Federal Reserve Bulletin, 1964-12

FEDERAL RESERVE B U LLETIN December 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 Business Income and Investment 1513 Law Department 1520 Announcements 1531 National Summary of Business Conditions 1535 Guide to Tabular Presentation 1538 Financial and Business Statistics, U.S. (Contents on p. 1539) 1540 International Financial Statistics (Contents on p. 1601) 1602 Board of Governors and Staff 1620 Open Market Committee and Staff; Federal Advisory Council 1621 Federal Reserve Banks and Branches 1622 Federal Reserve Board Publications 1623 Index to Statistical Tables 1627 Map of Federal Reserve System Inside back cover Volume £o * Number 12 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

Business Income and Investment BUSINESS OUTLAYS for plant and equipment have increased sharply this year and CORPORATE INTERNAL FUNDS still growing in 4th year of economic expansion are expected to rise further in 1965. By late 1964 such outlays were more than a third larger than at the 1961 cyclical low. Most of this increase has taken place since mid- 1963. The rising trend in plant and equipment expenditures has persisted longer in this upswing than it did in the large expansion of 1955-57. Growth in the dollar value of such spending has not matched that in the earlier period, but prices of equipment have increased much less this time. However, if advances in outlays anticipated through mid- 1965 are realized, the aggregate percentage increase in the dollar value of these expenditures in the 4 years since early 1961 will be a NOTE.—Seasonally adjusted quarterly totals at annual rates for nonfinancial corporations. Based on Dept. of Commerce little larger, even without adjustment for data for internal funds (retained earnings and depreciation allowances) and Dept. of Commerce-Securities and Exchange differences in price trends, than in the Commission data for capital outlays (expenditures for plant and equipment) in the United States. Amounts excluded—for banks, shorter and steeper 1955-57 expansion. insurance companies, and investment companies from each series, and for unincorporated businesses from the outlays series Plant and equipment outlays tend to re- —estimated by Federal Reserve from Dept. of Commerce annual data. Latest figures shown, third quarter 1964. spond slowly to cyclical upturns in general economic activity. This is due in part to the the mid-1950's. The rate of capacity use in time required to implement spending deci- manufacturing has remained high for an sions once they are made. In addition, the unusually long period, at close to the level decisions themselves may be delayed until prevailing in late 1956. Other stimulants to a combination of factors becomes strong capital spending have included the availaenough to stimulate a general upward ad- bility of improved technological processes, justment in business spending plans. Such a domestic and foreign competition for mardevelopment may have accounted for the kets, and Governmental actions taken in more rapid rise in capital expenditures since part to encourage both earlier retirement mid-1963, as a number of factors have re- and greater expansion of fixed assets. mained or have become unusually favorable Moreover, alternative needs for funds, to investment. especially for additions to inventories, have Profit margins have risen much longer been more moderate than in previous upthan in earlier expansion periods and this swings, and supplies of both internal and year have been at the highest levels since external funds have been ample. 1513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1514 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Corporate retained earnings and depreci- substantial throughout the postwar period, ation allowances have risen almost steadily is in large part a reflection of the expansion for nearly 4 years. This long advance has that has taken place in plant and equipment. reflected a number of developments, includ- But it also results from liberalization, in ing substantial increases in sales, the upward 1954 and again in 1962, of the rules for trend in profit margins, a step-up in depre- computing depreciation on such investment. ciation allowances, and a reduction in the Since the step-up at the beginning of 1962, proportion of profits paid out in income the depreciation component of internal taxes. funds has grown at approximately the same Despite higher dividend payments, the to- steady pace as it had earlier. tal flow of internal funds in late 1964 was The most striking features of the increase running one-third above the early 1961 low in corporate retained earnings in this expanand one-fifth above the pre-recession peak sion have been the long rise in profits bereached in mid-1959. fore taxes and the significant easing of Fed- At the same time, funds have been readily eral income taxes. available in credit and capital markets and, In the first 9 months of 1964 corporate in sharp contrast with earlier upswings, the profits before taxes were at a seasonally adcost of new borrowing has shown little in- justed annual rate of more than $57 bilcrease as capital outlays have expanded. lion. By the third quarter they were oneeighth above the 1963 average and nearly one-fourth above the level for the first quar- INTERNAL FUNDS ter of 1962—which was the first quarter Internal funds of nonfinancial corporations affected by the new depreciation guidelines have been accumulating at a seasonally ad- and a year after the recession low. Almost justed annual rate of more than $40 billion all major industries have shared in the rise throughout this year. This compares with in profits this year. $27 billion at the 1961 cyclical low and a Profits after taxes have risen much faster previous peak rate of $33 billion reached than profits before taxes over the expansion in the second quarter of 1959 just prior to period, as three actions by the U.S. Governthe long strike in the steel industry. ment have significantly reduced the propor- In this as in other expansion periods, in- tion of corporate receipts paid out in Fedternal funds rose sharply in the first year of eral income taxes. recovery. In previous expansions such funds Two of these actions—adoption of the leveled off or declined during the second new guidelines for depreciation and of the year, but this time they continued to rise tax credit for investment outlays—became steadily until the beginning of 1964 when effective at the beginning of 1962. Their imthey spurted up again because of the tax pact on tax liabilities and after-tax earnings cut. Since the first quarter of this year the may be seen from Chart 2. While profits total flow has increased a little further. before taxes dropped with the step-up in de- Depreciation allowances have accounted preciation allowances, the reduction in taxes for about half of the rise in internal funds resulting from the additional depreciation during this expansion period, and they now expense and from the investment tax credit comprise about three-fourths of the total. offset all of the drop in before-tax profits, The growth in depreciation, which has been and profits after taxes in the first quarter of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INCOME AND INVESTMENT 1515 1962 remained at the same level as in the fourth quarter of 1961. DEPRECIATION continues upward trend. The third Governmental action involved revision of Federal income tax rates. A major feature of the revision was a 4-point reduction in the maximum rate paid by corporations, to become effective in two equal steps—at the beginning of 1964 and at the beginning of 1965. As a result of the first step-down, tax liabilities declined in the first quarter of 1964 even though profits before taxes increased by 4 per cent. The net effect was a 10 per cent rise in income after taxes. Since the fourth quarter of 1961, profits before taxes have risen by a little more than one-sixth, and profits after taxes by nearly one-third. This sharp rise in profits after taxes has — 40 been accompanied by a smaller, though sub- I stantial, increase in dividend payments. Al- Reflecting tax changes, PROFITS AFTER TAXES though the proportion of after-tax earnings rise sharply; paid out in dividends has declined from about two-thirds in 1961-63 to five-eighths currently, total dividend disbursements have increased by one-fourth since late 1961. Dividend payments rose sharply in the closing quarter of 1963, when year-end extras were considerably larger than usual, and payments have increased further during 1964. Many companies have raised their regular dividend rates this year. In addition, some companies that normally would have DIVIDENDS grow less rapidly. made payments in late 1963 delayed them until early 1964 in anticipation of lower individual income tax rates, and several large companies paid extra dividends in the early part of the year. EXTERNAL FINANCING For those businesses whose depreciation allowances and retained earnings were not NOTE.—Seasonally adjusted quarterly totals at annual rates adequate to meet their total financing refor all corporations. Dept. of Commerce figures except for depreciation, which is estimated by Federal Reserve from Dept. quirements, the supply of funds available of Commerce annual data. Latest figures, third quarter 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1516 FEDERAL RESERVE BULLETIN • DECEMBER 1964 for external financing has remained ample. about two-thirds of the increase reflected Financing costs, while continuing at a rela- two unusual equity issues in the communicatively high level historically, have remained tions industry, and most of the remaining unusually stable throughout the expansion one-third was accounted for by a rapid rise period. in commercial bank financing through sale The persistent tendency for corporate in- of capital notes and debentures. Efforts of ternal funds to outrun plant and equipment banks to expand their loanable funds spending, together with the generally mod- by selling such issues began in the laterate growth in inventories in recent years, ter part of 1963. Securities issued by nonmight seem to indicate little need for ex- bank corporations in the real estate and fipanded corporate financing from external nancial group have also been unusually sources. In practice, however, corporations large this year. in need of funds are not in all instances Aside from the two large issues of those that are experiencing the largest in- communications stock, nonfinancial corpoternal flows, and corporations in some in- rations as a group issued a smaller voldustries customarily finance a large propor- ume of new securities in the first 9 months tion of their outlays externally. of this year than in the same period of any Substantial amounts of new security fi- other year since 1960. Manufacturing comnancing have therefore been undertaken in panies accounted for this further decline. each year of the expansion, and business use Their offerings in the period were off more of bank credit has increased steadily. than 25 per cent from 1963. In addition, Corporate security issues for new capital new issues by foreign corporations in U.S. totaled $9.5 billion during the first 9 months capital markets were sharply below their of 1964—30 per cent more than a year ear- heavy 1963 volume. The reduction reflected lier and the largest January-September vol- first anticipation, and then enactment, of the ume since the record year of 1957. But interest equalization tax. NEW CAPITAL issues rise sharply in 1964, reflecting finance and communication offerings NOTE.—Based on Securities and Exchange Commission quarterly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INCOME AND INVESTMENT 1517 The ability of corporations to place this year's expanded volume of new security of- PROFITABILITY of manufacturers rises in recent years ferings without any appreciable rise in interest cost has reflected the continued growth PROFITS AFTER TAXES in saving seeking long-term investment as PLUS DEPRECIATION well as the continued general availability of bank credit. Individuals have provided some of these increased funds to corporations by their direct purchases—especially of the two large issues of communications stock. But the bulk of the expanded flow into corporate securities has continued to come from life insurance companies and pension funds. In addition to the increase in security issues, other forms of external business financing—including mortgages, bank loans, and commercial paper—also expanded somewhat more rapidly up to late 1964 than in 1963. From January through November business loans at commercial banks rose at NOTE.—Net worth proportions (lower grid) relate annual an annual rate of 10 per cent, compared with rate of profits after taxes for each quarter to stockholders' equity at the end of the quarter. All data are from Federal 9 per cent in 1963 and 8 per cent in 1962. Trade Commission-Securities and Exchange Commission and are not adjusted for seasonal variation. Latest figures shown, The growth in business loans over the whole third quarter 1964. expansion period has been less vigorous but are still high relative to those of other remore sustained than in earlier upswings. cent years. Since the end of 1961 the amount of such Over this expansion period, profitability loans outstanding has risen by about onehas improved for almost every manufacturfourth. ing industry as well as for manufacturing as a whole. Increases have tended to be rela- PROFITABILITY tively larger for durable goods than for non- One of the factors contributing to the in- durable goods groups, but the latter gencreasing flow of corporate internal funds erally show greater stability in profit rates throughout this expansion period has been over the cycle. In part because of the tax a prolonged rise in profit margins. Profita- cut, however, increases in early 1964 were bility, as measured by over-all ratios of after- about as large among nondurable as among tax earnings to sales and to net worth in durable goods groups. manufacturing industries, trended upward For manufacturing corporations as a from early 1961 through early 1964, as whole, profits after taxes in the first half of Chart 4 shows. These ratios appear to have 1964 were equal to 5.2 per cent of sales. increased somewhat less than usual in the This compared with a ratio of 4 per cent in second quarter of this year, and they may early 1961, and it was the highest for any have declined by a little more than the usual January-June period since 1956. If one adds seasonal amount in the third, but their levels back depreciation allowances before com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1518 FEDERAL RESERVE BULLETIN - DECEMBER 1964 puting the ratio, the recent level has been Regardless of the over-all ratio used to the highest since the early postwar years, measure profitability, its relation to capital when inventory profits were substantial. spending is difficult to evaluate. For exam- This latter ratio is a useful supplement to ple, declines in profit rates may discourage spending, or on the other hand they may the more usual measures of profitability. stimulate outlays that are designed to cut Since part of the sharp postwar rise in decosts. Increases in profitability may stimupreciation reflects tax-law changes that have late outlays to increase capacity, or they moderated the growth in corporate profits, may simply represent the benefits gained totals of profits and depreciation are more from a preceding wave of major investment comparable over time than the figures for programs. either alone. Ratios based on such totals Moreover, the relationship between profitare particularly useful in assessing the inability and spending presumably is deterfluence of profitability on capital investment, mined by the actual or expected rate of rebecause depreciation charges represent funds turn on a particular product or a particular that are retained by corporations and thus investment and not by the ratio of total profare available for financing outlays. its to either total sales or total net worth. The ratio of manufacturers' profits after Nevertheless, generally rising margins taxes to stockholders' equity has also trended based on aggregate data, when they occur upward during the expansion period. At an in most industries and in conjunction with annual rate of nearly 11.5 per cent in the other favorable developments, certainly confirst half of 1964, it was higher than for any stitute a plus factor for capital spending. similar period since 1957. Many observers believe that ratios of CAPACITY UTILIZATION earnings to stockholders' equity are a more Among the nonfinancial considerations inmeaningful indicator of profitability—to fluencing business plans for investment, a lenders, to owners, and to managers—than major one is the extent to which existing earnings per dollar of sales. Such ratios may capacity is being utilized. As with measures of profitability, the influence of capacity use also be more meaningful for comparisons on capital spending relates to specific prodof profitability among different industries. uct lines or specific production processes. However, comparisons of present rates with Although available estimates of capacity use those for earlier years are affected by —and of spending—are necessarily more changes in the valuation of net worth. inclusive than this, they provide a rough in- In the late 1940's and even into the dication of the degree of pressure on capac- 1950's, ratios of profits to net worth related ity. earnings that were stated in postwar prices In the third quarter of 1964, according to net worth that was stated largely or partly to Federal Reserve estimates, manufacturers in much lower prewar prices. This underwere operating at 88 per cent of capacity, as statement of net worth relative to earnings Chart 5 shows. This is the highest rate of gradually disappeared after prices stabilcapacity utilization since 1956 except for ized, and such ratios now probably relate the second quarter of 1959, which was afquantities measured in roughly the same fected by an inventory build-up in anticipaprices. tion of a steel strike. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INCOME AND INVESTMENT 1519 output was quite close to capacity for some RATE OF CAPACITY USE relatival? high production processes but well below capacity for others. The high operating rate for nondurable goods groups may have been exerting less pressure on existing capacity than the lower average rate for durable goods groups. Many nondurable goods industries do not experience wide shifts in demand, and nondurable goods industries as a group characdespite large additions to available CAPACITY teristically have operated nearer to capacity over long periods than those manufacturing durable goods. Thus the same utilization rate may have different implications in different industries or at different times. For this reason it is not surprising that data for broad aggregates of NOTE.—Rate of capacity relates production in manufacturing industries and products provide little evito Federal Reserve estimates of current capacity, which are interpolated from year-end estimates. The latter are derived dence of some critical capacity utilization principally from capacity utilization as reported by McGraw- Hill and December-January production as shown in the Board's rate that automatically triggers adoption of index of industrial production. Latest capacity rates shown, third quarter 1964. new spending plans. However, this rate is below the rates On balance it appears that outlays to exreached on a number of occasions in the pand manufacturing capacity in recent years early and mid-1950's. The reason for this have been based on what have proved to be is that output in industries producing dur- realistic appraisals of prospective demands. able goods has not been so high this time Percentage increases in capacity in 1961 relative to capacity. For nondurable goods and 1962 were less marked than those in industries, on the other hand, the operating 1954 and 1955, though increases in 1963 rate has been 90 per cent ever since early and 1964 have been fully as large as those in 1961, and it has never been much higher 1956 and 1957. than this. In the long expansion period since early Even in the durable goods groups, the 1961 increases in output and in new orders relatively moderate over-all utilization rate have been more gradual and have pressed in late 1964 obscured significant differences, against capacity less quickly than in some among and within particular industries, be- earlier periods. This less rapid advance may tween the mix of product demands and the also have contributed to the more orderly mix of capacity to meet them. In iron and and longer-sustained growth in plant and steel and nonferrous metals, for example, equipment outlays. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Maximum Rates of Interest Payable on in the maximum permissible rates of interest that Time and Savings Deposits member banks may pay on time and savings de- The Board of Governors, effective November posits under the revision of the Supplement to the 24, 1964, increased the maximum permissible Board's Regulation Q that became effective Norates of interest payable by member banks of the vember 24, 1964. Federal Reserve System on savings deposits and 1. Time certificates of deposit issued prior to time deposits. Similar action was taken by the November 24, 1964, may be amended by a mem- Federal Deposit Insurance Corporation with re- ber bank, if desired, to bear interest up to the new spect to maximum rates of interest payable by non- applicable increased maximum rates for any period member insured banks. The new maximum rates subsequent to that date. For example, a certificate of interest are contained in the Supplement to the dated July 1, 1964, maturing July 1, 1965, may Board's Regulation Q, the revised text of which be amended to bear interest up to a rate of 4Vz is as follows: per cent for any period subsequent to November 24, 1964. (As hereafter noted, the rate would be SUPPLEMENT TO REGULATION Q subject to any restrictions imposed by applicable SECTION 217.6 State law.) Effective November 24, 1964 2. While the revised Supplement, like the Sup- Pursuant to the provisions of Section 19 of the plement previously in effect, fixes a maximum rate Federal Reserve Act and § 217.3, the Board of Gov- of interest that may be paid on any time deposit ernors of the Federal Reserve System hereby prescribes the following maximum rates1 of interest having a maturity of less than 90 days, the Suppayable by member banks of the Federal Reserve plement must, of course, be read in connection System on time and savings deposits: with the provisions of Regulation Q. A deposit (a) Maximum rate of 4V2 per cent. No member bank shall pay interest accruing at a rate in excess of with a maturity of less than 30 days would not AVi per cent per annum, compounded quarterly,2 re- constitute a "time deposit" within the meaning gardless of the basis upon which such interest may of the provisions of section 217.1 of the Regulation be computed, on any time deposit having a maturity date 90 days or more after the date of deposit or and, unless it met the definition of a savings depayable upon written notice of 90 days or more. posit, the deposit would constitute a demand upon (b) Maximum rate of 4 per cent. No member bank shall pay interest accruing at a rate in excess of 4 per which the payment of interest would not be percent per annum, compounded quarterly,2 regardless missible. of the basis upon which such interest may be com- 3. The new maximum rates are not retroactive. puted: (1) On any saving deposit, or Consequently, a savings deposit that has remained (2) On any time deposit having a majority date on deposit for less than 12 months prior to Noless than 90 days after the date of deposit or payable upon written notice of less than 90 days. vember 24, 1964, may bear interest at a rate up to not more than 4 per cent for any period beginning 1 The maximum rates of interest payable by member banks of the Federal Reserve System on time and savings deposits as with such date but may not bear interest at a rate prescribed herein are not applicable to any deposit which is payable only at an office of a member bank located outside of in excess of 3Vi per cent for any period prior to the States of the United States and the District of Columbia. 2 This limitation is not to be interpreted as preventing the such date, except that, if and when a savings decompounding of interest at other than quarterly intervals, posit, which was in the bank prior to November provided that the aggregate amount of such interest so compounded does not exceed the aggregate amount of interest at 24, 1964, has remained in the bank for a full 12the rate above prescribed when compounded quarterly. month period, interest may then be adjusted to Explanatory Statement Regarding Maximum provide a yield of not more than 4 per cent from Interest Rates on Deposits the date of the deposit. The following comments are intended to an- 4. It should be borne in mind that State memswer certain questions in connection with changes ber banks are subject also to any provisions of 1520 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1521 State law or regulations thereunder that prescribe COMMERCIAL BANCORP, INC., maximum rates of interest that they may pay on MIAMI, FLORIDA time and savings deposits, and in some cases In the matter of the application of Commercial State-prescribed rates may be less than the maxi- Bancorp, Inc., for permission to become a bank mum rates prescribed by the Board. In addition, holding company through acquisition of stock of under section 24 of the Federal Reserve Act three banks in Florida. national banks may not pay interest on time or savings deposits at a rate in excess of the highest ORDER APPROVING APPLICATION UNDER rate authorized by State law to be paid upon such BANK HOLDING COMPANY ACT deposits by State banks or trust companies. There has come before the Board of Governors, 5. It should be emphasized that the Supplement pursuant to Section 3(a)(l) of the Bank Holding to the Board's Regulation Q prescribes only maxi- Company Act of 1956 (12 U.S.C. 1842(a)) and mum rates of interest that member banks may Section 222.4(a)(l) of Federal Reserve Regulapay on time and savings deposits. Member banks tion Y (12 CFR 222.4(a)(l)), an application are free, of course, to pay lower interest rates if on behalf of Commercial Bancorp, Inc., Miami, they so desire. Florida, for the Board's approval of action whereby Applicant would become a bank holding com- Short-Term Negotiable Notes of Banks not pany through the acquisition of a minimum of Securities Under Section 32 of Banking 80 per cent of the voting shares of each of the Act of 1933 following banks located in Florida: Commercial The Board has been asked whether short-term Bank of Miami, Miami; Merchants Bank of unsecured negotiable notes of the kinds issued Miami, West Miami; and Bank of Kendall, Kenby some of the large banks in this country as a dall. means of obtaining funds are "other similar secur- As required by Section 3(b) of the Act, the ities" within the meaning of Section 32 of the Board notified the Florida State Commissioner of Banking Act of 1933 (12 U.S.C. 78) and the Banking of the receipt of the application and re- Board's Regulation R (12 CFR 218). quested his views and recommendation. The Com- Section 32 forbids certain interlocking relation- missioner recommended approval. Notice of reships between banks which are members of the ceipt of the application was published in the Federal Reserve System and individuals or organi- Federal Register on April 24, 1964 (29 F. R. zations "primarily engaged in the issue, flotation, 5522), which provided an opportunity for subunderwriting, public sale, or distribution, at mission of comments and views regarding the wholesale or retail, or through syndicate partici- proposed transaction. Time for filing such views pation, of stocks, bonds or other similar securi- and comments has expired and all comments and ties. ..." Therefore, if such notes are securities views filed with the Board have been considered similar to stocks or bonds, any dealing therein by it. would be an activity covered in Section 32 and IT IS ORDERED, for the reasons set forth in the would have to be taken into consideration in Board's Statement of this date, that said applicadetermining whether the individual or organization tion be and hereby is approved, provided that the involved was "primarily engaged" in such activiacquisition so approved shall not be consummated ties. The Board has concluded that such short- (a) within seven calendar days after the date of term notes of the kind described above are not this Order or (b) later than three months after "other similar securities" within the meaning of said date. Section 32 and the regulation. Dated at Washington, D. C, this 16th day of November, 1964. Order Under Section 3 of the By order of the Board of Governors. Bank Holding Company Act The Board of Governors issued the following Voting for this action: Unanimous, with all members present. Order and Statement in connection with action (Signed) MERRITT SHERMAN, on an application for permission to become a bank Secretary. holding company: [SEAL] y Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1522 FEDERAL RESERVE BULLETIN • DECEMBER 1964 STATEMENT banks concerned; (2) their prospects; (3) the Commercial Bancorp, Inc., Miami, Florida character of their management; (4) the conveni- ("Applicant"), has filed an application pursuant ence, needs, and welfare of the communities and to Section 3(a)(l) of the Bank Holding Com- the area concerned; and (5) whether the effect of the proposed acquisition would be to expand pany Act of 1956 ("the Act") requesting prior the size or extent of the bank holding company approval of action whereby Applicant would besystem involved beyond limits consistent with come a bank holding company within the meanadequate and sound banking, the public interest, ing of the Act through the acquisition of 80 per and the preservation of competition in the field cent of the outstanding stock of each of the folof banking. lowing three banks in Florida: Commercial Bank of Miami, Miami ("Commercial Bank"); Mer- Financial history, condition, prospects, and chants Bank of Miami, West Miami ("Merchants management of Applicant and the banks con- Bank"); and Bank of Kendall, Kendall ("Kendall cerned. While Applicant has no financial history, Bank"). its proposed financial structure appears sound. The financial history and condition of each of the The three proposed subsidiary banks are comproposed subsidiary banks is satisfactory, as are monly owned and controlled as reflected by the their prospects and the prospects of the Applifact that Applicant's six organizers own 60.7 per cant. The managements of the proposed subsidicent, 72.5 per cent, and 73.5 per cent of the ary banks are experienced and competent. Applicommon stock of Commercial Bank, Merchants cant's management will be composed of officers Bank, and Kendall Bank, respectively, Applicant's and directors of the respective subsidiary banks, president, who is one of its organizers, owns 45.7 and the individual who is president of each bank per cent, 50.2 per cent, and 50.7 per cent of is the president of Applicant. It is concluded that Commercial Bank, Merchants Bank, and Kendall Applicant's management will be satisfactory. Bank, respectively, and is also president of each of Convenience, needs, and welfare of the comthe three proposed subsidiary banks. munities and area concerned. Applicant and the Applicant proposes to acquire, in exchange for three proposed subsidiary banks are located in shares of its stock, a minimum of 80 per cent Dade County, the most populous county in the of the outstanding stock of each of the three banks. State of Florida. Dade County, with an estimated On the basis of a 100 per cent exchange of stock population of 1,074,000, has grown at a rate of the banks for holding company stock, Applifaster than the State of Florida as a whole. The cant's organizers would control 67 per cent of the County has a diversified economic base with retail holding company. trade and tourism constituting major sources of At December 20, 1963 * Commercial Bank employment and income. held total deposits of $20.5 million; Merchants Each proposed subsidiary bank has only one Bank held total deposits of $16.1 million; and office, branch banking being prohibited by Florida Kendall Bank, organized in July 1962, held total law. Commercial Bank is located in northeast deposits of $3.5 million. Each proposed subsidi- Dade County about five miles north of downtown ary bank is a nonmember insured bank. Miami. Its primary service area2 has an estimated Views and recommendation of State supervisory population of 115,000, encompassing an area of authority. In response to a request by the Board about 6V2 miles from east to west and 9^ miles for views and a recommendation on Applicant's from north to south, and has located therein proposal, the Commissioner of Banking for the almost 2,300 business establishments. Data com- State of Florida recommended that the application piled by Dade County officials and submitted by be approved. Applicant project an area population of 125,500 Statutory factors. Section 3(c) of the Act reby 1970. quires the Board to take into consideration the following five factors: (1) the financial history and condition of the holding company and the 3 As used herein, "primary service area" refers to the area from which Applicant estimates that each of the proposed subsidiary banks derives approxi- 1 Unless otherwise indicated, all banking data noted mately 75 per cent of its deposits of individuals, are of this date. partnerships, and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1523 Merchants Bank is located about twelve miles of the banks' premises, there is evidence in the southwest of Commercial Bank. Bank's primary record that such expansion has taken place as service area, which has a population of about needed without apparent capital impairment. In 126,000 (estimated to increase to 172,000 by respect to improvements in the banks' operating 1970), covers an area of approximately 56 square procedures and controls, the Board believes that miles and includes a large area to the west where the improvements forecast by Applicant can be there is no other commercial banking institution. accomplished in nearly the same degree by the There are about 1,450 business establishments in three commonly controlled banks as presently Merchants Bank's primary service area. operated. The Board concludes that the evidence Kendall Bank is situated about 5Vi miles south bearing on the fourth statutory factor is consistent of Merchants Bank, almost directly across from with, and lends some weight toward, approval of a large shopping center which contains a major the application. department store. The bank has a primary service Effect of proposed acquisition on adequate and area extending about 6*4 miles from east to west sound banking, public interest, and banking comand 9Vi miles from north to south. The area has petition. The 47 commercial banks located in Dade experienced rapid population growth in the last County hold combined deposits of about $1.3 decade. Its present population of about 114,000 billion. The combined deposits of Commercial is expected to increase to about 231,000 by 1970. Bank, Merchants Bank, and Kendall Bank amount There are nearly 1,800 businesses in Kendall to approximately $40 million, or about three per Bank's primary service area. cent of the deposits held by all banks in Dade While the primary service areas of the three County, and less than one per cent of the total proposed subsidiary banks have evidenced growth deposits of all banks in the State. and a potential need for expanded banking serv- Commercial Bank is the fifth largest of 17 banks ices, there is no evidence that present banking operating in its primary service area. Its deposits requirements in any of the areas are going un- of $20.5 million represent slightly more than 7 served or are being inadequately served. per cent of the deposits held by the aforementioned In the main, Applicant's case for approval of 17 banks. The four largest banks in Commercial its proposal rests upon its assertion that the follow- Bank's primary service area have deposits ranging ing principal advantages will be realized by the in total from $35 million to slightly above $50 banks involved, with ultimate benefit to the pub- million. Merchants Bank ranks fourth in size of lic: (1) there will be made available to the banks' eight banks in its primary service area, its deposits customers new and improved services such as of $16 million representing about 14 per cent of trust department facilities, foreign department the combined deposits of those eight banks. services, and expanded and improved credit facil- Kendall Bank, with deposits of $3.5 million, is ities; (2) as expansion of the banks' physical the smallest of seven banks located in its primary facilities becomes necessary, an occurrence pre- service area; its deposits are equal to about nine dicted by Applicant, a more ready source of capital per cent of the combined deposits of all banks for this purpose will be assured through Appli- in the latter area. cant; and (3) improvements will be made in In addition to the competition offered by banks the banks' internal operating procedures and con- located within the respective service areas, nine trols. other banks having combined deposits of $125 While some benefit would be realized if Appli- million, and ranging in size of deposits held from cant were to accomplish the innovations and im- $3 million to $44 million, are located outside of provements described, the absence in the record of but compete in one or more of the three banks' evidence of an existing or reasonably foreseeable primary service areas. Viewing as a single area the need either for trust services on a scale visualized three primary service areas here involved, 28 by installation of trust departments, or for serv- banks therein, including Applicant's three proices usually provided by a foreign department of posed subsidiaries, hold combined deposits of a bank, minimizes the potential benefit to the $411 million, of which less than 10 per cent are public from Applicant's proposal. Similarly, in held by Commercial Bank, Merchants Bank, and respect to the proposed expansion of one or more Kendall Bank, combined. As to either the 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1524 FEDERAL RESERVE BULLETIN • DECEMBER 1964 banks located in this greater area (excluding Ap- (12 U.S.C. 1828(c)), an application by Wheelplicant's proposed subsidiaries), or the 9 banks ing Dollar Savings & Trust Co., Wheeling, West located outside the area but competing therein, Virginia, a State member bank of the Federal the Board concludes that the competition to be Reserve System, for the Board's prior approval of offered by the three banks operating under Appli- its acquisition of assets and assumption of deposit cant's ownership and control will not differ sig- liabilities of South Wheeling Bank and Trust Comnificantly in nature or degree from that now pany, Wheeling, West Virginia. Notice of the offered by these banks. proposed acquisition of assets and assumption of Nor does it appear that there exists significant deposit liabilities, in form approved by the Board, competition among and between the three pro- has been published pursuant to said Act. posed subsidiary banks that would be eliminated Upon consideration of all relevant material in by consummation of this proposal. The lack of the light of the factors set forth in said Act, insuch existing competition, while due in part to the cluding reports furnished by the Comptroller of common ownership and control previously men- the Currency, the Federal Deposit Insurance Cortioned, is attributable in some degree to the dis- poration, and the Department of Justice on the tances separating each of the three banks, and to competitive factors involved in the proposed transtheir sizes in relation to the other banks located action, and competing in their respective primary service IT IS HEREBY ORDERED, for the reasons set forth areas. Thus, even absent the common ownership in the Board's Statement of this date, that said and control evidenced, it is reasonably concluded application be and hereby is approved, provided that no significant competition would exist be- that said acquisition of assets and assumption of tween or among the three proposed subsidiary deposit liabilities shall not be consummated (a) banks in the foreseeable future. within seven calendar days after the date of this In sum, consummation of Applicant's proposal Order, or (b) later than three months after said appears to be consistent with the maintenance of date. adequate and sound banking and the preservation Dated at Washington, D. C, this 25th day of of banking competition. November, 1964. Conclusion. On the basis of all the relevant By order of the Board of Governors. facts as contained in the record before the Board, Voting for this action: Chairman Martin, and Govand in the light of the factors set forth in Section ernors Balderston, Mills, and Mitchell. Voting against 3(c) of the Act, it is the Board's judgment that this action: Governor Robertson. Absent and not the proposed acquisition would be consistent with voting: Governors Shepardson and Daane. the public interest and that the application should, (Signed) MERRITT SHERMAN, therefore, be approved. Secretary. [SEAL] Orders Under Bank Merger Act The Board of Governors issued the following STATEMENT Orders and Statements with respect to applications Wheeling Dollar Savings & Trust Co., Wheeling, for approval of the acquisition of assets or the West Virginia ("Wheeling Dollar"), with total merger of certain banks: deposits of $40.4 million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. WHEELING DOLLAR SAVINGS & TRUST 1828(c)), for the Board's prior approval of its CO., WHEELING, WEST VIRGINIA acquisition of the assets and assumption of de- In the matter of the application of Wheeling posit liabilities of South Wheeling Bank and Trust Dollar Savings & Trust Co. for approval of ac- Company, Wheeling, West Virginia ("South quisition of assets of South Wheeling Bank and Wheeling Bank"), which has total deposits of Trust Company. $6.7 million.1 Wheeling Dollar would be precluded by State law from operating the office of ORDER APPROVING ACQUISITION OF BANK'S ASSETS South Wheeling Bank as a branch. There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 1 Deposit figures are as of May 30, 1964 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1525 Under the law, the Board is required to con- lem, viewed in this dimension, takes on consider, as to each of the banks involved, (1) its siderable significance. financial history and condition, (2) the adequacy Consummation of the proposal, which would of its capital structure, (3) its future earnings remove the foregoing uncertainty concerning prospects, (4) the general character of its man- South Wheeling Bank, would not adversely affect agement, (5) whether its corporate powers are the banking factors as they relate to Wheeling consistent with the purposes of 12 U.S.C., Ch. 16 Dollar. (the Federal Deposit Insurance Act), (6) the There is no indication that the corporate powers convenience and needs of the community to be of the banks are, or would be, inconsistent with served, and (7) the effect of the transaction on the purposes of 12 U.S.C., Ch. 16. competition (including any tendency toward Convenience and needs of the communities. monopoly). The Board may not approve the trans- Wheeling Dollar and South Wheeling Bank are action unless, after considering all of these factors, two of six commercial banks located in Wheeling, it finds the transaction to be in the public interest. Ohio County, West Virginia. The city of Wheel- Banking factors. The financial histories of ing is located in the northwestern part of the Wheeling Dollar and South Wheeling Bank are State on the eastern bank of the Ohio River, which satisfactory, and each bank has a sound asset separates West Virginia and Ohio. The service condition and an adequate capital structure. area 2 of Wheeling Dollar consists of Ohio County Wheeling Dollar's earnings record is good, and its and considerable portions, as measured by populafuture earnings prospects are satisfactory. Al- tion, of the adjacent counties of Marshall and though the earnings record of South Wheeling Brook in West Virginia and Belmont County in Bank also is good, its future earnings prospects Ohio. The service area of South Wheeling Bank are regarded as uncertain since they appear to be is smaller and contained entirely within the servheavily dependent upon the continued availability ice area of Wheeling Dollar. South Wheeling Bank to the bank of the services of one individual. About derives 35 per cent of its deposits from Belmont 45 per cent of the deposits of South Wheeling County, about 56 per cent from the southern Bank originate from beyond the area that the portion of Wheeling and the nearby communities bank normally would be expected to serve. This of Bethlehem and Mozart, and the balance from business, which is attributable directly to the many the remainder of the city of Wheeling. There is acquaintances and wide personal following of no evidence that the banking needs and convenience of the community are not being ade- South Wheeling Bank's chief executive officer, quately met. most probably would be lost in substantial part if he should become inactive. The population of the Wheeling Standard While the management of each bank is satis- Metropolitan Statistical Area, which consists of factory, South Wheeling Bank faces a prospective Ohio and Marshall Counties in West Virginia and management succession problem in that it cannot Belmont County in Ohio, decreased during the replace from within the organization its chief ex- decade 1950-1960 from 196,000 to 190,000 perecutive officer and the next ranking officer, both sons. The economy of the Wheeling area, which of whom may be forced into retirement for is dependent for the most part upon various inreasons of health. However, the management suc- dustrial enterprises, has suffered from declining cession problem confronting South Wheeling activity. Although there has been some recent Bank is not only one of finding, hiring, and re- improvement, unemployment is both substantial taining capable managerial talent, although this, and persistent. Economic conditions are especially alone, presents difficulties in view of the small poor in the sector from which South Wheeling size of the bank and the unattractiveness of the Bank derives most (i.e., about 56 per cent) of its area in which the bank is situated. It is an in- deposits, and it does not seem probable that these separable part of the more pervasive problem conditions will be improved substantially, or in which results essentially from the bank's unusual the immediate future, by the redevelopment prodependence upon the business-generating ability 2 The area from which a bank obtains 75 per cent of its principal officer and the implications which or more of its deposits of individuals, partnerships, this fact has for the bank's prospects. The prob- and corporations ("IPC deposits"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1526 FEDERAL RESERVE BULLETIN • DECEMBER 1964 gram planned for a portion of this sector near that, under the proposal, several members of the the location of South Wheeling Bank. staff of South Wheeling Bank, including its two Both Wheeling Dollar and South Wheeling Bank principal officers, would join the staff of Wheeling offer the usual range of banking services. Their Dollar, the latter would not gain an additional offices are only five blocks apart, the office of banking office. Thus, under these circumstances, Wheeling Dollar being located in the main busi- the amount of banking business which Wheeling ness district of Wheeling, which lies across Wheel- Dollar would be able to gain and retain as a ing Creek from the declining area to the south result of the acquisition would seem to be in which South Wheeling Bank has its office. The markedly less than the total volume now held by offices of two other commercial banks situated South Wheeling Bank. Further, the proposed transin the main business district of Wheeling are action would not result in an increase in Wheeling within six blocks of the office of South Wheeling Dollar's capital and surplus accounts, and, thus, Bank. Thus, existing and potential customers of there would be no increase in its lending limit. South Wheeling Bank, upon consummation of the Summary and conclusion. Although consumproposal, wo\ild continue to have reasonably con- mation of the proposed transaction would result venient sources of commercial bank services, and in the elimination of a banking office through the it does not appear that the banking convenience closing of an independent commercial bank, it and needs of any area served by South Wheeling would not materially affect the banking needs and Bank would be adversely affected to any sig- convenience of the community concerned, and it nificant extent. is not probable that the consequences for banking Competition. Wheeling Dollar is the largest of competition in the relevant area would be adverse. the six3 commercial banks located in Wheeling Wheeling Dollar, without the benefit of an addiand, with 22.5 per cent of the IPC deposits,4 is tional banking office, would find it necessary to the largest of the 19 commercial banks operating contend with other banks for the business now in its service area. South Wheeling Bank accounts held by South Wheeling Bank. Further, consumfor less than 5 per cent of the IPC deposits held mation of the proposed transaction would afford by the 13 commercial banks operating in Wheeling an orderly solution for the potential earnings and in Belmont County, Ohio, and less than 4 problem of South Wheeling Bank, which is per cent of such deposits in the area served by occasioned by its location and its extraordinary Wheeling Dollar. As noted earlier, offices of the dependence upon the continued availability of the proponent banks are only five blocks apart and services of its present chief executive officer. Wheeling Dollar's large service area includes Accordingly, the Board finds that the proposed within its boundaries the entire service area of acquisition of assets and assumption of liabilities South Wheeling Bank. If the $6 million in IPC would be in the public interest. deposits held by South Wheeling Bank were acquired by Wheeling Dollar, the latter's share of DISSENTING STATEMENT OF GOVERNOR all such deposits held by commercial banks in ROBERTSON its service area would be increased to 26.2 per When a bank is given a charter, it receives a cent. license to engage in the banking business—a busi- The proposed transaction would eliminate all ness vested with a public interest. Hence, it existing and potential competition between South assumes an implied obligation to provide banking Wheeling Bank and the other banks in its service facilities to the community so long as the public area, including Wheeling Dollar. However, bankneed therefor exists—certainly so long as it is ing customers in the area served by South Wheelfeasible and profitable for it to do so. Of course, ing Bank would continue to have access to a it can legally cease to carry out this obligation— number of reasonably convenient alternative combut only in accordance with the applicable promercial banking offices. Further, despite the fact visions of law. The question here is whether the Bank Merger Act of 1960 can be used for this 3 A new bank is proposed to be located in downpurpose. town Wheeling near, and north of, Wheeling Dollar's office. In this case there is a clear public need, as 4 Deposit figures are as of June 30, 1964. evidenced by the volume of business and profits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1527 enjoyed by the South Wheeling Bank—the only parable capacities with the larger applicant bank. bank in South Wheeling, West Virginia. If this Indeed, it would seem that the anticipated conacquisition is consummated, that bank will cease tinuation of the business-generating ability of the to exist and South Wheeling will be left without small bank's chief executive officer, in particular, a banking office. may well have been a significant consideration The Bank Merger Act of 1960 was enacted for supporting Wheeling Dollar's interest in the prothe purpose of safeguarding our multiple unit posal. banking system from continued erosion through The majority's decision permitting the demise bank absorptions. Here, by virtue of the Board's of South Wheeling Bank leaves to the customers decision, it is being used for another purpose—as of that bank no choice but to seek new banking enabling legislation to permit a small but sound, connections. Wheeling Dollar, which is Wheeling's profitable, and growing bank to cease operation largest bank, is six times the size of South Wheeland to be absorbed by its largest competitor with- ing Bank and three times as large as the smallest out due regard for the needs and convenience of of the other two banks in the downtown busithe community. ness section of Wheeling. However, the favorable As I read the Bank Merger Act and its legis- experience of South Wheeling Bank is indisputlative history, Congress clearly did not intend able testimony to the fact that many members by that measure to provide a "way out" for a of the public prefer to deal with a small, conbank and its stockholders so long as it is possible veniently located bank, rather than one of its and profitable for the institution involved to pur- much larger competitors. The decision of the sue its responsibility to serve the public. As a majority which, in effect, would deprive a great matter of fact, not so long ago the Board empha- number of these people of the alternative of doing sized this responsibility when, in denying a pro- business with a small bank seems oddly at variance posed bank acquisition, it said that "the principal with the view stated by the Board in denying an consideration ... is the convenience and needs of application in an earlier case where it stated: the communities and area concerned rather than "Competition throughout all ranges of banking its benefits to the banks involved." (1962 Federal size and services is in the public interest." (1962 Reserve BULLETIN 548, 550; similarly, 1958 Fed- Federal Reserve BULLETIN 548, 553) eral Reserve BULLETIN 902, 909.) In my judg- Furthermore, the success of South Wheeling ment, the decision of the majority in the present Bank reflects well the contribution that it is makcase fails to meet this test. ing to the economic life of its community. To The majority relies heavily for its approval of halt—as the majority does—continuation of this this application on what it fears might happen to contribution ought to require more by way of South Wheeling Bank if its chief executive officer justification than can be found in the record of and its next ranking officer, aged 57 and 50, re- this case, particularly in view of the redevelopspectively—and particularly the former—should ment program in south Wheeling, in connection be forced into retirement for reasons of health. with which some land in the affected area already Everyone must admit that the bank is successful has been cleared and sold for use by new busiand that its future prospects can be character- ness concerns. Both present and potential support ized only as favorable, unless the majority's of this small bank to its community and to the anxiety is warranted. For the past five years, success of the redevelopment program will be South Wheeling Bank has enjoyed an increase in lost. In short, it would seem that the principal deposits at a rate exceeding the average for all beneficiaries of this acquisition are the senior offi- Wheeling banks, and its net current operating cers and stockholders of South Wheeling Bank— earnings have been better than the average for not the affected public, at whose expense the bank banks in its size group in the Fourth Federal is unjustifiably excused from its responsibilities. Reserve District. The majority's apprehension con- Consummation of the acquisition will diminish cerning management and its relationship to future banking competition, as the majority recognizes. prospects of the South Wheeling Bank is hard to The service area of South Wheeling Bank lies understand in view of the fact that both of the entirely within that of Applicant, and the combank's senior officers are to continue in com- petition that will be eliminated is substantial. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1528 FEDERAL RESERVE BULLETIN • DECEMBER 1964 the area of Wheeling from which South Wheeling poration, and the Department of Justice on the Bank derives over $3 million, or about 56 per competitive factors involved in the proposed transcent, of its deposits (the south Wheeling area in action, which there is no other banking office), Wheeling IT IS HEREBY ORDERED, for the reasons set forth Dollar derives over $3.6 million, or a little over in the Board's Statement of this date, that said 10 per cent, of its deposits. South Wheeling Bank application be and hereby is approved, provided originates over $700,000, or approximtaely 24 that said merger shall not be consummated (a) per cent, of its loans in the area, while Wheeling within seven calendar days after the date of this Dollar originates over $1,160,000, or approxi- Order, or (b) later than three months after said mately 6 per cent, of its loans in the area. Even date. though all of the business of South Wheeling Bank Dated at Washington, D. C, this 7th day of may not flow to Wheeling Dollar after the ac- December, 1964. quisition, I do not see how consummation of the By order of the Board of Governors. proposal can fail to further fortify to a material degree Wheeling Dollar's already distinctly domi- Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Daane. nant position in the area. Absent and not voting: Governors Robertson and Since I cannot share the grave concern of the Mitchell. majority with respect to the future prospects of (Signed) MERRITT SHERMAN, South Wheeling Bank but am deeply concerned Secretary. over the serious adverse effects that the transaction will have on the needs and convenience of [SEAL] the community and on competition, I conclude STATEMENT that consummation of the proposed acquisition Worthen Bank & Trust Company, Little Rock, would not be in the public interest, and hence I Arkansas ("Worthen"), with total deposits of $96 would deny the application. million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's WORTHEN BANK & TRUST COMPANY, prior approval of the merger of that bank and LITTLE ROCK, ARKANSAS Bank of Arkansas, Little Rock, Arkansas, which In the matter of the application of Wort hern has total deposits of $6 million.1 The banks would Bank & Trust Company for approval of merger merge under the charter and name of Worthen, a with Bank of Arkansas. member State bank of the Federal Reserve System. ORDER APPROVING MERGER OF BANKS As an incident to the merger, the two offices of Bank of Arkansas would become branches of There has come before the Board of Governors, Worthen, increasing its number of approved ofpursuant to the Bank Merger Act of 1960 (12 fices to eight.2 U.S.C. 1828(c)), an application by Worthen Bank Under the law, the Board is required to consider, & Trust Company, Little Rock, Arkansas, a State as to each of the banks involved, (1) its financial member bank of the Federal Reserve System, for history and condition, (2) the adequacy of its capthe Board's prior approval of the merger of that ital structure, (3) its future earnings prospects, bank and Bank of Arkansas, Little Rock, Arkan- (4) the general character of its management, (5) sas, under the charter and title of Worthen Bank whether its corporate powers are consistent with & Trust Company. As an incident to the merger, the purposes of 12 U.S.C, Ch. 16 (the Federal the two offices of Bank of Arkansas would be- Deposit Insurance Act), (6) the convenience and come branches of Worthen Bank & Trust Com- needs of the community to be served, and (7) the pany. Notice of the proposed merger, in form ap- effect of the transaction on competition (including proved by the Board, has been published pursuant any tendency toward monopoly). The Board may to said Act. not approve the transaction unless, after consider- Upon consideration of all relevant material in the light of the factors set forth in said Act, in- 1 Deposit figures are as of June 30, 1964. cluding reports furnished by the Comptroller of 2 This total includes one branch of Worthen not the Currency, the Federal Deposit Insurance Cor- yet opened for business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1529 LAW DEPARTMENT ing all of these factors, it finds the transaction to Arkansas River from Little Rock. These eight be in the public interest. banks have a total of 24 authorized branches.8 Banking factors. The financial histories of Worthen offers a wide range of banking serv- Worthen and Bank of Arkansas are satisfactory, ices and Bank of Arkansas offers the services and each bank has a sound asset condition and a normally made available by banks of its size. reasonably adequate capital structure. Worthen has The offices of the two banks nearest each other are a satisfactory earnings record and its future earn- about one mile apart. The main office of Worthen ings prospects are favorable. While the earnings is in downtown Little Rock about three and oneof Bank of Arkansas have been generally satis- fourth miles distant from the main office of Bank factory, its future earnings prospects are un- of Arkansas, which is in the southwestern section certain. It is located in a relatively less attractive of the city. All offices of the proponent banks are sector of Little Rock and proposed expressways located within a seven-mile radius of downtown will route traffic around the area and tend to ac- Little Rock and are situated near the offices of celerate the existing trend among business enter- competing banks. prises to relocate in the more desirable areas of Worthen's service area i consists of Little Rock Little Rock. and North Little Rock. The service area of Bank The management of Worthen is capable. Bank of Arkansas is smaller and contained entirely of Arkansas has experienced an unusually high within the service area of Worthen. The proposed rate of turnover in management personnel, and conversion of the main office of Bank of Arkanthe evidence indicates that the bank is in need of sas into a branch of Worthen may affect slightly improved internal control procedures. Bank of the convenience and needs of the customers of Arkansas, earlier and independently of the merger the former bank since branch banks, under Arkanapplication, received provisional authorization to sas law, do not have full banking powers. convert to a branch its present head office (which Competition. Worthen, with 27 per cent of the would be moved to a downtown location), and total deposits and 30 per cent of the IPC deposits expand its operations. Because of the proposed of all commercial banks in its service area, is the expansion in operations, one of the conditions second largest of the eight commercial banks in upon which the plan was approved required that Little Rock and North Little Rock. Bank of Armanagement be suitably supplemented. Consum- kansas, with 1.8 per cent of the total deposits and mation of the proposed merger would supply 2.3 per cent of the IPC deposits, ranks seventh." needed management strength and depth for the The two largest commercial banks in Little Rock scope of operations presently conducted by Bank account for over 62 per cent of the loans and of Arkansas. about 61 per cent of the deposits held by the city's The asset condition, earnings prospects, and commercial banks. Consummation of the proposed management of the resulting bank would be satis- merger would eliminate the existing and potential competition between Bank of Arkansas and the factory, and its capital structure would be reasonother banks in its service area, including Worthen, ably adequate. and increase slightly the concentration of banking The corporate powers of the two banks are not, resources in the relevant area. However, the eviand those of the resulting bank would not be, dence indicates that competition for the banking inconsistent with the purposes of 12 U.S.C., business now held by Bank of Arkansas would be Ch. 16. vigorous. Convenience and needs of the communities. Summary and conclusion. The proposed merger Little Rock, which has a population in excess of would result in the elimination of an independent 125,000, is the seat of Pulaski County and the commercial bank and have the potential of incapital of Arkansas. The city has enjoyed considerable industrial development in recent years and there are now over 300 manufacturing plants 3 This total includes six branches authorized but in the metropolitan area, which collectively have not opened as of September 1, 1964. more than 17,000 employees. There are six com- 4 The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships, mercial banks in Little Rock and two in North and corporations ("IPC deposits"). Little Rock, which is situated directly across the "Figures are as of June 30, 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1530 FEDERAL RESERVE BULLETIN • DECEMBER 1964 creasing Worthen's share of total commercial conditions attached to approval of the earlier bank deposits in the relevant area from 27 per plan to expand operations in conjunction with the cent to about 30 per cent. It does not appear that proposed relocation of its head office. Consumthe transaction would have any significant effect mation of the proposed transaction would resolve on the banking needs and convenience of the com- this problem and result in the operation of the munity concerned. The present location of the present Bank of Arkansas offices under strengthhead office of Bank of Arkansas creates uncer- ened management. tainty with respect to the bank's future earnings Accordingly, the Board finds that the proposed prospects, and it may not be able to fulfill the merger would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN DISCOUNT RATES AND IN rates in this country and the higher rates abroad MAXIMUM INTEREST RATES PAYABLE ON SAVINGS AND TIME DEPOSITS and also at ensuring that the flow of savings through commercial banks remain ample for the The Federal Reserve System took action Novemfinancing of domestic investment. ber 23, 1964, on two fronts to maintain the inter- Since November 23, 1964, the Board of Govnational strength of the dollar. ernors has also approved the action by the direc- The Board of Governors in Washington aptors of the following Federal Reserve Banks inproved actions by the directors of the Federal creasing the discount rates of those Banks from Reserve Banks of Boston, New York, Philadel- 3lA to 4 per cent on the dates shown: phia, Chicago, and St. Louis increasing the discount rates of those Banks from 3Vi per cent to Atlanta November 25, 1964 4 per cent, effective Tuesday, November 24, 1964. Cleveland November 27, 1964 The change was the first since July 1963 when Richmond November 27, 1964 Federal Reserve discount rates were increased Dallas November 27, 1964 from 3 to V/2 per cent. San Francisco November 27, 1964 The Board of Governors also increased the max- Minneapolis November 30, 1964 imum rates that member banks are permitted to Kansas City November 30, 1964 pay on savings deposits and time deposits—includ- APPOINTMENT OF DIRECTORS ing certificates of deposit—to the following levels On December 2, 1964. the Board of Governors effective Tuesday, November 24, 1964: announced the appointment of R. Stanley Laing 1. On savings deposits, 4 per cent, regardless as a director of the Cincinnati Branch of the Fedof the time the funds have been on deposit. The eral Reserve Bank of Cleveland to serve for the maximum rates previously permissible were W2 remainder of the term expiring December 31, per cent on savings deposits in the bank for less 1965. Mr. Laing is President of the National than one year and 4 per cent on those on deposit Cash Register Company, Dayton, Ohio. As a difor one year or more. rector of the Cincinnati Branch he succeeds Mr. 2. On time deposits and certificates of deposit, Howard E. Whitaker, Chairman of the Board of 4 per cent for maturities of less than 90 days (that the Mead Corporation in Dayton, who had reis, 30-89 days) and AV2 per cent for all longer signed. maturities. The maximum rates previously permis- On December 9, 1964, the Board of Goversible were 1 per cent for maturities of less than 90 nors announced the appointment of Eugene C. days, and 4 per cent for longer maturities. Gwaltney, Jr. as a director of the Birmingham The actions were taken following a rise in offi- Branch of the Federal Reserve Bank of Atlanta cial and market rates in London, where an in- to serve for the remainder of the term expiring crease in the bank rate from 5 to 7 per cent was December 31, 1965. Mr. Gwaltney is Vice Presiannounced by the Bank of England November 23, dent and General Manager of Russell Mills, Inc., 1964. They also follow recent advances in rates on Alexander City, Alabama. As a director of the the European continent. Birmingham Branch he succeeds Mr. Jack Warner, The Federal Reserve actions were aimed at Chairman of the Board and President, Gulf States countering possible capital outflows that might be Paper Corporation, Tuscaloosa, Alabama, who had prompted by any widening spread between interest resigned. 1531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1532 FEDERAL RESERVE BULLETIN • DECEMBER 1964 ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1965. Boston Class A WILLIAM I. TUCKER, President, Vermont National and Savings Bank, Brattleboro, Vermont. Mr. Tucker succeeds William M. Lockwood, President, The Howard National Bank and Trust Company, Burlington, Vermont. Class B JAMES R. CARTER, President, Nashua Corporation, Nashua, New Hampshire. (Re-elected) New York Class A GEORGE A. MURPHY, Chairman, Irving Trust Company, New York, New York. Mr. Murphy succeeds George Champion, Chairman of the Board, The Chase Manhattan Bank, New York, New York. Class B ARTHUR K. WATSON, Chairman, IBM World Trade Corporation, New York, New York. Mr. Watson succeeds B. Earl Puckett, formerly Chairman of the Board, Allied Stores Corporation, New York, New York. Philadelphia Class A LLOYD W. KUHN, President, The Bendersville National Bank, Bendersville, Pennsylvania. Mr. Kuhn succeeds Eugene T. Gramley, President, Milton Bank and Safe Deposit Company, Milton, Pennsylvania. Class B BAYARD L. ENGLAND, Chairman of the Board, Atlantic City Electric Company, Atlantic City, New Jersey. Mr. England succeeds Frank R. Palmer, formerly Chairman of the Board, The Carpenter Steel Company, Reading, Pennsylvania. Cleveland Class A SEWARD D. SCHOOLER, President, Coshocton National Bank, Coshocton, Ohio. Mr. Schooler succeeds C. N. Sutton, President, The Richland Trust Company, Mansfield, Ohio. Class B DAVID A. MEEKER, Chairman of the Board and Chief Executive Officer, The Hobart Manufacturing Company, Troy, Ohio. (Re-elected) Richmond Class A GEORGE BLANTON, Jr., President, First National Bank, Shelby, North Carolina. Mr. Blanton succeeds J. McKenny Willis, Jr., Director, Maryland National Bank, Easton, Maryland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1533 Class B ROBERT R. COKER, President, Coker's Pedigreed Seed Company, Hartsville, South Carolina. (Re-elected) Atlanta Class A D. C. WADSWORTH, Sr., President, The American National Bank, Gadsden, Alabama. (Re-elected) Class B JAMES H. CROW, Jr., Vice President, The Chemstrand Corporation, Decatur, Alabama. (Re-elected) Chicago Class A JOHN H. CROCKER, Chairman of the Board, The Citizens National Bank of Decatur, Illinois. (Re-elected) Class B WILLIAM E. RUTZ, Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wisconsin. (Reelected) St. Louis Class A HARRY E. ROGIER, President, The First National Bank of Vandalia, Illinois. Mr. Rogier succeeds Arthur Werre, Jr., Executive Vice President, First National Bank of Steeleville, Illinois. Class B MARK TOWNSEND, Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Arkansas. (Re-elected) Minneapolis Class A JOHN F. NASH, President, The American National Bank of St. Paul, Minnesota. Mr. Nash succeeds Rollin O. Bishop, Consultant, The American National Bank of St. Paul, Minnesota. Class B JOYCE A. SWAN, Executive Vice President and Publisher, Minneapolis Star and Tribune, Minneapolis, Minnesota. Mr. Swan succeeds T. G. Harrison, Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minnesota. Kansas City Class A W. S. KENNEDY, President and Chairman of the Board, The First National Bank of Junction City, Kansas. (Re-elected) Class B ROBERT A. OLSON, President, Kansas City Power and Light Company, Kansas City, Missouri. (Reelected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1534 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Dallas Class A J. EDD MCLAUGHLIN, President, Security State Bank and Trust Company, Rails, Texas. (Re-elected) Class B H. B. ZACHRY, President, H. B. Zachry Co., San Antonio, Texas. (Re-elected) San Francisco Class A CHARLES F. FRANKLAND, President, The Pacific National Bank of Seattle, Washington. (Re-elected) Class B MARRON KENDRICK, President, Schlage Lock Company, San Francisco, California. Mr. Kendrick succeeds Walter S. Johnson, Chairman of the Board, American Forest Products Corp., San Francisco, California. FARM DEBT HANDBOOK be made payable to the order of the Board of Farm Debt: Data from the 1960 Sample Survey Governors of the Federal Reserve System. of Agriculture is available for distribution. This publication contains selected data from a national CHANGE IN BULLETIN INDEX farm survey made by the Bureau of the Census. Starting with the 1964 volume, the annual index Tables provide data on the debt, incomes, and of the BULLETIN will exclude references to statisassets of farm operations classified by such factors tical tables that appear regularly in each monthly as size and type of farm, age and income of oper- number. A monthly index to these tables may be ator, type and amount of debt, and lender to found at the back of each issue; the page numbers whom debt is owed. Some data on debt of farm for these indexes appear in the "Guide to Page landlords are also shown. References in Monthly Issues" at the top of the The handbook is available for $1.00 a copy. first page of the annual index (p. 1629). Requests for copies should be sent to the Division References to all special tables that appeared of Administrative Services, Board of Governors of during the year will be listed in the annual index the Federal Reserve System, Washington, D.C. as well as in the monthly indexes of the issues in 20551. Remittance should accompany order and which they appeared. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 16 Production and employment rebounded to new the pre-strike level and 12 per cent above Decemhighs in November as strikes ended in the auto ber 1963. industry. Recovery in sales of new cars was limited Output of television sets, furniture, and some by supplies, however, and total retail sales declined other consumer goods increased further in Noslightly. Construction activity changed little. Bank vember. Industrial and commercial machinery concredit increased, after a decline in October, and tinued to expand, and with truck output recovermonetary expansion continued at a moderate pace. ing, the business equipment total rose 3 per cent Federal Reserve discount rates and maximum rates to a level 10 per cent above a year earlier. Among that banks may pay on time and savings deposits materials, iron and steel changed little while autowere raised in late November following a rise in motive parts recovered and most other durable official and market rates in London. In mid- and nondurable materials continued to expand. December yields on short-term securities were higher than a month earlier but those on longterm bonds were little changed. CONSTRUCTION New construction put in place changed little in November and, at a seasonally adjusted annual INDUSTRIAL PRODUCTION rate of $65Vi billion, remained about 2 per cent The Board's index of industrial production in below the highs attained earlier this year. Private November was 134.9 per cent of the 1957-59 residential activity was stable, following a 9 per average compared with 131.7 per cent in October cent decline from its high last March, and private and 134.0 per cent in September. Production of nonresidential construction continued at a record autos, trucks, and parts recovered three-fourths pace. Public activity rose 2 per cent after a 4 of the September-October decline, although pro- per cent decline in October. duction was still affected to some extent by strikes. Subsequently auto assemblies rose to record rates, and if schedules for the whole of December are EMPLOYMENT achieved, assemblies will be about 5 per cent above Employment in nonfarm establishments rose sharply in November following a moderate de- INDUSTRIAL PRODUCTION crease in October because of the auto strike and 1957-59 = 100 was about 300,000 higher than in September. In manufacturing, employment substantially recov- FINAL ^-f^^ ered in transportation equipment and increased _ TOTAL f.~^r ^_ PRODUCTS y—""V somewhat in nondurable goods. The average fac- N.|\-// MATERIALS tory workweek also rose appreciably. Among nonmanufacturing industries, employment rose further in construction, services, trade, and State and 140 local government. The unemployment rate de- ~~ NONDURABLE i**^^ 130 clined to 5.0 per cent from 5.2 in October; since MANUFACTURES jf^" CONSUMER ,+--/Jr May the rate has ranged between 4.9 and 5.3 per i- GOODS>»/^^ - \ ft'' DURABLE cent. ^-y^ ^^/V*\f MANUFACTURES N"*v'' EQUIPMENT DISTRIBUTION 1 1 1 1 1960 1962 1964 1960 1962 1964 Retail sales declined slightly further in Novem- F. R. indexes, seasonally adjusted. Latest figures shown ber following the 4 per cent decrease of October. for Nov. 1535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1536 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Sales at nondurable goods stores declined while adjusted money supply rose $500 million, a little deliveries of new autos showed only a moderate less than the average rise in the three previous recovery and remained sharply below pre-strike months. Time deposits at commercial banks inlevels. creased more than in other recent months, however, and U.S. Government deposits rose contraseasonally. COMMODITY PRICES Seasonally adjusted total and required reserves The industrial commodity price index rose increased in November. Excess reserves averaged slightly further in November and early December $395 million, $35 million less than member bank to a level about a half per cent above that pre- borrowings. In September and October, excess revailing through the first nine months of the year. serves had averaged about $100 million more than Further recovery in fuel oils and additional in- borrowings. Reserves were supplied principally creases among nonferrous metals and products ac- through Federal Reserve purchases of U.S. Govcount for most of the rise. ernment securities and were absorbed mainly by Prices of foods and foodstuffs changed little. currency outflows. Wholesale prices of livestock and meats remained at the seasonally reduced levels reached at the SECURITY MARKETS end of October and were close to the levels of a year ago. Federal Reserve discount rates were raised from 3V2 per cent to 4 per cent on November 23. The rate on 3-month Treasury bills rose to around BANK CREDIT, MONEY SUPPLY, AND RESERVES 3.85 per cent in mid-December from 3.62 per Seasonally adjusted commercial bank credit in- cent on November 20. Yields on long-term Treascreased over $4 billion in November following a ury issues and on seasoned corporate and municisizeable decline in October. Influenced by large pal bonds rose after the increase in the discount Treasury financing operations, bank holdings of rate but subsequently retreated to about the levels U.S. Government securities and loans to Govern- of mid-November. ment security dealers rose substantially. Other ma- Common stock prices have declined about 3 per jor loan categories and holdings of municipal and cent from the high reached on November 20. The agency issues increased further. The seasonally volume of trading has remained moderately active. INTEREST RATES PRICES WHOLESALE ALL ITEMS - ALL COMMODITIES I II 1 1 1 1 COMMODITIES NONFOOD COMMODITIES 1 I 1 1 1 1 1 . . . SERVICES .»•••• ' * * PROCESSED FOODS ^J* '" ^~^*~ FOODS _ | V FARM PRODUCTS •*""*''* - - I 1 1 1 - - .- 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, Oct.; for wholesale prices, Nov. estimates. shown, week ending Dec. 11. 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.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets L Liabilities rp Revised preliminary S Sources of funds I, II, U Uses of funds III, IV Quarters * Amounts insignificant in terms of the paro.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthlv for Quarterly) (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMI ANNUALLY, 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: Calendar year May 1964 630-38 Annually Operating ratios Apr. 1964 520-22 Bank holding companies: Insured commercial banks May 1964 639 List of, Dec. 31, 1963 June 1964 782 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec.31,1963. June 1964 783 balances Sept. 1964 1206 1538 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 1540 Reserve Bank discount rates; margin requirements; reserve requirements 1545 Open market transactions; Federal Reserve Banks 1547 Bank debits; currency in circulation. . . 1550 Money supply; banks and the monetary system. 1552 Commercial and mutual savings banks, by classes. 1554 Commercial banks, by classes. 1558 Weekly reporting member banks. 1560 Business loans 1563 Interest rates. 1564 Security prices; stock market credit; open market paper. 1565 Savings institutions. 1566 Federal finance 1568 Federally sponsored agencies 1573 Security issues 1574 Business finance 1577 Real estate credit 1579 Consumer credit. 1582 Industrial production 1586 Business activity; construction 1590 Employment and earnings. 1592 Wholesale and consumer prices. 1594 National product and income series. 1596 Flow of funds 1598 Guide to tabular presentation 1538 Index to statistical tables 1627 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). 1539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1540 BANK RESERVES AND RELATED ITEMS DECEMBER 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o .S ta . l Go B r v o o i t g u u . h t g - s t h e t cu R c r a i e h g t p i a r e e u s s e e r- - | c v D o a a a n n u i d s c d n - - e ts s | Float t T a o l - 2 s G to o c ld k T r s o r c e t u i e a n u n u r a n g r c y t s - - d y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c r i u o n e a r l g s a y d h s s - - Tr th e w a a i s n t - h m r F e e s . F e m o R rv b r . - e e B s r , a O b n a t k h n s e k ri O F. t h R e . r B W F a . n i R t k M h . s e r m e c r C s b o e a e n n e i u r n r c d r v - y e 3 b s an T k otal Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941_Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 ,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 ,443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 ,66529,060 17,954 5,396 33,019 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 ,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 ,29833,218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—June 31,540 31,446 94 236 ,63533,454 15,785 5,583 35.293 400 794 193 216 ,125 16,800 2,929 19,729 1963—Nov 33,126 32,936 190 407 ,77135,353 15,582 5,594 36,693 395 938 150 198 ,138 17,017 3,097 20,114 Dec 33,729 33,626 103 360 ,434 36,610 15,562 5,583 37,603 389 879 160 206 ,215 17,303 3,443 20,746 1964—Jan 33,200 33,127 73 289 164 35,770 15,513 5,583 36,827 408 965 155 212 ,052 17,247 3,428 20,675 Feb 33,009 32,981 28 311 644 35,028 15,480 5,586 36,383 429 926 141 205 991 17,018 3,130 20,148 Mar 33,389 33,348 41 259 710 35,454 15,462 5,579 36,615 433 948 153 202 998 17,146 3,067 20,213 Apr 33,498 33,453 45 214 798 35,602 15,462 5,580 36,887 426 924 141 195 987 084 3,189 20,273 May 33,907 33,836 71 256 747 35,981 15,462 5,577 37,107 425 957 148 180 ,111 092 3,127 20,219 June 34,631 34,530 101 271 784 36,760 15,462 5,584 37,541 414 886 135 200 ,273 ,356 3,202 20,558 July 34,898 34,765 133 265 37,077 15,463 5,568 37,938 431 804 131 201 ,194 408 3,255 20,663 Aug 35,118 34,996 122 334 670 37,170 15,462 5,562 38,033 421 909 145 194 ,151 ,340 3,224 20,564 Sept 35,273 35,143 130 332 914 37,578 15,462 5,564 38,224 437 893 143 189 ,129 589 3,338 20,927 Oct 35,334 35,257 77 311 2,027 37,747 15,462 5,533 r38.362 471 863 133 189 ,009 716 3,316 21,032 36,036 35,867 169 433 1.874 38,421 15,442 5.494 38,936 529 613 148 200 ,119 812 ^3.349 21.161 Nov Week ending— 1963 32,511 32,449 62 373 1,545 34,467 15,582 5,589 35,858 393 901 153 192 1,114 17.027 3,t50 20,177 Oct. 2 33,036 32,617 419 422 ,527 35,030 15,583 5,591 36,061 397 910 153 193 1,141 17,349 2,843 20,192 9 32,784 32,521 263 339 ,567 34,737 15,583 5,582 36,235 392 930 150 194 ',107 16,894 3,095 19,989 16 32,226 32,226 392 ,930 34,589 15,681 5,583 36,165 394 915 171 188 ,060 16,860 3,082 19,942 23 32,474 32,413 61 229 ,416 34,163 15,582 5,590 36,066 398 906 167 197 ,048 16,553 3,202 19,755 30 Nov. 6 33,031 32,822 209 434 1,315 334,8,42 15,583 5,593 36,251 388 823 156 193 ,019 17,188 2,978 20,166 13 33,179 32,880 299 330 1,,5 81 3355,138 15,582 5,598 36,625 402 886 146 198 ,001 17,060 3,005 20,065 20 32,949 32,773 176 462 22,118800 35,635 15,582 5,596 36,722 403 1,045 144 208 ,211 17,080 3,170 20,250 27 33,111 33,018 93 233 2,126 35,512 15,582 5,593 36,872 386 1,006 151 199 ,250 16,823 3,212 20,035 Dec. 4 33,795 33,590 205 540 1,63136,010 15,582 5,580 37,274 385 812 167 197 ,264 17,074 3,246 20,320 11 33,849 33,759 90 148 1,889999 3355,945 15,582 5,586 37,487 388 856 143 202 ,268 16,770 3,224 19,994 18 33,665 33,582 83 307 2,47136,507 15,582 5,582 37,621 392 907 158 196 ,194 17,204 3,476 20.680 25 33,586 33,552 34 350 2,99137,040 15,552 5,586 37,752 395 903 154 210 ,208 17,556 3,445 21,001 1964 Jan. 1 33,655 33,563 92 590 2,752 37,153 15,513 5,580 37,730 381 927 185 227 ,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 ,070 17,685 3,484 21,169 15 33,494 33,338 156 394 2,203 "3'6,231 15,513 5,584 36,983 406 1,033 167 213 ,062 17,463 3,442 20,905 22 32,944 32,944 198 2,365 35,623 15,513 5,586 36,690 416 1,044 148 216 ,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 34,780 15,512 5,582 36,364 410 869 141 208 ,041 16,840 3,360 20,200 Feb. 5 33,009 32,979 277 1,417 34,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 372 1,496 35,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19 32,887 32,862 291 846 35,088 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26 32,750 32,750 200 835 34,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 ,52935,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3, 20,183 11 33,437 33,437 253 ,60935,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33.195 358 .75835,480 15.463 5.576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 ,97335,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3.156 20,510 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 BANK RESERVES AND RELATED ITEMS 1541 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 than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go ^ vt. s 5 ecurities c v D o a a a n u n i d s c n d - - e ts s Float» t T al o - 2 s G to o c ld k T r s o r c e t u i e a u n n u r a n g y r c t s - - d y - - r c C t e c u i i n u i o n l r c a n r - - y - T h c i r u o n a e r l g s a y d h s s - - Tr u e w r a y s it - h r e F s F e . e i R o g rv r . n - e B s, a O n t k h s er i c O F o a t u . h c R n - e . t r s B W F a . n i R t k h . s re r C s a e e n n u r c d r v - y es Total coin 3 Averages of daily figures Week ending— 1964 Apr. 1 33.575 33,534 155 512 35,353 15.462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 33.979 33,916 209 593 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' 191 756 35,891 15,462 5,585 36,998 439 980 135 197 1.005 17,183 3.185 20.368 22. 33,050 33,050 321 166 35,593 15,462 5,576 36.912 432 898 133 187 946 17,123 3,200 20.323 29. 33,086 32,985 101 137 772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 M.y 3 3 3 3 , . 7 9 6 8 3 7 3 3 3 3 . , 5 9 8 0 0 4 1 8 8 3 3 2 3 1 1 3 4 1,6 6 5 4 3 0 3 3 6 5 . , 0 7 2 2 0 4 1 1 5 5 , , 4 4 6 6 3 3 5 5 . , 5 5 7 8 1 2 3 37 6 , , 1 9 5 1 0 0 4 4 2 1 6 7 9 8 9 8 0 8 1 1 5 6 6 0 1 1 8 7 8 9 9 9 5 3 4 9 1 1 7 7. , 2 2 1 4 8 7 3 3. , 0 0 7 3 5 0 2 20 0 . . 2 2 9 7 3 7 20. 33,749 33.715 34 298 064 36,179 15,462 5,573 37,154 427 1,010 143 178 ,195 17.107 3,197 20.304 27. 33,839 33,819 20 209 739 35,844 15.462 5,581 37,123 430 927 131 174 ,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 ,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 ,308 17,179 3,007 20,186 17. 34,591 34,438 153 328 1,823 36,811 15.461 5,582 37,614 415 880 131 196 ,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 ,273 17,430 3,297 20,727 July 34,841 34,823 18 221 1,818 36,960 15,462 5,582 37,618 404 873 140 195 ,276 17,498 3,347 20,845 35.335 35,215 120 263 1,882 37,588 15,463 5,574 37,916 416 842 134 222 ,256 17,840 2,965 20,805 35,304 35,030 274 460 1,787 37.636 15,463 5,562 38,099 425 885 123 204 ,223 17,703 3,291 20,994 34,392 34,392 159 2,195 36,789 15,463 5,566 37,969 444 770 131 191 ,158 17,154 3,275 20,429 34,518 34,357 179 1,626 36,381 15,463 5,567 37,814 440 711 133 190 !l48 16,975 3,353 20,328 Aug. 5. 35,112 34,980 132 262 1,460 36,892 15,462 5,570 37,893 433 769 137 199 ,132 17,363 3,197 20,560 12. 35,397 35,097 300 376 1,554 37.393 15,462 5,554 38,114 417 964 141 193 ,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 ,102 17,314 3,269 20,583 26. 35,051 34,929 122 329 719 37,137 15,462 5,563 37,998 429 918 145 188 ,214 17,270 3,340 20,610 Sept. 2. 35,162 35,144 18 315 1,451 36,968 15,462 5,572 38,007 423 858 164 191 ,199 17,159 3,362 20,521 9. 35,611 35,234 377 478 1,563 37,716 15,462 5,566 38,243 426 857 131 188 ,220 17,679 3,000 20,679 16. 35,397 35,262 135 225 1,846 3377,524 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 21,259 14. 35,663 35,532 131 241 1,875 37.876 15,462 5,541 38,465 470 865 133 177 ,028 17,739 20,985 21. 34.909 34,909 382 2,548 37,878 15,463 5,538 38,432 489 1,012 130 189 966 17,660 3,331 20,991 28. 34,911 34,911 233 1,995 37,203 15,462 5,513 38,333 467 810 137 185 925 17,321 3,455 20,776 Nov. 4. 35,711 35,642 69 479 1.634 37,910 15.462 5,505 38,446 484 666 122 197 ,111 17,851 3,359 21,210 11. 35,986 35,671 315 429 1,711 38,201 15,463 5,497 38,793 503 546 139 205 ,153 17,823 3,192 21,015 18. 35,913 35,698 215 593 1.962 3"8',532 15,462 5,497 38,975 533 563 130 215 ,150 17,926 3,389 21,315 25. 35,992 35,867 125 162 2.136 38,388 15,430 5.494 39,071 552 521 148 183 ,245 17,592 3,467 21,059 End of month 1964 Sept 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 35,709 35,709 415 1,695 37,900 15,462 5,505r38,373 '475 687 120 194 1,135 17,883 3,128 21,011 Nov 36,774 36,774 210 2,255 39,302 5417 ^39,241 974 256 209 787 18,084*>3,228^21,312 Wednesday 1964 Oct. 7. 35,861 35,652 209 212 1,635 37,810 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 37,208 15,463 5,543 38,546 482 1,042 130 201 960 16.852 3,756 20,608 7\. 34,763 34,763 1,171 2,124 38.096 15,463 5,516 38,431 474 1,209 115 180 974 17,691 3,696 21,387 28. 35,218 35,218 503 1,451 37,254 15,463 5,507 38,370 474 710 151 183 856 17,480 3,852 21,332 Nov. 4. 35,953 35,709 244 409 1,187 37,643 15,463 5,497 38,622 490 546 131 197 1.171 17,446 3,462 20,908 35,854 35,578 276 514 1,577 38,016 15,463 5,496 38,983 515 641 144 242 1,098 17,353 3,638 20,991 18 36,269 35.765 504! 149 2.071 38.580 15,463 5.495 39,031 546 4?5 157 191 1,302 17,885 3,680 21,565 25 36,280 36.280 160 1.612 38,141 15,388 5,487 39,266 559 752 194 186 1,081 16,978 3,890 20,868 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 Ved. and end-of-montb 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

1542 BANK RESERVES AND RELATED ITEMS DECEMBER 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city bank All member banks New York City City of Chicago Period 1Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B r F i 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 re - 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 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 j 141 601 540 540 1941 Dec .... 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 ,143 848 295 295 1945 Dec 16,027 14,536 1,491 334 \\\51 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 ,074 1,011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1.191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,795 ,795 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,710 ,710 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,116 ,127 g 85 -77 1958__Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 —81 ,077 ,070 7 39 —31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 ,038 104 -104 I960 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 ,042 ,035 7 18 -11 1963—June 19,729 19,355 374 236 138 3,722 3,742 -20 39 -59 ,078 ,032 -4 3 —7 1963—Nov 20,114 19,705 409 376 33 3,683 3,668 15 89 -74 ,035 ,031 4 40 -36 Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 056 051 5 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 ,048 ,044 5 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 ,014 ,016 _2 87 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 ,076 ,022 4 90 -86 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 -2 0?1 ,015 7 21 -14 May 20,219 19,886 333 255 78 3,833 3,832 26 -26 ,044 ,042 2 5 -3 20,558 20,170 388 270 118 3,983 3,945 38 39 1 ,011 ,034 -1 13 -14 julv 20 663 20,266 397 265 132 3,943 3,921 22 40 -18 ,039 ,036 3 22 -19 Aijg 20 564 20,151 413 334 79 3,876 3,858 17 39 -22 ,039 ,033 5 13 -8 Sept 20,927 20,506 421 331 90 3,983 3,954 29 45 -16 ,061 ,061 34 -34 Oct 21 032 20,620 All 309 103 3,962 3,942 20 54 -34 ,058 ,056 3 29 -26 Nov ^21,161 P20,764 *>396 430 2;-34 z-3,893 ^3,882 *>11 97 *86 V ,076 p ,072 20 P-17 Week ending— 1963—Nov. 6.... 20,166 19,737 429 404 25 3,760 3,752 9 182 -173 ,038 ,036 2 46 -44 13 20,065 19,634 431 300 131 3,669 3,616 54 100 -46 ,031 1,021 10 22 -12 20 20.250 19.744 506 431 75 3,652 3,650 1 76 -75 ,049 1,035 15 73 -58 27 20,035 19,700 335 200 135 3,671 3,650 20 5 16 ,034 L,O35 -1 4 -4 1964—June 3.... 20,194 19,899 295 264 31 3,881 3,877 80 -76 ,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 L,O33 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 2 July 1.... 20,845 20,443 402 221 181 4,075 4,046 29 23 6 1,054 1,059 -4 23 -27 1 o 5 . . . . 2 2 2 0 0 0 , , , 8 4 9 0 2 9 5 9 4 2 2 2 0 0 0 , , , 1 5 4 5 1 2 1 4 2 2 2 5 9 7 7 1 8 2 4 2 1 6 6 5 0 3 9 1 1 2 1 1 8 9 2 4 3 3 , , , 0 9 9 1 0 6 2 5 9 4 3 3 , , , 9 0 8 2 0 8 1 7 3 4 2 8 2 9 6 1 4 - - 8 1 2 6 6 2 1 [ 1 , , , 0 0 0 4 4 5 1 3 6 1 1 1 , , , 0 0 0 3 3 5 9 6 0 6 2 6 6 4 8 5 -66 1 2229.... 20,325 19,957 368 179 189 3,862 3,846 16 18 -2 1,022 1,020 3 7 -4 Au8ii:::: 2 2 0 0 , ,5 5 9 6 7 0 2 2 0 0 , , 2 12 0 3 9 4 3 7 5 4 1 2 3 6 7 0 6 9 9 1 8 3 3 , , 9 8 3 5 1 0 3 3 , , 9 83 3 3 4 -2 17 1 3 4 -1 1 6 3 1 1, , 0 0 2 3 8 7 1 1, , 0 0 2 3 9 6 -1 1 20 6 -2 -5 1 19.... 20,583 20,192 391 278 113 3,885 3,875 10 49 -39 1,033 1,037 -3 10 -13 26 20,611 20,140 471 329 142 3,851 3,839 12 56 -43 1,035 .035 14 -14 Sept. 2 20,521 20,133 388 315 73 3,882 3,841 41 56 -15 1,038 1,033 5 7 2 9 20,679 20,182 497 478 19 3,831 3,823 8 30 -22 ,038 1,033 5 59 -54 16.... 20,739 20,368 371 225 146 3,924 3,894 29 21 8 043 1,043 6 -5 23.... 21,256 20,775 481 409 72 4,041 4,036 5 137 -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 4 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 50 59 -9 1,047 1,042 6 33 -27 21.... 20,991 20,574 417 380 37 3,905 3,898 7 87 -80 1,054 1,057 -3 11 -14 28! 1.''. 20,776 20,465 311 230 81 3,881 3,872 9 1 8 1,052 1,048 4 10 -6 Nov. 4.... 21,210 20,768 442 476 -34 4,021 3.989 32 220 -188 1,083 1,081 13 -11 11 21,015 20,646 369 427 -58 3,829 3,824 c 73 -68 1 065 1,059 6 6 18 21,315 20,724 591 590 1 3,862 3,837 25 131 -106 1,070 1.070 44 — 44 25 21,059 20,801 258 159 99 3,904 3,879 25 10 15 1.083 1,078 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 BANK RESERVES AND RELATED ITEMS 1543 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve citybanks Country banks Period Reserves B in or g r s o a w t - Free Reserves B in or g r 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 ld al Required Excess B F a . n R k . s reserves 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933 June 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 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_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 Julv 8 385 8,341 44 147 -103 7 296 6,968 328 56 272 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 8,529 8,484 45 163 -118 7.483 7.139 344 63 281 Nov ^8.614 ^8.566 "48 225 "-177 P7',244 ^333 88 ^245 Week ending— 1963—Nov 6 8.184 8.168 17 -94 7.184 6,782 402 65 337 13 8,194 8,156 39 111 -72 7,170 6,845 325 67 258 20 . 8 180 8,177 4 222 -218 7,369 6.882 487 60 427 27 8,199 8,162 37 101 -64 7,131 6,853 278 90 188 1964 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 A.U2 5 8 350 8,316 33 151 -118 7,242 6,924 318 89 229 g I!:::.... 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 -8 7,424 7,152 272 56 216 21 8.471 8,464 7 228 -221 7,561 7.155 406 54 352 28 8.443 8,419 23 146 -123 7,401 7,125 276 73 203 Nov. 4 8,585 8.543 42 163 -121 7,521 7,155 366 80 286 11 8.570 8,536 34 262 -228 7,551 7,227 324 92 232 18 8 601 8 556 45 112 -267 7 782 7,261 521 103 418 25 8^624 8.576 48 73 -25 7,448 7,268 180 76 104 ijhis total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves Required reserves: Based on deposits as of opening of business each day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1544 MAJOR RESERVE CITY BANKS DECEMBER 1964 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position U.S. Govt. securities dealers Less: Net: Gross transactions Net transactions Reporting banks and Total Borweek ending— s E e x r r v c e e e - s s s ! r a o B t B w a F o n in r . k R - g s s . F t f i b e r n u N a a d n t n n e e e d r t k r s s - a . l S d u e r o f p i r c l i u t s P r r e e e s q r e o u r c f i v e r e n e s d t c P ha u s r e - s Sales ac 2 tr t - a i w o n a n s y - s2 b c o b u P h f a y a u n n s i r k n e e - s g s t s o b S e f a l a n l l n i e k n e s s g t d L ea o t l o a e n r s s3 de f r i r a o n o l w g e m s r - s4 lo N a e n t s Total—46 banks 1964—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 ,158 881 570 744 88 656 Nov. 4 39 303 472 -736 7.8 1,734 1,262 986 748 276 1,295 83 1,212 11 10 210 795 -995 10.8 1,788 992 860 928 133 1,075 82 992 18 45 288 786 -1,029 11.1 1,561 776 685 876 90 1,274 70 1,204 25 46 16 425 -395 4.2 1,972 1,548 1,076 897 472 958 99 859 8 in New York City 1964—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 Nov. 4 19 218 43 -242 6.5 720 676 476 243 200 1,000 83 917 11 2 73 429 -500 14.0 821 392 392 429 791 82 708 18 15 129 488 -601 16.8 823 335 332 491 3 943 70 873 25 21 10 46 -34 1.0 953 907 560 393 347 619 99 520 38 outside New York City 1964—Oct. 10 165 371 -527 9.2 810 439 368 442 71 348 348 39 79 422 -463 8.2 1,016 593 467 549 127 230 230 -8 159 408 -575 10.2 1,091 683 442 649 241 306 306 10 82 369 -441 7.9 1,130 761 544 586 218 138 138 Nov. 4. 20 85 429 -494 8.6 1,014 585 510 504 76 295 295 tl. 7 136 367 -496 8.7 966 600 467 499 133 284 284 18. 29 159 298 -428 7.5 739 440 353 385 87 331 331 25. 24 6 379 -360 6.3 1,020 641 516 504 125 339 339 5 in Chicago 1964—Oct. 2 62 122 -186 19.3 256 134 122 134 12 111 111 4 29 71 -96 10.2 230 159 119 40 78 78 -2 10 -24 12 1.2 261 285 133 128 152 70 70 37 -44 4.7 241 205 158 84 47 45 45 Nov. 4. 1 11 79 9.1 251 172 148 102 24 93 93 11. 5 109 -104 11.0 251 142 141 111 94 94 18. -4 44 105 -152 15.9 216 111 108 108 3 99 99 25. 2 11 -9 .9 220 209 185 35 24 94 94 33 others 1964—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 Nov. 4 18 74 350 -406 8.5 763 413 361 402 52 202 202 11 2 136 257 -392 8.3 715 458 327 389 132 190 190 18 33 116 193 -276 5.8 523 329 245 277 84 232 232 25 23 6 368 -352 7.4 800 432 331 469 101 245 I 245 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. NOTE.—Weekly averages of daily figures. Details may not add to 3 Federal funds loaned, net funds supplied to each dealer by clearing totals because of rounding. banks, repurchase agreements (purchases of securities from dealers For description of series and back data, see August 1964 BULL., pp. subject to resale) or other lending arrangements. 944-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1545 DECEMBER 1964 DISCOUNT RATES 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 * Federal Reserve Bank Sees. 13 and 13a * Sec. 10(b) 2 Rate on ! Effective Previous Rate on Effective Previous Rate on i Effective Previous Nov. 30 i date Nov. 30 date rate Nov. 30 ! date rate Boston Nov. 24,1964 Nov. 24,1964 5% i Nov. 24, 1964 New York . . . Nov. 24,1964 Nov. 24,1964 i Nov. 24, 1964 P C h le i v la e d la e n lp d hia.. N N o o v v . . 2 2 4 7 , ,1 1 9 9 6 6 4 4 z N N o o v v . . 2 2 7 4 , ,1 1 9 9 6 6 4 4 N N o o v v . . 2 2 4 7 , , 1 1 9 9 6 6 4 4 I•Vi Richmond. . . Nov. 27,1964 Nov. 27,1964 Nov. 27, 1964 fA Atlanta Nov. 25,1964 Nov. 25,1964 Nov. 25, 1964 C S M t h . i i n L c n a o e g u a o i p s olis.. N N N o o o v v v . . . 2 3 2 4 0 4 , , , 1 1 1 9 9 9 6 6 6 4 4 4 4 4 4 1 1 1 / / / 2 2 2 N N N o o o v v v . . . 2 3 2 4 0 4 , , , 1 1 1 9 9 9 6 6 6 4 4 4 J N N u o o l v v y . . 3 1 2 0 9 4 , , , 1 1 1 9 9 9 6 6 6 4 4 3 4 4 4 1 % i / / 2 D K a a l n l s a a s s City. . N N o o v v . . 2 3 7 0 , ,1 1 9 % 6 4 4 4 4 1 1 / / 2 2 N No o v v . . 3 2 0 7 , , 1 1 9 9 6 6 4 4 N N o o v v . . 3 2 0 7 , , 1 1 9 9 6 6 4 4 /2 San Francisco Nov. 27,1964 41/2 Nov. 27,1964 Nov. 27, 1964 41/2 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 2^-31/2 2Vi 1953 1958 1933 Jan. 2 1 3 6 \yA-2 Jan. 2 2 2 4. . Mar. 3 2^-31/2 3% Mar. 7. 4 13. Apr. 7 1954 21. May 26 1* Feb. 5 Apr. 18. Oct. 20 15 May 9. Apr. 14 WA Aug. 15. Feb. 2 1934 W2 May 2 16 1 IB s= P t.n. Mar. 16 Oct. 24. Nov. 7. 1935 1955 Jan. 11 1V2-21/2 Apr. 14 WliIf-WtA* 1959 May 14 l%2 1% 15 ft Mar. 6 1 2^-3 May 2 16 3 1937 Aug. 4 May 29 3 -3»/2 Aug. 27 1 -2 5 WA-2VA June 12 31/2 Sept. 4 1 -1% 12 WA-21/A Sept. 11 3V2-4 Sept. 9 2 -2VA 18 4 1942 13 2 -2VA O A c p t. r . 1 3 1 5 0 1 Nov. 2 1 3 8 2VA 2 2 - 1 V 2 /4 V 4 I June 1 3 0 1960 1946 14 Apr. 25 1956 Aug. 12 3 ^ May 10 Apr. 13 21/2-3 Sept. 9 20 2%-3 1948 Aug. 24 2%-3 1963 Jan. 12 1 -WA WA 31 July 17. 3 -3V4 19 WA WA 26. 3% Aug. 13 WA-WI IV2 1957 1964 ! 1950 Au8^::::: 3 j? T Nov. 24 j 31/2-4 Aug. 21 Nov. 15 3 -3 25 Dec. 2 3 In effect Nov. 30 1 Preferential rate of l/i of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50: Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1546 RESERVE REQUIREMENTS DECEMBER 1964 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQLTREMExNTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Type of deposit 1 Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 1, J a 1 n 9 . 6 2 I, ! j s Ju , l 9 y 6 3 17, No 1 v 96 . 4 24, Effective date 1 C b re a e c s n n i e t t k r y r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s n i e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits held banks for* 1 year or more } 2* / 4 4 i 4 Less than 1 year. 1 31/2 3i/2 4 In effect Dec. 31, 1948.. 26 22 16 71/2 7i/i Postal savings deposits 1949_May 1,5 24 21 15 7 7 held for: June 30, July 1.. IF 20 14 6 6 1 year or more } 2* 4 4 4 Aug. 1, 11 13 5 Less than 1 year ( 31/2 31/2 Aug. 16, 18 12 5 Other time deposits A Se u p g t . . 25 1 2 2 2 2 i/2 !!* payable in:* h 1951—Jan. 11, 16 23 19 13 6 6 9 6 1 0 m y d e o a a n y r t s h o -6 s r - 1 m m o y o r e n e a t r hs.... 21/2 2 3 1/2 / 4 4i/2 1 1 9 9 5 5 3 4 — — J J j u a u l n n y e . 2 1 5 6 1 , , , 9 2 F 4 eb. 1.. 2 2 2 4 2 1 2 1 0 9 1 1 4 3 5 5 Less than 90 days 1 4 July 29, Aug. 1. 20 18 12 1958—Feb. 27, Mar. 1. !?* J.V4 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Mar. 20, Apr. 1.. BULL., p. 1279. Apr. 17 It* NOTE.—Maximum rates that may be paid by member banks as estab- Apr. 24 16% lished by the Board of Governors under provisions of Regulation Q. 1960—Sept. 1 Under this Regulation the rate payable by a member bank may not in Nov 24 171/2 12 any event exceed the maximum rate payable by State banks or trust Dec. 1 16i/2 cos. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be 1962—Oct. 25, Nov. 1. 4 4 paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. In effect Dec. 1, 1964. . 16i/2 12 4 4 Maximum rate payable on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Present legal requirement: Minimum 10 7 3 3 MARGIN REQUIREMENTS Maximum 22 14 6 6 (Per cent of market value) 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes Effective date at central reserve or reserve city banks. 2 Demand deposits subject to reserve requirements are gross demand Regulation deposits minus cash items in process of collection and demand balances July 28, July 10, Nov. 6, due from domestic banks. 1960 1962 1963 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Regulation T: NOTE.—All required reserves were held on deposit with F.R. Banks, For extensions of credit by brokers and June 21, 1917 until late 1959. Since then, member banks have also been dealers on listed securities 70 50 70 allowed to count vault cash as reserves, as follows: Country banks—in For short sales 70 50 70 excess of 4 and 2l/i per cent of net demand deposits effective Dec. 1, 1959 Regulation U: and Aug. 25, 1960, respectively. Central reserve city and reserve city For loans by banks on stocks 70 50 70 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 I City Chicago Four weeks ending Oct. 14, 1964 Four weeks ending Nov. 11, 1964 Gross demand—Total... 137,773 26,416 6,513 52,311 52,533 Gross demand—Total. . . 37,716 25,998 6.481 52,258 52,979 Interbank 14,931 4,430 1,293 7,316 1,891 Interbank 15,376 4,552 1,327 7,510 1,987 U.S. Govt 6,912 1,835 495 2,625 1,957 U.S. Govt 4,104 989 262 i;604 1,249 Other 115,930 20,151 4,725 42,369 48.684 Other 118,235 20.456 4,892 43,144 49,743 Net demand 1 113,393 21,004 5,472 42,201 44.716 Net demand 1 112,487 20J58 5,384 42,016 44,929 Time 100,856 13,958 4,186 38,807 43,905 Time 101,906 14.250 4,323 38,955 44,378 Demand balances due I Demand balances due from dom. banks.. . 7,475 107 98 1,993 5,277 I from dom. banks... 7,619 114 106 1.988 5,411 Currency and coin 3,311 265 50 1,006 1,990 Currency and coin 3,335 266 51 1,005 2,014 Balances with F.R. Balances with F.R. Banks 17,849 3,792 1,023 7,558 5,476 Banks 17 664 3.643 1,013 7,512 5,496 Total reserves held 21,160 4,057 1,073 8,564 7,466 I Total reserves held 20 999 3,909 1.064 8,517 7,510 Required 20,732 4,024 /,070 5,575 7,122 Required 20.615 3.896 1.061 8.491 7,167 Excess 428 33 3 49 344 Excess 384 13 3 26 343 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

DECEMBER 1964 OPEN MARKET ACCOUNT 1547 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—Oct 654 156 365 654 156 365 Nov. ... 1,176 295 9 977 295 9 2,518 Dec 319 289 15 319 289 15 1964—Jan 95 670 255 95 670 255 Feb 989 458 115 989 458 115 -3,411 Mar 699 18 239 677 18 239 Apr 588 714 367 538 714 367 15 May. ... . 1,332 136 85 1,259 136 85 -2,164 June 937 371 900 371 July 1,264 6i6 447 1,264 610 447 Aug 574 413 145 ! 413 2 030 Sept 620 534 388 534 oct : 1,347 888 1,275 888 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—Oct Nov 106 — 2 510 83 — 8 10 Dec 164 — 164 1964—Jan Feb 3,48i — 70 Mar 11 9 3 Apr 13 -15 30 8 May 43 2 164 27 4 June 20 307 11 -307 Aug 187 -2,030 202 4i Sept . 108 89 34 Oct 33 102 29 -102 11 Repurchase agreements (U.S. Govt. securities) Net change Bankers' <icceptances Net change in U.S. in U.S. Govt. Govt. securities and Gross Gross securities Net Net acceptances purchases sales outright repurchases 1963—Oct 1,09.5 1,032 195 10 14 219 Nov . 95<) 921 909 -2 -14 893 Dec 82<5 915 -74 28 ; 92 45 1964 Jan 42<) 440 -840 -2 -92 -934 Feb 12'7 127 416 -4 412 Mar 49'7 338 601 -4 64 662 A M p a r y n:I I 2 7 8 3 0 4 1 - , 6 0 0 6 1 0 -7 f - -3 2 9 5 1 -6 ,0 3 1 3 4 June 68:5 625 566 i 36 fJC\l July l,0672() 1,021 257 -7 -21 229 Aus 6& 733 113 c_4 r—U> 93 Sept 81 712 186 61 249 Oct 68 782 359 2 -li 341 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

1548 FEDERAL RESERVE BANKS DECEMBER 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1964 1964 1963 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. Oct. Nov. Assets Gold certificate account 13.556 13,650 13,650 13,680 13,685 13,555 13,685 13,924 Redemption fund for F.R. notes. 1,535 1,524 1,524 1,497 1,500 1,536 1,500 1,370 Total gold certificate reserves 15,091 15,174 15,174 15,177 15,185 15,091 15,185 15,294 Cash 130 130 139 151 154 126 158 249 Discounts and advances: Member bank borrowings 158 147 512 407 501 208 413 836 Other 2 2 2 32 Acceptances: Bought outright 45 42 40 40 38 43 38 Held under repurchase agreements. 44 49 31 54 44 20 43 U.S. Govt. securities: Bought outright: Bills 5.925 5,410 5,223 5.354 4.863 6.419 5.354 4,127 Certificates—Special Other 7,066 Notes 25,133 25,133 25,133 25,133 25,133 25.133 25.133 17:729 Bonds 5,222 5,222 5,222 5,222 5,222 5:222 4,645 Total bought outright 36,280 35,765 35,578 35,709 35.218 36.774 35,709 33.567 Held under repurchase agreements.. 504 276 244 100 Total U.S. Govt. securities 36,280 36,269 35,854 35,953 35,218 36.774 35,709 33,667 Total loans and securities 36,529 36,509 36.439 36,456 35,803 37.047 36.205 34,577 Cash items in process of collection 6.059 7,283 6,034 5.993 5.756 6.100 5 392 5.604 Bank premises 102 102 102 102 102 102 102 103 Other assets: Denominated in foreign currencies 416 193 118 43 348 727 74 111 All other 161 137 484 461 444 169 447 166 Total assets. 58,488 59,528 58,490 58.383 57.792 59,362 57.563 56.104 Liabilities F.R. notes 34,171 33,924 33,851 33,480 33,213 34.209 33,224 31,995 Deposits: Member bank reserves 16,978 17,885 17,353 17.446 ! 17,480 18,084 17,883 16.952 U.S. Treasurer—General account. 752 425 641 546 j 710 974 687 890 Foreign 194 157 144 131 151 256 120 165 Other 186 191 349 197 183 209 194 193 Total deposits 18,110 18,658 18,487 18,320 18,524 19.523 18.884 18.200 Deferred availability cash items 4,447 5.212 4,350 4.806 4.305 3.845 3,697 4,262 Other liabilities and accrued dividends 118 116 114 111 104 130 106 95 Total liabilities 56.846 57,910 56,802 56,717 56.146 57.707 55.911 54.552 Capital Accounts Capital paid in 522 521 521 521 521 522 521 492 Surplus 990 990 990 990 990 990 990 934 Other capital accounts 130 107 177 155 135 143 141 126 Total liabilities and capital accounts 58,488 59,528 58,490 58,383 57,792 59.362 57,563 56,104 Contingent liability on acceptances purchased for foreign correspondents 124 124 125 125 128 125 U.S. Govt. securities held in custody for foreign account 8.334 8,222 8,250 8,176 8.521 8.278 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank). . . . 36.405 36,063 35,868 35.649 35.562 36.488 35,591 33,595 Collateral held against notes outstanding: Gold certificate account 6.667 6,657 6,572 6.552 6552 6.667 6,552 7,189 Eligible paper 1 6 2 19 2 11 152 U.S. Govt. securities 30,645 30,430 30,210 30,190 30165 30,165 27,329 30,695 Total collateral. 37,313 37,088 36,788 36.744 36,736 36.728 34,670 37.364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 FEDERAL RESERVE BANKS 1549 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1964 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i- o Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account . 13,555 694 3,134 667 1,112 858 861 2,158 518 307 566 557 2,123 Redemption fund for F.R. notes 1,536 87 353 83 139 127 91 279 62 27 60 50 178 Total gold certificate reserves 15,091 781 3,487 750 1,251 985 952 2,437 580 334 626 607 2,301 F.R. notes of other Banks 431 28 158 18 22 25 36 32 15 23 11 23 40 Other cash 126 7 34 2 7 9 11 21 5 4 4 3 19 Discounts and advances: Secured by U.S. Govt. securities... 175 30 19 1 1 3 10 19 1 28 20 42 1 Other... 35 * 1 * * * 24 1 * * 9 Acceptances: * Bought outright . ... 43 43 Held under repurchase agreements. 20 20 U.S. Govt. securities: Bought outright 36,774 1,963 8,888 2,032 3,086 2,596 2,017 6,280 1,435 701 1,375 1,402 4,999 Held under repurchase agreements . Total loans and securities 37,047 1,993 8,971 2,033 3,087 2,599 2,051 6,300 1,436 729 1,395 1,444 5,009 Cash items in process of collection... 7,868 591 1,465 483 572 645 593 1,263 386 215 473 409 773 Bank premises 102 3 8 3 6 5 18 22 6 4 6 11 10 Other assets: Denominated in foreign currencies. 727 35 1193 41 66 36 41 103 25 17 32 41 97 All other 169 8 40 9 15 13 9 27 7 2 9 7 23 Total assets 61,561 3,446 14,356 3,339 5,026 4,317 3,711 10,205 2,460 1,328 2,556 2,545 8,272 Liabilities F.R notes . . . 34,640 2,031 8,111 2,027 2,941 2,949 2,014 6,281 1,387 601 1,332 1,062 3,904 Deposits: JVIember bank reserves 18,084 719 4,344 747 1,286 862 986 2,812 691 430 876 1,099 3,232 U.S. Treasurer—General account.. 974 59 256 30 61 51 57 100 67 36 58 52 147 Foreign 256 11 280 13 22 12 13 34 8 6 11 14 32 Other 209 1 137 1 1 6 2 2 1 * 4 2 52 Total deposits 19,523 790 4,817 791 1,370 931 1,058 2,948 767 472 949 1,167 3,463 Deferred availability cash items 5,613 539 963 422 557 344 535 715 244 214 198 217 665 Other liabilities and accrued dividends. 130 7 31 7 10 9 8 23 5 3 5 5 17 Total liabilities 59,906 3,367 13,922 3,247 4,878 4,233 3,615 9,967 2,403 1,290 2,484 2,451 8,049 Capital Accounts Capital paid in 522 25 137 29 47 26 31 74 18 12 23 30 70 Surplus 990 47 264 55 90 49 56 140 34 23 43 57 132 Other capital accounts 143 7 33 8 11 9 9 24 5 3 6 7 21 Total liabilities and capital accounts.. 61,561 3,446 14,356 3,339 5,026 4,317 3,711 10,205 2,460 1,328 2,556 2,545 8,272 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Nov 30 1964 27.9 27.7 27.0 26.6 29.0 25.4 31.0 26.4 26.9 31.1 27.4 27.2 31.2 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 Nov. 30 1963 30.3 37.2 28.5 30.3 30.2 31.8 30.9 32.3 29.6 28.8 32.9 25.3 28.5 Contingent liability on acceptances purchased for foreign correspondents 125 6 334 7 11 6 7 18 4 3 5 7 17 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 36 488 2 116 8,716 2,092 3,146 2,123 6 545 1 467 620 1,373 1 153 4 105 Collateral held against notes outstanding: Gold certificate account 6 667 410 1,720 450 500 615 340 1,100 280 112 225 180 735 Elicible oaoer 2 1 1 U.S. Govt. securities 30,695 1,720 7,100 1,800 2,700 2,450 1,850 5,600 1,260 515 1,200 1,000 3,500 Total collateral 37,364 2,130 8,820 2,251 3.200 3,065 2,190 6,700 1,541 627 1,425 1,180 4,235 1 After deducting $534 million participations of other F.R. Banks. 3 After deducting $91 million participations of other F.R. Banks. 2 After deducting $176 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1550 FEDERAL RESERVE BANKS; BANK DEBITS DECEMBER 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 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. Oct. Nov. Discounts and advances—Total. .. 160 149 514 409 503 210 415 868 Within 15 days 156 145 507 405 497 206 401 829 16 days to 90 days.. 4 4 7 4 6 4 14 39 Acceptances—Total 91 71 94 82 63 81 42 Within 15 days 50 55 40 65 55 26 54 11 16 days to 90 days 39 36 31 29 27 37 27 31 U.S. Government securities—Total 36,280 36,269 35,854 35,953 35,218 36,774 35,709 33,667 Within 15 daysi 916 1,530 7,211 7,491 818 538 6,892 619 16 days to 90 days 3,392 3,193 3,073 2,893 8,891 3,911 3,181 6,211 91 days to 1 year 16,475 16,049 10,101 10,100 10,040 16,828 10,167 15,813 Over 1 year to 5 years 13,119 13,119 13,091 13,091 13,091 13,119 13,091 8,505 Over 5 years to 10 years 2,088 2.088 2,053 2,053 2,053 2,088 2,053 2,300 Over 10 years 290 290 325 325 325 290 325 219 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a l n g c ia s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t l n h d d e e s r r - s f S ra w n i c s s s 1964 Feb 271 11 52 2 1 1 201 * 3 Mar 330 11 52 4 1 6 234 21 2 Apr 214 1 52 2 1 6 101 50 1 May 213 1 51 2 1 6 101 50 1 * June 124 16 52 2 1 1 2 50 * July 168 29 52 2 1 1 2 80 1 * Aug 195 61 45 2 1 1 2 80 3 * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts * Annual rate of turnover (billions of dollars) of demand depositsI I>eriod AH Leading centers 3 re 3 p 7 o o rt t i h n e g r Leading centers 337 other 343 re c p e u nt i e im rs g New York 6others 2 centers 3 New York 6 others 2 r c e e p n o te rt r i s n 3g 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. 2,356.8 489.3 979.0 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—No v 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 J Ju u l n y e.... 3 3 5 6 3 2 . . 6 9 1 1 5 4 1 0. . 2 5 1 15 5 4 1 . . 5 2 6 71 7 . . 4 5 7 72 0 . . 9 9 '1 1 2 3 6 1 . . 6 1 1 1 3 3 5 1. . 6 5 1 9 0 4 0 . . 5 2 1 9 0 8 1 . . 6 4 4 4 7 9 #_ 1 1 4 4 8 8 . . 9 1 3 3 0 1 2 5 3 3 1 1 . . 1 5 3 3 5 5. . 0 6 3 35 6 . . 5 0 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 339.0 149.5 142.4 70.4 68.0 131.7 128.6 97.0 95.7 47\l 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 48.0 47.2 31 1 31.1 35.5 35.3 Nov 333.9 146.2 136.0 70.4 66.8 135.4 131.1 92.9 92.6 M6.4 H5.1 5 ^35.5 ^35.5 1 Excludes interbank and U.S. Govt. demand accounts or deposits. 3 Before Apr. 1955, 338 centers. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 4 Before Apr. 1955, 344 centers. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 U.S. CURRENCY 1551 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963—Oct.. 36,177 25,642 2,960 1,592 98 2,302 7,046 11,644 10,535 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 12,109 10,885 3,221 7,110 249 298 3 4 1964—Jan.. 36,247 25,500 3,021 1,599 101 2,287 6,958 11,53310,747 3,157 7,043 247 294 3 4 Feb.. 36,312 25,561 3,044 1,590 101 2,278 6,983 11,56610,751 3,147 7,057 246 293 3 4 Mar. 36,799 26,000 3,105 1,621 102 2,321 7,096 11,754 1100,799 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 11,904 1100,855 3,185 7,127 246 291 3 4 June, 37,734 26,797 3,205 1,676 107 2,379 7,280 12,15110,937 3,217 7,175 246 292 2 4 July. 37,835 26,859 3,223 1,668 108 2,359 7,262 12,23910,976 3,231 7,202 245 291 3 4 Aug. 38,014 26,972 3,249 1,668 109 2,364 7,272 12,31011,041 3,249 7,248 245 292 3 4 Sept. 38,166 27,068 3,285 1,693 111 2,361 7,280 12,33911,098 3,253 7,302 246 291 3 4 Oct.. 38,373 27,201 3,321 1,716 111 2,385 7,328 12.33911,172 3.262 7.367 246 291 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 * Kind of currency T s O o ta t c 1 a n t 9 l . d 6 i 3 o 4 n 1 u g , t- 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 H A B e F a g a l . n d e n R d n k . b t s s y Oc 1 t 9 . 6 3 4 1, Se 1 p 9 t. 6 4 30, O 1 c 9 t. 6 3 3 1, certificates Agents Gold 15,461 (15,185) 2 277 Gold certificates (15,185) 3 12,369 2,816 F.R. notes 35,591 95 2.367 33,129 32,842 30,923 Treasury current—Total. 5,504 (1,559) 104 157 5,244 5,324 5,254 Standard silver dollars 485 3 482 482 436 Silver bullion 1,649 1,559 90 Silver certificates (1,559) 114 1,445 1,559 1,807 Subsidiary silver coin 2,098 10 11 2,077 2,048 1,829 Minor coin 765 * 2 763 755 696 United States notes 347 1 317 320 321 In process of retirement 4.. 161 160 161 166 Total—Oct. 31, 1964. 5 56.556 (16,744) 475 12,369 5,340 38,373 Sept. 30, 1964. 5 56.335 (16,873) 434 12,374 5,360 38,166 Oct. 31, 1963. 5 54,103 (17,363) 372 12.494 5.059 36,177 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. 1541. 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

1552 MONEY SUPPLY DECEMBER 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - i Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - » d d e e p m os a i n ts d 1956—Dec 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 1957 Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959 Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961 Dec 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—Sept 151.6 31.9 119.7 108.1 150.6 31.9 118.6 108.3 6.6 Oct 152.3 32.0 120.3 109.3 152.5 32.1 120.4 109.5 5.3 Nov 153.5 32.3 121.2 111.1 154.8 32.6 122.1 110.2 4.4 Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964—Feb 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr 154.5 33.0 121.5 116.4 155.0 32.7 122.3 116.7 4.2 May 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 July 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 Aug 157.2 33.7 123.5 120.6 155.1 33.8 121.3 121.1 6.4 Sept 158.0 33.8 124.2 121.7 156.9 33.8 123.1 122.0 6.6 Oct 158.6 33.9 124.7 123.1 158.8 34.0 124.8 123.3 5.6 Nov p 159.1 34.2 124.9 125.1 160.4 34.5 125.9 124.1 5 8 Half month 1964 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) 158.2 34.0 124.3 123.4 159.1 33.9 125.2 123 6 4 5 Nov (I) 159.3 34.2 125.1 124.4 161.0 34.5 126 5 124 0 4 6 (l)p 158.9 34.2 124.7 125.8 159.9 34.6 125.3 124.1 7.0 Week ending— 1963—Aug. 7 14 21 28 Sept. 4 11 18 25 Oct. 2 ON* Not seasonally adjusted Not seasonally adjusted Money supply Money supply Time U.S. Week Time U.S. 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 s p a t d o ed s - i ts i d d e G e p m o o s a v i n t t . s d 1 ending— 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 s p a te d o d s - i t i s d d e G e p m o o s a v i n t t . s d * 150.6 31.9 118.7 107.0 6.4 150.3 32.0 118.3 107.3 5.4 1964-Aug. 5 156.4 33.7 122.7 120.6 5.9 148.0 31.9 116.1 107.6 6.9 12 156.1 34.0 122.1 120.8 5.5 147.8 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 7.3 149.4 31.9 117.5 108.1 6.1 150.8 32.2 118.6 108.2 5.1 Sept. 2 155.3 33.6 121.7 121.6 6.0 152.1 32.0 120.2 108.4 5.1 9 156.4 34.3 122.1 121.9 5.7 149.9 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 7.6 150.1 31.7 118.4 108.7 8.8 30 155.8 33.5 122.3 122.2 9.2 151.3 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. 4 160.6 34.0 126.6 123.9 5.1 20 154.4 32.6 121.8 110.1 4.7 11 160.8 34.6 126.3 124.1 4.5 27 153.8 32.6 121.2 110.4 4.9 18 160.9 34.5 126.4 124.0 5.4 25 159.3 34.5 124.8 124.1 6.9 Dec. 4 155.5 33.0 122.5 110.5 4.5 11 156.4 33.3 123.1 110.8 3.8 Dec. 2P 160.8 34.6 126.2 124.2 7.2 18 158.2 33.1 125.1 111.0 4.2 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

DECEMBER 1964 BANKS AND THE MONETARY SYSTEM 1553 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas- net- Date Gold s r t o c e u i a u u n n r n y r g t c d - - y - Total Lo n a e n t s, Tota U l .S. G m C o a e v o n r e m c d r ia - n l men R F t e e s d s e e e c r r v u a e r l ities Other O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s c C m o a a n a u p i n e c n s i d - t c t t a s . , l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933_jUne 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1960—Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30. 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Dec. 28. 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—June 29. 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 1963—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. 28' 15,500 5,500 350,600 204,000 103,100 67,000 35,200 900 43,500 371,600 337,700 33,900 Nov. 25* 15,400 5,500 355,300 206,400 105,400 68,100 36,300 1,000 43,500 376,200 341,400 34,800 DETAILS OF DEPOSITS AND CURRENCY Moneysupply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S. Government te For- At De- Cur- De- Postal eign Treas- com- Cur- 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 1 278 217 2 409 846 634 1941—Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 ,498 2,215 1,895 867 1945 Dec 31 102 341 26 490 75 851 48 452 30 135 15 385 2 932 I 141 2 287 24 608 977 1947__Dec. 31 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 ,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 >,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 \$,184 377 6,193 485 1961—Dec. 30 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 ,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 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 ,337 369 11,306 806 1963—Nov. 27.... 151,800 31,600 120,200 154,100 32,500 121,600 154,900 110,200 44,300 500 ,200 400 4,600 900 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6,986 850 1964—Jan. 29.... 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 ,200 400 3,100 800 Feb. 26.... 151,200 32,000 119,200 150,400 31,600 118,800 160,600 114,800 45,400 400 ,100 500 6,000 800 Mar. 25.... 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 ,200 400 8,100 1,100 Apr. 29 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 1,300 400 4,400 1,000 May 27.... 151,900 32,500 119,400 150,000 32,400 117,600 165,100 118,400 46,300 400 ,300 400 7,400 900 June 30 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 ,324 391 10,502 939 July 29.... 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 32,900 121,400 152,900 33,100 119,800 169,000 121,200 47,400 400 ,400 400 6,300 1,100 Sept. 30^.. 156,800 33,100 123.700 155,800 33,200 122,600 170,400 122,100 47,900 400 ,400 400 9,400 900 Oct. 28r*.. 157,500 33,300 124,200 158,100 33,200 124,900 172,000 123,500 48,100 400 ,400 500 5,000 700 Nov. 25*... 156,600 33,400 123,200 159,000 34,300 124,700 172,400 123,800 48,300 400 ,500 600 7,200 800 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 Reclassiflcation 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

1554 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 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 1 Other lia- Bor- Total I Num- Class of bank ! Cash bilities capitali ber and date !assets1 and Demand ac- I of Total Loans capital Total 1 De- I counts banks U.S. ac- Time 3 Govt. Other i counts2 mand ! Time U.S. Govt. Other I All banks 1 1 1 1 1 9 9 9 9 9 4 4 4 6 6 1 5 7 1 2 — — — — — D D D D D e e e e e c c c c c . . . . . 2 3 3 3 3 8 1 1 1 0 4 2 2 1 1 8 5 6 4 3 0 6 1 0 4 , , , , , 1 3 7 2 9 2 9 0 2 2 6 7 0 7 4 1 1 4 2 3 5 7 3 6 0 4 2 , , , , , 6 0 3 3 8 1 0 1 6 2 5 2 8 2 2 1 7 2 7 8 0 2 5 1 2 1 , , , , , , 5 1 2 7" 5 9 1 8 "1 6 9 1 8 5 3 2 1 3 8 8 9 0 5 , , , , , 9 5 6 0 7 9 7 6 1 2 9 7 2 7 3 1 5 3 5 3 2 4 8 7 5 7 , , , , , 3 9 3 4 3 4 3 8 1 6 4 9 8 5 83 3 1 1 9 4 2 7 7 0 3 5 1 7 , , , , , 2 0 9 3 3 0 9 0 9 3 1 1 8 4 2 3 1 1 2 : 1 1 8 0 6 6 8 3 1 1 5 7 , , , , ,, 6 8 8 6 1 5 6 1 1 7 3 5 6 2 61 1 1 2 7 6 , , , 7 0 9 9 0 1 1 1 3 8 4 4 0 , , 0 9 6 8 5 2 4 2 5 8 3 4 2 5 0 6 5 1 , , ,3 8 9 1 4 3 4 5 0 6 4 9 5 2 , , 1 1 3 9 9 4 4 5 3 4 1 1 5 5 , , , 3 9 0 8 7 8 1 9 4 1 1 2 4 5 2 3 6 5 3 0 9 , , , , ^ 4 6 1 8 1 7 0 1 4 8 9 5 3 8 8 J ! | 3, 2 46 2 2 6 83 7 3 6 25 2 1 1 2 8 68 0 1 , ,, , , 4 '2 5 9 O 1 2 4 4 47 8 2 4 6 1 1 1 1 1 3 4 4 4 3 , , , , ' 5 9 7 8 9 5 4 1 2 4 3 6 4 6 0 1963—June 29 287,411179,714 69,708 37,989 520,"4"6 347;896 309,42815.042 55111,069133,681149,083 1,563 28,612 1"3 ,n9nr9%3 1963—Nov. 27 296,870188,950 68,190 39,730 51,270 356,420 313,630 14,880 550 4,390139.100154,710 4,430 29.130114,068 Dec. 20 302,251192,686 69,068 40,497 51,536 362,394319,63615,267 528 6,734141;576155,531 3,702 29,882(14,079 1964—Jan. 29 298,190 190,010 68,050 40130 48 530 355.410 313.950 14,090 570 137,480 158,990 3,230 29. 14,095 Feb. 26 299,450191,340 67,530 40580 48 830 356;940 314;550 13,960 590 133,850 160,420 3,320 29; 14,113 Mar. 25 303,2~~0~0 1"9 4,440 67,610 41 150 48280 360;310 318;070 14,070 630 133,500 162,000 3,270 29;990 14,122 Apr. 29 304,130 196,580 66,180 41 370 48 710 361;760 318:450 13,700 640 136,620 163,310 3,560 30:29014,140 May 27 305,660199,210 65,150 41;300 48 850 363;420 319; 13,680 630 164,910 3,560 30:620 14.154 June 30 310,4 0"4 —2 03,119 65,337 41;948 54073 373:909 331: 15,272 67810,263139^160 166,469 2,120 3i;03714,175 July 29 309,330 202,950 64,310 42!070 48580 366;950 322;830 13,770 690 135,690 167,570 3,950 30;870 14.195 Aug. 26 311,540 203,920 64,900 42!720 48 810 369!080 324;710 14,390 680 168,840 3,540 3i:110 14,203 Sept. 30 *P 317,630 207,530 66,710 43;390 53680 381:020 336;980 15,820 690 170,260 2,760 3150014,230 Oct. 28 rv 317,860 207,340 66,980 43;540 51880 379;130 333:810 15,360 710 171,840 3,94031610 14.242 Nov. 25" 322,330 210,690 68,140 43,500 52,950 384.790 338 210 15,460 700 142 172,240 4,500 31790 14; 251 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7 225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 124,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30,241 219 14,011 1947—Dec. 31 4 116,284 38,057 69,221 9,006 3377,502155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1961—Dec. 30 215,441124,925 66,578 2"3,93756,432 2—7 8,561248,68917,914 481 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 6,829141,041 97,709 627 24,09413,429 1963—June 29 241,014145,049 63,,542 32,42351,156 299; 875266,17915,042 550 11,060133,624105,903 545 24,58213,482 1963—Nov. 27 249,070152,650 62,300 34,120 50,470 307,060 269,280 14,880 550 4.390139,040 110,420 4,430 25,000 13.558 Dec. 20 254,162156,006 63; 196 34,95950,711312,773275,120 15,267 526 6,729141,534111,064 3,664 25,67713,570 1964—Jan. 29 249,790153,050 62,140 34.600 47 670 305330 2688,80014,090 570 2.820137,420113,900 3,230 25,38013,586 Feb. 26 250,590154,000 61,540 35;050 47 930 306,340 269; 090 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 2722, 1'10" 14', 07—0~ 630 7;870 116,090 3,270 25,750 13,614 Apr. 29 254,590158,660 60,120 35;810 47;890 310,580 2722,40013,700 640 180 117,310 3,560 2608013,633 May 27 255,720160,860 59,110 35;750 48;000 311810 2733,17013,680 630 7!200 118,630 3,560 2638013,647 June 30 260,179164,463 59,322 36;394 53;168 321909 2844,90315,272 67710,257 139 119,587 2,099 26,76813,669 July 29 258,640163,840 58,280 36;520 47;720 314530 2755,71013,770 690 5 110135 120,500 3,950 26,59013,689 Aug. 26 260,330 1'6 4,40058,800 37;130 47;910 316090 277,23014,390 680 6040134 121,410 3,540 26,76013,697 Sept. 30 rP 266,060 167,640 60,630 37790 52;800 327;680 289;02015,820 690 9 180140 122,350 2,760 27,12013,724 Oct. 28P 266,160167,070 61,130 37960 50;980 325;640 285;63015,360 710 4,740141 123,710 3,940 27,25013,736 Nov. 25?' 270,360170,060 62.290 38,010 52,060 331,030 289,90015,460 700 6,990142, 123,980 4,500 27,38013.746 Member banks: 1941_Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886!6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 "2,9845 138,304129,67013,576 64 222,179 69,640 24,210 208 7,589i6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845132,060122,52812,353 50 1,176 80,609 28,340 54 8,464|6,923 1961—Dec. 30 179,599106,232 54,05819,308 49; 579 235; 112 209; 6301 71,7195 303 5,381119,595 67,157 43818,638 6,113 1962—Dec. 28 195,698118,637 52,996688 24,,0 9.2 47,427 249,488 219,46815,309 358 6,086117,999 79,716 3,55019,854 6,049 1963—June 29 199,495122,088 50,399 27,008 44,929 251,214 222,61914,388 373 9,761 111,548 86,550 1,440 "2"0,238 6,058 1963—Nov. 27 205,816128,811 48,647 28,358 44,276 256,778 224,31514,171 376 3,812115.,516 90,440 4,244 20,606 6,104 Dec. 20 210,127131,712 49,342 29,073 44,395 261,469 229,376 14,518 382 5986117,,562 90,929 3,499 21,054 6,112 1964—Jan. 29 206,179129,103 48,344 28 732 41480 254644 223 13,363 429 394113.,823 93,395 3,07320,952 6,124 Feb. 26 206,916129,888 47,873 29 155 41969 255804 223 13,275 448 5;044no;,823 94,350 3,166 2"1,172 6,130 Mar. 25 209,979132,381 47,985 29 613 41,171258229 226 13,378 489 7,032no;,459 95,183 3,054 21,226 6,136 J A M u p n a r y e . 2 2 3 9 7 0 2 2 2 1 1 1 1 5 0 , , , 2 3 1 9 7 3 3 5 2 1 1 1 1 33 3 3 8 5 3 8, , , 6 8 6 4 7 6 9 3 5 4 4 4 6 5 6 , , , 2 9 7 3 7 3 5 9 4 2 2 3 9 9 0 7 2 6 6 4 4 8 9 9 4 4 4 1 6 1 , 9 8 7 8 8 6 3 9 7 2 2 2 6 6 5 9 0 9 , 4 4 4 4 6 3 0 7 1 2 2 2 2 3 2 7 8 6 , , 4 8 0 5 1 5 9 2 71 1 1 3 4 3 , , , 0 5 0 1 2 2 9 7 2 4 4 5 8 9 2 9 3 5 6 3, 4 3 7 4 4 5 0 2 11n 11 1o 5 3; . ;, , , 1 3 6 8 1 2 2 4 4 9 9 9 7 8 6 , , , 3 0 2 2 3 4 6 4 0 3 3 1 , , ,, 3 9 3 9 7 3 8 3 1 6 9 6 2 2 "2 1 1 ,2 , , 0 7 5 6 1 0 0 9 0 6 6 6 , , , 1 1 1 6 8 5 1 0 3 July 29 213,635138,042 45,223 3O;37O 41 732 262;606 229 13,078 536 4^;636112;,319 98,860 3,740 21,947 6,186 Aug. 26 215,030138,478 45,65130,90141,830 263;825 230; 13,661 531 5411111,458 99,581 3,,354 22,088 6,188 Sept. 30 220,105141,393 47,245 31,467 46,423 274; 241,33115,056 542 8460116,969100,304 2,,624 22,382 6,204 Oct. 28 219,678 114400,646 47,458 31,574 44,680 271 237,65614,559 555 4,325116,,793101,424 3,73322,474 6,209 Nov. 25*> 223,153143,241 48,383 31529 45,689 276,406 241,14114,646 551 ,319 118.030101,595 4",2~97 "2.2560 6,221 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. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 38,420 3,768 514 1962—Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 41,478 3,951 511 1963—June 29 46,397 34,665 6,166 5,566 890 48,020 43,248 43,180 4,031 511 1963—Nov. 27 47,800 36,300 5,890 5,610 800 49,360 44,350 44,290 4,130 510 Dec. 20 48,089 36,679 5,872 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. 28' 51,700 40.270 5,850 5,580 900 53,490 48,180 48,130 4,360 506 Nov. 25* 51.970 40;630 5,850 5,490 890 53,760 48,310 48,260 4.410 505 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1555 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total I. assets— Cla a s n s d o d f a b te ank Total Loans , i U S .S ec . urities -I I Cash c b T a i a l l o p i n i a t i t d i t a - e a l s l Total i De- Dema O nd ther r B o o w r- - j i i c T a o o c u t - n a l ts ! ) N b b o u a e f n m r k - s Govt. Other I co a u c n - ts 2 mand Time U.S. Time Other i 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 6| 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 I7j 6,940 17,287 1,236 195 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1961—Dec. 30 30,297 19,535 7,862 2,90011,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,01711,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734| 187 2,052 20,35110,131 794 3,931 13 I 1963—Nov. 27 33,615 23.103 5,634 4.878 9.259 45.200 36.807 4,272! 212; 665 20.20111,457| 1.480 3,966i 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289! 214| ,419 20,96011,446 1,438 3,984j 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 1,294 4,16l! 13 Feb. 26 33,611 22,799 5,561 5,251 9,317 45,377 37,010 4,060 268 901 19,69412,087 1,320 4,184j 13 Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 1,187 4,184 13 Apr. 29 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,140 1122,327 1,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 1,494 4,351 14 June 30 36,693 25,490 5,779 5,42410,550 49,716 41,545 4,711 317 2,112 21,224 13,181 924 4,4021 14 July 29 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993! 341 987 19,606 13,548 1,476 4,388 14 Aug. 26 35,936 24,648 5,691 5,597 8,621 46,929 38,338 4,000 336 992 19,38313,627 1,365 4,421 14 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 4,4361 13 Nov. 25^ 37,594 26,051 5,954 5,58910,103 50,171 40,753 4,394! 333 1,261 20.67914,086 1 .7844.434! 13 City of Chicago: 5 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476}. . . . . j 288 13 1 1 1 1 1 9 9 9 9 9 6 6 4 6 4 3 2 7 1 5 — — — — — J D D D D u e e e e n c c c c e . . . . 2 2 3 3 3 8 9 0 1 1 7 9 5 5 8 , , , , , 0 6 9 0 9 8 3 0 8 5 2 1 6 8 7 4 5 5 1 1 , , , , , 4 8 6 3 5 0 3 1 2 4 1 3 8 6 5 4 2 2 2 2 , , , , , 1 2 0 0 8 2 4 7 1 9 9 1 1 3 0 1 1 , , 9 4 3 3 4 0 4 6 8 9 0 9 5 7 6 2 2 2 1 1 , , , , , 4 7 2 1 6 8 3 8 3 0 9 9 0 6 3 1 1 1 7 6 1 0 1 , , , , , 4 8 3 4 4 5 8 6 3 4 9 3 2 6 0 1 9 7 9 6 0 , , , , , 9 0 2 1 4 9 4 4 8 0 1 6 3 3 2 1 1 1 1 1 , , , , , 2 2 2 3 6 1 0 7 1 2 7 2 7 2 4 1, 4 5 3 5 1 7 6 5 8 0 2 9 4 2 4 4 5 3 5 , , , , , 2 8 4 2 2 0 6 4 6 6 1 2 0 8 4 2 3 3 , , , 0 4 0 9 7 9 0 2 1 1 9 8 5 9 3 ! ! . . . . . 2 . 1 6 . 1 3 . . 2 1 5 . I ! 4 3 2 9 9 8 7 6 4 7 7 7 8 0 4 1 1 1 1 9 2 4 3 2 1963—Nov. 27 9,376 6,038 1,731 1,607| 1,955 11.521 10.103 200 4.909 3.794 211 993! 12 Dec. 20 9,615 6,220 1,705 1,6901 1,970 11,776 10,296 395 4,887 3,787j 255 996J 12 1964—Jan. 29 9,242 5,837 1,823 1,582 1,994 11,437 9,977 ,075 15 100 4,839 3,948! 257! ,002! 12 Feb. 26 9,423 5,956 1,867 1,600 2,023 11,641 10,056 ,124 15 279 4,715 3,923i 370| ,002! 12 Mar. 25 9,695 6,064 2,063 1,568 1,776 11,713 10,128 ,124 16 472 4,627 3,889| 327 ,011! 12 Apr. 29 9,316 6,088 1,706 1,522 2,118 11,676 10,263 ,114 16 212 4,893 4,028| 166 ,012i 12 May 27 9,394 6,173 1,706 1,515 2,185 11,806 10,414 ,151 23 384 4,810 4,046! 185 ,008 12 June 30 9,636 6,266 1,750 1,620 2,121 12,046 10,630 ,182 25 587 4,744 4,090 210 ,017 12 July 29 9,394 6,092 1,737 1,565 2,091 11.733 10,289 ,148 24 282 4,690 4,145 201 ,018i 12 Aug. 26 9,638 6,311 1,717 1,610 1,930 11,817 10,351 ,229 23 298 4,652 4,149 197! ,024; 12 Sept. 30 9,914 6,421 1,857 1,636 2,251 12,458 10,964 ,327 23 616 4,840 4.158 258; .0341 12 Oct. 28 9,788 6,404 1,791 1,593 2,234 12,305 10,802 ,238 23 288 4,939 4.314 255; _,,0.3_4.,1 12 Nov. 25'' 10,021 6,600 1,786 1,635 2,232 12,537 11,009 .251 4.906 4.450 256! 1 .044 12 Other reserve city: 7 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967! 351 1945—Dec. 31 40,108 8,514 29,552 2,042 111,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2i 2,566! 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 li 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 2266,381 81! 6,997) 206 1962—Dec. 28 73,130 46,567 18,398 8,16519,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263! 191 1963—June 29 74,614 48,164 17,326 9,124 "1"8,526 95,433 85,555 6,811 110 3,793 41,29133,549 407 7,440 194 1963—Nov. 27 76,776 50,699 16,472 9,60518,887 98,069 85,891 6,949 90 1.462 42,698 34,692 2.102 7,653j 195 Dec. 20 78,370 51,891 16,686 9,79218,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697] 190 ! 1964—Jan. 29 76,859 51,034 16,152 9,673 826 96,184 84,938 6,512 98 813 41,439 36,076 l,146i 7,773 189 Feb. 26 77,289 51,529 15,994 9,766 193 96,845 85,456 6,449 105 2,062 40,23436,606 1,095 7,814 189 Mar. 25 78,288 52,395 15,86610,027 16863 97,572 86,404 6,495 107 2,796 40,167 3366,839 1,000 7,815 186 Apr. 29 78,650 52,811 15,69210,147 445 98,569 86,601 6,232 117 1,586 41,32137,345 1,500 7,984 186 May 27 79,226 53,749 15,29410,183 999 98,750 86,814 6,231 115 2,708 40,009 "3,7751 1,301 8,032| 183 June 30 80,466 54,604 15,48810,375 143102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 July 29 80,080 54,557 15,01810,505 ,209 99,824 87,609 6,320 115 1,875 41,15538,144 1,647 8,125 184 Aug. 26 80,662 55,049 14,92210,691 185100,348 88,169 6,732 116 2,151 40,740 3"8,430 1,415 8,173 185 Sept. 30 82,222 55,804 15,680 io; 158104,065 91,950 7,217 115 3,244 42,689 38,685 1,150 8,324 186 Oct. 28 82,239 55,712 15,722 io; 305103,165 90,422 7,152 118 1,685 42,618 38,849 1,725 8,357 186 Nov. 25'' 83,044 56,292 15,98610,766 18646104,306 91,299 7,102 132 2,580 42,85138,634 1,845 8,360! 185 Country member banks: 6, 7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,37814,560 23 2,934 6,519 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 37 1,641 46,21131,832 40 7,088 5,885 1962—Dec. 28 80,623 44,698 25,42510,501 14,559 97,008 87,342 1,773 51 1,931 46,89536,692 172 7,744 5,828 1963—June 29 82,952 46,934 24,496 1"1,522 14,465 99,361 89,470 1,641 60 3,332 45,066 3"9",371 127 7,894 5,839 1963—Nov. 27 86,049 48,971 24,81012,26814,175101,988 91,514 1,764 60 1,485 47,708 40,497 451 7,994 5,884 Dec. 20 87,316 50,023 24,79712,496 14,274103,615 92,759 1,793 56 1,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213,796102,111 91,815 1,736 60 1,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,538 ,436101,941 91,418 1,642 60 1,802 46,180 41,734 381 8,172 5,916 Mar. 25 87,111 50,269 24,17712,665 002 103,069 92,348 1,663 60 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51,007 23,946 12832 462103,175 92,305 1,629 56 1,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,360 12647 13,406 102,53991,641 1,569 56 1,999 45,693 42,324 409 8,328 5,952 June 30 88,337 52,289 23,21812,830 105,430 94,733 1,739 64 2,872 47,270 42,788 230 8,531 5,971 July 29 88,198 52,214 23,14612,838 103,912 93,056 1,617 56 1,492 46,868 43,023 416 8,416 5,976 Aug. 26 88,794 52,470 23,32113,00314^094 104,731 93,784 1,700 56 1,970 46,683 43,375 377 8,470 5.977 Sept. 30 90,065 53,128 23,73513,202 831107,083 96,130 1,785 64 2,250 48,24143,790 278 8,577 5,992 Oct. 28 91,040 53,482 24,23313,325 502107,627 96.431 1,870 64 1,293 48,912 ^4"4,292 408 8,647 5,998 Nov. 25? 92,494 54,298 24,65713,539 14.708109,392 98,080 1,899 64 2,098 49,594 44,425 412 8.722| 6,011 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1556 COMMERCIAL AND MUTUAL SAVINGS BANKS DECEMBER 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans u. S e s cu . rities 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 I D n e te - rbank * Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s ] b N a b o u n e f m r ks - Other ac- mand Time Time Govt. counts * G U o .S vt . . Other Insured commercial banks: 1941—Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 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 80,276 2"9,876 215 8,67113,297 1947—Dec. 31. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92.975 34,882 61 9,734 1'-3,398 1961—Dec. 30. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934 141,050 82,122 462 22,089 13,108 1962—Dec. 28. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815J140,169 97,380 3,584 23,71213,119 1963—Dec. 20. 252,579155,261 62,723 34,594 50,337 310,730 273,65715,077 443 6,712 140,702110,723 3,57125,27713,284 1964—June 30. 258,597163,715 58,880 36,002 52,845 319,913 283,46315,072 59110,234 138,323119,243 2,035 26,35813,394 National member banks: 1941—Dec. 31. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,,292 45,441 22511,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1.63612.750 4,505 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13.548 4,615 1964—June 30.. 141,198 89,469 31,560 20,168 29,511 175,250 155,978 8,488 161 5,822 75,369 66,137 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 .502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7.986 130 2,945 ,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3.055 ,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21.716 213 6,763 ,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41, ,983 1,914 7.104 ,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78.553 5,655 236 2,295 40,725 29,642 1,795 7.506 ,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 ,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 ,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 37,560 543 553 21,45614,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22; 170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,140 19,793 72 4,234 7,173 1964—June 30.. 43,476 25,066 12,654 5,755 6,078 50,488 45,411 546 892 22,699 21,209 99 4,309 7,215 Noninsurcd nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31.4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1961—Dec. 30. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—Dec. 20. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 285 1964—June 30. 1,571 748 432 390 323 1,984 1,439 200 85 787 344 399 274 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 22,325 15,286 33 3,822 7.320 1962—Dec. 28., 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7.380 1963—Dec. 20., 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 2"0.134 165 4,623 7,458 1964—June 30., 45,047 25,815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,48621,553 163 4,708 7,489 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31., 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31., 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 1,252 194 1961—Dec. 30., 35,660 25,812 4,690 5,158 828 37,065 33,400 256 33,137 3,191 330 1962—Dec. 28., 38,597 28,778 4,639 5,180 784 39,951 36,104 5,827 3,343 331 1963—Dec. 20., 41,664 32,300 4,324 5,041 722 43,019 38,657 8,359 3,572 330 1964—June 30., 43,431 34,050 4,316 5,064 799 45,022 40.797 333 40,456 3,618 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 COMMERCIAL AND MUTUAL SAVINGS BANKS 1557 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s1 c b T a i a l l o p i n i a t t i d i a - t e a l s l Total 1 Interbank1 Dema O n t d her r i B o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m r ks - G U o .S v . t. Other cou a n c- ts 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 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 8 5,851 633 179 1964—june 30 . 6,795 4,605 1,700 490 105 6,977 6,143 15 6,128 1 651 179 1 Reciprocal balances excluded beginning with 1942. parability of figures for classes of banks is affected somewhat by changes 2 Includes other assets and liabilities not shown separately. in F.R. membership, deposit insurance status, and the reserve classifica- 3 See note 3, p. 587, May 1964 BULL. tions of cities and individual banks, and by mergers, etc. 4 See note 4, p. 587, May 1964 BULL. Data for June 30, 1964, for national banks have been adjusted to make 5 See note 5, p. 587, May 1964 BULL. them comparable with State bank data. (Dec. 20, 1963 data also ad- 6 Beginning with May 18, 1964, one New York City country bank with justed to lesser extent.) loans and investments of $1,034 million and total deposits of $982 million Figures are partly estimated except on call dates. was reclassified as a reserve city bank. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 7 See note 6, p. 587, May 1964 BULL. 870-71. NOTE.—Data are for all commercial and mutual savings banks in the See also NOTE, p. 643, May 1964 BULL. United States (including Alaska and Hawaii, beginning with 1959). Com- LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total* Loans1 Total 1 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 66.4 29.3 1963—Dec. 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1963—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 A 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 59.9 37.8 262.1 163.0 61.1 38.0 Nov. 25^. 264.9 165.2 61.3 38.4 265.7 165.4 62.3 38.0 1 Adjusted to exclude interbank loans. For description of seasonally adjusted series, see July 1962 BULL. pp. 2 Data are estimates. 797-802. Data are for last Wed. of month and are partly estimated (except for NOTE.—For back data, see June 1964 BULL., pp. 693-97. June 30 and Dec. 31 call dates). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1558 COMMERCIAL BANKS DECEMBER 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 T o n a a v o e n n e n t d s a s t t l s - ! Total 2 C m d t a c r i o u i n n i e a s m a d - r - l l - - A c tu u a g l r l r - - i- o b k d a T s r r e e n e o o r a d c c - s l a u - r r o r it y t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t - a e l O u v i d t t a i n o h i d - l - e s - r Other Total Bills sec c C t u a i e f r t i e i r - t - s ies Notes Bonds s S g r l a o i e o t t n c c a i v e d u a t t e s l - . O s ri e t t h c ie e u s r - Total: 2 1947—Dec. 31..116,284 38,05718,1671,660 830 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 .".-,,17261*2'4"8 4,056 2,134 1,033 7,31130,320 27,847 3,412 66,578 1,488 2,114 26i336 26,64120,345 3,592 1962—Dec. 28.,235,839140,106 48,673 7,097 5,1442,131 2,578 8;459 34,259 30,5533,909 66,434 1,674 3,932:23,84126,,9987 24,755 4,543 1963—Dec. 20.,254,162156,006 52,947 7,470 5,353 2,509 3,605 9,479 39,056 34,550 '4 ,0~3"4 63,196 1,059 1,658 22,441155 2288,,0065 29,786 5,173 1964—June 30.,260,179164,463 55,0617;688 5,526 2,704 2,88110,450 41,38837;594 4,42159,322 9,061 3523,14127,0085 31,419 4,975 All insured 1941—Dec. 31..49,290 21,259 9,214 1,450 614 662 40 4,773 505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31.,121,809 25,765 9,461 11, 3"14 3,164 3,606 49 4,677 2,361 1,132 88,912 2,455 19,07116,045 5"1,342 3,873 3,258 1947—Dec. 31.,114,274 37,58318,012 1,610 823 ,190 114 9,266 5,654 9~1' 467,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.,213,904124,348 44,965 6,2114,030 2,107 1,027 ,296 30,21127,708 3,396 66,026 1,356 2,098 2266,145 26,426 20,068 3,462 1962—Dec. 28.,234,243139,449 48,458 7,060 5J19 22,103 2,551 ,434 34,12330,402 31,89065,891 1,514 3,91623,715 26,746 24,547 4,356 1963—Dec. 20.,252,579155,261 52,743 7 2,476 3,594 ,415 38,86134,383 4^01562,723 0,952 1,64922,316 27,806 29,559 5,035 1964—June 30.,258,597163,715 54,855 7,663 5,492 22,671 2,839 10,414 41,190 37,432 4,403 58 8,970 3223,044 26,835 31,1844,818 Member, total 1941_Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 653 19,539 971 3,00715,561 3,0902,871 1945—Dec. 31. 107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 78,338 2,27516,98514,271 4"4,807 3,2542,815 1947_Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,199 3,105 1961—Dec. 30.179,599106,232 40,9313,934 3,8771,827 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;9541 1,777 2,445 7,936 27,162 24,799 3,657 52,,9'68 8,862 3,249 19,443 21,414 201773 33!,319 1963—Dec. 20.210,127131,712 47,403 4,659 5,124 2,136 3,439 8,875 31,009 27,9083'',765 49,3428,032 1,307 18,072121,932 25 210 3,864 1964—June 30.215,132138,649 49,217 4,755 5,3412,320 2,733 9|887 32|794 30^75 4,137 46,235 6,707 16 18,572 20,940 26^79 3J670 New York City: 1941—Dec. 31. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.26,143 7,334 3,044 2,4531,172 26 80 287 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 19,53511,278 231,956 467 376 1,711 934 2,072 1,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28. 32,989 21,954 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 2,257 1,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—June 30. 36,693 25,490 12,647 213,045 625 1,014 2,762 2,296 2,548 1,128 5,779 1,333 2,625 1,821 4,952 472 City of Chicago: 1941—Dec. 31. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945_Dec. 31. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Dec. 20. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 1964—June 30. 9,636 6,266 3,332 498 192 200 893 409 600 318 1,750 418 652 680 1,370 251 Other reserve city: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945_Dec. 31. 40,108 8,514 3,661 205 427 ,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3"4 "2 1,053 1961—Dec. 30. 68,565 42,37916,8791,076 976 784 470 3,261 9,590 9,172 99819,748 3,020 741 8,605 7,382 5,710 727 1962—Dec. 28. 73,130 46,56717,6601,179 1,053 752 1,020 3,583 111,030 9,860 1,266 1188,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20. 78,370 51,89118,8621,219 1,243 891 1,224 4,28612,52511,1061,462 16,686 2,152 545 6,600 7,390 8,810 981 1964—June 30. 80,466 54,60419,6241,173 1,155 970 953 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 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 4: 471 4 1,881 707 359 26,999 630 5,102 4,544 166,722 1,342 1,067 1947_Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1961—Dec. 30. 73,131 39,69310,165 2,811 591 438 116 1,251 13,242 11,132 75124,407 3,614 566 9,560 10,667 530 1,500 1962—Dec. 28. 80,623 44,69811,299 3,187 728 447 764 1,563 14,44112,273 826 2255,425 4,144 1,223 8,84911,209 694 1,807 1963—Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,591 16,114 1133,951 917 24,797 3,822 573 8,53111,871 385 21,111 1964—June 30. 88,337 52,28913,6"14 "3,535 644 534 565 1,525 16,88315,063 939 23,218 2,749 15 8,728 "1,1725 808 21,022 Nonmember 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 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 1962—Dec. 28. 40,141 21,469 4,830 2,678 190 354 13! 523 7,097 5,754 25! 13,466 2,812 683 4,398 5,573 3,9821,224 1963—Dec. 20. 44,035 24,295 5,54421 ,8"1"1 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 1,309 1964—June 30. 45,047 25,815 5,844 21,933 185 384 149 563 8,594 7,320 28413,08^ 2,354 19 4,569 6,144 4,841 1,305 ^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

DECEMBER 1964 COMMERCIAL BANKS 1559 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 te d f s B F w e a r . i n v R th k e . s s r C c e a o n n u i c d r n - y b m a w a d n e n o i c s t k - e t h i s s c 3 j m p u o d a s a e t s d n e - i - t d d s 4 m D e In s o t - t i e c r 3 ba e F n i k g o n r- 5 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C h c o f a e e e i f n e c f r r i d t d s k - i ' s - , IPC I b n a t n e k r- P G U S i a o n o a n . s g S v v t d . s a - 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 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28.... 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—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 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 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 12,409121,608 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 1,7 9 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.... 16,918 2,813 8,724100,660 15,924 1,270 5,381 9,487 4,654 105,454 303 260 4,371 62,526 43818,638 1962—Dec. 28.... 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 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 90,7621,93622,060 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 017 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 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 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 28,0271,388 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 31,9821,416 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• ccllasses of banks is affected some- * Through 1960, demand deposits other than interbank and U.S. what by changwe s in F.R. membership.,, d<eposit 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 3 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

1560 WEEKLY REPORTING MEMBER BANKS DECEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Wednesday i T l n o a v o a n e t n d a s s t l - i m n a v e n e n d s t t s - Loans C m c o i e a m r l - - a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V ti a o l n uaments i justed2 justed2 in a d n u d stural U.S. U.S. Do- Pers. estate other ser r v ees trial Govt. Other Govt. Other mes- and c t s u i e e r - s i- c t s u i e e r - s i- c t s u i e e r - s i- c t s u i e e r - s i- F ei o g r n - c m c o t i i e m a c r l - - f C i s e n a O t a l c S e n . . s , . Other Total- Leading Cities 1963 Nov 6 137 379 134,924 87,612 36,862 1,550 483 3,248 85 1,701 836 2,455 3,888 3,559 17 674 19 689 1 963 13 136,929 134,670 87,869 37,108 1,575 513 3,351 87 1,707 834 2,259 3,665 3,538 17,757 19,702 1,968 20 137,505 135,328 88,193 37,198 1,587 441 3,484 90 1,718 847 2,177 3,656 3,550 17,811 19,774 1,963 27 137 808 135,298 88,578 37,254 1,585 436 3,614 90 1,712 880 2,510 3,667 3,559 17 846 19 899 1 964 1964 Oct. 7 146,061 143,951 96,498 39,743 1,591 679 3,336 69 1,923 1.248 2,110 4,203 4,065 19,560 22,191 2,110 14 146,462 144,094 96,753 39,964 1,594 669 3,290 68 1,917 ,258 2,368 4,187 4,038 19,638 22,240 2,110 21 145 436 143,734 96,727 39,913 1,596 723 3,359 70 1,917 751 1,702 4,065 3,999 19 680 22 263 2 109 28 146,472 144,363 96,545 39,882 1,606 610 3,268 69 1,916 748 2,109 4,052 3,978 19,719 22,304 2,107 Nov. 4 148,211 145,619 98,021 40,192 1,617 1,099 3,516 68 1,928 748 2,592 4,316 4,045 19,741 22,360 2 109 11 147 101 145 016 97,694 40,295 1,629 1,000 3,320 63 1,943 1,287 2,085 4,106 4,059 19 789 22 311 2 108 18 148 179 145,693 97,998 40,651 1,635 756 3,311 61 1,950 797 2,486 4,168 4,048 19 842 22 391 2 107 25 148,979 146,250 98,019 40,548 1,633 954 3,179 64 1,948 314 2,729 4,103 4,023 19,886 22,474 2,107 New York City 1963 Nov 6 32 931 31 997 21,334 11,900 17 234 1,834 18 532 394 934 1,290 669 1 848 3 173 575 13 32 634 31,807 21,435 12,023 18 290 1,879 18 534 396 827 1,163 667 1 863 3 159 575 20 32,757 31,989 21,509 12,052 18 244 1,939 18 539 394 768 1,154 674 1,868 3,181 572 27 33 209 32,218 21,895 12,113 19 291 2,090 17 540 431 991 1,208 676 1 871 3 211 572 1964 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 1,292 789 2 183 3 494 571 21 34,325 33,879 23,352 12,745 16 333 1,883 8 600 673 446 1,218 790 2,183 3,474 571 28 34,951 34,256 23,360 12,733 15 360 1,827 8 601 677 695 1,217 787 2,198 3 508 571 Nov 4 .. 35 714 34,928 24,175 12,779 20 613 2,083 9 599 681 786 1,377 813 2 216 3 556 571 11 34,809 34,345 23,808 12,835 20 513 1,871 8 604 688 464 1,309 815 2,218 3,498 571 18 35,692 34,589 23,907 12,996 18 356 1,838 8 601 693 1,103 1,332 818 2 242 3 576 571 25 35,949 34,624 23,724 12,931 18 384 1,740 9 598 708 1,325 1,250 820 2,255 3,582 571 Outside New York City 1963 Nov 6 104 448 102,927 66,278 24,962 1,533 249 1,414 67 1,169 442 1 571 2,598 2 890 15 826 16 516 I 388 13 104,295 102,863 66,434 25,085 1,557 223 1,472 69 1,173 438 ,432 2,502 2,871 15,894 16,543 1,393 20 104 748 103,339 66,684 25,146 1,569 197 1,545 72 1,179 453 409 2,502 2,876 15 943 16 593 I 391 27 104,599 103,080 66,683 25,141 1,566 145 1,524 73 1,172 449 ,519 2,459 2,883 15,975 16,688 1,392 1964 Oct 7 110,958 109,562 73,082 26,973 1,575 396 1,467 62 1,317 571 ,396 2,917 3,252 17,400 18,691 1,539 14 111,080 109,916 73,264 27,133 1,578 368 1,431 61 1,318 569 ,164 2,895 3,249 17 455 18 746 I 539 21 111,111 109,855 73,375 27,168 1,580 390 1,476 62 1,317 578 ,256 2,847 3,209 17,497 18,789 1,538 28 .... 111,521 110,107 73,185 27,149 1,591 250 1,441 61 1,315 571 ,414 2,835 3,191 17,521 18,796 1,536 Nov 4 112 497 110,691 73,846 27,413 1,597 486 1,433 59 1,329 567 806 2 939 3 232 17 525 18 804 I 538 11 112,292 110,671 73,886 27,460 1,609 487 1,449 55 1,339 599 ,621 2,797 3 244 17 571 18 813 I 537 18 112,487 111,104 74,091 27,655 1,617 400 1,473 53 1,349 599 ,383 2,836 3,230 17,600 18,815 1,536 25 113,030 111,626 74,295 27,617 1,615 570 1,439 55 1,350 606 404 2,853 3,203 17,631 18,892 1,536 For notes see p. 1562. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 WEEKLY REPORTING MEMBER BANKS 1561 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets3 U. S. Government securities Total assets— Wednesday Cer- No m te a s tu an ri d n g b — onds O se t c h u e - r Total d a o w B n m i a c t l e e h - s s- a w B f n o i a c r t l e - h - s Cu a rr n e d ncy s w e R r i v e th - es a o s A t s h e l e l t r s l T ia a t o i b n e t i d s a li l - Total Bills tifi- rities tic eign coin F. R. capital cates W 1 i y i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs banks banks Banks accounts Total- Leading Cities 1963 Nov. 6 28,242 4,261 932 2,878 13,183 t,988 19,070 17,573 3,046 269 1,657 12,601 5,234 174,965 13 27,930 4,089 913 2,871 13,165 t,892 18,871 17,324 3,248 266 1,833 11,977 5,336 174,746 20 28,180 3,953 832 2,881 14,014 f>,500 18,955 17,655 3 028 278 1,777 12 577 5 282 174 897 27 27,926 3,758 840 2,867 14,036 t5,425 18,794 17,540 3,190 290 1,753 12,307 5,347 176,233 1964 Oct. 7 26,422 4,637 3,621 11,394 f5,770 21,031 18,108 3,078 227 1741 13,062 5,862 184,481 14 26,419 4,661 3,649 11,379 ti,73O 20,922 18,076 3,550 255 1,930 12,341 5,872 188,109 21 26,109 4,399 3,670 11,425 f5,615 20,898 18,548 3,131 261 1,863 13,293 5,836 184,736 28 26,928 5,273 3,683 11,419 (5,553 20,890 18,701 3,208 256 1,961 13,276 5,842 185,472 Nov 4 26,829 5,171 3,706 11,495 t5,457 20,769 18,086 3,348 290 1,729 12,719 5,885 189,664 11 26,552 4,922 3,711 11,444 f5,475 20,770 17,994 3 352 256 188^ 12 504 5 853 186 022 18 27,032 4,847 3,901 11,811 t5,473 20,663 18,599 3,354 257 1,878 13,110 5,786 188,911 25 27,538 5,345 3,988 11,721 (5,484 20,693 17,825 3,160 247 1,856 12,562 5,821 188,812 New York City 1963 Nov. 6 5,754 1,514 160 601 2,169 1,310 4,909 3,947 117 105 ^68 3,457 2,165 44 278 13 5,554 1,406 144 595 2,158 1,251 4,818 3,581 87 110 272 3,112 2,264 43,436 20 5,606 1,348 147 452 2,529 1,130 4,874 4,045 74 102 760 3,609 2 243 43 623 27 5,506 1,237 157 460 2,515 ,137 4,817 3,673 102 124 75? 3,195 2,285 44,679 1964 Oct 7 5 286 1,510 753 1,846 177 5 687 3 930 79 99 776 3 476 2 436 46 090 14 5,221 1,456 761 1,799 ,205 5,468 3,323 96 114 787 2,826 2,498 47,451 21 5,047 1,300 772 1,763 ,71? 5,480 4,444 85 113 770 3,976 2,480 46,112 28 5,423 1,687 786 1,752 ,198 5,473 4,431 74 108 77P 3,970 2 431 46 855 Nov. 4 5,365 1,600 801 1,780 184 5,388 3,739 86 134 774 3,245 2,430 48,208 11 5,223 1,474 799 1,766 .184 5,314 3,992 128 122 278 3,464 2,421 46,407 18 5,492 1,603 682 2,040 167 5 190 3 829 90 123 771 3 343 2 420 47 312 25 5,678 1,761 708 2,001 ,208 5,222 3,872 84 117 758 3,413 2,400 48 301 Outside New York City 1963 Nov 6 22,488 2,747 772 2,277 11,014 5,678 14,161 13,626 2,929 164 ,389 9,144 3,069 130 687 13 22,376 2,683 769 2,276 11,007 >5,641 14,053 13,743 3,161 156 ,561 8,865 3,072 131,310 20 22,574 2,605 685 2,429 11,485 5,370 14,081 13,610 2,954 176 J SI? 8,968 3,039 131,274 27 22,420 2,521 683 2,407 11,521 5,288 13,977 13,867 3,088 166 ,501 9,112 3,062 131,554 1964 Oct 7 21,136 3,127 2,868 9,548 5,593 15,344 14,178 2,999 128 ,465 9,586 3,426 138,391 14 21 198 3 205 9,580 5,525 15 454 14,753 3 454 141 643 9,515 3,374 140 658 21 21,062 3,099 2,898 9,662 5,403 15,418 14,104 3,046 148 9,317 3,356 138,624 28 21 505 3,586 2,897 9,667 5,355 15,417 14,270 3,134 148 j687 9,306 3,411 138,617 Nov. 4 21,464 3,571 2,905 9,715 5,273 15,381 14,347 3,262 156 ,455 9,474 3,455 141,456 1 1 1 8 2 21 1 ,3 5 2 4 9 0 3 3 , , 4 2 4 4 8 4 2 3 , .2 9 1 1 9 2 9 9, , 7 6 7 7 1 8 -> 5, ; 3 2 0 9 6 i 1 1 5 5 , , 4 4 5 7 6 3 1 1 4 4 , , 0 7 0 7 2 0 3 3 , , 2 2 2 6 4 4 1 1 3 3 4 4 1 , , 6 60 0 4 5 9 9 , , 7 0 6 4 7 0 3 3, , 3 4 6 3 6 2 1 1 3 4 9 1 , , 6 5 1 9 5 9 25 21,860 3,584 3,280 9,720 5,276 15,471 13,953 3,076 130 ,598 9,149 3,421 140,511 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1562 WEEKLY REPORTING MEMBER BANKS DECEMBER 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Cap- Wednesday j u u T n s o t a t e d a d l - 4 ju m p D o s a d a t d s e e e n i - - - t d d s 5 Totals IPC G S l a o t o n c a v d a te t l . e F i o g r n - 7 G U o . v S t . . c m m D c o t i i e e m o a c s r - l - - - Total* S in a g v s - IPC Oth S l a o e t n r c a d a t t e l ime e F 9 i o g r n - 7 B F F a r n o .R k m s . o F th ro e m rs O li t a t i h e b s e il r i- co i a u t c a n - l ts banks Govt. Total- Leading Cities 1963 Nov. 6 151,016 63,126 93,488 67,100 5,231 1,707 2,81012,773 57,528 37,60612,544 3,901 3,107 192 3,557 5,881 14,319 13 150,637 63,515 93,130 68,734 4,778 1,684 1,91412,544 57,507 37,630 1122,491 3,891 3,125 51 3,580 6,167 14,311 20 150,655 63,137 92,874 67,341 4,955 1,726 3,34211,940 57,781 37,68912,640 3,928 3,152 361 3,393 6,212 14,276 27 151,722 63,950 93,771 69,001 5,060 1,768 2,71411,569 57,951 37,69912,796 3,942 3,140 482 3,524 6,205 14,300 1964 Oct. 7 159,665 63,522 94,745 67,691 4,762 1,881 4,698 12,075 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 1,924 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 28 160,022 64,999 94,544 68,627 5,035 2,018 3,389 11,699 65,478 40,06116,464 4,630 3,803 412 3,079 6,473 15,486 Nov. 4 163,630 64,019 98,301 69,371 5,730 2,052 3,69713,103 65,329 40,12816,254 4,626 3,807 345 3,719 6,405 15,565 11 160,129 63,890 94,593 67,818 5,193 1,986 2,842 1122,787 65,536 40,19716,388 4,606 3,834 434 3,335 6,549 15,575 18 162,791 63,282 97,230 68,982 4,731 1,988 5,00412,597 65,561 40,22716,264 4,611 3,951 103 3,676 6,791 15,550 162,336 63,856 96,724 68,724 5,095 1,943 4,826 11',855 65,612 40,25516,288 4,628 3,941 105 3,967 6,883 15,521 25 New York City 1963 35,911 15,513 24,878 16,671 468 ,289 822 3,308 11,033 4,391 3,876 384 2,202 37 ,634 2,734 3,962 Nov. 6 35,097 15,403 24,070 16,878 274 ,253 465 3,245 11,027 4,401 3,846 382 2,218 ,482 2,892 3,965 13 35,213 15,577 23,942 16,520 296 ,298 817 2,970 11,271 4,413 4,042 398 2,234 "J72 ,423 2,869 3,946 20 36,351 15,661 25,016 17,344 316 ,328 663 3,180 11,335 4,410 4,123 395 2,222 22 ,459 2,915 3,932 27 1964 Oct. 7 37,833 15,922 24,918 16,731 309 ,3811,585 2,790 12,915 4,557 4,910 423 2,699 ,130 2,872 4,255 14 39,010 15,194 26,032 17,193 302 ,4181,033 3,557 12,978 4,552 4,993 429 2,680 ,228 2,962 4,251 21 37,627 15,853 24,483 16,795 283 ,487 812 2,955 13,144 4,553 5,125 430 2,712 226 ,076 2,931 4,252 28 38,374 15,946 25,149 16,837 351 ,4821,045 3,116 13,225 4,554 5,200 436 2,709 ,309 2,915 4,252 Nov. 4 39,520 15,435 26,314 16,876 658 ,5161,100 3,454 13,206 4,549 5,176 444 2,715 ,477 2,847 4,286 11 37,895 15,391 24,522 16,299 425 ,468 810 3,136 13,373 4,567 5,318 440 2,727 ,286 2,872 4,277 18 38,589 15,356 25,151 16,658 294 ,4781,327 3,097 13,438 4,580 5,280 443 2,822 ,404 3,049 4,270 25 39,190 15,230 25,779 16,781 278 ,4361,231 3,238 13,411 4,583 5,276 444 2,805 ,721 3,134 4,256 Outside New York City 1963 Nov. 6... 115,105 47,613 68,610 50,429 4,763 418 ,988 9,465 46,495 33,215 8,668 3,517 905 155 1,923 3,147 10,357 13... 115,540 48,112 69,060 51,856 4,504 4311,449 9,299 46,480 33,229 8,645 3,509 907 51 2,098 3,275 10,346 20... 115,442 47,560 68,932 50,821 4,659 4282,525 8,970 46,510 33,276 8,598 3,530 918 189 1,970 3,343 10,330 27... 115,371 48,289 68,755 51,657 4,744 440 2,051 8,389 46,616 33,289 8,673 3,547 918 460 2,065 3,290 10,368 1964 Oct. 7. .. 121,832 47,600 69,827 50,960 4,453 500 3,113 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 4,215 506 2,198 9,778 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 5241,819 8,880 52,075 35,47611,094 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 Nov. 4... 124,110 48,584 71,987 52,495 5,072 536 2,597 9,649 52,123 35,57911,078 4,182 1,092 267 2,242 3,558 11,279 11... 122,234 48,499 70,071 51,519 4,768 518 2,032 9,651 52,163 35,63011,070 4,166 1,107 357 2,049 3,677 11,298 18... 124,202 47,926 72,079 52,324 4,437 510 3,677 9,500 52,123 35,64710,984 4,168 1,129 103 2,272 3,742 11,280 25..., 123,146 48,626 70,945 51,943 4,817 507 3,595 8,617 52,201 35,67211,012 4,184 1,136 105 2,246 3,749 11,265 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. »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. Nov. 4 Nov. 11 Nov. 18 Nov. 25 * Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 12,449 12,704 12,740 12,733 banks, not shown separately. New York City 4,664 4,818 4,807 4,759 i Deposits of foreign governments and official institutions, central Outside New York City... 7,785 7,886 7,933 7,974 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 BUSINESS LOANS OF BANKS 1563 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during 1964 1964 1964 1964 1963 Industry N 2 o 5 v. N 1 o 8 v. Nov. Nov. O 2 c 8 t. Nov. Oct. Sept. III h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals 625 680 664 659 657 -32 -2 -10 -81 70 53 123 9 Machinery 2,142 2,144 2,100 2,101 2,078 64 -36 60 -81 -58 83 25 186 Transportation equipment 886 882 873 865 860 26 -27 52 -13 7 12 19 -95 Other fabricated metal products.. 932 951 946 944 947 -15 -51 36 119 72 191 -59 Other durable goods 1,155 1,172 1,180 1,182 1,181 -26 -38 23; 57 80 40 120 -67 Nondurable goods manufacturing: Food, liquor, and tobacco 1,854 1,877 1,796 1,781 1,685 169 212 193 177 -163 -459 -622 644 Textiles, apparel, and leather 1,347 1,386 1,412 1,425 1,450 -103 -179 -6 64 23 211 234 -167 Petroleum refining 1,002 1,011 1,022 1,023 1,025 -23 16 67 -44 -42 -92 -134 99 Chemicals and rubber 1,236 1,242 1,218 1,220 1,194 42 22 73 17 50 108 158 -60 Other nondurable goods 923 927 931 932 955 -32 -31 31 98 106 36 Mining, including crude petroleum and natural gas 2,829 2,821 2,829 2,839 2,786 43 -48 47 140 15 -213 -198 443 Trade: Commodity dealers 1,463 1,435 1,394 1,320 1,246 217 208 102 154 -284 -254 -538 583 Other wholesale 2,256 2,247 2,240 2,241 2,222 34 40 60 75 59 -19 40 95 Retail 2,740 2,796 2,737 2,743 2,693 47 -11 163 143 66 -17 49 154 Transportation, communication, and other public utilities 4,313 4.275 4,258 4,286 4,322 -9 -105 296 400 -73 -423 -496 529 Construction 2,261 2,269 2,250 2,236 2,232 29 -28 104 226 39 265 40 All other: 1 Bankers' acceptances 914 895 869 886 866 48 -55 -54 61 -29 -47 -76 All other types of business, mainly 573 services 5,012 4,998 4,992 4.981 5,006 6 -11 -39 104 170 274 Total classified loans 33,890 34,008 33,711 33,664 33,405 485 -71 1,055 1,165 268 -728 -460 2,873 Commercial and industrial loans— All weekly reporting banks 40,548 40,651 40,295 40,192 39,882 666 -71 1,051 1,205 576 -621 -45 3,234 1 Beginning Dec. 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1 — (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: * 19 large cities: New York City: 1963—Sept 4.81 5.64 5.36 5.04 4.71 1955 3 7 5 0 4 4 4 0 3 5 Dec 4 76 5 63 5.36 5 04 4.65 1956 4.2 5.2 4.8 4.4 4.0 1964—Mar 4.77 5.66 5.39 5.06 4.66 1957 4 6 5.5 5 1 4 8 4.5 June 4.74 5.64 5.36 5.05 4.63 1958 4.3 5.5 5.0 4.6 4.1 Sept 4.72 5.64 5.40 5 01 4 61 1959 5.0 5.8 5.5 5 2 4.9 1 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:' 19 large cities: 11 southern and western cities: 1963 Sept 5.01 5.86 5.54 5.21 4.85 1963—Sept 5.30 5.96 5.64 5.33 5.09 Dec 5.00 5.86 5.54 5.23 4.82 Dec 5.29 5.97 5.65 5.31 5.07 1964 Mar 4 99 5 83 5 54 5 22 4 82 1964 Mar ... 5 29 5 91 5 62 5 31 5 08 June . . . 4 99 5 84 5 53 5 24 4.81 June 5.29 5 93 5.61 5.34 5.07 Sept 4.98 5.86 5.57 5.23 4.79 Sept 5.31 5.95 5.67 5.36 5.09 1 Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—Aug. 4, 3%; Oct. 14, 3i/2; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4i/2; 1958—Jan. 22, 4; Apr. 21, 3^; 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, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1564 INTEREST RATES DECEMBER 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- 4- to 6- directly, ances, Bills 3- to 5months 1 3- to 6- 90 days 1 Rate Bank Rate Bank (bank year months 2 on new discount on new discount discount Other 5 issues 6 issue rate 4 issue rate 4 rate 4) 1961 2.97 2.68 2.81 2.378 2.36 2.605 2.59 2.81 2.91 3.60 1962 3 26 3 07 3 01 2 778 2 77 2.908 2.90 3.01 3.02 3.57 1963 3 55 3 40 3.36 3.157 3 16 3.253 3.25 3.30 3.28 3.72 1963 Nov 3 88 3 75 3 71 3 522 3 52 3.648 3.65 3.67 3.70 3.97 Dec ^.96 3.84 3.63 3.523 3 52 3.667 3.66 3.69 3.77 4.04 1964—Jan 3 97 3.82 3.70 3.529 3 52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.532 3.53 3.664 3.67 3.71 3.63 4.02 Mar 4 00 3 83 3 75 3 553 3 54 3.740 3.72 3.78 3.67 4.15 Apr 3 91 3.80 3.80 3.484 3 47 3.676 3.66 3.75 3.63 4.18 May 3.89 3.76 3.75 3.482 3.48 3.612 3.60 3.71 3.67 4.07 June . . . 4 00 3 88 3 75 3.478 3 48 3.572 3.56 3.70 3.83 4.03 July 3.96 3.81 3.75 3.479 3.46 3.566 3.56 3.64 3.68 3.99 Au2 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 Nov 4 02 3 89 3.79 3.624 3 64 3.794 3.81 3.86 3.88 4.04 Week ending— 1964—Oct. 31 4.00 3.91 3.75 3.567 3.56 3.724 3.71 3.77 3.82 4.03 Nov 7 4 00 3 88 3 75 3 562 3 56 3 718 3 72 3.79 3.82 4.02 14 4.00 3.88 3.75 3.574 3.58 3.742 3.74 3.79 3.82 4.00 21 4.00 3.88 3.75 3.600 3.61 3.772 3.78 3.80 3.83 4.02 28 4.06 3.91 3.88 3.758 3.78 3.942 3.96 4.00 4.00 4.11 1 Averages of daily offering rates of dealers. 4 This series formerly shown as "Market yield." 2 Averages of daily rates, published by finance cos., for varying maturi- 5 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 6 Selected note and bond issues. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total i (longterm) Indus- Rail- Public Pre- Corn- Com- Total i Aaa Baa Aaa Baa trial road utility ferred mon 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—Nov 4.10 3.17 3.62 4.54 4.33 4.84 4.47 4.68 4.45 4.28 3.14 Dec 4.14 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 F M e a b r 4 4. . 1 1 8 4 3.27 3 3 . . 1 0 4 8 3 3 . . 5 5 7 4 4 4 . . 5 5 5 6 4 4. . 3 3 8 6 4 4 . . 8 8 3 3 4 4 . . 4 4 9 8 4 4. . 6 6 7 7 4 4 . . 5 5 1 1 4 4 . . 3 3 1 4 3 3 . . 0 0 5 3 5.50 Apr 4.20 3.12 3.52 4.58 4.40 4.85 4.53 4.69 4.53 4.37 3.00 May 4.16 3.09 3.54 4.59 4.41 4.85 4.54 4.69 4.53 4.41 3.01 June 4.13 3.10 3.54 4.59 4.41 4.85 4.54 4.70 4.55 4.41 3.05 '5.68 July 4.13 3.08 3.54 4.58 4.40 4.83 4.52 4.68 4.54 4.37 2.96 Aug 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3.03 Sept 4.16 3.09 3.57 4.57 4.42 4.82 4.52 4.65 4.53 4.25 3.00 Oct 4.16 3.11 3.58 4.57 4.42 4.81 4.53 4.66 4.52 4.25 2.95 Nov 4.12 3.27 3.08 3.52 4.58 4.43 4.81 4.53 4.67 4.53 4.25 2.96 Week ending— 1964—Oct. 31. . 4.15 3.11 3.56 4.57 4.43 4.81 4.53 4.66 4.52 4.25 2.96 Nov. 7. . 4.12 3.10 3.55 4.57 4.43 4.81 4.53 4.65 4.53 4.24 2.96 14. . 4.11 3.07 3.50 4.57 4.43 4.80 4.52 4.66 4.53 4.25 2.96 21. . 4.11 3.05 3.49 4.57 4.42 4.80 4.51 4.66 4.52 4.24 2.95 28. . 4.15 3.09 3.54 4.59 4.44 4.82 4.54 4.67 4.55 4.27 2.98 Number of issues 6-12 20 120 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

DECEMBER 1964 SECURITY MARKETS 1565 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Period i Y n c ( s e p i u e n e l r t r d e ) d I c ( n r e e p a t n s e e t t e t r r ) - F c ( e e p e t n c e e . t s r ) , ( M t y i u t r y r a s - . - ) L c p r ( a o e r p i t n a e c i t n 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 ) - . Bond S l a o t n c a p d a t r e l ices A C p a A o o t r e r A - - Total Co ( m d t 1 I r u 9 m n ia s 4 - - o l 1 n - 4 s 3 t = R o ro c a a 1 k i 0 d l - p ) rice P u s i l u t t i i y b c l - - s ( h t t V u r i h a n m a o o r o d g e l f u e - - s . ) 1961 15.69 (5.98) 1962 5.60 (5.93) 1961 87.55 107.8 95.2 66.27 69.99 32.83 60.20 4,085 1963 (5 81) 1962 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1963 5.46 5.84 .64 24.0 73.3 16.3 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1963—Oct... 5.45 5.82 .61 24.6 73.4 16.4 1963—Nov.. 85.03 108.5 95.9 72.62 76.69 38.60 64.81 5,294 Nov.. 5.45 5.82 .65 24.2 73.5 16.4 Dec. . 84.64 109.5 95.4 74.17 78.38 39.92 65.64 4,701 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 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 Feb... 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 Feb... 5.45 5.81 .58 24.7 74.8 17.2 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 Apr. . 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 Apr.. 5.45 5.79 .55 24.8 73.9 17.2 May.. 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 May.. 5.45 5.77 .52 24.7 73.7 17.0 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 June.. 5.45 5.76 .59 25.4 74.3 17.3 July.. 84.70 112.1 95.2 83.22 88.19 48.93 70.35 4,663 July.. 5.46 5.76 .52 24.5 73.9 17.4 Aug.. 84.59 111.8 95.3 82.00 86.70 47.17 71.17 3,919 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Sept.. 84.31 111 .0 95.1 83.41 88.27 47.14 72.07 5,228 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 Oct.. . 84.47 '95.1 84.85 89.75 48.69 73.37 4,843 Oct... 5.45 5.75 .58 24.5 73.2 17.4 Nov.. 84.81 112.0 95.2 85.44 90.36 48.01 74.39 4,928 Nov.. 5.45 Week ending— 1 Last 6 months only. Oct. 31 84.53 111.4 95.0 84.86 89.69 49.55 73.55 4,622 Nov. 7 84.82 111.6 95.2 85.18 90.09 49.14 73.67 4,587 NOTE.—Annual data are averages of monthly figures. Yields 14 85.00 112.5 95.2 85.10 89.96 47.66 74.49 4,696 on FHA-insured mortgages are derived from weighted averages 21 84.97 112.5 95.4 86.07 91.05 48.03 74.89 5,624 of FHA field-office opinions on private secondary market prices 28 84.51 111.4 95.1 85.58 90.55 47.59 74.43 4,701 for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5*4 per cent, and an assumed prepayment period of 15 years. Price data are NOTE.—Annual data are averages of monthly figures. Monthly and weekly reported as of the first of the succeeding month. data are averages of daily figures unless otherwise noted and are computed as Conventional first mortgages, Home Loan Bank Board in follows: cooperation with Federal Deposit Insurance Corporation be- U.S. Govt. bonds, derived from average market yields in preceding table on basis ginning in late 1962; interest rate data for earlier years—in of an assumed 3 per cent, 20-year bond. parentheses—are based on estimates from Federal Housing Municipal and corporate bonds, derived from average yields, as computed by Administration. Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 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. Stock Exchange brokers and dealers for pur- Money borrowed on— firms secured by— chasing anc carrying- Cus- Months Total tomers securities net other than Other securities free U.S. Govt. U.S. Other U.S. Other U.S. credit se G cu o r v it t i . es securities se G cu o r v it t i . es securities se G cu o r v it t i . es Total Customer Other a b n a c l e - s collateral collateral I960—Dec 4,415 95 3,222 138 1,193 142 2,133 1,806 327 ,135 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 ,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 ,216 1963—Nov 7,298 34 5,586 90 1,712 28 4,457 3.892 565 ,211 Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 ,210 1964—Jan 7,250 22 5,524 108 1,726 41 4,210 3,795 415 i ,262 Feb 7.120 21 5,384 97 1,736 33 4,158 3,738 420 ,199 Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 ,231 Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 ,165 May.. . . 7,277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 June 7,229 18 5,370 94 1,859 156 4,275 3,766 509 ,146 July 7,160 25 5,289 70 1,871 266 4.129 3,672 457 ,114 Aug 7.096 21 5,187 69 1,909 191 4,090 3,618 472 ,077 Sept 7,142 19 5,221 81 1,921 109 4,122 3,568 554 .145 Oct 7,101 20 5,185 69 1,916 102 4.053 3,528 525 .155 Nov 7,108 20 5,160 64 1,948 184 3.951 3,469 482 1,131 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

1566 OPEN MARKET PAPER; SAVINGS INSTITUTIONS DECEMBER 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Heldby- 1Jased on— End of period Accepting t>anks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar pomts in— Total through direct- into from exdealers l ly2 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign corr. States countries 1957 2 672 551 2,121 1 307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 ... . 3 202 677 2 525 1 151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 ,060 403 669 122 308 524 1961 . 4,686 1,711 2,975 2,683 1,272 896 376 51 126 ,234 485 969 117 293 819 1962 6 000 2,088 3,912 2,650 1,153 865 288 110 86 ,301 541 778 186 171 974 1961—Oct.. 7 869 2 210 5,639 2,733 1 093 911 181 58 105 477 563 807 89 46 1.229 Nov 8,170 2.172 5,998 2,744 1,190 976 214 42 102 ,410 571 842 54 46 ,230 Dec.. . . 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 ,345 567 908 56 41 ,317 1964—Jan . 7,765 2,042 5,723 2,938 1,393 1,025 368 68 91 ,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 ,536 587 963 105 36 ,411 May 8,326 1,973 6,353 3,049 1,418 1,105 313 47 146 ,438 576 941 73 34 ,426 June. 8,036 1,948 6,088 3,149 1,370 1,113 257 83 146 ,550 567 929 82 27 ,545 July 8,879 2,006 6,873 3,137 1,455 1,121 334 56 137 ,489 576 949 74 24 ,513 Aus 8,879 2,070 6,809 3,127 1,486 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 I 525 609 918 113 36 ,499 Oct 9,343 2,431 6,912 3,222 1,400 1,164 236 81 126 I 614 647 935 106 34 500 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. nvestors. 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 ! 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 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Sept. 34,964 667 6,076 453 5,171 848 775 48,955 43,712 1,124 4,118 109,205 2,403 Oct.. 35,333 637 5,899 451 5,149 819 765 49,052 43,910 1,049 4,093 106,337 2,379 Nov. 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 Dec. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—Jan.. 36,352 667 5,951 440 5,097 849 823 50,179 45,006 1,023 4,150 102,694 2,228 Feb.. 36,635 703 6,033 427 ,135 880 800 50,614 45,266 1,143 4,206 113,062 2,391 Mar. 36,933 704 6,117 424 5,151 887 825 51,042 45,761 1,036 4,244 120,396 2,504 Apr. 37,267 646 6,064 423 5,138 819 820 51,178 45,851 1,118 4,209 123,979 2,586 May, 37,601 714 6,052 419 5,150 847 827 51,610 46,124 1,225 4,261 124,416 2,661 June, 37,971 676 6,024 409 5,145 906 871 52,001 46,624 1,102 4,275 132,625 2,690 July. 38,407 705 6,025 409 5,142 863 867 52,417 46,918 1,222 4,277 132,726 2,701 Aug. r38,764 764 6,095 407 5,179 895 879 '52,983 '47,274 1,356 4,352 134,371 2,743 Sept. 39,146 739 6,082 409 5,193 883 887 53,339 47,757 1,200 4,382 134,277 2.736 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. 1553. 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

DECEMBER 1964 SAVINGS INSTITUTIONS 1567 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total United State andForeign * Total Bonds Stocks gages estate loans assets States local 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 Sept r 138,878 12,548 5,841 3,890 2,817 58,848 53,302 5,546 49,260 4,321 6,569 7,332 Oct 139,610 12,425 5,829 3,893 2,703 59,214 53,654 5,560 49,536 4,357 6,620 7,458 Nov 140,207 12,371 5,787 3,889 2,695 59,574 53,989 5,585 49,813 4,369 6,651 7,429 Dec 140,903 12,330 5,755 3,876 2,699 59,452 53,769 5,683 50,543 4,348 6,690 7,540 1964 Jan 141,866 12,365 5,782 3,859 2,724 60,006 54,269 5,737 50,828 4,368 6,729 7,570 Feb 142,531 12,506 5,805 3,857 2,844 60,050 54,281 5,769 51,126 4,377 6,772 7,702 Mar 143,067 12,421 5,731 3,849 2,841 60,189 54,335 5,854 51,441 4,391 6,819 7,806 Apr 143,676 12,389 5,689 3,853 2,847 60,426 54,525 5,901 51,806 4,402 6,872 7,781 May 144,312 12,436 5,731 3,827 2,878 60,613 54,674 5,939 52,117 4,416 6,909 7,821 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 7,847 146,475 12,507 5,763 3,822 2,922 61,355 55,228 6,127 53,173 4,462 6,986 7,992 Sept 147,172 12,557 5.787 3,846 2,924 61,458 55,262 6,196 53,560 4,487 7,024 8,086 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n ce s s i s n Other co m l m o e a n m n ts itties profits4 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 430 843 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—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.r.... 98,059 6,736 3,354 6,649 114,798 97,382 7,551 4,992 2,487 2,386 2,982 Sept 98,874 6,774 3,390 6,725 115,763 98,409 7,547 5,065 2,389 2,353 2,919 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

1568 FEDERAL FINANCE DECEMBER 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 . - i 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 by n . &. 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 97,11'4 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—Oct 3,400 1,289 259 4,423 8,776 2,592 '630 10,739 -6,316 103 -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 M^y*.;;!;; 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 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 Oct 3,398 1,224 271 4,344 8,329 2,481 298 10,512 -6,168 93 -1,556 16 1,633 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 d u u e r o f d p i r g c lu i e t s t f T un ru d s s t 3 a C c l c e o ar u i n n t g s i M ssu a o a r f k n e c t e i I n G n v U o e v . s t S t . , . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B F. a n R k . s l T a o n a a d x n O as n t s h e e t e t r s 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 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—Oct.. -5,377 -1,304 '293 296 1,101 -193 '89 -5,273 4,510 881 2,839 790 Nov.. -652 795 -495 -179 -481 1,773 760 5,270 890 3,521 859 Dec.. 514 -431 232 767 -260 1,132 -151 2,105 7,375 5,621 874 1964—Jan.... -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 Feb... 526 1,642 -163 -230 -830 1,780 194 2,531 6,795 1,024 4,783 988 Mar... 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 Apr... -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3,974 1,186 May.. -1,375 2,677 -237 117 3,230 3,931 -333 2,215 8,300 890 6,557 853 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 -43 640 6,789 939 5,085 765 Sept... 1,622 -273 613 -108 251 1,520 226 3,400 10,189 933 8,339 917 Oct -4,930 -1,257 11 67 1,556 26 -30 -4,498 5,691 687 4,155 849 1 Primarily interest payments by Treasury to trust accounts and accumu- * 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

DECEMBER 1964 FEDERAL FINANCE 1569 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Period W I i n th d - ividual L a b n i a q d c u c t o o o r - H w ig ay h- 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 n a t d . y ts - fu R n e d - s Other held Other Fiscal year—1961... 97,,242 32,978 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,,865 36,246 14,403 21,296 12,752 5,367 3,080 17,040 13,197 3,342 2,035 1,171 1,358 6,266 1,830 1963... 109,739 38,719 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. 49,01118,958 3,319 8,810 6,808 2,845 1,756 7,937 6,111 1,579 914 639 ,179 805 1,252 1963—Jan.-June. 60,72819,761 10,950 13,526 6,602 2,676 1,649 11,798 9,016 2,535 1,273 602 724 5,766 1,264 July-Dec.. 51,848 2200,120 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* 63,59! 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—Oct 4,42: 1,404 247 557 1,156 561 285 C653 C468 ^137 158 123 104 207 ^228 Nov 9,617 5,429 113 396 ',065 466 371 2,145 1,699 413 139 106 142 59 141 Dec 10,503 3,176 406 3,726 ,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 ,087 385 283 542 294 195 180 101 148 126 246 Feb 11,525 6,105 870 451 ,112 382 320 3,382 2,393 954 184 87 102 944 176 Mar 12,168 3,222 770 6,654 ,121 434 264 1,678 1,527 109 196 108 177 1,960 202 Apr 8,334 889 5,006 684 ,103 465 254 1,394 1,116 239 422 109 123 1,575 179 May 10,652 4,837 561 491 ,195 466 305 4,163 3,242 884 234 100 126 1,196 141 June*.... 14,286 2,614 2,196 6,196 ,293 560 320 1,566 1,457 65 206 117 144 302 256 July 4,745 1,172 377 646 ,234 456 328 905 623 233 219 120 143 219 148 Aug 10,552 4,809 159 419 ,284 496 380 3,455 2,732 684 219 112 123 207 179 Sept 11,739 2,669 2,255 3,950 ,203 502 324 1,256 1,158 56 166 122 132 216 202 Oct 4,344 1,158 264 572 ,176 n.a. 298 639 478 121 205 126 130 176 250 <Cash payments to the public Period Total s 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 Oct r10,739 4,670 238 342 r88O 253 679 264 r2,276 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 10,290 5,732 225 504 357 668 208 2,508 111 541 364 234 July 10,217 3,592 201 334 672 235 702 246 2,277 78 485 360 194 Aus .... 11,218 3,869 265 385 1,120 287 740 16 2,249 129 1 378 183 Sept 9,700 4,243 191 386 624 759 35 2,229 126 525 317 244 Oct 10,512 4,301 301 387 841 244 779 -48 2,261 94 505 436 200 1962 1963 1964 1962 1963 1964 Item rv I I[ III IV I II III IV I II in IV I II III Seasonally adjusted Notst;asonally adjusted Cash budget: Receipts 27.1 27.5 ?7 8 28..5 29.0 29.7 4 28.2 23.0 28.2 32.6 ?7 3 24.5 30.3 33.3 27 0 29.0 28.2 ?8 5 30. 5 30.0 30.5 ?,<3 30.6 29.6 26.5 29.1 31 0 30.6 28.6 30.0 31.1 Net -1.9 -.7 .7 2 i) -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

1570 U.S. GOVERNMENT SECURITIES DECEMBER 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issue53 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s l 2 t Total Total Bills Ma C c r e k a r e t t e i t f s a i b - le Notes Bonds 4 b C v i o e b o n r l n d e t- - s T N o o ta n l m 5 arket S i a n a b g v l s - e i S ss p u e e c s ia 6 l 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 Nov 308.9 308.2 260.5 206.6 50.5 10.9 58.7 86.4 3.3 50.7 48.8 43.6 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 88.7 3.2 50.8 48.9 41.9 Feb 311.1 310.4 263.2 209.2 53.6 4.2 64.5 87.0 3.2 50.8 49.0 42.9 Mar 310.4 309.6 262.2 208.2 52.5 4.2 64.5 87.0 3.2 50.8 49.1 43.2 Apr 308.4 307.6 261.4 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 M!ay . 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 Aus 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 Nov 319.3 318.5 267.4 212.4 56.5 58.9 97.0 3.1 51.9 49.7 46.7 1 Includes noninterest-bearing debt (of which $286 million, on Nov. 30, 5 Includes Series A investment bonds, depositary bonds, armed forces 1964, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign ities, not shown separately. series, Rural Electrification Administration bonds, and before 1956 2 Excludes guaranteed securities. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,260 million on Oct. 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t U e a r o n n u .S v c d s . i t t e . s B F a . n R k . s Total m b C e a o r n c m 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 t s her n F a i o t n a r i t n e o e d i r n g - a n l t i O m o n r t v i s h 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—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 r19.8 22.3 48 7 19 5 r16 3 14 6 Oct 316.5 60.5 35.7 220.2 61.5 5.8 10.9 20.7 22.2 48.8 19.6 16.5 14.4 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. «in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 U.S. GOVERNMENT SECURITIES 1571 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—Sept. 30 208,981 82,689 53,345 29,344 57,452 42,995 8,353 17,491 Oct. 31 210,118 84,135 54,966 29,169 63,422 36,725 8,353 17,483 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—Sept. 30 12,080 1,680 1,220 460 1,807 3,111 2,198 3,284 Oct. 31 11,883 1,462 1,006 456 2,192 2,737 2,198 3,293 Federal Reserve Banks: 1961—Dec. 31 28,881 17,650 3,349 14,301 8,737 2,227 204 63 1962—Dec. 31..., 30,820 17.741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Sept. 30 35,350 19,954 5,067 14,887 12,956 2,126 91 223 Oct. 31 35,709 20,240 5,, 353 14,887 13,091 2,053 91 234 field by public: 1961--Dec. 31 158,600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962- Dec. 31 162,553 67.952 44,662 23.290 49,381 29,158 3,188 12,873 1963—Dec. 31 162,089 64,979 46,027 18,952 47,919 30,525 6 091 12.575 1964—Sept. 30 161,550 61.055 47,058 13,997 42,689 37,758 6,064 13,984 Oct. 31 162,527 62,433 48,607 13,826 48,139 31,935 6,064 13,956 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—Sept. 30 52,149 15,401 9,186 6,215 21,742 13,944 501 561 Oct. 31 52,248 15,841 9,562 6,279 23,806 11,609 506 486 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—Sept. 30 5,725 741 475 266 1,133 2,239 351 1,261 Oct. 31 5,494 603 333 270 1,384 1,894 338 1,275 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— Sept. 30 9,169 959 540 419 1,832 2,564 938 2,876 Oct. 31 9,211 996 567 429 1,966 2,422 940 2,887 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—Sept. 30 9,184 6,532 4,868 1,664 2,105 420 9 117 Oct. 31 9,696 7,079 5,564 1,515 2,070 418 10 119 Savings and loan associations: 1961—Dec. 31 2,760 446 155 291 895 617 371 431 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963—Dec. 31 3,253 378 236 142 919 1,202 253 501 1964— Sept. 30 3,302 341 234 107 821 1,399 238 503 Oct. 31 3,313 367 261 106 944 1,266 238 499 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— Sept. 30 15,808 5,604 4,772 832 1,758 2,134 1,692 4,621 Oct. 31 15,630 5,372 4,577 795 1,962 1,948 1,691 4,657 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—Sept. 30 66,212 31,478 26,983 4,495 13,297 15,058 2,334 4,045 Oct. 31 66,934 32,175 27,743 4,432 16,007 12,378 2,339 4,034 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 6,020 commercial banks, 502 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1572 U.S. GOVERNMENT SECURITIES DECEMBER 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers agency 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 er ars G U o .S v . t. Other m b C e a o r n m c k i s a - l o A th l e l r securities securities 1963 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 ] 348 213 122 37 508 30 730 451 96 1964 Jan 2,144 1,656 264 159 65 687 36 905 516 99 Feb 1,809 ,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 1,702 1,264 248 165 25 566 29 651 457 120 June 1,488 1,201 170 97 19 458 24 566 439 142 July 1,936 1,433 216 208 79 581 38 784 532 131 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 Oct 1.749 1,476 141 92 41 529 25 719 475 114 Week ending— 1964—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 ,811 123 98 55 562 33 736 482 115 Nov. 4 1,983 1,544 248 143 49 521 27 869 566 107 11 1,967 1,434 369 129 35 611 36 848 473 221 18 1,836 1,342 306 149 39 525 25 855 431 122 25 . .. I 662 1,293 204 117 49 505 26 646 486 105 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 U.S. Commercial banks Period mat A ur l i l ties W 1 i y th ea in r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i . y es Period so A ur l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r 1 a- o A th l e l r 1963 Oct 3,538 2,899 196 444 176 Nov 3,546 3,008 430 108 159 1963—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 1,466 263 1964—Jan 3,582 3,218 272 92 163 Feb 3,475 2,787 468 219 195 1964—Jan 3,646 1,139 1,019 1,159 328 Mar 2,775 2,486 323 -34 195 Feb 3,645 1,048 879 1,355 363 Apr 2,393 2,316 156 -78 170 Mar 2,971 784 613 1,247 326 May 3,087 2,670 164 253 231 Apr 2,390 545 556 1,065 225 June 3,475 3,217 91 167 318 May 3,082 711 724 1,347 300 July 3,817 3,121 229 468 225 June 3,541 981 761 1,493 307 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 Oct 3,358 2,966 231 160 262 Sept 4,011 1,255 1,069 1,253 434 Oct 3,299 845 835 1,258 361 Week ending— Week ending— 1964—Sept. 2.. 4,301 3,283 514 504 292 9.. 4,075 3,269 443 363 274 1964—Sept. 2... 4,043 1,020 847 1,827 350 16.. 3,968 3,349 359 259 245 9... 4,144 965 798 1,609 772 23.. 3,820 3,265 311 245 227 16... 4,132 1,412 962 1,301 457 30.. 3,850 3,316 341 192 245 23... 3,981 1,379 1,358 1,015 229 30. .. 3,712 1,279 1,179 972 283 Oct. 7.. 3,269 2,838 265 166 268 14.. 3,195 2,832 221 143 270 Oct. 7... 3,439 985 966 1,041 447 21.. 3,236 2,894 196 146 243 14... 3,099 705 820 1,187 387 28.. 3,508 3,121 221 167 258 21... 3,337 776 899 1,347 315 28... 3,195 798 656 1,430 311 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

DECEMBER 1964 OUTSTANDING SECURITIES 1573 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, NOVEMBER 30, 1964 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Dec. 3, 1964. 2,205 May 6, 1965 1,000 Oct. 1, 1966 \y2 357 Nov. 15, 1968 3% 1,591 Dec. 10, 1964., 2,302 May 13, 1965 1,000 Feb. 15, 1967 3y8 2,359 Feb. 15, 1969 4 1,844 Dec. 17, 1964., 2,303 May 20, 1965 1,001 Apr. 1,1967 11/2 270 Oct. 1,1969 4 6,265 Dec. 24, 1964., 2,202 May 27, 1965 1,000 Aug. 15, 1967 334 4,433 Aug. 15, 1970 4 4,129 Dec. 31, 1964. 3,202 May 31, 1965 1,000 Oct. 1,1967 11/2 457 Aug. 15, 1971 4 2,806 Jan. 7,1965., 2,100 June 22, 19651 1,504 Apr. 1, 1968 11/2 212 Nov. 15, 1971 3% 2,760 Jan. 14, 1965. 2,114 June 30, 1965 1,001 Oct. 1,1968 iy2 115 Feb. 15, 1972 4 2,344 Jan. 21, 1965. 2,103 July 31, 1965 1,000 Apr. 1,1969 HA 61 Aug. 15, 1972 4 2,579 Jan. 28, 1965. 2,102 Aug. 31, 1965 1,000 Oct. 1,1969 iy2 11 Aug. 15, 1973 4 3,894 J F a e n b . . 3 4 1, , 1 1 9 9 6 6 5 5 . . 2 1 , , 1 00 0 0 1 O Se c p t. t . 3 3 1 0 , , 1 1 9 9 6 6 5 5 1 1 , , 0 0 0 0 1 0 Treasury bonds N M o a v y . 1 1 5 5 , , 1 1 9 9 7 7 4 3 4 4 1 i/ 4 8 4 1 , ,5 3 3 5 2 7 Feb. 11, 1965. 2,102 Nov. 30, 1965 1,001 June 15, 1962-67... 21/2 1,434 Nov. 15, 1974 3% 2,244 Feb. 18, 1965. 2,102 Dec. 15, 1963-68... 21/2 1,805 May 15, 1975-85.. AVA 1,218 F F M e e a b b . . r . 2 2 4 5 8 , , , 1 1 1 9 9 9 6 6 6 5 5 5 . . . 2 1 , ,0 1 9 0 0 0 1 2 0 Tr A e M a p s a r u y . r y 1 1 5 n , , o 1 1 t 9 e 9 s 6 6 5 5 A W % 2 1, 4 8 6 1 6 6 D J F u e e n b c . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 4 4 - - 6 6 9 9 . . . . . . 2 2 2 V 1 % / 4 2 2 2 3 , , , 5 6 9 3 2 7 8 6 6 J N F u e o n b v . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 7 0 0 8 -83... 3 3 1 V / 4 2 4 2 1 1 , , , 6 9 5 1 8 0 3 6 9 M M M M A M p a a a a a r r r r r r . . . . . . 2 2 3 1 1 2 5 1 1 8 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 5 5 5 5 5 5 1 . . . . . 2 1 , ,0 5 9 9 9 9 0 0 0 0 0 0 1 4 1 0 1 0 A A O N N M u u c o o a t g g v v y . . . . . 1 1 1 1 1 3 3 5 5 1 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 5 5 5 5 5 5 3 3 3 3 i 1 7 % % y / / 4 2 2 8 2 6 6 8 1 , , , , , 9 2 6 5 3 0 1 6 0 6 5 2 5 6 0 4 2 0 A N J M M M u u o a a n a g v y r r e . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 5 6 7 - - - 7 7 7 0 1 2 . . . . . . . . . 2 2 3 3 2 i i 3 V % / / / 2 2 3 8 i 2 2 1 1 1 1 , , , , , , 4 0 2 8 4 2 9 5 2 0 1 5 2 1 4 2 4 0 F A M F F M e e e u a a b b b g y y . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 9 9 8 8 8 8 0 5 5 8 9 7 - - - 9 9 9 3 4 2 . . . . . . 4 3 3 4 V i V 1 / 4 4 3 8 4 2 4 2 1 1 1 , , , , , 1 9 4 5 5 2 2 6 6 1 0 5 8 3 0 5 5 0 Apr. 8, 1965. 901 Feb. 15, 1966 2>% 3,260 Sept. 15, 1967-72... 21/2 1,952 Nov. 15, 1998 31/2 4,433 Apr. 15, 1965. 1,004 Feb. 15, 1966 3% 4,040 Nov. 15, 1967 35/s 3,604 Apr. 22, 1965. 1,001 Apr. 1,1966 11/2 675 Dec. 15, 1967-72... 21/2 2,722 Convertible bonds Apr. 29, 1965. 1,003 May 15, 1966 4 9,519 May 15, 1968 3% 2,460 Investment Series B Apr. 30, 1965. 1,001 Aug. 15, 1966 4 5,156 Aug. 15, 1968 3% 3,747 Apr. 1, 1975-80... 23^ 3,055 L Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, OCTOBER 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 il o o l l i u l o a n n r t s s) Agency, a n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d 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 . ? 0 / 5 8 N Ja o n v . . 1 1 5 6 , , 1 19 9 6 6 5 4 2 1 4 7 9 5 F M e a b. r . 3 3 , , 1 1 9 9 6 6 4 4 . .3 3 . . 9 9 0 0 D N e o c v . . 2 1 , , 1 1 9 9 6 6 4 4 3 3 3 0 2 6 Apr. 15, 1964 4.15 Feb. 15, 1965 435 Apr. 1,1964 .4.05 Jan. 4, 1965 313 J M u a n y e 1 1 5 5 , , 1 1 9 9 6 6 4 4 4 4 . V 1 f 0 c A M p a r y . 1 1 5 7 , , 1 1 9 9 6 6 5 5 4 5 3 2 0 5 J M un ay e 4 1 , , 1 1 9 9 6 6 4 4 . . • 4 4 .0 i/ 58 F M e a b r . . 1 1 , , 1 1 9 9 6 6 5 5 2 25 9 9 0 Oct. 15, 1964 4 June 15, 1965 250 July 1,1964 .4.10 Apr. 1, 1965 248 Aug. 17, 1964 3.95 July 15, 1965 446 Aug. 3, 1964 4 May 3, 1965 217 Sept. 15, 1964 4.05 Aug. 16, 1965 552 Sept. 1,1964 .3.95 June 1, 1965 204 Oct. 15, 1964 4.05 Sept. 15, 1965 172 Oct. 1,1964 ....4 July 1, 1965 186 Federal land banks Bonds: Bonds: Sept. 17, 1962 3% Sept. 15, 1965 175 Apr. 20, 1964 .414 Apr. 20, 1965 209 July 15, 1964 4Vs Mar. 15, 1966 260 Aug. 20, 1964 . . .4 Aug. 23, 1965 159 Dec. 9,1963 4% Aug. 15, 1966 200 Oct. 20, 1960 ...4 Oct. 20,1965 160 June 15, 1964 414 Nov. 15, 1966 275 June 20, 1961 i Dec. 20, 1965 140 Apr. 3, 1961 Feb. 21, 1966 150 May 1,1958 May 2,1966 108 Federal National Mortgage Association— Sept. 20, 1961 .414 July 20,1966 193 D se i c s o c n o d u a n r t y N m o a te rk s et operations 158 M Fe a b y . 15 1 , , 1 1 9 9 6 5 2 7 4 •4i/8 F M e a b y . 2 1 2 5 , , 1 1 9 9 6 6 7 7-72 1 7 8 2 0 Oct. 1,1957 Oct. 1,1967-70 75 Debentures: Oct. 22, 1963 Oct. 23,1967 174 Dec. 11, 1961 3% Dec. 11, 1964 111 Apr. 1,1959 Mar. 20,1968 111 D D Se e e p c c . . t . 1 1 1 0 2 0 , , , 1 1 1 9 9 9 5 6 6 7 2 0 4 3 4 3 V V / 4 8 s J D M u e n a c e r . . 1 1 1 0 0 2 , , , 1 1 1 9 9 9 6 6 6 5 6 6 1 9 9 0 8 3 8 A M Fe u a b g y . . 2 2 0 1 , , , 1 1 1 9 9 9 5 6 6 9 4 3 .4 4 1 % /4 J A M u u n a g e r . . 2 2 2 0 0 0 , , ,1 1 1 9 9 9 6 6 6 9 8 8 1 1 1 6 8 0 0 6 0 A M p a r r . . 1 1 0 0 , , 1 1 9 9 5 5 9 8 3 4 5 ^ /8 A M p a r r . . 1 1 1 0 , , 1 1 9 9 6 6 8 9 8 8 7 8 J O u c ly t. 2 1 0 5 , , 1 1 9 95 6 7 4 ••41/ J O u c ly t. 2 15 0 , , 1 1 9 9 6 6 9 9 20 6 9 0 A Se p p r t . . 1 1 2 1 , , 1 1 9 9 6 6 0 0 4 4 5 V /8 s A Se p p r t . . 1 1 0 0 , , 1 1 9 9 7 7 0 0 1 1 4 1 3 9 F F e e b b . . 14 1 , , 1 1 9 9 6 5 0 8 '.'.3V F A e p b r . . 20 1 , , 1 1 9 9 7 7 0 0 8 8 2 3 A Se u p g t . . 2 11 3 , , 1 1 9 9 6 6 1 0 4 4 1 i / / 2 8 A Se u p g t . . 1 1 0 0 , , 1 1 9 9 7 7 1 1 9 6 6 4 J M an ay . 5 1 , , 1 1 9 9 5 6 6 0 ••31/2 J M ul a y y 20 1 , , 1 1 9 9 7 7 0 1 8 6 5 0 Feb. 10, 1960 5% Feb. 10, 1972 100 Sept. 14, 1956 • -3% Sept. 15,1972. 109 D J F u e e n b c e . . 1 1 1 2 3 1 , , , 1 1 1 9 9 9 6 6 6 2 1 1 4 4 4 V % 3/ 4 8 J J F u u e n n b. e e 1 1 1 0 2 2 , , , 1 1 1 9 9 9 7 7 7 2 3 7 1 1 19 0 4 8 0 6 F F e e b b . . 2 2 0 0 , , 1 1 9 9 6 6 2 3 •41/ / 2 s F Fe e b b . . 2 2 0 0 , , 1 19 9 7 7 4 3-78 1 1 4 5 8 5 Tennessee Valley Authority Short-term notes 35 Banks for cooperatives Debentures: Bonds: June 1,1964 3.90 Dec. 1, 1964 159 Nov. 15, 1960. .4.40 Nov. 15, 1985 50 Aug. 3,1964 3.90 Feb. 1, 1965 232 July 1,1961. ••4% July 1, 1986 50 Oct. 1,1964 4 Apr. 1, 1965 185 Feb. 1, 1962. ••41/2 Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1574 CREDIT AGENCIES; SECURITY ISSUES DECEMBER 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r n p r t d e g a r a l a a r g t y N e i o a m n A ti s a o s ) r s n k n a e . l t coo B pe a fo r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d n n e k d r s al end oi 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 - d it h s B n a o o n n t d e d s s M po b d e e s e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u c o b n r t u e e d e s n s - c L a o t ( o o i t A v o a p e n ) e s s r- D t e u ( b D re e s n- c L o a d ( o u A i n a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B ( o L n ) ds 1955 1,417 765 62 975 698 516 83 371 110 693 657 1,497 1,191 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1 265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958 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 J 7W 90 1,266 938 989 2 788 2,523 649 407 1,501 1,454 2 564 2,210 1961 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 ,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963—Oct... 4,226 1,537 131 3,599 986 1,150 2,027 1,884 848 526 2,169 2,139 3,280 2,834 Nov.. 4,290 1,515 96 3,599 978 1,166 2,020 1,792 858 526 2,083 2,027 3,291 2,834 Dec... 4,784 ,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Jan... 4,414 ,730 101 3,961 944 1,176 1,988 ,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 ,622 86 3,631 943 1,182 1,985 ,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 ,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 ,420 72 3,625 957 1,193 1,983 ,781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 ,607 82 3,727 990 1,196 1,984 ,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 ,804 153 4,201 1,153 1,201 1,962 ,698 757 498 2,504 2,315 3,516 2,973 July.. 4,763 ,476 106 4,042 936 1,208 1,940 ,698 782 498 2,561 2,396 3,551 2,973 Aug.. 4,781 ,622 75 4,169 926 1,210 1,936 ,696 787 538 2,561 2,433 3,586 3,102 Sept.. 4,837 ,597 99 4,165 989 1,212 1,926 i;549 809 538 2,516 2,424 3,620 3,102 Oct... 4,797 ,614 94 4,144 978 1,214 1,934 ,549 924 576 2,377 2,352 3.652 3,169 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 Other 2 ered 3 Total c E at d i u o - n b R r a i o d n a g d d e s s i U tie ti s l - 4 H in o g u s s- V a a e n i t s d e ' r- O p p o t u h s r e e - s r 1958 7,526 5,447 1,778 187 115 1.993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 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 ,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 L,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 .620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—Aug.... 764 394 240 116 14 187 287 290 969 708 261 32 144 123 148 Sent.... 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 Hi 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 Aug 775 244 519 12 13 511 251 834 756 161 73 439 83 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. (and payment to issuer) which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues. * Water, sewer, and other utilities. Based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 SECURITY ISSUES 1575 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues * Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Period Re- Bonds Stock tire- Total U.S. U.S. Total ment G U o . v S t . . 2 G a c g o y e v n 3 t - . S l a o t n c a d a te l Other 4 Total Total o P f l f i u e c r b l e y - d p v l P a a t r c e i e - ly d fe P r r r e e - d C m o o m n - Total m N on ew ey6 O p p o t u h s r e e - s r s ri e t o c i f e u s - 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10.749 10,384 9 663 721 364 1957 30 571 9,601 572 76,958 557 12,884 9,957 6,118 3,839 411 2 516 12 661 12 447 11 784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,65? 6,332 3,320 571 1,334 11.372 10,823 9 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,526 9,392 8,578 814 135 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8758 895 271 1961 35,527 12,253 1,448 8,360 303 13,165 9,4?0 4,700 4,720 450 3,294 1? 885 12 017 10715 1,302 868 1962 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8 240 1,507 754 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8 993 1,561 1,528 1963 Sept 1,673 347 452 4 871 784 283 501 5 81 862 795 730 65 67 Oct 2 977 394 174 1,282 10 1,116 99? 511 481 34 91 1 101 j on 9P 100 88 Nov 2,117 333 200 688 5 891 732 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 1,376 626 751 30 53 1,444 1,415 1 098 316 30 1964 Jan 2,482 474 1,006 16 985 863 338 526 27 95 972 930 845 85 43 Feb 2,022 413 810 89 710 6?1 279 342 8 80 702 685 5^3 162 17 Mar 2,121 399 844 73 805 714 361 353 3 87 796 754 677 77 42 Apr 4 930 1,444 1 204 47 2,234 863 383 480 23 1 349 2 215 ? 178 094 83 37 May 2,267 367 660 85 1,155 1,008 470 537 50 98 1,141 1,069 953 116 72 June 3,056 383""275 900 37 1,461 1,091 468 623 82 289 1,441 ,378 1 292 86 63 July r2,467 387 260 922 '29 '869 '644 234 r411 '59 '166 r854 r780 "•653 '127 '74 Aug . . . r4,128 2,449 160 767 '23 r728 '616 183 r433 '54 '58 r718 '661 ••570 '91 r57 Sept 2,453 358 952 13 1,130 974 376 598 23 133 1,117 ,035 788 247 82 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital^ secu- capita 8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 20 ?,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1 294 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 70'j * 1,801 6 I960 ... 1,997 79 794 30 672 39 ?,754 51 1,036 1 2,401 71 1961 3,691 287 1,109 36 651 35 ?,883 106 1 43f 382 2 248 22 1962 2,958 228 803 32 543 16 ?,341 444 1,276 11 1,825 23 1963 3,312 190 774 55 873 83 ,935 699 726 356 2,933 144 1963 Sept 237 47 32 4 61 8 78 * 39 1 348 7 Oct 240 5 60 4 25 2 201 73 4 4 446 1 Nov 214 8 41 5 83 131 41 13 3 337 4 Dec 515 13 104 8 118 1 198 2 64 # 416 6 1964 F ja e n b 1 1 2 4 3 9 1 3 4 6 8 0 4 2 1 1 9 5 8 4 6 1 1 5 0 5 9 26 4 1 8 5 3 7 * * 3 1 3 1 2 0 1 1 Mar 146 17 48 31 174 18 34 1 322 4 Apr 186 6 107 91 8 151 19 1,377 * 265 3 May 206 10 50 127 6 441 53 27 218 1 June 332 39 50 35 1 264 4 258 5 439 13 July '149 '40 '45 r '90 * 207 16 23 '4 '266 '12 Aug '164 '12 '45 '20 1 r138 '27 16 15 '277 '3 Sept 234 36 166 49 296 38 19 2 271 4 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

1576 SECURITY ISSUES NOVEMBER 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers iMl securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s 1 t. Other I C n O ve S. s 1 t. Other 1958r 12,731 4,754 7,977 9,661 3,811 5,850 2,360 710 519 424 1,841 286 1959r 10,500 4,051 6,448 7,122 3,049 4,073 2,838 540 794 208 2,044 332 1960r . . 10,797 4,107 6,690 8,072 3,078 4,994 2,688 37 855 174 1,833 -137 1961r 13,648 5,828 7,819 9.194 4,024 5,170 3,855 599 1,171 633 2,684 -34 1962r 10,868 5,317 5,552 8,613 3,749 4,864 3,338 -1,083 1,140 427 2,198 -1,510 1963r 12,503 7,175 5,328 10,556 4,979 5,577 3,049 -1,101 1,536 661 1,513 -1,762 1963r III 2 608 1,595 1,014 2 159 1,230 929 734 -285 393 -29 341 -256 IV 3,816 2,084 1,733 3,222 1,121 1,201 931 -337 392 570 539 -907 1964r I 3,334 1,424 1,910 2,149 914 1,235 920 265 536 -26 384 291 II 4,103 1,326 2,777 2,867 940 1,927 917 318 469 -84 448 402 Ill 2,862 1,471 1,391 2,158 1,033 1,126 1,009 -305 475 -37 535 -270 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*- 2,197 -46 406 11 413 -93 2,133 1,027 494 1,070 206 158 1959r 316 442 217 162 332 2 1,738 1,028 475 445 994 298 1960r 399 462 261 -46 173 -42 1,689 635 901 356 1,572 331 1961r 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 528 1962r 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 319 1963r 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 94 1963r III 378 -54 17 -17 -95 27 148 8 82 131 399 — 11 IV 574 -275 87 -307 180 -15 288 47 61 129 912 53 1964r i 81 -253 61 16 131 -6 156 70 234 811 572 38 II 291 -65 72 -21 51 31 606 156 225 681 681 68 Ill 225 28 82 -34 29 -47 290 149 42 92 458 78 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. i n n e t w o s s t t o o c c k k s . i ss R ue e s ti r a e n m d e c n a ts s h i n p c r l o u c d e e e t d h s e c s o a n m n e e c ty te p d e s w o i f t h i s c s o u n es v , e a rs n i d o n a s l s o o f s b ec o u n r d i- s * Includes investment cos. ties retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 1575. actions only. As contrasted with data shown on p. 1575, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales ! Redemp- Net Total 2 Cash Other Sales Redemp- Net Total 1 Cash Other tions sales position ? tions sales position 2 1952 783 196 587 3,931 1963—Oct... 214 132 82 24,914 1,374 23,540 1953 672 239 433 4,146 Nov.. 210 123 87 24,774 1,419 23,355 1954 863 400 463 6,110 309 5,801 Dec... 225 132 92 25,214 1,341 23,873 1955 1,207 443 765 7,838 438 7,400 1964—Jan... 294 183 110 25,854 1,383 24,471 1956 1,347 433 914 9,046 492 8,554 Feb... 219 165 55 26,334 1,380 24,954 1957 1,391 406 984 8,714 523 8,191 Mar.. 263 184 79 26,863 1,403 25,460 1958 1,620 511 1,109 13,242 634 12,608 Apr... 276 165 111 27,051 1,339 25,712 1959 2,280 786 1,494 15,818 860 14,958 May.. 241 153 88 27,497 1,444 26,053 June.. 285 147 138 27,682 1,499 26,183 1960 2,097 842 1,255 17,026 973 16,053 July... 308 168 140 28,319 1,471 26,848 1961 2,951 1,160 1,791 22,789 980 21,809 Aug... 260 149 110 28,164 1,457 26,707 1962 2,699 1,123 1,576 21,271 1,315 19,956 Sept.. 299 149 149 29,130 1,436 27,694 1963 2,460 1,504 952 25,214 1,341 23,873 Oct.... 306 142 164 29,087 1,312 27,775 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

DECEMBER 1964 BUSINESS FINANCE 1577 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1963 1964 Industry 1959 1960 1961 1962 1963 III IV III Manufacturing Total (177 corps.): Sales 172 123,911123,669 136,545147,384 34,917 37,922 35,381 39,173 38,326'40,784 37,667 Profits before taxes 172 13,543 13,268 15,330 17,388 4,012 4,759 3,730 4,887 '4,781 '5,333 4,080 Profits after taxes 482 7,161 7,167 8,215 9,135 2,099 2,453 2,007 2,576 '2,603 '2,898 2,318 Dividends 360 4,485 4,730 5,048 5,441 1,169 1,320 1,183 1,768 1,285 1,448 1,322 Nondurable goods industries (78 corps.):1 Sales 543 47,372 49,362 52,245 55,142 13,239 13,869 13,984 14,050 14,220 14,823 14,882 Profits before taxes 651 5,579 5,602 5,896 6,395 1,512 1,613 1,613 1,658 1,643 '1,752 1,743 Profits after taxes , 212 3,215 3,225 3,403 3,659 867 897 934 961 1-992 '1,028 1,037 Dividends 910 1,948 2,031 2,150 2,265 537 537 542 649 561 569 582 Durable goods industries (99 corps.):2 Sales 628 76,540 74,307 84,300 92,243 21,671 24,053 21,395 25,123 '24,106 25,961 22,785 Profits before taxes 521 7,964 7,666 9,434 10,993 2,500 3,145 2,118 3,230 3,138 '3,581 2,338 Profits after taxes 270 3,946 3,942 4,812 5,476 1,231 1,556 1,073 1,615 ^1,611 '1,871 1,281 Dividends 450 2,536 2,699 2,898 3,176 632 783 641 1,119 724 879 741 Selected industries: Foods and kindred products (25 corps.): Sales 644 12,202 12,951 13,457 14,164 3,360 3,581 3,621 3,603 '3,598 '3,721 3,831 Profits before taxes 300 1,342 1,440 1,460 1,533 337 387 404 404 345 '401 422 Profits after taxes 618 639 682 698 740 164 184 195 197 '173 '202 214 Dividends 349 372 397 425 448 109 111 111 118 117 119 118 Chemicals and allied products (20 corps.): Sales 740 12,205 12,606 13,759 14,621 3,448 3,728 3,705 3,740 '3,791 '4,114 4,067 Profits before taxes 164 2,005 1,979 2,162 2,337 544 616 584 593 '636 '682 657 Profits after taxes ,120 1,058 1,034 1,126 1,213 281 316 305 310 '347 '366 353 Dividends 791 786 833 868 904 202 202 201 299 207 209 212 Petroleum refining (16 corps.): Sales ,372 13,815 14,483 15,106 15,995 3,959 3,937 4,068 4,032 4,132 '4,111 4,122 Profits before taxes ,187 1,267 1,237 1,319 1,495 390 343 381 381 '400 '361 367 Profits after taxes 969 1,026 1,025 1,099 1,184 304 265 312 303 336 '298 312 Dividends 518 521 528 566 608 151 149 154 154 158 159 168 Primary metals and products (34 corps.): Sales ,940 20,828 20,234 21,260 22,146 5,123 6,114 5,470 5,439 '5,540 '6,046 6,047 Profits before taxes ,322 2,214 1,999 1,838 2,183 430 711 467 574 560 '674 611 Profits after taxes ,218 1,169 1,067 1,013 1,186 231 372 252 332 315 384 352 Dividends 829 838 843 820 732 180 .181 181 190 186 187 187 Machinery (24 corps.): Sales ,983 16,681 17,446 19,057 21,041 4,923 5,286 5,286 5,547 5,401 '5,673 5,573 Profits before taxes ,904 1,509 1,701 1,924 2,368 528 587 585 668 673 '702 688 Profits after taxes 941 768 859 966 1,151 258 285 289 319 338 357 349 Dividends 456 494 508 531 578 140 143 141 154 157 170 170 Automobiles and equipment (14 corps.): Sales ,262 26,275 23,314 29,156 33,236 7,987 8,755 6,564 9,930 9,275 10,028 7,137 Profits before taxes ,01 3,197 2,786 4,337 5,011 1,268 1,473 677 1,593 1,573 1,775 593 Profits after taxes ,491 1,534 1,404 2,143 2,393 600 706 333 753 '782 '900 340 Dividends 81 837 973 1,151 1,447 217 362 220 648 276 419 277 Public Utility Railroad: Operating revenue ',825 9,51 9,189 9,440 9,560 2,239 2,474 2,399 2,447 2,362 2,481 Profits before taxes 845 648 625 729 816 116 252 197 252 188 245 Profits after taxes 578 445 38! 572 651 8 189 156 225 144 196 Dividends 406 385 359 367 383 89 103 66 125 110 101 Electric power: Operating revenue 129 11,906 12,478 13,489 14,177 3,819 3,371 3,458 3,529 '3,961 '3,572 3,687 Profits before taxes 983 3,163 3,349 3,583 3,741 1,100 848 930 862 1,106 893 998 Profits after taxes 655 1,793 1,883 2,06f 2,185 626 498 529 532 660 542 583 Dividends 219 1,307 1,374 1,46: 1,548 392 378 384 394 424 41 426 Telephone: Operating revenue 572 8,111 8,615 9,196 9,796 2,365 2,440 2,465 2,526 2,543 2,619 2,654 Profits before taxes 153 2,326 2,478 2,639 2,815 672 711 725 707 726 796 773 Profits after taxes 073 1,155 1,233 1,327 1,417 336 35' 368 356 37' 408 402 Dividends 743 806 867 935 988 225 255 252 256 261 26: 268 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 BTTLL., 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

1578 BUSINESS FINANCE DECEMBER 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r t s e s c ta o In x m - e e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d co c a n a t l s i l p o o u i w n t m a - l p- Quarter P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d co c a n a t l s l p i o o u i w n t m a - l pances i ances l 1956 44,7 21.2 23.5 12.1 11.3 20.0 1963—1 , 48.9 23.4 25.5 17.2 8.3 31.3 1957 43.2 20.9 22.3 12.6 9.7 21.8 II 51.1 24.5 26.6 17.7 8.9 31.6 1958 37.4 18.6 18.8 12.4 6.4 22.7 III.... 51.3 24.5 26.7 17.9 8.9 32.1 1959........ 47*7 23.2 24.5 13.7 10.8 24.3 IV.... 54.3 26.0 28.3 19.1 9.2 32.4 1960 44.3 22.3 22.0 14.5 7.5 25.6 1964—1, , 56.6 25.4 31.2 19.4 11.8 33.0 1961 44.2 22.3 21.9 15.2 6.7 26.9 II 57.9 26.0 31.7 19.8 12.1 33.4 1962 48.2 23.2 25.0 16.5 8.5 30.5 III*... 58.0 26.0 32.0 20.0 12.0 33.8 1963 51.3 24.6 26.7 18.0 8.7 31.8 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.* Govt. i 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111 6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15 4 31.1 1958 » 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88,7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99 3 15.0 37.0 I960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105,0 13.5 40.1 1961 135.6 306.8 41.1 20.0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42.5 1962 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963 HI 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 I 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 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 Ill 159.4 364.3 43.1 19.1 3.2 171.6 111.2 16.1 204.9 2.7 135.0 16.0 51.2 i Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps', books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable Non- Mining Railroad Other u P ti u l 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 durable 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8.36 1957 36 96 8 02 7 94 1 24 1 40 1 77 6 20 3 03 7 37 1958 30.53 5.47 5 96 94 .75 1 50 6 09 2 62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7 30 99 1.03 1.94 5 68 3 13 8 44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 19642r 44.66 9.35 9.16 1.18 1.46 2.31 6 14 1506 1963—-II 9.74 1.96 1.95 .26 28 .54 1.40 95 2 41 38.05 m IV 1 1 0 1 . . 1 0 4 9 2 1 . . 3 9 1 6 2 1 . . 2 9 5 9 , . 2 2 7 8 ,3 2 3 9 . . 4 5 5 4 1 1. . 6 6 1 0 «.VO 9 6 3 2 2 6 7 4 2 4 4 0 1 . . 0 2 0 0 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 1.58 1.10 7 61 43 50 Ill*- 11.54 2.37 2.30 .30 .37 .59 71 1.06 2.84 45.65 IV2 r 12.60 2.75 2.76 .32 .41 .57 .68 4 11 46.70 1965—12 10.58 2.19 2.24 .29 .38 .53 .27 3 68 47.90 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

DECEMBER 1964 REAL ESTATE CREDIT 1579 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s2 1- to 4-family houses com M m u e l r t c if ia a l m p il r y o p a e n r d ties4 M t o y r p tg e a s ge E p n er d i o o d f d h A o e l l r - l s tu F i t i n c i n i o s a a t n i l n - s - 1 a U c g i . e e S n s . - v o I i t a n d h n u d e d a i r - l s s h d A o e l l r - l s tu F i t i n c i n i o s a a t n i l n - s - l h O ol t d h e e r r s3 h d A o e l l r - l s Total t F u i i n t n i s o a ti n n - s . O d h t o e h l r e - s r Total t F u i i n t n i s o a ti n n - s . O d h t o e h l r - e s r w u F V n r H i d A t A t e e - r - n - t C i v o e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1957 156.5 119.7 7.4 29.3 10.4 4.0 6.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 51.6 94.5 1958 171.8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43.0 28.8 14.2 55.2 105.5 1959 190.8 145.5 10.0 35.4 12.1 4.5 7.6 178.7 130.9 109.2 21.6 47.9 31.8 16.1 59.2 119.4 1960 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962^ 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.2 167.2 1963P 280.9 216.9 11.2 52.9 16.8 6.2 10.6 264.2 182.2 156.0 26.2 82.0 54.8 27.2 73.0 191.1 1962—IP. .. 231.1 176.0 12.1 42.9 14.2 5.1 9.1 216.8 155.3 130.0 25.3 61.5 40.9 20.6 66.4 150.4 UP .. 237.8 181.5 12.1 44.3 14.7 5.3 9.4 223.1 159.1 133.7 25.5 64.0 42.6 21.5 67.2 156.0 III*.. 244.5 186.8 12.1 45.6 14.9 5.4 9.6 229.6 162.9 137.1 25.8 66.7 44.3 22.3 68.1 161.5 IV*.. 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.2 167.2 1963—IP. .. 257.1 197.2 11.8 48.1 15.5 5.6 9.9 241.6 169.2 143.3 25.9 72.4 48.3 24.1 70.1 171.5 UP. . 265.1 204.1 11.2 49.9 16.1 5.9 10.2 249.0 173.7 147.9 25.8 75.3 50.3 25.0 70.9 178.1 IIIP.. 273.1 210.6 11.1 51.4 16.5 6.1 10.5 256.5 178.2 152.2 26.0 78.3 52.3 26.0 71.7 184.8 IVP.. 280.9 216.9 11.2 52.9 16.8 6.2 10.6 264.2 182.2 156.0 26.2 82.0 54.8 27.2 73.0 191.1 1964—IP... 287.0 221.8 11.2 54.0 17.3 6.4 10.9 269.7 185.2 158.9 26.3 84.5 56.5 28.0 73.8 195.8 UP. . 295.1 228.3 11.2 55.6 18.0 6.7 11.3 277.1 189.6 163.1 26.5 87.5 58.5 29.0 74.5 202.6 III*.. 303.1 234.7 11.3 57.1 18.5 6.9 11.6 284.6 194.0 167.2 26.8 90.6 60.6 30.0 75.6 209.0 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts of Agriculavailable) included with "individuals and others." ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commerciil bank holdings x Mutual savings bank holdings 2 Residential Residential IEnd of period Other Other Total 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 r n m - Farm sured anteed tional sured anteed tional 1941. 4,906 3t0Q0 1,048 566 4 81? 3,884 900 28 1945 4,172 3 395 856 521 4,?08 3,387 797 24 1957 23,337 17 147 4 823 3 589 8 735 4 823 1,367 o\,169 19,010 4,669 7,790 6,551 2,102 57 1958. 25,523 18J 5Q1 5,476 3,335 9,780 5,461 1,471 ?3 ?63 20,935 5,501 8,360 7 073 2,275 53 1959 28,145 00 ,3?0 6 122 3,161 11 037 6,237 1,588 04,99? 22,486 6,276 8,589 7,6?? 2,451 55 1960. 28,806 ?0 36? 5,851 2,859 11,652 6,796 1,648 06 935 24,306 7,074 8,986 8 ?46 2,575 54 1961. 30,442 ?1,??5 5,975 2,627 12,623 7,470 1,747 ?9 145 26,341 8,045 9,267 9 07,8 2,753 51 1962 34,476 93 48? 6,520 2,654 14 308 8 972 2,022 3?,3?0 29,181 9,238 9,787 10 156 3,088 51 1963 39,414 ?6,476 7,105 2,862 16,509 10,611 2,327 36,??4 32,718 10,684 10,490 11,544 3,454 52 1962 T 30,844 ?! 0]] 6 003 2 547 12 661 7 817 1,816 09 ,833 26,940 8,340 9,392 9,?08 2,842 51 II 32,194 00 ,048 6,195 2,593 13,260 8,219 1,927 30,638 27,632 8,662 9,502 9 469 2,954 51 Ill 33,430 07 ,8?4 6,376 2,617 13,831 8,628 1,978 31 484 28,464 8,984 9,633 9 847 2,968 52 IV . . .. 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963- I 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 36,939 04 958 6 861 2 837 15 260 9 740 2,241 34,309 30,969 10,023 10,218 107?8 3,290 50 HI 38,360 ?5,855 7,007 2,870 15,978 10,203 2,302 35 191 31,775 10,328 10,335 11 11? 3,365 51 TV 39,414 ?6,476 7,105 2,862 16,509 10,611 2,327 36 ??4 32,718 10,684 10,490 11 544 3,454 52 1964—IP 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 TTP 41,648 ?7,750 7,158 2,793 17,799 11,340 2,558 38 199 34,407 11,376 10,826 1? ?05 3,740 52 IIIP 42,948 39 381 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 for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis for first and third quarter NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. estimates included F.R. commercial bank call data and data from the series for all commercial and mutual savings banks in the United States National Assn. of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1580 REAL ESTATE CREDIT DECEMBER 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total FHA- VA- Farm 1 Total FHA- VA- Farm Total guar- Other i Total guar- Other 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 Sept r 760 694 140 49 505 66 49,260 45,547 10,605 6,402 28,540 3,713 Oct . 774 718 147 52 519 56 49,536 45,799 10,658 6,393 28,748 3,737 Nov 680 622 126 54 442 58 49,813 46,057 10,711 6,395 28 951 3,756 Dec 1,236 1,148 172 69 907 88 50,543 46,753 10,790 6,411 29,552 3,790 1964 Jan 745 638 141 61 436 107 50,828 47,010 10,857 6,418 29,735 3,818 Feb 705 615 140 54 421 90 51,126 47 271 10,923 6 423 29 925 3,855 Mar 800 673 143 53 All 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 30 576 4,032 June 863 778 152 51 575 85 52,466 48,384 11,116 6,422 30,846 4,082 July ... 861 785 151 56 578 76 52,832 48,709 11,165 6,413 31,131 4,123 Aug 805 739 155 56 528 66 53,173 49,014 11,227 6,410 31 377 4,159 Sept 875 810 161 57 592 65 53,560 49,367 11,296 6,404 31,667 4,193 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for yearend adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the 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 By type of lender (N.S.A.) Period New Home FHA- VA- Con- Sav- Insur- Com- Total i s c t t i r o o u n n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r- d ti v o e n n a - l 2 S.A. 2 N.S.A. i a n l s o g s a s n n s & . p c a a o n n m c ie e - s b m a ci n e a r k l - s 1941 1 379 -137 581 4 578 1941.. 4,732 1,490 404 1,165 1945 1,913 181 1,358 5,376 1945.. 5,650 2,017 250 1,097 1957 10,160 3 484 4,591 40,007 1,643 7,011 31,353 1957.. 24,244 9,217 ,472 4,264 1958 12,182 4 oso 5,172 45,627 2,206 7,077 36,344 1958.. 27,388 10,516 ,460 5,204 1959 15,151 5 901 6,613 53,141 2,995 7,186 42,960 1959.. 32,235 13.094 ,523 5,832 I960 14,304 4 678 6,132 60,070 3,524 7,222 49,324 I960.. 29,341 12;i58 ,318 4,520 1961 17,364 5 081 7,207 68,834 4,167 7,152 57,515 1961. 31,157 13,662 ,160 4,997 1962 . . 20,754 5 979 8,524 78,770 4,476 7,010 67,284 1962. 34,187 15,144 ,212 5,851 1963 24,734 7 038 9,920 90,849 4,685 6,960 79,204 1963. 36,925 16,716 ,339 6,354 1963 1963 Oct 2,387 685 977 89,051 4,679 7,028 77,344 June 3,121 3,177 ,468 119 551 181 Nov 1,856 50? 757 89,857 4,683 6,980 78,194 July 3,183 3,515 ,606 127 595 218 Dec 2,118 620 lie 90,849 4,685 6,960 79,204 Aug 3,213 3,525 ,611 123 612 212 Sept 3,189 3,177 ,442 116 546 190 1964 Oct 3,134 3,534 ,594 125 616 206 Nov 3,149 2,880 ,271 103 495 184 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Dec 3,059 2,987 ,322 110 504 166 Feb 1,712 474 674 92,163 4,705 6,902 80,556 Mar 2,071 6?1 784 93,069 4,710 6,879 81,480 1964 Apr 2 081 579 831 93,978 4,714 6,855 82,409 May 2,145 597 881 94,971 4,723 6,821 83,427 Jan 3,081 2,758 ,170 103 483 145 June 2,394 6?4 1,054 96,067 4,737 6,790 84,540 Feb 3,029 2,575 ,128 90 465 129 July 2,363 635 1,037 97,111 4,752 6,770 85,589 Mar 3,034 2,935 ,290 102 540 140 Aug .... 2,164 537 1,025 98,059 4,761 6,743 86,555 Apr 3,008 3,089 ,350 109 567 154 Sept 2,048 498 970 98,895 4,785 6,722 87,388 May 3,096 3,090 ,349 116 560 176 Oct.P 2,044 523 898 99,730 4,806 6,704 88,220 June 3,388 1,485 126 607 197 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. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 REAL ESTATE CREDIT 1581 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 Mortgages Prop- Mortgages End of Total C ve o n n - - Total h N om ew es h is o E t m i x n - e g s e P c r t o s j- i m pr e i o m n v t - s e - 2 Total 3 h N om ew es h i o s E t m i x n - e g s period Total s F u i H n re - A d - a g n V u t A e a e r - - d tional 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 . . . 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 . . 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963P 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—III 162.9 61.0 31.5 29.5 101.9 IV 166.5 62.0 32.3 29.7 104.5 1963 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 52 255 106 149 173.7 63.5 33.5 30.0 110.2 nip.".'!.'.' 178.2 64.3 34.3 30.0 113.9 1964 Jan 666 162 381 62 61 268 114 153 182.2 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 UP 189.6 66.8 36.3 30.5 122.7 M^ay 570 105 352 68 46 192 71 121 IIIP 194.0 67.9 37.4 30.5 126.2 June 711 128 442 67 73 233 76 157 July 782 141 476 108 57 251 81 171 740 137 468 68 67 246 78 167 NOTE.— For total debt outstanding, figures are Sept 720 138 467 66 49 270 85 185 FHLBB and F.R. estimates. For conventional, Oct 790 159 491 81 58 271 93 178 figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admin. ^TMonthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings Mortgage transactions Com- Advances outstanding (during mit- (end of period) End of period) ments Period Ad- Repay- Members period Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s - - ed vances ments Total t S e h rm or t- i t L e o rm ng 2 - deposits chases 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1957 3,974 1,237 2,737 1,096 3 764 1956 745 934 1,228 798 430 683 1958 3,901 1,483 2,418 623 482 1,541 1957 1,116 1,079 1,265 731 534 653 1959 5,531 2,546 2,985 1,907 5 568 1958 1,364 1,331 1,298 685 613 819 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 1961 6,093 3,490 2,603 815 541 631 1960 1,943 2,097 1,981 1,089 892 938 1962 5,923 3,571 2,353 740 498 355 1961 2,882 2,200 2,662 1,447 1,216 1,180 1963 4,650 3,017 1,634 290 1,114 191 1962 4,111 3,294 3,479 2,005 1,474 1,213 1963 5,601 4,296 4,784 2,863 1,921 1,151 1963 Oct 4,702 3,033 1.669 23 5 190 Nov 4,677 3,021 ,656 15 7 196 1963—Nov 363 299 4,290 2,611 1,679 978 Dec 4,650 3,017 ,634 24 19 191 Dec 754 259 4,784 2,863 1,921 1,151 1964 Jan 4,624 3,006 ,618 21 11 189 1964—Jan 467 837 4,414 2,653 1,762 944 Feb 4,613 3,011 ,603 24 4 188 Feb 225 424 4,216 2,500 1,716 943 Mar 4,598 3,016 ,582 27 11 192 Mar 339 387 4,168 2,406 1,763 977 Apr 4,572 3,015 ,557 38 31 204 Apr 573 296 4,444 2,463 1,982 957 May 4,565 3,027 ,538 44 21 202 May 352 401 4,395 2,438 ,957 990 June 4,539 3,025 ,514 36 21 199 June 703 329 4,769 2,674 1,095 1,153 July . . 4,516 3,033 ,482 41 30 222 July 584 590 4,763 2,699 2,064 936 Aug 4,477 3,008 ,469 44 43 230 Aug 369 351 4,781 2,662 l,\\9 926 Sept 4,453 2,998 ,455 34 24 245 Sept 382 327 4,837 2,635 1,202 989 Oct 4,440 2,997 ,443 36 14 260 Oct 401 441 4,797 2,605 l,\92 C978 Nov 379 392 4,784 2,572 2,212 789 NOTE.—Federal National Mortgage Assn. data excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the 1 Secured or unsecured loans maturing in 1 year or less. Defense Homes Corp., the Public Housing Admin., and Community 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

1582 CONSUMER CREDIT DECEMBER 1964 TOTAL CREDIT n millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g O p n o a s t p o h u d e e m r r s er e a r n l R n o d i e a z p m n a a s t o i i 1 o r d n - Pe lo rs a o n n s al Total p S a l i o y n m a g n l e e s n - t a C cc h o a u r n g t e s 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—Oct 67,088 52,257 21,971 12,845 3,400 14,041 14,831 5,830 4,898 4,103 Nov 67,746 52,695 22,107 13,046 3,407 14,135 15,051 5,894 4,999 4,158 Dec 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964—Jan 69,203 53,597 22,189 13,638 3,354 14,416 15,606 5,900 5,339 4,367 Feb 68,786 53,552 22,271 13,467 3,335 14,479 15,234 5,958 4,805 4,471 Mar 68,913 53,795 22,471 13,451 3,321 14,552 15,118 6,002 4,634 4,482 Apr 69,816 54,382 22,830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 May 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 71,907 55,914 23,702 13,730 3,395 15,087 15,993 6,233 5,238 4,522 July 72,456 56,496 24,024 13,813 3,426 15,233 15,960 6,218 5,240 4,502 Aug . .. . 73 069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 Sept 73,495 57,446 24,295 14.046 3,493 15,612 16,049 6,354 5,223 4,472 Oct 73,928 57,826 24,423 14,222 3,509 15,672 16,102 6,333 5,352 4,417 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 cover loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n c m k ia s - l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fin s C u a m n o c n e e - r 1 Other i Total D st m e o p r e e a n s r t t 2 - F s t t u o u r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r o il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 . . . 6 085 4 480 1 726 1 797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1956 31,720 26,977 11,777 9,117 2,014 2,940 1,129 4,743 1,408 1.187 377 502 1 269 1957 33,867 29,200 12,843 9,609 2,429 3,124 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 ,407 5,676 2,292 U225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 ,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 ,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—Oct 52,257 46,161 21,391 13,187 5,529 4,425 L629 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 1,654 6,297 3,063 1,065 281 328 1,560 Feb 53,552 47,454 21,799 13,788 5,607 4,595 1,665 6,098 2,949 1,047 278 330 1,494 Mar 53,795 47,653 21,919 13,802 5,668 4,597 1,667 6,142 3,044 1,022 273 334 1,469 Apr 54,382 48,191 22,224 13,893 5,776 4,628 ,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 i fm 273 360 1,477 Aug 57,055 50,583 23,389 14,475 6,204 4,797 1,718 6,472 3 332 1 044 273 363 1,460 SeDt . . 57,446 50,937 23,527 14,553 6,283 4,845 729 6,509 3,371 1,048 275 365 1,450 Oct 57,826 51,220 23,663 14,625 6,334 4,870 L,728 6,606 3,444 1,062 276 367 1,457 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

DECEMBER 1964 CONSUMER CREDIT 1583 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPAN1ES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o h p n d e e e - r r s r e R l m r t o a e n i n o a p o iz n d d n a a s - ir - l s P o 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 g O p c u o a o t m p o h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s lo P o a e n n r a - s l 1939 1 197 878 115 148 56 1939, 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1956 9,117 7,238 1,277 32 570 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,609 7,393 1,509 31 676 1957 12,843 4 130 2,225 2,557 1,580 2,351 1958 . 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5 391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 ,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1963—Oct 13,187 8,163 3,186 161 ,677 1963 Oct 21,391 7,177 3,951 3,073 2,370 4,820 Nov 13,302 8,210 3,233 160 ,699 Nov 21,486 7 218 3,984 3,084 2,373 4,827 Dec 13,523 8,228 3,383 158 ,754 Dec 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan 13,840 8,220 3,701 156 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 [,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 23,389 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 Oct 14,625 8,773 3,754 146 952 Oct 23,663 8,233 4,396 3,273 2,437 5,324 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal 1 1 9 9 4 3 1 9 9 7 5 8 7 9 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 r s 4 6 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total b C m c a o i n e a m r k l - - s t f O u i i n c t n t i i s h a o a t n e i l n - r - s s m t p D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1945 731 54 20 14 643 1956 6,083 954 624 404 4,101 1939 2,719 625 162 236 1,178 518 1957 6,748 1,114 588 490 4,555 1941 3,087 693 152 275 1,370 597 1958 7,035 1,152 565 595 4,723 1945 3,203 674 72 290 1,322 845 1959 8,024 1,400 681 698 5,244 1956 10,614 2,843 410 893 3,842 260 2,366 I960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3,953 317 2,593 1961 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1960 13,196 3,884 623 941 3,952 436 3,360 1963—Oct. 11,583 2,355 815 869 7,544 1961 14,151 4,413 723 948 3,907 469 3,691 Nov 11 674 2,369 822 874 7,609 1962 15,130 4,690 766 927 A,252 505 3,990 Dec 11,859 2,394 835 870 7,760 1963 16,145 5,047 912 895 4,456 520 4,315 1964—Jan 11,830 2,379 834 865 7,752 1963—Oct... 14,831 4,952 878 639 3,743 516 4,103 Feb 11,867 2,387 838 865 7,777 Nov.. 15,051 4,987 907 667 3,817 515 4,158 Mar 11,932 2,406 845 866 7,815 Dec... 16,145 5,047 912 895 4,456 520 4,315 Apr 12,074 2,446 860 869 7,899 May 12,238 2,490 876 884 7,988 1964—Jan... 15,606 4,991 909 782 4,014 543 4,367 June 12,408 2,537 894 890 8,087 Feb... 15,234 5,036 922 655 3,590 560 4,471 July 12,547 2,573 911 897 8,166 Mar.. 15,118 5,076 926 614 3,485 535 4,482 Aug 12,719 2,610 927 912 8,270 15,434 5,152 896 610 3,667 556 4,553 Set>t 12 857 2 633 941 923 8,360 May!.' 15,825 5,230 976 626 3,910 563 4,520 Oct 12,932 2,654 956 926 8,396 June.. 15,993 5,313 920 610 4,028 600 4,522 July... 15,960 5,329 889 576 4,008 656 4,502 Aug... 16,014 5,335 964 588 3,960 683 4,484 NOTE.—Institutions represented are consumer finance cos., credit Sept... 16,049 5,361 993 624 3,928 671 4,472 unions, industrial loan cos., mutual savings banks, savings and loan Oct.... 16,102 5,361 972 660 4,055 637 4,417 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

1584 CONSUMER CREDIT DECEMBER 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Period S.A.I N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. Extensions 1956 39,868 15,515 11,721 1,582 11,051 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 •••••••••• 2,222 ••••••••• 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1963—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 1,432 1,517 168 169 1,587 ,561 Dec 5,272 5,974 1,914 1,767 1,523 2,094 172 154 1,663 1,959 1964—Jan 5,276 4,784 1,888 1,689 1,493 1,380 185 141 1,710 1,574 Feb 5,421 4 552 I 953 I 686 I 578 1,212 186 142 1,704 1,512 Mar 5,480 5,322 I 942 I 665 1,488 179 163 1,694 1,688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 May 5,552 5,584 2,023 2,137 1,589 1,547 187 205 1,753 1,695 5,399 5,949 1,962 2,245 1,537 1,632 183 208 1,717 1,864 July 5,541 5,747 1 QQfi 2,166 1,546 1,543 189 208 1,810 1,830 5,529 5,519 2*017 1 984 1 570 1,540 186 210 1,756 1,785 Sept 5,617 5,393 2,024 1,830 1,588 1,592 186 200 1,819 ,771 Oct 5,507 5,552 1,924 1,999 1,582 1,657 180 191 1,821 ,705 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—Oct 4,780 4,948 1.676 1-794 1-362 1.404 170 182 1.572 1.568 Nov 4,596 4,543 1,638 1,598 1,324 1,316 167 162 1,467 1,467 Dec 4,812 4,924 1,707 1,675 1,384 1,374 177 172 1,544 1,703 1964—Jan 4,848 4,932 1,684 ,699 1,441 1,508 176 176 1,547 1,549 Feb 4,842 4,597 1,716 1,604 1,395 1,383 171 161 1,560 1,449 Mar 4,956 5,079 1,735 1,783 1,468 1,504 174 177 1,579 1,615 Apr 4,959 4,991 1,759 1,768 1,453 1,470 172 171 1,575 1,582 May 5,059 4,846 1,776 1,712 1,483 1,424 175 169 1,625 1,541 5,029 5,155 1,768 1,798 1,486 1,501 170 177 1,605 1,679 July 5,058 5,165 1,781 1,844 1,448 1,460 171 177 1,658 1,684 Aug 5,094 4,960 1.789 I 757 1 496 1 430 172 170 I.6T7 1,603 Sept 5,104 5,002 1,802 1,786 1,491 1,469 172 173 1^639 1,574 Oct 5,097 5,172 1,788 .871 456 1.481 167 175 1,686 1.645 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 53 777 1962 . . 4.506 2 318 746 55 1 388 1963 5,711 2 659 1,161 143 1,748 1963—Oct 531 539 234 246 95 143 18 23 184 127 Nov 383 438 154 136 108 201 1 7 120 94 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1964—Jan 428 -148 204 -10 52 — 128 9 -35 163 25 Feb 579 -45 237 82 183 — 171 15 -19 144 63 Mar 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 370 794 194 447 51 131 13 31 112 185 July 483 582 215 322 98 83 18 31 152 146 Aug 435 559 228 227 74 110 14 40 119 182 Sept 511 391 222 44 97 123 14 27 180 197 Oct .. . 410 380 136 128 126 176 13 16 135 60 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

DECEMBER 1964 CONSUMER CREDIT 1585 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Sales finance Other financial Retail outlets companies institutions Period S.A.1 N.S.A. S.A.1 N.S A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 39,868 14,463 9,619 9,148 6,638 1957 42,016 15,355 10,250 9,915 6,495 1958 40 It9 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 1960 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— Oct 5,311 5,487 2,000 2 061 1 in J 1Q4 J HI J ill 845 921 Nov 4,979 4,981 1,877 1 766 1 030 013 l'l98 213 874 989 Dec 5,272 5,974 1,963 1,889 1,134 1,192 1,252 1,476 923 1,417 1964-Jan 5,276 4,784 1,928 1,825 1,125 I 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 [ 166 I 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 1,174 1,324 1,321 1,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 1,397 ,426 921 880 Aue 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 1Q1 1,142 1,405 1,348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 ,192 1,402 1,319 919 997 Repayments 1956 37,054 13,362 8,949 8,415 6,328 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1963—Oct 4 780 4,948 J 737 1 S15 1,054 1,129 J.1Q7 780 807 Nov 4 596 4,543 1.734 I 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 07fi 1 n*n 1,184 1,186 820 891 Feb 4,842 4,597 1,793 I 703 1,094 l'032 1,173 1,085 782 777 Mar 4,956 5,079 1,843 ,891 1,084 1,152 1,201 1,225 828 811 Apr 4,959 4,991 1,833 1,853 1,097 1,110 1,197 1,205 832 823 May 5.059 4,846 1,876 1.809 1,114 1,060 1,234 1,174 835 803 5,029 5,155 1,845 1,899 1,102 1,123 1,223 1,283 859 850 July 5,058 5,165 1,857 1,930 1,097 1,111 1,267 1.287 837 837 Aug. 5,094 4,960 ,889 L,85O 1,087 056 1,237 U210 881 844 Sept 5,104 5,002 1,860 1,851 1,118 l!097 1 766 1,210 860 844 Oct 5,097 5,172 1,868 1,908 1,071 1,120 1,284 1,244 874 900 Net change in credit outstanding 2 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—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 3!7 128 -29 —256 -456 Feb 579 —45 336 169 93 -52 110 37 40 -199 Mar. 524 243 163 120 125 14 91 65 145 44 Apr 412 587 148 305 63 91 112 142 89 49 May 493 738 199 335 82 134 116 164 96 105 June 370 794 159 348 72 201 98 170 41 75 July 483 582 208 269 61 131 130 139 84 43 Aug 435 559 195 213 70 116 118 172 52 58 Sept 513 391 244 138 106 78 139 138 24 37 Oct 410 380 162 136 85 72 118 75 45 97 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

1586 INDUSTRIAL PRODUCTION: S.A. DECEMBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping p p r o o r - - avertion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct Total index. 100.00 124.3 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.7 Final products, total 47.35 124.9 127.2 121.0 128.0 128.5 128.1 128.7 130.6 131.1 131.7 132.3 133.3 132.5 130.7 Consumer goods 32.31 125.2 127.4 126.9 128.0 128.9 128.8 128.8 130.8 131.0 131.5 132.1 133.1 132.0 129.3 Equipment, including defense... 15.04 124.2 127.0 127.1 128.1 127.9 127.1 128.8 130.7 131.3 132.0 132.7 133.6 133.7 133.6 Materials 52.65 123.7 125.5 125.7 125.9 126.7 128.1 129.3 130.6 131.3 131.8 133.6 134.7 135.7 132.5 Consumer goods Automotive products 3.21 141.2 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 755.5 144.7 105.4 Autos 1.82 149.5 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 Auto parts and allied products 1.39 130.2 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 143.0 135.0 Home goods and apparel 10.00 123.1 125.2 126.1 126.6 127.0 128.3 126.8 128.9 129.5 130.0 131.2 131.9 131.9 133.3 Home goods 4.59 129.6 131.3 133.3 134.2 134.8 137.3 136.4 137.7 136.9 137.8 139.7 140.1 139.8 142.0 Appliances, TV, and radios 1.81 125.1 125.8 128.5 128.5 127.5 131.3 128.7 130.7 129.7 131.0 131.1 133.3 136.8 138.4 Appliances 1.33 130.6 131.8 134.0 133.0 130.7 135.3 132.9 134.7 139.4 136.9 136.6 140.0 143.9 145.3 TV and home radios .47 109.5 108.8 113.1 115.6 118.6 120.3 116.9 119.5 102.4 114.3 115.5 114.5 116.7 119.1 Furniture and rugs 1.26 131.3 133.0 134.5 135.4 136.1 138.1 139.0 139.7 141.0 141.9 144.7 144.2 141.0 145.4 Miscellaneous home goods 1.52 133.6 136.5 137.9 139.9 142.3 143.7 143.5 144.2 142.1 142.4 145.9 144.8 142.3 143.5 Apparel, knit goods, and shoes.... 5.41 117.6 120.0 120.0 120.2 120.4 120.7 118.7 121.5 123.2 123.4 124.0 124.9 125.3 Consumer staples 19.10 123.7 125.4 124.2 125.7 127.0 126.2 126.3 128.8 128.3 128.9 129 A 130.0 129.9 131.2 Processed foods 8.43 116.6 117.7 117.0 118.9 121.4 120.2 118.4 120.8 120.2 119.4 118.4 118.7 118.7 120.2 Beverages and tobacco 2.43 116.9 118.3 115.7 117.4 116.5 118.5 121.9 125.2 122.6 119.4 126.4 125.5 123.3 Drugs, soap, and toiletries 2.97 140.1 144.0 142.0 142.7 142.2 140.1 140.1 142.8 144.5 150.5 146.7 149.1 152.6 153.1 Newspapers, magazines, and books. 1.47 117.8 117.8 117.2 120.4 121.5 123.7 125.1 126.7 124.7 125.5 123.5 123.2 121.3 122.5 Consumer fuel and lighting 3.67 133.5 135.6 134.7 135.2 136.5 134.7 136.2 138.5 138.7 140.6 142.8 145.7 144.4 Fuel oil and gasoline 1.20 116.9 119.4 118.5 117.4 115.6 116.8 117.6 120.9 120.4 121.8 121.4 118.8 120.4 122.8 Residential utilities 2.46 141.5 143.5 142.6 143.8 146.6 143.4 145.3 147.1 147.6 149.8 153.2 158.8 156.1 Electricity 1.72 146.7 150.0 148.6 150.4 154.3 149.2 151.9 154.5 155.2 157.6 162.2 169.8 165.6 Gas .74 Equipment Business equipment 11.63 128.3 131.8 132.0 132.9 132.9 '131.9 134.2 136.5 138.0 139.0 140.0 141.6 141.8 142.0 Industrial equipment 6.85 123.0 126.6 127.4 128.6 128.9 127.9 131.9 133.9 135.7 137.6 138.5 139.6 140.4 143.1 Commercial equipment 2.42 142.4 141.2 139.0 140.2 141.6 140.4 141.0 143.1 141.9 143.7 145.7 145.5 147.6 149.1 Freight and passenger equipment. 1.76 132.2 139.2 139.7 139.9 137.0 137.8 135.8 140.8 143.9 141.3 141.9 144.9 141.0 128.0 Farm equipment .61 121.6 130.8 134.5 131.6 131.2 126.0 127.6 126.6 130.7 129.1 127.9 139.9 136.0 141.0 Defense equipment 3.41 Materials Durable goods materials. 26.73 121.2 122.3 122.6 122.6 123.0 125.8 127.3 129.0 129.8 130.8 132.7 134.1 135.7 128.6 Consumer durable 3.43 137.2 139.6 141.3 142.9 141.9 144.3 141.9 144.1 143.8 148.1 150.2 167.0 153.1 113.0 Equipment 7.84 125.4 127.8 127.5 128.8 129.2 129.6 130.4 131.6 132.9 133.3 133.8 135.7 137.1 137.8 Construction 9.17 116.3 118.6 119.0 118.9 119.6 123.2 123.4 123.8 123.5 122.8 125.7 125.7 125.8 123.6 Metal materials n.e.c.... 6.29 114.3 110.8 111.6 113.5 117.6 123.4 125.2 126.9 127.5 127.3 130.2 130.6 128.7 132.2 Nondurable materials 25.92 126.3 128.8 128.9 129.3 130.4 130.6 130.8 132.3 132.8 132.9 134.6 135.2 135.7 136.5 Business supplies 9.11 120.3 122.5 122.6 123.0 124.4 125.2 124.9 126.1 126.5 124.9 126.9 127. 126.0 128.7 Containers 3.03 120.2 122.5 123.9 121.3 125.1 125.5 123.6 127.0 128.2 123.8 125.0 125.6 125.7 131.6 General business supplies. 6.07 120.4 122.5 122.0 123.8 124.0 125.1 125.6 125.7 125.7 125.4 127.9 127.8 126.2 127.2 Nondurable materials n.e.c.. 7.40 145.0 149.7 150.2 151.2 152.2 152.2 152.4 154.6 153.9 155.7 158.7 160.2 162.8 161.7 Business fuel and power 9.41 117.2 118.4 118.2 118.2 119.1 118.7 118.7 120.7 122.2 122.7 123.0 123.4 123.8 124.1 Mineral fuels 6.07 109.3 110.1 109.3 109.0 110.2 109.3 108.9 110.3 112.1 112.2 112.4 112.7 113.2 113.5 Nonresidential utilities 2.86 138.7 141.2 141.8 142.3 142.7 143.5 144.5 147.9 148.9 149.7 149.8 150.9 150.6 Electricity 2.32 139.5 141.9 142.4 142.9 143.8 144.6 145.6 149.0 150.1 150.6 150.5 151.5 151.0 General industrial 1.03 131.2 134.2 133.9 134.5 134.8 135.6 136.9 140.5 142.0 143.5 143.9 145.1 147. Commercial and other.. 1.21 149.6 151.7 152.9 153.3 154.9 155.6 156.4 159.9 160.7 160.4 160.9 161.9 159.2 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 126.9 Apparel and staples 24.51 122.3 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 130.0 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 INDUSTRIAL PRODUCTION: S.A. 1587 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 3 - Oct. N 1 o 9 v 6 . 3 Dec. Jan. Feb. Mar. Apr. May 1 964 June July I Aug. ri Sept.r | Oct. Total index. 100.00 124.3 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.7 Manufacturing, total. 86.45 124.9 126.8 126.9 127.9 128.5 129,1 129.9 131.4 132.2 132.4 133.9 134.5 134.7 132.1 Durable 48.07 124.5 126.0 126.4 127.3 128,1 128.9 130.0 131.6 132.6 133.2 135.0 135.7i 135.1 129.9 Nondurable 38.38 125.3 127.7 127.6 128.7 128.9 129.4 129.8 131.1 131.7 131.5 132.5! 133.1! 134.1 134.9 Mining 8.23 107.9 108.6 107.5 107.3 108,8 108.9 108.8 109.9 111.3 111.4 110.9 111.9 112.0 112.2 Utilities 5.32 140.0 142.3 142.1 143.0 144.5 143.4 144.8 147.5 148.3 149.7 151.4 154.5 153.2 154.0 Durable manufactures Primary and fabricated metals 12 32 117.7 116.5 116.8 117.6 120.0 122.6 124.6 126.3 128.5 128.1 132.1 133.7 133.6 131.9 Primary metals 6 95 113.3 108.5 109.7 110.5 113.6 117.6 120.9 123.8 127.1 126.1 131.2 132.8 133.0 133.0 Iron and steel,, 5 45 109.6 101.5 103.5 104.9 108,3 114.5 118.1 123.7 127.8 125.2 130.4 132.2i 129.1 130.6 Nonferrous metals and products. 1.50 126.7 131.2 133.1 134.7 132.2 139.9 142.6 138.5 135.0 132.8 135.9 133.0- 139.4 138.1 Fabricated metal products 5.37 123.4 126.8 126,0 126.8 128.2 129.0 129.3 129.5 130.3 130.6 133.3 134.8, 134.4 130.4 Structural metal parts 2,86 120.2 123.0 123.1 122.9 124.4 126.0 127.8 129.2 128.1 129.6 131.2 131.0 131.7 128.3 Machinery and related products.... 27.98 128.7 131.1 131.5 132.8 132.9 132.3 133.2 135.2 135.9 137.1 138.0 138. 137.8 129.3 Machinery 14.80 129.2 131.7 132.8 133.9 134.7 133.6 135.9 137.5 138.5 140.1 141.9 142.8 144.1 145.9 Nonelectrical machinery 8.43 126.9 131.3 132.1 133.5 135.2 132.9 136.7 138.1 139.6 141.9 143.6 144.1 145.0 147.7 Electrical machinery 6.37 132.3 132.2 133.7 134.4 134.0 134.5 134.9 136.8 137.0 137.7 139.7 141." 142.9 143.6 Transportation equipment 10,19 127.0 130.0 129.6 131.3 130.8 131.1 130.1 133.0 134.1 134.9 134.3 135.3 130.9 105.2 Motor vehicles and parts.. 4.68 146.1 149.8 149.8 151.9 151.9 153.0 151.1 156.2 157.4 158.3 158.6 160.9 150.1 95.9 Aircraft and other equipment... 5.26 109.5 111.8 111.1 112.2 111.1 110.8 110.6 112.0 112.8 113.4 111.7 111.5 112.7 111.0 Instruments and related products.. 1.71 130.2 132.5 131.9 132.7 132.2 133.6 134.2 134.7 134.6 134.8 136.4 137.4 138.6 137.7 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 114.4 117.4 117.2 117.0 117.9 121.6 121.9 121.6 120.9 120.1 122.6 121.4 120.7 121.1 Clay, glass, and stone products. 2.99 117.5 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.4 125.6 127.0 126.9 Lumber and products 1.73 108.9 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.0 116.1 114.1 109.7 111.I Furniture and miscellaneous.., 3.05 129.1 130.8 131.8 132.6 133.0 133.9 134.7 135.6 136.2 138.0 138.5 139.0 138.4 141.3 Furniture and fixtures 1.54 133.1 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.8 143.2 144.4 144.1 147.4 Miscellaneous manufactures., 1.51 125.0 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.1 Nondurable manufactures Textiles, apparel, and leather 7.60 118.5 120.7 121.3 121.3 120.7 122.4 121.7 121.6 123.5 122.9 124.9 126.0 126.6 127.8 Textile mill products 2.90 116.9 119.3 120.5 119.4 118.8 119.8 118.9 119.4 119.3 119.2 121.5 123.5 125.8 127.3 Apparel products 3.59 125.6 127.3 128.5 129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.4 135.1 135.5 Leather and products 1.11 99.8 102.9 100.0 101.2 97.8 99.3 96.3 98.4 104.7 97.3 103.5 103.1 100.3 Paper and printing 8.17 120.1 121.7 121.7 123.9 123.4 124.5 125.4 127.5 128.2 126.6 128.0 127.9 128.4 128.6 Paper and products 3.43 125.1 127.0 127.3 127,6 128.7 129.1 130.4 132.9 134.3 130.1 132.8 132.8 135.9 137.0 Printing and publishing. 4.74 116.4 117.9 117.7 121.3 119.5 121.2 121.8 123.6 123.9 124.1 124.5 124.3 123.0 122.5 Newspapers 1.53 108,0 111.9 113.2 119.2 113.9 114.5 115.2 117.2 117.1 117.2 120.0 118.3 115.9 112.7 Chemicals, petroleum, and rubber.. 11.54 141.8 146.2 146.0 146.3 146.4 146.9 147.4 149.5 150.0 152.1 152.3 153.6 156.7 157.2 Chemicals and products 7.58 148.6 153.5 153.6 154.5 154.7 154.5 155.2 157.0 156.7 159.6 158.7 160.8 164.6 165.0 Industrial chemicals 3.84 162.7 168.3 169.3 171.4 173.1 173.3 174.9 176.7 173.7 176.3 177.1 178.7 184.2 Petroleum products 1.97 117.1 119.0 118.5 116.6 116.0 119.1 119.7 120.8 122.0 122.1 124.6 121.2 120.4 123" t Rubber and plastics products 1.99 140.0 145.0 144.3 144.3 145.0 145.3 145.1 149.4 152.2 153.4 155.2 158.2 162.4 Foods, beverages, and tobacco 11.07 116.8 117.8 117.1 118.8 120.2 119.5 120.2 121.2 120.7 119.5 120.5 120.5 120.0 121.1 Foods and beverages 10.25 116.9 118.1 117.3 119.1 120.8 120.6 120.3 120.6 120.0 119.6 120.0 120.4 120.0 121.2 Food manufactures 8.64 116.8 117.7 117.5 119.2 121.3 119.8 119.7 120.0 120.2 119.5 118.9 119.1 119.1 120.4 Beverages 1.61 117.8 120.5 116.3 118.7 118.4 125.0 123.8 124.1 119.2 120.1 125.8 127.6 124.6 Tobacco products .82 115.2 114.1 114.6 114.9 112.7 105.6 118.2 127.5 129.2 118.1 127.5 121.4 120.6 Mining Coal, oil, and gas 6.80 107.0 707.7 106.3 106.0 107.5 107.4 107.1 108.1 109.9 109.8 110.1 110.7 111.2 110.9 Coal 1.16 102.5 103.9 102.2 105.1 104.0 99.2 94.5 98.7 106.1 105.1 105.0 107.9 105.1 109.2 Crude oil and natural gas. 5.64 107.9 108.5 107.2 106.2 108.3 109.1 109.7 110.0 110.7 110.8 111. 111.3 112.4 111.2 Oil and gas extraction 4.91 110.9 111.5 110.9 109.9 111.7 111.7 112.3 113.0 113.5 113.8 114.2 113.8 115.1 114.5 Crude oil 4.25 108.1 109.1 108.1 106.6 108.5 107.8 109.0 109.6 110.1 110.2 110.3 109.8 111.1 111.0 Gas and gas liquids .66 128.7 127.0 129.0 130.8 132.2 136.2 133.3 134.8 135.3 137.1 139.0 139.6 Oil and gas drilling .73 87.4 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., 1.43 112.2 112.8 113.1 113,2 114.7 116.4 117.0 118.5 117.9 119.2 114.9 117.7 116.1 118.4 Metal mining .61 112.3 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.3 116.6 Stone and earth minerals .82 112.1 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 119.7 Utilities Electric 4.04 142.6 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5 159.3 157.2 Gas 1.28 131.9 132.5 132.9 133.3 133.9 134.6 135.2 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

1588 INDUSTRIAL PRODUCTION: N.S.A. DECEMBER 1964 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping pro- averp ti o o r n - age Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug.r Sept.' Oct. Total index 100.00 124.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.2 Final products total . 47.35 724.9 757.5 727.5 725.5 725.7 725.5 725.5 750.7 750.5 755.5 727.5 131.4 735.2 734.9 Consumer goods 32 31 125.2 134.1 128.3 124.0 126.1 128.9 127.7 130.3 130.0 133.2 126.3 131.5 137.2 135.7 Equipment, including defense.... 15.04 124.2 126.8 126.1 128.8 128.0 127.5 130.1 131.5 131.8 133.5 130.1 131.1 134.0 133.3 Materials 52.65 123.7 128.2 126.5 123.9 124.9 128.1 129.6 132.6 133.9 134.5 127.8 134.2 136.8 135.3 Consumer goods 3.21 141.2 160.7 750.5 754.2 151.9 154.4 752.7 752.5 750.5 752.7 131.1 59.5 739.7 114.1 Autos 1.82 149.5 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 Auto parts and allied products 1.39 130.2 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 138.8 Home goods and apparel 10 00 725.7 757.9 727.5 777.5 727.5 752.9 729.5 750.5 729.5 757.2 720.0 134.2 135.4 739.7 Home goods 4 59 129.6 140.2 138.7 132.9 129.5 137.4 138.6 138.3 135.6 140.5 126.8 136.4 147.4 149.9 Appliances, TV, and radios 1.81 125.1 135.8 135.8 123.4 124.7 138.7 137.8 135.9 130.0 136.8 110.4 120.2 144.1 145.2 Appliances I 33 130.6 135.9 137.4 134.8 126.0 144.6 147.5 144.9 141.6 145.3 118.8 122.0 147.3 142.4 TV and home radios .47 109.5 135.5 131.2 91.3 121.0 122.2 110.2 110.5 97.4 112.9 86.6 115.1 134.8 153.1 Furniture and rugs 1 26131.3 139 3 138.1 139.7 133.1 135.8 137.3 137.2 135.6 140.2 137.0 146 1 147 1 152.2 Miscellaneous home soods 1.52 133.6 146.1 142.7 138.5 132.1 137.2 140.6 142.0 142.1 145.2 137.9 147.7 151.6 153.5 Apparel, knit goods, and shoes 5.41 117.6 124.8 117.6 104.6 115.0 129.1 122.3 123.9 124.4 123.4 114.1 132.4 125.3 19 10 725.7 750.P 725.5 722.2 124.1 722.5 722.5 124.8 725.0 729.2 128.8 737.2 737.9 737.2 Processed foods . 8 43 116.6 130.5 119.9 115.2 113.5 111.1 109.8 112.7 114.1 116.9 117.8 129.4 135 2 134.5 Beverages and tobacco 2 43 116.9 124.2 109.4 101.2 102.3 107.4 117.6 127.6 131.0 136.5 132.0 136.1 124.9 Drugs soap and toiletries .... 2 97 140.1 146.9 142.4 139.8 141.1 139.7 139.4 142.8 144.6 153.8 140.8 152.4 154.1 i56.2 Newspapers, magazines, and books.. I 47 117.8 119.4 117.2 120.9 120.3 122.8 124.8 125.7 123.7 124.5 121.6 124.8 124.7 124.2 Consumer fuel and lighting 3.67 133.5 127.6 128.1 138.6 150.1 144.0 140.2 135.0 130.5 134.2 145.0 148.4 144.7 Fuel oil and gasoline I 20 116.9 116.4 117.7 120.2 120.5 119.9 116.4 114.7 116.3 120.3 123.5 122.3 120.4 Residential utilities 2 46 141.5 Electricity 1 72146.7 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4 Gas 74 Equipment 11 63725.5 131.2 750.7 752.5 752.5 132.4 755.9 757.5 735.5 141.2 737.7 735.7 142.2 141.4 Industrial equipment 6 85 123.0 125.8 125.6 129.4 129.2 127.3 132.0 133.9 135.8 138.8 137.1 139.2 141.7 142.2 2 42 142.4 143.6 140.7 142.6 141.7 139.4 139.7 140.4 140.2 144.1 142.8 145 8 149 8 151 6 Freight and passenger equipment. .. 1.76 132.2 139.2 136.9 135.0 132.9 139.2 141.9 146.4 148.2 147.0 136.2 136.2 139.0 128.0 Farm equipment 61 121.6 120.3 118.7 125.8 131.8 142.0 147.3 147.3 140.5 139.9 115.8 111.9 125.9 129.7 3.41 Materials 26 73 727.2 725 4 725.5 727.7 727.7 725.5 727.4 757.2 133.9 134.9 727.7 132.6 136.4 131.8 Consumer durable . ... 3 43 137.2 143.1 145.5 150.0 146.9 146.5 146.2 148.4 149.5 149.6 135.2 140.3 153.1 115.8 Equipment 7 84 125.4 127.4 127.6 130.7 130.4 130.8 131.8 133.0 133.8 134.6 129.7 131 6 135.7 137 4 Construction 9 17 116.3 125.1 118.8 110.6 108.0 113.3 116.0 122.6 127.8 132.0 129.5 134.5 133.3 130.4 ]Vtetal materials nee 6.29 114.3 113.5 112.5 108.5 114.5 124.5 128.2 132.0 134.5 131.4 118.5 126.8 132.6 135.4 25 92 726". 5 131.2 729.5 725.9 725.5 757.0 757.5 134.0 755.9 134.1 727.5 135.9 737.3 739.0 Business supplies 9 11 120 3 127.8 123.9 118.1 119.6 123.1 124.9 129.5 128.6 126.9 120.2 129.2 130.4 134.3 Containers 3 03 120 2 128,7 117.1 105.5 117.6 123.0 123.6 130.8 129.5 130 0 125.0 138 2 133 9 138 2 General business supplies 6*07 120.4 127 4 127.2 124.4 120.5 123.2 125.6 128.8 128.2 125.4 117.7 124.6 128.7 132.3 Nondurable materials nee 7.40 145.0 150.4 151.7 148.2 151.4 155.2 156.2 157.7 157.7 158.0 147.3 157.8 161.2 162.5 Business fuel and power 9 41 117 2 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.1 125.1 Mineral fuels 6 07 109,3 110.8 110.6 110.6 112.1 112.6 111.4 111.6 111.0 111.0 104.6 111 3 112 0 114 2 Nonresidential utilities 2 86 138 7 Electricity 2 32 139.5 i44 6 139.7 i39.9 141.5 138.9 141.3 141.9 146.0 152.5 158.9 162 9 159 9 General industrial I 03 131.2 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142 7 144 8 143 9 148 0 149 3 Commercial and other 1 21149.6 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7 80 134.4 148 6 147.7 141.7 138.7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.1 Apparel and staples 24.51 122.3 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.1 135.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 INDUSTRIAL PRODUCTION: N.S.A. 1589 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 3 - Oct. N 1 o 96 v 3 . Dec. Jan. Feb. Mar. Apr. May 1964 June July Aug.r Sept.r Oct. Total index 100.00 124.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.2 Manufacturing, total 86.45 124.9 131.2 725.2 725.2 725.5 72P.7 730.0 733.0 733.7 735.2 727.9 733.7 737.5 735.3 Durable. . .. 48.07 124.5 129.3 128.4 127.3 126.7 129.5 131.3 134.1 134.8 136.4 128.8 129.6 136.8 132.6 Nondurable 38.38 125.3 133.6 128.0 122.6 124.7 128.5 128.4 131.7 132.3 133.6 126.7 137.4 138.2 140.9 Mining 8.23 107.9 111.0 108.1 107.0 107.9 108.3 107.6 109.8 111.7 112.6 107.0 113.0 113.4 114.7 Utilities 5.32 140.0 Durable manufactures Primary and fabricated metals 72.32 777.7 775.5 777.5 775.5 77P.3 124.4 127.4 730.7 737. P 737.2 723.5 737.5 735.5 734.3 Primary metals 6.95 113.3 109.6 110.8 107.2 114.7 124.3 128.4 132.1 132.9 128.6 117.4 125.9 131.5 134.3 Iron and steel 5.45 109.6 103.0 104.5 102.3 110.5 119.4 124.0 128.6 130.4 125.2 116.1 124.3 129.1 132.6 Nonferrous metals and products.. 1.50 126.7 133.8 133.6 125.3 130.0 142.0 144.2 144.6 142.2 141.0 122.3 131.7 140.4 140.7 Fabricated metal products 5.37 123.4 130.6 126.8 126.2 125.1 124.7 126.2 128.9 130.6 134.5 131.3 138.8 140.9 134.3 Structural metal parts 2.86 120.2 126.7 124.9 124.1 121.9 121.0 122.8 125.3 127.5 132.2 131.2 135.6 137.0 132.2 Machinery and related products 27.98 725.7 733.9 134.2 735.3 733.7 134.7 735.0 735.7 737.9 739.5 730.9 725.5 737.7 130.8 Machinery .. . 14.80 129.2 133.0 132.7 134.3 134.3 135.5 138.4 139.5 139.8 142.6 135.3 138.5 145.3 146.4 Nonelectrical machinery 8.43 126.9 128.9 129.3 134.4 135.1 135.3 140.5 142.2 143.1 145.3 140.0 138.8 143.1 145.0 Electrical machinery 6.37 132.3 138.6 137.2 134.3 133.3 135.8 135.6 135.8 135.4 139.0 129.1 138.0 148.1 148.4 Transportation equipment 10.19 127.0 135.2 136.6 137.0 133.4 135.0 134.3 138.5 137.7 138.4 125.1 109.1 128.5 108.3 Motor vehicles and parts........ 4.68 146.1 160.4 163.2 162.2 157.0 160.1 158.1 166.7 165.0 167.4 142.0 106.7 145.8 102.0 Aircraft and other equipment.... 5.26 109.5 112.4 112.8 114.4 112.2 112.1 112.3 112.6 112.3 111.8 109.0 109.5 112.2 111.6 Instruments and related products... 1.71 130.2 134.0 134.3 134.3 131.3 131.6 132.2 132.7 133.3 136.1 135.0 138.5 140.1 139.2 1.28 Clay, glass, and lumber 4.72 114.4 124.4 117.3 106.6 104.2 112.0 113.9 120.4 125.4 729.2 126.0 732.4 129.9 128.4 Clay, glass, and stone products 2.99 117.5 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 Lumber and products 1.73 108.9 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.8 Furniture and miscellaneous 3.05 72P.7 137.7 735.2 133.9 727.5 72P.5 131.5 733.7 733.7 735.3 735.5 743.4 744.5 745.5 Furniture and fixtures 1.54 133.1 140.4 138.9 140.1 234.6 134.6 135.9 137 4 136.3 142.5 141.8 149.2 149 6 153.0 Miscellaneous manufactures 1.51 125.0 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 144.6 Nondurable manufactures Textiles apparel, and leather 7.60 775.5 723.5 77P.5 70P.P 777.5 72P.5 124.7 724.7 725.2 725.7 773.0 737.4 725.4 737.7 Textile mill products 2.90 116.9 119.3 119.3 112.8 116.4 122.8 123.1 121.2 124.7 124.6 110.3 126.6 126.4 127.3 Apparel products 3.59 125.6 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.6 141.9 134.1 Leather and products 1.11 99.8 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.6 109.8 101.8 Paper and printing . 8.17 720.7 127.8 124.6 119.4 120.4 124.5 126.4 730.P 729.3 727.3 720.9 727.5 729.5 734.9 Paper and products 3.43 125.1 135.3 127.9 115.2 126.8 132.3 131.7 138.2 135.0 132.7 124.8 137.3 135.9 145.9 Printing and publishing 4.74 116.4 122.3 122.2 122.5 115.8 118.9 122.6 125.6 125.1 123.4 118.2 121.0 124.9 127.0 Newspapers 1.53 108.0 121.8 124.5 118.6 104.9 110.7 117.5 125.5 124.8 117.8 104.4 107.1 116.7 122.6 Chemicals, petroleum, and rubber.... 11.54 141.8 148.3 145.6 142.8 145.3 147.7 148.3 757.7 752.2 755.4 745.3 754.7 757.5 755.4 Chemicals and products 7.58 148.6 154.5 153.1 150.7 152.8 155.0 156.5 160.3 159.9 163.0 152.9 160.9 164.2 164.4 Industrial chemicals 3.84 162.7 169.1 170.7 169.7 172.2 175.0 176.6 179.3 176.5 178.1 170.9 176.6 182.4 Petroleum products 1.97 117.1 119.6 116.7 114.9 114.3 117.3 115.5 116.0 120.2 125.8 128.3 127.3 125.2 Rubber and plastics products 1.99 140.0 153.1 145.7 140.7 147.2 150.4 149.7 154.0 154.5 155.7 133.5 158.2 164.5 Foods beverages and tobacco 11.07 775.5 72P.3 777.P 772.5 111.4 770.7 777.7 775.2 775.0 727.3 720.5 730.5 732.7 733.7 Foods and beverages 10.25 116.9 129.7 118.0 114.0 111.4 111.2 111.4 115.4 116.7 120.9 121.5 130.5 133.2 133.9 Food manufactures 8.64 116.8 130.7 120.4 115.6 114.0 111.7 110.1 113.0 114.3 117.0 117.7 129.0 134.9 134.8 Beverages 1.61 117.8 124.1 105.6 105.2 97.7 108.6 118.2 127.8 129.5 141.7 141.8 138.4 124.6 Tobacco products .82 115.2 124.3 116.9 93.5 111.5 105.1 116.4 127.2 133.8 126.4 112.8 131.4 125.3 Mining Coal, oil, and gas 6.80 107.0 705.5 107.8 107.9 70P.5 770.7 108.6 705.7 108.4 108.6 103.2 109.7 110.3 111.8 Coal 1.16 102.5 113.2 106.4 103.2 101.9 100.4 95.3 99.4 107.2 108.4 77.2 113.5 111.2 119.0 Crude oil and natural gas 5.64 107.9 107.6 108.0 108.8 111.4 112.1 111.4 110.7 108.7 108.6 108.5 108.9 110.1 110.3 4.91 110.9 110.2 111.6 112.3 114.5 115.4 115.2 114.5 111.9 111.6 111.1 110.8 112.1 113.1 Crude oil 4.25 108.1 108.0 108.1 107.7 110.1 111.0 111.2 111.4 109.0 109.1 108.1 107.6 108.9 109.9 Gas and gas liquids .66 128.7 124.3 133.8 141.7 143.0 144.0 140.5 134.1 130.0 127.6 130.7 131.1 .73 87.4 90.1 84.1 85.5 90.4 89.3 85.3 85.1 87.3 88.2 91.1 96.2 "96.*4 Metal, stone, and earth minerals 1.43 772.2 722.3 70P.P 702.5 P5.7 700.7 102.7 774.5 727.0 737.5 725.0 725.5 725.4 725.4 Metal mining .61 112.3 119.7 103.2 101.6 102.4 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125 8 124 8 Stone and earth minerals .82 112.1 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 Utilities Electric 4.04 142.6 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.3 162.6 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

1590 BUSINESS ACTIVITY; CONSTRUCTION DECEMBER 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manu- Industrial production facturing 23 Prices s Nonag- Period Total M F a i j n o a r l m pr a o r d k u et c ts groupi M ng a s te- Ma g jo ro r u i p n i d n u gs stry t C s c r t t i a o o r o c n u n n t - - - s T m r p o t e i u e l t c m o a r n u a l y t - l — l - - 12 p E l m oy - - P ro a l y ls - F l i o c r n e a a g i r d g s - - ht R T S e o a ta l t e a iH s l s C u o m n e - r W m c s o o a h m d l o e i l - t e y - Total g s C o u o o m n d e - s rE m q e u n ip t - rials Mfg. M in i g n- U iti t e il s - 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 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 91.1 106.1 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 93.0 106.1 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 95.6 111.6 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 93.3 101.8 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 96.5 105.5 94.8 115.3 89 93.3 93.2 1956 99.9 98. 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 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 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 i960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 1961 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99.1 113.8 92.4 115 105.4 100.6 1963 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.9 99.7 117.9 93.3 120 106.7 100.3 1963—Oct 126.1 127.2 127.4 127.0 125.5 126.8 108.6 142.3 146 108.7 100.1 119.9 92.7 121 107.2 100.5 Nov 126.1 127.0 126.9 127.1 125.7 126.9 107.5 142.1 144 108.7 100.0 119.2 92.3 120 107.4 100.7 Dec 127.0 128.0 128.0 128.1 125.9 127.9 107.3 143.0 148 109.1 100.4 121.6 93.9 123 107.6 100.3 1964—Jan 127.7 128.5 128.9 127.9 126.7 128.5 108.8 144.5 147 109.2 100.5 120.0 97.2 123 107.7 101.0 Feb 128.2 128.1 128.8 127.1 128.1 129.1 108.9 143.4 143 109.8 100.8 122.6 96.9 126 107.6 100.5 Mar 129.0 128.7 128.8 128.8 129.3 129.9 108.8 144.8 140 110.0 101.1 122.9 94.0 124 107.7 100.4 Apr 130.5 130.6 130.8 130.7 130.6 131.4 109.9 147.5 138 110.1 101.1 124.1 94.8 125 107.8 100.3 May 131.3 131.1 131.0 131.3 131.3 132.2 111.3 148.3 138 110.3 101.1 123.8 96.4 127 107.8 100.1 June 131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7 138 110.6 101.6 124.1 93.6 127 108.0 100.0 July... 132.9 132.3 132.1 132.7 133.6 133.9 110.9 151.4 140 110.9 101.9 124.0 94.5 128 108.3 100.4 Aug.. 133.8 133.3 133.1 133.6 134.7 134.5 111.9 154.5 121 111.0 102.0 125.1 93.2 130 108.2 100.3 Sept 134.0 132.5 132.0 '133.7 135.7 134.7 '112.0 153.2 131 111.3 102.9 128.5 96.4 130 108.4 100.7 Oct 131.7 130.7 129.3 133.6 132.5 132.1 112.2 154.0 136 111.1 100.5 122.8 94.6 125 108.5 100.8 Nov.* 134.9 134.5 133.5 136.7 135.4 135.8 112.2 154.5 111.9 102.9 127.0 98.5 124 100.7 1 Employees only, excludes personnel in the armed forces. NOTE.—Data are seasonally adjusted unless otherwise noted. 2 Employment and payrolls data are revised to incorporate Bureau of Construction contracts: F. W. Dodge Co. monthly index of dollar Labor Statistics March 1963 Benchmark revision. value of total construction contracts, including residential, nonresidential, 3 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 4 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 5 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 1964 Type of ownership and type of construction 1962 1963 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 41,303 45,546 4,313 3,749 3,413 3,346 3,201 4,215 C4,359 4,639 4,504 4,601 3,760 3,762 4,029 By type of ownership: Public 13,599 14,653 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1,101 1,124 1,310 Private 27,705 30,893 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658 2,638 2,719 By type of construction: Residential building 18,039 20,502 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 1,331 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 10,667 954 1,148 985 816 692 972 933 1,227 1,107 1,054 807 817 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Nonbuilding construction formerly labeled public works and utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 CONSTRUCTION 1591 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h a s n n i e l - - - 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 ,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 ,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 ,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 1,467 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 ,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 .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 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 2 176 196^ Jan 64 684 45 440 26 907 13 106 3 060 5 499 4 547 5 427 19 244 6 685 2 185 Feb 65 528 46 274 27,600 13 151 3 058 5 546 4 547 5 523 19 254 6,169 2,273 Mar 66,509 46 923 28,123 13,260 3,074 5,668 4,518 5,540 19,586 6,796 2,341 Apr 66 615 46 449 27 538 13 297 3 076 5 561 4 660 5 614 20 166 7 068 2 371 May 64 983 45 780 26,678 13,437 3 149 5 542 4 746 5 665 19,203 6,410 2,404 June 66,576 46,006 26,612 13,598 3,204 5,562 4,832 5,796 20,570 6,888 2,402 July 66 641 46 261 26 708 13 736 3 334 5 574 4 828 5 817 20 380 7 549 2 368 Aus 65,991 45*906 26,342 13,784 3 505 5 609 4 670 5,780 20,085 7,021 2,325 Sept 66,454 45,861 25,972 14,183 3,514 5,746 4,923 5,706 20,593 7,273 2,264 Oct v 65,231 45,393 25,621 14,161 3,540 5,776 4,845 5,611 19,838 6,667 2,199 Nov v 65,637 45,367 25,509 14,300 3,655 5,767 4,878 5,558 20,270 2,220 1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Dept. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- (private only)i underwritten Prh'ate 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 19 670 277 393 1956 ,349 ,325 24 465 195 271 1957 ,224 ,175 49 322 193 128 1958 ,382 ,314 68 439 337 102 1959 1,554 1,077 All 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 [641 1,151 490 .609 1,021 53 535 32 292 221 71 1963—Oct 1.864 1.824 168 118 50 165 104 5 55 3 27 21 6 Nov [,577 1,544 122 85 37 121 72 4 44 2 22 17 5 Dec 1,570 1,524 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 17 12 4 Mar 1,663 1,638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 1,501 152 103 50 149 91 6 52 4 23 18 5 May 1,529 1,507 161 115 45 158 101 5 52 3 29 23 June 1,611 1,585 164 118 46 159 102 5 51 6 25 19 6 July 1,505 [,483 145 103 42 143 92 4 47 2 26 20 6 Aug ,430 1.408 145 97 48 142 90 4 47 3 23 18 5 Sept V1,465 Pi,441 »126 90 36 ?123 81 4 39 P3 23 18 5 Oct p1,600 *1,569 *>144 99 45 *142 vl 24 19 5 NOTE.—Beginning with 1959, Census Bureau series includes both farm are pending. Data from Federal Housing Admin, and Veterans Admin, and nonfarm series developed initially by the Bureau of Labor Statistics. represent units started, based on field office reports of first compliance Series before 1959 reflect recent Census Bureau revisions which are not inspections. available by area or type of structure. Complete revisions pre-1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1592 EMPLOYMENT DECEMBER 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Period i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed* Not in the m ra e te n 2 t population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total cultural agriculture industries 1957 120,445 70 746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 . . 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 3 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1961 . . .. 127,852 74,175 71,603 66,796 61,333 5,463 4,806 53,677 6.7 1962 130,081 74,681 71,854 67,846 62,657 5,190 4,007 55,400 5.6 1963 132,125 75,712 72,975 68,809 63,863 4,946 4,166 56,412 5.7 1963—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 5.4 133,519 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 4.9 134,400 78,509 75,758 72,104 66,704 5,400 3,654 55,891 5.1 Sent 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 Nov . 134,952 76,897 74,166 70,793 66,248 4,545 3,373 58,055 5.0 1 Includes self-employed, unpaid family, and domestic servi<ice 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 T i l o i r c a n n u s & t p il o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n 1957 52,894 17,174 828 2,923 4,241 10,886 2,477 6,749 '7,616 1958 51,368 15,945 751 2,778 3,976 10,750 2,519 6,811 r7,839 1959 53,297 16,675 732 2,960 4,011 11,127 2,594 7,115 '8,083 1960 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 '8,353 1961 53,989 16,326 672 2,816 3,903 11,337 2,731 7,610 '8,594 1962' 55,515 16,853 650 2,902 3,906 11,566 2,800 7,947 8,890 1963' 56,643 17,005 635 2,983 3,914 11,803 2,873 8,230 9,199 SEASONALLY ADJUSTED 1963—Nov 57,101 17,059 635 3,015 3,932 11,910 2,896 8,352 9,302 Dec 57,291 17,115 636 3,052 3,931 11,950 2,904 8,366 9,337 1964—Jan 57,334 17,131 632 2,941 3,936 12,021 2,911 8,401 9,361 Feb 57,684 17,171 633 3,132 3,943 12,083 2,917 8,437 9,368 Mar 57,754 17,208 633 3,122 3,940 12,077 2,924 8,455 9,395 Apr 57,827 17,224 633 3,081 3,964 12,096 2,931 8,461 9,437 May 57,931 17,225 631 3,093 3,968 12,135 2,934 8,489 9,456 June 58,104 17,285 639 3,106 3,965 12,187 2,943 8,509 9,470 July 58,256 17,344 639 3,107 3,983 12,223 2,948 8,561 9,451 Aug 58,301 17,339 634 3,103 3,999 12,231 2,951 8,573 9,471 Sept 58,458 17,449 634 3,080 4,005 12,229 2,960 8,592 9,509 Oct 58,372 17,164 638 3,102 3,995 12,277 2,965 8,635 9,596 Nov 58,790 17,472 641 3,150 3,999 12,290 2,969 8,639 9,630 NOT SEASONALLY ADJUSTED 1963—Nov 57,647 17,193 639 3,121 3,948 12,110 2,884 8,327 9,425 Dec 58,012 17,096 634 2,872 3,935 12,725 2,887 8,299 9,564 1964—Jan 56,328 16,893 618 2,579 3,877 11,855 2,882 8,233 9,391 Feb 56,445 16,937 614 2,631 3,880 11,772 2,891 8,277 9,443 Mar , 56,783 17,005 615 2,707 3,885 11,862 2,901 8,328 9,480 Apr 57,329 17,058 627 2,921 3,924 11,919 2,919 8,453 9,508 May 57,874 17,135 634 3,130 3,952 12,031 2,931 8,548 9,513 June 58,596 17,350 651 3,308 4,005 12,180 2,964 8,654 9,484 July 58,418 17,299 646 3,424 4,031 12,173 2,998 8,698 9,149 Aug , 58,680 17,498 647 3,482 4,043 12,201 2,998 8,676 9,135 Sept 59,258 17,792 645 3,391 4,045 12,243 2,972 8,661 9,509 Oct 59,154 17,421 644 3,372 4,027 12,340 2,962 8,678 9,710 Nov 59,349 17,603 645 3,260 4,015 12,497 2,957 8,613 9,759 i Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; revised 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

DECEMBER 1964 EMPLOYMENT AND EARNINGS 1593 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1963 1964 1963 1964 Nov. Sept. Oct.* Nov.* Nov. Sept. Oct.? Total 12,592 12,956 12,663 12,963 12,722 13,280 12,916 13,096 Durable goods 7,071 7,377 7,082 7,345 7,147 7,490 7,184 7,423 Ordnance and accessories 115 103 102 102 117 104 103 103 Lumber and wood products 534 530 528 533 536 555 543 535 Furniture and fixtures 325 338 339 339 330 345 347 345 Stone, clay, and glass products 490 500 498 500 495 519 511 506 Primary metal industries 944 1,026 1,023 1,036 933 1,027 1,014 1,024 Fabricated metal products 895 945 900 930 908 961 917 943 Machinery except electrical 1,078 1,149 1,149 1,148 1,065 1,142 1,135 1,134 Electrical machinery 1,023 1,049 1,053 1,058 1,043 1,068 1,075 1,079 Transportation equipment 1,121 1,180 933 1,136 1,156 1,187 954 1,171 Instruments and related products 232 234 233 233 235 237 235 236 Miscellaneous manufacturing industries. 314 323 324 330 330 345 349 347 Nondurable goods 5,521 5,579 5,581 5,618 5,575 5,790 5,732 5,673 Food and kindred products 1,158 1,133 1,134 1,152 1,175 1,272 1,226 1,169 Tobacco manufactures 81 71 77 80 85 91 94 85 Textile-mill products 796 803 803 810 801 811 811 815 Apparel and other finished textiles 1,133 1,173 1,177 1,178 1,147 1,196 1,193 1,192 Paper and allied products 488 494 495 496 491 501 500 499 Printing, publishing and allied industries 592 606 604 605 598 610 611 612 Chemicals and allied products 526 530 527 528 523 532 526 525 Products of petroleum and coal 120 116 116 115 119 118 116 114 Rubber products 320 340 335 338 326 345 343 344 Leather and leather products 307 313 313 316 309 315 314 318 NOTE.—Bureau of Labor Statistics; revised data cover production and pay for, the pay period ending nearest the 15th of the month. related workers only (full- and part-time) who worked during, or received 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 Nov. Sept. Oct.*7 Nov. Sept. Nov.*> Nov. Sept. Oct.? Total 40.5 40.5 40.5 40.9 100.85 104.60 102.97 104.70 2.49 2.57 2.53 2.56 Durable goods 41.2 41.4 41.3 41.6 110.00 114.13 111.78 113.98 2.67 2.75 2.70 2.74 Ordnance and accessories 40.5 40.0 40.7 40.8 120.47 121.60 124.14 125.46 2.96 3.04 3.05 Lumber and wood products 40.1 39.4 39.8 40.5 82.97 88.00 88.07 86.62 2.09 2.20 2.18 Furniture and fixtures 41.0 40.5 41.2 41.7 83.43 85.49 86.94 86.94 2.02 2.07 2.07 Stone, clay, and glass products 41.4 41.1 41.4 41.6 103.75 107.33 108.36 107.59 2.50 2.58 2.58 Primary metal industries 41.1 42.8 41.9 41.9 123.73 136.21 129.48 129.90 3.04 .19 3.12 3.13 Fabricated metal products 41.5 41.3 41.4 42.0 109.56 112.86 110.24 112.98 2.64 2.70 2.65 Machinery except electrical 42.1 42.0 42.6 42.9 117.88 120.67 122.54 123.11 2.82 2.88 2.89 Electrical machinery 40.3 40.3 40.7 40.8 100.60 102.72 103.48 103.48 2.49 2.53 2.53 2.53 Transportation equipment 42.0 42.3 40.5 41.6 132.68 133.67 124.75 134.83 3.10 3.16 3.05 3.18 Instruments and related products 40.7 40.9 40.9 40.9 102.91 104.81 104.81 105.47 2.51 2.55 2.55 2.56 Miscellaneous manufacturing industries. 39.5 39.1 39.7 39.9 81.59 81.35 83.41 83.62 2.05 2.07 2.08 2.08 Nondurable goods 39.7 39.4 39.8 40.0 89.10 91.87 91.77 92.17 2.25 2.32 2.30 2.31 Food and kindred products 40.9 40.7 40.9 40.9 95.94 98.53 97.64 98.40 2.34 2.38 2.37 2.40 Tobacco manufactures 39.2 37.0 38.9 38.7 73.71 73.10 73.35 75.08 1.89 1.86 1.82 1.95 Textile-mill products 40.9 40.0 41.5 41.5 72.28 71.82 75.89 76.68 1.75 1.80 1.82 1.83 Apparel and other finished textiles 35.9 34.9 36.1 36.3 63.01 63.00 64.80 65.16 1.76 1.80 1.80 1.80 Paper and allied products 42.8 42.7 42.9 42.7 107.43 112.06 111.89 110.17 2.51 2.60 2.59 2.58 Printing, publishing and allied industries 38.2 38.5 38.6 38.4 111.16 116.10 116.10 114.82 2.91 3.00 3.00 2.99 Chemicals and allied products 41.5 42.1 41.6 41.7 114.13 120.41 117.45 118.01 2.75 2.86 ,2.83 2.83 Products of petroleum and coal 41.5 42.5 41.6 41.5 132.39 140.51 133.44 134.05 3.19 3.26 3.20 3.23 Rubber products 41.0 41.3 41.6 41.6 102.50 108.26 106.50 106.91 2.50 2.59 2.56 2.57 Leather and leather products 37.7 37.7 38.4 38.4 66.77 68.45 68.82 69.92 1.79 1.84 1.84 1.84 NOTE.—Bureau of Labor Statistics; revised data arc for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1594 PRICES DECEMBER 1964 CONSUMER PRICES (1957-59= 100) Housing Health andrecreation 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 P c o a e n r r a e - l r R e t a i c e i n n o r a g e d n d a - - g O s a i o e c t n o r h e v d d e s - r s tion 1929 59.7 55 6 85 4 1933 45.1 35 60.8 1941. 51.3 44 ? 61.4 64.3 45.2 88.3 51.2 50 6 47 6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1955. 93.3 94 0 94.1 94.8 92.6 91.9 94.9 97.3 95.9 89.7 91.4 88 6 90.0 92.1 94.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957. 98.0 97 8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95 S 97 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 1044 10? 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 10? 6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105 0 107. 111 3 1046 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 S 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--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 1051 106.6 107.2 108.0 105.4 108.0 102.7 106.1 109.1 112.4 1179 1084 112.8 108.3 Dec 107.6 105.4 106.9 107.3 108.4 105.8 108.1 102.9 106.1 108.9 112.7 117.9 108.8 113.1 108.3 1964- Jan 107.7 105.8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 Feb 107.6 106.0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 Mar 107.7 105 7 107.1 107.5 108.9 106.1 107.1 102.8 105.3 108.9 113.1 118-7 1087 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. 119 1 108 Q 114.1 108.7 June 108.0 106.2 107.1 107.8 108.7 101.4 108.1 102.9 105.7 109.2 113.5 119.3 109 114.0 108.7 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 1069 107.2 107.9 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119 8 1094 114.2 108.9 Sent 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 Oct 108.5 106.9 107.6 108.2 109.6 102.9 108.2 102.8 106.2 109.4 114.0 119.9 109.7 114.5 109.1 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 l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r, Metals c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T ac o c - o n c M e e o l i l s u a - - s erals 1955 93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100. 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109. 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960 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. 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—Oct 100.5 95.1 102.2 100.9 100.7 103.4 98.8 96 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107.5 111.2 Nov 100.7 96.2 102.5 100.9 101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107.5 110.9 Dec 100.3 93.3 100.4 101.2 101.2 103.0 99.3 96.2 93.8 99.1 99.4 101.3 102.6 98.0 101.3 107.5 112.2 1964—Jan 101.0 96.3 102.5 101.3 101.2 102.7 99.5 96.3 93.7 99.0 99.8 101.7 102.5 98.4 101.1 107.6 112.6 Feb 100.5 94.5 100.9 101.2 101.2 102.5 99.0 96.4 93.6 99.9 99.9 101.8 102.5 98.5 101.2 107.1 110.9 Mar 100.4 95.2 100.5 101.1 101.2 102.5 97.0 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101.1 107.1 109.8 Apr 100.3 94.4 100.4 101. 101.1 104.5 96.1 96.6 93.1 101.8 99.1 102.2 102.9 98.6 101.3 107. 109.5 May 100.1 93.7 99.4 101. 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 98.7 103.0 102.9 98.6 101 107.5 '107.3 Sept 100.7 r95.7 102.2 101.1 101.2 rlO5.4 r95. 96.6 91.9 100.6 98. 103.0 102.9 98.6 101.8 107.5 109.2 Oct 100.8 93.8 101.7 101.5 101.4 105.9 96.6 96.9 92. 100.3 99.1 103.8 103.0 98.6 101.8 107.6 110.0 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 PRICES 1595 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 89.1 97.9 101.5 98.5 Woodpulp 95.0 95.5 95.5 97.5 Grains 101.8 85.7 90.2 88.9 Wastepaper 90.7 93.3 92.2 92.2 Livestock and poultry 88.0 88.4 90.9 85.8 Paper 102.8 103.7 103.7 104.0 Plant and animal fibers 99.4 96.0 94.4 93.8 Paperboard 96.6 96.4 96.4 96.4 Fluid milk 102.6 101.8 103.6 104.3 Converted paper and paperboard... 99.4 97.6 97.6 98.1 Eggs 97.9 98.6 96.9 97.7 Building paper and board 96.9 93.9 94.3 94.2 Hay and seeds 114.1 105.8 108.8 111.0 Other farm products 90.4 98.5 96.8 99.3 Metals and Metal Products: Processed Foods: Iron and steel 99.9 101.2 100.5 100.6 Nonferrous metals 99.9 105.8 107.0 110.4 Cereal and bakery products 107.7 108.3 108.1 108.2 Metal containers 104.6 105.6 105.6 105.6 Meat, poultry, and fish 93.2 93.3 '96.1 93.4 Hardware 104.4 104.9 104.9 104.9 Dairy products and ice cream 107.4 107.3 108.7 108.9 Plumbing equipment 100.6 102.9 103.0 103.9 Canned and frozen fruits, and veg- Heating equipment 93.1 91.7 91.7 91.8 etables 105.8 102.3 102.2 102.9 Fabricated structural metal products. 98.7 99.4 99.6 99.6 Sugar and confectionery 125.4 106.4 105.1 105.8 Fabricated nonstructural metal prod- Packaged beverage materials 81.8 98.2 98.2 98.2 ucts 107.0 108.0 108.2 108.2 Animal fats and oils 90.2 93.5 '97.7 109.7 Crude vegetable oils 84.8 82.3 87.7 96.3 Machinery and Motive Products: Refined vegetable oils 82.3 79.4 84.0 91.2 Vegetable oil end products 86.0 87.7 88.3 90.1 Agricultural machinery and equip... 111.2 113.1 113.0 112.9 Miscellaneous processed foods 108.7 108.9 109.3 109.1 Construction machinery and equip... 110.4 112.3 112.4 112.4 Metalworking machinery and equip.. 110.3 113.3 113.6 113.9 Textile Products and Apparel: General purpose machinery and equipment 104.2 '103.7 103.8 104.8 Cotton products 100.2 98.6 98.9 99.0 Miscellaneous machinery 103.5 104.7 104.7 104.8 Wool products 100.6 103.0 102.9 103.1 Special industry machinery and Man-made fiber textile products 94.2 95.8 '95.7 96.1 equipment (Jan. 1961= 100) 104.8 106.0 106.0 106.0 Silk products 126.1 117.0 117.0 116.6 Electrical machinery and equip 97.4 96.6 96.6 96.6 Apparel 102.5 103.3 103.3 103.3 Motor vehicles 99.9 100.7 100.5 100.7 Other textile products 116.3 119.8 120.7 120.8 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 80.5 96.0 95.5 95.4 Furniture and Other Household Dura- Leather 99.5 104.5 104.0 104.8 bles: Footwear 108.4 108.3 108.4 109.0 Other leather products 103.4 103.7 103.3 103.5 Household furniture 104.8 105.6 105.6 105.6 Commercial furniture 103.1 103.2 103.2 103.2 Fuels and Related Products, and Power, Floor coverings 97.4 99.0 99.0 99.0 Household appliances 91.2 91.3 91.3 91.3 Coal 97.7 96.6 '97.3 97.7 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 103.4 104.4 104.4 104.3 Gas fuels (Jan. 1958= 100) 122.0 121.2 118.4 119.4 Electric power (Jan. 1958= 100) 101.4 101.4 101.5 101.5 Petroleum products, refined 95.6 91.4 89.5 91.9 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 101.6 103.1 103.1 103.1 Concrete ingredients 102.9 102.8 102.8 102.8 Industrial chemicals 94.2 93.9 93.9 94.3 Concrete products 101.3 100.8 101.1 101.1 Prepared paint 103.9 104.8 104.8 104.8 Structural clay products 103.4 104.5 104.6 104.8 Paint materials 90.8 89.8 89.9 90.5 Gypsum products 106.1 108.6 108.6 108.6 Drugs and Pharmaceuticals 94.9 94.7 94.6 94.6 Prepared asphalt roofing 87.4 91.2 91.2 91.2 Fats and oils, inedible 88.5 101.3 106.2 107.7 Other nonmetallic minerals 101.4 101.8 101.5 101.5 Mixed fertilizers 103.8 103.4 104.4 104.3 Fertilizer materials 97.1 100.2 99.1 99.6 Tobacco Products and Bottled Bever- Other chemicals and products 99.0 99.6 99.6 99.8 ages: Rubber and Products: Tobacco products. 105.9 106.0 106.1 106.1 Alcoholic beverages 100.9 100.8 100.8 100.8 Crude rubber 91.5 89.9 90.4 91.3 Nonalcoholic beverages. 127.7 127.4 127.3 128.1 Tires and tubes 91.7 88.0 88.0 88.0 Miscellaneous rubber products 97.9 96.4 96.4 96.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms 101.1 101.0 101.2 101.1 Manufactured animal feeds 117.9 110.2 113.7 115.3 Lumber 99.3 101.1 100.7 100.4 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 106.2 109.1 109.1 109.0 Jewelry, watches, photo equipment.. 103.5 103.9 103.6 103.8 Plywood 92.4 91.8 '91.8 91.2 Other miscellaneous products 101.1 102.5 103.1 103.1 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1596 NATIONAL PRODUCT AND INCOME DECEMBER 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 III IV 1 11 III? Gross national product ... 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 608.8 618.6 628.4 Personal consumption expenditures . . . 79.0 46.4 81.9 195.0 313.5 328.2 337.3 356.8 375.0 377.4 381.3 390.0 396.1 404.6 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 58.7 Nondurable goods . . .. 37.7 22.3 43.2 99.8 147.1 151.8 155.4 162.0 167.5 168.6 168.9 172.9 175.3 179.5 Services 32.1 20.7 29.0 64.9 122.8 131.5 138.3 146.4 155.3 156.6 158.8 161.1 163.8 166.4 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 87.3 New construction 8 7 / 4 6.6 24.2 40.2 40.7 41.0 44.2 46.6 47.2 48.3 49.2 48.9 48.9 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 23.1 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 35.6 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 2.8 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 2.7 Net exports of goods and services . .. .8 2 1.1 .6 -.8 3.0 4.6 4.0 4.4 4.2 5.8 7.7 5.7 7.0 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 35.7 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 28.7 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 97.2 99.6 108.0 116.3 122.6 122.8 124.8 125.2 129.6 129.5 Federal / 3 2 0 16.9 19 3 53.6 55.7 57.4 62.9 64.7 64.4 64.9 64.3 67.1 65.5 N Ot a h ti e o r nal defense ) 1.3 2.0 / \ 1 3 3 . . 2 8 1 5 4 . . 2 3 4 7 6 . . 9 2 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 6 2 5 1 5 0 . . 2 3 5 9 5 . . 5 5 5 1 5 0 . . 3 5 5 1 4 1 . . 0 5 5 1 7 1 . . 0 0 5 1 5 1 . . 2 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 64.1 Gross national product in constant (1954) dollars ... . ... 181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 494.8 502.0 508.0 513.5 519.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally Business; U.S. Income and Output, A Supplement to the Survey of Current adjusted totals at annual rates. For back data and explanation of series Business (1958); and the July 1964 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 III IV I II III* National income ... 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 498.4 507.1 514.5 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 Wages and salaries 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 Government civilian 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 .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 Other labor income .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 58 1 Profits before tax 9.6 J 17.0 40.6 47.7 44.3 44.2 48.2 51.3 51.3 54.3 56.6 57.9 58.0 Profits tax liability .... . . 1.4 7.6 17.9 23.2 22.3 22.3 23.2 24.6 24.5 26.0 25.4 26.0 26.0 Profits after tax 8.3 9.4 22.8 24.5 22.0 21.9 25.0 26.7 26.7 28.3 31.2 31.9 32.0 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 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 12 0 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 c .2 1 .3 -.4 .2 -1.2 -.2 .1 Net interest 6.4 5.0 4.5 5.5 16.4 18.1 20.1 22.1 24.4 24.7 25.4 25.9 26.5 27.1 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTF to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 NATIONAL PRODUCT AND INCOME 1597 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 III IV III? Gross national product 104.4 56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 618.6 628.4 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 53.1 53.7 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 59.0 60.1 B St u a s t i i n s e ti s c s a l t r d an is s c f r e e r p a p n a c y y ments . . 6 3 .7 . . 5 4 -.7 .8 -3 2 . . 0 1 -3 2 . . 0 2 -2 2 . . 6 4 -1 2 . . 8 4 -2 2 . . 7 4 -3 2 . . 5 4 -1 2 .8 .4 -2 2 . . 4 5 -1 2 . . 4 5 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .4 .5 1.6 1.6 1.0 .9 .7 .7 .9 Equals: National income 87.8 40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 507.1 514.5 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 47.2 44.5 44.] 48.4 50.8 51.4 53.1 56.4 57.9 58.1 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 29.0 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. 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 r57.7 58.8 Federal 1.3 .5 2.0 18.2 40.4 44.0 45. 49.1 51.9 52.2 53.4 51.2 '47.3 48.2 State and local 1.4 1.3 2.6 6.4 7.3 7.8 9.7| 9.9 10.2 10.5 10.6 1.0 8.8 9.6 Equals: Disposable personal income 83.1 93.0 207.7 337.1 349.9 364.7 404.4 411.2 419.5 r430.2 435.6 45.7 384.6 402.5 Less: Personal consumption expenditures.. 79.0 81.9 195.0 313.5 328.2 337.3 377.4 381.3 390.0 396.1 404.6 46.4 356.8 375.0 Equals: Personal saving 4.2 11.1 12.6 23.6 21.7 27.3 27.0 29.9 29.5 r34.0 31.0 -.6 27.8 27.5 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 356.3 360.7 366.7 r374.7 378.8 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July AAuugg.. SSeepptt.. Oct. Total personal income. 442.4 464.1 472.7 473.8 477.1 M79.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.6 Wage and salary disbursements 297.1 312.1 318.2 318.3 320.0 320. 323.6 325.1 327.7 328.7 550.7 557.5 334.6 337.2 337.3 Commodity-producing industries.. 118.5 123.3 125.4 125.1 126.0 125.6 127.1 MIA 128.8 128.7 129.4 129.9 130.8 132.1 131.0 Manufacturing only 94.2 98.0 99.7 99.7 700.2 700.0 700.7 101.1 702.5 702.5 702.7 705.0 103.8 105.1 103.7 Distributive industries 76.6 80.3 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.6 Service industries 46.4 49.3 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 Government 55.6 59.2 61.0 61.3 61.5 62. 62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 Other labor income 12.3 13.1 13.4 13.5 13.5 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.2 14.3 14.4 Proprietors' income 49.8 50.6 57.5 57.5 51.6 57.7 57.5 57.2 57.5 51.7 57.9 51.9 52.2 52.4 52.5 Business and professional 36.6 37.6 38.2 38.2 38.4 38.3 38.7 38.8 39.0 39.1 39.3 39.5 39.6 39.7 39.8 Farm 13.2 13.0 13.2 13.2 13.2 12.8 12.4 12.5 12.6 12.6 12.4 12.6 12.7 12.7 12.6[ 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 12.5 12.4 Dividends 16.5 18.0 18.5 18.8 20.1 19.3 19.6 19.8 19.8 19.9 20.0 20.0 19.9 19.9 19.4 Personal interest income. 30.0 32.9 34.0 34.2 34.4 34.7 35.3 35.5 35.7 35.9 36.0 36.2 36.5 36.8 35.0 Transfer payments 34.7 36.7 37.1 37.2 37.2 139.7 37.8 38.2 38.0 37.6 37.8 38.0 38.0 38.2 37.5 Less: Personal contributions for social insurance 10.3 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 13.0 Nonagricultural income. 424.9 446.6 455.1 456.1 459.51462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.3 Agricultural income 17.6 17.5 17.6 17.6 17.5 17.2 17.0 16.8 17.0 17.1 17.2 16.9 17.1 17.2 17.3 1 Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.1 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1598 FLOW OF FUNDS DECEMBER 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transaction category, 1959 1960 1961 1962 1963 or sector II in IV I II III IV I II I. Saving and investment 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 1 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 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 3 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 4 -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 5 6 State and local govt . ..... -3.8 -3.3 -3.8 -2.2 -2.4 -1.4 -2.1 -2.5 -2.8 -2.2 -2.3 -2.1 -2.6 -2.7 6 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 7 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 8 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 9 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 10 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 11 12 Households 22.1 21.6 20.0 21.4 21.9 20.8 21.7 22.4 21.6 21.5 22.2 22.4 22.4 22.8 12 43.3 46.0 46.2 51.1 54.8 51.2 52.8 51.6 52.1 54.4 55.5 57.3 60.0 60.3 13 .7 .6 .7 .7 .8 .7 .6 .6 .6 .8 .9 1.0 .9 .3 14 -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 15 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 • 16 II. Financial flows—Summary 17 Net funds raised—nonfinan. sectors.. 52.8 36.2 47.8 58.3 63.2 65.2 45.5 63.6 59.0 70.1 55.0 68.6 60.4 73.8 17 18 Loans and short-term securities.... 19.1 16.1 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 19 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 10.6 3.6 21 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 .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 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./ 6.4 6.3 6.9 7.1 6.5 6.5 7.2 29 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 5.7 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 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 5.5 7.7 7.4 6.5 4.4 5.7 33 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 13.0 10.5 11.4 13.0 15.2 13.4 13.4 13.6 75.5 15.8 16.2 15.3 15.3 75.5 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 1.4 -.6 1.7 -5.1 5.0 3.4 1.0 -6.9 8.3 -3.4 38 39 U.S. Govt. lending 3.8 2.3 2^8 3.5 2.7 4.7 1.6 3.2 .2 2.6 3.6 4.5 1.7 6.4 39 40 Foreign funds . .... 3.5 3.2 2.0 2.9 2.5 2.5 .8 3.3 2.8 8.0 -.6 -.1 .1 4.2 40 41 Pvt. insur. & pension reserves.... 9.5 8.5 9.3 9.2 10.9 9.1 9.0 9.6 9.4 10.7 13.0 10.7 12.3 11.7 41 42 Sources nee 3.8 5.5 4.6 3.1 4.1 4.2 2.9 2.0 7.7 2.5 3.9 2.0 -.5 .8 42 43 Pvt. domestic nonfin. sectors 31.4 15.8 28.8 38.3 43.5 42.9 36.2 40.5 35.5 45.3 41.9 51.4 38.5 54.2 43 44 Liquid assets 16.5 9.2 24.2 31.3 37.0 36.4 21.6 35.3 35.3 41.9 28.2 42.7 31.6 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 -.1 6.2 46 47 Time and svgs. accounts... 10.6 15.0 20.0 28.0 28.0 26.5 25.3 29.9 30.3 25.6 26.7 29.6 26.5 25.1 47 48 At commercial banks.... 2.1 5.4 8.9 15.1 13.1 14.6 12.0 14.9 75.7 10.8 75.5 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 75.5 14.8 13.2 15.2 14.6 75.5 49 50 Short-term U.S. Govt. sec.... 5.7 -4.6 .5 1.4 3.2 7.1 -6.4 .1 4.7 8.4 -1.8 .8 5.1 2.7 50 51 Other U.S Govt. securities.... 7.2 -.5 -1.3 .6 2.0 -.9 8.0 -.3 -3.1 .3 8.4 2.3 -.1 5.2 51 52 Pvt. credit mkt. instruments... 7.8 6.9 7.1 6.3 6.5 3.6 7.7 4.3 8.4 5.8 6.6 5.1 10.3 15.2 52 53 Less security debt .2 -.3 1.3 -.2 2.0 -3.9 1.0 -1.2 5.1 2.6 1.4 -1.3 3.3 .2 53 III. Direct lending in credit markets 54 Total funds raised 52.8 36.2 47.8 58.3 63.2 65.2 45.5 63.6 59.0 70.1 55.0 68.6 60.4 73.8 54 55 Less change in U.S. Govt. cash.... .7 .9 .3 1.4 -.6 1.7 -5.1 5.0 3.4 1.0 -6.9 * 8.3 -3.4 55 56 Total net of U.S. Govt. cash 52.1 35.3 47.6 56.9 63.7 63.5 50.6 58.6 55.5 69.1 61.9 68.5 52.1 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 69.1 619 68.5 52.1 77.2 57 .4 .7 1.5 1.9 2.6 * .8 2.0 3.0 2.8 1.0 3.9 4.2 1.4 58 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... .8 .9 .2 1.3 -.8 1.1 -4.4 4.3 2.4 1.6 -7.9 .5 8.7 -3.9 61 .1 .1 .2 .1 .3 * .1 .1 .1 .1 .9 .9 .5 62 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 24.1 23.4 25.0 28.9 34.3 27.1 31.1 35.0 24.9 38.1 39.5 34.6 29.1 37.7 64 4.5 2.4 2.3 4.8 6.9 2.6 7.5 9.2 -4.3 11.8 11.5 8.6 .1 10.4 65 3.8 2.3 2.8 3.5 2.7 4.7 1.6 3.2 .2 2.6 3.6 4.5 1.7 6.4 66 3.4 1.2 .7 1.3 .8 1.0 .7 1.1 1.7 4.4 -1.6 -1.2 -.7 2.5 67 20.6 2.0 5.0 8.5 9.7 13.6 8.2 5.3 4.8 11.8 11.9 9.5 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 5.5 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 1.8 4.7 1.1 70 3.1 3.3 2.5 2.6 2.9 3.4 2.0 1.9 2.1 4.6 3.3 .9 2.6 5.2 71 .2 -.3 1.3 -.2 2.0 -3.9 1.0 -1.2 5.1 2.6 1.4 -1.3 3.3 .2 72 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

DECEMBER 1964 FLOW OF FUNDS 1599 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transaction category, 1959 1960 1961 1962 1963 or sector II III IV I II III IV I II I. Demand deposits and currency ! 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 U S Govt. deposits .7 .9 .3 1.4 -.6 1.7 -5 1 5.0 3.4 1.0 -6.9 * 8.3 — 3 Other .4 -.8 5.1 3.1 6.4 3.7 1 6 7.7 -.9 10.1 4.8 12.2 -.5 8 1 Tiomestic sectors .4 -.7 4.9 3 0 6.2 3.0 3 4 7. 7 8.0 5 3 1? l 0 4 5 1.3 -1.3 .3 1 9 6.3 3.4 ? 6 2. 9 5.0 7.4 4.8 8 0 9 0 5 5 6 -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 sovts .5 .2 .6 7 .7 1.7 2 3 -.7 .8 .1 4 1 <? 7 Financial sectors .2 .5 1.2 1 1 .2 7 1.9 -.5 .1 2.0 — 1 7 9 0 Mail float .6 .4 .7 4 8 1.4 ? .4 1.1 _ 2 1 8 9 10 Rest of the world * 1 .2 1 2 .7 1 8 5 n 2.1 -.5 ll -.3 1.2 10 II. Time and savings accounts 15 Net increase—Total 9.5 15.3 20.7 78 ,7 29.1 26.4 ?,s?, 6 32.3 26.4 27.4 30.6 28 0 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 1 1 8 7 Corporate business -.4 4 1. . 4 8 1. .9 3 2 1 .6 0 3 1 . . 8 6 3. . 0 8 1 0 6 2 1 . . 6 3 1. . 8 2 2. . 2 6 3 1. . 8 8 6 '• . 2 2 -1 5 .4 .2 . . 2 1 1 1 7 8 JO Foreicn depositors .. q .3 .3 6 1.0 .3 1. 1.3 1 .0 .8 8 9 19 Households 3.0 3.3 6.7 11 7.7 10.9 10 4 10 8 8.7 8.0 7.9 6.4 8 1 5 T) 21 At savings institutions 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 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 20.8 2\ III. U.S. Govt. securities Xotal net issues * • • • 9.5 -2.5 7.3 7 5.2 9.7 7 8 8.5 10.2 -2.6 4.5 11 0 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 Other 4.3 -5.6 -1.4 6 8 3.8 4.6 1 3. 1.4 -.9 10.6 4 "* 5 1 26 Net arciiiisitions bv 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 26 .2 .7 1.5 1.9 2.8 .6 3 4.1 2.4 1.9 2.8 4 0 n 07 28 Short-term -.8 -1.0 -1.1 2.0 4.9 1.0 3 3 3.5 12.3 7.5 .7 -.5 3.7 -3.2 28 29 Commercial banks .. -7.6 1.7 5.4 .8 -2.6 3.1 -6 3 3.2 3.4 -2.3 -12.4 1.1 1.1 -7.6 29 30 Short-term direct -3.7 7.0 9.3 -5 .2 -3.6 -4.1 -21 0 -1. 5 -5.9 -5.3 -8.4 5.7 1.7 .2 30 Other direct ,. • * -3.4 -5.2 -4.1 5.2 .5 6.1 n 9 3.4 10.4 1.8 -4.6 -5.7 1.0 — 8« 31 32 -.5 — .1 .3 8 .5 i.l R 1. 3 -1.1 1.3 1.1 -1.7 1.1 32 33 8 - 3 1 -.7 -.7 7 1. -2.4 — 1 3 3*1 2 ^ 0 1 2 31 3 3 4 5 O Sh th o e r r t -t d e i r r m ec t direct • •. •3 — 1 1 . . 2 7 1.6 0 .7 -1.3 .5 -1.4 .8 1 9 2. i -4 1 .1 .9 -1.3 * 2.0 -1.8 1 6 2. . 2 4 3 3 4 5 36 .4 .2 .1 1 .2 -.1 _. .1 .6 1 37 3.0 .5 .4 1 .6 .5 1 1.5 2.8 -1.9 -.4 -\.2 .9 37 3 3 1 8 9 0 Pv S t. h d o o rt m -t e e s r t m ic d n i o r n e f c i t n. sectors 1 2 7 3. . . 0 1 5 - - 5 4 . . 1 3 .2 - - .8 7 0 2 2 1 . , 0 0 0 2 5 . . 0 1 n 6 6. . . 9 2 9 1 0 5 -. 0 2 1 3 1 . .3 6 3 7 8. . . 7 3 6 -2 0 6 . 9 .6 1 — 3 1 . 1 4 6 — 4 5 ^ 9 3 0 7 1 .9 9 3 39 8 Other dirprt 5.0 -.4 -1.6 * 1.1 -1.4 7 1 _ — .8 -1.9 6 8 <•) 3 7 41 4 4 2 3 N Sa o v n i e n u gs a r b a o n n tc d e s d —Households ... -l'. 2 S 2 0 1 . . 3 8 .6 4 1. . 2 9 . . 4 2 8 * -2 1 .2 .4 2 1 . . 1 1 1 1 . . 5 1 2 1 . 1 "* -.6 .8 1. . 6 9 4 4 2 3 IV. Other securities 44 Total net issues, by sector. 11.7 11.1 13.7 11.7 13.0 140 8 4 10.6 13.4 13.7 13.9 11.2 14.0 16.9 44 4 4 4 5 6 7 S N t o a n te f i a n n s d n ^ l i o a c l a c l o e r o n v o t r s a tions • . . • . •. 4 5 1 . . 5 3 1 5 3 1 . . 3 6 5 4 7. . . 3 9 5 5 5 . . . 0 3 3 6 3 1 . . 7 4 6 5 6. . 4 7 5 4 3 2 5 6 4 4 . .7 1 1 5 5 . . 8 0 7 2 1 . . 1 8 9 4 7 1 . . 2 4 7 6 I' . l 5 4 - 6 > . . 4 4 4 7 5 . . 4 7 4 4 4 6 7 5 48 .8 .6 .8 1 0 1.0 1.4 1 7 2.1 1.8 .5 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 5 5 1 0 2 1 . . 6 1 2 1 . . 2 5 1 1 . . 9 9 -1 1. . 2 3 -1 1 .4 .6 -3 1 .6 .2 -1 1 3 3 -4. 1. 2 5 2 1 . .9 4 -4 1 .3 .7 1.3 Q -3 1 .0 .3 4. .4 6 5 1.4 7 5 5 1 0 52 .7 -.2 52 S3 Commercial banks 4 .4 2.6 A.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 -7 0 7.9 7.9 8.7 7.8 7.1 8.7 8.4 54 55 -.5 -.8 -.2 1.7 1 1.8 -4.4 1.6 -.7 2.7 — 4 3 1 0 55 56 Security brokers and dealers... .2 * -.2 .3 1.5 4 2. 1 -4.0 1.8 3 4 — 3 8 2 4 57 -.5 -.6 8 -.5 .1 -1 5 3 — .4 — .2 — 6 .4 57 58 Portfolio purchases • • • 1.2 1.0 1.4 1 .8 2.4 1 .4 .9 .9 .9 6 58 50 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 0 50 60 Rest of the world .4 .3 2 .2 1 ? .5 .1 0 .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 7 61 (0 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 6? 63 .1 -.1 .4 4 .5 .4 3 6 .5 .6 .5 .5 4 63 M 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 64 6*> 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 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 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 U j§ Government 2.2 1.2 .6 .3 -1.0 .5 • — 3 j 2 -1.9 -.4 -.3 .2 8 68 69 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 70 Savings institutions 9.6 8.9 11.0 V .2 16.0 13.1 n .4 13 8 15.3 16.4 16.4 16.1 14.6 14 9 70 71 2.4 2.9 2.7 3.0 3.9 2.5 3 4 3 3.3 3.7 4.2 4.5 4.3 4 71 72 Mortgage companies .2 * .6 .5 .8 1.0 .6 2 .2 1.1 1.1 1.0 1 1.5 72 VT. Bank loans n.e.c 73 Total net borrowins 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 0. 73 1A Nonfinancial business 5.3 2.7 1.6 4.1 6.5 5.2 4.2 5 0 2.6 4.4 5.6 13.5 -.8 6 0 74 75 Corporate 3.7 2.6 1.7 2.6 4.0 3.9 2.7 2 6 .5 2.0 3.0 10.7 -2.7 7*5 76 Nonfarm noncoroorate 1.0 1 -.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 \i .3 .7 .7 .7 .5 8 .3 .6 .8 1.1 .3 9 77 78 .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 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 1602 Gold production. 1603 Net gold purchases and gold stock of the United States. 1604 Estimated foreign gold reserves and dollar holdings. 1605 International capital transactions of the United States 1606 Money rates in foreign countries. 1615 Arbitrage in Treasury bills 1616 Foreign exchange rates 1617 U.S. balance of payments. 1618 Foreign trade 1619 Guide to tabular presentation. 1538 Index to statistical tables 1627 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- 1601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1602 GOLD RESERVES DECEMBER 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile lo C m o b - ia world i Fund world 1957 38 765 1 180 22 857 14 730 126 126 103 915 324 1 100 40 62 1958 39 445 1 332 20 582 17 530 60 162 194 1,270 325 1,078 40 72 1959 40 195 2,407 19,507 18,280 56 154 292 1.134 327 960 43 71 1960 .... r40 540 2 439 17 804 r20 295 104 147 293 I 170 287 885 45 78 1961 r41 140 2 077 16 947 '22 115 190 162 303 I 248 285 946 48 88 1962 Ml, 465 2,194 16,057 '23,215 61 190 454 1,365 225 42 708 43 57 1963—Oct 2,305 15,640 49 205 515 1,367 150 42 784 44 61 D N e o c v '42,315 2 2 , , 3 3 1 1 2 2 1 1 5 5 , ,6 5 0 9 9 6 r24,405 7 7 8 8 2 2 0 0 8 6 5 5 2 3 5 6 1 1 , , 3 3 6 7 7 1 1 1 5 5 0 0 4 4 2 2 8 81 0 7 0 4 4 3 3 6 6 2 1 1964—Jan 2,314 15,540 78 210 547 1,373 150 42 837 44 62 Feb 2 322 15 518 78 211 558 I 374 150 42 850 43 63 Mar '42,420 2,328 15,550 '24,540 76 211 569 1,376 150 42 871 43 63 2,334 15,727 76 215 579 1,390 120 42 892 43 64 May 2,353 15,693 74 216 579 1,392 120 42 910 42 64 June 42 940 2 359 15,623 24,960 74 218 592 1,392 120 42 931 43 65 July 2 359 15 629 74 219 592 3<n 42 949 43 66 Aug 2,424 15,657 73 221 592 1,'395 42 969 43 Sept 2>43 020 '2 425 15 643 24 950 73 223 592 1 395 42 990 43 Oct 2,425 15,606 224 592 1,404 42 1,001 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 si o a - Iran Iraq Rep. of 1957 136 11 22 31 35 581 2,542 13 27 247 39 138 20 1958 80 11 22 31 35 750 2,639 17 27 247 37 141 34 1959 50 10 20 30 38 1,290 2,637 26 24 247 33 140 84 I960 1 10 20 30 41 1,641 2,971 76 24 247 58 130 98 1961 3 19 18 47 2,121 3,664 87 24 247 43 130 84 1962 3 19 18 61 2,587 3,679 77 24 247 44 129 98 1963—Oct 3 19 18 61 3,089 3,817 77 23 247 142 98 Nov 3 19 18 61 3 128 3 823 77 23 247 142 98 Dec . .. 3 19 18 61 3 175 3 843 77 23 247 142 98 1964 Jan 3 19 18 66 3,210 3,844 77 23 247 142 98 Feb 3 18 18 66 3,248 3,849 77 23 247 142 98 Mar 3 18 18 66 3,298 3,953 77 23 247 141 98 Apr 3 17 18 65 3,366 4,060 77 23 247 141 112 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 23 247 141 Aug 3 11 18 65 3 527 4 139 77 247 141 Sept 3 11 18 65 3,564 4,149 93 247 141 Oct 11 64 3,598 4,149 247 141 E pe n r d i o o d f Italy Japan a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o ay r- P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l u- A S r a a u b d i i a S A o f u ri t c h a 1957 452 93 91 180 744 33 45 49 28 6 461 217 1958 1,086 124 91 143 1,050 33 43 49 19 10 493 211 1959 1,749 244 102 142 1,132 34 30 50 28 9 548 18 238 I960 2,203 247 119 137 1,451 35 30 52 42 15 552 18 178 1961 2,225 287 140 112 1,581 1 30 53 47 27 443 65 298 1962 2,243 289 172 95 1,581 J 30 53 47 41 471 78 499 1963—Oct 2,331 172 115 1,581 31 53 57 27 497 78 630 Nov 2,331 172 134 1,581 31 53 57 27 497 78 629 Dec 2,343 '""289" 172 139 1,601 31 53 57 28 497 78 630 1964—Jan 2,343 172 151 1,601 31 53 57 30 497 78 632 Feb 2,343 172 157 1,601 31 53 57 21 497 78 631 Mar 2,143 289 172 156 L,601 31 53 57 23 497 78 627 Apr 2,143 172 162 1,601 31 53 57 497 78 627 May 2,146 172 168 I 601 31 53 67 497 78 626 June 2 148 290 172 168 I 601 31 53 67 497 78 607 July 2,153 172 172 1,601 31 53 67 497 78 615 Aug 2 100 172 170 1,601 31 53 67 597 Sept 2 104 1,601 31 53 67 589 Oct 2 104 611 31 53 67 601 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 GOLD RESERVES AND PRODUCTION 1603 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- Syria T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n o i i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 24 112 144 188 1,554 180 719 14 24 254 1958 57 204 1,925 24 112 144 174 2 808 180 719 17 —42 126 1959 68 191 1,934 19 104 133 174 2,514 180 652 10 -134 40 I960 178 170 2,185 19 104 134 174 2 800 180 401 4 — 19 55 1961 316 180 2,560 19 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 19 104 140 174 2,582 180 401 4 -50 56 1963 Oct 573 182 2 520 19 104 103 174 171 401 14 —22 Nov 573 182 2,522 19 104 102 174 171 401 14 -77 Dec 573 182 2,820 19 104 115 174 2,484 171 401 14 -279 47 1964—Jan 573 182 2,549 19 104 115 174 171 401 14 Feb 573 182 2,551 19 104 115 174 171 401 14 —7 Mar 573 182 2,542 19 104 115 174 2,458 171 401 15 22 47 Apr 573 182 2,524 19 104 115 174 171 401 15 — 82 May 573 182 2,526 19 104 115 174 171 401 15 47 575 182 2,599 19 104 115 174 2,439 171 401 15 40 28 July 575 182 2,560 19 104 115 174 171 401 16 64 Aug 575 182 2 530 19 104 105 174 171 401 16 95 Sept 576 182 2,532 19 104 105 174 2 302 171 401 66 28 Oct 575 182 2,532 105 174 401 71 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union through 1958 and European Fund theredistributed by the Tripartite Commission for the Restitution of Monetary after. Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. NOTE.—For back figures and description of the data in this and the The figures included for the Bank for International Settlements are following tables on gold (except production), see "Gold," Section 14 of the Bank's gold assets net of gold deposit liabilities. This procedure Supplement to Banking and Monetary Statistics, 1962. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc- Congo tion i A So fr u ic th a R de h s o i - a Ghana ( p L o e ld o - - U S n ta i t t e e s d C a a d n a - M ic e o x- 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 1 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 Sept 80.9 1.6 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 1.6 2.6 9.8 1.0 1.2 .4 2.5 Mar 84.9 6 2.6 " Vi *9* 10.3 .5 1.0 .5 "2 3.' 8' 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 l 23 8 3 0 July 86 9 7 11 3 4 3 0 Aug 87.2 7 11.3 Sept 88.2 10.9 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on report of the U.S. China Mainland, and 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

1604 U.S. GOLD DECEMBER 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 III IV I II III Western Europe: Austria — 84 — 83 — 1 — 143 — 82 — 32 — 32 —23 Belgium 3 3 -329 -39 -141 -144 -63 France -34 -266 -173 -456 -518 -214 -101 -101 -101 -101 Germany, Fed. Rep. of -34 -23 -200 -25 Xtaly — 349 100 200 Netherlands 25 -261 -30 -249 -25 Portugal -20 -10 Spain 31 32 -114 -156 -146 -130 -2 Switzerland — 8 —215 20 — 324 — 125 102 — 30 United Kingdom 100 -900 -350 -550 -306 -387 329 74 131 109 221 163 Bank for Intl. Settlements -178 -32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 * -4 -7 14 -1 Total 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -139 -7 -31 79 35 Canada 15 5 190 Latin American republics: Argentina 115 75 67 -50 -90 85 -30 -30 Brazil — 1 -11 -2 -2 57 72 -i 28 -1 28 1 Colombia • 28 -6 38 10 Mexico -30 -20 -4 -4 Venezuela —200 65 Other 29 6 2 -5 -22 -17 5 -7 -11 -1 2 3 -2 Total -28 81 69 19 -100 -109 175 32 -16 -3 A 25 7 Asia: -30 -157 -15 Other * is -4 -28 -97 1-101 2-93 3 12 • -4 5 -1 Total * 18 -34 -186 -113 -101 -93 12 * -4 5 -1 All other 14 2 -5 -38 -6 -1 -36 -25 i 2 -9 -1 Total foreign countries ... 80 172 -2,294 -998 -1,969 -970 -833 -392 -180 -15 -28 95 41 Intl. Monetary Fund 4200 600 5-44 4300 150 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -180 -15 -28 95 41 i Includes sales of $21 million to Lebanon and $48 million to Saudi 4 Proceeds from this sale invested by the IMF in U.S. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 5 Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription less sale by the IMF of $300 million (see also note 4). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total Tot G a o l 2 ld s T to re c a k s 1 ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l2 ld s T to r c ea k s 1 ury h c F o u o l r d r r e i 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—Nov.... 15,780 15,609 15,582 171 -130 -31 1952 23,252 23,252 23,187 379 379 Dec... 15,808 15,596 15,513 212 28 -13 1953 22,091 22,091 22,030 -1,161 -1,161 1954 21,793 21,793 21,713 -298 -298 1964—Jan 15,847 15,540 15,512 307 39 -56 1955 21,753 21,753 21,690 -40 -40 Feb.... 15,865 15,518 15,462 347 18 -22 1956 22,058 22,058 21,949 305 305 Mar.... 15,990 15,550 15,461 440 125 32 1957 22,857 22,857 22,781 799 799 Apr.... 15,991 15,727 15,462 264 177 May. .. 15,946 15,693 15,463 253 -45 -34 1958 20,582 20,582 20,534 -2,275 -2,275 June... 15,805 15,623 15,461 182 -141 -70 1959 19,507 19,507 19,456 -1,075 4-1,075 July.... 15,840 15,629 15,462 211 35 6 1960 17,804 17,804 17,767 -1,703 -1,703 Aug.... 15,890 15,657 15,460 233 50 28 1961 17,063 16,947 16,889 116 -741 -857 Sept.... 15,870 15,643 15,463 227 -20 -14 1962 16,156 16,057 15,978 99 -907 -890 Oct.. . . 15,702 15,606 15,461 96 -168 -37 1963 15,808 15,596 15,513 212 -348 -461 Nov.?.. 16,324 15,566 15,386 758 622 -40 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 Nov. 30, 1964. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 10 on p. 1613 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 1548 and 1550. 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

DECEMBER 1964 GOLD RESERVES AND DOLLAR HOLDINGS 1605 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1962 Sept. 30, 1963 Dec. 31, 1963 Mar. 3],1964 June 30, 1964 Sept. 30,1964* U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& bonds & notes * Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- short- Govt. short- Govt. short- Govt. term bonds term bonds term term bonds term bonds term bonds dollars & notes dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 783 * 903 2 901 2 3 911 3 902 3 947 3 1,542 1,678 1 1,791 1 * 1,782 * 1,832 1,821 '1 1 5 3 9 4 1 2 6 '2 1 0 3 8 4 1 * 5 '2 1 5 6 3 0 1 * 3 141 '2 1 5 7 9 6 114 2 1 8 6 9 7 1 1 4 3 1 5 7 2 4 14 1 3,744 3 4,510 3 4 653 3 4 709 7 5 003 7 5 093 7 Germany, Fed. Rep. of. 6,409 3 6,634 3 6,884 3 1 6,811 1 6,616 1 6,437 1 Greece 196 * 258 * 265 * * 239 * 224 * 222 * I N ta e l t y herlands 3 1 , ,8 6 2 2 9 7 * 1 3 1, , 9 5 1 4 0 0 21 3 1, , 9 1 6 4 1 6 21 41 2 1 ,8 9 9 2 8 7 4 1 3 1 ,8 0 2 3 3 9 5 1 3 1 ,9 2 6 2 3 5 4 1 155 87 158 133 164 126 131 135 131 188 131 205 101 Portugal 632 1 646 688 1 689 * 687 * 721 * 623 1 751 1 778 1 2 807 2 839 2 972 2 671 93 616 123 591 133 129 610 130 615 130 733 90 3,575 83 3,325 82 3,726 83 75 3,528 77 3,737 77 3,653 78 Turkey 165 * 128 * 136 * * 135 * 129 * 123 * United Kingdom 4,191 370 4,253 312 3,967 361 328 4,245 380 4,153 402 4,222 402 Other 2 '481 48 '441 50 '369 49 46 '559 49 514 48 462 49 Total 28,916 708 30,093 729 30,433 779 741 30,420 800 30,757 822 31,325 753 4,057 389 3,882 700 3,805 686 687 3,555 686 3,674 686 3,863 695 Latin American republics: Argentina 271 1 453 1 453 1 * 452 424 * 386 C B C h r o a i l z l o e i m l bia 4 2 1 2 0 7 9 5 8 *1 1 2 3 1 1 6 7 6 0 6 * 1 1 2 3 1 3 2 8 1 9 6 * 1 1 * * 1 2 3 1 4 2 8 4 9 1 * * 1 2 2 23 2 9 8 7 4 * * 1 2 2 3 2 2 3 6 4 0 * * 1 Cuba 16 * 14 12 * * 11 * 11 * 10 * 626 759 5 808 837 817 808 1 Panama Republic of 98 41 117 129 51 120 91 1 105 *1 89 1 Uruguay. • 2 8 1 8 0 5 1 6 2 1 1 9 2 1 3 6 9 3 3 8 * 1 1 9 2 2 9 8 1 2 4 5 * 1 1 * * 1,0 2 2 1 7 3 7 7 0 * * 1,0 2 2 5 7 7 7 6 1 * * * 1,0 2 2 7 8 7 7 0 1 * * * Other 336 3 376 1 424 1 1 463 2 487 2 463 2 Total 3,398 13 3,865 12 4,063 12 14 4,132 5 4,207 4 4,164 5 Asia: 288 6 302 5 298 5 * 302 311 307 * Indonesia. 72 1 67 1 92 1 1 90 1 86 1 72 1 Japan • '2,484 3 '2,674 3 '2,743 3 5 '2,735 5 2,731 5 2,847 5 2 4 1 3 5 7 * * 4 2 8 2 6 2 * * 4 2 8 3 6 7 * * * * 2 5 3 1 2 3 * * 2 52 2 9 7 * * 2 5 5 4 3 6 ** Other '1,490 40 '1,581 42 '1,687 42 41 '1,892 38 1,947 42 2,005 45 Total '4,986 50 '5,332 51 '5,543 51 47 '5,764 44 5,831 48 6,030 51 Africa: South Africa 540 * 683 * 671 * * 670 645 635 * U A.R. (Egypt) 188 * 186 * 188 * 198 196 196 Other 373 10 331 10 291 10 9 '287 10 280 10 280 14 Total 1,101 10 1,200 10 1,150 10 9 '1,155 10 1,121 10 1,111 14 Other countries: 337 * 348 * 388 * 373 384 * 392 All other 287 29 326 28 314 30 26 308 25 351 26 361 28 Total 624 29 674 28 702 30 26 681 25 735 26 753 28 Total foreign countries 3 '43,082 1,199 '45,046 1,530 '45,696 1,568 1,524 '45,707 1,570 46,325 1,596 47,246 1,546 International and regional 4 7,349 911 7,093 1,163 6,958 1,213 1,218 7,068 1,170 7,294 1,068 7,500 923 Grand total 3 '50,431 2,110 '52,139 2,693 '52,654 2,781 2,742 '52,775 2,740 53,619 2,664 54,746 2,469 1 The first column continues the series based on a 1960 survey and pean regional organizations, except the Bank for International Settlements subsequently reported securities transactions; the second is based on a and European Fund, which are included in "Other Western Europe." survey as of July 31, 1963, and reported securities transactions for Aug.- Dec. Data are not available to reconcile the 2 series. NOTE.—Gold and short-term dollars include reported and estimated 2 Includes, in addition to other Western European countries, unpub- official gold reserves, and official and private short-term dollar holdings lished gold reserves of certain Western European countries; gold to be (principally deposits and U.S. Treasury bills and certificates); excludes distributed by the Tripartite Commission for the Restitution of Mone- nonnegotiable, n on-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. 1612. 4 Includes international organizations and Latin American and Euro- See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1606 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional i Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o r u e n e r a a - o n l - 2 g L i r o . e A n - a . l Total c O i f a fi l - Other Europe Canada A L m a e t r i i n ca Asia Africa O c t o r t i u h e n e s r - 1959 419,389 43,158 43,158 16,231 9,154 7,076 8,473 2,198 2,408 2,780 253 119 1960 21,272 4,012 3,897 115* 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—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 27,243 4,918 4,757 18 143 22,325 12,309 10,016 11,144 3,064 3,358 4,352 225 183 Sept.».. . 27,369 5,066 4,910 17 139 22,303 12,346 9,956 11,281 2,873 3,291 4,438 231 189 Oct.*\.. 27,976 5,057 4,890 18 148 22,919 12,291 10,629 11,226 3,392 3,411 4,459 245 188 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—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 ,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.... 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 11A 224 396 551 Oct.».. 11,226 293 444 269 112 1,523 2,184 157 1,260 355 186 228 409 563 la. Europe—Continued lb. Latin America End of period Sw la i n tz d er- Turkey U K d n i o i n m t g ed - Y sl u av g i o a - W E O u e t r s h o te e p r r e n « 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 '15 531 1963—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 1,008 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.*.. 1,121 18 1,920 16 260 3 20 3,291 313 210 181 169 10 638 Oct.p.. 1,083 22 1,848 12 254 2 23 3,411 305 233 163 162 10 663 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1607 1. SHORT-TERM LIABILITIES TO FOREIGNER S REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued lc. 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 - O R L 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 N u t r i e i ll n t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - - ia Israel 1959 129 82 62 277 227 9 14 88 33 2,780 36 60 114 139 87 1960 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—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..... 92 214 112 707 419 166 96 19 4,352 35 80 56 27 129 Sept.P... 89 204 109 676 402 175 98 18 4,438 36 77 60 28 134 Oct.?... 96 199 113 763 405 178 105 16 4,459 36 74 55 36 132 1(:. Asia—Continued Id. Africa le. Other countries E p n er d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 8 A So fr u ic th a U (E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s i - a ot A he ll r* 1959 1.285 148 172 94 141 504 253 31 58 49 20 95 119 110 9 I960 1 887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 51 672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963—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 Tan .... 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 . 2,514 101 216 248 439 507 225 23 18 38 20 125 183 162 20 Sept.*.... 2,557 103 230 238 442 533 231 16 17 46 22 131 189 169 20 . 2,548 103 227 229 447 571 245 16 8 48 23 149 188 165 23 1 International Bank for Reconstruction and Development, Inter- 9 Bermuda only; Bahamas included in "Other Latin America." national Monetary Fund, International Finance Corp., International !0 Represent a partial breakdown of the amounts shown in the "other' Development Assn., and other international organizations; Inter-Amer- categories (except "Other Eastern Europe") in Tables la-le. ican Development Bank, European Coal and Steel Community, European Except as indicated by note 11, data for 1962 based on reports by banks Investment Bank and other Latin American and European regional in the Second F.R. District only; thereafter data based on reports by organizations, except Bank for International Settlements and European banks in all F.R. Districts. Fund which are included in "Europe." 1! Based on reports by banks in all F.R. Districts. 2 Not reported separately until 1962. 3 Foreign central banks and foreign central govts. and their agencies, NOTE.—Short-term liabilities are principally deposits (demand and and Bank for International Settlements and European Fund. time) and U.S. Govt. securities maturing in not more than 1 year from 4 Includes $1,031 million representing increase in U.S. dollar sub- their date of issue; the latter, however, exclude nonnegotiable, nonscription to the IMF paid in June 1959. interest-bearing special U.S. notes held by the International Develop- 5 Includes $82 million reported by banks initially included as of Dec. ment Assn. and the Inter-American Development Bank. For data 31, 1961, of which $81 million reported for Japan. on long-term liabilities, see Table 5. For back figures and further 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

1608 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data1** (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 H22.5 48.6 41.7 57.8 Syria 4.9 3 4 2 1 5 7 Guatemala H40.9 74.8 47.9 65.1 Viet-Nam 10.1 11 6 12 1 17 9 Haiti 10.5 11.9 12.9 17.3 Honduras 13.8 23.7 20.0 26.3 Other Africa: i 3.3 5.8 6.5 4.7 Algeria 1.6 .5 .9 1 0 Nicaragua . 14.8 42.5 35.0 52.3 Ethiopia, incl. Eritrea 17.0 20.8 22.3 32.1 Paraguay 5.7 6.8 8.9 8.4 Ghana 4.1 10 8 6 4 6 3 Trinidad & 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 8 Afghanistan 5.3 13.3 5.0 4.2 Burma 2.5 8.9 9.9 n.a. All other: Cambodia 12.6 10.2 6.9 2.1 New Zealand 4.7 8.8 10.5 18.8 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 End of period Total in foreign Total Dem D an e d p os T it i s me l c T b er i r l t U e l i s f a . i s S c a u a . n r t d e y s n S o p U t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me 1 c T b er i r l t e U l i s f a i . s c S a u a . n r t d e y s Other 3 currencies 1959 419,389 416,913 6,341 7,180 42,065 1,328 2,398 l,j 33 295 270 77 1960 21,272 18,929 7,568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 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—Oct 26,294 23,205 5,760 3,824 8,735 3,036 1,850 2,943 1.391 931 122 499 145 Nov. 26,428 23,277 5,994 3,806 8,555 3,036 1,886 3,022 1,454 949 134 485 130 Dec 25,938 22,758 5,629 3,673 8,571 3,036 1,849 3,047 1,493 966 119 469 134 1964—Jan 26,122 22,990 5,900 3,756 8,531 3,036 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 1,443 994 127 506 125 Mar 25,905 22,682 5,818 3,800 7,972 3,171 1,921 3,111 1,424 1,023 136 528 112 Apr 26,334 23,069 6,063 3,938 7,687 3,166 2,215 3,148 [,457 1,038 116 537 117 May. . 26,340 23,116 5,901 3,923 7 800 3,164 2,328 3,107 L 467 1,057 87 495 118 June 26,300 23,044 5,772 3,723 7,866 3,289 2,394 3,132 [,496 1,077 75 484 123 July 26,863 23,611 6,210 3,788 7,914 3,289 2,409 3,130 1,464 1,093 86 487 123 Aug 27,243 23,962 6,359 3,770 8,163 3,275 2,395 3,158 ,450 1,132 91 485 124 Sept.P 27,369 24,003 6,242 3,753 8,180 3,425 2,403 3,234 ,478 1,175 101 480 132 Oct p 27,976 24,622 6,750 3,847 8,130 3,394 2,501 3,247 I 449 1,193 105 500 106 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 Oct. 31, 1964. 5 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1609 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa 1 co O un th tr e ie r s 2 1959. 2,624 534 272 ,176 586 56 1960. 3,614 717 421 ,356 1,052 69 1961. 3 4,820 767 556 ,522 3 1,891 85 1962. 5,163 877 526 ,606 2,017 137 1963—Oct.. 5,590 964 627 ,694 2,166 82 56 Nov.. 5,759 989 634 ,688 2,298 97 52 Dec. 5,975 939 638 ,742 2,493 104 58 1964—Jan.... 6,158 954 680 ,761 2,601 104 55 Feb... 6,265 1,001 636 ,753 2,716 100 56 Mar... 6,372 940 713 ,781 2,796 98 44 Apr... 6,497 1,002 735 ,818 2,794 102 45 May.. 6,561 1,028 764 ,795 2,825 98 50 June.. 6,901 1,164 855 ,856 2,874 100 52 July... 6,731 1,075 744 ,917 2,837 98 58 Aug... 6,779 1,048 746 ,936 2,891 98 60 Sept. P. 6,805 1,064 672 ,988 2,922 101 58 Oct.P. 6,903 1,163 633 2,022 2.911 108 65 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 56 57 54 30 38 7 19 1960 717 65 9 32 82 34 33 17 28 1961 767 20 23 42 165 35 54 27 11 35 1962 877 32 30 68 186 54 27 35 19 18 1963—Oct.. 964 26 49 66 151 81 41 34 14 38 33 Nov. 989 27 49 65 170 82 36 41 16 29 36 Dec. 939 26 52 70 121 97 33 40 14 26 30 1964—Jan.. 954 25 53 74 160 96 40 39 12 26 25 Feb.. 1,001 30 69 80 165 95 42 34 12 24 25 Mar. 940 28 69 85 123 83 43 33 17 27 23 Apr.. 1,002 29 75 86 135 85 47 34 17 25 29 May. 1,028 30 63 92 158 90 38 35 15 25 29 June. 1,164 31 63 86 135 114 45 41 16 28 32 July. 1,075 29 65 79 114 100 46 34 19 31 31 Aug. 1,048 31 62 72 133 94 40 33 20 32 31 Sept. 1,064 31 65 74 127 92 40 33 17 31 36 OtP 1,163 35 66 78 173 113 40 36 21 28 43 3a. Europe—Continued 3b. Latin America End of period S l w a e n r i - t d z- T k u e r y - U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 4 U.S.S.R. E E O u as r th 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 3 13 5 1,176 60 117 59 68 115 291 I960 60 49 245 11 11 : 8 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 t 8 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963—Oct 91 42 229 7 20 12 1,694 183 183 186 180 18 445 Nov 78 23 262 10 22 15 1,688 184 172 192 185 18 443 Dec . . . 70 48 237 7 23 16 1,742 188 163 187 208 18 465 1964—Jan 79 36 212 8 23 18 1,761 179 170 184 218 17 468 Feb 74 50 219 11 23 18 1,753 175 166 184 219 17 477 Mar 77 46 198 14 23 18 1,781 176 155 182 222 16 498 Apr 81 25 246 17 25 i 17 1,818 180 147 192 226 17 519 May 76 23 255 24 24 4 17 1,795 175 141 186 230 17 511 June 85 42 347 29 22 i 15 1,856 171 147 191 246 17 543 July 91 52 285 26 22 16 1,917 175 147 187 251 16 575 88 35 277 23 21 20 1,936 175 153 187 250 16 572 Sept p 82 49 290 21 22 18 1,988 187 158 196 273 16 569 Oct p 89 31 312 17 26 20 2,022 196 155 183 291 17 583 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1610 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued 3c. Asia E p n er d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O L l e i t c p . h A s u e 6 . b r - m B B m u a e h & a d r s a a - - 1 A N S n n u e a t & i m r t l h i l - e . s A O L i m c a th a t e i e 7 n r r - Total C M la h a n i i n d n a - H K o o n n g g India I n n e d s o ia - Israel 1959 18 36 47 247 57 4 57 586 2 10 6 14 1960 23 44 57 234 55 8 66 1,052 2 9 9 24 1961 32 74 55 144 56 13 74 H 891 2 9 8 36 1962 30 85 122 102 66 9 98 2,017 2 13 20 37 1963—Oct 33 103 92 103 116 31 8 15 2 166 2 11 18 30 Nov.,... 33 98 82 106 121 33 8 14 2,298 2 12 16 25 Dec 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964—Jan 47 106 54 109 148 37 9 15 2,601 2 11 18 i 25 Feb 45 107 50 112 145 33 10 12 2,716 2 11 17 29 Mar 50 110 50 115 147 34 12 14 2,796 2 12 26 31 Apr 46 113 48 123 147 37 11 11 2,794 2 13 22 34 May.... 41 113 51 125 144 35 13 11 2,825 2 13 23 38 June.... 44 114 54 128 140 37 12 10 2,874 2 15 21 39 July 40 112 55 140 160 38 11 10 2,837 2 16 20 44 Aug 38 104 62 137 169 41 19 13 2,891 2 16 19 39 Sept.*3... 37 102 63 140 172 42 18 15 2,922 2 20 24 39 Oct.?... 35 95 62 140 188 44 19 16 2,911 2 21 20 40 3c. Asia—Continued 3d. Africa 3e. Other countries End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i C ( p L o o e n l o d g - - o M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - ot A he ll r 8 ville) 1959 324 1 24 9 15 180 3 12 2 56 18 21 1960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31 528 4 114 10 34 145 6 10 13 85 29 27 1962 1,740 3 70 9 41 80 2 10 26 137 41 57 1963—Oct 1,904 13 63 8 44 72 82 2 15 27 36 56 49 8 Nov 2,017 26 74 8 45 73 97 3 16 27 51 52 44 8 Dec 2,171 25 113 8 52 71 104 15 28 59 58 48 9 1964—Jan.. . 2,247 28 129 9 52 80 104 2 15 25 61 55 47 8 Feb 2,340 30 142 10 58 76 100 1 15 28 55 56 49 8 Mar. 2,400 31 150 9 58 77 98 17 24 55 44 36 8 Apr 2,394 29 161 8 57 74 102 1 20 24 56 45 37 8 May 2,421 28 155 7 54 84 98 2 18 29 49 50 40 9 June 2,469 27 158 7 57 78 100 2 19 26 52 52 43 9 July 2,416 27 174 7 53 78 98 2 19 26 50 58 49 9 Aug 2,472 23 179 7 56 77 98 2 19 26 50 60 50 9 Sept.*> 2,492 25 179 8 53 80 101 2 18 29 52 58 49 10 Oct P 2,479 21 185 8 54 80 108 2 18 29 58 65 56 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

DECEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1611 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 Off L ic o ia a l ns to— C t o o io u ll n t e - s c- f A o a m r c n c a c a e d e c p e s c t t - . Other 3 Total D w e it p h o f s o it r s - g c F c o u o o v r m r i t e t . m i i e g se l s n . , - Other 4 Total i t n io s n ti s t u * - Banks Others st i a n n g d- e o ig f n f e o r r s - 2 eigners a n n a d n c f e ipaper 2 1959 2,624 2,406 1.309 351 498 460 516 582 217 203 15 I960 3,614 3 135 ,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 I 660 329 709 622 700 1 874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1 967 557 371 186 1963 Oct 5,590 4,896 ,732 153 852 in 773 2,046 345 694 465 174 55 Nov 5,759 5,121 1,919 201 961 757 801 2,052 350 639 432 156 51 Dec .... 5,975 5,344 915 186 955 774 832 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 5,620 2,057 176 1,090 791 891 2,325 348 644 410 197 36 A M p a r r 66,,439772 5 5 , , 7 7 1 8 0 8 2 2 , , 0 0 9 5 8 1 1 1 6 5 2 2 1 1 , , 0 1 8 0 6 8 8 8 0 3 3 8 9 9 1 3 1 2 2 2 , , 3 4 9 1 4 3 3 3 6 3 7 3 6 7 6 0 2 9 4 3 4 9 4 7 2 2 1 1 1 0 5 5 5 6 May 6,561 5,826 2,143 140 1,138 865 932 2,373 378 735 452 221 62 June 6,901 6,093 2,196 168 1,143 885 933 2,438 526 808 494 254 60 July 6,731 6,043 2,237 168 1,152 917 956 2,401 448 688 419 207 62 Aug 6,779 6,087 2,269 151 1,176 942 956 2,403 460 692 416 202 74 Sept v 6,805 6,131 2,314 159 1,207 948 980 2,409 428 674 416 176 83 Oct » 6,903 6,227 2,384 163 1,252 969 968 2,431 444 677 416 177 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 P;lyable in dollars Payable in lia T b o il t i a ti l es Total foreign Total Loans All other currencies 1959 1,545 1 I960 1,698 7 1961 2 034 2 1962 2,160 4 1963—-Oct 2,512 2,509 2,470 39 2 66 Nov . . 2,584 2,581 2 545 36 2 64 Dec 13,015 1 3,013 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 '3,253 '3,252 '3,037 215 1 104 Apr '3,283 '3,283 '3,070 213 1 145 May '3,307 '3,307 '3,095 212 1 154 June '3,320 '3,320 '3,117 202 1 156 July '3,377 '3,377 '3,182 194 1 174 Aug 3,450 3,449 3,252 198 1 173 Sept p 3,561 3,561 3,366 195 * 168 Oct p 3,682 3,682 3,479 203 * 161 1 Includes $193 million reported by banks for the first time as of December 1963, representing in part claims previously held but not reported by banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1612 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U. s S e . c u c r o i r ti p e o s ra 2 te Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N h e a s t a s l e p e s s u o r r - c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e l p e s s u o r r regional Total Official Other I960 127 225 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1961 512 532 -20 3 384 3 161 223 802 1,262 -460 596 966 —370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 — 104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1963_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 -48 43 27 17 309 296 13 40 37 3 77 45 32 Feb 30 1 29 26 3 230 264 —34 51 134 r-83 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 f192 r-121 71 50 22 May -83 -103 20 * 20 313 296 16 53 157 -103 62 50 12 12 • 12 1 10 313 297 17 67 112 -44 64 47 17 July -16 -17 -23 6 284 353 —68 70 76 -5 61 42 19 Aug -98 -61 -37 -40 3 260 262 -2 37 32 6 49 32 16 Sept * -81 -84 3 3 267 301 -34 51 97 -46 49 42 7 Oct P -30 -21 -9 -13 4 335 353 -17 252 395 -144 60 59 1 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official insti tutions of foreign countries; see Table 7. organizations. 2 Include s small amounts of State and local govt. securities. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962—Dec 251 200 51 1963—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 25 May 802 50 30 477 1245 158 125 8 25 802 50 30 477 1245 152 125 25 July 953 50 30 628 1245 152 125 2 25 Aus 1 005 50 30 628 l 297 152 125 2 25 Sept 1,005 50 30 628 1297 354 2 329 25 Oct ... 1,086 50 30 679 1327 354 2 329 25 Nov 1,086 50 30 679 i 327 354 2 329 25 1 Includes the equivalent of $70 million payable in Swiss francs to the 2 Includes $204 million of nonmarketable bonds issued to the Govern- Bank for International Settlements. ment of Canada in connection with transactions under the Columbia River treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1964 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1613 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o i n m t g ed - 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 re I g a n i n o t d l n . al 1960 252 202 50 38 171 -48 72 234 -45 36 13 : 14 1961 223 323 -99 21 166 -17 61 232 -112 44 44 I 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 : 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 ]L 22 1963—Oct... -11 -8 -3 -1 -10 15 -5 _2 -11 • 1 1 » 2 Nov... 31 38 -7 3 6 22 6 36 -14 5 1 1 t 2 Dec... 23 21 2 * 3 8 7 18 2 1 1 k 2 1964— F J e a b n . .. . . . — 1 3 3 4 -26 -9 9 -2 - - 2 6 - - 1 2 6 2 4 8 - - 1 2 2 5 -1 1 0 1 10 1 -2 ) 2 1 M M a a r y . ! . ! . - - 3 2 1 5 0 6 - - 5 1 1 7 3 -2 1 1 6 4 -9 2 - - - 1 2 6 3 1 - - 1 2 9 4 5 6 3 - - - 2 1 2 7 7 5 1 9 g 0 - - 1 2 2 0 3 -1 2 1 4 t « 3 1 1 June.. 17 -6 23 -4 -24 28 -3 10 4 3 i 2 A Ju u l g y . . . . . - - 6 2 8 - - 7 5 4 0 48 6 -3 4 - - 3 2 2 2 -3 1 2 9 8 2 -~ - 6 4 1 -8 3 -4 3 3 • 4 i < i 2 1 S O e c p t. t * .? 5. . - -1 3 7 4 - - 4 2 3 5 9 8 -6 e - - 1 1 9 5 1 4 4 * 1 - -1 1 3 6 -1 -7 8 * -2 2 i > 1 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures include Africa. ties. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 10. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Assets in custody Period Total g I a i r n n o e t d n - l. al c t e f o r o i i u g r e - n n s - r E o u p - e C a a d n a - A L i m a c t a i e n r- Asia Africa1 O c tr o i t u e h s n e 2 r - E pe n r d i o o d f Deposits U se .S c . u r G iti o e v s t 1 . Ear g m o a ld rked 1960 -645 -147 -498 -117 -196 -107 -41 -36 1959 345 4,477 9,861 1961 -830 1 -832 -262 -318 -58 -121 -73 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 o 1962 247 6,990 12,700 1963—Oct 36 4 32 10 28 2 -10 1 1963—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... '-57 r_4 '-53 22 '-80 —4 8 1 Mar... 167 8,105 12,775 Mar... 33 2 31 23 10 1 4 1 Apr... 166 7,860 12,726 Apr r-100 -48 r-52 24 r-58 -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... 22 1 20 4 16 1 -2 1 1 Sept... 148 8,373 12,738 Sept.*. -39 * -39 c -35 1 -1 ))• 1 Oct.... 120 8,201 12,707 Gct.*\ . -143 7 -149 2 -167 12 -5 2 6 Nov... 256 8,278 12,672 1 Not reported separately until May 1963. i U.S. Treasury bills, certificates of indebtedness, 2 Yearly figures include Africa. notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1614 INTL. CAPITAL TRANSACTIONS OF THE U.S. DECEMBER 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1963 1964 1963 1964 II III IV I II III IV I 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 7 5 8 6 7 1 I 1 1 3 3 4 7 32 31 33 31 28 50 48 47 52 70 Germaiiv Fed Reo 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 2 3 2 3 5 6 7 6 7 1 1 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 United Kingdom 118 127 100 110 102 201 218 234 244 265 Yugoslavia . . 3 3 4 6 I 3 3 3 4 Other Western Europe 3 3 1 3 3 4 4 5 i 6 USSR * * * 1 * Other Eastern Europe 4c 1 1 3 3 3 4 2 Total 346 373 325 319 316 629 650 678 701 712 Canada ... 59 62 72 68 62 918 887 f688 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 5 5 7 6 8 20 22 19 19 P C M e u e r b u x a ico 1 1 4 0 1 1 6 3 * 7 2 6 0 8 2 1 98 * 1 2 7 1 * 8 5 1 1 6 9 6 4 5 1 1 6 3 9 3 6 2 1 7 0 5 3 2 5 1 6 9 5 0 2 6 1 5 2 5 1 Uruguay 3 4 1 3 1 5 4 9 7 15 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 2 5 1 2 2 10 11 10 20 21 Neth Antilles & Surinam . . .. . . 9 9 6 6 7 9 10 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 3 4 4 6 5 India 16 15 14 14 14 49 42 42 39 39 7 2 3 3 5 4 7 10 5 Israel 2 1 1 2 1 7 7 7 7 8 Japan . 43 29 24 23 28 140 130 161 170 160 Korea 3 1 1 1 1 4 4 6 5 4 Philippines . 5 7 5 5 5 11 11 9 12 Taiwan 1 1 1 1 6 T, 4 4 Thailand . . . .. 4 I 2 1 1 5 4 11 7 7 Other Asia 19 21 18 22 21 44 42 41 46 Total 104 82 72 76 81 273 254 295 300 "*98 Africa: Congo (Leopoldville) 1 * 1 1 1 2 2 3 2 Morocco * * • * * 1 2 \ 1 South Africa 11 12 10 9 10 8 9 9 8 13 U A R fEevDt") 9 10 6 4 2 15 12 11 14 13 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 Allother 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 1 1 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

DECEMBER 1964 MONEY RATES 1615 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Nov. 30, 1963 Rate as of Country 1963 1964 Nov. 30, 1964 Per Month cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina 6.0 Dec. 1957 6.0 Austria 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 1 4.0 Aug. 1963 4.25 4.25 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 8.0 May 1963 8.0 Costa Rica 3.0 Apr. 1939 3.0 5.5 Nov. 1963 6.5 6.5 5.0 Nov. 1956 5.0 El Salvador 6.0 June 1961 4 0 4.0 Finland 7.0 Apr. 1962 7.0 4.0 Nov. 1963 4.0 Germany, Fed. Rep. of 3.0 May 1961 3.0 Ghana 4.5 Oct. 1961 4.5 Greece 5.5 Jan. 1963 5.5 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 9.0 India 4.5 Jan. 1963 5.0 5.0 9.0 Aug. 1963 9.0 Iran 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 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 4.0 Nov. 1963 5.0 5.0 5.84 Apr. 1963 6.57 6.57 Korea 10.22 June 1960 10.5 10.5 Mexico .. . ........ 4.5 June 1942 4.5 Netherlands 3.5 Jan. 1963 4.0 4.5 4.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua. .. ......... 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5...... 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa. 3.5 Nov. 1962 4.0 4.0 Spain . . . . ...... 4.0 June 1961 4.0 4.0 June 1963 4.5 5.0 5.0 Switzerland 2.0 Feb. 1959 2.5 2.5 7.0 Feb. 1945 7.0 Tunisia • • 4.0 Oct. 1962 4.0 Turkey. 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom 4.0 Jan. 1963 5.0 7.0 7.0 Venezuela 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not 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 * 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 corrrrercial 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

1616 MONEY RATES; ARBITRAGE DECEMBER 1964 OPEN MARKET RATES [Per cent per annum] Germany, Canada United Kingdom France Fed. Rep. of Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l s n ls u t , h ry sl D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y 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 D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 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—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 L.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 2.05 2.50 July 3.60 3.49 4.73 4.57 3.67 3.00 4.83 2.63 3.38 4.26 5.53 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 4.74 2.63 3.69 3.70 2.09 2.50 Oct 3.69 3.60 4.88 4.69 3.99 3.00 2.63 3.25 3.80 3.24 2.50 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International 4 Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date q K u U i o n n g t i a d t t e o i d o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) P d f ( ( p r o i - e s + r o c m ) w u ) o o n o a i u n u r d r n m d t i L n ( o c f N n e a o v n d e f o t o t i r v 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 d f ( ( o a i d - s + n r o c w ) a ) l o o l d o a a u n i r r r n a 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 ) basis) Canada basis 1964 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 L.02 -.62 .40 3.80 3.71 3.48 .23 -.30 -.07 11 4.50 3.50 LOO -.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 .12 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 -.11 Nov. 6 4.53 3.54 .99 -.91 .08 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 20 4.62 3.59 1.03 -1.01 .02 3.68 3.60 3.59 .01 -.13 -.12 27 6.41 3.79 2.62 -2.65 -.03 3.86 3.78 3.79 -.01 -.27 -.28 Dec. 4 6.41 3.76 2.65 -2.54 .11 3.86 3.77 3.76 .01 -.13 -.12 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

DECEMBER 1964 FOREIGN EXCHANGE RATES 1617 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Period (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (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 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1963—Nov. .6942 222.93 3.8659 2.0059 92.778 21.021 14.484 31.057 20.405 Dec, .7391 222.83 3.8690 2.0067 92.629 21.019 14.489 31.059 20.404 1964—Jan.. .7514 222.97 3.8702 2.0071 92.551 21.025 14.471 31.063 20.402 Feb.. .7582 222.86 3.8681 2.0068 92.575 21.021 14.457 31.068 20.403 Mar. .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr.. .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May. .7312 223.06 3.8686 2.0089 92.499 21.021 14.482 31.066 20.405 June, .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31.063 20.401 July. .7279 222.29 3.8710 2.0085 92.473 20.977 14.459 31.063 20.405 Aug. .7075 222.04 3.8725 2.0103 92.690 20.953 14.438 31.059 20.405 Sept. .6980 221.79 3.8712 2.0126 92.913 20.955 14.435 31.056 20.402 Oct.. .6979 221.79 3.8699 2.0146 92.984 20.954 14.430 31.054 20.403 Nov. .6725 221.90 3.8693 2.0149 93.100 20.953 14.430 31.076 20.405 Period G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a 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 e i a l t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1958 23.848 21.048 280.98 .16006 .27991 32.767 8.0056 26.418 278.19 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 1960 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—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 21.€21 276.65 July. 25.159 20.912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 Aug. 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275.91 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 Nov. 25.148 20.867 278.48 .16003 .27686 32.507 8.0056 27.824 275.73 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 e o 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 S fr r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1958 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 .6664 19.272 23.139 280.00 1963—Nov.. 13.970 3.4875 139.37 .6665 19.262 23.166 279.78 Dec... 13.972 3.4874 139.30 .6666 19.250 23.170 279.65 1964—Jan... 13.969 3.4861 139.39 .6665 19.272 23.168 279.83 Feb... 13.962 3.4848 139.32 .6664 19.290 23.122 279.69 Mar.. 13.976 3.4867 139.38 .6663 19.430 23.110 279.81 Apr... 13.989 3.4879 139.43 .6664 19.451 23.143 279.90 May.. 13.992 3.4874 139.45 .6664 19.464 23.171 279.94 June.. 13.984 3.4847 139.19 .6663 19.467 23.172 279.42 July.. 13.972 3.4796 138.96 .6663 19.441 23.139 278.97 Aug.. 13.962 3.4746 138.81 .6662 19.466 23.145 278.66 Sept.. 13.956 3.4714 138.65 .6661 19.461 23.148 278.34 Oct... 13.956 3.4680 138.65 .6662 19.376 23.164 278.35 Nov.. 13.956 3.4686 138.72 .6665 19.396 23.172 278.48 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

1618 U.S. BALANCE OF PAYMENTS DECEMBER 1964 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1961 1962 1963 IV II* 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—Totall. 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 -5,248 -1,309 -1,325 -1,347 -1,388 -1,268 -1,346 Balance on goods and services * 5,586 5,063 5,685 1,446 1,727 2,252 1,789 1,208 1,304 Remittances and pensions -705 -738 -826 -209 -202 -197 -208 -209 -206 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,* , -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 -102 441 18 -302 -109 Balance of A before seasonal adjustment. -31605 -3,261 -813 -1,212 -820 -416 69 -573 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,071 3,605 3,261 813 1,212 820 416 -69 573 Advance repayments on US. Govt. loans 6. 696 681 326 25 34 241 26 52 33 Advances on U.S. military exports, net 5 470 334 20 -5 80 239 151 -76 Sales of nonconvertible nonmarketable securities^ net , 251 -43 63 -10 -95 -1 -55 Dollar securities* 31 58 19 -45 -1 -5 Foreign currency securities *25i' -74 5 -50 -50 -29 Sales of convertible nonmarketable securities,'' net 702 350 175 25 122 Dollar securities 150 125 152 25 Foreign currency securities 552 225 150 "25 * 152 Change in U.S. short-term liabilities reported by U.S. banks 9 and foreign holdings of marketable U.S. Govt. bonds and notes 1,764 670 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 * * 81 131 394 76 115 93 110 34 54 Foreign commercial banks 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 1,533 575 32 124 227 -5 -5/ 303 IMF position , -135 626 30 -46 2 59 15 131 118 Convertible currencies , -116 17 -113 -33 6 -28 -58 -228 258 Gold 857 890 461 111 116 196 38 46 -73 i Excludes military transfers under grants. 8 Includes certificates sold abroad by Export-Import Bank. * Includes also very small amounts of changes in "misc. Govt non- 9 Includes official liabilities. liquid liabilities." 1° 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 payment* • 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

DECEMBER 1964 FOREIGN TRADE 1619 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports ! Imports 2 Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1963 1964 Month: Jan 1,623 1,668 3 985 2,037 1.161 1,327 3 1,092 1.422 462 341 3 -107 615 Feb 1,712 1,809 32,118 2,029 ,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 3 J.487 1,523 588 330 3 473 555 Apr 1,662 1,795 3 1,913 2,046 1,152 1,365 3 ,417 ,542 510 430 3 496 504 May 1,585 1,762 1,893 2,052 1,153 1,404 1,420 1,548 432 358 473 504 June 3 1,582 1,836 1,785 2,004 3 ,174 1,351 1,421 1,506 3 408 485 364 498 July 3 1,689 1,748 1,823 2,111 3 1,379 1,347 1,458 1,590 3 310 401 365 521 Aug 1,689 1,703 1,895 2,085 1,254 1,346 1,508 1,592 435 357 387 493 Sect 1,678 3 1,908 1,980 2,271 1,262 3 1,471 1,450 1,558 416 3 437 530 713 Oct 1,780 31,523 1,946 2,134 1,300 3 1,312 1,459 .551 480 3211 487 583 Nov 1 733 1 725 1 945 I 309 1 425 I 472 424 300 473 Dec . . .. 1 725 3 1 839 2 049 US 3 1 377 480 410 3 462 569 Quarter: 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 31,350 1,273 31,333 1,506 Ill 3 5,056 3 5,359 5,698 6,467 3 3,895 3 4,164 4,416 4,740 3 1,161 31,195 1,282 1,727 IV 5,238 3 5,087 5,940 3,924 34,114 4,411 3 973 1,529 1,314 Year 4 20,152 20,945 22,288 14,713 16,389 17,151 4,556 5,137 5,439 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under * Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary GLENN M. GOODMAN, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel 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 1620 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1621 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. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1622 FEDERAL RESERVE BULLETIN • DECEMBER 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. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND FLOW OF FUNDS IN THE UNITED STATES, 1939-53. FUNCTIONS. 1963. 297 pp. 1955. 390 pp. $2.75. DEBITS AND CLEARINGS STATISTICS AND THEIR ANNUAL REPORT OF THE BOARD OF GOVERNORS OF USE. 1959. 144 pp. $1.00 a copy; in quantities THE FEDERAL RESERVE SYSTEM. of 10 or more sent to one address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 THE FEDERAL FUNDS MARKET—A Study by a Federal Reserve System Committee. 1959. Ill per annum or $.60 a copy in the United States pp. $1.00 a copy; in quantities of 10 or more and its possessions, Bolivia, Canada, Chile, sent to one address, $.85 each. Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic ALL-BANK STATISTICS, 1896-1955. 1959. 1,229 pp. of Honduras, Mexico, Nicaragua, Panama, $4.00. Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (In quantities of 10 or more of INDUSTRIAL PRODUCTION—1957-59 Base. 1962. same issue sent to one address, $5.00 per annum 172 pp. $1.00 a copy; in quantities of 10 or or $.50 each.) Elsewhere, $7.00 per annum more sent to one address, $.85 each. (The 1959 or $.70 a copy. revision available at $.50 a copy.) THE FEDERAL RESERVE ACT, as amended through FEDERAL RESERVE CHART BOOK ON FINANCIAL Oct. 1, 1961, with an appendix containing pro- AND BUSINESS STATISTICS. Monthly. Annual visions of certain other statutes affecting the subscription includes one issue of Historical Federal Reserve System. 386 pp. $1.25. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed SUPPLEMENT TO BANKING AND MONETARY STATISabove. (In quantities of 10 or more of same TICS. Sec. 1. Banks and the Monetary System. issue sent to one address, $.50 each.) Else- 1962. 35 pp. $.35. Sec. 10. Member Bank Rewhere, $7.00 per annum or $.70 a copy. serves and Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. HISTORICAL CHART BOOK. Issued annually in Sept. Gold. 1963. 24 pp. $.35. Sec. 15. International Subscription to monthly chart book includes Finance. 1962. 92 pp. $.65. one issue. $.60 a copy in the United States and the countries listed above. (In quantities of 10 REGULATIONS OF THE BOARD OF GOVERNORS OF or more sent to one address, $.50 each.) Else- THE FEDERAL RESERVE SYSTEM. where, $.70 a copy. RULES OF ORGANIZATION AND PROCEDURE—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYS- TREASURY-FEDERAL RESERVE STUDY OF THE GOV- TEM. 1962. 40 pp. ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 PUBLISHED INTERPRETATIONS of the Board of pp. Individual books $1.00 each; set of 3, $2.50. Governors, as of Dec. 31, 1962. $2.50. 1623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1624 FEDERAL RESERVE BULLETIN • DECEMBER 1964 PERIODIC RELEASES INTERDISTR1CT SETTLEMENT FUND (G.I 5) WEEKLY MONTHLY DEPARTMENT STORE SALES—Selected Cities and Areas (G.7.2) APPLICATIONS RECEIVED, OR ACTED ON, BY THE MONTHLY DEPARTMENT STORE SALES, BY DE- BOARD (H.2) PARTMENTS (G.7.3) COMMERCIAL AND INDUSTRIAL LOANS OUTSTAND- ING BY INDUSTRY (H.I2) MONTHLY FOREIGN EXCHANGE RATES (G.5) CONDITION OF WEEKLY REPORTING MEMBER MONTHLY U.S. GOVERNMENT SECURITY YIELDS BANKS IN NEW YORK AND CHICAGO (H.4.3) AND PRICES (G.14) CONDITION OF WEEKLY REPORTING MEMBER NATIONAL SUMMARY OF BUSINESS CONDITIONS (G.12.2) BANKS IN LEADING CITIES (H.4.2) OPEN MARKET MONEY RATES AND BOND PRICES FACTORS AFFECTING BANK RESERVES AND CON- (G.13) DITION STATEMENT OF F. R. BANKS (H.4.1) RETAIL FURNITURE REPORT (G.16) RESERVE POSITION OF MAJOR RESERVE CITY BANKS (H.5) SALES FINANCE COMPANIES (G.20) WEEKLY DEPARTMENT STORE SALES—SELECTED STATE MEMBER BANKS OF THE FEDERAL RESERVE CITIES AND AREAS (H.8b) SYSTEM AND NONMEMBER BANKS THAT MAIN- WEEKLY FOREIGN EXCHANGE RATES (H.10) TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) (G.4) WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES (H.I5) QUARTERLY-SEMIANNUALLY SEMIMONTHLY-IRREGULAR ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, CHANGES IN STATE BANK MEMBERSHIP (K.3) BY STATES (E.4) ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSSINESS LOANS UNITED STATES (J.4) (E.2) DEMAND DEPOSITS, CURRENCY, AND RELATED ITEMS (J.3) MATURITY DISTRIBUTION OF OUTSTANDING NEGO- TIABLE TIME CERTIFICATES OF DEPOSIT (E.8) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS (J.I) MEMBER BANK LOANS (E.3.4) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS (E.6) MONTHLY SUMMARY REPORT—ASSETS AND LIABILITIES OF ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANKS (E.3.1) BY DISTRICTS (G.7.1) ANNUALLY BANK DEBITS AND DEPOSIT TURNOVER (G.6) BUSINESS INDEXES (G.12.3) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT (G.19) EXCEPT INTERBANK AND U.S. GOVERNMENT ACCOUNTS (C.5) CONSUMER CREDIT AT CONSUMER FINANCE COM- PANIES (G.22) DEPARTMENT STORE TRADE, UNITED STATES (C.7.3) CONSUMER INSTALMENT CREDIT AT COMMER- CIAL BANKS (G.I8) MEMBER BANK INCOME (C.4) DEPARTMENT STORE CREDIT (G.I7) FEDERAL RESERVE PAR LIST (Also annual list.) BIENNIALLY (G.3) DISTRIBUTION OF BANK DEPOSITS BY COUNTIES INDEX NUMBERS OF WHOLESALE PRICES (G.8) AND STANDARD METROPOLITAN AREAS (C.8) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1625 REPRINTS A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. (From Federal Reserve Bulletin unless preceded 14 pp. by an asterisk) A NEW LOOK AT THE FARM DEBT PICTURE. Dec. THE HISTORY OF RESERVE REQUIREMENTS FOR 1962. 18 pp. BANKS IN THE UNITED STATES. NOV. 1938. FARM DEBT AS RELATED TO VALUE OF SALES. 20 pp. Feb. 1963. 9 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. tion of method used by Board in adjusting Mar. 1963. 10 pp. economic data for seasonal variation. June 1941. 11 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. 1954. 10 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. INTEREST RATES ON SAVINGS AND OTHER TIME 1956. 24 pp. (Also, similar reprint from Apr. DEPOSITS, MID-FEBRUARY 1963. June 1963. 1953 BULL.) 7 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. MEASURES OF MEMBER BANK RESERVES. July Feb. 1958. 12 pp. 1963. 14 pp. OPEN MARKET OPERATIONS IN LONG-TERM SE- BANK LOANS SECURED BY STOCKS AND BONDS. CURITIES. Nov. 1958. 15 pp. July 1963. 19 pp. * PART I, ALL-BANK STATISTICS, 1896-1955. Re- A BANK EXAMINER LOOKS AT AGRICULTURAL print of the U.S. Summary containing a de- LENDING. July 1963. 8 pp. scription of revised statistics for all banks in MEASURING AND ANALYZING ECONOMIC GROWTH. the United States, by class of bank, together Aug. 1963. 14 pp. with revised statistics, Apr. 1959. 94 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. STATISTICS ON THE GOVERNMENT SECURITIES 1963. 8 pp. MARKET. Apr. 1961. 8 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. Sept. 1963. 17 pp. 1961. 21 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. 11 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. THE OPEN MARKET POLICY PROCESS. Oct. 1963. 1961. 15 pp. 11 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. RECENT INTEREST RATE TRENDS. NOV. 1963. 10 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. 7 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. 11 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- SUMERS. Mar. 1964. 9 pp. INTEREST RATES AND MONETARY POLICY, Sept. 1962.28 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS AND THE GOLD POOL. Mar. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1964. 14 pp. 1962. 10 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 7 pp. 1962. 15 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1626 FEDERAL RESERVE BULLETIN • DECEMBER 1964 REPRINTS—(Continued) NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 31 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. BANKING AND MONETARY STATISTICS, 1963. Se- 1964. 25 pp. lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964. TREASURY AND FEDERAL RESERVE FOREIGN EX- 15 pp. CHANGE OPERATIONS. Sept. 1964. 16 pp. REVISION OF THE MONEY SUPPLY SERIES. June U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. 1964. 14 pp. 8 pp. REVISION OF BANK CREDIT SERIES. June 1964. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- 5 pp. 64. Oct. 1964. 20 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. U.S. GOVERNMENT SECURITIES in 1964. Nov. July 1964. 9 pp. 1964. 8 pp. FEDERAL RESERVE SECURITY TRANSACTIONS, RESEARCH INTO BANKING STRUCTURE AND COM- 1954-63. July 1964. 16 pp. PETITION. Nov. 1964. 17 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1547, 1564, 1566 Deposits—Continued Agricultural loans of commercial banks, 1558, 1560 Federal Reserve Banks, 1548, 1613 Arbitrage, 1616 Postal savings, 1546, 1553 Assets and liabilities (See also Foreign liabilities and Discount rates, 1545, 1615 claims): Discounts and advances by Federal Reserve Banks and the monetary system, Banks, 1540, 1548, 1550 consolidated, 1553 Dividends, corporate, 1577, 1578 Corporate, current, 1578 Dollar assets, foreign, 1605, 1613 Domestic banks, by classes, 1554, 1558, 1560 Federal Reserve Banks, 1548 Earnings and hours, manufacturing industries, 1593 Automobiles: Employment, 1590, 1592, 1593 Consumer instalment credit, 1582, 1583. 1584 Farm mortgage loans, 1579, 1580 Production index, 1586, 1587 Federal finance: Cash transactions, 1568 Bankers' balances, 1559, 1561 Receipts and expenditures, 1569 (See also Foreign liabilities and claims) Treasurer's balance, 1568 Banks and the monetary sytem, consolidated Federal funds transactions, 1544 statement, 1553 Federal home loan banks, 1573, 1574, 1581 Banks for cooperatives, 1573, 1574 Federal Housing Administration, 1565, 1579, Bonds (See also U.S. Govt. securities): 1580, 1581 New issues, 1574, 1575, 1576 Federal intermediate credit banks, 1573, 1574 Prices and yields, 1564, 1565 Federal land banks, 1573, 1574 Brokers and dealers in securities, bank loans to, Federal National Mortgage Assn., 1573, 1574, 1581 1558, 1560 Federal Reserve Banks: Business expenditures on new plant and Condition statement, 1548 equipment, 1578 U.S. Govt. securities held by, 1540, 1548. 1550, Business indexes, 1590 1570, 1571 Business loans (See Commercial and industrial loans) Federal Reserve credit, 1540, 1548, 1550 Federal Reserve notes, 1548, 1551 Capital accounts: Federally sponsored credit agencies, 1573, 1574 Banks, by classes, 1554, 1559, 1562 Finance company paper, 1564, 1566 Federal Reserve Banks, 1548 Financial institutions, loans to, 1558, 1560 Carloadings, 1590 Float, 1540 Central banks, foreign, 1602, 1615 Flow of funds, 1598 Coins, circulation of, 1551 Foreign central banks, 1602, 1615 Commercial banks: Foreign currency operations, 1548, 1550, 1604, 1612 Assets and liabilities, 1554, 1557, 1558 Foreign deposits in U.S. banks, 1540, 1548, 1549, Consumer loans held, by type, 1583 1559, 1562, 1613 Number, by classes, 1554 Foreign exchange rates, 1617 Real estate mortgages held, by type, 1579 Foreign liabilities and claims: Commercial and industrial loans: Banks, 1606, 1608, 1609, 1611, 1613 Commercial banks, 1558 Nonfinancial concerns, 1614 Weekly reporting member banks, 1560, 1563 Foreign trade, 1619 Commercial paper, 1564, 1566 Condition statements (See Assets and liabilities) Gold: Construction, 1590, 1591 Certificates, 1548, 1551 Consumer credit: Earmarked, 1613 Instalment credit, 1582, 1583, 1584, 1585 Net purchases by U.S., 1604 Noninstalment credit, by holder, 1583 Production, 1603 Consumer price indexes, 1590, 1594 Reserves of central banks and govts., 1602 Consumption expenditures, 1596, 1597 Reserves of foreign countries and international Corporations: organizations, 1605 Sales, profits, taxes, and dividends, 1577, 1578 Stock, 1540, 1553, 1604 Security issues, 1575, 1576 Govt. debt (See U.S. Govt. securities) Security prices and yields, 1564, 1565 Gross national product, 1596, 1597 Cost of living (See Consumer price indexes) Currency in circulation, 1540, 1551, 1552 Hours and earnings, manufacturing industries, 1593 Customer credit, stock market, 1565 Housing starts, 1591 Debits to deposit accounts, 1550 Industrial production index, 1586, 1590 Demand deposits: Instalment loans, 1582, 1583, 1584, 1585 Adjusted, banks and the monetary system, 1553 Insurance companies, 1567, 1570, 1571, 1580 Adjusted, commercial banks, 1550, 1552, 1559 Insured commercial banks, 1556, 1558 Banks, by classes, 1546, 1554, 1562 Fnterbank deposits, 1546, 1554, 1559 Turnover of, 1550 Interest rates: Type of holder, at commercial banks, 1559 Bond yields, 1564 Deposits (See also specific types of deposits): Business loans by banks, 1563 Adjusted, and currency, 1553 Federal Reserve Bank discount rates, 1545 Banks, by classes, 1546, 1554, 1559, 1562, 1566 Foreign countries, 1615, 1616 1627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1628 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Interest rates—Continued Reserves—Continued Mortgage yields, 1565 Foreign countries and international Open market, 1564, 1616 organizations, 1605 Stock yields, 1564 Member banks, 1540, 1542, 1546, 1559, 1561 Time deposits, maximum rates, 1546 Residential mortgage loans, 1579, 1580, 1581 International capital transactions of the U.S., 1606 Retail sales, 1590 International institutions, 1602, 1604, 1605 Inventories, 1596 Sales finance companies, consumer loans of, 1582 Investment companies, new issues, 1576 1583, 1585 Investments (See also specific types of investments): Saving: Banks, by classes, 1554, 1558, 1561, 1566 Flow of funds series, 1598 Commercial banks, 1557 National income series, 1597 Federal Reserve Banks, 1548, 1550 Savings deposits (See Time deposits) Life insurance companies, 1567 Savings institutions, principal assets, 1566, 1567 Savings and loan assns., 1567 Savings and loan assns., 1567, 1571, 1580 Securities (See also U.S. Govt. securities): Labor force, 1592 Federally sponsored agencies, 1573 Loans (See also specific types of loans): International transactions, 1612, 1613 Banks, by classes, 1554, 1558, 1560, 1566 New issues, 1574, 1575, 1576 Commercial banks, 1557 Silver coin and silver certificates, 1551 Federal Reserve Banks, 1540, 1548, 1550 State member banks, 1556 Insurance companies, 1567, 1580 State and local govts.: Insured or guaranteed by U.S., 1579, 1580, 1581 Deposits of, 1559, 1562 Savings and loan assns., 1567, 1580 Holdings of U.S. Govt. securities, 1570, 1571 New security issues, 1574, 1575 Manufactures, production index, 1587, 1590 Ownership of obligations of, 1558, 1566, 1567 Margin requirements, 1546 Prices and yields of securities, 1564, 1565 Member banks: Stock market credit, 1565 Assets and liabilities, by classes, 1554, 1558 Stocks: Borrowings at Federal Reserve Banks, 1542, New issues, 1575, 1576 1548, 1562 Prices and yields, 1564, 1565 Deposits, by classes, 1546 Number, by classes, 1555 Tax receipts, Federal, 1569 Reserve position, basic, 1544 Time deposits, 1546, 1552, 1553, 1554, 1559, 1562 Reserve requirements, 1546 Treasurer's account balance, 1568 Reserves and related items, 1540 Treasury cash, 1540, 1551, 1553 Weekly reporting series, 1560 Treasury currency, 1540, 1551, 1553 Mining, production index, 1587, 1590 Treasury deposits, 1540, 1548, 1568 Money rates (See Interest rates) Money supply and related data, 1552 Unemployment, 1592 Mortgages (See Real estate loans) U.S. balance of payments, 1618 Mutual savings banks, 1553, 1554, 1556, 1566, 1570, U.S. Govt. balances: 1571, 1579 Commercial bank holdings, by classes, 1559, 1562 Consolidated monetary statement, 1553 National banks, 1556 Treasury deposits at Federal Reserve National income, 1596, 1597 Banks, 1540, 1548, 1568 National security expenditures, 1569, 1596 U.S. Govt. securities: Nonmember banks, 1556, 1558, 1559 Bank holdings, 1553, 1554, 1558, 1561, 1566, 1570, 1571 Open market transactions, 1547 Dealer transactions, positions, and financing, 1572 Payrolls, manufacturing, index, 1590 Federal Reserve Bank holdings, 1540, 1548, 1550, Personal income, 1597 1570, 1571 Postal Savings System, 1546, 1553 Foreign and international holdings, 1548, Prices: 1605, 1613 Consumer, 1590, 1594 International transactions, 1612 Security, 1565 New issues, gross proceeds, 1575 Wholesale commodity, 1590, 1594 Open market transactions, 1547 Production, 1586, 1590 Outstanding, by type of security, 1570, Profits, corporate, 1577, 1578 1571, 1573 Ownership of, 1570, 1571 Real estate loans: Prices and yields, 1564, 1565, 1616 Banks, by classes, 1558, 1566, 1579 United States notes, outstanding and in Mortgage yields, 1565 Type of holder, 1579, 1580, 1581 circulation, 1551 Utilities, production index, 1587, 1590 Type of property mortgaged, 1579, 1580, 1581 Reserve position, basic, member banks, 1544 Vault cash, 1540, 1546, 1559 Reserve requirements, member banks, 1546 Reserves: Veterans Administration, 1579, 1580, 1581 Central banks and govts., 1602 Commercial banks, 1559 Weekly reporting member banks, 1560 Federal Reserve Banks, 1548 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Total Index to Issue Total Index to tables tables January 1-140 139-140 July 813- 936 935- 936 February 141-276 275-276 August 937-1110 1109-1110 March 277-424 423-424 September 1111-1232 1231-1232 April 425-548 547-548 October 1233-1374 1373-1374 May 549-670 669-670 November 1375-1512 1511-1512 June 671-812 811-812 December 1513-1637 1627-1628 Pages Pages Alaskan member banks, credit for reconstruction Baker, Lisle, Jr., appointed director of Louisville and rehabilitation 446 Branch .... 35 Annual report, Board of Governors, 1963 . . . 446 Bakke, Karl E., appointed Assistant Secretary of Armstrong, Joseph S., appointed director at Pitts- Board of Governors 173 burgh Branch 38 Balance of payments Articles: {See U.S. balance of payments) Bank credit and money in 1963 141 Bank credit and money in 1963, article 141 Bank credit series, revision of. ... 693 Bank credit series, revision of, article. 693 Banking structure and competition, research Bank Holding Company Act: into ... . .1383 Banking offices and deposits of group banks, Business income and investment 1513 Dec. 31, 1963 783 Construction and mortgage markets . 277 Interpretations: Consumer instalment credit .... 1111 Computer services for customers of sub- Consumers, survey of financial sidiary banks .1137 characteristics . . 285 Loans, discounts, and extensions of Economic expansion in perspective . 1 credit between banks in bank holding Federal funds, new series on. 944 company systems ... ... 432 Federal Reserve security transactions, List of companies registered pursuant to Sec- 1954-63 822, 1016 tion 5, Dec. 31, 1963 782 Flows through financial intermediaries 549 Litigation, denial of applications by Marine Grants of reduced reserves to banks in re- Corporation and First Wisconsin Bankserve cities .698 shares Corp. affirmed by U.S. Court of Labor market 671, 847 Appeals . . 26 Member bank income, 1963 .... . .558 Orders issued under: Ministerial statement of Group of Ten and Atlantic National Bank of Jacksonville annex prepared by Deputies . . ... 975 and Atlantic Trust Company . 10 Monetary and credit developments, recent. .813 Barnett National Securities Corpora- Monetary and fiscal policies, major issues in. 1400 Money supply series, revision of .679 tion . 1138, 1415 Statements to Congress: Baystate Corporation 442 Coin shortage, statement concerning 838 Citizens and Southern Holding Com- Federal Reserve Act, proposed changes pany and Citizens and Southern Nain .... . 148 tional Bank . . 1012 Federal Reserve purchases of special se- Clayton Bancshares Corporation 1261 curities direct from the Treasury, Commercial Bancorp, Inc.... 1521 H.R. 11499 704 First National Bank of Tampa and Federal Reserve System proposed Union Security & Investment Co.. 714 changes in 308 First Wisconsin Bankshares Corporation.438 Regulation of collective investment Society Corporation 1007, 1415 funds maintained by banks, H.R. 8499 Union Security & Investment Co. 714 and H.R. 9410 ... .... 704 Bank Merger Act: Treasury and Federal Reserve foreign ex- Orders issued under: change operations and the gold pool.294, 1119 Bordentown Banking Company, Borden- U.S. balance of payments, 1963-64 1233 town, NJ. . . 329 U.S. exports in the last decade . 937 Camden Trust Company, Camden, N.J. 843 U.S. Govt. securities in 1964 . 1375 Chemical Bank New York Trust Com- U.S. trade and payments in 1963 425 pany, New York, N.Y. . .321, 326 Yield differentials in Treasury bills, 1959-64.1241 City Bank and Trust Company, Jackson, Atlantic National Bank of Jacksonville and Atlantic Trust Company, Order under Bank Mich. . . 711 Holding Company Act 10 County Trust Company, Tenafly, N.J. 565 Auerbach, Irving, article on new series on Fed- County Trust Company, White Plains. eral funds 944 N.Y 19 Axilrod, Stephen H., coauthor of article on Fed- Farmers Bank of Clinch Valley, Tazeeral Reserve security transactions, 1954-63 822 well, Va. 841 1629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1630 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Pages Pages Bank Merger Act—Continued Board of Governors—Continued Orders issued under—Continued Staff—Continued Fidelity-Philadelphia Trust Company, Benner, Henry, retirement as Assistant Philadelphia, Pa 13 Director, Division of Examinations. 173 Girard Trust Bank, Philadelphia, Pa. 433 Connell, J. J., retirement as Controller 847 Hyannis Trust Company, Hyannis, Davis, W. M., appointed Acting Direc- Mass 435 tor, Division of Data Processing 719 Lorain County Savings & Trust Com- Furth, J. Herbert, retirement as Adviser pany, Elyria, Ohio 21 in Division of International Finance, Old Kent Bank and Trust Company, and appointment as Consultant . 1420 Grand Rapids, Mich 24 Irvine, Reed J., appointed Associate Provident Tradesmens Bank and Trust Adviser, Division of International Company, Philadelphia, Pa. . 1003 Finance . 719 Rhode Island Hospital Trust Company, Kakalec, John, appointed Controller 847 Providence, R.I 170 Masters, Robert C, retirement as As- State Bank of Albany, Albany, N.Y. . 1416 sociate Director, Division of Exami- State and Savings Bank, Monticello, nations 331 Ind 1001 Reynolds, John E., appointed Associate Wheeling Dollar Savings & Trust Co., Adviser, Division of International Wheeling, W. Va 1524 Finance 719 Worthen Bank & Trust Company, Little Schwartz, M. H., resignation as Direc- Rock, Ark 1528 tor, Division of Data Processing, and Bank securities, application of Securities Ex- subsequent reappointment to same change Act to 1134 position 719, 1420 Bank Service Corporation Act, assurances re- Bonds: quired in situations involving State member Underwriting of notes payable from proceeds banks .432 of subsequent sale of general obligation Banking and monetary statistics bonds, interpretation 1001 for 1963 . 242, 396, 640 Underwriting of public authority bonds Banking offices: payable from rents under lease with gov- Changes in number . . . 240, 1082 ernmental entity having general taxing Par and nonpar offices, number .241, 1083 powers, interpretation 564 Banking structure and competition, research into 1383 Bordentown Banking Company, Bordentown, Banks and branches, number, by class and State. .518 N.J., Order under Bank Merger Act 329 Bozarth, Howard J., appointed director at Okla- Barnett National Securities Corporation, Orders homa City Branch 40 under Bank Holding Company Act . .1138, 1415 Branch banks: Baystate Corporation, Order under Bank Hold- Federal Reserve: ing Company Act . 442 Directors {See Directors. Federal Re- Benner, Henry, retirement as Assistant Director, serve branch banks) Division of Examinations 173 Territory of Little Rock Branch, exten- Blair, George Benjamin, appointed director at sion of . . 719 New Orleans Branch 35 Vice Presidents in charge of . 1622 Blanton, George, Jr., elected Class A director at Foreign banks, domestic branches of, as Richmond . 1532 "banks," interpretation 168 Board of Governors: Foreign branches of member banks, loans Annual report, 1963 446 to executive officers of, interpretation. 169 Litigation . 26 "Messenger service" provided by State mem- Members: ber banks, interpretation 710 List, 1913-64 . ... 708, 847 Number, by class and State 519 Robertson, J. L., reappointment 446 Briggs, Robert P., resignation as Class C director, Statements to Congress: Chairman, and Federal Reserve Agent at Coin shortage, statement concern- Chicago 1269 ing .... .... . 8 38 Brooks, Elwood, M., appointed director at Denver Federal Reserve Act, proposed Branch . 40 changes in ... 148 Brunner, Karl, comment on statements to Con- Federal Reserve System, proposed gress on proposed changes in Federal Reserve changes in 308, 567 System 567 Legislation relating to Federal Re- Business conditions, national summary. .43, 174, 332, serve purchases of special securi- 448, 568, 720, 848, 1018, 1142, 1270, 1421, 1535 ties direct from the Treasury . 704 Business income and investment, article 1513 Legislation to provide for regulation of collective investment California Bond Anticipation Notes, ineligible for funds maintained by banks 704 underwriting and dealing in by State member Members and officers 1620 banks 1001 Publications {See Publications) Camden Trust Company, Camden, N.J., Order Regulations {See Regulations) under Bank Merger Act 843 Staff: Capital and surplus of member banks: Bakke, Karl E., appointed Assistant Capital notes and debentures as. Secretary 173 interpretation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 50 1631 Pages Pages Capital and surplus of member banks—Continued Deatherage, William G., appointed director at Undivided profits as, interpretation 710 Louisville Branch 39 Carlson, Maxwell, appointed director at Seattle Defense Production Act, extension of 840 Branch 41 Department store sales and stocks, responsibility Chairmen and Deputy Chairmen of Federal Re- for preparation of data 446 serve Banks 33, 1269, 1622 Deposits: Cheatham, J. M., appointed Deputy Chairman at Deposit contract providing for 3 months' Atlanta 34 maturity with option to withdraw on 90 Chemical Bank New York Trust Company, New days' notice, interpretation . 840 York, N.Y., Orders under Bank Merger Savings accounts by corporations operated Act .321, 326 for profit prohibited . . . 9 Citizens and Southern Holding Company and Time and savings, maximum permissible Citizens and Southern National Bank, Order rates, increase in ... 1520, 1531 under Bank Holding Company Act 1012 Transfer from deposit account to "borrowed City Bank and Trust Company, Jackson, Mich., money" account and payment of interest Order under Bank Merger Act 711 thereon . 1000 Clay, Albert G., appointed Class C director at Dial, William H., appointed director at Jackson- Cleveland 34 ville Branch .... .... 39 Clayton Bancshares Corporation, Order under Directors, Federal Reserve Banks: Bank Holding Company Act 1261 Chairman and Federal Reserve Clearing and collection: Agents 33, 1269, 1622 Nonmember clearing banks: Class A and Class B, elections 41, 1141, 1532 Domestic branch of foreign bank 168 Class C, appointments 34, 1141 Private bank 168 Deputy Chairmen 33, 1622 Regulation G, amendments to Section 207.3 1135 List 155 Regulation J, amendments to Section 210.51135 Resignations and death . . . 1016. 1269 Coin shortage, statement of Chairman Martin Directors, Federal Reserve branch banks: on 838 Appointments 34, 38, 1531 Collective investment funds maintained by banks, List . . .. 155 statement of Chairman Martin on H.R. 8499 Resignations 719, 1269 and H.R. 9410 704 Discount rates at Federal Reserve Banks, increase Commercial Bancorp, Inc., Order under Bank in . . 1531 Holding Company Act 1521 Dividends: Commercial banks: Federal Reserve Banks 41, 238 Banking offices, changes in number .240, 1082 Insured commercial banks 639 Branches, number, by State 519 Member banks 559. 562, 630 Collective investment funds maintained by banks, statement of Chairman Martin on Earnings and expenses: H.R. 8499 and H.R. 9410 704 Federal Reserve Banks . 41, 238 Income and expenses 639 Insured commercial banks 639 Interest equalization tax information returns 1134 Member banks 558, 630 Number, by class and State 518 Earthman, William F., Jr., appointed director at Connell, J. J., retirement as Controller, Board of Nashville Branch 39 Governors . . . . 847 Eckert, James B., article on revision of bank Construction and mortgage markets, article 277 credit series . .. . . 693 Consumer instalment credit, article 1111 Economic expansion in perspective, article 1 Consumers, survey of financial characteristics of, Employment: article 285 Labor market, article 671, 847 Coombs, Charles A., reports on Treasury and England, Bayard L., elected Class B director at Federal Reserve foreign exchange operations Philadelphia 1532 and the gold pool 294, 1119 Errata: Coons, Arthur Gardiner, appointed director at June BULLETIN (pages 678 and 709) 847 Los Angeles Branch 36 July BULLETIN (page 834) ... 1016 Cooper, Sam, appointed director at Memphis November 1963 BULLETIN (page 1497) 41 Branch . 35 Executive officers of member banks, loans to: Corporations operated for profit, savings accounts Foreign branches of national and State memprohibited 9 ber banks authorized to lend to executive County Trust Company, Tenafly, N.J., Order officers 169 under Bank Merger Act 565 Reports of indebtedness to domestic branches County Trust Company, White Plains, N.Y., of foreign banks and to private banks Order under Bank Merger Act 19 required 168, 169 Cupp, Cecil W., appointed director at Little Rock Exports {See Foreign trade) Branch 39 Customer credit, Stock Exchange firms, June Farm Debt: Data from the 1960 Sample Survey 1956-64 1206 of Agriculture 1534 Farmers Bank of Clinch Valley, Tazewell, Va., Daane, J. Dewey, statement on proposed changes Order under Bank Merger Act 841 in Federal Reserve System 316, 567 Federal Advisory Council 1621 Davis, W. M., appointed Acting Director, Division Federal funds: of Data Processing 719 New series on, article 944 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1632 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Pages Pages Federal funds—Continued Federal Reserve and Treasury foreign exchange Transactions by Edge Corporation to adjust operations and the gold pool, reports on. .294, 1119 reserve balance, interpretation 1414 Fey, John T., resignation as Class C director at Federal Open Market Committee: Boston . . .1016 Foreign exchange operations, Fidelity-Philadelphia Trust Company, Philadelreports on . . 294, 1119 phia, Pa., Order under Bank Merger Act . 13 Members and staff 1621 Financial intermediaries, flows through, article 549 Minutes, 1936-60, availability of 1015 Fink, Edward A., appointed First Vice President Open market transactions, new BULLETIN of Federal Reserve Bank of Cleveland 446 table on 1017 First National Bank of Tampa, Order under Bank Federal Reserve Act: Holding Company Act . . 714 Interpretations: First Wisconsin Bankshares Corporation: Capital and surplus of member Litigation 26, 29 banks 9, 710 Order under Bank Holding Company Act 438 Domestic branches of foreign banks as Flow of funds: "banks" . 168 Financial assets and liabilities 517, 1342 Investments in stock of foreign banks 1000 Revised data .1269 Loans to executive officers of member Saving and financial flows ... 106, 508, 1332 banks 168, 169 Supplement to Flow of Funds Accounts, "Messenger service" provided by State 1945-62 331 member banks 710 Through financial intermediaries, article 549 Private banks as "banks" 168 Foote, L. Y., appointed director at New Orleans Savings accounts by corporations op- Branch 39 erated for profit prohibited 9 Foreign banking and financing corporations: Transfer from deposit account to "bor- Transactions in Federal funds to adjust rerowed money" account and payment serve balance maintained by Edge Corof interest thereon 1000 poration, interpretation 1414 Proposed changes in, statements on 148, 308 Foreign banks: Section 14(b), authority to purchase Govt. Domestic branches of, as "banks", interpretaobligations direct from U.S., tion . 168 extension of 704. 840 Investments by member banks in stock of, Section 24: interpretation . . . 1000 Conventional real estate loans by na- Foreign exchange operations: tional banks, amendment 1134 Treasury and Federal Reserve foreign ex- Loans on forest tracts, amendment 840 change operations and the gold pool, re- Federal Reserve Banks: ports on 294, 1119 Authority to purchase Govt. obligations di- Foreign trade: rect from U.S., extension of 704, 840 U.S. exports in the last decade, article 937 Branches (See Branch banks) French, John H., Jr., appointed director at Detroit Branch . . 39 Chairmen and Deputy Chairmen 33, 1269, 1622 Friedman, Milton, comment on statements to Directors (See Directors) Congress on proposed changes in Federal Re- Discount rates, increase in 1531 serve System . . .. . 567 Earnings and expenses 41, 238 Fry, Edward R., coauthor of article on revision First Vice Presidents: of money supply series 679 Fink, Edward A., appointed at Furth, J. Herbert, retirement as Adviser in Divi- Cleveland 446 sion of International Finance, and appointment List 166, 1622 as Consultant 1420 Mills, Albert W., retirement at Minneapolis . 41 Girard Trust Bank, Philadelphia, Pa., Order under Strothman, Maurice H., Jr., appointed Bank Merger Act 433 at Minneapolis . .. 41 Gold pool: Thompson, Donald S., retirement at Treasury and Federal Reserve foreign ex- Cleveland 446 change operations and the 294, 1119 General Auditors 166 Govt. securities (See U.S. Govt. securities) Presidents 166, 1622 Group of Ten, Ministerial statement of, and Vice Presidents . 166 annex prepared by Deputies . . 975 Federal Reserve districts: Gwaltney, Eugene C., Jr., appointed director at Territory of Little Rock Branch, extension 719 Birmingham Branch 1531 Federal Reserve notes, interest paid to Treasury . .. . . 41, 238 Hand, John A., appointed director at Birmingham Federal Reserve security transactions, 1954-63, Branch ... 38 article . . .. 822, 1016 Harris, B. Meyer, appointed director at Helena Federal Reserve System: Branch 40 Admissions of State banks to Heyer, Robert W., appointed director at El Paso membership . .447, 567, 719, 1017, 1420 Branch . .. 40 Book on purposes and functions, revised Historical records of Federal Reserve System, edition 42 availability of . 1015 Historical records, availability of . .. 1015 Holland, Robert C, article on research into bank- Proposed changes in, statements 148, 308, 567 ing structure and competition 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 50 1633 Pages Pages Hunter, John A., appointed Class C director at Interpretations—Continued Atlanta .... 34 Federal funds transactions to adjust reserve Hyannis Trust Company, Hyannis, Mass., Order balance maintained by Edge Corporation 1414 under Bank Merger Act 435 Interlocking relationship involving securities affiliate of brokerage firm. . 563 Income and expenses: Investments by member banks in stock of Federal Reserve Banks 238 foreign banks 1000 Insured commercial banks 639 Loans to executive officers of foreign Member banks . 558, 630 branches of national and State member Index, annual, change in . . 1534 banks 169 Industrial production index, revisions in . . . 847 Maximum interest rates on deposits, explan- Industrial Production Measurement in the United atory statement ... 1520 States: Concepts, Uses, and Compilation Prac- "Messenger service" provided by State memtices, paper on .446 ber banks 710 Insured banks: Private banks as "banks". 168 Changes in control of, reporting require- Published interpretations of Board 1016 ments 1261, 1414 Savings accounts by corporations operated Insured commercial banks: for profit prohibited. 9 Banking offices, changes in number 240, 1082 Transfer from deposit account to "borrowed Branches, number, by State 519 money" account and payment of interest Income and expenses 639 thereon ... 1000 Number, by State 518 Underwriting of notes payable from proceeds Interest equalization tax information returns, of subsequent sale of general obligation inspection by Board and Reserve Banks 1134 bonds 1001 Interest on deposits: Underwriting of public authority bonds pay- Deposit contract providing for 3 months1 able from rents under lease with governmaturity with option to withdraw on 90 mental entity having general taxing powers 564 days' notice, interpretation . 840 Unsecured negotiable notes 1137, 1521 Savings accounts by corporations operated Investment, business income and, article 1513 for profit prohibited . .. 9 Investments: Time and savings deposits, maximum permis- Collective investment funds maintained by sible rates, increase in 1520, 1531 banks, statement of Chairman Martin on Transfer from deposit account to "borrowed H.R. 8499 and H.R. 9410. 704 money" account and payment of interest Investment securities: thereon 1000 Notes payable from proceeds and sub- Unsecured negotiable notes issued by mem- sequent sale of general obligation ber banks 1137 bonds, underwriting by State member Interest rates: banks 1001 Article on U.S. Govt. securities in 1964 1375 Public Authority bonds payable from Discount rates at Federal Reserve Banks, rents under lease with governmental increase in . . 1531 entity having general taxing powers, Time and savings deposits, maximum permis- underwriting by State member banks. 564 sible rates, increase in .. ..1520, 1531 Member banks, in stock of foreign banks, Interlocking relationship involving securities af- interpretation 1000 filiate of brokerage firm, interpretation 563 Irvine, Reed J., appointed Associate Adviser, International monetary system: Division of International Finance. 719 Article on major issues in monetary and fiscal policies 1400 Johnson. Harry G., paper on major issues in Ministerial statement of Group of Ten and monetary and fiscal policies 1400 annex prepared by Deputies, article 975 Interpretations: Kakalec, John, appointed Controller, Board of Bank Holding Company Act: Governors 847 Computer services for customers of sub- Katz, Samuel I., article on yield differentials in sidiary banks . . . 1137 Treasury bills, 1959-64 1241 Loans, discounts, and extensions of Kendrick, Marron, elected Class B director at credit between banks in bank holding San Francisco 1534 company systems 432 Koch, Edwin G., appointed director at Helena Bank Service Corporation Act: Branch 35 Assurances required in situations involv- Kolar, E. J., appointed director at Portland Branch 41 ing State member banks. . 432 Krummack, Janice, coauthor of article on Federal Capital and surplus of member banks: Capital notes and debentures as 9 Reserve security transactions, 1954-63 822 Undivided profits as.. 710 Kuhn, Lloyd W., elected Class A director at Change in control of bank management inci- Philadelphia 1532 dent to a merger, reports of. .1414 Kyger, Murray, elected Class A director at Deposit contract providing for 3 months' Dallas 1141 maturity with option to withdraw on 90 days' notice 840 Labor market, article . 671, 847 Domestic branches of foreign banks as Laing, R. Stanley, appointed director at Cincin- "banks" 168 nati Branch 1531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1634 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Pages Pages Legislation: Member banks—Continued Authority of Federal Reserve Banks to pur- Banking offices, changes in number 240, 1082 chase Govt. obligations direct from the Borrowings at Federal Reserve Banks, U.S., extension of . . 704, 840 weekly averages for 1963 . 396 Changes in control of banks, reporting re- Branches, number, by State 519 quirements . . 1261, 1414 Capital and surplus: Coin shortage, statement of Chairman Mar- Capital notes and debentures as, intertin on H.R. 10532 838 pretation 9 Collective investment funds maintained by Undivided profits as, interpretation. 710 banks, statement of Chairman Martin on Changes in control of management, report- H.R. 8499 and H.R. 9410 704 ing requirements 1261, 1414 Conventional real estate loans by national Executive officers, loans to (See Executive banks, amendment to Section 24 of Fed- officers) eral Reserve Act 1134 Income and expenses 558, 630 Defense Production Act, extension of 840 Interlocking relationship involving securities Federal Reserve Act, proposed changes in, affiliate of brokerage firm, interpretation 563 statement of Chairman Martin. . . 148 Investments in stock of foreign banks, in- Federal Reserve System, proposed changes terpretation 1000 in, statements of Governors Mitchell and National banks (See National banks) Daane 308, 567 Number, by class and State. 518 Housing Act of 1964 1134 Operating ratios . . 520 Interest Equalization Tax Act. . . 1134 Reserves (See Reserves) Loans by national banks on forest tracts, Savings accounts by corporations operated amendment to Section 24 of Federal Refor profit prohibited 9 serve Act . . 840 State member banks (See State member Securities Exchange Act, amendments with banks) respect to stocks and other securities of Underwriting of notes payable from proceeds banks 1134 of subsequent sale of general obligation Levine, Max, appointed Class C director at Dallas 34 Litigation: bonds 1001 Underwriting of public authority bonds pay- Bank holding company applications, Board's denial affirmed by U.S. Court of Appeals 26 able from rents under lease with govern- Loans: mental entity having general taxing Commercial banks to foreign obligors, in- powers . 564 terest equalization tax information ... 1134 Unsecured negotiable notes, issuance by. . 1137 Executive officers of member banks (See Ex- Weekly reporting series, Wednesday data for ecutive officers) 1963 242 National banks: Membership in the Federal Reserve System: Conventional real estate loans, amend- Admissions of State banks 447, 567 ment to Section 24 of Federal Re- 719, 1017, 1420 serve Act . . 1134 "Messenger service" provided by State member Loans on forest tracts, amendment to banks, interpretation . 710 Section 24 of Federal Reserve Act . 840 Millard, Charles W., Jr., appointed director at Lorain County Savings & Trust Company, Elyria, Buffalo Branch . . 38 Ohio, Order under Bank Merger Act. 21 Mills, Albert W., retirement as First Vice President of Federal Reserve Bank of Minneapolis 41 Marine Corporation, litigation under Bank Hold- Ministerial statement of Group of Ten and aning Company Act. . 26 nex prepared by Deputies 975 Martin, Wm. McC, Jr.: Minutes of Federal Open Market Committee. Coin shortage, statement concerning. 838 1936-60, availability of.. 1015 Federal Reserve Act, proposed changes in, Mitchell, George W., statement on proposed statement on H.R. 8505, S. 2076, H.R. changes in Federal Reserve System 308, 567 9631, and H.R. 3783 148 Monetary and credit developments, recent, Federal Reserve purchases of special securiarticle . 813 ties direct from the Treasury, statement Monetary and fiscal policies, major issues in, on H.R. 11499 704 paper by Harry G. Johnson. . . . 1400 Regulation of collective investment funds maintained by banks, statement on H.R. Money and bank credit in 1963, article 141 8499 and H.R. 9410 704 Money supply series, revision of, article 679 Masters, Robert C, retirement as Associate Di- Morgan, Allen, appointed director at Memphis rector, Division of Examinations 331 Branch .. . . . 39 McCormack, James, appointed Class C director Morris, James A., appointed director at Charlotte at Boston .... 1141 Branch 35 McGregor, William, appointed director at Seattle Mortgages (See Real estate loans) Branch 36 Murphy, George A., elected Class A director at McNally, C. Robert, Jr., appointed director at New York 1532 El Paso Branch. 35 Mutual savings banks: Member banks: Banking offices, changes in number 240, 1082 Alaskan banks, credit for reconstruction and Branches, number, by State 519 rehabilitation purposes 446 Number, by State 518 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 50 1635 Pages Pages Nash, John F., elected Class A director at Min- Real estate loans: neapolis 1533 Construction and mortgage markets, article 277 National banks (See also Member banks): Conventional, by national banks, amend- Banking offices, changes in number. . 240, 1082 ment to Section 24 of Federal Reserve Branches, number, by State. . . .519 Act 1134 Conventional real estate loans, amendment Regulations, Board of Governors: to Section 24 of Federal Reserve Act. 1134 D. Reserves of Member Banks: Executive officers of foreign branches of, Amendment to Section 204.2(b) . .. 168 loans to, interpretation 169 Deposit of business corporation, classifi- Investments in stock of foreign banks, inter- cation as savings deposit for reserve pretation . . . 1000 purposes prohibited 9 Loans on forest tracts, amendment to Sec- Unsecured negotiable notes issued by tion 24 of Federal Reserve Act. 840 member banks ... 1137 Number, by State. ... .518 G, Collection of Noncash Items: Savings accounts by corporations operated Amendments to Section 207.3 1135 for profit prohibited. ... .9 J, Check Clearing and Collection: National summary of business conditions. . . .43, 174, Amendments to Section 210.5 1135 332, 448, 568, 720, 848, 1018, 1142. K, Corporations Engaged in Foreign Bank- 1270, 1421, 1535 ing and Financing under the Federal Re- Nonmember banks: serve Act: Banking offices, changes in number 240, 1082 Transactions in Federal funds to adjust Branches, number, by State 519 reserve balances . . . . 1414 Domestic branch of foreign bank a "non- Q, Payment of Interest on Deposits: member bank" entitled to clearing privi- Deposit contract providing for 3 months' leges 168 maturity with option to withdraw on Number, by State. . . . 518 90 days' notice . . .840 Private bank a "nonmember bank" entitled Maximum permissible rates on time and to clearing privileges. 168 savings deposits, increase in. 1520, 1531 Savings accounts by corporations oper- Old Kent Bank and Trust Company, Grand Rap- ated for profit prohibited . .. 9 ids, Mich., Order under Bank Merger Act. 24 Transfer from deposit account to "bor- Open Market Committee (See Federal Open rowed money" account and payment Market Committee) of interest thereon. . . . . 1000 Open market transactions, new BULLETIN table Unsecured negotiable notes issued by on .. . . .. 1017 member banks 1137 Operating ratios, member banks 520 R, Relationships with Dealers in Securities: Short-term negotiable notes of banks Par List . . . . 241, 1083 not securities under. 1521 Peters, Lovett C. appointed director at Houston S, Bank Service Arrangements: Branch . . . . . . .. 35 Assurances required in situations involv- Presidents of Federal Reserve Banks. . 166, 1622 ing State member banks. .432 Private banks as "banks", interpretation 168 Reserves: Profits: Edge Corporations, transactions in Federal Insured commercial banks 639 funds to adjust reserve balances, inter- Member banks 559, 561, 630 pretation . 1414 Undivided profits of member banks as capi- Member banks: tal or surplus, interpretation. . 710 Computation of reserves: Projector, Dorothy S., article on survey of finan- Balances due from private banks, cial characteristics of consumers. . . . 285 deduction permissible . . . . 169 Provident Tradesmens Bank and Trust Company, Regulation D, amendment to Sec- Philadelphia, Pa., Order under Bank Merger tion 204.2 (b) 168 Act 1003 Deposit of business corporation, classi- Publications, Board of Governors: fication as savings deposit for reserve Annual report, 1963 446 purposes prohibited .... 9 Back issues of the BULLETIN 1141 Grants of reduced reserves to banks in BULLETIN index, change 1534 reserve cities, article . . . .698 Farm Debt: Data from the I960 Sample Reserves and borrowings, weekly aver- Survey of Agriculture. . ... 1534 ages for 1963... 396 Federal Reserve System: Purposes and Func- Revision of bank credit series. . . .693 tions, revised edition. 42 Revision of money supply series, article 679 Flow of Funds Accounts, 1945-62, 1963 Reynolds, John E., appointed Associate Adviser, supplement ... 331 Division of International Finance 719 Industrial Production Measurement in the Rhode Island Hospital Trust Company, Provi- United States: Concepts, Uses, and Compi- dence, R.I., Order under Bank Merger Act. . . 170 lation Practices 446 Riddel, Roy, Class A director at Dallas, death of 1016 List 1623 Robertson, J. L., reappointed as member of Published interpretations of the Board 1016 Board of Governors . . 446 Pugh, James, appointed director at Cincinnati Rogier, Harry E., elected Class A director at Branch 38 St. Louis 1533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1636 FEDERAL RESERVE BULLETIN • DECEMBER 1964 Pages Pages Saving: State member banks—Continued Flow of funds 106, 508, 1332 Executive officers of foreign branches of, Through financial intermediaries, article 549 loans to, interpretation. . .. 169 Savings deposits {See Deposits) Investments in stock of foreign banks, inter- Schooler, Seward D., elected Class A director at pretation 1000 Cleveland . . ... 1532 Mergers {See Bank Merger Act) Schwartz, M. H., resignation as Director, Divi- "Messenger service" provided by, interpresion of Data Processing, and subsequent re- tation 710 appointment to same position 719, 1420 Number, by State 518 Securities {See also U.S. Govt. securities): Savings accounts by corporations operated Bank securities, application of Securities for profit prohibited 9 Exchange Act to 1134 Underwriting of notes payable from proceeds Legislation to provide for regulation of col- of subsequent sales of general obligation lective investment funds maintained by bonds . . . . 1001 banks, statement of Chairman Martin on Underwriting of public authority bonds H.R. 8499 and H.R. 9410 704 payable from rents under lease with gov- Short-term negotiable notes of banks not ernment entity having general taxing securities under Section 32 of Banking Act powers . . 564 of 1933 . . 1521 State and Savings Bank, Monticello, Ind., Order Securities companies: under Bank Merger Act. . . . 1001 Interlocking relationship involving securities Steffensen, V. R., appointed director at Salt Lake affiliate of brokerage firm, interpretation 563 City Branch . 41 Securities Exchange Act, application to stocks and Stock market credit: other securities of banks 1134 Stock Exchange firms, June 1956-64 1206 Self, William King, appointed Class C director Stocks: at St. Louis 34 Bank stocks and other securities, applica- Sippel, John P., appointed director at Baltimore tion of Securities Exchange Act to. . . 1134 Branch ... .. ... 38 Strothman, Maurice H., Jr., appointed First Vice Society Corporation, Orders under Bank Hold- President of Federal Reserve Bank of Minneing Company Act. . . 1007, 1415 apolis 41 Solodow, Robert, article on member bank income 558 Studies: Special tables: Research into banking structure and com- Bank holding companies: petition, article 1383 Banking offices and deposits of group Surveys: banks, Dec. 31, 1963. . 783 Financial characteristics of consumers 285 List of, Dec. 31, 1963. . . 782 Swan, Joyce A., elected Class B director at Banking and monetary statistics Minneapolis 1533 for 1963 . .242, 396 System open market account, new BULLETIN Banking offices: table 1017 Analysis of changes in number. .240, 1082 On, and not on, Federal Reserve Par Territory of Little Rock Branch, extension of 719 List, number 241, 1083 Thompson, Donald S., retirement as First Vice Banks and branches, number of, by class President of Federal Reserve Bank of Cleveand State . 518 land 446 Flow of funds: Thomsen, C. J., appointed Class C director and Assets and liabilities 517 Deputy Chairman at Dallas. 34 Saving and financial flows 106, 508, 1332 Thornton, J. R., appointed director at San An- Income and expenses: tonio Branch 40 Federal Reserve Banks. . 238 Time deposits {See Deposits) Insured commercial banks 639 Townsend, Mark, elected Class B director at St. Member banks: Louis 41 Calendar year 630 Trade, U.S., and payments in 1963, article 425 Operating ratios 520 Treasury bills, yield differentials in, 1959-64, Stock Exchange firms, detailed debit and article 1241 credit balances 1206 Treasury and Federal Reserve foreign exchange Staff of Board of Governors {See Board of Gov- operations and the gold pool, reports on 294, 1119 ernors) Trust funds, statement of Chairman Martin on State Bank of Albany, Albany, N.Y., Order under H.R. 8499 and H.R. 9410 704 Bank Merger Act. . .. 1416 Tucker, William L, elected Class A director at State member banks {See also Member banks): Boston 1532 Admissions to membership in Federal Reserve System.. 447, 567, 719, 1017, 1420 Union Security & Investment Co., Order under Bank Service Corporation Act, assurances Bank Holding Company Act 714 required in situations involving 432 U.S. balance of payments: Banking offices, changes in number 240, 1082 1963-64, article 1233 Branches, number, by State. ... 519 U.S. trade and payments in 1963, article 425 Changes in control of, reporting require- U.S. Govt. securities: ments 1261, 1414 Article on U.S. Govt. securities in 1964 1375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX VOLUME 50 1637 Pages Pages U.S. Govt. securities—Continued Weekly reporting member banks: Authority of Federal Reserve Banks to pur- Wednesday data for 1963. 242 chase direct from U.S., extension of. .704, 840 Welch, Con T., appointed director at Memphis Federal Reserve security transactions, Branch 39 1954-63, article . . . .822, 1016 Wheeling Dollar Savings & Trust Co., Wheeling, W. Va., Order under Bank Merger Act 1524 Ward, James E., appointed director at Nashville Whitaker, Howard E., resignation as director at Branch 35 Cincinnati Branch 1269 Warner, Jack W., resignation as director at Bir- Worthen Bank & Trust Company, Little Rock, mingham Branch 719 Ark., Order under Bank Merger Act 1528 Watson, Arthur K., elected Class B director at Wyand, Robert R., II, coauthor of article on re- New York 1532 vision of money supply series 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis