Federal Reserve Bulletin, 1964-11

FEDERAL RESERVE B U LLETIN November 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. Government Securities in 1964 1375 Research into Banking Structure and Competition 1383 Major Issues In Monetary And Fiscal Policies 1400 Law Department 1414 Announcements 1420 National Summary of Business Conditions 1421 Guide to Tabular Presentation 1424 Financial and Business Statistics, U.S. (Contents on p. 1425) 1426 International Financial Statistics (Contents on p. 1487) 1488 Board of Governors and Staff 1506 Open Market Committee and Staff; Federal Advisory Council 1507 Federal Reserve Banks and Branches 1508 Federal Reserve Board Publications 1509 rndex to Statistical Tables 1511 Map of Federal Reserve System Inside backcover Volume £o * Number n i Subscription Price A copy of the Federal Reserve BULLETIN is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents a copy. (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or 50 cents each.) Elsewhere, $7.00 per annum or 70 cents a copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

US. Government Securities in 1964 INTEREST RATES in the U.S. Government securities market have shown little net INTEREST RATES generally stable in 1964 change so far this year. The market has continued to accommodate a sizable volume of Treasury financing operations, as well as FINANCE widespread shifts in the ownership of secu- F. R. R D A IS T C E OUNT CO P M AP P E A R NY rities among public holders. [k Transactions in the market have continued to be large; during the first 9 months they averaged $1.7 billion per day. The TREASURY BILLS volume was largest in periods of Treasury •; ,v O - I ! financing operations, especially during two advance refundings. These were carried out BONDS CORPORATE Aaa in January, when the refunding was of moderate size, and in July, when the operation was the most extensive on record. In the process of supplying reserves to the STATE AND LOCAL GOVT Aaa banking system to support the expansion of bank credit and money, the Federal Reserve System increased its holdings of U.S. Government securities by $1.8 billion net during porate bonds edged up slightly. Yields on the first 9 months of the year. The System both U.S. Government and State and local was active in the market throughout the pegovernment issues reached highs in the riod, since it was also offsetting market facspring, but declined a little thereafter. tors making for short-term variations in bank The fluctuations that occurred in yields reserve positions. Its total outright transactions amounted to $10.7 billion. Most of on long-term U.S. Government issues were these were in Treasury bills, but purchases in large part responsive to changes in the of Treasury notes and bonds were sizable expectations of investors and dealers in the in August and September. market. Announcement in late February of an increase from 4 to 5 per cent in the INTEREST RATES discount rate of the Bank of England and Following a gradual upward movement in final passage of the tax reduction bill in 1963, yields on both government and pri- this country at about the same time convate long-term securities fluctuated in a tributed to a rebound in long-term yields comparatively narrow range through Octo- here. By late March the average yield on ber of this year. Yields on high-grade cor- long-term U.S. Government securities had 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 risen to 4.21 per cent, the high for the Janu- meet Treasury financing requirements so far ary-October period. As it became apparent this year. The Government's need for new that the domestic economy was continuing cash turned out to be somewhat less than in its pattern of orderly growth following the generally expected. Meanwhile, the contintax cut, market expectations of rising rates ued substantial flow of savings into longwere not sustained. During April U.S. bond term investment outlets made it easier for the yields backed away from their peak, and Treasury to undertake two advance refundthey stayed below it throughout the re- ings with relatively little effect on long-term mainder of the period. interest rates. Short-term rates, too, moved narrowly Cash budget. Despite the large tax reducover the first 10 months of 1964. Early in tion effective in early March, the Federal the year the 3-month Treasury bill rate was Government ran a seasonal cash surplus of slightly above the Federal Reserve discount $5 billion in the first half of 1964. This surrate of 3V£ per cent. Following a spurt up plus was little different from that of a year to 3.60 per cent at the time of the increase earlier, but it exceeded market expectations. in the Bank of England's discount rate, the For the entire fiscal year ended June 1964 bill rate fell back, for a time partly in rethe cash deficit amounted to $4.7 billion. sponse to a flow of funds into bills as a hedge This was only $700 million more than in against an expected further rise in interest the fiscal year 1963, and was about $1 bilrates. Then market attitudes stabilized, and lion less than in the fiscal year 1962. the 3-month bill rate remained below 3.50 per cent until late summer, when it moved The unexpectedly large surplus in Jana little above that level. uary-June 1964, brought about in part by This upward movement was accompanied reduced expenditures, enabled the Treasury by a mild rise in market rates on most other to make net debt repayments of $900 milshort-term instruments, including commer- lion, as shown in Table 1, and to build up cial and sales-finance-company paper and its cash operating balance by $3.6 billion. negotiable time certificates of deposit. The As a result, the Treasury began the fiscal increases in these rates reflected to some de- year 1965 with an operating balance of gree the pressures associated with the expan- $10.2 billion, as compared with $11.3 bilsion in business needs for funds during the lion at the opening of fiscal year 1964. The late summer and early autumn. In this pe- earlier balance was larger because of $1.9 riod, banks came under slightly more reserve billion of anticipatory financing undertaken pressure and had to obtain somewhat more in June 1963. of their funds by borrowing from the Reserve The emergence during 1964 of a cash Banks. Such borrowings averaged $320 mil- position that was more comfortable than had lion in September and October, compared been expected contributed to the abatement with an average of about $270 million in of the early spring uncertainties regarding the preceding 8 months. the outlook for domestic interest rates—uncertainties that had been triggered by the tax TREASURY FINANCE cut and by rate increases abroad. Following The U.S. Government securities market has the advance refunding operation in July, readily absorbed all the issues offered to long-term interest rates were also influenced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. GOVERNMENT SECURITIES IN 1964 1377 Table 1 FEDERAL CASH BUDGET in biktions of dollars ) i FISCAL YEAR 1963 FISCAL YEAR.1964 ITEM July-Dec. 1962 Jan.-June 1963 July-Dec. 1963 Jan.-Jure 1964 Cash surplus p1 cr -9.1 •5.1 -9.7 •5 0 Net cash borrowing •6.1 - .6 •4.8 - 9 Financing in b; i • s '6.2 -1.0 •4.3 - 8 Other „ f • .4 • .5 - .1 Change In c en h ere -2.7 •4.4 -4.6 •3 6 Cash operating oai : ;• c e. fe -•• o c ' 6.8 11.3 6.6 102 • NOTE.—"Net cash borrowing or repayment" and "change in of tax and loan accounts and Federal Reserve Banks) are not cash operating balance" do not add to "cash deficit or surplus" included. because miscellaneous financial items (such as deposits outside by market expectations that the Treasury but was above the annual average of about would satisfy the remainder of its financing $7 billion for the decade ended in 1961. needs for 1964 in the short-term area. Almost 90 per cent of these longer-term Such expectations, at least as they per- securities were made available in the two adtained to new cash borrowing, were consist- vance refunding operations. ent with experience in the second halves of The advance refunding in July was the the preceding two calendar years. In those largest of the 10 such operations conducted periods the Treasury covered its seasonal since June 1960, when the Treasury first needs for cash mainly by selling Treasury made use of the technique. Almost $42 bilbills, thereby contributing to the mainte- lion of issues maturing in from 1 to 31 nance of firmness in short-term rates for months were eligible for the exchange; about balance of payments reasons. $27 billion of these were held by the public From the end of June through October —that is, by other than Government investthis year, the Treasury raised $4.2 billion ment accounts and Federal Reserve Banks. in new cash through net additions to Treas- The public accounted for virtually all of the ury bills. A large part of these represented $9.3 billion that was exchanged; 40 per cent tax anticipation bills maturing in March of the exchange went into the reopened 4 1965. In November the Treasury auctioned per cent bonds of October 1969, 47 per cent a $1.5 billion issue of June 1965 tax antici- into a new AVs. per cent issue of November pation bills. 1973, and 13 per cent into the reopened AVA Refunding operations. Although its cash fi- per cent bonds of 1987-92. nancing operations have involved short-term Such a large exchange, with a major porissues, the Treasury has issued longer-term tion of the investors taking the two longersecurities in both regular refinancing and term options, added 4.8 months to the averadvance refunding operations in 1964. In age maturity of the total outstanding marketthe first 10 months it marketed nearly $14 able U.S. Government debt. A smaller opbillion of bonds due in more than 5 years. eration in January, in which $3 billion out This was roughly $2 billion less than in of a total of $25 billion of eligible issues either of the two preceding calendar years, were exchanged ($15 billion of the total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 being publicly held), increased the average maturity of the debt by only 1.6 months. Both TREASURY BILLS and LONGER-TERM Regular refinancings in February and marketable U.S. Govt. debt increase May, and especially in August and Novem- CHANGF ):. MON ber, were small insofar as public holdings were concerned, and were routine in char- OUTSTANDING DEBT BY MATURITY acter. With one exception they involved offerings of only 18- to 30-month notes; the offering in May, which was the exception, also included a 4V4 per cent 10-year bond as one option. Maturity structure of debt. The lengthening of the public debt achieved by refunding operations was only enough to keep the average maturity of the debt from shortening on balance over the 12 months ended September. Refunding operations just offset the effect on the debt of the passage of time and of the concentration of new cash offerings in the bill area. Thus, at the end of September, the average maturity of the total marketable debt outstanding was 5 years and 3 months, un- Note.—Public holdings exclude securities held by Federal changed from a year earlier. Since holdings agencies and trust funds and the Federal Reserve. in official portfolios are more concentrated increased. All of the latter increase was in in short-term issues than are public holdings, issues maturing in more than 20 years. the average maturity of the marketable debt As often occurs, changes in the maturity in public hands—at 5 years and 6 months— distribution of the U.S. Government debt was somewhat longer than for the total and were not paralleled by changes in the strucwas likewise unchanged from its year-earlier ture of interest rates. As compared with a level. year earlier, average yields on U.S. Govern- There were changes within the debt strucment securities in October were higher in ture, however, as Chart 2 shows. The volall maturity classes, but the largest rises ume of Treasury bills outstanding rose, but were in the 1-5 year area, and that was a the increase was more than offset by a dematurity sector in which the supply declined. cline in coupon issues maturing within a During the summer there was a slight rise year. Issues maturing in from 1 to 5 years in rates on long-term U.S. Government sealso declined, reflecting a reduction in such curities; this reflected to some extent the debt held by the public as a result of its parweight of two longer-term securities that ticipation in advance refundings. There was were taken by the public in the July advance a sharp rise, however, in issues outstanding refunding. But by early November such rates in the 5-10 year range, and outstanding had fallen back to a level just above their bonds maturing in more than 10 years also low for the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. GOVERNMENT SECURITIES IN 1964 1379 The summer advance refunding also re- Dealer transactions in Treasury bills in sulted in a sharp reduction in the volume 1963 and so far this year have been little of very short-term coupon issues, and this changed from 1962 levels, despite the rise led to some temporary downward pressure in bills outstanding. The further rapid on bill rates as demand from that part of growth in negotiable time certificates of the market spilled over into the bill market. deposit as an outlet for funds that might In order to meet this additional demand for otherwise have been invested in Treasury bills, the Treasury increased the supply in bills has in some degree taken the place of July, chiefly through a $1 billion strip of activity in Treasury bills. In addition, combills with an average maturity of 110 days. mercial banks have made increasing use Dealer activity and positions. The activity of the Federal funds market for short-term in the U.S. Government securities market, adjustments of their reserve positions, and the policies of dealers with respect to thereby reducing somewhat the needed frethe amount and types of such securities that quency of adjustments in their Treasury bill they hold (that is, their positions), reflect portfolios. demand-supply forces present in the market, as well as expectations of likely changes in such forces. CONTINUED LARGE dealer activity, with peaks As Chart 3 shows, dealer transactions in during Treasury advance refundings U.S. Government securities (counting purchases and sales as separate transactions) TRANSACTIONS rose during 1961 and 1962 and reached a peak during the advance refunding of February 1963. Peaks in dealer transactions normally are associated with Treasury financings—particularly advance refundings, which present investors with a large number of alternatives and opportunities for profitable trading. Thus far in 1964 the reported volume of dealer activity has generally been about the same as in the two previous years, except for the last few months of 1962 and early 1963 when transactions were very large. In those months activity was stimulated first by rising bond prices and then by a large advance NOTE.—Transactions data combine market purchases and sales of U.S. Goyt. securities dealers reporting to the F.R. refunding by the Treasury. During that pe- Bank of N.Y. Positions data are reported by the same dealers. Data are monthly averages of daily figures based on the riod, dealer sales of coupon issues to com- number of trading days during the month. mercial banks and to other investors were at their highest levels of the past 3 years. As interest rates rose in 1963 and in the Transactions in coupon issues this year may early spring of 1964, dealers tended to rehave been reduced to some extent by uncer- duce their positions in coupon issues. At the tainties concerning prospective interest rate time of the July 1964 advance refunding, movements. however, dealers increased their positions by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 buying an unusually large amount of the of funds into higher-earning, longer-term issues offered. investments, including State and local government securities and mortgages, in an ef- SHIFTS IN OWNERSHIP fort to raise earnings in the face of higher The relatively large volume of transactions rates of interest being paid on time and in U.S. Government securities has reflected savings deposits. In September 1961 only continued substantial shifts in ownership of 15 per cent of all U.S. Government securithe marketable U.S. Government debt. ties held by banks had maturities of over 5 years, but by September 1964 this pro- Commercial banks are the largest single portion had risen to 27 per cent. class of investor in U.S. Government securities, and as compared with the holdings Nonfinancial corporations, like banks, of other groups of the public, their holdings were net sellers of U.S. Government secuare also among the most volatile. In the rities over the first 9 months of this year, as current upswing banks have sold such secu- in the previous 2 years. Their holdings of rities, on balance, but their sales have been such securities, which are concentrated in moderate as compared with those in previous Treasury bills, show sharp seasonal moveexpansions. One reason for this has been the ments, resulting primarily from the quarterly continued relatively large growth in their corporate tax and dividend payment dates. deposits, reflecting in part a more stimu- Over the first three quarters of this year lative monetary policy. In the first 9 months holdings of Treasury securities by this group of this year, net sales of U.S. Government declined by $1.2 billion, about the same securities by banks were less than in the amount as in 1963 but less than in 1962. same period last year, as Chart 4 shows. In both of those years, however, the 9-month Banks have continued this year to lengthen declines were followed by a rise in holdings somewhat the maturity of their portfolios. in the last quarter, as corporations invested Despite the increase in their bill holdings as in tax bills issued by the Treasury. In consea result of purchases in August and Septem- quence, holdings of U.S. Government secuber, banks reduced their holdings of Treas- rities by nonfinancial corporations have ury bills and other issues maturing in 5 years changed little on balance in recent years. In or less by about $6.5 billion on balance dur- part, this reflects their investment of liquid ing the 9 months ended September, and in- funds in other outlets, such as negotiable creased their holdings of over-5-year matu- time certificates of deposit. rities by some $3.0 billion. In contrast to banks and corporations, Practically all of the increase in longer- State and local governments have continued term holdings was the result of participation to enlarge their portfolios of U.S. Governin the July advance refunding, in which com- ment securities in recent years. During the mercial banks were allotted $5.5 billion of first 9 months of this year they acquired the new issues. The banks made some subse- about $1.2 billion net of marketable securiquent sales of these issues, but continued to ties, more than in the corresponding periods hold most of them. of the previous 2 years. Pension and retire- This emphasis by banks on longer-term ment funds accounted for part of the rise. securities continues the pattern of the last State and local governments have also in- 2 years, when they switched large amounts vested in U.S. Government securities a part Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. GOVERNMENT SECURITIES IN 1964 1381 COMMERCIAL BANKS continue to be largest sellers of U.S. Govt. securities CHANGE IN HOLDINGS — 2 Jan.'Sept. COMMERCIAL NONFINANCIAL STATE & LOCAL NONBANK FINANCIAL OTHER PUBLIC CORPORATIONS GOVERNMENTS INSTITUTIONS INVESTORS NOTE.—Based on Treasury Survey of Ownership. Reported commercial bank holdings have been adjusted to include all banks. of the proceeds from their own new issues, buy and sell in all maturity areas of the U.S. when these have not been needed immedi- Government securities market, as it conately to finance current outlays. tinued to supply reserves to the banking sys- Nonbank financial institutions have made tem in such a way as to minimize downward only small net additions to their holdings of pressure on bill rates. marketable Government issues since 1961. The System made net purchases of $1.8 The largest net purchases by the public have billion of U.S. Government securities during been made by "other investors," a group that January-September, about the same as in the includes individuals, nonprofit organizations, similar period of 1963 but about twice as and foreign entities, as well as miscellaneous much as in 1962, when reserve absorption investors. from outflows of currency into circulation This group has absorbed the bulk of the and from a decrease in Federal Reserve float securities sold by commercial banks. As the had been less. As compared with the previflow of savings has continued large, demand ous 2 years, the System in 1964 made somefor Government securities by this group of what smaller purchases of coupon issues; investors has been fairly well sustained, and purchases of Treasury bills, on the other banks have been able to dispose of their hand, were larger than in 1963, while in holdings with very little net upward impact 1962 the System had sold bills on balance on interest rates. Continued sizable net pur- over the January-September period. chases by the Federal Reserve System have The System's gross transactions in sealso contributed to this favorable demand curities (excluding repurchase agreements) situation. were some six times as large as net purchases. More than 90 per cent of these transactions FEDERAL RESERVE TRANSACTIONS were in Treasury bills, as the System acted to In its operations the Federal Reserve System offset the impact on bank net reserve posicontinued in the first 9 months of 1964 to tions of short-term fluctuations in such fac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 tors as float, currency in circulation, and some of the downward pressure on bill rates required reserves. associated with the July advance refunding. Gross transactions in coupon issues ma- Then, as the economy entered the fall seaturing in more than a year amounted to $843 son, the System made further purchases of million in the first 9 months of 1964. All coupon issues. This contributed slightly to were purchases. About $750 million repre- the rise in bill rates during this period, when sented purchases of issues due within 10 • upward rate pressures are normally generyears, divided about equally between issues ated by market forces. In addition, such maturing in 1 to 5 years and in 5 to 10 years. purchases contributed to a further reduction The bulk of the purchases of coupon is- in dealer holdings of coupon issues. Dealers sues occurred in August and September, had built their holdings to record levels in when their reserve effect was offset in part the July advance refunding and increased by System net sales of Treasury bills. In them further in the relatively small August early August such Systerr) operations offset refinancing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Research into Banking Structure and Competition To develop more comprehensive back- of academic institutions. It has seemed ground for the discharge of its statutory timely, therefore, to develop a broad survey responsibilities concerning bank branches, of the work that has been done and of the mergers, and holding company acquisitions, further research that might be pursued. Such the Board of Governors 3 years ago a survey paper was developed by Robert C. launched a formal research program in the Holland, Associate Director in the Division field of banking structure and bank com- of Research and Statistics, and his colpetition. A Banking Markets Unit was es- leagues of the Banking Markets Unit— tablished in the Board's Division of Re- Tynan Smith, George Hall, and Wm. Paul search and Statistics, and directed to Smith—and delivered at the Conference of undertake studies with its own staff and to University Professors sponsored by the review and foster research in banking mar- American Bankers Association at Princeton, kets by others. N.J., August 29-September 2, 1964. That In the ensuing years, numerous research paper has been adapted for presentation in projects have been undertaken throughout the BULLETIN, to serve as a reference for the Federal Reserve System, in other Fed- analysts interested in following developeral and State agencies, and in a wide range ments in this field of research. THE TITLE of this paper implies some and analyses of data are faulty. Analysts interrelationship between the terms "bank- probably have been at fault in all three ing structure" and "banking competition." * areas, partly because they have fallen for Economic theory says there ought to be the temptation to oversimplify. Penance, in one. It is common sense to expect one. How- the form of more elaborate and sophisticated ever, statistical research to date has failed approaches, will be a painful task, but both to support that connection, over a fairly intellectual curiosity and the pressing needs wide range of circumstances. Either present of official policy-makers ought to spur retheory is inadequate, or the hypotheses for searchers onward. testing are misconceived, or the collection POTENTIALS OF RESEARCH 1 For purposes of discussion here, the word struc- Economic theory provides policy-makers ture is used in its narrow sense, to refer to the relatively little help in choosing operational number, organization, and relative size of the firms in the market. To encompass other organizational goals as to market performance in a field and demand influences exogenous to the firm, the in which regulation significantly constrains broader term environment is employed. Performance, as used here, is indicated by market phenomena competition. In an industry so regulated, it such as the scope and quality of banking services, is possible to draw sure inferences as to prices of these services, and the extent of investment in banking. market performance only when intracom- 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 pany and intercompany relationships and of many individual market situations. An crucial environmental factors are known. invaluable complement to such knowledge, And they seldom are. however, can be provided by objective re- A socially optimum market performance search into the various facets of banking is assured by the operation of a purely com- market performance under regulated conpetitive market in which firms are free to ditions. enter or fail and none is large enough to A prerequisite for ideal bank regulation is affect the market by itself. Under those cir- a reasonable understanding of the conneccumstances the eventual industry structure tions between (1) different market structure will generate a unique performance: one and organizational characteristics and (2) that provides the most efficient allocation of their various behavioral consequences. This resources (that is, lowest cost) within the requires study of the connections between industry, while all other welfare dimensions various changes in structural characteristics of the market's operations are either opti- and the degree of competitiveness injected mized or presumed insignificant. into a market. At the same time, the effects However, banking markets are not purely of different structural characteristics on competitive. The privileges of entry and long-run average costs of banks need to be failure, and certain extremes of competitive considered. And finally, attention must be behavior, are constrained by an elaborate given to the relationships of banking strucframework of laws that limit entry into the ture and organization to other aspects of banking field and rivalry among banks. In banking behavior deemed to make signifithe public's judgment there is a net benefit cant contributions to the nation's welfare. These latter include such factors as the proto society from avoiding these competitive cyclical or counter-cyclical impact of bank extremes in banking. But the laws designed behavior, bank responsiveness to counterto safeguard against these competitive excyclical public policies, and the continuing tremes also limit the interplay of market availability of banking services in each marforces and augment the inherent tendencies ket.2 toward imperfect competition in banking markets. Furthermore, available evidence This kind of knowledge is easier to dissuggests that the banking industry would cuss than to acquire. The ways in which not function in a manner approaching pure banking markets manage to adjust from one balanced situation to a later and differcompetition even if regulations on merger ent equilibrium are not well understood; the and entry or on forms of rivalry were to be most relevant information for analyzing such removed. It is therefore not possible to rely situations is seldom available; and the funcupon any automatic tendency for banking to achieve an equilibrium that provides a socially optimum performance. As a result, 2 Some analysts have regarded deposit insurance as protecting all that needs to be preserved out of a public policy regarding bank regulation has failing bank. But recent analyses have come to emthe continual problem of developing ap- phasize more and more the wide variety of services that make up a bank's output. Since deposit insurpropriate standards for regulation and for ance preserves only one such service, a community the performance of the regulated industry. in which an insured bank fails can still be significantly There is no substitute for the guidance worse off than before. A concrete example would be the loss of an alternative source of personal or busiprovided by intimate supervisory knowledge ness credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1385 tional relationships being analyzed may the U.S. Congress, the New York State prove to be so variable, both cross-section- Banking Department, and numerous acadally and over time, as to frustrate systematic emicians have contributed a great deal to study. the present breadth of research on banking Notwithstanding these difficulties, re- structure and competition. Even so, what search in recent years has helped to in- has been accomplished to date should be crease our knowledge of banking markets, thought of more as the beginning of needed as later parts of this paper will indicate. research rather than as its culmination. Much more is possible, however, and there This paper attempts to convey the flavor is great need to foster further research that of this recent burst of research and to sugmay help to answer the many questions gest what seem to be the most important that still remain about bank competition and implications for further work in the field. about the performance of banking markets. At the outset, a major difference from Even apart from the usefulness of such find- earlier studies should be noted. The more ings to banks and bank supervisors, such traditional studies of banking structure and research should provide valuable insights to competition tended to be either legalistic or scholars and those responsible for framing macro-oriented. The legalistic studies reand implementing social policy for a broad flected the familiar concern for bank solrange of regulated industries. vency and the protection of depositors and stockholders. They were often investigations SURVEY OF RESEARCH AND LITERATURE of the legal form of banking organization With this philosophy as to the potential con- and of the jurisdiction and operations of tribution of research, the Board of Gov- regulatory agencies. Other earlier studies ernors launched a formal research program centered on the effectiveness of the comrelating to banking markets about 3 years mercial banks in implementing monetary ago. A major aim of that program has been policy. Until recently micro-analytic studies to stimulate research by a wide range of of pricing and output were rare. professional analysts in academic institu- These traditional interests have not been tions, public agencies, and private research superseded, but later studies have taken on and trade organizations. To this end the a new orientation. This new interest is con- Board and the various Federal Reserve cerned primarily with how well the banking Banks have actively provided data, have system serves its customers. Recent research sometimes provided financial aid, and have typically focuses on local market areas, uses often provided technical counsel to outside the techniques of price theory, and is conresearchers. More than 30 doctoral disserta- cerned more with economic performance tions and similar research projects are now than with formal institutional arrangements. in progress or have recently been finished From the standpoint of the research obwith such Federal Reserve assistance. jectives and techniques used, recent projects Besides the Federal Reserve activity, the can be classified into five major groups: stimulative efforts of the Commission on 1. descriptive analyses of banking struc- Money and Credit, the Comptroller of the ture and organizational arrangements; Currency, the Banking and Currency Com- 2. studies of legislation and of adminismittee of the House of Representatives of trative and court decisions; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 3. statistical measures of structure-per- the staffs of the Board and the Comptroller formance relationships; of the Currency. One such tabulation was 4. studies of economies of scale; and published in the Federal Reserve BULLETIN 5. development and testing of models of for September 1963 [5]. the supplies of and demands for bank- Two other descriptive projects should be ing services. cited. The first is the unpublished study of There is nothing sacrosanct about these bank mergers in California during the pegroupings. For other purposes different riod 1947-60, which Professor Eugene classifications might be preferable. And in Rotwein did under contract with the Federal some instances the projects to be discussed Reserve Bank of San Francisco [6]. This fall in more than one category. Yet, this study indicates that merger activity there classification seems to illustrate both the often resulted in significant increases in conunity and diversity of present activities. centration at the county level, and that in Descriptive analysis of banking structure and many cases the earnings performance of the organization. The first group of studies, de- acquired bank was better than that of the scriptions of banking structure and organiza- acquiring bank. tion and of the legal and supervisory con- The second study is one by the New York straints upon them, is exemplified by Bank State Banking Department, which surveyed Holding Companies by Gerald C. Fischer mergers in that State during the postwar [1]3 and Group Banking by W. Ralph years and their impact on banking concen- Lamb [2] and "Branch Banking and the tration and the services provided the public Structure of Competition" by Bernard Shull [7]. According to this survey, branch banks and Paul M. Horvitz [3]. Such studies as provide most of the advantages usually these provide the background necessary for claimed for unit banks. The yardsticks used market analysis, a very important consider- were conventional statistics of bank operaation in view of the lack of elementary fac- tions such as loan-to-deposit ratios, lending tual knowledge about the organization and terms, and the like. New ground was broken, activities of the units whose behavior is to however, with the effort to obtain informabe explained.4 tion on the availability of banking services Another type of descriptive study relates of various types and on how such services to the historical changes in such basic vari- were priced. One of the survey's most imables as the number of banks and branches, portant conclusions was that the expansion the number of mergers, and the size of of major branch banking systems, either by banks. Among those engaged in the labo- de novo branching or by merger, would imrious and prosaic but fundamental job of prove the banking system's performance as collecting and tabulating such numbers are measured by most of these indicators.5 Although the criteria used in this survey 3 Numbers in brackets refer to references cited on were those that have figured prominently pp. 1398 and 1399. in the debate on unit banking versus branch * Lawrence L. Werboff and Marvin E. Rozen's paper [4] outlining the relative position of banks among financial institutions provides a valuable com- 5 The survey concluded that of the bank mergers plement to these studies devoted to banking structure studied (205 of 257 in New York State from 1951 to and organization. Further research of this nature is 1961) the great majority were, on balance, beneficial needed, especially in reference to banking in local to the public's interest in terms of both immediate and markets. long-range effects. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1387 banking and merger policy, they have de- the point of providing useful models of genfects as a measure of social welfare, as the eral banking behavior. study itself recognizes. For example, the Studies of legislation and of administrative loan-to-deposit ratio figured prominently as and court decisions. A major interest of econa test; while this ratio may have some claim omists in the various aspects of the relationas a measure of managerial efficiency or of ship of banking structure to performance is, the degree to which local funds remain at of course, the implications for public policy. home, there is no theoretical justification for Consequently, a sizable group of studies using it to measure the bank's contribution have been directly concerned with the imto the social welfare of the area. It should pact of legislation, administrative decisions, also be noted that, regardless of the effort and court decisions upon trends in banking expended in examining operating character- structure and in the provision of banking istics of merging banks, the results will lack services. predictive significance unless there is a the- A number of studies have attempted to deoretical framework to explain why the banks termine the criteria used by policy-makers. expanded by merger rather than internally. In effect, they have asked the question: What And lacking a theoretically sound and em- model or models of imperfectly competitive pirically buttressed framework to explain market behavior are the agencies and courts mergers, the results cannot support a con- implicitly assuming? Three studies may be clusive choice among alternative public cited as characteristic of this group. One is Jules Backman's study of the Bank Holding policies. Company Act [10], which reviews the hold- In short, the pitfall that descriptive studing company decisions of the Board of Govies must strive to avoid is measurement ernors from 1956 through 1962. Backman without a working relationship to theory. concluded that in its consideration of appli- To be sure, some studies have been relacations to form holding companies and to tively successful in integrating descriptions acquire additional banks the Board has given of institutions with theoretical analysis of bank behavior and/or market performance.6 most weight to the competitive factors involved. Another is Charles Thiemann's re- But valuable though these descriptive studcent dissertation at Indiana University ies may be, they have not always recognized [11], which traces bank merger regula- —and in no case yet have met—the need tion before and since the Bank Merger Act for defining a set of operating social standof 1960 and reviews the decisions made ards for testing performance by the entire under the Act. Still a third is a monograph banking system as opposed to that by an by George R. Hall and Charles F. Phillips, individual bank. Nor have they proceeded to Jr. [12], which was recently published by the Board. This monograph analyzes the merger 6 An example here is the Deane Carson and Paul decisions made by the three Federal bank H. Cootner study, "The Structure of Competition in Commercial Banking in the United States," done for regulatory agencies since the Bank Merger the Commission on Money and Credit [8]. Similarly, a Act. Hall and Phillips attempted, by studydetailed review of developments in Nassau County, ing all published information in such cases, N.Y., was the basis for an analysis of banking performance in that area by David C. Motter and Deane to determine the standards applied by the Carson in their article, "Bank Entry and the Public banking agencies in judging the market im- Interest" [9]. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 pact of the proposed mergers and to contrast trate clearly the fundamental problem of these criteria with those used by the courts bridging the gap between scholarly inferunder the Clayton Act for other industries. ences of supply and demand relationships These three studies, and others like them, and public-policy judgments. Congressman identify the criteria used in decisions and Celler considers banking in the same way provide a historical and legal perspective that he would any other industry for antiagainst which to appraise the economic cri- trust policy and he would take any feasible teria used to determine permissible changes action to maximize rivalry. Abramson, on in banking structure. It should be pointed the other hand, argues that banking requires out here that in this striving to create models special antitrust treatment because it is an of past decisions by policy-makers and not industry regulated to achieve purposes that models of market behavior, the analysts can he considers are not necessarily advanced by help policy-makers to be more consistent but the structural policies advocated by Connot necessarily to be more correct. Nonethe- gressman Celler. Neither author provided less, the educational value of such studies substantive evidence to support his point. can be considerable—in part because they Although the controversy clarified the isallow economists to gain an understanding sues and delineated the areas of agreement of the day-to-day policy problems and to and disagreement, no consensus among benefit from the subjective sense of the mar- scholars, agency staffs, and the courts has ket's functioning that policy-makers tend resulted from the recent judicial decision to develop in the course of their experience. and commentaries on it. Any consensus will A related family of studies has gone a probably depend upon the results reached step further, endeavoring to hypothesize the in the research areas discussed below. consequences of public policies and imple- In a study now under way Donald Jacobs menting decisions. The Supreme Court deci- approaches bank mergers from a different sion in The Philadelphia National Bank- angle. He is testing the hypothesis that merg- Girard Trust Corn Exchange Bank merger ers are stimulated by the imperfections in case [13] triggered a number of such articles, the markets for bank capital. Jacobs believes many of which appeared in The National that these markets undervalue the stock of Banking Review [14, 15, 16, 17, 18, 19, 20, many small banks, and this makes it more 21]. The Court applied the narrowly com- advantageous for large banks to acquire small banks than to establish de novo branch petitive criterion of Section 7 of the Clayton offices. A group of merged banks is being Act rather than the broader criteria of the paired with a control group of similar banks Bank Merger Act. A number of economists, so that the market value of the bank stock including most of the Comptroller's reof the two groups may be compared. More search staff, rose to attack the validity of such analysis of the motivation of bankers' the Court's definition of the market and merger decisions could be valuable in laying the standards used to judge the merger. a basis for evaluating administrative and Congressman Emanuel Celler and others rejudicial attitudes.7 sponded with defenses of the decision [18, 19, 20]. The articles by Congressman Celler and 7 A pioneer effort to view bank merger motivations in this context was made in a series of articles, "The by Victor Abramson [18, 14, 15, 16] illus- Branch and Merger Movement in the Third Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1389 Public policy regarding bank mergers and economic factors had operated. He develholding company activity is only one means oped a model of investment in banking deof influencing banking markets. Other reg- rived from economic determinants and then ulatory aspects, including limitations on compared these results with actual entry entry and examination procedures and since 1935. Peltzman's results suggest that policies, should be more thoroughly ana- as a result of supervisory regulations the lyzed. Few economists have examined the total number of entries has been only oneimpact of present restrictions on entry and half to two-thirds the number that might branching, but there is a growing interest in have been expected had there been no rethis subject. David A. Alhadeff in his Quar- strictions. terly Journal of Economics article, "A Re- An estimate of the quantitative impact of consideration of Restrictions on Bank En- regulation such as that study provides is, of try" [22], reviewed the background that led course, experimental and quite different to present restrictions. As a result of this refrom evaluating the social desirability of view he concluded that the "need" criterion regulation. Nonetheless, the Peltzman study now generally employed is undesirably reis an innovative approach, and we hope it strictive. will be followed by numerous other quantita- Unfortunately, studies attempting to iden- tive studies of the impact of regulation. tify and quantify the consequences of pol- Statistical measures of structure-performicy decisions are rare. However, two are es- ance relationships. The third class of studies, pecially worthy of consideration. involving measurement of structural and Motter and Carson [9] examined the im- performance variables in banking markets pact of the liberalization of entry regulations and statistical testing of relationships, differs on banking performance in Nassau County, from the previous groupings chiefly in two New York. They concluded that bank cusrespects: (1) heavy reliance is placed on the tomers benefited primarily through more logic behind such associative techniques as convenient access to banks by virtue of more regression analysis; and (2) emphasis is offices and longer banking hours, but that placed on estimates of the quantitative functhey also benefited from reduced rates on tional relationships between structure and some types of loans and increased availperformance. ability of loans. The study also showed that There has been considerable controversy the pattern of change was consistent with about the measurement of structural varichanges in the economic base as measured ables. Much of the debate has centered by income and population. around the usefulness of concentration In a dissertation recently completed at ratios. This controversy has not only meththe University of Chicago [23], Sam Peltzodological but normative significance, for man used econometric techniques to test the many observers are willing to base policy extent to which restrictions on bank entry conclusions on simple comparisons of relahave reduced the number of new banks betive amounts of deposits held by the largest low what might have been expected if only banks. Such economists regard high ratios Reserve District," by David Eastburn in the Business or increases in these ratios as "bad" and low Review of the Federal Reserve Bank of Philadelphia, ratios or decreases as "good." August, September, November 1954 and January and March 1955. Some observers also tend to use concen- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 tration ratios as an index of the degree of Edwards analyzed interest rates charged on monopoly or market power. The Supreme business loans. He found a significant posi- Court and the Antitrust Division of the De- tive relationship between bank concentration partment of Justice have apparently adopted ratios for large Standard Metropolitan Stasuch a position in recent bank merger cases tistical Areas (SMSA's) and interest rates [13, 24]. On this point academic opinion is prevailing in 1955, and also between such divided. Robert F. Lanzillotti and Eugene ratios and the inflexibility of rate changes Rotwein, for example, in their assessment between 1955 and 1957 (but not with reof the competitiveness of banking markets, spect to 1957 interest rate levels viewed place much weight upon the level of concen- separately). Theodore Flechsig has been tration ratios and the changes in these ratios. subjecting these data to further study for Carson and Cootner, on the other hand, the Board's Banking Markets Unit, howthink that such ratios are not appropriate to ever, and he believes that the relationships use in analyzing competition. The position Edwards found do not reflect causal factors. of those who stress the limitations of con- It now appears that concentration was servcentration ratios is summarized in Carson ing as a proxy for regional variations in and Horvitz's comment on the Philadelphia- the data and that these, in turn, reflected Girard decision [17]. supply and demand variables other than the Concentration ratios have also figured number and size of banks. prominently in testing the functional connec- In several recent studies banking contion between market structure and perform- centration has been included as only one of ance. Carson and Cootner's study [8] pre- several structural characteristics, each of pared for the Commission on Money and which is tested for its relationship to bank- Credit, for instance, found a positive rela- ing performance. This is the approach used tionship between the average profitability of in several experiments undertaken by the banks and the degree of banking concentra- Banking Markets Unit at the Board. tion. But after carrying the analysis further One such study applied multiple regresthey concluded that this relationship was due sion techniques to a restricted geographical to variations in regional economic structure. sample of banks located in towns with one, The interrelationships among geograph- two, or three banks. It sought to specify the ical regions, regulations on branching, bank functional relationships between the various size, interest rates charged, interest rates structural and organizational characteristics paid, rates of growth, and similar variables of these local markets and three measures are continual sources of confusion in all of performance: average rate of interest paid works of this type. These problems are in- on time and savings deposits, average rate of interest received on loans, and average herent in such typical works as that of rate of return on net earning assets. About Franklin Edwards, Concentration and Comits only significant finding was that in the petition in Commercial Banking [25], sponpresence of savings and loan associations in sored by the Board of Governors and the the community, commercial banks paid Federal Reserve Bank of Boston and subhigher rates on time deposits.8 mitted as a doctoral dissertation at Harvard University. Using data from Federal Reserve 8 One surprising result of this study was the disbusiness loan surveys for 1955 and 1957, covery that smaller banks had lower operating costs, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1391 This type of analysis is also being applied The similarities and contrasts of banking to the rate of interest charged on business structure in these 19 SMSA's, as measured loans by the banks in 19 SMSA's reporting by the total deposits of commercial banks, in the Federal Reserve quarterly survey of is indicated by the figures in Table 1. bank rates on short-term business loans. In all these multiple regression studies, These data permit performance to be meas- much of the variance in the performance ured by actual interest rates reported on a variables remains unexplained. Using this homogeneous type of loan, rather than by approach, we have made little progress in the average return on total loans, which is our search for an answer to the question of influenced by loan "mix" and other nonthe impact of structure upon performance. structural features. But there are many more data to be ana- When this study tested the same variables lyzed, and the availability of computers not as those that Edwards used, the two studies only permits but also encourages further yielded similar results. However, the introexperiments in this direction. duction of other variables, considered to be The issues raised by these studies are better measures of the variations among fairly clear. First, the lack of precision in SMSA's in the supply of, and demand for, the definitions of products and of geographibank credit than were available for the cal markets destroys much, if not all, of the earlier data, seems to eliminate the effect of normative significance of bank concentraconcentration without relying on region as tion figures, at least within the observed an explanatory variable. This suggests that ranges. regional differences may be the result of Second, the introduction of concentration differences in basic demand and supply per se as a variable in statistical analyses has factors.9 added little or nothing to the conclusions derivable from more pedestrian economic an apparent denial of economies of scale. But a closer examination of the data revealed that in most analysis. To put the matter more explicitly, of those instances where this was true, the small bank it has not been possible to calculate the imwas the only one in the community; thus it enjoyed a monopsonistic as well as a monopolistic position. pact of concentration on banking perform- In this circumstance, these smaller banks may have ance because there are too few nonconcenbeen able to secure labor at relatively low wage rates and deposits with relatively low promotional ex- trated markets for adequate comparison.'0 penses. Consequently, their lower costs may well have To complicate the problem further, the rereflected the private advantages of a monopsonistic factor buyer rather than social advantages of small size. lationship between concentration and pere George Kaufman at the Federal Reserve Bank of Chicago also has experimented extensively with the application of multiple regression technique to 10 This should not be so surprising. Among cities measure the effect of structure upon performance. of less than 50,000 population that have any banking His most recent effort is a detailed analysis of all offices at all, only about 1 in 100 has more than insured commercial banks in Iowa in 1960. This three banking institutions [5]. At the other extreme, study concludes that there is a statistically significant SMSA's extend, roughly speaking, from those in which but quantitatively small relationship between the the three largest banks control about 50 per cent of number and size of banks and their performance. the deposits to those where the three largest banks Kaufman finds that higher concentration is associated control about 95 per cent of the deposits. Most are in with poorer performance in terms of prices paid, the 75 to 85 per cent area. It is doubtful that marprices charged, profits earned, and services rendered. kets where three firms had 95 per cent of deposits The number of presumptive causal variables intro- would demonstrate, other influences being equal, duced, however, saps a good deal of the meaning markedly different results from those observed in attached to the statistical measures of significance markets where the concentration ratio was 50 per employed. cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 formance may be discrete rather than a Economies of scale. Analyses of economies monotonic function. of scale in banking might have been in- The third observation is more optimistic: cluded with the studies just discussed. But banking markets do display different pat- separate treatment seems justified because terns of performance. There appears to be of the special importance of the results for great promise in statistical analysis that ex- public policy. amines on a disaggregated micro-level the Economies of scale can be analyzed from relationship between performance on the several viewpoints, ranging from a narrow one hand and a number of different struc- focus upon the profitability of an individual tural, organizational, and environmental bank's operations to the broadest possible variables on the other. The moral is that questions about the achievement of socially little is to be gained from trying to answer optimal allocation of resources. Thus far the question: other influences being equal, the studies of economies of scale have what effect does bank concentration have on focused on the operations of individual performance? Instead, research should be banks as reflected in their costs and earndevoted to examining the whole family of ings. factors affecting performance. In this area Alhadeff has been a pioneer. TABLE 1 COMMERCIAL BANK CONCENTRATION IN MAJOR CITIES, JUNE 1960 Percentage of deposits heldby- Type of banking in State 2 Number Region and city * of State- Largest Two Three Four Five banks Limited Unit wide bank largest largest largest largest branch branch North East: New York City 21.3 40.1 51.3 61.2 70.8 51 X Boston 51.5 66.2 78.3 86.2 90.5 14 X Philadelphia 26.1 47.7 63.7 74.6 83.6 19 X Baltimore 25.1 48.0 65.4 78.9 88.3 13 North Central: Buffalo 49.2 79.6 91.3 93.9 95.0 15 X Cleveland 38.1 61.3 78.1 90.0 97.9 8 X Pittsbureh 51.7 77.3 82.2 85.9 89.4 32 X Chicago 22.2 42.0 48.1 54.0 57.5 154 X Detroit 42.6 60.6 78.1 85.5 89.2 23 X Minneapolis. .... 23.1 44.1 60.4 65.4 69.0 66 X South & South Central: Richmond 34.7 64.1 79.5 89.5 95.3 10 X Atlanta 32.5 56.7 73.4 86.9 89.7 27 X New Orleans 41.8 66.3 84.8 94.2 99.3 6 X St. Louis 22.6 44.0 51.5 55.6 58.8 64 X Kansas City 29.4 48.7 63.0 66.5 69.4 57 X Dallas... 35.0 66.3 79.8 83.3 84.8 38 X Far West: Los Angeles 38.4 65.0 77.9 84.2 90.3 40 X San Francisco 39.2 64.1 78.9 86.6 91.9 17 X Seattle 39.5 60.4 73.5 85.2 90.3 13 X 1 City includes principal county or counties where city is located. to be prevalent in each and not necessarily on the basis of the current 2 States are classified according to the type of banking that seems State banking laws. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1393 In one part of his 1954 study, Monopoly to-deposit ratios and the larger proportions and Competition in Banking [26], he found of their loan portfolios held in instalment that costs for unit banks with deposits of $2 and mortgage loans, on which interest rates million or less declined as the size of bank are generally higher than on other types of increased, that costs were fairly constant for loans. Horvitz concluded that costs tend to banks with deposits of from $2 million to fall as banks increase in size, but that the $50 million, and that for banks above that decline is not substantial except for large size, costs again showed a decline. From his banks, those with deposits of more than analysis of branch banks, Alhadeff con- $500 million. Greenbaum's analysis of a cluded that their costs were higher than sample of banks in the Richmond and those of the largest unit banks but were Kansas City Federal Reserve Districts conlower than the costs of smaller unit banks. cludes that there are modest economies of AlhadefFs results for unit banks were con- increasing size over a very large range of firmed by Lyle Gramley's study [27] of earn- output (using a synthesized measure of outings and expenses of a sample of banks in put that, roughly speaking, weights assets the Kansas City Federal Reserve District. by their relative return). Benston intensively Gramley found that costs were constant for analyzed the data collected in the cost analbanks in the $2 million to $50 million de- ysis program of the Federal Reserve Bank posit range. Irving Schweiger and John S. of Boston from a sample of about 80 banks McGee, in their "Chicago Banking" study with deposits in the $2 million to $50 mil- [28], found that the cost curve declined lion range. From these data he found evithroughout for unit banks ranked from dence of economies of scale for each of the smallest to largest (in terms of deposits). major types of banking services analyzed. Their tables, however, show that the decline He also found that branch banks are more becomes more rapid for banks with deposits costly to operate than unit banks of comof more than $50 million. This study also parable size. showed that branch banks had higher costs One of Benston's most provocative findand lower net current earnings on capital ings resulted from his effort to divide econthan unit banks of the same size. This is omies of scale into those attributable to the consistent with AlhadefFs findings. increasing number of transactions handled The recent cost studies by Paul Hor- by the unit and those attributable to the vitz [29, 30], Stuart Greenbaum [31], and increasing size of individual transactions George Benston [32] have applied more handled. The evidence he accumulated sugsophisticated techniques to the available gested that the great bulk of economies of data and have provided a few additional scale were of the latter form. Since size of insights. There is now general agreement transaction is importantly constrained by that present evidence indicates that there the market environment, irrespective of the are some economies of increasing size in bank's size, this fact, if generally true, would banking. Horvitz found that branch banks have fundamental implications for optimal are more costly to operate than unit bank size—and also for the design of future banks, but that this higher cost tends to be studies of economies of scale. Intensive efoffset by the larger gross earnings of branch forts to corroborate this finding in other banks, reflecting their typically higher loan- bank markets ought to be undertaken. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 Aside from corroboration of the Benston appropriate delineation of market boundthesis on the source of economies of scale aries for these banking services. in banking, it seems probable that analysis One of the early efforts to define banking of existing cost data has been carried about markets was by Alhadeff [26]. He hyas far as the results warrant. New data and pothesized three classes of business borrownew approaches—or both—are needed be- ers: those that were limited to banks in their fore significant further progress can be immediate vicinity, those that could do busiachieved in this area. Available statistics ness with banks at some distance, and those do not permit a sufficiently detailed allocathat had access to banks across the nation. tion of costs to be really useful. It is possible, Alhadeff assumed that business loans conhowever, that in the near future the increasstituted one type of banking service and that ing integration of automatic data processing the market for loans was separate from that capabilities and management control profor other types of banking service. This gencedures will encourage the introduction of eral view is accepted by most students of more refined methods of cost accounting, banking, for they regard it as a multiproduct which in the end will provide a dividend for industry. In his article, "Commercial Banks analysts interested in marginal costs and as Multiple-Product Price-Discriminating returns to scale. Firms" [33], Bernard Shull adapted to bank- More sophisticated theoretical and econing the model of a multiple-product firm deometric approaches must be devised to solve veloped by Eli Clemens. Shull used this the problems arising from the multiproduct model to explain certain examples of bank mixture of services being provided by banks behavior and concluded that the model is and the locational limitations imposed by a useful addition to our theoretical arsenal. the geographical spread of banking markets. He thinks it is particularly helpful in ex- In the last analysis, banking efficiency can plaining certain merger situations. be measured only in relation to the demand The composite-service view of banking for banking services. For example, the opdeveloped by Donald Hodgman [34, 35] is timal size of banks to serve the Chicago in sharp contrast to the multiproduct indusmarket is not the optimal size to meet the try view in which the borrowing and deposineeds of customers in Wahoo, Nebraska. tor functions are regarded as separable. Al- Also, a bank with three branches is not though he started with the more or less tradiequivalent to a unit bank of the same size. tional view of a bank as an institutional in- Nor is a branch office equivalent to a unit vestor, Hodgman's extended studies of bank office with the same amount of banking behavior have led to the concept of deposits. "the customer relationship." Hodgman Analyses of supplies of and demands for argues that the basic product of commercial banking services. At various points, this pabanks is the safekeeping and transfer of the per has emphasized the necessity for an immeans of payment. Therefore, a bank cusproved conceptual framework on which to tomer needs banking services in the local base analyses of the supplies of and demands area where he lives or conducts his business. for banking services. Studies to this end rep- This in turn localizes his power to bargain resent the final grouping to be discussed. in the bank loan market. A national com- The first steps in this direction are to depany conducts business in many locations termine the services to be studied and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1395 and therefore deals with many banks. Ac- of ways, other than by merger policy, in cording to this view banking markets are which regulation affects bank behavior. geographically localized and highly seg- Some aspects of nonprice competition in mented. In considering the various products particular have received more attention in provided, Hodgman supports the Supreme the literature, with some attempts at em- Court's view of banking as institutions that pirical corroboration. Chief among these is provide a "cluster" of services instead of the requirement for compensating balances following the more generally accepted view in connection with business loans. Richard G. Davis and Jack M. Guttentag have writof each service as a separate output. ten several articles on this subject, the latest The Hodgman package-of-services conbeing "Balance Requirements and Deposit cept seems most applicable to a bank's larg- Competition" in the December 1963 Jourest customers, but generally speaking there nal of Political Economy [38]. Another is little concern as to the ability of this group recent analysis is "Compensating-Balance to purchase banking services in a competi- Requirements: The Theory and Its Implicative market. The package concept probably tions" by Harold T. Shapiro and Nevin D. becomes progressively less applicable as one Baxter in the January 1964 Southern Ecomoves down to the less prestigious customers nomic Journal [39]. There is room for much who are the "bread and butter" of the bankadditional effort in determining the extent ing business. Empirical surveys as to the exof, and in evaluating, this and other types tent of single-product as against multiprodof nonprice competition. uct purchases of banking services by cus- At this time, further development of the tomers ought to help clarify this issue. theory of banking behavior and markets Jules Backman and Arnold W. Sametz depends heavily upon the results of testing also tried to adapt the traditional theory of of currently developed hypotheses. An obcompetition to banking. In their article, vious first step in deciding upon the extent "Workable Competition in Banking" [36], and composition of banking markets is they noted several respects in which bankto obtain measurements of different uses ing differs from other imperfectly competiof banking services by customers. The tive industries. Among the more significant Board of Governors has contracted for a are: (1) the greater importance of nonprice pilot project of this type with the Economic competition, (2) the fact that banking Research Institute of Drew University. Inservices are personalized to a greater extent, formation has been collected for a sample and (3) the fact that total output is reof demand deposit, savings deposit, business stricted by monetary controls. Almarin loan, and mortgage loan customers by geo- Phillips in his provocative Journal of Figraphic location for all the banks in one nance article, "Competition, Confusion and urban county. Customer data from bank Commercial Banking" [37], also called records will be supplemented by interviews attention to the important ways in which to obtain insights into the factors believed banking differs. Phillips emphasized the or- to determine the geographical markets. ganizational aspects of banking, such as the In addition, the Federal Reserve Bank of correspondent banking relationships, clear- Richmond has undertaken two studies of a ing house arrangements, and trade associa- similar nature, and their results should be tion activities. He also stressed the variety available shortly. The first, directed by Clif- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 ton Kreps of the University of North Caro- impact of such activities upon bank belina, examines banking structure and per- havior may be indirect, and there may be formance in three metropolitan areas with considerable reluctance to reveal any activmarkedly different banking situations: unit ity that could be construed as a restraint of banking in one, limited branch banking in trade under the Sherman Act. Nevertheless, another, and statewide branch banking in the need for studies in this area is clear. the third. Kreps' evidence, it seems to us, While some information on the supply of indicates appreciably more competitive be- banking services has been collected and anahavior in the branch-bank cities than in the lyzed, there has thus far been a relative lack unit-bank city. A companion study, prepared of emphasis on comparable investigations of by Richard Wallace, involves a similar in- the demand for banking services. Informavestigation of three small market areas. tion on the factors that influence an individ- These studies have used mail questionnaires ual, business, or other group to select a and interviews with banks, their customers, particular bank is vitally important, and it and rival financial institutions as sources of cannot be obtained satisfactorily without basic data. going to the customer. George Katona and More such studies are needed to provide his colleagues did conduct such a survey basic data of this nature. Opinion surveys of large corporate customers several years of market participants can be helpful in the ago [41]. This was necessarily limited in development of our body of theory. If they scope and, unfortunately, it has not been foldo not supply final answers, they can at lowed up. The survey of small business least provide clues for shaping hypotheses financing problems conducted by the Fedfor testing. It may be hoped that the spread- eral Reserve System several years ago proing use of data processing equipment will vided some information on bank customers' make it possible to obtain more readily the behavior. According to present plans the objective information that is needed for test- Banking Markets Unit will exploit these ing opinions on the geographical delinea- data in a more intensive study of the demand tion of banking markets and on the charac- side of local markets.11 teristics of customers for the various A particular area that the Board's staff services. is experimenting with is the gathering of Another type of empirical evidence that data about the size and characteristics of is needed concerns the organizational as- what might be called "the cutting edge" of pects of banking, such as correspondent ar- bank customers. Everything we have seen rangements and clearing house associations. leads us to believe that a large share of cus- The Banking and Currency Committee of tomers of banks—particularly personal custhe House of Representatives has sponsored tomers—are so tied to an individual bank a survey of correspondent banking relation- office by reasons of convenience, habit, and ships that provides some information in this area [40]. Collection of data on the activi- 11 The methodological problems involved here are substantial. We are hopeful that the demand aspects ties of clearing houses and trade associa- of the studies being undertaken by Drew University tions is a difficult assignment, and so too and by the Federal Reserve Bank of Richmond, when subjected to careful scrutiny, will help in the design may be the assessment of the data. The of such surveys and the analysis of their results. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1397 RESEARCH INTO BANKING STRUCTURE AND COMPETITION the like as to convey an important degree CONCLUSION of monopoly to their banker. We would like This paper has highlighted what seem to be to focus attention on those other bank cus- the most significant projects in current retomers (perhaps a minority) who respond search on banking markets and banking to variations in the cost, type, and quality competition. Space is not available to treat of services among banks. We hope by such many other worthy contributions. It is research to gain insights concerning the fac- hoped, however, that this review has contors that motivate the choice of a particular veyed a sense of a ferment of ideas as well bank and the degree of substitutability as a sense of substantial accomplishments. among banks. This "marginal group" of One major achievement relates not to the customers is important in terms of its own additions to existing knowledge but rather motivations and also because its actions may to what has been deducted. The research induce changes in the forms and avenues of completed to date has challenged a good rivalry among banks. Furthermore, this many preconceptions. As Almarin Phillips once summed up the current state of regroup logically defines the effective outer search: "Few of the questions have been limits of the banking market. answered, but many of the answers have The Board's staff has developed a quesbeen questioned." tionnaire for businesses regarding the sources Empirical research in this area is tricky, of the credit they use, the degree of credit and shortcuts are especially hazardous. The accommodation, and the extent of competiworkings of banking markets are so complex tion for the firm's banking business. A series that attempts to reduce structure and perof pilot projects are planned that will reach formance to a simple formula appear different segments of bank customers, probe doomed at present. the demand for different types of banking More work is needed in each category of services, and test different methodologies research that has been discussed. The most and questionnaire designs. promising avenue for further work seems This recitation of areas where theoretical to be in detailed analysis of the supplies of and empirical clarification is needed indiand demands for banking services at the cates that the task of providing an empirlocal market level. Studies of this nature ically relevant conceptual framework for ought to yield a very high return in terms of understanding bank competition is a sub- understanding the behavior of both banks stantial one. At first glance the application and customers. of price theory and industrial organization Moreover, the usefulness of these studies techniques to banking appears to be one of would extend far beyond the immediate translation. It is, however, not so much a dictates of public policy regarding bank enprocess of translation as it is one of creation. try, mergers, interest rates, and other dimen- Studies of bank competition to date have sions of competition. If successful, such clearly demonstrated the need for new mod- studies could make an important contribuels of the behavior of banking firms. Hope- tion to the theory of the functioning of imfully, such new and better models will grow perfectly competitive markets. out of the empirical research now under And there is still another potential reway. ward. The understanding of the workings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1398 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 of general monetary policy should also bene- opportunities as is research in many indusfit substantially from research on banking trial markets. At present about 13,000 bankmarkets. A justifiable criticism of both the ing firms regularly report detailed data conrationale of monetary policy and aggregate cerning their operations—even though it is monetary research has been the vagueness not always in the ideal form for economic about how aggregate changes in the money analysis. These banks are spread through supply, interest rates, and credit availability a large number of markets, whether measare translated into individual credit and in- ured in geographic terms or in terms of the vestment decisions. More knowledge of the products supplied. Within and among these behavior of banking markets should ma- markets a multiplicity of characteristics are terially aid in bridging the gap between displayed. Present techniques and equiptheories of the behavior of national income ment now enable us to process the data for and financial aggregates and theories of en- this large group of banks more analytically. trepreneurial and consumer decisions that Some of the present theoretical models, even affect such aggregates. though they are not totally satisfactory, Banking markets provide many clear is- warrant use in this respect. And the developsues, both in theory and in public policy, ment and testing of better models should that are crying for resolution. Further yield a very high return in terms of insights work in banking markets research is not so into some of the most intriguing issues facfrustrated by lack of data and research ing the economics profession. LIST OF REFERENCES CITED 1. Gerald C. Fischer, Bank Holding Companies Act," The Bulletin of the C. J. Devine Institute of (Columbia University Press, New York, 1961). Finance, No. 24-25 (April-June 1963). 2. W. Ralph Lamb, Group Banking (Rutgers Uni- 11. Charles Lee Thiemann, The Bank Merger Act versity Press, New Brunswick, N.J., 1961). of 1960 (Federal Reserve Bank of St. Louis, 1964. 3. Bernard Shull and Paul M. Horvitz, "Branch Based on a Ph.D. dissertation, Indiana University, Banking and the Structure of Competition," The 1964). National Banking Review (March 1964). 12. George R. Hall and Charles F. Phillips, Jr. 4. Lawrence L. Werboff and Marvin E. Rozen, Bank Mergers and the Regulatory Agencies: Applica- "Market Shares and Competition among Financial tion of the Bank Merger Act of 1960 (Board of Institutions," Private Financial Institutions (published Governors of the Federal Reserve System, Washingby Prentice-Hall, Englewood Cliffs, N.J., 1963, for ton, D.C., 1964). the Commission on Money and Credit). 13. United States v. The Philadelphia National 5. "Changes in Banking Structure, 1953-62," Fed- Bank. 374 U.S. 321 (1963); Reversal of 201 F. Supp. eral Reserve Bulletin (September 1963). 348 (E.D. Pa. 1962). 6. Eugene Rotwein, "Bank Mergers in California, 14. Victor Abramson, "Comments on the Phila- 1947-1960," unpublished study prepared for the Fed- delphia-Girard Decision: Private Competition and eral Reserve Bank of San Francisco. Public Regulation," The National Banking Review 7. Branch Banking, Bank Mergers and the Public (September 1963). Interest (New York State Banking Department, 15. Victor Abramson, "The Philadelphia National January 1964). Bank Case: A Reply," The National Banking Re- 8. Deane Carson and Paul H. Cootner, 'The view (December 1963). Structure of Competition in Commercial Banking in 16. Victor Abramson, et al., "The Philadelphia the United States," Private Financial Institutions Case: Replies to the Rejoinders," The National Bank- (published by Prentice-Hall, Englewood Cliffs, N.J., ing Review (March 1964). 1963, for the Commission on Money and Credit). 17. Deane Carson and Paul M. Horvitz, "Com- 9. David C. Motter and Deane Carson, "Bank ments on the Philadelphia-Girard Decision: Concen- Entry and the Public Interest: A Case Study," The tration Ratios and Competition," The National Bank- National Banking Review (June 1964). ing Review (September 1963). 10. Jules Backman, "The Bank Holding Company 18. Emanuel Celler, "The Philadelphia National Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESEARCH INTO BANKING STRUCTURE AND COMPETITION 1399 Bank Case: A Rejoinder," The National Banking by Prentice-Hall, Englewood Cliffs, N.J., 1963, for the Review (December 1963). Commission on Money and Credit). 19. Edward G. Herman, "The Philadelphia Bank 31. Stuart I. Greenbaum, Banking Structure and Merger Decision and Its Critics," The National Bank- Costs: A Statistical Study of the Cost-Output Relaing Review (March 1964). tionship in Commercial Banking (Ph.D. dissertation, 20. Thomas Gale Moore, "The Philadelphia- Johns Hopkins University, 1964). Girard Decision: Some Further Comments," The Na- 32. George Benston, The Cost of Bank Operations tional Banking Review (March 1964). (Ph.D. dissertation, University of Chicago, 1964). 21. David C. Motter, "Comments on the Philadel- 33. Bernard Shull, "Commercial Banks as Multiplephia-Girard Decision: Bank Mergers and Public Pol- Product Price-Discriminating Firms," Banking and icy," The National Banking Review (September 1963). Monetary Studies, edited by Deane Carson (Richard 22. David A. Alhadeff, "A Reconsideration of Re- D. Irwin, Inc., Homewood, 111., 1963). strictions on Bank Entry," Quarterly Journal of Eco- 34. Donald R. Hodgman, Commercial Bank Loan nomics (May 1962). and Investment Policy (Bureau of Economic and 23. Sam Peltzman, Determinants of Bank Entry Business Research, University of Illinois, Urbana, (Ph.D. dissertation, University of Chicago, 1964). 111., 1963). 24. United States v. First National Bank and Trust 35. Donald R. Hodgman, "Competition in Banking Company of Lexington. No. 36, October Term, 1963, and Its Regulation," The Banker's Magazine (Winter decision rendered April 6, 1964; Reversing 208 F. 1964). Supp. 457 (E.D. Ky. 1962). 36. Jules Backman and Arnold W. Sametz, "Work- 25. Franklin R. Edwards, Concentration and Com- able Competition in Banking," The Bulletin of the petition in Commercial Banking: A Statistical Study C. J. Devine Institute of Finance, No. 22 (November (Research Report to the Federal Reserve Bank of 1962). Boston, No. 26, 1964. Based on a Ph.D. dissertation, 37. Almarin Phillips, "Competition, Confusion and Harvard University, 1964). Commercial Banking, The Journal of Finance (March 26. David A. Alhadeff, Monopoly and Competition 1964). in Banking (University of California Press, Berkeley, 38. Richard G. Davis and Jack M. Guttentag, Calif., 1954). "Balance Requirements and Deposit Competition," 27. Lyle E. Gramley, A Study of Scale Economies Journal of Political Economy (December 1963). in Banking (Federal Reserve Bank of Kansas City, 39. Harold T. Shapiro and Nevin D. Baxter, Department of Research, November 1962). "Compensating-Balance Requirements: The Theory 28. Irving Schweiger and John S. McGee, "Chicago and Its Implications," Southern Economic Journal Banking," The Journal of Business of the University (January 1964). of Chicago (July 1961). 40. U.S. Congress, House. Banking and Currency 29. Paul M. Horvitz, Concentration and Competi- Committee, Subcommittee on Domestic Finance, Cortion in New England Banking (Research Report to respondent Relations: A Survey of Banker Opinion, the Federal Reserve Bank of Boston, No. 2. 1958. 88th Cong., 2d sess. (Government Printing Office, Based on a Ph.D. dissertation, Massachusetts Insti- Washington, D.C., 1964). tute of Technology, 1958). 41. George Katona, et al., Business Looks at 30. Paul M. Horvitz, "Economies of Scale in Banks: A Study of Business Behavior (The University Banking," Private Financial Institutions (published of Michigan Press, Ann Arbor, Mich., 1957). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Major Issues in Monetary and Fiscal Policies This paper by Professor Harry G. Johnson interest to students of monetary and banking of the University of Chicago was prepared processes, the BULLETIN'S editors are prooriginally for a Conference of University viding here for its publication. BULLETIN Professors sponsored by the American Bank- publication, however, denotes neither agreeers Association, which took place in Prince- ment nor disagreement with the views exton, N.J., on August 29-September 2,1964. pressed by the author; these are solely his Because the subject matter is of special responsibility. A DISCUSSION of major issues in monetary present time is the shape that the internaand fiscal policies of the United States seem- tional monetary system should take. Furtheringly should be restricted to the domestic more, the decisions—or failures to take deaspects of the subject and should take the cisions—on this subject that have emerged international environment as given. Such from the deliberations of the International restraint, however, seems to be intolerably Monetary Fund [1] and of the Group of Ten confining. [2] are bound to constitute a source of fu- In my opinion the major issue in monetary ture difficulties for U.S. monetary and fiscal and fiscal policy in the United States at the policy.1 International Monetary Issues THE DEFICIENCIES OF FIXED posed the question of fixed versus floating EXCHANGE RATES exchange rates as a problem of choosing the The classical debate on the issue of fixed optimum currency area. These authors have versus floating exchange rates, which took raised important questions about the assumpthe existence of the nation-state for granted, tions of the earlier analysis, notably with reproduced a theoretically overwhelming case spect to the diversity of the economy and for floating exchange rates, given the initial the internal mobility of its factors of producassumption that national policy-makers can tion, the degree of involvement of the econbe trusted to pursue domestic objectives in omy in international trade, and the relation a sensible fashion. The classical statement of the "moneyness" of the national currency of this case is Milton Friedman's essay on to the international mobility of capital. the subject. [3] In spite of the questions it has raised, this More recent works by Robert A. Mundell new theorizing has strengthened the reasons [4] and Ronald I. McKinnon [5] have aban- for believing that the United States should doned the earlier identification of a nation 1 Numbers in brackets refer to references cited on with a particular currency area and have p. 1413. 1400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1401 have a floating exchange rate for the dollar became a chronic deficit country. And (3) in relation to other major world currencies. the problem of adjustment to international It has done this by calling attention to the disequilibria [6]. importance of internal mobility of factors of production for the facility of adjustment un- THE MECHANISM OF INTERNATIONAL ADJUSTMENT der floating rates; to the effects of a low ratio of international trade to national income— In this paper I shall not be concerned with such as we have in this country—in reducing the first two of these problems since they the impact of changes in exchange rates on do not pose direct and concrete problems for the domestic price level, and so in minimiz- fiscal and monetary policy. This statement ing the conflict between the balance of pay- needs to be qualified, however. That is, one ments objective and the price-stability ob- must recognize that the confidence problem jective of economic policy; and to the effects imposes restraints on the freedom of the of a diversified domestic economy in en- United States to follow any policies that couraging capital to flow internationally in would be expansionary for the domestic response to changes in exchange rates and economy if such policies would have adverse to the effects of such changes on the profit- effects on the balance of payments. The ability of investment. reality and irksomeness of such restraints Nevertheless, the United States has be- are evident from James Tobin's recent article come increasingly committed to the present in the Review of Economics and Statistics system of fixed rates of exchange between symposium in honor of Seymour Harris [7]. the various currencies and a fixed price of Also, the confidence problem obliges the gold. These rates are alterable only in cir- U.S. monetary authorities to pay particular cumstances of "fundamental disequilib- attention to outflows of U.S. short-term capirium," and for the major countries at least, tal, in order to avoid alarming foreign central the circumstances that would seem to reflect banks. such disequilibrium have been redefined Under the gold standard system of imdown to the vanishing point. This system of mutably fixed exchange rates propounded in international monetary organization, under textbooks, adjustment of international paypresent conditions and given the policy ob- ments disequilibria would occur automatijectives of the major nations, is seriously de- cally. It would be brought about by changes fective in a variety of respects. in domestic expenditures and prices, induced Current analysis has come to list these by contraction of the money supply in defdeficiencies under three major headings: (1) icit countries and by expansion of the money The long-run liquidity problem. This is asso- supply in surplus countries. Such monetary ciated with the present level of the price of changes would be initiated automatically by gold and with the inadequacy of new mone- international gold flows, and reinforced by tary supplies of that precious metal. (2) The domestic monetary policies rigidly governed confidence problem. This arises from the by national gold reserves. scarcity of gold, the use of the dollar as a Under the present system the operation of substitute reserve, and the international mo- this mechanism is impeded in two ways. One bility of capital that has developed, par- impediment is the downward inflexibility of ticularly since the European currencies be- wages and prices—the recognition of which came convertible and the United States in the 1930's led economists to denounce the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 gold standard. The other is the unwillingness of the ensuing dollar-glut period, combined of governments—motivated by the objec- with the projections of the Brookings Report tives of price stability, full employment, and [8], suggests that an adjustment period might economic growth—to tolerate and pursue run from 10 to 15 years. the adjustment processes required by the sys- An adjustment period of this prospective tem. Deficit countries are reluctant to de- length poses extremely serious problems for flate, and surplus countries reluctant to in- the formation and execution of economic flate, as the adjustment processes require. policy: In the first place, it requires a much Adjustment of disequilibria, in the funda- longer perspective than democratic governmental sense of the term "adjustment," has ments are equipped to adopt, bound as they therefore come to depend on two crucial fac- are to seek electoral approval every 4 or 5 tors. years, and focusing as they must on short- The first is the inability of the countries run economic developments. Much of the concerned to achieve their stated policy ob- confusion, misunderstanding, and mutual jectives: specifically, the inability of deficit recrimination that has impeded improvement countries to pursue the goal of full employ- in the international monetary system and in ment, or their willingness to accept a per- international economic relations in the postformance short of that desired, for the sake war period can be attributed to the persistent of improving their balances of payments; but mistaken belief that problems of interand the inability of surplus countries to pre- national monetary disequilibrium could be vent their surpluses from generating domes- remedied by appropriate policies in a brief tic inflation, contrary to the objective of space of time. price stability. In the second place, the financing of defi- The second factor is the response of the cits cumulated over such long periods of competitive system to the existence of dis- time requires massive transfers of capital equilibrium and to the residual deflationary among countries. The usual facilities of cenand inflationary pressures allowed by the in- tral banks are not adequate to handle such complete fulfillment of policy objectives. large transfers, so it becomes necessary to ar- Note that I have described this factor in such range them by intergovernmental negotiaa way as to allow for processes of adjustment tion. And this raises a variety of difficult that do not depend on direct aggregate de- political problems for which solutions must mand pressures; these processes may involve still be found. While events in recent years such elements as productivity-increasing in- have been pressing toward the use of internovations prompted by the micro-economic governmental transfers of long-term capital pressures of competition that are not allowed explicitly for the financing of international for in macro-economic models. Note also disequilibria, such transfers have not yet that the competitive response may involve been recognized officially as essential to the perverse elements, particularly the tendency logic of the system. I should note, in passfor private capital to flow from depressed to ing, that a system of slow international adprosperous economies. justment supported by large-scale transfers Dependence on these factors means that of capital from surplus to deficit countries the adjustment of fundamental disequilib- raises some obvious questions about the effiria is bound to be a slow process. The ex- ciency of the resulting international allocaperience of the dollar-shortage period and tion of capital. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1403 POLICIES FOR INTERNATIONAL BALANCE the converse proposition for deficit countries, or even to recognize that the policies In Mundell's terminology the present inactually followed by the United States do ternational monetary system is, in fact, a represent its converse. "disequilibrium system" [9]. The attempt The third method is to select a combinain such a system to devise policies that will tion of fiscal and monetary policies that will aid in the pursuit of the accepted policy goals permit a high level of employment without —price stability, full employment, and aggravating the balance of payments situagrowth—has led policy-makers and theorists tion. In terms of the simplest Keynesian alike into new and more complex ideas as theory of economic policy, if fiscal expansion to how policy should be conducted. These is not accompanied by monetary expansion, ideas are concerned with achieving the semthe current-account balance will tend to blance of balance of payments adjustment worsen because rising income will increase in the short run, with the hope that in the the demand for imports. But at the same time long run a real adjustment will be brought the balance on capital account will tend to about through the automatic competitive improve because rising income will tend to processes previously mentioned. raise interest rates and attract capital inflows, One method of achieving this effect—and or discourage outflows. Monetary expansion this has already been referred to—is through will tend to worsen the balance on current negotiated intergovernmental transfers of account through its effect on income and to longer-term capital. worsen the capital-account balance through Another method, which has become inits effect on interest rates, whereas monetary creasingly respectable in recent years, is to contraction will tend to improve the balance vary the degree of government interference of payments on both accounts. Hence it in international trade and payments. For the should be possible to combine fiscal expandeficit country—to wit, the United States— sion with monetary policy in such a way as this method comprises the tying of foreign to raise income while improving the capital aid and military expenditures and the inaccount enough to offset the adverse effect troduction of the interest equalization tax of higher income on the current account. on the payments side; on the receipts side, The required monetary policy will probit includes the negotiation of military sales ably be a contractionary one, involving to allies and envisages a variety of special either an actual reduction in the quantity incentives to increase exports. of money, or a slower rate of growth of the For surplus countries seeking balance of money supply than normal. It is possible, payments adjustments through policies af- however, that this policy would be expanfecting trade and payments, it is recom- sionary if the income effect of the fiscal exmended that resistance to the inflationary pansion on the current account fell short of consequences of surpluses be sought in a its interest effect on the capital account. In liberalization of import policy rather than any case it would have to be "contractionby tightening the supply of money. The ap- ary" in the different sense of involving an peal of this recommendation is usually en- increase in interest rates. hanced (as in the Report of the Council of It is important to notice, for future ref- Economic Advisers submitted in January erence, that the theory leading to this com- 1964 [10]) by a deliberate refusal to endorse bination of policies for internal and external Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 balance rests on very simple and possibly lower interest rates in surplus countries just questionable Keynesian assumptions: specif- described are not fundamentally designed ically, if an increase in the level of income to restore international equilibrium. Rather were to raise prospects for profits, monetary they are designed to induce whatever transexpansion could lead to a rise rather than a fers of capital are necessary for financing the decline in interest rates. If so, it would have deficits or surpluses associated with the pureffects on the two parts of the balance of suit of full employment and price stability payments similar to those associated with in an environment of disequilibrium in exfiscal expansion. change rates to pass through the private capi- The policy analysis I have just outlined tal accounts of the balance of payments. In suggests fiscal expansion combined with this way they seek to relieve the strains on monetary restraint for countries with deficits the international monetary system and on in their balance of payments, and fiscal re- intergovernmental relations that financing by straint combined with monetary expansion central bank accumulations of the curren- (or at least not monetary restraint) for coun- cies of the deficit countries or by negotiated tries with surpluses. The fact that such a intergovernmental capital transfers entail. recommendation was made explicit to sur- The utility of such policies is conditional plus countries in the 1964 report by the on the presence of a competitive adjustment Council of Economic Advisers [10] no doubt mechanism working steadily (if slowly) bestems in part from the reaction of the Eu- hind the scenes. Their use is not only open ropean central banks to the increase in U.S. to the questions about efficiency of capital interest rates early in the summer of 1963, allocation mentioned earlier but also condiwhen there was still some tendency to as- tional on their not impeding the underlying sume that the European countries would re- adjustment mechanism. The danger that they spond passively to the U.S. policy actions. may impede adjustment is, of course, re- A further wrinkle of the analysis, which flected in concern about the possibility of in U.S. policy predates the argument out- inflation; in wishful (and wistful) contemlined, recommends that the deficit country plation of an income policy (wage and price use monetary policy in such a way as to raise guideposts); and in government actions short-term rates relative to long—that is, aimed at offsetting the influence of disequito "twist" the rate structure—with the purlibrium in exchange rates on the country's pose of attracting short-term capital inflows international competitive position by subor inhibiting outflows while not discouraging sidies to productivity-increasing activities long-term domestic investment. So far as and by export promotion. I am aware, this part of the analysis has not In one important sense, indeed, these balbeen crystalized into a policy recommendaance of payments policies may work directly tion for surplus countries, though in some to aggravate international imbalance: for incases their policies have been designed to sofar as tight or loose monetary policies have discourage short-term capital inflows by an influence on domestic rates of growth, equivalent means. this method of preserving the semblance of The policies of fiscal expansion combined international balance will accelerate the with higher interest rates in deficit countries growth of the surplus countries and will reand of fiscal contraction combined with tard that of the deficit countries. And inso- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1405 far as international competitiveness is de- To my mind, one of the major issues with pendent on growth rates, it will tend to pro- respect to fiscal and monetary policies in the mote imbalance rather than balance. contemporary world concerns how far the The two connections assumed here, how- two in combination can be used to operate ever, are doubtful: for fiscal policy can be the international disequilibrium system withdesigned to discriminate between investment out aggravating and prolonging the disequiand consumption, while the effects of growth libria, and without indirectly fostering the on international competitiveness depend on need for, and the growth of, interferences the outcome of income and substitution ef- with both international trade and payments, fects. and domestic wage and price determination. Domestic Issues in Monetary and Fiscal Policies THE SHIFT TO FISCAL POLICY nal and external balance and made it unnecessary to work out a coherent and pub- Having said this much about the internalicly accepted philosophy of the coordinated tional monetary system and the problems use of fiscal and monetary policy. In parinvolved in the use of fiscal and monetary ticular, it was not necessary to educate the policy to operate it, let me turn to the conpublic, including the legislators, in the use sideration of monetary and fiscal policy of fiscal policy to achieve short-run economic from the domestic point of view. stability. The emergence of the United States as But with the appearance of a chronic defa reserve-currency country with a chronic icit and balance of payments problem, it balance of payments deficit has forced a was no longer possible to use monetary polmajor change in the conception of the reicy for purely domestic purposes. Instead, spective roles of fiscal and monetary instrumonetary policy has had to be governed ments in carrying out U.S. economic policy. increasingly by the requirements of the bal- This change is more apparent in the succesance of payments, and especially by the need sive annual reports of the Council of Ecoto control international capital movements. nomic Advisers than in the views and atti- Correspondingly, it has become necessary to tudes of the general public. At some cost in put increasing emphasis on fiscal policy as terms of longer-run historical accuracy, the primary instrument for accomplishing notably with respect to the early 1930's, it domestic objectives. can be said that the United States in the past has relied in large part on monetary policy PROBLEMS AND REQUIREMENTS OF THE as its major instrument for achieving price TRANSITION stability and high employment. While fiscal The transition has not been without strain. policy has been used from time to time since Nor is it yet complete. One aspect of the the beginning of the New Deal, and espe- strains involved has been the continued cially during World War II, for the pursuit criticism of Federal Reserve policies by econof macro-economic objectives, the prolonged omists and others who have been dissatisfied period of dollar shortage prevented any seri- with the performance of the domestic econous conflict between the objectives of inter- omy but who have been unwilling—or have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 refused—to recommend alternatives to tax cut has been only a first, and a relatively monetary stringency as a way of coping with easy, step toward the efficient use of fiscal the balance of payments deficit. In other policy as a major instrument of domestic words, many professionals have continued to economic stabilization. The next step rethink of monetary policy as a purely domes- quired is one that would give the budgeting tic instrument in circumstances in which it authority discretionary control of fiscal polcannot be so. icy. Such control would be comparable to A more important aspect was the long the discretionary control that the monetary delay in getting the tax cut through Congress authority has long enjoyed over the money and the need ultimately to sell it by the supply. This will be a difficult step. One promise of government economy, both of reason is that it will be necessary to establish which reflected the attachment of important the idea of countercyclical fiscal policy as sections of the public and of the Congress an operating principle of public finance. Anto orthodox notions of the necessity of bal- other is that the step will require either a anced budgeting. While it is true that the surrender of some congressional control over apparent success of the tax cut has enabled the taxing power or a revolutionary change the President to promise further tax cuts in in the methods by which Congress conducts the near future without exciting anything fiscal business. like the degree of opposition encountered The former appears to be the more probbefore the recent tax bill was passed, there able avenue of change. At the technical is certainly no proof that the country has level, it would require the selection of those mastered and accepted the theory of counter- taxes whose variation will have the most cyclical fiscal policy. predictable and substantial effects on ex- I would maintain, on the contrary, that penditures—a matter important both for the one of the major issues in monetary and fis- use of tax variation as a policy instrument cal policy in this country at the present time and for the feasibility of transfer of power is the development of conscious public ac- over taxes from legislative to executive conceptance and official use of fiscal policy as a trol—and the framing of rules for discretioncountercyclical device. It is one thing to con- ary variation in tax rates that would be adecur in a tax cut after years of preaching by a quate to the needs of policy-making withconservative press that taxes are too high, out departing too far from the principle of and to do so after paying appropriate lip- separation of powers in the Government of service to the need for economy in govern- the United States. ment spending. It is quite another to set up As a preliminary, it would probably be machinery allowing the administration to cut necessary—and would be desirable on other taxes without a gesture in the direction of grounds—to effect the rationalization of the cutting spending, and to allow the adminis- tax structure that the experts have been urgtration to do so on the basis of its own judg- ing for years but that was sacrificed in the ment of what the economy requires. And it pursuit of over-all reduction in taxes. It would be a still more demanding test to em- would also be helpful to keep the macropower the administration to raise taxes when economic impact of the tax-expenditure it felt that fiscal restraint was necessary to structure in the forefront of the discussion, prevent inflationary developments. as the Council of Economic Advisers did in To put the problem in another way, the its report for January 1964 [10], with a view Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1407 to more frequent adjustment of tax rates to were incapable of coping with this problem. the increasing yield potentials created by the The evidence presented in support of this growth of the economy. hypothesis was usually no more than the observation that a rise in unemployment has a SPECIFIC ISSUES OF MONETARY differential impact on different sectors of the AND FISCAL POLICY labor force, and it should be noted that em- General Effectiveness pirical research on the problem has tended Let me now turn from the broad issues to reject the hypothesis as uncorroborated raised for the deployment of the instruments by the evidence [11]. of fiscal and monetary policy by recent The recent reduction in the unemploychanges in the world monetary environment ment rate provides much more direct and and the international position of the U.S. convincing evidence against the hypothesis. economy to some of the more specific issues But it is not likely that this evidence will conthat have been raised by the use of these vince those who are overly impressed by the instruments in recent years. labor-saving effects of technical progress and It will be generally agreed, I think, that who are unable to appreciate the capacity one issue has been conclusively settled by of a buoyant labor market to reabsorb disrecent experience. This is the capacity of placed labor: indeed, a group calling itself fiscal and monetary policy, in cooperation, the Ad Hoc Committee on the Triple Revto raise the level of economic activity and to olution has been making a great splash in reduce the level of unemployment. The cur- Chicago recently with the notion that cyberrent expansion has continued longer than nation—not automation; that term is oldany previous expansion in this century. In- fashioned—threatens unemployment in the deed, it shows no clear indications of an near future on a scale so great as to demand early relapse, but rather of continuation at both the public revision of incomes to a least into 1965. It has truly confounded large part of the labor force and the redefinithose who believe that a "natural" business tion of the term "work" to include education, cycle is inevitable and that economic policy voluntary political activity, and social welcan exercise no major influence over it. The fare work [12]. expansion has exceeded the forecasts. It has To argue that the recent reduction in the reduced the budget deficit below the level unemployment rate demonstrates the efficacy that had been predicted. And it has permitted of macro-economic policies is not, of course, the administration to hold out the promise of to argue that the present level of unemployfurther tax cuts next year, earlier than could ment is satisfactory. Still less does it imply have been expected. that there is no need for policies to improve The unemployment rate has fallen to 4.9 the mobility of labor, if lower levels of unper cent, and this without any serious upemployment are to be achieved with reasonward pressure on prices. This last fact is of able price stability. Nor does it imply that special importance, in view of the hypothesis unemployment policy will be free of probso widely advanced in recent years that ecolems in the future, especially those associated nomic policy has been faced with an entirely with the impending flood of new entrants new problem—that of structural unemployto the labor market; however, it does suggest ment caused by automation. Traditional that macro-economic policy, properly manmacro-economic policies, it was alleged, aged, can make a greater contribution to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 solution of those problems than most non- movements in interest rates, other complicaeconomist commentators on automation, tions are encountered. One of particular education, and related phenomena seem to relevance is the effect of the new depreciabelieve. Finally, it does not imply that we tion guidelines and investment tax credit have no need for a program to deal with adopted in 1962 in raising the net return on problems stemming from poverty, since the investment, and so in effect making any given roots of most poverty lie in one form or level of long-term interest rates less restricother of incapacity to participate in the labor tive than before. E. M. Bernstein has esforce, or to provide labor services valuable timated the effects of these changes as equivenough to earn a socially decent wage. alent to a reduction of 1 percentage point in interest rates.2 Relative Effectiveness: Fiscal Another is the standard point that the Versus Monetary Policy restrictiveness of a given level of interest While recent experience demonstrates the rates varies with the circumstances. The imefficacy of fiscal and monetary policy in portance of this point has been emphasized stimulating aggregate demand and employ- in certain theoretical papers that have ment, it raises the issue of the relative con- reached me recently in advance of publicatributions of fiscal and monetary policy to tion and that have been written with the the expansion. And this issue in turn involves current policy situation in view.3 perennial and deeper questions concerning Essentially, these papers question the the importance of money and the effective- standard diagrammatic assumption that the ness of monetary policy. investment-saving (IS) curve slopes down- A variety of factors make it difficult to ward, so that monetary expansion necessarinterpret the experience of the past few ily reduces interest rates. The contrary asyears. One of these relates to the changes sumption that the IS curve slopes upward in Regulation Q in 1962 and 1963. These can be reached by a variety of routes: (1) changes, designed to allow rates on time and an income-investment relation stronger than savings deposits to rise enough to attract and the income—saving relation; (2) a static hold short-term capital, caused these de- translation of the accelerator; (3) the appliposits to rise much faster than demand de- cation of marginal productivity theory to the posits and currency. The possibilities of sub- effects of increased employment on the stitution between demand and time deposits marginal productivity of capital in an aggreon the one hand, and between time and sav- gated Keynesian model; (4) the application ings deposits and competing savings media of the relation between relative production provided by other financial intermediaries quantities and factor prices in a two-goods on the other hand, in response to the rise model on the assumption that the capital in deposit rates, make it impossible to de- goods sector is capital-intensive. And this termine exactly how expansionary monetary assumption implies both that monetary expolicy has been over the period, according pansion will raise interest rates and that the to quantity theory standards. Such a deter- effort to stabilize interest rates in the face mination would require a more detailed analysis of the magnitudes of the relevant 2 This information was obtained in private conservation with Mr. Bernstein. cross-effects than is currently available. 3 The authors in question are David Meiselman, R. If the question is approached in terms of A. Mundell, and Arnold Collery. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1409 of shifts in the IS curve will be destabilizing. the money supply to prior changes in in- Even without the assumption of an up- come. ward-sloping IS curve, the effort to stabilize In view of this evidence, of the considerarates may involve substantial expansion of tions previously outlined, and of a variety the money supply, depending on the inter- of other evidence not worth citing in detail, est-sensitivity of the IS curve. And it may I am inclined to attach a greater importance well be that both the critics and the defenders to monetary policy in generating and susof recent monetary policy, in their concen- taining the expansion than the Council does, tration on interest rates, have been misled though I would not be prepared to accept into understating the expansiveness of mone- the monetary explanation of growth in economic activity to the point of denying that tary policy and overstating the restraints imfiscal policy was an important influence on posed on it by balance of payments considincome and employment. But while I beerations. lieve that monetary policy was an important In explaining changes in the U.S. econinfluence, I am not convinced that the moneomy in recent years, the 1964 report of the tary stimulation that has occurred has been Council of Economic Advisers [10] gives fully intended. There is reason to suspect the impression of assigning relatively greater that it has been, to some extent, the unweight to tax reductions and a lesser and intended consequence of a policy intended complementary role to monetary policy conto be modestly restrictive in the sense of ducted, as it has been, within the limits set raising the level of interest rates, but one by the policy of raising short-term rates and that actually turned out to be quite expantwisting the yield structure to reduce outsionary in its effects on the money supply. flows of short-term capital. Milton Friedman, on the other hand, in Effectiveness of the "twist" reporting on his research in the 44th annual A related but subsidiary question about rereport of the National Bureau of Economic cent monetary policy relates to the effective- Research [13], demonstrates that in the ness of the policy of twisting the rate strucperiod 1957-63 there was a fairly close conture. This issue involves the broader question nection between rates of change in the money of the empirical validity of the liquidity-prefsupply (on the standard and his own definierence theory. When this policy was inititions of money) and subsequent rates of ated, the results of contemporary research change in the index of industrial production, suggested that changes in the composition when the changes in each series were calcuof the public debt would have relatively lated for homogeneous subperiods. This demtrivial effects on interest rates. In fact, David onstration indicates that the otherwise mys- Meiselman's work on the expectations terious slackening of the pace of economic theory of term structure implied that it expansion in the latter part of 1962, which would be negligible [14]. Meiselman's work is difficult to explain in terms of fiscal develhas since been found defective by R. Kessel opments, appears to have been linked to a [15] and John H. Wood [16], who have disreduction earlier that year in the rate of covered some evidence of liquidity prefergrowth of the money stock. The comparative ence. timing of these changes also makes them dif- Meanwhile, the twist policy has apparficult to explain in terms of a response of ently had more influence on the rate struc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 ture than was earlier predicted for it. A re- the internal aspect I mean the question of cently completed doctoral dissertation by the efficiency with which the Federal Reserve Neil Wallace [17], which attempts to com- manages monetary policy in pursuit of the bine term-structure theory with liquidity objectives of that policy. This is really a preference in a more general theory of for- question of the internal organization and ward interest rates, finds that the term struc- operating procedures of the System. ture has been twisted to a greater extent The former is in essence a political probthan the liquidity-preference element in his lem or a problem in political organization. formulation would predict. As a result of The latter is a problem on which economic the balance of payments problem, this ques- theory and scientific economic research can tion of the manipulatability of the yield be brought to bear—and in fact have restructure has gained new significance, and cently been brought to bear. But it too is further research is evidently called for. A ultimately a political problem—or perhaps plausible line of explanation, but one difficult it would be more accurately described as a to explore, is that Federal Reserve policy sociological problem. The economist does pronouncements have a direct effect on the not have the skills to provide the answers to market's expectations. these problems, but in view of his alternative role as a political economist, he is naturally THE PERFORMANCE OF THE FEDERAL RESERVE: INDEPENDENCE AND concerned with them. COMPETENCE These issues became active as a result of The issues just discussed relate to the the Federal Reserve System's adoption of a potency of monetary policy as an instrument, sharply contractionary monetary policy in first, for controlling aggregate demand, and 1959-60 and of the resulting premature second, for achieving differential effects on choking-off of the recovery from the 1957the pattern of interest rates. Issues of quite 58 recession. At that stage, I think it is fair a different kind have been raised by the per- to say, the major part of the professional formance and pronouncements of the Fed- comment was directed at the first issue. The eral Reserve in the period since 1957. These Federal Reserve was widely criticized for issues relate to the control over the monetary being too concerned about resisting inflation instrument, as contrasted with the control and for having too little concern for proof that instrument over the economy, and are moting full employment and growth. And it concerned with two broad questions, which was generally believed that the constitution may be loosely described as the external and of the System needed to be revised to give the internal aspects of control over monetary the administration a stronger and tighter policy. control over the formulation and conduct of By the external aspect I mean the question monetary policy. of coordination of monetary policy with the While some commentators directed their other instruments of policy—fiscal policy criticisms at the System's methods rather and debt management. This is really a ques- than at its objectives, they were very much tion of the external relation of the Federal in a minority. And it was the majority view Reserve System to the other agencies of eco- that found expression in the report of the nomic policy-making and more broadly to Commission on Money and Credit [18]. The the political processes of government. By report's discussion of the potentialities of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1411 monetary policy was bland and conven- based on still more recent research on the tional; and the report made extensive recom- theory of the supply of money. mendations for reforming the constitution Here I refer not to the Hearings themof the Federal Reserve System, without pay- selves, but to the staff study by Karl Brunner ing much attention to how the System ac- and Allan Meltzer on "The Federal Retually operates policy. serve's Attachment to the Free Reserve Con- The issues have recently been thrashed cept" [20]. This study follows earlier works out again, in the Hearings before the Sub- by Alexander J. Meigs [21] and William G. Committee on Domestic Finance of the Com- Dewald [22], which pinpointed the fallacies mittee on Banking and Currency of the of the theory of monetary control originated House of Representatives on "The Federal by Winfield W. Riefler [23] and underlined Reserve System After Fifty Years" [19]. the inadequacies of this theory as a guide These Hearings were in many respects an to the conduct of monetary control. odd production, in which the popular con- The result of the Hearings has been to cern about the monopoly power of the dramatize both the unpopularity of the Fedmoney trust inherited from the late nine- eral Reserve System and its methods with a teenth century confronted the mid-twentieth large number of monetary economists and century professional economists' concern the extent to which it has lost touch with about the failure of the country's central new developments in monetary theory and banking arrangements to apply sophisticated new empirical research on monetary phenew developments in monetary theory. The nomena. The report of the Commission on two concerns found very uncertain common Money and Credit [18] and the discussions ground in an onslaught on the independence of monetary policy surrounding it had alof the Federal Reserve in the Governmental ready revealed the gap between the Federal structure and on its organization and meth- Reserve and the academic economists. But ods of performing its functions. the Hearings—and especially the threat of In contrast to the proceedings of the Com- legislation emanating from Representative mission on Money and Credit, the purpose of Patman's Committee—are undoubtedly the the Hearings has been deliberately to en- main influence behind the efforts that Chaircourage the airing of criticisms of the Fed- man Martin has recently initiated to moderal Reserve—and criticisms have been re- ernize the Federal Reserve System. corded in abundance. The Keynesians have As already mentioned, there are two dishad their revenge on the System for the tinct issues involved here, the external and monetary policies of 1959-60. And the the internal. So far as the first is concerned, quantity theorists have had their revenge on I would judge that few economists now both the System and the Keynesians for past would be prepared to advocate an "indeinsults and neglect. pendent" central bank, as propounded in Moreover, the quantity theorists' attack the literature published between the two has been extended beyond past charges of World Wars; that is, a bank whose first duty ignorance of how money influences the is to protect the value of money against the economy—charges based on recent research inflationary propensities of the elected polition the theory of the demand for money—to cians. Such a function is consistent with charges of ignorance of how the System it- neither political democracy nor modern conself influences money. These charges are cepts of the economic responsibilities of gov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 ernment. And even if it were, the historical banks. The real problem, which has close record provides little evidence of the capac- analogies with the problem of the use of ity of central banks to perform it wisely scientists in industry, or ©f economists in [24]. However, there are some subtle issues economic planning, is to establish and mainrelating to precisely how the central bank tain an organizational structure within which should be integrated into the organization a scientific and research-oriented approach of the government's economic policy-mak- can be maintained in the face of the coning, and specifically whether the central bank tinual pressure of decisions that must be should be coordinate with the Treasury un- made on matters only remotely connected der the executive department, or should be with scientific fundamentals. subordinate to the Treasury. A central bank operates in the markets for In Canada this issue was recently decided credit, and there is an inevitable tendency in favor of making the Governor of the Bank for it to conduct its analysis and formulate responsible to the Minister of Finance, with and rationalize its policies in terms of how the latter determining the broad outlines of they affect credit markets. There is an monetary policy. This is the system that has equally inevitable tendency for economists ruled in England since 1945. Such a system who get involved in central bank policyof organization assumes that the Treasury making to think and talk in the same terms, makes macro-economic policy. if only to be able to communicate and com- In this country, however, there is histori- mand attention. As the Brunner-Meltzer cal reason to fear that the Treasury might be study shows, for example, the prevalence of excessively concerned with minimizing the the free-reserve concept in Federal Reserve interest cost of the public debt. This problem thinking is intimately associated with the is part of a larger problem mentioned earlier: necessity of formulating and communicating the need to develop among our people, in- decisions to be implemented by the Manager cluding the legislative and executive of the System Open Market Account. branches of government themselves, a better What internal institutional arrangements understanding of the techniques and implica- in the central bank would suffice to prevent tions of fiscal policy. this I cannot say: any major improvement With regard to the second issue—the ap- in the theory of policy adopted by the bank plication of modern economic theory and is likely to harden into a dogma offensive scientific research methods in the conduct of to subsequent theorists, as indeed happened monetary policy—it is worth making the to the Riefler theory. Perhaps the best that obvious point that the problem is not to get can be hoped for is that more active and susthe central bank to employ and use econ- tained criticisms by academic economists omists. The Federal Reserve has done that will accelerate the rate of adoption of thefor a long time, as have most other central oretical innovations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ISSUES IN MONETARY AND FISCAL POLICIES 1413 LIST OF REFERENCES CITED 1. International Monetary Fund, 1964 Annual Re- Policy," Quarterly Journal of Economics (August port, Part II (Washington, D. C, 1964). 1964). 2. Ministerial Statement of The Group of Ten and 15. R. Kessel, "The Cyclical Behavior of the Term Annex Prepared by Deputies, reprinted in Federal Re- Structure of Interest Rates," unpublished MS., Naserve Bulletin (August 1964). tional Bureau of Economic Research, New York, 3. Milton Friedman, "The Case for Flexible Ex- 1962. change Rates," Essays in Positive Economics (Univer- 16. John H. Wood, "Expectations, Errors, and the sity of Chicago Press, Chicago, 111., 1953). Term Structure of Interest Rates," Journal of Political 4. Robert A. Mundell, "A Theory of Optimum Economy (April 1963). Currency Areas," American Economic Review (Sep- 17. Neil Wallace, "The Term Structure of Interest tember 1961). Rates and the Maturity Composition of the Federal 5. Ronald I. McKinnon, "Optimum Currency Debt," unpublished Ph.D. dissertation, University of Areas," American Economic Review (September Chicago, 1964. 1963). 18. Money and Credit, the report of the Commis- 6. Fritz Machlup and Burton G. Malkiel (editors), sion on Money and Credit (Prentice-Hall, Englewood International Monetary Arrangements: The Problem Cliffs, N.J., 1961). of Choice, report on the deliberations of an interna- 19. U.S. Congress, House. Banking and Currency tional study group of 32 economists (Princeton Uni- Committee, Subcommittee on Domestic Finance, Fedversity Press, Princeton, N.J., 1964). eral Reserve System After Fifty Years, Vols. I and II, 7. James Tobin, "Europe and the Dollar," Review 88th Cong., 2d sess. (Government Printing Office, of Economics and Statistics (May 1964). Washington, D. C, 1964). 8. Walter S. Salant, et al., The United States Balance of Payments in 1968 (The Brookings Institution, 20. U.S. Congress, House. Banking and Currency Washington, D. C, August 1963). Committee, Subcommittee on Domestic Finance, 9. Robert A. Mundell, "The International Disequi- "The Federal Reserve's Attachment to the Free Relibrium System," Kyklos (1961). serve Concept," a Staff Analysis by Karl Brunner and 10. The Economic Report of the President To- Allan Meltzer, 88th Cong., 2d sess. (Government gether With the Annual Report of the Council of Eco- Printing Office, Washington, D. C, 1964). nomic Advisers (Government Printing Office, Wash- 21. Alexander J. Meigs, Free Reserves and the ington, D. C, January 1964). Money Supply (University of Chicago Press, Chicago, 11. A. Rees, "The Dimensions of the Employment 111., 1962). Problem Now and for the Foreseeable Future," re- 22. William G. Dewald, "Free Reserves, Total Remarks before a Symposium on Employment Spon- serves, and Monetary Control," Journal of Political sored by the American Bankers Association, Wash- Economy (April 1963). ington, D. C, February 24, 1964. 23. Winfield W. Riefler, The Reserve Banks and 12. "Conversation on 'The Triple Revolution: Cy- the Money Market (Harper and Bros., New York, bernation, Weaponry, and Human Rights'," Chicago 1930). Perspective (September 1964). 24. Harry G. Johnson, statement made Feb. 25, 13. Milton Friedman, "The Monetary Studies of 1964, before the House Banking and Currency Comthe National Bureau," The National Bureau Enters Its mittee, Subcommittee on Domestic Finance, Vol. II, Forty-Fifth Year (National Bureau of Economic Re- pp. 969-1020, cited in item 19 above. Statement insearch, 44th Annual Report, New York, June 1964). cludes on pp. 975-1016 a reprint of Harry G. Johnson, 14. David Meiselman, The Term Structure of In- "Alternative Guiding Principles for the Use of Moneterest Rates (Prentice-Hall, Englewood Cliffs, N.J., tary Policy," Essays in International Finance (No. 44, 1962); see, however, John H. Wood, "The Expecta- November 1963) in which the role of monetary policy tions Hypothesis, the Yield Curve, and Monetary in general economic policy is discussed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Transactions in Federal Funds to Adjust Paragraphs 3 and 4 of this legislation specify the Reserve Balance Maintained by information required in the reports which, in Edge Corporation cases involving State member banks, should be addressed to the Vice President in Charge of Ex- Question has been raised as to whether Corpo- aminations of the appropriate Federal Reserve rations operating under the provisions of Regula- Bank. tion K (12 CFR 211) that must maintain reserves against deposits as specified in Section 211.7 (c) Reports of Change in Control of Bank of the Regulation may properly engage in Federal Management Incident to a Merger Funds transactions. The Board of Governors has concluded that it A State member bank has inquired whether is permissible for such a Corporation to purchase Public Law 88-593 (78 Stat. 940) requires reports or sell Federal Funds where such activities are of change in control of bank management in sitmerely used to adjust its reserve balance main- uations where the change occurs as an incident to tained with the Federal Reserve Bank, and not as a merger. a regular means of investing its funds. Under the Bank Merger Act of 1960 (12 U.S.C. For the purposes of Regulation K and reports 1828(c)), no bank with Federal deposit insurance of condition, Federal Funds Sold by the reporting may merge or consolidate with, or acquire the as- Corporation shall be included in loans subject to sets of, or assume the liability to pay deposits in, the limitations and restrictions in Section 211.9 any other insured bank without prior approval of (b) of Regulation K, and Federal Funds Bought the appropriate Federal bank supervisory agency. shall be treated as liabilities for borrowed money. Where the bank resulting from any such transaction is a State member bank, the Board of Governors is the agency that must pass on the transac- Reports of Changes in Control tion. In the course of consideration of such an apof Management plication, the Board would, of necessity, acquire Under a statute enacted September 12, 1964 knowledge of any change in control of manage- (Public Law 88-593; 78 Stat. 940) all insured ment that might result. Information concerning banks are required to report promptly (1) changes any such change in control of management is supin the outstanding voting stock of the bank which plied with each merger application and, in the cirwill result in control or in a change in control of cumstances, it is the view of the Board that the the bank and (2) any instances where the bank receipt of such information in connection with a makes a loan or loans, secured, or to be secured, merger application constitutes compliance with by 25 per cent or more of the outstanding voting Public Law 88-593. However, once a merger has stock of an insured bank. been approved and completely effectuated, the Reports concerning changes in control of a resulting bank would thereafter be subject to the State member bank are to be made by the presi- reporting requirements of Public Law 88-593. dent or other chief executive officer of the bank, and shall be submitted to the Federal Reserve Bank Orders Under Section 3 of of its district. Bank Holding Company Act Reports concerning loans by an insured bank on the stock of a State member bank are to be The following Orders were issued by the Board made by the president or other chief executive of- of Governors extending the period of time within ficer of the lending bank, and shall be submitted which a corporation may become a bank holding to the Federal Reserve Bank of the State member company or for an existing bank holding company bank on the stock of which the loan was made. to acquire the stock of an additional bank: 1414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1415 SOCIETY CORPORATION, CLEVELAND, ida, for permission to acquire 80 per cent or more OHIO of the voting shares of The San Jose Barnett Bank, Jacksonville, Florida. In the matter of the application of Society Corporation, Cleveland, Ohio, for permission to be- ORDER EXTENDING PERIODS OF TIME PRESCRIBED come a bank holding company by acquiring stock BY PROVISOS IN ORDER OF APPROVAL of The Fremont Savings Bank Company, Fremont, WHEREAS, by Order dated August 12, 1964, the Ohio. Board of Governors, pursuant to Section 3(a) (2) ORDER EXTENDING PERIOD OF TIME of the Bank Holding Company Act of 1956 (12 PRESCRIBED BY PROVISO IN ORDER OF APPROVAL U.S.C. 1842(a)(2)) and Section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4 WHEREAS, by Order dated July 27, 1964, the (a) (2)), approved the acquisition by Barnett Na- Board of Governors, pursuant to Section 3(a) tional Securities Corporation, Jacksonville, Flor- (1) of the Bank Holding Company Act of 1956 ida, of 80 per cent or more of the voting shares to (12 U.S.C. 1842(a) and Section 222.4(a) of the be issued by The San Jose Barnett Bank, Jack- Federal Reserve Regulation Y (12 CFR 222.4(a) sonville, Florida, a proposed new bank, and said (1)), approved the application of Society Corpo- Order was made subject to the provisos that the ration, Cleveland, Ohio, to become a bank holding acquisition so approved "shall not be consumcompany through the acquisition of a minimum of mated . . . (b) later than three months after said 16,000 shares (80%) of the common stock and date [of Order], and that The San Jose Barnett 1,000 shares (100%) of the preferred stock of Bank shall be opened for business not later than The Fremont Savings Bank Company, Fremont, six months after said date [of Order]"; and Ohio, and said Order was made subject to the proviso that the acquisition approved "shall not WHEREAS, Barnett National Securities Corporabe consummated . . . (b) later than three months tion has applied to the Board for extensions of after said date [of Order]"; and time within which the approved acquisition may be consummated and within which the bank shall WHEREAS, Society Corporation has applied to be opened for business, and it appearing to the the Board for an extension of time within which Board that good cause has been shown for the the approved acquisition may be consummated, extensions of time requested and that such exand it appearing to the Board that good cause has tensions would not be inconsistent with the public been shown for the additional time requested and interest; that such extension would not be inconsistent with the public interest; IT IS HEREBY ORDERED, that the Board's Order of August 12, 1964, be, and it hereby is, amended IT IS HEREBY ORDERED, that the Board's Order so that the provisos relating to the time by which of July 27, 1964, be and it hereby is, amended so Barnett National Securities Corporation shall conthat the proviso relating to the time by which summate the approved acquisition of stock, and Society Corporation shall consummate the apthe date by which The San Jose Barnett Bank shall proved acquisition of stock of The Fremont Savbe opened for business, shall read: "provided that ings Bank Company shall read: "provided that the the acquisition so approved shall not be consumacquisition so approved shall not be consummated mated . . . (b) later than December 31, 1964, and . . (b) later than January 25, 1965." that The San Jose Barnett Bank shall be opened Dated at Washington, D. C, this 23rd day of for business not later than May 20, 1965." October, 1964. Dated at Washington, D. C, this 12th day of By Order of the Board of Governors. November, 1964. (Signed) MERRITT SHERMAN, Secretary. By Order of the Board of Governors. [SEAL] (Signed) MERRITT SHERMAN, Secretary. BARNETT NATIONAL SECURITIES CORPO- RATION, JACKSONVILLE, FLORIDA [SEAL] Order Under Bank Merger Act In the matter of the application of Barnett National Securities Corporation, Jacksonville, Flor- The Board of Governors issued the following Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 Order and Statement with respect to an application lion, has applied, pursuant to the Bank Merger for approval of the merger of banks: Act of 1960 (12 U. S. C. 1828(c)), for the Board's prior approval of the merger of that bank STATE BANK OF ALBANY, and The First National Bank of Cairo, Cairo, ALBANY, NEW YORK New York ("Cairo National"), which has total In the matter of the application of State Bank deposits of $6 million.1 The banks would merge of Albany for approval of merger with The First under the charter and name of State Bank, which National Bank of Cairo. is a member of the Federal Reserve System. As an incident to the merger, the two offices of Cairo ORDER APPROVING MERGER OF BANKS National, one of which is presently a seasonal There has come before the Board of Governors, agency located at Greenville, New York, would pursuant to the Bank Merger Act of 1960 (12 become branches of State Bank, increasing the U.S.C. 1828(c)), an application by State Bank number of its offices from 24 to 26. of Albany, Albany, New York, a State member Under the law, the Board is required to conbank of the Federal Reserve System, for the sider, as to each of the banks involved, (1) its Board's prior approval of the merger of that bank financial history and condition, (2) the adequacy and The First National Bank of Cairo, Cairo, of its capital structure, (3) its future earnings New York, under the charter and title of State prospects, (4) the general character of its man- Bank of Albany. As an incident to the merger, agement, (5) whether its corporate powers are the two offices of The First National Bank of Cairo consistent with the purposes of 12 U.S.C, Ch. 16 would become branches of State Bank of Albany. (the Federal Deposit Insurance Act), (6) the Notice of the proposed merger, in form approved convenience and needs of the community to be by the Board, has been published pursuant to said served, and (7) the effects of the transaction on Act. competition (including any tendency toward mo- Upon consideration of all relevant material in nopoly). The Board may not approve the transacthe light of the factors set forth in said Act, in- tion unless, after considering all of these factors, it cluding reports furnished by the Comptroller of finds the transaction to be in the public interest. the Currency, the Federal Deposit Insurance Banking factors. The financial histories of State Corporation, and the Department of Justice on Bank and Cairo National are satisfactory, and the competitive factors involved in the proposed each bank has a sound asset condition and an adetransaction, quate capital structure. State Bank's earnings rec- IT IS HEREBY ORDERED, for the reasons set ord is good and its future earnings prospects are forth in the Board's Statement of this date, that favorable. Although the gross income of Cairo said application be and hereby is approved, pro- National has been above the average for banks of vided that said merger shall not be consummated comparable size in the Second Federal Reserve (a) within seven calendar days after the date of District, it has realized less-than-average net earnthis Order, or (b) later than three months after ings during the past two years due to its relatively said date. high expenses. The bank's future earnings pros- Dated at Washington, D. C, this 15th day of pects are considered to be reasonably satisfactory. October 1964. While the management of Cairo National is By Order of the Board of Governors. satisfactory, the bank has a management succes- Voting for this action: Chairman Martin, and Gov- sion problem. The bank's chief executive officer, ernors Balderston, Mills, Shepardson, Mitchell and who is past the usual retirement age, wishes to Daane. Voting against this action: Governor Robertleave the bank and, thus far, the bank's efforts to son. replace him have been unsuccessful. Consumma- (Signed) MERRITT SHERMAN, tion of the transaction would solve this problem, as Secretary. the resulting bank would be under the capable and [SEAL] aggressive management of State Bank. The re- STATEMENT sulting bank also would have a sound financial State Bank of Albany, Albany, New York ("State Bank"), with total deposits of $391 mil- 1 Deposit figures are as of December 20, 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1417 condition, an adequate capital structure, and fa- be materially affected by consummation of this vorable future prospects. proposal. The corporate powers of the two banks are not, Competition. The nearest offices of State Bank and those of the resulting bank would not be, in- to Cairo are some 15, 19, and 29 miles distant, reconsistent with the purposes of 12 U.S.C., Ch. 16. spectively, located on the opposite side of the Convenience and needs of the community. Cairo Hudson River and accessible to the residents of National, the only bank in Cairo, is located in the Cairo National's service area only by use of a toll Catskill Mountains of Greene County, New York, bridge. While State Bank could enter Greene approximately 40 miles southwest of the main County through the establishment of de novo office of State Bank in Albany. The service area 2 branches, it could not, because of the home-officeof Cairo National consists of Cairo, the adjacent protection feature of State law, expand by this towns of Greenville and Durham, all located in the method into the more significant towns. northeastern section of Greene County, and the Cairo National is the largest commercial bank towns of Rensselaerville and Westerlo, both located headquartered in Greene County. National Comin the southwestern portion of adjoining Albany mercial Bank and Trust Company of Albany County. There is no other banking office in the ("National Commercial"), the second largest service area of Cairo National. The banking offices bank in New York's Fourth Banking District in nearest to Cairo are some 10 miles distant. terms of total deposits, operates a branch in The economy of the service area of Cairo Greene County at Athens, about 13 miles from National is dependent for the most part upon the Cairo. Four other commercial banks, each essensummer tourist trade, and its residents include tially local in character, operate a total of five many retired persons. The normal population of offices in Greene County which are situated withthe service area is about 7,500, but rises to around in a range of about 10 to 21 miles from Cairo. 40,000 during the summer months. Cairo Nation- There is no significant overlapping of the service al's deposits are subject to wide seasonal fluctu- area of Cairo National with the service area of ations, as is usual for banks located in resort areas. any other commercial banking office; nor is there Deposit volume is generally at the low point when any evidence that the presence of the Athens loan demand is at the peak and, conversely, when branch of National Commercial has had any addeposit volume is high, loan demand is low. verse competitive effect on the other commercial Cairo National offers the range of banking ser- banks operating in Greene County. This would vices commonly provided by small local banks. seem to be attributable in large part to the nature However, it does not offer trust services or invest- of the local economy and the tendency of the ment counseling services, both of which must pres- mountainous terrain to intensify the localization ently be sought from banks located outside the of banking competition. For similar reasons, it service area of Cairo National. In addition, al- would seem that the competitive situation with though it follows a rather restrictive lending respect to the remaining small banks in the area policy, there is evidence that Cairo National's would not be materially affected by consummation relatively low lending limit renders it unable to of the proposed merger. serve adequately the credit needs of some busi- There were 43 commercial banks in New York's nesses in the area. State Bank would provide for Fourth Banking District at the end of 1963. Of the community now served by Cairo National a the 167 commercial banking offices in the Disgreater variety of banking services and would be trict, State Bank and National Commercial operfully able to cope with the inverse fluctuations in ated 24 and 38, respectively. State Bank, with 25 deposits and loan demand which are character- per cent of the total commercial bank deposits in istic of the area's banking business. the District, was the largest, and National Commercial, with 23 per cent of such deposits, was The Banking convenience and needs of the the second largest. On the basis of commercial areas presently served by State Bank would not bank IPC deposits alone, State Bank held 20.4 per cent and National Commercial held about 21 2 The area from which a bank obtains 75 per cent per cent. The acquisition of Cairo National would or more of its deposits of individuals, partnerships and corporations ("IPC deposits"). increase State Bank's share of IPC and total com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1418 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 mercial bank deposits in the District by only four- characteristic devoutly to be sought. Today, in tenths of one per cent each. the bank supervisory field it seems to be especially Summary and conclusion. If consummated, this elusive. The Board, by its approval of the applicamerger would replace the only bank in Cairo with tion in this case, permits and encourages the same a branch of one of the two largest banks in the kind of increase in banking concentration which Fourth Banking District of New York. The con- it sought to discourage eighteen months ago. centration in banking resources in this District Like the Unadilla Bank, Cairo National is a was an important factor in the Board's decision small but sound, growing, and profitable bank with denying the application of State Bank to merge satisfactory prospects. Indeed, in my judgment, with the Unadilla National Bank. However, in the for the purpose of this application, the two situpresent case the total of the circumstances differs ations are indistinguishable—except that Cairo is a significantly. See 49 Federal Reserve BULLETIN resort community (with no industry and little com- 631 (1963). mercial activity), whereas Unadilla is in the heart Consummation of the merger with Cairo Na- of a farming area. Surely the needs of a farming tional would increase State Bank's present 25 per area for adequate banking facilities are at least cent share of the District's total commercial bank equally important from an economic point of view deposits by less than one-half of one per cent. It with those of a resort area. does not appear that other banks would be exposed The following quotation from the Board's deto adverse competitive effects as a result of the cision in the Unadilla case, with no more than merger, or that any significant existing or potential parenthetical insertions as to name and location to competition would be eliminated. Further, in ad- adapt it to the present situation, squarely covers dition to solving the management succession prob- and should govern the disposition of the applicalem of Cairo National, the merger would result in tion now before the Board: a bank better able to serve the banking needs and "If approved, this merger would replace the only convenience of the community concerned. bank in Unadilla (Cairo) with a branch of one of Accordingly, the Board finds that the proposed the two largest banks in the Fourth Banking District of New York having its main office 100 (40) miles merger would be in the public interest. away, and would constitute one more step in a significant series of bank absorptions by State Bank. There is no substantial evidence that the banking needs or DISSENTING STATEMENT OF convenience of the Unadilla (Cairo) area are not be- GOVERNOR ROBERTSON ing served adequately, or that Unadilla National (Cairo National) cannot continue its operation prof- Two formidable opponents, one a national, the fitably. Any benefits that might accrue to the public as a consequence of the merger would be more than other a State member bank, are engaged in a offset in the circumstances of this case by the increase race to dominate the Fourth Banking District in the size of the largest bank in the Fourth Banking District of New York, by the increase in the already of New York. At the end of 1963, the two behigh concentration of banking resources in that Distween them held 48 per cent of total commercial trict, and by the adverse potential effect on banking competition in Unadilla (Cairo) and the surrounding bank deposits and 37 per cent of commercial area." banking offices in the District. Citing this situation, the Board, in its Order of April 26, 1963, In this language, the Board clearly recognizes denied the application of the State member to that the Bank Merger Act (as reflected in its legismerge Unadilla National Bank, a healthy $4.7 lative history) requires a very positive showing of million institution in a prosperous agricultural re- public benefit under the other criteria set forth gion, Otsego County, in the District's southwest in the statute to offset competitive considerations corner. (1963 Federal Reserve BULLETIN 631) which are as patently adverse as those in the Una- However, not long after, the Comptroller author- dilla or the Cairo situation. In the present case, as ized the rival to merge a small bank in the same was true in the previous one, there is no substancounty. Now the State member comes to the tial evidence in the record that the banking needs Board again, hat in hand, and asks to be allowed or convenience of the area concerned are not being to catch up. served adequately, or that the bank to be acquired Although consistency in governmental adminis- could not continue its operations profitably. trative decisions is not easily achieved, it is a What of competitive considerations? In Una- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1419 dilla, like Cairo a one-bank town, the Board was approval of the application. But it is hard to beconcerned with a trade area containing eight of- lieve, as someone else has said, that a bank with fices of modest-sized, thriving banks. The Board assets in excess of six million dollars and operatfound that "Expansion by State Bank into the ing income of over $240,000 per year is incapable Unadilla area would expose the . . . [nearest] bank of providing sufficient emoluments to obtain the . . . and also the other six banking offices located services of one qualified, full-time executive officer. from 10 to 16 miles from Unadilla, to the strong Certainly management problems may weigh in competitive capabilities of a significantly larger favor of approval in some instances. However, to bank". Is the threat to the remaining small local give significance to this factor in a case like the banks any less in the Cairo area? Five independent present one will encourage other small banks banks within a radius of 21 miles from Cairo, similarly situated to neglect planning for managenone even as large as the larger institutions in ment succession—a tendency to be decried. the vicinity of Unadilla, are already struggling to Finally, it is alleged in the record that the prime compete with a branch of the vigorously aggresincentive for the merger is the desire of the sive National Commercial Bank, State Bank's shareholders of the Cairo bank to sell their stock. rival. Approval of the present application sub- However, the premium being paid—nearly $350,jects the remaining four to the "strong competitive 000 in excess of book value and approximating capabilities" of a second "significantly larger" 6.4 per cent of the bank's deposits—would seem bank. to indicate that an even stronger incentive is the True, the record shows that in a few isolated indesire of the big bank to "buy" another office. If stances, the Cairo bank has been unable or unwillsupervisory authorities continue to permit bank ing to respond to requests for credit—in 1963 the acquisitions—aided by the lure of such lush prebank found it necessary to participate one loan miums—which have no more to justify them than because of its low lending limit. But the local appears in the record of this case, then the conbranch of the other big Albany bank is already tinuing trend toward concentration of banking there to meet any community needs and convenpower in large banks, able to pay attractive prices, ience which cannot be satisfied by banks headquartered in the area. To admit a second big will surely hasten the demise of small banks—inbank will only deprive the remaining smaller ones cluding those in the Fourth Banking District of the few attractive crumbs still remaining on the which may fall under the covetous eye of State table. Bank or National Commercial in their race for The majority also mentions a management suc- dominance. cession problem as a factor weighing in favor of I would disapprove the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF ship of the Office of Business Economics, United J. Herbert Furth, an Adviser in the Division of States Department of Commerce in June of this International Finance, retired November 1. He year. will temporarily continue to serve the Board as a Consultant. Appointed to the Board's staff in ADMISSION OF STATE BANK TO MEMBERSHIP IN 1943, Mr. Furth had served as an Economist and THE FEDERAL RESERVE SYSTEM later as Chief of many of the research sections The following bank was admitted to Membership within the Division prior to his becoming an Ad- in the Federal Reserve System during the period viser in 1961. October 16, to November 15, 1964: M. H. Schwartz was reappointed to the Board's Minnesota Staff as Director, Division of Data Processing on November 9. Mr. Schwartz returns to the position Minneapolis. Bank of Minneapolis and he held prior to assuming the Associate Director- Trust Company 1420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 16 The strike in the auto industry reduced produc- vanced and was nearly a tenth above a year eartion, employment, and retail sales in October. lier. Output of materials was reduced by the drop The unemployment rate, which is not directly in automotive parts and stampings although outaffected by strikes, was unchanged. Bank credit put of steel and many nondurable materials declined, monetary expansion continued moder- increased. ate, and money and capital markets eased. After reaching a new high in mid-October, common CONSTRUCTION stock prices showed little net change. Expenditures for new construction edged off in October to a seasonally adjusted annual rate of INDUSTRIAL PRODUCTION $65Vi billion, about 2 per cent below the highs reached earlier this year. Industrial and commer- The Board's index of industrial production in cial building continued to increase but residential October was 131.7 per cent of the 1957-59 averactivity declined further. Public construction, age, compared with 134.0 in September and 126.1 which was revised upward in September to show in October 1963. The month-long strike at plants an increase of 2Vz per cent, declined 2 per cent of a major producer of autos, which ended in late in October. October, reduced assemblies sharply further to about one-half the rate of last spring and summer EMPLOYMENT and also curtailed production of trucks and of automotive parts and stampings. Recovery in No- Employment in nonfarm establishments devember will be dampened by the beginning of clined somewhat in October owing to the auto strikes at other plants in the auto industry. strike. Employment declined substantially in the Production of other consumer durable goods transportation equipment industry but changed and of consumer staples continued to increase in little in most other manufacturing industries, non- October. Gains were also widespread in the equip- durable as well as durable goods. Meanwhile emment industries, and despite the steep decline in ployment rose considerably further in State and trucks, total output of business equipment ad- local government and advanced in the service and trade groups. The unemployment rate, which was not affected by the auto strike since striking INDUSTRIAL PRODUCTION 1957-59 = 100 workers are counted as employed, remained at 5.2 per cent; the rate in October a year ago was 5.6 per cent. FINAL ^J3^^ - TOTAL (rJr _ PRODUCTS/—*""/ _ DISTRIBUTION %xN-7 MATERIALS Total retail sales in October were down 3 per cent from the record level of August and September. Retail deliveries of new cars fell 30 per cent and dealer inventories declined even more NONDURABLE KfS~r ~ MANUFACTURES y//^' CONSUMER ,+-u£s sharply. Sales increased appreciably at most other GOODSy/^^ - \ /*//^ ""DURABLE types of retail stores. _^s^>//V MANUFACTURES \ / N-V'''EQUIPMENT - COMMODITY PRICES ^- 1 ! I i ^ I960 1962 1964 1960 1962 1964 The industrial commodity price level, after in- F. R. indexes, seasonally adjusted. Latest figures shown creasing somewhat from mid-September, was for Oct. 1421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 stable in late October and early November. Up- U.S. Government deposits at commercial banks ward price pressures continued in markets for declined appreciably. nonferrous metals and prices of some paper Total and required reserves, on a seasonally products were increased while those for some adjusted basis, declined slightly in October folplastic materials were reduced. Among food- lowing a substantial increase in September. Free reserves averaged close to $100 million, about stuffs, prices of livestock and meats declined the same as in September but somewhat lower substantially further, in response to seasonal exthan in earlier months this year. Reserves were pansion in supplies, and were moderately below supplied principally through Federal Reserve pura year earlier. chases of U.S. Government securities and through an increase in float and were absorbed BANK CREDIT, MONEY SUPPLY, AND RESERVES through an outflow of currency. Commercial bank credit, seasonally adjusted, declined somewhat in October following substan- SECURITY MARKETS tial increases in August and September. Heavy Since mid-October yields on Treasury bonds liquidation of U.S. Government securities more and on seasoned municipal issues have declined than offset moderate further increases in loans somewhat while yields on seasoned corporate and holdings of other securities. The seasonally bonds have changed little. Treasury bill rates also adjusted money supply increased $600 million, have changed little, with the rate on 3-month bills about the same as in the two previous months but remaining just above the 3Vi per cent discount less than in June or July. Time and savings de- rate. In moderately active trading, common stock posits at commercial banks rose $1.4 billion, prices have fluctuated in a narrow range slightly a larger amount than in other recent months. below the record high reached in mid-October. INTEREST RATES PRICES WHOLESALE •' TREASURY BILLS Discount rate, range or level for all F. R. Banks. Weekly average market yields for U.S. Govt. bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices, Sept.; for wholesale prices, Oct. shown, week ending Nov. 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary TJL Liabilities s Sources of funds i, II, U Uses of funds III, IV Quarters Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually— Continued Issue Page Flow of funds. 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 Listof.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 1424 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 1426 Reserve Bank discount rates; margin requirements; reserve requirements 1431 Open market transactions; Federal Reserve Banks. . . 1433 Bank debits; currency in circulation. ... 1436 Money supply; banks and the monetary system. . . 1438 Commercial and mutual savings banks, by classes. 1440 Commercial banks, by classes. 1444 Weekly reporting member banks. 1446 Business loans 1449 Interest rates. . 1450 Security prices; stock market credit; open market paper. 1451 Savings institutions. 1452 Federal finance. 1454 Federally sponsored agencies. 1459 Security issues 1460 Business finance. 1463 Real estate credit. 1465 Consumer credit. 1468 Industrial production. 1472 Business activity; construction 1476 Employment and earnings. . 1478 Wholesale and consumer prices. 1480 National product and income series. 1482 Flow of funds. 1484 Guide to tabular presentation. 1424 Index to statistical tables. 1511 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). 1425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1426 BANK RESERVES AND RELATED ITEMS NOVEMBER 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANE 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. <CJovt securities Gold cur- rency ury with F.R. Banks Other or Dis- stock rency in cash F.R. date counts To- out- cir- hold- ac- Bought Repur- and Float i tal 2 stand- cula- ings counts With Cur- Total out- chase ad- ing tion Treas- For- Otheri F.R. rency Total right agree- vances ury eign Banks and ments coin 3 Averages of daily figures 1929 June. 179 179 978 61 1 317 4,024 2,018 4,400 210 30 30 376 2 314 2 314 1933—Jung 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 65224,744 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 1,37525,446 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 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25 639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19 920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 .063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,42629,435 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 1,66529,060 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 1,921 31,217 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 2,29833,218 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 1,635 33,454 15,785 5,583 35,293 400 794 193 216 1,125 16.800 2,929 19,729 1963—Oct. 32,648 32,464 184 343 1,593 34,628 15,582 5,587 36,120 395 918 161 194 089 16,920 3,083 20,003 Nov. 33,126 32,936 190 407 1,771 35,353 15,582 5,594 36,693 395 938 150 198 ,H8 17,017 3,097 20,114 Dec . . . 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Jan 33,200 33,127 73 289 2,16435,770 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 1,64435,028 15,480 5,586 36,383 429 926 141 205 991 17,018 3,130 20,148 Mar 33,389 33,348 41 259 1,710 35,454 15,462 5,579 36,615 433 948 153 202 W8 17,146 3,067 20,213 33,498 33,453 45 214 1,798 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 1,747 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 1,78436,760 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 1,841 37,077 15,463 5,568 37,938 431 804 131 201 194 17,408 3,255 20,663 Aug .. . 35,118 34,996 122 334 1,67037,170 15,462 5,562 38,033 421 909 145 194 1,151 17 340 3,224 20 564 Sect 35 273 35.143 130 332 1,91437,578 15,462 5,564 r38,224 437 893 143 189 ,1?9 17 589 3 338 20 927 Oct 35,334 35,257 77 311 2,02737,747 15,462 5,533 38,361 472 863 133 189 1,009 17,716 P21,031 Week ending— 1963 32 438 32 264 174 355 1.34ft34,180 15,582 5,587 35,889 391 806 170 192 1,214 16 689 2 995 19 684 11 32,644 32,350 294 385 1,48734,553 15,583 5,591 36,066 409 824 153 206 1,719 16,850 2,964 19 814 18 32,209 32,209 225 1,99534,465 15,582 5,590 36,016 417 942 142 209 1,139 16,770 3,130 19,900 25 32,040 32,040 418 1,93734,434 15,582 5,587 35,850 385 856 139 181 1,140 17,052 3,148 20 200 Oct. 2 32,511 32,449 62 373 ,54534,467 15,582 5,589 35,858 393 901 153 192 1,114 17,027 3,150 20,177 9 33,036 32,617 419 422 1,52735,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20 192 16 32 784 32,521 263 339 1,56734,737 15,583 5,582 36,235 392 930 150 194 1,107 16 894 3 095 19 989 23 32,226 32,226 392 [,930 34,589 15,581 5,583 36,165 394 915 171 188 1,060 16,860 3,082 19^942 30 32,474 32,413 229 1,41634,163 15,582 5,590 36,066 398 906 167 197 1,048 16,553 3,202 19,755 Nov. 6 33,031 32,822 209 434 JW 34,842 15,583 5,593 36,251 388 823 156 193 1,019 17,188 2,978 20 166 13 33,179 32,880 299 330 1.581 35,138 15,582 5,598 36,625 402 886 146 198 1,001 17 0603 005 20 065 20 32,949 32,773 176 462 2,18035,635 15,582 5,596 36,722 403 1,045 144 208 1,711 17 0803,170 20 250 27 33,111 33,018 93 233 2,12635,512 15,582 5,593 36,872 386 1,006 151 199 1,750 16,823 3,212 20 035 Dec. 4 33,795 33,590 205 540 1,63136,010 15,582 5,580 37,274 385 812 167 197 1,764 17 0743,246 20 320 11 33,849 33,759 90 148 1,89935,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18 .. . . 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 392 907 158 196 1,194 17 204 3 476 20 680 25 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 l,?08 17 556 3 445 21 001 1964 Jan. 1 33,655 33,563 92 590 2,75237,153 15,513 5,580 37,730 381 927 185 227 1,142 17 653 3 796 21 449 8 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 402 966 168 205 1,070 17 685 3,484 21 169 15 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 167 213 1,06? 17,463 3,442 20,905 22 32,944 32,944 198 2,36535,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,76434,780 15,512 5,582 36,364 410 869 141 208 1,041 16,840 3,360 20,200 Feb 5 .... 33,009 32,979 30 277 1,41734,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 61 372 1.496 35,208 15,498 5,586 36,462 424 978 151 200 961 17 116 3 062 20 178 19 32,887 32,862 25 291 1,84635,088 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26 32,750 32,750 200 1,83534,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 For notes tee opposite page. 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NOVEMBER 1964 BANK RESERVES AND RELATED ITEMS 1427 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 ig t u u . h t g - s t h e t cu R m c r a e i h g e t p a i 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 i t T a o l - 2 s G to o c ld k T r s o r c e t u i e a n u n u r a n g r y c t s - - d y - - r c C t e c u i i n u o i n l r c a r n - - y - T h c i r u o n a e r l g s a y d h s s - - Tr t u h e w r a a y i s n t - h m r e F e s F e . m e R i o g r b v r . n - e e B s r , a O b n a t k h n s e k r c O F o a t . u c h R - n e . t r s B W F a . n i R t k h M . s e r m e c r C s e a o b e n n u i e r n c d r r v - y 3 e b s an T k otal Averages of daily figures Week ending— 1964 Mar. 4 33,245 33,245 362 529 35,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 609 35,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 758 35,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 973 35,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 1. 33,575 33,534 155 1,,5512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 33,979 33,916 209 ,593 35,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33,843 191 1-',,.7-5-6 35,,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22 33,050 33,050 321 2,166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29..... 33,086 32,985 101 137 1,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 May 6. 33,763 33,580 183 213 1,653 35,724 15,463 5,582 36,910 426 888 156 188 954 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 5,584 37,263 425 914 145 197 1,257 17,066 3,128 20,194 10 34,757 34,530 227 289 1,47136,597 15,462 5,590 37,487 436 905 135 199 1,308 17,179 3,007 20,186 17 34,591 34,438 153 328 i;823 36,811 15,461 5,582 37,614 415 880 131 196 1,240 17,378 3,238 20,616 24 34,427 34,427 232 2,136 36,875 15,461 5,582 37,574 395 905 138 203 1,273 17,430 3,297 20,727 July 1. 34,841 34,823 18 221 ,818 36,960 15,462 5,582 37,618 404 873 140 195 1,276 17,498 3,347 20,845 35,335 35,215 120 263 ,882 37,588 15,463 5,574 37,916 416 842 134 222 1,256 17,840 2,965 20,805 15 35,304 35,030 274 460 ,787 37,636 15,463 5,562 38,099 425 885 123 204 1,223 17,703 3,291 20,994 22 34,392 34,392 159 2,195 36,789 15,463 5,566 37,969 444 770 131 191 1,158 17,154 3,275 20,429 29 34,518 34,357 179 1,626 36,381 15,463 5,567 37,814 440 711 133 190 1,148 16,975 3,353 20,328 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 35,397 35,097 300 376 1,554 37,393 15,462 5,554 38,114 417 964 141 193 1,113 17,467 3,130 20,597 19.. 34,855 34,855 279 2,024 37,197 15,461 5,558 38,113 412 932 144 199 1,102 17,314 3,269 20,583 26.. 35,051 34,929 122 329 1,719 37,137 15,462 5,563 37,998 429 918 145 188 1,214 17,270 3,340 20,610 Sept. 35,162 35,144 18 315 1,451 36,968 15,462 5,572 38,007 423 858 164 191 1,199 17,159 3,362 20,521 35,611 35,234 377 478 1,563 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 ,163 17,285 3,454 20,739 23. 34,904 34,904 410 2,465 37,820 15,462 5,569 38,192 448 962 131 193 ,054 17,870 3,386 21,256 30. 35,186 35,157 29 280 1,943 37,487 15,461 5,556 38,075 440 914 161 186 ,066 17,662 3,477 21,139 Oct. 7 35,759 35,549 210 372 1,820 38,051 15,463 5,554 38,209 457 838 131 204 ,103 18,125 3,134 21,259 14 35,663 35,532 131 241 1,87537,876 15,462 5,541 38,465 470 865 133 177 ,028 17,739 3,246 20,985 21 34,909 34,909 382 2,54837,878 15,463 5,538 38,432 489 1,012 130 189 966 17,660^3,329*>20,989 34,911 34,911 233 1,99537,203 15,462 5,513 38,333 467 810 137 185 925 17,321^3,449^20,770 28 End of month 1964 35,164 35,164 185 1,556 36,941 15,460 5,572 38,014 405 939 163 208 1,186 17,055 3,103 20,158 Aug 35,350 35,250 100 95 1,567 37,111 15,463 5,553 38,166 434 933 148 194 1,130 17,121 3,826 20,947 Sept 35,709 35,709 415 1,695 37,900 15,462 5,505 38,364 485 687 120 194 1,135 17,883^3,138»21,021 Oct Wednesday 1964 Sept. 2. 35,317 35,194 123 99 1,266 36,744 15,463 5,574 38,106 434 731 177 183 1,171 16,979 3,521 20,500 9. 35,633 35,273 360 142 1,600 37,435 15,463 5,559 38,475 433 839 121 205 1,241 17,143 3,404 20,547 16. 35,113 35,113 74 2,078 37,319 15,463 5,572 38,380 451 1,082 154 180 1,094 17,013 3,770 20,783 23. 34,781 34,781 731 2,030 37,592 15,463 5,556 38,152 443 1,047 128 199 1,030 17,612 3,747 21,359 30. 35,350 35,250 100 95 1,567 37,111 15,463 5,553 38,166 434 933 148 194 1,130 17,121 3,826 20,947 Oct. 7 35,861 35,652 209 212 1,63537,810 15,463 5,546 38,389 462 622 139 204 1,085 17,917 3,332 21,249 14 35,137 35,111 26 79 1,900 3~~7,208 15,463 5,543 38,546 482 1,04: 130 201 960 16,852 3,756 20,608 21 34,763 34,763 1,171 2,124 38,096 15,463 5,516 38,431 474 1,209 115 180 974 17,691 *>3,694»21,385 28 35,218 35,218 503 1,45137,254 15,463 5,507 38,370 474 710 151 183 856 17,480*3,844»21,324 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

1428 BANK RESERVES AND RELATED ITEMS NOVEMBER 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- •leserves Bor- Reserves Bor- T h o e t ld al qu R i e r - ed Excess B r F i a n o a . n R w 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 a n o a . n R w g t k s . - s s F e r r r e v e - e es T h o e t l a d l qu R ir e e - d Excess B r F i a n o a . n R w 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 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952 Dec . . . 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 8 85 -77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 — 10 99 -109 1,038 ,038 104 — 104 1960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 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 ,035 7 18 -11 1963 June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 1,028 ,032 -4 3 -7 1963 Oct 20,003 19,596 407 313 94 3,695 3,693 2 101 -99 1,036 ,028 8 19 -11 Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 1,035 1,031 4 40 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 5 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 ,044 5 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 ,016 -2 87 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 1,022 4 90 -86 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 -2 1,021 1,015 7 21 -14 May 20,219 19,886 333 255 78 3,833 3,832 26 -26 1,044 I 042 2 5 _3 June 20,558 20,170 388 270 118 3,983 3,945 38 39 -1 1,033 1,034 __ i 13 -14 Julv 20,663 20,266 397 265 132 3,943 3,921 22 40 -18 1 039 I 036 3 22 -19 Aug 20,564 20,151 413 334 79 3,876 3,858 17 39 -22 1,039 ,033 5 13 -8 Sept 20,927 20,506 421 331 90 3,983 3,954 29 45 c-16 1,061 061 34 -34 Oct ^21,031^20,616 3>415 309 *>3,962 P3,942 P20 54 ^1,058 V 056 P2 29 P-26 Week ending— 1963—Oct. 2 20,177 19,825 352 343 9 3,891 3,877 15 83 -69 1,065 1,060 72 -67 9 20,192 19,757 435 392 43 3,775 3,767 8 100 -92 1,044 1,043 51 -50 16 19,989 19,603 386 309 77 3,678 3,661 17 130 -113 1,033 1,025 8 18 -10 23 19,942 19,513 429 361 68 3,643 3,639 4 127 -123 1,034 1,028 6 4 2 30 19,755 19,407 348 199 149 3,650 3,632 18 34 -16 1,009 1,007 2 4 -2 1964—May 6 20,277 19,988 289 211 78 3,910 3,890 20 8 12 1,056 1,051 5 20,293 19,892 401 314 87 3,805 3,783 22 13 9 1,036 1,036 9 20.... 20,304 19,896 408 298 110 3,824 3,825 47 -48 1,056 1,047 8 ~~8 27 20,114 19,783 331 208 123 3,846 3,818 *28 12 17 1,038 1,035 3 2 June 3.... 20,194 19,899 295 264 31 3,881 3,877 4 80 -76 1,027 1,028 -1 9 -10 10 20,186 19,857 329 289 40 3,847 3,824 23 16 7 1,006 1,006 20 -20 17 20,616 20,161 455 327 128 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 4 2 July 1.... 20,845 20,443 402 221 181 4,075 4,046 29 23 6 1,054 1,059 -4 23 -27 8.... 20,805 20,514 291 263 28 4,012 4,007 91 -86 1,056 1,050 6 4 15.... 20,994 20,422 572 460 112 3,969 3,921 48 64 -16 1,041 1,039 1 68 -66 22 20,429 20,151 278 159 119 3,905 3,883 22 22 1,043 1,016 6 1 29.... 20,325 19,957 368 179 189 3,862 3,846 16 18 1,022 1,020 3 -4 20,560 20,209 351 260 91 3,931 3,934 U -16 1,037 1,036 1 6 -5 20,597 20,123 474 376 98 3,850 3,833 17 13 1,028 1,029 -1 20 -21 19!!!; 20,583 20,192 391 278 113 3,885 3,875 10 AS -39 1,033 1,037 2 10 -13 26 20,611 20,140 471 329 142 3,851 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 3,831 3,823 8 30 -22 1,038 1,033 59 -54 16.... 20,739 20,368 371 225 146 3,924 3,894 29 21 8 1,043 1,043 6 -5 23.... 21,256 20,775 481 409 72 4,041 4,036 137 -132 1,087 1,085 1 37 -35 30.... 21,140 20,752 388 278 110 4,143 4,073 70 6 65 1,088 1,084 42 -38 Oct. 7 21,259 20,826 433 370 63 4,095 4,089 6 53 -47 1,070 1,070 -1 68 -69 14 20,985 20,575 410 239 171 3,948 3,898 5C 59 _9 1,047 1,042 6 33 -27 21 *20,989*>20,573 P416 380 3,905 3,898 87 -80 1,054 1,057 11 -14 28 ^20,770P20,455 P315 230 3,881 3,872 9 1 8 1,052 1,048 4 10 -6 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 BANK RESERVES AND RELATED ITEMS 1429 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves B in or g r s o a w t - Free Reserves B in o g rr s o a w t - 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 1 1 9 9 3 3 3 9 D jU e n c e , 3,1 6 4 4 0 8 1,9 5 5 2 3 8 1,1 1 8 2 8 0 58 1,18 6 8 2 1 4 5 4 6 1 8 3 89 4 7 4 67 9 1 6 12 3 6 - 6 3 6 0 8 1941—Dec 4,317 3,014 1,303 1 1.302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec . .. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 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—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 40 179 -139 7,403 7,051 352 73 279 Oct 28,528 28,483 245 163 s-118 27,483 27,135 2348 63 2285 Week ending— 1963—Oct 2 8,191 8,170 21 111 -90 7 030 6,719 311 77 234 9 8,221 8,185 36 185 -149 7,152 6,762 390 56 334 16 8 173 8,135 38 119 -81 7 105 6 782 323 42 281 23 8,105 8,083 21 182 -161 7,160 6,762 398 48 350 30 8,064 8,038 25 66 -41 7,032 6,729 303 95 208 1964—May 6 8,215 8,186 29 118 -89 7,095 6,860 235 80 155 y i?:....:....... 8,198 8,164 34 197 -163 7,254 6,908 346 95 251 20 8,173 8,144 29 188 -159 7,252 6,880 371 63 308 27 8,137 8,105 32 104 -73 7,094 6,825 269 90 179 June 3 8,184 8,173 11 102 -91 7,101 6,821 280 73 207 10 8,218 8,188 30 134 — 104 7 115 6 839 276 119 156 17 8,302 8,283 18 170 -152 7,314 6,891 423 79 344 24 8,420 8,361 59 147 -87 7,216 6,965 252 58 194 July 1 8,413 8,394 19 134 — 115 7,303 6,944 359 41 318 8 8,480 8,454 26 112 -86 7,257 7,003 254 56 198 15 8,471 8,437 34 276 -242 7,514 7,025 488 52 436 22 8 341 8,279 62 106 -44 7 141 6,954 187 48 139 29 8,215 8,192 23 95 -72 7,226 6,899 327 59 268 AUK 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 7 574 7,127 447 45 402 30 8,555 8,497 58 158 -100 7,353 7,098 256 72 184 Oct. 7 8,581 8,554 27 189 -162 7,513 7,113 401 60 341 14 8,567 8,484 83 91 0 7,424 7,152 272 56 216 21 8 471 8,464 7 228 -221 27 559 27,154 2405 54 2351 28 8,443 8,419 23 146 -123 27,395 27,117 2278 73 2205 * 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

1430 MAJOR RESERVE CITY BANKS NOVEMBER 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt. securities dealers Reporting banks Less: Net: Gross transactions Net transactions week a e n n d ding— s E e x r r c v e e - e s s s 1 r a o B t B w a F o n in r . k R - g s s . F f i t b e n u r N d a a n t n e e e n d t r r k s s - a . l S d u e r o f p i r c lu it s P r r e e e s a q r e o v u r c f g i v e r . e n e s d t c P ha u s r e - s Sales a 2 c t T r - t a o w io n t a a n s y l - s2 b b o u P a f y u n n i r e k n - t s g 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 a r o n o o l w g e m r s r - - s* lo N a e n t s Total—46 banks 1964—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 Oct. 7 13 218 581 -786 8.2 1,561 980 858 703 121 1,127 114 1,013 14 77 138 753 -813 8.8 1,893 1,140 944 949 196 715 87 628 21 -4 246 507 -757 8.2 1,824 1,318 972 852 345 944 66 878 28 21 82 311 -372 4.0 2,039 1,728 1,158 881 570 744 656 8 in New York City 1964—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 Oct. 7 4 53 210 -259 6.8 751 541 490 260 50 779 114 665 14 39 59 331 -351 9.7 877 547 477 400 70 485 87 398 21 4 87 99 -182 5.0 733 635 530 203 104 637 65 572 28 12 -57 69 1.9 909 966 614 295 352 606 518 55 outside New York City 1964—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 30 23 111 369 -456 8.0 781 412 350 430 62 508 7 501 Oct. 7 10 165 371 -527 9.2 810 439 368 442 71 348 348 14 39 79 422 -463 8.2 1,016 593 467 549 127 230 230 21 -8 159 408 -575 10.2 1,091 683 442 649 241 306 306 28 10 82 369 -441 7.9 1,130 761 544 586 218 138 138 5 in Chicago 1964—Sept. 2. 85 -81 8.8 228 142 142 85 83 73 9. 50 105 -151 16.4 208 103 103 105 106 96 16. 194 -195 20.9 308 113 113 195 110 103 23. 33 115 -149 15.3 232 116 101 130 15 137 137 30. 38 120 -155 15.9 220 100 96 123 4 135 135 Oct. 7. . -2 62 122 -186 19.3 256 134 122 134 12 111 111 14.. 4 29 71 -96 10.2 230 159 119 111 40 78 78 21.. -2 10 -24 12 1.2 261 285 133 128 152 70 70 28. . 37 -44 4.7 241 205 158 84 47 45 45 33 others 1964—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.. c 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 Oct. 7 11 103 249 -341 7.2 554 305 246 308 59 237 237 14 35 51 351 -367 7.8 785 434 348 438 86 152 152 21 -6 149 432 -586 12.5 830 398 309 521 89 236 235 28 9 74 332 -397 8.5 889 557 386 503 170 93 93 * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 DISCOUNT RATES 1431 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 Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate Boston July 17 1963 July 17,1963 July 17,1963 New York... July 17, 1963 July 17,1963 June 10, 1960 Philadelphia.. July 19,1963 July 19,1963 Aug. 19, 1960 Cleveland.... July 17, 1963 July 17,1963 July 17, 1963 Richmond... July 17, 1963 July 17,1963 July 17, 1963 Atlanta July 24, 1963 July 24,1963 July 24, 1963 Chicago July 19, 1963 July 19,1963 July 19, 1963 St. Louis..... July 17,1963 July 17,1963 July 17, 1963 Minneapolis.. July 17, 1963 July 17,1963 Aug. 15, 1960 Kansas City.. July 26, 1963 July 26,1963 July 26, 1963 Dallas July 17, 1963 July 17,1963 Sept. 9, 1960 San Francisco July 19, 1963 July 19,1963 June 3,1960 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. I In effect Dec. 31, 1932 2*4-3% 1953 1958 Jan. 16 13^-2 Jan. 22 1933 23 2 24 Mar. 3 3% Mar. 7 4 13 Apr. 7 3H 1954 21 May 26 Feb. 5 134-2 WA Apr. 18 Oct. 20 Apr. 14*.'.'.'.'.'.'.'.'.'/.'.'. ft A M u a g y . 1 9 5 1934 Sept. 12 Feb. 2 1*4-3% 1% May 2l'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. ~'l%' 1% Mar. 16 l%-3 1% Oct. 24!'.'.'.'. Nov. 7 1935 1955 Jan. 11 1% Apr. 14 May 14 1% 1959 May 2.'.'.'.'.'.'.'.'.'.'.'.'. Mar. 6 1937 Aug. 4 16 Aug. 27 1 -2 5 May 29 3 -3 Sept. 4. 1 -1% 12 June 12 3V Sept. 9 Sept. 11 %- Apr. 11 1942 Nov. 1 1 8 3 18 4 Oct. 15 23 I 30 | 1960 1946 June 3 •I 3%-4 Apr. 25 1956 10 • 3%-4 May 10. Apr. 13 I 2%-3 14 •I 3% 20 Aug. 12 3 -3% 1948 Aug. 24 Sept. 9 3 Jan. 12 31 19 Aug. 13 1963 1957 July 17 3 -3% 3% 3 4 26 3% 3% 1950 Aug. 21 %1 Nov. 15 1964 25 WA Dec. 2 3 -3 In effect Oct. 31 31/2 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

1432 RESERVE REQUIREMENTS NOVEMBER 1964 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Type of deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, Ja 1 n 9 . 6 2 1, Ju 1 ly 96 1 3 7, Effective date 1 C b re a e c s n n i e t k t r y r v s a 3 e 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 L 1 e y s e s a t r h a o n r m 1 o y r e e ar / 3 { k 4 3% In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits held for: 1949_May 1, 5 , 24 21 15 7 7 L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2% 3 Ma 4 J A u u n g e . 30 1 , , 1 J 1 uly 1.. 2 I 0 S* 1 1 4 3 6 5 6 Aug. 16, 18 12 5 Other time deposits pay- Aug. 25 !!» able in: i Sept. 1 6 1 m ye o a n r th or s - m 1 o y r e e ar } 2Vl 3 / 4 I; 1951— J J a a n n . . 2 1 5 1 , , F 16 eb. 1.. 2 2 3 4 2 1 0 9 1 1 3 4 6 6 90 days-6 months 1953—July 1,9 22 19 13 Less than 90 days 1 1 2 1954—June 16, 24 21 5 5 July 29, Aug. 1. 20 18 12 i For exceptions with respect to foreign time deposits, see Oct. 1962 1958—Feb. 27, Mar. 1. 8* .7* BULL., p. 1279. Mar. 20, Apr. 1.. NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 17 ii* l U is n h d e e d r b th y i s t h R e eg B u o l a a r t d io n o f t h G e o r v a e te r n p o a rs y a u b n le d e b r y p a r o m vi e s m io b n e s r o b f a n R k e g m u a la y t i n o o n t Q in . I960—S A e p p r t . . 24 1 i6y2 any event exceed the maximum rate payable by State banks or trust Nov 24. 12 cos. on like deposits under the laws of the State in which the member Dec. 1 16% bank is located. Effective Feb. 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 Nov. 1, 1964. . 16Vi 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2^ per cent. Present legal requirement: MARGIN REQUIREMENTS Minimum 10 7 3 3 (Per cent of market value) Maximum 22 14 6 6 1 When two dates are shown, first-of-month or midmonth dates record Effective date changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. Regulation 2 Demand deposits subject to reserve requirements are gross demand July 28, July 10, Nov. 6, deposits minus cash items in process of collection and demand balances 1960 1962 1963 due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Regulation T: For extensions of credit by brokers and NOTE.—All required reserves were held on deposit with F.R. Banks, dealers on listed securities 70 50 70 June 21, 1917 until late 1959. Since then, member banks have also been For short sales 70 50 70 allowed to count vault cash as reserves, as follows: Country banks—in Regulation U: excess of 4 and 2l/i per cent of net demand deposits effective Dec. 1, 1959 For loans by banks on stocks 70 50 70 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, 1960, respectively. Effective Nov. 24, 1960, all vault cash. NOTE.—Regulations T and U, prescribed in accordance with Securities 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 Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Sept. 16, 1964 Four weeks ending Oct. 14, 1964 Gross demand—Total. .. 133,404 25,055 6,250 50,925 51,174 Gross demand—Total... 137,773 26,416 6,513 52,311 52,533 Interbank 14,503 4,291 1,273 7,120 1,818 Interbank 14,931 4,430 1,293 7,316 1,891 U.S. Govt 5,089 994 286 2,058 1,752 U.S. Govt 6,912 1,835 495 2,625 1,957 Other 113,812 19,770 4,691 41,747 47,604 Other 115,930 20,151 4,725 42,369 48,684 Net demand i 110,029 19,936 5,268 41,222 43,603 Net demand * 113,393 21,004 5,472 42,201 44,716 Time 100,329 13,990 4,169 38,666 43,504 Time 100,856 13,958 4,186 38,807 43,905 Demand balances due Demand balances due from dom. banks.... 7,296 104 103 1,914 5,175 from dom. banks... 7,475 107 98 1,993 5,277 Currency and coin 3,289 260 50 1,008 1,972 Currency and coin 3,311 265 50 1,006 1,990 Balances with F.R. Balances with F.R. Banks 17,348 3,612 988 7,393 5,355 Banks 17,849 3,792 1,023 7,558 5,476 Total reserves held 20,637 3,872 1,038 8,401 7,327 Total reserves held 21,160 4,057 1,073 8,564 7,466 Required 20,206 3,849 1,036 8,348 6,972 Required 20,732 4,024 1,070 8,515 7,122 Excess 431 23 2 53 355 Excess 428 33 3 49 344 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 OPEN MARKET ACCOUNT 1433 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—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 18 239 588 714 367 538 714 367 15 May 1,332 136 85 1,259 136 85 -2,164 June 937 371 900 371 July 1 264 6i6 447 1 264 610 447 Aug 574 413 145 413 2,030 Sept 620 534 388 534 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—Sept 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 Aug 187 -2,030 202 41 Sept 108 89 34 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 Sept 419 573 172 -4 168 Oct 1,095 1,032 195 10 U[ 219 Nov 959 921 909 -U [ 893 Dec 826 915 -74 ~28 91; 45 1964—Jan 429 440 -840 -2 -92 -934 Feb 127 127 416 -4 412 Mar 497 338 601 -4 64I 662 Apr 172 280 -601 n 2< -633 May 682 734 1,060 -7 -3S 1,014 625 625 566 36 ft\1 July 1,070 1,021 257 -7 -21 229 Au£ 684 733 113 -16 — A[ 93 Sept 812 712 186 2 61 249 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

1434 FEDERAL RESERVE BANKS NOVEMBER 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Oct. Sept. Oct. Assets 13,685 13,667 13 677 13 688 13 701 13 685 13,701 13,966 Redemption fund for F.R. notes 1,500 1,502 1,502 1,496 1,489 1,500 1,489 1,344 15,185 15,169 15,179 15,184 15,190 15,185 15,190 15,310 Cash 154 156 150 153 161 158 161 307 Discounts and advances: Member bank borrowings 501 1,169 77 210 93 413 93 302 Other 38 38 40 40 38 -•} 38 44 Acceptances: 44 52 62 61 43 14 Held under repurchase agreements U.S. Govt. securities: Bought outright: Bills 4,863 4,408 4 756 5,297 4 967 5 354 4,967 3,453 Certificates Soecial Other 10,712 Notes 25,133 25,133 25,133 25,133 25,105 25,133 25,iO5 13,993 Bonds 5,222 5,222 5,222 5,222 5,178 5,222 5,178 4,538 Total bou&ht outridht. 35,218 34,763 35,111 33,652 35,250 35,709 35,250 32,696 Held under repurchase agreements 26 209 100 100 62 Total U.S. Govt. securities 35,218 34,763 35,137 35,861 35,350 35,709 35,350 32,758 Total loans and securities. 35,803 35,972 35,308 36,175 35,544 36,205 35,544 33,148 5,756 6,633 6,953 5,742 5,896 5,392 5,896 5,179 102 102 102 102 102 102 102 104 Other'assets: Denominated in foreicn currencies 348 224 239 214 164 74 164 115 All other 444 419 402 378 356 447 356 392 57,792 58,675 58,333 57,948 57,413 57,563 57,413 54,455 Liabilities FJRL. notes 33,213 33,252 33,352 33,180 32,936 33,224 32,936 31,001 Deposits: Member bsnlc reserves . 17,480 17,691 16,852 17,917 17,121 17,883 17,121 16,922 U.S. Treasurer—General account 710 1,209 1,042 622 933 687 933 881 151 115 130 139 148 120 148 175 Other 183 180 201 204 194 194 194 209 18,524 19,195 18,225 18,882 18,396 18,884 18,396 18,187 Deferred availability cash items 4,305 4,509 5,053 4,107 4,329 3,697 4,329 3,640 Other liabilities and accrued dividends 104 96 103 110 106 106 106 83 Total liabilities 56,146 57,052 56,733 56,279 55,767 55,911 55,767 52,911 Capital Accounts 521 521 520 519 518 521 518 489 990 990 990 990 990 990 990 934 Other capital accounts 135 112 90 160 138 141 138 121 57,792 58,675 58,333 57,948 57,413 57,563 57,413 54,455 Contingent liability on acceptances purchased for 128 123 124 126 127 126 127 105 U.S. Govt. securities held in custody for foreign 8,521 8,428 8,383 8,393 8,373 8,201 8,373 8,241 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 35,562 35,557 35,489 35,393 35,321 35,591 35,321 32,937 Collateral held against notes outstanding: Gold certificate account 6,552 6,552 6,552 6,552 6,563 6,552 6,563 7,082 Eligible paper 19 54 7 39 12 11 12 60 U.S. Govt. securities. 30,165 29,965 29,965 29,890 29,870 30,165 29,870 26,894 Total collateral. 36,736 36,571 36,524 36,481 36,445 36,728 36,445 34,036 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 FEDERAL RESERVE BANKS 1435 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 13,685 724 3,335 651 1 029 957 776 2,408 529 299 605 527 1,845 Redemption fund for F.R. notes 1,500 86 343 82 140 122 87 270 60 27 60 49 174 Total gold certificate reserves 15,185 810 3,678 733 1,169 1,079 863 2,678 589 326 665 576 2,019 F.R. notes of other Banks 628 54 41 34 47 48 39 18 37 13 32 52 Other cash 158 10 44 5 10 13 13 24 4 5 6 3 21 Discounts and advances: Secured by U.S. Govt. securities... 383 1 164 1 1 53 26 35 10 3 31 18 40 Other 32 1 * 21 1 * 1 * 8 Acceptances: Bought outright 38 38 Held under repurchase agreements. 43 43 U.S. Govt. securities: 35,709 1,808 8,835 1,921 3,017 2,475 1 ,942 5,958 1,405 702 1,408 1,454 4,784 Held under repurchase agreements. Total loans and securities.. 36,205 1,809 9,081 1,922 3,018 2,528 1,989 5,994 1,415 705 1,440 1,472 4,832 Cash items in process of collection... 6,844 493 1,287 387 520 524 501 1,148 343 212 450 363 616 Bank premises 102 3 8 3 6 5 18 6 4 6 11 10 Other assets: Denominated in foreign currencies. 74 4 120 4 7 4 4 10 2 2 4 10 All other 447 22 110 24 37 30 25 74 19 8 20 19 59 Total assets 59,643 3,205 14,441 3,119 4,801 4,230 3,461 9,989 2,396 1,299 2,603 2,480 7,619 Liabilities F.R. notes 33,852 1,976 7,959 1,960 2,861 2,868 1,951 6,154 1,355 594 1,310 1,044 3,820 Deposits: Member bank reserves 17,883 705 4 898 734 1,312 775 956 2,605 652 467 835 1 029 2,915 U.S. Treasurer—General account.. 687 30 119 31 43 70 43 89 50 31 67 48 66 Foreign .... . .. .. 120 6 2 32 7 11 6 6 17 4 3 5 7 16 Other 194 * 118 1 1 5 1 2 1 * 2 2 61 Total deposits. 18,884 741 5,167 773 1,367 856 1,006 2,713 707 501 909 1,086 3,058 Deferred availability cash items 5,149 405 855 289 416 416 402 866 273 165 306 251 505 Other liabilities and accrued dividends. 106 5 26 5 9 7 6 18 4 2 5 5 14 Total liabilities 57,991 3,127 14,007 3 027 4,653 4,147 3,365 9,751 2,339 1,262 2,530 2,386 7,397 Capital Accounts Capital paid in 521 25 137 29 47 26 30 74 18 12 23 30 70 Surplus 990 47 55 49 56 140 34 23 43 57 132 Other capital accounts 141 6 33 8 11 8 10 24 5 2 7 7 20 Total liabilities and capital accounts.. 59,643 3,205 14,441 3,119 4,801 4,230 3,461 9,989 2,396 1,299 2,603 2,480 7,619 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Oct 31 1964 28.8 29.8 28.0 26.8 27.6 29.0 29.2 30.2 28.6 29.8 30.0 27.0 29.4 Sept. 30, 1964 29.2 30.5 27.2 28.9 32.8 30.9 29.1 28.8 30.4 28.7 29,8 29.4 29.6 Oct. 31, 1963 30.8 31.4 29.0 30.0 29.3 33.0 31.9 31.4 32.8 28.7 31.2 34.1 31.7 Contingent liability on acceptances purchased for foreign correspondents 126 6 3 33 7 12 6 7 18 4 3 6 7 17 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 35,591 2,061 8,489 3,062 2,943 2,052 6,416 1,427 619 1,356 1,119 4,026 Collateral held against notes outstanding: Gold certificate account 6,552 400 1,670 425 500 595 340 1,100 270 112 225 180 735 11 1 10 30,165 1,670 6,950 1,700 2,700 2,375 1,750 5,600 1,210 510 1,200 i ,666 3,500 Total collateral 36,728 2,070 8,620 2,126 3,200 2,970 2,090 6,700 1,490 622 1,425 1,180 4,235 1 After deducting $54 million participations of other F.R. Banks. 3 After deducting $93 million participations of other F.R, Banks. 2 After deducting $88 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 FEDERAL RESERVE BANKS; BANK DEBITS NOVEMBER 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 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Oct. Sept. Oct. Discounts and advances--Total. 503 1,171 79 212 95 415 95 332 Within 15 days 497 1,166 74 206 88 401 88 300 16 days to 90 days... 6 5 5 6 7 14 7 2 91 days to 1 year 30 Acceptances—Total.. 82 38 92 102 99 81 99 58 Within 15 days.... 55 11 61 69 66 54 66 21 16 days to 90 days. 27 27 31 33 33 27 33 37 U.S. Government securities—Total. 35,218 34,763 35,137 35,861 35,350 35,709 35,350 32,758 Within 15daysi 818 972 670 888 650 6,892 650 4,194 16 days to 90 days 8,891 8,548 9,016 9,344 9,281 3,181 9,281 2,183 91 days to 1 year 10,040 9,774 9,982 10,160 10,023 10,167 10,023 13,038 Over 1 year to 5 years 13,091 13,091 13,091 13,091 12,956 13,091 12,956 10,909 Over 5 years to 10 years 2,053 2,053 2,053 2,053 2,126 2,053 2,126 2,225 Over 10 years 325 325 325 325 314 325 314 209 * Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N l e a t n h d e s r- f S r w an i c ss s guilders 1964—Jan.. 254 10 37 201 Feb. 271 11 52 201 Mar. 330 11 52 234 21 Apr. 214 1 52 101 50 1 May 213 51 101 50 1 June 124 16 52 2 50 1 July. 168 29 52 2 80 1 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accouiits1 Annualrate of turnover (billions of dollars) of demand deposits1 All Leading centers 337 other Leading centers 337 other Period 343 reporting reporting centers New York 6 others 2 centers 3 New York 6 others 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 56.4 32.5 24.5 26.7 1960. 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29.0 1962. 3,436.4 1,415.8 701.7 1,318.9 77.8 41.2 27.7 31.3 1963. 3,754.7 1,556.0 .. 775.7 1,423.0 84.8 44.6 29.0 33.1 1963—Oct 337.2 133.7 136.9 69.4 71.3 123.6 128.9 87.2 86.5 48.4 47.6 30.1 30.2 34.9 34.7 Nov.. 296.6 125.4 116.7 67.3 63.8 120.0 116.1 80.7 80.4 46.0 45.3 29.0 29.4 33.6 33.6 Dec.. 357.1 139.6 151.0 69.7 74.6 123.7 131.5 89.0 93.8 47.5 48.6 29.8 30.6 33.9 35.3 1964—Jan... 360.8 143.7 153.9 69.6 73.5 126.6 133.3 92.1 93.0 47.8 47.4 30.6 30.4 34.8 34.9 Feb.. 294.9 129.4 121.1 65.5 60.5 121.1 113.2 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 71.1 125.1 126.1 91.6 94.4 46.9 49.6 30.1 30.2 34.4 35.1 Apr.. 349.9 146.0 148.2 72.4 72.8 131.8 129.0 95.5 93.6 49.3 50.4 31.6 30.6 36.0 35.7 May. 329.6 135.1 135.3 67.7 68.6 125.0 125.7 90.9 91.1 47.6 48.4 30.4 30.9 35.3 35.5 June. 353.6 140.2 151.2 67.5 70.9 126.5 131.6 94.5 101.4 47.1 48.9 30.5 31.5 35.0 36.0 July.. 362.9 151,5 154.5 71.4 72.9 131.1 135.5 100.2 98.6 49.1 48.1 31.2 31 I 35.6 35.5 Aug.. 319.4 140.4 128.3 68.8 65.8 128.9 125.4 92.8 87.4 47.1 45.8 30.6 30'.2 35.1 34.2 Sept.. r339.0 149.5 142.4 '70 4 '68.0 131.7 128.6 97 0 95.7 47.7 47.0 30.7 30.7 35.1 34.9 Oct... 353.5 146.0 146.1 71 7 72.0 132.8 135.4 94 2 93.6 M8.0 H7.2 *31.1 P31.1 *>35.5 P35.3 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los * Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 U.S. CURRENCY 1437 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1.494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 Sept 35,891 25,468 2,947 1,576 98 2,282 7,001 11,56410,423 3,077 6,794 245 294 3 9 Oct 36,177 25,642 2,960 1,592 98 2,302 7,046 11,64410,535 3,103 6,885 245 294 3 5 Nov 37,227 26,536 2,986 1,644 100 2,396 7,359 12,050 10,691 3,155 6,988 247 295 3 4 Dec 37,692 26,807 3,030 1,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 3 4 1964—Jan 36,247 25,500 3,021 1,599 101 2,287 6,958 11,533 10,747 3,157 7,043 247 294 3 4 Feb 36,312 25,561 3,044 1,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar 36,799 26,000 3,105 1,621 102 2,321 7,096 11,75410,799 3,158 7,094 246 294 3 4 Apr 36,885 26,063 3,139 1,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 May 37,208 26,353 3,169 1,655 105 2,350 7,170 11,90410,855 3,185 7,127 246 291 3 4 June 37,734 26,797 3,205 1,676 107 2,379 7,280 12,151 10,937 3,217 7,175 246 292 2 4 July 37,835 26,859 3,223 1,668 108 2,359 7,262 12,239 10,976 3,231 7,202 245 291 3 4 Aug ... 38,014 26,972 3,249 1,668 109 2,364 7,272 12,310 11,041 3,249 7,248 245 292 3 4 Sept . .. 38,166 27,068 3,285 1,693 111 2,361 7,280 12,339 11,098 3,253 7,302 246 291 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 s S t e a 1 p n 9 t d . 6 i 4 3 n 0 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 Se 1 p 9 t. 6 4 30, Au 1 g 9 . 6 4 31, Se 1 p 9 t. 6 3 30, certificates Agents Gold 15,463 (15,190) 2 273 Gold certificates (15 190) 3 12,374 2,816 F R notes 35,319 93 2,384 32,842 32,673 30 661 Treasury currency—Total 5,553 (1,683) 68 161 5,324 5,341 5,230 Standard silver dollars 485 3 482 482 432 1,734 1,683 51 Silver certificates (1,683) 125 1,559 1,610 1,801 Subsidiary silver coin 2 068 11 8 2,048 2,021 1,824 Minor coin 758 1 2 755 747 690 United States notes 347 2 26 320 321 316 In process of retirement 4 162 * • 161 161 167 Total Sent 30 1964 5 56 335 (16 873) 434 12 374 5 360 38 166 Aug 31 1964 5 56,110 (16,931) 405 12,376 5,315 38 014 Sept 30 1963 5 54,048 (17,368) 384 12,492 5,281 35,891 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. 1427. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. BULL., p. 936 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 MONEY SUPPLY NOVEMBER 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d ed - i Total c C om ur p re o n n c e y nt D d e e m po a s n it d jus a t d e - d 1 d d e e p m os a i n ts d * component component 1956—Dec 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 1957 Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958 Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960 Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961 Dec 145.5 29.6 116.0 82.8 149.4 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 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 6.1 154.5 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 7.0 157.2 33.7 123.5 120.6 155.1 33.8 121.3 121.1 6.4 Sept 158.0 33.8 124.2 121.7 156.9 33.8 123.1 122.0 6.6 Octp 158.6 33.9 124.7 123.1 158.8 34.1 124.8 123 3 5 6 Half month 1964 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 Oct (1) 158.9 33.9 125.0 122.7 158.4 34.1 124.3 123 0 6 8 (2)P 158.3 34.0 124.3 123.4 159.2 34.0 125.2 123.6 4.5 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t m d o ed s - e i t i s d d e G e p U m o o .S s a v i . n t t . s d 1 en W di e n e g k — Total C c u o n r m e re n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t m d o ed - s e i t i s d d e G e U p m o o .S s a v i . n t t . s d 1 1963—July 3 148.1 31.6 116.6 105.8 10.9 10 148 6 32 1 116 5 105 9 9 5 1964. Tniv 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 8 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 33.6 121.7 121.6 6.0 18 152.1 32.0 120.2 108.4 5.1 9 156.4 34.3 122.1 121.9 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 34.1 123.7 122.7 8.3 23 152.6 32.2 120.5 109.6 4.1 14 159.0 34.2 124.8 123.2 5.6 30 153.3 31.9 121.4 110.1 3.1 21 159.0 34.1 124.9 123.4 4.6 28 159.0 33.8 125.2 123.7 4.1 Nov. 6 155.0 32.3 122.7 110.2 4.2 13 155.2 32.7 122.5 110.2 3.6 Nov. 4P 160.6 34.0 126.6 123.9 5.1 20 154.4 32.6 121.8 110.1 4.7 1 At all commercial banks. foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, the FRS, and the vaults of all commercial banks. Time de- NOTE.—Averages of daily figures. For back data see June 1964 BULL., posits adjusted are time deposits at all commercial banks other than those pp. 679-92. Money supply consists of (1) demand deposits at all com- due to domestic 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) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 BANKS AND THE MONETARY SYSTEM 1439 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas- Total ury U.S. Government securities liabil- Total Capital Date cur- ities deposits and Gold rency Other and and misc. out- Total Loans, Com- secu- capital, currency acstand- net mercial Federal rities net counts, ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180.806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 I960—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—Oct. 30. 15,600 5,600 323,600 182,200 101,300 67,900 32,800 700 40,100 344,700 312,800 32,000 Nov. 27. 15,600 5,600 327,000 185,200 102,200 68,200 33,300 600 39,700 348,200 316,200 32,000 Dec. 20. 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—Jan. 29. 15,500 5,600 328,700 187,200 101,400 68,100 32,700 600 40,100 349,800 319,000 30,800 Feb. 26. 15,500 5,600 330,400 188,700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25. 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr. 29. 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. 15,500 5,600 344,000 200,600 100,700 64,900 35,100 800 42,700 365,100 331,100 34,000 Sept. 30 r 15,500 5,600 351,100 205,000 102,800 66,700 35,400 700 43,400 372,100 338,400 33,700 Oct. 2SP 15,500 5,500 350,600 203,900 103,200 67,100 35,200 900 43,500 371,600 337,700 33,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U.S. Government Date For- At De- Cur- De- Postal eign Treas- comcur- mand rency mand Com- Mutual Savings net 4 ury mer- At Total rency deposits Total outside deposits Total mercial savings Sys- cash cial F.R. outside ad- banks ad- banks banks 3 tem hold- and Banks banks justed 2 justed 2 ings savings banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945 Dec 31 102 341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24 608 977 1947_Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 I960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—June 29.... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 1963—Oct. 30.... 150,700 31,100 119,600 152,100 31,300 120,800 154,500 109,900 44,100 500 1,200 400 3,800 800 Nov. 27.... 151,800 31,600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 1,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Jan. 29.... 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 1,200 400 3,100 800 Feb. 26.... 151,200 32,000 119,200 150,400 31,600 118,800 160,600 114,800 45,400 400 1,100 500 6,000 800 Mar. 25.... 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 1,200 400 8,100 1,100 Apr. 29 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 ,300 400 4,400 1,000 May 27.... 151,900 32,500 119,400 150,000 32,400 117,600 165,100 118,400 46,300 400 1,300 400 7,400 900 Jun3 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 July 29.... 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. 26 154,300 32,900 121,400 152,9C0 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 Oct. 28*... 157,500 33,300 124,200 158,100 33,200 124,900 172,000 123,500 48,200 400 1,400 500 5,000 700 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLS. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank Other lia- Bor- Total Num- Class of bank Cash bilities row- capital ber and date assets * and Demand ings of Total Loans capital Total i banks U.S. ac- De- Time 3 Govt. Other counts 2 mand Time U.S. Govt. Other All banks 1941_Dec. 31... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31.. 40,227 30,362101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H., 134,924 43,002 81,199 10,723 38,388 175,091 161,86512,793 240 1,346 94,381 53,105 6611,94814,714 1961—Dec. 30.. 256,700154,318 72,715 29,667 57,368 321,394 287,17617,914 482 5,952141,979120,848 482 26,22713,946 1962—Dec. 28.. 280,397172,822 72,563 35,012 54,939 343,201 303,65316,008 535 6,839141,084139,188 ,04613,940 1963—June 29.. 287,411179,714 69,708 37,989 52,046 347,896 309,42815,042 55111,069133,681149,083 563 28,61213,993 1963—Oct. 30.., 293,550185,640 67,860 40,050 48,770 350,510 309,02014,790 550 3,610135,840154,230 3,690 29,02014,050 Dec. 20... 302,251192,686 69,068 40,497 51,536362,394 319,63615,267 528 6,734 141,576155,531 3,702 29,88214;079 1964—Jan. 29.. 298,190190,010 68,050 40.130 48,530 355,410 313,95014,090 570 2,820137 158,990 3,230 29 14,095 Feb. 26.. 299,450191,340 67,530 40:580 48,830 356,940 314,55013,960 590 5; 160,420 3,320 29; 14,113 Mar. 25.., 303,200194,440 67,610 41:150 48,280 360,310 318,07014,070 630 7; 162,000 3,270 29; 14,122 Apr. 29.. 304,130196,580 66,180 41.370 48,710 361,760 318,45013,700 640 4; 136;620 163,310 3,560 30 14,140 May 27.., 305,660199,210 65,150 41 i300 48,850 363,420 319,50013,680 630 133,'080 164,910 3,560 30 14,154 June 30.., 310,404203,119 65,337 41;948 54,073 373,909 331,84315,272 67810,263139,160 166,469 2,120 31 14,175 July 29... 309,330202,950 64,310 42;070 48,,558800 336666;,995500 332222,83013,770 690 110135,690 167,570 3,950 30870 14,195 Aug. 26.. . 311,540203,920 64,900 42!720 48,810 369;080 32471014,390 680 040 134; 760 168,840 3,540 31 110 14,203 Sept. 30'P. 317,630207,530 66,710 43;390 53,680 381;020 33698015,820 690 180141,030 170,260 2,760 31 500 14,230 Oct. 28?., 317,920207,300 67,090 43;530 51,830 379;130 333I84015,360 710 4,740141,1160 171,870 3,940 3i;610 14,242 Commercial banks: 1941—Dec. 31.. 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31... 124,019 26,083 90,606 7,33134,806160,312 150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314. 116,284 38,057 69,221 9.;006 37,502155,377 144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30.. 215,441124,925 66,578 23,937 56,432 227788,561248,689 17,914 481 5,946 141,920 82,429 47122,45913,432 1962—Dec. 28.., 235,839140,106 66,434 29,29854;049 297,116 262,12216,008 535 6,829 141,041 97,709 627 24,09413,429 1963—June 29.. 241,014145,049 63, 542 32J4"2"3 51,156 299,875 266,17915,042 550 11,060 133,624 105,903 545 24,58213,482 1963—Oct. 30.. 246,080149,670 61,960 34,450 47,950 301,460 264,91014,790 550 3,610135,780110,180 3,690 24,92013,540 Dec. 20.. 254,162156,006 63,196 34,959 50,711312,773 275,12015,267 526 6,729141,534111,064 3,664 25,67713,570 1964—Jan. 29.. 249,790153,050 62,140 34,600 47.670 305.330 268. 14,090 570 2,820 137 113,900 3,230 25,38013,586 Feb. 26.. 250,590154,000 61,540 35 050 47;930 306;340 269; 13,960 590 5,730133,790 115,020 3,320 25 670 13,604 Mar. 25.. 253,880156,810 61,500 35 570 47;390 309;270 272; 14,070 630 7,870 116,090 3,270 25,75013,614 Apr. 29.. 254,590158,660 60,120 35 810 47;890 310;580 272; 13,700 640 4,180136;570 117,310 3,560 26080 13,633 May 27.. 255,720160,860 59,110 35 750 48;000 311;810 273; 13,680 630 7,200133,030 118,630 3,560 26;380 13,647 June 30.. 260,179164,463 59,322 36;394 53;168 321;909 284; 15,272 677 10,257139,110 119,587 2,099 26,76813,669 July 29... 258,640163,840 58,280 36;520 47;720 314;530 275; 13,770 690 120,500 3,950 26 590 13,689 Aug. 26.., 260,330164,400 58,800 37 130 47;910 316;090 277; 14,390 680 134,710 121,410 3,540 26,760 13,697 Sept. 30^ 266,060167,640 60,630 37790 52;800 327;680 289; 15,820 690 140,!980 122,350 2,760 27 120 13,724 Oct. 28*. 266,160167,070 61,130 37960 50;980 325.640 285; 15,360 710 141,110 123,710 3,940 27250 13,736 Member banks: 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 29,845 138,304129,67013,576 64 22,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1961—Dec. 30.. 179,599106,232 54,058 19,,308 49,579 235,112 220099,63017,195 303 5,381 119,595 67,157 43818,638 6,113 1962—Dec. 28 .. 195,698118,637 52,968 24,092 47 427 249,488219,46815,309 358 6,086117,999 79,716 3,55019,854 6,049 1963—June 29.. 199,495122,088 50,399 27,008 44 929 251,2"'1 4' 2"2"2,619 14,388 373 9,761 111,548 86,550 1,440 "20,238 6,058 1963—Oct. 30.. 203,343126,074 48,568 28,70141,895 833 220,47514,083 377 3,154 112,702 90,159 3,553 20,555 6,097 Dec. 20.. 210,127131,712 49,342 29;073 44;395 469 229,37614,518 382 5,986 117,562 90,929 3,499 21,054 6,112 1964—Jan. 29.. 206,179129,103 48,344 28 732 41480 644 223,40413,363 429 394 113,823 93,395 3,073 20,952 6,124 Feb. 26.. 206,916129,888 47,873 29155 41969 255804 223,94013,275 448 110,:823 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,-459 95,183 3,054 21,226 6,136 Apr. 29. . 210,375133,873 46,734 29 768 41889 259;460 226,81713,019 493 113, 96,240 3,37121,500 6,153 May 27.. 211,293135,665 45,979 29 649 41983260,441227,45913,022 489 440 110;i82 97,326 3,389 2"1',719 6,161 June 30.. 215,132138,649 46,235 30249 46 767 269,437 238,05214,527 525 342115,624 98,034 1, ,060 6,180 July 29.. 213,635138,042 45,223 30,370 41 732 262 ,606229,4'2"913,078 536 636 112,:319 98,860 3,740 21,947 6,186 Aug. 26.. 215,030138,478 45,65130,90141,830 263 825 230,64213,661 531 ; 111,458 99,581 3,,354 22,088 6,188 Sept. 30. . 220,105141,393 47,245 31,467 46 274302 241,33115,056 542 8,460116,!969100,304 2:,,624 22,382 6,204 Oct. 28». 219,678140,646 47,458 31,574 44; 271,855237,65614,559 555 4,325116,793101,424 3,,733 22,474 6,209 Mutual savings banks: 1941—Dec. 31.. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 31 4. 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1961—Dec. 30.. 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Dec. 28.. 44,558 32,716 6,129 5,714 890 46,086 41,531 41,478 3,951 511 1963—June 29.. 46,39^ 34,665 6,166 5,566 890 48,020 43,248 43,180 4,031 511 1963—Oct. 30.. 47,470 35,970 5,900 5,600 820 49,050 44,110 44,050 4,100 510 Dec. 20.. 48,089 36,679 5,872 5,539 826 49,621 44,516 44,467 38 4,205 509 1964—Jan. 29.. 48,400 36,960 5,910 5,530 860 50,080 45,150 45,090 4,150 509 Feb. 26.. 48,860 37,340 5,990 5,530 900 50,600 45,460 45,400 4,200 509 Mar. 25.. 49,320 37,630 6,110 5,580 890 51,040 45,960 45,910 4,240 508 Apr. 29.. 49,540 37,920 6,060 5,560 820 51,180 46,050 46,000 4,210 507 May 27.. 49,940 38,350 6,040 5,550 850 51,610 46,330 46,280 4,240 507 June 30.. 50,226 38,656 6,016 5,554 905 52,000 46,940 46,882 21 4,269 506 July 29. . 50,690 39,110 6,030 5,550 860 52,420 47,120 47,070 4,280 506 Aug. 26. . 51,210 39,520 6,100 5,590 900 52,990 47,480 47,430 4,350 506 Sept. 30 r. 51,570 39,890 6,080 5,600 880 53,340 47,960 47,910 4,380 506 Oct. 28P. 51,760 40,230 5,960 5,570 850 53,490 48,210 48,160 4,360 506 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1441 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- Class of bank Cash bi l l i i a ti - es Bor- capital ber and date Total Loans U.S. ca a p n i d tal Total i De- Demand ba o n f ks Govt. Other co a u c n - ts 2 mand Time U.S. Time Other Govt. Reserve city member banks New York City: 5, 6, i 1941_Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7.261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,900 11;164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 1963—Oct. 30 32,860 21,765 5,926 5,169 8,776 43,847 35,655 4,020 209 668 19,57111,187 ,438 3,966 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 ,438 3,984 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 ,294 4,161 13 Feb. 26 33,611 22,799 5,561 5,251 9,317 45,377 37,010 4,060 268 901 19,69412,087 ,320 4,184 13 Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 ,187 4,184 13 Apr. 29 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 ,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 ,494 4,351 14 June 30 36,693 25,490 5,779 5,42410,550 49,716 41,545 4,711 317 2,112 21,224 1133,181 924 4,402 14 July 29 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993 341 987 19,60613,548 ,476 4,388 14 Aug. 26 35,936 24,648 5,691 5,597 8,621 46,929 38,338 4,000 336 992 19,38313,627 ,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 21,19913,671 938 4,447 14 Oct. 28^ 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 1,059 20,32413,969 1,345 4,436 13 City of Chicago: 5 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,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 9,082 5,545 2,071 1,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 1963—Oct. 30 9,211 5,826 1,743 1,642 1,993 11,394 9,934 ,218 186 4,802 3,714 274 990 12 Dec. 20 9,615 6,220 1,705 1,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,242 5,837 1,823 1,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Feb. 26 9,423 5,956 1,867 1,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 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 1,706 1,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 1,012 12 May 27 9,394 6,173 1,706 1,515 2,185 11,806 10,414 ,151 384 4,810 4,046 185 1,008 12 June 30 9,636 6,266 1,750 1,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 1,017 12 July 29 9,394 6,092 1,737 1,565 2,091 11,733 10,289 ,148 282 4,690 4,145 201 1,018 12 Aug. 26 9,638 6,311 1,717 1,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Sept. 30 9,914 6,421 1,857 1,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 1,034 12 Oct. 28? 9,788 6,404 1,791 1,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 1,034 Other reserve city: ? 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 1'1,423 1 2,844 353 1961—Dec. 30 68,565 42,379 19,748 6,43820,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 30,743 1,388 7,263 191 1963—June 29 74,614 48,164 17,326 9,124 18,526 95,433 85,555 6,811 110 3,793 41,29133,549 407 7,440 194 1963—Oct. 30 76,106 50,132 16,324 9,650 17,185 95,705 84,266 7,062 94 1,141 41,359 34,610 1,500 7,635 194 Dec. 20 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—Jan. 29 76,859 51,034 16,152 9,673 96,184 84,938 6.512 98 813 41,439 36,076 1,146 7,773 189 Feb. 26 77,289 51,529 15,994 9,766 96,845 85,456 6,449 105 2,062 40,234 36,606 1,095 7,814 189 Mar. 25 78,288 52,395 15,866 10,027 97,572 86,404 6,495 107 2,796 40,16736,839 1,000 7,815 186 Apr. 29 78,650 52,811 15,69210,147 98,569 86,601 6,232 117 1,586 41,32137,345 1,500 7,984 186 May 27 79,226 53,749 15,294 10,183 98,750 86,814 6,231 115 2,708 40,009 37,751 1,301 8,032 183 June 30 80,466 54,604 15,48810,375 102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 July 29 80,080 54,557 15,01810,505 99,824 87,609 6,320 115 1,875 41,15538,144 1,647 8,125 184 Aug. 26 80,662 55,049 14,92210,691 100,348 88,169 6,732 116 2,151 40,740 38,430 1,415 8,173 185 Sept. 30 82,222 55,804 15,68010,738 104,065 91,950 7,217 115 3,244 42,689 38,685 1,150 8,324 186 Oct. 28*' 82,239 55,712 15.72210,805 103,165 90,422 7,152 118 1,685 42,618 38,849 1,725 8,357 186 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 35,002 5,596 26,999 2,40810,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,03115,595 90,376 81,646 ,925 1,641 46,21131,832 40 7,088 5.885 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 ,773 1,931 46,89536,692 172 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—Oct. 30 85,166 48,351 24,57512,24013,941 100,887 90,620 ,783 1,159 46,970 40,648 341 7,964 5,878 Dec. 20 87,316 50,023 24,79712,49614,274 103,61592,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213796102,111 91,815 ,736 1,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,538 436101,941 91,418 ,642 1,802 46,180 41,734 381 8,172 5,916 Mar. 25 87,111 50,269 24,17712,665 002103,069 92,348 ,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,94612.83213,462 103,17592,305 ,629 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,360 12,647 406102,539 91,641 ,569 1,999 45,693 42,324 409 8,328 5,952 June 30 88,337 52,289 23,21812,830 953105,430 94,733 ,739 2,872 47,270 42,788 230 8,531 5,971 July 29 88,198 52,214 23,14612,838 763103,912 93,056 ,617 1,492 46.868 43,023 416 8,416 5,976 Aug. 26 88,794 52,470 23,32113,003 094104,731 93,784 ,700 1,970 46,683 43,375 377 8,470 5,977 Sept. 30 90,065 53,128 23,7351*3.,*2,0 ,2.~v~ * .,1 80371,083 96,130 ,785 2,250 48,24143,790 278 8,577 5,992 Oct. 28*> 91,040 53,482 24,23313,325)14,502107,627 96,431 ,870 1,293 48,912 44,29; 408 8,647 5,998 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities as C s a e s ts h l c b T a i a l l o p i i n a t i t d i t - a e a l s l Total i Interbank l Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b o u n e f m r ks - U. S. Other ac- De- Time Time Govt. counts l mand U.S. Other Govt. Insured commercial KDoannLK-os •t 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 9,73413,398 1961—Dec. 30.. 213,904124,348 66,02623,531 56,086 276,600 247,17617,737 333 5,934141,05082,122 46222,08913,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 140,16997,380 3,58423,71213,119 1963—Dec. 20.. 252,579155,261 62,72334,594 50,337 310,730 273,65715,077 443 6,712 140,702110,723 3,57125,27713,284 1964—June 30.. 258,597163,715 58,88036,002 52,845 319,913 283,46315,072 59110,234138,323119,243 2,03526,35813,394 National member LD an1k s:. 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 84,939 229 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 31,078 150,809 135,51110,359 104 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 6,302 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 21,45614,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,17017,664 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_Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515,286 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 77 4,240 7,380 1963—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 t 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 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

NOVEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1443 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h si b T i a l l o i i n a t t d i a - e l s Total i Interbank1 Dema O n t d her r i B o n w o g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m r ks - G U o .S v . t. Other c c o a u a p c n i - t t s a l 2 m D a e n - d Time U.S. Time Govt. Other Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 3 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 change s 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 BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities TotaU Loans1 Total1 Loans1 U.S. U.S. Govt. Other Govt. 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. 31 2 228.3 133.9 65.2 29.2 233.6 137.9 66 A 29.3 1963—Dec. 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1963—Aug. 28 239.2 143.6 62.0 33.6 237.1 142.5 60.9 33.7 Sept. 25 241.5 145.4 62.2 33.9 241.9 146.0 61.8 34.2 Oct. 30 241.2 146.1 60.8 34.3 242.4 146.0 62.0 34.5 Nov. 27 244.2 148.4 61.4 34.4 245.0 148.6 62.3 34.1 Dec. 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Jan. 29 246.7 151.0 60.8 34.9 246.2 149.5 62.1 34.6 Feb. 26 248.4 151.8 61.2 35.4 247.2 150.6 61.5 35.1 Mar. 25 251.4 153.9 62.1 35.4 249.9 152.8 61.5 35.6 Apr. 29 251.8 155.4 60.8 35.6 250.6 154.7 60.1 35.8 May 27 253.5 157.3 60.3 35.9 251.5 156.7 59.1 35.8 June 30 256.3 160.0 60.0 36.3 257.3 161.6 59.3 36.4 July 29 254.5 159.7 58.4 36.4 254.2 159.4 58.3 36.5 Aug. 26 258.7 161.5 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 Oct. 28^ 260.8 163.1 37.8 59.9 262.1 163.0 61.1 38.0 1 Adjusted to exclude interbank loans. For description of seasonally adjusted series, see July 1962 BULL. pp. 2 Data are estimates. 7'9977--880022.. DDaattaa aarree ffoorr llaasstt WWeedd.. ooff mmoointh 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

1444 COMMERCIAL BANKS NOVEMBER 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d a s s t t l s - ! Total 2 C m d t a c r i 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 a r d c c s - l a u - r r o r it y t T i h i e n o e s g rs b i a T n n o s k ti s tut o io T th 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 if e 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 a u t t e s l - . O s r e i t t h c i e u e r s ers Total: 2 1947_Dec. 31. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1961—Dec. 30. 215,441124,925 45,172 6,248 4,056 2,134 1,033 7,31130,320 27,847 3,412 66,57811,488 2,114 26,336 26,64120-,,-3 4.-5 3,592 1962—Dec. 28., 235,839140,10648,67317,097 5,144 2,131 2,578 8,'459 34,259'30,553 3,909 66,43411,674 3,932 23,84126,9987 24,755 4,543 1963—Dec. 20., 254,162156,00652,947 7,470 5,353 2,509 3,605! 9\479 39,056134,550 4,034 63,19611,059 1,658 22,415 2288,i0O65 29786 5,173 1964—June 30. 260,179164,463 55,061 7,688 5,526 2,704 2,881 10,450 41,388 37,594 4,421 59,322 9,061 35 23,14127,085 311419 4,975 All insured 1941_Dec. 31., 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,4611,3143,1643,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 5"1,342 3,8733,258 1947—Dec. 31. 114,274 37,58318,0121,610 8—23" 1' ,1~9~0 114 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 6,2114,030 2,107 1,027 7,296 30,211 27,708 3,,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28.234,243 139,449 48,458 7,060 55,119 2,103 2,551 8,434 34,123 30,402 3,890 65,89111,514 3,916 23,715 26,746 24,547 4,356 1963—Dec. 20.252,579 155,26152,743 7;444 5,321 2,476 3,594 9,415 38,861134,383 4,015 62,72310,952 1,649 22,316 27,806 29,559 5,035 1964—June 30.258,597 163,715 5" 4,855 7,663 5,492 2,671 2,83910,414 41,190 37,432 4,40358,880 8,970 32 23,044 26,835 31,184 4,818 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 3,090 2,871 1945_Dec. 31. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900' ~057 78,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4"5,295 4,199 3,105 1961—Dec. 30.179,599 106,232 40,9313,934 3,877 1,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,59816,6912,617 1962—Dec. 28.195,698118,637 43;843 4,419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,249 1199,,444433 2211,,441144 20,7733,319 1963—Dec. 20.210,127131,71247 403 4,659|5,124 2,1363,439 8,875 31,009127,908 3,765 49,342 8,032 1,307 18,072 21,932 25 3,864 1964—June 30.215,132138,649 49217 4,755 5,341 2,320 2,733 9,887 32,794 30,275 4,137 46,235 6,707 16 18,572 20,940 26,579 3,670 New York City: 1941_Dec. 31. 12,896 4,072 2,807 8 412 169 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 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30. 30,297 19,53511,278 23 ,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28. 32,989 21,954 1111,943 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 25,490 1'2",647 213,045 625 1,014 2,762 2,296 2,5481,128 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 2,941 407 152 703 362 523 369 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 1,508 6,467 295 751 5,421 956 820 1945_Dec. 31. 40,108 8,514 3,661 205 4271,503 17 1,459 855 33:87 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1961—Dec. 30. 68,565 42,37916,879 1,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28. 73,130 46,567 17,6601,179 1,053 752 1,020 3,58311,030 9,860 1,266 "18\398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20. 78,370 51,891 1188,,886622 1' ,2"1'"9 1,243 891 1,224 4,28612,52511,106 1,462 16,686 2,152 545 6,600 7,390 8,810 981 1964—June 30. 80,466 54,604 19,624 ,1731,155 970 953 4,70613,20712,0631,753 15,488 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 ,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 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 2,0061,262 1961—Dec. 30. 73,131 39,69310,165 2,811 591 438 116 1,251 13,24211,132 751I 24,4073,614 566 9,56010,667 7,530 11,500 1962—Dec. 28. 80,623 44,69811, ,187 728 447 764 1,563 14,44112,273 826> 2255,425 4,144 1,223 8,84911,209 8,694 11,807 1963—Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,591 16,114 1133,951 917 24,797 3,822 573 8,531 11,87110,385 :~1H 1964—June 30. 88,337 52,28913,,6"1-4 3\535 644 534 565 1,525 16,88315,063 939 233,218 2,749 15 8,72811,72510,808 2,022 Nonmember 1947_Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1 1 9 9 6 6 3 2 — — D D e e c c . . 2 20 8 . . 4 4 0 4 , , 1 0 4 3 1 5 2 2 4 1 , , 2 4 9 6 5 9 4 5 , , 8 5 3 4 0 4 2 ", , 6 8 7 1 8 1 2 1 2 9 9 0 3 37 5 3 4 1 1 6 3 6 2 5 6 2 0 3 4 7 8 , , 0 0 9 4 7 7 6 5 , , 6 75 4 4 3 2 26 5 9 21 1 3 3 , , 4 8 6 5 6 4 2 3 , , 8 02 1 7 2 6 35 8 1 3 4 4 , , 3 3 9 4 8 3 5 6, , 1 5 3 7 3 3 3, 9 5 r" 8 7 2 6 1 1 , ,3 2 0 2 9 4 1964—June 30. 45,047 25,815 5,844 2,933 185 384 149 563 8,594 7,320 28413,087 2,354 19 4,569 6,144 4, 1,305 4,841 i 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

NOVEMBER 1964 COMMERCIAL BANKS 1445 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re- Bal- Deb c C a a l n l a l k s d s a a o n t f e d B s F w e a . r i n v t R k h e . s s r C c e a o n n u i c d r n y - b m a a w d n e n o i c s k t - e t h s i s c 3 j p m u o d s a a t e s d n e - i - t d d s 4 m D e I s n o t - t i e c r 3 ba e F n i k o gn r- 5 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o a f e e e i f n e c f r r d i t s d k - i ' s - , IPC I b n a t n e k r- P G U S i o a n o a n . s g S v v t d a s . - t l . g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p - l n i t - s etc. Total: 2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1961—Dec. 30.... 16,918 3,689 14,169 122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.... 17,680 4,252 13.099 124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—June 30.... 16,774 4,539 12,693122,537 13,909 1,363 10,257 12,583 4,832 121,695 677 257 8,680110,6502,09926,768 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3,670 13,871 121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20.... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 1964—June 30.... 16,774 4,524 12,409 121,608 13,756 1,316 10,234 12,491 4,781 121,051 591 257 8,634110,3522,03526,358 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.... 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—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 84,3263,49921,054 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 10 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 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 38 162 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 53 266 8,9371,728 3,898 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—June 30 3,919 273 82 16,389 3,791 920 2,112 420 2,323 18,480 317 71 528 12,582 924 4,402 City of Chicago: 1941_Dec. 31.... 1,021 43 298 2,215 J.027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947 Dec 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 M. -^^ / X-»VV# fc' *. • • • • 1961—Dec. 30.... 889 37 158 3,809 1,578 45 369 315 124 4,830 14 5 8 1,996 35 870 1962—Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Dec. 20.... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—June 30.... 923 53 151 3,845 1,135 47 587 311 114 4,319 25 5 199 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.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1961—Dec. 30.... 7,533 858 2,542 36,187 8,107 243 2,103 3,520 1,152 40,315 62 110 2,310 23,962 81 6,997 1962—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 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 1,416 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1961—Dec. 30.... 5,210 1,678 5,881 43,575 1,910 15 1,641 5,320 796 40,095 37 108 1,891 29,834 40 7,088 1962—Dec. 28.... 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7.744 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 1964—June 30.... 4,826 2,113 5,278 44,773 1,705 34 2,872 5,674 856 40,740 64 83 2,956 39,749 230 8,531 Nonmember:2 1947 Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1961 Dec 30 876 5,446 21,994 649 70 565 2,755 402 19,168 178 23 1,094 14,169 33 3,822 1962 Dec 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4.240 1963—Dec. 20 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4 623 1964—June 30 1,028 4,886 23,249 661 84 915 2,943 453 20,090 151 30 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

1446 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions 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 i l o u n aments l 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 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 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 r c S d e n s . . s , . . Other estate other ser r v e- es Total- Leading Cities 1963 Oct 2 136 864 134 984 87 366 36 145 1 477 1,152 3 319 85 1,673 803 1,880 4,262 3,469 17 455 19 487 961 9 135,528 133,423 86,193 36,121 1,499 497 3,176 85 827 2,105 3,895 3,465 17,485 19,438 961 16 135,695 134,115 86,827 36,282 1,521 745 3,244 83 680 833 1,580 3,820 3,489 17,570 19,521 961 23 135 398 133 183 86,188 36 310 1 540 368 3,083 89 1,681 823 2,215 3,664 3,474 17 612 19 501 957 30 135,894 133,754 86,598 36 296 1,554 452 3,183 87 1,685 838 2,140 3,759 3,484 17,651 19,565 956 1964 Sept 2 .... 145 213 142 946 96,015 39 091 1 546 1,213 3 323 67 1,902 1,217 2,267 4,333 4,007 19 320 22,094 > 098 9 144,523 141,918 95,108 39,031 1,545 632 3,197 64 ,906 1,211 2,605 4,168 4,011 19,366 22,011 >J00 16 147 259 145 042 97 685 39 802 1 561 1,610 3 420 63 1,918 1,211 2,217 4,503 4,068 19 458 22,171 <I •100 23 146,133 144,564 97,242 39,711 1,569 1,482 3,415 60 ,917 1,215 1,569 4,260 4,055 19,509 22,151 >•>,1(V> 30 147,809 145,878 97,784 39,953 1,578 1,236 3,558 81 1,921 1,239 1,931 4,515 4,043 19,533 22,234 >,107 : Oct 7 146,061 143,951 96,498 39,743 1,591 679 3,336 69 ,9?3 1,248 2,110 4,203 4,065 19,560 22,191 > 110 14 146 462 144 094 96 753 39 964 1 594 669 3 290 68 1,917 1,258 2,368 4,187 4,038 19 638 22 240 <•> 110 21 145 436 143 734 96,727 39 913 1 596 723 3 359 70 1,917 1,251 1,702 4,065 3,999 19 680 22 263 M09 28 146,472 144,363 96,545 39,882 1,606 610 3,268 69 916 1,248 2,109 4,052 3,978 19,719 22,304 > 107 New York City 1963 Oct 2 32 978 32 505 21 481 11 673 16 556 1 893 10 537 384 473 1.399 630 1 796 3 158 571 9 32 419 31 687 20 865 11 641 16 262 1,790 11 524 393 732 ??9 625 1,814 3,131 571 16 32,242 31,821 20,951 11,671 16 321 1,794 10 528 388 421 1,212 627 1,825 3,130 571 23 32 282 31 276 20 568 11 628 16 161 1 701 19 529 376 1,006 1,117 650 1 824 3 118 571 30 32,457 31,798 20,905 11,650 17 256 1,794 19 523 395 659 ?08 661 1,840 3,113 S71 1964 Sept 2 34,887 34,226 23,405 12,436 17 608 J.83S 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 ^m 830 2 100 3,509 574 16 35,706 35,144 24,224 12,775 17 785 ,938 8 601 657 562 ,523 842 2,124 3,528 574 23 35 242 34 936 24,026 12 733 17 795 1,933 7 602 660 306 1,366 843 2 139 3 504 573 30 36,213 35,446 24,250 12,952 17 508 <•2,055 7 607 674 767 ,51? 813 2,154 3,522 *571 Oct 7 35,103 34,389 23,416 12,770 16 283 1,869 7 606 677 714 :1,286 813 2,160 3,500 571 14 35 382 34 178 23 489 12 831 16 301 1,859 7 599 689 1,204 ,?<)? 789 2 183 3,494 571 21 . .. 34 325 33 879 23 352 12 745 16 333 I 883 8 600 673 446 1,218 790 2 183 3 474 571 28 34,951 34,256 23,360 12,733 15 360 .827 8 601 677 695 ?17 787 2,198 3,508 571 Outside New York City 1963 Oct 2 103,886 102,479 65,885 24,472 1,461 596 1.426 75 1,136 419 1,407 2,863 2,839 15,659 16,329 390 9 103,109 101,736 65,328 24,480 1,483 235 1,386 74 1,142 434 1,373 2,666 2,840 15,671 16,307 1,390 16 103 453 102 294 65 876 24 611 1 505 424 I 450 73 1,152 445 1 159 2,608 2,862 15 745 16 391 I 390 23 103,116 101,907 65,620 24,682 1,524 207 1,382 70 1,152 447 1,209 2,547 2,824 15,788 16,383 I 386 30 103,437 101,956 65,693 24,646 1,537 196 1,389 68 1,162 443 1,481 2,551 2,823 15,811 16,452 1,385 1964 Sept 2 110,326 108,720 72,610 26,655 1,529 605 1,488 58 1,307 568 1.606 2,954 3,164 17,224 18,582 1,524 9 109,809 108,254 72,127 26,605 1,528 282 1,433 56 1,312 557 1,555 2,865 3,181 17,266 18,568 I 526 16 111,553 109,898 73,461 27,027 1,544 825 1,482 55 1,317 554 1,655 2,980 3,226 17,334 18,643 [,526 23 110,891 109,628 73,216 26,978 1,552 687 1,482 53 1,315 555 ,263 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 Oct 7 . .. 110,958 109,562 73,082 26,973 1 575 396 1,467 62 1,317 571 1,396 2,917 3,252 17 400 18 691 I 539 14 111,080 109,916 73,264 27,133 1,578 368 1,431 61 1,318 569 1,164 2,895 3,249 17,455 18,746 I 539 21 111,111 109,855 73,375 27,168 1,580 390 I 476 62 1,317 578 1,256 2,847 3,209 17,497 18,789 1,538 28. . . 111,521 110,107 73,185 27,149 1,591 250 ,441 61 1,315 571 1,414 2,835 3,191 17,521 18,796 1,536 For notes see p. 1448. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 WEEKLY REPORTING MEMBER BANKS 1447 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 r n i t d n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l k e e h - s s s- b a w B e f a n o i n i a c g r t l k e - n h - s s Cu a rr n e d ncy B s F w e R a . r i n v e R t k h - e . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o n b e i t u d i s t a l a n i l l - ts lyear 5 years 5 years Total- Leading Cities 1963 Oct. 2 28,367 4,005 962 2,768 13,325 7,307 19,251 17,897 3,190 231 1,660 12,816 5,207 174,821 9 28,086 3,821 957 2,763 13,313 7,232 19,144 17,276 2,948 239 1,688 12,401 5,220 171,315 16 28,035 3,843 942 2,768 13,260 7,222 19,253 17,547 3,153 231 1,699 12,464 5,242 174,589 23 27,794 3,701 942 2,768 13,225 7,158 19,201 17,089 2,864 250 1,754 12,221 5,146 170,787 30 27,990 3,904 936 2,853 13,219 7,078 19,166 17,517 2,850 258 1,814 12,595 5,237 171,958 1964 Sept. 2 26,392 4,208 3,460 11,221 7,503 20,539 17,769 3,154 272 1,750 12,593 5,691 182,817 9 26,HI 4,042 3,504 11,141 7,460 20,663 17,819 3,203 254 1,820 12,542 5,718 181,887 16 26,577 4,568 3,520 11,105 7,384 20,780 18,187 3,456 258 1,871 12,602 5,690 188,453 23 26,594 4,634 3,586 11,076 7,298 20,728 18,377 2,963 257 1,899 13,258 5,722 184,492 30 27,207 5,252 3,620 11,072 7,263 20,887 18,292 3,366 251 1,831 12,844 6,032 188,621 Oct. 7 26,422 4,637 3,621 11,394 6,770 21,031 18,108 3,078 227 1,741 13,062 5,862 184,481 14 26,419 4,661 3,649 11,379 6,730 20,922 18,076 3,550 255 1,930 12,341 5,872 188,109 21 26,109 4,399 3,670 11,425 6,615 20,898 18,548 3,131 261 1,863 13,293 5,836 184,736 26,928 5,273 3,683 11,419 6,553 20,890 18,701 3,208 256 1,961 13,276 5,842 185,472 28 New York City 1963 1,522 158 490 2,189 ,398 5,267 4,175 243 3,750 2,183 44,223 Oct. 2 1,427 160 497 2,172 ,377 5,189 3,596 252 3,160 2,199 42,396 9 1,449 156 502 2,170 ,391 5,202 3,793 243 3,377 2,215 43,497 16 1,371 160 489 2,174 ,377 5,137 3,659 252 3,221 2,181 42,261 23 5,790 1,542 157 569 2,184 ,338 5,103 4,164 102 257 3,722 2,167 43,351 30 1964 Sept. 2 5,497 1,512 729 1,941 ,315 5,324 3,989 122 258 3,517 2,359 45,818 9 5,325 1,398 746 1,860 ,321 5,358 3,628 113 275 3,152 2,407 45,156 16 5,461 1,591 717 ,286 5,459 4,073 118 260 3,598 2,361 47,898 23 5,472 1,663 736 '828 ,245 5,438 4,254 115 274 3,792 2,372 46,525 30 5,671 1,822 784 ,834 ,231 5,525 3,920 117 260 3,444 2,530 48,734 Oct. 5,286 1,510 753 ,846 ,177 5,687 3,930 99 276 3,476 2,436 46,090 5,221 1,456 761 ,799 ,205 5,468 3,323 114 287 2,826 2,498 47,451 5,047 1,300 772 ,763 ,212 5,480 4,444 113 270 3,976 2,480 46,112 5,423 1,687 786 ,752 ,198 5,473 4,431 108 279 3,970 2,431 46,855 Outside New York City 1963 Oct. 2. 22,610 2,483 804 2,278 11,136 5,909 13,984 13,722 3,097 142 1,417 9,066 3,024 130,598 22,453 2,394 797 2,266 11,141 5,855 13,955 13,680 2,854 149 1,436 9,241 3,021 128,919 16 22,367 2,394 786 2,266 11,090 5,831 14,051 13,754 3,064 147 1,456 9,087 3,027 131,092 23 22,223 2,330 782 2,279 11,051 5,781 14,064 13,430 2,776 152 1,502 9,000 2,965 128,526 30 22,200 2,362 779 2,284 11,035 5,740 14,063 13,353 2,767 156 1,557 8,873 3,070 128,607 1964 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 20,822 2,644 2,758 9,281 6,139 15,305 14,191 3,115 141 1,545 9,390 3,311 136,731 16 21,116 2,977 2,803 9,238 6,098 15,321 14,114 3,359 140 1,611 9,004 3,329 140,555 23 21,122 2,971 2,850 9,248 6,053 15,290 14,123 2,890 142 1,625 9,466 3,350 137,967 30 21,536 3,430 2,836 9,238 6,032 15,362 14,372 3,267 134 1,571 9,400 3,502 139,887 Oct. 7. 21,136 3,127 9,548 5,593 15,344 14,178 2,999 128 1,465 9,586 3,426 138,391 14. 21,198 3,205 , 9,580 5,525 15,454 14,753 3,454 141 1,643 9,515 3,374 140,658 21. 21,062 3,099 2,1 9,662 5,403 15,418 14,104 3,046 148 1,593 9,317 3,356 138,624 21,505 3,586 2,1 9,667 5,355 15,417 14,270 3,134 148 1,682 9,306 3,411 138,617 2,897 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- De- Other ital Wednesday j u u T n s o t a t e a d d l - 4 j m p u o a d s a t s d e n e i - - t d d s 3 Totals IPC G S l a o t o n c a v a d t t e l . e F ig o n r- 7 G U o .S vt . . c m m D c o t i i e e m o a c r s - l - - - Total8 S in a g v s - IPC Oth S l a e o t r n c a a d t t e l ime e F 9 ig o n r- 7 B F a F r n o .R k m s . o F th ro e m rs lia ti b e i s li- co a u c n - ts banks Govt. Total- Leading Cities 1963 Oct. 2 151,948 61,885 95,237 66,320 4,902 1,705 6,22912,270 56,711 37,34212,013 3,917 3,073 421 2,547 5,741 14,164 9 148,193 61,752 91,333 65,605 4,433 1,617 4,06912,221 56,860 37,42512,062 3,914 3,096 160 2,937 5,848 14,177 16 151,573 62,749 94,631 68,895 4,454 1, ,00112,776 56,942 37,46512,107 3,913 3,092 338 2,549 5,951 14,178 23 146,989 63,041 89,731 66,837 4,458 1,7252,13911,397 57,258 37,50312,384 3,897 3,102 236 3,407 5,960 14,195 30 148,428 63,809 90,875 67,322 4,762 1,7512,30411,452 57,553 37,53412,639 3,915 3,095 115 3,267 5,883 14,265 1964 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 ,9033,75412,965 64,041 39,57415,509 4,607 3,829 29 3,451 6,510 15,340 23 159,426 62,748 95,061 66,852 4,666 ,886 66,61011,443 64,365 39,64015,744 4,628 3,826 652 2,517 6,545 15,352 30 164,198 63,722 99,479 68,867 5,224 945 6,95112,318 64,719 39,87315,854 4,648 3,824 20 2,466 6,489 15,448 Oct. 7 159,665 63,522 94,745 67,691 4,762 ,8814,69812,075 64,920 39,93316,006 4,644 3,816 159 2,861 6,318 15,478 14 162,850 63,512 97,777 70,800 4,517 ,992244 3,23113,335 65,073 39,97416,104 4,699 3,780 31 3,276 6,496 15,456 21 158,908 64,307 93,689 69,023 4,600 2,0112,631 11,835 65,219 40,02916,219 4,650 3,805 1,115 2,769 6,484 15,460 160,022 64,999 94,544 68,627 5,035 2~" ",38911,699 65,478 40,06116,464 4,630 3,803 412 3,079 6,473 15,486 28 New York City 1963 36,385 15,641 25,697 16,575 377 ,272 2,065 3,104 10,688 4,391 3,568 385 2,170 214 973 2,718 3,933 Oct. 2 34,441 15,229 23,730 15,943 307 1,176 1,297 3,022 10,711 4,384 3,578 384 2,191 30 1,178 2,813 3,934 9 35,634 15,591 24,911 16,919 320 1,204 895 3,178 10,723 4,382 3,599 381 2,185 1,129 2,795 3,934 16 34,124 15,636 23,228 16,392 289 1,289 631 2,822 10,896 4,381 3,760 380 2,195 50 1,345 2,812 3,930 23 35,235 15,980 24,169 16,907 401 1,311 663 2,963 11,066 4,380 3,935 380 2,192 1,428 2,757 3,931 30 1964 Sept. 2 37,354 15,614 24,473 16,352 297 1,469 1,193 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 10 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 1,378 2,174 2,858 12,777 4,528 4,r~ 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 4,566 425 2,698 909 2,963 4,260 4,* Oct. 7 37,833 15,922 24,918 16,731 309 1,381 ,585 2,790 12,915 4,557 4,910 423 2,699 1,130 2,872 4,255 14 39,010 15,194 26,032 17,193 302 1,418 ,033 3,557 12,978 4,552 4,993 429 2,680 1,228 2,962 4,251 21 37,627 15,853 24,483 16,795 283 1,487 812 2,955 13,144 4,553 5,125 430 2,712 226 1,076 2,931 4,252 28 38,374 15,946 25,149 16,837 351 1,482 ,045 3,116 13,225 4,554 5,200 436 2,709 1,309 2,915 4,252 Outside New York City 1963 Oct. 2 115,563 46,244 69,540 49,745 4,525 433 4,164 9,166 46,023 32,951 ,445 3,532 903 207 1,574 3,023 10,231 9 113,752 46,523 67,603 49,662 4,126 2,772 9,199 46,149 33,041 ,484 530 905 130 1,759 3,035 10,243 16 115,939 47,158 69,720 51,976 4,134 436 2,106 9,598 46,219 33,083 ,508 532 907 333 1,420 3,156 10,244 23 112,865 47,405 66,503 50,445 4,169 ,508 8,575 46,362 33,122 ,624 3,517 907 186 2,062 3,148 •J,265 30 113,193 47,829 66,706 50,415 4,361 440 1,641 8,489 46,487 33,154 ,704 3,535 903 115 1,839 3,126 10,334 1964 Sept. 2 120,458 47,075 68,899 49,816 4,774 5013,318 8,945 51,559 34,96411,084 4,185 1,128 31 1,878 3,575 11,057 9 119,848 47,442 68,188 50,476 4,421 449977 2,100 9,226 51,660 35,01411,157 4,166 1,126 86 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 35,11210,936 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 Oct. 7 121,832 47,600 69,827 50,960 4,453 500 33,113 9,285 52,005 35,37611,096 4,221 1,117 159 1,731 3,446 11,223 14 123,840 48,318 71,745 53,607 4,215 5065 2,1989,778 52,095 35,42211,111 4,270 1,100 31 2,048 3,534 11,205 21 121,281 48,454 69,206 52,228 4,317 524 1,819 8,880 52,075 35,476 1111,094 4,220 1,093 889 1,693 3,553 11,208 28 121,648 49,053 69,395 51,790 4,684 536 2,344 8,583 52,253 35,50711,264 4,194 1,094 407 1,770 3,558 11,234 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. Oct. 7 Oct. 14 Oct. 21 Oct. 28 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 12,095 12,212 12,324 12,546 banks, not shown separately. New York City 4,305 4,407 4,572 4,654 7 Deposits of foreign governments and official institutions, central Outside New York City... 7,790 7,805 7,752 7,892 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 BUSINESS LOANS OF BANKS 1449 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during 1964 1964 1964 1964 1963 Industry O 2 c 8 t. O 2 c 1 t. O 1 c 4 t. O 7 ct. S 3 ep 0 t. Oct. Sept. Aug. III h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals 657 661 669 661 659 -2 -10 -81 70 53 123 9 Machinery 2,078 2.120 2,134 2,114 2.114 -36 60 -4 -81 -58 83 25 186 Transportation equipment 860 878 881 885 887 -27 52 54 -13 7 12 19 -95 Other fabricated metal products.. 947 965 985 991 998 -51 36 4 119 72 191 -59 Other durable goods 1,181 1,183 1,195 1,201 1,219 -38 23 44 57 80 40 120 -67 Nondurable goods manufacturing: Food, liquor, and tobacco 1,685 1,669 1,572 1,508 1,473 212 193 63 177 -163 -459 -622 644 Textiles, apparel, and leather 1,450 1,482 1,586 1,600 1,629 -179 -6 48 64 23 211 234 -167 Petroleum refining 1,025 1,028 1,015 1,010 1,009 16 67 2 -44 -42 -92 -134 99 Chemicals and rubber 1,194 1,206 1,179 1,193 1,172 22 73 -12 17 50 108 158 c-60 Other nondurable goods 955 965 981 985 986 -31 28! 31 106 c-36 Mining, including crude petroleum and natural gas 2,786 2,809 2,842 2,824 2,834 -48 47 140 15 -213 -198 443 Trade: Commodity dealers 1,246 1,196 1,126 1,082 1,038 208 102 154 -284 -254 -538 583 Other wholesale 2,222 2,229 2,227 2,198 2,182 40 60 10 75 59 -19 40 95 Retail 2,693 2,655 2,603 2,585 2,704 -11 163 l 143 66 -17 49 154 Transportation, communication, and other public utilities 4.322 4,309 4,323 4.341 4,427 -105 296 52| 400 -73 -423 -496 529 Construction 2.232 2,250 2,242 2.205 2.224 8 -28 89 104 226 39 265 40 All other: 1 Bankers' acceptances 866 851 901 876J 921 j -55| -54 -29 -76 All other types of business, mainly 573 services 5,006 4,995 4,997 4,986 5,000 6 -11 -51 -39 104 170 274 Total classified loans 33,405 33,451 33,458 33,245 33,476 -71 1,055 350 1,165 268 -728 -460 2,873 Commercial and industrial loans— All weekly reporting banks 39,882 39,913 39,964 39,743 39,953 -71 1,051 404 1,205 576 -621 -45 3,234 i 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 (thousands of dollars) Area (thousands of dollars) All All period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—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 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 June 5 03 5 83 5 55 5 27 4 89 Sept 5.01 5.88 5.56 5.25 4.86 Quarter -J 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 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—AUP. 4, 3V4; Oct. 14, 3i/2; 1956—Apr. 13, iy4; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4V2; 1958—Jan. 22, 4; Apr. 21, 3i/2; Sept. 11,4 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955. 1959—May 18, 4i/2; Sept. 1,5: and 1960—Aug. 23, 4y2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1450 INTEREST RATES NOVEMBER 1964 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable) 3 Finance Prime CO. Prime coml. paper bankers' 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- 3- to 5m 4 o - n to t h 6 s - * m d 3 i o - r n e to t c h t l 6 s y - , 2 90 a n d c a e y s s , 1 on i R s s a n u t e e e w di r B s a c a t o e n u k 4 nt on i R s s a n u t e e e w di r B s a c a t o e n u k 4 nt d r i ( a s B b c t a e i o l n ) l u s k n « t Other 5 iss y u e e a s r 6 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—Oct 3.88 3.72 3.63 3.453 3.45 3.573 3.58 3.61 3.59 3.91 Nov 3.88 3.75 3.71 3.522 3.52 3.648 3.65 3.67 3.70 3.97 Dec 3.96 3.84 3.63 3.523 3.52 3.667 3.66 3.69 3.77 4.04 1964—Jan 3.97 3.82 3.70 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.532 3.53 3.664 3.67 3.71 3.63 4.02 Mar 4.00 3.83 3.75 3.553 3.54 3.740 3.72 3.78 3.67 4.15 Apr 3.91 3.80 3.80 3.484 3.47 3.676 3.66 3.75 3.63 4.18 May 3.89 3.76 3.75 3.482 3.48 3.612 3.60 3.71 3.67 4.07 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 Axis 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 Oct 4.00 3.91 3.75 3.575 3.57 3.729 3.72 3.79 3.83 4.04 Week ending— 1964 Oct 3 4.00 3.81 3.75 3.555 3.55 3.711 3.71 3.77 3.82 4.02 10 4 00 3 90 3 75 3.582 3 57 3 744 3 73 3 80 3 84 4.05 17 4.00 3.94 3.75 3.580 3.58 3.726 3.72 3.80 3.84 4.06 24 .... 4.00 3.94 3.75 3.592 3.58 3.738 3.74 3.80 3.84 4.05 31 4.00 3.91 3.75 3.567 3.56 3.724 3.71 3.77 3.82 4.03 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. * Selected note and bond issues. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio States (long- Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.82 4.57 4 66 2.98 4.98 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.20 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.75 1963—Oct 4.07 3.33 3.15 3.59 4.52 4.32 4.83 4.47 4.66 4.44 4.26 3.05 Nov 4.10 3.36 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4.45 4.28 3.14 Dec 4.14 3.33 3.12 3.61 4.55 4.35 4.85 4.48 4.68 4.49 4.32 3.13 5.49 1964 Jan 4.15 3.29 3.09 3.56 4.57 4.37 4.83 4.50 4.68 4.51 4.32 3.06 Feb 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.48 4.67 4.51 4.31 3.05 Mar 4.18 3.33 3.14 3.57 4.56 4.38 4.83 4.49 4.67 4.51 4.34 3.03 5.50 Apr 4 20 3 30 3 12 3 52 4 58 4 40 4 85 4 53 4 69 4 53 4 37 3 00 May 4.16 3.29 3.09 3.54 4.59 4.41 4.85 4.54 4.69 4.53 4.41 3.01 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 Aus 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 Oct . . .. 4.16 3.31 3.11 3.58 4.57 4.42 4.81 4.53 4.66 4.52 4.25 2.95 Week ending— 1964—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 10 4 16 3 32 3 11 3 59 4 57 4 43 4 80 4 53 4 65 4 53 4 24 2 95 17. . . 4.17 3.32 3.11 3.58 4.57 4.42 4.80 4.53 4.65 4.53 4.25 2.95 24 4 17 3.32 3.12 3.58 4 57 4.42 4 81 4 53 4 66 4 52 4 25 2 95 31 4.15 3.30 3.11 3.56 4.57 4.43 4.81 4.53 4.66 4.52 4.25 2.96 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

NOVEMBER 1964 SECURITY MARKETS 1451 MORTGAGES: NEW HOMES SECURITY PRICES i F n H su A re - d Conventional first mortgages Bond prices Com (1 m 9 o 4 n 1 - s 4 to 3 c = k 1 p 0 r ) ices V um ol e - Period Y c ( e p ie n e l t r d ) I c n r ( e e p a t s n e e t t e t r r ) - F c ( e e p e t n c e e . t s r ) , e M tu s r a .) - - L p c r ( a o e r p i t n a e c i n t o r e ) / d ( A o l t o h l v l a o a g n u r . s . ) Period ( G t U l e o o r . n m S v g . t ) - . S l a o t n c a d a te l A C r p a A o o t - r e A - Total d t I r u n 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 i h a o n a o r f 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 96.8 69.87 73.39 37.58 64.99 4,573 1963 5.46 5.84 .64 24.0 73.3 16.3 1963—Oct... 85.50 109.9 95.9 73.03 77.09 38.31 65.55 5,316 1963—Sept.. 5.45 5.81 .61 24.2 73.5 16.4 Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Oct... 5.45 5.82 .61 24.6 73.4 16.4 Dec.. 84.64 109.5 95.4 74.17 78.38 39.92 65.64 4,701 Nov.. 5.45 5.82 .65 24.2 73.5 16.4 Dec.. 5.45 5.80 .62 24.5 73.9 16.7 1964—Jan... 84.42 111.2 95.3 76.45 80.85 41.00 67.26 5,302 Feb... 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 Feb... 5.45 5.81 .58 24.7 74.8 17.2 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 May"! 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 Apr.. 5.45 5.79 .55 24.8 73.9 17.2 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 May.. 5.45 5.77 .52 24.7 73.7 17.0 July.. 84.70 112.1 95.2 83.22 88.19 48.93 70.35 4,663 June.. 5.45 5.76 .59 25.4 74.3 17.3 Aug.. 84.59 111.8 95.3 82.00 86.70 47.17 71.17 3,919 July.. 5.46 5.76 .52 24.5 73.9 17.4 Sept.. 84.31 "111.0 95.1 "83.41 88.27 47.14 72.07 5,228 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Oct... 84.47 110.8 95.0 84.85 89.75 48.69 73.37 4,843 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 Oct 5.45 Week ending— Oct. 3 84.48 110.7 95.2 84.23 89.17 47.64 72.52 4,690 l Last 6 months only. 10 84.34 110.7 95.0 84.92 89.89 47.99 73.16 5,022 17 84.27 110.7 95.2 84.81 89.72 48.45 73.38 5,133 NOTE.—Annual data are averages of monthly figures. Yields 24 84.29 110.7 95.1 85.06 89.93 49.23 73.69 4,765 on FHA-insured mortgages are derived from weighted averages 31 84.53 111.4 95.0 84.86 89.69 49.55 73.55 4,622 of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5^4 per cent, and NOTE.—Annual data are averages of monthly figures. Monthly and weekly an assumed prepayment period of 15 years. Price data are data are averages of daily figures unless otherwise noted and are computed as reported as of the first of the succeeding month. follows: Conventional first mortgages, Home Loan Bank Board in U.S. Govt. bonds, derived from average market yields in preceding table on basis cooperation with Federal Deposit Insurance Corporation be- of an assumed 3 per cent, 20-year bond. ginning in late 1962; interest rate data for earlier years—in Municipal and corporate bonds, derived from average yields, as computed by parentheses—are based on estimates from Federal Housing Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing Administration. prices. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5^-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. Stoclz Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing and carrying— tomers Months Total securities net other than Other securities tree 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 Tr»ta1 Customer Other rc a rr b n <e a * c a l A e i - ii s t 1 Olal collateral collateral 1960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 1,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Oct 7,180 29 5,495 83 1,685 33 4,218 3,713 505 1,176 Nov 7,298 34 5,586 90 1,712 28 4,457 3,892 565 1,211 Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 Feb 7,120 21 5,384 97 1,736 33 4,158 3,738 420 1,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 1,231 Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 1,165 May.... 7,277 19 5,439 96 1,838 113 4,362 3,868 494 1,138 June.... 7,229 18 5,370 94 1,859 156 4,275 3,766 509 1,146 July 7,160 25 5,289 70 1,871 266 4,129 3,672 457 1,114 Aug 7,096 21 5,187 69 1.909 191 4,090 3,618 472 1,077 Sept 7,142 19 5,221 81 1,921 109 4,122 3,568 554 1,145 Oct 7,101 0 5,185 69 1,916 102 4,053 3,528 525 1,155 NOTE.—Data in first 3 cols, and last col. are for end of month; in other have been transferred to other member firms and are reported in their cols, for last Wed. debit figures from the month received (some in Dec. 1963, more in Jan. Net debit balances and broker and dealer credit: Ledger balances of 1964). Debit balance totals for the period Oct.-Jan., therefore, are not member firms of N.Y. Stock Exchange carrying margin accounts, as completely comparable. reported to Exchange. Customers' debit and free credit balances exclude Bank loans to others than brokers and dealers: figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. Before July 1959, loans for purchasing or securities exchanges and balances of reporting firm and of general part- carrying U.S. Govt. securities were reported separately only by N.Y. ners of reporting firm. Balances are net for each customer—i.e., all ac- and Chicago banks. Accordingly, for that period the fifth col. includes counts of one customer are consolidated. Money borrowed includes any loans for purchasing or carrying such securities at other reporting borrowings from banks and from other lenders except member firms of banks. Composition of series also changed beginning with July 1959; national securities exchanges. revised data for the new reporting series (but not for the breakdown of Nov. data on customers' net debit balances exclude amounts carried loans by purpose) are available back through July 1958 and have been by a large former member firm in liquidation; most of these accounts incorporated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 OPEN MARKET PAPER; SAVINGS INSTITUTIONS NOVEMBER 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and 1finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers * ly1 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 32,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3 202 677 2 525 1 151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3 912 2 650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 Sept 7 161 2 098 5 063 2 709 1 107 946 181 34 104 1,463 564 775 97 47 1.226 Oct 7,869 2,230 5,639 2,733 1,093 911 181 58 105 1,477 563 807 89 46 ,229 Nov 8,170 2,172 5,998 2,744 1,190 976 214 42 102 1,410 571 842 54 46 ,230 Dec 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 ,317 1964 Jan 7 765 2 042 5 723 2 938 1 393 1 025 368 68 91 1,386 557 962 70 39 ,310 Feb 8,119 2,079 6 040 3,056 1,466 1,095 371 64 95 1,431 596 983 94 31 ,351 Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 1,473 590 990 87 35 ,401 Apr 7,920 2 039 5 881 3,102 1,355 1,060 295 93 117 1,536 587 963 105 36 ,411 M!ay 8,326 1,973 6,353 3,049 1,418 1,105 313 47 146 1,438 576 941 73 34 ,426 June.... 8 036 1 948 6 088 3 149 1 370 1 113 257 83 146 1,550 567 929 82 27 ,545 July 8,879 2,006 6,873 3,137 1,455 1,121 334 56 137 1,489 576 949 74 24 ,513 Aug 8,879 2,070 6,809 3,127 I 486 1,145 341 36 132 1,473 586 922 82 22 ,514 Sept 8,444 2,220 6,224 3,175 1,423 1,127 297 99 127 1,525 609 918 113 36 1,499 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total Mortgage loan End of period State Corpo- Cash Other liabili- Depos- Other Surplus commitments 3 Mort- U.S. and rate assets assets ties its 2 liabili- acgage Other Govt. local and and ties counts govt. other 1 surplus accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1960 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—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 1,023 150 102,694 2,228 Feb 36,635 703 6,033 427 5,135 880 800 50,614 45,266 1,143 206 113,062 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 1,118 209 123,979 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 Aug 38,762 764 6,095 407 5,180 895 879 52,982 47,273 1,356 4,352 134,371 2,743 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. 1439. 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

NOVEMBER 1964 SAVINGS INSTITUTIONS 1453 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l ndForeign * Total Bonds Stocks gages estate loans assets Statement value: 1941 32,731 9,478 6 796 1 995 687 10,174 9,573 601 6,442 1,878 2 919 1 840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 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—Aug. r 138,314 12,558 5.817 3,931 2,810 58,688 53,197 5,491 48,980 4,303 6,538 7,247 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 7,702 143,067 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 June 144,964 12,346 5,633 3,822 2,891 60,793 54,772 6,021 52,466 4,437 6 955 7,967 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 Aug 146,475 12,507 5,763 3,822 2,922 61,355 55.228 6,127 53.173 4,462 6,986 7,992 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market vajue. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets 2— loan period M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o ro an ce s s i s n Other co m m en m ts itties profits 4 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963—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 97,111 6,687 3,339 6,536 113,673 96,609 7,531 4,991 2.559 1,983 3,074 Aug 98,090 6,738 3,346 6,619 114,793 97,397 7,559 4,991 2,482 2,364 2,980 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

1454 FEDERAL FINANCE NOVEMBER 1964 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U.S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Change Less: Plus: Less: Equals: Plus: Less: Equals: or in Invest. Less: Bu n d e g t et f T u r n u d s s t g In o t v r t a . - 1 r T ec o t t s a . l 2 Budget f T un ru d s s t 3 A m d e j n u t s s t * - p T a o y t t a s l . payts. (d d i e r b e t ct age b n y .* & N ca o s n h - Eq N u e a t ls: & 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—Sept 10,095 1,830 269 11,652 7,815 2,515 ••783 '9,548 ''2,104 366 -575 101 839 Oct 3,400 1,289 259 4,423 8,776 2,592 629 10,740 -6,318 103 -1,101 78 1,126 Nov 7,131 2,749 259 9,617 7,784 1,955 -73 9,812 -194 1,593 481 163 949 Dec 8,803 2,230 521 10,503 8,289 2,661 881 10,069 433 1,899 260 128 1,511 1964—Jan 5,853 1,088 303 6,628 8,492 2,257 902 9,848 -3,219 -1,059 -1,328 86 183 Feb 8,047 3,705 222 11,525 7,521 2,063 191 9,393 2,132 1,550 830 133 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 June* 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 Sept 10,072 1,994 320 11,739 8,450 2,266 1,016 9,700 2,039 1,412 -251 82 1,581 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g l e a n i c n es Trea (e s n u d re o r' f s p a e c r c i o o u d n ) t Period Agencies & trusts Operating bal. Change s B u u r o d p r g lu e s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ssu ar a k n e c t e i I n n v U e . s S t, . d g i r i r o n e s c s t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance F. R. T an a d x O as n t s e h e t e t r s deficit of Govt. public Banks loan sec. 3 sec. 3 debt accts. Fiscal year—1961 -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964* -8,303 1,462 1,131 1,880 -2,756 5,853 348 -1,080 11,036 939 9,180 917 Half year: 1962—July-Dec -8,160 -1,172 -599 874 870 5,269 4 -2,922 7,509 597 6,092 820 1963—Jan.-June 1,894 2,315 720 148 -2,939 2,390 -78 4,607 12,116 806 10,324 986 July-Dec -8,567 -1,408 -365 1,648 403 3,487 -60 -4,741 7,375 880 5,621 874 1964—Jan.-June* 264 2,870 1,496 232 -3,159 2,366 408 3,661 11,036 939 9,180 917 Month: 1963—Sept 2,279 -685 '413 265 575 100 no 2,938 9,783 948 7,958 877 Oct -5,377 -1,304 291 296 1,101 -193 -5,273 4,510 881 2,839 790 Nov -652 795 -495 -179 -481 1,773 87 760 5,270 890 3,521 859 Dec 514 -431 232 767 -260 1,132 2,105 7,375 880 5,621 874 -151 1964—Jan -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 Feb 526 1,642 -163 -230 -830 1,780 194 2,531 6,795 1,024 4,783 988 Mar 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 Apr -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3,974 1,186 May -1,375 2,677 -237 117 -3,230 3,931 -333 2,215 8,300 890 6,557 853 June* 2,797 610 547 502 -1,751 181 150 2,735 11,036 939 9,180 917 July -3,923 -1,181 -403 -64 1,205 -530 -10 -4,886 6,150 785 4,505 860 Aug -1,430 1,648 -946 378 -1,960 2,906 640 6,789 939 5,085 765 Sept 1,622 -273 613 -108 251 1,520 226 3,400 10,189 933 8,339 917 1 Primarily interest payments by Treasury to trust accounts and accumu- 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing lations to U.S. employee trust funds. accounts. 2 Includes small adjustments not shown separately. 5 Includes technical adjustments not allocated by functions. 3 Includes net transactions of Govt. sponsored enterprises. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 FEDERAL FINANCE 1455 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period 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. E a g s n t if a d t te t C o u m s s - r m e a I p e n n a n t 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 1964*.. 115,440 39,219 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—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 June*..... 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 1,234 456 328 905 623 233 219 120 143 219 148 Aug 10,552 4,809 159 419 1,284 496 380 3,455 2,732 684 219 112 123 207 179 Sept 11,739 2,669 2,255 3,950 1,203 n.a. 324 1,256 1,158 56 166 122 132 216 202 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l a I ff n a t i l r . s s S e p r a e a r - c c e h c A ul g tu ri r - e so N u u r r e a r a - c t l - es t m C ra a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e el a o f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1961... 99,542 47,685 2,153 744 5,183 2,101 5,107 -103 22,364 945 6,187 7,257 1,724 1962... 107,662 51,462 2,492 1,257 5,942 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,882 1963... 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—Sept r9,548 4,246 186 287 '619 265 650 274 '2,131 476 285 183 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 Sept 9,700 4,243 191 386 624 293 759 35 2,229 126 525 317 244 1962 1963 1964 1962 1963 1964 Item IV III IV III IV III IV III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts .. 27.1 27.5 27.8 28.5 29.0 29.7 28.4 28.2 23.0 28.2 32.6 27.3 24.5 30.3 33.3 27.0 Payments. 29.0 28.2 28.5 '30.5 30.0 30.5 29.3 30.6 29.6 26.5 29.1 '31.0 30.6 28.6 30.0 31.1 Net.... -1.9 -. 7 -.7 r_2 .0 -1 .0 _ .8 - .9 -2.5 -6.6 1.7 3.4 -3 .6 -6 .1 1.7 3.3 -4.1 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 U.S. GOVERNMENT SECURITIES NOVEMBER 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues i Total End of period d T g e r o b o t t s a s l i d d g e i r r b o e t s c s 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—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 M^ar 310.4 309.6 262.2 208.2 52.5 4.2 64.5 87.0 3.2 50.8 49.1 43.2 Apr . 308.4 307.6 261.4 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 May 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3.1 51.0 49.2 45.0 June 312.5 311.7 260.7 206.5 50.7 67.3 88.5 3.1 51.1 49.3 46.6 July 312.0 311.2 261.1 206 8 51.0 58 6 97 1 3 1 51 2 49 4 45.7 314.9 314.1 262.2 207.7 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 Oct 316.5 315.6 265.0 210.1 55.0 58.1 97.0 3.1 51.8 49.6 46.3 * Includes noninterest-bearing debt (of which $360 million, on Oct. 31, 5 Includes Series A investment bonds, depositary bonds, armed forces 1964, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign ities, not shown separately. series, Rural Electrification Administration bonds, and before 1956, 2 Excludes guaranteed securities. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,468 million on Sept. 30, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by'the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t U 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 a n 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 d a t t e s l . Savi I n n g d s ividu O al th s er n F a i o t n a i r t n o e e d n i r g a - n l2 t i O m o n r v t 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—Sept 307.3 58.3 32.6 216.4 63.0 6.0 11.0 19.7 20.9 47.7 18.7 16.0 13.5 Oct 307.1 57.2 32.8 217.2 63.1 5.8 11.0 20.4 20.7 47.8 18.8 15.9 13.6 Nov 308.9 57.7 33.7 217.5 62.7 5.8 11.0 21.6 20.3 48.0 18.9 16.0 13.2 Dec 310.1 58.0 33.6 218.5 64.1 5.8 11.0 20.6 20.8 48.1 18.9 15.9 13.3 1964—Jan 309.3 56.5 32.8 220.0 62.6 5.9 11.1 21.8 21.0 48.1 19.4 15.9 14.2 Feb 311.1 57.5 33.2 220.5 61.9 6.0 11.0 22.7 21.4 48.2 19.7 15.9 13.6 Mar 310.4 57.6 33.8 219.0 61.2 6.1 10.9 21.4 21.9 48.3 20.1 15.6 13.6 Apr 308.4 56.1 33.2 219.1 60.6 6.0 10.8 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 16.0 14.3 Sept 316.5 61.8 35.4 219.3 61.2 6.0 10.9 19.7 22.3 48.7 19.5 16.4 14.6 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. n 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

NOVEMBER 1964 U.S. GOVERNMENT SECURITIES 1457 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—Aug. 31. 207,692 81,389 52,045 29,344 57,443 43,002 8,354 17,505 Sept. 30. 208.981 82,689 53,345 29,344 57.452 42.995 8.353 17,491 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—Aug. 31 11,983 1,671 1.21) 460 1,816 3,078 2,197 3,221 Sept. 30 12,080 1,680 1.220 460 1,807 3.111 2,198 3.284 Federal Reserve Banks: 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 131 1964—Aug. 31.... 35,164 19,999 5,112 14,887 12,848 2,037 91 189 Sept. 30.... 35,350 19,954 5,067 14,887 12,956 2,126 91 223 Held by public: 1961—Dec. 31. 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31. 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Dec. 31. 162.089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Aug. 31. 160,545 59,719 45,722 13,997 42,779 37,887 6,066 14.095 Sept. 30. 161,550 61,055 47,058 13.997 42,689 37,758 6,064 13,984 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— Aug. 31. 50,689 13,642 7,507 6,135 21.819 14,103 505 621 Sept. 30. 52,149 15,401 9,186 6.215 21,742 13,944 501 561 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—Aug. 31... 5,725 755 486 269 1,127 2,234 351 1,259 Sept. 30 5,725 741 475 266 1,133 2.239 351 1,261 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—Aug. 31... 9,077 866 452 414 1,821 2,551 936 2,903 Sept. 30.. 9,169 959 540 419 1,832 2,564 938 2.876 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— Aug. 31 10,442 7,689 5,864 1,825 2,163 448 12 130 Sept. 30 9,184 6,532 4,868 1,664 2,105 420 9 117 Savings and loan association 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—Aug. 31 3,298 317 215 102 823 1,428 240 490 Sept. 30 3,302 341 234 107 821 1,399 238 503 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—Aug. 31 16,158 5,988 5,174 814 1,744 2,130 1,696 4|600 Sept. 30 15,808 5,604 4,772 832 1,758 2,134 1,692 4,621 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—Aug. 31. 65,155 30,462 26,023 4,439 13,282 14,992 2,327 4,092 Sept. 30. 66,212 31,478 26,983 4,495 13,297 15,058 2,334 4,045 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 507 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 6,024 commercial banks, 502 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 U.S. GOVERNMENT SECURITIES NOVEMBER 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 W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b e a r n c k ia s l o A th l e l r securities 1963—Sept 1,799 1,280 207 214 100 522 36 733 509 140 Oct 1,575 1,261 144 124 46 467 31 637 439 91 Nov 1,713 1,300 252 131 29 480 28 662 544 117 Dec 1,719 1,348 213 122 37 506 30 730 451 96 1964—Jan 2,144 J.656 264 159 65 687 36 905 516 99 Feb 1,809 1,336 272 145 56 528 29 737 516 91 Mar 1,685 1,361 213 81 31 563 22 657 443 86 Apr 1,849 1,528 234 70 18 590 24 737 498 134 May 1,702 1,264 248 165 25 566 29 651 457 120 June 1 488 I 201 170 97 19 458 24 566 439 142 July 1,936 1,433 216 208 79 581 38 784 532 131 Aug 1,453 1,099 197 123 34 406 26 604 417 113 Sept 1,510 1,214 155 102 39 443 20 616 432 117 Week ending— 1964—Sept. 2 1,522 [,234 156 110 23 400 25 665 433 156 9 1,330 1,044 149 102 36 402 15 518 396 86 16 1,525 I 281 125 83 36 440 22 623 440 80 23 1,451 1,133 186 99 34 484 23 584 360 155 30 1,688 1,345 162 127 54 454 19 680 535 74 Oct 7 1,717 1,424 172 78 43 519 25 694 480 138 14 1,745 1,529 105 84 27 543 23 685 493 106 21 1,605 1,360 125 90 30 479 21 696 409 97 28 1,811 1,536 123 98 55 562 33 736 482 115 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 All Within 1-5 Over a G ge o n v c t. y Period sou A r l c l es New Eke- Co ti r o p n o s r i a- o A th l e l r maturities 1 year years 5 years securities Y C o it r y k where 1963—Sept 3,689 3,099 290 300 195 Oct 3,538 2,899 196 444 176 1963—Sept 3,974 1,201 898 1,527 348 Nov 3,546 3,008 430 108 159 Oct 3,415 825 775 1,387 429 Dec 3,090 2,800 295 -4 254 Nov 3,551 660 671 ,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 1,355 363 Apr 2,393 2,316 156 -78 170 Mar 2,971 784 613 1,247 326 May 3,087 2,670 164 253 231 Apr 2,390 545 556 1,065 225 June 3,475 3,217 91 167 318 May 3,082 711 724 1,347 300 July 3,817 3,121 229 468 225 3,541 981 761 1,493 307 Aug 4,313 2,978 552 782 275 July 4,156 1,250 871 1,671 364 Sept 3,954 3,302 373 280 250 Aug 4,186 1,144 924 1,703 416 Sept 4,011 1,255 1,069 1,253 434 Week ending— Week ending— 1964—Aug. 5.. 4,319 3,102 182 1,036 195 12.. 4,552 2,984 658 910 258 1964_Aug. 5... 4,242 1,259 1,058 ,536 390 19.. 4,323 2,892 626 804 295 4,210 1,180 904 ,556 569 26.. 3,998 2,783 567 648 309 19.'.'.' 4,299 1,300 1,007 1,678 314 26... 4,182 1,005 870 1,880 427 Sept. 2.. 4,301 3,283 514 504 292 9.. 4,075 3,269 443 363 274 Sept. 2... 4,043 1,020 847 :,827 350 16.. 3,968 3,349 359 259 245 9... 4,144 965 798 ,609 772 23.. 3,820 3,265 311 245 227 16... 4,132 1,412 962 :,301 457 30.. 3,850 3,316 341 192 245 23... 3,981 1,379 1,358 l,015 229 30,.. 3,712 1,279 1.179 972 283 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

NOVEMBER 1964 OUTSTANDING SECURITIES 1459 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE. OCTOBER 31, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bill—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct. 31, 1964.. 1,000 Apr. 1,1965 900 Oct. 1, 1966 IV 357 Nov. 15, 1968 3% 1,591 Nov. 5, 1964.. 2,201 Apr. 8,1965 901 Feb. 15, 1967 35/ 2,359 Feb. 15, 1969 4 1,844 Nov. 12, 1964.. 2,196 Apr. 15, 1965 1,004 Apr. 1,1967 IV 270 Oct. 1,1969 4 6,265 Nov. 19, 1964.. 2,201 Apr. 22, 1965 1,001 Aug. 15, 1967 3} 4,433 Aug. 15,1970 4 4,129 Nov. 27, 1964.. 2,202 Apr. 29,1965 1,003 Oct. 1967. 457 Aug. 15, 1971 4 2,806 Nov. 30, 1964.. 1,005 Apr. 30,1965 1,001 Apr. i 1968. 212 Nov. 15, 1971 3% 2,760 Dec. 3, 1964.. 2,205 May 31, 1965 1,000 Oct. ,1968. 115 Feb. 15, 1972 4 2,344 Dec. 10, 1964.. 2,302 June 30, 1965 1,001 Apr. 1969 1% 61 Aug. 15, 1972 4 2,579 Dec. 17, 1964.. 2,303 July 31, 1965 1,000 Oct. 1969>. 1% 3 Aug. 15, 1973 4 3,894 Dec. 24, 1964.. 2,202 Aug. 31, 1965 1,000 Nov. 15, 1973 4Vs 4,357 Dec. 31, 1964.. 3,202 Sept. 30, 1965 1,001 Treasury bonds May 15, 1974 AVA 1,532 Jan. 7,1965.. 2,100 June 15, 1962-67. % 1,434 Nov. 15, 1974 37/8 2,244 Jan. 14, 1965., 2,114 Treasury notes Dec. 15, 1963-68..... 22 V Vii 1,813 May 15, 1975-85... 4 VA 1,218 Jan. 21, 1965., 2,103 Nov. 15,1964 47/s 3,267 June 15, 1964-69. .. 22 V Vii 2,627 June 15, 1978-83... 3*4 1,586 Jan. 28, 1965., 2,102 Nov. 15, 1964 3% 5,441 Dec. 15, 1964-69... 2Vi 2,538 Feb. 15, 1980 4 2,610 Jan. 31, 1965.. 1,000 Apr. 1,1965 IVi 466 Feb. 15, 1965 22% 3,976 Nov. 15, 1980 3Vi 1,913 F F e e b b . . 1 4 1 , , 1 1 9 9 6 6 5 5 . . . , 9 9 0 0 1 2 M M a a y y 1 1 5 5 , , 1 1 9 9 6 6 5 5 4 3 5 % /8 6 1 , , 6 81 2 6 0 M Ma a y r. 1 1 5 5 , , 1 19 9 6 6 6 5 -70... 3 2V % i 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 3V % A 4 1 , ,1 9 2 0 9 6 F F e e b b . . 2 1 5 8 , , 1 1 9 9 6 6 5 5 . . 9 9 0 0 1 2 A A u u g g . . 1 1 3 3 , , 1 1 9 9 6 6 5 5 3 3 7 % /8 6 1 , , 2 06 0 6 2 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3% 3 1 1 , , 0 85 2 1 4 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 8 8 8 7 - - 9 9 3 2 ...414 4 1,5 2 6 5 3 0 F M e a b. r . 2 4 8, , 1 1 9 9 6 6 5 5 . . 1,0 9 0 0 1 0 O N c o t v . . 1 1 5, , 1 1 9 9 6 6 5 5 Z 1 V % i 2,9 31 5 5 4 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2V % ^ 1 1, , 2 4 9 0 4 2 M Fe a b y . 1 1 5 5 , , 1 1 9 9 9 8 5 9 -94... 41/ 3 8 2 1 , ,5 4 6 2 0 4 Mar. 11, 1965. 901 Nov. 15, 1965 4 8,560 Sept. 15, 1967-72... 2^ 1,952 Nov. 15, 1998 3% 4,434 M M a a r r . . 2 1 2 8 , , 1 1 9 9 6 6 5 5 1 . 2,5 9 0 0 4 0 F F e e b b . . 1 15 5 , , 1 1 9 9 6 6 6 6 3 3 % % 4 3 , ,2 0 6 4 1 0 D N e o c v . . 1 1 5 5 , , 1 19 9 6 6 7 7 -72... 2 35 % /8 2 3 , , 7 6 2 0 5 4 Convertible bonds Mar. 25, 1965. 901 Apr. 1,1966 1% 675 May 15, 1968 3% 2,460 Investment Series B Mar. 31, 1965. 1,001 Aug. 15,1966 4 5,156 Aug. 15, 1968 334 3,747 Apr. 1, 1975-80... 2% 3,063 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1964 Agency, a t n y d p e c o a u n p d o d n a r te a te of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: F M e a b r . . 1 1 7 6 , , 1 1 9 9 6 6 4 4 4 3 . 7 0 / 5 8 J N a o n v . . 1 1 6 5 , , 1 1 9 9 6 6 4 5 2 1 4 7 9 5 J F a e n b . . 2 3 , , 1 1 9 9 6 6 4 4 3 4 . .0 9 0 0 O N c o t v . . 2 1 , , 1 1 9 9 6 6 4 4 2 3 6 3 2 2 Apr. 15, 1964 4.15 Feb. 15, 1965 435 Mar. 3, 1964 3.90 Dec. 1, 1964 306 May 15, 1964 4.10 Apr. 15, 1965 430 Apr. 1,1964 4.05 Jan. 4, 1965 313 June 15, 1964 AH May 17, 1965 525 May 4,1964 4i/8 Feb. 1, 1965 290 Aug. 17, 1964 3.95 July 15, 1965 446 June 1,1964 4.05 Mar. 1, 1965 254 Sept. 15, 1964 4.05 Aug. 16, 1965 552 July 1,1964 4.10 Apr. 1, 1965 248 Aug. 3,1964 4.00 May 3, 1965 217 Sept. 1,1964 3.95 June 1, 1965 204 Bonds: Federal land banks June 17, 1963 3% Oct. 15, 1964 444 Bonds: Sept. 17, 1962 3% Sept. 15, 1965 175 Dec. 10, 1960 4 Oct. 20, 1964 142 July 15, 1964 AH Mar. 15, 1966 260 Apr. 20, 1964 AVA Apr. 20, 1965 209 Dec. 9,1963 4V» Aug. 15, 1966 200 Aug. 20, 1964 4.00 Aug. 23, 1965 159 June 15, 1964 AM 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 May 1,1958 3VA May 2, 1966 108 Federal National Mortgage Association— Sept. 20, 1961 AVA July 20, 1966 193 secondary market operations Feb. 15, 1957 AVs Feb. 15, 1967-72 72 Debentures: May 1,1962 4 May 22, 1967 180 Dec. 11, 1961 3% Dec. 11, 1964 111 Oct. 1,1957 AVi Oct. 1, 1967-70 75 D Se e p c. t . 1 1 0 0 , , 1 1 9 9 5 6 7 2 Z 4 V */ A 8 J M un ar e . 1 1 0 0 , ,1 19 9 6 6 6 5 1 9 0 8 8 A O p ct r . . 22 1 , , 1 1 9 9 5 6 9 3 A 4 V 1 A /s O M c a t r . . 2 2 0 3 , , 1 19 9 6 6 8 7 1 1 7 1 4 1 Dec. 12, 1960 4% Dec. 12,1966 93 May 1,1963 4 June 20, 1968 186 Mar. 10, 1958 3% Mar. 11, 1968 87 Aug. 20, 1964 AVA Aug. 20, 1968 160 Apr. 10, 1959 A% Apr. 10,1969 88 Feb. 2,1959 A'' Mar. 20, 1969 100 Apr. 11, 1960 45/s Apr. 10,1970 143 July 15, 1957 A July 15, 1969 60 Sept. 12, 1960 4Vs Sept. 10,1970 119 Feb. 1,1960 5: Feb. 20, 1970 82 Aug. 23, 1960 41/s Aug. 10,1971 64 Feb. 14, 1958 Apr. 1,1970 83 Sept. 11, 1961... AVi Sept. 10,1971 96 Jan. 5, 1960 5' July 20, 1970 85 Feb. 10, 1960 5Vfe Feb. 10,1972 100 May 1,1956 3^ May 1, 1971 60 Dec. 11,1961 A% June 12,1972 100 Sept. 14, 1956 3' Sept. 15, 1972 109 J F u e n b. e 1 1 2 3 , , 1 1 9 9 6 6 2 1 4 4 * & 4 J F u e n b. e 1 1 0 2 , , 1 1 9 9 7 7 7 3 1 1 4 9 6 8 F F e e b b . . 2 2 0 0 , , 1 1 9 9 6 6 2 3 4 4 > ' F F e e b b . . 2 2 0 0 , , 1 1 9 9 7 7 4 3-78 1 1 4 5 8 5 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

1460 CREDIT AGENCIES; SECURITY ISSUES NOVEMBER 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks 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 t t s - p C a o d a n s e s - i d 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 L n r t e d e e ) s n s - c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A i n a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B a on ) ds 1955 1,417 765 62 975 698 516 83 371 110 693 657 1.497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958 1,298 999 75 714 819 769 1,323 1.100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 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 >,453 697 435 1,650 1,585 2.828 2,431 1962 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Sept.. 4,024 1,484 96 3,299 1,014 1,153 2,028 .899 735 473 2,318 2,233 3,259 2,796 Oct... 4,226 1,537 131 3,599 986 1,150 2,027 ,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 ,792 858 526 2.083 >,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 ,176 1,988 ,786 866 589 2,102 11,964 3,333 2.836 Feb... 4,216 1,622 86 3,631 943 1,182 1,985 ,786 849 589 2,163 >.O18 3 364 2,886 Mar.. 4,168 1,709 86 3,622 997 ,189 1,984 1,785 815 586 2,238 L069 3.406 2,886 Apr... 4,444 1,420 72 3,625 957 ,193 1,983 ,781 786 533 2,329 M57 3,445 2,973 May.. 4,395 1,607 82 3,727 990 ,196 ,984 ,698 747 527 2,412 >,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 ,201 ,962 ,698 757 498 2,504 >,315 3,516 2,973 July.. 4,763 1,476 106 4,042 936 ,208 ,940 ,698 782 498 2,561 >,396 3,551 2,973 Aug.. 4,781 1,622 75 4,169 926 ,210 ,936 ,696 787 538 2,561 >,433 3,586 3,102 Sept.. 4,837 1,597 99 4,165 989 ,212 ,926 ,549 809 538 2,516 >,424 3,620 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) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv- Total g G a o e t b a i n o l l e i n - r s - R n e u v e e- PHAi G l U o o a .S v n . t s . State S d a i p s a s u t e n t a t c r d h t i i . c a . t l Other2 ered 3 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l * - H in o g u s s- V a a e n i t s d e ' r- O p p o t u h s r e e - s r 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 1960 7.292 4,771 2.095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8.566 5 724 2.407 315 120 :1.928 2.165 4,473 8,301 8,463 2.821 1,167 1,700 385 478 1.913 1962 8 845 5,582 2,681 437 145 1,419 2.600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 I 620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—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 i4i 22 106 558 602 810 1,215 378 59 225 145 407 May.... 706 472 214 20 141 167 339 1,214 665 258 40 208 45 151 June '938 '537 '258 120 23 71 '338 '529 '696 '902 '361 42 '183 134 '181 July.... 940 563 367 11 116 338 486 947 904 401 25 167 * 311 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. and payment to issuer) which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues. 4 Water, sewer, and other utilities. Based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 SECURITY ISSUES 1461 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues l 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 Re- ]Period Bonds Stock tire- Total G U o . v S t . . 2 G a U c g o y . e S v n 3 . t - . U S l a o t n . c a S d a t . e l Other 4 Total Total P li u c b ly - v P at r e i- ly Pre- Com- Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t offered placed ferred mon 1956 99 405 5,517 169 5,446 334 10 939 00? 4,225 3 777 636 2,301 10 749 10 384 9,663 791 364 1957. 30,571 9,601 572 76,958 557 12,884 9,957 6,118 3 839 411 2,516 12,661 12447 11,784 663 214 1958 34,443 063 2,321 7,449 1,052 11558 ,659 6,332 3 390 571 1 334 1137? 108?3 9 907 915 549 1959. 31,074 1? 3?? 707 7,681 616 9 748 ",190 3,557 3 639 531 2,027 9 596 9 39? 8,578 814 135 1960 97 541 7,906 1,672 7,230 579 10 154 ,081 4,806 3 975 409 1 664 9 994 9 653 8 758 895 271 1961' 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4 720 450 3,294 12,885 12017 10,715 1302 868 1962r 99 956 8 59(1 1,188 8,558 915 10705 ,969 4,440 4 5?9 422 1 314 10501 9 747 8 ?40 1 507 754 1963. 31,616 7, 1,168 10,107 891 P ?37 1f 87? 4,714 6 158 342 1,022 1? 081 10 553 8,993 1 561 1,528 1963—Aim.. 1,980 398 726 100 756 656 336 319 39 61 745 638 566 71 107 Sept 1,673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct 9 977 394 174 1,282 10 116 999 511 481 34 91 1 101 1 013 9P 100 Nov.. 9 117 333 200 688 5 891 73? 183 549 54 106 879 819 606 919 61 Dec... 2,312 357 483 13 1,459 1,376 626 751 30 53 1,444 1 415 1,098 316 30 1964- Jan 9 48? 474 1 006 16 985 863 338 5?6 27 95 979 930 845 85 43 Feb 9 0?? 413 810 89 710 279 34? 8 80 70? 685 593 16? 17 Mar.. 9 399 844 73 805 714 361 353 3 87 796 754 677 77 42 Apr 4^930 1,444 1,204 47 2,234 863 383 480 23 1,349 2,215 2 178 2,094 83 37 May.. 2,267 367 660 85 1,155 :,008 470 537 50 98 1,141 1069 953 116 72 June.. 3,056 383 275 900 37 1,461 ,091 468 623 82 289 1,441 1378 1,292 86 63 July 2 486 387 260 922 25 899 668 234 434 57 167 877 797 716 SO 81 Aug.. 4,199 2,449 160 767 10 812 683 183 500 64 65 801 729 620 109 72 Proposed uses of net proceeds,major groups of corporate issuers ManufEicturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital 8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 ?0 ?,474 14 1,384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 1 441 4 1 701 67 1958 3,265 195 867 13 778 38 3,605 138 1 ?94 118 1 014 47 1959. 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960 1,997 79 794 30 672 39 ,754 51 1 036 1 2,401 71 1961r 3 691 287 1 109 36 651 35 9 883 106 1 435 382 2 248 22 1962r 2,958 228 803 32 543 16 ,341 444 1 976 11 1 825 23 1963 3,312 190 774 55 873 83 1,935 699 7?6 356 2,933 144 1963 Am? 272 3 50 7 36 100 22 95 71 155 4 Sept.. 237 47 32 4 61 8 78 39 1 348 7 Oct . 240 5 60 4 25 2 201 73 41 4 446 1 Nov 214 8 41 5 83 131 41 13 3 337 4 Dec 515 13 104 8 118 1 198 2 64 416 6 1964 Tan 149 14 84 1 98 109 26 157 * 332 1 Feb 123 3 60 2 154 6 155 4 83 * 110 1 Mar 146 17 48 1 31 174 18 34 1 322 4 Apr. 186 6 107 91 8 151 19 ,377 * 265 3 May 206 10 50 1 127 6 441 53 97 218 1 June.. 332 39 50 1 35 1 264 4 ?58 5 439 13 July 173 48 51 2 78 * 207 16 93 264 14 Aug... 188 13 63 1 25 1 137 36 16 15 300 6 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. 4 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 5 Estimated gross proceeds less cost of 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

1462 SECURITY ISSUES NOVEMBER 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 ve S. s 1 t. Other I c n o v s e . s 1 t. Other 1958 14,761 5,296 9,465 9,673 3,817 5,856 2,018 3,070 515 964 1,503 2,106 1959 12,855 4,858 7,998 7,125 3,049 4,076 2,353 3,377 785 1,024 1,568 2,354 I960 13,084 5,033 8,051 8,072 3,078 4,994 2,288 2,724 869 1,086 1,419 1,638 1961 16,935 7,145 9,790 9,214 4,155 5,059 3,280 4,441 1,181 1,809 2,099 2,632 1962 13,656 6,491 7,165 8,613 3,749 4,864 2,788 2,255 1,123 1,619 1,665 636 1963 14,995 8,818 6,177 10,491 4,979 5,512 2,541 1,963 1,521 2,318 1,020 -355 1963—II 4,176 2,449 1,727 3,013 1,540 1,473 613 550 396 513 217 36 m 3,267 2,004 1,263 2,159 1,230 929 659 449 389 385 270 64 IV. 4,477 2,561 1,916 3,222 1,121 2,101 661 594 388 1,052 273 -458 1964 I 4,146 2,015 2,130 2,149 914 1,235 812 1,185 532 569 280 616 n 5,042 1,792 3,250 2,867 940 1,927 837 1,338 465 387 372 951 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1958 2,191 -61 417 9 413 -93 2,133 1,027 494 1,070 206 1,656 1959 316 425 217 158 335 2 1,738 1,028 475 443 994 1,866 I960 399 451 261 -91 173 -42 1,689 635 901 356 1,572 1,749 1961 1,892 415 505 —447 71 -7 1,648 704 149 1,459 795 2,607 1962 1,355 -280 294 -204 —85 -34 1,295 479 1,172 357 833 1,984 1963 1,804 -675 274 -441 316 -22 876 246 438 448 1,806 1,109 1963—-II 460 -224 112 -14 131 -31 250 167 99 101 422 254 m 378 -60 17 -27 -95 27 148 8 82 131 399 254 rv 574 -289 87 -383 180 -15 288 47 61 129 912 327 1964—I 81 -266 61 16 131 -36 156 70 234 811 572 301 n 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. 1461. actions only. As contrasted with data shown on p. 1461, 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 Sales1 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—Sept.. 206 142 64 24,496 1,300 23,196 1953 672 239 433 4,146 Oct... 214 132 82 24,914 1,374 23,540 1954 863 400 463 6,110 309 5,801 Nov.. 210 123 87 24,774 1,419 23,355 Dec... 225 132 92 25,214 1,341 23,873 1955 1,207 443 765 7,838 438 7,400 1956 1,347 433 914 9,046 492 8,554 1964—Jan... 294 183 110 25,854 1,383 24,471 1957 1,391 406 984 8,714 523 8,191 Feb... 219 165 55 26,334 1,380 24,954 1958 1,620 511 1,109 13,242 634 12,608 Mar.. 263 184 79 26,863 1,403 25,460 1959 2,280 786 1,494 15,818 860 14,958 Apr... 276 165 111 27,051 1,339 25,712 May.. 241 153 88 27,497 1,444 26,053 1960 2,097 842 1,255 17,026 973 16,053 June.. 285 147 138 27,682 1,499 26,183 1961 2,951 1,160 1,791 22,789 980 21,809 July... 308 168 140 28,319 1,471 26,848 1962 2,699 1,123 1,576 21,271 1,315 19,956 Aug... 260 149 110 28,164 1,457 26,707 1963 2,460 1,504 952 25,214 1,341 23,873 Sept.. 299 149 149 29,130 1,436 27,694 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

NOVEMBER 1964 BUSINESS FINANCE 1463 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 119,172 123,911 ,669 147,384 35,829 34,917 37,922 35,381 39,173 38,314 40,358 Profits before taxes 14,172 13,543 268 17,388 4,236 4,012 4,759 3,730 4,887 4,767 5,382 Profits after taxes , 7,482 7,161 167 9,135 2,367 2,099 2,453 2,007 2,576 2,579 2,938 Dividends 4,360 4,485 ,730 5,441 1,553 1,169 1,320 1,183 1,768 1,285 1,448 Nondurable goods industries (78 corps.):* Sales 45,543 47,372 362 55,142 13,330 13,239 13,869 13,984 14,050 14,212 14,785 Profits before taxes , 5,651 5,579 602 6,395 1,560 1,512 1,613 1,613 1,658 1,629 1,797 Profits after taxes 3,212 3,215 225 3,659 939 867 897 934 961 972 1,069 Dividends 1,910 1,948 031 2,265 610 537 537 542 649 561 569 Durable goods industries (99 corps.):2 Sales 73,628 76,540 307 92,243 22,499 21,671 24,053 21,395 25,123 24,102 25,573 Profits before taxes 8,521 7,964 666 10,993 2,676 2,500 3,145 2,118 3,230 3,138 3,585 Profits after taxes 4,270 3,946 942 5,476 1,427 1,231 1,556 1,073 1,615 1,608 1,870 Dividends 2,450 2,536 ,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 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 2,481 Profits before taxes 845 648 625 729 816 236 116 252 197 252 188 245 Profits after taxes 578 445 382 572 651 259 82 189 156 225 144 196 Dividends 406 385 359 367 383 121 89 103 66 125 110 101 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

1464 BUSINESS FINANCE NOVEMBER 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 t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d co c a n a t l s l p i 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 t f e e i r t s s d C d e i a n v s d i h - s t U r p i r n b o u d fi t 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 1960 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 C56.6 25.4 31.2 19.4 11.8 33.0 1963 51.3 24.6 26.7 18.0 8.7 31.8 II.... r57.9 '26.0 r31.7 19.8 '12.1 33.4 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v r e ie n s - Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.i Govt.1 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 1960 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 IV 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48 2 1964—1 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 II 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 1 Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps', books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o c m at m ion u s - Other i a ( r n S a . n t u A e a ) l 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9 52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 19642 44.21 9.19 9.08 1.12 1.46 2.31 6.07 14.98 1963—1 8.25 1.62 1.65 .24 .21 .39 K04 .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 1.18 .97 2.37 42.55 II 11.11 2.30 2.23 .29 .36 .63 .58 1.10 2.61 43.50 Ill2 11.28 2.31 2.33 .29 .34 .56 L.63 3.81 44.55 rv2 12.43 2.66 2.64 .28 .44 .61 1.69 4.11 46.15 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 REAL ESTATE CREDIT 1465 MORTGAGE DEBT OUTSTANDING [In billions of dollars] All properties :S^onfarm Farm Other Multifamily and holders 2 1- to 4-family houses commercial properties 3 End of period All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- U. S. Indi- ers Finan. Other Finan. Other ers insti- holders4 tutions i agen- viduals Total insti- hold- Total insti- hold- tutions 1 cies and tutions 1 ers tutions 1 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—IP 231.1 176.0 12.1 42.9 216.8 155.3 130.0 25.3 61.5 40.9 20.6 14.2 5.1 9.1 237.8 181.5 12.1 44.3 223.1 159.1 133.7 25.5 64.0 42.6 21.5 14.7 5.3 9.4 ll\p 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 iyp 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—-I*> 257.1 197.2 11.8 48.1 241.6 169.2 143.3 25.9 72.4 48.3 24 I 15.5 5 6 9 9 II P 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 fflp 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 \\P 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 \\P 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 •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 * Mutual savings bank holdings» 2 Residential Residential End of period Total Other Other Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o rm n- Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 c22,048 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9,469 2,954 51 HI 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—IP 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 W 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

1466 REAL ESTATE CREDIT NOVEMBER 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm * Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1957 . . .. 5 230 4 823 653 831 3 339 407 35,236 32 652 6,751 7 721 18 180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,370 8,273 7,086 21,011 2,827 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963 9,172 8 306 1,605 678 6 023 866 50,544 46,752 10,756 6,401 29,595 3,792 1963—Aug r 785 727 143 51 533 58 48,980 45,309 10,565 6,418 28,326 3,671 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 4,032 863 778 152 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 Aug 805 739 155 56 528 66 53,173 49,014 11,227 6,410 31,377 4,159 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. NOT*.—Institute of Life Insurance data. For loans acquired, the monthly MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period] Total i By type of lender (N.S.A.) Period Total i s N c t t o i r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A a e r e - - d ti C v o e n o n a n - l - 2 Period S.A. 2 N.S.A. i a n l S s o g a s a s n v n s & - . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 4,732 1,490 404 1 165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 I960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13 662 I 160 4 997 I 741 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1,212 5,851 QV7 1963 24,734 7,038 9,920 90,849 4,685 6,960 79,204 1963 36,925 16,716 ^Q 6,354 2,061 1963 1963 Sent. 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 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 Mav 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 3,089 350 109 567 154 Aug 2,164 537 1,025 98,059 4,761 6,743 86,555 May 3,096 3,090 ,349 116 560 176 Sept.* 2,041 498 964 98,874 4,789 6,718 87,367 June 3,388 ,485 126 607 197 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. Nora.—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

NOVEMBER 1964 REAL ESTATE CREDIT 1467 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 o s E e t m i x s n - e g s e P c r t o s j - 1 m p P r i e r o m o n v t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963* 182.2 65.5 35.0 30.5 116.7 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1963 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1962—n 159.1 60.4 30.9 29.5 98.7 Ill 162.9 61.0 31.5 29.5 101.9 1963—Sept 617 138 367 46 66 267 103 165 IV 166.5 62.0 32.3 29.7 104.5 Oct 734 160 407 88 79 316 119 196 Nov 577 127 317 55 78 258 100 158 1963—IP 169.2 62.8 33.0 29.8 106.4 Dec 601 142 345 63 52 255 106 149 IIP 173.7 63.5 33.5 30.0 110.2 Ill* 178.2 64.3 34.3 30.0 113.9 1964—Jan 666 162 381 62 61 268 114 153 IVP 182.2 65.5 35.0 30.5 116.7 Feb 534 126 314 48 46 201 81 120 Mar 600 126 357 59 58 208 84 124 1964—IP 185.2 66.3 35.7 30.6 118.9 Apr 646 117 367 119 43 206 81 125 IIP 189.6 66.8 36.3 30.5 122.7 May 570 105 352 68 46 192 71 121 June 711 128 442 67 73 233 76 157 Julv 782 141 476 108 57 251 81 171 NOTE.—For total debt outstanding, figures are Aug 740 137 468 68 67 246 78 167 FHLBB and F.R. estimates. For conventional, Sept 720 138 467 66 49 270 85 185 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-2uaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Mortgage holdings transactions Com- Advances outstanding (during mit- (end of period) E pe n r d i o o d f FHA- VA- period) m u e n n - ts Period Ad- R m e e p n a ts y- M de e p m o b si e t r s s Total su in re - d a g n u te a e r- d c P ha u s r e - s Sales bu d r i s s- ed Total t S e h rm or t * - t L e o rm ng 2 - 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1957 3,974 1,237 2,737 1,096 3 764 1956 745 934 1,228 798 430 683 1958 3,901 1,483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 653 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 I960 6,159 3,356 2,803 1,248 357 576 1961 6,093 3,490 2,603 815 541 631 1960 1,943 2,097 1,981 1,089 892 938 1962 5,923 3,571 2,353 740 498 355 1961 2,882 2,200 2,662 1,447 ,216 1,180 1963 4,650 3,017 1,634 290 1,114 191 1962 4,111 3,294 3,479 2,005 ,474 1,213 1963 5,601 4,296 4,784 2,863 ,921 1,151 1963—Sept 4,720 3,034 1.686 21 10 183 Oct 4,702 3,033 1,669 23 5 190 1963—Oct 610 408 4,226 2,588 ,638 986 Nov 4,677 3,021 1,656 15 7 196 Nov.... 363 299 4,290 2,611 ,679 978 Dec 4,650 3,017 ,634 24 19 191 Dec 754 259 4,784 2,863 ,921 1,151 1964—Jan 4,624 3,006 1,618 21 11 189 1964—Jan 467 837 4,414 2,653 ,762 944 Feb 4,613 3,011 1,603 24 4 188 Feb 225 424 4,216 2,500 ,716 943 Mar 4,598 3,016 ,582 27 11 192 Mar 339 387 4,168 2,406 ,763 977 Apr 4,572 3,015 1,557 38 31 204 Apr 573 296 4,444 2,463 ,982 957 May 4,565 3,027 1,538 44 21 202 May.... 352 401 4,395 2,438 ,957 990 4,539 3,025 ,514 36 21 199 June.... 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 AUJZ ... 4,477 3,008 1.469 44 43 230 Aug.... 369 351 4,781 2,662 2,119 926 Sept 4,453 2,998 1,455 34 24 245 Sept 382 327 4,837 2,635 2,202 989 Oct 401 441 4,797 2,605 2,192 974 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the * Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 2 Secured loans, amortized quarterly, having maturities of more 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

1468 CONSUMER CREDIT NOVEMBER 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 u o p h d m e e r r s er e a r n l R n o d e i a z p n m a a s t o i i r o * d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1956 42,334 31,720 14,420 8,606 1,905 6,789 10,614 3,253 4,995 2,366 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43 527 17,223 11 857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1963—Sept 66,538 51,718 21,725 12,702 3,377 13,914 14,820 5,844 4,833 4,143 Oct 67,088 52,257 21,971 12 845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964—Jan 69,203 53,597 22,189 13,638 3,354 14,416 15,606 5,900 5,339 4,367 Feb 68,786 53,552 22,271 13,467 3,335 14,479 15,234 5,958 4,805 4,471 Mar 68 913 53 795 22 471 13 451 3,321 14,552 15,118 6,002 4,634 4,482 Apr 69 816 54,382 22 830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 May 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 June . 71 907 55 914 23 702 13 730 3 395 15 087 15,993 6,233 5,238 4,522 July 72,456 56 496 24 024 13 813 3 426 15,233 15,960 6,218 5,240 4,502 Aug 73,069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 Sept 73,495 57,446 24,295 14,046 3,493 15,612 16,049 6,354 5,223 4,472 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates 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 Total m b C e a o r n m c k i - a s l fi S n c a o a l s n e . s ce u C n r i e o d n it s fin s C u a o m n n c e - e r * Other i Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r o il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 940 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 ,282 4,983 1,882 1,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 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 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 ,629 6,096 3,077 1,015 280 325 1,399 Nov 52,695 46,462 21,486 13,302 5,569 4,461 ,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 ,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 ,667 6,142 3,044 1,022 273 334 1,469 54,382 48,191 22,224 13,893 5,776 4,628 ,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 1,028 271 355 1 486 July 56,496 50,082 23,176 14,359 6,109 4,748 1,690 6,414 3,267 1 017 273 360 1,477 Aug 57 055 50 583 23 389 14 475 6 204 4 797 718 6 472 3 332 1 044 273 363 1 460 Sept 57,446 50,937 23,527 14,553 6,283 4,845 1,729 6,509 3,371 1,048 275 365 1,450 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

NOVEMBER 1964 CONSUMER CREDIT 1469 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total P A u u r t - p o a m pe o D r b i i r l e e ct s O g p c u o a o t m o p h n d e e e - r r s r e R m r t a e n i n p o o iz d a n d a i - r - l s o P o a e n n r a - s l End of period Total m A pa o u p b t e o il r - e s p g O c u o a o t m p o h n d e e e - r r s r m i R z o a a e d n p ti e d a o r i n r n- s l P o o a e n r n a - s l chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3 651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 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—Sept. 13,073 8,099 3,157 161 1,656 1963—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 May 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 21,389 8,090 4,389 3,244 2,405 5,261 Sept. 14,553 8,764 3,706 148 1,935 Sept 23,527 8,143 4,390 3,255 2,422 5,317 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 7 6 n 8 6 s 5 9 End of period Total b C m c a o i n e a m r k l - - s t f O u i i n c n t t i i s h a a o t e n l i n - r - s s m t p D o a e r e r n e - t s - t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 I960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961, 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962. 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1960 13,196 3,884 623 941 3,952 436 3,360 1963—Sept 11,469 2,330 802 864 7,473 1961 14,151 4,413 723 948 3,907 469 3,691 Oct 11,583 2,355 815 869 7,544 1962 15,130 4,690 766 927 4,252 505 3,990 Nov 11,674 2,369 822 874 7,609 1963 16,145 5,047 912 895 4,456 520 4,315 Dec 11,859 2,394 835 870 7,760 1963—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,^47 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 Apr... 15,434 5,152 896 610 3,667 556 4,553 Sept 12,857 2,633 941 923 8,360 May.. 15,825 5,230 976 626 3,910 563 4,520 June.. 15,993 5,313 920 610 4,028 600 4,522 July... 15,960 5,329 889 576 4,008 656 4,502 NOTE.—Institutions represented are consumer finance cos., credit Aug... 16,014 5,335 964 588 3,960 683 4,484 unions, industrial loan cos., mutual savings banks, savings and loan Sept... 16,049 5,361 993 624 3,928 671 4,472 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

1470 CONSUMER CREDIT NOVEMBER 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 15,515 11,721 1 582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 I960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1963 Sept 5,093 4,755 1,730 1,524 J.384 181 193 J 757 1,654 Oct 5,311 5,487 1,910 2.040 1,457 1,547 188 205 1,756 1,695 Nov 4,979 4 981 1 792 I 734 I 432 I 517 168 169 I 587 1,561 Dec 5,272 5,974 1,914 1,767 1,523 J,094 172 154 1,663 1,959 1964—Jan 5,276 4,784 1,888 1,689 1,493 1,380 185 141 1,710 1,574 Feb 5,421 4,552 1,953 ,686 1,578 1,212 186 142 1,704 1,512 Mar 5,480 5,322 1,942 .983 11,665 1,488 179 163 1,694 1,688 Apr 5,371 5,578 1,961 2 127 [ 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 1,962 2,245 1,537 1,632 183 208 1,717 1,864 July 5,541 5,747 1,996 2,166 1,546 1,543 189 208 1,810 1,830 5,529 5,519 2,017 1,984 1,570 .540 186 210 1,756 1,785 Sept 5,617 5,393 2,024 1,830 .588 1,592 186 200 1.819 1,771 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 Sept 4,752 4,563 1.659 J.61R 1.347 1,289 174 173 1.572 1.483 Oct 4,780 4,948 ,676 1,794 1,362 1,404 170 182 1,572 1,568 Nov 4,596 4,543 ,638 1,598 1,324 1,316 167 162 1,467 1,467 Dec 4,812 4,924 ,707 1,675 1,384 1,374 177 172 1,544 1,703 1964 Jan 4,848 4,932 .684 ,699 11,441 1,508 176 176 1,547 1,549 Feb 4,842 4,597 ,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 5,029 5,155 ,768 1,798 1,486 1,501 170 177 1,605 1,679 Tilly 5,058 5,165 11,781 1,844 1,448 1,460 171 177 1.658 1,684 Aug 5,094 4,960 .789 1,757 1,496 1,430 172 170 1,'637 1,603 Sept 5,104 5,002 1,802 1.786 .491 1,469 172 173 1,639 1.574 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 Sent 341 192 71 -94 78 95 7 20 185 171 Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1954 jan 428 -148 204 — 10 52 — 128 9 —35 163 25 Feb 579 -45 237 82 183 — 171 15 — 19 144 63 Mar 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 June 370 794 194 447 51 131 13 31 112 185 July 483 582 215 322 98 83 18 31 152 146 435 559 228 227 74 110 14 40 119 182 Sept 513 391 222 44 97 123 14 27 180 197 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

NOVEMBER 1964 CONSUMER CREDIT 1471 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 in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.I N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 , 48,052 17,976 11,196 10,940 7,940 I960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962.. . 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1963—Sept 5s093 4,755 1,878 1,744 J 021 955 j xn. 1 118 872 838 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 U476 923 1,417 1964—jan 5,276 4,784 1,928 1,825 1,125 1,020 1,312 1,157 911 782 Feb 5,421 4,552 2,043 1,786 1,187 980 1,283 1,122 908 664 Mar 5,480 5,322 2,006 2,011 1,209 1,166 1,292 1,290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 1,201 1,309 1,347 921 872 May 5,552 5,584 2,075 2,144 1,196 1,194 1,350 1,338 931 908 June .. 5,399 5,949 2,004 2,247 174 1,324 1,321 1,453 900 925 July 5,541 5,747 2,065 2,199 1 * 158 1,242 L 397 1,426 921 880 Aug • 5,529 5,519 2,084 2,063 1,157 1,172 1,355 1,382 933 902 Sept 5,617 5,393 2,104 1,989 1,191 1,142 1,405 1,348 917 914 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 Sept 4,752 4,563 J.7V7 ) 700 1,034 997 1 ion J 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 in Mar 4,956 5,079 1,843 1,891 1,084 1,152 1,201 1,225 828 811 4,959 4,991 1,833 1,853 1,097 1,110 1,197 11,205 832 823 May ......... 5,059 4,846 1,876 1,809 1,114 1,060 1,234 1,174 835 803 5.029 5,155 1,845 1,899 1,102 1,123 L 223 1,283 859 850 July 5,058 5,165 t,857 1,930 1,097 ill 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 Sept 5,104 5,002 L860 1.851 1,118 1,097 .266 1.210 860 844 Net change in credit outstanding2 1956 2,814 1,176 670 733 235 1957 2,148 1,066 491 665 —75 1958 -225 — 63 —765 289 315 1959 5 601 2 447 1 475 986 693 I960 3,588 1,446 1,152 1,051 -61 1961 696 335 — 199 578 —20 1962 4 506 1 997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1963 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 96 105 370 794 159 348 72 201 98 170 41 75 July 483 582 208 269 61 131 130 139 84 43 435 559 195 213 70 116 118 172 52 58 Sept 513 391 244 138 106 78 139 138 24 37 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

1472 INDUSTRIAL PRODUCTION: S.A. NOVEMBER 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- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July5 Aug.: Sept. Total index. 100.00 124.3 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.1 134.0 Final products, total 47.35 124.9 126.3 127.2 127.0 128.0 128.5 128.1 128.7 130.6 131.1 131.7 132.3 133.4 132.6 Consumer goods 32.31 125.2 126.4 127.4 126.9 128.0 128.9 128.8 128.8 130.8 131.0 131.5 132.1 133.1 131.9 Equipment, including defense... 15.04 124.2 126.0 127.0 127.1 128.1 127.9 127.1 r128.8 130.7 131.3 132.0 132.7 133.9 134.1 Materials 52.65 123.7 125.0 125.5 125.7 125.9 126.7 128.1 129.3 130.6 131.3 131.8 133.6 134.7 135.7 Consumer goods Automotive products 3.21 141.2 143.0 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 755. 144.7 Autos 1.82 149.5 153.3 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 Auto parts and allied products 1.39 130.2 129.5 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 142.9 Home goods and apparel 10.00 123.1 124.3 125.2 126.1 126.6 727.0 128.3 126.8 128.9 129.5 130.0 131.2 131.8 131.5 Home goods 4.59 129.6 131.8 131.3 133.3 134.2 134.8 137.3 136.4 137.7 136.9 137.8 139.7 140.0 140.4 Appliances, TV, and radios 1.81 125.1 128.1 125.8 128.5 128.5 127.5 131.3 128.7 130.7 129.7 131.0 131.1 133.2 137.4 Appliances 1.33 130.6 136.4 131.8 134.0 133.0 130.7 135.3 132.9 134.7 139.4 136.9 136.6 139.8 144.7 TV and home radios .47 109.5 104.9 108.8 113.1 115.6 118.6 120.3 116.9 119.5 102.4 114.3 115.5 114.5 116.7 Furniture and rugs 1.26 131.3 132. 133.0 134.5 135.4 136.1 138. 139.0 139.7 141.0 141.9 144.7 144.0 141.0 Miscellaneous home goods 1.52 133.6 135.9 136.5 137.9 139.9 142.3 143.7 143.5 144.2 142.1 142.4 145.9 144. 143.4 Apparel, knit goods, and shoes.... 5.41 117.6 118.0 120.0 120.0 120.2 120.4 120.7 118.7 121.5 123.2 123.4 124.0 124.9 Consumer staples 19.10 123.7 124.7 125.4 124.2 125.7 127.0 126.2 126.3 128.8 128.3 128.9 129.1 130.0 130.0 Processed foods 8.43 116.6 116.7 117.7 117.0 118.9 121.4 120.2 118.4 120.8 \20.2 119.4 118.4 118.7 118.7 Beverages and tobacco 2.43 116.9 115.3 118.3 115.7 117.4 116.5 118.5 121.9 125.2 122.6 119.4 126.4 125.5 Drugs, soap, and toiletries 2.97 140.1 144.5 144.0 142.0 142.7 142.2 140. 140.1 142.8 144.5 150.5 146.7 149.1 152.6 Newspapers, magazines, and books. 1.47 117.8 117.9 117.8 117.2 120.4 121.5 123.7 125.1 126.7 124.7 125.5 123.5 123.2 121.3 Consumer fuel and lighting 3.67 133.5 135.8 135.6 134.7 135.2 136.5 134.7 136.2 138.5 138.7 140.6 142.8 145.7 Fuel oil and gasoline 1.20 116.9 118.3 119.4 118.5 117.4 115.6 116.8 117.6 120.9 120.4 121.8 121.4 118.8 119.8 Residential utilities 2.46 141.5 144.3 143.5 142.6 143.8 146.6 143.4 145.3 147.1 147.6 149.8 153.2 158.8 Electricity 1.72 146.7 151. 150.0 148.6 150.4 154.3 149.2 151.9 154.5 155.2 157.6 162.2 169.8 Gas .74 Equipment Business equipment 11.63 128.3 130.7 131.8 132.0 132.9 '132.9 r131.9 134.2 136.5 138.0 139.0 140.0 141.6 141.7 Industrial equipment 6.85 123.0 125.6 126.6 127.4 128.6 128.9 127.9 131.9 133.9 135.7 137.6 138.5 139.6 140.4 Commercial equipment 2.42 142.4 141.6 141.2 139.0 140.2 141.6 140.4 141.0 143.1 141.9 143.7 145.7 145.5 147.6 Freight and passenger equipment. 1.76 132.2 137.5 139.2 139.7 139.9 137.0 137.8 135.8 140.8 143.9 141.3 141.9 144.9 140.9 Farm equipment .61 121.6 125.7 130.8 134.5 131.6 131.2 126.0 127.6 126.6 130.7 129.1 127.9 139.9 136.0 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.2 122.1 122.3 122.6 122.6 123.0 125.8 127.3 129.0 129.8 130.8 132.7 134.1 135.5 Consumer durable 3.43 137.2 138.6 139.6 141.3 142.9 141.9 144.3 141.9 144. 143.8 148. 150.2 167.0 153.1 Equipment 7.84 125.4 127.6 127.8 127.5 128.8 129.2 129.6 130.4 131.6 132.9 133.3 133.8 135.7 137.1 Construction 9.17 116.3 118.9 118.6 119.0 118.9 119.6 123.2 123.4 123.8 123.5 122.8 125.7 125.7 125.7 Metal materials n.e.c.... 6.29 114.3 107.6 110.8 111.6 113.5 117.6 123.4 125.2 126.9 127.5 127.3 130.2 130.6 128.2 Nondurable materials 25.92 126.3 128.0 128.8 128.9 129.3 130.4 130.6 130.8 132.3 132.8 132.9 134.6 135.2 135.9 Business supplies 9.11 120.3 120.8 122.5 122.6 123.0 124.4 125.2 124.9 126.1 126.5 124.9 126.9 Ml A 126.1 Containers 3.03 120.2 118.2 122.5 123.9 121.3 125.1 125.5 123.6 127.0 128.2 123.8 125.0 125.6 125.4 General business supplies. 6.07 120.4 122. 122.5 122.0 123.8 124.0 125.1 125.6 125.7 125.7 125.4 127.9 127.8 126.5 Nondurable materials n.e.c.. 7.40 145.0 148.6 149.7 150.2 151.2 152.2 152.2 152.4 154.6 153.9 155.7 158.7 160.3 162.4 Business fuel and power 9.41 117.2 118.8 118.4 118.2 118.2 119.1 118.7 118.7 120.7 122.2 122.7 123.0 123.4 124.4 Mineral fuels 6.07 109.3 111.3 110.1 109.3 109.0 110.2 109.3 108.9 110.3 112. 112.2 112.4 112.7 114.4 Nonresidential utilities 2.86 138.7 140.2 141.2 141.8 142.3 142.7 143.5 144.5 147.9 148.9 149.7 149.8 150.7 Electricity 2.32 139.5 140.8 141.9 142.4 142.9 143.8 144.6 145.6 149.0 150.1 150.6 150.5 151.4 General industrial 1.03 131.2 133.8 134.2 133.9 134.5 134.8 135.6 136.9 140.5 142.0 143.5 143.9 144.7 Commercial and other.. 1.21 149.6 149.9 151.7 152.9 153.3 154.9 155.6 156.4 159.9 160.7 160.4 160.9 161.9 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.4 136.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.5 142.1 Apparel and staples 24.51 122.3 123.2 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 INDUSTRIAL PRODUCTION: S.A. 1473 INDUSTRY GROUPINGS (1957-59= 100) Grouping 9 p p t 5 i r o o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 3 - Sept. Oct. 1 96 N 3 ov. Dec, Jan. Feb. Mar. Apr. M 19 a 6 y 4 June July Aug.rj Sept. Total index. 100.00 124.3 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 Manufacturing, total. 86.45 124.9 126.2 126 8 126.9 727.9 128.5 129.1 129.9 131.4 132.2 132.4 733.9 134.6 134.7 Durable 48.07 124.5 125.6 126.0 126.4 127.3 128,1 128.9 130.0 131.6 132.6 133.2 135.Oj 135.8j 135.1 Nondurable 38.38 125.3 127.0 127.7 127.6 128.7 128.9 129.4 129.8 131.1 131.7 131.5 132.5! 133.11 134.0 Mining 8.23 107.9 109.9 108 6 107.5 107.3 108.8 108.9 108.8 109.9 111.3 111.4 110.9 111.9 112.9 Utilities 5.32 140.0 142.1 142.3 142.1 143.0 144.5 143.4 144.8 147.5 148.3 149.7 151.4 154.5 155.0 Durable Manufactures Primary and fabricated metals 12.32 117.7 115.6 116.5 116.8 117.6 120.0 122.6 124.6 126.3 128.5 725.7 732.7 133.7\ 133.4 Primary metals 6.95 113.3 107.8 108.5 109.7 110.5 113.6 117.6 120.9 123.8 127.1 126.1 131.2 132.8; 132.5 Iron and steel 5.45 109.6 100.0 101.5 103.5 104.9 108.3 114.5 118.1 123.7 127.8 125.2 130.4 132.2 129.3 Nonferrous metals and products. 1.50 126.7 130.3 131.2 133.1 134.7 132.2 139,9 142.6 138.5 135.0 132.8 135.9 133.0 136.4 Fabricated metal products 5.37 123.4 125.6 126.8 126.0 126.8 128.2 129.0 129.3 129.5 130.3 130.6 133.3 134.8 134.6 Structural metal parts 2.86 120.2 122.5 123.0 123.1 122.9 124.4 126.0 127.8 129.2 128.1 129.6 131.2 131 .0 131.7 Machinery and related products.... 27.98 128,7 131.0 131.1 131.5 132 8 132,9 132.3 133.2 135.2 135.9 737.7 735.0 138.8 138.0 Machinery 14.80 129.2 131.9 131.7 132.8 133.-9 134.7 133.6 135.9 137.5 138.5 140.1 141.9 142.8 144.2 Nonelectrical machinery 8,43 126.9 130.2 131.3 132.1 133 5 135,2 132.9 136.7 138.1 139.6 141.9 143.6 144.1 145.0 Electrical machinery 6,37 132.3 134.0 132.2 133.7 134.4 134 0 134.5 134.9 136.8 137.0 137.7 139.7 141.1 143.1 Transportation equipment 10.19 127.0 129.4 130.0 129.6 131.3 130.8 131.1 130.1 133.0 134.1 134.9 134.3 135.3 130.9 Motor vehicles and parts 4.68 146.1 149.1 149.8 149.8 151.9 151.9 153.0 151.1 156.2 157.4 158.3 158.6 160.9 150.1 Aircraft and other equipment.., 5.26 109.5 111.2 111.8 111.1 112.2 111.1 110.8 110.6 112.0 112.8 113.4 111.7 111.5 112.7 Instruments and related products.. 1.71 130.2 132.4 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.6 134.8 136.4 137.4 138.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 775.9 117.4 777.2 777.0 777 9 727.5 727.9 727.5 720.9 720.7 722.5 121.4 720.5 Clay, glass, and stone products. 2.99 117.5 119 1 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.4 125.6 126.9 Lumber and products 1.73 108.9 110.5 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.0 116. 114.1 109.4 Furniture and miscellaneous.. 3.05 729.7 737.7 730.5 737.5 732.5 733,0 733.9 134.7 735.5 735.2 735.0 735.5 139.0 138.4 Furniture and fixtures 1.54 133.1 135,3 135.3 136.4 137.6 137 3 138 1 139.0 139.8 140.5 142.8 143.2 144.4 144.1 Miscellaneous manufactures. 1.51 125.0 126.8 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6 Nondurable manufactures Textiles, apparel, and leather. 7.60 775.5 720.5 720.7 727.3 727.3 720.7 122.4 727.7 727.5 723.5 722.9 124.9 125.7 725.7 Textile mill products 2.90 116.9 119.0 119.3 120.5 119.4 118.8 119.8 118.9 119.4 119.3 119.2 121.5 123.4 125.3 Apparel products 3.59 125.6 127.2 127.3 128.5 129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.4 134.6 Leather and products 1.11 99.8 103.6 102.9 100.0 101.2 97.8 99.3 96.3 98.4 104.7 97.3 103.5 103.1 Paper and printing , 5.77 720.7 727.5 727.7 727.7 723.9 123.4 124.5 125.4 727.5 725.2 725.5 725.0 727.9 127.4 Paper and products 3.43 125.1 125.9 127.0 127.3 127.6 128,7 129.1 130.4 132.9 134.3 130.1 132.8 132.8 133.5 Printing and publishing. 4.74 116.4 118.4 117.9 117.7 121.3 119.5 121.2 121.8 123.6 123.9 124.1 124.5 124.3 123.0 Newspapers 1.53 108.0 113.7 111.9 113.2 119.2 113.9 114.5 115.2 117.2 117.1 117.2 120.0 118.3 115.9 Chemicals, petroleum, and rubber.. 11.54 141.8 144.7 146.2 146.0 146.3 7*5 4 146.9 147.4 149.5 750.0 752.7 752.3 753.5 156.7 Chemicals and products 7.58 148.6 152.5 153.5 153.5 154 154,7 154.5 155.2 157.0 156.7 159.6 158.7 160.9 164.4 Pe I t n ro d l u e s u t m ri a p l r c o h d e u m c i t c s als 3 1 . .9 8 7 4 1 11 6 7 2 . . 1 7 1 1 6 1 6 7 . . 7 0 1 1 6 1 8 9 . , 3 0 1 11 6 8 9 . . 5 3 1 1 7 1 1 6 . 6 4 1 1 7 1 3 6 . . 1 0 1 11 7 9 3 . . 1 3 1 1 7 1 4 9 . . 9 7 1 12 7 0 6 . . 8 7 1 12 7 2 3 . . 0 7 1 12 7 2 6 . . 1 3 1 1 7 2 7 4 . .6 1 1 7 2 8 1 . . 9 2 iiolo Rubber and plastics products 1.99 140.0 142.6 145.0 144.3 144.3 145.0 145.3 145.1 149.4 152.2 153.4 155.2 158.2 Foods, beverages, and tobacco 77.07 116.8 116.8 117 8 777.7 775 5 720.2 779.5 720.2 727.2 720.7 779.5 720.5 720.5 120.4 Foods and beverages 10.25 116.9 116.9 118 1 117 3 119.1 120.8 120.6 120.3 120.6 120.0 119.6 120.0 120.5 120.3 Food manufactures 8.64 116.8 117.2 117.7 117,5 119.2 121.3 119.8 119.7 120.0 120.2 119.5 118.9 119.2 119.2 Beverages 1.61 117.8 115.1 120.5 116.3 118 7 118.4 125.0 123.8 124.1 119.2 120.1 125.8 127.6 Tobacco products 115. 115.7 114.1 114.6 114.9 112.7 105.6 118.2 127.5 129.2 118.1 127.5 121.4 Mining Coal, oil, and gas 6.80 707.0 709.2 707.7 705.3 705.0 707.5 107.4 707.7 705.7 709.9 709.5 7/0.7 7/0.7 112.3 Coal 1.16 102.5 105.6 103 9 102 2 105 1 104.0 99.2 94.5 98.7 106.1 105. 105.0 107.9 105.1 Crude oil and natural gas 5.64 107.9 109.9 108.5 107.2 106 108.3 109.1 109.7 110.0 110.7 110.8 111.1 111.3 113.8 Oil and gas extraction 4.91 110.9 112.7 111.5 110.9 109.9 111 7 111.7 112.3 113.0 113.5 113.8 114.2 113.8 116.7 Crude oil 4.25 108. 109.8 109.1 108 1 106 6 108.5 107.8 109.0 109.6 110.1 110.2 110.3 109.8 113.1 Gas and gas liquids .66 128.7 131.2 127.0 129 0 130 8 132.2 136.2 133.3 134.8 135.3 137.1 139.0 Oil and gas drilling .73 87.4 91.3 87.9 82.0 81.6 84.9 91.5 92.0 89.8 91.3 90.1 90.5 94.0 94.4 Metal, stone, and earth materials. 1.43 772.2 773.0 772.5 773.7 773 2 774.7 116.4 777.0 775.5 777.9 779.2 114.9 117.7 116.0 Metal mining .61 112.3 112.4 111.9 112.2 112 9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.2 Stone and earth minerals .82 112.1 113.4 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 Utilities Electric 4.04 142.6 145.2 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5 159.2 Gas 1.28 131.9 132.4 132.5 132.9 133.3 133.9 134.6 135.2 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

1474 INDUSTRIAL PRODUCTION: N.S.A. NOVEMBER 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- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept. Total index 100.00 124.3 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.7 47.35 124.9 129.9 131.8 127.6 125.5 126.7 128.5 128.5 130.7 130.5 133.3 727.5 131.3 136.7 32.31 125.2 131.7 134.1 128.3 124.0 126.1 128.9 127.7 130.3 130.0 133.2 126.3 131.3 137.7 Equipment, including defense.... 15.04 124.2 126.2 126.8 126.1 128.8 128.0 127.5 130.1 131.5 131.8 133.5 130.1 131.3 134.4 Materials 52.65 123.7 126.8 128.2 126.5 123.9 124.9 128.1 129.6 132.6 133.9 134.5 127.8 134.2 136.8 Consumer Goods 3.21 141.2 127.4 160.7 160.5 154.2 151.9 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1 1.82 149.5 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182,4 176.3 180.3 130.1 46.2 132.9 Auto parts and allied products 1.39 130.2 133.8 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 10.00 123.1 130.1 131.9 127.3 117.5 121.6 132.9 129.8 130.5 129.5 131.2 120.0 133.5 136.3 4.59 129.6 141.0 140,2 138.7 132.9 129.5 137.4 138.6 138.3 135.6 140.5 126.8 136.3 148.0 Appliances, TV, and radios 1.81 125.1 140.2 135.8 135.8 123.4 124.7 138.7 137.8 135.9 130.0 136.8 110.4 120.1 144.6 Appliances 1.33 130.6 144.2 135.9 137.4 134.8 126.0 144.6 147.5 144.9 141.6 145.3 118.8 121.9 148.1 TV and home radios .47 109.5 128.8 135.5 131.2 91,3 121.0 122.2 110.2 110.5 97.4 112.9 86.6 115.1 134.8 1.26 131.3 137.8 139.3 138.1 139.7 133,1 135.8 137.3 137.2 135.6 140.2 137.0 145.9 147.1 1.52 133.6 144.7 146.1 142.7 138.5 132.1 137.2 140.6 142.0 142.1 145.2 137.9 147.7 152.7 Apparel, knit goods, and shoes 5.41 117.6 120.9 124.8 117.6 104.6 115,0 129.1 122.3 123.9 124.4 123.4 114.1 131.1 19.10 123.7 133,2 130.9 123.5 122.2 124.1 122.5 122.6 124.8 125.0 129.2 128.8 137.2 138.2 8.43 116.6 133,8 130.5 119.9 115.2 113.5 111.1 109.8 112.7 114.1 116.9 117.8 129.4 135.3 Beverages and tobacco 2.43 116.9 118.3 124.2 109.4 101,2 102.3 107,4 117.6 127.6 131.0 136.5 132.0 136.1 2.97 140.1 145.9 146.9 142.4 139.8 141.1 139.7 139.4 142.8 144.6 153.8 140.8 152 4 i 54. i Newspapers, magazines, and books.. 1.47 117.8 121.2 119,4 117.2 120.9 120,3 122.8 124.8 125.7 123.7 124.5 121.6 124.8 124.7 Consumer fuel and lighting 3.67 133.5 136.2 127.6 128.1 138.6 150.1 144.0 140.2 135.0 130.5 134.2 145.0 148.4 1.20 116.9 118.4 116.4 117.7 120.2 120.5 119.9 116.4 114.7 116.3 120.3 123.5 122.3 il9.8 2.46 141 5 Electricity 1.72 146.7 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2 Gas .74 Equipment 11.63 128.3 131.0 131.2 130.1 132.8 132.5 132.4 135.9 137.8 138.8 141.2 137.1 138.7 142.2 6.85 123.0 126.7 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135 8 138 8 137.1 139 2 141 7 2.42 142.4 143.7 143.6 140.7 142.6 141.7 139.4 139.7 140.4 140.2 144.1 142.8 145 8 149.8 Freight and passenger equipment... 1.76 132.2 135.6 139.2 136.9 135.0 132.9 139,2 141.9 146.4 148.2 147.0 136.2 136.2 138.9 .61 121.6 116.3 120.3 118.7 125.8 131.8 142.0 147.3 147.3 140.5 139.9 115.8 111.9 125.9 3.41 Materials Dutoblc goods motcficils. •...••••••. 26.73 121.2 124.1 125.4 123.3 121.1 121.1 125.3 127.4 131.2 133.9 134.9 127.7 132.6 136.2 3.43 137.2 138.6 143.1 145.5 150.0 146.9 146.5 146.2 148.4 149 5 149 6 135.2 140 3 153 1 7.84 125.4 126.3 127.4 127.6 130.7 130.4 130.8 131.8 133.0 133.8 134.6 129.7 131 6 135.7 9.17 116.3 126.0 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127.8 132.0 129.5 134.5 133.2 Metal materials n.e.c 6.29 114.3 110.8 113.5 112.5 108.5 114.5 124.5 128.2 132.0 134.5 131.4 118.5 126.8 132.0 25.92 126.3 129.5 131.2 129.8 126.9 128.8 131.0 131.8 134.0 133.9 134.1 127.8 135.9 137.4 Business suDDlies ••• 9.11 120.3 125.0 127.8 123.9 118.1 119.6 123.1 124.9 129.5 128.6 126.9 120.2 129.2 130.6 3.03 120.2 125.9 128.7 117.1 105.5 117.6 123.0 123.6 130.8 129.5 130 0 125.0 138 2 133 6 6.07 120.4 124.5 127.4 127.2 124.4 120.5 123.2 125.6 128.8 128.2 125.4 117.7 124.6 129.0 7.40 145.0 147.1 150.4 151.7 148.2 151.4 155.2 156.2 157.7 157.7 158.0 147.3 157.9 160.8 Business fuel and power 9.41 117.2 120.0 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.1 125.7 Mineral fuels 6.07 109.3 110.2 110.8 110.6 110.6 112.1 112.6 111.4 111.6 111 0 111 0 104 6 111 3 <113 1 Nonresidential utilities 2.86 138.7 Electricity 2.32 139.5 149.1 i44.6 139.7 139.9 141.5 138.9 141.3 141.9 146.0 152.5 158.9 162.7 General industrial 1.03 131.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 144.8 143.9 147.6 Commercial and other 1.21 149.6 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2 Gas .54 Supplementary groups ©f consumer goods 7.80 134.4 135.4 148.6 147.7 141,7 138.7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.3 24.51 122.3 130.5 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 135.9 135.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 INDUSTRIAL PRODUCTION: N.S.A. 1475 INDUSTRY GROUPINGS (1957-59= 100) 957-59 1963 1964 Grouping p p r o o r - - a 1 v 9 e 6 r 3 tion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept. Total index. 100.00 124.3 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.7 Manufacturing, total., 86.45 124.9 128.8 131.2 128.2 125.2 125.8 129.1 130.0 133.0 133.7 135.2 127.9 133.0 137.6 Durable 48.07 124.5 126.6 129.3 128.4 127.3 126.7 129.5 131.3 134. 134.8 136.4 128.8 129.7 136.9 Nondurable 38.38 125.3 131.5 133.6 128.0 122.6 124.7 128.5 128.4 131.7 132.3 133.6 126.7 137.2 138.5 Mining 8.23 107.9 111.3 111.0 108.1 107.0 107.9 108.3 107.6 109.8 111.7 112.6 107.0 113.0 114.3 Utilities 5.32 140.0 Durable manufactures Primary and fabricated metals 12.32 117.7 117.5 118.8 117.8 775.5 779.3 124.4 127.4 750.7 131.9 131.2 123.5 737.5 135.4 Primary metals 6.95 113.3 106.6 109.6 110.8 107.2 114.7 124.3 128.4 132.1 132.9 128.6 117.4 125.9 131.0 Iron and steel 5.45 109.6 100.0 103.0 104.5 102.3 110.5 119.4 124.0 128.6 130.4 125.2 116.1 124.3 129.3 Nonferrous metals and products. 1.50 126.7 130.8 133.8 133.6 125.3 130.0 142.0 144.2 144.6 142.2 141.0 122.3 131.7 137.4 Fabricated metal products 5.37 123.4 131.6 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.6 134.5 131.3 138.8 141.1 Structural metal parts 2.86 120.2 127.4 126.7 124.9 124.1 121.9 121.0 122.8 125.3 127.5 132.2 131.2 135.6 137.0 Machinery and related products 27. 128.7 129.7 133.9 134.2 135.3 133.7 134.7 136.0 138.1 137.9 139.8 130.9 727.0 137.9 Machinery 14. 129.2 133.3 133.0 132.7 134.3 134.3 135.5 138.4 139.5 139.8 142.6 135.3 138.4 145.4 Nonelectrical machinery 8.43 126.9 128.5 128.9 129.3 134.4 135.1 135.3 140.5 142.2 143.1 145.3 140.0 138.8 143.1 Electrical machinery 6.37 132.3 139.7 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.4 139.0 129.1 138.0 148.3 Transportation equipment 10.19 127.0 123.5 135.2 136.6 137.0 133.4 135.0 134.3 138.5 137.7 138.4 125.1 109.1 128.5 Motor vehicles and parts 4.68 146.1 137.0 160.4 163.2 162.2 157.0 160.1 158.1 166.7 165.0 167.4 142.0 106.7 145.8 Aircraft and other equipment. . . 5.26 109.5 110.8 112.4 112.8 114.4 112.2 112.1 112.3 112.6 112.3 111.8 109.0 109.5 112.2 Instruments and related products. . 1.71 130.2 133.9 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.3 136.1 135.0 138.5 140.1 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 124.9 124.4 777.3 705.5 104.2 772.0 773.9 720.4 725.4 729.2 725.0 732.4 729.7 Clay, glass, and stone products. 2.99 117.5 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.5 Lumber and products 1.73 108.9 122.6 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.4 Furniture and miscellaneous.. 3.05 729.7 737.7 737.7 735.2 733.9 727.5 729.5 737.5 733.7 733.7 735.3 735.5 743.4 744.5 Furniture and fixtures 1.54 133.1 140.4 140.4 138.9 140.1 234.6 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6 Miscellaneous manufactures. 1.51 125.0 133.8 135.0 133.5 127.6 120.9 124.5 127. 128.8 129.9 133.9 129.1 137.4 139.9 Nondurable manufactures Textiles, apparel, and leather 7.60 775.5 727.7 723.5 779.5 709.9 777.5 729.5 724.7 724.7 725.2 725.7 773.0 730.4 727.2 Textile mill products 2.90 116.9 119.6 119.3 119.3 112.8 116.4 122.8 123. 121.2 124.7 124.6 110.3 126.5 125.9 Apparel products 3.59 125.6 127.2 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.6 140.0 Leather and products 1.11 99.8 105.2 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.6 109.8 Paper and printing 5.77 720.7 723.5 727.5 724.5 119.4 120.4 724.5 725.4 730.9 729.3 727.3 720.9 727.5 729.4 Paper and products 3.43 125.1 127.8 135.3 127.9 115.2 126.8 132.3 131.7 138.2 135.0 132.7 124.8 137.3 135.5 Printing and publishing 4.74 116.4 120.3 122.3 122.2 122.5 115.8 118.9 122.6 125.6 125.1 123.4 118.2 121.0 124.9 Newspapers 1.53 108.0 114.5 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 117.8 104.4 107.1 116.7 Chemicals, petroleum, and rubber. 11.54 141.8 145.6 745.3 145.6 142.8 145.3 747.7 745.3 757.7 752.2 755.4 745.3 754.5 757.5 Chemicals and products 7.58 148.6 152.1 154.5 153.1 150.7 152.8 155.0 156.5 160.3 159.9 163.0 152.9 161.0 164.0 Industrial chemicals 3.84 162.7 165.0 169.1 170.7 169.7 172.2 175.0 176.6 179.3 176.5 178.1 170.9 176.8 Petroleum products 1.97 117.1 121.7 119.6 116.7 114.9 114.3 117.3 115.5 116.0 120.2 125.8 128.3 127.3 124.8 Rubber and plastics products 1.99 140.0 144.5 153.1 145.7 140.7 147.2 150.4 149.7 154.0 154.5 155.7 133.5 158.2 Foods, beverages, and tobacco 77.07 775.5 730.7 729.3 777.9 772.5 777.4 770.7 777.7 775. 775.0 727.3 720.5 730.5 733.2 Foods and beverages 10.25 116.9 130.9 129.7 118.0 114.0 111.4 111.2 111.4 115.4 116.7 120.9 121.5 130.5 133.8 Food manufactures 8.64 116.8 133.4 130.7 120.4 115.6 114.0 111.7 110.1 113.0 114.3 117.0 117.7 129.0 135.0 Beverages 1.61 117.8 117.4 124.1 105.6 105.2 97.7 108.6 118. 127.8 129.5 141.7 141.8 138.4 Tobacco products 115.2 120.2 124.3 116.9 93.5 111. 105.1 116.4 127. 133.8 126.4 112.8 131.4 Mining Coal, oil, and gas 6.80 707.0 108.4 705.5 707.5 707.9 709.5 770.7 705.5 705. 705.4 705.5 703. 709.5 777.4 Coal 1.16 102.5 111.7 113.2 106.4 103. 101.9 100.4 95.3 99.4 107. 108.4 77. 113.5 111.2 Crude oil and natural gas 5.64 107.9 107.7 107.6 108.0 108.8 111.4 112.1 111.4 110. 108. 108.6 108.5 108.8 111.4 Oil and gas extraction , 4.91 110.9 109.8 110. 111.6 112.3 114.5 115.4 115. 114.5 111.9 111.6 111.1 110.7 113.6 Crude oil , 4.25 108.1 107.6 108.0 108.1 107.7 110.1 111.0 111. 111.4 109.0 109.1 108.1 107.6 110.8 Gas and gas liquids .66 128.7 124.0 124.3 133.8 141.7 143.0 144.0 140.5 134. 130.0 127.6 130.7 Oil and gas drilling .73 87.4 93. 90.1 84.1 85.5 90.4 89.3 85.3 85.1 87.3 88. 91.1 Metal, stone, and earth minerals.. 1.43 772.2 725.0 722.3 709.9 702.5 95. 700.7 702.7 774.5 727.0 737.5 725.0 725.5 725.4 Metal mining .61 112.3 127.0 119.7 103. 101.6 102.4 106.9 106.6 115.5 131.3 134. 115.2 121. 125.7 Stone and earth minerals 112.1 123.6 124.3 114.9 103.2 96.0 95. 99.8 114.3 123.8 129.6 132.3 134.5 130.4 Utilities Electric. 4.04 142.6 150.3 140.: 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.2 Gas 1.28 131.9 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

1476 BUSINESS ACTIVITY; CONSTRUCTION NOVEMBER 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manu- Prices 4 Industrial production facturing 2 Nonag- Major market groupings Major industry s C tr o u n c - - r t i u c r u a l l - Freight Total Period Total Final products Mate- igrouping5 t c t r i a o o c n n t - s T m p o e e l m t o n a y t l - — - 1 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 h a m d l o e i l - t e y - Total g s C o u o o m n d e - s r E m q e u n ip t - rials Mfg. M in i g n- U iti t e il s - 1950 74.9 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—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. 147.5 138 111.3 101.7 124.4 94.8 125 107.8 100.3 May 131.3 131.1 131.0 131.3 131.3 132.2 111.3 148.3 138 111.4 101.8 124.1 96.4 127 107.8 100.1 June 131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7 138 111.8 102.1 124 A 93.6 127 108.0 100.0 July 132.9 '132.3 '132.1 132.7 133.6 133.9 '110.9 151.4 140 112.0 102.3 124.3 94.5 128 108.3 100.4 Aug 133.8 '133.4 '133.1 '133.9 '134.7 134.6 '111.9 '154.5 121 112.1 102.3 125.3 93.2 130 108.2 100.3 Sept 134.0 132.6 131.9 134.1 135.7 134.7 112.9 155.0 131 112.3 103.4 128.7 96.4 130 108.4 100.7 131.7 130.7 128.7 135.0 132.7 132.1 111.7 156.0 112.2 101.4 124.0 94.6 126 100.8 i Employees only, excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, * Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Total construction 41,303 45,546 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,329 4,639 4,504 4,601 3,760 3,762 By type of ownership: Public 13,599 14,653 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 2,552 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 1,789 2,028 1,519 1,325 1,372 1,427 1,991 2,006 2,050 1,996 2,000 1,679 1,717 Nonresidential building, 13,010 14,377 1,154 1,331 1,082 1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548 1,275 1,228 Nonbuilding 10,255 10,667 764 954 1,148 985 816 692 972 933 1,227 1,107 1,054 8071 817 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

NOVEMBER 1964 CONSTRUCTION 1477 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o 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 1.085 5 491 1956 47,601 34 869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1,275 5,682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 1,344 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 1,387 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 I 467 7 377 I960 53,941 38 078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,378 5,855 1,581 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 1,754 8 404 1963 62 451 43 772 25 843 12 656 2 962 5 200 4 494 5 273 18 679 6 670 1963—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 Ju|y 66,641 46,261 26,708 13,736 3,334 5,574 4,828 5,817 20,380 7,549 2,368 Aug 65,991 45,906 26,342 13,784 3,505 5,609 4,670 5,780 20,085 7,021 2,325 Sept.*3 66,273 45,703 25,945 14,052 3,514 5,746 4,792 5,706 20,570 7,273 2,264 Oct v 65,456 45,308 25,555 14,142 3,540 5,776 4,826 5,611 20,148 2,211 i Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Dept. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- (priva C t e A only)* Private underwritten Period Total Metro- Non- Total N fa o rm n- politan p m o e li t t r a o n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1955 1,646 1.627 19 670 277 393 1956 1,349 ,325 24 465 195 271 1957 1,224 ,175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,641 1,151 490 .609 1,021 53 535 32 292 221 71 1963 Sept 1,747 ,712 148 104 44 146 94 4 48 2 25 19 6 Oct 1,864 I 824 168 118 50 165 104 5 55 3 27 21 6 Nov 1,577 1,544 122 85 37 121 72 4 44 2 22 17 5 Dec 1,570 I 524 97 77 21 96 51 3 42 2 21 16 5 1964—Jan 1,718 1,688 101 75 26 100 55 4 41 1 16 11 4 Feb 1,657 1,613 101 74 27 100 64 5 32 1 17 12 4 Mar 1,663 ,638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 ,501 152 103 50 149 91 6 52 4 23 18 5 May [,529 ,507 161 115 45 158 101 52 3 29 23 June 611 585 164 IIS 46 159 102 5 51 6 2* to f July ,505 1.483 145 103 42 143 92 4 47 2 26 20 6 Aug V1,424 V1,402 Pi 44 97 47 ?141 91 4 46 P2 23 18 5 Sept V ,484 V ,458 »128 91 37 *>125 82 4 39 P3 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 rot 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

1478 EMPLOYMENT NOVEMBER 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i p T n o s o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Employed1 Unem- l N ab o o t r i n f o t r h c e e (pe m r r a e t c e n e 2 t nt) Total In nonagri- In ployed S.A. Total cultural industries agriculture 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963—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 July 134,216 78,958 76,218 72,405 66,586 5,819 3,813 55,258 4.9 Aug 134,400 78,509 75,758 72,104 66,704 5,400 3,654 55,891 5.1 Sept 134,586 76,865 74,122 70,805 65,575 5,230 3,317 57,721 5.2 Oct 134,772 77,112 74,375 71,123 65,997 5,126 3,252 57,661 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 r u in 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 li o r c a n n u s & t p il o i p t r i u t e a s b - - Trade Finance Service G m ov e e n r t n- 1957 52,904 MAI A 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—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 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 Aug 58,955 17,392 634 3,186 4,003 12,306 2,944 8,678 9,812 Sept.? 59,049 17,516 633 3,138 4,011 12,289 2,949 8 668 9 845 Oct.** 58,983 17,264 634 3,155 3,995 12,318 2,957 8,713 9,947 NOT SEASONALLY ADJUSTED 1963—Oct 58,426 17,367 637 3,333 3,968 12,014 2,884 8,472 9,751 Nov 58,220 17,229 634 3,176 3,944 12,166 2,878 8,406 9 787 Dec 58,585 17,139 631 2,925 3,931 12,774 2,880 8,379 9,926 1964—Jan 56,909 16,935 614 2,628 3,876 11,917 2,875 8 313 9,751 Feb . . . 57,045 16,982 611 2,681 3,879 11,837 2,885 8,362 9,808 Mar 57,388 17,051 611 2,760 3,883 11,926 2,895 8,415 9,847 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 Aug . . . 59,256 17,553 645 3,552 4,039 12,276 2,991 8,765 9,435 Sept.p 59,821 17,842 642 3,452 4,043 12,309 2,964 8,729 9,840 Oct.*3 59,783 17,515 642 3,429 4,027 12,399 2,954 8,757 10,060 1 Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 EMPLOYMENT AND EARNINGS 1479 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Oct. Aug. Sept.** Oct.P Oct. Aug. Sept.*3 Total 12,649 12,884 13,018 12,773 12,895 13,009 13,322 13,017 Durable goods 7,110 7,312 7,440 7,205 7,204 7,253 7,533 7,299 Ordnance and accessories 120 105 107 106 120 104 107 106 Lumber and wood products 526 528 525 521 543 559 551 538 Furniture and fixtures 325 339 340 341 334 344 348 350 Stone, clay, and glass products 491 507 507 506 504 527 528 520 Primary metal industries 931 1,011 1,020 1,010 929 1,004 1,023 1,008 Fabricated metal products 895 932 942 907 913 930 957 925 Machinery except electrical 1,074 1,127 1,143 1,149 1,057 1,112 1,136 1,131 Electrical machinery 1,051 1,065 1,080 1,076 1,074 1,062 1,098 1,100 Transportation equipment 1,143 1,129 i;202 1,016 1,149 1,030 1,190 1,021 Instruments and related products 237 241 242 244 240 241 245 247 Miscellaneous manufacturing industries. 317 328 332 329 342 339 353 355 Nondurable goods 5,539 5,572 5,578 5,568 5,691 5,756 5,789 5,718 Food and kindred products 1,159 1,129 1,120 1,118 1,248 1,250 1,259 1,204 Tobacco manufactures 77 75 73 79 94 84 94 97 Textile-mill products 795 800 803 804 804 810 813 813 Apparel and other finished textiles 1,164 1,185 1,193 1,188 1,180 1,215 1,214 1,205 Paper and allied products 488 494 496 495 493 499 503 500 Printing, publishing and allied industries 591 605 605 602 599 603 609 610 Chemicals and allied products 527 532 532 530 526 533 533 529 Products of petroleum and coal 120 114 115 114 120 117 116 114 Rubber products 308 327 328 323 317 327 335 333 Leather and leather products 310 311 313 315 309 319 314 314 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 Oct. Aug. Oct. Aug. Sept.? Oct. Aug. Sept.p Oct.* Total 40.6 40.7 40.6 40.6 100.53 103.07 103.94 102.97 2.47 2.52 2.56 2.53 Durable goods 41.2 41.5 41.5 41.2 109.71 112.05 113.71 111.78 2.65 2.70 2.74 2.70 Ordnance and accessories 41.2 40.4 40.2 40.4 121.13 121.10 121.50 122.82 2.94 3.02 3.03 3.04 Lumber and wood products 40.3 40.3 39.4 39.9 85.68 89.57 87.60 88.07 2.10 2.19 2.19 2.18 Furniture and fixtures 40.7 41.2 40.5 41,4 84.03 85.48 85.28 87.14 2.02 2.04 2.06 2.06 Stone, clay, and glass products 41.6 41.4 41.1 41.4 105.67 107.78 107.33 107.68 2.51 2.56 2.58 2.57 Primary metal industries 40.6 42.1 42.8 42.0 122.41 130.00 136.53 129.69 3.03 3.11 3.19 3.11 Fabricated metal products 41.6 41.7 41.2 41.3 109.93 113.25 113.01 110.81 2.63 2.69 2.71 2.67 Machinery except electrical 41.9 42.3 42.1 42.3 117.04 121.11 120.67 121.54 2.80 2.87 2.88 2.88 Electrical machinery 40.3 40.7 40.3 40.7 100.28 102.56 102.97 103.73 2.47 2.52 2.53 2.53 Transportation equipment 42.3 42.3 42.4 41.0 131.52 129.38 133.25 127.10 3.08 3.11 3.15 3.07 Instruments and related products 41.0 41.0 41.0 40.6 102.75 103.73 104.14 103.38 2.50 2.53 2.54 2.54 Miscellaneous manufacturing industries. 39.7 39.9 39.2 39.6 81.40 82.19 81.35 83.60 2.03 2.06 2.07 2.09 Nondurable goods 39.8 39.7 39.3 39.7 88.98 91.43 91.64 91.54 2.23 2.28 2.32 2.30 Food and kindred products 41.0 40.7 40.5 40.6 94.35 97.00 98.06 97.51 2.29 2.36 2.38 2.39 Tobacco manufactures 38.1 38.6 36.8 38.4 71.46 75.08 72.31 72.58 1.80 1.93 1.84 1.81 Textile-mill products 41.0 41.1 39.9 41.3 71.04 73.10 71.64 75.71 1.72 1.77 1.80 1.82 Apparel and other finished textiles 36.4 35.8 35.1 36.2 64.25 65.69 62.82 64.98 1.77 1.79 1.80 1.80 Paper and allied products 43.0 42.9 42.7 43.0 108.43 111.71 112.06 111.89 2.51 2.58 2.60 2.59 Printing, publishing and allied industries 38.4 38.7 38.5 38.7 111.74 114.85 115.71 115.71 2.91 2.96 2.99 2.99 Chemicals and allied products 41.5 41.4 41.9 41.5 113.85 116.05 119.83 116.75 2.75 2.81 2.86 2.82 Products of petroleum and coal 41.6 42.1 42.3 41.8 131.77 133.88 140.61 134.50 3.16 3.18 3.27 3.21 Rubber products 41.0 41.7 41.7 41.7 101.93 107.68 108.94 107.43 2.48 2.57 2.60 2.57 Leather and leather products 38.9 38.0 38.0 38.4 67.66 70.46 68.45 68.63 1.79 1.83 1.84 1.84 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

1480 PRICES NOVEMBER 1964 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t - y o n F i p a n i u e n s g r h d r s a - - - A u p p a p n k a d e r e e p l T p t o r i a o r n t n a s - - Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e a i c e n n r a g e d d a - - g O s a o e t n o r h v d d e - s r tion tion ices 1929 59.7 55.6 85.4 1933 . 45.1 35.3 60 8 1941 .. . 51.3 44 2 61 4 64.3 45 2 88 3 51 2 50 6 47 6 57 3 58 2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955 93.3 94.0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88.6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94 A 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957... 98.0 97 8 98.5 98.3 98 2 100 8 96 9 99 4 99 5 96 5 97 0 95 5 97.1 96 9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 . 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 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 2 102 6 103.9 104.4 104 4 101 6 107 9 101 4 103 0 105 0 107 3 111 3 104 6 107 2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109 4 114.2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106.8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1963—Sept 107.1 105.4 106.2 107.0 107.2 103.7 108.0 102.7 105.4 107.9 112.1 117.5 108.2 112.3 108.0 Oct 107.2 104 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 107.4 105.1 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 117.9 108.4 112.8 108.3 Dec 107.6 105 4 106 9 307.3 108 4 105 8 108 1 102 9 106 1 108 9 112 7 117.9 108 8 113 1 108.3 1964—Jan 107 7 105 8 106 9 107 3 108 5 106 6 108 1 102 7 105 0 109 4 112 7 118 2 108 S 113 1 108 3 Feb 107.6 106.0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 Mar 107.7 105.7 107.1 107.5 108.9 106.1 107.1 102.8 105.3 108.9 113.1 118.7 108.7 113.6 108.5 Apr 107.8 105 7 107.0 107.7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 108.7 114.0 108.6 May 107.8 105.5 106.9 107.7 108.4 102.1 108.0 102.9 105.7 109.1 113.5 119.1 108.9 114.1 108.7 June 108.0 106 2 107.1 107.8 108 7 101 4 108 1 102 9 105 7 109 2 113 5 119 3 109 1 114 0 108.7 July 108.3 107.2 107.1 107.8 108.9 100.9 107.9 102.8 105.5 109.4 113.7 119.5 109.3 114.1 108.9 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 Sept 108.4 107.2 107.4 107.9 109.5 101.5 108.2 102.8 105.9 108.9 113.9 119.7 109.5 114.3 109.0 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il e t e c x s . - , Hides, Fuel, C ic e h a t e c l m . s, - R b e u e tc b r . , - L b e u t e c m r . , - Paper, Metals chin- F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - s erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100. 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961. 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962. 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963. 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1963—Sept.. 100.3 95.5 100.9 100.7 100.5 103. 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8 Oct.. 100.5 95.1 102.2 100.9 100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107.5 111.2 Nov.. 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107.5 110.9 Dec. 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93. 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 98.4 101 107.6 112.6 Feb 100.5 94.5 100.9 101.2 101.2 102.5 99.0 96.4 93.6 99.9 99.9 101.8 102.5 98.5 101 107.1 110.9 Mar 100.4 95.2 100.5 101.1 101.2 102.5 97.0 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101 107.1 109.8 Apr 100.3 94.4 100.4 101.1 101.1 104.5 96.1 96.6 93. 101.8 99.1 102.2 102.9 98.6 101 107.1 109.5 May 100.1 93.7 99.4 101.1 101.2 104.7 96.4 96.7 92.6 101.8 98.7 102.1 103.3 98.6 101 107.3 107.2 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 98.5 101 107.4 106.7 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 98.6 101 107.3 107.5 Aug 100.3 93.6 101.0 101.1 101.2 105.6 '96.4 96.5 91.8 100.9 98.7 103.0 r102.9 98.6 101 107.5 107.3 Sept 100.7 95.6 102.2 101.1 101.2 105.5 95.5 96.6 91.9 100.6 98.7 103.0 102.9 98.6 101.7 107.5 109.2 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 PRICES 1481 WHOLESALE PRICES: DETAIL (1957-59- 100) 1963 1964 1963 1964 Group Group Sept. July I Aug. | Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 88.0 108.9 '97.9 101.1 Woodpulp 91.7 95.5 95.5 95.5 Grains 102.9 85.7 85.7 90.2 Wastepaper 90.9 93.4 93.3 92.2 Livestock and poultry , 88.6 87.7 88.4 90.9 Paper 102.2 103.7 103.7 103.7 Plant and animal fibers 99.4 99.4 96.0 94.4 Paperboard 94.1 96.5 96.4 96.4 Fluid milk 101.8 100.5 '101.8 103.6 Converted paper and paperboard... 99.8 97.5 97.6 97.6 Eggs 107.8 87.3 98.6 96.9 Building paper and board 97.6 94.2 93.9 94.3 Hay and seeds 110.5 105.6 105.8 108.8 Other farm products , 89.0 98.3 98.5 96.8 Metals and Metal Products: Processed Foods: Iron and steel 99.1 100.7 101.2 100.5 Nonferrous metals 99.6 104.4 105.8 107.0 Cereal and bakery products 107.0 108.6 '108.3 108.1 Metal containers 104.7 105.6 105.6 105.6 Meat, poultry, and fish , 94.2 93.3 93.3 96.0 Hardware 104.2 104.9 r104.9 104.9 Dairy products and ice cream 108.0 107.0 107.3 108.7 Plumbing equipment 100.6 101.3 '102.9 103.0 Canned and frozen fruits, and veg- Heating equipment 93.1 92.1 '91.7 91.7 etables 105.3 105.3 '102.3 102.4 Fabricated structural metal products., 98.6 99.3 99.4 99.6 Sugar and confectionery , 112.5 106.6 106.4 105.1 Fabricated nonstructural metal prod- Packaged beverage materials 80.9 98.4 98.2 98.2 ucts 105.0 108.0 108.0 108.1 Animal fats and oils , 84.1 90.8 '93.5 97.3 Crude vegetable oils , 78.6 80.4 '82.3 87.7 Machinery and Motive Products: Refined vegetable oils , 80.8 79.2 79.4 84.0 Vegetable oil end products , 86.2 87.7 87.7 88.3 Agricultural machinery and equip..., 110.9 112.9 113.1 112.9 Miscellaneous processed foods. 106.5 108.8 108.9 109.3 Construction machinery and equip..., 110.1 112.3 112.3 112.4 Metal working machinery and equip... 110.2 113.3 113.3 113.3 Textile Products and Apparel: General purpose machinery and equipment 104.1 104.4 103.9 104.0 Cotton products 99.9 98.3 98.6 98.9 Miscellaneous machinery 103.5 104.7 104.7 104.6 Wool products 100.6 102.6 103.0 102.9 Special industry machinery and Man-made fiber textile products.... 94.0 96.2 '95.8 95.6 equipment (Jan. 1961= 100) 104.6 106.0 106.0 106.0 Silk products 130.1 117.0 117.0 117.0 Electrical machinery and equip 97.2 96.5 96.6 96.6 Apparel 102.3 103.3 103.3 103.3 Motor vehicles 99.3 100.9 100.7 100.5 Other textile products 116.2 117.2 119.8 120.7 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.5 100.6 100.6 100.6 Hides, Skins, Leather, and Products: Hides and skins 77.3 92.6 96.0 95.5 Furniture and Other Household Dura- Leather 99.5 104.7 104.5 104.0 bles: Footwear 108.4 108.3 108.3 108.4 Other leather products 103.4 103.9 '103.7 103.8 Household furniture 104.8 105.4 '105.6 105.6 Commercial furniture 103.2 103.2 103.2 103.2 Fuels and Related Products, and Power: Floor coverings 96.8 99.0 99.0 99.0 Household appliances 91.4 91.2 91.3 91.3 Coal 97.2 96.1 '96.6 97.2 Television, radios, and phonographs. 87.8 87.3 87.3 87.3 Coke 103.6 107.3 107.3 107.3 Other household durable goods 103.5 104.4 104.4 104.4 Gas fuels (Jan. 1958= 100) 121.7 120.2 '121.2 121.4 Electric power (Jan. 1958= 100) 101.8 100.6 '101.4 101.5 Petroleum products, refined 95.9 92.5 91.4 89.5 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 100.0 102.4 103.1 103.1 Concrete ingredients 103.0 102.7 102.8 102.8 Industrial chemicals 94.5 94.3 93.9 93.9 Concrete products 101.3 100.9 100.8 100.9 Prepared paint 103.9 104.1 104.8 104.8 Structural clay products.... 103.4 104.4 104.5 104.6 Paint materials 89.2 90.7 89.8 89.9 Gypsum products 106.1 108.6 108.6 108.6 Drugs and Pharmaceuticals 94.9 94.8 94.7 94.6 Prepared asphalt roofing.... 88.2 88.9 91.2 91.2 Fats and oils, inedible 81.3 95.9 '101.3 106.2 Other nonmetallic minerals. 100.9 101.8 101.8 101.5 Mixed fertilizers 103.8 103.5 '103.4 104.4 Fertilizer materials 97.2 101.1 100.2 99.1 Tobacco Products and Bottled Bever- Other chemicals and products 98.9 99.6 99.6 99.6 ages: Rubber and Products: Tobacco products 105.7 106.0 106.0 106.1 Alcoholic beverages 101.0 100.3 100.8 100.8 Crude rubber 88.9 90.0 89.9 90.4 Nonalcoholic beverages. 127.7 127.4 127.4 127.3 Tires and tubes 91.7 88.0 88.0 88.0 Miscellaneous rubber products 97.2 96.4 96.4 96.4 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.1 101.0 101.0 101.2 Manufactured animal feeds 119.0 110.7 110.2 113.7 Lumber 100.7 101.5 '101.1 100.7 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 105.6 109.1 109.1 109.1 Jewelry, watches, photo equipment.. 103.4 103.9 103.9 103.8 Plywood 92.6 92.3 91.8 91.7 Other miscellaneous products 101.1 102.5 102.5 103.1 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1482 NATIONAL PRODUCT AND INCOME NOVEMBER 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 III IV HIP Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 608.8 618.6 627.5 Personal consumption expenditures. 79.0 46.4 81.9 195.0 313.5 328.2 337.3 356.8 375.0 377.4 381.3 390.0 396.1 404.5 Durable goods 9.2 3.5 9.7 30.4 43.6 44.9 43.7 48.4 52.1 52.2 53.6 55.9 57.0 58.8 Nondurable goods 37.7 22.3 43.2 99.8 147.1 151.8 155.4 162.0 167.5 168.6 168.9 172.9 175.3 179.2 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.3 146.4 155.3 156.6 158.8 161.1 163.8 166.5 Gross private domestic investment. 16.2 1.4 18.1 50.0 72.7 71.8 68.8 79.1 82.0 82.8 87.1 85.9 87.2 86.5 New construction 8.7 1.4 6.6 24.2 40.2 40.7 41.0 44.2 46.6 47.2 48.3 49.2 48.9 49.1 Residential, nonfarm 3.6 .5 3.5 14.1 22.3 21.1 21.1 23.6 25.2 25.4 26.2 26.9 26.2 25.7 Other 5.1 1.0 3.1 10.1 17.9 19.7 19.8 20.6 21.3 21.9 22.1 22.3 22.7 23.4 Producers' durable equipment.. 5.9 1.6 6.9 18.9 25.9 27.6 25.9 29.0 31.0 31.4 32.4 34.2 34.6 35.7 Change in business inventories. 1.7 -1.6 4.5 6.8 6.6 3.5 1.9 5.9 4.4 4.2 6.4 2.5 3.7 1.7 Nonfarm only 1.8 -1.4 4.0 6.0 6.5 3.2 1.5 5.3 3.9 3.7 6.0 2.2 3.4 1.6 Net exports of goods and services. .8 .2 1.1 .6 3.0 4.6 4.0 4.4 4.2 5.8 7.7 5 7 6.5 Exports 7.0 2.4 6.0 13.1 22.9 26.3 27.6 29.2 30.7 31.0 32.6 34.5 33.7 35.6 Imports 6.3 2.3 4.8 12.5 23.6 23.3 23.0 25.2 26.3 26.8 26.9 26.8 27.9 29.2 Government purchases of goods and services. 8.5 8.0 24.8 39.0 97.2 99.6 108.0 116.3 122.6 122.8 124.8 125.2 129.6 130.0 Fe N de a r t a io l nal defense 1.3 2.0 I 1 1 6 3 .9 .8 1 1 9 4. . 3 3 5 46 3 . , 2 6 4 5 5 3 . . 7 1 4 5 9 7 . . 0 4 6 5 2 3 . . 9 6 5 5 4 5 . . 7 2 6 5 4 5 . . 4 5 6 5 4 5. . 3 9 6 5 4 4 . . 3 0 6 5 7 7. . 0 1 6 5 6 5 . . 0 7 Other \ 1.3 2.0 f 3.2 5.2 7.9 8.0 8.9 10.2 10.3 9.5 10.5 11.5 11.0 11.2 Less: Government sales .1 .5 .6 .6 .9 .8 .6 .9 1.2 .9 .9 State and local 7.2 6.0 7.8 19.7 43.6 46.5 50.6 53.5 57.9 58.4 59.9 60.9 62.5 64.0 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 494.8 502.0 508.0 513.5 518.2 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 1QOO 1 QJ.1 1QCQ 1 Q£O 1 Qf/J III IV I II III? National income 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 498.4 '507.1 Compensation of employees . .... 51.1 29.5 64.8 154.2 278.5 293.6 302.2 323.1 340.3 342.7 347.7 352.5 358.6 364.8 50.4 29.0 62.1 146.4 258.5 271.3 278.8 297.1 312.1 314.3 318,8 323.2 328.7 334.4 Private 45.5 23.9 51.9 124.1 213.1 222.9 227.0 241.6 252.9 255.0 257.6 260.8 265.3 269.4 Military. . ... .3 .3 1.9 5.0 9.9 9.9 10.2 10.8 10.9 10.7 11.7 11.7 11.7 11.8 4.6 4.9 8.3 17.3 35.4 38.5 41.6 44.7 48.3 48.7 49.6 50.7 51.7 53.2 Supplements to wages and salaries .7 .5 2.7 7.8 20.1 22.3 23.4 25.9 28.2 28.4 28.8 29.4 29.9 30.4 Employer contributions for social insurance .1 2.0 4.0 9.7 11.3 11.8 13.6 15.1 15.2 15.4 15.7 15.9 16.2 .6 .4 .7 3.8 10.4 11.0 11.6 12.3 13.1 13.2 13.4 13.7 14.0 14.2 Proprietors* income 14 8 5 6 17 4 37 5 46 5 46 2 48 2 49 8 50 6 50 7 51 5 51 2 51 7 52 1 Business and professional 8.8 3.2 10.9 23.5 35.1 34.2 35.3 36.6 37.6 37.8 38.3 38.6 39.1 39.6 Farm 6.0 2.4 6.5 14.0 11.4 12.0 12.9 13.2 13.0 12.9 13.2 12.6 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 12.4 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 51.4 53.1 56.4 '57.9 Profits before tax 9.6 .2 17.0 40.6 47.7 44.3 44.2 48.2 51.3 51,3 54.3 56.6 '57.9 Profits tax liability 1.4 .5 7.6 17.9 23.2 22.3 22.3 23.2 24.6 24.5 26.0 25.4 '26.0 Profits after tax 8.3 — .4 9.4 22.8 24.5 22.0 21.9 25.0 26.7 26.7 28,3 31.2 '31.9 Dividends 5.8 2.1 4.5 9.2 13.7 14.5 15.2 16.5 18.0 17.9 19.1 19.4 19.8 Undistributed profits 2.4 -2.4 4.9 13.6 10.8 7.5 6.7 8.5 8.7 8.9 9.2 11.8 '12.1 Inventory valuation adjustment .5 -2.1 -2.5 -5 0 — .5 .2 — .1 .3 — .4 .2 — 1.2 — .2 — .1 1 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.1 22.1 24.4 24.7 25.4 25.9 26.5 27.1 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

NOVEMBER 1964 NATIONAL PRODUCT AND INCOME 1483 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Tt*»TM 1O0Q 1QA1 1 Q^rt 1QCQ 1 o^n IQ/Tf 1 Qd'X in IV I n III, Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 608.8 618.6 627.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 41.0 43.0 44.5 48.7 50.8 51.2 51.7 52.5 53.1 53.6 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 42.6 46.4 49.0 52.8 55.9 56.1 57.3 57.9 59.0 60.2 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 Statistical discrepancy .3 .9 .4 -.7 -3.0 -3.0 -2.6 -1.8 -2.7 -3.5 -1.8 -1.6 -2.4 Plus: Subsidies less current surplus of government enterprises ... . — .1 1 .2 .4 .5 1.6 1 6 1 0 9 7 1.0 .7 4 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 498.4 507.1 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 51.4 53.1 56.4 57.9 Contributions for social insurance .2 .3 2.8 6.9 17.6 20.6 21.4 23.9 26.9 27.1 27.5 28.0 28.4 "29!6 Plus* Government transfer payments .... .9 1.5 2.6 14.3 25.4 27.3 31.3 32.3 34.3 34.0 34.7 35.9 35.5 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 8.7 8.8 9.1 9.3 9.2 Dividends.. . 5.8 2.1 4.5 9.2 13.7 14.5 15.2 16.5 18.0 17.9 19.1 19.4 19.8 20.0 Business transfer payments .6 .7 .5 .8 2.1 2.2 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 Equals: Personal income 85.8 47.2 96.3 228.5 383.9 401.3 417.6 442.4 464.1 466.3 474.5 480.9 487.9 494.5 Less: Personal tax and nontax payments. . .. 2.6 7.5 3.3 20.8 46.8 51.4 52.9 57.9 61.6 61.9 63.3 61.4 56.6 57.8 Federal .. .... 1.3 .5 2.0 18.2 40.4 44.0 45.1 49.1 51.9 52.2 53.4 51.2 46.1 47.2 State and local 1.4 1.0 1.3 2.6 6.4 7.3 7.8 8 8 9.6 9 7 9 9 10.2 10.5 10 6 Equals'. Disposable personal income 83.1 45 7 93 0 207.7 337.1 349 9 364.7 384 6 402 5 404 4 411 2 419.5 431.3 436 7 Less: Personal consumption expenditures... 79.0 46.4 81.9 195.0 313.5 328.2 337.3 356.8 375.0 377.4 381.3 390.0 396.1 404.5 Equals: Personal saving 4.2 -.6 11.1 12.6 23.6 21.7 27.3 27.8 27.5 27.0 29.9 29.5 35.2 32.2 Disposable personal income in constant (1954) 134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 356.3 360.7 366.7 375.7 379.0 NOTE.— Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1963 1964 Item 1962 1963 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total personal income 442.4 464.1 468.9 472.7 473.8 477.11479.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.1 Wage and salary disbursements 297.1 312.1 316.0 318. 318.3 320.0 320.8 323.6 325.1 327.7 328. 330.7 331.8 334.6 336.4 Commodity-producing industries... 118.5 123.3 125.0 125.4 125. 126.0 125.6 127. 127.4 128.8 128. 129.4 129.9 130.8 131.6 Manufacturing only 94. 98.0 99.4 99.7 99.7 100. 100.0 700.7 707.7 702.3 702.3 702.7 703.0 703.8 104.6 Distributive industries 76.6 80.3 81.5 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.1 Service industries 46.4 49.3 49.9 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.3 Government 55.6 59.2 59.7 61.0 61.3 61.5 62.1 62.4 62.7 63.0 63.4 63.8 64.1 65. 65.4 Other labor income. 12.3 13.1 13.3 13.4 13.5 13.5 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.2 14.3 Proprietors' income ..... 49.8 50.6 50.8 57.5 51.5 51.6 57.7 57.3 51.2 57.5 57.7 51.9 57.P 52.2 52.3 Business and professional. 36.6 37.6 37.9 38.2 38.2 38.4 38.3 38.7 38.8 39.0 39.1 39.3 39.5 39.6 39.6 Farm 13.2 13.0 12.9 13.2 13.2 13.2 12.8 12.6 12.4 12.5 12.6 12.6 12.4 12.6 12.7 Rental income 12.2 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 12.4 Dividends 16.5 18.0 18.0 18.5 18.8 20.1 19.3 19.4 19.6 19.8 19.8 19.9 20.0 20.0 19.9 Personal interest income. 30.0 32.9 33.7 34.0 34.2 34.4 34.7 35.0 35.3 35.5 35.7 35.9 36.0 36.2 36.5 Transfer payments 34.7 36.7 36.6 37.1 37.2 37.2 139.7 37.5 37.8 38.2 38.0 37.6 37.8 38.0 38.1 Less: Personal contributions for social insurance 10.3 11.8 11.8 12.1 11.9 12.1 12.2 12.3 12.4 12.5 12.5 12.6 12.7 12.8 12.9 Nonagricultural income. 424.9 446.6 451.6 455.1 456.1 459.5 462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 479.8 Agricultural income 17.6 17.5 17.3 17.6 17.6 17.5 17.2 17.0 16.8 17.0 17.1 17.2 16.9 17.1 17.3 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

1484 FLOW OF FUNDS NOVEMBER 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transaction cateogry, or sector 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 -3.8 -2.2 -2.4 -1.4 -2. -2.5 2 -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 6.1 5.1 5.4 3.6 3.6 4.2 6.4 2.5 3.7 11 Gross pvt. fixed investment. 66.1 68.2 66.8 73.2 77.6 72.7 75.2 74.6 74.3 76.7 78.6 80.7 83.4 83.4 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 13 Nonfinan. 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 14 Financial sectors .7 .6 .7 .7 .7 .6 .6 .6 .8 .9 1.0 .9 .3 15 Net financial investment. -1.9 .7 2.0 1.3 2.5 1.9 1.0 .8 1.2 2.7 1.4 4.8 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 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 Loans and short-term securities 19.1 16.1 17.2 15.4 19.3 22.6 -10.3 22.8 19.7 30.1 1.8 25.6 21.7 26.9 18 Long-term securities and mtgs 33.7 20.0 30.7 42.9 43.8 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 9.9 8.9 9.5 -3.6 4.3 10.0 5.8 20 21 Short-term mkt. securities 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 21 22 Other securities 4.3 -5.6 -1.4 6.8 3.8 4.6 22.1 3.2 1.4 -.9 10.6 4.3 .5 1.9 22 23 CCC guaranteed loans -.6 .5 .2 .2 -.4 * -.9 1.2 .3 -.7 -1.0 -.2 -1.0 .4 23 24 Foreign borrowers .9 2.0 2.8 2.3 3.4 2.3 -.6 3.1 3.7 5.2 1.2 3.2 4.1 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 -.1 .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 6.8 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 2.8 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 5.8 7.1 7.4 6.5 4.4 5.7 33 34 Corporate 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 34 35 7- 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 4 4 4 3 2 0 1 9 F P U S o v o .S r t u . e . r i c i g G n e n s s o u v n f r u t . . . e n & . d l c e s n p d e i n n s g ion reserves.... 9 3 3 3 . . . . 5 8 8 5 2 5 3 8 . . . . 3 5 5 2 2 2 4 9 . . . . 8 0 3 6 2 9 3 3 . . . . 9 2 1 5 1 4 2 2 0 . . . . 1 7 5 9 4 4 2 9. . . . 1 2 7 5 9 2 1 . . . . 9 0 6 8 9 2 3 3 . . . . 6 0 2 3 2 9 7 . . . . 8 4 7 2 1 2 2 8 0 . . . . 5 6 0 7 1 - 3 3 3 .6 . . . 9 6 0 1 — 2 4 0 . . . 0 5 . 7 1 1 - 1 2 .5 . . . 7 1 3 1 4 6 1 . . . . 2 4 8 7 4 4 4 3 0 1 2 9 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 31.6 34.0 44 45 Deposits 10.8 13.7 23.7 29.9 33.8 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 1.8 5.8 2.8 2.7 5.3 .3 7.9 3.3 12.4 i 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 73.5 14.4 11.9 9.5 48 49 At savings instit 8.4 9.6 11.1 12.9 14.9 11.9 13.3 15.0 16.6 14.8 73.2 15.2 14.6 15.5 49 50 Short-term U.S. Govt. sec... 5.7 -4.6 .5 1.4 3.2 7. -6.4 .1 4.7 8.4 -1.8 5.1 2.7 50 51 Other U.S Govt. securities 7.2 -1.3 .6 2.0 -.9 8.0 -3 -3.1 .3 8.4 2.3 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 52.1 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 1.9 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 59 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 60 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 61 62 Security issues .1 .2 .1 .1 .1 .1 .9 .9 .5 62 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 63 64 Total 24. 23.4 25.0 28.9 34.3 27. 31.1 35.0 24.9 38. 39.5 34.6 29.1 37.7 64 65 Less credit raised... 4.5 2.3 6.9 2.6 7.5 9.2 -4.3 11.5 .1 10.4 65 2.4 4.8 11.8 8.6 66 U.S. Government 3.8 2.8 2.7 4.7 1.6 3.2 .2 3.6 1.7 6.4 66 2.3 3.5 2.6 4.5 67 Foreign 3.4 1.0 1.1 1.7 -1.6 -.7 2.5 67 1.2 1 4.4 -1.2 68 Pvt. domestic nonfin 20.6 2.0 5.0 8.5 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 1.8 3.5 1.2 5.5 4.7 1.1 70 71 State and local govts... 3.1 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 1.3 2.0 -3.9 1.0 -1. 5.1 2.6 1.4 .9 3.3 .2 72 -1.3 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1964 BULL., p. 1335. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 FLOW OF FUNDS 1485 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1962 1963 II III IV I II III IV I II I. Demand deposits and currency 1 Net incr. in banking system liability.. 1.1 5.4 4.4 5.8 5.4 -3.5 12.7 2.6 11.1 -2.0 12.3 7.9 4.7 1 2 U.S. Govt. deposits .7 .9 1.4 -.6 1.7 -5.1 5.0 3.4 1.0 -6.9 8.3 -3.4 2 3 Other .4 -.8 5.1 3.1 6.4 3.7 1.6 7.7 Q 10.1 4.8 12.2 — .5 8.1 3 4 Domestic sectors .4 -.7 4.9 3.0 6.2 3.0 3.4 7.2 -.2 8.0 5.3 12.1 -.2 6.9 4 5 Households .... 1.3 -1.3 .3 1.9 6.3 3.4 2.6 2.9 5.0 7.4 4.8 8.0 9.0 5.3 5 6 Nonfinancial business -2.2 -.5 2.1 -1.2 -2.0 -3.6 -1.3 2.7 -4.4 -1.4 -1.5 -1.3 -7.9 1.2 6 7 State and local govts .... .5 .2 .6 .7 .7 1 7 2.3 — l 7 8 .1 4 1 6 — 8 7 8 Financial sectors .2 .5 1.2 .3 .2 .7 1.9 c .1 2.0 -.2 -.1 .7 8 9 Mail float .6 .4 .7 A .8 1 4 — 9 _ 2 4 1 1 — 2 1 6 — 1 8 6 9 10 Rest of the world . . — .1 .2 .1 .2 .7 — 1.8 .5 — 7 2 1 c .1 — 3 1.2 10 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 16 At commercial banks—Total... . 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 16 17 Corporate business -.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 State and local govts -.4 1.4 .9 1.0 1.6 .8 .6 1.5 1.8 .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 8.4 9.5 11.3 13.1 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 17.8 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 -.9 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 28 Short-term -.8 .2 -1.0 .7 -1 1 .1 .5 2 1 . . 0 9 2 4. . 9 8 1. . 0 6 3. . 3 3 2 3 . . 5 5 1 4 2 . . 1 3 2 7. . 5 4 1. . 9 7 - 2 .5 .8 4 3 . . 0 7 -3 2 . . 2 0 2 2 8 7 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 -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 .2 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 -8.8 31 32 Nonguaranteed -.5 -.1 .3 .8 .5 1.1 .8 1.3 1.3 .7 -1.7 1.1 32 33 Nonbank finance ... .8 -.3 .8 1.3 -.7 n 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 -1.3 -\A .9 2.1 — 4.1 — 1.3 2.0 -1.8 A 2.2 34 35 Other direct .2 — 1.7 -.8 .5 .5 .8 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 1.8 2.8 -1.9 -.4 -1.2 .9 37 38 Short-term 2.1 .2 -.7 2.0 -.7 .9 3.2 2.0 .3 .6 -2.1 -1.6 -.9 .2 38 4 3 0 9 Pv S t. h d o o rt m -t e e s rm tic d n i o re n c fi t n. sectors 1 7 3 . . 5 0 - - 5 4 . . 1 3 -.8 2 1 . . 0 0 2 5. . 1 0 6 6. . 9 2 -7 1 . . 0 5 -.2 3 1. . 6 3 7 8 . . 3 7 -2 6 .9 .6 - 3 .4 .1 4 5 . . 3 0 7 1 . . 9 8 3 4 9 0 41 Other direct . .... 5.0 -.4 -1.6 1.1 -1.4 7.1 -3 -.8 -1.9 6.8 .2 .5 3.7 41 42 Nonguaranteed 2.2 -.1 .3 .6 .9 .4 .8 * -2.2 2.1 1.5 2.1 -.6 1.6 42 43 Savings bonds—Households... -1.8 2 .8 .4 1.2 .2 .6 .2 1.4 1.1 1.2 .8 .9 43 IV. Other securities 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 .8 .6 .8 1.0 1.0 1.4 .4 1.7 2.1 1.8 .5 -.2 -.1 .8 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 — 2 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 5 5 5 6 Fin S a e n c c u e r it n y . e b c rokers and dealers... -.5 .2 -.5 - - . . 8 2 -.2.5 -.2 .3 1 1. . 5 7 -1.1 .4 2 1 . . 1 8 — -4 4 .0 .4 1 1. . 8 6 - - . . 7 2 2 3 . . 7 4 - -3 4 . . 8 3 2 1 . . 4 0 5 5 6 5 -.7 -.5 -.6 -.8 -.5 -1.5 -.3 -.4 -.2 -.6 TT -.5 -1.4 57 58 Portfolio purchases .... 1.2 1.0 1.4 1.1 .8 2.4 — .1 .5 .4 .9 .9 .9 .1 .6 58 59 Net issues of own shares.... 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 59 60 Rest of the world .4 .3 .2 .1 .2 -.2 .5 .1 .2 _ 2 .1 60 V. Mortgages 61 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 61 62 1- to 4-family 13.2 10.4 11.8 13.4 15.7 13.8 13.7 14.2 14.0 16.4 16.7 15.7 15.0 16.1 62 63 In process ... . . — .1 .4 A .5 .4 .3 .6 .5 .6 .5 .5 -.3 -.4 63 64 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 64 65 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 65 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 66 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 67 68 U.S. Government 2.2 1.2 .6 .3 -1.0 .5 -.3 -1.3 -1.9 -.4 -5 .2 .8 68 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 69 9.6 8.9 11.0 13.2 16.0 13.1 13.4 13.8 15.3 16.4 16.4 16.1 14.6 14.9 70 71 Insurance. ... 2.4 2.9 2.7 3.0 3.9 2.5 3.1 4.3 3.3 3.7 4.2 4.5 4.3 4.5 71 72 Mortgage companies .2 .6 .5 .8 1.0 .6 .2 .2 1.1 1.1 1.0 < 1.5 72 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 7 7 4 5 No C nf o i r n p a o n r c a i t a e l business 5 3 . . 3 7 2 2 . . 7 6 1 1. . 7 6 4 2 . . 1 6 4 6. . 5 0 5 3 . . 2 9 4 2 . . 2 7 2 5 . . 6 0 2. . 6 5 4 2 . . 4 0 5 3 . . 6 0 1 1 3 0 . . 5 7 - - 2 . . 8 7 6 3 . . 0 3 7 7 4 5 76 Nonfarm noncorporate 1.0 -.5 .9 1.8 .7 1.1 1.5 1.7 1.8 1.9 1.7 1.7 1.8 76 77 Farm .7 .2 .3 .7 .7 .7 .5 .8 .3 .6 .8 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 * 1.1 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 Oct. 1964 BULL., p. 1335. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 1488 Gold production 1489 Net gold purchases and gold stock of the United States. 1490 Estimated foreign gold reserves and dollar holdings 1491 International capital transactions of the United States 1492 Money rates in foreign countries 1501 Arbitrage in Treasury bills 1502 Foreign exchange rates 1503 U.S. balance of payments. 1504 Foreign trade 1505 Guide to tabular presentation. 1424 Index to statistical tables 1511 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 the end of the BULLETIN). ury regulations thereunder. Other data are com- 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1488 GOLD RESERVES NOVEMBER 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 world l Fund world 1957 38 765 1 180 22 857 14 730 126 126 103 915 324 1 100 40 1958 39 445 1 332 20 582 17 530 60 162 194 1 270 325 1 078 40 1959 40,195 2,407 19,507 18,280 56 154 292 1,134 327 960 43 1960 40 505 2 439 17 804 20 260 104 147 293 1 170 287 885 45 1961 41,105 2,077 16,947 22,080 190 162 303 1,248 285 946 48 1962 41,440 2,194 16,057 23,190 61 190 454 1,365 225 42 708 43 1963—Sept 41,870 2,304 15,634 23,930 49 202 504 1,367 42 775 43 Oct 2,305 15 640 49 205 515 1 367 42 784 44 Nov 2,312 15,609 78 206 525 1,367 150 42 800 43 Dec 42,285 2,312 15,596 24,375 78 208 536 1,371 150 42 817 43 1964 Jan 2,314 15.540 78 210 547 1,373 42 837 44 Feb 2 322 15 518 78 211 558 1 374 42 850 43 Mar 42,390 2,328 15.550 24,510 76 211 569 1,376 42 871 43 Apr 2 334 15 727 76 215 579 1 390 42 892 43 May 2 353 15 693 74 216 579 1 392 42 910 42 June P42 905 2 359 15 623 *>24 925 74 218 592 1 392 42 931 43 July 2 359 15 629 74 219 592 1 391 42 949 43 Aug 2,424 15,657 221 592 1,395 42 969 43 Sept 2,426 15,643 223 592 1,395 990 43 Domin- Ger- E pe n r d i o o d f Cuba R i e c p a u n b- E d c o u r a- E v l a d S o a r l- l F a i n n d - France m F a e n d y . , Greece G m u a a l t a e- India I n n e d s o ia - Iran lic Rep. of 1957 136 11 22 31 35 581 2,542 13 27 247 39 138 1958 80 11 22 31 35 750 2 639 17 27 247 37 141 1959 50 10 20 30 38 1,290 2 637 26 24 247 33 140 I960 1 10 20 30 41 1 641 2 971 76 24 247 58 130 1961 3 19 18 47 2,121 3 664 87 24 247 43 130 1962 3 19 18 61 2,587 3,679 77 24 247 44 129 1963 Sept 3 19 18 61 3,031 3,761 77 23 247 142 Oct 3 19 18 61 3 089 3 817 77 23 247 142 Nov 3 19 18 61 3 128 3 823 77 23 247 142 Dec 3 19 18 61 3 175 3 843 77 23 247 142 1964 Jan 3 19 18 66 3,210 3,844 77 23 247 142 Feb 3 18 18 66 3,248 3,849 77 23 247 142 Mar 3 18 18 66 3,298 3,953 77 23 247 141 Apr 3 17 18 65 3,366 4,060 77 23 247 141 May 3 17 18 65 3 404 4 070 77 23 247 141 June 3 11 18 65 3,451 4,081 77 23 247 141 July 3 11 18 65 3 489 4 117 77 247 141 Aus 3 11 18 65 3 527 4 139 247 141 Sept 3 11 65 3,564 4,149 247 141 E p n er 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 1957 18 452 91 180 7d4 33 45 49 28 6 461 1958 18 1 086 91 143 050 33 43 49 19 10 493 1959 18 1,749 102 142 ,132 34 30 50 28 9 548 18 I960 18 2,203 119 137 451 3S 30 52 42 15 552 18 1961 18 2 225 140 112 581 30 53 47 27 443 65 1962 18 2,243 172 95 .581 30 53 47 41 471 78 1963—Sept 18 2,291 172 94 1,581 31 53 57 25 497 78 Oct 18 2,331 172 115 1,581 31 53 57 27 497 78 Nov 18 2,331 172 134 1,581 31 53 57 27 497 Dec 18 2,343 172 139 1,601 31 53 57 28 497 1964 Jan 18 2,343 172 151 31 53 57 30 497 Feb 18 2,343 172 157 1,601 31 53 57 21 497 M^ar 18 2,143 172 156 ,601 31 53 57 23 497 Apr 18 2,143 172 162 ,601 31 53 57 497 May 18 2,146 172 168 ,601 31 53 67 497 June 18 2,148 172 168 1,601 31 53 67 497 July 18 2,153 172 172 ,601 31 53 67 Aug 18 2,100 172 601 31 53 67 Sept 18 601 53 67 OOOO 00 00 00 00 00 00 OO Co- lombia 62 72 71 78 88 57 61 61 61 62 62 63 63 64 64 65 66 Iraq 20 34 84 98 84 98 98 98 98 98 98 98 98 112 South Africa 217 211 238 178 298 499 643 630 629 630 632 631 627 627 626 607 615 597 589 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 GOLD RESERVES AND PRODUCTION 1489 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n o in i m t g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n 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—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 —22 573 182 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 May 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 16 64 Aug 575 182 2 530 104 105 174 401 16 95 Sept .. 182 2,532 105 174 401 66 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 * 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 i - a oth A e l r l i ville) 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 13.0 6.0 14.8 38.6 58 9 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14 1 38 1 54 5 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38 0 53 6 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53 8 1962 1,295.0 892.2 19.4 31.1 7.1 54.5 145.5 8.3 7.8 13.9 5.7 14.8 37.4 57 3 1963 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59 3 1963—Aug 81.7 1.7 2.7 11.7 .6 .9 .4 1.3 3.0 Sept 80.9 6 2.7 11.5 .4 .7 4 1 2 3 0 Oct 82.0 7 12.2 .8 .6 .4 1 2 2 6 Nov 81.6 7 11.7 .8 .8 .4 1 3 3 1 Dec 78.6 8 10.8 .8 .9 .4 1.2 2 8 1964 Jan 78.7 7 2.6 10.7 .8 1.2 .4 3 1 Feb 79.9 6 2.6 9.8 1.0 1.2 .4 2 5 Mar 84.9 6 2.6 2 1.9 10.3 .5 1.0 .5 2 6 Apr 82 3 6 2.6 11.6 .7 1.2 4 2 6 May 83.4 7 2.6 10.7 .4 1.1 2 7 June .. 85 4 6 2.4 10.8 .3 1.1 3 0 julv 86.9 7 11.3 3 0 Aug 87.2 11.3 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on report of the U.S. China Mainland, ar.d North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 U.S. GOLD NOVEMBER 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 -143 -82 —20 —32 — 32 -23 3 3 -329 -39 -141 -144 -63 -34 —266 -173 -456 -518 — 101 —214 — 101 -101 -101 Germany Fed. Rep of —34 —23 —200 Italy -349 100 200 Netherlands 25 -261 —30 —249 -25 —20 — 10 Spain 31 32 — 114 — 156 -146 -130 —60 -2 Switzerland -8 —215 20 -324 — 125 102 — 30 100 -900 -350 -550 -306 -387 329 18 74 131 109 221 178 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 -1 — 11 —2 57 72 28 __ i 28 -1 28 Colombia • 28 —6 38 —30 —20 -4 -4 Venezuela • . ... -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 5 Total . ... • 18 -34 -186 -113 -101 -93 12 25 -4 5 All other 14 -3 -5 -38 -6 -1 -36 -10 -25 -1 2 -9 Total foreign countries 80 172 -2,294 -998 -1,969 -970 -833 -392 -100 -180 -15 -28 95 Intl. Monetary Fund 4 200 600 5-44 *300 150 Grand total 280 772-2,294 -1,041 -1,669 -820 -833 -392 -100 -180 -15 -28 95 1 Includes sales of $21 million to Lebanon and $48 million to Saudi * 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. s 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 ILS. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in- Year Total To G ta o l 2 ld s T to r c e k a s i ury c h F u o o r l r d r e e i i n n g g c n y s Total T g o o t l a d l Month Total To G ta o l l 2 d 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—Oct 15,910 15,640 15,583 270 122 6 1952.... . 23,252 23,252 23,187 379 379 Nov... 15,780 15,609 15,582 171 -130 -31 1953 . 22,091 22,091 22,030 -1,161 -1,161 Dec... 15,808 15,596 15,513 212 28 -13 1954.... . 21,793 21,793 21,713 -298 -298 1955.... . 21,753 21,753 21,690 -40 -40 1964—Jan... 15,847 15,540 15,512 307 39 -56 1956 . 22,058 22,058 21,949 305 305 Feb... 15,865 15,518 15,462 347 18 -22 1957.... . 22,857 22,857 22,781 799 799 Mar... 15,990 15,550 15,461 440 125 32 15,991 15,727 15,462 264 1 177 1958 . 20,582 20,582 20,534 -2,275 -2,275 May.'! 15,946 15,693 15,463 253 -45 -34 1959.... . 19,507 19,507 19,456 -1,075 *-1,075 June.. 15,805 15,623 15,461 182 -141 -70 1960 . 17,804 17,804 17,767 m -1,703 -1,703 July... 15,840 15,629 15,462 211 35 6 1961 . 17,063 16,947 16,889 -741 -857 Aug... 15,890 15,657 15,460 233 50 28 1962.... . 16,156 16,057 15,978 99 -907 -890 Sept... 15,870 15,643 15,463 227 -20 -14 1963.... . 15,808 15,596 15,513 212 -348 -461 Oct.*. . 15,702 15,606 15,462 96 -168 -37 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 Oct. 31, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1499 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1434 and 1436. 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

NOVEMBER 1964 GOLD RESERVES AND DOLLAR HOLDINGS 1491 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 June 30, 1963 Sept. 3(), 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 & notes dollars & notes series series Western Europe: 783 * 814 2 903 2 901 2 3 911 3 902 3 D G G Ita e r e e l n r y e m m c a e a n rk y Fed Rep. of 6 3 3 1 1 , , , , , 5 4 8 6 7 1 1 4 2 0 2 4 9 3 9 2 9 9 7 4 8 4 6 1 2 • * 3 3 * 6 1 4 6 3 1 1 , , , , , 6 5 8 4 4 2 1 1 1 9 4 6 2 5 1 3 7 7 1 2 2 1 1 1 1 * * 2 3 3 1 5 1 4 6 3 1 1 , , , , 6 5 9 6 2 1 5 1 7 1 1 3 5 4 3 4 8 0 0 4 8 7 4 0 1 * * 3 3 2 5 1 1 4 6 3 1 1 , , , , 7 6 9 8 2 1 1 1 9 6 5 8 6 9 6 4 1 1 3 4 5 2 0 6 1 * * 2 3 3 3 1 1 1 4 6 * • 4 1 1 4 2 6 1 1 , , , , 7 8 8 7 2 9 1 1 9 8 0 1 3 2 9 7 8 2 9 1 9 7 8 6 1 7 * * 4 4 1 5 6 3 1 1 , , , , 8 6 8 0 2 2 0 1 3 2 1 0 2 2 3 6 2 3 6 3 8 4 9 7 1 7 • 4 5 1 4 1 1 f 155 87 165 137 158 133 164 126 131 135 131 188 131 Portugal 632 1 625 1 646 688 1 689 * 687 * 623 1 736 751 1 778 1 2 807 2 839 2 Sweden 671 93 699 73 616 123 591 133 129 610 130 615 130 3,575 83 3,420 83 3,325 82 3,726 83 ' 75 3,528 77 3,737 77 165 * 146 * 128 * 136 • * 135 • 129 * United Kingdom 4,191 370 4,354 298 4,253 312 3,967 361 328 4,245 380 4,153 402 Other 2 542 48 497 48 502 50 430 49 46 620 49 575 48 Total 28,916 708 29,888 668 30,093 729 30,433 779 741 30,420 800 30,757 822 4,057 389 3,929 644 3,882 700 3,805 686 687 3,555 686 3,674 686 Latin American republics: 271 1 393 1 453 1 453 1 * 452 * 424 * Brazil 429 1 348 1 360 329 1 • 329 • 295 * Chile . . 178 • 172 * 176 * 186 • * 181 * 227 * C M u e b x a ico 2 6 0 2 1 5 6 6 4• 1 2 6 4 8 1 3 8 5 4 * 2 7 1 5 1 6 9 4 * 5 1 2 8 3 0 1 1 8 2 *5 1 2 * 1 2 8 4 3 1 4 7 1 * 1 1 2 8 3 1 1 8 7 1 1 * 1 9 3 8 2 • 1 1 1 6 1 8 1 * 1 1 1 9 1 8 7 * 1 2 1 1 2 5 9 * 1 * 0 2 9 3 1 0 * 1 2 1 7 0 1 5 * * Uruguay 281 1 262 1 263 1 284 1 * 277 * 276 * 806 1 905 1 933 1 992 1 * 1,017 * 1,057 * Other 336 398 2 376 1 424 1 1 463 2 487 2 Total 3,398 13 3,703 12 3,865 12 4,063 12 14 4,132 5 4,208 4 Asia: 288 6 295 < 302 298 < * 302 * 311 4t Indonesia . • 72 1 76 1 67 1 92 1 1 90 86 1 Japan 2,499 2,613 2,689 2,758 « 2,750 2,745 5 T Ph h i a l i i l p a p n i d n es . 437 480 * 486 * 486 * * 2 5 3 1 2 3 * 2 52 2 9 7 * 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 51 47 5,735 44 5,801 48 Africa: South Africa 540 636 * 683 * 671 * * 670 • 645 * U A R (EJZVDO 188 191 4t 186 * 188 * 198 196 Other 373 10 355 10 331 10 291 10 c 284 10 276 10 Total 1,101 10 1,182 10 1,200 10 1,150 10 9 1,152 10 1,117 10 Other countries: Australia 337 * 360 348 388 * * 373 * 384 4> 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 ^ 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 arc 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. 1498. * 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

1492 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign End of Grand Latin Other period total Total Intl. E p r u e e a r - o n - L r . e A - . Total c O ia ff l i s - Other Europe Canada America Asia Africa c t o r u ie n s gional 2 gional 1959 419 389 43,158 43,158 16 231 9 154 7,076 8 473 2 198 2,408 2,780 253 119 I960 21,272 4,012 3,897 115 17,260 10 212 7,048 9,046 2,439 2,308 3,115 227 125 1961 522,533 3,752 3,695 57 518,781 10,940 57,841 10,322 2,758 2,340 52,974 283 104 1962 25,019 5,145 4,938 34 173 19 874 11 963 7,911 10 162 3,349 2,448 3,444 319 152 1963—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 26,863 4,910 4,748 18 144 21,953 12,121 9,832 10,788 3,030 3,400 4,312 234 190 Aug.*3... 27,243 4,917 4,757 18 143 22,326 12,309 10,017 11,144 3,065 3,358 4,352 225 183 Sept.P.. . 27,369 5,066 4.910 17 139 22,303 12,346 9,956 11,281 2,837 3,291 4,438 231 189 la. Europe Ger- End of period Total Austria Belgium Den- Fin- France many, Greece Italy Nether- Norway Portu- Spain Sweden mark land Fed. lands gal Rep. of 1959 8,473 331 138 137 71 655 1,987 186 1,370 485 95 138 86 213 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—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 July 10,788 327 396 213 105 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 Sept.?3... 11,281 355 426 260 109 1,529 2.288 129 1.121 362 174 224 396 551 la. Europe—Continued lb. Latin America End of period Sw la it n z d er- Turkey U K d n i o n it m g ed - Y sl u av g i o a - W E O u e t s r h t o e e p r r n e6 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—Sept.... 824 21 1.747 15 265 2 17 3,003 404 181 133 155 13 665 Oct 857 26 1,807 15 325 2 21 3,019 381 185 122 163 12 632 Nov.... 831 25 1,706 16 395 2 20 3,034 360 189 135 162 11 654 Dec 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—Jan 915 18 1,777 14 334 3 23 3,171 381 169 131 174 11 684 Feb 919 28 1,735 13 320 2 22 3,191 392 172 136 173 11 708 Mar.... 986 20 1,787 13 357 3 19 3,192 376 179 138 181 11 681 Apr 1,043 16 2,008 13 514 3 21 3,365 377 178 142 190 12 707 May ... 1,063 15 1,931 14 372 4 20 3,332 402 189 135 178 11 659 June.... 1,138 14 1,714 14 309 3 25 3,313 350 174 184 173 11 649 July 1,121 13 1,864 14 278 4 23 3,400 336 176 168 164 10 666 Aug. ^... 1,102 12 1,951 13 254 3 21 3,358 307 221 172 149 10 674 Sept.?3... 1,121 18 1,920 16 260 3 20 3,291 313 210 181 169 10 638 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1493 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O 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 M C la h a n i i n d n a - K H o o n n g g India n d I e n o s - i - a 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—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. ... 85 218 106 769 427 171 93 14 4,312 35 75 62 40 133 Aug. P. .. 92 214 112 707 419 166 96 19 4,352 35 80 56 27 129 Sept.*5... 89 204 109 676 402 175 98 18 4,438 36 77 60 28 134 lc. Asia—Continued Id. Africa le. Other countries E pe n r d io o d f Japan Korea P p h i i n l e ip s - w Ta a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia - ot A he ll r* 1959 1,285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 1960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963—Sept 2,385 86 197 126 382 332 264 24 77 40 12 111 160 146 14 Oct 2,403 91 209 134 382 344 265 24 71 43 18 109 164 148 16 Nov 2,456 108 196 141 379 381 274 25 59 55 14 121 185 171 14 Dec 2 454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964—Jan 2,424 122 201 166 385 384 246 25 48 42 17 114 172 157 15 Feb 2,388 126 203 177 400 441 238 25 41 43 19 110 184 170 14 Mar. ... 2,446 124 209 200 409 472 248 26 33 43 24 123 177 162 15 Apr 2,415 120 205 215 416 512 236 25 24 46 26 114 184 162 22 May .... 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 July 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 Sept.P. . . 2.557 103 230 238 442 533 231 16 17 46 22 131 189 169 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 U.S. Govt. securities maturing in not more than 1 year from 4 Includes $1,031 million representing increase in U.S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U.S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Assn. and the Inter-American Development Bank. For data 31, 1961, of which $81 million reported for Japan. on long-term liabilities, see Table 5. For back figures and further 6 Includes Bank for International Settlements and European Fund. description of the data in this and the following tables on international 7 Decline from end of 1961 reflects principally reclassification of de- capital transactions of the United States, see "International Finance," posits for changes in domicile over the past few years from Cuba to other Section 15 of Supplement to Banking and Monetary Statistics, 1962. countries. 8 Data based on reports by banks in the Second F.R. District only for year-end 1959-1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data10 (end of period) 1963 1964 1963 1964 Area or country 1962 Area or country 1962 Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland 5.6 5.2 7.0 4.7 Iran H18.7 49.4 23.5 33.4 Ireland, Rep. of 2.9 4.7 10.7 6.0 Iraq 8.5 11.1 19.8 n.a. Luxembourg 10.8 8.9 7.4 8.6 Jordan 1.2 1.7 2.8 2.7 Monaco 1.7 2.0 2.7 2.4 Kuwait 33.0 38.2 46.5 49.9 Laos 14.0 12.8 8.8 6.5 Other Latin American Republics: Lebanon 65.9 77.9 76.3 108.1 Bolivia H23.2 21.2 32.6 35.1 Malaysia 18.4 18.9 24.1 24.3 Costa Rica 16.5 32.8 29.1 35.9 Pakistan 15.9 15 9 17.3 16.1 Dominican Republic H42.0 47.4 58.0 40.6 Ryukyu Islands (incl. Okinawa), 17.0 32.7 21.7 31.6 Ecuador 36.3 37.8 53.4 62.1 Saudi Arabia 28.4 37.1 61.7 151.0 El Salvador 1122. 48.6 41.7 57.8 Syria 4.9 3.4 2.1 5.7 Guatemala H40.9 74.8 47.9 65.1 Viet-Nam 10.1 11.6 12.1 17.9 Haiti 10.5 11.9 12.9 17.3 Honduras 13.8 23.7 20.0 26.3 Other Africa: Jamaica 3.3 5.8 6.5 4.7 Algeria 1.6 .9 1 .0 Nicaragua 14.8 42.5 35.0 52.3 Ethiopia, incl. Eritrea 17.0 20.8 22.3 32.1 Paraguay 5.7 6.8 8.9 8.4 Ghana 4.1 10.8 6.4 6.3 Trinidad & Tobago 3.1 4.1 5.7 5.5 Liberia 17.6 13.4 22.0 17.8 Libya 5.5 10.5 14.1 14.9 Other Latin America: Mozambique 2.5 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 Southern Rhodesia n.a. n.a. 3.6 3.5 Sudan 2.4 2.4 2.5 2.0 Other Asia: Tunisia 10.9 11.6 1.0 Afghanistan. 5.3 13.3 5.0 4.2 Burma 2.5 8.9 9.9 n.a. All other: Cambodia. . 12.6 10.2 6.9 2.1 New Zealand 4.7 8.8 10.5 18.8 Ceylon 4.9 9.6 3.1 3.7 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable in End of period Total foreign Total Dem D an e d pos T it i s me * c T b er i r l t U e l i s f a . i S s a c u . a n r t d y es n S o p U t e . e S c s i . a 2 l Other 3 Total Dema D n e d pos T it i s me l c T b er i r l t U e l i s f a . i S s a c u . a n r t d y es Other 3 currencies 1959 419,389 416,913 6 '41 7,180 42,065 1,328 2,398 1 I 295 270 77 1960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1.849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 5 22,533 20,025 8,707 7,363 2,388 1,567 2,358 1.977 149 232 150 1962 25,019 22,311 8 528 9,214 3,012 1,557 2,565 2,096 116 352 143 1963—Sept 25,882 22,852 5,567 3,647 8,859 3,028 1,751 2,921 ,441 902 109 469 108 Oct 26,294 23,205 5,760 3,824 8,735 3,036 1,850 2,943 ,391 931 122 499 145 Nov 26,428 23,277 5,994 3,806 8,555 3,036 1,886 3,022 .454 949 134 485 130 Dec 25,938 22,758 5,629 3,673 8,571 3,036 1,849 3,047 M93 966 119 469 134 1964 Jan 26,122 22,990 5 900 3,756 8,531 3,036 1,767 3,002 1 425 980 120 477 131 Feb 26,119 22,923 5,796 3,842 8,371 3,166 1,748 3,070 ,443 994 127 506 125 Mar 25,905 22,682 5,818 3,800 7,972 3,171 1,921 3,111 ,424 ,023 136 528 112 Apr 26,334 23,069 6,063 3,938 7,687 3,166 2,215 3,148 ,457 ,038 116 537 117 May 26,340 23,116 5,901 3,923 7,800 3,164 2,328 3,107 ,467 ,057 87 495 118 June 26,300 23,044 5,772 3,723 7,866 3,289 2,394 3,132 1,496 ,077 75 484 123 July 26,863 23,611 6,210 3,788 7,914 3,289 2,409 3,130 1,464 ,093 86 487 123 Aug.P 27,243 23,962 6,359 3,770 8,163 3,275 2,395 3,158 ,450 ,132 91 485 124 Sept.P 27,369 24,003 6,242 3,753 8,180 3,425 2,403 3,234 ,478 ,175 101 480 132 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 Sept. 30, 1964. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1495 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa i co O un t t h r e ie r s 2 1959 2,624 534 272 1,176 586 56 1960 3,614 111 421 1,356 1,052 69 1961 3 4,820 161 556 1,522 3 1,891 85 1962 5,163 877 526 1,606 2,017 137 1963—Sept... 5,458 919 554 1,699 2,147 51 Oct.. . 5,590 964 627 1,694 2,166 56 Nov... 5,759 989 634 1,688 2,298 97 52 Dec... '5,975 '939 '638 1,742 2,493 104 58 1964—Jan... '6,158 '954 '680 1,761 2,601 104 55 Feb.. . r6,265 '1,001 '636 1,753 2,716 100 56 Mar... '6,372 '940 '713 '1,781 2,796 98 44 Apr... '6,497 '1,002 '735 '1,818 2,794 102 45 May.. '6,561 '1,028 '764 1,795 2,825 98 '50 June.. '6,901 '1,164 '855 1,856 2,874 100 '52 July.. 6,731 1,075 744 1,917 2,837 98 58 Aug.*». 6,782 1,050 746 1,936 2,890 98 62 Sept.* 6,805 1,064 672 1,988 2,922 101 58 3a. Europe End of period Total A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France G Fe e d r . m o f R an e y p , . Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 1959 534 4 56 18 8 57 54 5 30 38 7 2 8 19 1960 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963—Sept.. 919 10 28 11 51 69 146 10 70 37 35 13 45 32 Oct... 964 10 26 11 49 66 151 9 81 41 34 14 38 33 Nov.. 989 9 27 11 49 65 170 9 82 36 41 16 29 36 Dec... '939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964—Jan.. . '954 8 25 13 53 74 160 9 96 40 39 12 26 25 Feb... '1.001 8 30 15 69 80 165 9 95 42 34 12 24 25 Mar.. '940 8 28 15 69 85 123 9 83 43 33 17 27 23 Apr... '1,002 8 29 12 75 86 135 9 85 47 34 17 25 29 May.. '1,028 9 30 15 63 92 158 9 90 38 35 15 25 29 June.. '1,164 7 31 16 63 86 135 10 114 45 41 16 28 32 July. . 1,075 7 29 17 65 79 114 11 100 46 34 19 31 31 Aug.* 1,050 8 31 18 62 72 133 10 94 40 35 20 32 31 Sept.* 1,064 9 31 17 65 74 127 10 92 40 33 17 31 36 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 t e e p r r e n 4 U.S.S.R. E E O u as t r h o te e p r r e n 5 Total A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1959 38 47 121 13 1,176 60 117 59 68 115 291 1960 60 49 245 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 1,522 192 186 127 125 19 425 1962 75 42 221 19 1,606 181 171 186 131 17 408 1963—Sept 75 47 196 19 1,699 187 210 179 169 18 454 Oct 91 42 229 20 1,694 183 183 186 180 18 445 Nov 78 23 262 22 1,688 184 172 192 185 18 443 Dec 70 48 '237 23 1,742 188 163 187 208 18 465 1964—Jan 79 36 '212 23 1,761 179 170 184 218 17 468 Feb 74 50 '219 11 23 1,753 175 166 184 219 17 477 Mar 77 46 '198 14 23 '1,781 176 155 182 222 16 '498 Apr 81 25 '246 17 25 '1,818 180 147 192 226 17 '519 May 76 23 '255 24 24 1,795 175 141 186 230 17 511 June 85 42 '347 29 22 1,856 171 147 191 246 17 543 July 91 52 285 26 22 1,917 175 147 187 251 16 575 Aug.* 88 35 277 23 21 1,936 175 153 187 250 16 572 Sept.* 82 49 290 21 22 1,988 187 158 196 273 16 569 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1496 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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. iVsia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O L l e i t p . c h A u s e 6 . b r - m B B m u a e d h & a r a s a - - 1 A N S n n e u a t & i m t r l h i l - e . s A O L i m c a th a t e i ? e n r r - Total C M la h a n i i n d n a - K H o o n n g g India I n n e d s o ia - Israel 1959 18 36 47 247 57 i 57 586 2 10 6 14 I960 23 44 57 234 55 \\ 66 1 052 2 9 9 24 1961 32 74 55 144 56 r\ 74 31,891 2 9 8 36 1962 30 85 122 102 66 c 98 2 017 2 13 20 37 1963—Sept 30 103 86 102 109 33 c> 11 2,147 2 11 20 28 Oct 33 103 92 103 116 31 15 2 166 2 11 18 30 Nov.,... 33 98 82 106 121 33 \ 14 2,298 2 12 16 25 Dec 35 99 65 114 135 42 S 16 2,493 2 11 17 22 1964—Jan 47 106 54 109 148 37 s 15 2,601 2 11 18 25 Feb 45 107 50 112 145 33 K) 12 2,716 2 11 17 29 Mar 50 110 50 115 147 34 \7 14 2,796 2 12 26 31 Apr 46 113 48 123 147 37 11 11 2,794 2 13 22 34 May.... 41 113 51 125 144 35 13 11 2,825 2 13 23 38 June.... 44 114 54 128 140 37 \1 10 2,874 2 15 21 39 July 40 112 55 140 160 38 11 10 2,837 2 16 20 44 Aug.P... 38 104 62 137 169 41 IS 13 2,890 2 16 19 39 Sept. P.. . 37 102 63 140 172 42 IS 15 2,922 2 20 24 39 3c. Asia—Continued 3d. Africa 3e. Other countries Congo End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i ( p v L o il e l l o d e - ) - M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - ot A he ll rs 1959 324 1 24 9 15 180 3 9 2 56 18 21 1960 806 2 19 7 24 150 3 1 3 69 28 24 1961 31 528 4 114 10 34 145 6 o 13 85 29 27 1962 1 740 3 70 9 41 80 2 ]o 26 137 41 57 1963—Sept . . 1 890 16 56 11 43 69 88 2 1 4 29 42 51 44 7 Oct 1 904 13 63 8 44 72 82 9 15 27 36 56 49 8 Nov 2 017 26 74 8 45 73 97 16 27 51 52 44 8 Dec 2 171 25 113 8 52 71 104 1 5 28 59 58 48 9 1964—Jan 2 247 28 129 9 52 80 104 9 ]5 25 61 55 47 8 Feb 2 340 30 142 10 58 76 100 ] 28 55 56 49 8 Mar 2 400 31 150 9 58 77 98 1 17 24 55 44 36 8 Apr 2,394 29 161 8 57 74 102 20 24 56 45 37 8 May 2 421 28 155 7 54 84 98 9 1 29 49 r50 r40 9 June 2 469 27 158 7 57 78 100 9 ]q 26 52 r52 r43 9 July 2 416 27 174 7 53 78 98 0 19 26 50 58 49 9 Aug.p 2,471 23 179 7 56 77 98 9 19 26 50 62 52 9 Sept.p 2,492 25 179 8 53 80 101 1 2 18 29 52 58 49 10 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

NOVEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1497 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O i t n i f o s f L n t i i c s o t i u a a 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 s r 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 p a n o u o o a n v a r m p r d i n e t e t . m i i c r f g e s e i e l s n - 2 . , - Other * 1959 2,624 2,406 1,309 351 498 460 516 582 217 203 15 I960 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1 837 586 385 200 1961 5 4,820 4,234 1,660 329 709 622 700 1 874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963—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 r5,975 r5,344 1,915 186 955 774 832 2,214 '384 '631 432 157 42 1964 Jan '6,158 '5,509 2,024 191 1.037 796 863 2,248 '373 '649 399 '207 43 Feb '6,265 r5,620 2,057 176 ,090 791 891 2,325 '348 '644 410 '197 36 Mar '6,372 '5,710 '2,051 162 ,086 803 932 2 394 '333 '662 397 '211 55 A M p a r y ' '6 6 , , 5 4 6 9 1 7 ' r 5 5 , ,8 7 2 8 6 8 ' ' 2 2 , , 0 1 9 4 8 3 1 1 5 4 2 0 \1 1 , , 1 1 0 3 8 8 ' ' 8 8 3 6 8 5 9 9 1 3 1 2 2 2 ,4 3 1 7 3 3 ' ' 3 3 6 7 7 8 ' ' 7 7 0 3 9 5 4 4 4 5 4 2 ' ' 2 2 1 2 0 1 5 6 6 2 June '6,901 '6,093 '2,196 168 1,143 '885 933 2,438 '526 '808 494 '254 60 J A u u l g y .*7 6 6 , , 7 73 8 1 2 6 6 , , 0 0 9 4 0 3 2 2 ,2 2 7 3 1 7 1 1 6 50 8 1 1, , 1 1 7 5 6 2 9 94 1 5 7 9 95 5 6 6 2 2 ,4 4 0 0 3 1 4 46 4 0 8 6 6 8 92 8 4 4 1 16 9 2 20 0 2 7 6 74 2 Sept p 6,805 6,131 2,314 159 I 207 948 980 2,409 428 674 416 176 83 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. asofDec31,1961. 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—Sept 2,512 2,512 2,471 41 • 55 Oct 2,512 2,509 2,470 39 2 66 Nov 2,584 2,581 2,545 36 2 64 Dec 13,015 13,013 2,796 217 2 69 1964 Jan 3,058 3,056 2,839 217 2 73 Feb 3,107 3,104 2 888 217 2 74 Mar 3,246 3,245 3,030 215 104 3,276 3,275 3 062 213 145 May 3,297 3,297 3,084 212 154 '3,312 '3,311 '3,109 202 156 July 3,369 3,368 3 174 194 174 Aug p 3,440 3,440 3,242 198 173 Sept v 3,553 3,552 3,357 195 * 168 l 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

1498 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Gov . bonds and notes l U. s S e . cu c r o i r ti p e o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Pur- Net pur- Pur- Net pur- Pur- Net pur- Total I a n n t d l. Foreign chases Sales cha sa se le s s or chases Sales cha sa se le s s or chases Sales cha sa se le s s or 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—Sept 83 -4 87 82 5 239 236 4 228 232 -4 44 23 21 Oct 8 3 5 14 -9 261 272 -11 50 43 7 60 31 29 Nov 105 61 44 43 1 258 227 31 29 61 -32 70 28 42 Dec -25 -14 -11 -6 -5 277 254 23 40 62 -22 63 28 34 1964—Jan -5 -48 43 27 17 309 296 13 40 37 3 77 32 Feb 30 1 29 26 3 230 264 -34 51 126 -75 62 36 26 Mar -27 * -27 -27 299 334 -35 43 40 3 66 36 31 Apr -4 1 -5 4 -8 340 360 -20 70 177 -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 July -16 1 -17 -23 6 284 353 -68 70 76 -5 61 42 19 Aug v ... -98 -61 -37 -40 3 260 262 -2 37 29 8 49 32 16 Sept p -81 -84 3 3 267 301 -34 51 97 -46 49 42 7 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 HUD 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—Oct 705 25 30 275 200 175 163 125 13 25 Nov 705 25 30 275 200 175 163 125 13 25 Dec 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 g 25 May.. 802 50 30 477 i 245 158 125 g 25 June . 802 50 30 477 1245 152 125 2 25 July 953 50 30 628 1245 152 125 2 25 Aug .. 1,005 50 30 628 1297 152 125 2 25 Sept 1,005 50 30 628 i 297 354 2 329 25 Oct 1,086 50 30 679 i 327 354 2 329 25 i 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

NOVEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1499 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa i O c tr o t i u h e n s e 2 - r reg I a n i n o t d l n . al 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 I 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 22 1963—Sept... 4 11 -7 -1 2 9 1 11 -6 -4 1 2 Oct... -11 -8 -3 -1 -10 15 -5 -2 -11 * 1 2 Nov... 31 38 -7 3 6 22 6 36 -14 5 1 2 Dec... 23 21 2 • 3 8 7 18 2 1 1 2 1964—Jan... 13 4 9 -2 -2 -16 8 -12 11 10 1 4 Feb... -34 -26 -9 • -6 -22 4 -25 -10 1 -2 2 Mar... -35 -51 16 -13 -19 5 -25 -5 -10 2 1 3 -20 -17 -2 2 -6 -24 3 -27 10 -2 -1 1 1 May!! 16 3 14 • -21 7 6 -17 9 23 1 i 1 June.. 17 -6 23 -9 -24 28 o -3 10 4 3 2 July.. -68 -74 6 -4 -32 -32 8 -61 -8 -4 3 I 1 Aug.p. -2 -50 48 -4 -22 19 2 -4 3 -3 2 Sept.». -34 -43 9 -3 -15 4 * -16 -18 * -2 1 -5 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Intl. Total Assets in custody Period Total g a i r n o e d - nal c e f o o i u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia Africa1 O c tr o t i u h e n e s2 r - E pe n r d i o o d f Deposits U.S. Govt. Earmarked tries securities * gold 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9,861 1961 -830 1 -832 -262 — 318 -58 -121 -73 1960 217 5,726 11,843 1962 -1,048 -235 -813 -188 -360 -41 -175 -50 1961 279 6 006 11 905 1963 — 1,044 -96 —949 -49 — 614 —26 —252 — 8 1962 247 6,990 12,700 1963—Sept 16 2 15 -11 -16 16 20 4 2 1963—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 1 166 7,860 12,726 Apr. -85 -48 -38 24 -44 -14 -5 2 May!! 161 7,892 12,747 May. -91 1 -92 8 -93 3 -12 1 June.. 156 8,043 12,795 June. -28 9 -36 13 -49 2 -8 1 4 July... 135 8,201 12,752 July. . 14 4 9 19 6 -13 -5 1 2 Aug... 163 8,247 12,741 Aug.? 24 1 23 4 19 1 -2 1 1 Sept... 148 8,373 12,738 Sept.*7 -39 -39 -5 -35 1 -1 * 1 Oct.... 120 8.201 12,707 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

1500 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claim son foreigners Area and country 1963 1964 1963 1964 II III IV I IIP II III IV I UP Europe: Austria 2 2 2 2 3 5 6 8 7 6 Belgium 20 23 26 19 21 27 26 '22 18 19 Denmark 3 2 3 1 1 7 5 8 6 7 Finland 1 1 1 1 1 3 3 4 7 5 France 32 31 33 31 28 50 48 47 52 70 Germany Fed Rep of 33 35 34 32 36 106 106 103 114 82 Greece 2 2 2 2 5 6 7 9 13 9 Italy .. 30 26 25 26 24 89 102 106 101 101 Netherlands 50 56 46 43 46 28 24 32 34 30 Norway '3 '3 2 3 '5 '6 '7 6 7 Portugal • • 1 l 1 1 1 7 7 8 8 10 Spain 7 6 7 7 9 23 26 29 32 47 Sweden 8 7 9 7 7 20 19 17 20 17 Switzerland 27 40 '25 20 19 35 30 27 23 19 Turkey 4 5 2 4 5 7 6 5 5 5 United Kingdom 118 127 100 110 102 201 218 '234 244 265 Yugoslavia 3 3 4 6 1 3 3 3 4 3 Other Western Europe 2 3 3 1 3 3 4 4 5 6 USSR * * * * * * 1 * * Other Eastern Europe * 1 * 1 1 3 3 3 4 2 Total '346 '373 '325 319 316 '629 r650 r678 701 712 Canada 59 62 72 68 62 918 887 '688 861 847 Latin America: Argentina 6 6 7 6 6 30 28 40 39 34 Brazil 19 21 13 13 11 103 112 113 119 127 Chile 4 4 3 3 3 26 23 25 24 23 Colombia 5 5 7 6 8 20 22 19 19 22 Cuba * * * * 6 6 5 5 5 M^exico 10 6 8 11 8 56 53 60 59 62 Panama 11 17 20 29 21 14 13 13 10 11 Peru 4 3 6 8 7 19 19 27 26 25 3 4 1 3 1 5 4 9 7 15 Venezuela . ... 27 25 22 20 22 37 38 36 37 40 Other L A Republics 11 11 13 10 9 38 40 39 42 44 Bahamas and Bermuda r2 r5 i 2 2 10 11 10 20 21 Neth Antilles & Surinam 9 9 6 6 7 9 10 5 5 5 Other Latin America 2 2 4 5 6 11 8 11 10 11 Total 113 118 110 122 112 '382 '388 '412 424 447 Asia: China Mainland 2 2 1 2 2 * * * * Hong Kong .. 2 2 2 2 2 3 4 4 6 5 India 16 15 14 14 14 49 42 42 39 39 Indonesia . ... 7 2 3 3 5 4 7 10 5 s Israel 2 2 1 7 7 7 7 8 Japan 43 29 24 23 28 140 130 161 170 160 Korea . . . 3 1 1 4 4 6 5 4 Philippines 5 7 5 5 5 11 11 9 12 11 Taiwan * 1 1 1 1 6 3 4 3 4 Thailand 4 1 2 1 1 5 4 11 7 7 Other Asia 19 21 18 22 21 44 42 41 46 53 Total 104 82 72 76 81 273 254 '295 300 i 798 1 Af C \ r f i o c o a n r : g oc o c ( o Leopoldville) * 1 * * * 1 • 1 * 1 2 1 T 2 3 2 1 | "> 1 S U o A ut h R A ( f E ric g a ypt) 191 1 1 2 0 160 4 9 120 1 8 5 1 9 2 1 9 1 1 8 4 1 1 3 3 Other Africa 14 10 8 6 6 15 18 18 23 26 Total 35 33 25 21 19 41 42 43 50 55 Other countries: Australia 13 18 17 25 27 28 28 32 33 37 All other 4 6 5 4 6 8 7 9 5 6 Total* 17 24 22 30 33 35 35 42 38 43 International and regional * * * * 1 3 2 2 I Grand total '674 '691 '627 635 624 '2,282 '2,257 '2,159 2.375 2,402 NOTE.—Reported by exporters, importers, and industrial and com- U.S. banks, and intercompany accounts between U.S. companies and mercial concerns in the United States. Data exclude claims held through their foreign affiliates. See also NOTE to Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 MONEY RATES 1501 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Oct. 31, 1963 Rate as of Country 1963 1964 Oct. 31, 1964 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Arsentina 6.0 Dec. 1957 6.0 4.5 June 1963 4.5 Belgium 4.25 Oct. 1963 4.75 4.75 Brazil 10.0 Apr. 1958 10.0 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 14.63 14.63 China (Taiwan) 3 14.04 July 1963 14.04 Colombia 8.0 May 1963 8.0 Costa Rica . .... 3.0 Apr. 1939 3.0 6.0 Aug. 1963 5.5 6.5 6.5 Ecuador 5.0 Nov. 1956 5.0 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 5.5 Jan. 1963 5.5 Honduras •* 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 4.0 Oct. 1963 4.0 Ireland . • •. 3.94 Aug. 1963 3.98 3.94 4.5 4.62 4.69 4.87 4.89 4.94 4.94 Israel • • • 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 4.5 Sept. 1963 4.0 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 New Zealand 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3 5 Feb 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.0 3 5 Nov 1962 4.0 4.0 Spain 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, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank's quota; 3 Rate shown is for call loans. Costa Rica—5 per cent for paper related to commercial transactions 4 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 5 Beginning with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, comunder U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, modity involved, etc.; 1962, the rediscount rate for commercial bank financing of 9 categories Japan—penalty rates (exceeding the basic rate shown) for borrowings of development loans was reduced from 6 to 3 per cent. from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and NOTE.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt. bonds or gold and 5 per cent on advances govt. securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1502 MONEY RATES; ARBITRAGE NOVEMBER 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 o i a l n s ls u t , h ry s 1 D m a o d y n a - e y t y o - 2 B 3 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 s c s ' e m Da o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry m Da o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Sept 3.69 3.14 3.88 3.69 3.00 2.00 3.13 2.63 2.94 1.89 1.24 2.00 Oct 3.57 2.99 3.86 3.67 2.98 2.00 3.64 2.63 2.88 1.95 1.11 2.00 Nov 3.64 3.22 3.91 3.75 3.02 2.00 4.14 2.63 2.75 2.10 1.14 2.00 Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 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 3.81 r2.05 2.50 July 3.60 3.49 4.73 4.57 3.67 3.00 4.83 2.63 3.38 4.26 '3.53 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 Sept 3.79 3.77 4.84 4.65 3.94 3.00 2.63 3.69 3.70 2.09 2.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International * Rate in effect at end of month. 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 Date q K ( u U i a b o n U d a n g t j . s i a . S d t i t e s . o i t ) 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 o r i e - s + r o c m w ) u ) o o n a o i u u n r d r n d m t i L n ( o c f N n e a o n v d e f o t o t iv r n e ) qu A i o n t s ed Cana q d u A a o U d t j . a . S t . i t o o n U S n ta i t t e e s d C S ( a f p a n o r v a e f o d a r d a) C P d f ( ( r o a i d e - s + n r o m c ) w a ) l o o l d o i a a u u n i r r r n a m d n t i C n ( N c a fa e n e o v n a t f o t d i r v a) e Canada basis 1964 June 5 4.32 3.45 .87 -.66 .21 3.52 3.44 3.45 -.01 -h-20 .19 12 4.32 3.46 .86 -.60 .26 3.53 3.45 3.46 -.01 + .27 .26 19 4.32 3.46 .86 -.57 .29 3.57 3.49 3.46 .03 + .27 .30 26 4.34 3.45 .89 -.49 .40 3.58 3.50 3.45 .05 + .33 .38 July 3 4.34 3.46 .88 -.57 .31 3.57 3.49 3.46 .03 + .27 .30 10 4.34 3.45 .89 -.54 .35 3.55 3.47 3.45 .02 + .27 .29 17 4.44 3.39 1.05 -.50 .55 3.60 3.52 3.39 .13 + .14 .27 24 4.50 3.43 1.07 -.73 .34 3.60 3.52 3.43 .09 + .17 .26 31 4.50 3.44 1.06 -.67 .39 3.67 3.59 3.44 .15 + .14 .29 Aug. 7 4.50 3.47 1.03 -.72 .31 3.76 3.67 3.47 .20 -.14 .06 14 4.50 3.48 1.02 -.67 .35 3.83 3.74 3.48 .26 -.34 -.08 21 4.50 3.48 1.02 -.60 .42 3.80 3.71 3.48 .23 -.34 -.11 28 4.50 3.46 1.04 -.64 .40 3.79 3.70 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 3.50 1.00 -.66 .34 3.81 3.72 3.50 .22 -.27 -.05 18 4.50 3.52 .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 16 4.59 3.56 1.03 -.96 .07 3.68 3.60 3.56 .04 -.14 -.10 23 4.59 3.56 1.03 -.91 .13 3.71 3.63 3.56 .07 -.20 -.13 30 4.59 3.53 1.06 -.82 .24 3.70 3.62 3.53 .09 -.20 Nov. 6 4.53 3.54 .99 -.91 .09 3.70 3.62 3.54 .08 -.20 -.12 13 4.53 3.56 .97 -.92 .05 3.67 3.59 3.56 .03 -.17 -.14 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 BULL., Premium or discount on forward pound and on forward Canadian dollar:pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULL. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 FOREIGN EXCHANGE RATES 1503 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 (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y 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 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963—Oct .6767 222.93 3.8686 2.0026 92.757 21.015 14.479 31.057 20.400 Nov .6942 222.93 3.8659 2.0059 C92.778 21.021 14.484 31.057 20.405 Dec .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964 Jan . . . .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr . . .... .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May .7312 223.06 3.8686 2.0089 92.499 21.021 14 482 31.066 20 405 June .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31.063 20.401 July .7279 222.29 3.8710 2.0085 92.473 20.977 14.459 31.063 20.405 Aug .7075 222.04 3.8725 2.0103 92.690 20.953 14.438 31.059 20.405 Sent .6980 221.79 3.8712 2.0126 92.913 20.955 14.435 31.056 20.402 Oct .6979 221.79 3.8699 2.0146 92.984 20.954 14.430 31.054 20.403 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 r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l i e 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 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277 98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277 22 1963 Oct 25.137 20.961 279.78 .16062 .27603 32.698 8.0056 27.749 277.01 Nov 25.154 20.961 279.78 .16065 .27586 32.705 8.0056 27.765 277.01 Dec 25.165 20.954 279.65 .16065 .27564 32.697 8.0056 27.765 276.88 1964—Jan 25.148 20.963 279.83 .16065 .27589 32.706 8.0056 27 753 277 06 Feb 25.169 20.959 279.69 .16063 .27567 32.694 8.0056 27.733 276.92 Mar . . . 25.163 20.968 279.81 .16029 .27603 32.645 8.0056 27.731 277.04 Apr 25.160 20.970 279.90 .16000 .27583 32.595 8.0056 27.711 277 13 May 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 June 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276 65 July 25.159 20.912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275 91 Sept 25.154 20.862 278.34 .16002 .27665 32.431 8.0056 27.712 275.59 Oct 25.158 20.859 278.35 .16003 .27658 32.467 8.0056 27.772 275.59 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 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1%3 13 987 3.4891 139.48 1.6664 19.272 23.139 280.00 1963 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 1:113.969 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 Oct 13.956 3.4680 138.65 1.6662 19.376 23.164 278.35 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

1504 U.S. BALANCE OF PAYMENTS NOVEMBER 1964 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1961 1962 1963 III IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total 1. 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 5,685 1,208 1,446 1,304 1,727 2,252 1,789 Remittances and pensions -705 -738 -826 -209 -209 -206 -202 -197 -208 1. Balance on goods, services, remittances and pensions 4,881 4,325 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 -9 35 Scheduled loan repayments 578 599 643 141 156 183 163 164 155 3. Private capital flows, net, 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 -:02 441 18 -302 -109 Balance of A before seasonal adjustment. -3*07i* -3,605' -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 -69 573 696 681 326 25 34 241 26 52 33 5 470 334 20 -5 80 239 151 -76 Sales of nonconvertible nonmarketable securities,1 net 251 —43 63 — 10 —95 -/ -55 -8 31 58 19 -45 j -5 -8 251 -74 5 -29 -50 -50 * Sales of convertible nonmarketable securities,1 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 International and regional organizations 10 407 211 -238 -65 -46 -15 -112 -85 -26 Foreign private holders excluding banks 11 81 131 394 76 115 93 110 34 54 595 -129 438 386 75 -31 8 284 86 Foreign official holders 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 -51 303 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." 10 Includes, for International Monetary Fund, only changes in its 3 Excludes military grants. holdings of income-earning U.S. Govt securities. * Not seasonally adjusted separately. 11 Including undetermined holders. 5 Other than foreign liquid assets in U.S. * Includes sell-offs. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 7 With maturities over 12 months. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1964 FOREIGN TRADE 1505 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports l 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 1,422 462 341 3 -107 615 Feb \ .712 1,809 3 2 118 2 029 1 150 1 320 3 1 497 1,445 562 489 3 621 584 Mar . . 1,751 1,672 3 1,960 2,078 1,163 1,342 31,487 1,523 588 330 3 473 555 Apr 1,662 1,795 3 1913 2 046 1 152 1 365 3 1 417 1,542 510 430 3 496 504 Mi ay 1,585 1,762 ,893 2,052 1,153 1,404 1,420 1,548 432 358 473 504 June 3 1,582 1,836 ,785 2,004 3 1,174 1,351 1,421 1,506 3 408 485 364 498 July 3 1,689 1,748 823 2 111 3 1 379 1 347 1 458 1,590 3 310 401 365 521 Aug 1,689 •1,703 ,895 2,085 1,254 1,346 cl,5O8 1,592 435 357 387 493 Sept 1,678 3 1,908 ,980 2,271 1,262 3 1,471 1,450 1,558 416 3 437 530 713 Oct 1,780 3 1,523 ,946 1,300 3 1,312 1,459 480 3 211 487 Nov 1,733 1,725 Q4S 1,309 1,425 1,472 424 300 473 Dec .725 3 819 2^049 1,315 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 III 3 5 056 3 5,359 5 698 6 467 3 3 895 3 4 164 4 416 4,740 3 1,161 3 1,195 1,282 1,727 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 ELIZABETH L. CARMICHAEL, Assistant Secretary GLENN M. GOODMAN, Assistant Director ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director LEGAL DIVISION ANDREW N. THOMPSON, Assistant Director 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 DIVISION OF PERSONNEL ADMINISTRATION JEROME W. SHAY, Assistant General Counsel 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 DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Director FRANK R. GARFIELD, Adviser JOSEPH E. KELLEHER, Director J. CHARLES PARTEE, Adviser HARRY E. KERN, Assistant Director KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE JOHN KAKALEC, Controller RALPH A. YOUNG, Director A. B. HERSEY, Adviser SAMPSON H. BASS, Assistant Controller ROBERT L. SAMMONS, Adviser REED J. IRVINE, Associate Adviser SAMUEL I. KATZ, Associate Adviser OFFICE OF DEFENSE PLANNING 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 M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 1506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1507 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 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. KORSVTK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1508 FEDERAL RESERVE BULLETIN • NOVEMBER 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 Fredric W. Reed 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. 1509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1510 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 REPRINTS RECENT INTEREST RATE TRENDS. NOV. 1963. (From Federal Reserve BULLETIN unless preceded 10 pp. by an asterisk) BANK CREDIT AND MONEY IN 1963. Feb. 1964. THE HISTORY OF RESERVE REQUIREMENTS FOR 7 pp. BANKS IN THE UNITED STATES. NOV. 1938. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- 20 pp. SUMERS. Mar. 1964. 9 pp. THE MONETARY SYSTEM OF THE UNITED STATES. TREASURY AND FEDERAL RESERVE FOREIGN EX- Feb. 1953. 16 pp. CHANGE OPERATIONS AND THE GOLD POOL. Mar. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1964. 14 pp. STABILITY. May 1953. 7 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 7 pp. print of the U.S. Summary containing a description of revised statistics for all banks in FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. BANKING AND MONETARY STATISTICS, 1963. Selected series of banking and monetary statis- STATISTICS ON THE GOVERNMENT SECURITIES tics for 1963 only. Feb., Mar., and May 1964. MARKET. Apr. 1961. 8 pp. 15 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1961. 15 pp. REVISION OF THE MONEY SUPPLY SERIES. June 1964. 14 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. REVISION OF BANK CREDIT SERIES. June 1964. 5 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964. 9 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. FEDERAL RESERVE SECURITY TRANSACTIONS, 1954-63. July 1964. 16 pp. FARM DEBT AS RELATED TO VALUE OF SALES. Feb. 1963. 9 pp. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 31 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. 1964. 25 pp. Apr. 1963. 11 pp. NEW FOREIGN BOND ISSUES IN THE U.S. TREASURY AND FEDERAL RESERVE FOREIGN EX- MARKET. May 1963. 13 pp. CHANGE OPERATIONS. Sept. 1964. 16 pp. BANK LOANS SECURED BY STOCKS AND BONDS. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. July 1963. 19 pp. 8 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- LENDING. July 1963. 8 pp. 64. Oct. 1964. 20 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. U.S. GOVERNMENT SECURITIES in 1964. Nov. Aug. 1963. 14 pp. 1964. 8 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. RESEARCH INTO BANKING STRUCTURE AND COM- 11pp. PETITION. Nov. 1964. 17 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. MAJOR ISSUES IN MONETARY AND FISCAL POL- 11pp. ICIES. Nov. 1964. 14 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1433, 1450, 1452 Deposits—Continued Agricultural loans of commercial banks, 1444, 1446 Banks, by classes, 1432, 1440, 1445. 1448, 1452 Arbitrage, 1502 Federal Reserve Banks, 1434, 1499 Assets and liabilities {See also Foreign liabilities and Postal savings, 1432, 1439 claims): Discount rates, 1431, 1501 Banks and the monetary system, Discounts and advances by Federal Reserve consolidated, 1439 Banks, 1426, 1434, 1436 Corporate, current, 1464 Dividends, corporate, 1463, 1464 Domestic banks, by classes, 1440, 1444, 1446 Dollar assets, foreign, 1491, 1499 Federal Reserve Banks, 1434 Automobiles: Earnings and hours, manufacturing industries, 1479 Consumer instalment credit, 1468, 1469, 1470 Employment, 1476, 1478, 1479 Production index, 1472, 1473 Farm mortgage loans, 1465, 1466 Federal finance: Bankers' balances, 1445, 1447 Cash transactions, 1454 {See also Foreign liabilities and claims) Receipts and expenditures, 1455 Banks and the monetary system, consolidated Treasurer's balance, 1454 statement, 1439 Federal funds transactions, 1430 Banks for cooperatives, 1459, 1460 Federal home loan banks, 1459, 1460, 1467 Bonds {See also U.S. Govt. securities): Federal Housing Administration, 1451, 1465, New issues, 1460, 1461, 1462 1466, 1467 Prices and yields, 1450, 1451 Federal intermediate credit banks, 1459, 1460 Brokers and dealers in securities, bank loans to, Federal land banks, 1459, 1460 1444, 1446 Federal National Mortgage Assn., 1459, 1460, 1467 Business expenditures on new plant and Federal Reserve Banks: equipment, 1464 Condition statement, 1434 Business indexes, 1476 U.S. Govt. securities held by, 1426, 1434, Business loans {See Commercial and industrial loans) 1436, 1456, 1457 Federal Reserve credit, 1426, 1434, 1436 Capital accounts: Federal Reserve notes, 1434, 1437 Banks, by classes, 1440, 1445, 1448 Federally sponsored credit agencies, 1459, 1460 Federal Reserve Banks, 1434 Finance company paper, 1450, 1452 Carloadings, 1476 Financial institutions, loans to, 1444. 1446 Central banks, foreign, 1488, 1501 Float, 1426 Coins, circulation of, 1437 Flow of funds, 1484 Commercial banks: Foreign central banks, 1488, 1501 Assets and liabilities, 1440, 1443, 1444 Foreign currency operations, 1434, 1436, 1490, 1498 Consumer loans held, by type, 1469 Foreign deposits in U.S. banks, 1426. 1434, 1439, Number, by classes, 1440 1445, 1448, 1499 Real estate mortgages held, by type, 1465 Foreign exchange rates, 1503 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 1444 Banks, 1492, 1494, 1495, 1497, 1499 Weekly reporting member banks, 1446, 1449 Nonfinancial concerns, 1500 Commercial paper, 1450, 1452 Foreign trade, 1505 Condition statements {See Assets and liabilities) Construction, 1476, 1477 Gold: Consumer credit: Certificates, 1434, 1437 Instalment credit, 1468, 1469, 1470, 1471 Earmarked, 1499 Noninstalment credit, by holder, 1469 Net purchases by U.S., 1490 Consumer price indexes, 1476, 1480 Production, 1489 Consumption expenditures, 1482, 1483 Reserves of central banks and govts., 1488 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 1463, 1464 organizations, 1491 Security issues, 1461, 1462 Stock, 1426, 1439, 1490 Security prices and yields, 1450, 1451 Govt. debt {See U.S. Govt. securities) Cost of living {See Consumer price indexes) Gross national product, 1482, 1483 Currency in circulation, 1426, 1437, 1438 Customer credit, stock market, 1451 Hours and earnings, manufacturing industries, 1479 Housing starts, 1477 Debits to deposit accounts, 1436 Demand deposits: Industrial production index, 1472, 1476 Adjusted, banks and the monetary system, 1439 Instalment loans, 1468, 1469, 1470, 1471 Adjusted, commercial banks, 1436, 1438, 1445 Insurance companies, 1453, 1456, 1457, 1466 Banks, by classes, 1432, 1440, 1448 Insured commercial banks, 1442, 1444 Turnover of, 1436 Interbank deposits, 1432, 1440, 1445 Type of holder, at commercial banks, 1445 Interest rates: Deposits {See also specific types of deposits): Bond yields, 1450 Adjusted, and currency, 1439 Business loans by banks, 1449 1511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1512 FEDERAL RESERVE BULLETIN • NOVEMBER 1964 Interest rates—Continued Reserves—Continued Federal Reserve Bank discount rates, 1431 Federal Reserve Banks, 1434 Foreign countries, 1501, 1502 Foreign countries and international Mortgage yields, 1451 organizations, 1491 Open market, 1450, 1502 Member banks, 1426, 1428, 1432, 1445, 1447 Stock yields, 1450 Residential mortgage loans, 1465, 1466, 1467 Time deposits, maximum rates, 1432 Retail sales, 1476 International capital transactions of the U.S., 1492 Sales finance companies, consumer loans of, International institutions, 1488, 1490, 1491 1468, 1469, 1471 Inventories, 1482 Saving: Investment companies, new issues, 1462 Flow of funds series, 1484 Investments {See also specific types of investments): National income series, 1483 Banks, by classes, 1440, 1444, 1447, 1452 Savings deposits {See Time deposits) Commercial banks, 1443 Savings institutions, principal assets, 1452, 1453 Federal Reserve Banks, 1434, 1436 Savings and loan assns., 1453, 1457, 1466 Life insurance companies, 1453 Securities {See also U.S. Govt. securities): Savings and loan assns., 1453 Federally sponsored agencies, 1459 Labor force, 1478 International transactions, 1498, 1499 Loans {See also specific types of loans): New issues, 1460, 1461, 1462 Banks, by classes, 1440, 1444, 1446, 1452 Silver coin and silver certificates, 1437 Commercial banks, 1443 State member banks, 1442 Federal Reserve Banks, 1426, 1434, 1436 State and local govts.: Insurance companies, 1453, 1466 Deposits of, 1445, 1448 Insured or guaranteed by U.S., 1465, 1466, 1467 Holdings of U.S. Govt. securities, 1456, 1457 Savings and loan assns., 1453, 1466 New security issues, 1460, 1461 Ownership of obligations of, 1444, 1452, 1453 Manufactures, production index, 1473, 1476 Prices and yields of securities, 1450, 1451 Margin requirements, 1432 Stock market credit, 1451 Member banks: Stocks: Assets and liabilities, by classes, 1440, 1444 New issues, 1461, 1462 Borrowings at Federal Reserve Banks, 1428, Prices and yields, 1450, 1451 1434, 1448 Deposits, by classes, 1432 Tax receipts, Federal, 1455 Number, by classes, 1441 Time deposits, 1432, 1438, 1439, 1440, 1445, 1448 Reserve position, basic, 1430 Treasurer's account balance, 1454 Reserve requirements, 1432 Treasury cash, 1426, 1437, 1439 Reserves and related items, 1426 Treasury currency, 1426, 1437, 1439 Weekly reporting series, 1446 Treasury deposits, 1426, 1434, 1454 Mining, production index, 1473, 1476 Unemployment, 1478 Money rates {See Interest rates) U.S. balance of payments, 1504 Money supply and related data, 1438 U.S. Govt. balances: Mortgages {See Real estate loans) Commercial bank holdings, by classes, Mutual savings banks, 1439, 1440, 1442, 1452, 1445, 1448 1456, 1457, 1465 Consolidated monetary statement, 1439 National banks, 1442 Treasury deposits at Federal Reserve Banks, National income, 1482, 1483 1426, 1434, 1454 National security expenditures, 1455, 1482 U.S. Govt. securities: Nonmember banks, 1442, 1444, 1445 Bank holdings, 1439, 1440, 1444, 1447, 1452, 1456, 1457 Open market transactions, 1433 Dealer transactions, positions, and Payrolls, manufacturing, index, 1476 financing, 1458 Personal income, 1483 Federal Reserve Bank holdings, 1426, 1434, Postal Savings System, 1432, 1439 1436, 1456, 1457 Prices: Foreign and international holdings, 1434, Consumer, 1476, 1480 1491, 1499 Security, 1451 International transactions, 1498 Wholesale commodity, 1476, 1480 New issues, gross proceeds, 1461 Production, 1472, 1476 Open market transactions, 1433 Profits, corporate, 1463, 1464 Outstanding, by type of security, 1456, 1457, 1459 Ownership of, 1456, 1457 Real estate loans: Prices and yields, 1450, 1451, 1502 Banks, by classes, 1444, 1452, 1465 United States notes, outstanding and in Mortgage yields, 1451 circulation, 1437 Type of holder, 1465, 1466, 1467 Utilities, production index, 1473, 1476 Type of property mortgaged, 1465, 1466, 1467 Reserve position, basic, member banks, 1430 Vault cash, 1426, 1432, 1445 Reserve requirements, member banks, 1432 Veterans Administration, 1465, 1466, 1467 Reserves: Central banks and govts., 1488 Weekly reporting member banks, 1446 Commercial banks, 1445 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 (g THE FEDERAL RESERVE SYSTEM 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