Federal Reserve Bulletin, 1964-10
FEDERAL RESERVE B U LLETIN October 1964 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Guy E. Noyes Daniel H. Brill Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents U.S. Balance of Payments, 1963-64 1233 Yield Differentials in Treasury Bills, 1959-64 1241 Law Department 1261 Announcements 1269 National Summary of Business Conditions 1270 Guide to Tabular Presentation 1272 Financial and Business Statistics, U.S. (Contents on p. 1273) 1274 International Financial Statistics (Contents on p. 1349) 1350 Board of Governors and Staff 1368 Open Market Committee and Staff; Federal Advisory Council 1369 Federal Reserve Banks and Branches 1370 Federal Reserve Board Publications 1371 Index to Statistical Tables 1373 Map of Federal Reserve System Inside back cover Volume go -k Number 10 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
U. 5. Balance of Payments, 1963-64 THE OVER-ALL DEFICIT in the U.S. balance of payments from mid-1963 to mid- ENLARGED TRADE SURPLUS offsets higher capital flows in first half of 1964 1964 was smaller than that for any corresponding period of the preceding 6 years and was less than half the exceptionally large deficit recorded in the period from mid-1962 EXPORTS OF GOODS to mid-1963. A sharp decline in outflows of U.S. private capital reduced the deficit in the second half of 1963. Although outflows of such IMPORTS OF GOODS capital resumed on a large scale in the first half of 1964, they were offset by a marked expansion in the trade surplus and in other net current receipts. For the 12 months end- PRIVATE CAPITAL OUTFLOWS ing last June, the deficit on regular international transactions totaled less than $2 billion, as measured by the decline in U.S. monetary reserves, the rise in U.S. liquid liabilities to foreigners, and receipts from special U.S. Government capital transac- OTHER NET PAYMENTS tions. During the past spring and summer a higher level of imports reduced the trade surplus from the peak level reached in early 1964. On the other hand, there was a marked OVER-ALL BALANCE decline in outflows of short-term capital in July and August. Most of the over-all balance on regular transactions in the first 9 months of 1964 was covered by increases in dollar holdings of commercial banks abroad and other foreign private holders. In contrast, dollar lia- NOTE.—Dept. of Commerce data, seasonally adjusted. Private bilities to foreign official institutions de- capital outflows are net of inflows of foreign capital into other than liquid assets in the United States. Other net payments and the over-all balance exclude receipts from special Government transacclined. In earlier years, larger deficits had tions. 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1234 FEDERAL RESERVE BULLETIN • OCTOBER 1964 been financed mainly by declines in U.S. assisted by shipments to the Soviet Union gold reserves and by increases in dollar lia- and other areas where harvests last year bilities to foreign official institutions. were small. U.S. gold reserves increased by $47 mil- Growth in European economic activity lion in the first 9 months of this year. Other began to slacken early last spring, following elements of U.S. monetary reserves—official the very rapid expansion of the previous holdings of convertible foreign currencies year. This change in the European business and our position in the International Monesituation resulted in part from measures tary Fund—decreased on balance by $370 adopted in some countries to relieve developmillion. This decrease reflected to a large exing pressures on internal prices and on their tent the first active use by this country of its balance of payments positions. Also, growth quota in the IMF: through September the of industrial output was becoming increas- United States had purchased $400 million ingly limited in some cases by smaller in foreign currencies from the Fund, most margins of unutilized capacity and by labor of which was subsequently sold to countries shortages. making repayments to the Fund. U.S. exports to Europe declined during The U.S. balance of payments position the spring as European demands for imthis year represents a marked improvement ported materials diminished. Exports to over that of 5 years ago. Changes in the size Japan also declined during the first half of and composition of U.S. payments and re- 1964 as credit restrictions, adopted in receipts have been large over this period, and some of these changes appear to have been sponse to a deterioration in Japan's balance in the direction of restoring balance of pay- of payments, encouraged a slower rate of ments equilibrium. The payments positions inventory accumulation. of other countries have also undergone sig- Shipments to Latin America and to other nificant changes since 1959. nonindustrialized countries, whose payments positions have strengthened over the past CURRENT ACCOUNT SURPLUS year, continued to rise. As a result, total merchandise exports (excluding shipments The U.S. surplus on goods, services, and covered by military aid and military sales) remittances and pensions reached a record were maintained at an average seasonally seasonally adjusted annual rate of $7.3 biladjusted annual rate of $24.5 billion in the lion in the first half of 1964, almost $3 spring and summer months. billion higher than a year earlier. Both a larger trade surplus and increased net re- Imports. Accelerated expansion of U.S. ceipts from service transactions contributed industrial production beginning late in 1963 to this result. was followed last spring by a new advance Exports. Merchandise exports continued in merchandise imports. Through the first to rise strongly in the second half of 1963 quarter imports had remained at the anand into the first quarter of this year. Ex- nual rate of $17.5 billion reached in midpanding demands abroad—in both industrial 1963. By the summer imports were runand nonindustrial countries—raised exports ning at a rate of $19 billion. This rate of of industrial supplies and capital equipment. imports represented about the same pro- Food exports were also appreciably higher, portion of gross national product as in com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS, 1963-64 1235 parable earlier periods of business expan- Although purchases of foreign securities resion. mained at the reduced levels of the latter About half of the latest rise in imports part of 1963, direct investments abroad conhas been in industrial materials and supplies. tinued to increase. Most of the new upsurge Demands for such supplies from abroad had in outflows of U.S. capital resulted from failed to grow in the second half of 1963, in continued large extensions of long- and parallel with a leveling out in demands for these supplies from domestic sources. Imports of finished consumer goods and of OUTFLOWS off U.S. bank credit remain high machinery, which have shown a strongly in first half of 1964 rising trend for many years, have also in- SHORT-TERM creased further. Services. Net receipts from nonmilitary service transactions entering the balance of payments were one-fourth higher—$0.8 billion, at an annual rate—in the first half of 1964 than in the corresponding period of 1963. Virtually all of this increase resulted from higher receipts from income on U.S. private investments abroad. The increase in these receipts in this period was exceptionally large, in part because dividend distributions by foreign subsidiaries of some U.S. corporations had been delayed during 1963 in anticipation of this year's reduction in U.S. corporate income tax rates. The marked expansion in income from abroad in the form of interest and dividends is a reflection of the extraordinarily rapid NOTE.—Short-term bank loans and acceptance credits to forgrowth in U.S. private investments in foreign eigners reported by U.S. banks; long-term claims on foreigners reported by U.S. banks, adjusted to exclude transfers of certain claims from U.S. corporations in second half of 1963. Data countries in recent years. The value of U.S. shown are semiannual totals. direct investments in foreign branches and subsidiaries, portfolio investments in foreign short-term bank credit and renewed movebonds, and bank loans and other claims on ments of short-term liquid funds to Canada foreigners is estimated to have totaled more and other foreign centers. However, outthan $66 billion at the end of 1963, 60 flows of short-term capital diminished in per cent larger than 5 years earlier. the summer. Bank credit. The net outflow of U.S. bank PRIVATE CAPITAL TRANSACTIONS credit in the first half of 1964 totaled $0.8 Net outflows of U.S. private capital in the first billion, the same as the amount recorded half of 1964, at a seasonally adjusted annual for the previous 6 months. Growth of longrate of $5.5 billion, were as large as the ex- term bank loans was somewhat slower, but ceptional outflows of the first half of 1963. there was a further sharp increase in out- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1236 FEDERAL RESERVE BULLETIN • OCTOBER 1964 flows of short-term bank loans and accept- ings by Japan on acceptance credits in this ance credits. country diminished sharply. Extensions of Outflows of long-term bank credit totaled short-term credits to other foreign borrowers $300 million in the first 6 months of 1964. remained unseasonally high throughout the This was $100 million less than in the last first half of the year. This summer a marked half of 1963, but was still more than twice decline occurred in total net outflows of as large as average rates of net outflow of short-term credits from this country. such loans in earlier periods. The heavier Liquid funds. The reflux of U.S. private demands for these credits have come pri- funds out of short-term investments abroad marily from European countries and Japan. that occurred in the last half of 1963 was In July and August, outflows of these loans replaced early this year by a renewed large continued at the high average rate of the outflow of such funds. Of the reported total first half of the year. outflow of over $0.5 billion in the first half Changes in short-term bank credits to of this year, more than half represented inforeigners have continued to be dominated vestments in time deposits denominated in by trends in Japanese borrowing from U.S. U.S. dollars. These flows, mainly to Canabanks, as shown in Chart 2. Japanese de- dian banks, which sometimes reinvest such mands, which grew substantially during funds in Europe, were particularly heavy 1963 to support the growing volume of in the second quarter as tighter credit con- Japanese trade and economic activity, ditions abroad led to general increases in showed a further increase early this year. European interest rates, including somewhat Beginning in the spring, however, net draw- higher rates on dollar-denominated deposits. Movements of funds abroad into foreign currency assets were also large in the first RENEWED large outflows of U.S. liquid funds half of the year, as shown in Chart 3. Firmer Canadian short-term interest rates around OUTFLOWS the turn of the year possibly contributed to .INTO IDOLLAR ASSETS ABROAD , heavier outflows of such funds to Canada, mainly into finance company paper. In July, however, there was a sizable return flow of these funds to the United States from Canada and Europe. Renewed outflows of U.S. liquid funds in August were moderate. Transactions in foreign securities. Offerings of foreign securities in U.S. markets in the first half of 1964 remained well below the peak volume of a year earlier. U.S. purchases of the new issues placed in this period totaled more than $400 million. Canadian NOTE.—"Into dollar assets abroad" represents changes in short-term claims on foreigners (other than loans, acceptance issues accounted for two-thirds of this credits, and collections outstanding) payable in U.S. dollars as reported by U.S. banks together with changes in short-term claims on the United Kingdom and Canada payable in U.S. dol- amount. lars as reported by U.S. nonfinancial concerns. "Into foreign currency assets" represents changes in all short-term claims on U.S. purchases of outstanding foreign seforeigners payable in foreign currencies as reported by U.S. banks and U.S. nonfinancial concerns. Semiannual totals; first curities remained small and less than U.S. half of 1964, partly estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS, 1963-64 1237 sales during this period. These net disin- FIVE YEARS OF PAYMENTS DEFICITS vestments, shown in Chart 4, were mainly The U.S. payments position has now been a out of foreign equities, as in the last 4 subject of serious concern—both domesmonths of 1963. tically and abroad—for some 5 years. Dur- In August the Congress passed the interest ing this time the underlying payments deequalization tax on new foreign issues officit has been reduced, though this has often fered in this country. This legislation also been obscured by cyclical and other developprovides for the extension of the tax to longments. Meanwhile, there have been signifiterm bank loans, if the President finds that cant and diverse changes in the domestic such loans are being used to circumvent the economy and in the world at large, changes purpose of the legislation. New Canadian which to some extent have altered the nature issues were subsequently exempted from the of the balance of payments problem. tax by administrative action, as had been expected. An extraordinary growth of world trade and incomes has taken place in this 5-year period. The convertibility of major world currencies has been consolidated and further progress achieved in the liberalization of NET U.S. PURCHASES of foreign securities remain small trade and payments. From these developments, too, has ensued a closer integration NET U.S. PURCHASES of world commodity and financial markets. BALANCE ON NEW ISSUES J At the same time, the drive for development AND REDEMPTIONS among the nonindustrialized nations has accelerated and has led to an enlarged flow of economic assistance to these countries from the industrial countries of the world. A Amidst these far-reaching developments, OUTSTANDING> which have helped to resolve some problems FOREIGN SECURITIES while posing new ones, considerable altera- NET U.S. SALES tions of payments positions have taken place. All in all, fundamental imbalances in world trade and payments appear to be much NOTE.—Semiannual totals of Dept. of Commerce quarterly data. smaller now than they were 5 years ago. Changes in U.S. payments. Some of the Since enactment of the law one European ways in which the U.S. payments position dollar bond issue has been floated in the has altered in the past 5 years are illustrated United States, but this was placed with for- in Chart 5. The most striking changes ineign investors. A number of other new for- clude the marked expansion of the trade eign issues, mainly Canadian, have been surplus, the shift from net payments to net scheduled for the autumn, but the total vol- receipts on service transactions, and the exume of such issues scheduled to date has traordinary increase in private capital outbeen moderate. flows. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1238 FEDERAL RESERVE BULLETIN • OCTOBER 1964 tated the shifts in trade balances needed to adjust international payments positions. LARGE NET CHANGES in selected payments items since 1959 Well over half of the improvement in the U.S. trade surplus resulted from transac- NET RECEIPTS tions with Western Europe. The continued expansion of European industrial activity and incomes throughout this period raised U.S. exports to Europe by nearly 60 per cent. Measured from the more cyclically comparable period of the first half of 1960, the rise in these exports still amounted to about one-third. An important element contributing to this result was the stability of prices and costs in the United States at a time when European prices were rising, and the consequent strengthening of the com- GOVT. petitive position of U.S. goods in European CAPITAL markets. U.S. PRIVATE The improvement in service transactions CAPITAL was a reflection of a reduction in net pay- NET PAYMENTS ments on military transactions and the substantially higher receipts from investment in- NOTE.—Dept. of Commerce data, seasonally adjusted. Services (net) includes military transactions and remittances and come mentioned earlier. Military expendipensions. Government capital and the over-all deficit both exclude special Government transactions. The heavy lines around tures abroad have declined slowly over this the bars represent transactions in the first half of 1964, and the shaded area denotes the change from 1959. period; in the first half of 1964 these expenditures, at an annual rate of $2.9 billion, The increase of nearly $5.5 billion in were only $200 million less than 5 years the U.S. trade surplus from 1959 to the first previously. On the other hand, annual sales half of 1964 resulted primarily from an exof military equipment increased by $400 pansion of $8 billion, or nearly 50 per cent, million under contracts negotiated mainly in merchandise exports. About one-third of with European countries. this export expansion, however, occurred The increase:—more than $3 billion at an during 1959 and the first half of 1960, a annual rate—in the net outflow of U.S. priperiod of rapid cyclical upswing in European vate capital from 1959 to the first half of this and Japanese demands. year included a $700 million rise in the rate U.S. imports, which were cyclically high of direct investments in foreign subsidiaries in 1959, nevertheless showed a net rise of and branches of U.S. corporations. The great $2.6 billion, or nearly one-fifth, over the 5bulk of this increase represented higher year period. Growth in U.S. demands for imported goods, accompanying the long and investment outflows into European manusustained expansion of the domestic econ- facturing facilities and petroleum installaomy since early 1961, has contributed to tions. Portfolio investment outflows showed the growing volume of world trade. Growth little net change over this period, partly for in aggregate world trade, in turn, has facili- the reasons mentioned earlier in the discus- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF PAYMENTS, 1963-64 1239 sion of these movements in the first half of 1964. SHIFTS in trade and payments positions abroad The rise of more than $2 billion in short- aiso large since 1959 term capital outflows probably exaggerates . UNITED STATES OTHER INDUSTRIAL NONINDUSTRIAL . the underlying growth of these flows, since COUNTRIES the outflows of the first half of 1964 were I — 6 exceptionally large while those of 1959 were TRADE relatively small. Nevertheless, the growth of BALANCE — 4 these outflows has been substantial, partly — 2 because of the expansion of Japanese de- I Ml + 0 mands for funds in connection with the ex- — 2 pansion of Japan's share in world trade, and CHANGE IN OFFICIAL partly because of the integration of money RESERVES — 4 and credit markets in industrial countries — 6 following the achievement of external con- — 8 vertibility of major world currencies. The — 10 latter development has increased the sensitivity of major money markets to differentials — 12 among countries in credit conditions and — 14 in interest rates. Growth of outstanding bank credit to foreigners and of short-term investments NOTE.—International Monetary Fund data as reported in International Financial Statistics. Trade balances are exports abroad by U.S. banks and nonfinancial con- (f.o.b.) less imports (c.i.f.). Changes in official reserves are measured by changes in official gold and foreign exchange holdcerns arising from these developments has ings and in countries' IMF gold tranche positions except for the United States and the United Kingdom, where changes in liabeen facilitated by the relative ease main- bilities to foreign official holders are also included. U.S. official reserves showed no change in the first half of 1964. Data for the tained in money and credit markets in this first half of 1964, preliminary and without adjustment for seasonal variation. country since 1960 to promote domestic Other industrial countries consist of Western Europe, Canada, and Japan. Nonindustrial countries exclude the Soviet Bloc. economic expansion. At the same time, short-term interest rates in this country have derived from import statistics that include been gradually raised, partly in order to freight and insurance costs. Surpluses would minimize the effects of higher rates abroad be larger, and deficits smaller, if balances on outflows of liquid funds. on goods alone were employed; increases Changes in foreign payments positions. The in the surpluses or deficits would also be converse of the changes in the U.S. pay- larger and smaller, respectively. ments position has been the changes that The counterpart of the enlargement of the have occurred in the payments positions of U.S. trade surplus between 1959 and the other countries. Some indication of these first half of this year was the growth of the changes is provided by movements in trade trade deficit of other industrialized countries, balances and in official reserves. These and principally of Europe. Considering movements are shown in Chart 6 for the trends among countries over the period as United States, for other industrialized coun- a whole, there were increases in trade defitries, and for all other countries. The trade cits for Italy and the United Kingdom, a balances shown, it should be noted, are shift from a trade surplus to a trade deficit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1240 FEDERAL RESERVE BULLETIN • OCTOBER 1964 for France, but a net increase in Germany's Continuing payments problems. The changes trade surplus. Outside the European indus- in the payments positions of the United trial countries, there was a large net increase States and of other countries in recent years, in Japan's trade deficit and a shift from a though large, have not been sufficient to deficit to a surplus in Canada's trading posi- achieve a reasonable equilibrium in internation. tional transactions. Even under the relatively Nonindustrialized countries as a group favorable conditions of the first half of this moved from a trade deficit in 1959 to a year, the U.S. payments deficit was still at an surplus in the first half of 1964. To a very annual rate of around $2 billion. Further large extent, this reflected the growth in large adjustments in flows of trade and of trade surpluses of petroleum producing capital are therefore needed to eliminate recountries. Also, higher prices for primary maining imbalances in world payments. products have increased the export earnings Although considerable progress has been this year of a number of other countries. made in dealing with balance of payments For the latter group of countries, increases problems, through the evolution of new inin export earnings are usually soon followed stitutional arrangements and the closer coby corresponding increases in imports. ordination of national and international Changes in reserve movements have been financial policies, the problem of achieving in the same direction as changes in the these further adjustments remains large and trade balance, but have been of smaller difficult. To assure that the adjustments are magnitude. For industrial countries outside made within a reasonable period of time and the United States, the fact that the shift from within the context of a growing and dynamic accumulation to declines in official reserves world economy will continue to require close was so much less than the deterioration in cooperation among monetary authorities and the trade balance, as shown in Chart 6, governments. This will also be needed even presumably reflected increased net earnings when the payments deficit of the United from service transactions as well as larger States has been eliminated, and when periods inflows of capital from the United States. of moderate U.S. surpluses alternate with For the nonindustrialized countries, the im- periods of moderate deficits, for then new provement in official reserve gains was problems of maintaining equilibrium in insmaller than the improvement in the trade ternational accounts and of the smooth funcbalance, partly because of higher payments tioning of the international payments system by these countries for debt servicing. are certain to arise. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Yield Differentials in Treasury Bills, 1959-64 by Samuel I. Katz SINCE THE MAJOR European currencies may lead to increases or reductions in the became convertible for nonresidents at the dollar holdings of foreign monetary authoriend of 1958, movements of short-term capi- ties (as against those of private dollar holdtal among international financial centers ers) and hence may influence the U.S. gold have played an important role in the world position. monetary system. Investors from all parts This article discusses in general terms of the world—private business corporations interest rate relationships that might influand individuals as well as official institu- ence the investment of liquid funds in shorttions and banks—have be- term (but not long-term) come increasingly willing instruments in U.S. finan- STAFF PAPERS—In addito shift some of their short- cial markets as compared tion to its regular contents, term resources from one the Federal Reserve Bulletin with similar markets in the financial center to another from time to time includes spe- United Kingdom and Canin response to changes in cial papers on economic and ada. Even though arbitrage financial subjects. These pamarket yields. is possible in either governpers, prepared originally for The widespread use of ment or private obligations, the information of the Board the U.S. dollar as a primary of Governors by individuals on this paper is limited to a reserve and trading curren- its staff, are selected for pub- consideration of yields on cy has led the authorities lication because of their gen- Treasury bills, in part bein most countries (outside eral interest. The authors are cause the statistical materesponsible for the analyses the sterling area) to keep rial for bills is readily availand conclusions set forth. the main part of official able, and in part because holdings of foreign ex- bill yields are, for purposes change in U.S. dollar assets. In addition, pri- of international comparison, perhaps the vate banks abroad, including branches of most representative measures of comparative U.S. banks, and corporations both here short-term money rates in these three counand abroad that have been increasing their tries. The discussion covers the period since international activities often hold short-term 1958. balances in dollars, not only in the United The statistics that accompany this article States but also with banks in foreign councompare weekly yields on Treasury bills betries (so-called Euro-dollar deposits). At tween the United States and the United Kingthe same time, U.S. businesses and investors dom and those between the United States also hold some short-term investments deand Canada. These statistics will be pubnominated in foreign currencies. lished regularly in the BULLETIN hereafter. Decisions by holders to shift their re- Currently, weekly figures for April 1964 sources between New York and other financial centers or between the U.S. dollar through early October are given on page and other currencies may affect the U.S. 1364. Back figures on a weekly basis for the balance of payments position. These shifts period beginning with 1959 are reproduced 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1242 FEDERAL RESERVE BULLETIN •' OCTOBER 1964 on pages 1255-60. A brief technical note LIMITATIONS OF TREASURY BILL COMPARISONS describing how the yield differences have Because investors can choose among a been calculated when investments are variety of private obligations as well as covered for forward exchange risks appears on pages 1253 and 1254.1 Treasury bills, international yield differentials for Treasury bills are only one of several important measures of the incentives TREASURY BILLS AND PRIVATE OBLIGATIONS that might induce short-term money flows All international financial centers have well between financial centers. developed markets in a widening range of Flows of private U.S. dollar funds into private and central and local government Canadian markets, as an example, may reshort-term obligations. The Treasury bill spond to differences in rates on finance is the most important money market instru- company paper or on commercial bank ment in the United States, the United King- time deposits in the two countries rather dom, and Canada, but in the postwar period than to yield differentials on Treasury bills. the variety and quantity of private short- Similarly, flows of funds between New York term instruments have increased greatly in and London may reflect changes in yields these countries. on local-authority or hire-purchase deposits In the United States, the negotiable time or on deposit rates for U.S. dollars in Loncertificate of deposit has been developed in don as compared with the yields on negotirecent years, and the growth of use of such able time certificates of deposit in the United established instruments as bankers' accept- States. For December 10-17, 1963, for exances and commercial paper (that is, prom- ample, the spread between a U.K. hireissory notes of prime borrowers, including purchase deposit and U.S. finance company finance companies) has continued. In Can- paper rates was about 70 basis points, while ada, fairly broad markets have emerged that on Treasury bill rates was near zero. within the past 10 years not only for Treas- But despite the increasing role of private ury bills but also for commercial and finance instruments in both domestic and internacompany paper. In the United Kingdom, de- tional markets, the Treasury bill market conposits with hire-purchase (instalment credit) tinues to occupy a central role among the institutions and, in the past few years, de- short-term credit markets in New York, posits with local government units now com- London, and Toronto. For purposes of inpete with such traditional short-term assets ternational comparison in particular, the bill as bankers' and trade acceptances. Further- rate is considered to be the best indicator of more, banking institutions in the United money market rates in these three financial Kingdom, Canada, and elsewhere often offer centers, although this does not mean that into pay higher rates of interest for U.S. cur- ternational flows of funds are to be found rency deposits than banks in the United chiefly in Treasury bills. States offer. A major reason for the central role of the Treasury bill is the substantial volume 1 The statistics presented with this paper were pre- of domestic trading in these bills each day, pared by Mr. Martin Barrett of the Foreign Research which makes the rate on them the most Division of the Federal Reserve Bank of New York and by Mr. Carl H. Stem of the European and widely quoted of all short-term rates. British Commonwealth Section of the Board's Di- As compared with the Treasury bill, other vision of International Finance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1243 money market obligations are less homoge- Because participants in foreign exchange neous, and their markets are more restricted. operations have this choice, significance at- Their quotations are less readily available, taches to the relationship between the interand the selection of a representative price est rate differentials in two centers on the may often be somewhat arbitrary. Much of one hand and the margin between spot and the time, moreover, changes in rates on forward exchange rates on the other. short-term private instruments tend to ac- In fact, the proposition has long been held company changes in rates on Treasury bills.2 that, when currencies are fully convertible and conditions are normal, the margin be- INTEREST RATES AND FORWARD tween spot and forward quotations for one EXCHANGE MARGINS currency in terms of a second will tend to Movements of short-term funds among inbe closely related to the differentials in international centers help to smooth the operterest rates between the two centers. More ation of a system of convertible currencies specifically, the difference between the foralthough, on occasion, they may have disward and spot exchange quotations for any turbing effects upon financial markets. Such currency in terms of a second (expressed in movements may bring the costs of comparaterms of per cent per annum) should roughly ble types of credit—and the levels of shortoffset the difference between representative term interest rates in general—more closely short-term interest rates in the two centers. into alignment in various centers. In addi- Other things being equal, any significant tion, they may have a substantial influence gap between the forward exchange margin upon exchange rates for major currencies. and the yield differential between two cen- The concept of "interest parities." When a ters on comparable investments provides an bank sells a foreign currency to a customer incentive for profitable arbitrage by invesfor future delivery, it may cover its committors. If, as an illustration, the 3-month ment in one of two ways: (a) it may con- Treasury bill had a yield of 4 per cent in tract to buy the currency at the future date; London and only 2 per cent in New York, or (b) it may buy the currency immediately, the dollar price of the 3-month forward that is, make a spot purchase. Since the bank pound should be below the price of the spot can usually put at interest in the foreign pound by an amount equivalent to a 2 per center any spot exchange it may buy, its cent yield on an annual basis. Should the choice between these alternatives may well forward pound actually be below the spot be based on whether the difference between pound by an amount equivalent to a per the amount of interest to be earned in the annum difference of 1 per cent, an investor foreign center and that on a domestic incould earn 1 per cent more on his money by vestment is greater (or less) than the existshifting funds from New York to London on ing discount or premium on the forward a covered basis. price of the foreign currency (compared This mechanism would cause the forward with the spot price). quotation for the currency of a center with 2 In theory, the differentials between yields on high interest rates to be below the spot quo- Treasury bills and those on private obligations in tation, that is, at a discount, and the forward any financial center should tend to equalize the differences in risks, in transactions costs, and in liquidity; rate for the currency in the low interest-rate in practice, however, special factors may produce country to be at a premium, that is, above significant variations over time in the yield spread between the Treasury bill and private debt obligations. the spot rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1244 FEDERAL RESERVE BULLETIN ' OCTOBER 1964 But the very act of shifting funds into the In the process of adjustment, an early higher-yielding center is an influence tending change in the forward exchange margin to reduce the assumed net (covered) (offsetting a change in interest rates) can differential in its favor. In our example, the itself restore balance between net yields on arbitrageur would buy pounds spot and use comparable short-term debt instruments in them to purchase Treasury bills in London; two centers, even though absolute differat the same time, he would sell forward the ences in the levels of interest rates remain. pounds he would receive when the bills In this way, the absolute levels of international interest rates can differ substantially, matured. These two exchange transactions in response to local economic conditions, would tend to widen the discount on the forwithout necessarily inducing undesired inward pound and thus to narrow the net yield ternational flows of capital. differential on Treasury bills. In fact, if it were not for the exchange The incentive to make arbitrage transrisks that induce investors to sell forward actions would remain until the discount on the proceeds of their foreign currency inthe forward pound approached the 2 per vestments, interest rates would have to be cent differential in bill rates. When the disclosely aligned in international centers count approximately offsets the interest dif- (when currencies were convertible and priferential, the forward exchange rate is said vate funds were free to move). If they were to be at "interest parity," at least with renot so aligned, there would presumably be spect to Treasury bills. At the various ina tendency for funds to move to centers with terest parities (that is, where the forward high interest rates at any time when signifidiscount or premium offsets interest differcant differences in rates prevailed. But conentials on comparable money market oblitinued shifting of this kind would, at some gations between two centers), temporary point, require the monetary authorities in shifts of funds are not profitable. those countries that were losing private Effect of interest changes on forward ex- capital to raise domestic money rates as a change rates. When an abrupt change occurs protective measure. in the Treasury bill yield in one center, the Because of the desirability of covering effect on the forward exchange quotation the exchange risk, however, demand for for that country's currency is often marked forward cover can widen the exchange marand immediate. In many cases the spread gin enough to offset the gross differences in between the forward and spot rates moves interest rate levels. In this way, fluctuations promptly in the opposite direction, because in forward exchange rates reduce the likeliof the changed expectations of participants hood that the monetary authorities in finanin the foreign exchange market, and this may cial centers may be forced to adjust local happen before there is time for any volume market interest rates to developments in forof short-term funds to be shifted. As a con- eign markets, to the exclusion of domestic sequence, changes in the forward discount business considerations. (or premium)—rather than international Other factors affecting forward rates. But movements of funds—may be a key balanc- many factors other than differences in intering factor in bringing interest and exchange est rates affect the demand for and supply rates between two centers into alignment. of forward exchange, and from time to time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1245 these are a predominant influence upon for- those on U.K. bills and between U.S. and ward rates. Among them are cyclical, and Canadian yields, as shown in the charts on even seasonal, deterioration in a country's pages 1246 and 1247. This has been true, balance of payments; domestic inflation; or whether the differences are measured with or other adverse economic or political devel- without the cost of forward cover. opments, perhaps of a temporary character. As would be expected, the differentials Or, no less important, uncertainties about are much greater when the bill yields alone the future value of a currency may exert are compared than they are when the cost of effects on forward exchange quotations that forward cover is included. The periods when are unrelated to relative interest rates. gaps between the U.S. Treasury bill rate and Even in circumstances when forward rates the rates for U.K. and Canadian bills were are not determined primarily by such inde- substantial may be summarized as follows: pendent factors as these, the effects of inter- Without forward cover: est rate differences may be limited because U.K. rate Early 1960 to mid-1962 of obstacles to the shifting of funds from (Much of 1959 one center to another. In many countries Canadian rate <Late I960 and early 1961 (June-Nov., 1962 exchange controls and other regulations still With forward cover: impede the international mobility of private capital. TT K rate i Mid-1960 to early 1961 (Mid-1961 In addition, changes in the liquidity of commercial banks, and of private institu- Canadian rate -|^ J^n * A /Late 1960 and early 11f9tO61 tions and individuals, may affect their re- The periods of substantial gap without exsponse to more favorable profit opportunichange cover do not always coincide with ties abroad. Commercial banks may decide the periods when the covered spreads are to employ available liquid funds in domesappreciable. On some occasions a wide gap tic transactions, and individual investors in the uncovered yield seems to have been may prefer a domestic investment because offset by changes in forward rates, as the it would be less costly to liquidate before concept of interest parity would suggest; maturity, in case of need. in these circumstances there was no covered Finally, there are cost, risk, and even tax differential. On other occasions an appreciconsiderations associated with a decision to able covered gap has existed. invest abroad. Usually a significant differen- The large differentials in comparative bill tial in net return is required to induce invesyields without forward cover, which are tors to shift from a domestic to a foreign shown in Chart 1, appear to have been due asset. In each instance, the individual inveschiefly to two principal factors. In the first tor must balance the additional return place, business trends in this country have against the disadvantages of placing his differed from those in the United Kingdom funds in a foreign center. and in Canada, and these differences in INTERNATIONAL DIFFERENCES IN timing of the economic cycle have tended to TREASURY BILL YIELDS: 1959-64 produce diverging tendencies in gross in- From time to time over the past 5 years, terest levels. The contrasting trend in bill there have been substantial differences be- rates in the United States and the United tween yields on U.S. Treasury bills and Kingdom in the first half of 1960 reflected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1246 FEDERAL RESERVE BULLETIN • OCTOBER 1964 3 - MONTH TREASURY BILL NEW YORK RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING SPREAD IN FAVOR OF LONDON FORWARD RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER IN FAVOR OF LONDON IN FAVOR OF NEW YORK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1247 3 - MONTH TREASURY BILL RATES UNITED STATES RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR SPREAD IN FAVOR OF CANADA —^w^cr^A— : l iy M ' 'I / 'j"\ J \ FORWARD RATE [.,.' k DISCOUNT RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER IN FAVOR OF CANADA IN FAVOR OF NEW YORK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1248 FEDERAL RESERVE BULLETIN • OCTOBER 1964 this. The second cause of variations in in- Diverging U.S.-U.K. cyclical trends in 1960. terest rates can be found in balance of pay- Throughout most of 1959, parallel business ments deteriorations. These caused the trends here and in Britain helped to keep authorities in Canada in 1962 and those in Treasury bill levels in the two countries close the United Kingdom in 1960 and again in together, both on a covered and on an un- 1961 to raise their discount rates and to use covered basis. The net covered differential other monetary measures as part of their was 50 basis points or less on 52 out of the general stabilization efforts to defend the 53 Fridays in 1959, as Chart 2 shows. foreign exchange value of their respective The substantial yield gap that emerged currencies. during 1960 reflected opposite trends in In addition, special conditions in Cana- business activity in the two countries. Credit dian financial markets, rather than diverging conditions diverged gradually during the business trends, produced a wide gap be- early part of 1960, but a dramatic spread tween Canadian and U.S. bill yields on two developed around midyear. On January 21 occasions: in mid-1959 when a rapid loan the Bank of England raised its discount rate expansion was under way, and in late 1960 from 4 to 5 per cent. A further rise—to 6 when there was a general advance in yields per cent—came on June 23. By contrast, in Canadian markets. rates in this country were moving down. But differing trends in uncovered bill Earlier in June the Federal Reserve discount yields among these three countries would rate was reduced from 4 to 3Y2 per cent, not have produced significant gaps in net in the process of a cyclical easing of credit covered yields had forward exchange rates market conditions, and to 3 per cent in midbeen influenced primarily by interest rate August. considerations. The existence of a covered spread, whether the uncovered gap in bill yields is small or appreciable, would indicate the impact of noninterest factors on forward exchange rates. Periods of weakening in the balance of payments, for example, often produced unusual movements in forward exchange rates, which were themselves responsible for a temporary widening in net (covered) interest differentials. There was a net differential of 2 per cent per annum against the British bill in mid-1961 when the pound was under selling pressures. And there was a spread of over 1 per cent per annum in its favor in the latter half of 1960, when funds were being shifted into London financial markets, in part because market participants were concerned about the U.S. payments situation at that time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1249 The spread in bill yields for several gram was announced on July 25, 1961. As months thereafter was the widest recorded one part of this program, the Bank of Engfor the period under review. The British bill land's discount rate was raised from 5 to rate exceeded the U.S. bill rate by 3 per- 7 per cent. The Treasury bill rate jumped centage points during 11 weeks in 1960 and from 4.63 per cent on July 21 to 6.69 per 14 weeks in 1961. Even after allowing for cent on August 4. the cost of forward exchange, the gap ex- The various stabilization measures and ceeded 1 percentage point during 20 weeks the international credits announced at the in 1960. time produced a dramatic change in Britain's Wide spreads in both short- and long-term economic position. Commercial bank loans interest rates between London and New declined sharply during August and Septem- York produced a substantial inflow of ber. And more normal conditions returned money to London in the second half of to the foreign exchange market. 1960, largely from North America and By early October, in fact, balance of pay- Western Europe. These inflows masked the ments conditions had improved sufficiently effect on Britain's reserves of the deteriora- for the authorities to take steps to reduce tion in the underlying trade account, which short-term rates from the exceptionally high was brought on by booming demand at levels then prevailing. The discount rate was home and a building up of stocks of im- reduced successively to 6V2 per cent on ported goods. These flows also reflected October 5 and to 6 per cent on November concern about prospects for U.S. external 2; and then during 1962 to 5Vz per cent payments at that time. on March 8, 5 per cent on March 22, and Late in 1960 the British authorities pro- AV2 per cent on April 26. ceeded to ease money rates because they Special conditions in Canadian markets in thought that the continuing large move- 1959. From February to August of 1959, ments of volatile funds to London were not yields on Canadian bills advanced rapidly, in the interest of the United Kingdom. In and those on U.S. Treasury bills remained this process the Bank of England reduced almost stable. The wide margin in favor of its discount rate to 5Vi per cent on Octo- the Canadian Treasury bill reflected difber 27 and to 5 per cent on December 8. ferences in financial conditions rather than Interest rates in London during foreign ex- differences in business trends—for output change crisis of 1961. Weakness in Britain's was advancing steadily in a general recovery external position became evident in the in both countries. Financial markets were aftermath of the revaluations of the German under greater pressure in Canada in this mark and the Netherlands guilder in March period than they were in the United States. 1961. Britain's exports had not increased During the preceding year, 1958, a large enough to strengthen its balance of pay- monetary expansion had occurred in Canada ments or to improve market opinion about in the course of a massive debt refunding the outlook for the pound. The forward operation by the Canadian government. The pound weakened in May and June, and money supply (currency and total deposits) there were reports of large movements of expanded by 16 per cent from August 1957 private funds out of London. to October 1958, and the banks greatly Because of the deteriorating external enlarged their government security holdings. position, a sweeping stabilization pro- During 1959 a rapid expansion of loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1250 FEDERAL RESERVE BULLETIN • OCTOBER 1964 began. Customers drew upon lines of credit the remainder of 1959; this factor, together authorized by the banks, both before and with a sharp rise in the U.S. bill yield from after the business recovery got under way. around 3 per cent in early August to 4.50 To finance this expansion, the banks sold per cent in December shifted the advantage government securities. At the same time from the Canadian to the U.S. bill. the Canadian government was raising funds Spread in Canadian-U.S. yields in late 1960. in credit markets to finance a large deficit. Conditions in Canadian financial markets Canadian banks sought during this period again produced a wide gap in bill yields in to slow down the growth in their loans. By late 1960. The relative strength of the formid-August, when pressures reached their ward Canadian dollar may also have repeak, bank loans were $1,200 million, or flected concern about trends in the U.S. bal- 23 per cent, above the year-earlier level. ance of payments. The pressures on credit availabilities— An abrupt shift in conditions in Canadian stemming from: (1) bank sales of securities financial markets in early October of that to finance the growth in loans, (2) efforts year produced a rapid rise in the yield on by the authorities to meet the Treasury's Canadian Treasury bills. This temporary cash needs, and (3) the attempts by the rise was part of a rapid and general advance central bank to damp down the pace of in Canadian interest rates during the fourth credit expansion—converged on the Treas- quarter, brought on by a reluctance of inury bill market during the spring of 1959. vestors to purchase medium-term and long- As a result, the bill yield moved upward term bonds in quantity at prevailing market throughout the second quarter, from 3.78 yields. At the time, yields on both Governper cent in mid-February to around 5.00 per ment bonds and on Treasury bills moved cent in mid-June. rapidly upward. Bill yields in Canada climbed further in These pressures proved short-lived, how- July. Strains in the bill market reached a ever, and Canadian market yields began to climax when a record 6.16 per cent rate was move down in late 1960. By mid-1961, in announced at the August 13 tender. In an fact, the yield on the Canadian bill was once unusual action the Canadian authorities re- again close to the U.S. bill rate. fused to accept tenders for all the bills on Canadian balance of payments crisis in offer at the August 20 tender and reduced mid-1962. The yields on U.S. and Canadian the amount of bills on offer for the next week bills again diverged in mid-1962 when debecause "the recent rise in interest rates on velopments in the foreign exchange market Treasury bills had gone farther and faster —rather than cyclical credit demands or than conditions warrant." On these grounds, disturbances in Canadian financial markets they rejected bids on 23 per cent ($31 mil- —produced a sharp rise in rates on Canalion) of the original tender. For the remain- dian Treasury bills. der the average yield was 6.04 per cent. In the first half of 1962 the Canadian After that, strains in the Canadian bill balance of payments deteriorated as the net market relaxed and the bill yield gradually inflow of long-term capital into Canada virdeclined. However, in the aftermath of the tually ceased and Canadian residents inmid-August crisis the forward Canadian creased their short-term foreign currency dollar continued to show weakness during holdings by $245 million. Between early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1251 January and June 24, Canada's official re- Canadian and U.S. bill yields have moved serves fell from (U.S.) $2,056 million to closely together. (U.S.) $1,100 million. A crisis in foreign exchange markets fol- DEVELOPMENTS SINCE 1962 lowed this deterioration in the balance of Between 1959 and mid-1962, diverging ecopayments. Conditions in other financial mar- nomic developments on occasion produced kets became unsettled. Upward pressures on wide variations in conditions in financial market yields became general in late May markets in the three countries considered in and in June, when both the chartered banks this paper, and short-term rates also diand nonbank investors reduced their hold- verged. Since late 1962, rates in the three ings of government securities. countries have moved more closely together. On June 24 the Canadian authorities in- After European countries achieved nontroduced a comprehensive program of emer- resident convertibility for their currencies at gency measures to end the reserve losses and the end of 1958, a continuing integration of to defend the Canadian dollar at 92.5 U.S. international short-term money markets was cents, the new fixed par value introduced to be expected. This development implied on May 2. The setting of the discount rate of not only closer relationships among markets the Bank of Canada at 6 per cent was among in the United States, the United Kingdom, the important steps taken in the stabilization and Canada but also a gradual integration effort. Also included were measures to re- of continental European financial markets duce foreign payments and steps to curtail with those in these three countries. The redomestic spending. In addition, the author- moval of many restrictions on movements of ities announced some $1.05 billion of inter- short-term funds and on foreign borrowing, national financial assistance from the United and the development in London and else- States, the United Kingdom, and the Inter- where of a substantial market for the bornational Monetary Fund. rowing and lending of U.S. dollars, helped Shortly after the emergency program was to accelerate this process of international announced, yields throughout the whole integration. maturity range of Canadian government se- During this period the monetary authoricurities leveled off at around 5.5 per cent in ties in the principal western countries furmid-July. Then, toward the end of the sum- thered the integration trend. With most curmer, market interest rates began to ease. rencies convertible for nonresidents—and Once under way the decline was rapid, and in the case of Canada, with a fixed par value by September the Treasury bill rate had de- for the currency restored—these authorities clined to 5 per cent. The Bank of Canada's recognized that international considerations discount rate was then rapidly brought down had to be accorded somewhat greater weight in several steps: to 5Vi per cent on Septem- in making decisions about short-term interber 7, to 5 per cent on October 12, and to 4 est rates than formerly. per cent on November 13. In the United States, where the balance After late November and in much of of payments has been a consideration, at- 1963, the yield on Treasury bills was around tempts were made to maintain or raise short- 3.60 per cent. Following the advances in term rates without at the same time putting U.S. bill rates in June 1963, in fact, the direct pressure on long-term rates. On the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1252 FEDERAL RESERVE BULLETIN • OCTOBER 1964 other side, some European countries with other intergovernmental measures of interpayments surpluses and with strong domes- national cooperation. tic business expansion were cautious in their These official efforts have contributed to use of monetary restraints on domestic mar- the process by which financial markets have kets, so as to avoid unwanted inflows of tended to draw more closely together during short-term capital. the past few years. Nonetheless, it is highly To this end also, special reserve require- significant that the recent confluence of ments against foreign deposits were set up, short-term money rates also reflects the aband a wide range of direct measures were sence of economic stresses such as those that used to discourage, or to prohibit altogether, produced wide differentials in rates between short-term capital flows from abroad. 1959 and 1962. Finally, the monetary authorities in the The severe balance of payments stresses western countries have attempted to achieve experienced in 1961 and in 1962 have not closer international financial cooperation recurred. Nor has there been any marked and greater payments stability through joint divergence in business trends between the consultation in such bodies as the Interna- United States and other western countries tional Monetary Fund, the Organization for such as those experienced in 1960. Since Economic Cooperation and Development, 1963, the steady expansion in business acthe Bank for International Settlements and, tivity in the United States has been accomrecently, in the meetings of financial officials panied by parallel tendencies in Canada and of the major industrial countries in the in western European countries. Group of Ten. In addition, the monetary These circumstances have been favorable authorities have worked out reciprocal cur- to the efforts of western monetary authorirency agreements and other central banking ties to link more closely the principal intercredits, the international gold pool, and national financial markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1253 TECHNICAL NOTE The treasury bill yields and foreign ex- day (the quotation is actually received in change quotations used in computing the in- New York before 9:00 a.m. New York terest arbitrage data shown on pages 1255- time) and is adjusted from a 365-day to a 60 are quotations that prevailed in the 360-day basis to be comparable with yields financial markets at the times and dates indi- on the 360-day U.S. bill. For example, on cated. The foreign exchange quotations used October 9, 1964, the rate for the U.S. bill to compute the forward discount or premium was 3.56 per cent, compared with the adare those that prevailed in the interbank justed rate of 4.53 per cent for the U.K. bill. market in New York as reported to the Fed- The gross incentive was 97 basis points in eral Reserve Bank of New York by market favor of London. sources. Quotations to bank customers nor- Computation of the premium or discount mally would differ from these interbank on the forward pound sterling is currently rates. based on 11:00 a.m. quotations for spot Hence, the interest arbitrage incentives and forward sterling in the New York marshown in these tables provide only an ap- ket. Continuing our example, spot sterling proximate indication of the covered differ- was 278.33 U.S. cents bid and 278.35 U.S. ences in treasury bill yields in the specified cents offered, and 3-month forward sterling markets. They do not precisely coincide, for was 277.79 U.S. cents bid and 277.83 U.S. example, with quotations of covered yields cents offered on October 9, 1964. The midon the offer sheets of U.S. commercial banks dle rate between the bid and offer quotafor Canadian and British Treasury bills. tions is computed for both spot and forward A further source of differences between sterling. As the following formula shows, the yields shown in the tables and those some- difference between these two middle rates is times quoted in the market is that the U.K. computed as a percentage of the middle rate and Canadian Treasury bill yields have been for spot to obtain the 3-month discount on adjusted in this series to make them more forward sterling. The resulting figure, multicomparable with quotations in the New plied by four, gives the annual figure. York market. This results in a change of 278.34^ — 277.8 H some 3 to 8 basis points in the yields and X 4 = 0.760% per annum 278.34^ gives yields that are somewhat more comparable than the unadjusted market quota- The covered interest arbitrage computation on the U.K. Treasury bill compared tions. However, it means that yields cited with the U.S. Treasury bill for October 9, here will not match those shown on market 1964, is figured as follows: offer sheets, where such an adjustment usually is not made. (Per cent per annum) The U.S. Treasury bill yield currently U.K. Treasury bill 4.53 used in the arbitrage calculations is com- U.S. Treasury bill 3.56 Difference 0.97 puted from the quotation at 11:00 a.m. on Discount on forward pound 0.76 the latest issue of 91-day bills offered in the Net yield in favor of London 0.21 New York market. The U.K. bill yield is A similar, though somewhat more comcurrently computed from quotations on bills plicated, computation must be made for the offered in the London market on the same Canadian Treasury bill. The Canadian bill Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1254 FEDERAL RESERVE BULLETIN • OCTOBER 1964 is quoted not only on a 365-day year, but offered at 92.969 cents, the midpoint being also on a "true yield" basis and not on the 92.938 cents. The discount on the forward discount basis used in the U.S. market. On Canadian dollar was 0.198 per cent on a October 9, 1964, for example, the Canadian yearly basis. The covered interest arbitrage bill was quoted at 3.67 per cent in Canada. computation on the Canadian Treasury bill Converted for arbitrage purposes to a dis- compared with the U.S. Treasury bill on that count basis and to a 360-day year, the yield date is then calculated as follows: becomes 3.59 per cent per annum, or about 3 basis points above the U.S. bill. In the (Per cent per annum) foreign exchange market, the spot Canadian Canadian Treasury bill 3.59 U.S. Treasury bill 3.56 dollar was bid at 92.969 cents and offered Difference 0.03 at 93.000 cents in New York, the midpoint Discount on forward Canadian being 92.984 cents. Similarly, the 3-month dollar 0.20 Net yield in favor of forward dollar was bid at 92.906 cents and New York .17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1255 TABLE 1. ARBITRAGE ON U.S. AND U.K. TREASURY BILLS Treasury bill rites Premium Treasury bill rates Premium (+)or Net (+)or Net U.K. discount incentive Date U.K. discount incentive Date (adj. to Spread (-)on (favor of (adj. to Spread (-)on (favor of U.S. U.S. (favor of forward London) U.S. U.S. (favor of forward London) quotation London) pound quotation London) pound basis) basis) 1959—Jan. 2.. 3.11 2.65 .46 -.27 .19 1960—Mar. 4.. 4.48 3.60 .88 -.21 .67 9.. 3.10 2.68 .42 -.63 -.21 11.. 4.52 3.61 .91 -.33 .58 16.. 3.07 2.86 .21 -.31 -.10 18.. 4.55 3.39 1.16 -.49 .67 23.. 3.07 2.86 .21 -.36 -.15 25.. 4.56 2.75 1.81 -.64 1.17 30.. 3.07 2.64 .43 -.44 -.01 Apr. 1.. 4.56 2.92 1.64 -.74 .90 Feb. 6.. 2.96 2.42 .54 -.33 .21 8.. 4.59 3.09 1.50 -1.04 .46 13.. 2.96 2.66 .30 -.31 -.01 15.. 4.60 3.45 1.15 -.80 .35 20.. 3.05 2.55 .50 -.36 .14 22.. 4.59 3.30 1.29 -.87 .42 27.. 3.24 2.72 .52 -.41 .11 29.. 4.59 3.08 1.51 -.90 .61 Mar. 6.. 3.25 2.85 .40 -.30 .10 May 6.. 4.61 3.03 1.58 -.83 .75 13.. 3.25 2.74 .51 -.37 .14 13.. 4.50 3.35 1.15 -.78 .37 20.. 3.24 2.65 .59 -.43 .16 20.. 4.50 3.20 1.30 -.76 .54 27.. 3.25 2.65 .60 -.54 .06 27.. 4.50 3.13 1.37 -.73 .64 Apr. 3.. 3.25 2.84 .41 -.54 -.13 June 3.. 4.50 2.60 1.90 -.77 1.13 10.. 3.16 2.94 .22 -.68 -.46 10.. 4.55 2.47 2.08 -.83 1.25 17.. 3.19 3.11 .08 -7.3 -.65 17.. 4.62 2.28 2.34 -1.12 1.22 24.. 3.24 2.92 .32 -7.3 -.41 24.. 5.60 2.36 3.24 -1.80 1.44 May 1.. 3.25 2.82 .43 -.69 -.26 July 1.. 5.49 2.16 3.33 -1.65 1.68 8.. 3.26 2.74 .52 -.55 -.03 8.. 5.46 2.31 3.15 -1.82 1.33 15.. 3.26 2.65 .61 -.39 .22 15.. 5.33 2.31 3.02 -2.02 1.00 22.. 3.29 2.80 .49 -.37 .12 22.. 5.30 2.30 3.00 -2.28 .72 29.. 3.33 2.94 .39 -.21 .18 29.. 5.36 2.15 3.21 -2.05 1.16 June 5.. 3.38 3.17 .21 -.17 .04 Aug. 5.. 5.42 2.10 3.32 -1.84 1.48 12.. 3.40 3.25 .15 -.34 -.19 12.. 5.39 2.11 3.28 -1.96 1.32 19.. 3.40 3.17 .23 -.29 -.06 19.. 5.39 2.35 3.04 -2.15 .89 26.. 3.40 3.23 .17 -.37 -.20 26.. 5.39 2.42 2.97 -2.14 .83 July 3.. 3.40 3.16 .24 -.28 -.04 Sept. 2.. 5.39 2.54 2.85 -2.16 .69 10.. 3.40 3.28 .12 -.04 .08 9.. 5.39 2.53 2.86 -2.29 .57 17.. 3.40 3.34 .06 -.04 .02 16.. 5.39 2.45 2.94 -2.33 .61 24.. 3.40 2.92 .48 -.10 .38 23.. 5.33 2.45 2.88 -2.23 .65 31.. 3.43 2.97 .46 -.13 .33 30.. 5.52 2.26 3.26 -1.92 1.34 Aug. 7.. 3.43 2.99 .44 -.11 .33 Oct. 7.. 5.42 2.45 2.97 -1.95 1.02 14.. 3.43 3.20 .23 -.03 .20 14.. 5.39 2.45 2.94 -1.98 .96 21.. 3.43 3.50 -.07 + .01 -.06 21.. 5.18 2.04 3.14 -1.80 1.34 28.. 3.44 3.61 -.17 + .14 -.03 28.. 4.93 2.04 2.89 -1.56 1.33 Sept. 4.. 3.44 3.90 -.46 + .32 -.14 Nov. 4.. 4.72 2.17 2.55 -1.59 .96 11.. 3.44 3.97 -.53 + .59 .06 11.. 4.70 2.41 2.29 -1.53 .76 18.. 3.43 4.07 -.64 + .63 -.01 18.. 4.50 2.34 2.16 -1.48 .68 25.. 3.42 3.94 -.52 + .51 -.01 25.. 4.50 2.35 2.15 -1.18 .97 Oct. 2.. 3.44 3.98 -.54 + .59 .05 Dec. 2.. 4.47 2.26 2.21 -1.07 1.14 9.. 3.39 4.10 -.71 + .46 -.25 9.. 4.34 2.18 2.16 -1.01 1.15 16.. 3.37 4.16 -.79 + .66 -.13 16.. 4.19 2.21 1.98 -.97 1.01 23.. 3.37 3.98 -.61 + .63 .02 23.. 4.19 2.18 2.01 -1.00 1.01 30.. 3.34 3.98 -.64 + .66 .02 30.. 4.19 2.14 2.05 -.94 1.11 Nov. 6.. 3.32 3.94 -.62 + .77 .15 1961—Jan. 6.. 4.19 2.25 1.94 -.99 .95 13.. 3.34 4.01 -.67 + .77 .10 13.. 4.13 2.24 1.89 -.99 .90 20.. 3.35 4.12 - .77 + .71 -.06 20.. 4.03 2.24 1.79 -.92 .87 27.. 3.35 4.26 -.91 + .70 -.21 27.. 4.03 2.14 1.89 -.86 1.03 Dec. 4.. 3.48 4.50 -1.02 + .72 -.30 Feb. 3.. 4.00 2.26 1.74 -.81 .93 11.. 3.53 4.44 -.91 + .68 -.23 10.. 4.19 2.35 1.84 -.88 .96 18.. 3.59 4.52 -.93 + .57 -.36 17.. 4.19 2.35 1.84 -.88 .96 25.. 3.64 4.44 -.80 + .74 -.06 24.. 4.25 2.50 1.75 -1.04 .71 30.. 3.64 4.35 -.71 + .64 -.07 Mar. 3.. 4.32 2.47 1.85 -1.07 .78 I960—Jan. 8.. 3.70 4.59 -.89 + .57 -.32 10.. 4.32 2.39 1.93 -1.35 .58 15.. 3.73 4.42 -.69 + .57 -.12 17.. 4.35 2.30 2.05 -2.00 .05 22.. 4.49 4.16 .33 .33 24.. 4.35 2.26 2.09 -2.28 -.19 29.. 4.48 3.85 .63 -\i .56 31.. 4.35 2.37 1.98 -2.13 -.15 Feb. 5.. 4.49 3.80 .69 -.11 .58 Apr. 7.. 4.35 2.26 2.09 -1.92 .17 11.. 4.49 3.81 .68 -.27 .41 14.. 4.32 2.27 2.05 -1.65 .40 19.. 4.48 4.00 .48 -.27 .21 21.. 4.35 2.19 2.16 -1.71 .45 26.. 4.49 4.13 .36 -.14 .22 28.. 4.22 2.25 1.97 -1.82 .15 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1256 FEDERAL RESERVE BULLETIN • OCTOBER 1964 TABLE 1. ARBITRAGE ON U.S. AND U.K. TREASURY BILLS—Continued Treasury bill rates Premium Treasury bill rates Premium (+)or Net (+)or Net U.K. discount incentive U.K. discount incentive Date (adj. to Spread (-)on (favor of Date (adj. to Spread (-)on (favor of U.S. U.S. (favor of forward London) U.S. U.S. (favor of forward London) quotation London) pound quotation London) pound basis) basis) 1961—May 5.. 4.22 2.16 2.06 -1.85 .21 1962—July 6.. 3.76 2.89 .87 -.81 .06 12.. 4.16 2.19 1.97 -1.78 .19 13.. 3.76 2.95 .81 -.88 -.07 19.. 4.22 2.28 1.94 -1.71 .23 20.. 3.83 2.89 .94 -.85 .09 26.. 4.28 2.40 1.88 -1.75 .13 27.. 3.76 2.87 .89 -.65 .24 June 2.. 4.28 2.35 1.93 -1.92 .01 Aug. 3. . 3.70 2.81 .89 -.75 .14 9.. 4.32 2.34 1.98 -2.09 -.11 10.. 3.64 2.80 .84 -.81 .03 16.. 4.35 2.29 2.06 -2.55 -.49 17.. 3.64 2.81 .83 -.75 .08 23.. 4.38 2.27 2.11 -3.07 -.96 24.. 3.64 2.80 .84 -.61 .23 30.. 4.38 2.24 2.14 -3.68 -1.54 31.. 3.64 2.79 .85 -.62 .23 July 7.. 4.38 2.28 2.10 -4.25 -2.15 Sept. 7.. 3.61 2.75 .86 -.59 .27 14.. 4.41 2.20 2.21 -3.87 -1.66 14.. 3.58 2.75 .83 -.51 .32 21. . 4.47 2.15 2.32 -3.05 -.73 21.. 3.58 2.73 .85 -.57 .28 28.. 6.54 2.17 4.37 -4.08 .29 28.. 3.51 2.72 .79 -.59 .20 Aug. 4. . 6.41 2.26 4.15 -3.99 .16 Oct. 5. . 3.50 2.73 .77 -.58 .19 11.. 6.29 2.39 3.90 -4.06 -.16 12.. 3.48 2.74 .74 -.65 .09 18.. 6.35 2.43 3.92 -4.16 -.24 19.. 3.64 2.69 .95 -.57 .38 25.. 6.47 2.34 4.13 -3.85 .28 26.. 3.73 2.71 1.02 -.32 .70 Sept. 1.. 6.35 2.33 4.02 -3.94 .08 Nov. 2.. 3.73 2.76 .97 -.42 .55 8.. 6.29 2.27 4.02 -4.01 .01 9.. 3.67 2.78 .89 -.39 .50 15.. 6.35 2.26 4.09 -4.12 -.03 16.. 3.67 2.81 .86 -.42 .44 22.. 6.32 2.22 4.10 -4.03 .07 23.. 3.61 2.81 .80 -.55 .25 29.. 6.35 2.23 4.12 -3.90 .22 30.. 3.58 2.84 .74 -.45 .29 Oct. 6.. 5.92 2.27 3.65 -3.41 .24 Dec. 7. . 3.51 2.82 .69 -.45 .24 13.. 5.80 2.35 3.45 -3.23 .22 14.. 3.48 2.82 .66 -.49 .17 20.. 5.80 2.27 3.53 -2.96 .57 21.. 3.48 2.87 .61 -.61 27.. 5.55 2.28 3.27 -2.81 .46 28.. 3.61 2.88 .73 -.42 !3*i Nov. 3.. 5.24 2.25 2.99 -2.74 .25 1963— Jan. 4.. 3.45 2.86 .59 -.45 .14 10.. 5.24 2.40 2.84 -2.72 .12 11.. 3.36 2.86 .50 -.51 -.01 17.. 5.24 2.50 2.74 -2.51 .23 18.. 3.36 2.89 .47 -.55 -.08 24.. 5.24 2.53 2.71 -2.59 .12 25.. 3.36 2.91 .45 -.59 -.14 Dec. 1. . 5.21 2.50 2.71 -2.81 -.10 Feb. 1 . . 3.32 2.91 .41 -.74 -.33 8.. 5.18 2.54 2.64 -2.80 -.16 8. . 3.36 2.93 .43 -.69 -.26 15.. 5.18 2.58 2.60 -2.97 -.37 15.. 3.29 2.90 .39 -.67 -.28 22.. 5.21 2.57 2.64 -2.62 .02 21. . 3.29 2.86 .43 -.75 -.32 29.. 5.21 2.64 2.57 -2.57 Mar. 1. . 3.29 2.87 .42 -.77 -.35 1962—Jan. 5.. 5.27 2.70 2.57 -2.79 -.22 8.. 3.26 2.86 .40 -.83 -.43 12.. 5.27 2.72 2.55 -2.61 -.06 15.. 3.26 2.85 .41 _ 1.14 -.73 19.. 5.15 2.67 2.48 -2.49 -.01 22.. 3.67 2.88 .79 —1.28 -.49 26.. 5.09 2.63 2.46 -2.51 -.05 29.. 3.61 2.90 .71 - 1.33 -.62 Feb. 2.. 5.09 2.66 2.43 -2.55 -.12 Apr. 5.. 3.61 2.89 .72 _ 1.14 -.42 9.. 5.27 2.69 2.58 -2.70 -.12 11.. 3.54 2.88 .66 —1.21 -.55 16.. 5.37 2.81 2.56 -2.67 -.11 19.. 3.54 2.87 .67 —1.15 -.48 23.. 5.37 2.69 2.68 -2.58 .10 26.. 3.61 2.87 .74 -.89 -.15 Mar. 2.. 5.37 2.65 2.72 -2.59 .13 May 3.. 3.61 2.87 .74 -.70 .04 9.. 4.96 2.74 2.22 -2.41 -.19 10.. 3.58 2.89 .69 -.73 -.04 16.. 4.74 2.70 2.04 -2.47 -.43 17.. 3.51 2.88 .63 -.71 -.08 23.. 4.32 2.65 1.67 -2.07 -.40 24.. 3.51 2.93 .58 -.75 -.17 30.. 4.28 2.74 1.54 -1.97 -.43 31.. 3.56 2.97 .59 -.65 -.06 Apr. 6.. 4.22 2.70 1.52 -1.81 -.29 June 7.. 3.54 2.97 .57 -.64 -.07 13.. 4.19 2.70 1.49 -1.91 -.42 14.. 3.51 2.96 .55 -.62 -.07 20.. 4.13 2.70 1.43 -1.70 -.27 21.. 3.58 2.96 .62 -.49 .13 27.. 3.97 2.71 1.26 -1.50 -.24 28.. 3.58 2.97 .61 -.50 .11 May 4.. 3.92 2.71 1.21 -1.29 -.08 July 5.. 3.67 3.01 .66 -.46 .20 11. . 3.83 2.64 1.19 -1.08 .11 12.. 3.67 3.19 .48 -.38 .10 18.. 3.73 2.65 1.08 -1.08 19.. 3.64 3.15 .49 -.27 .22 25.. 3.67 2.67 1.00 -.66 ".34 26.. 3.64 3.18 .46 -.32 .14 June 1.. 3.64 2.67 .97 -.74 .23 Aug. 2.. 3.64 3.21 .43 -.31 .12 8.. 3.64 2.61 1.03 -.74 .29 9.. 3.54 3.27 .27 -.33 -.06 15.. 3.61 2.70 .91 -.88 .3 16.. 3.58 3.31 .27 -.20 .07 22.. 3.73 2.69 1.04 -.82 .22 23.. 3.58 3.35 .23 -.15 .08 29.. 3.79 2.87 .92 -.82 .10 30.. 3.58 3.38 .20 -.12 .08 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1257 TABLE 1. ARBITRAGE ON U.S. AND U.K. TREASURY BILLS—Continued ! Treasury bill rates Treasury bill rates Premium Premium Date q K ( U A u i U o n n d t g j . i a . S t d e t . i o t d o o m n U S n ta i t t e e s d L ( S f o a p v n r o d e r a o d n o ) f f d ( ( p o i + - s r o ) w c ) u o o o n a n u r r d d nt i L ( n f o a c N v n en o d e t r t o i v n o e ) f Date q K ( U A u i U o n n d t g j . i a S . t d e t . i o t d o o m n U S n ta i t t e e s d L ( S f o a p v n r o d e r a o d n o ) f f d ( ( p o i + - o r s w ) c ) u o o o n a n u r r d d nt i L ( n f o a c N v n e o n d e t r t o i v n o e ) f basis) basis) 1963—Sept. 6 3.58 3.32 .26 -.02 .24 1964—Apr. 3 4.16 3.50 .66 -.77 -.11 13 3.58 3.34 .24 -.02 .22 10 4.16 3.44 .72 -.76 -.04 20 3.62 3.38 .24 -.05 .19 17 4.16 3.45 .71 -.76 -.05 27 3.54 3.34 .20 -.15 .05 24 4.16 3.43 .73 -.76 -.03 Oct. 4 3.48 3.42 .06 -.22 -.16 May 1 4.16 3.43 .73 -.76 -.03 11 3.48 3.42 .06 -.35 -.29 8 4.16 3.47 .69 -.76 -.07 18 3.61 3.47 .14 -.29 -.15 15 . 4.25 3.45 .80 -.77 .03 25 3.61 3.43 .18 -.23 -.05 22 4.25 3.45 .80 -.79 .01 29 4.25 3.46 .79 -.76 .03 Nov. 1 3.63 3.46 .17 -.25 -.08 8 3.61 3.53 .08 -.21 -.13 June 5 4.32 3.45 .87 -.66 .21 15 3.61 3.52 .09 -.22 -.13 12 4.32 3.46 .86 -.60 .26 22 3.61 3.48 .13 -.17 -.04 19 4.32 3.46 .86 -.57 .29 29 3.61 3.47 .14 -.16 -.02 26 4.34 3.45 .89 -.49 .40 Dec. 6 3.64 3.49 .15 -.17 -.02 July 3 4.34 3.46 .88 -.57 .31 13 3.61 3.49 .12 -.14 -.02 10 4.34 3.45 .89 -.54 .35 20...... 3.61 3.51 .10 -.13 -.03 17 4.44 3.39 1.05 -.50 .55 27 3.61 3.50 .11 -.16 -.05 24, 4.50 3.43 1.07 -.73 .34 31 4.50 3.44 1.06 -.67 .39 1964—Jan. 3 3.61 3.51 .10 -.24 -.14 10 3.61 3.52 .09 -.35 -.26 Aug. 7 4.50 3.47 1.03 -.72 .31 17 3.61 3.52 .09 -.31 -.22 14 4.50 3.48 1.02 -.67 .35 24 3.61 3.49 .12 -.35 -.23 21 4.50 3.48 1.02 -.60 .42 31 3.61 3.48 .13 -.31 -.18 28 4.50 3.48 1.04 -.64 .40 Sep st Feb. 7 3.64 3.49 .15 -.44 -.29 4.50 3.48 1.02 -.62 .40 14 3.64 3.50 .14 -.45 -.31 4.50 3.50 1.00 -.66 .34 21 3.64 3.51 .13 -.45 -.32 18 4.50 3.52 .98 -.72 .26 28 4.16 3.56 .60 -.69 -.09 25 4.50 3.52 .98 -.75 .23 Mar. 6 4.16 3.52 .64 -.66 -.02 Oct. 2 4.50 3.53 .97 -.75 .22 13 4.16 3.53 .63 -.65 -.02 9 4.53 3.56 .97 -.76 .21 20 4.16 3.52 .64 -.71 -.07 16 27 4.16 3.52 .64 -.71 -.07 23 . 1 NOTE.—U.K. Treasury bills {adjusted to U.S. quotation basis): Premium or discount on the forward pound sterling: Rates per annum, Rates in London for 91-day bills, which are quoted on a 365-day computed on the basis of the midpoint quotation (midpoint between discount basis (i.e., interest equals 365/91 X 100 minus the dis- bid and offer) for both spot and forward pounds sterling in New count price divided by 100), adjusted to make them more comparable York. Rates are those at noon on Friday for the period Jan. 2, with the U.S. Treasury bill yield, which is computed on a 360-day dis- 1959-Dec. 27, 1963; and at 11 a.m. on Friday thereafter. count basis (i.e., 1=360/91 X 100 —discount price divided by 100). All series: Except for rates on U.K. Treasury bills through June 24, Rates are average Friday tender, Jan. 2, 1959-June 24, 1960; there- 1960 (which are from the Economist), all series are based on quotations after computed from market offer quotations prior to 11 a.m. Friday. reported to the Federal Reserve Bank of New York by market U.S. Treasury bills: Market offer rates at 11 a.m. Friday in New York for 91-day bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1258 FEDERAL RESERVE BULLETIN • OCTOBER 1964 TABLE 2. ARBITRAGE ON U.S. AND CANADIAN TREASURY BILLS (Per cent per annum) Treasury bill rates Treasury bill rates Premium Premium Canada (+)or Net Canada (+)or Net discount incentive discount incentive Date Spread (-)on (favor of Date Spread (-)on (favor of Adj. to United (favor of Cana- Canada) Adj. to United (favor of Cana- Canada) Quoted U.S. States Canada) dian Quoted U.S. States Canada) dian in quotation dollar in quotation dollar Canada basis Canada basis 1959 1960 Jan. 2.... 3.49 3.41 2.64 .77 -.42 .35 Mar. 3.... 4.57 4.46 3.89 .57 -.34 .23 8.... 3.25 3.18 2.73 .45 -.39 .06 10.... 4.34 4.23 3.63 .60 -.53 .07 15 3 36 3 29 2 90 39 — 54 — 15 17 4.02 3.93 3.40 53 — 53 22".'.'.! 3^46 3'.38 2>0 '.48 -!39 !09 24'.'.'.'. 3.41 3.33 2.76 !57 -'.53 .04 29.... 3.28 3.21 2.69 .52 -.39 .13 31.... 3.01 2.95 2.88 .07 -.27 -.20 Feb. 5.... 3.37 3.30 2.66 .64 -.16 .48 Apr. 7.... 3.24 3.17 2.92 .25 -.15 .10 12 3 57 3 49 2 67 82 — 43 39 14 3.58 3.50 3.50 + 04 .04 19.... 3.78 3.69 2.63 1.06 -.55 .51 21.... 3.50 3.42 3.28 .14 + .04 .18 26 4.07 3.97 2.75 1.22 — .82 .40 28 3.26 3.19 3.18 .01 .01 Mar. 5.... 4.06 3.96 2.82 1.14 -.78 .36 May 5.... 2.82 2.76 3.05 -.29 -.04 -.33 12 4 05 3 95 2 80 1 15 — 70 45 12 2.67 2.62 3.30 -.68 -.68 19.... 4.22 4.12 2.72 1.40 -1.01 .39 19.... 2.99 2.93 3.55 -.62 + .24 -.38 26.... 4.30 4.20 2.74 1.46 -.89 .57 26.... 3.01 2.95 3.25 -.30 + .04 -.26 Apr. 2.... 4.33 4.23 2.83 1.40 -.81 .59 June 2 2.92 2.86 2.94 -.08 + .24 .16 9 4 42 4 31 2 93 1.38 — 1.31 .07 9 . 2.65 2.60 2.60 + 16 .16 16.... 4.61 4.50 3.11 1.39 -.66 .73 16.... 2.71 2.65 2.17 .48 + .28 .76 23.... 4.72 4.60 2.96 1.64 -1.62 .02 23.... 2.98 2.92 2.34 .58 + .16 .74 30.... 4.76 4.64 2.76 1.88 -1.77 .11 30.... 3.07 3.00 2.08 .92 .92 May 7 . 4.91 4.78 2 78 2.00 -1.74 .26 July 7.. 3.17 3.10 2.23 .87 .87 14.... 5.05 4.92 2.74 2.18 -1.77 .41 14.... 3.24 3.17 2.40 .77 .77 21.... 5.05 4.92 2.82 2.10 -1.42 .68 21.... 3.19 3.12 2.30 .82 -.35 .47 28.... 4.90 4.77 2.86 1.91 -1.31 .60 28.... 2.92 2.86 2.18 .68 -.39 .29 June 4 5.08 4.95 3.17 1.78 -1.50 .28 Aug. 4.... 2.83 2.77 2.13 .64 -.04 .60 11 5.17 5 03 3 25 1.78 -1.34 .44 11.... 2.91 2.85 2.16 .69 .69 18.... 5.22 5.08 3.18 1.90 -1.34 .56 18.... 2.66 2.61 2.32 .29 -.04 .25 25.... 5.11 4.98 3.24 1.74 -1.38 .36 25.... 2.25 2.21 2.46 -.25 -.23 -.48 July 2.... 5.01 4.88 3.17 1.71 -1.75 -.04 Sept. 1.... 2.01 1.97 2.54 -.57 + .23 -.34 9.... 5.06 4.93 3.29 1.64 -1.99 -.35 8.... 2.09 2.05 2.50 -.45 + .16 -.29 16.... 5.19 5.05 3.35 1.70 -1.84 -.14 15.... 2.07 2.03 2.55 -.52 + .35 -.17 23.... 5.41 5.26 3.01 2.25 -1.54 .71 22.... 1.68 1.65 2.44 -.79 + .39 -.40 30.... 5.47 5.32 2.99 2.33 -1.76 .57 29.... 1.70 1.67 2.34 -.67 + .35 -.32 Aug. 6 5.73 5.57 3.00 2.57 -1.96 .61 Oct. 6.... 2.20 2.16 2.43 -.27 + .39 .12 13.... 6.16 5.98 3.20 2.78 -2.48 .30 13.... 2.48 2.43 2.59 -.16 + .35 .19 20.... 6.04 5.87 3.48 2.39 -2.85 -.46 20.... 2.87 2.81 2.21 .60 + .12 .72 27.... 5.33 5.19 3.58 1.61 -2.06 -.45 27.... 3.03 2.97 2.12 .85 + .04 .89 Sept. 3.... 5.64 5.49 3.96 1.53 -2.18 -.65 Nov. 3.... 3.22 3.15 2.18 .97 + .12 1.09 10.... 5.80 5.64 3.96 1.68 -2.25 -.57 10.... 3.21 3.14 2.38 .76 -.16 .60 17.... 5.88 5.72 4.13 1.59 -2.13 -.54 17.... 3.48 3.40 2.44 .96 -.24 .72 24.... 5.60 5.45 3.97 1.48 -2.01 -.53 24.... 3.77 3.68 2.37 1.31 -.49 .82 Oct. 1.... 5.50 5.35 4.04 1.31 -1.89 -.58 Dec. 1.... 3.95 3.86 2.31 1.55 -.47 1.08 8.... 5.25 5.11 4.02 1.09 -1.52 -.43 8.... 3.70 3.62 2.26 1.36 -.82 .54 15.... 5.01 4.88 4.18 .70 -1.74 -1.04 15.... 3.69 3.61 2.20 1.41 -.39 1.02 22.... 4.93 4.80 3.93 .87 -1.82 -.95 22.... 3.46 3.38 2.22 1.16 -.99 .17 29.... 5.02 4.89 3.97 .92 -1.52 -.60 29.... 3.25 3.18 2.11 1.07 -.68 .39 Nov. 5.... 4.83 4.71 3.97 .74 -1.10 -.36 1961 12.... 4.88 4.76 4.00 .76 -.95 -.19 19.... 4.91 4.78 4.18 .60 -.76 -.16 Jan. 5.... 3.34 3.27 2.22 1.05 -.49 .56 26.... 4.86 4.74 4.23 .51 -.90 -.39 12.... 3.18 3.11 2.23 .88 -.37 .51 19.... 3.22 3.15 2.25 .90 -.62 .28 Dec. 3.... 4.93 4.80 4.53 .27 -.95 -.68 26.... 3.04 2.98 2.16 .82 -.43 .39 10.... 5.02 4.89 4.38 .51 -.99 -.48 17.... 4.98 4.85 4.45 .40 -1.18 -.78 Feb. 2.... 3.13 3.06 2.29 .77 -.31 .46 24.... 5.03 4.90 4.42 .48 -1.18 -.70 9.... 3.10 3.03 2.33 .70 -.31 .39 31.... 5.12 4.99 4.30 .69 -1.13 -.44 16.... 2.86 2.80 2.40 .40 -.12 .28 23.... 3.11 3.04 2.52 .52 -.18 .34 1960 Mar. 2.... 3.21 3.14 2.55 .59 -.12 .47 Jan. 7.... 5.14 5.01 4.64 .37 -.76 -.39 9.... 3.21 3.14 2.39 .75 + .06 .81 14.... 4.82 4.70 4.45 .25 -.57 -.32 16.... 3.16 3.09 2.33 .76 + .12 .88 21.... 4.66 4.54 4.26 .28 -.27 .01 23.... 3.28 3.21 2.22 .99 -.18 .81 28.... 4.60 4.49 3.91 .58 -.46 .12 30.... 3.21 3.14 2.41 .73 — .09 .64 Feb. 4.... 4.76 4.64 3.94 .70 -.53 .17 Apr. 6.... 3.25 3.18 2.36 .82 -.06 .76 11.... 4.75 4.63 3.66 .97 -.46 .51 13.... 3.34 3.27 2.32 .95 — .24 .71 18.... 4.62 4.50 3.97 .53 -.46 .07 20.... 3.32 3.25 2.23 1.02 -.36 .66 25.... 4.61 4.50 4.11 .39 -.38 .01 27.... 3.28 3.21 2.25 .96 -.43 .53 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-64 1259 TABLE 2. ARBITRAGE ON U.S. AND CANADIAN TREASURY BILLS—Continued (Per cent per annum) Treasury bill rates Treasury bill rates Jfremium rTemiurn Canada (+)or Net Canada (+)or Net Date C Q a u i n o n a te d d a q A u b U d o a j t . . s a S i t . t s i o on U S n ta i t t e e s d ( C f S a a p v n r o e a r a d o d a f ) d ( d C i d o s a i l c ) a l n o a n a o u r - s n nti ( C n fa a c v e n n o a r t d i v a o ) e f Date C Q a u n i o n a te d d a q A u b U o d a j t . . s a S i t . t s i o on U S n ta i t t e e s d ( C S fa a p v n r o e a a r d d o a f ) d (\ C i d s d o a c i l \) a o n l n a u a or r n» - n n t i ( C n fa c a v e n o n a r t d i v o a e f ) 1961 July 5.... 5.43 5.28 2.89 2.39 -1.95 .44 May 4.... 3.22 3.15 2.15 1.00 -.49 .51 12.... 5.48 5.33 2.94 2.39 -2.02 .37 11.... 3.20 3.13 2.20 .93 -.55 .38 19.... 5.51 5.36 2.95 2.41 -2.02 .39 18.... 3.16 3.09 2.33 .76 -.55 .21 26.... 5.47 5.32 2.88 2.44 -2.15 .29 25.... 3.17 3.10 2.41 .69 -.49 .20 Aug. 2 5.39 5.25 2.82 2.43 -1.88 .55 June 1 3.14 3.07 2.32 .75 -.55 .20 9.... 5.26 5.12 2.82 2.30 -1.78 .52 8.... 3.05 2.99 2.34 .65 -.43 .22 16.... 5.05 4.92 2.83 2.09 -2.01 .08 15.... 2.60 2.55 2.29 .26 -.49 -.23 23.... 5.12 4.99 2.80 2.19 -1.95 .24 22.... 2.55 2.50 2.29 .21 .25 -.46 30.... 4.95 4.82 2.78 2.04 -2.22 -.18 29.... 2.57 2.52 2.26 .26 -.19 .07 Sept. 6.... 5.07 4.94 2.80 2.14 -1.75 .39 July 6.... 2.63 2.58 2.28 .30 -.51 -.21 13.... 4.98 4.85 2.75 2.10 -1.61 .49 13.... 2.62 2.57 2.23 .34 -.13 .21 20.... 5.06 4.93 2.75 2.18 -2.01 .17 20.... 2.63 2.58 2.18 .40 -.13 .27 27.... 4.99 4.86 2.74 2.12 -1.95 .17 27.... 2.55 2.50 2.22 .28 -.12 .16 Oct. 4.... 4.94 4.81 2.74 2.07 -1.75 .32 Aug. 3.... 2.52 2.47 2.28 .19 -.19 11.... 4.72 4.60 2.74 1.86 -1.68 .18 10.... 2.54 2.49 2.36 .13 -.13 18 4.22 4.12 2.72 1.40 -1.54 — .14 17 2 58 2 53 2 49 .04 .04 25 4.27 4.17 2.72 1.45 — 1.14 .31 24.... 2.51 2.46 2.46 31.... 2.26 2.22 2.33 -.11 -.11 Nov 1 4 16 4 06 2 69 1 37 -1.14 .23 8.... 4.09 3.99 2.80 1.19 -.94 .25 Sept. 7 2.31 2.27 2.29 - 02 - 02 15 3 62 3 54 2 80 74 -.87 — 13 14.... 2.36 2.31 2.29 .02 + .12 .14 22.... 3.82 3^73 2.80 .93 -.74 .19 21.... 2.42 2.37 2.26 .11 + .06 .17 29.... 3.71 3.63 2.84 .79 -.67 .12 28.... 2.59 2.54 2.24 .30 + .06 .36 Dec. 6.... 3.81 3.72 2.82 .90 -.67 .23 Oct. 5.... 2.57 2.52 2.30 22 22 13 3 84 3.75 2 82 .93 — .53 40 12.... 2.57 2.52 2.34 .18 + .12 .30 20.... 3.94 3.85 2.85 1.00 -.60 .40 19.... 2.49 2.44 2.26 .18 + .12 .30 27.... 3.91 3.82 2.84 .98 -.60 .38 26.... 2.50 2.45 2.29 .16 + .12 .28 Nov. 2.... 2.47 2.42 2.25 .17 + .13 .30 1963 9.... 2.34 2.29 2.37 -.08 + .25 .17 Jan. 4.... 3.92 3.83 2.86 .97 -.60 .37 16.... 2.37 2.32 2.54 -.22 + .45 .23 11.... 3.81 3.72 2.86 .86 -.80 .06 23.... 2.42 2.37 2.54 -.17 + .45 .28 18.... 3.87 3.78 2.89 .89 -.87 .02 30.... 2.50 2.45 2.54 -.09 + .26 .17 25.... 3.77 3.68 2.91 .77 -.87 -.10 Dec. 7.... 2.62 2.57 2.57 + .06 .06 Feb. 1.... 3.66 3.58 2.91 .67 -.60 .07 14.... 2.73 2.67 2.57 .10 + .06 .16 8.... 3.68 3.60 2.93 .67 -.60 .07 21.... 2.93 2.87 2.56 .31 + .19 .50 15.... 3.64 3.56 2.90 .66 -.47 .19 28.... 2.99 2.93 2.63 .30 f .06 .36 22.... 3.63 3.55 2.86 .69 -.40 .29 1962 Mar. 1.... 3.65 3.57 2.87 .70 -.80 -.10 8.... 3.60 3.52 2.86 .66 -.74 -.08 Jan. 4.... 3.09 3.02 2.70 .32 -.06 .26 15.... 3.62 3.54 2.85 .69 -.80 -.11 11.... 3.04 2.98 2.78 .20 -.13 .07 22.... 3.60 3.52 2.88 .64 -.53 .11 18.... 3.09 3.02 2.71 .31 -.32 -.01 29.... 3.63 3.55 2.90 .65 -.67 -.02 25.... 3.10 3.03 2.64 .39 -.26 .13 Apr. 5.... 3.59 3.51 2.89 .62 -.26 .36 Feb. 1.... 3.07 3.00 2.71 .29 -.13 .16 12.... 3.46 3.38 2.88 .50 -.37 .13 8.... 3.01 2.95 2.70 .25 -.19 .06 19.... 3.58 3.50 2.87 .63 -.26 .37 15.... 3.06 3.00 2.81 .19 -.26 -.07 26.... 3.68 3.60 2.87 .73 -.26 .47 22.... 3.17 3.10 2.67 .43 -.26 .17 May 3.... 3.61 3.53 2.87 .66 -.43 .23 Mar. 1.... 3.21 3.14 2.66 .48 -.13 .35 10.... 3.33 3.26 2.89 .37 -.20 .17 8.... 3.08 3.01 2.73 .28 -.19 .09 17 3.28 3.21 2 88 .33 .33 15 3 08 3.01 2.73 .28 -f 06 .34 24 . 3.22 3 15 2 93 22 .22 22.... 3!l0 3.03 2.66 .37 + .13 .50 31.... 3.20 3.13 2.97 .16 .16 29 3.12 3.05 2.71 .34 .34 June 7 3.29 3.22 2.97 .25 + .06 .31 Apr. 5.... 3.09 3.02 2.67 .35 .35 14.... 3.19 3.12 2 96 .16 .16 12.... 3.04 2.98 2.75 .23 -.06 .17 21.... 3.20 3.13 2.96 .17 + .13 .30 19.... 3.10 3.03 2.70 .33 -.19 .14 28.... 3.21 3.14 2.97 .17 + .06 .23 26.... 3.07 3.00 2.71 .29 -.19 .10 July 5.... 3.26 3.19 3.01 .18 + .20 .38 May 3.... 3.19 3.12 2.72 .40 -.43 -.03 12.... 3.35 3.28 3.19 .09 + .06 .15 10 3 24 3 17 2.64 .53 — 30 .23 19.. 3.40 3 32 3 15 .17 17 17.... 3.36 3.29 2.68 .61 -.20 .41 26..!. 3.39 3!32 3J8 .14 -.27 -.13 24.... 3.50 3.42 2.68 .74 -.34 .40 31.... 3.52 3.44 2.66 .78 -.27 .51 Aug. 2.... 3.43 3.35 3.21 .14 -.20 -.06 9.... 3.54 3.46 3.27 .19 -.40 -.21 June 7 3.62 3.54 2.64 .90 -.54 .36 16.... 3.63 3.55 3.31 .24 -.33 -.09 14.... 3.93 3.84 2.69 1.15 -.61 .54 23.... 3.70 3.62 3.35 .27 -.26 .01 21.... 4.92 4.79 2.70 2.09 -1.90 .19 30.... 3.70 3.62 3.38 .24 -.33 -.09 28.... 5.45 5.30 2.80 2.50 -1.75 .75 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1260 FEDERAL RESERVE BULLETIN • OCTOBER 1964 TABLE 2. ARBITRAGE ON U.S. AND CANADIAN TREASURY BILLS—Continued Treasury bill rates Treasury bill rates Premium Premium (+) or (+)or Date C Q a u n i o n a te d C d a ana q A d u b a U o d a j t . s . a S i t . t s i o on U S n ta i t t e e s d ( C S fa a p v n r o e a a r d d a o ) f d ( C d i - d s o a ) c i l a n o o la n a u n r - nt i ( C n fa c a v e N n o n a e t r d i t v o a e ) f Date C Q a u n i o n a te d C d a ana q A d u b U a o d a j t . s . a S i t . s t i o on U S n ta i t t e e s d ( C S fa p a v n r o e a a r d d o a) f d ( i C d s - d o c a ) i o l n a o l u a a n n n - r t C ( i f n a a c v n N e o a n d e r t i t a o v ) f e 1963 1964 Sept. 6... 3.75 3.66 3.32 .34 -.33 .01 Apr. 3... 3.85 3.76 3.50 .26 + .04 .30 13... 3.75 3.66 3.34 .32 -.13 .19 10... 3.82 3.73 3.44 .29 + .10 .39 20... 3.67 3.67 3.38 .29 + .06 .35 17... 3.66 3.58 3.45 .13 + .07 .20 27... 3.53 3.45 3.34 .11 -.06 .05 24... 3.69 3.61 3.43 .18 + .10 .28 Oct. 4... 3.63 3.56 3.42 .14 .14 May 1... 3.68 3.60 3.43 .17 + .07 .24 11... 3.54 3.46 3.42 .04 + .06 .10 8... 3.67 3.59 3.47 .12 + .04 .16 18... 3.54 3.46 3.47 .01 + .06 .05 15... 3.68 3.60 3.45 .15 + .14 .29 25... 3.55 3.47 3.43 .04 + .06 .10 22... 3.65 3.57 3.45 .12 + .14 .26 29... 3.62 3.54 3.46 .08 + .14 .22 Nov. 1... 3.60 3.52 3.46 .06 .06 8... 3.64 3.56 3.53 .03 -.03 Fune 5... 3.52 3.44 3.45 .01 + .20 .19 15... 3.65 3.57 3.52 .05 12... 3.53 3.45 3.46 .01 + .27 .26 22... 3.61 3.57 3.48 .09 .09 19... 3.57 3.49 3.46 .03 + .27 .30 29... 3.62 3.54 3.47 .07 .07 26... 3.58 3.50 3.45 .05 + .33 .38 Dec. 6... 3.69 3.61 3.49 .12 + .03 13... 3.65 3.57 3.49 .08 20... 3.72 3.64 3.51 .13 + .03 July 3... 3.57 3.49 3.46 .03 + .27 .30 27... 3.79 3.71 3.50 .21 + .06 10... 3.55 3.47 3.45 .02 + .27 .29 17... 3.60 3.52 3.39 .13 + .14 .27 1964 24... 3.60 3.52 3.43 .09 .26 31... 3.67 3.59 3.44 .15 .29 an. 3... 3.74 3.66 3.51 .15 1 1 0 7 . . . . . . 3 3 . . 8 7 0 4 3 3 . . 7 6 1 6 3 3 . . 5 5 2 2 -.04 . . 1 1 9 0 Aug-12::: 3 3 . . 6 7 7 4 3 3 . . 4 4 7 8 . . 2 2 0 6 - - . . 1 3 4 4 . . 0 0 8 6 24... 3.75 3.65 3.49 -.07 .09 21... 3.71 3.48 .23 -.34 .11 31... 3.77 3.66 3.48 -.07 .11 28... 3.70 3.46 .24 -.21 .03 Feb. 7... 3.77 3.68 3.49 .19 Sept. 4... 3.80 3.71 3.48 .23 -.30 .07 14... 3.78 3.69 3.50 -.04 .15 11... 3.81 3.72 3.50 .22 -.27 .05 21... 3.78 3.69 3.51 -.04 .14 18... 3.84 3.75 3.52 .23 -.20 .03 28... 3.90 3.81 3.56 -.04 .21 25... 3.75 3.66 3.52 .14 -.20 .06 Mar. 6... 3.88 3.79 3.52 -.04 .23 Oct. 2... 3.71 3.63 3.53 .10 -.20 .10 13... 3.85 3.76 3.53 -.04 .19 9... 3.67 3.59 3.56 .03 -.20 .17 20... 3.88 3.79 3.52 .27 16... 27... 3.88 3.79 3.52 + .07 .34 23... NOTE.—Canadian Treasury bills (quoted in Canada): Rates for 1962; thereafter at 11 a.m. Friday. 91-day bills are average Thursday tender, Jan. 2, 1959-Dcc. 27, 1962; Premium or discount on the forward Canadian dollar: Rates per and Friday (11 a.m.) market offer, Jan. 4, 1963, to date. annum, computed on basis of the midpoint quotations (midpoint Canadian Treasury bills {adjusted to U.S. quotation basis): Ratesbetween bid and offer) for both spot and forward Canadian dollars for 91-day bills (described above) which are quoted in Canada on a in New York. Rates are those at noon on Thursday for the period 365-day true yield basis (i.e., interest equals 365/91 X 100 minus dis- Jan. 2, 1959-Dec. 27, 1962; at noon on Friday for the period Jan. 4, count price divided by discount price) are adjusted to make them 1963-Dec. 27, 1963; and at 11 a.m. on Friday thereafter. comparable with the U.S. Treasury bill yield, which is computed on a All series: Except for rates on Canadian bills for period Jan. 2, 360-day discount basis (i.e., 1=360/91 X 100-discount price di- 1959-Dec. 27, 1962 (which are from Weekly Financial Statistics, vided by 100). Bank of Canada), all series are based on quotations reported to the U.S. Treasury bills: Market offer rates in New York for 91-day Federal Reserve Bank of New York by market sources. bills. Rates are those at 11 a.m. Thursday, Jan. 2, 1959-Dec. 27, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Changes in Control of Banks names of the beneficial owners if the shares are registered in another name, (e) the purchase price, (f) the total number of shares owned by the sellers (or The Act of Congress, approved September 12, transferors), the purchasers (or transferees) and the 1964 (Public Law 88-593), requires any insured beneficial owners both immediately before and after bank to inform the appropriate Federal banking the transaction, and in the case of a loan, (g) the name of the borrower, (h) the amount of the loan, and (i) agency of any changes in control of management the name of the bank issuing the stock securing the of such bank and of any loans secured by 25 per loan and the number of shares securing the loan. In centum or more of the voting stock of such bank. addition to the foregoing, such reports shall contain such other information as may be available to inform The text of the Act reads as follows: the appropriate Federal banking agency of the effect of the transaction upon control of the bank whose stock is involved. AN ACT "(4) Whenever such a change as described in paragraph (1) of this subsection occurs, each insured bank To provide for notice of change in control of man- shall report promptly to the appropriate Federal bankagement of insured banks, and for other purposes. ing agency any changes or replacement of its chief executive officer or of any director occurring in the Be it enacted by the Senate and House of Reprenext twelve-month period, including in its report a sentatives of the United States of America in Congress statement of the past and current business and profesassembled, That the Federal Deposit Insurance Act sional affiliations of the new chief executive officer or (12 U.S.C. 1811-1831), as amended, be amended directors. by adding the following new subsection (j) at the "(5) The Comptroller of the Currency shall imend of section 7 thereof: mediately furnish to the Board of Governors of the "(j)(l) Whenever a change occurs in the outstand- Federal Reserve System and to the Federal Deposit ing voting stock of any insured bank which will result Insurance Corporation a copy of any such report rein control or in a change in the control of the bank, quired in this subsection and received by him, and the the president or other chief executive officer of such Board of Governors of the Federal Reserve System bank shall promptly report such facts to the appropriate Federal banking agency upon obtaining knowl- shall immediately furnish to the Federal Deposit Inedge of such change. As used in this subsection, the surance Corporation a copy of any such report reterm 'control' means the power to directly or indi- quired in^this subsection and received by it. rectly direct or cause the direction of the management "(6) As used in this section, the term 'appropriate or policies of the bank. A change in ownership of Federal banking agency' shall mean (a) the Compvoting stock which would result in direct or indirect troller of the Currency in the case of a national bankownership by a stockholder or an affiliated group of ing association or a district bank, (b) the Board of stockholders of less than 10 percent of the outstanding Governors of the Federal Reserve System in the case voting stock shall not be considered a change of con- of a State member insured bank (except a district trol. If there is any doubt as to whether a change in bank), and (c) the Federal Deposit Insurance Corthe outstanding voting stock is sufficient to result in poration in the case of a State nonmember insured control thereof or to effect a change in the control bank (exceDt a district bank)." thereof, such doubt shall be resolved in favor of re- Approved September 12, 1964. porting the facts to the appropriate Federal banking agency. Order Under Section 3 of "(2) Whenever an insured bank makes a loan or Bank Holding Company Act loans, secured, or to be secured, by 25 per centum or more of the outstanding voting stock of an insured The following Order and Statements were issued bank, the president or other chief executive officer of in connection with action by the Board of Govthe lending bank shall promptly report such fact to the appropriate Federal banking agency of the bank ernors on an application for permission to bewhose stock secures the loan or loans upon obtaining come a bank holding company. knowledge of such loan or loans, except that no report need be made in those cases where the borrower has been the owner of record of the stock for a period of CLAYTON BANCSHARES CORPORATION one year or more, or the stock is that of a newly or- CLAYTON, MISSOURI ganized bank prior to its opening. "(3) The reports required by paragraphs (1) and In the matter of the application of Clayton (2) of this subsection shall contain the following information to the extent that it is known by the person Bancshares Corporation for approval of action making the report: (a) the number of shares involved, to become a bank holding company through the (b) the names of the sellers (or transferors), (c) the names of the purchasers (or transferees), (d) the acquisition of voting shares of Bank of Crest- 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1262 FEDERAL RESERVE BULLETIN • OCTOBER 1964 wood, Crestwood, Missouri, and Hampton Bank has filed an application pursuant to Section 3(a) of St. Louis, St. Louis, Missouri. (1) of the Bank Holding Company Act of 1956 ("the Act") requesting approval by the Board ORDER DENYING APPLICATION UNDER BANK of Governors of a proposal whereby Clayton Banc- HOLDING COMPANY ACT shares would become a bank holding company within the meaning of the Act through the ac- There has come before the Board of Governors, quisition of 58 per cent of the voting shares of pursuant to Section 3(a)(l) of the Bank Hold- Bank of Crestwood, Crestwood, Missouri ("Cresting Company Act of 1956 (12 U.S.C. 1842(a)(l) wood Bank"), and 56 per cent of the voting and Section 222.4(a)(l) of Federal Reserve shares of Hampton Bank of St. Louis, St. Louis, Regulation Y (12 CFR 222.4(a) (1)), an applica- Missouri ("Hampton Bank"). Applicant already tion by Clayton Bancshares Corporation, Clayton, owns 89 per cent of the voting shares of Clayton Missouri, for the Board's prior approval of action Bank, Clayton, Missouri ("Clayton Bank"). The whereby Applicant would become a bank holding shares of Crestwood Bank and Hampton Bank company through the acquisition of 58.24 per cent of the voting shares of Bank of Crestwood, which Applicant would acquire are owned, re- Crestwood, Missouri, and 55.98 per cent of the spectively, by Crestwood Bank Shares Corporation voting shares of Hampton Bank of St. Louis, St. ("Crestwood Bank Shares") and Hampton Bank- Louis, Missouri. shares Corporation ("Hampton Bankshares"). The three holding companies (not bank hold- As required by Section 3(b) of the Act, the ing companies as defined in the Act, since each Board notified the Commissioner of Finance for owns but one bank) are affiliated to the extent the State of Missouri of the receipt of the apthat one individual, who serves as president of plication and requested his views and recomeach of the holding companies, owns directly or mendation. The Commissioner replied but deindirectly 34 per cent of the voting stock of Apclined to express any views or to make a recommendation respecting the application. plicant, and a majority of the voting stock of the other two holding companies. As part of the pro- Notice of Receipt of Application was published posal Applicant, Crestwood Bank Shares, and in the Federal Register on April 7, 1964 (29 Hampton Bankshares have entered into an Agree- F.R. 4897), which provided an opportunity for ment and Plan of Merger whereby Applicant, the filing of comments and views regarding the as the surviving corporation, would issue shares of proposed acquisition, and the time for filing such its stock in exchange for the outstanding shares of comments and views has expired and all comments Crestwood Bank Shares and Hampton Bankshares. and views filed with the Board have been considered by it. Views and recommendation of State super- IT IS HEREBY ORDERED, for the reasons set forth visory authority. The banks involved in this proin the Board's Statement of this date, that the ceeding are Missouri corporations and, pursuant said application be and hereby is denied. to Section 3(b) of the Act, the Board requested Dated at Washington, D. C, this 13th day of the views and recommendation of the Commis- October, 1964. sioner of Finance for the State of Missouri. The Commissioner acknowledged receipt of the Board's By order of the Board of Governors. request but declined to express any views or make Voting for this action: Chairman Martin, and Gov- any recommendation respecting the application. ernors Balderston, Mills, and Robertson. Voting Statutory factors. Section 3(c) of the Act reagainst this action: Governor Mitchell. Absent and quires the Board, in determining whether to apnot voting: Governors Shepardson and Daane. prove a proposal, to consider the following factors: (Signed) MERRITT SHERMAN, (1) the financial history and condition of the Secretary. proposed holding company and the banks con- [SEAL] cerned; (2) their prospects; (3) the character of their management; (4) the convenience, needs, STATEMENT and welfare of the communities and the area Clayton Bancshares Corporation, Clayton, Mis- concerned; and (5) whether the effect of the souri ("Clayton Bancshares" or "Applicant"), proposal would be to expand the size or extent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1263 LAW DEPARTMENT of the bank holding company system involved flect a reasonbly satisfactory financial history and beyond limits consistent with adequate and sound condition as to each. banking, the public interest, and the preservation Hampton Bank, having commenced business in of competition in the field of banking. November 1955, is the oldest and largest of the Financial history and condition of Applicant three banks involved in this application and, at and the banks. The corporate affiliations previously December 20, 1963,1 held total deposits of $26 noted necessitate a brief statement of not only million. Clayton Bank, established in June 1959, Clayton Bancshares' financial history and condi- has total deposits of $17 million. Crestwood Bank, tion, but also those of Crestwood Bank Shares opened for business in April 1958, has total deand Hampton Bankshares. Clayton Bancshares, posits of $12 million. Despite the relatively recent the Applicant here, was organized in December organization of each of these banks, their respec- 1958 to acquire a majority of the common stock tive rate of deposit growth has been substantial. of Clayton Bank. Applicant's principal sources of Such growth in deposits, attended by other satisincome have been fees charged to Clayton, Crest- factory operating conditions and features, would wood, and Hampton Banks for auditing and ordinarily constitute an indicia of sound and satismessenger services, and for installment loan super- factory financial history and condition. However, vision; rental on real estate owned, a substantial with respect to each of the three banks here inportion of which rental has been paid by Clayton volved, while two of them have effected additions Bank; dividends received on the stock of Clayton of capital through the sale of additional stock, in Bank; and commissions on insurance transactions. none of the banks has the increase in capital been commensurate with the growth in deposits and, Crestwood Bank Shares was organized in 1957 at present, it appears that the financial position for the purpose of acquiring ownership of the of each bank would be strengthened by additional Crestwood Bank. As in the case of the Applicant, capital. The existing need for additional capital Crestwood Bank Shares' income has been derived in these banks is the apparent result of a relucprincipally from charges assessed against the three tance on the part of the holding companies, and to affiliated banks for advertising services; commisa certain extent on the part of the banks, to sell sions on insurance policies written in connection additional stock, and the use of operating income with banking transactions involving Crestwood of the banks for the payment of dividends and Bank customers; and dividends on stock of the certain operating expenses, when such income Crestwood Bank. In most cases, the banks have might otherwise have been retained to augment participated in joint advertisements for the stated the capital of the banks. reason that preferred rates are obtained in view of the large volume of advertising flowing from The sums paid by the three banks for advertising, auditing, messenger services, installment loan joint promotions. supervision, and supplies appear to the Board Hampton Bankshares was organized in 1957 to be excessive in relation to the cost encountered for the purpose of establishing and controlling in supplying these services. Advertising for all Hampton Bank. Hampton Bankshares' principal three banks is handled by Crestwood Bank Shares. sources of income have been dividends on stock With certain minor exceptions, supplies are purof Hampton Bank; service charges earned on chased for all three banks by Hampton Bankcentral supply transactions involving purchasing, shares. Auditing and messenger services, and instoring, and disbursement of all major items of stallment loan supervision, for all three banks are supplies and equipment to each of the three banks provided by Clayton Bancshares. While it is coninvolved; commissions on insurance transactions; ceivable that these services provided by an unand rental on real estate owned. affiliated supplier or suppliers would have re- Applicant has submitted a pro forma balance sulted in an equal or greater profit than that sheet as at December 31, 1963, which combines realized by the affiliated corporations here inthe balance sheets of the three holding companies. volved, the Board is of the opinion that profit Analysis of the assets and liabilities and net worth positions of the three companies, and a 1 Unless otherwise indicated, all banking data noted study of their respective operating histories, re- are as of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1264 FEDERAL RESERVE BULLETIN • OCTOBER 1964 flowing from the transactions with the banks here augmentation will be readily available from the involved has been excessive in view of the fact Applicant itself. Applicant has submitted a pro that each of the paying banks is majority owned forma income statement for the first full year of by one of the holding company suppliers, and its operation as a bank holding company, showing that, in turn, the three holding company sup- prospective retained earnings of either $13,000 pliers are affiliated through effective common or $26,000 depending on the cash dividends that control. are paid by Applicant on its common stock. As- Prospects of Applicant and the banks. As suming retention by Applicant of as much as earlier stated, Applicant proposes, pursuant to an $26,000 in the way of retained earnings, the agreement of plan and merger, to consolidate the Board concludes that Applicant's prospective rethree existing holding companies, with Applicant tained earnings will not constitute an assured as the surviving corporation. The pro forma bal- source of capital funds for its subsidiary banks. ance sheet submitted by Applicant, reflecting a Should the need for capital in the subsidiary combination of the balance sheets of the three banks be met by Applicant through the issuance existing companies before merger except for cer- of notes or other long-term borrowing, there tain adjustments, reflects that Applicant, as the would result, in the Board's judgment, a ratio resulting holding company, would have current of debt to net worth that would render Applicant's assets totaling $205,000 and current liabilities of prospective financial condition less than satis- $527,000 (including a demand note payable in the factory. While the resulting ratio of debt to net amount of $500,000). worth can be determined only with knowledge of In view of the aforementioned capital position the actual dollar amount of capital that Applicant of the three proposed subsidiary banks, the fact would supply, the Board concludes that the that Applicant would commence operations with raising of any substantial amount of capital by its current liabilities exceeding its current assets Applicant through the issuance of notes or through by $322,000 does not, in the Board's view, augur other long-term borrowing would result in an well for the prospects of the Applicant. Nor does unsatisfactory debt-to-net-worth ratio. it enhance the prospects of the proposed subsidi- Despite the indications of continued healthy ary banks for the reason that, although requested growth in the deposit structure of each of the three to do so, Applicant has failed to identify specifi- banks, for the following reasons the Board finds cally the means by which the capital needs of the the prospects of both Applicant and the banks to three proposed subsidiary banks would be met. be less than satisfactory: (1) Applicant's current The Board's concern regarding the financial im- asset position is less than favorable; (2) Applicant pact of the proposal upon the three banks is not has failed to establish to the Board's satisfaction based solely upon the pro forma data submitted by that its present financial position will be substan- Applicant and discussed above. It is premised in tially improved in the foreseeable future; (3) Appart on Applicant's stated intention to increase by plicant has failed to give satisfactory assurances several thousand dollars existing service charges regarding any plan to augment the capital strucassessed against the banks, even though the Appli- tures of the proposed subsidiary banks; and (4) cant concedes that there will be no significant in- Applicant proposes to continue to assess against crease in the cost to the Applicant for furnishing the proposed subsidiary banks service charges that, these services. As earlier noted, it is the Board's in the Board's judgment, are disproportionate to view that such fees in the past have been large related costs. Viewed in the foregoing context, in relation to costs attributable thereto. Obviously, considerations relating to the prospects of the Apthe payment by each of the banks of the proposed plicant and the banks concerned are, in the opinion service fees to the parent holding company will of the Board, substantially adverse. result in a reduction in their respective retained Management of Applicant and the banks. If the earnings, thus precluding use of these earnings Board's judgment of the management factor in this by the banks for the augmentation of their capital case were premised solely on the rate of deposit structures. growth in each of the banks involved, a finding Nor, contrary to the assertion of Applicant, that management is satsifactory would be wardoes it appear that necessary funds for capital ranted. Management evaluation in this case, how- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1265 ever, must be made against a broader frame of While it is noted that under Applicant's proposal reference than mere increases in the bank's ac- it is intended that all insurance commissions counts or in their deposits growth. Both as to earned would accrue for the accounts of the sub- Applicant and the proposed subsidiary banks, sidiary banks—a proposal far more equitable to management appraisal requires consideration of minority stockholders than the present arrangecertain existing intercorporate relationships and ment—the ultimate benefit to be realized by this dealings, both past and proposed, among the proposal remains in question, in view of Appliexisting holding companies, the banks, and the cant's further proposal that a service charge for proposed bank holding company. insurance services rendered by Applicant will be The individual who would be President of Ap- levied against each of the subsidiary banks. plicant serves as President of each of the holding In sum, the Board's evaluation of the managecompanies involved, President of Crestwood Bank, ment factor in this application, affected as it must and Chairman of the Board of both Clayton Bank be by the evidence relating to the financial history and Hampton Bank. In addition, he owns or con- and condition of Applicant and the banks introls, directly or indirectly, 34 per cent of the volved (including particularly the capital position voting stock of Clayton Bancshares, 55 per cent of the banks—a position attributable to the judgof the voting stock of Crestwood Bank Shares, and ment and decision of management), compels the 53 per cent of the voting stock of Hampton Bank- conclusion that, in the aforementioned context, shares. Upon consummation of Applicant's pro- the management policies of Applicant and the posal, this individual would own or control 43 banks have been and will be contrary to that which per cent of Applicant's voting stock. In turn, Ap- would warrant the Board's approval of this appliplicant would own, respectively, 89, 58, and 56 cation. This conclusion, the Board believes, best per cent of the voting shares of Clayton Bank, serves the interests of the banks, their minority Crestwood Bank, and Hampton Bank. In addition shareholders, and the public. to the aforestated interests, Applicant's proposed Convenience, needs, and welfare of the com- President wholly owns three companies which are munities and areas concerned. Clayton Bank is engaged, respectively, in the business of writing located in the City of Clayton, the county seat of property and casualty insurance for customers of St. Louis County, approximately 10 miles west of the proposed subsidiary banks, writing credit life downtown St. Louis. Clayton Bank's primary servinsurance on customers of these banks, and leasing ice area (the area from which Applicant estimates automobiles and equipment to the banks and their approximately 67 per cent of Bank's deposits of holding companies. individuals, partnerships, and corporations ("IPC There presently exists, and would continue fol- deposits") are derived) has an estimated populalowing consummation of Applicant's proposal, a tion of 83,000 and is principally commercial in substantial minority shareholders' interest in both nature. In addition to the Clayton Bank, there are Crestwood Bank and Hampton Bank. In the 10 banking offices serving the primary service Board's opinion, these minority interests have been area, three of which are located therein. disadvantaged and would continue to be disad- Crestwood Bank, located in the City of Crestvantaged because of the corporate and individual wood, St. Louis County, is about 14 miles southrelationships hereinbefore described which have west of downtown St. Louis. The Bank's primary enabled the holding companies, and ultimately service area (from which an estimated 70 per cent those who control them, to realize financial gain of its IPC deposits are derived) is chiefly resithat might otherwise have been realized by the dential in character, having an estimated populabanks. Exemplifying the practices as to which the tion of 52,000. While but one other banking of- Board is seriously concerned is the afore-described fice is located in the Crestwood Bank's primary scheme of service fees that the banks have paid service area, eight additional banking offices are to the respective holding companies, and to the competing in the area. retention by the related insurance companies, Hampton Bank is situated in the City of St. wholly owned by Applicant's proposed President, Louis, approximately eight miles southwest of of no less than 50 per cent of the premiums on all downtown St. Louis. Its primary service area (from insurance written on or for the banks' customers. which approximately 75 per cent of the Bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1266 FEDERAL RESERVE BULLETIN • OCTOBER 1964 IPC deposits are derived) has a population of existing corporate affiliation to single corporate about 134,000. The area is considered predomi- ownership of the banks could produce somewhat nately residential, but in the past 10 years has ex- improved and more efficient operating methods. perienced a significant increase in business activity. However, in view of the coordinated scheme of There is reason to assume, as asserted by Appli- control, management, and operation of the three cant, that within the primary service area of each banks evidenced under the existing corporate of the three banks, continued residential and busi- affiliation, it is not likely that consummation of ness expansion and development will occur. In Applicant's plan for single corporate control will addition to Hampton Bank's 2 banking offices, either produce perceptible improvement in the there are 13 banking offices serving the primary service rendition of the banks, or reduce the cost service area, 2 of which are located therein. to the banks' customers for services rendered. There is no evidence in the record before the Viewing most favorably to the Applicant its as- Board to suggest that the major banking needs of sertions of benefits to be realized from consumthe respective service areas involved are not be- mation of this proposal, the Board concludes that ing served by existing banking offices, or that the such results are more conjectural than real. anticipated growth and development of these areas Even assuming that Applicant's control of the will create demands for services that cannot be three affiliated banks would improve the quality met adequately by existing facilities, including the and scope of services now offered by these banks, three banks here involved as presently affiliated. the ultimate benefit to the customers in the areas Applicant proposes no immediate material change concerned is minimized by the fact, hereafter disin the nature of the services now offered by any cussed, that these customers presently have availof the three proposed subsidiary banks, but asserts able numerous convenient alternative banking that the services now offered by these banks would facilities. Serving the primary service area of each be expanded and improved in the following three of the three proposed subsidiary banks are one or major respects. more banks considerably larger than each of the First, Applicant asserts that consummation of banks proposed to be acquired. Further, the much this proposal will facilitate Applicant's ability to larger, albeit less convenient, downtown St. Louis attract and keep qualified employees, meet the banks offer to the communities involved a specpersonnel needs of the individual banks through trum of bank services equal to or greater than ease of personnel transfers, and that over-all per- that which Applicant could provide through its sonnel selection, training, and placement will be three banks. improved through the employment of a single Thirdly, Applicant asserts that following conpersonnel director responsible for personnel super- summation of its proposal it would expect to be vision in all the banks. While it is conceivable that in a substantially better position than are the any personnel and management program, no three existing holding companies to obtain equity matter how well developed, can be further im- or borrowed capital for the purpose of providing proved, it has not been made readily apparent additional capital to the subsidiary banks. As how Applicant's proposal would substantially im- earlier discussed, the Board is of the opinion that prove or better the personnel selection and place- Applicant's financial history and condition make ment program now in effect or potentially avail- ill-advised efforts by it to raise capital through able in respect to the three banks. further borrowings. While Applicant's stock may Secondly, Applicant asserts that the manage- have greater marketability than the stock of the ment, personnel, and operational improvements three existing holding companies, there is no forecast would result in more efficient banking basis for assuming that the stock of the existing services at a reduced cost to customers of the companies would not provide a source for raising three banks. For example, Applicant states that capital. In addition to the ability of the respective the banks will have available automated account- holding companies to raise capital for their banks, ing facilities, resulting in expanded services and the record reflects that as recently as 1960 and reduced cost for their customers. As was conceded 1961, respectively, Hampton Bank and Crestwood to be the case in respect to Applicant's proposals Bank raised capital through the sale of additional regarding personnel actions, a change from the stock. As to any future program through which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1267 the Applicant could or would sell additional stock, mary service areas of Clayton Bank, Crestwood as earlier noted Applicant has failed to give satis- Bank, and Hampton Bank (with aggregate total factory assurances that it intends to augment the deposits of $647 million), Applicant's three banks, capital structures of the proposed subsidiary banks combined, have 14 per cent of the offices and 9 to a degree commensurate with the deposit growth per cent of the total deposits. of the respective banks. In St. Louis City and County, Applicant's pro- On the basis of the foregoing, it is the Board's posed banks hold but 2 per cent of the deposits judgment that while considerations bearing on the of all banks located therein. Combining deposits convenience, needs, and welfare of the communi- of Applicant's banks and those controlled by the ties and areas concerned are consistent with ap- only other registered bank holding company opproval of the application, they lend no significant erating in the City and County of St. Louis, 15 support for such approval. per cent of the banking offices and 9 per cent of Effect of proposed acquisition on adequate and the total deposits of all banks in that area are sound banking, public interest, and banking com- held by bank holding company subsidiaries. Competition. The three proposed subsidiary banks are bining the offices operated and total deposits held located in the St. Louis metropolitan area, one by Applicant's three proposed subsidiaries, and the in the City of St. Louis and two in St. Louis banking subsidiaries of the other two registered County. Each is separated one from the other by bank holding companies in the State, such banks approximately five miles. Their primary service hold but 2 per cent of the offices and 5 per cent areas do not overlap and the business that each of of the deposits of all banks in the State. Approval the banks draws from the service areas of the of Applicant's proposal clearly would not result others is insignificant. Considering the distances in an undue concentration of the area's banking separating the banks, and the fact that each is resources under the control of bank holding comseparated from the other by a number of com- panies. The Board concludes that approval of peting banks, some of which are considerably Applicant's proposal would not adversely affect larger than any of the three banks involved, even the preservation of banking competition in the if the banks were unaffiliated there is little likeli- areas concerned. hood that more intense competition between and Conclusion. Although considerations relating to among them would exist in the foreseeable future. the fourth and fifth statutory factors offer no bar The existing ownership and management relation- to approval of the application, the several adship among the three banks, of course, makes even verse considerations relating to the banking facless likely any significant future competition. tors, as earlier discussed, particularly the financial As to the probable effect of Applicant's pro- prospects and management policies of the Appliposal on other banks competing in the areas in- cant, substantially outweigh the slightly favorable volved, the Board concludes that consummation aspects of the proposal. On the basis of all the of the proposal would have no significant adverse relevant facts as contained in the record before effect upon them. No substantial change would the Board and in the light of the factors set forth occur in the structures or operational methods in Section 3(c) of the Act, it is the Board's judgof the three banks as a result of Applicant's con- ment that the transaction here proposed would not trol. No aspect of Applicant's proposal evidences be consistent with the public interest and that the changes that would significantly alter the present application should therefore be denied. competitive abilities of other banks serving the DISSENTING STATEMENT OF GOVERNOR MITCHELL areas concerned. At the present time the three banks, combined, operate four banking offices and This is a case where the Board majority denies have total deposits of $56 million. The areas the owners and management of three small banks served by these banks are also served by 25 other the right to adopt a simplified form of corporate banking offices holding total deposits of $591 mil- organization. The public considerations in the lion. With respect to each of the three proposed fourth and fifth factors are admittedly not a bar subsidiary banks, of the banks stated by Applicant to approval. Denial rests on findings bearing on to be most directly in competition, a majority are shortcomings of financial policy with respect to larger. Of the 29 banking offices serving the pri- capital funds and of managerial policy with re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1268 FEDERAL RESERVE BULLETIN • OCTOBER 1964 spect to the payment for advertising, auditing, and although the majority's reasoning seems to messenger, installment loan supervision, and other me to carry an implicit conclusion regarding the contracted services. contracted services that is in the area of a conflict Denial of this application will not improve the of interest, I have found nothing in the record capital position of the banks. The desired improve- that supports that inference. ment might have been effectuated had the Board's In summary, the denial does not rest on a finddenial order offered the possibility of future favor- ing of adverse effects on competition or on the able action should Applicant take appropriate convenience and needs of the community. It will steps to improve the banks' capital positions. In not change the effective control, the capital polimy opinion, there is some reason to believe that cies, or management of the three banks. It will capital additions would be facilitated by the pro- only frustrate a legitimate corporate simplification posed new corporate form. and intrude into matters that do not clearly call The interests involved here are very closely held for regulatory intervention. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements RESIGNATION OF DIRECTORS These tables reflect the usual revisions for the Mr. Robert P. Briggs, Chairman of the Federal latest 3 years in income and product data and Reserve Bank of Chicago since January 1961 and corporate current assets and liabilities. A number a Class C director of that bank since October 1956, of changes in table form are also introduced, as resigned effective September 21, 1964. Mr. Briggs well as a few changes in definition of accounts. is Executive Vice President of the Consumers The most important changes in the tables are the Power Company, Jackson, Michigan. inclusion of statistics on credit market flows, as a new Part III of Table 2; a revised nonfinancial Mr. Howard E. Whitaker, a director of the Cinsummary for households; and more detailed statiscinnati Branch of the Federal Reserve Bank of tics for the banking system and nonbank finance. Cleveland since July 20, 1959, has resigned effec- The major change in account form is the treattive October 31, 1964. Mr. Whitaker is Chairman ment of corporate profits taxes on an accrual basis of the Board. The Mead Corporation, Dayton, and creation of a new claim for taxes payable, Ohio. shown on Table 1, line 40. These changes will be explained in a subsequent publication that will be FLOW OF FUNDS ACCOUNTS announced when available. Brief descriptions of Annual revisions of the flow of funds accounts are the present tables are given in notes to Tables 2, published on pages 1332-48 of this BULLETIN. 3, and 4. 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication October 16 Industrial production was unchanged in Septem- August—142 per cent of the 1957-59 average— ber as a strike late in the month sharply curtailed as production of industrial equipment continued output in the auto industry. Construction activity to expand. also was unchanged and retail sales declined from Steel production edged up further in Septema record high. Nonfarm employment increased ber; in recent months, output has been in excess of but the unemployment rate was virtually un- 130 per cent of the 1957-59 average, the highest changed. Bank credit, the money supply, and time rate since the period of inventory accumulation and savings deposits expanded further. just after the long strike in 1959. Production changed little for most other durable materials but increased for most nondurable materials. INDUSTRIAL PRODUCTION The Board's index of industrial production in CONSTRUCTION September was 133.9 per cent of the 1957-59 New construction put in place, after a decline average, about the same as in August but up 6V2 in August, changed little in September. The seasonper cent from a year ago. Auto assemblies had ally adjusted annual rate of $66 billion was 1 per been scheduled to rise somewhat but they were cent below the highs reached earlier this year. reduced by about 10 per cent, to 146 per cent of Private residential building, tending downward the 1957-59 average, by the strike at plants of a since March, declined further in September, but major producer. Production of trucks also was business construction activity continued to rise. curtailed. With the strike continuing through the Public construction activity was unchanged folfirst half of October, further declines in output lowing decreases in the previous two months. this month are likely. Over-all production of consumer goods other EMPLOYMENT than autos changed little in September. Despite the decrease in trucks, output of business equip- Employment in nonfarm establishments, which ment as a whole remained at the high reached in was unchanged in August, increased 100,000 in September to 59.0 million. Manufacturing employment rose 60,000, more than recovering an INDUSTRIAL PRODUCTION August decrease, with the metal and metal-using '957-59^100 industries accounting for the gain. Employment rose appreciably in State and local government and declined somewhat in construction. The factory workweek remained at the high level of the past year, and average hourly earnings increased to a new high, 3Vi per cent above a year ago, in part because of employment gains in the higherwage industries. The unemployment rate was 5.2 per cent compared with 5.1 per cent in August; since April it has ranged between 4.9 and 5.3 per cent. DISTRIBUTION Retail sales declined 1 per cent in September F. R. indexes, seasonally adjusted. Latest figures shown are from the record high attained in August. With for Sept. 1270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 1271 stocks of 1964 models ample, auto sales rose ap- BANK CREDIT, MONEY SUPPLY, AND RESERVES preciably further. However, sales at major outlets Seasonally adjusted commercial bank credit infor nondurable goods declined substantially. For creased $3 billion in September, less than in Authe third quarter as a whole sales were up 2 per gust but substantially more than the average cent from the second quarter and 4 per cent from monthly rise earlier in the year. The increase, as in the first quarter. the preceding month, was spread through all major categories of loans and investments. The season- AGRICULTURE ally adjusted money supply expanded $800 million, Near record farm output in 1964 seems assured. somewhat more than in August but less than in Over-all crop prospects were unchanged through either June or July. Time and savings deposits September and the October 1 estimate of producrose $1.1 billion, slightly less than in the month tion, while 3 per cent below 1963 output, was 9 before. per cent above the 1957-59 average. Production In September, as in August, both excess reserves of livestock and products is estimated at a new and member bank borrowings from the Federal record, up 3 per cent from 1963 and 13 per cent Reserve averaged somewhat higher than in earlier from the 1957-59 average, reflecting large output months. Seasonally adjusted total and required of beef and poultry. reserves rose substantially. Reserves were supplied through Federal Reserve purchases of U.S. Gov- COMMODITY PRICES ernment securities and an increase in float and The wholesale price index for industrial com- were absorbed through an outflow of currency. modities remained stable in September and early October, although strong upward pressures per- SECURITY MARKETS sisted in markets for nonferrous metals. Prices for tin and for copper futures and copper scrap rose In recent weeks yields on U.S. Government sharply further and prices of lead and zinc were bonds have increased moderately while those on raised. New model autos were introduced at about other seasoned bonds have remained relatively the same prices as a year ago. stable. The rate on Treasury bills increased some- Wholesale prices of foodstuffs have declined what further; in mid-October the rate for 3-month somewhat since late August. The end of the farm- bills was just under 3.60 per cent. ers' withholding movement and seasonal forces In fairly active trading, common stock prices have combined to expand marketings of meat ani- increased further to a new high, but in midmals and prices have declined. October prices declined somewhat. PRICES INTEREST RATES WHOLESALE www,/ 1 TREASURY BILLS Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F. R. Banks. Weekly consumer prices, Aug.; for wholesale prices, Sept. average market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Oct. 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, H, U Uses of funds in, iv Quarters * Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or Quarterly) (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page A nnually—continued Issue Page Flow of funds. Oct. 1964 1332-48 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 1082 Flow of funds (assets and liabilities). Apr. 1964 517 On, and not on, Federal Reserve Par List number of Aug. 1964 1083 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 1272 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 1274 Reserve Bank discount rates; margin requirements; reserve requirements 1279 Open market transactions; Federal Reserve Banks 1281 Bank debits; currency in circulation. 1284 Money supply; banks and the monetary system. 1286 Commercial and mutual savings banks, by classes 1288 Commercial banks, by classes. . 1292 Weekly reporting member banks. 1294 Business loans 1297 Interest rates 1298 Security prices; stock market credit; open market paper 1299 Savings institutions 1300 Federal finance. 1302 Federally sponsored agencies 1307 Security issues. 1308 Business finance. 1311 Real estate credit 1313 Consumer credit. 1316 Industrial production. 1320 Business activity; construction 1324 Employment and earnings.... 1326 Wholesale and consumer prices. . 1328 National product and income series 1330 Flow of funds. 1332 Guide to tabular presentation 1272 Index to statistical tables 1373 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). 1273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1274 BANK RESERVES AND RELATED ITEMS OCTOBER 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas- than member bank Member bank ury Cur- Treas- reserves, reserves Period U.S. Govt. securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought and Float i tal 2 stand- cula- ings counts With Cur- Total out- ad- ing tion Treas- For- Other i F.R. rency Total right vances ury eign Banks and coin 3 I Averages o! daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941_Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945_Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,018 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, ,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 ,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 ,92131,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 ,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—June 31,540 31,446 94 236 ,635 33,454 15,785 5,583 35.293 400 794 193 216 1,125 16.800 2,929 19S729 1963—Sept 32,341 32,243 98 352 ,710 34,440 15,582 5,589 35,945 401 866 149 196 1,163 16,890 3,055 19,945 Oct 32,648 32,464 184 343 ,593 34,628 15,582 5,587 36,120 395 918 161 194 1,089 16,920 3,083 20,003 Nov 33,126 32,936 190 407 ,77f 35,353 15,582 5,594 36,693 395 938 150 198 1,138 17,017 3,097 20,114 Dec 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Jan 33,200 33,127 73 289 ,164 35,770 15,513 5,583 36,827 408 965 155 212 1,052 17,247 3,428 20,675 Feb 33,009 32,981 28 311 ,644 35,028 15,480 5,586 36,383 429 926 141 205 991 17,018 3,130 20,148 Mar 33,389 33,348 41 259 ,710 35,454 15,462 5,579 36,615 433 948 153 202 998 17,146 3,067 20,213 Apr , 33,498 33,453 45 214 ,798 35,602 15,462 5,580 36,887 426 924 141 195 987 17,084 3,189 20,273 May 33,907 33,836 71 256 ,747 35,981 15,462 5,577 37,107 425 957 148 180 1,111 17,092 3,127 20,219 June. 34,631 34,530 101 271 ,784 36,760 15,462 5,584 37,541 414 886 135 200 1,273 17,356 3,202 20,558 July 34,898 34,765 133 265 ,841 37,077 15,463 5,568 37,938 431 804 131 201 1,194 17,408 3,255 20,663 Aug , 35,118 34,996 122 334 ,670 37,170 15,462 5,562 38,033 '421 909 145 194 1,151 17,340 3,224 20,564 Sept 35,273 35,143 130 332 1,914 37,578 15,462 5.564 38,223 437 893 143 189 1,129 17,589 '3,338 '20,927 Week ending— 1963 32,443 32,373 70 403 1,288 34,174 15,633 5,587 35,703 402 742 170 250 ,071 17,055 2,858 19,913 32,286 32,253 33 382 l,367i34,075 15,618 5,581 35,879 382 870 167 188 ,038 16,750 2,959 19,709 21 , 32,017 31,964 53 324 1,787 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 1,418 33,901 15,583 5,586 35,728 400 918 162 181 ,219 16,461 3,093 19,554 Sept-,?::::::: 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 32,644 32,350 294 385 1,487 34,553 15,583 5,591 36,066 409 824 153 206 ,219 16,850 2,964 19,814 18 32,209 32,209 225 1,995 34,465 15,582 5,590 36,016 417 942 142 209 ,139 16,770 3,130 19,900 25 32,040 32,040 418 1,937 34,434 15,582 5,587 35,850 385 856 139 181 ,140 17,052 3,148 20,200 Oct. 2 32,511 32,449 62 373 1,545 34,467 15,582 5,589 35,858 393 901 153 192 ,114 17,027 3,150 20,177 9 33,036 32,617 419 422 1,527135,030 15,583 5,591 36,061 397 910 153 193 ,141 17,349 2,843 20,192 16 32,784 32,521 263 339 1,567|34,737 15,583 5,582 36,235 392 930 150 194 ,107 16,894 3,095 19,989 23 32,226 32,226 392 1,930 34,589 15,581 5,583 36,165 394 915 171 188 ,060 16,860 3,082 19,942 30 32,474 32,413 61 229 1,416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 1,31534,842 15,583 5,593 36,251 388 823 156 193 ,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,58135,138 15,582 5,598 36,625 402 886 146 198 ,001 17,060 3,005 20,065 20 32,949 32,773 176 462 2,180 3"5,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080 3,170 20,250 27 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 386 1,006 151 199 ,250 16,823 3,212 20,035 Dec. 4 33,795 33,590 205 540 1,63136,010 15,582 5,580 37,274 385 812 167 197 ,264 17,074 3,246 20,320 11 33,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 ,268 16,770 3,224 19,994 18 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 39: 907 158 196 ,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 ,208 17,556 3,445 21,001 1964 Jan. 1 33,655 33,563 9: 590 2,752 37,153 15,513 5,580 37,730 381 927 185 227 ,14: 17,653 3,796 21,449 8 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 402 966 168 205 ,070 17,685 3,484 21,169 15 33,494 33,338 156 394 2,203 "3,6231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 32,944 32,944 198 2, ,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 34,780 15,512 5,58" 36,364 410 869 141 208 1,041 16,840 3,360 20,200 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 BANK RESERVES AND RELATED ITEMS 1275 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o .S ta . l Go B r v o o i t g u u . h t g - s t h e t cu R m c r a e i h g t e p i a r n e u e s t s e e r s - - c v D o a a a n u n i d s c d n - - e ts s Float t T al o - 2 s G to o c ld k T r s o c r e t u i a e n u n u r n a g r y c t s d - - y - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i r u o n e a r l g s a y d h s s - - T t r u h e w r a a y s i n t - h m r e F e s F . m e R o r b v r . - e e B s r , a O b n a t k h n s e k ri c O F o a t . u c h R - n e . t r s B W F a . n i R t k M h . s e r m e c r C s e b a o e n n u e i r c n r d r v - y 3 e b s an T k otal Averages of daily figures Week ending— 1964 Feb. 5 33,009 32,979 277 1,417 34,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12..... 33,275 33,214 372 1,449966 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19..... 32,887 32,862 291 1,846 35,088 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26 32,750 32,750 200 1,835 34,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 1,529 35,204 15,462 5,586 36,352 443 989 150 207 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 1,775588 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25..... 33,384 33,301 279 1,973 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 1,512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 33,979 33,916 209 1,59335,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33,843 191 1,"""35,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 2 29 2.. 3 33 3 , , 0 0 8 5 6 0 3 32 3 , , 9 0 8 5 5 0 101 3 1 2 3 1 7 2, 7 1 7 6 2 6 3 3 5 5 , , 5 0 9 8 3 3 1 15 5 , , 4 4 6 6 2 2 5 5, , 5 5 7 7 8 6 3 36 6 , , 8 9 1 1 3 2 4 42 3 3 2 9 8 2 9 9 8 1 1 3 4 3 0 1 19 8 3 7 9 95 4 9 6 1 1 7 6 , , 1 6 2 6 3 7 3 3, , 2 2 9 0 9 0 2 1 0 9 , , 3 9 2 6 3 6 1, May 6. 33,763 33,580 183 213 1,65335,724 15.463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 13. 33,987 33,904 83 314 1,640 36',020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,075 20,293 20. 33,749 33,715 34 298 2,064 36,179 15,462 5,573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27. 33,839 33,819 20 209 1,73935,844 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 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 37,487 436 905 135 199 1,308 17,179 3,007 20,186 17 34,591 34,438 153 328 1,823 "3'6,811 15,461 37,614 415 880 131 196 1,240 17,378 3,238 20,616 24 34,427 34,427 232 2,136 36,875 15,461 5,582 37,574 395 905 138 203 1,273 17,430 3,297 20,727 July 1. 34,841 34,823 18 221 1,818 36,960 15,462 5,582 37,618 404 873 140 195 1,276 17,498 3,347 20,845 8. 35,335 35,215 120 263 ' ,882 37,58815,463 5,574 37,916 416 842 134 222 1,256 17,840 2,965 20,805 15. 35,304 35,030 274 460 1,,787 37,636 15,463 5,562 38,099 425 885 123 204 1,223 17,703 3,291 20,994 22. 34,392 34,392 159 2,19536,789 15,463 5,566 37,969 444 770 131 191 1,158 17,154 3,275 20,429 29. 34,518 34,357 161 179 1626 36,381 15,463 5,567 37,814 440 711 133 190 1,148 16,975 3,353 20,328 Aug. 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 35,097 300 376 554 37,393 15,462 5,554 38,114 417 964 141 193 1,113 17,467 3,130 20,597 19........ 34,855 34,855 279 024 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 'l22 329 719 37,137 15,462 5,563 37,998 429 918 145 188 1,214 17,270 3,340 20,610 Sept. 2..... 35,162 35,144 18 315 1,45136,968 15,462 5,572 38,007 423 858 164 191 1,199 17,159 3,362 20,521 9 35,611 35,234 377 478 563 37,716 15,462 5,566 38,243 426 857 131 188 1,220 17,679 3,000 20,679 16 35,397 35,262 135 225 1,846 37,524 15,462 5,564 38,425 435 906 142 194 1,163 17,285 3,454 20,739 23 34,904 34,904 410 2,46537,820 15,462 5,569 38,192 448 962 131 193 1,054 17,870^3,382'21,252 30 35,186 35,157 280 1,94337,487^15,461 5556 *38,074 P441 914 161 186 1.066 17,662*3,479 21,141 End of month 1964 July 35,051 35,002 49 239 1,45136,797 15,462 5,570 37,835 422 785 135 198 1,129 17,327 3,532 20,859 35,164 35,164 185 1,5"5'6 3366,941 15,460 5,572 38,014 405 939 163 208 1,186 17,055 3,103 20,158 Aug 35.350 35,250 ioo 95 1,567 37,111^15,463^5,553^38,158 M42 933 148 194 1,130 17,121P3,828 ^20,949 Sept Wednesday 1964 Aug. 5. 35,258 35,051 207 735 1,237 37,296 15,463 5,570 38,031 442 828 129 186 ,129 17,584 3,289 20,873 12. 35,009 34,921 88 163 1,489 36,721 15,463 5,554 38,186 411 1,017 138 203 ,030 16,753 3,574 20,327 19. 34,739 34,739 180 1,72836,685 15,463 5,561 38,108 420 1,025 140 195 ,208 16,612 3,575 20,187 26. 35,079 35,007 72 138 1,"3"2'4 "3,6579 15,463 5,567 38,002 444 1,076 186 194 ,217 16,490 3,694 20,184 Sept. 2... 35,317 35,194 123 99 266 36,744 15,463 5,574 38,106 434 731 177 183 ,171 16,979 3,521 20,500 9 35,633 35,273 360 142 600 37,435 15,463 5,559 38,475 433 839 121 205 ,241 17,143 3,404 20,547 16.... 35,113 35,113 74 078 37,319 15,463 5,57f 38,380 451 1,082 154 180 ,094 17,013 3,770 20,783 23 34,781 34,781 731 030 37,592 15,463 5,556 38,152 443 1,047 128 199 ,030 17,612P3,745 '21,357 30 35,350 35,250 100 95 567 37,1112>15,463 5553 ^38,158 933 148 194 ,130 17,121^3,828 *>20,949 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
1276 BANK RESERVES AND RELATED ITEMS OCTOBER 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- 1Reserves Bor- T h o e t l a d l qu R i e re - d Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B r F i o a n a . n w R g t k s - . s s F e r r r e v e - e es T h o e t ld al qu R ir e e - d Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s 1929 June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June .. 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2 611 2,611 1,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 i 15 -16 1955 Dec . . 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958 Dec . . 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960 Dec .. . 19,283 18,514 769 87 682 3,687 3 658 29 19 10 958 953 4 8 — 4 1961 Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962 Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 1,032 -4 3 -7 1963 Sept 19,945 19,533 412 321 91 3,748 3,721 27 82 -55 1,029 1,030 40 -41 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 1,036 1,028 8 19 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 1,035 1,031 4 40 -36 Dec . . 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 c 26 -21 1964 Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 1,044 27 -22 Feb 20,148 19,753 395 304 91 3,797 3 757 40 47 -7 1,014 1,016 87 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 22 -17 1,026 1,022 4 90 -86 Apr . . 20,273 19,898 375 213 162 3,787 3,773 14 16 2 1,021 1,015 21 -14 J M u a n y e 2 2 0 0 , , 2 5 1 5 9 8 2 1 0 9 , , 1 8 7 8 0 6 3 3 3 8 3 8 2 2 5 7 5 0 1 7 1 8 8 3 3 , , 8 9 3 8 3 3 3 3, 9 8 4 3 5 2 38 2 3 6 9 -2-16 1 1 , , 0 0 4 3 4 3 1 1 , , 0 0 4 3 2 4 -1 1 5 3 -1 -3 4 July 20,663 20,266 397 265 132 3 943 3 921 22 40 -18 1,039 1 036 22 -19 Aug 20,564 20,151 413 334 79 3,876 3,858 17 39 -22 1,039 1,033 13 -8 Sept ^20,927"20,506 P421 331 "3,983 "3,954 45 ^1,061 "1,061 P 34 Week ending— 1963—Sept. 4 19,684 19,204 480 325 155 3,645 3,601 44 81 -37 1,014 1,010 « 5 19,814 19,313 501 354 147 3,615 3,605 10 135 -125 1,001 37 -37 18 19,900 19,552 348 193 155 3,710 3,713 41 -43 1,033 1,028 « 27 -22 25 20,200 19,740 460 388 72 3,847 3,817 30 83 -53 1,046 1,051 c 45 -50 1964—Apr. 1 20,309 20,037 272 155 117 3,900 3,871 29 2 27 1,050 1,037 1: 32 -19 8. ... 20,350 19,928 422 208 214 3,814 3,812 1 1 1,017 1,015 59 -57 15 20,368 20,069 299 190 109 3,822 3 801 21 10 11 1,014 1 013 1 1 22 20,323 19,882 441 319 122 3,736 3,727 9 58 -49 1,017 1,016 1 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 8 12 1,056 1,051 c 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 47 -48 1,056 1,047 I 8 27 20,114 19,783 331 208 123 3,846 3,818 28 17 1,038 1,035 2 June 3 20,194 19,899 295 264 31 3,881 3,877 80 -76 1,027 1,028 -1 9 -10 10... 20,186 19,857 329 289 40 3,847 3,824 2: 16 7 1,006 1,006 20 -20 17... 20,616 20,161 455 327 128 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 91 -86 1,056 1,050 6 4 2 15... 20,994 20,422 572 460 112 3,969 3,921 4* 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 6 5 1 29. .. 20,325 19,957 368 179 189 3,862 3,846 16 18 2 1,022 1,020 7 -4 20,560 20,209 351 260 91 3,931 3,934 \A -16 1,037 1,036 6 -5 20,597 20,123 474 376 98 3,850 3,833 13 1,028 1,029 20 -21 19!!! 20,583 20,192 391 278 113 3,885 3,875 10 4S -39 1,033 1,037 10 -13 26... 20,611 20,140 471 329 142 3,85 3,839 12 56 -43 1,035 1,035 14 -14 Sept. 2.... 20,521 20,133 388 315 73 3,882 3,841 41 56 -15 1,038 1,033 5 2 9.... 20,679 20,182 497 478 19 3,83 3,823 30 -22 1,038 1,033 59 -54 16.... 20,739 20,368 371 225 146 3,924 3,894 2! 21 8 1,043 1,043 6 -5 23.... *>21,252"20,773 P479 409 4,04 4,036 137 -132 1,087 1,085 37 -35 30.... "20,755 278 HOi 4,143 4,073 7( 6 65 1,088 1,084 42 -38 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 BANK RESERVES AND RELATED ITEMS 1277 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 " V 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1,302 2,210 1,406 804 4 800 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—June. 8,036 8,018 18 129 -111 6,942 6,563 379 65 314 1963—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 8,350 8,314 36 191 -155 7,299 6,945 355 91 264 Sept.... *'8.480 ^8,440 179 '-139 ^7,403 *>7,052 "351 73 "278 Week ending— 1963—Sept. 4 8,082 8,006 76 135 -59 6,943 6,587 356 109 247 11 8,092 8,047 45 112 -67 7,106 6,660 446 70 376 18 8,118 8,111 7 74 -67 7,039 6,701 338 51 287 25 8,168 8,135 34 203 -169 7,139 6,737 402 57 345 1964—Apr. 1. 8,286 8,251 35 49 -14 7,073 6,878 195 72 123 8,261 8,230 31 92 -61 7,258 6,870 388 57 331 15 8,334 8,312 22 105 -83 7,198 6,943 255 74 181 22 8,214 8,196 19 176 -157 7,356 6,943 412 57 355 29 8,107 8,083 24 54 -30 7,109 6,879 230 79 151 May 6. 8,215 8.186 29 118 -89 7,095 6,860 235 80 155 13. 8,198 8,164 34 197 -163 7,254 6,908 346 95 251 20. 8,173 8,144 29 188 -159 7,252 6,880 371 63 308 27. 8,137 8,105 32 104 -73 7,094 6,825 269 90 179 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 8,480 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 7,371 6,944 427 72 355 Sept. 2 8,389 8,322 67 144 -77 7,212 6,937 275 108 167 9 8,406 8,351 55 292 -237 7,405 6,976 429 97 332 16 8.455 8,399 56 124 -68 7,318 7,033 285 74 211 23 8; 554 8,527 27 190 -163 ^7,573 ^7,125 P447 45 H02 30 8,555 8,497 58 158 -100 ^7,353 ^7,101 72 i This total excludes, and that in the preceding table inludes, $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
1278 MAJOR RESERVE CITY BANKS OCTOBER 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R . e S l . at G ed o v t t r . a s n e s c a u c r t i i t o ie n s s d w ea it l h ers Reporting banks Less: 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 i r a o B t B w a F o n in r . k R - g s s . F f i b e u n N d a n t n e e e d t r r k s - al S d u e r o f p i r c l i u t s P re e a q r o v u c f g i e r . n ed 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 o u P h f y a u n s i r n e e - g s t s b o S e a f l a n l l n i e k n e s s g t d L ea o t l o a e n rs s 3 de f r B i r a o n o o l w g e m r s r - - s4 lo N a e n t s trans. reserves banks Total—46 banks 1964—Aug. 5 16 69 435 -488 5.3 2,049 1,614 1,209 840 405 1,100 152 '949 12 19 139 667 -787 8.6 1,789 1,122 862 927 260 '877 '113 '764 19 12 119 733 -839 9.2 2,066 1,333 1,151 915 182 '1,059 91 '968 26 18 156 368 -506 5.5 1,564 1,196 895 669 301 '951 174 mi Sept. 2 78 141 501 -565 6.2 1,705 1,204 1,022 683 182 918 145 773 9 36 244 507 -715 7.8 1,603 1,096 828 775 268 789 167 622 16 45 89 1,113 -1,157 12.6 2,268 1,155 985 1,283 170 1,322 157 1,165 23 1 259 1,035 -1,293 13.6 1,880 845 726 1,153 118 1,572 103 1,469 30 92 111 554 -572 6.0 1,515 961 818 697 143 1,346 90 1,256 8 in New York City 1964—Aug. 5 -5 162 -170 4.6 1,004 841 607 397 234 '867 102 '766 12 6 355 -349 9.8 896 541 463 433 78 '708 '77 '631 19 7 43 330 -366 10.1 983 653 643 341 10 '833 88 '745 26 10 55 141 -186 5.2 678 537 477 201 60 '642 93 '549 Sept. 2 34 45 226 -237 6.6 762 536 519 243 17 644 60 585 9 3 29 215 -240 6.7 770 555 462 308 93 522 82 439 16 20 21 526 -527 14.5 1,070 544 533 537 11 935 81 855 23 6 132 579 -705 18.7 953 374 374 579 884 53 831 30 69 185 -116 3.1 734 549 468 267 81 838 83 755 38 outside New York City 1964—Aug. 5 67 272 -318 5.7 1,045 773 601 443 171 233 51 182 139 312 -438 7.9 893 581 399 495 182 169 36 133 19!!!!!! 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 Sept. 2 44 96 276 -328 5.9 943 668 503 440 165 273 86 188 9 33 215 292 -474 8.5 834 541 366 468 175 268 85 183 16 24 67 587 -630 11.3 1,198 611 452 746 160 386 76 310 23 -5 127 456 -588 10.3 927 471 353 574 118 688 51 638 23 111 369 -456 8.0 781 412 350 430 62 508 7 501 30 5 in Chicago 1 25 -26 2.8 275 251 173 103 78 1964— Aug. 5 -2 124 -138 15.0 267 143 135 132 9 19! ! '.','.'.-'5. 101 -114 12.3 302 201 152 150 49 26 -1 28 -35 3.8 228 200 116 112 84 90 87 Sept. 2 4 85 -81 228 142 142 85 83 73 9 4 50 105 -151 16.4 208 103 103 105 106 96 16 -1 194 -195 20.9 308 113 113 195 110 103 23 115 -149 15.3 232 116 101 130 137 137 120 -155 15.9 220 100 96 123 135 135 30 35 others 20 65 248 -292 6.3 770 522 429 341 93 233 51 182 1964—Aug. 5 15 126 189 -300 6.5 627 438 264 362 173 169 36 133 19]]!!;;;;;;:: 11 69 301 -359 7.8 780 479 357 424 122 226 3 223 26 96 199 -285 6.2 658 459 302 356 157 219 78 141 Sept. 2 40 96 190 -247 5.3 716 525 360 355 165 191 76 115 9 29 165 187 -323 7.0 626 438 263 363 175 161 75 86 16 25 67 392 -435 9.3 890 498 339 552 159 276 69 207 23 -5 93 341 -439 9.3 695 354 251 444 103 551 51 500 30 20 72 249 -301 6.4 561 312 254 307 58 372 7 365 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
OCTOBER 1964 DISCOUNT RATES 1279 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Sept. 30 date rate Sept. 30 date rate Sept. 30 date rate Boston July 17, 1963 July 17,1963 ^2 July 17,1963 4 New York. . . July 17, 1963 July 17,1963 4% June 10,1960 5 Philadelphia.. July 19, 1963 July 19,1963 Aug. 19,1960 5 Cleveland July 17, 1963 July 17,1963 f July 17,1963 4% Richmond. . . July 17, 1963 July 17,1963 July 17,1963 Atlanta July 24, 1963 July 24,1963 July 24,1963 4% Chicago July 19, 1963 July 19,1963 July 19,1963 4i/2 St. Louis July 17, 1963 July 17,1963 July 17,1963 4 Minneapolis.. July 17, 1963 July 17,1963 Aug. 15,1960 41/2 Kansas City. . July 26, 1963 July 26,1963 4% July 26,1963 4 Dallas July 17, 1963 July 17,1963 Sept. 9,1960 5 San Francisco July 19, 1963 July 19,1963 June 3, I960 5 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date ill 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 21/2-31/2 21/2 1953 1958 1933 Jan. 1 23 6 WA-2 Jan. 2 2 2 4 2 23 3 / 4 4 - - 3 3 18 Mar. 3 21/2-31/2 31/2 Mar. 7 21,4-3 4 31/2 13 21/4-23/4 A M p a r y . 2 7 6 3 -31/2 k Feb. 5 1954 13/4-2 Apr. 1 2 8 1 134- 2 2 1 1 4 4 18 Oct. 20 Apr. 1 1 4 5 1J/2-1J4 I WA A M u a g y . 1 9 5 . 13 W 4- A 2 WA 1934 16 Sept. 12 1 %2 Feb. 2 IJ/2-31/2 May 21 2 Mar. 16 Oct. 24 2 -2 2 Nov. 7 21/2 2% 1935 1955 Jan. 11 Apr. 14 IV2-W4 May 14 I1/2-2 2 15 112/24134 1959 May 2 Mar. 6. S A e u p g t . . 2 4 7 1937 1 -2 S A e u p g t . - , n ? 4 ' : . : V :: . : Y. i 2 IV * A :-2 3 VA 8 J S M u e a n p y e t. 2 1 1 1 9 2 1 6 . . . . 3 % 3 - 4 % 3% 1942 18. Apr. 11 1 Nov. 18 Oct. 15 1 23 30 '1/2 1960 1946 June 3 31/2-4 4 Apr. 25 1956 10 31/2-4 3% May 10 Apr. 13 21/2-3 2% 14 31/2 20 2!4-3 P Aug. 12 3 -31/2 3 1948 Aug. 24 234-3 Sept. 9 3 3 Jan. 12 1 -WA WA 31 19 WA Aug. 13 WA-WI WI 1963 23 WI n/2 1957 July 17 3 -31/2 1950 Aug. 2 9 3 3 3 - 1 3 /2 i/2 ¥ 26 3% Aug. 21 WI-WA Nov. 15 3 -31/2 1964 25 WA Dec. 2 3 In effect Sept. 30 . . 1 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
1280 RESERVE REQUIREMENTS OCTOBER 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 * b C re a e c s n n i e k t t r y s r v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s n i e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits held for: banks 1 year or more } 2* 3 { k 4 Less than 1 year 3% IneffectDec.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 }} m 3 { k 4 3% J A u u n g e . 30 1 , , 1 J 1 uly 1.. §* 2 iS 0 * 1 1 4 3 6 5 6 r Aug. 16,18 12 5 Other time deposits pay- Aug. 25 able in: i Sept. 1 if* 1 year or more 3 1951—Jan. 11, 16 23 13 6 6 Jan. 25, Feb. 1.. 24 19 14 90 days-6 months 1953—July 1,9 , 22 20 13 Less than 90 days 1954— June 16, 24 21 19 5 5 July 29, Aug. 1. 20 18 12 i For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. if* 1?" ii* BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 it* lished by the Board of Governors under provisions of Regulation Q. Apr. 24 16^i Under this Regulation the rate payable by a member bank may not in I960—Sept. 1 17& any event exceed the maximum rate payable by State banks or trust Nov 24 12 cos. on like deposits under the laws of the State in which the member Dec. 1 bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the 1962—Oct. 25, Nov. 1. 4 4 FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits: In effect Oct 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 10 7 3 3 (Per cent of market value) Maximum . 22 14 6 6 Effective date 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Regulation July 28, July 10, Nov. 6, at 2 c e D n e tr m al a n re d s e d r e v p e o o s r it s r e s s u e b rv je e c c t it t y o b re a s n e k r s v . e requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962. For extensions of credit by brokers and 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: Country 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 All All Item m b e a m nk b 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 m nk b s er Y N o e r w k c# Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Aug. 19, 1964 Four weeks ending Sept. 16, 1964 Gross demand—Total... 132,731 25,216 6,217 50,579 50,719 Gross demand—Total... 133,404 25,055 6,250 50,925 51,174 14,023 4,298 1,215 6,772 1,738 Interbank 14,503 4,291 1,273 7,120 1,818 U.S. Govt 5,117 1,095 308 2,073 1,641 U.S. Govt 5,089 994 286 2,058 1,752 Other 113,591 19 824 4,694 41,734 47 339 Other 113,812 19,770 4,691 41,747 47,604 l 109,654 20,101 5,236 40,897 43,420 Net demand i 110,029 19,936 5,268 41,222 43,603 Time 99 535 13 887 4 154 38 333 43 160 Time 100,329 13,990 4,169 38,666 43,504 Demand balances due Demand balances due from dom. banks.... 7,043 114 102 1,910 4,918 from dom. banks... 7,296 104 103 1,914 5,175 Currency and coin 3,237 252 48 978 1,959 Currency and coin 3,289 260 50 1,008 1,972 Balances with F.R. 17,279 3,630 982 7,335 5,332 Balances with F.R. 17,348 3,612 988 7,393 5,355 Banks 20,516 3,882 1,030 8,313 7,291 Banks Total reserves held Total reserves held 20,637 3,872 1,038 8,401 7,327 Required 20,120 3,872 1,030 8,281 6,937 Required 20,206 3,849 1,036 8,348 6,972 Excess 396 10 32 354 Excess 431 23 2 53 355 i Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 OPEN MARKET ACCOUNT 1281 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—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 Aug . . 574 413 145 413 2,030 Outright transactions in U.S. Govt. securities by 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—Aug 190 2,292 155 -99 17 Sent 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 May 43 2,164 27 4 June • 20 307 11 -307 5 July Aug 187 -2,030 202 41 Repurchase agreements (U.S. Govt. securities) Net change Bankers' acceptances Net change in U.S. in U.S. Govt. Govt. securities and Gross Gross securities Net Net acceptances purchases sales outright repurchases 1963 Aug 253 243 -77 i -78 Sept 419 573 172 -4 168 Oct 1,095 1,032 195 10 14 219 Nov 959 921 909 -2 -14 893 Dec 826 915 -74 28 92 45 1964 Jan 429 440 -840 -2 -92 -934 Feb 127 127 416 -4 412 Mar 497 338 601 -4 64 662 Apr 172 280 -601 -7 -25 -633 May • 682 734 1,060 -7 -39 1,014 625 625 566 36 602 July 1,070 1,021 257 -7 -21 229 Aug . .. 684 733 113 -16 -4 93 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
1282 FEDERAL RESERVE BANKS OCTOBER 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of montti Item 1964 1964 1963 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. Assets 13,701 13,703 13,694 13,709 13,725 13,701 13,727 13,973 Redemption fund for F.R. notes 1,489 1,493 1,487 1,474 1,463 1,489 1,465 1,336 15,190 15,196 15,181 15,183 15,188 15,190 15,192 15,309 Cash 161 163 151 148 156 161 167 327 Discounts and advances: 93 730 74 142 99 93 185 108 2 2 30 Acceptances: 38 36 36 38 38 38 36 34 Held under reDurcha.se agreements 61 14 18 22 24 61 U.S. Govt. securities: Bought outright: Bills 4,967 4,578 4,910 5,112 5,112 4,967 5,112 3,320 Other 10,712 Notes 25,105 25 077 25,077 25,064 25.037 25,105 25,032 13,993 Bonds 5,178 5,126 5,126 5,097 5,045 5,178 5,020 4,538 35,250 34,781 35,113 35,273 35,194 35,250 35,164 32,563 Held under repurchase agreements 100 360 123 100 Total U.S. Govt. securities 35,350 34,781 35,113 35,633 35,317 35,350 35,164 32,563 35,544 35 562 35,241 35,835 35,478 35,544 35,385 32,735 5,896 6,676 7,970 5,247 5,379 5,896 4,683 4,865 102 102 102 102 102 102 102 103 Other assets: Denominated in foreign currencies •• 164 254 199 174 204 164 195 96 All other 356 335 310 298 111 356 266 308 Total assets 57,413 58,288 59,154 56,987 56,784 57,413 55,990 53,743 Liabilities F R. notes. 32,936 32,935 33,128 33,217 32,847 32,936 32,749 30,738 Deposits: 17,121 17,612 17,013 17,143 16,979 17,121 17,055 16,772 U S Treasurer—General account 933 1,047 1,082 839 731 933 939 948 148 128 154 121 177 148 163 174 Other 194 199 180 206 183 194 208 199 18,396 18,986 18,429 18,309 18,070 18,396 18,365 18,093 Deferred availability cash items 4,329 4,646 5,892 3,646 4,113 4,329 3,127 3,298 106 97 103 139 103 106 105 78 Total liabilities 55,767 56,664 57,552 55,311 55,133 55,767 54,346 52,207 Capital Accounts Capital paid in 518 517 517 517 517 518 517 487 Surplus 990 990 990 990 990 990 990 934 Other capital accounts 138 117 95 169 144 138 137 115 57,413 58,288 59,154 56,987 56,784 57,413 55,990 53,743 Contingent liability on acceptances purchased for foreign correspondents 127 130 131 130 132 127 132 104 U.S. Govt- securities held in custody for foreign 8,373 8,507 8,489 8,145 8,169 8,373 8,247 7,945 Federal Reserve Notes—Federal Reserve Agents' Accounts 35,321 35,377 35,323 35,269 35,052 35,321 35,079 32,873 Collateral held against notes outstanding: 6,563 6,610 6,607 6,607 6,607 6,563 6,607 7,101 12 64 8 7 14 12 15 32 U.S. Govt. securities 29,870 29,820 29,715 29,500 29,485 29,870 29,465 26,862 Total collateral 36,445 36,494 36,330 36,114 36,106 36,445 36,087 33,995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FEDERAL RESERVE BANKS 1283 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1964 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Gold certificate account 13,701 755 3,168 707 1,233 1,021 744 2,255 576 276 585 534 1.847 Redemption fund for F.R. notes 1,489 83 344 82 142 119 89 267 60 26 58 49 170 Total gold certificate reserves 15,190 838 3,512 789 1,375 1,140 833 2,522 636 302 643 583 2,017 F.R. notes of other Banks . 654 209 27 43 39 21 68 Other cash 161 45 12 14 22 6 21 Discounts and advances: Secured by U.S. Govt. securities... 3 Other 1 Acceptances: Bought outright 38 38 Held under repurchase agreements . 61 61 U.S. Govt. securities: Bought outright 35,250 1,838 8,728 1,885 2,797 2,425 1,905 6,106 1,368 685 1,387 1,363 4,763 Held under repurchase agreements. 100 100 Total loans and securities 35,544 1,856 8,931 1,888 2,798 2,431 1,916 6,125 1,372 688 1,393 1,371 4,775 Cash items in process of collection... 7,250: 497 1,474 407 548 551 546 1,190 355! 225 440 361 656 B O a th n e k r p a r s e s m et i s s : es 102J 3 8 3 6. 5 18 22 6i 4 6 11 10 Denominated in foreign currencies . 164 1441 9 8 9 23 22 All other 356! 86) 19 24 20 61 14 14 48 Total assets. 59,42lj 3,281 14,309 3,169 4,809 4,216 3,412 10,004 2,416| 1,282) 2,527 2,37 7,617 Liabilities F.R. notes 33,590 1,963 7,938 1,9431 2,847 2,811 1,935! 6,097 1,344] 584j 1,303 1,034 3,791 Deposits: Member bank reserves 17,121 736 4,574 744! l,234j 778 877 2,563 6671 419 796 89;* 2,835 U.S. Treasurer—General account.. 933 43} 220 34 93! 46 85! 78! 47 50 40 Foreign 148 61 245 13! 51 6! 8 19 Other 194 128 | 1 4j 2 48 Total deposits 18,396 785 4,967 786| 878 932 2,669| 75l| 470! 856 948 3,013 Deferred availability cash items.... 5,683 450 944 343 444 j 983! 260| 188 292 577 Other liabilities and accrued dividends. 106 27 6 5i 18! 4,1 3 4 14 Total liabilities 57,775 3.204 13.876J 3,078 4,662 4,133! 3,316 9.767 2.359! 1,245 2,455! 2,285 7,395 Capital Accounts Capital paid in....... 518 136 29 46 26 30! 74. 23| 30l 70 Surplus 990 264 55 90 49 56| I401 34 i 43| 57j 132 Other capital accounts. 138 33 7 11 8 IOS 23 i 5i 6 7 20 Total liabilities and capital accounts.. 59,421j 3,281 14,309! 3,169 4,809 44,,221166| 3,412! 10,004! 2>416 ]'282! 2'527 2'379i 7'617 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Sept. 30, 1964 29.2 30.5 27.2 28.9 32.8 30.9 29.1 28.8 30.4! 28.7 29.8i 29.4 29.6 Aug. 31, 1964 29.4 31.1 30.4 29.5 27.7 28.7 30.4 28.6 29.61 32.8 27.11 25.7 29.8 Sept. 30, 1963 31.0 33.2 30.0 32.7 32.2 30.6 31.0 30.4 30.61 33.0 28.6 28.5: 33.0 Contingent liability on acceptances purchased for foreign correspondents 127 334 6 7 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 2,043 8 007 R89 2,030 6 ^44 Collateral held against notes outstanding: Gold certificate account 6,563 411 1,670 425 500 595 340 1,100 Eligible paper 12 2 U.S. Govt. securities 29,870 i,670 6,950 1,700 2,700 2,330 1,750 5,400 Total collateral 36,445 2,081 8,620 2,127 3,200 2,925 2,090 6,500 1 After deducting $120 million participations of other F.R. Banks. 3 After deducting $93 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
1284 FEDERAL RESERVE BANKS; BANK DEBITS OCTOBER 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 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. Aug. Sept. Discounts and advances—Total. .. 95 731 74 142 99 95 185 138 Within 15 days 88 724 69 137 93 88 179 106 16 days to 90 days 7 5 5 6 7 5 2 91 days to 1 year 1 30 Acceptances—Total 99 50 54 60 62 99 36 34 Within 15 days 66 20 24 30 33 66 8 8 16 days to 90 days 33 30 30 30 29 33 28 26 U.S. Government securities—Total 35,350 34,781 35,113 35,633 35,317 35,350 35,164 32,563 Within 15 daysi 650 632 657 874 726 650 420 588 16 days to 90 days 9,281 9,015 9,189 9,415 9,298 9,281 9,396 5,805 91 days to 1 year 10,023 9,818 9,951 10,070 10,098 10,023 10,183 12,827 Over 1 year to 5 years 12,956 12,914 12,914 12,895 12,861 12,956 12,848 10,909 Over 5 years to 10 years 2,126 2,098 2,098 2,082 2,049 2,126 2,037 2,225 Over 10 years 314 304 304 297 285 314 280 209 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i t n l h d d e e s r r - s f S r w an i c ss s 1964—Jan 254 10 37 2 1 201 2 * Feb 271 11 52 2 1 201 * 3 Mar 330 11 52 4 6 234 21 2 Apr 214 1 52 2 6 101 50 1 1 May 213 1 51 2 6 101 50 * June 124 16 52 2 1 2 50 1 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover (billions of dollars) of demand depositsl Period All Leading centers 337 other Leading centers 337 other 343 reporting reporting reporting centers 4 centers NewYork 6 others 2 centers 3 NewYork 6others 2 centers 3 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 1,110.3 564 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—Sept 3104 140.! 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 80.7 804 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 1333 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 2 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. i 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 1290 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 1257 90.9 91.1 47 6 48.4 304 30.9 35.3 35.5 June. '353 6 140.2 151 2 67 5 70.9 126.5 131.6 94.5 101.4 47 1 48.9 30 5 31.5 350 36.0 July.. '362 9 151,5 154 5 71 4 72.9 131.1 135 c '100 2 '98.6 49 1 48.1 31 2 31.1 '35 6 35.5 Aug.. '319.4 140.4 128 3 68 8 65.8 128.9 125A '92 8 '87.4 47 1 45.8 30 6 30.2 '35 1 34.2 Sept.. 340 9 149.5 1424 72.3 69.8 131.7 1286 97.0 95.7 M9.0 *48.3 P3° 7 P3° .7 *35 4 .2 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
OCTOBER 1964 U.S. CURRENCY 1285 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Aug 35,850 25,487 2,926 ,558 98 2,271 7,026 11,60910,363 3,075 6,743 244 293 3 4 Sept 35,891 25,468 2,947 ,576 98 2,282 7,001 11,564 1100,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 ,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov 37,227 26,536 2,986 ,644 100 2,396 7,359 12,05010,691 3,155 6,988 247 295 3 4 Dec 37,692 26,807 3,030 ,722 103 2,469 7,373 12,109 1'0",885 3,221 7,110 249 298 3 4 1964—Jan 36,247 25,500 3,021 ,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb 36,312 25,561 3,044 ,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar 36,799 26,000 3,105 ,621 102 2,321 7,096 11,75410,799 3,158 7,094 246 294 3 4 Apr 36,885 26,063 3,139 ,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 May 37,208 26,353 3,169 ,655 105 2,350 7,170 11,90410,855 3,185 7,127 246 291 3 4 June 37,734 26,797 3,205 ,676 107 2,379 7,280 12,15110,937 3,217 7,175 246 292 2 4 July 37,835 26,859 3,223 ,668 108 2,359 7,262 12,23910,976 3,231 7,202 245 291 3 4 Aug 38,014 26,972 3,249 ,668 109 2,364 7,272 12,310 11,041 3,249 7,248 245 292 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out- F.R. Kind of currency A sta u 1 n g 9 d . 6 i 4 3 n 1 g , A g a s 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 Au 1 g 9 . 6 4 31, Ju 1 ly 96 3 4 1, Au 1 g 9 . 6 3 3 1, certificates Agents Gold . 15,460 (15,192) 2 269 Gold certificates (15 192) 3 12,376 2,816 F R notes 35 077 75 2,330 32,673 32,489 30,649 Treasury currency—Total 5,572 (1,739) 62 169 5,341 5,346 5,201 Standard silver dollars 485 3 * 482 482 428 Silver bullion 1,788 iJ739 49 Silver certificates 0,739) 129 1,610 1,644 1,790 Subsidiary silver coin 2,040 7 12 2,021 2,000 1,812 Minor coin ... 751 2 2 747 741 685 United States notes 347 1 24 321 319 317 Tn process of retirement ^ 162 161 161 167 Total—Aug. 31,1964 556,110 (16,931) 405 12,376 5,315 38,014 July 31 1964 5 55,859 (16,952) 422 12,372 5,230 37,835 Au<* 31 1963 5 53,758 (17,385) 382 12,475 5,052 35,850 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. 1275. 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 * 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
1286 MONEY SUPPLY OCTOBER 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. Currency Demand ad- Currency Demand ad- demand Total component deposit justed 1 Total component deposit justed * deposits * component component 1956—Dec 136.9 28.2 108 7 51.9 140.3 28.8 111.5 51.4 3.4 1957 Dec 135 9 28 3 107 6 57 4 139 3 28 9 110 4 56 7 3 5 1958—Dec 141.1 28.6 112 6 65 4 144 7 29.2 115 5 64 6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 I960—Dec 141.1 28.9 112 1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 1962 Dec 147 6 30.6 117 1 97 9 151 6 31.2 120 3 96 7 5 6 1963 Aug 151 2 31 8 119 5 107 1 149 2 31 9 117 3 107 5 6 3 Sent 151 6 31 9 119 7 108 1 150 6 31.9 118 6 108 3 6.6 Oct 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109.5 5.3 Nov . .. 153 5 32 3 121 2 111 1 154 8 32 6 122 1 110 2 4 4 Dec 153 2 32.4 120 7 112 3 157.2 33.1 124.1 111 0 5.2 1964 Jan 153 8 32 6 121 2 113 9 157 8 32.4 125 4 113 2 4 2 Feb 153.8 32.7 121 1 115.1 153.8 32.3 121.5 114 6 4.8 Mar . . 154 2 32 9 121 3 115 7 152 9 32 6 120 3 115 7 6 1 Apr 154.5 33 0 121 5 116 4 155 0 32.7 122 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 Sept . 158 0 33 8 1242 121 7 156 9 33 8 123 1 122 0 6 6 Half month 1964 June (1) 155 2 33 5 121 7 118 4 153 8 33 4 120 4 119 1 6.3 (2) 155.9 33 4 122 5 118 6 153 4 33 2 120 2 119 2 9 3 July (1) 156 8 33 4 123 4 118 9 154 9 33 8 121 1 119 8 9 1 (2)......;:::.:;:/;;;:::: 156.6 33.5 123 1 119 8 155 4 33.5 121 9 120 4 5.1 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 Sept. (1) 157.8 33.8 124.1 121.6 157.1 34.0 123.1 121 9 5.0 (2) 158.1 33.8 124.3 121.9 156.7 33.6 123.1 122.0 8.2 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a t i o d m ed s - e i ts i d d e G e p U m o o . s S a v i n . t t . s d J 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 co e n m m en p a t n o d - d ju e T s p a i t o d m ed - s e i t 1 s d d e G e p U m o o .S s a v i . n t t . s d J 1963—June 5 147.5 31.3 116.2 104.9 6.8 12 148.9 31 5 117 3 105 1 4 7 1964 Tnn« H . . 152 5 33.1 119 3 118 9 7 7 19 149.4 31.4 118.0 105.2 5.9 10 153.2 33.5 119.7 119.2 6.2 26 147.1 31.2 115 9 105.3 10 5 17 155.3 33 4 122 0 119 2 6 3 24 153.5 33.3 120.2 119.2 9.0 July 3 148.1 31.6 116.6 105.8 10.9 10 148 6 32 1 116 5 105 9 9 5 July 1 ... 153 0 33 2 119 8 119 4 10 2 17 150.0 31.8 118.2 106.1 7.7 8 154.5 34.0 120 5 119 7 9.7 24 149.7 31.7 118.1 106.4 6.7 15 155.5 33.8 121.7 120.0 8.3 31 150 0 31 5 118 5 106.7 6 0 22 155 5 33 7 121 8 120 2 5 5 29 155.2 33.4 121.8 120.5 4.7 Aug. 7 150.6 31.9 118.7 107.0 6.4 14 150.3 32.0 118.3 107.3 5.4 Aug. 5 156.4 33.7 122.7 120.6 5.9 21 148.0 31.9 116.1 107.6 6.9 12 156.1 34.0 122.1 120.8 5.5 28 147.8 31.7 116.1 107.8 6.6 19 154.5 33.8 120.7 121.1 6.9 26 153.6 33.6 120.0 121.4 7.3 Sept. 4 149.4 31.9 117.5 108.1 6.1 11 150.8 32.2 118.6 108.2 5.1 Sept. 2 155.3 '33.6 C121.7 121.6 6.0 18 152.1 32.0 120.2 108.4 5.1 9 156.4 34.3 C122.1 121.9 5.7 25 149.9 31,8 118.1 108.3 8.1 16 158.7 33.9 124.8 122.0 4.1 23 157.2 33.7 123.5 121.8 7.6 Oct. 2 150.1 31.7 118.4 108.7 8.8 30..... 155.8 33.5 122.3 122.2 9.2 9 151.3 32.3 119.0 109.1 7.7 16 152.8 32.2 120.6 109.3 5.4 Oct. 7? 157.7 34.1 123.6 122.7 8.3 i 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
OCTOBER 1964 BANKS AND THE MONETARY SYSTEM 1287 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government securities li i a ti b e i s l- de T p o o t s a i l ts Ca a p n i d tal Gold rency Other and and misc. st o i a n u n g t d - - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other s r e it c ie u s - ca n p e it t al, currency co n a u e c n - t ts, savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55.776 8,922 1933—June 30.. 4,031 2,286 42,148 21.957 10,328 8.199 1,998 131 9-863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941 —Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101.288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107.086 81;199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 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—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 405600 351,400 319,400 32,000 Mar. 25.. 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr. 29 . 15,500 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356,100 323,600 32,400 May 27 . 15,500 5,600 336,900 195,900 99,700 65,200 34,000 500 41,300 358,000 325,100 32,900 June 30. . 15.461 5,578 343,988 201,161 100,879 65,337 34,794 748 41,948 365,027 333,114 31,915 July 29'* 15,500 5,600 341,300 199,300 99,900 64,300 34,800 700 42,100 362,300 329,500 32,800 Aug. 26 r^ 15,500 5,600 344,000 200,600 100,700 64,900 35,100 800 42,700 365,100 331,100 34,000 Sept. 3QP. 15,500 5,600 351,200 205,000 102,800 66,700 35,400 700 43,400 372,200 338,400 33,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted i Not seasonally adjusted Time U. S. Government Date Total o b r C u e a t n u n s c r i k d - y s e d ju m e s D p a t a o e d e n d s - - d i t 2 s Total o b r u C e a t n u n s c i r k d - y s e j d u m e s D p a t a o e d 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 F e e i o g t r n - * T h c i u r o n a e r l g s a y d h s s - - sa c m a c v o A n i e i m a n d t r l g - - s B F A a .R n t k . s banks 1929 June 29 26,179 3,639 22,54C 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 1,186 264 852 35 1939 Dec 30 .. 36,194 6,401 29,793 27,059 15,258 10,523 1,278 ,217 2,409 846 634 1941 Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 ,498 2,215 1,895 867 1945 Dec 31 ... 102,341 26.490 75,851 48,452 30,135 15,385 2,932 >,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26.476 87,121 56,411 35,249 17,746 3,416 ,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 66S I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 J, 184 377 6,193 485 1961— Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82.145 38,420 651 ,497 422 6,219 465 1962—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—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 30 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 ,324 391 10,502 939 July 29 fP.. 154,000 32,800 121,200 154,000 32,900 121,000 167,700 120,300 47,100 400 ,300 400 5,300 700 Aug. 26r*\. 154,300 32,900 121,400 152.900 33,100 119,800 169,000 121,200 47,400 400 ,400 400 6,300 1,100 Sept. 30*... 156,800 33,100 123,700 155;800 33,200 122,600 170,400 122,100 47,900 400 :,400 400 9,400 900 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLS. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1288 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Deposits Interbank l Other Bor- Total Num- Class of bank capital ber and date Demand of Total capital I Total i banks ac- De- Time 3 ! mand Time U.S. Govt. Other j All banks 1941—Dec. 31.. 61,126 26,615 25,511 81,816 10,982 44,355 26,4791 23 8,41414,826 1945—Dec. 31. 140,227 30,362101,288 165,612 14,065 105.935 45,613 22710,54214,553 1947—Dec. 314. 134,924 43,002 81,19910,723 161,86512,793 240 1,3461 94,381 53,105 6611,94814,714 1961—Dec. 30.. 256,700154,318 72,715 -2"9,667 ,394 228877,17617,914 482 5,952|l41.979 120.848 482 26,22713,946 1962—Dec. 28 .. 280,397172,822 72,563 35,012 54 343,201303,65316,008 535 6,839 141,084139,188 ,04613,940 1963—June 29 . . 287,411179,714 69,708 37,989 52;046 347^96 3-0-9,42815,042 55111,069 133,681149,083 563 28,61213,993 1963—Sept. 25 . . 292,200184,470 67,970 39,760 48,920 349,210 308,35014,510 550 8,850 132,380152,060 2,930 28,83014,034 Dec. 20. . 302,251192,686 69,068 40,497 51,536 362,394 319,63615,267 528 6,734141,576155,531 3,702 29,88214,079 1964—Jan. 29 . . 298,190190,010 68,050 400,130 48530 355.410 31395014,090 570 137480158,990 3,230 29.53014,095 Feb. 26.. 299,450191,340 67,530 400,580 48830 356;940 314,55013,960 590 ,850160,420 3,320 29;870 14,113 Mar. 25. . 303,200194 440 67,610 411,150 48280 360;310 31807014,070 630 500162,000 3,270 29;990 14,122 Apr. 29. . 304,130196,580 66,180 41,370 48710 361;760 31845013,700 640 180 136620163,310 3,560 30;290 14,140 May 27. . 305,660 1'9-9,210 65,150 41,300 48850 363;420 319 50013,680 630 200 133080164,910 3,560 30;620 14,154 June 30.. 310.404 203,119 65,337 41,948 54073 373;909 331 84315,272 67810,263 160166,469 2,120 311 14,175 July 29 rP 309,330202,950 64,310 42,070 48580 366;950 32283013,770 690 5 690167,570 3,950 301 14,195 Aug. 26 rP 311,540203,920 64,900 42,,720 48810 369080 32471014,390 680 6 134,760 168,840 3,540 311 14,203 Sept. 30*>. 317.670207,520 66,740 43.410 53,700 381,070 336,98015.820 690 9; 141,030 170.260 2.760 311 14.230 Commercial banks: 1941—Dec. 31. . 50,746 21,714 21,808 7,,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945_Dec. 31.. 124,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314. 116,284 38,057 69,221 9,,006 ~3~7502 155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30.. 215,441124,925 66,578 23,937 56,432 2"78,561 248,689 17,914 481 5,946141,920 82,429 47122,45913,432 1962—Dec. 28 . . 235.839140,106 66,434 29,298 54,049 297^16 226622,122 16,008 535 6,829141,041 97,709 627 24,09413,429 1963—June 29.. 241.014145,049 63.542 32.42351,156 299 875 266.17915,042 55011,060 133,624105,903 545 24,58213,482 1963—Sept. 25.. 244,840 148,870 61,810 34,160 48,080 300,250 264,56014,510 550 8,850 132,320108,330 2,930 24.720 13,524 Dec. 20. . 254.162156,006 63,196 34,95950.711312,773 275,12015,267! 526 6,729 141,534111,064 3,664 251677 13,570 1964—Jan. 29 . . 249,790153,050 62,140 34600 47670 305330 268,80014,090 570 2,820 137,420 113,900 3,230 25 38013,586 Feb. 26. . 250.590154,000 61,540 35050 47930 306 340 269,09013,960 590 5,730133,790 115,020 3,320 2567013,604 Mar. 25. . 253,880156,810 61,500 35570 47 390 309270 272,11014,070 630 7,870133,450 116,090 3,270 2575013,614 Apr. 29. . 254,590158,660 60,120 35 810 47890 310 580 272,40013,700 640 4,180 136;570 117,310 3,560 2608013,633 May 27. . 255.720160,860 59,110 3575O481OOO311 810 273,17013,680 630 7,200 118,630 3,560 26 38013,647 June 30.. 260,179164,463 59,322 36394 53,168321 909 284,90315,272 67710,257139J1O 119,587 2,099 2676813,669 July 29'P 258.640163,840 58,280 36520 47 720 314 530 275,71013,770 690 5,110 135,640 120,500 3,950 26159013,689 Aug. 26 rP 260.330164,400 58,800 37130 47910 316090 277,23014,390 680 6,040134,710 121,410 3,540 2676013,697 Sept. 30?. 266.060167,640 60.630 37790 52.800 327,680289.02015,820 690 9,180 140,!980 122.350 2.760 27112013,724 Member banks: 1941—Dec. 31. . 43.521 18,021 19,539 5,96123,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945_Dec. 31.. 071183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 222,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 .. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30. . 79,599106,232 54,058 19,308 49,579 235,112 209,630 17,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Dec. 28 . . 95,698118,637 52,968 24,092 47,427 249,488 219,468 15,309 358 6,086117,999 79,716 3,550 19,854 6,049 1963—June 29 . . 99,495122,088 50,399 27,008 44,929 251,214 222.619 14,388 373 9,761 111,548 86,550 440 20,238 6,058 1963—Sept. 25 . . 202,599125,458 48,633 28,508 42,211251,312 220,73013,837 371 7,936109.959 88,627 2,836 20,377 6,092 Dec. 20.. 210,127131,712 49,342 29,073 44,395 261,469 229,376 14,518 382 5,986117;562 90,929 3,499 21,054 6,112 1964—Jan. 29.. 206,179129,103 48,344 28.732 41480 254644 22340413,363! 429 2.394 113 93,395 3,073 20,952 6,124 Feb. 26.. 206.916129,888 47,873 29!155 41969 255 804 22394013,275 448 5 110, 94,350 3,166 21,172 6,130 Mar. 25. . 209,979132,381 47,985 29!613 41 171258 229 226;54113,378 489 110,. 95,183 3,054 21,226 6,136 Apr. 29. . 210.375133,873 46,734 29;768 41889 259460 226;81713,019 493 3,751 111133,;314 96,240 3,37121,500 6,153 May 27. . 211,293135,665 45,979 29;649 41983 260441227,45913,022 489 6,440 110,182 97,326 3,389 2-1",719 6,161 June 30.. 215.132138,649 46,235 30;249 46767 269 437 23805214,527j 525 9,342115,624 98,034 1, ,060 6,180 July 29. . 213.635138,042 45,22330,370 41 732 262 606 22942913,078! 536 4 112,319 98,860 3,740 21,947 6,186 Aug. 26. . 215.030138.478 45,65130,901411830 2631825 230;64213,66li 531 5 111.458 99,581 3,35422,088 6,188 Sept. 30?'. 220.105141.393 47.24531,467 46.423274.302 241;33115.0561 542 8.460116.(.969100.304 2.624 "2.2382 6,204 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 15,371j l,592i 542 1947—Dec. 314. 18,641 4,944 11,978 1,718; 886 19.714 17,763 3i 14 17,7451. 1,889 533 1961—Dec. 30.. 41,259 29.393 6,136 5.730! 936 42,833 38,487 60 38,420 11 3,768 514 1962—Dec. 28 . . 44,558 32.716 6.129 5.714| 890 46,086 41,531 'Si 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| J9l 4,031 511 I 1963—Sept. 25 . . 47,360 35,600) 6,160 840j 48.960 43.790 60 43.7301. 4,110 510 Dec. 20. . 48.089 36,679j 5.872 5,600; 826! 49.621 44,516 42 44.467! 38 4,205 509 5.539J 1964—Jan. 29. . 48,400 36,960 5,910 5.5301 860J 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 30. 50,226 38,656 6,016 5.554J 905 52.000 46,940 50 46,882 21 4,269 506 July 29'. 50,690 39.110 6,030 5,550! 860 52,420 47,120 50 47,070 4,280 506 Aug. 26r . 51,210 39.520 6,10015,590| 900 52.990 47,480 50 47,430 4,350 506 Sept. 30P . 51,610 391880 6110| 5.620j 900 53.390 47,960 50 47.910 4,370 506 I I For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1289 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank Other Total Num- Cla a s n s d o d f a b te ank Total Loans G U o .S v . t. Other a C ss a e s t h s c c b o a i a l l a u p i i n c a t i n d - i - t e t a s s l 2 Total i m D a e n - d Time U.S D . emand Time r B i o n o w g r s - - c c a o a p u c i - n ta ts l ba b o n e f k r s Govt. Other 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 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,01711,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 1963—Sept. 25 32,957 22,036 5,642 5,279 8,995 44,185 36,361 3,991 202 2,078 19,35310,737 1,031 3,945 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,960 11,446 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 20,140 '1~2327 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 19,670 13, 1,494 4,351 14 June 30 36,693 25,490 5,779 5,424 10,550 49,716 41,545 4,711 317 2,112 21,224 ,205 924 4,402 14 July 29 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993 341 987 19,60613,181 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 19,38313,548 1,365 4,421 14 Sept. 30? 37,904 26,040 5,973 5,891 10,183 50,696 42,287 4,727 340 2,350 21,19913,627 938 4,447 14 13,671 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 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5,268 2,008 35 870 9 1962—Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,08: 5,545 2,071 1,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 1963—Sept. 25 9,346 5,796 ,915 1,635 2,094 11,623 10,036 ,209 583 4,669 3,563 327 12 Dec. 20 9,615 6,220 ,705 1,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,242 5,837 ,823 1,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Feb. 26 9,423 5,956 ,867 1,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 1,002 12 Mar. 25 9,695 6,064 2,063 1,568 1,776 11,713 10,128 ,124 472 4,627 3,889 327 1,011 12 Apr. 29 9,316 6,088 ,706 1,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 1,012 12 May 27 9,394 6,173 ,706 1,515 2,185 11,806 10,414 ,151 384 4,810 4,046 185 1,008 12 June 30 9,636 6,266 ,750 1,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 1,017 12 July 29 9,394 6,092 ,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 ,717 1,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Sept. 30P 9,914 6,421 ,857 1,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 1,034 12 Other reserve city: ~i 1941—Dec. 31 15,34' 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04" 11,286 51,898 49,085 6,418 30 8,221 24.655 9,760 2,566 359 1947—Dec. 31 36.040 13,449 20,196 2,396 13,066 49,659 46,46' 5,627 22 405 28,990 1'1,423 2.844 353 1961—Dec. 30 68,565 42,379 19,748 6,43820,216 90,815 81,883 8,350 6: 2,103 44,986 26,381 81 6,997 206 1 1 9 9 6 63 2 — — J D u e n c e . 2 2 9 8 7 7 3 4 , , 1 6 3 1 0 4 4 4 8 6 , , 1 56 6 7 4 1 1 8 7 , , 3 3 9 2 8 6 9 8 , ,1 1 6 2 5 4 1 1 9 8 , , 5 5 3 2 9 6 9 9 4 5, , 4 9 3 1 3 4 8 85 4 , , 5 2 5 4 5 8 7 6 , , 4 81 7 1 7 n 8 o : 2 3 , ,7 3 9 3 3 7 4 41 3 , . 2 6 9 0 1 9 3 3 3 0 , , 5 7 4 4 9 3 1, 4 3 0 8 7 8 7 7 , , 4 2 4 6 0 3 1 1 9 9 1 4 1963—Sept. 25 75,875 49,757 16,539 9,579 17,478 95,675 84,554 6,959 97 2,941 40,34134,216 ,250 7,557 196 Dec. 20 78,370 51,891 16,686 9,79: 18,778 99,643 87,994 7,225 2,212 43,45935,004 ,417 7,697 190 1964—Jan. 29 76,859 51,034 16,152 9,67316,826 96,184 84,938 6,512 98 813 41,43936.076 ,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 ,095 7,814 189 Mar. 25 78.288 52,395 15,86610,02716,863 97,57' 86,404 6,495 107 2,796 40,16736,839 ,000 7.815 186 Apr. 29 78.650 52,811 15,69210,14717.445 98,569 86,601 6,23: 11 1,586 41,32137,345 ,500 7,984 186 May 27 79,226 53,749 15,29410,18316,999 98,750 86,814 6,231 115 2,708 40,00937,751 1,301 8,032 183 June 30 80.466 54,604 15,48810,37519,143102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 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 80,66: 55,049 14,92210,69117,185100,348 88,169 6,73: 116 2.151 40,74038,430 1,415 8,173 185 Sept. 3O*5 82,222 55,804 15,68010,73819,158104,065 91,950 7,217 115 3,244 42,689 -3"8,685 1,150 8,324 186 Country member banks: 6, 7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19.466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,oo: 5,596 26,999 2,40810,63: 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 ,925 1,641 46,21131,832 40 7.088 5.885 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 ,773 1,931 46.895 36,692 172 7,744 5,828 1963—June 29 82,952 46,934 24,49611,52214,465 99,361 89,470 ,641 3,332 45,066 39,371 127 7,894 5,839 1963—Sept. 25 84,421 47,869 24,53712,01513,644 99,829 89,779 ,678 2,334 45,596 40.111 228 7,892 5,871 Dec. 20 87,316 50,023 24,79712,49614,274 103,615 92,759 ,793 1,960 48,256140,693 390 8,377 5,897 1964—Jan. 29 86,42' 49,267 24,67812,48: 13,796102,111 91,815 ,736 1,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,53813,436101,941 91,418 ,642 1,802 46,180 41,734 381 8,172 5,916 Mar. 25 87, 50,269 24,17712,66514.oo:103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,94612,83:13 103,175 92,30: ,629 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,36012,647 46: 102,539 91,641 ,569 1,999 45,693 42,324 409 8,328 5,952 June 30 88,337 52,289 23,21812,830 1143,,945036105,430 94,733 ,739 2,872 47,270142,788 230 8,531 5,971 July 29 88,198 52,214 23,14612,83813,763103,912 93,056 ,617 1,492 46,868|43,023 416 8,416 5,976 Aug. 26 88,794 52,470 23,32113,00314,094104,731 93,784 ,700 1,970 46,683 43,375 377 8,470 5,977 Sept. 30P 90,065 53,128 23,73513,20214,831107,083 96,130 ,785 2,250 48,241 43,790 278 8,577 5,992 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1290 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla a s n s d o d f a b te ank Total Loans as C s a e s ts h 1 c b a i a l l p i n i a t i d i t - e a s l Total i Demand r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b o u n e f m k r s - G U o .S vt . . Other cou a n c t - s * m D a e n - d Time U.S. Other Time 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 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8.671 13,297 1947_Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92-97534,882 61 9,734 13,398 1961—Dec. 30.. 213,904124,348 66,02623,531 56,086 276,600 247,17617,737 333 5,934141,05082,122 46222,089 13,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 140,16997,380 3,58423,712 13,119 1963—Dec. 20.. 252,579155,261 62,72334,594 50,337 310,730 273,65715,077 443 6,712 140,702'10,723 3,57125,277 13,284 1964—June 30.. 258,597163,715 58,88036,002 52,845 319,913 283,46315,072 59110,234138,323119,243 2,03526,358 13,394 National member banks: 1941_Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,511 10,359 104 3,315 76,29245,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,704 13,548 4,615 1964—June 30.. 141,198 89,469 31,56020,168 29,511 175,250 155,978 8,488 161 5,822 75,36966,137 84114,262 4,702 State member banks: 1941—Dec. 31.. 15.950 6,295 7,500 2,155 8,145 24.688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30.. 63,196 38,924 17,971 6,301 18,501 84,303 74,119 6,835 199 2,066 43,30321,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46.866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—June 30.. 73,934 49,179 14,67510,080 17,256 94,186 82,074 6,038 364 3,520 40,25531,897 1,095 7,799 1,478 Insured nonmember commercial banks: 1941—Dec. 31.. 5.776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 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 7 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 7 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28.. 38.557 20,81! 12,932 4,814 6,276 4S 619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49.275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—June 30.. 43,476 25,066 12,654 5,755 6,078 50,488 45,411 546 66 892 22,69921,209 99 4,309 7,215 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31.4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—June 30.. 1,571 748 432 390 323 1,984 1,439 200 85 23 787 344 64 399 274 Nonmember commercial banks: 1941 _Dsc. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7.380 1963— Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—June 30.. 45,047 25,815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,48621,553 163 4,708 7,489 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 1,034 192 1947 Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37.065 33,400 1 6 25633,137 11 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38.657 1 5 29238,359 38 3,572 330 1964—June 30.. 43,431 34,050 4,316 5,064 799 45,022 40,797 1 6 33340,456 20 3,618 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1291 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Securities a C ss a e s t h s1 b T i l l o i i a t t i a - e l s Interbank^ Other r B o o w r- - c T a a o p c t i - a ta l l N b u o e f m r - Total Loans U.S. ca a p n i d tal Total i De- Demand ings counts banks Govt. Other cou ac n - ts2 mand Time U.S. Other Time Govt. Noninsured mutual Barings 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—Dec. 20 6.425 4.380 1,548 498 104 6.602 5,859 1 8 5.851 633 179 1964—June 30 6,795 4,605 1,700 490 105 6,977 6,143 1 15 6,128 1 651 179 1 Reciprocal balances excluded beginning with 1942. parability of figures for classes of banks is affected somewhat by changes 2 Includes other assets and liabilities not shown separately. in F.R. membership, deposit insurance status, and the reserve classifica- 3 See note 3, p. 587, May 1964 BULL. tions of cities and individual banks, and by mergers, etc. 4 See note 4, p. 587, May 1964 BULL. Data for June 30, 1964, for national banks have been adjusted to make 5 See note 5, p. 587, May 1964 BULL. them comparable with State bank data. (Dec. 20, 1963 data also ad- 6 Beginning with May 18, 1964, one New York City country bank with justed to lesser extent.) loans and investments of $1,034 million and total deposits of $982 million Figures are partly estimated except on call dates. was reclassified as a reserve city bank. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 7 See note 6, p. 587, May 1964 BULL. 870-71. NOTE.—Data are for all commercial and mutual savings banks in the See also NOTE, p. 643, May 1964 BULL. United States (including Alaska and Hawaii, beginning with 1959). Com- LOANS AND INVESTMENTS AT COMMERCIAL BANES (In billions of dollars) Seasonally adjusted Not seasonally adjusted Date Securities Securities Total1 Loans1 Total1 Loans1 G U o .S v . t. Other G U o . v S t . . Other 1957—Dec. 31 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958 Dec 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959 Dec. 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31 194.5 113.8 59.9 20.8 198.5 116 7 61 0 20.9 1961—Dec. 30 209.8 120.5 65.4 23.9 214.4 123 9 66.6 23.9 1962—Dec. 312 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963 Dec 31 2 246.5 149.4 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 312 246.5 149.4 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 30 256.3 160 0 60.0 36.3 257.3 161 6 59 3 36.4 July 29 rP 254.5 159.7 58.4 36.4 254.2 159.4 58.3 36.5 Aug 26 rP .... 258.7 161.5 60.2 37.0 256.1 160.2 58.8 37.1 Sept. 30" 261.7 163.0 61.2 37.5 262.2 163.7 60.7 37.8 1 Adjusted to exclude interbank loans. For description of seasonally adjusted series, see July 1962 BULL. pp. 2 Data are estimates. 797-802. Data are for last Wed. of month and are partly estimated (except for NOTE.—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
1292 COMMERCIAL BANKS OCTOBER 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - ! Total 2 C m d t a c i r o u n i n i e a m a s d - r - l l - - A c tu u g r l r - - i- o b k d a T s r r e e n e o o r a d c c - s l a u - r r o r i y t t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t - a e l O u v i d t t a i n o h 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 S g r 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 r e i t t h c ie e u s r ers Total: 2 1947_Dec. 31.116,284 38,057 18,1671,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1 1 9 9 6 6 1 2 — — D D e e c c . . 2 3 8 0 . .2 2 1 3 5 5 , , 4 8 4 3 1 9 1 1 4 2 0 4 , , 1 9 0 2 6 5 4 4 8 5 , , 6 1 7 7 3 2 7 66 , ,;"2 "4-8 ! 4 ,144 2,131 2 1 , , 5 0 7 3 8 3 7 8, , 4 3 5 1 9 1 1 3 3 0 4, , 2 3 5 2 9 0 2 3 7 O ", ;5 8 5 4 3 7 3 3 , , 9 4 0 1 9 2 6 6 6 6 , , 4 57 3 8 41 1 1 1 , ,4 6 8 7 8 4 21 ,9 11 3 14 2 4 2 2 3 6 , , 8 3 ~4 3 "1 6 2 2 6 6 , , 9 6 8 4 7 1 2 2 4 0 , , 7 3 5 4 5 5 4 3 , , 5 5 4 9 3 2 1963—Dec. 20.254,162 156,006 52,947 7,470 i5,353 2,5093,605 9,479139,056 34 ,5""5"0 4', 034 63,19611,059 3, 22,415 28,065 29,786 5,173 1964—June 30.260,179 164,463 55,0617*688 5,552266 22^70044 2,88110,450 41,388 37,594 4,42159,322 9,061 1,65823,14127,085 31,419 4,975 35 All insured 1941_Dec. 31. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 ,331144 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 "5,1342 3,8733,258 1947_Dec. 31. 114,274 37,58318,012 ,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.213,904 124,348 44,965 6,211 4,030 2,107 1,027 7,296 30,211 , 3,396 66,02611,356 2,09826,145 26,426 20,0683,462 1962—Dec. 28.234,243 139,449 48,458 7,060 5,119 2,103 2,551 8,434 34,123 30,402 33,889900 6655,891 11,514 3,91623,715 26,746 24,5474,356 1963—Dec. 20.252,579 155,26152,743 7,444 5,321 2*, 476" 3,594 9,415 38,861 10,952 1,649 22,316 27,806 29,5595,035 1964—June 30.,258,597 163,715 54,855 7,663 5", 49"2" 2,671 2,83910,414 41,190 37|432 4,403 58J878230 8,970 32 23,044 26,83531,1844,818 Member, total 1941_Dec. 31., 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 ,090 2,871 1945—Dec. 31., 107,183 22,115 8,949 885555 3,133 3,378 47 3,455 1,900 ' 05'7 78,338 2,27516,98514,27144,807 ,815 1947—Dec. 31. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5-,295 199 3,105 1961—Dec. 30.,179,599 106,232 40,931 3,934 3,877 1,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,6912,617 1962—Dec. 28.,195,698 118,637 43,843 4,419 4,954 1,7772,445 7,936 27,162124,799 3,657 52,968 8,862 3,249 19*,443 21;414 20,7733,319 1963—Dec. 20.210,127 131,712(47,403 4,659 5,124 2,1363,439 8,875|31,009 27,908 3,765 49,342 8,032 1,30718,072 21.932 251210 3,864 1964—June 30.215,132 138,649 49,217 4,755 5,341 2,3202,733 9,887 32,794 30,275 4,137 46,235 6,707 16 '1"8,572 20,940 26,5793,670 New York City: 1941_Dec. 31., 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31., 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947—Dec. 31., 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30.,30,297 19,53511,278 231,956 467 376 1,711 934 2,072 ,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28.,32,989 21,995544 11,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Dec. 20.,34,827 23,57712,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—June 30. 36,693 25,49012,647 2"1' 3,045 625 1,014 2,762 2,296 2,548 ,128 5,779 1,333 2,625 1,821 4,952 472 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—Dec. 20. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 1964—June 30. 9,636 6,266 3,332 498 192 200 893 409 600 318 1,750 418 652 680 1,370 251 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 2"9,552 1,034 6,982 5,65315,883 1,126 916 1947_Dec. 31., 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3"4 "2 1,053 1961—Dec. 30.,68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec, 28.,73,130 46,56717,6601,1791,053 752 1,020 3,583 11,030 9,860 ,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.,78,370 51,89118,8621,2191,243 891 1,224 4,286 12,52511,106 ,46216,686 2,152 545 6,600 7,390 8,810 981 1964—June 30. 80,466 54,60419,6241,1731,155 970 953 4,706 13,20712,0631,75315,488 2,206 6,566 6,715 9,449 925 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,,165 2,811 591 438 116 1,251 13,24211,132 751 24,407 3,614 566 9,560 10,667 530 1,500 1962—Dec. 28. 80,623 44,69811,299 3,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,84911,209 694 1,807 1963—Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,591 16,11413,951 917 24,797 3,822 573 8,53111,871 385 2,111 1964—June 30. 88,337 52,28913,614 "3,535 644 534 565 1,525 16,88315,063 939 23,218 2,749 15 8,72811,725 808 2,022 Nonmember 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,241 2,314 179 306 19 418 6,341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,830 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3,982 1,224 1963—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 4,576 1,309 1964—June 30. 45,047 25,815 5,8442,933 185 384 149 563 8,594 7,320 28413,087 2,354 19 4,569 6,144 4,841 1,305 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
OCTOBER 1964 COMMERCIAL BANKS 1293 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a . r i n v e R t - k h e . s s r C c e a o n n u i c d r n - y b m a w a B n d e n a i c o s t k l e t - h - i s s c 3 j m p u D o d a s a t d s e e n e i - - - t d d s 4 m D e In s o t t - i e c r 3 ba F nk or- 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 c e f r r i d t s k d - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a n s . g S v v t d a s . - t l . S g l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p n l - i t - s etc. 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 14,169 22,654 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 13,099 24,342 14,713 ,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,627 24,094 1963—Dec. 20.. 17,150 4,048 12,312 26,579 14,048 ,218 6,729 12,256 4,494 124,784 526 269 7,908102,886 3664 25,677 1964—June 30.. 16,774 4,539 12,693 22,537 13,909 ,363 0,257 12,583 4,832 121,695 677 257 8,680110,6502:,099 26,768 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 ,248 >3,740 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 46222,089 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 90,771144 3,58423,712 1963—Dec. 20.. 17,150 4,033 11,984125,615 13,900 ,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 1964—June 30.. 16,774 4,524 12,409121,608 13,756 ,316 .0,234 12,491 4,781 121,051 591 257 8,634 1'1"0",3522,03526,358 Member, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 222,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.. 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.. 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,55019,854 1963—Dec. 20.. 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,326 3 ,49"9 21,054 1964—June 30.. 16,774 3,511 7,807 99,288 13,247 1,280 9,342 9,639 4,379 101,605 525 227 7,045 90,762 1,936 22,060 New York City: 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1961—Dec. 30.. 3,286 240 143 17,089 4,330 967 1,267 333 2,583 20,213 191 162 6,735 283 3,683 1962—Dec. 28.. 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,937 1,728 3,898 1963—Dec. 20.. 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,920 1,438 3,984 1964—June 30.. 3,919 273 82 16,389 3,791 920 2,112 420 2,323 18,480 317 528 12,582 924 4,402 City of Chicago: 1941—Dec. 31.. 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31.. 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947_Dec. 31.. 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1961—Dec. 30.. 889 158 3,809 1,578 369 315 124 4,830 8 1,996 35 870 1962—Dec. 28.. 1,071 99 4,262 1,235 410 351 109 4,804 16 3,001 262 948 1963—Dec. 20.. 1,019 98 4,144 1,169 395 275 112 4,500 185 3,595 255 996 1964—June 30.. 923 151 3,845 1,135 587 311 114 4,319 199 3,887 210 1,017 Other reserve city: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2,566 1947—Dec. 31.. 7,095 56: 2,125 25,714 5,497 131 405 2,28: 705 26,003 22 45 332 11,045 2,844 1961—Dec. 30.. 7,533 858 2,54: 36,18 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7.263 1963—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' ,4"1'6 7,697 1964—June 30.. 7,106 1,072 2,296 34,281 6,616 278 3,771 3,234 1,086 38,067 118 69 3,362 34,544 572 8,110 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 5: 219 12,224 11 2,525 1947—Dec. 31.. 4,99: 929 3,900 27,424 1,049 43^ 2,64^ 528 25,203 45 337 14,177 23 2,934 1961—Dec. 30.. 5,210 1,678 5,881 43,575 1,910 1,641 5,320 796 40,095 108 1,891 29,834 40 7,088 1962—Dec. 28.. 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 100 2,242 34,350 172 7.744 1963—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 1964—June 30.. 4,826 2,113 5,278 44,773 1,70" 2,872 5,674 856 40,740 2,956 39,749 230 8,531 Nonmember:2 1947—Dec. 31.. 544 3,947 13,595 385 167 1,295 180 12,284 190 17: 6,858 12 1,596 1961—Dec. 30.. 876 5,446 21,994 64! 565 2,755 40: 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 7 4.240 1963—Dec. 20.. 917 4,953 23,763 671 743 2,880 438 20,654 144 1,545 18,560 165 4,623 1964—June 30.. 1,028 4,886 23,249 661 915 2,943 453 20,090 151 1,635 19,888 163 4,708 3 Beginning with 1942, excludes reciprocal bank balances. banks. Comparability of figures for classes of banks is affected some- 4 Through 1960, demand deposits other than interbank and U.S. what by changes in F.R. membership, deposit insurance status, and the Govt., less cash items in process of collection; beginning with 1961, reserve classifications of cities and individual banks, and by mergers, etc. demand deposits other than domestic commercial interbank and U.S. Data for June 30, 1964, for national banks have been adjusted to make Govt., less cash items in process of collection. them comparable with State bank data. (Data for Dec. 20, 1963, also 5 See note 6, May 1964 BULL., p. 589. adjusted to lesser extent.) Also see NOTE, May 1964 BULL., p. 589. NOTE.—Data are for all commercial banks in the United States. These For other notes see opposite page. figures exclude data for banks in U.S. possessions except for member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1294 WEEKLY REPORTING MEMBER BANKS OCTOBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing To financial institutions or carrying securities Loans Total and loans invest- Com- To brokers To others Bank Nonbank Wednesday in a v n e d st- ments Loans m ci e a r l - Agri- and dealers Real All V t a io lu n aments *• justed2 justed2 in t a r d n i u a d l s- tural G U c t s u o i . e e r v S - s i- t . . O c t s u t i e h e r - s i e - r G U c t s u i o . e e r S v - s i- . t. O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - f P C i s a e n a e O n t a l c r S d e n s . . s , . . Other estate other ser r v e e - s Total- Leading Cities 1963 Sept 4 .... 134 576 132 365 85,228 35,348 ,414 678 3 146 87 1.629 775 2,211 4,171 3,303 17,223 19,412 1,958 11 134,672 132,599 85,613 35,498 ,419 969 3,087 83 630 792 2,073 4,065 3,315 17,290 19,424 1,959 18 136 664 134 548 87,345 35 864 ,444 1,420 3 333 84 ,656 785 2,116 4,512 3,380 17,359 19,468 1,960 25 135 816 134,264 87,063 35,944 ,465 1,246 3,284 86 1,655 801 1,552 4,243 3,448 17,409 19,443 1,961 1964 Aug 5 143,676 141,660 95,374 38,700 ,557 1,181 3,381 87 866 1.182 2,016 4,476 3,968 19,157 21,877 2,058 12 143 584 141,237 95,177 38,874 ,546 919 3 337 71 1,867 190 2,347 4,322 3,995 19,227 21,882 2,053 19 144,408 142,192 95,666 38,915 ,550 1,118 3,324 74 ,916 ,H0 2,216 4,448 4,068 19,276 21,920 2,093 26 143,688 141,389 94,962 38,902 ,542 686 3,303 69 909 ,178 2,299 4,278 3,965 19,292 21,933 2,095 Sept. 2 145,213 142,946 96,015 39,091 ,546 1,213 3,323 67 907, ,217 2,267 4,333 4,007 19,320 22,094 2,098 9 144,523 141,918 95,108 39,031 ,545 632 3,197 64 906 ,711 2,605 4,168 4,011 19,366 22,077 2,100 16 147,259 145,042 97,685 39,802 ,561 1,610 3,420 63 918 ,211 2,217 4,503 4,068 19,458 22,171 2,100 23 146 133 144,564 97,242 39,711 ,569 1,482 3,415 60 1,917 715 1,569 4,260 4,055 19,509 22,151 2,102 30 147,809 145,878 97,784 39,953 ,578 1,236 3,558 81 971 .239 1,931 4,515 4,043 19,533 22,234 2,107 New York City 1963 Sept 4 32 195 31 255 20,477 11,296 15 271 1 801 9 530 365 940 1,281 605 1,741 3,134 571 11 32,051 31,598 20,804 11,361 14 572 1,725 9 532 370 453 1,282 598 1,747 3,165 571 18 32 956 32 382 21,597 11 491 14 661 1 882 10 540 374 574 1,636 609 1,766 3,185 571 25 32,572 32,212 21,487 11,538 16 744 1,874 12 537 381 360 1,395 647 1,767 3,145 569 1964 Aug 5 34,642 34,077 23,466 12,268 18 740 1,911 12 599 628 565 1.470 819 2,085 3,477 561 12 34,511 33,673 23,150 12,259 18 567 1,860 12 606 636 838 371 837 2,083 3,462 561 19 34,558 34,050 23,321 12,274 18 627 1,894 11 605 614 508 458 848 2,094 3,453 575 26 34,313 33,615 22,977 12,282 17 398 1,867 11 603 625 698 ,353 841 2,101 3,453 574 Sept 2 34 887 34 226 23,405 12,436 17 608 1 835 9 595 649 661 ,379 843 2,096 3,512 574 9 34,714 33,664 22,981 12,426 17 350 1,764 8 594 654 1,050 303 830 2,100 3,509 574 16 35 706 35 144 24,224 12,775 17 785 1 938 8 601 657 562 573 842 2,124 3,528 574 23 35,242 34,936 24,026 12,733 17 795 1,933 7 602 660 306 ;366 843 2,139 3,504 573 30 36 213 35,446 24,250 12,952 17 508 2,055 7 607 674 767 .512 813 2,154 3,522 571 Outside New York City 1963 Sept 4 102 381 101,110 64,751 24,052 1,399 407 1.345 78 1.099 410 1.271 2,890 2,698 15,482 16,278 1,387 11 102 621 101 001 64,809 24,137 1 405 397 362 74 ,098 422 620 2,783 2,717 15,543 16 259 1 388 18 103,708 102,166 65,748 24,373 1,430 759 ,451 74 ,116 411 ,54? 2,876 2,771 15,593 16,283 1,389 25 103,244 102,052 65,576 24,406 ,449 502 1,410 74 ,118 420 ,192 2,848 2,801 15,642 16,298 1,392 1964 Aug 5 109 034 107,583 71 908 26,432 539 441 1 470 75 267 554 1,451 3,006 3,149 17,072 18,400 1 497 12 109,073 107,564 72,027 26,615 1,528 352 1,477 59 ,261 554 1,509 2,951 3,158 17,144 18,420 1,492 19 109,850 108,142 72,345 26,641 ,532 491 1,430 63 ,311 536 1,708 2,990 3,220 17,182 18,467 1,518 26 109,375 107,774 71,985 26,620 ,525 288 I 436 58 1,306 553 1,601 2 925 3,124 17 191 18 480 1 521 Sept. 2 110,326 108,720 72,610 26,655 1,529 605 488 58 307 568 606 2,954 3,164 17,224 18,582 1,524 9 109,809 108,254 72,127 26,605 ,528 282 1,433 56 ,312 557 1,555 2,865 3,181 17,266 18,568 1 526 16 111,553 109,898 73,461 27,027 1,544 825 1,482 55 ,317 554 1,655 2,980 3,226 17,334 18,643 1,526 23 110 891 109,628 73,216 26,978 1 552 687 482 53 315 555i 963 2,894 3,212 17,370 18 647 1 529 30 111,596 110,432 73,534 27,001 1,561 728 1,503 74 1,314 565 1,164 3,003 3,230 17,379 18,712 1,536 For notes see p. 1296. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 WEEKLY REPORTING MEMBER BANKS 1295 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U. S. Government securities Total assets— Wednesday Total Bills C ti e fi r - - No m te a s tu a r n i d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m i a i c c t l e e h - s s- a w B e f n o i i a c g r t l e - h n - s Cu c a r o r n i e d n ncy s F w e R . r i e v t R - h e . s a o s A t s h e l e l t r s c l T i a a a t p o i b n e i t i d t s a l a i l - l cates W i i n th- 1 to After banks banks Banks accounts 1 year 5 years 5 years Total— Leading Cities 1963 Sept. 4 28,066 2,833 1,479 3,517 14,517 5,720 19,071 17,441 3,225 207 1,632 12,377 5,146 171,113 11 27,863 2,888 1,439 3,409 14,418 5,709 19,123 17,426 3,286 210 1,770 12,160 5,191 171,807 18 28,019 3,281 1,097 2,950 13,447 7,244 19,184 17,552 3,172 218 1,732 12,430 5,124 174,751 25 28,066 3,435 963 2,881 13,466 7,321 19,135 17,601 3,063 206 1,765 12,567 5,155 172,306 1964 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 25,805 3,800 3,069 11,186 7,750 20,255 17,456 3,084 246 ,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 ,820 12,343 5 523 181 858 26 25,961 3,632 3,446 11,267 7,616 20,466 17,228 2,940 255 ,854 12,179 5,526 179,767 Sept 2 26,392 4,208 3,460 11,221 7,503 20,539 17,769 3,154 272 ,750 12,593 5,691 182,817 9 . . . 26 147 4,042 3 504 11 141 7 460 20 663 17 819 3 203 254 8?0 12 542 5 718 181 887 16 26,577 4,568 3,520 11,105 7 384 20,780 18 187 3 456 258 ,871 12,602 5 690 188 453 23 26,594 4,634 3,586 11,076 7,298 20,728 18,377 2,963 257 ,899 13,258 5,722 184,492 30 27,207 5,252 3,620 11,072 7,263 20,887 18,292 3,366 251 .831 12,844 6,032 188,62! New York City 1963 Sept 4 5,490 979 257 771 2,398 1,085 5,288 3,659 81 76 245 3,257 2,203 42,127 11 . . 5,468 ,005 295 711 2,378 1,079 5,326 3,990 110 80 257 3,543 2,199 42,608 18 5,509 ,160 157 526 2,192 1,474 5,276 4,055 86 86 234 3,649 2,192 44,324 25 5,504 ,179 158 530 2,209 1,428 5,221 4 130 91 71 256 3,712 2,187 43 694 1964 Aim 5 5,408 [,465 636 1,864 1.443 5,203 3,985 82 115 254 3,534 2,328 45,264 12 . . 5,333 1,381 661 1,870 ,421 5,190 3,753 142 110 265 3,236 2,372 45,187 19 5,528 40? 729 1,970 477 5,201 4,105 138 118 257 3,592 2,295 45,781 26 5,406 1,328 718 1,970 ,390 5,232 3,955 106 120 264 3,465 2,297 45,059 Sept. 2 5,497 ,512 729 1,941 ,315 5,324 3,989 92 122 258 3,517 2,359 45,818 9 5,325 398 746 1,860 371 5,358 3,628 88 113 275 3,152 2,407 45,156 16 5 461 591 717 1,867 .286 5,459 4,073 97 118 260 3,598 2,361 47,898 23 5,472 1,663 736 1,828 ^245 5,438 4,254 73 115 274 3,792 2,372 46,525 30 5,671 .822 784 1.834 . 231 5 525 3 920 99 117 260 3,444 2 530 48 734 Outside New York City 1963 Sept 4 22,576 1,854 1,222 2,746 12,119 4,635 13 783 n 782 3,144 131 1,387 9 120 2 943 128 986 11 22,395 1,883 1,144 2,698 12,040 4,630 13,797 13.436 3,176 130 1 5U 8,617 2,992 129,199 18 22,510 2,121 940 2,424 11,255 5,770 13,908 n;497 3,086 132 1,498 8,781 2,932 130 427 22,562 2,256 805 2,351 11,257 5,893 13,914 13.471 2,972 135 ,509 8,855 2,968 128,612 1964 Aug 5 20,641 2,556 2,407 9,391 6,287 15 034 14,039 2,926 139 1,400 9,574 3,305 136,100 12 20,472 2,419 2,408 9,316 6,329 15,065 13,703 2,942 136 1,557 9,068 3,298 136,451 19 20,677 2,371 2,705 9,304 6,297 15,120 13,360 2,908 138 I 563 8,751 3,228 136.077 26 20,555 2,304 2,728 9,297 6,226 15,234 13,273 2,834 135 1,590 8,714 3,229 134,708 Sept 2 20,895 2,696 2,731 9,280 6,188 15,215 13,780 3,062 150 1,492 9,076 3,332 136 999 9 20,822 2,644 2,758 9,281 6,139 15,305 14,191 3,115 141 1 S4S 9,390 3,311 136,731 16 21 116 2 977 2,803 9,238 6 098 15 321I 14 114 3,359 140 1,611 9 004 3,329 140 555 23 ?1,122 2.971 2,850 9,248 6.053 15,290 14J23 2.890 142 1 ,675 9,466 3,350 137,967 30 21,536 3;43O 2,836 9,238 <5,032 15,362 14.372 3,267 134 1 571 9,400 3,502 139,887 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1296 WEEKLY REPORTING MEMBER BANKS OCTOBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ital Wednesday j u u T n s o t a t e d a d l - 4 j p u m o s a d a t d s e e n i - - t d d s 9 Total« 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 o m a c s r - l - - - Total8 Sav- IPC Oth S l a e o t n r c a d a t t e i l me e F * ig o n r- 7 B F F r a o . n R m k . s o F t r h o e m rs lia ti b e i s li- co a u c n - ts banks Govt. Total- Leading Cities 1963 Septif:::::: 1 1 4 4 8 8 , , 0 3 6 8 5 6 6 6 1 2 , , 5 7 4 1 7 7 9 9 1 1 , , 6 7 7 8 3 0 6 6 5 7 , , 5 5 5 8 1 6 4 4 , , 8 4 9 7 9 8 , , 6 6 9 6 0 0 2 4 , , 3 0 4 4 0 7 1 1 "2 2 ,2 ,1 0 2 5 9 5 5 6 6, , 6 3 0 9 6 2 3 3 6 6 , , 9 94 9 9 6 1 12 2 , , 2 1 8 5 5 3 3 3, , 9 9 1 0 5 2 3 3 , , 0 0 1 3 7 7 2 1 9 1 0 9 2 3 , , 9 01 4 7 9 6 5 , , 0 9 2 0 9 8 1 14 4 , , 0 0 8 7 5 2 18 151,309 63,190 94,994 68,697 4,405 ,628 4,160 12,233 56,315 37,05511,913 3,911 3,063 297 3,031 6,033 14,081 25 149,433 61,609 92,967 65,640 4,427 .649 6,310 11,314 56,466 37,14711,951 3,933 3,057 430 2,290 6,046 14,107 1964 Aug. 5 156,645 62,952 92,827 66,198 5,215 ,988 4,160 11,684 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 ,9053,83111,585 64,021 39,302 1155,935 4,483 3,775 92 3,224 6,102 15,242 19 156,995 61,332 92,832 65,611 4,596 ,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 4,889 ,920 4,02110,996 64,329 39,42116,026 4,557 3,800 75 3,125 6,245 15,258 Sept. 2 157,812 62,689 93,372 66,168 5,071 970 4,51112,028 64,440 39,47716,000 4,613 3,829 36 3,324 6,350 15,295 9 156,662 62,949 92,086 66,641 4,717 ,9612,82512,485 64,576 39,53316,096 4,591 3,836 96 3,303 6,526 15,300 16 163,123 65,046 99,082 71,682 4,723 ,903 3,75412,965 64,041 39,574 1155,509 4,607 3,829 29 3,451 6,510 15,340 23 159,426 62,748 95,061 66,852 4,666 ,886 6, 6"1"0 11,443 64,365 39,64015,744 4,628 3,826 652 2,517 6,545 15,352 164,198 63.722 99,479 68,867 5.224 ,9456,95112,318 64,719 39,87315,854 4.648 3.824 20 2,466 6,489 15,448 30 New York City 1963 34,269 15,413 23,626 16,045 355 1,236 1,072 3,071 10,643 4,343 3,597 372 2,155 1,206 2,735 3,917 Sep.^4.... 34,460 15,691 23,719 16,537 276 1,235 572 3,088 10,741 4,341 3,689 374 2,158 77 1,354 2,798 3,919 36,177 16,502 25,595 17,740 315 1,204 902 3,070 10,582 4,360 3,501 373 2,169 115 1,330 2,792 3,910 18.... 35,930 15,511 25,320 16,469 293 1,221133 2,075 2,929 10,610 4,373 3,516 377 2,165 69 965 2,818 3,912 25.... 1964 Aug. 5 36,988 15,799 24,196 16,277 256 1,493 1,150 2,938 12,792 4,477 4,953 395 2,639 30 1,295 2,712 4,239 12.... 36,839 15,577 24,017 16,310 347 1,416 11,041 2,848 12,822 4,488 4,931 404 2,671 1,345 2,750 4,245 19..., 37,234 15,188 24,387 16,104 256 1,393 1,388 2,988 12,847 4,500 4,924 415 2,686 1,578 2,732 4,235 26.... 36,724 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 Sept. 2.... 37,354 15,614 24,473 16,352 297 1,4691,193 3,083 12,881 4,513 4,916 428 2,701 1,446 2,775 4,238 9..., 36,814 15,507 23,898 16,165 296 1,464 725 3,259 12,916 4,519 4,939 425 2,710 1,228 2,863 4,241 16..., 39,151 16,594 26,483 18,192 311 1,398 870 3,261 12,668 4,525 4,697 418 2,706 1,689 2,825 4,233 23.... 38,202 15,736 25,425 16,504 300 ;378 2,174 2,858 12,777 4,528 4,808 406 2,705 208 1,027 2,858 4,230 30.... 40,602 15,742 27,702 17.371 372 1,433 2,330 3,559 12,900 4,566 4r 425 2,698 909 2,963 4,260 Outside New York City 1963 Sept. 4 113,796 46,134 68,047 49,506 4,544 454 2,975 9,058 45,749 32,606 ,556 3,530 862 119 1,743 3,173 10,155 11 113,926 47,026 68,061 51,049 4,202 4251,768 9,117 45,865 32,655 ,596 3,541 879 213 1,663 3,231 10,166 18 115,132 46,688 69,399 50,957 4,090 424 3,258 9,163 45,733 32,695 ,412 3,538 894 182 1,701 3,241 10,171 25 113,503 46,098 67,647 49,171 4,134 436 4,235 8,385 45,856 32,774 ,435 3,556 892 361 1,325 3,228 10,195 1964 Aug-ii:::::: 1 1 1 2 9 0, , 1 6 3 5 9 7 4 4 7 7 , , 1 0 5 3 3 6 6 6 8 8 , , 6 9 3 4 1 0 4 5 9 0 , , 9 9 2 0 1 3 4 4 , , 9 5 5 5 9 0 4 4 9 8 5 9 2 3 , , 7 0 9 1 0 0 8 8 , , 7 7 4 3 6 7 5 5 1 1 , , 1 0 9 2 9 6 3 3 4 4 , , 7 8 6 1 5 4 1 1 0 1 , , 8 0 6 0 5 4 4 4 , , 0 0 9 7 7 9 1 1 , , 1 1 0 0 1 4 61 8 4 4 1 1, , 8 5 7 5 9 9 3 3, , 3 2 5 8 2 2 1 1 0 0 , , 9 9 8 9 8 7 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 34,912 1"1,090 4,135 1,123 70 1,766 3,507 11,025 Sept. 2 120,458 47,075 68,899 49,816 4,774 5013,318 8,945 51,559 34,964 11,084 4,185 1,128 1,878 3,575 11,057 9 119,848 47,442 68,188 50,476 4,421 497 2; 100 9,226 51,660 35,01411,157 4,166 1,126 2,075 3,663 11,059 16 123,972 48,452 72,599 53,490 4,412 5052,884 9,704 51,373 35,04910,812 4,189 1,123 29 1,762 3,685 11,107 23 121,224 47,012 69,636 50,348 4,366 508 4,436 8,585 51,588 35,112 1100,936 4,222 1,121 444 1,490 3,687 11,122 30 123,596 47,980 71,777 51,496 4,852 512 4,621 8,759 51,819 35,30710,966 4,223 1,126 20 1,557 3,526 11,188 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. Sept. 2 Sept. 9 Sept. 16 Sept. 23 Sept. 30 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 12,251 12,263 11,701 11,885 11,955 banks, not shown separately. New York City 4,379 4,367 4,117 4,207 4,273 7 Deposits of foreign governments and official institutions, central Outside New York City 7,872 7.896 7.584 7,678 7 682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 BUSINESS LOANS OF BANKS 1297 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during 1964 1964 1964 1964 1963 Industry Se 3 p 0 t. Se 2 p 3 t. Se 1 p 6 t. Se 9 pt. Se 2 pt. Sept. Aug. July III II I h 1 a s l t f h 2 a n l d f Durable goods manufacturing: 659 659 659 650 648 -10 -4 -67 -81 70 53 123 9 Machinery 2,114 2,079 2,096 2,037 2,037 60 A -137 -81 -58 83 25 186 887 895 900 843 843 52 54 -119 -13 7 12 19 -95 Other fabricated metal products... 998 985 998 966 967 36 4 -40 119 72 191 -59 Other durable goods 1,219 1,216 1,222 1,211 1,198 23 44 -10 57 80 40 120 -67 Nondurable goods manufacturing: Food liquor and tobacco 1,473 1,432 1,411 1,341 1,332 193 63 -79 177 -163 -459 622 644 Textiles, apparel, and leather 1,629 1,636 1,685 1,667 1,676 -6 48 22 64 23 211 234 -167 1,009 981 987 959 954 67 2 -113 44 -42 -92 -134 99 Chemicals and rubber 1,172 1,172 1,174 1,148 1,142 73 -12 -44 17 50 108 158 -36 Other nondurable coods 986 992 1,007 1,000 999 -8 28 11 31 98 8 106 -60 Mining, including crude petroleum 2,834 2,853 2,857 2,857 2,854 47 11 82 140 15 -213 -198 443 Trade * Commodity dealers 1,038 1,028 1,008 963 951 102 52 154 -284 -254 -538 583 Other wholesale 2,182 2,183 2,161 2,134 2,139 60 10 5 75 59 -19 40 95 Retail 2.704 2,657 2,659 2,532 2,538 163 15 -35 143 66 -17 49 154 Transportation, communication, and other Dublic utilities 4,427 4,306 4,272 4,152 4,155 296 52 52 400 -73 -423 -496 529 Construction . 2,224 2,257 2,236 -28 89 43 104 226 39 265 40 All other: 1 2,232 2,245 B A a ll n k o e th rs e ' r a t c y c p e e n s t & o i f i c b e u s s • i • n • e • s • s • , • mai . n . ly 921 911 923 905 980 54 1 114 61 -29 -47 -76 ) 5,000 5,023 5,002 -51 23 -39 104 170 274 573 33,476 353,,021352 33,299 342,,969011 32,651 1,-01515 350 240 1,165 268 -728 -460 2,873 Commercial and industrial loans— All weekly reporting banks 39,953 39,711 39,802 39,031 39,091 1,051 404 -250 1,205 576 -621 -45 3,234 1 Beginning Dec. 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) pe an r io A d loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1963 Sept 4.81 5.64 5.36 5.04 4.71 1955 3.7 5.0 4.4 4.0 3.5 Dec 4.76 5.63 5.36 5.04 4 65 1956 4.2 5.2 4 8 4.4 4.0 1964—Mar 4 77 5 66 5 39 5 06 4 66 1957 4 6 5 5 5 1 4 8 4 5 June 4 74 5 64 5 36 5 05 4 63 1958 4.3 5.5 5.0 4.6 4.1 Sept 4.72 5.64 5.40 5.01 4.61 1959 5.0 5.8 5.5 5.2 4.9 7 other northern and I960 5.2 6.0 5,7 5.4 5.0 eastern cities: 1961 5 0 5 9 5 5 5 2 4 8 1963 Sept 5 01 5 85 5 56 5 19 4 88 1962 5.0 5.9 5.5 5.2 4.8 Dec 5.04 5.85 5.55 5 27 4 90 1963 5 0 5 9 5 5 5 2 4 8 1964—Mar 5 02 5 81 5 54 5 24 4 88 5.03 5,83 5.55 5 27 4 89 Sept 5.01 5.88 5.56 5.25 4.86 Quarter: 1 19 large cities: 11 southern and western cities: 1963 Sept 5 01 5.86 5.54 5.21 4.85 1963—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 Sept 4.98 5.86 5.57 5.23 4.79 Sept 5.31 5.95 5.67 5.36 5.09 1 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3%; Oct. 14, 3%; 1956—Apr. 13, 3#; Aug. 21, 4; NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 1957—Aug. 6,4V$; 1958—Jan. 22,4; Apr. 21,3%; Sept. 11,4; 1959—May 228-37. Bank prime rate was 3 per cent Jan. 1,1955-Aug. 3,1955. Changes 18, 4%; Sept. 1,5; and 1960—Aug. 23, 4V£. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1298 INTEREST RATES OCTOBER 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 - * m d 3 i o - r n e to c th tl 6 s y - , 2 90 a n d c a e y s s , 1 o R n 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) * 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—Sept 3.88 3.63 3.63 3.379 3.38 3.494 3.50 3.57 3.54 3.88 Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 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 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 3.88 3.76 3.75 3.506 3.50 3.618 3.61 3.67 3.73 3.99 Sept 3.89 3.75 3.75 3.527 3.53 3.666 3.68 3.73 3.82 4.03 Week ending— 1964 Seot 5 ... 3.88 3.74 3.75 3.512 3.50 3.629 3.64 3.70 3 82 4 03 12::.:...:::.:. 3.88 3.72 3.75 3.514 3.52 3.649 3.67 3.72 3.84 4.04 19 . . .. 3 88 3 75 3 75 3 541 3 54 3.693 3 69 3 74 3 83 4 05 26 3.88 3.75 3.75 3.5*2 3.54 3.692 3.70 3.74 3.80 4.02 Oct. 3 4.00 3.81 3.75 3.555 3.55 3.711 3.71 3.77 3.82 4.02 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. * Except for new bill issues, yields are averages computed from daily dosing 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 Total 1 (longterm) Total* 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—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 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 4.13 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 Sept 4.16 3.30 3.09 3.57 4.57 4.42 4.82 4.52 4.65 4.53 4.25 3.00 Week ending— 1964—Sept 5 4.16 3.27 3.08 3.54 4.57 4.42 4.83 4.52 4.66 4.54 4.26 3 03 12 4 17 3 29 3.08 3 56 4.57 4.42 4.82 4 52 4 65 4 54 4 25 3 00 19 4.17 3.32 3.10 3.59 4.57 4.42 4.82 4.52 4 65 4 ^3 4 24 3 00 26 4.16 3.32 3.10 3.59 4.56 4.42 4.81 4.52 4.64 4 53 4.23 2.98 Oct. 3 4.15 3.32 3.11 3.59 4.56 4.42 4.81 4.52 4.64 4.53 4.25 2.97 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures, Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend, price ratios are based on Wed. figures; earnings price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 SECURITY MARKETS 1299 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Common stock prices insured Bond prices (1941-43= 10) V um ol e - Period Y c ( e p i n e e l t r d ) I c n ( r e e p a t s n e e t t e t r r ) - F c ( e e p e t n c e e t . s r ) , ( M t y i u t r a y r s - - .) L c p r ( a o e p r t i n a e c i n 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 i s a - - l R ro a a i d l- P u i l u t t i i y b c l - - s ( h t t r h i a n a o r d 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 69.87 73.39 37.58 64.99 4,573 1963 . .. 5.46 5.84 .64 24.0 73.3 16.3 1963—Sept.. 85.77 110.7 95.9 72.85 76.63 39.00 67.09 5,331 1963—July.. 5.45 5.82 .61 24.1 73.3 16.6 Oct... 85.50 109.9 95.9 73.03 77.09 38.31 65.55 5,316 Aug.. 5.45 5.82 .64 24.5 74.2 16.8 Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Sept.. 5.45 5.81 .61 24.2 73.5 16.4 Dec. 84.64 109.5 95.4 74.17 78.38 39.92 65.64 4,701 Oct... 5.45 5.82 .61 24.6 73.4 16.4 Nov.. 5.45 5.82 .65 24.2 73.5 16.4 1964—Jan... 84.42 111.2 95.3 76.45 80.85 41.00 67.26 5,302 Dec. 5.45 5.80 .62 24.5 73.9 16.7 Feb... 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 Apr. . 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 Feb... 5.45 5.81 .58 24.7 74.8 17.2 May.. 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 Apr. . 5.45 5.79 .55 24.8 73.9 17.2 July. . 84.70 112.1 95.2 8.1.22 88.19 48.93 70.35 4,663 May.. 5.45 5.77 .52 24.7 73.7 17.0 Aug.. 84.59 95.3 82.00 86.70 47.17 71 .17 3,919 June.. 5.45 5.76 .59 25.4 74.3 17.3 Sept.. 84.31 95.1 83.58 88.27 47.14 72.07 5,228 July.. 5.46 5.76 .52 24.5 73.9 17.4 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Week Sept 5.46 ending— 84.38 111.8 95.2 82.33 87.08 46. ?4 71.51 4,262 **.£.... 84.21 111.4 95.2 83.12 87.94 46.99 71.90 5,222 1 Last 6 months only. 84.19 110.7 95.0 83.35 88.18 47.06 72.21 5,567 19 84.36 110.7 95.0 83.97 88.90 47.55 72.27 5,697 NOTE.—Annual data are averages of monthly figures. Yields 26 84.48 110.7 95.2 84.23 89.17 47.64 72.52 4,690 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices Oct. 3 for Sec. 203, 30-year mortgages, with the minimum down pay- NOTE.—Annual data are averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5lA per cent, and data are averages of daily figures unless otherwise noted and are computed as an assumed prepayment period of 15 years. Price data are follows: reported as of the first of the succeeding month. U.S. Govt. bonds, derived from average market yields in preceding table on basis Conventional first mortgages, Home Loan Bank Board in of an assumed 3 per cent, 20-year bond. cooperation with Federal Deposit Insurance Corporation be- Municipal and corporate bonds, derived from average yields, as computed by ginning in late 1962; interest rate data for earlier years—in Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing parentheses—are based on estimates from Federal Housing prices. Administration. 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. Stocl: Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing andcarrying— tomers Months Total securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total C co u l s l t a o te m ra e l r co O ll t a h te e r r al a c b n re a c d l e - i s t I960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5.602 35 4,259 125 1,343 48 2.954 2,572 382 1,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Aug 6,660 23 5,034 87 1,626 23 3,933 3,467 466 ,093 Sept 6,971 41 5,316 86 1,655 69 4.100 3,592 508 ,180 Get 7,180 29 5,495 83 1,685 33 4.218 3,713 505 ,176 Nov 7,298 34 5,586 90 1,712 28 4,457 3,892 565 ,211 Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 ,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 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 3,766 509 ,146 July 7,160 25 5,289 70 1,871 266 4.129 3,672 457 ,114 Aug 7,0Q6 21 5,187 69 1,909 191 4,000 3.618 472 ,077 Sept 7,142 19 5,221 81 1,921 109 4,122 3,568 554 ,145 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 separatelv 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
1300 OPEN MARKET PAPER; SAVINGS INSTITUTIONS OCTOBER 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Heldby- Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Total th P r la o c u e g d h P di l r a e c c e t d - Others p i o n r to ts p fr o o r m ts Do ex ll - ar points in— dealers i ly* Total O bi w lls n bo B u il g ls ht O ac w ct n . F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign COIT. 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 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1.272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963—Aug 7,808 2,062 5,746 2,644 ,174 938 236 38 89 1,343 556 772 105 53 1.159 Sept 7,161 2,098 5,063 2,709 1,107 946 181 34 104 1,463 564 775 97 47 1,226 Oct 7,869 2,230 5,639 2,733 ,093 911 181 58 105 1,477 563 807 89 46 1,229 Nov 8,170 2,172 5,998 2,744 ,190 976 214 42 102 1,410 571 842 54 46 1,230 Dec 6,747 1,928 4,819 2,890 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 ,355 1,060 295 93 117 1,536 587 963 105 36 1,411 May 8,326 1,973 6,353 3,049 ,418 1,105 313 47 146 1,438 576 941 73 34 1,426 June 8,036 1,948 6,088 3,149 ,370 1,113 257 83 146 1,550 567 929 82 27 1.545 July 8,879 2,006 6,873 3,137 .455 1,121 334 56 137 1,489 576 949 74 24 1*513 Aug 8,879 2,070 6,809 3,127 f,486 1,145 341 36 132 1,473 586 922 82 22 1,514 i 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): * 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. g S l a o o t n c a v d a t t e l . C ot r o a h a n r e t p d r e o 1 - a C s a se s t h s O as t s h e e ts r s l a T u ia a t c r o i b n p c e t i d t l s a l s u i l . - s D i e ts p o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s N c u o m m b m er itm A en m ts o u 3 nt 1941 4,787 89 3,592 1,' 86 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20.971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 * 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65 248 1 170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61 855 1 654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—July 34,389 583 6,170 455 5,107 828 750 48,282 43,109 1,138 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 1,049 4,093 106,337 2,379 Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109 881 2 378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2 549 1964—Jan 36,352 667 5,951 440 5,097 849 823 50,179 45,006 1,023 4,150 102 694 2 228 Feb 36,635 703 6,033 427 5,135 880 800 50,614 45,266 1,143 4,206 113,062 2,391 Mar 36,933 704 6,117 424 5,151 887 825 51,042 45,761 1,036 4,244 120,396 2,504 Apr 37,267 646 6,064 423 5,138 819 820 51,178 45 851 1,118 4 209 123 979 2 586 May 37,601 714 6,052 419 5,150 847 827 51,610 46,124 1,225 4,261 124,416 2,661 June 37,971 676 6,024 409 5,145 906 871 52 001 46 624 1 102 4 275 132 625 2 690 July 38,407 705 6,025 409 5,142 863 867 52,417 46,918 1,222 4,277 132,726 2,701 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. 1287. and are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 SAVINGS INSTITUTIONS 1301 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l ndForeign * Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 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 Julyr 137,603 12,550 5,836 3,951 2,763 58,486 53,043 5,443 48,672 4,254 6,507 7,134 AUK 138,361 12,452 5,810 3,935 2,707 58,764 53,268 5,496 48,964 4 313 6 548 7 320 Sept 138,764 12,429 5,824 3,892 2,713 58,919 53,357 5,562 49,233 4,339 6,585 7,259 Oct 139,610 12,425 5,829 3,893 2,703 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov 140,207 12,371 5,787 3,889 2,695 59,574 53,989 5,585 49,813 4,369 6,651 7,429 Dec 140,903 12,330 5,755 3,876 2,699 59,452 53,769 5,683 50,543 4,348 6,690 7,540 1964 Jan 141,866 12,365 5,782 3,859 2,724 60,006 54,269 5,737 50,828 4,368 6,729 7,570 Feb 142,531 12,506 5,805 3,857 2,844 60,050 54,281 5,769 51,126 4 377 6 772 7 702 Mar 143,067 12,421 5,731 3,849 2,841 60,189 54,335 5,854 51,441 4,391 6,819 7,806 Apr 143,676 12,389 5,689 3,853 2,847 60,426 54,525 5,901 51,806 4,402 6,872 7,781 May 144,312 12,436 5,731 3,827 2,878 60,613 54,674 5,939 52,117 4,416 6,909 7,821 144,964 12,346 5,633 3,822 2,891 60,793 54,772 6,021 52,466 4,437 6,955 7,967 July 145,823 12,476 5,758 3,809 2,909 61,275 55,213 6,062 52,832 4,446 6,947 7,847 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 s t i a 2 ti l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m l m o e a n m n ts itties 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 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 July 85,628 6,271 3,401 5,708 101,008 86,313 6,810 3,688 2,485 1,712 3,097 Aug 86,836 6,233 3,353 5,859 102,281 86,956 6,826 3,912 2,493 2,094 3,110 Sept 87,933 6,345 3,383 5,897 103,558 87,872 6,830 4,208 2,536 2,112 3,067 Oct 89,051 6,419 3,450 5,979 104,899 88,667 6,838 4,405 2,576 2,413 3,025 Nov 89,857 6,548 3,482 6,154 106,041 89,471 6,855 4,464 2,502 2,749 2,929 Dec 90,849 6,440 3,964 6,178 107,431 91,205 7,208 5,011 2,520 1,487 2,613 1964 Jan 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 2,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 2,336 2,138 2,818 Mar 93,069 6,733 3,613 6,233 109.648 93,525 7,219 4,323 2,430 2,151 2,964 Apr...... 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 '96,593 7,511 4,980 2,538 1,654 3,107 July 97,131 6,670 3,333 6,489 113,623 96,594 7,528 4,991 2,551 1,959 3,084 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
1302 FEDERAL FINANCE OCTOBER 1964 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S.Government cash transactions Receipts from the public, Payments to the public, 1Sfet cash borrowing other than debt other than debt or repayment Period Net rects. Change Less: Plus: Less: Equals: Plus: Less: Equals: or in Invest, Less: Budget Trust Intra- Total Budget Trust Adjust- Total payts. debt by Non- Equals: net funds govt. i rects.2 funds 3 ments* payts. (direct agen. & cash Net & agen.) trusts debt Cal. year—1961 78,157 24,099 4,418 97,774 84,463 25,144 5,017 104,590 -6,816 6,792 -440 470 6,762 1962 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963 87,516 29,255 4,144 112,575 94,188 28,348 5,382 117,153 -4,579 7,672 2,535 883 4,255 Fiscal year—1961 77,659 23,583 3,945 97,242 81,515 22,793 4,766 99,542 -2,300 2,102 856 536 712 1962 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964".... 89,368 30,332 4,192 115,440 97,671 28,870 6,422 120,119 -4,680 7,733 2,756 1,099 3,878 Half year: 1962—July-Dec 39,126 11,838 1,928 49,011 47,286 13,010 2,195 58,101 -9.090 6,143 -870 865 6,148 1963—Jan.-June 47,250 15,851 2,352 60,728 45,356 13,536 3,241 55,650 5,078 2,538 2,939 169 -569 July-Dec 40,266 13,404 1,792 51,847 48,832 14,812 2,141 61,503 -9,657 5,135 -403 714 4,824 1964—Jan.-June*... 49,102 16,928 2,400 63,593 48,839 14,058 4,281 58,616 4,977 2,598 3,159 385 -946 Month: 1963—Aug 7,290 3,887 213 10,960 8.305 2,438 r-533 rl 1,276 r-3\6 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 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 Aug 6,653 4,171 267 10,552 8,083 2,524 -611 11,218 -666 3,284 1.960 67 1,257 Effects of operations on Treasurer'saccount 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 se o c f . 3 G se o c v .3 t. p d u e b b li t c banks a l c o c a t n s. 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.-June* 264 2,870 1,496 232 -3,159 2,366 408 3,661 11,036 939 9,180 917 Month: 1963—Aug -1,015 1,449 r- 862 328 -1,784 1,700 -152 6 846 705 5 389 752 Sept 2,279 -685 411 265 575 100 g 2,938 9,783 948 7 958 877 Oct -5,377 -1,304 291 296 1,101 -193 87 -5,273 4,510 881 2,839 790 Nov -652 795 -495 -179 -481 1,773 760 5 270 890 3 521 859 Dec 514 -431 232 767 -260 1,132 -151 2,105 7,375 880 5 621 874 1964—Jan -2 639 -1,169 512 -289 1,328 -770 84 -3,111 4 264 791 2 451 1 022 Feb 526 1,642 -163 -230 - 830 1,780 194 2,531 6,795 1 024 4 783 988 Mar 2 277 103 368 24 167 767 -23 1 861 8 656 831 6 940 885 Apr. -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3 974 1 186 -1,375 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 Julv . . . -3 923 — 1,181 -403 -64 1 ,^05 -510 -10 — 4 886 6 150 785 4 505 860 Aug -1,430 1,648 -946 378 -1,960 2,906 -43 640 6,789 939 5,085 765 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
OCTOBER 1964 FEDERAL FINANCE 1303 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d - ivid O ua th l er Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A . n R d S . I e U m n p - l. a g n if d t t C o u m s s - r m e a p e n a n d y ts - fu R n e d - s Other held Fiscal year—1961... 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,390 12,981 2,905 1,916 1,008 2,105 5,976 1,817 1962... 101,86536,246 14,403 21,296 12.752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963... 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,735 15,127 4,114 2,187 1,241 1,903 6,571 2,516 1964P.. 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... 49,011 18,958 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.. 60,728 19,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec... 51,84820,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 947 1,044 1,213 1964—Jan.-June*\ 63,592 19,099 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—Aug 10,960 5,607 179 386 1,207 495 345 3,199 2,424 730 175 108 103 229 225 Sept 11,652 3,210 2,140 3,603 1,165 466 300 1,197 1,097 66 148 104 140 202 147 Oct 4,423 1,404 247 557 1,156 561 285 652 490 140 158 123 104 207 203 Nov 9,617 5,429 113 396 1,065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 1,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 1,112 382 320 3,382 2,393 954 184 87 102 944 176 Mar... 12,168 3,222 770 6,654 1,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 1,103 465 254 1,394 1,116 239 422 109 123 1,575 179 May 10,652 4,837 561 491 1,195 466 305 4,163 3,242 884 234 100 126 1,196 141 Junep 14,286 2,614 2,196 6,196 1,293 560 320 1,566 1,457 65 206 117 144 302 256 July 4,745 1,172 377 646 1,234 n.a. 328 905 623 233 219 120 143 219 148 Aug 10,552 4,809 159 419 1,284 n.a. 380 3.455 2,732 684 219 112 123 207 179 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c h e c A ul g tu ri r - e so N u u r r e a r a c - t l - es t m C ra a o e n n r m d s c p e - . & H d e i o n c v u g o e s l m - . . l H w ab e el a o f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1961... 99,542 47,685 2,153 744 5,183 2,101 5,107 -103 22,364 945 6,187 7,257 1,724 1962... 107,662 51,462 2,492 1,257 5.942 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,882 1963... 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—Aug •11,276 4,456 152 285 '913 297 643 274 '2,101 126 481 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 June** 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 Aug 11,218 3,869 265 385 1,120 287 740 16 2,249 129 501 1,378 183 1962 1963 1964 1962 1963 1964 Item III IV II III IV III IV I II III IV I Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 27.2 27.1 27.5 27.8 28.5 29.0 29.7 28.4 26.0 23.0 28.2 32.6 27.3 24.5 30.3 33.3 Payments ... 28.0 29.0 28.2 28.5 30.4 30.0 30.5 29.3 28.5 29 6 26.5 29.1 30.9 30.6 28.6 30.0 Net. - .9 "I .9 -. 7 n -1 .9 -1 .0 - .8 -.9 -2.5 -6 6 1.7 3.4 -3 .6 -6 .1 1.7 3.3 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1304 U.S. GOVERNMENT SECURITIES OCTOBER 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues> l End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s l 2 t Total Marketable C ve o r n t- - Nonmarketable i S ss p u e e c s ia 6 l Total Bills C c e a r t t e if s i- Notes Bonds 4 b i o b n l d e s Total 5 S in a g v s bonds 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164 2 26 9 34.6 20 7 82.1 9 5 53 4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 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—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 A 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 May 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3.1 51.0 49.2 45.0 June 312.5 311.7 260.7 206 5 50 7 67.3 88.5 3.1 51.1 49.3 46.6 July 312.0 311.2 261.1 206.8 51.0 58.6 97.1 3.1 51.2 49.4 45.7 Aufi 314.9 314.1 262 2 207 7 52 0 58 6 97 1 3 1 51 4 49.4 47.4 Sept 316.5 315.6 263.8 209.0 53.3 58.6 97.1 3.1 51.7 49.5 47.4 1 Includes noninterest-bearing debt (of which $360 million, on Sept. 30, 5 Includes Series A investment bonds, depositary bonds, armed forces 1964, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign i ties, not shown separately. series, Rural Electrification Administration bonds, and before 1956, 2 Excludes guaranteed securities. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,362 million on Aug. 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 U t e a r o n . u n S v c s d . i t t e . s B F a . n R k . s Total m b C 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 n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r - s g S l a o o t n c v a a d t t e s l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r t n o e e d n i r g - a n l2 t i O m o n r t v i h s s e e c s r . 3 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 1963—Aug 307.2 58.9 32.4 215.9 61.7 6.1 10.9 21 A 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 A 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 '21.8 22.6 48.3 '19.4 15.3 14.2 May 312.3 59.4 34.2 218.8 59.5 6.0 10.8 '22.5 22.7 48.4 '19.7 15.4 13.8 June 312.5 61.1 34.8 216.6 59.7 6.0 10.6 '20.2 22.6 48.5 '19.7 15.6 13.7 July 312.0 59.9 35.1 217.0 58.8 6.0 10.7 '20.7 22.3 48.6 '19.9 '15.8 14.4 Aug 314.9 61.8 35.2 218.0 59.4 6.0 10.8 20.9 22.6 48.6 19.4 15.8 14.3 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
OCTOBER 1964 U.S. GOVERNMENT SECURITIES 1305 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— July 31 206,775 77,231 51,048 26,183 60,672 43,010 8,354 17,508 Aug. 31 207,692 81,389 52,045 29,344 57,443 43,002 8,354 17,505 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—July 31 11,800 1,496 1,091 405 1,900 3,027 2,197 3,180 Aug. 31 11,983 1,671 1,211 460 1,816 3,078 2,197 3,221 Federal Reserve Banks: 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964— July 31 35,051 18,253 5,388 12,865 14,723 1,836 91 148 Aug. 31 35,164 19,999 5,112 14,887 12,848 2,037 91 189 field 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—July 31 159,924 57,482 44,569 12,913 44,049 38,147 6,066 14,180 Aug. 31 160,545 59,719 45,722 13,997 42,779 37,887 6,066 14,095 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—July 31 50,138 12,335 6,993 5,342 22,482 14,107 502 712 Aug. 31 50,689 13,642 7,507 6,135 21,819 14,103 505 621 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—July 31 5,685 717 453 264 1,203 2,163 356 1,246 Aug. 31 5,725 755 486 269 1,127 2,234 351 1,259 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—July 31 8,983 790 401 389 1,878 2,512 938 2,865 Aug. 31 9,077 866 452 414 1,821 2,551 936 2,903 Nonfinancial corporations: 1961—Dec. 31 10,547 8,697 5,466 3,231 1,747 72 22 8 1962—Dec. 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Dec. 31 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—July 31 10,246 7,540 6,073 1,467 2,105 457 9 135 Aug. 31 10,442 7,689 5,864 1,825 2,163 448 12 130 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—July 31 3,275 305 211 94 849 1,405 230 487 Aug. 31 3,298 317 215 102 823 1,428 240 490 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—July 31 15,843 5,602 4,891 711 1,929 2,078 1,715 4,519 Aug. 31 16,158 5,988 5,174 814 1,744 2,130 1,696 4,600 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—July 31 65,755 30,193 25,548 4,645 13,604 15,426 2,316 4,215 Aug. 31 65,155 30,462 26,023 4,439 13,282 14,992 2,327 4,092 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 6,026 commercial banks, 502 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1306 U.S. GOVERNMENT SECURITIES OCTOBER 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total Within 1-5 5-10 Over m C e o r m cia - l All 1 year years years 10 years G U o .S v . t. Other banks other securities 1963—Aug ,308 1,060 139 21 401 15 507 384 88 Sept ,799 1,280 207 214 100 522 36 733 509 140 Oct ,575 1,261 144 124 46 467 31 637 439 91 Nov ,713 1,300 252 131 29 480 28 662 544 117 Dec ,719 1,348 213 122 37 508 30 730 451 96 1964—Jan ,144 1,656 264 159 65 687 36 905 516 99 Feb ,809 1,336 272 145 56 528 29 737 516 91 Mar ,685 1,361 213 81 31 563 22 657 443 86 Apr ,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 Aug ,453 1,099 197 123 34 406 26 604 417 113 Week ending— 1964—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 ,215 950 125 111 30 379 23 451 362 82 Sept. 2 ,522 1,234 156 110 23 400 25 665 433 156 9 ,330 1,044 149 102 36 402 15 518 396 86 16 ,525 1,281 125 83 36 440 22 623 440 80 23 ,451 1.133 186 99 34 484 23 584 360 155 30 1,345 162 127 54 454 19 680 535 74 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur l i l ties W 1 i y th ea in r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . es Period so A ur l c l es Y N C o e it r w y k w E h ls e e r - e Co ti r o p n o s r 1 a- o A th l e l r 1963—Aug 3,096 2,871 307 -82 275 Sept 3.689 3,099 290 300 195 1963—Aug...... 3,293 553 501 1.924 316 Oct 3,538 2,899 196 444 176 Sept 3.974 1,201 898 I 527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 1.387 429 Dec 3 090 2 800 295 A 254 Nov 3.551 660 671 1 748 472 Dec 3,139 823 587 ,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 ,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 ,065 225 June 3,475 3,217 91 167 318 May 3.082 711 724 ,347 300 July 3,817 3,121 229 468 225 June 3,541 981 761 ,493 307 Aug 4,313 2,978 552 782 275 July 4,156 1,250 871 .671 364 Aug 4,186 1,144 924 ,703 416 Week ending— Week ending— 1964—July 1. . 3,308 3,087 108 113 325 8.. 4,142 3,946 164 32 314 1964—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 Aug. 5. . 4,319 3,102 182 1,036 195 12.. 4,552 2,984 658 910 258 4,242 1,259 1,058 ,536 390 19.. 4,323 2,892 626 804 295 Aug-,!::: 4,210 1,180 904 ,556 569 26.. 3,998 2,783 567 648 309 19. .. 4,299 1,300 1,007 :,678 314 26... 4,182 1,005 870 1,880 427 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
OCTOBER 1964 OUTSTANDING SECURITIES 1307 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE. SEPTEMBER 30, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bill—Cont. Treasury notes—Cont. Treasury bonds—Cont. O O c c t t . . 8 1 , , 1 1 9 9 6 6 4 4 , 2 2 , .1 1 0 0 1 2 M M a a r r . . 1 18 1 , , 1 1 9 9 6 6 5 5 9 9 0 0 1 0 O Fe c b t. . 1 1 5 , , 1 1 9 9 6 6 7 6 3 i % y2 2,3 3 5 5 9 7 O Fe c b t. . 15 1 , , 1 1 9 9 6 6 9 9 4 4 6 1 , , 2 8 6 4 5 4 Oct. 15, 1964, 2,202 Mar. 22, 19651 ,001 Apr. 1,1967 IVi 270 Aug. 15, 1970 4 4,129 Oct. 22, 1964, 2,202 Mar. 25, 1965 901 Aug. 15, 1967 3% 4,433 Aug. 15, 1971 4 2,806 Oct. 29, 1964, 2,201 Mar. 31, 1965 ,001 Oct. 1,1967 IV2 457 Nov. 15, 1971 3% 2,760 Oct. 31, 1964 1,000 Apr. 30, 1965 ,001 Apr. 1,1968 IV2 212 Feb. 15, 1972 4 2,344 Nov. 5, 1964, 2,201 May 31, 1965 ,000 Oct. 1,1968 11/2 115 Aug. 15, 1972 4 2,579 N N o o v v . . 1 1 2 9 , , 1 1 9 9 6 64 4 , 2 2, , 2 1 0 9 1 6 J Ju u l n y e 3 30 1 , , 1 1 9 9 6 6 5 5 , . 0 00 0 1 0 Apr. 1,1969 iy2 40 A N u o g v . . 1 1 5 5 , , 1 1 9 97 7 3 3 4V 4 g 4 3 , , 3 8 5 9 7 4 Nov. 27, 1964, 2,202 Aug. 31, 1965 ,000 Treasury bonds May 15, 1974 4% 1,532 D D N e e o c c v . . . 3 1 0 3 0 , , , 1 1 1 9 9 9 6 6 6 4 4 4 , , , 2 2 1 , , , 2 3 0 0 0 0 5 2 5 Tr S ea e s p u t. r y 3 0 n , o 1 te 9 s 65 ,001 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 3 2 - - - 6 6 6 9 7 8 . . . . . . . . . 2 2 2 1 1 1 / / / 2 2 2 2 1 1 , , , 6 4 8 2 1 3 7 3 7 J N M u o n a v y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 8 5 - - 8 8 3 5 . . . . . . 3 3 4 7 V lA / 4 8 2 1 1 , , , 2 2 5 4 1 8 4 8 6 Dec. 17, 1964, 2,303 Oct. 1, 1964 n/i 490 Dec. 15, 1964-69... 2 Vi 2,538 Feb. 15, 1980 4 2,610 Dec. 24, 1964 2,202 Nov. 15, 1964 4% 3,267 Feb. 15, 1965 2% 3,976 Nov. 15, 1980 31/2 1,913 D Ja e n c . . 3 7 1 , , 1 1 9 9 6 6 4 5 1,9 9 0 0 1 0 N A o pr v . . 15 1 , , 1 1 9 9 6 6 5 4 3 IV V4 i 5,4 4 4 6 1 6 M M a a r y . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - 70.. .2 3 i/ % 2 2 2, , 2 4 4 1 9 4 F M e a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3 % *4 4 1 , , 9 12 06 9 J J J J a a a a n n n n . . . . 2 2 3 1 8 1 1 4 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 5 5 5 1,0 9 9 9 0 0 0 0 0 0 2 2 M A A M u u a a g g y y . . 1 1 1 1 5 3 3 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 5 5 5 5 4 3 3 3 * ? % 7 / / 8 8 8 6 6 1 1 , , , , 6 2 8 0 2 0 1 6 0 2 6 6 J A N M u u o a n g v r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 6 7 6 6 - - 7 7 1 2 . . . . . 3 . 2 2 3 % / V 3 i 8 1 1 1 1 , , , , 8 2 4 0 5 9 0 2 1 5 2 4 A F F M e e u a b b g y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 8 8 8 9 8 9 5 7 - - - 9 9 9 3 4 2 . . . . . . 4 4 1 V / 4 8 3 4 2 1 1 , , , 4 5 5 2 3 6 6 5 0 0 3 0 Feb. 4, 1965 901 Oct. 1,1965 n/i 315 Sept. 15, 1967-72... 2^ 1,952 Nov. 15, 1998 3% 4,434 F F e e b b . . 1 18 1, , 1 1 9 9 6 6 5 5 9 90 0 1 2 N N o o v v . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 31/ 4 2 2 8 , , 9 5 5 6 4 0 D N e o c v . . 1 15 5 , , 1 1 9 9 6 6 7 7 - 72... 3 2 5 V / i 8 2 3 , , 7 6 2 0 8 4 Convertible bonds Feb. 25, 1965 902 Feb. 15, 1966 3Y» 3,261 May 15, 1968 3% 2,460 Investment Series B Feb. 28, 1965 1,001 Apr. 1,1966 11/2 675 Aug. 15, 1968 3% 3,747 Apr. 1, 1975-80... 2 34 3,087 Mar. 4, 1965 900 Aug. 15, 1966 4 5,156 Nov. 15, 1968 3% 1,591 NOTE.—Direct public issues only. Based on Daily Statement of U.S. 1 Tax anticipation issue. Treasury. FEDERALLY SPONSORED AGENCIES, AUGUST 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 o ( A f m m d il o o l l i u l o a n n r t s s) Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Dec. 9,1963 4.00 Sept. 15, 1964 539 Dec. 2,1963 3.95 Sept. 1, 1964 216 Feb. 17, 1964 ....3% Nov. 16, 1964 175 Jan. 2, 1964 4.00 Oct. 1, 1964 262 Mar. 16, 1964 4.05 Jan. 15, 1965 249 Feb. 3,1964 3.90 Nov. 2, 1964 332 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 J A u u n g e . 1 1 7 5 , , 1 1 9 9 6 6 4 4 3 4 .9 H 5 J M ul a y y 1 1 7 5 , , 1 1 9 9 6 6 5 5 4 5 4 2 6 5 J M u a n y e 4 1 , , 1 1 9 9 6 6 4 4 4 4 . V 05 8 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 Aug. 3,1964 4.00 May 3, 1965 217 Bonds: Federal land banks June 17, 1963 31/2 Oct. 15, 1964 460 Bonds: Sept. 17, 1962 W4 Sept. 15, 1965 175 Dec. 10, 1960 4 Oct. 20,1964 142 J D u e l c y . 1 9 5 , , 1 19 9 6 6 3 4 4 4 V % H M Au a g r. . 1 1 5 5 , , 1 1 9 9 6 6 6 6 2 2 6 0 0 0 A A p ug r. . 2 2 0 0, , 1 1 9 9 6 6 4 4 4 4 .0 1 0 4 A A u p g r. . 2 2 0 3 , , 1 19 9 6 6 5 5 2 1 0 5 9 9 June 15, 1964 4M Nov. 15, 1966 275 Oct. 20, 1960 4 Oct. 20, 1965 160 June 20, 1961 4 Dec. 20, 1965 140 Apr. 2,1961 3% Feb. 21, 1966 150 Fe D de e s r b e a e c l n o N n tu a d t r a i e o r s y 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— F M S e e a p b y . t . 2 1 0 5 1 , , , 1 1 1 9 9 9 6 5 5 1 8 7 4 4 3 V % l/ 4 4 J F M u e l a b y y . 2 15 0 2 , , , 1 1 19 9 9 6 6 6 6 6 7-72 1 1 7 9 0 2 8 3 D Se e p c. t . 1 1 1 1 , , 1 1 9 9 6 6 1 1 3% 4 D Se e p c. t. 1 1 1 0 , , 1 1 9 9 6 6 4 4 1 1 1 4 1 4 O M c a t y . 1 1 , , 1 1 9 9 5 6 7 2 4V 4 i M Oc a t y . 22 1 , , 1 1 9 9 6 6 7 7-70 1 7 8 5 0 D J D D A S F F M S A A S u e e e e e e e e p u p n a b b p p p c c c g r r e r . . . t t . . t . . . . . . . 2 1 1 1 1 1 1 1 1 1 1 1 1 3 3 0 2 0 1 0 1 0 2 2 0 1 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 5 6 5 5 6 6 6 6 0 2 1 0 0 9 0 8 7 1 0 2 1 4 3 4 4 4 4 5 4 3 4 4 4 4 5 5 * V i % i V y i % 1 % / / / / / / / 8 8 4 8 8 4 8 8 8 2 J J A F D S F J A A S M M u u u e e e e e u p p n n n a a b b p p c g r r e e r . e . r t . t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 0 2 0 0 0 0 2 0 0 2 0 0 1 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 6 7 6 7 7 7 6 6 6 7 3 1 2 8 2 9 1 0 0 6 5 6 1 1 1 1 1 1 1 9 9 6 9 9 8 4 0 0 8 4 1 0 6 3 4 8 8 8 6 0 0 7 6 9 8 J J S F F A F A F F M O M u a e e e e e e u p c n l a a b b p b b b y t g r . y y . . . t . . . . . . 2 2 2 2 1 1 1 0 0 2 5 0 2 1 4 4 1 5 1 1 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 5 6 5 6 5 5 6 6 6 5 5 6 6 9 8 0 0 9 3 6 2 4 6 7 3 3 4 4 5 4 3 4 5 4 4 V 3 4 3 V V 7 1 i % % i f / g f f / 4 / t 4 8 4 s t t 8 8 J J A J A S F F O M M F M u u u e e e e u p c l l a a n a b b p b y y t g r y r r e . . . . t . . . . . 2 2 2 2 2 2 1 1 2 2 2 0 0 3 0 0 0 5 5 0 1 1 0 0 , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 6 6 7 6 6 7 7 6 6 7 1 2 0 9 7 4 8 9 0 0 8 8 3-78 1 1 1 1 1 1 1 1 6 8 6 0 5 8 8 4 7 6 1 0 8 0 5 0 9 5 2 3 8 0 4 0 1 6 Tennessee Valley Authority Short-term notes 35 Banks for cooperatives Debentures: Bonds: Apr. 1,1964 3.95 Oct. 1,1964 147 Nov. 15, 1960 4.40 Nov. 15, 1985 50 June 1,1964 3.90 Dec. 1,1964 159 July 1,1961 4% July 1, 1986 50 Aug. 3,1964 3.90 Feb. 1,1965 232 Feb. 1,1962 4*£ 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
1308 CREDIT AGENCIES; SECURITY ISSUES OCTOBER 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n r t d g a a l a r g y N e a m A ti a o s r s n k n a e . l t coo B pe a fo r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d n r s aA ral Assets Liabilities and capital operations) Lks End of period v m a A b t n e e o d c m r - e s - s I m nv e e n s ts t- p C a o d a n e s s - d i h ts B n a o o n n t d e d s s M po b d e e s e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e e d e ) s n s - c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A i n a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B ( o L n ) ds 1955 1 417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1 562 1,315 454 222 932 886 919 1,599 1958 1298 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 ,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Aug.. 3,758 1,511 70 3,036 1,011 1,148 2,030 1,916 706 473 2,360 2,233 3,240 2,796 Sept.. 4,024 1,484 96 3,299 1,014 1,153 2,028 1,899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 1,730 101 3,961 944 1,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 1,622 86 3,631 943 1,182 1,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 1,709 86 3,622 997 ,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 1,420 72 3,625 957 1,193 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 ,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 ,201 1,962 ,698 757 498 2,504 2,315 3,516 2,973 July.. 4,763 1,476 106 4,042 936 ,208 1.940 i;698 782 498 2,561 2,396 3,551 2,973 Aug.. 4,781 1,622 75 4,169 926 ,210 1,936 1,696 787 538 2,561 2,433 3,586 3,102 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) Al1 issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other 2 d er e e li d v 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 5 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 I 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 .620 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 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. and payment to issuer) which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues. * 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
OCTOBER 1964 SECURITY ISSUES 1309 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues i Prop a o l s l e c d o u rp s o e r o a f te n i e s t s u p e r s o c 5 eeds Noncorporate Corporate New capital Period Re- Bonds Stock tire- Total U.S. G U o .S v . t. U St . a S t . e Total New Other m o e f nt Govt. 2 a c g y e n 3 - l a o n c d al Other 4 Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total money* p p o u s r e - s s ri e t c ie u s - 1956 22,405 5,517 169 5,446 334 10,939 8 00? 4,225 3,777 636 2,301 10,749 10,384 9 663 721 364 1957 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 1?,661 12,447 11 784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,65? 6,332 3,320 571 1,334 11.37? 10,823 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7 190 3,557 3,632 531 2,027 9,5?6 9,392 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 9,9?4 9.653 8 758 895 271 1961 35,494 12,253 1,448 8,345 302 13,147 9j4?S 4,706 4,720 449 3,273 1?,874 1 979 10 8?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 10.57? 9',814 8 3?3 1,491 757 1963 31,616 7,213 1,168 10,107 891 12,237 10j87?, 4,714 6,158 342 1,022 1?,081 10.553 8 993 1,561 1,528 1963 July 2,089 413 789 78 810 710 279 431 35 65 797 676 588 89 121 Aug 1,980 398 726 100 756 6S6 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 1,376 626 751 30 53 1,444 1,415 1098 316 30 1964 Jan . ... 2,482 474 1,006 16 985 863 338 526 27 95 972 930 845 85 43 Feb 2,022 413 810 89 710 6?1 279 342 8 80 70? 685 5?3 162 17 Mar 2,121 399 844 73 805 714 361 353 3 87 796 754 677 77 42 4,930 1,444 1,204 47 2,234 863 383 480 23 1,349 ? ?15 ^178 ?,094 83 37 May 2 267 367 660 85 1 155 1008 470 537 50 98 t Ml 069 951 116 72 June 3,056 383 275 900 37 1,461 1,091 468 623 82 289 1,441 1,378 1292 86 63 July, 2,486 387 260 922 25 892 668 234 434 57 167 877 797 716 80 81 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d 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 capital* secu- capita18 secu- capitals secu- capital* secu- capital* secu- capital* securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 ?,474 14 ,384\ 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 \?9AI 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 70-i • 1,801 6 I960 1,997 79 794 30 672 39 ?,754 51 OV 1 2,401 71 1961 3,708 306 1,095 46 680 26 ?,892 104 ,4?:! 378 2,176 36 1962 3,020 204 832 29 551 30 ?,357 445 ,?81 10 1,773 39 1963 3,312 190 774 55 873 83 1,935 699 72( 356 2,933 144 1963 Julv 297 28 63 4 35 107 82 86 5 89 2 272 3 50 7 36 100 22 21> 71 155 4 Sept 237 47 32 4 61 8 78 • 39 1 348 7 Oct 240 5 60 4 25 2 201 73 4 4 446 1 Nov .... 214 8 41 5 83 131 41 rt 3 337 4 Dec 515 13 104 8 118 1 198 2 64 • 416 6 1964 Jan 149 14 84 1 98 109 26 IV1 • 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 6 107 * 91 8 151 19 1,37"1 * 265 3 May 206 10 50 1 127 6 441 53 27 218 1 June 332 39 50 1 35 264 4 ?5? 5 439 13 July 173 48 51 2 78 * 207 16 2:\ 264 14 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of flotation. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1310 SECURITY ISSUES OCTOBER 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s i t, Other I c n o v s e . s 1 t. Other 1958 ... . 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2,288 2,724 869 1,086 1,419 1,638 1961 16,935 7,145 9,790 9,214 4,155 5,059 3,280 4,441 1,181 1,809 2,099 2,632 1962 13,656 6,491 7,165 8,613 3,749 4,864 2,788 2,255 1,123 1,619 1,665 636 1963 14,995 8,818 6,177 10,491 4,979 5,512 2,541 1,963 1,521 2,318 1,020 -355 1963—11 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 Ill 3,267 2,004 1,263 2,159 1,230 929 659 449 389 385 270 64 IV 4,477 2,561 1,916 3,222 1,121 2,101 661 594 388 1,052 273 -458 1964—1 4,146 2,015 2,130 2,149 914 1,235 812 1,185 532 569 280 616 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 1960 . ... 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—11 460 -224 112 -14 131 -31 250 167 99 101 422 254 HI 378 -60 17 -27 -95 27 148 8 82 131 399 254 IV 574 -289 87 -383 180 -15 288 47 61 129 912 327 1964—1 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. 1309. actions only. As contrasted with data shown on p. 1309, 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—Aug... 193 123 69 24,925 1,287 23,638] 1953 672 239 433 4,146 Sept.. 206 142 64 24,496 1,300 23,196 1954 863 400 463 6,110 309 5,801 Oct... 214 132 82 24,914 1,374 23,540 Nov.. 210 123 87 24,774 1,419 23,355 1955 1,207 443 765 7,838 438 7,400 Dec... 225 132 92 25,214 1,341 23,873 1956 1,347 433 914 9,046 492 8,554 1957 1,391 406 984 8,714 523 8,191 1964—Jan... 294 183 110 25,854 1.383 24,471 1958 1,620 511 1,109 13,242 634 12,608 Feb... 219 165 55 26,334 1,380 24,954 1959 2,280 786 1,494 15,818 860 14,958 Mar.. 263 184 79 26.863 1,403 25.460 Apr... 276 165 111 27,051 1,339 25,712 1960 2,097 842 1,255 17,026 973 16,053 May.. 241 153 88 27,497 1,444 26,053 1961 2,951 1,160 1,791 22,789 980 21,809 June.. 285 147 138 27,682 1,499 26,183 1962 2,699 1,123 1,576 21,271 1,315 19,956 July... 308 168 140 28,319 1,471 26,848 1963 2,460 1,504 952 25,214 1,341 23,873 Aug... 260 149 110 28,164 1,457 26,707 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
OCTOBER 1964 BUSINESS FINANCE 1311 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 1963 1964 Industry 1959 1960 1961 1962 1963 IV III IV Manufacturing Total (177 corps.): Sales 119,172 123,911123,669136,545147,384 35,829 34,917 37,922 35,381 39,173 38,314 40,358 Profits before taxes 14,172 13,543 13,268 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 9,135 2,367 2,099 2,453 2,007 2,576 2,579 2,938 Dividends 4,360 4,485 4,730 5,441 1,553 1,169 1,320 1,183 1,768 1,285 1,448 Nondurable goods industries (78 corps.):1 Sales 45,543 47,372 49,362 55,142 13,330 13,239 13,869 13,984 14,050 14,212 14,785 Profits before taxes 5,651 5,579 5,602 6,395 1,560 1,512 1,613 1,613 1,658 1,629 1,797 Profits after taxes 3,212 3,215 3,225 3,659 939 867 897 934 961 972 1,069 Dividends 1,910 1,948 2,031 2,265 610 537 537 542 649 561 569 Durable goods industries (99 corps.):2 Sales 73,628 76,540 74,307 84,300 92,243 22,499 21,671 24,053 21,395 25,123 24,102 25,573 Profits before taxes 8,521 7,964 7,666 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 5,476 1,427 1,231 1,556 1,073 1,615 1,608 1,870 Dividends 2,450 2,536 2,699 3,176 943 632 783 641 1,119 724 879 Selected industries: Foods and kindred products (25 corps.): Sales 11,644 12,202 12,951 13,457 14,164 3,396 3,360 3,581 3,621 3,603 3,608 3,730 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 349 372 397 425 448 111 109 111 111 118 117 119 Chemicals and allied products (20 corps.): Sales 11,740 12,205 12,606 13,759 14,621 3,455 3,448 3,728 3,705 3,740 3,790 4,112 Profits before taxes 2,164 2,005 1,979 2,162 2,337 525 544 616 584 593 616 702 Profits after taxes 1,120 1,058 1,034 1,126 1,213 279 281 316 305 310 327 386 Dividends 791 786 833 868 904 281 202 202 201 299 207 209 Petroleum refining (16 corps.): Sales 13,372 13,815 14,483 15,106 15,995 3,944 3,959 3,937 4,068 4,032 4,132 4,083 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 1,099 1,184 346 304 265 312 303 336 320 Dividends 518 521 528 566 608 145 151 149 154 154 158 159 Primary metals and products (34 corps.): Sales 20,940 20,828 20,234 21,260 22,146 5,036 5,123 6,114 5,470 5,439 5,535 6,041 Profits before taxes 2,322 2,214 1,999 1,838 2,183 417 430 711 467 574 560 673 Profits after taxes 1,218 1,169 1,067 1,013 1,186 250 231 372 252 332 315 384 Dividends 829 838 843 820 732 191 180 181 181 190 186 187 Machinery (24 corps.): Sales 16,983 16,681 17,446 19,057 21,041 4,983 4,923 5,286 5,286 5,547 5,401 5,279 Profits before taxes 1,904 1,509 1,701 1,924 2,368 515 528 587 585 668 673 701 Profits after taxes 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 23,262 26,275 23,314 29,156 33,236 8,606 7,987 8,755 6,564 9,930 9,275 10,028 Profits before taxes 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 1,491 1,534 1,404 2,143 2,393 724 600 706 333 753 779 898 Dividends 812 837 973 1,151 1,447 502 217 362 220 648 276 419 Public Utility Railroad: Operating revenue 9,825 9,514 9,189 9,440 9,560 2,407 2,239 2,474 2,399 2,447 2,362 Profits before taxes 845 648 625 729 816 236 116 252 197 252 188 *>245 Profits after taxes 578 445 382 572 651 259 82 189 156 225 144 Dividends 406 385 359 367 383 121 89 103 66 125 110 Electric power: Operating revenue 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 , 1,655 1,793 1,883 2,062 2,185 516 626 498 529 532 660 542 Dividends 1,219 1,307 1,374 1,462 1,548 374 392 378 384 394 424 412 Telephone: Operating revenue 7,572 8,111 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 2,815 630 672 711 725 707 726 796 Profits after taxes 1,073 1,155 1,233 1,327 1,417 335 336 357 368 356 377 408 Dividends 743 806 867 935 988 237 225 255 252 256 261 262 1 Includes 17 cos. in groups not shown separately. Telephone. Data obtained from Federal Communications Commis- 2 Includes 27 cos. in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps. Data are obtained primarily from Lines and General departments of American Telephone and Telegraph published co. reports. Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operat- Railroads. Interstate Commerce Commission data for Class I line- ing subsidiaries and the 2 affiliates. haul railroads. All series. Profits before taxes are income after all charges and before Electric power. Federal Power Commission data for Class A and B Federal income taxes and dividends. For description of series see electric utilities, except that quarterly figures on operating revenue and June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL. pp. profits before taxes are partly estimated by the Federal Reserve to include 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). affiliated nonelectric operations. Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1312 BUSINESS FINANCE OCTOBER 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r t s e s c ta o In x m - e e s P t a r a f o x te f 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 p- Quarter P b t r e a o f x o f e i r t s e s c ta o In x m e - e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s - d co c a n a t l s l p i o o u i w t n m a - l pances * ances ! 1956 44.7 21.2 23.5 12.1 11.3 20.0 1962—IV 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—1 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 II 51.1 24.5 26.6 17.7 8.9 31.6 III.... 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 IV 54.3 26.0 28.3 19.1 9.2 32.4 1961 44.2 22.3 21.9 15.2 6.7 26.9 1962 48 2 23.2 25 0 16 5 8 5 30.5 1964 I 56.4 25.4 31.2 19.4 11.8 33.0 1963 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 i Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash Govt. Inven- Other Total Federal Other securi- tories income 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 m 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 rv 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 1 Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable Non- Mining Railroad Other u P t u il b it l i i e c s n C i o c m at m ion u s - Other 1 a ( r n S a . n t u A e a ) l durable 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 19642 44.21 9.19 9 08 1.12 1.46 2.31 607 14.98 1963—1 8.25 1.62 1.65 .24 .21 .39 .04 .85 2.26 36.95 n 9.74 1.96 1.95 .26 .28 .54 .40 .95 2.41 38.05 m 10.14 1.96 1.99 .27 .29 .45 .60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964—I 9.40 1.93 1.87 .26 .32 .51 .18 .97 2.37 42.55 II 11.11 2.30 2.23 .29 .36 .63 .58 1.10 2.61 43.50 III2 11.28 2.31 2.33 .29 .34 .56 .63 3.81 44.55 IV2 12.43 2.66 2.64 .28 .44 .61 1.69 4.11 46.15 * Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 REAL ESTATE CREDIT 1313 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- holder* < tutions1 agen- viduals Total insti- hold- Total insti- hold- tutions1 cies and tutions^ 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 1959 190.8 145.5 10.0 35.4 178.7 130.9 109.2 21.6 47.9 31.8 16.1 12.1 4.5 7.6 1960 206.8 157.6 11.2 38.0 194.0 141.3 117.9 23.4 52.7 35.0 17.7 12.8 4.7 8.2 1961 226.3 172.6 11.8 41.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 13.9 5.0 8.9 1962* 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23.4 15.2 5.5 9.7 1963* 280.9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1962—lJ' 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 II* 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5.3 9.4 Ill* , 244.5 186.8 12.1 45.6 229.6 162.9 137.1 25.8 66.7 44.3 22.3 14.9 5.4 9.6 IV* „ 251.6 192.5 12.2 47.0 236.4 166.5 140.4 26.0 69.9 46.6 23,4 15.2 5.5 9.7 1963—1* 257.1 197.2 11.8 48.1 241.6 169.2 143.3 25.9 72.4 48.3 24.1 15.5 5.6 9.9 II* 265.1 204.1 11.2 49.9 249.0 173.7 147.9 25.8 75.3 50.3 25.0 16.1 5.9 10.2 HI* 273.1 210.6 11.1 51.4 256.5 178.2 152.2 26.0 78.3 52.3 26,0 16.5 6.1 10.5 IV* 280 9 216.9 11.2 52.9 264.2 182.2 156.0 26.2 82.0 54.8 27.2 16.8 6.2 10.6 1964—IP 286.9 221 .8 11.2 53.9 269.7 185.2 158.9 26.3 84.5 56.5 28.0 17.2 6.4 10.8 II* 295.1 228.3 11.2 55.6 277.1 189.6 163.1 26.5 87.5 58.5 29.0 18.0 6.7 11.3 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, PHA» Farmers Home Admin., NOTE.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- Other U.S. agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller 3 Derived figures; includes small amounts of farm loans held by of the Currency. savings and loan assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings i Mutual savings bank holdingsJ 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 o t r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O f n a o t r h m n e - r Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1 048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1961—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—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,049 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 Ill 33,430 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8,984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—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 in 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 40,200 26,894 7,073 2,824 16,997 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 UP 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,740 52 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions; first and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks beginning in 1962. For earlier years the basis for first and third quarter estimates included F.R. commercial bank call NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. data and data from National Assn. of Mutual Savings Banks. series for all commercial and mutual savings banks in the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1314 REAL ESTATE CREDIT OCTOBER 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other 1 Farm * Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1941 6,442 5 529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1957 5 230 4 823 fi51 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 1963r 9,172 8,306 .605 678 6 023 866 50,544 46 752 10,756 6,401 29,595 3,792 1963—July r 854 772 156 57 559 82 48,672 45 034 10,511 6,427 28,096 3,638 Aug 766 704 140 50 514 62 48,964 45,294 10,564 6,419 28,311 3,670 Sept 716 653 134 48 471 63 49,233 45,522 10,604 6,402 28,516 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 July 861 785 151 56 578 76 52,832 48,709 11,165 6.413 31,131 4,123 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 New Home FHA- VA- Con- Period Sav- Insur- Com- Mutual Total i s c t t i r o o u n n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r- d ti v o e n n a - l 2 S.A. 2 N.S.A. i a n l s o g s a s n n s & . p c a a o n n m c ie e - s b m c a i n e a r k l - s b i s a n a n g v k s - s 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 J.472 4,264 1.429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 1,160 4,997 1,741 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1,212 5,851 9S7 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;66i 1963 1963 Aug 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 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 AUK 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 2,363 635 1,037 97,111 4,752 6,770 85,589 Apr . . . 3,008 3,089 1,350 109 567 154 Aug.P 2,201 573 1,029 98,090 4,765 6,737 86,588 May 3,090 1,349 116 560 176 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
OCTOBER 1964 REAL ESTATE CREDIT 1315 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j- 1 m p P r e i e r o m r n o t v y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i s x n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960. .. . 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963*3 ... 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—11 159.1 60.4 30.9 29.5 98.7 Ill 162.9 61.0 31.5 29.5 101.9 1963—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—Jp 169.2 62.8 33.0 29.8 106.4 Nov. 577 127 317 55 78 258 100 158 UP 173.7 63.5 33.5 30.0 110.2 Dec. 601 142 345 63 52 255 106 149 III*> 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—IP 185.2 66.3 35.7 30.6 118.9 Mar. 600 126 357 59 58 208 84 124 IIP 189.6 74.5 44.0 30.5 115.1 Apr.. 646 117 367 119 43 206 81 125 May. 570 105 352 68 46 192 71 121 June, 711 128 442 67 73 233 76 157 NOTE.—For total debt outstanding, figures are July. 782 141 476 108 57 251 81 171 FHLBB and F.R. estimates. For conventional, Aug. 740 137 468 68 67 246 78 167 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 I oans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Mortgage holdings transactions Com- Advances outstanding (during mit- (end of period) E pe n r d i o o d f Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r p e - e s riod S ) ales b m u d u e r i n s s n - - e ts d Period va A n d c - es R m e e p n a ts y- Total t S e h rm or t- i t L e o rm ng 2 - M de e p m o b si e t r s s 1945 278 213 195 176 19 46 1956. 3,047 978 2,069 609 5 360 1957. 3,974 1,237 2,737 1,096 3 764 1956 745 934 1,228 798 430 683 1958 3,901 1,483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 653 1959. 5,531 2,546 2,985 1,907 5 568 1958 1,364 1,331 1,298 685 613 819 1959 2,067 1,231 2,134 1,192 942 589 1960. 6,159 3,356 2,803 1,248 357 576 1961. 6,093 3,490 2,603 815 541 631 1960 1,943 2,097 1,981 ' 1,089 809 938 1962. 5,923 3,571 2,353 740 498 355 1961 2,882 2,200 2,662 1,447 1,216 1,180 1963. 4,650 3,017 1,634 290 1,114 191 1962 4,111 3,294 3,479 2,005 ,474 1,213 1963 5,601 4,296 4,784 2,863 1,921 1,151 1963—Aue 4,752 3,050 1,703 23 ?9 185 Sept 4,720 3,034 1,686 21 10 183 1963—Sept 517 251 4,024 2,493 1,531 1,014 Oct 4,702 3,033 1,669 23 5 190 Oct 610 408 4,226 2,588 1,638 986 Nov 4,677 3,021 1,656 15 7 196 Nov 363 299 4,290 2,611 1,679 978 TVr 4,650 3,017 1,634 24 19 191 Dec 754 259 4,784 2,863 1,921 1,151 1964—Tan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 1,762 944 Feb 4,613 3,011 1,603 24 4 188 Feb 225 424 4,216 2,500 1,716 943 Mar 4,598 3,016 1,582 27 11 192 Mar 339 387 4,168 2,406 1,763 977 Apr 4,572 3,015 1,557 38 31 204 Apr 573 296 4,444 2,463 1,982 957 May 4,565 3,027 1,538 44 21 202 May 352 401 4,395 2,438 1,957 990 4,539 3,025 1,514 36 21 199 703 329 4,769 2,674 2,095 1,153 July 4,516 3,033 1,482 41 30 222 July 584 590 4,763 2,699 2,064 936 Aug 4,477 3,008 1,469 44 43 230 Aug 369 351 4,781 2,662 2,119 926 Sept 382 327 4,837 2,635 2,202 989 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the 1 Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 1 Secured loans, amortized quarterly, having maturities of more than Facilities Admin. 1 year but not more than 10 years. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1316 CONSUMER CREDIT OCTOBER 1964 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co O g p n o a s t o p h u d e e m r r s er e a r n R l n o d i e a z p m n a a s t o i i r o 1 d n - Pe lo rs a o n n s al Total p S a l i o y n m a g n l e e s n - t a C cc h o a u r n ge 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 Aug 66,308 51,526 21,819 12,607 3,357 13,743 14,782 5,789 4,839 4,154 Scot 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 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 Aug 73,069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 ctudod in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates coyer loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Sales Con- Depart- Furni- Appli- Auto- Total mercial finance i^reaii sumer Other i Total ment ture ance mobile Other banks cos. unions finance 1 stores 2 stores stores dealers 3 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1.129 4,743 1,408 1.187 377 502 1,269 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1,210 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 ,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 1,073 294 345 1,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1963—Aug. 51,526 45,375 21,101 12,906 5,412 4,329 1,627 6,151 3,107 1,004 276 341 1,423 Sept. 51,718 45,687 21,145 13,073 5,458 4,381 1,630 6,031 3,025 1,009 279 321 1,397 Oct.. 52,257 46,161 21,391 13,187 5,529 4,425 1,629 6,096 3,077 1,015 280 325 1,399 Nov. 52,695 46,462 21,486 13,302 5,569 4,461 1,644 6,233 3,172 1,032 282 326 1,421 Dec, 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964—Jan.. 53,597 47,300 21,630 13,840 5,584 4,592 1,654 6,297 3,063 1,065 281 328 1,560 Feb.. 53,552 47,454 21,799 13,788 5,607 4,595 1,665 6,098 2,949 1,047 278 330 1,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 1,667 6,142 3,044 1,022 273 334 1,469 Apr., 54,382 48,191 22,224 13,893 5,776 4,628 1,670 6,191 3,106 1,013 272 340 1,460 May 55,120 48,824 22,559 14,027 5,889 4,657 1,692 6,296 3,182 1.020 271 348 1,475 June 55,914 49,543 22,907 14,228 6,014 4,701 1,693 6,371 3,231 i;028 271 355 1,486 July. 56,496 50,082 23,176 14,359 6,109 4,748 1,690 6,414 3,267 1.037 273 360 1,477 Aug. 57,055 50,583 23,389 14,475 6,204 4,797 1,718 6,472 3,332 1,044 273 363 1,460 1 Consumer finance cos. included with 'other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 CONSUMER CREDIT 1317 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair End of period Total Pur- pape D r irect s g p c u o a o m o p n d e e - r s r e m r t a n i o n o i d d z n - a- l s P o o e a n r n a - s l End of period Total m A pa o u p b t e o il r - e s g p c u o a o m p o n d e e - r s r m iz l o o a a n d a ti n d e o s r n n- s l P o o a e n n r 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 I960 11,472 7,528 2,739 139 1,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 1,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—Aug 12,906 8,153 2,986 161 1,606 1963—Aug 21,101 7,073 3,936 3,012 2,336 4,744 Sept 13,073 8,099 3,157 161 1,656 Sept 21,145 7,072 3,903 3,033 2,352 4,785 Oct 13,187 8,163 3,186 161 1,677 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov 13,302 8,210 3,233 160 1,699 Nov 21,486 7,218 3,984 3,084 2,373 4,827 Dec 13,523 8,228 3,383 158 1,754 Dec 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan 13,840 8,220 3,701 156 1,763 1964—Jan 21,630 7,246 4,016 3,134 2,333 4,901 Feb 13,788 8,227 3,635 154 1,772 Feb 21,799 7,275 4,052 3,226 2,316 4,930 Mar 13,802 8,265 3,603 152 1,782 Mar 21,919 7,364 4,102 3,195 2,303 4,955 Apr 13,893 8,371 3,580 151 1,791 Apr 22,224 7,501 4,172 3,185 2,308 5,058 IVIay 14,027 8,489 3,583 149 1,806 May 22,559 7,673 4,255 3,192 2,331 5,108 June 14,228 8,633 3,615 150 1,830 June 22,907 7,854 4,323 3,205 2,355 5,170 July 14,359 8,741 3,614 149 1,855 July 23,176 7,979 4,371 3,234 2,380 5,212 Aug 14,475 8,799 3,643 149 1,884 Aug 23,389 8,090 4,389 3,244 2,405 5,261 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 19 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total b C m c a o i n e a m r k l - s - t 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 p t D o a e r e r n e - t- s t l 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 I960 13,196 3,884 623 941 3 952 436 3,360 1963 Aug 11,368 2,316 799 860 7,393 1961 14,151 4 413 723 948 3 907 469 3 691 Sept 11,469 2,330 802 864 7,473 1962 15,130 4,690 766 927 4,252 505 3,990 Oct 11,583 2,355 815 869 7,544 1963 16,145 5,047 912 895 4 456 520 4 315 Nov 11,674 2,369 822 874 7,609 Dec 11,859 2,394 835 870 7,760 1963—Aug... 14,782 4,879 910 579 3,713 547 4,154 Sept.. 14,820 4,927 917 620 3,667 546 4,143 1964—Jan 11,830 2,379 834 865 7,752 Oct... 14,831 4,952 878 639 3,743 516 4,103 Feb 11,867 2,387 838 865 7,777 Nov.. 15,051 4,987 907 667 3,817 515 4,158 Mar 11,932 2,406 845 866 7,815 Dec... 16,145 5,047 912 895 4,456 520 4,315 Apr 12,074 2,446 860 869 7,899 May 12,238 2,490 876 884 7,988 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 June 12,408 2,537 894 890 8,087 Feb... 15,234 5,036 922 655 3,590 560 4,471 July 12,547 2,573 911 897 8,166 Mar.. 15,118 5,076 926 614 3,485 535 4,482 Aug 12,719 2,610 927 912 8,270 15,434 5,152 896 610 3,667 556 4,553 May!! 15,825 5,230 976 626 3,910 563 4,520 June.. 15,993 5,313 920 610 4,028 600 4,522 NOTE.—Institutions represented are consumer finance cos., credit July... 15,960 5,329 889 576 4,008 656 4,502 unions, industrial loan cos., mutual savings banks, savings and loan Aug... 16,014 5,335 964 588 3,960 683 4.484 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
1318 CONSUMER CREDIT OCTOBER 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Persona1 loans Period S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14.470 2,213 15,223 1961 48,396 16,007 14,578 2.068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1963—Aug 5,100 5,242 1.802 1,839 1.441 1.456 185 213 1.672 1.734 Sept 5,093 4,755 1,730 1,524 ,425 1,384 181 193 ,757 ,654 Oct 5,311 5,487 1,910 2,040 ,457 1,547 188 205 ,756 1,695 Nov 4,979 4,981 1,792 1 734 1,432 1,517 168 169 ,587 1,561 Dec 5,272 5,974 1,914 1,767 1,523 2,094 172 154 1,663 1,959 1964 Jan 5,276 4,784 1,888 1,689 1,493 [,380 185 141 1,710 1,574 Feb 5,421 4,552 1,953 1,686 1,578 1,212 186 142 1,704 1,512 Mar 5,480 5,322 I 942 1 983 I 665 1,488 179 163 1,694 1,688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 May 5,552 5,584 2,023 2,137 1,589 1,547 187 205 1,753 1,695 June 5,399 5,949 [,962 2,245 1,537 1.632 183 208 [,717 1,864 July 5,541 5,747 .996 2,166 1,546 1,543 189 208 1,810 1,830 Aug 5,529 5,519 2,017 1,984 1.570 1,540 186 210 1.756 1.785 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—Aug 4,619 4,610 1,607 1.613 1,326 1.308 170 172 1.516 1.517 Sept 4,752 4,563 1,659 1,618 1,347 1,289 174 173 1,572 1,483 Oct 4,780 4,948 1,676 1,794 1,362 1,404 170 182 1,572 1,568 Nov 4,596 4,543 1,638 1,598 1,324 1,316 167 162 1,467 1,467 Dec 4,812 4,924 1,707 1,675 1,384 1,374 177 172 1,544 1,703 1964—Jan 4,848 4,932 1.684 ,699 1,441 1,508 176 176 1,547 1,549 Feb 4,842 4,597 1,716 1,604 1,395 1,383 171 161 1,560 1,449 Mar 4,956 5,079 1,735 1,783 1,468 1,504 174 177 1,579 1,615 Apr 4,959 4,991 1,759 1,768 1,453 1,470 172 171 1,575 1,582 May 5,059 4,846 1,776 1,712 1,483 1,424 175 169 1,625 1,541 June 5,029 5,155 1,768 1,798 1,486 1,501 170 177 1,605 1,679 July 5,058 5,165 1.781 1,844 1,448 1,460 171 177 1.658 1,684 Aug 5,094 4,960 1,789 1,757 1,496 1,430 172 170 1,637 1,603 Net change of credit outstanding2 1956 2,814 960 965 212 678 1957 2 148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 5 601 2 268 1 602 463 1 269 I960 3 588 1 270 896 330 1 093 1961 696 — 465 332 53 111 1962 . . 4.506 2 318 746 55 1,388 1963 5,711 2,659 1,161 143 1,748 1963—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 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1964—Jan 428 -148 204 -10 52 -128 9 -35 163 25 Feb 579 -45 237 82 183 -171 15 -19 144 63 Mar 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 June •.. 370 794 194 447 51 131 13 31 112 185 Julv 483 582 215 322 98 83 18 31 152 146 Aug 435 559 228 227 74 110 14 40 119 182 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
1319 OCTOBER 1964 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Period S.A.i N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9 043 9 654 6,563 1959 48,052 17,976 11,196 10,940 7,940 I960 49 560 18 269 11 456 12 073 7 762 1961 . 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1963—Aug 5,100 5,242 1,878 1,920 1,051 1,094 1.274 1 328 897 900 Sept 5,093 4,755 1,878 1,744 1,021 955 :1,322 1,218 872 838 Oct 5,311 5,487 2,000 2,061 1,115 1,194 1,351 1,311 845 921 Nov 4,979 4,981 1,877 1,766 1,030 1,013 1,198 1 213 874 989 Dec 5,272 5,974 1,963 1,889 1,134 1,192 1,252 1,476 923 1,417 1964 Jan 5,276 4,784 1,928 1,825 1,125 1,020 1,312 1,157 911 782 Feb 5.421 4,552 2,043 1,786 1,187 980 981 1,122 908 664 Mar 5,480 5,322 2,006 2,011 1,209 1 166 l'292 1 290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 1,201 1,309 1,347 921 872 5,552 5,584 2,075 2,144 1,196 1,194 1,350 1,338 931 908 June 5,399 5,949 2,004 2,247 1,174 1,324 1,321 1,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 1,397 1,426 921 880 Aug 5,529 5,519 2,084 2,063 1,157 1,172 1,355 1,382 933 902 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 I960 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—Aug 4,619 4,610 1,692 1,693 j onn 995 1 1^8 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 ,097 1,111 1,267 1,287 837 837 Aug 5,094 4,960 1,889 1,850 1,087 1,056 1,237 1,210 881 844 Net change in credit outstanding2 1956 2,814 1,176 670 733 235 1957 2,148 1 066 491 665 -75 1°58 . ... -225 — 63 —765 289 315 1959 5,601 2,447 1,475 986 693 I960 3,588 1,446 1,152 1 051 — 61 1961 696 335 199 578 -20 1962 . ... 4,506 1 997 921 932 656 1963 5,711 2,605 1,329 1 276 501 1963 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 Aug 435 559 195 213 70 116 118 172 52 58 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1320 INDUSTRIAL PRODUCTION: S.A. OCTOBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June1" Julyr Aug Total index. 100.00 124.3 125.4 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.7 Final products, total 47.35 124.9 126.0 126.3 127.2 727.0 128.0 128.5 128.1 128.7 130.6 131.1 131.7 132.2 132.9 Consumer goods 32.31 125.2 126.5 126.4 127.4 126.9 128.0 128.9 128.8 128.8 130.8 131.0 131.5 132.0 132.4 Equipment, including defense.. 15.04 124.2 125.0 126.0 127.0 127.1 128.1 i27.9 127.1 128.8 130.7 131.3 132.0 132.7 134.0 Materials 52.65 123.7 124.9 125.0 125.5 125.7 125.9 126.7 128.1 129.3 130.6 131.3 131.8 133.6 134.8 Consumer goods Automotive products 3.21 141.2 141.4 143.0 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 155.8 Autos 1.82 149.5 151.3 153.3 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 Auto parts and allied products 1.39 130.2 128.4 129.5 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.7 Home goods and apparel 10.00 123.1 125.1 124.3 125.2 126.1 126.6 127.0 128.3 126.8 128.9 129.5 130.0 131.1 130.2 Home goods 4.59 129.6 131.3 131.8 131.3 133.3 134.2 134.8 137.3 136.4 137.7 136.9 137.8 139.5 139.8 Appliances, TV, and radios 1.81 125.1 128.4 128.1 125.8 128.5 128.5 127.5 131.3 128.7 130.7 129.7 131.0 131.1 132.5 Appliances 1.33 130.6 135.5 136.4 131.8 134.0 133.0 130.7 135.3 132.9 134.7 139.4 136.9 136.6 138.9 TV and home radios .47 109.5 108.5 104.9 108.8 113.1 115.6 118.6 120.3 116.9 119.5 102.4 114.3 115.5 114.5 Furniture and rugs 1.26 131.3 133.1 132.1 133.0 134.5 135.4 136.1 138.1 139.0 139.7 141.0 141.9 143.9 144.8 Miscellaneous home goods 1.52 133.6 133.2 135.9 136.5 137.9 139.9 142.3 143.7 143.5 144.2 142.1 142.4 145.8 144.4 Apparel, knit goods, and shoes.... 5.41 117.6 119.8 118.0 120.0 120.0 120.2 120.4 120.7 118.7 121.5 123.2 123.4 124.0 Consumer staples 19.10 123.7 124.8 124.7 125.4 124.2 125.7 127.0 126.2 126.3 128.8 128.3 128.9 129.1 129.6 Processed foods 8.43 116.6 116.7 116.7 117.7 117.0 118.9 121.4 120.2 118.4 120.8 120.2 119.4 118.4 119.5 Beverages and tobacco 2.43 116.9 118.2 115.3 118.3 115.7 117.4 116.5 118.5 121.9 125.2 122.6 119.4 126.4 Drugs, soap, and toiletries 2.97 140.1 142.6 144.5 144.0 142.0 142.7 142.2 140.1 140.1 142.8 144.5 150.5 146.7 149.4 Newspapers, magazines, and books. 1.47 117.8 118.6 117.9 117.8 117.2 120.4 121.5 123.7 125.1 126.7 124.7 125.5 123.5 122.7 Consumer fuel and lighting 3.67 133.5 135.4 135.8 135.6 134.7 135.2 136.5 134.7 136.2 138.5 138.7 140.6 142.8 Fuel oil and gasoline 1.20 116.9 116.5 118.3 119.4 118.5 117.4 115.6 116.8 117.6 120.9 120.4 121.8 121.4 119.6 Residential utilities 2.46 141.5 144.6 144.3 143.5 142.6 143.8 146.6 143.4 145.3 147.1 147.6 149.8 153.2 Electricity 1.72 146.7 151.5 151.1 150.0 148.6 150.4 154.3 149.2 151.9 154.5 155.2 157.6 162.2 Gas .74 Equipment Business equipment 11.63 128.3 129.7 130.7 131.8 132.0 132.9 132.9 r131.9 134.2 136.5 138.0 139.0 140.0 141.8 Industrial equipment 6.85 123.0 124.9 125.6 126.6 127.4 128.6 128.9 127.9 131.9 133.9 135.7 137.6 138.5 139.9 Commercial equipment. 2.42 142.4 141.5 141.6 141.2 139.0 140.2 141.6 140.4 141.0 143.1 141.9 143.7 145.7 145.4 Freight and passenger equipment. 1.76 132.2 134.5 137.5 139.2 139.7 139.9 137.0 137.8 135.8 140.8 143.9 141.3 141.9 145.5 Farm equipment .61 121.6 122.3 125.7 130.8 134.5 131.6 131.2 126.0 127.6 126.6 130.7 129.1 127.9 138.9 Defense equipment 3.41 Materials Durable goods materials., 26.73 121.2 121.4 122.1 122.3 122.6 122.6 123.0 125.8 127.3 129.0 129.8 130.8 132.7 134.1 Consumer durable 3.43 137.2 135.4 138.6 139.6 141.3 142.9 141.9 144.3 141.9 144.1 143.8 148.1 150.2 155.0 Equipment 7.84 125.4 126.8 127.6 127.8 127.5 128.8 129.2 129.6 130.4 131.6 132.9 133.3 133.8 135.8 Construction 9.17 116.3 117.9 118.9 118.6 119.0 118.9 119.6 123.2 123.4 123.8 123.5 122.8 125.7 126.1 Metal materials n.e.c.... 6.29 114.3 108.9 107.6 110.8 111.6 113.5 117.6 123.4 125.2 126.9 127.5 127.3 130.3 130.3 Nondurable materials 25.92 126.3 128.4 128.0 128.8 128.9 129.3 130.4 130.6 130.8 132.3 132.8 132.9 134.5 735.5 Business supplies 9.11 120.3 121.5 120.8 122.5 122.6 123.0 124.4 125.2 124.9 126.1 126.5 124.9 127.0 127.5 Containers 3.03 120.2 119.6 118.2 122.5 123.9 121.3 125.1 125.5 123.6 127.0 128.2 123.8 125.3 125.6 General business supplies 6.07 120.4 122.5 122.1 122.5 122.0 123.8 124.0 125.1 125.6 125.7 125.7 125.4 127.9 128.4 Nondurable materials n.e.c 7.40 145.0 147.6 148.6 149.7 150.2 151.2 152.2 152.2 152.4 154.6 153.9 155.7 158.7 160.2 Business fuel and power 9.41 117.2 120.0 118.8 118.4 118.2 118.2 119.1 118.7 118.7 120.7 122.2 122.7 122.8 123.9 Mineral fuels 6.07 109.3 113.0 111.3 110.1 109.3 109.0 110.2 109.3 108.9 110.3 112.1 112.2 112.1 113.8 Nonresidential utilities 2.86 138.7 140.5 140.2 141.2 141.8 142.3 142.7 143.5 144.5 147.9 148.9 149.7 149.8 Electricity 2.32 139.5 141.4 140.8 141.9 142.4 142.9 143.8 144.6 145.6 149.0 150.1 150.6 150.5 General industrial 1.03 131.2 133.5 133.8 134.2 133.9 134.5 134.8 135.6 136.9 140.5 142.0 143.5 143.9 Commercial and other 1.21 149.6 151.4 149.9 151.7 152.9 153.3 154.9 155.6 156.4 159.9 160.7 160.4 160.9 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.4 135.5 136.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 144.9 146.4 Apparel and staples 24.51 122.3 123.7 123.2 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.0 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 INDUSTRIAL PRODUCTION: S.A. 1321 INDUSTRY GROUPINGS (1957-59- 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 3 - Aug. Sept. 1 O 9 c 6 t 3 . Nov. Dec. Jan. Feb. Mar. Apr. 1 9 j 6 4 May June' July Aug. Total index. 100.00 124.3 125.4 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.7 Manufacturing, total. 86.45 124.9 125.7 126.2 126.8 126.9 127.9 128.5 129.1 129.9 131.4 752.2 132.4 133.9 134.6 Durable 48.07 124.5 125.0 125.6 126.0 126.4 127.3 128.1 128.9 130.0 131.6 132.6 133.2 135.0 136.0 Nondurable 38.38 125.3 126.6 127.0 127.7 127.6 128.7 128.9 129.4 129.8 131.1 131.7 131.5 132.5 133.0 Mining 8.23 107.9 111.1 109.9 108.6 107.5 107.3 108.8 108.9 108.8 109.9 111.3 111.4 110.6 112.6 Utilities 5.32 140.0 142.4 142.1 142.3 142.1 143.0 144.5 143.4 144.8 147.5 148.3 149.7 151.4 152.0 Durable Manufactures Primary and fabricated metals 12.32 117.7 116.6 115.6 116.5 116.8 117.6 120.0 122.6 124.6 126.3 725.5 725.7 132.3 134.3 Primary metals 6.95 113.3 109.5 107.8 108.5 109.7 110.5 113.6 117.6 120.9 123.8 127. 126. 131.3 133.7 Iron and steel 5.45 109.6 102.6 100.0 101.5 103.5 104.9 108.3 114.5 118.1 123.7 127.8 125.2 130.6 132.0 Nqnferrous metals and products. 1.50 126.7 128.2 130.3 131.2 133.1 134.7 132.2 139.9 142.6 138.5 135.0 132.8 135.9 133.2 Fabricated metal products 5.37 123.4 125.7 125.6 126.8 126.0 126.8 128.2 129.0 129.3 129.5 130.3 130.6 133.5 135.0 Structural metal parts 2.86 120.2 122.0 122.5 123.0 123.1 122.9 124.4 126.0 127.8 129.2 128.1 129.6 131.2 131.6 Machinery and related products.... 27.98 128.7 129.7 131.0 131.1 131.5 132.8 132.9 132.3 133.2 135.2 755.9 737.7 138.0 735.5 Machinery 14.80 129.2 130.3 131.9 131.7 132.8 133.9 134.7 133.6 135.9 137.5 138.5 140.1 141.9 142.9 Nonelectrical machinery 8.43 126.9 128.0 130.2 131.3 132.1 133.5 135.2 132.9 136.7 138.1 139.6 141.9 143.6 144.4 Electrical machinery 6.37 132.3 133.4 134.0 132.2 133.7 134.4 134.0 134.5 134.9 136.8 137.0 137.7 139.7 140.9 Transportation equipment 10.19 127.0 128.2 129.4 130.0 129.6 131.3 130.8 131.1 130.1 133.0 134.1 134.9 134.3 135.1 Motor vehicles and parts....... 4.68 146.1 147.6 149.1 149.8 149.8 151.9 151.9 153.0 151.1 156.2 157.4 158.3 158.6 160.5 Aircraft and other equipment... 5.26 109.5 110.5 111.2 111.8 111.1 112.2 111.1 110.8 110.6 112.0 112.8 113.4 111.7 111.6 Instruments and related products.. 1.71 130.2 131.1 132.4 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.6 134.8 136.4 137.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 115.0 115.9 117.4 117.2 117.0 117.9 121.6 727.9 727.5 720.9 120.1 722.5 727.5 Clay, glass, and stone products. 2.99 117.5 118.6 119.1 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.4 125.8 Lumber and products 1.73 108.9 108.7 110.5 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.0 116.1 114.4 Furniture and miscellaneous.. 3.05 129.1 130.5 131.1 130.8 131.8 132.6 133.0 133.9 134.7 135.6 735.2 138.0 735.5 139.1 Furniture and fixtures 1.54 133. 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.8 143.2 144.9 Miscellaneous manufactures. 1.51 125.0 126.1 126.8 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9,133.2 133.8 133.1 Nondurable manufactures Textiles, apparel, and leather. 7.60 118.5 119.9 120.6 720.7 121.3 121.3 120.7 122.4 727.7 727.5 723.5 722.9 724.5 124.4 Textile mill products 2.90 116.9 118.0 119.0 119.3 120.5 119.4 118.8 119.8 118.9 119.4 119.3 119.2 121.0 123.9 Apparel products 3.59 125.6 126.9 127.2 127.3 128.5 129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.1 Leather and products 1.11 99.8 102.1 103.6 102.9 100.0 101.2 97.8 99.3 96.3 98.4 104.7 97.3 103.6 Paper and printing , 5.77 120.1 121.9 121.6 121.7 121.7 123.9 123.4 124.5 125.4 727.5 725.2 725.5 727.9 727.5 Paper and products 3.43 125.1 126.7 125.9 127.0 127.3 127.6 128.7 129.1 130.4 132.9 134.3 130.1 132.7 132.4 Printing and publishing. 4.74 116.4 118.4 118.4 117.9 117.7 121.3 119.5 121.2 121.8 123.6 123.9 124.1 124.5 124.1 Newspapers 1.53 108.0 112.9 113.7 111.9 113.2 119.2 113.9 114.5 115.2 117.2 117. 117.2 120.0 118.3 Chemicals, petroleum, and rubber.. 11.54 141.8 143.2 144.7 146.2 146.0 146.3 146.4 146.9 147.4 149.5 750.0 752.7 752.3 154.2 Chemicals and products 7.58 148.6 150.7 152.5 153.5 \53.6 154,5 154.7 154.5 155.2 157.0 156.7 159.6 158.7 161.1 Industrial chemicals 3.84 162.7 164.5 166.7 168.3 169.3 171.4 173.1 173.3 174.9 176.7 173.7 176.3 177.1 Petroleum products 1.97 117.1 117.6 117.0 119.0 118.5 116.6 116.0 119.1 119.7 120.8 122.0 122.1 124.6 iii'j Rubber and plastics products 1.99 140.0 140.1 142.6 145.0 144.3 144.3 145.0 145.3 145.1 149.4 152.2 153.4 155.2 Foods, beverages, and tobacco 11.07 116.8 117.4 116.8 117.8 117.1 118.8 120.2 779.5 720.2 727.2 720.7 779.5 720.5 120.6 Foods and beverages 10.25 116.9 117.5 116.9 118.1 117.3 119.1 120.8 120.6 120.3 120.6 120.0 119.6 120.0 120.1 Food manufactures 8.64 116.8 117.2 117.2 117.7 117.5 119.2 121.3 119.8 119.7 120.0 120.2 119.5 118.9 119.5 Beverages 1.61 117.8 118.9 115. 120.5 116.3 118.7 118.4 125.0 123.8 124.1 119.2 120.1 125.8 Tobacco products .82 115.2 116.8 115.7 114.1 114.6 114.9 112.7 105.6 118.2 127.5 129.2 118.1 127.5 Mining Coal, oil, and gas 6. 107.0 110.7 109.2 107.7 106.3 106.0 707.5 707.4 707.7 705.7 709.9 709.5 709.7 777.7 Coal 1.16 102.5 107.2 105.6 103.9 102.2 105,1 104.0 99.2 94.5 98.7 106.1 105.1 105.0 107.9 Crude oil and natural gas 5.64 107.9 111.4 109.9 108.5 107.2 106.2 108.3 109.1 109.7 110.0 110.7 110.8 110.7 112.5 Oil and gas extraction 4.91 110.9 114.4 112.7 111.5 110.9 109.9 111.7 111.7 112.3 113.0 113.5 113.8 113.7 115.2 Crude oil 4.25 108.1 111.7 109.8 109.1 108.1 106.6 108.5 107.8 109.0 109.6 110.1 110.2 110.3 112.0 Gas and gas liquids .66 128.7 131.8 131.2 127.0 129.0 130.8 132.2 136.2 133.3 134.8 135.3 137.1 Oil and gas drilling .73 87.4 90.7 91.3 87.9 82.0 81.6 84.9 91.5 92.0 89.8 91.3 90.1 " 90! 5 Metal, stone, and earth materials. 1.43 112.2 113.1 113.0 112.8 113.1 113.2 774.7 116.4 777.0 775.5 777.9 779.2 114.9 117.1 Metal mining .61 112.3 112.7 112.4 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 110.3 Stone and earth minerals .82 112.1 113.4 113.4 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 122.1 Utilities Electric. 4.04 142.6 145.7 145.2 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5! Gas 1.28 131.9 132.1 132.4 132.5 132.9 133.3 133.9 134.6 135.2 NOTE.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1322 INDUSTRIAL PRODUCTION: N.S.A. OCTOBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping pro- averp ti o o r n - age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June1" July Aug. Total index 100.00 124.3 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133 9 127.6 132.7 47.35 124.9 123.8 129.9 131.8 127.6 125.5 126.7 128.5 128.5 130.7 130.5 133 3 127 5 130 7 Consumer goods 32.31 125.2 124.3 131.7 134.1 128.3 124.0 126.1 128.9 vn.i 130.3 130.0 133.2 126.2 130.4 Equipment, including defense.... 15.04 124.2 122.7 126.2 126.8 126.1 128 8 128.0 127.5 130.1 131.5 131.8 133.5 130.1 131.5 Materials 52.65 123.7 123.8 126.8 128.2 126.5 123.9 124.9 128.1 129.6 132.6 133.9 134 5 127.7 134 4 Consumer Goods 3.21 141.2 75.5 127.4 160.7 160.5 154.2 151.9 154.4 152.1 162.5 160.6 162.7 131.1 89.5 1.82 149.5 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176 3 180 3 130 1 46 2 Auto parts and allied products 1.39 130.2 127.1 133.8 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.6 10.00 123.1 126.3 130.1 131.9 127.3 117.5 121.6 132.9 129.8 130.5 129.5 131.2 119.8 131.8 4.59 129.6 126.8 141.0 140.2 138.7 132.9 129.5 137.4 138.6 138.3 135.6 140.5 126.6 136.2 Appliances, TV, and radios 1.81 125.1 113.6 140.2 135.8 135.8 123.4 124.7 138.7 137.8 135.9 130.0 136.8 110.4 119.5 Appliances 1.33 130.6 114.4 144.2 135.9 137.4 134 8 126.0 144.6 147.5 144.9 141.6 145.3 118.8 121.1 TV and home radios .47 109.5 111.3 128.8 135.5 131.2 91.3 121.0 122.2 110.2 110.5 97 4 112 9 86 6 115 1 Furniture and rugs 1.26 131.3 134.8 137.8 139.3 138.1 139.7 133.1 135.8 137.3 137.2 135.6 140.2 136.3 146.7 1.52 133.6 135.9 144.7 146.1 142.7 138.5 132.1 137.2 140.6 142 0 142 1 145 2 137 8 147 3 Apparel, knit goods, and shoes 5.41 117.6 125.8 120.9 124.8 117.6 104.6 115.0 129.1 122.3 123.9 124.4 123.4 114.1 19.10 123.7 131.4 133.2 130.9 123.5 122.2 124.1 122.5 122.6 124.8 125 0 129 2 128 8 136 5 Processed foods 8.43 116 6 126.5 133.8 130.5 119.9 115.2 113.5 111.1 109.8 112.7 114.1 116.9 117.8 129.5 2.43 116.9 128.1 118 3 124 2 109.4 101.2 102.3 107.4 117.6 127.6 131 0 136 5 132 0 2.97 140.1 145.7 145.9 146.9 142.4 139.8 141.1 139.7 139.4 142.8 144.6 153.8 140 8 152.7 Newspapers, magazines, and books.. 1.47 117.8 120.1 121.2 119.4 117.2 120.9 120.3 122.8 124.8 125.7 123.7 124.5 121.6 124.3 Consumer fuel and lighting 3.67 133.5 137.9 136 2 127.6 128.1 138.6 150.1 144.0 140.2 135.0 130.5 134 2 145 0 1.20 116.9 119.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 114.7 116.3 120.3 123.5 123.2 Residential utilities 2.46 141.5 Electricity 1.72 146.7 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 Gas .74 Equipment 11.63 128.3 127.0 131.0 131.2 130.1 132.8 132.5 132.4 135.9 137.8 138.8 141.2 137.1 138.9 Industrial equipment 6.85 123.0 124.5 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135.8 138.8 137.1 139.5 2.42 142.4 141.8 143.7 143.6 140.7 142.6 141.7 139.4 139.7 140.4 140.2 144 1 142 8 145 7 Freight and passenger equipment... 1.76 132.2 126.4 135.6 139.2 136.9 135.0 132.9 139.2 141.9 146.4 148.2 147.0 136.2 136.8 .61 121.6 98.0 116.3 120.3 118.7 125.8 131.8 142.0 147.3 147.3 140.5 139.9 115.8 110.9 3.41 Materials 26.73 121.2 118.7 124.1 125.4 123.3 121.1 121.1 125.3 127.4 131.2 133.9 134.9 127.7 132.6 3.43 137.2 112.4 138.6 143.1 145.5 150 0 146.9 146.5 146.2 148.4 149 5 149 6 135 2 139 8 7.84 125.4 123.0 126.3 127.4 127.6 130.7 130.4 130.8 131.8 133.0 133.8 134 6 129 7 131.7 9.17 116.3 126.2 126 0 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127 8 132 0 129 5 134 9 6.29 114.3 105.7 110.8 113.5 112.5 108.5 114.5 124.5 128.2 132.0 134.5 131 4 118 6 126.5 25.92 126.3 129.1 129.5 131.2 129.8 126.9 128.8 131.0 131.8 134.0 133 9 134 1 127 7 136 2 9.11 120.3 123.5 125.0 127.8 123.9 118.1 119.6 123.1 124.9 129.5 128.6 126.9 120.2 129.5 3.03 120.2 131.6 125.9 128.7 117.1 105.5 117.6 123.0 123.6 130.8 129 5 130 0 125 3 138 2 6.07 120.4 119.4 124.5 127.4 127.2 124.4 120.5 123.2 125.6 128.8 128 2 125 4 117 7 125 2 7.40 145.0 145.4 147.1 150.4 151.7 148.2 151.4 155.2 156.2 157.7 157.7 158 0 147 3 157 8 9.41 117.2 121.6 120.0 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.6 125.6 6.07 109.3 111.7 110.2 110.8 110.6 110.6 112.1 112.6 111.4 111.6 111 0 111 0 104 3 112 4 2.86 138.7 Electricity 2.32 139.5 152.0 149.1 144.6 139.7 139.9 141.5 138.9 141.3 141.9 146.0 152.5 158.9 General industrial 1.03 131.2 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 144.8 143.9 Commercial and other 1.21 149.6 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 Gas .54 Supplementary groups of consumer goods 7.80 134.4 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 148 3 145 9 149 6 128 4 117 0 24.51 122.3 130.2 130.5 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 134.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 INDUSTRIAL PRODUCTION: N.S.A. 1323 INDUSTRY GROUPINGS (1957-59- 100) 957-59 1963 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June1" Julyr Aug, Total index. 100.00 124.3 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9, 127.6 132.7 Ma D n u u r f a a b c l t e uringt total., 8 4 6 8 . . 4 0 5 7 1 1 2 2 4 4 . . 9 5 1 1 2 1 3 8 . 0 4 1 1 2 2 8 6 . . 8 6 1 1 3 2 1 9 . . 2 3 1 1 2 2 8 8 . . 2 4 1 1 2 2 5 7 . 3 2 1 1 2 2 5 6 . , 8 7 1 1 2 2 9 9 . . 1 5 1 1 3 3 0 1 . . 0 3 1 1 3 3 3 4 . . 0 1 1 1 3 3 3 4 . . 7 8 1 1 3 3 5 6 . . 2 4 1 1 2 2 8 7 . . 8 9 1 1 3 2 3 9 . . 0 7 Nondurable 38.38 125.3 130.1 131.5 133.6 128.0 122 6 124.7 128.5 128.4 131.7 132.3 133.6! 126.6 137.0 Mining 8.23 107,9 112.1 111.3 111.0 108.1 107.0 107.9 108.3 107.6 109.8 111.7 112.6 106.7 113.7 Utilities 5.32 140.0 Durable manufactures Primary and fabricated metals 12.32 117.7 113.5 117.5 118.8 117.8 115.5 119.3 124.4 127.4 130.7 131.9 131.2 123.6 131.6 Primary metals 6.95 113.3 102.7 106.6 109.6 110.8 107.2 114.7 124.3 128.4 132.1 132.9 128.6 117.5 125.8 Iron and steel 5.45 109.6 96.4 100,0 103 0 104.5 102.3 110.5 119.4 124.0 128.6 130.4 125.2 116.2 124.1 Nonferrous metals and products. 1.50 126.7 125.5 130 8 133.8 133.6 125.3 130 0 142.0 144.2 144.6 142.2 141.0 122.3 131.9 Fabricated metal products 5.37 123.4 127.5 13K6 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.6 134.5 131.5 139.0 Structrual metal parts 2.86 120.2 125.1 127.4 126.7 124.9 124.1 121.9 121.0 122.8 125.3 127.5 132.2 131.2 136.2 Machinery and related products.. •. 27.98 128.7 117.0 129.7 133.9 134.2 135.3 133.7 134.7 136.0 138.1 137.9 139.8 130.9 127.0 Machinery 14.80 129.2 125.7 133.3 133.0 132.7 134.3 134.3 135.5 138.4 139.5 139.8 142.6 135.3 138.5 Nonelectrical machinery 8.43 126.9 123.3 128.5 128 9 129.3 134.4 135.1 135.3 140.5 142.2 143.1 145.3 140.0 139.1 Electrical machinery 6.37 132.3 128.8 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.4 139.0 129.1 137.8 Transportation equipment 10.19 127.0 100.1 123.5 135.2 136 6 137.0 133.4 135.0 134.3 138.5 137.7 138.4 125.1 109.0 Motor vehicles and parts 4.68 146.1 88.9 137.0 160.4 163.2 162 2 157.0 160.1 158.1 166.7 165.0 167.4 142.0 106.4 Aircraft and other equipment... 5.26 109.5 108.5 110.8 112.4 112.8 114.4 112.2 112.1 112.3 112.6 112.3 111.8 109.0 109.6 Instruments and related products.. 1.71 130.2 132.1 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.3 136.1 135.0 138.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 114.4 125.4 124.9 124.4 777.3 705.5 104.2 772.0 113.9 720.4 725.4 729.2 126.0 132.6 Clay, glass, and stone products. 2.99 117.5 128.7 126.2 127.6 122.1 111 5 107,3 111.7 115.9 124.6 129.3 134.6 133.4 136.5 Lumber and products 1.73 108.9 119.6 122.6 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.8 Furniture and miscellaneous.. 3.05 129.1 134.6 137.1 737.7 735.2 133.9 727.5 72P.5 737.5 733.7 733.7 735.3 135.5 143.4 Furniture and fixtures 1.54 133.1 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 136.3 142.5 141.8 149.7 Miscellaneous manufactures. 1.51 125.0 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.1 137.1 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 124.0 121.1 123.8 77P.5 709.P 777.5 72P.5 724.7 724.7 725.2 725.7 112.8 129.1 Textile mill products 2.90 116 9 119.8 119.6 119.3 119.3 112.8 116 4 122 8 123.1 121.2 124.7 124.6 109.9 127.0 Apparel products 3.59 125.6 132.0 127.2 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.4 Leather and products 1.11 99.8 108.7 105.2 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.7 Paper and printing 8.1 120.1 121.8 123.5 727.5 124.6 119.4 120.4 124.5 725.4 730.9 729.3 727.3 120.9 127.6 Paper and products 3.43 125.1 131.0 127.8 135.3 Ml.9 115.2 126 8 132.3 131.7 138.2 135.0 132.7 124.7 136.9 Printing and publishing 4.74 116.4 115. 120.3 122.3 122.2 122.5 115.8 118.9 122.6 125.6 125.1 123.4 118.2 120.8 Newspapers 1.53 108.0 102. 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 117.8 104.4 107.1 Chemicals, petroleum, and rubber... 11.54 141.8 143.3 145.6 148.3 145.6 142.8 745.3 747.7 745.3 757.7 752.2 755.4 745.3 155.4 Chemicals and products 7.58 148.6 150.8 152 1 154.5 153.1 150.7 152.8 155.0 156.5 160.3 159.9 163.0 152.9 161.3 Industrial chemicals 3.84 162.7 162.5 165.0 169.1 170.7 169.7 172. 175.0 176.6 179.3 176.5 178.1 170.9 Petroleum products 1.97 117.1 123.5 121. 119.6 116.7 114.9 114.3 117.3 115.5 116.0 120.2 125.8 128.3 Rubber and plastics products 1.99 140.0 134.5 144.5 153.1 145.7 140.7 147.2 150.4 149.7 154.0 154.5 155.7 133.5 Foods, beverages, and tobacco 77.0: 116.8 126.6 130.1 129.3 777.9 772.5 777.4 770.7 777.7 775.2 775.0 727.3 120.8 130.4 Foods and beverages 10.25 116.9 126.6 130.9 129.7 118.0 114.0 111.4 111.2 111.4 115.4 116.7 120.9 121.5 129.8 Food manufactures 8.64 116.8 126, 133.4 130.7 120.4 115.6 114 0 111.7 110.1 113.0 114.3 117.0 117.7 129.1 Beverages 1.61 117.8 129.0 117.4 124.1 105.6 105.2 97.7 108.5 118.2 127.8 129.5 141.7 141.8 Tobacco products .8! 115.2 126.4 120. 124.3 116.9 93.5 111.5 105.1 116.4 127.2 133.8 126.4 112.8 Mining Coal, oil, and gas 6.80 707.0 109. 705.4 705.5 707.5 107.9 70P.5 770.7 705.6 705.7 705.4 108.6 102.9 110.7 Coal 1.16 102.5 112.8 111.7 113 2 106 4 103. 101.9 100.4 95.3 99.4 107.2 108.4 77.2 113.5 Crude oil and natural gas 5.64 107.9 109.0 107.7 107.6 108 0 108.8 111.4 112.1 111.4 110.7 108.7 108.6 108.2 110.1 Oil and gas extraction 4.91 110.9 111.4 109.8 110.2 111.6 112.3 114.5 115.4 115. 114.5 111.9 111.6 110.7 112.2 Crude oil 4.25 108.1 109.5 107.6 108.0 108 107. 110.1 111 0 111. 111.4 109.0 109.1! 108.1 109.8 Gas and gas liquids .66 128.7 123 8 124.0 124.3 133.8 141.7 143.0 144.0 140.5 134. 130 0 127.6 ... Oil and gas drilling .73 87. 92.8 93. 90.1 84.1 85.5 90.4 89.3 85.3 85.1 87.3 88.2 91.1 96.2 Metal, stone, and earth minerals.... 1.43 112.2 123. 725.0 722.3 70P.P 702.5 P5. 700.7 702.7 774.5 727.0 737.5 125.0 128.2 Metal mining .61 112.3 121.7 127.0 119.7 103. 101.6 102. 106.9 106.6 115.5 131.3 134.71 115." 119.1 Stone and earth minerals .82 112.1 125.3 123.6 124.3 114.9 103. 96.0 95.1 99.8 114.3 123.8 129.6 132.3 134.9 Utilities Electric 4.04 142.6 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 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
1324 BUSINESS ACTIVITY; CONSTRUCTION OCTOBER 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g - 2 Prices 4 Nonag- Major market groupings Con- ricul- Major industry struc- tural Freight Total Period Total Tot F a i l nal g s C o u p o o m r n d o e - s d r u E c m t q s e u n ip t - M ria a l t s e- Mfg. gro M u in p i g n in - gs U iti t e il s - t c r ti a o o c n n t - s T m p o e e l m t o n a y t l - — - i p m E lo m en y - t - P ro a l y ls - l i o n a g d s - re sa ta le il s 3 s C u o m n e - r W m c s o o a h m l d o e i l - t e y - 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—Aug 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 127.7 128.5 128.9 127.9 126.7 128.5 108.8 144.5 147 110.0 100.3 120.2 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 96.9 126 107.6 100.5 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 A 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 131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7 138 111.8 102.1 124.4 93.6 127 108.0 100.0 July 132.9 132.2 132.0 132.7 133.6 133.9 110.6 151.4 140 112.0 102.3 124.3 94.5 128 108.3 100.4 Aug 133.7 132.9 132.4 134.0 134.8 134.6 112.6 152.0 121 112.1 102.3 125.3 93.2 130 108.2 100.3 133.9 132.2 131.4 134.0 135.8 134.8 113.0 152.0 112.3 102.8 127.7 96.4 129 100.7 1 Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; * Prices are not seasonally adiusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug Total construction 41,303 45,546 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,329 4,639 4,504 4,601 3,760 By type of ownership: Public , 13,599 14,653 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1,101 Private 27,705 30,893 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658 By type of construction: Residential building..., 18,039 20,502 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 1,322 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 10,667 857 764 954 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. Co. 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
OCTOBER 1964 CONSTRUCTION 1325 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e 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 r m cia - l P u u ti b li l t i y c O n d r t e t o e i h a s 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 ,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 ,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—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.. 66,641 46,261 26,708 13,736 3,334 5,574 4,828 5,817 20,380 7,549 2,368 Aug.P 65,977 46,022 26,268 13,974 3,505 5,609 4,860 5,780 19,955 7,021 2,325 Sept.?5 65,904 45,924 26,051 14,120 3,545 5,685 4,890 5,753 19,980 2,287 1 Beginning with 1959. includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Dept. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- Period T (p o r t i a v l ate o N n fa l o y rm n )1 - Total p M o e li t t r a o n - p m N o e l o t it r n a o - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public Total unde F r H w A ritten 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 ,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963r .641 1,151 490 1,609 1,021 53 535 32 292 221 71 1963—Aug.r 1,475 ,454 150 101 49 146 98 5 44 4 25 19 7 Sept r . 1,747 ,712 148 104 44 146 94 4 48 2 25 19 6 Oct.r 1,864 ,824 168 118 50 165 104 5 55 3 27 21 6 Nov r 1,577 ,544 122 85 37 121 72 4 44 2 22 17 5 Dec r 1,570 ,524 97 77 21 96 51 3 42 2 21 16 5 1964—Jan 1,718 ,688 101 75 26 100 55 4 41 1 16 11 4 Feb 1,657 1,613 101 74 27 100 64 5 32 1 17 12 4 Mar 1,663 1,638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 1,501 152 103 50 149 91 6 52 4 23 18 5 May 1,529 .507 161 115 45 158 101 5 52 3 29 23 5 June 1,611 1,585 164 118 46 159 102 5 51 6 25 19 6 July ^1,488 2>1,466 ^143 102 42 *>141 92 4 45 v2 26 20 6 Aug *l,402 *l,38O HA\ 95 46 2>139 91 4 44 P2 23 18 5 NOTE.—Beginning with 1959, Census Bureau series includes both farm are pending. Data from Federal Housing Admin, and Veterans Admin, and nonfarm series developed initially by the Bureau of Labor Statistics. represent units started, based on field office reports of first compliance Series before 1959 reflect recent Census Bureau revisions which are not inspections. available by area or type of structure. Complete revisions pre-1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1326 EMPLOYMENT OCTOBER 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Total non- Total Employed i ment Period institutional labor Not in the rate 2 population force Total Unem- (per cent) Total I i n n c d u n u l o t s n u t a r r a i g e l r s i- agric I u n lture ployed S.A. 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—Sept 132,497 75,811 73,062 69,546 64,220 5,326 3,516 56,686 5.5 Oct 132,682 76,086 73,344 69,891 64,541 5,350 3,453 56,596 5.6 Nov 132,853 76,000 73,261 69,325 64.548 4,777 3,936 56,852 5.9 Dec 133,025 75,201 72,461 68,615 64,576 4,039 3,846 57,824 5.5 1964—Jan , 133,200 74,514 71,793 67,228 63,234 3,993 4,565 58,685 5.6 Feb 133,358 75,259 72,527 68,002 64,071 3,931 4,524 58,099 5.4 Mar 133.519 75.553 72,810 68,517 64,500 4,017 4,293 57,965 5.4 Apr 133,678 76,544 73,799 69,877 65,448 4,429 3,921 57,135 5.4 May 133,866 77,490 74,742 71,101 66,094 5,007 3,640 56,376 5.1 June 134,041 79,389 76,645 71,953 66,100 5,853 4,692 54,652 5.3 Julv. .. . 134,216 78,958 76,218 72,405 66,586 5,819 3,813 55,258 4.9 134,400 78,509 75,758 72,104 66,704 5,400 3,654 55,891 5.1 Sept 134.586 76,865 74,122 70,805 65,575 5,230 3,317 57,721 5.2 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T ti l o i r c a n n u s & t p il o i p t r i u t e a s b - - Trade Finance Service G m ov e e n r t n- 1957 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51 423 15 945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53.404 16,675 732 2,960 4,011 11,127 2,594 7,115 8,190 I960 54,370 16,796 712 2,885 4,004 11,391 2,669 7 392 8,520 1961 54 224 16,327 672 2,816 3,903 11,337 2,731 7,610 8,828 1962. 55,841 16,859 652 2,909 3,903 11,582 2,798 7,949 9,188 1963 57,174 17,035 634 3,029 3,913 11,865 2,866 8,297 9,535 SEASONALLY ADJUSTED 1963—Sept 57,453 17,076 632 3.071 3,950 11.922 2,873 8,377 9,552 Oct 57,646 17,119 629 3.066 3 937 11 935 2 887 8 430 9 643 Nov 57,580 17,061 630 3 057 3,928 11,941 2,887 8,423 9 653 Dec 57,748 17,127 630 3,069 3,915 11.963 2,892 8,447 9,705 1964 Jan . 57,850 17,119 623 3,017 3,923 12.072 2,904 8,474 9,718 Feb 58,183 17,175 624 3,169 3,934 12 143 2 911 8 515 9 712 Mar 58,327 17,242 625 3,162 3,930 12 143 2 918 8 552 9 755 Apr 58,502 17,301 631 3,144 3,954 12,211 2 925 8 543 9 793 May 58,590 17,323 628 3,159 3 961 12 209 2 930 8 572 9 808 June 58,782 17,367 638 3,179 3,964 12,268 2,937 8,596 9,833 July 58,912 17,409 643 3,187 3 985 12 300 2 944 8 655 9 789 Aus & 58,936 17,390 634 3,177 4,003 12,310 2,945 8,681 9,796 Sept p 59,039 17,450 635 3,127 4,007 12,304 2,950 8,681 9,885 NOT SEASONALLY ADJUSTED 1963—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 11,9 6 2 895 8 415 9 847 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 58,993 17,354 644 3,493 4,025 12 247 2 991 8 785 9 454 Aus P 59,236 17,550 645 3,542 4,039 12,280 2,992 8,768 9,420 Sept p 59,809 17,774 645 3,440 4,039 12,324 2,965 8,742 9,880 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
OCTOBER 1964 EMPLOYMENT AND EARNINGS 1327 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Sept. July Aug.*3 Sept.*3 Sept. July Sept.** Total 12,611 12,892 12,885 12,949 12,923 12,814 13,008 13,255 Durable goods 7,097 7,311 7,315 7,376 7,193 7,268 7,254 7,470 Ordnance and accessories 119 106 105 103 119 105 104 103 Lumber and wood products 525 532 529 526 551 558 560 552 Furniture and fixtures 326 341 340 339 333 336 345 347 Stone, clay, and glass products......... 490 507 508 506 510 522 528 527 Primary metal industries 939 1,012 1,012 1,016 942 998 1,005 1,019 Fabricated metal products 895 920 935 944 909 908 933 959 Machinery except electrical 1,061 1,118 1,128 1,136 1,055 1,114 1,113 1,129 Electrical machinery 1,049 1,067 1,062 1,068 1,067 1,046 1,059 1,086 Transportation equipment 1,136 1,140 1,126 1,169 1,125 1,121 1,027 1,157 Instruments and related products 237 242 242 243 240 238 242 246 Miscellaneous manufacturing industries. 320 326 328 326 341 321 339 347 Nondurable goods 5,514 5,581 5,570 5,573 5,730 5,546 5,754 5,785 Food and kindred products ,143 1,125 1,132 1 120 1,285 1,164 1,253 1,259 Tobacco manufactures 73 79 73 72 95 66 82 93 Textile-mill products 793 800 800 803 803 794 810 813 Apparel and other finished textiles. ,159 1,189 1,184 196 1,180 1,152 1,214 1,218 Paper and allied products 488 495 494 498 495 492 499 505 Printing, publishing and allied industries 593 604 603 601 597 599 601 605 Chemicals and allied products 526 533 532 532 527 531 533 533 Products of petroleum and coal 120 115 114 114 121 117 117 115 Rubber products 309 326 327 324 315 318 327 331 Leather and leather products 310 315 311 313 311 313 319 314 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 Sept. July Sept. July Aug." Sept.23 Sept. July Sept.? Total 40.7 40.6 40.7 40.6 100.53 102.97 103.07 103.94 2.47 2.53 2.52 2.56 Durable goods 41.3 41.4 41.5 41.6 109.45 111.92 112.05 113.98 2.65 2.71 2.70 2.74 Ordnance and accessories 41.4 40.3 40.4 40.9 121.01 119.70 121.10 123.22 2.93 3.00 3.02 3.02 Lumber and wood products 40.2 40.3 40.3 39.3 86.50 87.48 89.57 86.98 2.12 2.16 2.19 2.18 Furniture and fixtures 40.7 41.2 41.2 40.6 84.03 83.23 85.48 85.49 2.02 2.04 2.04 2.06 Stone, clay, and glass products 41.3 41.6 41.4 40.9 104.50 107.36 107.78 106.81 2.50 2.55 2.56 2.58 Primary metal industries 40.7 41.6 41.9 43.1 123.73 128.96 129.38 136.63 3.04 3.10 3.11 3.17 Fabricated metal products 41.4 41.6 41.6 41.3 110.20 111.07 112.98 112.86 2.63 2.67 2.69 2.70 Machinery except electrical 42.1 42.4 42.4 42.1 117.32 121.69 121.40 120.67 2.80 2.87 2.87 2.88 Electrical machinery 40.3 40.7 40.7 40.3 100.53 101.96 102.56 102.97 2.47 2.53 2.52 2.53 Transportation equipment 42.0 41.7 42.3 42.6 127.80 128.54 129.38 134.73 3.05 3.09 3.11 3.17 Instruments and related products....... 41.1 40.9 41.0 40.9 102.75 103.22 103.73 103.89 2.50 2.53 2.53 2.54 Miscellaneous manufacturing industries,. 39.8 39.8 39.8 39.5 80.60 81.35 82.39 81.97 2.02 2.07 2.07 2.07 Nondurable goods 39.7 39.5 39.7 39.1 89.38 91.14 91.43 90.78 2.24 2.29 2.28 2.31 Food and kindred products 40.9 40.5 40.7 40.1 95.68 97.82 97.00 97.10 2.30 2.38 2.36 2.38 Tobacco manufactures 37.2 39.5 38.1 37.1 71.46 80.13 74.88 72.47 1.80 2.06 1.95 1.83 Textile-mill products 40.7 40.8 41.1 39.5 69.83 71.81 73.10 70.92 1.72 1.76 1.77 1.80 Apparel and other finished textiles...... 36.6 36.0 35.9 35.1 64.25 64.25 65.87 62.47 1.77 1.77 1.79 1.79 Paper and allied products 42.8 42.8 42.9 42.5 108.43 110.51 111.71 111.54 2.51 2.57 2.58 2.60 Printing, publishing and allied industries. 38.4 38.4 38.6 38.6 112.71 112.99 114.55 115.62 2.92 2.95 2.96 2.98 Chemicals and allied products 41.5 41.5 41.5 41.9 114.13 116.20 116.75 119.42 2.75 2.80 2.82 2.85 Products of petroleum and coal 41.5 41.6 42.0 42.5 134.20 134.09 133.56 138.67 3.18 3.17 3.18 3.21 Rubber products 41.2 40.5 41.8 41.5 102.67 103.63 107.52 107.59 2.48 2.54 2.56 2.58 Leather and leather products 38.3 37.6 38.1 38.1 67.13 70.25 70.64 68.26 1.79 1.82 1.83 1.83 NOTE. -Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1328 PRICES OCTOBER 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 o n m er e - - F a o n u il d el e G a l n e a c d s - n i a n i n s g h d s - up an k d eep p t o i r o t n a- Total M ic e a d l - s P o e n r a - l R a i e n n a g d d- g O a o t n o h d d er s ship coal tricity opera- care care recrea- servtion tion ices 1929. 59.7 55 6 85.4 1933 45 t 35 3 60 H 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. 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 ?, 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 1016 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101 4 103 1 103 1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961. 104.? 10? 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 4 101 6 1048 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 1068 107.0 104.0 107.9 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1963—Ancr 107.1 106 0 1060 106 8 107.1 102.6 107.2 102.5 104.7 108.3 111.9 117.4 108.0 112.1 108.0 Sept. 107.1 105 4 106 107 0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.5 108.2 112.3 108.0 Oct 107? 104 9 106,3 107,1 107.4 104.5 108.1 102.6 105.9 109.0 112.3 117.7 108.4 112.7 108.2 Nov 107.4 105 1 106 6 107 ? 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117.9 108.4 112.8 108.3 Dec 1076 105 4 1069 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 1077 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 ? 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 ? 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 Aug 108.2 106.9 107.2 107.9 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119.8 109.4 114.2 108.9 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 Period m c t o A o i m e l d s l - i- p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total T t e il t e 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 r b . , - L b e u t e c m r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - - c - b T ac o c - o n c M e e o l i l s u a - - s erals 1955. 93.? 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.? 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 ? 97.9 99.? 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 10? 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 ? 99 ? 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 ? 100 8 100.6 107.4 100 ? 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--Aug 1004 96 3 1009 1008 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 10? ? 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 7 102 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 TW 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101.3 107.5 112.2 1964 Jan 101.0 96 3 102.5 101.3 101.2 102.7 99.5 96.3 93.7 99.0 99.8 101.7 102.5 98.4 101.1 107 6 112 6 Feb 100.5 94 100 9 101 ? 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 95 ?, 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 98.6 101.3 107.1 109.5 100 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 '105.4 96.7 96.6 91.8 101.2 98.7 102.5 '103.1 '98.6 101.5 '107.3 '107.5 Aug 100.3 93.6 101.0 101.1 101.2 105.6 96.2 96.5 91.8 100.9 98.7 102.9 103.0 98.6 101.6 107.5 107.4 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 PRICES 1329 WHOLESALE PRICES: DETAIL (1957-59- 100) 1963 1964 1963 1964 Group Group Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 92.5 113.1 108.9 98.0 Woodpulp 91.7 95.5 95.5 95.5 Grains 98.5 89.8 85.7 85.7 Wastepaper 91.2 93.5 93.4 93.3 Livestock and poultry 93.5 82.3 87.7 88.4 Paper 102.2 103.7 103.7 103.7 Plant and animal fibers 99.6 101.2 99.4 96.0 Paperboard 94.1 96.5 96.5 96.4 Fluid milk 100.6 98.8 100.5 101.7 Converted paper and paperboard... 99.8 97.6 97.5 97.6 Eggs 96.0 88.7 87.3 98.6 Building paper and board 97.5 94.4 '94.2 93.9 Hay and seeds 111.3 105.1 105.6 105.8 Other farm products 88.4 98.7 98.3 98.5 Metals and Metal Products: Processed Foods: Iron and steel , 99.0 100.4 100.7 101.2 Nonferrous metals 99.4 104.0 104.4 105.7 Cereal and bakery products 106.0 107.9 108.6 108.4 Metal containers 105.0 105.6 105.6 105.6 Meat, poultry, and fish 95.2 90.2 93.3 93.3 Hardware , 104.1 104.8 104.9 104.8 Dairy products and ice cream 107.9 107.1 107.0 107.3 Plumbing equipment , 100.6 100.5 101.3 101.3 Canned and frozen fruits, and veg- Heating equipment , 93.1 92.4 r92.1 91.8 etables 104.8 106.1 105.3 102.9 Fabricated structural metal products., 98.3 99.2 99.3 99.4 Sugar and confectionery 111.2 108.0 106.6 106.4 Fabricated nonstructural metal prod- Packaged beverage materials 80.9 98.3 r98.4 98.2 ucts , 105.0 108.4 108.0 108.0 Animal fats and oils 84.3 90.7 '90.8 93.0 Crude vegetable oils 77.4 78.5 r80.4 82.0 Machinery and Motive Products: Refined vegetable oils 79.6 76.5 79.2 79.4 Vegetable oil end products 86.1 87.3 87.7 87.7 Agricultural machinery and equip... 110.9 112.7 112.9 113.1 Miscellaneous processed foods 106.5 108.4 108.8 108.9 Construction machinery and equip..., 110.0 112.3 112.3 112.3 Metalworking machinery and equip.., 110.2 112.4 113.3 113.3 Textile Products and Apparel: General purpose machinery and equipment , 103. 104.7 104.4 104.1 Cotton products 99.7 98.7 98.6 Miscellaneous machinery 103. 104.5 104.7 104.7 Wool products 100.6 102.8 102.6 103.0 Special industry machinery and Man-made fiber textile products 93.9 96.2 r96.2 95.9 equipment (Jan. 1961= 100) 104.2 105.9 106.0 106.0 Silk products 136.6 117.0 117.0 117.0 Electrical machinery and equip 97.2 96.5 96.5 96.6 Apparel 102.2 102.8 103.3 103.3 Motor vehicles 99.5 101.1 101.2 100.9 Other textile products 115.8 117.3 117.2 119.8 Transportation eeqquuiipp..,, RR.R. rolling stock (Jan. 19661' =1"0~0). 100.5 100.1 100.6 100.6 Hides, Skins, Leather, and Products: Hides and skins 80.5 90.3 92.6 96.0 Furniture and Other Household Dura- Leather 100.1 103.3 104.7 104.5 bles: Footwear 108.4 108.3 108.3 108.3 Other leather products. 103.5 103.2 103.9 103.6 Household furniture 104.6 105.3 105.4 105.5 Commercial furniture 103.2 103.2 103.2 103.2 Fuels and Related Products, and Power: Floor coverings 96.6 98.6 99.0 99.0 Household appliances 91.7 91.2 '91.2 91.3 Coal 96.2 95.3 '96.1 96.4 Television, radios, and phonographs. 87.7 87.3 '87.3 87.3 Coke 103.6 107.3 107.3 107.3 Other household durable goods 103.3 104.4 104.4 104.4 Gas fuels (Jan. 1958= 100) 120.9 116.0 120.2 120.2 Electric power (Jan. 1958= 100). 101.9 100.9 100.6 100.6 Petroleum products, refined 96.1 92.3 92.5 91.4 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 98.9 102.4 102.4 102.4 Concrete ingredients 103.0 102.8 102.7 102.7 Industrial chemicals 94.6 94.3 94.3 93.9 Concrete products 101.2 100.8 100.9 100.8 Prepared paint 103.9 103.9 104.1 104.8 Structural clay products 103.6 104.5 104.4 104.5 Paint materials 89.0 90.8 90.7 89.8 Gypsum products 105.8 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.0 94.6 r94.8 94.7 Prepared asphalt roofing 88.2 86.4 '88.9 91.2 Fats and oils, inedible 81.7 93.2 '95.9 100.5 Other nonmetallic minerals 100.7 101.7 101.8 101.8 Mixed fertilizers 103.6 103.6 103.5 104.0 Fertilizer materials 96.9 100.2 101.1 100.2 Tobacco Products and Bottled Bever- Other chemicals and products.. 98.9 99.5 r99.6 99.6 ages: Rubber and Products: Tobacco products 105.7 106.0 106.0 106.0 Alcoholic beverages 101.0 100.3 100.3 100.8 Crude rubber 90.7 90.6 90.0 89.9 Nonalcoholic beverages 127.7 127.4 127.4 127.4 Tires and tubes 91.2 88.0 88.0 88.0 Miscellaneous rubber products. 97.5 95.7 96.4 96.4 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 101.2 100.9 101.0 101.0 Manufactured animal feeds 117.7 109.6 110.7 110.4 Lumber.. 102.7 101.8 101.5 101.2 Notions and accessories 98.7 99.1 99.1 99.1 Millwork. 104.9 109.0 109.1 109.1 Jewelry, watches, photo equipment.. 103.5 102.9 103.9 103.9 Plywood.. 104.1 92.6 92.3 91.8 Other miscellaneous products 101.1 102.4 102.5 102.5 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1330 NATIONAL PRODUCT AND INCOME OCTOBER 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. 21.1 23.6 25.2 25.1 25.4 26.2 26.9 26.2 Other 5.1 1.0 3.1 10.1 17.9 19.7 19.8 20.6 21.3 20.8 21.9 22.1 22.3 22.7 Producers' durable equipment.. 5.9 1.6 6.9 18.9 25.9 27.6 25.9 29.0 31.0 30.7 31.4 32.4 34.2 34.6 Change in business inventories.. 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.9 4.4 3.6 4.2 6.4 2.5 3.7 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 5.3 3.9 3.2 3.7 6.0 2.2 3.4 Net exports of goods and services. .8 .2 1.1 .6 -.8 3.0 4.6 4.0 4.4 4.3 4.2 5.8 7.7 5.7 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.6 29.2 30.7 30.5 31.0 32.6 34.5 33.7 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.0 25.2 26.3 26.3 26.8 26.9 26.8 27.9 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 97.2 99.6 108.0 116.3 122.6 120.9 122.8 124.8 125.2 129.6 Federal 1.3 2.0 16.9 19.3 53.6 55.7 57.4 62.9 64.7 64.3 64.4 64.9 64.3 67.1 National defense l 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 r 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 n 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 62.1 146.4 258.5 271.3 278.8 297.7 372.7 310.1 314.3 318.8 323.2 328.7 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 17.0 40.6 47.7 44.3 44.2 48.2 51.3 57.7 51.3 54.3 56.6 57.4 Profits tax liability 1.4 7.6 17.9 23.2 22.3 22.3 23.2 24.6 24.5 24.5 26.0 25.4 25.8 Profits after tax 8.3 9.4 22.8 24.5 22.0 21.9 25.0 26.7 26.6 26.7 28.3 37.2 31.7 Dividends 5.8 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
OCTOBER 1964 NATIONAL PRODUCT AND INCOME 1331 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 II III IV Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 41.0 43.0 44.5 48.7 50.8 50.5 51.2 51.7 52.5 53.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.0 52.8 55.9 55.3 56.1 57.3 57.9 59.0 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 -3 2 . . 0 1 -3 2 . . 0 2 -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 1.1 .7 1.0 .7 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 474.6 481.9 490.0 498.4 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 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 1.5 3.3 20.8 46.8 51.4 52.9 57.9 61.6 61.1 61.9 63.3 61.4 56.6 Federal 1.3 .5 2.0 18.2 40.4 44.0 45. 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 7.8 9.6 10.2 10.5 1.0 7.3 9.6 9.7 9.9 Equals: Disposable personal income 83.1 93.0 207.7 337.1 364.7 384.6 402.5 419.5 431.3 45.7 349.9 399.1 404.4 411.2 Less: Personal consumption expenditures.. 79.0 81.9 195.0 313.5 337.3 356.8 375.0 390.0 396.1 46.4 328.2 372.0 377.4 381.3 Equals: Persona] saving 4.2 11.1 12.6 23.6 27.3 27.8 27.5 29.5 35.2 21.7 27.1 27.0 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total personal income. 442.4 464.1 466.1 468.9 472.7 473.8 477.1 479.4 480.5 482.9 486.6 487.8 489.3 491.4 493.9 Wage and salary disbursements , 297.1 312.1 314.0 316.0 318.2 318.3 320.0 320.8 323.6 325.1 327.7 328.7 330.1 331.8 334.0 Commodity-producing industries.. 118.5 123.3 123.6 125.0 125.4 125.1 126.0 125.6 127.1 127.4 128.8 128.7 129 A 129.9 130.6 Manufacturing only 94.2 98.0 98.0 99.4 99.7 99.7 100.2 100.0 100.7 101.1 102.3 102.3 102.7 103.0 103.6 Distributive industries 76.6 80.3 80.9 81.5 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.5 Service industries 46.4 49.3 50.0 49.9 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.8 Government 55.6 59.2 59.4 59.7 61.0 61.3 61.5 62.1 62.4 62.7 63.0 63.4 63.8 64.1 65.1 Other labor income. 12.3 13.1 13.2 13.3 13.4 13.5 13.5 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.2 Proprietors' income 49.8 50.6 50.7 50.8 51.3 51.5 51.6 51.1 51.3 51.2 51.5 51.7 51.9 51.9 51.8 Business and professional. 36.6 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 39.6 Farm 13.2 13.0 12.9 12.9 13.2 13.2 13.2 12.8 12.6 12.4 12.5 12.6 12.6 12.4 12.2 Rental income. 12.2 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 12.4 Dividends 16.5 18.0 17.8 18.0 18.5 18.8 20.1 19.3 19.4 19.6 19.8 19.8 19.9 20.0 20.1 Personal interest income. 30.0 32.9 33.4 33.7 34.0 34.2 34.4 34.7 35.0 35.3 35.5 35.7 35.9 36.0 36.2 Transfer payments 34.7 36.7 36.6 36.6 37.1 37.2 37.2 39.7 37.5 37.8 38.2 38.0 37.6 37.8 38.1 Less: Personal contributions for social insurance 10.3 11.8 11.9 11.8 12.1 11.9 12.1 12.2 12.3 12.4 12.5 12.5 12.6 12.7 12.9 Nonagricultural income. 424.9 446.6 448.8 451.6 455.1 456.1 459.5 462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.2 Agricultural income 17.6 17.5 17.3 17.3 17.6 17.6 17.5 17.2 17. 16.8 17.0 17.1 17.2 16.9 16.7 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.1 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND QUARTER, 1964—Seasonally adjusted annual rates (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld se s - B n u es si s - an g S d o t a v lo t t e s c " . al Total G U o . v S t . . Total M a o u n t e h t . ary Coml. N f o in n a b n an ce k R w e t o h s r t e l d of sec A to ll rs Di a s n c c re y p- and s N a y i a n i t n v l g . estment Transaction category 1 Gross saving 102.2 57.3 -2.7 156.8 -10.8 2.1 1.1 -4.1 143.9 148.1 2 Capital consumption 53.1 45.1 98.1 .6 .2 98.7 98.7 3 Net saving (1 —2) 49.1 12.3 -2.7 58.7 1.5 45.2 49.3 4 Gross investment (5+10).... 109.6 49.1 -4.7 154.0 . -7.8 .. 2.2 . .1 .6 1.5 -4.0 144.5 -.3 148.1 5 Private cap. expend., net.... 79.9 63.9 . 143.8 .... .3 144.1 144.1 6 Consumer durables 57.0 57.0 .... 57.0 57.0 7 Residential constr 19.0 7.2 '...'. 26.2 .... 26.2 26.2 8 Plant and equipment 3.S 53.0 .... 56.8 .... .3 ... 57.1 57.1 9 Inventory change 3.7 .... 3.7 3.7 3.7 . . 10 Net financial invest. (11 —12) 29.8 . .. -4.7 10.2 -7.8 .1 .6 1.2 -4.0 . 4.0 10 -14.8 11 Financial uses, net 55.0 5.6 . 77.8 . -1.2 55.2 2.0 11.7 41.5 3.7 135.4 7.7 11 12 Financial sources 25.2 17.2 32.0 10.3 67.5 6.6 53.3 1.9 11.1 40.4 7.7 135.1 3.7 12 13 Gold & off. U.S. fgn. exch. -.3 -1.5 -1.5 -1.5 13 14 Treasury currency .1 14 15 Dem. dep. and currency.. 4.7 2.7 2.0 3.9 4.7 15 16 Private domestic 5.3 .. 1.2 . 5.6 .. 6.9 2.3 4.6 6.3 6.9 .6 16 17 U.S. Govt —3.6 ... -3.4 .5 -3.9 -3.6 -3.4 .2 17 18 Foreign 1.2 1.2 1.2 1.2 18 19 Time and svgs. accounts.. 20.8 .. 25.1 . 26.0 26.0 19 20 At coml. banks 5.3 .. 9.5 . 10.3 10.3 10 20 21 At svgs. instit 15.5 .. 15.5 . 15.6 .1 15.6 15.6 21 22 Life insur. reserves 5.3 .. 5.3 . .1 5.2 5.2 5.3 22 23 Pension fund reserves.... 10.9 .. 3.0 10.9 3.0 1.5 6.5 6.5 10.9 23 24 Consol. bank items 1. 1.0 -. -.9 l.Oj .1 24 25 Credit mkt. instr 16.8 25.0 1.1 31.6 5.2 7.2 23.2 63.9 i.4 5.8 51.0 9.2 1.9 9.9 .5 39.2 2.5 4.1 83.1 83.0 25 2 2 6 7 U St . a S t . e G an o d v t. l o s c e a c l u o ri b ti l e ig s 4 7 . . 5 1 . . -2.7 - 3 .2 .5 ... 5.7 4 7. . 9 3 . 5.5 -3 1 . . 3 4 . . 2.0 -7.6 .3 .... 2 1 . . 2 1 . .9 5.5 5 5. . 7 5 2 2 7 6 28 Corp. and foreign bonds. -1.1 3.5 1.6 .. .5 3.5 6.8 2 6.8 2.4 .1 1.0 7.4 28 2 3 9 0 C 1- o t r o p . 4 s -f t a o m ck il s y mortgages. 2.3 o 16.4 3. . 9 1 - 2 .5 .3 1 3 6 . . 9 5 1 3 6 . . 5 3 2.0 A 2.4 . 1 3 3 . . 5 9 - 1 .4 .9 -.1 -.2 1 5 6 . . 7 1 2 3 9 0 31 Other mortgages 4^8 .5 14.1 4.8 14.6 9.2 2.3 6.9 14.6 31 32 Consumer credit 7.2 1.6 . 1.6 7.2 5.5 2.7 , 2.8 . 7.2 32 33 Bank loans n.e.c .1 6.1 8.9 8.9 . 1. 8.9 33 34 Other loans .8 2.2 4.1 1.5 "2.2 6.4 5.6 .4 2.8 -.2 . 2.1 2.8 1.6 2.4 12.1 12.1 -.1 34 35 Open market paper. .. .8 2.2 .4 2.2 . -1.1 1.7 o -1.3 1.7 1.6 .3 2.7 35 36 Federal loans .1 .7 1 "2.3 5.5 ".'.'. 1.1 1.1 2.1 5.5 36 37 Security credit .2 .2 4.0 3.6 3.6 . 3.6 3.9 37 38 To brkrs. and dealers... . 3.7 3.6 3.4 . 3.6 3.6 38 39 To others "".2 '".2 .2 .2 39 40 Taxes payable -1.1 .1 -1.1 -4.0 1 -3.9 -1.2 2.7 40 s 4 4 2 1 T E r q a u d i e ty c i r n e d n i o t ncorp. business. -3.7 .. 6.6 -3.7 .4 -3 6 . . 7 6 -3.7 .5 .1 -1.2 .1 6.8 -3 - . . 7 8 -7.6 4 4 2 1 = 43 Misc. financial trans -.4 5.1 4.9 4.7 4.9 .4 .3 -1.8 -2'e "LO 5.0 4.6 8.3 3.8 43 44 Sector discrepancies (1 — 4). . . -7.4 8.2 2.0 2.8 -3.1 .3 -.4 -.5 -.5 44 so 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, NOTE.—For other periods see Table 4. For description of sectors and transaction types see Aug. 1959 F.R. loans to banks, F.R. float, and stock of F.R. banks. See Table 4 (G) and (H). BULL., pp. 846-57 and Flow of Funds Accounts, 1945-62, 1963 Supplement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1333 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transa o c r t io se n c t c o a r teogry, 1959 1960 1961 1962 1963 II III IV II III IV I. Saving and investment 1 Gross national saving 115.7 119.7 116.7 130.1 137.7 130.5 131.8 132.2 131.4 137.0 139.0 143.9 146.8 148.1 2 Households 74.2 73.2 78.5 83.7 88.6 83.7 83.9 84.5 84.9 87.2 89.3 93.0 96.0 102.2 3 Farm and noncorp. business 11.6 11.9 11.7 12.0 12.3 12.0 12.1 12.2 12.2 12.3 12.4 12.5 12.8 13.2 4 Corporate nonfin. business 33.7 32.6 33.0 38.4 39.4 37.7 38.9 40.5 39.6 39.0 40.0 38.9 43.3 44.2 5 U.S. Government -2.1 2.4 -5.2 -5.2 -2.9 -6.0 -3.7 -5.7 -5.9 -2.8 -2.0 -.8 -3.8 -10.8 6 State and local govt -3.8 -3.3 -3. -2.2 -2.4 -1.4 -2.1 -2.5 -2.8 -2.2 -2.3 -2.1 -2.6 -2.7 7 Financial sectors 2.0 2.9 2.4 3.5 2.7 4.6 2.7 3.1 3.4 3.5 1.6 2.5 1.1 2.1 8 Gross national investment 114.4 117.3 114.4 128.8 136.6 128.4 129.7 130.9 130.2 134.5 136.4 145.5 147.0 148.1 9 Consumer durable goods.. . 43.6 44.9 43.7 48.4 52.1 47.7 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0 10 Business inventories 6.6 3.5 1.9 5.9 4.4 6. 5.1 5.4 3.6 3.6 4.2 6.4 2.5 3.7 11 Gross pvt. fixed investment 66.1 66. 73.2 77.6 72.7 75.2 74.6 74.3 76.7 78.6 80.7 83.4 83.4 11 12 Households 22.1 21.6 20.0 21.4 21.9 20.8 21.7 22.4 21.6 21.5 22.2 22.4 22.4 22.8 12 13 Nonflnan. business 43.3 46.0 46.2 51.1 54.8 51.2 52.8 51.6 52.1 54.4 55.5 57.3 60.0 60.3 13 14 Financial sectors .7 .6 .7 .7 .7 .6 .6 .9 1.0 .9 .3 14 15 Net financial investment. -1.9 .7 2.0 1.3 2.5 1.9 1.0 1.2 2.7 1.4 4. 5.3 4.0 16 Discrepancy (1-8) 1.3 2.3 2.2 1.4 1.1 2.2 2.1 1.2 1.3 2.5 2.6 -1.6 -.2 II. Financial flows—Summary 17 Net funds raised—nonfinan. sectors. 52.8 36.2 47.8 58.3 63.2 65.2 45.5 63.6 59.0 70.1 55.0 68.6 60.4 73.8 17 18 Loans and short-term securities. .. 19.1 16. 17.2 15.4 19.3 22.6 -10.3 22.8 19.7 30.1 1. 25.6 21.7 26.9 18 19 Long-term securities and mtgs 33.7 20.0 30.7 42.9 43 42.6 55.8 40.8 39.3 39.9 53.2 42.9 38.8 46.9 19 By sector 20 U.S. Government 8.9 -2.0 7.6 7.5 4.8 9.7 -1.6 8.9 9.5 -3.6 4.3 10.0 5.8 20 21 Short-term mkt. securities 5.2 3.1 8. .5 1.4 5.1 -22.7 5.5 7.1 11.2 -13.2 10.6 3.6 21 22 Other securities 4.3 -5.6 -1.4 6. 3. 4.6 22.1 3.2 1.4 -.9 10.6 .5 1.9 22 23 CCC guaranteed loans -.6 .5 .2 .2 -.4 * -.9 1.2 .3 -.7 -1.0 -1.0 .4 23 24 Foreign borrowers .9 2.0 2. 2.3 3.4 2.3 -.6 3.1 3.7 5.2 1.2 3.2 4. 4.1 24 25 Loans .2 1.4 2.0 1.2 2.3 .9 -.9 1.4 1.6 3.4 .8 3.4 4.2 3.3 25 26 Securities .8 .6 .8 1.0 1.0 1.4 .4 1.7 2.1 1.8 .5 -.2 .8 26 27 Pvt. domestic nonfin. sectors 42.9 36.2 37.5 48.5 55.0 53.2 47.6 50.6 46.4 55.3 57.3 61.1 46! 3 63.9 27 28 Loans 14.3 11.2 6.2 13.4 16.1 16.6 14.3 14.7 10.7 16.3 15.1 22.2 7.9 19.7 28 29 Consumer credit 6.4 4.5 1.7 5.5 .7 6. 5.7 6.4 6.3 6.9 7.1 6.5 6.5 7.2 29 30 Bank loans n.e.c 5.6 2. 2.1 4.6 6.8 5.5 4.8 5.7 3.2 4.7 5.7 13.4 -.8 6.1 30 31 Other loans 2.3 3.9 2.5 3.4 2.6 4.3 4.3 2.6 1.1 4.6 2.3 2.3 2.3 6.4 31 32 Securities and mortgages 28.6 25.0 31.3 35.1 38.9 36.6 33.3 35.9 35.7 39.1 42.2 38.9 38.4 44.2 32 33 State and local obligations.... 4.5 3.6 4.9 5.0 6.7 5.7 3.2 4.1 5. 7.1 7.4 6.5 4.4 5.7 33 34 Corporate securities 5.3 5.3 7.3 5.5 3.4 6.4 4.6 4.1 5.0 2.8 4.2 1.7 6.4 7.4 34 35 1- to 4-family mortgages 13.0 10.5 11.4 13.0 15.2 13.4 13.4 13.6 13.5 15.8 16.2 15.3 15.3 16.5 35 36 Other mortgages 5.9 5.6 7.7 11.9 13.6 11.1 12.1 14.1 11.4 13.4 14.3 15.4 12.2 14.6 36 37 Net sources of credit (= 17) 52.8 36.2 47.8 58.3 63.2 65.2 45.5 63.6 59.0 70.1 55.0 68.6 60.4 73.8 37 38 Chg. in U.S. Govt. cash balance. .7 .9 .3 1.4 -.6 1.7 -5.1 5.0 3.4 1.0 -6.9 8.3 -3.4 38 39 U.S. Govt. lending 3. 2.3 2.8 3.5 2.7 4.7 1.6 3.2 .2 2.6 3. 4.5 1.7 6.4 39 40 Foreign funds 3.5 3.2 2.0 2.9 2.5 2.5 .8 3.3 2.8 8.0 -.6 -.1 .1 4.2 40 41 Pvt. insur. & pension reserves... 9.5 8.5 9.3 9.2 10. 9.1 9.0 9.6 9.4 10.7 13.0 10.7 12.3 11.7 41 42 Sources n.e.c 3.8 5.5 4.6 3. 4. 4.2 2.9 2.0 7.7 2.5 3.9 2.0 -.5 42 43 Pvt. domestic nonfin. sectors 31.4 15.8 28.8 38.3 43.5 42.9 36.2 40.5 35.5 45.3 41.9 51.4 38.5 54.2 43 44 Liquid assets 16.5 9.2 24.2 31.3 37.0 36.4 21.6 35.3 35.3 41.9 28.2 42.7 31. 34.0 44 45 Deposits 10.8 13.7 23.7 29.9 33. 29.3 28.0 35.2 30.6 33.5 30.0 42.0 26.4 31.3 45 46 Demand dep. and currency .2 -1.3 3.7 1. 5.8 2.8 2.7 5.3 .3 7.9 3.3 12.4 -.1 6.2 46 47 Time and svgs. accounts... 10.6 15.0 20.0 28.0 28.0 26.5 25.3 29.9 30.3 25.6 26.7 29.6 26.5 25.1 47 48 At commercial banks.. . . 2.1 5.4 8.9 15.1 13.1 14.6 12.0 14.9 13.7 10.8 13.5 14.4 11.9 9.5 48 49 A t savings instit 8.4 9.6 11.1 12.9 14.9 11.9 13.3 15.0 16.6 14.8 13.2 15.2 14.6 15.5 49 50 Short-term U.S. Govt. sec.... 5.7 -4.6 .5 1.4 3.2 7.1 -6.4 4.7 8.4 -1. 5.1 2.7 50 51 Other U.S Govt. securities 7.2 -.5 -1.3 .6 2.0 -.9 8.0 -.3 -3.1 .3 8.4 2.3 -.1 5.2 51 52 Pvt. credit mkt. instruments. . . 7.8 6.9 7.1 6.3 6.5 3.6 7.7 4.3 8.4 5.8 6.6 5.1 10.3 15.2 52 53 Less security debt .2 -.3 1.3 -.2 2.0 -3.9 1.0 -1.2 5.1 2.6 1.4 -1.3 3.3 .2 53 III. Direct lending in credit markets 54 Total funds raised 52.8 36.2 47.8 58.3 63.2 65.2 45.5 63.6 59.0 70.1 55.0 68.6 60.4 73.8 54 55 Less change in U.S. Govt. cash.... .7 .9 .3 1.4 -.6 1.7 -5.1 5.0 3.4 1.0 -6.9 8.3 -3.4 55 56 Total net of U.S. Govt. cash 52.1 35.3 47.6 56.9 63.7 63.5 50.6 58.6 55.5 69.1 61.9 68.5 52. 77.2 56 57 Funds supplied directly to cr. mkts.. . 52.1 35.3 47.6 56.9 63.7 63.5 50.6 58.6 55.5 69.1 61.9 68.5 52.1 77.2 57 58 Monetary authorities .4 .7 1.5 1. 2.6 2.0 3.0 2.8 1.0 3.9 4.2 1.4 58 59 Commercial banks, net 4.3 7.9 15.0 17.7 20.7 19.7 15.7 21.2 16.7 21.2 19.0 26.2 6.0 16.9 60 Total 5.3 8.9 15.4 19.1 20.1 20.8 11.4 25.5 19.2 22.8 11.3 27.5 15.5 13.6 61 Less chg. in U.S. Govt. cash... .9 .2 1.3 1.1 -4.4 4.3 2.4 1.6 -7.9 .5 8.7 -3.9 62 Security issues .1 .2 .1 .1 .1 .9 .9 .5 63 Nonbank finance, net 19.6 21.1 22.7 24.1 27.4 24.5 23.6 25.8 29.3 26.3 28.1 25.9 29.0 27.3 64 Total 24.1 23.4 25.0 28.9 34.3 27.1 31. 35.0 24.9 38.1 34.6 29.1 37.7 65 Less credit raised 2.3 6.9 7.5 9.2 -4.3 11.8 10.4 4.5 2.4 4.8 2.6 8.6 .1 66 U.S. Government 2.8 2.7 3.2 2.6 3.6 6.4 66 3.8 2.3 3.5 4.7 4.5 1.7 67 Foreign .7 1.1 1.7 4.4 -1.6 2.5 67 3.4 1.2 1.3 1.0 -1.2 -.7 68 Pvt. domestic nonfin 20.6 2.0 5.0 8 9.7 13.6 8.2 5.3 4.8 11.8 11.9 12.1 22.9 68 69 Consumers 11.8 .3 3.6 3.5 6.6 2.4 4.5 .2 6.1 6.3 8.7 9.5 8.0 16.8 69 70 Business 6.0 -1.9 .2 2.2 2.1 4.0 2.7 2. 1.8 3.5 1.2 5.5 4.7 1.1 70 71 St. and local govts 3. 3.3 2.5 2.6 2.9 3.4 2.0 1.9 2.1 4.6 3.3 1.8 2.6 5.2 71 72 Less net security credit .2 -.3 1.3 -.2 2.0 -3.9 1.0 -1.2 5.1 2.6 1.4 .9 3.3 .2 72 -1.3 NOTE.—Qnarterly data are seasonally adjusted totals at annual rates. For other notes see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1334 FLOW OF FUNDS OCTOBER 1964 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transaction category, 1959 1960 1961 1962 1963 or sector III IV III IV I. Demand deposits and currency Net incr. in banking system liability. 5.4 4.4 5.8 -3.5 12.7 2.6 11.1 -2.0 12.3 7.9 4.7 U.S. Govt. deposits .3 1.4 -.6 -5.1 5.0 3.4 1.0 -6.9 8.3 -3.4 Other 5.1 3.1 6.4 1.6 7.7 -.9 10.1 4.8 12.2 -.5 8.1 Domestic sectors -.7 4.9 3.0 6.2 3.4 7.2 -.2 8.0 5.3 12. -.2 6.9 Households j ^ .3 1.9 6.3 2.6 2.9 5.0 7.4 4 8.0 9.0 5.3 Nonfinancial business -2 2.1 -1.2 -2.0 -3 -1.3 2.7 -4.4 -1.4 -1.5 1 T -7.9 1.2 State and local govts .2 .6 .7 .7 2.3 -.7 .8 .1 4.1 .6 -.8 Financial sectors .5 1.2 1.1 .3 .7 -.5 .1 2.0 -.2 .7 Mail float .4 .7 .4 .8 -.9 -.2 .4 1.1 -.2 1.6 -1 .6 10 Rest of the world -.1 .2 .1 .2 -1. .5 -.7 2.1 -.5 .1 -.3 1.2 II. Time and savings accounts 15 Net increase-^-Total 9.5 15.3 20.7 28.7 29.1 26.4 25.2 31.6 32.3 26.4 27.4 30.6 28.0 26.0 15 1 1 6 7 At C c o o r m po m r e a r t c e i a b l u s b i a n n e k ss s—Total. -A 5. . 8 8 9 1 . . 4 3 1 2 5 . . 6 6 1 3 4 .8 1 3 4 . .8 0 12 1 . . 0 0 1 2 6 . . 6 4 1 3 5 . .0 2 1 2 1 . . 2 9 1 3 4 . . 8 2 1 6 5 . .3 2 1 5 2 . .7 2 1 3 0 . .3 2 1 1 6 7 18 State and local govts -.4 1.4 .9 1.0 1.6 .8 .6 1.5 1. .6 1.8 1.9 -1.4 1.1 18 19 Foreign depositors -.9 .3 .3 .6 1.0 .3 .1 1.6 1.3 1.0 .8 .8 .8 .8 19 20 Households. 3.0 3.3 6.7 11.5 7.7 10.9 10.4 10.8 8.7 8.0 7.9 6.4 8.1 5.3 20 21 At savings institutions . 8.4 9.5 11.3 13. 15.1 11.6 13.2 15.2 17.3 14.5 13.1 15.3 15.2 15.6 21 22 Memo: Households total. 11.4 12.8 17. 24.5 22.6 22.7 23.7 25.8 25.3 22.8 21.1 21.5 22.7 20.8 22 III. U.S. Govt. securities 23 Total net issues 9.5 -2.5 7.3 7.3 5.2 9.7 -.7 8.7 8.5 10.2 -2.6 4.5 11.0 5.5 23 24 Short-term marketable. 5.2 3.1 8.8 .5 1.4 5.1-22.7 5.5 7.1 11.2 -13.2 .2 10.6 3.6 24 25 Other 4.3 -5.6 1.4 6.8 3.8 4.6 22.1 3.2 1.4 10.6 4.3 .5 1.9 25 26 Net acquisitions, by sector. 9.5 -2.5 7.3 7.3 5.2 9.7 -.7 8.7 8.6 10.3 -2.6 4.5 11.1 5.5 26 27 Monetary authorities. .2 .7 1.5 1.9 2. .6 .3 2.5 4.1 2.4 1.9 2.8 4.0 2.0 27 28 Short-term -.8 -1.0 1.1 2.0 4.9 1.0 3.3 3.5 12.3 7.5 .7 -.5 3.7 -3.2 28 29 Commercial banks -7.6 1.7 5.4 .8 -2.6 3.1 -6.3 3.2 3.4 -2.3 -12.4 1.1 1.1 -7.6 29 30 Short-term direct -3.7 7.0 9.3 -5.2 -3.6 -4.1 -21.0 -1.5 -5.9 -5.3 -8.4 5.7 1.7 30 31 Other direct -3.4 -5.2 4.1 5.2 .5 6.1 13.9 3.4 10.4 1.8 -4.6 -5.7 1.0 31 32 Nonguaranteed -.5 -.1 .3 .8 .5 1.1 .8 1.3 -1.1 1.3 .7 1.1 -1.7 1.1 32 33 Nonbank finance .8 -.3 .8 1.3 n -.7 2.7 1.8 -2.4 -1.3 3.1 -2.2 2.1 2.2 33 34 Short-term direct .2 1.2 1.6 .7 -K3 1 A .9 2.1 -4.1 -1.3 2.0 -1 .4 2.2 34 35 Other direct .2 -1 7 -.8 .5 .5 1.3 1.9 * .5 -.6 1.6 -.4 35 36 Nonguaranteed .4 2 .1 .1 .2 .5 -'.3 -.2 .1 .6 .2 .1 .3 36 37 Foreign 3.0 5 .4 1.2 .6 .5 1.1 1.5 1. 2.8 -1.9 A -1.2 .9 37 38 Short-term 2.1 2 -.7 2.0 -.7 .9 3.2 2.0 .3 .6 -2.1 -\'.6 Q .2 38 39 Pvt. domestic nonfin. sectors... 13.0 5.1 2.0 5.1 6.2 1.5 -.2 1.6 8.7 6.6 3.1 s!o 7.9 39 40 Short-term direct 7.5 4.3 -.3 1.0 2.0 6 -7.0 -.1 3.3 7.3 -2.9 -.4 4.3 1.8 40 41 Other direct 5.0 -.4 -1. 1.1 -1.4 7.1 T -1.9 6.8 .2 .5 3.7 41 42 Nonguaranteed 2.2 .3 .9 .4 -2.2 2.1 1.5 2. -.6 1.6 42 43 Savings bonds—Households . -1. 1.2 .2 .2 1.4 1.1 1.1 1.2 43 IV. Other securities 44 Total net issues, by sector.. 11.7 11.1 13.7 11.7 13.0 14.0 8.4 10.6 13.4 13.7 13.9 11.2 14.0 16.9 44 45 State and local govts 4.5 3.6 4.9 5.0 6.7 5.7 3.2 4.1 5.8 7.1 7.4 6.5 4.4 5.7 45 46 Nonfinancial corporations. 5.3 5.3 7.3 5.3 3.4 6.4 4.6 4.1 5.0 2.8 4.2 1.7 6.4 7.4 46 47 Finance companies 1.1 1.5 .5 .3 1.6 .5 .2 .7 .4 1.9 1.7 2.4 2.4 2.4 47 48 Rest of the world 1.0 1.0 1.4 .4 1.7 2.1 1.8 .5 -.2 i 48 49 Net purchases 11.7 11.1 13.7 11.7 13.0 14.0 8.4 10.6 13.4 13.7 13.9 11.2 14.0 16.9 40 50 Households 2.6 1.5 1.9 -1.3 -1.4 -3.6 -1.3 -4.2 2.4 -4.3 -.8 -3.0 4.6 5.7 50 51 State and local govts 1.1 2.2 1.9 1.2 1.6 1.2 1.3 1.5 1.9 1.7 1.3 1.3 .4 1.4 51 52 Corp. business .7 52 53 Commercial banks .4 .4 2.6 4.4 5.2 5.4 3.6 3.8 5.5 5.8 6.3 3.2 4.6 .3 53 54 Insurance and pension funds... 7.3 7.4 7.9 7.6 7.9 9.5 6.0 7.9 7.9 8.7 7.8 7.1 8.7 8.4 54 55 Finance n.e.c -.5 c -.8 -.2 -.2 1.7 -1.1 1.8 -4.4 1.6 -.7 2.7 -4.3 1.0 55 56 Security brokers and dealers. .2 2 .5 .3 1.5 .4 2.1 -4.0 1.8 -.2 3.4 -3.8 2.4 56 57 Investment cos.—Net -.7 -.6 -.8 -.5 .1 -1.5 -.3 -.4 -.2 -.6 TT c -1.4 57 58 Portfolio purchases 1.2 1.4 1.1 .8 2.4 -.1 .5 .4 .9 .9 '.9 'A .6 58 59 Net issues of own shares . . 1.8 1.5 2.0 1.9 1.3 2.3 1.3 1.1 1.5 1.6 .6 1.9 59 60 Rest of the world .4 .3 .2 .1 .2 -.1 -.2 .5 .1 .2 -.2 .1 60 V. Mortgages Total net lending . 19.1 16.0 19.5 25.3 29.3 24.9 25.9 28.3 25.4 29.8 31.1 31.1 27.2 30.7 1- to 4-family.. 13.2 10.4 11.8 13.4 15 13.8 13.7 14.2 14.0 16.4 16.7 15.7 15.0 16.1 In process... .1 .4 .4 .5 .4 .3 .6 .5 .6 .5 .5 -.3 -.4 Disbursed. .. 13.0 10.5 11.4 13.0 15.2 13.4 13.4 13.6 13.5 15.8 16.2 15.3 15.3 16.5 Other 5.9 5.6 7.7 11.9 13.6 11.1 12.1 14.1 11.4 13.4 14.3 15.4 12.2 14.6 66 Net acquisitions 19.1 16.0 19.5 25.3 29.3 24.9 25.9 28.3 25.4 29.8 31.1 31.1 27.2 30.7 67 Households 1.8 2.1 2.4 4.0 4.5 2.9 4.1 5.7 3.6 4.6 4.6 5.2 2.7 4.0 68 U.S. Government. . . 2.21 1.2 .6 .3 -1.0 .5 * -.3 -1.3 -1.9 -.3 .2 .8 69 Commercial banks. . . 2.5, .7 1.6 4.0 4.9 4.4 4.4 4.4 4.2 5.7 5^2 4.5 4.4 4.7 70 Savings institutions.. 9.6 8.9 11.0 13.2 16.0 13.1 13.4 13 15.3 16.4 16.4 16.1 14.6 14.9 71 Insurance 2.4 2.9 2.7 3.0 3.9 2.5 3.1 4 3.3 3.7 4.2 4.5 4.3 4.5 72 Mortgage companies. .2 .6 1.0 .6 .2 1.1 1.1 1.0 -.1 1.5 VI. Bank loans n.e.c. 73 Total net borrowing 7.5 2.7 2.7 6.1 9.1 7.0 5.3 8.0 2.6 7.9 8.4 17.3 1.5 8.9 73 74 Nonfinancial business 5.3 2.7 1.6 4.1 6.5 5.2 4.2 5.0 2.6 4.4 13.5 -.8 6.0 74 7 7 5 6 N Co o r n p f o ar r m at e noncorporate. 3 1 . . 7 0 2.6 I - 1 . . 5 7 2. . 6 9 4 1 . . 0 8 3. . 9 7 2 1 . . 7 1 2 1 . . 6 5 1. . 7 5 2 1 . . 0 8 10 1 . . 7 7 -2 1 .7 .7 3 1. . 8 3 7 7 5 6 77 Farm .7 '.2 .3 .7 .7 .7 .5 .8 .3 .6 1.1 .3 .9 77 78 Rest of the world .2 .1 .7 .4 .6 .3 -.3 -.6 -.2 .8 .5 1.3 2.3 .9 78 79 Financial sectors 1.7 -.3 1.7 1.0 .7 2.8 -.3 2.2 2.3 2.5 1.9 79 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1335 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I. Saving and investment. Derived statistically from Commerce Dept. business, and state and local govts. Line 50 includes household savings income and product accounts. Tables presenting the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 52 includes accounts are available on request. Gross national saving (line 1) is the consumer credit and open-market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 53 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt. saving is net of III. Direct lending in credit markets. Monetary authority total is public outlays for capital goods as well as current operations. Gross Table 4(G), lines 5 less 14. Commercial-bank total, line 60, is Table national investment (line 8) is gross private domestic investment in in- 4(H), line 5; includes security credit. Nonbank finance totals include come-and-product accounts plus consumer durables plus net foreign security credit both in lending and funds raised and exclude investment investment. Net foreign investment differs from corresponding income- company shares on both sides; line 64 is lines 3 and 4 of Table 4(1), less and-product series by amount of errors and omissions in balance of pay- line 4 of 4(1.8), and line 65 is line 7 plus line 5 of 4(1.7) less line 4 of (1.8). ment statement. Line 68 is the net sum of lines 50-53 in Table 2-II. Relation of saving-investment discrepancy to flow of funds matrix is described in Aug. 1959 BULL., p. 859. Notes to Table 3 II. Financial flows-summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 BULL., p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt. securities. Totals held by Federal Reserve and public govts., and foreign. Credit market funds raised by all sectors consists of stated in par values; excludes special issues to international organizations line 17 plus financial-sector borrowing (Table 4-1, line 7). and includes nonguaranteed issues of Govt. agencies. Short-term U.S. Govt. short-term securities are direct marketable issues due in less category consists of direct marketable issues due in less than one year than one year and part of those due in less than two years. For further plus part of those due in less than two years. detail see Table 4(E), lines 26-29. IV. Other securities. Total shown for issues of "other securities" Demand deposits on lines 39 and 46 are on bank-record basis rather excludes open-end investment co. shares; these are shown as a deduction than holder records shown in Table 4. Difference is described in Aug. on line 59, offsetting net purchases of such shares included in the other 1959 BULL., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(J). lines (mainly consumer) under "net purchases." Net purchases includes Sources n.e.c. (line 42) is mainly financial institution net sources of funds small amounts for mutual savings banks not shown separately. other than deposits and insurance and pension reserves. V. Mortgages. Loans in process at savings and loan associations are Private domestic nonfinancial sectors (line 43) consists of acquisition included in totals outstanding and treated as savings and loan liability. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 II III IV II III IV (A) Households 1 1 Personal income 383.9 401.3 417.6 442.4 464.1 441.0 444.5 449.6 455.1 460.1 466.4 474.6 480.9 487.9 1 2 Less: Personal taxes & nontaxes... 46.8 51.4 52.9 57.9 61.6 57.6 58.5 59.3 60.1 61.1 61.9 63.3 61.4 56.6 2 3 Consumption 313.5 328.2 337.3 356.8 375.0 354.0 358.5 364.0 369.2 372.0 377.4 381.3 390.0 396.1 3 4 Equals: Personal saving 23.6 21.6 27.3 27.8 27.5 29.4 27.5 26.3 25.9 27.1 27.1 30.0 29.5 35.2 4 5 Less: Saving by mutual finance 2.. .7 1.9 1.5 2.3 1.7 3.3 1.6 2.0 2.1 2.3 .6 1.6 .6 1.5 5 6 Plus: Dur. goods in consumption.. 43.6 44.9 43.7 48.4 52.1 47.7 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0 6 7 Hshold capital consumption 3 4.9 5.3 5.7 6.1 6.5 6.1 6.1 6.1 6.3 6.4 6.6 6.8 6.8 6.9 7 8 Credits from Govt. insur. 4. . 2.8 3.2 3.2 3.6 4.1 3.9 3.4 3.9 3.9 4.5 4.0 4.2 4.3 4.6 8 9 Equals: Household gross saving... 74.2 73.2 78.5 83.7 88.6 83.7 83.9 84.5 84.9 87.2 89.3 93.0 96.0 102.2 9 10 Gross investment (11+15) 79.0 72.5 81.8 90.6 96.9 90.6 90.9 91.7 92.6 95.5 98.0 101.8 104.3 109.6 10 11 Capital expend, (net of sales). . . 65.7 66.5 63.7 69.8 74.0 68.5 70.2 72.6 72.7 73.0 74.5 76.0 78.4 79.9 11 12 Residential construction 19.2 18.4 16.7 17.9 18.2 17.4 18.1 18.7 17.9 17.8 18.5 18.7 18.7 19.0 12 13 Consumer durable goods 43.6 44.9 43.7 48.4 52.1 47.7 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0 13 14 Plant and equip, (nonprofit)... 2.9 3.1 3.3 3.5 3.7 3.4 3.6 3.7 3.7 3.7 3.7 3.7 3.7 3.8 14 15 Net finan. investment (16 — 34).. . 13.3 6.0 18.1 20.8 22.8 22.1 20.8 19.1 19.9 22.5 23.5 25.9 26.0 29.8 15 16 Net acquis. of finan. assets 5... 33.8 22.6 33.7 40.7 47.9 40.8 41.5 43.3 43.2 48.5 50.8 49.8 49.4 55.0 16 17 Demand dep. and currency. 1.3 -1.3 .3 1.9 6.3 3.4 2.6 2.9 5.0 1A 4.8 8.0 9.0 5.3 17 18 Savings accounts 11.4 12.8 17.8 24.5 22.6 22.7 23.7 25.8 25.3 22.8 21.1 21.5 22.7 20.8 18 19 At commercial banks.... 3.0 3.3 6.7 11.5 7.7 10.9 10.4 10.8 8.7 8.0 7.9 6.4 8.1 5.3 19 20 At savings institutions. . . 8.4 9.6 11.1 12.9 14.9 11.9 13.3 15.0 16.6 14.8 13.2 15.2 14.6 15.5 20 21 Life insurance reserves 4.1 3.7 4.0 4.0 4.9 2.9 4.7 4.4 4.8 4.4 6.0 4.7 6.4 5.3 21 22 Pension fund reserves 8.3 8.1 8.6 8.8 10.1 10.1 7.8 9.1 8.4 10.7 11.0 10.1 10.2 10.9 22 23 Cr. and equity mkt. instr.. . 11.8 .3 3.6 3.5 6.6 2.4 4.5 .2 6.1 6.3 8.7 5.5 8.0 16.8 23 24 U.S. Govt. securities 7.3 -3.2 -.7 .8 3.5 3.1 1.8 -1.3 \ 6.0 5.0 3.3 .7 7.1 24 25 Savings bonds -1.8 3 .8 .4 1.2 .2 .6 .2 l!4 1.1 1.1 1.2 .8 .9 25 26 Short-term mkt 2.9 -2.8 -.6 .5 2.6 3.6 -2.6 -.7 7.4 2.0 1.8 -.3 3.3 -2.1 26 27 Other direct 4.3 * -1.0 -.6 -1.2 -1.0 3.1 -.7 -6.6 .4 1.0 .3 -2.4 6.8 27 28 Nonguaranteed 1.9 -.1 .2 .4 .9 .3 .7 * -2.1 2.5 1.1 2.1 -.9 1.4 28 29 State and local oblig 1.6 1.6 1.0 .1 1.5 -.6 -.6 .2 .4 1.3 1.0 3.4 -.4 4.5 29 30 Corporate and fgn. bonds. .1 2 .3 .2 .1 .1 .3 -2.0 2.5 -1.4 5 -.3 3.1 -1.1 30 31 Corporate stock .9 !i .7 -1.6 -3.0 -3.2 -1.1 -2.5 -.5 -4.1 -l!3 -6.0 1.9 2.3 31 32 Mortgages 1.8 2.1 2.4 4.0 4.5 2.9 4.1 5.7 3.6 4.6 4.6 5.2 2.7 4.0 32 33 Net invest, in noncorp. bus.. . -2.9 -1.2 9 -2.2 -2.8 -2.2 -1.9 -1.9 -2.5 -3.5 -2.6 -2.7 -3.0 -3.7 33 34 Net increase in liabilities 20.5 16.6 15.6 19.9 25.1 75.7 20.8 24.3 23.2 26.0 27.2 23.9 23.4 25.2 34 35 Households 19.8 16.0 14.7 18.8 24.1 17.8 19.3 22.9 21.8 25.1 26.2 23.3 22.6 24.5 35 36 Credit market instruments 19.8 16.2 13.3 18.9 22.2 20.3 18.3 21.2 20.7 22.3 23.4 22.1 23.1 24.3 36 37 1 - to 4-family mortgages 12.9 11.0 11.1 12.8 14.9 12.9 12.6 14.3 13.9 15.3 15.4 15.0 16.0 16.4 37 38 Consumer credit 6.4 4.5 1.7 5.5 6.7 6.8 5.1 6.4 6.3 6.9 7.1 6.5 6.5 7.2 38 39 Other loans 6 .5 .7 .6 .6 .6 .6 .6 .5 .5 .1 .9 .6 .6 .8 39 * -.1 1.3 -.1 2.0 -2.5 1.0 1.7 1.1 2.7 2.8 1.2 -.5 .2 40 40 Security credit .7 .5 .9 1.1 1.0 .9 1.4 1.4 1.4 1.0 1.0 .6 .8 .7 41 41 Nonprofit organizations ?. ., -4.7 .7 -3.2 -6.9 -8.3 -6.9 -7.1 -7.1 -7.7 -8.2 -8.7 -8.9 -8.3 -7.4 42 42 Discrepancy (9-10) For notes see p. 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1336 FLOW OF FUNDS OCTOBER 1964 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 III IV III IV (B) Nonfinancial business—Total 1 Income before taxes 2 92.9 89.6 91.0 96.6 100.1 96.4 96.6 97.4 97.8 98.7 100.6 103.2 106.3 108.3 1 2 Gross saving 45.3 44.5 44.8 50.4 51.6 49.7 51.0 52.7 51.8 51.3 52.4 51.4 56.0 57.3 2 3 Gross investment 39 5 39.4 41.4 44.3 46.8 40.0 47.1 48.9 45 2 46.5 47.3 48.7 47.3 49.1 4 Capital expenditures 49.9 49.5 48.0 57.0 59.3 57.3 57.9 57.0 55.7 58.1 59.7 63.7 62.5 63.9 5 Fixed investment 43.3 46.0 46.2 51.1 54.8 51.2 52.8 51.6 52.1 54.4 55.5 57.3 60.0 60.3 6 Business plant & equipment . 40 ? 43.4 41.7 45.4 47.8 45.1 46.6 46.4 45.7 47.1 48.6 49.8 51.8 53.0 7 1-4 family residential const. 3 — 5 .4 1 4 6 4 — 9 — l 5 3 5 3 -.3 8 Other residential ? 9 3.1 4.0 5.6 6 6 5 5 5.9 6 1 6 5 6 8 6 5 7 0 7.9 7.5 9 Change in inventories 4 6 6 3.5 1.9 5.9 4.4 6.1 5.1 5.4 3.6 3.6 4.2 6.4 2.5 3.7 10 Net financial investment 10.4-10.1 -6.6 -12.7 -12.5 -17.3 -10.8 -8.1 -10.5 -11.5 -12.3 -15.0 -15.1 -14.8 10 11 Net acquis. in finan. assets 12.1 6.3 15.8 12.1 17.3 10.3 15.9 10.6 14.1 19.9 16.8 18.5 9.1 17.2 11 12 Net increase in liabilities 7 22.5 16.4 22.4 24.8 29.8 27.5 26.7 18.7 24.6 31.5 29.1 33.5 24.3 32.0 12 13 Credit mkt. instr 17 8 15.7 18.1 23.0 25.0 25.6 24.5 23.0 18.4 24.8 25.2 31.6 19.1 31.6 13 14 Securities 5.3 5.3 7.3 5.3 3.4 6.4 4.6 4.1 5.0 2.8 4.2 1.7 6.4 7.4 14 15 1-4 family mortgages ? -.4 .3 1 3 5 8 — 6 — 3 8 8 .3 -.8 .1 15 16 Other mortgages 5 7 5.4 7.4 11.4 13.1 10.6 11.7 13.5 11.0 12.9 13.8 14.8 11.8 14.1 16 17 Bank loans n.e.c 5.3 2.7 1.6 4.1 6.5 5.2 4.2 5.0 2.6 4.4 5.6 13.5 -.8 6.0 17 18 Other loans 7 1 4 2.8 1.5 2 1 1 6 2.8 3.2 1 0 .1 4.2 .7 1.3 2.4 4.1 18 19 Trade debt 2.1 .8 2.5 .4 2.9 3.1 -3.1 4.4 4.0 3.3 -1.0 .6 .4 19 20 Other liabilities ? S 1 1 8 1 3 2 0 2 0 - 9 — 1 2 1 8 2 7 7 2 9 4.6 20 21 Discrepancy 5.9 5.1 3.3 6.1 4.8 9.7 3.9 3.9 6.6 4.8 5.0 2.7 8.7 8.2 21 (C) Noncorporate nonfinancial business 1 Net income 2. . 52.2 52.1 54.0 55.6 56.6 55.6 55.5 55.6 56.3 56.0 56.6 57.4 57.1 57.7 2 Gross saving 5. 11.6 11.9 11.7 12.0 12.3 12.0 12.1 12.2 12.2 12.3 12.4 12.5 12.8 13.2 3 Gross investment 11.6 11.9 11.7 12.0 12.3 12.0 12.1 12.2 12.2 12.3 12.4 12.5 12.8 13.2 3 4 Capital expenditures... 15.1 15.2 15.6 18.1 19.3 17.7 19.0 19.3 17.4 18.9 19.5 21.4 18.4 20.4 4 5 Fixed investment 6 9... . 14.7 14.4 15.0 16.9 18.1 16.9 17.5 17.6 17.4 18.1 18.2 18.9 19.0 19.2 5 6 Change in inventories 4. .5 .8 .6 1.2 1.2 .8 1.5 1.7 .8 1.3 2.5 -.6 1.2 6 7 Net financial investment. . . . -3.5 -3.3 -3.8 -6.1 -7.1 -5.7 -6.9 -7.1 -5.2 -6.6 -7.2 -9.0 -5.7 -7.2 8 Net acquis. in finan. assets.... -.7 - .1 .5 .5 .6 .7 .4 .4 .4 .5 .7 .7 .4 .5 9 Net increase in liabilities 7 2.8 3.2 4.3 6.6 7.6 6.3 7.3 7.5 5.6 7.1 7.8 9.7 6.1 7.7 10 Credit mkt. instr 6.0 4.0 4.8 8.9 11.0 8.5 9.9 10.4 8.4 12.1 11.1 12.0 9.5 13.0 11 Mortgages 3.3 2.7 4.3 6.2 7.2 6.0 6.6 6.9 5.8 7.4 7.9 7.9 6.2 8.2 12 Bank loans n.e.c 1.6 .1 2 1.5 2.5 1.3 1.6 2.4 2.1 2.3 2.6 2.8 1.9 2.7 13 Other loans 7 8 1.0 1.2 \l 1.2 1.2 1.2 1.7 1.1 .5 2.4 .6 1.3 1.4 2.1 14 Trade debt, net — 3 4 3 — l — 5 — 7 — 1 0 _ 3 — 1 5 _ 7 3 — 4 -1.7 15 Proprietors' net investment. -2.9 -1.2 -.9 -2.2 -2.8 -2.2 -1.9 -\.9 -2.*5 -3!5 -2^6 -2.7 -3.0 -3.7 (D) Corporate nonfinancial business l o 1 Profits 40.8 37.5 37.0 41.0 43.5 40.8 41.1 41.9 41.5 42.7 44.0 45.8 49.2 50.6 2 Profits tax accruals 20.7 19.1 19.4 20.4 21.7 20.3 20.3 20.8 20.6 21.6 21.6 23.1 22.5 23.1 3 Net dividend payments 11 10.3 11.0 11.2 12.3 13.8 12.3 12.6 12.0 13.0 13.5 13.6 14.9 14.9 15.3 4 Net saving (1-2-3) 9.7 7.4 6.5 8.3 8.0 8.1 8.3 9.1 8.0 7.5 8.7 7.8 11.8 12.3 5 Capital consumption 24.0 25.3 26.5 30.0 31.4 29.6 30.6 31.4 31.6 31.5 31.3 31.1 31.5 31.9 6 Current surp.= gross saving (4-f5). 33.7 32.6 33.0 38.4 39.4 37.7 38.9 40.5 39.6 39.0 40.0 38.9 43.3 44.2 7 Gross investment 27.8 27.6 29.7 32.3 34.6 28.0 35.0 36.7 32.9 34.3 35.0 36.2 34.6 35.9 8 Capital expenditures 34.7 34.3 32.5 38.9 40.0 39.6 38.9 37.7 38.2 39.2 40.2 42.3 44.0 43.6 9 Fixed investment 28.6 31.6 31.2 34.3 36.7 34.3 35.3 34.0 34.7 36.3 37.3 38.4 41.0 41.1 9 10 Plant and equipment 27.1 30.3 28.9 31.4 33.2 31.2 32.2 31.4 31.5 32.7 33.9 34.7 36.9 37.5 10 11 Residential construction 1.6 1.3 2.2 2.9 3.5 3.1 3.1 2.6 3.2 3.7 3.4 3.7 4.1 3.6 11 12 Change in inventories 4 6.1 2.7 1.3 4.7 3.3 5.3 3.6 3.7 3.5 2.8 2.9 3.8 3.1 2.5 12 13 Net financial investment -6.9 -6.8 -2.7 -6.6 -5.4 -11.6 -3.9 -1.1 -5.3 -4.9 -5.2 -6.0 -9.5 -7.6 13 14 Net acquis. of finan. assets 12. . . 12.8 6.4 15.4 11.6 16.8 9.6 15.6 10.2 13.7 19.4 16.1 17.8 8.8 16.7 14 15 Liquid assets 2.4 -1.9 3.2 1.6 2.1 .6 -1.0 6.2 .2 .7 2.1 5.2 .6 1.7 15 16 Demand dep. and curr -1.0 * 2.1 -1.2 -2.0 -3.6 j 3 2.7 -AA -1.4 -1.5 -1.3 -7.9 1.2 16 17 Time deposits -.4 .8 1.3 2.6 3.8 3.0 1.0 2.6 3.2 2.2 3.8 6.2 5.2 3.2 17 18 U.S. Govt. securities 3.8 -2.8 -.2 .2 .4 1.2 -.7 .8 1.4 -.1 -.3 .4 3.3 -2.7 18 19 Consumer credit .8 .2 .1 .9 .7 1.5 .9 .8 -.2 1.6 .9 .4 .4 1.4 \9 20 Other loans (finance paper). . . .5 .6 .1 .8 .7 .8 2.3 .1 .5 1.8 .1 .5 .9 2.2 20 21 Trade credit 6.1 4.2 7.8 5.3 7.9 5.1 9.4 .7 9.4 7.6 6.9 7.5 5.9 6.6 21 22 Other financial assets 13 2.4 3.5 4.2 3.0 5.4 1.6 4.0 2.4 3.8 7.8 6.1 4.1 1.0 4.9 22 23 Net increase in liabilities 19.7 13.1 18.1 18.2 22.1 21.2 19.5 11.3 19.0 24.3 21.3 23.8 18.2 24.4 23 24 Cr. and equity mkt. instr 11.9 11.6 13.3 14.1 14.0 17.0 U.I 12.6 9.9 12.7 14.0 19.6 9.6 18.6 24 25 Corporate bonds 3.0 3.5 4.6 4.7 3.7 5.7 4.2 3.8 5.0 2.7 3.5 3.6 3.9 3.5 25 26 Corporate stock 2.3 1.8 2.7 .5 -.3 .8 .4 .3 * .1 .7 1 Q 2.5 3.9 26 27 Mortgages 2.5 2.2 3.5 5.4 6.2 5.1 5.9 6.0 4.8 6.0 6.7 7'.1 4.8 6.0 27 28 Bank loans n.e.c 3.7 2.6 1.7 2.6 4.0 3.9 2.7 2.6 .5 2.0 3.0 10.7 -2.7 3.3 28 29 Other loans 14 .4 1.5 .8 .9 .4 1.6 1.5 -.1 -.4 1.8 \ 1.0 2.0 29 30 Profit tax liability 2.5 -2.2 .9 1.2 1.4 1.6 1.2 -2.7 .5 1.6 \'.6 1.9 3.2 30 31 Trade debt 2.3 .4 2.2 .6 3.4 3.8 -2.0 4.7 5.5 4.0 -1.3 1.1 31 32 Other liabilities 3.0 3.3 1.8 2.4 3.4 2.6 -.2 3.4 3.8 4.5 1.6 3.6 4.4 4.9 32 33 Discrepancy 5.9 5.1 3.3 6.1 4.8 9.7 3.9 3.9 6.6 4.8 5.0 2.7 8.7 8.2 33 34 Memo: Net trade credit 3.7 3.8 5.6 4.7 4.5 5.1 5.6 2.7 4.7 2.1 2.9 8.9 4.8 4.6 34 35 Profits tax payments i5 18.5 21.2 18.9 19.9 20.9 20.5 20.4 19.8 21.5 21.7 19.8 20.7 22.5 26.9 35 For notes see p. 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1337 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 II III IV II III IV (E) U.S. Government i 1 Tax receipts (net of refunds) 75.4 79.0 80.1 85.9 90.6 85.6 86.4 87.6 88.0 90.0 90.9 93.7 90.9 87.0 2 Individual income 40.4 44.0 45.1 49.1 51.9 48.9 49.6 50.2 50.7 51.5 52.2 53.4 51.2 46.1 3 Corp. profits tax accruals 22.0 21.0 20.9 21.8 23.0 21.7 21.7 22.3 21.9 22.9 22.9 24.4 23.9 24.4 4 Other 13 0 14 0 14.1 15.1 15.6 15.1 15.0 15 1 15 4 15 5 15 7 15 9 15 9 16.4 Social insurance programs 2 5 Premiums received 13 0 15 7 16.3 18.5 20.9 18 4 18.6 18 7 20 5 20 8 21 1 21 3 21 7 22.0 6 Benefits paid 12.9 14 1 16.8 17.3 18.2 17.1 17.2 18.0 18.9 17.8 17.8 18.2 18.9 18.5 Life insur. & retirement programs 3 7 Premiums received 1.9 1.9 2.0 2.0 2.1 2.0 2.0 2.0 2.0 2.1 2.1 2.2 2.2 2.2 8 Benefits paid 2.4 2.6 2.9 2.9 3.1 2.8 2.9 2.9 2.9 3.1 3.2 3.3 3.2 3.2 9 Net grants and donations paid 4... 16 1 16.2 18.8 20.2 21.5 20.1 20.0 20.6 20.7 21.2 21.7 22.4 22.6 23.1 10 Net interest paid 6.4 7.1 6.7 7.1 7.0 7.3 7.4 7.6 7.5 7.8 7.9 8.3 8.4 11 Net purchases of goods & services. 53.6 53.1 57.4 62.9 64.7 63.7 62.5 63.9 65.2 64.3 64.4 64.9 64.3 67.1 12 Net surplus -1.1 3.5 -4.3 -4.1 -1.5 -4.6 -2.9 -4.4 -4.8 -1.0 -.8 .5 -2.6 -9.0 13 Credits imputed to consumers 5... . 9 1 l 1 0 1 1 1 4 1 4 9 1 2 1 2 1 8 1 2 1 3 1 4 1.6 14 Gross saving -2 1 2 4 -5.2 -5.2 -2.9 -6.0 -3.7 -5 7 -5 9 -2 8 -2 0 — 8 -3 8 -10.8 15 Net finan. investment (16—23) -3.0 2.2 -5.1 -4.8 -2.1 -4.2 -3.5 -3.6 -6.4 -4.0 .2 1.8 -.9 -7.8 16 Net acquis. of finan. assets 6.9 1.9 3.9 4.2 3.9 5.6 -3.5 7.5 4.8 6.3 -2.9 7.5 9.8 -1.2 17 Demand deposits & currency.. .7 .9 .3 1.1 - .3 1.2 -3.8 3.5 3.4 1.6 -7.4 1.0 8.1 -3 6 18 Credit market instruments.... 3 8 2 3 2 8 3.5 2 7 4 7 1 6 3 2 2 2 6 3 6 4 5 1 7 6.4 19 Mortgages 2.2 1.2 .6 .3 -1.0 .5 * -.3 -1.3 -1.9 -.4 -.3 2 .8 20 Other loans 1.6 1.1 2.2 3.1 3.7 4.2 1.7 3.5 1.5 4.5 4.0 4.8 i!5 5.6 Excess of tax accruals over 21 receipts 2.0 -1.6 .3 .3 .7 -.6 -.1 1.6 -.4 * 1.5 1.6 -.6 -4.0 22 Other financial assets 6 .3 .2 .6 -.6 .9 .3 -1.2 -.7 1.6 2.0 -.6 .4 .5 .1 23 Net increase in liabilities 9.9 0 9.0 9.0 6.0 9.8 ./ 11.1 11.2 10.3 -3.1 5.7 70.7 6.6 23 Life insurance and retirement 24 reserves .9 1.1 1.0 1.1 1.4 1.4 .9 1.2 1.2 1.8 1.2 1.3 1.4 1.6 25 U.S. Govt. securities 7 9.5 -2.5 7.3 7.3 5.2 9.7 -.7 8.7 8.5 10.2 -2.6 4.5 11.0 5.5 26 Svgs. bonds 8 -1.8 -.3 .8 .4 1.2 .2 .6 .2 1.4 1.1 1.1 1.2 .8 .9 27 Short-term direct 9 5.2 3.1 8.8 .5 1.4 5.1-22.7 5.5 7.1 11.2-13.2 2 10.6 3.6 2 2 3 3 9 8 0 1 O O t t N O h h e e o t r r h n e l l g o i r a u a s b a n e i r s l c a i u t i n i o r e t i e s ti e e d s issues - 2 3 . . . 6 * 2 9 -5. . . 3 * 6 5 -2. . . . 9 7 2 5 4 1 . . . . 8 6 2 4 - - 1 1 . . . . 1 4 5 1 -1 2 1 . . . 3 9 5 1 - 2 9 . . . . 9 2 2 8 - 2 1 1 . . . . 1 0 0 2 -3 3 1 . . . . 5 5 2 3 - - - 5 3 . . . . 9 7 5 5 - - 1 2 6 . . . . 7 0 8 7 - 3 ' . . 2 4 2 - - - 2 1 1 . . . . 7 3 0 9 - - 2 3 . . 9 . 0 . 0 4 32 Discrepancy (14 — 15) .9 .3 -.1 -.4 -.8 -1.8 -.2 -2.1 .5 1.2 -2.2 -2.6 -2.9 -3.1 33 Memo: Corp. tax receipts, net. ... 20.0 22.5 20.7 21.5 22.3 21.7 20.7 22.3 22.9 21.4 22.6 24.4 28.5 22-2 (F) State and local governments 1! Tax receipts 37.2 41.1 44.1 48.0 51.4 47.6 48 49.2 50.1 50.8 51.7 52.9 53.9 54.6 Social ins. and grants rec 9.4 9.3 10.4 11.5 13.0 11.4 11 11. 12.2 12.5 13.3 13.9 13.9 14.6 Purch. of goods and services 43.6 46.5 50.6 53.5 57.9 52.5 53.6 55.0 56.4 56.8 58.5 60.0 60.9 62.5 Net interest & transfers paid 12.... 3.4 3.5 3.8 3.9 4.1 3.8 3.9 4.0 4.1 4.1 4.0 4.1 4.4 4.3 Net surplus -.3 .4 .1 2.1 2.4 2.8 2.4 2.1 1.9 2.5 2.5 2.7 2.4 2.4 Less: Real estate purchases 1.5 1.6 1.6 1.8 2.0 1.8 1.9 2.0 2.0 2.0 2.0 2.0 2.1 2.1 Retirement cr. to hsholds. 1.9 2.1 2.3i 2.5 2.8 2.5 2.5 2.6 2.7 2.8 2.8 2.9 2.9 3.0 Equals: Gross saving -3.8 -3.3 -3.8 -2.2 -2.4 -1.4 -2.1 -2.5 -2.8 -2.2 -2.3 -2.1 -2.6 -2.7 9 Net financial investment (10—17)... -3.3 -1.1 -3.6 -3.9 -4.5 -3.0 -1.3 -4.5 -5.7 -4.1 -5.5 -2.6 -4.6 -4.7 10 Net acquis. of finan. assets 3.4 5.0 4.0\ 4.3 5.4 6.0 4.9 3.3 3.2 6.0 5.3 7.0 2.0 5.6 11 Demand deposits and currency .5 .2 .6 .7 .7 1.7 2.3 -.7 .8 .1 4.1 .6 -.8 12 Time deposits -.4 1.4 .9 1.0 1.6 .8 .6 \'.5 1.8 .6 1.8 1.9 -1.4 1.1 13 Credit market instruments... . 3.1 3.3 2.5 2.6 2.9 3.4 2.0 1.9 2.1 4.6 3.3 .9 2.6 5.2 14 U.S. Govt. securities 1.8 .8 1.0 1.3 1.8 -J .3 .1 2.8 1.9 -.6 1.0 3.5 15 State and local obligations.. .1 .1 -.3 -.4 -.3 -.3 -.2 -.6 -.2 -.6 -.2 -.2 16 Other 13 1.2 2.4 2.4 1.8 2.0 1.8 1.9 2.2 2.4 1.6 2.1 1.8 1.9 1.8 17 Net increase in liabilities 6.7 6.1 7.6\ 8.2 9.9 9.0 6.2 7. 9.0 10.1 10.8 9.7 6.5 10.3 18 State and local obligations 4.5 3.6 4.9 5.0 6.7 5.7 3.2 4. 5.8 7.1 1A 6.5 4.4 5.7 19 Short-term .3 * | .4 .7 .6 -1.0 1.4 .7 .9 .6 .6 .5 .5 20 Other 4.1 3.5 4.5 4.6 6.0 5.1 4.3 2.7 5.1 6.2 6.8 5.9 3.9 5.2 21 Employee retirement reserves. 1.9 2.1 2.3| 2.5 2.8 2.5 2.5 2.6 2.7 2.8 2.8 2.9 2.9 3.0 22 Other liabilities 14 .3 .4 .4 .7 .4 .4 1.0 .5 .3 .6 .4 1.6 23 Discrepancy (8-9). -.5 -2.2 -•2, 1.7 2.1 1.6 2.0 3.0 1.9 3.2 .5 2.0 2.0 23 For notes see p. 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1338 FLOW OF FUNDS OCTOBER 1964 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 II III IV II III IV (G) Monetary authorities 1 Current surplus -.2 * .1 .1 .1 .1 .1 .1 .1 .1 * .1 2 Net acquis. of financial assets * -1.1 1.4 1.6 2.2 3.0 -.7 2.1 1.6 2.1 1.3 3.8 3.3 2.0 3 Gold and foreign exchange 2.. -1.1 -1.7 -.8 -.9 -.4 .7 -1.8 -1.5 -.4 -.7 -.5 -.1 .5 4 Treasury currency .1 .1 .2 * * -.2 .1 * * -.1 * 5 Credit mkt. instruments .3 .7 1.5 2.0 2.9 .6 .1 2.7 4.0 2.2 2.0 3.4 3.8 1.9 6 U.S. Govt. securities , .3 .7 1.5 1.9 2.8 .6 .3 2.5 4.1 2.4 1.9 2.9 4.0 2.0 7 Short-term direct -.8 -1.0 -1.1 2.0 4.9 1.0 3.3 3.5 12.3 7.5 .7 -.5 3.7 -3.2 8 Other , 1.1 1.7 2.6 -.1 -2.2 -.4 -3.0 -1.0 -8.2 -5.1 1.3 3.4 .3 5.2 9 F.R. float 3 3 5 6 — 3 1 4 1 2 8 — 1 9 4 _ 7 1 i — 1 3 .9 10 F.R. loans to domestic banks.. .4 -.4 .1 -.1 * .3 -.1 .2 .4 -.5 .3 .1 11 Net increase in liabilities .2 -1.1 1.3 1.6 2.1 3.0 -.7 2.1 1.5 2.0 1.2 3.8 3.2 1.9 11 12 Member bank reserves -.3 -1.1 .3 .1 -.4 -.2 -.4 .3 -1.5 -.3 -.6 .8 2.5 -1.3 12 13 Vault cash of coml. banks 3.. , —.? .3 .3 .9 .5 1.3 1 7 .6 1.5 .7 2 i 1.1 .4 13 Demand deposits and currency 14 Due to U.S. Govt * .1 .3 .6 -.7 .7 1.0 -.6 1.0 -.5 -.4 .5 14 15 Due to rest of the world 4... . 1 -.1 .1 * -.1 .3 -.4 .2 -.2 -.1 4s 4s -.1 * 15 16 Currency outside banks 6 — l 7 6 1 9 8 — l 4 7 2 1 1 7 3 2 .2 2.3 16 17 Other .2 -.1 -.2 * i -.9 .2 -5.1 4.9 -.6 o -4.2 5.8 -.1 17 (H) Commercial banks 5 1 Current surplus 1.6 1.4 1.2 1.5 1.4 1.5 1.5 1.6 1.7 1.5 1.4 1.2 .9 .9 2 Net increase in financial assets 5.5 9.0 16.7 20.3 20.7 22.0 11.8 29.0 19.4 24.5 9.6 29.7 19.2 11.7 2 3 Member bank reserves 6 -.3 -1.1 .3 -.4 2 -.4 .3 -1.5 2 -.6 .8 2.5 -1.3 3 4 5 V To au ta l l t l c o a a s n h s and investments - 5 . . 2 3 8. . 9 3 15. . 4 3 19. ' 1 .9 20. . 1 5 20 l . ! 8 3 11 1. .4 7 25. . 5 6 19 1. . 5 2 22. \ 8 l 1 - 1 . . 2 3 27' # . 5 I 15 1. .5 1 13. . 6 4 4 6 Credit market instruments 5.1 8.7 14.3 18.0 19.2 23.1 9.1 23.4 20.2 19.7 8.5 28.8 14.3 6 7 U.S. Govt. securities -7.6 1.7 5.4 .8 -2.6 3.1 -6.3 3.2 3.4 -2.3 -12.4 1.1 1.1 -7 7 8 Short-term direct -3.7 7.0 9.3 -5.2 -3.6 -4.1 -21.0 -1.5 -5.9 -5.3 -8.4 5.7 1.7 8 9 Other direct -3.4 -5.2 -4.1 5.2 .5 6.1 13.9 3.4 10.4 1.8 -4.6 -5.7 1.0 9 10 Nonguaranteed -.5 -.1 .3 .8 .5 1.1 .8 1.3 -1.1 1.3 .7 1.1 -1.7 1.1 10 11 Other securities & mortgages. 2.9 1.1 4.2 8.4 10.1 9.8 8.0 8.3 9.7 11.5 11.4 7.7 9.0 5.0 11 12 State and local oblig .5 .6 2.8 4.4 5.0 6.0 3.7 3.5 5.3 6.1 6.4 2.4 4.6 .3 12 13 Corporate bonds —. 1 -.2 -.2 * 2 -.5 -.1 .4 .2 -.3 — 1 .8 * 13 14 1- to 4-family mortgages.. 1.5 * .8 2.1 2.1 2.4 2.4 2.4 2.4 3.3 2.9 2.4"*2'.7 2.4 14 15 Other mortgages 1.0 .6 .8 1.9 2.1 2.0 2.0 2.0 1.8 2.3 2.3 2.1 1.7 2.3 15 16 Other credit exc. security 9.8 5.9 4.7 8.8 11.8 10.2 7.3 12.0 7.1 10.6 9.4 20.0 4.2 12.5 16 17 Consumer credit 2.9 1.7 .9 2.3 3.0 3.1 2.0 2.6 3.5 3.1 2.5 2.8 2.9 2.7 17 18 Bank loans n.e.c 7.5 2.7 2.7 6.1 9.1 7.0 5.3 8.0 2.6 7.9 8.4 17.3 1.5 8.9 18 19 Other loans 7 -.6 1.4 1.1 .4 -.2 1.4 .9 -.4 -1.4 * -.2 .9 19 20 CCC loans -.6 .5 .2 .2 -.4 -'.9 1.2 .3 -.7 -1.0 -.2 -1.0 .4 20 21 Open market paper .9 .8 .2 .1 1.0 .2 .6 .3 -.5 .1 .7 .3 21 22 Security credit .2 .2 1.1 1.1 .9 -2!3 2.3 2.1 -1.0 3.1 2.8 -1.3 1.2 3.6 22 23 Misc. assets .8 .8 .7 .3 .5 .1 -.9 2.5 .1 1.3 -.9 1.4 .1- 1.0 23 24 Net increase in liabilities 4.3 7.9 16.0 19.3 19.0 20.4 10.9 28.4 17.7 22.1 8.7 27.9 17.0 11.1 24 25 Demand deposits, net .5 .3 4.6 3.8 3.8 3.7 -2.3 11.4 1.1 9.7 -4.7 9.5 8.0 2.0 25 26 U.S. Govt. 8 .8 .9 .2 1.3 -.8 1.1 -4.4 4.3 2.4 1.6 -7.9 .5 8.7 -3.9 26 27 Foreign 9 -.1 * .1 .1 .3 .4 -1.4 .3 -.5 2.1 -.5 .1 -.2 1.2 27 28 Other, net i o -.3 -.7 4.2 2.4 4.3 2.2 3.5 6.8 -.9 6.0 3.6 8.9 -.5 4.6 28 29 Time deposits 1.1 5.8 9.4 15.6 14.1 14.8 12.0 16.4 15.0 11.9 14.2 15.3 12.7 10.3 29 30 F.R. float .3 .3 .5 .6 -.3 1.4 1.2 .8 -1.9 .4 -.7 1.1 -1.3 .9 30 31 Borrowing at F.R. Banks .4 -.4 .1 -.1 * .3 -.1 .2 .4 -.5 .3 .1 31 32 Other liabilities 2.0 2.1 1.6 -.6 1.5 .1 -.1 -.2 3.7 .1 -.5 2.6 -2.8 -2.2 32 33 Security issues .1 •1 .2 .1 .3 * .1 .1 * .1 .1 .9 .9 .5 33 34 Discrepancy .1 .1 .2 .1 -.8 -.5 .3 .8 -.3 -1.4 -.1 -1.3 -2.0 .3 34 35 Memo: Total loans exc. mortgages.. 10.0 6.1 5.8 9.9 12.7 7.8 9.6 14.1 6.1 13.6 12.2 18.7 5.4 16.1 35 (I) Nonbank financial institutions 1 Net acquis. of financial assets 26.4 26.5 30.7 32.3 37.9 275 34.5 39.1 29.3 39.9 43.5 39.3 33.4 41.5 2 Demand deposits and currency .2 .5 1.2 1. 1 .3 2 .7 1.9 -.5 .1 2.0 -.2 —.1 .7 3 Cr. and equity mkt. instr 25.9 25.0 25.9 31.1 33.6 325 31.2 34.3 24.7 36.1 38.7 35.0 30.8 39.2 4 Security credit * * 1.1 .3 1.9 -3.1 1.3 1.5 1.0 3.1 2.3 1.1 1.2 .4 5 Other financial assets .4 1.0 2.6 .4 2.1 -2 1 1.4 1.5 4.0 .6 .4 3.3 3.8 1.2 6 Net increase in liabilities 25.8 23.7 28.4 30.0 36.2 25.1 32.7 37.8 25.9 38.5 43.1 37.6 31.4 40.4 7 Cr. and equity mkt. instr. 2. . ., 6.3 3.4 3.4 5.8 7.3 64 6.4 5.2 1.5 9.3 9.2 9.2 3.9 8.7 For notes see p. 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1339 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 II III IV II III IV (I.I) Savings and loan associations 1 1 Net acquis. of financial assets 8.4 7.9 10.7 11.5 13.8 10.9 11.2 13.2 13.3 13.8 13.8 14.4 11.3 11.9 2 Demand deposits and currency. —.2 , i .4 .6 .1 .1 .4 .2 * -.2 1.4 -.8 .1 -.3 4 3 Cr U . a .S n . d G e o q v u t i . t y s e m cu k r t i . t i i e n s str. 2. ... 8 . . 8 5 7# 1 9 . . 6 4 10. . 4 3 13. . 1 9 9. 2 7 10. . 9 6 11 .'5 12 1 . . 4 2 13. . 4 7 14. . 0 8 12. . 7 8 11 . . 2 1 11 . . 5 2 5 1- to 4-family mortgages 6.6 5!9 7.0 7.4 9.3 i.i 7.3 7.7 8.4 9.7 9.9 9.4 8.6 7.9 6 Other mortgages .9 I.0 1.7 2.6 2.7 2.7 2.7 2.7 2.6 2.9 2.9 2.6 2.2 2.7 7 Misc. financial transactions.... .1 .7 .9 .5 .6 1.1 * .9 .9 .6 -1.5 2.5 .1 1.0 8 Net increase in liabilities 7.8 7.4 9.9 10.7 13.1 10.2 10.7 12.1 12.0 13.6 13.3 13.6 10.2 11.5 9 Savings shares 6.6 7.6 8.7 9.4 11.0 8.5 9.3 10.8 13.0 10.7 9.4 10.8 10.2 10.6 10 Mtg. loans in process 1 A 4 5 4 3 6 5 5 3 -.4 11 Borrowing from FHLB 1.1 -.3 1.0 1.2 1.9 1.5 1.2 1.4 -1.0 2.6 3.4 2.7 -.4 .9 12 Memo: FHLB loans less deposits. .8 -.2 .7 .8 1.3 1.2 .9 .6 -1.3 1.7 2.8 2.0 .1 1.1 12 (1.2) Mutual savings banks 1 Net acquis. of financial assets 1.2 1.6 2.3 3.3 3.6 2.1 3.9 2.9 5.3 2.4 3.7 3.0 5.4 3.8 2 3 U Co .S rp . o G r o a v te t . b s o e n cu d r s ities - - . . 2 2 — . . 2 6 — -. . 2 1 * —. 1 2 -.4 i * * —. . 2 2 —. . 1 2 -.4 * -A T — — . . 4 3 . * 3 .4 4 1- to 4-family mortgages. . 1.5 1.5 1.7 2 2.6 2^4 2.3 2.3 2.8 2.5 2.4 2.5 2.3 2.6 5 Other mortgages .5 .5 .6 1.0 1.3 .8 1.0 1.0 1.3 1.2 1.1 1.6 1.4 1.6 6 Savings deposits 1.2 1.4 1.9 3.1 3.3 2.7 3.4 3.6 3.2 3.1 3.1 3.6 4.0 3.9 (1.3) Life insurance companies 1 Net acquis. of financial assets.., 5.8 5.6 7.0 6.2 7.5 4.7 7.2 7.2 7.2 6.8 8.7 7.2 8.4 7.6 2 Cr. and equity mkt. instr.. . . 5.2 5.4 5.7 6.4 6.4 7.1 5.8 6.5 6.5 5.6 7.1 6.5 6.9 6.9 3 U.S. Govt. securities -.3 -.5 -.4 * -.5 * -.2 -1.1 -1.0 1 .4 -.6 -.1 4 State and local obligations .5 .4 .3 .1 -.2 .1 -.1 -.2 -!3 * -.2 * 5 Corporate bonds 2.2 1.7 2.5 2.5 2.7 3.3 2!o 2^9 3.3 3.3 2.4 1.9 2.7 2.2 6 Corporate stock .2 .4 .5 .4 .2 .8 .2 .4 .4 .2 .2 . l .5 .5 7 1- to 4-family mortgages . . ll2 1.3 .9 .6 .9 .5 .6 .9 .8 1.0 1.0 .7 1.1 1.7 8 Other mortgages .9 1.3 1.5 2.1 2.7 1.7 2 1 3.0 2.1 2.3 2.8 3.5 2.8 2.5 9 Other loans .5 .8 .4 .7 .5 .7 18 -.3 1.1 2 1.1 * .6 .1 10 Net increase in liabilities 6.2 4.8 6.7 5.2 7.1 2.6 6.8 6.3 6.2 5.7 9.4 7.0 9.3 7.4 11 Life insurance reserves 3.9 3.4 3.9 3.8 4.6 2.7 4.4 4.1 4.5 4.1 5.7 4.4 6.2 5.1 12 Pension fund reserves 2.0 1.2 1.4 1.3 1.7 1.4 1.3 1.4 1.2 1.5 1.9 2.1 1.5 1.6 13 Other .2 .1 1.3 .7 1 A 1.1 .8 .5 .1 1.8 .6 1.7 .7 (1.4) Noninsured pension plans 1 Net acquis. of financial assets 3.5 3.8 3.9 4.0 4.4 5.0 3.2 4.0 3.6 4.9 5.3 4.0 4.6 4.9 2 U.S. Govt. securities .2 —.1 .2 .4 .3 .2 .1 .2 5 .8 2 1 .5 3 Corporate bonds 1.2 1.6 1.2 .2 1.5 1.5 .7 1.4 1.7 1.5' 1.9 8 1.8 1.5 4 Corporate stock 1.7 1.9 2.3 2.2 2.2 2.8 1.9 2.2 1.4 2.5 2.2 2!6 2.4 2.6 (1.5) Other insurance companies 1 Net acquis. of financial assets 1.9 1.3 1.3 1.4 1.7 1.2 1.3 1.6 1.3 1.8 1.9 1.9 1.8 1.7 2 3 D Cr e . m a a n n d d e d q e u p it o y s i m ts k a t. n d in s c t u r rrency 1. * 7 1. * 2 1. * 2 1.2 1.5 1. * 0 1.1 1. * 3 1. li 0 e 1. * 6 1. * 7 1. * 8 1. * 7 * 4 U.S. Govt. securities .3 .2 .1 .1 .1 * .2 .2 .3 .2 1.5 5 6 C St o a r t p e o a r n a d te lo b c o a n l d o s bligations.. 1. . 0 1 1 . . 2 0 * .6 . . 4 8 . . 6 1 . 2 5 . . 4 3 . . 3 5 . . 4 7 . . 9 4 1 . . 4 0 l' . . 4 O - 1 .2 .0 7 Corporate stock .3 .2 .3 !4 .3 .4 •4 .4 .4 .3 .2 .2 .2 . . 4 3 (1.6) Finance companies 1 Net acquis. of financial assets. . . 3.6 3.3 1.5 3.0 4.1 3.2 3.9 2.9 2.0 5.9 3.8 4.6 3.6 6.0 2 1- to 4-family mortgages .2 * .6 .5 .8 1.0 .6 .2 .2 1.1 1.1 1.0 —. 1 1.5 3 Consumer credit 1.8 1.5 1.2 1.8 1.0 1.1 1.8 2.3 .9 2.1 2.1 2.3 1.8 4 Other loans \.3 1.8 .7 1.2 1.4 1.1 2.1 .8 —.5 3.8 .7 5 .4 2.7 5 Net increase in liabilities 3.4 2.2 .4 2.7 4.1 2.6 3.8 3.0 1.8 5.6 4.3 4.9 3.8 5.9 6 Corporate bonds 1.1 1.5 .5 .3 1.6 .5 .2 .7 .4 1.9 1.7 2.4 2.4 2.4 7 8 B Ot a h n e k r l o lo a a n n s s n ( .e o . p c en mkt. paper) 1 . . 7 6 — #2 8 -.1 * 1 1. . 1 2 1 1 . . 0 6 1 1. . 0 1 3 . . 7 0 — 2 . . 3 7 — 1!4 1 1 . . 9 9 2. . 2 4 2.3 3 1 . _ 2 2 1 1 . . 7 7 For notes see p. 1341. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1340 FLOW OF FUNDS OCTOBER 1964 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1959 1960 1961 1962 1963 III IV III IV (1.7) Security brokers and dealers .5 .9 .9 .8 -1.5 2.5 4.7 -5.1 3.6 3.8 1.0 -3.3 3.6 1 Net acquis. of financial assets 6 6 — 1 1 — 9 1 0 1 7 — 2 0 — 8 1 9 — 3 4 1 i 1.2 2 U.S. Govt. securities * — .2 .5 1 5 .4 2 1 — 4 0 1.8 — .2 3 4 — 3 8 2.4 3 Other securities 1.1 _ 2 1.5 -2.1 1.2 1.0 .9 2.5 1.9 .8 -.7 * 4 Security credit '.5 .9 .9 .8 -1.5 2.5 4.7 -5.1 3.6 3.8 1.0 -3.3 3.6 5 Net incr. in liab.—security credit. . 3 8 1.1 -1.8 2.5 1.5 — 1 2 2.8 1.9 — 1 7 1 0 3.4 6 From banks .1 * -.2 .4 -1.0 .4 .6 .5 .3 -.5 .4 7 From agencies of fgn. banks -.2 .2 .1 * * 1.3 2.8 -4^0 .2 1.4 2.4 -3.7 -.1 8 Customer credit balances (1. 8) Open-end investment companies A 7 (\ fi 5 1 Net financial investment 1 4 1 1 1 6 1 4 8 1 j 0 7 .3 1 1.1 2 Net acquis. of financial assets... 1.0 .8 1.2 .7 .9 1.6 .1 -.6 1 .9 .6 .7 -.2 -1.0 3 Corporate stocks 1.8 1.5 2.0 1.9 1.3 2.3 1.3 .8 .8 1.1 1.5 1.6 .6 1.9 4 Net stock issues 3 (J) Rest of the world 1 Net purch. of goods and serv. (2-3). -.8 3.0 4.6 4.0 4.4 4.3 4.4 3.9 3.4 4.3 4.2 5.8 7.7 5.7 2 Purch. of goods and services i. . 22.9 26.3 27.6 29.2 30.7 29.6 29.7 29.4 28.8 30.5 31.0 32.6 34.5 33.7 3 Sales of goods and services i.... 23.6 23.3 23.0 25.2 26.3 25.3 25.3 25.5 25.4 26.3 26. 26.9 26.8 27.9 4 Net unilateral receipts from Govt. i. 1.5 1.6 1.6 1.6 1.6 1.5 1.5 1.6 1.5 1.6 1.6 1.7 1.5 1.6 5 Current surplus (4-1) 2 2.3 -1.4 -3.0 -2.4 -2.8 -2.8 -2.9 -2.3 1 Q 2.6 -2.6 -4.1 -6.2 -4.1 Net financial investment (7-14) 1.9 -.7 -2.0 -1.3 -2.5 -1.9 -1.0 -1.2 -2 .7 -1.4 -4.8 -5.3 -4.0 Net acquis. offinan. assets 6.0 4.2 3.1 3.2 3.4 3.6 .6 5.1 7.2 .1 1.0 7.5 3.7 Gold 1.1 1.7 .9 .9 .5 .5 1.8 .4 .5 .8 .2 -.3 U.S. dem. dep. and currency.. * _ . i .2 .1 .2 .7 -1.8 -.7 2 -.5! -.3 1.2 10 Time deposits - 9 .3 .3 .6 1.0 .3 .1 1.3 1.0 .8 .8 .8 .8 11 U.S. Govt. securities 3.0 .5 .4 1.2 .6 .5 1.1 1.8 2.8 -1.9 -.4 -1.2 .9 12 Other credit market instr .4 .7 .3 .1 .3 .6 -.3 -.4 -.1 1.7 .3 -.8 .5 1.6 13 Misc. financial assets 2.5 1.1 1.0 .4 .8 1.2 -.3 -.5 2.3 - .8 .7 1.1 1.4 -.5 14 Net increase in liabilities 4.1 5.0 5.1 4.5 5.9 5.5 1.6 5.5 6.3 9.9 1.5 5.7 6. 7.7 15 Official U.S. foreign exchange 3 * -.4 .3 -.6 .1 1.1 -1.7 -1.5 .3 * .2 .4 -1.5 16 Securities .8 .6 .8 1.0 1.0 1.4 .4 1.7 2.1 1.8 .5 -.2 .8 17 Loans 4 .2 1.4 2.0 1.2 2.3 .9 n 1.4 1.6 3.4 .8 3.4 1:1 3.3 18 Miscellaneous 5 3.1 3.4 2.0 2.9 2.4 2.2 3.*9 2.3 4.7 .4 2.3 5.0 19 Discrepancy (5-6) 6 .. . .4 -.7 -1.0 -1.1 -.3 -1.0 -1.9 -1.6 -.7 .1 -1.3 .7 Q -.1 19 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1341 Notes to Table 4(A) 3 On owner-occupied houses and nonprofit plant and equipment. 4 Table 4(E), line 13 and 4(F), line 7. 1 Includes nonprofit organizations serving individuals. 5 Includes net free balances with security brokers not shown separately. 2 Retained funds of savings institutions and insurance imputed to 6 Policy loans and hypothecated deposits. personal saving in income and product accounts. 7 Commercial mtgs., bank loans, loans from Govt., and trade debt. Notes to Table 4{B, C, £>) Table 4(E), line 30. 8 Loans from U.S. Govt. and commercial loans from finance cos. 1 Sum of Tables 4(C) and 4(D); for detail see below. 9 Includes half of residential items in Table 4(B). 2 Excludes imputed rental income of owner-occupied houses, included i o Excludes corporations in Tables 4(H) and (I). in Table 4(A). 11 Includes branch profits paid to fgn. parents less branch profits 3 Change in work in process. received from abroad. 4 After inventory valuation adjustment. 12 Includes state and local obligations not shown separately. 5 Net income is treated as payment in full to households, and gross 13 Direct investments abroad, fgn. currency holdings, and unallocated saving is equal only to capital consumption allowances. current assets. 6 Includes farm residential construction. 14 Mainly commercial paper and commercial loans from finance cos. 7 Excludes CCC-guaranteed loans, treated as Govt. borrowing; see 15 Includes state and local profit taxes. Notes to Table 4(E, F) govts., subsidies less current surplus of Govt. enterprises. 5 Govt. life ins., employee retirement, and R.R. retirement programs. 1 Lines 1 through 12 are derived from national-income data, while Excludes social security, which is treated as nonfinancial operation. lines 15 through 31 are based on data behind Treasury cash budget. Line 6 Mainly nonconvertible fgn. currencies and official fgn. exchange 21 is a link between the two accounting systems on treatment of corporate position of Treasury. taxes, and the discrepancy (line 32) represents differences on other matters. 7 Public debt held by public and Federal Reserve, plus nonguaranteed Net cash borrowing in Treasury cash budget corresponds closely to line issues of Govt. agencies. Includes interest accruals on savings bonds and 25 less accrual of interest on savings bonds and Treasury bills. Cash Treasury bills; excludes special notes to international organizations. surplus is closely indicated by line 17 less net cash borrowing. Lines 18, 8 E and H bonds held by households. 22, 30, and 31 are in cash outgo in cash budget except for small amounts 9 Marketable issues due in less than one year plus part of those due in in receipts. Lines 13 and 24 are imputations reflected in neither national- less than two years. income nor cash budget. I ° CCC-guaranteed loans; net movement of inventory under guarantee 2 OASI, disability insurance, and unemployment programs. Line 5 is included in line 11. includes U.S. Govt. employment taxes; line 6, U.S. Govt. benefit payments I1 Includes employee retirement funds. to households. 12 Net of current surplus of govt. enterprises. 3 Veterans' life insurance and Govt. employee and R.R. retirement 13 Corporate bonds and mortgages. funds. Line 7 excludes Govt. contributions to these funds. 14 Trade debt and loans from Federal Govt. 4 Transfers other than lines 6 and 8, grants in aid to state and local Notes to Table 4{G, H) 4 Includes deposits of international organizations other than IMF; IMF deposits are net in line 3. 1 Federal Reserve System plus those Treasury accounts included in 5 Excludes banks in possessions. "Member Bank Reserves, Federal Reserve Bank Credit, and Related 6 Deposits with F.R. Banks; vault cash in reserves is in line 4. Items." Excludes Exchange Stabilization Fund, which is in U.S. Govt. 7 Includes consumer loans secured by hypothecated deposits not accounts. shown separately. 2 Includes F.R. holdings of fgn. currencies, which are net in "other F.R. 8 Includes deposits held outside Treasury. accounts" in table mentioned in note 1. 9 Bank and nonbank. 3 Includes vault cash of nonmember banks. i o Net of F.R. float, shown separately in line 30. Notes to Table 4(1) banks, and banks in possessions. 2 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 4 of 1.8. 1 In addition to types shown, includes credit unions, agencies of foreign 3 Includes retained capital-gains dividends. Notes to Table 4(J) IMF position consists of U.S. capital subscription less IMF holdings of special U.S. Govt. notes and deposits with Federal Reserve. 1 Lines 2, 3, and 4 are exports, imports, and net transfers from Govt. in 4 Bank loans, acceptances, loans from U.S. Govt., and security credit. national income accounts. 5 Direct investment abroad, foreign currencies held by other than in 2 Net foreign investment in national income accounts with opposite line 15, subscriptions to international organizations except IMF, and sign. unidentified liabilities. 3 Official foreign currency holdings and net IMF position of U.S. 6 Errors and omissions in U.S. balance of payments statement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1342 FLOW OF FUNDS OCTOBER 1964 5. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 I. Demand deposits and currency 1 Net banking system liability 123.8 130.8 137.5 137.5 142.1 144.3 146.1 145.4 151.1 152.1 152.2 157.6 162.0 167.8 2 U.S. Government deposits 5.4 5.6 7.4 6.1 6.4 5.7 5.7 5.8 6.0 6.7 7.5 7.8 9.1 8.6 3 Other 118.4 125.2 130.1 131.4 135.7 138.6 140.4 139.5 145.2 145.5 144.7 149.8 152.9 159.3 4 Domestic sectors 116.3 123.6 128.4 130.0 134.1 137.1 138.7 137.6 143.2 143.5 142.8 147.7 150.7 156.8 5 Households 54.5 57.6 59.8 60.4 62.8 62.3 63.4 62.2 64.1 65.4 64.1 64.4 66.3 75.0 6 Nonfinancial business 42.2 45.2 45.5 45.5 48.0 49.3 49.6 50.3 53.2 51.0 50.5 52.7 51.6 47.3 7 State and local govts 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10 11.0 11.6 11.8 12.3 13.1 13.8 8 Financial sectors 6.1 6.7 6.8 7.2 7.6 8.2 8.5 8.8 9.5 9.5 10.0 11.1 12.2 12.5 9 Mail float 5.4 5.6 7.2 7.2 5.7 6. 6.7 5.5 5.4 6.0 6.4 7.1 7.5 8.3 10 Rest of the world 2.1 1.6 1.7 1.5 1.6 1.5 1.7 2.0 1.9 1.9 1.8 2.1 2.2 2.4 II. Time and savings accounts 11 Total held 71.8 76.7 84.9 94.1 104.6 113.1 122.4 134.8 151.6 161.5 176.8 197.5 226.2 255.4 12 At commercial banks 36.9 38.7 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.4 13 Corporate business .9 .9 .9 .9 1.0 1.0 1.0 1.9 1.5 2.3 3.6 6.2 12.2 14 State and local government.. 1.4 1.5 1.6 2.0 2A 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 15 Foreign depositors 1.9 2.0 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 16 Households 32.4 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.6 69.4 80.9 86.3 17 At savings institutions 34.9 38.1 43.2 48.9 55.7 62.8 70. 77.0 85.9 94.0 103.5 114.8 127.9 143.0 18 Memo: Households, total 67.1 71.6 79.3 87.6 96.8 105.5 115.0 127.0 141.1 152.8 165.7 183.7 208.2 228.7 III. U.S. Govt. securities 19 Total net issues 218.1 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 19 20 Short-term n.a. n.a. 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87.0 95.8 96.3 97.7 20 21 Other n.a. n.a. 158.5 148.1 165.1 162.5 151.1 143.7 154.9 159.2 153.6 152.2 158.9 162.8 21 22 Holdings, by sector 218.1 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 22 23 Monetary authorities 20.8 23.8 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 23 24 Short-term n.a. n.a. 14.6 16.5 19.9 21.2 22.2 21.8 21.0 20.2 19 18.2 20.2 25.2 24 25 Commercial banks 63.3 62.6 64.6 64.8 70.2 63.5 60.7 61.2 69.3 61.8 63 68.9 69.7 67.1 25 26 Short-term direct n.a. n.a. 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23.1 26 27 Other direct n.a. n.a. 39. 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39 35.2 40.4 40.9 27 28 Nonguaranteed 1.5 1.3 1.4 1.3 1.3 1.8 1.5 2.1 2.1 1.7 1.6 1.8 2.7 3.2 28 29 Nonbank finance 34.8 31.5 31.5 31.5 30. 30.2 29.0 28.6 29.5 30. 29.8 30.6 31.9 31.3 29 30 Short-term direct 1.7 1.4 4.3 4.7 3.7 3.2 3.8 4.6 5.4 5.4 6.6 8.2 8.9 7.6 30 31 Other direct 33.1 30.0 27.1 26.6 26.9 26.7 24.6 23.0 23.0 23.2 21.5 20.7 21.2 21.6 31 32 Nonguaranteed * .2 .3 .2 .4 .6 1.1 1.1 1.5 1.7 1.7 1.9 2.1 32 33 Foreign 3.1 4.1 4.5 4.8 5.8 6.7 6.9 7.0 10.0 10.5 10.9 12.0 12.6 33 34 Short-term 1.5 2.1 2.9 3.4 3.7 4.2 5.2 5.4 5.4 7.5 7.6 6.9 9.0 8.3 34 35 Pvt. domestic nonfinan. sectors. 96.2 97.1 97.5 100.9 99.0 106.6 104.3 104.3 101.5 114.6 109.4 108.7 110.7 115.8 35 36 Short-term direct n.a. n.a. 18.6 23.0 20.4 27.8 27.5 30.6 27.7 35.2 30.9 30.6 31.6 33.6 36 37 Other direct n.a. n.a. 29.3 28.1 28.1 27.2 24.7 22.4 23.6 28.7 28.2 26.7 26.7 27.8 37 38 Nonguaranteed .4 .6 .5 .5 .5 1.4 1.9 3.1 2.5 4.8 4.6 5.0 5.6 6.5 38 39 Savings bonds—household. . 49.6 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 39 IV. Other securities 40 Total at market value 207.4 236.9 259.8 261.6 347.9 414.7 443.4 417.8 543.3 586.5 592.6 721.5 666.9 767.3 40 41 State and local obligations 24.7 26.9 29.6 33.7 38.8 44.2 48.2 53.8 58.2 63.4 67.9 74.1 81.3 88.4 41 42 Corporate and foreign bonds. . 39.2 43.0 48.1 52.9 56.9 60.9 65.7 73.2 79.7 84.1 89.8 95.0 100.4 106.8 42 43 Nonfinancial corporations... 35.8 39.0 43.6 47.0 50.5 53.3 57.0 63.5 69.2 72.3 75.9 80.2 84.4 88.1 43 44 Finance companies 1.7 2.0 2.3 3.7 4.0 5.4 6.3 7. 7.2 8.3 9.9 10.4 10.7 12.3 44 45 Foreign 1.7 2.1 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.4 45 46 Corporate stocks 143.6 167.0 182.1 174.9 251.9 309.2 329.0 290.3 404.8 438.2 434.0 551.4 484.1 570.9 46 Holdings, by sector 47 Households 145.8 168.1 182.8 176.6 252.7 307.1 329.0 295.3 401.7 432.4 428.1 537.5 471.9 553.5 47 48 Stocks 133.3 155.3 168.9 160.9 233.2 284.8 303.5 265.9 372.2 400.7 394.2 501.7 434.8 514.2 48 49 Bonds 12.5 12.7 13.9 15.8 19.5 22.2 25.5 29.4 29.6 31.7 33.9 35.8 37.1 39.3 49 50 State and local government 5.0 5.6 6.0 7. 6.0 9. 10. 11.7 13.8 15.2 17.5 19.6 20.8 21.9 50 51 Corporate business .5 .6 .7 1.0 1.2 1.3 1.5 2.0 2.6 2.4 2.4 2.4 2.4 51 52 Commercial banks 10.3 11.4 12.3 12^9 14.5 14.4 14.2 15.3 17.8 18.2 18.6 21.2 25.6 30.8 52 53 Mutual savings banks 2.2 2.5 2.9 3.2 3.5 3.2 3.4 4.0 4.7 4.4 4.6 4.5 4.5 4.4 53 54 Insurance and pension funds 38.5 43.2 49. 54.8 62.4 70.4 76.2 81.4 93.1 102.5 110.3 125.3 128.8 141.0 54 55 Stocks 6.7 7.5 8.7 9.5 12.5 16.7 17.9 17.6 24.1 28.4 31.0 40.9 39.4 46.4 55 56 Bonds 31.7 35.6 40.4 45 49.9 53.6 58.3 63.8 69.0 74.1 79.3 84.3 89.3 94.6 56 57 Finance n.e.c 2.0 2.1 2.1 2.3 2.3 2.5 1.8 2.1 1.4 1.3 1.2 .9 1.1 1.4 57 58 Security brokers and dealers. . . 2.1 2.3 2.3 2.5 2.6 2. 2.2 2.5 1.9 2. 2.1 1.9 2.4 2.6 58 59 Investment companies—net.... -.2 -.3 -.3 -.3 -.3 -.4 -.5 -.5 -.6 -.9 -1.0 -1.1 -1.3 -1.3 59 60 Portfolio securities 2.2 2. 3.7 3.9 5.8 7.4 8.6 8.2 12.6 15.0 16.1 21.8 20.0 23.9 60 61 Own shares outstanding 2.4 3.0 3.9 4.1 6.1 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 61 62 Rest of the world 3.1 3.6 3.9 3.9 5.5 6.8 7.3 6.5 9.9 9.8 10.2 11.7 11.9 62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1343 5. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 V. Mortgages 63 Total outstanding 72.8 82.3 91.4 101.3 113.7 129.9 144.5 156.5 171.8 190.8 206.8 226.3 251.6 280.9 64 1- to 4-family mortgages 45.2 51.7 58.5 66.1 75.7 88.2 99.0 107.6 117.7 130.9 141.3 153.1 166.5 182.2 65 In process .7 .8 .5 .6 .8 .9 .9 •9 1.2 1.3 1.2 1.6 2.0 2.5 66 Disbursed 44.4 51.0 58.0 65.6 74.9 87.3 98.1 106.8 116.5 129.6 140.1 151.5 164.5 179.7 67 Other mortgages 27.6 30.6 32.9 35.2 38.0 41.6 45.5 48.9 54.1 60.0 65.6 73.2 85.1 68 Holdings, by sector 72.8 82.3 91.4 101.3 113.7 129.9 144.5 156.5 171.8 190.8 206.8 226.3 251.6 280.9 69 Households 17.3 18.3 19.1 20.2 19.3 22.6 24.2 26.3 28.7 30.7 32.7 35.2 39.2 43.7 70 U.S. Government 2.7 3.4 4.0 4.4 4.6 5.2 6.0 7.5 7.8 10.0 11.2 11.8 12.2 11.2 71 Commercial banks 13.5 14.6 15.7 16.7 18.4 20.8 22.5 23.1 25.3 28.1 28.7 30.3 34.3 39.2 72 Savings institutions 22.0 25.6 29.9 35.0 41.3 49.0 55.7 61.4 69.2 78.5 87.4 98.4 111.5 127.6 73 Insurance sector 16.6 19.9 22.0 24.1 26.9 30.5 34.2 36.6 38.6 41.1 44.0 46.6 49.7 53.6 74 Mortgage companies .5 .4 .6 .6 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 VI. Bank loans n.e.c. 75 Total outstanding 27.3 31.9 35.0 34.0 34.1 42.2 48.0 50.3 51.5 59 62.0 64.8 70.9 80.0 76 Households 1.4 .7 .6 .6 .7 1.4 1.5 1.7 2.1 2.4 2.6 3. 3.6 3.8 77 Nonfmancial business 21.0 26.2 28.7 28.0 27.6 32. 38.0 40.2 41.6 47.4 50.0 51.6 55.8 62.1 78 Corporate 12.4 15.5 16.4 16.4 15.7 18.7 24.0 26.0 26.4 31.2 33.8 35.5 38.1 42.0 79 Nonfarm noncorporate. 6.1 7.6 9.1 8.9 9.0 10.1 10.8 10.5 11.0 11.4 11.3 10.8 11.6 13.4 80 Farm 2.5 3.1 3.2 2.8 2.9 3.3 3.3 3.6 4.2 4.8 5.0 5.3 6.0 6.7 81 Rest of the world .7 .8 .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 4.1 4.9 82 Financial sectors 4.2 4.2 4.9 4.8 5.0 7.3 6.8 6.3 5.2 6.7 6.4 6.4 7.5 9.2 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 (A) Households 1 Total financial assets 440.4 476.5 510.1 522.4 616.3 695.6 740.7 728.7 864.8 931.3 949.51095.61071.4 L208.3 2 Demand deposits and currency. 54.5 57.6 59.8 60.4 62.8 62.3 63.4 62.2 64.1 65.4 64.1 64.4 66.3 75.0 3 Savings accounts 67.1 71.6 79.3 87.6 96.8 105.5 115.0 127.0 141.1 152.8 165.7 183.7 208.2 228.7 4 At commercial banks 32.4 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.6 69.4 80.9 86.3 5 At savings institutions 34.8 37.9 42.9 48.7 55.4 62.5 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142.4 6 Life insurance reserves 57.9 60.7 63.9 67.1 70.1 73.3 77.1 80.0 83.3 87.0 90.6 94.4 98.6 102.9 7 Pension fund reserves 23.8 27.4 32.1 37.0 41.9 49.7 55.7 61.7 71.7 81.2 89.5 102.2 108.0 121.8 8 Credit and equity mkt. instr.... 231.0 253.1 268.5 263.6 337.4 397.5 422.2 390.5 496.9 537.1 531.6 642.7 582.0 671.6 9 U.S. Government securities.. 67.8 66.7 66.5 66.8 65.4 67.8 68.9 68.8 66.5 73.9 70.7 70.1 70.9 74.4 10 Savings bonds 49.6 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 11 Short-term marketable.... n.a. n.a. 6.4 8.4 5.9 6.2 7.5 9.3 7.3 10.2 7.4 6.8 7.4 10.0 12 Other direct n.a. n.a. 10.6 8.6 9.1 10.2 9.6 8.7 9.1 13.5 13.5 12.5 11.9 10.6 13 Nonguaranteed .4 .5 .4 .4 .4 1.2 1.6 2.7 2.4 4.3 4.2 4.3 4.8 5.7 14 State and local obligations... 9.2 9.8 10.8 12.6 14.1 17.8 20.2 23.2 23.0 25.1 27.5 29.5 31.3 33.4 15 Corporate and foreign bonds. 3.3 3.0 3.1 3.2 5.4 4.4 5.3 6.1 6.6 6.7 6.4 6.3 5.8 5.9 16 Corporate stock, mkt. value. 133.3 155.3 168.9 160.9 233.2 284.8 303.5 265.9 372.2 400.7 394.2 501.7 434.8 514.2 17 Mortgages 17.3 18.3 19.1 20.2 19.3 22.6 24.2 26.3 28.7 30.7 32.7 35.2 39.2 43.7 18 Security credit .9 .8 .7 .7 1.0 .9 .9 .9 1.2 1.0 1.1 1.2 1.2 1.2 19 Miscellaneous 5.2 5.4 5.8 6.1 6.2 6.4 6.4 6.5 6.5 6.7 6.8 6.9 7.0 7.2 20 Total liabilities 68.5 76.2 88.3 100.6 112.0 132.5 147.8 159.8 171.5 192.0 208.6 224.2 244.1 269.2 21 Households 65.3 73.5 85.5 97.7 108.8 128.3 143.1 154.6 165.6 185.4 201.4 216.1 234.9 259.0 22 Credit mkt. instr 62.7 71.2 82.9 94.6 104.7 123.5 138.4 150.2 160.0 179.8 196.0 209.4 228.3 250.4 23 1- to 4-family mortgages . . 38.3 45.2 52.0 59.6 68.3 80.5 91.6 100.4 109.6 122.5 133.5 144.6 157.4 172.3 24 Consumer credit 21.5 22.7 27.5 31.4 32.5 38.8 42.3 45.0 45.1 51.5 56.0 57.7 63.2 69.9 25 Other loans 3.0 3.3 3.3 3.6 3.9 4.1 4.4 4.9 5.3 5.8 6.5 7.1 7.7 8.2 26 Security credit 2.5 2.4 2.6 3.0 4.1 4.8 4.8 4.4 5.5 5.5 5.4 6.7 6.6 8.6 27 Nonprofit organizations 3.2 2.6 2.9 2.9 3.3 4.2 4.7 5.2 6.0 6.6 7.1 8.1 9.2 10.2 28 Other mortgages .9 1.0 1.1 1.2 1.3 1.4 1.5 1.7 1.8 2.1 2.3 2.6 3.0 3.5 29 Bank loans n.e.c 1.4 .7 .6 .6 .7 1.4 1.5 1.7 2.1 2.4 2.6 3.1 3.6 3.8 30 Trade credit .9 .9 1.1 1.2 1.3 1.4 1.6 1.7 1.8 1.9 2.0 2.1 2.1 2.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1344 FLOW OF FUNDS OCTOBER 1964 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1950 1951 1952 1953 1954 1955 1956 1957 i 1958 1959 1960 \ 1961 \ 1962 i 1963 (B) Farm business 1 Total financial assets 7.3 7.5 7.5 7.4 7.3 7.4 7.2 7.2 7.5 7.2 7.0 7.0 7.1 7.1 1 2 Demand deposits and currency.. 6.3 6.5 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5. 5.6 5.5 5.5 5.5 2 3 Nonlife insurance claims 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.6 1.6 3 4 Total liabilities 11.1 12.7 13.6 13.5 14.4 15.7 16.6 17.7 19.4 21.4 22.6 24.3 26.6 29.7 5 Credit market instruments 9.4 10.7 11.5 11.5 12.3 13.5 14.3 15.4 16.9 18.8 19.8 21.5 23.7 26.3 6 Mortgages 6.1 6.7 7.2 7.7 8.2 9.0 9.8 10.4 11.1 12.1 12.8 13.9 15.2 16.8 7 Bank loans n.e.c 2.5 3.1 3.2 2.8 2.9 3.3 3.3 3.6 4.2 4.8 5.0 5.3 6.0 6.7 8 Other loans .8 1.0 1.0 1.0 1.1 1.1 .2 1.4 1.6 1.9 2.0 2.2 2.5 2.8 9 Trade debt 1.7 2.0 2.1 2.1 2.1 2.2 2.3 2.3 2.5 2.7 2.8 2.8 3.0 3.4 Memo: CCC guaranteed loans and 10 certificates not included above .. 2.2 2.3 1.2 .9 .5 .8 .21 .7 10 (C) Noncorporate nonfinancial business 1 Total financial assets 14.4 16.0 16.2 16.6 16.7 17.9 18.7 19.8 21.0 20.7 20.7? 21.2 21.7 22.3 2 Demand deposits and currency. 9.7 10.8 10.4 10.4 10.9 11.2 11.5 12.4 13.5 12.7 12.4: 12.5 12.5 12.5 3 Consumer credit 3.3 3.6 4.0 4.2 3.7 4.4 4.7 4.8 4.8 5.0 5.3! 5.5 5.8 6.3 4 Nonlife insurance claims 1.4 1.6 1.8 2.0 2.1 2.3 2.4 2.6 2.7 2.9 3.1; 3.2 3.4 3.5 | Total liabilities 18.6 20.0 20.9 22.2 24.7 29.1 30.9 33.4 35.4 39.1 42.3 45.8 52.2 59.7 Credit market instruments 24.0 26.9 29.7 30.4 32.1 35.6 37.8 39.4 42.4 45.9 48.9 52.0 58 67.1 1- to 4-family mortgages 4.9 4.7 4.8 4.8 5.1 5.2 5.1 5.0 5.2 5.3 5.11 5.3 5.3 5.5 Multifamily and coml. mtgs.. 9.9 10.9 11.7 12.5 13.6 14.9 16.3 17.6 19.6 21.9 24.1 27.1 32.0| 37.5 Bank loans n.e.c 6.1 7.6 9.1 8.9 9.0 10.1 10.8! 10.5 11.0 11.4 11.3 10.8 11.61 13.4 Other loans 3.2 3.7 4.0 4.2 4.5 5.3 5.7 6.3 6.5 7.3 8.4 8.9 9.8 iu10./.7 Trade debt, net -5.5 -6.9 -8.8 -8.3 -7.5 -6.4 -6.9 -6.0 -7.0 -6.8 -6.5 -6.3 -6.51 -7.4 Trade debt 4.7 3.4 2.7 3.8 5.3 5.7 6.7| 7.1 7.2 7.1 7. li 7.2 7.1 5.9 Trade receivables 10.1 10.3 11.5 12.1 12.7 12.2 13.6 13.1 14.2 13.9 13.6 13.5 13.6 13.2 (D) Corporate nonfinancial business Total financial assets 106.3 116.3 122.2 125.9 130.3 147.8 154.5 159.7 171.4 184.9 191.9 205.5 217.0 232.2 Liquid assets 46.6 49.5 49.4 51.1 51.0 56.2 51.9 51.4 53.8 56.2 54.3 57.6 59.2 61.3 Demand deposits and currency 26.2 27.9 28.7 28.8 30.9 31.9 32.1 32.1 33.5 32.5 32.5 34.7 33.5 29.3 Time deposits .9 .9 .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.3 3.6 6.2 12.2 U.S. Govt. securities 19.6 20.7 19.8 21.4 19.0 23.2 18.8 18.4 18.4 22.2 19.5 19.3 19.5 19.8 State and local obligations .5 .6 j .8 1.0 1.2 1.3 1.5 2.0 2.6 2.4 2.4 2.4 2.4 Consumer credit 4.6 5.1 5!9 6.1 6.4 7.1 7.5 7.6 8.1 8.9 9.1 9.2 10.1 10.8 Other loans (finance paper) .6 .9 1.2 1.4 1.3 1.3 1.5 1.8 1.8 2.3 2.8 2.9 3.7 4.4 Trade credit 40.5 44.0 47.0 46.2 49.6 59.3 65.0 66.5 72.6 78.6 82.8 90.6 95.9 103.7 Other financial assets 13.3 16.1 18.1 20.2 20.9 22.7 27.4 31.0 33.2 36.3 40.4 42.9 45.7 49.6 Total liabilities 123.8 141.8 151.3 158.0 160.8 183.3 199.4 208.7 219.0 236.8 248.3 263.7 280.9 302.9 Credit and equity mkt. instr 62.2 69.7 76.4 80.9 85.0 92.5 102.9 113.3 122.1 132.8 142.6 152.8 165.8 179.8 Corporate bonds 35.8 39.0 43.5 46.8 50.2 52.9 56.5 62.8 68.5 71.5 75.0 79.2 83.3 86.9 Mortgages 12.1 13.0 14.0 14.9 16.3 17.9 19.3 20.6 23.1 25.7 27.9 31.3 36.7 42.9 Bank loans n.e.c 12.4 15.5 16.4 16.4 15.7 18.7 24.0 26.0 26.4 31.2 33.8 35.5 38.1 42.0 Other loans 2.0 2.2 2.4 2.8 2.8 3.0 3.2 3.8 4.0 4.4 6.0 6.8 7.7 8.1 Profit taxes payable 17.2 21.9 18.7 19.6 15.9 19.6 18.3 16.0 12.8 15.2 13.8 13.8 15.4 16.5 Trade debt 29.4 32.8 35.8 35.5 35.8 43.9 47.8 46.8 49.4 50.6 51.0 53.2 53.7 57.1 Other 15.0 17.4 20.4 22.1 24.0 27.3 30.4 32.6 34.7 38.2 40.8 43.9 46.0 49.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1345 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 (E) U.S. Government \ Total financial assets 43.3 50.8 52.5 52.6 49.3 53.3 54.2 55.7 54.6 61.6 64.2 67.5 73.1 77.4 1 Gold and official U.S. foreign 2 exchange 1.6 1.6 1.6 1.5 1.3 1.2 1.8 2.1 2.0 2.1 1.7 1.9 1.2 1.2 2 3 Demand dep. and currency 5.0 5.2 7.0 5.5 5.8 5.2 5.0 5.2 5.3 6.0 6.9 7.2 8.3 7.9 3 4 At F.R. Banks 2.0 1.5 1.7 1.4 1.2 1 2 1 2 1 0 .9 .9 9 1.0 1.2 4 5 Other 3.1 3.6 5.3 4.4 4.4 4.0 3.8 3.9 4.2 5.1 6.0 6.3 7.3 6.7 5 6 Credit market instruments 17.7 19.3 21.0 21.8 21.5 22.9 24.1 26.5 28.2 32.0 34.3 37.1 40.6 43.3 6 7 1- to 4-family mortgages 1.5 2.1 2.5 2.8 2.8 3.0 3.5 4.7 4.7 6.3 7.1 7.3 7.4 6.2 7 8 Other mortgages 1.3 1.3 1.4 1.7 1.8 2.2 2.5 2.8 3.1 3.7 4.1 4.5 4.8 5.0 8 9 Other loans 15.0 15.9 17.0 17 3 16 9 17.8 18 1 19 0 20 4 22.0 23 1 25 3 28.4 32 1 9 10 To svgs. and loan assns .8 .8 .9 .9 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 10 11 To rest of the world 10.1 10.2 10.6 10.9 10.7 10.6 10.7 11.0 11.7 11.6 12.2 12.9 13.7 15.0 11 12 To others 4.1 4.9 5.5 5.5 5.4 5.7 6.2 6.7 7.5 8.3 8.9 9.8 11.2 12.4 12 13 Time deposits .2 .3 .3 .3 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 13 14 Taxes receivable .. 17.4 22.2 19.4 20.4 16.9 20.2 18.9 17.0 14.3 16.6 15.6 15.4 16.8 17.8 14 15 Trade credit .4 1 3 2 3 2 2 2 4 2.3 2 4 2 3 1 7 1 7 1 8 1 8 2 0 2 5 15 16 Miscellaneous .9 .9 1.0 .9 1.0 1.2 1 7 2.4 2.6 2.9 3.6 3.8 4.0 4.4 16 17 Total liabilities 238.4 240.8 246.7 254.1 256.0 256.4 252.0 251.8 261.6 271.3 271.1 280.2 288.9 295.0 17 18 Consumer svgs. in life ins 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 6.4 6.5 6.6 6.8 18 19 Consumer svgs. in retirement fds.. 6.7 7.5 8.4 8.9 9.4 10.0 10.9 11.3 12.3 13.2 14.1 15.0 16.0 17.2 19 20 U.S. Govt. securities 218.1 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 20 21 Savings bonds 49.6 49.1 49.2 49.4 50.0 50.2 50 1 48.2 47.7 45.9 45 6 46.4 46.9 48.0 21 22 Short-term direct n.a. n.a. 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87.0 95.8 96.3 97.7 22 23 Other securities n.a. n.a. 107.3 96.6 113.0 108.8 97.0 89.3 101.5 105.4 100.1 97.2 101.9 103.1 23 24 Nonguaranteed issues 1.8 2.1 2.1 2.1 2.1 3.6 4.0 6.2 5.7 7.9 7.9 8.5 10.1 11.7 24 25 Other loans .4 3 7 2 2 2 3 1 2 9 5 8 2 7 9 1 1 7 25 26 Trade debt 1.1 2.7 2.8 2.6 2.4 2.3 2 6 2.8 2 8 2.9 3 1 3 4 3.7 3.6 26 27 Treasury currency liability 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 27 28 Miscellaneous liabilities 3.8 3 9 3.8 3 7 3 8 3 5 3 4 3 2 3 3 3 0 3 4 3 7 3 5 3 4 28 Dep. of svgs. and loan associa- 29 tions at FHLB 2 3 .4 .6 .8 7 7 .7 .8 .6 .9 1.2 1.2 1.2 29 30 Other 3.6 3.6 3.3 3.2 3.0 2.8i 2 7 2 6 2.5 2.5 2 5 2 5 2 3 2.3 30 ! ! (F) State and local governments 1 Total financial assets 24.0 26.2 28.7 32.3 36.0 38.5 41.0 43.8 46.5 50.3 55.5 59.7 64.0 69.0 1 2 Demand deposits and currency... 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 11.8 12.3 13.1 13.8 2 3 Time deposits 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 3 4 Credit market instruments 13.8 15.3 17.2 19.9 22.8 24.8 27.0 29.2 30.9 34.3 37.9 40.6 43.1 45.6 4 5 US Govt securities 8.8 9.7 11.2 12.8 14.5 15.6 16.6 17.0 16.6 18.4 19.2 19.3 20.4 21.6 5 6 State and local obligations... 3 6 3.8 3.9 4.3 4.6 5.0 5 4 5 9 6 4 6 9 7 2 7 3 7.1 6.2 6 7 Corporate bonds 1.4 1.8 2.2 2.8 3.5 4.1 4.8 5.8 7.4 8.3 10.4 12.3 13.8 15.7 7 8 1- to 4-family mortsages .1 .2 .3 .4 .5 .8 1.1 1.6 1.9 2.0 8 9 Taxes receivable .8 .9 .8 .8 .8 1.0 1 0 1.0 1 0 1.2 1.3 1.3 1.4 1.5 9 10 Total liabilities 31.6 34.9 38.9 43.9 50.1 57.0 62.6 70.3 76.8 84.3 91.5 100.5 110.9 121.4 10 11 Credit market instruments 25.2 27.8 30.7 34.4 39.3 44.7 48.8 54.5 59.1 64.6 69.4 75.9 83.7 91.1 11 12 State and local obligations 24.7 26.9 29.6 33.7 38.8 44.2 48.2 53.8 58.2 63.4 67.9 74.1 81.3 88.4 12 13 Other loans (U.S. Govt.) .6 .8 .8 .5 .5 .6 .7 1.0 1.2 1.5 1.8 2.4 2.7 13 14 Trade debt 1.2 1.2 1.4 1.6 1.7 1.8 2.0 2.2 2.3 2.4 2.5 2.6 2.7 14 Consumer svgs. in retirement 15 funds 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.5 17.4 19.7 22.1 24.6 27.5 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1346 FLOW OF FUNDS OCTOBER 1964 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 (G) Monetary authorities 1 Total financial assets 49.4 52.2 53.6 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 2 Gold and fgn. exchange i 22.7 22.7 23.2 22.0 21.7 21.6 21.9 22.8 20.5 19.4 17.7 16.8 16.0 15.6 3 Treasury currency 4.5 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.2 5.2 5.4 5.4 5.4 4 Credit market instruments 20.8 23.8 24.7 25.9 25.1 24.8 25.0 24.3 26.4 26.7 27.5 28.9 30.9 33.8 5 U.S. Govt. securities 20.8 23.8 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 6 Short-term direct n.a. n.a. 14.6 16.5 19.9 21.2 22.2 21.8 21.0 20.2 19.2 18.2 20.2 25.2 7 Other n.a. n.a. 10.1 9.4 5.1 3.6 2.7 2.4 5.4 6.5 8.1 10.7 10.6 8.4 8 F.R. float 14 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 9 F.R. loans to domestic banks. . .1 .1 * * .1 * .5 * .1 * 10 Total liabilities 49.3 52.2 53.6 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 11 Vault cash of comm. banks 2.2 2.7 2.8 2.5 2.5 2.7 3.3 3.3 3.3 3.0 3.4 3.7 4.6 5.0 12 Capital stock at F.R. Banks ... ? .2 .3 .3 .3 .3 .3 .3 .4 .4 .4 .4 .5 .5 Demand deposits and currency 13 Due to U.S. Government 2.0 1.5 1.7 1.4 1.2 1.2 1.2 1.0 .9 .9 .9 1.0 1.2 14 Due to rest of the world 6 .5 .6 .4 .5 4 .3 .4 .3 .4 .2 .3 .3 .2 15 Currency outside banks 25.6 26.5 27.7 28.3 28.0 28.5 28.5 28.5 28.9 29.6 29.5 30.2 30.8 32.7 16 Other 1.1 .7 .8 .9 .9 1.0 .8 .7 1.0 .9 .8 .7 .8 .8 17 Member bank reserves 17.7 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0 (H) Commercial banks 2 1 Total financial assets 148.0 157.0 166.3 170.7 179.8 185.4 191.4 197.3 212.0 217.6 226.6 243.3 263.7 284.4 2 Member bank reserves 17.7 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0 3 Vault cash 2.2 2.7 2.8 2.5 2.5 2.7 3.3 3.3 3.3 3.0 3.4 3.7 4.6 5.0 4 Total loans and investments 3 125.8 131.8 141.8 146.2 156.3 161.5 166.5 171.9 187.0 193.0 201.9 217.3 236.4 256.5 5 Credit market instruments 123.0 129.2 138.7 142.6 151.8 156.5 162.2 167.7 182.4 188.2 196.8 211.1 229.1 248.4 6 U.S. Govt. securities4 63.3 62.6 64.6 64.8 70.2 63.5 60.7 61.2 69.3 61.8 63.5 68.9 69.7 67.1 7 Short-term direct n.a. n.a. 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23.1 8 Other direct n.a. n.a. 39.6 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39.3 35.2 40.4 40.9 9 Nonguaranteed 1.5 1.3 1.4 1.3 1.3 1. 1.5 2.1 2.1 1.7 1.6 1.8 2.7 3.2 10 Other securities & mortgages. 23.9 26.0 28.0 29.6 32.9 35.2 36.7 38.4 43.1 46.3 47.3 51.5 59.9 70.0 10 11 State and local obligations. 8.1 9.2 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 17.6 20.3 24.8 29.8 11 12 Corporate bonds 2.2 2.2 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 1.0 .9 .8 1.0 12 13 1- to 4-family mortgages . . 9.4 10'.2 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19.1 19.2 20.0 22.0 24.7 13 14 Other mortgages 4.2 4.4 4.6 4.8 5.2 5. 6.4 6.9 7.8 8.9 9.5 10.4 12.3 14.4 14 15 Other credit exc. security 35.8 40.6 46.1 48.3 48.7 57.8 64.8 68.0 70.0 80.1 86.0 90.7 99.5 111.3 16 Consumer credit 7.4 7.5 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.8 20.6 21.4 23.7 26.7 17 Bank loans n.e.c 27.3 31.9 35.0 34.0 34.1 42 48.0 50.3 51.5 59.3 62.0 64.8 70.9 80.0 18 Other loans 1.2 1.3 1.8 3.3 3.7 2.3 2.2 1.9 2.5 1.9 3.4 4.5 4.9 4.7 19 CCC loans .4 .3 .7 2.2 2.3 1.2 '.9 .5 .8 .2 .7 .9 1.1 .7 20 Open market paper .5 .6 .7 .7 .9 .1 .9 1.1 1.0 1.9 2.8 3.0 3.1 21 Security credit 2.9 2.6 3.2 3.6 4.5 4.3 4.2 4.7 4.9 5.1 6.2 7.3 8.2 22 Miscellaneous assets 2.1 2.3 1.5 1.6 1.9 1.9 2.3 2.7 2.8 3.0 3.8 4.5 4.8 5.3 23 Capital stock of F.R. Banks .2 .2 .3 .3 .3 .3 .3 .3 .4 .4 .4 .4 .5 .5 23 24 Total liabilities 137.0 145.4 153.8 157.3 165.5 170.1 174.6 179.0 192.8 197.0 204.8 220.6 239.8 258.8 25 Demand deposits, net 95.6 102.2 107.6 107.7 112.2 114.3 116.0 115.2 120.9 121.3 121.6 126.2 129.9 133.7 26 U.S. Government 3.4 4.1 5.7 5.0 5.0 4.5 4.5 4.6 4.9 5.8 6.7 6.9 8.2 7.3 27 Foreign 1.4 1.1 1.2 1.1 1.1 1.1 1.4 1.6 1.7 1.6 1.6 1.8 1.9 2.2 28 Other, net 90.8 97.1 100.7 101.7 106.1 108.6 110.1 109.1 114.3 114.0 113.3 117.5 119.9 124.2 29 Time deposits 36.9 38.7 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.4 30 Foreign 1.9 2.0 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 31 State and local govts 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 32 Nonflnancial corp .9 .9 .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.3 3.6 6.2 12.2 33 Households 32.4 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.6 69.4 80.9 86.3 34 F.R. float 1.4 1.2 1 A n 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 35 Borrowing at F.R. Banks .1 * .1 .1 * .1 .5 * .1 36 Miscellaneous 3.1 3.3 3.3 3.5 3.6 3.9 4.5 4.5 4.8 6.0 8.0 9.4 8.6 10.1 37 Memo: Total loans exc. mortgages .. 38.7 43.1 49.3 51.8 53.1 62. 69.1 72.2 74.6 84.9 91.1 96.8 106.8 119.5 (I) Nonbank financial institution s 1 Total financial assets 142.9 154.5 172.1 189.7 211.3 239.7 258.6 275.7 306.2 334.9 362.6 404.4 430.4 475.0 2 Demand deposits and currency... 6.1 6.7 6.8 7.2 7.6 8.2 8.5 8.8 9.5 9.5 10.0 11.1 12.2 12.5 3 Cr. and equity mkt. instr 130.1 140.1 156.1 172.1 191.9 217.3 234.7 250.7 277.9 306.1 331.7 368.9 393.0 434.1 4 Security credit 1.6 1.6 1.7 2.2 3.1 3.6 3.7 3.5 4.5 4.5 4.5 5.6 5.3 7.2 5 Other financial assets 5.1 6.1 7.4 8.3 8.8 10.6 11.6 12.7 14.2 14.8 16.4 18.8 19.9 21.2 6 Total liabilities 127.7 138.1 153.4 169.7 187.2 211.2 228.1 245.4 267.8 292.2 315.6 347.0 373.3 412.6 7 Cr. and equity mkt. instr 8.1 8.8 9.9 11.6 12.1 16.7 17.1 17.8 17.1 21.3 23.2 24.6 28.5 34.5 i Monetary gold stock and F.R. holdings of foreign currencies. Ex- 2 Excludes banks in territories and possessions. change Stabilization Fund holdings of gold and foreign exchange are in 3 Gross of bad debt reserves. Excludes corporate stock holdings. U.S. Govt. account, Table 6 (E). 4 At par value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FLOW OF FUNDS 1347 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 (I.I) Savings and loan associations 1 Total assets 16.9 19.2 22.7 26.7 31.6 37.7 42.9 48.1 55.1 63.5 71.5 82.1 93.6 107.4 2 Demand dep. and currency1 .7 .8 .9 9 1 2 1 4 1 4 1 5 1 8 1 6 1 7 o i 2 7 2.8 3 Cr. and equity mkt. instr. 2 . 15.3 17.4 20.6 24.3 29.5 34.4 39.3 44.3 50.7 59.2 66.3 75.8 86.1 99.1 4 U.S. Govt. securities 1.5 1.6 1.9 2.0 2.1 2.5 3.0 3.6 4.3 5.1 5.3 5.8 6.1 7.0 5 1- to 4-family mortgages . 13.1 14.8 17.6 21.0 25.0 30.0 34.0 38.0 42.9 49.5 55.4 62.4 69.8 79.1 6 Other mortgages .5 .7 .8 1.0 1.1 1.4 1.7 2.0 2.7 3.7 4.7 6.4 9.0 11.8 7 Miscellaneous 1.0 1.2 1.5 1.0 1.9 2.1 2.4 2.7 2.7 3.4 4.2 4.8 5.5 8 Total liabilities 15.6 17.8 21.0 24.8 29.4 35.1 39.9 44.8 51.3 59.1 66.5 76.4 87.1 100.2 9 Savings shares 14.0 16.1 19.2 22.8 27.3 32.2 37.1 41.9 48.0 54.6 62.1 70.9 80.2 91.2 10 Mts. loans in process .7 .8 .5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 11 Borrowing from FHLB .8 .9 .9 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 12 Memo: FHLB loans less dep.. .5 .4 .4 .1 7 5 .6 5 1 5 1 0 1 5 2 3 3.6 12 (1.2) Mutual savings banks 1 Total assets 22.4 23.5 31.3 334 35.2 37.8 38.9 40.6 42.8 46.1 49.7 2 U.S. Govt. securities 10.9 9.9 8.6 82 7.9 7.6 7.3 6.7 6.6 6.7 6.5 3 Corporate bonds 2.0 2.1 1.9 2.0 2.6 3.1 2.9 3.1 3.0 2.9 2.8 4 1- to 4-family mortgages 4.3 5.3 11.1 130 14.1 15.6 16.9 18.4 20.0 22.1 24.7 5 Other mortgages 4.0 4.6 6.4 68 7.1 7.6 8.1 8.6 9.1 10.2 11.5 6 Savings deposits 20.0 20.9 22.6 28.2 300 31.7 34.0 35.0 36.3 38.3 41.3 44.6 (1.3) Life insurance companies 1 Total assets 63.7 68.0 73.0 78.2 84.1 90.3 95.8 101.3 107.6 113.7 119.6 126.8 133.3 140.9 2 Cr. and equity mkt. instr.. . . 59.9 63.8 68.4 73.3 78.6 84.1 94.0 99.7 105.2 110.6 117.2 123.2 130.2 3 U.S. Govt. securities 13.5 11.0 10.3. 9.9 9.1 8.6 7.6 7.1 7.31 7.0 6.5 6.1 6 2 5.7 4 State and local obligations 1.2 1.2 1.1| 1.3 1.8 2.0 2.2 2.4 2.71 3.2 3.6 3.9 4.0 3.9 5 Corporate bonds 24.7 27.5 30.6| 33.3 35.3 37.0 39.2 41.8 44.3 46.5 48.2 50.7 53.2 55.9 6 Corporate stock 2.1 2.2 2.4 2.6 3.3 3.6 3.5! 3.4 4.1 4.6 5.0 6.3 6.3 7.1 7 1- to 4-family mortgages . . 8.5! 10.6 11.8 13.2 15.2 17.7 20.11 21.4 22.4 23.6 24.9 25.8 26.4 27.3 8 Other mortgages 7.6 8.7 9.5 10.1 10.8 11.8 12.9 13.8 14.7| 15.6 16.9 18.4 20.5 23.2 9 Other loans 2.4 2.6 2.7 2.9 3.1 3.4 3.6 4.1 4.3 4.7| 5.5 5.9 6.6 7.1 10 Life insurance reserves 50.6 53.1 56.2 59.2 62.5 65.8 69.3 71.91 75.1 78.6! 82.0 85.7 89.6 93.6 11 Pension fund reserves 5.6 6.6 7.7 8.8 10.0 12.5 14.1 15.6 17.6| 18.9 20.3! 21.6 23.3 (1.4) Noninsured pension plans a ,1 1 Total financial assets 6.3 9 11.1 13.3 17.7 20.2 22.5 28. 33 36.9 44.9 45.8 53.8 1 2 U.S. Govt. securities 2.0! 2.1 2 2 2,6 2.9 2.7 2.5 26 28 2.7 2.8 3.1 3.5 2 3 Corporate bonds 2.8 4 5.6 6.9 7.9 9.5 11.3 12.8 141 15.7 16.9 18.1 19.6 3 4 Corporate stock 1. 3 1 . . 5 4 18 2.4 3.2 6.1 7.1 7.5 11.6 145 16.5 22.9 21.9 27.7 4 (1.5) Other insurance companies 1 Total financial assets 14.4 15.7 17.4 18.9 21.4 23.4 24.1 24.4 27.3 29.7 3..4I 34.9 35.9 37.4 2 Demand deposits and currency. 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5! 1.6 1.6 1.6 3 Cr. and equity mkt. instr 12.4 13.5 15.0! 16.4 18.9 20.7 21.4 21.5 24.1 26.4 27.9 31.2 3 !.9 33.6 4 U.S. Govt. securities 5.3 5.5 5.8 6.1 6.2 6.1 5.7 5.6 5.5 5.8 5.6) 5.6 5.6 5.8 5 State and local obligations... 1.5 1 .8 2 2! 3.0 3.7 4.5 5.2 5.9 6.6 7.6 8.6! 9.6 10.6 11.7 6 Corporate bonds 1.5 1.7 1.9! 2.1 2.2 2.2 2.2 2.4 2.6 2 7 3.1 3.2 3.4 3.6 7 Corporate stock 3.5 4.0 4.4! 4.5 6.0 7.0 7.3 6.8 8.5 9! 3 9.5! 11.8 11.3 11.6 (1.6) Finance companies 1 Total financial assets 8.8 9.5 11.4 13.1 13.3 18.5 19.5 20.9 20.7 24.3 27.6 29.1 32.1 36.2 1 2 1- to 4-family mortgages .5 .4 .6 .6 .8 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 2 3 Consumer credit 5.3 5.6 7.1 8.6 8.6 11.8 12.8 13.5 12.7 14.5 16.0 15.9 17.2 19.1 3 4 Other loans 2.0 2.4 2.6 2.7 2.6 3.8 3.8 4.8 4.9 6.1 7.9 8.6 9.8 11.2 4 5 Total liabilities 6.5 7.1 8.5 10.1 10.3 14.3 14.8 15.6 14.4 17.7 19.8 20.2 22.9 27.0 5 6 Corporate bonds 1.7 2.0 2.3 3.7 4.0 5.4 6.3 7.1 7.2 8.3 9.9 10.4 10.7 12.3 6 7 Bank loans n.e.c 4.1 4.1 4.8 4.7 4.9 7.2 6.6 6.2 5.0 6.4 6.2 6.2 7.3 8.9 7 8 Other loans (open mkt. paper). .7 1.1 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 8 1 Excludes deposits at FHLB, which are included in Miscellaneous, line 7. 2 Includes consumer credit not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1348 FLOW OF FUNDS OCTOBER 1964 6. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1952 1953 i 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 (1.7) Security brokers and dealers 1 Total financial assets 6.2 6.3 6.8 6.9 7.4 8.3 9.2 10.0 1 2 U.S. Govt. securities .2 .6 1.0 1.0 1.6 .5 2 3 Other securities 2.2 2 5 1.9 2.1 2.1 1.9 2.4 2.6 3 4 Security credit 3.1 2.8 3.8 3.8 3.6 4.7 4.6 6.1 4 5 Total liabilities—security credit. 4.2 4.3 4.8 4.9 5.4 6.3 7.2 8.0 5 6 7 F F r r o o m m b ag a e n n k c s ies of fng. banks. . . 6 6 2. . 6 7 2 .7 3.0 3.3 4. . 1 9 5. . 1 7 5 1 . . 6 1 6 7 8 Customer credit balances.. . . 1 .0 1.0 1.3 1.3 1.3 1.3 8 (1.8) Open-end investment companies Total financial assets 2.41 3.0! 3.91 4.1! 6.1 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 Corporate stocks 2.0 2.5 3.3 3.5! 5.4 6.9 7.9 .4 11.7 13.9 14.8 20.4 18.1 22.2 (J) Rest of the world 1 Total financial assets 27.9| 28.7 30.7 33.5 37.7 41.0 43.6 43.4 50.1 55.8 60.3 64.4 68.9 72.7 1 2 Gold 12.5 12.7 12.6 14.2 15.1 15.9 16.0 15.9 18.9 20.7 22.7 24.2 25.4 26.7 2 3 U.S. demand deposits 2.1 1.6 1.7 1.5 1.6 1.5 1.7 2.0 1.9 1.9 1.8 2.1 2.2 2.4 3 4 Time deposits 1.9. 2.01 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 4 5 Credit and equity mkt. instr 6.4 6.9! 8.3 8.9 10.8 13.0 14.4 14.1 16.3 20.3 21.3 22.0 24.8 25.6 6 U.S. Govt. securities 3.1 3.0| 4.1 4.5 4.8 5.8 6.7 6.9 7.0 10.0 10.5 10.9 12.0 12.6 7 Corporate bonds .2 .2 .3 .2 .3 .3 .4 .5 .5 .5 .5 .7 .7 8 Corporate stock 2^9 3.7 3.7 5^3 6.6 7.0 6.1 8.3 9.4 9.3 9.6 11.0 11.2 9 Other .2 .3 .3 .4 .6 .3 .5 .7 .6 .5 1.0 1.0 1.0 1.1 10 Miscellaneous 4.9 5.4 5.7 6.0 6.6 7.3 8.2 8.2 8.8 9.6 10.9 12.2 12.1 12.6 10 11 Total liabilities 27.2 29.0 31.3 33.0 34.9 36.9 41.6 47.0 51.1 54.5 59.6 64.7 69.0 76.4 11 Official U.S. foreign exchange and 12 net IMF position 1.4 1.4 1.5 1.4 1.2 1.0 1.6 2.0 2.0 2.0 1.6 1.8 1.2 1.2 13 Credit and equity mkt. instr 12.6 13.2 13.8 14.1 14.7 15.0 15.8 17.1 18.8 19.4 21.4 23.8 26.0 29.5 14 Bonds 1.7 2.1 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.4 15 Bank loans n.e.c .7 .8 .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 4.1 4.9 16 Other loans 10.2 10.4 10.8 11.1 10.9 10.9 11.2 11.7 12.3 12.2 13.4 14.7 15.5 17.2 17 Miscellaneous 13.2 14.3 16.0 17.5 19.0 20.8 24.1 27.9 30.2 33.0 36.6 39.0 41.8 45.6 18 U.S. subscription to IBRD, etc, .6 .6 .6 .6 .6 .6 .7 .7 .7 .7 .8 1.0 1.1 1.2 19 Direct invest, by U.S. business. 11.8 13.1 14.8 16.3 17.6 19.3 22.2 25.2 27.3 29.7 32.7 34.7 37.2 40.6 20 Fgn. currency .5 .6 .6 .7 .9 1.3 2.0 2.3 2.6 3.1 3.4 3.4 3.8 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * Reported gold reserves of central banks and governments. 1350 Gold production. 1351 Net gold purchases and gold stock of the United States. 1352 Estimated foreign gold reserves and dollar holdings. 1353 International capital transactions of the United States. 1354 Money rates in foreign countries. 1363 Arbitrage in Treasury bills. 1364 Foreign exchange rates. 1365 U.S. balance of payments 1366 Foreign trade. 1367 Guide to tabular presentation. . 1272 Index to statistical tables. 1373 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- 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1350 GOLD RESERVES OCTOBER 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile lo C m o b - ia world 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—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 24,375 78 208 536 ,371 150 42 817 43 62 1964—Jan... 2,314 15,540 78 210 547 ,373 42 837 44 62 Feb.. 322 15,518 78 211 558 ,374 42 850 43 63 Mar.. 42,390 328 15,550 24,510 76 211 569 ,376 42 871 43 63 Apr.. 2,334 15,727 76 215 579 ,390 42 892 43 64 May. 353 15,693 74 216 579 ,392 42 910 42 64 June. ,359 15,623 *>24,925 74 218 592 ,392 42 931 43 65 July.. 2,359 15,629 74 219 592 ,393 42 949 43 66 Aug.. 2,424 15,657 221 592 ,395 42 969 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 al r - 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 22 35 581 2,542 13 27 247 39 138 20 1958. 80 22 35 750 2,639 17 27 247 37 141 34 1959. 50 20 38 1,290 2,637 26 24 247 33 140 84 1960. 1 20 41 1,641 2,971 76 24 247 58 130 98 1961. 19 47 2,121 3,664 87 24 247 43 130 84 1962. 19 61 2,587 3,679 77 24 247 44 129 98 1963—Aug.. 19 61 2,997 3,761 77 23 247 142 98 Sept.. 19 61 3,031 3,761 77 23 247 142 98 Oct... 19 61 3,089 3,817 77 23 247 142 98 Nov.. 19 61 3,128 3,823 77 23 247 142 98 Dec. 19 61 3,175 3,843 77 23 247 142 98 1964—Jan... 19 66 3,210 3,844 77 23 247 142 98 Feb.. 18 66 3,248 3,849 77 23 247 142 98 Mar.. 18 66 3,298 3,953 77 23 247 141 98 Apr.. 17 65 3,366 4,060 77 23 247 141 112 May. 17 65 3,404 4,070 77 23 247 141 June. 11 65 3,451 4,081 77 247 141 July.. 11 65 3,489 4,117 77 247 141 Aug.. 11 65 3,527 4,139 247 E pe n r d i o o d f I R re e l p a . n o d f , Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o 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 45 49 28 6 461 217 1958 1,086 91 143 1,050 43 49 19 10 493 211 1959 1,749 102 142 1,132 30 50 28 9 548 18 238 1960 2,203 119 137 1,451 30 52 42 15 552 18 178 1961 2.2?5 140 112 1,581 30 53 47 27 443 65 298 1962 2,243 172 95 1,581 30 53 47 41 471 78 499 1963—Aug. 2,291 172 95 1,581 31 53 57 24 496 78 639 Sept. 2,291 172 94 1,581 31 53 57 25 497 78 643 Oct.. 2,331 172 115 1,581 31 53 57 27 497 78 630 Nov. 2,331 172 134 1,581 31 53 57 27 497 78 629 Dec. 2,343 172 139 1,601 31 53 57 28 497 78 630 1964—Jan.. 2.343 172 151 1,601 31 53 57 30 497 78 632 Feb.. 2,343 172 157 1,601 31 53 57 21 497 78 631 Mar. 2,143 172 156 1,601 31 53 57 23 497 78 627 Apr. 2,143 172 162 1,601 31 53 57 497 78 627 May 2,146 172 168 1,601 31 53 67 497 626 June 2,148 172 168 1,601 31 53 67 607 July. 2,153 172 1,601 31 53 67 615 Aug. 2,100 172 1,601 31 53 67 597 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 GOLD RESERVES AND PRODUCTION 1351 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—Aug 574 182 2,451 19 104 108 174 171 401 8 150 Sept 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 19 104 115 174 171 401 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 M!ay 573 182 2,526 19 104 115 174 171 401 15 47 June 575 182 2,599 19 104 115 174 2,439 171 401 15 40 28 July 575 182 2 560 19 104 115 174 401 64 Aug 575 182 2,530 104 105 174 401 95 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through 1958 and European Fund theredistributed by the Tripartite Commission for the Restitution of Monetary after. 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 ia - Ghana ( p L o e ld o - - U S n ta i t t e e s d C a a d n a - M ic e o x- 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 ia - 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 Julv 81.6 1.6 2.7 10.9 .7 1 0 4 1 2 3 4 A.U2 81.7 1.7 2.7 11.7 .6 .9 .4 1.3 3 0 Sept 80.9 1.6 2.7 11.5 .4 .7 4 1 2 3 0 Oct 82 0 1 7 12 2 g 6 4 1 2 2 6 Nov . • 81.6 1.7 11.7 .8 .8 .4 13 3 1 Dec 78 6 1.8 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 4 2 5 M!ar 84.9 1.6 2.6 10.3 .5 1.0 .5 2 6 Apr 82 3 1.6 2.6 11.6 .7 1.2 4 2 6 May 1.7 10.7 .4 1.1 2.7 10.8 July 11.3 1 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
1352 U.S. GOLD OCTOBER 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 m IV I II Western Europe: -84 -83 — 1 — 143 —82 —20 —32 — 32 — 23 3 3 -329 -39 -141 -144 -63 -34 -266 — 173 -456 -518 -101 -214 -101 -101 -101 34 23 200 Italy —349 100 200 Netherlands 25 —261 -30 -249 —25 -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 * -4 -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 — 11 —2 57 72 28 — 1 28 -1 28 Colombia . 28 -6 38 — 30 —20 -4 —4 -200 65 Other 29 6 2 -5 -22 -17 -5 -7 6 -11 -1 -3 -3 Total -28 81 69 19 -100 -109 175 32 34 -16 -3 — 4 25 Asia: -30 -157 -15 Other * 18 -4 -28 -97 1-101 2-93 3 12 25 * -4 e Total * 18 -34 -186 -113 -101 -93 12 25 * -4 C 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 5-44 4 300 150 280 772 -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* ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l2 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—Sept.... 15,788 15,634 15,582 154 63 1 1952... . 23,252 23,252 23,187 379 379 Oct 15,910 15,640 15,583 270 122 6 1953... . 22,091 22,091 22,030 -1,161 -1,161 Nov... 15,780 15,609 15,582 171 -130 -31 1954... . 21,793 21,793 21,713 -298 -298 Dec... 15,808 15,596 15,513 212 28 -13 1955... . 21,753 21,753 21,690 -40 -40 1956... . 22,058 22,058 21,949 305 305 1964—Jan... 15,847 15,540 15,512 307 39 -56 1957... . 22,857 22,857 22,781 799 799 Feb... 15,865 15,518 15,462 347 18 -22 Mar... 15,990 15,550 15,461 440 125 32 1958... . 20,582 20,582 20,534 -2,275 -2,275 Apr... 15,991 15,727 15,462 264 1 111 1959... . 19,507 19,507 19,456 -1,075 4-1,075 May.. 15,946 15,693 15,463 253 -45 -34 1960... . 17,804 17,804 17,767 -1,703 -1,703 June.. 15,805 15,623 15,461 182 -141 -70 1961... . 17,063 16,947 16,889 116 -741 -857 July... 15,840 15,629 15,462 211 35 6 1962... . 16,156 16,057 15,978 99 -907 -890 Aug... 15,890 15,657 15,460 233 50 28 1963... . 15,808 15,596 15,513 212 -348 -461 Sept. P. 15,870 15,643 15,463 227 -20 -14 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 Sept. 30, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1361 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1282 and 1284. 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
OCTOBER 1964 GOLD RESERVES AND DOLLAR HOLDINGS 1353 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 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 & notesdollars & notes series series Western Europe: Austria 783 814 2 903 2 901 911 902 Belgium 1,542 1,617 1 1,678 1 1,791 1,782 1,832 Denmark 98 111 147 15 192 13 14 198 14 228 14 Finland 134 131 15 134 * 160 1 176 1 167 1 France 3,744 4,541 * 4,510 3 4,653 6 4,709 7 5,003 7 Germany, Fed. Rep. of 6,409 6,462 3 6,634 3 6,884 1 6,811 1 6,616 N I G N ta o e r t l e r y h e w e c a r e l y ands 3 1 , , 6 8 1 1 2 2 5 9 9 7 5 6 87 1 3 1 , ,8 4 2 1 9 2 5 6 7 2 1 5 * 2 3 1 3 1 , , 5 9 2 1 1 4 5 5 0 0 8 8 13 * 2 3 1 3 1 , ,9 1 2 1 6 4 6 6 1 6 5 4 12 2 6 13 4 • 1 1 2 1 , , 9 8 2 1 2 9 3 3 7 8 9 5 13 4 * 1 1 3 1 , ,8 0 2 1 2 3 2 8 3 9 4 8 13 5 1 1 Portugal 632 1 625 137 646 1 688 1 * 689 * 687 * Spain 623 1 736 1 751 1 778 1 2 807 2 839 2 T S O S U w w u n th r e i i t t e k d z e r e e e d y n r 2 l K an in d gdom 4 3 , , 1 5 6 5 1 9 7 7 4 6 1 5 1 2 5 3 9 4 8 7 3 8 3 * 0 4 3 , , 3 4 6 4 1 5 2 9 9 4 4 0 9 7 6 29 7 8 8 3 * 3 1 4 3 , , 2 3 6 5 1 5 2 1 0 2 3 5 6 2 8 3 1 8 1 5 2 2 2 3 0 * 3 3, , 9 7 4 5 1 6 2 3 9 3 7 6 0 1 6 3 1 4 6 8 3 9 * 1 3 3 3 1 7 4 2 2 5 6 8 * 9 4 3 , , 2 5 6 6 1 4 2 2 1 3 5 8 0 0 5 3 1 4 7 8 3 9 7 « 0 0 4 3 , , 1 7 6 5 1 5 3 1 7 2 3 7 5 5 9 4 1 i 7 4 0 3 - 7 8 2 0 * Total 28,916 708 29,888 6 4 6 8 8 30,093 729 30,433 779 741 30,420 800 30,757 822 Canada 4,057 389 3,929 644 3,882 700 3,805 686 687 3,555 686 3,674 686 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 205 243 216 231 244 238 Cuba 16 15 14 12 11 11 Mexico 626 688 759 808 837 817 Panama, Republic of. 98 111 117 129 91 105 Peru 152 168 198 215 230 271 Uruguay 281 262 263 284 277 276 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 4,208 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 5 Philippines 215 223 222 237 232 227 Thailand 437 480 486 486 513 529 • Other 1,447 40 1,551 40 1,544 42 1,645 42 41 1,848 38 1,903 42 Total 4,958 50 5,238 49 5,310 51 5,516 47 5,735 44 5,801 48 Africa: South Africa 540 636 683 671 670 645 U.A.R. (Egypt) 188 191 186 188 198 196 Other 373 10 355 10 331 10 291 10 284 10 276 10 Total 1,101 10 1,182 10 1,200 10 1,150 10 1,152 10 1,117 10 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 28 702 30 26 681 25 735 26 Total foreign countries 3 43,054 1,199 44,655 1,413 45,024 1,530 45,669 1,568 1,524 45,675 1,570 46,292 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 51,741 2,478 52,117 2,693 52,627 2,781 2,742 52,743 2,740 53,586 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. 1360. 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
1354 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. E p r u e e r a - o n - L r . e A - . Total c O ia ff l i * - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s - r gional 2 gional 1959 419,389 43,158 43,158 16,231 9,154 7,076 8,473 2,198 2,408 2,780 253 119 I960 21,272 4,012 3.897 "iis 17,260 10,212 7,048 9,046 2,439 2,308 3,115 227 125 1961 522,533 3,752 3,695 57 518,781 10 940 57,841 10322 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—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 4,780 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 June. 26,300 4,926 4,755 25 146 21,374 12,102 9,272 10,658 2,743 3,313 4,245 228 186 July*5. .. 26,863 4,910 4,748 18 144 21,953 12,121 9,832 10,787 3,030 3,400 4,312 234 190 Aug.33... 27,243 4,917 4,757 18 143 22,326 12,309 10,017 11,144 3,065 3,358 4,352 225 183 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—Aug.... 10,666 392 281 101 75 1,486 2,844 176 1,287 226 133 146 201 432 Sept.. 10.789 399 311 116 73 1,479 2,873 181 1,249 329 127 149 177 434 Oct... 10,865 372 410 128 78 1,434 2.965 174 1,029 367 119 152 164 419 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 1,487 2,999 177 685 319 107 199 206 421 Feb... 10,618 322 431 157 108 1,467 3,157 167 536 289 96 200 217 431 Mar.. 10,679 342 406 167 110 1,411 2,858 162 784 297 104 192 234 428 Apr... 10,643 297 437 191 111 1,406 2,386 156 849 254 117 189 218 415 May . 10,618 341 439 195 112 1,518 2,303 148 866 264 159 193 241 420 June.. 10,658 310 440 197 102 1,552 2,535 147 891 222 157 190 264 433 Julyp. 10,787 327 396 213 105 1,558 2,360 143 928 309 167 216 296 451 Aug.P... 11,144 355 424 229 105 1,525 2,361 130 1,057 316 171 230 376 509 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 1959 969 31 990 6 569 3 13 2,408 337 151 185 217 164 442 I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 715 531 1963—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 Mav . .. 1,063 15 1 ,9M 14 372 4 ! 20 3.3.2 402 189 135 178 11 659 June.... i, 138 14 1." > - 14 309 3 2f 3, ? \ } 350 174 184 173 11 649 JnlV. .. 1 , i2' 1 '-, I.?-- -'• 14 278 1 4 ? : }}(', 176 168 164 10 666 i . :r: 1 13• 254 i * . ! 5 72 14L> 10 674 For ru n. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1355 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—CoHtinued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. j\sia E p n er d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e i l n l t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1959 129 82 62 277 227 9 14 88 33 2 780 36 60 114 139 87 I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 52,974 35 56 78 76 63 1962 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963—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 16 4.012 35 78 51 44 121 Feb 113 173 104 592 391 125 87 14 4,077 36 72 52 54 129 Mar.... 91 173 106 616 397 141 88 13 4,194 36 74 55 46 126 Apr 90 191 98 717 412 154 86 11 4,224 36 72 56 45 132 May ... 90 197 104 687 425 155 85 14 4,209 36 71 67 40 140 June.... 105 204 105 656 426 166 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 Aug.*... 92 214 112 707 419 166 96 19 4,352 35 80 56 27 129 lc. Asia—Continued Id. Africa le. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a U (E . g A y . p R t . ) A O f t r h ic e a r Total t A ra u l s i - a ot A he ll r* 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1 887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2 195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963—Aug 2 309 86 210 122 384 356 293 30 85 48 13 117 164 149 15 Sept 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2.403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov...., 2 456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec 2,454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964—jan 2,424 122 201 166 385 384 246 25 48 42 17 114 172 157 15 Feb 2,388 126 203 177 400 441 238 25 41 43 19 110 184 170 14 Mar 2,446 124 209 200 409 472 248 26 33 43 24 123 177 162 15 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 JulyP 2,451 100 218 249 426 523 234 24 20 44 24 120 190 168 22 Aug.P. .. 2,514 101 216 248 439 507 225 23 18 38 20 125 183 162 20 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International i o Represent a partial breakdown of the amounts shown in the "other" Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 1962 based on reports by banks Investment Bank and other Latin American and European regional in the Second F.R. District only; thereafter data based on reports by organizations, except Bank for International Settlements and European banks in all F.R. Districts. Fund which are included in "Europe." 11 Based on reports by banks in all F.R. Districts. 2 Not reported separately until 1962. 3 Foreign central banks and foreign central govts. and their agencies, NOTE.—Short-term liabilities are principally deposits (demand and and Bank for International Settlements and European Fund. time) and US. Govt. securities maturing in not more than 1 year from 4 Includes SI,031 million representing increase in U.S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U.S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Assn. and the Inter-American Development Bank. For data 31, 1961, of which $81 million reported for Japan. on long-term liabilities, see Table 5. For back figures and further 6 Includes Bank for International Settlements and European Fund. description of the data in this and the following tables on international 7 Decline from end of 1961 reflects principally reclassification of de- capital transactions of the United States, see "International Finance," posits for changes in domicile over the past few years from Cuba to other Section 15 of Supplement to Banking and Monetary Statistics, 1962. countries. 8 Data based on reports by banks in the Second F.R.. District only for year-end 1959-1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1356 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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 Data" (end of period) 1963 1964 1963 1964 Area or country 1962 Area or country 1962 Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland .. ..•.••••••.••••< 5.6 5.2 7.0 4.7 H18.7 49.4 23.5 33 4 2.9 4.7 10.7 6.0 Iraq 8.5 11.1 19.8 n.a. 10.8 8.9 7.4 8.6 Jordan 1.2 1.7 2.8 2.7 1.7 2.0 2.7 2.4 Kuwait 33.0 38.2 46.5 49.9 14.0 12.8 8.8 6.5 Other Latin American Republics: 65.9 77.9 76.3 108.1 U23.2 21.2 32.6 35.1 18.4 18.9 24.1 24.3 Costa Rica 16.5 32.8 29.1 35.9 Pakistan f T 15 9 15.9 17.3 16 1 H42.0 47.4 58.0 40.6 Ryukyu Islands (inch Okinawa). 17.0 32.7 21.7 31.6 36.3 37.8 53.4 62.1 28.4 37.1 61.7 151.0 El Salvador H22.5 48.6 41.7 57.8 Syria 4.9 3.4 2.1 5.7 1140.9 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: 3.3 5.8 6.5 4.7 1.6 .5 .9 1.0 Nicaragua 14.8 42.5 35.0 52.3 Ethiopia incl Eritrea 17.0 20.8 22.3 32.1 5.7 6.8 8.9 8.4 4.1 10.8 6.4 6.3 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: 2.5 1.1 1.4 1.4 British West Indies 9.0 22.6 7.3 6.3 Nigeria 26.8 24.5 17.8 n.a. French West Indies & French Somali Republic .6 .6 .8 .8 Guiana 1.0 1.3 1.3 .6 n.a. n.a. 3.6 3.5 Sudan 2.4 2.4 2.5 2.0 Other Asia* 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: 12.6 10.2 6.9 2.1 New Zealand 4.7 8.8 10.5 18.8 4.9 9.6 3.1 3.7 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total for i e n ign Total Dem D an e d pos T it i s mei c T b er i r l t U e l i s f a . i s S c a u a . n r t d y es n S o p U t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me i c T b er i r l t e U l i s f a . i s S c a u a . n r t d y es Other 3 currencies 1959 419,389 416,913 6,341 7,180 42,065 1.328 2,398 It*33 295 270 77 1960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 ,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 ,557 2,565 2,096 116 352 143 1963 Aug 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 ,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 1,767 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 25,905 22,682 5,818 3,800 7,972 3,171 921 3,111 1,424 1,023 136 528 112 Apr 26,334 23,069 6,063 3,938 7,687 3,166 2,215 3,148 1,457 1,038 116 537 117 May 26,340 23,116 5,901 3,923 7,800 3,164 2,328 3,107 1,467 1,057 87 495 118 June 26,300 23,044 5,772 3,723 7,866 3,289 2,394 3,132 1,496 1,077 75 484 123 July*7 26,863 23,611 6,210 3,788 7,914 3,289 2.409 3,130 1,464 1 093 86 487 123 Aug.** 27,243 23,962 6,359 3,770 8,163 3,275 2,395 3,158 1,450 1,132 91 485 124 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 Aug. 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
OCTOBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1357 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 i r es 2 1959 2,624 534 272 1,176 586 56 I960 3 614 717 421 J. 356 1,052 69 1961 3 4,820 767 556 L522 31,891 85 1962 . . . 5 163 877 526 1,606 2,017 137 1963—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 i 688 2,298 97 52 Dec 5,936 t 928 611 ,742 2,493 104 58 1964—jan 6,107 943 641 1,761 2,601 104 55 Feb . 6,222 1 991 604 1,753 2,716 100 56 Mar 6,339 932 691 ,777 2,796 98 44 Apr. 6,473 996 720 ,815 2,794 102 45 Mav 6,541 1 1,022 747 ,795 2,825 98 52 June 6,879 1 1,158 836 ,856 2,874 100 54 Julyp 6,702 1 1,077 713 ,916 2,837 98 60 Auc P 6.730 1 1,050 694 936 2,890 98 62 3a. Europe End of period Total A tr u ia s- 1959 534 4 I960 717 2 1961 767 5 1962 877 7 1963—Aug.. 954 12 Sept. 919 10 Oct. 964 10 Nov 989 9 Dec. . . 928 1964—Jan 943 Feb....... 991 Mar 932 Apr 996 May. 1,022 June 1,158 Julyp. . 1 077 AugJ' 1.050 00 00 03 g B iu e m l- m De a n rk - l F a i n n d - France F G e e d r . m o f R an e y p , . Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 56 18 8 57 54 5 30 38 7 2 8 19 65 13 9 32 82 6 34 33 17 4 8 28 20 11 23 42 165 6 35 54 27 5 11 35 32 14 30 68 186 6 54 27 35 9 19 18 26 9 49 65 159 9 85 37 35 12 52 33 28 11 51 69 146 10 70 37 35 13 45 32 26 11 49 66 151 9 81 41 34 14 38 33 27 11 49 65 170 9 82 36 41 16 29 36 26 13 52 70 121 9 97 33 40 14 26 30 25 13 53 74 160 9 96 40 39 12 26 25 30 15 69 80 165 9 95 42 34 12 24 25 8 28 15 69 85 123 9 83 43 33 17 27 23 8 29 12 75 86 135 9 85 47 34 17 25 29 9 30 15 63 92 158 9 90 38 35 15 25 29 7 31 16 63 86 135 10 114 45 41 16 28 32 7 29 17 65 79 114 100 46 34 19 31 31 8 31 18 62 72 133 10 94 40 35 20 32 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 t r h t o e e p r r n e5 Total A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1959 38 47 121 3 13 5 1,176 60 117 59 68 115 291 I960 60 49 245 11 11 8 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963—Aug...... 71 44 204 16 21 13 1,698 198 199 170 176 18 448 Sept. 75 47 196 13 19 12 1,699 187 210 179 169 18 454 Oct . 91 42 229 20 12 1,694 183 183 186 180 18 445 Nov 78 23 262 10 22 15 1,688 184 172 192 185 18 443 Dec . ... 70 48 225 7 23 16 1,742 188 163 187 208 18 465 1964—Jan 79 36 200 8 23 18 1,761 179 170 184 218 17 468 Feb 74 50 208 11 23 18 1,753 175 166 184 219 17 477 Mar 77 46 191 14 23 18 1,777 176 155 182 222 16 494 Apr 81 25 240 17 25 17 1,815 180 147 192 226 17 516 May 76 23 250 24 24 17 1,795 175 141 186 230 17 511 June 85 42 341 29 22 15 1,856 171 147 191 246 17 543 JulyP 93 52 285 26 22 16 1,916 174 147 187 251 16 575 88 35 277 23 21 20 1,936 175 153 187 250 16 572 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1358 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia Other Baha- Neth. Other E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R L l e i p c .A s u 6 . b- m B m u e d a r s a - 1 A S n n u t a i m r l i l - es A L i m c a a t e i ? n r- Total C M l h a a i i n n n d a - H K o o n n g g India I n n e d si o a - Israel 1959 18 36 47 247 57 57 586 10 6 14 1960 23 44 57 234 55 66 1,052 9 9 24 1961 32 74 55 144 56 13 74 31,891 9 8 36 1962 30 85 122 102 66 9 98 2,017 13 20 37 1963—Aug.... 30 104 93 99 112 31 10 10 2,051 11 19 28 Sept... . 30 103 86 102 109 33 9 11 2,147 11 20 28 Oct... . 33 103 92 103 116 31 15 2,166 11 18 30 Nov.,.. 33 98 82 106 121 33 14 2,298 12 16 25 Dec 35 99 65 114 135 42 16 2,493 11 17 22 1964—Jan.. .. 47 106 54 109 148 37 9 15 2,601 11 18 25 Feb.... 45 107 50 112 145 33 10 12 2,716 11 17 29 Mar.... 50 110 50 115 147 34 12 14 2,796 12 26 31 Apr 46 113 48 123 147 37 11 11 2,794 13 22 34 May... 41 113 51 125 144 35 13 11 2.825 13 23 38 June... 44 114 54 128 140 37 12 10 2,874 15 21 39 JulyP. . 40 112 55 140 156 38 11 14 2,837 16 20 44 Aug.*1.. 38 104 62 137 169 41 19 13 2,890 16 19 39 3c. Asia—Continued 3d. Africa 3e. Other countries Congo Aus- End of period Japan P p h i i n l e ip s - | T w a a i n - T la h n a d i- O A t s h i e a r Total i ( p v L o il e l l o d e - ) - Moroc- 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 t l r i a a - ot A he ll r 8 1959 324 24 9 15 180 12 2 56 18 21 1960 806 19 7 24 150 11 3 69 28 24 1961 31,528 114 10 34 145 10 13 85 29 27 1962 1,740 70 9 41 10 26 137 41 57 1963—Aug 1,798 16 51 1 13 40 73 83 13 26 41 50 43 6 Sept 1,890 16 56 11 43 69 88 14 29 42 51 44 7 Oct 1.904 13 63 8 44 72 82 15 27 36 56 49 Nov 2,017 26 74 8 45 73 97 16 27 51 52 44 Dec 2,171 25 113 8 52 71 104 15 28 59 58 48 1964—Jan 2,247 28 129 9 52 80 104 15 25 61 55 47 Feb 2,340 30 142 10 58 76 100 15 28 55 56 49 Mar 2,400 31 150 9 58 77 98 17 24 55 44 36 Apr 2,394 29 161 8 57 74 102 20 24 56 45 37 May 2,421 28 155 7 54 84 98 18 29 49 52 43 June 2,469 27 158 7 57 78 100 19 26 52 54 45 July? 2,416 27 174 7 53 78 98 19 26 50 60 51 Aug.» 2,471 23 179 56 77 98 19 26 50 62 52 7 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 Czechoslovakia, Poland, and Rumania. made to and acceptances made for foreigners; drafts drawn against 5 Czechoslovakia, Poland, and Rumania only until 1963. foreigners where collection is being made by banks and bankers for 6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until their own account or for account of their customers in the United States; 1963. and foreign currency balances held abroad by banks and bankers and 7 Until 1963 includes also the following Latin American Republics: their customers in the United States. Excludes convertible currencies Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, held by U.S. monetary authorities. and Trinidad and Tobago. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1359 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O i t n i f o s f L t n i i c s t o i u a a 1 - 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 r s c s t - t - . 2 Other 3 Total D w ei e i g t p h n o e f s r o i s t r s - g c F c a n o u o o n a v r m r d i n e t t . m c i i 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 ,646 329 699 618 694 1 837 586 385 200 1961 5 4 820 4 234 I 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—Aug 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 .915 186 955 774 832 2,214 349 627 432 153 42 1964—Jan 6,107 5,461 2,024 191 1,037 796 863 2,248 326 646 399 204 43 Feb 6,222 5,581 2,057 176 1,090 791 891 2,325 309 641 410 194 36 Mar 6,339 5,678 2,047 162 1,082 803 932 2,394 305 661 397 209 55 Apr 6,473 5,764 2,095 152 1,104 839 911 2,413 346 708 444 20^ 56 May 6,541 5,806 2,146 140 1,140 866 932 2,373 356 734 452 220 62 June 6,879 6,071 2,198 168 1,143 887 933 2,438 503 807 494 253 60 JulyP 6,702 6 019 2,239 168 1,163 908 956 2,402 422 683 419 202 62 Aug.*1 6,730 6,041 2,245 150 1,176 919 956 2,403 437 689 416 199 74 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—Aug 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 1 888 217 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 June 3,310 3,309 3,107 202 156 July*3 3 364 3,363 3,169 194 174 Aug & 3,440 3,440 3,242 198 173 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
1360 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U. s S e . c u c r o it r i p e o s ra 2 te Foreign bonds Foreign stocks Net 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 e s t a s l e e s p s u o r r regional Total Official Other 1960 127 225 -98 2 419 2 167 252 883 1 445 —562 509 592 — 83 1961 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963 671 302 369 2,980 2 773 207 991 2 086 — 1 095 696 644 51 1963—Aug 142 105 37 43 -6 225 207 18 45 110 -65 42 43 -1 Sept 83 87 82 5 239 236 4 228 232 -4 44 23 21 Oct 8 3 5 14 -9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 277 254 23 40 62 -22 63 28 34 1964—Jan -5 -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb 30 1 29 26 3 230 264 -34 51 126 -75 62 36 26 Mar -27 * -27 -27 299 334 —35 43 40 3 66 36 31 Apr —4 1 -5 4 o 340 360 —20 70 177 -107 71 50 22 May -83 -103 20 * 20 313 296 16 53 157 -103 62 50 12 June 12 * 12 1 10 313 297 17 67 112 -44 64 47 17 8 * 8 2 6 274 350 -76 70 76 -5 61 42 19 Aug.p -98 -61 -37 -40 3 260 262 _2 37 29 8 49 32 16 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—Sept 705 25 30 275 200 175 163 125 13 25 Oct . ........ 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec ... . 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 8 25 May 802 50 30 477 1 245 158 125 g 25 June 802 50 30 477 1245 152 125 2 25 July 953 50 30 628 1 245 152 125 2 25 Aug 1,005 50 30 628 1297 152 125 2 25 Sept 1.005 50 30 628 l 297 354 2329 25 1 Includes the equivalent of $70 million payable in Swiss francs to the 2 Includes $204 million of nonmarketable bonds issued to the Govern- Bank for International Settlements. ment of Canada in connection with transactions under the Columbia River treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1361 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In miHions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r- Asia Africa 1 c O tr o i t u h e n s e 2 - r re I g a n i n o t d l n . al 1960 252 202 50 38 171 -48 72 234 -45 36 13 I 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 1 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 I 22 1963—Aug... 18 16 1 -2 8 2 4 13 1 -1 2 ! 1 2 Sept... 4 11 -7 -1 2 9 1 11 -6 -4 1 2 O No c v t. . . . . . -1 3 1 1 -8 38 - - 3 7 -1 3 -10 6 2 1 2 5 6 36 - - 1 1 1 4 * 5 1 1 ^ « 2 2 Dec... 23 21 2 * 3 8 7 18 2 1 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 -2 2 A M p a r r . . . . . . - - 3 2 5 0 - - 5 1 1 7 16 2 - - 1 6 3 - - 1 2 9 4 5 3 - - 2 2 5 7 -5 10 -10 -1 2 3 1 May.. 16 3 14 * -21 7 6 -17 9 ~23 1 1 June.. 17 -6 23 -9 -24 28 -3 -3 10 4 3 2 A Ju u l g y . * P > . . -7 -2 6 - - 5 7 0 4 - 4 2 8 - - - 4 4 3 - - 3 2 2 2 -3 1 2 9 2 * -6 -4 8 -8 3 - - 4 3 3 * 2 1 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F. R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n n o e t - d n l. al c T t e f o r o o i i u g t r e a n n - s l - r E o u p - e C a a d n a - A L i m a c t a i e n r- Asia Africa1 O c tr o i t u e h s n e 2 r - E pe n r d i o o d f Deposits U se .S c . u A r G i s t s o i e e v t s s t l in c E u a s r t g o m o d a l y d rked 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4 477 9,861 1961 — 830 1 — 832 —262 — 318 —58 — 121 — 73 I960 217 5,726 11,843 1962 -1,048 -235 -813 -188 -360 -41 -175 -50 1961 . . 279 6,006 11,905 1963 -1,044 -96 -949 -49 -614 -26 -252 -8 1962 247 6,990 12,700 1963—Aug -66 1 -67 -7 -29 2 -34 * 1 1963—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 4 July... 135 8,201 12,752 July?.... 14 4 9 19 6 -13 -5 1 2 Aug... 163 8,247 12,741 Aug.v.. . 24 1 23 4 19 1 2 1 1 Sept... 148 8,373 12,738 1 Not reported separately until May 1963. 1 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
1362 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Area and country 1963 1964 11 II in IV IP Europe: 2 2 2 2 2 18 20 23 26 19 2 3 2 3 1 1 1 1 j 31 32 31 33 31 Germany Fed Rep of 36 33 35 34 32 1 2 2 2 2 Italy 29 30 26 25 26 46 50 56 46 43 12 13 13 14 14 Portugal 1 1 1 1 1 7 7 6 7 7 8 8 7 9 7 Switzerland 26 27 40 27 22 United Kingdom no 4 11 4 8 12 5 7 10 2 0 no 4 4 3 3 4 6 U Ot S he S r R Western Europe ^ * 1 2 3 * 3 * I Other Eastern Europe 3 1 * 1 • I Total 341 356 384 338 333 64 59 62 72 68 Latin America: Argentina 6 6 6 7 6 Brazil 18 19 21 13 13 Chile 3 4 4 3 3 3 5 5 7 6 Cuba 1 * * * * 6 10 6 8 11 Panama 5 11 17 20 29 Peru . 9 4 3 6 3 4 Venezuela 23 27 25 22 Other L A Republics 4 3 11 11 13 Bahamas and Bermuda 5 3 6 3 Neth Antilles & Surinam 8 9 9 6 Other Latin America 6 15 2 2 4 Total 101 114 119 112 Asia: 2 2 2 1 Hong Kong 2 2 2 2 India 8 16 15 14 2 7 2 3 Israel . 1 2 1 1 46 43 29 24 3 3 1 1 Philippines . 4 5 7 5 Taiwan • 1 1 Thailand 4 4 1 2 Other Asia 16 19 21 18 Total 90 104 82 72 Africa: Congo (Leopoldville) 1 1 * 1 M^orocco 5 . ,. * South Africa 6 11 12 10 U A R fEevnf) 1 9 10 6 Other Africa5 . 14 10 8 Total5 35 33 25 Other countries: Australia » . 10 13 18 17 Allother? 13 4 6 5 Total8.. 30 17 24 International and regional... * * * Grand total. 626 6S5 703 641 oo coo Claims on foreigners 1963 1964 i' II III IV V 5 5 6 8 7 24 27 26 21 17 6 7 5 8 6 4 3 3 4 7 59 50 48 47 52 114 106 106 103 114 6 6 7 9 13 82 89 102 106 102 24 28 24 32 34 15 15 16 18 18 8 7 7 8 8 25 23 26 29 32 17 20 19 17 20 28 35 30 27 23 6 7 6 5 5 196 201 218 226 224 3 3 3 3 4 4 3 4 4 5 1 * 1 * 2 3 3 3 4 629 639 660 680 693 830 918 887 682 821 31 30 28 40 39 108 103 112 113 119 25 26 23 25 24 18 20 22 19 19 6 6 6 5 5 58 56 53 60 59 13 14 13 13 10 14 19 19 27 26 7 5 4 9 7 33 37 38 36 37 10 22 38 40 39 42 3 11 12 12 23 6 7 9 10 5 5 5 41 11 8 11 10 123 382 383 389 415 427 2 * * * * • 2 4 3 4 4 6 14 50 49 42 42 39 3 3 4 7 10 5 2 7 7 7 7 7 23 126 140 130 157 165 4 4 4 6 5 5 10 11 11 9 12 5 6 3 4 3 5 5 4 11 7 22 39 44 42 41 46 76 253 273 254 291 295 1 3 2 2 3 2 * 1 2 1 9 9 8 9 9 8 4 12 15 12 11 14 6 15 18 18 23 21 41 42 43 50 25 26 28 28 32 33 4 27 8 7 9 5 30 77 35 35 42 38 i 1 3 ! 2 2 1 651 2,! 73 2,293 2.269 2,154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 MONEY RATES 1363 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Rate Sept, 30, 1963 as of Country 1963 1964 Sept. 30, 1964 Per Month cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 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 Burma 4.0 Feb. 1962 4.0 Canada * 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 Denmark .. 6.0 Aug. 1963 5 5 6 5 6.5 5.0 Nov. 1956 5.0 El Salvador 6.0 June 1961 4 0 4.0 Finland 7.0 Apr. 1962 7.0 France 3.5 Oct. 1960 4.0 4.0 Germany, Fed. Rep. of 3.0 May 1961 3.0 Ghana 4.5 Oct. 1961 4.5 Greece 5.5 Jan. 1963 5.5 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India 4.5 Jan. 1963 5.0 5.0 9.0 Aug. 1963 9 0 Iran 60 Nov. I960 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 4.5 Sept. 1963 4.6 4.0 Japan . 5.84 Apr. 1963 6.57 6.57 10.22 June 1960 10.5 10.5 4.5 June 1942 4.5 3.5 Jan. 1963 4.0 4.5 4.5 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 4.0 4.0 4.0 June 1961 4.0 4.0 June 1963 4.5 4.5 Switzerland 2.0 Feb. 1959 2 5 2.5 7.0 Feb. 1945 7.0 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, 196?, the bank rat", on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rat»_s on loan- mon^v market the lamest proportion of its. credit operations. Other rates for some continue tc be .25 of 1 ner cent above latent weekly Treasury bill tenJer of these countries follow : verafTr r~to but will not ho i-x^r1 than th" bank rate. »urer>tl'io— * onri 5 per cent fo»- certain rural and industrial piper, de- 2 Be"i°nine wifh A^r !. lO*0, new 'edKCO'inK lu\c been rraited at "m<z on tvx* of transaction; the a\eiaCTe rale chary *d V b "ks in th * nrexiTjs half vear. Old redis- Bra? 7—8 per cent for Necured paper and 4 per cent for certain agricultural coi-nts r'Miam sublet "^ >l 1 ' \» •-» pphi <t'd th^ir <i"-our>t i> red iced bv n.m" o O ra C n i i r d . e e d '' i . gh t- t \ h 1 t a c ^h p er m o r <M uh ir i ^ ' ' r - ii e '- v ' h in t' m o M .u f h b i \ n Ta ~ n > h ic 1 h , K th > e ^ < r \ ed b u ut c ti C o ' n :P c ra lo f e ts ^ n rr o c t Co'^i 7 ,ic /w ts , 6 5 a n o d e r 7 J; i - ' 'i U :o < r^ • s r e v n . w * ! I a T T r o e r i h n a o d i7 u i 1 \ s i i e c d u ' lt u ir 1 i v ! l l i b n bb a t o s d n n k c d 's o s , v q e a r n i d n d g g 1 1 2 a 2 p a pp n lo dd ^ '• 1 > 1< c S ! nci ce o n f t • R Me ,h«)»- IN 'n •' i ^.nx ( (sta Pi - ccn }\>i panei Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1364 MONEY RATES; ARBITRAGE OCTOBER 1964 OPEN MARKET RATES [Per cent per annum] Germany, Canada United Kingdom France Fed. Rep. of Netherlands Switzerland Month 3 T m r b e i o a l s l n s u t , r h y sl D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t t r , - h s' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t ' c s s e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry m Da o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 .98 1.24 2.00 1963—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 .89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 L.95 l.ll 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 1.56 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 Apr 3.75 3.52 4.53 4.30 3.81 3.00 5.03 2.63 3.44 3.00 2.42 2.38 May 3.66 3.33 4.56 4.35 3.77 3.00 6.18 2.63 3.38 3.10 2.78 2.50 June 3.56 3.28 4.64 4.44 3.80 3.00 4.91 2.63 3.31 5.81 2.06 2.50 July 3.60 3.49 4.73 4.57 3.67 3.00 4.83 2.63 3.38 t1.26 3.72 2.50 Aug 3.80 3.79 4.84 4.65 3.92 3.00 4.70 2.63 3.38 3.74 2.06 2.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International 4 Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates q K ( u U i a o n U d n t g j i . a . d S t t e t i o . d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) P d f ( ( p r o i - e + s o r c m ) w ) u o o n i a u o u n r d n r m d t i L n ( o c f N n e a o n v d e f o t o t i r v n e ) Qu i o n ted Canada A U dj . . S t . o U S n ta i t t e e s d C S ( a f p n a o r v a e f o d a r d a) C P d ( ( r a i d - e s + n ) o c m o a ) l o l d n i o a u u i r n a r m n t i C n ( N a c fa e n e o v n a t f o t d i r v a) e basis) Canada quotation basis 1964 Apr. 3 4.16 3.50 .66 .77 .11 3.85 3.76 3.50 .26 + .04 .30 10 4.16 3.44 .72 .76 .04 3.82 3.73 3.44 .29 + .10 .39 17 4.16 3.45 .71 .76 .05 3.66 3.58 3.45 .13 + .07 .20 24 4.16 3.43 .73 .76 .03 3.69 3.61 3.43 .18 + .10 May 1 4.16 3.43 .73 .76 .03 3.68 3.60 3.43 .17 + .07 .24 8 4.16 3.47 .69 .76 .07 3.67 3.59 3.47 .12 + .04 .16 15 4.25 3.45 .80 .77 .03 3.68 3.60 3.45 .15 + .14 .29 22 4.25 3.45 .80 .79 .01 3.65 3.57 3.45 .12 + .14 .26 29 4.25 3.46 .79 .76 .03 3.62 3.54 3.46 .08 + .14 .22 June 5 4.32 .87 .66 .21 3.44 3.45 .01 + .20 .19 12 4.32 .86 .60 .26 3.45 3.46 .01 + .27 .26 19 4.32 .86 .57 .29 3.49 3.46 .03 + .27 .30 26 4.34 .49 .40 3.50 3.45 .05 + .33 .38 July 3 4.34 3.46 .57 .31 3.57 3.49 3.46 .03 + .27 .30 10 4.34 3.45 .54 .35 3.55 3.47 3.45 .02 + .27 .29 17 4.44 3.39 .05 .50 .55 3.60 3.52 3.39 .13 + .14 .27 24 4.50 3.43 .07 .73 .34 3.60 3.52 3.43 .09 + .17 .26 31 4.50 3.44 .06 .67 .39 3.67 3.59 3.44 .15 + .14 .29 Aug. 7 4.50 3.47 .03 .72 .31 3.76 3.47 .20 -.14 .06 14 4.50 3.48 .02 .67 .35 3.83 3.48 .26 -.34 .08 21 4.50 3.48 .02 .60 .42 3.80 3.48 .23 -.34 .11 28 4.50 3.46 .04 .64 .40 3.79 3.46 .24 -.21 .03 Sept. 4 4.50 3.48 1.02 .62 .40 3.80 3.71 3.48 .23 -.30 .07 11 4.50 1.00 .66 .34 3.81 3.72 3.50 .22 -.27 .05 18 4.50 .98 .72 .26 3.84 3.75 3.52 .23 -.20 .03 25 4.50 3.52 .98 .75 .23 3.75 3.66 3.52 .14 -.20 .06 Oct. 2 4.50 3.53 .97 .75 .22 3.71 3.63 3.53 .10 -.20 .10 9 4.53 3.56 .97 .76 .21 3.67 3.59 3.56 .03 -.20 .17 For notes referring to U.S. and U.K. rates, see Table 1, p. 1257; for notes referring to U.S. and Canadian rates, see Table 2, p. 1260. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FOREIGN EXCHANGE RATES 1365 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1958 , 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 14.482 .3118 .2374 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963—Sept.. .7034 222.92 ,8706 2.0037 92.590 21.019 14.485 31.057 20.404 Oct.. .6767 222.93 .8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov.. .6942 222.93 ,8659 2.0059 93.778 21.021 14.484 31.057 20.405 Dec. .7391 222.83 .8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan.. .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb.. .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar.. .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr.. .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May. .7312 223.06 3.8686 2.0089 92.499 21.021 14.482 31.066 20.405 June. .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31.063 20.401 July. .7279 222.29 3.8710 2.0085 92.473 20.977 14.459 31.063 20.405 A us.. .7075 222.04 3.8725 2.0103 92.690 20.953 14.438 31.059 20.405 Sept.. .6980 221.79 3.8712 2.0126 92.913 20.955 14.435 31.056 20.402 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1958 23.848 21.048 280.98 .16006 .27991 32.767 1.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 1.0056 26.492 278.10 1960 23.976 20.968 280.76 .16104 .27785 32.817 i.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 1.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 1.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 !.0056 27.770 277.22 1963—Sept.. 25.121 20.951 279.77 .16078 .27589 32.645 i.0056 27.721 277.00 Oct.. 25.137 20.961 279.78 .16062 .27603 32.698 1.0056 27.749 277.01 Nov.. 25.154 20.961 219.IS .16065 .27586 32.705 1.0056 27.765 277.01 Dec.. 25.165 20.954 279.65 .16065 .27564 32.697 i.0056 27.765 276.88 1964—Jan.. 25.148 20.963 279.83 .16065 .27589 32.706 i.0056 27.753 277.06 Feb.. 25.169 20.959 279.69 .16063 .27567 32.694 1.0056 27.733 276.92 Mar. 25.163 20.968 279.81 .16029 .27603 32.645 i.0056 27.731 277.04 Apr., 25.160 20.970 279.90 .16000 .27583 32.595 !.0056 27.711 277.13 May, 25.159 20.977 279.94 .16001 .27579 32.606 1.0056 27.681 277.17 June, 25.165 20.945 279.42 .16002 .27580 32.571 1.0056 21.621 276.65 July. 25.159 20.912 278.97 .16001 .27576 32.524 i.0056 27.657 276.21 Aug. 25.152 20.886 278.66 .16002 .27580 32.474 S.0056 27.674 275.91 Sept. 25.154 20.862 278.34 .16002 .27665 32.431 S.0056 27.712 275.59 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1963—Sept 13.971 3.4881 139.36 1.6664 19.268 23.171 279.77 Oct 13.971 3.4863 139.37 1.6664 19.250 23.171 279.78 Nov 13.970 3.4875 139.37 1.6665 19.262 23.166 279.78 Dec 13.972 3.4874 139.30 1.6666 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 Sept 13.956 3.4714 138.65 1.6661 19.461 23.148 278.34 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, NOTE.—Averages of certified noon buying rates in New York for 1963. cable transfers. For description of rates and back data, see "International 2 Effective Jan. 1, 1963, the franc again became the French monetary Finance," Section 15 of Supplement to Banking and Monetary Statistics, unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1366 U.S. BALANCE OF PAYMENTS OCTOBER 1964 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 r 1964 Item 1961 1962 1963 r 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 * 28,438 30,084 32,020 7,535 7,977 8,037 8,471 8,997 8,798 Merchandise 19,913 20,576 21,989 4,990 5,472 5,610 5,917 6,112 6,042 Military sales 402 656 659 181 206 117 155 210 142 Investment income receipts, private. 3,464 3,850 3,969 1,036 969 963 1,001 1,227 1,190 Investment income receipts, Govt... 380 471 498 123 124 125 126 128 129 Other services 4,279 4,531 4,905 1,205 1,206 1,222 1,272 1,320 1,295 Imports of goods and services—Total. -22,852 -25,021 -26,335 -6,327 -6,531 -6,733 6,744 -6,745 -7,009 Merchandise , -14,497 -16,134 -16,996 -4,037 -4,212 -4,368 4,379 -4,366 -4,576 Military expenditures -2,954 -3,044 -2,897 -747 -731 -711 -708 -717 -731 Investment income payments , -882 -995 -1,194 -275 -279 -308 -332 -315 -314 Other services , -4,519 -4,848 -5,243 -1,268 -1,309 -1,346 1,325 -1,347 -1,388 Balance on goods and services 1 5,586 5,063 5,C85 1,208 1,446 1,304 1,727 2,252 1,789 Remittances and pensions -705 -738 -826 -209 -209 -206 -202 -197 -208 lc Balance on goods, services, remittances and pensions 4,881 4,323 4,859 999 1,237 1,098 1,525 2,055 1,581 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 .. -3,396 -3,551 -3,784 -899 -1,169 -789 -927 -764 -940 Grants 3,4 -1,854 -1,919 -1,896 -445 -500 -455 -496 -467 -556 Long-term loans and subscriptions 4 -1,939 -2,129 -2,181 -558 -620 -441 -562 -514 -692 Change in foreign currency holdings and short-term claims, net (increase, — ) 2,4 -261 -249 -444 -50 -260 -31 -103 79 73 Seasonal adjustment on three preceding items combined -7 45 -80 42 -17 45 Change in associated liabilities 80 147 94 20 10 35 29 g 35 Scheduled loan repayments 578 599 643 141 156 183 163 164 155 3. Private capital flows, aet, excluding foreign liquid assets in U.S -3,558 -3,268 -3,997 -1,152 -1,371 -421 1,053 -1,332 -1,292 U.S. direct investments abroad -1,599 -1,654 -1,888 -618 -477 -235 -558 -517 -513 U.S. long-term capital, other -1,025 -1,227 -1,685 -546 -598 -303 -238 -227 -261 Foreign long-term investments in U.S 447 272 329 5 199 96 29 13 78 U.S. short-term capital -1,556 -553 -734 36 -562 4 -212 -610 -621 Foreign short-term capital 5. 175 -106 -19 -29 67 17 -74 9 25 4. Errors and unrecorded transactions. -998 -1,111 -339 -118 -11 -267 57 -192 -31 Balance of A (=1+2+3+4) -3,071 -3,605 -3,261 --1,170 -1,314 -379 -398 -233 -682 Less: Net seasonal adjustments -357 -102 441 18 -302 -109 Balance of A before seasonal adjustment. -813 -1,212 -820 -416 69 -573 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 3,071 3,605 3,261 813 1,212 820 416 -69 573 Advance repayments on U Z, Govt. loans 6 696 681 326 25 34 241 26 52 33 5 470 334 20 -5 80 239 151 -76 Sales of nonconvertible nonmarketable securities^ net 251 —43 63 — 10 —95 -1 -55 — 8 31 58 19 -45 -1 5 8 251 -74 5 -29 -50 -50 * Sales of convertible nonmarketable securities^ net 702 350 152 175 25 122 Dollar securities •• 150 125 25 552 225 152 150 25 122 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable 1,764 670 1,564 323 917 192 132 166 199 407 211 -238 -65 -46 -15 -112 -85 -26 Foreign private holders excluding banks * * 81 131 394 76 115 93 110 34 54 595 -129 438 386 75 -31 8 284 86 681 457 970 -74 773 145 126 -399 85 Change in U.S. monetary reserve assets (increase,—). 606 1,533 378 32 124 227 -5 -57 303 IMF position -135 626 30 -46 2 59 15 131 118 -116 17 -113 -33 6 -28 -58 -228 258 Gold 857 890 461 111 116 196 38 46 -73 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." i° 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 i With maturities over 12 months. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1964 FOREIGN TRADE 1367 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1,623 1,668 3 985 2,037 1,161 1,327 3 1,092 ,422 462 341 3 -107 615 Feb 1,712 1,809 3 ? IIS 2,029 1,150 1,320 3 1,497 ,445 562 489 3 621 584 Mar 1 751 1,672 3 1,960 2,078 1,163 1,342 3 1,487 ,523 588 330 3 473 555 Apr 1,662 1,795 3 1,913 2,046 1 152 1,365 3 1,417 ,542 510 430 3 496 504 M^ay ,585 1,762 1,893 2,052 ,153 1,404 1,420 ,548 432 358 473 504 June 3 ,582 1,836 ,785 2,004 3 ,174 1,351 1,421 ,506 3 408 485 364 498 July 3 ,689 [,748 1,823 C2,lll 3 ,379 1,347 1,458 ,590 3 310 401 365 C521 Aug ,689 1,703 1,895 2,085 ,254 1.346 1,580 59? 435 357 387 493 Sept I 678 3 908 I 980 262 3 1471 1 450 416 3 437 530 Oct I 780 523 I 946 300 3 1 312 1 459 480 3 211 487 Nov 1,733 1,725 '945 ,309 1,425 1,472 424 300 473 Dec 725 3 819 2 049 315 3 1 377 1 480 410 3 462 569 Quarter: I 5,086 5,149 3 5,063 6,144 3,474 3,989 3 4,076 4,390 1,612 1,160 3 987 1,754 II. . 3 4,829 5,393 3 5,591 6,102 3 3,479 4,120 3 4,258 4,596 3 1,350 1,273 3 1,333 1,506 Ill 3 5 056 3 5 359 5 698 3 3 895 34 164 4 416 3 1 161 3 1 195 1,282 IV 5,238 3 5 087 5 940 3,924 34 114 4 411 1,314 3 973 1,529 Year 4 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. 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 1368 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1369 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary J. HERBERT FURTH, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary DAVID L. GROVE, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel HOMER JONES, Associate Economist DAVID B. HEXTER, Assistant General Counsel ALBERT R. KOCH, Associate Economist GUY E. NOYES, Economist MAURICE MANN, Associate Economist DANIEL H. BRILL, Associate Economist BENJAMIN U. RATCHFORD, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON EDWARD B. SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS, President L. A. STONER, CLEVELAND M. L. BREIDENTHAL, KANSAS CITY JOHN F. WATLINGTON, JR., RICHMOND JAMES W. ASTON, DALLAS, Vice President J. FlNLEY McRAE, ATLANTA RANSOM M. COOK, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1370 FEDERAL RESERVE BULLETIN • OCTOBER 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 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. 1371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1372 FEDERAL RESERVE BULLETIN • OCTOBER 1964 REPRINTS BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) THE OPEN MARKET POLICY PROCESS. Oct. 1963. 11pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. RECENT INTEREST RATE TRENDS. NOV. 1963. 20 pp. 10 pp. THE MONETARY SYSTEM OF THE UNITED STATES. BANK CREDIT AND MONEY IN 1963. Feb. 1964. Feb. 1953. 16 pp. 7 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC SURVEY OF FINANCIAL CHARACTERISTICS OF CON- STABILITY. May 1953. 7 pp. SUMERS. Mar. 1964. 9 pp. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- TREASURY AND FEDERAL RESERVE FOREIGN EXprint of the U.S. Summary containing a de- CHANGE OPERATIONS AND THE GOLD POOL. Mar. scription of revised statistics for all banks in 1964. 14 pp. the United States, by class of bank, together U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. with revised statistics. Apr. 1959. 94 pp. 7 pp. STATISTICS ON THE GOVERNMENT SECURITIES FLOWS THROUGH FINANCIAL INTERMEDIARIES. MARKET. Apr. 1961. 8 pp. May 1964. 9 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. BANKING AND MONETARY STATISTICS, 1963. Se- 1961. 15 pp. lected series of banking and monetary statis- REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. tics for 1963 only. Feb., Mar., and May 1964. 1961. 3 pp. 15 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. REVISION OF THE MONEY SUPPLY SERIES. June 1962. 10 pp. 1964. 14 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. REVISION OF BANK CREDIT SERIES. June 1964. 1962. 15 pp. 5 pp. FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964. 9 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. FEDERAL RESERVE SECURITY TRANSACTIONS, 1954-63. July 1964. 16 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 31 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. BANK LOANS SECURED BY STOCKS AND BONDS. 1964. 25 pp. July 1963. 19 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- A BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. CHANGE OPERATIONS. Sept. 1964. 16 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. Aug. 1963. 14 pp. 8 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- 1963. 8 pp. 64. Oct. 1964. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 1281, 1298, 1300 Deposits—Continued Agricultural loans of commercial banks, 1292, 1294 Federal Reserve Banks, 1282, 1361 Arbitrage, 1364 Postal savings, 1280, 1287 Assets and liabilities (See also Foreign liabilities and Discount rates, 1279, 1363 claims): Discounts and advances by Federal Reserve Banks and the monetary system, Banks, 1274, 1282, 1284 consolidated, 1287 Dividends, corporate, 1311, 1312 Corporate, current, 1312 Dollar assets, foreign, 1353, 1361 Domestic banks, by classes, 1288, 1292, 1294 Federal Reserve Banks, 1282 Earnings and hours, manufacturing industries, 1327 Automobiles: Employment, 1324, 1326, 1327 Consumer instalment credit, 1316, 1317, 1318 Farm mortgage loans, 1313, 1314 Production index, 1320, 1321 Federal finance: Cash transactions, 1302 Bankers' balances, 1293, 1295 Receipts and expenditures, 1303 (See also Foreign liabilities and claims) Treasurer's balance, 1302 Banks and the monetary system, consolidated state- Federal funds transactions, 1278 ment, 1287 Federal home loan banks, 130/, 1308, 1315 Banks for cooperatives, 1307, 1308 Federal Housing Administration, 1299, 1313, Bonds (See also U.S. Govt. securities): 1314, 1315 New issues, 1308, 1309, 1310 Federal intermediate credit banks, 1307, 1308 Prices and yields, 1298, 1299 Federal land banks, 1307, 1308 Brokers and dealers in securities, bank loans to, Federal National Mortgage Assn., 1307. 1308, 1315 1292, 1294 Federal Reserve Banks: Business expenditures on new plant and Condition statement, 1282 equipment, 1312 U.S. Govt. securities held by, 1274, 1282, 1284, Business indexes, 1324 1304, 1305 Business loans (See Commercial and industrial loans) Federal Reserve credit, 1274, 1282, 1284 Federal Reserve notes, 1282, 1285 Capital accounts: Federally sponsored credit agencies, 1307, 1308 Banks, by classes, 1288, 1293, 1296 Finance company paper, 1298, 1300 Federal Reserve Banks, 1282 Financial institutions, loans to, 1292, 1294 Carloadings, 1324 Float, 1274 Central banks, foreign, 1350, 1363 Flow of funds: Coins, circulation of, 1285 Commercial banks: Financial assets and liabilities, 1342 Saving and financial flows, 1332 Assets and liabilities, 1288, 1291, 1292 Foreign central banks, 1350, 1363 Consumer loans held, by type, 1317 Foreign currency operations, 1282, 1284, 1352, 1360 Number, by classes, 1288 Foreign deposits in U.S. banks, 1274, 1282, 1287, Real estate mortgages held, by type, 1313 1293, 1296, 1361 Commercial and industrial loans: Foreign exchange rates, 1365 Commercial banks, 1292 Foreign liabilities and claims: Weekly reporting member banks, 1294, 1297 Banks, 1354, 1356, 1357, 1359, 1361 Commercial paper, 1298, 1300 Nonfinancial concerns, 1362 Condition statements (See Assets and liabilities) Foreign trade, 1367 Construction, 1324, 1325 Consumer credit: Gold: Instalment credit, 1316, 1317, 1318, 1319 Certificates, 1282, 1285 Noninstalment credit, by holder, 1317 Earmarked, 1361 Consumer price indexes, 1324, 1328 Net purchases by U.S., 1352 Consumption expenditures, 1330, 1331 Production, 1351 Corporations: Reserves of central banks and govts., 1350 Sales, profits, taxes, and dividends, 1311, 1312 Reserves of foreign countries and international Security issues, 1309, 1310 organizations, 1353 Security prices and yields, 1298, 1299 Stock, 1274, 1287, 1352 Cost of living (See Consumer price indexes) Govt. debt (See U.S. Govt. securities) Currency in circulation, 1274, 1285, 1286 Gross national product, 1330, 1331 Customer credit, stock market, 1299 Hours and earnings, manufacturing industries, 1327 Debits to deposit accounts, 1284 Housing starts, 1325 Demand deposits: Adjusted, banks and the monetary system, 1287 Industrial production index, 1320, 1324 Adjusted, commercial banks, 1284, 1286, 1293 Instalment loans, 1316, 1317, 1318, 1319 Banks, by classes, 1280, 1288, 1296 Insurance companies, 1301, 1304, 1305, 1314 Turnover of, 1284 Insured commercial banks, 1290, 1292 Type of holder, at commercial banks, 1293 Interbank deposits, 1280, 1288, 1293 Deposits (See also specific types of deposits): Interest rates: Adjusted, and currency, 1287 Bond yields, 1298 Banks, by classes, 1280, 1288, 1293, 1296, 1300 Business loans by banks, 1297 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1374 FEDERAL RESERVE BULLETIN • OCTOBER 1964 Interest rates—Continued Reserves—Continued Federal Reserve Bank discount rates, 1279 Foreign countries and international Foreign countries, 1363, 1364 organizations, 1353 Mortgage yields, 1299 Member banks, 1274, 1276, 1280, 1293, 1295 Open market, 1298, 1364 Residential mortgage loans, 1313, 1314, 1315 Stock yields, 1298 Retail sales, 1324 Time deposits, maximum rates, 1280 International capital transactions of the U.S., 1354 Sales finance companies, consumer loans of, 1316, International institutions, 1350, 1352, 1353 1317, 1319 Inventories, 1330 Saving: Investment companies, new issues, 1310 Flow of funds series, 1332 Investments (See also specific types of investments): National income series, 1331 Banks, by classes, 1288, 1292, 1295, 1300 Savings deposits (See Time deposits) Commercial banks, 1291 Savings institutions, principal assets, 1300, 1301 Federal Reserve Banks, 1282, 1284 Savings and loan assns., 1301, 1305, 1314 Life insurance companies, 1301 Securities (See also U.S. Govt. securities): Savings and loan assns., 1301 Federally sponsored agencies, 1307 International transactions, 1360, 1361 Labor force, 1326 New issues, 1308, 1309, 1310 Loans (See also specific types of loans): Silver coin and silver certificates, 1285 Banks, by classes, 1288, 1292, 1294, 1300 State member banks, 1290 Commercial banks, 1291 State and local govts.: Federal Reserve Banks, 1274, 1282, 1284 Deposits of, 1293, 1296 Insurance companies, 1301, 1314 Holdings of U.S. Govt. securities, 1304, 1305 Insured or guaranteed by U.S., 1313, 1314, 1315 New security issues, 1308, 1309 Savings and loan assns., 1301, 1314 Ownership of obligations of, 1292, 1300, 1301 Prices and yields of securities, 1298, 1299 Manufacturers, production index, 1321, 1324 Stock market credit, 1299 Margin requirements, 1280 Stocks: Member banks: New issues, 1309, 1310 Assets and liabilities, by classes, 1288, 1292 Prices and yields, 1298, 1299 Borrowings at Federal Reserve Banks, 1276, 1282, 1296 Tax receipts, Federal, 1303 Deposits, by classes, 1280 Time deposits, 1280, 1286, 1287, 1288, 1293, 1296 Number, by classes, 1289 Treasurer's account balance, 1302 Reserve position, basic, 1278 Treasury cash, 1274, 1285, 1287 Reserve requirements, 1280 Treasury currency, 1274, 1285, 1287 Reserves and related items, 1274 Treasury deposits, 1274, 1282, 1302 Weekly reporting series, 1294 Mining, production index, 1321, 1324 Unemployment, 1326 Money rates (See Interest rates) U.S. balance of payments, 1366 Money supply and related data, 1286 U.S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, Mutual savings banks, 1287, 1288, 1290, 1300, 1304, 1293, 1296 1305, 1313 Consolidated monetary statement, 1287 National banks, 1290 Treasury deposits at Federal Reserve National income, 1330, 1331 Banks, 1274, 1282, 1302 National security expenditures, 1303, 1330 U.S. Govt. securities: Nonmember banks, 1290, 1292, 1293 Bank holdings, 1287, 1288, 1292, 1295, 1300, 1304, 1305 Open market transactions, 1281 Dealer transactions, positions, and financing, 1306 Payrolls, manufacturing, index, 1324 Federal Reserve Bank holdings, 1274, 1282, 1284, Personal income, 1331 1304, 1305 Postal Savings System, 1280, 1287 Foreign and international holdings, 1282, Prices: 1353, 1361 Consumer, 1324, 1328 International transactions, 1360 Security, 1299 New issues, gross proceeds, 1309 Wholesale commodity, 1324, 1328 Open market transactions, 1281 Production, 1320, 1324 Outstanding, by type of security, 1304, Profits, corporate, 1311, 1312 1305, 1307 Ownership of, 1304, 1305 Real estate loans: Prices and yields, 1298, 1299, 1364 Banks, by classes, 1292, 1300, 1313 United States notes, outstanding and in Mortgage yields, 1299 circulation, 1285 Type of holder, 1313, 1314, 1315 Utilities, production index, 1321, 1324 Type of property mortgaged, 1313, 1314, 1315 Reserve position, basic, member banks, 1278 Vault cash, 1274, 1280, 1293 Reserve requirements, member banks, 1280 Reserves: Veterans Administration, 1313, 1314, 1315 Central banks and govts., 1350 Commercial banks, 1293 Weekly reporting member banks, 1294 Federal Reserve Banks, 1282 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 e~ 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
Cite this document
Federal Reserve (1964, September 30). Federal Reserve Bulletin, 1964-10. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196410
@misc{wtfs_bulletin_196410,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1964-10},
year = {1964},
month = {Sep},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196410},
note = {Retrieved via When the Fed Speaks corpus}
}