 22.6 255 38 26 229 11 13 — 5 24 222 -251 27.8 258 36 34 224 3 20 8 288 -280 30.5 325 37 29 297 9 27 3 110 211 -318 34.7 269 58 47 222 11 Apr. 3 7 23 316 -332 36.9 351 35 15 337 21 10 5 141 -146 16.4 214 74 63 151 11 17 . . .. 32 189 -222 24.6 239 50 33 206 17 24 1 13 202 -214 23.6 263 61 58 205 3 May 1 -3 222 -225 24.3 295 73 58 236 14 8 -2 26 264 -292 31.5 300 36 36 264 15 . . 1 4 193 -196 21.2 246 53 53 193 22 3 1 41 -39 4.2 150 109 77 73 32 29 2 -28 30 3.2 139 167 79 60 88 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

969 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 5 MAJOR RESERVE CITY BANKS IN CHICAGO—Continued (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Less: Net: Gross transactions! Net transactions ! Week ending—• s E e x r r c e v e e - s s s J r a B o t B a w o i n F r n . k - g R s s . F t f i e b r N n u d a a t e n e n n e r d t s r k a . s - l 2 S d u e r f o p i r c l i u t s P r r o e e e f s r q e u a r c i v v e r g e n e . s t d c P h u a r se - s Sales ac 2 t T t r - o i a w t o n a a n s l y - s3 b c b o u P h a f y u a n i r n s k n e - e s g t s s b o S e f a a l n l l n i e k e n s s t g 1963 June 5 1 -64 66 7.1 138 203 86 52 117 12 3 — 109 IP 12.3 150 259 107 42 151 19 -6 — 16 10 1.1 165 181 108 57 73 26 9 4 3! — 33 3.5 147 117 78 69 38 July 3 -1 24 84 -110 11.5 144 59 45 99 15 10 6 7 49 — 50 5.4 183 134 105 79 29 17 ... 3 4 76 — 77 8.2 176 100 99 77 24 10 60 83 -133 14.5 147 63 59 87 4 31 2 3 59 60 6.5 156 97 89 67 8 Aug 7 68 163 -234 25.3 264 tot 89 174 11 14 39 200 -237 26.3 269 69 69 200 21 2 12 195 -205 22.5 286 91 83 203 8 28 T 97 -96 10.6 229 131 124 105 8 Sept. 4 3 123 -120 13.2 246 123 112 134 10 11 -1 37 183 222 24.5 247 64 63 184 18 2 26 208 -232 24.9 321 113 101 220 12 25 -T 41 209 -251 26.3 267 58 52 215 5 Oct. 2 71 250 -319 33.2 302 52 41 261 11 9 2 51 146 197 20.8 222 76 58 164 19 16 5 18 203 — 217 23.4 276 73 53 224 21 23 2 2 77 -77 8.3 223 146 91 131 54 30 1 138 -138 15.1 266 128 109 156 18 Nov 6 46 229 -276 29.4 307 78 57 250 21 13 10 21 214 226 24.6 343 199 100 243 29 20 ... 13 70 210 — 267 28.7 287 16 65 221 11 27 -2 3 10 — 16 1.7 215 205 143 72 61 Dec. 4 2 42 50 — 89 9.6 176 126 109 67 17 11 2 83 -90 9.9 254 170 126 128 44 18 4 23 24 — 44 4.6 218 194 114 104 80 25 2 24 45 — 71 7.2 213 168 95 119 73 1964—Jan. 1 47 15 — 59 5.9 163 148 123 40 25 8 7 27 147 167 16 9 260 113 104 157 10 15.... 3 40 75 13.0 180 105 95 85 9 22 — 6 122 148 17 4 230 109 106 124 2 29 . . .. 1 2 117 — 119 14.4 190 73 73 117 Feb. 5 . .. 31 43 106 — 118 13.2 218 112 112 106 12 n 115 155 — 278 30.6 211 56 56 155 19 7 131 145 — 269 29.2 260 115 113 147 2 26 57 145 — 202 22.2 266 122 119 148 3 Mar. 4 8 27 103 -122 13.3 215 112 112 103 11 . . . . 69 148 — 216 24.1 262 114 114 148 18 109 147 — 257 28.0 266 119 101 165 18 25 3 174 177 -348 37.4 309 132 117 192 15 Apr 1 7 19 290 — 302 32 3 376 85 64 311 21 8 1 59 96 — 154 16.9 213 117 96 117 21 15 8 — 8 .9 217 209 127 90 82 29 — 1 27 — 52 24 2.6 220 272 129 91 142 29 9 — 129 127 13.9 154 283 147 7 136 May 6 ... 2 4 — 42 39 4.1 139 181 90 49 91 13 5 7 12 1 3 152 146 89 64 57 20 6 7 .7 162 162 101 61 61 27 9 2 -63 63 6.7 175 238 124 51 113 June 3 -1 8 91 -100 10.8 211 121 114 98 7 10 i 18 114 -132 14.6 236 122 108 128 14 17 i 16 133 — 150 16 2 221 88 88 133 24 2 1 126 — 125 13.2 239 113 113 126 July 1 c 19 91 -116 12.2 187 96 96 91 8 .... 137 -137 14.5 243 105 105 137 15 ••) 61 82 -141 15.1 171 89 79 92 10 22 3 122 -119 12.8 291 169 148 143 20 29 2 1 -50 51 5.5 238 288 149 89 139 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 33 MAJOR RESERVE CITY BANKS OUTSIDE NEW YORK CITY AND CHICAGO (In millions of dollars unless otherwise noted) Related trans- Basicreserve position Interbank Federal funds transactions ac G t o i v o t n . s s w e i c t u h ri U t . ie S s . dealers4 Less: Net: Gross transactions Net transactions Week ending— Total Borre E s x e c r e v s es s l r a B o B t a w o i n r F n k - . g s R s . F t f i e b r N n u d a a t e e n n n e r d t s r k a . s - l 2 S d u e r f o p i r c l i u t s r r P o e e e f q s r u e a i c r v r e v g e e n . d s t c P h u a r se - s Sales ac 2 t t r - i a w n o a s n y - s3 b c o b u P h f a y u a n n r i s k e e - n s t s g s o b S e f a a l n l l n i e k e n s s t g d L e o a t a l o e n r s s d r e o f a w r l i e o n r m g s s 7 1959—Sept. 2 2 149 _2 -145 3.4 249 252 91 159 161 42 9 222 8 -227 5.6 253 245 93 159 152 ^4 7 16 252 36 -286 6.9 282 247 114 169 133 39 1 23 4 192 60 -248 6.0 341 281 124 217 157 25 1 30 115 28 -140 3.4 314 286 120 194 166 45 Oct 7 159 63 -221 5.4 328 265 117 211 147 25 1 14 2 207 82 -286 7.0 298 216 109 188 107 18 14 21 -> 186 104 -288 7.1 356 252 87 269 164 29 9 28 1 134 61 -194 4.7 323 261 71 252 191 17 6 Nov. 4 1 158 20 -177 4.3 313 293 91 222 203 28 10 11 ... 3 174 55 -226 5.5 298 243 71 227 172 28 7 18 2 170 90 -258 6.3 316 226 99 217 127 31 14 25 202 21 — 2^1 5.4 297 276 88 209 188 12 10 Dec. 2 2 170 55 -223 5.4 338 283 141 197 142 13 8 9 2 241 115 -354 8.6 333 218 116 218 103 22 12 16 2 268 -8 -258 6.2 250 259 87 163 171 91 22 23 3 195 6 -197 4.7 229 224 91 138 133 62 26 30 6 223 38 -254 6.0 273 235 87 186 148 15 5 I960—Jan 6 1 274 -5 -268 6.3 107 113 19 88 94 57 15 13 4 241 8 -245 5.9 241 232 106 135 127 52 25 20 3 287 34 -318 7.7 180 146 38 142 108 51 16 27 3 200 110 -307 7.6 302 192 74 228 119 17 n Feb 3 1 179 196 -374 9.2 390 194 55 335 139 29 20 10 3 202 241 -440 11.0 327 86 35 293 52 8 4 17 2 233 78 -308 7.8 262 184 37 225 147 9 24 4 92 29 -118 3.0 417 388 102 315 285 1 Mar. 2 189 n -180 4.5 301 310 82 219 228 18 5 9 3 139 143 -279 7.1 505 362 121 384 241 1 16 2 152 -44 -106 2.7 370 414 124 246 290 7 8 23 4 72 -25 -43 l.l 375 400 86 289 314 14 8 30 84 22 -104 2.6 477 455 131 345 323 1 Apsf 2 150 69 -218 5.5 445 376 138 307 238 7 7 2 176 33 -208 5.3 432 399 105 327 294 11 13 20 3 129 59 -186 4.6 354 294 91 263 204 61 6 27 1 136 5 -139 3.4 430 426 123 307 303 20 32 May 4 1 89 29 -117 2.9 494 465 177 317 288 29 13 11 4 100 63 -159 4.0 445 382 149 296 234 17 14 18 4 104 61 -160 4.0 391 330 105 286 225 12 24 25 2 73 -42 -29 .7 458 500 127 331 373 15 June 1 6 63 -15 -42 1.0 430 446 171 259 275 10 9 8 2 103 40 -141 3.5 399 359 112 287 247 13 6 15 3 49 62 -108 2.7 439 377 131 308 246 16 21 22 ~> 90 -52 -35 .9 338 390 135 203 255 62 3 29 7 60 83 -136 3.3 470 387 159 311 229 12 2 July 6 3 85 134 -216 5.3 424 290 148 277 142 4 8 y 13 :':•;•"'• 4 59 138 -193 4.8 491 354 135 356 218 19 20 2 109 80 -186 4.5 441 361 146 295 216 45 6 27 2 68 -43 — 22 .5 463 506 179 284 327 13 18 Aug. 3 2 40 72 -110 2 7 443 371 160 284 211 24 16 10 2 30 -27 -1 (8) 413 440 172 241 268 9 4 17 -> 93 8 -99 2 4 384 376 205 179 171 60 8 24 3 17 85 -99 2.4 423 338 193 230 145 76 14 31 1 45 148 -192 4.7 453 305 178 275 127 72 5 Sept 7 4 66 191 -253 6.2 479 288 167 313 122 66 10 14. 73 198 -264 6.5 424 227 126 298 101 51 27 21 9 224 -222 5.4 557 333 179 377 153 121 28 89 182 -270 6.6 456 274 134 322 140 82 1 Oct 5 5 43 110 -148 3.6 401 291 145 256 146 86 6 12 . . 2 75 184 -257 6.3 536 352 210 326 142 27 3 19 11 3 193 -184 4 5 463 271 111 352 159 30 6 26 1 68 126 -193 4.6 379 253 138 241 115 71 9 Nov. 2 4 39 65 -100 2.4 403 338 168 235 170 49 7 9 1 27 103 -129 3.1 437 334 185 252 149 15 11 16 . 2 12 68 -77 1.9 427 359 191 236 168 30 9 23 6 19 210 -223 5.4 495 285 119 376 166 29 3 30 12 21 66 -75 1.8 356 290 108 248 182 55 1 NOTE.—Weekly averages of daily figures. For other notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON FEDERAL FUNDS 971 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 33 MAJOR RESERVE CITY BANKS OUTSIDE NEW YORK CITY AND CHICAGO—Continued (In millions of dollars unless otherwise noted) Related trans- Basic reserve position Interbank Federal funds transactions actions with U.S. Govt. securities dealers 4 Week ending— Less: Net: Gross transactions Net transactions re E se x r c v e e s s s r a o B t B w a F o n in r . k - R g s s . F f i b e n u N d a t n n e e e d t r k r s - al S d u e r o f p i r c l i u t s P r r o e e e f s q r e u a r c v i v e r g e e n . s d t c P ha u s r e - s Sales ac 2 t T r t - a o i w o n t n a a s l y s - ^ b c o P u h f y a u n s i r n e e - g s t s o b S e f a l a l n l n i e k n e s s g t d L e o a to a le n r s s d ro e f B w a ro l o i e m n r r - g s s 7 trans. 2 banks 1960—Dec. 7 148 -146 3.5 487 340 150 337 190 80 14 173 -166 4.0 462 i 289 113 349 176 73 17 21 31 -28 .7 393 362 167 227 196 179 I 28 153 -148 3.5 425 271 121 304 150 165 196!—Jan. 4 5 15 23 -33 251 228 84 167 144 145 1 11 4 1 124 -121 2.9 415 291 165 250 126 90 18 3 4 39 -40 1.0 366 327 159 207 168 137 25 15 -12 .3 216 188 67 149 121 150 Feb. 1 <•> 7 -21 21 .5 270 292 130 140 161 115 8 5 47 49 -91 2.2 263 215 96 167 118 86 15 4 29 105 -130 3.2 393 288 148 245 141 74 2? 7 21 155 -169 4.1 492 337 205 288 132 122 Mar. 1 3 65 -62 1.5 391 326 175 216 151 137 8 1 4 229 -232 5.6 554 324 182 372 143 78 7 15 4 211 -207 5.0 522 310 184 338 126 62 3 22 2 171 -169 4.0 537 367 227 310 140 131 2 29 4 94 -89 2.2 537 443 200 336 243 56 10 Apr. 5 6 4 77 -75 1.8 432 356 189 243 167 58 12 3 88 -84 2.0 475 388 201 274 187 70 19 81 -78 1.8 431 350 176 256 175 125 26 154 -153 3.6 465 311 177 288 134 127 May 3 167 -163 3.9 460 293 i .191 268 j 102 138 10 3 122 -123 2.9 457 335 171 286 164 75 17 32 124 -153 3.6 429 304 192 236 112 101 24 142 -147 3.5 381 239 163 218 76 53 31 166 -159 3.7 515 349 238 276 110 46 June 7 230 -232 5.5 542 311 191 350 120 40 14 201 -195 4.6 540 339 182 358 158 33 21 160 -161 3.7 504 344 213 291 131 57 28 137 -128 3.0 476 339 219 256 119 42 July 5 53 -55 1.3 363 310 141 222 169 38 12 131 -125 2.9 519 388 230 289 158 24 19 123 -122 2.9 483 360 186 297 174 55 26 20 -13 .3 364 344 200 163 144 68 Aus- 2 9 --'- -2 7 1 8 -9 2 3 1 4 3 3 3 9 1 3 36 5 1 2 2 20 0 8 0 2 1 3 3 1 1 1 15 5 3 2 8 5 0 5 1 2 9 \6..'.y.'.'.'.'..'. -14 13 .3 381 395 188 192 207 74 2 23 84 -82 1.9 451 366 205 245 161 167 2 30 -142 145 3.3 313 455 139 175 317 41 4 Sept. 6 38 -39 371 332 142 229 191 62 7 13 12 -9 399 387 163 236 224 75 3 20 -4 4 .1 385 389 202 183 187 141 13 27 -39 38 .9 435 ! 474 231 204 243 158 2 Oct. 4 -9 13 .3 433 442 203 230 239 90 6 11 -37 46 1.1 405 442 205 199 236 82 7 18 -54 41 .9 456 510 240 216 270 144 25 9 -16 .4 370 361 185 185 176 142 Nov. 1 -22 24 .5 376 398 158 217 240 161 10 8 -49 28 .6 382 432 232 151 200 197 12 15 57 -73 1.6 399 342 169 230 173 150 8 22 119 -137 3.0 451 332 164 288 169 182 4 29 179 -186 4.1 525 345 204 321 142 176 4 Dec. 6 179 -176 3.9 574 395 226 348 169 103 19 13 158 -152 3.4 603 445 261 342 184 46 19 20 3 70 -72 1.6 448 378 184 264 194 184 21 27 42 -26 -14 .3 461 487 219 242 268 238 5 1962—Jan. 3 53 -31 -19 .4 336 368 130 207 238 166 3 10.. 27 267 -289 6.3 642 375 253 389 122 147 15 17 19 204 -220 4.9 533 329 204 329 125 112 24 228 -223 5.0 571 342 186 385 156 49 31 83 -82 1.8 570 487 248 322 239 39 12 Feb. 7 130 -132 3.0 615 485 230 386 256 41 5 14 6 9 457 450 213 244 237 24 9 21 47 ~45 450 403 220 230 183 87 5 28 -22 21 398 419 164 234 255 44 10 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN • AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 33 MAJOR RESERVE CITY BANKS OUTSIDE NEW YORK CITY AND CHICAGO—Continued (In millions of dollars unless otherwise noted) Related trans- Basic reserve position Interbank Federal funds transactions a G ct o i v o t n . s s w e i c t u h ri U ti . e S s . dealers 4 Week ending— Less: Net: Gross transactions Net transactions re E s x e c r e v s e s sl r a B o t B a w o i n r F n - k . g s R s . F t f e i b r N n u d a a t e n e n n e s d r t r k a . s - l 2 S d u e r f o p i r c l i u t s P r r o e e e f s r q e u a c r i v e v r g n e e . t s d c P h u a r se - s Sales ac 2 t T t r - o i a w t o n a a s n l y - s 3 b c b o u P h a f y u a n n i s r k e e n - s t s g s b o S e a f a l n l l n i e k e n s s t g d L e o a t a l o e n r s s d r e o f B a w r o l i e o r n r m - g s s 7 1962 Mar 7 20 _{ -18 .4 473 474 213 260 261 40 25 14 4 12 114 -122 2.8 542 428 225 318 203 45 22 21 11 57 -66 1.5 540 483 257 282 226 124 7 28 1 3 -38 37 .8 485 523 243 242 280 155 9 Apr 4 4 12 83 -91 2.0 479 396 207 272 189 142 14 11 3 17 60 -73 1.7 543 484 223 320 261 85 8 18 1 11 92 -101 2.3 626 534 307 319 227 128 4 25 2 16 192 -206 4.6 589 397 254 336 144 119 7 May 2 2 1 1 474 474 250 224 224 214 8 9 3 8 83 -88 2.0 516 433 189 326 243 190 5 16 2 9 -1 -6 .1 488 490 206 282 284 217 4 23 2 1 62 -61 1.3 521 459 219 301 240 93 1 30 6 9 .1 453 444 178 275 267 95 8 June 6 3 -41 44 1.0 426 467 178 248 289 83 10 n 6 3 193 -190 4.3 543 349 225 318 125 98 5 20 4 42 150 -189 4.2 443 293 215 228 78 221 27 2 22 81 -100 2.2 437 356 226 211 131 246 2 July 4 3 14 52 -62 1.4 341 289 163 178 126 175 1 11 4 3 265 -265 5.8 518 253 183 335 70 155 7 18 2 65 332 -395 8.7 540 209 141 400 68 88 4 25 3 1 292 -290 6.4 670 378 222 448 156 26 8 Aug 1 7 192 -198 4.4 576 384 238 338 146 68 8 8 3 29 117 -144 3.2 628 510 234 394 276 62 5 15 4 7 145 -148 3.3 604 459 194 410 265 33 6 22 3 31 86 -114 2.5 571 485 215 355 270 90 4 29 2 11 46 -54 1.2 550 504 223 327 281 79 7 Sent 5. .... 1 -34 35 .8 480 514 195 284 318 135 17 p 12.:::: 3 8 21 -26 .6 577 556 164 413 393 (9) 19 . . 5 1 189 -185 4.1 574 385 202 372 183 161 17 26 1 36 222 -256 5.6 587 366 192 395 173 182 14 Oct 3 12 13 154 -155 3.4 556 402 191 365 211 122 17 10 9 4 239 -233 5.1 630 391 202 427 189 103 1 17 4 7 139 -142 3.1 643 503 268 375 236 120 1 24 13 14 314 -315 6.9 645 331 165 479 165 110 1 31 -4 14 85 -102 2.3 517 433 235 283 198 144 19 Nov 7 7 48 154 -195 4.4 585 431 234 351 197 121 27 14 10 26 207 -223 5.1 608 401 227 381 174 79 23 21 29 305 -334 7.6 623 318 173 450 145 206 33 28 21 49 304 -333 7.5 674 369 237 437 133 134 26 Dec 5 _2 13 251 -266 6.0 627 376 194 432 181 85 30 12 6 24 364 -381 8.6 791 427 282 509 145 78 26 19 9 29 334 -355 7.9 661 326 199 462 127 215 24 26 15 33 266 -284 6.2 633 367 177 456 190 211 24 1963 Jan 2 -32 184 141 -356 7.7 392 251 117 275 134 212 24 9 23 17 458 -452 9.9 714 256 214 500 43 218 70 16 10 13 415 -418 9.3 602 187 146 456 41 204 22 93 17 61 472 -517 11.7 679 206 160 519 47 154 20 30 13 25 320 -333 7.6 633 313 193 440 120 101 Feb 6 28 42 224 -237 5.4 588 364 217 371 147 139 13 5 39 175 -209 4.8 612 437 223 390 215 67 20 7 43 189 -225 5.1 614 425 208 406 217 145 27 -16 28 55 -99 2.3 535 480 214 321 266 169 Mar 6 7 53 62 -108 2.5 604 541 241 363 301 336 13 17 29 -90 79 1.8 560 650 265 294 385 253 6 20 23 8 80 -65 1.5 651 571 273 378 298 205 20 27 2 15 -47 34 .8 501 547 276 225 272 281 20 Apr. 3 10 35 -89 64 1.5 547 636 307 240 329 144 10 ... 5 18 23 -36 .8 543 520 188 354 332 86 17 30 11 -10 30 .7 597 607 249 347 358 150 24 59 78 -137 3.1 602 525 201 402 324 221 May 1 18 15 -101 105 2.4 529 631 257 273 374 247 8 . .. 5 24 -83 64 1.4 479 562 219 261 343 212 1 15 17 47 31 -61 1.4 525 495 229 296 265 123 1 22 7 58 91 -143 3.2 453 362 207 247 155 183 20 29 40 77 35 -72 1.6 479 444 229 249 215 103 20 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

973 NEW SERIES ON FEDERAL FUNDS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS OF 33 MAJOR RESERVE CITY BANKS OUTSIDE NEW YORK CITY AND CHICAGO—Continued (In millions of dollars unless otherwise noted) Related trans- Basic reserve position Interbank Federal fundstransactions actions with U.S. Govt. securities dealers4 Week ending— Net: Less: Gross transactions Net transactions e E s x e c r e v s es s 1r a B o B t a w o n i F r n k - . g s R s . F t f i b r e N n u a a d t e n n e n e t s d r r k . s a - l 2 S d u e r f o p i r c l i u t s P r r o e e e f s r q e u a r c i v v e r g e n e . s t d ch P a u s r e - s Sales ac 2 t T t r - o i a w t o n a a s n l y - s 3 b c o b u P h f a y u a n n s i r k e e n - s t s g s b o S e f a a l n l l n i e k e n s s t g d L e o a t a l o e n r s s d r e o f B a w r o l i o r e n m - r g s s 7 1963—June 5 4 49 83 -128 2.9 523 440 249 274 191 139 20 12 8 90 175 -257 5.9 644 469 310 335 159 59 11 19 11 65 134 -188 4.2 465 331 202 263 129 179 26 4 25 31 -52 1.1 481 449 222 258 227 195 JU[y 3 6 92 — 34 --52 1.1 344 378 170 174 208 105 10 22 119 51 -148 3.3 531 480 268 263 212 90 17 7 156 109 -258 5.8 473 364 186 287 178 127 24 28 75 195 -243 5.5 627 432 218 409 214 100 31 2 26 — 73 49 1.1 530 603 263 267 340 62 Aug. 7 9 66 — 181 123 2.7 550 730 255 295 476 35 14 6 42 101 65 1.5 551 652 202 349 450 66 21 8 39 — 114 82 1.9 535 649 222 314 427 70 28 2 30 — 143 114 2.6 564 707 254 310 453 38 Sent 4 37 53 68 -84 1.9 623 555 296 327 260 143 4 p li.:: : 21 61 153 -192 4.3 633 481 215 418 265 177 18 -12 53 159 -224 5.0 692 533 341 352 193 420 2 25 n 124 225 -338 7.5 641 417 243 398 173 234 1 Oct 2 2 58 285 — 340 7.5 711 426 262 449 165 210 9 9 108 190 -289 6.4 624 435 279 345 155 123 16 13 74 272 — 333 7 4 753 481 328 425 153 101 23 9 98 173 -262 5.9 759 586 327 432 259 83 30 4 5 51 -52 1.2 734 683 341 393 342 38 Nov. 6 9 37 104 -132 2.9 650 546 310 339 236 125 13 10 39 364 — 393 8 8 826 463 299 527 163 37 20 A 148 347 -499 11.1 779 432 309 470 123 130 27 9 55 280 -326 7.2 937 657 364 573 293 51 Dec. 4 25 195 245 -415 9.2 782 537 284 498 253 38 11 16 8 523 -516 11.5 1,046 522 326 720 196 32 18 18 21 85 331 -395 8.6 836 505 332 504 173 145 54 25 -15 105 277 -396 8.5 729 452 333 396 119 176 13 1964 Jan 1 101 233 310 -442 9.4 563 253 165 397 87 110 8 4 160 240 -397 8.4 609 370 246 363 124 186 2 15 14 107 155 -248 5.4 502 348 265 237 82 291 22 5 38 305 -338 7.3 632 327 270 362 57 327 29 -6 36 190 -232 5.1 575 385 217 358 168 180 Feb 5 45 168 -213 4.7 629 461 308 321 153 232 12 17 56 102 -141 3.1 541 440 254 287 185 299 19 8 29 171 -192 4.3 551 380 260 291 120 306 26 10 28 36 -54 1.2 579 544 281 299 263 238 1 Mar. 4 11 96 95 -179 4.0 483 389 263 220 126 152 11 11 43 25 — 57 1.3 564 539 296 268 243 83 18 7 77 54 -124 2.7 526 472 309 216 163 253 25 .... 16 33 -17 .4 556 556 287 270 270 134 Apr 1 20 17 — 14 17 .4 647 661 384 263 277 236 Apr. g... 8 52 31 — 75 1.6 628 597 280 348 317 185 15 10 65 90 -144 3.1 732 642 362 371 281 263 22 10 108 132 -230 5.0 806 674 265 541 409 80 29 9 13 126 -130 2.9 764 637 350 413 287 90 May 6 15 23 — 19 11 .2 560 578 352 208 227 253 13 17 70 41 -94 2.1 541 500 305 236 195 257 20 11 63 223 — 275 6 0 645 422 276 369 146 247 27 8 42 119 -153 3.4 699 580 387 313 193 109 June 3 1 28 35 -62 1.4 612 577 338 274 239 171 7 10 13 56 67 -110 2.4 607 541 293 314 248 133 17 8 75 47 -114 2.5 526 479 275 251 204 221 24 25 53 160 188 4.0 609 449 303 306 146 132 July I 8 27 25 44 .9 574 549 281 293 268 134 8 11 20 269 -278 5.9 650 382 273 378 109 111 5 15 20 151 213 -344 7.3 537 324 250 287 75 188 4 22 31 45 325 -339 7.4 834 509 339 494 170 185 36 29 9 26 295 -312 6.8 847 552 341 506 211 88 51 For notes see p. 974. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN • AUGUST 1964 n.a. Not available. week ended Oct. 18, 1961, consist of straight 1-day Federal 1 Based upon reserve balances including all adjustments ap- funds transactions and the net of funds "supplied" by or "acplicable to the reporting period. Carryover reserve deficiencies, quired" by banks clearing securities for dealers. Data on colif any, are deducted. lateral loans (balances outstanding) in Federal funds are in- 2 Purchases minus sales. cluded as of the week beginning Oct. 19, 1961, and in New 3 Derived from averages for individual banks for entire week. Y 26 o , rk 1 96 C 2 l . earing House funds as of the week beginning July Figure for each bank indicates extent to which its weekly aver- 5 Includes Federal funds sold, the net of funds "supplied" by age purchases and sales are offsetting. Gross purchases less 2- or "acquired" by banks clearing securities for dealers, repurway transactions equals net purchases of net buying banks. chase agreements (purchases of securities from dealers subject Similarly, gross sales less 2-way transactions equals net sales to resale) or other lending arrangements. of net selling banks. 0 These data are added on the day in which reserve balances 4 Data on loans to and borrowings from dealers by banks are affected, that is, one business day after the loans are made. outside of New York City are incomplete. 7 Includes Federal funds borrowed, reverse repurchase agree- May include small amounts of transactions with other than ments (sales of securities to dealers subject to repurchase), domestic commercial banks, that is, with foreign bank agencies resale agreements, and borrowings secured by Govt. or other and mutual savings banks, through the week ended Sept. 5, issues. 1962. 8 Less than $500,000. For banks outside of New York City, dealer transactions 9 In the week ended Sept. 12, 1962, due to the change in through the week ended Sept. 5, 1962, are included on the reporting procedure, dealer transactions were not reported. basis of daily totals. Since then, they include only those transactions made for one business day or on a day-to-day basis. NOTE.—Weekly averages of daily figures. Details may not For New York City banks, dealer transactions through the add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ministerial Statement of The Group of Ten and Annex Prepared by Deputies Ministerial Statement 10th August 1964 conclusions and decisions of the Ministers and Governors were greatly assisted by these M. Valery GISCARD D'ESTAING, studies, the results of which are described Ministre des Finances et des Affaires Ecoin the accompanying Annex. nomiques of France, acting as Chairman 2. In reviewing the functioning of the of the Ministers and Governors of the Group international monetary system, the Ministers of Ten countries participating in the Gen- and Governors reaffirmed their conviction eral Arrangements to Borrow, today issued that a structure based, as the present is, on the following Statement. There is included fixed exchange rates and the established with this Statement an Annex prepared by price of gold, has proved its value as a Deputies of the Group of Ten. foundation on which to build for the future. They further agreed that increasingly close cooperation among monetary authorities 1. The Ministers and Governors of the was an essential element supporting the sys- 10 countries participating in the General tem. As concerns liquidity, the Ministers Arrangements to Borrow have, over the past and Governors are agreed that, for the inyear, examined, with a long-range perspec- ternational monetary system as a whole, suptive, the wider implications of the obliga- plies of gold and reserve currencies are fully tions which they have accepted for helping adequate for the present and are likely to to assure the stability and adequacy of the be for the immediate future. These reserves international payments system. They have are supplemented by a broad range of credit reviewed the functioning of the interna- facilities. The continuing growth of world tional monetary system and its probable trade and payments is likely to entail a future needs for liquidity. The necessary need for larger international liquidity. This studies were entrusted to a Group of Depu- need may be met by an expansion of credit ties, to be carried out in cooperation with facilities and, in the longer run, may posthe International Monetary Fund (IMF) sibly call for some new form of reserve and with the participation of representatives asset. of the staffs of the IMF, the Organization 3. The smooth functioning of the interfor Economic Cooperation and Develop- national monetary system depends on the ment (OECD), and the Bank for Interna- avoidance of major and persistent intertional Settlements (BIS), as well as of an national imbalances and on the effective use observer of the Swiss National Bank. The of appropriate policies by national govern- 975 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN • AUGUST 1964 ments to correct them when they occur. 5. Looking further into the future, since The Ministers and Governors have there- there is a possibility that the supply of gold fore decided to initiate a thorough study of and foreign exchange reserves may prove to the measures and instruments best suited be inadequate for the over-all reserve needs for achieving this purpose compatibly with of the world economy, the Ministers and the pursuit of essential internal objectives. Governors, without prejudging any aspect In view of the experience it has already ac- of this question, have approved the arrangequired in this field, Working Party 3 of the ments made by their Deputies for a study OECD is being invited to take charge of group to examine various proposals regardthis study. ing the creation of reserve assets either 4. A significant development in the evo- through the IMF or otherwise. lution and strengthening of the system has 6. Finally, the Ministers and Governors been the emergence of a wide range of have exchanged views on the adequacy of bilateral and multilateral credit facilities, international credit arrangements. The IMF, notably to cope with speculative movements with large resources of credit and a code of and sudden pressures. There has at the same obligations, occupies a central position. In time been increasing recognition of the fact order to further the Fund's capabilities and that the way in which balance of payments while recognizing that the responsibility for deficits and surpluses are financed has im- decisions concerning the provision of addiplications for countries other than those tional resources rests with the competent directly concerned. The Ministers and Gov- authorities of the IMF itself, the Ministers ernors have consequently agreed on the and Governors, for their part, are agreed usefulness of participating, through the in- that they will, in the forthcoming quinquenternational institutions which are already nial review of Fund quotas during 1965, concerned with these problems, in a "multisupport a moderate general increase in memlateral surveillance" of the ways and means ber quotas. At the same time, they will supof financing balance of payments disequiport relative adjustments of those individual libria. To this end, they have approved quotas which are clearly out of line. In addiarrangements which will give the monetary tion, the Deputies are instructed to study the authorities of countries participating in them questions related to the renewal of the Gena more comprehensive and up-to-date view eral Arrangements to Borrow (GAB) and of major trends and will afford them a to make recommendations to the Ministers better basis for strengthening their policy and Governors before September 1965. cooperation in the international monetary sphere. This should help them to avoid ex- 7. The Ministers and Governors believe cesses or shortages in the means of financing that the review of the international monetary surpluses or deficits in the balance of pay- system conducted during the past year has ments, as well as to discuss measures ap- helped to clarify the fundamental considerapropriate for each country in accordance tions which underlie the various national with the general economic outlook. The points of view and has brought a fuller rec- Ministers and Governors of the Group will ognition of common interests. They believe meet from time to time to survey current that the spirit and practice of cooperation developments in this field. that have now been achieved warrant confi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 977 dence that fully adequate, but not excessive, opments or longer-range requirements will resources will be made available to meet the strengthen the capacity of the international liquidity requirements of the world as a monetary system to support and sustain the whole. This readiness of their countries to objectives of growth, employment, and price work together in meeting unexpected devel- stability that are shared among all people. Annex Prepared by Deputies This document presents the main results the same communique as relevant to our of the studies of the Deputies, which led to studies: the report presented by them to the Ministers The Ministers and Governors noted that the and Governors at their meeting in Paris on present national reserves of member countries, supplemented as they are by the resources of June 15-16, 1964. the IMF, as well as by a network of bilateral facilities, seemed fully adequate in present circumstances to cope with possible threats to the INTRODUCTION stability of the international payments system. The Ministers reviewed the "General Arrange- 1. Our Group was established by Minisments to Borrow" in the IMF and reiterated ters and Governors, as recorded in their their determination that these resources would communique of 2d October 1963, in the be available for decisive and prompt action. The Ministers and Governors believe that such following terms: an examination of the international monetary In reviewing the longer-run prospects, the Min- system will further strengthen international fiisters and Governors agreed that the underlying nancial cooperation, which is the essential basis structure of the present monetary system— for the continued successful functioning of the based on fixed exchange rates and the estabsystem. lished price of gold—has proven its value as the foundation for present and future arrange- Our instructions were that: ments. It appeared to them, however, to be use- Any specific suggestions resulting from the ful to undertake a thorough examination of the studies by the Deputies will be submitted to outlook for the functioning of the international the Ministers and Governors for consideration. monetary system and of its probable future needs for liquidity. This examination should be 2. In accordance with these instructions a made with particular emphasis on the possible number of meetings were held during the magnitude and nature of the future needs for past year and close relations were mainreserves and for supplementary credit facilities which may arise within the framework of na- tained with the IMF, the OECD, and the tional economic policies effectively aiming at BIS. The staffs of these institutions have the objectives mentioned in paragraph 2. The been represented in our discussions and have studies should also appraise and evaluate various possibilities for covering such needs. made valuable contributions to the work of the Group. The discussions also benefited The objectives mentioned in paragraph 2 of from the presence of representatives of the the communique were as follows: Swiss National Bank, as decided by Minis- The Ministers and Governors reaffirmed the ters following completion of the legislation objective of reaching such balance at high levels of economic activity with a sustainable rate of looking to Swiss cooperation with the GAB. economic growth and in a climate of price 3. A review was made of the major prostability. posals put forward in recent years for reform We have also regarded certain passages in of the existing international payments sys- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN • AUGUST 1964 tern, ranging from a restoration of the for- will in the end be harmful at home as well as mer gold standard to the setting up of an abroad. In view of this close interdependinternational central bank with supra- ence, we have thought it right, before pronational authority. While no single plan ceeding to examine the international moneappeared to meet the requirements in a way tary system itself, to look into the processes fully consistent with the general political, and procedures for maintaining balance of economic, and social environment in which payments equilibrium, and for correcting international payments and arrangements imbalances when they occur. must operate, we have found much in the 6. The objectives of economic policy in analysis underlying these various approaches a free society are broad and complex. They that has been useful and stimulating for our include healthy and sustainable economic discussions and appraisal. growth, full and efficient employment, to- 4. Our report, after examining the gether with goals in the fields of social debroader economic and financial structure velopment, defense policy, and foreign aid. within which the international monetary sys- But continuing success in the pursuit of these tem must operate, surveys briefly the major objectives demands reasonable price stabilaspects of the system as it has evolved in the ity and equilibrium in the over-all balance of postwar world, makes an appraisal of the international payments. Countries will neverpresent system, explores lines of future de- theless from time to time find themselves velopment and, finally, sets forth and ex- showing a tendency toward a sustained defiplains our major conclusions and recom- cit or a sustained surplus on their over-all mendations. balance of payments, and in order to counteract this tendency they will find it necessary to make use of an appropriate combi- I. THE IMPORTANCE OF INTERNATIONAL BALANCE AND THE PROCESS OF ADJUST- nation of the following instruments of MENT economic policy: 5. The smooth functioning of the interna- —Budgetary and fiscal policies; tional monetary system depends on the —Incomes policies; avoidance of major and persistent imbal- —Monetary policies; ances and on the effective use of appropriate —Other measures relating to internapolicies by national governments to correct tional capital transactions (for examthem when they occur. The process of ad- ple, measures designed to affect capital justment and the need for international li- movements, advance repayments of quidity are closely interrelated. If there is intergovernmental debts, et cetera); not enough liquidity, countries may not have —Commercial policies (for example, time to make adjustments in an orderly fash- temporary unilateral tariff reductions ion, and may be forced into measures that and similar measures); are disruptive both to their domestic econo- —Selective policies directed to particular mies and to international economic relation- sectors of the economy (for example, ships. If, on the other hand, there is too housing or hire purchase, governmuch liquidity, the adjustment mechanism mental transactions affecting the balmay function too slowly, and a delay in tak- ance of payments, et cetera). ing measures necessary to restore balance 7. Such instruments must be employed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 979 with proper regard for obligations in the smoothly as possible when it occurs. This is field of international trade and for the IMF so relevant to the functioning and liquidity obligation to maintain stable exchange pari- needs of the international monetary system ties which are subject to change only in cases that, subject to the review and approval of of fundamental disequilibrium. A "mix" of the Ministers and Governors, we have sugpolicies appropriate to both internal and gested that Working Party 3 of OECD, external objectives has to be found and ap- which already has gained experience in this plied by national governments. It falls to field, might be invited to study how member each government to ensure that it is fully countries, individually and collectively, and equipped with the various policy instruments compatibly with the pursuit of their essennecessary to its task, to be alert to the dan- tial internal objectives, could in the future gers of delay in making use of these instru- preserve a better balance of payments equiments, and to put appropriate weight on the librium and achieve a faster and more effecmaintenance of external equilibrium with- tive adjustment of imbalance. out neglecting internal objectives. It is thus 10. Working Party 3 would conduct studfor each government individually to find ies of the interrelationship between internal means of reconciling its own social prioriliquidity and the balance of payments as ties, institutional practices and general ecowell as how measures in the field of fiscal, nomic performance with the ever-present trade, incomes and other policies can be need for external equilibrium. It is for govused by both surplus and deficit countries, ernments collectively to consider how the in combination with monetary policy, to actions of each may affect others and achieve internal and external objectives, whether additional standards for improving particularly when there is some possibility external balance and new forms of consulof conflict between the two. These studies tation and cooperation to that end may be would explore whether standards could be called for. formulated on the contribution of monetary 8. The growing recognition of common and related policies to balance of payments interest in the smooth flow of international equilibrium, against which the performance trade and payments has already greatly pro- of countries could be appraised. The studies moted the practice of international consul- would also cover the relationship of differtation in the field of finance and trade, which ent types of liquidity to the adjustment procat first tended to be mainly concerned with ess, the role of capital movements and capithe fulfillment of, or occasional derogation tal markets in the adjustment process under from, specific obligations, but has more re- conditions of widespread convertibility, and cently developed into a broader coopera- means of improving the process of continution, to ensure so far as possible, that ad- ing international consultation and cooperajustment measures adopted by national tion. authorities take adequate account of the interest of other countries. n. FUNCTIONING OF THE PRESENT SYSTEM 9. Much, however, remains to be done in 11. The international monetary system is, clarifying the measures and instruments and doubtless will always be, in a state of which are best adapted to avoiding imbal- evolution, with elements both old and new. ance and to correcting it as early and as Rather than attempt a summary of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN • AUGUST 1964 whole working of the system as it now is, reserves and about $6.5 billion was transwe set out below the elements which have ferred from the gold holdings of the United proved most relevant to the questions re- States to the reserves of other countries. ferred to us. These additions and transfers were accom- 12. Gold remains the basic reserve asset panied by an increase of nearly $8 billion in of the system and the common measure of foreign exchange holdings, principally in par values. But other elements have been dollars, during the decade. The practices of added. Much use is made of foreign curren- individual monetary authorities vary as to cies (particularly the dollar) for interven- the proportion of gold and foreign exchange held in their reserves, but dollars and other tion by monetary authorities in the exchange foreign exchange accounted for nearly 40 markets, as a reserve holding, and in the per cent of the total reserves of the nongreatly enlarged international credit facilireserve members of our Group (including ties now available. Switzerland), while the rest of the world 13. The enlargement of the currency eleheld nearly 70 per cent of their reserves in ment was not the result of any deliberate the form of foreign exchange. plan but a gradual process growing out of the spontaneous practices, first of individual 15. A further distinctive and important traders and bankers, and later of central feature of the present system lies in the debankers and national monetary authorities. velopment, since the war, of international Under the former gold standard, the mainte- monetary cooperation, not only in internanance of exchange parities involved passive tional organizations, such as the IMF, the purchases or sales of gold by central banks OECD, the BIS, and the European Ecoin response to initiatives by traders in the nomic Community, but also in smaller or markets. But, even under the gold standard, less formal groups. A central role in this central banks had, on occasion, bought or cooperation is played by the IMF, not only sold foreign currency to keep the exchange through its large fund of credit but also rate away from the gold points. Official in- through its code of obligations. To preserve tervention in the foreign exchange markets a framework within which mutual trade and has now become the general practice for investment can grow freely, member counkeeping the exchange rate within the agreed tries undertake to maintain convertibility parity limits. If only for obvious reasons of and stable exchange rates—which does not, convenience, intervention is conducted in a however, preclude adjustment to a new stacurrency widely dealt in by traders and ble rate in case of fundamental disequilibbankers throughout the world. Many mone- rium. The credit element is designed to tary authorities have seen advantage in ac- allow these obligations to be observed, while cumulating, as a reserve asset, balances of a country is in deficit, "without resorting to the operating currency which accrue to them measures destructive of national or internain time of surplus. tional prosperity" (IMF Article I). 14. In this way an important supplement 16. In view of the importance of the IMF to gold has developed in the form of reserve in the functioning of the system, it may be currency holdings (see Appendices I and useful at this point to recall, in broad out- II). In the decade 1954-63, nearly $6 bil- line, its purposes, operating principles and lion of new gold found its way into official procedures: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 981 (a) As mentioned above, the Fund, position in the Fund." Rights to draw under its Articles of Agreement, com- from the Fund virtually at will have bines (i) a code of international good many of the qualities of a reserve asset; behavior in the field of exchange rates and they are, in fact, so recorded by and exchange arrangements and (ii) a the Fund itself in its statistics on memcentral pool of resources available to bers' total reserves, as well as by some members, in the form of short- or individual members in their own remedium-term loans, in order to help serve statements. them to observe this code and to short- (d) A member's drawing rights in en the duration and lessen the degree his "credit tranches" are normally equal of disequilibrium in international pay- to his quota and can be exercised only ments. in accordance with the Fund's policies. (b) Each of the 102 member coun- While drawings in the "credit tranches" tries has a "quota" determined by ref- are subject to stricter requirements as erence to such factors as his trade, the amount drawn rises, a member may national income, and international pay- undertake in advance to meet certain ments. Quotas serve three purposes: conditions laid down by the Fund and (i) they determine the amount of the so obtain a "standby arrangement" asmember's subscription; (ii) they meas- suring access to the Fund over a limure his borrowing possibilities; (iii) ited period of time and for a specified they provide the basis for calculating amount. It is the Fund's rule that all his voting rights. drawings be repaid as soon as the (c) Of the quota, 25 per cent is drawer's position allows, and, in any normally subscribed in gold and 75 event, within a 3- to 5-year period at per cent in the member's currency. most. Members "draw" from the Fund by (e) At any given time, only some purchasing other currencies from it of the currencies held by the Fund will against further payments of their own be suitable to be drawn. Other currencurrency into the Fund. Up to the cies will be relatively unsuitable, beequivalent of the 25 per cent sub- cause the level of reserves of the counscribed in gold (the "gold tranche"), try concerned is low or because its the Fund permits a member to pur- balance of payments is weak, either chase other currencies virtually at will. temporarily or, as is often the case When transactions flow in the opposite with less developed countries, for prodirection and a member's currency is longed periods. drawn by other members, his position (f) Under the General Arrangein the Fund improves. If the drawing ments to Borrow of 1961-62, our 10 reduces the Fund's holding of his cur- countries have entered into an underrency below the original 75 per cent of taking to lend the Fund amounts of his quota subscription, his rights to their currencies up to a total of $6 draw virtually at will are pro tanto en- billion, so as to reinforce the Fund's larged by what is sometimes called a ability to grant drawings to partici- "super gold tranche" or a "net creditor pants in the Arrangements in order to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN • AUGUST 1964 forestall or cope with an impairment 18. The sources of credit are not limited of the international monetary system, to the facilities of the IMF. After the termi- (g) All members' claims on, or lia- nation of the European Payments Union bilities to, the Fund are expressed in (and the transition to the European Moneterms of a constant gold value as pro- tary Agreement), central bank support opvided by the maintenance-of-value pro- erations played a more important part, for visions of the Articles of Agreement or example, the Basle arrangements of 1961 of the GAB. and 1963 and the swap and other arrange- 17. Since the Fund's creation, its mem- ments established between the United States and other members of the Ten. The Fund's bers have drawn a total of $7.5 billion, of own resources have been enlarged by the which $5.8 billion has been repaid. Draw- 50 per cent general increase in quotas in ings have been made by many countries, in- 1959 and reinforced by the GAB of 1961cluding among them eight of the members 62 which were the origin of the Group of of the Group, three of which have standby Ten. arrangements outstanding. In the first 10 years, drawings were made almost exclu- 19. While our report focuses on official sively in U.S. dollars with a consequent in- liquidity, private liquidity is also of imporcrease of the super gold tranche rights of the tance to the international monetary system United States. In recent years, however, the and to official liquidity. Traders' credits and balance of payments of the United States working balances in foreign exchange are being in deficit, drawings have been mainly an indispensable part of the day-to-day directed toward other currencies—those of transactions of private traders and investors; the European countries, Japan, and Canada. and foreign exchange held by commercial But repurchases have continued to be made banks as working balances plays a role as a primarily in U.S. dollars, and thus have secondary reserve asset alongside official served to finance part of the U.S. deficit. As reserves in many national banking systems. a result of these two developments, the U.S. Temporary shifts between private and offinet creditor position ("super gold tranche") cial liquidity can be either equilibrating or of about $1.3 billion which existed at the disequilibrating but, over time, the probable end of 1958 has largely been replaced by need for growth of private liquidity should net creditor positions of about $1.1 billion of be taken into consideration along with the other members of the Ten. The increased needs for official resources. number of countries whose Fund positions 20. Statistical Appendix II shows that, have moved into credit during recent years during the decade 1954-63, gold reserves of has drawn attention to the fact that, as ex- the Group of Ten and Switzerland rose by plained above, countries' gold tranche and about $4% billion and their foreign excreditor positions in the Fund may be re- change holdings by over $5 billion, while garded as part of their international reserve other forms of reserve assets, resulting from assets. There are indeed recent examples, transactions with the IMF or from the exbesides the United States, in which such a tension of credits, increased by approxipreviously accumulated asset in the Fund mately $2Vi billion. These countries as a has been utilized to assist in financing newly group also had substantial unused short-term incurred deficits. credit facilities in the form of swaps and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 983 IMF standbys (about $3Vi billion), as well 24. We find no new considerations which as other short- or medium-term facilities in would qualify the view expressed by the the IMF. Ministers and Governors in their communi- 21. In this connection, it should be noted que of 2d October 1963 that "the over-all that credits which monetary authorities ex- liquidity of the system seemed fully adequate tend to one another to finance balance of in present circumstances to cope with possipayments fluctuations normally produce an ble threats to the stability of the international increase in total gross reserve assets. payments system." Although we know of no satisfactory quantitative formula for the 22. In sum, a country's liquidity is no measurement of liquidity needs, we believe longer measured solely by the level of its that some comments are possible. On the reserves in the form of gold and reserve curone hand, the fact that some individual rency balances (primary reserves). There is countries find themselves short of external now a variety of ways in which monetary liquidity is not prima facie evidence of a authorities can, at need, replenish their balgeneral shortage of international liquidity. ances of the currencies used for operations. On the other hand, the existence of a gen- Primary reserves are thus supplemented by eral shortage, in its extreme form, might be a broad spectrum of other resources and faaccompanied by widespread deflationary decilities (see statistical Appendix II). At one velopments or restrictions on trade and payend of this range come "other reserves" of ments resulting from the efforts of governonly slightly less liquidity but of unquesments to defend or restore their reserves. tioned availability; at the other end of the The aggregate needs for liquidity are prerange are negotiated credits, including those sumably in some way related to such factors which will only be available when an interas the growth of world trade and capital national institution is satisfied that the bormovements, and the amplitude and duration rower will employ effective adjustment procof imbalances in international payments, esses to correct his deficit. taking into account the efficacy of adjust- III. APPRAISAL OF THE PRESENT SYSTEM ment policies in correcting such imbalances; AND LINES OF FUTURE DEVELOPMENT they are also affected by psychological attitudes toward minimum or desired levels of 23. The system, as it has evolved up to this national reserves, toward reserve movepoint, has shown a great capacity for adaptments, and toward the use of available credit ing itself to growth and change, has facilifacilities. While there appears to be no contated the remarkable economic progress vincing evidence that imbalances will be achieved since the war, and has withstood longer lasting or more intractable than hithwith success periods of political and other erto in the postwar period, a rising turnover strain, although many countries are still of current and capital payments is likely to faced with inflationary pressures and others entail some increase in the size of fluctuastill have unemployed resources. In these tions. Moreover, we have noted that a concircumstances, it appears to us prudent, 20 cern for domestic objectives such as growth, years after Bretton Woods, to inquire employment, and price stability, or for inwhether the amount and the character of ternational political, monetary, and ecofuture liquidity may call for any significant nomic responsibilities, may sometimes lead further changes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN • AUGUST 1964 to wider swings in the balance of payments. the IMF and of a bilateral character— 25. With regard to the provision of li- will continue to play an essential part quidity in the future, the Group has estab- in financing imbalances. Particularly lished broad agreement on the following for medium-term credit, the IMF fulpoints: fills a valuable and unique function and (a) Gold will continue to be the should continue in its central role. ultimate international reserve asset and (f) The recently developed bilateral common denominator of par values. facilities for swaps and ad hoc support But, while recent developments lead us operations have already, in periods of to anticipate some continuing increase stress, been effective in maintaining in world gold production and to expect orderly conditions for international that the continued success of the gold payments in the exchange markets. pool arrangements and other measures They should, within a suitable framewill channel a substantial proportion work for "multilateral surveillance" of it into official reserves, we cannot (see pars. 35-37), continue to play an prudently expect new gold production essential role for short-term purposes. to meet all liquidity needs in the fu- (g) There is no single, unique manture. ner in which the growing requirements (b) The rise in dollar holdings has for liquidity have to be met. Past expecontributed somewhat more than mon- rience shows that, at different times, etary gold to the growth of interna- countries have relied on gold, reserve tional liquidity in the last decade. The currencies, and credit facilities in difdeficit in the U.S. balance of payments ferent amounts and proportions. Their now appears to be shrinking and the relative importance may vary from pecontribution of dollar holdings to the riod to period in the evolution of the growth in international liquidity seems monetary system, as in the past, but a unlikely to continue as in the past. combination of primary reserves, other (c) There is no immediate prospect reserves, and credit facilities should of any other currency assuming the provide for a needed growth in world function of an international reserve liquidity in the future. Viewed from currency. Indeed, at the present junc- the point of view of the holder, these ture such a development could components of liquidity are, dependraise problems without substantially ing on the circumstances, substitutable strengthening the system. for one another over a more or less (d) The need may in time be felt wide margin. In any case, when credits for some additional kind of interna- provided by monetary authorities are tional reserve asset. We think it would availed of by the debtor, a form of rebe timely to investigate the problems serve asset is created in the process. raised by the creation and use of such (h) In view of our increased ecoan asset, the possible forms it might nomic and financial interdependence, take and the institutional aspects asso- the present consultative machinery, ciated with it. whether provided under the IMF, the (e) Credit facilities—both through various bodies of OECD, the BIS, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 985 under other auspices, should be fully of the international monetary system as a utilized by their members and, wher- whole. Other Deputies stressed the primary ever necessary, provision should be desirability of building upon the accomplishmade for closer coordination between ments and flexibility of the present system. the international organizations con- They noted that reserve currencies were uncerned. The need being to supply suffi- likely to make the same contribution as in cient liquidity to finance temporary the past to the growth of international lipayments imbalances without frustrat- quidity and believed that principal reliance ing the required processes of interna- should be placed on strengthening the intertional adjustment in individual coun- national credit component of the present systries, it is desirable to bring under tem, and on the increase in reserve assets multilateral review and appraisal the created when official credits are extended various means of financing surpluses either through the Fund or in some other or deficits. Such a "multilateral surveil- form. lance," exercised through existing inter- 27. In spite of these differences regardnational consultative bodies, would ing the best means of meeting adequately represent a strengthening of the ar- the world's future requirements for liquidity, rangements for international monetary we agreed on the issues of immediate praccooperation that have been developed tical concern, and also on the areas in which in recent years. This development of a the development of the international monecommon approach to international tary system calls for further study. monetary matters may well be the main 28. We have agreed on three main lines distinguishing feature of the present of advance: (1) strengthening the internaphase of evolution of the international tional monetary system through the multimonetary system. lateral surveillance of the means of financ- 26. Given the complexity of the problem ing both deficits and surpluses; (2) giving referred to us, it is not surprising that a num- support, during the forthcoming quinquenber of views were expressed as to the areas nial review of IMF quotas, to an enlargewhich most deserve further study or ac- ment, by means of a general quota increase, tion for the longer-run improvement and of the credit facilities provided through the strengthening of the international monetary IMF, and to a relative adjustment of those system. Some Deputies considered that it individual quotas which are clearly out of was mainly in the field of the provision of line; and (3) investigating whether, how, owned reserves under the gold exchange and under what conditions it might be adstandard that changes and improvements vantageous in the longer run to supplement were desirable. They noted that the present the existing system by a new type of reserve system might imply a reliance on a continu- asset. ing accumulation of reserve currency hold- 29. The practical recommendations on ings, and they stressed the disadvantage of these and other agreed matters, as well as depending for the creation of reserves on the arrangements for further elaboration on the balance of payments deficits of a reserve certain questions, are set forth in the recurrency country rather than on the needs mainder of our report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN • AUGUST 1964 IV. CONCLUSIONS AND RECOMMENDATIONS augment official reserves. Full account of 30. Our recommendations concern: this principle should be taken in considering any internal arrangements with respect A—The monetary use of gold to gold uses and gold transactions. B—Multilateral surveillance of bilat- 34. Moreover, the gold held by moneeral financing and liquidity creatary authorities should be readily available tion for use in international settlements, and it is C—Further needs for reserve assets important in this respect that statutory or D—International short-term credit faconventional relationships of gold to the docilities mestic money supply should not prevent E—Long-term lending gold from playing its proper role in the F—The International Monetary Fund international monetary system. A. The monetary use of gold. 31. We have B. Multilateral surveillance of bilateral fireviewed the world situation with respect to nancing and liquidity creation. 35. We have gold production and the monetary uses of noted that the development in recent years gold in the light of the statement of the Min- of new techniques—discussed more fully isters and Governors quoted at the outset of later in our report—for providing countries our report (". . . the underlying structure of with various forms of credit facilities to supthe present monetary system—based on plement reserves has brought with it a confixed exchange rates—and the established siderable increase in international monetary price of gold—has proven its value as the cooperation and better knowledge of the foundation for present and future arrange- workings of the international payments ments."). While any projection of the future mechanism. Thus, the central banks particisupplies of monetary gold would be hazard- pating in reciprocal support operations for ous, we do not believe that the flow of new meeting short-term payments strains have gold into official reserves can be relied on in evolved, through the BIS, facilities for the fact to meet fully the liquidity needs of the regular confidential exchange of information future. and views on such operations. Likewise, var- 32. In connection with the use of gold ious groups within OECD, notably Working for monetary purposes, we have noted with Party 3, have provided a forum wherein offisatisfaction the successful coordination, cials directly concerned with formulation of through London, among a number of central national policies can review from time to banks, of their purchases and sales of gold time the balance of payments positions of the in the international market. Partly as a re- various participating countries, the measures sult of this there was, during 1963, a marked taken to adjust imbalances, and the means increase in the flow of gold into official of financing them. The arrangements put reserves. into effect by the IMF for consultations with 33. We consider that leading countries the "Article VIII countries"—that is, those should, according to circumstances, make countries with convertible currencies—have every practicable effort to discourage specu- also reinforced the fabric of international lation in gold and to ensure that as much as cooperation. possible of the world's new gold supply not 36. In the course of developing these required for industrial uses be available to techniques of consultation and cooperation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 987 the participating countries have been made views in Working Party 3 of the OECD. aware not only of the great gains to be This would provide a basis for multilateral drawn from such an exercise but also of the surveillance of the various elements of listill remaining shortcomings in their endeav- quidity creation, with a view to avoiding ors. Their exchanges of information and the excesses or shortages in the means of financmutually reinforcing actions they have taken ing existing or anticipated surpluses and have led them to the conclusion that these deficits in the balance of payments, and to processes should be continued and intensi- discussing measures appropriate for each fied. They feel, in particular, that the initia- country in accordance with the general ecotive already taken toward strengthening the nomic outlook. multilateral character of the international C. Further needs for reserve assets. 38. Takmonetary system should be further devel- ing a longer view, we have discussed various oped by bringing within the review and ap- methods of meeting possible future needs praisal processes of multilateral surveillance for an expansion of reserve assets, apart the various elements in international liquid- from new accruals to existing gold and curity—whether of a private or official charac- rency balances. A suggestion was made, but ter—available or created for the financing of not extensively discussed, that the composisurpluses and deficits. The object would be tion of reserves might also be considered in to give the monetary authorities of countries this context, with a view to a gradual harparticipating in the Arrangements a more monization of members' practices. comprehensive and up-to-date view of ma- 39. Our discussions mainly concerned jor trends and afford them a better basis for two types of proposal: one for the introducstrengthening their policy cooperation in the tion, through an agreement among the meminternational monetary sphere. ber countries of the Group, of a new reserve 37. We therefore propose that all coun- asset, which would be created according to tries in our Group should provide to the BIS appraised over-all needs for reserves; and statistical data bearing on the means utilized the other based on the acceptance of gold to finance surpluses or deficits on their ex- tranche or similar claims on the Fund as a ternal account. These statistical data, com- form of international asset, the volume of bined by the BIS, would be supplied confi- which could, if necessary, be enlarged to dentially to all participants and to Working meet an agreed need. Party 3 of OECD. Any supplementary data 40. Proposals of this kind, which imply a would be reported in such detail and form common approach to the process of reserve as the Central Bank Governors may advise. creation, involve complex questions as to Information would also be exchanged their compatibility with the evolution of the among Central Bank Governors of the existing system, their merits as a contribu- Group at the earliest practicable stage on tion to a greater stability of the international undertakings between members of the monetary system, their ability to direct Group for new or enlarged credit facilities, liquidity to the point of greatest legitimate with due regard to the recognized need for need at any given time, their ability to adapt flexibility in such arrangements. The data the volume of reserves to global needs as and other information would give an indica- opposed to individual shortages, the acceptation of trends, leading to a full exchange of bility and soundness of the claims they offer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN • AUGUST 1964 as a reserve asset, their effect on relations of ing reciprocal by nature, are capable of the Group with the rest of the world, the providing mutual benefits. machinery required for controlling the vol- —Ad hoc support operations, such as ume and distribution of reserves created, have been arranged from time to time and the desirability of a group approach as in Basle, have similarly been effective opposed to a worldwide approach. in arresting heavy movements of funds 41. These questions could not be covered in special circumstances. in detail in the course of our meetings and These demonstrations of close central bank no judgment could be reached on the procooperation are themselves an effective deposals until their details had been more fully terrent to speculative movements. Their inspelled out and their implications had been formality, speed, and flexibility make them further clarified. We have, therefore, estabespecially suitable as a first line—and shortlished a Study Group on the Creation of Reterm—defense against sudden balance of serve Assets. This Study Group would, in payments pressures. Over the past several appropriate consultation with the IMF and years, they have mobilized massive resources other international bodies, assemble the elein a short time to combat and limit speculaments necessary for evaluation of the varitive and crisis situations. Their success has ous proposals, and report to us as Deputies. greatly reduced the threat to official reserves It should be clear that a long-run view is infrom disequilibrating movements of private volved and that the decision to embark upon short-term capital. Such central bank supthe study implies no commitment on the part port operations appear to be particularly of the participating countries as to its findappropriate to deal with speculative and ings. other movements of funds which are not the 42. In view of the adequacy of the supoutcome of, and do not significantly influplies of gold and reserve currencies in the ence, demand and prices in the countries present and in the near future, there is no concerned, and are therefore inherently reimmediate need to reach a decision as to the versible. While we agreed that the facilities introduction of a new type of reserve asset. must be sufficiently flexible to supply the The studies can therefore be pursued withfunds without delay when needed, we recogout undue haste. But, having recognized the nize the need for arrangements for exchange uncertainties concerning the future supplies of information and review of such operaof monetary reserves, we agreed that such tions, as proposed under B, above. studies are timely and should be put in hand 44. We also reviewed the special bonds without delay. developed by the United States which are D. International short-term credit facilities. often denominated in the creditor's currency 43. Official short-term bilateral credit faciliand are redeemable in case of need. Within ties have proved their value in the working the consultative framework proposed under of the international monetary and credit B, above, opportunities might be found for system: discussion on the relationship of this method —Swaps and networks of standby swap of financing to other types of credit availarrangements are primarily designed to abilities, the role of medium-term bonds as compensate short-term swings, and, be- a supplementary reserve asset in the port- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 989 folio of the lender, and the appropriate ma- thorities. In any event, it would be desirable turity for bonds of this nature, as well as that the members of the Group inform each possibilities for adapting this type of bond other, to the extent practicable and within to wider uses among holders. the consultative framework proposed in B, 45. Although we were mainly concerned above, as to the scope and character of relewith credit facilities derived from official vant private movements, especially as they sources, we did not overlook certain recent may be influenced by official actions. tendencies in the field of private credit. Since E. Long-term lending for monetary purposes. the restoration of external convertibility, 47. While very effective facilities have been there has been a general increase in the vol- developed for short- and medium-term credit ume and volatility of private and banking between the larger countries, both bilaterally funds. We have no doubt that a growing and through the Fund, there has so far been volume of private credit is indispensable to little provision for long-term lending bea further growth in international trade and tween them for monetary purposes. This repayments and that action to foster national flects the fact that a country that needs credit and international money and capital markets facilities for overcoming balance of payis desirable. Movements of private funds, ments difficulties is ordinarily expected—in however, have often been of a disequilibrat- the interest of international equilibrium and ing kind, requiring policy instruments to be stability—to overcome its difficulties within developed and special defenses to be built a reasonably short period of time. It has, by international monetary cooperation, to however, been suggested by some Deputies prevent such flows from straining the inter- that there may be exceptional cases where national monetary system and, if possible, longer-term lending for monetary purposes to direct them in an equilibrating direction. between members of the Group might be in A particularly striking development has the general interest—for example, where a been the so-called Euro-currency market, temporary transfer of reserves to the lowwhich has helped to channel liquid funds reserve country can strengthen it in anticipainternationally from lenders to borrowers tion of a permanent increase in its reserves and may at times have had a compensating to be achieved over a longer period by modeffect on reserves. On the other hand, too erate balance of payments surpluses. large borrowing of such funds in a situation 48. There was agreement that no general of basic external deficit may, in taking the arrangements for such longer-term lending strain from the monetary reserves, camoushould be laid down, since this might unflage the seriousness of a development, offset justifiably lessen the pressure for adjustment the self-correcting forces of adjustment, and of existing imbalances. Exceptional cases delay deliberate action toward reestablishcould therefore be treated on an ad hoc ing external equilibrium. basis, after Group appraisal of the concrete 46. Recourse to foreign short-term credit case. Some Deputies suggested that, in such by commercial banks that takes place under cases, it might be useful for a number of the influence of official action may in certain countries of the Group to act together on the cases be valuable, but it should not be relied lending side and, if approved by the Group, upon generally to reduce the needs for inter- there might be some collective understandnational liquidity available to monetary au- ing that, should a lender subsequently suffer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN • AUGUST 1964 serious reserve losses, others whose reserves —Comparative merits of a general inwere then strong would be prepared to take crease in quotas, of selective increases, his holding over, with or without the IMF or of enlargement of the GAB. being associated with the transaction. The —Effect of the above on the liquidity of consultation and common appraisal within the Fund. the Group might both lessen the risks and 51. We are all agreed that appropriate enhance the liquidity of any such lending; at credit facilities, particularly through the the same time, it might ensure that the ad- IMF, provide an element of strength to the justment process between deficit and surplus international monetary system through ficountries of the Group would not be weak- nancing imbalances while assisting in the ened by such lending. process of adjustment. In order, therefore, to provide resources for the Fund in the F. International Monetary Fund. 49. The quinquennial review of IMF quotas by the years ahead, which will no doubt bring a Executive Directors of the Fund is due to further growth of the world economy, we suggest that the Ministers and Governors of take place in 1965. The Fund's resources the Group may wish to give their support to could be enlarged either by a general inan appropriate general increase in quotas crease of quotas, in uniform proportions for during the quinquennial review of the adeall members, or by selective increases for quacy of Fund resources. We also suggest some members only, or by some combinathat there may be some cases in which the tion of the two, with or without an increase quotas of individual members may need to in the GAB. While decisions in this field rest be adjusted on a selective basis. with the competent authorities of the Fund itself, we thought it appropriate, because of 52. We considered the place of gold in the important position of the IMF in the the IMF. Over its whole history, the Fund monetary system and because of the special has had gold receipts of $4.2 billion from subscription payments, repurchases, and obligations of our countries under the GAB, charges. The Fund has used $1.1 billion of to explore thoroughly the possible attitude gold to replenish its holdings of currencies, of the members of our Group on the quesof which $500 million was used for this purtions regarding the size, timing and manner pose in 1961, leaving $3.1 billion. Of this, of providing, if necessary, additional rethe Fund has invested $800 million, the resources to the Fund. mainder of $2.3 billion being the Fund's 50. The following points were raised durpresent gold holdings. ing our discussions: 53. Various functions have been attrib- —Adequacy of the Fund's quotas in pres- uted to quota subscriptions in gold: ent and foreseeable circumstances. (a) to provide the Fund with a —The actual use of Fund facilities by liquid resource available, if needed, to members of the Ten and other Fund acquire appropriate currencies necesmembers in recent years. sary for its operations; —Disparities in size of quota among (b) to measure the initial amount members. of drawing rights to which it is the —Payment in gold of 25 per cent of new Fund's policy to allow members access subscriptions. virtually at will; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 991 (c) in some cases, to help moderate ment in gold, attention should be given durany propensity to ask for larger quotas ing the quinquennial review to methods of than might be justified. minimizing the impact, particularly on re- 54. While payments of gold subscrip- serve currency countries, of transfers to the tions to the Fund can reduce a country's Fund of gold from national reserves. gold reserves, its over-all reserve position 55. The GAB, to which reference has almay be said to remain unchanged if it counts ready been made, expire in October 1966. the gold tranche drawing rights which it ac- Any decision on renewal or modification quires as part of its reserves. But contribu- must be taken not later than October 1965, tions of gold to the IMF made by non-re- and will no doubt be related to any increases serve countries who acquire gold from a in IMF quotas, general or selective, that reserve currency country can reduce the may be agreed. We therefore suggest that a gold holdings of the reserve center and, in study of this subject should be made over that way, can actually diminish world re- the coming months, in the light of possible serves in the aggregate. In view of these action concerning quotas in the Fund, and considerations, although we are agreed on that a report be made to the Ministers and maintaining the established principle of pay- Governors well in advance of October 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN • AUGUST 1964 APPENDIX I—Page 1 GOLD AND FOREIGN EXCHANGE HOLDINGS GROUP OF TEN COUNTRIES Plus Switzerland OTHER COUNTRIES 40- Billions of US. Dollars 40 •illions of U.S. Dollars 20 O< 3055 , • ' - 30 15 »5 fOIHON EXCHANOE VI 20 - 20 10 10 10- 10 FOREIGN EXCHANOE < — i 1 1 I I M 1 II II I I Mo 0 1040 50 55 00 03 60 03 U.S.A U.K. Billions of U.S.DoMars Billions of U.S. Dollar* 25 A -25 0010 20 \ - 20 _ 15 \ 15 7 5 5 - I FOREIGNEXCHANOE-^ 111 fL ! II 1 1 0 1946 50 00 03 1046 50 00 03 EIGHT COUNTRIES Plus Switzerland BiHiom of U.S. Dollars | 20 1946 50 55 00 03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 993 APPENDIX I—Page 2 BELGIUM NETHERLANDS SWITZERLAND Billion* of U.S. Dollars Billions •« U.S. Oolfar Dillon. •! U.S. Dollars - 1 I 0 0 00 63 1946 50 FRANCE GERMANY ITALY Billions of U.S. Dollari Billions of US. Dollar. 4 BiHions of U.S. Dollar* 3 - . ^ ooioy 2 2r- 1— FOREION EXCHANGE JS \ AJ 'Sf\\ 1 1> l i ii i 1 I 0 0 60 03 1946 50 60 03 SWEDEN CANADA JAPAN Billiom of U.S. Dollo 1.0 Billions of U.S. Dollars 2 Billions of U.S. Dollars N / . i I \ / I 1 * / VIOLD f V FOREION EXCHANOE / .5 I_/ 1 1 _ - I 1 1 J V / fORflON XCHANOE y - \/V' f I i OOLD /— 0 0 II 1 11 1 1 1I i 1 l-f 1 1 1 0 0/\ 1940 50 60 63 1946 50 60 63 1946 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 APPENDIX II—Page 1 TABLE I—OFFICIAL RESERVES AND CREDIT FACILITIES * December 31, 1953-December 31, 1963 [In billions of U.S. dollars equivalent] RESERVES CREDIT FACILITIES GOLD E X A C N H D A N F G O E REIGN SUBJECT TO NEGOTIATION Total Total Total Grand Sub- Special Swaps Mis- Sub- reserves Swaps IMF Other Sub- Other Poten- Sub- credit (8)+(17) total Gold Foreign total Gold 2 U.S. used by cella- total 38 unacti- stand- credit total IMF 4 tial total facilities (9)+ exchange (l)+(2) tranche bonds other neous vated bys 3 lines (10, 11, tranches credit (14) (13)+(16) (17) party 12) lines +(15) (1) (2) (3) (4) (5) (6) (7) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) The Eight and Switzerland: 1953 5.49 5.05 10.54 .26 0 0 .26 10.80 0 0 1.48 1.48 1.48 1.74 12.28 1963 16.44 10.13 26.57 1.80 .66 .24 2.70 29.27 1.03 1.03 3.74 3.74 4.77 7.47 34.04 Change +10.95 +5.08+75.05 +1.54 +.66 +.24 n.a. +2.44 +18.47 +1.03 + 1.03 + 2.26 +2.26 +3.29 +5.73 +21.76 Group of Ten and Switzerland: 1953 29.85 5.33 35.18 1.75 0 0 n.a. 1.75 36.93 0 0 0 5.53 5.53 5.53 7.28 42.46 1963 34.52 10.51 45.03 3.33 .66 29 n.a. 4.28 49.31 3.11 .51 3.62 9.30 9.30 12.92 17.20 62.23 Change +4.67 + 5.18 + 9.85 + 1.58 +.66 + .29 n.a. +2.53 + 12.38 + 3.11 +.51 + 3.62 + 3.77 + 3.77 +7.39 +9.92 +19.77 Rest of World: 1953 4.47 11.78 16.25 .14 0 0 n.a. .14 16.39 0 0 0 1.61 1.61 1.61 1.75 18.00 1963 5.68 14.56 20.24 .61 .05 0 n.a. .66 20.90 .05 0 .05 4.18 4.18 4.23 4.89 25.13 Change +1.21 +2.78 -{-3.99 +.47 +.05 0 + .52 +4.51 +.05 + .05 + 2.57 +2.57 +2.62 +3..14 + 7.13 All Countries: 1953 34.32 17.11 51.43 1.89 0 0 n.a. 1.89 53.32 0 0 7.14 7.14 7.14 9.03 60.46 1963 40.20 25.07 65.27 3.94 .71 .29 n.a. 4.94 70.21 3.16 3.67 13.48 13.48 17.15 22.09 87.36 Change +5.88 +7.96 +13.84 +2.05 +.71 +.29 n.a. +3.05 +16.89 +3.16 +.51 +3.67 +6.34 +6.34 +10.01 +13.06 +26.90 1 Data for other reserves and credit facilities are incomplete and partly estimated. 4 Including standbys subject to policy performance, 2 Including super gold tranche. n.a. Not available. 3 Beyond the gold tranche. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5 2 APPENDIX II—Page 2 TABLE II—OFFICIAL RESERVES AND CREDIT FACILITIES * 2 December 31, 1959-December 31, 1963 w z [In billions of U.S. dollars equivalent] H RESERVES CREDIT FACILITIES G°LDEXCHDAN2EEIGN OTHER ASSURED SUBJECT TO NEGOTIATION Total Total Total Grand Sub- Special Swaps Mis- Sub- reserves Swaps IMF Other Sub- Other Poten- Sub- credit (8)+(17) total Gold Foreign total Gold 2 U.S. used by cella- total (3)-j-(8) unacti- stand- credit total IMF •* tial total facilities (9)+ exchange (l)+(2) tranche bonds other neous (4) to vated bys ? lines (10, 11, tranches credit (14) (13) + (16) (17) party (7) 12) lines +(15) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) The Eight and Switzerland: 1959 11.27 6.20 17.47 .86 0 0 n.a. .86 18.33 0 0 0 3.80 3.80 3.80 4.66 22.13 1963 16.44 10.13 26.57 1.80 .66 .24 n.a. 2.70 29.27 1.03 0 1.03 3.74 3.74 4.77 7.47 34.04 Change -4-5.17 +3.93 +9.10 +.94 +.66 +.24 n.a. +1.84+70.94 +1.03 0 +1.03 -.06 -.06 +.97 +2.81+11.91 Group of Ten and Switzerland: 1959 33.29 6.44 39.73 2.93 0 0 n.a. 2.93 42.66 0 0 0 9.87 9.87 9.87 12.80 52.53 1963 34.52 10.51 45.03 3.33 .66 .29 n.a. 4.28 49.31 3.11 .51 3.62 9.30 9.30 12.92 17.20 62.23 Change +1.23 +4.07 +5.30 +.40 +.66 +.29 n.a. +1.35 +6.65 +3.11 +.51 +3.62 -.57 -.57 +3.05 +4.40 +9.70 Rest of World: 1959 4.59 12.66 17.25 .32 0 0 n.a. .32 17.57 0 0 0 3.03 3.03 3.03 3.35 20.60 1963 5.68 14.56 20.24 .61 .05 0 n.a. .66 20.90 .05 0 .05 4.18 4.18 4.23 4.89 25.13 Change +1.09 +1.90 +2.99 +.29 +.05 0 n.a. +.34 +3.33 +.05 0 +.05 +1.15 +1.15 +1.20 +1.54 +4.53 All Countries: 1959 37.88 19.10 56.98 3.25 0 0 n.a. 3.25 60.23 0 0 0 12.90 12.90 12.90 16.15 73.13 1963 40.20 25.07 65.27 3.94 .71 .29 n.a. 4.94 70.21 3.16 .51 3.67 13.48 13.48 17.15 22.09 87.36 Change +2.32 +5.97 +8.29 +.69 +.71 +.29 n.a. +1.69 +9.98 +3.16 +.51 +3.67 +.58 +.58 +4.25 +5.94+14.23 1 Data for other reserves and credit facilities are incomplete and partly estimated. 4 Including standbys subject to policy performance, 2 Including super gold tranche. n.a. Not available. 3 Beyond the gold tranche. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX II—Page 3 TABLE III—OFFICIAL RESERVES AND CREDIT FACILITIES 1 O December 31, 1953—December 31, 1963 [In billions of U.S. dollars equivalent] RESERVES CREDIT FACILITIES SUBJECT TO NEGOTIATION Total Total Total Grand Sub- Special Swaps Mis- Sub- reserves Swaps IMF Other Sub- Other Poten- Sub- credit (8)+(17) total Gold Foreign total Gold 2 U.S. used by cella- total (3)+(8) unacti- stand- credit total IMF 4 tial total facilities (9)+ exchange (1)+(2) tranche bonds other neous (4) to vated bys 3 lines (10,11, tranches credit (14) (13)+(16) (17) party (7) 12) lines +(15) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) The Eight: 1953 4.03 4.74 5.77 .26 0 0 n.a. .26 9.03 0 1.48 1.48 1.48 1.74 10.51 1963 13.62 9.88 23.50 1.80 .61 .16 n.a. 2.57 26.07 .95 .95 3.74 3.74 4.69 7.26 30.76 Change +9.59 +5.14 +14.73 +1.54 +.61 +.16 n.a. +2.31 +17.04 +.95 +.95 +2.26 +2.26 +3.21 +5.52+20.25 Switzerland : 1953 1.46 .31 7.77 0 0 0 n.a. 0 1.77 0 0 0 0 0 0 1.77 1963 2.82 .25 3.07 0 .05 .08 n.a. 13 3.20 .08 0 .08 0 .21 3.28 Change +1.36 -.06 +1.30 ~0 +.05 +.08 n.a. + .13 + 1.43 + .08 0 +.08 0 0 + .05 + .21 +1.51 The Eight and Switzerland: 1953 5.49 5.05 10.54 .26 0 0 n.a. 26 10.80 0 0 0 1.48 1.48 1.48 1.74 12.28 1963 16.44 10.13 26.57 1.80 .66 .24 n.a. 2.70 29.27 1.03 0 1.03 3.74 3.74 4.77 7.47 34.04 Change + 10.95 +5.08 +16.03 +1.54 +.66 +.24 n.a. +2.44 +18.47 +1.03 +2.26 +2.26 +3.29 +5.73 +21.76 United Kingdom: 1953 2.26 .28 2.54 .12 0 0 0 1.30 1.30 1.30 1.42 3.96 1963 2.48 .17 2.65 .49 0 0 1.01 1.44 1.44 2.45 2.94 5.59 Change +.22 -.11 + .77 +.37 0 ~~0 + 1.01 + .14 + .14 +1.15 +1.52 +1.63 United States: 1953 22.10 0 22.10 1.37 0 0 0 2.75 2.75 2.75 4.12 26.22 1963 15.60 .21 15.81 1.04 0 .05 1.58 4.12 4.12 5.70 6.79 22.60 Change -6.50 +.21 -6.29 -.33 0 +.05 +1.58 + 1.37 + 1.37 +2.95 +2.67 -3.62 Reserve Countries: 1953 24.36 .28 24.64 1.49 0 0 0 4.05 4.05 4.05 5.54 30.18 1963 18.08 .38 18.46 1.53 0 .05 2.59 5.56 5.56 8.15 9.73 28.19 Change -6.28 +.10 -5.75 +.04 0 +.05 +2.59 +1.51 + 1.51 +4.10 +4.19 -1.99 Group of Ten: 1953 28.39 5.02 33.41 1.75 0 0 0 5.53 5.53 5.53 7.28 40.69 1963 31.70 10.26 41.96 3.33 .61 .21 3.54 9.30 9.30 12.84 16.99 58.95 Change +3.31 +5.24 +8.55 +1.58 +.61 +.21 +3.54 +3.77 +3.77 + 7.31 +9.71 + 18.26 Group of Ten and Switzerland: 1953 29.85 5.33 55.75 1.75 0 0 5.53 5.53 7.28 42.46 1963 34.52 10.51 45.03 3.33 .66 .29 9.30 12.92 17.20 62.23 Rest of C W ha o n r g l e d : +4.67 +5.18 +9.55 +1.58 +.66 +.29 +3.77 + 7.39 +9.92 + 19.77 c 1953 4.47 11.78 75.25 .14 0 0 1.61 1.61 1.75 18.00 1963 5.68 14.56 20.24 .61 .05 0 4.18 4.23 4.89 25.13 i Change +1.21 +2.78 +3.99 +.47 +.05 0 +2.57 +2.62 +3.14 + 7.13 All Countries: 1953 34.32 17.11 51.43 1.89 0 0 7.14 7.14 9.03 60.46 1963 40.20 25.07 65.27 3.94 .71 .29 13,48 17.15 22.09 87.36 Change +5.88 +7.96 +75.54 +2.05 +.71 +.29 + 6.34 + 10.01 + 13.06+26.90 BIS: 1953 08 0 .05 0" 0 0 0 0 0 .08 1963 -.28 0 -.25 0 0 .15 0 .07 .16 -.12 Other I C nt h e a r n n g a e ti onal Organizations: -.20 0 -.20 0 0 +.15 +.01 0 + .07 + .16 -.04 e 1953 1.86 0 7.55 0 0 0 n.a 0 0 0 1.86 1963 2.36 0 2.36 0 0 0 n.a 0 0 0 2.36 Change +.50 0 +.50 0 0 0 +.50 + .50 1 Data for other reserves and credit facilities are incomplete and partly estimated. 4 Including standbys subject to policy performance, 2 Including super gold tranche. n.a. Not available. 3 Beyond the gold tranche. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX II—Page 4 TABLE IV—OFFICIAL RESERVES AND CREDIT FACILITIES December 31, 1959—December 31, 1963 [In billions of U.S. dollars equivalent] RESERVES CREDIT FACILITIES SUBJECT TO NEGOTIATION Total Total Grand Sub- Special Swaps Mis- Sub- reserves Swaps IMF Other Sub- Other Poten- Sub- credit total Gold Foreign total Gold 2 U.S. used by cella- total (3)+(8) unacti- stand- credit total IMF • tial total facilities (9)+ exchange (1)+(2) tranche bonds other neous (4) to vated bys 3 lines (10,11 tranches credit (14) (13)+(16) (17) party (7) 12) lines +(15) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) H The Eight: 2 1959 9.34 6.07 15.41 .86 0 0 n.a. .86 16.27 0 0 3.80 3.80 3.80 4.66 20.07 1963 13.62 9.88 23.50 1.80 .61 16 n.a. 2.57 26.07 .95 0 3.74 3.74 4.69 7.26 30.76 z Change +4.28 +3.81 +8.09 +.94 +.61 + .16 n.a. + 1.71 +9.80 +.95 0 -.06 + .89 +2.60 +10.69 Switzerland: 1959 1.93 .13 2.06 0 0 0 n.a. 0 2.06 0 0 0 0 0 2.06 H 1963 2.82 .25 3.07 0 .05 08 n.a. .13 3.20 .08 0 0 .08 .21 3.28 Change +.89 +.12 +1.01 0 +.05 +.08 n.a. +.13 +1.14 +.08 0 + .08 + .21 + 1.22 The Eight and Switzerland: 1959 11.27 6.20 77.47 .86 0 0 n.a. .86 18.33 0 3.80 3.80 3.80 4.66 22.13 1963 16.44 10.13 26.57 1.80 .66 .24 n.a. 2.70 29.27 1.03 3.74 3.74 4.77 7.47 34.04 Change +5.17 +3.93 +9.10 +.94 +.66 +.24 n.a. +1.84 + 1.03 -.06 -.06 + .97 +2.81 + 11.91 United Kingdom: 1959 2.51 .24 2.75 .07 0 0 n.a. 0 1.95 1.95 1.95 2.02 4.77 1963 2.48 .17 2.65 .49 0 0 n.a. 1.01 1.44 1.44 2.45 2.94 5.59 Change -.03 -.07. -.70 +.42 0 ~~0 n.a. + 1.01 -.51 -.51 + .50 + .92 + .82 United States: 1959 19.51 0 19.51 2.00 0 0 n.a. 2.00 27.57 0 4.12 4.12 4.12 6.12 25.63 1963 15.60 .21 75.57 1.04 0 .05 n.a. 1.09 16.90 1.58 4.12 4.12 5.70 6.79 22.60 Change -3.91 +.21 -3.70 -.96 0 +.05 n.a. -.91 -4.61 +1.58 + 1.58 0 0 + 1.58 + .67 -3.03 Reserve Countries: 1959 22.02 .24 22.26 2.07 0 0 n.a. 2.07 24.33 0 0 6.07 6.07 6.07 8.14 30.40 1963 18.08 .38 18.46 1.53 0 .05 n.a. 1.58 20.04. 2.08 2.59 5.56 5.56 8.15 9.73 28.19 Change -3.94 +.14 -3.80 -.54 ~~0 +.05 n.a. .49 -4.29 +2.08 +2.59 -.51 -.51 +2.08 + 1.59 -2.21 Group of Ten: 1959 31.36 6.31 37.67 2.93 0 0 n.a. 2.93 40.60 0 0 9.87 9.87 9.87 12.80 50.47 1963 31.70 10.26 41.96 3.33 .61 .21 n.a. 4.15 46.11 3.03 3.54 9.30 9.30 12.84 16.99 58.95 Change +.34 +3.95 +4.29 +.40 +.61 + .21 n.a. + 1.22 +5.57 +3.03 + 3.54 -.57 -.57 +2.97 +4.19 +8.48 Group of Ten and Switzerland: 1959 33.29 6.44 39.73 2.93 0 0 n.a. 2.93 42.66 0 0 0 9.87 9.87 9.87 12.80 52.53 1963 34.52 10.51 45.03 3.33 .66 .29 n.a. 4.28 49.31 3.11 .51 3.62 9.30 9.30 12.92 17.20 63.23 Change +1.23 +4.07 +5.30 +.40 +.66 + .29 n.a. + 1.35 +6.65 + 3.11 +.51 + 3.62 -.57 -.57 +3.05 +4.40 +9.70 Rest of World: 1959 4.59 12.66 77.25 .32 0 0 n.a. .32 77.57 0 0 0 3.03 3.03 3.03 3.35 20.60 1963 5.68 14.56 20.24 .61 .05 0 n.a. .66 20.90 .05 0 .05 4.18 4.18 4.23 4.89 25.13 Change +1.09 +1.90 +2.99 +.29 +.05 0 n.a. +.34 +3.33 +.05 0 + .05 + 1.15 +1.'15 + 1.20 + 1.54 +4.53 All Countries: 1959 37.88 19.10 56.98 3.25 0 0 n.a. 3.25 60.23 0 0 0 12.90 12.90 12.90 16.15 73.13 1963 40.20 25.07 65.27 3.94 .71 .29 n.a. 4.94 70.27 3.16 .51 3.67 13.48 13.48 17.15 22.09 87.36 Change +2.32 +5.97 +8.29 +.69 +.71 +.29 n.a. +1.69 +3.16 +.51 + 3.67 + .58 + .58 +4.25 +5.94 + 14.23 BIS: 1959 -.13 0 -.13 0 0 0 n.a. 0 -.75 0 0 0 0 0 0 13 1963 -.28 0 -.28 0 0 .15 n.a. 15 -.73 0 .01 0 .01 .16 12 Change -.15 0 -.75 0 0 +.15 n.a. +.15 +.01 + .01 0 +.01 + .16 + .01 Other International Organizations: 1959 2.44 0 2.44 0 0 0 n.a. 2.44 0 0 0 0 2.44 1963 2.36 0 2.36 0 0 0 n.a. 2.36 0 0 0 0 2.36 Change -.08 0 -.08 0 0 0 n.a. 1 Data for other reserves and credit facilities are incomplete and partly estimated. * Including standbys subject to policy performance, 2 Including super gold tranche. n.a. Not available. 3 Beyond the gold tranche. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 APPENDIX II—Page 5 Notes to Accompany Tables on Reserves and Credit Facilities Table Column Table Column No. No. 1. Gold. Figures are published data from International Financial 9. Total Reserves represent the sum of primary and other reserves. Statistics. Total may not be statistically exact since some countries treat spe- 2. Foreign Exchange. Figures are published in IFS. cial U.S. bonds as part of foreign exchange reserves and therefore 3. Subtotal of (1) and (2) represents the sum of gold and foreign there may be some element of double counting. This also applies exchange (primary reserves). to Columns 8, 18 and 19. 4. Gold Tranche, including super gold tranche, is published in IFS. 10. Swaps Unactivated. This represents the standby facilities that have 5. Special U.S. Bonds represent U.S. Government nonmarketable been established under swap agreements but not activated in the obligations payable in foreign currencies or in U.S. dollars, with sense of reciprocal acquisition of foreign exchange. w an original maturity of more than one year, and convertible at the 11. IMF Standbys. This column would include standby facilities that o option of the holder into short-term Treasury obligations. can be drawn upon without further policy review; there was one of w 6. Swaps Used by Other Party represent that part of a reciprocal these in existence on December 31, 1963. swap arrangement that corresponds to a swing credit that has been 12. Other Credit Lines. This column would include bilateral or other tr1 drawn upon by the other party, and is therefore an asset of the assured credit lines that may exist now or in the future. drawee country. Where swaps have been activated and amounts are 14. Other IMF Tranches. The amount shown in this column (together held in the form of foreign exchange, they appear under "foreign with the amount in column 11) represents for each country the exchange." The total amounts for swaps included in the tables will undrawn portion of four credit tranches, which if drawn in full always add up to twice the original amount available to one party would bring the currency holdings of the IMF in that country's in the case of a group of countries that includes both parties to currency to 200 percent of quota. the swap. 15. Potential Credit Lines, This column registers the potentiality of 7. Miscellaneous includes, but is not limited to, forward or other other credit facilities that may be negotiated, or may be available availabilities, long-term mobilizable securities and other foreign after negotiation under some kind of policy review. assets that have been acquired by monetary authorities, such as 18. Total of Other Reserves and Credit Facilities. This is the sum of IBRD notes, etc. all the items except gold and foreign exchange reserves. c Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MINISTERIAL STATEMENT 999 MEMBERS OF THE GROUP OF DEPUTIES Chairman ROBERT V. ROOSA V ice-Chairman JHR. E. VAN LENNEP Belgium. M. d'Haeze Ministry of Finance C. de Strycker. National Bank of Belgium Canada. A. F. W. Plumptre. Ministry of Finance R. W. Lawson. Bank of Canada France . A. de Lattre. Ministry of Finance B. Clappier. Bank of France Federal Republicof Germany . R. Gocht. Federal Ministry of Econc O. Emminger. German Bundesbank Italy G. Rota Ministry of the Treasury R. Ossola Bank of Italy Japan. Gengo Suzuki. . . Ministry of Finance Makoto Watanabe. Ministry of Finance Haruo Mayekawa. . Bank of Japan Netherlands. Jhr. E. van Lennep. Ministry of Finance Prof. S. Posthuma. Netherlands Bank Sweden. Krister Wickman. Ministry of Finance S. F. Joge Bank of Sweden United Kingdom Sir Denis Rickett. H. M. Treasury M. H. Parsons. . Bank of England United States. . Robert V. Roosa. Treasury Department J. Dewey Daane. Federal Reserve System Secretaries Pierre Esteva. Bank of France G. Schleiminger. German Bundesbank L. P. Thompson-McCausland. Bank of England T. de Vries Netherlands Bank George H. Willis U.S. Treasury Observers M. Ikle National Bank of Switzerland J. J. Polak. IMF Staff J. Cottier. OECD Staff Milton Gilbert. BIS Staff Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Investments by Member Banks in Stock of spondent is paid interest thereon at the rate that Foreign Banks is being paid currently for Federal funds. The question is whether such transactions vio- The question has arisen whether banks that are late the provision of Section 19 of the Federal members of the Federal Reserve System may di- Reserve Act (12 U.S.C. 371a) that "No member rectly acquire and hold stock of foreign banks as a bank shall, directly or indirectly, by any device means of conducting their overseas operations. whatsoever, pay any interest on any deposit which In the opinion of the Board of Governors, it is is payable on demand." The same prohibition clear that such direct acquisition and holding by appears in Section 217.2(a) of Federal Reserve member banks of stock of foreign banks is not Regulation Q. permissible under present law. State member banks are made subject by Section 9 of the Federal It is assumed, for these purposes, that the city Reserve Act (12 U.S.C. 335) to the same limita- correspondent is legally authorized to borrow on tions and conditions with respect to the purchasing the terms agreed upon. It has never been quesand holding of stock as are applicable in the case tioned that a member bank may "purchase" (that of national banks under Section 5136 of the Re- is, borrow) so-called Federal funds from other vised Statutes (12 U.S.C. 24). Under the last- banks, and the "seller" of Federal funds may be mentioned section, a national bank is prohibited either a member bank or a nonmember that is in from purchasing for its own account any shares a position to arrange for funds to be transferred of stock of any corporation except as provided in to the "purchaser" from a member bank's Federal that section or "otherwise permitted by law." Reserve deposit account. There is no provision in Section 5136 or any other The Board is unable to find any basis on which provision of law permitting the purchase by na- to distinguish similar transactions when the funds tional banks of stock of foreign banks. to be borrowed are on deposit in the "purchasing" It may be noted that under the Federal Reserve bank. If such a distinction were drawn the "sell- Act specific provision is made for acquisition by ing" bank could readily have the funds transferred member banks of stock of domestic corporations temporarily to its account in a third bank and then engaged in international or foreign banking or have the same amount transferred back to the financing. Through such intermediate subsidiaries, borrowing bank by entries on the books of the a member bank may indirectly acquire and hold Federal Reserve Bank. If the transaction were the stock of foreign banks. handled in this way, the second step would take the form of a typical Federal funds transaction. Transfer From Deposit Account To "Borrowed There appears to be no reason, in these circum- Money" Account and Payment of stances, to insist upon two transactions that would Interest Thereon simply cancel each other, in effect. The Board of Governors has received an inquiry The prohibition of Section 19 and Regulation Q regarding a procedure under which a country bank relates only to the payment of interest on demand requests its city correspondent to "invest for a deposits. It does not prohibit the payment of incertain period of time"—overnight or for a few terest on "money borrowed" by member banks, days or weeks—a specified portion of the country and the System has long recognized the legality bank's deposit balance with the city correspondent. and propriety of borrowing in certain circum- The city correspondent itself agrees to "borrow stances, including the situations enumerated in the these funds . .. at the Federal funds rate". The third paragraph of this interpretation. Accordspecified amount is thereupon transferred, on the ingly, the Board concludes that transactions of the books of the city correspondent, from the deposit kind described in the inquiry would not involve a account to "bills payable", and the country corre- violation of Section 19 or Regulation Q. 1000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1001 Whenever a member State bank makes a trans- fornia does not commit its general taxing powers fer from a deposit account to "bills payable" or either directly or indirectly. The principal of such similar account, the amount transferred must, of Notes is payable solely from the proceeds of subcourse, be (1) taken into account in applying sequent sale of other securities, which means that statutory or other limitations on the borrowing that State retires the Notes through the exercise of bank's power to borrow and the lending bank's its borrowing powers as distinct from its taxing power to lend; (2) shown on reports of condition powers. and other reports by the borrowing bank as "bor- That the general obligation bonds, from the prorowed money" and by the lending bank as "loans"; ceeds of whose sale the Notes are expected to be and (3) supported by appropriate documentary paid, will pledge the State's taxing powers cannot or other evidence of indebtedness. be considered an indirect pledge of that power to secure the Notes, because the pledge of State's Underwriting of Notes Payable from Proceeds of taxing powers attaches to the general obligation Subsequent Sale of General Obligation Bonds bonds only after they are sold and can in no way be utilized for the payment of the Notes. In order The Board of Governors has received inquiries for obligations to be secured directly or indirectly whether California Bond Anticipation Notes conby general taxing power, that power must be availstitute "general obligations" of the State of Caliable for use, if necessary, to provide funds for the fornia within the meaning of paragraph Seventh required payments of both principal and interest. of Section 5136 of the United States Revised Statutes (12 U.S.C. 24). The Board accordingly concludes that Cali- The Board understands that, in anticipation of fornia Bond Anticipation Notes do not conthe sale of general obligation bonds duly author- stitute general obligations within the meaning of ized, Finance Committees of certain public author- Section 5136. The Notes, therefore, would not ities of the State are empowered, under Section be eligible for underwriting and dealing in by 16736 of the Government Code of California, to member State banks. direct the State Treasurer to issue Bond Anticipation Notes whenever "the committee deems it in Orders Under Bank Merger Act the best interests of the State". The following Orders and Statements were is- Although there appears to be no judicial decision sued in connection with actions by the Board of as to the nature of Bond Anticipation Notes under Governors on applications for approval of the California law, the State Attorney General has merger of banks: issued an opinion (No. 63/182 of November 8, 1963) concluding that the Notes do not constitute STATE AND SAVINGS BANK, MONTI- "a general obligation of the State in the sense that CELLO, INDIANA they are secured by the State General Fund and In the matter of the application of State and general taxing power of the State". Savings Bank for approval of merger with The While the California Attorney General's opinion Monon Bank. is not controlling in a determination as to whether the Notes are "general obligations" within the ORDER APPROVING MERGER OF BANKS meaning of Section 5136, a Federal statute, it is There has come before the Board of Governors, significant in such a determination insofar as it pursuant to the Bank Merger Act of 1960 (12 indicates that the Notes are not secured by the U.S.C. 1828(c)), an application by State and State's "general powers of taxation, including prop- Savings Bank, Monticello, Indiana, a State memerty taxation", a sine qua non of "general obligaber bank of the Federal Reserve System, for the tions" under Section 5136. (1964 Federal Reserve Board's prior approval of the merger of that bank BULLETIN 564). and The Monon Bank, Monon, Indiana, under the Although the Board has recognized that the pledge of the "general powers of taxation, in- charter and title of State and Savings Bank. As cluding property taxation" may be indirect as well an incident to the merger, the office of The Monon as direct, with respect to payment of the principal Bank would become a branch of State and Savings of its Bond Anticipation Notes the State of Cali- Bank. Notice of the proposed merger, in form Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN • AUGUST 1964 approved by the Board, has been published pur- after considering all these factors, it finds the transsuant to said Act. action to be in the public interest. Upon consideration of all relevant material in Banking factors. The financial history and conthe light of the factors set forth in said Act, in- dition, capital structure, and earnings, as well as cluding reports furnished by the Comptroller of future earnings prospects, of each of the subject the Currency, the Federal Deposit Insurance Cor- banks, are satisfactory. While both banks are poration, and the Department of Justice on the capably managed, Monon Bank in the near future competitive factors involved in the proposed trans- may find it necessary to take steps to assure comaction, petent management succession. IT IS HEREBY ORDERED, for the reasons set forth If the merger is consummated, the resulting in the Board's Statement of this date, that said bank, which would be under the competent manapplication be and hereby is approved, provided agement of State Bank, would have a sound asset that said merger shall not be consummated (a) condition, adequate capital structure, and favorwithin seven calendar days after the date of this able earnings prospects. Order, or (b) later than three months after said There is no indication that the corporate powers date. of the banks are or would be inconsistent with the Dated at Washington, D. C, this 21st day of purposes of 12 U.S.C, Ch. 16. July, 1964. Convenience and needs of the communities. By order of the Board of Governors. Monticello, with a population of about 4,000, is the seat of White County, with a population of Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and approximately 19,700. The County economy is Daane. Absent and not voting: Governor Mitchell. basically agricultural, consisting primarily of cash (Signed) MERRITT SHERMAN, grain farming and cattle and hog feeding opera- Secretary. tions of increasing size. Some light industry, lo- [SEAL] cated principally in Monticello, provides employment for a sizable number of people. Additional STATEMENT income is derived from summer vacationers who are attracted to the lakes located close to Monti- State and Savings Bank, Monticello, Indiana cello. ("State Bank"), with deposits of $8.1 million*, Monon, with a population of about 1,400, is has applied, pursuant to the Bank Merger Act of located about 14 miles northwest of Monticello. 1960 (12 U.S.C. 1828(c)), for the Board's prior Its economy is supported largely by agriculture of approval of the merger of that bank with The the same general type as is found in the Monticello Monon Bank, Monon, Indiana ("Monon Bank"), area. Industrial activity contributes only in a minor with deposits of $2.7 million*. As an incident to way to the economy of the Monon area. the merger, the sole office of Monon Bank would The lending limit of State Bank is $35,000, be operated as a branch of State Bank. which, while now generally adequate, frequently Under the Act, the Board is required to conis too small to meet the credit requirements of sider, as to each of the banks involved, (1) its local business and manufacturing enterprises in financial history and condition, (2) the adequacy the Monticello area. The prospect for new indusof its capital structure, (3) its future earnings trial activity in this area is promising, indicating prospects, (4) the general character of its managemore employment opportunities in the immediate ment, (5) whether its corporate powers are confuture and a consequent growth in population, sistent with the purposes of 12 U.S.C, Ch. 16 (the which has been slow in the past ten years. An in- Federal Deposit Insurance Act), (6) the convencrease in the banking resources available in Montiience and needs of the community to be served, cello should stimulate this economic expansion. and (7) the effect of the transaction on competi- Monon Bank, with a lending limit of only tion (including any tendency toward monopoly). $15,000, is not now in a position to meet ade- The Board may not approve the transaction unless, quately the credit needs of many farm operations, * As of December 31, 1963. a situation that can only be accentuated by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1003 persistent trend toward larger farming units. The PROVIDENT TRADESMENS BANK proposed merger, if consummated, would provide AND TRUST COMPANY, PHILADELPHIA, the farmers in the Monon area with a convenient PENNSYLVANIA source of adequate credit to meet these expanding In the matter of the application of Provident needs. At the same time, a somewhat broader Tradesmens Bank and Trust Company for aprange of banking services would be more readily proval of merger with Second National Bank of accessible to all residents of the Monon area. Philadelphia. Competition. Both State Bank and Monon Bank serve predominantly agricultural communities. ORDER APPROVING MERGER OF BANKS Such slight competition as may exist between the There has come before the Board of Governors, two banks is confined primarily to the outside pursuant to the Bank Merger Act of 1960 (12 limits of their service areas**. This competition, U.S.C. 1828(c)), an application by Provident of course, would be eliminated if the merger is Tradesmens Bank and Trust Company, Philaconsummated. delphia, Pennsylvania, a State member bank of While it is difficult to determine precisely the the Federal Reserve System, for the Board's prior relevant market area that might be affected by the approval of the merger of that bank and Second proposed merger, it seems evident that some National Bank of Philadelphia, Philadelphia, Penncompetition now exists among nine banks, seven sylvana, under the charter and title of Provident located in White County, one in Francesville in Tradesmens Bank and Trust Company. As an Pulaski County, and one in Delphi in Carrol incident to the merger, the five offices of Second County. Of the total IPC deposits of this group, National Bank of Philadelphia would become State Bank presently holds 21 per cent, surpassed branches of Provident Tradesmens Bank and Trust only slightly by the bank in Delphi that holds 22 Company. Notice of the proposed merger, in form per cent. Consummation of the proposed merger approved by the Board, has been published purwould increase State Bank's total IPC deposits to suant to said Act. 28 per cent. Any importance that might be Upon consideration of all relevant material in attached to these percentage figures, however, is the light of the factors set forth in said Act, inconsiderably lessened by the fact that a building cluding reports furnished by the Comptroller of and loan association, the largest financial instituthe Currency, the Federal Deposit Insurance Cortion in White County, with share accounts of poration, and the Department of Justice on the almost $10 million, is a major competitor in Monticompetitive factors involved in the proposed cello and White County for real estate loans. The transation, increased concentration that would result if the proposed merger were to be effectuated should not IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said produce any competitive consequence of signifiapplication be and hereby is approved, provided cant importance to the other seven remaining that said merger shall not be consummated (a) banks. within seven calendar days after the date of this Summary and conclusion. While the proposal Order, or (b) later than three months after said will result in the elimination of the slight competidate. tion that exists between the two institutions and Dated at Washington, D. C, this 7th day of increase somewhat the concentration of banking August, 1964. resources in the communities served, these results are more than offset by the positive benefits that By order of the Board of Governors. would inure to those communities. Voting for this action: Chairman Martin, and Gov- Accordingly, the Board finds the proposed ernors Balderston, Shepardson, and Daane. Voting against this action: Governors Mills, Robertson, and merger to be in the public interest. Mitchell. (Signed) KENNETH A. KENYON, ** The areas from which each bank obtains 75 per Assistant Secretary. cent or more of its deposits of individuals, partnerships, and corporations ("IPC deposits"). [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN • AUGUST 1964 STATEMENT appears to be the result, in part, of an attempt by Second National to provide, as do many of the Provident Tradesmens Bank and Trust Comother banks in its service area,3 full banking servpany, Philadelphia, Pennsylvania ("Provident"), ices through its branch offices and the failure to with total deposits of $517 million, has applied, generate a volume of business sufficient to make pursuant to the Bank Merger Act of 1960 (12 such operations profitable. U.S.C. 1828(c)), for the Board's prior approval Second National is faced with a serious manageof the merger of that bank and the Second National Bank of Philadelphia, Philadelphia, ment succession problem. A bank of Second Pennsylvania ("Second National"), which has National's size, and located as it is in a large metrototal deposits of $43 million.1 The banks would politan area, would usually have no difficulty in merge under the charter and name of Provident, coping with the problem of management succesa member State bank of the Federal Reserve sion. However, the problem faced by Second Na- System. As an incident to the merger, the five tional is unusually difficult in that it must replace offices of Second National would become branches most of its key management group in the imof Provident, increasing the number of its ap- mediate future, including its chief executive, the proved offices to 31.3 next ranking officer, the third ranking officer, and the manager of its largest branch. In the con- Under the law, the Board is required to context of relatively unimpressive earnings prospects, sider, as to each of the banks involved, (1) its these circumstances lend some support for apfinancial history and condition, (2) the adequacy proval. The management of Provident is capable of its capital structure, (3) its future earnings and aggressive and consummation of the proposed prospects, (4) the general character of its managemerger would solve Second National's management, (5) whether its corporate powers are conment problem. sistent with the purposes of 12 U.S.C, Ch. 16 The corporate powers of the two banks are not, (the Federal Deposit Insurance Act), (6) the and those of the remaining bank would not be, convenience and needs of the community to be inconsistent with the purposes of the Federal served, and (7) the effect of the transaction on competition (including any tendency toward mo- Deposit Insurance Act. nopoly). The Board may not approve the trans- Convenience and needs of the community. The action unless, after considering all of these factors, city of Philadelphia (having boundaries cotermiit finds the transaction to be in the public interest. nous with those of Philadelphia County) and the Banking factors. The financial histories of Provi- three adjoining counties of Delaware, Montdent and Second National are satisfactory and gomery, and Bucks had a 1960 population exceedeach bank has a sound asset condition and an ing 3.3 million. Under Pennsylvania law, a bank adequate capital structure. Provident has a satis- headquartered in Philadelphia, as are Provident factory earnings record and its future earnings and Second National, may establish branches in prospects are favorable. While Second National's any of these four counties. earnings have been generally satisfactory, its future Philadelphia is the fourth largest city in the earnings prospects are less than favorable. It has United States, serves as one of its major seaports, experienced a rate of growth in deposits and loans and has a broadly diversified economy, including over the past six years that was greater than the over 4,000 industrial establishments which, in average for all Philadelphia banks, but its earnings 1961, employed more than 273,000 persons and growth over that six-year period (10.5 per cent) produced goods valued in excess of $5 billion. was far less than the average. Moreover, it has During the period 1950 to 1960, the city of Philashown substantial year-to-year fluctuations in earn- delphia had a 3.3 per cent decline in population, ings, ranging from an increase of 13 per cent in but the four-county area realized a gain of 13.3 one year to a decrease of 10.4 per cent in another. per cent. The comparatively slow earnings growth rate The service area of Second National is the sec- 1 Deposit figures are as of December 20, 1963. 8 The area from which a bank obtains 75 per cent 2 This total includes one branch of Provident not or more of its deposits of individuals, partnerships, yet opened for business. and corporations ("IPC" deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1005 tion of the city of Philadelphia known as North- these banks nor foreclose any meaningful potential east Philadelphia. There are 22 major industrial competition between them. concerns (i.e., those which employ over 100 Second National's five offices represent about persons) in Northeast Philadelphia with a total 10 per cent of the banking offices operated by 11 employment of 14,000 persons. Although the city banks serving Northeast Philadelphia and its total suffered an over-all population decline from 1950 deposits account for 11.2 per cent of the deposits to 1960, the population of Northeast Philadelphia held by all commercial banking offices serving increased by 38.9 per cent during this period. this section of the city. If the proposed merger Second National has only one office in that is consummated, the resulting bank will have 14 portion of Northeast Philadelphia which has the per cent of the offices and 14.6 per cent of the largest concentration of land available for indus- total deposits of all commercial banks serving trial and residential growth and which is experi- Northeast Philadelphia. encing the greatest residential expansion of any As compared with other banks with offices in area in Philadelphia. Northeast Philadelphia, the resulting bank would Although it is located in the most rapidly grow- be first in the area only in consumer loans, which ing section of Philadelphia, Second National does is the present ranking of Second National; third not offer real estate construction loans and several in total loans; fourth in total deposits; and fifth in other services for which there is a demand. This commercial loans. The loans and deposits of the appears to be the result, essentially, of Second resulting bank would trail by substantial margins National's lack of aggressiveness which is mani- those of The First Pennsylvania Banking and fested also, for example, by heavy reliance upon Trust company and Girard Trust Bank in Northpurchases of loans from others. east Philadelphia. There are about 50 banking offices serving Of Provident's 26 offices, 15 (including one Northeast Philadelphia, including 26 offices of the approved but not yet opened) are located in Philalarger Philadelphia banks, and it appears that the delphia, 5 in Delaware County, 4 in Montgomery banking services needed in the area are available County, and 2 in Bucks County. In the Philadelthrough many of these sources. Provident con- phia four-county area, Provident is the fifth largest tends that, if the application is approved, the commercial bank in terms of banking offices (7.3 resulting bank will offer a considerable number of per cent of the total), IPC deposits (9.7 per cent), services not now offered by Second National: and loans (9.9 per cent). Consummation of the construction loans; a full range of business loans; proposed merger would increase Provident's share investment and advisory services; foreign trade of the banking offices by 1.5 per cent, its share of financing and related services; accounting and IPC deposits by .9 per cent, and its share of the electronic data processing services; revolving per- loans held by all commercial banks in the foursonal credit; tuition loans; and expanded trust county area by .7 per cent. Provident would retain services. Consummation of the proposed merger its ranking as the area's fifth largest bank, being will provide a more effective alternative source of in terms of total deposits about 80 per cent as complete and modern banking services for the large as the fourth ranking bank and just over residents and businesses in Northeast Philadel- one-half the size of the largest bank. phia. The five largest banks in the Philadelphia four- Competition. Provident's main office is located county area hold 75.9 per cent of the total deposits in downtown Philadelphia, approximately seven and 78.3 per cent of the total loans. The merger miles southwest of the main office of Second would increase these figures by .9 per cent and .7 National. Although two of Provident's offices per cent, respectively. (Cf., United States v. Philaare located fairly near two offices of Second delphia National Bank, 374 U. S. 321, 364-365, National (i.e., about one-half mile distant in one 371-372). case and about one and one-half miles in the Summary and conclusion. The proposed merger other), there are also located in the same vicinity would not result in the elimination of any signifiintervening offices of competing banks. It does cant existing or potential competition between the not appear that the merger would result in the two banks involved, nor in any undue concentraelimination of any significant competition between tion in banking resources. The resulting bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN • AUGUST 1964 would retain its position as the fifth largest bank bined the services of the participating banks over in the Philadelphia area, and the increase in a broad area of metropolitan Philadelphia, thereby total deposits and loans held by the area's five representing a dispersion of services among the largest banks would be less than one per cent. large banks in Philadelphia without an adverse The merger would provide expanded and more effect by way of limiting competition. On the efficient banking services for Northeast Philadel- contrary, competition among the larger banks phia and would incidentally resolve the manage- stood to be enhanced without at the same time ment and earnings problems of Second National. significantly adding to banking concentration. In Accordingly, the Board finds that the proposed the case of the present application, the result will merger would be in the public interest. be the elimination of a sound, effective, independent bank serving a broad area of greater Phila- DISSENTING STATEMENT OF GOVERNOR MILLS delphia and the accompanying elimination of competition without any measurable addition to the The proposed merger should be denied. The banking services of the area, which presently has trend toward concentration of banking resources easy access to the services of large Philadelphia among a few large institutions in the City of Philacommercial banks. delphia has reached a point where further mergers should not be permitted unless warranted by com- It is true that consummation of the present pelling reasons not present in the instant case. proposal will not add very much to banking con- The approval of the application by the majority centration in the Philadelphia area. However, the of the Board will permit the elimination of a continued momentum which approval of the appliviable, competitive commercial banking unit in cation will give to the existing trend toward con- Northeast Philadelpiha, which is a growing and centration of commercial banking resources in prosperous section of the City of Philadelphia in Philadelphia ought not to be encouraged. That which the Second National has been established Second National sought to auction off its property for a great many years. The fact that Second to the highest bidder and Provident offered a very National has not risen in competitive status with high purchase premium are not factors that lend some of the other Philadelphia commercial banks themselves in favor of the application. which have entered its trade area through the es- In a situation such as this, as noted above, the tablishment of branches is not necessarily a fault of application should not be approved unless warsmaller size, but a failure to grasp favorable oppor- ranted by compelling reasons not present in the tunities for growth in the local area where the record of this case. bank's operations are conducted. Moreover, Sec- Accordingly, I would deny the application. ond National is of a size able to compete effectively with the large Philadelphia bank branches in its DISSENTING STATEMENT OF GOVERNORS trade area which do not enjoy the advantage of ROBERTSON AND MITCHELL intimate home office contact with residences and While we agree with certain of the points made industrial and business entities situated in North- by Governor Mills in his dissenting statement, we east Philadelphia. Furthermore, Second National wish to emphasize that, in our view, the majority is large enough to attract the services of competent gives too great weight to solving Second National's management that should be willing to capitalize management succession problem, a problem which the advantages of the bank's home location and for a $40 million institution in an area such as clientele in a way that would produce an aggres- Philadelphia should be solved by the directors of sive and independent commercial banking unit the Bank. in Northeast Philadelphia fully capable of growing All the additional services which it is alleged with the needs of the community. that Provident will provide to the public in the In concluding, as I do, that the application area involved are already available there through should be denied, full account has been taken of branches of other large banks; hence, the conventhe Board's approval on December 13, 1963, of ience and needs of the community will not be the merger of Fidelity-Philadelphia Trust Com- improved by the merger. pany and Liberty Real Estate Bank and Trust It must be remembered that there are people Company, both of Philadelphia. That merger com- who prefer to do business with a smaller bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1007 LAW DEPARTMENT They are not served by eliminating the small Section 222.4(a)(l) of Federal Reserve Regulabank and replacing it with a large one. It is not tion Y (12 CFR 222.4(a)(l)), an application on only those who need the services of a large bank behalf of Society Corporation, Cleveland, Ohio, with whom we should be concerned, for they have for the Board's approval of action whereby Apample sources of credit and specialized services. plicant would become a bank holding company It is the general public whose interest it is our through the acquisition of a minimum of 80 per duty to safeguard within the scope of the powers cent of the outstanding common stock and 100 vested in us by law. per cent of the preferred stock of The Fremont The Second National is a viable, sound, highly Savings Bank Company, Fremont, Ohio. rated, well-capitalized, well-established bank whose As required by Section 3(b) of the Act, the deposits and loans have increased 34.2 per cent Board notified the Superintendent of Banks for and 66.5 per cent, respectively, during the last the State of Ohio of the receipt of the application six years. While its earnings record over that and requested his views and recommendation. The period has been spotty, it has certainly not been Superintendent interposed no objection to approval poor; in fact, its earnings increased in 1963 by of the application. Notice of receipt of the applica- 8.9 per cent. This bank, which has been serving tion was published in the Federal Register on the public well for many years, is now being March 7, 1964, which provided an opportunity abolished by virtue of a merger with a half-billion for submission of comments and views regarding dollar bank, which is only too willing to pay a the proposed acquisition. Time for filing such very handsome premium for the privilege of taking comments and views has expired and all comments over its business and eliminating it as a present and views filed with the Board have been conand potential competitor for the banking business sidered by it. in the area it has served. IT IS ORDERED, for the reasons set forth in the We agree with Governor Mills that consumma- Board's Statement of this date, that said application of the merger will not be in the public interest tion be and hereby is approved, provided that the and that, accordingly, the application should be acquisition so approved shall not be consummated denied. (a) within seven calendar days after the date of this Order or (b) later than three months after Orders Under Section 3 of Bank Holding said date. Company Act Dated at Washington, D. C, this 27th day of July, 1964. The following Orders and Statements were By order of the Board of Governors. issued in connection with actions by the Board of Governors on an application for permission to Voting for this action: Chairman Martin, and Govbecome a bank holding company and applications ernors Balderston, Mills, Shepardson, and Daane. by bank holding companies for approval of the Voting against this action: Governor Robertson. Absent and not voting: Governor Mitchell. acquisition of voting shares of a bank. (Signed) MERRITT SHERMAN, SOCIETY CORPORATION, CLEVELAND, Secretary. OHIO [SEAL] In the matter of the application of Society Corporation, Cleveland, Ohio, for permission to be- STATEMENT come a bank holding company by acquiring stock Society Corporation ("Applicant"), Cleveland, of The Fremont Savings Bank Company, Fremont, Ohio, owns all of the shares except directors' Ohio. qualifying shares of Society National Bank of Cleveland ("National"), Cleveland, Cuyahoga ORDER APPROVING APPLICATION UNDER County, Ohio. Applicant, pursuant to Section BANK HOLDING COMPANY ACT 3(a)(l) of the Bank Holding Company Act of There has come before the Board of Governors, 1956 ("the Act") has applied for Board approval pursuant to Section 3 (a) (1) of the Bank Holding to become a bank holding company through the Company Act of 1956 (12 U.S.C. 1842(a)) and acquisition of a minimum of 80 per cent of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN • AUGUST 1964 outstanding common stock and 100 per cent of ganized by Society for Savings, and there were the preferred stock of The Fremont Savings Bank transferred to Applicant all but directors' qualify- Company ("Fremont Savings")? Fremont, Ohio. ing shares of the common stock of National in Views and recommendation of supervisory exchange for all of Applicant's outstanding stock. authority. Pursuant to Section 3(b) of the Act, In turn, and prior to its dissolution, Society for the Superintendent of Banks for the State of Savings deposited Applicant's shares under a vot- Ohio was asked for his views and recommenda- ing trust of which the trustees of the Society for tion on the Applicant's proposal. The Superin- Savings and other individuals designated by the tendent interposed no objection to the Board's Common Pleas Court of Cuyahoga County, Ohio, approval of the application. were designated voting trustees. Presently, Appli- Though not required by Section 3(b) of the cant's voting shares are held under a voting trust Act, notice of the Board's receipt of the applica- which, unless sooner terminated by vote of the tion was given to the Comptroller of the Currency, trustees, will continue until December 31, 1968, who recommended approval of the application. when Applicant's shares will be exchanged for Statutory factors. Section 3(c) of the Act re- presently outstanding voting trust certificates repquires the Board to take into consideration the resenting such common shares. As indicated, Nafollowing five factors in acting on this application: tional is a wholly-owned subsidiary of Applicant, (1) the financial history and condition of the conducting a general banking business with its holding company and the banks concerned; (2) head office and 14 branches (at year-end 1963) their prospects; (3) the character of their manage- located in Cuyahoga County. National's head ofment; (4) the convenience, needs, and welfare fice and 6 of its 14 branches are located in the of the communities and area concerned; and (5) City of Cleveland. At December 20, 1963,1 Nawhether the effect of the acquisition would be to tional had total deposits of $479 million. expand the size or extent of the bank holding Fremont Savings, located in the City of Fremont company system involved beyond limits consistent (Sandusky County), 85 miles west of Cleveland, with adequate and sound banking, the public was originally organized as a savings bank in 1882, interest, and the preservation of competition in but converted to a State-chartered commercial the field of banking. bank in 1934 and has since conducted a general Financial history, condition, and prospects of banking business. It operates a head office and Applicant and the banks concerned. Applicant was drive-in facility in downtown Fremont with total organized in 1958 under the laws of Ohio for deposits of $16.5 million. the purpose of facilitating National's acquisition The financial history and condition of Appliof assets and the assumption of liabilities of the cant, National, and Fremont Savings are consid- Society for Savings in the City of Cleveland. ered satisfactory. In major respects, a judgment of Society for Savings, a mutual savings bank or- Applicant's prospects must be premised upon a ganized in 1849, carried on business in Cleveland judgment of the prospects both of its present subuntil December 31, 1958, when it commenced dis- sidiary, National, and of the proposed subsidiary, solution and its assets were transferred to National. Fremont Savings. While National's net earnings National's organization in 1956 resulted from position in relation to its gross earnings and in- State legislation which restricted the business ac- vested capital is somewhat lower than that of other tivities of mutual savings banks in Ohio, but commercial banks of similar size, due principally which authorized savings banks to organize and to the large portion of its total deposits repreown the capital stock of a State or national bank, sented by time and savings accounts, National's which would have all the powers denied to the past operation and history of growth, particularly mutual savings bank by the legislation mentioned. in demand deposits, warrants the conclusion that Society for Savings organized National and be- its prospects for sound and profitable future operatween 1956 and year-end 1958 Society for Savings tions are satisfactory. and National were operated as separate institu- Fremont Savings has a satisfactory history of tions, although National was wholly owned by Society for Savings. Incident to National's take- 1 Unless otherwise indicated, all banking data noted over of Society for Savings, Applicant was or- are as of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1009 growth and service expansion. There is nothing to five persons. Five of these were established since suggest that its prospects are anything but favor- 1954, and nine of the larger industries of the city able, whether it continues to operate independently have expanded their services and facilities since or as Applicant's subsidiary. However, since Fre- that time. There is every indication that the area's mont Savings' affiliation with Applicant envisions industrial and commercial expansion will continue. greater retained earnings by Fremont Savings, a There are three banks in Fremont, operating six greater potential for additional capital if needed, banking offices and each offering essentially the and, as hereafter discussed, a more assured source same services. Of the three banks, Fremont Savof management succession, it is concluded that ings is the second largest. While it appears that such affiliation will cause the prospects of Fremont the banking needs of the Fremont area are ade- Savings to be somewhat more favorable as a sub- quately served by these banks, it is probable that sidiary of Applicant than would otherwise be the the affiliation of Fremont Savings with Applicant case. and National will result in a broader spectrum and Character of management. The policy manage- somewhat higher quality of banking service at Frement personnel of Applicant and National are mont Savings. For example, Fremont Savings has essentially the same, since Applicant is governed been obliged to engage in loan participations for by twenty-five trustees, of whom twenty compose borrowers whose credit needs were beyond Frethe entire directorate of National. The manage- mont Savings' ability to supply. Consummation ment of each is considered satisfactory. of this proposal will enable Fremont Savings to The Board finds the management of Fremont respond more assuredly and more readily to larger Savings to be satisfactory and that it would con- borrowers through participations with National tinue so following the proposed affiliation with than it can now do through participations with National. This affiliation will afford Fremont Sav- non-affiliated correspondent banks. Further, under ings access to a source of successor management Applicant's control, Fremont Savings will have which at present appears lacking. While the issue access to National's automated equipment, includof management succession within Fremont Sav- ing a developed electronic data processing system, ings is not a major consideration in this case, the a facility which no bank in Fremont has. In view extent to which qualified management succession of the continued commercial and industrial growth is better assured by the proposed affiliation of forecast in the Fremont area, Fremont Savings' Fremont Savings with National does lend some access to such equipment, as well as to readily weight toward approval of the application. available assistance in a variety of specialized The convenience, needs, and welfare of the banking services, should result in immediate benecommunities and the area concerned. The area fit to Fremont Savings and ultimate benefit to the whose convenience, needs, and welfare would be commercial and industrial concerns in the Fremost directly affected by this application is that mont area. comprising Fremont Savings' primary service area, Effect of proposed acquisition on adequate and namely, the City of Fremont and a major portion sound banking, public interest, and banking comof the area included in the Fremont School Dis- petition. National's total deposits of $479 million trict. This area has an estimated population of represent 12 per cent of the total deposits of all 25,000. banks in Cuyahoga County. Fremont Savings' Fremont is situated on U. S. routes 20 and 6, total deposits of $16.5 million are in excess of four miles south of the Ohio Turnpike. It is served 33 per cent of the total deposits held by all banks by two railroads, sixteen motor freight carriers, in Fremont, and 22 per cent of the total deposits and two interstate bus lines. The city's access to of all banks in Sandusky County. The combined electric power and gas in industrial quantities and total deposits of National and Fremont Savings an available industrial labor force have contributed represent 3.8 per cent of the total deposits of all to the expansion of industry and increase in com- banks in the State of Ohio. merce in the Fremont area. A 100-acre industrial There are two registered bank holding compark and a shopping center have recently been panies located in the State of Ohio. BancOhio constructed. There are thirty industrial concerns Corporation, Columbus, the larger, operates prinin Fremont each of which employs over twenty- cipally in south-central Ohio. Its banking sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN • AUGUST 1964 sidiary closest to Fremont Savings is located owners (hereinafter "Opposers") have urged that twenty miles south of the City of Fremont. The Applicant be compelled to take certain procedural remaining BancOhio subsidiary banks are at least steps hereafter discussed, including full compliance seventy miles or more from Cleveland and Cuya- with all applicable securities laws, and that Applihoga County. cant's proposal be made the subject of a public The other bank holding company in Ohio is hearing in the City of Cleveland. Springfield Savings Society of Clark County, Among the procedural steps that Opposers urged Springfield, whose subsidiary banks are located the Board to require of Applicant was that Applisome 100 miles southwest of both Sandusky and cant, at its cost, effect personal service on some Cuyahoga Counties. The subsidiary banks of Banc- 64,000 persons (owners of voting trust certifi- Ohio and Springfield Savings Society, combined, cates), informing them of the complete terms of hold 6 per cent of the total deposits of all banks the proposal contained in the application. The in Ohio. Approval of this application, as a result notice given by the Board regarding receipt and of which Applicant would become the second the nature of this application fully complied with largest bank holding company in Ohio, would in- and satisfied the notice requirements prescribed crease to 10 the percentage of total bank deposits by law and by the Board's Regulation Y, the latter held by subsidiaries of bank holding companies. promulgated pursuant to the Bank Holding Com- Consummation of this proposal will not, in the pany Act. Every reasonable opportunity was pro- Board's judgment, give Applicant a dominant posi- vided for formulation by interested parties of their tion or an undue competitive advantage in any of views on this application. That Opposers availed the areas concerned. The three banks in Fremont themselves of this opportunity is evidenced by the are of about equal size, one slightly larger and detailed manner in which their bases of opposition one slightly smaller than Fremont Savings. No to the application were formulated and set forth significant change in existing competition among in their brief filed with the Board. these banks is likely to occur. Nor will National's In respect to Opposers' request for a trial type association with Fremont Savings alter National's public hearing in the City of Cleveland, including competitive position in the Cleveland area. In view full opportunity for discovery by Opposers, the of the widely separated areas of the State in Board denies Opposers' request for the reason that which the respective holding company systems the Board is unable to find that a public hearing would be operating, the aforementioned resulting would better enable the Board to discharge its concentration of bank deposits is not a factor ad- statutory responsibilities, or that it would result in verse to approval of this application. the production of relevant facts, data, or opinion Only minimal competition exists between Na- that would more fully develop the merits of all tional and Fremont Savings. Neither has any IPC positions asserted than they have been developed deposits ("individuals, partnerships, and corpora- in the record before the Board. tions") nor commercial and industrial, farm, or Opposers asserted that the Board, before passing consumer loans originating in the other's primary on the merits of Applicant's proposal, should service area. Further, their respective sizes and the ascertain that Applicant's "securities are properly distance separating these institutions foreclose any registered and all information required by the likelihood that significant competition between [Securities and Exchange Commission] [be] prothem would develop in the future. Accordingly, vided". In any event, Opposers urged that the the Board finds that consummation of Applicant's Board require Applicant "to follow the procedures proposal will be consistent with adequate and and make available the information required . . . sound banking and the preservation of banking by the SEC for holding companies and their secompetition. curities". In the course of its decision on this application, Administration of the Securities Act of 1933 the Board has considered averments, conclusions, was vested by Congress in the Securities and Exand arguments raised in a brief filed with the change Commission. It is not within the juris- Board on behalf of two named and other un- diction of the Board to administer the provisions named owners of voting trust certificates issued of that Act nor, more specifically, to compel comto former depositors of Society for Savings. These pliance with its registration requirements. This Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1011 does not suggest, however, that the Board, in the Board under the Act will result from such apinterest of orderly administrative procedure, could proval. not determine, where appropriate, whether certain Summary and conclusion. For the reasons herein laws have been complied with by an applicant. given, the Board finds that the financial history and In the present case, there is no evidence that Appli- condition, prospects, and character of management cant has failed or will fail to comply with appli- of Applicant and the banks involved are satisfaccable provisions of the Securities Act of 1933 or tory and, accordingly, consistent with approval of provisions of State law that may be applicable in the application. Weighing toward approval of the similar respects. Should the Board undertake in application is the further finding by the Board each case pending before it to determine an appli- that consummation of Applicant's proposal will cant's compliance with all applicable provisions of make possible the rendition by Fremont Savings Federal and State law, its performance of functions of additional and improved banking services to required by statute would be critically impaired. the developing area it serves, particularly the busi- While neither the Bank Holding Company Act nor ness sector of that area. As regards the competitive Regulation Y contains any provision requiring an effects of Applicant's proposal, it is the Board's applicant to give evidence of compliance with or judgment that the size or extent of Applicant's sysexemption from registration or publication require- tem as proposed would be consistent with adequate ments imposed by Federal or State law, in the and sound banking, the public interest, and the present case, the agreement executed by Applicant preservation of banking competition. and Fremont Savings contains sufficient repre- On the basis of all the relevant facts as contained sentations of intent to comply with all applicable in the record before the Board, and in the light of Federal and State laws as to make unnecessary the factors set forth in Section 3(c) of the Act, it Board action of the nature urged by Opposers. is the Board's judgment that the proposed acquisi- Finally, Opposers have requested the Board, in tion would be consistent with the public interest the course of its decisional process, to review the and that the application should therefore be ap- State of Ohio courts' records relating to the pro- proved. ceedings involving the dissolution of Society for Savings, and the courts' approval of the plan of dis- DISSENTING STATEMENT OF GOVERNOR tribution of the Society for Savings' surplus funds. ROBERTSON A reading of the courts' decisions in the above proceedings makes clear that a major portion of The Board's function in determining whether or the issues litigated have no bearing on the issues not to approve a proposal under Section 3(c) of raised by the application now before the Board. the Bank Holding Company Act, viewed apart Implicit in Opposers' request of the Board that it from the preciseness of the statutory language review the judicial proceedings incident to the dis- stating that function, is simply to form a reasonsolution of Society for Savings, and the distribu- ably calculated judgment of what best serves the tion of its surplus, is the suggestion that wrongful public interest. It follows that Board decisions in and undue advantage has been taken of Opposers such cases will reflect in part the convictions of its by the managements and directorates of the Insti- members as to whether the interest of a particular tutions involved in the proposal before the Board, segment of a community or area will be better and that the Board's approval of the application served by a banking structure composed of many would further disadvantage the Opposers. The competing independent units, or by a structure Board is neither required nor warranted in looking dominated by relatively few organizations operatbehind the decisions of the Ohio courts but, rather, ing through multiple outlets. must and does accord full faith and credit to those Multiple-office banking, whether in the form of decisions. On this premise, and on the basis of the branch banking, so-called "chain banking", or Board's study of the record before it, the Board holding company banking, offers in varying dehas concluded that the character of the respective grees advantages such as economies in operation, managements here involved is satisfactory and application to the affiliated banks of uniform opconsistent with approval of the application, and erational and decisional policies, and a relatively that no disadvantage to Opposers cognizable by the broad spectrum of banking services. To the extent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN • AUGUST 1964 that these advantages reach the public, the mul- "... desire [of Congress] to promote competition tiple-office operation can be said to benefit the pub- through the protection of viable, small, locally lic. However, real benefit results only where real owned businesses." Id. at 344. Applying to the need exists. In the present case, I am unable to field of banking the evident Congressional design find upon the record before the Board any signifi- in Section 7 to prevent undue concentration, the cant unserved banking needs that would require or Supreme Court has said in the more recent case justify inauguration of Applicant's proposed sys- of United States v. Philadelphia National Bank, et tem. The alleged improved convenience in respect ah, "There is no reason to think that concentration to available banking services within the Fremont is less inimical to the free play of competition in area—the principal basis upon which the Board's banking than in other service industries. On the approval appears to be based—has neither the contrary, it is in all probability more inimical. . . . quality nor quantity of benefit to the community concentraton in banking accelerates concentration which offsets sufficiently the disadvantages inherent generally." 374 U.S. 321, 369, 370 (1963). in the proposal so as to justify approval of its con- In my opinion, the slight advantages that may summation. result at some future time from creation of the pro- My concept of the philosophy underlying enact- posed holding company are negligible and insignifiment of the Bank Holding Company Act is that cant in the face of the probable resulting detriment the public is better and more assuredly served by to the public. The Board's approval of this applia banking system composed of a relatively large cation could not only provide Applicant with the number of competitive institutions than by a sys- sine qua non for future State-wide expansion, but tem made up of but a few regional or national in- could additionally provide the impetus to other stitutions. Obviously, each formation of a bank of the large Cleveland banks to launch—as a proholding company, as well as each additional ac- tective measure—similar "satellite systems". With quisition by an existing holding company, reduces the presence in the State of two existing bank holdthe number of remaining competing locally owned ing companies, and the addition of a third, it takes institutions. Accordingly, unless the Board can find little imagination to foresee eventual domination that consummation of a particular bank holding of the State's banking structure by a handful of company proposal offers measurable benefits to the bank holding companies, especially if applications public, it is my view that the Board is not war- like this one—in which no offsetting benefit to the ranted, by its approval, in advancing the systematic public is evidenced—are approved by the Board. destruction of the traditional American banking Hence, I must vote to deny the application. system. It is to the latter eventuality that my earlier ref- CITIZENS AND SOUTHERN HOLDING erence to the disadvantages inherent in Applicant's COMPANY AND proposal relates. Nothing in this proposal evidences THE CITIZENS AND SOUTHERN NATIONAL either immediate and direct advantage or disadvan- BANK, tage to the public. The disadvantage to the public SAVANNAH, GEORGIA will occur during and following the systematic elimination typified by the Board's action on this In the matter of the applications of Citizens and application, of independent banking units, with the Southern Holding Company and the Citizens and result that the residents and businesses of the Fre- Southern National Bank for approval of the acmont area, and eventually of other areas in the quisition by Citizens and Southern Holding Com- State, will be deprived of the advantages inherent pany of voting stock of American National Bank in local promotional initiative, truly vigorous com- of Brunswick, Brunswick, Georgia petition, and calculated risk-taking. The Supreme Court of the United States, in dis- ORDER APPROVING APPLICATIONS UNDER cussing the legislative history of the 1950 amend- BANK HOLDING COMPANY ACT ments to Section 7 of the Clayton Act, identified in Brown Shoe Co. v United States, 370 U.S. 294 There has come before the Board of Governors, (1962), Congressional concern over the continu- pursuant to Section 3(a) (2) of the Bank Holding ing trend toward industrial concentration, and the Company Act of 1956 (12 U.S.C. 1842(a) (2)) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1013 and Section 222.4(a) (2) of Federal Reserve Reg- notice of receipt of the applications was sent to ulation Y (12 CFR 222.4(a) (2)), applications the Comptroller of the Currency, who recomon behalf of Citizens and Southern Holding Com- mended approval of the applications. pany and The Citizens and Southern National Statutory factors. Section 3(c) of the Act re- Bank, both of Savannah, Georgia, for the Board's quires the Board to take into consideration the prior approval of acquisition by Citizens and following five factors in acting on these applica- Southern Holding Company of voting shares of tions: (1) the financial history and condition of American National Bank of Brunswick, Bruns- the holding companies and the banks concerned; wick, Georgia. (2) their prospects; (3) the character of their As required by Section 3(b) of the Act, the management; (4) the convenience, needs, and Board notified the Comptroller of the Currency welfare of the communities and the area conof receipt of the applications and requested his cerned; and (5) whether or not the effect of the views and recommendation. The Comptroller rec- acquisition would be to expand the size or extent ommended approval of the applications. Notice of of the bank holding company systems involved bereceipt of the applications was published in the yond limits consistent with adequate and sound Federal Register on July 7, 1964 (29 Federal Regbanking, the public interest, and the preservation ister 8503), which provided an opportunity for of competition in the field of banking. submission of comments and views regarding the Applicants and their proposal. Citizens is a bank applications. Time for filing such comments and holding company under Section 2(a) (1) of the views has expired and all comments and views Act because of its ownership of more than 25 per filed with the Board have been considered by it. cent of the stock of each of eight banks located in IT IS HEREBY ORDERED, for the reasons set forth the State of Georgia. National is a bank holding in the Board's Statement of this date, that said company as defined in Section 2(a) (3) of the applications be and hereby are approved, provided Act, since all of the outstanding shares of Citizens that the acquisition so approved shall not be conare held by trustees for the benefit of the sharesummated (a) within seven calendar days after holders of National. Citizens and National, therethe date of this Order or (b) later than three fore, are bank holding companies controlling the months after said date. same subsidiary banks. Dated at Washington, D.C., this 10th day of Citizens presently owns 10.08 per cent of the August, 1964. stock of American. Applicants seek Board ap- By order of the Board of Governors. proval of Citizens' acquisition of its pro rata share (806 shares) of 8,000 shares of $10.00 par value Voting for this action: Chairman Martin, and Govstock which American proposes to offer on or ernors Balderston, Mills, Robertson, Shepardson, and Mitchell. Absent and not voting: Governor Daane. about September 1, 1964, to shareholders of record on August 15, 1964. The offering is to be by (Signed) KENNETH A. KEN YON, Assistant Secretary. subscription warrants in the proportion of one share of new stock for each four outstanding [SEAL] shares. Citizens' acquisition of 806 shares will re- STATEMENT sult in its ownership of just slightly less than the 10.08 per cent of the outstanding stock of Amer- Citizens and Southern Holding Company ("Citiican which it now owns. zens") and The Citizens and Southern National Financial history and condition, prospects, and Bank ("National"), both registered bank holding management of the Applicants and the Bank. Citicompanies of Savannah, Georgia, have applied, zens' eight majority-owned banks operate ten bankpursuant to Section 3 (a) (2) of the Bank Holding ing offices in eight communities with combined Company Act of 1956 ("the Act"), for prior apdeposits at December 20, 1963, of $98 million. proval of Citizens' acquisition of 806 shares of the Between year-end 1958 and March 1964, Citizens' voting stock of the American National Bank of capital structure was increased by $4.9 million, of Brunswick ("American"), Brunswick, Georgia. which $3.9 million was derived from retained earn- Views and recommendation of the supervisory ings. During the same period, Citizens paid $450,authority. Pursuant to Section 3(b) of the Act, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN • AUGUST 1964 000 in dividends. At April 15, 1964,1 National, wick area will not be directly affected by consumwith its head office in Savannah and its center of mation of Applicants' proposal, inasmuch as Citioperations in Atlanta, operated 45 offices with zens' exercise of its stock warrants will result combined deposits of $644 million. Between year- merely in maintenance of its proportionate ownerend 1958 and April 15, 1964, National's deposits ship of American's stock. Indirectly, of course, increased by $157 million. Citizens' acquisition for cash of 806 additional American operates its head office and one shares of American's stock will contribute to branch in Brunswick, the county seat of Glynn American's increased capital position, and to the County, and a branch in Jesup, the county seat resulting increase in its lending limit. This result of Wayne County, and holds deposits of $21 mil- is consistent with approval of these applications. lion. Effect of proposed acquisition on adequate and It appears that the financial history and condi- sound banking, public interest, and banking comtion and the prospects of Applicants and American petition. Inasmuch as Applicants' proposal will are satisfactory, a situation that would be con- serve merely to assure Citizens' retention of its sistent with approval of the proposed acquisition. present percentage of stock ownership in Amer- The managements of Citizens, National, and ican, the proposed transaction would have no sig- American are considered satisfactory and no nificant effect on existing competition. Competichanges in management are contemplated as an tion between American and the other banking ofincident of the proposed acquisition. fices of Applicants' group is negligible and this Convenience, needs, and welfare of the com- situation would not be altered by the stock acquisition proposed. Since American does not promunity and the area concerned. The city of Brunspose to establish additional offices as a result of wick is the area principally served by American. its capital increase, or to increase the present range Brunswick, located in southeast Georgia on the of banking services offered, the Board concludes Atlantic Ocean, about 75 miles southwest of Sathat Applicants' proposal will have no effect on vannah, has a population of about 21,500. Glynn American's competitors in the Brunswick and County, with a population of about 42,000, has Jesup areas. three banks operating six banking offices. Three of these are American's offices, including the branch Conclusion. On the basis of all the relevant facts office in Jesup (Wayne County) 40 miles north- as contained in the record before the Board, and west of Brunswick. It is the Board's opinion that in the light of the factors set forth in Section 3(c) the convenience, needs, and welfare of the Bruns- of the Act, it is the Board's judgment that the proposed acquisition would be consistent with the 1 Unless otherwise indicated, all banking data noted public interest and that the applications should are as of this date. therefore be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements AVAILABILITY OF MINUTES when it was abolished. The total number of typed pages of these minutes approximates 8700. Minutes of the meetings of the Federal Open Additional materials relating to System opera- Market Committee from the time of its organizations in the open market, as well as to Board tion in 1936 through the end of 1960 are being matters outside the open market area, are now made available by the Federal Reserve System being reviewed. It is expected that a considerable for the use of scholars and other interested peramount of such material having value for hissons. torical and scholarly research will be transferred To that end, the Board of Governors has transfrom the Board to the Archivist of the United ferred to the custody of the Archivist of the United States within the next few months. A detailed States the original signed copies of the minutes description of those additional records will be specified. Advice of the transfer was transmitted furnished at the time the current review is comby the Chairman of the Board of Governors in a pleted. letter to the Archivist on July 17, 1964, reading The Board believes that the official records peras follows: taining to policy decisions and operations of this country's central banking system should be avail- Dr. Wayne C. Grover, able over the course of time to interested persons Archivist of the United States, for studies of monetary policy or of other aspects National Archives Building, Washington, D. C. of Federal Reserve history on which they may throw light. Such materials should provide an im- Dear Dr. Grover: portant new source of information for persons The Board of Governors of the Federal Reserve wishing to study the Federal Reserve System, and System and the Federal Open Market Committee it seems especially appropriate that those for the have authorized the transfer from the Board to the years referred to in this letter should be made custody of the Archivist of the United States of available either through the National Archives or the minutes of meetings of the Federal Open here at the Board for public use in this the year Market Committee from the date of its organiza- of the fiftieth anniversary of the Federal Reserve tion in March 1936 to the end of the year 1960. System. Certain other records relating to operations in the Sincerely yours, open market that were carried on by the Federal (Signed) WM. MCC. MARTIN, JR. Reserve from its formation in 1914 until establishment of the Federal Open Market Committee in An acknowledgment from the Archivist, re- 1936 pursuant to the Banking Act of 1935 were ceived under date of July 24, read as follows: included in the authorization. The records to be transferred under this authorization are to be available to interested persons without restriction Honorable Wm. McC. Martin, Jr. other than the normal restrictions that the National Chairman, Board of Governors Federal Reserve System Archives would place on such materials to assure Washington, D.C. their preservation and proper handling. The body of records being transferred at this Dear Mr. Chairman: time consists of 28 volumes containing the original Thank you very much for your letter of July signed copies of the minutes of the meetings of 17, 1964, concerning records relating to open- (1) the Federal Open Market Committee from market operations of the Federal Reserve Banks March 1936 to the end of 1960 and (2) its Execu- that have been authorized for transfer to the Native Committee from March 1936 until June 1955 tional Archives by the Board of Governors of the 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN • AUGUST 1964 Federal Reserve System and the Federal Open beginning with the formation of the System in Market Committee. The records will be made 1914, with a view to making significant documents available to interested persons under the condi- accessible for research studies relating to the Fedtions stated in your letter. eral Reserve System, either through transfer to The National Archives will be very glad to re- the custody of the Archivist of the United States ceive these records pertaining to a central element or at the Board's offices. in the Federal Reserve decision-making process, the formulation and execution of open market RESIGNATION OF DIRECTOR policy. This policy is documented importantly in the minutes of the meetings of the Federal Open Mr. John T. Fey, who had served as a Class C director of the Federal Reserve Bank of Boston Market Committee, 1936-60, and those of its Exsince September 25, 1963, resigned effective June ecutive Committee, 1936-55, which are now of- 29, 1964. He was formerly President of the Unifered for transfer to the National Archives. We versity of Vermont, Burlington, Vermont. will arrange as soon as possible for the records to be brought to the National Archives Building. We are pleased to note that you are reviewing DEATH OF DIRECTOR for future offers to the National Archives addi- Mr. Roy Riddel, President, First National Bank tional records concerning open-market operations of Lubbock, Lubbock, Texas, who had served as as well as material dealing with other operations a Class A director of the Federal Reserve Bank of the Federal Reserve System. We heartily concur of Dallas since January 1, 1961, died on June 27, with your view that the records of the Federal Re- 1964. serve System pertaining to its policy decisions and important operations provide valuable information for studies of the nation's central banking PUBLISHED INTERPRETATIONS OF THE BOARD system and should be available for public use. We Supplement No. 3 to the loose-leaf compilation of therefore welcome the opportunity to help you "Published Interpretations of the Board of Govmake this possible by providing the facilities of the ernors of the Federal Reserve System," contain- National Archives. ing the published interpretations for 1963 through Sincerely yours, March 31, 1964, is now available. (Signed) WAYNE C. GROVER ERRATUM Although the Federal Reserve System has long made available a great deal of information on its In the chart that appeared on page 834 of the actions and operations, this is the first time that BULLETIN for July 1964, the curve for the Fedofficial records of this type relating to monetary eral Reserve discount rate should be corrected, as and credit policy actions have been released to shown below, to include changes over the 10 the public for research or historical studies. These years 1954-63 instead of changes for the 11 years materials increase significantly the sources of in- 1953-63. Other curves in the chart were correct. formation regarding Federal Reserve policy decisions over the years. FREE RESERVES AND INTEREST RATES SHOW LESS WEEK-TO-WEEK FLUCTUATION IN LAST 2 YEARS Copies of the minutes being transferred to Na- BILLIONS OF DOLLARS PER CENT PER ANNUM tional Archives also will be available soon for inspection at each Federal Reserve Bank and Branch as well as at the Board's offices. In addition, the National Archives is prepared to furnish copies of the records, at cost, to any interested parties; requests for such copies should be sent directly to that agency, Eighth Street and Pennsylvania Avenue, N.W., Washington, D.C. 20408. ^w As indicated in Chairman Martin's letter to Dr. ET BORROWED RESERVES Grover, the Board is reviewing additional records 1954 '55 '56 '57 '58 "59 '60 '61 '62 '63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1017 ANNOUNCEMENTS NEW BULLETIN TABLE ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Beginning with this issue, the BULLETIN will in- The following banks were admitted to memberclude monthly data transactions of the Federal ship in the Federal Reserve System during the Reserve System Open Market Account. The data period July 16, 1964 through August 15, 1964: will have a 2-month lag. The new table, which appears on page 1029 of this issue, will be similar Texas to the table on System transactions published in Houston Tennessee Bank and Trust Company the Board's Annual Report for each of the past Washington 3 years. Morton . State Bank of Morton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 14 Industrial production and nonagricultural em- in industrial and commercial machinery, and was ployment generally increased further in July and 9 per cent above a year earlier. the unemployment rate declined. The money sup- Gains in output of materials were widespread ply continued to expand and time and savings in July with increases in iron and steel, construcdeposits at commercial banks increased further. tion materials, and most nondurable materials. Some sensitive industrial commodity prices advanced further from mid-July to mid-August, interest rates changed little, and common stock CONSTRUCTION prices were down somewhat. The total value of new construction put in place in July was maintained close to an annual INDUSTRIAL PRODUCTION rate of $66 billion, about 5 per cent above last year's level. Private residential activity in July Industrial production continued to rise in July continued at its moderately reduced earlier rate, and at 132.7 per cent of the 1957-59 average was while other private construction activity edged 1 point above June and 5V£ per cent above a year higher. Public activity estimates were reduced earlier. Increases were shown by nearly all major 4 per cent after being revised upward by 5 per groups of industries. cent for June. Among the market categories, consumer goods output rose further in July and was also 5Vi per cent above a year ago. Auto assemblies, after EMPLOYMENT allowance for the earlier cutbacks in output in Employment in nonfarm establishments conpreparation for the model changeover, continued tinued to expand in July with most of the 140,000 at record levels in July. Production of television gain in nonmanufacturing activities. In manusets, furniture, and most other household goods facturing, an increase of 20,000 was concentrated increased. Output of consumer staples was mainin primary metals industries. Employment intained at advanced levels. Production of business creased substantially in the service industries equipment expanded further, reflecting increases and continued to rise in most other major sectors. The average workweek at factories was INDUSTRIAL PRODUCTION maintained at 40.6 hours and was 0.2 hours 1957-59 = 100 longer than a year earlier. The unemployment rate was 4.9 per cent in July as compared with 5.3 per cent in June and 5.6 per cent a year earlier. DISTRIBUTION Retail sales in July were at advanced levels. Auto store sales increased following settlement of a trucking strike which had restricted factory shipments. Auto dealer stocks are higher than last year partly as protection against a possible stoppage at the end of the auto workers contract August 31. Retail sales of home goods and ap- 1964 1960 parel have been running 12 per cent above last F. R. indexes, seasonally adjusted. Latest figures shown for July. year's dollar volume in recent months. 1018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1019 AGRICULTURE two previous months. Heavy liquidation of U.S. Government securities was mainly responsible for The official August 1 crop reports indicated an the reduction. The seasonally adjusted money supoutput only slightly under last year's record deply increased $1.1 billion further. U.S. Governspite below normal rainfall in some areas. Inment deposits declined more than usual in July creases were forecast for wheat, soybeans, and following a more than usual increase in June. Time sugar crops, while decreases were indicated in and savings deposits at commercial banks confeed crops, tobacco, and cotton. tinued to expand. Excess reserves of member banks averaged $400 COMMODITY PRICES million in July and borrowings from the Federal Upward pressures increased in the metal mar- Reserve $265 million, both close to the average kets from mid-July to mid-August despite Con- level of other recent months. Seasonally adjusted gressional approval of releases of lead and zinc required reserves increased somewhat. Reserves from the national stockpile. Work stoppages conwere supplied principally through System purtinued to curtail copper supplies. Prices of copper chases of U.S. Government securities and absorbed and brass products were increased as scrap and through currency outflow. copper dealer quotations rose to about the highest levels since 1956. Steel scrap showed a sharp advance. SECURITY MARKETS The military incident in South Asia in early August was accompanied by only small price in- Yields on corporate securities and on State and creases in other sensitive markets and some sub- local government bonds remained substantially sequent declines. Textile prices have continued to unchanged from mid-July through early August. strengthen although raw cotton costs for domestic Yields on U.S. Treasury bonds changed little, mills have been reduced considerably by the new while yields on 3-month Treasury bills rose somedomestic Federal subsidy and a lower farm supwhat to about 7>Vi per cent. port level. Common stock prices, which had reached a new high in July, have since declined irregularly BANKING AND MONEY DEVELOPMENTS on moderate trading volume and are now about Seasonally adjusted commercial bank credit de- 2 per cent below that peak level. clined in July following sustantial increases in the INTEREST RATES PRICES WHOLESALE ALL ITEMS ALL COMMODITIES ... 1 1 1 1 . . . . 1 1 1 1 COMMODITIES NONFOOD COMMODITIES 1 1 1 1 . . 1 1 1 1 SERVICES _ , . .— • PROCESSED FOODS fc/* ' "^"'^FOODS _ j V *' \,A--' %v* ^ *S»/M#V\ | * FARM PRODUCTS '| * - . 1 1 1 1 . - . 1964 1960 Discount rate, range or level for all F. R. Banks. Weekly average market yields for U.S. Govt. bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices. June; for wholesale prices, July. shown, week ending Aug. 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds i, II, U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or Quarterly) (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "'State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, 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 Banks and branches, number of, by class and Semiannually State Apr. 1964 518-19 Banking offices: Analysis of changes in number of Aug. 1964 1,082 Flow of funds (assets and liabilities).... Apr. 1964 517 On, and not on, Federal Reserve Par List number of Aug. 1964 1,083 Income and expenses: Federal Reserve Banks Feb. 1964 238-39 Member banks: Annually Calendar year May 1964 630-38 Operating ratios Apr. 1964 520-22 Bank holding companies: Insured commercial banks. May 1964 639 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 1020 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items; Federal funds 1022 Reserve Bank discount rates; margin requirements; reserve requirements 1027 Open market transactions; Federal Reserve Banks. . 1029 Bank debits; currency in circulation 1032 Money supply; banks and the monetary system. . . . 1034 Commercial and mutual savings banks, by classes. . . 1036 Commercial banks, by classes. 1040 Weekly reporting member banks. 1042 Business loans. , . . . 1045 Interest rates. 1046 Security prices; stock market credit; open market paper. . . 1047 Savings institutions . 1048 Federal finance. 1050 Federally sponsored credit agencies. 1055 Security issues. 1056 Business finance. . 1059 Real estate credit. . 1061 Consumer credit. 1064 Industrial production. 1068 Business activity. 1072 Construction . . 1072 Employment and earnings 1074 Wholesale and consumer prices 1076 National product and income series. . . 1078 Flow of funds. 1080 Number of banking offices in the United States 1082 Number of par and nonpar banking offices 1083 Guide to tabular presentation. 1020 Index to statistical tables 1109 The data for F.R. Banks and member banks and statements; the remaining data are obtained for consumer credit are derived from regular largely from other sources. For many of the reports made to the Board; production indexes banking and monetary series back data and are compiled by the Board on the basis of data collected by other agencies; figures for gold d^criptive text are available in Banking and stock, currency, Federal finance, and Federal Monetary Statistics and its Supplements (see list credit agencies are obtained from Treasury of publications at end of the BULLETIN. 1021 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 BANK RESERVES AND RELATED ITEMS AUGUST 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- Otheri F.R. rency Total right agree- vances ury Banks and ments coin 3 Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 ,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,3T 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 ,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 ,921 , 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2.859 20,118 1962—Dec 30,546 30,474 72 305 31,217 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3.108 20,040 1963—June.... 31,540 31?446 94 236 ,6353 3 3 3 , , 2 4 1 5 8 4 15,785 5,583 35.293 400 794 193 216 1,125 16.800 2,929 19t729 1963 -July , 32,158 32,014 144 322 ,740 34,262 15,664 5,585 35,752 393 923 176 201 1,076 16,991 3,029 20,020 Aug.. 32,233 32,171 62 355 ,45334,080 15,602 5,584 35,794 394 846 164 200 1,144 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 1,163 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 1,089 16,920 3,083 20,003 Nov.. 33,126 32,936 190 407 ,77135,353 15,582 5,594 36,693 395 938 150 198 1,138 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 1,215 17,303 3.443 20,746 1964—Jan 33,200 33,127 73 289 2,164 35,770 15,513 5,583 36,827 408 965 155 212 1,052 17,247 3,428 20,675 Feb 33,009 32,981 28 311 ,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 71 256 ,747 35,981 15,462 5,577 37,107 425 957 148 180 1,111 17,092 3,127 20,219 June 34,631 34,530 101 271 ,784 36,760 15,462'5,584 37,541 ••414 886 135 200 1,273 17,356'3,202 '20,558 July 34,898 34,765 133 265 ,841 37,077 15.463 5,568 37,938 431 804 131 201 1,194 17,408*>3,256*>20,664 Week ending— 1963 June 5 31,293 31,191 102 216 1,318 32,868 15,797 ,583 35,108 407 643 169 183 1,156 16,582 2,856 19,438 12 31,587 31,513 74 249 1,382 33,261 15,797 ,581 35,298 402 774 218 205 ',156 16,587 2,841 19,428 19 31,317 31,244 73 284 1,1 ,498 15,798 ,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 ,582 35,279 402 892 185 217 ,099 17,001 3,051 20,052 July 3 32,249 32,078 171 329 1,651 3:4,273 15,733 5,587 35,581 383 863 173 235 ,101 17,257 2,985 20,242 10 32,652 32,308 344 323 1,726 34-,,'744 15,691 5,588 35,899 391 1,022 180 196 ,107 17,228 2,865 20,093 17 32,042 31,939 103 401 1,.9.2 9 3-4 ,41915,669 5,582 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24 31,687 31,687 313 ,990 34,030 15,633 5,584 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 5,586 35,564 393 891 179 202 ,069 16,530 3,118 19,648 Aug. 7. 32,443 32,373 70 403 288 34,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 14 32,286 32,253 33 382 367 34,075 15,618 5,581 35,879 382 870 167 188 ,038 16,750 2,959 19,709 21 32,017 31,964 53 324 787 34,167 15,583 5,583 35,850 394 879 153 185 ,217 16,655 2,999 19,654 28 32,142 32,074 68 305 418 33,901 15,583 5,586 35,728 400 918 162 181 ,219 16,461 3,093 19,554 Sept. 4 32,438 32,264 174 355 1,34834,180 15,582 5,587 35,889 391 806 170 192 ,214 16,689 2,995 19,684 11 32,644 32,350 294 385 1,487 3"4,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 18, 32,209 32,209 225 1,995 34,465 15,582 5,590 36,016 417 942 142 209 ,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 ,140 17,052 3,148 20,200 Oct. 2. 32,511 32,449 62 373 1,54534,467 15,582 5,589 35,858 393 901 153 192 ,114 17,027 3,150 20,177 9 33,036 32,617 419 422 1,52735,030 15,583 5,591 36,061 397 910 153 193 ,141 17,349 2,843 20,192 16 32,784 32,521 263 339 1,567 3-4,737 15,583 5,582 36,235 392 930 150 194 ,107 16,894 3,095 19,989 23, 32,226 32,226 392 1,930 34,589 15,581 5,583 36,165 394 915 171 188 ,060 16,860 3,082 19,942 30, 32,474 32,413 61 229 1,416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553 3,202 19,755 Nov. 6. 33,031 32,822 209 434 1,31534,842 15,583 5,593 36,251 388 823 156 193 ,019 17,188 2,978 20,166 13. 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 402 886 146 198 ,001 17,060 3,005 20,065 20. 32,949 32,773 176 462 2,180 3"5,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080 3,170 20,250 27. 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 386 1,006 151 199 ,250 16,823 3,212 20,035 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 BANK RESERVES AND RELATED ITEMS 1023 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 v o o t u u . t g - s h e t cu R c r a e i h g t p a i r e u e s s e e r- - v c D o a a a n n u i d s c d n - - e ts s Float t T a o l - 2 s G to o c ld k T r s o r c e t u i e a n u n u r a n g r c y t s - - d y - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i r u o n e a r l g s a y d h s s - - Tr t u e h w r a a y s i n t - h m r e F e s F . e m R o rv r b . - e e B s r , a O b n a t k h n s e k ri c O F o a t u . c h R n - e . t r s W F.R ith M . e r m e r C s e a b e n n u e r c d r r v - y e b s an T k otal right ments Banks coin 3 Averages of daily figures Week ending— 1963 Dec. 4. 33,795 33,590 205 540 1,63136,010 15,582 5,580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11. 33,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18. 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 392 907 158 196 1,194 17,204 3,476 20,680 25. 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 1,208 17,556 3,445 21,001 1964 Jan. 1.... 33,655 33,563 92 590 2,752 37,153 15,513 5,580 37,730 381 927 185 227 1,142 17,653 3,796 21,449 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 402 966 168 205 1,070 17,685 3,484 21,169 15. 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22. 32,944 32,944 198 2,36535,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29. 32,739 32,739 209 764 34,780 15,512 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 5. 33,009 32,979 277 417 34,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12. 33,275 33,214 372 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19. 32,887 32,862 291 846 35,088 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26 32,750 32,750 200 835 34,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 ,529 35,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 ,60935,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 1,775588 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 1,97335,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 33,575 33,534 155 1,512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 33,979 33,916 209 ' 35,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15. 33,843 33,843 191 1,756 35,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22. 33,050 33,050 321 2,166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29. 33,086 32,985 101 137 1,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 May 33,763 33,580 183 213 1,,6653 35,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 33,987 33,904 83 314 1,640 36,,020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,075 20,293 20. 33,749 33,715 34 298 2;064 36,179 15,462 5,573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27. 33,839 33,819 20 209 1,739 35,844 15,462 5,581 37,123 430 927 131 174 1,250 16,852 3,262 20,114 June 3.. 34,381 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.. 34,757 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 17.. 34,591 34,438 153 328 1,82336,811 15,461 5,582 37,614 415 880 131 196 1,240 17,378 3,238 20,616 24.. 34,427 34,427 232 2,136 36,875 15,461 5,582 37,574 395 905 138 203 1,273 17,430 3,297 20,727 July 1. . 34,841 34,823 18 221 1,818 36,960 15,462 5,582 37,618 404 873 140 195 1,276 17,498 3,347 20,845 8. . 35,335 35,215 120 263 1,882 37,588 15,463 5,574 37,916 416 842 134 222 1,256 17,840 2,965 20,805 15.. 35,304 35,030 274 460 1,787 37,636 15,463 5,562 38,099 425 885 123 204 1,223 17,703 3,291 20,994 22.. 34,392 34,392 159 2,195 36,789 15,463 5,566 37,969 444 770 131 191 1,158 17,154 3,275 20,429 29.. 34,518 34,357 161 179 1', 6'2"6'36,381 15,463 5,567 37,814 440 711 133 190 1,148 16,975*>3,359"20,334 End of month 1964 May 34,229 34,229 226 1,564 36,066 15,463 5,583 37,208 416 997 161 184 1,254 16,890 2,823 19,713 June 3 35 4 , , 0 7 5 9 1 4 3 3 5 4 , , 0 7 0 9 : 4 49 2 7 3 9 9 1 1, , 4 6 5 3 1 3 3 3 6 6 , , 5 7 8 9 9 7^1 1 5 5, , 4 4 6 6 1 2^ 5 5 , , 5 5 7 71 8 ^3 3 7 7 , , 8 7 1 3 8 4 391 9 7 3 8 9 5 1 13 5 5 6 1 19 8 8 2 l 1 , , 1 2 2 5 f 5 1 1 7 6, , 9 3 7 2 3 7^ 3 3 , , 5 5 0 26 5 ' 2 2 0 0 , , 4 8 7 5 8 3 July Wednesday 1964 34,655 34,473 18: 365 ,345 36,431 15,463 5,589 37,407 440 804 119 21 1,252 17,250 3,335 20,585 June 3 34,657 34,539 118 334 ,330136,400 15,463 5,586 37,611 429 845 14: 190 1,311 16,920 3,420 20,340 1 1 0 7 3 3 4 4, , 5 6 3 1 1 7 3 34 4 , , 5 4 3 3 1 8 179 2 9 1 3 4 , ,8 9 2 5 1 4 3 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 37 7 , , 5 6 8 4 8 7 4 4 0 0 4 2 7 9 9 6 0 7 1 13 5 9 4 1 1 9 8 1 1 , , 2 2 8 3 4 0 1 1 7 7 , , 4 0 9 1 1 7 3 3 , , 5 6 1 8 2 4 2 2 1 0 , ,7 0 0 0 1 3 July 2 2 2 1 4 9 8 2 1 5 3 3 3 3 3 5 5 5 4 4 , , , , , 1 2 4 1 8 2 0 1 6 6 3 6 2 0 0 3 3 3 3 3 4 4 5 4 4 , , , , , 9 7 2 9 1 9 6 1 1 6 8 0 7 0 0 2 2 1 4 9 2 3 6 5 4 4 2 1 1 1 2 8 2 0 6 4 8 6 4 , , , , 6 5 8 2 0 9 3 9 3 5 7 7 3 3 3 3 3 7 5 7 6 7 , , , , , 2 9 4 4 2 8 7 8 5 9 8 3 3 6 0 1 1 1 1 1 5 5 5 5 5 , , , , , 4 4 4 4 4 6 6 6 6 6 : : : : : 5 5 5 5 5 , , , , , 5 5 5 5 5 5 8 6 6 6 9 3 7 3 4 3 3 3 3 3 7 8 8 7 7 , , , , , 7 1 0 9 8 9 1 8 2 5 9 3 7 7 7 4 4 4 4 4 1 1 5 3 4 7 6 8 7 6 9 7 7 8 6 2 7 3 8 7 3 1 4 4 1 1 1 1 1 2 4 2 3 4 5 8 7 0 0 2 2 2 1 1 0 1 1 9 9 3 3 6 9 6 1 1 1 1 1 , , , , , 2 1 2 1 1 5 7 4 6 4 1 7 6 4 0 1 1 1 1 1 7 7 7 6 7 , , , , , 6 5 4 3 0 4 8 1 2 5 5 9 5 3 0 ^ 3 3 3 3 3 , , , , , 3 5 7 6 6 5 2 1 7 4 1 8 8 0 8 ^ 2 2 2 2 2 1 0 0 1 0 , , , , , 7 1 0 9 0 4 7 6 4 2 1 3 3 0 0 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

1024 BANK RESERVES AND RELATED ITEMS AUGUST 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B r F i o a n a . n w g R t k s - . s s F e r r r e v e - e e s 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 ,199 ,191 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 1,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 1,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 1,038 104 -104 1960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 1,035 7 -11 1963—June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 ,028 1,032 -4 7 1963—July 20,020 19,537 483 322 161 3,795 3,740 55 40 15 ,038 1,026 12 -12 Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 ,009 1,007 2 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 ,029 1,030 -1 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 ,036 1,028 8 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 ,035 1,031 4 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 ,056 1,051 5 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 1,044 5 -22 Feb 29,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 1,016 -2 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 1,022 4 -86 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 2 1,021 1,015 7 -14 May 20,219 19,886 333 255 78 3,833 3,832 26 -26 1,044 1,042 2 -3 June 20,558 20,170 388 270 118 3,983 3,945 38 39 -1 1,033 1,034 -1 -14 July P20,664P20,264 MOO 265 3,943 3,921 22 40 -18 1,039 1,036 3 -19 Week ending— 1963—July 3 20,242 19,810 432 329 103 3,891 3,886 5 -55 ,055 1,056 -1 25 -26 10 20,093 19,630 463 323 140 3,797 3,758 39 3 ,036 1,029 7 8 -1 17 20,172 19,577 595 400 195 3,719 3,706 13 -68 ,034 1,030 4 5 24 19,928 19,457 471 312 159 3,797 3,720 77 77 ,025 1,013 11 66 -55 31 19,648 19,351 297 143 154 3,726 3,711 15 15 ,023 1,021 2 5 -3 1964—Feb. 5 . . .. 20,220 19,854 366 242 124 3,834 3,820 14 -10 ,028 1,021 46 -40 12 20,178 19,776 402 367 35 3,762 3,744 18 -71 ,003 1,011 117 -124 19. ... 20,171 19,751 420 291 129 3,762 3,742 20 16 ,031 1,018 13 132 -119 26 20,036 19,683 353 200 153 3,733 3,734 -1 -36 ,011 1,011 60 -60 Mar. 4 20,183 19,693 490 362 128 3,836 3,766 70 5 ,030 1,020 30 -20 11 19,978 19,664 314 253 61 3,718 3,707 11 -22 999 999 70 -69 18. ... 20,213 19,838 37 358 1 3,801 3,804 _2 -34 ,020 1,019 1 113 -112 25 20,510 20,002 508 279 229 3,866 3,837 28 20 ,037 1,033 5 177 -172 Apr. 20,309 20,037 27: 155 11 3,900 3,871 29 27 ,050 1,037 13 3 -19 8 20,350 19,928 422 208 214 3,814 3,812 1 1 ,017 1,015 2 59 -57 15... 20,368 20,069 299 190 109 3,822 3,801 21 11 ,014 1,013 1 22 20,323 19,882 441 319 122 3,736 3,727 9 -49 ,017 1,016 1 28 -27 29 19,966 19,698 268 135 133 3,736 3,721 15 15 ,013 1,014 -1 -3 20,277 19,988 28' 211 78 3,910 3,890 20 1 ,056 1,051 May,!::: 20,293 19,892 401 314 87 3,805 3,783 22 9 ,036 1,036 -9 20. .. 20,304 19,896 408 298 110 3,824 3,825 -1 -48 ,056 1,04" 27 . . . 20,114 19,783 331 208 123 3,846 3,818 28 17 ,038 1,035 June 3... 20,194 19,899 295 264 31 3,881 3,877 4 -76 1,027 1,028 -10 10. .. 20,186 19,85" 329 289 40 3,847 3,824 23 7 1,006 1,006 -20 17. .. 20,616 20,161 45- 327 127 3,966 3,954 12 -46 1,033 ,033 -20 24... 20,727 20,376 351 23: 119 4,038 4,002 35 9 1,053 ,048 2 July 1. .. 20,845 20,443 402 221 181 4,075 4,046 29 6 1,054 ,059 A -27 8. ... 20,805 20,514 291 263 28 4,012 4,007 c -86 1,056 ,050 6 2 15... 20,994 20,422 572 460 112 3,969 3,921 48 -16 1,041 ,039 -66 22... 20,429 20,151 278 159 119 3,905 3,883 22 22 1,043 ,036 1 29. .. *>20,334^19,959 179 3,862 3,846 16 18 1,022 ,020 -4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 BANK RESERVES AND RELATED ITEMS 1025 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Otherreserve city 3anks Country banks Period Reserves Borrow- Reserves Borrowings at Free Free T h o e t ld al Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess Banks 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—Deo 4,317 3,014 1,303 1 1,302 2 210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4 761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5 756 5,161 596 88 508 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5 901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5 906 5,457 449 172 277 1958 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 Dec 7,950 7,851 100 20 80 6 689 6 066 623 40 583 1961 Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962 Dec 8,178 8,100 78 130 -52 6 956 6,515 442 48 394 1963 June 8,036 8,018 18 129 -111 6,942 6,563 379 65 314 1963—July 8,151 8,099 52 201 -149 7 037 6,672 365 57 308 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 8,318 8,290 27 142 -115 7,225 6,901 323 76 247 July ^8,385 ^8,340 H5 147 P-102 ^6,967 ^330 56 P274 Week ending— 1963 Julv 3 8,238 8,205 33 193 -160 7,059 6,664 395 51 344 10 8,199 8,146 53 220 -167 7,061 6,697 364 59 305 17 . . . 8,168 8,136 32 266 -234 7,251 6,705 546 48 498 24 8,128 8,050 77 190 -113 6,979 6,674 305 56 249 31 . . . . 8,037 8,013 25 84 -59 6,861 6,607 254 54 200 Feb. 5 8,146 8,133 13 95 -81 7,213 6,879 333 77 256 12 8,157 8,111 46 102 -56 7,255 6,911 345 59 286 19 8,140 8,102 38 83 -46 7,238 6,888 350 72 278 26 8,107 8,085 22 66 -44 7,185 6,853 332 39 293 Mar. 4 8,139 8,084 55 184 -130 7,178 6,823 355 83 271 11 8,142 8,113 29 96 — 67 7 118 6 844 274 54 220 18 8,179 8,155 25 145 — 121 7 212 6 860 352 68 284 25 8,256 8,224 32 65 -33 7,352 6,909 443 29 414 Apr 1 8,286 8,251 35 49 -14 7,073 6,878 195 72 123 8 ...::.:.... 8,261 8,230 31 92 -61 7,258 6,870 388 57 331 15 8,334 8,312 22 105 -83 7 198 6 943 255 74 181 22 8,214 8,196 19 176 -157 7,356 6,943 412 57 355 29 8,107 8,083 24 54 -30 7,109 6,879 230 79 151 May 6 8,215 8,186 29 118 -89 7,095 6,860 235 80 155 13 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 8,184 8,173 11 102 -91 7,101 6.821 280 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 7,314 6,891 423 79 344 24 8,420 8,361 59 147 -87 7,216 6,965 252 58 194 July 1 8,413 8,394 19 134 -115 7,303 6,944 359 41 318 8 8,480 8,454 26 112 -86 7 257 7 003 254 56 198 15 8,471 8,437 34 276 -242 7,514 7,025 488 52 436 22 8,341 8,279 62 106 -44 7,141 6.954 187 48 139 29 8,215 8,192 23 95 -72 ^7,235 ^6,900 59 ^276 i 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

1026 MAJOR RESERVE CITY BANKS AUGUST 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt. securities dealers Less: Net: Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e- e es s s 1 r a o B t B w a F o n in r . k - R g s s . F i f t b e n u r N d a a t n n e e e n d t k r r s s - a . l S d u e r o f p i r c l i u t s P r r e e e s a q r e o v u c r f g i v e . r e e n s c t c P ha u s r e - s Sales a 2 c t T r t - a o i w o n t a n a s y l s - 2 b c b o u P h f a y a u n n s i r k n e e - s g s t s b o S e a f l a n l l n i e k n e s s g t d L ea o t l a o e n r s s3 de f r B i a r o n o l o w g e m r s r - - s 4 lo N a e n t s Total—46 banks 1964 June 10 28 90 345 -407 4.5 1,639 1,293 945 693 348 814 73 741 17 16 146 611 -740 8.0 1,641 1,030 827 814 204 1,072 94 978 24 59 75 818 -833 8.9 1,860 1,043 897 963 146 1,000 81 919 July 1 28 56 375 -403 4.3 ,698 1,324 1,002 696 322 1,087 76 1,011 8 15 87 842 — 914 9 7 ,892 1 050 854 1,038 196 I 213 60 1 153 15 65 261 805 -1,000 10.8 .597 792 708 889 85 1,380 114 1,267 ?2 50 45 631 -625 6.8 2,174 1,543 1,087 1,087 456 274 153 1,120 29 20 42 -51 30 .3 1,993 2,045 1,210 783 834 779 190 589 8 in New York City 1964 June 10 . . . 16 16 165 — 165 4 6 795 630 544 251 86 681 73 608 17 9 54 431 -475 12.9 893 463 463 431 851 94 757 24 32 21 531 -520 13.9 1,012 481 481 531 868 81 787 July 1 25 10 258 -243 6.4 936 678 625 312 54 952 76 877 8 . . . . 5 67 436 -499 13.3 999 563 476 523 87 1,102 55 1,047 15 43 49 510 -516 14.1 889 379 379 510 1,192 110 1,082 22 . . 16 184 — 168 4 6 1,050 866 600 450 266 1 089 117 971 29 9 14 -297 292 8.1 908 1,205 720 188 485 691 140 551 38 outside New York City 1964—June 10 13 74 180 -242 4.4 844 663 401 442 262 133 133 17 7 92 180 -265 4 8 748 567 364 384 204 221 221 24 27 54 287 -313 5.6 848 562 416 433 146 132 132 July 1 3 46 117 -160 2.8 762 645 377 385 268 134 134 8 11 20 406 -415 7.3 893 487 378 515 109 5 106 15. . . . 22 211 295 — 484 8.6 708 413 328 379 85 188 4 185 22 34 45 447 -458 8.3 1,125 678 487 637 190 185 36 149 29 11 27 245 -262 4.8 1,085 840 490 595 350 88 51 38 5 in Chicago 1964—June 10 -1 18 114 -132 14.6 236 122 108 128 14 17 . -1 16 133 -150 16 2 221 88 88 133 24 2 1 126 -125 13.2 239 113 113 126 July 1 . — 5 19 91 -116 12 2 187 96 96 91 8 137 -137 14.5 243 105 105 137 15 2 61 82 -141 15.1 171 89 79 92 10 22 3 122 — 119 12 8 291 169 148 143 20 29 2 1 -50 51 5.5 238 288 149 89 139 33 others 1964 June 10 13 56 67 -110 2.4 607 541 293 314 248 133 133 17 8 75 47 -114 2.5 526 479 275 251 204 221 221 24 25 53 160 — 188 4 0 609 449 303 306 146 132 132 July 2 2 1 9 2 8 5 1 2 3 1 0 1 9 8 1 1 4 2 2 2 5 5 6 7 0 1 2 2 2 3 9 6 1 2 2 5 9 3 5 5 - - - - 2 3 3 3 -4 7 1 3 4 4 8 2 9 4 7 6 7 5 . . . . . 8 4 3 9 9 6 5 5 8 8 3 5 4 3 7 7 0 7 4 4 5 5 5 3 3 5 0 4 2 8 2 9 9 4 2 2 2 2 3 3 8 4 5 3 7 1 1 0 9 3 4 2 2 5 3 9 0 8 9 7 4 6 7 3 8 2 2 1 1 7 1 6 7 0 5 1 8 0 9 1 1 1 1 8 1 8 8 3 8 1 5 8 4 5 3 4 5 1 6 ' 1 1 1 1 3 4 0 8 3 8 9 6 5 4 1 Based upon reserve balances including all adjustments applicable to subject to resale) or other lending arrangements. the reporting period. Carryover reserve deficiencies, if any, are de- 4 Federal funds borrowed, net funds acquired from each dealer by dauucctteeda.. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which its weekly average purchases by Govt. or other issues. and sales are offsetting. 3 Federal funds loaned, net funds supplied to each dealer by clearing NOTE.—Weekly averages of daily figures. Details may not add to banks, repurchase agreements (purchases of securities from dealers totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 DISCOUNT RATES 1027 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 July 31 date rate July 31 date rate July 31 date rate Boston July 17, 1963 3 4 July 17, 1963 July 17,1963 4 New York... July 17, 1963 3 4 July 17, 1963 June 10,1960 5 Philadelphia.. July 19, 1963 3 4 July 19, 1963 Aug. 19,1960 Cleveland.... July 17, 1963 3 4 July 17, 1963 July 17,1963 Richmond. . . July 17, 1963 3 4 July 17,1963 July 17,1963 Atlanta July 24, 1963 3 4 July 24, 1963 July 24,1963 Chicago July 19, 1963 3 4 July 19, 1963 July 19,1963 r St. Louis July 17, 1963 3 4 July 17, 1963 July 17,1963 Minneapolis.. July 17, 1963 3 4 July 17, 1963 Aug. 15,1960 Kansas City.. July 26, 1963 3 4 July 26, 1963 July 26,1963 Dallas July 17, 1963 3 4 July 17, 1963 Sept. 9,1960 San Francisco July 19, 1963 3 4 July 19, 1963 June 3,1960 5 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective or level)— Bank Effective 'or level)— Bank Effective 'or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 2*4-3% 2% 1953 1958 Jan. 16 Jan. 22 1933 23 24 , Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 2% Feb. 5 WA2 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 & Sept. 12 Feb. 2 ifcS* May 21 1V4 Mar. 16 Oct. 24!!!!!!! Nov. 7 1935 1955 Jan. 11 Apr. 14 May 14 1959 May 2.'.'.'.'.'. Mar. 6 1937 Aug. 4 16 Aug. 27 1 -2 2 May 29 3 -3 f Sept. 4 1 -IV 12'!!!.*: I J S u e n p e t. 1 1 2 1 3V$ 1942 18 Apr. 11 Oct. 15 Nov. is!!.'.'!! 30 23 , 1960 1946 June 3 Apr. 25 1956 10 May 10 Apr. 13 14 1 20 f Aug. 12 1948 .a* Aug. 24 Sept. 9 Jan. 12 13 31 19 Aug. 13 18 1963 23 1957 July 17 3 -m ***£:::: 26 1950 3 f 3% Aug. 21 Nov. 15 1964 Dec. 2 In effect July 31 i Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960-Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 RESERVE REQUIREMENTS AUGUST 1964 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Type of deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 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 r s 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 n i 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 3 4 Less than 1 year ) 2* 3% IneffectDec.31,1948... 26 22 16 7% 7% Postal savings deposits held for: 1949—May 1,5 24 21 15 7 7 } 2* 3 { k 4 June 30, July 1.. 20 14 6 6 Less than 1 year 3% Aug. 1,11 8* 13 5 Aug. 16, 18 12 5 Other time deposits pay- { Aug. 25 able in: i ¥ Sept. 1 it* 1 year or more } 2V4 3 i: 1951—Jan. 11, 16 23 i3 6 6 6 months-1 year Jan. 25, Feb. 1.. 24 19 14 90 days 6 months 2 2% 1953—July 1,9 22 20 13 Less than 90 days........ 1 1954_jUne 16,24 21 19 5 5 July 29, Aug. 1. 20 18 12 i For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 19% !?* BULL., p. 1279. Mar. 20, Apr. 1.. 19 NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 18% lished by the Board of Governors under provisions of Regulation Q. Apr. 24 18 16% Under this Regulation the rate payable by a member bank may not in 1960—Sept. 1 17% any event exceed the maximum rate payable by State banks or trust Nov. 24 12 cos. on like deposits under the laws of the State in which the member Dec. 1 16% bank is located. Effective Feb. I, 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 Aug. 1,1964... 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. I, 1935-Dec. 31, 1935, 2Vi per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation July 28, July 10, Nov. 6, at 2 c e D n e tr m al a n re d s e d rv ep e o o s r it s r e s s u e b rv je e c t c it t y o b re a s n e k r s v . e requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, For short sales 70 50 70 June 21, 1917, until late 1959. Since then, member banks have also been Regulation U: allowed to count vault cash as reserves, as follows: County banks—in For loans by banks on stocks 70 50 70 excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. I , 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 tr s y 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 tr s > City Chicago City Chicago Four weeks ending May 27, 1964 Four weeks ending June 24, 1964 Gross demand—Total. . 131,650 25,206 6,339 49,980 50,126 Gross demand—Total.. 132,701 25,650 6,257 50,406 50,388 Interbank 13,467 4,220 1,162 6,436 1,649 Interbank 13,701 4,209 1,191 6,622 1,679 U.S. Govt 6,057 1,428 369 2,537 1,723 U.S. Govt 6,387 1,341 374 2,635 2,036 Other 112,126 19,558 4,807 41,008 46,754 Other 112,613 20,099 4,691 41,149 46,673 Net demand ! 108!705 20^083 5,335 40,255 43,032 Net demand * 109,622 20,428 5,246 40,806 43,142 Time 97,242, 12,882 4,054 37,691 42,615 Time 98,171 13,590 4,078 37,959 42,544 Demand balances due Demand balances due from dom. banks... 6,810 104 99 1,956 4,652 from dom. banks.. 6,995 104 99 1,953 4,839 Currency and coin 3,141 248 46 961 1,886 Currency and coin.... 3,168 257 47 962 1,902 Balances with F.R. Balances with F.R. Banks 17,106 3,598 1,000 7,220 5,288 Banks 17,263 3,676 983 7,320 5,285 Total reserves held 20,247 3.846 1,046 8,181 7,174 Total reserves held.... 20,431 3,933 1,030 8,281 7,187 Required 19,890 3,829 1,042 8,150 6,868 Required 20,073 3,914 1,029 8,251 6,879 Excess 357t 17 4 31 306 Excess 358 19 1 30 308 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 OPEN MARKET ACCOUNT 1029 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt securities by maturity Total Treasury bills Others within 1 year Month Exch. Gross Gross Redemp- Gross Gross Redemp- Gross Gross or purchases sales tions purchases sales tions purchases sales maturity shifts 1963 July 1,216 586 294 1,054 586 294 11 Aug 527 604 10 166 604 10 — 2 193 Sept 711 385 608 345 40 Oct 654 156 365 654 156 365 Nov 1,176 295 9 977 295 9 2 518 Dec . . .. .... 319 289 15 319 289 15 1964—Jan 95 670 255 95 670 255 Feb 989 458 115 989 458 115 -3,411 Mar 699 18 239 677 18 239 Apr 588 714 367 538 714 367 15 May 1,332 136 85 1,259 136 85 -2,164 June 937 371 900 371 Outright transactions in U.S. Govt. securities ?y maturity—Continued 1-5 years 5-10 years Over 10 years Exch. Exch. Exch. Gross Gross or Gross Gross or Gross Gross or purchases sales maturity purchases sales maturity purchases sales maturity shifts shifts shifts 1963—July 79 63 9 Aug 190 2,292 155 -99 17 Sept 43 50 10 Oct 106 -2,510 83 -8 10 Dec 164 -164 1964—Jan Feb . .. 3 481 — 70 Mar 11 9 3 Apr 13 -15 30 8 May 43 2,164 27 4 June 20 307 11 -307 5 Repurchase agreements (U.S. Govt. securities) Net change Bankers' acceptances Net change in U.S. in U.S. Govt. Govt. securities and Gross Gross securities Net Net acceptances purchases sales outright repurchases 1963 Julv . . . 1,015 909 441 1 c 436 253 243 -77 -1 -78 Sept 419 573 172 -4 168 Oct 1 095 1 032 195 10 14 219 959 921 909 -2 -14 893 Dec 826 915 -74 28 92 45 1964 Jan . . .. 429 440 -840 -2 -92 -934 Feb 127 127 416 -4 412 Mar .. • 497 338 601 -4 64 662 Apr 172 280 -601 -7 -25 -633 May 682 734 1,060 -7 -39 1,014 625 625 566 36 602 NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BANKS AUGUST 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 July 29 July 22 July 15 July 8 July 1 July June July Assets Gold certificate account 13,731 13,721 13,724 13,729 13,747 13,730 13,752 14,032 Redemption fund for F.R. notes 1,457 1,452 1,457 1,456 1,438 1,458 1,433 1,314 Total Bold certificate reserves 15,188 15,173 15,181 15,185 15,185 15,188 15,185 15,346 Cash 146 138 124 124 138 158 140 359 Discounts and advances: Member bank borrowings 288 104 126 416 424 239 79 338 Acceptances: 41 41 44 48 48 40 47 39 Held under repurchase acreements 20 17 56 56 16 36 U.S. Govt. securities: Bought outright: Bills 5,137 4,537 5,287 5,594 5,375 5,379 5,171 3,506 Certificates—Special Other 14 464 Notes 24,912 24,912 24,912 24,912 24,912 24,912 24,912 9,806 4,711 4,711 4,711 4,711 4,711 4,711 4,711 4,548 34,760 34,160 34,910 35,217 34,998 35,002 34,794 32,324 Held under repurchase agreements 52 296 243 125 49 144 Total U.S. Govt. securities 34,812 34,160 35,206 35,460 35,123 35,051 34,794 32,468 Total loans^and securities. 35,161 34,305 35,393 35,980 35,651 35,346 34,956 32,845 5,211 5,902 6,874 5,509 5,977 4,757 5,350 4,907 103 103 103 103 103 102 103 102 Other assets: Denominated in foreicn currencies . 137 137 112 124 124 168 124 63 All other 342 319 296 273 255 345 246 366 Total assets 56,288 56,077 58,083 57,298 57,433 56,064 56,104 53,988 Liabilities 32,611 32,666 32,802 32,816 32,493 32,569 32,409 30,537 Deposits: Member bank reserves 17,023 16,415 17,350 17,589 17,645 17,327 16,973 16,971 TT s Treasurer——General account 674 734 923 785 871 785 939 629 140 130 127 125 148 135 156 182 Other 196 199 216 213 203 198 182 262 18,033 17,478 18,616 18,712 18,867 18,445 18,250 18,044 Deferred availability cash items 3,916 4,234 4,977 4,006 4,340 3,306 3,717 3,806 Other liabilities and accrued dividends1 95 89 99 106 100 105 97 76 54,655 54,467 56,494 55,640 55,800 54,425 54,473 52,463 Capital Accounts Capital paid in . .. 516 516 516 516 514 516 513 483 990 990 990 990 990 990 990 934 Other capital accounts 127 104 83 152 129 133 128 108 Total liabilities and capital accounts 56,288 56,077 58,083 57,298 57,433 56,064 56,104 53,988 Contingent liability on acceptances purchased for foreign correspondents 137 140 143 144 146 137 146 85 U.S. Govt. securities held in custody for foreign 8,129 8,074 8,105 8,043 8,012 8,201 8,043 7,733 FederalReserve Notes—Federal Reserve Agents' Accounis F R. notes outstanding (issued to Bank)... 34,801 34,786 34,764 34,629 34,412 34,825 34,411 32,457 Collateral held against notes outstanding: Gold certificate account 6,642 6,627 6,587 6,542 6,542 6,642 6,542 7,163 Eligible oaDer 24 13 10 35 62 43 16 105 U.S. Govt. securities 29,315 29,315 29,350 28,987 28,847 29,315 28,847 26,234 Total collateral 35,981 35,955 35,947 35,564 35,451 36,000 35,405 33,502 1 No accrued dividends at end-of-June dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 FEDERAL RESERVE BANKS 1031 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1964 (In millions of dollars) Item Total Boston Y N o ew rk - P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n i e s - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets Gold certificate account 13,730 736 3,568 768 1,176 930 776 2,107 512 285 595 569 1,708 Redemption fund for F.R. notes 1,458 82 342 80 127 119 86 266 60 26 55 48 167 Total gold certificate reserves 15,188 818 3,910 848 1,303 1,049 862 2,373 572 311 650 617 1,875 F.R. notes of other Banks 540 40 153 41 31 46 56 31 16 39 13 25 49 Other cash 158 12 48 4 10 13 17 15 6 5 5 6 17 Discounts and advances: Secured by U.S. Govt. securities... 237 5 49 4 1 7 11 60 19 6 20 31 24 Other 2 * 1 * 1 Acceptances: Bought outright .• 40 40 Held under repurchase agreements . 16 16 U.S. Govt. securities: Bought outright 35,002 1,823 8,624 1,853 2,861 2,393 1,943 6,003 1,364 675 1,412 1,373 4,678 Held under repurchase agreements . 49 49 Total loans and securities 35,346 1,828 8,778 1,857 2,862 2,400 1,954 6,063 1,383 681 1,433 1,404 4,703 Cash items in process of collection. . . 6,035 426 1,170 367 454 450 481 1,017 265 192 366 293 554 Bank premises 102 3 8 3 6 5 18 22 6 4 6 11 10 Other assets : Denominated in foreign currencies . 168 8 145 9 15 8 9 24 6 4 7 10 23 All other . . 345 17 84 19 29 23 20 58 14 6 15 14 46 Total assets 57,882 3,152 14,196 3,148 4,710 3,994 3,417 9,603 2,268 1,242 2,495 2,380 7,277 Liabilities F.R. notes 33,109 1,941 7,920 1,924 2,801 2,726 1,901 5,992 1,332 584 1,289 1,010 3,689 Deposits: Member bank reserves 17,327 700 4,749 781 1,322 735 963 2,495 610 433 806 994 2,739 U.S. Treasurer—General account.. 785 50 115 46 47 69 78 81 49 34 74 43 99 O Fo th re e i r gn 1 1 3 9 5 8 6 * 2 1 3 3 9 3 7 1 12 1 7 4 18 e * 2 6 5 1 1 8 1 Total deposits 18,445 756 5,036 835 1,382 815 1,049 2,596 665 470 888 1,046 2,907 Deferred availability cash items 4,584 372 780 293 372 36; 367 761 210 149 242 226 449 Other liabilities and accrued dividends. 105 6 27 < 8 6 18 13 Total liabilities 56,243 3,075 13,763 3,057 4,563 3,911 3,323 9,367 2,212 1,205 2,423 2,286 7,058 Capital Accounts Capital paid in . .. . 516 24 136 29 46 26 30 73 18 12 23 30 69 Surplus 990 47 264 55 90 49 56 140 3< 22 43 57 132 Other capital accounts 133 6 33 11 8 8 23 6 18 Total liabilities and capital accounts. 57,882 3,152 14,196 3,148 4,710 3,994 3,417 9,603 2,268 1,242 2,495 2,380 7,277 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): July 31, 1964 29.5 30.3 30.2 30.7 31.1 29.6 29.2 27.6 28.6 29.5 29.9 30.0 28.4 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 July 31, 1963 31.3 33.4 31.8 29.7 30.3 29.7 30.5 32.9 28.9 28.5 29.1 28.1 32.6 Contingent liability on acceptances purchased for foreign correspondents 137 7 336 8 12 19 i 18 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 34,825 2,022 8,386 2,001 2,989 2,826 2,002 6,230 1,410 614 1,332 1,095 3,918 Collateral held against notes outstanding: Gold certificate account 6,64? 1,670 500 6?0 340 1 100 ?60 112 277 180 735 Eligible paper 43 3 19 21 U.S. Govt. securities 29,315 1,650 6,850 1,700 2,550 2,245 1,700 5,400 1,210 510 1,100 1,000 3,400 Total collateral 36,000 2,073 8,520 2,128 3,050 2,865 2,040 6,500 1,489 622 1,398 1,180 4,135 1 After deducting $123 million participations of other F.R. Banks. 3 After deducting $101 million participations of other F.R. Banks. 2 After deducting $96 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BANKS; BANK DEBITS AUGUST 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 July 29 July 22 July 15 July 8 July ] July June July Discounts and advances—Total. .. 288 104 126 416 424 239 79 338 Within 15 days 282 100 123 411 418 232 73 333 16 days to 90 days 6 4 3 5 6 7 6 5 91 days to 1 year Acceptances—Total 61 41 61 104 104 56 83 39 Within 15 days 29 8 25 64 65 24 45 11 16 days to 90 days 32 33 36 40 39 32 38 28 U.S. Government securities—Total 34,812 34,160 35,206 35,460 35,123 35,051 34,794 32,468 Within 15 days i 807 957 1,166 1,275 954 2,357 670 4,796 16 days to 90 days 4,504 4,087 4,524 4,617 4,678 3,031 4,635 1,804 91 days to 1 year 12,735 12,350 12,750 12,802 12,725 12,897 12,723 15,182 Over 1 year to 5 years 14,691 14,691 14,691 14,691 14,691 14,691 14,691 8,385 Over 5 years to 10 years 1,836 1,836 1,836 1,836 1,836 1,836 1,836 2,120 Over 10 years 239 239 239 239 239 239 239 181 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 ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t n l h d d e e s r r s - f S r w an i c ss s 1963 Nov 110 5 41 6 1 5 51 1 * Dec 153 10 37 2 1 1 101 1 * 1964— F Ja e n b . . 2 2 7 5 1 4 1 1 0 1 3 5 7 2 2 2 1 1 1 1 2 2 0 0 1 1 2 * 3 * Mar 330 11 52 4 1 6 234 21 2 Apr 214 1 52 2 1 6 101 50 1 1 BANK DEBITS AND DEPOSIT TURNOVER ]Debits to demand deposit accounts l \nnual rate of turnover (billions of dollars) of demand deposits 1 All Leading centers 337 other Leading centers 337 other I 343 re c p en u t r e ii r i s ig New fork 6others 2 r c e e p n o te rt r i s n 3 g New York 6others 2 r c e e p n o te r r ti s n 3 g centers 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 1960. 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29 o 1962. 3,436.4 1,415.8 701.7 1,318.9 77.8 41.2 ....... 27.7 3K3 1963. 3,754.7 1,556.0 775.7 1,423.0 84.8 44.6 29.0 33.1 1963—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 68.6 125.0 125.7 90.9 91.1 47.6 48.4 30.4 30.9 35.3 35.5 June. '353.7 140.2 151.2 67.5 70.9 '126.6 131.6 94.5 101.4 47. 48.9 30.5 31.5 35.0 36.0 July.. 368.6 157.0 160.1 71.4 72.9 131.1 135.5 103.8 102.2 *49.1 M8.1 »31.2 ^31.1 5 ^35.5 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los * Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 U.S. CURRENCY 1033 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—June. .. 35,470 25,266 2,878 1,566 97 2,279 7,004 11,44210,204 3,030 6,631 244 293 3 4 July 35,663 25,368 2,904 1,559 97 2,265 6,993 11,54910,295 3,060 6,691 244 293 3 4 Aug... . 35,850 25,487 2,926 1,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept 35,891 25,468 2,947 1,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 1,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov.... 37,227 26,536 2,986 1,644 100 2,396 7,359 12,050 1100,691 3,155 6,988 247 295 3 4 Dec.. . . 37,692 26,807 3,030 1,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 3 4 1964—Jan 36,247 25,500 3,021 1,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb.. . . 36,312 25,561 3,044 1,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar 36,799 26,000 3,105 1,621 102 2,321 7,096 11,75410,799 3,158 7,094 246 294 3 4 Apr.. . . 36,885 26,063 3,139 1,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 May. . . 37,208 26,353 3,169 1,655 105 2,350 7,170 11,90410,855 3,185 7,127 246 291 3 4 June... 37,734 26,797 3,205 1,676 107 2,379 7,280 12,15110,937 3,217 7,175 246 292 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation i Held by Total out- F.R. Kind of currency s J t u a 1 n n 9 e d 6 i 3 4 n 0 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 Ju 1 n 9 e 6 3 4 0, M 1 a 9 y 6 3 4 1, Ju 1 n 9 e 6 3 3 0, certificates Agents Gold . .. 15,461 (15,185) 2 276 Gold certificates (15,185) 3 12,369 2,816 F R notes 34,411 71 2,002 32,338 3i,851 30,274 Treasury currency—Total 5,578 (1,812) 44 138 5,396 5,356 5,196 Standard silver dollars 485 3 * 482 482 411 Silver bullion 1,847 ijsii' 35 Silver certificates (1,812) 104 1,708 1,704 1,832 Subsidiary silver coin 1 999 4 8 1 987 1 958 1,790 Minor coin 738 * 1 736 730 676 United States notes 347 2 24 321 321 319 In process of retirement 4 163 1 * 162 162 168 Total—June 30 1964 5 55 451 (16 997) 391 12,369 4,957 37,734 May 31 1964 . . 5 55,001 (17,009) 416 12,360 5,018 37,208 June 30, 1963 5 53,335 (17,585) 369 12,641 4,855 35,470 1 Outside Treasury and F.R. Banks. Includes any caper 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. 1023. 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 securitv 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

1034 MONEY SUPPLY AUGUST 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted VLoney supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - * Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - l 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 I960—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 31.2 120 3 96.7 5.6 1963 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 Au2 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 1 S3 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 June . . .. 155 6 33.4 122 1 118 5 153 6 33.3 120 3 119 2 7.8 Julv39 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 Half month 1964 Apr (1) 154.6 32.9 121.7 116.2 154.5 32.8 121.7 116.5 5.7 (2) 154.8 33.1 121.7 116.6 156.0 32.6 123.4 116.9 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) 155.9 33.4 122.5 118.6 153.4 33.2 120.2 119.2 9.3 July (1) 156.8 33.4 123.4 118.9 154.9 33.8 121.1 119.8 9.1 (2)* 156.6 33.5 123.1 119.8 155.4 33.5 121.9 120.4 5.1 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a t i d o m ed s - e i t 1 s d d e G e p U m o o . s S a v i n t . t . s d i 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 ed s - e i t * s d d e G e p U m o o .S s a v i n . t t . d s * 1963 Apr 3 147.1 30.8 116.3 102.7 7.0 1964—Apr. 1 152.7 32.5 120.2 116.2 7.9 10 148.6 31.2 117.4 102.9 4.6 8 153.7 32.9 120 8 116.4 6.0 17 151.3 31.0 120.3 103.0 3.2 15 155.5 32.8 122.7 116.7 5.1 24 150.5 30.8 119.8 103.1 3.6 22 156.6 32.8 123.8 116.7 2.4 29 155.8 32.5 123.2 117.2 3.0 May 1 149.8 30.6 119.2 103.4 4.7 8 148.3 31.2 117.1 103.7 6.7 Mav 6 154.4 32 9 121 5 117.4 5.6 15 148.5 31.1 117.4 104.1 6.3 May ^ 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 19 149.4 31.4 118.0 105.2 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 1 153.0 33.2 119.8 119.4 10.2 10 148.6 32.1 116.5 105.9 9.5 8 154.5 34.0 120.5 119.7 9.7 17 150.0 31.8 118.2 106.1 7.7 15 155.5 33.8 121.7 120.0 8.3 24 149.7 31.7 118.1 106.4 6.7 22 155.5 33.7 121.8 120.2 5.5 31 150.0 31.5 118.5 106.7 6.0 29*.... 155.2 33.4 121.8 120.5 4.7 Aug. 7 150.6 31.9 118.7 107.0 6.4 Aug. 5* 156.4 33.7 122.7 120.7 5 8 14 150.3 32.0 118.3 107.3 5.4 21 148.0 31.9 116.1 107.6 6.9 19 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

AUGUST 1964 BANKS AND THE MONETARY SYSTEM 1035 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capita] Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government securities li i a ti b e i s l- de T p o o t s a i l ts Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d i - al R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, cur a r n e d ncy c m o n a u i c e n s - t c ts . , 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. 26P 15,500 5,600 330,400 188,700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25» 15,500 5,600 334,200 191,300 101.700 67,600 33,400 700 41.200 355,300 323,900 31,400 Apr. 29 15,500 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356,100 323,600 32,400 May 27 P 15,500 5,600 336,900 195,900 99,700 65.200 34,000 500 41,300 358,000 325,100 32,900 June 24r 15,500 5,600 340,900 199,000 100,100 65,000 34,500 600 41,800 361,900 330,000 31,900 July 29P 15,500 5,600 341,000 199,000 99,800 64,300 34,800 700 42.100 362,000 329,300 32,700 [ DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted Not seasonally adjusted Time u. sGovernment Date For- At Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a d o 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 j d u m e s D p a t a d e o e n d - s - d i t 2 s Total m b C e a o r n m c k ia - s l b M sa a v n u i k t n u s g a s 3 l S P a S t o e v y s m i s t n a - g l s n e e ig t n 4 T h c i r u o n a e r l g s a y d h s s - - sa c m a c v o n i e i m a n d r l - g - s B F A a .R n t k . s banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933__june 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec. 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec. 31 48 607 9,615 38 992 27 729 15 884 10 532 1,313 1,498 2,215 1,895 867 1945—Dec. 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947_Dec. 31.... 110,500 26 100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24 600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1960—Dec. 31.... 139,200 28 200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28 700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28 147,600 29 600 118,000 153,162 30,904 122,258 139.448 97,440 41,478 530 1,488 405 7,090 602 1963—June 29.... 148,300 30 700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 July 31.... 148,900 30 900 118,000 148,800 31,000 117,800 150,300 106,600 43,300 500 1,300 400 7,400 600 Aug.28.... 148,200 30 900 117,300 146,900 31,100 115,800 151.600 107,600 43,500 500 1,200 400 6.100 1.000 Sept.25.... 149,100 31 000 118,100 148,100 31,100 117,000 152,300 108,100 43,700 500 1,200 400 9,100 900 Oct. 30.... 150,700 31 100 119,600 152,100 31,300 120,800 154,500 109,900 44,100 500 1,200 400 3,800 800 Nov.27.... 151,800 31 600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 1,200 400 4,600 900 Dec. 20.... 153,100 31 700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6.986 850 1964—Jan. 29*... 152,200 31 900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 1,200 400 3,100 800 Feb. 26*... 151,200 32 000 119,200 150,400 31,600 118,800 160,600 114,800 45,400 400 1,100 500 6,000 800 Mar. 25*... 153,100 32 400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 1,200 400 8,100 1,100 Apr. 29*-*.. 152,900 32 300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 1,300 400 4,400 1,000 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 rp. . 153,500 32 700 120,800 151,300 32,700 118,700 165,900 118,800 46,700 400 1,300 400 10,100 1,000 July 29p. 153,900 32 800 121,100 153,800 32,900 120,900 167,600 120,200 47,000 400 1,300 400 5,400 700 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

1036 COMMERCIAL AND MUTUAL SAVINGS BANKS AUGUST 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities a C ss a e s t h s1 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 I D n e t - erbank Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - Govt. Other co a u c n - ts 2 mand Time U.S. Time 3 Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 40,227 30,362101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 31 4 34,924 43,002 81,19910,72338,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30 •56,700 54,318 72,715 29;667 5577,368 321,394 287,17617,914 482 5,952141,979120,848 482 2266,22713,946 1962—Dec. 28 •80,397 .72,822 72,56335,012 54,939 343,201 303,653 16,008 535 6,839 141,084 139,188 3,635 28,04613,940 1963—June 29 287,411 79,714 69,70837,989 52,046347,896 309,42815,042 55111,069133,681149,083 1,563 28,612 113,993 July 31 287,680 80,530 68,650 38,500 49170 344,990 304,96014,000 530 7,130 133,250150,050 2,960 28,550 114,014 Oct. 30 293,550 85,640 67,860 40,050 48770 350,510 309,02014,790 550 3,610 135,840154,230 3,690 29,020 114,050 Nov. 27 296,870 88,950 68,190 39,730 5^1270 356,420 313,63014,880 550 4,390 139,100154,710 4,430 29,130 14^68 Dec. 20 302,251 ,92,686 69,068 40,49751,536 362,394 319,63615,267 528 6,734 141,576155,531 3,702 29,882 T14 ,"0 7~9" 1964—Jan. 29^ 298,190190,010 050 40,130 48.530 355,410 313,95014,090 570 2,820 137,480158,990 3,230 29,53014,095 Feb. 26*> 299,450191,340 530 40,580 48!830 356,940 314,55013,960 590 5,730133,850160,420 3,320 29,87014,113 Mar. 25? 303,200194,440 610 41,150 48,280 360,310 318,07014,070 630 7,870 133,500 162,000 3,270 29,99014,122 Apr. 29 rP 304,130196,580 180 41,370 48,710 361,760 318,45013,700 640 4,180 136,620163,310 3,56030,29014,140 May 27^ 305,660199,210 150 41,300 48!850 363,420 319.50013,680 630 7,200 133,080164,910 3,560 "3"0,62014,154 June 24^ r 309,120202,330 960 41,830 49.470 367,360 323,91013,920 650 9,890 133,740165,710 3,540 30,70014,175 July 29^ 308,980202,610 260 42,110 48!790 366,810 322,71013,760 680 5,200135,610167,460 3,920 30,92014,195 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,22:15 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 24,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 31 4 16,284 38,057 69,221 9,006 3"7",502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30 15,441124,925 66,57823,93756,432278,561 248,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—Dec. 28 135,839140,106 66,434 2299,29854,049 297,116 262 12216,008 535 6,829 141,041 97,709 3,627 24,09413,429 1963—June 29 241,014145,049 63,54232,42351,156 299,875 266,17915,042 55011,060 133,624105,903 1,54524,58213,482 July 31 240,980145,560 62,480 3322,,994400 48,340 296,710 261,65014,000 530 7,130 133,190106,800 2,960 24,52013,503 Oct. 30 246,080149,670 61,96034,450 47,95OJ3O1,460 264,91014,790 550 3,610|135,780110,180 3,690 24,92013,540 Nov. 27 249,070152,650 62,300 3344,,120 50,470 307,060 269,28014,880 550 4,390 139,040110,420 4,430 25,00013,558 Dec. 20 254,162156,006 63,19634,959 50,711 312,773 275,12015,267 526 6,729 141,534111,064 3,664 25,67713,570 1964—Jan. 29? 249,790153,050 62,140 34,600 47,670 305330 268,80014,090 570 820 137,420113,900 3,230 25,38013,586 Feb. 26*> 250,590154,000 61,540 35!050 47,930 306340 269,09013,960 590 730 133,790115,020 320 25,67013,604 Mar. 25^ 253,880156,810 61,500 35!570|47,390 309270 272,11014,070 630 870 133,450116,090 270 25,75013,614 Apr. 29*> 254,590158,660 60,120 35!810147,890 310580 272,40013,700 640 136,570117,310 560 26,08013,633 May 27^ 255,720160,860 59,110 35750 48000 311,810 273,17013,680 630 200 133,030118,630 560 26,38013,647 June 24-» r 258,920163,760 58,890 36!270 48,580 315',440 277,16013,920 650 890 133,690119,010 540 26,46013,669 July 29^ 258,370163,630 58,190 36!550 47,910 314,450275,63013,760 680 200 135,560120,430 920 26,64013,689 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 ,121 61,71710,385 140 1,709 37,136 12,347 4 5,1 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 "2"9,845138,304129,67013,576 64 >2,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30 179,599106,232 54,05819,308 49;579 235,1121209,63017,195 303 5,381119,595 67,157 43818,638 6,113 1962—Dec. 28 195,698118,637 52,96824,092 47,427249,488 219,46815,309 358 6,086 117,999 79,716 3,55019,854 6,049 1963—June 29 199,495122,088 50,39927,008 44,929 251,214 222,61914,388 373 9,761 111,548 86,550 1,440 20,238 6,058 July 31 199,412122,550 49,3712"7-, 491' 42,388 248,396 218,37613,370 349 6,349 110,997 87,311 2,849 20,213 6,072 Oct. 30 203,343126,074 48,56828,70141,895 251,833220,47514,083 377 3,154 112,702 90,159 3,55320,555 6,097 Nov. 27 205,816128,811 48,647 28,358 44,276 256,778224,31514,171 376 3,812 115,516 90,440 4,244 "2"0,606 6,104 Dec. 20 210,127131,712 49,342 2299,073 44,395 261,469229,37614,518 382 5,S ' 117,562 90,929 3,499 21,054 6,112 1964—Jan. 29 206,179129,103 48,34428,732 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 "2"9,155 41,969 255,804 223,94013,275 448 5,044110,823 94,350 3,16621,172 6,130 Mar. 25 209,979132,381 47, ,613 41,171 258,229 226,54113,378 489 7,032 110,459 95,183 3,054 2211,226 6,136 Apr. 29 210,375133,873 46,73429,768 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 41,983 260,441 227,45913,022 489 6,440 110,182 97,326 3,389 2211,719 6,161 June 24 214,131138,128 45,86630,137 42,451 263,611 230,94013,226 502 8,884110,655 97,673 3,41121,793 6,179 July 29? 213,635138,042 45,22330,370 41,732 262,606 229,42913,078 536 4,636 112,319 98,860 3,740 21,947 6,186 Mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 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 July 31 46,700 34,970 6,170 5,560 830 48,2! 43,310 43,250 4,030 511 Oct. 30 47,470 35,970 5,900 5,600 820 49,050 44,110 44,050 4,100 510 Nov. 27 47,800 36,300 5,890 5,610 800 49,360 44,350 44,290 4,130 510 Dec. 20 48,089 36,679 5,87:' 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 July 29*> 50,610 38,980 6,070 5,560 52,360 47,080 47,030 4,280 506 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1037 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total ass. ts—• Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s i c c b T o a i a l a l u o p i n i c a t n i t - d i - t a 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.S D . ema O n t d her Time r B i o n o w g r s - - c T a o p t i a ta l l b N a b u o n e f m r k - s Govt. Other Reserve city member banks: New York City: V,7 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 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,931 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 July 31 32,451 21,416 5,941 5,094 8,786 43,557 35,779 4,092 189 1,453 19,68610,359 ,029 3,944 13 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 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 5,251 9,317 45,377 37,010 4,060 268 901 19,69412,087 ,320 4,184 13 Mar. 25 34,885 23,653 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 ,187 4,184 13 Apr. 29 34,624 23,967 8,864 46,040 37,648 4,044 304 833 20,14012,327 ,270 4,203 13 May 27 35,467 24,544 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 ,494 4,351 14 June 24 36,072 25,038 8,955 47,420 38,928 3,993 299 1,957 19,44813,231 1,507 4,362 14 July 29 P 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993 341 987 19,60613,548 1,476 4,388 14 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 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 25 870 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 13 1963—June 29 9,032 5,545 2,071 ,466 2,136 11,440 10,141 1,202 584 4,840 3,499 111 974 12 July 31 9,171 5,574 2,096 ,501 2,109 11,484 10,007 1,153 406 4,926 3,509 240 980 12 Oct. 30 9,211 5,826 1,743 ,642 1,993 11,394 9,934 1,218 186 4,802 3,714 274 990 12 Nov. 27 9,376 6,038 ,731 ,607 1,955 11,521 10,103 1,186 200 4,909 3,794 211 993 12 Dec. 20 9,615 6,220 ,705 ,690 1,970 11,776 10,296 1,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,24: 5,837 ,823 ,582 1,994 11,437 9,977 1,075 100 4,839 3,948 257 ,002 12 Feb. 26 9,423 5,956 ,867 ,600 2,023 11,641 10,056 1,124 279 4,715 3,923 370 ,002 12 Mar. 25 9,695 6,064 ,063 ,568 1,776 11,713 10,128 1,124 472 4,627 3,r 327 ,011 12 Apr. 29 9,316 6,C~~ ,706 ,522 2,118 11,676 10,263 1,114 212 4,893 4,028 166 ,012 12 May 27 9,394 6,173 ,706 ,515 2,185 11,806 10,414 1,151 384 4,810 4,046 185 ,008 12 June 24 9,464 6,199 ,678 ,587 2,155 11,852 10,379 1,132 581 4,598 4,044 262 ,012 12 July 29 ? 9,394 6,092 ,737 1,565 2,091 11,733 10,289 1,148 282 4,690 4,145 201 ,018 12 Other reserve city: 7 1 19 9 4 4 5 1 — _D D e e c c . . 3 3 1 1 4 1 0 5, , 3 1 4 0 ' 8 7 8 , , 1 5 0 1 5 4 29 6 , ,4 5 6 52 7 2 1 , ,7 0 7 4 6 2 1 8 1 , , 5 2 1 8 8 6 2 5 4 1 , , 4 89 3 8 0 2 4 2 9 , , 3 0 1 8 3 5 4 6 , , 3 41 5 8 6 1 3 0 0 4 8,2 4 . 9 2 1 1 2 1 4 2 , , 6 5 5 5 5 7 4 9 , , 8 7 0 6 6 0 2 1 , ,9 5 6 6 7 6 3 3 5 5 1 9 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,46^ 5,627 22 405 28,99011,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,438 20,216 90,815 81,883 8,350 62 2,103 44,986 2266,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 ,388 7,263 191 1963—June 29 74,614 48,164 17,326 9,124 18.52C 95,433 85,555 6,811 3,793 41,29133,549 407 194 July 31 74,735 48,512 16,930 9,293 17,748 94,865 83,987 6,544 96 2,488 41,09633,763 1,294 194 Oct. 30 76,106 50,132 16,324 9,650 17,185 95,705 84,26( 7,06: 94 1,141 41,35934,610 1,500 194 Nov. 27 76,776 50,699 16,472 9,605 18,88^ 98,069 85,891 6,949 90 1,462 42,69834,692 2,102 195 Dec. 20 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,45935,004 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 9,76617,195 96,845 85,456 6,449 105 2,062 43,234 3"6 ,6061,095 7,814 189 Mar. 25 78,288 52,395 15,86610,02716,863 97,57: 86,404 6,495 107 2,796 40,16736,839 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 86,81 6,231 115 2,708 40,009 "3"7,751 1,301 8,032 183 June 24 80,288 54,588 15,32110,37917,556100,345 88,448 6,455 123 3,691 40,35137,828 1,333 8,059 183 July 29 P 80,080 54,557 15,01810,50517,209 99,824 87,609 6,320 115 1,875 41,15538,144 1,647 8,125 184 Country member banks: 6,7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,40: 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,oo: 5,596 26,999 2,408 10,63: 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1 1 1 9 9 9 6 6 4 1 2 7 — — _D D D e e e c c c . . . 3 2 3 1 8 0 7 8 36 3 0 , , , 3 1 6 2 3 2 - 1 3 4 3 1 4 9 0 , , , 6 6 1 9 9 9 8 3 9 2 2 2 5 2 4 , , , 4 4 8 2 0 5 5 7 7 1 9 3 0 , , , 0 2 5 3 6 0 1 8 1 1 1 14 5 0 , , , 5 5 7 5 9 7 9 5 8 4 9 9 7 7 0 , , , 5 0 3 5 0 7 3 8 6 4 8 8 4 7 1 , , , 4 3 6 4 4 4 2 3 6 ', , , 0 9 7 5 2 7 6 5 3 1 1 , , 4 6 9 4 3 3 1 1 2 4 2 4 6 6 8 , , , 2 8 3 1 9 7 1 5 8 3 3 1 6 1 4 , , , 6 8 5 9 3 6 2 2 0 1 4 2 7 0 3 2 2 7 7 , , , 0 7 9 8 4 3 8 4 4 6 5 5 , , , 5 8 8 1 2 8 9 8 5 1963—June 29 82,95: 46,934 24,49611,52214,465 99,361 89,47C ,641 3,332 45,06639,371 127 7,894 5,839 July 31 83,055 47,048 24,40411,60313,745 98,490 88,603 ,581 2,002 45,28939,680 286 7,827 5,853 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 91,51' ,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 24,67812,48: 13,796102,111 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,oo:103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,94612,83f13,46: 103,175 92,30: 629 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,36012,64713,406102,539 91,641 ,569 1,999 45,69342,324 409 8,328 5,952 June 24 88,307 52,303 23,24912,75513,785103,994 93,185 ,646 2,655 46,258 ',570 309 8,360 5,970 July 29 *> 88,198 52,214 23,14612,83813,763103,91 93,056 1,617 1,49: 46,868 43,023 416 8,416 5,976 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 COMMERCIAL AND MUTUAL SAVINGS BANKS AUGUST 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continu ed (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 as C s a e s ts h * c b 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 D n e t - erbank * 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 92,975 34,882 61 9,734 "1,3398 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934 141,050 82 462 22,08913,108 1962—Dec. 28.. 234,243 113399,449 65,891 28,903 53,702 295,093 260,60915,844 402 6,815 3,584 23,71213,119 1963—June 29.. 239, ,363 63,037 32,047 50,770 297,836 264,65414,871 430 11,005 1,498 24,19113,189 Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,65715,077 443 6,712 140J02 110,723 3,57125,27713,284 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 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 76,292 45,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—June 29.. 130,146 78,383 34,01117,751 28,641 162,748 145,513 8,468 159 6,038 72,387 58,462 600 13,008 4,537 Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,,924 255,983 1,914 7,104 1,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 1,521 Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,,~7~2-5 2299,642 1,795 7,506 1,497 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,456 14,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,170 17,664 3,870 7,072 1963—June 29.. 39,963 22,274 12,647 5,042 5,841 46,635 42,035 483 1,245 21,24119,010 3,964 7,133 Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,140 1199,793 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 * 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—June 29.. 1,555 686 496 373 386 2,026 1,525 171 120 835 343 379 291 Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 285 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 4 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 23,042 1177,994 77 4,240 7,380 1963—June 29.. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1,300 22,076 19,353 105 4,343 7,424 Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 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

AUGUST 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1039 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 s * b T i a l l o i i n a t t d i a - e l s Total i Interbank1 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - G U o . v S t . . Other c c o a u a p c n i - t t a s l 2 m D a e n - d Time U.S. Other Time Govt. Noninsured mutual sayings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1 1 9 9 4 4 7 5 — D D e ec c . . 3 31 13 5 5 , , 3 9 6 5 1 7 1 1 , , 1 3 9 8 8 4 3 3, , 8 5 1 2 3 2 6 7 4 6 1 0 2 1 1 8 1 0 5 6, , 2 5 1 9 5 6 5 5 , , 0 5 2 5 2 6 2 2 5 5 , , 0 5 2 5 0 3 6 5 6 5 3 8 7 3 33 5 9 0 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 1 6 5,420 1 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 1 18 5,645 2 617 180 Dec. 20 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1 Reciprocal balances excluded beginning with 1942. NOTE.—Data are for all commercial and mutual savings banks in the 2 Includes other assets and liabilities not shown separately. United States (including Alaska and Hawaii, beginning with 1959). Com- 3 See note 3, p. 587, May 1964 BULL. parability of figures for classes of banks is affected somewhat by changes 4 See note 4, p. 587, May 1964 BULL. in F.R. membership, deposit insurance status, and the reserve classifica- 5 See note, 5 p. 587, May 1964 BULL. tions of cities and individual banks, and by mergers, etc. 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 BULL., pp. was reclassified as a reserve city bank. 870-71. 7 See note 6, p. 587, May 1964 BULL. See also NOTE, p. 643, May 1964 BULL. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Date Securities Securities Total i Loans1 Total i Loans1 G U o .S v . t. Other G U o .S v . t. Other 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 I960 Dec 31 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec 30 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 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 June 29 238.4 141.7 64.4 32.3 239.1 143.1 63.5 32.4 July 31 238.0 142.6 62.6 32.8 237.8 142.4 62.5 32.9 Aug 28 . 239.2 143.6 62.0 33.6 237.1 142.5 60.9 33.7 Sept. 25 241.5 145.4 62.2 33.9 241.9 146.0 61.8 34.2 Oct 30 . . . 241 2 146 1 60.8 34.3 242 4 146.0 62.0 34.5 Nov 27 244.2 148.4 61.4 34.4 245.0 148.6 62.3 34.1 Dec 31 2 246 5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964 Jan 29*> 246.7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb 26^ . . . 248 4 151.8 61.2 35.4 247.2 150.6 61.5 35.1 Mar. 25* 251.4 153.9 62.1 35.4 249.9 152.8 61.5 35.6 Apr 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 30p2 255 1 158.9 59.9 36.3 256.1 160.5 59.1 36.4 June 29 v . .. 254.2 159.5 58.3 36.4 254.0 159.2 58.2 36.6 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

1040 COMMERCIAL BANKS AUGUST 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 s d a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - i Total 2 C m d a c i o u n i n e a m s d - r l - - - A c tu a u g r l l r - - i- o b T s r r e o o c c - u ar r r it y ie in s g institutions R t e a e s t a - e l O v i d t t i n h o d i - - e - r Other sec C u e ri r t - ies S s g l a o e o t n c c a v d u a t t e l - . O s r e i t t h c ie e u s r trial k a e n r d s ot T h o ers ba T n o ks ot T h o ers uals Total Bills c t a if t i e - s Notes Bonds rities dealers Total: 2 1947—Dec. 31. 116,284 38,057 18,,167 ,660 830 ,220 115 9,393 5,.723 94769,221 2,193 7,789 6,034 53,205 5,2763,729 1961—Dec. 30. 215,441 124,925 45,172 6,248 4 1,033 7,311 30,,320 27,847 3,412 6666,578 1,488 2,11426,,336 26,64120,345 3',592 1962—Dec. 28. 235,839 140,106 48,673 7,097 5,144 2,131 2,578 8,459 34,259 30^53 3,909 66,434 1,674 3,993322 2233,84126,98724, ,543 1963—June 29. 241,014 145,049 49,,862 7,5414,6452,233 1,934 8,649 36,72532,6613,81263,542 9,128 3,216 23,82127,37827,817 4,606 Dec. 20. 254,162 156,006 52,947 7,470 5,353 2,509 3,605 9,47939,056 34 63,196 1,059 1,658 22,415 2"8',06529,7865,173 AH insured 1941—Dec. 31. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 ,331144 3,164 3,606 49 4,677 2,3611,132 88,912 2,45519,07116,04551,342 3,873 3",258 1947_Dec. 31. 114,274 37,58318,012 ,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,91852,347 5,129 3,621 1961—Dec. 30. 213,904 124,348 44965 6,2114,030 2,107 1,027 7,296 30,21127,708 3,39666,026 1,356 2,09826,145 26,426 20068 3,462 1962—Dec. 28. 234,243139,449 48^58 7,060 5"; 111199 22,103 2,551 8,434 34,12330,402 3;890 65,891 1,514 3,916 2233,71526,746 24 ,356 1963—June 29. 239,447144,363 49,660 7,513 4,615 2,203 1,902 8,620 36,55832, ,79363,037 9,002 3,20323,74127,009922 2f7-;573 4,475 Dec. 20. 252,579155,26152,743 7,444 5,3212,476 3,594 9,41538,86134,383 4• ,01562,723 0,952 1,649 22; 316 "2"7,80629,5595,035 Member, total 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 653 19,539 971 3,00715,561 3,0902,871 1945—Dec. 31.107,183 22,775 8,949 8553,1333,378 47 3,455 1,9001,057 78,338 2,27516,98514,27144,807 3,2542,815 1947—Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,1993,105 1961—Dec. 30.179,599 106,232 40 3,934 3,8771,827 1,014 893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,691 2,617 1962—Dec. 28.195,698118,637 43,843 4,419 4,954 1,777 2,445 936 27,162 24,799 3,657 52,968 8,862 3,249 1"9~,443 414 20,773 3,319 1963—June 29. 199,495122,088 44,70144,,666644 4,4361,8— 1,844 8^134 29,127 26,366 3,557 50,399 6,863 2,60819,423 505 23,533 3,475 Dec. 20.210,127131,712 47,403 4,6595,124 2,136 3,439 8,875 31,009 27,908 3,765 49,342 8,032 1,30718,0 7~2 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 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30. 30,297 19,53511,278 1,956 467 376 1,711 934 2,072 ,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28. 32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,4«8 2,023 3,585 432 1963—June 29. 32,847 21,44611,630 13 2,308 448 546 2,044 1,845 2,161 ,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 ,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 2,941 407 152 703 362 523 369 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 1,3-4-2 1,053 1961_Dec. 30. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28. 73,130 46,56717,6601,1791,053 752 1,020 3,58311,030 9,8601,266 1188,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29. 74,614 48,16417,8051,2451,090 786 751 3,88611,68310,4641,38017,326 1,685 1,191 7,281 7,168 8,163 961 Dec. 20. 78,370 51,89118,8621,2191,243 891 1,224 4,28612,525 11,1061,46216,686 2,152 545 6,600 7,390 8,810 981 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 2 1,823 1, 28 4,377 110 481 3,7*7 1,222 ,028 1945_Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2166,999 630 5,102 4,54416,722 1,342 ,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 480 2,583 2,10817,687 2,006 ,262 1961—Dec. 30. 73,131 39,69310,165 2,811 591 438 116 1,25113,24211,132 751 24,407 3,614 566 9,560 10,667 7,530 ,500 1962—Dec. 28. 80,623 44,698" ,299 3,187 728 447 764 1,56314,44112,273 826 2'55,425 4,144 1,223 8,849 11,209 8,694 ,807 1963—June 29. 82,952 46,93412,215 3,378 680 469 412 1,46315,20613,186 856 24,496 3,112 1,106 8,851 11,427 9,692 ,830 Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,531 11,87110,385 2,111 Nonmember 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,241 314 179 306 19 418 6,341 4,995 21412,525 2,259 27 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,830 2 678 190 354 132 523 7,097 5,754 25 13,466 2,812 683 4,398 5,573 3,982 1,224 1963—June 29. 41,519 22,961 5,161 2,877 209 354 90 515 7,598 6,295 25413,143 2,265 608 4,398 5,873 4:~- 1,131 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 4,576 1,309 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 COMMERCIAL BANKS 1041 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n t f e d B s F w e R a . r i e n v R t - k h e . s s r C c e a o n n u i c d r n - y b m a w a B n d e n a o i c s k t l - e t - h s i s c - j m p u D o d a s a e t d s e n e - i - - t d d s 4 m D e In s o t - t i e c 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 c r r i d d t s . k - i ' s - , IPC I b n a t n e k r- P G U S i a o n o a . n s S g v v t d . s a - t. l S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p - n l i t - s Total:2 1947_Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.. 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.. 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—June 29.. 16,529 3,483 12,579117,419 13,749 1,29411,060 12,396 4,502 116,726 550 254 7,466 98,183 ,54524,582 Dec. 20.. 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8"8"6' 3,66425,677 All insured: 1941_Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.. 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.. 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 3,58423,712 1963—June 29.. 16,529 3,468 12,237116,471 13,607 1,26411,005 12,300 4,421 116,067 430 254 7,412 97,8931,49824,191 Dec. 20.. 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,600 3,57125,277 Member, total: 1941 _Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,7 9 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.. 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,55019,854 1963—June 29.. 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80,3221,440 2'"0,238 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;499 21,054 New York City: 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,28: 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.. ,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 1,027 127 233 34 2,15: 476 288 1945—Dec. 31.. 94: 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1961—Dec. 30.. 889 158 3,809 1,578 369 315 124 4,830 1,996 35 870 1962—Dec. 28.. 1,071 99 4,262 1,235 410 351 109 4,804 16 3,001 262 948 1963—June 29.. 974 154 3,941 1,155 584 373 112 4,355 130 3,363 111 974 Dec. 20.. 1,019 98 4,144 1,169 395 275 112 4,500 185 3,595 255 996 Other reserve city: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,12' 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.. 7,095 56: 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 2,54: 36,18 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,0271,388 7,263 1963—June 29.. 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Dec. 20., 7,587 93 2,10: 35,85r 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 7,697 Country: 1941—Dec. 31.. 2,210 526 3.216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945_Dec. 31.. 4,527 796 4; 665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947_Dec. 31.. 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1961—Dec. 30.. 5,210 1,678 5,881 43,575 1,910 1,641 5,320 796 40,095 108 1,891 29,834 40 7,088 1962—Dec. 28., 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 100 2,242 34,350 172 7,744 1963—June 29., 4,933 1,599 5,18" 42,524 1,617 3,33: 5,610 755 38,700 94 2,631 36,647 127 7,894 Dec. 20. 4,919 1,884 5,060 46,049 1,764 1,960 5,590 790 41,877 86 2,778 37,829 390 8,377 Nonmember:2 1947—Dec. 31. 54- 3,947 13,59! 385 16' 1,295 180 12,284 190 172 6,858 1 1,596 1961—Dec. 30. 876 5,446 21,99- 649 565 2,755 40: 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28. 5,20_2_ 22,81' 642 743 2,80: 428 19,813 176 1,292 16,675 77 4,240 1963—June 29., 840 21,78: 603 1,300 2,861 442 18,773 177 1,467 17,861 105 4,343 Dec. 20. 917 4,953 23,76: 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

1042 WEEKLY REPORTING MEMBER BANKS AUGUST 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - i j i m u n a s a v e n t d e n e d - s t d t s - 2 j L u a o st d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u g u r l r a - i l - G U c a T t s u i o n . e e o r S v - d s i . - t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U c t s u T i o . e e r S v o - s i . - t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t i e i e o m a c s r - l - - - f P C i s a e n a O e N t n a c l r S d e n . s o ., s . . nb O an t k her es R ta e t a e l o A th l e l r V se t a r i r e o l v - u n e a s - Total- Leading Cities 1963 July 3. 133,668 132,30: 84,311 35,391 1,539 408 3,351 1,521 74: 1,366 4,219 3,087 16,829 19,096 1,951 10. 133,954 132,01: 83,945 35,291 ',480 483 3,156 1,522 750 1,942 4,081 3,116 16,872 19,069 1,951 17. 133,801 131,924 83,840 35,261 ,394 513 3,088 1,524 76: 1,877 3,996 3,176 16,908 19,095 1,953 24. 132,241 130,874 83,253 34,947 ,408 268 2,996 1,620 749 1,367 3,840 3,212 16,978 19,110 1,951 31. 133,926 131,985 84,384 35,014 ,414 509 3,122 1,616 770 1,941 4,349 3,275 17,030 19,158 1,954 1964 June 3. 141,644 139,791 93,658 38,243 ,548 83: 3,821 1,850 ,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 1,851 ,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 1,852 ,159 2,134 5,051 3,732 18,836 21,611 2,057 24., 143,369 141,173 94,969 38,748 ,570 719 3,935 1,859 ,198 2,196 4,509 3,811 18,875 21,707 2,056 July 145,125 142,720 96,02: 38,785 ,567 775 4,195 1,865 ,174 2,40: 4,990 3,897 18,936 21,829 2,059 143,361 141,597 95,194 38,568 ,570 1,08: 3,836 1,867 ,139 1,764 4,417 3,913 18,970 21,821 2,059 143,883 140,987 95,336 38,687 ,584 1,161 3,680 1,862 1,127 2,896 4,407 3,931 19,037 21,850 2,062 142,810 140,327 94,899 38,526 ,595 1,461 3,409 1,875 1,131 2,483 4,069 3,960 19,086 21,781 2,060 142,895 140,332 94,568 38,498 ,588 1,0 3,355 1,871 1,142 2,563 4,106 3,958 19,120 21,832 2,060 New York City 1963 July 3 31,996 31,738 20,502 11,429 190 1,880 438 347 258 1,369 549 1,733 3,109 566 10 31,964 31,548 20,225 11,325 264 1,700 439 352 416 1,306 544 1,736 3,102 566 17 31,704 31,022 20,067 11,295 223 1,678 437 344 682 1,256 554 1,737 3,086 566 24 31,259 30,635 19,828 11,131 136 1,620 524 343 624 1,184 570 1,752 3,106 565 31 32,080 31,454 20,597 11,210 337 1,736 523 357 626 1,525 591 1,761 3,098 568 1964 June 3 33,929 33,489 23,082 12,097 363 2,265 591 580 440 ,465 785 1,981 3,473 566 10 34,290 33,704 23,248 12,101 623 2,225 591 590 586 ,408 788 1,983 3,457 566 17 35,061 34,552 23,990 12,394 456 2,367 592 606 509 ,852 792 1,994 3,455 566 24 34,472 33,783 23,415 12,300 337 2,352 593 647 689 ,451 803 2,003 3,444 565 July 1 35,426 34,621 24,013 12,272 439 2,577 603 617 805 ,728 824 2,009 3,473 564 8 34,315 33,962 23,508 12,153 690 2,270 604 608 353 ,403 814 2,031| 3,465 564 15 34,625 33,567 23,386 12,251 604 2,105 607 588 1,058 ,403 830 2,055| 3,479 564 22 34,530 33,266 23,100 12,221 791 1,855 606 594 1,264 ,204 828 2,062j 3,476 564 29 34,370 33,225 23,079 12,242 694 1,833 602 603 1,145 ,278 830 2,072 3,459 564 Outside New York City 1963 July 3 101,672 100,564 63,809 23,962 1,527 218 ,471 1,083 395 1,108 2,850 2,538 15,096 15,987 1,385 10 101,990 100,464 63,720 23,966 1,466 219 ,456 1,083 398 1,526 2,775 2,572 15,136 15,967 1,385 17 102,097 100,902 63,773 23,966 1,380 290 ,410 1,087 418 1,195 2,740 2,622 15,171 16,009 1,387 24 100,982 100,239 63,425 23,816 ,390 132 ,376 1,096 406 743 2,656 2,642 15,226 16,004 1,386 31 101,846 100,531 63,787 23,804 ,396 172 ,386 1,093 413 1,315 2,824 2,684 15,269 16,060 1,386 1964 June 3 107,715 106,302 70,576 26,146 ,526 469 ,556 1,259 541 1,413 2,944 2,819 16,725 18,015 1,493 10 107,823 106,349 70,604 26,133 ,533 366 ,555 1,260 541 1,474 2,925 2,853 16,781 18,081 1,492 17 109,086 107,461 71,583 26,491 ,541 397 ,629 1,260 553 1,625 3,199 2,940 16,842 18,156 1,491 24 108,897 107,390 71,554 26,448 ,546 382 ,583 1,266 551 1,507 3,058 3,008 16,872 18,263 1,491 July 1 109,699 108,099 72,009 26,513 ,541 336 ,618 1,262 557 1,600 3,262 3,073 16,927 18,356 1,495 8 109,046 107,635 71,686 26,415 ,545 392 ,566 1,263 531 1,411 3,014 3,099 16,939 18,356 1,495 15 109,258 107,420 71,950 26,436 ,565 557 ,575 1,255 539 1,838 3,004 3,101 16,982 18,371 1,498 22 108,280 107,061 71,799 26,305 ,576 670 1,554 1,269 537 1,219 2,865 3,132 17,024 18,305 1,496 29 108,525 107,107 71,489 26,256 ,570 394 1,522 1,269 539 1,418 2,828 3,128 17,048 18,373 1,496 For notes see p. 1,044. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 WEEKLY REPORTING MEMBER BANKS 1043 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets3 U. S. Government securities Total assets— Total Wednesday Total Bills C ti e fi r - - No m te a s tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m a i i c c t l e e - h s s- a w B f e n o i a i c g r t l e - - n h 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 - h k 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 b o n e i i u d s t l a n i- l ts cates W i i n th- 1 to After banks banks 1 year 5 years 5 years Total- Leading Cities 1963 July 3 . . 29,789 3,767 1,769 2,489 14,402 7,362 18,202 18,093 3,133 217 1 47*5 13,268 5,057 172,188 10 29,914 4,027 ,749 2,508 14,363 7,267 18,153 17 010 3 006 237 ,715 12,052 5,097 169,866 17 29,736 4,020 1,746 2,488 14,290 7,192 18,348 17,473 3,133 211 ,668 12,461 5,186 171,393 24 . .. 29,214 3,637 ,712 2,502 14,235 7,128 18,407 17,001 3,234 216 ,716 11,835 5,239 167,071 31 29,099 3,372 1,833 2,546 14,257 7 091 18,502 17 833 3 063 209 ,634 12,927 5 330 170,832 1964 June 3 . 26,567 3,979 3,895 12,867 5,826 19,566 17,793 2,930 302 ,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 ,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 ,776 13,006 5,593 183,807 24 26,278 3,900 3,945 13,124 5,309 19,926 18,116 2,987 304 ,862 12,963 '5,534 180,392 July 1 26,621 4,201 4,001 13,181 5,238 20,077 18,537 3,286 303 ,715 13,233 5,743 186,388 8 26,286 3,927 4,014 13,112 5,233 20,117 18,240 2,965 299 ,734 13,242 5,678 181,188 15 25,514 3,539 3 884 12,879 5 212 20,137 18 346 3 300 296 ,797 12,953 5,773 185,255 22 25,305 3,283 4,022 12,513 5,487 20,123 17,438 3,052 281 ,819 12,286 5,732 180,111 29 25,701 3,597 2,998 11,386 7,720 20,063 17,759 2,839 256 850 12,814 5,723 179,412 New York City 1963 July 3 6,258 1,517 242 389 2,549 1,561 4,978 4,186 95 79 214 3,798 2,121 43,182 10 6,391 1,665 251 390 2,562 1,523 4,932 3,784 95 98 249 3,342 2,150 42,289 17 5,974 1 327 248 380 2 529 1 490 4 981 3 968 95 70 237 3,566 2,238 42,588 24 5,788 1,159 257 383 2,520 1,469 5,019 3,764 76 86 238 3,364 2,299 41,582 31 5,815 1,106 299 418 2,503 1,489 5,042 4,120 119 80 230 3,691 2,278 43,089 1964 June 3 5,460 1,279 822 2,292 1,067 4,947 4,233 93 142 259 3,739 2,433 45,133 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 July 1 5,474 1,380 854 2,370 870 5,134 4,326 83 141 265 3,837 2,410 48,241 8 5,285 1,215 852 2,365 853 5,169 4,188 66 140 262 3,720 2,397 45,419 15 5,002 1,055 822 2 282 843 5,179 4 243 96 149 253 3,745 2,506 47,298 22 5,034 925 1,063 2,211 835 5,132 3,796 73 124 256 3,343 2,475 45,552 29 5,049 1 115 605 1 855 1 474 5 097 4 145 60 113 264 3 708 2,424 45,289 Outside New York City 1963 July 3 23,531 2,250 1,527 2,100 11,853 5,801 13,224 13,907 3,038 138 1,261 9,470 2,936 129,006 10 23,523 2 362 1 498 2,118 11 801 5,744 13,221 13 226 2 911 139 1,466 8,710 2,947 127,577 17 23,762 2,693 1,498 2,108 11,761 5,702 13,367 13,505 3,038 141 1,431 8,895 2,948 128,805 24 23,426 2,478 I 455 2,119 11 715 5,659 13,388 13,237 3,158 130 1,478 8,471 2,940 125,489 31 23,284 2,266 1,534 2,128 11,754 5,602 13,460 13,713 2,944 129 1,404 9,236 3,052 127,743 1964 June 3 21,107 2,700 3,073 10,575 4,759 14,619 13,560 2,837 160 1,415 9,148 3,254 133,778 10 20,977 2 644 3,088 10 521 4,724 14,768 13,363 2 869 148 1,520 8,826 3,263 133,589 17 20,992 2,683 3,085 10,738 4,486 14,886 14,047 3,074 171 1,511 9,291 3,217 137,153 24 20,942 2,665 3,101 10,727 4,449 14,894 13,681 2,925 169 1,592 8,995 '3,212 134,821 July 1 21 147 2 821 3,147 10 811 4,368 14 943 14 211 3,203 162 1,450 9,396 3,333 138,147 y 8.:..: 21,001 2,712 3,162 10,747 4,380 14,948 14,052 2,899 159 1,472 9,522 3,281 135,769 15 20,512 2,484 3,062 10,597 4,369 14,958 14,103 3,204 147 1,544 9,208 3,267 137,957 22 .. 20 271 2 358 2 959 10 302 4,652 14,991 13,642 2 979 157 1 563 8,943 3,257 134,559 29 20,652 2,482 2,393 9,531 6,246 14,966 13,614 2,779 143 1,586 9,106 3,299 134,123 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 WEEKLY REPORTING MEMBER BANKS AUGUST 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 a d d l - * j m p u a o d s a t d s e n e i - - t d d s 5 Total* IPC G S l a o t o n c a v a d t t e l . For- G U o . v S t . , c m m D c o t i i e e m o a c r s - l - - - Total* S in a g v s - IPC Oth S l a e o t r n c a a d t t e l ime e F 9 ig o n r- 7 B F F a ro . n R m k . s o F t r h o e m rs lia ti b e i s li- co a u c n - ts banks Govt. Total— Leading Cities 1963 July 3 150,108 60,954 95,198 65,724 4,992 ,720 6,879 11,995 54,910 36,51811,234 3,883 2,900 537 2,147 5,439 13,957 10 147,623 61,692 92,537 65,501 4,705 ,154 11,886 55,086 36,62111,314 3,866 2,912 82 2,717 5,487 13,957 17 148,985 62,526 93,868 67,401 4,716 ;692 4,648 11,761 55,117 36,660 1"1,358 3,800 2,918 241 2,592 5,643 13,932 24 145,836 62,883 90,500 65,474 4,731 884 3,790 11,237 55,336 36,700 11,549 3,816 2,897 21 1,551 5,732 13,931 31 148,399 63,281 92,818 66,795 4,968 i788 4,920 10,874 55,581 36,74111,691 3,837 2,934 260 2,434 5,734 14,005 1964 June 3 154,574 61,472 91,474 64,312 5,300 1,782 4,99711,218 63,100 38,726 15,468 4,706 3,735 284 2,754 6,250 15,049 10 155,068 63,140 91,847 66,389 4,980 1,761 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 1,813 5,66511,661 63,024 38,79715,387 4,626 3,740 157 3,154 6,062 15,033 24 156,152 •"62,035 93,070 65,207 4,849 1,831 7,04310,619 63,082 38,84815,481 4,597 3,670 35 3,199 5,972 15,034 July 1 161,829 62,664 98,717 67,206 5,405 1,939 7,28611,784 63,112 39,05315,360 4,527 3,678 385 5,728 15,142 8 157,229 61,959 93,897 65,317 4,778 1,906 6,19211,837 63,332 39,084 1155,530 4,515 3,706 365 5,649 15,162 15 160,268 63,359 96,787 69,337 4,829 2, ,88712,288 63,481 39,11815,658 4,484 3,704 91 5,932 15,129 22 155,712 63,314 91,943 66,884 4,716 2,0373,29811,200 63,769 39,156 1155,838 4,520 3,733 46 6,038 15,121 154,675 63,674 90,754 66,397 4,897 1,9233,60410,441 63,921 39,16815,943 4,535 3,750 226 3,308 6,038 15,165 29 New York City 1963 July 3 35,345 15,489 25,403 16,464 395 1,287 ,958 3,077 9,942 4,277 3,107 324 2,055 79 ,175 2,688 3,895 10... 34,301 15,421 24,281 16,157 333 ',222 1,426 3,043 10,020 4,296 3,162 321 2,062 ,392 2,701 3,895 17... 34,725 15,746 24,700 16,654 336 ,265 ,269 3,007 10,025 4,307 3,159 320 2,062 25 ,168 2,775 3,895 24... 34,438 15,764 24,298 16,277 276 ,4431,013 3,261 10,140 4,313 3,279 329 2,041 390 2,865 3,889 31... 35,376 16,072 25,134 16,968 306 ,3531,449 3,002 10,242 4,322 3,327 335 2,078 ,027 2,773 3,913 1964 June 3... 36,695 15,367 24,220 15,921 286 ,327 ,365 2,950 12,475 4,434 4,720 410 2,639 ,341 2,846 4,192 10... 37,396 16,119 24,847 16,915 273 297 1,042 2,916 12,549 4,445 4,765 408 2,662 ,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 ,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 July 1... 39,665 15,862 27,280 16,760 402 472 2,086 3,253 12,385 4,460 4,638 392 2,606 13 ,723 2,633 4,207 8... 37,122 15,223 24,578 15,765 276 ,4191,756 3,080 12,544 4,461 4,768 403 2,619 160 ,331 2,599 4,207 15... 38,851 15,812 26,192 17,039 359 ,5351,024 3,432 12,659 4,459 4,868 400 2,618 ,477 2,764 4,206 22... 37,291 15,733 24,535 16,358 244 ,531 877 3,174 12,756 4,463 4,951 395 2,626 ,248 2,811 4,202 29... 36,860 15,887 24,057 16,471 248 ,434 970 2,850 12,803 4,469 4,967 395 2,645 113 ,374 2,739 4,203 Outside New York City 1963 July 3 114,763 45,465 69,795 49,260 4,597 433 4,921 8,918 44,968 32,241 8,127 3,559 845 458 972 2,751 10,062 10 113,322 46,271 68,256 49,344 4,372 4433,728 8,843 45,066 32,325 8,152 3,545 850 82 1,325 2,786 10,062 17 114,260 46,780 69,168 50,747 4,380 427 3,379 8,754 45,092 32,353 8,199 3,480 856 216 1,424 2,868 10,037 24 111,398 47,119 66,202 49,197 4,455 4412,777 7,976 45,196 32,387 8,270 3,487 856 21 1,161 2,867 10,042 31 113,023 47,209 67,684 49,827 4,662 4353,471 7,872 45,339 32,419 8,364 3,502 856 260 1,407 2,961 10,092 1964 June 3 117,879 46,105 67,254 48,391 5,014 4553,632 8,268 50,625 34,29210,748 4,296 ,096 225 ,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 ,088 198 ,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 ,097 133 ,617 3,413 10,849 24 118,822 '46,287 68,208 48,903 4,536 472 5,110 7,780 50,614 34,39910,757 4,184 ,072 35 ,696 3,410 10,858 July 1 122,164 46,802 71,437 50,446 5,003 467 5,200 8,531 50,727 34,59310,722 4,135 ,072 372 ,581 3,095 10,935 8 120,107 46,736 69,319 49,552 4,502 487 4,436 8,757 50,788 34,62310,762 4,112 ,087 205 ,452 3,050 10,955 15 121,417 47,547 70,595 52,298 4,470 4752,863 8,856 50,822 34,65910,790 4,084 ,086 91 2,358 3,168 10,923 22 118,421 47,581 67,408 50,526 4,472 506 2,421 8,026 51,013 34,69310,887 4,125 ,107 46 ,946 3,227 10,919 29 117,815 47,787 66,697 49,926 4,649 489 2,634 7,591 51,118 34,69910,976 4,140 ,105 113 ,934 3,299 10,962 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to'domestic commerciarbanks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loans items are shown gross. sincludes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts •5 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S. Govt., less cash items in process of collection. July 1 July 8 July 15 July 22 July 29 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 11,670 11,833 11,928 12,109 12,168 banks, not shown separately. New York City 4,006 4,152 4,266 4,365 4,380 7 kDeposits of foreign governments and official institutions, central Outside New York City... 7,664 7,681 7,662 7,744 7 788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 BUSINESS LOANS OF BANKS 1045 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during Industry 1964 1964 1964 1963 1964 1963 J 2 u 9 ly J 2 u 2 ly Ju 1 l 5 y July Ju 1 ly July June May IV h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals 673 668 667 667 656 -67 47 -9 70 53 4 123 9 Machinery 2,058 2,062 2,097 2,101 2,132 -137 30 -39 -58 83 177 25 186 Transportation equipment 781 796 823 874 846 -119 -8 58 7 12 -5 19 -95 Other fabricated metal products... 958 958 983 988 1,012 -40 44 51 119 72 -51 191 -59 Other durable goods 1,152 1,151 1,161 1,181 1,171 -10 23 20 80 40 -90 120 -67 Nondurable goods manufacturing: Food, liquor, and tobacco 1,217 1,239 1,252 1,284 1,322 -79 13 -45 -163 -459 496 -622 644 Textiles, apparel, and leather 1,587 1,612 1,628 1,609 1,593 22 29 21 23 211 -238 234 -167 Petroleum refining 940 950 961 1,033 1,043 -113 -15 -42 -92 72 -134 99 Chemicals and rubber 1,111 1,116 1,126 1,122 1,131 -44 2 -12 50 108 -20 158 -60 Other nondurable goods 966 964 968 951 954 11 14 21 98 -96 106 -36 Mining, including crude petroleum 37 and natural gas 2,776 2,800 2,796 2,685 2,682 82 -2 17 15 -213 413 -198 443 Trade: Commodity dealers 936 925 921 897 903 52 -39 -108 -284 -254 348 -538 583 Other wholesale 2,112 2,128 2,123 2,116 2,124 5 31 32 59 -19 125 40 95 Retail 2,526 2,436 2,456 2,464 2,522 -35 -41 84 66 -17 220 49 154 Transportation, communication, and other public utilities 4,079 4,086 4,070 4,062 4,099 52 18 -47 -73 -423 546 -496 529 Construction 2,163 2,159 2,125 2,134 43 69 110 226 39 -27 265 40 All other: i 2,152 Bankers' acceptances 974 978 911 907 114 -49 38 -29 -47 -76 All other types of business, mainly 932 570 573 services 5,062 5,063 5,033 5,060 23 96 7 104 170 274 Total classified loans 32,071 32,091 5,096 32,103 32,291 -240 310 184 268 -728 2,446 -460 2,873 32,212 Commercial and industrial loans— all weekly reporting banks 38,504 38,526 38,687 38,568 38,785 -244 428 263 576 -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 (thousands of dollars) (thousands of dollars) Area All Area All period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—com.: * 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 Sent 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 s.91 S 62 5.31 S.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. 6,4%; 1958—Jan. 22,4; Apr. 21,3^; Sept. 11,4; 1959—May 228-37. Bank prime rate was 3 per cent Jan. 1,1955-Aug. 3,1955. Changes 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, AVi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 INTEREST RATES AUGUST 1964 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable)3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- 3- to 5m 4 o - n to th 6 s - * m d 3 i o - r n e to c th t l 6 s y - , 2 90 a n d c a e y s s , i o R n a n t e e w di B sc a o n u k nt o R n a n t e e w di B sc a o n u k nt di ( s B b c a i o l n l u s k nt Other 5 iss y u e e a s r 6 issue rate 4 issue rate 4 rate) 4 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—July 3.49 3.35 3.41 3.143 3.18 3.272 3.31 3.40 3.33 3.78 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sept 3.88 3.63 3.63 3.379 3.38 3.494 3.50 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 Nov 3.88 3.75 3.71 3.522 3.52 3.648 3.65 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 1964 Jan 3.97 3.82 3.70 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.532 3.53 3.664 3.67 3.71 3.63 4.02 Mar 4.00 3.83 3.75 3.553 3.54 3.740 3.72 3.78 3.67 4.15 Apr . 3.91 3.80 3.80 3.484 3.47 3.676 3.66 3.75 3.63 4.18 May 3.89 3.76 3.75 3.482 3.48 3.612 3.60 3.71 3.67 4.07 June . 4.00 3.88 3.75 3.478 3.48 3.572 3.56 3.70 3.83 4.03 July 3.96 3.81 3.75 3.479 3.46 3.566 3.56 3.64 3.68 3.99 Week ending— 1964 July 4 4.00 3.88 3.75 3.479 3.48 3.528 3.51 3.68 3.76 4.01 11 4.00 3.86 3.75 3.492 3.48 3.544 3.53 3.67 3.68 3.99 18 4.00 3.81 3.75 3.448 3.43 3.549 3.55 3.63 3.64 3.98 25 3.93 3.78 3.75 3.503 3.46 3.619 3.61 3.65 3.70 4.00 Aug 1 3.88 3.75 3.75 3.475 3.46 3.591 3.57 3.61 3.67 3.99 1 Averages of daily offering rates of dealers. 4 This series formerly shown as "Market yield." 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 6 Selected note and bond issues. 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—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 Sent 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 July 4.13 3.26 3.08 3.54 4.58 4.40 4.83 4.52 4.68 4.54 4.37 2.96 Week ending— 1964—July 4 4.11 3.29 3.10 3.55 4.59 4.40 4.86 4.53 4.70 4.55 4.39 2.98 4.12 3.27 3.07 3.55 4.58 4.40 4.84 4 53 4 68 4 55 4.36 2 95 18 4.13 3.25 3.07 3.53 4.58 4.41 4.83 4.52 4.68 4.54 4.36 2.95 25 4 14 3.25 3.09 3.53 4.58 4.40 4 82 4 52 4 67 4 54 4 36 2 94 Aug. 1 4.14 3.26 3.09 3.53 4.57 4.40 4.82 4.52 4.66 4.54 4.36 2.96 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 i Includes bonds rated Aa and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend, price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 SECURITY MARKETS 1047 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional firstmortgages Common stock prices Volinsured Bond prices (1941-43= 10) ume of Period Inter- Fees, Ma- Loan/ trad- Y c ( e p ie n e l t r d ) c r ( e e p a s n e t t e t r ) c ( e e p t n e c t r . ) ( t y i u t r y r s - .) p c r ( a e r p i t n e c i t o r e ) d ( A o l t o h l v l a o a g n u r . 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 c b l- - s ( h t i h a n o r 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 C16.3 1963—July.. 86.16 110.3 96.7 69.07 72.45 38.75 64.47 3,467 1963—May.. 5.45 5.82 .60 23.9 72.8 C16.1 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 C16.4 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 C16.6 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 C16.8 Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Sept.. f5.45 5.81 .61 24.2 73.5 C16.4 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 C16.4 Nov.. 5.45 5.82 .65 24.2 73.5 C16.4 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 C16.7 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 C16.7 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 C17.2 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 C17.2 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 July. . 84.70 112.1 95.3 83.22 88.19 48.93 70.35 4,663 May.. 5.45 5.77 .52 24.7 73.7 17.0 June.. 5.45 5.76 .59 25.4 74.3 17.3 Week ending— July 4 84.92 111.4 95.2 82.05 87.06 48.43 68.53 4,822 1 Last 6 months only. 11 84.82 111.9 95.2 83.16 88.23 48.82 69.54 5,108 18 84.67 112.4 95.2 83.47 88.49 48.92 70.38 4,691 NOTE.—Annual data are averages of monthly figures. Yields 25 84.54 112.4 95.3 83.55 88.49 49.18 70.92 4,458 on FHA-insured mortgages are derived from weighted averages Aug. 1 84.60 112.4 95.4 83.02 87.84 48.83 71.21 4,151 of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5lA per cent, and NOTE.—Annual data are averages of monthly figures. Monthly and weekly an assumed prepayment period of 15 years. Price data are data are averages of daily figures unless otherwise noted and are computed as reported as of the first of the succeeding month. follows: Conventional first mortgages, Home Loan Bank Board in U.S. Govt. bonds, derived from average market yields in preceding table on basis cooperation with Federal Deposit Insurance Corporation be- of an assumed 3 per cent, 20-year bond. ginning in late 1962; interest rate data for earlier years—in Municipal and corporate bonds, derived from average yields, as computed by parentheses—are based on estimates from Federal Housing Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing Administration. prices. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5Vi-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. Stock Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing and carrying— tomers Months Total securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total Customer Other a b n a c l e - s 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—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 ,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 ,231 Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 ,165 May.... 7,277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 June '7,229 18 '5,370 94 1,859 347 4,084 3,766 318 ,146 July 7,160 25 5,289 70 1,871 266 4,129 3,672 457 ,114 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 ac- and Chicago banks. Accordingly, for that period the fifth col. includes counts of one customer are consolidated. Money borrowed includes any loans for purchasing or carrying such securities at other reporting borrowings from banks and from other lenders except member firms of banks. Composition of series also changed beginning with July 1959; national 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

1048 OPEN MARKET PAPER; SAVINGS INSTITUTIONS AUGUST 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- •Jased on— End of period Accepting 1janks F.R. Goods stored in or Banks Im- Ex- shipped between Placed Placed lotal ports ports Dollar points in— Total through direct- Others into from exdealers i ly i Total O bi w lls n bo B u il g ls ht O ac w ct n . F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change 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 3 2,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2 525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960. . . 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2 975 2 683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 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 Aug 7,808 2 062 5 746 2 644 1,174 938 236 38 89 1,343 556 772 105 53 1,159 Sect 7,161 2,098 5,063 2,709 1,107 946 181 34 104 1,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 58 105 1,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2,744 1,190 976 214 42 102 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 1,473 590 990 87 35 1,401 Apr 7,920 2,039 5,881 3,102 1,355 1,060 295 93 117 1,536 587 963 105 36 1,411 May 8,326 1 973 6 353 3 049 1 418 1 105 313 47 146 1 438 576 941 73 34 1,426 June 8,036 1,948 6,088 3,149 1,370 1,113 257 83 146 1,550 567 929 82 27 1,545 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions) : 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortgage loan End of period M ga o g r e t- Other G U o . v S t . . g S l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d r e o * - a C s a se sh ts O as t s h e e ts r s l a T u ia a c t r o i b n p c e t i d t l s a l s u i l . - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N c u o m m b m er itm A en m ts o u 3 nt 1941 4 787 89 3 592 1 '86 829 689 11 772 10 503 38 1 231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19 559 248 7 982 675 3 549 920 448 33 381 30 026 369 2 986 1957 20 971 253 7 583 685 4 344 889 490 35 215 31 683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 • 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—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 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109,205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4,093 106,337 2,379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 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 1,143 4,206 113,062 2,391 Mar 36,933 704 6,117 424 5,151 887 825 51,042 45,761 1,036 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 May . . 37,601 714 6,052 419 5,150 847 827 51,610 46,124 1,225 4,261 124,416 2,661 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. 1035. and are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 SAVINGS INSTITUTIONS 1049 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 1960 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—May '. 136,396 12,561 5,840 3,972 2,749 57,928 52,572 5,356 48,113 4,203 6,433 7,158 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 Aug... . 138,361 12,452 5,810 935 2,707 58,764 53,268 5,496 48,964 4,313 6,548 7,320 Sept 138,764 12,429 5,824 892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 Oct.. . . 139,610 12,425 829 893 2,703 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov.... 140,207 12,371 787 889 2,695 59,574 53,989 5,585 49,813 4,369 6,651 7,429 Dec 140,903 12,330 755 876 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 May.. . 144,312 12,436 5,731 3,827 2,878 60,613 54,674 5,939 52,117 4,416 6,909 7,821 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m l m o e a m n n t i s tties profits4 1941 4,578 107 344 775 6,049 4,682 475 256 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 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 1,379 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70 885 5 708 2 856 1 550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963—May 83,281 6,111 3,613 5,887 98,892 84,707 6,600 2,840 2,353 2,392 3,019 June 84,525 6,201 3,850 5,858 100,434 86,349 6,800 3,434 2,461 1,390 3,092 July 85,628 6,271 3,401 5,708 101,008 86 313 6 810 3 688 2 485 1,712 3,097 Aug 86,836 6,233 3,353 5,859 102,281 86,956 6,826 3,912 2,493 2,094 3,110 Sept 87,933 6,345 3,383 5,897 103,558 87,872 6,830 4,208 2,536 2,112 3,067 Oct 89,051 6,419 3,450 5,979 104,899 88 667 6 838 4 405 2 576 2,413 3,025 Nov 89,857 6,548 3,482 6,154 106,041 89,471 6,855 4,464 2,502 2,749 2,929 Dec . 90,849 6,440 3,964 6,178 107,431 91,205 7,208 5,011 2,520 1,487 2,613 1964—Jan 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 2,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 2,336 2,138 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.r 93,978 6,717 3,467 6,353 11O;515 93,846 7,230 4,601 2,464 2,374 3,110 May 94,971 6,712 3,504 6,738 111,925 94,828 7,243 4,544 2,503 2,807 3,148 1 Includes other loans, stock in the Federal home loan banks, other 4 The decline in reserves and surplus from Feb. to Mar. 1964 is coninvestments, real estate owned and sold on contract, and office buildings centrated in state-chartered savings and loan assns. in Calif, where the and fixtures. accounting system is being revised. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no NOTE.—Federal Savings and Loan Insurance Corp. data; figures are deductions for mortgage-pledged shares. Beginning with Jan. 1958, no estimates for all savings and loan assns. in the United States. Data deduction is made for mortgage-pledged shares. These have declined beginning with 1954 are based on monthly reports of insured assns. and consistently in recent years and amounted to $42 million at the end of annual reports of noninsured assns. Data before 1954 are based entirely 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 FEDERAL FINANCE AUGUST 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 ments4 payts. (direct agen. & cash Net & agen.) trusts debt Cal. year—1961 78,157 24,099 4,418 91,11A 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—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 '2,069 1,033 5,579 1964?.... 89,368 30,332 4,192 115,440 97,671 28,870 6,422 120,119 -4,680 7,733 2,756 1,099 3,878 Half year: 1962—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 1964—Jan.-June^. .. 49,102 16,928 2,400 63,593 48,839 14,058 4,281 58,616 A,911 2,598 3,159 385 -946 Month: 1963—June r 12,061 2,969 1,046 13,980 7,715 2,999 1,241 9,472 4,507 1,463 1,306 -36 192 July 3,547 1,419 271 4,693 7,863 2,651 468 10,045 -5,353 -854 -1,253 128 271 Aug 7,290 3,887 213 10,960 8,305 2,438 -544 11,287 -328 2,028 1,784 116 128 Sept 10,095 1,830 269 11,652 7,815 2,515 781 9,549 2,102 366 -575 101 839 Oct 3,400 1,289 259 4,423 8,776 2,592 629 10,740 -6,318 103 -1,101 78 1,126 Nov 7,131 2,749 259 9,617 7,784 1,955 -73 9,812 -194 1,593 481 163 949 Dec 8,803 2,230 521 10,503 8,289 2,661 881 10,069 433 1,899 260 128 1,511 1964—Jan 5,853 1,088 303 6,628 8,492 2,257 902 9,848 -3,219 -1,059 -1,328 86 183 Feb 8,047 3,705 222 11,525 7,521 2,063 191 9,393 2,132 1,550 830 133 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 Apr 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 Junep 12,310 3,119 1,138 14,286 9,513 2,509 1,733 10,290 3,996 683 1,751 48 -1,116 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 Balance Tax net or funds 3 accounts 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—1961 -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 "1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964P -8,303 1,462 1,131 1,880 -2,756 5,853 348 -1,080 11,036 939 9,180 917 Half year: 1962—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 1964—Jan.- June * 264 2,870 1,496 232 -3,159 2,366 408 3,661 11,036 939 9,180 917 Month: 1963—June 4,346 r-29 231 '807 -'1,306 656 145 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 Junep 2,797 610 547 502 -1,751 181 150 2,735 11,036 939 9,180 917 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

AUGUST 1964 FEDERAL FINANCE 1051 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W he I i n t ld h d - ivid O ua th l er Corp. Total L a b n i a q d c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. E a s g n t if a d t te t C o u m s- s r m e a I p e n n a n d t. y ts - fu R n e d - s Other Fiscal year—1961... 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962... 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963... 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,735 15,127 4,114 2,187 1,241 1,903 6,571 2,516 1964?.. 115,44039,219 15,309 24,301 13,953 n.a. 3,646 21,937 17,404 4,036 2,415 1,284 1,764 7,146 2,404 Half year: 1962—July-Dec.. 49,01118,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 1,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,84820,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 1964—Jan.-June^ 63,59219,099 11,844 15,059 6,910 1,748 12,728 10,031 2,448 1,423 623 817 6,102 1,191 Month: 1963—June 13,980 3,272 2,033 5,511 1,171 507 267 1,422 1,337 48 188 95 128 292 458 July 4,693 1,295 381 574 1,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 1,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 1,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 1,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 1,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 1,112 382 320 3,382 2,393 954 184 87 102 944 C176 Mar 12,168 3,222 770 6,654 1,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 1,103 465 254 1,394 1,116 239 422 109 123 1,575 179 May 10,652 4,837 561 491 1,195 466 305 4,163 3,242 884 234 100 126 1,196 141 Junep.... 14,286 2,614 2,196 6,196 1,293 n.a. 320 1,566 1,457 65 206 117 144 302 256 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C ra a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e el a o f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—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'.... '13,751 53,429 2,265 2,552 7,242 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,983 1964?.... 20,119 54,480 1,964 4,171 7,382 2,599 6,518 1,712 27,269 1,295 6,108 8,029 2,294 Half year: 1962—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 r. .. 55,649 27,304 1,392 1,527 2,797 1,067 2,679 -1,296 13,347 650 3,010 3,846 1,002 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 1964—Jan.-June*3... 58,617 28,125 934 2,313 3,070 1,142 2,864 -147 14,119 729 3,154 4,186 1,206 Month: 1963—June' 9,472 4,835 313 298 361 213 640 380 2,169 96 419 319 167 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 ^297 643 274 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 C238 342 882 253 C679 264 2,274 83 503 348 C172 Nov 9,812 4,164 242 301 446 209 561 82 2,201 68 489 '1,238 171 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 '1,393 178 Mar 9,390 4,425 131 359 541 171 446 -101 2,402 140 499 r364 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 Junep.... 10,290 5,732 225 504 357 251 668 208 2,508 111 541 364 234 1962 1963 1964 1962 1963 1964 Item III IV II III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 27.2 27.1 27.5 27.8 28.5 29.0 29. 7 28.4 26.0 23.0 28.2 32.6 27. 3 24.5 30. 3 33.3 Payments 28.0 29.0 28.2 28.5 30 4 30.0 30. 5 29.3 28.5 29. 6 26 5 29.1 30.9 30.6 28.6 30.0 Net - .9 -1 .9 -.7 - .7 -1 9 _ 1.0 -. 8 -.9 _2 .5 -6. 6 1 7 3.4 2 6 -6 .1 1.7 3.3 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 U.S. GOVERNMENT SECURITIES AUGUST 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 ib e o r l n t e - - Nonmarke S ta a b v l - e i S s p su e e c s ia * l Total Bills C c e a r t t e if s i- Notes Bonds 4 bonds Totals b i o n n g d s s 1941—Dec. 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec.. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec. 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1956—Dec. 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec. 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec. 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec. 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec. 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec. 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec. 304.0 303,5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—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 July. 312.0 311.2 261.1 206.8 51.0 58.6 97.1 3.1 51.2 49.4 45.7 1 Includes non-interest-bearing debt (of which $362 million, on July 31, 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 $14,497 million on June 30 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Heldby- Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t e U a r o n u n . v c S s d i t t . e . s b F an .R ks . Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al th s er n F a i o t n a i r t o n e e d n i r g a - n l2 i O m t n o v t i r h s e s e c s ^ r . funds 1 bonds securities 1941_Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4 0 7 5 4 8 2 ,4 .5 1945—Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19 1 16 3 50 1 15 4 7 8 8 4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16 6 48 2 15.8 7.6 9 0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22 8 18 0 45 9 22 1 12 0 10 1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20 1 18 7 45 7 19 1 13.0 11 2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 '20.0 18.7 46.4 '18.2 13.4 11.6 1962—Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 '20.2 19.5 46.9 r18.2 15.3 12.7 1963—June 306.5 58.4 32.0 216.1 64.4 6.1 10 8 r20 3 20 7 47 5 '17 9 15 8 12 5 July 305.5 57.1 32.5 215.9 63.3 6.1 10.9 '20 6 20 9 47 6 '18 3 15 6 12 6 Aug 307.2 58.9 32.4 215.9 61.7 6.1 10.9 '21.4 21.2 47.7 '18.3 15.9 12.7 Sept 307.3 58.3 32.6 216.4 63.0 6.0 11 0 r19 7 20 9 47 7 18 7 16 0 13 5 Oct 307.1 57.2 32.8 217.2 63.1 5.8 11.0 20 4 20 7 47 8 18 8 15 9 13 6 Nov 308.9 57.7 33.7 217.5 62.7 5.8 11.0 21.6 20.3 48.0 18.9 16.0 13.2 Dec 310.1 58.0 33.6 218.5 64.1 5.8 11.0 '20.6 20.8 48.1 '18.9 15.9 13.3 1964—Jan 309.3 56.5 32.8 220.0 62.6 5.9 11.1 '21.8 21.0 48.1 '19.4 15.9 14.2 Feb 311.1 57.5 33.2 220.5 61.9 6.0 11 0 '22 7 21 4 48 2 '19 7 15 9 13 6 Mar 310.4 57.6 33.8 219.0 61.2 6.1 10.9 '21.4 21.9 48.3 '20.1 15.6 13.6 Apr 308.4 56.1 33.2 219.1 60.6 6.0 10.8 '22.0 22.6 48.3 '19.2 15.3 14.2 312.3 59.4 34.2 218.8 59.5 6 0 10 8 '22 9 22 7 48 4 '19 3 '15 4 13 8 June . . .. 312.5 61.1 34.8 216.6 59.7 6.0 10.6 20.7 22.6 48.5 9.2 15.7 13.6 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 U.S. GOVERNMENT SECURITIES 1053 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—May 31. 208,009 82,930 52,246 30,684 62,825 37,561 8,355 16,339 June 30. 206,489 81,424 50,740 30.684 65,453 34,929 8,355 16,328 U.S. Govt. agencies and trust funds: 1961—Dec. 31 8,484 1,252 583 669 1,860 1,594 1,756 2,022 1962—Dec. 31 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Dec. 31 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964— May 31 11,945 1,650 1,286 364 1,734 3,215 2,197 3,148 June 30 12.119 1,822 1,459 363 1.948 3,003 2,197 3,149 Federal Reserve Banks: 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 131 1964—May 31.... 34,229 17,500 4,642 12,858 14.364 2,131 91 143 June 30 34,794 18,029 5,171 12,858 14.691 1,836 91 148 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 18^52 47,919 30,525 6,091 12,575 1964—May 31. 161,835 63,780 46,318 17,462 46,727 32,215 6,067 13,048 June 30. 159,576 61,573 44,110 17,463 48.814 30,090 6,067 13,031 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—May 31. 50,947 14,102 7,130 6,972 24,690 11,194 490 471 June 30. 51,108 14,549 7,505 7,044 25,392 10,208 493 466 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—May 31... 5,684 839 370 469 1.219 2,051 359 1,216 June 30... 5,658 829 374 455 1.401 1,857 360 1,211 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—May 31.. 9,052 1,003 442 561 1,810 2,491 917 2,831 June 30... 8,933 900 345 555 2.036 2.248 918 2,832 Nonfinancial corporations: 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 1962—Dec. 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Dec. 31 10,427 7,671 6,178 1,493 2,397 290 9 60 1964— May 31 11,789 9,256 7,429 1,827 2.049 363 10 112 June 30 10,205 7,688 5,845 1.843 2,078 319 9 110 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—May 31 3,309 442 257 185 916 1,244 245 462 June 30 3,289 447 252 195 962 1,191 241 448 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—May 31 16,179 6,308 5,334 974 1.930 1,905 1,710 4,327 June 30 16.067 6,108 5,136 972 2,022 1,890 1,712 4,335 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—May 31. 64,873 31,830 25,357 6,473 14.112 12,967 2,333 3,631 June 30. 64,315 31,052 24,651 6,401 14,924 12,377 2,332 3,630 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. 6,039 commercial banks, 502 mutual savings banks, and 785 insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1054 U.S. GOVERNMENT SECURITIES AUGUST 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total Within 1-5 5-10 Over mercial All 1 year years years 10 years G U o .S v . t. Other banks other securities 1963—June 1,574 1,208 168 165 33 471 26 584 493 108 July 1,775 1,440 172 134 29 556 27 727 464 95 Aue 1,308 1,060 139 88 21 401 15 507 384 88 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 1,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 1,719 1,348 213 122 37 508 30 730 451 96 1964—Jan 2,144 1,656 264 159 65 687 36 905 516 99 Feb 1,809 1,336 272 145 56 528 29 737 516 91 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 May.. . . .. 1,702 1,264 248 165 25 566 29 651 457 120 June 1,488 1,201 170 97 19 458 24 566 439 142 Week ending— 1964—June 3 1,550 1,280 146 105 19 439 24 615 473 109 10 1,347 1,045 160 127 15 444 25 478 401 232 17 . 1,355 1,108 166 65 16 418 23 523 390 93 24 1,631 1,332 180 95 23 509 20 596 505 144 July 1 1 551 1,247 186 97 21 453 25 628 445 114 8 1,564 1,292 175 81 15 446 22 659 436 139 15 3,260 2,192 496 435 137 919 82 1,424 836 144 22 1,696 1,252 146 198 99 601 25 643 427 134 29 1,390 1,136 85 120 49 396 28 512 454 127 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period so A ur l c l es Y N C o e it r w y k w E h ls e e r - e Co ti r o p n o s r i a- o A th l e l r 1963—June 3,093 2,666 347 80 357 July 2,881 2,505 357 21 267 1963—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 June 3,475 3,217 91 167 318 May 3,082 711 724 1,347 300 June 3,541 981 761 1,493 307 Week ending— Week ending— 1964—May 6.. 2,983 2,848 148 -13 192 13.. 2,965 2,416 190 359 196 1964— May 6... 2,739 661 706 ,023 350 20.. 3,143 2,605 196 342 234 13... 3,061 668 805 ,229 359 27.. 3,064 2,680 126 259 288 20. .. 3,263 791 818 ,388 264 27. .. 3,152 702 605 ,580 267 June 3.. 3,712 3,355 135 223 282 10.. 3,550 3,248 95 208 309 June 3... 3,346 859 700 ,524 264 17.. 3,636 3,413 63 161 344 10... 3,556 829 698 ,613 416 24.. 3,286 3,069 80 138 315 17... 3,859 1,239 900 ,326 395 24... 3,433 979 797 ,455 203 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more n 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

AUGUST 1964 OUTSTANDING SECURITIES 1055 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JULY 31, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Aug. 6, 1964 ,101 Jan. 14, 1965 902 Oct. 1, 1966 \y2 357 Feb. 15, 1969 4 1,844 Aug. 13, 1964 ,101 Jan. 21, 1965 900 Feb. 15, 1967 3y8 2,360 Oct. 1,1969 4 6,268 Aug. 20, 1964 ,103 Jan. 28, 1965 902 Apr. 1, 1967 11/2 270 Aug. 15, 1970 4 4,129 Aug. 27, 1964 ,102 Jan. 31, 1965 1,000 Aug. 15, 1967 3V4 4,433 Aug. 15, 1971 4 2,806 Aug. 31, 1964 ,001 Feb. 28, 1965 1,001 Oct. 1,1967 iy2 457 Nov. 15, 1971 378 2,760 Sept. 3,1964 104 Mar. 31, 1965 1,001 Apr. 1,1968 iy2 212 Feb. 15, 1972 4 2,344 Sept. 10, 1964 ,101 Apr. 30, 1965 1,001 Oct. 1,1968 IV2 115 Aug. 15, 1972 4 2,579 Sept. 17, 1964 ,099 May 31, 1965 1.000 Apr. 1, 1969 IVi 20 Aug. 15, 1973 4 3,894 Sept. 24, 1964 ,102 June 30, 1965 1,001 Nov. 15, 1973 4i/8 4,359 Sept. 30, 1964 ,002 Treasury bonds May 15, 1974 4*4 1.532 Oct. 1,1964 ,102 Treasury notes June 15, 1962-67... 21/2 1.447 Nov. 15, 1974 3% 2,244 Oct. 8,1964 ,101 Aug. 15, 1964 5 1,198 Dec. 15, 1963-68... 21/2 1,813 May 15, 1975-85.. .4*4 1,218 Oct. 15, 1964 ,201 Aug. 15, 1964 3% 2,910 June 15, 1964-69... 21/2 2,627 June 15, 1978-83... 3 y4 1,587 Oct. 22, 1964 ,202 Oct. 1,1964 li/2 490 Dec. 15, 1964-69... 2i/2 2,539 Feb. 15, 1980 4 2,610 Oct. 29, 1964 ,201 Nov. 15, 1964 4% 3,267 Feb. 15, 1965 2y8 3,976 Nov. 15, 1980 31/2 1,914 O N N N N N c o o o o o t v v v v v . . . . . . 2 3 3 1 1 5 7 1 0 2 9 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 4 4 4 4 4 4 , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 0 N A A A M M u p u o a a g g r v y y . . . . 1 1 1 1 1 5 1 3 3 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 5 5 4 5 5 5 3 3 3 4 V 3 7 > % % y / / y 2 8 8 4 6 5 6 1 1 , , , , , 4 6 4 8 0 2 4 1 1 6 6 0 1 9 6 6 6 2 A J M N M M u u o a n a a g v y r r e . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 6 5 7 - - - 7 7 7 1 0 2 . . . . . . . . . 2 3 2 2 3 1 i 3 y % / / / 2 2 3 2 8 2 2 1 i 1 1 ; , , . . . 4 2 4 2 8 0 0 9 5 2 4 1 3 7 1 4 9 5 F A F M F M e e e u a a b b b g y y . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 9 9 8 8 8 8 5 0 5 8 7 9 - - - 9 9 9 3 2 4 . . . . . . 4 4 3 3 * ' * i / / 4 4 4 8 3 2 | 4 2 1 1 1 , , . , . 5 9 5 4 2 1 6 5 0 4 5 2 0 9 7 8 0 9 D D D e e e c c c . . . 1 1 3 0 7 , , , 1 1 1 9 9 9 6 6 6 4 4 4 , , , 0 0 0 0 0 0 5 1 1 O N N c o o t v v . . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 3 IV 1/ 2 4 2 2 8 , , 9 3 5 1 5 6 5 4 0 D N Se e o p c v . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - 7 7 2 2 . . . . . . 2 2 3 1 i y / / 2 8 2 2 3 1 ; . , 9 6 7 5 0 3 2 4 5 Co N nv o e v r . t i 1 b 5 le , 1 b 9 o 9 n 8 d s 3y2 j I 4,437 Dec. 24, 1964 900 Feb. 15, 1966 35/8 3,261 May 15, 1968 3% 2,460 Investment Series B 1 Dec. 31, 1964 ,901 Apr. 1,1966 iy2 675 Aug. 15, 1968 334 3.747 Apr. 1, 1975-80... 2% 3,106 Jan. 7,1965 900 Aug. 15, 1966 4 5,156 Nov. 15, 1968 3% 1 ;59i NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, JUNE 30, 1964 Agency, a t n y d p e c o a u n p d o n d a r t a e t e of issue, Maturity ( A m m il o li u o n n t 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 ( A m m il o li u o n n t s of dollars) of dollars) Federal home loan banks Federal intermediate credit banks Notes: Debentures: O Se c p t. t . 1 1 5 6 , , 1 1 9 9 6 6 3 3 3 3 . .9 9 5 0 J A u u ly g. 1 1 5 7 , , 1 19 9 6 6 4 4 4 3 1 0 3 0 O N c o t v . . 4 1 , , 1 1 9 9 6 6 3 3 3 3 7 % /8 J A u u l g y . 3 1 , , 1 1 9 9 6 6 4 4 183 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 293 May i5, 1964 4.10 Apr. 15, 1965 430 Apr. 1,1964 4.05 Jan. 4, 1965 309 June 15, 1964 4V8 May 17, 1965 525 J M un ay e 4 1 , , 1 1 9 9 6 6 4 4 4 4 .0 % 5 F M e a b r . . 1 1 , , 1 1 9 9 6 6 5 5 2 2 9 5 0 4 Bonds: Federal land banks J D J S u u e e n n p c e e . t . 1 1 1 9 5 7 7 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 4 3 2 4 4 3 2 M > y y y 8 2 4 O A N Se c u o p t g v . t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 6 6 4 5 4 2 2 1 6 0 7 7 0 0 5 5 Bo D A A n e p u d c r g s . . . : 2 1 0 8 0 , , , 1 1 1 9 9 9 6 6 6 3 4 0 . . . • .4 3 1 % 4 4 A O A p c u t r g . . . 2 2 2 0 0 0 , , , 1 1 1 9 9 9 6 6 6 4 4 5 2 2 1 0 1 4 9 5 2 Oct. 20, 1960. 4 Oct. 20, 1965 160 June 20, 1961 . 4 Dec. 20, 1965 140 Federal National Mortgage Association- A M p a r y . 1 2, , 1 1 9 9 6 5 1 8 . . - .3 3 1 y /4 8 F M e a b y . 21 2 , , 1 1 9 9 6 6 6 6 1 1 0 5 8 0 secondary market operations Sept. 20, 1961 . .41/4 July 20, 1966 193 Debentures: Feb. 15, 1957. 4i/ Feb. 15, 1967-72 72 Sept. 11, 1961 4 Sept. 10, 1964 144 May 1, 1962. May 22, 1967 180 Dec. 11, 1961 3% Dec. 11, 1964 111 Oct. 1,1957. Oct. 1, 1967-70 75 D Se e p c. t . 1 1 0 0 , , 1 1 9 9 5 6 7 2 4 3 % % J M u a n r e . 1 1 0 0 , , 1 1 9 9 6 6 5 6 1 9 0 8 8 O A c p t r . . 22 1 , , 1 1 9 9 5 6 9 3 . . .41 / / 8 4 O M c a t r . . 2 20 3 , , 1 1 9 9 6 6 8 7 1 8 7 6 4 A A A D S S F M e e e e u p p b a p p c g r r . r . t t . . . . . . 2 1 1 1 1 1 1 1 3 1 0 0 2 0 2 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 5 5 6 6 0 0 1 0 9 8 0 0 4 5 4 4 4 4 4 3 V i i i y y y y / / / 8 8 2 8 8 s 8 8 D A A F A S S M e e e p e p u a p p b r r c g r t t . . . . . . . . 1 1 1 1 1 1 1 1 0 1 0 0 0 2 0 0 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 7 7 6 6 6 7 7 1 0 1 8 9 6 0 2 1 1 1 9 9 6 8 8 1 0 4 8 3 4 7 8 9 0 6 J J S F F F M M a u e e e e a a n l p b b b y y . t y . . . . 1 1 1 1 1 4 2 4 5 5 1 , , , , , , , , 1 1 1 1 1 9 1 1 1 9 9 9 9 5 9 9 9 6 5 5 5 6 6 5 6 0 6 9 8 . 3 7 0 . . . . . . . - . • . .3 5 5 4 4 1 % % % y / 8 4 2 J J J F A S M M u u u e e p l l n a a b p y y r y e . r t . . . 2 2 2 2 1 1 0 0 0 0 5 5 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 7 7 6 7 7 7 9 8 0 0 9 2 1 0 1 1 1 6 8 8 8 6 0 8 0 0 2 3 5 0 9 6 0 J D u e n c e . 1 1 2 1, , 1 1 9 9 6 6 1 1 4 4 * y 4 8 J Ju u n n e e 1 12 2 , , 1 1 9 9 7 7 3 2 1 14 0 6 0 F Fe e b b . . 2 20 0 , , 1 19 9 6 6 3 2 . . F F e e b b . . 2 2 0 0 , , 1 1 9 9 7 7 3 4 -78 1 15 4 5 8 Feb. 13, 1962 4i/2 Feb. 10, 1977 198 Tennessee Valley Authority Short-term notes 35 Banks for cooperatives Debentures: Bonds: Feb. 3,1964 3.90 Aug. 3, 1964 194 Nov. 15, 1960. .4.40 Nov. 15, 1985 50 Apr. 1,1964 3.95 Oct. 1, 1964 147 July 1,1961. -.45/8 July 1, 1986 50 June 1, 1964 3.90 Dec. 1, 1964 157 Feb. 1,1962. ..41/2 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

1056 CREDIT AGENCIES; SECURITY ISSUES AUGUST 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn. for intermediate land (secondary market cooperatives credit banks banks Assets Liabilities and capital operations) End of period v m a b A t e n e o d m c rs - e - s I m nv e e n s t t s - p C a o d a n s e s - d it h s B n a o o n n t d e d s s M po b d e e s e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e d e e ) s n s - c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A i n a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A a o g n r ) e t s - Bo (L n ) ds 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1*228 1 027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 I960 1 981 1 233 90 1,266 938 989 2,788 2 523 649 407 1,501 1,454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—June.. 3,270 1,937 159 2,770 1,325 1,137 2,072 1,960 701 459 2,293 2,133 3,198 2,725 July . 3,548 1,525 94 2,816 1,069 1,146 2,038 1,950 711 459 2,352 2,023 3,218 2,725 Aug.. 3,758 1,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 Sept.. 4,024 1,484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 ,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 ,730 101 3,961 944 1,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 ,622 86 3,631 943 1,182 1,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 ,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 ,420 72 3,625 957 1,193 1,983 1,781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 ,607 82 3,727 990 1.196 1,984 1,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 ,804 153 4,201 1.153 1,201 1,962 1,698 757 498 2,504 2,315 3,516 2,973 Mo N r O tg T a E ge .— A D s a s t n a . , f r a o n m d F F a ed rm er a C l r H ed o i m t e A d L m oa i n n . Ba A nk m o B n o g a r t d h > e F o e m de it r t a e l d N b a a t l i a o n n c a e l b G o o n v d t s .; h f e o ld r w a i l t i h s i t n in t g h e o F f H th L e B se S s y e s c t u em rit ) i , e a s, n d s e a e r e p r n e o c t e g d u in a g r an p t a e g e e d . by L o th a e n s U . a S re . 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) Issuesfor new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv- Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHA* G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 ered 3 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U tie ti s l - 4 H in o g u s s- V a a e n i t s d e 9 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 .25 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1 913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3 029 812 2 344 598 2 369 1963—Mar 1,018 649 215 138 16 265 333 420 902 976 251 52 233 142 298 Apr 957 697 244 16 160 208 589 1,008 869 371 70 226 202 May.... 961 443 503 15 168 424 368 910 866 215 69 350 56 176 June.... 1,074 423 623 28 131 517 426 921 930 249 39 193 114 335 July 928 462 444 21 78 431 419 1,084 680 247 67 157 26 183 Aug.... 764 394 240 116 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 Feb 853 663 181 8 214 208 431 868 772 242 33 238 3 30 226 Mar 867 497 355 15 136 262 469 973 812 251 262 136 11 153 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

AUGUST 1964 SECURITY ISSUES 1057 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues x Proposed use of net proceeds all corporate issues * Noncorporate Corporate New capital Period Re- Bonds Stock tire- Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t - . U S l a o t n . c a S d a t . e l Other 4 Total Total P li u c b ly - v P at r e i- ly Pre- Com- • rotal Total m N on e e w y 6 O p p o t u h s r e e - s r m s r e i o t e c i f e n u s t offered placed ferred mon 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10,749 Ifi 384 Q 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 V>j447 11784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 ,65? 6,332 3,320 571 1,334 11 372 If 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7 3,557 3,632 531 2,027 9,526 c)*392 8 578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 cK653 8758 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 0,572 <) 814 8 323 1,491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8 993 1,561 1,528 1963—May 2,783 409 902 131 1,340 1,244 550 694 17 78 1,323 904 830 74 419 June 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 1,013 783 230 217 July 2,089 413 789 78 810 710 279 431 35 65 797 676 588 89 121 Aug .... 1,980 398 726 100 756 656 336 319 39 61 745 638 566 71 107 Sept 1 673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct 2,977 394 174 1,282 10 1,116 992 511 481 34 91 1,101 1,013 912 100 88 Nov ... 2,117 333 200 688 5 891 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 1,376 626 751 30 53 1,444 1,415 1098 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 8P 383 429 22 1,342 2,156 0 008 103 45 May 2,234 367 660 83 1,124 977 470 507 50 98 1,110 U040 931 109 69 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capitals secu- capitals secu- capitals secu- capitals secu- capitals secu- capital8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,44 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 l,03t 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 1,935 699 726 356 2,933 144 1963 May 216 29 60 2 101 60 222 58 92 262 212 9 June . 227 10 114 109 12 230 179 58 8 276 5 July 297 28 63 4 35 107 82 86 5 89 2 Aus . 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 4 4 446 1 Nov 214 8 41 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 60 154 6 155 4 83 * 110 1 Mar 146 17 48 31 174 18 34 1 322 4 Apr 157 11 86 1 91 8 150 19 1,369 * 258 6 May 175 7 45 1 129 6 442 54 27 223 2 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. num 2 I b n e c r l u o d f e u s n g it u s a b ra y n o te f e fe d r i i n s g s u p e r s i . ce. ous 7 p B a e g g e i n b n e i c n a gw u w se i t. t h h i 1 s 9 o 5 n 71 e T t i h s ' i b s a ~f s i g e u d r e o n —d i B f f o er n s d - f B ro u m ye r t h d a a t t a s . hown on the previ- 3 Issues not guaranteed. « All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issue* 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 SECURITY ISSUES AUGUST 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s i t, Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2,288 2,724 869 1,086 1,419 1,638 1961 16,935 7,145 9,790 9,214 4,155 5,059 3,280 4,441 1,181 1,809 2,099 2,632 1962 13,656 6,491 7,165 8,613 3,749 4,864 2,788 2,255 1,123 1,619 1,665 636 1963 14,995 8,818 6,177 10,491 4,979 5,512 2,541 1,963 1,521 2,318 1,020 -355 1963—1 3,074 1,803 1,272 2,096 1,087 1,009 608 370 348 367 260 3 II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,267 2,004 1,263 2,159 1,230 929 659 449 389 385 270 64 IV 4,477 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 Period facturing and other 2 tation 3 utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,892 415 505 -447 71 -7 1,648 704 149 1,459 795 2,607 1962. .. 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 1,806 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 Ill 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—1 81 -266 61 16 131 -36 156 70 234 811 572 301 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with, conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 1057. actions only. As contrasted with data shown on p. 1057, 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 Redemp- Net Total 2 Cash Other Sales Redemp- Net Total i Cash Other tions sales position 3 tions sales position 2 1952 783 196 587 3,931 1963—June.. 195 115 79 23,692 1,166 22,526 1953 672 239 433 4,146 July... 219 124 95 23,550 1,310 22,240 1954 863 400 463 6,110 309 5,801 Aug... 193 123 69 24,925 1,287 23,638 Sept.. 206 142 64 24,496 1,300 23,196 1955 1,207 443 765 7,838 438 7,400 Oct... 214 132 82 24,914 1,374 23,540 1956 1,347 433 914 9,046 492 8,554 Nov. . 210 123 87 24,774 1,419 23,355 1957 1,391 406 984 8,714 523 8,191 Dec... 225 132 92 25,214 1,341 23,873 1958 1,620 511 1,109 13,242 634 12,608 1959 2,280 786 1,494 15,818 860 14,958 1964—Jan... 294 183 110 25,854 1,383 24,471 Feb... 219 165 55 26,334 1,380 24,954 1960 2,097 842 1,255 17,026 973 16,053 Mar. . 263 184 79 26,863 1,403 25,460 1961 2,951 1,160 1,791 22,789 980 21,809 Apr... 276 165 111 27,051 1,339 25,712 1962 2,699 1,123 1,576 21,271 1,315 19,956 May.. 241 153 88 27,497 1,444 26,053 1963 2,460 1,504 952 25,214 1,341 23,873 June.. 285 147 138 27,682 1,499 26,183 1 Excludes shares issued to shareholders as capital gains and dividend NOTE.—Investment Co. Institute data based on reports of members, distributions. which comprise substantially all open-end investment cos. registered with 2 Market value at end of period less current liabilities. the Securities and Exchange Commission. Data reflect newly formed 3 Cash and deposits, receivables, all U.S. Govt. securities, and other cos. after their initial offering of securities. short-term debt securities, less current liabilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 BUSINESS FINANCE 1059 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 1964 Industry 1959 1960 1961 1962 1963 III 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 13,463 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 7,121 7,135 8,183 9,041 1,708 2,360 2,078 2,431 1,984 2,548 2,571 Dividends 4,342 4,464 4,714 5,027 5,420 1,164 1,548 1,164 1,315 1,178 1,762 1,279 Nondurable goods industries (79 corps.): * Sales 45,442 47,277 49,237 52,089 54,991 12,953 13,306 13,207 13,818 13,956 14,010 14,163 Profits before taxes 5,648 5,570 5,589 5,879 6,402 1,462 1,560 1,512 1,617 1,614 1,659 1,657 Profits after taxes 3,210 3,210 3,219 3,391 3,662 842 939 867 899 935 961 994 Dividends 1,912 1,953 2,037 2,155 2,270 517 612 539 539 543 650 562 Durable goods industries (101 corps.):2 Sales 72,981 75,849 73,613 83,638 90,857 19,085 22,343 21,342 23,703 21,051 24,761 23,715 Profits before taxes 8,442 7,893 7,611 9,388 10,746 1,724 2,662 2,448 3,083 2,055 3,160 3,065 Profits after taxes 4,231 3,911 3,916 4,792 5,379 867 1,421 1,211 1,532 1,049 1,587 1,577 Dividends 2,430 2,510 2,677 2,872 3,150 647 936 626 776 635 1,113 718 Selected industries: Foods and 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 2,386 288 722 599 704 332 751 111 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 1,100 848 930 862 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 2,365 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

1060 BUSINESS FINANCE AUGUST 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 f t i 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 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 - 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 f t i i t e s s d - co c a n a t l s l i p o o u i w n t m a - l pances ! ances 1 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— I 1 I 4 5 8 1 . . 3 0 2 2 2 4 . . 9 2 2 2 6 5 . . 8 4 1 1 7 7 . . 1 6 9 8 . . 2 3 3 3 2 1 . . 1 7 I960 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 G U o . v S t . .i Other G U o . v S t . .! Other taxes 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 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 —Ir 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 II r 146.0 335.8 40.3 20.3 3.3 153.3 104.0 14.6 189.8 2.5 125.3 14.3 47.7 Ulr 148.8 342.9 40.8 19.7 3.4 158.1 105.8 15.2 194.1 2.5 128.1 15.3 48.3 I v 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 I 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 i Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P 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 1960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8 46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 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 1490 1962—IV 10.18 2.03 2.10 .27 .20 .50 1.52 .95 2.60 37.95 1963—-I 8.25 1.62 1.65 .24 .21 .39 1.04 .85 2.26 36.95 II 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2.41 38.05 Ill 10.14 1.96 1.99 .27 .29 .45 L.60 .93 2.64 40 00 IV 11.09 2.31 2.25 .28 .33 .54 L.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

AUGUST 1964 REAL ESTATE CREDIT 1061 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- U.S. Indi- ers Finan. Other Finan. Other ers insti- holders tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions * ers tutions1 ers others 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1957 156.5 119.7 7.4 29.3 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.4 4.0 6.4 1958 171.8 131.5 7.8 32.5 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.1 4.2 6.9 1959 190.8 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.8 16.1 12.1 4.5 7.6 I960 206.8 157.6 11.2 38.0 194.0 141.3 117.9 23.4 52.7 35.0 17.7 12.8 4.7 8.2 1961 226.3 172.6 11.8 41.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 13.9 5.0 8.9 1962* 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1963P 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—IP 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5.3 9.4 \Up 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—JP 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 UP 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 III*> 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 10.5 280.9 216.9 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—\v 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. * 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 l Mutual savings bank holdings 2 Residential Residential End of period Total Total FH in A - - g V u A ar - - C ve o n n - - O n fa 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 o t 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 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2 275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2 575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3 088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1961 ni 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I . . 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV . . 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963 I 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II ... 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10,728 3,290 50 Ill 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 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

1062 REAL ESTATE CREDIT AUGUST 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm 1 Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,370 8,273 7,086 21,011 2,827 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963 9,006 8,134 1,576 680 5,878 872 50,543 46,753 10,790 6,411 29,552 3,790 1963—May' 701 623 130 65 428 78 48,113 44,562 10,430 6,436 27,696 3,551 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 Aug 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 All 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 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 30,576 4,032 1 Certain mortgage loans secured by land on which oil drilling or figures may not add to annual totals and for loans outstanding, the extracting operations in process were classified with farm through June end-of-Dec. figures may differ from end-of-year figures, because monthly 1959 and with "other" nonfarm thereafter. These loans totaled $38 million figures represent book value of ledger assets whereas year-end figures on July 31, 1959. represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the monthly MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period Total i s N c tr o e u n w 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. in l S o g a s a v n - & I c a n o n s m c u e r - - C m c o i e a m r l - - M i s u n a t g v u s - al tion panies banks banks 1941 1,379 437 581 4,578 1941. 4,732 1,490 404 1,165 218 1945 . .. 1,913 181 1,358 5,376 1945. 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957. 24,244 9,217 1,472 4,264 ,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 ,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959. 32,235 13,094 1,523 5,832 ,780 1960 14,304 4 678 6,132 60,070 3,524 7,222 49,324 1960. 29,341 12,158 1,318 4,520 ,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 ,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 ,957 1963 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1963. 36,925 16,716 1,339 6,354 2,061 1963 1963 2,242 638 936 84,525 4,587 7,047 72,891 Jan 2,876 2,658 1,143 100 457 141 July 2,341 619 1,003 85,628 4,621 7,084 73,923 Feb 2,869 2,424 1,086 88 408 123 Aug 2,428 623 1,071 86,836 4,635 7,085 75,116 Mar 2,907 2,751 1,261 99 467 126 Sept 2,196 642 928 87,933 4,662 7,058 76,213 2,986 3,065 1,412 112 539 145 Oct 2,387 685 977 89,051 4,679 7,028 77,344 May!'.'.'.'.'.'.'.'. 3,066 3,233 1,497 116 563 168 Nov 1,856 502 757 89,857 4,683 6,980 78,194 June 3,121 3,177 1,468 119 551 181 Dec 2,118 620 776 90,849 4,685 6,960 79,204 July 3,183 3,515 1,606 127 595 218 Aug 3,213 3,525 1,611 123 612 212 1964 Sept 3,189 3,177 1,442 116 546 190 Oct 3,134 3,534 1,594 125 616 206 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Nov 3,149 2,880 1,271 103 495 184 Feb 1,712 474 674 92,163 4,705 6,902 80,556 Dec 3,059 2,987 1,322 110 504 166 Mar 2 071 621 784 93,069 4,710 6,879 81,480 Apr . 2 081 579 831 93,978 4,714 6,855 82,409 1964 May 2,145 597 881 94,971 4,723 6,821 83,427 Junep 2,401 630 1,053 96,066 4,739 6,792 84,535 Jan.. 2,758 1,170 103 483 145 1 Includes loans for repairs, additions and alterations, refinancing, etc. 1 Includes amounts for other lenders, not shown separately. not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning with 1958 includes shares pledged against mortgage loans. serve. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 REAL ESTATE CREDIT 1063 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period Total h N om ew es h i o s E t m i x n - e g s e P c r t o s j - * m p e r e i n o r m t v t - e y s - 2 Total 3 h N om ew es h is o E t m i x n - e g s period Total Total s F u i H n re - A d - a g V n u t A a e r e - - d ti v o e n n a - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.S 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 ,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 I 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 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 1 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 1 ^ o 30.5 116.7 1962 7,184 1,849 3,421 ,079 834 2,652 1,357 ,292 1963 7,216 1,664 3,905 843 804 3,045 1,272 ,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—June 590 118 301 86 85 226 91 135 Ill 162.9 61.0 31.5 29.5 101.9 July 640 142 369 72 56 265 98 167 IV 166.5 62.0 32.3 29.7 104.5 Aug....... 653 136 372 60 86 278 103 175 Sept 617 138 367 46 66 267 103 165 1963— IP 169.2 62.8 33.0 29.8 106.4 Oct 734 160 407 88 79 316 119 196 IIP 173.7 63.5 33.5 30.0 110.2 Nov 577 127 317 55 78 258 100 158 IIIP 178.2 64.3 34.3 30.0 113.9 Dec 601 142 345 63 52 255 106 149 IV* 182.2 65.5 35.0 30.5 116.7 1964—Jan 666 162 381 62 61 268 114 153 1964—I? 185.2 66.3 35.7 30.6 119.0 Feb 534 126 314 48 46 201 81 120 Mar 600 126 357 59 58 208 84 124 Apr 646 117 367 119 43 206 81 125 NOTE.—For total debt outstanding, figures are May 570 105 352 68 46 192 71 121 FHLBB and F.R. estimates. For conventional, June 711 128 442 67 73 233 76 157 figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admin. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Mortgage holdings transactions Com- Advances outstanding (during mit- (end of period) E pe n r d i o o d f 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 p e - e s riod S ) ales b m u d u e r i n s s n - - e ts d Period Ad- Repay- t S e h rm or t- i I | t L er o m ng - 2 M de e p m o b si e t r s s 1945. 278 213 195 176 19 46 1956 3 047 978 2 069 609 5 360 1957. 3,974 1,237 2,737 1,096 3 764 1956 745 934 1,228 798 430 683 1958 3,901 1,483 2,418 623 48? 1,541 1957 1,116 1,079 1,265 731 534 653 1959. 5,531 2,546 2,985 1,907 5 568 1958 1,364 1,331 1,298 685 613 819 1959 2,067 1,231 2,134 1,192 942 589 1960 6 159 3 356 2,803 1,248 357 576 1961. 6,093 3.490 2,603 815 541 631 1960 1,943 2,097 1,981 1,089 892 938 1962 5 923 3,571 2,353 740 498 355 1961 2,882 2,200 2,662 1,447 .216 1.180 1963. 4,650 3,017 1,634 290 114 191 1962 4,111 3,294 3,479 2.005 ,474 1,213 1963 5,601 4,296 4,784 2,863 ,921 1,151 1963-—June 4,883 3,114 1,769 32 102 251 July 4 795 3 069 1,727 19 74 183 1963—July 710 432 3,548 139 ,409 1,069 Aug 4,752 3,050 1,703 23 29 185 Aug 466 256 3,758 296 ,462 1,011 Sept 4,720 3,034 1,686 21 10 183 Sept 517 251 4,024 2,493 ,531 1,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 588 .638 986 Nov 4,677 3,021 1,656 15 7 196 Nov 363 299 4,290 611 ,679 978 4,650 3,017 1,634 24 19 191 Dec 754 259 4,784 863 ,921 1,151 1 1964—Tan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 .762 944 Feb 4,613 3,011 1,603 24 4 188 Feb 225 424 4,216 2,500 ,716 943 Mar 4,598 3,016 1,582 27 11 192 Mar 339 387 4,168 2,406 ,763 977 Apr 4,572 3,015 1,557 38 31 204 Apr 573 296 4,444 2,463 ,982 957 May 4,565 3,027 1,538 44 ?1 202 May 352 401 4,395 2,438 ,957 990 June 4,539 3,025 1,514 36 21 199 June 703 329 4,769 2,674 2,095 ,153 July 584 590 4,763 2,699 2,064 936 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the 1 Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 1 Secured loans, amortized quarterly, having maturities of more than Facilities Admin. 1 year but not more than 10 years. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 CONSUMER CREDIT AUGUST 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p h u d e m e r r s er e a r n l R n o d i e a z p n a m a s ti i o o l r d n - Pe lo rs a o n n s al Total p S a l i o y 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—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 Au2 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 June 71,907 55,914 23,702 13,730 3,395 15,087 15,993 6,233 5,238 4,522 i Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 ciudod 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 ]nstitutions Retail outlets End of period Total Com- Sales Con- Depart- Furni- Appli- Auto- Total m b e a r n c k i s al fin c a o n s. ce unions fin su an m c e e r * Other i Total st m or e e n s t 2 s t to u r r e e s s a to n r c e e s d m ea o l b er i s le 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1 129 4,743 1,408 1 187 377 502 1,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 I 210 361 478 ] -)")« 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 1,225 310 481 ,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 0*58 293 342 481 1962. 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1^086 287 328 ,625 1963—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 Au2 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 J 004 276 341 ,423 Sept 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 ,397 Oct 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6 096 3 077 I 015 280 325 399 Nov 52,695 46,462 21,486 13,302 5,569 4,461 ,644 6,233 3,172 1,032 282 326 ,421 Dec 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 ,625 1964 Jan 53,597 47,300 21,630 13,840 5,584 4,592 ,654 6,297 3,063 1,065 281 328 ,560 Feb 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 1,047 278 330 ,494 Mar 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 3,044 t 022 273 334 469 Apr ... . 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 ,020 271 348 ,475 June 55,914 49,543 22,907 14,228 6,014 4,701 ,693 6,371 3,231 028 271 355 486 1 Consumer finance cos. included mth "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 CONSUMER CREDIT 1065 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m h o p n d e e e - r r s r R e m l r t o a e n i o n a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l End of period Total m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r r s r m R iz l o o a e a n d a p ti n d e a o s r i n r n- l s P o o a e 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 1,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 . . . 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 \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—June 12,693 7,934 3,069 162 ,528 1963—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 ,806 May 22,559 7,673 4,255 3,192 2,331 5,108 June 14,228 8,633 3,615 150 ,830 June 22,907 7,854 4,323 3,205 2,355 5,170 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 19 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 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 O f u i i n c t n t i i s h a o a t e n l i n - r - s s m p t D o a e r e r e n t - - s t i o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1 178 518 1957 6,748 1,114 588 490 4,555 1941 3 087 693 152 275 1 370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1*322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3 842 260 2 366 I960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3'953 317 2 593 1961 9,654 1,819 743 832 6,257 1958 11 487 3,156 471 907 3 808 345 2 800 1962 10,583 2 111 751 815 6,906 1959 12,297 3,582 547 958 3 753 393 3 064 1963 11,859 2,394 835 870 7,760 1960 13 196 3 884 623 941 3 952 436 3 360 1963 June 11,078 2,253 111 833 7,215 1961 14,151 4,413 723 948 3 907 469 3 691 July 11,197 2,283 789 842 7,283 1962 15 130 4 690 766 927 4 252 505 3 990 AUK 11,368 2 316 799 860 7,393 1963 16,145 5,047 912 895 4 456 520 4 315 Sept 11,469 2,330 802 864 7,473 Oct 11,583 2 355 815 869 7,544 1963—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 June 12,408 2,537 894 890 8,087 Feb... 15,234 5,036 922 655 3,590 560 4,471 Mar.. 15,118 5,076 926 614 3,485 535 4,482 Apr... 15,434 5,152 896 610 3,667 556 4,553 NOTE.—Institutions represented are consumer finance cos., credit May.. 15,825 5,230 976 626 3,910 563 4,520 unions, industrial loan cos., mutual savings banks, savings and loan June.. 15,993 5,313 920 610 4,028 600 4,522 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

1066 CONSUMER CREDIT AUGUST 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Period S.A.I N.S.A. S.A.I N.S.A. S.A.I N.S.A. S.A.1 N.S.A. S.A.I N.S.A. Exteiisions 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 June 5,054 5,222 1.820 1,967 1,408 1,410 186 199 1,640 1,646 July 5,100 5,365 1,854 2,055 1,409 1,393 191 214 1,646 1,703 Aug 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 1,694 1,688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 Miay 5,552 5,584 2,023 2,137 1,589 1,547 187 205 1,753 1,695 June 5,399 5,949 1,962 2,245 1,537 1,632 183 208 1,717 1,864 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 June 4,568 4,399 1.588 1,525 1,317 1.260 167 163 1.496 1,451 JUly 4,591 4,778 1,603 1,698 1,330 1,356 171 179 1,487 1,545 4,619 4,610 1,607 1,613 1,326 1,308 170 172 1,516 1,517 Sent 4,752 4,563 1,659 1,618 1,347 1,289 174 173 1,572 1.483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 1,572 ,568 4,596 4,543 1,638 1,598 1,324 1,316 167 162 1,467 1,467 Dec 4,812 4,924 1.707 1,675 1,384 1.374 177 172 1,544 1,703 1964 Jan 4,848 4,932 1,684 1,699 1,441 1,508 176 176 1,547 1,549 Feb 4,842 4,597 1,716 1,604 1,395 1,383 171 161 1,560 1,449 Mar 4,956 5,079 1,735 1,783 1,468 1,504 174 177 1,579 1,615 Anr 4,959 4,991 1,759 1,768 1,453 1,470 172 171 1,575 1,582 5,059 4,846 1,776 1,712 1,483 1,424 175 169 1,625 1,541 5,029 5,155 1,768 1,798 1,486 1,501 170 177 60S .679 Net change of credit outstanding2 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 in 1962 4.506 2,318 746 55 1 388 1963 5,711 2,659 1,161 143 1,748 1963 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 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 36 128 154 370 794 194 447 51 131 13 31 112 185 1 Includes adjustments 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

AUGUST 1964 CONSUMER CREDIT 1067 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Period S.A.I N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1956 . .. 39,868 14,463 9,619 9,148 6,638 1957 42.016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9 654 6,563 1959 48 052 17,976 11,196 10^940 7,940 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—june 5,054 5,222 1,919 2,010 1.016 1 076 1 245 ) 168 874 868 July 5,100 5,365 1,898 2,066 1,054 1,159 1,254 1,307 894 833 Aug . ... 5,100 5,242 1,878 1,920 1,051 1,094 J 974 1,328 897 900 Sept 5,093 4,755 1,878 1,744 1,021 955 1,322 L 218 872 838 Oct . ... 5,311 5,487 2,000 2,061 1,115 1,194 1,351 1,311 845 921 Nov 4,979 4,981 1,877 1,766 1,030 1,013 I 198 I 213 874 989 Dec 5,272 5,974 1,963 1,889 1,134 1,192 1,252 L,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 I 283 I 122 908 664 Mar 5,480 5,322 2,006 2,011 1.209 1,166 .292 1,290 973 855 Apr . ... 5,371 5,578 1,981 2,158 i;i6o 1,201 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 June 5,399 5,949 2,004 2,247 1,174 1,324 1,321 1,453 900 925 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 June 4,568 4,399 1.699 1,637 1,012 966 1 .129 1,101 728 695 July 4,591 4,778 ,690 1,794 1,007 1,045 1,144 1,188 750 751 Aug 4,619 4,610 ,692 1,693 1,000 995 1,158 1,157 769 765 Sept 4,752 4,563 ,737 1,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 ,737 1,815 1,054 1,129 ,209 1,197 780 807 Nov . .. 4,596 4,543 ,734 1,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 ,802 1,765 1,039 1,066 .167 1,291 804 802 1964 Jan. 4,848 4,932 ,768 1,805 1,076 1,050 1,184 1,186 820 891 Feb 4,842 4,597 ,793 1,703 1,094 1,032 1,173 1,085 782 111 Mar 4,956 5,079 ,843 1,891 1,084 1,152 1,201 1,225 828 811 Apr 4,959 4,991 ,833 1,853 1,097 1,110 1,197 1,205 832 823 May 5,059 4,846 ,876 1,809 1,114 1 060 1,234 1,174 835 803 June 5,029 5,155 .845 1,899 1,102 1,123 1,223 1,283 859 850 Net change in credit outstanding2 1956 2,814 1,176 670 733 235 1957 2 148 1 066 491 665 — 75 1958 -225 -63 -765 289 315 1959 5,601 2 447 1 475 986 693 I960 3,588 1,446 1 152 1 051 -61 1961 696 335 — 199 578 — 20 1962 4,506 1,997 921 932 656 1963 5,711 2 605 1 329 1 276 501 1963 June 486 823 220 373 4 110 116 167 146 173 July 509 587 208 272 47 114 110 119 144 82 Aug 481 632 186 227 51 99 116 171 128 135 Sept 341 192 141 44 196 167 132 101 -128 -120 Oct 531 539 263 246 110 114 142 114 16 65 Nov 383 438 143 95 108 115 82 91 50 137 Dec 460 1,050 161 124 190 221 85 185 24 520 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 June 370 794 159 348 72 201 98 170 41 75 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments exceptt : ((11)) iin 11995599, whhne n tthhee ddififfefererennccees s ddoo n noot tr erfelfelcetc tt hteh ei nitnrtoro- SSuhc h tft ransfedrs do nffo t affetclt tiotatl ilnt stalmednitt crtedditd extendiedd, 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

1068 INDUSTRIAL PRODUCTION: S.A. AUGUST 1964 MARKET GROUPINGS 1 (1957-59= 100) Grouping 19 p p t 5 i r o o o 7 r - n - - 59 * a a 1 v g 9 e e 6 r- 3 June July Aug. S 1 e 9 p 6 t. 3 Oct. Nov. Dec. Jan.r Feb.' Mar 1 .r 9 j 6 A 4 pr.' May' June Total index. 100.00 124.3 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.01 130.5 131.3 131.7 Final products, total 47.35 124.8 125.1 125.2 126.1 126.3 127.2 126.9 128.0 128.5 128.1 128.7 130.61 131.1 131.7 Consumer goods 32.31 125.1 125.8 125.7 126.4 126.3 127.3 126.8 127.9 128.9 128.8 128.8 130.8! 131.0 131.6 Equipment, including defense. .. 15.04 124.2 123.7 124.2 125.2 126.1 127.1 127.0 128.3 127.5 126.5 128.6 130.2' 131.2 132.0 Materials 52.65 123.6 125.8 125.9 124.8 124.9 125.4 125.6 125.9 126.7 128.1 129.3 130.6! 131.2 131.6 Consumer goods Automotive products 3.21 141.1 145.6 140.1 141.4 142.9 145.8 145.8 146.0 146.6 145.5 144.3 149.3' 151.4 150.9 Autos 1.82 149.5 159.9 151.5 151.3 153.3 154.8 155.1 155.6 155.3 156.5 152.5| 160.0! 160.3 161.7 Auto parts and allied products 1.39 130.1 126.9 125.3 128.3 129.4 133.9 133.5 133.4 135.2 131.1 133.4 135.2J 139.6 136.7 Home goods and apparel 10.00 123.0 123.0 123.6 124.9 124.2 125.1 125.9 126.5 127.0 128.3 126.8 128.9 129.5 130.5 Home goods 4.59 129.4 129.7 129.6 131.2 131.7 131.3 133.1 134.0 134.8 137.3 136.4 137.7 137.1 138.6 Appliances, TV, and radios 124.7 127.8 125.6 128.2 128.1 125.7 128.4 128.4 127.5 131.3 128.7 130.7 130.1 131.9 Appliances 130.1 133.6 130.6 135.2 136.3 131.7 133.9 133.0 130.7 135.3 132.9 134.7 139.9 138.2 TV and home radios 109.4 111.4 111.7 108.5 104.9 108.8 113.1 115.6 118.6 120.3 116.9 119.5 102.4 114.3 Furniture and rugs 131.3 131.8 132.7 133.1 132.1 133.0 134.4 135.3 136.1 138.1 139.0 139.7 141.1 143.5 Miscellaneous home goods 133.6 130.3 131.7 133.2 135.9 136.5 137.8 139.8 142.3 143.7 143.5 144.2 142.1 142.4 Apparel, knit goods, and shoes 5.41 117.5 117.4 118.7 119.7 117.9 120.0 119.9 120.1 120.4 120.7 118.7 121.5 123.1 Consumer staples 19.10 123.6 123.9 124.3 124.7 124.7 125.3 124.1 125.7 127.0 126.2 126.3\ 128.8 128.3 129.4 Processed foods 8.43 116.5 116.3 115.5 116.7 116.7 117.6 116.9 118.9 121.4 120.2 118.4 120.8 120.2 119.2 Beverages and tobacco 2.43 115.0 118.2 120.4 118.1 115.2 118.3 115.6 117.2 116.5 118.5 121.9 125.2 122.6 Drugs, soap, and toiletries 2.97 140.0 139.6 142.6 142.5 144.5 143.9 142.0 142.7 142.2 140.1 140.1 142.8 144.5 147.8 Newspapers, magazines, and books. 1.47 117.8 118.3 118.3 118.6 117.9 117.8 117.1 120.4 121.5 123.7 125.1 126.7 124.7 126.0 Consumer fuel and lighting 3.67 134.4 134.6 134.7 135.4 135.7 135.6 134.6 135.1 136.5 134.7 136.21 138.5 138.7 Fuel oil and gasoline 1.20 116.9 118.9 116.2 116.5 118.3 119.4 118.4 117.3 115.6 116.8 117.6 120.9 120.4 121.3 Residential utilities 2.46 143.0 142.3 143.8 144.6 144.2 143.4 142.5 143.8 146.6 143.4 145.3 147.1 147.6 Electricity 1.72 146.7 147.6 150.3 151.5 151.1 150.0 148.6 150.4 154.3 149.2 151.9 154.5 155.2 Gas .74 Equipment Business equipment 11.63 128.3 127. 128.8 130.0 131.0 132.0 132.0 133.2 132.4 131.l\ 133.71 135.8\ 137.8 139.1 Industrial equipment 6.85 122.9 122.8 123.6 124.8 125.5 126.6 127.3 128.5 128.9 127.9! 131.9J 133.91 135.7 137.4 Commercial equipment 2.42 142.4 142.2 142.3 141.4 141.6 141.2 139.0 140.2 141.6 140.41 141.01 143.1,1 141.9 143.6 Freight and passenger equipment. 1.76 132.1 128.1 131.5 134.5 137.5 139.2 139.6 139.9 137.0 137.8 135.8! 140.8!, 143.9 141.9 Farm equipment .61 121.6 116.0 117.6 122.3 125.7 130.8 134.4 131.6 131.2 126.01 127.6! 126.6! 130.7 Defense equipment 3.41 Materials Durable goods materials 26.73 121.1 125.2 124.5 121.4 122.0 122.2 122.5 122.6 123.0 125.8 127.31 729.01 129.8 130.8 Consumer durable 3.43 137.2 143.4 141.1 135.3 138.6 139.5 141.3 142.8 141.9 144.3 141.9 144.1 143.8 147.8 Equipment 7.84 125.4 125 126.1 126.8 127.5 127.7 127.4 128.7 129.2 129.6 130.4 131.6 132.9 133.1 Construction 9.17 116.3 116.5 117.5 117.9 118.9 118.6 118.9 118.9 119.6 123.2 123.4 123.8 123.5 122.6 Metal materials n.c.c 6.29 114.2 123.7 116.7 108.9 107.5 110.7 111.6 113.5 117.6 123.4 125.2 126.9 127.5 127.7 Nondurable materials 25.92 126.2 126.4 127.4 128.3 127.9 128.7 128.8 129.2 130.4 130.6 130.8 132.3 132.7 133.0 Business supplies 9.11 120.1 120.7 120.0 121.5 120.7 122.5 122.5 122.9 124.4 125.2 124.9 126.1 126.6 124.7 Containers 3.03 120.3 121.0 119.9 119.5 118.1 122.5 123.8 121.3 125.1 125.5 123.6 127.0 128.1 124.2 General business supplies. 6.07 120.1 120.6 120.1 122.5 122.1 122.5 122.0 123.8 124.0 125.1 125.6 125.7 125.8 125.0 Nondurable materials n.e.c.. 7.40 145.1 143.9 146.6 147.6 148.6 149.7 150.1 151.1 152.2 152.2 152.4 154.6 153.7 155.7 Business fuel and power 9.41 117.2 118.3 119.5 119.9 118.7 118.3 118.1 118.1 119.1 118.7 118.7 120.7 122.2 123.0 Mineral fuels 6.07 109.3 110.9 112.2 113.0 111.3 110.0 109.2 108.9 110.2 109.3 108.9! 110.3 112.0 112.7 Nonresidential utilities 2.86 138.8 138.3 140.3 140.5 140.2 141.1 141.7 142.2 142.7 143.5 144.5 147.9 148.9 Electricity 2.32 139.4 139.2 141.4 141.4 140.7 141.9 142.4 142.8 143.8 144.6 145.61 149.0 150.1 General industrial 1.03 131.1 132.2 134.4 133.5 133.8 134.2 133.9 134.5 134.8 135.6 136.91 140.5 142.0 Commercial and other.. 1.21 149.7 148.3 150.6 151.4 149.9 151.7 152.9 153.3 154.9 155.6 156.4 159.9 160.7 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.3 136.2 133.9 135.4 136.4 137.2 138.3 139.0 139.7 140.7 139.7 142.4 143.0 143.7 Apparel and staples 24.51 122.2 122.5 123.1 123.6 123.2 124.1 123.2 124.4 125.5 125.0 124.6| 127.2 127.2 128.2 i Data revised back to June 1963. See announcements, July 1964 BULL., p. 847. See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 INDUSTRIAL PRODUCTION: S.A. 1069 INDUSTRY GROUPINGS (1957-59» 100) Grouping 19 p p 5 r o 7 o r - - - 59 * a 1 v 9 e 6 r- 3 1963 1964 tion age June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' Mayr June Total index 100.00 124.3 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.0 130.5 131.3 131.7 Manufacturing, total 86.45 124.7 126.1 126.1 125.3 125.9 126.7 127.0 727.7 128.5 729.7 729.9 131.4 732.2 132.4 Durable 48.07 124.4 127.0 126.3 124.5 125.1 126.2 126.4 127.1 128.1 128.9 130.0 131.6 132.6 133.1 Nondurable 38.38 125.1 125.0 125.8 126.4 126.9 127.4 127.7 128.5 128.9 129.4 129.8 131.1 131.7 131.5 8.23 107.8 109.3 110.2 111.2 109.9 108.6 107.4 107.0 108.8 108.9 108.8 109.9 111.2 111.8 Utilities 5.32 140.7 141.0 144.0 144.0 142.3 140.5 140.0 142.3 144.5 143.4 144.8 147.5 148.3 149.5 Durable Manufactures 12.32 117.6 124.9 123.4 116.5 115.5 116.4 116.7 777.5 720.0 722.5 124.6 725.3 725.5 725.5 Primary metals 6.95 113.1 129.6 122.8 109.4 107.7 108.4 109.5 110.4 113.6 117.6 120.9 123.8 127.1 126.6 5.45 109.5 126.1 117.1 102.6 100.0 100.0 103.5 104.9 108.3 114.5 118.1 123.7 127.8 125.7 Nonferrous metals and products.. 1.50 126.3 125.5 123.5 126.4 129.4 130.7 132.9 134.7 132.2 139.9 142.6 138.5 136.1 136.7 Fabricated metal products 5.37 123.4 123.9 124.4 125.7 125.6 126.8 126.0 126.8 128.2 129.0 129.3 129.5 130.3 130.9 Structural metal parts . 2.86 120.2 120.6 121.7 122.0 122.5 123.0 123.1 123.0 124.4 126.0 127.8 129.2 128.1 129.7 Machinery and related products 27.98 128.6 129.9 129.2 128.9 130.3 131.5 737.8 132.3 732.9 732.3 733.2 735.2 735.0 737.0 Machinery 14.80 129.1 129.0 129.4 130.4 131.6 132.0 132.8 133.4 134.7 133.6 135.9 137.5 138.5 140.0 Nonelectrical machinery 8.43 126.7 126.0 126.8 128.0 130.2 131.1 132.1 133.5 135.2 132.9 136.7 138.1 139.6 141.8 Electrical machinery 6.37 132.2 132.9 132.9 133.6 133.6 133.3 133.7 133.3 134.0 134.5 134.9 136.8 137.0 137.6 10.19 127.0 130.3 127.8 126.1 127.7 130.3 130.4 130.8 130.8 131.1 130.1 133.0 134.1 134.7 IVIotor vehicles and parts .... 4.68 146,1 153.4 147.3 143.0 145.5 150.5 151.9 152.4 151.9 153.0 151.1 156.2 157.4 157.8 Aircraft and other equipment.... 5.26 109.5 109.4 110.1 110.5 111.2 111.8 110.7 110.9 111.1 110.8 110.6 112.0 112.8 113.4 Instruments and related products... 1.71 130.2 130.3 131.0 131.1 132.4 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.6 134.9 1 28 Clay glass and lumber .... 4.72 114.4 114.0 114.4 114.8 115.6 117.3 777.7 777.3 777.9 121.6 121.9 121.6 120.9 779 7 Clay', glass, and stone products 2.99 117.5 118.6 119.7 118.6 119.1 120.4 120.3 121.2 121.2 124.1 125.3 125.2 124.3 126.6 1.73 109.0 106.3 105.3 108.5 109.6 112.2 111.8 110.6 112.2 117.3 116.1 115.4 114.9 107.9 3.05 129.1 128.5 130.3 130.4 131.0 130.7 131.1 732.5 733.0 733.9 134.7 135.6 136.2 137.4 1.54 133.1 132.8 135.0 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.7 Miscellaneous manufactures 1.51 124.9 124.2 125.7 126.1 126.8 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9 132.0 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 117.8 119.0 120.0 120.7 120.8 727.2 727.3 720.7 122.4 727.7 727.5 123.4 723.7 Textile mill products 2.90 117.1 116.2 117.6 118.5 119.4 119.7 120.4 119.5 118.8 119.8 118.9 119.4 119.2 119.9 Apparel products . 3.59 125.5 124.9 126.2 126.9 127.1 127.3 128.5 129.0 129.4 131.7 131.8 130 5 132.6 Leather and products 1.11 99.8 99.6 99.9 102.1 103.6 102.9 100.0 101.2 97.8 99.3 96.3 98.4 104.9 Paper and printing . 8.17 120.0 121.3 121.2 121.8 121.5 121.6 722.2 123.9 123.4 124.5 125.4 127.5 128.2 725 5 Paper and products 3.43 125.2 125.8 126.3 126.7 125.9 127.0 127.3 127.6 128.7 129.1 130.4 132.9 134.3 129.8 Printing and publishing. 4.74 116.4 118.1 117.6 118.3 118.4 117.8 118.5 121.3 119.5 121.2 121.8 123.6 123.9 124.3 Newspapers. 1.53 108.0 112.5 111.6 112.8 113.7 111.9 113.2 119.2 113.9 114.5 115.2 117.2 117.1 117.2 Chemicals, petroleum, and rubber.... 11.54 141.5 140.7 142.2 143.1 144.6 145.4 146.4 146.1 146.4 146.9 147.4 149.5 750.0 750.9 Chemicals and products 7.58 148.5 147.5 149.7 150.5 152.4 153.2 154.3 154.3 154.7 154.5 155.2 157.0 156.6 158.2 3.84 162.5 160.6 163.0 164.2 166.5 168.3 169.3 171.6 173.1 173.3 174.9 176.7 173.4 Petroleum products . • 1.97 117.1 118.2 119.5 117.6 117.0 119.0 118.5 116.6 116.0 119.1 119.7 120 8 122 0 121 4 Rubber and plastics products 1.99 138.9 137.0 136.0 140.1 142.5 142.1 144.3 144.2 145.0 145.3 145.1 149.4 152.5 Foods, beverages, and tobacco 11.07 116.3 116.2 116.8 116.8 116.6 117.3 775.5 118.5 720.2 779.5 720.2 727.2 120.7 720.3 10.25 116.4 116.2 116.7 116.8 116.7 117.5 117.0 118.7 120.8 120.6 120.3 120.6 120.1 119.6 Food manufactures 8.64 116.7 116.4 116.8 116.9 117.5 117.8 117.5 119.2 121.3 119.8 119.7 120.0 120.2 119.2 Beverages 1.61 114.9 115.6 116.7 116.6 112.5 116.5 114.5 116.5 118.4 125.0 123.8 124.1 119.3 Tobacco products . .82 115.1 115.4 117.9 116.8 115.7 114.1 114.6 115.8 112.7 105.6 118.2 127.5 129.2 Mining Coal, oil, and gas 6.80 106.9 108.6 109.8 110.7 109.3 107.7 106.3 105.7 707.5 107.4 707.7 108.1 709.5 770.3 Coal 1.16 102.4 107.1 107.1 108.0 106.2 104.1 102.1 103.4 104.0 99.2 94.5 98.7 106.1 105.1 Crude oil and natural gas 5.64 107.9 108.9 110.3 111.3 109.9 108.4 107.2 106.2 108.3 109.1 109.7 110.0 110.5 111.3 Oil and gas extraction .. 4.91 110.9 112.1 113.6 114.4 112.7 111.5 110.9 109.8 111.7 111.7 112.3 113.0 113.4 114.5 Crude oil 4.25 108.2 109.5 110.9 111.7 109.8 109.1 108.1 106.6 108.5 107.8 109.0 109.6 110 1 111 1 Gas and gas liquids .66 128.5 129.2 131.5 131.8 131.2 127.0 129.0 130.8 132.2 136.2 133.3 134.8 .73 87.4 87.1 88.0 90.7 91.3 87.9 82.0 81.6 84.9 91.5 92.0 89.8 "*9i.3 "90.'i Metal, stone, and earth materials.... 1.43 112.1 113.0 112.1 113.1 112.9 112.8 772.7 773.7 774.7 116.4 117.0 775.5 118.0 119.2 Metal mining .61 112.3 112.8 110.3 112.8 112.4 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119 5 118 8 Stone and earth minerals .82 112.1 113.2 113.5 113.4 113.3 113.5 113.1 113.4 113.5 114.7 115.0 114.3 116.8 119.5 Utilities Electric 4.04 142.5 143.4 146.8 146.9 145.1 143.3 143.6 146.0 148.3 146.5 148.3 151.3 152 3 Gas 1.28 135.2 133.3 135.4 134.6 133.4 131.7 128.6 130.7 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

1070 INDUSTRIAL PRODUCTION: N.S.A. AUGUST 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1964 Grouping p p ti o r o o r n - - a a v g e e r- June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' May r June 100.00 124.3 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.7 132.3 134.2 47.35 124.8 127.1 121.7 123.8 130.0 131.9 127.7 125.3 126.7 128.5 128.5 130 7 130 5 133.9 Consumer coods 32.31 125.1 128.1 121.3 124.3 131.7 134.2 128.5 123.9 126.1 128.9 127.7 130.3 129.9 134.1 Equipment, including defense.... 15.04 124.2 124.8 122.6 122.6 126.3 126.9 126.1 128.5 128.0 127.5 130.1 131.5 131.8 133.4 Materials 52.65 123.6 128.6 119.4 123.9 126.8 128.1 126.5 123.8 124.9 128.1 129.6 132.6 133.9 134.5 Consumer Goods 3.21 141.1 155.7 134.9 75.5 127.4 160.7 160.5 154.3 151.9 154.4 152.1 162.5 160 6 162.7 1.82 149.5 175 9 145.4 36 3 122 6 177.2 181.5 172.7 165 4 172 2 167 8 182 4 176 3 180 3 Auto parts and allied products 1.39 130.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.1 130.9 131.4 136.4 139.8 139.5 10.00 123.0 126.2 112.0 126.3 130.1 131.9 127.3 117.5 121.6 132.9 129.8 130.5 129.5 133.1 Home goods . . 4.59 129.4 132.4 116.8 126.8 141.0 140.2 138.7 132.9 129.5 137.4 138.6 138.3 135.6 141.4 Appliances, TV, and radios 1.81 124.7 133.5 104.0 113.6 140.2 135.8 135.8 123.5 124.7 138.7 137.8 135.9 130.0 137.8 1.33 130.1 141.7 111.7 114.4 144.2 135.9 137.4 135.0 126.0 144.6 147.5 144 9 141 6 146.6 .47 109.4 110.2 82.4 111.4 128.8 135.5 131.2 91.3 121.0 122.2 110.2 110.5 97.4 112.9 1.26 131.3 130.3 125.8 134.9 137.8 139.3 138.1 139.7 133.1 135 8 137 3 137 2 135 7 141 8 Miscellaneous home Roods 1.52 133.6 132.9 124.6 135.9 144.7 146.1 142.7 138.4 132.1 137.2 140.6 142.0 142.1 145.2 Apparel, knit goods, and shoes 5.41 117.5 120.9 108.0 125.8 120.9 124.8 117.6 104.5 115.0 129.1 122.3 123.9 124.3 19.10 123.6 124.5 123.9 131.5 133.3 130.9 123.8 122.1 124.1 122.5 122.6 124.8 125.1 129.8 8.43 116.5 115.1 116.5 126.5 133.8 130.5 119.9 115.2 113.5 111.1 109.8 112 7 114 1 116 7 Beverages and tobacco 2.43 115.0 132.0 120.8 126.4 116.6 121.4 108.4 100.2 102.3 107.4 117.6 127.6 131.0 2.97 140.0 142.8 137.0 145.7 146.0 146.9 142.4 139.8 141 1 139 7 139 4 142 8 144 6 151 1 Newspapers, magazines, and books.. 1.47 117.8 117.5 116.5 120.2 121.2 119.4 117.2 120.9 120.3 122.8 124.8 125.7 123.7 125.0 Consumer fuel and lighting 3.67 134.4 129.3 135.3 139.2 137.7 129.6 130.2 138.4 150.1 144.0 140.2 135.0 130.5 1.20 116.9 117.6 118.1 119.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 114.7 116.3 Residential utilities 2.46 143.0 Electricity 1.72 146.7 135.8 147.3 154.5 iii.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 Gas .74 Equipment Business equipment 11.63 128.3 129.3 126.5 127.0 131.0 131.2 130.1 132.7 132.5 132.4 135.9 137.8 138.8 141.1 6.85 122.9 123.9 122.4 124.5 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135.8 138.6 2.42 142.4 142.6 139.6 141.8 143.7 143.6 140.7 142.6 141.7 139 4 139 7 140 4 140 2 144 0 Freight and passenger equipment... 1.76 132.1 133.2 131.5 126.4 135.6 139.2 136.9 134.2 132.9 139.2 141.9 146.4 148.2 147.6 Farm equipment .61 121.6 125.6 106.1 98.1 116.3 120.3 118.6 125.8 131.8 142.0 147.3 147.3 140.5 3.41 Materials Durable goods materials 26.73 121.1 129.2 118.7 118.7 124.0 125.3 123.2 121.0 121.1 125.3 127.4 131.2 133.9 134.8 3.43 137.2 144.9 128.4 112.4 138.6 143.0 145.6 150.0 146.9 146.5 146 2 148 4 149 5 149 3 7.84 125.4 127.0 122.2 123.0 126.3 127.4 127.3 130.5 130.4 130.8 131.8 133 0 133 8 134 4 9.17 116.3 125.4 121.2 126.4 125.9 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127.8 131.8 Metal materials nee 6.29 114.2 128.8 105.3 105.6 110.7 113.3 112.4 108.4 114.5 124.5 128.2 132.0 134.5 131.8 25.92 126.2 128.0 120.1 129.2 129.6 131.0 129.8 126.8 128.8 131.0 131.8 134.0 133. 134.2 Business suDDlies 9.11 120.1 122.8 112.2 123.5 125.0 127.2 123.8 118.1 119.6 123.1 124.9 129.5 128.7 126.8 3.03 120.3 127.2 115.1 131.7 125.9 128.7 117.1 105.5 117.6 123 0 123 6 130 8 129 4 130 4 General business suDDlies 6.07 120.1 120.7 110.8 119.4 124.5 126.4 127.2 124.4 120.5 123.2 125.6 128.8 128.3 125.0 Nondurable materials nee 7.40 145.1 146.0 136.2 145.5 147.2 150.5 151.7 148.2 151.4 155.2 156.2 157.7 157.5 158.0 9.41 117.2 118.9 115.2 121.8 120.1 119.4 118.4 118.2 119.9 119.6 119.3 119.8 120.3 122.6 Mineral fuels....... 6.07 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.1 112.6 111.4 111.6 110.9 111.5 2 86 138 8 Electricity 2.32 139.4 141.0 147.0 152.0 149.1 144.0 139.7 139.9 141.5 138.9 141.3 141.9 146.0 General industrial 1.03 131.1 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 Commercial and other 1.21 149.7 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 Gas .54 Supplementary groups of consumer goods 7.80 134.3 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 148.3 145.9 150.2 Aooarel and staDles 24.51 122.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.5 124.6 124.9 129.0 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 INDUSTRIAL PRODUCTION: N.S.A. 1071 INDUSTRY GROUPINGS (1957-59- 100) 957-59 1963* 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.1" Mayr June Total index. 100.00 124.3 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.7 132.3 134.2 Manufacturing, total., 86.45 124.7 128.8 120.5 123.4 128.7 131.1 128.2 125.1 125.8 129.1 130.0 133.0 133.7 135.4 Durable 48.07 124.4 129.8 121.0 118.1 126.6 129.3 128.4 127.2 126.7 129.5 131.3 134.1 134.8 136.4 Nondurable 38.38 125.1 127.6 119.8 130.0 131.4 133.3 127.9 122.5 124.7 128.5 128.4 131.7 132.3 134.0 Mining 8.23 107.8 111.3 105.3 112.2 111.4 111.0 108.1 106.7 107.9 108.3 107.6 109.8 111.6 113.0 Utilities 5.32 140.7 Durable manufactures Primary and fabricated metals 12.32 117.6 128.2 112.1 775.5 777.5 775.7 777.7 775.4 77P.5 124.4 127.4 130.7 131.9 131.6 Primary metals 6.95 113.1 129.6 104.1 102.6 106.5 109.5 110.6 107.1 114.7 124.3 128.4 132.1 132.9 129.1 Iron and steel 5.45 109.5 128.6 102.5 96.4 100.0 103.0 104.5 102.3 110.5 119.4 124.0 128.6 130.4 125.7 Nonferrous metals and products. 1.50 126.3 133.3 109.9 125.1 130.3 133.2 132.9 124.5 130.0 142.0 144.2 144.6 142.2 141.5 Fabricated metal products 5.37 123.4 126.4 122.5 127.5 131.6 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.6 134.8 Structrual metal parts 2.86 120.2 123.0 121.7 125.1 127.4 126.7 124.9 124.2 121.9 121.0 122.8 125.3 127.5 132.3 Machinery and related products.... 27.98 128.6 131.9 124.8 777.0 129.8 133.9 134.1 755.7 755.7 134.7 136.0 138.1 137.9 139.8 Machinery 14.80 129.1 131.3 123.2 125.7 133.3 133.0 132.7 134.4 134.3 135.5 138.4 139.5 139.8 142.7 Nonelectrical machinery 8.43 126.7 129.0 123.6 123.3 128.5 128.8 129.3 134.4 135.1 135.3 140.5 142.2 143.1 145.2 Electrical machinery 6.37 132.2 134.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.4 139.4 Transportation equipment 10.19 127.0 132.2 124.9 100.1 123.5 135.2 136.4 136.4 133.4 135.0 134.3 138.5 137.7 138.2 Motor vehicles and parts 4.68 146.1 158.9 144.2 88.9 137.0 160.4 163.3 162.2 157.0 160.1 158.1 166.7 165.0 166.9 Aircraft and other equipment... 5.26 109.5 107.9 107.5 108.5 110.8 112.4 112.4 113.1 112.2 112.1 112.3 112.6 112.3 111.8 Instruments and related products.. 1.71 130.2 131.6 129.7 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.3 136.2 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 722.7 777.7 725.7 724.5 724.4 777.5 705.5 704.2 772.0 775.9 120.4 125.4 128.8 Clay, glass, and stone products. 2.99 117.5 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 Lumber and products 1.73 109.0 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 110.3 113.1 118.7 118.7 Furniture and miscellaneous.. 3.05 729.7 725.7 725.7 134.6 757.7 757.7 755.2 755.P 727.5 72P.5 757.5 133.1 133.1 137.6 Furniture and fixtures , 1.54 133.1 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 136.3 142.4 Miscellaneous manufactures. 1.51 124.9 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 132.7 Nondurable manufactures Textiles, apparel, and leather 7.50 775.5 727.7 106.9 124.1 727.2 123.9 77P.5 70P.P 117.6 729.5 724.7 124.7 126.1 127.8 Textile mill products 2.90 117.1 121.4 105.8 120.3 120.0 119.7 119.2 112.9 116.4 122.8 123.1 121.2 124.6 125.3 Apparel products 3.59 125.5 128.6 113.3 132.0 127.1 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.3 Leather and products 1.11 99.8 100.6 89.4 108.7 105.2 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.2 Paper and printing 5.7 720.0 727.7 772.5 727.5 725.5 727.5 724.5 77P.4 720.4 724.5 725.4 130.9 129.3 127.3 Paper and products 3.43 125.2 128.3 113.7 131.0 127.8 135.3 127.9 115.2 126.8 132.3 131.7 138.2 135.0 132.4 Printing and publishing 4.74 116. 117.6 111.8 115. 120.3 122.3 122.2 122.5 115.8 118.9 122.6 125.6 125.1 123.6 Newspapers 1.53 108.0 113.1 97.1 102.1 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 117.8 Chemicals, petroleum, and rubber... 11.54 747.5 143.9 755.0 745.5 745.5 747.5 745.5 742. P 745.5 747.7 148.3 757.7 752.2 154.2 Chemicals and products 7.58 148.5 150.9 144.3 150.7 152.0 154.5 153.1 150.7 152.8 155.0 156.5 160.3 159.8 161.7 Industrial chemicals 3.84 162.5 162. 157.3 162.3 164.8 169.1 170.7 169.9 172.2 175.0 176.6 179.3 176.2 Petroleum products 1.97 117.1 121.7 123.1 123.5 121.7 119.6 116.7 114.9 114.3 117.3 115.5 116.0 120.2 125.6 Rubber and plastics products 1.99 138.9 139.1 117.0 134.5 144.4 150.1 145.7 140.6 147.2 150.4 149.7 154.0 154. Foods, beverages, and tobacco 77.0: 775.5 775.5 777. 725.2 72P. 725.7 777.7 772.2 111.4 770.7 111.7 116.2 118.0 122.3 Foods and beverages 10.25 116.4 118.4 118.2 126. 130.5 129.0 117.8 113.7 111.4 111.2 111.4 115.4 116.7 121.0 Food manufactures 8.64 116.7 115.1 116. 126. 133.4 130.7 120.4 115.6 114.0 111.7 110.1 113.0 114.3 116.7 Beverages 1.61 114.9 136.4 129. 126.5 114.8 120.0 104.0 103.2 97.7 108.5 118.2 127.8 129.6 Tobacco products .82 115.1 123.5 104.3 126.4 120. 124.3 116.9 94.3 111.5 105.1 116.4 127.2 133.8 Mining Coal, oil, and gas 5.50 106.9 705.5 707.5 70P.5 705.5 705.5 707.5 707.5 70P.5 7/0.7 705.5 705.7 108.4 709.0 Coal 1.16 102. 116.6 72.5 113.6 112.4 113.5 106.3 101.5 101.9 100.4 95.3 99.4 107.2 108.4 Crude oil and natural gas 5.64 107.9 106.8 107.9 109.0 107.7 107.6 108.1 108.8 111.4 112.1 111.4 110.7 108.6 109.1 Oil and gas extraction 4.91 110.9 110.0 110.7 111. 109.8 110.2 111.6 112.3 114.5 115.4 115.2 114.5 111.8 112.2 Crude oil 4.25 108.2 108.4 108.7 109.5 107.6 108.0 108.1 107.7 110.1 111.0 111.2 111.4 109.0 110.0 Gas and gas liquids .66 128.5 120.4 123.6 123.8 124.0 124.3 133.8 141.7 143.0 144.0 140.5 134. Oil and gas drilling .73 87. 85.3 88.6 92.8 93.2 90.1 84.1 85.5 90.4 89.3 85.3 85.1 Metal, stone, and earth minerals.... 1.43 772.7 725.0 722.0 725.5 725.0 722.5 70P.P 702.5 P5.7 700.7 702.7 114.8 727.0 131.8 Metal mining .61 112.3 127.5 118.0 121.8 127.0 119.7 103. 101.6 102.4 106.9 106.6 115.5 131.4 134.3 Stone and earth minerals .8: 112.1 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.8 129.9 Utilities Electric 4.04 142.5 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 Gas 1.28 135 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 BUSINESS ACTIVITY; CONSTRUCTION AUGUST 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manu- Prices 4 Industrial production facturing 2 Nonag- Major market groupings5 Major industry s C tr o u n c - - r t i u c r u a l l - Freight Total Period Igroupings tion em- load- retail 3 Whole- Total Final products t c ra o c n t - s m p e lo n y t— - p E lo m y - - P ro a l y ls - ings sales s C u o m n e - r c s o a m le - Mate- Total i ment modity Total g s C o u o o m 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.Q 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 ? 90 S 61.2 67 92.9 106.1 84.5 115.0 79 92.5 94.0 1953. 91. 1 89.9 85.0 too5 92.6 9? 7 9? 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 1 90 ? 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 99 ? 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 1048 87.9 92 99.7 106.7 100.2 115.9 92 94.7 96.2 1957 100.7 99.4 97.0 1046 101.9 100 8 1046 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 1054 1060 99 7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.4 99.9 106.7 95.3 106 103.1 100.7 1961 109.8 111.3 112.7 108 108.4 1097 102,6 122.8 108 103.1 95.9 105.4 91.2 107 104.2 100.3 1962. 118.1 119.7 119.7 119 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--June 125.5 125.1 125.8 123.7 125.8 126.1 109 3 141.0 135 108.8 100.3 118.2 94.6 120 106.6 100.3 July 1257 125.2 125.7 P4 125.q 126 1 110 144.0 126 109.1 100.4 118.0 93.9 121 107.1 100.6 Aug 125. 126.1 126.4 125.2 124.8 125.3 111 2 144.0 132 109.1 99.8 117.0 90.9 121 107.1 100.4 Sept 125.4 126.3 126.3 126.1 124.9 125.9 1099 142.3 128 109.3 100.1 120.3 91.2 119 107.1 100.3 Ont 125.9 127.2 127.3 127.1 125.4 126.7 1086 140.5 146 109.6 100.4 120.0 92.7 121 107.2 100.5 Nov 126. 126.9 126.8 127.0 125.6 127.0 1074 140.0 144 109.5 100.0 119.4 92.3 120 107.4 100.7 Dec 126.8 128.0 127.9 128.3 125.9 127.7 1070 144.3 148 109.8 100.5 121.7 93.9 123 107.6 100.3 1964—Tan 1277 128 5 128.9 P7 126.7 128 5 108 R 144 5 147 110 0 100.3 120 2 97.2 123 107.7 101.0 Feb 128.? 128.1 128.8 176 5 128.1 129 i 108.9 143.4 143 110.7 100.8 122.8 96.9 126 107.6 100.5 Mar 129.0 128.7 128.8 128.6 129.3 129.9 108.8 144.8 140 110.9 101.3 123.1 94.0 124 107.7 100.4 Apr 130.5 130.6 130.8 130.2 130.6 131.4 '109.9 147.5 138 111.3 101.7 124.4 94.8 125 107.8 100.3 May 131.3 131.1 131.0 131.2 131.2 132.2 '•111.2 148.3 138 111.4 101.8 124.1 96.4 127 107.8 100.1 June 131.7 131.7 131.6 132.0 131.6 132.4 111.8 149.5 138 111.7 102.1 124.4 '93.6 127 108.0 100.0 July** 132.7 132.5 132.3 132.9 133.1 133.6 112.3 149.0 112.0 102.4 124.4 94.5 128 100.4 1 Employees only, excludes personnel in the armed forces. Construction contracts: F. W. Dodge Corp. monthly index of dollar 2 Production workers only. value of total construction contracts, including residential, nonresidential, 3 Federal Reserve index based on Census Bureau figures. and heavy engineering; does not include data for Alaska and Hawaii. 4 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; 5 Data revised back to June 1963. See announcements, July 1964 includes data for Alaska and Hawaii beginning with 1959. BULL., p. 847. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American NOTE.—Data arc seasonally adjusted unless otherwise noted. Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction , 41,303 45,546 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 4,639 4,504 By type of ownership: Public 13,599 14,653 1,384 1,319 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491 Private 27,705 30,893 3,019 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013 By type of construction: Residential building 18,039 20,502 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 1,458 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 10,667 978 920 857 764 954 1,148 985 816 692 972 933 l,227j NOTE.—Dollar value of total contracts as reported by the F. W. Dodge accumulated monthly data after original figures have been published. Corp. docs 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

AUGUST 1964 CONSTRUCTION 1073 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total Indu B s u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other trial mercial utility tial 1955r 46,519 34,804 21,877 9,387 2,399 3,218 3,770 3,540 11,715 1.287 3,852 ,085 5,491 1956r 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 ,275 5,682 1957r 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 ,344 6,494 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 ,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 ,467 7,377 1960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 ,487 7,573 1961r 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 378 5,855 ,581 8,334 1962' 59,453 41,695 24,292 12,222 2,949 4,955 4,318 5,181 17,758 \\l22 6,378 ,754 8,404 1963 r 62,451 43,772 25,843 12,656 2,962 5,200 4,494 5,273 18,679 6,670 Q66 1963—Julv r 62,265 43,693 25,843 12,559 2,896 5,044 4,619 5,291 18,572 1,489 6,521 1,990 8,572 Aug.r 63,653 44,305 25,752 13,158 3,005 5,449 4,704 5,395 19,348 1,583 6,973 2,061 8,731 Sept.r 63,530 44,633 25,953 13,260 3,049 5,671 4,540 5,420 18,897 6,600 2,109 Oct.r 64,966 45,365 26,584 13,375 3,085 5,518 4,772 5,406 19,601 7,145 2,128 Nov.r 65,072 45,488 27,000 13,078 3,136 5,469 4,473 5,410 19,584 7,254 2,159 Dec.r 65,193 45,778 26,896 13,426 3,158 5,515 4,753 5,456 19,415 6,713 2,176 1964—Jan.'' 64,684 45,440 26,907 13,106 3,060 5,499 4,547 5,427 19,244 6,685 2,185 Feb.r 65,528 46,274 27,600 13,151 3,058 5,546 4,547 5,523 19,254 6,169 2,273 Mar.' 66,509 46,923 28,123 13,260 3,074 5,668 4,518 5,540 19,586 6,796 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 Mayr . . 64,983 45,780 26,678 13,437 3,149 5,542 4,746 5,665 19,203 6,410 2,404 June^ 66,183 45,660 26,389 13,475 3,204 5,562 4,709 5,796 20,523 6,888 2,402 July?' 65,501 45,878 26,456 13,567 3,292 5,559 4,716 5,855 19,623 2,364 i Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Dept. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Period (priva S t . e A o . nly)* Total Private G un o d v e e r r w nm rit e t n en t- Total N fa o rm n- p M o e li t t r a o n - p m N o e l o i t t r n a o - n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1955r ,646 1.627 19 670 277 393 1956r . . 349 ,325 24 465 195 271 1957r ,224 1,175 49 322 193 128 1958r I 382 1,314 68 439 337 102 1959 ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 ,463 992 49 422 30 339 261 78 1963 I 618 1,139 479 1 587 1,005 53 529 31 292 221 71 1963 Mav ,618 ,590 170 116 53 166 107 6 54 3 30 22 7 June ,571 ,554 157 109 48 153 100 5 49 4 27 20 7 July. ,588 1,573 152 105 47 150 98 5 47 2 29 21 8 Aug ,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept ,732 ,697 147 104 44 145 93 5 48 2 25 19 6 Oct ,847 ,807 166 117 49 163 103 5 55 3 27 21 6 Nov .564 ,533 121 84 37 119 72 4 44 2 22 17 5 Dec ,564 1,518 97 76 21 95 51 3 41 2 21 16 5 1964 Jan 1,718 1,688 101 75 26 100 55 4 41 1 16 11 4 Feb ,657 1,613 101 74 27 100 64 5 32 1 17 12 4 Mar . ,663 1,638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 501 152 103 50 149 91 6 52 4 23 18 5 J M u a n y e P V 1 1 , , 5 5 0 7 0 7 2 » * 1 1 ,5 ,4 4 7 9 8 * ?1 1 5 5 8 8 1 1 1 1 3 4 4 4 5 4 * ^1 1 5 5 5 5 100 5 51 n 2 2 9 5 2 1 3 9 6 5 NOTE.—Beginning with 1959, Census Bureau series includes both farm are pending. Data from Federal Housing Admin, and Veterans Admin, and nonfarm series developed initially by the Bureau of Labor Statistics. represent units started, based on field office reports of first compliance Series before 1959 reflect recent Census Bureau revisions which are not inspections. available by area or type of structure. Complete revisions pre-1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 EMPLOYMENT AUGUST 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed * Not in the m ra e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r . A ce . nt) Total cultural agriculture industries 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—July 132,196 77,917 75,173 70,851 64,882 5,969 4,322 54,279 5.6 Aug 132,345 77,167 74,418 70,561 65,065 5,496 3,857 55,178 5.5 Sept 132,497 75,811 73,062 69,546 64,220 5,326 3,516 56,686 5.5 Oct 132,682 76,086 73,344 69,891 64,541 5,350 3,453 56,596 5.6 Nov 132,853 76,000 73,261 69,325 64,548 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 July 134,216 78,958 76,218 72,405 66,586 5,819 3,813 55.258 4.9 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n n s t t r r a u c c t - T tio ra n n s & p o p r u t b a- - Trade Finance Service G m ov e e n r t n tion lic utilities 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 1960 54,370 16,796 712 2,885 4,004 11,391 2,669 7,392 8,520 1961 54,224 16,327 672 2,816 3,903 11,337 2,731 7,610 8,828 1962 55,841 16,859 652 2,909 3,903 11,582 2,798 7,949 9,188 1963 57,174 17,035 634 3,029 3,913 11,865 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963—July 57,340 17,103 640 3,069 3,936 11,884 2,870 8,349 9,489 Aug 57,344 17,033 635 3,083 3,941 11,907 2,873 8,373 9,499 Sept 57,453 17,076 632 3,071 3,950 11,922 2,873 8,377 9,552 Oct 57,646 17,119 629 3,066 3,937 11,935 2,887 8,430 9,643 Nov 57,580 17,061 630 3,057 3,928 11,941 2,887 8,423 9,653 Dec 57,748 17,127 630 3,069 3,915 11,963 2,892 8,447 9,705 1964—Jan 57,850 17,119 623 3,017 3,923 12,072 2,904 8,474 9,718 Feb 58,183 17,175 624 3,169 3,934 12,143 2,911 8,515 9,712 Mar 58,327 17,242 625 3,162 3,930 12,143 2,918 8,552 9,755 Apr 58.502 17,301 631 3,144 3,954 12,211 2,925 8,543 9,793 May 58,590 17,323 628 3,159 3,961 12,209 2,930 8,572 9,808 JuneP 58,750 17,360 636 3,172 3,965 12,244 2,936 8,587 9.850 July? 58,888 17,380 640 3,186 3,984 12,273 2,949 8,643 9,833 NOT SEASONALLY ADJUSTED 1963—July 57,422 17,050 641 3,364 3,975 11,832 2,916 8,474 9,170 Aug 57,651 17,199 646 3,437 3,976 11,878 2,919 8,457 9,139 Sept 58,211 17,398 641 3,378 3,982 11,942 2,887 8,436 9,547 Oct 58,426 17,367 637 3,333 3,968 12,014 2,884 8,472 9,751 Nov 58,220 17,229 634 3,176 3,944 12,166 2,878 8,406 9,787 Dec 58,585 17,139 631 2,925 3,931 12,774 2,880 8,379 9,926 1964—Jan 56,909 16,935 614 2,628 3,876 11,917 2,875 8,313 9,751 Feb 57,045 16,982 611 2,681 3,879 11,837 2,885 8,362 9,808 Mar 57,388 17,051 611 2,760 3,883 11,926 2,895 8,415 9,847 Apr 57,945 17,106 624 2,977 3,922 11,987 2,913 8,543 9,873 May 58,500 17,186 631 3,191 3,949 12,100 2,924 8,641 9,878 JuneP 59,178 17,396 647 3,365 4,001 12.228 2,957 8,733 9,851 July?3 58,968 17,326 641 3.492 4,024 12,220 2,996 8,773 9,496 1 Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 EMPLOYMENT AND EARNINGS 1075 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 July May June23 July*3 July May Juried July^ Total 12,650 12,824 12,860 12,894 12,571 12,710 12,888 12,814 Durable goods 7,103 7,236 7,273 7,314 7,056 7,241 7,327 7,269 Ordnance and accessories 119 110 107 105 118 109 106 104 Lumber and wood products 503 529 526 532 528 532 553 558 Furniture and fixtures 326 333 339 342 321 328 337 337 Stone, clay, and glass products 498 501 506 506 512 506 521 521 Primary metal industries 984 981 994 1,013 970 989 1,001 999 Fabricated metal products 891 914 920 925 879 911 926 913 Machinery except electrical 1,045 1,103 1,112 1,119 1,041 1,116 1,125 1,115 Electrical machinery 1,061 1,054 1,059 1,067 1,040 1,035 1,047 1,046 Transportation equipment 1,118 1,149 1,148 1,137 1,099 1,158 1,147 1,118 Instruments and related products 241 238 240 242 237 236 239 238 Miscellaneous manufacturing industries. 317 324 322 326 312 321 326 321 Nondurable goods 5,547 5,588 5,587 5,580 5,515 5,469 5,561 5,545 Food and kindred products 1,148 1,137 1,121 1,120 1,188 1,078 1,117 1,159 Tobacco manufactures 75 78 79 80 63 66 67 67 Textile-mill products 798 804 803 800 792 802 809 794 Apparel and other finished textiles 1,169 1,190 1,201 1,187 1,133 1,160 1,181 1,150 Paper and allied products 490 493 495 495 487 490 498 492 Printing, publishing and allied industries 594 605 606 608 589 600 604 603 Chemicals and allied products 527 529 534 537 525 534 534 535 Products of petroleum and coal 120 114 114 115 122 115 117 117 Rubber products 315 326 323 326 307 319 321 318 Leather and leather products 311 312 311 312 309 304 312 310 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.SA.) ndustry group 1963 1964 1963 1964 1963 1964 July May July*3 July May Junep July? July May Juried July? Total 40.4 40.7 40.6 40.6 99.23 102.97 103.48 102.97 2.45 2.53 2.53 2.53 Durable goods 41.2 41.4 41.4 41.5 108.09 112.47 113.01 112.19 2.63 2.71 2.71 2.71 Ordnance and accessories 41.0 40.1 40.6 40.1 117.74 120.20 120.80 119.50 2.90 2.99 2.99 3.01 Lumber and wood products 40.4 40.1 39.9 40.5 82.42 86.27 87.51 88.32 2.03 2.13 2.15 2.17 Furniture and fixtures 41.2 41.2 41.0 41.1 81.19 81.81 83.23 82.62 1.99 2.02 2.03 2.03 Stone, clay, and glass products 41.4 41.8 41.6 41.6 104.33 106.93 107.61 107.36 2.49 2.54 2.55 2.55 Primary metal industries 41.1 41.8 41.5 41.7 125.77 129.58 130.62 129.69 3.06 3.10 3.11 3.11 Fabricated metal products 41.2 41.7 41.5 41.7 107.53 112.02 112.98 111.76 2.61 2.68 2.69 2.68 Machinery except electrical 41.7 42.4 42.4 42.3 115.51 122.98 123.26 121.40 2.77 2.88 2.88 2.87 Electrical machinery 40.6 40.5 40.3 40.8 98.89 101.81 102.47 102.21 2.46 2.52 2.53 2.53 Transportation equipment 42.1 41.7 42.4 41.8 125.58 129.36 131.75 128.44 2.99 3.08 3.10 3.08 Instruments and related products 40.8 40.8 40.8 40.8 100.94 102.56 103.73 102.97 2.48 2.52 2.53 2.53 Miscellaneous manufacturing industries.. 39.7 39.5 39.5 39.9 79.18 81.95 82.18 81.95 2.02 2.08 2.07 2.08 Nondurable goods 39.5 39.8 39.7 39.5 88.36 90.52 90.97 91.14 2.22 2.28 2.28 2.29 Food and kindred products 40.8 40.9 40.9 40.3 95.63 98.16 98.64 97.34 2.31 2.40 2.40 2.38 Tobacco manufactures 39.4 39.6 39.2 38.7 78.76 80.17 81.39 78.11 2.03 2.04 2.05 2.05 Textile-mill products 40.4 41.1 40.8 41.0 68.68 72.75 73.10 72.16 1.70 1.77 1.77 1.76 Apparel and other finished textiles 36.0 35.9 35.8 36.0 61.71 63.54 63.54 64.25 1.70 1.77 1.76 1.77 Paper and allied products 42.7 42.8 42.7 42.7 106.82 108.46 109.65 110.25 2.49 2.54 2.55 2.57 Printing, publishing and allied industries. 38.3 38.5 38.5 38.3 110.02 113.96 113.58 112.69 2.88 2.96 2.95 2.95 Chemicals and allied products 41.6 41.6 41.4 41.4 113.98 115.51 116.34 115.92 2.74 2.77 2.79 2.80 Products of petroleum and coal 41.7 42.0 41.7 41.6 133.98 133.14 133.46 134.51 3.16 3.17 3.17 3.18 Rubber products 40.2 41.3 41.0 40.6 100.04 104.74 105.66 103.89 2.47 2.53 2.54 2.54 Leather and leather products 37.0 38.3 38.0 37.9 66.12 68.43 70.64 70.41 1.74 1.82 1.83 1.81 NOTE. —Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 PRICES AUGUST 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p e r- - F c a o o u n i a e d l l l t e r G a i l n c e a i c d s t - y o n F i p a n i u n e s g h r d r 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 e i n n o r a g e d n d a - - g O s a i o e c t n o r h e v d d e s - r s tion 1929 59 7 55 6 85 4 1933 45.1 35.3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955 93.3 94.0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106.8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 116.7 107.9 111.5 107.1 1963—June 106.6 105.0 105.9 106.7 106.8 102.1 108.1 102.4 104.5 107.4 111.4 116.8 107.8 110.9 107.6 July 107.1 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 116.9 108.0 111.5 108.0 Aug......... 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 117.1 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.2 108.2 112.3 108.0 Oct 107.2 104.9 106.3 107.1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 117.4 108.4 112.7 108.2 Nov. 107.4 105.1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117.5 108.4 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.4 105.8 108.1 102.9 106.1 108.9 112.7 117.9 108.8 113.1 108.3 1964 Jan . ... 107.7 105 8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 Feb 107.6 106 0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 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 June 108.0 106.2 107.1 107.8 108.7 101.4 108.1 102.9 105.7 109.2 113.5 119.3 109.1 114.0 108.7 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. 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1963—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. 102.2 100.9 100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107.5 111.2 Nov 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107.5 110.9 Dec 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101.3 107.5 112.2 1964—Jan 101.0 96.3 102.5 101.3 101.2 102.7 99.5 96.3 93.7 99.0 99.8 101.7 102.5 98.4 101.1 107.6 112.6 Feb 100.5 94.5 100.9 101.2 101.2 102.5 99.0 96.4 93.6 99.9 99.9 101.8 102.5 98.5 101.2 107.1 110.9 Mar 100.4 95.2 100.5 101.1 101.2 102.5 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 93.1 101.8 99.1 102.2 102.9 98.6 101.3 107.1 109.5 May 100.1 93.7 99.4 r101.1 '101.2 104.7 r96A 96.7 92.6 101.8 r98.7 102.1 103.3 '98.6 101.3 107.3 107.2 June 100.1 93.2 100.2 101.0 101.0 104.9 96.3 96.5 91.6 101.4 98.7 102.3 103.1 98.5 101.4 107.4 106.7 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 PRICES 1077 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.1 105.9 107.4 113.1 Woodpulp 91.3 96.2 95.5 95.5 Grains 101.4 103.3 103.2 89.8 Wastepaper 90.8 90.2 90.8 93.5 Livestock and poultry 89.3 82.4 81.2 82.3 Paper 102.2 103.6 103.7 103.7 Plant and animal fibers 101.4 102.1 101.3 101.2 Paperboard 94.1 96.5 96.5 96.5 Fluid milk 97.9 99.6 98.4 98.8 Converted paper and paperboard... 100.3 98.6 97.6 97.6 79.2 79.5 76.9 88.7 Building paper and board 97.5 93.5 '94.4 94.4 Hay and seeds 113.8 107.4 104.9 105.1 Other farm products 89.3 99.5 '99.4 98.7 Metals and Metal Products: Processed Foods: Iron and steel 99.0 100.2 100.3 100.4 Nonferrous metals 98.7 104.0 103.9 104.1 Cereal and bakery products 107.0 107.8 r107.5 107.9 Metal containers 104.9 105.6 105.6 105.6 Meat, poultry, and fish 94.1 88.3 86.9 90.2 Hardware 104.0 104.8 104.8 104.8 Dairy products and ice cream 106.6 107.1 106.6 107.2 Plumbing equipment 100.6 100.3 100.5 100.5 Canned and frozen fruits, and veg- Heating equipment 93.3 92.1 '92.0 92.1 etables 104.6 107.3 '106.3 106.1 Fabricated structural metal products. 98.1 98.9 98.7 99.2 Sugar and confectionery 132.1 115.5 111.9 108.0 Fabricated nonstructural metal prod- Packaged beverage materials 81.1 98.1 98.3 98.3 ucts 104.9 108.9 108.2 108.4 Animal fats and oils 79.2 90.0 '89.2 90.5 Crude vegetable oils 83.3 75.1 '79.0 78.5 Machinery and Motive Products: Refined vegetable oils 84.4 77.1 77.0 76.5 Vegetable oil end products 87.0 87.5 87.3 87.3 Agricultural machinery and equip... 111.0 112.7 112.7 112.7 Miscellaneous processed foods 103.9 110.0 108.9 108.4 Construction machinery and equip... 109.6 112.2 112.3 112.3 Metal working machinery and equip.. 109.6 111.4 111.8 112.0 Textile Products and Apparel: General purpose machinery and equipment 103.5 104.7 104.8 104.7 Cotton products 99.7 100.5 99.6 98.7 Miscellaneous machinery 103.4 104.4 104.4 104.5 Wool products 100.8 103.2 p102.8 102.8 Special industry machinery and Man-made fiber textile products 93.8 95.5 '96.0 96.2 equipment (Jan. 1961= 100) 103.9 105.8 105.8 105.8 Silk products 148.0 116.4 116.4 117.4 Electrical machinery and equip 97.7 97.7 97.7 97.1 Apparel 102.0 102.3 '102.7 102.8 Motor vehicles 99.3 99.9 r101.2 101.1 Other textile products 117.4 116.5 116.9 118.0 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.1 100.1 100.1 Hides, Skins, Leather, and Products: Hides and skins 85.8 88.1 85.7 90.3 Furniture and Other Household Dura- Leather 102.5 102.0 104.5 103.3 bles: Footwear 108.2 108.3 108.3 108.3 Other leather products 104.3 103.8 '103.4 103.5 Household furniture 104.5 105.2 105.3 105.31 Commercial furniture 102.8 103.1 103.1 103.1 | Fuels and Related Products, and Power Floor coverings 95.9 100.1 '99.8 98.5 Household appliances 91.9 91.6 91.6 91.6 Coal 94.9 95.0 r95.1 95.2 Television, radios, and phonographs. 88.9 87.3 87.3 87.3 Coke 103.6 106.1 107.3 107.3 Other household durable goods 103.2 104.1 104.3 104.4 Gas fuels (Jan. 1958= 100) 120.3 120.4 116.6 116.3 Electric power (Jan. 1958= 100) 102.2 101.3 101.3 100.9 Petroleum products, refined 99.9 91.1 92.2 92.3 NonmetaUic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 102.8 102.4 102.4 Concrete ingredients 103.2 102.8 102.7 102.8 Industrial chemicals 95.0 94.4 94.5 94.3 Concrete products 101.9 100.6 100.6 100.8 Prepared paint 103.0 104.8 104.8 103.9 Structural clay products 104.0 104.5 104.5 104.5 Paint materials 91.1 91.6 91.8 90.8 Gypsum products 105.0 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.2 95.4 95.5 94.6 Prepared asphalt roofing 89.1 86.4 86.4 86.4 Fats and oils, inedible 80.6 87.3 '88.6 93.2 Other nonmetallic minerals 101.3 101.3 101.3 101.7 Mixed fertilizers 103.6 103.9 103.6 103.6 Fertilizer materials 100.8 100.2 100.2 100.2 Tobacco Products and Bottled Bever- Other chemicals and products 98.6 99.3 '99.4 99.4 ages: Rubber and Products: Tobacco products 105.7 106.0 106.0 106.0 Alcoholic beverages 101.0 100.7 100.7 100.6 Crude rubber 92.5 91.3 90.7 90.6 Nonalcoholic beverages 118.2 125.3 126.6 127.4 Tires and tubes 89.1 89.2 88.0 88.0 Miscellaneous rubber products 97.5 97.8 97.9 95.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. . . 100.7 100.5 100.5 100.9 Manufactured animal feeds 112.1 114.8 110.5 109.6 Lumber 99.2 102.0 102.2 101.8 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 103.0 108.8 r108.9 109.0 Jewelry, watches, photo equipment.. 103.8 103.2 103.2 102.8 Plywood 92.6 94.9 94.2 92.7 Other miscellaneous products 101.3 102.4 102.4 102.4 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 NATIONAL PRODUCT AND INCOME AUGUST 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963r 1964 Item 1929 1933 1941 1950 1959 1960 1961 r 1962 r 1963 r II III IV I' II Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6 Personal consumption expenditures .... 79.0 46.4 81.9 195.0 313.5 328.2 337.3 356.8 375.0 372.0 377.4 381.3 390.0 396.1 Durable goods 9.2 3.5 9.7 30.4 43.6 44.9 43.7 48.4 52.1 51.5 52.2 53.6 55.9 57.0 Nondurable goods 37.7 22.3 43.2 99.8 147.1 151.8 155.4 162.0 167.5 166.6 168.6 168.9 172.9 175.3 Services .. 32.1 20.7 29.0 64.9 122.8 131.5 138.3 146.4 155.3 153.9 156.6 158.8 161.1 163.8 Gross private domestic investment . 16.2 1.4 18.1 50.0 72.7 71.8 68.8 79.1 82.0 80.2 82.8 87.1 85.9 87.2 New construction 8.7 1.4 6.6 24.2 40.2 40.7 41.0 44.2 46.6 45.9 47.2 48.3 49.2 48.9 Residential, nonfarm 3.6 .5 3.5 14.1 22.3 21.1 21.1 23.6 25.2 25.1 25.4 26.2 26.9 26.2 Other 5.1 1.0 3.1 10.1 17.9 19.7 19.8 20.6 21.3 20.8 21.9 22.1 22.3 22.7 Producers' durable equipment 5.9 1.6 6.9 18.9 25.9 27.6 25.9 29.0 31.0 30.7 31.4 32.4 34.2 34.6 Change in business inventories 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.9 4.4 3.6 4.2 6.4 2.5 3.7 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 5.3 3.9 3.2 3.7 6.0 2.2 3.4 Net exports of goods and services . .8 .2 1.1 .6 -.8 3.0 4.6 4.0 4.4 4.3 4.2 5.8 7.7 5.7 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.6 29.2 30.7 30.5 31.0 32.6 34.5 33.7 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.0 25.2 26.3 26.3 26.8 26.9 26.8 27.9 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 97.2 99.6 108.0 116.3 122.6 120.9 122.8 124.8 125.2 129.6 Federal ... / 3 2 0 16 9 19 3 53 6 53 1 57 4 62.9 64.7 64.3 64.4 64.9 64.3 67.1 National defense 1 i i \ 13.8 14.3 46.2 45.7 49.0 53.6 55.2 55.2 55.5 55.3 54.0 57.0 Other } 1.3 2.0 / 3.2 5.2 7.9 8.0 8.9 10.2 10.3 9.9 9.5 10.5 11.5 11.0 Less * Government sales .1 .5 .6 .6 .9 .8 .9 .6 .9 1.2 .9 State and local 7.2 6.0 7.8 19.7 43.6 46.5 50.6 53.5 57.9 56.7 58.4 59.9 60.9 62.5 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 487.9 494.8 502.0 508.0 513.5 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 1964 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1963 r 1964 1929 1933 1941 1950 1959 1960 1961' 1962' 1963' II III IV National income 87.8 104.7 241.9 400.5 414.5 426.9 455.6 478.5 474.6 481.9 490.0 498.4 506.6 Compensation of employees 51.1 64.8 154.2 278.5 293.6 302.2 323.1 340.3 338.1 342.7 347.7 352.5 358.6 Wages and salaries 50.4 62.1 146.4 258.5 271.3 278.8 297.1 312.1 310.1 314.3 318. 323.2 328.7 Private 45.5 51.9 124.1 213.1 222.9 227.0 241.6 252.9 251.6 255.0 257.6 260.8 265.3 Military .3 1.9 5.0 9.9 9.9 10.2 10.8 10.9 10.7 10.7 11.7 11.7 11.7 Government civilian 4.6 8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.8 48.7 49.6 50.7 51.7 Supplements to wages and salaries .7 2.7 7.8 20.1 22.3 23.4 25.9 28.2 27.9 28.4 28.8 29.4 29.9 Employer contributions for social insurance .1 2.0 4.0 9.7 11.3 11.8 13.6 15.1 15.0 15.2 15.4 15.7 15.9 Other labor income .6 .7 3.8 10.4 11.0 11.6 12.3 13.1 13.0 13.2 13.4 13.7 14.0 Proprietors' income 14.8 5.6 17.4 37.5 46.5 46.2 48.2 49.8 50.6 50.1 50.7 51.5 51.2 51.7 Business and professional 8.8 10.9 23.5 35.1 34.2 35.3 36.6 37.6 37.3 37.8 38.3 38.6 39.1 Farm 6.0 6.5 14.0 11.4 12.0 12.9 13.2 13.0 12.8 12.9 13.2 12.6 12.6 Rental income of persons 5.4 2.0 3.5 9.0 11.9 12.1 12.2 12.2 12.3 12.3 12.4 12.4 12.4 12.4 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 44.1 48.4 50.8 50.2 51.4 53.1 56.4 57.4 Profits before tax 9.6 .2 17.0 40.6 47.7 44.3 44.2 48.2 51.3 51.1 51.3 54.3 56.6 57.4 Profits tax liability 1.4 .5 7.6 17.9 23.2 22.3 22.3 23.2 24.6 24.5 24.5 26.0 25.4 25.8 Profits after tax 8.3 -.4 9.4 22.8 24.5 22.0 21.9 25.0 26.7 26.6 26.7 28.3 31.2 31.7 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.2 16.5 18.0 17.7 17.9 19.1 19.4 19.8 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.7 8.5 8.7 8.9 9.2 11.8 11.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 e .2 i .3 -.4 -.9 .2 -1.2 -.2 -.1 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.1 22.1 24.4 24.0 24.7 25.4 25.9 26.5 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

AUGUST 1964 NATIONAL PRODUCT AND INCOME 1079 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 r 1964 Item 1929 1933 1941 1950 1959 1960 1961' 1962r 1963' II III IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 41.0 43.0 44.5 48.7 50.8 50.5 51.2 51.7 52.5 53.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.0 52.8 55.9 55.3 56.1 57.3 57.9 59.0 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 Statistical discrepancy .3 .9 .4 -.7 -3.0 -3.0 -2.6 -1.8 -2.7 -4.3 -3.5 -1.8 -1.6 P-1.9 Plus: Subsidies less current surplus of government enterprises .1 .2 .4 .5 1.6 1.6 1.0 1.1 .7 1.0 .7 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 474.6 481.9 490.0 498.4^506.6 Less: Coroprate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 44.1 48.4 50.8 50.2 51.4 53.1 56.4 P57.4 Contributions for social insurance .2 .3 2.8 6.9 17.6 20.6 21.4 23.9 26.9 26.7 27.1 27.5 28.0 28.4 Plus: Government transfer payments .9 1.5 2.6 14.3 25.4 27.3 31.3 32.3 34.3 33.8 34.0 34.7 35.9 35.5 Net interest paid by government.... 1.0 1.2 1.3 4.8 7.1 7. 7.4 8.0 8.6 8.4 8.7 8.8 9.1 9.3 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.2 16.5 18.0 17.7 17.9 19.1 19.4 19.8 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 Equals: Personal income 85.8 47.2 96.3 228.5 383.9 401.3 417.6 442.4 464.1 460.2 466.3 474.5 480.9 487.9 Less: Personal tax and nontax payments. . . 2.6 1.5 3.3 20.8 46.8 51.4 52.9 57.9 61.6 61.1 61.9 63.3 61.4 56.6 Federal 1.3 .5 2.0 18.2 40.4 44.0 45.1 49.1 51.9 51.5 52.2 53.4 51.2 46.1 State and local 1.4 1.3 2.6 6.4 9.7 10.2 10.5 1.0 7.3 7.8 8.8 9.6 9.6 9.9 Equals: Disposable personal income 83.1 93.0 207.7 337.1 404.4 419.5 431.3 45.7 349.9 364.7 384.6 402.5 399.1 411.2 Less: Personal consumption expenditures.. 79.0 81.9 195.0 313.5 377.4 390.0 396.1 46.4 328.2 337.3 356.8 375.0 372.0 381.3 Equals: Personal saving 4.2 11.1 12.6 23.6 27.0 29.5 35.2 -.6 21.7 27.3 27.8 27.5 27.1 29.9 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 352.6 356.3 360.7 366.7 375.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1963 r 1964 Item 1962' 1963' July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.r Apr.r Mayr Juner July* Total personal income. 442.4 464.1 464.0 466.1 468.9 472.7 473.8 477.1 479.4 480.5 482.9 486.6 487.8 489.3 490.8 Wage and salary disbursements 297.1 312.1 312.9 314.0 316.0 318.2 318.3 320.0 320.8 323.6 325.1 327.7 328.7 330.1 331.3 Commodity-producing industries... 118.5 123.3 123.7 123.6 125.0 125.4 125.1 126.0 125.6 127.1 127.4 128.8 128.7 129.4 129.7 Manufacturing only 94.2 98.0 98.2 98.0 99.4 99.7 99.7 100.2 100.0 100.7 101.1 102.3 102.3 102.7 102.9 Distributive industries 76.6 80.3 80.5 80.9 81.5 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 84.8 Service industries 46.4 49.3 49.8 50.0 49.9 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 Government 55.6 59.2 59.0 59.4 59.7 61.0 61.3 61.5 62.1 62.4 62.7 63.0 63.4 63.8 64.1 Other labor income. 12.3 13. 13.1 13.2 13.3 13.4 13.5 13.5 13.6 13.7 13.8 13.9 14.0 14.1 14.2 Proprietors' income 49.8 50.6 50.6 50.7 50.8 51.3 51.5 51.6 51.1 51.3 51.2 57.5 51.7 57.9 51.9 Business and professional 36.6 37.6 37.6 37.8 37.9 38.2 38.2 38.4 38.3 38.7 38.8 39.0 39.1 39.3 39.5 Farm 13.2 13.0 12.9 12.9 12.9 13.2 13.2 13.2 12.8 12.6 12.4 12.5 12.6 12.6 12.4 Rental income 12.2 12.3 12.3 12.3 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 Dividends 16.5 18.0 17.7 17.8 18.0 18.5 18.8 20.1 19.3 19.4 19.6 19.8 19.8 19.9 20.0 Personal interest income. 30.0 32.9 33.0 33.4 33.7 34.0 34.2 34.4 34.7 35.0 35.3 35.5 35.7 35.9 36.0 Transfer payments 34.7 36.7 36.3 36.6 36.6 37.1 37.2 37.2 39.7 37.5 37.8 38.2 38.0 37.6 37.7 Less: Personal contributions for social insurance 10 11.8 11.9 11.9 11.8 12.1 11.9 12.1 12.2 12.3 12.4 12.5 12.5 12.6 12.7 Nonagricultural income 424.9 446.6 446.6 448.8 451.6 455.1 456.1 459.5 462.1 463.5 466.1 469.7 470.7 472.1 473.8 Agricultural income 17.6 17.5 17.4 17.3 17.3 17.6 17.6 17.5 17. 17.0 16.8 17.0 17.1 17.2 17.0 1 Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.1 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 FLOW OF FUNDS AUGUST 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1961 1962 1963 Transaction category, or sector 1959 1960 1961 1962 1963 IV I II III IV I II III IV I. Saving and investment A Gross national saving 115.6 119.5 116.1 130.2 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3 A C R C Fa o r n m su a m n e d r n a o n n d c n o o rp n , p r b o u f s i i t ness 7 1 4 3 . . 5 4 7 1 3 2 . . 4 9 8 1 0 2 . . 0 5 8 1 6 3 . . 6 1 9 1 1 3 . 1 3 8 1 5 2 . . 3 4 8 1 5 2 . . 2 9 8173. 11 8 1 6 3 . . 5 2 8 1 7 3 . . 7 3 8 1 6 3 . . 7 2 9113..03 9 1 0 3 . . 8 5 9 1 5 3 . . 8 6 C B D 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 F U.S. Government -4.5 4.3 -5.5 -4.7 —4 5 -5.7 7 0 -4 4 -2.0 -5.7 -4.5 -6.0 -3.8 -3.7 F F State and local Kovt -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 H Gross national investment 114.6 117 4 114 5 127.2 136.0 125,2 126.6 128 9 126.0 127.3 129.9 135.5 134.2 144.7 H T Consumer durable goods 43.6 44,9 43.6 48.2 51 5 46 4 47,3 47.5 47.7 50.5 50.3 51.2 51.0 53.7 T T Business inventories 6.6 3.5 1.8 4.9 4 6 7 0 7.7 5.9 2.8 3.3 4.4 4.3 4.3 5.5 T K Gross pvt fixed investment 66.2 68.3 67.1 73.2 77 6 70.4 69.3 73.2 75.4 75.0 72.1 76.6 79.7 81.9 K L Consumer and nonprofit 22.1 21.6 20 1 21.3 21.8 21.5 21.7 19 9 21.2 22.3 20.7 20.5 22.5 23.2 L M 43.4 46.0 46.4 51.3 55.1 48.2 46.8 52.6 53.5 52.1 50.6 55.5 56.5 58.0 M N Financial sectors . .7 .6 7 .7 .7 8 .8 .7 .7 .6 .8 .6 .6 .6 N O -1 7 .7 2 0 .8 2 3 1.4 2.4 2.3 * -1.5 3.0 3.4 g 3.6 O P Discrepancy (A—H) 20 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 I 62 4 538 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 7 199 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 n 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 F 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 F F 3.8 2 5 4 1 4 9 3.7 -6.6 -2 4 6 6 8.3 7.3 2i.7 .1 7.6 -14.4 F O .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 T .7 .7 .8 1 0 1 1 .6 1 1 7 1.8 2.0 1.6 .8 -.2 1 T 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 T K Loans 14.7 11.2 5.9 13.7 16.2 10 4 8.1 17 2 12.5 17.1 9.7 15.1 13.1 26.8 K L 6.4 4.5 1.7 5.8 6.7 4.9 4.3 7.0 4.3 7.6 5.9 7.0 6.5 7.5 L 6.8 "> i 16.0 N Othev loons 2.7 3.9 2.4 3.5 2.7 1.5 1.6 4 0 4.7 3.7 .5 3.9 3.1 3.3 N O 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 S 13.2 10.4 11.7 15.4 17.6 13.5 1 f\ 3 . f 2 t 1 A 5 . O 5 1 A 6 . f 3 \ 1 A 6 . 1 5 15e .5o 17 i . f 2 i 1 ? 9 .7 o 18.3 R s 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 S T 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 .2 4 9 3 9 6 5 1.5 7.4 2.5 -9.5 -3.0 U V U.S. Govt. lending 3 8 2.4 2.8 3.5 2.6 4.5 4.0 4 5 1 9 3 6 * 2.4 3.9 4.3 V W 3 6 3 3 2.2 2 5 2.6 4 0 2 7 2 8 1 9 2 7 2.2 6.4 2.2 - .5 w X Pvt. insur. and pension reserves.. 8 8 8 1 8.7 9.0 9.5 94 8 6 9 3 9 0 9 4 8.6 9.5 11.0 8.9 X Y 5 7 6.3 5.1 5.6 7.5 4 4 3.3 4.3 8 4 6.3 7.1 6.3 9.4 8.6 Y z Pvt. domestic nonfin. sectors 30 5 15.3 28.2 36 5 40 8 31 3 38 4 38 2 25 4 44 1 33.4 41.3 33.1 54.4 Z A A A R Deposits and U.S. Govt. secur.... 2 n 3 o 8 1 8 4 . , 3 0 2 2 3 4 . . 5 6 2 3 9 2 . . 8 2 3 3 9 3 . . 0 4 2 2 8 5 3 5 2 3 7 1. 6 7 2 3 7 3 7 4 2 2 4 6 9 1 3 37 9 . 9 1 3 3 0 3 . . 8 0 4 3 1 0 . . 5 4 2 3 9 2 . . 0 3 4 4 8 3 . . 1 0 A A B A 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 AF A t comtneTcial banks... 2.1 5.4 8.7 15.1 13.1 4.9 22.7 13.4 10.6 13.7 17.1 9.4 11.7 14.3 AF AF 8.4 9.6 11.4 13.2 15.0 12.2 12.7 11.5 13 3 15.3 17.4 14.0 13.2 15.4 AF AG U.S. Govt. securities 12.9 -5.7 -1.1 2.4 5.5 2.9 3.9 5.7 1 o 1.3 2.3 11.1 3.2 5.1 AG AH Other securities and mtgs 6.8 6.8 6.0 4.1 3.5 4.8 6.7 .2 3 3 6.2 2.0 3.3 2.7 6.1 AH AI Less security debt .2 -.3 1.3 2 1.7 1.8 -.1 -4.5 2.8 1.2 1.6 3.6 1.9 -.2 AI ITT. Financial institutions A Net funds advanced1—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 R U.S. Govt. securities -7.2 2.9 8.4 3 9 -1.0 1.3 10 6 1 0 -3.9 7 8 8.3 -4.5 -7.0 -.3 B c Other securities and mtgs 23.2 20.7 27.4 34 0 39.9 31 4 30 9 39.3 32.1 33.8 36.4 41.8 43.0 38 5 r r> 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 r> By sector F 5 0 9.9 17.5 20.4 22.7 17.3 25.1 19.5 9.3 27.7 26.8 20.8 12.9 30.5 F G 10 6 9.3 12.0 14.5 17.5 13 5 13.6 13.3 15 7 15.4 17.0 16.9 18.6 17.4 G H Insurance and pension funds . 10.1 10.2 10.7 11.5 12.1 11.8 10.7 11 7 11.3 12.5 11.6 12.0 13.1 11.6 H T 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 T T Net sources of funds—Total 30.6 34.6 44.4 51.4 57 8 48 5 52.5 48 3 43.0 61.9 55.1 57.4 54.3 64 9 1 K 1.5 2.2 1.7 2.3 2.9 1.6 1.4 2 5 2.6 2.8 3.3 3.2 3.5 1.6 K T 10.9 15.6 26.8 32.1 34.7 28,9 35.0 31.3 18.8 43 4 38.2 35 3 22.2 42.0 T 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 N Time dep. at coml. banks 1.1 5.8 9.4 153 14.1 5.5 22.7 13.3 10.2 15.0 18.4 10.5 12.4 15.2 N O 8.4 9.5 11.5 13.3 15.2 12.7 12.7 11.7 13.3 15.7 17.4 14 ? 13.4 15.8 o P Life insurance reserves 3.6 3.4 3.7 4.1 4.0 3.5 4.1 3.6 4.4 4.2 3.9 3.5 4.4 4 2 p 0 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 o R 6.2 3.4 3.3 5.6 7.2 5.5 4.9 7.2 6.1 4.4 .6 94 9 3 9.5 p s Investment co shares ..... .. 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 .8 .8 1.0 1.5 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 TT 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 TT V * .5 .9 .9 .8 2.2 1.5 -2.0 1.6 2.7 -1.4 1.8 3.9 -1.0 V W Other sources net 3.1 4.9 3.0 1.3 2.8 1.0 1.2 * 5.0 fj 5.8 -1.8 4.4 3.8 W NOTE.—Quarterly data are seasonally adimted 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

AUGUST 1964 FLOW OF FUNDS 1081 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transa o c r ti o s n ec t c o a r tegory, 1959 1960 1961 1962 1963 IV I II III IV I II 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 -.4 6.3 4.7 12.8 2.3 10.6 -3.5 11.1 A B US. Govt. deposits .7 .9 .3 1.0 -.6 .2 4.9 3.9 6.5 1.5 7.4 2.5 -9.5 -3.0 B C Other .7 -.6 5.7 2.5 5.9 10 5 5.3 2.3 1.7 11.3 — 5.1 8.1 6.0 14.1 C D Net increase in assets by sector.... .4 .5 4.9 5.0 5.5 6.4 2.1 5.2 5.1 17.6 1.7 9.9 -2.7 12.7 D E U.S. Govt .7 .9 .3 1.1 -.1 1.3 5.3 3.6 6.3 1.7 7.3 3.3 -11.5 -.6 E F Other domestic sectors i -.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 F G Consumer and nonprofit 1.2 -.6 1.6 5.1 5.3 2.9 3.0 5.5 1.0 13.1 -1.0 6.5 6.5 9.0 G H Nonfinancial business 2.2 e 1.3 -2.1 -1.0 5 7 -5.7 -4.7 * 2.1 —4 3 -1.3 1.8 — .2 H I State and local govt .5 .2 .6 -.1 .9 ? 8 -2.8 1.4 2.7 -1.6 1.1 .3 -1.3 3.6 T J Financial sectors .1 .6 1.3 .8 .3 1 4 1.1 -.1 .4 2.1 — 1 0 .2 .8 1 2 J K Rest of the world -.1 .1 .3 7 1.4 -.4 -.9 .3 — .4 .9 1.0 .4 K L Discrepancy—U.S. Govt. cash * * * -.1 -.3 1.5 -.4 .3 -.1 -.2 .2 o 2.0 -2.4 L M Other .9 -.1 1.0 1.4 .1 2.8 2.1 .7 .5 -4.7 .5 \.5 2.8 .7 M II. Time and savings accounts A Net increase—Total 9.5 15.3 20.9 28.6 29.3 18 2 35.4 25.0 23.5 30.6 35.9 24.7 25.7 30 9 A 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 B 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 C D State and local govt -.4 1.4 .9 1.0 1.7 8 2.0 .6 .4 1.0 2.9 .3 1.0 2.5 D E Foreign depositors -.9 .3 .6 .3 1.0 5 * .1 -.3 1.3 1 4 1.0 .7 8 E F Consumer and nonprofit orgs.... 3.0 3.3 6.5 11.5 7.3 6.6 15.9 10.1 9.6 10.5 9.6 6.7 7.5 5.4 F G At savings institutions 8.4 9.5 11.5 13.3 15.2 12.7 12.7 11.7 13.3 15.7 17.4 14.2 13.4 15.8 G H Memo—Consumer and nonprofit orgs.—Total 11.3 12.8 17.8 24.7 22.3 18.8 28.6 21.6 22.9 25.7 27.0 20.7 20.7 20.8 H III. U.S. Govt. securities A Total net issues 9.3 -2.6 7.3 7.4 5.2 4 7 15.4 8.6 -4.1 9.7 11.3 10.4 -4.9 4.0 A B Short-term direct 5.5 -5.1 11.3 2.4 1.5 11.3 17.8 2.0 -12.4 2.4 -10.4 10.3 -12.4 18.4 B C Other 3.8 2.5 -4.1 4.9 3.7 -6.6 -2.4 6.6 8.3 7.3 21.7 .1 7.6 -14.4 C 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 D E Pvt. domestic nonfin. sectors 12.9 -5.7 -1.1 2.4 5.5 2 9 3.9 5.7 -1.3 1.3 2.3 11.1 3.2 5.1 E 7.3 -3.3 -.9 .7 3.7 3.2 -1.9 3.9 .1 .9 .1 6.4 3.4 4.6 F O Svgs. bonds and postal svgs. dep.. -2.0 -.4 .7 .3 .9 .4 .6 .2 .9 1.2 1.0 1.2 G H Securities 9.2 -2.8 -1.6 .4 2.6 2 4 -2%.O 3.5 e .7 -.8 5.2 2.3 3.4 H T Corp. nonfin business .. 3.8 -2.7 -.4 .3 .6 -.5 1.9 .4 -2.0 .7 1.3 2.1 -1.7 .5 I 1.8 .2 .3 1.4 1.3 2 3.9 1.4 .7 -.3 .8 2.6 1.6 .1 J 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 -.3 K L Banking system -7.9 2.7 7.4 2.2 -.2 1 9.6 .7 -6.4 5.1 11.0 -4.8 -8.8 2 2 L M Monetary authorities .3 .7 7.5 2.0 2.8 2 8 5.4 .3 -.2 2.5 5.1 2.0 1.3 2.8 M 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 N O Savings institutions .5 — .4 5 4 7 I 0 .8 - .5 .8 A 1 2 5 6 4 O P Insurance and pension funds .2 .4 .1 .4 .1 .3 .3 .5 .6 1 2 .2 7 7 P 0 Finance n.e.c * 1.0 .6 .8 -1.6 _ 5 -.1 .5 1.2 1.6 —2.7 — .4 .5 -3 7 O R Rest of the world 3.0 .6 4 1 3 .6 8 .7 2.6 1.2 .7 1 0 3 1 — 1 0 7 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 A 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 B D C F N i o n n a f n i c n e a n c c o i m al p c a o n r i p es orations 1.1 1.5 .5 .8 3 1. . 9 4 5. . 5 2 6. . 0 3 1.1 4. . 0 5 1.4 5. . 8 3 2 1 . . 0 6 3 1 . . 8 6 2 3 . . 3 5 C D E Rest of the world .7 .7 1.0 1 i .6 1.1 .7 1.8 2 0 1 6 8 2 E 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 F 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 G 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 H .7 -.2 2 — .2 -.1 .2 .2 _ 2 2 I J Commercial banks .. ... .4 .4 2.7 4.4 5.2 3 3 5.0 5.7 3.3 3.5 5 8 6.3 5.7 10 J K Insurance and pension funds 7.0 7.0 7.7 7.4 7.6 8.1 6.5 8.5 6.8 7.9 8.4 8.5 7.4 6.2 K L Finance nee A -.6 -.8 — .4 _ 9 -.3 1.5 -1.5 -1.3 — .7 -.5 .6 .5 L M" Security brokers and dealers .2 -.1 — .2 .3 .4 t .9 1.3 -.8 — 4 — .3 .9 1 4 M N Investment cos.—Net ~i -.5 -.6 -.8 -.4 — 9 -1.3 .2 -1.5 -.4 -.3 -.2 -.3 -.9 N O Purchases . . .. 1.2 1.0 1.4 1.1 .8 1 7 1.9 2.4 -.2 .4 .6 .8 1.2 7 O P Net issues 1.8 1.5 2.0 1.9 1.3 2.7 3.2 2.2 1.3 .8 .8 1.0 1.5 1.7 P Q Rest of the world .4 .3 .4 .2 .4 -.6 -.1 .3 .1 -.1 .4 .3 .2 Q V. Mortgages A Total net borrowing .. 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 27.9 31.1 29.5 A B 1 - to 4-family 13.2 10.4 11.7 15.4 17.6 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 18.3 B C Other 5.8 5.8 6.9 9.4 10.5 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 11.2 C D Net acquisitions 19.0 16.2 18.7 24.7 28.1 21.6 21.4 24.6 25.5 27.4 24.1 29.7 31.1 29.5 D E Consumer and nonprofit orgs 2.0 2.4 1.6 3.3 2.9 1.2 3.1 2.0 3.5 4.4 2.9 2.8 3.7 2.0 E F US Govt 2.2 1.2 .6 .3 -1.0 1 4 1.2 .3 -.1 -1.3 -2.0 - 2 F G Commercial banks ... 2.5 .7 1.6 4.0 5.3 2.2 2.4 4.7 4.6 4.3 3.8 6.1 6.1 5.0 G H Savings institutions 9.5 8.8 11.0 13.3 16.2 12.1 12.3 13.4 13.4 14.2 15.4 15.8 16.5 16.9 H 2.4 2.8 2.7 3.0 3.9 3.0 2.2 2.4 3.0 4.5 3.2 3.5 4.0 4.9 I J Mortgage companies .2 * .6 .4 .8 1.1 -.3 1.3 .7 1.5 .7 J VI. Bank loans n.e.c. A 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 A B 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 B C Corporate 3.7 2.6 1.6 2.6 4.2 3.1 1.3 1.7 3.0 4.5 2.4 2.7 .9 11.3 C 1.0 -.1 -.3 .7 1.6 -.2 .3 3.9 -.9 -.3 .1 .9 1.5 3.1 D E Farm .7 .2 .3 .7 .7 .3 .4 .6 .8 .9 .4 .6 .9 1.2 E F Rest of the world .2 .1 .7 .4 .6 1.3 2.1 -.4 -.1 .7 .7 1.3 F 1.7 -.3 .1 1.1 1.5 .5 -.2 1.7 .7 2.1 -.4 2.7 2.6 1.4 G 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

1082 BANKING OFFICES AUGUST 1964 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks Type of office and type of change All Member Nonmember banks Total Total ti N on a- al State 1 Total su In re - d in N su o r n e - d su I r n e - d 1 in N su o r n e - d Banks (head office): Dec. 31, 1934 16 063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941 . 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec. 31 19472 14 714 14 181 6,923 5 005 1,918 7,261 6,478 783 194 339 Dec 31 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31 1956 14 167 13 640 6,462 4 651 1,811 7,181 6 737 444 223 304 Dec. 31, 1957 14 090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec 31 1958 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec. 31 1959 13 991 13 474 6,233 4 542 1,691 7,244 6,878 366 268 249 Dec. 31, 1960 13 986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec 31 1961 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31 1962 13 938 13 427 6,047 4 503 1,544 7,380 7,072 308 331 180 Dec 31 1963 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 179 June 30 1964 14,175 13,669 6,180 4,702 1,478 7,489 7,215 274 327 179 Branches, additional offices, and facilities: Dec 31 1934 3,133 3,007 2,224 1,243 981 783 7S3 U6 Dec. 31 1941. . 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19472 4 332 4 161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec 31 1951 . . 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31 1956 7 955 7 589 5 886 3 809 2,077 1,703 1,666 37 257 109 Dec 31 1957 . . 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31 1958 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec. 31, 1959 10 099 9 652 7,492 4 973 2,519 2,160 2,118 42 318 129 Dec 31 1960 . .... 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961 11 896 11 353 8 899 6 044 2,855 2,454 2,410 44 427 116 Dec 31 1962 . . 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31 1963 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 June 30 1964 14,671 14,016 11,032 7,752 3,280 2,984 2,936 48 531 124 Changes Jan.-June 30, 1964 Banks: New banks 3 164 164 105 103 2 59 57 2 Suspensions . .. -2 -2 -1 -1 -1 -1 Consolidations and absorptions: Banks converted into branches ... -56 -54 -35 -28 -7 -19 -19 -2 Other — 8 — 7 -3 — 1 -2 -4 — 4 — 1 Voluntary liquidations 4 -1 -1 1 Interclass changes: Nonmember to national 11 11 -11 -11 Nonmember to State member 2 2 -2 2 :::::::: State member to national 7 -7 State member to nonmember . . — 4 -4 4 4 National to State member National to nonmember . . -2 -2 2 .2 -12 Net change ... . 97 100 72 87 — 15 28 -10 -3 Number of banks June 30 1964 14,175 13,669 6,180 4,702 1,478 7,489 7,21358 274 327 179 Branches and additional offices: De novo 510 480 362 272 90 118 117 1 28 2 Banks converted 56 55 49 38 11 6 6 Discontinued -20 -20 -16 -9 -7 -4 -4 Other 1 1 1 1 Interclass changes: Nonmember to national 12 12 -12 -12 Nonmember to State member 12 12 -12 -12 State member to national 25 -25 National to State member -6 6 National to nonmember — 1 — 1 1 i Noninsured to insured 3 -3 Net change 547 516 418 331 87 98 100 2 29 2 Number of branches and additional offices, June 30, 1964 14,391 13,736 10,788 7,535 3,253 2,948 2,900 48 531 124 Banking facilities:5 Established 2 2 1 1 1 1 Net change 2 2 1 1 1 1 Number of facilities June 30 1964 280 280 244 217 27 36 36 figures also include 1 or 2 noninsured trust cos. 1954 to date. ments made by the Treasury Dept. 2 Series revised as of June 30, 1947. The revision resulted in an addimtiooinl 0o1f I11IJ5 o baanKnkSs aannud y 9 obrraannccnhees.s. NNOOTTEE..——BBeeggiinnnniinngg wwiitthh 11995599,, ffii£gures include all banks in Alaska and 3 Exclusive of new banks organized to succeed operating banks. Hawaii, but nonmember banks in territories and possessions are exclud ed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 FEDERAL RESERVE PAR LIST 1083 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Noripar (nonnlember) F.R. District, Total Member Nonmember State, or other area Banks a B nd ra n o c ff h i e ce s s Banks a B nd ra n o c ff h i e ce s s Banks a B nd ra n o c ff h i e ce s s Banks a B nd ra n o c ff h i e ce s s Banks a B nd ra n o c f h fi e ce s s Total, including Puerto Rico and Virgin Islands:1 Dec 31, 1963 13,487 13,617 11,893 13,297 6,107 10,631 5,786 2,666 1,594 320 June 30, 1964 13,587 14,133 12,020 13,811 6,179 11,046 5,841 2,765 1,567 322 F.R. Districts, June 30,1964: Boston 382 989 382 989 247 781 135 208 New Yorki 526 2,445 526 2 445 421 2 157 105 288 Philadelphia 567 928 567 928 434 737 133 191 Cleveland 862 1,297 862 1,297 509 1,106 353 191 Richmond 857 1,805 757 1,702 416 1,139 341 563 100 103 Atlanta 1,493 767 971 691 488 562 483 129 522 76 Chicago ... . 2,515 1 440 2 515 1 440 1 015 931 1 500 509 St. Louis 1,488 496 1,226 '416 478 279 748 137 262 80 Minneapolis . . . 1,341 176 734 123 491 70 243 53 607 53 Kansas City 1,865 180 1,863 180 815 127 1 048 53 2 Dallas 1,255 208 1,183 198 672 126 511 72 72 10 San Francisco . .... 436 3 402 434 3 402 193 3 031 241 371 2 State or area, June 30, 1964: Alabama 249 136 172 130 101 115 71 15 77 6 Alaska 12 53 10 53 5 43 5 10 2 Arizona .. 14 227 14 227 4 180 10 47 Arkansas 245 80 148 58 83 52 65 6 97 22 California 170 2,197 170 2,197 87 2,031 83 166 Colorado 202 7 202 7 128 6 74 1 Connecticut 62 267 62 267 31 211 31 56 Delaware 20 63 20 63 7 34 13 29 14 80 14 80 11 72 3 8 Florida . .... 403 17 365 16 186 12 179 4 38 1 Georgia 425 166 159 155 70 137 89 18 266 11 Hawaii 7 112 7 112 2 40 5 72 Idaho 27 115 27 115 16 107 11 8 Illinois 1,016 4 1,016 4 524 4 492 Indiana 432 414 432 414 222 284 210 130 Iowa .. . ... 674 214 674 214 165 38 509 176 Kansas 595 48 595 48 211 33 384 15 Kentucky 348 204 348 204 97 137 251 67 Louisiana. 205 223 103 189 57 147 46 42 102 34 Maine 43 160 43 160 28 114 15 46 Maryland 120 354 120 354 55 216 65 138 Massachusetts 158 501 158 501 109 409 49 92 Michigan 361 759 361 759 218 624 143 135 Minnesota 712 8 308 7 219 6 89 404 I Mississippi 195 182 65 103 37 62 28 41 130 79 Missouri 637 49 587 49 175 28 412 21 50 M^ontana 125 3 125 3 91 3 34 Nebraska. 425 27 425 27 136 18 289 9 Nevada 8 55 8 55 6 47 2 8 New Hampshire 72 14 72 14 51 13 21 1 •ij New Jersey 230 603 230 603 194 539 36 64 New Mexico 63 81 63 81 41 51 22 30 New York 353 1,758 353 1 758 293 1 671 60 2 87 North Carolina 149 689 96 593 35 334 61 259 53 96 North Dakota 162 42 63 18 43 8 20 10 99 24 Ohio . . . 550 837 550 837 350 721 200 116 Oklahoma 406 35 403 35 240 30 163 5 Oregon .. . 52 239 52 239 14 205 38 34 Pennsylvania 604 1,099 604 1,099 451 910 153 189 Rhode Island 10 109 10 109 5 77 5 32 South Carolina 135 230 88 223 31 162 57 61 47 7 South Dakota 173 72 69 44 58 36 11 8 104 28 Tennessee 292 282 225 269 82 196 143 73 67 13 Texas 1,117 47 1,089 47 613 24 476 23 28 Utah . ... 53 97 53 97 24 79 29 18 Vermont 48 46 48 46 28 25 20 21 Virginia 281 452 281 452 185 355 96 97 Washington . . 96 366 96 366 36 345 60 21 West Virginia 182 182 109 73 Wisconsin 577 169 577 169 165 37 412 132 Wyoming 65 1 65 49 1 16 Puerto Rico i 11 138 11 138 15 11 123 Virgin Islands1 .... 2 2 2 2 1 2 1 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for NOTE.—Includes all commercial banking offices in the United States, purposes of Regulation J, "Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 2 in the Virgin Islands are branches 280 banking facilities. Number of banks and branches differs from that of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto in the preceding table because this table includes banks in Puerto Rico Rico and 1 in Virgin Islands) are included above as nonmember banks; and the Virgin Islands but excludes banks and trust cos. on which no and nonmember branches in Puerto Rico include 6 other branches of checks are drawn. Canadian banks. 2 Includes 4 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 Financial Statistics * International * Reported gold reserves of central banks and governments 1086 Gold production 1087 Net gold purchases and gold stock of the United States 1088 Estimated foreign gold reserves and dollar holdings 1089 International capital transactions of the United States 1090 U.S. balance of payments 1099 Foreign trade 11.00 Money rates in foreign countries 1101 Foreign exchange rates 1 102 Guide to tabular presentation 1020 Index to statistical tables 1 109 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 iected 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- 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 GOLD RESERVES AUGUST 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile lo C m o b - ia world * Fund world 1957 38,765 1,180 22,857 14,730 126 126 103 01S 324 1,100 40 62 1958 39,445 1,332 20,582 17,530 60 162 194 ,270 325 1,078 40 72 1959 40,195 2,407 19,507 18,280 56 154 292 ,134 327 960 43 71 1960. 40,505 2,439 17,804 20,260 104 147 293 ,170 287 885 45 78 1961 41,105 2,077 16,947 22,080 190 162 303 ,248 285 946 48 88 1962 41,440 2,194 16,057 23,190 61 190 454 ,365 225 42 708 43 57 1963—June 41,725 2,244 15,830 51 200 504 ,373 179 42 755 43 60 July . . . 2,268 15,677 23,650 51 201 504 ,354 179 42 762 43 61 Aug 2,276 15,633 49 202 504 ,365 179 42 768 43 61 Sept 41,870 2,304 15,634 49 202 504 ,367 42 775 43 61 Oct 2,305 15,640 23,930 49 205 515 ,367 42 784 44 61 Nov 2,312 15,609 78 206 525 ,367 150 42 800 43 61 Dec 42,290 2,312 15,596 78 208 536 ,371 150 42 817 43 62 24,380 1964—Jan 2,314 15,540 78 210 547 ,373 42 837 44 62 Feb 2,322 15,518 78 211 558 ,374 42 850 43 63 Mar ^42,390 2,328 15,550 »24,510 76 211 569 ,376 42 871 43 63 Apr 2,334 15,727 215 579 ,390 42 892 43 64 May 2,353 15,693 216 579 ,392 42 910 42 64 June 2,359 15,623 218 592 1Q? 42 931 43 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 22 31 35 581 2,542 13 27 247 39 138 20 1958 . . 80 11 22 31 35 750 2,639 17 27 247 37 141 34 1959 50 10 20 30 38 1,290 2,637 26 24 247 33 140 84 1960 1 10 20 30 41 1,641 2,971 76 24 247 58 130 98 1961 3 19 18 47 2,121 3,664 87 24 247 43 130 84 1962 3 19 18 61 2,587 3,679 77 24 247 44 129 98 1963—June 3 19 18 61 2,814 3,753 77 23 247 129 98 July 3 19 18 61 2,963 3,761 77 23 247 142 98 Aug 3 19 18 61 2,997 3,761 77 23 247 142 98 Sept 3 19 18 61 3,031 3,761 77 23 247 142 98 Oct 3 19 18 61 3,089 3,817 77 23 247 142 98 Nov 3 19 18 61 3,128 3,823 77 23 247 142 98 Dec 3 19 18 61 3,175 3,843 77 23 247 142 98 1964—Jan 3 19 18 66 3,210 3,844 77 23 247 142 Feb 3 18 18 66 3,248 3,849 77 23 247 142 Mar 3 18 18 66 3,298 3,953 77 23 247 141 Apr 3 17 18 65 3,366 4,060 77 23 247 141 May 17 18 65 3,404 4,070 77 247 141 June 11 65 3,451 4,081 247 141 E pe n r d i o o d f I R re e l p a . n o d f , Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A S r a a u b d i i a S A o f u ri t c h a 1957 18 452 91 180 744 33 45 49 28 6 461 217 1958 18 1,086 91 143 1,050 33 43 49 19 10 493 211 1959 18 1,749 102 142 1,132 34 30 50 28 9 548 18 238 I960 18 2,203 119 137 1,451 30 52 42 15 552 18 178 1961 18 2,225 140 112 1,581 30 53 47 27 443 65 298 1962 18 2,243 172 95 1,581 30 53 47 41 471 78 499 1963—June 18 2,289 172 92 1,581 30 53 47 21 478 78 598 July 18 2,292 172 95 1,581 31 53 52 22 482 78 611 Aug 18 2,291 172 95 1,581 31 53 57 24 496 78 639 Sept 18 2,291 172 94 1,581 31 53 57 25 497 78 643 Oct 18 2,331 172 115 1,581 31 53 57 27 497 78 630 Nov 18 2,331 172 134 1,581 31 53 57 27 497 78 629 Dec 18 2,343 172 139 1,601 31 53 57 28 497 78 630 1964—Jan 18 2,343 172 151 1,601 31 53 57 30 497 78 632 Feb 18 2,343 172 157 1,601 31 53 57 21 497 78 631 Mar 18 2,143 172 156 1,601 31 53 57 23 497 78 627 Apr 18 2,143 172 162 1,601 31 53 57 78 627 May 18 2,146 172 1,601 31 53 67 626 June .. 2,148 172 1,601 I 31 53 67 607 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 GOLD RESERVES AND PRODUCTION 1087 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 in i 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 14 24 254 1958 57 204 1,925 24 112 144 174 2 808 180 719 17 —42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2 268 180 401 6 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963—June 574 182 2,530 19 104 130 174 2,447 171 401 5 78 43 July 574 182 2,444 19 104 110 174 171 401 7 155 Aug 574 182 2,451 19 104 108 174 171 401 8 150 Sent 574 182 2,501 19 104 107 174 2,506 171 401 11 -1 42 Oct 573 182 2,520 19 104 103 174 171 401 14 -22 Nov • .... 573 182 2,522 19 104 102 174 171 401 14 -77 Dec 573 182 2,820 19 104 115 174 2,484 174 401 14 -279 47 1964 Jan 573 182 2,549 19 104 115 174 174 401 14 Feb 573 182 2,551 19 104 115 174 171 401 14 — 7 Mar 573 182 2,542 19 104 115 174 2,458 171 401 15 22 47 Apr 573 182 2,524 19 104 115 174 171 401 15 — 82 IVtay 573 182 2,526 19 104 115 174 171 401 47 June 575 182 2,599 115 174 171 40 i 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 STorth and South America Asia Other World Period produc- Congo tion i A So fr u ic th a R de h s o i - a Ghana ( p L o e ld o - - U S n ta i t t e e s d C a a d n a - M ic e o x- N ra i g c u a a - Co b l i o a m- India P p h i i n l e ip s - t A ra u l s i - a oth A e l r l r i ville) 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 13.0 6.0 14.8 38 6 58 9 1959 1,125 0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7 3 13.9 5.8 14 1 38 1 54 5 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 r162.0 10.5 7.0 15.2 5.6 14.4 38 0 53 6 1961 1 215 0 803.1 20.1 29.2 8.1 54.8 156 6 9 4 r7 9 14 0 5 5 14 8 r37 7 53 8 1962 rl 295 0 r892.2 19.4 31.1 7.1 54.5 145.5 8.3 7 8 r13.9 5 7 14 8 37 4 57 3 1963 1,350.0 960.1 r19.8 32.2 7.5 51.4 r139.O 8.3 7.2 11.4 4.8 13.2 35 8 59 3 1963—May 80.6 1.6 2.6 12.4 .7 .5 1.0 2.8 June 80.1 6 2.6 11.6 .5 '.9 .4 1.2 3 3 July 81.6 L6 2.7 10.9 .7 1.0 .4 1.2 3.4 Aug 81.7 7 2.7 11.7 .6 .9 .4 1.3 3.0 Sept 80.9 6 2.7 11.5 .4 .7 .4 1.2 3 0 Oct 82.0 7 12.2 .8 .6 .4 2.6 Nov 81.6 7 11.7 .8 .8 .4 3 1 Dec 78.6 8 10.8 .8 .9 .4 2.8 1964 Jan 78.7 7 2.6 10.7 .8 1.2 .4 3 1 Feb 79 9 6 2.6 9 8 1 0 1 2 84.9 2.6 10.3 82.3 2.6 11.6 May 10.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Bureau of Mines. Country data based on reports from individua China Mainland, and North Korea. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. NOTE.—Estimated world production based on report of the U.S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 U.S. GOLD AUGUST 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1963 1964 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 I II III IV I Western Europe: -84 -83 -1 -143 -82 -30 -20 -32 — M Belgium 3 3 -329 -39 -141 -144 -63 Prance -34 -266 -173 -456 -518 -101 -101 -214 -101 -ioi Germanv Fed Reo of — 34 — 23 -200 Italy -349 100 200 Netherlands. 25 -261 -30 -249 -25 Portugal -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 Canada 15 5 190 Latin American republics: Argentina . . 115 75 67 -50 -90 85 -30 -30 Brazil I -11 -2 2 57 72 17 28 -1 28 _1 Colombia 28 -6 38 -30 -20 _4 _4 Venezuela -200 65 Other 29 6 2 c -22 -17 -5 _7 * 6 -11 -1 -3 Total -28 81 69 19 -100 -109 175 32 16 34 -16 -» — 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 Q 25 * —4 5 All other . . 14 -3 -5 -38 -6 -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 -•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 a s i ury c h F u o o r l r r d e e i n i n g c g n y s Total T g o o t l a d l Month Total To G ta o l 2 ld s T to r c e k a s i 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—July... .15,764 15,677 15,633 87 -192 -153 1952 23,252 23,252 23,187 379 379 Aug.... 15,725 15,633 15,582 92 -39 -44 1953 22,091 22,091 22,030 -1,161 -1,161 Sept.... 15,788 15,634 15,582 154 63 1954 21,793 21,793 21,713 -298 -298 Oct 15,910 15,640 15,583 270 122 6 1955 21,753 21,753 21,690 -40 -40 Nov.... 15,780 15,609 15,582 171 -130 -31 1956 22,058 22,058 21,949 305 305 Dec... 15,808 15,596 15,513 212 28 -13 1957 22,857 22,857 22,781 799 799 1964—Jan.... 15,847 15,540 15,512 307 39 -56 1958 20,582 20,582 20,534 -2,275 -2,275 Feb.... 15,865 15,518 15,462 347 18 -22 1959 19,507 19,507 19,456 - 1,075 4-1,075 Mar.... 15,990 15,550 15,461 440 125 32 1960 17,804 17,804 17,767 -1,703 -1,703 Apr 15,991 15,727 15,462 264 1 177 1961 17,063 16,947 16,889 116 -741 -857 May... 15,946 15,693 15,463 253 -45 -34 1962 16,156 16,057 15,978 99 -907 -890 June... 15,805 15,623 15,461 182 -141 -70 1963 15,808 15,596 15,513 212 -348 -461 July"... 15,840 15,629 15,462 211 35 6 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million increase in U.S. gold subscription tary Fund with the right of repurchase, v, hich amounted to $800 million to the IMF. on July 31, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1097 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1030 and 1032. 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

AUGUST 1964 GOLD RESERVES AND DOLLAR HOLDINGS 1089 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 Mar. 31, 1963 June 30, 1963 Sept. 30, 1963 Dec. 31, 1963 Mar. 31, 1964? U.S. Govt. Area and country Gold & U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold & bonds & notes i Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- short- Govt. term bonds term bonds term bonds term bonds term term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes series series Western Europe: I Austria 783 789 2 814! 903 901 3| 911 Belgium ,542j 1,558 1 1,617 1.678 1.791J *! l,782j Denmark 98; 96 16 111 147 192| 141, 198 14 Finland 1341 140| 2 131 134 1601 1! 176 1 France ,744 4,1281 3 4,5411 i 4,510 3 4.6531 6| 4,709| 7 Germany, Fed. Rep. of. ,4091 6,224 3 6,462 6,634 3 6,884 ii 6,811 1 Greece 196 243) 251 258 2651 239 Italy ,627'' 3,385 1 3,422 1 3,540 I 3.146 1 1 2.927 Netherlands , 829 i 1,809 2 1,897! 2 1 ,910 2 1.961 2 4 1 ,898 Norway 155| 160 111 165' 137 158 133 164 126 131 135 131 Portugal 6321 635 1 625 1 646 688 1 * 689 * S T S O S U w p w u t n h a r e i i k i e t t d n z e r e e d e y n 2 rl K an in d gdom , .1 5 6 6 5 1 9 7 7 2 4 6 1 5 1 3 2 5 3 4 7 8 0 4 3 , , 7 6 6 2 5 1 0 7 7 3 7 6 5 3 3 2 0 2 2 7 4 9 8 3 6 * 7 5 1 4 3 , , 4 6 7 3 4 1 9 9 3 5 2 4 7 9 6 4 0 6 2 4 7 9 8 8 3 8 * 3 1 4 3 . . ' 3 2 7 6 5 1 2 5 1 5 2 0 5 1 6 8 3 2 | | 1 1 3 5 1 0 2 '3 3 , . 9 7 4 7 5 1 6 2 9 7 3 3 7 6 1 8 0 6 3 1 4 8 6 3 9 1 1 3 3 3 1 4 7 2 2 6 8 2 5 9 4 3 , , 2 5 6 6 8 1 4 2 1 0 3 3 5 8 0 7 4 5 | 3 1 4 7 8 3 9 7 0 2 0 Total. 28,916 708 29,182 644 29,888 668 30,093j 729 '30,433 7791 741 30,434} 800 Canada. 4,057 389 3,871 528 3,929 644 3.882J 700 3,805 686; 687| 3,555 686 Latin American republics: Argentina 271 1 318 1 393 453 453 452 Brazil 429 1 400 1 348 360 329 329 C C h o i l l o e mbia 2 1 0 7 5 8 * 1 2 1 2 6 6 7 * 2 1 4 7 3 2 2 1 1 7 6 6 2 1 3 8 1 6 2 1 4 8 4 1 i Cuba 16| * 16 * 15i 14 12 11 Mexico 626 4 690 4 688 759 808 837 Panama, Republic of 98 1 97 1 111 117 129 91 Peru 152 * 155 * 168 198 215 230 Uruguay 281 1 276 1 262 263 287 277 Venezuela 806 1 837 1 905 933 992 1,017 Other 336 3 421 3 398 376 '424 463 Total 3,398 13 3,603 13 3,703 12 3,865 '4.066 12 14 4,132 Asia: India 288! 6| 296 295 5 302 298 302 Indonesia 72| 1 j 74 ] 76 1 67 II 92 1! 90 Japan 2,499 3 2,558 3 2,613 3 ,689 3| 2.758 5! 2,750 Philippines 215 *| 225 * 223 * 222 237 232 Thailand 437 471 * 480 * 486 486 513 Other 1,447 ,519 40 1,549 40 1,542 1.643 42 41 1,847 38 Total 4,958 5,143] 49 5,236 49 5,308 51 5.514 51 47 5,734 44 A frica: South Africa 540 •| 597 636 683! 671 670 U.A.R. (Egypt).. 188 •| 193 1911 186 188 198 Other 373 101 377 3551 10 331 291 10 284 10 Total. I,101i 10i 1,167 1.182J It)! 1,200 1.150 1,152! 10 Other countries: Australia 337! 340 360! 3481 388 373 All other 287 29 281 355) 30 3261 '314 30 26 308 25 29J Total 6241 621 715) 674 28 '702 30 26 681 25 Total foreign countries ?... 43,054 1,1991 43,587 44,653| 1,413i 45,022 1 .530'45,670 1,568 1,524, 45,688 1,570 ! International and regional ' 7,349 911j 7,214 r7,086 l,065| '7,093 1.163 1,213 1,2181 7,068 1,170 Grand total 3 5O,4O3i 2,110! 50,801 2,238 r51,739j 2,478!^52,115 2.693 r52,628 2,781 2,7421 52,756 2,740 * 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 I 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. 1096. 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

1090 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional * Foreign E pe n r d io o d f G to ra ta n l d Total Intl. E p r u e e a r - o n - L r . e A - . Total c O ia ff l i 3 - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t u h ie n e s r gional 2 gional 1959 419,389 43,158 43,158 16,231 9,154 7,076 8,473 2,198 2,408 2,780 253 119 1960 21,272 4,012 3,897 '"'iis' 17,260 10,212 7,048 9,046 2,439 2,308 3,115 227 125 1961. . 522,533 3,752 3,695 57 518,781 10,940 57,841 10,322 2,758 2,340 52,974 283 104 1962 25,019 5,145 4,938 34 173 19,874 11,963 7,911 10,162 3,349 2,448 3,444 319 152 1963—June.... '25,844 '4,833 4,671 26 '136 21,011 12,377 8,634 10,762 3,174 2,876 3,733 291 175 July '25,498 '4,945 4,783 18 '145 20,553 11,958 8,594 10,354 3,073 2,940 3,737 286 162 Aug '25,779 '4,818 4,662 18 '139 20,961 12,215 8,746 10,666 3,128 2,969 3,741 293 164 Sept '25,882 '4,780 '4,624 18 '137 21,102 12,392 8,710 10,789 3,107 3,003 3,779 264 160 Oct '26,294 '4,756 '4,619 17 '120 '21,538 12,342 '9,195 '10,865 3,373 3,019 3,852 265 164 Nov.... '26,428 '4,668 '4,528 17 '122 '21,760 12,394 '9,367 '10,819 3,493 3,034 3,955 274 185 Dec '25,938 '4,637 '4,501 18 118 '21,301 12,467 '8,834 '10,770 2,988 3,137 3,971 241 194 1964—Jan . . , '26,122 '4,668 '4,537 17 115 '21,454 12,217 '9,237 '10,752 3,100 3,171 4,012 246 172 Feb '26,119 '4,775 '4,649 17 109 '21,344 12,059 '9,285 '10,618 3,034 3,191 4,077 238 184 Mar.... '25,919 '4,731 '4,603 19 '108 21,188 '12,029 '9,159 10,693 2,684 3,192 4,194 248 111 Apr 26,356 4,788 4,591 16 181 21,568 11,772 9,796 10,657 2,903 3,365 4,224 236 184 May P. . 26,367 4,841 4,651 19 171 21,526 11,924 9,602 10,640 2,932 3,330 4,208 231 185 June^... 26,356 4,937 4,755 28 154 21,419 12,134 9,285 10,703 2,743 3,313 4,245 228 186 la. Europe Ger- End of period Total Austria Belgium m D a e r n k - l F a i n n d - France m F a e n d y . , Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963—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 1S1 1,249 329 127 149 177 434 Oct '10,865 372 410 128 78 1,434 2,965 174 1,029 367 119 152 164 419 Nov '10,819 347 401 144 86 1,499 3,041 183 877 361 119 162 172 431 Dec '10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964 Jan '10,752 360 440 176 93 L 487 2 999 177 685 319 107 199 206 421 Feb '10,618 322 431 157 108 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 10,657 297 437 191 111 L,406 2,386 156 849 254 117 189 218 415 May P . . 10,640 341 439 195 112 1,518 2,303 148 866 264 159 191 241 420 June23... 10,703 310 441 197 102 1,557 2,535 147 891 223 157 188 264 433 la. Europe—Continued lb. Latin America End of period Sw la it n z 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 t o e e p r r e n * 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 J 963—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 '1,807 15 325 2 21 3,019 381 185 122 163 12 632 Nov. 831 25 '1,706 16 395 2 20 3,034 360 189 135 162 11 654 Dec. 906 21 '1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—Jan.. 915 18 '1,777 14 334 3 23 3,171 381 169 131 174 11 684 Feb.. 919 28 '1,735 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.. 1,043 16 2,008 13 528 3 21 3,365 377 178 142 190 12 707 May P .. 1,063 15 1,931 14 396 4 20 3,330 402 189 135 178 11 659 June*... 1,138 14 1,715 14 348 3 25 3,313 350 174 184 173 11 649 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1091 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. ,\sia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 8 4 S n N u ti r e l i l n t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1959 129 82 62 277 227 9 14 88 33 2,780 36 60 114 139 87 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—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 r355 136 93 15 3,971 35 66 51 48 112 1964—Jan... 111 168 105 646 '358 128 88 16 4,012 35 78 51 44 121 Feb... 113 173 104 592 '391 125 87 14 4,077 36 72 52 54 129 Mar.. 91 173 106 616 ''397 141 88 13 4,194 36 74 55 46 126 Apr... 90 191 98 717 412 154 86 11 4,224 36 72 56 45 132 May p 90 197 104 687 420 155 85 17 4,208 36 71 67 40 140 June?. 105 204 105 656 426 166 93 16 4,245 36 71 64 42 135 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - w Ta a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a U (E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s i - a ot A he ll r* 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—June 2,309 92 202 108 376 361 291 30 101 38 17 105 175 160 15 July 2 315 87 204 114 379 365 286 30 88 45 15 109 162 147 15 Aug 2,309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 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 ... 2 415 120 205 215 416 512 236 25 24 46 26 114 184 162 22 May v,.. 2,392 115 203 219 416 510 231 24 19 49 21 118 185 164 21 June?... 2,441 106 204 232 425 490 228 25 17 38 22 126 186 166 19 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International i o Represent a partial breakdown of the amounts shown in the "other" Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 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." 1! 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 « Includes Bank for International Settlements and European Fund. description of the data in this and the following tables on international ' 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

1092 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data10 (end of period) 1963 1964 1963 1964 Area or country 1962 Area or country 1962 Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland 5.6 5.2 7.0 4.7 H18 7 49.4 23.5 33.4 Ireland Rep of 2.9 4.7 10.7 6.0 Iraq 8.5 11.1 19.8 n.a. Luxembourg . ..... 10.8 8.9 7.4 8.6 1.2 1.7 2.8 2.7 Monaco 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: 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 Costa Rica 16.5 32.8 29.1 35.9 Pakistan 15.9 15.9 17.3 16.1 Dominican Republic H42.0 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 '65.1 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: Jamaica 3.3 5.8 '6.5 '4.7 Algeria 1.6 .5 .9 1.0 Nicaragua 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 & Tobaao 3.1 4.1 '5.7 '5.5 Liberia . . . .. 17.6 13.4 22.0 17.8 Libya 5.5 10.5 14.1 14.9 Other Latin America: M^o zambia uc 2.5 l.l 1.4 1.4 British West Indies 9.0 22.6 '7.3 '6.3 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 .6 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: i Cambodia 12.6 10.2 6.9 2 1 New Zealand 4 7 8 8 in s 18 8 Ceylon . 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 banksand official institutions To all other foreigners Payable End of period Total in foreign Total Dem D an e d pos T it i s mei c T b er i r l t U e l i s f a . i s S c a u a . n r t d y es n S o p U 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 y es Other 3 currencies 1959 419,389 416,913 6,341 7,180 42,065 1.328 2,398 1,833 295 270 77 I960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962 25,019 22,311 8,528 9,214 3,012 1,557 2,565 2.096 116 352 143 1963—jUne '25,844 '22,896 5,714 3.561 9,012 2,922 1,687 2,822 ,442 832 109 439 127 July '25,498 '22,592 5,638 3,561 8,811 2,961 1,621 2,797 ,401 858 117 421 108 Aug '25,779 '22,804 .5,487 3,674 8,916 3,028 1,699 2,864 ,399 886 111 468 112 Sent '25,882 '22,852 5,567 3,647 8,859 3,028 1,751 2,921 ,441 902 109 469 108 Oct '26,294 '23,205 5,760 3,824 8,735 3,036 1,850 2,943 ,391 931 122 499 145 Nov r26 428 '23,277 5,994 3,806 8 555 3,036 1 886 3,022 454 949 H4 485 no Dec '25,938 '22,758 5,629 3,673 8,571 3,036 1,849 3,047 ,493 966 119 469 134 1964 Jan r26,122 '22,990 5,900 3,756 8,531 3,036 1 767 3,002 425 980 120 477 131 Feb r26,119 '22,923 5,796 3,842 8,371 3,166 1,748 3,070 ,443 994 127 506 12*? Mar '25,919 '22,696 5,818 '3,800 7,972 3,171 1,935 3,111 ,424 1,023 136 528 112 Apr 26,356 23,091 6,063 3,946 7,687 3,166 2,229 3,148 ,457 1,038 116 537 117 May P 26.367 23,142 5,899 3,922 7,800 3,164 2,357 3,107 ,467 1,057 87 496 118 JuneP 26,356 23,100 5,771 3,722 7,866 3,289 2,452 3,133 ,496 1,077 485 123 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 $292 million on June 30, 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

AUGUST 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1093 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 * cou O n t t h r e i r es 2 1959. 2,624 534 272 ,176 586 56 I960. 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—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.. '5,458 919 554 ,699 '2,147 88 51 Oct.., '5,590 964 627 ,694 '2,166 82 56 Nov.. '5,759 989 '634 ,688 '2,298 97 52 Dec. '5,936 '928 '611 ,742 '2,493 104 58 1964— Jan '6,107 '943 '641 ,761 '2,601 104 55 Feb.... '6,222 '604 ,753 '2,716 100 56 Mar.... '6,339 '932 '691 ,777 '2,796 98 '44 Apr.... 6,473 996 720 ,815 2,794 102 45 May p., 6,540 1,027 739 ,793 2,829 98 52 June*7.. 6,873 1,156 834 ,854 2,874 100 54 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 F G e e d r . m o R f an ep y . , Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 1960 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 It 35 1962 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963—June.. 985 9 29 10 51 67 256 8 57 34 31 11 44 24 July.. 877 9 28 10 51 63 132 10 69 37 34 11 44 25 Aug.. 954 12 26 9 49 65 159 9 85 37 35 12 52 33 Sept.. 919 10 28 11 51 69 146 10 70 37 35 13 45 32 Oct... 964 10 26 11 49 66 151 9 81 41 34 14 38 33 Nov.. 989 9 27 11 49 65 170 9 82 36 41 16 29 36 Dec... '928 8 26 13 52 70 121 9 97 33 40 14 '26 30 1964-Jan... '943 8 25 13 53 74 160 9 96 40 39 12 '26 25 Feb... '991 8 30 15 69 80 165 9 95 42 34 12 '24 25 Mar.. '932 8 28 15 69 85 123 9 83 43 33 17 '27 23 Apr... 996 8 29 12 75 86 135 9 85 47 34 17 25 29 May p 1,027 9 30 15 63 92 158 9 90 38 35 15 30 29 June^. 1,156 7 31 16 63 86 135 10 114 45 41 16 28 32 3a. Europe—Continued 3b. Latin America End of period S l w a er n 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 t o e e p r r e n 4 U.S.S.R. E E O a u t s r h t o e e p r r e n ' Total Ar t g in en a - Brazil Chile l C b o o i m - a - Cuba M i e c x o - 1959 38 47 121 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 ,356 121 225 73 80 26 343 1961 105 16 181 9 ,522 192 186 127 125 19 425 1962 75 42 221 19 ,606 181 171 186 131 17 408 1963—June 65 49 188 21 ,613 180 197 166 153 18 409 July. 69 47 187 21 ,669 200 192 171 146 18 448 Aug. 71 44 204 21 ,698 198 199 170 176 18 448 Sept. 75 47 196 19 ,699 187 210 179 169 18 454 Oct.. 91 42 229 20 ,694 183 183 186 180 18 445 Nov. 78 23 262 22 .688 184 172 192 185 18 443 Dec. 70 48 225 23 ,742 188 163 187 208 18 465 1964—Jan.. 79 36 200 23 .761 179 170 184 218 17 468 Feb. 74 50 208 11 23 ,753 175 166 184 219 17 477 Mar. 77 46 191 14 23 ,777 176 155 182 '222 16 '494 Apr. 81 25 240 17 25 ,815 180 147 192 226 17 516 May 76 23 250 24 24 ,793 175 141 186 230 17 509 J 85 42 341 27 22 ,854 171 147 191 246 17 540 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia Other Baha- Neth. Other E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R l L e ic p . s A u 6 . b- B m & e a r s - A S n u t & i r l i l - es A L ic m a a t e i 7 n r- Total C M la h a n i i n d n a - H K o o n n g g India I n n e d s o i Israel muda ! 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—June... 29 103 95 99 105 27 14 18 2,141 2 12 19 27 July.... 29 06 96 96 113 29 14 11 2,128 2 12 16 • 29 Aug..., 30 [04 93 99 112 31 10 10 2,051 2 11 19 28 Sept... 30 •103 86 102 109 33 9 11 '2,147 2 11 20 28 Oct.... 33 [03 92 103 116 31 8 15 '2,166 2 11 18 30 Nov... 33 98 82 106 121 33 8 14 '2,298 2 12 16 25 Dec... 35 99 65 114 135 42 9 16 '2,493 2 11 17 22 1964—Jan 47 106 54 109 148 37 9 15 '2,601 2 11 18 25 Feb.... 45 107 50 112 145 33 10 12 '2,716 2 11 17 29 Mar... 50 110 50 '115 147 34 12 14 '2,796 2 12 26 31 Apr.... 46 113 48 123 147 37 11 11 2,794 2 13 22 34 May P. 41 113 51 125 144 35 13 12 2,829 2 13 23 38 June**.. 44 114 54 128 141 37 12 10 2,874 2 15 21 39 3c. Asia—Continued Sd. Africa 3e. Other countries End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total 1 C ( p L o o e n l o d g - - o M c o o r o 1 c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r 1 Total 2 A t l r u i a a s - - ot A he ll rs ville) 1959 324 1 24 9 15 180 3 P 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 70 9 41 80 2 10 26 137 41 57 1963 June 1,872 16 66 14 40 73 88 1 3 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 13 26 41 50 43 6 Sent '1,890 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct '1,904 1% 63 8 44 72 82 2 is 27 36 56 49 8 Nov '2,017 26 74 8 45 73 97 3 16 27 51 52 44 8 Dec '2,171 25 113 8 52 71 104 1 15 28 59 58 48 9 1964—Jan '2,247 28 129 9 52 80 104 25 61 55 47 8 Feb . . . r2 340 to 142 10 58 76 100 1 15 28 55 56 49 8 Mar '2 400 *11 150 9 58 77 98 1 1 17 24 55 '44 '36 8 Apr 2,394 29 161 8 57 74 102 1 1 ?0 24 56 45 37 8 May v 2,425 28 155 7 54 84 98 1 2 18 29 49 52 43 9 June*> 2,469 \1 158 7 57 78 100 1 2 19 26 52 54 45 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

AUGUST 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1095 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 Loans to— Foreign End of period Total C t o io ll n e s c- A m a c n c a c e d e p e s t- Deposits g c o u v ri t t . i e se s, - Total Official out- for acct. Other 3 Total with for- comml. Other • Total institu- Banks Others stand- of for- eigners and fitions ! ing eigners 2 p n a a p n e c r e 2 1959 2,624 2 406 1 .309 351 498 460 516 582 217 203 15 1960 3,614 3,135 ,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 ,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—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 '5,458 '4,853 r ,739 177 840 '722 758 '2,042 r314 '605 '407 148 49 Oct '5,590 '4,896 r ,732 153 852 '727 773 '2,046 '345 '694 '465 174 55 Nov '5,759 '5,121 '1,919 201 961 '757 801 '2,052 '350 '639 '432 156 51 Dec '5,936 '5,309 ' ,915 186 955 '774 832 '2,214 '349 '627 '432 153 42 1964—Jan '6,107 '5,461 '2,024 191 1,037 '796 863 '2,248 '326 '646 '399 204 43 Feb '6,222 '5,581 '2,057 '176 1,090 '791 891 '2,325 '309 '641 '410 194 36 Mar '6,339 '5,678 '2,047 '162 '1,082 '803 932 '2,394 '305 '661 '397 209 55 Apr 6,473 5,764 2,095 152 1,104 839 911 2,413 346 708 444 209 56 May * 6,540 5,805 2,153 140 1,141 872 932 2,373 348 734 452 220 62 June** 6,873 6,000 2,192 165 1,143 884 933 2,438 437 873 560 253 60 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 June . 2,396 2,396 2,361 35 * '43 July 2,431 2,431 2,395 36 * '52 2,472 2,472 2,433 39 * r56 Sept ... '2,512 '2,512 '2,471 41 * '55 Oct '2,512 '2,509 '2,470 39 2 '66 Nov '2,584 '2,581 '2,545 36 2 '64 Dec '13,015 '13,013 '2,796 217 2 '69 1964 Jan '3,058 '3,056 '2,839 217 2 '73 F M e a b r ' ' 3 3 , , 1 2 0 4 7 6 ' r3 3 , , 2 1 4 0 5 4 ' ' 2 3 , , 8 0 8 3 8 0 2 2 1 1 5 7 2 1 1 '7 0 4 4 Apr 3,276 3,275 3,062 213 1 145 May * 3,286 3,286 3,074 212 154 June23 3,313 3,312 3,110 202 1 156 i Includes $193 million reported by banks for the first time as of December 1963, representing in part claims previously held but not reported by banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Gov . bonds and notes l U. s S e . c u c r o i r ti p e o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign ch P a u s r e - s Sales c N ha s e a s t e le p s s u o r r - ch P a u s r e - s Sales c N ha s e a t s e l p e s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e l p e s s u o r r regional Total Official Other I960 127 225 - 98 2,419 2.167 252 883 1,445 -562 509 592 -83 1961 512 532 - 20 3.384 3,161 223 802 1,262 - 460 596 966 -370 1962 728 - 521 - 207 2 568 2 508 60 1 093 2 037 944 702 806 — 104 1963 . ... 671 302 369 2,980 2.773 207 991 2,086 - 1.095 696 644 51 1963—June 22 -8 30 31 354 342 12 57 157 - 100 59 61 -2 July - 10 3 -7 5 -12 208 192 16 75 117 -41 55 79 -24 Aug 142 105 37 43 -6 225 207 18 45 no -65 42 43 -1 S O e c n t t 8 8 3 - 4 3 87 5 8 1 2 4 - 9 5 2 26 3 1 9 2 2 3 7 6 2 - 1 4 1 22 5 8 0 24332 ^ 7 4 6 4 0 2 * 3 1 2 2 1 9 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 - 5 277 254 23 40 62 -22 63 28 34 1964 Jan -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb 30 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 -4 1 -5 4 -8 340 360 -20 70 177 -107 71 50 22 Mayp -83 -103 20 1 19 288 273 15 53 157 -103 62 50 12 June p 12 * 12 1 11 313 297 17 67 112 -44 64 47 17 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 I. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable n dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962—Dec 251 200 51 1963—July 655 25 30 225 200 175 208 125 S8 25 Aug 705 25 30 275 200 175 163 125 13 25 Sent 705 25 30 275 200 175 163 125 13 25 Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 !75 163 125 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 U) 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 8 25 May 802 50 30 All i 245 158 125 8 25 June 802 50 30 All 1245 152 125 2 25 July 953 50 30 628 1245 152 125 2 25 l 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

AUGUST 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1097 NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o n i m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia j 1 j Africal | , i t c O r o i t e u h s n e 2 - r reg I a n i n o t d l n . al 1960 252 202 50 38 171 -48 72 234 -45 36 \l !::::: 14 1961 223 323 -99 21 166 -17 61 232 -112 44 • •; I 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963 207 198 9 o -14 206 16 199 -47 14 17 | • 'l 22 1963— J A S O N J u e u u o c l p n y g v t t e . . . . . . . . . . . . . . . . 3 1 1 1 4 1 2 6 8 - 2 8 3 1 1 8 1 8 1 6 - - - - 7 9 3 7 8 1 - - - - 4 2 1 1 3 -10 2 6 8 * 2 2 3 1 9 2 0 2 2 5 - — 5 4 6 1 1 3 — 2 3 1 1 1 6 1 9 1 3 2 - - - 1 1 - - 1 4 6 1 2 4 1 - - 1 4 * * 3 -4 - 1 1 1 I > * * ** % 2 2 2 2 2 Dec... 23 21 2 * 3 8 7 18 2 5 1 * 2 1 1964—Jan.. . 13 4 9 2 -2 -16 8 -12 11 10 1 * 1 Feb... -34 -26 Q * -6 -22 4 -25 -10 1 — 1 < 2 Mar... -35 -51 16 2 -13 -19 5 -25 -5 -10 2 1 3 A M p a r y . * . » . . -2 1 0 5 -17 2 -2 14 1 - - 1 6 2 -24 8 3 6 -27 3 1 9 0 -2 2 — 1 1 • i < * 1 1 June P. 17 -6 23 -4 -24 28 -3 -3 10 4 3 , * ~ 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 incustody Period Total g a i r n o e d - nal 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 Africa1 O c tr o i t u e h s n e 2 - r E p n er d i o o d f Deposits U se .S c . u r G iti o e v s t ! . Ear g m o a ld rked 1960 — 645 -147 — 498 — 117 - 196 — 107 — 41 — 36 1959 345 4 477 9.861 1961 . -830 1 -832 -262 -318 -58 -121 ... -73 I960 217 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-—June.... -102 2 -104 -24 -42 1 -41 1 1 1963—June.. 175 7.957 12,917 July -65 8 -73 2 -6 -36 -36 1 2 July.. . 182 7,733 13,086 Aug -66 1 -67 -7 -29: 2 -34! * 1 Aug... 177 7.856 13,129 Sept 16 2 15 -11 — 16j 16 20 4 2 Sept... 174 7,945 13,132 Oct 36 4 32 10 28! 2 -10 1 Oct.... 175 8.241 13,025 Nov 10 2 8 2 8j 2 -5 * * Nov... 165 8,343 13.048 Dec 12 2 10 16 -2j 1 -11 6 1 Dec... 171 8.675 12,954 1964—Jan 35 3 32 24 16 1 -10 * 1 1964—-Jan... . 136 8.740 12,899 Feb -49 1 -49 22 -76j -4 8\ * 1 Feb.. . 155 8,731 12,884 Mar 33 2 31 23 10 1 _4'i * 1 Mar... 167 8,!05 12,775 Apr. .. . -85 -48 -38 24 -44; -14 -5 * 2 Apr... 166 7,860 12,726 -91 1 -92 8 -93! 3 -12 * 1 May.. 161 7,892 12.747 June*5.. . -28 9 -36 13 -49! 2 -8 1 4 June.. 156 8.043 12.795 ! July.. . 135 8,201 12,752 1 Not reported separately until May 1963. 2 Yearly figures include Africa. i U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 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 1963 1964 1963 1964 in IV III IV Europe: Austria 2 2 2 2 2 5 5 6 7 Belgium 18 20 23 26 19 24 27 26 21 17 Denmark 2 3 2 3 1 6 7 5 8 6 Finland 1 1 1 1 1 4 3 3 4 7 France 31 32 31 33 31 59 50 48 47 52 Germany, Fed. Rep. of. . 36 33 35 34 32 114 106 106 103 114 Greece 1 2 2 2 2 6 6 7 9 13 Italy 29 30 26 25 26 82 '89 102 106 102 Netherlands 46 50 56 46 43 24 '28 24 32 34 Norway 12 13 13 14 14 15 15 16 18 18 Portugal 1 1 1 1 1 8 7 7 8 8 Spain 7 7 6 7 7 25 23 26 29 32 Sweden 8 8 7 9 7 17 20 19 17 20 Switzerland 26 27 40 27 22 28 »35 30 27 23 Turkey 4 4 5 2 4 6 n 6 5 5 United Kingdom 110 118 127 100 110 196 218 226 224 Yugoslavia 4 3 3 4 6 3 201 3 3 4 Other Western Europe2. 1 2 3 3 1 4 3 4 4 5 U.S.S.R * 1 3 1 Other Eastern Europe3.. 1 2 3 Total. 341 356 384 338 333 629 639 660 680 693 Canada. 64 59 62 72 68 830 918 887 682 821 Latin America: Argentina 6 6 7 6 31 30 28 40 39 Brazil 18 19 21 13 13 108 103 112 113 119 Chile 3 4 4 3 3 25 26 23 25 24 Colombia 3 5 5 7 6 18 20 22 19 19 Cuba 1 * 6 6 6 5 5 Mexico 6 10 6 11 58 56 53 60 59 Panama 5 11 17 20 29 13 14 13 13 10 Peru 9 4 3 6 8 14 19 19 27 26 Uruguay 1 3 4 1 3 7 5 4 9 7 Venezuela 23 27 25 22 20 33 37 38 36 37 Other L.A. Republics4... 3 11 11 13 10 22 38 40 39 42 Bahamas and Bermuda5.. 3 6 3 3 11 12 12 23 Neth. Antilles & Surinam. 9 9 6 6 7 10 5 5 Other Latin America 6 15 2 2 4 5 41 11 10 Total. 101 '114 119 112 123 382 383 389 415 427 Asia: China Mainland. 2 2 2 2 Hong Kong 2 2 2 2 2 4 3 4 4 6 India 8 16 15 14 14 50 49 42 42 39 Indonesia 2 n 2 3 3 3 4 7 10 5 Israel 1 1 1 2 7 7 7 7 7 J K P a h o p i r l a e i n p a pines 4 4 6 3 4 2 3 5 3 29 7 1 24 5 1 23 5 1 '12 1 6 4 0 14 1 0 4 1 13 1 4 0 1 15 9 6 7 16 1 5 5 2 Taiwan * 1 1 1 5 6 3 4 3 Thailand 4 4 1 2 5 5 4 11 7 Other Asia 16 19 21 18 22 39 44 42 41 46 Total. 90 104 82 72 76 ••253 '273 254 291 295 Africa: Congo (Leopoldville). 1 2 3 Morocco5 1 2 South Africa 11 12 10 9 9 9 U.A.R. (Egypt) 9 10 6 12 15 12 11 14 Other Africa 5 14 10 15 18 18 23 Total5. 35 33 25 21 41 42 43 50 Other countries: Australia 10 13 18 17 25 26 28 28 32 33 Allother?.... 13 4 6 5 4 27 8 7 9 5 Total8 30 17 24 22 30 77 35 35 42 38 International and regional. 1 3 2 2 1 Grand total 626 r685 703 641 651 r2,173 r2,293 2,269 2,154 2,325 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. * 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

AUGUST 1964 UJS. BALANCE OF PAYMENTS 1099 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 7,416 880 7,972 8,405 8,858 Merchandise 19,459 19,913 20,576 21,938 4,984 459 5,597 5,898 6,087 I M nv il e it s a tm ry e s n a t le in s come receipts, private.. 2,9 3 1 3 1 5 3,4 4 6 0 4 2 3,8 6 5 5 0 6 3,9 6 8 3 2 4 1,0 1 2 8 6 1 9 2 7 0 2 6 P 99293 P1 9 5 9 5 1 1,2 2 3 1 1 3 Investment income receipts, Govt.... 349 380 471 498 123 124 125 126 127 Other services 3,990 4,279 4,531 4,621 1,102 119 1,165 1,235 1,200 Imports of goods and services—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 l. 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 1,110 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 -80 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 -1 204 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 13 -74 4. Errors and unrecorded transactions. -772 -998 -1,111 -286 -124 42 -277 -108 73 Balance of A (=1+2+3+4) -3,918 -3,071 -3,605 -3,286 -1,180 -1,319 -383 -181 Less: Net seasonal adjustments -367 -107 462 -404 -249 Balance of A before seasonal adjustment. -3,07i' -3,605 -3,286 -813 -1,212 -845 12 68 -416 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 -5 105 239 140 Sales of nonconvertible nonmarketable securities,1 net 251 -43 63 -10 -95 -1 -55 Dollar securities8 31 58 19 -45 -1 c Foreign currency securities '251 -74 5 -50 -50 Sales of convertible nonmarketable securities,*1 net 702 350 -29 175 Dollar securities 150 125 152 25 Foreign currency securities 552 225 150 "i'52 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 *1 -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 -51 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. * Not seasonally adjusted separately. 11 Including undetermined holders. 5 Other than foreign liquid assets in U.S. «Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments i 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

1100 FOREIGN TRADE; MONEY RATES AUGUST 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports * 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 rl,422 462 341 3-107 r615 Feb 1,712 1,809 32,118 2,029 1,150 ,320 31,497 1,445 562 489 3621 584 Mar 1,751 1,672 31.960 2,078 1,163 ,342 31,487 1,523 588 330 3473 555 Apr . . . 1,662 1,795 31,913 2,046 1,152 ,365 31,417 1,542 510 430 3496 504 May 1,585 1,762 1,893 2,052 1,153 ,404 1,420 1,548 432 358 473 504 31,582 1,836 1,785 2,004 3 1,174 ,351 1,421 1,506 3 408 485 364 498 July 31 689 I 748 1,823 31,379 ,347 1,458 3 310 401 365 1,689 .703 1,895 1,254 ,346 1,508 435 357 387 Sept 1 678 31 908 1,980 1,262 31.471 1,450 416 3437 530 Oct 1,780 31,523 ,946 1,300 31,312 1,459 480 3211 487 Nov 1 733 1 725 945 1,309 1 425 1 472 424 300 473 Dec 1 725 31 839 2,049 1,315 31,377 1,480 410 3462 569 Quarter: 5,086 5,149 35,063 6.144 3,474 3,989 34,076 r4 390 1,612 1,160 3987 rl 754 II 3 4,829 5,393 35,591 6,102 3 3,479 4,120 34,258 4,596 3 1,350 1,273 31,333 1 506 HI 3 5 056 35,359 5,698 3 3,895 34,164 4,416 3 1,161 31 195 1 282 IV 5,238 35,087 5,940 3,924 34,114 4,411 1,314 3973 1,529 Year 4 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under * Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l s n ls u t , h ry s* D m a o d y n a - y e t y o 2 - 3 B a a a c m 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 a s 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 m Da 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 c i a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 .11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 .24 2.00 1963—June 3.23 2.89 3.84 3.69 2.88 2.00 4.76 2.63 3.88 1.87 .14 2.00 July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3 44 2.07 .92 2.00 Aug 3.64 3 12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 1.78 .06 2.00 Sept 3.69 3 14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 .24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 .11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 .14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 .56 2.00 1964—Jan 3.76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 2.31 .67 2.00 Feb 3.81 3.57 4,00 3.91 3.10 2.08 4.33 2.63 2.69 2.33 .88 2.00 Mar 3.88 3.70 4.53 4.30 3.79 3.00 4.98 2.63 3.38 2.88 L51 2.00 Apr 3.75 3.52 4.53 4.30 3.81 3.00 5.03 2.63 3.44 3.00 1.42 2.38 May 3.66 3.33 4.56 4.35 3.77 3.00 6.18 2.63 3.38 3.10 >.78 2.50 June 3.56 3.28 4.64 4.44 3.80 3.00 4.91 2.63 3.31 3.81 '.06 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 4 Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1964 MONEY RATES 1101 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months July 31, 1963 Rate as of Country 1963 1964 July 31, 1964 Per Month cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina 6.0 Dec. 1957 6.0 Austria . 4.5 June 1963 4.5 Belgium 4.0 July 1963 4.25 4.75 4.75 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 14.21 July 1963 14.39 14.39 China (Taiwan) 3 14.04 July 1963 14.04 Colombia 8.0 May 1963 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 7.0 France 3.5 Oct. 1960 4.0 4.0 Germany, Fed. Rep. of 3.0 May 1961 3.0 Ghana 4.5 Oct. 1961 4.5 Greece 5.5 Jan. 1963 5.5 Honduras ^ .. 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 9.6 9.0 Iran 6.0 Nov. 1960 4 0 4.0 Ireland 3.95 June 1963 3.94 3.98 3.94 4.5 4.62 4.69 4.6° Israel .. 6.0 Feb. 1955 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 Mexico 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4.0 4.5 4.5 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru . 9.5 Nov 1959 9.5 Philippine Republic 6 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa... 3.5 Nov. 1962 4.0 4.0 Spain . 4.0 June 1961 4.0 Sweden 4.0 June 1963 4.5 4.5 Switzerland 2.0 Feb. 1959 2.5 2.5 Thailand 7.0 Feb. 1945 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 5.6 5.0 Venezuela 4.5 Dec. 1960 4.5 i 1 On June 24, 1962, the bank rate on advances to chartered banks more than one rate applicable to such discounts or advances, the rate was fixed at 6 per cent. Rates on loans to money market dealers will shown is the one at which it is understood the central bank transacts continue to be .25 of 1 per cent above latest weekly Treasury bill tender the largest proportion of its credit operations. Other rates for some average rate but will not be more than the bank rate. of these countries follow: 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at Argentina—3 and 5 per cent for certain rural and industrial paper, dethe average rate charged by banks in the previous half year. Old redis- pending on type of transaction; counts remain subject to old rates provided their amount is reduced by Brazil—8 per cent for secured paper and 4 per cent for certain agricultural one-eighth each month beginning with May 1, 1959, but the rates are paper; raised by 1.5 per cent for each month in which the reduction does not Colombia—5 per cent for warehouse receipts covering approved lists of occur. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 3 Rate shown is for call loans. for rediscounts in excess of an individual bank's quota; * Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate applies to advances against commercial paper as well as against (rate shown is for agricultural and industrial paper); govt. securities and other eligible paper. Ecuador—6 per cent for bank acceptances for commercial purposes; 6 Beginning with June 1, 1962, the rediscount rate for commercial Indonesia—various rates depending on type of paper, collateral, combank loans financing the purchase of surplus agricultural commodities modity involved, etc.; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Japan—penalty rates (exceeding the basic rate shown) for borrowings 1962, the rediscount rate for commercial bank financing of 9 categories from the central bank in excess of an individual bank's quota; of development loans was reduced from 6 to 3 per cent. peru—8 per cent for agricultural, industrial and mining paper; and Venezuela—4 per cent for rediscounts of certain agricultural paper and NOTE.—Rates shown are mainly those at which the central bank either for advances against govt. bonds or gold and 5 per cent on advances discounts or makes advances against eligible commercial paper and/or against securities of Venezuelan companies. govt. securities for commercial banks or brokers. For countries with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 FOREIGN EXCHANGE RATES AUGUST 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 2.707 223.88 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—July .7309 223.17 3.8719 2.0038 92.598 21.015 14.488 31.057 20.405 AU2 .7439 223.07 3.8712 2.0039 92.325 21.010 14.470 31.056 20.405 Sept .7034 222.92 3.8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov .6942 222.93 3.8659 2.0059 92.778 21.021 14.484 31.057 20.405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May 7312 223.06 3.8686 2 0089 92 499 21.021 14 482 31 066 20 405 June .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31 063 20.401 July .7279 222.29 3.8710 2.0085 92.473 20.977 14.459 31.063 20.405 Germany Malay- Neth- New Period (deutsche India Ireland Italy Japan sia Mexico erlands Zealand mark) (rupee) (pound) (lira) (yen) (dollar) (peso) (guilder) (pound) 1958 23.848 21.048 280.98 .16006 .27791 32.767 8.0056 26 418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1963—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 June 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276.65 July 25.159 20.912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 Philip- South Africa United Norway pine Portu- Spain Sweden Swit- King- Period (krone) Republic gal (peseta) (krona) zerland dom (peso) (escudo) (pound) (rand) (franc) (pound) 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 14.028 49.721 3 4967 279 83 2 0^79 19.324 23 142 280 88 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 L.6664 19.272 23.139 280.00 1963—July 13.993 3 4900 139.52 1.6663 19.302 23.129 280.08 Aug 13.985 3.4893 139.46 1.6664 19.266 23.164 279.96 Sept 13.971 3.4881 139.36 1.6664 19.268 23.171 279.77 Oct 13.971 3,4863 139.37 1.6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 1.6665 19.262 23.166 279.78 Dec 13.972 3.4874 139.30 L.6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 1.6665 19.272 23.168 279.83 Feb 13.962 3.4848 139.32 1.6664 19.290 23.122 279.69 Mar 13.976 3.4867 139.38 1.6663 19.430 23.110 279.81 Apr 13.989 3.4879 139.43 L.6664 19.451 23.143 279.90 May 13.992 3.4874 139.45 L.6664 19.464 23.171 279.94 June 13.984 3.4847 139.19 L.6663 19.467 23.172 279.42 July 13.972 3.4796 138.96 L.6663 19.441 23.139 278.97 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 Examiner DAVID B. HEXTER, Assistant General Counsel 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 1104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1105 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

1106 FEDERAL RESERVE BULLETIN • AUGUST 1964 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or brancht 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 Mar. 31, 1964. $2.50. 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDERAL RESERVE BULLETIN • AUGUST 1964 REPRINTS CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 20 pp. 11 PP. THE MONETARY SYSTEM OF THE UNITED STATES. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. Feb. 1953. 16 pp. 1963. 8 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC THE OPEN MARKET POLICY PROCESS. Oct. 1963. STABILITY. May 1953. 7 pp. 11 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- RECENT INTEREST RATE TRENDS. NOV. 1963. print of the U.S. Summary containing a de- 10 pp. scription of revised statistics for all banks in the United States, by class of bank, together BANK CREDIT AND MONEY IN 1963. Feb. 1964. 7 pp. with revised statistics. Apr. 1959. 94 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- STATISTICS ON THE GOVERNMENT SECURITIES SUMERS. Mar. 1964. 9 pp. MARKET. Apr. 1961. 8 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1961. 15 pp. CHANGE OPERATIONS AND THE GOLD POOL. Mar. 1964. 14 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. BANKING AND MONETARY STATISTICS, 1963. Selected series of banking and monetary statis- FARM DEBT AS RELATED TO VALUE OF SALES. tics for 1963 only. Feb., Mar., and May 1964. Feb. 1963. 9 pp. 15 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. REVISION OF THE MONEY SUPPLY SERIES. June 1964. 14 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. REVISION OF BANK CREDIT SERIES. June 1964. 5 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964.9 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. FEDERAL RESERVE SECURITY TRANSACTIONS, 1954-63. July 1964. 16 pp. BANK LOANS SECURED BY STOCKS AND BONDS. July 1963. 19 pp. NEW SERIES ON FEDERAL FUNDS. August 1964. 31 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN MEASURING AND ANALYZING ECONOMIC GROWTH. AND ANNEX PREPARED BY DEPUTIES. August Aug. 1963. 14 pp. 1964. 25 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1029, 1046, 1048 Deposits—continued Agricultural loans of commercial banks, 1040, 1042 Federal Reserve Banks, 1030, 1097 Assets and liabilities (See also Foreign liabilities and Postal savings, 1028, 1035 claims): Discount rates, 1027, 1101 Banks and the monetary system, Discounts and advances by Federal Reserve consolidated 1035 Banks, 1022, 1030, 1032 Corporate, current, 1060 Dividends, corporate, 1059, 1060 Domestic banks, by classes, 1036, 1040, 1042 Dollar assets, foreign, 1089, 1097 Federal Reserve Banks, 1030 Automobiles: Earnings and hours, manufacturing industries, 1075 Consumer instalment credit, 1064, 1065, 1066 Employment, 1072, 1074, 1075 Production index, 1068, 1069 Farm mortgage loans, 1061, 1062 Bankers' balances, 1041, 1043 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 1050 Banking offices: Receipts and expenditures, 1051 Changes in number, 1082 Treasurer's balance, 1050 Par and nonpar offices, number, 1083 Federal funds transactions, 1026 Banks and the monetary system, consolidated state- Federal home loan banks, 1055, 1056, 1063 ment, 1035 Federal Housing Administration, 1047, 1061, 1062, Banks for cooperatives, 1055, 1056 1063 Bonds (See also U.S. Govt. securities): Federal intermediate credit banks, 1055, 1056 New issues, 1056, 1057, 1058 Federal land banks, 1055, 1056 Prices and yields, 1046, 1047 Federal National Mortgage Assn., 1055, 1056, 1063 Brokers and dealers in securities, bank Federal Reserve Banks: loans to, 1040, 1042 Condition statement, 1030 Business expenditures on new plant and U.S. Govt. securities held by, 1022, 1030, 1032, equipment, 1060 1052, 1053 Business indexes, 1072 Federal Reserve credit, 1022, 1030, 1032 Business loans (See Commercial and industrial loans) Federal Reserve notes, 1030, 1033 Federally sponsored credit agencies, 1055, 1056 Capital accounts: Finance company paper, 1046, 1048 Banks, by classes, 1036, 1041, 1044 Financial institutions, loans to, 1040, 1042 Federal Reserve Banks, 1030 Float, 1022 Carloadings, 1072 Flow of funds, 1080 Central banks, foreign, 1086, 1101 Foreign central banks, 1086, 1101 Coins, circulation of, 1033 Foreign currency operations, 1030, 1032, 1088, 1096 Commercial banks: Foreign deposits in U.S. banks, 1022, 1030, 1035, Assets and liabilities, 1036, 1039, 1040 1041, 1044, 1097 Consumer loans held, by type, 1065 Foreign exchange rates, 1102 Number, by classes, 1036 Foreign liabilities and claims: Real estate mortgages held, by type, 1061 Banks, 1090, 1092, 1093, 1095, 1097 Commercial and industrial loans: Nonfinancial concerns, 1098 Commercial banks, 1040 Foreign trade, 1100 Weekly reporting member banks, 1042, 1045 Commercial paper, 1046, 1048 Condition statements (See Assets and liabilities) Gold: Construction, 1072, 1073 Certificates, 1030, 1033 Consumer credit: Earmarked, 1097 Instalment credit, 1064, 1065, 1066, 1067 Net purchases by U.S. 1088 Noninstalment credit, by holder, 1065 Production, 1087 Consumer price indexes, 1072, 1076 Reserves of central banks and govts., 1086 Consumption expenditures, 1078, 1079 Reserves of foreign countries and international Corporations: organizations, 1089 Stock, 1022, 1035, 1088 Sales, profits, taxes, and dividends, 1059, 1060 Govt. debt (See U.S. Govt. securities) Security issues, 1057, 1058 Gross national product, 1078, 1079 Security prices and yields, 1046, 1047 Cost of living (See Consumer price indexes) Currency in circulation, 1022, 1033, 1034 Hours and earnings, manufacturing industries, 1075 Customer credit, stock market, 1047 Housing starts, 1073 Debits to deposit accounts, 1032 Industrial production index, 1068, 1072 Demand deposits: Instalment loans, 1064, 1065, 1066, 1067 Adjusted, banks and the monetary system, 1035 Insurance companies, 1049, 1052, 1053, 1062 Adjusted, commercial banks, 1032, 1034, 1041 Insured commercial banks, 1038, 1040, 1082 Banks, by classes, 1028, 1036, 1044 Interbank deposits, 1028, 1036, 1041 Turnover of, 1032 Interest rates: Type of holder, at commercial banks, 1041 Bond yields, 1046 Deposits (See also specific types of deposits): Business loans by banks, 1045 Adjusted, and currency, 1035 Federal Reserve Bank discount rates, 1027 Banks, by classes, 1028, 1036, 1041, 1044, 1048 Foreign countries, 1100, 1101 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN • AUGUST 1964 Interest rates—continued Reserves—continued Mortgage yields, 1047 Federal Reserve Banks, 1030 Open market, 1046, 1100 Foreign countries and international Stock yields, 1046 organizations, 1089 Time deposits, maximum rates, 1028 Member banks, 1022, 1024, 1028, 1041, 1043 International capital transactions of the U.S., 1090 Residential mortgage loans, 1061, 1062, 1063 International institutions, 1086, 1088, 1089 Retail sales, 1072 Inventories, 1078 Sales finance companies, consumer loans of, 1064, Investment companies, new issues, 1058 1065, 1067 Investments {See also specific types of investments): Saving: Banks, by classes, 1036, 1040, 1043, 1048 Flow of funds series, 1080 Commercial banks, 1039 National income series, 1079 Federal Reserve Banks, 1030, 1032 Savings deposits {See Time deposits) Life insurance companies, 1049 Savings institutions, principal assets, 1048, 1049 Savings and loan assns., 1049 Savings and loan assns., 1049, 1053, 1062 Labor force, 1074 Securities {See also U.S. Govt. securities): Loans {See also specific types of loans): Federally sponsored agencies, 1055 Banks, by classes, 1036, 1040, 1042, 1048 International transactions, 1096, 1097 Commercial banks, 1039 New issues, 1056, 1057, 1058 Federal Reserve Banks, 1022, 1030, 1032 Silver coin and silver certificates, 1033 Insurance companies, 1049, 1062 State member banks, 1038, 1082 Insured or guaranteed by U.S., 1061, 1062, 1063 State and local govts.: Savings and loan assns., 1049, 1062 Deposits of, 1041, 1044 Holdings of U.S. Govt. securities, 1052, 1053 Manufacturers, production index, 1069, 1072 New security issues, 1056, 1057 Margin requirements, 1028 Ownership of obligations of, 1040, 1048, 1049 Member banks: Prices and yields of securities, 1046, 1047 Assets and liabilities, by classes, 1036, 1040 Stock market credit, 1047 Borrowings at Federal Reserve Banks, 1024 Stocks: 1030, 1044 New issues, 1057, 1058 Deposits, by classes, 1028 Prices and yields, 1046, 1047 Number, by classes, 1037 Reserve position, basic, 1026 Tax receipts, Federal, 1051 Reserve requirements, 1028 Time deposits, 1028, 1034, 1035, 1036, 1041, 1044 Reserves and related items, 1022 Treasurer's account balance, 1050 Weekly reporting series, 1042 Treasury cash, 1022, 1033, 1035 Mining, production index, 1069, 1072 Treasury currency, 1022, 1033, 1035 Money rates {See Interest rates) Treasury deposits, 1022, 1030, 1050 Money supply and related data, 1034 Unemployment, 1074 Mortgages {See Real estate loans) U.S. balance of payments, 1099 Mutual savings banks, 1035, 1036, 1038, 1048, 1052, U.S. Govt. balances: 1053, 1061, 1082 Commercial bank holdings, by classes, 1041, 1044 National banks, 1038, 1082 Consolidated monetary statement, 1035 National income, 1078, 1079 Treasury deposits at Federal Reserve National security expenditures, 1051, 1078 Banks, 1022, 1030, 1050 Nonmember banks, 1038, 1040, 1041 U.S. Govt. securities: Open market transactions, 1029 Bank holdings, 1035, 1036, 1040, 1043, 1048, 1052, 1053 Par and nonpar banking offices, number, 1083 Dealer transactions, positions, and Payrolls, manufacturing, index, 1072 financing, 1054 Personal income, 1079 Federal Reserve Bank holdings, 1022, 1030, Postal Savings System, 1028, 1035 1032, 1052, 1053 Prices: Foreign and international holdings, 1030, Consumer, 1072, 1076 1089, 1097 Security, 1047 International transactions, 1096 Wholesale commodity, 1072, 1076 New issues, gross proceeds, 1057 Production, 1068, 1072 Open market transactions, 1029 Profits, corporate, 1059, 1060 Outstanding, by type of security, 1052, 1053, 1055 Real estate loans: Ownership of, 1052, 1053 Banks, by classes, 1040, 1048, 1061 Prices and yields, 1046, 1047 Mortgage yields, 1047 United States notes, outstanding and in Type of holder, 1061, 1062, 1063 circulation, 1033 Type of property mortgaged, 1061, 1062, 1063 Utilities, production index, 1069, 1072 Reserve position, basic, member banks, 1026 Reserve requirements, member banks, 1028 Vault cash, 1022, 1028, 1041 Veterans Administration, 1061, 1062, 1063 Reserves: Central banks and govts., 1086 Weekly reporting member banks, 1042 Commercial banks, 1041 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 §r, Prawn h/ Z W. gdvin, Cart THE FEDERAL RESERVE SYSTEM Q) 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