Federal Reserve Bulletin, 1965-02

FEDERAL RESERVE B U LLETIN February 1965 Volume 51 • Number 2 * * ** * * * * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN Contents Bank Credit and Monetary Developments in 1964 213 Statement on Gold Reserve Requirements 226 Directors of Federal Reserve Banks and Branches 231 Law Department 242 Announcements 256 National Summary of Business Conditions 258 Guide to Tabular Presentation 260 Financial and Business Statistics, U.S. (Contents on p. 261) 262 International Financial Statistics (Contents on p. 335) 336 Board of Governors and Staff 354 Open Market Committee and Staff; Federal Advisory Council 355 Federal Reserve Banks and Branches 356 Federal Reserve Board Publications 357 Index to Statistical Tables 359 Map of Federal Reserve System Inside back cover 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS IN 1964 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

213 E ederal Reserve operations to increase the reserve base of member banks, in order to accommodate a continued growth in savings and time deposits and a somewhat more rapid rise in demand deposits, made possible a further substantial expansion in bank credit in 1964. The rate of increase was about the same as in 1963. Growth in loans accounted for most of the increase. Business loans—including those to foreigners—increased faster than they had in 1963, and the total of other loans and total investments increased at about the same rate. Nevertheless, the ratio of total loans to deposits reached a postwar high during the year. CHART » BANK CREDIT continued to grow rapidly in 1964. RATIO SCALE BIUIONS OF DOLLARS U.S, GOVT. SECURITIES OTHER SECURITIES NOTE.—Seasonally adjusted last-Wednesday-of-the-month data (except for June 30 and December 31 call dates) for all commercial banks. Interbank loans excluded. Latest figures, January (preliminary). Expansion in the money supply was uneven during 1964, but for the year as a whole the increase amounted to 4 per cent, which was only slightly more than in 1963. Growth in time and savings deposits at commercial banks exceeded 12.5 per cent, somewhat less than the rate in the previous year. Federal Reserve operations during 1964 were carried out in a domestic environment of rapidly expanding industrial output and gross national product, but with commodity price indexes remaining stable for the seventh consecutive year. There was some increase in prices of sensitive industrial materials, however, particularly for nonferrous metals. While the unemployment rate declined, it still averaged somewhat over 5.0 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN - FEBRUARY 1965 214 A major contribution to economic expansion stemmed from the March reduction in personal and corporate income tax rates. As a result of the reduction the Treasury had a somewhat larger cash deficit, which it continued to finance largely by selling shortterm securities. To help meet the credit demands associated with the continued expansion in the U.S. economy, the Federal Reserve supplied reserves to the banking system at a slightly faster rate than in 1963. Steps were taken in the late summer, however, to dampen somewhat the expansion of bank reserves. As the year progressed, demand forces worked to offset this effort. Throughout the year our international balance of payments continued to be an important factor in shaping monetary policy. In November, in the wake of an increase from 5 to 7 per cent in the discount rate of the Bank of England, associated with the sterling crisis, the Federal Reserve Banks raised the U.S. discount rate from ^Vi to 4 per cent, and the Board of Governors and the Federal Deposit Insurance Corporation increased maximum rates that member and insured banks may pay on most time and savings accounts. Until the change in the discount rate, both short- and long-term interest rates had moved in a narrow range. By the year-end, however, short-term yields had risen about 25 basis points while long-term yields were generally little changed. FEDERAL RESERVE ^ , ^ , , ^ . , , t OPERATIONS *n 1964 the Federal Reserve sought to provide for moderate growth in the reserve base in order to facilitate continued expansion in the economy while maintaining conditions in the money market that would minimize outflows of short-term capital. In midsummer, however, reserves were provided a little less freely— relative to demand—thereby permitting some firming in money market rates of interest. After the Bank of England raised its discount rate to help relieve pressure on sterling, then under speculative attack following an extended period in which the British balance of payments had been deteriorating, all Federal Reserve Banks raised their discount rates. As was officially stated at the time, this action was taken to assert the System's resolve to protect the dollar in international financial markets, and not to curtail domestic credit availability, which was then under strong seasonal and temporary demand pressures. Open market operations were adapted so as to be consistent with these objectives. Concurrent with the increase in the discount rate, the Board of Governors and the FDIC raised the maximum rates that member and insured banks may pay on time and savings accounts as fol- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 215 lows: Those on time deposits with maturities greater than 90 days were raised from 4 to AV2 per cent and on 30- to 90-day maturities from 1 to 4 per cent. Those on savings deposits held for less than 1 year were raised from 3Vi to 4 per cent. These actions were taken so that banks could continue to compete for interestbearing deposits in financial markets characterized by higher short-term interest rates. BANK RESERVES continued upward in 1964. — 20 r / TOTAL NONBORROWED / RESERVES I I I! .but BORROWINGS averaged somewhat higher. BORROWINGS — 1 EXCESS RESERVES NOTE.—Monthly averages of daily figures for member banks. Total and nonborrowed reserves are seasonally adjusted. Total reserves adjusted to exclude the effects of changes in legal reserve ratio. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, January (preliminary). Federal Reserve open market purchases supplied all of the 4.2 per cent increase in member bank reserves in 1964, slightly more than in 1963. For the entire year, the Federal Reserve increased its holdings of U.S. Government securities by about $3.4 billion, a little more than in 1963. Currency expansion, gold losses, and other technical factors absorbing reserves offset all but about $900 million of these purchases. So as to limit downward pressure on short-term interest rates for balance of payments reasons, only 65 per cent of net outright purchases were in securities that matured in less than 1 year. This was a larger proportion than in 1963, but issuance by the Treasury of a larger supply of short-term securities in 1964 made it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN - FEBRUARY 1965 216 possible for the Federal Reserve to restrict its purchases in the Treasury bill market. Excess reserves of member banks averaged slightly less, and borrowings from the Federal Reserve slightly more, in 1964 than in 1963. As a result, the free reserves of these banks generally stayed below the 1963 level, especially after the late summer. In December, however, average free reserves rose moderately, reflecting in part fluctuations in reserve needs and market conditions characteristic of the year-end. Moreover, banks' needs to borrow in December were reduced temporarily by large Federal Reserve security purchases, which tended to moderate the market's adjustment to the higher levels of short-term interest rates and to underscore the System's intention to maintain reserve availability. BANK DEPOSIT . . GROWTH *n ^e current expansion, the level of financial saving by both the personal and corporate sectors has risen to new highs. These sectors have placed a large part of that saving in depositary claims, and commercial banks have captured an increased proportion of the total flow. The shift reflects the public's response to the higher rates that banks have offered on time and savings deposits, the increasing use and acceptance of certificates of deposit (CD's), and the provision by the monetary authorities of a growing reserve base to support such deposits. The relative diversion of funds to commercial banks has made it possible not only for banks to grow more rapidly but also for them to contribute a larger share to total credit flows in recent years. Although their share of total credit flows has declined in each year of this expansion, it has remained larger than in any other cyclical upswing since 1953. Time and savings deposits. The growth in time and savings deposits at commercial banks in 1964 exceeded 12.5 per cent, somewhat below the increase in 1963 but still considerably above increases in the expansion years of previous cycles. Inflows declined somewhat in early 1964, but after September they accelerated to an annual rate of almost 16 per cent. Indeed, by November the nonbank public's time and savings deposits at commercial banks for the first time exceeded their holdings of demand deposits—each on a seasonally adjusted basis. In January 1965, time and savings deposits grew at a seasonally adjusted annual rate of almost 23 per cent, a rate of increase exceeded only in February 1962. The enlarged flow of funds into interest-bearing deposits followed an increase in the rates that many banks offered on their time and savings deposits under the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 217 CHART 3 FLOWS OFFUNDS to financial institutions rise. BILLIONS OF DOLLARS .•• MARKET SECURITIES . COMMERCIAL BANKS attract a larger share in this expansion and consequently... v / DEMAND DEPOSITS V THEIR PROPORTION of total credit flow remains high. NOTE.—Based on flow of funds data. Data in top two tiers are for the private domestic nonflnancial sector. Securities include mortgages; depositary-type assets include demand deposits. In bottom tier, total credit expansion is net of borrowing by financial institutions and changes in Federal cash; commercial bank credit excludes changes in Federal cash. I-*.. 1 1 1 | | I I I ( | | 1 1 n 1952 54 56 38 60 '62 'ft* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN - FEBRUARY 1965 218 revised ceilings. Based on previous experience, it is likely that a large part of this inflow represents a switching of funds from other financial institutions and perhaps from demand deposits. As a result, the growth rate will most likely moderate in the months ahead. All major categories of time and savings deposits grew less in 1964 than in 1963. Savings accounts at weekly reporting member banks, which are held mainly by individuals less sensitive to interest-rate differentials than holders of time deposits, increased more than 7 per cent. This was 2 percentage points less than in 1963. The slowdown reflected increased direct acquisitions of marketable securities by individual investors, larger repayments on an expanding level of consumer debt, and increased competition from mutual savings banks—especially in New York City where savings banks raised deposit rates at the beginning of the year. Additions to passbook savings accelerated after the late summer —particularly in November, when new-car output was held down by the effects of strikes at two major producers. In early 1965, inflows of savings at city banks were larger than in the comparable period of any other recent year. Time deposits at weekly reporting member banks, which are held for the most part by investors who are very conscious of alternative yields, increased by about one-fourth in 1964. The expansion was considerably less than the increase of over onethird in 1963. Negotiable CD's, which accounted for over half of the growth in time deposits, grew by over one-third in 1964, a much smaller percentage increase than in 1963. Here, too, growth during the year was uneven, reflecting particularly large maturities of corporate holdings around the quarterly tax and dividend payment dates. Also, in the spring and again in the fall when short-term market rates were high relative to CD rate ceilings, some banks appear to have had difficulty turning over maturing CD's. Moreover, these rate relationships tended to restrict banks to the use of CD's with shorter maturities, and the average maturity of CD's outstanding declined considerably during the year, especially at New York and Chicago banks where the demand is highly sensitive to levels of interest rates. Money supply. During 1964 the money supply rose by 4.0 per cent, slightly more than in 1963 and a record for any year since 1951. After increasing at a seasonally adjusted annual rate of 2.0 per cent during the first 5 months, it rose at a rate of 8.5 per cent in June and July and 4.1 per cent after that. The currency component rose by a postwar record of almost 6.0 per cent in both 1964 and 1963. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 219 CHART 4 Expansion accelerated in the MONEY SUPPLY in 1964, but slowed for TIME AND SAVINGS DEPOSITS • BILLIONS OF DOLLARS MONEY SUPPLY TIME & SAVINGS DEPOSITS 1 1 1 | 1 ( — 60 1960 1962 1964 NOTE.—Seasonally adjusted semimonthly averages of daily figures. Money supply consists of demand deposits and currency outside the Treasury, the F.R. System, and the vaults of commercial banks. Figures for demand deposit component and for time and savings deposits are (or all commercial banks. Demand deposit component excludes deposits due to domestic commercial banks and the U.S. Govt., cash items in process of collection, and F.R. float, but includes foreign demand balances at F.R. Banks. Time deposits exclude those due to domestic commercial banks and the U.S. Govt. Latest figures, January (preliminary). The acceleration in money growth over the past 2 years suggests that expanding transactions needs may now be having a greater influence on the public's demands for cash balances than formerly. Over the postwar period, these needs have been accommodated to a substantial degree by activation of idle balances, as cash balances held for liquidity needs were attracted into earning assets by rising interest rates. The incentives for such transfers have been particularly strong since early 1962, a period in which competition of banks and other savings institutions for time deposits and shares has been aggressive. As the public fulfills more of its desires for liquidity by holding nonmoney assets, the demand for money will be influenced to a greater extent by transactions needs related to income and output. Thus, the higher levels of transactions in 1963 and 1964 may help to explain the larger rate of growth of the money stock in those years. Since economies in the use of cash for transactions purposes will continue to be developed and since the public will continue to have changing desires about the amount of liquidity it wishes to hold in the form of cash, the money supply should not be expected to grow in any fixed relationship to income—at least in the short run. Indeed, in December 1964 and January 1965— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1965 220 as short-term open market rates rose and commercial banks offered more on time and savings deposits—the money supply grew less rapidly than in the previous months. BANK CREDIT In 1964, bank credit increased by an estimated $20.2 billion, maintaining the same rate of increase—8 per cent—as in 1963. For the fifth successive year banks added to both loans and investments but, as in each of those years, loans accounted for a growing share of the increase. In 1964 they accounted for almost 90 per cent of the expansion. Like total bank credit, loans maintained the same rate of increase—11.6 per cent—as in 1963. However, a significantly larger proportion of the 1964 increase represented loans to foreigners. Business loans. Business borrowing at commercial banks expanded more rapidly in 1964 than earlier in the current expansion. Such loans increased by an estimated $5.9 billion, or 11 per cent; this was over one-fourth more than the increase in 1963. The expansion was at a fairly steady pace, after allowance for seasonal influences, except for a sharp rise in December when discussion of an increase in the prime rate appears to have stimulated some anticipatory borrowing. Increases in outstanding loans were widely distributed among industries and reflected in large part the increased needs for funds associated with expansion of output and capacity. Inventory borrowing appeared to be moderate, although such borrowing increased in late 1964 and early 1965 in the metals industry, as CHART 5 1964 saw sustained expansion in LOANS and reduced rate of increase for INVESTMENTS. BILLIONS OF DOLLARS TOTAL LOANS OTHER SECURITIES -INVESTMENTS 15 - BUSINESS LOANS REAL ESTATE LOANS CONSUMER LOANS AIL OTHER LOANS 1954 1954 NOTE.—End-of-year data, excluding interbank loans, for all the four loan categories in the bottom tier. All figures for commercial banks. Loans to nonbank foreigners and foreign 1962-64 and figures for business and "all other" loans for 1954central banks and official institutions included in total loans and 58 are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 221 attempts to stockpile inventories in anticipation of a May steel strike accelerated. Business loans not only increased more than in 1963 but also accounted for their largest share of the increase in total loans in this expansion. However, both the growth rate and the relative importance of business loans in the increase in total bank loans have been less than in earlier expansions. These developments reflect the fact that domestic business credit demands have been dampened in the current expansion, compared with previous cycles, by higher corporate internal flows from retained earnings and depreciation and, for most of the period, more conservative inventory management. Indeed, the larger increase in business loans in 1964 than in 1963 appears to have been largely the result of the increase in loans made to foreigners. Other loans. Real estate loans increased by $4.4 billion or 11.2 per cent in 1964. Although this expansion was less than in 1963, it was considerably above the rates of increase in most years prior to 1962. Over the current cyclical expansion to date, the large inflow of interest-bearing deposits, the lower relative levels of business loan demands, and the large demands for mortgage credit to finance new construction and for other purposes have brought banks increasingly into the mortgage market in search of profitable investment outlets. Bank loans to consumers also rose a little less rapidly in 1964 than in 1963. For the year, such loans increased by $2.8 billion or around 10 per cent. High automobile sales for the third successive year and the continued willingness of consumers to incur debt for this and other purposes were major factors in the maintenance of a relatively large volume of bank lending to consumers. Loans other than business, real estate, and consumer loans, increased by almost $5 billion in 1964. In addition to including unusually large purchases of Export-Import Bank participation certificates, this increase reflected growth in security, agricultural, nonbank financial, and a variety of unclassified types of loans. U.S. Government securities. Bank holdings of U.S. Government securities continued to decline in 1964. The reduction occurred mainly in the spring and summer, when the inflows of time and savings deposits slackened. Later in the year, when deposit inflows accelerated, banks added to their holdings again. As a result, the $1 billion net decline over the year was only one-third as much as in 1963. Commercial banks as a rule have reduced their Government security portfolios during economic expansions, but they have not done so this time. While the current expansion is the longest in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1965 222 the postwar period, banks have on balance increased their holdings, as acquisitions early in the period more than offset the relatively modest later liquidations. With monetary policy more expansive and deposit growth relatively high in the current cycle, while business loan demand remained quite moderate, there has been little need to liquidate Government securities so far in this cycle. In the last 4 months in 1964, holdings of short-term Government securities increased by $5.9 billion, two-thirds in bills. Presumably the increase in holdings of short-term Governments reflected in part preparation for increased loan demand—particularly for inventory stockpiling in the metals industry—and some feeling that interest rates might rise as the result of international developments related to sterling. Banks also lengthened their Government security portfolio at times in 1964, particularly through exchanges for longer-term securities in both the January and July advance refundings. Nevertheless, as a result of the passage of time and of some selling, bank holdings of longer-term Governments had been reduced by the year-end to about the same proportion of total portfolios as at the end of both 1962 and 1963. In the Treasury's advance refunding in January 1965, banks took $5.6 billion of long-term bonds—slightly more than in July 1964—and their exchanges into the longest maturity were almost twice those in July. The substantial movement into longer maturities suggests that some banks may have regarded the prevailing level of long-term yields as being near the peak for the current upswing. Other securities. Bank holdings of other securities—mainly State and local government and Federal agency securities—had grown at record rates earlier in the current expansion, but the rate of acquisition declined in late 1963 and early 1964. Paralleling the acceleration of the growth in time and savings deposits in the second half of 1964, other security holdings again began to rise more sharply. The slower growth early in 1964, however, held the increase for the year to 10 per cent, one-half of the 1963 rate. In January 1965, holdings of other securities rose by a record $900 million on a seasonally adjusted basis. In large part these acquisitions reflected deliveries of securities purchased in December when offerings of municipals increased sharply, and anticipations by banks that the January 1 increase in interest rates on time and savings deposits would increase the inflows of such deposits and thus make more funds available for investment. BANK LIQUIDITY _ ,. ... . , „ ,, . „ , . t f t Bank liquidity varied over 1964 in parallel movement with the rate of deposits inflows. As the growth of time and savings de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 223 posits slackened, the growth in loans continued rapid and the loan-to-deposit ratio rose to a postwar high of 61.1 per cent— 4.0 percentage points above the previous high in mid-1960. As time and savings inflows accelerated in the last 4 months of the year, the loan-to-deposit ratio at first declined. Then, with the large increase in loans in the last 2 months of the year, the ratio returned to its summer high. The ratio of bank holdings of short-term Governments to total deposits moved inversely with the growth in loans over the first 7 months of the year. In late July, following heavy bank participations in the advance refunding, it declined to 5.7 per cent. At that level the ratio was the lowest for the current expansion, but it still remained somewhat above the 1960 low. Beginning in late summer, holdings of short-term Governments rose relative to deposits until the ratio reached 8 per cent in November and December—the highest level since early 1963. In January 1965, holdings of short- and intermediate-term Governments declined sharply as banks acquired longer-term issues in the advance refunding and sold others or allowed them to mature in order to obtain funds for loans, which rose sharply. Traditional liquidity ratios, while serving as rough rules of thumb, suffer from deficiencies, particularly their inability to allow for certain quantitative and qualitative changes in bank portfolios. For example, the increased holdings by banks of State and local government securities, some of which are short-term, provide a more important supplement to liquidity than during earlier periods, as do larger holdings of Federal agency securities. Moreover, the monthly cash flows from the amortization of increased holdings of mortgage and consumer loans and of CHART 6 BANK LIQUIDITY RATIOS showed mixed changes in 1964. PER CENT OF DEPOSITS I I I I I I NOTE.—Based on data for all commercial banks. Loans exclude interbank loans. Short-term U.S. Govt. securities are those maturing within a year. Deposits are net of cash items in process of collection. Latest figures (preliminary): loans, January; U.S. Govts., December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1965 224 business term loans provide additional liquidity that offsets part of the decline in liquidity associated with smaller holdings of short-term assets. INTEREST RATES Before the change in the discount rate in November, interest rates had moved within a very narrow range in 1964. The 3-month Treasury bill rate, until late in 1964, fluctuated within a range of 10 basis points above and below the V/i per cent discount rate CHART 7 LONG-TERM YIELDS little In 1964... PER CENT PER ANNUM FHA-INSURED MORTGAGES STATE AND LOCAL Acs U.S. GOVT. BONDS I I I 1 I I I I I but SHORT-TERM YIELDS rose sharply late in year. NOTE.—Monthly average of daily figures except for FHA-insured mortgages, which are based on quotations 1 day each month. Corporate and State and local bonds: Moody's Investors Service. U.S. Govt. bonds, issues maturing or callable in 10 years or more. Treasury bills, market yields on 3-month bills. Latest figures, January. and remained at about the level reached in mid-1963. Long-term rates showed little net change during this period, after rising moderately in 1963. There were some increases in yields in the spring as the result of anticipations that monetary policy would tighten because of the tax cut and of international developments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 225 These expectations were relatively short-lived, however, and yields returned to their previous levels. The reaction of the market to the monetary policy actions of late November led to a flatter yield curve, but one that was changed little at the long end. Yields on short-term market securities rose promptly, but by less than the change in the discount rate. In December the 3-month Treasury bill rate averaged 3.84 per cent, about 25 basis points higher than before the November discount rate increase. Long-term yields reacted less sharply but in the same direction. However, by the year-end yields on longer-term securities had returned by and large to the levels of mid-November. Indeed, yields on tax-exempt securities declined to their lowest level of the year, partly as a result of commitments made by commercial banks in anticipation of an increased flow of time and savings deposits after the increase in deposit rates on January 1, 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement on Gold Reserve Requirements You have asked for comment on three economic growth, and have been reasonbills relating to the requirement of present ably successful in maintaining a relatively law that each Federal Reserve Bank main- stable average of prices. American goods tain a gold certificate reserve of at least 25 and services are doing well in competition per cent against its Federal Reserve notes in world markets, as indicated by the subin actual circulation, plus a further gold stantial surplus in our trade balance. Therecertificate reserve of at least 25 per cent fore action on this legislation can be taken against the deposits it holds. S. 743, intro- now, not to deal with a dollar crisis but to duced by Senator Douglas, would repeal maintain the dollar's current strength. both requirements. S. 797, introduced by Gold certificate reserves of the Federal your Chairman at the request of the Presi- Reserve Banks reached their peak of $23.4 dent, would drop the requirement against billion in September 1949 when the total Federal Reserve Bank deposits, but retain U.S. gold stock amounted to about 70 per that against Federal Reserve notes. S. 814, cent of the free world's monetary gold. Over introduced by Senator Javits, would keep the period from 1949 through 1964, net both requirements, reducing that against de- sales of U.S. gold to foreign monetary auposits to 10 per cent and that against notes thorities reduced our gold certificate reserve to 15 per cent. by $8.4 billion [as shown by the table that That conditions now call for some change appears on page 230]. In the same period in these requirements seems clear. By the growth in Federal Reserve deposit liabilities end of 1964, the ratio of the Federal Re- and notes in circulation absorbed into reserve Banks' gold certificate holdings to quired reserves $3.5 billion. Over these 15 their deposits and notes combined was 27.5 years, therefore, Federal Reserve Bank holdper cent, down 2 points from a year earlier ings of gold certificates in excess of the minand only 2Vi points above the legal mini- imum required by statute have on balance mum now prescribed in Section 16 of the declined by $11.9 billion. Federal Reserve Act. If developments well In substantial part United States sales of within the range of possibilities should be gold to foreign monetary authorities since realized, the legal minimum could be pene- 1949 have reflected postwar recovery of the trated soon, possibly within a year. free world from the monetary chaos created Nevertheless the dollar is strong, and so by the Second World War, and the desire is our economy. We are enjoying vigorous of the major foreign industrial countries to re-establish convertibility of their currencies. NOTE.—Statement of William McChesney Martin, These countries sought to accomplish this Jr., Chairman, Board of Governors of the Federal by accumulating monetary reserves partly Reserve System, before the Senate Committee on Banking and Currency, Feb. 2, 1965. in the form of gold and partly in the form Chairman Martin made a similar statement on of dollar balances. Between the end of 1949 Feb. 1, 1965, before the House Committee on Bankand the end of 1964, the dollar component ing and Currency, on H.R. 3318. 226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON GOLD RESERVE REQUIREMENTS 227 of monetary reserves of foreign countries to the willingness of foreign monetary aurose by $10 billion (from $3 billion to $13 thorities and private foreign residents to hold billion) while their monetary gold stocks a growing total of dollar reserves and workrose by $16 billion (from $9 billion to $25 ing balances. Consequently, the U.S. gold billion). Foreign private holdings of dollars stock has come to play the dual role of supalso increased by $8 billion, from about $3 porting the international convertibility of billion to nearly $11 billion. the dollar and of facilitating the intercon- In the half century since the enactment vertibility of other currencies among themof the Federal Reserve Act, the function of selves and into the dollar. gold in our monetary system has undergone This dual role of the U.S. monetary gold fundamental change. More than three dec- has helped the dollar to attain a unique posiades ago, coinage of gold, redemption of tion in international commerce and finance. bank notes and deposits in gold, and pri- And the universal acceptability of dollars vate acquisition and holding of monetary has greatly facilitated the record expansion gold were discontinued in this country. Do- of international trade over the past 15 years, mestically, these actions in effect ended the with world trade rising from less than $60 private use of gold as a store of value. Inter- billion to nearly $160 billion. For this reanationally, they enlarged the availability of son, the availability of U.S. monetary gold U.S. gold for official settlements with other holdings to meet international convertibility governments in response to the needs of our needs is a matter of vital importance not only foreign commerce and investment. to the United States but to the entire present Today, throughout the free world, when system of international payments on which a citizen of one country does business with the free world relies. a citizen of another—whether or not either These developments underscore the need of them is an American—the chances are for speedy correction of the deficit in our that they will settle their accounts in U.S. international payments, which for all too dollars. When foreign bankers, merchants, many years has been eroding our gold reand investors acquire in their transactions serves. The President, in his Economic Remore dollars than they wish to hold for work- port, has stressed the seriousness of the probing balance or investment purposes, they lem, and has unequivocally stated that "we usually sell them to their central bank. The must and will reduce and eliminate" the central bank may keep the dollars as part deficit. of its monetary reserves or use them, if it In consequence of the large and persistent desires, to purchase gold from the U.S. deficit in the U.S. balance of payments after Treasury. On the other hand, if a country's 1957, many foreign countries accumulated international settlements should use up its dollar balances in excess of their needs for dollar balances, its central bank may ac- working balances, reserves, and investments. quire dollars by selling gold to the U.S. Their monetary authorities used such excess Treasury. dollar balances to purchase gold from the In short, the readiness of the U.S. Treas- U.S. Treasury, and the resulting decline in ury to buy and sell gold at the fixed price the U.S. gold stock has contributed to the of $35 an ounce in transactions with foreign sharp reduction in the System's reserve ratio. monetary authorities has greatly contributed In order to avoid any deflationary impact Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 from this outflow, the Federal Reserve offset billion in gold now earmarked for cover the effects of the decline in its gold certificate purposes and raise the total free gold cerholdings by expanding its holdings of U.S. tificate holdings to about $6.2 billion. Government securities. In addition, the Fed- Moreover, by retaining the traditional eral Reserve further increased its Govern- gold "backing" for Federal Reserve notes, ment security holdings in order to sustain an the proposal would be reassuring to those expansion of bank credit consistent with a who, in their continuing concern for the stagrowing economy and a relatively stable bility of the dollar, see in a gold cover reaverage of prices. quirement an important element of strength. Over the years ahead, the continued The value of any currency is so much a growth of U.S. economic activity will re- product of confidence that one should not quire continuing monetary expansion con- disregard this advantage of S. 797. sistent with a stable dollar. Under prospec- The removal of the reserve requirement tive conditions, it appears all but certain against deposits would seem to me fully adethat the gold certificate reserve ratio of Fed- quate to meet our present and foreseeable eral Reserve Banks, for domestic monetary needs and sufficiently ample to remove any reasons alone, will steadily decline, even if doubt anywhere about our ability to defend gold sales to foreign monetary authorities the dollar abroad, and to further advance are small. Of course, any substantial further the progress of our domestic economy. outflow of gold would accentuate the decline. I might note here that, on an earlier oc- Accordingly, the time is ripe for legisla- casion, Congress reduced the gold reserve tive action that will, as President Johnson requirements by lowering the percentage of said in his Economic Report last week, reserves required against Federal Reserve notes as well as deposits in the Federal Re- "... place beyond any doubt the ability of the Federal Reserve to meet its responsibility for providing an serve Banks. Specifically, in 1945, Congress adequate but not excessive volume of bank reserves," reduced the gold cover requirements from and 40 per cent against notes and 35 per cent ". . . place beyond any doubt our ability to use our against deposits to the present figure of 25 gold to make good our pledge to maintain the gold per cent for both. That action was taken value of the dollar at $35 an ounce with every resource at our command." after the amount of free gold certificates had As you know, the President himself ex- dropped from $12.4 billion at the beginning pressly requested that Congress "eliminate of the war to $3.2 billion by mid-1945. If the arbitrary requirement that the Federal an across-the-board reduction of the present Reserve Banks maintain a gold certificate 25 per cent requirement were to be made reserve against their deposit liabilities." The now—say to 15 per cent—it would release specific provisions to accomplish this are about $5.5 billion of the earmarked gold, as encompassed in S. 797, introduced by your compared with the $4.8 billion released by Chairman. S. 797. Or the requirement against deposits To me, the question before us is a prac- could be reduced further, as in S. 814, to tical one. S. 797 offers a pragmatic response, 10 per cent, coupled with a reduction in the proportioned to the present circumstances. note cover to 15 per cent; this would release By removing the reserve requirement against an additional $1 billion in gold. deposits, it would free approximately $4.8 From a technical viewpoint this approach Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON GOLD RESERVE REQUIREMENTS 229 may be just as sound as that taken by S. 797. deficit, we can look forward to a cessation What counts, in my judgment, is which ap- of gold outflow and, over the longer run, a proach would be more acceptable to the gradual growth of our gold stock from world public. And from that standpoint, I believe supplies, at times in consequence of interit is preferable to preserve the 25 per cent national settlements and at times by sharing requirement for Federal Reserve notes and in new production. thus to keep intact the symbolic tie between In considering these proposals, I think our circulating currency and gold. we must be careful to keep in mind that, re- The Congress could, on the other hand, gardless of what is done about legal requiretake a more all-out approach and repeal the ments, there is an inescapable practical regold cover requirements altogether. This quirement that we maintain an adequate would release our entire gold certificate gold stock to back up the role of the dollar holdings of $15 billion by severing the last as a key currency in world trade. Hence the statutory link between the volume of our need to conserve our gold stock will continue Federal Reserve notes in circulation and to exert a disciplinary influence on monetary gold. The theory here is that, since neither and other policies, and a statutory gold re- Federal Reserve notes nor deposits in Fed- serve requirement for notes will serve to eral Reserve Banks can be redeemed in gold, emphasize this need. there is no need to have any gold "backing" All of us need to be mindful that sound against either of them. Further, it is suggested money is not established by statute alone. that outright repeal of both gold reserve re- In the end, our nation cannot have sound quirements would eliminate the possibility money unless its monetary and fiscal affairs that Congress might be called upon to take are well managed. The fundamental elements further action later. Those who would keep in keeping our financial house in order are the "discipline" of gold, however, answer thus sound and equitable fiscal and monetary that this very possibility offers added protec- policies. tion against irresponsible public policies. It may be helpful to your consideration of While judgments differ as to the value of legislation for me to say at this point a few this kind of statutory protection, we need not words about the present provisions of the attempt at this time to resolve forever the law respecting the suspension of gold reproblem of whether or not a gold cover re- serve requirements. The Board's authority quirement serves a useful end. We need only in this regard is contained in Section 11 (c) to adapt our traditional cover requirements of the Federal Reserve Act. It provides that so that we can better meet present and fore- we can suspend the gold reserve requireseeable needs. If we keep the gold cover re- ments for a period of 30 days, and renew quirement for our currency, our free gold such suspensions for 15-day periods therecertificate holdings of more than $6 billion after. will be enough to accommodate normal Upon action to suspend the requirements, growth in circulating Federal Reserve notes the Board would have to establish a tax on for some time to come. the Reserve Banks graduated upward with We face the prospect of some additional the size of their reserve deficiencies. The tax gold losses this year. But if we persevere in could be very small so long as the reserve efforts to correct our balance of payments deficiencies were confined to the reserves Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 against deposits and the first 5 percentage dollar. Enactment of S. 797 would accompoints of any deficiencies against Federal plish this triple purpose. Reserve notes. But if the reserve deficiencies In conclusion, I would re-emphasize that should penetrate below 20 per cent of the we do not need now to resolve this question Federal Reserve notes outstanding, the tax of gold cover for all time, for monetary arwould undergo a fairly steep graduation in rangements and institutions are constantly accordance with statutory specifications. evolving in accordance with domestic and The Federal Reserve Act further specifies international needs, and these changes call that, should the reserve deficiencies fall be- for adaptation from time to time in monetary low the 25 per cent requirement against legislation. The all-important need for legisnotes, the amount of the tax must be added lation at this juncture is to assure the world to Reserve Bank discount rates. But if the that U.S. monetary gold is always available deficiencies were confined to reserves against to maintain the convertibility of the dollar Reserve Bank deposits, the required penalty and that the United States will honor its tax could be nominal and no addition to Re- debts and liabilities in the form of foreign serve Bank discount rates would be neces- dollar holdings—as I have said many times sary. before—down through the last bar of gold, From a technical point of view, it might if that be necessary. be possible under existing law for the Board to suspend gold reserve requirements indefinitely, since there is no limit on the number of times the Board might renew suspensions CONSOLIDATED RESERVE POSITION OF THE for periods of 15 days each. Yet it seems FEDERAL RESERVE BANKS clear that the purpose of the provisions for (In millions of dollars,unless otherwise noted) suspension was to facilitate adjustments by those Reserve Banks whose reserves fall tem- Sept. Dec. Dec. Item 21, 31, 31, 1949 1963 1964 porarily below required levels, and not to provide a solution to a national problem of F R Bank deposits 17,523 18,392 19,454 F.R. notes 23,248 32,878 35,342 more than temporary import. Liabilities requiring reserves 40,771 51,270 54,796 In a world in which the role of the dollar Required reserves: as an international means of payment and a Against deposits 4,381 4,598 2 4,864 Against notes 5,812 8,220 8,835 reserve asset has been under criticism, it is Total required reserves 10,193 12,818 13,699 Free gold certificate holdings.... 13,247 2,419 21,376 important for the Congress to assure the Gold certificate reserves 23,440 15,237 15,075 world of the availability of U.S. monetary Ratio of gold certificate reserves to gold for legitimate monetary uses in interna- deposit and note liabilities (per cent) i 57.5 29.7 27.5 tional commerce, to reaffirm the relationship between the dollar and gold, and to re- 1 Postwar peak. 2 Elimination of required reserves against deposits, as recommended assert the intention of the United States to in the President's Economic Report, would raise free gold certificate holdings to $6,240 million. "Free gold" includes some additional maintain an adequate gold reserve for the gold held by the Treasury (amounting to $240 million on Dec. 31, 1964) that is not pledged as cover for gold certificates or U.S. notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the Board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Dec. 31 Class A: OSTROM ENDERS Chairman, Hartford National Bank and Trust Company, Hartford, Conn. 1965 DARIUS M. KELLEY President, The Orange National Bank, Orange, Mass. 1966 WILLIAM I. TUCKER President, Vermont National and Savings Bank, Brattleboro, Vt. 1967 Class B: JOHN R. NEWELL President, Bath Iron Works Corp., Bath, Maine. 1965 WILLIAM R. ROBBINS Vice President for Finance, United Aircraft Corporation, East Hartford, Conn. 1966 JAMES R. CARTER President, Nashua Corporation, Nashua, N. H. 1967 Class C.- JAMES MCCORMACK Vice President, Massachusetts Institute of Technology, Cambridge, Mass. 1965 WILLIAM WEBSTER 2 Chairman and Chief Executive Officer, New England Electric System, Boston, Mass. 1966 ERWIN D. CANHAM X Editor in Chief, The Christian Science Monitor, Boston, Mass. 1967 1 Chairman. 2 Deputy Chairman. 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Dec. 31 Class A: RALPH H. RUE Chairman, The Schenectady Trust Company, Schenectady, N. Y. 1965 ROBERT H. FEARON President, The Oneida Valley National Bank of Oneida, N. Y. 1966 GEORGE A. MURPHY Chairman, Irving Trust Company, New York, N. Y. 1967 Class B: KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965 ALBERT L. NICKERSON Chairman of the Board, Socony Mobile Oil Company. Inc., New York, N. Y. ' 1966 ARTHUR K. WATSON Chairman, IBM World Trade Corporation, New York, N. Y. 1967 Class C: PHILIP D. REED I Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1965 EVERETT N. CASE 2 President, Alfred P. Sloan Foundation, New York, N. Y. 1966 JAMES M. HESTER President, New York University, New York, N. Y. 1967 BUFFALO BRANCH Appointed by Federal Reserve Bank: ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. 1965 CHARLES W. MILLARD, JR. Chairman of the Board and President, Manufacturers and Traders Trust Company, Buffalo, N. Y. 1966 JOHN D. HAMILTON President, Chautauqua National Bank of Jamestown, N. Y. 1967 J. WALLACE ELY President, Security Trust Company of Rochester, N. Y. 1967 Appointed by Board of Governors: MAURICE R. FORM AN I President, B. Forman Company, Inc., Rochester, N. Y. 1965 THOMAS E. LAMONT Farmer, Albion, N. Y. 1966 ROBERT S. BENNETT General Manager, Lackawanna Plant, Bethlehem Steel Corporation, Buffalo, N. Y. 1967 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: BENJAMIN F. SAWIN Vice Chairman of the Board, Provident Tradesmens Bank and Trust Company, Philadelphia, Pa. 1965 CHARLES R. SHARBAUGH President, Cambria County National Bank of Carrolltown, Pa. 1966 LLOYD W. KUHN President, The Bendersville National Bank, Bendersville, Pa. 1967 Class B: RALPH K. GOTTSHALL Chairman of the Board and President, Atlas Chemical Industries, Inc., Wilmington, Del. 1965 LEONARD P. POOL President, Air Products and Chemicals, Inc., Allentown, Pa. 1966 BAYARD L. ENGLAND Chairman of the Board, Atlantic City Electric Company, Atlantic City, N. J. 1967 Class C: D. ROBERT YARNALL, JR. President, Yarnall-Waring Company, Philadelphia, Pa. 1965 WALTER E. HOADLEY l Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1966 WILLIS J. WINN 2 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1967 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 233 District 4—FEDERAL RESERVE BANK OF CLEVELAND Term expires Dec. 31 Class A: FRANK E. AGNEW, JR. Chairman of the Board and Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1965 RICHARD R. HOLLINGTON President, The Ohio Bank and Savings Company, Findlay, Ohio. 1966 SEWARD D. SCHOOLER President, Coshocton National Bank, Coshocton, Ohio. 1967 Class B: Chairman of the Board, The Warner & Swasey Company, Cleveland, WALTER K. BAILEY Ohio. 1965 Chairman of the Board and Chief Executive Officer, The Goodyear EDWIN J. THOMAS Tire & Rubber Company, Akron, Ohio. 1966 Chairman of the Board and Chief Executive Officer, The Hobart DAVID A. MEEKER Manufacturing Company, Troy, Ohio. 1967 Class C: LOGAN T. JOHNSTON 2 President, Armco Steel Corporation, Middletown, Ohio. 1965 ALBERT G. CLAY President, Clay Tobacco Company, Mt. Sterling, Ky. 1966 JOSEPH B. HALL 1 Director, Former Chairman of the Board, The Kroger Co., Cincinnati, Ohio. 1967 CINCINNATI BRANCH Appointed by Federal Reserve Bank: JOHN W. WOODS, JR. President, The Third National Bank of Ashland, Ky. 1965 JOHN W. HUMPHREY President, The Philip Carey Manufacturing Company, Lockland, Cincinnati, Ohio. 1966 JAMES PUGH President, The Security Central National Bank of Portsmouth, Ohio. 1966 KROGER PETTENGILL President, The First National Bank of Cincinnati, Ohio. 1967 Appointed by Board of Governors: R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio. 1965 WALTER C. LANGSAM 1 President, University of Cincinnati, Ohio. 1966 BARNEY A. TUCKER President, Burley Belt Fertilizer Company, Lexington, Ky. 1967 PITTSBURGH BRANCH Appointed by Federal Reserve Bank : ALFRED H. OWENS President, The Citizens National Bank of New Castle, Pa. 1965 S. L. DRUMM President, West Penn Power Company, Cabin Hill, Greensburg, Pa. 1966 JOSEPH S. ARMSTRONG President, The Grove City National Bank, Grove City, Pa. 1966 EDWIN H. KEEP President, First National Bank of Meadville, Pa. 1967 Appointed by Board of Governors: F. L. BYROM President, Koppers Company, Inc., Pittsburgh, Pa. 1965 G. L. BACH I Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1966 ROBERT DICKEY III President, Dravo Corporation, Pittsburgh, Pa. 1967 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: President, The Washington County National Savings Bank, DAVID K. CUSHWA, JR. Williamsport, Md. 1965 Chairman of the Board, First and Merchants National Bank, ROBERT T. MARSH, JR. Richmond, Va. 1966 President, First National Bank, Shelby, N. C. 1967 GEQRGE BLANTON, JR. i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN - FEBRUARY 1965 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued Term expires Dec. 31 Class B: R. E. SALVATI Consultant, Island Creek Coal Company, Huntington, W. Va. 1965 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1966 ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1967 Class C: WILSON H. ELKINS President, University of Maryland, College Park, Md. 1965 WILLIAM H. GRIER 2 President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1966 EDWIN HYDE I President, Miller & Rhoads, Inc., Richmond, Va. 1967 BALTIMORE BRANCH Appointed by Federal Reserve Bank: JOSEPH B. BROWNE President, Union Trust Company of Maryland, Baltimore, Md. 1965 JOHN P. SIPPEL President, The Citizens National Bank of Laurel, Md. 1966 MARTIN PIRIBEK Executive Vice President, The First National Bank of Morgantown, W. Va. 1967 ADRIAN L. MCCARDELL President, First National Bank of Maryland, Baltimore, Md. 1967 Appointed by Board of Governors: E. WAYNE CORRIN President, Hope Natural Gas Company, Clarksburg, W. Va. 1965 HARRY B. CUMMINGS Vice President & General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1966 LEONARD C. CREWE, JR. 1 Chairman of the Board, Maryland Specialty Wire, Inc., Cockeysville, Md. 1967 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: G. HAROLD MYRICK Executive Vice President and Trust Officer, The First National Bank of Lincolnton, N. C. 1965 W. W. MCEACHERN Chairman and Chief Executive Officer, The South Carolina National Bank, Greenville, S. C. 1966 WALLACE W. BRAWLEY Senior Executive Vice President, The First Commercial National Bank of Spartanburg, S. C. 1967 CARL G. MCCRAW President, First Union National Bank of North Carolina, Charlotte, N. C. 1967 Appointed by Board of Governors: J. C. COWAN, JR. l Vice Chairman of the Board, Burlington Industries, Inc., Greensboro, N. C. 1965 JAMES A. MORRIS Dean, School of Business Administration, University of South Carolina, Columbia, S. C. 1966 WILLIAM B. MCGUIRE President, Duke Power Company, Charlotte, N. C. 1967 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1965 GEORGE S. CRAFT Chairman of the Board, Trust Company of Georgia, Altanta, Ga. 1966 D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1967 Class A: MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1965 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1966 JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1967 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 235 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term expires Dec, 31 Class C: J. M. CHEATHAM 2 President, Dundee Mills, Incorporated, Griffin, Ga. 1965 JOHN A. HUNTER President, Louisiana State University, Baton Rouge, La. 1966 JACK TARVER * President, Atlanta Newspapers, Inc., Atlanta, Ga. 1967 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: A. CALVIN SMITH President, First National Bank, Greenville, Ala. 1965 JOHN A. HAND President, The First National Bank of Birmingham, Ala. 1966 C. WILLARD NELSON President, State National Bank, Decatur, Ala. 1967 REX J. MORTHLAND President, Peoples Bank and Trust Company, Selma, Ala. 1967 Appointed by Board of Governors: EUGENE C. GWALTNEY, JR. Vice President and General Manager, Russell Mills, Inc., Alexander City, Ala. 1965 MAYS E. MONTGOMERY General Manager, Dixie Home Feeds Co., Athens, Ala. 1966 C. CALDWELL MARKS I Chairman of the Board, Owen-Richards Company, Inc., Birmingham, Ala. 1967 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: ARTHUR W. SAARINEN President, Broward National Bank of Fort Lauderdale, Fla. 1965 WILLIAM H. DIAL President, The First National Bank at Orlando, Fla. 1966 DUDLEY COLE President, Florida First National Bank at Ocala, Fla. 1967 WILLIAM R. BARNETT Chairman, Barnett National Bank of Jacksonville, Fla. 1967 Appointed by Board of Governors: CLAUDE J. YATES 1 Chairman of the Board, Florida Atlas Corporation, Jacksonville, Fla. 1965 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1966 HARRY T. VAUGHN President, United States Sugar Corporation, Clewiston, Fla. 1967 NASHVILLE BRANCH Appointed by Federal Reserve Bank: R. S. WALLING President, First National Bank, McMinnville, Tenn. 1965 WILLIAM F. EARTHMAN, JR. President, Commerce Union Bank, Nashville, Tenn. 1966 J. A. HILL President, Hamilton National Bank, Morristown, Tenn. 1967 S. N. BROWN President, Union National Bank, Fayetteville, Tenn. 1967 Appointed by Board of Governors: ANDREW D. HOLT I President, University of Tennessee, Knoxville, Tenn. 1965 JAMES E. WARD President, Baird-Ward Printing Company, Nashville, Tenn. 1966 ROBERT M. WILLIAMS President, ARO, Inc., Arnold Engineering Development Center, Tullahoma, Tenn. 1967 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: J. R. MCCRAVEY, JR. Vice President, Bank of Forest, Miss. 1965 L. Y. FOOTE President, First National Bank of Hattiesburg, Miss. 1966 ROBERT M. HEARIN President, First National Bank of Jackson, Miss. 1967 W. R. WHITE President, First National Bank of Jefferson Parish, Gretna, La. 1967 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN * FEBRUARY 1965 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: J. O. EMMERICH Editor, Enterprise-Journal, McComb, Miss. 1965 GEORGE BENJAMIN BLAIR * General Manager, American Rice Growers Cooperative, Lake Charles, La. 1966 KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1967 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: HARRY W. SCHALLER President, The Citizens First National Bank of Storm Lake, Iowa 1965 KENNETH V. ZWIENER Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111. 1966 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1967 Class B: WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1965 G. F. LANGENOHL Treasurer and Assistant Secretary, Alis-Chalmers Manufacturing Company, Milwaukee, Wis. 1966 WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1967 Class C.- JAMES H. HILTON 2 President, Iowa State University of Science and Technology, Ames, Iowa 1965 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1966 FRANKLIN J. LUNDING l Chairman, Finance Committee, Jewel Tea Company, Inc., Chicago, 111. 1967 DETROIT BRANCH Appointed by Federal Reserve Bank: C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1965 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1966 JOHN H. FRENCH, JR. President, City National Bank of Detroit, Mich. 1966 RAYMOND T. PERRING Chairman of the Board, The Detroit Bank and Trust Company, Detroit, Mich. 1967 Appointed by Board of Governors: GUY S. PEPPIATT Chairman of the Board, Federal-Mogul-Bower Bearings, Inc., Detroit, Mich. 1965 MAX P. HEAVENRICH, JR. President and General Manager, Heavenrich Bros. & Company, Saginaw, Mich. 1966 JAMES WILLIAM MILLER * President, Western Michigan University, Kalamazoo, Mich. 1967 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: HARRY F. HARRINGTON Chairman of the Board & President, The Boatmen's National Bank of St. Louis, Mo. 1965 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1966 HARRY E. ROGIER President, The First National Bank of Vandalia, 111. 1967 Class B: HAROLD O. MCCUTCHAN Senior Executive Vice President, Mead Johnson & Company, Evansville, Ind. 1965 ROLAND W. RICHARDS Vice President and Secretary, Laclede Steel Company, St. Louis, Mo. 1966 MARK TOWNSEND Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Ark. 1967 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 237 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Dec. 31 Class C.- RAYMOND REBSAMEN i Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1965 WILLIAM KING SELF President, Riverside Industries, Marks, Miss. 1966 SMITH D. BROADBENT, JR. 2 Owner, Broadbent Hybrid Seed Company, Cadiz, Ky. 1967 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1965 CECIL W. CUPP President and Chairman, Arkansas Bank and Trust Company, Hot Springs, Ark. 1966 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1966 Ross E. ANDERSON Chairman of the Board, The Commercial National Bank of Little Rock, Ark. 1967 Appointed by Board of Governors: CAREY V. STABLER1 President, Little Rock University, Little Rock, Ark. 1965 FREDERICK P. BLANKS Planter, Parkdale, Ark. 1966 REEVES E. RITCHIE President, Arkansas Power & Light Company, Little Rock, Ark. 1967 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: JOHN H. HARDWICK President, The Louisville Trust Company, Louisville, Ky. 1965 RAY A. BARRETT President, The State Bank of Salem, Ind. 1966 WM. G. DEATHERAGE President, Planters Bank & Trust Co., Hopkinsville, Ky. 1966 J. E. MILLER Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1967 Appointed by Board of Governors: C. HUNTER GREEN I Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Louisville, Ky. 1965 LISLE BAKER, JR. Executive Vice President & General Manager, The Courier-Journal & Louisville Times Company, Louisville, Ky. 1966 RICHARD T. SMITH Farmer, Madisonville, Ky. 1967 MEMPHIS BRANCH Appointed by Federal Reserve Bank: CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1965 ALLEN MORGAN President, The First National Bank of Memphis, Tenn. 1966 CON T. WELCH President, Citizens Bank, Savannah, Tenn. 1966 LEON C. CASTLING President, First National Bank at Marianna, Ark. 1967 Appointed by Board of Governors: SAM COOPER I President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tenn. 1965 EDWARD B. LEMASTER President, Edward LeMaster Co., Inc., Memphis, Tenn. 1966 JAMES S. WILLIAMS Plant Manager, American Greetings Corporation, Osceola, Ark. 1967 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: CURTIS B. MATEER Executive Vice President, The Pierre National Bank, Pierre, S. D. 1965 HAROLD C. REFLING Executive Vice President, First National Bank in Bottineau, N. D. 1966 JOHN F. NASH President, The American National Bank of St. Paul, Minn. 1967 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN - FEBRUARY 1965 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued Term expires Dec. 31 Class B.- HUGH D. GALUSHA, JR. Lawyer and Certified Public Accountant, Helena, Mont. 1965 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1966 JOYCE A. SWAN Executive Vice President & Publisher, Minneapolis Star and Tribune, Minneapolis, Minn. 1967 Class C: ATHERTON BEAN I Chairman of the Board, International Milling Company, Minneapolis, Minn. 1965 JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1966 BYRON W. REEVE President, Lake Shore, Inc., Iron Mountain, Mich. 1967 HELENA BRANCH Appointed by Federal Reserve Bank: B. MEYER HARRIS President, The Yellowstone Bank, Laurel, Mont. 1965 CHARLES H. BROCKSMITH President, First Security Bank of Glasgow N. A., Glasgow, Mont. 1966 GLENN H. LARSON President, First State Bank of Thompson Falls, Mont. 1966 Appointed by Board of Governors: EDWIN G. KOCH I President, Montana School of Mines, Butte, Mont. 1965 C. G. MCCLAVE President and General Manager, Montana Flour Mills Co., Great Falls, Mont. 1966 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1965 EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1966 W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1967 Class B: K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1965 FRED W. GILMORE President, Union Stockyards Company of Omaha, Nebr. 1966 ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1967 Class C: DEAN A. MCGEE Chairman of the Board, Kerr-McGee Oil Industries, Inc., Oklahoma City, Okla. 1965 HOMER A. SCOTT I Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1966 DOLPH SIMONS 2 Editor and President, The Lawrence Daily Journal-World, Lawrence, Kans. 1967 DENVER BRANCH Appointed by Federal Reserve Bank: ELWOOD M. BROOKS Chairman of the Board, The Central Bank & Trust Co., Denver, Colo. 1965 J. P. BRANDENBURG President, The First State Bank of Taos, N. Mex. 1966 THEODORE D. BROWN President, Security State Bank, Sterling, Colo. 1966 Appointed by Board of Governors: ROBERT T. PERSON I President, Public Service Company of Colorado, Denver, Colo. 1965 R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 239 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued OKLAHOMA CITY BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: HOWARD J. BOZARTH President, City National Bank and Trust Company, Oklahoma City, Okla. 1965 GUY L. BERRY, JR. President, The American National Bank and Trust Company, Sapulpa, Okla. 1966 C. M. CRAWFORD President, First National Bank, Frederick, Okla. 1966 Appointed by Board of Governors: JAMES E. ALLISON I Consultant, Warren Petroleum Corporation, Tulsa, Okla. 1965 OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1966 OMAHA BRANCH Appointed by Federal Reserve Bank: R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1965 HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1965 W. B. MILLARD, JR. Chairman of the Board, Omaha National Bank, Omaha, Nebr. 1966 Appointed by Board of Governors: JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1965 CLIFFORD MORRIS HARDIN I Chancellor, The University of Nebraska, Lincoln, Nebr. 1966 District 11—FEDERAL RESERVE BANK OF DALLAS Class A: RALPH A. PORTER President, The State National Bank of Denison, Tex. 1965 MURRAY KYGER Chairman of the Board, The First National Bank of Forth Worth, Tex. 1966 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1967 Class B: J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1965 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1966 H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1967 Class C.- ROBERT O. ANDERSON 1 Owner, Lincoln County Livestock Company, Roswell, N. Mex. 1965 MAX LEVINE Chairman of the Board, Foley's, Houston, Tex. 1966 C. J. THOMSEN 2 Senior Vice President, Texas Instruments, Inc., Dallas, Tex. 1967 EL PASO BRANCH Appointed by Federal Reserve Bank: CHAS. B. PERRY Chairman of the Board, First State Bank, Odessa, Tex. 1965 DICK ROGERS President, First National Bank in Alpine, Tex. 1966 ROBERT W. HEYER Senior Vice Chairman and President, Southern Arizona Bank & Trust Company, Tucson, Ariz. 1966 ROBERT F. LOCKHART Vice President, The State National Bank of El Paso, Tex. 1967 Appointed by Board of Governors: ROGER B. CORBETT I President, New Mexico State University, University Park, N. Mex. 1965 C. ROBERT MCNALLY, JR. Rancher, Roswell, N. Mex. 1966 GORDON W. FOSTER President, Food Mart, Inc., El Paso, Tex. 1967 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN - FEBRUARY 1965 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH Term expires Dec. 31 Appointed by Federal Reserve Bank: M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1965 J. A. ELKINS, JR. Chairman of the Board, First City National Bank of Houston, Tex. 1966 JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1966 A. G. MCNEESE, JR. President, Bank of the Southwest National Association, Houston, Tex. 1967 Appointed by Board of Governors: D. B. CAMPBELL 1 Works Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Orange, Tex. 1965 LOVETT C. PETERS Vice President—Transportation and Supplies, Continental Oil Company, Houston, Tex. 1966 EDGAR H. HUDGINS Ranching—Partner in Hudgins Division of J. D. Hudgins, Hungerford, Tex. 1967 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: DWIGHT D. TAYLOR Retired Banker, Brownsville, Tex. 1965 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1966 J. R. THORNTON Chairman of the Board and President, State Bank and Trust Company, San Marcos, Tex. 1966 MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1967 Appointed by Board of Governors: JOHN R. STOCKTON I Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1965 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio, Tex. 1966 HAROLD D. HERNDON Independent Oil Operator, San Antonio, Tex. 1967 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: M. VILAS HUBBARD Chairman of the Board & Chief Executive Officer, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1965 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1966 CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1967 Class B: FRED H. MERRILL President, Fireman's Fund American Insurance Companies, San Francisco, Calif. 1965 JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah. 1966 MARRON KENDRICK President, Schlage Lock Company, San Francisco, Calif. 1967 Class C: F. B. WHITMAN l President, The Western Pacific Railroad Company, San Francisco, Calif. 1965 JOHN D. FREDERICKS 2 President, Pacific Clay Products, Los Angeles, Calif. 1966 FREDERIC S. HIRSCHLER President, The Emporium Capwell Company, San Francisco, Calif. 1967 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: RALPH V. ARNOLD President and Chairman of the Board, First National Bank and Trust Company, Ontario, Calif. 1965 DOUGLAS SHIVELY President, Citizens State Bank of Santa Paula, Calif. 1966 HARRY J. VOLK President, Union Bank, Los Angeles, Calif. 1966 i Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 241 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH—Continued Term expires Dec. 31 Appointed by Board of Governors: ARTHUR G. COONS 1 President, Occidental College, Los Angeles, Calif. 1965 S. ALFRED HALGREN Vice President and Director, Carnation Company, Los Angeles, Calif. 1966 PORTLAND BRANCH Appointed by Federal Reserve Bank: E. J. KOLAR President, The United States National Bank of Portland, Oreg. 1965 E. M. FLOHR President, The First National Bank of Wallace, Idaho 1966 E. W. FlRSTENBURG Chairman of the Board & President, First Independent Bank, Vancouver, Wash. 1966 Appointed by Board of Governors: GRAHAM J. BARBEY I President, Barbey Packing Corporation, Astoria, Oreg. 1965 ROBERT F. DWYER Lumberman, Portland, Oreg. 1966 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: V. R. STEFFENSEN President, First Security Bank of Idaho, N. A., Boise, Idaho 1965 ALAN B. BLOOD Executive Vice President, Barnes Banking Company, Kaysville, Utah 1966 NEWELL B. DAYTON Chairman of the Board, Tracy-Collins Bank & Trust Company, Salt Lake City, Utah 1966 Appointed by Board of Governors: HOWARD W. PRICE 1 President, The Salt Lake Hardware Company, Salt Lake City, Utah. 1965 PETER E. MARBLE Rancher, Deeth, Nev. 1966 SEATTLE BRANCH Appointed by Federal Reserve Bank: MAXWELL CARLSON President, The National Bank of Commerce of Seattle, Wash. 1965 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1966 CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane, Wash. 1966 Appointed by Board of Governors: WILLIAM MCGREGOR 1 Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1965 ROBERT D. O'BRIEN President, Pacific Car and Foundry Company, Seattle, Wash. 1966 * Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Interest Equalization Tax Section 1. The provisions of section 4931 shall apply to acquisitions by commercial banks of debt By Executive Order 11198, issued by the Presiobligations of foreign obligors to the extent set dent on February 10, 1965, the Interest Equalizaforth herein. tion Tax was extended to acquisitions by com- Sec. 2. (a) Section 4914(j) (1) (A) (ii) and mercial banks, in the ordinary course of their section 4915(c)(2) (A) shall continue to apply; banking business, of debt obligations issued by foreign obligors which have one year or more re- (b) Section 4914(b) (2) (A) shall continue maining to maturity (other than such obligations to apply only to an acquisition of a debt obligation of a foreign obligor repayable exclusively in repayable exclusively in one or more foreign curone or more currencies other than United States rencies which are acquired at a foreign branch currency which is made by a commercial bank of a United States bank, and other than loans at its branch located outside the United States; arising out of United States exports). The Order and also provides that the tax is applicable to acquisitions by banks of Canadian debt obligations with- (c) The tax imposed by section 4931 (c) shall out regard to the provisions of Executive Order apply to an acquisition of a debt obligation of a 11175 which was not designed to relate to such foreign obligor having a period remaining to acquisitions. maturity of one year or more and less than 3 The text of the Executive Order reads as fol- years which is made by a commercial bank, other lows: than the acquisition of a debt obligation of a foreign obligor— EXECUTIVE ORDER 11198 (1) Arising out of a transaction described in section 4914(c)(l)(B), (2), (3), (4), or (5), IMPOSITION OF INTEREST EQUALIZATION TAX ON or section 4914 (d), which is transferred in ac- CERTAIN COMMERCIAL BANK LOANS cordance with section 4914(j) (1) (A) (ii) or (iii); or By virtue of the authority vested in me by (2) Repayable exclusively in one or more curchapter 41 (sections 4911 through 4931) of the rencies other than United States currency if such Internal Revenue Code of 1954, as added by the acquisition is made by a commercial bank at its Interest Equalization Tax Act, approved Septembranch located outside the United States. ber 2, 1964 (Public Law 88-563, 78 Stat. 809), by section 301 of title 3 of the United States Code, Sec. 3. An acquisition by a United States person which is a commercial bank of a debt obligaand as President of the United States, it is hereby tion of a foreign obligor described in Executive determined that the acquisition of debt obliga- Order No. 11175 dated September 2, 1964, shall tions of foreign obligors by commercial banks in be subject to the tax imposed pursuant to this making loans in the ordinary course of the comorder without regard to the provisions of Exmercial banking business has materially impaired ecutive Order No. 11175. the effectiveness of the tax imposed by section 4911 of the Internal Revenue Code of 1954, as Sec. 4. The Secretary of the Treasury or his added by the Interest Equalization Tax Act, be- delegate is authorized to prescribe from time to cause such acquisitions have replaced acquisitions time such regulations, rulings, directions, and by United States persons, other than commercial instructions, and to require such reports of inbanks, of debt obligations of foreign obligors formation, as he shall deem necessary to carry which are subject to the tax imposed by section out the purposes of this order. 4911, and it is hereby ordered that— Sec. 5. This order shall be effective with respect 242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 243 to acquisitions made during the period beginning Dated at Washington, D. C, this 27th day of on the day after the date on which such order is January, 1965. issued and ending on the date set forth in section By order of the Board of Governors. 491l(d). Voting for this action: Chairman Martin, and Gover- LYNDON B. JOHNSON nors Balderston, Mills, Shepardson, Mitchell, and Daane. Voting against this action: Governor Robert- THE WHITE HOUSE, son. February 10, 1965. (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act [SEAL] The following Orders and Statements were is- STATEMENT sued in connection with action by the Board of Security-Peoples Trust Company, Erie, Penn- Governors with respect to applications for approval sylvania ("Security-Peoples"), with total deposits of the merger of banks: of $78 million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the SECURITY-PEOPLES TRUST COMPANY, Board's prior approval of the merger of that bank ERIE, PENNSYLVANIA and The Girard Battles National Bank, Girard, Pennsylvania ("Girard Battles"), which has total In the matter of the application of Securitydeposits of $7 million.1 the banks would merge Peoples Trust Company for approval of merger under the charter and title of Security-Peoples, with The Girard Battles National Bank. which is a member of the Federal Reserve System. As an incident to the merger, the three offices of ORDER APPROVING MERGER OF BANKS Girard Battles would become branches of the resulting bank, increasing the number of its offices There has come before the Board of Governors, from two to five. pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), an application by Security- Under the law, the Board is required to con- Peoples Trust Company, Erie, Pennsylvania, a sider, as to each of the banks involved, (1) its State member bank of the Federal Reserve System, financial history and condition, (2) the adequacy for the Board's prior approval of the merger of of its capital structure, (3) its future earnings that bank and The Girard Battles National Bank, prospects, (4) the general character of its manage- Girard, Pennsylvania, under the charter and title ment, (5) whether its corporate powers are conof Security-Peoples Trust Company. As an inci- sistent with the purposes of 12 U.S.C, Ch. 16 (the dent to the merger, the three offices of The Girard Federal Deposit Insurance Act), (6) the conveni- Battles National Bank would become branches of ence and needs of the community to be served, Security-Peoples Trust Company. Notice of the and (7) the effect of the transaction on competiproposed merger, in form approved by the Board, tion (including any tendency toward monopoly). has been published pursuant to said Act. The Board may not approve the proposed merger Upon consideration of all relevant material in unless, after considering all of these factors, it the light of the factors set forth in said Act, includ- finds the transaction to be in the public interest. ing reports furnished by the Comptroller of the Banking factors. The financial history and Currency, the Federal Deposit Insurance Corpora- condition of Girard Battles are satisfactory, as is its tion, and the Department of Justice on the com- capital structure. The bank's earnings prospects petitive factors involved in the proposed transac- are satisfactory, and its management capable. tion, The capital structure of Security-Peoples is rea- IT IS HEREBY ORDERED, for the reasons set forth sonably adequate; the bank's asset condition is in the Board's Statement of this date, that said fair. Its financial history reflects willingness, under application be and hereby is approved, provided the leadership of an unusually capable president, that said merger shall not be consummated (a) to encourage growing businesses by granting relawithin seven calendar days after the date of this tively high-risk loans. Advancing age and a recent Order, or (b) later than three months after said date. 1 Deposit figures are as of June 30, 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 serious illness of this man have transferred man- met by the local bank, and which borrow from the agement responsibility to a younger executive large Erie banks. Security-Peoples lends to about group, which has demonstrated a more conserva- 10 of these, including floor-planning for three of tive point of view. Under its earlier management, the seven automobile dealers in the Girard area. the bank enjoyed an above-average rate of earn- Security-Peoples has no offices outside Erie, and ings. Earnings prospects, whether for Security- only Girard Battles has offices in or immediately Peoples or for the resulting bank, are regarded as around Girard. However, there are four offices of reasonably favorable. large Erie banks between Girard and the city limits Neither the corporate powers of the two exist- of Erie, so that borrowers whose requirements are ing banks, nor those of the resulting bank, are, or not met in Girard or its environs need not travel would be, inconsistent with the purposes of 12 to downtown Erie. Placing offices of Security- U.S.C., Ch. 16. Peoples in Girard and in the adjoining trading Convenience and needs of the communities. centers where Girard Battles has its two branches Both Erie and Girard are located in Erie County would bring broader banking services to these and lie along the shore of Lake Erie. Girard is communities. about 16 miles to the west of the county metrop- Competition. While Security-Peoples obtains olis, and the nearest offices of the two banks are 11 business throughout the county, it appears that miles apart. Erie is a well-diversified industrial city emphasis is on accounts which Girard Battles with good natural harbor facilities. The entire would be unable to handle. The record indicates county forms a Standard Metropolitan Statistical that the four large Erie banks compete effectively Area with a 1960 population of some 250,000, up for business throughout the county, The First Naabout 30,000 from 1950. Over 60 per cent of this tional Bank of Erie through nine offices, and two growth was in Erie and its western suburbs, mov- more through six offices each, as against the two ing along the lake shore toward Girard, which is offices of Security-Peoples. Despite this competia small manufacturing, residential, and trading tion, felt perhaps chiefly in connection with busicenter with a 1960 population of some 2,500. ness loans and trust services that are beyond the There are 11 banks, with 28 offices, in Erie capacity of the smaller banks to offer, the $4 mil- County. Five, with 26 offices, and 88 per cent of lion to $7 million banks, located in outlying cencounty deposits, have their head offices in Erie. ters, have shown satisfactory rates of growth. It is Although State law permits branching throughout not believed that this situation would change adthe head-office and adjoining counties, all but three versely due to the entry of Security-Peoples into of these 26 offices are in or very close to the city the communities served by Girard Battles. of Erie. In order of size, the five Erie banks range Security-Peoples is the second largest bank in from The First National Bank of Erie, with $92 the county, and consummation of the proposed million in deposits, Security-Peoples, with $78 mil- merger will give it, initially at least, 29 per cent of lion, Marine National Bank, with $47 million, and county deposits of commercial banks. However, Union Bank and Trust Company, with $28 million, this rank was achieved largely through the efforts down to The Bank of Erie, with $11 million. The of a single man, no longer active in management, remaining county banks are similar in size to as noted above, and with only a third to a quarter Girard Battles, or smaller. as many offices as any of its rivals. Under these Girard Battles has limited trust powers which circumstances, consummation of the proposed are currently being exercised in one instance only, merger, despite the loss of some limited competiwhile Security-Peoples offers a well-rounded range tion between the merging banks, should tend to of trust services. improve and continue the competitive climate It appears from the record that there are about which has obtained in the county, particularly if 30 businesses in the immediate service area 2 of other banks establish additional branches in grow- Girard Battles, the credit needs of which cannot be ing areas in and around Girard. Summary and conclusion. The proposed merger 2 The area from which a bank obtains 75 per cent would eliminate some competition between the or more of its deposits of individuals, partnerships, merging banks, but in the long run would improve and corporations. the competitive picture in Erie County. It would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 245 benefit the communities now served by Girard to say that the convenience and needs of the com- Battles by placing the offices of a full-service bank munities in which offices of Girard Battles are lowith an ample lending limit in a growing sector of cated will be better served by replaing the offices the county. of the small bank with offices of a larger one Accordingly, the Board finds that the proposed (Security-Peoples). merger would be in the public interest. As for this point, the fact that some business loans above a certain size are traveling sixteen CONCURRING STATEMENT OF GOVERNORS miles (or eleven, or eight, or nine, if the nearest MITCHELL AND DAANE offices of larger banks are considered) to find We concur in the finding that the proposed accommodation does not establish that the local merger would be in the public interest, but we bank is not properly serving its community. 1 believe that the Board's Statement obscures the should be surprised if companies like Libby-Owens relevant competitive aspects of the case. It is ir- Ford and White Sewing Machine, both of which relevant that Security-Peoples and some other have plants in the service area in question, do not banks in Erie County make loans of a size beyond go even farther than Erie to borrow. There are Girard Battles' lending limit. The competition that borrowers in almost every community, probably should concern the Board is competition for bank- including Erie itself, who have to go elsewhere to ing services that Girard could extend. The implicit satisfy their credit needs. But that does not mean assumption that a recent change in management that the banks in those communities are not propwill cause Security-Peoples to lose its relative posi- erly serving the needs of their communities. tion in Erie County is not warranted by the record. By and large, concerns needing very large lines What is significant is that the only real competi- of credit can take care of themselves, and it would tion between Security-Peoples and Girard Battles seem appropriate that some consideration be given is limited to a small number of customers in the to the far more numerous members of the commuservice area of Girard Battles who could use that nity who prefer to do business with a small local bank but who find access to the facilities of the bank. Cf., United States v. Philadelphia National larger bank practical and convenient. There is no Bank et ah, 314 U. S. 321, 369 (1963). The evidence that Girard Battles is a competitive factor soundness and the healthy growth of Girard of substantial consequence in any section of Erie Battles in the face of competition from nearby County outside of its immediate service area. banks many times its size clearly evidence that it Consummation of the proposed merger would has been adequately meeting the needs of the increase the deposits of Security-Peoples, the sec- people in the three communities in which it opond largest bank in the county, by about 10 per erates. If there is a need for a wider range of cent and give it, initially at least, 29 per cent of banking services than the existing bank provides, county deposits of commercial banks. This increase establishment of new branches by larger banks is in size, however, would not be significantly at the preferable to the elimination of a small but profitexpense of a banking competitor, but rather would able and well-run community bank. result from the extension of the services of Secu- As for the management factor, and the referrity-Peoples so far as local deposits and personal ences in the Board's Statement to a recent change lending are concerned into an area where it has in management at Security-Peoples, I will only scarcely been present hitherto. comment here that, in my view, there should be a waiting period until the younger, relatively untried, DISSENTING STATEMENT OF GOVERNOR executive group has demonstrated its capabilities ROBERTSON before expansion through merger is permited. I can discover nothing in the record of this case In addition to the fact that—unlike the majority to support the finding of the majority of the Board —I find it impossible to reach a favorable concluthat a merger of Security-Peoples and Girard Bat- sion with respect to the banking factors which tles would be in the public interest. Indeed, several Congress asked us to consider before approving a points in that record seem to me to warrant a con- merger, there are factors other than those I have trary conclusion. mentioned which should require an adverse deci- In approving the application, the majority seem sion. I refer to "the effect of the transaction on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 competition (including any tendency toward mo- cluding reports furnished by the Comptroller of nopoly)". the Currency, the Federal Deposit Insurance Cor- Security-Peoples is already the second largest poration, and the Department of Justice on the bank in the county, almost twice the size of its competitive factors involved in the proposed transnext smaller rival, and holds almost a third of area action, deposits and a higher proportion of area loans. IT IS HEREBY ORDERED, for the reasons set forth The figures demonstrate a high existing degree of in the Board's Statement of this date, that said concentration, which should not be augmented by application be and hereby is approved, provided permitting Security-Peoples to acquire the only that said merger shall not be consummated (a) banking offices in the three communities served within seven calendar days after the date of this by Girard Battles. Order, or (b) later than three months after said Furthermore, it is admitted—even by the ma- date. jority—that existing competition between Security- Dated at Washington, D. C, this 13th day of Peoples and Girard Battles will be eliminated. January, 1965. Under the statutory mandate, it is incumbent on By order of the Board of Governors. the Board to find that other factors are sufficiently Voting for this action: Unanimous, with all members favorable to offset any adverse competitive factors. present. Congress obviously intended that, before approving (Signed) MERRITT SHERMAN, a merger which eliminates competition or tends Secretary. toward monopoly, the Board must make an affirm- [SEAL] ative finding that consummation of the proposal would be in the public interest. Since I am unable STATEMENT to subscribe to such a finding on the basis of the The Farmers' Loan and Trust Company, Corecoic1 in this case, I would disapprove the appli- lumbia City, Indiana ("Farmers Trust"), with cation. total deposits of $7,299,000, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of the THE FARMERS' LOAN AND TRUST merger of that bank and Mayer State Bank, South COMPANY, COLUMBIA CITY, INDIANA Whitley, Indiana ("Mayer Bank"), which has total deposits of $2,668,000.1 The banks would merge In the matter of the application of The Farmunder the charter and name of Farmers Trust, a ers* Loan and Trust Company for approval of State member bank of the Federal Reserve System. merger with Mayer State Bank. As an incident to the merger, the office of Mayer Bank would become a branch of Farmers Trust, ORDER APPROVING MERGER OF BANKS increasing its number of approved offices to two. There has come before the Board of Governors, Under the law, the Board is required to conpursuant to the Bank Merger Act of 1960 (12 sider, as to each of the banks involved, (1) its U.S.C. 1828(c)), an application by The Farmers' financial history and condition, (2) the adequacy Loan and Trust Company, Columbia City, Indiana, of its capital structure, (3) its future earnings a State member bank of the Federal Reserve Sys- prospects, (4) the general character of its mantem, for the Board's prior approval of the merger agement, (5) whether its corporate powers are of that bank and Mayer State Bank, South Whit- consistent with the purposes of 12 U.S.C, Ch. 16 ley, Indiana, under the charter and title of The (the Federal Deposit Insurance Act), (6) the Farmers' Loan and Trust Company. As an inci- convenience and needs of the community to be dent to the merger, the sole office of Mayer State served, and (7) the effect of the transaction on Bank would become a branch of The Farmers' competition (including any tendency toward mo- Loan and Trust Company. Notice of the proposed nopoly). The Board may not approve the transacmerger, in form approved by the Board, has been tion unless, after considering all of these factors, it published pursuant to said Act. finds the transaction to be in the public interest. Upon consideration of all relevant material in the light of the factors set forth in said Act, in- 1 Deposit figures are as of July 29, 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 247 Banking factors. The financial histories of Farm- possible development of further competition beers Trust and Mayer Bank are satisfactory, and tween them. However, banking customers in the each bank has a sound asset condition and an ade- service area of the resulting bank would continue quate capital structure. Each bank has a satisfac- to have access to a number of reasonably convenitory earnings record and favorable future earnings ent alternative commercial banking offices. While prospects. The management of Farmers Trust is the merger would result in some increase in the capable. The management of Mayer Bank, al- concentration of banking resources, such increase though presently lacking somewhat in depth, is would not result in a bank so large as to affect adequate. In addition to capable management, the adversely the other five commercial banks serving resulting bank would have a sound asset condi- Whitley County. tion, an adequate capital structure, and good fu- Summary and conclusion. The acquisition of ture earnings prospects. Mayer Bank by Farmers Trust would not adversely There is no indication that the corporate powers affect banking competition. The merger would of the banks are, or would be, inconsistent with result, moreover, in a bank better able to serve the purposes of 12 U.S.C., Ch. 16. the banking needs and convenience of Whitley Convenience and needs of the communities. County and one capable, as well, of contributing Farmers Trust and Mayer Bank are two of seven to the area's economic development. commercial banks serving Whitley County, Indi- Accordingly, the Board finds that the proposed ana, which is situated in the northeastern portion transaction would be in the public interest. of the State. The county is principally an agricultural and residential area, but industry is gradually THE COMMERCIAL BANK AND SAVINGS increasing in importance in the local economy. COMPANY, FOSTORIA, OHIO The service area 2 of Farmers Trust consists of Columbia City and the surrounding area within a In the matter of the application of The Comradius of about 8 miles; the service area of Mayer mercial Bank and Savings Company for approval Bank consists of South Whitley and the surroundof merger with The New Riegel State Bank. ing area within a radius of from 5 to 8 miles. South Whitley is located approximately 10 miles ORDER APPROVING MERGER OF BANKS southwest of Columbia City, and the service areas of the two banks overlap slightly in a sector where There has come before the Board of Governors, population density is relatively low. pursuant to the Bank Merger Act of 1960 (12 Mayer Bank does not offer consumer install- U.S.C. 1828(c)), an application by The Commerment loans, for which there is a need in its service cial Bank and Savings Company, Fostoria, Ohio, a area, and its lending limit is inadequate to enable State member bank of the Federal Reserve System, it to meet the demand in its area for commercial for the Board's prior approval of the merger and farm loans. Farmers Trust provides consumer of that bank and The New Riegel State Bank, New installment loans and its lending limit, although Riegel, Ohio, under the charter and title of The quite small relative to the needs of the area it Commercial Bank and Savings Company. As an serves, is 50 per cent higher than that of Mayer incident to the merger, the sole office of The New Bank. The merger would result in a bank with Riegel State Bank would become a branch of the greater resources and a higher lending limit, which resulting bank. Notice of the proposed merger, in could better serve the banking needs and conveni- form approved by the Board, has been published ence of each of the communities now served by pursuant to said Act. the two banks. Upon consideration of all relevant material in Competition. The merger would eliminate the the light of the factors set forth in said Act, includvery small amount of competition existing between ing reports furnished by the Comptroller of the Farmers Trust and Mayer Bank and foreclose the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the com- 2 The area from which a bank obtains 75 per cent petitive factors involved in the proposed merger, or more of its deposits of individuals, partnerships, IT IS HEREBY ORDERED, for the reasons set forth and corporations. in the Board's Statement of this date, that said Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 application be and hereby is approved, provided to interest expense arising from a high proportion that said merger shall not be consummated (a) of time to total deposits, and to a difficulty in within seven calendar days after the date of this placing loans and thereby developing an adequate Order or (b) later than three months after said return on earnings assets. There is no immediate date. prospect for change in either of these factors, and Dated at Washington, D. C, this 28th day of earnings prospects of State would not be regarded January, 1965. as favorable, were it to continue its separate existence. Earnings prospects of Commercial are good, By order of the Board of Governors. as would be those of the resulting bank. Voting for this action: Chairman Martin, and Gover- Management of both banks is competent. The nors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not voting: Governor Balderston. executive officer of State is beginning to look forward to retirement. However, he has several more (Signed) MERRITT SHERMAN, years to serve, and the matter of management suc- Secretary. cession lends no support to the proposal. Manage- [SEAL] ment of the resulting bank would be competent. STATEMENT Neither the corporate powers of the two existing banks, nor those of the resulting bank, are, or The Commercial Bank and Savings Company, would be, inconsistent with the purposes of 12 Fostoria, Ohio ("Commercial"), with total depos- U.S.C, Ch. 16. its of $11 million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), Convenience and needs of the communities. The for the Board's prior approval of the merger of head offices of Commercial and State are located that bank and The New Riegel State Bank, New in Seneca County, in a rich, agricultural section of Riegel, Ohio ("State"), which has total deposits north central Ohio about 40 miles south of Toledo of $2 million.1 The banks would merge under the and some 80 miles north of Columbus. Fostoria, charter and title of Commercial, which is a mem- where Commercial has its head office, is a city with ber of the Federal Reserve System. As an incident a 16,000 population and has diversified industry to the merger, the single office of State would producing, among other things, spark plugs, carbecome a branch of the resulting bank, increasing bon products, machine tools, and wire. New Riethe number of its offices from three to four. gel, ten miles away, is a farming community of Under the law, the Board is required to consider, 400 persons. There is a second city in Seneca as to each of the banks involved, (1) its financial County, Tiffin, with a population of 21,000, which history and condition, (2) the adequacy of its is somewhat closer to New Riegel, and customers capital structure, (3) its future earnings prospects, from New Riegel have reasonably easy access in (4) the general character of its management, (5) either center to banks offering an adequate range of whether its corporate powers are consistent with services. However, it seems clear that the needs the purposes of 12 U.S.C, Ch. 16 (the Federal and convenience of the smaller community would Deposit Insurance Act), (6) the convenience and be benefited if a branch of a larger bank were needs of the community to be served, and (7) the located there. Because of State's low lending limit, effect of the transaction on competition (including the bank has had to decline many real estate mortany tendency toward monopoly). The Board may gage loan applications. It makes no F.H.A. or not approve the proposed merger unless after con- G.I. loans. Only within the past two years has the sidering all of these factors, it finds the transaction bank been accepting a limited volume of conto be in the public interest. sumer installment loans. Loans at State are about Banking factors. The financial history and condi- a third of deposits, and a substantial portion of tion of both banks are satisfactory. The capital these loans were purchased from Commercial. structure of State is adequate and that of Commer- Competition. Fostoria, where Commercial has cial is fairly satisfactory. Earnings of State have its head office, is located on the boundaries of declined sharply in the last two or three years due three counties. Under Ohio law, Commercial may branch in any of the three, as may the largest bank 1 Deposit figures are as of June 30, 1964. in the county, Commercial's chief rival, Tri-County Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 249 National Bank, with total deposits of $25 million Orders Under Section 3 of Bank Holding as against the $13 million which would be held by Company Act the resulting bank. Tri-County National has two The following Order was issued by the Board of branches in Tiffin, the other city in Seneca County. Governors extending the period of time within Three other banks headquartered in Tiffin have which a corporation may become a bank holding total deposits of $20 million, $13 million, and $10 company, and Order and Statement denying an million, respectively. A small independent bank application for an existing bank holding company with headquarters in Carey, a town about ten to acquire the stock of an additional bank: miles southwest of New Riegel, in Wyandot County, has total deposits of $4 million and is expected to lose some, but not substantial, business COMMERCIAL BANCORP., INC., as a result of the merger. MIAMI, FLORIDA Commercial is, accordingly, the fourth largest of In the matter of the application of Commercial six commercial banks in Seneca County, and would Bancorp, Inc., Miami, Florida, for permission to be the third largest of five, with 16 per cent of the become a bank holding company by acquiring deposits of individuals, partnerships, and corporastock of three banks in Florida. tions in the county after consummation of the merger. The first and second in rank would remain substantially larger. ORDER EXTENDING PERIOD OF TIME State and Commercial each derive some busi- PRESCRIBED BY PROVISO IN ORDER ness from the area served by the other, and they OF APPROVAL have some common customers. However, competition between the two banks has been relatively WHEREAS, by Order dated November 16, 1964, mild, due to a working relationship of over 30 the Board of Governors, pursuant to section years' standing. Commercial has advised and 3(a)(l) of the Bank Holding Company Act of assisted the smaller bank, lending it personnel to 1956 (12 U.S.C. 1842(a)) and section 222.4(a) fill gaps caused by vacations and emergencies, re- of Federal Reserve Regulation Y (12 CFR 222.4 ferring deposit accounts to it when requested by (a)(l)), approved the application of Commerborrowers who did not wish to keep more than the cial Bancorp, Inc., Mimai, Florida, to become a bank holding company through the acquisition insured maximum at Commercial itself, and selling of a minimum of 80 per cent of the voting shares real estate mortgages to State. of each of the following banks located in Florida: Summary and conclusion. While effectuation of Commercial Bank of Miami, Miami; Merchants the merger of Commercial and State would end Bank of Miami, West Miami; and Bank of Kensome existing competition between two banks, this dall, Kendall; and competition has not been active or aggressive. The WHEREAS, said Order was made subject to the smaller bank is unable, due to its low lending limit, proviso that the acquisition approved "shall not to meet normal needs of its agricultural commube consummated . . . (b) later than three months nity. Because of the high proportion of time to after said date [of Order]"; and demand deposits and its inability to build up its WHEREAS, Commercial Bancorp, Inc., has aploan and investment portfolio satisfactorily, State plied to the Board for an extension of time within has experienced a severe drop in earnings. No which the approved acquisition may be consumchange that can reasonably be expected to occur mated, and it appearing to the Board that good during the next few years, other than a merger cause has been shown for the additional time realong the lines proposed, would appear likely to quested and that such extension would not be reverse this situation. As a result of the merger, inconsistent with the public interest; New Riegel would benefit by having conveniently IT IS HEREBY ORDERED, that the Board's Order of available the local office of a bank able to meet November 16, 1964, be, and it hereby is, amended community needs. so that the proviso relating to the time by which Accordingly, the Board finds that the proposed Commercial Bancorp, Inc., shall consummate the merger would be in the public interest. approved acquisition of stock shall read: "provided Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 that the acquisition so approved shall not be con- By order of the Board of Governors. summated . . . (b) later than May 16, 1965." Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and Dated at Washington, D. C, this 18th day of Mitchell. Absent and not voting: Governor Daane. January, 1965. (Signed) MERRITT SHERMAN, By Order of the Board of Governors. Secretary. [SEAL] (Signed) MERRITT SHERMAN, Secretary. STATEMENT [SEAL] The First Virginia Corporation ("Applicant"), Arlington, Virginia, a registered bank holding company, has filed with the Board, pursuant to FIRST VIRGINIA CORPORATION, section 3 (a) (2) of the Bank Holding Company ARLINGTON, VIRGINIA Act of 1956 ("the Act"), an application for approval of the acquisition of 80 per cent or more In the matter of the application of The First of the voting shares of The Loudoun National Virginia Corporation, Arlington, Virginia, for ap- Bank of Leesburg, Leesburg, Virginia. proval of the acquisition of voting shares of The Views and recommendation of supervisory au- Loudoun National Bank of Leesburg, Leesburg, thority. As required by section 3(b) of the Act, Virginia. notice of receipt of the application was given to, and views and recommendation requested of, the ORDER DENYING APPLICATION UNDER BANK Comptroller of the Currency. He recommended HOLDING COMPANY ACT approval of the application. There has come before the Board of Governors, Statutory factors. Section 3(c) of the Act repursuant to section 3 (a) (2) of the Bank Holding quires the Board to take into consideration the Company Act of 1956 (12 U.S.C. 1842(a)(2)) following five factors in acting on this application: and section 222.4(a) (2) of Federal Reserve Regu- (1) the financial history and condition of the holdlation Y (12 CFR 222.4(a)(2)), an application ing company and the banks concerned; (2) their by The First Virginia Corporation, Arlington, Vir- prospects; (3) the character of their management; ginia, a registered bank holding company, for the (4) the convenience, needs, and welfare of the Board's prior approval of the acquisition of 80 per communities and the area concerned; and (5) cent or more of the voting shares of The Loudoun whether the effect of the proposed acquisition National Bank of Leesburg, Leesburg, Virginia. would be to expand the size or extent of the bank As required by section 3(b) of the Act, the holding company system involved beyond limits Board notified the Comptroller of the Currency of consistent with adequate and sound banking, the receipt of the application and requested his views public interest, and the preservation of competiand recommendation. The Comptroller recom- tion in the field of banking. mended approval. Financial history, condition, and prospects of Notice of Receipt of Application was published Applicant and Bank. Applicant was incorporated in the Federal Register on September 3, 1964 (29 under the laws of Virginia in 1949. At year-end F.R. 12567), which provided an opportunity for 1956 Applicant's system comprised three banks filing with the Board comments and views regard- holding combined deposits of $40.7 million. At ing the proposed acquisition. The time for filing year-end 1960, with the acquisition of an addihas expired and all comments and views filed have tional bank, Applicant's subsidiaries held combeen considered by the Board. bined deposits of approximately $61 million. This IT IS HEREBY ORDERED, for the reasons set forth total increased to $89.4 million by year-end 1961, in the Board's Statement of this date, that said the increase due principally to Applicant's acquiapplication be and hereby is denied. sition of an additional bank in that year. During Dated at Washington, D. C, this 26th day of 1962 Applicant acquired four additional banks January, 1965. through stock acquisitions and merged a fifth bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 251 with an existing subsidiary, bringing the combined ploy since 1948 in most phases of its operation. deposits of Applicant's banks at year-end 1962 to The Board views Applicant's assertion of the mannearly $172 million. At June 30, 1964,1 Applicant agement problem, not as evidencing a lack of indiowned a majority of the stock of nine banks in the dividuals capable of managing Bank, but rather an State of Virginia with combined total deposits of inability on the part of Bank's board of directors approximately $197 million. In addition to its to select a principal operating officer, either from banking subsidiaries, Applicant owns two insur- persons available within Bank or from outside ance agencies, a bank premises company and a sources. Applicant describes a conflict within bank servicing corporation. Bank's board of directors, existing for a consider- The Loudoun National Bank of Leesburg able period of time, in regard to the selection of an ("Bank") was chartered and opened for business individual who would serve as president of Bank. in Leesburg, Virginia, in 1870. Since November Applicant asserts that "this lack of cohesiveness in 1962, it has operated a branch office at the Dulles the board of directors" would be remedied by International Airport, approximately 15 miles east Applicant's acquisition of Bank. It is noted that of Leesburg. In January 1963, Bank opened a the Comptroller of the Currency, while recognizdrive-in branch in Leesburg approximately two ing that Bank lacks depth in its top managerial blocks from its main office. At June 30, 1964, posts and that Applicant's acquisition of Bank Bank had total deposits of $8.4 million. would provide a source of executive management Applicant's financial history and condition, re- for the future, is of the opinion that Bank "conflected principally in the operating histories and tinues to be competently and progressively manfinancial conditions of its subsidiary banks, appear aged by the executive vice president". It is also to offer no bar to approval of this application. Al- noted that Applicant states it will consider the though Applicant's present and proposed debt merits of recommending to Bank's board of diposition is relatively heavy, the past earnings rec- rectors the election of either the executive vice ords and generally sound present conditions of president or the present cashier to the office of its subsidiary banks warrant the conclusion that president and chief executive officer. Applicant's prospects are reasonably satisfactory. The Board finds reasonable Applicant's assertion Bank's financial history and condition are satis- that its control of Bank would result in a satisfacfactory. This conclusion, in major respects, is tory resolution of the present conflict within Bank's premised upon an impressive growth and satisfac- board of directors regarding choice of an individtory earnings record. These same factors support ual to act as Bank's chief operating officer. Such a conclusion as to Bank's favorable prospects assurance constitutes a consideration weighing in either as a subsidiary of Applicant or operating favor of approval of the application. At the same independently of Applicant's control. time, the Board is unable to conclude that Bank's Management. The management of Applicant board of directors, being aware of their responsiand its subsidiary banks is considered experienced bilities to Bank and, in turn, to the communities and well qualified. In respect to Bank's manage- Bank serves, cannot resolve their conflicting points ment, Applicant states that "The single most im- of view regarding selection of a chief executive portant problem at the Bank is the lack of man- officer without Applicant's intervention. On at least agement" and, in support of this assertion, states one previous occasion, a similar problem within "Neither the Bank's officers nor the majority of the board of directors was resolved in a manner the members of the board are experienced with beneficial to both Bank and its customers. While the problems that the Bank will encounter as a the circumstances that apparently facilitated the part of an urban community". previous solution may not now be present, the Bank's executive vice president and chief oper- Board is of the view that Applicant's proposal, ating officer has been with Bank since 1945. Its though constituting perhaps the most assured solucashier, 37 years of age, has been in Bank's em- tion to Bank's management problem, is not the only solution available. Convenience, needs, and welfare of the com- 1 Unless otherwise indicated, all banking data noted munities and areas concerned. Leesburg, with an are as of this date. estimated population of 4,000 is situated some 38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 miles northwest of Washington, D. C, and is the The principal services which it is asserted will seat of and largest town in Loudoun County. His- be rendered for and made available to Bank as a torically, Loudoun County has been one of Vir- subsidiary of Applicant are the following: Appliginia's foremost agricultural regions and principal cant would constitute a ready source of additional livestock centers. It had a 1960 population of ap- capital and a source for loan participations. Guidproximately 25,000 and has an estimated present ance and assistance would be rendered Bank in the population of about 33,000. According to a County solicitation and servicing of commercial, indusdevelopment plan submitted as part of the appli- trial, mortgage, and construction loans, and trust cation, the estimated 1970 and 1980 population accounts. A variety of other services would be offigures are 47,900 and 85,200, respectively. Since fered to Bank, including internal audit procedures, 1962 the economy of Loudoun County, particu- advice on foreign commerce and exchange, data larly the easternmost portion thereof, has become processing, and other technical services. increasingly industrial in nature. This trend to light Data in the record raise a question as to Appliindustry, with an accompanying residential devel- cant's financial ability in the near future to augopment, has resulted principally from the establish- ment significantly Bank's capital position. Appliment and operation in Loudoun County of Dulles cant's debt position present and prospective, in- International Airport. The direct bearing that Ap- volving, in part, proposals to augment the capital plicant asserts the Airport has on this application of three of its larger subsidiary banks, would apis discussed hereafter. pear significantly to limit its ability to augment Applicant has defined the approximate primary Bank's capital should such action appear advisable. service area 2 of Bank as encompassing the town of Similarly questionable, in the Board's view, is Leesburg and the surrounding area approximately Applicant's ability to improve substantially Bank's coextensive with the territorial limits of Loudoun potential for meeting the large credit requirements County on the north and east, approximately 15 of its customers. The record reflects the fact, conmiles to the south and southeast, and approxi- ceded by Applicant, that Bank is presently meeting mately 2 miles to the west. In addition, Bank's the credit needs of its service area. Applicant as- Dulles Airport branch is stated to serve primarily serts, however, that Bank's present lending limit the Airport, the village of Sterling some two miles ($50,000) is insufficient to meet the prospective north of the Airport, and the town of Herndon, ap- credit requirements of Loudoun County, which proximately three and one-half miles east of the Applicant anticipates Bank will be called upon to Airport. The combined population of the afore- serve, and that as a subsidiary of Applicant, there mentioned areas is estimated by Applicant at about would be available to Bank, through intrasystem 26,000. participations, an aggregate loan limit of $1.8 In addition to Loudoun National's offices, there million. are three banking offices in Leesburg. The Purcell- The percentage of loans to deposits for all banks ville National Bank, a subsidiary of Applicant with in Applicant's system is about 62 per cent and for its main office in Purcellville, nine miles from Lees- its largest bank, 70 per cent. These circumstances burg, has a branch office in Leesburg, about .2 impose substantial limitations on the ability of Apmile from Bank's main office. The Purcellville Na- plicant's banks to relieve Bank of overlines. Even if tional Bank has total deposits of $4.6 million. The it be assumed that Applicant's banks could partici- Peoples National Bank of Leesburg ($10.7 million pate in handling some of Bank's larger credit overdeposits) operates two offices within one-half mile lines, it cannot be further assumed, as Applicant of Bank's location. This bank is one of the nine suggests, that its acquisition of Bank is a sine qua banks in Virginia in which majority control is held non to Bank's ability to meet the credit needs of its by Financial General Corporation of Washington, customers. The record reflects that in the 12-month D. C, a holding corporation that is exempted from period immediately preceding the filing of the apthe Act. plication, Bank issued a participation in only one loan. There is no indication of any difficulty en- 2 The area from which Applicant estimates at least countered in securing this participation. Nor, in 75 per cent of Bank's deposits of individuals, partner- the Board's view, considering Bank's correspondent ships, and corporations ("IPC deposits") originate. relationships by Bank in Virginia, Washington, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 253 D. C, and New York, is there reason to believe economical and convenient, of such assistance for that a continuing expansion of Loudoun County Bank. will present Bank with any credit demand which it Among the services that Applicant has stated it cannot serve either alone or in participation with its would provide for Bank are those relating to the correspondents. operation of Bank's office at Dulles International As to the remainder of the services which Appli- Airport. Applicant has made known the view of cant states it would furnish, the Board concludes the Federal Aviation Agency concerning the dethat Applicant's system is not now, and would not sirability of Bank providing foreign exchange serbe, the only convenient source for these services. vice and a multilingual staff member at its airport The following specific examples reflect the Board's office. Applicant's subsidiary, Southern Bank of reasoning in this respect. Applicant states that Norfolk, operates a foreign department which, ac- Bank's service area has great potential for trust cording to Applicant, could give assistance to services, but that trust business is not actively so- Bank in meeting the foreign currency exchange licited by Bank, and that Bank's officers are not requirements of travelers arriving and departing this country by way of Dulles International Airexperienced in the trust field. In view of the fact port. that Bank operates a trust department, advertises in the bankers' directories the availability of "com- The Board concurs in Applicant's position that plete trust services", and has three officers with the weighing toward approval of this application is the title of trust officer or assistant trust officer, the fact that Applicant stands able to assist Bank in Board is unable to attribute significant weight to making available at its Dulles International Air- Applicant's assertion that none of Bank's officers port office foreign currency exchange and related services, to the extent that such may be required is experienced in the trust field, or that trust busiby increased foreign commerce and travel. Howness is not now actively solicited by Bank. Should ever, the amount of weight ultimately to be atsome assistance in the trust field be required, tributed to the aforementioned fact is significantly Bank's correspondent banks would appear equally lessened by the following findings. While stating as able as Applicant to assist Bank with any unthat the services in respect to foreign commerce usual or troublesome trust problems. In the event and travel are not now presently offered by Bank, that Bank might be unable to provide a particular Applicant has not established to the Board's satistrust service, it is noted that The Peoples National faction an existing need for these services. Further, Bank of Leesburg advertises complete trust serthe additional services which the Federal Aviation vices, and it is assumed that trust services are also Agency has suggested would be desirable at Bank's available through the branch of Applicant's bank airport branch are such that advice and assistance located in Leesburg. regarding their initiation and development, admit- Regarding Applicant's furnishing auditing and tedly available through Applicant's Norfolk subdata processing services to Bank, while both sersidiary, appear available to Bank through its corvices would benefit Bank directly, and indirectly respondents. For example, Bank's Washington corthe public, assistance in respect to both of these respondent, a bank with nearly $460 million of services is available to Bank apart from the prodeposits, operates an international banking departposed affiliation with Applicant. Guidance and ment. It is highly unlikely, in the Board's judgment, advice regarding the installation of an internal that Bank's airport branch now has, or will have audit program are available to Bank through apin the reasonably foreseeable future, a demand for propriate supervisory authorities, from its corforeign commerce and related services that canrespondent banks, and from qualified professional not be served either by Bank alone or with the organizations, in at least one of which Bank adver- assistance of its correspondents. tises membership. Similarly, should it be deter- Summarizing, the Board concludes that the evimined that the use of electronic data processing dence of record bearing on the convenience, needs, equipment is feasible in respect to Bank's opera- and welfare of the areas served by Bank, as they tions, the availability of such equipment in several would be affected by consummation of Applicant's of the large banks in nearby Washington appears proposal, lends but slight weight toward approval. to offer a reasonable source, albeit somewhat less Even this slightly favorable weight is brought into Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 question by the presence in Leesburg of the branch proposed acquisition of Bank presents a subof The Purcellville National Bank, Applicant's stantially less favorable picture. subsidiary. It is reasonable to assume that any new In Loudoun County, a total of 6 banks operating or expanded services which Applicant proposes to 10 banking offices hold an aggregate of $35 million make available through Bank's two Leesburg offi- of deposits. At present, two of the banks (four ces are, or can be, made available to the public banking offices) are owned by bank holding comthrough its subsidiary bank's office located in the panies. Applicant's bank, The Purcellville National same community. Bank, holds $4.6 million in deposits, or 13 per cent Effect of proposed acquisition on adequate and of the total held by banks in the County. Financial sound banking, public interest, and banking com- General's bank, The Peoples National Bank of petition. In determining the effect of Applicant's Leesburg, operates two banking offices and holds proposed acquisition of Bank on "adequate and approximately $10.7 million of deposits, or 31 per sound banking, the public interest, and the preser- cent of the County's total deposits. Applicant's acvation of competition . . .", the Board believes it quisition of Bank would give bank holding company subsidiaries control of 70 per cent of Lounecessary to determine the extent to which the doun County's banking offices, and 68 per cent banking resources of the areas concerned are, and of the total deposits held by such offices. would be, concentrated in one or more banking institutions, including subsidiaries of all bank hold- The degree of concentration implicit in the foregoing data is not ameliorated as the geographic ing companies operating in these areas. For the scope of inquiry is narrowed. Contrary to the Board to limit its consideration to Applicant's sysposition taken by Applicant, the Board believes tem alone, excluding from consideration the existthe combined service areas of Bank and The Purence of other holding companies and their banks cellville National Bank to be an appropriate geodoing business in the area, "would leave the statugraphic area within which to analyze existing and tory direction without substantial meaning and potential concentration of banking resources and prevent the Board from the consideration of vital competition between the two banks. In this comfacts in making its judgment." Northwest Bancorbined area, Applicant now controls 17 per cent of poration v. Board of Governors, 303 F.2d 832, the banking offices (2 of 12), and 11 per cent 842 (CCA-8, 1962). of the deposits held by those offices. Consumma- Applicant's system is composed of nine banks, tion of the proposal before the Board would inoperating 44 banking offices and holding aggregate crease these figures to 42 per cent of the banking deposits of $197 million. These figures represent, offices and 32 per cent of deposits held. Within the respectively, approximately 6 per cent of the total same area, if Applicant's proposal were to be conbanking offices in the State, and 5 per cent of the summated, Applicant and Financial General Coraggregate deposits held by such banking offices. poration, combined, would control approximately Approval of this application would give Applicant 67 per cent of the banking offices, and 59 per cent control of 10 banks, with 47 banking offices and of the banking deposits. Within Bank's primary aggregate deposits of $206 million. Applicant is service area, Applicant's one office represents 11 the smallest of the four bank holding companies per cent of the total offices therein. The deposits in (three registered and one nonregistered) operating this office ($54,000) represent .2 per cent of the in the State. Combined, these bank holdings comarea's total. In acquiring ownership of Bank, Appanies presently control 25.6 per cent of the de- plicant would increase its control of offices to four posits of all banks in the State. Applicant's ac- out of nine (44%), and its control of the area's quisition of Bank would increase to 25.8 the per- total deposits to $8.4 million or 29 per cent of centage of deposits thus controlled. Measured on such deposits. this State-wide basis, the resulting concentration Viewing the banking structures of Loudoun of banking resources in bank holding companies County and the more restricted geographic areas is not viewed by the Board as excessive. However, herein discussed, the Board views as inimical to analysis of both bank deposits and banking office sound banking competition and the public interest control within Loudoun County by bank holding the demonstrated degree of holding company companies that would exist following Applicant's control of banking offices and deposits that would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 255 result from approval of this application. competition between Bank and Purcellville Na- Next to be considered is the question of the ex- tional in each of these communities, the Board tent to which Applicant's ownership of Bank would concurs in Applicant's position that neither bank eliminate existing competition between Bank and draws a significant portion of its total deposits or Applicant's subsidiary, The Purcellville National loans from Middleburg, Lovettsville, or Hamilton. Bank (herein "Purcellville National"), or would Contrary to Applicant's contention, however, the likely foreclose future competition between them. Board finds that a significant portion of the deposit The evidence of record clearly establishes, in the and loan accounts of Purcellville National origin- Board's judgment, elimination of actual and po- ates in Bank's primary service area, and that a tential competition in such measure as to require similarly substantial percentage of Bank's deposit denial of the application in the absence of com- and loan accounts have their source from within pelling reasons for approval. Purcellville National's primary service area. In determining the degree of existing competi- According to data furnished by Applicant, tion, the Board has removed from consideration $855,000 of IPC deposits held by Purcellville Nathe minimal competition that Bank's Dulles Air- tional, representing 20 per cent of the total of port Branch may offer to either office of Purcell- such deposits held, originate in Bank's primary ville National. Applicant takes the position that service area. The $855,000 is 12 per cent of the neither of Bank's offices competes substantially total IPC deposits held by Bank. Twenty-one per with Purcellville National. Specifically, Applicant cent ($354,000) of the total of commercial and contends that Loudoun County is physically di- industrial, farm, and consumer loans made by Purvided in a north-south direction by the Catoctin cellville National originated within Bank's primary Mountain ridge, and that the ridge, located to the service area. This dollar volume is 9 per cent of west of Leesburg, "forms a psychological as well the total of such loans made by Bank. as a physical barrier" between Leesburg and the From the primary service area of Purcellville towns of Hamilton, Purcellville, and Round Hill National's main office, Bank derives 18 per cent to the west-southwest; Lovettsville to the north; ($1.3 million) of its total IPC deposits, and 59 per and Middleburg to the south. According to Ap- cent ($2.3 million) of the total of its commercial plicant, bank service areas generally do not cross and industrial, farm, and consumer loans. The dolover the Catoctin Mountain ridge. lar volume of these loans equals 42 per cent of all The Board does not accept Applicant's premise loans made by Bank, and 81 per cent of all loans regarding competitive restrictions allegedly im- and 136 per cent of all commercial and industrial, posed by the Catoctin Mountain ridge. As evi- farm, and consumer loans made by Purcellville denced by maps contained in the application, the National. ridge in question has its southernmost point well The evidence of record establishes to the Board's north of the most direct east-west line between satisfaction that Bank and Purcellville National Leesburg and the aforementioned towns. Travel compete actively and substantially for both bank between Leesburg and Purcellville appears to be deposits and loans, principally within Purcellville unimpeded via Virginia Route 7. Evidence of the National's primary service area. Approval of the daily movement between Leesburg and Purcell- proposed acquisition would result in the eliminaville, a distance of but nine miles, is given by Ap- tion of the substantial competition that now exists plicant's statement that "a substantial portion of and would foreclose the probability that future the business at its [Purcellville National] Leesburg economic expansion of the area would stimulate branch is done by people who would bank at Pur- even more vigorous competition. The Board is uncellville's main office, but find the Leesburg office able to accept as realistic Applicant's assertion that more convenient to their work." the fact of Applicant's control of both banks "will As designated by Applicant, the respective pri- not, in itself, mean that competition between them mary service areas of Bank (defined, supra, fn.2) will be eliminated." In view of Applicant's proand Purcellville National do not overlap. Applicant posals for financial assistance, service rendition, concedes, however, that each bank competes for and general guidance, it is unlikely that the two business in Leesburg, Middleburg, Lovettsville, banks would remain vigorous competitors. Hamilton, and Purcellville. Regarding the force of Applicant's acquisition of Bank would reduce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 from three to two the available banking sources in On the basis of all the relevant facts as con- Leesburg, both of which would be holding com- tained in the record before the Board, and in the pany subsidiaries. This adverse effect, with the at- light of the factors set forth in section 3(c) of the tending concentration of banking resources and Act, it is the Board's judgment that the proposed elimination of competition, outweighs the slightly transaction would not be consistent with the public favorable circumstances relating to the manage- interest and that the application should therefore ment and convenience factors. be denied. Announcements RESIGNATION OF PRESIDENT OF THE FEDERAL improve the United States balance of payments: RESERVE BANK OF MINNEAPOLIS The President of the United States has today Mr. Frederick L. Deming, President of the Fedsent to Congress a message setting forth his proeral Reserve Bank of Minneapolis since April 1, gram to improve the U.S. balance of payments. 1957, resigned to accept a Presidential appointment In addition to stressing the vital importance of as Under Secretary of the Treasury for Monetary stability of domestic costs and prices, the Presi- Affairs, effective February 1, 1965. dent's program includes: ( 1) Legislation to continue the Interest Equal- DEATH OF DIRECTOR ization Tax through December 31, 1967; Mr. Elwood M. Brooks, Chairman of the Board, (2) Immediate action under the existing stat- The Central Bank & Trust Co., Denver, Colorado, ute to impose the Interest Equalization who had served as a director of the Denver Branch Tax on bank loans with maturity of one of the Federal Reserve Bank of Kansas City since year or more; January 1, 1964, died on February 5, 1965. (3) Legislation to apply the Interest Equalization Tax, retroactive to February 10, FEDERAL RESERVE ROLE IN BALANCE OF 1965, to nonbank credits to foreigners PAYMENTS PROGRAM if such credits have a maturity of one The following statement was sent by the presidents year or more; of the Federal Reserve Banks to all banks in their ( 4) A call on the Federal Reserve System—in districts regarding the role of the Federal Reserve cooperation with the Treasury—to work System in connection with the President's message with all banks to limit lending to forof February 10, 1965, setting forth his program to eigners; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 257 (5) Legislation to provide immunity from assets abroad regardless of maturity, whether or anti-trust laws for specified voluntary not they are subject to the interest equalization programs, if needed, with respect to for- tax. eign loans by banks. The Federal Reserve program will be further ( 6) A call on the Department of Commerce explained under the following procedures: to work with corporations with business 1. The President is asking representatives of interests abroad to effectuate a reduction the financial community to meet with him soon of their capital outflows; to discuss the program set forth in his message to ( 7) A more vigorous export promotion drive; the Congress; (8) Encouragement of foreign investment in 2. The Chairman of the Board of Governors is the U.S. through appropriate tax legisla- asking the bank representatives present at the tion; President's meeting to confer with him and the ( 9) Legislation to reduce from $100 to $50 other members of the Board of Governors, and the duty-free allowance of tourists re- presidents of the Reserve Banks following that turning from abroad, and a "See the USA meeting; First" program designed to increase tour- 3. Each bank that has foreign loans and inism in the U.S.; vestments outstanding in excess of $5 million is (10) An intensified effort to reduce military ex- being requested to meet individually with reprependitures abroad; sentatives of the Reserve Bank of its District for (11) Continued action to minimize adverse further discussion of the program; balance of payments effects of the foreign 4. Technical advisory committees may be inaid program. vited to meet with Federal Reserve officials con- The Federal Reserve System shares the Presi- cerning problems that arise under the System's dent's concern about the deterioration in our bal- program. ance of payments and his determination to im- Implementation of the program limiting lendprove our payments position and to strengthen ing to foreigners will result inevitably in some confidence in the dollar. The System and the hardships for individual lenders and borrowers. banking and financial community have been as- This is unfortunate, but the overriding long-run signed major roles in the President's program. international position of the dollar is dependent The central focus of the program is on meas- upon the wholehearted cooperation of the naures that will reduce the outflow of U.S. capital. tion's financial institutions. Such flows have been heavy in recent years, and I am confident that the financial community were particularly so in recent months. In the stands prepared to join with the Federal Reserve fourth quarter of 1964, for example, bank credit System in this urgent national effort to restore to foreigners expanded by $1 billion. balance of payments equilibrium and to maintain To assure the success of the program, the Sys- the dollar "as good as gold." In good part, the tem is requesting all banks to limit credits to success of the President's program depends on us. foreigners that are not clearly and directly for the purpose of financing exports of U.S. goods BANK DEBITS AND DEPOSIT TURNOVER and services. Over all, the objective is to hold outstanding credits (including export credits) to The series of bank debits and deposit turnover foreigners during 1965 to a level not over 5 per (page 272 of this BULLETIN) is in the process of cent above the December 31, 1964, outstandings. revision; hence the data in the table have not been In most instances, this should be the minimum updated past December 1964. Beginning with curgoal for individual banks. Within the over-all rent release of data for January 1965 and with limit, certain countries may need to be given pref- the table in the March 1965 BULLETIN this series erential treatment. will reflect seasonally adjusted annual rates of Outstanding credit to foreigners includes loans, debits and turnover for approximately 225 standacceptance credits, deposits with foreign banks ard metropolitan statistical areas. A technical (including foreign branches and subsidiaries of article describing the revised series will also appear U.S. banks), and investments and acquisitions of in the March BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 15 Industrial production rose further in January, February assemblies are scheduled to remain at following the large increases in November and that rate. Output of furniture and some other December when auto output recovered from consumer goods increased further in January. strikes. The rate of unemployment edged down to Production of business equipment, which had in- 4.8 per cent. Retail sales declined slightly al- creased 6 per cent in the second half of 1964, though sales of new autos rose to a new record. remained at an advanced level. Industrial commodity prices changed little. Ex- Increases in output of materials were mainly pansion in loans and in time and savings deposits among the nondurable goods. Output of iron and at commercial banks was substantial while growth steel and most other durable goods changed little. in the money supply was moderate. In late January and early February, short-term interest rates CONSTRUCTION increased somewhat but bond yields were stable New construction activity declined 1 per cent or declined a little. in January, to a seasonally adjusted annual rate of $66 billion, reflecting a decrease of 4 per cent INDUSTRIAL PRODUCTION in public construction. In December, according to Industrial production in January rose to 137.7 revised figures, public construction had increased per cent of the 1957-59 average, from 137.0 per 4 per cent and total activity had risen nearly 2 cent in December, and continued 8 per cent above per cent to about the record levels set earlier in a year earlier. Production of autos and of steel 1964. remained at the high levels of December while DISTRIBUTION output of some other products and materials increased. Retail sales declined slightly in January, after Production of consumer goods rose slightly increasing sharply in December from a reduced further. Auto assemblies were maintained at the rate, but were 7 per cent above a year earlier. Derecord pace reached in December—an annual liveries of new domestic autos increased subrate in excess of 9 million units—mainly to make stantially further, as supplies continued to improve up for production lost during the autumn strikes. from the effects of the strikes last autumn. Dealer stocks of new autos remained moderately below INDUSTRIAL PRODUCTION a year ago. 1957-59 = 100 COMMODITY PRICES TOTAL/'^ - The industrial commodity price index was FINAL PRODUCTS^j?5^^ stable in late January and early February. Scrap v^MATERIALS metals declined moderately and other sensitive industrial materials generally changed little. 1 I 1 1 1 1 I 1 1 I Wholesale prices of foodstuffs rose somewhat, reflecting mainly increases in livestock. r - EQUIPMENT/\, NONDURABLE ^ s r* ~ MANUFACTURES/*^ BANK CREDIT, MONEY SUPPLY, AND RESERVES Jff CONSUMER Seasonally adjusted commercial bank credit C^^-^/A DURABLE - *-^\ //^ GOODS _ \ / MANUFACTURES rose $2.7 billion in January, following an increase - \j 1 1 1 1 1 1 1 1 1 1 of about $1 billion in December. Loans rose substantially further, and banks increased their hold- F.R. indexes, seasonally adjusted. Latest figures shown are for January. ings of municipal and Federal agency securities 258 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 259 while they continued to reduce their holdings of Federal Reserve holdings of U.S. Government Treasury issues. The seasonally adjusted money securities, in gold stock, and in float. supply increased moderately further and time and savings deposits at commercial banks rose by a SECURITY MARKETS record amount. Yields on seasoned corporate and State and Seasonally adjusted total and required reserves local government bonds declined slightly further continued to expand. Free reserves averaged $100 between mid-January and mid-February and million, somewhat less than in December but a yields on long-term Treasury securities were little more than the average in the fourth quarter stable. The rate on 3-month Treasury bills inas a whole. Member bank borrowings rose from creased somewhat, to about 3.90 per cent. a reduced level in December while excess re- Common stock prices rose to a new high in serves declined slightly. Reserves were supplied early February, and the volume of trading inprincipally by a return flow of currency from cir- creased. In mid-February stock prices were modculation, and they were absorbed by decreases in erately below the peak. PRICES INTEREST RATES ALL COMMODITIES I I I NONFOOD COMMODITIES SERVICES „ ' PROCESSED FOODS Discount rate, range or level for all F.R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt. bonds maturing in 10 consumer prices, December; for wholesale prices, January. years or more and for 90-day Treasury bills. Latest figures shown, week ending Feb. 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds i, n, U Uses of funds in, iv Quarters Amounts insignificant in terms of the parn.a. Not available ticular unit (e.g., less than 500,000 when n.e.c. Not elsewhere classified the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or (3) seasonal variation figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Jan. 1965 176-85 Banking and monetary statistics, 1964. Feb. 1965 326-33 Mar. 1964 396-97 Banks and branches, number of, by class and Semlannually State Apr. 1964 518-19 Banking offices: Analysis of changes in number of Feb. 1965 324 Flow of funds (assets and liabilities). Apr. 1964 517 On, and not on, Federal Reserve Par List number of Feb. 1965 325 Income and expenses: Federal Reserve Banks Feb. 1965 322-23 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 260 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. 262 Reserve Bank discount rates; margin requirements; reserve requirments. 267 Open market transactions; Federal Reserve Banks 269 Bank debits; currency in circulation 272 Money supply; banks and the monetary system. 274 Commercial and mutual savings banks, by classes. 276 Commercial banks, by classes. . . 280 Weekly reporting member banks. 282 Business loans .... 285 Interest rates . . 286 Security prices; stock market credit; open market paper. 287 Savings institutions. 288 Federal finance 290 Federally sponsored agencies . 295 Security issues. . . 296 Business finance. . . 299 Real estate credit. . 301 Consumer credit. 304 Industrial production 308 Business activity; construction. 312 Employment and earnings 314 Wholesale and consumer prices 316 National product and income series. 318 Flow of funds. 320 Earnings and expenses of Federal Reserve Banks during 1964. 322 Number of banking offices in the United States 324 Banking offices on Federal Reserve par list and not on par list. 325 Banking and monetary statistics, 1964 .... 326 Guide to tabular presentation 260 Index to statistical tables. 359 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). 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 BANK RESERVES AND RELATED ITEMS FEBRUARY 1965 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 than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go B r v o o i t g u u . h t g - s t h e t cu R m r c a i e h g t e p i a r n e e u s s t e e r s - - c v D o a a a n u n i d s c d n - - e ts s Float i t T a o l - 2 s G to o c ld k T r s o c r e t u i e a u n n u r a n r g y c 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 i r u o n a e r l g s a y d h s s - - Tr u w e r a y i s th - r F e . s F e e R i o g r r v . n - e B s, a O n t k h s er i c O F o . a t u c h R - n e t r . s B W F a . n i R t k h . s re c r C s o e a e n n u i r n c d r v - y e 3 s Total 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 ,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 1,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec... 30,546 30,474 72 305 2,298 ~218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—Dec 33,729 33,626 103 360 2,434 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 1,052 17,247r3,426 r20,673 Feb.... 33,009 32,981 28 311 ,644 35,028 15,480 5,586 36,383 429 926 141 205 991 17,018'3,128 '20,146 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 ,79835,602 15,462 5,580 36,887 426 924 141 195 987 17,084 20,277 May. 33,907 33,836 71 256 ,74735,981 15,462 5,577 37,107 425 957 148 180 1,111 17,092 '20,220 June. 34,631 34,530 101 271 ,784 36,760 15,462 5,584 37,541 414 886 135 200 1,273 17,356 20,558 July.. 34,898 34,765 133 265 ,84137,077 15,463 5,568 37,938 431 804 131 201 1,194 17,408 '20,665 Aug.. 35,118 34,996 122 334 ,670 37,170 15,462 5,562 38,033 421 909 145 194 1,151 17,340 '20,566 Sept.. 35,273 35,143 130 332 ,914 37,578 15,462 5,564 38,224 437 893 143 189 1,129 17,589 "20,928 Oct.. 35,334 35,257 77 311 ,02737,747 15,462 5,533 38,362 471 863 133 189 1,009 17,716 •21,033 Nov.. 36,036 35,867 169 433 ,874 38,421 15,442 5,494 38,937 529 613 148 200 1,119 17,812 21,160 Dec. 37,126 36,895 231 266 ,42339,873 15,388 5,401 r39,698 r595 944 181 186 1,093 17,964 3,650 21,614 1965—Jan.. 36,684 36,457 227 340 2,126 39,245 15,258 5,395 39,011 653 875 180 223 949 18,006^3,612^21,618 Week ending— 1963 Dec. 4 33,795 33,590 205 540 1,631 36,010 15,582 5,580 37,274 385 812 167 197 1,264 17,074 3,246 20,320 11 33,849 33,759 90 148 1,899 35,945 15,582 5,586 37,487 388 856 143 202 1,268 16,770 3,224 19,994 18 33,665 33,582 83 307 2,471 36,507 15,582 5,582 37,621 392 907 158 196 1,194 17,204 3,476 20,680 25 33,586 33,552 34 350 2,991 37,040 15,552 5,586 37,752 395 903 154 210 1,208 17,556 3,445 21,001 1964 Jan. 1 33,655 33,563 92 590 2,75237,153 15,513 5,580 37,730 381 927 185 227 1,142 17,653 3,796 21,449 8 33,698 33,531 167 396 2,46136,706 15,513 5,582 37,306 402 966 168 205 1,070 17,685 3,484 21,169 15 33,494 33,338 156 394 2,20336,231 15,513 5,584 36,983 406 1,033 167 213 1,062 17,463 3,442 20,905 22 32,944 32,944 198 2,36535,623 15,513 5,586 36,690 416 1,044 148 216 1,059 17,149 3,314 20,463 29 32,739 32,739 209 1,764 "3 4,78015,512 5,582 36,364 410 869 141 208 1,041 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 ,83534,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4 33,245 33,245 362 ,529 35,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 ,60935,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 ,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 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 8 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 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 19,966 May 6 33,763 33,580 183 213 ,65335,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 13 33,987 33,904 83 314 640 36,020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,075 20,293 20 33,749 33,715 34 298 064 36,179 15,462 5,573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27 33,839 33,819 20 209 739 35,844 15,462 5,581 37,123 430 927 131 174 1,250 16,852 3,262 20,114 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 263 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 Pe o ri r od U.S. Govt. securities T c r u e u r a r y s - - r C en u c r- y Tr u e r s y a- th w a i n t h m r e F e s . m e R rv b . e e B s r , a b n a k n s k Other Me r m es b e e r r v e b s ank date Dis- Gold rency in cash F.R. BoughtRepur- co a u nd nts Float i t T a o l - 2 stock s o ta u n t- d- c c u i l r a - - h i o n l g d s - co a u c- nts With Cur- Total r o ig u h t- t m c a h g e a r n e s t e e s - va a n d c - es ing tion Tr u e r a y s- F ei o g r n - Other i B F a . n R k . s r c a e o n n i d c n y 3 Total Averages of daily figures Week ending— 1964 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 1,82336,811 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 1. 34,841 34,823 18 221 1,81836,960 15,462 5,582 37,618 404 873 140 195 ,276 17,498 3,347 20,845 8. 35,335 35,215 120 263 1,882 3377,588 15,463 5,574 37,916 416 842 134 222 ,256 17,840 2,965 20,805 15. 35,304 35,030 274 460 1,78737,636 15,463 38,099 425 885 123 204 ,223 17,703 3,291 20,994 22. 34,392 34,392 159 2,19536,789 15,463 37,969 444 770 131 191 ,158 17,154 3,275 20,429 29. 34,518 34,357 161 179 1,626 "3'6,381 15,463 37,814 440 711 133 190 ,148 16,975 3,353 20,328 Aug. 5. 35,112 34,980 132 262 1,460 36,892 15,462 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 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 38,113 412 932 144 199 ,102 17,314 3,269 20,583 26. 35,051 34,929 122 329 1,719 37,137 15,462 5,563 37,998 429 918 145 188 ,214 17,270 3,340 20,610 Sept. 2. 35,162 35,144 18 315 1,45136,968 15,462 5,572 38,007 423 858 164 191 ,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 37,524 15,462 5,564 38,425 435 906 142 194 ,163 17,285 3,454 20,739 23. 34,904 34,904 410 2", 465"37,820 15,462 5,569 38,192 448 962 131 193 ,054 17,870 3,386 21,256 30. 35,186 35,157 29 280 1,943 37,487 15,461 5,556 38,075 440 914 161 186 1,066 17,662 3,477 21,139 Oct. 7 35,759 35,549 210 372 1,82038,051 15,463 5,554 38,209 457 838 131 204 1,103 18,125 3,134 21,259 14 35,663 35,532 131 241 1,875 3377,876 15,462 5,541 38,465 470 865 133 177 1,028 17,739 3,246 20,985 21 34,909 34,909 382 2,54837,878 15,463 5,538 38,432 489 1,012 130 189 966 17,660 3,331 20,991 28 34,911 34,911 233 1,,"9"9"5 ~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 1,111 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 1,153 17,823 3,192 21,015 18. 35,913 35,698 215 593 1,962 38,532 15,462 5,497 38,975 533 563 130 215 1,150 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 1,245 17,592 3,467 21,059 Dec. 2 36,667 36,667 377 1,860 38,,969 15,387 5,456 39,277 554 827 224 196 886 17,848 3,528 21,376 9 37,335 37,335 124 1,950 39,,480 15,387 5,400 39,476 571 873 186 186 1,231 17,745 3,400 21,145 16 37,335 37,020 315 162 2;084 39,632 15,388 5,402 39,743 593 1,024 142 176 1,106 17,637 3,750 21,387 23 36.926 36,660 266 291 2,907 40,175 15,387 5,404 39,834 608 978 144 183 1,057 18,160 3,681 21,841 30 36,936 36,570 366 535 2,884 40,409 15.388 5,397 39,852 620 990 221 177 996 18,338 3,658 21,996 1965 Jan. 6.... 37,058 36,515 543 340 2,622 40,111 15,388 5,407 39,552 630 674 228 1,026 18,513 3,690 22,203 13.... 36,816 36,515 301 460 2,149 39,522 15,330 5,394 39,282 649 780 186 205 970 18,174 3,670 21,844 20... 36,460 36,403 57 322 2,24939,112 15,187 5,393 38,927 662 1,015 178 212 902 17,797 3,643 21,440 27..., 36,440 36,334 106 252 1,84138,631 15,187 5,387 38,644 657 997 151 213 887 17,668 592 21,260 End of month 1964 Nov.. 36,774 36,774 210 2,25539,302 15,386 5,414 39,248 543 974 256 209 787 18084 3228 21,312 Dec. 37,044 36,506 538 186 2,606 39,930 15,388 5,405 39,619 612 820 229 321 1,036 18,086 4,278 22,364 1965 Jan 36,741 36,621 120 304 1,57738,737^15,186 ?38,519 929 143 218 1,039 17,801P3,170^20,971 Wednesday 1964 Dec. 2 37,371 37,371 152 1,664 39,,:262 15,388 5,403 39,381 562 617 281 190 1,313 17709 3798 21,507 9 37,039 37,039 246 1,534 38,,877 15,388 5,397 39,717 585 1,118 148 183 1,137 16774 3847 20,621 16 37,281 36,907 374 227 2,434 39,993 15,388 5,408 39,839 602 1,070 121 175 1,048 17933 4 112 22,045 2 3 3 0 3 36 7 , , 7 0 6 3 3 0 3 3 6 6 , , 6 5 1 0 8 6 4 2 1 5 2 7 5 3 0 5 5 7 6 5 4 0 6 2 3 4 9 0 , , 6 2 8 3 8 4 1 1 5 5 , , 3 3 8 8 8 8 5 5 , ,3 4 9 0 1 5 3 39 9 , , 7 9 7 7 5 4 6 6 1 4 2 2 9 7 1 5 8 4 2 2 2 0 8 6 1 16 8 : 8 1, 9 06 9 7 3 1 1 8 78 1 2 4 6 7 r 4 4 0 3 1 6 5 2r2 2 2 2 , , 1 1 8 6 8 2 1965 Jan. 6 37,032 36,527 505 337 2,304 39,762 15,388 5,409 39,428 656 49: 229 201 1,010 18543 3943 22,486 13 36,524 36,482 42 192 ,780 38,597 15,188 5,388 39,143 671 979 214 206 872 17088 4094 21,182 20 36,285 36,259 26 86 38,392 15,188 5,394 38,817 664 1,098 177 207 896 17115 3978 21,093 27 36,723 36,405 318 234 534 38,611 15,188 5,391 38,600 676 90^ 133 194 860 17820 962^21,782 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULL., p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 BANK RESERVES AND RELATED ITEMS FEBRUARY 1965 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Borr i o n w g - s F r r e e - e r i o n w gs - Free r i o n w gs - F r r e e - e T h o e t l a d l qu R i e r - ed Excess B F a . a n R t k . s serves T h o el t d al qu R i e r - ed Excess B F a a . n R t k . s T h o e t ld al qu R i e r - ed Excess B F a a . n R t k . s serves 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,038 104 -104 1960—Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 ,035 18 -11 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 26 -21 1964—Jan 20,675 20,248 427 256 171 3,906 3,893 13 36 -23 1,048 ,044 27 -22 Feb 20,148 19,753 395 304 91 3,797 3,757 40 47 -7 1,014 ,016 87 -89 Mar 20,213 19,856 357 259 98 3,803 3,798 5 22 -17 1,026 ,022 90 -86 Apr 20,273 19,898 375 213 162 3,787 3,773 14 16 -2 1,021 ,015 21 -14 May 20,219 19,886 333 255 78 3,833 3,832 26 -26 1,044 ,042 5 -3 June.... 20,558 20,170 388 270 118 3,983 3,945 38 39 -1 1,033 ,034 13 -14 July 20,663 20,266 397 265 132 3,943 3,921 22 40 -18 1,039 ,036 22 -19 Aug 20,564 20,151 413 334 79 3,876 3,858 17 39 -22 1,039 ,033 13 -8 Sept 20,927 20,506 421 331 90 3,983 3,954 29 45 -16 1,061 ,061 34 -34 Oct 21,032 20,620 412 309 103 3,962 3,942 20 54 -34 1,058 ,056 3 29 -26 Nov 21,160 20,764 396 430 -34 3,893 3,882 11 97 -86 1,076 ,072 3 20 -17 Dec 21,614 21,203 411 243 168 4,083 4,062 22 35 -13 1,083 ,086 -4 28 -32 1965—Jan ^21,619*21,217 P402 299 ^4,073 H3 113 P10 ,099 P-5 12 Week ending— 1964—Jan. 1. '21,457 20,663 '794 558 '236 4,228 4,073 155 67 1,094 ,090 -46 8. 21,169'20,701 '468 364 '104 4,068 4,072 A 45 -49 1,100 ,091 -19 15. 20,905 20,305 600 361 239 3,909 3,864 44 79 -34 1,047 ,043 -37 22. 20,463 20,174 289 164 125 3,842 3,837 4 15 -10 1,027 ,032 -33 29. 20,200 19,827 373 177 196 3,791 3,780 11 21 -10 1,012 ,007 -3 20,560 20,209 351 260 91 3,931 3,934 -2 14 -16 1,037 ,036 -5 20,597 20,123 474 376 98 3,850 3,833 17 3 13 ,028 ,029 -21 19. 20,583 20,192 391 278 113 3,885 3,875 10 49 -39 ,033 ,037 -13 26. 20,611 20,140 471 329 142 3,851 3,839 12 56 -43 ,035 ,035 -14 Sept. 2. 20,521 20,133 388 315 73 3,882 3,841 41 56 -15 ,038 ,033 -2 9. 20,679 20,182 497 478 19 3,831 3,823 8 30 -22 ,038 ,033 -54 16. 20,739 20,368 371 225 146 3,924 3,894 29 21 8 ,043 ,043 -5 23. 21,256 20,775 481 409 72 4,041 4,036 5 137 -132 ,087 ,085 -35 30. 21,140 20,752 388 278 110 4,143 4,073 70 65 ,088 ,084 -38 Oct. 7. 21,259 20,826 433 370 63 4,095 4,089 6 53 -47 ,070 ,070 -69 14. 20,985 20,575 410 239 171 3,948 3,898 50 59 -9 ,047 ,042 -27 21. 20,991 20,574 417 380 37 3,905 3,898 7 87 -80 ,054 ,057 -14 28. 20,776 20,465 311 230 81 3,881 3,872 9 1 ,052 ,048 -6 Nov. 4. 21,210 20,768 442 476 -34 4,021 3,989 32 220 -188 ,083 ,081 -11 11. 21,015 20,646 369 427 -58 3,829 3,824 5 73 -68 ,065 ,059 6 18. 21,315 20,724 591 590 1 3,862 3,837 25 131 -106 ,070 ,070 44 -44 25. 21,059 20,801 258 159 99 3,904 3,879 25 10 15 ,083 ,078 5 Dec. 2. 21,376 20,987 389 375 14 3,972 3,969 3 24 -21 ,081 ,081 -32 9. 21,145 20,852 293 122 171 3,925 3,907 18 4 14 ,060 ,059 -3 16. 21,387 20,999 388 134 254 4,031 4,017 13 12 1 ,065 ,065 j 23. 21,841 21,437 404 257 147 4,157 4,145 12 38 -27 ,097 ,104 ~t -50 30. 21,996 21,441 555 504 51 4,195 4,147 48 101 -53 ,112 ,108 4 -72 1965—Jan. 6. 22,199 21,846 353 309 44 4,327 4,328 -2 63 -65 ,153 ,152 1 -14 13. 21,845 21,257 588 424 164 4,061 4,036 25 161 -137 ,085 ,087 -2 -32 20. 21,440 21,050 390 277 113 4,038 3,982 55 156 -100 ,084 ,079 5 5 27. *>21,259*>20,919 *>340 203 3,984 3,992 -7 74 -81 1,084 ,082 3 -1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 265 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a .R nk . s reserves T h o e t ld al Required Excess B F a .R nk . 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—Pec. 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 1960—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec. 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Jan... 346 8,325 21 137 -116 7,376 6,986 390 56 334 Feb.. 8;i22 8,104 19 106 -87 7,215 6,876 339 64 275 Mar.. ,208 8,172 36 90 -54 7,176 6,864 312 57 255 Apr.. ,234 8,204 30 108 -78 7,230 6,906 323 68 255 May. ,184 8,151 32 144 -112 7,159 6,861 298 80 218 June. ,318 8,290 27 142 -115 7,225 6,901 323 76 247 July.. ,385 8,341 44 147 -103 7,296 6,968 328 56 272 Aug.. ,350 8,314 36 191 -155 7,299 6,945 355 91 264 Sept.. ,480 8,440 40 179 -139 7,403 7,051 352 73 279 Oct... ,529 8,484 45 163 -118 7,483 7,139 344 63 281 Nov.. ,614 8,566 48 225 -177 7,578 7,244 334 88 246 Dec. ,733 8,712 21 125 -104 7,714 7,342 372 55 317 1965—Jan 28,713 P8,675 238 120 2-82 27,695 27,370 2324 54 Week ending— 1964—Jan. 1.. 8,636 8,478 158 384 -226 7,500 7,023 477 56 421 8,540 8,498 42 217 -175 7,461 7,041 421 74 347 15. 8,416 8,376 40 193 -153 7,533 7,022 512 48 463 22. 8,337 8,319 18 77 -59 7,257 6,986 271 44 227 29. 8,163 8,133 30 93 -63 7,234 6,907 327 55 272 Aug. 8 8, , 3 3 4 5 0 0 8 8, , 3 3 0 1 1 6 3 3 3 9 2 1 4 5 6 1 - - 1 2 1 0 8 7 7 7, , 3 2 7 4 9 2 6 6, , 9 9 6 2 0 4 4 3 2 1 0 8 1 8 0 9 7 2 3 2 1 9 3 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 45 312 -267 7,782 7,261 521 103 418 25. 8,624 8,576 48 73 -25 7,448 7,268 180 76 104 Dec 2. 8,651 8,643 240 -232 7,671 7,293 378 79 299 9. 8,636 8,591 45 60 -14 7,525 7,295 229 55 174 16. 8,657 8,621 36 81 -45 7,634 7,295 339 40 298 23. 8,853 8,815 37 118 -79 7,734 7,373 361 58 303 30. 8,838 8,799 39 258 -219 7,851 7,387 464 69 395 1965—Jan. 6. 8,983 8,942 41 183 -142 7,737 7,424 313 49 264 13. 8,763 8,710 54 152 -98 7,936 7,424 511 81 430 20. 8,691 8,610 81 71 10 7,626 7,378 249 50 199 27., 8,566 8,540 26 87 -61 27,624 27,305 38 2281 i This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves Required reserves: Based on deposits as of opening of business each day. are estimated except for weekly averages. Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 MAJOR RESERVE CITY BANKS FEBRUARY 1965 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt. securities dealers Less: Net: Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e - s s s i r a o B t B w a o F n in r . k - R g s s . F t f i b e r n u N d a a t n n e e e n d r t r k s s - a . l S d u e r o f p i r c lu it s P r r e e e s a q r e o v u r c f g i v e r . e e n s d t c P ha u s r e - s Sales a 2 c t T r t - o a i w o n ta a n s l 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 rs s 3 de f r B i a r o n o o l w g e m r s r - - s* lo N a e n t s Total—46 banks 1964 Dec 2 6 117 440 -551 5.8 1,905 1,465 995 910 470 1,076 93 983 9 33 22 321 -311 3.3 2,109 1,787 1,207 902 581 532 97 434 16 32 54 345 -367 3.9 2,072 1,727 1,236 835 491 996 71 925 23 23 129 1,123 -1,228 12.6 2,298 1,175 1,030 1,268 145 1,104 63 1,041 30 62 309 898 -1,145 11.8 1,886 987 884 1,002 104 1,139 98 1,041 1965—Jan. 6 20 198 1,015 -1,192 11.9 1,909 894 724 1,185 171 1,194 126 1,068 13 43 317 1,295 -1,568 16.5 2,286 991 815 1,471 176 1,401 127 1,274 20 101 211 1,310 -1,420 15.1 2,287 977 864 1,423 113 1,423 107 1,316 27 -1 117 531 -649 6.9 1,801 1,270 833 968 437 1,061 92 969 8 in New York City 1964—Dec. 2 -2 41 -43 1.2 969 928 580 390 348 831 93 738 9 6 4 -223 226 6.2 909 1,133 714 195 419 469 97 372 16. 9 12 -140 137 3.7 1,009 1,149 732 277 417 796 71 725 23 8 38 494 -524 13.5 1,172 678 639 534 39 855 63 792 30 39 90 426 -477 12.3 924 498 453 471 45 883 98 785 1965 Jan 6 4 61 635 -691 17.1 970 335 260 710 75 924 126 799 13 14 161 829 -976 26.0 1,158 330 330 829 877 127 750 20 46 156 810 -920 24.8 1,167 356 356 810 792 107 685 27 -11 72 443 -526 14.2 943 500 441 502 59 666 92 575 38 outside New York City 1964—Dec. 2 8 117 399 -508 8.8 935 537 415 520 121 245 245 9 26 19 545 -537 9.4 1,199 655 492 707 162 63 63 16 22 42 485 -505 8.8 1,063 578 505 558 73 200 200 23 15 91 629 -704 12.0 1,126 497 392 734 105 249 249 30 24 219 472 -668 11.4 961 489 431 530 58 256 256 1965—Jan 6 16 137 380 -501 8.4 939 559 463 476 96 270 270 13 29 155 466 -592 10.3 1,128 662 486 642 176 524 524 20 55 55 500 -500 8.8 1,120 620 507 613 113 632 632 27.. 9 45 88 -123 2.2 858 770 392 466 378 394 394 5 in Chicago 1964—Dec. 2 -1 32 111 -144 14.9 239 129 125 115 4 100 100 9 1 3 71 -74 7.8 261 189 172 89 18 31 31 16 — 1 130 -131 13.7 279 148 144 134 4 95 95 23 1 42 225 -265 26.8 345 120 87 258 33 103 103 30 3 76 121 -194 19.5 258 137 109 149 27 84 84 1965—Jan 6 14 96 -109 10.5 232 136 136 96 125 125 13 ^ 30 156 -189 19.4 284 128 115 169 13 145 145 20 1 117 -116 12.0 318 201 135 183 66 154 154 27 53 -51 5.3 190 137 107 84 30 118 118 2 33 others 1964—Dec. 2 9 85 288 -364 7.6 696 408 291 406 117 145 145 9 26 16 473 -463 9.7 938 465 321 617 144 31 31 16 23 42 354 -374 7.8 784 430 360 424 69 105 1 105 23 14 49 404 -439 9.0 781 377 305 476 72 146 146 30 20 143 351 -474 9.7 703 352 322 382 31 172 172 1965—Jan 6 15 123 284 -392 7.9 707 423 327 380 95 145 145 13 32 125 310 -404 8.4 844 534 370 473 163 379 379 20 54 55 383 -384 8.1 802 420 373 430 47 477 477 27 7 45 34 -72 1.5 667 633 285 382 348 276 276 1 Based upon reserve balances including all adjustments applicable to • Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. NOTE.—Weekly averages of daily figures. Details may not add to 3 Federal funds loaned, net funds supplied to each dealer by clearing totals because of rounding. banks, repurchase agreements (purchases of securities from dealers For description of series and back data, see August 1964 BULL., pp. subject to resale) or other lending arrangements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 DISCOUNT RATES 267 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Jan. 31 date rate Jan.31 date rate Jan. 31 date rate Boston Nov. 24,1964 Nov. 24,1964 P Nov. 24,1964 New York... Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 Philadelphia.. Nov. 24,1964 Nov. 24,1964 Nov. 24, 1964 Cleveland Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 Richmond... Nov. 27,1964 Nov. 27,1964 Nov. 27, 1964 Atlanta Nov. 25,1964 Nov. 25,1964 Nov. 25,1964 Chicago Nov. 24,1964 Nov. 24,1964 July 19,1963 St. Louis Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 Minneapolis.. Nov. 30,1964 Nov. 30,1964 Nov. 30, 1964 Kansas City.. Nov. 30,1964 Nov. 30,1964 Nov. 30,1964 Dallas Nov. 27,1964 Nov. 27,1964 Nov. 27, 1964 San Francisco Nov. 27,1964 Nov. 27,1964 Nov. 27, 1964 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers* acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level>- Bank Effective (or level)— Bank Effective or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932...... 1953 1958 Jan. 16 4-2 Jan. 22 1933 ¥ 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Feb. 2 May 21 Sept-&:::::: Mar. 16 Oct. 24 Nov. 7 Jan. 11 1935 Apr-£:: 19 : 5 : 5 1959 May 14 Mar. 6 2*4-3 May 2 16 1937 Aug. 4 May 29 3 -3% Aug. 27 June 12 Sept. 4 XlY.'.Y. Sept. 11 1942 Sept ,!::::: 18 Apr. 11 Nov. 18 1960 Oct. 15 23 June 3 30 10 f 14 1946 Aug. 12 Apr. 25 'V 1956 Sept. 9 May 10... Ap,.3. :;:: Jan. 12 1948 1 4 Aug-£::::: July 2 1 6 7 1963 3 S 19 1964 Aug&::::::::::::::: AuE-?::: 1 : 9 : 57 Nov. 2 3 4 0 1950 2 Nov. 15 3 -3 1965 Dec. 2 3 In effect Jan. 31 i Preferential rate of V4 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; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24 The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4, 5, 6, 7, 8, 3.875. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 RESERVE REQUIREMENTS FEBRUARY 1965 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Type of deposit Central Ja 1 n 93 . 6 1, Ja 1 n 95 . 7 1, Ja 1 n 9 . 6 2 1, Ju 1 ly 96 1 3 7, No 19 v 6 . 4 24, Effective date i C re e c s n i e t t r y r v a e l Re c s i e ty rve Co tr u y n- r r e e a s s e n e r r d v v e e C t o r u y nbanks 3 banks banks city banks Savings deposits held banks for: L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2% 3 4 3% 4 4 In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits 1949—May 1,5 24 21 15 7 7 held for: June 30, July 1.. 20 14 6 6 L 1 e y s e s a t r h a o n r m 1 o y r e e ar } 2% 3 4 3% 4 4 A A u u g g . . 1 1 6 , , 1 1 1 8 §* 1 1 3 2 5 5 Aug. 25 ii* Other time deposits Sept. 1 If* 9 6 1 0 m y p d e a o a a y n y r a t s b h o - l s 6 r e - 1 m m i n o y o : e r i n e a t r hs.... } 2% 2 3 % / 3 4 % 4% 1 1 1 9 9 9 5 5 5 3 4 1 — — — J J J J a u u a n l n n y . . e 2 1 1 5 1 , 1 6 , , F , 9 2 1 e 4 b 6 . 1.. 2 2 2 3 4 2 2 1 1 0 9 9 1 1 1 3 4 3 6 5 5 6 Less than 90 days.... 1 4 July 29, Aug. 1. 21 18 12 20 1958—Feb. 27, Mar. 1. 8* 17* it* 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Mar. 20, Apr. 1.. BULL., p. 1279. Apr. 17 IS* 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 17% 12 any event exceed the maximum rate payable by State banks or trust Dec. 1 16% 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 Feb 1, 1965... 16% 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 2% 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 extend ed 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 m b e a m nk b s er Y N o e r w k C o it f y Other banks Item m ba e n m k b s er Y N o e r w k C o it f y Other banks City Chicago City Chicago Four weeks ending Dec. 9, 1964 Four weeks ending Jan. 6, 1965 Gross demand—Total 139,850 26,262 6,548 53,100 53,939 Gross demand—Total.. 144,500 28,064 6,766 54,818 54,852 Interbank 15,358 4,551 1,309 7,513 1,985 Interbank 15,869 4,743 1,313 7,781 2,032 U.S. Govt 5,506 1,102 328 2,217 1,859 U.S. Govt 4,943 1,098 313 1,887 1,645 Other 118,986 20,609 4,911 43,371 50,095 Other 123,688 22,223 5,140 45,150 51,175 Net demand1 114,005 20,126 5,414 42,645 45,819 Net demand* 117,507 21,661 5,625 43,754 46,467 Time 102,292 14,435 4,467 38,876 44,514 Time 103,402 14,638 4,481 39,369 44,913 Demand balances due Demand balances due from dom. banks.... 7,645 135 110 1,988 5,412 from dom. banks..., 7,935 149 114 2,097 5,575 Currency and coin 3,446 281 53 1,042 2,071 Currency and coin 3,694 324 58 1,119 2,194 Balances with F.R. Balances with F.R. Banks 17,778 3,635 1,020 7,586 5,536 Banks 18,162 3,853 1,049 7,714 5,545 Total reserves held 21,224 3,916 1,073 8,628 7,607 Total reserves held , 21,856 4,177 1,107 8,833 7,739 Required 20,841 3,898 1,072 8,591 7,279 Required 21,434 4,160 1,107 8,794 7,373 Excess 383 18 1 37 328 Excess 422 17 39 366 i Demand deposits subject to reserve""requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are !as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 OPEN MARKET ACCOUNT 269 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 1year Month Exch. Gross Gross Redemp- Gross Gross Redemp- Gross Gross or purchases sales tions purchases sales tions purchases sales maturity shifts 1963—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 1,332 136 85 1,259 136 85 -2,164 June 937 371 900 371 July 1,264 610 447 1,264 610 447 AUE 574 413 145 413 2 030 Sept 620 534 388 534 Oct 1,347 888 1,275 888 Nov 1 197 131 1 197 131 — 28 Dec 813 866 215 706 866 215 5 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—Dec 164 -164 1964—Jan Feb 3 481 -70 Mar 11 9 3 Apr 13 -15 30 8 May 43 2,164 27 4 20 307 11 -307 5 July 187 —2 030 202 41 Sept 108 89 34 Oct 33 102 29 — ioi 11 Nov 28 35 -35 Dec 52 335 45 -335 5 R (U ep .S u . rc G h o as v e t. a s g e r c e u e r m iti e e n s) ts Net change Bankers'acceptances Net change in U.S. in U.S. Govt. Govt. securities and Gross Gross securities Net Net acceptances purchases sales outright repurchases 1963—Dec 826 915 -74 28 92 45 1964—Jan 429 440 -840 -2 -92 -934 Feb 127 127 416 -4 412 Mar 497 338 601 -4 64 662 Apr 172 280 -601 -7 -25 -633 May 682 734 1,060 -7 -39 1,014 June.. .. 625 625 566 36 602 July 1,070 1,021 257 -7 -21 229 AUE 684 733 113 -4 -16 93 Sept 812 712 186 2 61 249 Oct 682 782 359 -18 341 Nov 1,313 1,313 1,065 6 -23 1 048 Dec 2,194 1,657 269 15 15 300 NOTE.—Sales, redemptions, and negaitthive figures reduce System holdings; all other figures increase such holdin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BANKS FEBRUARY 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1964 1965 1964 Jan. 27 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Jan. Dec. Jan. Assets Gold certificate account 13,317 13,317 13,304 13,505 13,505 13,352 13,505 13,819 Redemption fund for F.R. notes 1,554 1,563 1,564 1,570 1,570 1,554 1,570 1,412 Total gold certificate reserves • ... 14,871 14,880 14,868 15,075 15,075 14,906 15,075 15,231 Cash 179 178 161 146 131 193 146 325 Discounts and advances: 189 41 147 307 327 259 156 332 Other 45 45 45 30 30 45 30 32 Acceptances: 57 56 56 56 56 58 59 68 Held under repurchase agreements. .. 63 30 45 33 10 57 35 U.S. Govt. securities: Bought outright: Bills 5,943 5,797 6,020 6,065 6,044 6,159 6,044 3.312 Certificates—Special Other 7.066 Notes 25,188 25,188 25,188 25,188 25,188 25,188 ">5 188 11,129 Bonds 5,274 5,274 5,274 5,274 5,274 5,274 j 5,274 4,645 36,405 36,259 36,482 36,527 36,506 36,621 36,506 32,752 Held under repurchase agreements 318 26 42 505 257 120 j 538 Total U.S. Govt. securities 36,723 36,285 36,524 37,032 36,763 36,741 37,044 32,752 Total loans and securities 37,077 36,457 36,817 37,458 37,186 37,160 37,324 33,184 Cash items in process of collection 5,852 6,883 6,796 7,154 7,017 5,330 7,190 4,832 Bank premises » 102 103 102 102 103 102 102 103 Other assets: Denominated in foreign currencies 455 423 455 320 370 287 295 254 All other 361 326 302 276 255 367 257 342 Total assets 58,897 59,250 59,501 60,531 60,137 58,345 60,389 54,271 Liabilities F.R. notes 33,747 33,957 34,267 34,508 34,831 33,706 34,659 31,122 Deposits: IVIember bank reserves 17,820 17,115 17,088 18,543 17,826 17,801 18,086 16,983 U.S Treasurer—General account 907 1 098 Q7Q 492 754 929 820 791 133 177 214 229 228 143 229 136 Other 194 207 206 201 188 218 321 210 Total deposits 19,054 18,597 18,487 19,465 18,996 19,091 19,456 18,120 Deferred availability cash items 4,318 4,948 5,016 4,850 4,515 3,753 4,584 3,373 Other liabilities and accrued dividends * 635 633 639 639 130 638 642 77 Total liabilities 57.754 58,135 58,409 59,462 58,472 57,188 59,341 52,692 Capital Accounts Capital paid in 528 524 524 524 524 528 524 501 Surplus 524 524 524 524 990 524 524 990 Other capital accounts 91 67 44 21 151 105 88 Total liabilities and capital accounts 58,897 59,250 59,501 60,531 60,137 58,345 60,389 54,271. Contingent liability on acceptances purchased for 123 123 124 123 123 122 122 91 U.S. Govt. securities held in custody for foreign account 8,188 8,187 8,478 8,471 8,515 7,952 8,389 8,740 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 36,886 36,995 37,098 37,182 37,247 36,832 37,233 33,879 Collateral held against notes outstanding: Gold certificate account .. .. 6,727 6,734 6,687 6,687 6,687 6,727 6,687 6,700 Eligible paper 12 4 2 8 24 6 12 68 U.S. Govt. securities 31,329 31,322 31,430 31,430 31,430 31,329 31,430 28,367 Total collateral 38,068 38,060 38,119 38,125 38,141 38,062 38,129 35,135 i No accrued dividends at end-of-December dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FEDERAL RESERVE BANKS 271 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1965 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets 13,352 627 3,530 734 1,068 929 771 2,070 561 313 604 538 1,607 Redemption fund for F.R. notes 1,554 89 350 87 136 128 94 285 62 29 62 51 181 14,906 716 3,880 821 1,204 1,057 865 2,355 623 342 666 589 1,788 F.R. notes of other Banks 940 82 229 69 81 76 99 80 46 25 20 46 87 Other cash 193 12 43 6 18 10 20 29 9 5 9 6 26 Discounts and advances: Secured by U.S. Govt. securities... 259 3 87 6 2 9 10 24 4 64 26 24 Other 45 2 12 2 4 2 3 6 2 2 6 Acceptances: 58 58 Held under repurchase agreements. 57 57 U.S. Govt. securities: Bought outright 36,621 1,968 8,861 1,950 3,030 2,655 2,000 6,320 1,394 731 1,401 1,487 4,824 Held under repurchase agreements . 120 120 37,160 1,973 9,195 1,958 3,036 2,666 2,013 6,350 1,396 736 1,467 1,516 4,854 Cash items in process of collection... 6,774 458 1,214 420 526 489 573 1,124 331 200 422 363 654 102 3 8 3 6 5 19 21 6 4 6 11 10 Other assets: Denominated in foreign currencies. 287 13 175 16 26 14 17 41 10 7 13 17 38 All other 367 20 87 18 29 25 20 61 14 6 17 15 55 Total assets 60,729 3,277 14,731 3,311 4,926 4,342 3,626 10,061 2,435 1,325 2,620 2,563 7,512 Liabilities F.R. notes 34,646 2,050 8,081 2,037 2,956 2,966 2,022 6,270 1,385 623 1,329 1,071 3,856 Deposits: 17,801 675 4,995 771 1,300 787 996 2,584 638 444 835 1,046 2,730 U.S. Treasurer—General account.. 929 52 107 71 74 85 51 91 88 60 81 67 102 Foreign 143 6 2 47 7 12 7 8 18 4 3 6 8 17 Other 218 * 124 1 * 5 1 13 1 * 3 1 69 Total deposits 19,091 733 5,273 850 1,386 884 1,056 2,706 731 507 925 1,122 2,918 5,197 408 907 325 426 398 443 824 257 154 288 269 498 Other liabilities 638 31 166 35 55 34 37 93 22 15 28 35 87 Total liabilities 59,572 3,222 14,427 3,247 4,823 4,282 3,558 9,893 2,395 1,299 2,570 2,497 7,359 Capital Accounts 528 25 140 29 47 26 31 76 18 12 23 31 70 Surplus 524 25 137 29 47 26 31 75 18 12 23 31 70 Other capital accounts 105 5 27 6 9 8 6 17 4 2 4 4 13 Total liabilities and capital accounts.. 60,729 3,277 14,731 3,311 4,926 4,342 3,626 10,061 2,435 1,325 2,620 2,563 7,512 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Jan 31 1965 27.7 25.7 29.1 28.4 27.7 27.5 28.1 26.2 29.4 30.3 29.1 26.9 26.4 Dec 31 1964 27.5 27.4 25.4 28.6 28.9 26.6 26.3 27.2 29.3 26.7 27.7 31.7 29.8 Jan 31 1964 30.4 30.0 30.3 30.4 29.4 31.9 30.1 30.3 28.9 32.3 32.6 30.3 30.2 Contingent liability on acceptances purchased for foreign correspondents 122 6 3 32 7 11 6 7 17 4 3 6 7 16 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 36,832 2,150 8,650 2,115 3,199 3,095 2,178 6,652 1,465 645 1,385 1,154 4,144 Collateral held against notes outstanding: Gold certificate account 6,727 420 1,710 435 500 690 340 1,100 280 112 225 180 735 Eligible paper , 6 6 U.S. Govt. securities , 31,329 1,765 7,200 1,800 2,775 2,434 1,900 5,700 1,260 545 1,200 1,050 3,700 Total collateral 38,062 2,185 8,910 2,241 3,275 3,124 2,240 6,800 1,540 657 1,425 1,230 4,435 1 After deducting $212 million participations of other F.R. Banks. 3 After deducting $90 million participations of other F.R, Banks. 2 After deducting $96 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1965 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1964 1965 1964 Jan. 27 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Jan. Dec. Jan. Discounts and advances—Total. . . 234 86 192 337 357 304 186 364 Within 15 days 187 40 146 306 325 256 155 360 16 days to 90 days 47 46 46 31 32 48 31 4 Acceptances—Total 120 86 101 89 66 115 94 68 Within 15 days 76 45 60 45 20 71 45 13 16 days to 90 days 44 41 41 44 46 44 49 55 U.S. Government securities—Total 36,723 36,285 36,524 37,032 36,763 36,741 37,044 32,752 Within 15 days i 1,423 1,083 953 1,361 1,136 1,305 1,083 4,137 16 days to 90 days 3,233 3,153 3,415 3,567 3,523 3,335 3,564 2,153 91 days to 1 year 16,469 16,451 16,558 16,506 16,506 16,503 16,799 15,438 Over 1 year to 5 years 13,506 13,506 13,506 13,506 13,506 13,506 13,506 8,669 Over 5 years to 10 years 1,797 1,797 1,797 1,797 1,797 1,797 1,797 2,136 Over 10 years 295 295 295 295 C295 295 295 219 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese N l e a t n h d e s r- f S ra w n i c s s s guilders 1964—Mar 330 11 52 4 6 234 21 2 Apr 214 1 52 2 6 101 50 1 1 May 213 1 51 2 6 101 50 1 June . 124 16 52 2 2 50 1 July 168 29 52 2 2 80 1 195 61 45 2 2 80 3 Sept 164 90 15 2 2 51 3 Oct 74 32 2 2 2 31 3 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts 1 Annual rate of turnover (billions of dollars) of demand depositsl Period All Leading centers 337 other Leading centers 337 other 343 reporuug reporting reporting centers New York 6 others 2 centers 3 New York 6 others 2 centers 3 N.S.A. S.A N.S.A. S.A. N.S.A. S.A N.S.A. S.A. N.S.A. S.A. N.S.A. S.A N.S.A. S.A N.S.A. 1955. . 2,043.5 766.9 431.7 845.0 42.7 27.3 20.4 22.3 1956. . 2,200.6 815.9 462.9 921.9 45.8 28.8 21.8 23.7 1957. . 2,356.8 888.5 489.3 979.0 49.5 30.4 23.0 25.1 1958. . 2,439.8 958.7 487.4 993.6 53.6 30.0 22.9 24.9 1959. 2,679.2 1,023.6 545.3 1,110.3 56.4 32.5 24.5 26.7 1960. . 2,838.8 1,102.9 577.6 1,158.3 60.0 34.8 25.7 28.2 1961. 3,111.1 1,278.8 622.7 1,209.6 70.0 36.9 26.2 29 0 1962. 3,436.4 1,415.8 701.7 1,318.9 77.8 41.2 27.7 31 3 1963. . 3,754.7 1,556.0 775.7 1,423.0 84.8 44.6 .. 29.0 33.1 1963—Dec.... 357.1 139.6 151.0 69.7 74.6 123.7 131.5 89.0 93.8 47.5 48.6 29.8 30.6 33.9 35.3 1964—Jan.... 360.8 143.7 153.9 69 6 73.5 126.6 133.3 92.1 93.0 47.8 47.4 30.6 30.4 34.8 34.9 Feb 294.9 129.4 121.1 65 5 60.5 121.1 113.2 86.2 81.8 45.4 42.9 29.5 28.2 33.7 32.0 Mar.... 342.9 138.1 145.8 68 4 71.1 125.1 126.1 91.6 94.4 46.9 49.6 30.1 30.2 34.4 35.1 Apr 349.9 146.0 148.2 72 4 72.8 131.8 129.0 95.5 93.6 49.3 50.4 31.6 30.6 36.0 35.7 May... 329.6 135.1 135.3 67 7 68.6 125.0 125.7 90.9 91.1 47.6 48.4 30.4 30.9 35.3 35.5 June... 353.6 140.2 151.2 67 5 70.9 126.6 131.6 94.5 101.4 47.1 48.9 30.5 31.5 35.0 36.0 July.... 362.9 151.5 154.5 71 4 72.9 131.1 135.5 100.2 98.6 49.1 48.1 31.2 31.1 35.6 35.5 Aug 319.4 140.4 128.3 68 8 65.8 128.9 125.4 92.8 87.4 47.1 45.8 30.6 30.2 35.1 34.2 Sept 339.0 149.5 142.4 70 4 68.0 131.7 128.6 97.0 95.7 47.7 47.0 30.7 30.7 35.1 34.9 Oct 353.5 146.0 146.1 71 7 72.0 132.8 135.4 94.2 93.6 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 46.4 45.7 31.5 31.9 35.5 35.5 Dec... 400.1 156.4 173.1 72 2 79.2 135.8 147.8 98.7 104.0 48.1 49.1 31.5 32.3 35.2 36.7 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. NOTE.—See p. 257 for announcement about pending revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 U.S. CURRENCY 273 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 2 $2 $5 $10 S20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28 515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32 193 22 856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 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—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 11,75410,799 3,158 7,094 246 294 3 4 Apr 36,885 26,063 3,139 1,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 May 37,208 26,353 3,169 1,655 105 2,350 7,170 11,90410,855 3,185 7,127 246 291 3 4 37,734 26,797 3,205 1,676 107 2,379 7,280 12,151 10,937 3,217 7,175 246 292 2 4 July . 37,835 26,859 3,223 1,668 108 2,359 7,262 12,239 10,976 3,231 7,202 245 291 3 4 Aug 38 014 26,972 3,249 1,668 109 2,364 7,272 12,310 11,041 3,249 7,248 245 292 3 4 Sept 38,166 27,068 3,285 1.693 111 2,361 7,280 12,33911,098 3,253 7,302 246 291 3 4 Oct . ... 38,373 27,201 3,321 1J16 111 2,385 7,328 12,339 11,172 3,262 7,367 246 291 3 4 Nov 39,248 27,925 3,359 1,749 108 2,455 7,568 12,68711,323 3,314 7,468 246 289 3 4 Dec 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out- Held by Kind of currency s D ta e n c d . i 3 n 1 g , A a s g s a e i c n u s r t ity F F . o R r . B F a . n R k . s 1964 go s l i d lv e a r nd Tr c e a a s s h ury B a a n n d ks A a g n e d nts De 1 c 9 . 6 4 31, No 1 v 9 . 6 4 30, De 1 c 9 . 6 3 3 1, certificates Agents Gold , 15,388 (15,075) 2313 Gold certificates (15,075) 3 12,259 2,816 F.R. notes 37,231 85 2,573 34,573 34,124 32,313 Treasury currency—Total 5,405 0,348) 214 146 5,046 5,124 5,378 Standard silver dollars .... 485 3 * 482 482 452 Silver bullion 1,539 1,348 191 Silver certificates . (1 348) 10 io6 1,231 1,357 1,863 Subsidiary silver coin 2,166 5 14 2,147 2,109 1,872 Minor coin 782 3 3 776 768 706 United States notes 323 1 22 299 297 321 In process of retirement 4 111 * 110 111 165 Total—Dec. 31, 1964 5 58,025 (16,423) 612 12,259 5,535 39,619 Nov 30 1964 5 57.288 (16,542) C543 12,275 5,221 39,248 Dec. 31, 1963 5 55,410 (17,236) 361 12,421 4,936 "37,'692" 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. 263. 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

274 MONEY SUPPLY FEBRUARY 1965 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted ]vloney supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d ed - 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 us a t d ed - i d d e e p m os a i n ts d l 1957 Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959 Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4 9 I960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961 Dec 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81 8 4 9 1962 Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964—Dec 159.4 34.2 125.2 126.5 163.6 34.9 128.7 125.0 5.5 1963—Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964 Jan 153.8 32.6 C121.2 113.9 157.8 32.4 125.4 113.2 4.2 Feb 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr 154.5 33.0 121.5 116.4 155.0 32.7 122.3 116.7 4 2 May 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 June 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 July 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120 1 7 0 Aua;.. . 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 159.1 34.2 124.9 125.1 160.4 34.5 125.9 124.1 5.8 Dec 159.4 34.2 125.2 126.5 163.6 34.9 128.7 125.0 5.5 1965—Jan 159.8 34.5 125.3 128.9 163.9 34.3 129.6 128.1 4.2 Half month 1964 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.(l) 159.3 34.2 125.1 124.4 161.0 34.5 126.5 124.0 4.6 (2)... 158.8 34.2 124.6 125.8 159.8 34.6 125.2 124.1 7.0 Dec (1) 159.4 34.2 125.2 126.3 162.8 34.9 128.0 124.7 4.9 159.4 34.2 125.3 126.7 164.4 35.0 129.4 125.3 6.1 1965—Jan (1) 160.1 34.4 125.8 128.0 165.3 34.6 130.8 127.2 4.7 (2) 159.5 34.5 124.9 129.7 162.5 34.1 128.5 128.9 3.7 Not seasonally adjusted Not seasonally adjusted Money supply Money supply Week Time U.S. Week Time U.S. 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 t d o ed - si t l s d d e G e p m o o s v a i n t t . s d l 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 t o d ed s - i t 1 s d d e G e p m o o s v a i n t t . s d 1 1963—Oct. 2 150.1 31.7 118.4 108.7 8.8 1964—Oct. 7 157.7 34.1 123.7 122.7 8.3 9. ... 151.3 32.3 119.0 109.1 7.7 14 159.0 34.2 124.8 123.2 5.6 16 152.8 32.2 120.6 109.3 5.4 21 159.0 34.1 124.9 123.4 4.6 23. ... 152.6 32.2 120.5 109.6 4.1 28 159.0 33.8 125.2 123.7 4.1 30 153.3 31.9 121.4 110.1 3.1 Nov. 4 160.6 34.0 126.6 123.9 5.1 Nov 6 155.0 32.3 122.7 110.2 4.2 11 160.8 34.6 126.3 124.1 4.5 13 ... 155.2 32.7 122.5 110.2 3.6 18 160.9 34.5 126.4 124.0 5.4 20 154.4 32.6 121.8 110.1 4.7 25 159.3 34.5 124.8 124.1 6.9 27 153 8 32.6 121.2 110.4 4.9 Dec. 2 160.8 34.6 126.1 124.2 7.2 Dec. 4 155.5 33.0 122.5 110.5 4.5 9 161.8 35.0 126.9 124.6 5.5 11 156.4 33.3 123.1 110.8 3.8 16 164.6 34.8 129.8 125.0 3.6 18 158.2 33.1 125.1 111.0 4.2 23 164.6 35.0 129.6 125.0 5.7 25 157.5 33.3 124.3 111.0 6.6 30 163.8 35.1 128.7 125.5 6.6 1964—Jan. 1 158.8 32.8 126.0 111.5 6.6 1965—Jan. 6 166.2 34.8 131.4 126.5 6.4 8 158.7 32.9 125.8 112.3 6.4 13 164.7 34.5 130.2 127.6 4.0 15 158.4 32.6 125.8 113.0 4.2 20 164.0 34.2 129.8 128.3 2.9 22 158.1 32.4 125.7 113.6 3.1 27 162.0 34.0 128.0 129.1 3.8 29 156.2 32.0 124.1 113.7 2.9 Feb. 3 162.0 34.0 128.0 129.5 4.6 Feb. 5 156.1 32.2 123.9 113.9 3.6 10*.... 161.9 34.4 127.5 130.1 4.7 12 155.5 32.5 123.0 114.4 3.6 17 19 153.2 32.3 120.9 114.7 5.3 i 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

FEBRUARY 1965 BANKS AND THE MONETARY SYSTEM 275 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit Total assets, Treas- netury u.s. Government securities l T ia o b t i a l l - Capital Date cur- Total and Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, 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 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 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 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 r*> 15,500 5,500 350,600 204,000 103,100 67,000 35,200 900 43,500 371,600 337,700 33,900 Nov. 25r*» 15,400 5,500 355,400 206,500 105,300 68,100 36,300 1,000 43,600 376,200 341,500 34,800 Dec. 30 rP 15,400 5,400 361,700 212,300 105,400 67,800 36,800 900 43,900 382,500 348,900 33,500 1965—Jan 27 P 15,200 5,400 359,500 210,500 104,600 66,900 36,700 1,000 44,400 380,100 346,200 33,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S Government Date For- At fur De- Cur- De- Postal eign Treas- comv^UT- mand rency mand Com- Mutual Savings net 3 ury mer- At Total rency deposits Total outside deposits Total mercial savings Sys- cash cial F.R. o b u a t n si k d s e ad- banks ad- banks banks 2 tem hold- and Banks justed i justed i 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 pec 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2 409 846 634 1941 Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2,215 1,895 867 1945 Dec 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 1,141 2 287 24 608 977 1947—Dec. 31.... 110,500 26,i66 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1,293 2,989 668 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—June 29.... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Jan. 29..,. 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113,600 45,100 400 [,200 400 3,100 800 Apr. 29.... 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 1,300 400 4,400 1,000 May 27.... 151,900 32,500 119,400 150,000 32,400 117,600 165,100 118,400 46,300 400 1,300 400 7,400 900 June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 July 29.... 154,000 32,800 121,200 154,000 32,900 121,000 167,700 120,300 47,100 400 1,300 400 5,300 700 Aug. 26.... 154,300 32,900 121,400 152,900 33,100 119,800 169,000 121,200 47,400 400 1,400 400 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 1,400 400 9,400 900 Oct. 28'P.. 157,500 33,300 124,200 158,100 33,200 124,900 172,000 123,500 48,100 400 1,400 500 5,000 700 Nov. 25 **. 156,600 33,400 123,200 159,000 34,300 124,700 172,500 123,800 48,300 400 1,500 600 7,200 800 Dec. 30r*\. 158,800 33,600 125,200 164,300 34,300 130,000 175,000 125,600 49,000 400 ,700 600 6,600 800 1965--Jan. 27*... 158,100 33,900 124,200 160,200 33,400 126,800 178,700 128,900 49,400 400 1,500 700 4,200 900 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt, less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics. 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLS. other liabilities. Except on call dates, figures are partly estimated and are rounded to * Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h sl c b T a i a l l p o i i n a t i t d i t a - e a l s l Total i Interbank 1 Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e f m r ks - G U o .S v . t. Other co a u c n - ts2 m D a e n - d Time U.S. Time 3 Govt. Other All banks 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10 982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.. 140,227 30,361 101,288 8,577 35,415177,332165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H. 134,924 43,002 81,199 10,723 38,388175,091151,86512,793 240 1,346 94,381 53,105 66 1111,94814,714 1962—Dec. 28 . . 280,397 172,822 72,563 35,012 54,939343,201303,65316,008 535 6,839141,084139,188 635 28,04613,940 1963—June 29. . 287,411 179,714 69,708 37,989 52,046347;896 309,42815,042 55111,069133,681 149,083 ,61213,993 Dec. 20.. 302,251 192,686 69,068 40,497 51,536362,394 319,63615,267 528 6,734 141,576155,531 702 29,88214,079 1964—Jan. 29 . . 298,190190,010 68,050 40,130 48530 355 410 313,95014,090 570 2 137,480 158,990 3,230 29 14,095 Apr. 29. . 304,130196,580 66,180 41,370 48710 361 760 318,45013,700 640 4 163,310 3,560 30 14,140 May 27. . 305,660 199,210 65,150 41,300 48850 363 420 319,50013,680 630 7 164,910 3,560 30 14,154 June 30.. 310,404203,119 65,337 41948 54 073 373 909 331,84315,272 67810,263139;160 166,469 2,120 31 14,175 July 29. . 309,330202,950 64,310 42070 48 580 366 950 322,83013,770 690 5.110135,690 167,570 3,950 30 14,195 Aug. 26. . 311,540203,920 64,900 42!720 48 810 369 080 324,71014,390 680 6,040 134,760 168,840 3,540 31 14,203 Sept. 30 *•? 317,630 207,530 66,710 43;390 53,680 381 020 336,98015,820 690 9,180141,030 170,260 2,760 31 14,230 Oct. 28 r*> 317,860 207,340 66,980 43540 51 880 379 130 333,81015,360 710 4,,740141 160 171,840 3,940 31 14,242 Nov. 25 r*> 322,390 210,720 68,080 43;59052,(960 384;860 338,29015,460 700 6,990142;820 172,320 4,500 31 14,251 Dec. 30 r» 328,310 216,600 67,780 43;930 56,550 394,420 347,91016,470 800 6,340149,470 174,830 4,730 32 14,266 1965—Jan. 27*\ 325,810 214,530 66,850 44,43051,800 387,260 341,280 4,800 880 3,990 143,050 178,560 4,400 32,05014,289 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 7,173 14,278 1945—Dec. 31.. 24,019 26,083 90,606 7,331 34,806160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947_Dec. 3H. 16,284 38,057 69,221 9,006 37,502155,377144,103 2,792 240 1,343 94,367 35,360 6510,05914,181 1962—Dec. 28 . . 135,839140,106 66,434 29,298 5544,049297.116262,122 6,008 535 6,829141,041 97,709 3,62724,09413,429 1963—June 29 . . 141,014145,049 63,542 32,423 51,156299,875266,179 5,042 55011,060 133,624105,903 1,54524,58213,482 Dec. 20... 154,162156,006 63,196 34,959 50,711312,773275,120 5,267 526 6,729141,534111,064 3,66425,67713,570 1964—Jan. 29.. 249.790153.050 62,140 34• ,600 476.70 305,330268,800 4,090 570 2 820 137,420113,900 3,23025,38013,586 Apr. 29.. 254,590158,660 60,120 35,810 47890 310;580 272,400 3,700 640 4 136,;570117,310 3,56026,08013,633 May 27. . 255,720 160,860 59.110 35,750 48,000 311,810273,170 3,680 630 7, 133,030118,630 3,56026,38013,647 June 30.. 260,179164,463 59,322 36,39453,168321909 284,903 5,272 67710 139,110119,587 2,09926,76813,669 July 29. . 258,640 163,840 58,280 36,520147720 314 530 275,710 3,770 690 5 135,640120,500 3,95026,590 13,689 Aug. 26. . 260,330 164,400 58,800 37,130j47, 0901277,230 4.390 680 6 134,'710121,410 3,54026,76013,697 Sept. 30?. 266,060 167,640 60,630 37,790 52, 680 289,020 5,820 690 9,180 140,!980122,350 2,76027,12013,724 Oct. 28P. 266,160 167,070 61,130 37.960 50 640 285,630 5.360 710 4,740141 illO 123,710 3,940 27,25013,736 Nov. 25^. 70.360?170,060 62,290 38i,010 52 030 289,900 5,460 700 6.990142,770 123,980 4,50027,380 13,746 Dec. 30*\ 275,980175,550 62,000 38,430 55,550 200 298,880 6,470 800 6,340149,420 125,850 4,73027,61013,761 1965—Jan. 27*\ 272,930173,030 60,990 38,910 50,850332,500 291,800 4,800 880 3,990143,000 129,130 4,40027,65013,784 Member banks: 1941_Dec. 31.. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 0,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 07,183 22.775 78.338 6,070 29,845 38,304129,670 3,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 .. 97,846 32.628 57,914 7,304132,845 32.060122,528 2,353 50 1,176 80,609 28,340 54 8,464 6,923 1962—Dec. 28 . . 95.698 118,637 52,968 24,092 47,427 !49,488 219,468 5,309 358 6,086117,999 79,716 3,550 9,854 6,049 1963—June 29 . . 99.495 122,088 50.399 2277.008 44,929 51 ,619 4,388 373 9,761 111,548 86,550 1,440 20",238 6,058 Dec. 20. . 110,127131,712 49,34229,073 44,395 261 469 229,376 4,518 382 5,9"8"6 117,562 90,929 3,499 1,054 6,112 1964—Jan. 29. . 206,179129,103 48,344 28732 41,480254..6644 223,404 3,363 429 2,394 113823 93,395 3,07320,952 6,124 Apr. 29. . 210.375133.873 46.734 29768 41 889 259,460 226,817 3,019 493 3,751 314 96,240 3,37121,500 6,153 May 27. . 211,293135.665 45,979 649 41 983260,441227,459 3.022 489 6,440 182 97,326 3,38921,719 6,161 June 30. . 215.132138.649 46,235 249 46 767 269 437 238,052 4,527 525 9,342 624 98,034 1,936 2222,060 6,180 July 29. . 213.635138,042 45.223 370'417321262,606 229,429 3,078 536 4 636 319 98,860 3,74021,947 6,186 Aug. 26. . 215,030138,478 45,651 901 kl830|263,8251230,642 3,661 531 5 411 ,458 99,581 3,354 2222,088 6,188 Sept. 30. . 220,105141.393 47.245 467146423 274,3021241.331 5,056 542 8,460 ,969100,304 2,62422,382 6,204 Oct. 28. . 219,678140.646 47.458 31574 44680 271 237,656 14,559 555 4,325 ,793101,424 3,73322,474 6,209 Nov. 25. . 223,153143,241 48,383 31529145689 276, 241,141 4.646 551 6,319118,030 101,595 4,29722,560 6,221 Dec. 30. . 228,341148,138 48,260 31943 48737284,712 249,336 15,614 649 5 ;782 124,084103,207 4,48622,761 6,225 1965—Jan. 27*. 225,493145,830 47,297 32,366 44,461277,606242,78114,016 731 3,662118,307 106,065 4,186 22,799 6,235 Mutual savings banks: 1941—Dec. 31 . . 10,379 4.901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 .. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 4. 18,641 4.944 11.978 1,718 886 19,714 17,763 14 17,745 1,889 533 1962—Dec. 28. . 44.558 32,716 6.129 5,714 890 46.086 41.531 43 41,478 3,951 511 1963—June 29 . . 46.397 34,665 6,166 5,566 890 48,020 43,248 58 43,180 4.031 511 Dec. 20. . 48,089 36,679 5,872 5,539 826 49,621 44,516 42 44,467 4,205 509 1964—Jan. 29.. 48.400 36,960 5,910 5,530 860 50,080 45.150 60 45.090 4,150 509 Apr. 29. . 49,540 37.920 6,060 5,560 820 51,180 46,050 50 46,000 4,210 507 May 27. . 49,940 38,350 6.040 5,550 850 51,610 46,330 50 46,280 4,240 507 June 30.. 50.226 38.656 6.016 5.554 905 52,000 46.940 50 46,882 21 4.269 506 July 29. . 50,690 39.110 6.030 5.550 860 52,420 47,120 50 47,070 4,280 506 Aug. 26. . 51.210 39.520 6.100 5.590 900 52,990 47.480 50 47.430 4.350 506 Sept. 30'.. 51.570 39.890 6.080 5.600 880 53.340 47,960 50 47,910 4.380 506 Oct. 28r.. 51.700 40.270 5,850 5.580 900 53.490 48.180 50 48.130 4,360 506 Nov. 25 r.. 52.030 40.660 5.790 5,580 900 53.830 48.390 50 48,340 4.420 505 Dec. 30r.. 52.330 41,050 5,780 5,500 1,000 54,220 49,030 50 48,980 4,400 505 1965—Jan. 27*>.. 52,880 41,500 5,860 5,520 950 54,760 49,480 50 49,430 4,400 505 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 277 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 .S e . curities 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 i I D n e t - erbank Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Reserve city member banks New York City: 5, 6, 7 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11.972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 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 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 1,438 3,984 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111,966 1,294 4.161 13 Apr. 29 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 1,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 1,494 4,351 14 June 30 36,693 25,490 5,779 5,42410,550 49,716 41,545 4,711 317 2,112 21,22413,181 924 4,402 14 July 29 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993 341 987 19,60613,548 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 5,89110,183 50,696 42,287 4,727 340 2,350 21,19913,671 938 4.447 14 Oct. 28 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 1,059 20,32413,969 1,345 4,436 13 Nov. 25 37,594 26,051 5,954 5,58910,103 50,171 40,753 4,394 333 1,261 20,679 '1 4',0861,784 4,434 13 Dec. 30 39,852 27,733 6,127 5,99210,975 53,356 43,684 4,782 417 1,425 22,79214,268 2,157 4,472 13 1965—Jan. 27* 38,271 26,573 5,630 6,068 9,427 50,166 40,890 4,274 457 795 20,67014,694 1,781 4,465 13 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1962—Dec. 28 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,082 5,545 2,071 ,466 2,136 11,440 10.141 ,202 584 4,840 3.499 111 974 12 Dec. 20 9,615 6,220 1,705 ,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,242 5,837 1,823 ,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Apr. 29 9,316 6,088 1,706 ,522 2,118 11,676 10,263 ,114 212 4,893 4.028 166 1,012 12 May 27 9,394 6,173 1,706 ,515 2,185 11,806 10,414 ,151 384 4,810 4.046 185 1,008 12 June 30 9,636 6,266 1,750 ,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 1,017 12 July 29 9,394 6,092 1,737 ,565 2,091 11,733 10,289 ,148 282 4,690 4,145 201 1,018 12 Aug. 26 9,638 6,311 1,717 ,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Sept. 30 9,914 6,421 1,857 ,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 1.034 12 Oct. 28 9,788 6,404 1,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 1,034 12 Nov. 25 10,021 6,600 1,786 ,635 2,232 12,537 11,009 ,251 380 4,906 4,450 256 1,044 12 Dec. 30 10,419 7,003 1,853 ,563 2,363 13,077 11,433 ,264 399 5,250 4,499 313 1,055 12 1965—Jan. 27* 10,245 6,767 1,850 1,628 2,163 12,703 11,177 1,153 259 5,076 4,663 232 1,046 12 Other reserve city: 7 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36.040 13,449 20,196 2,39613,066 49,659 46,467 5.627 22 405 28,990 11,423 1 2.844 353 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 30,743 1,388 7.263 191 1963—June 29 74.614 48.164 17,326 9,124 18.526 95.433 85.555 6.811 110 3.793 41.29133.549 407 7.440 194 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 96,184 84,938 6,512 98 813 41,439 36,076 1,146 7,773 189 Apr. 29 78,650 52,811 15,692 10,147 98,569 86,601 6,232 117 1,586 41,32137,345 1,500 7,984 186 May 27 79,226 53,749 15,29410,183 98,750 86,814 6,231 115 2,708 40,009 37.751 1,301 8,032 183 June 30 80,466 54,604 15,48810,375 102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 July 29 80,080 54,557 15,01810,505 99,824 87,609 6,320 115 1,875 41,155 38,144 1,647 8,125 184 Aug. 26 80,662 55.049 14,92210,691 100,348 88,169 6,732 116 2,151 40.740 38.430 1,415 8.173 185 Sept. 30 82,222 55,804 15,680 10. 104.065 91,950 7,217 115 3,244 42,689 38.685 1,150 8,324 "185 Oct. 28 82,239 55,712 15,722 10; 103,165 90,422 7,152 118 1,685 42,618 38,849 1,725 8,357 C184 Nov. 25 83,044 56,292 15,98610,766 18 104,306 91,299 7,102 132 2,580 42,85138,634 1,845 8,360 *182 Dec. 30 84,683 57,907 15,92310,853 19 107,096 94,475 7,571 147 2,223 45,067 39,467 1,5-53 8,459 C182 1965—Jan. 27* 83,987 57,428 15,54111,01818,353104,997 92,273 6,758 184 1,580 42,848 40,903 1,756 8,504 184 Country member banks: 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810.778 47,553 44,443 1,056 432 28,37814,560 23 2.934 6,519 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1J73 1,931 46.895 36,692 172 7.744 5,828 1963—June 29 82.952 46.934 24.49611,52214,465 99,361 89.470 1,641 3,332 45.066 39.371 127 7.894 5.839 Dec. 20 87,316 50,023 24,79712,496 14,274 103',615 92,759 1,793 1,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213 102,111 91,815 1,736 ,130 47,484 41,405 376 016 5.910 Apr. 29 87,785 51,007 23,94612,83213 103.175 92,305 1,629 ,120 46,960 42,540 435 ,301 5,942 May 27 87,206 51,199 23,360 12,647 13406 102,539 91,641 1,569 ,999 45.693 42.324 409 328 5,952 June 30 88,337 52,289 23,21812,830 14 105.430 94,733 1,739 ,872 47,270 42,788 230 531 5,971 July 29 88,198 52,214 23,14612,83813 103,912 93,056 1,617 ,492 46.868 43.023 416 416 5,976 Aug. 26 88,794 52,470 23,32113,00314,094 104,731 93,784 1,700 ,970 46,683 43 375 377 470 5,977 Sept. 30 90.065 53.128 23,73513,202 107,083 96,130 1,785 2,250 48.24143.790 278 8.577C5,993 Oct. 28 91,040 53,482 24,23313,325 107,627 96,431 1,870 1,293 48,912 44,292 408 8,647c6,000 Nov. 25 92,494 54,298 24,65713,539 109.392 98,080 1,899 2,098 49,594 44,425 412 8,722 '6,014 Dec. 30 93,387 55,495 24,35713,53515,642 111,183 99,744 1,997 1,735 50,975 44,973 483 8,775 6018 1965—Jan. 27* 92,990 55,062 24,27613,65214,518109,740 98,441 1,831 1,028 49,713 45,805 417 8,784 6,026 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Securities as C s a et s s h * b T i l l o i i a t t i - a e l s Interbank * Other r B o o w r- - c T a a o p c t i - a ta l l N b o u e f m r - Total Loans U.S. ca a p n i d tal Total De- Demand ings counts banks Govt. Other ac- mand Time Time counts * U.S. Govt. 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 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80i,,227766 2~9~!,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92.975 34,882 61 9,734 13,398 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086 276,600 247,17617,737 333 5,934 141,050 82,122 462 22,08913,108 1 1 9 9 6 6 3 2 — — D D e e c c . . 2 2 0 8 . . . . 2 2 5 3 2 4 , , 5 24 7 3 91 1 5 3 5 9 , , 2 4 6 4 1 9 6 6 2 5, , 8 7 9 2 1 3 2 3" 8 4, , 5 9 9 0 4 3 5 50 3 , , 3 7 3 0 7 2 2 3 9 1 5 0 , , 0 7 9 3 3 0 2 2 6 7 0 3 , , 6 6 0 5 9 71 1 5 5 , , 0 8 7 4 7 4 4 44 0 3 2 6 6 , ,8 77OU1 11 5 22 I1 1 T4 4 V0 0 i . , , 1 7m.\ 6 0J7 9 2 ^1 9 i 1 7 0* , , 3 7 8 J2O 0 V3 3 3 , , 5 5 7 8 1 4 22 2 55 3- , , , , 2 7 2 - 7 1 7 7 2 7 1 1 3 3 , , 2 1 8 1 4 9 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 45,473 166,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809 135,51110,359 104 3,315 761,,292 45,441 225 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,63612,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 1"9,218 28,635 170,233 150,823 8,863 146 3,691 76,836<61,288 1 70413,548 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 6"6,137 841 14,262 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 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 3,055 |918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 ,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 ,544 1963—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 14,675 1"0,080 17,256 94,186 82,074 6,038 364 3,520 40,255 31,897 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 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16/" 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,456 14,,979 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,17017,664 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",793 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 4,309 7,215 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 31.* 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1961—Dec. 30., 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—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 2..2..,.3..2..5. 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 20,134 165 4,623 7,458 1964—June 30., 45,047 25,815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,486 21,553 163 4,708 7,489 Iniured mutual tarings banks: 1941—Dec. 31. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31. 12,683 3,560 8,165 958 675 13,499 12,207 12 "12,192 1,25" 194 1961—Dec. 30. 35,660 25,81 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 26735,827 3,343 331 1963—Dec. 20. 41,664 32,300 4,324 5,041 72: 43,019 38,657 29238,359 3,572 330 1964—June 30. 43,431 34,050 4,316 5,064 799 45,022 40,797 33340,456 3,618 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 279 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans Securities a C ss a e s t h si b T i a H l o n it t a d i a - e l s Total 1 Interbank1 Dema O n t d her r i B n o o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e f m r ks - G U o . v S t . . Other ca a p c i - tal m D a e n - d Time Time counts 2 U.S. Govt. Other Noninsured mutual sayings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947_Dec. 31 3 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 1 4 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963 Dec. 20 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1964—June 30 6,795 4,605 1,700 490 105 6,977 6,143 1 15 6,128 1 651 179 1 Reciprocal balances excluded beginning with 1942. parability of figures for classes of banks is affected somewhat by 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- • 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 Total1 Loans1 Total1 Loans1 U.S. U.S. Govt. Other Govt. Other 1957—Dec. 31... 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31... 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31... 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31... 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30... 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 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 1964—Dec. 31 2* 266.0 166.7 60.9 38.4 272.6 171.7 62.4 38.5 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 Dec. 31 2P 266.0 166.7 60.9 38.4 272.6 171.7 62.4 38.5 1965—Jan. 27 *>. . 268.7 169.9 59.5 39.3 268.1 168.2 61.0 38.9 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

280 COMMERCIAL BANKS FEBRUARY 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U.S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d a s s t t l s - l Total 2 C m a c i o n i n e a m d - r l - - A c tu u g r l r - - i- o T s r e o c c a u r r r i y ti i e n s g institutions R t e a e s t a - e l O i d t t n o h i- - er Other securities S g l a o o t n c a v d a t t e l . O se th c e u r dus- al bro- vid- Cer- secu- rities trial k d a e e n r a d s l- ot T h o ersba T n o ks o T th o ers uals Total Bills c t a if t i e - s Notes Bonds rities ers Total: 2 1947—Dec. 31..116,284 38,057 18,167 1,660 883 01,,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 4455,172 6,248 4,056 221,314341,033 7,31130,320 27",,8 47 3,,412 66,578 1,488 2,114 26,336 2266,64120,345 3,592 1962—Dec. 28..235,839140,106 48,673 097 5,144 2,131 2,578 8J459 34,259 30,553 3,909 66,434 1,674 3,93223,84126,,9 87 2244,755 4,543 1963—Dec. 20..254,162156,006 52J,994477 7J470 5353 2,509 3,605 9,479 39,056 34,550 4,03463,196 1,059 1,65822,441155 28,065 29,786 5,173 1964—June 30..260,179164,46355,061 688 5526 2,704 2,88110,450 41,388 37,594 4,42159,322 9,061 3523,14127,085 31,419 4,975 All insured 1941—Dec. 31..49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31..121,809 25,765 9,461 11, 3"1"4 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 5"1,342 3,873 3,258 1947—Dec. 31..114,274 37,58318,012 1,610 823 1,190 114 9,266 5,654 91467,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30..213,904124,34844,9656,2114,030 2,107 1,027 7,296 30,211 708 3,396 66,026 1,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28..234,243139,44948,4587,060 5',119 2,103 2,551 88,,443344 3344,123 30,402 3,89065,891 1,514 3,916 23,715 26,746|24,547 4,356 1963—Dec. 20..252,579155,26152,7437,444 5,321 2,476 3,594 99,,441155 33881,886611 34,383 4,01562,723 0,952 1,649 22,316 27,806 29,559,5,035 1964—June 30..258,597163,71554,8557,,663 5,492 2,671 2J839 10,414 41,190 37,432 4,40358,880 8,970 32 23,044 26,835 31,1844,818 Member, total 1941_Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 7788,338 2,275 16,985 144,27144,807 3,2542,815 1947—Dec. 31.. 97,846 32,62816,962 1,0~4"6 811 ' 1,"06'"5 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4'5-,295 4,199 3,105 1961—Dec. 30..179,599106,232 40,9313,934 3,8771,827 1,014 6,893 23,987 22,852 3,198 54,058 9,229 1,84221,390 21,59816,6912,617 1962—Dec. 28..195,698118,637 43,843 ,419 4954 1,777 2,445 7,936 27,162 24,799 3,657 52,9688,862 3,24919,443 21,414 20i773 3,319 1963—Dec. 20..210,127131,712 47,403 659 5 124 2,136 3,439 8,875 31,009 27,908 3,765 49,342 8,032 1,307 1188,072 21,932 210 3,864 1964—June 30..215,132138,649 49,217 4J55 5J3-4'1 2,320 2,733 9,887 32,794 30,275 4,137 46,235 6,707 1618,572 20,940 579 3,670 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1961—Dec. 30..30,297 19,53511,278 23 1,956 467 376 1,711 934 2,0721,220 7,862 2,117 442 2,496 2,806 2,635 265 1962—Dec. 28..32,989 21,954 11,943 17 2,766 425 572 2,087 1,329 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Dec. 20..34,827 23,577 12,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—June 30..36,693 25,49012,647 21 3,045 625 1,014 2,762 2,296 2,5481,128 5,779 1,333 2,625 1,821 4,952 472 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1961—Dec. 30.. 7,606 4,626 2,609 354 137 53 669 221 476 229 2,041 478 92 728 743 816 124 1962—Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Dec. 20.. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 1964—June 30.. 9,636 6,266 3,332 498 192 200 893 409 600 318 1,750 418 652 680 1,370 251 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 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 1,342 ,053 1961—Dec. 30.,68,565 42,379 16,,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 46,567 17,660 1,179 1,053 752 1,020 3,58311,030 9,860 1,266 '1-8,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.,78,370 51,89118,862 1,219 1,243 891 1,224 4,286 1"2,525 11,106 1,462 16,686 2,152 545 6,600 7,390 8,810 981 1964—June 30.,80,466 54,60419,624 1,173 1', 1'5"5 970 953 4,706 13,207 12,063 ,75315,488 2,206 6,566 6,715 9,449 925 Country: 1941—Dec. 31.,12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.,35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,544 166,722 1,342 1,067 1947—Dec. 31.,36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1961—Dec. 30.73,131 39,69310,,165 2,811 591 438 116 1,25113,24211,132 75124,407 3,614 566 9,560 10,667 7,5301,500 1962—Dec. 28.,80,623 44,69811,299 3,187 728 447 764 1,56314,44112,273 826 2255,425 4,144 1,223 8,849 11,209 8,6941,807 1963—Dec. 20.87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,53111,87110,3852,111 1964—June 30. 88,337 52,289 13,614 3",535 644 534 565 1,52516,88315,063 939 23,218 2,749 15 8,72811,72510, 8~0"8 -2,022 Nonmember 1947_Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 214 12,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,830-,678 190 354 13: 523 7,097 5,754 13,466 2,812 683 4,398 5,573 3,9821,224 1963—Dec. 20. 44,035 24,295 5,544 2,811 229 373 166 604 8,047 6,643 13,854 3,027 351 4,343 6,133 4,576 11,309 1964—June 30. 45,047 25,815 5,844 2,933 185 384 149 563 8,594 7,320 284 13,087 2,354 19 4,569 6,144 4,8411,305 i Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 COMMERCIAL BANKS 281 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o m t f e I s B w F e R a r . i e n v R t - h e k . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s k l t - e t - h s i s c 3 m p u D o s d a a t e s d e e n - i - - d t d s * m D e I s o n t - t i e c r 3 ba e F n ig k o n r- 5 G U o .S v . t. S l g a o o t n c a v d a t t e l . c C c h o f a e i e f e n e f r r c d d i t s - k i ' - s, IPC b in a t n e k r- G P U S a o o a n . s S v v d t . t - a . l S g l a o o t n c a v d a t t e l . IPC B r i o n o w g r s - - c C o a u a v < t : m - ts etc. ings 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 65 0,059 1961—Dec. 30.... 16,918 3,689 14,169 22,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 471 2,459 1962—Dec. 28.... 17,680 4,252 13,099 24,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 ,627 4,094 1963—Dec. 20.... 17,150 4,048 12,312 26,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 02,886 ,664 5,677 1964—June 30.... 16,774 4,539 12,693 22,537 13,909 1,363 0,257 12,583 4,832 121,695 677 257 8,680 10,650 ,09926,768 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 762 3,677 077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 3',740 5,098 2!585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3 670 13,871 21,671 16,440 1,298 5,934 12,149 5 023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795 23,361 14,579 1,265 6,815 11,991 4 434 123,744 402 269 6,397 90,714 ,58423,712 1963—Dec. 20.... 17,150 4 033 11,984 25,615 13,900 1,177 6,712 12,175 4 429 124,098 443 269 7,853 02,600 ,57125,277 1964—June 30.... 16,774 4 524 12,409 21,608 13,756 1,316 0,234 12,491 4 781 121,051 591 257 8,634 10,3522,03526,358 Member, total 1941—Dec.'31.... 12396 1087 6,246 33,754 9 714 671 1,709 3,066 1009 33,061 140 50 418 11878 4 5,886 1945—Dec. 31.... 15811 1438 7,117 64,184 12333 1,24322,179 4,240 2 450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17797 1672 6,270 73,528 10978 1,375 1,176 5,504 401 72,704 50 105 693 27,542 54 8,464 1961—Dec. 30.... 16918 2 813 8,724 00,660 15924 1,270 5 381 9,487 4 654 105,454 303 260 4,371 62 526 438 8,638 1962—Dec. 28.... 17680 3 263 7,897 01,528 14071 1,237 6 086 9,270 083 104,646 358 243 5,158 74 3163,550 9,854 1963—Dec. 20.... 17 150 3 131 7,359 02,816 13378 1,140 5 986 9,376 4 055 104,130 382 240 6,364 84 3263,499 054 1964— June 30.... 16774 3 511 7,807 99,288 13247 1,280 9 342 9,639 4 379 101,605 525 227 7,045 90 762 ,93622',060 New York City: 1941—Dec. 31.... 5 105 93 141 10,761 3 595 607 866 319 450 11282 6 29 778 1,648 1945—Dec. 31.... 4 015 111 78 15,065 3 535 ,105 6 940 237 1 338 15712 17 10 20 1206"195 2 120 1947_Dec. 31.... 4 639 151 70 16653 3 236 1,217 267 290 1,105 17646 12 12 14 1418 30 2 259 1961—Dec. 30... 3,286 240 143 17089 4 330 967 1267 333 2,583 20 213 191 38 162 6 735 283 3 683 1962—Dec. 28... 4,121 251 156 17095 3,854 929 408 366 2,237 19628 207 53 266 8 9371,728 3 898 1963—Dec. 20... 3,625 264 96 16763 3,487 801 419 368 2,119 18473 214 76 449 109201,438 3984 1964—June 30... 3,919 273 82 16389 3,791 920 112 420 2,323 18480 317 71 528 12582 924 402 City of Chicago: 1941_Dec. 31... 1,021 43 298 2 215 1,027 8 127 233 34 2 152 476 288 1 1 9 9 4 4 7 5 — _D D e e c c . . 3 3 1 1 . . . . . . 1,0 9 7 4 0 2 3 3 6 0 2 1 0 7 0 5 I 7 1 3 5 7 3 1 1, , 1 2 9 9 6 2 2 2 0 1 1,55 7 2 2 2 2 3 8 7 5 6 6 6 3 3 3 8 1 5 6 3 0 2 ( 7 9 1 0 9 2 4 3 2 7 6 7 1961—Dec. 30... 889 37 158 3 809 1,578 45 369 315 124 4 830 14 8 1,996 35 870 1962—Dec. 28... 1,071 44 99 4 262 1,235 41 410 351 109 4 804 18 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 25 199 3,887 210 1017 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 1967 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 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 39,28 95 72 2,950 31,9821,416 7,697 1964—June 30... 7,106 1,072 2,296 34,281 6,616 278 3,77 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 22 1,370 239 8,500 30 3 146 6,082 ,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,46 2,004 43 21,79 17 52 219 12,224 1 2,525 1947_Dec. 31... 4,993 929 3,900 27,424 ,049 432 2,647 52 25,20 17 4 33 14,17 2 2,934 1961—Dec. 30... 5,210 ,678 5,88 43,575 ,910 1 1,64 5,320 79 40,09 37 10 1,89 29,834 4 7,088 1962—Dec. 28... 4,817 1,947 5,389 44,689 1,753 19 1,93 5,337 75 40,80 5 100 2,24 34,350 17 7,744 1963—Dec. 20... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,87 56 8 2,77 37,82 39 8,377 1964—June 30... 4,826 2,113 5,27 44,773 1,705 34 2,87 5,674 85 40,74 64 8 2,95 39,74 23 8,531 Nonmember:2 1947_Dec. 31 544 3,94 13,595 38 5 16 1,29 18 12,28 190 17 6,85 1 1,596 1961 Dec. 30 876 5,44 21,994 649 70 56 2,75 40 19,16 17 2' 1,09 14,16 3 3 822 1962—Dec. 28 989 5,20 22,814 64 5 74 2,80 42 19,81 17 2 1,29 16,67 7 4 240 1963—Dec. 20 917 4,95 23,76 67 7 74 2,88 43 20,65 14 2 1,54 18,56 16 4,623 1964—June 30 1,02 4,88 23,249 66 84 91 2,94 45 20,09 15 3 1,63 19,88 16 4,708 3 Beginning with 1942, excludes reciprocal bank balances. banks. Comparability of figures for classes of banks is affected some- 4 Through 1960, demand deposits other than interbank and U.S. what by changes in F.R. membership, deposit insurance status, and the Govt., less cash items in process of collection; beginning with 1961, reserve classifications of cities and individual banks, and by mergers, etc. demand deposits other than domestic commercial interbank and U.S. Data for June 30, 1964, for national banks have been adjusted to make Govt., less cash items in process of collection. them comparable with State bank data. (Data for Dec. 20, 1963, also 5 See note 6, May 1964 BULL., p. 589. adjusted to lesser extent.) Also see NOTE, May 1964 BULL., p. 589. NOTE.—Data are for all commercial banks in the United States. These For other notes see opposite page. figures exclude data for banks in U.S. possessions except for member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Total and Wednesday lo an an d s i m nv e e n s t t s - Loans C m o e m r- - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Valuam in e v n e t s s t- 1 jus a t d e - d 2 ju a st d e - d2 in t a c r d n i i a u a d l l s- t c u u r l a - l G U c t u i o . e r S v s i . - t. O c t u t i h e r s i e - r G U c t s u o i . e e r S v - s i . - t. O c t u t i h e r s i e - r F ei o g r n - c m m D c o t i e i e o m a c s r - l - - - f P C i s a e n a e O t n a c l r S d e n . s . s , . . Other es R ta e t a e l o A th l e l r se t r r i e o v - n es Total- Leading CMea 1964 Jan. 8 , 140,855 138,816 90,819 37,818 1,561 779 3,827 115 ,729 993 2,039 4,308 3,603 17,889 20,242 2,045 15 140,965 138,696 90,937 37,641 ,559 1,114 3,928 121 ,723 970 2,269 4,187 3,595 17,944 20,203 2,048 22 138,808 136,814 89,741 37,424 ,551 984 3,516 117 ,720 973 1,994 3,794 3,553 17,983 20,173 2,047 29 137,764 135,868 89,122 37,195 ,531 642 3,453 108 ,726 982 1,896 3,788 3,551 17,991 20,197 2,042 Dec. 2 149,460 146,997 98,992 40,999 ,621 690 3,173 66 ,936 1,353 2,463 4,418 4,013 19,909 22,918 2,104 9 148,789 146,275 98,374 40,914 ,623 468 3,072 65 ,936 1,366 2,514 4,190 4,027 19,934 22,881 2,102 16 151,814 148,993100,796 41,668 ,639 902 3,382 73 ,930 1,374 2,821 4,864 4,047 19,948 23,059 2,090 23 151,599 '149,449 101,012 41,668 ,607 909 3,321 66 ,946 1,419r2,150 4,913 4,077 '20,011 23,158 2,083 30 153,695 151,010 1"0,2227 42,119 .591 1,114 3,517 72 ,974 1,560 2,685 4,929 4,103 20,008 '23,320 2,080 1965 Jan. 6 152,715 149,784 101,224 42,084 ,579 967 3,211 ,961 1,543 2,931 4,676 4,129 20,012 23,270 2,278 13 151,368 148,747100,905 41,938 ,577 1,520 3,050 ,949 1,510 2,621 4,368 4,074 20,064 23,067 2,278 20 151,014 148,792 110000,450 41,863 ,569 1,241 3,109 ,962 1,494 2,222 4,222 4,047 20,054 23,098 2,280 150,705 148,145100,079 41,834 ,565 931 3,080 ,954 1,500 2,560 4,203 4,034 20,075 23,121 2,288 27 New York City 1964 34,098 33,691 22,695 12,357 298 2,341 537 512 407 1,380 698 1,809 3,268 562 Jan. 8 34,255 33,560 22,742 12,217 478 2,376 535 500 695 ',400 687 1,822 3,232 562 15 33,470 32,776 22,183 12,172 500 2,102 539 496 694 ,175 682 1,825 3,204 562 22 33,228 32,412 21,921 12,058 380 2,007 542 525 816 ,230 673 1,815 3,204 562 29 Dec. 2 35,969 35,146 24,335 13,197 360 1,788 582 739 823 ,383 817 2,270 3,740 570 9 36,035 34,936 24,021 13,179 306 1,677 584 737 1,099 ,262 819 2,279 3,717 568 16 37,644 36,293 25,199 13,491 450 1,968 585 731 1,351 ,654 828 2,265 3,763 565 23 37,183 36,579 25,304 13,485 603 1,932 588 759 604 ,629 825 2,277 3,740 564 30 38,176 37,356 25,938 13,859 640 2,104 602 843 820 ,516 825 2,283 3,785 553 1965 Jan. 6 37,278 36,691 25,317 13,890 428 1,786 593 821 587 ,445 873 2,290 3,772 613 13 36,906 36,164 25,057 13,782 591 1,697 583 816 742 ,301 855 2,297 3,717 613 20.... 36,586 35,954 24,938 13,750 530 1,670 588 803 632 ,266 850 2,270 3,788 614 27 36,591 35,838 24,841 13,732 398 1,681 583 798 753 ,269 868 2,281 3,810 614 Outside New York City 1964 Jan. 8 106,757 105,125 68,124 25,461 1,535 481 ,486 1,192 481 ,632 2,928 2,905 16,080 16,974 1,483 15 106,710 105,136 68,195 25,424 1,532 636 ,552 1,188 470 ,574 2,787 2,908 16,122 16,971 1,486 22 105,338 104,038 67,558 25,252 1,530 484 ,414 1,181 477 ,300 2,619 2,871 16,158 16,969 ',485 29 104,536 103,456 67,201 25,137 1,510 262 ,446 1,184 457 ,080 2,558 2,878 16,176 16,993 ,480 Dec. 2 113,491 111,851 74,657 27,802 1,602 330 ,385 1,354 614 ,640 3,035 3,196 17,639 19,178 ,534 9 112,754 111,339 74,353 27,735 1,604 162 ,395 1,352 629 ,415 2,928 3,208 17,655 19,164 ,534 16 114,170 112,700 75,597 28,177 1,620 452 ,414 1,345 643 1,470 3,210 3,219 17,683 19,296 ,525 23 114,416 i12,870'75,708 28,183 1,587 306 ,389 1,358 660 1,546 3,284 3,252 17,734 19,418 ,519 30 115,519 113,654 76,289 28,2601,571 474 ,413 1,372 717 1,865 3,413 3,278 17,725 r19,535 ,527 1965 Jan. 6 115,437 113,093 75,907 28,194 1,560 539 ,425 1,368 722 2,344 3,231 3,256 17,722 19,498 ,665 13 114,462 112,583 75,848 28,156 1,558 929 ,353 1,366 694 1,879 3,067 3,219 17,767 19,350 ,665 20 114,428 112,838 75,512 28,113 1,549 711 ,439 1,374 691 1,590 2,956 3,197 17,784 19.310 ,666 27 114,114 112,307 75,238 28,102 1,546 533 ,399 1,371 702 1,807 2,934 3,166 17,794 19,311 ,674 For notes see p. 284. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS 283 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities as T s o et t s a — l Wednesday Total Bills c C t a i e f t i r e - - s W i N i n th o - m te a s t a u 1 n r t i d n o g b — on A d f s ter O s r e i t t c h i u e e s - r Total d b a o w B a n t m n i a i c t c l k e e h - s s s - b a w e B f a n o i n i a g c r t l k n e h - - s s Cu c a r o n r i e n d ncy B • F w e R a r . i n R v e t k h - e . s s a o s t A s h e l e l t r s a c l c T i a a a c t p o i b o n e i t u i d t s a l a i n l - l t! lyear 5 years 5 years Total- Leading Cities 1964 Jan. 8.. 28,601 4,733 868 2,896 14,216 5,888 19,396 17,740 2,935 292 1,901 12,612 5,356 178,959 15.. 28,569 5,016 870 2,861 14,085 5,737 19,190 18,207 3,186 273 1,817 12,931] 5,362 180,969 22., 28,034 4,619 876 2,845 13,995 5,699 19,039 17,308 2,919 274 1,845 12,270 5,443 175,633 29., 27,759 4,509 2,342 13,770 6,250 18,987 17,580 2,867 266 1,851 12,596! 5,541 173,885 Dec. 2. 27,256 5,153 4,010 11,784 6,309 20,749 18,568 3,285 264 1,938 13,081 5,878 190,094 9. 26,941 4,991 4,030 11,733 6,187 20,960 17,810 3,093 264 2,078 12,3751 6,088 187,320 16. 27,241 5,285 4,034 12,049 5,873 20,956 19,139 3,472 242 2,070 13,355 5,894 194,348 23., 27,340 5,374 4,020 12,047 5,899 21,097 19,354 '3,398 298 1,990 13,668 5,855 194,201 30. 27,679 5,700 4,038 12,048 5,893 21,104 '19,020 '3,449 279 2,131 13,161 5,942 196,084 1965 Jan. 6 27,473 5,451 4,187 12,008 5,827 21,087 19,585 3,351 266 1,988 13,980 5,839 195,699 13 26,501 4,482 4,301 11,890 5,828 21,341 18,108 3,196 254 2,082 12,576 5,947 192,342 20 26,939 5,294 3,188 10,455 8,002 21,403 18,117 3,285 265 1,970 12,597 5,792 190,576 26,671 5,127 3,140 10,478 7,926 21,395 18,559 3,017 264 1,975 13,303 5,865 189,534 27 New York C ty 1964 5,915 1,620 158 466 2,557 ,114 5,081 4,268 75 132 294 3,767 2,235 45,502 Jan. 8 5,845 ,527 155 533 2,546 ,084 4,973 4,197 108 124 264 3,701 2,253 46,384 15 5,647 ,237 159 667 2,515 ,069 4,946 4,079 88 124 269 3,598 2,331 44,571 22 5,563 ,259 163 396 2,484 ,261 4,928 4,259 92 118 274 3,775 2,359 44,400 29 Dec. 2 5,441 ,512 698 2,077 ,154 5,370 4,467 104 124 298 3,941 2,467 48,405 9 5,469 ,594 705 2,087 ,083 5,446 4,097 79 124 349 3,545 2,633 47,863 16 5,619 ,709 721 2,129 ,060 5,475 4,095 130 97 345 3,523 2,475 50,421 23 5,769 ,812 740 2,150 1,067 5,506 4,448 117 140 303 3,888 2,416 50,381 30 5,819 1,854 748 2,149 1,068 5,599 4,356 146 149 311 3,750 2,456 51,444 1965 Jan. 6 5,721 1,742 757 2,161 1,061 5,653 4,808 146 136 310 4,216 2,380 50,206 13 5,465 1,309 927 2,149 1,080 5,642 4,026 116 134 308 3,468 2,460 48,932 20 5,309 1,449 626 1,642 1,592 5,707 4,045 113 142 287 3,503 2,378 48,369 27 5,289 1,459 597 1,721 1,512 5,708 4,212 90 135 292 3,695 2,394 48,238 Outside New York City 1964 Jan. 8. 22,686 3,113 710 2,430 11,659 4,774 14,315 13,472 2,860 160 ,607 8,845 3,121 133,457 15. 22,724 3,489 715 2,328 11,539 4,653 14,217 14,010 3,078 149 ,553 9,230 3,109 134,585 22. 22,387 3,382 71 2,178 11,480 4,630 14,093 13,229 2,831 150 ,576 8,672 3,112 131,062 29. 22,196 3,250 725 1,946 11,286 4,989 14,059 13,321 2,775 148 ,577 8,821 3,182 129,485 Dec. 2 21,815 3,641 3,31 9,707 5,155 15,379 14,101 3,181 140 ,640 9,140 3,411 141,689 9 21,472 3,397 3,325 9,646 5,104 15,514 13,713 3,014 140 ,729 8,830 3,455 139,457 16 21,622 3,576 3,313 9,920 4,813 15,481 15,044 3,342 145 ,725 9,832 3,419 143,927 23 21,571 3,562 3,280 9,897 4,832 15,591 14,906 '3,281 158 ,687 r9,780 3,439 143,820 30 21,860 3,846 3,290 9,899 4,825 15,505 14,664 '3,303 130 ,820 r9,411 3,486 '144,640 1965 Jan. 6 ,752 3,709 3,430 9,847 4,766 15,434 14,777 3,205 130 1,678 9,764 3,459 145,493 13 21,036 3,173 3,374 9,741 4,748 15,699 14,082 3,080 120 1,774 9,108 3,487 143,410 20 21,630 3,845 2,562 8,813 6,410 15,696 14,072 3,172 123 1,683 9,094 3,414 142,207 27 21,382 3,668 2,543 8,757 6,414 15,687 14,347 2,927 129 1,683 9,608 3,471 141,296 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday mand Do- Other time 9 liabili- ital Total de- mes- F •p r o - m p From ties acju u s n t a e d d - 4 po ad si - ts Total 6 IPC S a t n a d te For- U.S. co ti m c - Totals Sav- State Banks others counts justed 5 local tJign? Govt. mer- ings and For- Govt. cial IPC local eign 7 banks Govt. Total— Leading Cities 1964 Jan 8 155,386 65,239 95,898 69,437 4,889 1,870 2,97212,679 59,488 38,043 13,518 4,287 3,224 259 3,157 5,588 14,569 15 157,883 67,136 98,229 72,209 5,095 1,8572,09712,561 59,654 38,052 13,643 4,321 3,216 34 2 860 5 598 14,594 22 152,144 65,151 92,168 68,843 4,919 1,949 1,546 11,397 59,976 38,117 13,818 4,361 3,245 255 2,770 5 899 14,565 29 150,500 64,940 90,224 67,605 4,926 1,866 1,545 10,739 60,276 38,131 14,057 4,401 3,241 245 2,642 5,879 14,619 Dec 2 163,377 64,607 97,707 69,515 5,333 1,9384,36412,548 65,670 40,312 16,237 4,680 3,932 110 3,972 7,023 15,612 9 160,081 64,967 94,022 68,940 4,875 1,9302,321 12,101 66,059 40,343 16,431 4,770 4,001 180 4,228 7,219 15,612 16 167,370 68,194 101,399 74,201 4,886 2,0062,784 12,920 65,971 40,371 16,024 5,023 4,020 163 4 256 6 974 15,585 23 167,619 66,161 101,297 72,030 5,120 2,1694,858 12,885 66,322 40,431 16,189 5,142 4,016 398 3,703 6,861 15,620 30 169,455 '68,045 102,574 '73,654 5,239 ? 1904,563 12,539 66,881 40,698 16,407 5,168 4,053 281 r4,023 r6,632 15,693 1965 jan 6 168,846 66,202101,512 72,029 5,157 2,0523,80613,944 67,334 40,860 16,714 5,206 3,986 257 4,818 6,101 15,677 13 165,783 66,166 97,525 72,109 4,764 1,997 1,601 12,839 68,258 41,053 17,334 5,303 3,948 113 4,469 6,298 15,679 20 165,209 66,069 96,567 70,978 4,858 1 8932,50512,340 68,642 41,13217,635 5,285 3,964 5 3,419 6,283 15,660 27 163,459 65,897 94,374 69,352 5,106 2,0712,916 11,156 69,085 41,220 17,959 5,301 3,961 155 3,843 6,368 15,709 New York City 1964 an 8 .... 37,061 16,541 25,434 17,237 380 1,420 911 3,081 11,627 4,411 4,362 374 2,253 143 1.566 2,631 4,101 15 38,368 17,081 26,708 18,217 411 1,370 609 3,339 11,660 4,398 4,373 404 2,253 ,222 2,671 4,123 22 36,414 16,572 24,644 17,309 320 49? 384 2,997 11,770 4,405 4,442 402 2,277 105 ,167 2,766 4,119 29 36,228 16,520 24,349 17,160 286 1,432 345 2,930 11,879 4,410 4,538 401 2,275 144 ,156 2,748 4,124 Dec 2 .... 38,943 15,698 25,550 17,049 339 1,450 1,097 3,253 13,393 4,584 5,258 443 2,795 ,900 3,278 4,284 9 38,181 15,798 24,622 16,876 271 1,432 586 3,140 13,559 4,596 5,368 441 2,837 25 ,901 3,473 4,283 16 41 000 17 276 27 506 18 945 254 1,488 601 3,422 13,494 4,607 5,170 531 2,859 932 3 217 4,272 23 41,244 16,273 27,636 17,940 332 1,654 1,436 3,593 13,608 4,613 5,234 534 2,886 83 1,673 3,119 4,262 30 42,051 17,133 28,410 18,897 330 1,666 1,405 3,416 13,641 4,642 5,231 494 2,924 115 2,003 2,981 4,294 1965 Jan 6 40,624 16,473 26,952 17,726 271 1,539 1,195 3,544 13,672 4,657 5,297 481 2,874 50 2,484 2,752 4,296 13 39,527 16,292 25,534 17,433 287 1,481 443 3,259 13,993 4,680 5,530 523 2,851 2,198 2,919 4,288 20 39 659 16 411 25 740 17 600 294 I 378 635 3 334 13,919 4,705 5,466 468 2,883 1 575 2 850 4,285 27 39,210 16,320 25,179 17,173 277 1,550 747 3,071 14,031 4,723 5,584 451 2,857 55 1,715 2,970 4,288 Outside New York City 1964 jan 8 118,325 48,698 70,464 52 200 4 509 4502,061 9,598 47,861 33,632 9,156 3,913 971 116 1,591 2,957 10,468 15 119,515 50,055 71,521 53,992 4,684 4871,488 9,222 47,994 33,654 9,270 3,917 963 34 1,638 2,927 10,471 22 115,730 48,579 67,524 51,534 4,599 4571,162 8,400 48,206 33,712 9,376 3,959 968 150 1,603 3,133 10,446 29 114,272 48,420 65,875 50,445 4,640 4341,200 7,809 48,397 33,721 9,519 4,000 966 101 1,486 3,131 10,495 Dec. 2 124,434 48,909 72,157 52,466 4,994 4883,267 9,295 52,277 35,728 10,979 4,237 1,137 110 2,072 3,745 11,328 9 121,900 49,169 69,400 52,064 4,604 4981,735 8,961 52,500 35,747 11,063 4,329 1,164 155 2,327 3,746 11,329 16 126,370 50,918 73,893 55,256 4,632 5182,183 9,498 52,477 35,764 10,854 4,492 1,161 163 2,324 3,757 11,313 23 126,375 49,888 73,661 54,090 4,788 5153,422 9,292 52,714 35,818 10,955 4,608 1,130 315 2,030 3,742 11,358 30 127,404 '50,912 '74,164 '54,757 4,909 5243,158 '9,123 53,240 36,056 11,176 4,674 1,129 166'2,020 '3,651 11,399 1965 jan 6 128,222 49,729 74,560 54,303 4,886 5132,611 10,400 53,662 36,20311,417 4,725 1,112 207 2,334 3,349 11,381 13 126,256 49,874 71,991 54,676 4,477 5161,158 9,580 54,265 36,373 11,804 4,780 1,097 113 2,271 3,379 11,391 20 125,550 49,658 70,827 53,378 4,564 5151,870 9,006 54,723 36,427 12,169 4,817 1,081 5 1,844 3,433 11,375 27 124,249 49,577 69,195 52,179 4,829 5212,169 8,085 55,054 36,497 12,375 4,850 1,104 100 2,128 3,398 11,421 1 After deduction of valuation reserves. branches of U.S. banks other than reporting bank. 2 Exclusive of loans to domestic commercial banks and after deduction 8 Includes U.S. Govt., postal savings, domestic commercial interbank of valuation reserves; individual loans items are shown gross. and mutual savings banks, not shown separately. 3 Excludes cash items in process of collection. 9 Includes certificates of deposit outstanding in following amounts * Total demand and total time deposits. (in millions of dollars): 5 Demand deposits other than domestic commercial interbank and U.S. Govt., less cash items in process of collection. Jan. 6 Jan.13 Jan.20 Jan.27 * Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 12,763 13,262 13,425 13,638 banks, not shown separately. New York City 4,595 4,813 4,726 4,817 7 Deposits of foreign governments and official institutions, central Outside New York City... 8,168 8,449 8,699 8,821 banks, international institutions, banks in foreign countries, and foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 BUSINESS LOANS OF BANKS 285 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during Industry 1965 1964 1965 1964 1964 1964 J 2 a 7 n. J 2 a 0 n. Ja 1 n 3 . Ja 6 n. Dec. Jan. Dec. Nov. IV III 2nd 1st Durable goods manufacturing: Primary metals 647 646 640 638 641 16 -32 -18 -81 70 -99 123 Machinery 2,249 2,224 2,253 2,237 2,207 65 64 93 -81 -58 12 25 Transportation equipment 968 968 962 952 947 61 26 60 -13 7 47 19 Other fabricated metal products.. . 961 965 980 970 962 30 -15 -36 119 -36 191 Other durable goods 1,157 1,139 1,158 1,151 1,153 -2 -26 -66 57 -9 120 Nondurable goods manufacturing: Food, liquor, and tobacco 1,880 1,915 1,897 1,965 2,000 -120 146 169 527 177 -163 704 -622 Textiles, apparel, and leather 1,255 1,246 1,254 1,263 1,270 -15 -77 -103 -359 64 23 -295 234 Petroleum refining 991 1,009 1,013 1,013 1,042 -51 40 -23 33 -44 -42 -11 -134 Chemicals and rubber 1,372 1,449 1,411 1,412 1,404 -32 168 42 232 17 50 249 158 Other nondurable goods 872 878 892 894 892 -20 -31 -32 -94 31 98 -63 106 Mining, including crude petroleum and natural gas 3,174 3,207 3,219 3,216 3,129 45 300 43 295 140 15 435 -198 Trade: Commodity dealers 1,510 1,472 1,448 1,410 1,429 81 -34 217 391 154 -284 545 -538 Other wholesale 2,183 2,196 2,219 2,236 2,263 -80 7 34 81 75 59 156 40 Retail 2,675 2,593 2,589 2,543 2,493 182 -247 47 -211 143 66 -68 49 Transportation, communication, and other public utilities 4,578 4,591 4,576 4,632 4,664 -86 351 237 400 -73 637 -496 Construction 2,231 2,245 2,246 2,255 2,262 -31 1 38 104 226 142 265 All other: 1 Bankers' acceptances 885 916 1,022 1,087 1,095 -210 181 174 -29 235 -76 All other types of business, mainly services 5,540 5,498 5,441 5,453 5,394 146 382 394 -39 104 355 274 Total classified loans 35,128 35,157 35,220 35,327 35,247 -119 1,357 485 1,771 1,165 268 2,936 -460 Commercial and industrial loans— All weekly reporting banks 41,849 41,875 41,947 42,090 42,119 -270 1,571 666 2,166 1,205 576 3,371 -45 i Beginning Dec. 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: 1 19 large cities: New York City: 1963—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 Dec 4.77 5.59 5.35 5.08 4.66 I960 5.2 6.0 5.7 5.4 5.0 7 other northern and 1961 5.0 5.9 5.5 5.2 4.8 eastern cities: 1962 5 0 5 9 5 5 5 2 4 8 1963 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 1964 5 0 5 9 5 6 5 3 4 8 June 5 03 5 83 5.55 5 27 4.89 Sept 5.01 5.88 5.56 5.25 4.86 Dec 5.03 5.84 5.58 5.31 4.88 Quarter:* 19 large cities: 11 southern and western cities: 1963—Dec 5.00 5.86 5.54 5.23 4.82 1963—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 Sent 5.31 5.95 5.67 5.36 5.09 Dec 5.00 5.85 5.56 5.31 4.82 Dec 5.31 5.96 5.67 5.46 5.06 l Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown ir per cert): 1955—Aug. 4, 3y4; Oct. 14, 3Vi; 1956— Apr. 13, 3%;;Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4%; 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, 4%; Sept. 1, 5; and 1960—Aug. 23, AVi. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 INTEREST RATES FEBRUARY 1965 MONEY MARKET RATES (Per cent per annum) U. S. Government securities (taxable)4 Finance Prime CO. Prime coml. paper bankers' Federal 3-month bills 6-month bills 9- to 12-month issues Period paper, placed accept- funds months * m d 3 i o - r n e to c th tl 6 s y - , 2 90 a n d c a e y s s , 1 rate 3 on i R s s a n u t e e e w M yi a el r d k e 5 t on i R s s a n u t e e e w M yi a el r d k e 5 t ( y m i B e a l i d r ll k ) s e 5 t Other « i i ss y u t e n e a s r ^ 7 1962 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 C3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1964 Jan 3.97 3.82 3.70 3.48 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3.88 3.76 3.75 3.48 3.532 3.53 3.664 3.67 3.71 3.63 4.02 Mar 4.00 3.83 3.75 3.43 3.553 3.54 3.740 3.72 3.78 3.67 4.15 3.91 3.80 3.80 3.47 3.484 3.47 3.676 3.66 3.75 3.63 4.18 May 3.89 3.76 3.75 3.50 3.482 3.48 3.612 3.60 3.71 3.67 4.07 June 4.00 3.88 3.75 3.50 3.478 3.48 3.572 3.56 3.70 3.83 4.03 July 3.96 3.81 3.75 3.42 3.479 3.46 3.566 3.56 3.64 3.68 3.99 Aug 3.88 3.76 3.75 3.50 3.506 3.50 3.618 3.61 3.67 3.73 3.99 Sept 3.89 3.75 3.75 3.45 3.527 3.53 3.666 3.68 3.73 3.82 4.03 Oct 4.00 3.91 3.75 3.36 3.575 3.57 3.729 3.72 3.79 3.83 4.04 Nov 4.02 3.89 3.79 3.52 3.624 3.64 3.794 3.81 3.86 3.88 4.04 Dec 4.17 3.98 4.00 3.85 3.856 3.84 3.971 3.94 3.96 3,96 4.07 1965—Jan 4.25 4.05 4.00 3.90 3.828 3.81 3.944 3.94 3.91 3.87 4.06 Week ending— 1965—Jan. 2 4.25 4.06 4.00 4.00 3.867 3.83 3.957 3.93 3.93 3.92 4.07 9 4.25 4.06 4.00 4.00 3.829 3.80 3.927 3.92 3.92 3.78 4.07 16 4.25 4.06 4.00 4.00 3.814 3.77 3.942 3.94 3.90 3.87 4.06 23 4.25 4.06 4.00 3.57 3.821 3.81 3.960 3.94 3.90 3.85 4.04 30 4.25 4.03 4.00 4.00 3.848 3.85 3.946 3.94 3.91 3.87 4.05 * Averages of daily offering rates of dealers. 5 Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance cos., for varying maturi- * Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. i Selected note and bond issues. 3 Seven-day average for week ending Wed. 4 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 Stock State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio States Total i (longterm) Indus- Rail- Public Pre- Com- Com- TotaU Aaa Baa Aaa Baa trial road utility ferred mon mon 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 6.06 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 5.68 1964 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 1964 Jan 4.15 3.29 3.09 3.56 4.57 4.37 4.83 4.50 4.68 4.51 4.32 3.06 Feb 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.48 4.67 4 51 4 31 3 05 Mar 4.18 3.33 3.14 3.57 4.56 4.38 4.83 4.49 4.67 4.51 4.34 3.03 5.51 Apr 4.20 3.30 3.12 3.52 4.58 4.40 4.85 4.53 4.69 4 53 4 37 3 00 May 4.16 3.29 3.09 3.54 4.59 4.41 4.85 4.54 4.69 4.53 4.41 3.01 June 4.13 3.29 3.10 3.54 4.59 4.41 4.85 4.54 4 70 4 55 4 41 3 05 5 68 July 4.13 3.26 3.08 3.54 4.58 4.40 4.83 4.52 4.68 4.54 4.37 2 % 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3.03 Sept 4.16 3.30 3.09 3.57 4.57 4.42 4.82 4.52 4.65 4.53 4.25 3.00 *5.60 Oct 4.16 3.31 3.11 3.58 4.57 4.42 4.81 4.53 4.66 4 52 4 25 2 95 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 Dec 4.14 3.23 3.01 3.51 4.58 4.44 4.81 4.54 4.68 4.54 4.23 c3.O5 1965—Jan 4.14 3.18 2.97 3.44 4.57 4.43 4.80 4.53 4.66 4.52 4.18 2.99 Week ending— 1965 Jan 2 4.16 3.22 2.99 3.51 4.58 4.43 4.80 4.53 4.68 4.53 4.22 3.04 9 4.15 3.21 2.99 3.49 4.58 4.44 4.80 4.53 4.67 4.53 4.21 3.02 16 4.15 3.18 2.97 3.44 4.57 4.43 4.80 4.53 4.66 4.53 4.19 3 00 23 4.14 3.17 2.96 3.42 4.57 4.43 4.79 4.53 4.67 4.52 4.15 2.97 30 4.13 3.17 2.96 3.41 4.57 4.42 4.79 4.52 4.66 4.52 4.17 2.96 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 l 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

FEBRUARY 1965 SECURITY MARKETS 287 MORTGAGES: NEW HOMES SECURITY PRICES i F n H su A re - d Conventional first mortgages Bond prices Co ( m 1 m 94 o 1 n - 4 st 3 o - c 1 k 0 p ) rices V um ol e of Period Y c ( e p i n e e l t r d ) I c n ( r e e p a t s n e e t t e t r r ) - F c ( e e e p t n e c e . t s r ) , ( M t y i u t r y a r s - - .) L p c r ( o a e r p i t n a e c i n t o r e ) / d ( A o l t o h l v l a o a g n u r . s . ) Period ( G t U l e o o r . n m S v g . t ) . - S l a o t n c a d a te l A C p a A o o te r r A - - Total d t I r u n i s a - - l R ro a a i d l- P u i h u t t i y b e l - - s ( h t t r i h a a n r o d g e u - s . ) 1961 15.69 (5.98) 1962 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1962 5.60 (5 93) 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1963 (5.81) 1964 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1963 5.46 5.84 .64 24.0 73.3 16.3 1964 5.45 5.78 .57 24.8 74.1 17.3 1964—Jan... 84.42 111.2 95.3 76.45 80.85 41.00 67.26 5,302 Feb... 84.60 112.3 95.7 77.39 81.96 41.54 67.20 4,639 1963—Dec. 5.45 5.80 .62 24.5 73.9 16.7 Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 Apr.. 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 May.. 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 Feb... 5.45 5.81 .58 24.7 74.8 17.2 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 July.. 84.70 112.1 95.2 83.22 88.19 48.93 70.35 4,663 5.45 5.79 .55 24.8 73.9 17.2 Aug.. 84.59 111.8 95.3 82.00 86.70 47.17 71.17 3,919 M*ay'.; 5.45 5.77 .52 24.7 73.7 17.0 Sept.. 84.31 111.0 95.1 83.41 88.27 47.14 72.07 5,228 June.. 5.45 5.76 .59 25.4 74.3 17.3 Oct... C84.37 110.9 95.1 84.85 89.75 48.69 73.37 4,843 July.. 5.46 5.76 .52 24.5 73.9 17.4 Nov.. 84.81 112.0 95.2 85.44 90.36 48.01 74.39 4,928 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Dec... 84.65 112.6 95.3 83.96 88.71 C45.75 74.24 4,729 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 Oct... 5.45 5.75 .58 24.5 73.2 17.4 1965—Jan... 84.56 114.1 95.5 86.12 91.04 46.79 75.87 5,457 Nov.. 5.45 5.75 .55 24.7 73.5 17.4 Dec... 5.45 5.76 .59 25.2 73.9 17.8 Week 1965—Jan 5 45 ending— Jan. 2 84.42 112.9 95.3 84.23 89.05 45.60 74.22 5,131 9 84.48 113.5 95.4 84.88 89.75 46.01 74.60 4,660 1 Last 6 months only. 16 84.48 114.3 95.3 85.78 90.68 46.68 75.58 5,631 23 84.60 114.2 95.5 86.60 91.52 47.09 76.49 5,373 NOTE.—Annual data are averages of monthly figures. Yields 30 84.67 114.2 95.7 87.21 92.20 47.36 76.81 6,163 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay- NOTE.—Annual data are averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5}£ per cent, and data are averages of daily figures unless otherwise noted and are computed as an assumed prepayment period of 15 years. Price data are follows: reported as of the first of the succeeding month. U.S. Govt. bonds, derived from average market yields in preceding table on basis Conventional first mortgages, Home Loan Bank Board in of an assumed 3 per cent, 20-year bond. cooperation with Federal Deposit Insurance Corporation be- Municipal and corporate bonds, derived from average yields, as computed by ginning in late 1962; interest rate data for earlier years—in Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing parentheses—are based on estimates from Federal Housing prices. Administration. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to other than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— firms secured by— chasing and 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 Customer Other a b n a c l e - s Tr»ta1 i oiai collateral collateral 1961—Dec 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1,219 1962—Dec... 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Dec... 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Jan... 7,250 22 5,524 108 1,726 41 4,210 3,795 415 1,262 Feb... 7,120 21 5,384 97 1,736 33 4,158 3,738 420 ,199 Mar... 7,141 21 5,366 97 1,775 18 4,138 3,646 492 1,231 Apr... 7,314 21 5,510 101 1,804 17 4,411 3,916 495 1,165 May.. 7,277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 June.. 7,229 18 5,370 94 ,859 156 4,275 3,766 509 1,146 July.. 7,160 25 5,289 70 1,871 266 4,129 3,672 457 1,114 Aug... 7,096 21 5,187 69 ,909 191 4,090 3,618 472 1,077 Sept... 7,142 19 5,221 81 ,921 109 4,122 3,568 554 1,145 Oct... t 7,101 20 5,185 69 1,916 102 4,053 3,528 525 1,155 Nov... 7,108 20 5,160 64 1,948 184 3,951 3,469 482 1,131 Dec... 7,053 21 5,079 72 [,974 222 '3,910 3,393 r517 1,169 1965—Jan 6,940 33 4,986 70 1,954 177 3,763 3,317 446 1,207 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

288 OPEN MARKET PAPER; SAVINGS INSTITUTIONS FEBRUARY 1965 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers 1 ly 2 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 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 fn *? 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 ,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 Dec 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964 Jan 7,765 2,042 5,723 2,938 1,393 1,025 368 68 91 1,386 557 962 70 39 Feb 8,119 2,079 6,040 3,056 1,466 1,095 371 64 95 1,431 596 983 94 31 1,351 Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 1,473 590 990 87 35 1,401 Apr 7,920 2,039 5,881 3,102 1,355 1,060 295 93 117 1,536 587 963 105 36 1,411 May .... 8,326 1,973 6,353 3,049 1,418 1,105 313 47 146 1,438 576 941 73 34 1,426 June 8,036 1,948 6,088 3,149 1,370 1,113 257 83 146 1,550 567 929 82 27 1,545 July 8,879 2,006 6,873 3,137 1,455 1,121 334 56 137 I 489 576 949 74 24 1,513 Aug ... 8,879 2,070 6,809 3,127 1,486 1,145 341 36 132 1,473 586 922 82 22 1,514 Sept 8,444 2,220 6,224 3,175 1,423 1,127 297 99 127 1,525 609 918 113 36 1,499 Oct 9,343 2,431 6,912 3,222 1,400 1,164 236 81 126 .614 647 935 106 34 1,500 Nov 9,146 2,438 6,708 3,217 1,458 1,195 263 63 125 1,570 657 955 102 40 1,463 Dec 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total Mortgage loan End of period State Corpo- Cash Other liabili- Depos- Other Surplus commitments 3 Mort- U.S. and rate assets assets ties its2 liabili- acgage Other Govt. local and and ties counts govt. other 1 surplus accts. Number Amount 1941 4 787 89 3 592 1 786 829 689 11 772 10 503 38 1 231 1945. 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35 215 31 683 427 3 105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963—Nov 35,654 659 5,885 448 5,073 811 781 49,312 44,028 1,141 4,143 109,881 2,378 Dec 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964 Jan 36,352 667 5,951 440 5,097 849 823 50,179 45,006 1.023 4,150 102,694 2,228 Feb 36,635 703 6,033 427 5,135 880 800 50,614 45,266 1,143 4,206 113,062 2,391 Mar 36,933 704 6,117 424 5,151 887 825 51,042 45,761 1,036 4,244 120,396 2,504 Apr 37,267 646 6,064 423 5,138 819 820 51,178 45,851 1,118 4,209 123,979 2,586 May 37,601 714 6,052 419 5,150 847 827 51,610 46,124 [,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 Julv 38,407 705 6,025 409 5,142 863 867 52,417 46,918 1,222 4,277 132,726 2,701 38,764 764 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 Oct 39,538 727 5,849 403 5,178 898 889 53,482 47,982 ,146 4,354 139,066 2,825 Nov 39,898 760 5,785 399 5,180 905 898 53,825 48,188 1,223 4,414 136,470 2,811 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. 275. and are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. • Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 SAVINGS INSTITUTIONS 289 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e al ts Total U S n ta i t t e e s d Sta l t o e cal and Foreign 1 Total Bonds Stocks M ga o g r e t s - e R s e ta al te P l o o l a i ns cy O as t s h e e ts r Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6 442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3 391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 I960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6 134 3,888 1,874 55,294 49,036 6 258 44 203 4 007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 Book value: 1961 Dec 126,816 11,915 6,135 3,902 1,878 53,967 49,149 4,818 44,250 4,011 5,735 6,938 1962—Dec . 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963 Nov r 140,215 12,518 5,837 3,880 2,801 59,527 53,964 5,563 49,854 4,343 6,622 7,351 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 Aug .... 146,475 12,507 5,763 3,822 2,922 61,355 55,228 6,127 53,173 4,462 6,986 7,992 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 Oct 147,977 12,555 5,769 3,866 2,920 61,722 55,487 6,235 53,984 4,499 7,060 8,157 Nov 148,746 12,509 5,699 3,841 2,969 61,968 55,658 6,310 54,404 4,514 7,094 8,257 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market 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 A ND L O AN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe nd riod of M ga o g r e t s - s G U e .S c . o u v r t i . - Cash Other i a i s a T s b e o i t l t s i a ti l e 2 s — S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o ro an ce s s i s n Other co m l m e o m n an t i s tties profits * 1941 4,578 107 344 775 6,049 4,682 475 256 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 713 1.475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 ,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 ,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 ,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 999 1,221 2,230 1963—Nov , , , 89,857 6,548 3,482 6,154 106,041 89,471 6,855 4,464 >,502 2,749 2,929 Dec 90,849 6,440 3,964 6,178 107,431 91,205 7,208 5,011 >,520 1,487 2,613 1964—Jan 91,453 6,598 3,568 5,989 107,608 91,669 7,235 4,590 >,364 1,750 2,664 Feb 92,163 6,662 3,601 6,098 108,524 92,423 7,250 4,377 1,336 2,138 2,818 Mar 93,069 6,733 3,613 6,233 109,648 93,525 7,219 4,323 >,430 2,151 2,964 Apr 93,978 6,717 3,467 6,353 110,515 93,846 7,230 4,601 >,464 2,374 3,110 May 94,971 6,712 3,504 6,738 111,925 94,828 7,243 4,544 >,5O3 2,807 3,148 June 96,067 6,685 3,795 6,728 113,275 96,593 7,511 4,980 >,538 1,654 3,107 July 97,111 6,687 3,339 6,536 113,673 96,609 7,531 4,991 >,559 1,983 3,074 Aug 98,059 6,736 3,354 6,649 114,798 97,382 7,551 4,992 >,487 2,386 2,982 Sept 98,895 6,778 3,391 6,751 115,815 98,455 7,555 5,065 >,388 2,352 2,911 Oct.r 99,731 6,820 3,413 6,823 116,787 99,206 7,565 5,029 >,3O6 2,681 2,896 Nov 100,398 6,958 3,497 7,079 117,932 100,039 7,590 4,995 1,243 3,065 2,832 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 con investments, 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 a rc 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 F H LB and other borrowing. even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL FINANCE FEBRUARY 1965 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. Bu n d e g t et f T P u r l n u u d s s s t : g I L n o e t v r s t a s . - : 1 E r T e q c o u t t a s a l . l s 2 : Budget f T P u r l n u u d s s s : t A m L d e e ju s n s s ts : t- E p T q a o u y t a t a s l l s . : pa o y r ts. C & (d h d a i i e a r n g b n e e t g c n t e .) a I t g L n r e v b u e n s e s y. s * t s s : t & . L N c d e a e o s s b n h s t - : Eq N u e a t ls : Cal. year—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 '5,313 '1 17,222'-4,647 7,672 2,535 883 4,255 1964 88,696 30,742 4,324 115,035 96,944 28,925 5,069 120,800 -5,765 9,084 2,156 619 6,309 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 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 Half year: 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 r2,072 61,572'-9,725 5,135 -403 714 4,824 1964—Jan.-June 49,193 16,927 2,398 63,683 48,852 14,073 '4,165 58,760 '4,923 2,598 3,178 385 -965 July-Dec 39,503 13,815 1,926 51,352 48,092 14,852 904 62,040-10,688 6,486 -1,022 234 7,274 Month: 1963—Dec 8,803 2,230 521 10,503 8,289 2,661 881 10,069 433 1,899 260 128 1,511 1964—Jan 5,853 1,088 303 6,628 8,492 2,257 902 9,848 -3,219 -1,059 -1,328 86 183 Feb 8,047 3,705 222 11,525 7,521 2,063 191 9,393 2,132 1,550 830 133 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 Apr 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 June 12,401 3,117 1,136 14,376 9,527 2,523 1,548 10,502 3,874 683 1,770 48 -1,136 July 3,487 1,532 270 4,745 7,410 2,713 -95 10,217 -5,472 -594 -1,205 38 572 Aug 6,653 4,171 267 10,552 8,083 2,524 -611 11,218 -666 3,284 1,960 67 1,257 Sept 10,072 1,994 320 11,739 8,450 2,266 1,016 9,700 2,039 1,412 -251 82 1,581 Oct 3,398 1,224 271 4,344 8,329 2,481 298 10,512 -6,168 93 -1,556 16 1,633 Nov 7,037 2,928 240 9,716 7,051 2,073 -156 9,281 436 2,976 809 153 2,015 Dec 8,856 1,966 557 10,256 8,770 2,794 453 11,112 -857 -685 -780 -122 217 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Agencies & trusts Change Operating bal. Period 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 a u ri n n t g s i M ssu ar a k n e c t e i I n n v U e . s S t, . 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 d u d r e y a T u c r c r e e o a r u ' s s n - t Balance F.R. T an a d x O as n t s h e e t e ts r se o c f . 3 G se o c v .3 t. debt banks a l c o c a t n s. Fiscal year—1961.. -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962.. -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963.. -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964.. -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 Half year: 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 '-434 1,648 403 3,487 '-129 -4,741 7,375 880 5,621 874 1964—Jan.-June.. 341 2,854 1,381 232 -3,178 2,366 334 3,661 11,036 939 9,180 917 July-Dec... -8,589 -1,036 -1,256 258 1,022 6,228 367 -3,741 7,295 820 5,377 1,098 Month: 1963—Dec 514 -431 232 767 -260 1,132 -151 2,105 7,375 880 5,621 874 1964—Jan -2,639 -1,169 512 -289 1,328 -770 84 -3,111 4,264 791 2,451 1,022 Feb 526 1,642 -163 -230 -830 1,780 194 2,531 6,795 1,024 4,783 988 Mar 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 Apr -1,322 -993 468 109 1,491 -1,989 335 -2,571 6,085 925 3,974 1,186 May -1,375 2,677 -237 117 -3,230 3,931 -333 2,215 8,300 890 6,557 853 June 2,874 594 364 502 -1,770 181 9 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 Nov -15 855 -549 125 -809 2,851 46 2,412 8,104 974 6,182 948 Dec 86 -829 17 -139 780 -546 178 -809 7,295 820 5,377 1,098 1 Primarily interest oaymerits by Treasury to trust accounts and accumu- 5 Includes technical adjustments not allocated by functions. lations to U.S. emoloyee trust funds. 6 Fiscal year cash payments for agriculture and international affairs 2 Includes small adjustments not shown separately. reflect a shift of the Food for Peace program out of agriculture and into 3 Includes net transactions of Govt. sponsored enterprises. international affairs. Data are not yet available to make the adjustment •Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing on a monthly or half-yearly basis. accounts. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FEDERAL FINANCE 291 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i n t ld h d - ivid O ua th l er Corp. Total a L b n i a d q c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. a g n if d t t C o u m s s - r m e a p e n a n d y ts - fu R n e d - s Other Fiscal year—1961... 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,381 12,981 2,896 1,916 1,008 2,105 5,976 1,826 1962... 101,86536,246 14,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1,358 6,266 1,838 1963... 109,73938,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,53039,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 Half year: 1963—Jan.-June.. 60,728 19,761 10,950 13,526 6,602 2,676 1,649 11,796 9,017 2,532 1,273 602 636 5,766 1,348 July-Dec... 51,84720,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 '943 1,044 1,216 1964—Jan.-June.. 63,68319,139 11,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6,104 1,283 July-Dec... 51,352 17,732 3,598 9,989 7,398 n.a. 1,947 9,378 7,535 1,594 1,170 729 900 1,008 1,466 Month: 1963—Dec....... 10,503 3,176 406 3,726 1,271 499 300 1,240 1,147 52 150 103 272 103 262 1964—Jan 6,628 1,432 2,441 583 1,087 385 283 542 294 195 180 101 124 126 264 Feb 11,525 6,105 870 451 1,112 382 320 3,382 2,393 954 184 87 102 944 176 Mar 12,168 3,222 770 6,654 1,121 434 264 1,678 1,527 109 196 108 146 1,960 233 Apr.. 8,334 889 5,006 684 1,103 465 254 1,394 1,116 239 422 109 119 1,575 183 May 10,652 4,837 561 491 1,195 466 308 4,163 3,242 884 234 100 125 1,196 142 June...... 14,376 2,654 2,219 6,196 1,290 560 320 1,563 1,457 66 208 117 145 304 288 July 4,745 1,172 377 646 1,234 456 328 904 623 233 219 120 143 219 149 Aug 10,552 4,809 159 419 1,284 496 380 3,455 2,732 684 219 112 123 207 179 Sept....... 11,739 2,669 2,255 3,950 1,203 502 324 1,256 1,158 56 166 122 132 216 202 Oct 4,344 1,158 264 572 1,176 n.a. 298 639 478 121 205 126 130 176 250 Nov....... 9,716 4,956 112 449 1,244 n.a. 336 2,238 1,766 435 168 124 220 100 305 Dec. 10,256 2,969 430 3,953 1.257 n.a. 280 885 778 65 192 125 152 90 383 Cash payments to the public Period T l r o » i t a « i 1 • 5 > t f i N e d o n e n a s - - a e l af I fa n i t r l s . 6 s S e p r a e a r - c c e h cu A lt g u r r i e - 6 so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . Il H w anoh e e l o a n f l rr a t r o h X e c , r E t d i 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 '3,608 744 '3,728 2,101 5,107 -103 C22,364 945 6,187 7,257 '1,678 1962.. 107,662 51,462 '3,976 1,257 '4,458 2,223 5,487 1,691 23,975 1,052 6,092 6,940 '1,837 1963.. 113,751 53,429 '3,805 2,552 '5,703 2,456 5,777 -268 25,698 1,214 5,971 7,427 '1,953 1964'. 120,332 54,514 3,492 4,171 5,846 2,595 6,545 1,674 27,285 1,299 6,107 8,011 2,221 Half year: 1963—Jan.-June. 55,649 27,304 1,368 1,527 2,821 1,067 2,679 -1,296 13,347 650 3,010 3,846 '972 July-Dec.f 61,572 26,359 1,031 1;857 4,302 1,455 3,657 1,850 13,162 563 2,956 3,841 1,052 1964—Jan.-June' 58,761 28,158 962 2,313 3,038 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec.. 62,040 24,569 1,205 2,333 4,255 1,543 4,288 516 13,722 639 2,943 4,258 1,138 Month: 1963—Dec.r. 10,069 4,560 220 372 630 216 622 499 2,232 87 494 269 176 1964-Jan. 9,848 4,385 251 355 701 192 394 '-13 '2,449 '129 703 269 '236 Feb 9,393 4,311 204 317 610 179 424 -383 '2,358 120 468 1,393 178 Mar..... 9,390 4,425 131 359 541 171 446 -101 2,402 140 499 364 181 Apr 10,163 4,594 -152 452 587 174 472 386 2,404 125 457 402 172 May 9,533 4,678 275 326 274 175 460 -245 2,000 106 486 1,394 178 June.... '10,434 5,765 253 504 325 248 '694 '181 2,513 112 '537 '348 223 July..... 10,217 3,592 201 334 672 235 702 246 2,277 78 485 360 '184 Aug 11,218 3,869 265 385 1,120 287 740 16 2,249 129 501 1,378 183 Sept 9,700 4,243 191 386 624 293 759 35 2,229 126 525 317 '189 Oct 10,512 4,301 301 387 841 244 779 -48 2,261 94 505 436 200 Nov..... 9,281 4,052 -190 406 357 229 657 -193 2,299 90 398 1,337 164 Dec 11,112 4,512 437 435 641 255 651 460 2,407 122 529 430 218 1963 1964 1963 1964 Item II III IV II III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 27.5 27.8 28.5 29.0 29.7 28.5 28.2 28.7 28.2 32.6 27.3 24.5 30.3 33.4 27.0 24.3 Payments 28.2 28.5 30.5 30.0 30.5 29.5 30.6 30.2 26.5 29.1 31.0 30.6 28.6 '30.1 31.1 30.9 Net. - .7 -. 7 -2. 0 -1 .0 - .8 -1 .0 -2 .5 -1.5 1.7 3.4 -3 .6 -6 .1 1.7 3.2 _4 .1 -6.6 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 U.S. GOVERNMENT SECURITIES FEBRUARY 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issue: Total End of period T gr o o t s a s l d g i r r o e s c s t Marketable Con- Nonmarketable i S s p su e e c s ia 6 l debt i debt 2 Total vert- Total Bills C c e a r t t e if s i- Notes Bonds * b i o b n le ds Totals b S i o n a n g v d s - s 1941 Dec 64.3 57.9 50.5 41 6 2 0 6 0 33 6 8 9 6.1 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962 Dec 304.0 303.5 255.8 203 0 48 3 22.7 53.7 78.4 4 0 48.8 47.5 43.4 1963—Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964 Jan 309.3 308.6 262.6 208.6 52.5 10.9 56.4 88.7 3.2 50.8 48.9 41.9 Feb 311.1 310.4 263.2 209.2 53.6 4.2 64.5 87.0 3.2 50.8 49.0 42.9 Mar 310.4 309.6 262.2 208.2 52.5 4.2 64.5 87.0 3.2 50.8 49.1 43.2 Apr 308.4 307.6 261.4 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 May 312.3 311.5 262.2 208 0 52 2 67.3 88.5 3 51.0 49.2 45.0 June • 312 5 311.7 260 7 206 5 50 7 67 3 88 5 3 51 1 49 3 46.6 JUly, 312.0 311.2 261.1 206 8 51 0 58 6 97 1 3 51 2 49.4 45.7 314.9 314.1 262.2 207.7 52 0 58.6 97.1 3. 51.4 49.4 47.4 Sept. . . .. 316 5 315.6 263 8 209 0 53 3 58 6 97 1 3 51 7 49 5 47.4 Oct 316.5 315.6 265.0 210 1 55 0 58.1 97.0 3 51.8 49.6 46.3 Nov 319 3 318.5 267 4 212 4 56 5 58 9 97 0 3 51 9 49 7 46.7 Dec 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Jan 318.6 318.0 269.4 214.4 58.4 53.2 102.8 3.0 52.1 49.8 44.2 1 Includes noninterest-bearing debt (of which $286 million, on Jan. 29, 5 Includes Series A investment bonds, depositary bonds, armed forces 1965, 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 « Held only by U.S. Govt. agencies and trust funds. totaled $14,532 million on Dec. 31, 1964. * 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 u n .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 m c k ia s - l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n 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 i r o n t e e d n i r g a - n l* t O i m o n r t v i s h s e e 3 c s r . funds 1 bonds securities 1941—Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945_Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1956—Dec 276.7 54.0 24.9 197.8 59.5 8.0 13.2 19.1 16.3 50.1 15.4 7.8 8.4 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959 Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.8 18.0 45.9 22.1 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 20.0 19.0 46.4 17.9 13.4 11.6 1962—Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 20.2 20.1 46.9 17.6 15.3 12.7 1963—Dec 310.1 58.0 33.6 218.5 64.3 5.8 11.3 20.6 21.1 48.1 18.2 15.9 13.3 1964—Jan 309.3 56.5 32.8 220.0 62.9 5.9 11.3 21.8 21.2 48.1 18.8 15.9 14.2 Feb 311.1 57.5 33.2 220.5 62.2 6.0 11.3 22.7 21.4 48.2 19.1 15.9 13.6 Mar 310.4 57.6 33.8 219.0 61.6 6.1 11.2 21.4 21.7 48.3 19.6 15.6 13.6 308.4 56.1 33.2 219.1 61.1 6.0 11.0 21.8 22.6 48.3 18.8 15.3 14.2 May 312.3 59.4 34.2 218.8 60.0 6.0 11.0 22.5 22.6 48.4 19.0 15.4 13.8 June 312.5 61.1 34.8 216.6 60.2 6.0 10.9 20.2 22.5 48.5 19.0 15.6 13.7 July 312.0 59.9 35.1 217.0 59.3 6.0 10.9 '20.5 22.3 48.6 '19.3 15.8 14.4 Aug 314.9 61.8 35.2 218.0 60.0 6.0 11.0 '20.5 22.6 48.6 '18.9 16.0 14.3 Sept 316.5 61.8 35.4 219.3 61.8 6.0 11.2 '19.1 22.3 48.7 '19.3 16.3 14.6 Oct 316.5 60.5 35.7 220.2 62.1 5.8 11.2 '20.2 22.2 48.8 '19.4 '16.3 '14.4 Nov 319.3 61.2 36.8 221.4 63.4 5.7 11.2 '20.1 '21.9 48.9 '19.0 16.4 '14.6 Dec 318.8 60.6 37.0 221.1 63.7 5.7 11.1 19.7 21.6 48.9 19.2 16.6 14.6 1 Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. 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

FEBRUARY 1965 U.S. GOVERNMENT SECURITIES 293 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date lotat ye 1- ar 5 s y 5 e - a 1 r 0 s 1 ye 0 a - r 2 s 0 20 O y v e e a r rs 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—Nov. 30 212,414 88,443 56,469 31,974 61,427 38,963 6,108 17,473 Dec. 31 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 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—Nov. 30 12,117 1,677 1,247 430 2,219 3,372 1,563 3,286 Dec. 31 12,146 1,731 1,308 424 2,422 3,147 1,563 3,282 Federal Reserve Banks: 196i_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—Nov. 30 36,774 21,278 6,419 14,859 13,119 2,088 56 234 Dec. 31 37,044 21,388 6,487 14,901 13,564 1,797 58 237 Held by public: 1961—Dec. 31 158.600 65,526 39,512 26,014 55,763 15,961 10,016 11,334 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Dec. 31 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Nov. 30 163,523 65,488 48,803 16,685 46,089 33,503 4,490 13,953 Dec. 31 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 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—Nov. 30 53,309 17,757 10,108 7,649 22,951 11,920 187 494 Dec. 31 53,752 18,509 10,969 7,540 23,507 11,049 187 501 Mutual savings banks: 1961—Dec. 31 5,867 '686 181 505 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—Nov. 30 5,441 579 323 256 1,360 1,962 261 1,279 Dec. 31 5,434 608 344 263 1,536 1,765 260 1,266 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—Nov. 30 9,209 1,025 498 527 1,905 2,563 824 2,891 Dec. 31 9,160 1,002 480 522 2,045 2,406 818 2,890 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—Nov. 30 9,627 7,228 5,519 1,709 1,863 412 3 122 Dec. 31 9,136 6,748 5,043 1,705 2,001 272 3 112 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—Nov. 30 3,400 444 300 144 1,012 1,339 132 473 Dec. 31 3,418 490 343 148 1,055 1,297 129 447 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—Nov. 30 15,390 5,294 4,367 927 1,802 2,192 1,450 4,652 Dec. 31 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 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—Nov. 30 67,149 33,162 27,687 5,475 15,197 13,115 1,633 4,042 Dec. 31 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 785 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 6,006 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 U.S. GOVERNMENT SECURITIES FEBRUARY 1965 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Dealers and brokers securities Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U.S. m b C e a o r n c m k i s a - l o A th l e l r Goyt. Other securities 1963—Dec 1,719 1,348 213 122 37 508 30 730 451 96 1964—Jan 2,144 1,656 264 159 65 687 36 905 516 99 Feb 1,809 1,336 272 145 56 528 29 737 516 91 Mar.... 1,685 1,361 213 81 31 563 22 657 443 86 Apr 1,849 1,528 234 70 18 590 24 737 498 134 May 1,702 1,264 248 165 25 566 29 651 457 120 June 1,488 1,201 170 97 19 458 24 566 439 142 July 1,936 1,433 216 208 79 581 38 784 532 131 Aug 1,453 1,099 197 123 34 406 26 604 417 113 Sept 1,510 1,214 155 102 39 443 20 616 432 117 Oct 1,749 1,476 141 92 41 529 25 719 475 114 Nov. 1,864 1,426 271 127 40 533 28 805 r499 131 Dec 2,052 1,596 261 146 49 615 38 835 564 85 Week ending— 1964—Dec. 2 2,388 2,037 209 112 31 657 29 948 754 76 9. 1,966 ',495 271 163 37 661 31 787 488 77 16 1,817 ,352 277 142 46 557 38 731 492 78 23 1,680 ,298 230 122 30 475 31 753 422 110 30 2,361 ,978 233 118 34 648 46 978 689 77 1965—Jan. 6 3,882 ,529 792 309 253 ,106 71 1,666 1.038 72 13 2,618 ,921 293 166 239 745 52 1,176 645 54 20 2.054 ,668 166 137 84 584 38 841 591 123 27 1,675 ,271 141 164 100 468 30 747 431 119 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 l a- o A th l e l r 1963—Dec 3,090 2,800 295 -4 254 1963—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 Nov 3,692 3,073 479 140 313 Oct 3,299 845 835 1,258 361 Dec 3,252 2,675 419 159 282 Nov 3,706 1,020 963 1,192 531 Dec 3,399 1,029 781 1,056 533 Week ending— Week ending— 1964—Nov. 4.. 3,701 3,247 258 196 300 11.. 3,861 3,105 579 177 296 1964—Nov. 4... 3,704 1,196 903 1,227 378 18.. 3,865 3,184 535 146 309 11... 3,668 869 967 1,131 701 25.. 3,682 3,142 439 100 328 18... 3,882 1,118 1,033 1,155 576 25... 3,698 956 977 1,274 491 Dec. 2.. 2,926 2,367 455 105 322 9.. 2,739 2,141 434 164 270 Dec. 2... 3,363 944 833 1,236 350 16.. 3,274 2,663 400 211 252 9... 2,863 607 501 1,427 328 23.. 3,420 2.865 385 170 288 16. .. 3,560 1,054 895 981 631 30.. 3,856 3,266 451 140 296 23... 3,500 1,235 873 842 551 30... 3,668 1,254 828 933 653 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 arc 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 basedon number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 OUTSTANDING SECURITIES 295 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1965 (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. Jan. 31. 1965.. 1,000 June 30, 1965 1,001 Oct. 1, 1966 1 357 Feb. 15, 1969... 4 1,844 Feb. 4,1965. 2,101 July 1, 1965 1,002 Feb. 15, 1967 3 2,358 Oct. 1,1969 4 6,262 Feb. 11,1965. 2,102 July 8, 1965 1,003 Apr. 1,1967 1' 270 Feb. 15, 1970 4 4,384 Feb. 18, 1965. 2,102 July 15, 1965 1,001 Aug. 15, 1967 3^ 2,932 Aug. 15, 1970........ 4 4,129 Feb. 25, 1965. 2,102 July 22, 1965 1,001 Oct. 1,1967 1 457 Aug. 15, 1971.. 4 2,806 Feb. 28, 1965. 1,001 July 29,1965 1,003 Apr. 1,1968 1 212 Nov. 15, 1971......37/s 2,760 Mar. 4,1965. 2,101 July 31, 1965 1,000 Oct. 1,1968 1_ 115 Feb. 15, 1972 4 2,344 Mar. 11, 1965. 2,202 Aug. 31, 1965 1,000 Apr. 1,1969 1% 61 Aug. 15, 1972........4 2,579 M M a a r r . . 2 1 2 8 , , 1 1 9 9 6 6 5 5 1 . 2 2 , , 2 5 0 0 1 4 S O e c p t. t . 3 3 1 0 , , 1 1 9 9 6 6 5 5 1 1 , , 0 0 0 0 1 0 Oct. 1, 1969 \y2 97 A N u o g v . . 1 1 5 5 , , 1 1 9 9 7 7 3 3 4V 4 6 4 3 , , 3 8 5 9 7 4 Mar. 25, 1965. 2,109 Nov. 30, 1965 1,001 Treasury bonds Feb. 15, 1974 4H 3,103 Mar. 31, 1965. 1,001 Dec. 31,1965 1,003 June 15, 1962-67... 2fc 1,432 May 15, 1974 414 1,532 Apr. 1,1965. 2,100 Dec. 15, 1963-68... 2 Vi 1,794 Nov. 15, 1974 37/s 2,244 Apr. 8,1965. 2,003 June 15, 1964-69... 2 Vi 2,626 May 15, 1975-85...4V4 1,218 A A p p r r . . 2 1 2 5 , , 1 1 9 9 6 6 5 5 . . 2 2 , , 1 2 0 0 4 1 Tr A ea p s r u . r y 1 n , o 1 t 9 es 65 1% 466 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 -69... 2 2 V % i 2 2 , , 1 5 7 3 0 7 J F u e n b e . 1 15 5 , , 1 1 9 9 8 7 0 8 -83... 3 V 4 4 2 1 , , 6 58 0 5 9 Apr. 29, 1965. 2,206 May 15,1965 4% 1,816 Mar. 15, 1965-70...2% 2,413 Nov. 15, 1980 3V£ 1,913 A M M M M J M u p a a a a a n r y y y y y e . 3 2 2 3 1 0 0 3 7 6 1 3 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 5 5 5 5 5 5 5 . . . . . . . 1 1 1 1 1 1 1 , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 M A A O N N Fe u c u o o a b t g g v v y . . . . . . 1 1 1 1 1 1 5 5 1 3 3 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 5 5 6 5 5 5 5 ...... 3 3 3 3 3 IV % % % % % 4 i 6 6 2 8 1 1 , , , , , , 2 3 0 1 6 0 6 1 9 6 1 0 9 2 5 9 6 5 6 2 0 A N J M M S N u e u o o a a n p g v v y r e t . . . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 7 6 6 6 6 7 7 - - - 7 7 7 1 2 2 . . . . . . . . . 3 3 2 2 3 2 % % % % % y 3 8 2 1 1 1 1 1 1 , , , , , , , 4 6 9 2 0 0 8 0 8 8 5 5 2 2 1 5 7 2 1 4 8 F M A F M F N e e e u o a a b b b g v y y . . . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 8 8 8 8 9 0 5 5 8 9 7 8 - - - 9 . 9 9 3 . 2 4 . . . . . . . . . . 4 3 4 3 3 1 1 % V l/ / 4 3 4 4 i 8 4 3 2 4 1 1 , , , , , , 1 9 5 8 3 4 2 2 6 0 2 9 3 5 8 0 4 8 9 0 0 June 10, 1965. 1,001 Feb. 15, 1966 3% 2,600 Dec. 15, 1967-72... 2Vi 2,717 June 17, 1965. 1,001 Apr. 1,1966 \Vi 675 May 15, 1968 3% 2,460 Conrertible bonds June 22, 1965 3,263 May 15,1966 4 9,519 Aug. 15, 1968 3% 3,747 Investment Series B June 24,1965. 1,005 Aug. 15, 1966 4 5,156 Nov. 15, 1968 3% 1,591 Apr. 1,1975-80...2% 2,969 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1964 Agency, a t n y d p e c o a u n p d o d n a r t a e te of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Agency a , n ty d p 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 l u o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: Mar. 16,1964 4.05 Jan. 15, 1965 249 Apr. 1,1964 4.05 Jan. 4, 1965 289 Apr. 15,1964 4.15 Feb. 15, 1965 435 May 4,1964 4V& Feb. 1, 1965 290 May 15, 1964 4.10 Apr. 15, 1965 430 June 1,1964 4.05 Mar. 1, 1965 259 June 15,1964 4% May 17, 1965 525 July 1,1964 4.10 Apr. 1, 1965 249 Oct. 15, 1964 4 June 15, 1965 250 Aug. 3,1964 4 May 3, 1965 217 Aug. 17, 1964 3.95 July 15, 1965 446 Sept. 1,1964 3.95 June 1, 1965 204 Sept. 15, 1964 4.05 Aug. 16, 1965 552 Oct. 1,1964 4 Julyy 1, 1965 186 Oct. 15, 1964 4.05 Sept. 15, 1965 172 Nov. 2,1964 4.05 Aug. 2, 1965 195 Nov. 16, 1964 4.10 Oct. 15, 1965 400 Dec. 1,1964 4.05 Sept. 1, 1965 226 Bonds: Federal land banks J D S u e e l p c y . t . 1 1 9 5 7 , , , 1 1 1 9 9 9 6 6 6 3 2 4 3 4 4 * % i / / 4 8 M S A e u a p g r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 6 5 2 2 1 6 0 7 0 0 5 Bo A A n u p d g r s . : . 2 2 0 0 , , 1 1 9 9 6 6 4 4 4l/ 4 4 A A p ug r. . 2 2 0 3 , ,1 1 9 9 6 6 5 5 2 1 0 5 9 9 June 15, 1964 4*4 Nov. 15, 1966 275 Oct. 20, 1960 4 Oct. 20,1965 160 June 20, 1961 4 Dec. 20,1965 140 Federal National Mortgage Association— Apr. 3,1961 3% Feb. 21, 1966 150 secondary market operations May 1,1958 3% May 2,1966 108 F S e e b p . t . 2 1 0 5 , , 1 1 9 9 5 6 7 1 4 4 V % 4 J F u e l b y . 2 1 0 5 , , 1 1 9 9 6 6 6 7-72 1 7 9 2 3 Discount notes. 163 May 1,1962 4 May 22,1967 180 Oct. 1,1957 4Vi Oct. 1,1967-70 75 De D S b e e e p c n . t t . u 1 1 r 0 0 e , , s : 1 1 9 9 5 6 7 2 3 4 3 % 4 J M un a e r. 1 1 0 0 , , 1 1 9 9 6 6 5 6 1 9 0 8 8 O A M c p a t r y . . 22 1 1 , , , 1 1 1 9 9 9 6 5 6 3 9 3 4 4 V Y 4 S 4 J O M u c n a t r e . . 2 2 2 0 3 0 , , , 1 1 1 9 9 9 6 6 6 7 8 8 1 1 1 7 1 8 4 1 6 D A S A S J D F A F M u e e e e e e u p p n a b b p p c c g r r . e r . . . t t . . . . . . 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 0 0 0 3 1 3 2 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 5 6 5 6 6 0 2 0 0 1 1 9 0 8 0 1 .. 4 4 4 4 4 5 4 4 3 4 4 V V V V % % % % % H % 4 £ s s J J F F D A A S A S M u u e e e e e u p p n n b b a p p c g r r . . e e r . t t . . . . . . 1 1 1 1 1 1 1 1 1 1 1 0 2 0 2 0 0 0 0 0 2 1 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 7 7 6 7 7 7 7 6 7 6 7 7 3 8 2 1 1 2 9 0 6 0 1 1 1 1 1 1 9 9 9 6 0 4 8 8 1 0 4 6 3 8 4 0 6 7 8 9 0 3 J M F A J O F S F F F u a e e e e e e c u n a l b b b b b p y t g y . . . . . . . t . . 2 2 2 2 1 1 1 0 0 2 5 0 0 1 4 4 1 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 6 5 5 6 5 6 6 6 5 6 5 0 9 7 6 0 2 3 4 8 4 6 5 5 4 3 4 4 4 4 4 3 3 V V V % % V % i % % % / 6 4 8 4 s O J S F A J F A M F M u u e e e e c u p l l a a b b b p y y t g r y . . . r . t . . . . 2 2 2 2 2 2 2 1 1 0 0 0 0 0 0 0 5 5 1 1 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 7 6 6 6 7 6 7 7 7 7 7 2 9 9 9 1 8 4 0 0 0 3 . -78 2 1 1 1 1 1 0 6 8 6 0 8 8 4 5 6 0 9 0 3 0 9 2 5 8 5 0 0 Tennessee Valley Authority Banks for cooperatives Short-term notes 45 Debentures: Aug. 3,1964 3.90 Feb. 1, 1965 232 Bonds: Oct. 1,1964 4 Apr. 1, 1965 196 Nov. 15, 1960 4.40 Nov. 15, 1985 50 Nov. 2,1964 4 May 3,1965 67 July 1,1961 4% July 1, 1986 50 Dec. 1,1964 4 June 1, 1965 192 Feb. 1,1962 4% Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 CREDIT AGENCIES; SECURITY ISSUES FEBRUARY 1965 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n ia b b a il n it k ie s s 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 y t N e i o a m n A ti s a o s ) r s n k n a e . l t coo B p a f e o 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 i i e n i lr k Q i r s al End of period v m a A e t n o d m c - e - s I m nv e e n s t t s - a d n e- d B n a o o n n t d e d s s M b d e e e m - r - C s a to p c it k al M l g o a a o g n r e t s - D n t e a u o b n r t e e d e s s n- c L a o t o o i t v o a p n e e s s r- D t e u b re e s n- c L o a d o u n i a s n d - n t s s D t e u b re e s n- M l g o a a o g n r e t s - Bonds bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 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 l _r\i 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 ,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—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 1,730 101 3,961 944 ,176 1,988 1,786 866 589 2,102 1,964 3,333 2,836 Feb... 4,216 (,622 86 3,631 943 1,182 1,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar.. 4,168 1,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 1,420 72 3,625 957 1,193 1,983 1,781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 ,607 82 3,727 990 ,196 1,984 1,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 1,201 1,962 1,698 757 498 2,504 2,315 3,516 2,973 July.. 4,763 1,476 106 4,042 936 1,208 1,940 1,698 782 498 2,561 2,396 3,551 2,973 Aug.. 4,781 1,622 75 4,169 926 1,210 1,936 1,696 787 538 2,561 2,433 3,586 3,102 Sept.. 4,837 1,597 99 4,165 989 1,212 1,926 1,549 809 538 2,516 2,424 3,620 3,102 Oct... 4,797 1,614 94 4,144 978 1,214 1,934 1,707 924 576 2,377 2,352 3,652 3,169 Nov.. 4,784 1,889 84 4,369 989 [.216 1,930 1,701 975 638 2,241 2,174 3,680 3,169 Dec... 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 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 newcapital Type of issue Type of issuer Total Use of proceeds Period a d m e o li u v n - t Total G g o a e b t a n i l l o 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 d S i p s a s t e n t a c r d t i i . c a t l Other 2 ered 3 Total c E a d ti u o - n R br a o i n d a d g 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 auth. 1958 7,526 5,447 1,778 187 115 1,993 1,371 4,162 7,708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2 121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1963—Sept 480 333 122 25 94 73 314 712 449 204 33 77 31 103 Oct 1 265 679 567 20 143 424 698 581 1 051 232 102 338 9 371 Nov 754 401 310 43 185 208 362 897 729 278 130 221 2 98 Dec. 495 401 85 9 69 126 299 1,005 416 158 7 136 1 115 1964—Jan.. 1,007 606 230 140 31 215 336 456 428 944 273 42 114 141 60 313 Feb.. 853 663 181 8 214 208 431 868 772 242 33 238 3 30 226 Mar. 867 497 355 15 136 262 469 973 812 251 262 136 11 153 Apr.. 1,266 630 473 i-ii 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 Sept. 920 509 260 130 20 101 374 445 896 892 206 50 248 133 254 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

FEBRUARY 1965 SECURITY ISSUES 297 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp s o e r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Re- Period tire- Bonds Stock ment Total G U o . v S t . . 2 G a U c g o y . e S v n 3 . t - . U S l a o t n . c a S d a t . e l Other 4 Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total Total m N on e e w y 6 O p p o t u h s r e e - s r s ri e o t 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 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9 6,332 3 320 571 1,334 11 372 10,823 Q 907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7' 190 3,557 3,632 531 2,027 9,527 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 8 758 895 271 1961 35,527 12,253 1,448 8,360 303 13,165 9,4?0 4,700 4,720 450 3,294 12,885 12,017 10 715 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 8 ?40 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 Nov ... 2,117 333 200 688 5 891 732 183 549 54 106 879 819 606 212 61 Dec 2,312 357 483 13 1,459 1,376 626 751 30 53 1,444 1,415 1098 316 30 1964 Jan .. 2,482 474 1,006 16 985 863 338 526 27 95 972 930 845 85 43 Feb 2,022 413 810 89 710 279 342 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 2,178 2 094 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 1,378 1 292 86 63 July 2,467 387 260 922 29 869 644 234 411 59 166 854 780 653 127 74 Aug 4,128 2,449 160 767 23 728 616 183 433 54 58 718 661 570 91 57 Sept .... 2,453 358 952 13 1,130 974 376 598 23 133 1,117 1,035 788 247 82 Oct 2,908 367 510 816 185 1,030 814 181 633 27 189 1,015 951 776 175 63 Nov 4,611 3,242 566 80 724 672 30 642 9 42 717 649 516 133 68 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital 8 secu- capital 8 secu- capitals secu- capitals secu- capital8 secu- capital 8 securities rities rities rities rities rities 1956 3,336 243 682 51 694 ?0 ?,474 14 1,384\ 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 I960 1,997 79 794 30 672 39 ,754 51 1,036 2,401 71 1961 3,691 287 1,109 36 651 7,883 106 1,435 382 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 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 Jan 149 14 84 1 98 109 26 157f * 332 1 Feb 123 3 60 2 154 6 155 4 83 * 110 1 Mar 146 17 48 31 17r4 18 34I 1 322 4 Apr 186 6 107 91 8 151 19 1,37'} * 265 3 May 206 10 50 127 6 441 53 27 r 218 1 June 332 39 50 35 1 264 4 25?{ 5 439 13 July 149 40 45 90 207 16 23 4 266 12 Aug 164 12 45 1 20 1 138 27 16 15 277 3 Sept . . . 234 36 166 1 49 * 296 38 IS> 2 271 4 Oct 218 11 100 6 44 1 306 37 8S> 6 202 2 Nov 192 24 164 29 49 1 34 7 11 1 199 7 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. i 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. * 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

298 SECURITY ISSUES FEBRUARY 1965 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues0 mentsc change e issues ments change Invest. Other« Invest. Other* Invest. Other' cos.1 cos.1 COS.* 1958 15,091 5,273 9,818 9,661 3,811 5,850 2,360 3,070 519 943 1,841 2,127 1959 13,338 4,845 8,492 7,122 3,049 4,073 2,838 3,378 794 1,002 2,044 2,376 1960 13,485 4,962 8,523 8,072 3,078 4,994 2,688 2,725 855 1,029 1,833 1,696 1961 17,503 6,999 10,503 9,194 4,024 5,170 3,855 4,454 1,171 1,804 2,684 2,650 1962 14,206 6,457 7,750 8,613 3,749 4,864 3,338 2,255 1,140 1,567 2,198 688 1963 15,552 8,711 6,841 10,556 4,979 5,577 3,049 1,948 1,536 2,197 1,513 -249 1963—III 3,342 1,988 1,355 2,159 1,230 929 734 449 393 364 341 85 IV 4,747 2,476 2,272 3,222 1,121 c2,101 931 594 392 962 539 -368 1964—1 4,254 1,960 2,294 2,149 914 1,235 920 1,185 536 510 384 675 II 5,020 1,795 3,225 2,867 940 1,927 917 1,235 469 385 448 850 Ill 3,871 1,946 1,926 2,158 1,033 1,126 1,009 704 475 438 535 265 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 cl,999 1959 316 442 217 162 332 2 1,738 1,028 475 445 994 2,342 I960 399 462 261 -46 173 -42 1 689 635 901 356 1 572 2,164 1961 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,212 1962 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,517 1963 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,607 1963—III 378 -54 17 -17 -95 27 148 8 82 131 399 330 IV 574 -275 87 -307 180 -15 288 47 61 129 912 592 1964—1 81 -253 61 16 131 -6 156 70 234 811 572 422 II 291 —65 72 -21 51 31 606 156 225 681 681 516 Ill 225 28 82 -34 29 -47 290 149 42 92 458 613 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 297. actions only. As contrasted with data shown on p. 297, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales i Redemp- Net Total 2 Cash Other Sales Redemp- Net Total i Cash Other tions sales position 3 tions sales position 2 1953 672 239 433 4,146 1963—Dec... 225 132 92 25,214 1,341 23,873 1954 863 400 463 6,110 309 5,801 1964—Jan... 294 183 110 25,854 1,383 24,471 1955 1,207 443 765 7,838 438 7,400 Feb... 219 165 55 26,334 1,380 24,954 1956 1,347 433 914 9,046 492 8,554 Mar.. 263 184 79 26,863 1,403 25,460 1957 1,391 406 984 8,714 523 8,191 Apr... 276 165 111 27,051 ]1,339 25,712 1958 1,620 511 1,109 13,242 634 12,608 May.. 241 153 88 27,497 1,444 26,053 1959 2,280 786 1,494 15,818 860 14,958 June.. 285 147 138 27,682 1,499 26,183 July... 308 168 140 28,319 1,471 26,84S 1960 2,097 842 ,255 17,026 973 16,053 Aug... 260 149 110 28,164 1,457 26,707 1961 2,951 1,160 1,791 22,789 980 21,809 Sept.. 299 149 149 29,130 1,436 27,694 1962 2,699 1,123 1,576 21,271 1,315 19,956 Oct.... 306 142 164 29,087 1,312 27,775 1963 2,460 1,504 952 25,214 1.341 23,873 Nov.. 317 134 184 29,062 1,300 27,762 1964 3,404 1,875 ,528 29,116 1,329 27,787 Dec... 336 136 200 29,116 1,329 27,181 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

FEBRUARY 1965 BUSINESS FINANCE 299 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 119,172123,911123,669136,545147,384 34,917 37,922 35,381 39,173 38,326 40,784 37,667 Profits before taxes 14,172 13,543 13,268 330 17,388 4,012 4,759 3,730 4,887 4,781 5.333 4,080 Profits after taxes 7,482 7,161 7,167 215 9,135 2,099 2,453 2,007 2,576 2,603 2; 898 2.318 Dividends 4,360 4,485 4,730 048 5,441 1,169 1,320 1,183 1,768 1,285 1,448 1,322 Nondurable goods industries (78 corps.):1 Sales 45,543 47,372 49,362 245 55,142 13,239 13,869 13,984 14,050 14,220 14,823 14,882 Profits before taxes 5,651 5,579 5,602 896 6,395 1,512 1,613 1,613 1,658 1,643 1.752 1,743 Profits after taxes 3,212 3,215 3,225 403 3,659 867 897 934 961 992 1,028 1,037 Dividends 1,910 1,948 2,031 150 2,265 537 537 542 649 561 569 582 Durable goods industries (99 corps.):2 Sales 73,628 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 8,521 7,964 7,666 10,993 2,500 3,145 2,118 3,230 3,138 3,581 2,338 Profits after taxes 4,270 3,946 3,942 5,476 1,231 1,556 1,073 1,615 1,611 1,871 1,281 Dividends 2,450 2.536 2,699 3,176 632 783 641 1,119 724 879 741 Selected industries: Foods and kindred products (25 corps.): Sales 11,644 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 1,300 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 11,740 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 2,164 2,005 1,979 2,162 2,337 544 616 584 593 636 682 657 Profits after taxes 1,120 1,058 1,034 1.126 1,213 281 316 305 310 347 366 353 Dividends 791 786 833 904 202 202 201 299 207 209 212 Petroleum refining (16 corps.): Sales 13.372 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 1,187 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 20,940 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 2.322 2.214 1.999 1,838 2,183 430 711 467 574 560 6741 611 Profits after taxes 1,218 i ;i69 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 16,983 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 1,904 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 23,262 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 3,012 3,197 2,786 4.337 5,011 1,268 1,473 677 1,593 1,573 1,775 593 Profits after taxes 1,491 1.534 1,404 2,143 2,393 600 706 333 753 782 900 340 Dividends 812 837 973 1,151 1.447 217 362 220 648 276 419 277 Public Utility Railroad: Operating revenue 9,825 9.514 9.189 9,440 9.560 2,239 2,474 2,399 2,447 2,362 2.481 2,846 Profits before taxes 845 648 625 729 816 116 252 197 252 188 245 . Profits after taxes 578 445 382 572 651 82 189 156 225 144 196 175 Dividends 406 385 359 367 383 103 66 125 110 11- Electric power: Operating revenue 11,129 11,906 12.478 13,489 14,177 3,819 3,371 3,458 3,529 3,961 3.5721 3,687 Profits before taxes . 2,983 3,163 3.349 3,583 3,741 1.100 848 930 862 1,106 893 998 Profits after taxes. 1,655 1,793 1,883 2,062 2,185 626 498 529 532 660 542 583 Dividends 1,219 1,307 1,374 1,462 1,548 392 378 384 394 424 412 426 Telephone: Operating revenue 7.572 8,111 8,615 9,196 9,796 2,365 2,440 2,465 2,526 2.543 2,619J 2,654 Profits before taxes 2.153 2,326 2,478 2,639 2,815 67" 711 725 707 726 796 773 Profits after taxes 1,073 1,155 1.233 1,327 1,417 336 357 368 356 377 408 402 Dividends 743 806 867 935 988 225 255 252 256 261 262 268 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 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. profits before taxes are partly estimated by the Federal Reserve to include 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). affiliated nonelectric operations. Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 BUSINESS FINANCE FEBRUARY 1965 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s - d co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t r e a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a l t s l i p o o u i w n t m a - l pances i ances 1 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 31.9 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 ri e e n s - Other Total F in e c d o e m ra e l Other ties U.S. U.S. taxes Govt. 1 Other Govt. i Other 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 2 211.2, 36.3 22.8 2 9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 . .. 135 6 306 8 41 1 20 0 3 4 135 8 95 2 11 4 171 2 1 8 112 8 14 1 42.5 1962 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963—III 148 8 342 9 40 8 19 7 3 4 158 1 105 8 15 2 194 1 2.5 128.1 15.3 48.3 IV 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—1 154 7 350.6 40 6 21 4 3 3 161 3 108 6 15 5 195 9 2 6 128 9 15.6 48.8 II 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 III. 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 Non- Mining u P t u il b it l i i e c s n C i o ca m ti m on u s - Other 1 annual Durable durable Railroad Other rate) 1956 35.08 7.62 7.33 1.24 1.23 1.71 4.90 2.68 8 36 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5 67 2 67 8 21 1960 35 68 7 18 7 30 99 1 03 1 94 5 68 3 13 8 44 1961. . .. 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3 63 9 52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964 2 44.66 9.35 9.16 1.18 1.46 2.31 6.14 15.06 1963—11 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2 41 38 05 Ill 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964 I 9.40 1.93 1.87 .26 .32 .51 1.18 .97 2.37 42.55 II 11.11 2 30 2.23 .29 .36 .63 1 58 1 10 2 61 43 50 Ill 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2 84 45.65 IV 2 12.60 2.75 2.76 .32 .41 .57 1.68 4.11 46.70 1965—1 2 10.58 2.19 2.24 .29 .38 .53 1.27 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

FEBRUARY 1965 REAL ESTATE CREDIT 301 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage End of holders 2 1- to 4-family houses commercial properties4 type 5 period h d A e o l r l l s - tu F i t i n c i n i o s a a t n l i n - s - i a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s h d A e o l r l l s - tu F i t i n c i n i o s a a t n l i n - s - i h O ol t d h e e r r s' h d A e o l r l l s - Total t F u i i n t n i s o a ti n n - s . O d h t e o h r l e s - r Total t F u i i n t n i s o a ti n n - s . O d h t e o h r l 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 1963* 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*> 310.4 240.5 1963—I*... 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 IIP.. 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 IIIP.. 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 FVX. 310.4 240.5 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) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End 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 3 292 1 048 566 4 812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1957 23,337 17,147 4,823 3 589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 . . . 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2 627 12,623 7,470 1,747 29 145 26 341 8 045 9 267 9,028 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1962 I 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,048 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 22,824 6,376 2,617 13,831 8,628 1,978 31,484 28,464 8 984 9,633 9,847 2,968 52 IV 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9 724 10,046 10,373 3,174 51 II . . . 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10,728 3,290 50 Ill 38,360 25 855 7 007 2 870 15,978 10,203 2,302 35 191 31 775 10 328 10,335 11 112 3,365 51 IV 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964 I 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 II 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11 376 10,826 12,205 3,740 52 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

302 REAL ESTATE CREDIT FEBRUARY 1965 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm * Total Total FHA- g V u A ar - - Other Farm insured anteed insured antced 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_Nov.r 715 659 132 55 472 56 49,854 46,097 10,712 6,394 28,991 3,757 Dec 1,236 1,148 172 69 907 88 50,543 46,753 10,790 6,411 29,552 3,790 1964—Jan 745 638 141 61 436 107 50,828 47,010 10,857 6,418 29,735 3,818 Feb 705 615 140 54 421 90 51,126 47,271 10,923 6,423 29,925 3,855 Mar.. 800 673 143 53 477 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 30,576 4,032 June .. 863 778 152 51 575 85 52,466 48,384 11,116 6,422 30,846 4,082 July 861 785 151 56 578 76 52,832 48,709 11,165 6,413 31,131 4,123 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 Oct . . . 904 836 165 60 611 68 53,984 49,756 11,376 6,403 31,977 4,228 Nov 857 791 158 60 573 66 54,404 50,151 11,453 6,412 32,286 4,253 1 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 i By type of lender (N.S.A.) Period Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H i r n A e - - d a g n V u t A e a e r - - d ti C v o e o n n a n - l - 2 Period S.A. 2 N.S.A. i a n l S s o g s a s a n v n s - & . p I c a a n o n n s m c u ie e r - s - b C m a c o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 4,264 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 I960 29,341 12,158 1,318 4,520 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 1,160 4,997 1,741 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1,212 5,851 .957 1963 '24,735 r7,039 9,920 90,849 4,685 6,960 79,204 1963 . .. 36,925 16,716 no 6,354 2,061 1964 24,489 6,499 10,404101,178 4,888 6,683 89,607 1963 1963 Dec 2,118 620 776 90,849 4,685 6,960 79,204 Julv 3 3 , , 1 2 8 1 3 3 3 3 , , 5 5 1 2 5 5 1 1 , f 6 iO 11 fi 1 1 2 2 7 3 5 6 9 1 5 2 2 2 1 1 2 8 1964 O Se c n t t 3 3 , , 1 1 8 3 9 4 3 3 , , 1 5 7 3 7 4 1 1, , 5 4 9 4 4 2 1 1 1 2 6 5 5 6 4 1 6 6 2 1 0 9 6 0 Jan 1,716 434 696 91,453 4,705 6,931 79,817 Nov 3,149 2,880 1,271 103 495 184 Feb 1,712 474 674 92,163 4,705 6,902 80,556 Dec 3,059 2,987 1.322 110 504 166 Mar 2,071 621 784 93,069 4,710 6,879 81,480 2,081 579 831 93,978 4,714 6,855 82,409 1964 May'.'.'.'.'.'.', 2,145 597 881 94,971 4,723 6,821 83,427 June 2,394 624 ,054 96,067 4,737 6,790 84,540 Jan 3,081 2,758 1 170 103 483 145 July 2,363 635 ,037 97,111 4,752 6,770 85,589 Feb 3,029 2,575 1,128 90 465 129 Aug 2,164 537 ,025 98,059 4,761 6,743 86,555 Mar 3,034 2,935 1,290 102 540 140 Sept 2,048 498 970 98,895 4,785 6,722 87,388 Apr 3,008 3,089 L,35O 109 567 154 Oct 2,051 531 893 99,731 4,802 6,700 88,229 May 3,096 3,090 1,349 116 560 176 Nov 1,791 462 770 100,418 4,821 6,683 88,914 3,143 3,388 1,485 126 607 197 1,953 506 790 101,178 4,888 6,683 89,607 July 3,519 1,508 137 618 233 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

FEBRUARY 1965 REAL ESTATE CREDIT 303 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMELY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s e P c r t o s j- i m p P r e i e r o m r n o t v t y p - s e - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A e a e r - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958. 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962. . 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 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 1964 8,130 1,608 4,965 895 663 2,846 1,023 1,821 IV 166.5 62.0 32.3 29.7 104.5 1963—Dec 601 142 345 63 52 255 106 149 1963—I? 169.2 62.8 33.0 29.8 106.4 IP 173.7 63.5 33.5 30.0 110.2 1964 Jan 666 162 381 62 61 268 114 153 IIIP 178.2 64.3 34.3 30.0 113.9 Feb 534 126 314 48 46 201 81 120 IV* 182.2 65.5 35.0 30.5 116.7 Mar 600 126 357 59 58 208 84 124 Apr . ... 646 117 367 119 43 206 81 125 1964—IP 185.2 66.3 35.7 30.6 118.9 May 570 105 352 68 46 192 71 121 IIP 189.6 66.8 36.3 30.5 122.7 June 711 128 442 67 73 233 76 157 IIIP 194.0 67.9 37.4 30.5 126.2 July . . 782 141 476 108 57 251 81 171 Aug 740 137 468 68 67 246 78 167 Sept 720 138 467 66 49 270 85 185 NOTE.— For total debt outstanding, figures are Oct 790 159 491 81 58 271 93 178 FHLBB and F.R. estimates. For conventional, Nov 688 135 422 81 50 258 91 167 figures are derived. Dec 683 135 428 67 54 242 88 153 Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admin. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Advances outstanding (during mit- (end of period) End of period) ments 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 1 - 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 'j,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 1961 6,093 3,490 2,603 815 541 631 1960 1,943 2,097 1,981 1,089 892 938 1962 5,923 3,571 2,353 740 498 355 1961. ,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 1213 1964 4,412 2,996 1,416 424 251 313 1963. ,601 4,296 4,784 2,863 1,921 ,151 1964 5,563 5,023 5,325 2,846 2,479 1,199 1963—Dec 4,650 3,017 1,634 24 19 191 1963--Dec 754 259 4,784 2,863 1,921 1,151 1964 Jan 4,624 3,006 1,618 21 11 189 Feb 4,613 3,011 1,603 24 4 188 1964-_jan 467 837 4,414 2,653 1,762 944 Mar 4,598 3,016 1.582 27 11 192 Feb 225 424 4,216 2,500 1,716 943 Apr 4,572 3,015 ,557 38 31 204 Mar 339 387 4,168 2,406 1,763 977 May 4,565 3,027 1,538 44 21 202 Apr 573 296 4,444 2,463 1,982 957 June 4,539 3,025 1,514 36 21 199 May 352 401 4,395 2,438 1,957 990 July 4,516 3,033 1,482 41 30 222 June 703 329 4,769 2,674 2,095 1 153 Aug 4,477 3,008 1,469 44 43 230 July 584 590 4,763 2,699 2,064 936 Sept 4,453 2,998 1,455 34 24 245 Aue 369 351 4,781 2,662 2,119 926 Oct 4,440 2,997 1,443 36 14 260 Sept 382 327 4,837 2,635 2,202 989 Nov 4,439 3,011 1,428 40 11 292 Oct 401 441 4,797 2,605 2,192 978 Dec 4,412 2,996 1,416 40 31 313 Nov 379 392 4,784 2,572 2,212 c989 Dec 791 250 5,325 2,846 2,479 1,199 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

304 CONSUMER CREDIT FEBRUARY 1965 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co g O p n o a s t o p u h d e m e r s r er e a r n l R n o d i e a z p n m a a s t o i i o r i d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939. 7,222 4,503 1,497 1,620 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 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 1960 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 1964 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1963—Dec. 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964—Jan.. . 69,203 53,597 22,189 13,638 3,354 14,416 15,606 5,900 5,339 4,367 Feb.. 68,786 53,552 22,271 13,467 3,335 14,479 15,234 5,958 4,805 4,471 Mar.. 68,913 53,795 22,471 13,451 3,321 14,552 15,118 6,002 4,634 4,482 Apr.. 69,816 54,382 22,830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 May. 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 June. 71,907 55,914 23,702 13,730 3,395 15,087 15,993 6,233 5,238 4,522 July. . 72.456 56.496 24,024 13,813 3,426 15,233 15,960 6,218 5,240 4,502 Aug.. 73,069 57;055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 Sept.. 73,495 57,446 24,295 14,046 3,493 15,612 16,049 6,354 5,223 4,472 Oct.. , 73,928 57,826 24,423 14,222 3.509 15,672 16,102 6,333 5,352 4,417 Nov.. 74,371 58,085 24,367 14,431 3.516 15.771 16,286 6,412 5,394 4,480 Dec. 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 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 m c k ia s - l fi S n c a o a l n s e . c s e u C n r i e o d n it s fi s n C u a m o n n c e - e r Other i Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u l b e t r i o l 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 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 ,210 361 478 1,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 ,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 ,058 293 342 ,481 1962 48,034 41,782 19.005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 ,086 287 328 ,625 1964 59,397 51,990 23,943 14,762 6,458 5,078 ,749 7,407 3,922 ,152 286 370 ,677 1963—Dec 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 ,086 287 328 ,625 1964—Jan 53,597 47,300 21,630 13,840 5,584 4,592 ,654 6,297 063 ,065 281 328 ,560 Feb 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 949 .047 278 330 ,494 Mar 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 044 ;022 273 334 ,469 Apr 54,382 48,191 22,224 13,893 5,776 4,628 ,670 6,191 106 ,013 272 340 ,460 May 55,120 48,824 22,559 14,027 5,889 4,657 ,692 6,296 182 ,020 271 348 ,475 June 55,914 49,543 22,907 14,228 6,014 4,701 ,693 6,371 3,231 ,028 271 355 ,486 July 56,496 50,082 23,176 14,359 6,109 4,748 ,690 6,414 ,037 273 360 ,477 Aug 57,055 50,583 23,389 14,475 6,204 4,797 ,718 6,472 3^332 ,044 273 363 ,460 Sept 57,446 50,937 23,527 14,553 6,283 4,845 ,729 6,509 3,371 ,048 275 365 ,450 Oct 57,826 51,220 23,663 14,625 6,334 4,870 ,728 6,606 3,444 ,062 276 367 ,457 Nov 58,085 51,341 23,680 14,622 6,378 4,919 ,742 6,744 3,541 ,088 279 C367 ,469 Dec 59,397 51,990 23,943 14,762 6,458 5,078 ,749 7,407 3,922 ,152 286 370 ,677 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

FEBRUARY 1965 CONSUMER CREDIT 305 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COM PAMES (In millions of dollars) (In millions of dollars) End of period Total P A u u r- t p o a m pe o r bile s g O p c u o a o t m p o h m d e e e - r r s r R e m r t a e n i n o p o iz d d n a a i - r - l s P o o a e n n r a - s l End of period Total m A p o a u p b to e il r - e s g O p c u o a o t m p o h n e d e e - r r s r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l chased Direct loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 ,363 201 66 1941 1,726 447 338 309 161 471 1945 300 164 58 54 1945 745 66 143 114 110 312 1957 9,609 ,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 ,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 ,066 1960 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 1964 14,762 8,701 3,889 142 2,030 1964 23,943 8,300 4,451 3,380 2,427 5,385 1963—Dec. 13,523 8,228 3,383 158 ,754 1963—Dec 21,610 7,246 4,003 3,123 2,361 4,877 1964—Jan.. 13,840 8,220 3,701 156 ,763 1964—Jan 21,630 7,246 4,016 3,134 2,333 4,901 Feb.. 13,788 8,227 3,635 154 ,772 Feb 21,799 7,275 4,052 3,226 2,316 4,930 Mar. 13,802 8,265 3,603 152 ,782 Mar 21,919 7,364 4,102 3,195 2,303 4,955 Apr. 13.893 8,371 3,580 151 ,791 Apr 22,224 7,501 4,172 3,185 2,308 5,058 May 14,027 8,489 3,583 149 ,806 May 22,559 7,673 4,255 3,192 2,331 5,108 June 14,228 8,633 3,615 150 ,830 June 22,907 7,854 4,323 3,205 2,355 5,170 July. 14,359 8,741 3,614 149 ,855 July 23,176 7,979 4,371 3,234 2,380 5,212 Aug. 14,475 8,799 3,643 149 ,884 Aug 23,389 8,090 4,389 3,244 2,405 5,261 Sept. 14,553 8,764 3,706 148 .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 Nov. 14,622 8,698 3,804 144 ,976 Nov 23,680 8,242 4,393 3,281 2,438 5,326 Dec. 14,762 8,701 3,889 142 2,030 Dec 23,943 8,300 4,451 3,380 2,427 5,385 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 paper goods ization loans Service 1 1 9 9 3 4 9 1 9 7 5 8 7 9 1 8 2 1 2 pape 2 3 r 4 6 loan 1 1 s 4 5 7 6 8 6 5 9 End of period Total b C m a c 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 l i n - r - s s m t p D o a e r e r e n t - s - t 1o 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 credit 1945 731 54 20 14 643 1957 6,748 1,114 588 490 4,555 1939 2,719 625 162 236 1,178 518 1958 7,035 1,152 565 595 4,723 1941 3,087 693 152 275 1,370 597 1959 8,024 1,400 681 698 5,244 1945 3,203 674 72 290 1,322 845 1960 9,074 1,665 111 800 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 1964 13,285 2,699 997 933 8,656 1960 13,196 3,884 623 941 3,952 436 3,360 1961 14,151 4,413 723 948 3,907 469 3,691 1963—Dec. 11,859 2,394 835 870 7,760 1962 15,130 4,690 766 927 4,252 505 3,990 1963 16,145 5,047 912 895 4,456 520 4,315 1964—Jan... 11,830 2,379 834 865 7,752 1964 17,413 5,469 1,004 909 4,756 635 4,640 Feb.. 11,867 2,387 838 865 7,777 Mar.. 11,932 2,406 845 866 7,815 1963—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 Apr... 15,434 5,152 896 610 3,667 556 4,553 Sept.. 12,857 2,633 941 923 8,360 May.. 15,825 5,230 976 626 3.910 563 4,520 Oct... 12,932 2,654 956 926 8,396 June.. 15,993 5,313 920 610 4,028 600 4,522 Nov.. 13,039 2,667 969 934 8,469 July... 15,960 5,329 889 576 4,008 656 4,502 Dec. 13,285 2,699 997 933 8,656 Aug... 16,014 5,335 964 588 3,960 683 4,484 Sept... 16,049 5,361 993 624 3,928 671 4,472 Oct.... 16,102 5,361 972 660 4,055 637 4,417 NOTE.—Institutions represented are consumer finance cos., credit Nov... 16,286 5,377 1,035 703 4,065 626 4,480 unions, industrial loan cos., mutual savings banks, savings and loan Dec.. 17,413 5,469 1,004 909 4,756 635 4.640 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

306 CONSUMER CREDIT FEBRUARY 1965 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a i t r i o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extension 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 1964 66,070 23,565 19,162 2,182 21,161 1963 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 J.493 1.380 185 141 1.710 1.574 Feb 5,421 4,552 1,953 1,686 1,578 1,212 186 142 L704 1,512 Mar 5,480 5,322 1,942 1,983 1,665 1,488 179 163 1,694 1,688 5,371 5,578 1,961 2,127 1,544 1,495 174 178 ,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 1,996 2,166 1,546 1,543 189 208 1,810 L,83O 5,529 5,519 2,017 1,984 1,570 1,540 186 210 ,756 1,785 Sept 5,617 5,393 2,024 1,830 1,588 ,592 186 200 1,819 1,771 Oct 5,507 5,552 1,924 1,999 1,582 1,657 180 191 1,821 1.705 Nov 5,456 5,323 .858 1,727 zr> 175 175 792 l',149 Dec 5,816 6,767 2,043 1,992 1,719 2,404 180 161 1,874 2,210 Repayments 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 1964 60,418 21,243 17,625 2,069 19,481 1963—Dec 4,812 4,924 1,707 1,675 1,384 1,374 177 172 1,544 1 703 1964 Jan 4,848 4,932 1.684 1.699 1,441 J. 508 176 176 J. 547 1 549 Feb 4,842 4,597 1,716 1,604 1,395 ,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 I 582 May 5,059 4,846 1,776 1,712 1,483 1,424 175 169 1,625 1 541 June 5,029 5,155 1,768 1,798 1,486 1,501 170 177 1,605 1,679 July 5,058 5,165 1,781 1,844 1,448 1,460 171 177 1,658 I 684 Aug 5,094 4,960 1,789 1,757 1,496 ,430 172 170 1,637 1,603 Sent 5,104 5,002 [,802 1,786 1,491 1.469 172 173 1,639 1,574 Oct 5 097 5,172 .788 1,871 1,456 1,481 167 175 I 686 1 645 Nov 5,155 5,064 1,818 1,783 1,509 1.463 174 168 1.654 1,650 Dec 5,256 5,455 1,864 1.838 1,505 1,532 177 175 U710 1 910 Net change of credit outstanding2 1957 2,148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 . . 5 601 2,268 1 602 463 1 269 I960 3,588 1,270 896 330 1,093 1961 696 -465 332 53 111 1962 4,506 2,318 746 55 1 388 1963 5 711 2 659 1 161 143 1 748 1964 5,652 2,322 1,537 113 1 680 1963 Dec 460 1,050 207 92 139 720 -5 -18 119 256 1964—Jan 428 -148 204 -10 52 -128 9 -35 163 25 Feb 579 -45 237 82 183 -171 15 -19 144 63 Mar 524 243 207 200 197 -16 5 -14 115 73 Apr .... 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 June 370 794 194 447 51 131 13 31 112 185 July 483 582 215 322 98 83 18 31 152 146 A.Ug • 435 559 228 227 74 110 14 40 119 182 Sept. 513 391 222 44 97 123 14 27 180 197 Oct 410 380 136 128 126 176 13 16 135 60 Nov 301 259 40 -56 122 209 1 7 138 99 Dec 560 1,312 179 154 214 872 3 -14 164 300 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 ofen include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 CONSUMER CREDIT 307 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.1 N.S.A. Extensions 1957 . . 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9.654 6,563 1959 48,052 17,976 11,196 10,940 7.940 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 1964 66,070 24,515 14,020 16,251 11,284 1963—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 J 195 1,020 1,312 J 1S7 911 782 Feb 5,421 4,552 2,043 1,786 1,187 980 1,283 1,122 908 664 Mar , 5,480 5,322 2,006 2,011 1,209 1.166 J.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 ,350 1,338 931 908 June 5,399 5,949 2,004 2,247 1,174 1,324 1,321 1,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 1,397 1,426 921 880 Aug 5,529 5,519 2,084 2,063 1,157 1,172 1,355 :1,382 933 902 Sept 5,617 5,393 2,104 1,989 1,191 1,142 1,405 1,348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 1,192 1,402 319 919 997 Nov 5,456 5,323 2,036 1,873 1,114 1 070 1,370 l',365 936 1,015 Dec 5,816 6,767 2,186 2,176 1,191 1,317 1,443 1,704 996 1,570 Repayments 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 1964 . . 60,418 22,268 13,161 14,82*5 10,164 1963—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 J.768 1.805 1,076 1.050 1,184 J.I 86 820 891 Feb 4,842 4,597 ,793 1,703 1,094 1,032 1,173 1,085 782 in Mar 4,956 5,079 ,843 1,891 1,084 1,152 1,201 1,225 828 811 Apr 4,959 4,991 ,833 1,853 1,097 1,110 1,197 1,205 832 823 May 5,059 4,846 [,876 1,809 1,114 1,060 1,234 1,174 835 803 June 5,029 5,155 [,845 1,899 1,102 1,123 1,223 1,283 859 850 July 5,058 5,165 1,857 1.930 1,097 1,111 1,267 1,287 837 837 Aus. .. . . 5,094 4,960 1,889 1,850 1 087 1,056 1 237 1,210 881 844 Sept 5,104 5,002 [,860 1,851 1,118 1.097 1,266 1,210 860 844 Oct 5.097 5,172 [,868 1,908 1,071 1,120 1,284 1,244 874 900 Nov 5,155 5 064 ,916 1,856 1,103 1 073 1,255 1,258 881 877 Dec 5,256 5,455 .944 1,913 1,129 1,177 1,303 1 .458 880 907 Net change in credit outstanding 2 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 1964 5^652 2,333 1,239 1,426 654 1963 Dec 460 1,050 161 124 190 221 85 185 24 520 1964—Jan 428 -148 160 20 396 317 128 -29 -256 -456 Feb . . .. 579 -45 336 169 93 -52 110 37 40 -199 Mar 524 243 163 120 125 14 91 65 145 44 Apr 412 587 148 305 63 91 112 142 89 49 M^ay • • . 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 43 435 559 195 213 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 Nov 301 259 120 17 11 -3 115 107 55 138 Dec 560 1,312 242 263 62 140 140 246 116 663 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

308 INDUSTRIAL PRODUCTION: S.A. FEBRUARY 1965 MARKET 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 - D 19 e 6 c 3 . Jan. Feb. Mar. Apr. May June 196 J 4 uly Aug. Sept. Oct.r Nov.r Dec. 100.00 124.3 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 134.8 137.0 47.35 124.9 128.0 128.5 128.1 128.7 130.6 131.1 131.7 132.3 133.3 132.5 130.3 134.6 137.0 32.31 125.2 128.0 128.9 128.8 128.8 130.8 131.0 131.5 132.1 133.1 132.0 129.2 133.6 136.8 Equipment, including defense.... 15.04 124.2 128.1 127.9 127.1 128.8 130.7 131.3 132.0 132.7 133.6 133.7 132.6 136.7 137.6 Materials 52.65 123.7 125.9 126.7 128.1 129.3 130.6 131.3 131.8 133.6 134.7 135.6 132.2 135.4 136.9 Consumer goods 3.21 141.2 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 155.8 144.7 105.9 143.0 166.0 1.82 149.5 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 Auto parts and allied products 1.39 130.2 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 143.7 10.00 123.1 126.6 127.0 128.3 126.8 128.9 129.5 130.0 131.2 131.9 131.9 133.8 136.6 137.9 4.59 129.6 134.2 134.8 137,3 136.4 137.7 136.9 137.8 139.7 140.1 139.8 142.4 146.6 148.1 Appliances, TV, and radios 1.81 125.1 128.5 127.5 131.3 128.7 130.7 129.7 131.0 131.1 133.3 136.8 139.0 142.7 143.4 1.33 130.6 133.0 130.7 135.3 132.9 134.7 139.4 136.9 136.6 140.0 143.9 146.1 148.9 146.2 .47 109.5 115.6 118.6 120.3 116.9 119.5 102.4 114.3 115.5 114.5 116.7 119 1 125.1 135 5 1.26 131.3 135.4 136.1 138.1 139.0 139.7 141.0 141.9 144.7 144.2 141.0 145.5 148.3 149.6 1.52 133.6 139.9 142.3 143.7 143.5 144.2 142.1 142.4 145.9 144.8 142.3 143.7 150.0 152.5 Apparel, knit goods, and shoes 5.41 117.6 120.2 120.4 120.7 118.7 121.5 123.2 123.4 124.0 124.9 125.3 126.6 128.0 19.10 123.7 125.7 127.0 126.2 126.3 128.8 128.3 128.9 129.1 130.0 129.9 130.7 130.5 131.3 8.43 116.6 118.9 121.4 120.2 118.4 120.8 120.2 119.4 118.4 118.7 118.7 120.0 122.0 122.9 Beverages and tobacco 2.43 116.9 117.4 116.5 118.5 121.9 125.2 122.6 119.4 126.4 125.5 123.3 123.3 123.1 * isi j 2.97 140.1 142.7 142.2 140.1 140.1 142.8 144.5 150.5 146 7 149.1 152 6 151 9 149.7 Newspapers, magazines, and books.. 1.47 117.8 120.4 121.5 123.7 125.1 126.7 124.7 125.5 123.5 123.2 121.3 121.8 122.8 124.4 Consumer fuel and lighting 3.67 133.5 135.2 136.5 134.7 136.2 138.5 138.7 140.6 142.8 145.7 144.4 145.8 142.4 1.20 116.9 117.4 115.6 116.8 117.6 120.9 120.4 121.8 121.4 118.8 120.4 122 2 119.9 iio i Residential utilities 2.46 141.5 143.8 146.6 143.4 145.3 147.1 147.6 149.8 153.2 158.8 156.1 157.4 153.4 Electricity 1.72 146.7 150.4 154.3 149.2 151.9 154.5 155.2 157.6 162.2 169.8 165.6 166.8 161.1 Gas .74 Equipment 11.63 128.3 132.9 r132.9 '131.9 134.2 136.5 138 0 139 0 140 0 141 6 141 8 140 7 146 2 147 3 6.85 123.0 128.6 128.9 127.9 131.9 133.9 135.7 137.6 138.5 139.6 140.4 140.4 144.5 144.5 2.42 142.4 140.2 141.6 140.4 141.0 143.1 141.9 143.7 145.7 145.5 147.6 149 3 151 0 152 3 Freight and passenger equipment... 1.76 132.2 139.9 137.0 137.8 135.8 140.8 143.9 141.3 141.9 144.9 141.0 128.6 149.1 155.1 .61 121.6 131.6 131.2 126.0 127.6 126.6 130.7 129.1 127.9 139.9 136.0 145.1 138.0 137.1 3.41 Materials 26.73 121.2 122.6 123.0 125.8 127.3 129.0 129.8 130.8 132.7 134.1 135.6 128 1 134 4 135 8 3.43 137.2 142.9 141.9 144.3 141.9 144.1 143.8 148.1 150.2 167.0 153.1 113.2 145.1 153.3 7.84 125.4 128.8 129.2 129.6 130.4 131.6 132.9 133.3 133.8 135.7 137 1 1T7 2 138 9 141 0 9.17 116.3 118.9 119.6 123.2 123 4 123 8 123 5 122 8 125 7 125 7 125 8 123 8 126 6 127 7 6.29 114.3 113.5 117.6 123.4 125.2 126.9 127.5 127.3 130.2 130.6 128.4 130.9 134.5 138.6 25.92 126.3 129.3 130.4 130.6 130.8 132.3 132.8 132.9 134.6 135.2 135.7 136.3 136.4 138.1 9.11 120.3 123.0 124.4 125.2 124.9 126.1 126.5 124.9 126.9 127.1 125.9 128 7 128 7 132 7 3.03 120.2 121.3 125.1 125.5 123.6 127.0 128.2 123 8 125 0 125 6 125 4 131 6 132 4 134 9 General business supplies 6.07 120.4 123.8 124.0 125.1 125.6 125.7 125.7 125.4 127.9 127.8 126.2 127.3 126.9 131.6 7.40 145.0 151.2 152.2 152.2 152.4 154.6 153.9 155.7 158.7 160.2 163.0 161.4 161.8 162.6 Business fuel and cower • 9.41 117.2 118.2 119.1 118.7 118.7 120.7 122.2 122.7 123.0 123.4 123.7 123.9 123.9 124.1 Mineral fuels 6.07 109.3 109.0 110.2 109.3 108.9 110.3 112.1 112.2 112.4 112.7 113.0 113.3 112.9 112.8 Nonresidential utilities 2.86 138.7 142.3 142.7 143.5 144.5 147.9 148.9 149.7 149.8 150.9 150.6 150.6 151.0 Electricity 2.32 139.5 142.9 143.8 144.6 145.6 149.0 150.1 150.6 150.5 151.5 151.0 150.4 150.5 General industrial 1.03 131.2 134.5 134.8 135.6 136.9 140.5 142.0 143.5 143.9 145.1 147.1 144.1 147.4 Commercial and other 1.21 149.6 153.3 154.9 155.6 156.4 159.9 160.7 160.4 160.9 161.9 159.2 160.6 158.1 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 134.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.1 155.5 Apparel and staples 24.51 122.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 129.8 130.0 130.8 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INDUSTRIAL PRODUCTION: S.A. 309 INDUSTRY GROU PINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping p p ti r o o o r n - - a a v g e e r- Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.' Nov.*" Dec. 100.00 124.3 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 134.8 137.0 86.45 124.9 127.9 725.5 729.7 729.9 131.4 132.2 132.4 133.9 134.5 134.9 131.7 135.8 138.5 Durable 48.07 124.5 127.3 128.1 128.9 130.0 131.6 132.6 133.2 135.0 135.7 135.2 129.4 136.5 140.1 38.38 125.3 128.7 128.9 129.4 129.8 131.1 131.7 131.5 132.5 133.1 134.4 134.5 134.9 136.4 Mining 8.23 107.9 107.3 108.8 108.9 108.8 109.9 111.3 111.4 110.9 111.9 111.9 112.0 112.8 112.0 Utilities 5.32 140.0 143.0 144.5 143.4 144.8 147.5 148.3 149.7 151.4 154.5 153.2 153.8 152.1 152.0 Durable manufactures 12.32 777.7 117.6 720.0 722.5 124.6 725.5 725.5 725.7 752.7 755.7 755.5 131.3 735.6 737.9 6.95 113.3 110.5 113.6 117.6 120.9 123.8 127.1 126.1 131.2 132.8 132.8 131.8 134.6 136.7 5.45 109.6 104.9 108.3 114,5 118.1 123.7 127.8 125.2 130.4 132.2 129.1 130.3 133.3 135.9 Nonferrous metals and products.. 1.50 126.7 134.7 132.2 139.9 142.6 138.5 135.0 132.8 135.9 133.0 138.5 133.9 140.2 147.7 5.37 123.4 126.8 128.2 129.0 129.3 129.5 130.3 130.6 133.3 134.8 134.3 130.7 137.0 139.4 Structural metal Darts 2.86 120.2 122.9 124.4 126.0 127.8 129.2 128.1 129.6 131.2 131.0 131.7 128.6 135.8 137.6 Machinery and related products 27.98 725.7 752.5 752.9 752.5 755.2 755.2 135.9 757.7 755.0 755.7 757.5 128.7 138.8 743.7 14.80 129.2 133.9 134.7 133.6 135.9 137.5 138.5 140.1 141.9 142.8 144.1 144.7 147.0 148.5 8.43 126.9 133.5 135.2 132.9 136.7 138.1 139.6 141.9 143.6 144.1 145.0 145.4 148.2 149.2 6.37 132.3 134.4 134.0 134.5 134.9 136.8 137.0 137.7 139.7 141.1 142.9 143.8 145.4 147.7 10.19 127.0 131.3 130.8 131.1 130.1 133.0 134.1 134.9 134.3 135.3 130.9 105.3 129.2 140.2 4.68 146.1 151.9 151.9 153.0 151.1 156.2 157.4 158.3 158.6 160.9 150.1 96.2 143.9 167.2 Aircraft and other equipment.... 5.26 109.5 112.2 111 1 110.8 110.6 112.0 112.8 113.4 111.7 111.5 112.7 110.8 114.5 115.2 Instruments and related products... 1.71 130.2 132.7 132.2 133.6 134.2 134.7 134.6 134.8 136.4 137.4 138.6 137.6 140.2 142.1 1.28 4.72 774.4 777.0 777 9 727.5 727.9 121.6 720.9 120.1 722.5 121.4 720.7 121.0 120.9 121.5 Clay, glass, and stone products 2,99 117.5 120.5 121 2 124 1 125.3 125.2 124.3 126.6 126.4 125.6 127.0 126.9 Ml .1 130.1 1.73 108.9 111.0 112 2 117.3 116,1 115.4 114.9 109.0 116.1 114.1 109.7 110.8 109.2 106.7 Furniture and miscellaneous......... 3.05 129.1 132.6 755 0 755 9 134.7 135.6 136.2 138.0 138.5 759 0 138.4 141.7 143 4 745 0 1.54 133.1 137.6 137 3 138 1 139.0 139.8 140.5 142.8 143.2 144 4 144.1 \A1A 149.3 151 6 1.51 125.0 127.6 128 6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 138.3 Nondurable manufactures Textiles, apparel, and leather 7.60 775.5 121.3 720.7 122.4 727.7 727.5 725.5 722.9 724.9 725.0 725.5 128.4 729.7 730.4 2.90 116.9 119.4 118.8 119.8 118,9 119.4 119.3 119.2 121.5 123.5 125.8 127.5 128.9 130.0 Apparel products 3.59 125.6 129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.4 135.1 135.8 137.2 138.7 Leather and products 1.11 99.8 101 2 97.8 99.3 96.3 98.4 104.7 97.3 103.5 103.1 100.3 102.4 103.2 8.17 120.1 123.9 123.4 124.5 125.4 127.5 128.2 126.6 725 0 727 9 128.2 729.2 725 2 737 4 3.43 125.1 127.6 128.7 129.1 130.4 132.9 134.3 130.1 132.8 132 8 135.5 137.0 134.1 139 3 4.74 116.4 121.3 119.5 121.2 121.8 123.6 123.9 124.1 124.5 124.3 123.0 123.6 123.9 125.6 1.53 108.0 119.2 113.9 114.5 115.2 117.2 117.1 117.2 120 0 118 3 115.9 116.3 117 5 119 6 Chemicals, petroleum, and rubber..., 11.54 141.8 745.3 146 4 146.9 147.4 749.5 150.0 752.7 752.5 755.5 755.9 155.4 754.5 755.5 7.58 148.6 154.5 154.7 154.5 155.2 157.0 156.7 159.6 158.7 160 8 165.0 162.5 162.2 163 3 Industrial chemicals 3.84 162.7 171.4 173.1 173.3 174.9 176.7 173.7 176.3 177.1 178.7 184.9 179.9 180.9 1.97 117.1 116.6 116,0 119.1 119.7 120.8 122.0 122.1 124 6 121 2 120.4 122.9 121 6 i 20 6 Rubber and plastics products 1.99 140.0 144.3 145.0 145.3 145.1 149.4 152.2 153.4 155.2 158.2 162.4 161.0 159.4 Foods, beverages, and tobacco 11.07 775.5 118.8 720.2 779.5 720.2 727.2 120.7 779.5 720.5 720.5 720.0 120.9 722.7 723.2 10.25 116.9 119.1 120.8 120.6 120.3 120.6 120.0 119.6 120.0 120.4 120.0 120.7 122.8 123.4 8.64 116.8 119.2 121.3 119.8 119.7 120.0 120.2 119.5 118.9 119 1 119.1 120.2 122 6 123 3 Beverages 1.61 117.8 118.7 118.4 125.0 123.8 124.1 119.2 120.1 125.8 127.6 124.6 123.3 124.1 Tobacco products .82 115.2 114.9 112.7 105.6 118.2 127.5 129.2 118.1 127.5 121.4 120.6 123.3 121.0 Mining 6,80 707.0 106.0 707.5 107.4 707.7 705.7 109.9 709.5 770.7 770.7 777.0 110.8 770.2 770.0 Coal 1.16 102.5 105.1 104.0 99.2 94.5 98.7 106.1 105.1 105.0 107 9 105.1 109.2 108 7 107 2 Crude oil and natural gas 5,64 107.9 106.2 108.3 109.1 109.7 110.0 110.7 110.8 111.1 111.3 112.3 111.1 110.4 110.5 4.91 110.9 109.9 111.7 111.7 112.3 113.0 113.5 113.8 114.2 113.8 114.9 114.3 113.9 114.1 Crude oil 4.25 108.1 106.6 108.5 107.8 109.0 109.6 110.1 110.2 110.3 109 8 111.1 110.8 110 2 110 4 Gas and gas liquids .66 128.7 130.8 132.2 136.2 133.3 134.8 135.3 137.1 139.0 139.6 139.1 136.8 .73 87.4 81.6 84.9 91.5 92.0 89.8 91.3 90.1 90.5 94.0 94.4 89.2 "ti'.Z "86.*4 Metal, stone, and earth materials.,.. 1.43 112.2 775.2 114.7 116.4 117,0 775.5 117.9 779.2 774.9 777.7 775.7 118.0 725.3 727.5 .61 112.3 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.3 115.7 127.1 119.7 82 112.1 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 119.7 123.9 123.4 Utilities Electric 4.04 142.6 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5 159.3 157.2 157.4 155.0 Gas 1.28 131.9 133.3 133.9 134.6 135.2 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

310 INDUSTRIAL PRODUCTION: N.S.A. FEBRUARY 1965 MARKET GROUPINGS (1957-59= 100) 1957-59 1963 1963 1964 Grouping pro- averp ti o o r n - age Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index. 100.00 124.3 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.7 134.6 Final products, total 47.35 124.9 125.5 126.7 128.5 128.5 130.7 130.5 133.3 127.5 131.4 136.1 134.9 135.0 134.2 Consumer goods 32.31 125.2 124.0 126.1 128.9 127.7 130.3 130.0 133.2 126.3 131.5 137.1 136.0 134.7 132.3 Equipment, including defense... 15.04 124.2 128.8 128.0 127.5 130.1 131.5 131.8 133.5 130.1 131.1 134.0 132.4 135.6 138.3 Materials 52.65 123.7 123.9 124.9 128.1 129.6 132.6 133.9 134.5 127.8 134.2 136.8 135.0 136.3 135.0 Consumer goods Automotive products 3.21 141.2 154.2 151.9 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.4 Autos 1.82 149.5 172.7 165.4 m.i 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 Auto parts and allied products. 1.39 130.2 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.5 Home goods and apparel 10.00 123.1 117.5 121.6 132.9 129.8 130.5 129.5 131.2 120.0 134.2 135.1 141.6 138.2 129.3 Home goods , 4.59 129.6 132.9 129.5 137.4 138.6 138.3 135.6 140.5 126.8 136,4 147.4 150.2 151.7 147.0 Appliances, TV, and radios. . 1.81 125.1 123.4 124.7 138.7 137.8 135.9 130.0 136.8 110.4 120.2 144.1 145.8 148.5 138.5 Appliances 1.33 130.6 134.8 126.0 144.6 147.5 144.9 141.6 145.3 118.8 122.0 147.3 143.2 150.2 145.7 TV and home radios .47 109.5 91.3 121.0 122.2 110.2 110.5 97.4 112.9 86.6 115.1 134.8 153.1 143.5 118.4 Furniture and rugs 1.26 131.3 139.7 133.1 135.8 137.3 137.2 135.6 140.2 137.0 146.1 147.1 152.3 152.3 154.4 Miscellaneous home goods... 1.52 133.6 138.5 132.1 137.2 140.6 142.0 142.1 145.2 137.9 147.7 151.6 153.8 155.2 151.0 Apparel, knit goods, and shoes. 5.41 117.6 104.6 115.0 129.1 122.3 123.9 124.4 123.4 114.1 132.4 124.7 134.2 126.7 Consumer staples 19 JO 123.7 122.2 124.1 122.5 122.6 124.8 725.0 129.2 128.8 137.2 137.9 136.7 129.8 127.6 Processed foods 8.43 116.6 115.2 113.5 111.1 109.8 112.7 114.1 116.9 117.8 129.4 135.2 134.3 125.1 119.1 Beverages and tobacco 2.43 116.9 101.2 102.3 107.4 117.6 127.6 131.0 136.5 132.0 136.1 124.9 129.5| 116.3 Drugs, soap, and toiletries 2.97 140.1 139.8 141.1 139.7 139.4 142.8 144.6 153.8 140.8 152.4 154.1 154.9j 150.1 148 .*7 Newspapers, magazines, and books. 1.47 117.8 120.9 120.3 122.8 124.8 125.7 123.7 124.5 121.6 124.8 124.7 123.5 122.8 124.9 Consumer fuel and lighting 3.67 133.5 138.6 150.1 144.0 140.2 135.0 130.5 134.2 145.0 148,4 144.7 137.0; 135.4 Fuel oil and gasoline 1.20 116.9 120.2 120.5 119.9 116.4 114.7 116.3 120.3 123.5 122.3 120.4 119.0 119.2 iii.9 Residential utilities 2.46 141.5 • !• Electricity 1.72 146.7 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4 150.11 146.6 Gas .74 Equipment Business equipment 11.63 128.3 132.8 132.5 132.4 135.9 137.8 138.8 141.2 137.1 138.7 142.2 140.1 144.1 147.3 Industrial equipment 6.85 123.0 129.4 129.2 127.3 132.0 133.9 135.8 138.8 137.1 139.2 141.7 139.6 142.5 145.4 Commercial equipment 2.42 142.4 142.6 141.7 139.4 139.7 140.4 140.2 144.1 142.8 145.8 149.8 151.8 152.8 154.9 Freight and passenger equipment. 1.76 132.2 135.0 132.9 139.2 141.9 146.4 148.2 147.0 136.2 136.2 139.0 128.6 146.1 149.7 Farm equipment .61 121.6 125.8 131.8 142.0 147.3 147.3 140.5 139.9 115.8 111.9 125.9 133.5 122.1 131.2 Defense equipment 3.41 Materials Durable goods materials 26.73 121.2 121.1 121.1 125.3 127.4 131.2 133.9 134.9 127.7 132.6 136.3 131.3 135.2 134.6 Consumer durable 3.43 137.2 150.0 146.9 146.5 146.2 148.4 149.5 149.6 135.2 140.3 153.1 116.0 149.5 161.0 Equipment 7.84 125.4 130.7 130.4 130.8 131.8 133.0 133.8 134.6 129.7 131.6 135.7 136.8 139.0 143.1 Construction 9.17 116.3 110.6 108.0 113.3 116.0 122.6 127.8 132.0 129.5 134.5 133.3 130.6 126.3 118.8 Metal materials n.e.c 6.29 114.3 108.5 114.5 124.5 128.2 132.0 134.5 131.4 118.5 126.8 132.3 134.0 135.6 132.5 Nondurable materials 25.92 126.3 126.9 128.8 131.0 131.8 134.0 133.9 134.1 127.8 135.9 137.3 138.9 137.4 135.5 Business supplies 9.11 120.3 118.1 119.6 123.1 124.9 129.5 128.6 126.9 120.2 129.2 130.3 134.3 130.0 127.4 Containers 3.03 120.2 105.5 117.6 123.0 123.6 130.8 129.5 130.0 125.0 138.2 133.6 138.2 1"-2 5.*1 117.4 General business supplies. 6.07 120.4 124.4 120.5 123.2 125.6 128.8 128.2 125.4 117.7 124.6 128.7 132.4 132.4 132.3 Nondurable materials n.e.c.. 7.40 145.0 148.2 151.4 155.2 156.2 157.7 157.7 158.0 147.3 157.8 161.4 162.2 163.4 159.3 Business fuel and power 9.41 117.2 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.1 124.6 Mineral fuels 6.07 109.3 110.6 112.1 112.6 111.4 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.3 114.5 Nonresidential utilities 2.86 138.7 Electricity 2.32 139.5 139.9 141.5 138.9 iii.3 i-ii.9 146.0 152.5 158.9 162.9 159.9 152.6 147.7 General industrial 1.03 131.2 133.2 134.1 132.1 136.9 138.7 142.7 144.8 143.9 148.0 149.3 147.3 147.4 Commercial and other.. 1.21 149.6 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3 162.2 152.7 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 134.4 141.7 138,7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.4 156.3 Apparel and staples 24.51 122.3 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 124.7 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INDUSTRIAL PRODUCTION: N.S.A. 311 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i o r o 7 o r n - - - 59 a 1 a v 9 g e 6 e r 3 - D 19 e 6 c 3 . Jan. Feb. Mar. Apr. May June 1964 July Aug. Sept. Oct.r Nov.' Dec. Total index 100.00 124.3 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.7 134.6 86.45 124.9 125.2 125.8 129.1 130.0 133.0 133.7 135.2 127.9 133.1 137.4 136.0 137.1 135.7 48.07 124.5 127.3 126.7 129.5 131.3 134.1 134.8 136.4 128.8 129.6 136.8 132.2 138.5 140.1 38.38 125.3 122.6 124.7 128.5 128.4 131.7 132.3 133.6 126.7 137.4 138.2 140.8 135.4 130.3 Mining 8.23 107.9 107.0 107.9 108.3 107.6 109.8 111.7 112.6 107.0 113.0 113.3 114.5 113.4 111.6 Utilities 5.32 140.0 Durable manufactures 12.32 117.7 115.5 119.3 124.4 127.4 130.7 131.9 131.2 123.5 131.5 135.4 133.8 136.7 135.7 6.95 113.3 107.2 114.7 124.3 128.4 132.1 132.9 128.6 117.4 125.9 131.3 133.1 135.9 133.3 5.45 109.6 102.3 110.5 119.4 124.0 128.6 130.4 125.2 116.1 124.3 129.1 132.3 134.6 132.5 Nonferrous metals and products.. 1.50 126.7 125.3 130.0 142.0 144.2 144.6 142.2 141.0 122.3 131.7 139.5 136.4 140.2 136.5 5.37 123.4 126.2 125.1 124.7 126.2 128.9 130.6 134.5 131.3 138.8 140.7 134.6 137.8 138.7 Structural metal parts 2.86 120.2 124.1 121.9 121.0 122.8 125.3 127.5 132.2 131.2 135.6 137.0 132.5 137.8 139.0 Machinery and related products 27.98 128.7 135.3 133.7 134.7 136.0 138.1 137.9 139.8 130.9 126.8 137.7 130.2 141.2 146.2 Machinery .. 14.80 129.2 134.3 134.3 135.5 138.4 139.5 139.8 142.6 135.3 138.5 145.3 145.3 147.1 149.9 Nonelectrical machinery 8.43 126.9 134.4 135.1 135.3 140.5 142.2 143.1 145.3 140.0 138.8 143.1 142.8 145.1 150.2 Electrical machinery ... ... 6.37 132.3 134.3 133.3 135.8 135.6 135.8 135.4 139.0 129.1 138.0 148.1 148.7 149.9 149.5 Transportation equipment 10.19 127.0 137.0 133.4 135.0 134.3 138.5 137.7 138.4 125.1 109.1 128.5 108.3 135.0 144.6 4.68 146.1 162.2 157.0 160.1 158.1 166.7 165.0 167.4 142.0 106.7 145.8 102.3 155.0 174.5 Aircraft and other equipment.... 5.26 109.5 114.4 112.2 112.1 112.3 112.6 112.3 111.8 109.0 109.5 112.2 111.4 116.2 117.5 Instruments and related products... 1.71 130.2 134.3 131.3 131.6 132.2 132.7 133.3 136.1 135.0 138.5 140.1 139.1 142.7 143.8 1.28 Clay glass and lumber 4.72 114.4 106.6 104.2 112.0 113.9 120.4 125.4 129.2 126.0 132.4 129.9 128.2 121.1 110.8 Clay, glass, and stone products 2.99 117.5 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.3 1.73 108.9 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 94.4 3.05 129.1 133.9 127.8 129.6 131.5 133.1 133.1 138.3 135.5 143.4 144 8 149.2 148.2 146 4 1.54 133.1 140.1 234.6 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152.0 154.3 Miscellaneous manufactures 1.51 125.0 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144.3 138.3 Nondurable manufactures Textiles apparel and leather....... 7.60 118.5 109.9 117.6 129.5 124.7 124.7 126.2 125.1 113.0 131.4 126.0 132.3 128.5 117.9 Textile mill products 2.90 116.9 112.8 116.4 122.8 123.1 121.2 124.7 124.6 110.3 126.6 126 4 127 5 128 3 119 6 3.59 125.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.6 141.9 133.1 144.7 137.3 Leather and products .»••• 1.11 99.8 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.6 109.8 101.8 105.0 101.1 8.17 120.1 119.4 120.4 124.5 126.4 130.9 129.3 127.3 120.9 127.8 129.4 134.9 131.1 127.2 Paper and products 3.43 125.1 115.2 126.8 132.3 131.7 138.2 135.0 132.7 124.8 137.3 135.5 145.9 134.8 125.8 4.74 116.4 122.5 115.8 118.9 122.6 125.6 125.1 123.4 118.2 121.0 124 9 126.9 128.4 128 2 1.53 108.0 118.6 104.9 110.7 117.5 125.5 124.8 117.8 104.4 107.1 116.7 122.6 128.7 123.2 Chemicals, petroleum, and rubber.... 11.54 141.8 142.8 145.3 147.7 148.3 151.7 152.2 155.4 145.3 154.7 757.5 157.8 154.4 153.6 7.58 148.6 150.7 152.8 155.0 156.5 160.3 159.9 163.0 152.9 160.9 164 5 163 6 161 7 160 6 Industrial chemicals 3.84 162.7 169.7 172.2 175.0 176.6 179.3 176.5 178.1 170.9 176.6 183.1 180.8 182.3 Petroleum products 1.97 117.1 114.9 114.3 117.3 115.5 116.0 120.2 125.8 128.3 127.3 125 2 123 5 119 8 118 8 Rubber and plastics products 1.99 140.0 140.7 147.2 150.4 149.7 154.0 154.5 155.7 133.5 158.2 164.5 170.0 161.0 11.07 116.8 112.5 111.4 110.7 111.7 116.2 118.0 121.3 120.8 130.5 132 7 133 4 123 6 116 6 10.25 116.9 114.0 111.4 111.2 111.4 115.4 116.7 120.9 121.5 130.5 133.2 133.4 123.6 118 1 8.64 116.8 115.6 114.0 111.7 110.1 113.0 114.3 117.0 117.7 129.0 134 9 134 6 125 7 119 6 Beverages 1.61 117.8 105.2 97.7 108.6 118.2 127.8 129.5 141.7 141.8 138.4 124.6 127.0 112.7 Tobacco products .82 115.2 93.5 111.5 105.1 116.4 127.2 133.8 126.4 112.8 131.4 125.3 134.3 123.4 Mining 6.80 107.0 107.9 109.8 110.1 108.6 108.7 108.4 108.6 103.2 109.7 110.2 111.1 111 .7 HI .9 Coal 1.16 102.5 103.2 101.9 100.4 95.3 99.4 107.2 108.4 77.2 113.5 111.2 119 0 113 2 105 3 Crude oil and natural gas.......... 5.64 107.9 108.8 111.4 112.1 111.4 110.7 108.7 108.6 108.5 108.9 109.9 110.2 111.4 113.3 4.91 110.9 112.3 114.5 115.4 115.2 114.5 111.9 111.6 111.1 110.8 111.9 113.0 114.6 116 6 4.25 108.1 107.7 110.1 111.0 111.2 111.4 109.0 109.1 108.1 107.6 108 9 109 7 110 2 111 5 Gas and gas liquids .66 128.7 141.7 143.0 144.0 140.5 134.1 130.0 127.6 130.7 131.1 131.3 133.9 .73 87.4 85.5 90.4 89.3 85.3 85.1 87.3 88.2 91.1 96.2 96.4 91.4 Metal, stone, and earth minerals 1.43 112.2 102.5 98.7 100.1 102.7 114.8 127.0 131.8 125.0 128.8 128.4 128.0 121.6 110.3 .61 112.3 101.6 102.4 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125.8 123.8 116.9 107.7 .82 112.1 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125.1 112.3 Utilities Electric. 4.04 142.6 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3 Gas 1.28 131.9 .—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

312 BUSINESS ACTIVITY; CONSTRUCTION FEBRUARY 1965 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fa M ct a u n r u in - g 2 Prices 4 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Total Period Total Final products Mate- grouping5 t c r ti a o o c n n t - s m T p e e l o m o n t y a t - — l - i p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - s r a e l t e a s il 3 s C um on e - r W m c s o o h a m d l o e i l - t e y - Con- Equip- rials Min- Util- Total g s o u o m d e s r ment Mfg. ing ities 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 98.1 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 1964P 131 9 131 5 131 2 132.1 132.7 132 8 110.9 150.0 137 110 8 101 7 124 6 95 5 127 1963—Dec 127.0 128.0 128.0 128.1 125.9 127.9 107.3 143.0 148 109.1 100.4 121.2 93.9 123 107.6 100.3 1964—Jan 127.7 128.5 128.9 127.9 126.7 128.5 108.8 144.5 147 109.2 100.5 120.6 97.2 123 107.7 101.0 Feb 128.2 128.1 128.8 127.1 128.1 129.1 108.9 143.4 143 109.8 100.8 122.3 96.9 126 107.6 100.5 Mar 129.0 128.7 128.8 128.8 129.3 129.9 108.8 144.8 140 110.0 101.1 122.5 94.0 124 107.7 100.4 Apr 130.5 130.6 130.8 130.7 130.6 131.4 109.9 147.5 138 110.1 101.1 123.4 94.8 125 107.8 100.3 May..... 131.3 131.1 131.0 131.3 131.3 132.2 111.3 148.3 138 110.3 101.1 123.3 96.4 127 107.8 100.1 131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7 138 110.6 101.6 123.8 93.6 127 108.0 100.0 July . 132.9 132.3 132.1 132.7 133.6 133.9 110.9 151.4 140 110.9 101.9 124.3 94.5 128 108.3 100.4 Aug 133.8 133.3 133.1 133.6 134.7 134.5 111.9 154.5 121 111.0 102.0 126.0 93.2 130 108.2 100.3 Sept 134.0 132.5 132.0 133.7 135.6 134.9 111.9 153.2 131 111.3 102.9 127.6 96.4 130 108.4 100.7 Oct r131 2 130 3 129 2 132 6 132 2 131 7 '112 0 r153 8 136 111 2 100 5 122 9 94 6 125 108 5 100.8 Nov 134 8 134 6 133.6 136.7 135.4 135.8 112.8 152.1 143 112 1 103 2 127 9 98 5 127 108 7 100.7 Dec 137.0 137.0 136.8 137.6 136.9 138.5 112.0 152.0 154 112.7 103 9 130.4 99.1 133 108.8 100.7 1965—Jan.?' 137.7 137.5 137.2 138.1 137.6 139.1 112.0 153.0 112.9 104.4 132.3 100.4 131 101.0 1 Employees only, excludes personnel in the armed forces. NOTE.—Data are seasonally adjusted unless otherwise noted. 2 Production workers only. Construction contracts: F. W. Dodge Co. monthly index of dollar 3 Federal Reserve index based on Census Bureau figures. value of total construction contracts, including residential, nonresidential, 4 Prices are not seasonally adjusted. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; 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 1963 1964 type of construction Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 45,546 47,299 3,413 3,346 3,201 4,215 4,359 4,639 4,504 4,601 3,760 3,762 4,029 3,757 3,598 By type of ownership: Public 14,653 15,371 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1 101 1 124 1 310 1 174 1 230 Private 30,893 31,928 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658 2 638 2 719 2 583 2 368 By type of construction: Residential building 20,502 20,561 1,325 1,372 1,427 1,991 2,006 2,050 1,996 2,000 1,679 1 717 1 702 1 482 |jy Nonresidential building 14,377 15,495 1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548 1,275 1,228 1,425 1,263 10,667 11,244 985 816 692 972 933 1,227 1,107 1,054 807 817 902 1,012 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

FEBRUARY 1965 CONSTRUCTION 313 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 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1.275 5,682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 1,344 6,494 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 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 1,371 C5,854 1 581 8,342 1962 59,453 41,695 24,292 12,222 2,949 4,955 4,318 5,181 17,758 1,222 6,378 1,754 8,404 1963 62,451 43,772 25,843 12,656 2,962 5,200 4,494 5,273 18,679 6,670 1964-» 65,962 45,915 26,540 13,738 3,333 5,635 4,770 5,637 20,047 2'298 1964 Jan 64,684 45,440 26,907 13,106 3,060 5,499 4,547 5,427 19,244 6,685 2,185 Feb 65,528 46,274 27,600 13,151 3,058 5,546 4,547 5,523 19,254 6,169 2,273 Mar 66 509 46 923 28 123 13 260 3 074 5 668 4 518 5 540 19 586 6 796 2 341 Apr 66,615 46,449 27,538 13,297 3,076 5,561 4,660 5,614 20,166 7,068 2,371 May 64,983 45,780 26,678 13,437 3,149 5,542 4,746 5,665 19,203 6,410 2,404 June 66,576 46,006 26,612 13,598 3,204 5,562 4,832 5,796 20,570 6,888 2,402 July 66,641 46,261 26,708 13,736 3,334 5,574 4,828 5,817 20,380 7,549 2,368 Auu 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 65,335 45,521 25,679 14,231 3,540 5,776 4,915 5,611 19,814 6,667 2,199 Nov 65 588 45 497 25,642 14,297 3 655 5 767 4 875 5 ^58 20 091 7,151 2 193 Dec v 66,737 45,707 25,771 14,389 3,791 5,639 4,959 5,547 21,030 7,500 2.170 1965 Jan v 66,086 45,832 25,952 14,362 3,818 5,582 4,962 5,518 20,254 2 116 .. . . 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) underwritten Period Total N fa o rm n- Total p M o e li t t r a o n - p m N o e l o i t t r n a o - n - Total fam 1- il P y rivat f e am 2- ily f M am ul i t l i y - Public Total FHA VA 1955 1.646 1,627 19 670 277 393 1956 349 1 325 24 465 195 271 1957 ,224 1,175 49 322 193 128 1958 ,382 1,314 68 439 337 102 1959 . ... ,554 1,077 All 1,517 1,234 56 227 37 458 349 109 I960 ,296 889 407 1,252 995 44 214 44 336 261 75 1961 ,365 948 417 1,313 975 44 295 52 328 244 83 1962 ,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 ,641 1,151 490 1,609 1,021 53 535 12 292 221 71 1964 V 576 1 113 463 PI 544 P32 264 205 59 1963—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 1 17 12 4 Mar 1,663 1,638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 1,501 152 103 50 149 91 6 52 4 23 18 5 May 1,529 1,507 161 115 45 158 101 5 52 3 29 23 5 1,611 1,585 164 118 46 159 102 5 51 6 25 19 6 JUly 1,505 1,483 145 103 42 143 92 4 47 2 26 20 6 AUK 1,430 1,408 145 97 48 142 90 4 47 3 23 18 5 Sept 1,457 1,433 126 90 36 123 80 4 40 3 23 18 5 Oct 1,591 1,559 143 99 44 141 90 5 46 2 24 19 5 Nov P1,430 P1,404 p\ 11 76 35 P109 69 4 37 P? 21 16 5 Dec Pl.541 *>l,502 ?93 67 27 P92 Pi 17 13 4 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

314 EMPLOYMENT FEBRUARY 1965 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Unemploy- Total non- Total Employed1 Not in the ment Period institutional labor rate 2 population force Total In nonagri- In U pl n o e y m ed - (pe S r .A ce . nt) Total cultural agriculture industries 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 1964 134,143 76,971 74,233 70,357 65,596 4,761 3,876 57,172 5.2 1964—Jan 133,200 74,514 71,793 67,228 63,234 3,993 4,565 58,685 r5.5 Feb . .. 133,358 75,259 72,527 68,002 64,071 3,931 4,524 58,099 5.4 Mar 133 519 75,553 72,810 68,517 64,500 4,017 4,293 57,965 5.4 Apr 13^,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 r5.2 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 r5.0 Aus . ..... 134,400 78,509 75,758 72,104 66,704 5,400 3,654 55,891 5.1 Sept 134,586 76,865 74,122 70,805 65,575 5,230 3,317 57,721 r5.1 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 r4.9 Dec 135,135 76,567 73,841 70,375 66,590 3,785 3,466 58,568 r5.0 1965—Jan 135,302 75,699 72,992 68,996 65,257 3,739 3,996 59,603 4.8 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. obtained on a sample basis. Monthly data relate to the calendar week 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 that contains the 12th day; annual data are averages of monthly figures. increased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T ti l o i r c a n n u s & t p il o i p t r u i t e b a s - - Trade Finance Service G m ov e e n r t n - - "^ 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 1964* 58,178 17,301 636 3,105 3,974 12,184 2,945 8,532 9,501 SEASONALLY ADJUSTED 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 . ... 58,382 17,171 638 3,106 3,996 12,278 2,964 8,633 9,596 Nov 58,878 17,505 639 3,162 3,997 12,311 2,970 8 634 9 660 Dec P 59,187 17,608 636 3,247 4,022 12,349 2,977 8,649 9,699 1965—Jan. *> 59,280 17,689 634 3,223 3,939 12,424 2,980 8,684 9,707 NOT SEASONALLY ADJUSTED 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 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 Auc 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 59,164 17,428 644 3,376 4,028 12,341 2,961 8 676 9 710 Nov 59,441 17,638 643 3,273 4,013 12,518 2,958 8,608 9 790 Dec P 59,917 17,586 634 3,055 4,026 13,152 2,959 8,580 9,925 1965—Jan.p 58,221 17,442 620 2,827 3,880 12,252 2,950 8,510 9,740 * Data include Alaska and Hawaii beginning with 1959. ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 EMPLOYMENT AND EARNINGS 315 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Jan. Nov. Jan. Nov. Dec.P Total 12,659 12,993 13,084 13,150 12,435 13,125 13,064 12,923 Durable goods 7,124 7,376 7,450 7,498 7,029 7,454 7,454 7,401 Ordnance and accessories 115 102 100 100 116 103 102 101 Lumber and wood products 535 532 537 535 504 534 522 504 Furniture and fixtures 326 340 344 349 322 346 345 345 Stone, clay, and glass products 490 500 502 502 461 506 490 472 Primary metal industries 958 1,038 1,041 1,042 950 1,026 1,032 1,033 Fabricated metal products 903 933 945 957 891 946 948 945 Machinery except electrical 1,091 1,145 1,156 1,159 1,089 1,131 1,150 1,157 Electrical machinery 1,026 1,065 1,078 1,087 1,028 1,086 1,092 1,089 Transportation equipment 1,134 1,156 1,180 1,199 1,149 1,192 1,214 1,215 Instruments and related products 232 235 237 238 231 238 238 237 Miscellaneous manufacturing industries. 314 330 330 330 289 347 322 304 Nondurable goods • 5,535 5,617 5,634 5,652 5,406 5,671 5,610 5,522 Food and kindred products 1,157 1,151 1,156 1,161 1,088 1,168 1,133 1091 Tobacco manufactures 75 76 76 75 85 80 76 Textile-mill products 799 812 813 787 813 809 801 Apparel and other finished textiles 1,146 1,181 1,185 1,189 1,121 1,195 1,180 163 Paper and allied products 489 496 495 496 484 499 496 491 Printing, publishing and allied industries 597 605 611 612 593 612 616 608 Chemicals and allied products 526 530 531 532 520 527 527 525 Products of petroleum and coal 118 114 113 113 115 113 111 110 Rubber products 322 337 339 344 321 343 342 343 Leather and leather products 306 315 316 316 304 317 318 314 NOTE.—Bureau of Labor Statistics; data cover production and related the pay period ending nearest the 15th of the month. workers only (full- and part-time) who worked during, or received pay for, 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 1964 1965 1964 1965 1964 1965 Jan. Nov. Jan. Nov. Jan.*3 Jan. Nov. Total 40.2 40.9 41.2 41.4 100.30 104.70 106.81 105.52 2.52 2.56 2.58 2.58 Durable goods 41.1 41.6 42.0 42.3 109.21 113.57 116.75 115.37 2.69 2.73 2.76 2.76 Ordnance and accessories 40.7 40.4 40.7 41.2 121.47 124.24 126.38 127.51 2.97 3.06 3.06 3.08 Lumber and wood products 39.1 39.9 40.3 39.9 80.29 84.53 84.16 82.74 2.08 2.14 2.12 2.10 Furniture and fixtures 40.1 41.5 41.8 41.8 79.59 86.53 88.40 85.49 2.02 2.07 2.08 2.08 Stone, clay, and glass products 40.8 41.5 42.1 41.6 99.50 107.33 105.88 104.34 2.50 2.58 2.57 2.57 Primary metal industries 41.2 42.2 42.2 42.2 125.77 130.83 132.71 132.19 3.06 3.13 3.13 3.14 Fabricated metal products 41.5 42.0 42.3 42.5 108.39 112.98 115.60 113.97 2.65 2.69 2.72 2.72 Machinery except electrical 41.8 42.8 43.0 43.0 118.43 122.83 126.14 124.84 2.84 2.89 2.92 2.91 Electrical machinery 40.2 40.9 41.1 41.3 100.00 103.73 106.50 105.22 2.50 2.53 2.56 2.56 Transportation equipment 41.9 41.5 42.8 43.8 127.82 132.82 140.48 138.45 3.08 3.14 3.20 3.19 Instruments and related products 40.1 41.1 41.3 41.5 100.15 106.40 107.74 106.55 2.51 2.57 2.59 2.58 Miscellaneous manufacturing industries. 38.7 39.7 40.0 40.1 80.26 83.20 85.44 84.56 2.09 2.08 2.12 2.13 Nondurable goods 39.1 40.0 40.0 40.0 88.24 92A1 93.26 92.27 2.28 2.31 2.32 2.33 Food and kindred products 40.8 41.0 41.3 41.4 95.91 98.64 99.77 99.80 2.38 2.40 2.41 2.44 Tobacco manufactures 37.8 38.5 39.7 38.5 72.69 74.30 82.62 75.20 1.97 1.94 2.03 2.00 Textile-mill products 40.7 41.5 41.8 42.1 70.40 76.68 77.04 75.76 1.76 1.83 1.83 1.83 Apparel and other finished textiles 34.7 36.4 36.5 36.5 60.34 65.70 65.16 64.62 1.78 1.81 1.80 1.81 Paper and allied products 42.6 42.4 42.6 42.8 106.09 109.82 111.11 109.56 2.52 2.59 2.59 2.59 Printing, publishing and allied industries 38.1 38.4 38.6 38.4 110.75 114.82 117.39 114.30 2.93 2.99 3.01 3.00 Chemicals and allied products 41.3 41.7 41.6 41.6 113.85 118.01 118.71 117.99 2.77 2.83 2.84 2.85 Products of petroleum and coal 41.3 41.7 41.9 41.6 132.16 134.69 135.20 136.03 3.20 3.23 3.25 3.27 Rubber products 40.9 41.3 41.1 42.0 101.25 105.73 106.91 106.91 2.50 2.56 2.57 2.57 Leather and leather products 36.6 38.1 38.2 37.7 66.95 69.37 71.76 71.23 1.79 1.84 1.84 1.85 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 PRICES FEBRUARY 1965 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m i e p e r- - F c a o o u n i a e d l l l t e r G a i l c n e a i c d t s - y o n F i t p a n i i e u n o s g r h r d n s a - - - A u p p a p n k a e d r e e p l T p t o r i a o r n t n a s - - Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e t a i c i e n n o r a e g 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 1929 59.7 55.6 85.4 1933 . 45.1 35.3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98.5 1958 100.7 101.9 100.2 100.1 100.4 99 0 100.3 99.9 99 8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 . 105.4 103.6 104.8 105.7 105.6 102 1 107 9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 106.7 105.1 106.0 106.8 107.0 104.0 107.9 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1963—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 j 964—Jan 107.7 105.8 106.9 107.3 108.5 106.6 108.1 102.7 105.0 109.4 112.7 118.2 108.5 113.1 108.3 Feb 107.6 106.0 106.9 107.5 108.8 106.6 106.2 102.7 105.1 108.6 112.9 118.5 108.4 113.3 108.4 Mar 107.7 105.7 107.1 107.5 108.9 106 1 107.1 102.8 105.3 108.9 113.1 118.7 108.7 113.6 108.5 Apr 107.8 105.7 107.0 107.7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 108.7 114.0 108.6 May 107.8 105.5 106.9 107.7 108.4 102.1 108.0 102.9 105.7 109.1 113.5 119.1 108.9 114.1 108.7 June 108.0 106.2 107.1 107.8 108.7 101 4 108.1 102.9 105.7 109.2 113.5 119.3 109.1 114.0 108.7 July 108.3 107.2 107.1 107.8 108.9 100.9 107.9 102.8 105.5 109.4 113.7 119.5 109.3 114.1 108.9 Aufi 108.2 106.9 107.2 107.9 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119.8 109.4 114.2 108.9 Sept 108.4 107.2 107.4 107.9 109.5 101 5 108.2 102.8 105.9 108.9 113.9 119.7 109.5 114.3 109.0 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 Nov 108.7 106.8 107.7 108.3 109.8 103.7 108.1 102.9 106.4 110.0 114.2 120.2 109.7 114.9 109.1 Dec . . 108.8 106.9 107.8 108.4 110.0 105.8 108.3 102.9 106.6 110.5 114.3 120.3 110.0 114.9 109.2 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il e t e c x s . - , 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 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100. 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 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 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3 1963 100.3 95.7 101.1 100.7 100.5 104.2 99,8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1964? 100.5 94.3 101.0 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2 1963—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. 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 98.6 101.3 107.1 109.5 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 98.6 101.3 107.3 107.2 June 100.0 93.2 100.2 100. 101.0 104.8 96.3 96.5 91.6 101.4 98.7 102.3 103.0 98.5 101.4 107.4 106.7 July. 100.4 94.1 101.2 101. 101.1 105.4 96.7 96.6 91.8 101.2 98.7 102.5 103.1 98.6 101.5 107.3 107.5 Aug. 100.3 93.6 101.0 101. 101.2 105.6 96.4 96.5 91.8 100.9 98.7 103.0 102.9 98.6 101.7 107.5 107.3 Sept. 100.7 95.7 102.2 101. 101.2 105.4 95.2 96.6 91.9 100.6 98.7 103.0 102.9 98.6 101.8 107.5 109.2 Oct.. 100.8 93.8 101.7 101.5 101.4 106.0 96.7 96.9 92.1 100.3 99.1 103.8 103.0 98.5 101.8 107.6 110.1 Nov. 100.7 94.0 100.9 101.6 101.4 r105.5 '97.6 97.1 92.2 99.6 98.9 104.3 103.2 '98.5 101.8 107.5 108.5 Dec. 100.8 92.8 100.8 101.8 101.5 105.4 98.2 97.2 92.1 99.4 98.9 104.7 103.1 98.5 101.8 107.5 110.7 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 PRICES 317 WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 1964 Group Group Dec. Oct. Nov. Dec Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 94.8 98.2 108.0 99.2 Woodpulp 94.4 97.5 96.8 96.8 Grains 101.8 88.9 88.0 90.1 Wastepaper 90.8 92.2 92.5 95.9 Livestock and poultry 79.9 85.8 83.6 83.1 Paper 102.9 104.0 104.0 103.6 Plant and animal fibers 101.4 93.8 93.9 92.6 Paperboard 96.5 96.4 96.4 96.4 Fluid milk 103.4 104.5 105.4 105.3 Converted paper and paperboard... 99.5 98.1 97.9 97.9 Eggs 99.8 97.7 91.6 85.3 Building paper and board 95.2 94.3 93.9 93.9 Hay and seeds 114.6 111.0 115.6 116.7 Other farm products 90.6 99.3 98.4 98.3 Metals and Metal Products: Processed Foods: Iron and steel 100.0 100.7 100.9 101.1 Nonferrous metals 101.0 110.4 112.0 113.4 Cereal and bakery products 106.9 108.2 108.3 108.1 Metal containers 104.6 105.6 105.6 105.6 Meat, poultry, and fish 87.7 93.2 89.8 88.8 Hardware 104.3 104.8 104.8 104.8 Dairy products and ice cream 108.1 108.9 109.5 108.9 Plumbing equipment 100.6 103.9 104.1 104.1 Canned and frozen fruits, and veg- Heating equipment 92.7 91.8 '91.9 92.2 etables 106.8 102.7 102.3 101.9 Fabricated structural metal products. 98.8 99.6 100.0 Sugar and confectionery 124.9 105.8 104.7 107.1 Fabricated nonstructural metal prod- Packaged beverage materials 85.7 98.2 98.2 98.2 ucts 108.2 108.2 1C8.2 108.3 Animal fats and oils 88.4 109.8 107.3 107.8 Crude vegetable oils 76.7 96.1 106.2 105.9 Machinery and Motive Products: Refined vegetable oils 77.4 91.2 99.0 98.0 Vegetable oil end products 88.2 90.4 94.4 100.1 Agricultural machinery and equip.... 111.9 112.9 113.8 114.0 Miscellaneous processed foods 107.4 109.1 110.3 111.2 Construction machinery and equip.... 111.2 112.4 113.4 113.5 Metal working machinery and equip... 110.8 114.0 114.1 114.2 Textile Products and Apparel: General purpose machinery and equipment 104.6 104.8 104.9 105.0 Cotton products 101.5 99.0 99.1 99.4 Miscellaneous machinery 103.7 105.1 105.1 104.2 Wool products 102.8 103.1 103.3 102.8 Special industry machinery and Man-made fiber textile products.... 94.6 96.1 96.5 96.8 equipment (Jan. 1961= 100) 105.0 106.0 106.4 106.5 Silk products 126.3 116.6 117.8 117.4 Electrical machinery and equip 97.7 96.5 r96.5 96.3 Apparel 102.3 103.3 103.2 103.2 Motor vehicles, 99.9 100.7 100.7 100.8 Other textile products 115.3 120.7 il9.4 118.5 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 76.3 95.4 r90.7 90.2 Furniture and Other Household Dura- Leather 99.5 104.8 i03.9 103.7 bles: Footwear 108.2 109.1 109.0 109.0 Other leather products 103.3 103.6 '103.9 104.0 Household furniture 104.7 105.5 105.6 105 6 Commercial furniture 103.1 103.2 103.2 103.3 Fuels and Related Products, and Power: Floor coverings 98.0 99.0 99.0 99.0 Household appliances 91.1 91.2 '90.9 90.8 Coal 98.3 97.7 98.0 98.2 Television, radios, and phonographs. 87.3 87.3 87.2 87.2 Coke 103.6 107.3 107.3 107,3 Other household durable goods 103.3 104.3 104.3 104.4 Gas fuels (Jan. 1958= 100) 124.8 120.4 123.1 125.4 Electric power (Jan. 1958= 100) 101.3 101.5 101.4 101.3 Petroleum products, refined 96.1 91.9 93.3 94.0 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 101.0 103.1 103.1 102.1 Concrete ingredients 103.1 102.8 102.9 102.9 Industrial chemicals 94.3 94.3 94.1 94.2 Concrete products 101.4 101.1 101.1 101.1 Prepared paint 105.1 104.8 104.9 105.1 Structural clay products 103.5 104.8 104.9 105.1 Paint materials 91.0 90.5 91.3 91.2 Gypsum products 106.1 108.6 108.6 108.6 Drugs and Pharmaceuticals 95.0 94.6 94.7 94.7 Prepared asphalt roofing 87.4 91.2 91.2 91.2 Fats and oils, inedible 85.0 107.7 112.6 117.0 Other nonmetallic minerals 101.4 101.5 101.5 101.5 Mixed fertilizers 103.5 104.3 104.5 104.7 Fertilizer materials 98.4 99.6 101.0 100.7 Tobacco Products and Bottled Bever- Other chemicals and products 99.1 99.8 99.6 99.6 ages: Rubber and Products: Tobacco products 105.9 106.1 106.1 106.1 Alcoholic beverages 101.0 100.8 100.5 100.5 Crude rubber 89.9 91.3 92.1 90.3 Nonalcoholic beverages 127.7 128.1 128.1 128.1 Tires and tubes 91.4 88.0 88.0 88.4 Miscellaneous rubber products 97.9 96.5 96.5 96.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.1 101.1 100.9 101.0 Manufactured animal feeds 119.7 115.3 112.4 116.4 Lumber 99.2 100.4 99.2 99.1 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 106.3 109.0 109.0 109.0 Jewelry, watches, photo equipment.. 103.6 103.9 103.9 103.9 Plywood 92.4 91.2 90.7 90.3 Other miscellaneous products 101.4 103.1 103.2 103.0 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 NATIONAL PRODUCT AND INCOME FEBRUARY 1965 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964P IV III IV Gross national product 104.4 56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6 Personal consumption expenditures. 79.0 46.4 81.9 195.0 328.2 337.3 356.8 375.0 399.3 381.3 390.0 396.1 404.6 406.5 Durable goods 9.2 3.5 9.7 30.4 44.9 43.7 48.4 52.1 57.0 53.6 55.9 57.0 58.7 56.3 Nondurable goods 37.7 22.3 43.2 99.8 151.8 155.4 162.0 167.5 177.3 168.9 172.9 175.3 179.5 181.3 Services 32.1 20.7 29.0 64.9 131.5 138.3 146.4 155.3 165.1 158.8 161.1 163.8 166.4 169.0 Gross private domestic investment. 16.2 1.4 18.1 50.0 71.8 68.8 79.1 82.0 87.7 87.1 85.9 87.2 87.3 90.4 New construction 8.7 1.4 6.6 24.2 40.7 41.0 44.2 46.6 48.9 48.3 49.2 48.9 48.9 48.7 Residential, nonfarm 3.6 .5 3.5 14.1 21.1 21.1 23.6 25.2 26.0 26.2 26.9 26.2 25.7 25.1 Other 5.1 1.0 3.1 10.1 19.7 19.8 20.6 21.3 22.9 22 A 22.3 22.7 23.1 23.6 Producers' durable equipment.. 5.9 1.6 6.9 18.9 27.6 25.9 29.0 31.0 35.1 32.4 34.2 34.6 35.6 36.0 Change in business inventories., 1.7 -1.6 4.5 6.8 3.5 1.9 5.9 4.4 3.7 6.4 2.5 3.7 2.8 5.7 Nonfarm only 1.8 -1.4 4.0 6.0 3.2 1.5 5.3 3.9 3.6 6.0 2.2 3.4 2.7 6.1 Net exports of goods and services. .8 .2 1.1 .6 3.0 4.6 4.0 4.4 7.0 5.8 7.7 5.7 7.0 7.7 Exports 7.0 2.4 6.0 13.1 26.3 27.6 29.2 30.7 35.2 32.6 34.5 33.7 35.7 37.1 Imports 6.3 2.3 4.8 12.5 23.3 23.0 25.2 26.3 28.2 26.9 26.8 27.9 28.7 29.4 Government purchases of goods and services. 8.5 8.0 24.8 39.0 99.6 108.0 116.3 122.6 128.6 124.8 125.2 129.6 129.5 130.0 Federal 1.3 2.0 16.9 19.3 55.7 57.4 62.9 64.7 65.5 64.9 64.3 67.1 65.5 65.3 National defense 1 13.8 14.3 45.7 49.0 53.6 55.2 55.4 55.3 54.0 57.0 55.2 55.3 Other > 1.3 2.0 r 3.2 5.2 8.0 8.9 10.2 10.3 11.2 10.5 11.5 11.0 11.2 11.3 Less: Government sales .1 .6 .6 .9 .8 1.1 .9 1.2 .9 .9 1.2 State and local 7.2 6.0 7.8 19.7 46.5 50.6 53.5 57.9 63.0 59.9 60.9 62.5 64.1 64.6 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 502.0 508.0 513.5 519.6 522.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally Business; U.S. Income and O utput, 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 1960 1961 1962 1963 1964* IV III IV* National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 Compensation of employees 51.1 29.5 64.8 154.2 293.6 302.2 323.1 340.3 361.7 347.7 352.5 358.6 364.8 370.6 Wages and salaries 50.4 29.0 62.1 146.4 271.3 278.8 297.1 312.1 331.6 318.8 323.2 328.7 334.4 339.9 Private 45.5 23.9 51.9 124.1 222.9 227.0 241.6 252.9 267.4 257.6 260.8 265.3 269 A 274.0 Military .3 .3 1.9 5.0 9.9 10.2 10.8 10.9 11.8 11.7 11.7 11.7 11.8 11.9 Government civilian 4.6 4.9 8.3 17.3 38.5 41.6 44.7 48.3 52.4 49.6 50.7 51.7 53.2 54.0 Supplements to wages and salaries .7 .5 2.7 7.8 22.3 23.4 25.9 28.2 30.1 28.8 29.4 29.9 30.4 30.7 Employer contributions for social insurance .1 .1 2.0 4.0 11.3 11.8 13.6 15.1 16.0 15.4 15.7 15.9 16.2 16.2 Other labor income , .6 .4 .7 3.8 11.0 11.6 12.3 13.1 14.1 13.4 13.7 14.0 14.2 14.5 Proprietors' income 14.8 5.6 17.4 37.5 46.2 48.2 49.8 50.6 52.0 51.5 51.2 51.7 52.1 52.8 Business and professional 8.8 3.2 10.9 23.5 34.2 35.3 36.6 37.6 39.3 38.3 38.6 39.1 39.6 39.9 Farm 6.0 2.4 6.5 14.0 12.0 12.9 13.2 13.0 12.7 13.2 12.6 12.6 12.6 12.9 Rental income of persons 5.4 2.0 3.5 9.0 12.1 12.2 12.2 12.3 12.4 12.4 12.4 12.4 12.4 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 44.5 44.1 48.4 50.8 57.0 53.1 56.4 57.9 58.1 Profits before tax. 9.6 .2 17.0 40.6 44.3 44.2 48. 57.3 57.2 54.3 56.6 57.9 58.0 Profits tax liability 1.4 .5 7.6 17.9 22.3 22.3 23.2 24.6 25.6 26.0 25.4 26.0 26.0 Profits after tax 8.3 — .4 9.4 22.8 22.0 21.9 25.0 26.7 31.6 28.3 31.2 31.9 32.0 Dividends 5.8 2.1 4.5 9.2 14.5 15.2 16.5 18.0 19.8 19.1 19.4 19.8 20.0 20.2 Undistributed profits 2.4 -2.4 4.9 13.6 7.5 6.7 8.5 8.7 11.8 9.2 11.8 12.1 12.0 Inventory valuation adjustment -2.1 -2.5 -5.0 .2 -.1 -.2 -1.2 -.2 -.1 .1 -.7 Net interest 6.4 5.0 4.5 5.5 18.1 20.1 22.1 24.4 26.8 25.4 25.9 26.5 27.1 27.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 NATIONAL PRODUCT AND INCOME 319 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964* IV II III IV Gross national product. 104.4 56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 43.0 44.5 48.7 50.8 53.4 51.7 52.5 53.1 53.7 54.4 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 46.4 49.0 52.8 55.9 59.4 57.3 57.9 59.0 60.1 60.7 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 9 7 . . 5 4 .8 2.2 2.4 2.4 2.4 2.5 2.4 2.5 2.5 -1 2 . . 4 5 2.5 -.7 -3.0 -2.6 -1.8 -2.7 -1.7 -1.8 -1.6 -2.4 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .5 1.6 1.6 1.0 .9 .7 1.0 .7 1.0 Equals: National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 44.5 44.1 48.4 50.8 57.0 53.1 56.4 57.9 58. Contributions for social insurance .2 2.8 6.9 20.6 21.4 23.9 26.9 28.7 27.5 28.0 28.4 29.0 29.3 Excess of wage accruals over disbursements .1 -.1 Plus: Government transfer payments .9 1.5 2.6 14.3 27.3 31.3 32.3 34.3 35.7 34.7 35.9 35.5 35.5 35.9 Net interest paid by government 1.0 1.2 1.3 4.8 7.8 7.4 8.0 8.6 9.2 8.8 9.1 9.3 9.2 9.3 Dividends 5.8 2. 4.5 9.2 14.5 15.2 16.5 18.0 19.8 19.1 19.4 19.8 20.0 20.2 Business transfer payments .6 .7 .5 2.2 2.4 2.4 2.4 2.5 2.4 2.5 2.5 2.5 2.5 Equals: Personal income 85.8 47.2 96.3 228.5 401.3 417.6 442.4 464.1 491.4 474.5 480.9 487.9 494.5 502.2 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.8 51.4 52.9 57.9 61.6 59.5 63.3 61.4 57.7 58.8 60.2 Federal 1.3 .5 2.0 18.2 44.0 45.1 49. 51.9 49.0 53.4 51.2 47.3 48.2 49.3 State and local 1.4 1.3 2.6 10.6 10.2 10.5 10.6 10.9 1.0 7.3 7.8 9.6 9.9 Equals: Disposable personal income 83.1 93.0 207.7 384.6 431.8 419.5 430.2 435.6 442.1 45.7 349.9 364.7 402.5 411.2 Less: Personal consumption expenditures.. 79.0 81.9 195.0 356.8 399.3 390.0 396.1 404.6 406.5 46.4 328.2 337.3 375.0 381.3 Equals: Personal saving 4.2 11.1 12.6 27.8 32.5 29.5 34.0 31.0 35.5 -.6 21.7 27.3 27.5 29.9 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 360.7! 366.7 374.7 378.8 383.1 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 1963 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec33 Totafpersonal income 464.1 491.4 477.1 1479.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.7 Wage and salary disbursements 312.1 331.6 320.0 320.8 323.6 325.1 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.4 Commodity-producing industries... 123.3 129.8 126.0 125.6 127.1 127.4 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.4 Manufacturing only 98.0 103.0 100.2 100.0 100.7 101.1 702.5 102.3 702.7 705.0 103.8 705.7 103.4 705.5 106.6 Distributive industries 80.3 84.9 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.6 Service industries 49.3 52.6 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.2 Government 59.2 64.2 61.5 62.1 62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 Other labor income. 13.1 14.1 13.5 13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.2 14.3 14.4 14.5 14.5 Proprietors' income. 50.6 52.0 51.6 51.1 51.3 51.2 57.5 51.7 57.9 57.9 52.2 52.4 52.5 52.8 53.1 Business and professional. 37.6 39.3 38.4 38.3 38.7 38.8 39.0 39.1 39.3 39.5 39.6 39.7 39.8 39.9 40.0 Farm 13.0 12.7 13.2 12.8 12.6 12.4 12.6 12.6 12.4 12.6 12.7 12.7 12.9 13.1 12.5 Rental income 12.3 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.4 Dividends 18.0 19.8 20.1 19.3 19.4 19.6 19.8 19.9 20.0 20.0 19.9 19.9 19.9 20.6 19.8 Personal interest income. 32.9 36.0 34.4 34.7 35.0 35.3 35.7 35.9 36.0 36.2 36.5 36.7 36.9 37.2 35.5 Transfer payments 36.7 38.2 37.2 139.7 37.5 37.8 38.0 37.6 37.8 38.0 38.0 38.3 38.4 38.4 38.2 Less: Personal contributions for social insurance 11.8 12.7 12.1 12.2 12.3 12.4 12.5 12.5 12.6 12.7 12.8 12.9 12.9 13.0 13.1 Nonagricultural income. 446.6 474.2 459.5 1462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.0 Agricultural income 17.5 17.2 17.5 17.2 17.0 16.8 17.0 17.1 17.2 16.9 17.1 17.2 17.3 17.5 17.7 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally vto 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

320 FLOW OF FUNDS FEBRUARY 1965 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transaction category, 1959 1960 1961 1962 1963 or sector III IV II III IV II III I. Saving and investment 1 Gross national saving 116.1 119.4 116.1 130.4 140.3 132.6 132.2 132.5 140.0 141.6 147.3 1458 148.8 152.0 2 Households 73.7 73.5 78.0 83.9 88.2 83.3 84.3 84.9 87.4 87.8 92.4 94.5 100.3 98.9 3 Farm and noncorp. business 11.7 11.9 11.8 12.4 14.0 12.5 12.9 13.4 13.9 14.3 14.5 12.8 13.1 13.6 4 Corporate nonfin. business 33.8 32.6 33. 38.4 39.4 39.0 40.3 39.4 39.0 40.0 39.1 43.2 44.2 44.7 5 U.S. Government -2.1 2.4 -5.2 -5.2 -2.9 -3.7 -5.6 -5.9 -2.8 -2.0 -3.9 -9.5 -6.9 6 State and local govt -3.8 -3.3 2 -2.2 -2.4 -2.1 -2.5 -2.8 -2.2 -2.3 -2.6 -2.7 -2.9 7 Financial sectors 2.8 2.3 3.1 4.1 3.5 2.8 3.4 4.7 3.9 4.2 3.3 4.5 8 Gross national investment 114.4 117.3 114.4 128.8 136.6 129.7 130.9 130.2 134.5 136.4 145.5 147.1 148.3 144.8 9 Consumer durable goods 43.6 44.9 43.7 48.4 52.1 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0 58.7 10 Business inventories 6.6 3.5 1.9 5.9 4.4 5.1 5.4 3.6 3.6 4.2 6.4 2.5 3.7 2.8 11 Gross pvt. fixed investment 66.1 68.2 66.8 73.2 77.6 75.2 74.6 74.3 76.7 78.6 80.7 83.4 83.4 84.2 11 12 Households 22.1 21.6 20.0 21.4 21.9 21.7 22.4 21.6 21.5 22.2 22.4 22.4 22.8 23.1 12 13 Nonfinan. business 43.3 46.1 46.1 51.2 54.7 52.9 51.8 52.1 54.3 55.3 57.0 59.8 60.1 60.7 13 14 Financial sectors .5 .7 .6 1.0 .5 .4 .6 .9 1.2 1.3 1.2 .4 .4 14 15 Net financial investment -1.9 .7 2.0 1.3 2.5 1.0 .7 1.2 2.7 1.4 4.8 5.3 4.1 -.9 15 16 Discrepancy (1-8) 1.7 2. 1.7 1.6 3.7 2.9 1.3 2.3 5.5 5.2 -1.3 7.2 16 II. Financial Hows—Summary 52.3 35.0 46.9 58.3 62.3 47.5 59.1 59.8 72.8 54.2 62.4 67.2 77.7 65.7 17 17 Net funds raised—nonfinan. sectors.. 18.6 15.0 16.3 15.4 18.5 -7.5 21.5 18.1 28.8 5.0 22.1 26.0 27.3 15.3 18 18 Loans and short-term securities .... 33.7 20.0 30.7 42.9 43.8 53.2 37.6 41.7 44.1 49.2 40.3 41.2 50.4 50.5 19 19 Long-term securities and mtgs 2 2 4 4 2 2 2 4 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 5 0 2 1 2 4 1 6 7 8 9 3 0 1 2 3 4 5 6 9 7 8 P U F N v o e . L F S L C O S S P S C U S t r t . e o o e v e h o o . h C t . s i B d c c S r C O C / u O h t S o a a o g G g - . e C u u t o r a e . n n r o . u t t n a o i c r r h i o h t n m t r g s r s r G t i n i o - e i n g e e e k p c v t t n n b t s s s i e i r r s u e o e o e e o e 4 e u s u s r r f l U a v a s r n s - c r r m t l o B m u a n f m r n o . t i r . u o a a . . n t c a e a o o y m d a S e r f m n & e . d n n r w l n i c m . n s e t t e s r s d l t i c s g s i o o l e G n e e n p e r k e y n a c c n e r c e d m t s c e o t . g a s d r f d t e i . u n e v m l o i n o e . i r n s c s t s l t g r r d i o o i . o . e t t o b r i i ( g c a e c s t t n = l a u g n s i e a g g 1 a r s c s i a e r h g 7 t t e t s o i e ) i e s o r s b s s e n a r s l v a e n s c . e . . . . . 4 2 5 1 1 - 6 5 5 2 4 5 8 2 3 4 2 8 3 3 8 5 3 3 .6 . . . . . . . . . . . . . . . . . . . . . . 0 4 6 4 3 5 1 5 9 3 8 8 3 9 8 2 8 3 9 2 5 7 - - 2 3 3 1 1 5 2 4 2 2 3 5 5 2 5 4 0 2 8 5 3 5 3 0 1 . . . . . . . . . . 6 0 . . . . . . . . . . . . . 5 0 5 9 6 6 3 6 0 0 0 0 4 2 3 1 5 6 0 2 9 - 4 3 1 3 1 2 2 4 2 6 5 2 2 7 1 1 8 8 3 1 7 7 6 1 . . . . . . . . . . . . . 4 . . . . . . . . . 9 2 9 8 7 0 8 0 6 7 3 6 3 2 8 4 8 7 4 3 7 * 4 5 3 1 1 1 5 5 2 2 9 5 5 8 2 2 3 1 7 6 5 8 3 3 1 1 1 . . . . . . . . . . . . . . . . . . . . . . . 0 9 6 5 1 9 1 0 3 3 5 0 3 9 6 8 5 0 3 5 2 5 2 5 3 6 1 1 1 1 - - 6 5 4 2 6 3 2 5 3 4 2 2 8 4 2 3 3 5 0 1 1 . . 4 4 . . . . . . . . . . . . . . . . . . . . . 1 6 7 9 9 6 7 4 2 3 2 2 0 3 8 5 7 8 4 0 4 - - - 2 4 4 1 3 1 1 1 5 3 - - - 0 5 5 4 4 4 3 4 9 2 5 8 4 8 4 1 . . . . . . 9 3 7 . . . . . 5 . 1 . . . . . . . . . . 6 . 4 1 1 6 0 6 7 3 4 7 4 1 7 4 6 1 7 4 5 3 1 1 1 5 6 3 2 4 4 4 2 9 9 3 1 8 5 6 3 3 3 4 1 1 1 . . . . . . . . . . . . . . . . . . . . . . . 1 5 4 1 3 3 1 0 1 8 3 2 8 3 9 7 3 4 2 2 4 7 9 4 5 3 1 1 1 6 5 5 4 2 9 2 4 7 3 1 5 9 6 8 5 3 3 0 1 . . . . . . . . . . . . . . . . . . . . . . . 5 4 3 6 0 2 8 5 6 1 8 7 2 6 7 0 5 7 8 6 3 3 2 7 3 5 1 1 1 1 1 - 6 3 9 2 5 2 2 2 3 9 5 7 6 3 3 7 7 3 7 1 1 0 .7 . . . . . . . . . . . . . . . . . . . . . . 8 4 9 5 8 0 8 3 5 0 0 0 5 2 1 0 5 4 8 0 3 - - - - 1 4 5 5 1 1 1 1 7 1 5 - 0 5 2 2 4 6 4 5 6 4 7 7 7 3 5 1 1 1 . . . . . 4 . . . . 6 . 0 1 . . . . . . . . . . . . 5 . 3 3 4 8 6 2 9 2 5 5 1 6 4 4 0 3 5 6 - 3 1 6 5 1 1 1 1 - - 6 9 6 2 5 4 8 5 1 3 2 7 3 8 1 0 1 . . . 2 2 . . . . . . . 7 . . . . . . . . . . . 1 4 5 9 6 9 0 2 4 7 4 5 5 5 3 7 4 - 6 3 1 1 1 1 1 1 9 2 4 4 6 4 2 6 4 2 2 5 2 3 7 8 8 0 1 3 . . . . . . . 0 . . . . . . . . . . . . . . 3 5 5 7 6 5 2 6 2 9 1 7 0 0 1 8 5 7 4 2 4 6 7 1 1 1 - - 9 4 3 6 5 6 7 2 6 3 3 7 5 3 6 7 7 4 1 . . 2 8 . . . . . . . . . . . . . . . . . . . . . 5 0 5 5 3 7 9 9 1 9 3 2 0 1 1 3 4 6 6 8 - 4 6 5 1 1 1 1 4 2 7 6 2 2 4 5 2 8 5 6 5 1 7 7 3 4 1 0 . . . . . . . . 1 . . . . . . . . . . . . . . 9 1 4 7 4 7 1 2 7 7 3 5 7 3 5 6 8 6 6 0 4 * 2 2 2 2 2 2 2 2 4 2 4 4 2 3 3 3 3 3 3 3 3 3 3 0 2 1 3 4 5 8 7 2 9 0 1 6 0 1 2 3 4 5 6 7 8 9 43 Pvt. domestic nonfin. sectors 32.2 16.5 29.7 39.0 43.3 36.7 38.8 35.8 47.6 41.6 48.3 39.4 55.9 45.3 43 44 Liquid assets 16.4 9.2 24.7 31.2 36.2 22. 34.6 33.7 41.8 29.3 39.8 31.5 35.3 27.6 44 45 Deposits 10.8 13.8 24.2 29.8 33.0 26.8 34.2 29.7 36. 28.4 37.9 27.9 36.3 33.3 45 46 Demand dep. and currency .2 -1.3 4.1 1.8 5.0 2.0 5.4 -2.3 10.8 2.4 8.9 .3 9.3 5.2 46 47 Time and svgs. accounts... 10.6 15.0 20.1 28.0 28.1 24.8 28.8 32.0 25.3 26.0 28.9 27.6 27.0 28.1 47 48 At commercial banks.... 2.1 5.4 9.0 15.0 13.1 11.4 14.0 15.3 10.6 13.0 13.6 12.9 11.5 12.0 48 49 At savings instit 8.4 9.6 11.1 12.9 14.9 13.3 14.8 16.8 14.7 13.0 15.4 14.8 15.5 16.1 49 50 Short-term U.S. Govt. sec.. 5.6 -4.6 .5 1.4 3.2 -4.6 A 4.0 5.7 1.0 1.9 3.5 -1.0 -5.7 50 51 Other U.S. Govt. securities 7.5 -.5 -1.3 .6 1.9 5.6 -1.6 -1.5 2.1 5.8 1.3 1.2 4.5 6.0 51 52 Pvt. credit mkt. instruments... 8.4 7.5 7.6 7.0 7.2 10.3 7.2 5.4 6.6 8.3 8.6 6.6 16.7 10.8 52 53 Less security debt .2 -.3 1.3 -.2 2.0 1.5 1.4 1.8 2.9 1. 1.4 -.1 .6 -.9 53 III. Direct lending in credit markets 54 Total funds raised 52.3 35.0 46.9 58.3 62.3 45.7 59.1 59.8 72.9 54.2 62.4 67.2 77.7 65.7 55 Less change in U.S. Govt. cash.... .7 .9 1.3 -.4 -5.5 3.9 4.6 3.0 -7.6 -1.7 8.1 -.8 -4.1 56 Total net of U.S. Govt. cash 51.6 34.2 46.9 57.0 62.7 51.2 55.2 55.2 69.9 61.8 64.1 59.0 78.5 69.9 57 Funds supplied directly to cr. mkts... 51.6 34.2 46.9 57.0 62.7 51.2 55.2 55.2 69.9 61.8 64.1 59.0 78.5 69.9 57 58 Monetary authorities .5 .8 1.5 1.9 2.6 1.2 1.6 4.1 2.6 1.0 2.6 5.5 1.4 2.1 58 59 Total .3 .7 1.5 2.0 2.9 .6 2.3 5.3 2.2 1.9 2.1 5.1 2.1 2.5 59 60 Less change in U.S. Govt. cash. -.1 .1 .3 -.6 .6 1.1 -.4 .9 -.5 -.4 .7 .4 60 61 Commercial banks, net 3.7 8.0 15.5 18.1 19.7 16.2 20.6 15.6 22.5 18.4 22.1 11.7 23.8 18.7 61 62 Total 4.6 9.0 15.7 19.5 19.3 11.4 24.0 19.1 26.0 10.1 21.8 21.0 22.8 14.7 62 63 Less chg. in U.S. Govt. cash... .9 1.3 -.7 -4.9 3.3 3.5 3.4 -8.5 -1.2 8.5 -1.5 -4.5 63 64 Security issues .2 .1 .3 .1 .1 .1 .9 .9 .5 .6 64 65 Nonbank finance, net 18.9 19.2 21.0 23.1 26.8 22.3 24.7 28.3 25.6 27.8 25.3 28.0 26.5 33.4 65 66 Total , 23.3 21.5 23.4 27.8 33.6 29.1 30.4 28.9 36.3 38.6 30.6 30.6 37.3 34.3 66 67 Less credit raised 4.4 6.9 5.7 10.6 10.9 5.3 2.6 10.7 67 2.4 2.4 4.7 w .6 68 U.S. Government 3.8 2.3 2.8 3.5 2.7 1.6 3.2 .2 2.5 3.6 4.5 2.8 5.1 2.6 68 69 Foreign 3.4 5.1 -2.2 -.7 -.4 2.3 1.2 69 1.2 .7 1.3 1. 70 Pvt. domestic nonfin 21.4 2.7 5.5 9.2 10.3 9.9 4.7 11.5 13.2 10.4 11.5 19.6 12.0 70 71 Consumers 12.6 1.0 4.1 4.2 7.2 4.1 5.0 6. 5.9 9.4 10.8 3.8 13.6 7.6 71 72 Business 6.0 -1.9 .2 2.3 2.1 3.5 1.9 2.9 4.6 1.3 1.5 2.3 2.7 .5 72 73 St. and local govts 3.1 3.3 2.5 2.6 2.9 3.7 -.9 1.1 3.9 4.3 -.5 5.3 4.0 3.0 73 74 Less net security credit .2 -.3 1.3 -.2 2.0 1.5 1.4 3.9 2.9 1.8 1.4 .6 74 1.8 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1965 BULL., p. 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FLOW OF FUNDS 321 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transaction category, or sector 1959 1960 1961 1962 1963 III IV III IV III I. Demand deposits and currency 1 Net incr. in banking system liability 1.1 5.4 4.4 5.0 -4.1 11.4 2.2 14.4 -4.2 7.6 9.9 8.5 2.1 2 U.S. Govt. deposits .7 .9 * 1.3 -.4 -5.5 3.9 4.6 3.0 -7.6 -1.7 8.1 -.8 -4.1 4 9 5 6 7 3 8 Ot D he o H S N M F r m . t i o o a n a e u n t i a s e l f s n t i e i f n c a c h l i n a o a o s n d a l l e c t d c s l i s o a t e o l c c r a t s b o l u r g s s o in v e ts ss -2 1 1 . . . . . . . 5 6 0 4 4 1 2 - - - - - 1 1 1 . . . . . . . 9 8 7 1 0 7 5 5 5 1 1 1 1 . . . . . . . 1 3 1 1 0 7 3 - 3 3 1 . . . . . . . 6 1 1 0 8 8 9 -2 5 5 3 3 . . . . . . . 4 9 5 2 2 3 3 - - - 2 1 2 6 1 . . . . . . . 3 9 6 9 6 4 6 -1 4 7 7 2 1 . . . . . . 4 2 2 9 5 4 9 - - - - - - 2 2 2 1 . . . . . . . 5 6 2 8 6 4 1 - 1 1 2 7 3 1 0 1 . . . . . . 0 5 8 4 6 8 - -1 1 2 3 3 . . . . . . * 5 6 3 4 8 2 -3 4 9 9 7 1 . . . . . . . 6 6 2 4 0 4 7 - - - 5 5 1 1 . . . . . . . 1 9 3 1 8 4 2 - 1 1 9 1 0 . . . 2 . . 4 0 7 7 - - l 2 4 6 6 1 . . . . . . * 1 e 7 6 2 9 2 10 Rest of the world -.1 .2 .1 .3 -1.2 A .4 .6 .3 -.3 1.6 -.6 1.5 II. Time and savings accounts 11 Net increasey-Total 9.5 15.3 20.7 28.7 29.2 24.6 30.6 34.1 26.0 26.6 29.9 29.3 28.4 28.9 12 At commercial banks—Total.... 1.1 5.8 9.4 15.6 14.1 11.4 15.6 16.6 11.6 13.7 14.4 13.9 12.8 12.9 13 Corporate business — 4 .8 1.3 2.6 3.8 .9 2.5 3.6 2.2 3.6 5.9 5.9 2.9 4.5 14 State and local govts -A 1.4 .9 1.0 1.6 .9 .5 2.9 .3 1.5 1.9 .4 .8 2.4 15 Foreign depositors -.9 .3 .3 .6 1.0 .1 1.6 1.4 .9 .8 .8 1.0 1.3 1.0 16 Households 3.0 3.3 6.8 11.5 7.6 9.7 11.0 8.8 8.1 7.9 5.7 6.5 7.9 5.1 17 At savings institutions 8.4 9.5 11.3 13.1 15.1 13.2 15.1 17.5 14.4 12.9 15.5 15.4 15.6 16.0 18 Memo: Households total 11.4 12.8 17.9 24.4 22.6 23.0 25.8 25.6 22.8 20.8 21.1 21.3 23.3 21.2 III. U.S. Govt. securities 19 Total net issues 9.5 -2.5 7.3 7.3 5.2 -2.2 5.2 10.5 12.3 -4.1 2.1 11.9 5.9 7.1 19 20 Short-term marketable 5.2 3.1 8.8 .5 1.4-20.6 4.3 6.5 9.0-10.5 .4 9.1 -.2 .8 20 21 Other 4.3 -5.6 -1.4 6.8 3.8 18.4 .9 4.0 3.3 6.4 1.7 2.7 6.1 6.3 21 22 Net acquisitions, by sector 9.5 -2.5 7.3 7.3 5.2 -2.2 5.2 10.5 12.3 -4.1 2.1 11.9 6.0 7.1 22 23 Monetary authorities .3 .7 1.5 1.9 2.8 .8 2.0 5.4 2.4 1.8 1.6 5.4 2.1 2.6 23 24 Short-term -.8 -1.0 -1.1 2.0 4.9 3.3 2.9 13.5 7.8 .4 -1.9 5.0 -2.8 6.5 24 25 Commercial banks -7.8 1.7 5.4 .8 -2.5 -6.9 1.7 4.0 -.1 -13.5 -.6 1.3 -2.9 -1.8 25 26 Short-term direct -3.7 7.0 9.3 -5.2 -3.6 -22.0 -2.3 -5.2 -3.3 -10.2 4.5 2.3 2.0 -2.4 26 27 Other direct -3.6 -5.2 -4 5.2 .5 14.2 2.7 10.2 2.0 -4.0 -6.2 .7 -5.9 4 27 2 2 3 3 9 8 0 1 No O N S n h t o b h o n a e r g n t r - u k t d a e i f r r r i a m e n n c a t t n d e c i e r e d ect -. . . . 5 8 2 2 - - - 1 1 . . . . 1 3 7 2 - 1 . . . . 8 6 3 8 1. . . . 3 8 7 5 - - 1 . . . . 7 3 5 5 2 1 . . . . 6 2 8 8 2 1 1 . . . * 1 3 8 - - - 1 4 2 1 . . . . 1 1 5 8 - -1 1 1 . . . 3 2 * 3 2 3 . . . . 1 2 7 6 - - - 2 1 1 . . . . 6 2 1 -1 2 1 . . . . 7 0 6 4 - 2 2 1 . . . . 4 3 2 1 2 3 . . ' . 5 1 . 2 92 2 3 3 8 9 0 1 32 Nonguaranteed .4 .2 .1 .1 .2 .5 -.3 -.2 .1 .6 .2 .1 .3 .3 32 3 3 3 3 3 3 4 5 7 3 6 8 P F v o O S S N t r . e h h t o i d h o o g n o e r r n g t t m r - - u t t d e a e e i s r r r r t a m m e i n c c t t d e n i e o r d n ec fi t n. sectors... 1 2 7 2 3 5 3 . . . . . . 1 2 2 4 3 0 - - 4 5. . . . 1 3 A 5 2 -1 .4 2 2 1 1 . . . . . 0 0 2 0 6 - 2 5 1 . . . . . . 7 1 0 0 6 9 -5 2 4 1 . . . . . . 2 5 8 0 4 8 - - 1 1 1 . . . . . 2 6 * 4 8 2 - - 2 2 2 1 . . . . . . 3 2 5 6 2 7 7 4 3 1 . . . . * 6 8 4 2 - - - 2 2 4 6 1 . . . . . . 1 6 4 8 2 5 - - 1 2 3 . . . . . . 8 1 1 2 1 7 - - - 1 1 2 4 1 . . . . . . 6 5 2 7 7 9 -1 2 3 1 . . . . . . 9 9 6 6 9 2 - - 6 6 3 3 . . . . . . 7 6 7 0 0 2 3 3 3 3 3 3 3 4 6 7 5 8 39 Savings bonds—Households. -1.8 -.3 .4 1.2 .6 .2 1.4 2.1 1.1 1.2 .9 39 1. IV. Other securities 40 Total net issues, by sector 11.7 11.1 13.7 11.7 13.0 9.5 9.8 13.2 13.6 14.0 11.4 13.2 16.5 14.6 40 41 State and local govts 4.5 3.6 4.9 5.0 6.7 4.3 3.3 5.6 7.0 7.5 6.6 4.2 5.9 7.5 41 42 Nonfinancial corporations 5.3 5.3 7.3 5.3 3.4 4.6 4. 5.0 2.8 4.2 1.7 6.5 6.9 5.1 42 43 Commercial banks .1 .1 .2 .1 .3 .1 .1 * .1 .1 .9 .9 .6 43 44 Finance companies 1.1 1.5 .5 .3 1.6 .2 .7 .4 1.9 1.7 2.4 1.7 2^4 1.5 44 45 Rest of the world .8 .6 1.0 1.0 .4 1.7 2.1 1.8 .5 -.2 i * 45 46 Net purchases 11.7 11.1 13.7 11.7 13.0 9.5 9.8 13.2 13.6 14.0 11.4 13.2 16.5 14.6 46 47 Households 3.2 2.2 2.4 -.6 — .5 1.2 -1.4 -.5 -3.4 1.0 .9 6.0 1.9 47 48 State and local govts 1.0 2.1 1.8 1.2 1.3 1.5 1.8 1.5 1.0 1.0 1.5 1.2 48 49 Commercial banks .4 2.6 4.4 5^2 3.5 3.8 5.6 5.8 6.1 3.3 4.7 .8 5.8 49 50 Insurance and pension funds... l\ 7.1 8.0 7.5 7.7 5.7 7.4 7.5 8.4 7.7 7.1 8.9 8.7 8.4 50 5 5 2 1 F Se in c a u n ri c t e y n b . r e o .c kers and dealers. - — . . 9 2 - - . . 9 4 - - 1 . . 7 3 -.7 * -'. n 2 -2.3 c - - 1 . . 9 4 - -1 1 . . 1 3 1 1. . 1 0 - - 1 2 . .0 — . . 7 2 - - 1 1 . . 3 0 ' c .6- - 2 2 . . 0 2 5 5 1 2 5 5 5 5 5 6 4 3 Re I s n t v P N o e o f e s r t t t t m f h i o s e e l s n i u w o t e o s p r c u l o o d r f s c . o h — w as N n e e s s t hares.. - 1 1 . . . . 7 8 4 - 1 1 . . . . 5 0 5 3 - 2 1 . . . . 6 0 4 2 - l . ! 8 9 1. ' e 3 .8 - - - l 1 . . ! . 1 2 7 6 1.0 -. . . 2 4 6 . . . . 5 1 9 8 - 1 . . . 9 8 9 -1 1 . . . . 0 8 2 9 - -. . . . 3 2 1 4 -1 1 . . . . 1 6 6 1 - - 1 1 . . . . 4 2 9 6 5 5 5 5 3 4 6 5 .2 V. Mortgages 57 Total net lending 19.1 16.0 19.5 25.3 29.3 25.9 28.2 25.4 29.7 31.2 31.0 27.6 30.3 31.2 58 1- to 4-family 13.2 10.4 11.8 13.4 15.7 13.8 14.1 14.0 16.4 16.9 15.6 15.1 16.1 16.6 59 In process. .4 .4 -.3 -.4 -.4 60 Disbursed 13.0 10.5 11.4 13.0 15.2 13.4 13.5 13.5 15.8 16.3 15.1 15.3 16.5 16.9 61 Other 5.9 5.6 7.7 11.9 13.6 12.1 14.1 11.4 13.4 14.3 15.4 12.5 14.3 14.7 62 Net acquisitions 19.1 16.0 19.5 25.3 29.3 25.9 28.2 25.4 29.7 31.2 31.0 27.6 30.3 31.2 63 Households 1.8 2.1 2.4 4.0 4.3 4.1 5.6 3.5 4.5 4.3 4.9 3.8 4.0 5.3 64 U.S. Government 2.2 1.2 .6 .3 -1.0 2 -1.3 -1.9 -.4 -.4 .3 .8 .1 65 Commercial banks 2.5 .7 1.6 4.0 4.9 4.5 4.4 4.2 5.6 5.2 4.5 4.5 4.6 4.7 66 Savings institutions 9.6 8.9 11.0 13.2 16.0 13.4 13.9 15.3 16.4 16.5 16.0 14.6 14.8 15.4 67 Insurance 2.4 2.9 2.7 3.0 3.9 3.0 4. 3.2 3.7 4. 4.4 4.2 4.5 5.1 68 Mortgage companies... .6 .5 .8 .6 .2 .2 1.1 1.0 -.2 1.2 .2 VI. Bank loans n.e.c. 69 Total net borrowing 7.2 2.8 3.0 6.5 8.1 6.1 7.8 1.9 9.0 8.5 13.1 6.7 13.9 2.4 69 70 Nonfinancial business. 5. 2.7 1.7 4.6 5.6 5.0 5.3 .2 6.6 5.7 10.0 4.7 9.7 2.2 70 71 Nonbank finance 1.6 -.3 .1 1.0 1.7 .4 2.0 1.3 1.3 2.1 1.9 -.3 3.6 -1.4 71 72 Rest of the world .2 .1 .7 .4 .6 .6 .7 1.4 2.2 .6 1.2 72 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1965 BULL., p. 179. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BANKS, 1964 FEBRUARY 1965 EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances 10,492,106 360,806 2,224,336 222,709 320,766 542,502 1,019.21S Acceptances 2,787,002 2,787,002 1,323,740,280 68,290,447 328,581,792 71,094,952 i09,727,i78 90,899,834 72,724,513- Foreign currencies 6,335,565 299,441 1,694,108 357,112 566,039 317,401 349,191 All other 392,351 16,628 69,830 20,129 28,419 21,022 53,278- Total current earnings 1,343,747,303 68,967,322 335,357,068 71,694,902 110,642,402 91,780,759 74,146,196 Current Expenses Salaries: Officers 7,741,458 443,244 1,377,964 561,609 609,734 631,044 671,255 100,462,115 6,241,097 24,402,326 4,838,993 8,193,102 6,837,859 6,268,300 Retirement and other benefits 17,241,058 1,117,949 3,872,719 845,399 1,439,106 1,160,105 1,097,656 537,416 21,648 55,672 27,094 71,141 32,811 91,869 Traveling expenses 2,192,701 132,861 376,526 105,696 164,260 158,504 181,119 Postage and expressage 21,946,430 1,521,050 2,825,449 1,062,669 1,826,191 2,079,353 2,049,656 1,838,794 96,030 407,852 83,753 129,182 127,528 204,899 Printing and supplies . • 8,354,552 584,835 1,690,936 523,262 585,643 669,390 616,253 Insurance . .. . 349,642 28,836 45,595 14,449 35,461 32,004 34,598 Taxes on real estate 5,197,323 595,859 908,116 160,811 475,756 201,289 317,073 Depreciation (building) 5,717,251 182,557 420,704 270,528 641,253 223,893 667,625 Light heat power and water 1,950,024 128,511 268,092 89,779 174,000 164,781 165,905 Repairs and alterations 1,400,945 51,858 396,457 105,431 180,967 118,624 71,052 Rent 135,555 16,432 6,684 5,909 26,083 11,438 8,067 Furniture and equipment: Purchases 2,907,041 180,636 779,368 176,448 298,913 148,795 424,331 Rentals 10,217,625 823,793 1,386,398 454,277 871,320 812,644 629,108 All other 3,291,616 133,104 910,040 121,773 448,974 110,398 160 671 Inter-Bank expenses 55,373 -791,929 64,026 104,645 -6,898 69,068 Subtotal 191,481,550 12,355,673 39,338,969 9,511,906 16,275,731 13 513.562 13 728 505 F.R. currency 17,229,671 893,393 3,036,988 890,940 1,146,556 1,469^253 1,628,086 Assessment for expenses of Board of Governors. 8,655,200 411,900 2,300,200 482,600 783,900 429,500 488,500 Total 217,366,421 13,660,966 44,676,157 10,885,446 18,206,187 15,412,315 15,845,091 Less: Reimbursement for certain fiscal agency and other expenses 19,970,533 1,101,360 3,720,533 934,376 1,756,606 1,114,146 1,413,854 Net expenses 197,395,889 12,559,606 40,955,624 9,951,070 16,449,581 14,298,169 14,431,237 Profit and Loss 1,146,351,415 56,407,716 294,401,444 61,743,832 94,192,820 77,482,590 59,714,959 Additions to current net earnings: Profits on sales of U.S. Govt. securities (net) 615,705 32,238 150,704 33,281 51,271 42,610 33,498 All other , 361,036 34,509 76,053 31,562 40,114 11,306 9,053 Total additions 976,743 66,747 226,757 64,844 91,385 53,916 42,551 Deductions from current net earnings 250,796 5,281 6,308 551 3,991 2,319 55,621 Net addition to or deduction from (—) current net earnings 725,947 61,466 220,449 64,293 87,394 51,598 -13,070 Net earnings before payments to U.S. Treasury.. 1,147,077,362 56,469,182 294,621,893 61,808,124 94,280,214 77,534,188 59,701,888 Dividends paid 30,781,548 1,452,361 8,137,656 1,716,176 2,762,835 1,528,499 1,774,674 Payments to U.S. Treasury (interest on F.R. 1,582,118,614 77,398,421 412,485,188 86,224,099 134,215,180 99,005,588 82,807,715 Transferred to surplus -465,822,800 -22,381.600-126,000,950-26,132,150 -42,697,800 -22,999,900 -24,880,500 Surplus, January 1 989,715,700 47,233,000 263,214,800 55,246,300 89,788,700 49,139,300 55,626,400 523,892,900 24,851,400 137,213,850 29,114,150 47,090,900 26,139,400 30,745,900 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FEDERAL RESERVE BANKS, 1964 323 FEDERAL RESERVE BANKS Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings 2,774,280 213,693 246,575 651,853 965,397 949,975 Discounts and advances Acceptances 223,502,248 5i,628,6i6 26,265,227 52,835,082 51,185,796 177,004,595 U.S. Govt. securities 901,823 216,596 143,482 274,174 363,107 853,092 Foreign currencies 48,541 14,204 18,040 38,985 24,917 38,356 All other 227,226,892 52,073,109 26,673,324 53,800,094 52,539,217 178,846,018 Total current earnings Current Expenses Salaries: 759,860 599,690 421,101 520,861 495,045 650,051 Officers 14,624,242 5,541,584 3,149,897 5,652,764 4,314,333 10,397,618 Employees 2,537,710 957,026 536,883 1,026,394 735,399 1,914,712 Retirement and other benefits 36,226 31,714 38,533 41,496 37,621 51,591 Fees—Directors and others 275,527 134,851 122,755 141,440 127,341 271,821 Traveling expenses 2,956,445 1,239,252 855.968 1,490,462 1,230,572 2,809,363 Postage and expressage 205,624 95,555 63,932 108,455 127,103 188,881 Telephone and telegraph 1,250,940 491,994 270,193 533,158 367,546 770,402 Printing and supplies 30,706 28,384 15,780 20,264 24,518 39,047 Insurance 943,730 190,076 366,515 257,540 263,918 516,640 Taxes on real estate 1,261,548 301,519 344,037 290,623 689,718 423,246 Depreciation (building) 300,734 145,957 90,812 150,413 127,819 143,221 Light, heat, power, and water 158,358 53,388 57,504 74,401 50,938 81,967 Repairs and alterations 50,757 1,577 1,301 3,792 1,019 2,496 Rent Furniture and equipment: 351,942 90,897 84,746 91,988 83,693 195,284 Purchases 1,890,204 480,461 379,567 783,305 552,222 1,154,326 Rentals 574,887 126,740 135,532 179,220 273,983 116,294 All other 162,593 41,292 27,195 53,044 67,176 154,419 Inter-Bank expenses 28,372,033 10,551,957 6,962,251 11,419,620 9,569,964 19,881,379 Subtotal 3,117,641 887,233 321,642 618,990 802,430 2,416,519 F.R. Currency 1,224,500 298,700 201,300 379,200 498,300 1,156,600 Assessment for expenses of Board of Governors 32,714,174 11,737,890 7,485,193 12,417,810 10,870,694 23,454,498 Total Less: Reimbursement for certain fiscal agency 3,691,605 1,249,704 609,703 1,493,658 828,499 2,056,489 and other expenses 29,022,569 10,488,186 6,875,490 10,924,152 10,042,195 21,398.009 Net expenses Profit and loss 198,204,324 41,584,924 19,797,833 42,875,942 42,497.022 157,448,009 Current net earnings Additions to current net earnings: Profits on sales of U.S. Govt. securities 103,881 23,977 12,280 24,913 24,030 83,022 (net) 61,005 8,346 20,433 18,822 16.458 33,375 All other 164,887 32,323 32,713 43,735 40,488 116,397 Total additions 2,706 5,119 2,425 147,821 10,588 8,066 Deductions from current net earnings Net addition to or deduction from (—) 162,180 27,204 30.288 -104.086 29.900 108,331 current net earnings 198,366,504 41,612,128 19,828,121 42.771,856 42.526,923 157,556.340 Net earnings before payments to U.S. Treasury 4.373.219 1,054,136 711,321 1.362.588 1.797,729 4,110.356 Dividends paid 259,234,935 56,862,492 29,991,401 61.360,918 66,913,343 215,619,334 Payments to U.S. Treasury (interest on F.R. notes) -65,241,650 -16,304.500 -10.874.600 -19.951,650 -26,184,150 -62,173,350 Transferred to surplus 139.844,500 34,247,500 23,034,100 43,252,200 56.769,800 132,319,100 Surplus, January 1 74,602,850 17,943,000 12.159,500 23,300,550 30,585,650 70,145,750 Surplus, December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 BANKING OFFICES FEBRUARY 1965 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks Type of office and type of change All Member Nonmember banks Total Na- In- Non- In- Non- Total tional Statei Total sured insured sured 1 insured Banks (head office): Dec. 31, 1934.. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941. . 14,826 14,278 6,619 5,117 1,502 7,662 6.810 852 52 496 Dec. 31, 19472. 14.714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951.. 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956.. 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec. 31, 1957.. 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958.. 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec. 31, 1959.. 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec. 31, 1960.. 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961. . 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31, 1962.. 13,938 13,427 6,047 4,503 1.544 7,380 7,072 308 331 j 180 Dec. 31, 1963.. 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 | 179 Dec. 31, 1964.. 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 I 178 Branches, additional offices, and facilities: Dec. 31, 1934.. 3,133 3,007 2,224 1,243 981 783 783 126 Dec. 31, 1941.. 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19472. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1956.. 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31, 1957.. 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31, 1958.. 9,286 8,861 6,924 4,534 2,390 1,937 1,898 39 305 120 Dec. 31, 1959.. 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, I960.. 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961 .. 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31, 1962.. 12,932 12,345 9.649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963.. 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31, 1964.. 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Changes Jan.-Dec. 31, 1964 Banks: New banks 3 337 336 203 200 133 120 13 Suspensions -1 -7 -6 i Consolidations and absorptions: Banks converted into branches . -124 -120 -77 -63 -14 -43 -43 2 -2 Vo O lu th n e ta r ry liquidations 4 - - 1 2 4 - - 1 2 3 - - 6 1 -1 -3 -7 -7 -1 -1 Other change5 -1 -1 -1 Interclass changes: Nonmember to national -19 -19 Nonmember to State member. . 4 -4 -4 State member to national -13 State member to nonmember... -19 -19 19 National to State member -1 National to nonmember -5 5 Noninsured to insured 20 -20 Net change 188 192 117 158 -41 75 85 -10 2 Number of banks, Dec. 31, 1964. 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Branches and additional offices: De novo 6 1,072 1,025 761 585 176 264 261 44 Banks converted 124 121 100 84 16 21 21 2 Discontinued -46 -46 -37 -22 -15 -9 Q Other change 1 1 1 1 Interclass changes: Nonmember to national -27 -27 Nonmember to State member 12 -12 -12 State member to national -78 State member to nonmember -13 -13 National to State member -11 11 National to nonmember c -5 5 Noninsured to insured 3 1 Net change 1,151 1,101 845 736 109 256 256 47 3 Number of branches and additional offices Dec. 31, 1964 14,995 14,321 11,215 7,940 3,275 3,106 3,056 50 549 125 Banking facilities:7 Established 4 4 3 3 1 Discontinued 6 -2 -2 -2 -2 Interclass changes: National to nonmember -1 State member to nonmember -1 -1 Net change 2 2 -1 Number of facilities, Dec. 31, 1964. 280 280 242 216 26 1 State member bank and insured mutual savings bank figues, both absorption of banks. include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not 5 Ceased banking operations. reflected in total commercial bank figures. State member bank figures also 6 Includes one national facility reclassified as a branch. include 1 or 2 noninsured trust cos. 1954 to date. 7 Provided at military and other Govt. establishments through arrange- 2 Series revised as of June 30, 1947. The revision resulted in an ad- ments made by the Treasury Dept. dition of 115 banks and 9 branches. 3 Exclusive of new banks organized to succeed operating banks. NOTE.—Beginning with 1959, figures include all banks in Alaska and 4 Exclusive of liquidations incident to succession, conversion, and Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FEDERAL RESERVE PAR LIST 325 NUMBER OF PAR AND NONPAR BANKING OFFICES Pc Total Norpar (nonm<;mber) F.R. District, Total Member Nonmember State, or other area Banks Branches Banks Branches Banks Branches Banks Branches Banks Branches and offices and offices and offices and offices and offices Total, including Puerto Rico and Virgin Islands:1 Dec 31 1963 13.487 13,617 11,893 13,297 6,107 10,631 5,786 2.666 1,594 320 Dec 31 1964 13,675 14,724 12,128 14,413 6,224 11,475 5,904 2,938 1,547 311 F.R. District, Dec. 31, 1964: Boston 382 1 040 382 1 040 250 824 132 216 New York 530 2,529 530 2,529 419 2,228 111 301 Philadelphia 554 963 554 963 421 754 133 209 Cleveland 852 1.353 852 1,353 506 1,156 346 197 Richmond 854 1,892 759 1,786 418 1,190 341 596 95 106 Atlanta 1 520 798 1,006 725 502 584 504 141 514 73 Chicago 2 523 1.519 2,523 1,519 1,016 986 1,507 533 St Louis 1,493 526 1,237 458 481 296 756 162 256 68 Minneapolis . 1,352 180 745 126 494 71 251 55 607 54 Kansas City 1,889 186 1,887 186 830 130 1,057 56 2 Dallas 1 267 219 1,196 209 672 130 524 79 71 10 San Francisco 459 3,519 457 3,519 215 3,126 242 393 2 State or area, Dec. 31, 1964: Alabama 252 142 176 136 103 120 73 16 76 6 Alaska 12 51 10 51 5 43 5 8 2 Arizona 15 239 15 239 5 189 10 50 245 90 149 69 83 62 66 7 96 21 California 194 2,269 194 2,269 106 2,091 88 178 Colorado 209 8 209 8 132 6 77 2 Connecticut 63 286 63 286 34 229 29 57 Delaware 20 64 20 64 7 34 13 30 District of Columbia 15 84 15 84 12 76 3 8 Florida 418 17 382 17 196 12 186 5 36 Georsia 431 169 166 157 71 139 95 18 265 12 Hawaii 7 114 7 114 2 41 5 73 Idaho 24 120 24 120 15 111 9 9 Illinois 1 027 5 1,027 5 525 5 502 430 441 430 441 218 298 212 143 674 221 674 221 165 40 509 181 Kansas 594 50 594 50 211 34 383 16 Kentucky 348 213 348 213 96 143 252 70 209 236 111 205 57 154 54 51 98 31 M^ine 43 161 43 161 28 115 15 46 M"arvland 121 369 121 369 56 229 65 140 Massachusetts 158 525 158 525 110 431 48 94 Michigan 361 805 361 805 222 663 139 142 719 9 314 8 221 6 93 2 405 1 Mississiooi 196 191 68 123 38 66 30 57 128 68 Missouri 640 55 593 55 175 29 418 26 47 Montana , .... 128 3 128 3 92 3 36 428 27 428 27 138 18 290 9 Nevada 8 58 8 58 6 50 2 8 New Hamoshire 72 20 72 20 51 18 21 2 New Tersev 233 627 233 627 194 559 39 68 63 84 63 84 41 53 22 31 New York 352 1.808 352 1.808 289 1,715 63 293 North Carolina 147 711 96 614 35 344 61 270 51 97 North Dakota 163 44 65 19 44 9 21 10 98 25 Ohio 547 871 547 871 351 753 196 118 Oklahoma 416 36 414 36 246 31 168 5 2 50 249 50 249 14 211 36 38 Pennsylvania 586 1,147 586 1,147 435 938 151 209 Rhode Island .. 10 112 10 112 5 78 5 34 South Carolina 133 242 89 233 30 168 59 65 44 9 South Dakota 173 72 69 44 58 36 11 8 104 28 Tennessee ... 293 295 226 282 83 205 143 77 67 13 Texas 1,128 50 1,100 50 614 24 486 26 28 Utah 55 103 55 103 25 83 30 20 48 49 48 49 28 26 20 23 Virginia 277 486 277 486 184 373 93 113 Washington .. 97 378 97 378 38 355 59 23 West Virginia 184 184 112 72 577 170 577 170 165 37 412 133 Wyoming 68 68 1 52 1 16 Puerto Rico 1 11 140 11 140 15 11 125 Virgin Islands ^ 3 7 3 7 1 6 1 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for NOTE.—Includes all commercial banking offices in the United States. purposes of Regulation J, "Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 2 in the Virgin Islands are branches 280 banking facilities. Number of banks and branches differs from that of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Rico in the preceding table because this table includes banks in Puerto Rico and 2 in Virgin Islands) are included above as nonmember banks; and and the Virgin Islands but excludes banks and trust cos. on which no nonmember branches in Puerto Rico include 6 other branches of Canadian checks are drawn. banks. 2 Includes 5 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965 ASSETS AND LIABILITIES OF BANKS TN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o a n n e t n d t a s s s t l - ! j i L m u n a s o a v e n t d a e e n d - n s d t t s s - 2 j L u a o st d a e - n d s 2 i C n m t a c r o d n i e i a m u a d r l s l - - - A t c u u g r l r a - i l - G U c a T t s u i o n . e o e r S v d - s i . - t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U c t s u T o i . e e S r v - o s i . - t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t i e i e o m a c s r - l - - - f P C s i a e a n O e N t n l c a S r e d . s . o n , s . . nba O n t k her I e R s e ta a t l e ot A he ll r V t a io lu n a- 1964—Jan 8. 140,855 138,816 90,819 37,818 1,561 779 3,827 115 1,729 993 2,039 4,308 3,603 17,889 20,242 2,045 15. 140,965 138,696 90,937 37,641 1,559 1,114 3,928 121 1,723 970 2,269 4,187 3,595 17,944 20,203 2,048 22. 138,808 136,814 89,741 37,424 1,551 984 3,516 117 1,720 9731 1,9943,794 3,553 17,983 20,173 2,047 29. 137,764 135,868 89,122 37,195 1,531 642 3,453 108 1,726 982 1,896 3,788 3,551 17,991 20,197 2,042 Feb. 5. 138,397 136,328 89,504 37,314 1,520 637 3,334 103 1,741 1,011 2,069 3,908 3,537 18,021 20,422 2,044 12. 138,479 136,842 89,887 37,368 1,524 930 3,374 97 1,741 1,011 ',637 3,876 3,512 18,081 20,420 2,047 19. 138,855 136,987 90,052 37,619 1,528 783 3,312 95 1,736 1,015 ,868 3,947 3,497 18,127 20,441 2,048 26. 138,541 136,847 89,875 37,590 1,513 583 3,279 97 1,736 1,000 ,694 4,033 3,478 18,161 20,457 2,052 Mar. 4. 139,454 137,748 89,977 37,599 1,482 489 3,366 96 1,768 1,004 ,706 4,113 3,447 18,163 20,500 2,050 11. 139,240 137,589 90,168 37,507 1,484 553 3,399 98 1,773 1,058 ,651 4,203 3,444 18,217 20,486 2,054 18. 141,160 139,308 91,727 38,137 1,493 759 3,569 97 1,775 1,051 ,852 4,650 3,455 18,280 20,518 2,057 25. 141,158 138,908 91,351 38,172 1,493 573 3,469 97 1,775 1,063 2,250 4,438 3,449J 18,341 20,541 2,060 Apr. 1. 141,144 138,373 92,002 38,308 1,496 343 3,796 109 1,785 1,071 2,771 4,640 3,539 18,366 20,601 2,052 8. 141,065 138,844 91,345 37,964 1,492 561 3,706 103 1,806 1,088 2,221 4,159 3,506 18,393 20,620 2,053 15., 141,142 139,288 92,191 38,252 1,494 593i 3,732 102 1,810 1,112 1,854 4,369 3,549 18,461 20,771 2,054 22. 140,405 138,001 91,592 38,015 1,5011 432i 3,679 100 1,796 1,123 2,404 4,146 3,525 18,488 20,841 2,054 29. 140,858 138,680 92,208 38,057 1,510 434J 3,613 101 1,804 1,124 2,178 4,310 3,571 18,520 21,217 2,053 May 6. 141,284 139,050 92,796 38,307 1,517 615 3,637 95 1,808 1,110 2,234 4,367 ,564 18,530 21,308 2,062 13. 141,266 138,888 92,886 38,394 1,523 615 3,574 93 1,831 1,105 2,378 4,322 ,562 18,606 21,325 2,064 20. 141,120 139,185 93,275 38,416 1,538 634 3,723 95 1,837 1,10! 1,935 4,378 ,578 18,658 21,373 2,056 27. 141,421 139,025 93,158 38,320 1,545 534 3,783 96 1,838 1,117 2,396 4,321 3,584|18,692 21,384 2,056 June 3. 141,644 139,791 93,658 38,243 1,548 832 3,821 95 1,850 1,121 1,853 4,409 3,604;18,706 21,488 2,059 10. 142,113 140,053 93,852 38,234 1,555 989 3,780 94 1,851 1,131 2,060 4,333 3,641118,764 21,538 2,058 17. 144,147 142,013 95,573 38,885 1,563 853 3,996 92 1,852 1,159 2,134 5,051 3,732!18,836 21,611 2,057 24. 143,369 141,173 94,969 38,748 1,570 719 3,935 94 1,859 1,198 2,196 4,509 3,811j 18,875 21,707 2,056 July 1. 145,125 142,720 96,022 38,785 1,567 775 4,195 68 1,865 1,174 2,405 4,990 3.897|18,936 21,829 2,059 8. 143,361 141,597 95,194 38,568 1,570 1,082 3,836 70 1,867 1,139 1,764 4,417 3,913 18,970 21,821 2,059 15. 143,883 140,987 95,336 38,687 1,584 1,161 3,680 72 1,862 1,127 2,896 4,407 3,93l!19,037 21,850 2,062 22. 142,810 140,327 94,899 38,526 1,595 1,461 3,409 66 1,875 1,131 2,483 4,069 3,960 19,086 21,781 2,060 29. 142,895 140,332 94,568 38,498 1,588 1,088 3,355 70 1,871 1,142 2,563 4,106 3,958 19,120 21,832 2,060 Aug. 5. 143,676 141,660 95,374 38,700 1,557 1,181 3,381 87 1,866 1,182 2,016 4,476 3,968 19,157 21,877 2,058 12. 143,584 141,237 95,177 38,874 1,546 919 3,337 71 1,867 1.190 2,347 4,322 3,995 19,227 21,882 2,053 19. 144,408 142,192 95,666 38,915 1,550 1,118 3,324 74 1,916 1,150 2,216 4,448 4,068 19,276 21,920 2,093 26. 143,688 141,389 94,962 38,902 1,542 686 3,303 69 1,909 1,178 2,299 4,278 3,965 19,292 21,933 2,095 Sept. 2. 145,213 142,946 96,015 39,091 1,546 1,213 3,323 67 ,902 1.217 2,267 4,333 4,007 19,320 22,094 2,098 9. 144,523 141.918 95,108 39,031 1,545 632 3,197 64 ,906 1.211 2,605 4,168 4,011 19,366 22,077 2,100 16. 147,259 145,042 97,685 39,802 1,561 1,610 3,420 63 ,918 1.211 2,217 4,503 4,068 19,458 22,171 2,100 23. 146,133 144,564 97,242 39,711 1,569 1,482 3,415 60 ,917 1,215 1,569 4,260 4,055 19,509 22,151 2,102 30. 147,809 145,878 97,784 39,953 1,578 1,236 3,558 81 ,921 1,239 1,931 4,515 4,043 19,533 22,234 2,107 Oct. 7. 146.061 143,951 96,498 39,743 1,591 679 3,336 69 ,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 ,917 1.758 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 ,917 1.251 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 ,916 1,248 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 ,928 1,248 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 ,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 ,950 1.292 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 ,948 1,314 2,729 4,103 4,023 19,886 22,474 2,107 Dec. 2. 149,460 146,997 98,992 40,999 1,621 690 3,173 66 ,936 1,353 2,463 4,418 4,013 19,909 22,918 2,104 9. 148,789 146,275 98,374 40,914 1,623 468 3.072 65 ,936 1 '366 2,514 4,190 4,027 19,934 22,881 2,102 16. 151,814 148,993100,796 41,668 1,639 902 3; 382 73 ,930 1,374 2,821 4,864 4,047 19,948 23,059 2,090 2 30 3 . . P 1 1 5 5 3 1 , , 6 5 9 9 5 9 i 1 4 5 9 1, 5 0 4 1 4 0 9 1 •• 0 1 2 01 ,2 ,0 2 1 7 2 4 4 1 2 , , 6 1 6 1 8 9 ^ 1 1 , , 6 5 0 91 7 1, 9 1 0 1 9 4 3 3 , , 3 5 2 1 1 7 6 7 6 2 . , 9 9 4 7 6 4 1 1 . , 4 5 1 6 9 0 '2 2 , , 1 6 5 8 0 5 4 4 , , 9 9 1 2 3 9 4 4 , ,1 0 0 7 3 7 r2 2 0 0 , , 0 0 1 0 1 8 '• 2 2 3 3 , , 1 3 5 2 8 0 2 2 , , 0 0 8 8 3 0 For notes see p. 328. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS, 1964 327 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U. S. Government securities assets— Total Wednesday Total Bills c C t a if e t i e r - - s W i i N n th o - m te a s tu a 1 n r i t d n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l k e e h - s s s - b a w e B f a n o i n a g c i r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k - e h . s s a o s A t s h e l e l t r s a c l c i a a c a t p i b o n e i i u d t s l a i n - l ts 1 year 5 years 5 years 1964—Jan. 8.. 28,601 4,733 868 2,896 14,216 5,888 19,396 17,740 2,935 292 ,901 12,612 5,356 178,959 15., 28,569 5,016 870 2,861 14,085 5,737 19,190 18,207 3,186 273 ,817 12,931 5,362 180,969 22., 28,034 4,619 876 2,845 13,995 5,699 19,039 17,308 2,919 274 ,845 12,270 5,443 175,633 29., 27,759 4,509 888 2,342 13,770 6,250 18,987 17,580 2,867 266 ,851 12,596 5,541 173,885 Feb. 5., 27,590 4,111 1,062 2,386 13,748 6,283 19,234 17,972 2,924 256 ,646 13,146 5,592 176,191 12., 27,728 4,264 1,072 2,383 13,768 6,241 19,227 17,476 3,025 252 ,796 12,403 5,636 175,701 19., 27,682 4,276 118 2,736 14,563 5,989 19,253 17,485 3,019 258 ,779 12,429 5,406 175,396 26., 27,591 4,221 110 2,802 14,531 5,927 19,381 17,877 2,906 267 ,793 12,911 5,438 175,301 Mar. 4., 28,197 4,938 111 2,868 14,403 5,877 19,574 17,384 3,098 271 ,607 12,408 5,509 176,407 11., 27,865 4,729 111 2,855 14,306 5,864 19,556 17,634 3,016 246 ,726 12,646 5,564 176,512 18., 27,910 4,861 112 2,872 14,279 5,786 19,671 18,225 2,996 264 ,744 13,221 5,481 179,498 25., 27,802 4,837 111 2,856 14,229 5,769 19,755 17,219 2,830 267 ,779 12,343 5,560 177,072 Apr. 1., 26,870 4,081 109 2,871 14,133 5,676 19,501 18,881 3,727 255 ,717 13,182 5,674 181,656 8. 27,960 4,836 113 2,923 14,454 5,634 19,539 17,329 2,870 254 ,701 12,504 5,677 177,771 15. 27,261 4,281 115 2,995 14,279 5,591 19,836 18,589 3,331 245 ,779 13,234 5,662 182,403 22. 26,609 3,646 162 3,013 14,232 5,556 19,800 17,044 2,995 256 ,800 11,993 5,693 177,211 29. 26,713 3,806 155 3,022 14,184 5,546 19,759 17,379 2,837 266 ,842 12,434 5,714 177,812 May 6. 26,664 3,820 194 3,092 14,047 5,511 19,590 17,909 2,922 281 ,640 13,066 5,687 179,362 13. 26,440 3,640 206 3,118 14,015 5,461 19,562 17,896 3,088 263 ,836 12,709 5,729 180,092 20. 26,488 3,772 3,744 13,117 5,855 19,422 17,724 2,950 268 ,778 12,728 5,616 178,563 27. 26,318 3,691 3,814 12,983 5,830 19,549 17,559 3,021 276 ,849 12,413 5,651 178,429 June 3. 26,567 3,979 3,895 12,867 5,826 19,566 17,793 2,930 302 ,674 12,887 5,687 178,911 10. 26,391 3,905 3,910 12,847 5,729 19,810 XT,112 2,946 317 ,792 12,717 5,664 179,459 17. 26,500 4,055 3,924 13,147 5,374 19,940 18,290 3,169 339 ,776 13,006 5,593 183,807 24. 26,278 3,900 3,945 13,124 5,309 19,926 18,116 2,987 304 ,862 12,963 5,534 180,392 July 26,621 4,201 4,001 13,181 5,238 20,077 18,537 3,286 303 ,715 13,233 5,743 186,388 26,286 3,927 4,014 13,112 5,233 20,117 18,240 2,965 299 ,734 13,242 5,678 181,188 25,514 3,539 3,884 12,879 5,212 20,137 18,346 3,300 296 ,797 12,953 5,773 185,255 25,305 3,283 4,022 12,513 5,487 20,123 17,438 3,052 281 ,819 12,286 5,732 180,111 25,701 3,597 2f" 11,386 7,720 20,063 17,759 2,839 256 ,850 12,814 5,723 179,412 Aug. t5. 2 25 6 , , 8 0 0 4 5 9 4 3 , , 0 8 2 0 1 0 3 3, , 0 0 6 4 9 3 1 1 1 1 , , 2 1 5 8 5 6 7 7 , , 7 7 3 5 0 0 2 2 0 0 , ,2 2 5 3 5 7 1 17 8 , , 4 0 5 2 6 4 3 3 , , 0 0 0 8 8 4 2 24 5 6 4 , , 6 8 5 2 4 2 1 1 3 2 , , 1 3 0 0 8 4 5 5, , 6 6 7 3 0 3 1 1 8 8 1 1, , 6 3 3 6 8 4 19. 26,205 3,773 3,434 11,274 7,724 20,321 17,465 3,046 256 ,820 12,343 5,523 181,858 26. 25,961 3,632 3,446 11,267 7,616 20,466 17,228 2,940 255 ,854 12,179 5,526 179,767 Sept. 2. 26,392 4,208 3,460 11,221 7,503 20,539 17,769 3,154 272 ,750 12,593 5,691 182,817 9. 26,147 4,042 3,504 11,141 7,460 20,663 17,819 3,203 254 ,820 12,542 5,718 181,887 16. 26,577 4,568 3,520 11,105 7,384 20,780 18,187 3,456 258 ,871 12,602 5,690 188,453 23. 26,594 4,634 3,586 11,076 7,298 20,728 18,377 2,963 257 ,899 13,258 5,722 184,492 30. 27,207 5,252 3,620 11,072 7,263 20,887 18,292 3,366 251 ,831 12,844 6,032 188,621 Oct. 7. 26,422 4,637 3,621 11,459 '6,705 21,031 18,108 3,078 227 ,741 13,062 ,862 184,481 14. 26,419 4,661 3,649 11,444 '6,665 20,922 18,076 3,550 255 ,930 12,3411 ,872 188,109 21. 26,109 4,399 3,670 1 1,490'6,550 20,898 18,548 3,131 261 ,863 13,293! ,836 184,736 28. 26,928 5,273 3,683 11,484 '6,488 20,890 18,701 3,208 256 ,961 13,276 j 5,842 185,472 Nov. 4. 26,829 5,171 3,706 11,560 6,392 20,769 18,086 3,348 290 1,729 12,719 5.885 189,664 11. 26,552 4,922 3,711 11,509 6,410 20,770 17,994 3,352 256 1,882 12,504 51853 186,022 18. 27,032 4,847 3,901 11,876 6,408 20,663 18,599 3,354 257 1,878 13,110 5,786 188,911 25. 27,538 5,345 3,988 11,786 6,419 20,693 17,825 3,160 247 1,856 12,562 5,821 188,812 Dec. 2. 27,256 5,153 4,010 11.784 6,309 20,749 18,568 3,285 264 1,938 13,081 5,878 190,094 9. 26,941 4,991 4,030 11,733 6,187 20,960 17,810 3,093 264 2,078 12,375 6,C 187,320 16. 27,241 5,285 4,034 12,049 5,873 20,956 19,139 3,472 242 2,070 13,355 5,894 194,348 23. 27,340 5,374 4,020 12,047 5,899 21,097 19,354 '3,398 298 1,990 13,668 5,855 194,201 30. 27,679 5,700 4,038 12,048 5,893 21,104 19,020 '3,449 279 2,131 13,161 5,942 196,084 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday u T n o a t d al - m D d a e e n - - d State m D e o s - - Other time 9 F F r . o R m . From l O i t a t i b h e i s e l r i- C it a a p l justed 4 j p u o a st s d e i - t d s 5 Total 6 IPC g l a o o n c v d a t l . e F ig o n r- '' G U o . v S t . . c m c o t i i e m a c r l - - Totals S in a g v s - IPC S l a o t n c a d a te l e F i o g r n - 7 Banks others banks govt. 1964—Jan. 8. 155,386 65,239 95,898 69,437 4,889 ,870 2,972 12,679 59,488 38,04313,518 4,287 3,224 259 3,157 5,58814,569 15. 157,883 67,136 98,229 72,209 5,095 ,857 2,097 12,561 59,654 38,05213,643 4,321 3,216 34 2,860 5,59814,594 22. 152,144 65,151 92,168 68,843 4,919 ,949 1,546 11,397 59,976 38.11713,818 4,361 3,245 255 2,770 5,89914,565 29. 150,500 64,940 90,224 67,605 4,926 ,866 1.545 10,739 60,276 38,13114,057 4,401 3,241 245 2,642 5,87914,619 Feb. 5. 152,281 64,015 91,81667.,228 5,260 ,850 1,996 11,575 60,465 38,17214,198 4,368 3,280 323 2,908 6,009 14,670 12. 152,245 63,718 91,567 67,.605 4,879 ,829 2,560 11,179 60,678 38,21814,327 4,404 3,280 338 2,317 6,126 14,675 19. 151,917 62,090 91,106 65!,508 4,997 ,721 4,129111,237 60,811 38,26414,317 4,381 3,402 28 2,666 6,112 14,673 26. 151,505 62,565 90,575 65;,460 5,188 ,674 3,755 10,810 60,930 38,29114,390 4,407 3,387 528 2,439 6,131 14,698 Mar. 4. 153,247 62,353 92,140 65.731 5,304 ,763 3,68912,038 61,107 38,36014,475 4,407 3,411 12 2,211 6,220 14,717 11. 152,608 63,457 91,237 67!421 4,687 ,754 2,148 11,558 61,371 38,42814,687 4,383 3,414 397 2,613 6,170 14,724 18. 155,196 63,360 94,006 67;781 4,797 ,754 4,498 11,516 61,190 38,50914,319 4,437 3,439 911 2,714 5,98614,691 25. 153,467 62,630 92,053 65;376 5,169 ,854 5,49310,795 61,414 38,56614,513 4,390 3,460 21 2,842 6,03414,708 Apr. 1. 157,257 62,532 95,81166,659 5,349 ,841 5,130112,192 61,446 38,70414,418 4,381 3,457 223 3,470 5,92614,780 8. 154,008 63,083 92,333388 66,452 4,768 ,752 3,917 11,638 61,670 38,67214,625 4,369 3,523 103 2,917 5,94714,796 15. 157,911 65,987 96,40170,854 6,204 ,803 1,380 12,024 61,510 38,48314,508 4,448 3,604 716 2,841 6,057 14,878 22. 152,622 64,341 90, 6"6"5 67,881 5,314 ,820 1.309 10,946 61,957 38.45914,757 4,588 3,684 103 3,279 6.33714,870 29. 153,455 63,959 91,232 66,813 5,529 ,806 2,948 10.464 62,223 38,43714,950 4,660 3,704 276 2,884 6,28314,914 May 6. 155,135 62,261 92,770 65,246 5,843 ,791 4,781 11,246 62,365 38,53314,920 4,705 3.736 189 2,866 6,193 14,979 13. 155,564 61,797 93,058 66,429 5,223 ,741 4,973 11,087 62,506 38,57115,060 4,665 3,740 103 3,055 6,40014,970 20. 153,924 60,692 91,135 64,709 5,039 ,747 5,43310,907 62,789 38,63215,242 4,694 3,748 477 2,842 6,36314,957 27. 153,955 61,651 90,960 64,867 5,108 ,793 5,02910.482 62,995 38,66215,410 4,725 3,729 108 3,043 6,319 15,004 June 3. 154,574 61,472 91,474 64,312 5,300 ,782 4,997 11,218 63.100 38,72615,468 4,706 3,735 284 2,754 6,25015,049 10. 155,068 63,140 91,847 66,389 4,980 ,761 3,706 11,091 63,221 38,77415,546 4,681 3,750 241 2,969 6,124 15,057 17. 159,401 63,274 96,377 68,578 4,790 ,813 5.665 ,661 63,024 38,79715,387 4,626 3,740 157 3,154 6,06215,033 24. 156,152 62,035 93,070 65,207 4,849 ,831 7,04310,619 63,082 38,84815,481 4,597 3,670 35 3,199 5,97215,034 July 161,829 62,664 98,717 67,206 5,405 ,939 7,28611,784 63,112 39,05315,360 4,527 3,678 385 3,304 5,72815,142 157,229 61,959 93,897 65,317 4,778 ,906 6,192 11,837 63,332 39,08415,530 4,515 3,706 365 2,783 5,64915,162 160.268 63,359 96,787 69,337 4,829 2,010 3,88712,288 63,481 39,11815,658 4,484 3.704 91 3,835 5,93215,129 155,712 63,314 91,943 66,884 4,716 2,037 3,29811,200 63,769 39,15615,838 4,020 3,733 46 3,194 6,03815,121 154,675 63,674 90,754 66,397 4,897 ,923 3,60410,441 63,921 39,16815,943 4,535 3,750 226 3,308 6,03815,165 Aug. 5. 156.645 62,952 92,827 66,198 5,215 ,988 4,160 11,684 63,818 39,24215,818 4,492 3,740 644 2,854 5,99415,227 12. 156,978! 62,613 92,957 67,213 4,897 ,905 3,831 11,585 64,021 39,30215,935 4,483 3,775 92 3,224 6,10215,242 19. 156,995j 61,332 92,832 65,611 4,596 ,876 5,45311,585 64,163 39.36915,940 4,533 3,801 118 3,321 6—190 15,234 26. 155,064! 62,393 90,735 65,413 4,889 ,920 4,021 10,996 64,329 39,42116,026 4,55? 3,800 75 3,125 6,24515,258 Sept. 2. 157,812| 62, 93,372 66,168 5,071 ,970 4,511 12,028 64,440 39,47716,000 4,613 3,829 36 3,324 6,35015,295 9. 156,662 62,949 92,086 66,641 4,717 ,961 2,825 12,485 64,576 39,53316,096 4,591 3,836 96 3,303 6,52615,300 16. 163I123 65,046 99,082 71,682 4,723 ,903 3,754 12,965 64,041 39,57415,509 4,607 3,829 29 3,451 6,510 15,340 23. 159,426 62,748 95,06166,852 4,666 ,886 6,610 11,443 64,365 39,64015,744 4,628 3,826 652 2,517 6,545 15,352 30. 164,198 63,722 99,479 6"8,867 5,224 ,945 6,951 12,318 64,719 39,87315,854 4,648 3,824 20 2,466 6,48915,448 Oct. 7. 159,665 63,522 ,745 67,691 4,762 ,881 4,698 12,075 64,920 39,93316,006 4,644 3,816 159 2,861 6,31815,478 14. 162,850! 63,512 ,777 70,800 4,517 ,924 3,231 13,335 65,073 39,97416,104 4,699 3,780 31 3,276 6,49615,456 21. 158,908 64,307 ,689 69,023 4,600 2,011 2,631 11,835 65,219 40.02916,219 4,650 3,805 1,115 2,769 6,48415,460 28. 160,022 64,999 ,544 68,627 5,035 2,018 3,38911,699 65,478 40,06116,464 4,630 3,803 412 3,079 6,47315,486 Nov. 4. 163,630 64,019 ,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 ,986 2,842 12,787 65,536 40.19716.388 4,606 3,834 434 3,335 6,54915,575 18. 162,791 63,282 97,230 68,982 4,731 ,988 5,004 12',597 65,561 40.22716,264 4,611 3,951 103 3,676 6,791 15,550 25. 162,336 63,856 96,724 68;724 5,095 ,943 4,826 11,855 65,612 40,25516,288 4,628 3,941 105 3,967 6,88315,521 Dec. 2. 163,377 64,607 97,707 69,515 5,333 ,938 4,364 12,548 65,670 40,31216,237 4,680 3,932 110 3,972 7,02315,612 9. 160,081 64,967 94,022 68,940 4,875 ,930 2,321 12,101 66,059 40,34316,431 4,770 4,001 180 4,228 7,219 15,612 16. 167,370 68,194101,399 74,201 4,886 2,006 2,784 12,920 65,971 40.37116,024 5,023 4,020 163 4,256 6,97415,585 23. 167,619 66,161101,297 72,030 5,120 2,169 4,858 12,885 66,322 40 43116,189 5,142 4,016 398 3,703 6,861 15,620 30. 169.455! r68,045 r 102,574 73,654 5,239 2,190 4,563 12,539 66,881 40.69816,407 5,168 4,053 281 r4,023 '6,632 15,693 1 After deduction of valuation reserves. 7 Deposits of foreign governments and official institutions, central 2 Exclusive of loans to domestic commercial banks and after deduc- banks, international institutions, banks in foreign countries, and foreign tion of valuation reserves; individual loans items are shown gross. branches of U.S. banks other than reporting bank. 3 Excludes cash items in process of collection. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 4 Total demand and total time deposits. and mutual savings banks, not shown separately. 5 Demand deposits other than domestic commercial interbank and 9 See opposite page. U.S. Govt., less cash items in process of collection. 6 Includes certified and officers' checks and deposits of mutual savings banks, not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 329 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals 611 633 656 707 694 723 666 674 655 662 657 634 Machinery 2,156 2,188 2,213 2,215 2,185 2,188 2,090 2,062 2,073 2,111 2,122 2,182 Transportation equipment 881 855 874 865 904 898 824 831 874 876 876 929 Other fabricated metal products 795 808 855 901 940 988 980 966 983 972 943 953 Other durable goods 1,014 1,006 1,048 1,111 1,138 1,154 1,163 1,185 1,213 1,190 1,172 1,157 Nondurable goods manufacturing: Food, liquor, and tobacco 1,685 1,556 1,481 1,385 1,298 1,288 1,263 1,254 1,398 1,609 1,827 1,951 Textiles, apparel, and leather 1,288 1,380 1,522 1,536 1,544 1,551 1,606 1,624 1,658 1,530 1,392 1,295 Petroleum refining 1,183 1,166 1,108 1,085 1,065 1,051 985 944 978 1,020 1,015 1,024 Chemicals and rubber 990 1,003 1,072 1,146 1,143 1,138 1.121 1,098 1,162 1,193 1,229 1,326 Other nondurable goods 827 838 841 883 912 936 961 984 997 972 928 909 Mining, including crude petroleum and natural gas 2,751 2,696 2,688 2,676 2,694 2,688 2,748 2,781 2,851 2,815 2,830 2,964 Trade: Commodity dealers 1,386 1,313 1,208 1,095 959 885 916 931 998 1,162 1,403 1,448 Other wholesale 1,970 1,982 2,026 2,047 2,074 2,101 2,121 2,124 2,160 2,219 2,246 2,265 Retail 2,319 2,360 2,455 2,504 2,626 2,561 2,481 2,568 2,618 2,634 2,754 2,694 Transportation, communication, and other public utilities 4,379 4,191 4,064 4,041 4.000 3,981 4,079 4,099 4,262 4,324 4,283 4,489 Construction 1,831 1,844 1,870 1,915 2,022 2,098 2,147 2,228 2,239 2,232 2,254 2,267 All other: Bankers' acceptances 837 913 905 891 923 887 940 976 928 873 891 1,038 All other types of business, mainly services.. 4,678 4,748 4,883 4,932 4,936 5,020 5,063 5,024 5,005 4,996 4,996 5,207 Total classified loans 31,581 31,480 31,769 31,935 32,057 32,136 32,154 32,353 33,052 133,390 33,818 34,732 Commercial and industrial loans— All weekly reporting banks 37,520 37,473 37,854 38,119 38,359 38,528 38,613 38,848 39,518 39,876 40,422 41,474 Wednesday Industry Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 15 22 29 5 12 19 26 4 11 18 25 Durable goods manufacturing: Primary metals 608 608 614 615 626 624 637 643 637 648 669 670 Machinery 2,174 2,175 2,152 2.123 2,159 2,168 2,202 2,221 2,175 2,179 2,245 2,253 Transportation equipment 881 908 903 832 848 842 872 857 853 855 895 893 Other fabricated metal products 799 797 794 788 789 808 814 822 824 846 870 879 Other durable goods 1,032 1,021 1,010 991 997 1,005 1,011 1,011 1,014 1,031 1,065 1,082 Nondurable goods manufacturing: Food, liquor, and tobacco 1,751 1,718 1.645 1,626 1,588 1,568 1,568 1,500 1,503 1,462 1,499 1,459 Textiles, apparel, and leather 1,309 1,308 1,277 1,256 1,308 1,348 1,415 1,447 1,487 1,511 1,547 1,542 Petroleum refining 1,152 1,193 1,195 1,192 1,178 1,176 1,160 1,149 1,128 1,106 1,104 1,095 Chemicals and rubber 978 984 993 1,005 980 990 1,015 1,026 1,035 1,055 1,092 1,105 Other nondurable goods 844 823 821 819 841 832 839 840 829 828 849 857 Mining, including crude petroleum and natural gas 2,794 2,753 2,736 2,722 2,699 2,698 2,700 2,689 2,686 2,683 2,704 2,679 Trade: Commodity dealers 1,386 1,390 1.387 1,381 1,340 1,342 1,295 1,277 1,241 1,222 1,202 1,168 Other wholesale 2,001 1,969 1,954 1,956 1,976 1,973 1,987 1,993 2,013 2,011 2,032 2,048 Retail 2,330 2,331 2,315 2,299 2,365 2,343 2,361 2,371 2,403 2,402 2,519 2,495 Transportation, communication, and other public utilities 4,489 4,375 4,352 4,300 4,229 4,189 4,180 4,165 4,088 4,010 4,059 4,100 Construction 1,834 1,841 1,825 1,824 1,834 1,846 1,846 1,850 1,846 1,864 1,877 1,894 All other: Bankers' acceptances 835 806 817 889 880 914 927 932 965 889 876 All other types of business, mainly services 4,674 4,683 4,687 4,673 4,708 4,725 4,771 4,791 4,819 4,858 4,921 4,935 Total classified loans 31,871 31,683 31,477 31,291 31,345 31,391 31,600 31,584 31,546 31,460 32,025 32,043 Commercial and industrial loans—All weekly reporting banks 37,818 37,641 37,424 37,195 37,314 37,368 37,619 37,590 37,599 37,507 38,137 38,172 For Note see end of Table. Note to table on preceding page: 9 Includes certificates of deposit outstanding in following amounts (in millions of dollars): Jan. 8 9,822 Apr. 1 10,639 July 1 11,670 Oct. 7 . . . 12,095 15 . . 9 897 8 ...: . 10 891 8 11,833 14 12,212 22 10,054 15 10,906 15 11 928 21 12 324 29 10 281 22 11 188 22 12 109 28 . . 12 546 29 . 11 365 29 12,168 Feb. 2 1 1 5 9 6 2 . .. . 1 1 1 1 0 0 0 0 , , 6 4 5 5 0 0 2 6 3 5 6 2 May 2 2 1 7 6 3 0.. . . 1 1 1 1 1 1 1 1 , , 8 3 5 7 6 6 3 3 4 2 0 6 Aug. 2 1 1 6 5 2 9 .. 1 1 1 1 2 2 2 2 , , , , 2 0 1 1 6 4 9 8 2 8 4 1 Nov. 2 1 1 4 5 1 Q . '1 1 1 1 0 2 2 2 , , , 4 7 7 4 0 3 1A 9 4 6 (\ Sept. 2 12,251 Dec. 2 .. . r12 654 Mar 4... .. 10 627 June 3 11 914 9 12,263 9 M2,756 11 10,799 10 11,917 16 .. .. 11,701 16 r12 348 18 10 550 17 11 595 23 11,885 23 .. . 12 418 25 10 718 24 11 687 30 11,955 30 12,585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 BUSINESS LOANS OF BANKS, 1964 FEBRUARY 1965 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued (In millions of dollars) Wednesday Industry Apr. Apr. Apr. May May May May June June June June 8 6 20 3 10 17 24 Durable goods manufacturing: Primary metals 705 711 714 705 702 703 688 691 693 698 714 741 740 Machinery 2,232 2,204 2,234 2,201 2,204 2,218 2,187 2,168 2,165 2,166 2,166 2,225 2,195 Transportation equipment 876 872 871 858 850 905 889 915 908 873 897 921 900 Other fabricated metal products. . . 906 898 907 893 903 931 936 939 954 962 983 ,007 998 Other durable goods 1,101 1,105 1,113 1,118 1,119 1,127 1,145 1,141 1,139 1,143 1,147 ,165 1,162 Nondurable goods manufacturing: Food, liquor, and tobacco 1,485 1,394 1,385 1,331 1,328 1,310 1,303 1,295 1,283 1,291 1,243 ,323 1,296 Textiles, apparel, and leather 1,547 1,537 1,556 1,527 1,515 1,533 1,555 1,552 1,536 1,535 1,536 ,568 1,565 Petroleum refining 1,086 1,090 1,102 1,077 1,070 1,066 1,070 1,067 1,055 1,048 1,049 ,052 1,053 Chemicals and rubber 1,148 1,136 1,146 1,149 1.153 1,146 1,143 1,142 1,141 1,114 1,123 ,159 1,155 Other nondurable goods 874 860 889 893 897 901 912 917 918 922 922 944 955 Mining, including crude petroleum and natural gas 2,654 2,677 2,676 2,693 2,679 2,678 2,710 2,693 2,696 2,678 2,688 2,690 2,694 Trade: Commodity dealers 1,171 1,120 1,081 1,073 1,031 997 962 952 923 894 879 885 884 Other wholesale 2,051 2,039 2,053 2,049 2,044 2,057 2,075 2,089 2,076 2,083 2,094 2,119 2,107 Retail 2,516 2,430 2,529 2,524 2,518 2,633 2,618 2,653 2,602 2,551 2,536 2,597 2,561 Transportation, communication, and other public utilities 4,075 4,012 4,028 4,034 4,056 3,994 4,003 3,992 4,009 3,944 3,911 4,042 4,027 Construction 1,884 1,883 1,933 1,935 1,941 1,971 2,019 2,046 2,051 2,062 2,087 2,123 2,120 All other: Bankers' acceptances 902 918 921 844 871 887 955 943 909 924 893 871 860 All other types of business, mainly services 4,945 4,926 4,925 4,923 4,936 4,952 4,919 4,932 4,943 5,000 5,001 5,044 5,039 Total classified loans 32,158 31,812 32,063 31,827 31,817 32,009 32,089 32,127 32,001 31,869 32,476 32,311 Commercial and industrial loans All weekly reporting banks 38,308 37,964 38,252 38,015 38,057 38,307 38,394 38,416 38,320 38,243 38,234 38,885 38,748 Wednesday Industry July July Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Sept. 8 5 12 19 16 23 30 Durable goods manufacturing: Primary metals 656 667 667 668 673 674 683 671 669 648 650 659 659 659 Machinery 2,132 2,101 2,097 2,062 2,058 2,068 2,054 2,070 2,054 2,037 2,037 2,096 2,079 2,114 Transportation equipment 846 874 823 796 781 805 836 849 835 843 843 900 895 887 Other fabricated metal products 1,012 988 983 958 958 962 972 967 962 967 966 998 985 998 Other durable goods 1,171 1,181 1,161 1,151 1,152 1,174 1,181 1,189 1,196 1,198 1,211 1,222 1,216 1,219 Nondurable goods manufacturing: Food, liquor, and tobacco 1,322 1,284 1,252 1,239 1,217 1,225 1,236 1,273 1,280 1,332 1,341 1,411 1,432 1,473 Textiles, apparel, and leather 1,593 1,609 1,628 1,612 1,587 1,606 1,624 1,630 1,635 1,676 1,667 1,685 1,636 1,629 Petroleum refining 1,043 1,033 961 950 940 942 943 948 942 954 959 987 981 1,009 Chemicals and rubber 1,131 1,122 1,126 1,116 1,111 1,102 1,093 1,096 1,099 1,142 1,148 1,174 1,172 1,172 Other nondurable goods 954 951 968 964 966 975 980 988 994 999 1,000 1,007 992 986 Mining, including crude petroleum and natural gas 2,682 2,685 2,796 2,800 2,776 2,777 2,784 2,777 2,787 2,854 2,857 2,857 2,853 2,834 Trade: Commodity dealers 903 897 921 925 936 928 930 929 936 951 963 1,008 1,028 1,038 Other wholesale 2,124 2,116 2,123 2,128 2,112 2,128 2,122 2,123 2,122 2,139 2,134 2,161 2,183 2,182 Retail 2,522 2,464 2,456 2,436 2,526 2,591 2,568 2,571 2,541 2,538 2,532 2,659 2,657 2,704 Transportation, communication, and other public utilities 4,099 4,062 4,070 4,086 4,079 4,087 4,090 4,087 4,131 4,155 4,152 4.272 4,306 4,427 Construction 2,134 2,125 2,159 2,163 2,184 2,23f 2,245 2,252 2,236 2,245 2,257 2,232 2,224 All other: 2,i5r Bankers' acceptances 907 911 978 974 966 98: 982 975 980 905 923 911 921 All other types of business, mainly services, 5,060 5,033 93: 5,063 5,06: 5,05: 5,022 5,016 5,011 5,002 4,991 5,023 5,015 5,000 5,096 Total classified loans 32,29132,10332,21232,09132,07132,24632,33232,41132,42132,65132,60133,299 33,232 33,476 Commercial and industrial loans—All weekly reporting banks 38,78538,56838,68738,52638,49838,70038,87- 38,91538,90239,09139,03139,80239,71139,953 For NOTE see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 331 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued (In millions of dollars) Wednesday Industry Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. 7 14 21 28 4 11 18 25 2 9 16 23 30 Durable goods manufacturing: Primary metals 661 669 661 657 659 664 680 625 622 622 637 650 641 Machinery 2,114 2,134 2,120 2,078 2,101 2,100 2,144 2,142 2,144 2,152 2,206 2,200 2,207 Transportation equipment 885 881 878 860 865 873 882 886 906 907 940 945 947 Other fabricated metal products. . . 991 985 965 947 944 946 951 932 939 951 953 958 962 Other durable goods 1,201 1,195 1,183 1,181 1,182 1,180 1,172 1,155 1,154 1,150 1,166 1,162 1,153 Nondurable goods manufacturing: Food, liquor, and tobacco , 1,508 1,572 1,669 1,685 1,781 1,796 1,877 1,854 1,894 1,871 1,998 1,994 2,000 Textiles, apparel, and leather 1,600 1,586 1,482 1,450 1,425 1,412 1,386 1,347 1,316 1,311 1,306 1,273 1,270 Petroleum refining 1,010 1,015 1,028 1,025 1,023 1,022 1,011 1,002 1,013 1,013 1,028 1,023 1,042 Chemicals and rubber 1,193 1,179 1,206 1,194 1,220 1,218 1,242 1,236 1,246 1,274 1,351 1,356 1,404 Other nondurable goods 985 981 965 955 932 931 927 923 924 921 906 901 892 Mining, including crude petroleum and natural gas 2,824 2,842 2,809 2,786 2,839 2,829 2,821 2,829 2,894 2,897 2,924 2,975 3,129 Trade: Commodity dealers 1,082 1,126 1,196 1,246 1,320 1,394 1,435 1,463 1,469 1,445 1,461 1,436 1,429 Other wholesale 2,198 2,227 2,229 2,222 2,241 2,240 2,247 2,256 2,256 2,260 2,276 2,269 2,263 Retail 2,585 2,603 2,655 2,693 2,743 2,737 2,796 2,740 2,882 2,701 2,759 2,636 2,493 Transportation, communication, and other public utilities 4,341 4,323 4,309 4,322 4,286 4,258 4,275 4,313 4,366 4,371 4,481 4,565 4,664 Construction 2,205 2,242 2,250 2,232 2,236 2,250 2,269 2,261 2,254 2,251 2,297 2,269 2,262 All other: Bankers' acceptances 876 901 851 866 869 895 914 969 1,016 1,040 1,072 1,095 All other types of business, mainly services 4,986 4,997 4,995 5,006 4,981 4,992 4,998 5,012 5,090 5,116 5,199 5,233 5,394 Total classified loans 33,245 33,458 33,451 33,405 33,664 33,711 34,008 33,890 34,338 34,229 34,928 34,917 35,247 Commercial and industrial loans All weekly reporting banks 39,743 39,964 39,913 39,882 40,192 40,295 40,651 40,548 40,999 40,914 41,668 41,668 42,119 NOTE.—Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 80 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates. industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 INTEREST RATES, 1964 FEBRUARY 1965 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance P co ri m m l e . pa C p O e . r b P an ri k m er e s' Federal 3-month bills 6-month bills 9- to 12-month issues 3- to 5- Period paper, placed accept- funds year 4- to 6- directly, ances rate 3 issues 6 months i 3- to 6- 90 daysi Rate Rate Bills months2 on is s n u e e w M yie a l r d k e 5 t on is s n u e e w M yie a l r d k e 5 t ( y M ie a l r d k ) e 5 t Other 6 Jan 3.97 3.82 3.70 3.48 3.529 3.52 3.652 3.64 3.68 3.66 4.06 Feb 3 88 3 76 3 75 3 48 3 532 3.53 3.664 3.67 3 71 3 63 4.02 Mar 4.00 3.83 3.75 3.43 3.553 3.54 3.740 3.72 3.78 3.67 4.15 Apr 3.91 3.80 3.80 3.47 3.484 3.47 3.676 3.66 3.75 3.63 4.18 May 3 89 3 76 3 75 3.50 3.482 3 48 3.612 3.60 3 71 3.67 4.07 June 4.00 3.88 3.75 3.50 3.478 3.48 3.572 3.56 3.70 3.83 4.03 July 3.96 3.81 3.75 3.42 3.479 3.46 3.566 3.56 3.64 3.68 3.99 AUK 3.88 3.76 3.75 3.50 3.506 3.50 3.618 3.61 3.67 3.73 3.99 Sept 3.89 3.75 3.75 3.45 3.527 3 53 3.666 3.68 3.73 3.82 4.03 Oct 4.00 3.91 3.75 3.36 3.575 3 57 3.729 3.72 3.79 3.83 4.04 Nov 4.02 3.89 3.79 3.52 3.624 3.64 3.794 3.81 3.86 3.88 4.04 Dec 4.17 3.98 4.00 3.85 3.856 3.84 3.971 3.94 3.96 3.96 4.07 Week ending— 1963—Dec. 28... 4.00 3.88 3.63 3.50 3.522 3.52 3.657 3.64 3.69 3.77 4.07 1964—Jan. 4... 4.00 3.84 3.63 3.43 3.524 3.52 3.651 3.65 3.70 3.75 4.08 11... 4.00 3.86 3.63 3.50 3.534 3.53 3.669 3.66 3.72 3.68 4.08 18... 4.00 3.88 3.73 3.50 3.549 3.54 3.679 3.65 3.69 3.59 4.07 25... 3.98 3.78 3.75 3.43 3.538 3.52 3.648 3.63 3.66 3.66 4.04 Feb. 1... 3.88 3.75 3.75 3.50 3.501 3.50 3.613 3.61 3.65 3.67 4.04 8... 3.88 3.75 3.75 3.50 3.505 3.51 3.615 3.63 3.65 3.66 3.99 15... 3.88 3.75 3.75 3.50 3.540 3.52 3.660 3.66 3.70 3.66 4.00 22... 3.88 3.75 3.75 3.43 3.534 3.53 3.679 3.68 3.71 3.58 4.02 29... 3.90 3.78 3.75 3.50 3.547 3.56 3.703 3.72 3.76 3.61 4.05 Mar. 7... 4.00 3.81 3.75 3.29 3.589 3.56 3.777 3.74 3.78 3.64 4.10 14... 4.00 3.81 3.75 3.50 3.534 3.54 3.715 3.72 3.78 3.65 4.12 21... 4.00 3.81 3.75 3.43 3.538 3.54 3.726 3.72 3.77 3.67 4.16 28... 4.00 3.86 3.75 3.46 3.550 3.54 3.740 3.73 3.80 3.72 4.23 Ap, 4... 4.00 3.93 3.80 3.50 3.525 3.52 3.710 3.70 3.77 3.71 4.21 3.98 3.84 3.88 3.45 3.503 3.48 3.703 3.69 3.77 3.68 4.19 18... 3.88 3.75 3.78 3.50 3.484 3.47 3.687 3.67 3.78 3.64 4.18 25... 3.88 3.75 3.75 3.46 3.463 3.45 3.662 3.64 3.74 3.58 4.16 May 2... 3.88 3.75 3.75 3.45 3.446 3.45 3.616 3.60 3.69 3.56 4.14 9... 3.88 3.75 3.75 3.50 3.482 3.49 3.629 3.63 3.72 3.55 4.10 16... 3.88 3.75 3.75 3.50 3.491 3.47 3.625 3.59 3.71 3.52 4.04 23... 3.88 3.75 3.75 3.50 3.482 3.47 3.598 3.60 3.71 3.84 4.07 30... 3.94 3.80 3.75 3.48 3.475 3.47 3.595 3.58 3.70 3.84 4.06 June 6... 4.00 3.88 3.75 3.50 3.478 3.47 3.589 3.57 3.71 3.84 4.05 13... 4.00 3.88 3.75 3.50 3.462 3.47 3.553 3.57 3.71 3.84 4.04 20... 4.00 3.88 3.75 3.50 3.496 3.49 3.590 3.58 3.71 3.84 4.04 27... 4.00 3.88 3.75 3.50 3.478 3.47 3.556 3.53 3.68 3.85 4.02 My .... 4 4 . . 0 0 0 0 3 3. . 8 8 6 8 3 3 . . 7 7 5 5 3 3 . . 5 5 0 0 3 3 . . 4 4 7 9 9 2 3 3 . . 4 4 8 8 3 3 . . 5 5 2 4 8 4 3 3 . . 5 5 1 3 3 3 . . 6 6 8 7 3 3 . . 7 6 6 8 4 3 . . 0 9 1 9 18... 4.00 3.81 3.75 3.50 3.448 3.43 3.549 3.55 3.63 3.64 3.98 25... 3.93 3.78 3.75 3.14 3.503 3.46 3.619 3.61 3.65 3.70 4.00 Aug. 1... 3.88 3.75 3.75 3.50 3.475 3.46 3.591 3.57 3.61 3.67 3.99 8... 3.88 3.75 3.75 3.50 3.488 3.48 3.588 3.58 3.65 3.68 3.98 15... 3.88 3.75 3.75 3.50 3.510 3.51 3.611 3.62 3.66 3.71 3.99 22... 3.88 3.78 3.75 3.50 3.511 3.50 3.634 3.63 3.67 3.76 3.99 29... 3.88 3.78 3.75 3.50 3.513 3.50 3.639 3.62 3.67 3.78 4.00 Sept. i5... 3 3 . . 8 8 8 8 3 3 . . 7 7 4 2 3 3 . . 7 7 5 5 3 3 . . 5 4 0 3 3 3 . . 5 5 1 1 2 4 3 3 . . 5 5 0 2 3 3 . . 6 6 2 4 9 9 3 3 . . 6 6 4 7 3 3 . . 7 7 0 2 3 3 . . 8 8 2 4 4 4 . . 0 0 3 4 19... 3.88 3.75 3.75 3.46 3.541 3.54 3.693 3.69 3.74 3.83 4.05 26... 3.88 3.75 3.75 3.50 3.542 3.54 3.692 3.70 3.74 3.80 4.02 Oct. 3... 4.00 3.81 3.75 3.39 3.555 3.55 3.711 3.71 3.77 3.82 4.02 10... 4.00 3.90 3.75 3.36 3.582 3.57 3.744 3.73 3.80 3.84 4.05 17... 4.00 3.94 3.75 3.07 3.580 3.58 3.726 3.72 3.80 3.84 4.06 24... 4.00 3.94 3.75 3.48 3.592 3.58 3.738 3.74 3.80 3.84 4.05 31... 4.00 3.91 3.75 3.46 3.567 3.56 3.724 3.71 3.77 3.82 4.03 Nov. 7... 4.00 3.88 3.75 3.50 3.562 3.56 3.718 3.72 3.79 3.82 4.02 14... 4.00 3.88 3.75 3.50 3.574 3.58 3.742 3.74 3.79 3.82 4.00 21... 4.00 3.88 3.75 3.59 3.600 3.61 3.772 3.78 3.80 3.83 4.02 28... 4.06 3.91 3.88 3.34 3.758 3.78 3.942 3.96 4.00 4.00 4.11 Dec. 5... 4.13 3.94 4.00 3.71 3.868 3.82 4.030 3.97 4.02 4.04 4.11 12... 4.13 3.94 4.00 3.39 3.815 3.81 3.944 3.94 3.96 3.97 4.06 19... 4.13 3.94 4.00 4.00 3.864 3.86 3.965 3.95 3.94 3.92 4.06 26... 4.25 4.06 4.00 4.00 3.868 3.86 3.960 3.94 3.94 3.95 4.07 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi- closing bid prices. ties in the 90-179 day range. 5 Bills quoted on bank-discount-rate basis. 3 Seven-day average for week ending Wed. <* Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INTEREST RATES, 1964 333 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca! ratings group price ratio price ratio States (long- Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 4 14 3.27 3.08 3.54 4 55 4 36 4 83 4 48 4 67 4 51 4 31 3 05 Mar 4.18 3.33 3.14 3.57 4.56 4.38 4.83 4.49 4.67 4.51 4.34 3.03 5.51 Apr 4.20 3.30 3.12 3.52 4.58 4.40 4.85 4.53 4.69 4.53 4.37 3.00 May 4.16 3.29 3.09 3.54 4.59 4.41 4.85 4.54 4.69 4.53 4.41 3.01 June 4.13 3.29 3.10 3.54 4.59 4.41 4.85 4.54 4.70 4.55 4.41 3.05 5.68 July 4.13 3.26 3.08 3.54 4.58 4.40 4.83 4.52 4 68 4 54 4 37 2 96 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3.03 Sept 4.16 3.30 3.09 3.57 4.57 4.42 4.82 4.52 4.65 4.53 4.25 3.00 Oct 4.16 3.31 3.11 3.58 4.57 4.42 4.81 4.53 4 66 4 52 4 25 2 95 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 Dec 4.14 3.23 3.01 3.51 4.58 4.44 4.81 4.54 4.68 4.54 4.23 3.05 Week ending— 1963 Dec 28 4.16 3.31 3.11 3.60 4.57 4.37 4.85 4.50 4.70 4.51 4.34 3.15 1964 Jan 4 4.15 3.30 3.11 3.56 4.57 4.37 4.84 4.50 4.69 4.51 4.34 3.11 11 . 4.16 3.31 3.11 3.57 4.57 4.37 4.84 4.50 4.67 4.51 4.33 3.07 18 4 16 3.30 3.10 3.56 4.57 4.38 4.84 4.50 4.68 4 52 4 31 3 05 25 4.15 3.29 3.07 3.56 4.57 4.38 4.83 4.50 4.69 4.52 4.31 3.03 Feb 1 4.15 3.28 3.08 3.56 4.57 4.37 4.83 4.50 4.68 4 52 4.30 3.05 8 4.14 3.26 3.08 3.53 4.55 4.36 4.82 4.48 4.67 4.51 4.31 3.05 15 4.14 3.27 3.08 3.54 4.55 4.36 4.83 4.47 4.68 4.50 4.30 3.03 22 4 14 3.27 3.07 3.55 4.55 4.36 4.83 4.47 4 67 4 51 4.30 3.04 29 4.15 3.28 3.09 3.55 4.54 4.35 4.83 4.47 4.66 4.50 4.31 3.06 Mar 7 4.16 3.31 3.12 3.57 4.55 4.36 4.83 4.48 4.66 4.51 4.32 3.05 14 4.17 3.31 3.13 3.55 4.55 4.37 4.83 4.48 4.67 4.51 4.33 3.02 21 4.18 3.35 3.16 3.57 4.56 4.38 4.83 4.48 4.67 4.51 4.35 3.01 28 4.20 3.35 3.16 3.58 4.57 4.39 4.83 4.50 4.68 4.53 4.37 3.03 Apr 4 4 20 3.33 3.14 3.56 4.58 4.40 4.84 4.52 4.69 4 53 4.37 3.02 11 4.20 3.31 3.15 3.51 4.58 4.40 4.85 4.53 4.68 4.53 4.38 3.00 18 4.20 3.29 3.11 3.51 4.59 4.40 4.85 4.53 4.69 4.54 4.37 2.99 25 4.19 3.29 3.10 3.52 4.59 4.41 4.85 4.54 4.70 4.53 4.37 2.98 May 2 4.19 3.30 3.12 3.52 4.59 4.41 4.85 4.54 4.70 4.53 4.38 3.01 9 4.18 3.31 3.12 3.54 4.59 4.41 4.86 4.54 4.70 4 53 4.39 2.96 16 4.16 3.30 3.10 3.55 4.59 4.41 4.86 4.54 4.70 4.54 4.41 3.00 23 . . .. 4.14 3.27 3.07 3.52 4.59 4.41 4.84 4.54 4.69 4.54 4.41 3.03 30 4.14 3.28 3.08 3.53 4.59 4.41 4.84 4.54 4.69 4.54 4.43 3.05 June 6 4 15 3 27 3.08 3.53 4.59 4.41 4.85 4.54 4 69 4.55 4.41 3.08 13 4.14 3.28 3.10 3.54 4.59 4.41 4.85 4.54 4.69 4.55 4.41 3.08 20 4.13 3.29 3.11 3.54 4.60 4.41 4.86 4.54 4.70 4.55 4.40 3.03 27 4.12 3.30 3.11 3.55 4.60 4.41 4.87 4.54 4.71 4.55 4.40 3.02 July 4 4.11 3.29 3.10 3.55 4.59 4.40 4.86 4.53 4.70 4.55 4.39 2.98 11 4 12 3 27 3.07 3.55 4.58 4.40 4.84 4 53 4 68 4 55 4.36 2.95 18 4.13 3.25 3.07 3.53 4.58 4.41 4.83 4.52 4.68 4.54 4.36 2.95 25 4.14 3.25 3.09 3.53 4.58 4.40 4.82 4.52 4.67 4.54 4.36 2.94 Aug 1 4.14 3.26 3.09 3.53 4.57 4.40 4.82 4.52 4.66 4.54 4.36 2.96 8 4 14 3 26 3.08 3.53 4.57 4.41 4.81 4.52 4.65 4.54 4.31 3.02 15 4.14 3.27 3.08 3.53 4.57 4.42 4.81 4.52 4.65 4.54 4.29 3.02 22 4.14 3.27 3.08 3.54 4.57 4.41 4.81 4.52 4.65 4.54 4.28 3.02 29 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.66 4.54 4.26 3.06 Sent 5 4.16 3.27 3.08 3.54 4.57 4.42 4.83 4.52 4.66 4.54 4.26 3.03 p 12.:.. :. 4.17 3.29 3.08 3.56 4.57 4.42 4.82 4.52 4.65 4.54 4.25 3.00 19 4 17 3 32 3.10 3.59 4.57 4.42 4.82 4.52 4.65 4.53 4.24 3.00 26 4.16 3.32 3.10 3.59 4.56 4.42 4.81 4.52 4.64 4.53 4.23 2.98 Oct 3 4.15 3.32 3.11 3.59 4.56 4.42 4.81 4.52 4.64 4.53 4.25 2.97 10 4 16 3 32 3 11 3.59 4 57 4 43 4 80 4.53 4.65 4.53 4.24 2 95 17 4.17 3.32 3.11 3.58 4.57 4.42 4.80 4.53 4.65 4.53 4.25 2.95 24 4.17 3.32 3.12 3.58 4.57 4.42 4.81 4.53 4.66 4.52 4.25 2.95 31 .. 4.15 3.30 3.11 3.56 4.57 4.43 4.81 4.53 4.66 4.52 4.25 2.96 Nov 7 4.12 3.29 3.10 3.55 4.57 4.43 4.81 4.53 4.65 4.53 4.24 2.96 14 .. 4 11 3 25 3.07 3.50 4.57 4.43 4 80 4.52 4.66 4.53 4.25 2 96 21 4.11 3.25 3.05 3.49 4.57 4.42 4.80 4.51 4.66 4.52 4.24 2.95 28 4.15 3.29 3.09 3.54 4.59 4.44 4.82 4.54 4.67 4.55 4.27 2.98 Dec 5 4.15 3 27 3.05 3.52 4.59 4.45 4.83 4.55 4.69 4.55 4.27 3.05 12 4.12 3.24 3.01 3.52 4.59 4.45 4.83 4.55 4.69 4.54 4.24 3.06 19 4.13 3.22 2.99 3.51 4.58 4.43 4.81 4.53 4.68 4.53 4.21 3.07 26 4.14 3.22 2.99 3.51 4.58 4.43 4.80 4.53 4.67 4.53 4.21 3.04 Number of issues 12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Corp. bonds: Averages of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody's Investors Service series. Stocks: Standard and Poor's Corp. corp. bonds in some groups has varied somewhat. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median NOTE.—Computed as follows: U.S. Govt. bonds: Averages of daily yields for a sample of non-callable issues—12 industrial and 2 public figures for bonds maturing or callable in 10 years or more. State and utility; common stock ratios on the 500 stocks in the price index. Quarlocal govt. bonds: General obligations only, based on Thurs. figures. terly earnings are seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 336 Gold production. 337 Net gold purchases and gold stock of the United States. 338 Estimated foreign gold reserves and dollar holdings 339 International capital transactions of the United States. 340 Money rates in foreign countries. 349 Arbitrage in Treasury bills. . 350 Foreign exchange rates. 351 U.S. balance of payments. 352 Foreign trade. 353 Guide to tabular presentation. 260 Index to statistical tables. 359 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- 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 GOLD RESERVES FEBRUARY 1965 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 St n a i t t e e s d r m es a t t e o d f A i f s g t h a a n n- A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile world* Fund world 1957 38,765 1,180 22,857 14,730 n.a. 126 126 103 915 324 1,100 40 1958 39,445 1,332 20,582 17,530 n.a. 60 162 194 1,270 325 1,078 40 1959 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 1960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41,465 2,194 16,057 23,215 36 61 190 454 1,365 225 42 708 43 1963—Dec 42,315 2,312 15,596 24,405 36 78 208 536 1,371 150 42 817 43 1964 Jan . ... 2,314 15,540 36 78 210 547 1,373 150 42 837 44 Feb 2,322 15,518 36 78 211 558 1,374 150 42 850 43 Mar 42,420 2,328 15,550 24,540 36 16 211 569 1,376 150 42 871 43 Apr . . . 2,334 15,727 36 76 215 579 120 42 892 43 May 2,353 15,693 36 74 216 579 ,392 120 42 910 42 June 42,940 2,359 15,623 24,960 37 74 218 592 1,392 120 42 931 43 July 2,359 15,629 37 74 219 592 1,393 120 42 949 43 Aug 2,424 15,657 37 73 221 592 1,395 120 42 969 43 Sept *>43,020 2,425 15,643 24,950 37 73 223 592 1,395 120 42 990 43 Oct 2,425 15,606 37 224 592 1,404 92 42 1,001 43 Nov 2,430 15,566 37 224 592 1,434 92 42 1,007 43 Dec 2,179 15,471 226 600 451 92 1,026 43 Ger- E pe n r d i o o d f lo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India I n n e d si o a - Iran Iraq Israel Italy Japan Rep. of 1957 62 32 35 581 2,542 13 247 39 138 20 2 452 93 1958 72 48 35 750 2,639 17 247 37 141 34 2 1,086 124 1959 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 I960 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963—Dec 62 92 61 3,175 3,843 77 247 142 98 60 2,343 289 1964 Jan . . 62 92 66 3,210 3,844 77 247 142 98 61 2,343 Feb 63 92 66 3,248 3,849 77 247 142 98 62 2,343 Mar 63 92 66 3,298 3,953 77 247 141 98 62 2,143 289 Apr 64 92 65 3,366 4,060 77 247 141 112 56 2,143 May 64 92 65 3,404 4,070 77 247 141 112 56 2,146 June 65 92 65 3,451 4,081 77 247 141 112 56 2,148 290 July 66 92 65 3,489 4,117 77 247 141 112 56 2,153 Aug 67 92 65 3,527 4,139 77 247 141 112 56 2,100 Sept 57 92 65 3,564 4,149 93 247 141 112 56 2,104 Oct 58 92 64 3,598 4,149 98 247 141 56 2,104 Nov 92 64 3,632 4,149 98 247 141 56 2,104 Dec 92 3,729 4,248 247 141 56 2,107 E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o ay r- P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u- A S r a a u b d i i a A So fr u ic th a 1957. n.a. 91 180 n.a. 744 45 49 28 6 461 217 1958 n.a. 91 143 16 1,050 43 49 19 10 493 211 1959 n.a. 102 142 23 1,132 30 50 28 9 548 18 238 1960 . . n.a. 119 137 29 ) 4S1 30 52 42 15 552 18 178 1961 43 140 112 29 ,581 20 30 53 47 27 443 65 298 1962 49 172 95 29 ,581 20 30 53 47 41 471 78 499 1963—Dec 48 172 139 29 ,601 20 31 53 57 28 497 78 630 1964—Jan 48 172 151 29 ,601 20 31 53 57 30 497 78 632 Feb . . 49 172 157 29 1,601 20 31 53 57 21 497 78 631 Mar 50 172 156 29 1,601 20 31 53 57 23 497 78 627 Apr 50 172 162 29 ,601 20 31 53 57 24 497 78 627 May 50 172 168 29 1,601 20 31 53 67 25 497 78 626 June 50 172 168 34 1,601 20 31 53 67 26 497 78 607 July 48 172 172 34 1,601 20 31 53 67 28 497 78 615 Aug 46 172 170 34 1,601 20 31 53 67 29 497 78 597 Sept 46 172 170 34 1,601 20 31 53 67 30 497 78 589 Oct 45 172 169 34 1,611 20 31 53 67 78 601 Nov 45 34 1,621 20 31 53 67 592 Dec 1.688 31 53 67 574 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 GOLD RESERVES AND PRODUCTION 337 GOLD RESERVES OF CENTRAL BANES 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- T w a a i n - 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 ed - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . - E E P F U 3 ments 2 1957 101 219 1,706 42 112 144 188 1,554 180 719 14 24 254 1958 57 204 1,925 43 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 40 1960 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 43 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 43 104 140 174 2,582 180 401 4 —50 56 1963—Dec 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 47 1964 Jan 573 182 2,549 51 104 115 174 171 401 14 Feb 573 182 2,551 51 104 115 174 171 401 14 -7 Mar 573 182 2,542 51 104 115 174 2,458 171 401 15 22 47 Apr 573 182 2 524 51 104 115 174 171 401 15 —82 May 573 182 2 526 54 104 115 174 171 401 15 47 June 575 182 2,599 54 104 115 174 2,439 171 401 15 40 28 July 577 182 2 560 55 104 115 174 171 401 16 64 A-U2 576 182 2,530 55 104 105 174 171 401 16 95 Sept 576 182 2,532 55 104 105 174 2,302 171 401 16 66 28 Oct 575 182 2 532 55 104 105 174 171 401 17 71 Nov 576 182 2,532 55 104 105 174 171 401 17 79 Dec 616 189 2,725 104 104 171 -50 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 l o d - - U S n ta it t e e d s 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 in il e ip s - t A ra u l s i - a oth A e l r l * 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—Nov 81.6 .7 11.7 .8 .8 .4 L.3 3.1 Dec 78.6 .8 10.8 .8 .9 .4 1.2 2.8 1964—Jan 78.7 2.6 10.7 .8 1.2 .4 1.3 3.1 Feb 79.9 '.6 2.6 9.8 1.0 1.2 .4 .2 2.5 Mar 84.9 6 2.6 2 1.9 10.3 .5 0 .5 2.6 Apr 82.3 .6 2.6 11.6 .7 .4 2.6 May 83 4 7 2 6 10 7 4 *t 4 ' *> 2 7 85.4 6 2.4 22.5 10.8 .3 .4 1.2 3.0 July 86 9 7 11.3 .4 0 .4 3 0 Aug 87.2 .7 11.3 .7 LO .4 3.1 Sept 88.2 1 6 10.9 2.5 Oct 11.5 Nov 11.5 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

338 U.S. GOLD FEBRUARY 1965 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 m Western Europe: -84 -83 — 1 -143 -82 —32 32 23 3 3 -329 -39 -141 -144 -63 -34 -266 — 173 —456 —518 —214 — 101 — ioi 101 101 34 23 200 -25 Italy -349 100 200 Netherlands 25 -261 — 30 —249 —25 -20 -10 Spain 31 32 —iii -156 -146 -130 —2 -8 -215 20 -324 — 125 102 — 30 United Kinsdom 100 -900 -350 -550 -306 -387 329 74 131 109 221 163 Bank for Intl. Settlements -178 -32 -36 -23 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 -1 — 11 2 2 57 72 -1 28 -1 28 J Colombia 28 —6 38 10 -30 -20 -4 -4 -200 65 Other 29 6 2 -5 -22 -17 -5 -7 -11 -1 -3 -3 -2 Total -28 81 69 19 -100 -109 175 32 -16 -3 -4 25 7 Asia: -30 -157 -15 * 18 -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 -3 -5 -38 -6 -36 -25 -1 2 -9 -1 80 172-2,294 -998 -1,969 -970 -833 -392 -180 -15 -28 95 41 Intl. Monetary Fund 4200 600 5-44 4300 150 280 772-2,294 -1,041 -1,669 -820 -833 -392 -180 -15 -28 95 41 1 Includes sales of $21 million to Lebanon and $48 million to Saudi 4 Proceeds from this sale invested by the IMF in U.S. Govt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. 5 Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription less sale by the IMF of $300 million (see also note 4). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total To G ta o l 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l 2 ld s T to r c e k a s i ury h c F o u o l r d r r e i e n i n g g c n s y 3 Total T g o o t l a d l 1952.. 23,252 23,252 23,187 379 379 1964—Jan 15,847 15,540 15,512 307 39 -56 1953.. 22,091 22,091 22,030 -1,161 -1,161 Feb.... 15,865 15,518 15,462 347 18 -22 1954.. 21,793 21,793 21,713 -298 -298 Mar.... 15,990 15,550 15,461 440 125 32 1955.. 21,753 21,753 21,690 -40 -40 Apr.... 15,991 15,727 15,462 264 1 177 1956.. 22,058 22,058 21,949 305 305 May... 15,946 15,693 15,463 253 -45 -34 1957.. 22,857 22,857 22,781 799 799 June... 15,805 15,623 15,461 182 -141 -70 July.... 15,840 15,629 15,462 211 35 6 1958.. 20,582 20,582 20,534 -2,275 -2,275 Aug.... 15,890 15,657 15,460 233 50 28 1959.. 19,507 19,507 19,456 -1,075 4-1,075 Sept.... 15,870 15,643 15,463 227 -20 -14 I960.. 17,804 17,804 17,767 -1,703 -1,703 Oct 15,702 15,606 15,461 96 -168 -37 1961.. ... 17,063 16,947 16,889 116 -741 -857 Nov.... 16,324 15,566 15,386 758 622 -40 1962.. 16,156 16,057 15,978 99 -907 -890 Dec... 15,903 15,471 15,388 432 -421 -95 1963.. 15,808 15,596 15,513 212 -348 -461 1964.. 15,903 15,471 15,388 432 95 -125 1965—Jan.P.. . 15,573 15,209 15,186 364 -330 -262 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 Jan. 31, 1965. 2 Includes gold in Fxchange Stabilization Fund. NOTE.—See Table 11 on p. 347 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 270 and 272. 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

FEBRUARY 1965 GOLD RESERVES AND DOLLAR HOLDINGS 339 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 Sept. 30, 1963 Dec. 31, 1963 Mar. 31, 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 & notesdollars & notes series series Western Europe: Austria 783 * 903 2 901 2 3 911 3 902 947 3 Belgium 1,542 * 1,678 1 1,791 1 * 1,782 * 1,832 • 1,821 * 159 16 208 15 253 13 14 259 14 289 14 352 14 Finland 134 2 134 * 160 * 1 176 1 167 1 174 1 3,744 3 4,510 3 4,653 3 6 4,709 7 5,003 7 5,093 7 Germany, Fed. Rep. of. 6,409 6,634 3 6,884 3 1 6,811 1 6,616 6,437 1 196 * 258 * 265 * * 239 * 224 • 222 * Italy 3,627 * 3,540 1 3,146 1 1 2,927 1 3,039 1 3,225 1 Netherlands 1,829 1 1,910 2 1,961 2 4 1,898 4 1,823 5 1,963 4 155 87 158 133 164 126 131 135 131 188 131 205 101 632 1 646 1 688 1 • 689 * 687 * 721 * Spain 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 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 * Brazil 429 1 360 1 329 1 * 329 • 294 • 330 * Chile 178 • 176 • 186 * * 181 • 227 • 224 • 205 1 216 231 1 1 244 1 238 1 226 1 Cuba 16 * 14 12 * * 11 * 11 * 10 * 626 4 759 808 5 2 837 1 817 1 808 1 Panama, Republic of. 98 1 117 129 1 10 91 1 105 • 89 1 152 • 198 215 * • 230 * 271 • 271 • 281 1 263 284 1 277 • 276 • 280 * 806 1 933 992 1 • 1,017 * 1,057 • 1,077 * Other 336 3 376 424 1 1 463 2 487 2 465 2 Total 3,398 13 3,865 12 4,063 12 14 4,132 5 4,207 4 4,166 5 Asia: 288 6 302 5 298 5 * 302 • 311 * 307 * 72 1 67 1 92 1 1 90 1 86 1 72 1 2,484 3 2,674 3 2,743 3 5 2,735 5 2,731 5 2,847 5 Philippines 215 * 222 * 237 * * 232 * 230 * 260 * Thailand 437 * 486 * 486 • * 513 • 529 • 546 * Other 1,490 40 1,581 42 1,687 42 41 1,892 38 1,944 42 1,998 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 26 359 28 Total 624 29 674 28 702 30 26 681 25 735 26 751 28 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 7,498 923 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 54,744 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, non-interest-bearing special U.S. notes held by the Intertary Gold; European Fund; and the Bank for International Settlements American Development Bank and the International Development Assn. (the figures for the gold reserves of the BIS represent the Bank's net U.S. Govt. bonds and notes are official and private holdings of U.S. gold assets). Govt. securities with an original maturity of more than 1 year; excludes 3 Excludes gold reserves of the U.S.S.R., other Eastern European nonmarketable U.S. Treasury bonds and notes held by official institutions countries, and China Mainland. of foreign countries as shown in Table 8 on p. 346. 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

340 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n t n d l. al 1 c F o o u r n e t i r g ie n s E W ur e o st p e e r n 2 Canada 3 A re m L pu e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r es 1963—Dec 19,505 5,855 13,650 7,867 1,653 1,058 2,731 154 187 1964—Jan 19,265 5,838 13,427 7,602 J .621 1,137 2,741 157 169 Feb 19,241 5,945 13,296 7,531 1,568 1,107 2,756 156 178 Mar 19,152 5.900 13,252 7,500 ,470 1,135 2,815 157 175 Apr 18,949 5,951 12,998 7,155 1,464 1,249 2,808 151 171 May 19,047 5,901 13,146 7,249 1,474 1,240 2,864 146 173 June 19,337 5 994 13,343 7,490 1,478 1,153 2,911 137 174 July 19,318 5,979 13,339 7,425 1,460 1,239 2,889 147 179 Aug 19,412 5,925 13,487 7,635 1,482 1,149 2,906 140 175 Sept 19,516 5,988 13,528 7,713 1,510 1,074 2,928 146 157 Oct 19,426 5,964 13,462 7,514 ,561 1,175 2,904 158 150 Novp . . .... 19,789 5 953 13,836 7,814 I 611 1,188 2,929 151 143 Dec p 20,221 5,873 14,348 8,268 1,524 1,238 3,021 160 137 1 Includes international organizations, and Latin American and Euro- NOTE.—Data represent short-term liabilities to the official institutions pean regional organizations, except the Bank for International Settlements of foreign countries and to official international and regional organizations, and the European Fund which are included in Western Europe. as reported by banks in the United States, and estimated foreign official 2 Includes Bank for International Settlements and European Fund. holdings of marketable U.S. Govt. securities with an original maturity 3 Data are as reported by the Canadian Dept. of Finance, adjusted to of more than one year. Data exclude nonnegotiable, non-interest-bearing exclude holdings of nonmarketable U.S. Treasury notes, foreign series. special notes held by the Inter-American Development Bank and the Data on holdings of such notes appear in Table 8. International Development Association, and also nonmarketable U.S. Treasury notes and bonds, payable in dollars and in foreign currencies. 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regionall Foreign E p n er d i o o d f G to ra ta n l d Total Intl. g E p io u r e e n r a - o a n - l2 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 - 1960 21 272 4,012 3,897 115 17,260 10,212 7,048 9 046 2 439 2,308 3,115 221 125 1961 422,533 3,752 3,695 57 418,781 10,940 47,841 10,322 2,758 2,340 42,974 283 104 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—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 A,011 238 184 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 27,367 5,064 4,910 17 137 22,303 12,350 9,953 11,281 2,873 3,291 4,438 231 189 Oct 27,998 5,061 4,900 18 143 22,937 12,297 10,640 11,230 3,405 3,411 4,459 244 188 Nov.?'... 28,921 5,050 4,889 17 144 23,871 12,711 11,160 11,995 3,458 3,485 4,514 238 181 Dec.*3... 28,759 4,971 4,801 22 148 23,788 13,223 10,565 12,248 2,979 3,532 4,591 247 191 2a. Europe Ger- End of period Total Austria Belgium m De a n rk - l F a i n n d - France m F a e n d y . , Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of 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—Dec 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964—Jan 10,752 360 440 176 93 1,487 2,999 177 685 319 107 199 206 421 Feb 10,618 322 431 157 108 1,467 3,157 167 536 289 96 200 217 431 Mar.... 10,679 342 406 167 110 ,411 2,858 162 784 297 104 192 234 428 Apr 10,643 297 437 191 111 ,406 2,386 156 849 254 117 189 218 415 May.... 10,618 341 439 195 112 ,518 2,303 148 866 264 159 193 241 420 June 10,658 310 440 197 102 ,552 2,535 147 891 222 157 190 264 433 July.... 10,788 327 396 213 105 ,558 2,360 143 928 309 167 216 296 451 Aug 11,144 355 424 229 105 ,525 2,361 130 1,057 316 171 230 376 509 Sept 11,281 355 426 260 109 ,529 2,288 129 1,121 362 174 224 396 551 Oct 11,230 293 444 269 112 ,524 2,184 159 1,260 356 186 228 409 563 NOV.P... 11,995 349 474 280 110 ,599 2,152 172 1,431 446 182 224 410 653 Dec.p... 12,248 323 436 336 127 ,663 2,009 174 1,621 367 183 257 393 644 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 341 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES EN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 5 U.S.S.R. E E O a u t s r h t o e e p r r e n Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico 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 49S 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 615 531 1963—Dec 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—Jan 915 18 1,777 14 334 3 23 3,171 381 169 131 174 11 684 Feb 919 28 1,735 13 320 2 22 3,191 392 172 136 173 11 708 Mar.... 986 20 1,787 13 357 3 19 3,192 376 179 138 181 11 681 Apr 1,043 16 2,008 13 514 3 21 3,365 377 178 142 190 12 707 May ... 1,063 15 1,931 14 372 4 20 3,332 402 189 135 178 11 659 June.... 1,138 14 1,714 14 309 3 25 3,313 350 174 184 173 11 649 July ,121 13 1,864 14 278 4 23 3,400 336 176 168 164 10 666 Aug ,102 12 1,951 13 254 3 21 3,358 307 221 172 149 10 674 Sept ,121 18 1,920 16 260 3 20 3,291 313 210 181 169 10 638 Oct ,083 22 i;848 12 254 2 23 3,411 305 233 163 162 10 663 Nov.?7... ,196 27 1,997 16 251 3 21 3,485 279 253 151 183 10 772 Dec.p... 1,368 37 1,899 32 357 3 19 3,532 290 257 176 207 10 732 2b. Latin America—Continued 2c. ,4sia E pe n r d i o o d f Panama Peru g U u r a u y - V zu e e n l e a - O L R t . e h A p e . . r B B e a r h m & a u m d a a s 7 A S n u N t r i e l i l n t e h a s . m & Am O L e a t r h t i i e c n r a 7 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 - i - a Israel I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 . ..... 87 84 57 418 226 111 89 15 42,974 35 56 78 76 63 1962 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963—Dec 129 15$ 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 89 204 109 676 404 175 98 16 4,438 36 77 60 28 134 Oct 96 199 113 763 405 178 105 16 4,459 36 74 55 36 132 Nov.»... 103 196 111 714 407 174 113 18 4,514 35 85 63 37 140 Dec.P... 98 205 110 729 404 178 114 22 4,591 35 95 59 38 133 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M cc o o - 7 A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia - ot A he ll r7 I960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 41 672 199 185 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—Dec 2,454 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964 Jan 2 424 122 201 166 385 384 246 25 48 42 17 114 172 157 15 Feb 2,388 126 203 177 400 441 238 25 41 43 19 110 184 170 14 Mar 2,446 124 209 200 409 472 248 26 33 43 24 123 177 162 15 Apr 2,415 120 205 215 416 512 236 25 24 46 26 114 184 162 22 May 2,393 115 203 219 416 510 231 24 19 49 21 118 185 164 21 June.... 2,441 106 204 232 425 490 228 25 17 38 22 126 186 166 19 July 2,451 100 218 249 426 523 234 24 20 44 24 120 190 168 22 Aug 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 24 17 46 22 123 189 169 20 Oct 2,548 103 227 240 437 571 244 26 8 48 23 139 188 165 23 NOV.P. .. 2,569 106 228 221 444 585 238 25 7 51 19 135 181 163 18 Dec.P. .. 2,672 104 233 221 458 543 247 26 7 50 24 141 191 175 16 1 International Bank for Reconstruction and Development, Inter- * Includes $82 million reported by banks initially included as of Dec. national Monetary Fund, International Finance Corp., International 31, 1961, of which $81 million reported for Japan. Development Assn., and other international organizations; Inter-Amer- 5 Includes Bank for International Settlements and European Fund. ican Development Bank, European Coal and Steel Community, European • Decline from end of 1961 reflects principally reclassification of de- Investment Bank and other Latin American and European regional posits for changes in domicile over the past few years from Cuba to other organizations, except Bank for International Settlements and European countries. Fund which are included in "Europe." 7 Data based on reports by banks in the Second F.R. District only for 2 Not reported separately until 1962. year-end 1960-1962. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. For NOTE see end of Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 8 (end of period) 1963 1964 1963 1964 Area or country 1962 Area or country 1962 Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): 5.6 5.2 7.0 4.7 Iran 918.7 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. 10.8 8.9 7.4 8.6 Jordan 1.2 1.7 2.8 2.7 1.7 2.0 2.7 2.4 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 76.3 108.1 923.2 21.2 32.6 35.1 18.4 18.9 24.1 24.3 Costa Rica 16.5 32.8 29 1 35.9 Pakistan 15 9 15 9 17 3 16 1 942.0 47.4 58.0 40.6 Ryukyu Islands (incl. Okinawa). 17.0 32.7 21.7 31.6 36.3 37.8 53.4 62.1 28.4 37.1 61.7 151.0 El Salvador 922.5 48.6 41.7 57.8 Syria 4.9 3.4 2.1 5.7 940.9 74.8 47.9 65.1 Viet-Nam 10.1 11.6 12.1 17.9 Haiti 10.5 11.9 12.9 17.3 Honduras 13.8 23.7 20.0 26.3 Other Africa: Jamaica 3.3 5.8 6.5 4.7 Algeria 1.6 .5 .9 1.0 14.8 42.5 35.0 52.3 Ethiopia, incl. Eritrea 17.0 20.8 22.3 32.1 5.7 6.8 8.9 8.4 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 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 .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 2.5 8.9 9.9 n.a. All other: 12.6 10.2 6.9 2.1 New Zealand 4.7 8.8 10.5 18.8 Ceylon 4.9 9.6 3.1 3.7 8 Represent a partial breakdown of the amounts shown in the "other" time) and U.S. Govt. securities maturing in not more than 1 year from categories (except "Other Eastern Europe") in Tables 2a-2e. their date of issue; the latter, however, exclude nonnegotiable, non- Except as indicated by note 9, data for 1962 based on reports by banks interest-bearing special U.S. notes held by the International Developin the Second F.R. District only; thereafter data based on reports by ment Assn. and the Inter-American Development Bank. For data banks in all F.R. Districts. on long-term liabilities, see Table 6. For back figures and further 9 Based on reports by banks in all F.R. Districts. description of the data in this and the following tables on international capital transactions of the United States, see "International Finance/' NOTE.—Short-term liabilities are principally deposits (demand and Section 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable in End of period Total foreign Total Dem D an e d pos T it i s mei c T b er i r l t U e l i s f a . i s S c a u . a n r t d y es n S o p U t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me 1 c T b er i r l t e U l i s f a . i s S c a u a . n r t d e y s Other 3 currencies I960 21,272 18,929 7,-68 7,491 2,469 1,401 2,230 1,*49 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 4 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—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 1,457 1,038 116 537 117 May 26,340 23,116 5,901 3,923 7,800 3,164 2,328 3,107 1,467 1,057 87 495 118 June 26,300 23,044 5,772 3,723 7,866 3,289 2,394 3,132 1,496 1,077 75 484 123 July 26,863 23,611 6,210 3,788 7,914 3,289 2,409 3,130 1,464 1,093 86 487 123 Aug 27,243 23,962 6,359 3,770 8,163 3,275 2,395 3,158 1,450 1,132 91 485 124 Sept 27,367 24,002 6,243 3,753 8,180 3,425 2,401 3,234 1.478 1,175 101 480 132 Oct .. . 27,998 24,642 6,764 3,856 8,130 3,394 2,498 3,250 i',449 1,196 105 500 106 NOV.P 28,921 25,510 7,310 3,873 8,467 3,385 2,475 3,300 1,500 1,208 84 509 111 Dec.*5 28,759 25,291 6,708 3,982 8,727 3,308 2,566 3,355 1,540 1,243 72 500 112 1 Excludes negotiable time certificates of deposit which are included Bank, which amounted to $329 million on Dec. 31, 1964. in "Other." 3 Principally bankers' acceptances, commercial paper, and negotiable 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the time certificates of deposit. International Monetary Fund; excludes such notes held by the Inter- 4 These figures reflect the inclusion of data for banks initially included national Development Assn. and the Inter-American Development as of Dec. 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U. S. 343 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa i co O un th tr e ie r s 2 I960 3,614 717 421 1,356 1,052 69 1961 3 4 820 767 556 1,522 3 1,891 85 1962 5,163 877 526 1,606 2,017 137 1963—Dec 5,975 1 939 638 1,742 2,493 104 58 1964—Jan 6,158 954 680 1,761 2,601 104 55 Feb 6,265 1,001 636 1,753 2,716 100 56 Mar 6,372 940 713 1,781 2,796 98 44 Apr 6,497 1,002 735 1,818 2,794 102 45 May 6,561 1,028 764 1,795 2,825 98 50 June 6,901 1,164 855 1,856 2,874 100 52 July 6,731 1,075 744 1,917 2,837 98 58 Aug 6,779 ,048 746 1,936 2,891 98 60 Sept 6,810 1,064 675 1,988 2,923 101 58 Oct 6,923 ,164 635 2,024 2,925 108 66 Nov v ... 6,981 ,140 636 2,097 2,934 108 66 Dec.33 47,416 t ,217 729 42,154 3,137 120 58 4a. Europe Germany, Neth- End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Fed. o f Rep. Greece Italy la e n r d - s N w o a r y - t P u o g r a - l Spain S d w en e- 1960 717 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 20 11 23 42 165 6 35 54 27 5 11 35 1962 877 32 14 30 68 186 6 54 27 35 9 19 18 1963—Dec. 939 26 13 52 70 121 9 97 33 40 14 26 30 1964—Jan.. 954 25 13 53 74 160 9 96 40 39 12 26 25 Feb.. 1,001 30 15 69 80 165 9 95 42 34 12 24 25 Mar. 940 28 15 69 85 123 9 83 43 33 17 27 23 Apr. 1,002 29 12 75 86 135 9 85 47 34 17 25 29 May 1,028 30 15 63 92 158 9 90 38 35 15 25 29 June 1,164 31 16 63 86 135 10 114 45 41 16 28 32 July. 1,075 29 17 65 79 114 11 100 46 34 19 31 31 Aug. 1,048 31 18 62 72 133 10 94 40 33 20 32 31 Sept. 1,064 31 17 65 74 127 10 92 40 33 17 31 36 Oct.. 1,164 35 15 69 76 173 10 113 40 36 21 28 43 NOV. 1,140 34 16 71 76 175 10 135 42 40 20 32 41 Dec. 1,217 42 28 85 79 159 9 109 39 43 19 40 47 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e t r s h o te e p r r e n 5 U.S.S.R. E E O u as t r h o te e p r r e n 6 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- 1960 60 49 245 11 ,356 121 225 73 80 26 343 1961 105 16 181 9 ,522 192 186 127 125 19 425 1962 75 42 221 19 ,606 181 171 186 131 17 408 1963—Dec... 70 48 237 23 ,742 188 163 187 208 18 465 1964—Jan... 79 36 212 8 23 ,761 179 170 184 218 17 468 Feb... 74 50 219 11 23 ,753 175 166 184 219 17 477 Mar.. 77 46 198 14 23 ,781 176 155 182 222 16 498 Apr... 81 25 246 17 25 ,818 180 147 192 226 17 519 May.. 76 23 255 24 24 ,795 175 141 186 230 17 511 June.. 85 42 347 29 22 ,856 171 147 191 246 17 543 July.. 91 52 285 26 22 ,917 175 147 187 251 16 575 Aug... 88 35 277 23 21 ,936 175 153 187 250 16 572 Sept.. 82 49 290 21 22 ,988 187 158 196 273 16 569 Oct... 90 31 312 17 26 2,024 196 155 183 291 16 584 NOV.P 91 15 278 15 21 2,097 205 146 188 300 17 604 Dec. P. 97 36 319 15 20 42,154 4201 4120 4170 319 17 630 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O L l e i t p c . h A s u e ? . b r - m B B m u a e d h & a r s a a - - 1 A N S n n u e a t & i m t r l h i l - e . s A O L i m c a th a t e i e s n r r - Total M C la h a n i i n d n a - H Ko o n n g g India I n n e d s o ia - Israel I960 23 44 57 234 55 8 66 1,052 2 9 9 24 1961 32 74 55 144 56 13 74 31,891 2 9 8 36 1962 30 85 122 102 66 9 98 2,017 2 13 20 37 1963—Dec.... 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964—Jan.... 47 106 54 109 148 37 9 15 2,601 2 11 18 25 Feb.... 45 107 50 112 145 33 10 12 2,716 2 11 17 29 Mar.... 50 110 50 115 147 34 12 14 2,796 2 12 26 31 Apr.... 46 113 48 123 147 37 11 11 2,794 2 13 22 34 May... 41 113 51 125 144 35 13 11 2,825 2 13 23 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.... 37 102 63 140 173 42 18 13 2,923 2 20 24 39 Oct.... 35 96 62 140 188 44 19 16 2,925 2 21 20 40 Nov.*.. 38 97 67 153 200 50 17 16 2,934 2 20 19 3 45 Dec.P. . 41 102 76 165 4216 58 18 20 3,137 2 26 22 1 44 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i ( p v L o il e l l d e 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^ I960 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—Dec 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964—Jan 2,247 28 129 9 52 80 104 2 15 25 61 55 47 8 Feb 2,340 30 142 10 58 76 100 1 15 28 55 56 49 8 Mar 2,400 31 150 9 58 77 98 1 17 24 55 44 36 8 Apr 2,394 29 161 8 57 74 102 1 20 24 56 45 37 8 May 2,421 28 155 7 54 84 98 2 18 29 49 50 40 9 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 2,493 25 179 8 53 80 101 2 18 29 52 58 49 10 Oct .... 2,488 25 185 9 54 81 108 2 18 29 58 66 56 10 NOV.P 2,496 25 183 8 55 79 108 2 19 28 58 66 57 9 Dec P 2,653 21 202 9 64 88 120 2 19 42 56 58 48 10 * Not reported separately until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 2 Includes Africa until 1963. and Trinidad and Tobago. 3 Includes $58 million reported by banks initially included as of Dec. 9 Until 1963 includes also African countries other than Congo (Leo- 1961, of which $52 million reported for Japan. poldville), South Africa, and U.A.R. (Egypt). 4 Beginning Dec. 31,1964, excludes certain U.S. Govt. claims previously included. Claims excluded as of this date are as follows: Argentina $8 NOTE.—Short-term claims are principally the following items payable million; Brazil $25 million; Chile $18 million; Other Latin American on demand or with a contractual maturity of not more than 1 year: loans Republics $6 million; Total Latin America and Grand total $58 million. made to and acceptances made for foreigners; drafts drawn against 5 Until 1963 includes Eastern European countries other than U.S.S.R., foreigners where collection is being made by banks and bankers for Czechoslovakia, Poland, and Rumania. their own account or for account of their customers in the United States; 6 Czechoslovakia, Poland, and Rumania only until 1963. and foreign currency balances held abroad by banks and bankers and 7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until their customers in the United States. Excludes convertible currencies 1963. held by U.S. monetary authorities. 8 Until 1963 includes also the following Latin American Republics: See also NOTE to Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 345 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans>to— Accept- Foreign Bad of period Total Total Total O i t n i f o s f n t i i c s t i u a 1 - l Banks Others C s t t o o i i a o n l u n l n g t e d - s c - - e fo o i a m g r f n n a a c f e d o c e r e r c s s - t. 2 Other 3 Total D w ei e i g t p h n o e f s r o i s t r s - g c p c a n o u o a n a v r m p d i n t e t . m i c r f s e e i e l s - 2 . - , Other 4 I960 3,614 3 135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961 5 4 820 4 234 1,660 329 709 622 700 1 874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963 Dec 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964—Jan 6,158 5,509 2,024 191 1.037 796 863 2,248 373 649 399 207 43 Feb 6,265 5,620 2,057 176 1,090 791 891 2,325 348 644 410 197 36 Mar 6,372 5,710 2,051 162 1,086 803 932 2,394 333 662 397 211 55 Apr 6,497 5,788 2,098 152 [,108 838 911 2,413 367 709 444 210 56 May 6,561 5,826 2,143 140 1,138 865 932 2,373 378 735 452 221 62 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 ,152 917 956 2,401 448 688 419 207 62 6,779 6,087 2,269 151 1,176 942 956 2,403 460 692 416 202 74 Sept . 6,810 6,136 2,314 159 ,207 948 980 2,414 428 674 416 176 83 Oct 6,923 6,246 2,383 164 251 968 986 2,431 446 677 416 177 83 Nov p 6,981 6,309 2,473 166 1,329 978 990 2,419 428 672 404 183 84 Dec P 67,416 6,810 2,652 223 1,374 1,055 1,007 2,600 552 6 605 6 346 182 77 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 6 Beginning Dec. 31, 1964, excludes certain U.S. Govt. claims previously 4 Until 1963 includes foreign government securities, commercial and included. Claims excluded as of this date amount to $58 million. finance paper. 6. 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 Pay*ible in dollars Payable in lia T b o il t i a ti l es Total foreign Total Loans All other currencies 1960 1,698 7 1961 2 034 2 1962 2 160 4 1963 Dec i 3,030 i 3,028 2,811 217 2 69 1964 Jan 3,073 3,071 2,854 217 2 73 Feb 3,126 3,123 2,907 217 2 74 Mar 3,272 3,271 3,056 215 104 Apr 3,305 3,304 3,091 213 145 May 3,331 3,330 3,118 212 154 June 3,344 3,343 3,141 202 156 July 3,408 3,407 3,213 194 174 Aug 3,474 3,473 3,276 198 173 Set>t 3,585 3,585 3,388 197 * 170 Oct 3,689 3,689 3,486 203 164 Nov v . . . . 3,851 3,851 3,650 201 * 284 Dec v 3,971 3,971 3,777 195 * 308 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

346 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes 1 U. s S e . c u c r o i r t p ie o s r a 2 te Foreign bonds Foreign stocks Net purchases or sales Period Intl. Foreign c P h u as r- es Sales c N ha s e a t s l e e p s s u o r r - c P h u as r- es Sales c N ha s e a t s l e e p s s u o r r - c P h u as r- es Sales c N ha s e a t s l e e p s s u o r r regional Total Official Other 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 -338 -315 -23 -59 36 3,535 3,710 -175 915 1,837 -923 748 548 200 1963—Dec -25 -14 -1 -6 -5 277 254 23 40 62 -22 63 28 34 1964—Jan -5 -48 43 27 17 309 296 13 40 37 3 77 45 32 Fcb 30 1 29 26 3 230 264 34 51 134 -83 62 36 26 Mar —27 * -27 -27 299 334 —35 43 40 3 66 36 31 Apr 1 -5 4 -8 340 360 -20 70 192 -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 1 -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 —30 -21 -9 -13 4 335 353 -17 252 399 -148 60 59 1 NOV.P -37 * -37 -40 3 296 292 3 86 342 -256 55 50 5 * 2 * 2 288 302 -14 93 220 -127 72 59 13 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes small amounts of State and local govt. securities. See also NOTE to Table 2. 8. 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—Dec 730 50 30 275 200 175 163 125 13 25 1964—Jan 730 50 30 275 200 175 160 125 10 25 Feb 730 50 30 275 200 175 160 125 10 25 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 8 25 May 802 50 30 477 1245 158 125 8 25 802 50 30 477 1245 152 125 2 25 julv 953 50 30 628 1245 152 125 2 25 1,005 50 30 628 1297 152 125 2 25 SeDt 1,005 50 30 628 1297 354 2 329 25 Oct 1,086 50 30 679 1 327 354 2 329 25 Nov 1,086 50 30 679 1 327 354 2 329 25 Dec 1,086 50 30 679 1 327 354 2 329 25 1965—Jan 1,086 50 30 679 1327 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

FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 347 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Swit- United Other Total Latin Other Intl. Stocks Bonds France l z a e n r d - K d i o n m g- Europe Europe Canada Am ica er- Asia Africa * c tr o i u e n s2 - reg a i n o d nal 1961 . . . 223 323 -99 21 166 — 17 61 232 — 112 44 44 3 12 1962 60 111 -51 4 129 -33 24 124 —43 -20 — 18 1 17 1963 207 198 9 -8 -14 206 16 199 —47 14 17 1 22 1964^ — 175 — 350 174 — 37 — 200 —4 14 -228 1 25 10 * 18 1963—Dec... 23 21 2 3 8 7 18 2 1 1 * * 2 1964—Jan... 13 4 9 -2 -2 -16 8 -12 11 10 1 1 Feb... -34 -26 -9 * -6 -22 4 -25 -10 1 -2 2 Mar.. -35 -51 16 2 -13 -19 5 -25 c -10 2 3 Apr... -20 -17 -2 * -6 -24 3 -27 10 -2 -1 1 May.. 16 3 14 -9 -21 7 6 -17 9 23 1 1 June.. 17 -6 23 -4 -24 28 -3 -3 10 4 3 2 July. . -68 -74 6 -4 -32 -32 8 -61 -8 -4 3 1 Aug... 2 -50 48 -3 -22 19 2 -4 3 -3 * i 2 Sept... -34 -43 9 — 5 -15 4 * -16 -18 * -2 1 Oct... -17 -25 8 -6 -19 14 -1 -13 * 2 s i 1 Nov. P. 3 -27 30 2 -26 41 -15 2 3 * 2 i 1 Dec*. -14 -38 24 -3 -14 -5 -1 -23 3 4 * 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. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. 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 o n e t - d n l. al c e t f o r i o i u g e r n n - s - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia A ca fr i i- O c tr o t i u h e n e s2 r - E pe n r d i o o d f Deposits U s . e S c . ur G it o ie v s t . * Earm go a l r d ked 1961 — 830 1 -83? -262 -318 — 58 -121 — 73 1961 279 6,006 11,905 1962 . . — 1,048 -235 -813 -188 -360 — 41 -175 -50 1962 247 6,990 12,700 1963 -1,044 -96 -949 -49 -614 -26 -252 -8 1963 171 8,675 12,954 1964^ -722 -140 -582 163 -664 -36 -77 7 25 1964—Jan.... 136 8,740 12,899 1963—Dec 12 2 10 16 -2 1 -11 6 1 Feb... 155 8,731 12,884 Mar... 167 8,105 12,775 1964—Jan 35 3 32 24 16 1 -10 I Apr... 166 7,860 12,726 Feb -57 -4 -53 22 -80 -4 8 1 May.. 161 7,892 12,747 Mar 33 2 31 23 10 1 4 1 June. . 156 8,043 12,795 Apr -100 -48 -52 24 -58 -14 -5 2 July... 135 8,201 12,752 May -91 1 -92 8 -93 3 -12 1 Aug... 163 8,247 12,741 June -28 9 -36 13 -49 2 -8 1 4 Sept... 148 8,373 12,738 July 14 4 9 19 6 -13 -5 1 2 Oct.... 120 8,201 12,707 Aug .... 22 1 20 4 16 1 -2 1 1 Nov... 256 8,278 12,672 Sept -39 * -39 -5 -35 1 -1 * 1 Dec... 229 8,389 12,698 Oct -147 7 -153 2 -171 12 -5 2 6 Nov.". . . -251 -95 -156 15 -129 -30 -15 * 2 1965—Jan.... 143 7,952 12,871 Dec.*9.... -114 -22 -92 16 -98 5 -18 1 2 1 U.S. Treasury bills, certificates of indebtedness, 1 Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Yearly figures include Africa. 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

348 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965 12. 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 Dec. Dec, Mar. June June 2 Sept. Dec. Dec. Mar. June June 2 Sept.*> Europe: Austria 2 2 2 3 3 3 7 6 5 5 Belgium 26 26 19 21 20 22 22 22 18 21 20 17 Denmark 3 3 1 1 1 1 8 8 6 7 7 6 Finland 1 1 1 1 1 1 4 4 7 5 5 8 France 33 33 31 28 27 31 47 47 52 70 68 50 Germany, Fed. Rep. of. 34 34 32 36 34 44 103 103 114 82 79 95 Greece 2 2 2 5 5 4 9 9 13 9 9 10 Italy 25 25 26 24 22 27 106 106 101 101 99 90 Netherlands 46 46 43 46 46 31 32 32 34 30 30 32 Norway 3 3 2 3 2 2 7 7 6 7 6 7 Portugal 1 1 1 1 1 2 8 8 8 10 10 9 Spain 7 7 7 9 8 12 29 29 32 47 46 48 Sweden 9 9 7 7 7 7 17 17 20 17 17 19 Switzerland 25 25 20 19 18 36 27 27 23 19 17 16 Turkey 2 2 4 5 4 5 5 5 5 5 5 4 United Kingdom 100 100 110 102 97 108 234 241 248 274 270 394 Yugoslavia 4 4 6 1 1 1 3 3 4 3 3 3 Other Western Europe.. 3 3 1 3 2 4 4 4 5 6 6 6 U.S.S.R 1 1 Other Eastern Europe... 3 3 Total. 325 325 319 316 301 341 678 685 706 722 706 821 Canada. 72 72 68 62 57 59 685 731 910 921 912 1,007 Latin America: Argentina 7 7 6 6 5 4 25 40 39 34 34 39 Brazil 13 13 13 11 10 11 113 113 118 126 125 128 Chile 3 3 3 3 3 4 25 25 24 23 21 25 Colombia 7 7 6 7 7 19 21 21 23 22 26 Cuba * * 5 5 5 5 5 4 Mexico 11 7 60 60 59 62 58 64 Panama 20 20 29 21 21 26 13 13 10 11 11 9 Peru 5 6 8 7 6 5 22 27 26 25 24 27 Uruguay 1 1 3 1 1 1 4 10 8 15 15 23 Venezuela 22 22 20 22 21 20 36 36 37 40 38 45 Other L.A. Republics 13 13 10 9 8 11 39 39 42 44 42 47 Bahamas and Bermuda.... 1 1 2 2 2 2 10 10 20 21 20 19 Neth. Antilles & Surinam. 6 6 6 7 7 9 5 5 5 5 5 4 Other Latin America 4 4 5 6 6 4 10 11 10 11 10 Total. 110 110 122 112 104 111 387 415 426 447 429 471 Asia: China Mainland. 1 2 2 2 1 Hong Kong 2 2 2 2 2 4 4 6 5 5 7 India 14 14 14 14 13 16 42 42 39 39 38 36 Indonesia 3 3 3 5 5 3 10 10 5 5 5 4 Israel 1 1 2 1 1 1 7 7 7 8 7 7 Japan 24 24 23 27 25 31 161 161 170 170 169 186 Korea 1 1 1 1 1 6 6 5 4 4 5 Philippines 5 5 5 5 4 9 9 12 11 11 14 Taiwan 1 1 1 1 1 4 4 3 4 4 5 Thailand 2 2 1 1 1 1 11 11 7 7 7 7 Other Asia 18 18 22 21 19 21 41 41 46 53 51 55 Total. 72 72 76 80 73 82 295 295 300 308 303 327 Africa: Congo (Leopoldville). 3 3 3 2 2 5 Morocco 1 2 2 1 1 2 South Africa 10 10 10 10 11 9 9 13 12 11 U.A.R. (Egypt) 5 6 2 2 1 11 11 14 13 13 12 Other Africa 6 5 5 18 18 23 26 25 27 Total. 25 25 21 19 18 22 43 43 50 55 53 57 Other countries: Australia 17 17 25 27 27 26 32 32 33 37 36 38 All other 5 5 4 6 5 9 9 5 6 6 7 Total 22 22 30 33 32 34 42 42 38 43 41 45 International and regional. 1 1 1 1 1 1 Grand total 626 627 635 623 586 649 2,131 2,213 2,430 2,498 2,446 2,728 1 Eighth revised series; includes data from firms reporting for the first NOTE.—Reported by exporters, importers, and industrial and comtime as of Dec. 31, 1963. This series also includes claims previously mercial concerns in the United States. Data exclude claims held through held but not reported. U.S. banks, and intercompany accounts between U.S. companies and 2 Ninth revised series; includes reports from firms having $500,000 their foreign affiliates. or more of liabilities or of claims; for previous series the exemption level See also NOTE to Table 2. was $100,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 MONEY RATES 349 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Rate Jan. 31, 1964 as of Country 1964 1965 Jan. 31, 1965 Per Month cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 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 12.0 12.0 Burma • • • • ••• • 4.0 Feb. 1962 4.0 Canada * • 4.0 Aug. 1963 4 25 4.25 Ceylon 4.0 Aug. 1960 4.0 Chile 2 14.39 Jan. 1964 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 Denmark 5.5 Nov. 1963 6.5 6.5 Ecuador ....... 5.0 Nov. 1956 5.0 6.0 June 1961 4.0 4.0 Finland 7.0 Apr. 1962 7.0 France 4.0 Nov. 1963 4.0 Germany, Fed. Rep. of..... 3.0 May 1961 3.5 3.5 Ghana 4.5 Oct. 1961 4.5 5.5 Jan. 1963 5.5 Honduras 4 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 8.0 8.0 India . 4.5 Jan. 1963 5.6 5.0 9.0 Aug. 1963 9.0 Iran 4.0 Oct. 1963 4.0 3.94 Jan. 1964 4.5 4.62 4.69 4.87 4.89 4.94 6.87 6.81 6.81 Israel • • 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 4.0 Nov. 1963 5 0 5.0 Japan • • •• • • • 5.84 Apr. 1963 6.57 6.21 6.21 10.22 June 1960 10.5 10.5 Mexico • 4.5 June 1942 4.5 Netherlands 4.0 Jan. 1964 4.5 4.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua ............ 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic s 6.0 Jan. 1962 6.0 Portucal 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 4.6 4 5 4.5 Spain ... . 4.0 June 1961 4.0 Sweden 4.5 Jan. 1964 5 0 5.0 Switzerland 2.0 Feb. 1959 2.5 2.5 Thailand 7.0 Feb. 1945 7.0 Tunisia . 4.0 Oct. 1962 4.0 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 4 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); 5 Beginning with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, comunder U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, modity involved, etc.; 1962, the rediscount rate for commercial bank financing of 9 categories Japan—penalty rates (exceeding the basic rate shown) for borrowings of development loans was reduced from 6 to 3 per cent. from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and dis N co O u TE n < t — s R or a t m es a k sh es o w a n d v a a r n e c m es a i a n g ly a in th s o t s e e l i a g t i b w le h i c c o h m th m e e r c c e i n a t l r a p l a b p a e n r k a e n i d th / e o r r f V o e r ne a z d u v e a l n a c — es 4 a p g e a r in c s e t n t g o fo v r t . r b ed o i n s d c s o u o n r t s g o o l f d ce a r n t d ai n 5 a p g e r r i c c u e lt n u t r a o l n pa a p d e v r a n a c n e d s govt. securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 MONEY RATES; ARBITRAGE FEBRUARY 1965 OPEN MARKET RATES [Per cent per annum] Germany, Canada United Kingdom France Fed. Rep. of Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s' s 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - a B d ll a e o p n o w o k n a s e i n r t 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 u s 0 , 4 ry D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 1961—Dec 2.82 2.37 5.61 5.35 4.83 4.00 3.58 2.00 3.06 1.32 1.11 2.00 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—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 '2.27 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 3.53 2.50 Aug 3.80 3.79 4.84 4.65 3.92 3.00 4.70 2.63 3.38 3.74 2.06 2.50 Sept 3.79 3.77 4.84 4.65 3.94 3.00 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 4.30 2.63 3.25 3.80 3.14 2.50 Nov 3.73 3.68 5.42 5.18 4.54 3.56 4.13 2.63 3.13 3.84 '•2.79 2.50 Dec 3.85 3.84 6.84 6.62 5.87 5.00 2.63 2.88 3.68 2.09 2.68 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 Canadai Treasury bill rates Treasury bill rates Date q K ( u U a i b n o U d n a t g j . s i a S . d t i t e s . o t i ) d o o m n U S n ta it t e e d s L S ( o f p n a o r v d e f o a o r n d ) P d f ( ( o p r i + - s e r o ) c m w > u o a n o i u o u r n d n r m d t i L n ( o c f N a n e o n v d e f o t t o i r v n e ) C q a u A i n o n a t s e d C d a ana q d u A a b U o d a t j . a S s . t i . t s io o n U S n ta i t t e e s d C S ( a f p a n o r v a e f o d a r d a) C P d f ( ( o r a d i 4 - s e r n o ) c - m w a ) l o o l d a i a u n o u i r r n a r m d t n i C n ( N a c fa e n e o n v a t f o t d i r v a e ) 1964 Sept. 4 4.50 3.48 1.02 -.62 .40 3.80 3.71 3.48 .23 — .30 -.07 ll!..!.... 4.50 3.50 1.00 — .66 .34 3.81 3.72 3.50 .22 — .27 — .05 18 4.50 3.52 .98 -.72 .26 3.84 3.75 3.52 .23 -.20 .03 25 4.50 3.52 .98 -.75 .23 3.75 3.66 3.52 .14 -.20 -.06 Oct. 2 4.50 3.53 .97 -.75 .22 3.71 3.63 3.53 .10 — .20 — .10 9 4.53 3.56 .97 — .76 .21 3.67 3.59 3.56 .03 — .20 — .17 16 4.59 3.56 1.03 -.96 .07 3.68 3.60 3.56 .04 — .14 — .10 23 4.59 3.56 1.03 — .91 .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 11.. 6.41 3.80 2.61 -2.68 -.07 3.83 3.74 3.80 -.06 -.07 -.13 18 6.41 3.84 2.57 -2.62 -.05 3.86 3.77 3.84 -.07 -.07 -.14 24 6.41 3.84 2.57 -2.69 -.12 3.85 3.76 3.84 -.08 -.07 -.15 31 6.41 3.80 2.61 -2.72 -.11 3.83 3.74 3.80 -.06 -.14 -.20 1965 jan 1 8 5 6 6 . . 4 4 4 4 3 3 . . 7 7 4 7 2 2 . . 7 6 0 7 - - 2 2 . . 7 6 1 1 -.0 .0 1 6 3 3 . . 8 8 1 0 3 3. . 7 7 1 3 3 3. . 7 7 4 7 - -. . 0 0 1 6 - - . . 2 1 0 4 — — .2 2 1 0 22 6.41 3.81 2.60 -2.61 -.01 3.72 3.63 3.81 -.18 -.27 -.45 29 6.38 3.83 2.55 -2.65 -.10 3.70 3.62 3.83 -.21 -.27 -.48 Feb 5 6.32 3.89 2.43 -2.55 -.12 3.71 3.63 3.89 -.26 -.23 -.49 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

FEBRUARY 1965 FOREIGN EXCHANGE RATES 351 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 3110 20 384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1964 .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 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 Aus .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 Dec .6652 222.36 3.8707 2.0144 93.039 20.944 14.459 31.084 20.405 1965—Jan .6628 222.42 3.8697 2.0148 93.109 20.943 14.458 31.079 20.404 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 ) 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27 555 277 45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1964 Jan 25.148 20.963 279.83 .16065 .27589 32.706 8.0056 27 753 277 06 Feb 25.169 20.959 279.69 .16063 .27567 32.694 8.0056 27.733 276.92 Mar 25.163 20.968 279.81 .16029 .27603 32.645 8.0056 27.731 277.04 Apr 25.160 20.970 279.90 .16000 .27583 32.595 8.0056 27.711 277.13 May 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27 627 276 65 July 25.159 20.912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 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 Dec 25.149 20.898 279.06 .16003 .27837 32.569 8.0056 27.831 276.30 1965—Jan 25.135 20.894 279.13 .16003 .27856 32.575 8.0056 27.827 276.37 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 ) 1959 14.028 49.721 3.4967 279.83 2 0579 19.324 23.142 280 88 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14.010 3.4986 139 87 1 6654 19.397 23.124 280 78 1963 13 987 3.4891 139 48 1 6664 19 272 23 139 280 00 1964 13.972 3.4800 139.09 1 fififil 19.414 23.152 279.21 1964 Jan 13.969 3.4861 139.39 1.6665 19.272 23.168 279.83 Feb 13.962 3.4848 139.32 1.6664 19.290 23.122 279.69 Mar 13.976 3.4867 139.38 1.6663 19.430 23.110 279 81 Apr 13.989 3.4879 139.43 1.6664 19.451 23.143 279.90 May 13.992 3.4874 139.45 1.6664 19.464 23.171 279.94 13.984 3.4847 139.19 1.6663 19.467 23.172 279.42 July 13.972 3.4796 138.96 1.6663 19.441 23.139 278.97 Aug 13.962 3.4746 138.81 1.6662 19.466 23.145 278.66 Sept 13.956 :;;;::::;; 3.4714 138.65 1.6661 19.461 23.148 278.34 Oct 13.956 3.4680 138.65 1.6662 19.376 23.164 278.35 Nov 13.956 3.4686 138.72 1.6665 19.396 23.172 278.48 Dec 13.980 3.4777 139.01 1.6666 19.439 23.172 279.06 1965—Jan 13.977 3.4783 139.05 1.6665 19.465 23.149 279.13 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

352 U.S. BALANCE OF PAYMENTS FEBRUARY 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1961 1962 1963 m IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total1. 28,438 30,084 32,020 7,977 8,037 8,471 9,000 8,839 9,164 Merchandise 19,913 20,576 21,989 5,472 5,610 5,917 6,112 6,036 6,362 Military sales 402 656 659 206 117 155 210 151 179 Investment income receipts, private.. 3,464 3,850 3,969 969 963 1,001 1,225 1,194 1,164 Investment income receipts, Govt.... 380 471 498 124 125 126 131 132 133 Other services 4,279 4,531 4,905 1,206 1,222 1,272 1,322 1,326 1,326 Imports of goods and services—Total. -22,852 -25,021 -26,335 -6,531 -6,733 -6,744 -6,748 -7,008 -7,201 Merchandise -14,497 -16,134 -16,996 -4,212 -4,368 -4,379 -4,366 -4,576 -4,747 Military expenditures -2,954 -3,044 -2,897 -731 -711 -708 -717 -728 -684 Investment income payments -882 -995 -1,194 -279 -308 -332 -317 -319 -326 Other services -4,519 -4,848 -5,248 -1,309 -1,325 -1,348 -1,385 -1,444 -1,346 Balance on goods and services * 5,586 5,063 5,685 1,446 1,727 2,252 1,831 1,963 1,304 Remittances and pensions -705 -738 -826 -209 -202 -197 -208 -214 -206 1. Balance on goods, services, remittances and pensions 4,881 4,325 4,859 1,237 1,098 1,525 2,055 1,623 1,749 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments -3,396 -3,547 -3,785 -1,170 -791 -925 -773 -939 -890 -1,854 -1,919 -1,896 -500 -455 -496 -467 -549 -459 L G o r n an g- ts t e 2 rm ,3 loans and subscriptions3 -1,939 -2,129 -2,181 -620 -441 -562 -514 -693 -606 Ch s a h n o g r e t -te i r n m f c o l r a e i i m gn s, n c e u t r r (i e n n c c r y e as h e o , l — di ) n 3 gs and -261 -245 -445 -261 -33 -101 75 66 56 Seasonal adjustment on three preceding items 45 -80 42 -22 46 -66 combined , 80 147 94 10 35 29 -9 36 14 Change in associated liabilities , 578 599 643 156 183 163 164 155 171 Scheduled loan repayments 3. U.S. private capital, net -4,180 -3,434 -4,307 -1,637 -534 -1,008 -1,380 -1,451 -1,408 Direct investments abroad -1,599 -1,654 -1,888 -477 -235 -558 -521 -571 -519 Other long-term capital , -1,025 -1,227 -1,685 -598 -303 -238 -227 -263 -586 Short-term capital -1,556 -553 -734 -562 4 -212 -632 -617 -303 4. Foreign capital, net, excluding liquid assets in U.S 622 162 311 267 115 -47 26 130 159 Foreign long-term investments in U.S 447 272 329 199 96 29 13 114 -88 Foreign short-term capital 175 -106 -19 67 17 -74 9 17 43 Miscellaneous U.S. Govt. nonliquid liabilities., -4 1 1 2 -2 4 -1 204 5. Errors and unrecorded transactions -998 -1,111 -339 -11 -267 57 -170 -54 -176 Balance of A (=1+2+3+4+5) -3,071 -3,605 -3,261 -1,314 -379 -398 -242 -691 -566 Less: Net seasonal adjustments -102 441 18 -311 -104 450 Balance of A before seasonal adjustment. -1,212 -820 -416 69 -587 -1,016 B. Changes in foreign liquid assets in U.S. andin U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,071 3,605 3,261 1,212 820 416 -69 587 1,016 696 681 326 34 241 26 52 33 30 5 470 334 -5 80 239 151 -64 -24 Sales of nonconvertible nonmarketable securities,* net 251 —43 -10 — 95 -i -55 -8 -2 Dollar securities6 31 19 -45 -1 — 5 -8 — 2 251 -74 -29 -50 -50 * * Sales of convertible nonmarketable securities,* net 702 152 175 25 122 203 Dollar securities .. 150 25 Foreign currency securities 552 152 150 25 122 203 Change in U.S. short-term liabilities reported by U.S. banks 7 and foreign holdings of marketable 1,764 670 1,564 917 192 132 -166 201 739 International and regional organizations 8 407 211 -238 -46 -15 -112 -85 -25 -138 Foreign private holders excluding banks 9 81 131 394 115 93 110 34 54 122 595 -129 438 75 -31 8 284 80 574 Foreign official holders 681 457 970 773 145 126 -399 92 181 Change in U.S. monetary reserve assets (increase,—). 606 1,533 378 124 227 -5 -51 303 70 IMF position -135 626 30 2 59 15 131 118 135 -116 17 — 113 6 -28 -58 -228 258 —45 Gold 857 890 461 116 196 38 46 -73 -20 1 Excludes military transfers under grants. 7 Includes official liabilities. 2 Excludes military grants. 8 Includes, for International Monetary Fund, only changes in its 3 Not seasonally adjusted separately. holdings of income-earning U.S. Govt securities. 4 Includes sell-offs. 9 Including undetermined holders. s With maturities over 12 months. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 6 Includes certificates sold abroad by Export-Import Bank. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1965 FOREIGN TRADE 353 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports '" Export surplus Period 1961 1962 1963' 1964 r 1961 1962 1963' 1964 r 1961 1962 1963 r 1964 r Month: Jan... 1,623 1,668 3986 2,043 ,161 1,327 3 1,100 1,434 462 341 3-114 609 Feb... 1,712 1,809 3 2,124 2,046 ,150 1,320 31,510 1,460 562 489 3614 586 Mar... 1,751 1,672 3 1,958 2,074 ,163 1,342 3 1,485 1,520 588 330 3 473 554 Apr... 1,662 1,795 31,914 2,061 ,152 1,365 3 1,415 1,541 510 430 3 499 520 May.. 1,585 1,762 1,895 2,062 ,153 1,404 1,416 1,539 432 358 479 523 June.. 3 1,582 1,836 1,803 2,034 31,174 1,351 1,431 1,518 3 408 485 372 516 July.. 3 1,689 1,748 1,841 2,123 3 1,379 1,347 1,450 1,578 3 310 401 391 545 Aug... 1,689 1,703 1,922 2,109 ,254 1,346 1,497 1,575 435 357 425 534 Sept... 1,678 3 1,908 1,958 2,235 ,262 3 1,471 1,443 1,546 416 3 437 515 689 Oct... 1,780 3 1,523 1,967 2,155 ,300 3 1,312 1,455 1,548 480 3 211 512 607 Nov... 1,733 1,725 1,966 2,197 ,309 1,425 1,466 1,698 424 300 500 499 Dec... 1,725 3 1,839 2,091 2,430 ,315 3 1,377 1,480 1,642 410 3 462 611 788 Quarter: 5,086 5,149 3 5,068 6,163 3,474 3,989 3 4,095 4,414 1,612 1,160 3973 1,749 if .'.*.*; 3 4,829 5,393 35,612 6,157 33,479 4,120 3 4,262 4,598 3 1,350 1,273 3 1,350 1,559 in.... 3 5 5 , , 2 0 3 5 8 6 3 3 5 5 , , 0 3 8 5 7 9 6 5 , ,7 0 2 2 1 4 6 6 , , 4 7 6 8 7 2 33 3 , , 8 9 9 2 5 4 3 3 4 4 , , 1 1 1 6 4 4 4 4 , , 4 3 0 90 1 4 4, , 8 6 8 9 8 9 3 1 1 , ,1 3 6 1 1 4 3 1 3 , 9 1 7 9 3 5 1 1 , , 3 6 3 2 1 3 1 1 , , 7 8 6 9 8 4 IV.... 20,152 20,945 22,424 25,620 14,713 16,389 17,142 18,685 5,439 4,556 5,282 6,935 Year 4.. 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. L. ROBERTSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary KENNETH A. KENYON, Assistant Secretary FREDERIC SOLOMON, Director ELIZABETH L. CARMICHAEL, Assistant Secretary GLENN M. GOODMAN, Assistant Director ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director LEGAL DIVISION ANDREW N. THOMPSON, Assistant Director HOWARD H. HACKLEY, General Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve 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 ROBERT SOLOMON, Adviser KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, 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 SAMUEL I. KATZ, Adviser ROBERT L. SAMMONS, Adviser REED J. IRVINE, 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 354 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 355 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 DANIEL H. BRILL, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary ROBERT C. HOLLAND, Associate Economist ARTHUR L. BROIDA, Assistant Secretary HOMER JONES, Associate Economist HOWARD H. HACKLEY, General Counsel ALBERT R. KOCH, Associate Economist DAVID B. HEXTER, Assistant General Counsel MAURICE MANN, Associate Economist GUY E. NOYES, 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, Vice President EDWARD BYRON SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS L. A. STONER, CLEVELAND ROGER D. KNIGHT, JR., KANSAS CITY JOHN F. WATLINGTON, JR., RICHMOND JAMES W. ASTON, DALLAS SAM M. FLEMING, 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

356 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 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 Everett N. Case William F. Treiber Buffalo .14240 Maurice R. Forman Insley B. Smith Philadelphia 19101 Walter E. Hoadley Karl R. Bopp Willis J. Winn Robert N. Hilkert Cleveland 44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Edward A. Fink Cincinnati 45201 Walter C. Langsam Fred O. Kiel Pittsburgh ..15230 G. L. Bach Clyde E. Harrell Richmond 23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore ,21203 Leonard C. Crewe, Jr. Donald F. Hagner Charlotte ..28201 J. C. Cowan, Jr. 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 Claude J. Yates Thomas A. Lanford Nashville • 37203 Andrew D. Holt Robert E. Moody, Jr. New Orleans .70160 George Benjamin Blair Morgan L. Shaw Chicago .60690 Franklin J. Lunding 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 Smith D. Broadbent, Jr. Darryl R. Francis Little Rock .72203 Carey V. Stabler Fred Burton Louisville 40201 C. Hunter Green Donald L. Henry Memphis ..38101 Sam Cooper E. Francis DeVos Minneapolis 55440 Atherton Bean (Vacancy) Judson Bemis M. H. Strothman, Jr. Helena ..59601 Edwin G. Koch 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 Roger B. Corbett Fredric W. Reed Houston 77001 D. B. Campbell J. Lee Cook San Antonio ..78206 John R. Stockton Carl H. Moore San Francisco 94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles ..90054 Arthur G. Coons Clifford H. Watkins Portland 97208 Graham J. Barbey William M. Brown Salt Lake City.... ..84110 Howard W. Price Arthur L. Price Seattle 98124 William McGregor Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 1623-26 of the December 1964 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND DEBITS AND CLEARINGS STATISTICS AND THEIR FUNCTIONS. 1963. 297 pp. USE. 1959. 144 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL FUNDS MARKET—A Study by a Federal Reserve System Committee. 1959. Ill FEDERAL RESERVE BULLETIN. Monthly. $6.00 pp. $1.00 a copy; in quantities of 10 or more per annum or $.60 a copy in the United States sent to one address, $.85 each. and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Re- ALL-BANK STATISTICS, 1896-1955. 1959. 1,229 pp. public, Ecuador, Guatemala, Haiti, Republic $4.00. of Honduras, Mexico, Nicaragua, Panama, INDUSTRIAL PRODUCTION—1957-59 Base. 1962. Paraguay, Peru, El Salvador, Uruguay, and 172 pp. $1.00 a copy; in quantities of 10 or Venezuela. (In quantities of 10 or more of more sent to one address, $.85 each. (The 1959 same issue sent to one address, $5.00 per annum revision available at $.50 a copy.) or $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy. THE FEDERAL RESERVE ACT, as amended through Oct. 1, 1961, with an appendix containing pro- FEDERAL RESERVE CHART BOOK ON FINANCIAL visions of certain other statutes affecting the AND BUSINESS STATISTICS. Monthly. Annual Federal Reserve System. 386 pp. $1.25. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy SUPPLEMENT TO BANKING AND MONETARY STATISin the United States and the countries listed TICS. Sec. 1. Banks and the Monetary System. above. (In quantities of 10 or more of same 1962. 35 pp. $.35. Sec. 10. Member Bank Reissue sent to one address, $.50 each.) Elseserves and Related Items. 1962. 64 pp. $.50. where, $7.00 per annum or $.70 a copy. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. International HISTORICAL CHART BOOK. Issued annually in Sept. Finance. 1962. 92 pp. $.65. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and REGULATIONS OF THE BOARD OF GOVERNORS OF the countries listed above. (In quantities of 10 THE FEDERAL RESERVE SYSTEM. or more sent to one address, $.50 each.) Elsewhere, $.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. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. FARM DEBT: Data from the 1960 Sample Survey 1955. 390 pp. $2.75. of Agriculture. 1964. 185 pp. $1.00. 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 REPRINTS SURVEY OF FINANCIAL CHARACTERISTICS OF CON- (From Federal Reserve BULLETIN unless preceded SUMERS. Mar. 1964. 9 pp. by an asterisk) TREASURY AND FEDERAL RESERVE FOREIGN EX- THE HISTORY OF RESERVE REQUIREMENTS FOR CHANGE OPERATIONS AND THE GOLD POOL. Mar. BANKS IN THE UNITED STATES. NOV. 1938. 1964. 14 pp. 20 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- 7 pp. print of the U.S. Summary containing a description of revised statistics for all banks in FLOWS THROUGH FINANCIAL INTERMEDIARIES. the United States, by class of bank, together May 1964. 9 pp. with revised statistics. Apr. 1959. 94 pp. BANKING AND MONETARY STATISTICS, 1963. Se- STATISTICS ON THE GOVERNMENT SECURITIES lected series of banking and monetary statis- MARKET. Apr. 1961. 8 pp. tics for 1963 only. Feb., Mar., and May 1964. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 15 pp. 1961. 15 pp. REVISION OF THE MONEY SUPPLY SERIES. June REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1964. 14 pp. 1961. 3 pp. REVISION OF BANK CREDIT SERIES. June 1964. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 5 pp. 1962. 10 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. July 1964. 9 pp. 1962. 15 pp. FEDERAL RESERVE SECURITY TRANSACTIONS, FARM DEBT AS RELATED TO VALUE OF SALES. 1954-63. July 1964. 16 pp. Feb. 1963. 9 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. Mar. 1963. 10 pp. 31 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. MINISTERIAL STATEMENT OF THE GROUP OF TEN Apr. 1963. 11 pp. AND ANNEX PREPARED BY DEPUTIES. Aug. 1964. 25 pp. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- BANK LOANS SECURED BY STOCKS AND BONDS. CHANGE OPERATIONS. Sept. 1964. 16 pp. July 1963. 19 pp. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. A BANK EXAMINER LOOKS AT AGRICULTURAL 8 pp. LENDING. July 1963. 8 pp. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- MEASURING AND ANALYZING ECONOMIC GROWTH. 64. Oct. 1964. 20 pp. Aug. 1963. 14 pp. U.S. GOVERNMENT SECURITIES in 1964. Nov. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 1964. 8 pp. 11pp. RESEARCH INTO BANKING STRUCTURE AND COM- THE OPEN MARKET POLICY PROCESS. Oct. 1963. PETITION. Nov. 1964. 17 pp. 11pp. RECENT INTEREST RATE TRENDS. NOV. 1963. BANK CREDIT AND MONETARY DEVELOPMENTS IN 10 pp. 1964. Feb. 1965. 13 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables (For list of tables published quarterly, semiannually, or annually, with latest BULLETIN reference, see page 260.) Acceptances, bankers', 269, 286, 288 Demand deposits—Continued Agricultural loans of commercial banks, 280, 282 Type of holder, at commercial banks, 281 Arbitrage, 350 Deposits (See also specific types of deposits): Assets and liabilities (See also Foreign liabilities and Adjusted, and currency, 275 claims): Banks, by classes, 268, 276, 281, 284, 288 Banks and the monetary system, consolidated, 275 Federal Reserve Banks, 270, 347 Corporate, current, 300 Postal savings, 268, 275 Domestic banks, by classes, 276, 280, 282 Discount rates, 267, 349 Federal Reserve Banks, 270 Discounts and advances by Federal Reserve Banks, Automobiles: 262, 270, 272 Consumer instalment credit, 304, 305, 306 Dividends, corporate, 299, 300 Production index, 308, 309 Dollar assets, foreign, 339, 347 Bankers' balances, 281, 283 Earnings and expenses, Federal Reserve Banks, 322 (See also Foreign liabilities and claims) Earnings and hours, manufacturing industries, 315 Banking and monetary statistics for 1964, 326 Employment, 312, 314, 315 Banking offices: Changes in number, 324 Farm mortgage loans, 301, 302 Par and nonpar offices, number, 325 Federal finance: Banks and the monetary system, consolidated Cash transactions, 290 statement, 275 Receipts and expenditures, 291 Banks for cooperatives, 295, 296 Treasurer's balance, 290 Bonds (See also U.S. Govt. securities): Federal funds, 266 New issues, 296, 297, 298 Federal home loan banks, 295, 296, 303 Prices and yields, 286, 287 Federal Housing Administration, 287, 301, 302, 303 Brokers and dealers in securities, bank loans to, Federal intermediate credit banks, 295, 296 280, 282 Federal land banks, 295, 296 Business expenditures on new plant and Federal National Mortgage Assn., 295, 296, 303 equipment, 300 Federal Reserve Banks: Business indexes, 312 Condition statement, 270 Business loans (See Commercial and industrial loans) Earnings and expenses, 322 U.S. Govt. securities held by, 262, 270, 272, Capital accounts: 292, 293 Banks, by classes, 276, 281, 284 Federal Reserve credit, 262, 270, 272 Federal Reserve Banks, 270 Federal Reserve notes, 270, 273 Carloadings, 312 Federally sponsored credit agencies, 295, 296 Central banks, foreign, 336, 349 Finance company paper, 286, 288 Coins, circulation of, 273 Financial institutions, loans to, 280, 282 Commercial and industrial loans: Float, 262 Commercial banks, 280 Flow of funds, 320 Weekly reporting member banks, 282, 285, 329 Foreign central banks, 336, 349 Commercial banks: Foreign currency operations, 270, 272, 338, 346 Assets and liabilities, 276, 279, 280 Foreign deposits in U.S. banks, 262, 270, 271, 281, Consumer loans held, by type, 305 284, 347 Number, by classes, 276 Foreign exchange rates, 351 Real estate mortgages held, by type, 301 Foreign liabilities and claims: Commercial paper, 286, 288 Banks, 340, 342, 343, 345, 347 Condition statements (See Assets and liabilities) Nonfinancial concerns, 348 Construction, 312, 313 Foreign trade, 353 Consumer credit: Gold: Instalment credit, 304, 305, 306, 307 Certificates, 270, 273 Noninstalment credit, by holder, 305 Earmarked, 347 Consumer price indexes, 312, 316 Net purchases by U.S., 338 Consumption expenditures, 318, 319 Production, 337 Corporations: Reserves of central banks and govts., 336 Sales, profits, taxes, and dividends, 299, 300 Reserves of foreign countries and international Security issues, 297, 298 organization, 339 Security prices and yields, 286, 287 Stock, 262, 275, 338 Cost of living (See Consumer price indexes) Gross national product, 318, 319 Currency in circulation, 262, 273, 274 Customer credit, stock market, 287 Hours and earnings, manufacturing industries, 315 Housing starts, 313 Debits to deposit accounts, 272 Debt (See specific types of debt or securities) Income, national and personal, 318 Demand deposits: Industrial production index, 308, 312 Adjusted, banks and the monetary system, 275 Instalment loans, 304, 305, 306, 307 Adjusted, commercial banks, 272, 274, 281 Insurance companies, 289, 292, 293, 302 Banks, by classes, 268, 276, 284 Insured commercial banks, 278, 280, 324 Turnover of, 272 Interbank deposits, 268, 276, 281 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN • FEBRUARY 1965 Interest rates: Reserve position, basic, member banks, 266 Bond yields, 286, 333 Reserve requirements, member banks, 268 Business loans by banks, 285 Reserves: Federal Reserve Bank discount rates, 267 Central banks and govts., 336 Foreign countries, 349, 350 Commercial banks, 281 Money market rates, 286, 332, 350 Federal Reserve Banks, 270 Mortgage yields, 287 Foreign countries and international organiza- Stock yields, 286, 333 tions, 339 Time deposits, maximum rates, 268 Member banks, 262, 264, 268, 281, 283 International capital transactions of the U.S., 340 Residential mortgage loans, 301, 302, 303 International institutions, 336, 338, 339 Retail credit, 304 Inventories, 318 Retail sales, 312 Investment companies, new issues, 298 Sales finance companies, consumer loans of, 304, Investments (See also specific types of investments): 305, 307 Banks, by classes, 276, 280, 283, 288 Saving: Commercial banks, 279 Flow of funds series, 320 Federal Reserve Banks, 270, 272 National income series, 319 Life insurance companies, 289 Savings and loan assns., 289, 293, 302 Savings and loan assns., 289 Savings deposits (See Time deposits) Savings institutions, principal assets, 288, 289 Labor force, 314 Securities (See also U.S. Govt. securities): Loans (See also specific types of loans): Federally sponsored agencies, 295 Banks, by classes, 276, 280, 282, 288 International transactions, 346, 347 Commercial banks, 279 Federal Reserve Banks, 262, 270, 272 New issues, 296, 297, 298 Insurance companies, 289, 302 Silver coin and silver certificates, 273 Insured or guaranteed by U.S., 301, 302, 303 State and local govts.: Savings and loan assns., 289, 302 Deposits of, 281, 284 Holdings of U.S. Govt. securities, 292, 293 Manufactures, production index, 309, 312 New security issues, 296, 297 Margin requirements, 268 Ownership of obligations of, 280, 288, 289 Member banks: Prices and yields of securities, 286, 287 Assets and liabilities, by classes, 276, 280 State member banks, 278, 324 Banking offices, changes in number, 324 Stock market credit, 287 Borrowings at Federal Reserve Banks, 264, Stocks: 270, 284 New issues, 297, 298 Deposits, by classes, 268 Prices and yields, 286, 287 Number, by classes, 277 Tax receipts, Federal, 291 Reserve position, basic, 266 Time deposits, 268, 274, 275, 276, 281, 284 Reserve requirements, 268 Treasurer's account balance, 290 Reserves and related items, 262 Treasury cash, 262, 273, 275 Weekly reporting series, 282, 326 Treasury currency, 262, 273, 275 Mining, production index, 309, 312 Treasury deposits, 262, 270, 290 Money rates (See Interest rates) Turnover, deposit, 272 Money supply and related data, 274 Mortgages (See Real estate loans) Unemployment 314 Mutual funds, 298 U.S. balance of payments, 352 Mutual savings banks, 275, 276, 278, 288, 292, 293, U.S. Govt. balances: 301, 324 Commercial bank holdings, by classes, 281, 284 Consolidated monetary statement, 275 National banks, 278, 324 Treasury deposits at Federal Reserve Banks, 262, National income, 318, 319 270, 290 National security expenditures, 291, 318 U.S. Govt. securities: Nonmember banks, 278, 280, 281, 324 Bank holdings, 275, 276, 280, 283, 288, 292, 293 Open market transactions, 269 Dealer transactions, positions, and financing, 294 Federal Reserve Bank holdings, 262, 270, 272, Par and nonpar banking offices, number, 325 292, 293 Payrolls, manufacturing, index, 312 Foreign and international holdings, 270, 339, 347 Personal income, 319 International transactions, 346 Postal Savings System, 268, 275 New issues, gross proceeds, 297 Prices: Open market transactions, 269 Consumer, 312, 316 Outstanding, by type of security, 292, 293, 295 Security, 287 Ownership of, 292, 293 Wholesale commodity, 312, 316 Prices and yields, 286, 287, 350 Production, 308, 312 United States notes, outstanding and in circulation, 273 Profits, corporate, 299, 300 Utilities, production index, 309, 312 Real estate loans: Vault cash, 262, 268,281 Banks, by classes, 280, 288, 301 Veterans Administration, 301, 302, 303 Mortgage yields, 287 Type of holder, 301, 302, 303 Weekly reporting member banks, 282, 326 Type of property mortgaged, 301, 302, 303 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES THE FEDERAL RESERVE SYSTEM g) HAWAII ^ <C^% ? ^^^ Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis