Federal Reserve Bulletin, 1964-09

FEDERAL RESERVE B U LLETIN September 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 Consumer Instalment Credit 1111 Treasury and Federal Reserve Foreign Exchange Operations 1119 Law Department 1134 Announcements 1141 National Summary of Business Conditions 1142 Guide to Tabular Presentation 1144 Financial and Business Statistics, U.S. (Contents on p. 1145) 1146 International Financial Statistics (Contents on p. 1207) 1208 Board of Governors and Staff 1226 Open Market Committee and Staff; Federal Advisory Council 1227 Federal Reserve Banks and Branches 1228 Federal Reserve Board Publications 1229 Index to Statistical Tables 1231 Map of Federal Reserve System Insideback cover Volume £o * Number 9 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

Consumer Instalment Credit CONSUMERS added about as much to their and miscellaneous debts, (3) more than $16 instalment debt this year, through July, as billion in charge accounts and other shortthey did in the first 7 months of 1963. term noninstalment credit, and (4) $56 bil- In percentage terms, however, the expan- lion in short- and medium-term instalment sion has slowed somewhat. The seasonally debt. adjusted annual rate of increase through This article is concerned with the $56 July was about 10 per cent. This compares billion of instalment debt. with 12 per cent for the comparable period The current period of expansion in such last year. debt began in mid-1961. Growth since then The limited slowdown in debt growth in- has totaled $14 billion. This is the largest dicated for 1964 to date has been due mainly dollar increase on record for any single conto three factors typical of the wide range of tinuous period of expansion. But because conditions on which the growth of consumer debt depends. First, the rise in sales of durable goods has not been fully matched in gross extensions of credit. Secondly, there has been no repetition of the bulge in personal cash loans that occurred a year ago this summer after statutory loan ceilings were raised in a half dozen States. Finally, the uptrend in the flow of debt repayments has accelerated. For the most part this is the result of the pattern of extensions over recent years. In addition, collection ratios in some lines improved with the strong rise in consumers' disposable income. EXPANSION SINCE 1961 Total consumer indebtedness, as defined in the Board's flow of funds accounts, currently includes (1) nearly $190 billion in home mortgages. (2) around $17 billion of security No I r. -Adjusted Tor seasonal variation. Latest figures quarter. 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 the rise started from a much higher base ECONOMIC ROLE OF CONSUMER CREDIT than did previous expansionary movements, Through July of this year, consumer instalit so far has lifted the outstanding debt by ment debt has been rising at a seasonally only one-third, as against an increase of oneadjusted annual rate of $5.6 billion. This half in the 1954-57 period. means that credit extensions have been add- As Chart 1 shows, the usual pattern of ing $5.6 billion more to consumers' active past expansions—a phase of very sharp ac- purchasing power, at an annual rate, than celeration in both gross and net borrowing, has been withdrawn through repayments. followed by a leveling off—has not devel- The net flow of such credit is a suppleoped in 1961-64. ment to disposable income. Obtained partly The latest upswing in extensions has been through expansion of bank credit and partly much less steep than its predecessors. Being from investors through other financial chancomparatively gradual, it has not run so far nels, the additional funds lend strength to ahead of the corresponding advance in re- consumer markets and augment the incomes payments as during the upswings of 1952of producers that serve these markets. 53, 1954-57, and 1959-60. The maximum Net borrowing is highly volatile, however. quarterly rate of debt increase, shown in the In the past decade, net debt formation has lower panel of the chart, has been only ranged from an annual rate of more than 3 per cent this time compared with peaks $6 billion in the second quarter of 1955 to of nearly 5 per cent in 1959 and more a negative figure (that is, net repayment) than 6 per cent in 1955. of $1.3 billion in the second quarter of Also, the yearly average increase in debt 1958. Its ratio to disposable personal income since 1961 has been moderate in relation to disposable personal income. Though these TABLE 1 have all been years of relative prosperity, CONSUMER INSTALMENT CREDIT EXTENSIONS the rate of net debt formation—about 1 per cent of annual income and 20 per cent of (Percentage distribution) the annual income gain—has not differed significantly from the average for the entire Repair Auto- Other and Perperiod since 1950, taking years of expansion Period Total mobile con- mod- sona' and recession together. sumer erniza- loans goods tion The recent rise in extensions, moreover, has been more evenly balanced among cate- 1955 100 43 27 4 26 gories of credit than were some of the spurts 1961 100 33 30 4 33 of borrowing that occurred in the 195O's. 1962 100 36 28 4 32 Since an initial upsurge 2 years ago which 1963 100 36 28 4 32 centered in auto credit, the various types 1963—1 . 100 37 28 3 32 II... . 100 37 27 4 32 of lending have expanded together for the III... . 100 35 28 4 33 most part. Currently, each type accounts for IV... . 100 36 28 4 32 very nearly the same relative share of total 1964—1.... . 100 36 29 3 32 extensions as it did in 1962, according to II. .. . 100 36 29 3 32 Table 1. NOTE.—Quarterly figures are based on. seasonally adjusted data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 1113 varied in this period from 2.3 per cent down credit, who are not necessarily contemplatto a negative 0.4 per cent. ing further major purchases now, to cur- In recent quarters the major changes in rently active buyers who have made definite the flow of net new instalment borrowing decisions to spend. have been a rise of $0.6 billion to a season- Gross credit extensions to current buyers, ally adjusted annual rate of $6.1 billion and recent trends in the relation of credit to for the January-March period, followed by sales in specific consumer goods lines, are a drop to a rate of $5.1 billion in the spring discussed in the following section. quarter. This increase and subsequent slowdown CREDIT USE AND CONSUMER BUYING in the use of credit reflected broadly the pattern of consumers' market behavior at Outstanding cash loans classified as personal the time. account for 27 per cent of consumer instal- Total personal consumption expenditures increased a little more in the first quarter than did disposable personal income, with TABLE 2 credit expansion financing part of the dif- FINANCING OF AUTO AND GAF SALES ference. In the second quarter, when the cut in tax-withholding rates was effective for all 3 months, disposable income rose Sales, and 1963 1964 method of much more rapidly than spending and the financing growth in consumer debt slowed accord- I II III IV I II ingly. Indeed, close to half of the very large Seasonally adjusted quarterly totals in rise in income went into various forms of billions of dollars saving, as had been expected. Total sales... 23.1 22.8 23.2 23.425.0 25.0 The limited information now available Trade-ins.... 4.2 4.1 4.0 4.2 4.7 4.3 for the third quarter suggests a further siz- Balances able increase in consumer spending, prob- financed. 6.2 6.3 6.3 6.5 6.7 6.8 Consumer ably a larger increase than that in after- cash tax incomes. Tn July consumers' net instal- outlay... 12.7 12.5 12.9 12.8 13.6 13.9 ment borrowing again moved up toward a Indexes, QI 1963 = 100 $6 billion rate, with repayments lagging behind the moderate rise in new credit ex- Sales 100.0 98.9 100.5 101.6 108.3 108.3 Balances tensions. financed... 100.0 102.3 102.9 105.3 108.7 109.8 Aside from the short-term role of net debt formation, consumer credit plays an- NOTE.—Sales are totals for new and used autos and for GAF retailers, taken, with minor adjustments from Census Bureau reports. (The GAF lines include General Merchandise, Apparel, and Furniture other and more consistently sustaining part and appliances.) The allowance for trade-ins is based on a comparison between the Census figures and the estimates released by the in the consumer market. This year, for Office of Business Economics, which relate only to new goods and the dealers' margins on used goods, (For this purpose most of the nonexample, repayments of loans made earlier consumer purchases deducted by OBE were added back.) Balances financed are estimated as instalment credit extensions less an arbitrary will total close to $60 billion. Through the flat allowance for refinancing, finance charges, insurance, etc. The cash outlay component is a residual, which includes use of charge collection and relending process, purchas- accounts and of revolving credit accounts fully liquidated each month. Family survey data show relatively less borrowing to finance used ing power up to this amount is in effect cars and lower values for auto trade-ins than are implied here, and the proportions shown here may be subject to a considerable margin being transferred from past buyers-on- of error. It is the movements over time, however, which are of primary interest for the present purpose. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 merit debt, and another 6 per cent consists gross total estimated to be on the order of home repair and modernization credit. of $270 million. The remaining two-thirds of the total stems Reliance on credit in 1964. Extensions of from credit sales of autos and other con- auto and GAF credit, seasonally adjusted, sumer goods. have been stepped up in recent quarters as The role of instalment credit in financ- shown in Table 2. Sales advanced less than ing these sales can be seen from available extensions during 1963, but since the fourth rough estimates that cover new and used quarter of the year have increased more than passenger autos as well as sales at general has credit volume. merchandise, apparel, and furniture and Such differential movements may of course household appliance stores, figures for which arise out of the changing composition of are given in Table 2. The nonautomotive sales. A given volume of auto sales can lines mentioned are often referred to for normally be expected to involve more borconvenience as the "GAF" group, from the rowing than would the same volume of sales initial letters of "General merchandise," of general merchandise. Autos generate "Apparel," and "Furniture." more credit per dollar of purchases, partly Out of each billion dollars that consumers because they require more substantial outhave spent in these lines in recent years, lays at a particular time. From the fourth consumer instalment credit has supplied a quarter last year to the second quarter this year sales of autos did rise less than sales of general merchandise, and this accounted in part for the less rapid growth in lending than in sales. :* Another element complicating interpre- I ASSENGER AUTO CREDIT tation is that marked increases in sales are usually accompanied by larger increases in CALCULATED* credit. In order to set these factors aside and gain historical perspective, the quarterly movements in credit extensions since World War II have been compared with the associated movements in sales separately for autos and GAF. The average relationships found have then been applied to the sales figures for recent quarters to obtain "calculated" values for credit extensions—the extensions that would have accompanied the recent uptrend in sales given the average relationship between sales and credit movements that prevailed in 1948-62. Chart 2 shows index numbers of these and of the extensions that actually occurred—starting in each case with the first quarter of 1963 as 100. NOTF.—The calculated values were obtained from regressions of credit extensions on sales in 7 lines of business over the 1948-62 period, both variables being expressed in terms of seasonally adjusted Comparison of the actual loan volume quarterly percentage changes. Time has been included as a second independent variable to allow for trend shifts in the relationships. with the calculated figures suggests that Latest figures, second quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 1115 credit has been used less intensively this Auto contract terms. As the model year year than last, relative to sales. This appears passes, there is a strong seasonal tendency to have been true for autos as well as for the to write more auto contracts on terms that GAF lines, but especially for the latter. are relatively easy. Chart 3 shows this and From the second quarter of 1963 to the also shows the continuing year-to-year third the actual use of credit moved above growth in the proportion of such contracts. the calculated amount based on sales. Ex- The terms "liberal" and "conservative" tensions increased more in the GAF lines, are used here in a relative sense, just and declined less for autos, than might have as they were in the report Financing New been expected from the movement of retail Car Purchases published by the Board of activity, after allowance for seasonal factors. Governors in 1957 but with some updating In the fourth quarter, however, auto credit of the class limits employed in that study. fell slightly short of the mark indicated by These terms are not intended to imply any sales experience; and GAF extensions, judgment as to the risk of loss for borrower while remaining high, moved down a little or lender. The "liberal" new-car contracts closer to their calculated volume. provide for a term to maturity over 30 This slight tendency to lessened reliance months—usually 36 months—and for a loan on credit as 1963 ended was accelerated in that represents more than 90 per cent of the first quarter of 1964: extensions rose dealer cost. For used cars, any combination less than calculated, as cash business ex- of a maturity period over 24 months plus a panded. dealer-cost ratio over 90 per cent is included Tn the spring quarter the movements of in the liberal category. The term "conserva- GAF and auto credit diverged. The dependence of the GAF lines on credit declined still further while borrowing for auto purchases rose about parallel with the calculated movement—though continuing below the average 1963 relationship. At GAF outlets, credit extensions actually turned downward after Easter despite a continuing advance in seasonally adjusted sales. It should be noted, however, that the sales rise was particularly marked in some of the less credit-intensive GAF lines. The lessened dependence on credit shown by sales in the GAF group in recent quarters has reflected primarily the experience of department stores and mail-order outlets. Gains in sales at furniture and appliance stores have likewise been achieved with considerably less recourse to credit than usual. At these stores, though, the difference between calculated and actual new borrowing Noti:.—See text for definition of the various tvpes ol contidt-ts has been growing progressively smaller. Figures are not adjusted for seasonal variation. Latest figures, second quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 tive" refers to contracts with maxima of 30 ana, and Michigan—adopted a $1,000 ceilmonths and 90 per cent on new cars, and of ing, and West Virginia raised its ceiling to 24 months and 90 per cent on used cars. $800. These statutory changes brought the According to these criteria, around 40 per number of States with loan limits of $800 cent of the contracts studied are "mixed": or more to 32, almost twice the number a they are "liberal" in one respect and not in half decade earlier. the other. During and immediately after the period In general, the changes seen in the chart when the changes occurred, the volume of reflect the progressively more widespread use personal loans increased sharply; then they of terms that are accepted as maxima, such leveled off for several months before resumas the 36-month maturity, rather than any ing the gradual upward movement. substantial tendency to breach these maxi- RATE OF REPAYMENTS mum limits. The reported percentage of contracts with maturities of more than 36 Collections on instalment debt passed a seamonths, for example, is still well under 1 sonally adjusted annual rate of $60 billion per cent of the total, as it has been for years. for the first time in May of this year. Evidence is lacking as to whether there This amount represents just about 14 per has been an easing in the standards applied cent of disposable personal income, the largto the borrowers' qualifications—the level of est proportion on record. The ratio moved their existing obligations in relation to in- above 12 per cent on an annual basis for come and assets, their employment stability the first time in 1955, and for 1960 it passed and place in the community, and so on. 13 per cent. It held at 13.6 per cent through Personal loans. Personal cash instalment the first half of 1963 and at 13.8 per cent loans have traditionally served to meet fam- in the latter half before rising to 14 per cent ily emergencies such as illness or unemploy- at the turn of the year. Factors in the upment. trend, and possible implications for future The current trend, however, is toward debt formation, were analyzed in the May the use of this type of credit for large expen- 1963 issue of the BULLETIN. ditures of a more nearly optional character. The initial effect of the tax cut last March These include the purchase of household was undoubtedly to reduce the ratio slightly. goods, as well as outlays for travel, educa- But with the total debt rising and with coltion, and other personal projects and family lection rates up as disposable income occasions. Loans of this nature may now spurted, repayments quickly regained their be more important in the total than are earlier relationship to income. loans to cover emergency expenses. It should At present, the burden of repayments is be noted here that in the personal loan being carried with little or no apparent rise category the statistics for both extensions in financial difficulties among marginal borand repayments, particularly the former, are rowers. In recent months the statistics of reinflated by a substantial volume of loans to ported bankruptcies and delinquencies have consolidate earlier debts. taken a relatively favorable turn by compari- During the summer and early fall of 1963 son with 1963. five States raised the maximum size of loan Consumer bankruptcies are not numerous permissible under State small loan laws. in absolute terms and are geographically Four of these—Arizona, Connecticut, Indi- concentrated in a few States, but the general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 1117 trend has been rather sharply upward for which have more than half of their consumer a decade or more. The sustained rise in the loan business in this category. The recent number of bankruptcy petitions that began lack of growth in home repair and moderniin mid-1962 has slowed in recent quarters, zation lending partly offset this advantage. however, and this spring a dip was reported Bank credit. Among the immediate sources for the first time in 2 years on a seasonally of consumer credit, banks have been playing adjusted basis. a progressively larger role ever since the end Delinquency rates on consumer loans at of 1955—which was their low point for the banks are dominated by cyclical conditions, decade. By mid-1963 their share of consumer instalment paper outstanding had but behind the cyclical swings that have ocmoved up 4 percentage points and amounted curred in the postwar period there was a to 41 per cent of the total. The same fracbroad downtrend through the mid-1950's tion was reported this summer. and then a limited rise to secondary peaks in Besides lending directly to consumers and early 1961 and late 1963. A series of debuying instalment paper from retailers and clines followed in the early months of 1964. others, banks make a substantial indirect Now the rate reported by a sample of banks contribution to consumer credit by lending is not far from the 1957-59 average. to finance companies and retailers. It is esti- Reports on delinquencies on home mortmated that about 10 per cent of all consumer gages suggest that consumers have met their instalment credit is thus indirectly bankrepayment obligations about as regularly as financed, as against 20 per cent of the alla year ago, partly in response to more vigorlender total in 1952. ous collection policies by many lenders. Al- Directly or indirectly the banks still prothough delinquency rates on Governmentvide more than half of all the funds used in underwritten loans around midyear were consumer instalment credit, though their somewhat above or little changed from yearshare of the total has moved down in recent earlier levels, available evidence suggests years from a high near 60 per cent estimated some decline for conventional home loans, for 1952. which account for most of the outstanding Other credit sources. Consumer finance debt. companies have retained their one-twelfth share of all instalment credit outstanding this FUND SOURCES year. Credit unions have moved up a little, The various lenders' shares of total instal- and now hold more than one-tenth of the ment paper outstanding reflect in part the total. Retailers have been financing less and general competitive positions of the institu- less of their customers' credit purchases tions themselves in obtaining and lending in recent years, and this trend continued funds. They also reflect indirectly the rela- through the latest period. tively greater strength since mid-1963 of de- Sales finance companies, supplying credit mand for auto and other consumer goods through auto dealers, mail-order companies, credit and the stability of demand for and other retailers, hold about one-fourth home repair and maintenance credit. of all consumer instalment debt. Their share Thus the rise in auto loan volume was es- of the total has declined a little in recent pecially important to the commercial banks, years, but it leveled off in the latter part of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 TABLE 3 from the 70 per cent estimated for 1961 and 1962. CONSUMER RECEIVABLES OF FINANCE The rise can be traced to the short-term COMPANIES FINANCED WITH SHORT-TERM component. Long-term debt is estimated to FUNDS, JUNE 30 have financed around 40 per cent of receiv- (Per cent of consumer receivables) ables, as of June 30 dates, throughout the 1961-64 period. The proportion financed Source of funds 1961 1962 1963 1964 with short-term funds rose meanwhile from 30 to 37 per cent. As Table 3 shows, this Banks1 17 17 17 19 rise was largely in the form of an increased Nonbank investors 13 14 17 18 use of nonbank funds. Total 30 31 34 37 Finance companies have made increasing 1 Includes bank financing through purchase of finance company use of the commercial paper market in raispaper. ing short-term funds in recent years, as non- 1963 and moved up fractionally in early financial corporations have made a rising 1964. volume of such funds available. The paper Sales finance companies have benefited market offers flexible rates and maturity this year from the strong demand for auto dates, without the need to maintain compencredit—in which they have specialized— sating balances such as many banks require even though they have not quite kept pace against direct loans. with the banks in the auto field. In addition The competition for these corporate funds they have increased their share of other con- has stiffened, however, with the step-up in sumer goods paper outstanding. borrowing by the finance companies shown Finance company funds. In mid-1964 fi- in the table, the rising use of certificates of nance companies of all types taken together deposit, and the increase in the Treasury bill held about $19 billion of consumer instal- rate. Rates on directly placed finance comment paper. The companies had obtained a pany paper maturing in 3 to 6 months little over three-fourths of this sum through have risen by half in a 3-year period—from borrowing. This was about the same propor- 2.50 per cent in mid-1961 to 3.75 per cent tion as a year earlier, but up significantly this summer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This fifth joint interim report reflects the This report was prepared by Charles A. Treasury—Federal Reserve policy of making Coombs, Vice President in charge of the available additional information on foreign Foreign Department of the Federal Reserve exchange operations from time to time. Bank of New York, and Special Manager, The Federal Reserve Bank of New York acts System Open Market Account. It covers the as agent for both the Treasury and the Fed- period March-August 1964. Previous reeral Open Market Committee of the Federal ports were published in the BULLETINS for Reserve System in the conduct of foreign ex- September 1962, March and September change operations. 1963, and March 1964. DURING THE 6-MONTH PERIOD March During the period under review the shortthrough August 1964, international credit term credit needs of the various central facilities, both bilateral and multilateral, banks concerned were readily accommodated were again frequently called upon to cushion under the existing swap lines and other centhe impact upon gold and foreign exchange tral bank credit facilities. From March reserves of payments imbalances among the through late August, drawings by the Fedmajor trading nations. Official operations in eral Reserve and by three foreign central the forward markets helped to smooth tem- banks amounted to $262 million. porary swings during the period, while the From the inception of the swap network Gold Pool arrangements continued to op- in March 1962 through late August 1964, erate effectively. Transfers of gold among the total central bank drawings amounted to central banks also fulfilled their customary role of helping to settle payments imbal- TABLE 1 ances, but the volume of such official gold FEDERAL RESERVE RECIPROCAL CURRENCY AGREEMENTS, AUGUST 31, 1964 transfers declined still further. The decline reflected both a tendency toward narrowing Amount of payments imbalances as well as econo- Other party to agreement (i o n f m fa i c ll i i li o t n y s (m T o e n rm ths) of dollars) mies in the use of gold made possible by Bank of France 100 3 the development of international credit fa- Bank of England 500 12 Netherlands Bank , 100 3 cilities. National Bank of Belgium j 50 6 Bank of Canada 250 12 At the short-term end of the credit spec- Bank for International Settlements.... 150 6 Swiss National Bank 150 6 trum, the Federal Reserve swap network had German Federal Bank 250 6 Bank of Italy 250 6 been broadened by late 1963 to include 12 Austrian National Bank 50 12 Bank of Sweden 50 12 foreign official institutions, involving recip- Bank of Japan 150 12 Total for all banks. 2,050 rocal credit lines totaling $2,050 million. 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 $1,870 million. Of this amount $1,753 mil- Bank and $7.5 million on the National Bank lion, or 94 per cent, was repaid, generally of Belgium. within 6 months. The Federal Reserve The Federal Reserve and U.S. Treasury, shifted from a peak net debtor position of in cooperation with foreign central banks, $342 million on December 13, 1963, to a also conducted short-term forward operanet creditor position of $44.5 million in late tions in sterling, German marks, Swiss August 1964. Drawings on the Federal Re- francs, and Canadian dollars, in order to reserve swap network outstanding in late Au- strain short-term money flows arising either gust included $80 million by the Bank of from speculation or interest arbitrage. Over Japan, partially offset by Federal Reserve the period the Treasury reduced its comuse of $28 million drawn on the Netherlands mitments in the forward markets from $248 TABLE 2 OPERATIONS UNDER FEDERAL RESERVE RECIPROCAL CURRENCY AGREEMENTS, 1962-64 (In millions of dollars) 1962 1963 1964 Bank Total III IV III IV Bank of France Drawings 50.0 12.5 9.0 71.5 Repayments. . . 50.0 12.5 9.0 71.5 Bank of England Drawings 50.0 25.0 125.0 10.0 115.0 125.0 Repayments.. . 50.0 25.0 125.0 10.0 110.0 Netherlands Bank Drawings 10.0 40.0 10.0 50.0 40.0 60.0 210.0 Repayments 50.0 10.0 50.0 20.0 55.0 25.0 210.0 National Bank of Belgium 2 Drawings 10.5 20.0 30.0 15.0 10.0 15.0 100.5 Repayments 10.5 5.0 32.5 17.5 5.0 15.0 15.0 100.5 Bank of Canada Drawings 1250.0 20.0 270.0 Repayments. . . 1 250.0 20.0 270.0 Bank for International Settlements Drawings 60.0 20.0 50.0 100.0 230.0 Repayments 10.0 15.0 9.5 45.5 5.0 15.0 130.0 230.0 Swiss National Bank Drawings 50.0 80.0 25.0 155.0 Repayments 50.0 5.0 100.0 155.0 German Federal Bank Drawings 150.0 136.0 55.0 341.0 Repayments 113.0 113.0 115.0 341.0 Bank of Italy Drawings 50.0 1 50.0 1 100.0 200.0 Repayments 50.0 l 150.0 200.0 Austrian National Bank Drawings 50.0 50.0 Repayments 50.0 50.0 Bank of Japan Drawings 150.0 j 50.0 Repayments Total for all banks Drawings 50.0 310.0 160.5 150.0 55.0 240.0 112.5 480.0 155.0 90.0 1,803.0 Repayments 170.5 270.0 152.0 138.0 193.0 200.5 209.0 405.0 1,738.0 1 Drawings and repayments made by foreign central bank. ception. A total of $45 million disbursements were initiated by the 2 Data represent disbursements and repurchases under the $50 National Bank of Belgium. million arrangement, which has remained fully drawn since its in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1121 million to $82.5 million, all in Swiss francs, TABLE 3 on August 31, while the Federal Reserve U.S. TREASURY SECURITIES DENOMINATED IN position on market transactions was in bal- FOREIGN CURRENCIES, AUGUST 31, 1964 ance on the latter date. The central banks (In millions) of Germany, Canada, Switzerland, and Italy Issued to Amount in U.S. dollar also operated from time to time in the foreign currency equivalent forward markets, and in each case achieved Austrian National Bank Sch. 1,300 50.3 National Bank of Belgium BF 1,500 30.1 the desired effect on the flow of funds. German Federal Bank f DM 2,500 628.2 Swiss National Bank - SF 1,112 1257.3 As noted in the report of the Deputies of Bank for International Settlements..; SF 300 69.5 the Group of Ten, "These demonstrations of Total. 1,035.4 close central bank cooperation are them- 1 Includes a $30 million equivalent, 1-year certificate of indebtedselves an effective deterrent to speculative ness. movements. Their informality, speed, and Also in the medium-term credit area, the flexibility make them especially suitable as a United States drew $250 million of foreign first line—and short-term—defense against currencies during the first 8 months of the sudden balance of payments pressures. Over year under a $500 million standby agreethe past several years, they have mobilized ment with the International Monetary Fund massive resources in a short time to combat (renewed for another year in July 1964) in and limit speculative and crisis situations. order to facilitate repayments to the Fund Their success has greatly reduced the threat by other member countries. In other sizable to official reserves from disequilibrating Fund transactions, the Bank of Italy in movements of private short-term capital." * March drew a total of $225 million. Also In the medium-term segment of the interin March Japan was granted standby facilinational credit spectrum, the U.S. Treasury ties in the amount of $305 million. In Auissued an additional $474 million of bonds gust the United Kingdom renewed its standin the foreign currency series, while redeemby arrangement of $1,000 million with the ing $200 million for a net addition of $274 Fund. million equivalent. The total of foreign cur- Liquid resources for cushioning payments rency securities outstanding on August 31 imbalances have thus continued to be flexiamounted to $1,035 million, distributed as bly provided through the international credit shown in Table 3. machinery. As noted in the report of the Of the $474 million of foreign currency Deputies of the Group of Ten, "A country's bonds issued during the period under review, liquidity is no longer measured solely by the $70 million were employed to fund indebtedlevel of its reserves in the form of gold and ness previously incurred by the Federal Rereserve currency balances (primary reserve by drawings upon the swap network. serves). There is now a variety of ways in Of total Federal Reserve repayments of swap which monetary authorities can, at need, redrawings since the inception of the network, plenish their balances of the currencies used $120 million, or roughly 9 per cent, have for operations. Primary reserves are thus been so financed. supplemented by a broad spectrum of other 1 Ministerial Statement of The Group of Ten and resources and facilities. At one end of this Annex Prepared by Deputies, Aug. 10, 1964 (pubrange come 'other reserves' of only slightly lished in Federal Reserve BULLETIN for August 1964, pp. 975-99). less liquidity but of unquestioned availabil- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 ity; at the other end of the range are nego- In early April sterling strengthened further tiated credits, including those which will only following the announcement that the British be available when an international institu- general elections would not be held until Oction is satisfied that the borrower will employ tober. Immediately thereafter commercial effective adjustment processes to correct his interests that had previously postponed their deficit." purchases bought sterling to cover their nearterm requirements, and the spot rate for the STERLING pound sterling rose to $2.8002 by the end of the month. Demand from this source, to- In early February sterling came under some gether with the continued strength of the speculative selling pressure. The main facpayments positions of the overseas sterling tors involved seemed to be uncertainties genarea, bolstered sterling during April and erated by expectations of a general election most of May. in the spring, by publication of January trade data showing an unusually large trade deficit, In the last few days of May, however, sterand by market rumors of a revaluation of ling once again came under pressure as the the German mark. These speculative pres- covering of commitments was completed sures were resisted by Bank of England in- and as very tight conditions in several contervention in the exchange markets and, in tinental money markets, as well as in the a minor way, by Federal Reserve purchases Euro-dollar market, drew funds from Lonof sterling in New York. don. Moreover, toward the end of June the On February 27 the Bank of England usual midyear "window dressing" by conraised its discount rate from 4 to 5 per cent. tinental banks put additional temporary This decisive action produced an immediate pressure on sterling. To temper the impact strengthening of market confidence in of these movements of funds on official sterling and the sterling rate recovered reserves, the Bank of England on June 30 sharply. Following the increase in the dis- drew $15 million against its $500 million count rate, the British Treasury bill rate swap line with the Federal Reserve. The rose to a level about 0.60 per cent per drawing was repaid on July 13. Also in June, annum over the U.S. bill rate, but the for- the Federal Reserve Bank of New York purward discount on sterling promptly widened, chased for U.S. Treasury account approxiand the covered arbitrage margin on Treas- mately $6 million in sterling. ury bills settled at about zero. Almost simul- As the credit squeeze in continental Eurotaneously with the British discount rate pean money market centers continued into increase, the Federal Reserve and U.S. July, sterling was subject to recurrent selling Treasury joined forces with the German Fed- pressure and the spot rate on sterling moved eral Bank in both spot and forward opera- downward with a minimum of official suptions in German marks. As detailed else- port to a low for the month of $2.7874 on where in this report, these operations seemed July 20. In a market aware of British Govto achieve their objective of dispelling mar- ernment determination to defend the sterling ket rumors of a possible change in the mark parity with the ready support, if needed, of parity, and thereby also helped to relieve the IMF standby arrangement, the Federal the pressure on sterling that had been com- Reserve swap line, and credit facilities at ing from this source. other central banks, the decline of the spot Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1123 rate was taken in stride with no speculative Spot sterling reached a low in New York of reaction developing. Moreover, as the spot $2.7839 on August 27, but the forward rate rate declined, the technical position of ster- stayed relatively firm as market confidence ling was correspondingly improved by the in the sterling parity remained undisturbed. increasing risk of a rebound of the spot rate On March 31 the Federal Reserve sold to and consequent loss to those with short posi- the U.S. Treasury $10 million equivalent tions in sterling. Again reflecting the under- of sterling, which was used by the Treasury, lying strength of market confidence in the together with $5 million equivalent of its sterling parity, the discount on forward ster- own sterling holdings, to acquire $15 milling also tended to narrow as the spot rate lion equivalent of Swiss francs through a declined. sterling-Swiss franc swap with the Bank for The strength of the forward sterling rate, International Settlements. Federal Reserve while gratifying to all concerned, neverthe- and Treasury swaps of this nature—involvless created certain complications. As the ing the exchange of one foreign currency discount on forward sterling tightened, the for another—have now included five Eucovered interest arbitrage differential favor- ropean currencies and amounted to a total ing London on Treasury bills became cor- of $115 million equivalent. Of this total, respondingly more attractive and by July 13 $51 million equivalent remained outstandhad reached the level of 0.44 per cent per ing at the end of August—$13 million equiannum. To forestall private covered outflows valent for System account and $38 million in response to this arbitrage inducement, the equivalent for Treasury account—all involving the purchase of Swiss francs against Federal Reserve with the agreement of the sterling. British authorities intervened in the market to widen out the discount on forward sterling and thereby reduce the arbitrage differential. GERMAN MARK This intervention, amounting to a total of During 1963, there was almost continuous $28 million equivalent during a 5-day pe- upward pressure on the German mark. The riod, was accomplished by swap transactions pressure reflected mainly a substantial inin the New York market, with the Federal crease in the German foreign trade surplus, Reserve Bank of New York, for System large inflows of long-term capital, and occaaccount, buying sterling spot and selling sional inflows of short-term funds in response sterling forward against U.S. dollars. At the to tight money market conditions or hedging same time, on July 20, the Treasury an- operations. Although the Federal Reserve nounced that it was offering an additional frequently drew upon its $250 million swap $1 billion of Treasury bills to help strengthen line with the German Federal Bank in order U.S. bill rates. By July 23 the arbitrage to cushion these pressures, all drawings efmargin on Treasury bills in favor of Lon- fected during 1963 had been repaid by Jandon had been reduced to 0.32 per cent per uary 9, 1964, through operations summaannum, and intervention was discontinued. rized in the preceding report in this series. In mid-August sterling once again came In late January and February 1964, buyunder pressure in the spot market as con- ing pressure on the mark resumed in even tinental holders apparently shifted funds greater force, with indications of speculative from sterling into the Euro-dollar market. overtones developing. To counter these pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1124 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 sures, the German Federal Bank intervened a market discount at the time of more than strongly in Frankfurt—buying dollars at 0.75 per cent per annum. By April 15 the rates just below the ceiling on the mark. In total of such dollar investment swaps outaddition, the Federal Reserve made sizable standing had risen to $186 million. As a new drawings on the swap line to support consequence of the outflows on both shortmarket intervention in New York and to and long-term capital account, the exchange absorb dollars taken in by the German market moved into a much closer balance Federal Bank. During the first half of March, that continued to prevail during April and Federal Reserve drawings totaled $55 mil- May. lion equivalent. In these circumstances, the Federal Re- These operations in the spot market were serve Bank of New York was able in late reinforced by a resumption—for the first March to acquire for System account $20 time since 1961—of joint operations by the million equivalent of marks and thereby to U.S. Treasury and the German Federal reduce its swap drawings from $55 million Bank in the forward market in an effort to to $35 million equivalent. This remaining dispel rumors of a prospective change in the drawing was liquidated on March 31 by mark parity. Sales of 3-month forward marks purchase from the Bank of Italy of $35 amounted to approximately $21 million million of marks originating in an Italian equivalent between the end of February and drawing of marks from the IMF. On the the middle of March at rates ranging be- same date, the U.S. Treasury acquired $45 tween 0.96 and 0.75 per cent per annum million equivalent of marks from the same premium on the mark. All of these contracts source. The Treasury subsequently employed were liquidated without difficulty at matu- the bulk of these mark funds to absorb rity. dollars taken in by the German Federal On March 23 an important turning point Bank. occurred as the German Government an- These exchange transactions illustrate nounced its intention to propose to Parlia- how the United States, because of the ment the imposition of a 25 per cent with- reserve-currency role of the dollar, now holding tax on the interest income of non- responds to the ebb and flow of the payments residents. This action not only checked the balances of foreign countries. During the long-term capital inflow, but actually in- winter months of 1963-64 the large surplus duced liquidation of a considerable volume in the German balance of payments was of foreign investments in German fixed- accompanied by a very large deficit in Italian interest securities. Earlier, on March 10, the payments. This imbalance within the Com- German Federal Bank had already taken mon Market brought about a simultaneous steps to encourage an outflow of German weakening of the lira and a strengthening funds into dollar investments by providing of the mark against the dollar, the currency dollars on a swap basis—selling dollars spot in which both the Bank of Italy and the and repurchasing them 90 to 180 days for- German Federal Bank customarily settle ward—to German commercial banks for their international accounts. These exchange purchases of U.S. Treasury bills at a prefer- market pressures were intensified by wideential discount of 0.50 per cent per annum spread rumors of a revaluation of the mark on the forward dollar. This compared with and a devaluation of the lira. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1125 As a short-run defensive measure, re- "Even after the United States has regained course to central bank credit, in the form equilibrium in its payments accounts, cerof Bank of Italy drawings of dollars from tain countries will from time to time move the Federal Reserve and Federal Reserve into a strong creditor position which will, drawings of marks from the German Federal in turn, expose the United States, as Bank, served to temper these potentially banker for the international financial disturbing market pressures with benefit for system, to the risk of net drains upon its all concerned. Consequently when the Ital- gold stock. We have previously suggested ian Government had recourse to the IMF, it that informal understandings should be was entirely appropriate for the Federal Re- sought whereby the creditor countries serve and the U.S. Treasury, which had op- might attempt, either through greater erated to cushion the immediate impact of flexibility in their gold policy or through both the Italian deficit and the German sur- more extensive use of forward exchange plus, to liquidate their mark commitments and related operations, to avoid causing by acquiring marks drawn by Italy from a net drain upon the United States gold the IMF. stock. To round out such a system of A second aspect of U.S. involvment in minimizing net losses of gold by the the German-Italian payments imbalance United States as a result of pronounced was the repayment by the U.S. Treasury surplus and deficit positions in other counof $200 million of lira bonds issued to the tries, the United States might also find it Bank of Italy in 1962 and the issuance to useful on occasion to provide the creditor the German Federal Bank of $200 million country with an investment outlet for its equivalent of mark bonds. In effect, medium- surplus in the form of special bonds term foreign currency bonds, previously denominated in the creditor's currency." acquired by the Bank of Italy in partial Still a third aspect of the pivotal role of settlement of the surplus in its balance of the United States in the international finanpayments, were transformed, as had been cial mechanism was a sale of $200 million of originally understood, into a usable reserve gold by the Bank of Italy to the U.S. Treasasset as Italy shifted from a creditor to a ury in order to replenish the dollar reserves debtor position. The lira bonds were reof the Bank of Italy. The Treasury immedideemed and, in practice, transferred to the ately resold this gold to the German Federal German Federal Bank, becoming an attrac- Bank in recognition of the fact that the tive investment medium denominated in Italian deficit and German surplus were, to German marks in which Germany could hold a considerable extent, opposite sides of the a part of its balance of payments surplus. same coin. The rationale of this operation had been No further operations in German marks foreshadowed in a joint central bank report for either Federal Reserve or Treasury acpublished in August 1963, which sugcount occurred until early June when a brief gested: 2 revival of speculation concerning a mark revaluation was met by sales on the New 2 "Conversations on International Finance," by C. A. Coombs, M. Ikle (Banque Nationale Suisse), York market of $5 million of marks for E. Ranalli (Banca d'ltalia), and J. Tungeler (Deutsche Federal Reserve account and $6 million for Bundesbank), Monthly Review, Federal Reserve Bank of New York, August 1963, pp. 114-21. U.S. Treasury account. The German Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 Bank simultaneously supported the dollar tinued, the need for short-term credit and with sizable operations in Frankfurt, and other assistance became clear. on June 3 the Treasury employed $40 mil- Under the $250 million swap line with lion equivalent of mark balances acquired the Federal Reserve, the Bank of Italy made at the time of the Italian drawing on the three successive drawings of $50 million IMF to absorb dollars taken in by the Ger- each in October 1963, January 1964, and man Federal Bank. Buying pressure on the March 1964. Acquisition of lire by the U.S. mark was further intensified in mid-June authorities for eventual repayment of $200 by commercial bank window-dressing oper- million equivalent of lira bonds issued to ations, and $150 million of the resultant in- the Bank of Italy in 1962 also helped the flow to the German Federal Bank was Bank of Italy to replenish its liquid reserves. absorbed by an additional Treasury issue In anticipation of such repayments, the U.S. of mark-denominated bonds. This latest Treasury had purchased $67 million equivaissue raised the total of such mark bonds lent of lire from the Bank of Italy in the outstanding to $628 million equivalent. early fall of 1963. Of this total, $17 million On July 9 the German Federal Bank an- was temporarily employed in a swap against nounced an increase in commercial bank Swiss francs with the BIS. reserve requirements effective August 1. The This program of advance acquisition of mark again was subject to upward pressure, lire to meet prospective maturities of lira and the U.S. Treasury sold a total of $4 bonds was carried further by Federal Reserve million equivalent of marks in New York purchases of $50 million equivalent of lire on July 9 and 10. To counter possible rein December 1963, another $50 million in patriation of short-term bank funds, the January 1964, and a final purchase of $33 German Federal Bank on July 13 reduced million in March. These lire were simultanethe investment swap discount on forward ously sold forward to the U.S. Treasury, dollars from 0.50 to 0.25 per cent per which redeemed one $50 million lira bond annum. The demand for marks then eased, at its first maturity on March 9, and on April and no further operations were undertaken 1 prepaid the remaining $150 million of by either the Federal Reserve or U.S. Treaslira bonds outstanding. These Federal Reury through the end of August. serve and Treasury operations, totaling $350 million, cushioned the decline in the Bank ITALIAN LIRA of Italy's reserves and thereby helped restrain The Italian lira came under increasingly speculative pressure. heavy selling pressure during the winter of During the week of March 9 to 14, 1964, 1963-64 as a result of a widening payments an Italian delegation, headed by Governor deficit on current account, sizable capital Carli of the Bank of Italy, visited Washoutflows, and repayments of foreign in- ington to discuss with the World Bank and debtedness by the Italian commercial banks. the International Monetary Fund various To deal with the situation, the Italian author- possible sources of financing for Italy's ities initiated various corrective policy meas- longer-term investment requirements and its ures, which were expected to take effect over expected further balance of payments defia period of months. Meanwhile, as heavy cits. In the midst of these discussions the lira drains upon the Bank of Italy's reserves con- was suddenly struck by a burst of specula- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1127 tion, which brought heavy pressure not only Reserve to settle outstanding commitments on the spot rate but also on the forward rate, in the respective currencies and provided which for a 3-month maturity moved to a marks to the Treasury to meet possible future discount of 7 per cent per annum. In this operational needs. In June, against the dangerous situation, an immediate and background of substantial earlier movements massive reinforcement of the Italian reserve of funds from Italy to Switzerland, the Bank position was clearly called for, and within of Italy negotiated a $100 million equivalent 48 hours the Italian authorities were able to lira-Swiss franc swap with the Swiss Naannounce that approximately $1 billion of tional Bank. In this instance, too, the entire external assistance was at their disposal. Swiss franc proceeds were sold by the Bank This credit package included: (1) a $100 of Italy to the Federal Reserve for dollars. million swap arrangement with the U.S. (The System then employed these Swiss Treasury (in addition to the partly drawn francs to liquidate outstanding Swiss franc swap facility with the Federal Reserve Sys- indebtedness to the Swiss National Bank.) tem), (2) a $200 million standby credit With its dollar reserve position reinforced from the Export-Import Bank, (3) $250 not only by bilateral credits and the Fund million in credits of up to 3 years from the drawing, but also by net accruals of dollars U.S. Commodity Credit Corporation, and in the exchange market, the Bank of Italy (4) short-term credit facilities of $250 mil- proceeded to repay during the second quarter lion from the Bank of England and the of the year all of its previous drawings of German Federal Bank. Had time permitted, $150 million on the Federal Reserve as well other foreign official sources of short-term as the short-term credit drawn under the credit could readily have been tapped. facility provided by the German Federal Announcement of this credit package im- Bank. In addition, about one-third of the mediately broke the speculative wave. As $100 million credit from the Swiss National market confidence in the lira revived, the Bank had also been repaid by the end of Bank of Italy temporarily withdrew its sup- August. (No drawings had been made under port from the spot market and allowed the the credit facilities made available by the lira to decline to a level close to par, where it U.S. Treasury or the Bank of England. Nor settled in relatively orderly and balanced has there as yet been any utilization of the trading. At the same time, the discount on credits made available by the Commodity the 3-month forward lira narrowed from Credit Corporation or the Export-Import 7 to 3 per cent, further reflecting the im- Bank, although use of these credits is exprovement in market confiidence. pected to begin shortly.) At the end of March the Italian Govern- One of the most satisfactory aspects of this ment made a drawing of $225 million on the display of international cooperation in IMF in various currencies. Of this total, beating back a speculative attack on the $80 million equivalent of German marks Italian lira was that the provision of maswere immediately sold to the Federal Re- sive credit assistance to Italy more or serve and the U.S. Treasury, and $20 mil- less coincided with a turning point in lion equivalent of guilders to the Federal Re- the Italian economic and financial scene. serve. During the first quarter of 1964, the Italian These transactions enabled the Federal balance of payments had registered a deficit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1128 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 of $436 million. This turned into a surplus usual window-dressing operations by Swiss of $226 million in the second quarter as the commercial banks. To absorb part of the corrective policy measures previously ini- resultant accumulation of dollars on the tiated by the Italian authorities began to books of the Swiss National Bank, the take effect and as a reversal in the leads and Federal Reserve increased its swap drawings lags brought about the covering of short in Swiss francs on the BIS from $95 million positions in lire. In early July a govern- to $145 million equivalent and on the Swiss mental crisis generated a temporary specu- National Bank from $55 million to $75 millative flurry, but forceful operations in the lion, for a combined total of $220 million. forward market by the Bank of Italy through Prior to this year-end bulge, outstanding the agency of the Federal Reserve Bank of drawings during most of the last quarter New York provided reassurance, and the ranged around $150 million. During the speculation quickly subsided. Indeed, Italy autumn, the Treasury had also entered into gained reserves during the summer and on forward transactions in Swiss francs of nearly September 1 repaid $65 million of its $225 $150 million equivalent. million IMF drawing. This repayment reduced the Fund's holdings of lire to 75 per Some easing of the Swiss franc developed cent of the Italian quota. Thus, Italy's obli- after the year-end, but continuing inflows gation to the Fund has been completely of capital during the first quarter limited liquidated. the usual seasonal weakening. Moreover, As reported in previous articles in this interest rates in Switzerland had risen rapseries, the U.S. Treasury in January 1962 idly from the fall of 1963 through the first had undertaken to share with the Bank of quarter of 1964. The rate paid by Swiss Italy contracts to purchase forward dollars banks on 3-month time deposits, which had that that institution had entered into with ranged from about 2.65 per cent to 3 per Italian commercial banks in order to en- cent during most of 1963, moved up to 3.25 courage a re-export of dollars during the per cent in March, while Euro-Swiss franc period of heavy balance of payments sur- deposit rates, which closely reflect credit pluses. The initial value of the contracts conditions in Switzerland, advanced V2 of taken over by the U.S. Treasury in January a percentage point to 3.62 per cent during 1962 amounted to $200 million. Total U.S. the first quarter. Consequently, opportunities commitments to supply forward lire rose for the Federal Reserve to acquire Swiss to a peak of $500 million in August of that francs for settlement of its outstanding Swiss year, and thereafter—with some fluctuations franc indebtedness developed more slowly —generally declined as Italian commercial than expected, and by mid-April it had paid banks reduced their dollar holdings. The off only $45 million equivalent of its drawlast of the contracts were reacquired by the ings on the BIS. Italian authorities in March of this year, thus fully liquidating the Treasury's forward In April a severe tightening of the Swiss lira commitments. credit market pushed interest rates up further and drove the Swiss franc to the ceiling SWISS FRANC once more, and the Swiss National Bank was Very heavy inflows of short-term funds into forced to take in a sizable amount of dollars Switzerland at the end of 1963 reflected the at that level. Part of this inflow was absorbed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1129 when the Federal Reserve made a new draw- U.S. Treasury issued to the BIS a $70 miling of $25 million equivalent on its swap lion Swiss franc bond. To acquire the Swiss line with the Swiss National Bank, thus put- francs, the BIS had issued 3-month promisting the Federal Reserve debt in Swiss francs sory notes to the Swiss banks. The Swiss back to $200 million. franc proceeds of this bond issue were then In order to curb inflationary pressures in sold to the Federal Reserve, which immedithe Swiss economy, the Swiss Government in ately repaid an equivalent amount of its March had placed restrictions on construc- Swiss franc debt to the BIS. The second step tion activity and had authorized the Swiss came in June when, as previously noted, the National Bank to introduce measures limit- Bank of Italy entered into a $100 million ing credit expansion by banks and discour- lira-Swiss franc swap agreement with the aging the inflow of foreign funds. Similar Swiss National Bank. The Bank of Italy sold arrangements between the central bank and the Swiss francs it acquired to the Federal the banks had been in effect for several years Reserve, which retired the remainder of its on a voluntary basis. The gentlemen's agree- Swiss franc debt to the Swiss National Bank. ments concerning restrictions on domestic At the end of June the Federal Reserve credit growth took on legal force in May paid off the remaining $30 million of its 1964. In an effort to halt the heavy inflow swap drawings on the BIS with francs of foreign capital and the rise in dollar hold- obtained in conjunction with a sale of gold ings of the Swiss National Bank, restraints to the Swiss National Bank by the Treasury. on the inflow of funds from abroad were The Federal Reserve swap arrangements implemented at the end of March. All Swiss with the BIS and the Swiss National Bank banking institutions were forbidden to pay thus reverted to a standby basis. interest on foreign deposits received after Meanwhile, interest rates in Switzerland January 1, 1964, and were required to in- had risen still further as the heavy demands vest in foreign currency assets or to deposit imposed on the Swiss money and capital with the Swiss National Bank any increase markets by the continuing high level of ecosince January 1, 1964, in their net Swiss nomic activity further squeezed the liquidity franc liabilities to foreigners. position of Swiss banks and firms. The inter- While these measures were successful in est rate on 3-month deposits reached 3.50 halting further inflows of foreign funds, per cent in June, an increase of about 0.75 they did not of course prevent the repatria- per cent over the previous year, while the tion by Swiss banks of funds already held average yield on government bonds moved abroad. Since the credit squeeze in Switzer- up to 4.05 per cent, as compared with 3.15 land was continuing, there seemed little like- per cent a year earlier. To relieve the squeeze lihood of any reversal of the previous inflow on their liquidity positions and to satisfy of funds. As a result, following the Federal midyear window-dressing purposes, the Reserve swap drawing in April, the Swiss Swiss commercial banks made further sizaand U.S. authorities agreed on a combina- ble repatriations of funds during June. tion of special measures to liquidate all of These commercial bank operations caused the Federal Reserve swap drawings and re- the Swiss National Bank once again to take duce the Treasury's outstanding forward in a sizable amount of dollars. In July the contracts. unwinding of some window-dressing opera- The first step was taken in May, when the tions and an easing of the Swiss money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1130 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 market brought about only a partial rever- commitments in the market had been resal of the previous inflows. In these circum- duced to $83 million. A good part of this stances, the U.S. Treasury issued to the Swiss reduction in short-term Swiss franc com- National Bank on August 4 an additional mitments, however, was achieved through Swiss franc bond in the amount of $52 mil- the issuance of $122 million equivalent of lion equivalent and used the proceeds to Swiss franc bonds, the sale of $30 million absorb an equivalent amount of dollars on in gold to the Swiss National Bank, and the books of the Swiss National Bank. At the purchases of Swiss francs from the Swiss same time the Swiss National Bank placed National Bank, thereby increasing that with the Swiss commercial banks an equiva- Bank's dollar holdings. lent amount of "sterilization rescriptions" (a form of short-term paper issued by the Swiss NETHERLANDS GUILDER Confederation) to reduce excess domestic The Netherlands guilder declined during the liquidity. first 2 months of 1964 as the Dutch trade As noted above, the U.S. Treasury in the position began to weaken, and toward the latter half of 1963 had sold in the market end of March the Federal Reserve Bank of nearly $150 million equivalent of 3-month New York was able to purchase for System forward Swiss francs to encourage outward account $5 million equivalent of guilders investment flows by Swiss commercial banks. from the Netherlands Bank. At about the By the end of the year the Treasury's forward same time, the System acquired $20.1 milcommitments had been reduced to $121 mil- lion equivalent of guilders from the Bank of lion. Additional sales of $9 million equiva- Italy, which had taken guilders as part of lent occurred in January, and the outstand- its drawing on the IMF. With these guilder ing contracts were rolled over at maturity funds, the Federal Reserve on April 2 until May 1964, when $9 million equivalent paid off at maturity its outstanding $25 milwas paid off. An additional $19 million was lion equivalent swap drawing from the liquidated in June, and in August, at U.S. Netherlands Bank, thus placing the entire Treasury initiative, a further $19 million $100 million swap arrangement on a standby was paid off at maturity. This left a total of basis. $83 million still outstanding. In addition, During most of the second quarter the there were outstanding $38 million equiva- guilder continued to decline as the Dutch lent in U.S. Treasury Swiss-franc liabilities trade deficit increased. In early June the arising from swaps of sterling for Swiss Netherlands Bank raised its discount rate francs with the BIS. During this period a by ¥L of a percentage point to AVi per cent. $17 million swap of lire for Swiss francs was The money market then began to tighten, liquidated, and a $15 million sterling—Swiss and in July Dutch commercial banks refranc swap was substituted. patriated funds, causing a strengthening of Taking the Federal Reserve swap draw- the spot guilder. The Netherlands Bank took ings and Treasury forward commitments to- in dollars in moderating the rise in the rate, gether, temporary financing had reached a and during the first week in August the maximum of nearly $350 million at the end Federal Reserve drew $20 million equivaof 1963. By the end of August 1964, the lent of guilders under the swap line and imswap drawings had been entirely paid off mediately used the guilders to absorb some and, as indicated above, Treasury forward of the Netherlands Bank's dollar accruals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1131 FOREIGN EXCHANGE OPERATIONS On August 10 the Federal Reserve drew dollars for future delivery. (The contracts another $10 million equivalent of guilders with the U.S.S.R. called for payment in U.S. in anticipation of possible market operations. dollars, whereas the grain companies had to Subsequently it sold $8 million equivalent to purchase the wheat from the Canadian the Netherlands Bank to mop up additional Wheat Board with Canadian dollars.) After dollars held by that Bank. meeting the grain dealers' demand—and after covering these forward sales to some JAPANESE YEN extent through spot purchases—commercial During most of the first half of 1964 the banks attempted to balance their positions Japanese yen remained at or close to its by engaging in swap transactions, selling floor, as a continuing increase in Japan's Canadian dollars spot against forward purdeficit on current account was covered only chases timed to meet likely calls on their in part by long- and short-term capital inforward commitments to the grain dealers. flows. The Japanese authorities had initiated Consequently, the forward Canadian dollar a series of restraint measures beginning in advanced to a premium while the spot rate October 1963, and in March of this year the tended to decline. Bank of Japan raised its discount rate from In order to offset some of these pressures, 5.84 per cent to 6.57 per cent. In order the Bank of Canada sold U.S. dollars spot to avoid further deterioration in its reand purchased them forward, thus providing serve position until the restraint measures some counterpart to the commercial banks' should bring about the desired effect, as well swap needs. Despite such operations on a as to support confidence in the yen in consubstantial scale by the Bank of Canada, the nection with the acceptance by Japan on forward Canadian dollar remained at a April 1 of Article VIII status under the premium, and the incentive to move funds IMF Articles of Agreement, the Bank of from the United States to Canada on a cov- Japan on April 30 drew $50 million under ered basis as measured by the differential on the $150 million swap arrangement with the 3-month Treasury bills rose to about 0.34 Federal Reserve—the first use of this facilper cent in the latter part of March. The situity since its inception in October 1963. The ation became a source of concern to the U.S. pressure on reserves continued over the sumauthorities when it became evident that mer months, and on July 30 the Bank of funds actually had been moving to Canada Japan renewed the $50 million drawing for in some size, and with the agreement of the another 3 months and on July 31 drew an Canadian authorities, the Federal Reserve additional $30 million under the swap arbegan in late March to sell Canadian dolrangement. In August, however, Japanese lars forward against spot purchases. As it reserves registered an increase. turned out, the pressures on the forward CANADIAN DOLLAR Canadian dollar temporarily subsided, and The spot market for Canadian dollars was Federal Reserve swaps in the market relatively quiet through the first half of amounted to only $2 million. The matching 1964, but there was considerable activity of forward exchange commitments with in the forward market as a result of grain shipment deliveries in connection with the sales to the Soviet Union. These sales gener- very large grain sales continued to dominate ated heavy demands on the part of grain the forward market in Canadian dollars dealers for Canadian dollars against U.S. through the end of June. Although the 3- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1132 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 month forward Canadian dollar widened to percentage point to 43A per cent and ana premium of well over XA of 1 per cent nounced that effective August 17 it would per annum, the covered differential in favor impose a cash reserve requirement against of Canada held below 0.40 per cent as commercial bank deposits for the first time. Canadian short-term interest rates declined, Early in August the Federal Reserve used and no further operations by the U.S. au- $7.5 million equivalent of Belgian francs thorities were necessary. drawn under the swap to absorb dollars on By the end of July, Canadian grain ship- the books of the Belgian National Bank. ments to the Soviet Union had been fairly The French franc held firmly at its ceiling well completed and pressures on the forward throughout most of the period, as the French market consequently eased. Then during balance of payments continued in surplus, August a series of developments actually and there were no Federal Reserve or Treasreversed the pressures in the Canadian dollar ury operations in the market. As indicated market. There was some buying of spot Ca- in the following section, however, the Treasnadian dollars by continental interests at the ury did effect certain sales of French francs time of the Vietnam crisis, and as the spot to various countries for repayments to the rate rose in a thin market, Canadian export- IMF. These repayments were spread out ers proceeded to sell out U.S. dollar bal- over a period of several months. Since the ances. In addition, there were new grain Treasury did not wish to leave sizable franc purchases by several Eastern European balances uninvested, a swap arrangement countries, the effect of which was felt was entered into with the Bank of France, mainly in the spot market. At about the with provision for gradual reductions of the same time, there was a tightening of the swap as the francs were required. Canadian money market and a flow of funds There were no Federal Reserve or Treasinto Canada from the United States. The ury operations in Swedish kronor or Ausincentive for interest arbitrage flows was trian schillings during the March-August soon eliminated, however, by a sharp rise period. in the spot Canadian dollar rate and a decline in the forward rate. At the close of IMF DRAWING the period, the market was in balance. In addition to the exchange operations discussed above, since the beginning of the OTHER CURRENCIES year, the U.S. Treasury has sold foreign Throughout most of the second quarter the currencies to 16 different countries—includ- Belgian franc moved narrowly in a market ing Canada, India, and a number of Latin that was essentially in balance, and there American nations—for use in making rewas no occasion for either the Federal Re- purchases from the IMF. (With the Fund's serve or the National Bank of Belgium to holdings of dollars now in excess of the dolemploy the swap balances held under the lar portion of the U.S. subscription, the Fund fully drawn swap arrangement. Early in cannot at this time accept further dollars in July, however, the Belgian franc strength- repayment.) The U.S. Treasury acquired ened following the announcement of new the foreign currencies sold, predominantly measures designed to curb the growth of German marks and French francs, through credit in Belgium. On July 3 the Belgian two drawings on the IMF, on February 13 National Bank raised its discount rate by Vi and June 1, in the amount of $125 million Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 1133 equivalent each under the $500 million supply generally continued to exceed destandby agreement with the Fund an- mand. Early in August the military flare-up nounced by President Kennedy in July 1963. in Vietnam and Cyprus again touched off Of this $250 million equivalent drawn by a brief surge of speculative buying, but these the United States, the bulk had been utilized tensions also faded quickly. by the middle of August. During the first half of the year, the Pending disbursement of remaining bal- United States continued to acquire sizable ances from the second drawing, the marks amounts of gold through the operation of were invested by the Treasury in German the London Gold Pool. Such acquisitions Treasury bills, and the French francs were returned to the Bank of France by means TABLE 4 of the dollar-French franc swap mentioned U.S. NET MONETARY GOLD TRANSACTIONS WITH FORabove. On July 23, the original standby ex- EIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS, JANUARY-JUNE, 1964 pired, and the Treasury announced that it had made a further standby arrangement (In millions of dollars at $ n 3 e 5 t p p u er r c f h in a e se t s r , o y + ) ounce. U.S.net sales, —; with the IMF for another year, restoring the amount available to $500 million. Country qu F a ir r s te t r S q e u c a o rt n e d r The first drawing under the new standby Austria - 32.1 - 23.2 arrangement was made on September 1, Brazil - 1.0 + 28.1 France -101.3 -101.3 when the United States drew $50 million in Germany — 200 0 Italy +200.0 Switzerland. . - 30.6 five European currencies. This drawing was Turkey. - 1.2 + 15.0 United Kingdom. . + 109.3 +220.9 occasioned by Italy's repayment to the Fund All other.... - 1.2 - 14.5 of $65 million. Total.. . - 27.5 + 95.0 GOLD MARKET AND U. S. GOLD TRANSACTIONS are included in net gold purchases from the Throughout the first 8 months of 1964 the United Kingdom as shown in Table 4, London gold market was generally stable though the Gold Pool component in this figwith prices seldom in excess of $35.09. ure will vary from one period to the next. There were brief periods when political un- Also shown in the table is the triangular gold certainties generated some speculative buy- transaction mentioned earlier, in which ing. In January, for example, private de- $200 million of gold sold to the United mand for gold picked up in large part States by the Bank of Italy was immediately because of unsettled conditions in Cyprus resold to the German Federal Bank. France, and Vietnam. Early in March these pres- which had a continuing surplus in its balsures were reinforced by buying from Italy, ance of payments, remained the largest purand gold fixing prices advanced to a high chaser of gold from the United States. Durof $35.0986. The pressures quickly abated, ing the first half of the year French reserves however, and in the latter part of March, rose some $280 million. On balance, after when the Soviet Union again appeared in taking account of sales to domestic users of the market as a seller of gold in connection about $40 million, total U.S. gold holdings with renewed grain purchases from the —including Stabilization Fund holdings West, the price receded to $35.0586. Al- along with the Treasury gold stock—inthough the Soviet Union had withdrawn creased by $27 million during the first 6 from the market by the end of April, market months of the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Application of Securities Exchange Act to Stocks ity to administer the disclosure provisions of the and Other Securities of Banks Securities Exchange Act with respect to securities of insured banks, to the same extent that adminis- Prior to enactment of the "Securities Acts, tration is vested in the Securities and Exchange Amendments of 1964," approved August 20, 1964 Commission with respect to securities of other cor- (Public Law 88-467), the registration, periodic porations. Accordingly, those agencies will adminreporting, proxy solicitation, and certain other re- ister those provisions in the case of any banks that quirements of the Securities Exchange Act of 1934 elect to list their securities on exchanges as well as applied only to securities traded on exchanges. in the case of bank stocks traded over the counter Under the new subsection 12(g) of the amended that are subject to the mandatory disclosure pro- Act, these "disclosure" requirements apply also to visions of the new Section 12(g). the issuer of a class of equity securities held of record by at least 750 persons (if the issuer has Real Estate Loans by National Banks total assets exceeding $1 million), even though the equity security in question is traded on the "over- The Housing Act of 1964, approved September the-counter market" and not on a securities ex- 2, 1964 (Public Law 88-560), amended Section 24 change. After a lapse of two years, the Act will of the Federal Reserve Act, with respect to conapply in any such case where a class of equity ventional real estate loans by national banks, by increasing the maximum maturity of such loans security is held of record by at least 500 persons. from 20 to 25 years, and the maximum loan-to- The amended Act applies to bank stocks as well as value ratio from 75 to 80 per cent. The text of the to the equity securities of other corporations. provision of the Act reads as follows: Public Law 88-467 also added to Section 12 of the Act the following subsection (i): SEC. 1004. Clause (3) of the third sentence of the first paragraph of Section 24 of the Federal Reserve Act is amended to read as follows: "(3) any such "(i) In respect of any securities issued by banks the loan may be made in an amount not to exceed 80 per deposits of which are insured in accordance with the centum of the appraised value of the real estate of- Federal Deposit Insurance Act, the powers, functions, fered as security and for a term not longer than and duties vested in the Commission under this title twenty-five years if the loan is secured by an amorto administer and enforce sections 12, 13, 14(a), 14 tized mortgage, deed of trust, or other such instru- (c), and 16 (1) with respect to national banks and ment under the terms of which the installment paybanks operating under the Code of Law for the Dis- ments are sufficient to amortize the entire principal trict of Columbia are vested in the Comptroller of of the loan within the period ending on the date of the Currency, (2) with respect to all other member its maturity, and". banks of the Federal Reserve System are vested in the Board of Governors of the Federal Reserve System, and (3) with respect to all other insured banks Interest Equalization Tax Information are vested in the Federal Deposit Insurance Corporation. The Comptroller of the Currency, the Board of The Interest Equalization Tax Act, approved Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation shall have September 2, 1964 (Public Law 88-563), amended power to make such rules and regulations as may be Section 6103(a) of the Internal Revenue Code of necessary for the execution of the functions vested in 1954, so as to authorize the President to open to them as provided in this subsection and none of the rules, regulations, forms or orders issued or adopted inspection by the Board of Governors of the Fedby the Commission pursuant to this title shall be in eral Reserve System and the Federal Reserve any way binding upon such officers and agencies in the performance of such functions, or upon any such Banks any information return made by a commerbanks in connection with the performance of such cial bank with respect to loans and commitments functions." to foreign obligors under Section 6011(d)(2) of As will be seen, Section 12(i) vests in the re- the Code. Pursuant to this authority, the followspective Federal bank supervisory agencies author- ing Executive Order and Regulation were issued: 1134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1135 EXECUTIVE ORDER 11176 respect to loans and commitments to foreign obligors under section 6011(d)(2) of the Internal Revenue INSPECTION OF CERTAIN INTEREST EQUALIZATION Code of 1954, as added by section 3(a) of the Interest Equalization Tax Act, shall be open to inspection TAX INFORMATION RETURNS BY THE BOARD OF by the Board of Governors of the Federal Reserve GOVERNORS OF THE FEDERAL RESERVE SYSTEM System and the Federal Reserve Banks. Such inspection may be made by— AND THE FEDERAL RESERVE BANKS (1) A member or employee of the Board of Gov- By virtue of the authority vested in me by section ernors of the Federal Reserve System duly authorized 6103(a) of the Internal Revenue Code of 1954 (68A by the Board, or Stat. 753; 26 U.S.C. 6103(a)) as amended by section (2) An officer or employee of a Federal Reserve 3 of the Interest Equalization Tax Act, approved Sep- Bank duly authorized by the president of such Bank. tember 2, 1964 (Public Law 88-563), it is hereby Upon written notice by the Board of Governors of ordered that any information return made by a comthe Federal Reserve System or the president of a mercial bank with respect to loans and commitments Federal Reserve Bank to the Secretary of the Treasto foreign obligors under section 6011(d)(2) of ury stating that it is desired to inspect information the Internal Revenue Code of 1954, as added by secreturns made by commercial banks with respect to tion 3 (a) of the Interest Equalization Tax Act, shall loans and commitments to foreign obligors under secbe open to inspection by the Board of Governors of tion 6011(d)(2) of the Internal Revenue Code of the Federal Reserve System and the Federal Reserve 1954, the Secretary of the Treasury, or any officer or Banks in the interest of sound administration of the employee of the Department of the Treasury with the interest equalization tax. Such inspection shall be in approval of the Secretary, may furnish the Board or accordance and upon compliance with the rules and the Bank with any data on such returns or make the regulations prescribed by the Secretary of the Treasreturns available for inspection and the taking of such ury in a Treasury decision, relating to inspection of data as the Board or the president of the Bank may certain interest equalization tax information returns designate. Such data may be furnished or such reby the Board of Governors of the Federal Reserve turns may be made available for inspection, in the System and the Federal Reserve Banks, approved by offices of the Board of Governors of the Federal Reme this date. serve System or in the offices of the Federal Reserve This order shall be effective upon its filing for pub- Bank, as the case may be. Any information thus oblication in the FEDERAL REGISTER. tained shall be held confidential except that it may be LYNDON B. IOHNSON published or disclosed in statistical form provided such THE WHITE HOUSE, publication does not disclose, directly or indirectly, September 3, 1964. the name or address of any person filing such a return. (b) This section shall be effective upon its filing TITLE 26—INTERNAL REVENUE for publication in the FEDERAL REGISTER. [SEAL] DOUGLAS DILLON, Chapter I—Internal Revenue Service, Department Secretary of the Treasury. of the Treasury Approved: September 3, 1964. Subchapter F—Procedure and Administration LYNDON B. JOHNSON, [T.D. 6757] The White House. PART 301—PROCEDURE AND ADMINISTRATION Collection of Cash and Noncash Items Inspection of Certain Interest Equalization Tax Information Returns by the Board of Governors The Board of Governors, effective September 1, of the Federal Reserve System and the Federal 1964, amended Regulation G, entitled Collection Reserve Banks of Noncash Items, and Regulation J, entitled Section 301.6103(a)-107 is inserted immedi- Check Clearing and Collection, so as to provide ately after § 301.6103(a)-106 to read as follows: that Federal Reserve Banks, as collecting banks, shall receive the same warranties from sending § 301.6103(a)-107 Inspection of certain interest equalization tax information returns by the Board banks located in jurisdictions in which the Uniof Governors of the Federal Reserve System and form Commercial Code is not in effect as Federal the Federal Reserve Banks. Reserve Banks located in jurisdictions in which the (a) Pursuant to the provisions of section 6103(a) of the Internal Revenue Code of 1954 (68A Stat. 753; Code is in effect give to banks to which they for- 26 U.S.C. 6103(a)) as amended by section 3(c) of ward checks and noncash items, and to make it the Interest Equalization Tax Act, approved September 2, 1964 (Public Law 88-563), and the Executive clear that a Federal Reserve Bank which sends order issued thereunder,1 and in the interest of sound checks and noncash items to another Federal administration of the interest equalization tax, any Reserve Bank makes the same warranties and information return made by a commercial bank with agreements as are made by a member or nonaE.O. 11176, Title 3, supra. member bank which sends checks and noncash Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1136 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 items to a Federal Reserve Bank. The texts of the warranties under the law of any State applicable amendments to Regulations G and J are as follows: to it as a collecting bank. AMENDMENTS TO REGULATION G AMENDMENTS TO REGULATION J (12 CFR PART 207) (12 CFR PART 210) Effective September 1, 1964, paragraphs (a) Effective September 1, 1964, the presently unand (b) of Section 207.3 are revised to read as designated first paragraph of § 210.5 is designated follows: as paragraph (a), the present paragraphs (a) through (i) of § 210.5 are redesignated as para- SECTION 207.3—TERMS OF COLLECTION graphs (b) through (j), respectively, and the (a) Agreement of sending bank. Each member presently undesignated first paragraph of § 210.5 and nonmember clearing bank and each Federal and the present paragraph (a) of such section are Reserve bank which sends noncash items to a revised to read as follows: Federal Reserve bank for collection shall by such action be deemed: (1) to authorize the Federal SECTION 210.5—TERMS OF COLLECTION Reserve banks to handle such items subject to the terms and conditions of this part; (2) to warrant (a) The Board of Governors of the Federal Reits own authority to give the Federal Reserve banks serve System hereby authorizes the Federal Resuch authority; (3) to agree to indemnify any Fed- serve banks to handle such checks subject to the eral Reserve bank for any loss or expense sus- following terms and conditions; and each member tained (including but not limited to attorneys' fees and nonmember clearing bank and each Federal and expenses of litigation) resulting from the Reserve bank which sends checks to a Federal failure of such sending bank to have such author- Reserve bank for deposit or collection shall by ity, or resulting from such Federal Reserve bank's such action be deemed: (1) to authorize the Fedguaranty of prior endorsements, or resulting from eral Reserve banks to handle such checks subject any action taken by the Federal Reserve bank to the following terms and conditions; (2) to warwithin the scope of its authority for the purpose of rant its own authority to give the Federal Reserve collecting such noncash items, or resulting from banks such authority; (3) to agree to indemnify any and all warranties given by the Federal Re- any Federal Reserve bank for any loss or expense serve bank, in respect of such items, under the law sustained (including but not limited to attorneys' of any State applicable to the Federal Reserve bank fees and expenses of litigation) resulting from the as a collecting bank; (4) to guarantee all prior failure of such sending bank to have such authorendorsements on such items whether or not a spe- ity, or resulting from such Federal Reserve bank's cific guaranty is incorporated in an endorsement guaranty of prior endorsements, or resulting from of the sending bank; and (5) to warrant to the any action taken by the Federal Reserve bank Federal Reserve bank, in respect of such items, all within the scope of its authority for the purpose of such matters and things as the Federal Reserve collecting such checks, or resulting from any and bank shall warrant in respect thereof under the all warranties by the Federal Reserve bank, in law of any State applicable to the Federal Reserve respect of such checks, under the law of any State bank as a collecting bank; provided, that nothing applicable to the Federal Reserve bank as a colherein contained shall, or shall be deemed to, con- lecting bank; (4) to guarantee all prior endorsestitute a limitation upon the effect of any warranty ments on such checks whether or not a specific by such sending bank arising under the law of any guaranty is incorporated in an endorsement of the State applicable to such sending bank as a collect- sending bank; and (5) to warrant to the Federal ing bank. Reserve bank, in respect of such checks, all such (b) Federal Reserve bank as agent. A Federal matters and things as the Federal Reserve bank Reserve bank will act only as agent of the bank shall warrant in respect thereof under the law of from which it receives such noncash items and any State applicable to the Federal Reserve bank will assume no liability except for its own negli- as a collecting bank; provided, that nothing herein gence, its guaranty of prior endorsements and its contained shall, or shall be deemed to, constitute a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1137 limitation upon the effect of any warranty by such essing services for customers of the subsidiary sending bank arising under the law of any State banks. applicable to such sending bank as a collecting The Board understood from the facts presented bank. that the service company owns a computer which (b) A Federal Reserve bank will act only as it utilizes to furnish data processing services for agent of the bank from which it receives such the subsidiary banks of its parent holding comchecks and will assume no liability except for its pany. Customers of these banks have requested own negligence, its guaranty of prior endorse- that the banks provide for them computerized ments and its warranties under the law of any billing, accounting, and financial records mainte- State applicable to it as a collecting bank. nance services. The banks wish to utilize the computer services of the service company in providing Issuance of Unsecured Negotiable Notes by these and other services of a similar nature. It is Member Banks proposed that, in each instance where a subsidiary bank undertakes to provide such services, the bank In response to questions with respect to the will enter into a contract directly with the cusapplicability of the Board's Regulation D (Re- tomer and then arrange to have the service comserves of Member Banks) and Regulation Q (Pay- pany perform the services for it, the bank. In no ment of Interest on Deposits) to unsecured case will the service company provide services for negotiable notes issued by member commercial anyone other than its affiliated banks. Moreover, banks as a means of obtaining funds, the Board of it will not hold itself out as, nor will its parent Governors has stated that, since such notes consticorporation or affiliated banks represent it to be, tute borrowings, they are not subject, under presauthorized or willing to provide services for others. ent law and regulation, to the interest rate limita- Section 4(c)(l) of the Act permits a holding tions or reserve requirements prescribed for company to own shares in "any company engaged deposits by the Board. solely ... in the business of furnishing services to The legality of the issuance of notes of the type or performing services for such holding company referred to must be determined in the light of and banks with respect to which it is a bank holdapplicable Federal and State laws, and it is asing company. ..." The Board has ruled heretosumed that any bank borrowing by means of such fore that the term "services" as used in Section notes will satisfy itself that their issuance is 4(c) (1) is to be read as relating to those services authorized. Borrowings of this type would, of (excluding "closely related" activities of "a financourse, be so identified in financial statements and cial, fiduciary, or insurance nature" within the call reports and added to all other borrowings in meaning of Section 4(c)(6)) which a bank itself the application of statutory or other limitations on can provide for its customers. (1958 Federal Rethe total amount of debt a bank may incur. Any serve BULLETIN 431; 12 CFR 222.104) A deterliabilities thus incurred by a bank would increase mination as to whether a particular service may the necessity for maintaining an adequate cushion legitimately be rendered or performed by a bank of liquidity and equity capital. for its customers must be made in the light of applicable Federal or State statutory or regulatory Computer Services Under Bank Holding provisions. In the case of a State-chartered bank, Company Act For Customers of Subsidiary the laws of the State in which the bank operates, Banks together with any interpretations thereunder ren- The question has been presented to the Board of dered by appropriate bank authorities, would gov- Governors whether a wholly-owned nonbanking ern the right of the bank to provide a particular subsidiary ("service company") of a bank holding service. In the case of a national bank, a similar company, which is now exempt from the prohibi- determination would require reference to provitions of Section 4 of the Bank Holding Company sions of Federal law relating to the establishment Act of 1956 ("the Act") because its sole business and operation of national banks, as well as to is the providing of services for the holding com- pertinent rulings or interpretations promulgated pany and the latter's subsidiary banks, would lose thereunder. its exempt status if it should provide data proc- Accordingly, on the assumption that all of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1138 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 services to be performed are of the kinds that the holding company, for the Board's approval of the holding company's subsidiary banks may render acquisition of 80 per cent or more of the voting for their customers under applicable Federal or stock to be issued by The San Jose Barnett Bank, State law, the Board concluded that the rendition Jacksonville, Florida, a proposed new bank. of such services by the service company for its As required by Section 3(b) of the Act, the affiliated banks would not adversely affect its Board notified the Florida State Commissioner of exempt status under Section 4(c)(l) of the Act. Banking of receipt of the application and re- In arriving at the above conclusion, the Board quested his views and recommendation thereon. emphasized that its views were premised explicitly The Commissioner recommended approval of the upon the facts presented to it, and particularly its application. Notice of receipt of the application understanding that banks are permitted, under was published in the Federal Register on April 9, applicable Federal or State law, to provide the 1964 (29 Federal Register 4976), which provided proposed computer services. The Board empha- an opportunity for submission of comments and sized also that in respect to the service company's views regarding the application. Time for filing operations, there continues in effect the require- such comments and views has expired and all comment under Section 4(c) (1) that the service com- ments and views filed with the Board have been pany engage solely in the business of furnishing considered by it. services to or performing services for the bank IT IS ORDERED, for the reasons set forth in the holding company and its subsidiary banks. The Board's Statement of this date, that said applica- Board added that any substantial change in the tion be and hereby is granted, provided that the facts that had been presented might require re- acquisition so approved shall not be consummated examination of the service company's status under (a) within seven calendar days after the date of Section 4(c)(l). this Order or (b) later than three months after said date, and that The San Jose Barnett Bank shall be opened for business not later than six Order Under Section 3 of Bank Holding months after said date. Company Act Dated at Washington, D. C, this 12th day of The following Order and Statement were issued August, 1964. in connection with action by the Board of Governors on an application by a bank holding company By order of the Board of Governors. for approval of the acquisition of voting shares of a bank. Voting for this action: Vice Chairman Balderston, and Governors Mills, Robertson, Shepardson, and Mitchell. Absent and not voting: Chairman Martin BARNETT NATIONAL SECURITIES and Governor Daane. CORPORATION, JACKSONVILLE, FLORIDA (Signed) KENNETH A. KENYON, Assistant Secretary. In the matter of the application of Barnett [SEAL] National Securities Corporation for approval of the acquisition of voting shares of The San Jose STATEMENT Barnett Bank, Jacksonville, Florida, a proposed new bank. Barnett National Securities Corporation, Jacksonville, Florida ("Applicant" or "Barnett"), a registered bank holding company, has applied to ORDER APPROVING APPLICATION UNDER BANK the Board of Governors, under the Bank Holding HOLDING COMPANY ACT Company Act of 1956 ("the Act"), for permis- There has come before the Board of Governors, sion to acquire 80 per cent or more of the voting pursuant to Section 3(a)(2) of the Bank Holding stock to be issued by The San Jose Barnett Bank, Company Act of 1956 (12 U.S.C. 1842(a)(2)) Jacksonville, Florida ("Bank"), a proposed new and Section 222.4(a) (2) of Federal Reserve Reg- bank. ulation Y (12 CFR 222.4(a)(2)), an application Views and recommendation of State supervisory on behalf of Barnett National Securities Corpo- authority. As required by Section 3(b) of the Act, ration, Jacksonville, Florida, a registered bank the Board notified the Florida State Commissioner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1139 of Banking of receipt of the application and re- appear favorable. While Bank has no financial quested his views and recommendation thereon. history, on the basis of its proposed capital struc- The Commissioner recommended approval of the ture, and its estimated deposits at the end of its application. third year of operation, the Board concludes that Statutory factors. Section 3(c) of the Act re- Bank's financial condition will be satisfactory and quires the Board to take into consideration the that its prospects as a subsidiary of Applicant are following five factors: (1) the financial history favorable. and condition of the holding company and the The management of Applicant and of its subbanks concerned; (2) their prospects; (3) the sidiary and affiliated banks is satisfactory. The character of their management; (4) the conveni- Board concludes that the proposed management ence, needs, and welfare of the communities and of Bank should be similarly satisfactory inasmuch the area concerned; and (5) whether the effect as such management will be drawn initially from of the proposed acquisition would be to expand the staffs of Barnett National and Applicant's subthe size or extent of the bank holding company sidiary bank in Jacksonville. system involved beyond limits consistent with ade- Convenience, needs, and welfare of the commuquate and sound banking, the public interest, and nity and area concerned. As earlier indicated, the preservation of competition in the field of Bank will be located in a southeastern suburb of banking. Jacksonville known as San Jose. Bank's primary Applicant owns 60 per cent or more of the service area will encompass approximately ten stock of four subsidiary banks located in the State square miles and will be primarily residential in of Florida and is affiliated through common own- character. A study of the area reflects a growth in ership with The Barnett National Bank of Jackson- population from 2,500 in 1950 to 15,000 in 1960. ville ("Barnett National"). At December 20, The estimated 1964 population of the area is about 1963,* Applicant's four subsidiary banks and 19,000. The number of residential dwelling units Barnett National held combined deposits of $214 within the area, a large number of which are highmillion, of which Barnett National held $141 mil- cost units for families with incomes considerably lion. (Hereinafter the phrase "Barnett Group" above the average for Duval County, increased will refer to Applicant's four subsidiary banks and from approximately 900 in 1950 to 4,800 in 1960. Barnett National.) One of Applicant's subsidiary Applicant estimates that approximately 2,700 adbanks and Barnett National are located in Duval ditional residential units will be constructed in the County, the county in which Bank will be situated. area by 1970. Applicant's three remaining subsidiary banks are While there are a few industrial and manufaclocated at St. Augustine, DeLand, and Cocoa. turing concerns in the area, the commercial activ- With the exception of Barnett National, the Group ity therein is principally related to servicing the banks range in size from $12 million to $27 several residential developments. Within Bank's million. service area there are approximately 120 retail Applicant proposes to establish Bank in an un- and 65 service establishments. The largest comincorporated area of Duval County known as San plex of retail and commercial outlets in the area Jose, approximately &A miles southeast of down- is the San Jose Shopping Center located at the town Jacksonville on the eastern bank of the same intersection as, and across from, Bank's pro- St. Johns River. It is estimated that at the end of posed site. This center has 30-40 establishments its third year of operation Bank will have deposits of the nature normally found in a complex servof $5.5 million. ing a large residential area. A similar shopping Financial history and condition, prospects, and center containing 14 establishments is located less management of Applicant and Bank. Applicant's than a mile from Bank's proposed site, and a third financial history and condition are considered to shopping center is now in the process of developbe satisfactory. Its prospects, measured in part by ment approximately one mile from Bank's prothe sound financial condition of the Group banks, posed site. There is no banking office located within Bank's proposed service area. There is evidence that the * Unless otherwise indicated, all banking data noted are of this date. area is now served by three banks located from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1140 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 3 to 5 miles from Bank's proposed site and by at maining nine banks in the County hold combined least five downtown banks. The three suburban deposits of $115 million, or 16 per cent of the banks are located generally between the northern total deposits of all banks. edge of Bank's service area and downtown Jack- In terms of dollar volume of deposits held by sonville and offer the same general type of banking subsidiary and/or affiliated banks, the extent to service that Bank proposes to offer. which deposits of banks in Duval County are con- Applicant does not contend, nor is there evi- centrated in both holding company and group dence to support a rinding, that the major banking banks is not insignificant. At the same time, howneeds of the San Jose area are not being met by ever, such concentrations do not appear to repreexisting facilities. However, considering the past sent, either in the case of the Barnett Group or in and prospective development of that area, and the respect to either of the other two groups operating distance from Bank's site of existing banking facil- banks in Duval County, a dominance inimical to ities, the fact that through consummation of Ap- the nonaffiliated banks in the County. Since Bank plicant's proposal there will result an additional is to be newly established, its acquisition by Appliand substantially more convenient source of bank- cant will not immediately alter the Barnett Group's ing service than is now available is a consideration competitive position in Duval County. Even addweighing toward approval of the application. ing to the combined deposits of that Group's banks Effect of proposed acquisition on adequate and the deposits expected at the end of three years of sound banking, public interest, and banking com- Bank's operation, the percentage of deposits of all petition. Duval County is coextensive with the banks in the County held by the Group's banks Jacksonville metropolitan area. Within Duval would be increased by less than one per cent. County, the area principally affected by Appli- Turning to consideration of the probable effect cant's proposal is the San Jose area. Also to be of Applicant's proposed acquisition on competing considered are the suburban communities in which banks in the area, as earlier noted there are no are located banks that presently serve the San other banks located in Bank's proposed primary Jose area, and the downtown section of Jackson- service area. The only bank in the Barnett Group ville. As earlier indicated, two of the Barnett that competes measurably in the San Jose area is Group banks are located in Duval County. Barnett Barnett National. Some $365,000 of its deposits National, the largest of the Group's banks and of individuals, partnerships, and corporations third largest of the Jacksonville banks, holds de- (representing .4 per cent of its total of such deposits equal to 20 per cent of the combined depos- posits) and $100,000 of its commercial loans its of all banks ($714 million) in Duval County. (representing .5 per cent of the total of such The Group's other Duval County bank, the Mur- loans) are derived from Bank's designated service ray Hill Barnett Bank, holds deposits of $12 mil- area. Even when viewed alone, these totals are lion, or about 2 per cent of the deposits held by not such as to suggest the potential for substantial all banks in the County. In addition to the Barnett competition between Barnett National and Bank Group banks, there are 20 other banks located in were Bank to be operated independent of the Duval County, 11 of which are components of Barnett Group. The potential for any substantial one of two "bank groups." The Atlantic Trust competition between Barnett National and Bank group consists of 10 banks, 5 of which are located is further lessened by the location of the earlier in Duval County. One of the five, The Atlantic mentioned banks between Bank's proposed site National Bank of Jacksonville, is the largest bank and downtown Jacksonville, and the fact that other in the County. Six of the banks in the County, downtown Jacksonville banks, including the two including the second largest in Jacksonville, be- that are larger than Barnett National, would also long to the Florida National group. compete for business in the San Jose area. The The Duval County banks of the Atlantic Trust three suburban banks serving the San Jose area, group hold combined deposits of $246 million, or their distances from Bank's proposed site, and 34 per cent of the deposits of all banks in the their sizes by deposits are as follows: Southside County. The Florida National group banks in Atlantic Bank (member of the Atlantic group), Duval County hold $199 million of deposits, or 3.3 miles distant, with deposits of about $8 million; 28 per cent of the deposits of all banks. The re- American National Bank, 3.7 miles distant, with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1141 deposits of $32 million; and State Bank of Jackson- The facts earlier related as to the location, size, ville, 5 miles distant, with deposits of $27 million. and competitive position of Barnett National war- In view of the fact that each of these banks is lo- rant the conclusion that its affiliation with Bank cated outside Bank's designated primary service in the Barnett Group will have no consequences area, and considering their respective sizes in rela- of a nature requiring denial of Applicant's protion to that projected for Bank at the end of its posal. third year of operation, there is no basis for a Conclusion. Viewing the relevant facts in the finding that Applicant's acquisition and operation light of the general purposes of the Act and the of Bank will have any significant adverse effect on factors enumerated in Section 3(c) thereof, it is these banks. In this regard, the Board has noted the Board's judgment that the proposed acquisition the absence of any expressed opposition by these would be consistent with the public interest and banks to Applicant's proposal. that the application should be approved. Announcements APPOINTMENT OF DIRECTOR National Bank of Fort Worth, Fort Worth, Texas. On September 9, 1964, the Board of Governors As a director of the Dallas Bank he succeeds Mr. announced the appointment of James McCor- Roy Riddel, President, First National Bank of mack, of Boston, Massachusetts, as a director of Lubbock, Lubbock, Texas, who died on June 27, the Federal Reserve Bank of Boston for the unex- 1964. pired portion of a term ending December 31, BACK ISSUES OF THE BULLETIN 1965. General McCormack is Vice President, Massachusetts Institute of Technology, Cambridge. From time to time the Board of Governors has As a director of the Boston Bank he succeeds received requests for back issues of the monthly Mr. John T. Fey, formerly President of the Uni- Federal Reserve BULLETIN. It has not been possiversity of Vermont, who had resigned. ble to fill most of these requests because the Board's stock is limited to copies for recent years. ELECTION OF DIRECTOR Those who would like to purchase back issues The Federal Reserve Bank of Dallas on Septem- of the BULLETIN will be interested to know that ber 15 announced the election of Murray Kyger Kraus Reprint Corporation, 16 East 46th Street, as a Class A director of the Bank to serve for the New York, N. Y. 10017, has reprinted Volumes remainder of a term expiring December 31, 1966. 1-10, and that it is planning to reprint Volumes Mr. Kyger is Chairman of the Board, The First 11-35 later. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 16 Industrial activity and retail sales continued to was close to the advanced level of July. Increases expand in August while construction activity de- in output were widespread among other materials, clined slightly from a record level. Changes in the both durable and nondurable. labor force and the unemployment rate were small. Bank credit rose substantially, after a small CONSTRUCTION decrease in July. The rate of increase in the money New construction put in place in August, at a supply slackened while time and savings deposits seasonally adjusted annual rate of $66 billion, was continued to increase. 1 per cent below the record rate attained in March- April and again in June-July. Public construction, INDUSTRIAL PRODUCTION which was revised upward by 4 per cent for July, Industrial production in August was 133.5 per declined 3 per cent in August. Private residential cent of the 1957-59 average, up from 132.7 in building remained at a level about 5 per cent below July, and was about 6 per cent higher than in the the peak reached earlier this year while commercial and industrial construction continued to summer and autumn of last year. Expansion in rise. output continued for both final products and materials. DISTRIBUTION Among consumer goods auto assemblies increased somewhat, after allowance for the model Retail sales rose about 1 per cent further in August and were 7 per cent above a year earlier. change over, and output of furniture and some Deliveries of new cars, which had been held down other household goods rose further. Activity in by a trucking strike, increased sharply in August. business equipment industries continued to in- Sales at apparel and general merchandise stores crease, reflecting further gains in output of indusrose substantially. trial and freight and passenger equipment. Steel production showed about the usual re- AGRICULTURE covery in August and the seasonally adjusted rate Dry weather during most of August lowered crop production prospects and reduced grazing INDUSTRIAL PRODUCTION capacity of pastures in the Central States and the 1957-59 = 100 Northeast. Nationally, the September 1 estimate 140 of crop production was 2 per cent below the 130 FINAL ^ J ^^ August 1 forecast and 3 per cent below the record TOTAL^/^ _ _ PRODUCTS>y—"-/ _ 120 output of 1963. The corn crop estimate of 3.64 X\^—7 MATERIALS 110 billion bushels is 11 per cent smaller than the 1963 crop; the soybean estimate of 704 million bushels 100 is somewhat larger than last year's crop. / COMMODITY PRICES ~ NONDURABLE ^^<7 ~ MANUFACTURES -/***" - CO G NS O U O ME D R S V*^ ^ " - jjJs - The wholesale price index for industrial commodities remained stable in August and early ^-^s^ /// MANUFACTURES _ - V N-v'" EQUIPMENT September. Upward price pressures continued in markets for nonferrous metals; prices of tin rose ,n~ 1 ! 1 1 1 1 1 sharply further and quotations for refined lead and for lead and copper scrap increased. Meanwhile, F. R. indexes, seasonally adjusted. Latest figures shown for Aug. steel scrap lost most of July's sharp rise. Among 1142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1143 foodstuffs, livestock prices rose sharply in late were also somewhat higher than in other recent August in response to an organized movement to months. Seasonally adjusted total and required withhold supplies from market, but subsequently reserves rose. Reserves were supplied principally marketings increased and prices declined mod- through Federal Reserve purchases of U.S. Goverately. ernment securities and were absorbed through an outflow of currency, a decrease in float, and a build-up of Treasury deposits at the Reserve BANK CREDIT, MONEY SUPPLY, AND RESERVES Banks. Seasonally adjusted commercial bank credit increased over $4 million in August following a SECURITY MARKETS moderate decrease in July. Loans continued to rise and holdings of U.S. Government securities and Yields on seasoned corporate and State and of municipal and agency issues increased. The local government bonds changed little between seasonally adjusted money supply continued to rise, mid-August and mid-September while yields on but the increase of $500 million was considerably Treasury securities rose somewhat. In mid-Septemsmaller than in the preceding two months. Time ber the rate on 3-month Treasury bills was slightly and savings deposits rose $1.2 billion, the largest over V/i per cent. increase since February. Common stock prices, which had declined ir- Member bank borrowings from the Federal Re- regularly from the high recorded in mid-July, reserve, at an average of $335 million, were above covered most of the loss by mid-September. earlier levels but excess reserves, at $410 million, INTEREST RATES PRICES WHOLESALE ALL ITEMS - ALL COMMODITIES ... 1 1 1 1 .. 1 1 1 1 . . . COMMODITIES NONFOOD COMMODITIES O t h 6 r than form and rood . _ . ! 1 ! 1 . . . 1 1 ! I SERVICES ,^~--r~* PROCESSED FOODS s/*~' "/S^^-FOODS _ | * FARM PRODUCTS ( .-- I 1 1 1 ,...- Discount rate, range or level for all F. R. Banks. Weekly 1964 1960 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, July; for wholesale prices, Aug. shown, week ending Sept. 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SYMBOLS AND ABBREVIATIONS e Estimated N.S Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary JTL Liabilities s Sources of funds i, II, U Uses of funds III, IV Quarters Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—continued Issue Page Flow of funds. Apr. 1964 508-17 Banking and monetary statistics, 1963. Feb. 1964 242-47 Mar. 1964 396-97 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. 1964 1206 1144 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 1146 Reserve Bank discount rates; margin requirements; reserve requirements 1151 Open market transactions; Federal Reserve Banks 1153 Bank debits; currency in circulation. 1156 Money supply; banks and the monetary system 1158 Commercial and mutual savings banks, by classes 1160 Commercial banks, by classes. 1164 Weekly reporting member banks 1166 Business loans 1169 Interest rates 1170 Security prices; stock market credit; open market paper 1171 Savings institutions. 1172 Federal finance. 1174 Federally sponsored agencies 1179 Security issues. . 1180 Business finance. 1183 Real estate credit. 1185 Consumer credit. 1188 Industrial production. 1192 Business activity; construction 1196 Employment and earnings. 1198 Wholesale and consumer prices. . 1200 National product and income series. 1202 Flow of funds. 1204 Stock Market Credit. 1206 Guide to tabular presentation 1144 Index to statistical tables. 1231 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The remainreports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are availfigures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency, Fed- of the BULLETIN). 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 BANK RESERVES AND RELATED ITEMS SEPTEMBER 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- Bought Repur- and Float tal 2 stand- cula- ings With Cur- Total out- chase ad- ing tion Treas- For- Otheri F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures 1929—June.... 179 179 978 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 24,74420,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 117 21,60622,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 262 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 1,389 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 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec... 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 1,,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 2"~ 33,218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—June.... 31,540 31;446 94 236 1,635 33.454 15,785 5,583 35.293 400 794 193 216 ,125 16.800 2,929 19,729 1963—Aug 32,233 32,171 62 355 1,453 34,080 15,602 5,584 35,794 394 846 164 200 ,144 16,723 2,996 19,719 Sept 32,341 32,243 98 352 1,710 34,440 15,582 5,589 35,945 401 866 149 196 ,163 16,890 3,055 19,945 Oct 32,648 32,464 184 343 1,593 34,628 15,582 5,587 36,120 395 918 161 194 ,089 16,920 3,083 20,003 Nov 33,126 32,936 190 407 1,77135,353 15,582 5,594 36,693 395 938 150 198 ,138 17,017 3,097 20,114 Dec 33,729 33,626 103 360 2,434 3'6,610 15,562 5,583 37,603 389 879 160 206 ,215 17,303 3,443 20,746 1964—Jan... 33,200 33,127 73 289 2,164 35,770 15,513 5,583 36,827 408 965 155 212 ,052 17,247 3,428 20,675 Feb... 33,009 32,981 28 311 1,644 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 35,981 15,462 5,577 37,107 425 957 148 180 ,111 17,092 3,127 20,219 June., 34,631 34,530 101 271 784 36,760 15,462 5,584 37,541 414 886 135 200 ,273 17,356 3,202 20,558 July.. 34,898 34,765 133 265 ,84137,077 15,463 5,568 37,938 431 804 131 201 ,194 17,408 3,255 20,663 Aug... 35,118 34,996 122 334 ,67037.170 15.462 5.562 38.033 422 909 145 194 ,151 17.340*>3,220^20,560 Week ending— 1963 July 3.. 32,249 32,078 171 329 1,65134,273 15,733 5,587 35,581 383 863 173 235 ,101 17,257 2,985 20,242 10.. 32,652 32,308 344 323 1,726 3"4,744 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, ,419 15,669 5,582 35,850 396 922 180 199 ,056 17,067 3,105 20,172 24.. 31,687 31,687 313 1,990 34,030 15,633 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 1,348 34,180 15,582 5,587 35,889 391 806 170 192 ,214 16,689 2,995 19,684 11. 32,644 32,350 294 385 1,48734,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 18. 32,209 32,209 225 ,99534,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25. 32,040 32,040 418 937 34,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20,200 Oct. 2. 32,511 32,449 62 373 ,54534,467 15,582 5,589 35,858 393 901 153 192 1,114 17,027 3,150 20,177 9. 33,036 32,617 419 422 ,527 35,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 16. 32,784 32,521 263 339 ,56734,737 15,583 5,582 36,235 392 930 150 194 1,107 16,894 3,095 19,989 23. 32,226 32,226 392 ,930 34,589 15,581 5,583 36,165 394 915 171 188 1,060 16,860 3,082 19,942 30. 32,474 32,413 61 229 ,416 34,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 1,31534,842 15,583 5.593 36,251 388 823 156 193 1,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 402 886 146 198 1,001 17,060 3,005 20,065 20 32,949 32,773 176 462 2,180 "3"5,635 15,582 ,596 36,722 403 1,045 144 208 1,211 17,080 3,170 20,250 27 33,111 33,018 93 233 2,126 35,512 15,582 593 36,872 386 1,006 151 199 1,250 16,823 3,212 20,035 Dec. 4. 33,795 33,590 205 540 1,63136,010 15.582 580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11. 33,849 33,759 90 148 1,899 3355,945 15,582 ,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 ,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 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 BANK RESERVES AND RELATED ITEMS 1147 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 U.S. Govt. securities c D ou is n - ts To- s G to o c ld k T r o c r e u e u n u r a r y c t s - - y - r C c e u i i n r r n c - - y T h r c u o e a r l a s y d s h - - th w a i n t h m r e F e s . e m R rv b . e e B s r , a b n a k n s k O F a t . c h R - e . r Me r m es b e e r r v e b s ank Total B r o o ig u u h t g - t htR m c a e h g e p a r n u e s t r e e s - - va a a n n d c d - es Float tal 2 st i a n n g d- c t u i l o a n - ings counts B W F a . i n R t k . h s c r C a o e u i n n r n d c - y 3 Total Averages of daily figures Week ending— 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", 4'6"1. 36,706 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 2,203I 36,231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 32,944 32,944 198 365 355,623 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 J64 34,780 15,512 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb. 33,009 32,979 277 1,417 34,771 15,512 5,587 36,292 425 759 131 214 960 1 R 7 , - 0 1 89 3,131 20,220 33,275 33,214 372 1,496 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 32,887 32,862 291 1,846 35 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 32,750 32,750 200 1,83534,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 1,529 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 1,609 35,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 1,758 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 1,973 35,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 1. 33,575 33,534 155 512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 33,979 33,916 209 ,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 ,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22 33,050 33,050 321 166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29 33,086 32,985 101 137 1,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 May 6.. 33,763 33,580 183 213 ,653 35,724 15,463 5,582 36,910 426 888 156 188 954 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 '»,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 i;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 1,823 36,811 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 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 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 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 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 34,518 34,357 161 179 1,626 36,381 15,463 5,567 37,814 440 711 133 190 1,148 16,975 3,353 20,328 Auc. 5 35,112 34,980 132 262 1.460 36,892 15,462 5,570 37,893 433 769 137 199 1.132 17,363 3,197 20,560 12 35,397 35,097 300 376 1,554 37.393 15,462 5,554 38,114 417 964 141 193 1.113 17.467 3,130 20,597 19 34.855 34,855 279 2,024 37.197 15,461 5,558 38,113 412 932 144 199 1.102 17^314 3,269 20,583 26 35,051 34,929 122 329 1,719 37.137 15.462 5,563 37,998 429 918 145 188 1 .214 17.270^3,348^20.618 End of month 1964 June 34,794 34,794 79 1,633 36,589 15,461 5,578 37,734 391 939 156 182 1,255 16,973 3,505 20,478 July 3 35 5 , , 0 1 5 6 1 4 3 3 5 5 , . 0 1 0 6 2 4 49 2 1 3 8 9 5 1 1 , , 4 5 5 5 1 6 3 36 6 , , 9 7 4 9 1 7 ^1 1 5 5 . , 4 4 6 6 1 2 ^ 5 5 , . 5 5 7 7 0 3^ 3 3 7 8 , ,0 8 0 3 3 5 M 4 2 2 1 2 9 7 3 8 9 5 1 1 3 6 5 3 2 1 0 9 8 8 1, . 1 1 2 8 9 6 1 17 7 , , 0 3 5 2 5 7 ^3 3 , , 0 5 6 3 9 2 ^ 2 2 0 0 , . 8 1 5 2 9 4 Aug Wednesday 1964 35,123 34,998 125 424 ,63737,288 15,463 5,583 37,799i 417 871 148 203 1,251 17,645 3,528 21,173 July 1 35,460 35,217 243 416 ,50337,483 15,463 5,559 38,113 416 785 125 213 ,264 17,589 3,351 20,940 35,206 34,910 296 126 897 37,290 15,463 5,564 38,087| 437 923 127 216 ,177 17,350 3,670 21,020 8 34,160 34,160 104 ,66835,973 15,463 5.567 37,927 458 734 130 199 ,140 16,415 3,648 20,063 15 34,81" 34,760 52 ,29536,456 15,463 5,563 37,857 446 674 140! 196 ,146 17,023 3,711 20,734 22 29 35,258 35,051 207 735 237 37,296 15,463 5,570 38,031 442 828 129 186 ,129 17,584 3,289 20,873 Aim. 5 35,009 34,921 88 163 489 36,721 15,463 5,554 38,186 411 1,017 138 203 ,030 16,753 3,574 20,327 12 34,739 34,739 180 ,72836,685 15,463 5.561 38,108 420 1,025 140 195 ,208 16,612 3,575 20,187 2 1 6 9 35.079 35.007 "ll 138 ,32436,579 15,463 5; 567 38,002 444 1.076 186 194 1.217 16.490"3,701^20,191 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

1148 BANK RESERVES AND RELATED ITEMS SEPTEMBER 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R i e r - ed Excess B r F i a o 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 ld al qu R i e r - ed Excess B r F i o a n a . n w g R t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R ir e e - d Excess B r F i o a n a . n w g R t k s - . s Free 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 ,141 601 i 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 ,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 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 1,011 13|" 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191, 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 1,353 64 -61 1952—Dec 21,180 20,457 723 ,593 -870 5,357 5,328 30 486 -456 ,406 1,409 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 37 -36 1954_Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 1,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 1,138 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 I960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 1,035 18 — 11 1963—June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 ,028 1,032 3 -j 1963—Aug 19,719 19,256 463 330 133 3,630 3,620 10 90 -80 ,009 1,007 29 -27 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 ,029 1,030 40 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 ,036 1,028 19 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 ,035 1,031 40 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 ,056 1,051 4 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 ,048 1,044 27 -22 F M e a b r c 2 2 0 0 , 51 21 4 3 8 1 1 9 9 , ,7 8 5 5 3 6 3 3 9 5 5 7 2 3 5 0 9 4 9 9 1 8 3 3 , , 8 7 0 9 3 7 3 3 , , 7 7 9 5 8 7 40 5 4 2 7 2 - - 1 7 7 , ,0 0 2 1 6 4 1 1 , , 0 01 2 6 2 9 8 0 7 - - 8 8 6 9 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 2 ,021 1,015 21 -14 May 20,219 19,886 333 255 78 3,833 3,832 26 -26 ,044 1,042 5 -3 June 20,558 20,170 388 270 118 3,983 3,945 38 39 -1 ,033 1,034 13 -14 July 20,663 20,266 397 265 132 3,943 3,921 22 40 -18 ,039 1,036 22 -19 Aug ^20,560P20,149 334 *>3,876 *>3,858 ni 39 ,039 ^1,033 13 v-S Week ending— 1963—Aug. 7. 19,913 19,431 482 398 84 3,722 3,720 82 -80 ,021 1,024 73 -75 14. 19,709 19,236 473 352 121 3,611 3,599 106 -94 ,002 996 45 -40 21. 19,654 19,252 402 294 108 3,613 3,605 89 -81 ,012 1,009 12 -9 28. 19,554 19,146 408 274 134 3,569 3,570 81 -82 ,003 1,001 2 1964—Mar. 4. 20,183 19,693 490 362 128 3,836 3,766 70 65 5 1,030 1,020 30 -20 11. 19,978 19,664 314 253 61 3,718 3,707 11 33 -22 999 999 70 -69 18. 20,213 19,838 375 358 17 3,801 3,804 -2 32 -34 1,020 1,019 113 -112 25. 20,510 20,002 508 279 229 3,866 3,837 28 20 1,037 1,033 177 -172 Apr. 1 . 20,309 20,037 272 155 117 3,900 3,871 29 27 1,050 1,037 32 -19 8. 20,350 19,928 422 208 214 3,814 3,812 1 1,017 1,015 59 -57 15. 20,368 20,069 299 190 109 3,822 3,801 21 11 1,014 1,013 1 22. 20,323 19,882 441 319 122 3,736 3,727 9 -49 1,017 1,016 28 -27 29. 19,966 19,698 268 135 133 3,736 3,721 15 15 1,013 1,014 2 -3 May 6. 20,277 19,988 289 211 78 3,910 3,890 20 12 1,056 1,051 5 13. 20,293 19,892 401 314 87 3,805 3,783 22 13 9 1,036 1,036 9 -9 20. 20,304 19,896 408 298 110 3,824 3,825 -1 47 -48 1,056 1,047 8 27. 20,114 19,783 331 208 123 3,846 3,818 28 12 17 1,038 1,035 2 June 3. 20,194 19,899 295 264 31 3,881 3,877 4 80 -76 1,027 1,028 9 -10 10. 20,186 19,857 329 289 40 3,847 3,824 23 16 7 1,006 1,006 20 -20 17. 20,616 20,161 <=455 327 C128 3,966 3,954 12 58 -46 1,033 1,033 20 -20 24. 20,727 20,376 351 232 119 4,038 4,002 35 26 9 1,053 1,048 2 2 July 1 . . 20,845 20,443 402 221 181 4,075 4,046 29 23 6 1,054 1,059 23 -27 8. 20,805 20,514 291 263 28 4,012 4,007 5 91 -86 1,056 1,050 4 2 15. 20,994 20,422 572 460 112 3,969 3,921 48 64 -16 1,041 1,039! 68 -66 22. 20,429 20,151 278 159 119 3,905 3,883 22 22 1,043 1,036 5 1 29. 20,325 19,957 368 179 189 3,862 3,846 16 -2 1,022 1,020 7 -4 Auc. 5 . 20,560 20,209! 351 260 91 3,931 3,934 -2 -16 1,037 1,036 6 c " 12. 20,597 20,123 474 376 98 3,850 3,833 17 13 1,028 1,029 20 -21 19. 20,583 20,192 391 278 113 3,885 3,875 10 -39 1,033 1,037 10 -13 26. P20,618 P20,l40! M78 329 ''149 3,851 3,839 12 -43 1,035 1,035 14 -14 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 BANK RESERVES AND RELATED ITEMS 1149 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollan) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h e e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941_Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 50S 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960-Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 -Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—June 8,036 8,018 18 129 -111 6,942 6,563 379 65 314 1963—Aug 8,061 8,018 43 118 -75 7,019 6,611 408 93 315 Sept 8,118 8,096 22 130 -108 7,050 6,686 364 69 295 Oct 8,155 8,117 38 131 -93 7,118 6,758 360 62 298 Nov 8,197 8,164 33 171 -138 7,199 6,842 357 76 281 Dec 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Jan 8,346 8,325 21 137 -116 7,376 6,986 390 56 334 Feb 8,122 8,104 19 106 -87 7,215 6,876 339 64 275 Mar 8,208 8,172 36 90 -54 7,176 6,864 312 57 255 Apr 8,234 8,204 30 108 -78 7,230 6,906 323 68 255 May 8,184 8,151 32 144 -112 7,159 6,861 298 80 218 June 8,318 8,290 27 142 -115 7,225 6,901 323 76 247 July 8,385 8,341 44 147 -103 7,296 6,968 328 56 272 Aug "8,349 "8,314 ''35 191 "7,297 6943 91 ^263 Week ending—- 1963—Aug. 7 8,100 8,069 31 140 -109 7,069 6,619 451 103 348 14 8,043 8,014 29 117 -88 7,053 6,626 427 84 343 21 8,043 8,016 27 -84 6,986 6,622 365 82 283 28 8,011 7,980 31 -66 6,971 6,594 376 96 280 1964—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 .I::::::::::::: 8,215 8,186 29 118 -89 7,095 6,860 235 80 155 8,198 8,164 34 197 -163 7,254 6,908 346 95 251 20 8,173 8,144 29 188 -159 7,252 6,880 371 63 308 27 8,137 8,105 32 104 -73 7,094 6,825 269 90 179 June 3 8,184 8,173 11 102 -91 7,101 6,821 280 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 7,226 6,899 327 59 268 Aug. 5 8,350 8,316 33 151 -118 7,242 6,924 318 89 229 12 8,340 8,301 39 246 -207 7,379 6,960 420 107 313 19 8,347 8,315 31 145 -114 7,318 6,965 353 74 279 26 8,353 8,321 32 187 -155 i3n ^6,945 M34 72 *>362 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

1150 MAJOR RESERVE CITY BANKS SEPTEMBER 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt. securities dealers Reporting banks Net: Gross transactions Net transactions week a e n n d ding— s E e x r r v c e e e - s s s l r a o B t B w a F o n in r . k R - g s s . F f i t b e n u r N d a a n t n e e e n d r t r k s s - a . l S d u e r o f p i r c lu it s P r r e e e s a q r e o v u r c f g i v e r . 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 - s2 b c b o u P 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 ea o t l o a e n rs s 3 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—July 1 28 56 375 -403 4.3 1,698 1,324 1,002 696 322 1,087 76 1,011 8 15 87 842 -914 9.7 1,892 1,050 854 1,038 196 1,213 60 1,153 15 65 261 805 -1,000 10.8 1,597 792 708 889 85 1,380 114 1,267 22 50 45 631 -625 6.8 2,174 1,543 1,087 1,087 456 1,274 153 1,120 29 20 42 -51 30 .3 1,993 2,045 1,210 783 834 779 190 589 Aug-,!:::::: 1 1 6 9 1 6 3 9 9 4 6 3 6 5 7 - - 7 48 8 8 7 5 8 . . 3 6 2 1 , , 0 7 4 8 9 9 1 1, , 1 6 2 1 2 4 1, 8 2 6 0 2 9 9 8 2 4 7 0 4 2 0 6 5 0 1, 8 0 6 7 3 5 1 11 5 1 2 7 92 5 3 2 19 12 119 733 -839 9.2 2,066 1,333 1.151 915 182 1,048 91 956 26 18 156 368 -506 5.5 1,564 1.196 895 669 301 946 174 772 8 in New York City 1964—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 -297 292 8.1 908 1,205 720 188 485 691 140 551 Aug. 5 c 162 -170 4.6 1,004 841 607 397 234 842 102 740 12 6 355 -349 9.8 896 541 463 433 78 694 75 619 19 7 43 330 -366 10.1 983 653 643 341 10 822 88 733 26 10 55 141 -186 5.2 678 537 477 201 60 637 93 544 38 outside New York City 1964—July 1 3 46 117 -160 2.8 762 645 377 385 268 134 134 11 20 406 -415 7.3 893 487 378 515 109 111 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 21 67 272 -318 5.7 1,045 773 601 443 171 233 51 182 13 139 312 -438 7.9 893 581 399 495 182 169 36 133 19. 5 76 403 -473 8.5 1,082 680 508 574 171 226 3 223 26. 101 227 -320 5.8 886 659 418 468 241 309 81 228 5 in Chicago 1964—July 1... 91 -116 12.2 187 96 96 91 137 -137 14.5 243 105 105 137 15 2 82 -141 15.1 171 89 79 92 10 22 3 122 -119 12.8 291 169 148 143 20 29 2 -50 51 5.5 238 288 149 89 139 Aug. 5 1 25 -26 2.8 275 251 173 103 78 12 -2 124 -138 15.0 267 143 135 132 9 19 -5 101 -114 12.3 302 201 152 150 49 26 -1 -35 3.8 228 200 116 112 84 33 others 1964—July 1 27 25 -44 .9 574 549 281 293 268 8 20 269 -278 5.9 650 382 273 378 109 15 151 213 -344 7.3 537 324 250 287 75 22 45 325 -339 7.4 834 509 339 494 170 29 26 295 -312 6.8 847 552 341 506 211 Aug. 5 65 248 -292 6.3 770 522 429 341 93 12 126 189 -300 6.5 627 438 264 362 173 19 69 301 -359 7.8 780 479 357 424 122 26 96 199 -285 6.2 658 459 302 356 157 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. NOTE.—Weekly averages of daily figures. Details may not add to 3 Federal funds loaned, net funds supplied to each dealer by clearing totals because of rounding. banks, repurchase agreements (purchases of securities from dealers For description of series and back data, see August 1964 BULL., pp subject to resale) or other lending arrangements, 944-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 DISCOUNT RATES 1151 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 Aug. 31 date Aug. 31 date rate Aug. 31 date rate Boston July 17, 1963 July 17,1963 July 17, 1963 4 New York... July 17, 1963 July 17,1963 June 10, 1960 5 Philadelphia.. July 19, 1963 July 19,1963 Aug. 19, 1960 Cleveland July 17,1963 July 17,1963 July 17, 1963 Richmond.. . July 17, 1963 July 17,1963 July 17, 1963 Atlanta July 24, 1963 July 24,1963 July 24, 1963 Chicago July 19, 1963 July 19,1963 July 19, 1963 St. Louis July 17, 1963 July 17,1963 July 17, 1963 Minneapolis.. July 17, 1963 July 17,1963 Aug. 15, 1960 Kansas City.. July 26, 1963 July 26,1963 July 26, 1963 Dallas July 17, 1963 July 17,1963 Sept. 9, 1960 San Francisco July 19, 1963 July 19,1963 June 3, 1960 i 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 1953 1958 Jan. 16 4-2 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. ...... Feb. 2 May 21 Mar. 16 Oct. 24 Nov. 7 1935 1955 Jan. 11 18 May 14 *"•&:::: 1959 May 2 Mar. 6 2^3 1937 Aug. 4 16 Aug. 27 1 -2 May 29 3 -3% Sept. 4 12.'!.'.' June 12 Sept. 11 3Vi-^ 1942 Sept-.!::::: 18 Apr. 11 Nov. 18 Oct. 15 23 30 1960 1946 June 3 Apr. 25 1956 10 May 10 Apr. 13 14 20 2M-3 Aug. 12 3 -3 1948 Aug. 24 2*4-3 Sept. 9 Jan. 12 1 it 31 19 1963 Au8-&::::::::::::::: 1957 July 17 **£:::: 3 -3V4 26 3 1950 Nov. 15 3% 1964 Dec. 2 In effect Aug. 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

1152 RESERVE REQUIREMENTS SEPTEMBER 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 93 . 6 1, Ja 1 n 95 . 7 1, Ja 1 n 96 . 2 1, Ju 1 l 9 y 6 1 3 7, Effective date 1 C re e s n e t r r v a e l Re c s i e ty rve Co tr u y n- re a s n er d ve Co tr u y nba c n i k ty s 3 banks banks re c s i e t r y ve banks Savings deposits held for: banks 1 year or more } 2* 3 { 3* 4 Less than 1 year 3% IneflfectDec.31,1948... 26 22 16 7% 7% Postal savings deposits held for: 1949_May 1,5 24 21 15 7 7 L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2* 3 { 3» 4 3% J A u u n g e . 30 1 , , 1 J 1 uly 1.. 2 1 0 ?* 1 1 4 3 6 5 6 Aug. 16, 18 , 12 5 Other time deposits pay- Aug. 25 i* 11* able in: i Sept. 1 1 year or more 3 <ji 1951—Jan. 11,16 23 19 13 6 6 6 months-1 year Jan. 25, Feb. 1.. 24 20 14 90 days-6 months 1953—July 1,9 22 19 13 Less than 90 days ): 1954—June 16,24 21 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. 8* {?* 11* BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 lished by the Board of Governors under provisions of Regulation Q. Apr. 24 11* 16% Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 any event exceed the maximum rate payable by State banks or trust Nov. 24 17*4 12 cos. on like deposits under the laws of the State in which the member Dec. 1 bank is located. Effective Feb. 1, 1936, maximum rates that may be 16* 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 Sept. 1,1964.. . 16% 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation at central reserve or reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, For short sales 70 50 70 June 21, 1917, until late 1959. Since then, member banks have also been Regulation U: allowed to count vault cash as reserves, as follows: County banks—in For loans by banks on stocks 70 50 70 excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, NOTE.—Regulations T and U, prescribed in accordance with Securities 1960, respectively. Effective Nov. 24, 1960, all vault cash. Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k tr s y Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending July 22, 1964 Four weeks ending Aug. 19, 1964 Gross demand—Total.. 135,337 25,995 6,385 51,559 51,399 Gross demand—Total.. 132,731 25,216 6,217 50,579 50,719 Interbank 14,341 4,423 1,229 6,909 1,781 Interbank 14,023 4,298 1,215 6,772 1,738 U.S. Govt 7,491 1,637 459 3,036 2,359 U.S. Govt 5,117 1,095 308 2,073 1,641 Other 113,505 19,935 4,696 41,614 47,259 Other 113,591 19,824 4,694 41,734 47,339 Net demand i 111,574 20,726 5,342 41,617 43,889 Net demand i 109,654 20,101 5,236 40,897 43,420 Time 98,698 13,611 4,116 38,099 42,872 Time 99,535 13,887 4,154 38,333 43,160 Demand balances due Demand balances due from dom. banks... 7,219 146 108 1,940 5,025 from dom. banks.. 7,043 114 102 1,910 4,918 Currency and coin 3,220 253 48 971 1,948 Currency and coin.... 3,237 252 48 978 1,959 Balances with F.R. 17,549 3,737 1,001 7,455 5,356 Balances with F.R. 17,279 3,630 982 7,335 5,332 Banks Banks 20,516 3,882 1,030 8,313 7,291 Total reserves held 20,769 3,990 1,049 8,426 7,304 Total reserves held.... Required 20,383 3,964 1,046 8,391 6,982 Required 20,120 3,872 1,030 8,281 6,937 Excess 386 26 3 35 322 Excess 396 10 32 354 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

SEPTEMBER 1964 OPEN MARKET ACCOUNT 1153 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 July 1,264 610 447 1,264 610 447 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 Julv 79 63 9 Aug 190 2,292 155 -99 17 Sect 43 50 10 Oct Nov 106 -2,510 83 -8 10 Dec 164 -164 1964—Jan Feb 3,481 — 70 Mar 11 9 3 Apr 13 -15 30 8 43 2,164 27 4 June . •. 20 307 11 — 307 5 July Repurchase agreements (U.S. Govt. securities) Net change Bankers' £icceptances Net change in U.S. in U.S. Govt. Govt. securities and Gross Gross securities Net Net acceptances purchases sales outright repurchases 1963 July l,01f 909 441 1 -5 436 Aug .. 25: 243 -77 i -78 Sept .. . ... 415> 573 172 -4 168 Oct 1,09! 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 June 625 625 566 36 602 July 1,070 1,021 257 -7 -21 229 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

1154 FEDERAL RESERVE BANKS SEPTEMBER 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of monthi Item 1964 1964 1963 Aug. 26 Aug. 19 Aug. 12 Aug. 5 July 29 Aug. July Aug. Assets 13 707 13,722 13 729 13,730 13,731 13,727 13,730 13 972 Redemption fund for F.R. notes 1,465 1,454 1,451 1,454 1,457 1,465 1,458 1,319 15,172 15,176 15,180 15,184 15,188 15,192 15,188 15,291 Cash 159 156 156 140 146 167 158 372 Discounts and advances: Member bank borrowings 138 180 163 735 288 185 239 359 Cither in Acceptances: 38 38 40 41 41 36 40 38 20 25 20 16 Held under repurchase agreements U.S. Govt. securities: Bought outright: Bills 5,112 4,986 5,168 5,398 5,137 5,112 5,379 3,057 Certificates—Special Other 10 732 24,977 24,917 24,917 24,912 24,912 25,032 24,912 14,010 Bonds 4,918 4,836 4,836 4,741 4,711 5,020 4,711 4,438 35,007 34,739 34,921 35,051 34,760 35,164 35,002 32,237 Held under repurchase agreements 72 88 207 52 49 154 Total U.S. Govt. securities 35,079 34,739 35,009 35,258 34,812 35,164 35,051 32,391 35,255 34,957 35,232 36,059 35,161 35,385 35,346 32,818 5,324 6,163 6,002 5,330 5,211 4,683 4,757 4,567 102 102 102 101 103 102 102 102 Other assets: Denominated in forei&n currencies 162 165 170 168 137 195 168 66 All other 253 230 388 362 342 266 345 228 56,427 56,949 57,230 57,344 56,288 55,990 56,064 53,444 Liabilities F R. notes 32,747 32,837 32,916 32,764 32,611 32,749 32,569 30,724 Deposits: M^ember bank reserves 16,490 16,612 16,753 17,584 17,023 17,055 17,327 16,782 U S Treasurer—General account 1,076 1,025 1,017 828 674 939 785 705 Foreign 186 140 138 129 140 163 135 178 Other 194 195 203 186 196 208 198 195 Total deposits 17,946 17,972 18,111 18,727 18,033 18,365 18,445 17,860 Deferred availability cash items 4 000 4 435 4 513 4 093 3 916 3 127 3 306 3 251 Other liabilities and accrued dividends 102 ' 96 '104 104 95 105 105 76 54,795 55,340 55,644 55,688 54,655 54,346 54,425 51,911 Capital Accounts Capital paid in 516 516 516 516 516 517 516 486 Surplus 990 990 990 990 990 990 990 934 Other capital accounts 126 103 80 150 127 137 133 113 Total liabilities and capital accounts 56,427 56,949 57,230 57,344 56,288 55,990 56,064 53,444 Contingent liability on acceptances purchased for 134 135 136 137 137 132 137 89 U.S. Govt. securities held in custody for foreign 8,241 8,265 8,266 8,221 8,129 8,247 8,201 7,856 Federal Reserve Notes—FederalReserve Agents' Accounts F.R notes outstanding (issued to Bank) .. 35,005 35,016 34,958 34,844 34,801 35,079 34,825 32,587 Collateral held against notes outstanding: 6,607 6,612 6,652 6,642 6,642 6,607 6,642 7,183 Eligible paper • 14 12 8 153 24 15 43 27 U.S. Govt. securities 29,465 29,365 29,315 29,315 29,315 29,465 29,315 26,224 36,086 35,989 35,975 36,110 35,981 36,087 36,000 33,434 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 FEDERAL RESERVE BANKS 1155 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i- o Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 13,727 748 3,587 713 981 911 792 2,285 543 318 535 477 1,837 Redemption fund for F.R. notes 1,465 82 343 79 128 125 90 264 59 27 55 47 166 Total gold certificate reserves 15,192 830 3,930 792 1,109 1,036 882 2,549 602 345 590 524 2,003 F R notes of other Banks 581 57 177 45 28 44 53 36 16 43 16 22 44 Other cash ... 167 10 47 4 15 15 16 17 6 5 6 4 22 Discounts and advances: Secured by U.S. Govt. securities... 182 11 47 1 7 6 16 37 4 7 10 10 26 Other 3 1 * 2 Acceptances: Bought outright . 36 36 Held under repurchase agreements . U.S. Govt. securities: Bought outright . 35 164 1 804 8,632 1 871 2,95*5 2,401 1 921 6 008 1 352 676 1 403 1 413 4 728 Held under repurchase agreements . Total loans and securities 35,385 1,815 8,715 1,872 2,962 2,407 1,937 6,045 1,356 683 1 ,414 1,423 4,756 Cash items in process of collection. . . 6,076 453 1,158 398 488 445 466 1,010 256 172 367 295 568 Bank premises 102 3 8 6 18 22 6 4 6 11 10 Other assets: Denominated in foreign currencies . 195 9 152 11 18 10 11 27 7 8 11 26 All other 266 14 63 14 22 18 15 45 10 c 14 11 35 Total assets 57,964 3,191 14,150 3,139 4,648 3,980 3,398 9,751 2,259 1,262 2,421 2,301 7,464 Liabilities F.R. notes 33,330 1,943 7,927 1,931 2,820 2,757 1,918 6,047 1 ,336 581 1,299 1 ,024 3.747 Deposits: Member bank reserves 17,055 665 4,601 685 1,100 773 901 2,755 614 423 790 949 2,799 U.S. Treasurer—General account.. 939 51 181 63 75 6A 70 77 81 44 81 54 98 Foreign . , 163 6 2 60 8 13 8 20 6 8 19 Other 208 143 1 * 1 2 56 Total deposits 18,365 722 4,985 756 1,188 847 980 2,853 700 471 879 1,012 2,972 Deferred availability cash items 4,520 442 779 356 48' 286 400 596 163 166 167 511 Other liabilities and accrued dividends. 105 6 26 18 4 14 Total liabilities 56,320 3,in 13,717 3,048 4 501 3,897 3,303 9,514 2,202 1,225 2,349 2.207 7,244 Capital Accounts Capital paid in . . 517 136 29 46 26 30 74 18 12 23 30 69 Surolus 990 4' 264 55 90 49 56 140 34 43 57 132 Other capital accounts 137 33 1 c 23 6 19 Total liabilities and capital accounts. 57,964 3,191 14,150 3,139 4,648 3,980 3,398 9.751 2.259 1,262 2.421 2,301 7,464 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Aug 31 1964 29.4 31. 30.4 29.5 27.7 28.7 30.4 28.6 29.6 32.8 27.1 25.7 29.8 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 Aug 31 1963 31.2 33.9 29.1 29.7 31.4 31.5 29.6 32.6 30.9 32.6 31.3 32.8 32.6 Contingent liability on acceptances purchased for foreign correspondents 132 3 34 12 7 7 19 5 6 8 18 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 35 079 8 47? 1,997 3 018 2,849 2,017 6 786 1,404 609 1,343 1,093 3 962 Collateral held against notes outstanding : Gold certificate account . ... 6,607 423 1,670 425 500 580 340 1,100 270 112 272 180 735 Eligible paper 15 1 4 10 U.S. Govt. securities 29,465 1,650 6,950 1,700 2,550 2,295 1,700 5,400 1,210 510 1,100 1,000 3,40 Total collateral 36,087 2,073 8,620 2,126 3,050 2,875 2,040 6,500 1,484 622 1,382 1,180 4,135 1 After deducting $143 milliim participations of other F.R. Banks. 3 After deducting $98 million participations of other F.R. Banks. 2 After deducting $103 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1156 FEDERAL RESERVE BANKS; BANK DEBITS SEPTEMBER 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 Aug. 26 Aug. 19 Aug. 12 Aug. 5 July 29 Aug. July Aug. Discounts and advances—Total 138 180 163 735 288 185 239 389 Within 15 days 133 173 156 729 282 179 232 354 16 days to 90 days 5 7 7 6 5 7 5 91 days to 1 year 1 30 Acceptances—Total 38 38 60 66 61 36 56 38 Within 15 days 10 14 33 35 29 8 24 10 16 days to 90 days 28 24 27 31 32 28 32 28 U.S. Government securities—Total 35,079 34,739 35,009 35,258 34,812 35,164 35,051 32,391 Within 15 days* 852 1,047 2,760 2,923 807 420 2,357 565 16 days to 90 days 8,993 8,661 2,624 2,733 4,504 9,396 3,031 5,450 91 days to 1 year 10,226 10,165 12,729 12,806 12,735 10,183 12,897 13,135 Over 1 year to 5 years 12,770 12,706 14,736 14,691 14,691 12,848 14,691 10,866 Over 5 years to 10 years 1,970 1,906 1,906 1,861 1,836 2,037 1,836 2,176 Over 10 years 268 254 254 244 239 280 239 199 * 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 er a m 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 is c s s 1963—Nov. . . . . 110 5 41 6 1 5 51 1 * Dec 153 10 37 2 1 1 101 1 * 1964—Jan 254 10 37 2 1 1 201 2 Feb 271 11 52 2 1 1 201 3 Mar. .. . 330 11 52 4 1 6 234 21 2 Apr 214 1 52 2 1 6 101 50 1 May 213 1 51 2 1 6 101 50 1 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand depositsi Period All Leading centers 337other Leading centers 337 other 343 re c p e o n r te ti r n s g New York <5 others 2 r c e e p n O te i r u s i 3 5 New York 6others 2 r c e e p n o te r r ti s n 3g s 4 N.S.A. S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A N.S.A. S.A N.S.A. S.A. N.S.A. S.A. N.S.A. 1955. 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956. 2,200.6 815.9 462.9 921.9 45.8 28.8 21.8 23.7 1957. 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 25.1 1958. 2,439.8 958.7 487.4 993.6 53.6 30.0 22.9 24.9 1959. 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 26.7 1960. 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29.0 1962. 3,436.4 1,415.8 701.7 1,318.9 77.8 41.2 27.7 31.3 1963. 3,754.7 1,556.0 775.7 1,423.0 84.8 44.6 29.0 ... 33.1 1963—AUK.... 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 48.4 304 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 47.1 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 48.1 31 2 31.1 35.5 35.5 Aug 323.8 145.2 132.7 68.8 65.8 128.9 125.4 96.0 90.4 P47.1 *>45.8 *30 5 "35.0 i 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 U.S. CURRENCY 1157 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5 553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 . . 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20 020 1 404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32 591 23 264 2 304 1 511 85 2,216 6,672 10 476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—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 12,05010,691 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 11,533 10,747 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 7,09'4 246 294 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 12,151 10,937 3,217 7,175 246 292 2 4 July 37,835 26,859 3,223 1,668 108 2,359 7,262 12,239 10,976 3,231 7,202 245 291 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation i Held by Total out- F.R. Kind of currency s J t u a 1 l n y 9 d 6 3 i 4 n 1 g , A g s a o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s A B a g a n e n d n k t s s Ju 1 ly 96 3 4 1, Ju 1 n 9 e 6 3 4 0, Ju 1 ly 9 6 3 3 1, certificates Agents Gold 15,462 (15,188) 2274 Gold certificates (15 188) 312,372 2,816 F R notes 34 826 82 2,256 32,489 32,338 30,466 Treasury currency—Total 5,570 (1,764) 66 158 5,346 5,396 5,198 Standard silver dollars 485 3 482 482 420 Silver bullion 1,819 1,764 56 Silver certificates (1 764) 120 1,644 1,708 1,808 Subsidiary silver coin 2,014 6 8 2,000 1,987 1,803 Minor coin 743 1 2 741 736 682 United States notes 347 1 27 319 321 318 In process of retirement4 162 * * 161 162 168 Total—July 31, 1964 555,859 (16,952) All 12,372 5,230 37,835 June 30 1964 555,451 (16.997) 391 12,369 4,957 ''37'734'' July 31, 1963 553,678 (17,452) 389 12,530 5,096 35,663 1 Outside Treasury and F.R. Banks. Includes any paper currency held for other items; gold certificates are secured by gold, and silver certificates outside the United States and currency and coin held by banks. Esti- by standard silver dollars and monetized silver bullion. Duplications mated totals for Wed. dates shown in table on p. 1147. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. BULL., p. 936 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1158 MONEY SUPPLY SEPTEMBER 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - i Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - 1 d d e e p m os a i n ts d * 1956—Dec 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 1957—Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—July.... 151.0 31.6 119.4 105.6 149.5 31.8 117.7 106.2 7.8 Aug.. . . 151.2 31.8 119.5 107.1 149.2 31.9 117.3 107.5 6.3 Sept 151.6 31.9 119.7 108.1 150.6 31.9 118.6 108.3 6.6 Oct 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109.5 5.3 Nov.. .. 153.5 32.3 121.2 111.1 154.8 32.6 122.1 110.2 4.4 Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964—Jan 153.8 32.6 121.2 113.9 157.8 32.4 125.4 113.2 4.2 Feb 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar.. .. 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr C154.5 33.0 C121.5 116.4 c155.O 32.7 C122.3 116.7 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 July.... 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 Aug.. . . 157.2 33.7 123.5 120.6 155.1 33.8 121.3 121.1 6.4 Half month 1964—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 9.1 156.6 33.5 123.1 119.8 155.4 33.5 121.9 120.4 5.1 Aug. (1) 157.0 33.7 123.3 120.3 156.0 33.9 122.1 120.8 5.9 (2) 157.5 33.7 123.8 120.9 154.3 33.7 120.6 121.4 6.9 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t o d m e s d - e i ts i d d e G e p U m o o .S s v a i . n t t . s d en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t o d m ed s - e i ts i d d e G e p U m o o .S s v a i . n t t . s d * 1963—May 1. 149.8 30.6 119.2 103.4 4.7 1964—May 6 154.4 32.9 121.5 117.4 5.6 8. 148.3 31.2 117.1 103.7 6.7 153.5 33.1 120.4 117.8 6.1 15. 148.5 31.1 117.4 104.1 6.3 20'.'.'.'.'. 151.5 33.0 118.6 118.1 «7.6 22. 146.1 31.1 115.0 104.4 8.2 27 150.6 32.8 117.8 118.5 7.7 29. 146.4 30.9 115.5 104.7 7.6 June 3 .... 152.5 33.1 119.3 118.9 7.2 June 5. 147.5 31.3 116.2 104.9 6.8 10 153.2 33.5 119.7 119.2 6.2 12. 148.9 31.5 117.3 105.1 4.7 17 155.3 33.4 122.0 119.2 6.3 19. 149.4 31.4 118.0 105.2 5.9 24 153.5 33.3 120.2 119.2 9.0 26. 147.1 31.2 115.9 105.3 10.5 July 1 153.0 33.2 119.8 119.4 10.2 July 3. 148.1 31.6 116.6 105.8 10.9 8 154.5 34.0 120.5 119.7 9.7 10. 148.6 32.1 116.5 105.9 9.5 15 155.5 33.8 121.7 120.0 8.3 17. 150.0 31.8 118.2 106.1 7.7 22 155.5 33.7 121.8 120.2 5.5 24.. 149.7 31.7 118.1 106.4 6.7 29 155.2 33.4 121.8 120.5 4.7 31.. 150.0 31.5 118.5 106.7 6.0 Aug. 5 156.4 33.7 122.7 120.6 5.9 Aug. 7.. 150.6 31.9 118.7 107.0 6.4 12 156.1 34.0 122.1 120.8 5.5 14.. 150.3 32.0 118.3 107.3 5.4 19 154.5 33.8 120.7 121.1 6.9 21.. 148.0 31.9 116.1 107.6 6.9 26 153.6 33.6 120.0 121.4 7.3 28.. 147.8 31.7 116.1 107.8 6.6 Sept,f:: 149.4 31.9 117.5 108.1 6.1 Sept. 9 2 P.... 1 1 5 5 6 5. . 3 3 3 3 3 4 . .3 81 1 12 2 2 1 . . 1 7 1 12 2 1 1 . . 9 6 6 5 . . 0 7 150.8 32.2 118.6 108.2 5.1 16 18.. 152.1 32.0 120.2 108.4 5.1 25.. 149.9 31.8 118.1 108.3 8.1 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

SEPTEMBER 1964 BANKS AND THE MONETARY SYSTEM 1159 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit Total assets, Treas- Date Gold s r t o c e u i a u n n u r n g r y c t d - - y - Total Lo n a e n t s, Tota U l . S. G m C o a e o n v r m c d e i r a - n l me R F nt e e d s s e e e r c r v a u e l ritie O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p o r n o e t d n s a i l c t y s c C m o a a n a u p n i c e n s i d - t c t t a s . , l savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20 065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22 706 4,636 171,667 60 366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Dec. 28 15 978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—June 29 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 1963—Aug. 28 15,600 5,600 317,500 178,300 99,900 67,000 32,200 700 39,300 338,700 307,200 31,400 Sept. 25 15,600 5,600 322,600 182,100 100,700 68,000 32,100 700 39,800 343,700 312,000 31,700 Oct. 30 15 600 5,600 323,600 182,200 101,300 67,900 32,800 700 40,100 344,700 312,800 32,000 Nov. 27 15,600 5,600 327,000 185,200 102,200 68,200 33,300 600 39,700 348,200 316,200 32,000 Dec. 20 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964 Jan 29* 15,500 5,600 328,700 187,200 101,400 68,100 32,700 600 40,100 349,800 319,000 30,800 Feb. 26* 15 500 5 600 330,400 188 700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25* 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr 29 r* . 15,500 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356,100 323,600 32,400 May 27 * 15 500 5 600 336,900 195 900 99 700 65,200 34,000 500 41,300 358,000 325,100 32,900 June 24 r* 15,500 5,600 340,900 199,000 100,100 65,000 34,500 600 41,800 361,900 330,000 31,900 July 29 r*. . 15 500 5 600 341 000 199 200 99 800 64 200 34,800 700 42,100 362,100 329,400 32,700 Aug. 26* 15,500 5,600 343,700 200,300 100,600 64,800 35,100 800 42,700 364,700 330,900 33,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U. S Government Date For- At Total o b r u C e a t n u n s c r i k d - y s e d ju m e s D p a t a d o e e n - - d s d i t 2 s Total o b r u C e a t n u n s c r i k d - y s e j d u m e s D p a t a d o e e n - d - s d i t 2 s Total m b C e a o r n m c k 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 * T h c i u r o n a e r g l 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 I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 ,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 ,337 369 11,306 806 1963—Aug.28.... 148,200 30,900 117,300 146,900 31,100 115,800 151,600 107,600 43,500 500 ,200 400 6,100 1,000 Sept. 25.... 149,100 31,000 118,100 148,100 31,100 117,000 152,300 108,100 43,700 500 ,200 400 9,100 900 Oct. 30.... 150,700 31,100 119,600 152,100 31,300 120,800 154,500 109,900 44,100 500 ,200 400 3,800 800 Nov.27.... 151,800 31,600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 ,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6,986 850 1964—Jan. 29*... 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 ,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 ,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 ,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 ,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 ,300 400 7,400 900 June 24'*.. 153,500 32,700 120,800 151,300 32,700 118,700 165,900 118,800 46,700 400 ,300 400 10,100 1,000 July 29 rP.. 153,900 32,800 121,100 153,800 32,900 120,900 167,700 120,200 47,100 400 ,300 400 5,400 700 Aug.26*... 154,200 32,900 121,300 152,800 33,100 119,700 168,900 121,100 47,400 400 1,400 400 6,400 1,100 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 banki 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

1160 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S . v S e t . c . urit O ie t s her a C ss a e s ts h i c c b T o a i a l a l u o p i n i c a t n t i d i - - t a e t a l s s l 2 Total 1 m I D n a e t n e - d rba T n i k m 1 e U. D S. ema O nd ther Time 3 r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s ] b N a b u o n e m f r ks - Govt. Other All banks: 1941_Dec. 31... 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31.. 140,227 30,36f101,288 8,57735,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947_Dec. 31 4. 134,924 43,00: 81,19910,72338,388175,091161,86512,793 240 1,3461 94,381 53,105 6611,94814,714 1961—Dec. 30... 256,700154,318 72,71529,66757,368321,394 228877,17617,914 48! 5e ,9nc5\2 1-4I 1A, 19 7n9in120,848 48:26,22713,946 1962—Dec. 28 . .. 280,397172,822 72,56335,012;5 4,,9.3 93.4 3.,.201303,65316,008 535 6,839141,084139,188 3,63528,04613,940 1963—June 29... 287,411179,714 69,70837,989 52,046 "3'4"7,896309,42815,042 55111,069133,681149,083 1,56328,61"13,993 1963—Aug. 28. 287,450181,150 67,01039,29046,190341,620300,86013,800 530 5,870129,330151,330 3,24028,69014,025 Oct. 30. 293,550185,640 67,860 40,05048,770350,510309,02014,790 550 3,610 135,840154,230 3,69029,02014,050 Nov. 27. 296,870188,950 68,19039,73051,270356,420313,63014,880 550 4~3~9~0 139,100154,710 4,43029,13014,068 Dec. 20. 302,251192,686 69,068 40,49751,536362,3"9"'4 319,63615,267 528 6,734141,576155,531 3,70:29,88"14,079 1964—Jan. 29*. . 298,190190,010 68,050 40 130 48 355,410313,95014,090 570 2,820 158,990 3,23029,53014,095 Feb. 26?. . 299,450191,340 67,530 40 580 48 356,940314,55013,960 590 5,730 160,420 3,32029,87014,113 Mar. 25*. . 303,200194,440 67,610 41 150 48 360,310318,07014,070 630 7,870 162,000 3,27029,99014,122 Apr. 29 r*. 304,130196,580 66,180 41 370 48 361,760318,45013,700 640 4,180 163,310 3,56030,29014,140 May 27*. . 305,660199,210 65,150 41 300 48 363,420319,50013,680 630 7,200 164,910 3,56030,62014,154 June 24 r*. 309,120202,330 64,960 41 830 49, 367,360323,91013,920 650 9,890 165,710 3,54030,70014,175 July 29 r*. 309,060202,740 64,220 42!100 48; 366,870322,75013,760 680 5,200 167,500 3,92030,92014,195 Aug. 26?. . 311,190203,680 64,800 42!710 48; 368,880324,59014,380 680 6,160 168,680 3,510 31,10014,203 Commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31.. 124,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30,241 219 8,95014,611 1947—Dec. 31 *. 116,284 38,057 69,221 9,006 3377,502155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30.. 215,441124,925 66,,557788: 2 "3,,9 37. 56,,4 32 278,,561 2"4 8,68917,914 481 5,946141,920 82,429 47122,45913,432 1962—Dec. 28.. 235,839140,106 66,434 29,298 54,049 297,116 262,12216,008 535 6,829141,041 97,709 3,627 24;094 1133,429 1963—June 29. . 241,014145,049 63,542 32,42351,156 299,875266,17915,042 55011,060 1331624105,903 1,54524,58:13,482 1963—Aug. 28. 240,380145,800 60,870 33,710 45,390 293000 257,34013,800 530 5,870129,270107,870 3,24024,60013,515 Oct. 30. 246,080149,670 61,960 34,450 47,950 301,460 264,91014,790 550 3,610 135,780110,180 3,69024,92013,540 Nov. 27. 249,070152,650 62,300 34,12050;470 307,060 269,28014,880 550 4,339900 139,040110,420 4,430 "2"5,00013,558 Dec. 20. 254,162156,006 63,196 34,959 501711312,773 275,12015,267 526 6,729141,534111,064 3,,664 25,67713,570 1964—Jan. 29*.. 249,790153,050 62,140 34600 47670 305,330 268,800 14,090 570 2,820 137,420113,900 3,230 25,38013,586 Feb. 26*.. 250,590154,000 61,540 35050 47930 306;340 269;090 13,960 590 5,730 ,790115,020 3,320 2567013,604 Mar. 25*.. 253,880156,810 61,500 35570 47390 309;270 272;110 14,070 630 7,870 ,450116,090 3,270 2575013,614 Apr. 29*. . 254,590 15"8",660 60,120 35810 47890 310;580 272;400 13,700 640 4,180 ,570117,310 3,560 2608013,633 May 27*. . 255,720 160,860 59,110 35750 48,000311 810 273;170 13,680 630 7.,..2.0.0. 133^30 118,630 3,560 2638013,647 June 24'*. 258,920 163,760 58,890 36270 48,580 315440 277;160 13,920 650 9,890 133,690 119,010 3,540 2646013,669 July 29*. . 258,370 163,630 58,190 36;550 47,910 314450 275.630 13,760 680 5,200 120,430 3,920 26640 13,689 Aug. 26*. . 260,060164,190 58,710 37;160 48,130316040 277;18014,380 680 6,160 121,320 3,510 26810 13,697 Member banks: 1941—Dec. 31 .. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 .. 107,183 22,775 78,338 6,070 29,845 138,304 129,67013,576 64 222,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30. . 179,599106,232 54,05819,308 49,579 235,112 209,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Dec. 28 . . 195,698118,637 52,968 2244,,'009922 4477,427 249,488 219,46815,309 358 086 117,999 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 2""0,238 6,058 1963—Aug. 28 . . 198,780122,763 47,876 28,14139,627244,827214,30313,172 355 5,148107,350 88,278 3,07620,273 6,080 Oct. 30. . 203,343126,074 48,568 28,70141,895251,833 220,47514,083 377 3,115544 112,702 90,159 3,,553 20,555 6,097 Nov. 27. . 205,816128,811 48,647 28,358 44',276 "25'6,778224,31514,171 376 3,812115,516 90,440 4,244 20,606 6,104 Dec. 20. . 210,127131,712 49,342 29,073 44395 261,4 -6 9' "229,37614,518 382 5,986117,562 90,929 3,49921,054 6,112 1964—Jan. 29 . . 206,179129,103 48,344 ,732 41480 254,644 223,40413,363 429 2,394113,823 93,395 3,073 20,952 6,124 Feb. 26. . 206,916129,888 47,87329,155 41 255,804 223,940 13J275 448 5,044 11"0,823 94,350 3,16621,172 6,130 Mar. 25. . 209,979132,381 47,985 29,613 41 258,229 226,541 13,378 489 7,032110,459 95,183 3,05421,226 6,136 Apr. 29. . 210,375133,873 46,734 29,768 41889 259,460 226 ,81713,01"9 493 3,751113,314 96,240 3,37121,500 6,153 May 27.. 211,293135,665 45,979 29,649 41 260,441227,45913,022 489 6,440110,182 97,326 3,38921,719 6,161 June 24. . 214,131138,128 45,866 30,137 42 263,611230,94013,226 502 8,884110,655 97,673 3,41121,793 6,179 July 29. . 213,635138,042 45,223 30;370 41;732262,606229,42913,078 536 4,636112,319 98,860 3,74021,947 6,186 Aug. 26*. 215,030138,478 45,65130,90141,830 263,825230,642 3,661 531 5,411111,458 99,581 3,35422,088 6,188 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 *. 18,641 4,944 11,978 1,718 886 19,714 17,763 14 17,745 1,889 533 1961—Dec. 30. .. 41,259 29,393 6,136 5,730 936 42,833 38,487 60 38,420 3,768 514 1962—Dec. 28 . ., 44,558 32,716 6,129 5,714 890 46,086 41,531 43 41,478 3,951 511 1963—June 29. ., 46,397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 19 4,031 511 1963—Aug. 28 . . 47,070 35,350 6,140 5,580 800 48,620 43,520 60 43,460 4,090 510 Oct. 30.. 47,470 35,970 5,900 5,600 820 49,050 44,110 60 44,050 4,100 510 Nov. 27. . 47,800 36,300 5,890 5,610 800 49,360 44,350 60 44,290 4,130 510 Dec. 20. . 48,089 36,679 5,872 5,539 826 49,621 44,516 42 44,467 38 4,205 509 1964—Jan. 29... 48,400 36,960 5,910 5,530 860 50,080 45,150 60 45,090 4,150 509 Feb. 26. .. 48,860 37,340 5,990 5,530 900 50,600 45,460 60 45,400 4,200 509 Mar. 25 . .. 49,320 37,630 6,110 5,580 890 51,040 45,960 50 45,910 4,240 508 Apr. 29 . .. 49,540 37,920 6,060 5,560 820 51,180 46,050 50 46,000 4,210 507 May 27. .. 49,940 38,350 6,040 5,550 850 51,610 46,330 50 46,280 4,240 507 June 24... 50,200 38,570 6,070 5,560 890 51,920 46,750 50 46,700 4,240 506 July 29'.. 50,690 39,110 6,030 5,550 860 52,420 47,120 50 47,070 4,280 506 Aug. 26*. . 51,130 39,490 6,090 5,550 840 52,840 47,410 50 47,360 4,290 506 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1161 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v ec t . . urit O ie t s her a C ss a e s t h s1 c c b T o a i a l a l 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 n i k m 1 e U. D S. ema O O n t d t h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - Govt. Reserve city member banks: New York City: 5,6,7 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 Aug. 28 31,947 21,191 5,418 5,338 7,591 41,789 33, r~ 3,804 194 937 18,14010,734 1,204 3,940 13 Oct. 30 32,860 21,765 5,926 5,169 8,776 43,847 35,655 4,020 209 668 19,57111,187 1,438 3,966 13 Nov. 27 33,615 23,103 5,634 4,878 9,259 45,200 36,807 4,272 212 665 20,20111,457 1,480 3,966 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 1,438 3,984 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 1,294 4,161 13 Feb. 26 33,611 22,799 5,561 5,251 9,317 45,377 37,010 4,060 268 901 19,69412,087 1,320 4,184 13 Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 1,187 4,184 13 Apr. 29 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 1,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 1,494 4,351 14 June 24 36,072 25,038 5,618 5,416 8,955 47,420 38,928 3,993 299 1,957 19,44813,231 1,507 4,362 14 July 29 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 Aug. 26» 35,936 24,648 5,691 5,597 8,621 46,929 38,338 4,000 336 992 19,38313,627 1,365 4,421 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 C35 870 9 1962—Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,082 5,545 2,071 1,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 Aug. 28 8,965 5,566 1,825 1,574 1,951 11,097 9,638 ,165 289 4,616 3,556 252 979 12 Oct. 30 9,211 5,826 1,743 1,642 1,993 11,394 9,934 ,218 186 4,802 3,714 274 990 12 Nov. 27 9,376 6,038 1,731 1,607 1,955 11,521 10,103 ,186 200 4,909 3,794 211 993 12 Dec. 20 9,615 6,220 1,705 1,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,242 5,837 1,823 1,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 ,002 12 Feb. 26 9,423 5,956 1,867 1,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 ,002 12 Mar. 25 9,695 6,064 2,063 1,568 1,776 11,713 10,128 ,124 472 4,627 3,889 327 ,011 12 Apr. 29 9,316 6,088 1,706 1,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 ,012 12 May 27 9,394 6,173 1,706 1,515 2,185 11,806 10,414 ,151 384 4,810 4,046 185 ,008 12 June 24 9,464 6,199 1,678 1,587 2,155 11,852 10,379 ,132 581 4,598 4,044 262 1,012 12 July 29 9,394 6,092 1,737 1,565 2,091 11,733 10,289 ,148 282 4,690 4,145 201 1,018 12 Aug. 26^ 9,638 6,311 1,717 1,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Other reserve city: 7 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11',423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,438 2200,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—June 29 74,614 48,164 17,326 9,124 18,526 95,433 85,555 6,811 110 3,793 41,29133,549 407 7,440 194 Aug. 28 74,716 48,897 16,440 9,379 16,665 93,658 82,704 6,612 98 2,022 39,867 3344,105 1,213 7,490 195 Oct. 30 76,106 50,132 16,324 9,650 17,185 95,705 84,266 7,062 94 1,141 41,35934,610 1,500 7,635 194 Nov. 27 76,776 50,699 16,472 9,605 18,887 98,069 85,891 6,949 90 1,462 42,698 3"'4,692 2,102 7,653 195 Dec. 20 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—Jan. 29 76,859 51,034 16,152 9,67316,826 96,184 84,938 6,512 98 813 41,439 36,076 1,146 7,773 189 Feb. 26 77,289 51,529 15,994 9,76617,193 96,845 85,456 6,449 105 2,062 40,234 36,606 1,095 7,814 189 Mar. 25 78,288 52,395 15,86610,02716,863 97,572 86,404 6,495 107 2,796 40,16736,839 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 10,18316,999 98,750 86,814 6,231 115 2,708 40,00937,751 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 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 Aug. 26^ 80,662 55,049 14,92210,69117,185100,348 88,169 6,732 116 2,151 40,740 3"8",430 1,415 8,173 185 Country member banks: 6, 1941—Dec. 31 12,518 5,890 4,377 2,250 402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5,885 1962—Dec. 28 80,623 44,698 25,42510,501 559 97,008 87,342 ,773 1,931 46,89536,692 172 7,744 5,828 1963—June 29 82,952 46,934 24,49611,522 465 99,361 89,470 ,641 3,332 45,066139,371 127 7,894 5,839 Aug. 28 83,152 47,109 24,19311,850 420 98,283 88,152 ,591 1,900 44,727139,883 407 7,864 5,860 Oct. 30 85,166 48,351 24,57512,240 13,941100,887 90,620 ,783 1,159 46,970 40,648 341 7,964 5,878 Nov. 27 86,049 48,971 24,81012,26814' 175101,988 91,514 ,764 1,485 47,708 40,497 451 7,994 5,884 Dec. 20 87,316 50,023 24,79712,49614,274 103,615 92,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213,796 102,111 91,815 ,736 1,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,538 101,941 91,418 ,642 1,802 46,180141,734 381 8,172 5,916 Mar. 25 87,111 50,269 24,17712,665 103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,94612,832 103,175 92,305 ,629 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,36012,647 102,539 91,641 ,569 1,999 45,693 42,324 409 8,328 5,952 June 24 88,307 52,303 23,24912,755 103,994 93,185 ,646 2,655 46.258 42,570 309 8,360 5,970 July 29 88,198 52,214 23,146 12,838 103,912 93,056 ,617 1,492 46.868143,023 416 8,416 5,976 Aug. 26^ 88,794 52,470 23,32113,003 104,731 93,784 1,700 1,970 46,683 43,375 377 8,470 5,977 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1162 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total Cla a s n s d o d f a b t a e nk Total Loans G U o S . v S ec t . . urit O ie t s her as C s a et s s h * c c b o T a i u a l a l p o i i n n c a t t i - d i t t a - e a s l s l 2 Total m I D n a e t n - e d rba T nk im 1 e U. D S. ema O O n t t d h h e e r r Time r B in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l N b b a o u n e f m r ks - Govt. 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 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80i,,227766 2'"9,876 215 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 13,398 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,.0..8.9 13,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 584 23,712 13,119 1963—June 29.. 239,447144,363 63,037 32,047 50,770 297,836 264,65414,871 430 11,005 , 11,498 24; 19113,189 Dec. 20.. 252,579155,261 62,723 34,594 50,337 310,730 273,65715,077 443 6,712 140,702 110,723 3,57125,27713,284 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 166,224 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 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809 135,51110,359 104 3,315 76,292 45,441 225 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,663 16,042 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 33,384 "1,9218 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 ,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 ,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 ,544 1963—June 29.. 69,350 43,705 16,388 9,257 16,288 88,466 77,106 5,920 215 3,723 39,16128,088 839 7,230 ,521 Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 401,,7"2"5 "29,642 1,795 7,506 ,497 Insured nonmember eommercial 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 19,793 4,234 7,173 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31 « 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 23,04217,994 77 4,240 7,380 1963—June 29. 41,519 22,961 13,143 5,415 6,227 48,661 43,560 654 177 1,300 22,076 1'9",353 105 4,343 7,424 Dec. 20. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 Insured mutual savings banks: 1941—Dec. 31. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 12 12,192 1,252 194 1961—Dec. 30. 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 1962—Dec. 28. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 35,827 3,343 331 1963—June 29. 40,128 30,533 4,545 5,050 789 41,580 37,585 303 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

SEPTEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1163 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s1 c c b o T a i a l u l a o p i i n c a n t t i - d i t a - t e a l s s l 2 Total i m D I a n e n t - e d rba T n i k m 1 e U.S D . ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f r ks - Govt. Noninsured mutual sayings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947_Dec. 313 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 1 4 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—June 29 6,269 4,132 1,621 516 101 6,440 5,663 1 18 5,645 2 617 180 Dec. 20 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1 Reciprocal balances excluded beginning with 1942. 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 reclassifled as a reserve city bank. 870-71. i 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 Loans * Total i Loans1 U.S. Other U.S. Other Govt. Govt. 1957 Dec 31 . 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958 Dec 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31 194.5 113.8 59.9 20.8 198 5 116 7 61.0 20.9 1961 Dec 30 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962 Dec 312 . . .. 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963 Dec 312 ... 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1963—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 29^ 251.8 155.4 60.8 35.6 250.6 154.7 60.1 35.8 May 27^ . 253.5 157.3 60.3 35.9 251.5 156.7 59.1 35.8 June 30^2 255.1 158.9 59.9 36.3 256 1 160.5 59.1 36.4 July 29 v 254.2 159.5 58.3 36.4 254.0 159.2 58.2 36.6 Aug 26^ 258.4 161.3 60.0 37.1 255.9 160.0 58.7 37.2 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

1164 COMMERCIAL BANKS SEPTEMBER 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans l Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s * - Total 2 C m d t a c r i o u n n i i e a m a s d - r - l l - - A c tu a u g r l l r - - i- o b k d a T s r r e e n e o o r a d c c s - l u a - r r o r it y t T i h e in o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t - a e l O u v i d t t a i n h o i d l - - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds s r S g l a o i e o t t n c c a i v e d u a t t e s l - . O s ri e t t h c ie e u s r ers Total: 2 1947—Dec. 31. 116,284 38,057 18,,167 1,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,2'176 3,729 1961—Dec. 30. 215,441 124,925 45",,117722 6,248 4,056 2,134 1,033 7,31130,320 27,847 3,,412 66,57811,488 2,114 2"6,336 26,641 20,"345 3,592 1962—Dec. 28. 235,839 :1 40,. 106 4.8 ,, 67. 37,,097 5,144 2,131 2,578 8,459 34,,259 30^533,909 66,43411,674 3,932 23^"4"1 26,98724,755 4,543 1963—June 29. 241,014 145,049 49,862 7,5414,645 2,233 1,934 8,649 36,725 32,6613,812 63,542 9,128 3,216 23,82127,378 27^817 4,606 Dec. 20. 254,162 156,006 52,947 7,4"7"0" 5,353 2,509 3,605 9,4 79 39;056 34^"5"0 4,034 63,196 11,059 1,658 22,41528,06529,786 5,173 All insured 1941—Dec. 31. 49,290 21,259 9,2141,450 614 662 40 4,773 4 505 21,046 3,159 16,899 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,3611,132 88,912 2,455 19,071 16,04551,342 3,873 3,258 1947_Dec. 31. 114,274 37,58318,0121,610 8~2~31,190 114 9,266 5,654 914 67,941 2,124 7,552 5,91852,347 5,1'"29 3,621 1961—Dec. 30. 213,904 124,348 44965 6,2114,030 2,107 1,027 7,296 30,21127,708 3,396 6602611,356 2,09826,145 26,426 201,068 3,462 1962—Dec. 28. 234,243 139,449 48458 7,060 5"^ 119 2,103 2,551 ;i23 30,402 3,890 6589111,514 3,916 23,71526,746 24;547 4,356 1963—June 29. 239,447 144,363 49;660 7-513 4•, .6.1.5 2,203 1,90: 8,620 36,558 32,506 "3; 793 63; 0379,002 3,203 233,74127,092 27,573 4,475 Dec. 20. 252,579 155,26152,743 7,444 5,3212,476 3,594 9,41538,86134,383 4,015 62,72310,952 1,649 22;316 2""7,806 29,559 5,035 Member, total 1941_Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 653 19,539 971 3,00715,561 ,090 2•,871 1945—Dec. 31. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 1,057 78,338 2,27516,98514,27144,807 254 21,815 1947_Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45",295 199 3,105 1961—Dec. 30. 179,599 106,232 40,931 3,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 842 21,390 21,598 16,6912,617 1962—Dec. 28. 195,698 118,637 43,843 4,419 4,954 1^77 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,249 19,443121,414 20^73 3,319 1963—June 29. 199,495 122,088 44,701 4,664 4,436 1,880 1,844 8,134 29,127 26,366 3,557 50,399 6,863 2,608 19,423121,505 23,533 3,475 Dec. 20. 210,127 131,712 47,403 4,659 5,124 2,136 3,439 8,875 31,009 27,908 3,765 49,342 8,032 1,307 18,072 21,93225,210 3,864 New York City: 1941_Dec. 31. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,33l! 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,325 10,339, 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 23 1,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,8061 2,635 265 1962—Dec. 28. 32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,143 ,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—June 29. 32,847 21,44611,630 132,308 448 546 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 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—June 29. 9,082 5,545 3,051 358 176 135 741 393 555 288 2,071 426 71 782 791 1,226 240 Dec. 20. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 Other reserve city: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 2199,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1961—Dec. 30. 68,565 42,37916,879 ,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28. 73,130 46,56717,660 ,179 ,053 752 1,020 3,58311,030 9£" ,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—June 29. 74,614 48,164 1177,8051,245 1,090 786 751 3,886 1111,68310,4641,38017,326 1,685 1,191 7,281 7,168 8,163 961 Dec. 20. 78,370 51,89118,8621,219 1,~243 891 1,224 4,28612,52511,1061,46216,686 2,152 545 6,600 7,390 8,810 981 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3.787 1,222 1,028 1945_Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 166:722 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1961—Dec. 30. 73,131 39,69310,1652,811 591 438 116 1,251 13,24211,132 75124,407 3,614 566 9,56010,667 7,5301,500 1962—Dec. 28. 80,623 44,69811,299 33,187 728 447 764 1,563 14,44112,273 826I 2 255,4254,144 1,223 8,84911,209i 8,6941,807 1963—June 29., 82,952 46,934 1122,2153,378 680 469 412 1,463 15,20613,186 856 24,496 3,112 1,106 8,851 11,427 9,6921,830 Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,591 16,11413,951 917 24,797 3,822 573 8,531 11,871 10,3852,111 Nonmember 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30., 35,856 18,700 4,241 2,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28., 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,9821,224 1963—June 29., 41,519 22,961 5,161 2,877 209 354 90 515 7,598 6,295 25413,143 2,265 608 4,398 5,873 4,2841,131 Dec. 20., 44,035 24,295 5,5442,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,5761,309 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 COMMERCIAL BANKS 1165 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 e i n v t - R h k e . s s r C e a n n u c d r- y b m a w a B d n e n a o i c s l t - k - e t h i s s c 3 j m p u D o d a s a e e t s d n - e - i - t d d s 4 m D e I o n s - t t i e c r 3 ba e n F i k o gn r- 5 G U o .S v . t. g S l a o o t n c a v d a t t e l . c C h c o f a e e e i f n e c f r r d i t s d k - i ' s - , IPC I b n a t n e k r- P G U S a o o . a n s S v v t d . 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 t a a p l ietc. ings Total:2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 ,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 ,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 ,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 ,29411,060 12,396 4,502 116,726 550 254 7,466 98,1831,5 45~ 2244,582 Dec. 20.. 17,150 4,048 12,312126,579 14,048 ,218 6,729 12,256 4,494 124,784 526 269 7S~~ 102,886 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 ,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 ,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 ,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 462 22,089 1962—Dec. 28.. 17,680 4,232 12,795123,361 14,579 ,265 6,815 11,991 4,434 123,744 402 269 6,397 90,714 ,584 23,712 1963—June 29.. 16,529 3,468 12,237116,471 13,607 264 11,005 12,300 4,421 116,067 430 254 7,412 97,893 ,498 24,191 Dec. 20.. 17,150 4,033 11,984125,615 13,900 ,177 6,712 12,175 4,429 124,098 443 269 7,853102,600 3; 5"'7 125,277 Member, total: 1941_Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.. 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—June 29.. 16,529 2,644 7,690 95,637 13,146 1,242 9,761 9,535 4,060 97,953 373 228 5,999 80,3221,440 "20,238 Dec. 20.. 17,150 3,131 7,359 102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,326 3;499 21,054 New York City: 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947_Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1961—Dec. 30.. 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Dec. 28.. 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,937 ,728 3,898 1963—June 29.. 3,439 191 121 15,669 3,802 932 2,052 357 2,172 17,822 187 326 9,746 794 3,931 Dec. 20.. 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,9201,438 3,984 City of Chicago: 1941_Dec. 31.. 1,021 298 2,215 ,027 127 233 34 2,152 476 288 1945_Dec. 31.. 942 200 3,153 ,292 1,552 237 66 3,160 719 377 1947_Dec. 31.. 1,070 175 3,737 ,196 72 285 63 3,853 902 426 1961—Dec. 30.. 889 158 3,809 ,578 369 315 124 4,830 1,996 35 870 1962—Dec. 28.. 1,071 99 4,262 ,235 410 351 109 4,804 16 3,001 262 948 1963—June 29.. 974 154 3,941 ,155 584 373 112 4,355 130 3,363 111 974 Dec. 20.. 1,019 98 4,144 ,169 395 275 112 4,500 185 3,595 255 996 Other reserve city: 1941_Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945_Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2,566 1947_Dcc. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1961—Dec. 30.. 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,0271,388 7,263 1963—June 29.. 7,183 815 2,234 33,502 6,572 239 3,793 3,195 1,021 37,075 110 70 2,913 30,567 407 7,440 Dec. 20.. 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 1,416 7,697 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945_Dec. 31.. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 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 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 5,182 42,524 1,617 3,332 5,610 755 38,700 94 2,631 36,647 127 7,894 Dec. 20.. 4,919 1,884 5,060 46,049 1,764 1,960 5,590 790 41,877 86 2,778 37,829 390 8,377 Nonmember:2 1947_Dec. 31.. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 12 1,596 1961—Dec. 30.. 876 5,446 21,994 649 565 2,755 402 19,168 178 1,094 14,169 33 3,822 1962—Dec. 28.. 989 5,202 22,814 642 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—June 29.. 840 4,889 21,782 603 1,300 2,861 442 18,773 177 1,467 17,861 105 4,343 Dec. 20.. 917 4,953 23,763 671 743 2,880 438 20,654 144 1,545 18,560 165 4,623 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

1166 WEEKLY REPORTING MEMBER BANKS SEPTEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total Loans Wednesday m i l n o a e v n a n e n d t s s s t - i j i m u n a s a v e t n d e e n d - s d t t s - 2 j L us a o t d a e - n d s 2 i C n m t a c r d o n i i e a u m a d r l l s - - - A t c u g u r r l a - i l - G U c a T t s u o i n . e o e r v d S - s i - t . b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U c t u T o i . e r v S o s i- t . . oth O c e t u t i r h e s n s e - r F ei o g r n B - an c k m m D c o t i i e e m o a c s r - l - - - f P C i s a e n a O e N n t a l c 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 s V e t r r a i v e o lu - e n s a- Total— Leading Cities 1963 Aug. 7 132,976 131,347 84,191 35,159 1,390 358 3,124 1,604 770 1,629 4,159 3,243 17,O83j 19,169 1,953 14 133,375 131,255 84,467 35,198 1,395 364 3,104 1,617 774 2,120 4,206 3,293 17,153 19,232 1,956 21 132,906 131,440 84,632 35,264 1,408 367 3,063 1,622 777 1,466 4,241 3,302 17,203 19,255 1,956 28 133,128 131,126 84,502 35,204 1,420 291 3,040 1,626 764 2,002 4,126 3,321 17,269 19,310 1,956 1964 July 1 145,125 142,720 96,022 38,785 1,567 775 4,195 1,865 1,174 2,405 4,990 3,897 18,936 21,829 2,059 8 143,361 141,597 95,194 38,568 1,570 1,082 3,836 1,867 1,139 1,764 4,417 3,913 18,970 21,821 2,059 15 143,883 140,987 95,336 38,687 1,584 1,161 3,680 1,862 1,127 2,896 4,407 3,931 19,037 21,850 2,062 22 142,810 140,327 94,899 38,526 1,595 1,461 3,409 1,875 1,131 2,483 4,069 3,960 19,086 21,781 2,060 29 142,895 140,332 94,568 38,498 1,588 1,088 3,355 1,871 1,142 2,563 4,106 3,958 19,120 21,832 2,060 Aug. 5 143,676 141,660 95,374 38,700 1,557 1,181 3,381 1,866 1,182 2,016 4,476 3,968 19,157 21,877 2,058 12 143,584 141,237 95,177 38,874 1,546 919 3,337 1,867 1,190 2,347 4,322 3,995 19,227 21,882 2,053 19 144,408 142,192 95,666 38,915 1,550 1,118 3,324 1,916 1,150 2,216 4,448 4', 068 19] 27621,920 2,093 143,688 141,389 94,962 38,902 1,542 686 3,303 1,909 1,178 2,299 4,278 3*965 19^292; 2l'933j 2?,095 26 New York City 1963 31,484 31,001 20,271 11,233 182 1,711 515 365 483 1,342 592 1,778 3,096! 568 Aug. 7 31,781 30,918 20,368 11,182 239 1,727 529 364 863 1,379 597 1,785 3,109| 568 14 31,371 31,037 20,414 11,205 240 1,715 529 362 334 1,403 596 1,792 3,115 568 21 31,577 30,876 20,299 11,201 183 ir~ 530 360 701 1,340 601 1,806 3,123! 568 28 1964 July 1 35,426 34,621 24,013 12,272 439 2,577 603 617 805 1,728 824 2,009 3,473 564 8 34,315 33,962 23,508 12,153 690 2,270 604 608 353 1,403 814 2,031 3,465 564 15 34,625 33,567 23,386 12,251 604 2,105 607 588 1,058 1,403 830 2,055 3,479 564 22 34,530 33,266 23,100 12,221 791 1,855 606 594 1,264 1,204 828 2,062 3,476 564 29 34,370 33,225 23,079 12,242 694 1,833 602 603 1,145 1,278 830 2,072 3,459 564 34,642 34,077 23,466 12,268 740 1,911 599 628 565 1,470 819 2,085 3,477 561 Aug-,!::::::::::: 34,511 33,673 23,150 12,259 567 1,860 606 636 838 1,371 837 2,083 3,462 561 19 34,558 34,050 23,321 12,274 627 1,894 605 614 508 1,458 848 2,094 3,4531 575 26 34,313 33,615 22,977 12,282 398 1,867 603 625 698 1,353 841 2,101 3,453! 574 Outside New York City 1963 Aug. 7 101,492 100,346 63,920 23,926 1,374 176 ,413 1,089 405 1,146 2,817 2,65l| 15,305! 16,073 1,385 14 101,594 100,337 64,099 24,016 1,379 125 ,377 1,088 410 1,257 2,827 2,696 15,368 16,123 1,388 21 101,535 100,403 64,218 24,059 1,392 127 ,348 1,093 415 1,132 2,838 2,706 15,411! 16,140 1,388 28 101,551 100,250 64,203 24,003 1,404 108 ,342 1,096 404 1,301 2,786 2,720 15,463i 16,187 1,388 1964 July 1 109,699 108,099 72,009 26,513 1,541 336 ,618 1,262 557 ,600 3,262 3,073 16,927 18,356 1,495 8 109,046 107,635 71,686 26,415 1,545 392 ,566 1,263 531 ,411 3,014 3,099 16,939 18,356 1,495 15 109,258 107,420 71,950 26,436 1,565 557 ,575 1,255 539 ,838 3,004 3,101 16,982 18,371 1,498 22 108,280 107,061 71,799 26,305 ',576 670 ,554 1,269 537 ,219 2,865 3,132 17,024 18,305 1,496 29 108,525 107,107 71,489 26,256 ,570 394 ,522 1,269 539 ,418 2,828 3,128 17,048 18,373 1,496 109,034 107,583 71,! 26,432 ,539 441 ,470 1,267 554 ,451 3,006 3,149 17,072 18,400 1,497 AU8-,!:::::::::: 109,073 107,564 72,027 26,615 ,528 352 ,477 1,261 554 ,509 2,951 3,158 17,144 18,420 1,492 19 109,850 108,142 72,345 26,641 ,532 491 ,430 1,311 536 ,708 2,990 3,220 17,182 18,467 1,518 26 109,375 107,774 71,985 26,620 1,525 288 ,436 1,306 553 ,601 2,925 3,124 17,191 18,480 1,521 For notes see p. 1168. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 WEEKLY REPORTING MEMBER BANKS 1167 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu an r t i d o n g b — on A ds fter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l e k e h - s s s - b a w e B f a n o i n i a c g r t l e k n - h - s s Cu c r o r a e i n n n d cy B s F w e R . a r i n e v t R - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i o b n e t i i u d s t a l a n i l - l ts 1 year 5 years 5 years Total- Leading Cities 1963 Aug. 7 28,346 2,732 1,836 2,638 14,245 6,895 18,810 17,618 2,874 205 1,595 12,944 5,371 168,134 14 28,118 2,569 1,846 2,655 14,207 6,841 18,670 16,911 3,040 214 1,691 11,966 5,327 170,112 21 27,957 2,635 1,481 3,480 14,533 5,828 18,851 17,446 2,926 207 1,689 12,624 5,059 168,556 28 27,683 2,464 1,495 3,509 14,484 5,731 18,941 16,916 2,874 217 1,759 12,066 5,115 167,174 1964 July 26,621 4,201 4,001 13,181 5,238 20,077 18,537 3,286 303 1,715 13,233 5,743 186,388 26,286 3,927 4,014 13,112 5,233 20,117 18,240 2,965 299 1,734 13,242 5,678 181,188 25,514 3,539 3,884 12,879 5,212 20,137 18,346 3,300 296 1,797 12,953 5,773 185,255 25,305 3,283 4,022 12,513 5,487 20,123 17,438 3,052 281 1,819 12,286 5,732 180,111 25,701 3,597 2,998 11,386 7,720 20,063 17,759 2,839 256 1,850 12,814 5,723 179,412 Aug. 5 26,049 4,021 3,043 11,255 7,730 20,237 18,024 3,008 254 1,654 13,108 5,633 181,364 12 25,80" 3,800 3,069 11,186 7,750 20,255 17,456 3,084 246 1,822 12,304 5,670 181,638 19 26,205 3,773 3,434 11,274 7,724 20,321 17,465 3,046 256 1,820 12,343 5,523 181,858 25,961 3,63f 3,446 11,267 7,616 20,466 17,228 2,940 255 1,854 12.179 5,526 179,767 26 New York City 1963 Aug. 7.. 5,420 785 299 416 2,486 1,434 5,310 3,96: 239 3,559 2,343 41,465 14.. 5,368 744 328 429 2,460 1,407 5,182 3,314 244 2,883 2,288 41,931 21.. 5,387 891 251 775 2,389 1,081 5,236 3,934 240 3,528 2,167 41,805 28.. 5,291 789 262 771 2,400 1,069 5,286 3,653 248 3,236 2,208 41,319 1964 July 1 5,474 1,380 854 2,370 870 5,134 4,326 83 141 265 3,837 2,410 48,241 5,285 1,215 852 2,365 853 5,169 4,188 66 140 262 3,720 2,397 45,419 15 5,oo: 1,055 822 2,282 843 5,179 4,243 96 149 253 3,745 2,506 47,298 22 925 1,063 2,211 835 5,132 3,796 73 124 256 3,343 2,475 45,552 29 5,034 1,115 605 1,855 1,474 5,097 4,145 60 113 264 3,708 2,424 45,289 5,049 Aug. 5,408 1,465 636 1,864 1,443 5,203 3,98! 82 115 254 3,534 2,328 45,264 5,33" 1,381 661 1,870 1,421 5,190 3,75: 142 110 265 3,236 2,372 45,187 19. 5,528 1,402 729 1,970 1,427 5,201 4,10! 138 118 257 3,592 2,295 45,781 26. 5,406 1,328 718 1,970 1,390 5,232 3,95: 106 120 264 3,465 2,29" 45,059 Outside New York City 1963 Aug. 7.. 22,926 1,94' 1,53 2,222 11,759 5,461 13,500 13,656 2,791 124! 1,356 9,385 3,028 126,669 14.. 22,750 1,825 1,518 2,226 11,747 5,434 13,488 13,59^ 2,944 123 1,447 9,083 3,039 128,181 21.. 22,570 1,744 1,230 2,705 12,144 4,747 13,615 13,512 2,839 128 1,449 9,096 2,892 126,751 28.. 22,392 1,675 1,233 2,738 12,084 4,662 13,655 13,263 2,787 135 1,511 8,830 2,907 125,855 1964 July 21,14' 2,82 3,14' 10,811 4,368 14,943 14,21 3,203 162 1,450 9,396 3,333 138,147 21,00 2,712 3,162 10,747 4,380 14,948 14,052 2,899 159 1,472 9,522 3,28' 135,769 15 20,51: 2,484 3,062 10,597 4,369 14,958 14,10: 3,204 147 1,544 9,208 3,26' 137,957 22 20,27 2,358 2,959 10,302 4,652 14,991 13,642 2,979 157 1,563 8,943 3,25' 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 Aug. 5 20,64 2,556 2,407 9,391 6,28' 15,034 14,039 2,926 139 1,400 9,574 3,305 136,100 12 20,47: 2,419 2,408 9,316 6,329 15,065 13,703 2,942 136 1,557 9,068 3,298 136,451 19 , 20,67' 2,37 2,705 9,304 6,297 15,120 13.360 2,908 138 1,563 8,75' 3,228 136,077 26 20,55: 2,304 2,728 9,29^ 6,226 15,234 13,27 2,83. 135 1,590 8,71. 3,229 134,708 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1168 WEEKLY REPORTING MEMBER BANKS SEPTEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday ju u T s n o t a t e d a d l - 4 j p u m D o a s d a t d s e e e n i - - - t d d s 3 Total6 IPC G S l a o t o n c a v d a te t l . e F ig o n r- 7 G U o . v S t . . c m m D c o t i i e e m o a c s r l - - - - Total8 S i a ng v s - IPC Oth S l a e t o r n c a a t d t l e 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 l O ia t t i b h e i s e l r i- co C i a u t a c a n - p l t - s banks Govt. Total- Leading Cities 1963 Aug. 7 144,801 61,833 89,076 64,342 4,919 1,644 3!,57911,495 55,725 36,82111,756 3,803 2,969 924 2,540 5,844 14,025 14 146,991 61,249 91,064 66,047 4,662 1,685 3,78811,528 55,927 36,85011,876 3,831 2,992 90 3,096 5,920 14,015 21... 145,799 60,828 89,657 64,302 4,611 l~,7 16' 4,55811,126 56,142 36,88712,064 3,837 2,980 531 2,392 5,817 14,017 28... 144,338 61,528 88,012 64,024 4,715 1,682 3,75910,710 56,326 36,89612,181 3,894 2,984 258 2,678 5,859 14,041 1964 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 3,304 5,728 15,142 8... 157,229 61,959 93,897 65,317 4,778 1,906 6,19211,837 63,332 39,08415,530 4,515 3,706 365 2,783 5,649 15,162 15... 160,268 63,359 96,787 69,337 4,829 2,010 3,887 1122,288 63,481 39,11815,658 4,484 3,704 91 3,835 5,932 15,129 22... 155,712 63,314 91,943 66,884 4,716 2,037 3,29811,200 63,769 39,15615,838 4,520 3,733 46 3,194 6,038 15,121 29. . . 154,675 63,674 90,754 66,397 4,897 1,923 3,604 1"0,441 63,921 39,16815,943 4,535 3,750 226 3,308 6,038 15,165 Aug. 5 156,645 62,952 92,827 66,198 5,215 1,988 4,16011,684 63,818 39,24215,818 4,492 3,740 644 2,854 5,994 15,227 12... 156,978 62,613 92,957 67,213 4,897 1,905 3,83111,585 64,021 39,30215,935 4,483 3,775 92 3,224 6,102 15,242 19... 156,995 61,332 92,832 65,611 4,596 1,876 5,45311,585 64,163 39,36915,940 4,533 3,801 118 3,321 6,190 15,234 26... 155,064 62,393 90,735 65,413 4r~ ,920 4,02110,996 64,329 39,42116,026 4,557 3,800 75 3,125 6,245 15,258 New York City 1963 Aug. 7... 33,390 15,403 23,085 15,847 285 ,2181,036 2,970 10,305 4,336 3,349 336 2,107 130 ,171 2,852 3,922 14... 34,014 15,180 23,612 16,266 244 ,2311,017 2,867 10,402 4,344 3,415 336 2,129 3 ,170 2,821 3,923 21... 34,009 15,057 23,448 15,851 256 ,2651,181 2,877 10,561 4,355 3,564 336 2,128 47 ,067 2,771 3,911 28... 33,413 15,225 22,798 15,821 230 ,239 939 2,753 10,615 4,345 3,609 357 2,127 104 ,089 2,803 3,910 1964 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 ,419 ,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 ,535 ,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 Aug. 5... 36,988 15,799 24,196 16,277 256 ,4931,150 2,938 12,792 4,477 4,953 395 2,639 30 ,295 2,712 4,239 12... 36,839 15,577 24,017 16,310 347 ,4161,041 2,848 12,822 4,488 4,931 404 2,671 ,345 2,750 4,245 19... 37,234 15,188 24,387 16,104 256 ,3931,388 2,5 12,847 4,500 4,924 415 2,686 ,578 2,732 4,235 26... ,724 15,524 23,855 16,189 282 1,409 980 2,857 12,869 4,509 4,936 422 2,677 1,359 2,738 4,233 Outside New York City 1963 Aug. 7... 111,411 46,430 65,991 48,495 4,634 426 2,543 8,525 45,420 32,485 8,407 3,467 862 794 1,369 2,992 10,103 14... 112,977 46,069 67,452 49,781 4,418 454 2,771 8,661 45,525 32,506 8,461 3,495 863 87 1,926 3,099 10,092 21... 111,790 45,771 66,209 48,451 4,355 4513,377 8,249 45,581 32,532 8,500 3,501 852 484 1,325 3,046 10,106 28... 110,925 46,303 65,214 48,203 4,485 443 2,820 7,957 45,711 32,551 8,572 3,537 857 154 1,589 3,056 10,131 1964 July 1... 122,164 46,802 71,437 50,446 5,003 467 5,200 8,531 50,727 34,59310,722 4,135 1,072 372 1,581 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 1,087 205 1,452 3,050 10,955 15... 121,417 47,547 70,595 52,298 4,470 475 2,863 8,856 50,822 34,65910,790 4,084 1,086 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 1,107 46 1,946 3,227 10,919 29... 117,815 47,787 66,697 49,926 4,649 489 2" ,63"4 7,591 51,118 34,69910,976 4,140 1,105 113 1,934 3,299 10,962 Aug. 5... 119,657 47,153 68,631 49,921 4,959 4953,010 8,746 51,026 34,76510,865 4,097 1,101 614 1,559 3,282 10,988 12... 120,139 47,036 68,940 50,903 4,550 489 2,790 8,737 51,199 34,81411,004 4,079 1,104 84 1,879 3,352 10,997 19... 119,761 46,144 68,445 49,507 4,340 483 4,065 8,597 51,316 34,86911,016 4,118 1,115 116 1,743 3,458 10,999 26..., 118,340 46,869 66,880 49,224 4,607, 5113,041 8,139 51,460 34,91211,090 4,135 1,123 70 1,766 3,507 11,025 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loans items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. 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. Aug. 5 Aug. 12 Aug. 19 Aug. 26 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 12,048 12,181 12,194 12,262 banks, not shown separately. New York City 4,385 4,394 4,400 4,412 7 Deposits of foreign governments and official institutions, central Outside New York City 7,663 7,787 7,794 7,850 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 BUSINESS LOANS OF BANKS 1169 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during Industry 1964 1964 1964 1963 1964 1963 A 2 u 6 g. A 1 u 9 g. A 1 u 2 g. Aug J 2 ul 9 y Aug. July June IV h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals 669 671 683 674 673 -4 -67 47 70 53 4 123 9 Machinery 2,054 2,070 2,054 2,068 2,058 -4 -137 30 -58 83 177 25 186 Transportation equipment 835 849 836 805 781 54 -119 -8 7 12 -5 19 -95 Other fabricated metal products. .. 962 967 972 962 958 4 -40 44 119 72 -51 191 -59 Other durable goods 1,196 1,189 1,181 1,174 1,152 44 -10 23 80 40 -90 120 -67 Nondurable goods manufacturing: Food, liquor, and tobacco 1,280 1,273 1,236 1,225 1,217 63 -79 13 -163 -459 496 -622 644 Textiles, apparel, and leather 1,635 1,630 1,624 1,606 1,587 48 22 29 23 211 -238 234 -167 Petroleum refining 942 948 943 942 940 2 -113 -2 -42 -92 72 -134 99 Chemicals and rubber , 1,099 1,096 1,093 1,102 1,111 -12 -44 14 50 108 -20 158 -60 Other nondurable goods 994 980 975 966 11 37 98 -96 106 -36 Mining, including crude petroleum and natural gas 2,787 2,777 2,784 2,777 2,776 82 -2 15 -213 413 -198 443 Trade: Commodity dealers 936 929 930 928 936 52 -39 -284 -254 348 -538 583 Other wholesale 2,122 2,123 2,122 2,128 2,112 5 31 59 -19 125 40 95 Retail 2,541 2,571 2,568 2,591 2,526 -35 -41 66 -17 220 49 154 Transportation, communication, and other public utilities 4,131 4,087 4,090 4,087 4,079 52 18 -73 -423 546 -496 529 Construction 2,252 2,245 2,184 2,163 43 69 226 39 -27 265 40 All other: 1 2,232 Bankers' acceptances 975 982 966 974 114 -49 -29 -47 -76 All other types of business, mainly 982 570 573 services 5,011 5,016 5,052 5,062 -51 23 96 104 170 Total classified loans 32,421 32,411 5,022 32,246 32,071 350 -240 310 268 -728 2,446 -460 2,873 32,332 Commercial and industrial loans— all weekly reporting banks 38,902 38,915 38,874 38,700 r38,498 404 r-250 428 576 -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 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: 1 19 large cities: New York City: 1963—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 1960 5.2 6.0 5.7 5.4 5.0 eastern cities: 1961 5.0 5.9 5.5 5.2 4.8 1963—June 5.01 5.84 5.54 5.27 4.87 1962 5.0 5.9 5.5 5.2 4.8 Sept 5.01 5.85 5.56 5.19 4.88 1963 5.0 5.9 5.5 5.2 4.8 Dec. 5.04 5.85 5.55 5.27 4.90 1964—Mar 5.02 5.81 5.54 5.24 4.88 June 5.03 5.83 5.55 5.27 4.89 Quarter: * 19 large cities: 11 southern and western cities: 1963—June 5.01 5.86 5.54 5.24 4.84 1963—June 5.32 5.97 5.63 5.34 5.12 Sept 5.01 5.86 5.54 5.21 4.85 Sept 5.30 5.96 5.64 5.33 5.09 Dec 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.31 5.07 1964—Mar 4.99 5.83 5.54 5.22 4.82 1964—Mar 5.29 5.91 5.62 5.31 5.08 June 4.99 5.84 5.53 5.24 4.81 June 5.29 5.93 5.61 5.34 5.07 i Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3^; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 1957—Aug. 6,4%; 1958—Jan. 22,4; Apr. 21, 3&; Sept. 11,4; 1959—Mav 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, 4Vi. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1170 INTEREST RATES SEPTEMBER 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 acceptm 4 o - n to th s 6 - 1 m d 3 i o - r n e to c th t l s 6 y - , 2 90 a n d c a e y s s , 1 on R a n t e e w di B sc a o n u k nt on R 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 i 3 s - s y u t e o e a s r 5 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 Aug 3.72 3.57 3.59 3.320 3.32 3.437 3.44 3.50 3.41 3.81 Sent 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 Aug 3.88 3.76 3.75 3,506 3.50 3,618 3.61 3.67 3.73 3.99 Week ending— 1964—Aug 1 3.88 3.75 3.75 3.475 3.46 3.591 3.57 3.61 3.67 3.99 8 3.88 3.75 3.75 3.488 3.48 3.588 3.58 3.65 3.68 3.98 15 3.88 3.75 3.75 3.510 3.51 3.611 3.62 3.66 3.71 3.99 22. . 3 88 3 78 3 75 3 511 3 50 3 634 3 63 3 67 3 76 3 99 29 3.88 3.78 3.75 3.513 3.50 3.639 3.62 3.67 3.78 4.00 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 States (long- Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4 54 4 82 4 57 4 66 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 Aug 3 99 3.28 3.09 3.58 4.50 4.29 4.83 4.45 4.63 4.42 4.30 3.13 Sept 4.04 3.31 3.13 3.58 4.52 4.31 4.84 4.46 4.65 4.44 4.30 3.06 5.72 Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3.05 Nov 4.10 3.36 3.17 3.62 4 54 4 33 4.84 4 47 4 68 4 45 4 28 3 14 Dec 4.14 3.33 3.12 3.61 4.55 4.35 4.85 4.48 4.68 4.49 4.32 3.13 5.49 1964—Jan 4.15 3.29 3.09 3.56 4.57 4.37 4.83 4 50 4 68 4 51 4 32 3 06 Feb . . 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.48 4.67 4.51 4.31 3.05 Mar 4 18 3.33 3.14 3.57 4 56 4 38 4 83 4 49 4 67 4 51 4 34 3 03 5 50 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 5 55 July 4.t3 3.26 3.08 3.54 4.58 4.40 4.83 4.52 4.68 4.54 4.37 2.96 Aug... 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3.03 Week ending— 1964—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 8 4.14 3.26 3.08 3.53 4.57 4.41 4.81 4.52 4.65 4.54 4.31 3.02 15 4.14 3.27 3.08 3.53 4.57 4.42 4.81 4.52 4 65 4.54 4 29 3 02 22 4 14 3 27 3 08 3 54 4 57 4 41 4 81 4 52 4 65 4 54 4 28 3 (P 29 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.66 4.54 4.26 3.06 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep - figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the numbe r 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

SEPTEMBER 1964 SECURITY MARKETS 1171 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages 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 t lo 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 b c 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 16.3 1963—Aug.. 86.45 111.4 96.5 70.98 74.43 39.22 66.57 4,154 1963—July.. 5.45 5.82 .61 24.1 73.3 16.6 Sept.. 85.77 110.7 95.9 72.85 76.63 39.00 67.09 5,331 Aug. . 5.45 5.82 .64 24.5 74.2 16.8 Oct.. . 85.50 109.9 95.9 73.03 77.09 38.31 65.55 5,316 Sept.. 5.45 5.81 .61 24.2 73.5 16.4 Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Oct... 5.45 5.82 .61 24.6 73.4 16.4 Dec. . 84.64 109.5 95.4 74.17 78.38 39.92 65.64 4,701 Nov.. 5.45 5.82 .65 24.2 73.5 16.4 Dec. 5.45 5.80 .62 24.5 73.9 16.7 1964—Jan... 84.42 111.2 95.3 76.45 80.85 41.00 67.26 5,302 Feb... 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 Feb... 5.45 5.81 .58 24.7 74.8 17.2 Apr. . 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 May.. 84.38 111.6 r94.7 80.72 85.79 44.86 67.29 4,959 Apr. . 5.45 5.79 .55 24.8 73.9 17.2 June.. 84.70 111.8 '94.9 80.24 85.13 46.29 67.46 4,372 May.. 5.45 5.77 .52 24.7 73.7 17.0 July. . 84.70 112.1 '95.2 83.22 88.19 48.93 70.35 4,663 June.. 5.45 5.76 .59 25.4 74.3 17.3 Aug. . 84.59 111.8 95.3 82.00 86.70 47.17 71.17 3,919 July. . 5.46 5.76 .52 24.5 73.9 17.4 Aug. . 5.46 Week ending— Aug. 1 84.60 112.4 95.4 83.02 87.84 48.83 71.21 4,151 1 Last 6 months only. 8 84.65 111.8 95.3 82.05 86.75 47.88 70.97 4,375 15 84.60 111.8 95.2 82.09 86.80 47.64 71.03 3,864 NOTE.—Annual data are averages of monthly figures. Yields 22 84.60 95.4 82.22 86.95 47.18 71.25 3,920 on FHA-insured mortgages are derived from weighted averages 29."'.'.'.'. 84.55 11118 95.3 81.67 86.32 46.27 71.39 3,637 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 5\h 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— Cus- Months Total firms secured by— chasing and carrying— tomers o s t e h c e u r r i t t h ie a s n 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 Customer Other a b n a c l e - s Total 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—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 ,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 "156 «4,275 3,766 c509 ,146 July 7,160 25 5,289 70 1,871 266 4,129 3,672 457 ,114 Aug 7,096 21 5,187 69 1,909 191 4,090 3,618 472 ,077 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

1172 OPEN MARKET PAPER; SAVINGS INSTITUTIONS SEPTEMBER 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Placed Placed Total Banks p I o m rt - s p E o x rt - s Dollar shi p p o p i e n d t s b i e n t — ween Total through direct- Others into from exdealers * ly i Total O bi w ll n s 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 fi7«> 357 309 74 162 249 I960 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—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 1,343 556 111 105 53 1,159 Sept 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 July 8,879 2,006 6,873 3,137 1,455 1,121 334 56 137 1,489 576 949 74 24 1,513 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 .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u ia a t r o i b n p e t i d l a s l u i l - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s commitments 3 govt. other ! accts. Number Amount 1941... ... 4 787 89 3 592 1,' 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 i,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 R98 3,957 114,985 2,548 1963— June 34,075 588 6,189 458 5,090 890 737 48,028 42,972 1,023 4,033 110,518 2,447 July 34,389 583 6,170 455 5,107 828 750 48,282 43,109 ,138 4,035 108,914 2,419 Aug 34,690 662 6,137 455 5,132 809 741 48,626 43,282 1,248 4,096 107,108 2,366 Sept 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109,205 2,403 Oct 35,333 637 5,899 451 5,149 819 765 49,052 43,910 ,049 4,093 106,337 2,379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 ,141 4,143 109,881 2,378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 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 ,036 4,244 120,396 2,504 Apr 37,267 646 6,064 423 5,138 819 820 51,178 45,851 ,118 4,209 123,979 2,586 May 37,601 714 6,052 419 5 150 847 827 51 610 46 124 225 4 261 124 416 2 661 June 37,971 676 6,024 409 5,145 906 871 52,001 46,624 ,102 4,275 132,625 2,690 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. 1159. and are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. * Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 SAVINGS INSTITUTIONS 1173 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l ndForeign Total Bonds Stocks Mort- 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—June r. . . 136,864 12,448 5,746 3,952 2,750 58,168 52,744 5,424 48,367 4,232 6,474 7,175 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 3,935 2,707 58,764 53,268 5,496 48,964 4,313 6,548 7,320 Sept 138,764 12,429 5,824 3,892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 Oct 139,610 12,425 5,829 3,893 2,703 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov 140,207 12,371 5,787 3,889 2,695 59,574 53,989 5,585 49,813 4,369 6,651 7,429 Dec 140,903 12,330 5,755 3,876 2,699 59,452 53,769 5,683 50,543 4,348 6,690 7,540 1964—Jan 141,866 12,365 5,782 3,859 2,724 60,006 54,269 5,737 50,828 4,368 6,729 570 Feb 142,531 12,506 5,805 3,857 2,844 60,050 54,281 5,769 51,126 4,377 6,772 702 Mar 143,067 12,421 5,731 3,849 2,841 60,189 54,335 5,854 51,441 4,391 6,819 806 Apr 143,676 12,389 5,689 3,853 2,847 60,426 54,525 5,901 51,806 4,402 6,872 781 May.... 144,312 12,436 5,731 3,827 2,878 60,613 54,674 5,939 52,117 4,416 6,909 821 June.... 144,964 12,346 5,633 3,822 2,891 60,793 54,772 6,021 52,466 4,437 6,955 7,967 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 n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m l m o e a m n n t i s tties profits4 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1 379 1.484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 [,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 QQQ 1,221 2,230 1963-—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—Tan 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 2,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 2,336 2,138 2,818 Mar 93,069 6,733 3,613 6,233 109.648 93,525 7,219 4,323 2,430 2,151 2,964 Apr...... 93,978 6,717 3,467 6,353 110,515 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 June 96,067 6,685 3,795 6,728 113,275 96,592 7.511 4,980 2,538 1,654 3,107 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

1174 FEDERAL FINANCE SEPTEMBER 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.l 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 P. . . 49,102 16,928 2,400 63,593 48,839 14,058 4,281 58,616 4,977 2,598 3,159 385 -946 Month; 1963—July 3,547 1,419 271 4,693 7.863 2,651 385 10,128 -5,436 -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 July 3,487 1,532 270 4,745 7,410 2,713 -95 10,217 -5,472 -594 -1,205 38 572 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 1964? -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.-JuneP 264 2,870 1,496 232 -3,159 2,366 408 3,661 11,036 939 9,180 917 Month: 1963—July -4,316 -1,232 r_!4 171 1,253 -1,025 '-45 -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 July -3,923 -1,181 -403 -64 1,205 -530 -10 -4,886 6,150 785 4,505 860 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

SEPTEMBER 1964 FEDERAL FINANCE 1175 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate [nt. Total W I i n th d - ividual Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A . n R d S . I e U m n p - l. y g n if r t l t C o u m s- s r m e a p e n a n d y ts - fu R n e d - s Other held Other Fiscal year—1961.. 97,2242 32,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1 916 1,008 ,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 5,630 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.-JuneP 63,59219,099 11,844 15,059 6,910 2,690 1,748 12,728 10,031 2,448 1 423 623 817 6,102 1,191 Month: 1963—July 4,693 1,295 381 574 ,179 453 297 775 540 189 221 117 186 245 210 Aug 10,960 5,607 179 386 ,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 ,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 ,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 ,065 466 371 2,145 1.699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 ,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 ,087 385 283 542 ? 94 195 180 101 148 126 246 Feb 11,525 6,105 870 451 ,112 382 320 3,382 2,393 954 184 87 102 944 176 Mar 12,168 3,222 770 6,654 ,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 ,103 465 254 1,394 1,116 239 422 109 123 1,575 179 May 10,652 4,837 561 491 ,195 466 305 4,163 3,242 884 234 100 126 1,196 141 Junep.... 14,286 2,614 2,196 6,196 ,293 560 320 1,566 1,457 65 206 117 144 302 256 July 4,745 1,172 377 646 ,234 n.a. 328 905 623 233 219 120 143 219 148 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 h e c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m r C a 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 e l a o f l r a t r h & e , Educa- 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 113,751 53,429 2,265 2,552 7,242 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,983 1964?.... 120,119 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 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^ 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—July i0,132 4,263 -7 270 -"816 215 502 464 '2,219 109 513 227 204 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 4,670 238 342 882 253 679 264 2,274 83 503 348 172 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 2,402 140 499 364 181 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 July 10,217 3,592 201 334 672 235 702 246 2,277 78 485 360 194 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 78, 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 -1.0 - .8 — 9 -2.5 -6 .6 1.7 3.4 -3 .6 -6.1 1.7 3.3 9 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1176 U.S. GOVERNMENT SECURITIES SEPTEMBER 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 Total Bills M C a c r e k a r t e t e i t f s a i- ble Notes Bonds 4 b C v i o b e o n r l n e d t- - s T N o o ta n l m 5 arke b t S i o a n a n b g v d l s - e s i S ss p u e e c s ia 6 l 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec. 304.0 303,5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—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. 50.9 49.1 42.0 May 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3. 51.0 49.2 45.0 June 312.5 311.7 260.7 206.5 50.7 67.3 88.5 3. 51.1 49.3 46.6 July 312.0 311.2 | 261.1 206.8 51.0 58.6 97.1 3. 51.2 49.4 45.7 Aug 314.9 314.1 262.2 207.7 52.0 58.6 97.1 3. 51.4 49.4 47. 1 Includes noninterest-bearing debt (of which $361 million, on Aug. 31, armed forces 1964, was not subject to statutory debt limitation) and guaranteed secur- eries, foreign itie 2 3 s , E I n n x c o c l l u t u d s d h e e s o s w a g m n u a o s r u e a n p n t a t s r e a e h t d e e l l d y s e . b cu y r U iti . e S s . . Govt. agencies and trust funds, which t s a e x r 6 i e a H s n , e d ld jr s c a . o u v n r i a n ly i g s b x n y n o e U t c e i . n s S , n . n c G a o u o t o v s n t h . o a w / g \ n e a n m s c e i i e p n s a i s r a a ir n t a e d l u y t o . r n ust funds. before 1956, totaled $14,183 million on July 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t a e U r o n n u . v c S d s t i t . e . s b F an .R ks . Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n n s m u c ie r e - s - r c O a o t r t i h p o e n o r - s g S l a o o t n c v a a t d t s e l . Savi I n n g d s ividu O a t l h s er n F a i o n t a r i t n o e e n d i r g a - n l2 i O m t n o t v i r h s e s e c s 3 r . funds 1 bonds securities 1941_Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945_Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947_Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.8 18.0 45.9 22.1 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 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 18.2 15.3 12.7 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 19.7 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 May 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 19 2 M5.6 '13.7 July 312.0 59.9 35.1 217.0 58.8 6.0 10.7 21.0 22.3 48.6 19.4 16.0 14.4 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

SEPTEMBER 1964 U.S. GOVERNMENT SECURITIES 1177 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—June 30 206,489 81,424 50,740 30,684 65,453 34,929 8,355 16,328 July 31 206,775 77,231 51,048 26,183 60,672 43,010 8,354 17,508 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—June 30 12,119 1,822 1,459 363 1,948 3,003 2,197 149 July 31 11,800 1,496 1 .091 405 1,900 3,027 2,197 180 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—June 30 34,794 18,029 5,171 12,858 14,691 1,836 91 148 July 31 35.051 18,253 5,388 12,865 14,723 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 18,952 47,919 30,525 6,091 12,575 1964—June 30 159,576 61,573 44,110 17,463 48,814 30,090 6,067 13,031 July 31 159,924 57,482 44,569 12,913 44,049 38,147 6,066 14,180 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—June 30 51,108 14,549 7,505 7,044 25,392 10,208 493 466 July 31 50,138 12,335 6,993 5,342 22,482 14,107 502 712 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—June 30. , 5,658 829 374 455 1,401 1,857 360 1,211 July 31 5.685 717 453 264 1203 2,163 356 1 ,246 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—June 30 8,933 900 345 555 2,036 2,248 9(8 2,832 July 31 8,983 790 401 389 1,878 2,512 938 2,865 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—June 30 10,205 7,688 5,845 1,843 2,078 319 9 110 July 31 10.246 7,540 6,073 1.467 2,105 457 9 135 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—June 30 3,289 447 252 195 962 1,191 241 448 July 31 3,275 305 211 94 849 1,405 230 487 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—June 30 16.067 6,108 5,136 972 2,022 1,890 1,712 4,335 July 31 15.843 5,602 4,891 711 1,929 2,078 1,715 4,519 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—June 30 64,315 31,052 24,651 6,401 14,924 12,377 2,332 3,630 July 31 65,755 30.193 25,548 4,645 13,604 15,426 2,316 4,215 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 784 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt. agencies and trust funds and F.R. Banks 70 per cent by 506 State and 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 by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were: (1) separately. about 90 per cent by the 6,033 commercial banks, 502 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 U.S. GOVERNMENT SECURITIES SEPTEMBER 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt Period Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e -1 ar 0 s 10 O y v e e a r rs D G e U a o . l S y e . t r . s and b O ro th k e e r rs m b C e a o r n m c k ia s - l o A th l e l r se a c g u e r n i c ti y es securities 1963—July 1,775 1,440 172 134 29 556 27 727 464 95 Aug 1,308 1,060 139 88 21 401 15 507 384 88 Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 1,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 1,719 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 ',702 1,264 248 165 25 566 29 651 457 120 June ,488 1,201 170 97 19 458 24 566 439 142 July ,936 1,433 216 208 79 581 38 784 532 131 Week ending— July 1 ,551 1,247 186 97 21 453 25 628 445 114 8 ,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 ,696 1,252 146 198 99 601 25 643 427 134 29 ,390 1,136 85 120 49 396 28 512 454 127 Aug. 5 ,568 1 164 174 158 72 403 31 656 477 79 12 ,540 1,105 289 106 39 431 28 663 418 135 19 ,495 1.124 184 148 39 450 21 624 400 170 26 ,215 950 125 30 379 23 451 362 82 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 Govt. Period All Corpora- All 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 c g u e r n i c ti y es sources Y N C o e it r w y k w E h ls e e r - e tions i other 1963—July 2,881 2,505 357 21 267 Aug 3,096 2,871 307 -82 275 1963—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 July 3,817 3,121 229 468 225 June 3,541 981 761 1,493 307 July 4,156 1,250 871 ,671 364 Week ending— Week ending— 1964—June 3.. 3,712 3,355 135 223 282 10. . 3,550 3,248 95 208 309 1964—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 July 1 . . 3,308 3,087 108 113 325 8.. 4,142 3,946 164 32 314 July 1 ... 3,346 922 636 ,598 190 15. . 3,900 3,836 669 -606 214 8. .. 3,780 1,139 744 ,621 277 22. . 3.445 2,223 70 1,152 178 15. .. 4,446 1,346 970 ,668 462 29. . 3,773 2,652 76 1.046 204 22 4,787 1,626 1,125 ,742 293 29. .. 3,684 919 626 ,682 457 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 OUTSTANDING SECURITIES 1179 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 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. Sept. 3, 1964 2,104 Feb. 11, 1965 902 Feb. 15, 1967 3% 2,360 Oct. 1, 1969 4 6,266 Sept. 10, 1964 2,101 Feb. 18, 1965 901 Apr. 1, 1967 I1/2 270 Aug. 15, 1970 4 4,129 Sept. 17, 1964 2,099 Feb. 25, 1965 902 Aug. 15, 1967 334 4,433 Aug. 15, 1971 4 2,806 Sept. 24, 1964 2,102 Feb. 28, 1965 1,001 Oct. 1,1967 11/2 457 Nov. 15, 1971 3% 2,760 Sept. 30, 1964 1,002 Mar. 31, 1965 1,001 Apr. 1,1968 I1/2 212 Feb. 15, 1972 4 2,344 Oct. 1,1964 2,102 Apr. 30, 1965 1,001 Oct. 1,1968 11/2 115 Aug. 15, 1972 4 2,579 O O O c c c t t t . . . 2 1 2 8 5 , , , 1 1 1 9 9 9 6 6 6 4 4 4 2 2 2 , , , 1 2 2 0 0 0 1 2 2 J J M u u l a n y y e 3 3 3 0 1 1 , , , 1 1 1 9 9 9 6 6 6 5 5 5 1 1 1 , , , 0 0 0 0 0 0 1 0 0 Tre A a p s r u . r y 1 b , o 1 n 9 d 6 s 9 iy2 26 A N M u o a g v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 3 3 4 .4 4V y A 4 8 4 3 1 , , , 3 8 5 5 9 3 8 4 2 Oct. 29, 1964 2,201 Aug. 31, 1965 1,001 June 15, 1962-67... 21/2 1,441 Nov. 15, 1974 3% 2,244 Oct. 31, 1964 1,000 Dec. 15, 1963-68... 21/2 1,813 May 15, 1975-85.. .4*4 1,218 Nov. 5,1964 2,201 Treasury notes June 15, 1964-69... 21/2 2.627 June 15, 1978-83... 3VA 1,586 Nov. 12, 1964 2,196 Oct. 1,1964 490 Dec. 15, 1964-69... 21/2 2; 539 Feb. 15, 1980 4 2,610 D N N N e o o o c v v v . . . . 2 3 1 7 3 0 9 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 4 4 4 4 2 2 1 1 , , , , 2 0 0 2 0 0 0 0 5 5 1 2 N A N M p o o a r v v y . . . 1 1 1 5 5 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 4 4 5 5 3 1 , , , 4 4 2 8 6 6 4 1 6 7 2 6 A F M M e u a a b g y r . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 6 6 5 -70.. .2 2 3 i y % / 3 2 8 2 2 3 1 , , , , 2 4 0 9 2 4 1 7 4 9 4 6 A N F M e u o a b g v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 8 8 8 0 0 5 7 -92.. A 3 3 3 V 1 * y A / 4 2 2 4 1 1 1 , , , , 9 5 1 9 0 6 2 1 7 3 9 4 D D D e e e c c c . . . 2 1 1 4 0 7 , , , 1 1 1 9 9 9 6 6 6 4 4 4 1 1 , , 0 0 9 0 0 0 1 1 0 A M A u u a g g y . . 1 1 1 3 3 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 6 6 1 , , , 6 2 0 2 0 6 0 2 6 J N M u o n a v e r. . 1 1 1 5 5 5 , , , 1 1 19 9 9 6 6 6 6 6 7 - - 7 7 1 2 . . . . . . 2 3 21 i 3 / / / 2 2 8 1 1 1 , , , 8 2 4 5 9 0 1 6 3 F F M e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 8 5 8 9 - - 9 9 3 4 ... 4H 4 3 2 1 , ,5 4 2 6 4 5 0 2 0 Dec. 31, 1964 1,901 Oct. 1,1965 315 Sept. 15, 1967-72... 21/2 1,952 Nov. 15, 1998 31/2 4,436 J J a an n . . 1 7 4 , , 1 1 9 9 6 6 5 5 9 90 0 2 0 N N o o v v . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 31 2 8 , , 9 5 5 6 4 0 D N e o c v . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 -72... 3 21 5 / / 2 8 2 3 , , 7 60 3 4 2 Convertible bonds Jan. 21, 1965 900 Feb. 15, 1966 3,261 May 15, 1968 3% 2,460 Investment Series B J J a a n n . . 2 3 8 1 , , 1 1 9 9 6 6 5 5 1,0 9 0 0 0 2 A A p ug r. . 1 1 5 , , 1 1 9 9 6 6 6 6 5,1 6 5 7 6 5 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 8 8 3 3 Y % 4 3 1 , , 7 59 4 1 7 Apr. 1, 1975-80... 234 3,100 Feb. 4, 1965 901 Oct. 1, 1966 357 Feb. 15, 1969 4 1,844 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, JULY 31, 1964 Agency, a t n y d p e c o a u n p d o n d a r te a te 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: D O e c c t . . 1 9 5 , , 1 1 9 9 6 6 3 3 4 3 . . 0 9 0 0 A Se u p g t . . 1 1 7 5 , , 1 1 9 9 6 6 4 4 2 5 9 6 4 4 D N e o c v . . 2 4, , 1 1 9 9 6 6 3 3 3 3 .9 7/ 5 8 A Se u p g t . . 3 1 , , 1 1 9 9 6 6 4 4 2 1 1 8 6 3 Feb. 17, 1964 3% Nov. 16, 1964 175 Jan. 2, 1964 4.00 Oct. 1, 1964 262 Mar. 16, 1964 4.05 Jan. 15, 1965 249 Feb. 3, 1964 3.90 Nov. 2, 1964 329 Apr. 15, 1964 4.15 Feb. 15, 1965 435 Mar. 3, 1964 3.90 Dec. 1, 1964 303 May 15, 1964 4.10 Apr. 15, 1965 430 Apr. 1, 1964 4.05 Jan. 4, 1965 312 June 15, 1964 4ys May 17, 1965 525 J M un ay e 4 1 , , 1 1 9 9 6 6 4 4 4 4 . V 05 s F M e a b r . . 1 1 , , 1 1 9 9 6 6 5 5 2 2 9 5 0 4 July 1,1964 4.10 Apr. 1, 1965 248 Bonds: J S u e n p e t. 1 1 7 7 , , 1 1 9 9 6 6 3 2 3 3 i % /2 O Se c p t. t . 1 1 5 5 , , 1 1 9 9 6 6 5 4 4 1 6 7 0 5 Fe B de o r n a d l s l : andbanks July 15, 1964 4}4 Mar. 15, 1966 260 Aug. 8,,1963 37/8 Aug.20, 1964 215 Dec. 9,1963 4Vs Aug. 15, 1966 200 Dec. 10,1960 4 Oct. 20, 1964 142 June 15, 1964 4H Nov. 15, 1966 275 Apr. 20, 1964 4V4 Apr. 20, 1965 209 Oct. 20, 1960 4 Oct. 20, 1965 160 June 20, 1961 4 Dec. 20, 1965 140 Fede s r e a c l o N n a d t a io ry n a m l a M rk o e r t t g o a p g e e r a A ti s o s n o s ciation— A M Se p a p r y t . . 2 2 0 1 , , , 1 1 19 9 9 6 5 6 1 8 1 A 3 3 V 5 V / A 4 8 J F M u e l a b y y . 2 2 0 1 2 , , , 1 1 1 9 9 9 6 6 6 6 6 6 1 1 1 0 9 5 8 3 0 Debentures: Feb. 15 1957 A% Feb. 15, 1967-72 72 Sept. 11, 1961 4 Sept.10, 1964 144 May 1962 4 May 22, 1967 180 Dec. 11, 1961 3% Dec. 11, 1964 111 Oct. 1957 41/2 Oct. 1, 1967-70 75 Dec. 10, 1957 43/8 June 10, 1965 98 Oct. 1963 4Vs Oct. 23, 1967 174 Sept. 10, 1962 334 Mar.10, 1966 108 Apr. 1959 AVA Mar.20, 1968 86 Dec. 12, 1960 4Vs Dec. 12, 1966 93 May 1963 4 June 20, 1968 186 J D A S A S A F M u e e e e u p p n a b p p c g r r e . r . t t . . . . . . 2 1 1 1 1 1 1 1 1 3 2 0 1 0 0 2 1 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 6 6 6 5 5 6 6 1 1 0 0 0 8 9 0 1 4 4 5 4 4 4 4 4 3 1 5 V * i 3 i y y / / / / 4 / 2 8 8 8 8 8 8 8 J J A A S F A S M u e u e e p p u a p p n n b r r g r t t e e . . . . . . . 1 1 1 1 1 1 1 1 1 2 0 2 0 0 0 0 1 0 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 7 7 7 7 7 6 6 7 7 1 1 3 2 2 8 9 0 0 1 1 1 1 1 9 6 8 4 8 0 0 4 1 8 4 7 6 8 0 0 6 9 J J F F S F F F M u a e e e e e e n l a b b b b b p y y . . . . . . t . 2 2 1 1 0 5 1 0 4 4 , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 5 5 5 5 6 6 5 2 3 9 6 6 8 0 0 7 A 4 3 4 3 4 5 3 5 1 3 V i % % y y y / / / 2 8 8 2 8 i 8 A J J F S F F M M u u e e e e p l l a a b b b p y y r y . . . r t . . . 2 2 2 2 2 1 1 0 0 0 0 0 5 5 1 1 , , , , , , , , , 1 1 1 1 1 1 1 9 1 1 9 9 9 9 9 9 7 9 9 6 7 7 7 6 7 3 7 7 9 0 0 4 9 - 2 1 0 78 1 1 1 1 6 8 6 8 8 4 5 0 0 0 5 0 2 3 8 5 9 0 Feb. 13, 1962 4y2 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 4y8 July 1, 1986 50 June 1,1964 3.90 Dec. 1,1964 157 Feb. 1,1962 4VL 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

1180 CREDIT AGENCIES; SECURITY ISSUES SEPTEMBER 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k ie s s and c.apital (s F M e e c d o o o e r n p r t d e g a r a l a a r g y t N e i o a m n A ti s a s o ) r s n k n a e . l t coo B pe a fo r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d n n e k d ra s l End of period v m a b A e t n e o d m c r - s e - s I m nv e e n s t t s - p C a o d a n s e s - i d t h s B n a o o n n t d e d s s M po b d e 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 L b n r t e d e e ) s s n- c L a o t ( o o i t A v o a p e ) n e s s r- D t e u a b r ) e e s n- c L o a d ( o u A n i a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B a on ) 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— 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 ,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 ,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 ,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 ,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 1,906 159 4,363 1,151 ,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 1,730 101 3,961 944 ,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 1,622 86 3,631 943 ,182 1,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 1,709 86 3,622 997 ,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 1,420 72 3,625 957 ,193 1,983 1,781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 1,607 82 3,727 990 ,196 1,984 1,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 ,201 1,962 1,698 757 498 2,504 2,315 3,516 2,973 July. . 4,763 1,476 106 4,042 936 1,208 1,940 1,698 782 498 2,561 2,396 3,551 2,973 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in- principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv- Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t r c 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 ' r- O p p o t u h s r e e - s r 1958 7,526 5,447 1,778 187 115 1.993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 6?0 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—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 1 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 '1,266 '630 '473 141 22 '106 '558 '602 '810 '1,215 '378 59 '225 145 '407 May.... 706 472 214 20 141 167 399 1,214 665 258 40 208 8 151 June 913 522 249 120 23 71 330 511 688 878 350 42 174 134 177 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract s 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. * 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

SEPTEMBER 1964 SECURITY ISSUES 1181 rOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds Noncorporate Corporate New capital Re- Period Bonds Stock tire- Total G U o . v S t . .2 G a U c g o y . e v S n 3 t . - . U S l a o t n . c a S d a te . l Other * Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e - ly d fe P r r r e e - d C m o o m n - rotal Total m N on e e w y $ O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t - 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10,749 If),384 9 663 721 364 1957 30,571 9,601 572 7 6,958 557 12,884 9 957 6,118 3,839 411 2,516 12,661 11> 44711784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9.65? 6,332 3,320 571 1,334 11 372 10-823 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7J90 3,557 3,632 531 2,027 9,526 (),392 8 578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8 081 4,806 3,275 409 1,664 9,924 (),653 8758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9,475 4,706 4,720 449 3,273 12,874 11,979 108?9 1,150 895 1962 29,975 8,590 1,188 8,558 869 10,770 9,016 4,487 4,529 436 1,318 10,572 () 814 8 1,491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10 4,714 6,158 342 1,022 12,081 10.553 8993 1,561 1,528 1963—June 5,054 2,252 459 1,072 25 1,246 1,133 459 675 38 75 1,230 11,013 783 230 217 julv 2,089 413 789 78 810 710 279 431 35 65 797 676 588 89 121 Aus 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 99? 511 481 34 91 1,101 1,013 91? 100 88 Nov 2,117 333 200 688 5 891 732 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 1 626 751 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 6'M 279 342 8 80 702 162 17 Mar 2,121 399 844 73 805 714 361 353 3 87 796 754 677 77 42 Apr '4 930 1,444 1,204 '47 '2,234 '863 383 '480 '23 '1,349 '2,215 r'Z, 178 '? 094 '83 '37 May '2,267 367 660 '85 '1,155 '1,008 470 '537 50 98 '1,141 ' ,069 '953 '116 '72 June 3,056 383 275 900 37 1,461 ,091 468 623 82 289 1,441 ,378 1 292 86 63 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a 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 capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 ?,474 14 1,384\ 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294\ 118 1,014 47 1959 1,941 70 812 28 942 15 •},189 15 707r * 1,801 6 1960 1,997 79 794 30 672 39 ?,754 51 1,036 1 2 401 71 1961 3,708 306 1,095 46 680 26 7,892 104 1,421r 378 2,176 36 1962 3,020 204 832 29 551 30 2,357 445 1,281 10 1,773 39 1963 3,312 190 774 55 873 83 1,935 699 72( 356 2,933 144 1963 June . .. 227 10 114 3 109 12 230 179 51 8 276 5 July 297 28 63 4 35 107 82 S(> 5 89 2 272 3 50 7 36 100 22 2!> 71 155 4 Sept 237 47 32 4 61 8 78 * 3S> 348 7 Oct 240 5 60 4 25 2 201 73 41 4 446 1 Nov 214 8 41 5 83 131 41 r\ 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 Feb . .... 123 3 60 2 154 6 155 4 81\ * 110 1 Mar 146 17 48 1 31 174 18 34 1 322 4 Apr '186 r6 '107 r* 91 8 '151 19 '1,37'7 * '265 '3 May '206 '10 '50 I '127 6 '441 '53 2"1 '218 '1 June 332 39 50 1 35 1 264 4 25$\ 5 439 13 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1995577 th*i s" fi"g ure di—ffe rs fr-om that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. Nora—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of notation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1182 SECURITY ISSUES SEPTEMBER 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 Lssues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 I 503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 L ,568 2,354 1960 13 084 5 033 8 051 8,072 3,078 4 994 2 288 2,724 869 1 086 I 419 1 638 1961 16,935 7,145 9,790 9,214 4,155 5,059 3.280 4,441 1,181 1,809 >.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 2,318 020 -355 1963 I[ 4 176 2 449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 III 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 I 4 146 2 015 2,130 2,149 914 1 235 812 1 185 532 569 ?R0 616 II 5,042 1,792 3,250 2,867 940 1,927 837 1,338 465 387 372 951 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 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—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—I 81 -266 61 16 131 -36 156 70 234 811 572 301 II 291 -62 72 -21 51 29 606 156 225 781 681 440 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. 1181. actions only. As contrasted with data shown on p. 1181, 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—July... 219 124 95 23,550 1,310 22,240 1953 672 239 433 4,146 Aug... 193 123 69 24,925 1,287 23,638 1954 863 400 463 6,110 309 5,801 Sept.. 206 142 64 24,496 1,300 23,196 Oct... 214 132 82 24,914 1,374 23,540 1955 1,207 443 765 7,838 438 7,400 Nov. . 210 123 87 24,774 1,419 23,355 1956 1,347 433 914 9,046 492 8,554 Dec... 225 132 92 25,214 1,341 23,873 1957 1,391 406 984 8,714 523 8,191 1958 1,620 511 1,109 13,242 634 12,608 1964—Jan... 294 183 110 25,854 1,383 24,471 1959 2,280 786 1,494 15,818 860 14,958 Feb... 219 165 55 26,334 1,380 24,954 Mar.. 263 184 79 26,863 1,403 25.460 1960 2,097 842 1,255 17,026 973 16,053 Apr... 276 165 111 27,051 1,339 25,712 1961 2.951 1,160 1,791 22,789 980 21,809 May.. 241 153 88 27,497 1,444 26,053 1962 2,699 1,123 1,576 21,271 1,315 19,956 June.. 285 147 138 27,682 1,499 26,183 1963 2,460 1,504 952 25,214 1,341 23,873 July... 308 168 140 28,319 1,471 26,848 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

SEPTEMBER 1964 BUSINESS FINANCE 1183 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 1964 Industry 1959 1960 1961 1962 1963 IV I II III IV I II Manufacturingl Total (177 corps.): Sales 119 177 173 911 173 669 136 545 147 384 35 879 34,917 37 9?? 35J 381 39,173 38,314 40 358 Profits before taxes 14,172 13,543 13,268 15,330 17,388 4,236 4,012 4 759 3,730 4,887 4,767 5,382 Profits after taxes 7,482 7,161 7,167 8,215 9,135 2,367 2,099 2 453 2,007 2,576 2,579 2,938 Nond D u i r v a i b d l e e n d g s oods industries (78 corps.):2 4,360 4,485 4,730 5,048 5,441 1,553 1,169 1 320 1,183 1,768 1,285 I,448 Sales 45 543 47 377 49 367 57 745 55 147 13 330 13 ?39 13869 13984 14,050 14 212 14 785 Profits before taxes 5,651 5,579 5,602 5,896 6,395 1,560 1,512 1613 1,613 1,658 1,629 1,797 Profits after taxes 3,212 3,215 3,225 3,403 3,659 939 867 897 934 961 972 1,069 Dividends 910 1,948 2,031 2 150 2,265 610 537 537 542 649 561 569 Durable goods industries (99 corps.):3 Sales 73 678 76 540 74 307 84 300 9? 743 77 499 71 671 74 053 71 395 25,123 24 102 ?5 573 Profits before taxes 8,521 7,964 7,666 9 434 10,993 2,676 2 500 3 145 2,118 3,230 3,138 3,585 Profits after taxes 4,270 3,946 3,942 4,812 5,476 1,427 r,231 1 556 1,073 1,615 1,608 1,870 Dividends 450 2,536 2,699 3, 176 943 632 783 641 1,119 724 879 Selected industries: Foods and kindred products (25 corps.): Sales 644 17707 12951 13457 14 164 3 396 3 360 3 581 3 6?1 3 603 3 608 3730 Profits before taxes 1,300 1,342 1,440 1 460 1,533 373 337 387 404 404 345 399 Profits after taxes 618 639 682 698 740 179 164 184 195 197 172 202 Dividends 349 377 397 475 448 109 111 111 118 117 119 Chemicals and allied products (20 corps.): Sales 740 17 ?05 17 606 13 759 14 6?1 3 455 3 448 3 7?8 3,705 3 740 3 790 /\ 11? Profits before taxes 164 2,005 1,979 2 162 2,337 525 544 616 584 593 616 702 Profits after taxes 1 '1?0 1058 1034 1 1?6 1 ?n ?79 ?81 316 305 310 327 386 Dividends 791 786 833 868 904 781 707 ?0? ?01 299 207 209 Petroleum refining (16 corps.): Sales 13 37? 13 815 14 483 15 106 15 995 3 944 3 959 3 937 4 068 4 032 4 132 /\ 083 Profits before taxes 1,187 1,267 1,237 1 319 1,495 420 390 343 381 381 408 390 Profits after taxes 969 1,026 1,025 1099 1,184 346 304 265 312 303 336 320 Dividends 518 5?1 578 566 608 145 151 149 154 154 158 159 Primary metals and products (34 corps.): Sales ?0 940 70j8?8 70 734 71 ?60 7? 146 5 036 5 1?3 6 114 5 470 5 439 5 535 041 Profits before taxes 322 2,214 1,999 1 838 2,183 417 430 711 467 574 560 673 Profits after taxes 1 '?I8 1 169 1067 1013 1J186 ?50 ^31 37? 05? 332 315 3^4 Dividends . 8?9 838 843 870 737 191 180 181 181 190 186 187 Machinery (24 corps.): Sales 16983 16,681 17,446 19057 21,041 4,983 4 923 5,286 5 286 5,547 5,401 5,279 Profits before taxes 1904 1,509 1,701 1924 2,368 515 528 587 585 668 673 701 Profits after taxec 941 768 859 966 1,151 266 258 285 289 319 338 357 Dividends 456 494 508 531 578 136 140 143 141 154 157 170 Automobiles and equipment (14 corps.): Sales ?3 26.275 73 314 79 156 33 ?36 8 606 7 987 8 755 6 564 9,930 9 275 10028 3 012 3,197 2,786 4 337 5,011 1,393 1 268 1,473 677 1,593 1,573 1,775 Profits after taxes 1491 1 534 1404 ? 143 2 393 7?4 600 706 333 753 779 898 Dividends 812 837 973 1 151 1,447 502 217 362 220 648 276 419 Public Utility Railroad: Profits before taxes 9 8 8 2 4 5 5 9,5 6 1 4 4 8 9,1 6 8 ? 9 5 9 4 7 4 7 0 9 9 5 8 6 1 0 6 2,4 ? 0 3 7 6 2 2 1 3 1 9 6 2,4 9 7 5 4 ? 2,3 1 9 9 9 7 2,4 2 4 5 7 2 2,3 1 6 8 2 8 P2 ,481 Profits after taxes 578 445 382 572 651 259 82 189 156 225 144 H96 Dividends 406 385 359 367 383 171 89 103 66 125 110 Electric power: 11 129 11,906 12,478 13,489 14 177 3,390 3 819 3,371 3 458 3,529 3,973 3,577 Profits before taxes 2 983 3,163 3,349 3,583 3 741 829 1 100 848 930 862 1,106 893 Profits after taxes 1655 1,793 1,883 2,062 2 185 516 626 498 529 532 660 542 Dividends 1?19 1 307 1 374 1467 1 548 374 39? 378 384 394 424 412 Telephone: Operating revenue 7 572 8 8,615 9,196 9 796 2, 355 2 365 2,440 2 465 2,526 2,543 2,619 Profits before taxes 2 153 2^326 2,478 2,639 630 672 711 725 707 726 796 Profits after taxes 1073 1,155 1,233 1,327 1417 335 336 357 368 356 377 408 Dividends 743 806 867 935 988 237 225 255 252 256 261 262 profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Data obtained from Federal Communications Commisand Statistics. sion on revenues and profits for telephone operations of the Bell System 2 Includes 17 cos. in groups not shown separately. Consolidated (including the 20 operating subsidiaries and the Long 3 Includes 27 cos. in groups not shown separately. Lines and General departments of American Telephone and Telegraph Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operat- NOTE.—Manufacturing corps. Data are obtained primarily from ing subsidiaries and the 2 affiliates. published co. reports. All series. Profits before taxes are income after all charges and before Railroads. Interstate Commerce Commission data for Class I line- Federal income taxes and dividends. For description of series see haul railroads. June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL. pp. Electric power. Federal Power Commission data for Class A and B 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). electric utilities, except that quarterly figures on operating revenue and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1184 BUSINESS FINANCE SEPTEMBER 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a t l s l i p o o u i w n t m a - l pances i ances i 1956 44.7 21.2 23.5 12.1 11.3 20.0 1962—IV r... 49.4 23.8 25.7 17.1 8.6 30.9 1957 43.2 20.9 22.3 12.6 9.7 21.8 1958 37.4 18.6 18.8 12.4 6.4 22.7 1963— I»-.... 48.9 23.4 25.5 17.2 8.3 31.3 1959 47.7 23.2 24.5 13.7 10.8 24.3 IIr.... 51.1 24.5 26.6 17.7 8.9 31.6 Illr... 51.3 24.5 26.7 17.9 8.9 32.1 I960 44.3 22.3 22.0 14.5 7.5 25.6 ivr... 54.3 26.0 28.3 19.1 9.2 32 4 1961r 44.2 22.3 21.9 15.2 6.7 26.9 1962 r 48 2 23.2 25.0 16.5 8.5 30.5 1964—Ir 56.4 25.4 31.2 19.4 11.8 33.0 1963r 51.3 24.6 26.7 18.0 8.7 31.8 II 57.4 25.8 31.7 19.8 11.9 33.4 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.i Govt. i 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88,7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15,0 37 0 I960 128.6 289.0 37.2 20.1 3,1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40,1 1961 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 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 II 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 III. 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 IV 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—1 ,.. 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 II 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 l 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 ( n r S a n . t u e A ) a . l 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8 44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 . . . .. 37.31 7.03 7.65 1.08 .85 2.07 5 48 3 63 9 52 1963 . 39.22 7.85 7.84 1.04 1.10 1.92 5 65 3.79 10 03 1964 2 >• 44.21 9.19 9.08 1.12 1.46 2.31 6.07 1498 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 .40 .95 2.41 38.05 Ill 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 L.61 1.06 2.72 41.20 1964 I 9.40 1.93 1.87 .26 .32 .51 I 18 97 2 37 42 55 II r 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 Ill2 r 11.28 2.31 2.33 .29 .34 .56 1.63 3.81 44.55 IV2 . . . 12.43 2.66 2.64 .28 .44 .61 L 69 4.11 46.15 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by busines s. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 REAL ESTATE CREDIT 1185 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 en insti- U.S. Indi- ers Finan. Other Finan. Other ers insti- holders* tutions * agen- viduals Total insti- hold- Total insti- hold- tutions^ cies and tutions 1 ers tutions * 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 *959 „., , 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 *962* 251 6 192.5 12 2 47.0 236,4 166.5 140.4 26.0 69.9 46.6 23.4 15,2 5,5 9 7 1963* 280.9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82,0 54.8 27.2 16.8 6.2 10 6 1%2 H I* P ,..t 2 23 3 7 1 . . 8 1 1 18 7 1 6 , , 5 0 1 1 2 2. . 1 1 4 4 2 4 . , 9 3 2 2 1 2 6 3 . . 8 1 1 15 5 9 5 . . 1 3 1 1 3 3 3 0 . , 7 0 2 2 5 5. , 5 3 6 6 4 1 . . 0 5 4 4 2 0 . . 6 9 2 2 0 1. , 5 6 1 1 4 4 . . 7 2 5 5. . 3 1 9 9, . 4 1 HI* ,... 244.5 186.8 12.1 45.6 229,6 162,9 137 I 25.8 66.7 44.3 22.3 14.9 5.4 9,6 \yv 251 ,,6 192.5 12.2 47.0 236,4 166,5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1963—IP 257,1 197.2 11.8 48 J 241.6 169,2 143.3 25,9 72,4 48.3 24.1 15.5 5.6 9 9 \\v 265.1 204.1 11,2 49.9 249,0 173 7 147.9 25,8 75.3 50.3 25.0 16J 5,9 10 2 Ill* .... .... 27^ J 210*6 11.1 51.4 256.5 178,2 152.2 26.0 78.3 52.3 26.0 16.5 6.1 10.5 IV? 280.9 216.9 11.2 52,9 264,2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1964 IP 287.0 221.9 11.2 53.9 269.8 185.2 158.9 26.3 84.6 56.6 28.0 17.2 6.4 10.8 1 Commercial banks (including nondeposit trust cos. but not trust 4 Derived figures; includes debt held by Federal land banks and depts.), mutual savings banks, life insurance cos., and savings and loan Farmers Home Admin. assns. 2 U.S. agencies are FNMA, FHA, VA, PHA6 Farmers Home Admin., NOTE.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- Other U.S. agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller 3 Derived figures; includes small amounts of farm loans held by of the Currency. savings and loan assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a t o r h m n e - r Farm sured anteed tional sured anteed tional 1941 . 4,906 3,292 1,048 566 4,812 3,884 900 28 1945. 4,772 3,395 856 521 4,208 3,387 797 24 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25.523 18,591 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—III 29,920 20,953 5,905 2,676 12,372 7,227 1,740 28,589 25,892 7,811 9,231 8,850 2,646 51 IV 30.442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10.728 3,290 50 HI 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 \P 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

1186 REAL ESTATE CREDIT SEPTEMBER 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 * 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—June' 729 661 118 56 487 68 48,367 44,775 10,452 6,434 27,889 3,592 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,^64 45,294 10,564 6,419 28,311 3,670 Sent 716 653 134 48 471 63 49,233 45,522 10,604 6,402 28,516 3,711 Oct 774 718 147 52 519 56 49,536 45,799 10,658 6,393 28,748 3,737 Nov 680 622 126 54 442 58 49,813 46,057 10,711 6,395 28,951 3,756 Dec 1,236 1,148 172 69 907 88 50,543 46,753 10,790 6,411 29,552 3,790 1964 Jan 745 638 141 61 436 107 50,828 47,010 10,857 6,418 29,735 3,818 Feb 705 615 140 54 421 90 51,126 47,271 10,923 6,423 29,925 3,855 Mar 800 673 143 53 477 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 30,576 4,032 June 863 778 152 51 575 85 52.466 48,384 11,116 6,422 30,846 4,082 i Certain mortgage loans secured by land on which oil drilling or figures may not add to annual totals and for loans outstanding, the extracting operations in process were classified with farm through June end-of-Dec. figures may differ from end-of-year figures, because monthly 1959 and with "other" nonfarm thereafter. These loans totaled $38 million figures represent book value of ledger assets whereas year-end figures on July 31, 1959. represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the monthly MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Total i By type of lender (N.S.A.) Period Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A. 2 N.S.A. i a n l S s o g s a a s n v n s - & . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941. 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945. 5,650 2,017 250 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 July 2,341 619 1,003 85,628 4,621 7,084 73,923 Apr.. 2,986 3,065 1,412 112 539 145 2,428 623 1,071 86,836 4,635 7,085 75,116 May. 3,066 3,233 1,497 116 563 168 Sept. 2,196 642 928 87,933 4,662 7,058 76,213 June. 3,121 3,177 1,468 119 551 181 Oct 2,387 685 977 89,051 4,679 7,028 77,344 July., 3,183 3,515 1,606 127 595 218 Nov 1,856 502 757 89,857 4,683 6,980 78,194 Aug.. 3,213 3,525 1,611 123 612 212 Dec 2,118 620 776 90,849 4,685 6,960 79,204 Sept.. 3,189 3,177 1,442 116 546 190 Oct.., 3,134 3,534 1,594 125 616 206 1964 Nov.. 3,149 2,880 1,271 103 495 184 Dec. 3,059 2,987 1,322 110 504 166 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Feb 1,712 474 674 92,163 4,705 6,902 80,556 1964 Mar 2,071 621 784 93,069 4,710 6,879 81,480 Apr 2,081 579 831 93,978 4,714 6,855 82,409 Jan..., 3,081 2.758 1,170 103 483 145 May 2,145 597 881 94,971 4,723 6,821 83,427 Feb.... 3,029 2,575 1,128 90 465 129 June 2,394 624 1,054 96,067 4,737 6,790 84,540 Mar.. . 3,034 2,935 1,290 102 540 140 July?5 2,353 630 1,038 97,131 4,759 6,773 85,599 Apr..., 3,089 1,350 109 567 154 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

SEPTEMBER 1964 REAL ESTATE CREDIT 1187 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period Total h N om ew es h is o E t m i x n - e g s e P c r t o s j - i m pr e i e o m r n t v y t - e s - 2 i 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 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 . 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963? 182.2 65.5 35.0 30.5 116.7 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1963 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1962—1 155.3 59.9 30.3 29.6 95.4 II 159.1 60.4 30.9 29.5 98.7 1963— July 640 142 369 72 56 265 98 167 Ill 162.9 61.0 31.5 29.5 101.9 Aug 653 136 372 60 86 278 103 175 IV 166.5 62.0 32.3 29.7 104.5 Sept 617 138 367 46 66 267 103 165 Oct 734 160 407 88 79 316 119 196 1963—IP 169.2 62.8 33.0 29.8 106.4 Nov 577 127 317 55 78 258 100 158 IIP 173.7 63.5 33.5 30.0 110.2 Dec 601 142 345 63 52 255 106 149 Ill* 178.2 64.3 34.3 30.0 113.9 IV* 182.2 65.5 35.0 30.5 116.7 1964—Jan 666 162 381 62 61 268 114 153 Feb 534 126 314 48 46 201 81 120 1964—1*> 185.2 66.3 35.7 30.6 119.0 Mar 600 126 357 59 58 208 84 124 Apr 646 117 367 119 43 206 81 125 May 570 105 352 68 46 192 71 121 NOTE.—For total debt outstanding, figures are June 711 128 442 67 73 233 76 157 FHLBB and F.R. estimates. For conventional, July 782 141 476 108 57 251 81 171 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 FHA- VA- period) m u e n n - ts Period va A n d c - es R m e e p n a ts y- M de e p m o b si e t r s s Total su in re - d a g n u te a e r- d c P ha u s r e - s Sales bu d r i s s- ed Total t S e h rm or t- 1 t L e o rm ng - 2 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 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 i 534 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 ,180 1963 4,650 3,017 1,634 290 1,114 191 1962 4,111 3,294 3,479 2,005 474 ,213 1963 5,601 4,296 4,784 2,863 ,921 1,151 1963 July 4,795 3,069 1,727 19 74 183 Aue 4,752 3,050 1,703 23 29 185 1963—Aug 466 256 3,758 2,296 ,462 ,011 Sept 4,720 3,034 1,686 21 10 183 Sept 517 251 4,024 2,493 ,531 ,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 2,588 ,638 986 Nov 4,677 3,021 1,656 15 7 196 Nov 363 299 4,290 2,611 ,679 978 Dec 4 650 3,017 1,634 24 19 191 Dec 754 259 4,784 2,863 ,921 1,151 1964—Jan 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 [ 538 44 21 202 May 352 401 4,395 2,438 1,957 990 June 4,539 3,025 1,514 36 21 199 June 703 329 4,769 2,674 1,095 1,153 July 4,516 3,033 1,482 41 30 222 July 584 590 4,763 2,699 2,064 936 Aug 369 351 4,781 2.662 <2,119 926 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 i 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

1188 CONSUMER CREDIT SEPTEMBER 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t o p h u d e e m r r s er e a r n l R n o d i e a z p n m a a s t o i i r 1 o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31 720 14,420 8 606 1 905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 . .. 45 129 33 642 14 152 9 028 2 346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10 630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56 028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63 164 48 034 19 540 12 605 3 246 12,643 15,130 5,456 5,684 3,990 1963 69,890 53,745 22,199 13 766 3,389 14,391 16,145 5,959 5,871 4,315 1963—July 65,491 50,894 21,593 12 459 3,316 13,526 14,597 5,683 4,760 4,154 AUK 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 July 72,456 56,496 24,024 13,813 3,426 15,233 15,960 6,218 5,240 4,502 i Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 chidod in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates cover loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n m c k ia s - l fi S n c a o a l n s e . c s e u C n r i e o d n i s t fin s C u a m n o c n e e - r 1 Other Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r o il s - e 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 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1,187 377 502 1,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 ,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 1,128 292 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 ,407 5,676 2,292 1,225 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 ,625 1963—July. 50,894 44,878 20,874 12,807 5,330 4,276 ,591 6,016 2,999 994 274 343 ,406 Aug. 51,526 45,375 21,101 12,906 5,412 4,329 ,627 6,151 3,107 1,004 276 341 ,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 ,630 6,031 3,025 1,009 279 321 ,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 ,629 6,096 3,077 1,015 280 325 ,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 ,644 6,233 3,172 ,032 282 326 ,421 Dec. 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 ,086 287 328 ,625 1964—Jan.. 53,597 47,300 21,630 13,840 5,584 4,592 ,654 6,297 3,063 ,065 281 328 ,560 Feb.. 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 ,047 278 330 ,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 3,044 ,022 273 334 ,469 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 July. 56,496 50,082 23,176 14,359 6,109 4,748 ,690 6,414 3,267 ,037 273 360 ,477 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 CONSUMER CREDIT 1189 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (Tn millions of dollars) End of period Total P A u u r- t p o a m pe o D r b i i r l e e ct s O g p c u o a t o m o h p n d e e e - r r s r R e m r t a e n i o n p o iz d d a n a i - r - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l chased loans 1939. 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941. 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945. 300 164 24 58 54 1945 745 66 143 114 110 312 1956. 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957. 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958. 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959. 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960. 11,472 7,528 2,739 139 ,066 I960... 16,672 5,316 2,820 2,759 2,200 3,577 1961. 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962. 12,194 7,449 3,123 170 ,452 1962. 19,005 6,184 3,451 2,824 2,261 4,285 1963. 13,523 8,228 3,383 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—July.. 12,807 8,069 3,011 162 ,565 1963—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 July... 14,359 8,741 3,614 149 ,855 July 23.176 7,979 4,371 3,234 2,380 5,212 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 ap od e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total b C m c a o i n e a m r k l - s - t f O u i i n c t n t i i s h a o a t n e i l n - r - s s m t p D o a e e r r - e n t- s t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 .... 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 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—July 11,197 2,283 789 842 7,283 1961 14,151 4,413 723 948 3,907 469 3,691 Aug 11,368 2,316 799 860 7,393 1962 15,130 4,690 766 927 4,252 505 3,990 Sept 11,469 2,330 802 864 7,473 1963 16,145 5,047 912 895 4,456 520 4,315 Oct 11,583 2,355 815 869 7,544 Nov 11,674 2,369 822 874 7,609 1963—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 Tune 12,408 2,537 894 890 8,087 Feb... 15,234 5,036 922 655 3,590 560 4,471 July 12,547 2,573 911 897 8,166 Mar.. 15,118 5,076 926 614 3,485 535 4,482 Apr... 15,434 5,152 896 610 3,667 556 4,553 May.. 15,825 5,230 976 626 3,910 563 4,520 Nora—Institutions represented are consumer finance cos., credit June.. 15,993 5,313 920 610 4,028 600 4,522 unions, industrial loan cos., mutual savings banks, savings and loan July... 15,960 5,329 889 576 4,008 6 56 4,502 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

1190 CONSUMER CREDIT SEPTEMBER 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 ir ti 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.i N.S.A. S.A.i N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 I960.... 49,560 17,654 14,470 2,213 15,223 1961.... 48,396 16,007 14,578 2,068 15,744 1962.... 55,126 19,796 15,685 2,051 17,594 1963.... 60,822 22,013 17,007 2,178 19,624 1963—July.. 5,100 5,365 ,854 2,055 1,409 ,393 191 214 .646 ,703 Aug.. 5,100 5,242 ,802 ,839 1,441 ,456 185 213 ,672 ,734 Sept.. 5,093 4,755 ,730 ,524 1,425 ,384 181 193 ,757 ,654 Oct.. 5,311 5,487 ,910 ,040 1,457 ,547 188 205 ,756 ,695 Nov.. 4,979 4,981 ,792 ,734 1,432 ,517 168 169 ,587 ,561 Dec.. 5,272 5,974 ,914 ,767 1,523 ,094 172 154 ,663 ,959 1964—Jan.. . . 5.276 4,784 1,493 ,380 185 141 ,710 ,574 Feb.... 5,421 4,552 ,953 ,686 1,578 ,212 186 142 .704 ,512 Mar... 5,480 322 ,942 ,983 1,665 ,488 179 163 ,694 ,688 Apr.... 5,371 578 ,961 2,127 1,544 ,495 174 178 ,692 1,778 May.. . 5,552 584 2,023 2,137 1,589 ,547 187 205 ,753 1,695 June.. . 5,399 949 ,962 2,245 1,537 ,632 183 208 ,717 1,864 July. . . 5,541 5,747 ,996 2,166 1.546 .543 189 1,810 1.830 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—July 4,591 4,778 1,603 ,698 1,330 ,356 171 179 ,487 ,545 Aug 4,619 4,610 1,607 ,613 1,326 ,308 170 172 ,516 ,517 Sept 4,752 4,563 1,659 ,618 1,347 ,289 174 173 ,572 ,483 Oct 4,780 4,948 1,676 ,794 1,362 ,404 170 182 ,572 ,568 Nov 4,596 4,543 1,638 ,598 1,324 ,316 167 162 .467 ,467 Dec 4,812 4,924 1,707 ,675 1,384 ,374 177 172 ,544 ,703 1964—Jan 4,848 4,932 1,684 ,699 1,441 ,508 176 176 ,547 ,549 Feb 4,842 4,597 1,716 ,604 1,395 ,383 171 161 ,560 ,449 Mar 4,956 5,079 1,735 ,783 1,468 ,504 174 177 ,579 ,615 Apr 4,959 4,991 1,759 ,768 1,453 ,470 172 171 ,575 ,582 May 5,059 4,846 1,776 ,712 1,483 ,424 175 169 ,625 ,541 June 5,029 5,155 1,768 ,798 1,486 ,501 170 177 ,605 ,679 July 5,058 5,165 1,781 ,844 1,448 ,460 171 177 ,658 ,684 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 ,602 463 1,269 1960 3,588 1,270 330 1,093 1961 696 -465 332 53 111 1962 4.506 2,318 746 55 1,388 1963 5,711 2,659 1,161 143 1,748 1963—July.. 509 587 251 357 79 37 20 35 159 158 Aug.. 481 632 195 226 115 148 15 41 156 217 Sept.. 341 192 71 -94 78 95 7 20 185 171 Oct.. 531 539 234 246 95 143 18 23 184 127 Nov.. 383 438 154 136 108 201 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 June. 370 794 194 447 51 131 13 31 112 185 July. . 483 582 215 322 98 83 18 31 152 146 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

SEPTEMBER 1964 CONSUMER CREDIT 1191 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Sales finance Other financial Retail outlets companies institutions 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 RQ4 10,393 1963 July 5,100 5,365 1,898 2,066 1,054 1,159 1,254 ,307 894 833 Aug 5,100 5,242 1,878 1,920 1,051 1,094 1,274 ,328 897 900 Sept 5,093 4,755 1,878 1,744 1,021 955 1,322 ,218 872 838 Oct 5,311 5,487 2,000 2,061 1,115 1,194 1,351 ,311 845 921 Nov 4,979 4,981 1,877 1 766 1 030 1 013 1 198 213 874 989 Dec 5,272 5,974 1,963 1,889 1,134 1,192 1,252 ,476 923 1,417 1964—Jan 5,276 4,784 1,928 1,825 1,125 1 020 1 312 157 911 782 Feb 5,421 4,552 2,043 1,786 1,187 980 1,283 ,122 908 664 Mar 5,480 5,322 2,006 2 011 1 209 1 166 1 292 290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 1,201 1,309 ,347 921 872 May 5,552 5,584 2,075 2,144 1,196 1,194 1,350 ,338 931 908 June 5,399 5,949 2,004 2,247 1,174 1,324 1,321 ,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 1,397 ,426 921 880 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—July 4,591 4,778 1,690 1,794 1,007 1,045 1,144 1,188 750 751 4,619 4,610 1,692 1,693 1,000 995 1,158 1,157 769 765 Sept .. . 4,752 4,563 1,737 1,700 1,034 997 1,190 1,117 791 749 Oct 4,780 4,948 1,737 1,815 1,054 1,129 1,209 1,197 780 807 Nov 4,596 4,543 1,734 1,671 983 959 1,116 1,122 763 791 Dec 4,812 4,924 1,802 1,765 1,039 1,066 1,167 1,291 804 802 1964—Jan 4,848 4,932 1,768 1,805 1,076 1 .050 1,184 1,186 820 891 Feb 4,842 4,597 1,793 1,703 1,094 1,032 1,173 1,085 782 111 Mar 4,956 5,079 1,843 1,891 1,084 1,152 1,201 1 225 828 811 Apr 4,959 4,991 1,833 1,853 1,097 1,110 1,197 1,205 832 823 May 5,059 4,846 1,876 1,809 1,114 1,060 1,234 1,174 835 803 June 5.029 5,155 1,845 1,899 1,102 1,123 1,223 1,283 859 850 July 5,058 5,165 1,857 1,930 1,097 1,111 1,267 .287 837 837 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 19^9 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 Julv 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 July 483 582 208 269 61 131 130 139 84 43 1 Includes adjustment for differences in trading days. 2 Net changes in credit outstanding are equo1 *n av+" ments except: (1) in 1959, when the differences duction of outstanding balances for Alaska and Hawaii, ana {Z) in certain 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

192 INDUSTRIAL PRODUCTION: S.A. SEPTEMBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 ' 1964 Grouping p po ro r - - avertion age July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May' June1 July Total index. 100.00 124.3 125.6 125.4 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.7 Final products, total 47.35 124.9 125.2 126.0 126.3 127.2 121.0 128.0 128.5 128.1 128.7 130.6 131.1 131.6 131.9 Consumer goods 32.31 125.2 125.8 126.5 126.4 127.4 126.9 128.0 128.9 128.8 128.8 130.8 131.0 131.3 131.5 Equipment, including defense. .. 15.04 124.2 124.0 125.0 126.0 127.0 127.1 128.1 P127.9 -127.1 128.8 130.7 131.3 132.0 132.5 Materials 52.65 123.7 126.0 124.9 125.0 125.5 125.7 125.9 126.7 128.1 129.3 130.6 131.3 131.9 133.6 Consumer goods Automotive products 3.21 141.2 140.2 141.4 143.0 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 150.9 151.8 Autos 1.82 149.5 151.5 151.3 153.3 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 Auto parts and allied products. 1.39 130.2 125.3 128.4 129.5 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 136.6 137.6 Home goods and apparel 10.00 123.1 123.7 125.1 124.3 125.2 126.1 126.6 127.0 128.3 126.8 128.9 129.5 129.8 131.1 Home goods 4.59 129.6 129.7 131.3 131.8 131.3 133.3 134.2 134.8 137.3 136.4 137.7 136.9 137.6 138.8 Appliances, TV, and radios.. 1.81 125.1 125.7 128.4 128.1 125.8 128.5 128.5 127.5 131.3 128.7 130.7 129.7 131.0 Appliances 1.33 130.6 130.6 135.5 136.4 131.8 134.0 133.0 130.7 135.3 132.9 134.7 139.4 136.9 TV and home radios .47 109.5 111.8 108.5 104.9 108.8 113.1 115.6 118.6 120.3 116.9 119.5 102.4 114.3 117.5 Furniture and rugs 1.26 131.3 132.7 133.1 132.1 133.0 134.5 135.4 136.1 138.1 139.0 139.7 141.0 141.9 144.7 Miscellaneous home goods... 1.52 133.6 131.9 133.2 135.9 136.5 137.9 139.9 142.3 143.7 143.5 144.2 142.1 141.9 144.1 Apparel, knit goods, and shoes. 5.41 117.6 118.7 119.8 118.0 120.0 120.0 120.2 120.4 120.7 118.7 121.5 123.2 123.2 124.5 Consumer staples 19.10 123.7 124.4 124. 124.7 125.4 124.2 125.7 127.0 126.2 126.3 128.8 128.3 128.8 128.4 Processed foods 8.43 116.6 115.5 116.7 116.7 117.7 117.0 118.9 121.4 120.2 118.4 120.8 120.2 119.4 118.9 Beverages and tobacco 2.43 116.9 120.5 118.2 115.3 118.3 115.7 117.4 116.5 118.5 121.9 125.2 122.6 119.4 Drugs, soap, and toiletries 2.97 140.1 142.7 142.6 144.5 144.0 142.0 142.7 142.2 140.1 140.1 142.8 144.5 150.5 146.9 Newspapers, magazines, and books. 1.47 117.8 118.3 118.6 117.9 117.8 117.2 120.4 121.5 123.7 125.1 126.7 124.7 125.5 123.9 Consumer fuel and lighting 3.67 133.5 134.8 135.4 135.8 135.6 134.7 135.2 136.5 134.7 136.2 138.5 138.7 140.2 Fuel oil and gasoline 1.20 116.9 116.2 116.5 118.3 119.4 118.5 117.4 115.6 116.8 117.6 120.9 120.4 121.8 121.7 Residential utilities 2.46 141.5 143.9 144.6 144.3 143.5 142.6 143.8 146.6 143.4 145.3 147.1 147.6 149.3 Electricity 1.72 146.7 150.3 151.5 151.1 150.0 148.6 150.4 154.3 149.2 151.9 154.5 155.2 157.6 Gas .74 Equipment Business equipment 11.63 128.3 128.4 729.7 130.7 131.8 132.0 132.9 r132.9 '131.9 134.2 136.51 138.0 139.0 139.8 Industrial equipment 6.85 123.0 123.6 124.9 125.6 126.6 127.4 128.6 128.9 127.9 131.9 133.91 135.7 137.6 139.0 Commercial equipment 2.42 142.4 142.3 141.5 141.6 141.2 139.0 140.2 141.6 140.4 141.0 143.1| 141.9 143.7 145.4 Freight and passenger equipment. 1.76 132.2 131.5 134.5 137.5 139.2 139.7 139.9 137.0 137.8 135. 140.8 143.9 141.3 139.2 Farm equipment .61 121.6 117.6 122.3 125.7 130.8 134.5 131.6 131.2 126.0 127.6 126.6! 130.7 129.1 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.2 124.6 121.4 122.1 122.3 122.6 122.6 123.0 125.8 127.3 129.0 129. 130.9 132.4 Consumer durable 3.43 137.2 141.1 135.4 138.6 139.6 141.3 142.9 141.9 144.3 141.9 144.1 143.8 148.1 147.7 Equipment 7.84 125.4 126.1 126.8 127.6 127.8 127.5 128.8 129.2 129.6 130.4 131.6 132.9 133.3 134.2 Construction 9.17 116.3 117.5 117.9 118.9 118.6 119.0 118.9 119.6 123.2 123.4 123.8 123.5 123.0 125.6 Metal materials n.e.c.... 6.29 114.3 116.7 108.9 107.6 110,8 111.6 113.5 117.6 123.4 125.2 126.9 127.5 127.6 130.3 Nondurable materials 25.92 126.3 127.5 128.4 128.0 128.8 128.9 129.3 130.4 130.6 130.8 132.3 132.8 132.9 134.9 Business supplies 9.11 120.3 120.0 121.5 120.8 122.5 122.6 123.0 124.4 125.2 124.9 126.1 126.5 124.9 127.3 Containers 3.03 120.2 119.9 119.6 118.2 122.(5 123.9 121.3 125.1 125.5 123.6 127.0 128.2 124.0 126.0 General business supplies. 6.07 120.4 120.1 122.5 122.1 122.5 122.0 123.8 124.0 125.1 125.6 125.7 125.7 125.4 128.0 Nondurable materials n.e.c.. 7.40 145.0 146.7 147.6 148.6 149.7 150.2 151.2 152.2 152.2 152.4 154.6 153.9 155.8 158.6 Business fuel and power 9.41 117.2 119.6 120.0 118.8 118.4 118.2 118.2 119.1 118.7 118.7 120.7 122.2 122.5 123.5 Mineral fuels 6.07 109, 112.2 113.0 111.3 110.1 109.3 109.0 110.2 109.3 108.9 110.3 112.1 112.0 113.2 Nonresidential utilities 2.86 138. 140.3 140.5 140.2 141.2 141 .8 142.3 142.71 143.5 144.5 147.9 148.9 149.4 Electricity 2.32 139. 141.4 141.4 140.8 141.9 142.4 142.9 143.8 144.6 145.6 149.0 150.1 150.6 General industrial 1.03 131 134.4 133.5 133.8 134.2 133.9 134.5 134.8 135.6 136.9 140.5 142.0 143.5 Commercial and other. 1.21 149.6 150.6 151.4 149.9 151.7 152.9 153.3 154.9 155.6 156.4 359.9 160.7 160.4 Gas .54 l Supplementary groups of consumer goods Automotive and home goods. 7.80 134.4 134.0 135.5 136.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9| 143.1 144.2 Apparel and staples 24.51 122.3 123.1 123.7 123.2 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.6 127.5 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 INDUSTRIAL PRODUCTION: S.A. 1193 INDUSTRY GROUPINGS (1957-59- 100) 19 p 5 r 7 o - - 59 1963 1963' 1964 Grouping por- avertion age July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Mayr Juner July Total index. 100.00 124.3 125.6 125.4 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.7 Manufacturing, total. 86.45 124.9 126.1 125.7 126.2 126.8 126.9 127.9 128.5 129.1 129.9 131.4 132.2 132.4 733.5 Durable 48.07 124.5 126.1 125.0 125.6 126.0 126.4 127.3 128.1 128.9 130.0 131.6 132.6 133.2 134.7 Nondurable 38.38 125.3 126.0 126.6 127.0 127.7 127.6 128.7 128.9 129.4 129.8 131.1 131.7 131.5 132.3 Mining 8.23 107.9 110.1 111.1 109.9 108.6 107.5 107.3 108.8 108.9 108.8 109.9 111.3 111.3 111.5 Utilities 5.32 140.0 141.9 142.4 142.1 142.3 142.1 143.0 144.5 143.4 144.8 147.5 148.3 149.3 150.0 Durable Manufactures Primary and fabricated metals 12.32 117.7 122.7 116.6 115.6 116.5 116.8 117.6 120.0 122.6 124.6 126.3 128.5 128.2 732.3 Primary metals 6.95 113.3 121.4 109.5 107.8 108.5 109.7 110.5 113.6 117.6 120.9 123.8 127.1 126.4 131.3 Iron and steel, 5.45 109.6 117.1 102.6 100.0 101.5 103.5 104.9 108.3 114.5 118.1 123.7 127.8 125.3 129.9 Nqnferrous metals and products. 1.50 126.7 124.7 128.2 130.3 131.2 133.1 134.7 132.2 139.9 142.6 138.5 135.0 133.6 136.0 Fabricated metal products 5.37 123.4 124.4 125.7 125.6 126.8 126.0 126.8 128.2 129.0 129.3 129.5 130.3 130.6 133.5 Structural metal parts 2.86 120.2 121.7 122.0 122.5 123.0 123.1 122.9 124.4 126.0 127.8 129.2 128.1 129.6 131.4 Machinery and related products 27.98 128.7 129.2 129.7 131.0 131.1 131.5 132.8 132.9 132.3 133.2 135.2 135.9 137.0 737.3 Machinery 14.80 129.2 129.6 130.3 131.9 131.7 132.8 133.9 134.7 133.6 135.9 137.5 138.5 139.9 141.2 Nonelectrical machinery 8.43 126.9 126.8 128,0 130.2 131.3 132. 133.5 135.2 132.9 136.7 138.1 139.6 141.9 143.2 Electrical machinery 6.37 132.3 133.4 133.4 134.0 132.2 133.7 134.4 134.0 134.5 134.9 136.8 137.0 137.3 138.5 Transportation equipment 10.19 127.0 127.6 128.2 129.4 130.0 129.6 131.3 130.8 131.1 130.1 133.0 134.1 134.9 133.6 Motor vehicles and parts 4.68 146.1 146.7 147.6 149.1 149.8 149.8 151.9 151.9 153.0 151.1 156.2 157.4 158.3 158.0 Aircraft and other equipment... 5.26 109.5 110.1 110.5 111.2 111.8 111.1 112.2 111.1 110.8 110.6 112.0 112.8 113.4 111.0 Instruments and related products.. 1.71 130.2 131.0 131.1 132.4 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.6 134.8 136.0 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 114.0 115.0 115.9 777. 777.2 777.0 777.9 727.5 727.9 727.5 720.9 720.3 722.3 Clay, glass, and stone products. 2.99 117.5 119.7 118.6 119.1 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.0 Lumber and products 1.73 108.9 104.3 108.7 110.5 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.5 116.0 Furniture ami miscellaneous.. 3.05 129.1 130.4 130.5 131.1 130.8 737. 732.5 733.0 733.9 73*. 7 735.5 735.2 735.0 739.5 Furniture and fixtures 1.54 133.1 135.0 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.8 145.0 Miscellaneous manufactures. 1.51 125.0 125.7 126. 126.8 126.2 127. 127.6 128.6 129.7 130.4 131.4 131.9 133.2 134.0 Nondurable manufactures Textiles, apparel, and leather. 7.60 118.5 118.9 119.9 120.6 720.7 727.3 727.3 720.7 722.* 727.7 727.5 723.5 722.5 725.7 Textile mill products 2.90 116.9 117.1 118.0 119.0 119.3 120.5 119.4 118.8 119.8 118.9 119.4 119.3 119.4 122.4 Apparel products 3.59 125.6 126.2 126.9 127.2 127.3 128.5 129.1 129.4 131.7 131.8 130.5 132.8 133.6 134.8 Leather and products 1.11 99.8 99.9 102.1 103.6 102.9 100.0 101.2 97.8 99.3 96.3 98.4 104.7 97.1 Paper and printing 8.17 120.1 121.2 121.9 121.6 727.7 727.7 723.9 723.* 72*. 5 725.* 727.5 725.2 725.5 727.7 Paper and products 3.43 125.1 126.3 126.7 125.9 127.0 127.3 127.6 128.7 129. 130.4 132.9 134.3 130.1 132.2 Printing and publishing. 4.74 116.4 117.6 118.4 118.4 117.9 117.7 121.3 119.5 121.2 121.8 123.6 123.9 124.1 124.5 Newspapers 1.53 108.0 111.5 112.9 113.7 111.9 113.2 119.2 113.9 114.5 115.2 117.2 117.1 117.2 120.0 Chemicals, petroleum, and rubber., 11.54 141. 142.2 143.2 144.7 7*5.2 146.3 7*5.* 7*5.9 7*7.* 7*9.5 750.0 752.7 752.5 Chemicals and products 7.58 148.6 149.9 150.7 152.5 153.5 153.5 154.5 154.7 154.5 155.2 157.0 156.7 159.6 159.3 Industrial chemicals. 3.84 162.7 163.2 164.5 166.7 168.3 169.3 171.4 173.1 173.3 174.9 176.7 173.7 176.3 Petroleum products 1.97 117.1 119.5 117.6 117.0 119.0 118.5 116.6 116.0 119.1 119.7 120.8 122.0 122.1 Rubber and plastics products 1.99 140.0 135.1 140.1 142.6 145.0 144.3 144.3 145.0 145.3 145.1 149.4 152.2 153.4 Foods, beverages, and tobacco. 11.07 116. 117.6 117.4 116.8 117.8 777.7 118.8 720.2 779.5 720.2 727.2 720.7 779.5 7/9.* Foods and beverages 10.25 116.9 117.6 117.5 116.9 118.1 117.3 119.1 120.8 120.6 120.3 120.6 120.0 119.6 119.5 Food manufactures 8.64 116.8 116.8 117.2 117.2 117.7 117.5 119.2 121.3 119.8 119.7 120.0 120.2 119.5 118.8 Beverages 1.61 117.8 121.8 118.9 115. 120.5 116.3 118.7 118.4 125.0 123.8 124.1 119.2 120.1 Tobacco products ,82 115.2 117.9 116.8 115.7 114.1 114.6 114.9 112.7 105.6 118.2 127.5 129.2 118.1 Mining Coal, oil, and gas 6.80 107.0 109.6 7/0.7 709.2 707.7 106.3 705.0 707.5 707.* 707.7 705.7 709.9 709.7 /70.5 Coal 1.16 102.5! 105.9 107.2 105.6 103.9 102.2 105.1 104.0 99.2 94.5 98.7 106.1 105.1 105.0 Crude oil and natural gas 5.64 107.9 110.4 111.4 169.9 108.5 107.2 106.2 108.3 109.1 109.7 110.0 110.7 110.6 112.0 Oil and gas extraction 4.91 110.9 113.7 114.4 112.7 111.5 110.9 109.9 111.7 111.7 112.3 113.0 113.5 113.7 115.1 Crude oil 4.25 108.1 110.9 111.7 109.8 109.1 108.1 106.6 108.5 107.8 109.0 109.6 110.1 110.2 112.0 Gas and gas liquids .66 128.7 131.5 131.8 131.2 127.0 129.0 130.8 132.2 136.2 133.3 134.8 135.3 Oil and gas drilling .73 87.4 88.0 90.7 91.3 87.9 82.0 81.6 84.9 91.5 92.0 89.8 91.3 *9o!i Metal, stone, and earth materials. 1.43 112.2 112.1 113.1 775.0 772.5 113.1 113. 77*. 7 775.* 777.0 775.5 777.9 779. 77*.9 Metal mining .61 112.3 110.3 112.7 112.4 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 Stone and earth minerals 112.1 113.5 113.4 113.4 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.3 Utilitiei Electric. 4.04 142.6 145.2 145.7 145.2 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 Gas 1.28 131.9 131.7 132.1 132.4 132.5 132.9 133.3 NOTE.—Published groupings include some series and subtotals not Data are as revised back to Jan. 1961. See also announcements, July shown separately. A description and historical data are available in 1964, BULL., p. 847. Industrial Production 1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 INDUSTRIAL PRODUCTION: N.S.A. SEPTEMBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963' 1964 Grouping p p ti o r o o r n - - a a v g e e r- July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May r June1" July Total index 100.00 124.3 120.4 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.1 47.35 124.9 121.7 123.8 129.9 131.8 127.6 125.5 126.7 128.5 128.5 130.7 130.5 133.2 126.4 32.31 125.2 121.4 124.3 131.7 134.1 128.3 124.0 126.1 128.9 127.7 130.3 130.0 133 1 124.8 Equipment, including defense.... 15.04 124.2 122.2 122.7 126.2 126.8 126.1 128.8 128.0 127.5 130.1 131.5 131.8 133.5 130.0 Materials 52.65 123.7 119.3 123.8 126.8 128.2 126.5 123.9 124.9 128.1 129.6 132.6 133.9 134.6 127.7 Consumer Goods Automotive products 3.21 141.2 134.9 75.5 127.4 160.7 160.5 154.2 151.9 154.4 152.1 162.5 160.6 162.7 130.8 Autos . . 1.82 149.5 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 180 3 130 1 Auto parts and allied products 1.39 130.2 121.1 127.1 133.8 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 131.8 10.00 123.1 112.0 126.3 130.1 131.9 127.3 117.5 121.6 132.9 129.8 130.5 129.5 131.1 779 0 Home goods 4.59 129.6 116.8 126.8 141.0 140.2 138.7 132.9 129.5 137.4 138.6 138.3 135.6 140.4 124.2 Appliances TV and radios 1.81 125.1 104.0 113.6 140.2 135.8 135.8 123.4 124.7 138.7 137.8 135.9 130.0 136 8 Appliances 1.33 130.6 111.7 114.4 144.2 135.9 137.4 134.8 126.0 144.6 147.5 144.9 141.6 145.3 TV and home radios .47 109.5 82.4 111.3 128.8 135.5 131.2 91.3 121.0 122.2 110.2 110.5 97.4 112 9 86 6 1.26 131.3 125.7 134.8 137.8 139.3 138.1 139.7 133.1 135.8 137.3 137.2 135.6 140.2 137 0 Miscellaneous home goods 1.52 133.6 124.6 135.9 144.7 146.1 142.7 138.5 132.1 137.2 140.6 142.0 142.1 144.7 136.2 Apparel, knit goods, and shoes 5.41 117.6 108.0 125.8 120.9 124.8 117.6 104.6 115.0 129.1 122.3 123.9 124.4 123.2 114.5 19.10 123.7 124.1 131.4 133.2 130.9 123.5 122 2 124.1 122.5 122.6 124.8 125.0 729 7 725 8 Processed foods 8.43 116.6 116.5 126.5 133.8 130 5 119.9 115.2 113.5 111.1 109.8 112.7 114.1 116.9 117 1 2.43 116.9 124.5 128.1 118 3 124 2 109.4 101.2 102.3 107.4 117.6 127.6 131 0 136 5 Drugs soap and toiletries . •. 2.97 140.1 137.0 145 7 145 9 146,9 142.4 139.8 141.1 139.7 139.4 142.8 144.6 153.8 141.0 Newspapers, magazines, and books.. 1.47 117.8 116,5 123,1 121.2 119.4 117.2 120.9 120.3 122.8 124.8 125.7 123.7 124.5 122.0 3.67 133.5 134.0 137.9 136 2 127.6 128 1 138.6 150.1 144.0 140.2 135.0 130.5 133.9 Fuel oil and gasoline 1.20 116.9 118.1 119.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 114.7 116.3 120.3 123.7 2.46 141.5 Electricity 1.72 146.7 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 Gas 74 Equipment Business equipment 11.63 128.3 126.5 127.0 131.0 131.2 130.1 132.8 132.5 132.4 135.9 137.8 138.8 141.2 136.9 6.85 123.0 122.4 124.5 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135 8 138 8 137 6 Commercial equipment 2.42 142.4 139.5 141.8 143.7 143.6 140.7 142.6 141.7 139.4 139.7 140.4 140.2 144.1 142.5 Freight and passenger equipment... 1.76 132.2 131.5 126.4 135.6 139.2 136.9 135.0 132.9 139.2 141.9 146.4 148.2 147.0 133.6 Farm equipment .61 121.6 106.1 98.0 116.3 120.3 118.7 125.8 131.8 142.0 147.3 147.3 140.5 139.9 3.41 Materials Durable goods materials . . 26.73 121.2 118.6 118.7 124.1 125.4 123.3 121A 121.1 125.3 127.4 131.2 133.9 135.0 727.5 Consumer durable 3.43 137.2 128.4 112.4 138.6 143.1 145,5 150.0 146.9 146.5 146.2 148.4 149.5 149.6 132.9 7.84 125.4 122.2 123.0 126,3 127.4 127.6 130.7 130.4 130.8 131.8 133 0 133 8 134 6 130 0 Construction 9.17 116.3 121.0 126.2 126 0 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127.8 132.2 129.4 6.29 114.3 105.3 105.7 110.8 113.5 112.5 108.5 114.5 124.5 128.2 132.0 134.5 131.7 118.6 Nondurable materials 25.92 126.3 120.0 129.1 129.5 131.2 129.8 126.9 128.8 131.0 737.5 134.0 133.9 134.1 128.0 Business supplies . ••• ...... 9.11 120.3 112.1 123.5 125.0 127.8 123.9 118.1 119.6 123.1 124.9 129.5 128.6 127.0 120.2 3.03 120.2 115.1 131 6 125 9 128.7 117.1 105 5 117.6 123 0 123.6 130 8 129 5 130 2 125 0 General business supplies ....... 6.07 120.4 110.5 119.4 124.5 127.4 127.2 124.4 120.5 123.2 125.6 128.8 128.2 125.4 117.8 7.40 145.0 136.1 145.4 147.1 150.4 151.7 148.2 151.4 155.2 156.2 157.7 157.7 158.1 148.1 Business fuel and power 9.41 117.2 114.9 121.6 120.0 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.1 119.7 Mineral fuels 6.07 109.3 103.2 111.7 110 2 110 8 110.6 110 6 112.1 112 6 111 4 111 6 111 0 110 9 105 5 2.86 138.7 Electricity 2.32 139.5 147.0 isi.o 149.1 144.0 139.7 139 9 iil.5 138 9 141.3 \A\ 9 146 0 152 5 General industrial 1.03 131.2 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 144.8 Commercial and other 1.21 149.6 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 Gas .54 Supplementary groups of consumer goods 7.80 134.4 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 148.3 145.9 149.6 126.9 24.51 122.3 120.6 130.2 130.5 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.8 124.1 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 INDUSTRIAL PRODUCTION: N.S.A. 1195 INDUSTRY GROUPINGS (1957-59= 100) Grouping 9 p p 5 r o 7 o r - - - 59 a 1 v 9 e 6 r 3 - 1963 r 1964 tion July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr Juner July Total index. 100.00 124.3 120.4 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.1 Manufacturing, total., 86.45 124.9 120.5 123.4 128.8 131.2 128.2 125.2 125.8 129.1 130.0 133.0 133.7 135.2 127.5 Durable 48.07 124.5 120.8 118.0 126.6 129.3 128.4 127.3 126.7 129.5 131.3 134. 134.8 136.5 128.4 Nondurable 38.38 125.3 120.0 130.1 131.5 133.6 128.0 122.6 124.7 128.5 128.4 131.7 132.3 133.6 126.3 Mining 8.23 107.9 105.2 112.1 111.3 111.0 108.1 107.0 107.9 108.3 107.6 109.8 111.7 112.5 107.6 Utilities 5.32 140.0 Durable manufactures Primary and fabricated metals 12.32 117.7 112.2 113.5 117.5 118.8 117.8 115.5 119.3 124.4 127.4 130.7 131.9 131.3 123.6 Primary metals 6.95 113.3 104.2 102.7 106.6 109.6 110.8 107.2 114.7 124.3 128.4 132.1 132.9 128.9 117.5 Iron and steel 5.45 109.6 102.5 96.4 100.0 103.0 104.5 102 3 110.5 119.4 124.0 128.6 130.4 125.3 115.6 Nonferrous metals and products. 1.50 126.7 110.2 125.5 130.8 133.8 133.6 125.3 130.0 142.0 144.2 144.6 142.2 141.9 124.4 Fabricated metal products 5.37 123.4 122.5 127.5 131.6 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.6 134.5 131.5 Structrual metal parts 2.86 120.2 121.7 125.1 127.4 126.7 124.9 124.1 121.9 121.0 122.8 125.3 127.5 132.2 131.4 Machinery and related products 27.98 128.7 124.6 i77.0 129.7 133.9 134.2 135.3 133.7 134.7 136.0 138.1 137.9 139. 130.2 Machinery 14.80 129.2 123.2 125.7 133.3 133.0 132.7 134.3 134.3 135.5 138.4 139.5 139.8 142.6 134.2 Nonelectrical machinery 8.43 126.9 123.6 123.3 128.5 128.9 129.3 134.4 135.1 135.3 140.5 142.2 143.1 145.3 139.6 Electrical machinery 6.37 132.3 122.6 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.4 139.0 127.1 Transportation equipment 10.19 127.0 124.9 100.1 123.5 135.2 136.6 137.0 133.4 135.0 134.3 138.5 137.7 138.4 124.7 Motor vehicles and parts 4.68 146.1 144.2 88.9 137.0 160.4 163.2 162.2 157.0 160.1 158.1 166.7 165.0 167.4 142.0 Aircraft and other equipment... 5.26 109.5 107.5 108.5 110.8 112.4 112.8 114.4 112.2 112.1 112.3 112.6 112.3 111.8 108.3 Instruments and related products.. 1.71 130.2 129.7 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.3 136.1 134.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 117.3 125.4 124.9 124.4 777.3 706.6 104.2 772.0 773.9 720.4 725.4 729.4 725.7 Clay, glass, and stone products. 2.99 117.5 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 132.9 Lumber and products 1.73 108.9 101.7 119.6 122.6 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 120.5 113.1 Furniture and miscellaneous.. 3.05 729.7 726.7 134.6 737.7 737.7 736.2 733.9 727.5 729.6 737.5 733.7 733.7 735.3 135.6 Furniture and fixtures 1.54 133.1 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 136.3 142.5 141.8 Miscellaneous manufactures. 1.51 125.0 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.3 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 106.8 724.0 727.7 123.8 779.6 709.9 777.6 729.5 724.7 724.7 726.2 725./ 113.5 Textile mill products 2.90 116.9 105.4 119.8 119.6 119.3 119.3 112.8 116.4 122.8 123.1 121.2 124.7 124.8 111.1 Apparel products 3.59 125.6 113.3 132.0 127.2 133.0 126.6 112.3 124.9 142. 133.1 135.7 135.5 133.6 122.7 Leather and products 1.11 99.8 89.4 108.7 105. 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.1 Paper and printing 5.77 720. 772.6 727.5 725.5 727.5 124.6 119.4 120.4 724.5 726.4 730.9 729.3 727.3 120.8 Paper and products 3.43 125.1 113. 131.0 127.8 135.3 127.9 115. 126.8 132.3 131.7 138.2 135.0 132.7 124.3 Printing and publishing 4.7- 116. 111.8 115. 120.3 122.3 122. 122.5 115.8 118.9 122.6 125.6 125.1 123.4 118.2 Newspapers 1.53 108.0 97.0 102.2 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 117.8 104.4 Chemicals, petroleum, and rubber.. 77.* 141.8 135.9 143.3 145.6 148.3 745.6 142.8 145.3 747. 148.3 757.7 752. 755.4 745.5 Chemicals and products 7.58 148.6 144.3 150.8 152. 154.5 153.1 150.7 152.8 155.0 156.5 160.3 159.9 163.0 153.4 Industrial chemicals 3.84 162.7 157.5 162.5 165.0 169.1 170.7 169.7 172.2 175.0 176.6 179.3 176. 178.1 Petroleum products 1.97 117.1 123.1 123.5 121.7 119.6 116.7 114.9 114.3 117.3 115.5 116.0 120.2 125.8 Rubber and plastics products 1.99 140.0 116. 134.5 144.5 153.1 145.7 140.7 147. 150.4 149.7 154.0 154.5 155.7 Foods, beverages, and tobacco 77.07 116.8 118.0 126.6 130.1 129.3 777.9 772.5 777.4 770.7 777.7 776. 775.0 727. 775.9 Foods and beverages 10.25 116.9 119.1 126.6 130.9 129.7 118.0 114.0 111.4 111. 111.4 115.4 116.7 120.9 120.0 Food manufactures 8.64 116.8 116. 126.2 133.4 130.7 120.4 115.6 114.0 111. 110.1 113.0 114.3 117.0 117.0 Beverages 1.6 117.8 134.8 129.0 117.4 124.1 105.6 105.2 97.7 108.6 118. 127.8 129.5 141.7 Tobacco products 115.2 104.3 126.4 120.2 124. 116.9 93.5 111.5 105.1 116.4 127. 133.8 126.4 Mining Coal, oil, and gas 6.80 707.0 707.7 709.7 705. 705.6 707.5 707.9 709.5 770.7 705.6 705. 705.4 705.4 103.9 Coal 1.16 102.5 71.6 112.8 111.7 113.2 106.4 103.2 101.9 100. 95.3 99.4 107.2 108. 77.2 Crude oil and natural gas 5.64 107.9 107.9 109.0 107.7 107.6 108.0 108.8 111. 112.1 111.4 110. 108.7 108.4 109.4 Oil and gas extraction 4.9 110.9 110.7 111. 109.8 110.2 111.6 112.3 114.5 115. 115.2 114.5 111. 111.4 112.1 Crude oil 4.25 108.1 108.7 109.5 107.6 108.0 108. 107.7 110.1 111.0 111. 111.4 109.0 109.1 109.8 Gas and gas liquids .66 128. 123.6 123.8 124.0 124.3 133.8 141.7 143.0 144.0 140.5 134.1 130.0 Oil and gas drilling .73 87.4 88.6 92.8 93.2 90.1 84.1 85.5 90.4 89.3 85.3 85.1 87.3 Metal, stone, and earth minerals.. 1.43 772.2 722.0 123.8 725.0 722.3 709.9 702.5 95.7 700.7 702.7 774.5 727.0 737.5 725.7 Metal mining .6 112.3 118.0 121.7 127.0 119.7 103.2 101.6 102. 106.9 106.6 115.5 131.3 134.7 115.2 Stone and earth minerals .82 112.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.4 Utilities Electric 4.04 142.6 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 Gas 1.28 131. 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

1196 BUSINESS ACTIVITY; CONSTRUCTION SEPTEMBER 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Industria1 production5 fac M tu a r n in u g - 2 Prices 4 Nonag- Major market groupings Major industry s C tr o u n c - - r t i u c r u a l l - Freight Total Period tgrouping5 tion em- load- retail 3 Whole- Total Final products Mate- t c ra o c n t - s T m p o e l t o n a y t l — - i m p E l e o m n y - t - P ro a l y ls - ings sales s C u o m n e - r m c s o o a m l d e i - ty Total g s C o u o o m n d e - s rE m q e u n ip t - rials Mfg. M in i g n- U iti t e il s - 1950 74.9 72.8 78.6 56.4 76 9 75.8 83.2 49.5 61 86.0 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.0 106.1 80.2 121.5 76 90.5 96.7 1952 . . 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 92.9 106.1 84.5 115.0 79 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.5 111.6 93.6 116.6 83 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.2 101.8 85.4 104.6 82 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.4 105.5 94.8 115.3 89 93.3 93.2 1956 . . 99.9 98 1 95.5 103.7 101 6 100.2 104.8 87.9 92 99.7 106.7 100.2 115.9 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.6 104.7 101.4 108.2 97 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.6 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107 6 108.9 101.6 115.6 105 103 4 99 9 106.7 95.3 106 103.1 100.7 1961 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 103.1 95.9 105.4 91.2 107 104.2 100.3 1962 ... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 106.2 99.2 113.7 92.4 115 105.4 100.6 1963 124.3 124.9 125.2 124.2 123 7 124.9 107.9 140.0 132 108 7 99.9 118.0 93.3 120 106.7 100.3 1963—July 125.6 125 2 125.8 124 0 126 0 126.1 110.1 141.9 126 109.1 100.4 118.0 93.9 121 107.1 100.6 AUR 125.4 126.0 126.5 125.0 124.9 125.7 111.1 142.4 132 109.1 99.8 117.0 90.9 121 107.1 100.4 Sept . . 125.7 126.3 126.4 126.0 125.0 126.2 109.9 142.1 128 109.3 100.1 120.3 91.2 119 107.1 100.3 Oct 126.1 127.2 127.4 127.0 125.5 126.8 108.6 142.3 146 109.6 100.4 120.0 92.7 121 107.2 100.5 Nov 126.1 127.0 126.9 127.1 125.7 126.9 107.5 142.1 144 109.5 100.0 119.4 92.3 120 107.4 100.7 Dec 127.0 128.0 128.0 128.1 125.9 127.9 107.3 143.0 148 109.8 100.5 121.7 93.9 123 107.6 100.3 1964—Jan .. . 127.7 128 5 128 9127 9 126 7 128.5 108 8 144 5 147 110 0 100 3 120 2 97.2 123 107.7 101.0 Feb 128.2 128.1 128.8 127.1 128.1 129.1 108.9 143.4 143 110.7 100.8 122.8 96.9 126 107.6 J00.5 Mar.. . 129.0 128.7 128.8 128.8 129.3 129.9 108.8 144.8 140 110.9 101.3 123.1 94.0 124 107.7 100.4 Apr 130.5 130.6 130.8 130 7 130 6 131.4 109.9 147.5 138 111 3 101.7 124 4 94.8 125 107.8 100.3 May 131.3 131.1 131.0 131.3 131.3 132.2 111.3 148.3 138 111.4 101.8 124.1 96.4 127 107.8 100.1 June 131.6 131.6 131.3 132.0 131.9 132.4 111.3 149.3 138 111.8 102.1 124.4 93.6 127 108.0 100.0 July 132.7 131.9 131.5 132.5 133.6 133.6 111.5 150.0 140 112.1 102.3 124.2 94.5 128 108.3 100.4 Aug.? 133.5 132.7 132.2 133.8 134.6 134.4 112.7 151.0 112.1 102.0 125.1 93.2 129 100.3 1 Employees only, excludes personnel in the armed forces. Construction contracts: F. W. Dodge Corp. monthly index of dollar * 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. • Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; 5 Data revised back to Jan. 1961. 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 are seasonally adjusted unless otherwise noted. Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction , 41,303 45,546 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 4,639 4,504 4,601 By type of ownership: Public 13,599 14,653 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 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 1,934 1,883 1,789 2,028 1,519 1,325 1,372 1,427 1,991 2,006! 2,050 1,996 2,000 Nonresidential building 13,010 14,377 1,271 1,322 1,154 1,331 1,082 1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548 Nonbuilding 10,255 10,667 920 857 764 954 1,148 985 816 692 972' 933 1,227 1,107 1,054 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge accumulated monthly data after original figures have been published. Corp. does not include data for Alaska or Hawaii. Totals of monthly Nonbuilding construction formerly labeled public works and utilities data exceed annual totals because adjustments—negative—are made to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 CONSTRUCTION 1197 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n r d t e t o i e h s a n n i l 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 1955 46,519 34,804 21,877 9,387 2,399 3,218 3,770 3,540 11,715 1,287 3,852 1,085 5,491 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1,275 5,682 1957 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 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,378 5,855 ,581 8,334 1962 59,453 41,695 24,292 12,222 2,949 4,955 4,318 5,181 17,758 1,222 6,378 ,754 8,404 1963 62,451 43,772 25,843 12,656 2,962 5,200 4,494 5,273 18,679 6,670 ,966 1963—Aug 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 63,530 44,633 25,953 13,260 3,049 5,671 4,540 5,420 18,897 6,600 2,109 Oct 64,966 45,365 26,584 13,375 3,085 5,518 4,772 5,406 19,601 7,145 2,128 Nov 65,072 45,488 27,000 13,078 3,136 5,469 4,473 5,410 19,584 7,254 2,159 Dec 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 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 66,615 46,449 27,538 13,297 3,076 5,561 4,660 5,614 20,166 7,068 2,371 May 64,983 45,780 26,678 13,437 3,149 5,542 4,746 5,665 19,203 6,410 2,404 June 66,576 46,006 26,612 13,598 3,204 5,562 4,832 5,796 20,570 6,888 2,402 July? 66,687 46,217 26,692 13,708 3,334 5,574 4,800 5,817 20,470 7,549 2,368 Aug." 66,025 46,231 26,511 13,940 3,505 5,609 4,826 5.780 19,794 2,328 * 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 Government- (private only) 1 underwritten Period Total Pri>/ate Metro- Non- Total N fa o rm n- politan p m o e l t i r ta o n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1955 1.646 1 627 19 670 277 393 1956 ,349 1 325 24 465 195 271 1957 ,224 1,175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 L296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1.618 1,139 479 1,587 1,005 53 529 31 292 221 71 1963—June 1,571 1,554 157 109 48 153 100 5 49 4 27 20 7 July 1,588 1,573 152 105 47 150 98 5 47 2 29 21 8 Aug 1,455 1,434 148 100 48 144 96 5 44 4 25 19 7 Sept . 1,732 1.697 147 104 44 145 93 5 48 2 25 19 6 Oct 1,847 ,807 166 117 49 163 103 5 55 3 27 21 6 Nov 1,564 ,533 121 84 37 119 72 4 44 2 22 17 5 Dec . 1.564 ,518 97 76 21 95 51 3 41 2 21 16 5 1964—Jan 1,718 ,688 101 75 26 100 55 4 41 1 16 11 4 Feb .... 1,657 ,613 101 74 27 100 64 5 32 1 17 12 4 Mar ,663 ,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 May 529 ,507 161 115 45 158 101 5 52 3 29 23 5 June V ,596 V ,570 ^162 116 46 "157 102 5 50 P5 25 19 6 Julv 517 V 495 "146 104 42 "144 P2 26 20 6 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

1198 EMPLOYMENT SEPTEMBER 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period in T s o t t i a tu l t n io o n n a - l T la o b t o a r l Employed i Not in the m ra e te n t 2 population force Total Total I i n n c d u n u l o t s u n t r a r a g ie l r s i- agric I u n lture U pl n o e y m ed - (pe S r . A ce . nt) 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 3 125,368 73 126 70,612 66 681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74 681 71,854 67 846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963—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 Aug 134,400 78,509 75,758 72,104 66,704 5,400 3,654 55,891 5.1 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000, Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta- Period Total M t a u n r u in fa g c- Mining con ti s o tr n uc- t b io e n u & til i p ti u es b- Trade Finance Service G m ov e e n r t n- 1957. 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958. 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959. 53,404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 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—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 9.043 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 June... 58,782 17.367 638 3,179 3,964 12,268 2,937 8,596 9,833 July?'. . 58,929 17,411 643 3,186 3,987 12,304 2,944 8,659 9,795 AxxgJ1. 58,944 17,364 637 3,173 3,999 12,328 2,947 8,689 9,807 NOT SEASONALLY ADJUSTED 1963—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 June... 59,212 17,404 649 3,373 4,000 12.252 2,958 8,742 9,834 July**. . 59,007 17,353 644 3,492 4,027 12,251 2,991 8,789 9,460 Aug.p. 59.247 17,527 648 3,538 4,035 12,299 2,994 8,776 9,430 i Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 EMPLOYMENT AND EARNINGS 1199 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Aug. June July*3 Aug. June July* Aug.'J Total 12,575 12,864 12,892 12,848 12,705 12,892 | 12,815 12,975 Durable goods 7,051 7,278 7,314 7,287 6,995 7,332 7,271 7.230 Ordnance and accessories 119 108 106 105 118 107 105 104 Lumber and wood products 517 527 532 531 547 554 558 562 Furniture and fixtures 326 339 341 342 331 337 336 347 Stone, clay, and glass products 496 506 506 508 516 521 521 528 Primary metal industries 953 993 1,011 1,007 946 1.000 997 1.000 Fabricated metal products 891 921 921 929 889 927 909 927 Machinery except electrical 1,058 1,111 1,118 1,125 1,044 1.124 1.114 1.110 Electrical machinery 1,051 1,059 1,069 1.064 1,048 1,047 1.048 1 .061 Transportation equipment 1.079 1,147 1,140 1.107 984 1,146 1.121 1.010 Instruments and related products 240 240 '242 242 240 239 238 242 Miscellaneous manufacturing industries. 321 327 328 327 332 331 323 338 Nondurable goods 5,524 5,586 5,578 5,561 5,7)0 5,560 5,544 5,745 Food and kindred products 1,149 1.123 1.120 1,124 1,272 1.119 1.159 1,244 Tobacco manufactures 79 78 79 73 88 66 66 82 Textile-mill products 793 803 799 794 803 809 793 804 Apparel and other finished textiles 1,154 1.201 1,190 1.185 1.183 1,181 1.153 1,215 Paper and allied products 490 495 496 497 495 498 493 502 Printing, publishing and allied industries 594 605 606 604 592 603 601 602 Chemicals and allied products 527 533 534 532 528 533 512 533 Products of petroleum and coal 120 114 115 114 123 117 117 117 Rubber products 310 322 325 327 310 320 317 327 Leather and leather products 308 312 314 311 316 313 312 319 NOTE.—Bureau of Labor Statistics; data cover production and related for, the pay period ending nearest the 15th of the month. workers only (full- and part-time) who worked during, or received pay HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry Group 1963 1964 1963 1964 1963 1964 Aug. June July^ Aug. j June J July?' Aug.^ Aug. I June July'3 [ Aug.?) Total 40.3 40.6 40.5 40.7 98.42 ilO3.48 102.72 103.07 2.43 i 2.53 2.53 2.52 Durable goods » 41.0 41.4 41.4 41.6 107.01 113.01 111.92 112.32 2.61 2.71 2.71 2.70 Ordnance and accessories 41.3 40.7 40.2 40.0 119.31 121.50 119.00 119.10 2.91 3.00 2.99 3.00 Lumber and wood products 40.0 40.0 40.3 40.4 84.45 87.72 87.48 89.38 2.08 2.15 2.16 2.18 Furniture and fixtures 40.9 41.1 41.2 41.3 83.20 83.43 82.82 85.68 2.00 2.03 2.03 2.04 Stone, clay, and glass products 41.2 41.5 41.6 41.4 104.33 107.36 107.36 107.36 2.49 2.55 2.55 2.55 Primary metal industries. 40.9 41.5 41.7 42.3 123.02 130.20 129.27 131.04 3.03 3.10 3.10 3.12 Fabricated metal products 41.1 41.4 41.7 41.6 108.32 112.29 111.34 112.56 2.61 2.68 2.67 2.68 Machinery except electrical 41.7 42.5 42.4 42.6 115.23 123.55 121.69 121.55 2.77 2.88 2.87 2.86 Electrical machinery 40.3 40.3 40.8 40.7 98.74 102.47 102.21 102.56 2.45 2.53 2.53 2.52 Transportation equipment 41.5 42.4 41.6 42.2 121.58 131.75 128.24 129.48 2.98 3.10 3.09 3.12 Instruments and related products 40.7 40.8 40.8 41.2 101.34 103.73 102.97 104.24 2.49 2,53 2.53 2.53 Miscellaneous manufacturing industries.. 39.8 39.5 39.7 39.9 79.60 82.58 81.14 82.59 2.00 2.08 2.07 2.07 Nondurable goods 39.6 39.7 39.5 39.6 88.40 90.97 91.14 91.20 2.21 2.28 2.29 2.28 Food and kindred products 41.0 40.8 40.5 40.7 93.98 97.99 97.82 97.00 2.27 2.39 2.38 2.36 Tobacco manufactures 39.9 39.2 39.1 38.4 73.57 81.39 78.93 75.08 1.83 2.05 2.05 1.94 Textile-mill products 40.5 40.8 40.8 41.1 69.19 73.10 71.81 73.10 1.70 1.77 1.76 1.77 Apparel and other finished textiles 35.9 35 36.0 35.8 63.30 63.71 64.25 66.06 1.72 1.76 1.77 1.80 Paper and allied products 42.7 42 42.8 43.1 107.32 109.65 110.51 112.23 2.49 2.55 2.57 .58 Printing, publishing and allied industries. 38.4 38.4 38.4 38.5 111.27 113.28 112.99 114.26 2.89 2.95 2.95 2.96 Chemicals and allied products 41.5 41.4 41.4 41.6 113.02 116.34 115.92 116.62 2.73 2.79 2.80 2.81 Products of petroleum and coal 41.6 41.7 41.5 41.5 130.21 133.46 133.77 131.14 3.13 3.17 3.17 3.16 Rubber products 40.8 41.0 40.5 41.4 100.86 105.66 103.22 105.66 2.46 2.54 2.53 2.54 Leather and leather products 37.8 37.9 37.6 37.9 67.41 70.46 70.25 69.89 1.76 1.83 1.82 1.82 NOTE. —Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 PRICES SEPTEMBER 1964 CONSUMER PRICES (1957-59=-100) Housing Health and recreation Fur- Apparel Trans- 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 c n e a i d c s t - y o n i p a n i n e s g h r d s a - - up an k d eep p t o io rt n a- Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e a c e n r a d e d a - - g O s a o e t n o h rv d d e - r s tion tion ices 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 CH7.O 107.9 111.5 107.1 1963—July 107 A 106.2 106.0 106.7 107.1 102.3 108.1 102.4 104.5 107.8 111.7 cll7.3 108.0 111.5 108.0 Aug 107.1 106.0 106.0 106.8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 C117.4 108.0 112.1 108.0 Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 C117.5 108.2 112.3 108.0 Oct 107.2 104.9 106,3 107.1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 C117.7 108.4 112.7 108.2 Nov 107.4 105,1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 C117.9 108.4 112.8 108.3 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 July 108.3 107.1* 107.1 107.8 108.9 100.9 107.9 102.8 105.5 109.4 113.7 119.5 109.3 114.1 108.9 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 All Farm Proc- Period m c t o o ie m d s i - - p u r c o t d s - f e o s o se d 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 t e c m r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 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—July.. 100.6 96.8 102.2 100.8 100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107.5 110.4 Aug... 100.4 96.3 100.9 100.8 100.4 103.6 98.9 96.0 93.7 102.6 99.1 100.1 102.1 98.1 101.0 107.5 111.1 Sept... 100.3 95.5 100.9 100.7 100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8 Oct... 100.5 95.1 102.2 100.9 100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107.5 111.2 Nov... 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107.5 110.9 Dec... 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99. 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 99.4 101.1 101.2 104.7 96.4 96.7 92.6 101.8 98.7 102.1 103.3 98.6 101.3 107.3 107.2 June.. '100.0 93.2 100.2 '100.9 101.0 104.8 96.3 96.5 91.6 101.4 98.7 102.3 103.0 98.5 101.4 107.4 106.7 July.. 100.4 94.1 101.2 101.1 101.1 105.3 96.7 96.6 91.8 101.2 98.7 102.5 103.0 98.5 101.5 107.4 107.4 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 PRICES 1201 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group July May June July July May June July Farm Products: Pulp, Paper, and Allied Products : Fresh and dried produce 97.0 107.4 113.1 109.1 Woodpulp 91.7 95.5 95.5 95.5 Grains 99.5 103.2 89.8 85.7 Wastepaper 91.4 90.8 93.5 93.4 Livestock and poultry 94.4 81.2 82.3 87.7 Paper 102.2 103.7 103.7 103.7 Plant and animal fibers 100.2 101.3 101.2 99.4 Paperboard 94.1 96.5 96.5 96.5 Fluid milk 99.8 98.4 98.8 100.4 Converted paper and paperboard... 99.6 97.6 97.6 97.5 Eggs 87.5 76.9 88.7 87.3 Building paper and board 97.5 94.4 94.4 94.4 Hay and seeds 111.1 104.9 105.1 105.6 Other farm products 89.1 99.4 98.7 98.3 Metals and Metal Products: Processed Foods: Iron and steel 99.0 100.3 100.4 100.7 Nonferrous metals , 99.0 103.9 104.0 104.4 Cereal and bakery products 106.4 107.5 107.9 108. Metal containers 105.0 105.6 105.6 105.6 Meat, poultry, and fish 96.3 86.9 90.2 93, Hardware 104.1 104.8 104.8 104.9 Dairy products and ice cream 107.3 106.6 107.1 107. Plumbing equipment , 100.6 100.5 100.5 101.3 Canned and frozen fruits, and veg- Heating equipment , 93.3 92.0 '92.4 92.0 etables 105.7 106.3 106.1 105.3 Fabricated structural metal products., 98.1 98.7 99.2 99.3 Sugar and confectionery 120.3 111.9 108.0 106.6 Fabricated nonstructural metal prod- Packaged beverage materials 81.1 98.3 98.3 98.3 ucts 105.0 108.2 108.4 108.2 Animal fats and oils 82.7 89.2 '90.7 90.6 Crude vegetable oils, 83.6 79.0 78.5 80.3 Machinery and Motive Products: Refined vegetable oils 84.3 77.0 76.5 79.2 Vegetable oil end products 87.0 87.3 87.3 87.7 Agricultural machinery and equip... 110.9 112.7 112.7 113.0 Miscellaneous processed foods 104.5 108.9 108.4 108.8 Construction machinery and equip..., 109.7 112.3 112.3 112.3 Metal working machinery and equip.., 109.9 111.8 112.0 112.8 Textile Products and Apparel: General purpose machinery and equipment 103.6 104.8 104.7 104.4 Cotton products 99.8 99.6 98.7 98.5 Miscellaneous machinery 103.4 104.4 104.5 104.7 Wool products 100.5 102.8 102.8 102.6 Special industry machinery and Man-made fiber textile products 93.7 96.0 96.2 96.1 equipment (Jan. 1961 = 100) 104.1 105.8 105.9 106.0 Silk products 134.5 116.4 117.0 117.0 Electrical machinery and equip 97.2 97.7 '96.5 96.5 Apparel 102.2 102.7 102.8 103.2 Motor vehicles 99.8 101.2 101.1 101.2 Other textile products 114.4 116.2 117.3 117.2 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.1 100.1 100.6 Hides, Skins, Leather, and Products: Hides and skins 83.5 85.7 90.3 92.6 Furniture and Other Household Dura- Leather 102.2 104.5 103.3 104.7 bles: Footwear 108.4 108.3 108.3 108.4 Other leather products 104.0 103.4 103.2 103.2 Household furniture 104.5 105.3 105.3 105.3 Commercial furniture 102.8 103.1 103.2 103.2 Fuels and Related Products, and Power Floor coverings 96.6 99.8 '98.6 99.0 Household appliances 91.7 91.6 '91.2 91.3 Coal 95.8 95.1 '95.3 96.0 Television, radios, and phonographs. 87.7 87.3 87.3 87.1 Coke 103.6 107.3 107.3 107.3 Other household durable goods 103.4 104.3 104.4 104.4 Gas fuels (Jan. 1958= 100) 121.2 116.6 116.0 119.6 Electric power (Jan. 1958= 100). . . . 102.0 101.3 100.9 100.6 Petroleum products, refined 98.7 92.2 92.3 92.5 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 96.6 102.4 102.4 102.4 Concrete ingredients 103.2 102.7 102.8 102.7 Industrial chemicals 94.7 94.5 94.3 94.3 Concrete products 101.2 100.6 100.8 100.9 Prepared paint 103.0 104.8 103.9 103.9 Structural clay products 103.5 104.5 104.5 104.5 Paint materials 89.2 91.8 90.8 90.7 Gypsum products 105.0 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.1 95.5 94.6 94.6 Prepared asphalt roofing 88.2 86.4 86.4 89.2 Fats and oils, inedible 81.4 88.6 93.2 95.6 Other nonmetallic minerals 101.2 101.3 101.7 101.8 Mixed fertilizers 103.6 103.6 103.6 103.5 Fertilizer materials 99.8 100.2 100.2 101.1 Tobacco Products and Bottled Bever- Other chemicals and products 98.7 99.4 '99.5 99.5 ages: Rubber and Products: Tobacco products 105.7 106.0 106.0 106.0 Alcoholic beverages 101.0 100.7 100.6 100.6 Crude rubber 91.6 90.7 90.6 90.0 Nonalcoholic beverages 127.7 126.6 127.4 127.4 Tires and tubes 89.1 88.0 88.0 88.0 Miscellaneous rubber products 97.5 97.9 95.7 96.4 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.0 100.8 100.9 101.0 Manufactured animal feeds 116.3 110.5 109.6 110.8 Lumber 102.1 102.2 101.8 101.5 Notions and accessories 98.7 99.1 99.1 99.1 Millwork 104.2 108.9 109.0 109.1 Jewelry, watches, photo equipment.. 103.9 103.2 102.9 102.9 Plywood 100.9 94.2 '92.6 92.3 Other miscellaneous products 100.9 102.4 102.4 102.5 Nora—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1202 NATIONAL PRODUCT AND INCOME SEPTEMBER 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 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 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 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 2A 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 servict 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 1.3 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 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 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 II III IV 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 Compensation of employees 51.1 29.5 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 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.1 310.1 314.3 318.8 323.2 328.7 Private 45.5 23.9 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 .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 4.9 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 .5 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 .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 .4 .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 3.2 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 2.4 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 77.0 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 7.6 17.9 23.2 ll.'i 22.3 23.2 24.6 24.5 24.5 26.0 25.4 25.8 Profits after tax 8.3 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 8.9 9.2 11.8 11.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 .2 -.1 .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

SEPTEMBER 1964 NATIONAL PRODUCT AND INCOME 1203 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 III IV Gross national product. 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6 Less: Capital consumption alllloowances 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: aanndd nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.0 52.8 55.9 55.3 56. 57.3 57.9 59.0 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 9 7 . . 5 4 -.7 .8 -3 2 . . 0 1 -3 2 . . 0 2 -2 2 . . 6 4 -1 2 .8 .4 -2 2 . . 7 4 -4 2 . . 3 4 -3 2 . . 5 4 -1 2 . . 8 4 -1 2 . . 6 5 P-1. 2 9 .5 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .4 .5 1.6 1.6 1.0 .9 .7 1.0 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 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 *>57.4 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 7.8 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 7.5 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 9.6 9.6 9.9 Equals: Disposable personal income 83.1 93.0 207.7 337.1 384.6 404.4 419.5 431.3 45.7 349.9 364.7 402.5 399.1 411.2 Less: Personal consumption expenditures... 79.0 81.9 195.0 313.5 356.8 377.4 390.0 396.1 46.4 328.2 337.3 375.0 372.0 381.3 Equals: Personal saving 4.2 11.1 12.6 23.6 27.8 27.0 29.5 35.2 -.6 21.7 27.3 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 1964 Item 1962 1963 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 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 297.7 572.7 572.9 314.0 316.0 575.2 575.5 320.0 320.8 323.6 525.7 327.7 328.7 550.7 557.5 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 99.7 700.2 700.0 700.7 707.7 702.5 702.5 702.7 102.9 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. 62.4 62.7 63.0 63.4 63.8 64.1 Other labor income. 12.3 13.1 13.] 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 50.5 50.6 50.7 50.8 57.5 57.5 57.5 57.7 57.5 57.2 57.5 57.7 57.9 57.9 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. 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 10.3 11.8 11.9 11.9 11.8 12.1 11.9 12. 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 17.2 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

1204 FLOW OF FUNDS SEPTEMBER 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 in IV I II III IV I. Saving and investment 115.6 119.5 116.1 130.2 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3 A B Consumer and nonprofit 74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 B C Farm and noncorp, business 13.4 12.9 12.5 13.1 13.3 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 13.6 C D Corporate nonfin. business 35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3 D E U.S. Government.., -4.5 4.3 -5.5 -4.7 -4.5 -5.7 -7.0 -4.4 -2.0 -5.7 -4 5 -6 0 —3 8 3 7 E F State and local govt -3.5 -3.0 -4.7 -3.8 -3.5 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.4 -4.4 F 1.5 2.2 1.7 2.3 2.9 1.6 1.4 2.5 2.6 2.8 3.3 3.2 3.5 1.6 G 114.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7 H I Consumer durable goods... •. 43.6 44.9 43.6 48.2 51.5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53.7 I J Business inventories 6.6 3.5 1.8 4.9 4.6 7.0 7.7 5.9 2.8 3.3 4.4 4.3 4.3 5.5 J K Gross pvt fixed investment ... 66.2 68.3 67.1 73.2 77.6 70.4 69.3 73.2 75.4 75.0 72.1 76.6 79.7 81.9 K 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 43.4 46.0 46.4 51.3 55.1 48.2 46.8 52.6 53.5 52.1 50.6 55 5 56 5 58 0 M N Financial sectors .7 .6 7 .7 .7 8 .8 .7 .7 .6 .8 .6 .6 .6 N O Net financial investment. ... -1.7 .7 2.0 .8 2.3 1.4 2.4 2.3 * -1.5 3.0 3.4 -.8 3.6 O P Discrepancy (A-H) 2.0 2.2 1.5 3.0 3.6 .6 -2.4 2.8 5.9 5.5 2.8 3.1 8.3 .6 P II. Financial flows—Summary A Net funds raised—Nonfin. sectors... 53.2 36.2 47.2 58.1 62.4 53.8 61.8 63.0 40.1 67.7 58.7 68.3 50.0 72.6 A B Loans and short-term securities.... 19.7 8.0 19.5 17.6 19.5 25.9 29.7 19.9 -1.9 22.7 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 57i6 40.5 49.7 24.1 C By sector D U.S. Government 8.7 -2.1 7.5 7.6 4.8 5.7 16.1 8.4 -5.6 11.4 11.9 9.3 -6.4 4.4 D 5.5 -5.1 11.3 2.4 1.5 11.3 17.8 2.0 -12.4 2.4 — 10.4 10.3 — 12 4 18 4 E 3.8 2.5 -4.1 4.9 3.7 -6.6 -2.4 6.6 8.3 7.3 21.7 .1 7.6 14 4 F G Foreign borrowers .8 2.0 2.8 2.3 3.3 4.3 3.7 2.0 .2 3.3 3.3 5.0 2.0 2.8 G .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 .7 .7 .8 1.0 1.1 1.1 .6 1.1 .7 1.8 2.0 1.6 .8 2 I J Pvt domestic nonfin sectors 43.6 36.3 36.9 48.2 54.4 43.8 41.9 52.6 45.5 53.0 43.6 54.0 54.4 65.5 J K Loans 14.7 11.2 5.9 13.7 16.2 10.4 8.1 17.2 12.5 17.1 9.7 15.1 13.1 26.8 K L Consumer credit 6.5 7.5 L M Bank loans n e.c 5.5 2.8 1.9 4.5 6.8 4.0 2.2 6.3 5.5 5.8 3.3 4.2 3.5 16.0 M N Other loans 2,7 3.9 2.4 3.5 2.7 1.5 1.6 4.0 4.7 3.7 .5 3.9 3 1 3 3 N 29.0 25.2 31.0 34.5 38.2 33.4 33.8 35.4 33.1 35.9 33.8 38.9 41.4 38 7 O P State and local obligations..... 4.7 3.7 5.0 5.1 6.7 6.3 6.4 5.9 3.6 4.3 4.0 9.3 6.4 7.0 P 5.3 5.3 7.3 4.8 3.4 5.5 6.0 4.9 4.0 4.1 5.8 1.6 3.8 2 3 Q 13.2 10.4 11.7 15.4 17.6 13.5 13.2 15.5 16.3 16.5 15.5 17.2 19.7 18 3 R S Other mortgages 5.8 5.8 6.9 9.4 10.5 8.0 8.3 9.1 9.2 10.9 8.6 10.7 11.5 11.2 S T Net sources of credit (—A) 53.2 36.2 47.2 58.1 62.4 53.8 61.8 63.0 40.1 61.1 58.7 68.3 50.0 72 6 T U Chg. in U.S. Govt. cash balance.. .7 .9 .3 1.0 -.6 .2 4.9 3.9 -6.5 1.5 7.4 2.5 -9.5 -3.0 U V U.S. Govt. lending 3.8 2.4 2.8 3.5 2.6 4.5 4.0 4.5 1.9 3.6 • 2.4 3 9 4 3 V W Foreign funds 3.6 3.3 2.2 2.5 2.6 4.0 2.7 2.8 1.9 2.7 2.2 6.4 2 2 5 W X Pvt. insur. and pension reserves.. 8.8 8.1 8.7 9.0 9.5 9.4 8.6 9.3 9.0 9.4 8.6 9.5 11.0 8.9 X 5.7 6.3 5.1 5.6 7.5 4.4 3.3 4.3 8.4 6.3 7.1 6.3 9.4 8.6 Y Z Pvt domestic nonfin sectors • 30.5 15.3 28.2 36.5 40.8 31.3 38.4 38.2 25.4 44.1 33.4 41.3 33.1 54.4 Z AA Deposits and U.S. Govt. secur.... 23.8 8.3 23.5 32.2 39.0 28.3 31.6 33.4 24.9 39.1 33.0 41.5 32.3 48.1 AA AB Deposits . 11.0 14.0 24.6 29.8 33.4 25.5 27.7 27.7 26.1 37.9 30.8 30.4 29.0 43.0 AB A A D C T D i e m m e a a n n d d d s e v p g . s a . n a d c c c o u u r n r t e s ncy.. lois - 1 1 5 .0 .0 2 4 0 . . 5 0 28 1. . 6 3 2 5 8 . . 3 1 1 8 7 . . 3 1 - 3 7 5 .7 .4 2 2 4 . . 9 8 2 2 3 . . 3 9 2 8 9 . . 9 0 - 3 3 4 . . 7 5 2 7 3 . . 0 4 2 4 4 . . 2 8 2 1 9 3 . . 8 2 A A D C AE A t commercial banks 2.1 5.4 8.7 15.1 13.1 4.9 22.7 13.4 10.6 13.7 17.1 9.4 11.7 14 3 AE AF A t savings instit 8.4 9.6 11.4 13.2 15.0 12.2 12.7 11.5 13.3 15.3 17.4 14.0 13 2 75 4 AF AG U.S. Govt. securities 12.9 -5.7 -1.1 2.4 5.5 2.9 3.9 5.7 -1.3 1.3 2.3 11.1 3.2 5 1 AG AH Other securities and mtgs •. 6.8 6.8 6.0 4.1 3.5 4.8 6.7 .2 3.3 6.2 2.0 3.3 2.7 6.1 AH .2 -.3 1.3 -.2 1.7 1.8 -4.5 2.8 1.2 1.6 3.6 1.9 -.2 Al m. Financial institutions A Net funds advanced—Total 30.6 34.6 44.4 51.4 57.8 48.5 52.5 48.3 43.0 61.9 55.1 57.4 54.3 64 9 A B 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 23.2 20.7 27.4 34.0 39.9 31.4 30.9 39.3 32.1 33.8 36.4 41.8 43.0 38 5 C D Loans 14.6 11.1 8.5 13.5 18.9 15.8 11.0 8.0 14.8 20.4 10.4 20.1 18.3 26.7 D By sector F Banking system 5.0 9.9 17.5 20.4 22.7 17.3 25.1 19.5 9.3 27.7 26.8 20.8 12.9 30.5 F 10.6 9.3 12.0 14.5 17.5 13.5 13.6 13.3 15.7 15.4 17.0 16.9 18 6 17 4 G 10.1 10.2 10.7 11.5 12.1 11.8 10.7 11.7 11.3 12.5 11.6 12.0 13.1 11 6 H I Finance n.e c 4.9 5.3 4.2 5.0 5.6 5.9 3.2 3.8 6.7 6.2 -.2 7.7 9.7 5.3 I J Net sources of funds—Total 30.6 34.6 44.4 51.4 57.8 48.5 52.5 48.3 43.0 61.9 55.1 57.4 54.3 64.9 J 1.5 2.2 1.7 2.3 2.9 1.6 1.4 2.5 2.6 2.8 3.3 3.2 3 5 1 6 K 10.9 15.6 26.8 32.1 34.7 28.9 35.0 31.3 18.8 43.4 38.2 35.3 22.2 42 0 L M Demand deposits and currency... 1.4 5.9 3.5 5.4 10.7 -.4 6.3 -4.7 12.8 2.3 10.6 -3.5 11.1 M 1.1 5!8 9.4 15.3 14.1 5.5 22.7 13.3 10.2 15.0 18.4 10 5 12.4 15 2 N 8.4 9.5 11.5 13.3 15.2 12.7 12.7 11.7 13.3 15.7 17.4 14.2 13.4 15 8 O P Life insurance reserves 3.6 3.4 3.7 4.1 4.0 3.5 4.1 3.6 4.4 4.2 3.9 3.5 4.4 4 2 P Q Pension fund reserves 5 6 . . 2 2 4 3 . . 7 4 4 3 . . 9 3 5 5 . . 0 6 7 5 . . 2 5 5 5 . . 9 5 4 4. . 9 5 7 5 . . 2 7 4 6. . 1 6 4 5 . . 4 2 4. . 7 6 9 5 . . 4 9 9 6 . . 3 6 49.57 R Q 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 1.1 1.5 .5 .8 1.9 1.1 .5 1.4 .3 2.0 1.6 3 5 T U Loans 3.1 .2 .6 2.8 3.8 2.0 1.2 3.9 4.2 2.1 -.6 6.3 6.0 3 4 U V Security credit • .5 .9 .9 .8 2.2 1.5 -2.0 1.6 2.7 -1.4 1.8 3.9 — 1 0 V W Other sources net 3.1 4.9 3.0 1.3 2.8 1.0 1.2 * 5.0 -.7 5.8 -1.8 4.4 3.8 W NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 FLOW OF FUNDS 1205 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1961 1962 1963 Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1962 196: IV I H 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 R U.S. Govt. deposits .7 9 .3 10 6 4!9 39 6 1.5 7.4 -9.5 -3 0 R r Other .7 6 5.7 2 5 q 105 5. 2. 1.7 11.3 -5.1 8 1 6.0 14.1 C D F Ne U t i S n cr G ea o s v e t in assets by sector.... . . 4 7 •q 5 4.9 3 5 1 0 1 5 5 3 6 4 5 2. . 1 5 3. .2 6 6 5. . 1 17 1 . . 6 7 7 1 . . 3 7 9 3 .9 3-1 -2 1 . . 7 5 127 6 D F F Other domestic sectors -.3 3 4.8 3.8 5 7 o 4.6 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 ^ 2 q 3.0 5 1 0 13.1 -1.0 6 6.5 9.0 G R Nonfinancial business . 2.2 5 1 3 -2. 1 — 1.0 5 7 -5.7 4 7 2.1 -4.3 -1 3 1.8 1> H State and local eovt .5 6 1 q 2 ft 8 1.4 2.7 -1.6 1 1 3 -1.3 3.6 T J Financial sectors .1 1 3 8 1 1.1 1 4 2.1 — 1.0 2 .8 1. T Rest of the world * 1 -.1 1 •^ 7 1.4 4 q .3 -.4 9 1.0 4 K L Discrepancy—U.S. Govt. cash * # * 1 — 3 1.5 -.4 3 —. l — 2 .2 8 2.0 — 24 L M Other .9 - 1 1.0 -1 4 1 2.8 -2.1 7 5 .5 1 5 -2.8 7 M II. Time and savings accounts /\ Net increase—Total 9.5 15 20 9 28 6 29.3 18 35.4 75 0 5 30.6 35.9 74 7 25.7 30 9 A R At commercial banks—Total 1.1 5.8 9.4 15 14 1 5 22.7 13. 10 15.0 18.4 10 12.4 15 R 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 State and local govt -.4 1.4 .9 10 17 2.0 6 4 1.0 2.9 3 1.0 2 5 D p Foreign depositors o 3 6 1 1 0 1 3 1.3 1.4 1 0 .7 8 F 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 13.3 152 127 12.7 11.7 13 3 15.7 17.4 142 13.4 15 8 G H Memo—Consumer and nonprofit orgs.—Total 11.3 128 17.8 24.7 22 3 188 28.6 21 6 22 9 25.7 27.0 20 7 20.7 20 8 H 111. U.S. Govt. securities Total net issues 9.3 -2.a 7 3 7 4 5 4 7 15.4 8 6 -4 1 9.7 11.3 10 4 -4.9 4 0 A R Short-term direct 5.5 -5 1 11.3 2 4 1 <; U 17.8 2 0 -1?, 4 2.4 -10.4 10.3 -12.4 18 4 R c Other. 3,8 2.5 -4.1 4 9 7 -6 6 4 6 6 8 3 7.3 21.7 .1 7.6 -14 4 C r> Net acquisitions, by sector......... 8.7 -2.3 7.8 7 6 5 1 5 0 1S 7 9 3 9 9.8 11.6 9 6 -4.7 4 1 r> E Pvt. domestic nonfin. sectors 12.9 -5 7 -1.1 2 4 5 5 2 9 3 9 5 7 3 1.3 2.3 11.1 3.2 5 1 E F Consumers and nonprofit . 7.3 — 33 -.9 7 3 7 3 -1 9 39 1 .9 .1 6.4 3.4 4 6 F G Svss! bonds and DOstal svss den -2.0 4 7 1 o 4 6 .2 ,9 1 ? 1.0 j G H Securities 9.2 -2 8 -1 6 j 2 2 —2 3.5 .7 -.8 5 2.3 3 H T Corp nonfin business 3.8 -2 7 — .4 3 6 1 9 4 -7 0 .7 1.3 7.1 -1.7 I j 1.8 3 1 1 3 3 q 1 4 7 -.3 g 2 6 1.6 1 y F Financial sectors * - •.. -7.2 2 9 8.4 3 q _ j 0 1 10 6 1 0 — 39 7.8 8.3 -4 5 -7.0 3 K L Banking svstem -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 N CowfTievcicl banks • . •.. • -8.2 .3 2 0 7 5 / .9 5 2 -3, 2 0 * — 2 27 5 4 47 -6 ?. 2 2. . 6 5 5 5. 9 1 -5 8 -10. 1 1 .3 2 6 M N Q .5 /\ 5 7 0 5 8 .4 1 2 5 .6 O P Insurance and pension funds .2 A 1 A .6 — 1 2 .7 7 P Q Finance nee * 10 6 8 — 1 5 1 1> 1.6 -2.7 4 .5 — 3 7 Q R 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 11.8 11 1 13.6 117 13 0 13 13 13 0 8 8 11.6 12.1 14 12.7 12 6 A R State and local govt. 4.7 3 7 5.0 5 1 6.7 6 6 4 5 9 3.6 4.3 4.0 9 3 6.4 7 0 R r 5.3 5 3 7.3 4 8 3.4 5 5 6 0 4 9 4 0 4.1 5.8 1,6 3.8 2 3 C Finance companies 1,1 1 5 5 8 q 1 1 5 1.4 .3 2 0 1.6 3 r» E Rest of the world .7 7 8 1 0 1 1 1 4 6 1 1 7 1.8 2.0 1 6 .8 2 E F Net purchases, by sector 11.8 11 1 13.6 117 13 0 13 2 133 13.0 8.8 11.6 12.1 14.5 12.7 12 6 F H G Consumers and nonprofit orgs 2 1 . . 7 3 2 2 1 2 1 . 0 9 14 8 I 2 1 3 24 q -3 1 .4 .3 -2 1 .0 .5 - 1 .2 .7 -2 1 .7 .9 -1 2 .5 ,0 -2 1 .7 .4 2 17 1 H G I .7 0 1 ,-, *> 1 .2 — 2 1 .1 T J Commercial banks .4 4 2.7 4 4 5.2 3.3 5.0 5 7 3 3 3.5 5.8 6.3 5.7 3.0 J K j M Ins S u e r c a u n r c it e y a b n r d o k p e e r n s s i a o n n d fu d n ea d l s e . rs - 7 .4 . . 0 2 7 0 6 t 7.7 2 8 7 4 7 6 * A 8.1 o 6. rl 5 q 8 1 1 5 3 6 1 8 - - 1 7 . . 8 . 3 9 — 8. 4 . 4 7 8.5 3 7.4 9 6 6 1 .2 4 M K T N -.7 6 Q <\ f) — 1 -1 -.4 — .3 3 q N O 1.2 1 0 1 4 1 1 1 7 1 q 2 4 .4 6 0 1 2 7 O p 1.8 2.0 1 q 1 3 2 7 3 2 1 .8 .8 1 0 1 5 1 7 P 0 Rest of the world .4 3 .4 .1 .2 .4 6 1 3 .1 -.1 4 .2 Q V. Mortgages Total net borrowing 19.0 16 18.7 ?4 7 ?8 1 21-6 71 4 24.6 75 27.4 24.1 77.9 31.1 29.5 A R 1_ to 4-family 13.2 10 4 11.7 15 4 17 6 n n 15 c 16.5 15.5 17,,2 19.7 18.3 R r Other 5.8 8 6.9 9 4 10 8 0 8 9.1 9 10.9 8.6 10.7 11.5 11.2 C 19.0 16 18.7 7,47 78 1 6 71 4 24.6 25.5 27.4 24.1 29.7 31.1 79.5 D E Consumer and nonprofit orgs 2.0 2 4 1.6 3.3 2.9 1.2 3.1 2.0 3 4.4 2.9 2.8 3.7 2.0 E U S Govt 2.2 1 6 3 — 1o 1 *1 1 -1.3 -2 0 F Q 2.5 7 1 6 4 n 5 •7 4 4 7 4 6 4.3 3.8 6 1 6.1 5 0 G H T I S n a s v u in ra g n s c i e n s s t e i c tu to ti r ons 9 2 . . 5 4 8.8 8 1 2 1 . . 7 0 1 3 3 . . 0 3 16.2 9 1 3 2.1 0 12 1 2 3 .4 13 !c 1 4 4 . . 5 2 1 3 5 . . 2 4 15. . 8 5 1 4 6 . . 0 5 1 4 6 . . 9 9 H T J Mortgage companies * .6 .4 .8 1.1 - 3 1 3 1.5 1.1 .7 J VI. Bank loans n.e.c. 7.5 2 *) 2.7 6 0 8-9 3 9 80 i 4 7.6 2.7 7.7 6.6 18,6 A r B Nonfinancial business 5 3 . . 3 7 2 2 .7 6 1 1. . 6 6 4.0 6 4 6.6 3 3 . 'i 3 1 1 . . 3 9 6 1 . . 1 7 2 3!o 4 5 . . 5 0 2 2 . . 9 4 4 7 . . 1 7 3.3 9 1 1 5 1 . . 6 3 C B D Nonfarm noncorporate 1.0 .1 -.3 .7 .6 .2 .3 3.9 .9 -.3 .1 .9 1.5 3.1 D £7 .7 3 7 7 '4 6 8 .9 .4 6 9 1 F F Rest of the world .2 .1 .7 .4 .6 1.3 2.1 A .7 .7 1.3 F G 2.\ -A 2.7 2.6 .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

1206 STOCK MARKET CREDIT SEPTEMBER 1964 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE N.Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1956-64 (In millions of dollars) Item 1956 1958 1959 1960 1961 1962 1963 1964 DEBIT BALANCES Cash on hand and in banks 322 324 363 366 422 437 422 466 Securities— Borrowed 65 134 129 96 152 151 181 201 Sold, delivery pending (failed to deliver) 148 170 291 334 530 368 275 369 Net debit balances due from— Member firms of national securities exchanges: N.Y. Stock Exchange 151 132 159 134 216 169 219 199 Other exchanges 14 15 18 22 36 22 25 25 All other customers exclusive of firms' own partners secured by— U.S. Govt. securities 2,811 253 165 104 48 32 31 33 Other collateral 2,926 3,370 3,081 4,024 3,604 4,916 5,351 Net debit balances in partners' individual investment & trading accounts 21 35 36 37 58 74 70 78 Debit balances in— Firm investment accounts 625 335 286 309 293 243 247 264 Firm trading & underwriting accounts 486 336 374 582 520 694 959 Commodity margins on deposit with banks & commodity guaranty funds on deposit 38 23 39 23 22 30 31 28 All other debit balances 137 151 190 218 309 303 347 389 Total. 4,332 4,985 5,382 5,097 6,694 5,954 7,460 8,364 CREDIT BALANCES Money borrowed 2,266 2,387 2,508 2,331 2,880 2,305 4,027 4,499 From banks and trust companies : U.S. agencies of foreign banks 2,231 622 605 806 ' 817 525 815 859 U.S. banks I 1,743 1,871 1,473 2,016 1,739 3,156 3,626 In New York City 7,572 1,402 1,428 1,157 1,515 1,007 1,852 2,273 Elsewhere 359 341 444 316 501 732 1,303 1,353 From other lenders (not including members of national securities exchanges)1 35 21 31 52 47 41 56 14 Securities— Loaned 124 187 204 167 233 211 244 268 Bought, delivery pending (failed to receive) 156 181 294 352 568 363 289 393 Net credit balances due to member firms of national securities exchanges: N.Y. Stock Exchange 123 120 132 120 174 153 202 192 Other exchanges 9 13 11 23 17 12 14 Credit balances of other customers exclusive of firms' own partners: Free credit balances 837 1,034 1,070 1,006 1,264 1,330 1,115 1,126 Other net credit balances 207 367 246 335 441 369 405 Credit balances & money borrowed which are subordinated to general 277 creditors under approved agreements 20 25 31 51 90 111 Net credit balances in partners' individual investment & trading 22 accounts 34 34 37 47 43 36 37 Credit balances in firm investment & trading accounts 34 82 38 61 100 76 116 173 All other credit balances (except those included in next item) 78 83 71 129 241 193 200 866 Net balance in capital, profit & loss, & partners' drawing accounts.... 466 483 149 612 797 771 759 279 604 Total. 4,332 4,985 5,382 5,097 6,694 5,954 7,460 8,364 Money borrowed, according to collateral: Customer collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act—1934 U.S. Govt. or agency , 245 156 96 38 23 27 10 Other securities 150 161 123 108 93 188 156 Nonexempt securities or mixed collateral 1,451 1,824 1,722 2,289 ,833 3,181 3,616 Firm or partners' collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act— 1934): U.S. Govt. or agency 204 105 107 41 24 19 166 Other securities 98 64 99 104 106 119 125 Nonexempt securities or mixed collateral 239 198 182 300 227 492 425 Unsecured 1 1 1 1 1 Value of securities sold under repurchase agreements. 24 24 24 27 42 44 134 Number of firms 303 316 320 328 336 337 335 331 1 Before 1958 probably includes some borrowing from U.S. agencies "credit balances of other customers exclusive of firms' own partners— of foreign banks. free credit balances" are conceptually identical to these items (including debit balances secured by and money borrowed on U.S. Government '.NOTE.—End of month figures. Data not collected for June 1957. obligations), as shown in the table on Stock Market Credit, p. 1171, but For explanation of these figures see "Statistics on Margin Accounts," the data differ somewhat because of minor differences in coverage, Sept. 1936 BULL. The items "net debit balances due from all other statistical discrepancies in reporting, and—for the item "money borrowed" customers exclusive of firms' own partners," "money borrowed," and —the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 1208 Gold production 1209 Net gold purchases and gold stock of the United States. 1210 Estimated foreign gold reserves and dollar holdings 1211 International capital transactions of the United States 1212 U.S. balance of payments 1221 Foreign trade 1222 Money rates in foreign countries. . 1223 Foreign exchange rates 1224 Guide to tabular presentation. 1144 Index to statistical tables 1231 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. 10033, dated Feb. 8, 1949, and Treas- cations at end of the BULLETIN). ury regulations thereunder. Other data are com- 1207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 GOLD RESERVES SEPTEMBER 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 i - a A tr u i s a - g B i e u l m - Brazil Burma Canada Chile lo C m o b - ia world 1 Fund world 1957. 38,765 1,180 22,857 14,730 126 126 103 915 324 1,100 40 62 1958. 39,445 1,332 20,582 17,530 60 162 194 ,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—July.. 2,268 15,677 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 23,930 49 202 504 ,367 42 775 43 61 Oct.. 2,305 15,640 49 205 515 ,367 42 784 44 61 Nov.. 2,312 15,609 78 206 525 ,367 150 42 800 43 61 Dec.. >-42,285 2,312 15,596 r24,375 78 208 536 ,371 150 42 817 43 62 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^i6' 76 211 569 1,376 42 871 43 63 Apr.. 2.334 15,727 76 215 579 1,390 42 892 43 64 May. 2,353 15,693 74 216 579 1,392 42 910 42 64 June. '^42^905' 2,359 15,623 74 218 592 1,392 42 931 43 July.. 2,359 15,629 219 592 1,393 42 949 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. 136 581 2,542 13 27 247 138 20 1958. 80 750 2,639 17 27 247 141 34 1959. 50 1,290 2,637 26 24 247 140 84 1960. 1 1,641 2,971 76 24 247 130 98 1961. 2,121 3,664 87 24 247 130 84 1962. 2,587 3,679 77 24 247 129 98 1963—July.. 2,963 3,761 77 23 247 142 98 Aug.. 2,997 3,761 77 23 247 142 98 Sept.. 031 3,761 77 23 247 142 98 Oct... 089 3,817 77 23 247 142 98 Nov.. 128 3,823 77 23 247 142 98 Dec. 175 3,843 77 23 247 142 98 1964—Jan... 3,210 3.844 77 23 247 142 98 Feb.. 3,248 3; 849 77 23 247 142 98 Mar.. 3,298 3,953 77 23 247 141 98 Apr.. 3,366 4.060 77 23 247 141 112 May. 3,404 4,070 77 247 141 June. 3,451 4,081 77 247 141 July.. 3,489 4,117 247 141 E pe n r d i o o d f I R r e e p l . a n o d f , Italy a L n e o b- n M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o ay r- P s a ta k n i- 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. 452 91 180 744 461 217 1958. 1,086 91 143 1,050 493 211 1959. 1,749 102 142 1,132 548 238 1960. 2.203 119 137 1.451 552 178 1961. 2; 225 140 112 1,581 443 298 1962. 2,243 172 95 1,581 471 499 1963—July.. 2,292 172 95 1,581 482 611 Aug.. 2,291 172 95 1,581 496 639 Sept.. 2,291 172 94 1,581 497 643 Oct... 2,331 172 115 1,581 497 630 Nov.. 2,331 172 134 1,581 497 629 Dec. 2,343 172 139 1,601 497 630 1964—Jan... 2,343 172 151 1,601 497 632 Feb.. 2,343 172 157 1,601 497 631 Mar.. 172 156 1,601 497 627 Apr.. 172 162 1,601 497 627 May. 172 168 1,601 626 June. 172 1,601 607 July.. 1,601 615 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 GOLD RESERVES AND PRODUCTION 1209 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 it n z d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n o i i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l l. e- E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962. 446 181 2,667 19 104 140 174 2,582 180 401 4 —50 56 1963 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 Sect 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 2,484 171 401 14 -279 47 1964 Jan 573 182 2,549 19 104 115 174 r171 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 May 573 182 2,526 19 104 115 174 171 401 47 June 575 182 2,599 19 104 115 174 2 439 171 401 40 28 July 575 182 2,560 174 401 64 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 North 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 l o d - - U S n ta i t t e e s d C a a d n a - M ic e o x- r N a 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 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 58.8 162.0 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 7.9 14 0 5 5 14 8 37 7 53 8 1962 1,295.0 892.2 19.4 31.1 7.1 54.5 145.5 8.3 7 8 13 9 5 7 14 8 37 4 57 3 1963 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13 2 35 8 59 3 1963 June 80.1 1.6 2.6 11 6 .5 9 .4 1 2 3 3 July 81.6 6 2.7 10.9 .7 1.0 .4 1 2 3 4 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 1*2 2 6 Nov 81.6 7 11 7 .8 .8 .4 1 3 3 1 Dec 78.6 8 10.8 .8 .9 .4 1.2 2 8 1964 Jan 78.7 1.7 2.6 10 7 8 1 2 4 3 1 Feb 79 9 1.6 2.6 9 8 1 0 1 2 2 5 Mar 84.9 1.6 2.6 10.3 .5 1.0 2 6 Apr 82.3 1.6 2.6 11.6 .7 1.2 2 6 May 10.7 10.8 i Estimated; excludes U.S.S.R., other Eastern European countries, Bureau of Mines. Country data based on reports from individual 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

1210 U.S. GOLD SEPTEMBER 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 n HI IV I II Western Europe: -84 -83 — 1 -143 — 82 —20 —32 32 23 Belgium 3 3 -329 -39 -141 — 144 -63 -34 —266 — 173 -456 -518 -101 -214 -101 -101 -101 Germany, Fed. Rep. of -34 -23 200 Italy —349 100 200 25 -261 — 30 —249 —25 Portugal -20 -10 31 32 — 114 — 156 — 146 — 130 —60 2 -8 —215 20 -324 — 125 102 30 United Kingdom .... . . 100 -900 -350 -550 -306 -387 329 18 74 131 109 221 Bank for Intl. Settlements -178 — 32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 14 * A -7 14 Total 80 68-2,326 -827 -1,718 -754 -1.105 -399 -149 -139 -7 -31 79 Canada 15 5 190 Latin American republics: Argentina 115 75 67 -50 -90 85 —30 — 30 Brazil -1 -ii —2 -2 57 72 28 — 1 28 2 28 Colombia . . 28 -6 38 -30 —20 -4 —4 -200 65 Other 29 6 2 -5 -22 -17 -5 m 6 -11 -1 -3 -3 Total -28 81 69 19 -100 -109 175 32 34 -16 — 3 -4 25 Asia: Japan -30 — 157 -15 Other * 18 -4 -28 -97 1-101 2-93 3 12 25 * -4 5 Total * 18 -34 -186 -113 -101 -93 12 25 * -4 5 All other 14 -3 -5 -38 -6 -1 -36 -10 -25 -1 2 9 Total foreign countries 80 172-2,294 -998 -1,969 -970 -833 -392 -100 -180 -15 -28 95 Intl. Monetary Fund 4 200 600 s-44 4 300 150 Grand total 280 772-2,294 -1,041 -1,669 -820 -833 -392 -100 -180 -15 -28 95 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 re c a k s 1 ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l 2 ld s T to 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—Aug.... 15,725 15,633 15,582 92 -39 -44 1952 23,252 23,252 23,187 379 379 Sept.... 15,788 15,634 15,582 154 63 1 1953 22,091 22,091 22,030 -1,161 -1,161 Oct 15,910 15,640 15,583 270 122 6 1954 21,793 21,793 21,713 -298 -298 Nov.... 15,780 15,609 15,582 171 -130 -31 1955 21,753 21,753 21,690 -40 -40 Dec... 15,808 15,596 15,513 212 28 -13 1956 22,058 22,058 21,949 305 305 1957 22,857 22,857 22,781 799 799 1964—Jan.... 15,847 15,540 15,512 307 39 -56 Feb.... 15,865 15,518 15,462 347 18 -22 1958 20,582 20,582 20,534 -2,275 -2,275 Mar.... 15,990 15,550 15,461 440 125 32 1959 19,507 19,507 19,456 -1,075 4-1,075 Apr 15,991 15,727 15,462 264 1 177 1960 17,804 17,804 17,767 -1,703 -1,703 May... 15,946 15,693 15,463 253 -45 -34 1961 17,063 16,947 16,889 116 -741 -857 June... 15,805 15,623 15,461 182 -141 -70 1962 16,156 16,057 15,978 99 -907 -890 July.... 15,840 15,629 15,462 211 35 6 1963 15,808 15,596 15,513 212 -348 -461 Aug.P. . 15,890 15,657 15,461 233 50 28 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million increase in U.S. gold subscription tary Fund with the right of repurchase, which amounted to $800 million to the IMF. on Aug. 31, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1219 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1154 and 1156. 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

SEPTEMBER 1964 GOLD RESERVES AND DOLLAR HOLDINGS 1211 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 June 30, 1963 Sept. 30, 1963 Dec. 31, 1963 Mar. 31, 1964 June 30, 1964^ U.S. Govt. Area and country Gold& U.S. Gold & U.S. Gold& U.S. Gold& bonds & notes i Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- short- Govt. short- Govt. term bonds term bonds term bonds term term bonds term bonds dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes dollars & notes series series Western Europe: Austria 783 814 2 903 901 911 902 Belgium 1,542 1,617 1 1.678 1,791 1,782 1,832 Denmark 98 111 15 147 192 14 198 228 Finland 134 131 * 134 160 1 176 167 France 3,744 4,541 3 4,510 4,653 3 6 4,709 5,003 Germany, Fed. Rep. of 6,409 6,462 3 6,634 6,884 3 1 6,811 6,616 Greece 196 251 * 258 265 * • 239 224 Italy 3,627 3,422 1 3,540 3,146 1 1 2,927 1 3,039 Netherlands 1,829 1 1,897 2 1,910 2 1,961 2 4 1,898 4 1,823 Norway 155 87 165 137 158 133 164 126 131 135 131 188 Portugal 632 1 625 646 1 688 1 689 * 685 Spain 623 1 736 1 751 1 778 1 2 807 2 839 Sweden 671 93 699 73 616 123 591 133 129 610 130 615 Switzerland 3,575 83 3,420 83 3,325 82 3,726 83 75 3,528 77 3,737 Turkey 165 * 146 * 128 * 136 * 135 * 129 O U t n h i e te r d 7 Kingdom 4,1 5 9 4 1 2 3 4 7 8 0 4, 4 3 9 5 7 4 2 4 9 8 8 4,2 5 5 02 3 3 5 1 0 2 3, 4 9 3 6 0 7 3 4 6 9 1 3 4 2 6 8 4,2 6 4 2 5 0 3 4 8 9 0 4,1 5 5 7 4 4 iotal 28,916 708 29,888 30,093 729 30,433 779 741 0,420 800 30,755 Canada 4,057 389 3,929 644 3,882 700 3,805 686 687 3,555 686 3,674 Latin American republics: Argentina 271 393 453 453 452 * 424 Brazil 429 348 360 329 329 295' Chile 178 172 176 186 181 * 227 > Colombia 205 243 216 231 244 1 237 Cuba 16 15 14 12 11 * 11 Mexico 626 688 759 808 837 1 817 Panama, Republic of 98 111 117 129 91 1 105 Peru 152 168 198 215 230 * 271 Uruguay 281 262 263 r284 277 * 276 Venezuela 806 905 933 992 1,017! 1.057 Other 336 398 376 424 463' 487 Total 3,398 13 3,703 12 3,865 12 '4,063 12 14 4,132 4,207 Asia: India 288 295 302 298 302 311 Indonesia 72 76 67 92 90 86 Japan 2,499 2,613 2,689 2,758 2,750 2,745 Philippines 215 223 222 237 232 227 Thailand 437 480 486 486 513 529 Other 1,447 40 ^1,551 40 '1, 544 42 rl,645 1,848 38 1,902 42 Total 4,958 50 '5,238 '5,310 51 '5,516 47 5,735 44 5,800 48 Africa: South Africa 540 636 683 671 670 645 U.A.R. (Egypt) 188 191 186 188 198 196 Other 373 355 331 10 291 284 276 10 Total 1,101 1,182 1,200 10 1,150 10 1,152 1,117 Other countries: Australia 337 360 348 388 373 384 All other 287 29 355 30 326 28 314 30 26 308 25 351 26 Total 624 29 715 30 674 28 70: 30 26 681 25 735 26 Total foreign countries 3 43,054 1,199 '44,655 1,413 r45,024 1,530 r45,669 1,568 1,524 45,675 1,570 46,288 1,596 International and regional 4... . 7,349 911 '7,086 1,065 '7,093 1,163 6,958 1,213 1,218 7,068 1,170 7,294 1,068 Grand total 3 50,403 2,110 r51,741 2,478 '52,117 2,693 r52,621 2,781; 2.742 52,743 2,740| 53,582 2,664 1 The first column continues the series based on a 1960 survey and pean regional organizations, except the Bank for International Settlements subsequently reported securities transactions; the second is based on a and European Fund, which are included in "Other Western Europe." survey as of July 31, 1963, and reported securities transactions for Aug.- Dec. Data are not available to reconcile the 2 series. NOTE.—Gold and short-term dollars include reported and estimated 2 Includes, in addition to other Western European countries, unpub- official gold reserves, and official and private short-term dollar holdings lished gold reserves of certain Western European countries; gold to be (principally deposits and U.S. Treasury bills and certificates); excludes distributed by the Tripartite Commission for the Restitution of Mone- nonnegotiable, non-interest-bearing special U.S. notes held by the Intertary Gold; European Fund; and the Bank for International Settlements American Development Bank and the International Development Assn. (the figures for the gold reserves of the BIS represent the Bank's net U.S. Govt. bonds and notes are official and private holdings of U.S. gold assets). Govt. securities with an original maturity of more than 1 year; excludes 3 Excludes gold reserves of the U.S.S.R., other Eastern European nonmarketable U.S. Treasury bonds and notes held by official institutions countries, and China Mainland. of foreign countries as shown in Table 7 on p. 1218. 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

1212 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 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 End of Grand Latin Other period total Euro- L.A. Europe Canada America Asia Africa coun- Total Intl. gi p o r e n e a a - n l 2 gi r o e n - al Total c O ia ff l i * - Other tries 1959 419 389 43 158 43 158 16 231 9 154 7 076 8 473 2 198 2,408 2,780 253 119 I960 21 272 4 012 3 897 115 17 260 10*212 7 048 9 046 2,439 2,308 3,115 227 125 1961.. .. 522 533 3 752 3 695 57 518 781 10 940 57 841 10 322 2 758 2,340 52 974 283 104 1962 25 019 5 145 4 938 34 173 19*874 11 963 7 911 10*162 3 349 2,448 3,444 319 152 1963—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 '25,905 4,731 4,603 19 108 '21,174 '12,015 9,159 '10,679 2,684 3,192 4,194 248 177 Apr '26,334 r4,780 4,591 16 '172 '21,554 '11,758 9,796 '10,643 2,903 3,365 4,224 236 184 May.. . . 26,340 4,833 4.654 16 163 21,507 11,906 9,601 10,618 2.932 3,332 4,209 231 185 Junep... 26,298 4,926 4,755 25 146 21,372 12,094 9,277 10,657 2,743 3,313 4,245 228 186 July*7. .. 26,863 4,910 4,748 18 144 21,953 12,121 9,832 10,787 3,030 3,400 4.312 234 190 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—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 ,479 2,873 181 1,249 329 127 149 177 434 Oct 10,865 372 410 128 78 1,434 2,965 174 1,029 367 119 152 164 419 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 ,487 2,999 177 685 319 107 199 206 421 Feb 10,618 322 431 157 108 ,467 3,157 167 536 289 96 200 217 431 Mar.... '10,679 342 406 167 110 1,411 2,858 162 784 297 104 192 234 428 Apr '10,643 297 437 191 111 ,406 2,386 156 849 254 117 189 218 415 May . .. 10,618 341 439 195 112 ,518 2.303 148 866 264 159 193 241 420 June**... 10,657 310 440 197 102 ,552 2,535 147 891 222 157 188 264 433 JulyP. .. 10,787 327 396 213 105 1,558 2,360 143 928 309 167 216 296 451 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t s r h t o e e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 715 531 1963—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 '357 3 19 3,192 376 179 138 181 11 681 Apr 1,043 16 2,008 13 '514 3 21 3,365 377 178 142 190 12 707 May .. 1,063 15 1,931 14 372 4 20 3,332 402 189 135 178 11 659 JuneP... 1,138 14 1,715 14 309 3 25 3,313 350 174 184 173 11 649 July?. .. 1,121 13 1,864 14 278 4 23 3,400 336 176 168 164 10 666 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1213 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O R L t e . h A p e . . r B B e a r h m & a u m d a a s » A S n u N t r i e l i l n t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total M C 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 H 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- 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 129 158 113 591 355 136 93 15 3,971 35 66 51 48 112 1964-Jan.. . 111 168 105 646 358 128 88 \6 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 1! 4,224 36 72 56 45 132 May . .. 90 197 104 687 425 155 85 14 4,209 36 71 67 40 140 JuneP... 10*? 204 105 656 426 166 93 16 4,245 36 71 64 42 135 July"... 85 218 106 769 426 171 93 14 4.312 35 75 62 40 133 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o in n p e g o ) o ld- K/l A So fr u ic th a ( U E . g A y . p R t . ) ' O Af t r h i e c r a Total t A ra u l s i - a 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 no 9 1960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963—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 23454 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 2,393 115 203 219 416 510 231 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 2,451 100 218 249 426 523 234 24 20 44 24 120 190 168 22 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International * 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 7 Decline from end of 1961 reflects principally reclassification of de- capital transactions of the United States, see "International Finance," posits for changes in domicile over the past few years from Cuba to other Section 15 of SunH<-went 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

1214 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 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.): 5.6 5.2 7.0 4.7 H18.7 49.4 23.5 33.4 2.9 4.7 10.7 6.0 8 5 11 1 19 8 n a 10.8 8.9 7.4 8.6 1.2 1.7 2.8 2.7 1.7 2.0 2.7 2.4 Kuwait 33.0 38.2 46.5 49.9 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 16.5 32.8 29.1 35.9 15.9 15.9 17.3 16.1 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 H22.5 48.6 41.7 57.8 Syria 4.9 3.4 2.1 5 7 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 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 14.8 42.5 35.0 52.3 Ethiopia, incl. Eritrea 17.0 20.8 22.3 32.1 Paracuav 5.7 6.8 8.9 8 4 Ghana 4 1 10 8 6 4 6 3 Trinidad & Tobaeo 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: Mozambique 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 g Guiana . 1.0 1.3 1.3 .6 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 5.3 13.3 5.0 4.2 2.5 8.9 9.9 n.a. All other: Cambodia 12.6 10.2 6.9 2.1 4.7 8.8 10.5 18.8 4.9 9.6 3.1 3.7 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total in foreign Total Deposits Tr U ea . s S u . ry S U pe . c S i . al Other 3 Total Deposits Tr U ea . s S u . ry Other 3 currencies bills and notes 2 bills and Demand Time i certificates Demand Time i certificates 1959 419,389 416,913 6,:41 7,180 42,065 1.328 2,398 \A 11 295 270 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 July 25,498 22,592 5,638 1.561 8,811 2,961 L,62l 2,797 1 401 858 117 421 108 Aue 25,779 22,804 5,487 3,674 8,916 3,028 1,699 2,864 1,399 886 111 468 112 Sept 25 882 22,852 5,567 3,647 8,859 3,028 1,751 2,921 1,441 902 109 469 108 Oct 26,294 23,205 5,760 3,824 8,735 3,036 1,850 2,943 1,391 931 122 499 145 Nov 26,428 23,277 5,994 3,806 8,555 3,036 1,886 3,022 1,454 949 134 485 130 Dec 25,938 22,758 5,629 3,673 8,571 3,036 1,849 3,047 1,493 966 119 469 134 1964 Jan 26,122 22,990 5,900 3,756 8,531 3,036 ,767 3,002 1,425 980 120 All 131 Feb 26,119 22,923 5,796 3,842 8,371 3,166 1,748 3,070 1,443 994 127 506 125 Mar r25,905 '22,682 5,818 3,800 7,972 3,171 r 921 3,111 1,424 1,023 136 528 112 Apr .... r26,334 r23,069 6,063 r3,938 7,687 3,166 r2',215 3 148 1 457 I 038 116 537 117 May 26,340 23,116 5,901 3,923 7,800 3,164 2,328 3,107 1.467 [ 057 87 495 118 June*7 26,298 23,043 5,771 3,722 7,866 3,289 2,395 3,133 1,496 ,077 75 485 123 Julyp 26,863 23,611 6,210 3,788 7,914 3,289 2,409 3,130 1,464 1,093 86 487 123 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 July 31, 1964. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1215 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 1 co O un th tr e ie r s 2 1959. 2,624 534 272 1,176 586 56 1960. 3,614 717 421 1,356 1,052 69 1961. 3 4,820 767 556 1,522 3 1,891 85 1962. 5,163 877 526 1,606 2,017 137 1963—July., 5,469 877 667 1,669 2,128 78 47 Aug.. 5,434 954 597 1,698 2,051 83 50 Sept.. 5,458 919 554 1,699 2,147 88 51 Oct.. 5,590 964 627 1,694 2,166 82 56 Nov.. 5,759 989 634 1,688 2,298 97 52 Dec. 5,936 928 611 1,742 2,493 104 58 1964—Jan... 6,107 943 641 1,761 2,601 104 55 Feb.. . 6,222 991 604 1,753 2,716 100 56 Mar... 6,339 932 691 1,777 2,796 98 44 Apr.. . 6,473 996 720 1,815 2,794 102 45 May. . 6,541 1,022 747 1,795 2,825 98 52 June^. 6,873 1,156 834 1,854 2,874 100 54 July?. 6,702 1,077 713 1,916 2,837 60 3a. Europe End of period Total A tr u i s a - g B iu el m - m De a n rk - l F a i n n d - France G Fe e d r . m o R f a e n p 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 e e n - 1959 534 56 18 57 54 30 38 7 19 1960 717 65 13 9 32 82 34 33 17 8 28 1961 767 20 11 23 42 165 35 54 27 11 35 1962 877 32 14 30 68 186 54 27 35 19 18 1963—July. 877 28 10 51 63 132 69 37 34 44 25 Aug.. 954 26 9 49 65 159 85 37 35 52 33 Sept. 919 28 11 51 69 146 70 37 35 45 32 Oct.. 964 26 11 49 66 151 81 41 34 38 33 Nov. 989 27 11 49 65 170 82 36 41 29 36 Dec. 928 26 13 52 70 121 97 33 40 26 30 1964—Jan.. 943 25 13 53 74 160 96 40 39 26 25 Feb.. 991 30 15 69 80 165 95 42 34 24 25 Mar.. 932 28 15 69 85 123 83 43 33 27 23 Apr.. 996 29 12 75 86 135 85 47 34 25 29 May. 1,022 30 15 63 92 158 90 38 35 25 29 June35 1,156 31 16 63 86 135 114 45 41 28 32 July** 1,077 29 17 65 79 114 100 46 34 31 31 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u e r y - U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o te e p r r e n 4 U.S.S.R. E E O u as r th t o e e p r r e n - Total Argen- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1959 38 47 121 3 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 1,606 181 171 186 131 17 408 1963—July., 69 47 187 17 21 1,669 200 192 171 146 18 448 Aug.. 71 44 204 16 21 1,698 198 199 170 176 18 448 Sept.. 75 47 196 13 19 1,699 187 210 179 169 18 454 Oct.., 91 42 229 7 20 1,694 183 183 186 180 18 445 Nov.. 78 23 262 10 22 1,688 184 172 192 185 18 443 Dec, 70 48 225 7 23 1,742 188 163 187 208 18 465 1964—Jan... 79 36 200 23 1,761 179 170 184 218 17 468 Feb... 74 50 208 11 23 1,753 175 166 184 219 17 477 Mar.. 77 46 191 14 23 1,777 176 155 182 222 16 494 Apr.. 81 25 240 17 25 1,815 180 147 192 226 17 516 May . 76 23 250 24 24 1,795 175 141 186 230 17 511 June*5 85 42 341 27 22 1,854 171 147 191 246 17 540 93 52 285 26 22 1,916 174 147 187 251 16 575 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 INT'L CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O l L e ic t . p h s A u e 6 . b r - m B B m u a & d e h a r a s a - - * A N S n n u e a t & i m t r l h i l - e . s A O L ic m a t a h t e i e 7 n r r - Total C M la h a n i i n d n a - ]C lo o n n g g India I n n e d s o ia - Israel 1959 18 36 47 247 57 4 57 586 2 10 6 14 I960 23 44 57 234 55 8 66 1 052 2 9 9 i 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—July 29 106 96 96 113 29 14 11 2,128 2 12 16 29 Aug.. 30 104 93 99 112 31 1C 10 2,051 2 11 19 28 Sept.. 30 103 86 102 109 33 9 11 2,147 2 11 20 t 28 Oct... 33 103 92 103 116 31 15 2,166 2 11 18 30 Nov.. 33 98 82 106 121 33 i 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 . 41 113 51 125 144 35 13 11 2,825 2 13 23 t 38 June** 44 114 54 128 141 37 12 10 2,874 2 15 21 July?. 40 112 55 140 156 38 11 14 2,837 2 16 20 44 I 3c. Asia—Continued id. Africa 3e. Other countries End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i C ( p v L o o il e n l l o d e g - ) - o M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - ot A he n r - 8 1959 324 1 24 9 15 180 3 1? 2 56 18 21 I960 806 19 7 24 150 3 \\ 3 69 28 24 1961 1,528 4 114 10 34 145 6 10 13 85 29 27 1962 1,740 1 70 9 41 80 2 10 26 137 41 57 1963—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 Sept ,890 16 56 11 43 69 88 2 1 14 29 42 51 44 7 Oct .904 13 63 8 44 72 82 2 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 2 15 25 61 55 47 8 Feb 2,340 30 142 10 58 76 100 1 15 28 55 56 49 8 Mar 2,400 31 150 9 58 77 98 1 17 24 55 44 36 8 Apr 2,394 29 161 8 57 74 102 1 24 56 45 37 8 May 2 421 28 155 7 54 84 98 2 IK 29 49 52 43 9 June* 2,469 27 158 7 57 78 100 1 2 26 52 54 45 9 July*> 2,416 27 174 7 53 78 98 1 2 19 26 50 60 51 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 <5 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

SEPTEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1217 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O i t n io f s f L n t i i c s o t i u a a i - l ns to B — anks Others C s t t o o i i a o n u l n l n g t e d - s c - - e f A o o i a m g c r f n n c a c a f e e d o e c r p e s r s c t - t - 2 . Other 3 Total D w ei e i g t p h n o e f s o r i s t r s - g c F c a n o u o o n a v r m r d i n e t t . m i i c f e g s e i e l s n - . , - Other * paper 2 1959 2,624 2,406 1,309 351 498 460 516 582 217 203 15 I960 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961 5 4,820 4,234 1,660 329 709 622 700 1,874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963 July 5,469 4,833 1,671 136 827 708 741 2,040 381 636 401 176 58 Aue 5,434 4,803 1,759 166 876 717 734 1,961 349 631 407 170 55 Sept 5,458 4,853 1,739 177 840 722 758 2,042 314 605 407 148 49 Oct 5,590 4,896 1,732 153 852 727 773 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 1,915 186 955 774 832 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 ,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 20« 56 May 6,541 5,806 2,146 140 1,140 866 932 2,373 356 734 452 220 62 Junep 6,873 6,066 2,192 165 1,143 884 933 2,438 503 807 494 253 60 JUlyP 6,702 6,019 2,239 168 I 163 908 956 2,402 422 683 419 202 62 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 4 Until 1963 includes foreign government securities, commercial and finance paper. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Total Payable in liabilities Total foreign Total Loans All other currencies 1959 1,545 1 I960 1,698 7 1961 2,034 2 1962 2,160 4 1963—July 2,431 2,431 2,395 36 • 52 AUK 2,472 2,472 2,433 39 • 56 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 Feb 3,107 3,104 2,888 217 2 74 Mar 3,246 3,245 3,030 215 104 Apr 3,276 3,275 3,062 213 145 May 3,297 3,297 3,084 212 154 Junep 3,313 3,312 3,110 202 156 July33 3,364 3,363 3,169 194 174 1 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

1218 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govit. bonds and notes l U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Intl. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - Total and 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—July -10 -3 <y 5 -12 208 192 16 75 117 -41 55 79 -24 All E . 142 105 37 43 -6 225 207 18 45 110 -65 42 43 -1 Sept ......... 83 -4 87 82 5 239 236 4 228 232 —4 44 23 21 Oct 8 3 5 14 -9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 -5 277 254 23 40 62 -22 63 28 34 1964—Jan -5 -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb 30 29 26 3 230 264 -34 51 126 -75 62 36 26 Mar - 27 * -27 -27 299 334 -35 43 40 3 66 36 31 Apr -4 1 -5 4 -8 ^40 %0 -20 70 177 -107 71 50 22 May — 83 -103 20 * 2^1 313 296 16 53 157 -103 62 50 12 Junev .... 12 * 12 1 10 313 297 17 67 112 -44 64 47 17 July^ 8 * 8 2 6 274 350 -76 70 76 £ 61 42 19 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 7. organizations. 2 Includes small amounts of State and local govt. securities. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962—Dec 251 200 51 1963 Aug 705 25 30 275 200 175 163 125 13 25 SeDt. 705 25 30 275 200 175 163 125 13 25 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964 Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 8 25 May 802 50 30 477 1245 158 125 8 25 June 802 50 30 477 1245 152 125 2 25 July 953 50 30 628 1245 152 125 2 25 Aug 1,005 50 30 628 1297 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

SEPTEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1219 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Swit- United Other Total Latin Other Intl. Stocks Bonds France l z a e n r d - K d i o n m g- Europe Europe Canada A i m ca er- Asia Africa i c tr o ie u s n 2 - reg a i n o d nal 1960 252 202 50 38 171 -48 72 234 -45 36 13 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 } 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 *I 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 I 22 1963—July.. 16 8 8 -1 * 20 1 21 -4 * -4 2 Aug... 18 16 1 -2 8 2 4 13 1 -1 2 2 Sept... 4 11 -7 _1 2 9 1 11 -6 -4 1 i 2 Oct... -11 -8 2 -1 -10 15 -2 -11 « 1 t 2 Nov... 31 38 -7 3 6 22 6 36 -14 5 1 2 Dec... 23 21 2 * 3 8 7 18 2 1 1 2 1964—Jan... 13 4 9 -2 -2 -16 8 -12 11 10 1 1 Feb... -34 -26 -9 * -6 -22 4 -25 -10 1 -2 2 Mar... -35 -51 16 -13 -19 5 -25 -5 -10 2 3 Apr... -20 -17 -2 2 -6 -24 3 -27 10 -2 -1 1 May.. 16 3 14 * -21 7 6 -17 9 23 1 1 June P. 17 -6 23 -9 -24 28 -3 -3 10 4 3 2 July*3. -76 -74 -2 -4 -32 -32 * -68 -8 -4 3 1 -4 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) Period Total g I a i r n n o e t - d n l. al c T e f o o o i u g t r n a n - l - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia Africa1 O c tr o t i u h e n s e 2 - r E pe n r d i o o d f Deposits U.S. A G ss o e v ts t . in c E u a s r to m d a y rked tries securitiesi gold 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9,861 1961. — 830 1 -832 -262 -318 -58 -121 -73 1960 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—July.... -65 8 -73 2 -6 -36 -36 1 2 1963—Aug... 177 7,856 13,129 Aug.. -66 -67 -7 -29 2 -34 * 1 Sept... 174 7,945 13,132 Sept.. 16 2 15 -11 -16 16 20 4 2 Oct.... 175 8,241 13,025 Oct.. 36 4 32 10 28 2 -10 1 Nov... 165 8,343 13,048 Nov.. 10 2 8 2 8 2 -5 * Dec... 171 8,675 12,954 Dec... 12 2 10 16 -2 1 -11 1 1964—Jan.... 136 8,740 12,899 1964—Jan... 35 3 32 24 16 1 -10 1 Feb... 155 8,731 12,884 Feb.. -49 1 -49 22 -76 -4 8 1 Mar... 167 8,105 12,775 Mar.. 33 2 31 23 10 1 -4 1 Apr... 166 7,860 12,726 Apr.. -85 -48 -38 24 -44 -14 -5 2 May.. 161 7,892 12,747 May -91 1 -92 8 -93 3 -12 1 June.. 156 8,043 12,795 June? -28 9 -36 13 -49 2 -8 1 4 July... 135 8,201 12,752 July**. 14 4 9 19 6 -13 -5 1 2 Aug... 163 8,247 12,741 1 Not reported separately until May 1963. i U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures include Africa. notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 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 II III IV Ii II III IV Europe: 2 2 2 2 2 5 5 6 8 7 Belsium .... 18 20 23 26 19 24 27 26 21 17 ? 3 2 3 1 6 7 5 8 6 Finland 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 I G N ta r e l e t y h ec e e rlands 2 4 9 6 3 5 0 0 2 5 6 6 2 4 5 6 2 4 6 3 8 2 2 4 82 6 98 1 2 0 7 4 2 1 3 0 9 2 6 1 3 0 1 4 2 3 Norway 12 13 13 14 14 15 15 16 18 18 Portugal 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 7 6 5 5 United Kingdom 110 118 127 100 110 196 201 218 226 224 Yusoslavia 4 3 3 4 6 3 3 3 3 4 Other Western Europe2 2 3 3 1 4 3 4 4 5 USSR * * * 1 * * Other Eastern Europe 3 1 * 1 * 1 2 3 3 3 4 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 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 8 11 58 56 53 60 59 Panama 5 11 17 20 29 13 14 13 13 10 Peru • • 9 A 3 6 8 14 19 19 27 26 Uruguay. . 4 i 3 7 5 4 9 7 Venezuela 25 22 20 33 37 38 36 37 Other L A Republics4 3 11 11 13 10 22 38 40 39 42 Bahamas and Bermuda 5 3 6 3 3 11 12 12 23 Neth Antilles & Surinam 8 9 9 6 6 7 9 10 5 5 Other Latin America 6 15 2 2 4 5 41 11 8 11 10 Total 101 114 119 112 123 382 383 389 415 427 Asia: China Mainland 2 2 2 1 * * Hong Kong 2 2 2 2 4 3 4 4 6 India 8 16 15 14 14 50 49 42 42 39 Indonesia 2 7 2 3 3 4 7 10 5 Israel 1 2 1 1 2 7 7 7 7 Japan 46 43 29 24 23 126 140 130 157 165 Korea • • 3 3 1 1 1 4 4 4 6 5 T Ph ai i w lip a p n ines 4 * 5 7 1 5 1 5 1 1 5 0 1 6 1 1 3 1 9 4 1 3 2 Thailand 4 4 1 2 1 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 1 1 1 3 2 2 3 2 M^orocco 5 * * * 1 2 South Africa . . 6 11 12 10 9 9 8 9 9 8 U A R (Eevort 1 9 10 6 4 12 15 12 11 14 Other Africa* 14 10 8 6 15 18 18 23 Total 5 35 33 25 21 41 42 43 50 Other countries: Australia 10 13 18 17 25 26 28 28 32 33 AHother? 13 4 6 5 4 27 8 7 9 5 Totals 30 17 24 22 30 77 35 35 42 38 International and regional * * * * 1 3 2 2 1 Grand total 626 685 703 641 651 2,173 2,293 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. 6 Until June 1963 includes also the following I atir American Republics: See also NOTE to Table 1. Costa Rica, Ecuador, Haiti, Honduras, Jarraica, Nicaragua, Paraguay, and Trinidad and Tobago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 UJS. BALANCE OF PAYMENTS 1221 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 l 27,044 28,438 I 30,084 31,673 7,416 7,880 7,972 8,405 8,858 Merchandise , 19,459 19,913 j 20,576 21,938 | 4,984 5,459 5,597 5,898 6,087 I M nv il e it s a t r m y 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 I 1 3,8 6 5 5 0 6 3,9 6 8 3 2 4 I i 1,0 1 2 8 6 1 2 97 0 2 6 P 99923 ^ 9 1 9 5 1 5 1,2 2 3 1 1 3 Investment income receipts, Govt... 349 380 i 471 498 i 123 124 125 126 127 Other services 3,990 4,279 j 4,531 4,621 I 1,102 1,119 1,165 1,235 1,200 Imports of goods and services—Total. -23,193 -22,852 -25,021 -26,160 j -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 i -271 -286 -309 -341 -298 Other services -4,483 -4,519 -4,848 -5,125 ! -1,258 1,292 -1,286 -1,289 -1,315 Balance on goods and services 1. 3,851 5,586 i 5,063 5,513 j 1,123 1,374 1,313 1,703 2,178 Remittances and pensions. -672 -705 I -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 -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 -74 13 4. Errors and unrecorded transaction: -772 -998 -1,111 -286 -124 42 -277 73 -108 Balance of A (=1+2+3+4) 3,918 -3,071 -3,605 -3,286 -1,180 1,319 -383 -404 -181 Less: Net seasonal adjustments -367 -107 462 12 -249 Balance of A before seasonal adjustment. -3,918 -3^071 -31605' -3,286 -813 1,212 -845 -416 68 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt transactions—Not seasonally adjusted Total 3,918 3,071 3,605 3,286 813 1,212 845 416 —68 Advance repayments on U S Govt loans ^ . • ... 53 696 681 326 25 34 241 26 54 Advances on U S military exports net -16 5 470 359 20 ^ 105 239 140 Sales of nonconvertible nonmarketable securities,1 251 -43 63 -10 -95 — / — 55 D Fo o r l e la ig r n s e c c u u r r r i e ti n e c s y 8 securities t, 251 -7 3 4 1 5 5 8 -2 1 9 9 - - 4 5 5 0 j - - 5 5 0 Soles of convertible nonmarketable securities i net 702 350 152 175 25 150 125 25 Foreign currency securities 552 225 152 150 25 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable U S Govt bonds and notes 1,738 1,764 670 1,564 323 917 192 132 — 156 International and regional organizations 10 637 407 211 -238 -65 -46 -15 -112 -86 Foreign private holders excluding banks ** -152 81 131 394 76 115 93 110 34 Foreign commercial banks 104 595 -129 438 386 75 -31 8 322 Foreign official holders • 1,149 681 457 970 -74 773 145 126 -426 Change in U.S. monetary reserve assets {increase,—). 2,143 606 1,533 378 32 124 227 -5 -57 IM!F position • 441 -135 626 30 -46 2 59 15 131 -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 Excludes 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. 6 Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 FOREIGN TRADE; MONEY RATES SEPTEMBER 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: jan J.66R 3985 2,037 J.161 J.3T7 31,092 1 422 462 341 3 107 615 Feb 1,712 1,809 32,118 2,029 1,150 1,320 31,497 1,445 562 489 3621 584 Mar 1,751 1,672 31,960 2,078 1,163 1,342 31,487 1,523 588 330 3473 555 Apr I 662 1,795 31.913 2,046 1,152 1,365 31.417 1,542 510 430 3496 504 May 1,585 1,762 1,893 2,052 [,153 1,404 1,420 1 548 432 358 473 504 31,582 1,836 1,785 2,004 311,174 1,351 1,421 1,506 3 408 485 364 498 July 31,689 1,748 1,823 2,114 31,379 1,347 1,458 1 590 3 310 401 365 524 Ann L 689 70* 1,895 L 254 L 508 435 357 387 Seot 1,678 31J908 1,980 1,262 3l!471 1,450 416 3437 530 Oct 1,780 31,523 1,946 1,300 31,312 1,459 480 3211 487 Nov. 1,733 1,725 1.945 1,309 1,425 1,472 424 300 473 Dec .725 31,839 2,049 .315 31,377 1.480 410 3462 569 Quarter: 5,086 5,149 35,063 6,144 3,474 3,989 34,076 4 390 1,612 1,160 3987 1,754 n 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 m 3 5,056 35,359 5,698 3 3,895 34,164 4,416 3 1,161 31,195 1,282 iv 5 238 35,087 5,940 3,924 34,114 4,411 1 314 3973 1 529 Year* 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. OPEN MARKET RATES (Per cent per Canada United Kingdom France Germany, Netherlands Switzer- Fed. Rep. of land Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - a B d ll a e o p n o w o k n a s e i n r t ' c s s e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , * ry D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e 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 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 L.24 2.00 1963—July 3.39 2.91 3.87 3.77 2.98 2.00 5.26 2.63 3.44 2.07 1.92 2.00 Aug 3.64 3.12 3.85 3.71 2.97 2.00 4.10 2.63 2.69 1.78 1.06 2.00 Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 1.11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 1.14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 L.56 2.00 1964—Jan 3.76 3.51 3.91 3.72 3.03 2.00 4.13 2.63 2.69 2.31 1.67 2.00 Feb 3.81 3.57 4.00 3.91 3.10 2.08 4.33 2.63 2.69 2.33 1.88 2.00 Mar 3.88 3.70 4.53 4.30 3.79 3.00 4.98 2.63 3.38 2.88 2.51 2.00 3.75 3.52 4.53 4.30 3.81 3.00 5.03 2.63 3.44 3.00 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 1.78 2.50 June 3.56 3.28 4.64 4.44 3.80 3.00 4.91 2.63 3.31 3.81 1.06 2.50 July 3.60 3.49 4.73 4.57 3.67 3.00 4.83 2.63 3.38 4.26 $.72 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. Fin N a O n T c E e, . " — S F e o c r t io d n es c 1 r 5 ip o ti f o n S u o p f p le r m at e e n s t a to n d B a b n a k c i k n g d a a n t d a , M s o ee n et " a I r n y t er S n ta a t t i i s o t n ic a s l . 4 Rate in effect at end of month. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1964 MONEY RATES 1223 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Aug. 31, 1963 Rate Country 1963 1964 A a u s g . o f 31, Per Month 1964 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina 6.0 Dec. 1957 6.0 4.5 June 1963 4.5 4.0 July 1963 4.25 4.75 4.75 Brazil 10.0 Apr. 1958 10.0 4.0 Feb. 1962 4.0 Canada l 4.0 Aug. 1963 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 6.0 Aug. 1963 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 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 4 .... 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India 5 4.5 Jan. 1963 4.5 Indonesia 9.0 Aug. 1963 9.0 Iran 6.0 Nov. 1960 4 0 4.0 Ireland. 3.94 Aug. 1963 3.98 3.94 4.5 4.62 4.69 4.87 4.87 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 4.5 June 1942 4.5 Netherlands ... 3.5 Jan. 1963 4 0 4.5 4.5 New Zealand 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic 6 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 3.5 Nov. 1962 4.0 4.0 4.0 June 1961 4.0 Sweden 4.0 June 1963 4.5 4.5 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 5.0 5.0 4.5 Dec. 1960 4.5 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; 4 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 dis N co OT u E n . t — s R or a t m es a k sh e o s w a n d v a a r n e c m es a i a n g ly a in th s o t s e e l i a g t i b w le h ic c h o m th m e e c rc e i n a t l r a p l a b p a e n r k a e n it d h / e o r r f a o g r a i a n d st v a s n ec c u es ri ti a e g s a i o n f s t V e g n o e v z t u . e b la o n n d c s o m or p a g n o ie ld s . and 5 per cent on advances govt. securities for commercial banks or brokers. For countries with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1224 FOREIGN EXCHANGE RATES SEPTEMBER 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Aus- Period tralia Austria Belgium Canada Ceylon Denmark Finland France (pound) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) Official Free 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14 482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92 699 21.015 14.484 131.057 220.404 1963 Aug .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 .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 Aug .7075 222.04 3.8725 2.0103 92.690 20.953 14.438 31.059 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 26.402 278.10 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—Aug 25.101 20.962 279.96 16102 .27554 32.647 8.0056 27.712 277.19 SeDt 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 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 Aug 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275.91 Philip- South Africa United Norway pine Portu- Spain Sweden Swit- King- Period (krone) Republic gal (peseta) (krona) zerland dom (peso) (escudo) (pound) (rand) (franc) (pound) 1958 14.008 49.695 3 4900 279 93 2 3810 19 328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 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 £&U 19 353 23 151 280 22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1963—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 .6665 19.262 23.166 279.78 Dec 13.972 3.4874 139.30 . .6666 19.250 23.170 279.65 1964—Jan 13.969 3.4861 139.39 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 1.6664 19 451 23.143 279 90 May 13.992 3.4874 139.45 1.6664 19.464 23.171 279.94 June 13.984 3.4847 139.19 1.6663 19.467 23.172 279.42 July 13.972 3.4796 138.96 1.6663 19.441 23.139 278.97 Aug 13.962 3.4746 138.81 1 6662 19.466 23.145 278.66 i 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 baclc data, see "International * 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 I ratio, the new franc introduced Jan. 1, 1960. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM, MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary GLENN M. GOODMAN, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director ALBERT R. KOCH, Associate Director DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser J. CHARLES PARTEE, Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Adviser HARRY E. KERN, Assistant Director LEWIS N. DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE RALPH A. YOUNG, Director JOHN KAKALEC, Controller J. HERBERT FURTH, Adviser SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser REED J. IRVINE, Associate Adviser OFFICE OF DEFENSE PLANNING SAMUEL I. KATZ, Associate Adviser JOHN E. REYNOLDS, Associate Adviser INNIS D. HARRIS, Coordinator RALPH C. WOOD, Associate Adviser DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director W. M. DAVIS, Acting Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 1226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1227 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. KORSVK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip Code Boston ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York 10045 Philip D. Reed Alfred Hayes James DeCamp Wise William F. Treiber Buffalo ...14240 Whitworth Ferguson Insley B. Smith Philadelphia 19101 Walter E. Hoadley Karl R. Bopp David C. Bevan Robert N. Hilkert Cleveland 44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Edward A. Fink Cincinnati 45201 Howard E. Whitaker Fred O. Kiel Pittsburgh ...15230 William A. Steele Clyde E. Harrell Richmond 23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore 21203 Harry B, Cummings Donald F. Hagner Charlotte ...28201 Clarence P. Street Edmund F. MacDonald Atlanta ...30303 Jack Tarver Malcolm Bryan J. M. Cheatham Harold T. Patterson Birmingham 35202 C. Caldwell Marks Edward C. Rainey Jacksonville 32201 Harry T. Vaughn Thomas A. Lanford Nashville 37203 Andrew D. Holt Robert E. Moody, Jr. New Orleans.......70160 J. O. Emmerich Morgan L. Shaw Chicago ...60690 Robert P. Briggs Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit ...48231 James William Miller Russel A. Swaney St. Louis ...63166 Raymond Rebsamen Harry A. Shuford J. H. Longwell Darryl R. Francis Little Rock ,72203 Carey V. Stabler Fred Burton Louisville 40201 C. Hunter Green Donald L. Henry Memphis ...38101 Frank Lee Wesson E. Francis DeVos Minneapolis ..55440 Atherton Bean Frederick L. Deming Judson Bemis M. H. Strothman, Jr. Helena ...59601 C. G. McClave Clement A. Van Nice Kansas City . 64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver 80217 Robert T. Person John W. Snider Oklahoma City.....73101 James E. Allison Howard W. Pritz Omaha ...68102 Clifford Morris Hardin George C. Rankin Dallas ...75222 Robert O. Anderson Watrous H. Irons Carl J. Thomsen Philip E. Coldwell El Paso ,.79999 Dysart E. Holcomb Roy E. Bohne Houston ,77001 Edgar H. Hudgins J. Lee Cook San Antonio ...78206 Harold D. Herndon Carl H. Moore San Francisco 94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles ,90054 S. Alfred Halgren Clifford H. Watkins Portland ...97208 Graham J. Barbey William M. Brown Salt Lake City... 84110 Howard W. Price Arthur L. Price Seattle 98124 Robert D. O'Brien Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 REPRINTS ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. {From Federal Reserve BULLETIN unless preceded by an asterisk) BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 20 pp. 1963. 8 pp. THE MONETARY SYSTEM OF THE UNITED STATES. THE OPEN MARKET POLICY PROCESS. Oct. 1963. Feb. 1953. 16 pp. 11 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC RECENT INTEREST RATE TRENDS. NOV. 1963. STABILITY. May 1953. 7 pp. 10 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- BANK CREDIT AND MONEY IN 1963. Feb. 1964. print of the U.S. Summary containing a de- 7 pp. scription of revised statistics for all banks in the United States, by class of bank, together SURVEY OF FINANCIAL CHARACTERISTICS OF CONwith revised statistics. Apr. 1959. 94 pp. SUMERS. Mar. 1964. 9 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- STATISTICS ON THE GOVERNMENT SECURITIES CHANGE OPERATIONS AND THE GOLD POOL. Mar. MARKET. Apr. 1961. 8 pp. 1964. 14 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1961. 15 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. FLOWS THROUGH FINANCIAL INTERMEDIARIES. 1961. 3 pp. May 1964. 9 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. BANKING AND MONETARY STATISTICS, 1963. Selected series of banking and monetary statis- FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. tics for 1963 only. Feb., Mar., and May 1964. 1962. 15 pp. 15 pp. FARM DEBT AS RELATED TO VALUE OF SALES. REVISION OF THE MONEY SUPPLY SERIES. June Feb. 1963. 9 pp. 1964. 14 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 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. Aug. 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. Aug. Aug. 1963. 14 pp. 1964. 25 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. TREASURY AND FEDERAL RESERVE FOREIGN EX- 1963. 8 pp. CHANGE OPERATIONS. Sept. 1964. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1153, 1170, 1172 Deposits—continued Agricultural loans of commercial banks, 1164, 1166 Federal Reserve Banks, 1154, 1219 Assets and liabilities (See also Foreign liabilities and Postal savings, 1152, 1159 claims): Discount rates, 1151, 1223 Banks and the monetary system, Discounts and advances by Federal Reserve consolidated, 1159 Banks, 1146, 1154, 1156 Corporate, current, 1184 Dividends, corporate, 1183, 1184 Domestic banks, by classes, 1160, 1164, 1166 Dollar assets, foreign, 1211, 1219 Federal Reserve Banks, 1154 Earnings and hours, manufacturing industries, 1199 Automobiles: Employment, 1196, 1198, 1199 Consumer instalment credit, 1188, 1189, 1190 Production index, 1192, 1193 Farm mortgage loans, 1185, 1186 Federal finance: Bankers' balances, 1165, 1167 Cash transactions, 1174 (See also Foreign liabilities and claims) Receipts and expenditures, 1175 Banks and the monetary system, consolidated Treasurer's balance, 1174 statement, 1159 Federal funds transactions, 1150 Banks for cooperatives, 1179, 1180 Federal home loan banks, 1179,1180, 1187 Bonds (See also U.S. Govt. securities): Federal Housing Administration, 1171, 1185, New issues, 1180, 1181, 1182 1186, 1187 Prices and yields, 1170, 1171 Federal intermediate credit banks, 1179, 1180 Brokers and dealers in securities, bank loans to, Federal land banks, 1179, 1180 1164, 1166 Federal National Mortgage Assn., 1179, 1180, 1187 Business expenditures on new plant and Federal Reserve Banks: equipment, 1184 Condition statement, 1154 Business indexes, 1196 U.S. Govt. securities held by, 1146, 1154, 1156, Business loans (See Commercial and industrial loans) 1176, 1177 Federal Reserve credit, 1146, 1154, 1156 Capital accounts: Federal Reserve notes, 1154, 1157 Banks, by classes, 1160, 1165, 1168 Federally sponsored credit agencies, 1179, 1180 Federal Reserve Banks, 1154 Finance company paper, 1170, 1172 Carloadings, 1196 Financial institutions, loans to, 1164, 1166 Central banks, foreign 1208, 1223 Float, 1146 Coins, circulation of, 1157 Flow of funds, 1204 Commercial banks: Foreign central banks, 1208, 1223 Assets and liabilities, 1160, 1163, 1164 Foreign currency operations, 1154, 1156, 1210, 1218 Consumer loans held, by type, 1189 Foreign deposits in U.S. banks, 1146, 1154, 1159, Number, by classes, 1160 1165, 1168, 1219 Real estate mortages held, by type, 1185 Foreign exchange rates, 1224 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 1164 Banks, 1212, 1214, 1215, 1217, 1219 Weekly reporting member banks, 1166, 1169 Nonfinancial concerns, 1220 Commercial paper, 1170, 1172 Foreign trade, 1222 Condition statements (See Assets and liabilities) Construction, 1196, 1197 Gold: Consumer credit: Certificates, 1154, 1157 Instalment credit, 1188, 1189, 1190, 1191 Earmarked, 1219 Noninstalment credit, by holder, 1189 Net purchases by U.S., 1210 Cosumer price indexes, 1196, 1200 Production, 1209 Consumption expenditures, 1202, 1203 Reserves of central banks and govts., 1208 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 1183, 1184 organizations, 1211 Security issues, 1181, 1182 Stock, 1146, 1159, 1210 Govt. debt (See U.S. Govt. securities) Security prices and yields, 1170, 1171 Gross national product, 1202, 1203 Cost of living (See Consumer price indexes) Currency in circulation, 1146, 1157, 1158 Hours and earnings, manufacturing industries, 1199 Customer credit, stock market, 1171, 1206 Housing starts, 1197 Debits to deposit accounts, 1156 Industrial production index, 1192, 1196 Demand deposits: Instalment loans, 1188, 1189, 1190, 1191 Adjusted, banks and the monetary system, 1159 Insurance companies, 1173, 1176, 1177, 1186 Adjusted, commercial banks, 1156, 1158, 1165 Insured commercial banks, 1162, 1164 Banks, by classes, 1152, 1160, 1168 Interbank deposits, 1152, 1160, 1165 Turnover of, 1156 Interest rates: Type of holder, at commercial banks, 1165 Bond yields, 1170 Deposits (See also specific types of deposits): Business loans by banks, 1169 Adjusted, and currency, 1159 Federal Reserve Bank discount rates, 1151 Banks, by classes, 1152, 1160, 1165, 1168, 1172 Foreign countries, 1222, 1223 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 FEDERAL RESERVE BULLETIN • SEPTEMBER 1964 Interest rates—continued Reserves-—continued Mortgage yields, 1171 Foreign countries and international Open market, 1170, 1222 organizations, 1211 Stock yields, 1170 Member banks, 1146, 1148, 1152, 1165, 1167 Time deposits, maximum rates, 1152 Residential mortgage loans, 1185, 1186, 1187 International capital transactions of the U.S. 1212 Retail sales, 1196 International institutions, 1208, 1210, 1211 Inventories, 1202 Sales finance companies, consumer loans of, 1188, Investment companies, new issues, 1182 1189, 1191 Investments {See also specific types of investments): Saving: Banks, by classes, 1160, 1164, 1167, 1172 Flow of funds series, 1204 Commercial banks, 1163 National income series, 1203 Federal Reserve Banks, 1154, 1156 Savings deposits {See Time deposits) Life insurance companies, 1173 Savings institutions, principal assets, 1172, 1173 Savings and loan assns., 1173 Savings and loan assns., 1173, 1177, 1186 Securities {See also U.S. Govt. securities): Labor force, 1198 Federally sponsored agencies, 1179 Loans {See also specific types of loans): International transactions, 1218, 1219 Banks, by classes, 1160, 1164, 1166, 1172 New issues, 1180, 1181, 1182 Commercial banks, 1163 Silver coin and silver certificates, 1157 Federal Reserve Banks, 1146, 1154, 1156 State member banks, 1162 Insurance companies, 1173, 1186 State and local govts.: Insured or guaranteed by U.S., 1185, 1186, 1187 Deposits of, 1165, 1168 Savings and loan assns., 1173, 1186 Holdings of U.S. Govt. securities, 1176, 1177 New security issues, 1180, 1181 Manufacturers, production index, 1193, 1196 Ownership of obligations of, 1164, 1172, 1173 Margin requirements, 1152 Prices and yields of securities, 1170, 1171 Member banks: Stock market credit, 1171, 1206 Assets and liabilities, by classes, 1160, 1164 Stocks: Borrowings at Federal Reserve Banks, 1148, New issues, 1181, 1182 1154, 1168 Prices and yields, 1170, 1171 Deposits, by classes, 1152 Number, by classes, 1161 Tax receipts, Federal, 1175 Reserve position, basic, 1150 Time deposits, 1152, 1158, 1159, 1160, 1165, 1168 Reserve requirements, 1152 Treasurer's account balance, 1174 Reserves and related items, 1146 Treasury cash, 1146, 1157, 1159 Weekly reporting series, 1166 Treasury currency, 1146, 1157, 1159 Mining, production index, 1193, 1196 Treasury deposits, 1146, 1154, 1174 Money rates {See Interest rates) Money supply and related data, 1158 Unemployment, 1198 Mortgages {See Real estate loans) U.S. balance of payments, 1221 Mutual savings banks, 1159, 1160, 1162, 1172, 1176, U.S. Govt. balances: 1177, 1185 Commercial bank holdings, by classes, 1165, 1168 Consolidated monetary statement, 1159 National banks, 1162 Treasury deposits at Federal Reserve National income, 1202, 1203 Banks, 1146, 1154, 1174 National security expenditures, 1175, 1202 U.S. Govt. securities: Nonmember banks, 1162, 1164, 1165 Bank holdings, 1159, 1160, 1164, 1167, 1172 1176,1177 Open market transactions, 1153 Dealer transactions, positions, and Payrolls, manufacturing, index, 1196 financing, 1178 Personal income, 1203 Federal Reserve Bank holdings, 1146, 1154, Postal Savings System, 1152, 1159 1156, 1176, 1177 Prices: Foreign and international holdings, 1154, Consumer, 1196, 1200 1211, 1219 Security, 1171 International transactions, 1218 Wholesale commodity, 1196, 1200 New issues, gross proceeds, 1181 Production, 1192, 1196 Open market transactions, 1153 Profits, corporate, 1183, 1184 Outstanding, by type of security, 1176, 1177, 1179 Real estate loans: Ownership of, 1176, 1177 Banks, by classes, 1164, 1172, 1185 Prices and yields, 1170, 1171 Mortgage yields, 1171 United States notes, outstanding and in Type of holder, 1185, 1186, 1187 circulation, 1157 Type of property mortgaged, 1185, 1186, 1187 Utilities, production index, 1193, 1196 Reserve position, basic, member banks, 1150 Vault cash, 1146, 1152, 1165 Reserve requirements, member banks, 1152 Reserves: Veterans Administration, 1185, 1186, 1187 Central banks and govts., 1208 Weekly reporting member banks, 1166 Commercial banks, 1165 Federal Reserve Banks, 1154 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 A (c 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