Federal Reserve Bulletin, 1965-04

FEDERAL RESERVE LLETIN April Volume £i * Number 4 * • * * 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 ia 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 B U LLETIN Contents Consumer Income, Spending, and Saving 519 Statement to Congress 530 Announcements 532 Law Department 533 National Summary of Business Conditions 541 Guide to Tabular Presentation 544 Financial and Business Statistics, U. S. (Contents on p. 545) 546 International Financial Statistics (Contents on p. 621) 622 Board of Governors and Staff 640 Open Market Committee and Staff; Federal Advisory Council 641 Federal Reserve Banks and Branches 642 Federal Reserve Board Publications 643 Index to Statistical Tables 645 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

CONSUMER INCOME, SPENDING, AND SAVING Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

519 E ersonal income has been rising about as rapidly this year as it did in 1964. Since the large rise in disposable income at the time of the cut in Federal income taxes last March, such income has about kept pace with the rise in personal income. In recent months consumers' purchases of new automobiles have been at very high levels, and their purchases of other goods and of services have expanded further. Nevertheless, their saving in financial forms has continued to show the same rapid expansion that has characterized the entire cyclical upswing. Over the period since late 1963, consumers' after-tax income and their total consumption expenditures have each increased at an annual rate of about 7.5 per cent—much faster than in the preceding 2 years. Meanwhile, consumer prices have continued to rise slowly. Thus most of the large increase in income has represented a real gain in purchasing power. Underlying the gains in income and spending has been the continued expansion in output and employment. The rise in personal income in the first quarter, as in 1964, reflected in large part the strong gains in wage and salary payments that accompanied rising employment and rates of pay in nonagricultural industries. During 1964 nonagricultural employment increased by 1.9 million, the largest 12-month gain since 1959, and it increased at a faster rate during the first quarter of this year. Although ECONOMIC ACTIVITY advances further in early 1965; UNEMPLOYMENT declines 1960-61=100 MILLIONS OF PERSONS RETAIL SALES [: I NOTE.—Seasonally adjusted data. Indexes for personal income and retail sales based on Dept. of Commerce series. Nonagricultural employment, which is based on data for establishments, and unemployment rate are from Bureau of Labor Statistics. Latest figures shown, March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • APRIL 1965 520 growth in the labor force was also large, unemployment declined from a rate of 5.5 per cent at the end of 1963 to 4.7 per cent in March. Consumers' allocation of their incomes between spending and saving was about the same in early 1965 as in early 1964, but in the intervening period it showed pronounced fluctuations. Spending lagged behind the spurt in disposable income just after the tax cut last spring. And again last autumn, when automobile purchases were limited by strikes, spending showed much less rise than income. For the year 1964, the spending rate was lower than in the preceding 2 years, and the rate of saving higher. INCOME The rise in total personal income during 1964 and early 1965 has been the largest increase in this cyclical upswing except for the initial recovery period in 1961. Mainly because of last year's tax cut, the step-up in consumers' disposable income has been more pronounced than the increase in their total income. Consumer prices for goods and services have held to a slow rate of increase, and consumers' real income has advanced sharply. Personal income. Total personal income in March was at a seasonally adjusted annual rate of $514 billion, up more than a fourth from the recession low in early 1961. Since December 1963 the annual rate of increase has been 6 per cent. During 1963 personal income had increased by 5.5 per cent and in 1962 by less than 5 per cent. Labor income—wages and salaries plus various supplements such as employer contributions to private pension and welfare funds—accounts for more than two-thirds of personal income and for the bulk of its fluctuations. More rapid expansion in labor income has accounted for most of the moderate step-up in personal income since late 1963. Wages and salaries have increased at an annual rate of 7.5 per cent, as compared with 5 to 5.5 per cent in the preceding 2 years. In the main this development reflects larger gains in employment and longer hours of work. Employment has increased substantially in most major nonagricultural industries, but perhaps most notably in manufacturing where it has responded to heightened demands by both business and consumers. Manufacturing employment increased as much last year as in the preceding 2 years combined and increased considerably further in early 1965. In March it equaled the peak reached in mid-1953 at the height of the Korean war boom, despite a long-term downward trend in production-worker employment, associated with rising productivity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INCOME, SPENDING, AND SAVING 521 Accompanying the large employment gain, average weekly hours of factory workers have also increased. In fact, during the first 3 months of 1965, the average workweek reached the highest level in more than 19 years. Average hourly earnings have continued to increase at a rate of about 3 per cent per year. With fringe benefits included, total hourly compensation per employee has been increasing at a somewhat faster pace. However, the rise has not exceeded the gain in manufacturing productivity. In line with the step-up in retail sales over the period, trade employment has increased somewhat more rapidly since late 1963 than earlier. Employment and payrolls of State and local governments and of service industries have maintained their strong uptrend. Federal Government employment has been relatively stable, but payrolls have risen moderately over the past year, primarily as a result of salary increases last summer. While labor income increased more rapidly in 1964 and the first quarter of 1965 than earlier, the total of all other types of personal income did not accelerate. Interest and dividend payments continued to expand at a rapid rate, and the gain in income of nonfarm proprietors was at a moderately faster pace, but farm income declined slightly further. Transfer payments continued on a moderate uptrend mainly because of payments under the old-age and survivors insurance program. Unemployment compensation, which moves countercyclically, declined with the reduction in unemployment. CHART 2 With employment rising sharply, WAGES AND SALARIES show strong uptrend WAGES S. SALARIES THER PERSONAL NCOME 1963 NOTE.—Based on Dept. of Commerce seasonally adjusted data. "Other" includes all personal income except wage and salary disbursements. Latest figures shown, March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • APRIL 1965 522 Disposable income. Since the end of 1963, disposable income has increased at an annual rate of nearly 7.5 per cent, as compared with 6 per cent for before-tax income. Most of the difference between these increases occurred when the substantially lower withholding rates went into effect as a result of the Federal tax cut enacted in early 1964. In contrast with the recent 7.5 per cent rate of increase, disposable income had increased by about 5.5 per cent in 1963 and by less than 4.5 per cent in 1962. CHART 3 CONSUMERS' after-tax income and spending accelerate since 1963; BILLIONS OF DOLLARS * — 440 / DISPOSABLE ^S _ PERSONAL ^ ^ '^ — 400 INCOME ^ ^ *^ — 360 ^^r CONSUMPTION ^ ^^ EXPENDITURES but RATE OF SPENDING varies FER CENT —"™"V^ SPENDING RATE — 94 f — 92 i ' : I 1961 1963 1965 NOTE.—Dept. of Commerce seasonally adjusted data. Spending rate is consumption expenditures as a percentage of disposable income. Dashed lines are average spending rates for 1962, 1963, and 1964. Latest figures shown, first quarter 196S. Incorporated in the law that reduced income tax rates for 1964 was provision for a second stage of reduction effective in 1965. However, most of the tax cut's direct effect on disposable income was experienced in March 1964 when the withholding rate on wages and salaries was reduced to 14 per cent from 18 per cent in one stage, rather than in two stages. The effect was to increase disposable income in 1964 by close to $8 billion. Consumer prices. In spending their larger incomes, consumers have benefited from relative price stability, particularly for goods. Average consumer prices of goods and services have risen by only Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INCOME, SPENDING, AND SAVING 523 about 1 per cent over the past year, the same as the average annual increase since the spring of 1960. Over this period, the cost of services has risen at a steady 2 per cent a year. Average price increases for commodities have varied more, owing mainly to fluctuations in food prices, but have ranged only from 0.5 to about 1 per cent a year. Over the past year commodity prices have increased 0.7 per cent. Increases in costs of services over the past year have continued to be widespread, but the over-all rate of increase in this upswing has been smaller than in earlier postwar expansions. The rise in rents, in particular, has been slower. Over the past year, the largest increases have been in transportation services, including sharply higher auto insurance premiums, and in hospital charges and other medical services. The small price increase for commodities reflects slight increases for food, apparel, and used cars. Prices of new autos are little changed from a year ago, and household durable goods have continued the gradual downtrend of the past several years. CONSUMER SPENDING Consumption expenditures began to accelerate late in 1963, in anticipation of passage of the tax cut, and thereafter rose rapidly except during the strikes in the automobile industry last autumn. Over the entire period from late 1963 to early 1965, consumption expenditures increased somewhat more than disposable income. With the added flow of income, consumers increased their spending for goods proportionally more than for services, and for durable goods more than for nondurable goods. Durable goods. In contrast to the two preceding cyclical upswings when consumer purchases of durable goods tended to level off after an initial sharp rise, such purchases, as Chart 4 shows, have moved up steadily throughout this upswing, except for the dip in the fourth quarter of 1964, which was due to the auto strikes. Moreover, the increase since late 1963 has been at a faster rate than in the preceding 2 years—an annual rate of 12 per cent compared with 8 per cent. Consumers have spent a steadily rising proportion of their disposable income for durable goods, and in the first quarter of 1965 this share was at its highest level since 1955. Autos. The dominating feature of consumer demand developments in recent months has been the sharply advanced rate of sales of new cars, shown in Chart 5. The exceptionally high rate of sales in the past few months—a seasonally adjusted annual rate of close to 10 million units (including imports)—has represented in part a making up for sales lost during the strikes last Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • APRIL 1965 524 autumn, and it is not generally expected to hold throughout the year. In fact, in recent weeks, sales of new cars have not been showing all of the very large seasonal rise usual at this time of the year; the seasonally adjusted rate declined to about 9.3 million units in March and to a somewhat lower rate in early April. However, trade reports indicate that this may reflect in part capacity limitations on production of the most popular models. Despite the strikes last autumn, sales of new domestic autos for the first 6 months of the 1965 model year were at an average annual rate of 8.3 million units. This represents the fourth successive step-up in automobile buying, by model year. Sales in the 1964 model year, which closed last September, totaled 7.7 million units, 7 per cent above sales in the preceding model year. Moreover, since the fall of 1962, sales of imported cars—which had been declining for about 3 years—have been rising again. On a calendar year basis, however, total sales of new cars did not exceed the record that had been set in 1955 until 1963. In 1964, sales were 9 per cent above the 1955 level. The persistent rise in auto purchases throughout this cyclical upswing represents a departure from past experience of a more limited run of "good" auto years. This buoyancy in auto demand has stemmed not only from the favorable income developments of the past 4 years but also from increased replacement needs, a large increase in the driving-age population, the continuing trend to ownership of two or more cars, a steady succession of popular models, and ready availability of instalment credit with 36-month maturities. Moreover, it appears that demand for new cars has been supported by comparatively high trade-in allowances because used car prices have remained at advanced levels. Since the beginning of 1964, used car prices have been higher relative to new car prices than at any other time since the Korean war period when production of autos was limited. Household durable goods. Consumer purchases of furniture and household equipment have followed an unusual pattern during this cyclical upswing. They have shown only a slight upward movement since mid-1964, whereas in the preceding 12 months they had increased sharply. In fact, the rise from mid-1963 to mid- 1964 accounted for half of the total increase in such purchases over the entire cyclical expansion to date. The tax cut was undoubtedly an influence on that sharp rise, particularly in the first half of 1964. Another influence may have been the cumulative effect of the unusually persistent expansion in residential construction activity, which extended to early 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INCOME, SPENDING, AND SAVING 525 Thereafter there was a sizable decrease in residential construction activity, which may have acted to moderate the expansion in consumer purchases of home goods after mid-1964. Another inhibiting influence on purchases of household durable goods in recent months may have been consumers' preferences for buying new automobiles. While total retail sales of household durable goods appear to have shown little change since last summer, some products have continued to sell especially well. An outstanding feature of this market has been the coming of age of color television. Sales of color television sets have been increasing sharply, and consumer purchases of all types of television sets in late 1964 were up substantially from late 1963. Air conditioners and clothes dryers have also been important growth items. Consumer buying plans. The findings of the Census Bureau's quarterly survey of consumer buying intentions conducted in DURABLE GOODS pace the rise in consumer spending; NONDURABLES show large rise since '63 1960-6I=!00 NONDURABLES 1963 1965 NOTE.—Based on Dept. of Commerce seasonally adjusted data on personal consumption expenditures. Latest figures shown, first quarter 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • APRIL 1965 526 January suggested that demands for new cars would continue to be relatively stronger than those for household durable goods. The percentage of households expressing intentions to purchase a new automobile within 12 months was 9.3 per cent, up from 8.5 per cent in January 1964, which in turn was up from 7.8 per cent in January 1963. Consumers' plans to buy used cars were no more numerous at the beginning of this year than they had been in early 1964. On the other hand, the percentage of households expecting to purchase any of seven major household durable goods within 6 months was down slightly from 16.7 per cent in January 1964, to 16.3 per cent, the same as in January 1963. Nondurable goods. Consumer purchases of nondurable goods showed an unusual spurt in the first 3 quarters of 1964 and then, after a small rise in the fourth quarter, picked up again in early 1965. The increase for the year 1964 was the largest annual increase since 1951, and the rise from the end of 1963 to early 1965 was more than twice as fast as that for the preceding 2 years. The rise over the recent period about matched the large increase in disposable income, whereas in earlier years purchases of nondurable goods by consumers had tended to lag behind the rise in their income. All major types of goods shared in the recent upsurge in buying, but the expansion for clothing and shoes was especially large. Since late 1963, consumer spending on clothing and shoes has increased at an annual rate of 11 per cent, as compared with increases of about 6.5 per cent for foods, gasoline and oil, and other nondurable goods, and of 7.5 per cent for total consumption expenditures on nondurable goods. Services. The steady and substantial rise in consumer expenditures on services, to which we have become accustomed as a feature of postwar consumer buying patterns, showed little, if any, acceleration during the 1964-65 period of heightened consumer demands for goods. During this period service outlays in fact showed somewhat less rise than consumer incomes, with the result that the proportion of disposable income spent on services declined somewhat. Earlier, the spending rate on services had risen persistently. SAVING With the added flow of income, consumers have increased both their current consumption and their saving, but the relative distribution of disposable income between the two changed moderately in 1964. Consumption typically lags a little in its response to large in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INCOME, SPENDING, AND SAVING 527 creases in disposable income. In the spring of 1964, when the tax cut gave an extra fillip to already expanding after-tax incomes, the spending rate (consumption as a per cent of disposable income) declined moderately. The limited availability of autos in the autumn, which precipitated a temporary sharp decline in consumer purchases of durable goods at a time when total incomes were continuing to rise, caused the rate to decline again. By the first quarter of 1965, however, the spending rate was back to about the level of early 1964. With the spending rate down moderately in 1964 as a whole, the saving rate rose to 7.5 per cent of disposable income from the relatively low 1963 figure of 6.8 per cent. Over the past 10 years the saving rate has averaged about 7.2 per cent of disposable income. With rapidly rising disposable income and an increase in the saving rate, the dollar volume of personal saving, which had been approximately constant during the previous 3 years, rose sharply in 1964. CHART S AUTO SALES this year well above early '64 levels; OTHER DURABLES moderately higher 1960-61=!00 HOUSEHOLD DURABLE GOODS 1961 1943 NOTE.—Seasonally adjusted data. Index for autos based on quarterly averages of monthly data on dealer deliveries, in units. Index for household durable goods based on Dept. of Commerce personal consumption expenditures on furniture and household equipment. Latest figures shown, first quarter 196S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • APRIL 1965 528 During this expansion period as a whole, consumer acquisitions of financial assets have increased faster than personal saving. Consumers have chosen to channel a relatively large share of this CHART 6 Over this expansion SAVINGS DEPOSITS represent a larger share of consumer acquisitions of financial assets SAVINGS AT SAVINGS INSTITUTIONS CREDIT & EQUITY MARKET INSTRUMENTS SAVINGS AT COMMERCIAL BANKS DEMAND DEPOSITS & CURRENCY NOTE.—Based on flow of funds data. Items not shown include additions to reserves of life insurance companies and pension funds and net investment in noncorporate business. total of financial saving into time and savings deposits at commercial banks and accounts at other savings institutions, as Chart 6 shows. The distribution of consumer financial asset purchases in this upswing has been influenced significantly by the pattern of yields on alternative financial assets. Sharp increases in rates paid by commercial banks on savings deposits that followed changes in regulatory ceilings in 1962 and again in late 1964 have been important in channeling a larger share of the savings flow through the banking system. Competitive increases in rates paid by savings institutions other than commercial banks also have occurred during this expansion period, and their share of consumer saving has been higher than in the two previous expansion periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INCOME, SPENDING, AND SAVING 529 In the two previous periods of economic expansion, consumers were attracted to open market securities as market yields rose relative to yields on depositary-type claims. Though the share of consumer saving invested directly in credit and equity market instruments has risen in the current expansion, it has remained far below earlier highs. Yields on many classes of market securities failed to keep pace with the advance in rates on depositarytype claims, and—in the case of State and local government securities and mortgages—yields actually declined during the course of the expansion. As a result of the allocation of consumer financial savings in this upswing, banks and other financial intermediaries have been able to supply a large volume of funds to long-term capital markets. This has been a factor contributing to sustained economic expansion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress The proposed increase in the resources of if this should become necessary, without disthe International Monetary Fund, of which rupting the present mechanism. Whatever the increase in the U.S. subscription is an the outcome of these studies may be, agreeintegral part, will be in the interest of the ment on the creation of new types of reserve United States and of the free world at large. assets is a matter for the future. In any case, The United States, as the world's foremost the Fund will be a principal source of interinternational trading nation, is deeply inter- national liquidity for any period following ested in the adequacy and stability of the elimination of U.S. payments deficits. The international payments mechanism. The proposed increase in its resources from about Fund is a most important part of that mecha- $16 billion to about $21 billion is desirable nism. Accordingly, its strengthening is es- and indeed necessary if the Fund is adesential for further sustainable expansion of quately to fulfill that function. international commerce. In recent years, international liquidity has Critics of the present international pay- grown in large part through the dollars supments system often contend that adequate plied in consequence of U.S. payments defiliquidity under that system can be main- cits. In these circumstances, recourse to the tained only as long as the United States Fund was on a moderate scale. But once the suffers a payments deficit and thereby sup- flow of dollars from the U.S. is curtailed or plies the world with enough dollars to even stopped, there are likely to be heavier finance the ever-expanding volume of inter- demands for Fund accommodation. Hence, national commerce. Once the U.S. payments the proposed increase in Fund resources may deficit is eliminated—as it must be—only well spell the difference between future inthe creation of new types of reserve assets adequacy and adequacy of means of intercan, in the opinion of these critics, save the national payments, and thus between stagworld from a crippling inadequacy of inter- nation and further substantial expansion of national liquidity. international trade, including U.S. exports. Apart from the general advantages of an As you know, the so-called Group of Ten, increase in resources of the International which includes the major industrial member Monetary Fund, the proposed increase in countries of the International Monetary our subscription will be of particular benefit Fund, is at present studying the possibility to the United States. It is true that the imof creating such new types of reserve assets, mediate effect of this increase will be a decline in our gold stock by the equivalent of the gold portion of the subscription, amount- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal Re- ing to about $259 million, and an increase in serve System, on H.R. 6497, before the House Committee on Banking and Currency, March 24, 1965. our dollar liabilities to the Fund by the 530 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 531 amount of the dollar portion of the subscrip- is restored, there is little or no hope for a tion, or about $776 million. But these large increase in these holdings. Our drawchanges are mere bookkeeping formalities ing rights on the Fund provide an opporturather than financial realities. The decline in nity to acquire, if and when necessary, large our gold stock will be exactly offset by an additional amounts of foreign currencies in increase in our virtually automatic gold order to meet our developing payments tranche drawing rights on the Fund's re- needs. The repayment period for these drawsources; and the increase in our dollar lia- ings would range from 1 to 3 years. bilities to the Fund will similarly be offset by The increase in the resources of the Interan equivalent increase in our regular draw- national Monetary Fund will also buttress ing rights in the credit tranches. the efficiency of the bilateral arrangements In fact, the increase in our Fund drawing concluded in recent years among the central rights will be financially far more relevant banks of the major financial countries of the than the increase in our dollar liabilities. free world—arrangements in which the Fed- The dollar part of our subscription will not eral Reserve System has played a leading be actually paid out until the Fund needs role. to acquire dollars in excess of its present In the recent sterling crisis, central banks availabilities of nearly $3.5 billion in order were able, literally within hours, to put $3 to satisfy requests for dollar drawings by billion at the disposal of the Bank of Engother Fund members. land. This experience shows the importance After our payments position has returned of these arrangements better than any theto equilibrium, a moderate outflow of dollars oretical exposition could do. And the—adinto the hands of foreign businessmen, re- mittedly more modest—Federal Reserve opsulting from dollar drawings on the Fund, erations have consistently demonstrated the would not only be harmless, it would be advantage of mutual arrangements with forbeneficial. It would actually help to avert the eign central banks in averting adverse effects possibility of a future dollar shortage, if such of speculative or other disruptive movements should arise. of volatile funds on our payments position The increase in our drawing rights will and on the value of the dollar in exchange work to our advantage during any future markets. period when we incur a temporary payments Central bank operations of that kind are, imbalance internationally. It is during such however, invariably on a short-term basis, a period that the United States will need to usually for initial periods of 3 months and be in a position to mobilize foreign currency renewable for no more than an additional 3, resources, including those available through 6, or—at most—9 months. Last November, the International Monetary Fund, in order the aid "package" for sterling could probto supplement the use of our gold to meet ably not have been assembled at all, and cerany interim payments problem. The mere tainly not as fast as it was, if the participants existence of these facilities may obviate any had not been able to count on the backstop such need. function of the International Monetary At present, the foreign exchange holdings Fund. All participants knew that, whatever of the Treasury Stabilization Fund and of the might happen, they could always expect re- Federal Reserve System are quite modest. payment through a U.K. drawing on the Until equilibrium in our payments position Fund. If the dollar ever needed foreign as- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN • APRIL 1965 sistance on a similar scale, the Federal Re- ent bilateral arrangements with foreign censerve System would find that our drawing tral banks. rights on the International Monetary Fund For these reasons, I fully endorse the rewould greatly facilitate, and in fact make quest of the Secretary of the Treasury for possible, any needed expansion in our pres- speedy enactment of H.R. 6497. Announcements ERRATUM IN MARCH 1965 BULLETIN ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM On page 374 of the March 1965 BULLETIN, Bal- The following bank was admitted to membership ance of Payments Program, Guidelines for Banks, in the Federal Reserve System during the period (8) Trust departments, the second sentence should March 16, to April 15, 1965: be changed to read as follows: Wisconsin "They should bear the purpose of that program in mind in making any acquisitions of foreign obligations Milwaukee . American City Bank & for trust accounts." Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Maximum Interest on Loans bank could pay on the deposit before and after Secured by Time Deposits the loan would not be affected. The opinion of the Board of Governors has Order Under Bank Merger Act been requested with respect to loans by a member The following Order and Statement were issued bank secured by time deposits in such bank. It is in connection with action by the Board of Govstated that many banks are now paying interest on ernors with respect to an application for approval time deposits at the maximum rate of AV2 per cent, of the acquisition of assets and assumption of and the legal rate of interest in some States for deposit liabilities: ordinary bank loans is fixed by statute at 6 per cent. The specific question is whether the bank THE CITY BANK AND TRUST COMPANY, may make the loan as section 217.4(e) of Regu- MILWAUKEE, WISCONSIN lation Q requires a member bank to charge a rate of interest not less than 2 per cent in excess of the In the matter of the application of the City rate of interest paid on its time deposit when such Bank and Trust Company for approval of acquisideposit is used as security for a loan. tion of assets of American State Bank. Section 19 of the Federal Reserve Act (12 U.S.C. 371b) prohibits member banks from pay- ORDER APPROVING ACQUISITION ing any time deposit before its maturity, except OF BANK'S ASSETS upon such conditions and in accordance with There has come before the Board of Governors, such rules and regulations as may be prescribed pursuant to the Bank Merger Act of 1960 (12 by the Board. The above-mentioned provision of U.S.C. 1828(c)), an application by The City Bank Regulation Q is intended to implement the law and Trust Company, Milwaukee, Wisconsin, and prevent evasion thereof. The specified 2 per which, under the new name American City Bank cent penalty is designed to discourage loans on & Trust Company, is to be a State member bank time deposits that would, in effect, enable the of the Federal Reserve System, for the Board's depositor to obtain his funds before maturity. For prior approval of its acquisition of assets and this reason, retention of the 2 per cent differential assumption of deposit liabilities of American State seems desirable. Bank, Milwaukee, Wisconsin. Notice of the pro- Since banks in some States are prohibited from posed acquisition of assets and assumption of charging more than 6 per cent on loans, a member deposit liabilities, in form approved by the Board, bank in such States that pays 4Vi per cent on a has been published pursuant to said Act. time deposit may not make a loan on such deposit Upon consideration of all relevant material in without violating Regulation Q. However, there the light of the factors set forth in said Act, inis nothing in the regulation to prevent a bank and cluding reports furnished by the Comptroller of its customer from agreeing to the payment of a the Currency, the Federal Deposit Insurance lesser rate of interest on the deposit while a loan Corporation, and the Department of Justice on on the deposit is outstanding. Therefore, by agreethe competitive factors involved in the proposed ment, the rate of interest paid on the deposit could transaction, be reduced to 4 per cent during the period of the IT IS HEREBY ORDERED, for the reasons set forth loan, with interest on the loan fixed at 6 per cent. in the Board's Statement of this date, that said This would not be a circumvention of the Regulaapplication be and hereby is approved, provided tion as the customer would still be paying 2 per that said acquisition of assets and assumption of cent more interest on the loan than he would redeposit liabilities shall not be consummated (a) ceive on the deposit. The rate of interest that the within seven calendar days after the date of this 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN • APRIL 1965 Order, or (b) later than three months after said sonably satisfactory, and although its asset condidate. tion reflects a sizable aggregate of relatively high- Dated at Washington, D.C., this 12th day of risk loans, the bank has a good over-all loss ex- March, 1965. perience. American State Bank's earnings record is good, and its future earnings prospects are rea- By order of the Board of Governors. sonably favorable. The earnings record of City Voting for this action: Chairman Martin, and Gov- Bank is less than satisfactory, and its future earnernors Balderston, Mills, Shepardson, and Daane. ings prospects are no better than fair. A factor Voting against this action: Governors Robertson and Mitchell. of considerable significance in this respect is that City Bank, located in an area which now consists (Signed) MERRITT SHERMAN, Secretary. largely of merchandising and light manufacturing establishments, operates, and has traditionally op- [SEAL] erated, as a "retail" institution catering mainly to STATEMENT the banking needs of individuals. The City Bank and Trust Company, Milwaukee, The management of City Bank, although pres- Wisconsin ("City Bank"), with total deposits of ently lacking in depth, is experienced and capable. $35.6 million, has applied, pursuant to the Bank American State Bank, basically a "wholesale" in- Merger Act of 1960 (12 U.S.C. 1828(c)), for stitution, is managed fairly satisfactorily although, the Board's prior approval of its acqusiition of the apparently as a result in part of the necessity that assets and assumption of the liabilities of American it compete with much larger banks, its policies State Bank, Milwaukee, Wisconsin, which has are aggressive and liberal. The management of total deposits of $44.8 million.1 Neither bank has the acquiring bank would be composed of the any branches. Upon consummation of the trans- managing officers of the proponent banks. action, the banking office of City Bank would be The capital structure and asset condition of the closed, since its operation as a branch would be acquiring bank would be reasonably satisfactory prohibited by State law. The name of City Bank and its earnings prospects favorable. would be changed to American City Bank and There is no evidence that the corporate powers Trust Company, and it would be a State member of the banks are, or would be, inconsistent with bank of the Federal Reserve System. the purposes of 12 U.S.C, Ch. 16. Under the law, the Board is required to con- Convenience and needs of the communities. sider, as to each of the banks involved, (1) its City Bank and American State Bank are located financial history and condition, (2) the adequacy one block apart in the center of the downtown of its capital structure, (3) its future earnings business district of Milwaukee, Milwaukee County, prospects, (4) the general character of its manage- Wisconsin. Milwaukee, which is situated on the ment, (5) whether its corporate powers are con- west shore of Lake Michigan, is a diversified insistent with the purposes of 12 U.S.C, Ch. 16 (the dustrial center and serves as an important port. Federal Deposit Insurance Act), (6) the con- The population of Milwaukee is about 741,000 venience and needs of the community to be persons, and the total population of Milwaukee served, and (7) the effect of the transaction on County exceeds one million. competition (including any tendency toward There are 39 commercial banks, with 55 bankmonopoly). The Board may not approve the trans- ing offices, in Milwaukee County, virtually all of action unless, after considering all of these fac- which are located in the city of Milwaukee or tors, it finds the transaction to be in the public within its metropolitan area.2 Fourteen of these interest. banks, with a total of 27 offices, are subsidiaries Banking factors. The financial histories of City of one or another of three bank holding com- Bank and American State Bank are satisfactory, panies and hold, altogether, 76 per cent of the and City Bank has a generally satisfactory asset total deposits of all commercial banks in Milcondition and an adequate capital structure. The capital structure of American State Bank is rea- 2 State law now prohibits the establishment of branch banking offices. A new bank, to be located in downtown Milwaukee, has been approved but not yet 1 Deposit figures are as of June 30, 1964. opened for business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 535 waukee County. The head offices of each of the tiveness than either of the proponent banks alone. largest banks owned by these holding companies The proposed transaction would not adversely are located within one block of the offices of City affect any other bank and, indeed, would have the Bank and American State Bank. potential for enhancing somewhat the level of It is not alleged that the banking needs and con- banking competition in the Milwaukee area. venience of the community are not being ade- Summary and conclusion. The acquiring bank, quately met. However, the proposed acquisition with the contemplated improved and additional would result in a bank generally capable of pro- services, would constitute an alternative source viding improved and expanded services and, more of relatively full banking services for the comparticularly, with a lending limit 80 per cent munity. At the same time, the consequences for greater than the present limit of the larger of the banking competition would not be adverse, but proponent banks. The acquiring bank, with the potentially beneficial. improved and additional services contemplated by The net effect of the proposed acquisition apthe proposal, would benefit the community in pears to be that the acquiring bank would have the that it would constitute an alternative source of advantage of being potentially a more viable and relatively full banking services. effective competitor, which would redound to the Competition. City Bank and American State general benefit of the banking public in the area Bank have essentially identical service areas,3 affected. which may be approximately defined as the area Accordingly, the Board finds that the proposed within a six-mile radius of downtown Milwaukee. acquisition of assets and assumption of liabilities Both banks, however, secure some business from would be in the public interest. throughout the Milwaukee metropolitan area. If the proposed acquisition were consummated, DISSENTING STATEMENT OF GOVERNOR MITCHELL the acquiring bank would hold 4.3 per cent of WITH WHICH GOVERNOR ROBERTSON CONCURS total deposits held by the present 24 commercial The record in this case clearly establishes that banks located in the service area, as defined above, in the judgment of the applicant and other stockand 4.1 per cent of such deposits held by all com- holding interests, consummation of the proposed mercial banks in Milwaukee County. acquisition will be to their private corporate ad- Despite the virtually coterminous geographical vantage. There is no basis in the record to dispute markets of the proponent banks, there is a rela- this judgment. The record is not so clear, however, tively limited amount of competition existing be- as to the consequences for the public interest. tween them because City Bank provides banking The applicant contends that the acquiring bank services principally for individuals, whereas Amer- will have the competitive capability to divert busiican State Bank caters mainly to the banking needs ness from the "Big Three" banks in Milwaukee by of business establishments. If operated as inde- offering a more complete line of banking services pendent institutions, some potential for further and a higher loan limit for larger businesses than competition between these banks may exist in heretofore available at either of the participating that each could attempt to add to its principal banks. The application lists forty-odd corporarange of services the services now provided by tions which maintain headquarters or large plants the other. However, the extent to which such com- in Milwaukee but which do not have accounts with petition might be developed, with due regard for either of the banks. From the public point of view, sound banking practices, appears greatly limited however, there is much more concern that small under the circumstances. and medium-sized businesses have adequate access Although the proposed acquisition would result to bank credit. Companies as large as most of in the elimination of one banking office, the those on the list submitted have scores of credit acquiring bank, with its larger capital base and alternatives with banks, insurance companies, and with certain economies available to it, would be even in the capital market. Small companies have capable of significantly greater competitive effec- a very limited number of credit alternatives. Under this proposal, the smaller concerns in the down- 3 The area from which a bank obtains 75 per cent town area of Milwaukee would have one less or more of its deposits of individuals, partnerships, alternative, and the interest of the acquiring bank and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN • APRIL 1965 would be shifted to a more affluent clientele. concern should not be paramount to the public Rather than adding to the convenience and needs interest. of the residents of the immediate area, the pro- Orders Under Section 3 of posed transaction is likely to have the reverse Bank Holding Company Act effect. The competitive factor is alleged to be favorable The following Orders and Statement were issued because the acquiring bank will be larger. With in connection with action by the Board of Govthis argument, every proposal that results in a ernors on applications by a bank holding company larger bank could be supported as furthering com- for approval of the acquisition of voting shares petition. The ultimate result of a merger policy of banks: based on this premise would be to make every THE FIRST VIRGINIA CORPORATION, bank as large as any other. ARLINGTON, VIRGINIA It is also said that one of the participating banks is a "wholesale" bank and the other a "retail" In the matter of the application of The First bank and that, therefore, they are not competitive. Virginia Corporation, Arlington, Virginia, for ap- There appears a measure of truth in this generali- proval of the acquisition of voting shares of zation because one bank has more of its total Peoples Bank of Radford, Radford, Virginia. deposits in savings accounts and the time accounts ORDER APPROVING APPLICATION UNDER in the other bank are predominantly certificates BANK HOLDING COMPANY ACT of deposit. One bank has almost no consumer credit paper, whereas in the other such loans are There has come before the Board of Governover 17 per cent of total net loans and discounts. ors, pursuant to section 3(a) (2) of the Bank But the record appears also to show the consumer Holding Company Act of 1956 (12 U.S.C. 1842 credit paper is largely generated by the bank's (a) (2)) and section 222.4(a)(2) of Federal customers rather than the bank. In short, the banks Reserve Regulation Y (12 CFR 222.4(a) (2)), are somewhat different because of differences in an application by The First Virginia Corporation, some of their customers. However, it is possible to Arlington, Virginia, a registered bank holding point up similarities too—namely, in the relative company, for the Board's prior approval of the size of their portfolios of commercial and indus- acquisition of 80 per cent or more of the voting trial loans, tax exempt securities, and mortgages. shares of Peoples Bank of Radford, Radford, Clearly, each competes with the other, and other Virginia. banks in the area, for time and demand deposits, As required by section 3(b) of the Act, the and the proposed acquisition will leave one less Board notified the Commissioner of Banking of competitor in the immediate service area. the Commonwealth of Virginia of receipt of the Two new banking offices are coming into the application and requested his views and recomimmediate area; the area's largest bank is relocat- mendation. The Commissioner expressed no obing one of its offices to a site in the downtown jection to its approval. area, and a newly organized bank is to be located Notice was published in the Federal Register in downtown Milwaukee. These specific, concrete of December 18, 1964 (29 F. R. 18025) providing expressions of judgment that the area is not over- an opportunity for interested persons to submit banked undermine the contention that the pro- comments and views with respect to the proposed posed transaction is necessary to the growth and acquisition. The time for filing such comments survival of both or either of the participating and views has expired, and all those received have banks. been considered by the Board. I conclude that the application should not be IT IS HEREBY ORDERED, for the reasons set forth approved because effectuation of the proposal will in the Board's Statement of this date, that said lessen competition, it will not add to the public's application be and hereby is approved, provided convenience or accommodation, and there is no that the acquisition so approved shall not be consustaining justification in the banking factors. This summated (a) within seven calendar days after judgment may be temporarily hostile to the cor- the date of this Order or (b) later than three porate interests of the two banks involved, but that months after said date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

537 LAW DEPARTMENT Dated at Washington, D. C, this 12th day of By order of the Board of Governors. April, 1965. Voting for this action: Chairman Martin, and Governors Shepardson, Mitchell, and Daane. By order of the Board of Governors. Present but not voting: Governor Robertson. Absent and not voting: Governor Balderston. Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Mitchell, and Daane. (Signed) MERRITT SHERMAN, Absent and not voting: Governor Balderston. Secretary. (Signed) MERRITT SHERMAN, [SEAL] Secretary. STATEMENT [SEAL] The First Virginia Corporation ("Applicant"), Arlington, Virginia, a registered bank holding THE FIRST VIRGINIA CORPORATION, company, has filed applications, pursuant to sec- ARLINGTON, VIRGINIA tion 3(a) (2) of the Bank Holding Company Act In the matter of the application of The First of 1956 ("the Act"), with respect to the Peoples Virginia Corporation, Arlington, Virginia, for ap- Bank of Radford, Radford, Virginia, and the proval of the acquisition of voting shares of Bank Bank of Chesapeake, Chesapeake, Virginia, reof Chesapeake, Chesapeake, Virginia. questing the Board's approval of the acquisition of 80 per cent or more of the voting shares of each ORDER APPROVING APPLICATION UNDER bank. BANK HOLDING COMPANY ACT Views and recommendations of supervisory au- There has come before the Board of Governors, thority. As required by section 3(b) of the Act, pursuant to section 3(a) (2) of the Bank Holding notices of receipt of the applications were sent to Company Act of 1956 (12 U.S.C. 1842(a)(2)) the Commissioner of Banking of the Commonand section 222.4(a)(2) of Federal Reserve Reg- wealth of Virginia requesting his views and recomulation Y (12 CFR 222.4(a)(2)), an application mendations. The Commissioner expressed no obby The First Virginia Corporation, Arlington, Vir- jection to approval of either application. ginia, a registered bank holding company, for the Statutory factors. With respect to each appli- Board's prior approval of the acquisition of 80 per cation, section 3(c) of the Act requires the Board cent or more of the voting shares of Bank of to take into consideration the following five fac- Chesapeake, Chesapeake, Virginia. tors: (1) the financial history and condition of As required by section 3(b) of the Act, the the holding company and the banks concerned; Board notified the Commissioner of Banking of (2) their prospects; (3) the character of their the Commonwealth of Virginia of receipt of the management; (4) the convenience, needs, and application and requested his views and recom- welfare of the communities and the area conmendation. The Commissioner expressed no ob- cerned; and (5) whether the effect of the proposed jection to its approval. acquisition would be to expand the size or extent Notice was published in the Federal Register of of the bank holding company system involved be- January 7, 1965 (30 F. R. 180) providing an yond limits consistent with adequate and sound opportunity for interested persons to submit com- banking, the public interest, and the preservation ments and views with respect to the proposed ac- of competition in the field of banking. quisition. The time for filing such comments and Although the applications have been acted upon views has expired, and all those received have been separately, the Board has determined that unnecesconsidered by the Board. sary repetition of facts and conclusions resulting IT IS HEREBY ORDERED, for the reasons set forth from application of the foregoing statutory factors in the Board's Statement of this date, that said to the holding company may be avoided through application be and hereby is approved, provided this combined Statement. Accordingly, while sepathat the acquisition so approved shall not be con- rate Orders effecting the Board's determinations summated (a) within seven calendar days after accompany this Statement, the Board's findings, the date of this Order or (b) later than three conclusions, and reasoning in respect to each apmonths after said date. plication are combined in this Statement. Dated at Washington, D. C, this 12th day of Financial history and condition, prospects, and April, 1965. management of Applicant and the Banks. Appli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN • APRIL 1965 cant's system is composed of 9 banks located in record and its location in a fast-growing area, Virginia, operating 44 banking offices with com- Bank's prospects appear reasonably favorable, its bined deposits of approximately $197 million as prospects would be bettered, it is believed, by the of June 30, 1964.1 It also controls two insurance introduction of a more aggressive management agencies, two bank premises companies, and a policy. Bank's present management is sound but bank servicing corporation. Applicant's financial conservative. This conservative operating policy is history is satisfactory. The applications reflect that evidenced by Bank's lower than average ratio of Applicant's proposed debt position involves a bank loans to deposits. Applicant's proposal to foster in loan that is of relatively short maturity and rather Bank a more aggressive management attitude, parheavy in relation to net worth. Although this tends ticularly as related to its lending policy, constitutes to offset other relatively favorable aspects relating a consideration favoring approval of the applicato the financial condition and earnings records of tion. Applicant's subsidiary banks, the Board concludes Convenience, needs, and welfare of the comthat Applicant's financial condition and prospects munities and areas concerned. are reasonably satisfactory. Applicant's manage- Peoples Bank of Radford. Bank's primary servment is experienced and well qualified. ice area 2 is the City of Radford, and contains an Peoples Bank of Radford. Bank, located in the estimated population of 10,500. Considerable supindependent City of Radford, about 40 miles west port to the area's economy is derived from Radof Roanoke, was chartered and opened for busi- ford College, a State-supported college for women. ness in 1922. It operates one in-town branch in Diversified manufacturing activities, notably the addition to its main office. With deposits of $2.8 operation of the Radford arsenal, have also conmillion, it is one-quarter the size of the other bank tributed significantly to the sustained economic in Radford, First and Merchants National Bank of growth of the area. Radford. Bank of Chesapeake. As earlier stated, Bank's Bank's financial history is satisfactory and its offices are located in Chesapeake and Portsmouth. financial condition considered fair. While Bank's The primary service areas of these offices contain, earnings record and deposits growth in the past in the aggregate, an estimated population of apseveral years have been good, its prospects for the proximately 75,000, and generally encompass the future would be bettered under Applicant's con- most densely populated sections of the City of trol, particularly in respect to Applicant's ability Chesapeake and a portion of Portsmouth City. and stated intention to place or develop more ex- Chesapeake, a port city, is located just inside perienced and qualified management in Bank than the mouth of the Chesapeake Bay, and has some Bank, independently, can reasonably be expected nine miles of industrial waterfront. Among the to attract or develop. The likelihood of this result nearly 70 manufacturing concerns located in Chesis a circumstance weighing in favor of approval of apeake are major oil terminals, chemical plants, the application. including the world's largest agricultural chemical Bank of Chesapeake. Bank, originally chartered plant, and commercial docking and stevedoring in 1955 as the Bank of Cradock, assumed its pres- facilities. Chesapeake is also the site for the major ent name in 1964. It operates its main and two repair facilities of the Norfolk and Western Railbranch offices in the independent City of Chesa- road. peake, and an additional office in adjacent Ports- The benefits and advantages that Applicant asmouth City. Both cities are part of the Norfolk- serts are inherent in each of the acquisitions pro- Portsmouth Standard Metropolitan Area. Meas- posed are substantially the same. In the main, ured by deposits ($10.5 million), Bank ranks these relate to increased lending limits through eighth in size of the nine banks operating in this capital contributions by Applicant, greater facilarea. ity in respect to loan participations, and greater Bank's financial history and condition are satis- diversification in loan portfolios; a more readily factory. While, on the basis of its past earnings 2 The area from which Applicant estimates 80 per 1 Unless otherwise indicated, banking data used cent of Bank's deposits of individuals, partnerships, herein are as of this date. and corporations originate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

539 LAW DEPARTMENT available source of additional capital for whatever distant. The nearest office of a holding company reason required; and improved and expanded in- bank, a subsidiary of Virginia Commonwealth vestment counseling and auditing services. A re- Corporation, is located about 16 miles southwest view of the records in these cases satisfies the of Radford in adjoining Pulaski County, and holds Board that while Applicant's control of the Banks deposits of about $6 million. Considering the size would produce in them certain operations, ad- of this bank and its distance from the City of vantages, and improvements over existing condi- Radford, it is reasonably concluded that it does tions, in neither application has there been estab- not hold a significant portion of deposits originatlished the existence of an unserved demand or ing in Radford. need for major banking services. If Applicant were to acquire Bank of Chesa- In respect to those services that Applicant states peake, it would control the only bank headquarwould enable the Banks to serve better their trade tered in that city. Its control of Bank's three offices areas, on the basis of the evidence presented, the in Chesapeake would represent 54 per cent of the Board concludes that these services can be ob- deposits of all banking offices in the city. The tained from other banking outlets reasonably one office of Virginia National Bank, Norfolk, the available to the areas involved. As to those services city's only other banking office, holds deposits of that would relate more directly to the Banks' $6 million, or 46 per cent of the total deposits of operational procedures, their nature is such that the city's four banking offices. In the City of Portsthey are, or could be, available to the Banks from mouth, adjoining Chesapeake, Bank operates one sources other than Applicant. The fact, however, office with deposits of $4 million, representing that Applicant could provide the services men- about .6 per cent of the deposits of the 12 banktioned more conveniently, more assuredly, and ing outlets in that city. In the combined Chesaperhaps more economically than could others con- peake-Portsmouth area, Applicant would control stitutes a consideration consistent with approval of 4 of 16 banking offices (25%) and $10.5 million the applications. of the $80 million of deposits (13%) held by Effect of proposed acquisitions on adequate and these offices. Within the Norfolk-Portsmouth sound banking, public interest, and banking com- Standard Metropolitan Area, in which Chesapeake petition. The banking offices and deposits con- and Portsmouth are located, Applicant's acquisitrolled by Applicant represent, respectively, 6.2 tion of Bank of Chesapeake would increase its and 4.7 per cent of the banking offices and de- control of banking offices from 9 to 13 (23% of posits in the State. There are operating in the the area's 56 banking offices), and its control of State three other bank holding companies (two deposits from $30 million to $40 million (9.2% registered and one nonregistered) and three inde- of the deposits held by all banking offices). In the pendent banks, each of which, measured by total Metropolitan Area, holding company subsidiaries deposits controlled, is larger than Applicant. Ap- presently control 14 per cent of the total deposits. proval of both of Applicant's proposed acquisi- Consummation of Applicant's acquisition of Bank tions would not change its relative size position would increase this percentage to 16. Considering and would increase by only .4 its percentage of the foregoing data, together with related evidence the deposits of all banks in the State. Approval of record, the Board concludes that approval of would result in the four bank holding companies' Applicant's two proposals would not result in an controlling, in the aggregate, 22 per cent of the undue concentration of banking resources, either banking offices and 26 per cent of the deposits of in the State as a whole or in the areas directly inall banks in the State. An additional 24 per cent volved in these applications. In this connection it of such deposits are held by the aforementioned is noted that in each of the areas involved in these three independent banks. applications, one or more independent banks sev- Applicant's ownership of Peoples Bank of Rad- eral times larger than Applicant's proposed subford would give Applicant control of one of the sidiary bank have one or more offices. city's two banks, two of the four banking offices, None of Applicant's subsidiary banks presently and 20 per cent of the deposits held by the two competes with Peoples Bank of Radford. Accordbanks. Applicant's subsidiary bank nearest Rad- ingly, Applicant's acquisition of Bank will not ford is located in Mount Jackson, some 175 miles eliminate any existing competition, nor will there Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN • APRIL 1965 result any reduction in the number of alternative result in Bank's gaining any undue competitive banking sources in the City of Radford. As to the advantage. effect on Bank's present competitors, the two Finally, in respect to both applications, the banks that appear to compete to any significant Board is satisfied that within the communities and extent in Bank's primary service area are both four areas involved there will remain adequate alternative sources of banking services following contimes the size of Bank and each has as many or summation of Applicant's proposals to assure that, more offices than Bank. The Board finds no reaas in the other respects heretofore considered, the sonable probability of adverse competitive effect public interest will not be adversely affected. from consummation of the proposed acquisition. Summary and conclusion. As herein found, con- Regarding the competitive effects of Applicant's siderations relating to the financial history of Apacquisition of the Bank of Chesapeake, no meanplicant and of the Banks are consistent with apingful competition now exists between Bank and proval of the applications. The more convenient Applicant's nearest subsidiary, Southern Bank of and more assured nature of banking service likely Norfolk. The closest offices of the two banks are to result from Applicant's control of the Banks five miles apart and are separated by the Elizabeth weighs toward approval of the applications. At River. For these reasons, even absent the affiliation the same time, the Board concludes that consumproposed, an increase in competition between mation of these proposals will not result in an these banks would appear unlikely. expansion in the size or extent of Applicant's sys- Within Bank's primary service area, Bank's tem that will be inconsistent with adequate and principal competitors are six well-established banks sound banking, the public interest, or the preservaranging in deposit size from nearly $10 million to tion of banking competition. $373 million. In view of the considerable size Accordingly, on the basis of all the relevant advantage held by five of these banks, and the facts as contained in the records before the Board, fact that the sixth and smallest of these is com- and in the light of the factors set forth in section parable in size to the Bank of Chesapeake and has 3(c) of the Act, it is the Board's judgment that for some time been in competition with the five the proposed acquisitions would be consistent with larger banks, there is no reason to believe that the public interest and that the applications should Applicant's ownership and operation of Bank will therefore be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 15 Industrial production and employment con- annual rate of nearly 10 million units. Production tinued to expand in March and the unemployment of television sets also increased considerably while rate declined. Reflecting a longer factory workweek furniture and appliances changed little; total outas well as increased employment, wage and salary put of home goods was about a tenth higher than payments rose further. However, retail sales did last summer. not match the advanced February rate. Loan de- Activity in business equipment industries conmand remained strong. The money supply in- tinued to rise and was up 6 per cent from last creased, following a decline in February, while summer. Output of iron and steel increased time and savings deposits at commercial banks slightly further to about the record high reached rose at a reduced rate. In late March and early in mid-1959 just before the strike. Production of April, bond yields generally changed little. Com- most other industrial materials also advanced but mon stock prices set a new high. output of metal and glass containers was curtailed by strikes. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's index of industrial production New construction put in place, revised downrose 1 per cent in March, to 140.1 per cent of ward to show a 1 per cent increase in February, the 1957-59 average from 138.9 in February. rose 1 per cent further in March to a seasonally Gains were widespread among manufacturing inadjusted annual rate of nearly $68 billion. The dustries and the increase for autos was particuexpansion in industrial and commercial construclarly large. Reflecting in part inventory accumution was particularly marked; residential building lation for autos, steel, and some other products, continued to rise and was up 6 per cent from a the index was AVi per cent above the Augustlow last autumn; and public activity increased September level and %Vi per cent above March after declining earlier this year. 1964. Auto assemblies, which had been curtailed EMPLOYMENT somewhat in February by severe storms, rose 9 Employment in nonfarm establishments showed per cent in March to a record seasonally adjusted another substantial gain in March and was 2 million higher than a year earlier. The unemploy- INDUSTRIAL PRODUCTION ment rate was down to 4.7 per cent, compared 1957-59-100 with 5.0 per cent in February and 5.4 per cent in March 1964. TOTAL///^ - Employment increases in manufacturing con- FINAL PRODUCTS^j^^ tinued to be concentrated in the machinery and ^^MATERIALS other metal-using industries, apart from the can v-\ / industry which was affected by a strike. Employment increased substantially further in retail trade ! I 1 1 1 1 I ! I 1 and continued to expand in most other nonmanu- ~ EQUIPMENT / V facturing sectors. The average factory workweek - NONDURABLE ^^^* ~ lengthened and both hourly and weekly earnings MANUFACTURES J*^ of production workers increased. /^CONSUMER ^T^y/S/ DURABLE - ^ ^ /J GOODS _ \ / MANUFACTURES DISTRIBUTION I 1 1 1 1 1 ! 1 1 1 Retail sales declined 1 per cent in March, but 1963 1965 1963 1965 as in both January and February they were 9 per F.R. indexes, seasonally adjusted. Latest figures shown are for March. cent higher than a year earlier. The March de- 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN • APRIL 1965 crease reflected mainly a seasonally adjusted de- securities declined somewhat. The money supply cline in sales at auto dealerships as deliveries of increased $700 million following a decrease of new autos rose less than seasonally from the high similar amount in February. Time and savings January-February rate reached in the wake of last deposits at commercial banks rose $1.3 billion, autumn's strikes. Dealers' stocks, including cars considerably less than the large increases of Januin transit from assembly plants, increased consid- ary and February but in line with the average erably. Sales also declined at apparel and general monthly increase in the second half of 1964. merchandise stores but increased at most other Seasonally adjusted total and required reserves types of stores. rose further in March. Excess reserves declined substantially while member bank borrowings increased slightly, with the result that borrowings COMMODITY PRICES were larger than excess reserves. Reserves were The industrial commodity price index continued supplied principally by Federal Reserve purchases to change little in March and early April. Howof U.S. Government securities and were absorbed ever, prices of some sensitive industrial materials, by outflows of gold and currency. such as copper scrap and tin, rose appreciably. Increases were announced for cans and some glass SECURITY MARKETS containers, while declines continued among fuel oils. Wholesale prices of foodstuffs rose somewhat, Between mid-March and mid-April yields on primarily because of a greater-than-seasonal re- seasoned corporate and municipal bonds and on duction in hog marketings and sustained or in- Treasury securities showed little net change. In creased demands for meats. mid-April, the rate on 3-month Treasury bills was 3.94 per cent. Common stock prices increased in early April BANK CREDIT, MONEY SUPPLY, AND RESERVES and trading volume expanded. At mid-month, Seasonally adjusted commercial bank credit in- average prices were slightly above the previous creased $3.4 billion in March reflecting continued record reached in early February. strong loan demand. Bank holdings of Treasury INTEREST RATES PRICES - ALL ITEMS __ — LONG-TERM GOVERNMENT SECURITIES ALL COMMODITIES 1 1 1 I 1 1 1 1" ! 1 COMMODITIES NONFOOD COMMODITIES - 1 1 F.R. DISCOUNT RATES * • ,.•, ; / ^ TREASURY BILLS 1 1 1 1 1 I 1 1 1 1 - SERVICES ...-••'* PROCESSED FOODS j^^ '^~^ FOODS I I I! | FARM PRODUCTS Y 1 I 1 1 1 Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt. bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices. February; for wholesale prices, March. shown, week ending Apr. 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds III, IV Quarters U Uses of funds n.a. Not available * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when S. A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds Apr. 1965 604-14 Banking and monetary statistics, 1964. Feb. 1965 326-33 Mar. 1965 490-91 Semiannually Banks and branches, number of, by class and State Apr. 1965 615-16 Banking offices: Analysis of changes in number of Feb. 1965 324 Flow of funds (assets and liabilities) . Apr. 1965 604 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: Annually Calendar year May 1964 630-38 Operating ratios Apr. 1965 617-19 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 544 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 546 Reserve Bank discount rates; margin requirements; reserve requirements. . 551 Open market transactions; Federal Reserve Banks. 553 Bank debits; currency in circulation 556 Money supply; banks and the monetary system. . 558 Commercial and mutual savings banks, by classes. 560 Commercial banks, by classes 564 Weekly reporting member banks. . . 566 Business loans 569 Interest rates 570 Security prices; stock market credit; open market paper. . 571 Savings institutions . . . 572 Federal finance. . . . . . 574 Federally sponsored agencies. 579 Security issues. 580 Business finance. 583 Real estate credit. 585 Consumer credit. 588 Industrial production 592 Business activity; construction. 596 Employment and earnings 598 Wholesale and consumer prices 600 National product and income series. . 602 Flow of funds. 604 Number of banks and branches in operation on Dec. 1964. 615 Member bank operating ratios, 1964. 617 Guide to tabular presentation. 544 Index to statistical tables. 645 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). 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 BANK RESERVES AND RELATED ITEMS APRIL 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 P d e o r a i 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 ec t u 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 t T a o l - 2 s G to o c ld k T s r o c r e t i u a e n u n u r n a g r c y t d - s - y - - r c C t e c u i i n i o u n l r c a n r - - y - T h c i r u o n a e r g l s a y d h s s - - Tr t u e h w r a a y i s n t - h m r F e e s F . m e o R r r v b . - e e B s r , a O b n a t k h n s e k ri c O F o . a t u c h R - n e t r s B W F a . n i R t k h M . s e r m e c r C s o e b a e n n i u e r n c r d r v - y 3 e b s an /T k otal Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 27: 81 164 350 2,211 2,211 1 1 1 9 9 9 4 4 3 1 5 9 — — — D D D e e e c c c 2 2 2 3 , , , 2 5 7 1 1 0 9 0 8 2 2 3 2 , , , 2 5 7 1 1 0 9 0 8 38 5 1 8 6 1 5 8 7 2 3 0 2 2 4 2, , , 6 7 4 1 4 0 2 4 4 2 2 1 0 2 7 , , , 0 7 5 4 5 1 7 9 8 4 2 3 , , , 3 2 9 3 2 5 2 9 6 2 1 8 7 0 , , , 4 6 9 0 8 5 5 2 9 2 2 2 , , , 1 2 4 8 6 0 9 9 2 6 5 6 2 9 1 5 2 6 1 1 , ,5 2 7 3 4 3 1 7 9 2 4 2 9 9 4 3 2 8 1 1 1 6 2 1 , , , 0 4 8 7 2 1 3 7 2 1 1 1 6 2 1 , , , 4 0 8 7 2 1 3 7 2 1950—Dec 20,345 20,336 9 142 ,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 83: 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,( 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 44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec... 26,312 26,216 96 564 496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Pec 29,098 29,061 37 152 921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec 33,729 33,626 103 360 434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—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 35,602 15,462 5,580 36,887 426 924 141 195 987 17,084 3,193 20,277 May 33,907 33,836 71 256 747 35,981 15,462 5,577 37,107 425 957 148 180 1,111 17,092 3,128 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 3,202 20,558 July 34,898 34,765 133 265 37,077 15,463 5,568 37,938 431 804 131 201 1,194 17,408 3,257 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 3,226 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 3,339 20,928 Oct 35,334 35,257 77 311 2,02737,747 15,462 5,533 38,362 471 863 133 189 1,009 17,716 3,317 21,033 Nov 36,036 35,867 169 433 1,8—74 38,421 15,442 5,494 38,937 529 613 148 200 1,119 17,812 3,347 21,159 Dec 37,126 36,895 231 266 2, 423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Jan 36,684 36,457 227 340 2,126 39,245 15,258 5,395 39,013 652 875 180 223 949 18,006 3,613 21,619 Feb 37,052 36,957 95 450 1,650 39,244 14,984 5,394 38,641 '696 943 145 211 1,166 17,820 3,407 21,227 Mar 37,315 37,267 48 441 1,65939,535 14,687 5,396 38,776 728 890 144 194 1,049 17,836 3,412 21,248 Week ending— 1964 Feb. 5 33,009 32,979 277 1,41734,771 15,512 5,587 36,292 425 759 131 214 960 17,089 3,131 20,220 12 33,275 33,214 372 1,496 3355,208 15,498 5,586 36,462 424 978 151 200 961 17,116 3,062 20,178 19 32,887 32,862 291 1,84635,088 15,462 5,583 36,469 420 979 124 209 960 16,972 3,199 20,171 26. 32,750 32,750 200 1,835" "34,846 15,462 5,588 36,308 439 903 147 197 1,051 16,852 3,184 20,036 Mar. 4. 33,245 33,245 362 1,52935,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 1,609 3'"5,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 1, ,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 1,973 35,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510: Apr. 1 33,575 33,534 155 512 35,353 15,462 5,578 36,735 391 881 164 202 952 17,067 3,242 20,309 8 33,979 33,916 209 ,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33,843 191 756 35,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22^ 33,050 33,050 321 166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29 33,086 32,985 101 137 772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 May,?:::::::: 33,763 33,580 183 213 1,65335,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 33,987 33,904 83 314 1,640 "3'6,020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,087 20,305 20 33,749 33,715 34 298 2,064 36,179 15,462 5,573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27 33,839 33,819 20 209 739 35,844 15,462 5,581 37,123 430 927 131 174 1,250 16,852 3,262 20,114 June 3 34,381 34,327 54 265 1,52136,222 15,463 5,584 37,263 425 914 145 197 1,257 17,066 3,128 20,194 10 34,757 34,530 227 289 1,47136,597 15,462 5,590 37,487 436 905 135 199 1,308 17,179 3,007 20,186 17 34,591 34,438 153 328 1,823 "3'6,811 15,461 5,582 37,614 415 880 131 196 1,240 17,378 3,238 20,616 24 34,427 34,427 232 2,136 36,875 15,461 5,582 37,574 395 905 138 203 1,273 17,430 3,297 20,727 July 1 34,841 34,823 18 221 1,81836,960 15,462 5,582 37,618 404 873 140 195 1,276 17,498 3,347 20,845 8 35,335 35,215 120 263 882 37,588 15,463 5,574 37,916 416 842 134 222 1,256 17,840 2,965 20,805 2 2 1 2 9 5 3 3 34 5 4 , , , 5 3 3 1 0 9 8 4 2 3 3 3 5 4 4 , , , 0 3 3 3 5 9 0 7 2 2 1 7 6 4 1 4 1 1 6 5 7 0 9 9 2 1 I , , , " 1 7 6 9 8 2 5 7 6 3 3 3 6 7 6 , , , 3 6 7 8 3 8 1 6 9 1 1 1 5 5 5 , , , 4 4 4 6 6 6 3 3 3 j 5 5 5 , , , 5 5 5 6 6 6 2 7 6 3 3 3 8 7 7 , , , 0 9 8 9 6 1 9 9 4 4 4 4 2 4 4 5 0 4 7 8 71 8 7 1 5 0 1 1 1 3 2 3 1 3 3 2 1 1 0 9 9 4 1 0 1 1 1 , , , 2 1 1 2 5 4 3 8 8 1 1 1 7 7 6 , , , 7 9 1 0 7 5 3 5 4 3 3 3 , , , 2 3 2 9 5 7 1 0 5 2 2 2 0 0 0 , , , 3 4 9 2 2 9 5 9 4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BANK RESERVES AND RELATED ITEMS 547 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds5 Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o r a r i t o e d T U o . t S a . l Go B r v o o i t u g u . h t g - s t h e t cu R m r c a e i h g t e p a i r n e u e s s t e r e s - - c v D o a a a u n n i d s n c d - - e ts s Float i t T a o l - 2 s G to o c ld k r s o c t e u i a u n u n r n r g t c y - - d y - r c C t c e u i i n i u o n l r c a r n - y - - T h c i r u o n a e r l g s a d y h s s - - Tr u e w r a y i s t - h r e F s F e . e R i o g r r . v n - e B s a , O n t k h s er! c O F o a t u . h c R n - e . t r s B W F a . n i R t k h . s re r c C s a e o e u n n i r n c r d v y - e 3 s Total Averages of daily figures Week ending— 1964 Ana 5 35,112 34,980 132 262 1,460 36,892 15 462 5,570 37,893 433 769 137 199 17,363 3 197 20 560 12.::::::: 35,397 35,097 300 376 1,554 37,393 15,462 5,554 38,114 417 964 141 193 1,113 17,467 3,130 20,597 19 34,855 34,855 279 2,02437,197 15,461 5,558 38,113 412 932 144 199 I 10217,314 3,269 20,583 26 35,051 34,929 122 329 1,719 37,137 15,462 5,563 37,998 429 918 145 188 1,214 17,270 3,341 20,611 Sept. 2 35,162 35,144 18 315 1,451 36,968 15,462 5,572 38,007 423 858 164 191 1,199 17,159 3,372 20,531 9 35,611 35,234 377 478 1,563 37,716 15 4625,566 38,243 426 857 131 188 I 22017,679 3,000 20,679 16 35,397 35,262 135 225 1,846 37,524 15,462 5,564 38,425 435 906 142 19 A 1,163 17,285 3,454 20,739 23 34,904 34,904 410 2,46537,820 15,462 5,569 38,192 448 962 131 193 1,054 17,870 3,386 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 3,478 21,140 Oct. 7 35,759 35,549 210 372 1,820 38,051 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 37,876 15 4625,541 38,465 470 865 133 177 I 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 3,341 21,001 28 34,911 34,911 233 1,995 37,203 15,462 5,513 38,333 467 810 137 185 925 17,321 3,448 20,769 Nov. 4 35,711 35,642 69 479 1,63437,910 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 .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 1,95039,480 15,387 5,400 39,476 571 873 186 186 1,231 17,745 3,397 21,142 16 37,335 37,020 3is 162 2,08439,632 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 2,90740,175 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 2,88440,409 15,388 5,397 39,852 620 990 221 177 996 18,338 3,653 21,991 1965 Jan 6 37,058 36,515 543 340 2,62240,111 15,388 5,407 39,552 630 674 228 283 1,026 18,513 r3 686 r22 199 13 36,816 36,515 301 460 2,149 39,522 15,330 5,394 39,282 649 780 186 205 970 18,174 r3,671 r21,845 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 1,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 3,591 21,259 Feb. 3 36,876 36,769 107 323 1,611 38,923 15,157 5,396 38,565 664 940 148 216 1.032 17,912 3,489 21,401 10 37,272 37,133 139 517 1,47239,384 15,045 5,391 38,641 679 924 152 207 1*58 18,060 3,252 21,312 17 37,151 37,088 63 398 1,540 39,189 14,937 5,397 38,715 699 1,001 141 220 1,158 17,589 3,460 21,049 24 36,812 36,718 94 565 1,730 39,162 14,938 5,391 38,613 719 878 139 204 ,19*5 17,744 3,442 21,186 Mar 3 36,911 36,835 16 315 1,924 39,226 14,902 5,400 38,625 706 922 159 217 t??4 17,675 3,461 21,136 10 37,319 37,211 108 426 1,624 39,475 14 8135,394 38,756 715 806 150 209 902 17,844 3 21821 062 17 37,371 37,308 63 388 1,597 39,484 14,741 5,397 38,894 717 912 132 191 1,061 17,714 3,454 21,168 24 37,305 37,305 482 2,00539,900 14,562 5,393 38,796 735 956 139 186 980 18,064 3,448 21,512 31 37,419 37,401 18 502 1,376 39,444^14,562*>5,397^38,710 P749 898 146 181 875 17,843 3,523 21,366 End of month 1965 Jan 36,741 36,621 120 304 1,577 38,737 15,185 5,400 38,540 653 929 143 218 1,039 17,801 3,181 20,982 Feb 36,907 36,824 83 300 2,144 39,422 14,937 5,402 38,593 692 988 154 210 :1,222 17,903 3,162 21,065 Mar 37,591 37,460 131 124 1,114 38,972^14,563*5,390^38,794 ?726 867 162 196 904 17,277 3,899 21,176 Wednesday 1965 Feb 3 37,387 37,149 238 755 1,397 39,660 15,088 5,392 38,605 670 1,025 138 211 •1.087 18,404 3,652 22,056 10 37,242 37,133 109 144 1,349 38,866 14,938 5,396 38,761 692 907 143 192 IJ70 17,335 3,664 20,999 17 37,286 37,120 166 229 1,626 39,246 14,938 5,400 38,674 717 111 136 195 1 199 17,886 3,804 21,690 24 . . 36,681 36,628 53 132 1,545 38,413 14,938 5,384 38,682 716 919 134 209 1J9? 16,883 3,849 20,732 Mar 3 36,973 36,937 36 600 1,593 39,256 14,813 5,407 38,702 719 858 143 212 1,233 17,608 3,624 21,232 10. ... 37,273 37,2il 62 437 1,242 39,067 14,813 5,393 38,893 721 872 151 194 1 193 17,250 3,604 20,854 17 37,404 37,308 96 407 1,715 39,673 14,563 5,404 38,899 734 1,099 149 190 10?,?, 17,546 3,719 21,265 24 37,301 37,301 242 1,368 39,040 14,563 5,398 38,753 756 1,002 122 174 904 17,290 3,819 21,109 31 37,591 37,460 * i 3 i 124 1,114 38,972^14,563*5,390^38,794 P726 867 162 196 904 17,277 3,899 21,176 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

548 BANK RESERVES AND RELATED ITEMS APRIL 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 Bor- T h o e t ld al qu R i e re - d Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s T h o e t ld al qu R i e r - ed Excess B r F i a o n a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R i e r - ed Excess B r F i o a n a . n w R g t k s . - s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1 1 9 9 3 3 9 3 D jUn e e c 1 1 2 1 4 16 7 0 3 6 1 ,7 4 9 6 7 2 5,0 3 1 6 1 3 18 3 4 5,0 1 0 7 8 9 5,6 8 2 6 3 1 3,0 7 1 9 2 2 2,61 6 1 9 2,61 6 1 9 1 2 1 1 4 1 1 6 1 0 3 1 3 5 7 4 8 0 5 7 4 8 0 1941 Dec 12 812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945 Dec 16 027 14,536 1 491 334 1,157 4,118 4,070 48 192 — 144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17 391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1.191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 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 ,795 1 37 —36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 710 -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 ,H8 12 97 —86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,17,7 8 85 —77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 —31 1959 Dec .... 18 932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 038 1,038 104 — 104 1960—Dec 19,283 C18,527 <756 87 "669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 —22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 035 7 18 — 11 1963—Dec 20 746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 —21 1964—Mar c20,213 19,855 358 259 99 3,803 3,797 6 22 -16 1,026 ,07? 4 90 -86 Apr 20,277 19,897 380 213 167 3,787 3,772 15 16 j 1,021 014 7 21 -14 May 20,220 19,883 337 255 82 3,833 3,832 1 26 -25 1,044 1,041 3 5 —2 June 20,558 20,168 390 270 120 3,984 3,945 39 39 1,033 033 13 e-13 July 20,665 20,265 400 265 135 3,943 3,920 23 40 -17 1,039 1,036 3 22 -19 20,566 20,149 417 334 83 3,876 3,858 18 39 -21 1,039 033 6 13 -7 SeDt .... 20,928 20,508 420 331 89 3,983 3,954 29 45 -16 1.061 ,060 1 34 — 33 Oct 21,033 20,618 415 309 106 3,962 3,942 20 54 -34 1,058 OSS 3 29 -26 Nov 21 159 20,763 396 430 -34 3,893 3,882 11 97 -86 I 076 1,072 4 20 — 16 Dec 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Jan 21,619 21,217 402 299 103 4,117 4,073 43 113 -70 ,094 099 -5 12 -17 Feb 21,227 20,790 437 405 32 3,966 3,961 5 95 -90 1,096 ,083 '13 50 '-37 Mar 21,248 20,908 340 416 -76 4,026 4,004 23 120 -97 1,082 077 5 50 -45 Week ending— 1964—Mar. 4 20,183 19,693 490 362 128 3,836 3,766 70 65 5 1,030 ,020 9 30 -20 11 19 978 19,664 314 253 61 3,718 3,707 11 33 -22 999 999 70 — 69 18 20,213 19,838 375 358 17 3,801 3,804 2 32 -34 1,020 ,019 113 -112 25 20,510 20,002 508 279 229 3,866 3,837 28 8 20 1,037 ,033 5 111 -172 Oct. 7 21,259 20,826 433 370 63 4,095 4,089 6 53 -47 1,070 ,070 68 -69 14 20,985 20,575 410 239 171 3,948 3,898 50 59 -9 1,047 ,042 6 33 '-28 21 '21,001 20,574 '427 380 '47 3,905 3,898 7 87 -80 1,054 ,057 -3 11 -14 28 '20,769 20,465 '304 230 '74 3,881 3,872 9 1 8 1,052 ,048 4 10 -6 Nov. 4 21,210 '20,769 '441 476 '-35 4,021 3,989 32 220 -188 1,083 ,081 ^3 13 c-10 11... 21 015 20,646 369 427 -58 3,829 3,824 5 73 c-69 1,065 ,059 C5 C5 18 21,315 20,724 591 590 1 3,862 3,837 C24 131 106 [,070 ,070 44 -44 25 21,059 20,801 258 159 99 3,904 3,879 25 10 15 1,083 ,078 5 5 Dec. 2.... 21,376 20,987 389 375 14 3,972 3,969 3 24 -21 ,081 ,081 c-l 32 c-33 9 . r21 142 20,852 '290 122 '168 3,925 3,907 18 4 14 1,060 ,059 3 _3 16.... 21,387 20,999 388 134 254 4,031 4,017 13 12 1 1,065 ,065 -1 23.... 21,841 '21,444 '397 257 '140 4,157 4,145 12 38 -27 1,097 ,104 ""-1 43 -50 30 '21,991 '21,429 '562 504 '58 4,195 4,147 48 101 -53 1,112 ,108 4 76 c-73 1965—Jan. 6 22,199 21,846 353 309 44 4,327 4,328 -2 63 -65 1,153 ,152 1 14 -14 13.... 21,845 21,257 588 424 164 4,061 4,036 25 161 -137 1,085 ,087 -2 30 -32 20 21,440 21,050 390 277 113 4,038 3,982 55 156 -100 1,084 ,079 5 5 27 21,259 20,918 341 203 138 3,984 3,992 -7 74 -81 1,084 ,082 3 4 -1 Feb. 3 21,401 21,019 382 278 104 4,101 4,075 26 69 -43 1,102 ,100 2 34 -32 10.... 21,312 20,815 497 472 25 3,991 3,972 19 56 -36 1,083 ,077 6 55 -49 17 21,049 20,735 314 353 -39 3,964 3,932 32 145 -113 1,075 ,079 -5 30 -34 24 21,186 20,650 536 520 16 3,905 3,893 12 105 -93 ,074 ,070 4 87 -83 Mar. 3 21,136 20,924 212 270 -58 4,049 4,028 20 117 -96 ,106 ,104 3 2 10 21,062 20,695 367 385 -18 3,929 3,920 9 82 -73 ,064 ,065 1 10 -11 17 21,168 20,843 325 370 -45 3,998 4,000 2 88 -90 ,078 ,066 12 9 2 24 21,512 21,058 454 463 -9 4,056 4,024 32 196 -164 ,086 ,085 1 20 -19 31.... 21,366 21,000 366 487 -121 4,105 4,039 65 104 -38 ,101 ,081 21 180 -160 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BANK RESERVES AND RELATED ITEMS 549 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Borrow- Reserves Borrow- Period ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929 June 761 749 12 409 -397 632 610 22 327 —305 1933 June 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 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—Mar 8,211 8,171 40 90 -50 7,177 6,865 312 57 255 Apr 8,235 8,204 31 108 -77 7,234 6,907 327 68 259 May 8,182 8,150 C32 144 « —112 7,161 6,860 301 80 221 8,318 8,290 28 142 -114 7,224 6,900 324 C76 248 July 8,386 8,341 45 147 -102 7,297 6,968 329 56 273 8,349 8,312 37 191 -154 7,302 6,946 356 91 265 Sept 8,480 8,441 39 179 -140 7,404 7,053 351 73 278 Oct 8,530 8,483 47 163 -116 7,483 7,138 345 63 282 Nov 8,612 8,565 47 225 -178 7,578 7,244 334 88 246 Dec 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965 Jan 8,713 8,676 37 120 -83 7,695 7,369 327 54 273 Feb 8,548 '8,485 '63 207 '-144 7,617 7,262 355 53 302 Mar 8,563 8,547 15 163 -148 7,577 7,279 298 83 215 Week ending— 1964 Mar 4 8,139 8,084 55 184 -129 7,178 6,823 355 83 272 11 8.142 8,113 29 96 -67 7,118 6,844 274 54 220 18 8,179 8,155 25 145 -120 7,212 6,860 352 68 284 25 8,256 8,224 32 65 -33 7,352 6,909 443 29 414 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 '7,571 7,155 '416 54 '362 28 8,443 8,419 23 146 -123 '7,394 7,125 '269 73 '196 Nov. 4 8,585 8,543 41 163 -122 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 46 312 -266 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 8 240 -232 7,671 7,293 378 79 299 9 *8,633 8,591 r42 60 '11 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 -81 7,734 '7,380 '354 58 '296 30 8,838 8,799 39 258 -219 r7,846 '7,375 '471 69 '403 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 7,624 7,305 319 38 281 Feb 3 8,594 8,568 26 122 -96 7,604 7,275 328 53 275 10 8,530 8,487 42 307 -265 7,708 7,278 430 54 375 17 8,511 8,468 43 130 -87 7,500 7,256 244 48 196 24 8,480 8,440 39 280 -241 7,727 7,248 480 48 432 1965 Mar 3 8,527 8,527 89 -89 7,455 7,265 190 62 128 10 8,491 8,455 37 209 -172 7,577 7,255 322 84 238 17 8,527 8,502 26 180 -154 7,565 7,275 290 93 197 24 8,659 8,632 27 182 -155 7,711 7,317 394 65 328 31 8,665 8,599 66 104 -38 7,495 7,281 214 99 115 i This total excludes, and that in the preceding table includes, $51 ing figures for allowable cash; see also note 3 to preceding table. million in balances of unlicensed banks. Requiredreserves: Based on deposits as of opening of business each day. Borrowings at F.R. Banks: Based on closing figures. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves Revisions and corrections shown in weekly data for October, November, are estimated except for weekly averages. and December 1964 did not appear in this table in the March 1965 BULLE- Total reserves held: Based on figures at close of business through Nov. TIN but were shown on pp. 490-91 of that BULLETIN. 1959; thereafter on closing figures for balances with F.R. Banks and open- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 MAJOR RESERVE CITY BANKS APRIL 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 and Total Borweek ending— s E e x r r v c e- e e s s s l r a o B t B w a F o n in r . k R - g s s . F f i b e n u N d a t n n e e e d t r r k s - al S d u e r o f p i r c l i u t s P r r e e e a s q r e o v u c r f g i v e r . e n e s d t c P ha u s r e - s Sales a 2 c tr - t a i w o n a n s y - s2 b c o b u P h f a y a u n n s i r k n e e - s g s t s o b S e f a l a l n n l i e n k e s g s t d L ea o t l o a e n rs s 3 de f r i r a o n o l w g e m s r - s4 lo N a e n t s trans. Total—46 banks 1965—Feb. 3 22 175 662 -815 8.5 1,866 1,204 962 904 242 1,298 90 1,207 10 40 284 686 -930 9.9 1,816 1,130 883 933 247 1 006 57 950 17 37 208 747 -918 9.9 2,066 1,319 1,007 1,059 312 1,035 109 926 24. ... 30 325 423 -718 7.8 1,703 1,281 920 784 361 706 134 573 Mar 3 20 155 711 -846 8.9 2,120 1,409 1,142 978 267 990 79 911 10. 29 205 615 -791 8.5 1,834 1,219 845 989 374 602 81 521 17 4 176 861 -1,033 11.0 2,021 1,161 871 1,150 290 844 92 751 24 42 268 871 -1,097 11.5 2,014 1,143 906 1,107 237 996 115 881 31 112 278 524 -690 7.3 1,880 1,356 946 934 409 858 148 710 8 in New York City 1965 Feb 3 12 69 377 -434 11.4 925 548 426 500 123 861 90 770 10 15 51 489 -525 14.2 1,061 573 528 534 45 671 56 615 17 16 131 579 -695 19.0 1,066 487 471 596 16 725 106 619 24 8 100 284 -376 10.4 811 528 506 305 21 488 124 364 Mar 3 16 115 510 -609 16.2 1,063 553 546 517 7 620 73 546 io 10 76 546 -612 16.8 950 404 390 560 15 412 81 331 17 — 1 73 539 -612 16.4 1,005 467 444 562 23 508 89 418 24 23 180 614 -770 20.5 1,070 456 444 625 12 562 102 460 31 58 85 440 -467 12.4 957 517 486 472 31 553 119 434 38 outside New York City 1965—Feb. 3 10 106 285 -381 6.6 941 656 537 404 119 437 437 10 24 233 197 -406 7.2 755 557 356 399 202 335 1 335 17 21 77 168 -223 3.9 1,000 832 536 463 295 310 3 307 24 22 225 139 -342 6.1 892 753 413 479 340 218 10 208 Mar 3 4 40 201 -237 4.2 1,057 856 597 461 260 370 6 365 10 19 129 69 -179 3.2 884 815 455 429 359 190 190 17 5 104 322 -421 7.5 1,016 694 427 589 267 336 3 333 24 18 257 -326 5.7 944 687 462 482 225 434 14 421 31 54 193 84 -223 3.9 922 839 461 462 378 305 29 276 5 in Chicago 1965 Feb 3 2 28 95 -121 12.3 242 147 140 102 8 105 105 10 6 52 16 -62 6.4 179 164 78 101 86 111 111 17 — 1 27 3 -31 3.2 225 222 102 123 120 72 72 24 2 84 22 -104 10.9 227 205 111 117 95 52 52 Mar 3 2 -42 44 4.4 226 268 204 22 64 67 67 10 5 1 -82 85 9.0 191 273 106 86 168 53 53 17 -1 3 34 -39 4.1 246 212 99 146 112 54 54 24 2 10 52 -60 6.2 245 193 90 155 103 53 53 31 19 169 141 -291 30.1 263 122 110 153 12 30 30 33 others 1965—Feb 3 8 78 190 -260 5.5 699 509 397 302 112 332 332 10 19 180 182 -344 7.3 576 394 278 298 116 224 1 224 17 22 50 165 -193 4.1 774 609 434 340 175 238 3 235 24 20 141 117 -238 5.1 665 548 303 362 245 166 10 156 Mar 3 2 40 243 -281 5.9 831 588 392 439 196 303 6 298 10 15 128 151 -264 5.7 693 542 350 343 192 137 137 17 6 100 288 -382 8.1 770 483 328 442 155 282 3 279 24 16 78 205 -266 5.6 698 493 372 327 122 381 14 368 31 35 24 -57 68 1.4 659 716 351 309 366 275 29 245 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. f a o n r d e s a a c le h s a b r a e n k o ff i s n e d t i ti c n a g te . s extent to which its weekly average purchases tot N al O s T b E e . c — au W se e e o k f l y r ou av n e d r i a n g g e . s of daily figures, Details may not add to 3 Federal funds loaned, net funds supplied to each dealer by clearing 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

APRIL 1965 DISCOUNT RATES 551 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 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date rate Mar. 31 date rate Mar. 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 6 July 19,1963 St. Louis Nov. 24,1964 Nov. 24,1964 5 Nov. 24,1964 Minneapolis.. Nov. 30,1964 Nov. 30,1964 5 Nov. 30,1964 Kansas City.. Nov. 30,1964 Nov. 30,1964 5 Nov. 30, 1964 Dallas Nov. 27,1964 Nov. 27,1964 5 Nov. 27, 1964 San Francisco Nov. 27,1964 Nov. 27,1964 5 Nov. 27, 1964 5 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 21/2-31/2 21/2 1953 1958 Jan. 16 134-2 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 3 -31/2 1954 21 May 26 21/2-31/2 21/2 Feb. 5 IVA Apr. 18 Oct. 20 2 -31/2 15 May 9 Apr. 14 Aug. 15 1934 16 11/2 Sept. 12 Feb. 2.... H/2 May 21 11/2 n/2 23 Mar. 16 11/2-3 2 I1/2 Oct. 24 Nov. 7 1935 1955 Jan. 11 I1/2-21/2 I1/2 18 1959 May 14 11/2-2 H/2 Apr-&:::: Mar. 6 May 2 16 Aug. 27 1937 1 -2 1 Aug. 4 t1% J M u a n y e 2 1 9 2 Sept. 4 1 -11/2 1 Sept-, 1 ? 2 :: !! : ! : '. : ". Sept. 1 1 1 8 1942 Apr. 11 1 1 Nov. 18 2 21/ V 4 A 1960 Oct. 1 30 5 1 23 18 June 1 3 0 14 1946 Aug. 12 Apr. 25 1 1956 Sept. 9 May 10 1 1 Apr. 13 21/2-3 I23*4 20 234-3 1963 1948 Aug. 24 234-3 July 17 3 -31/2 Jan. 12 31 3 26 31/2 19 1 WA 4 WA Aug. 13 114-11/2 1964 23 n/2 1957 Nov. 24 31/2-4 3 4 3 30 1950 Aug 2!::::: 31/2 Aug. 21 WA Nov. 15 1965 25 WA 4 WA Dec. 2 3 -3 3 In effect Mar. 31 1 Preferential rate of }/% of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75; 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

552 RESERVE REQUIREMENTS APRIL 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 s n e t r r v a e l Re c s i e ty rve C t o r u y n- re a s n er d ve Co tr u y nba c n i k ty s 3 banks banks re c s i e t r y ve banks Savings deposits held 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 } ^ 3 { U 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 ik 4 3% 4 4 A A u u g g . . 1 1 6 , , 1 1 1 8 1 1 9 9 % 1 1 3 2 5 Aug. 25 ii* Other time deposits Sept. 1 ! 6 1 m y p e a o a y n r a t b h o l s r e - 1 m i n o y ; r e i e ar T 3 i k 4% 1 19 9 5 5 3 1 — — J J J a u a n l n y . . 2 1 5 1 , 1 , , F 9 e 1 b 6 . , 1.. 2 2 2 3 4 2 2 1 0 9 1 1 1 3 3 4 ...... 1 ...... 90 days-6 months.... 1954—June 16,24 21 19 5 5 Less than 90 days.... 4 July 29, Aug. 1. 20 18 12 BU i L L F . o , r p . ex 1 c 2 e 7 p 9. tions with respect to foreign time deposits, see Oct. 1962 1958— M A Fe p a b r r . . . 2 2 1 0 7 7 , , A M p a r r . . 1 1 . . . 8 ii * % WA ;}% 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 Apr. 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, a first-of-month or midmonth date records changes at country banks, and any other date (usually a Thurs.) Effective date records changes at central reserve and 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 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^i per cent of net demand deposits effective Dec. 1, 1959 Regulation U: and Aug. 25, 1960, respectively. Central reserve city and reserve city For loans by banks on stocks 70 50 70 banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. NOTE.—Regulations T and U, prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s r> Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. 3, 1965 Four weeks ending March 3 , 1965 Gross demand—Total. .. 140,040 26,801 6,540 52,745 53,954 Gross demand—Total 137,236 26,685 6,480 51,372 52,699 Interbank 15,357 4,621 1,277 7,428 2,030 Interbank 14,741 4,650 1,261 6,978 1,852 U.S. Govt 3,436 775 225 1,394 1,042 U.S. Govt 5,306 1,092 333 2,234 1,647 Other 121,247 21,405 5,037 43,922 50,883 Other 117,190 20,943 4,887 42,160 49,201 Net demand1 114,455 20,730 5,455 42,295 45,975 Net demand 1 112,047 20,206 5,432 41,360 45,049 Time 106,122 15,023 4,670 40,712 45,718 Time 108,013 15,554 4,655 41,410 46,394 Demand balances due Demand balances due from dom. banks.... 7,559 141 97 2,009 5,311 from dom. banks 7,280 144 108 1,969 5,060 Currency and coin 3,598 294 55 1,088 2,160 Currency and coin 3,405 276 54 1,033 2,041 Balances with F.R. Balances with F.R. Banks 17,888 3,752 1,034 7,566 5,537 Banks 17,766 3,701 1,030 7,479 5,556 Total reserves held 21,486 4,046 1,089 8,654 7,697 Total reserves held.... 21,171 3,977 1,084 8,512 7,597 Required 21,061 4,021 1,087 8,607 7,346 Required 20,781 3,956 1,082 8,481 7,262 Excess 425 25 2 47 351 Excess 390 21 2 31 335 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 OPEN MARKET ACCOUNT 553 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt. securities by maturity Total Treasury bills Others within 1 year Month Exch. Gross Gross Redemp- Gross Gross Redemp- Gross Gross or purchases sales tions purchases sales tions purchases sales maturity shifts 1964—Feb 989 458 115 989 458 115 -3,411 Mar 699 18 239 677 18 239 Apr 588 714 367 538 714 367 15 May .. 1,332 136 85 1,259 136 85 -2,164 June 937 371 900 371 July 1,264 610 447 1,264 610 447 Aus 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 1965 Jan 388 261 12 388 261 12 Feb 865 198 464 784 198 464 1,752 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 1964—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 Aug 187 -2,030 202 41 Sept .... 108 89 34 Oct 33 102 29 -102 11 Nov 28 35 -35 Dec 52 335 45 -335 5 1965—Jan Feb 46 -1,752 23 12 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 t ) s 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 1964 Feb 127 127 416 -4 412 Mar 497 338 601 -4 64 662 Apr 172 280 -6 01 -7 -25 -633 682 734 1,060 -7 -39 1,014 June 625 625 566 36 602 July 1,070 1,021 257 -7 -21 229 Aus 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 1965—Jan 1,753 2,171 -3 03 22 -281 Feb 983 1,019 + 166 -4 -40 + 122 NOTE.—Sales, redemptions, and negative figures reduce System holdings ; all other figures increase such holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BANKS APRIL 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Mar. 31 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar. Feb. Mar. Assets 12,746 12,721 12,723 12,986 12,986 12,746 13,112 13,785 Redemption fund for F.R. notes 1,547 1,547 1,553 1,542 1,547 1,547 1,549 1,405 14,293 14,268 14,276 14,528 14,533 14,293 14,661 15.190 Cash 144 149 151 152 163 144 175 246 Discounts and advances: 109 222 372 422 555 109 ?S5 130 Other 15 20 35 15 45 15 45 i Acceptances: 55 55 55 55 55 55 54 ' 61 88 74 92 60 35 88 17 64 U.S. Govt. securities: Bought outright: Bills 77. 6,826 6 734 6,741 6,668 6,394 6,826 6,281 . 4,148 Certificates—Special Other i 3,265 Notes 25,706 25,704 25,704 25,697 25,697 25,706 25,697 | 21,622 4,928 4,863 4,863 4,846 4,846 4,928 4,846 4,576 37,460 37 301 37 308 37,211 36 937 37,460 36,824 33.611 Held under repurchase agreements 131 96 62 36 131 83 159 Total U.S. Govt. securities 37,591 37,301 37,404 37,273 36,973 37,591 36,907 33,770 37,858 37,672 37,958 37,825 37,663 37,858 37,278 34,025 5,377 5.676 7,689 5,348 6,226 5,377 5,876 4,763 102 102 102 102 102 102 102 102 Other assets: 375 368 251 201 150 375 165 330 All other 362 338 315 302 284 362 268 351 Total assets 58,511 58,573 60,742 58,458 59,121 58,511 58,525 55,007 Liabilities F.R notes 34,003 33,965 34,094 34,087 33,898 34,003 33,781 31,566 Deposits: 17,277 17,290 17.546 17,250 17,608 17,277 17,903 17,060 IT s Treasurer—General account 867 1,002 i;099 872 858 867 988 831 Foreign 162 122 149 151 143 162 154 167 Other 196 174 190 194 212 196 210 200 Total deposits 18,502 18,588 18,984 18,467 18,821 18,502 19,255 18,258 Deferred availability cash items 4,263 4,308 5,974 4,106 4,633 4,263 3,732 3,474 567 563 565 605 602 567 602 95 Total liabilities 57,335 57,424 59,617 57,265 57,954 57,335 57,370 ! 53,393 Capital Accounts 536 536 534 532 532 536 S32 509 524 524 524 524 524 524 524 990 Other capital accounts 116 89 67 137 116 99 115 Total liabilities and capital accounts 58,511 58,573 60,742 58,458 59,121 58,511 58,525 55,007 Contingent liability on acceptances purchased for 134 128 120 119 119 134 118 110 U.S. Govt. securities held in custody for foreign 7,741 7,914 8,111 8,181 8,219 7.741 8 100 8 105 Federal Reserve Notes—Federal Reserve Agents* Accounts 36,519 36,578 36,657 36,614 36,579 36,519 36,567 33,594 Collateral held against notes outstanding: 6,850 6,750 6,745 6,740 6,670 6,850 6,647 6,542 Eligible paper 6 4 3 3 19 6 5 21 U.S. Govt. securities 31,265 31,365 31,365 31,365 31,365 31,265 31,355 28,392 38,121 38,119 38, 113 38,108 38,054 38,121 38,007 34,955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FEDERAL RESERVE BANKS 555 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 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 s n y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 12,746 748 2,839 737 1,027 1,180 699 2,393 498 219 441 325 1,640 Redemption fund for F.R. notes 1,547 87 353 86 137 129 92 282 62 29 61 50 179 Total gold certificate reserves 14,293 835 3,192 823 1,164 1,309 791 2,675 560 248 502 375 1,819 F R notes of other Banks 626 51 182 37 54 30 98 40 29 10 13 33 49 Other cash 144 11 33 5 9 9 14 24 8 4 6 5 16 Discounts and advances: Secured by U.S. Govt. securities. . . 109 4 20 7 1 12 3 28 3 7 21 2 1 Other 15 1 4 1 1 1 1 2 * * 1 1 2 Acceptances: Boueht outright 55 55 Held under repurchase agreements . 88 88 U.S. Govt. securities: Boufiht outrisht . ... 37,460 1,882 9,216 1,977 3,063 2,477 2,016 6,202 1,432 818 1,522 1,627 5,228 Held under repurchase agreements . 131 131 Total loans and securities 37,858 1,887 9,514 1,985 3,065 2,490 2,020 6,232 1,435 825 1,544 1,630 5,231 Cash items in process of collection.. . 6,813 466 1,372 417 517 494 546 1,132 300 200 410 331 628 Bank premises 102 3 8 3 6 5 19 21 6 4 6 11 10 Other assets: Denominated in foreign currencies . 375 17 198 21 34 19 22 53 13 9 17 22 50 All other 362 18 89 18 28 24 20 59 14 6 17 15 54 Total assets 60,573 3,288 14,488 3,309 4,877 4,380 3,530 10,236 2,365 1,306 2,515 2,422 7,857 Liabilities F.R. notes 34,629 2 050 8,063 2 032 2 948 2,978 1,986 6,282 1 367 641 1 ^31 1 071 3 880 Deposits: Member bank reserves 17,277 608 4,551 747 1 260 794 938 2 689 616 414 700 909 3 051 U.S. Treasurer—General account.. 867 102 144 62 45 92 37 51 72 37 86 51 88 Foreign 162 7 2 55 8 13 7 9 21 5 3 7 8 19 Other 196 * 130 1 1 5 1 2 1 1 2 1 51 Total deposits 18,502 111 4,880 818 1,319 898 985 2,763 694 455 795 969 3,209 Deferred availability cash items 5,699 438 1,086 364 456 413 458 936 243 170 313 286 536 Other liabilities 567 27 150 31 49 30 33 84 20 13 25 30 75 Total liabilities 59,397 3,232 14,179 3,245 4,772 4,319 3,462 10,065 2,324 1 ,279 2,464 2,356 7,700 Capital Accounts Capital paid in 536 25 142 29 48 27 31 77 18 13 24 31 71 Surplus 524 25 137 29 47 26 31 75 18 12 23 31 70 Other capital accounts 116 6 30 6 10 8 6 19 5 2 4 4 16 Total liabilities and capital accounts. . 60,573 3,288 14,488 3,309 4,877 4,380 3,530 10,236 2,365 1,306 2,515 2,422 7,857 Ratio of gold certificate reserves to F.R. note liability (per cent): Mar 31 1965 41.3 40.7 39.6 40.5 39.5 44.0 39.8 42.6 41.0 38.7 37.7 35.0 46.9 Feb 28 1965. 42.4 34.5 45.8 37.2 42.7 32.1 46.5 38.9 39.9 45.8 47.3 59.4 47.4 Mar 31 1964 47.3 41.1 50.9 44.4 41.9 37.9 46.8 45.4 45.8 57.3 49.6 59.2 53.9 Contingent liability on acceptances purchased for foreign correspondents 134 6 3 35 7 12 7 8 19 5 3 6 8 18 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 36,519 2,129 8,537 2,091 3,161 3,096 2,147 6,600 1,449 665 1,378 1,147 4,119 Collateral held against notes outstanding: Gold certificate account 6,850 420 1,710 435 500 733 400 1,100 290 122 225 180 735 Eligible paper 6 3 3 U.S. Govt. securities 31,265 1,765 7,200 1,800 2,775 2,410 1,850 5,700 1,260 555 1,200 1,050 3,700 Total collateral 38,121 2,185 8,910 2,238 3,275 3,143 2,250 6,800 1,553 677 1,425 1,230 4,435 1 After deducting $277 million participations of other Federal Reserve 3 After deducting $99 million participations of other Federal Reserve Banks. Banks. 2 After deducting $107 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BANKS; BANK DEBITS APRIL 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 1965 1964 Mar. 31 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar. Feb. Mar. Discounts and advances—Total. . . 124 242 407 437 600 124 300 130 Within 15 days 120 225 391 420 582 120 282 126 16 days to 90 days 4 17 16 17 18 4 18 4 91 days to 1 year Acceptances—Total 143 129 147 115 90 143 71 125 Within 15 days 103 86 102 73 49 103 34 77 16 days to 90 days 40 43 45 42 41 40 37 48 U.S. Government securities—Total 37,591 37,301 37,404 37,273 36,973 37,591 36,907 33,770 Within 15 days1 1,030 908 1,001 817 845 1,030 662 866 16 days to 90 days 7,461 7,462 7,452 7,606 7,534 7,461 7,649 8,413 91 days to 1 year 15,083 14,982 15,002 14,925 14,669 15,083 14,671 10,034 Over 1 year to 5 years 12,409 12,384 12,384 11,799 il ,799 12,409 11,799 12,160 Over 5 years to 10 years 1,292 1,259 1,259 1,820 1,820 1,292 1,820 2,075 Over 10 years 316 306 306 306 306 316 306 222 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i t n l h d d e e s r r - s f S ra w n i c s s s 1964 June 124 16 52 2 2 50 1 July 168 29 52 2 2 80 1 Aug 195 61 45 2 2 80 3 Sept 164 90 15 2 2 51 3 Oct 74 32 2 2 2 31 3 Nov 727 717 1 2 1 2 1 3 Dec 295 234 51 2 1 2 1 3 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o I n d e b m ill a i n o d n s d o e f p o d s o i l t l a a r c s c ) ounts * Turnover of demand deposits ] Period S T M 2 o 2 S t 5 a A l 's L N e .Y ad . ing S 6 M o S t A he 's rs2 T c o N ( e t e a n . x Y l t c e 2 . l r ) . 2 s 4 SM o 2 th S 1 e 8 A r 's S T M 2 o S 2 t 5 a A l 's N Le .Y a . d ing S 6 M o S th A e 's rs 2 T S o N M ( t e a . x S Y l c A 2 . l ) . 2 's 4 SM o 2 t 1 h S 8 e A r 's 1964—Jan.. 4,486.5 ,915.0 989.6 2,571.5 ,581.9 43.9 87.3 40.5 32.3 28.7 Feb.. 4,359.2 ,768.9 986.3 2,590.3 ,604.0 43.9 87.1 41.6 32.6 28.8 Mar. 4,419.5 ,822.2 999.5 2,597.3 ,597.8 43.8 86.6 40.4 32.6 29.0 Apr. 4,603.0 ,909.2 1,038.4 2,693.8 ,655.4 45.1 89.8 42.1 33.2 29.4 May 4,542.0 ,853.6 1,030.0 2,688.4 ,658.4 45.2 89.8 43.1 33.5 29.5 June 4,535.4 ,928.0 992.5 2,607.4 ,614.9 45.0 91.2 40.9 32.9 29.3 July. 4,833.7 2,087.0 1,058.9 2,746.7 ,687.8 46.3 95.8 42.3 33.3 29.4 Aug. 4,579.9 1,898.2 1,021.3 2,681.7 ,660.4 44.7 89.3 42.4 33.0 29.1 Sept. 4,763.5 2,007.6 1,049.5 2,755.9 ,706.4 44.3 88.5 41.4 32.9 29.2 Oct.. 4,698.2 1,926.7 1,060.6 2,771.5 1,710.9 44.6 89.8 40.9 32.8 29.3 Nov. 4,648.0 1,917.7 1,023.7 2,730.3 1,706.6 45.1 91.3 41.0 33.2 29.5 Dec. 4,816.5 2,013.0 1,065.4 2,803.5 1,738.1 45.5 90.7 41.7 33.4 30.0 1965—Jan.. 4,870.9 2,067.6 1,065.5 2,803.3 1,737.8 46.3 94.8 42.8 33.8 30.0 Feb.. 4,842.5 1,997.4 1,077.2 2,845.1 1,767.9 47.1 96.1 44.3 34.6 30.5 Mar. 4,995.6 2,071.8 1,115.4 2,923.8 1,808.4 47.9 96.9 44.8 35.4 31.2 1 Excludes interbank and U.S. Govt. demand deposits accounts. NOTE.—Total SMSA's include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For a description of the revised series see March 1965 BULL., p. 390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 U.S. CURRENCY 557 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir - tion i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5 070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 37,692 26,807 3,030 ,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964—Feb 36,312 25,561 3,044 1,590 101 2,278 6,983 11,566 10,751 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 11,775 10,822 3,172 7,104 247 292 3 4 May 37,208 26,353 3,169 1,655 105 2,350 7,170 11,904 10,855 3,185 7,127 246 291 3 4 June . . 37,734 26,797 3,205 1,676 107 2,379 7,280 12,151 10,937 3,217 7,175 246 292 2 4 July 37,835 26,859 3,223 1,668 108 2,359 7,262 12,239 10,976 3,231 7,202 245 291 3 4 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 Sent .. 38,166 27,068 3,285 1,693 111 2,361 7,280 12,339 11,098 3,253 7,302 246 291 3 4 Oct 38,373 27,201 3,321 1,716 111 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 1965—Jan 38,540 27,158 3,435 1,709 110 2,381 7,256 12,267 11,382 3,321 7,519 246 290 2 4 Feb.. .. 38,593 27,227 3,468 I 702 110 2,375 7,282 12,289 11,366 3,310 7,517 245 288 2 4 l Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the Reserve Banks for which a denominational NOTE.—Condensed from Circulation Statement of United States breakdown is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation i Total out- Held by Kind of currency s F t e a 1 b n 9 . d 6 2 i 5 n 8 g , A g a s o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s A B F a g a n . e n R d n k . t s s Fe 1 b 9 . 6 2 5 8, Ja 1 n 9 . 6 3 4 1, Fe 1 b 9 . 6 2 4 9, certificates Agents Gold 14,937 (14 661) 2 276 Gold certificates (14,661) 311,844 2,816 F.R. notes 36,566 in 2,786 33,663 33,585 31,089 Treasury currency—Total 5,402 (1,182) 298 174 4,930 4,955 5,223 Standard silver dollars 485 3 * 482 482 459 Silver bullion 1 447 i i 82 265 Silver certificates.... (1 182) 11 114 1,056 1,120 1,703 Subsidiary silver coin 2^233 12 23 2,198 2,172 1,871 Minor coin 804 10 788 782 713 United States notes 323 25 296 289 312 In process of retirement 4 111 * 1 110 110 164 Total Feb 28 1965 5 56,905 (15,842) 692 11,844 5,776 38,593 Jan. 31 1965 557,419 (16,173) 653 12,090 6,136 38,540 Feb 29 1965 554,651 (17,114) 433 12,369 5,538 36,312 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. 547. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 * Redeemable from the general fund of the Treasury. BULL., p. 936. s 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

558 MONEY SUPPLY APRIL 1965 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt co D 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 co D d m e e m p p o o a s n n i e t d nt jus a t d ed - i d d e e p m os a i n ts d i 1957—Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec... 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—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 1964—Feb 153.8 32.7 121.1 115.1 153.8 32.3 121.5 114.6 4.8 Mar.. . 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115.7 6.1 Apr.... 154.5 33.0 121.5 116.4 155.0 32.7 122.3 116.7 4.2 May... 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 June... 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 July..., 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 Aug..., 157.2 33.7 123.5 120.6 155.1 33.8 121.3 121.1 6.4 Sept 158.0 33.8 124.2 121.7 156.9 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 Feb 159.1 34.6 124.5 131.1 159.0 34.2 124.9 130.6 5.8 Mar.. . 159.8 34.6 125.2 132.4 158.5 34.3 124.2 132.4 6.7 Half month 1964—Dec. (1). 159.4 34.2 125.2 126.3 162.8 34.9 128.0 124.7 4.9 (2). 159.4 34.2 125.2 126.7 164.4 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 4.7 159.5 34.5 124.9 129.7 162.5 34.1 128.5 128.9 3.7 Feb. (1) 159.3 34.6 124.7 130.8 160.7 34.3 126.4 130.2 4.8 (2) 158.8 34.5 124.3 131.6 157.1 34.0 123.1 131.1 6.9 Mar.(l) 160.0 34.7 125.4 132.3 159.2 34.4 124.8 132.0 5.2 (2) 159.6 34.6 125.0 132.6 157.7 34.2 123.5 132.7 8.1 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W din ee g k — Total C c u o r m re p n o c - y D c d o e e m m po a p s n o it d - d ju e T s p a i t o m d e s d - e i t 1 s d d e G e p U m o o .S s v a i n . t t . s d 1 en W din ee g k — Total C c u o r m re p n o c - y D c d o e e m m po a p s n o it d - d ju e T s p a i t o d m ed s - e i ts i d d e G e p U m o o .S s v a i n . t t . s d * nent nent nent nent 1963—Dec. 4. 155.5 33.0 122.5 110.5 4.5 1964—Dec. 2. 160.8 34.6 126.1 124.2 7.2 11. 156.4 33.3 123.1 110.8 3.8 9. 161.8 35.0 126.9 124.6 5.5 18. 158.2 33.1 125.1 111.0 4.2 16. 164.6 34.8 129.8 125.0 3.6 25. 157.5 33.3 124.3 111.0 6.6 23. 164.6 35.0 129.6 125.0 5.7 30. 163.8 35.1 128.7 125.5 6.6 1964—Jan. 1.. 158.8 32.8 126.0 111.5 6.6 8., 158.7 32.9 125.8 112.3 6.4 1965—Jan. 6.... 166.2 34.8 131.4 126.5 6.4 15. 158.4 32.6 125.8 113.0 4.2 13.... 164.7 34.5 130.2 127.6 4.0 22., 158.1 32.4 125.7 113.6 3.1 20.... 164.0 34.2 129.8 128.3 2.9 29., 156.2 32.0 124.1 113.7 2.9 27 162.0 34.0 128.0 129.1 3.8 Feb. 5.. 156.1 32.2 123.9 113.9 3.6 Feb. 3.... 162.0 34.0 128.0 129.5 4.6 12.. 155.5 32.5 123.0 114.4 3.6 10 160.9 34.4 126.5 130.1 4.7 19.. 153.2 32.3 120.9 114.7 5.3 17.... 159.2 34.2 125.0 130.7 5.3 26. 151.5 32.2 119.4 114.9 6.0 24.... 156.2 34.1 122.1 131.0 7.2 Mar. 4. 152.4 32.3 120.1 115.2 5.7 Mar. 3 158.5 34.1 124.4 131.4 6.7 11. 153.1 32.7 120.4 115.6 4.6 10 158.7 34.5 124.2 132.0 5.2 18. 154.5 32.7 121.8 115.8 4.6 17 160.4 34.4 126.0 132.4 4.7 25., 151.9 32.5 119.4 115.9 7.8 24 157.3 34.3 123.0 132.6 8.3 31 157.3 34.1 123.2 133.0 8.5 Apr. 1.. 152.7 32.5 120.2 116.2 7.9 8., 153.7 32.9 120.8 116.4 6.0 Apr. 7*\ . . .159.5 34.6 124.9 133.3 7.2 15.. 155.5 32.8 122.7 116.7 5.1 14 21 I i At all commercial banks. the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the NOTE.—Averages of daily figures. For back data see June 1964 BULL., Treasury, the FRS, and the vaults of all commercial banks. Time depp. 679-92. Money supply consists of (1) demand deposits at all com- posits adjusted are time deposits at all commercial banks other than those mercial banks other than those due to domestic commercial banks and due to domestic commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BANKS AND THE MONETARY SYSTEM 559 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas- net— Date Gold s r t o c e u i a u n n u r n r c g y t d - - y - Total Lo n a e n t s, Tota U l .S. G m C o a e v o n r e m c d r ia n - l men R F t e e s d s e e e c r r v u a e r l ities Other O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p o r n o e t d n s a i l c t y s C c m o a a n a u p n i c e s n i d - t c t t a s . l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 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—Mar. 25., 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 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. 30P, 15,500 5,600 351,100 205,000 102,800 66,700 35,400 700 43,400 372,100 338,400 33,700 Oct. 28P, 15,500 5,500 350,600 204,000 103,100 67,000 35,200 900 43,500 371,600 337,700 33,900 Nov. 25? 15,400 5,500 355,400 206,500 105,300 68,100 36,300 1,000 43,600 376,200 341,500 34,800 Dec. 30P, 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? 15,200 5,400 359,500 210,500 104,600 66,900 36,700 1,000 44,400 380,100 346,200 33,800 Feb. 24*>, 14,900 5,400 361,500 212,700 103,700 65,900 36,700 1,100 45,000 381,800 346,700 35,200 Mar. 31 P. 14,600 5,400 366,200 217,200 103,300 64,600 37,600 1,100 45,600 386,100 350,900 35,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not se<isonally adjusted Time U.S.Government Date Total o b r u C e a t n u n s c i r k d y - s e d ju m e s D p a t a o d e e n d s - - d i ts i Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d s - - d i ts ! Total m b C e a o r n c m k ia s - l b s M a a v n u i k t n u s g a s 2 l S P a S t o e v y s m i s t n a - g l s n F e e i o g t r n - 3 T h c i u r n o a e r g l s a y d h s s - - sa c m a c v o A n i e i m a n t d r l - g - s B F A a .R n t k . s banks 1929 June 29 .. 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec 30 .. 36,194 6,401 29,793 27,059 15,258 10,523 1,278 ,217 2,409 846 634 1941 Dec 31 48,607 9,615 38,992 27,729 15,884 10 532 1,313 ,498 2 215 1,895 867 1945 Dec 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2 287 24*608 977 1947_Dec. 31 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 '^682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 >,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 ,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 ,488 405 7,090 602 1963—June 29.... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 ,337 369 11,306 806 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6,986 850 1964—Mar. 25.... 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 ,200 400 8,100 1,100 June 30 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 ,324 391 10,502 939 July 29.... 154,000 32,800 121,200 154,000 32,900 121,000 167,700 120,300 47,100 400 ,300 400 5,300 700 Aug. 26 154,300 32,900 121,400 152,900 33,100 119,800 169,000 121,200 47,400 400 ,400 400 6,300 1,100 Sept. 30*... 156,800 33,100 123,700 155,800 33,200 122,600 170,400 122,100 47,900 400 ,400 400 9,400 900 Oct. 28?... 157,500 33,300 124,200 158,100 33,200 124,900 172,000 123,500 48,100 400 ,400 500 5,000 700 Nov. 25*... 156,600 33,400 123,200 159,000 34,300 124,700 172,500 123,800 48,300 400 ,500 600 7,200 800 Dec. 30*... 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 ,500 700 4,200 900 Feb. 24*... 156,900 33,900 123,000 156,100 33,500 122,600 180,600 130,700 49,600 400 1,500 700 6,800 900 Mar. 31*... 160,800 34,100 126,700 156,300 33,800 122,500 182,900 132,500 50,100 400 1,600 700 8,500 900 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 BULL. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Rectification 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

560 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 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 G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s c c b T o a i a l a l u o p i i n c a t n i t - d i t - a e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im * e U.S D . ema O nd ther Time 3 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f r ks - Govt. Other All banks 1941—Dec. 31 61,126 26,615 25,511 8,999 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 22710,542 14,553 1947_Dec. 314 134,924 43,002 81,199 10,72338,388 17755,091161,86512,793 240 1,346 94,381 53,105 6611,948 14,714 1962—Dec. 28 280,397172,822 72,,556633 "3'5,01254,939 334433,,201303,65316,008 535 6,839141,084 139,188 635 -2,8046 13,940 1963—June 29 287,411 179,714 69,708 37,98952,046 347,889966 330099,42815,042 5511.1.,.0..69. 133,681 149,083 563 28,612 13,993 Dec. 20 302,251 192,686 69,068 40,49751,,5336 362394 319,636 15,267 528 6,734 141,576 155,531 702 29,882 14,079 1964—Mar. 25 303,200 94,440 67,610 41150 48,280 360,310 318,070 4,070 630 7,870 133,500162,000 270 29,990 14,122 June 30 310,404 20"3",119 65,337 41948 54,073 373,909 331,843 5,272 67810,263139,160 166,469 120 31,037 14,175 July 29 309,330 202,950 64,310 42070 48,580 366,950 322,830 3,770 690 110 690 167,570 950 30,870 14,195 Aug. 26 311,540 203,920 64,900 42720 48,810 369,080 324,710 4,390 680 040 134,760 168,840 540 31,110 14,203 Sept. 30* 317,630207,530 66,710 43 390 53,680 381,020 336,980 5,820 690 141,030 170,260 760 31,500 14,230 Oct. 28* 317,860207,340 66,980 43 540 51,880 379,130 333,810 5,360 710 141,160 171,840 940 31,610 14,242 Nov. 25* 322,390210,720 68,080 43 590 52,960 384,860 338,290 5,460 700 142,820 172,320 500 31,800 14,251 Dec. 30* 328,310216,600 67,780 43930 550 394,420 347,910 6,470 800 149,470 174,830 730 32,010 14,266 1965—Jan. 27* 125,810214.530 66,850 44,430 1,800 387,260 341,280 4,800 880 3,990143,050178,560 4,40032,050 14,290 Feb. 24* 127,860216,890 65,940 45,03052,410 389,770 342,800 4,890 930 6,590139,890 180,500 4,330 "3"2,210 14,290 Mar. 31* 130,880220,650 64,620 45,61055,320 396,300 349,890 6,300 950 8,210 141,610182,820 3,670 32,620 14,292 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 24,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 314 16,284 38,057 69,221 9,006 3"7",502 155,377144,103 2,792 240 1,343 94,367 35,360 6510,059 14,181 1962—Dec. 28 •35,839 140,106 66,434 29;298 54,049 2197,116262,122 6,008 535 6,829 141,041 97,709 627 24,094 13.429 1963—June 29 '41,014 145,049 63, J,42351,156 229999,875266,179 5,042 55011,060 133,624 105,903 ,582 13,482 Dec. 20 •54,162156,006 63,196 34• ,95950,711312,773275,120 5,267 526 66,772299 141,534 111,064 664 25,677 13,570 1964—Mar. 25 253,880 56,810 61,500 35,570 47,390 309,270 272,110 4,070 630 7,870133,450 116,090 3,270 25,750 13,614 June 30 260,179 64,463 59,322 36,394 53,168 321,909284,9"0"315,272 67710,257139,110 119,587 2,09926,768 13.669 July 29 258,640 16633,840 58,280 36,520 47,720 314,530275,71013,770 690 110135,640 120,500 3,950 2266,590 13;689 Aug. 26 260,330 64,400 58,800 37,130 47!910 316;,090277,23014,390 680 040134,710 121,410 3,540 26,760 13,697 Sept. 30* 266,060 67,640 60,630 37,790 52800 327,680289,02015,820 690 180140,980 122,350 2,76027,120 13,724 Oct. 28* 266,160 67,070 61,130 37,960 50980 325^640 285,63015,360 710 740141,110 123,710 3,94027,250 13,736 Nov. 25* 270,360 70,060 62,290 38,010 ,060 331,030 289,900'5,460 700 990142,770 123,980 4,50027,380 13,746 Dec. 30* 275,980175,550 62,000 38,430 55550 340,200 298,880 6,470 800 340149,420 125,850 4,730 "2,7610 13,761 1965—Jan. 27* 272,930173,030 60,990 38,910 50,850 .33_2.500 291,800 4,800 880 3,990143,000 129,130 4,40027,650 13,785 Feb. 24* 274,670 '75,150 59,990 39,53051,410 334,700 293,160 4,890 930 6,590139,840 130,910 4,33027,760 13,786 Mar. 31* 277,280 78,650 58,520 40,11054,310 340,760 299,770 6,300 950 8,210 141,560132,750 3,670 —2,8110 13,789 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,717 10,385 140 ,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 07,183 22,775 78,338 6,070 29,845 138,304 129,67013,576 64 22,179 69,640 24,210 2087,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 548,464 6,923 1962—Dec. 28 95,698 118,637 52,996688 24,092 47,427 249,488 219,46815,309 358 6,086117,999 79,716 3,55019,854 6,049 1963—June 29 99,495 122,088 50,39927,008 44;929251,214 222,61914,388 373 9,761111,548 86,550 440 20,238 6,058 Dec. 20 •10,127 1'3"1',712 49,"3 4"2 29,073 44,395261,469 229,376'4,518 382 5,986117,562 90,929 3,49921,054 6,112 1964—Mar. 25 209,979132,381 47,98529.613 41 258,229226,54113,378 489 7,032 ,459 95,183 3,054 21,226 6,136 June 30 215,132138,649 46,235 30,2 49. 46,;_.2.69,,437238,05214,527 525 9,342 624 98,034 1,936 22,060 6,180 July 29 213,635138,042 45,223 30,370 41,732 262,606 229,42913,078 536 4,636 319 98,860 3,740 21,947 6,186 Aug. 26 215,030138,478 45,65130,90141,830263,825230,64213,661 531 5,411 ,458 99,581 3,354 22,088 6,188 O Se c p t. t . 2 3 8 0 2 2 2 1 0 9 , , 1 6 0 7 5 8 1 1 4 4 1 0 , , 3 6 9 4 3 6 4 4 7 7 , , 2 4 4 5 5 8 3 31 1 , , 4 5 6 7 7 4 4 46 4 , , 4 6 2 8 3 0 2 2 7 7 1 4 , , 8 3 5 0 5 22 2 4 3 1 7 , , 3 6 3 5 1 6 1 14 5 , , 5 0 5 5 9 6 5 5 5 4 5 2 4 8 , , 3 4- 2 -6- 5 0- 1-1 -6,969 1 1 0 0 1 0 , , 4 3 2 0 4 4 2 3 , ,7 6 3 2 3 4 2 2 2 2 , , 3 4 8 7 2 4 6 6 , , 2 2 0 0 9 4 Nov. 25 223,153143,241 48,383 31,529 45,689 276,406 241 14114,646 551 6,319 030 101,595 4,297 22,560 6,221 Dec. 30 228,341148,138 48,260 31,943 48,737 284,712 249,336 15,614 649 5,782 084 103,207 4, ,761 6,225 1965—Jan. 27 225,493145,830 47,297 32,366 44,461277,606 242,78114,016 731 3,662118,307106,065 4,186 22,799 6,236 Feb. 24 227,093147,818 46,364 32,91144,750279,488 244,01814,138 779 5,958115,601107,542 3,978 22,888 6,236 Mar. 31* 229,456150,921 45, 120 33i4"1"5 47^749 285,300 250,27715,556 795 7,510 11'7",349109,067 3,509 23,173 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. 314 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—Mar. 25 49,320 37,630 6,110 5,580 890 51,040 45,960 50 45,910 4,240 508 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. 28 51,700 40,270 5,850 5,580 900 53,490 48,180 50 48,130 4,360 506 Nov. 25 52,030 40,660 5,790 5,580 900 53,830 48,390 50 48,340 4,420 505 Dec. 30 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 Feb. 24 53,190 41,740 5,950 5,500 1,000 55,070 49,640 50 49,590 4,450 504 Mar. 31* 53,600 42,000 6,100 5,500 1,010 55,540 50,120 50 50,070 4,510 503 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 561 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 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 f m k r s - Govt. Other co a u c n - ts 2 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 4,202 866 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 4,017 111,050 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—Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,453 2,243 1,187 4,184 13 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 20,67914,086 1,784 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 Feb. 24 38,950 27,570 5,122 6,258 9,218 50,803 41,574 4,359 499 1,083 20,44715,186 1,281 4,487 13 Mar. 31* 39,905 28,894 4,788 6,22311,597 54,198 44,997 4,852 518 1,778 22,12315,726 1,506 4,526 13 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ',217 72 4,201 913 426 14 1962—Dec. 28 8,957 5,418 2,129 1,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,082 5,545 2,071 1,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 Dec. 20 9,615 6,220 1,705 1,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Mar. 25 9,695 6,064 2,063 ,568 1,776 11,713 10,128 ,124 472 4,627 327 ,011 12 June 30 9,636 6,266 ',750 ,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 ,017 12 July 29 9,394 6,092 ,737 ,565 2,091 11,733 10,289 ,148 282 4,690 4,145 201 ,018 12 Aug. 26 9,638 6,311 ,717 .610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 ,024 12 Sept. 30 9,914 6,421 ,857 ,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 ,034 12 Oct. 28 9,788 6,404 ,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 ,034 12 Nov. 25 10,021 6,600 ,786 ,635 2,232 12,537 11,009 ,251 380 4,906 4,450 256 ,044 12 Dec. 30 10,419 7,003 ,853 ,563 2,363 13,077 11,433 ,264 399 5,250 4,499 313 ,055 12 1965—Jan. 27 10,245 6,767 ,850 ,628 2,163 12,703 11,177 ,153 259 5,076 4,663 232 ,046 12 Feb. 24 10,296 6,963 ,678 ,655 2,184 12,842 11,153 ,238 349 4,905 4,633 322 ,053 12 Mar. 31P 10,310 7,129 ,546 ,635 2,089 12,801 11,088 ,977 501 3,985 4,597 278 1,060 11 Other reserve city: ? 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2.844 353 1962—Dec. 28 73,130 46,567 18,398 8,16519,539 94,914 84,248 7,477 82 2,337 43,660099 30,743 1,388 7,263 191 1963—June 29 74,614 48,164 17,326 9,124 1188,526 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 43,4"59 35,004 1,417 7,697 190 1964—Mar. 25 78,288 52,395 15,86610,027 863 97,57: 86,404 6,495 10' 2,796 40,16736,839 1,000 7,815 186 June 30 80,466 54,604 15,48810,375 143102,245 91,145 6,894 118 3,771 42,387 3377,974 572 8,110 183 July 29 80,080 54,557 15,01810,505 1209 99,824 87,609 6,320 115 1,875 41,15538,144 1,647 8,125 184 Aug. 26 80,662 55,049 14,92210,691 185100,348 88,169 6,732 116 2,151 40,740 "3,8430 1,415 8,173 185 Sept. 30 82,222 55,804 15,680 10,738 158104,065 91,950 7,217 115 3,244 42,689 38,685 1,150 8,324 185 Oct. 28 82,239 55,712 15,72210,805 305103,165 90,422 7,152 118 1,685 42,618 38,849 1,725 8,357 184 Nov. 25 83,044 56,292 15,986 10^766 18^646104,306 91,299 7,102 132 2,580 42,85138,634 1,845 8,360 182 Dec. 30 84,683 57,907 15,92310,85319,,757107,096 94,475 7,571 147 2,223 45,06739,467 1,533 8,459 182 1965—Jan. 27 83,98' 57,428 15,54111,01818,353104,997 92,273 6,758 184 1,580 42,848 40,903 1,756 8,504 184 Feb. 24 84,56' 57,966 15,41011,19118,114105,275 92,428 6,789 188 2,546 41,590 41,315 1,663 8,529 184 Mar. 31P 85,374 58,771 15,03:11,57119,011107,146 94,519 6,976 185 3,035 42,61541,708 1,413 8,646 186 Country member banks: *, 7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,40: 19,466 17,415 79: 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,63: 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 ,773 1,931 46,89536,692 172 7,744 5,828 1963—June 29 82,952 46,934 24,49611,522 1144,465 99,361 89,470 ,641 3,332 45,066 "3,9371 127 7,894 5,839 Dec. 20 87,316 50,023 24,797 12,49614,274 10"3,615 92,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—Mar. 25 87,111 50,269 24,17712,66514,00: 103,069 92,348 ,663 2,201 46,21 42,21 540 8,216 5,925 June 30 88,337 52,289 23,21812,83014,953105,430 94,733 ,739 2,872 47,270 4"2,788 230 8,531 5,971 July 29 88,198 52,214 23,14612,83813,763103,912 93,056 ,617 1,492 46,868 43,023 416 8,416 5,976 Aug. 26 88,794 52,470 23,32113,00314,094 110044,731 93,784 ,700 1,970 46,683 43,375 377 8,470 5,977 Sept. 30 90,065 53,128 23,73513,20214,831107,083 96,130 ,785 2,250 48,24143,790 278 8,577 5,993 Oct. 28 91,040 53,482 24,23313,32514,502107,62'" 96,431 ,870 1,293 48,912 44,29: 408 8,647 6,000 Nov. 25 92,494 54,298 24,65713,53914,708109,39: 98,080 ,899 2,098 49,594 44,425 412 8,722 6,014 Dec. 30 93,38^ 55,495 24,35713,53515,64:111,183 99,744 ,997 1,735 50,975 44,973 483 8,775 6,018 1965—Jan. 27 92,990 55,06: 24,27613,65: 14,518 109,740 98,441 ,831 1,028 49,713 45 417 8,784 6,027 Feb. 24 93,280 55,319 24,154 1133,80715,234 110,568 98,863 ,752 1,980 48,659 46,408 712 8,819 6,027 Mar. 31 *» 93,867 56,127 23,75413,98615,052 111,155 99,673 ,751 2,196 48,626 47,036 8,941 6,025 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 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 Total Loans G U o S . v e S t c . . urit O ie t s her as C s a e s ts h 1 c c b o T a i u a l a l o p i i n n c a t t i d i t - t a - e s a l s l 1 Total i m I D n a e t n - e d r!5a T n i k m 1 e U. D S. ema O O n t t d h h e e r r Time B r i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s ] N b t a o u e n f r m k - s Govt. Insured commercial banks: 1941—Dec.31.. 49.290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1762 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 80,27629,876 215 8,671 13,297 1947—Dec.31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1 325 92,975 34,882 61 9,734 13,398 1961—Dec. 30.. 213,904124,348 66,02623,531 56,086 276,600 247,176 17,737 333 5,934141,05082,122 46222,089 13,108 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,609 15,844 402 6,815 140,16997,380 3,58423,712 13,119 1963—Dec. 20.. 252,579 155,261 62,72334,594 50,337 310,730 273,657 15,077 443 6,712 140702 110,723 3,57125,277 13,284 1964—June 30.. 258,597 163,715 58,88036,002 52,845 319,913 283,46315,072 59110,234138 323 119,243 2,03526,358 13;394 National member Da 1 n 9 K 4 s: 1—Dec.31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1088 23 262 8,322 4 3,640 5,117 1945—Dec.31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14013 45 473 16,224 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 76 29245,441 225 11,875 4,513 1962—Dec. 28.. 127,254 75.548 35,66316.042 29,684 160,657 142,825 9,155 127 3735 76 07553,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3 691 76 83661,288 1,704 13,548 4,615 1964—June 30.. 141,198 89,469 31,56020,168 29,511 175,250 155,978 8,488 161 5,822 75 36966,137 841 14,262 4,702 State member baiiks: 1941—Dec.31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13874 4,025 1 2,246 ,502 1945—Dec.31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24 168 7,986 130 2,945 ,867 1947—Dec.31.. 32,566 11.200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27 068 9,062 9 3,055 ,918 1961—Dec.30.. 63,196 38.924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,30321,716 213 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 41,92425,983 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 40,72529,642 1,795 7,506 1,497 1964—June30.. 73,934 49,179 14,67510,080 17,256 95,186 82,074 6 038 364 3,520 40,25531,897 1,095 7,799 1,478 Insured nonmember commercial banks: 1941—Dec. 31.. 5.776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4 162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10635 5,680 7 1,083 6,416 1947_Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12 366 6,558 7 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21 456 14,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12.932 4,814 6,276 45,619 41,142 535 43 729 22 17017,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23 14019,793 72 4,234 7,173 1964—June 30.. 43,476 25.066 12,654 5,755 6,078 50,488 45,411 546 66 892 22 69921,209 99 4,309 7,215 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,2291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,5)05 365 4 279 714 1947—Dec. 3H. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1 392 478 4 325 783 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—June 30.. 1,571 748 432 390 323 1,984 1,439 200 85 23 787 344 64 399 274 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,i504 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;no 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,325 15,286 33 3,822 7.320 1962—Dec. 28.. 40.141 21,469 13,466 5,206 6,622 47.628 42.654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220.134 165 4,623 7,458 1964—June 30.. 45,047 25.815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,48621,553 163 4,708 7,489 tnsured mutual savings banks: 1941—pec.31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1.034 192 1947—Dec.31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1961—Dec. 30.. 35,660 25,812 4,690 5,158 828 37,065 33,400 1 6 25633,137 11 3,191 330 1962—Dec. 28.. 38,597 27,778 4,639 5,180 784 39,951 36,104 9 26735,827 7 3,343 331 1 1 9 9 6 6 3 4 — — D Ju e n c e . 2 3 0 0. . . . 4 4 1 3 , , 6 43 6 1 4 3 3 2 4 , , 3 0 0 5 0 0 4 4 , , 3 31 2 6 4 5 5 , , 0 0 4 6 1 4 7 7 2 9 2 9 4 4 3 5 , , 0 0 1 2 9 2 4 3 0 8 , , 7 6 9 5 7 7 1 1 5 2 3 9 3 2 34 3 0 8 , , 4 3 5 5 6 9 2 3 0 8 3 3 . , 6 5 1 7 8 2 3 3 2 3 7 0 6 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 563 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 G U o S . v e S c t . , urit O ie t s her a C ss a e s t h s1 c c b o T a i a l u a l p o i i n a c n t t i d - - i t a e t a l s s l 2 Total i m D I a n e n t - e d rba T n i k m 1 e U. D S. ema O O n t t d h h e e r r Time 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 o u n e f m r ks - Govt. Noninsured mutual sayings banks: 1941 Dec 31 8,687 4.259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 i;i98 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 Securities Securities Period Total1 Loans1 Total1 Loans1 G U o . v S t . . Other G U o . v S t . . Other 1957—Dec. 31 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958 Dec. 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.8 120.5 65.4 23.9 214.4 123.9 66 6 23.9 1962—Dec. 312 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963 Dec. 31 2 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 312* 266.0 166.7 60.9 38.4 272.6 171.7 62.4 38.5 1964 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 Feb. 24* 271.1 171.6 59.6 39.9 269.8 170.3 60.0 39.5 Mar. 31* 274.5 175.5 59.0 40.0 272.9 174.3 58.5 40.1 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

564 COMMERCIAL BANKS APRIL 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government Class of lo T a o n t s a l i C m o e m r- - o s r e c c a u r r r it y i i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - Total 2 d t a c i r u i n n i a a s d - l - l A c tu a u g r l l r - - i- b k d a T r e e n o o a r d s - l- ot T h o ers ba T n o ks ot T h o ers R t e a e s t a - e l u v d i t a i n o i d l - - s - Other Total Bills c C t a i e f t i e r - - s Notes Bonds s r g l a o i e o t n c c i v e u d a t s l - . O s r e i t t h c ie u e s r ers Total: 2 1947—Dec. 31. 116,284 38,057 18,,167 ,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1961—Dec. 20. 215,441124,925 45,172 6i,2484,056 2,134 1,033 7,31130,320 277,18473,412 66,57811,488 2,114 26;336 2266,64120,3453,592 1962—Dec. 28. 235,839140,106 48,673 7',0975,1442,131 2,578 8,4 5""9" 34;259 30,5533,90966,434 1111,674 3,84126,98724, 7—5 5" 4,543 1963—Dec. 20. 254,162156,006 52,947 7^70 5^53 2,509 3,605 9,479 39,056 34,55"0" 4,03463,19611,059 l'658 222;,441155 28^65 29,'786 5,173 1964—June 30. 260,179164,463 55,061 "7,688 5,526 2,704 2,88110,450 41,388 37594 4,42159,322 9,061 35 233,14127,08531,419 4,975 All insured 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,3611,132 88,912 2,45519,07116,04551,342 3,8733,258 1947_Dec. 31., 114,274 37,58318,0121,610 8-2""3 1,1'9"0" 114 9,266 5,654 9~1"4 ' 67,9412,124 7,552 5,918 5'2-,347 5,1293,621 1961—Dec. 30.213,904 124,348 44,965 6,2114,030 2,107 1,027 7,296 30,21127,7083,39666,02611,356 2,098 26,145 26,426 20,0683,462 1962—Dec. 28.,234,243 1"3"9•,449 48 ",1192,103 2,551 8,434 34,,112233 3300,,440022 3,890 65,89111,514 3,916 23,715 26,746 24,547 4,356 1963—Dec. 20.,252,579155,261 52,,743 7,444 5,"32"'1 2,476 3,594 9,415 38,,86134,383 4^015 62,72310,952 ,649 22,316 27,806 29!559 5,035 1964—June 30. 258,597163,715 54,855 7,6635,492 2,671 2,839 10,414 41,190 37,432 4^403 58,880 8,970 32 23,044 26,835 31',1.84 4,818 Member, total 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 10057 78,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31., 97,846 32,62816,9621,046 811 ,065 113 7,130 4,662 83957,914 15987 5,816 4,815 45-,295 4,1993,105 1962—Dec. 28.,195,698118,637 43,843 4,4194,954 1,777 2,445 7,936 27,162 24,7993,65752,968 8,862 3,24919,443 21,414 20 3,319 1963—Dec. 20.,210,127131,712 47,403 4,6595,1242,136 3,439 8,87531,009 27,9083;765 49,342 8,032 1,30718,072 21,932 25^210 33,864 1964—June 30.215,132138,649 49.217 4,7555,3412,320 2,733 9;887 32^94 30;275 4,137 46,235 6,707 1618,572 20,940 26,579 33,670 Dec. 31.228,497147,690 53,717 4,6435,142 2,411 3^50 10,179 34,587 32,024 4,824 48,717 9,932 15,238 23,548 28,374 3",715 New York City: 1941—Dec. 31., 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31., 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31., 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,002 640 558 9,772 638 604 1962—Dec. 28. 32,989 21,95411,943 172,766 425 572 2,087 1,329 2,143 ,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Dec. 20. 34,827 23,57712,332 26 22,677 569 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 25,49012,647 213,045 625 1,014 2,762 2,296 2,5481,128 5,779 1,333 2,625 1,821 4,952 472 Dec. 31. 39,507 27,30114,189 30 "2,742 623 1,179 2,615 2,546 2,654',371 6,178 1,958 1,972 2,248 5,579 449 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 ,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 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 Dec. 31. 10,562 7,102 3,870 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 Other reserve city: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 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 1,3421,053 1962—Dec. 28. 73,130 46,56717,660 1,1791,053 752 1,020 3,58311,030 9,8601,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20. 78,370 51,89118,862 1,2191,243 891 1,224 4,286 1"2,52511,1061,46216,686 2,152 545 6,600 7,390 8,810 981 1964—June 30. 80,466 54,60419,6241,173 ,155 970 953 4,70613,207 12,063',75315,488 2,206 6,566 6,715 9,449 925 Dec. 31. 84,670 57,555 2"1',1021,095 ,060 986 1,134 4,88713,61112,8"0-2 1,97716,326 3,200 5,662 7,463 9,871 918 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 2 1,823 528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 630 5,102 4,544 166,722 1.3421,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 -2,2857 480 2,583 2,10817,687 2,006 1,262 1962—Dec. 28. 80,623 44,69811,299 3.187 728 447 764 1,56314,44112,273 826 25,425 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 8,531 11,87110,3852,111 1964—June 30. 88,337 52,28913,6"1"4 "3,535 644 534 565 1,52516,88315,063 939 23,218 2,749 15 8,728 11,72510,808 ,022 Dec. 31. 93,759 55,73314,556 3,493 830 599 710 1,730 1'-7,96415,8991,047 24,341 4,209 7,206 12,92511,531 2,154 Nonmember 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1961—Dec. 30. 35,856 18,700 4,2412,314 179 306 19 418 6,341 4,995 21412,525 2,259 272 4,947 5,046 3,655 976 1962—Dec. 28. 40,141 21,469 4,830 2,678 190 354 132 523 7,097 5,754 252 1133,466 2,812 683 4,398 5,573 3,982 1,224 1963—Dec. 30. 44,035 24,295 5,544 2,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 1,309 1964—June 30.. 45,047 25,815 5,844 2,933 185 384 149 563 8,594 7,320 28413,087 2,354 19 4,569 6,144 4,841 1,305 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 COMMERCIAL BANKS 565 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n t f e d B s F w e R a r . i n e v R t - k h e . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s k t l - t e h - s i s c 3 j p m u D o s a d a t s d e e e n i - - - d t d s 4 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. g S l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e f r r c d i t s d - k i ' - s, IPC I b n a t n e k r- G P U S a o o a n . s S v v d t . - t a . l g S l a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a t a u a c p - l n i t - s etc. 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 6510,059 1961—Dec. 30.... 16,918 3,689 14,169122,654 16,574 1,340 5,946 12,242 5,056 124,622 481 283 5,465 76,680 47122,459 1962—Dec. 28 17,680 4,252 13,099 124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—June 30.... 16,774 4S539 12,693122,537 13,909 1,363 10,257 12,583 4,832 121,695 677 257 8,680110,6502,09926,768 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30 16,918 3,670 13,871 121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 1964—June 30 16,774 4,524 12,409121,608 13,756 1,316 10,234 12,491 4,781 121,051 591 257 8,634110,3522,03526,358 Member, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1962—Dec. 28.... 17,680 3,263 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—June 30.... 16,774 3,511 7,807 99,288 13,247 1,280 9,342 9,639 4,379 101,605 525 227 7,045 90,7621,936 22,060 Dec. 31.... 17,581 3,490 9,057108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,4252,48122,901 New York City: 1941 Dec 31 .. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "i95 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,9371,728 3,898 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—June 30.... 3,919 273 82 16,389 3,791 920 2,112 420 2,323 18,480 317 7t 528 12,582 924 4,402 Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,5341,224 4,471 City of Chicago : 1941_Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947 Dec 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1962—Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Dec. 20.... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—June 30.... 923 53 151 3,845 1,135 47 587 311 114 4,319 25 5 199 3,887 210 1,017 Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 Other reserve city: 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945_Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 ""2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,0271,388 7,263 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 7,697 1964—June 30 7,106 1,072 2,296 34,281 6,616 278 3,771 3,234 1,086 38,067 118 69 3,362 34,544 572 8,110 Dec. 31.... 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 Country: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1962—Dec. 28.... 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 100 2,242 34,350 172 7,744 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 1964—June 30 4,826 2,113 5,278 44,773 1,705 34 2,872 5,674 856 40,740 64 83 2,956 39,749 230 8,531 Dec. 31.... 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 Nonmember:2 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1961 Dec 30 876 5,446 21,994 649 70 565 2,755 402 19,168 178 1,094 14,169 33 3,822 1962 Dec 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963—Dec. 20 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964 June 30 1,028 4,886 23,249 661 84 915 2,943 453 20,090 151 30 1,635 19,888 163 4,708 3 Beginning with 1942, excludes reciprocal bank balances. banks. Comparability of figures for classes of banks is affected some- • 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

566 WEEKLY REPORTING MEMBER BANKS APRIL 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 loans invest- Com- To brokers Wednesday m in a e v n n e d t s s t - 1 j m us a e t d e n - d ts 2 j L us a o t d a e - n d s 2 in m t a c r d n i e i a u a d r l s l - - A t c u g u r r l a - i l - G U c a t s u o i n . e e r S v d - s i t . - . de O a c t l s u t i e e h e r r - s e i s - r G U c t s u T o i . e e r S 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 - ank c m m D o ti e e o m c s r - - - - F P S C a i a e O N n n l r S a d e s o . n s , . n . ba O n t k her es R ta e t a e l o A th l e l r V se t a r i r e o l v u - n e a s cial etc. Total— Leading Cities 1964 139,454 137,748 89,977 37,599 1.482 489 3,366 96 ,768 1,004 1,706 A[,113 3,447 18,163 20 500 2,050 11 139,240 137,589 90,168 37,507 484 553 3,399 98 1 773 1,058 1,651 A[,203 3,444 18,217 20,486 2,054 18 141,160 139,308 91,727 38,137 ,493 759 3,569 97 775 1,051 1 85? A[ 650 3,455 18,280 20,518 2,057 25 141,158 138,908 91,351 38,172 ,493 573 3,469 97 ,775 1,063 ,250 A[,438 3,449 18,341 20 541 2 060 1965 Feb 3 151,383 149,205 101,060 42,239 ,529 1,001 3,348 72 ,947 1,537 , 178 l 4,046 20,074 23,273 2,291 10 151,344 148,607100,839 42,337 533 792 3,247 74 958 1,541 .,737 i.[,238 4,020 20,104 23,286 2,291 17 151,935 149,204101,529 43,012 , 5?.9 662 3,103 68 866 1,565 731 A[,524 4,030 20,132 23,330 2,292 24 151,979 149,301 101,589 43,041 533 746 3,105 76 ,865 1,542 >,678 £[,440 3,962 20,167 23 404 2 292 152,583 150,232102,301 43,343 ,530 883 3,339 67 ,862 1,523 >,351 i.[,482 3,922 20,188 23 456 2 294 10 151,946 149,679 101,758 43,163 530 663 3,282 66 85? 1,536 >>•,267 i[,386 3,930 20,202 23,441 2,293 17 153,911 151,742104,011 44,334 1,535 814 3,526 68 ,856 1,548 >,169 i[,860 3,986 20,255 23 530 2 301 24 153,775 151,374103,848 44,310 540 713 3,621 70 ,87? 1,558 <>-,401 i.[,523 3,977 20,305 23,659 2,300 31 154,053 151,967 104,817 44,620 ,54? 776 3,658 129 886 1,574 > 086i[ 807 4,090 20,326 23,704 2,295 New York City 1964 33,506 32,943 21,902 12,139 22 234 1,840 25 576 521 563 ,318 688 1,828 3,277 566 11 33,660 33,132 22,144 12,122 22 262 1,909 25 581 543 437 700 1,839 3,271 567 18 34,259 33,812 22,746 12,358 22 322 2,028 25 575 541 447 ,605 705 1,860 3,272 567 25 34,403 33,563 22,565 12,389 21 314 1,945 25 S79 543 840 450 714 1,873 3,279 567 1965 Feb 3 36,832 36,284 25,396 13,813 20 546 1,897 16 583 811 S48 319 873 2,296 3,835 613 10 37,247 36,118 25,360 13,947 20 380 1,853 19 590 827 ,129 ,326 864 2,302 3,846 614 17 36,962 36,030 25,464 14,207 20 282 1,717 15 50? 837 93? 47? 869 2,315 3,842 614 24 37,233 36,188 25,535 14,239 20 389 1,691 23 494 819 1,045 872 2,319 3,858 614 37,311 36,683 25,940 14,447 18 371 1,917 13 499 823 628 ,409 891 2,334 3 832 614 10 37,138 36,477 25,737 14,325 18 324 1,889 13 500 825 661 40? 903 2,324 3,828 614 17 37,895 37,395 26,749 14,808 25 313 2,126 15 504 827 500 ,622 928 2,344 3,856 619 24 37,891 37,185 26,707 14,724 25 359 2,215 14 507 823 706 ,447 933 2,363 3 916 619 31 38,201 37,447 27,143 14,917 27 341 2,299 13 509 838 754 606 957 2,368 3,887 619 Outside New York City 1964 105,948 104,805 68,075 25,460 1.460 255 1.526 71 ,192 483 ,143 2,795 2,759 16,335 17 223 ] 434 11 105,580 104,457 68,024 25,385 46? 291 490 73 19? 515 ,123 > 7662,744 16,378 17,215 487 18 106,901 105,496 68,981 25,779 1,471 437 ,541 72 ,200 510 ,405 $,045 2,750 16,420 17 246 490 25 106,755 105,345 68,786 25,783 ,47? 259 ,524 72 196 520 ,410 *2,988 2,735 16,468 17,262 493 1965 Feb 3 114,551 112,921 75,664 28,426 1,509 455 ,451 56 1,364 726 ,630 2,966 3,173 17,778 19 438 I 678 10 114,097 112,489 75,479 28,390 1,513 412 394 55 1,368 714 ,608 2,912 3,156 17,802 19,440 I 677 17 114,973 113,174 76,065 28,805 1 509 380 386 53 364 728 799 \ 05? 3,161 17,817 19,488 1,678 24 114,746 113,113 76,054 28,802 1,513 357 ,414 53 1,371 723 ,633 3,015 3,090 17,848 19 546 I 678 Mar. 3 115,272 113,549 76,361 28,896 1 51? 512 , 4??. 54 ,363 700 \ 073 3,031 17,854 19,624 1,680 10 114,808 113,202 76,021 28,838 1,512 339 393 53 135? 711 1,606 2,984 3,027 17,878 19,613 1 679 17 116,016 114,347 77,262 29,526 1 S10 501 400 53 1 35? 721 669 3 ?38 3,058 17,911 19,674 1,682 24 115,884 114,189 77,141 29,586 1,515 354 1,406 56 1,365 735 1,695 3,076 3,044 17,942 19 743 1 681 31 115,852 114,520 77,674 29,703 1,515 435 1,359 116 1,377 736 1,332 3,201 3,133 17,958 19,817 1,676 For notes see p. 568. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 WEEKLY REPORTING MEMBER BANKS 567 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets3 U. S. Government securities Total assets— Wednesday Total Bills c C t a if e t i e r - - s Wi 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 i o a n i c g 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 e v t R - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i o b n e t i i d u s t a l a n i l - l ts in 1 year 5 years 5 years Total— Leading Cities 1964 Mar 4 28,197 4,938 111 2,868 14,403 5,877 19,574 17,384 3,098 271 1,607 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 1,726 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 1,744 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 1,779 12,343 5 560 177,072 1965 Feb 3 . .. 26,516 5,010 3,122 10,467 7,917 21,629 18,887 3,126 254 1,822 13,685 6,011 191,757 10 26,095 4,608 3,143 10,477 7,867 21,673 17,687 2 954 268 1,903 12,562 6 105 189 757 17 25 894 4 267 3 391 11,192 7 044 21 781 18 664 3 178 251 1 916 13 319 5 971 193 398 24 25,855 4,402 3,374 11,150 6,929 21,857 17,606 3,056 257 2,009 12,284 6,'035 191,005 Mar 3 .... 25,963 4,609 3,324 11,126 6,904 21,968 18,403 3,308 259 1,795 13,041 6,129 193,483 10 25,661 4,379 3,335 11,087 6,860 22,260 17,981 3,108 269 1,920 12,684 6 012 190 696 17 25,418 4,234 3,383 11,177 6,624 22,313 18,360 3,213 275 1,920 12,952 6,010 195,111 24 25 140 3 971 3,382 11,170 6.617 22,386 18,089 3,110 270 1,942 12,767 6 133 193 271 31 24,965 3,836 3,440 11,121 (5,568 22,185 18,852 3,826 247 1,883 12,896 6,324 196,380 New York City 1964 Mar. 4 5,800 1,451 23 491 2,680 ,155 5,241 3,831 122 121 253 3,335 2,448 44,524 11 5,772 1,432 21 485 2,677 1,157 5,216 3,933 82 104 269 3,478 2,445 44,983 18 5,794 1,500 22 493 2,652 [,127 5,272 4,185 72 121 258 3,734 2 375 45 879 25 5,725 1,422 22 481 2,678 1?? 5,273 3,794 61 125 268 3,340 2 422 45 298 1965 Feb 3 5,042 1,221 639 1.660 , 527 5,846 4,325 86 117 281 3,841 2,473 49,044 10 . . 4,916 1,073 657 1,677 1,509 5,842 3,395 99 134 302 2,860 2,558 48,542 17 4 663 793 677 ,811 1,382 5,903 4,049 151 119 278 3 501 2 525 49 738 24 4 763 913 684 I 832 I 334 5 890 3 292 122 127 296 2 747 2 564 48 837 Mar 3 4,815 985 676 874 1,330 5,928 4,070 102 125 274 3,569 2 581 49 669 10 4,800 999 658 1,825 1,318 5,940 3,976 99 132 323 3,422 2,497 49,022 17 4,722 942 655 1,832 1,293 5,924 4,065 129 140 298 3,498 2 466 50 723 24 . . 4,514 771 656 1,782 1,305 5,964 3,954 106 137 296 3,415 2,568 50,702 31 4,505 766 676 .766 .297 5,799 4,415 602 118 279 3,416 2,618 52,224 Outside New York City 1964 Mar. 4 22,397 3,487 88 2,377 11,723 4,722 14,333 13,553 2,976 150 1,354 9,073 3,061 131,883 11 22,093 3,297 90 2,370 11,629 4,707 14,340 13,701 2,934 142 1,457 9,168 3 119 131 529 18 . .. 22,116 3,361 90 2,379 11,627 4,659 14,399 14,040 2,924 143 1,486 9,487 3,106 133,619 25 22,077 3,415 89 2,375 11,551 4,647 14,482 13,425 2,769 142 1,511 9,003 3,138 131,774 1965 Feb 3 .... 21 474 3,789 2,483 8,807 6,395 15,783 14,562 3,040 137 1,541 9,844 3 538 142 713 10 21 179 3 535 2,486 8.800 6 358 15 831 14 292 2 855 134 1 601 9 702 3 547 141 215 17 21,231 3,474 2,714 9,381 5,662 15,878 14,615 3,027 132 1,638 9,818 3,446 143,660 24 21,092 3,489 2,690 9,318 5,595 15,967 14,314 2,934 130 1,713 9,537 3,471 142,168 Mar 3 21 148 3,624 2,648 9,302 5,574 16,040 14,333 3,206 134 1,521 9,472 3,548 143,814 10 20,861 3,380 2,677 9,262 5,542 16,320 14,005 3,009 137 1,597 9,262 3,515 141,674 17 20,696 3.292 2,728 9,345 5,331 16,389 14,295 3,084 135 1,622 9,454 3,544 144,388 24 ... 20,626 3^200 2,726 9,388 5,312 16,422 14,135 3,004 133 1,646 9,352 3,565 142,569 31 20,460 3,070 2,764 9,355 5,271 16,386 14,437 3,224 129 1,604 9,480 3,706 144,156 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 WEEKLY REPORTING MEMBER BANKS APRIL 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday j u u T n s o t a t e d a d l - 4 j p u m D o s a d a t d s e e e n i - - - d t d s 5 Total6 IPC G S l a o t o n c a v d a te t l . e F ig o n r- 7 G U o . v S t . . c m m D c o t i i e e m o a c s r - l - - - Total8 S in a g v s - IPC Oth S l a e o t r n c a d a t t e l ime e F 9 ig o n r- 7 F B F r a . o R n m k . s o F t r h o e m rs l O ia t t b i h e il e s i r - c C o i a u t a c a n p - l t - s banks Govt. Total— Leading Cities 1964 Mar 4 153,247 62,353 92,140 65,731 5,304 1,763 3,689 12,038 61,107 38,360 14,475 4,407 3,411 12 2,211 6,220 14,717 U 152,608 63,457 91,237 67,421 4,687 1,7542,148 11,558 61,371 38,428 14,687 4,383 3,414 397 2,613 6,170 14,724 18 155,196 63,360 94,006 67,781 4,797 1,7544,498 11,516 61,190 38,509 14,319 4,437 3,439 911 2,714 5,986 14,691 25 153,467 62,630 92,053 65,376 5,169 1,854 5,49310,795 61,414 38,566 14,513 4,390 3,460 21 2,842 6,034 14,708 1965 Feb 3 165,293 64,992 96,059 68,515 5,396 2,059 3,64311,948 69,234 41,334 17,961 5,342 3,951 640 3,449 6,587 15,788 10 163,442 64 307 93 799 67 254 5,316 2 1533,09611 775 69,643 41,478 18,048 5,340 4,119 59 3,700 6 755 15 801 17 166,176 62,248 96,227 67,630 4,990 2,027 5,120 12,031 69,949 41,560 18,177 5,386 4,158 140 4,270 7,023 15,789 24 164,449 62,986 94,305 67,084 5,153 1,957 4,536 11,398 70,144 41,623 18,266 5,451 4,132 44 3,655 7,074 15,783 Mar 3 166,579 63,507 96,238 68,127 5,423 1,965 4,036 12,327 70,341 41,744 18,359 5,476 4,084 504 3,764 6,792 15,844 10 164,133 64,249 93,305 67 838 5,112 1,940 2,446 11,853 70,828 41,910 18,613 5,514 4,097 376 3,622 6 705 15,860 17 168,280 64,404 97,629 69,426 4,851 1,8914,351 12,044 70,651 42,028 18,250 5,483 4,188 345 3,873 6,776 15,837 24 166,316 62 511 95 311 66 183 4 943 1 9016,05711,469 71,005 42,096 18,465 5,550 4,204 183 3,983 6 947 15,842 31 170,318 63,377 99,178 67,642 5,570 2,0645,98812,662 71,140 42,323 18,456 5,500 4,175 50 3,299 6,755 15,958 New York City 1964 Mar 4 36,692 15,706 24,646 16,578 330 1,314 947 3,254 12,046 4,439 4,527 402 2,417 760 2.924 4,148 11 36,797 15,967 24,566 17,046 270 1,290 515 3,139 12,231 4,450 4,698 379 2,440 1,219 2,819 4,148 18 . . 37,593 16 046 25 467 17,402 241 1 2991,226 3,135 12,126 4,466 4,529 386 2,451 177 1,274 2 695 4 140 25 37 147 15 713 24 955 16 613 343 1 3801 559 3 004 12 192 4 471 4 598 372 2 457 1 200 2 811 4 140 1965 Feb 3 39,851 16,172 25,756 16,789 306 1 5451,004 3,166 14,095 4,745 5,613 468 2,853 155 1,570 3 148 4,320 10 39,612 15,798 25,304 16,362 379 1,616 863 3,301 14,308 4,717 5,665 481 2,957 1,361 3,244 4,325 17 40,341 15,123 25 884 16,590 304 1 4931,294 3,265 14,457 4,799 5,742 507 2,973 1 743 3 341 4 313 24 39 904 15 318 25 339 16 547 321 1 3991 062 3 211 14 565 4 810 5,841 522 2 952 1 218 3 404 4 311 Mar 3 40,503 15,811 25,894 16,940 349 1,413 1,046 3,330 14,609 4,828 5,898 520 2,917 203 1,578 3,069 4,316 10 40,067 15,867 25,146 16,930 285 1,380 662 3,206 14,921 4,850 6,151 534 2,923 108 1,510 3,018 4,319 17 41 450 15 912 26,583 16,994 296 1 3561,206 3,168 14,867 4,867 5,979 533 3,014 153 1,760 3 050 4 310 24 41,558 15,149 26,547 16,383 346 1,372 1,687 3,422 15,Oil 4,885 6,115 525 3,028 1,579 3,259 4,306 31. 43,315 15,887 28,220 17,301 438 1 5031,759 3,584 15,095 4,916 6,222 495 3,004 1,448 3 112 4 349 Outside New York City 1964 Mar 4 116,555 46,647 67,494 49,153 4,974 4492,742 8,784 49,061 33,921 9,948 4,005 994 12 1,451 3,296 10,569 11 115,811 47,490 66,671 50,375 4,417 4641,633 8,419 49,140 33,978 9,989 4,004 974 397 1,394 3,351 10 576 18. 117,603 47,314 68,539 50,379 4,556 455 3,272 8,381 49,064 34,043 9,790 4,051 988 734 1 440 3 291 10 551 25 116,320 46,917 67,098 48,763 4,826 4743,934 7,791 49,222 34,095 9,915 4,018 J .003 21 1,642 3,223 10,568 1965 Feb 3 125,442 48,820 70,303 51,726 5,090 5142,639 8,782 55,139 36,589 12,348 4,874 1,098 485 1,879 3,439 11,468 10 123,830 48,509 68,495 50,892 4,937 5372,233 8,474 55,335 36,701 12,383 4,859 ,162 59 2,339 3 511 11 476 17 125,835 47,125 70,343 51,040 4,686 5343,826 8,766 55,492 36,761 12,435 4,879 1,185 140 2,527 3 682 11 476 24 124,545 47,668 68,966 50,537 4,832 5583,474 8,187 55,579 36,813 12,425 4,929 1,180 44 2,437 3,670 11,472 Mar. 3 126,076 47,696 70,344 51,187 5,074 5522,990 8,997 55,732 36,916 12,461 4,956 1,167 301 2,186 3,723 11 528 10 124,066 48,382 68,159 50,908 4 827 560 1 784 8,647 55,907 37,060 12,462 4,980 ,174 268 2 112 3 687 11 541 17 126,830 48,492 71,046 52,432 4,555 535 3,145 8,876 55,784 37,161 12,271 4,950 1,174 192 2,113 3 726 11 527 24. ... 124,758 47,362 68,764 49,800 4,597 5294,370 8,047 55,994 37,211 12,350 5,025 ,176 183 2,404 3,688 11,536 31 127,003 47,490 70,958 50,341 5,132 5614,229 9,078 56,045 37,407 12,234 5,005 .171 50 1,851 3,643 11,609 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. Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 13,914 14,147 13,829 14,029 13,962 banks, not shown separately. New York City 5,089 5,316 5,213 5,299 5,355 7 Deposits of foreign governments and official institutions, central Outside New York City... 8,825 8,831 8,616 8,730 8,607 banks, international institutions, banks in foreign countries, and foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BUSINESS LOANS OF BANKS 569 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Net change during— Industry Durable goods manufacturing: Primary metals Machinery Transportation equipment Other fabricated metal products. . . Other durable goods Nondurable goods manufacturing: Food, liquor, and tobacco Textiles, apparel, and leather Petroleum refining Chemicals and rubber Other nondurable goods Mining, including crude petroleum and natural gas Trade: Commodity dealers Other wholesale Retail Transportation, communication, and other public utilities Construction All other: 1 Bankers' acceptances All other types of business, mainly services Total classified loans Commercial and industrial loans— All weekly reporting banks -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: 1964 Mar 4.77 5.66 5.39 5.06 4.66 1956 4.2 5.2 4.8 4.4 4.0 June 4.74 5.64 5 36 5 05 4 63 1957 .. 4.6 5.5 5.1 4.8 4.5 Sept 4.72 5.64 5.40 5.01 4.61 1958 4.3 5.5 5.0 4.6 4.1 Dec 4.77 5.59 5 35 5 08 4 66 1959 5.0 5.8 5.5 5.2 4.9 1965—Mar .... 4.74 5.62 5.36 5.10 4.62 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 1964 Mar 5 02 5 81 5 54 5 24 4 88 1963 5.0 5.9 5.5 5.2 4.8 June 5.03 5.83 5 55 5 27 4 89 1964 5.0 5.9 5.6 5.3 4.8 Sept 5.01 5.88 5.56 5.25 4.86 Dec 5.03 5.84 5.58 5.31 4.88 1965—Mar 5.00 5.85 5.55 5.26 4.85 Quarter ;i 19 large cities: 11 southern and western cities: 1964—Mar 4.99 5.83 5.54 5.22 4.82 1964—Mar 5.29 5.91 5.62 5.31 5.08 4.99 5.84 5.53 5.24 4.81 June 5.29 5.93 5 61 5 34 5 07 Sent 4.98 5.86 5.57 5.23 4.79 Sept 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 1965—Mar 4.97 5.89 5.56 5.26 4.78 1965—Mar 5.27 6.02 5.68 5.36 4.99 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—Aug. 4, 3VA ; Oct. 14, 31/.; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4V£; 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, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4V£. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 INTEREST RATES APRIL 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 5 6-month bills 5 9- to 12-month issues Period m 4 p o - a n t p o t e h r s 6 , - * m d 3 p i o - r l n e a to c c th t e l 6 s d y - , 2 9 a 0 a c n d c c a e e y p s s t , - i r fu at n e d s 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a l i d r ll k ) s e 5 t Other 6 i 3 s - s y u t e o e a s r 5 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 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1964 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 M^ay 3 89 3.76 3.75 3.50 3.482 3.48 3.612 3 60 3 71 3 67 4 07 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 1965—Jan 4.25 4.05 4.00 3.90 3.828 3.81 3.944 3.94 3.91 3.87 4.06 Feb 4.27 4.12 4.10 3.98 3.929 3.93 4.003 4.00 4.00 3 97 4 08 Mar 4.38 4.25 4.15 4.04 3.942 3.93 4.003 4.00 4.02 4.03 4.12 Week ending— 1965 Feb 27 4.34 4.25 4.13 3.93 3.989 3.99 4.043 4.04 4 04 4 04 4 10 Mar 6 4.38 4.25 4.13 4.00 3.982 3.96 4.038 4.02 4.05 4.07 4.12 13 4 38 4.25 4.13 4.05 3.948 3.94 4.001 4 01 4 04 4 04 4 13 20 4.38 4.25 4.13 4.04 3.917 3.92 3.990 3.99 4.00 4 02 4 11 27 4.38 4.25 4.15 4.09 3.922 3.91 3.984 3.98 3.99 4.01 4.10 1 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- 6 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 7 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 Stocks State By selected By Dividend/ Earnings/ Period U St n a i t t e e s d and locaI rating group price ratio price ratio (long- Total i term) Total* Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o e r n n- C m o o m n - 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 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 27 2 96 Aug 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3 03 Sept 4.16 3.30 3.09 3.57 4.57 4.42 4.82 4.52 4 65 4 53 4 25 3 00 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 3 05 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 Feb 4.16 3.18 2.97 3.42 4.55 4.41 4.78 4.52 4.62 4.51 4 22 2 99 Mar 4.15 3.28 3.09 3.51 4.56 4.42 4.78 4 52 4 63 4 51 4 26 2 99 Week ending— 1965 Feb 27 4.16 3.21 3.03 3.44 4.55 4.41 4.78 4.52 4 61 4 51 4 25 2 97 Mar. 6 4.16 3.28 3.09 3.51 4.55 4.41 4.78 4.52 4.62 4.51 4 25 2 97 13 4.16 3.28 3.09 3.51 4.55 4.41 4.78 4 52 4 63 4 51 4 27 3 00 20 4.14 3.28 3.09 3.51 4.56 4.42 4.78 4.52 4.64 4 51 4 25 2 99 27 4.14 3.28 3.09 3.51 4.56 4.42 4.79 4.52 4.63 4.52 4.26 2.98 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures. Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 SECURITY MARKETS 571 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Common stock prices insured Bond prices (1941-43= 10) Volume Inter- Loan/ of Period est Fees, Ma- price Avg. Period U.S. Cor- Pub- trad- Yield rate etc. tur- ratio loan Govt. State por- In- Rail- lic ing (per (per (per ity (per (thou. (long- and ate Total dus- road util- (thou. cent) cent) cent) (yrs.) cent) dollars) term) local AAA trial ity shares) 1961 i 5 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— Mar.. 84.10 109.9 95.2 78.80 83.64 42.88 66.78 5,428 1964 5.45 5.78 .57 24.8 74.1 17.3 Apr. . 83.84 110.3 94.7 79.94 84.92 43.27 67.30 5,616 May.. 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 1964—Jan... 5.45 5.83 .64 24.7 74.7 16.7 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 Feb... 5.45 5.81 .58 24.7 74.8 17.2 July.. 84.70 Ii2.1 95.2 83.22 88.19 48.93 70.35 4,663 Mar.. 5.45 5.79 .55 24.5 74.6 17.2 Aug.. 84.59 111.8 95.3 82.00 86.70 47.17 71.17 3,919 Apr. . 5.45 5.79 .55 24.8 73.9 17.2 Sept.. 84.31 111.0 95.1 83.41 88.27 47.14 72.07 5,228 May.. 5.45 5.77 .52 24.7 73.7 17.0 Oct... 84.37 110.9 95.1 84.85 89.75 48.69 73.37 4,843 June.. 5.45 5.76 .59 25.4 74.3 17.3 Nov.. 84.81 112.0 95.2 85.44 90.36 48.01 74.39 4,928 July.. 5.46 5.76 .52 24.5 73.9 17.4 Dec. . 84.65 112.6 95.3 83.96 88.71 45.75 74.24 4,729 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 1965—Jan... 84.56 114.0 95.5 86.12 91.04 46.79 75.87 5,457 Oct... 5.45 5.75 .58 24.5 73.2 17.4 Feb... 84.40 113.4 95.5 86.75 91.64 46.76 77.04 5,910 Nov.. 5.45 5.75 .55 24.7 73.5 17.4 Mar.. 84.48 112.0 95.2 86.83 91.75 46.98 76.92 5,427 Dec.. 5.45 5.76 .59 25.2 73.9 17.8 Week 1965-—Jan... 5.45 5.79 .59 24.7 74.0 17.5 ending— Feb... 5.45 5.79 .61 24.9 74.0 17.6 Mar.. 5.45 Feb. 27 84.36 112.1 95.6 87.11 92.07 47.02 76.94 6,379 Mar. 6 84.31 111.4 95.4 87.14 92.06 46.89 77.30 6,306 13 84.31 111.9 95.3 86.83 91.73 46.97 77 00 5,540 1 Last 6 months only. 20 84.58 112.2 95.1 87.01 91.98 47.13 76.68 5,325 27 84.65 112.2 95.2 86.78 91.68 47.23 76.79 5,129 NOTE.—Annual data are averages of monthly figures. Yields on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices NOTE.—Annual data are averages of monthly figures. Monthly and weekly for Sec. 203, 30-year mortgages, with the minimum down pay- data are averages of daily figures unless otherwise noted and are computed as ment, a maximum permissible interest rate of 5 VA per cent, and follows: U.S. Govt. bonds, derived from average market yields in preceding table an assumed prepayment period of 15 years. Price data are on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, reported as of the first of the succeeding month. derived from average yields, as computed by Standard and Poor's Corp., on basis Conventional first mortgages, Home Loan Bank Board in of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard cooperation with Federal Deposit Insurance Corporation be- and Poor's index. Volume of trading, average daily trading in stocks on the ginning in late 1962; interest rate data for earlier years—in N.Y. Stock Exchange for a 5^-hour trading day. parentheses—are based on estimates from Federal Housing Administration. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others 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 TVktai Customer Other a b n a c l e - s lotai 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 ,369 35 2,785 2,434 351 ,216 1963—Dec 7,242 26 5,515 140 ,727 32 4,449 3,852 597 ,210 1964—Mar 7,141 21 5,366 97 1,775 18 4,138 3,646 492 ,231 Apr,.... 7,314 21 5,510 101 1,804 17 4,411 3,916 495 ,165 May.... 7,277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 June 7,229 18 5,370 94 1,859 156 4,275 3,766 509 ,146 July.... 7,160 25 5,289 70 1,871 266 4,129 3,672 457 ,114 Aug 7,096 21 5,187 69 1,909 191 4,090 3,618 472 ,077 Sept.... 7,142 19 5,221 81 1,921 109 4,122 3,568 554 ,145 Oct 7,101 20 5,185 69 1,916 102 4,053 3,528 525 ,155 Nov 7,108 20 5,160 64 1,948 184 3,951 3,469 482 1,131 Dec 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—Jan 6,940 33 4,986 70 [,954 177 3,763 3,317 446 1,207 Feb 6,872 31 5,007 76 1,865 132 '3,748 r3,259 489 ,254 Mar 6,937 30 5,051 129 1,886 106 3,894 3,303 591 1,264 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

572 OPEN MARKET PAPER; SAVINGS INSTITUTIONS APRIL 1965 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Heldby- ]Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers i ly2 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964 Feb 8,119 2,079 6,040 3,056 1,466 1,095 371 64 95 1,431 596 983 94 31 J 151 Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 1,473 590 990 87 35 1,401 Apr 7,920 2,039 5,881 3,102 1,355 1,060 295 93 117 1,536 587 963 105 36 1,411 May 8,326 1,973 6,353 3,049 1,418 1,105 313 47 146 1,438 576 941 73 34 1,426 June 8,036 1,948 6,088 3,149 1,370 1,113 257 83 146 1,550 567 929 82 27 1,545 July 8,879 2,006 6,873 3,137 1,455 1,121 334 56 137 1,489 576 949 74 24 1,513 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 1,614 647 935 106 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 4QR 667 999 111 43 1,565 1965—Jan 8,928 2,143 6,785 3,276 1,535 1,308 227 115 122 1,504 662 956 79 34 1,545 Feb 9,033 2,239 6,794 3,232 1,439 1,247 193 71 118 1,604 661 916 59 26 1 571 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 Mart- U.S. and rate assets assets ties its 2 liabili- ac- Other Govt. g lo o c v a t l . ot a h n e d r 1 su a r n p d lus ties counts 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 + 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 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—Jan.... 36,352 667 5,951 440 5,097 849 823 50,179 45,006 1,023 4,150 102,694 2,228 Feb 36,635 703 6,033 427 5,135 880 800 50,614 45,266 1,143 4,206 113,062 2,391 Mar 36,933 704 6,117 424 5,151 887 825 51,042 45,761 1,036 4,244 120,396 2,504 Apr 37,267 646 6,064 423 5,138 819 820 51,178 45,851 1,118 4,209 123,979 2,586 May 37,601 714 6,052 419 5,150 847 827 51,610 46,124 1,225 4,261 124,416 2,661 June 37,971 676 6,024 409 5,145 906 871 52,001 46,624 1,102 4,275 132,625 2,690 July 38,407 705 6,025 409 5,142 863 867 52,417 46,918 1,222 4,277 132,726 2,701 Aug 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 1,146 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 Dec. r 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965—Jan 40,640 800 5,907 388 5,105 977 895 54,713 49,222 1,085 4,405 132,992 2,745 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. 559. 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

APRIL 1965 SAVINGS INSTITUTIONS 573 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l ndForeign1 Total Bonds Stocks gages estate loans assets Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1 840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958. . 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4 937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962.. 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 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: 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 Dec 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—jan r 141,889 12,516 5,847 3,868 2,801 59,993 54,279 5,714 50,896 4,342 6,692 7,450 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 A.U2 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 Dec 149,318 12,274 5,511 3,808 2,955 62,087 55,697 6,390 55,179 4,521 7,133 8,124 1965—Jan 150,392 12,518 5,724 3,821 2,973 62,484 56,024 6,460 55,626 4,534 7,162 8,068 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 AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of U.S. assets2— Reserves loan period M ga o g r e t s - s G ec o u v r t i . - Cash Other i ia T b o il t i a ti l es S c a a v p i i n ta g l s und a i n v d ided B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m m e m nt i s tties profits* 1941 . .. 4 578 107 344 775 6,049 4,682 475 256 636 1945 5 376 2,420 450 356 8,747 7,365 644 336 402 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 . 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963r 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 r—Jan 91,550 6,601 3,585 6,002 107,738 91,772 7,237 4,594 2,372 1,763 2,665 Feb 92,260 6,666 3,618 6,109 108,653 92,526 7,253 4,381 2,344 2,149 2,819 Mar.... 93,167 6,736 3,628 6,247 109,778 93,628 7,220 4,327 2,438 2,165 2,965 . 94,076 6,721 3,481 6,367 110,645 93,949 7,231 4,605 2,472 2.388 3,112 May'.'.'.. 95,071 6,715 3,518 6,750 112,054 94,931 7,244 4,548 2,511 2,820 3,149 June... . 96,168 6,688 3,813 6,736 113,405 96,695 7,509 4,984 2,546 1,670 3,108 July.... . 97,211 6,690 3,364 6,537 113,802 96,712 7.528 4,995 2,567 2,000 3,075 Aug.. ... 98,159 6,739 3,378 6,651 114,927 97,485 7,548 4,996 2,495 2,403 2,983 Sept . 98,995 6,781 3,411 6,757 115,944 98,558 7,552 5,069 2,396 2,369 2,912 Oct 99,832 6,823 3,434 6,828 116,917 99,309 7,564 5,033 2,314 2,697 2,897 Nov.... 100,519 6,965 3,520 7,054 118,058 100,168 7,580 5,003 2,244 3,063 2.822 Dec . 101,314 6,973 4,025 6,983 119,295 101,847 7,903 5,596 2,221 1,728 2; 589 1965—Jan 101,844 7,098 3,593 6,827 119,362 102,101 8,014 5,146 2,113 1,988 2,642 1 Includes other loans, stock in the Federal home loan banks, other * The decline in reserves and surplus from Feb. to Mar. 1964 is coninvestments, real estate owned and sold on contract, and office buildings centrated in state-chartered savings and loan assns. in Calif, where the and fixtures. accounting system is being revised. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no NOTE.—Federal Savings and Loan Insurance Corp. data; figures are deductions for mortgage-pledged shares. Beginning with Jan. 1958, no estimates for all savings and loan assns. in the United States. Data deduction is made for mortgage-pledged shares. These have declined beginning with 1954 are based on monthly reports of insured assns. and consistently in recent years and amounted to $42 million at the end of annual reports of noninsured assns. Data before 1954 are based entirely 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL FINANCE APRIL 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 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 n ss s ts : t- E p T q a o u y t a t a s l l s . : p re a c y t t s s . . C & (d d h a i i e a r n g b n e e t c g n t e .) a I t g L n r e b v u e y n e s s . t s 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 5,313 117,222 -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 2,072 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: 1964—Feb 8,047 3,705 222 11,525 7,521 2,063 191 9,393 2,132 1,550 830 133 586 Mar 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 N&y!!!!!'" 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 June 12,401 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 1965—Jan 5,642 1,016 262 6,387 7,676 2,456 774 9,358 -2,971 -240 -1,787 110 1,437 Feb 7,518 3,746 27 11,227 7,146 2,146 -277 9,570 1,656 1,884 1,391 60 433 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 ss s u e a o c r a f . k n 3 e c t e i I n G n s e v o U c e v . . s 3 t S t . , . p d g d u i r i e r b o n e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d t x n s. O as n t s h e e t e ts r 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: 1964—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 1965—Jan -2,033 -1,440 402 -282 1,787 42 25 -1,550 5,745 914 3,612 1,219 Feb 372 1,600 -364 -16 -1,391 1,900 -95 2,197 7,942 988 5,800 1,154 1 Primarily interest payments by Treasury to trust accounts and accumu- 5 Includes technical adjustments not allocated by functions. lations to U.S. employee trust funds. < 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 * 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 Dspt. and Bureau of the Budget data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FEDERAL FINANCE 575 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d - ivid O ua th l er Corp. Total a L b n i a q d c u c t o o o r - H w ig a h y - Total O R a A n .R d S . I e U m n p - l. a g n if d t t C o u m s- s r m e a p e n a n d y ts - fu R n e d - s Other held Fiscal year—1961... 97,24232,978 13,175 21,765 12,064 5,204 2,923 16,381 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... 115,530 3"9,259 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.. 60,72819,761 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 3,089 1,947 9,378 7,535 1,594 1,170 729 900 1,008 1,466 Month: 1964—Feb 11,525 6,105 870 451 ,112 382 320 3,382 2,393 954 184 87 102 944 176 Mar 12,168 3,222 770 6,654 ,121 434 264 1,678 1,527 109 196 108 146 1,960 233 Apr 8,334 889 5,006 684 ,103 465 254 1,394 1,116 239 422 109 119 1,575 183 May 10,652 4,837 561 491 195 466 308 4,163 3,242 884 234 100 125 1,196 142 June 14,376 2,654 2,219 6,196 ,290 560 320 1,563 1,457 66 208 117 145 304 288 July 4,745 1,172 377 646 ,234 456 328 904 623 233 219 120 143 219 149 Aug 10,552 4,809 159 419 ,284 496 380 3,455 2,732 684 219 112 123 207 179 Sept 11,739 2,669 2,255 3,950 ,203 502 324 1,256 1,158 56 166 122 132 216 202 Oct 4,344 1,158 264 572 ,176 n.a. 298 639 478 121 205 126 130 176 250 Nov 9,716 4,956 112 449 ,244 n.a. 336 2,238 1,766 435 168 124 220 100 305 Dec 10,256 2,969 430 3,953 ,257 555 280 885 778 65 192 125 152 90 383 1965—Jan 6,387 1,181 2,506 607 ,045 n.a. 296 508 305 161 183 76 155 107 233 Feb 11,227 5,302 872 473 ,214 n.a. 340 3,369 2,537 797 213 106 173 653 158 Cash payments to the public Period T lo n i t a a i i J 5 t f i N e d o n e n a s - - a e l af I f n ai t r l s . « s S e p r a e a r - c c e h cu A lt g u r r i e - « so N u u r r e a r a - c t l - es t m C ra a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ao e e l a o f l r a t r h o e , c 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 er o e a v n l t - . Fiscal year—1961 99,542 47,685 3,608 744 3,728 2,101 5,107 -103 22,364 945 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 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: 1964—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 1965—Jan 9,358 4,018 265 407 384 164 539 -176 2,422 118 658 315 202 Feb 9,570 3,885 182 423 417 166 465 -126 2,423 122 497 1,353 172 1963 1964 1963 1964 Item III IV III IV III IV in 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 -1.0 -2.5 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

576 U.S. GOVERNMENT SECURITIES APRIL 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total T gr o o t s a s l Marketable Nonmarketable Special End of period gross direct Con- issues « debti debt 2 Total Total Bills Certifi- Notes Bonds 4 b v i o b e n r l d e t- s Total 5 S in a g v s cates bonds 1941_Dec 64 3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257 0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 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 A 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—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 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 Feb 320.6 319.9 270.0 214.9 58.8 55.5 100.6 3.0 52.1 49.9 45.6 Mar 318.4 317.7 267.7 212.5 56.5 55.5 100.5 2.9 52.2 49.9 45.7 1 Includes noninterest-bearing debt (of which $285 million, on Mar. 31, 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 $14,828 million on Feb. 28, 1965. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t U e a r o n u n .S v c s d . i t t e . s B F a . n R k . s Total m b C e a o r n m c k ia s - l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t n o e e d n i r g - a n l2 t i O m o n r v t i s h s e e 3 c s r . funds * 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 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 J964—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 Apr... 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 318.7 60.6 37.0 221.1 63.7 5.7 11.1 19.7 21.6 48.9 19.2 16.7 14.5 1965 Jan 318.6 59.1 36.7 222.8 62.5 5.8 11.3 20.7 22.4 49.0 '•19.5 M6.5 r15.0 Feb 320.6 60.4 36.9 223.3 61.3 5.9 11.2 21.4 23.1 49.1 19.7 16.6 14.8 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

APRIL 1965 U.S. GOVERNMENT SECURITIES 577 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Tntal 1-5 5-10 10-20 Over loiai years years years 20 years Total Bills Other All holders: 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—Dec. 31 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 1965—Jan. 31. 214,411 86,798 58,429 28,369 57,886 43,902 6,107 19,718 Feb. 28 214,863 89,829 58,833 30,996 59,702 39,532 6,106 19,694 U.S. Govt. agencies and trust funds: 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—Dec. 31 12,146 1,731 1,308 424 2,422 3,147 1,563 3,282 1965—Jan. 31 12,465 1,618 1,200 418 1,743 3,853 1,563 3,689 Feb. 28 12,460 1,646 1,233 413 2,028 3,505 1,563 3,718 Federal Reserve Banks: 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—Dee. 31 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—Jan. 31 36,741 21,143 6,277 14,866 13,506 1,797 58 237 Feb. 28 36,907 22,981 6,360 16,621 11,799 1,820 58 248 Held by public: 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—Dec. 31 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—Jan. 31 165,205 64,037 50,952 13,085 42,637 38,252 4,486 15,792 Feb. 28 165,496 65,202 51,240 13,961 45,875 34,207 4,485 15,728 Commercial banks: 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—Dec. 31 53,752 18,509 10,969 7,540 23,507 11,049 187 501 1965—Jan. 31 52,560 15,901 10,100 5,801 20,778 14,754 188 939 Feb. 28 51,446 15,557 9,134 6,423 22,483 12,362 188 856 Mutual savings banks: 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—Dec 31 5,434 608 344 263 1,536 1,765 260 1,266 1965—Jan. 31 5,584 683 452 231 1,301 2,015 260 1,325 Feb. 28 5,689 776 534 242 ,437 1,881 254 1,341 Insurance companies: 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—Dec 31 9,160 1,002 480 522 2,045 2,406 818 2,890 1965—Jan.* 31 9,429 938 591 347 1,911 2,710 821 3,048 Feb. 28 9,345 846 549 297 1,997 2,631 853 3,018 Nonfinancial corporations: 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—Dec. 31 9,136 6,748 5,043 1,705 2,001 272 3 112 1965—Jan. 31 9,474 7,134 5,884 1,250 1,818 386 3 134 Feb. 28 9,796 7,277 6,279 998 2,022 330 3 163 Savings and loan associations: 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—Dec. 31 3,418 490 343 148 1,055 1,297 129 447 1965—Jan. 31 3,513 421 321 100 850 1,542 130 570 Feb. 28 3,618 462 352 110 971 1,458 129 598 State and local governments: 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—Dec. 31 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—Jan. 31 15,725 5,470 4,645 825 1,856 2,130 1,434 4,836 Feb. 28 16,293 5,985 5,103 882 1,853 2,063 1,431 4,961 All others: 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—Dec. 31 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Jan. 31 68,921 33,490 28,958 4,532 14,125 14,714 1,651 4,941 Feb. 28 69,311 34,299 29,290 5,009 15,112 13,482 1,628 4,790 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 781 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 6,003 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 U.S. GOVERNMENT SECURITIES APRIL 1965 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer I U.S. Govt. Period Dealers and brokers j i s a e g cu en ri c t y ies Total Com- W 1 i y th e i a n r y 1 e - a 5 rs y 5 e -1 ar 0 s 10 O y v e e a r rs U.S. m b e a r n c k ia s l o A th l e l r Goyt. Other securities 1964—Feb 1,809 ,336 272 145 56 528 29 737 516 91 Mar 1,685 ,361 213 81 31 563 22 657 443 86 Apr. 1,849 ,528 234 70 18 590 24 737 498 134 May 1,702 ,264 248 165 25 566 29 651 457 120 June 1,488 ,201 170 97 19 458 24 566 439 142 July 1,936 ,433 216 208 79 581 38 784 532 131 Aug 1,453 ,099 197 123 34 406 26 604 417 113 Sept 1,510 ,214 155 102 39 443 20 616 432 117 Oct 1,749 ,476 141 92 41 529 25 719 475 114 Nov 1,864 ,426 271 127 40 533 28 805 499 131 Dec 2,052 ,596 261 146 49 615 38 835 564 85 1965—Jan 2,405 ,763 307 177 158 689 44 1,036 637 93 1,814 ,434 219 91 69 516 29 750 518 101 Feb Week ending— 2,018 ,517 261 128 111 592 29 774 623 i 78 1965—Feb. 3 1,594 ,215 200 93 85 465 33 671 424 I 106 10 1,959 ,550 234 78 98 575 31 798 556 i 102 17 1,747 ,431 197 82 37 506 27 750 464 | 120 24 Mar. 3 1,871 ,529 196 93 54 558 30 751 533 ! 83 10 1,548 ,276 177 62 33 398 20 602 529 I 99 17 1,727 ,340 185 106 96 599 23 636 469 ! 84 24 1,596 1,272 192 86 46 532 27 638 399 151 31 1,770 1,508 163 69 30 516 24 753 477 I 114 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 e i a n 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 o e r w k w E h ls e e r - e C t o io rp n o s r i a- o A th l e l r City 1964—Feb 3,475 2,787 468 219 195 Mar 2,775 2,486 323 -34 195 1964—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 2,390 545 556 1,065 225 June 3,475 3,217 91 167 318 M^y 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 1965—Jan 3,812 2,882 196 734 246 Feb 3,420 2,688 163 569 237 1965—Jan 4.354 ,323 1.229 1,206 596 Feb 3,495 856 902 1,278 459 Week ending— Week ending— 1965—Jan. 6.. 3,756 3,245 720 -209 309 13.. 3,535 2,491 247 797 258 1965—Jan. 6... 4,048 1,225 934 1,070 820 20.. 3,875 2,795 -1 1,082 209 13... 4,750 1,452 1,335 1,254 710 27.. 3,911 2,959 21 932 240 20... 4,694 1,444 1,534 1,273 444 27... 3,980 1,114 1,101 1,273 492 Feb. 3. . 3,766 2.915 88 763 226 10. . 3,449 2,593 196 661 209 Feb. 3... 3,965 [.361 1,114 1,038 453 17. . 3,290 2,618 163 509 199 10.. . 3,543 852 975 1,185 531 24. . 3,352 2,740 157 456 294 17. .. 3,474 882 895 1,226 470 24... 3,366 620 786 1,529 431 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the * All business corps. except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 OUTSTANDING SECURITIES 579 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 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. Apr. 1,1965 2,100 Sept. 2, 1965 1,000 Nov. 15, 1966 4 2,254 Feb. 15, 1969 4 1,844 Apr. 8,1965 2,003 Sept. 9, 1965 1,000 Feb. 15, 1967 3% 2,358 Oct. 1,1969 4 6,262 Apr. 15, 1965 2,104 Sept. 16, 1965 1,003 Apr. 1,1967 \Vi 270 Feb. 15, 1970 4 4,381 Apr. 22,1965 2,201 Sept. 23, 1965 1,000 Aug. 15,1967 334 2,929 Aug. 15,1970 4 4,129 Apr. 29, 1965 2,206 Sept. 30, 1965 1,001 Oct. 1,1967 " 457 Aug. 15, 1971 4 2,806 Apr. 30,1965 1,001 Oct. 31, 1965 1,000 Apr. 1,1968 212 Nov. 15, 1971 3% 2,760 May 6,1965 2,202 Nov. 30, 1965 1,001 Oct. 1,1968 115 Feb. 15, 1972 4 2,344 May 13,1965 2,201 Dec. 31, 1965 1,003 Apr. 1,1969 61 Aug. 15, 1972 4 2,579 May 20, 1965 2,201 Jan. 31, 1966 1,000 Oct. 1,1969 125 Aug. 15,1973 4 3,894 May 27, 1965 2,201 Feb. 28, 1966 1,001 Nov. 15, 1973 4% 4,357 May 31, 1965 1,000 Mar. 31, 1966 1,000 Feb. 15, 1974 4Vs 3,130 J J J u u u n n n e e e 1 1 3 7 0 , , , 1 1 1 9 9 9 6 6 6 5 5 5 2 2 2 , , , 2 2 20 0 0 1 0 2 Treasury notes Tr D e Ju a e s n c u e . r y 1 1 5 5 b , o , n 1 1 d 9 9 s 6 6 3 2 - - 6 6 8 7 . . . . . . 2 2 \ \ 1 1 , , 7 43 9 1 3 N M M o a a v y y . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 4 5 -85... 4 4 3 * 7 V / 4 4 8 2 1 1 , , , 2 5 2 1 3 4 8 2 4 June 22, 1965 3,263 Apr. 1,1965 Vh 466 June 15, 1964-69...2i 2,606 June 15, 1978-83... 3 VA 1,584 June 24, 1965 2,208 May 15, 1965 4% 1,816 Dec. 15, 1964-69... 2* 2,537 Feb. 15, 1980 4 2,609 June 30, 1965 1,001 May 15,1965 3% 6,620 Mar. 15, 1965-70.. .2' 2.412 Nov. 15, 1980 3% 1,913 July 1,1965 1,002 Aug. 13,1965 3% 6,202 May 15,1966 3U 1,688 May 15,1985 314 1,128 July 8,1965 1,003 Aug. 13, 1965 3% 1,066 Aug. 15, 1966 3 1,024 Feb. 15, 1990 3% 4,903 July 15,1965 1,001 Oct. 1,1965 m 315 Nov. 15,1966 3% 1,851 Aug. 15, 1987-92... 414 3,818 July 22, 1965 1,001 Nov. 15, 1965 3% 1,616 Mar. 15, 1966-71... 2% 1,401 Feb. 15, 1988-93 4 250 July 29, 1965 1,003 Nov. 15, 1965... 4 8,099 June 15, 1967-72.. .2% 1,286 May 15, 1989-94,. AV& 1,560 July 31,1965 1,000 Feb. 15, 1966 3% 2,196 Sept. 15, 1967-72... 2% 1,952 Feb. 15,1995 3 2,327 Aug. 5,1965 1,004 Feb. 15,1966 37/g 2,597 Nov. 15, 1967 3% 2,019 Nov. 15, 1998 3% 4,426 Aug. 12, 1965 1,001 Apr. 1,1966 \Vi 675 Dec. 15, 1967-72...2% 2,708 Aug. 19, 1965 1,000 May 15, 1966 4 9,519 May 15, 1968 3% 2,460 Convertible bonds Aug. 26, 1965 1,003 Aug. 15,1966 4 5,156 Aug. 15, 1968 334 3,747 Investment Series B Aug. 31, 1965 1,000 Oct. 1.1966 1% 357 Nov. 15, 1968 3% 1,591 Apr. 1, 1975-80... 2# 2,941 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, 1965 Agency, a t n y d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Agency a , n ty d p c e o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Notes: Debentures: May 15, 1964 .....4.10 Apr. 15, 1965 430 June 1,1964 Mar. 1, 1965 259 J O u c n t e . 1 1 5 5 , , 1 19 9 6 6 4 4 4i/ 4 8 J M un ay e 1 1 5 7 , , 1 1 9 9 6 6 5 5 2 5 5 2 0 5 J A u u ly g . 3 1 , , 1 1 9 9 6 6 4 4 May 3 1 , , 1 1 9 96 6 5 5 2 2 4 1 9 9 Aug. 17,1964 3.95 July 15, 1965 446 Sept. 1,1964 June 1, 1965 204 Sept. 15, 1964 4.05 Aug.16, 1965 552 Oct. 1,1964. July 1, 1965 192 Oct. 15,1964 4.05 Sept.15, 1965 172 Nov. 2,1964. Aug. 2, 1965 195 Nov. 16, 1964 4.10 Oct. 15, 1965 400 Dec. 1,1964. Sept. 1, 1965 226 Feb. 15, 1965 4.20 Jan. 17, 1966 220 Jan. 1, 1965. Oct. 4, 1965 279 Feb. 1, 1965. Nov. 1, 1965 323 Bonds: 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 4 2 4 3 4 % % % S M 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 Fe B de o A r n a p d l r s l . : a n 2 d 0 , b 1 a 9 n 6 k 4 s Apr. 20,1965 209 June 15, 1964 4V4 Nov. 15, 1966 275 O A c u t g . . 2 20 0 , , 1 1 9 9 6 6 4 0 O A c u t g . . 2 2 0 3 , ,1 1 9 9 6 6 5 5 1 16 5 0 9 June 20, 1961 Dec. 20,1965 140 Federal National Mortgage Association Apr. 3, 1961 Feb. 21, 1966 150 (secondary market operations) May 1,1958 May 2,1966 108 Sept. 20, 1961 July 20,1966 193 Feb. 15, 1957 Feb. 15,1967-72 72 Discount notes. 300 May 1,1962 May 22,1967 180 Oct. 1,1957 Oct. 1,1967-70 75 Oct. 22, 1963 Oct. 23,1967 174 Debentures: Apr. 1,1959 Mar. 20,1968 111 Dec. 10, 1957 4} June 10, 1965 97 May 1, 1963 June 20,1968 186 Sept. 10, 1962 3} Mar. 10, 1966 108 Aug. 20, 1964 Aug. 20,1968 160 Dec. 12, 1960 41, Dec. 12, 1966 93 Feb. 2, 1959 Mar. 20.1969 100 Mar. 10,1958 3} Mar. 11, 1968 87 Feb. 23, 1965 July 15,1969 130 Apr. 10, 1959 4*> Apr. 10, 1969 88 July 15, 1957 July 15,1969 60 Apr. 11,1960 4} Apr. 10, 1970 143 Oct. 20, 1964 Oct. 20,1969 209 Sept. 12,1960 4V. Sept. 10, 1970 119 Feb. 1,1960 Feb. 20,1970 82 Aug. 23, 1960 4V Aug. 10, 1971 64 Feb. 14, 1958 Apr. 1,1970 83 Sept. 11, 1961 4V Sept. 10, 1971 96 Jan. 5,1960 July 20,1970 85 Feb. 10, 1960 5\ Feb. 10, 1972 100 May 1,1956 May 1,1971 60 Dec. 11, 1961 4f June 12, 1972 100 Sept. 14, 1956 Sept. 15,1972 109 June 12, 1961 4\ June 12, 1973 146 Feb. 20, 1963 Feb. 20,1973-78 148 Feb. 13, 1962 4\? Feb. 10, 1977 198 Feb. 20,1962 Feb. 20,1974 155 Tennessee Valley Authority Banks for cooperatives Short-term notes 45 Debentures: Oct. 1,1964 4 Apr. 1, 1965 203 Bonds: Nov. 2,1964 4 May 3,1965 73 Nov. 15, 1960. .4.40 Nov. 15, 1985 50 Dec. 1,1964 4 June 1, 1965 192 July 1, 1961. July 1, 1986 50 Feb. 1,1965 4V8 Aug. 2, 1965 204 Feb. 1,1962. 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

580 CREDIT AGENCIES; SECURITY ISSUES APRIL 1965 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn. for intermediate land (secondary market cooperatives credit banks banks Assets Liabilities and capital operations) End of period m b A t e e o d m r - s - I m nv e e n s ts t- p C a o d a n s e s d i - h ts B n a o o n n t d e d s s M po b d e s e e m i - r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t e e d e ) s s n- c L a o t ( o o t i A o v a p n e ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A n i a s n d n - ) t s s D t e u a b re e ) s n- M l g o ( o a r a A g n t ) e s - Bo ( n L d ) s 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 ,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 ,391 1,356 2,360 1,986 1960 1,981 ,233 90 1,266 938 989 2,788 2,523 649 407 ,501 1,454 2,564 2,210 1961 2,662 ,153 159 1,571 1,180 ,107 2,770 2,453 697 435 ,650 1,585 2,828 2,431 1962 3,479 ,531 173 2,707 1,214 ,126 2,752 2,422 735 505 ,840 1,727 3,052 2,628 1963 4,784 ,906 159 4,363 1,151 ,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Feb.. 4,216 ,622 86 3,631 943 ,182 ,985 1,786 849 589 2,163 2,018 3,364 2,886 Mar. 4,168 ,709 86 3,622 997 ,189 ,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr.. 4,444 ,420 72 3,625 957 ,193 ,983 ',781 786 533 2,329 2,157 3,445 2,973 May. 4,395 ,607 82 3,727 990 ,196 ,984 ,698 747 527 2,412 2,246 3,481 2,973 June. 4,769 ,804 153 4,201 1,153 ,201 ,962 ,698 757 498 2,504 2,315 3,516 2,973 July. 4,763 ,476 106 4,042 936 ,208 ,940 ,698 782 498 2,561 2,396 3,551 2,973 Aug. 4,781 ,622 75 4,169 926 ,210 ,936 ,696 787 538 2,561 2,433 3,586 3,102 Sept. 4,837 ,597 99 4,165 989 ,212 ,926 ,549 809 538 2,516 2,424 3,620 3,102 Oct.. 4,797 ,614 94 4,144 978 ,214 ,934 ,707 924 576 2,377 2,352 3,652 3,169 Nov. 4,784 ,889 84 4,369 989 ,216 ,930 ,701 975 638 2,241 2,174 3,680 3,169 Dec. 5,325 1,523 141 4,369 1,199 ,227 ,940 ,601 958 686 2,247 2,112 3,718 3,169 1965—Jan.. 4,944 1,491 75 4,078 1,013 ,232 ,954 ,723 1,020 686 2,252 2,102 3,765 3,169 Feb.. 4,851 1,425 77 3,905 1,013 ,237 ,958 ,739 1,037 670 2,308 2,143 3,818 3,298 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 amount deliv- Total G g o a e b a t n i l l o e i- r n - 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 ti t e i s l * - H in o g u s s- V a a e n i t d s 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 1 8 214 208 431 868 772 242 33 238 3 30 226 Mar 867 497 355 15 136 262 469 973 812 251 262 136 11 153 Apr 1,266 630 473 141 22 106 558 602 810 1,215 378 59 225 145 407 May.... 706 472 214 20 141 167 339 1,214 665 258 40 208 45 151 June..,. 938 537 258 iio 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. 4 Water, sewer, and other utilities. Based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 SECURITY ISSUES 581 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 5 eeds, Noncorporate Corporate New capital Period Retire- 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 te . l Other 4 Total Total o B P f l f o i u e c n b r l e y d - d s p v l P a a t r c e i e - ly d fe P r r r e e - S d toc C k om- Total Total m N on ew ey6 O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t - 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 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959, 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 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 9,420 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 9,747 8,240 1,507 754 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964. 36,628 10,656 1,205 10,544 760 13,463 10,372 3,623 6,749 412 2,679 13,300 12,557 10,935 1,622 743 1964—Jan 2,482 474 1,006 16 985 863 338 526 27 95 972 930 845 85 43 Feb 2,022 413 810 89 710 621 279 342 80 702 685 523 162 17 Mar 2,121 399 844 73 805 714 361 353 87 796 754 677 77 42 Apr...... 4,930 1,444 1,204 47 2,234 863 383 480 1,349 2,215 2,178 2,094 83 37 May 2,267 367 660 85 1,155 1,008 470 537 98 1,141 1,069 953 116 72 June 3,056 383 275 900 37 1,461 1,091 468 623 289 1,441 1,378 1,292 86 63 July 2,467 387 260 922 29 869 644 234 411 166 854 780 653 127 74 Aug. 4,128 2,449 160 767 23 728 616 183 433 58 718 661 570 91 57 Sept 2,527 358 952 13 1,204 1,048 376 672 133 1,191 1,109 788 321 82 Oct 2,909 367 510 816 186 1,032 819 181 638 188 1,015 949 750 199 66 Nov 4,607 3,242 566 97 702 650 30 620 43 695 646 533 112 49 Dec 3,111 373 1,097 64 1,577 1,434 320 1,114 94 1,560 1,419 1,256 163 141 1965—Jan 2,332 433 811 231 858 725 163 561 84 849 801 699 103 48 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 an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital^ secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 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 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 1961 3,691 287 ,109 36 651 35 2,883 106 1,435 382 2,248 22 1962 2.958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963.. 3|312 190 774 55 873 83 1,935 699 726 356 144 1964 2,733 241 998 81 910 31 2,445 280 2,122 i 3^348 74 1964— Jan.. 149 14 84 1 98 109 26 157 1 Feb. 123 3 60 2 154 155 4 83 110 1 Mar. 146 17 48 1 31 174 18 34 4 Apr., 186 6 107 91 151 19 1,377 265 3 May, 206 10 50 119 441 53 27 226 1 June, 332 39 50 35 264 4 258 5 439 13 July. 149 40 45 90 207 16 23 4 266 12 Aug. 164 12 45 20 138 27 16 15 277 3 Sept. 234 36 166 49 296 38 19 2 345 4 Oct.. 249 17 88 5 44 297 37 81 6 189 * Nov. 188 22 134 17 62 40 6 17 204 2 Dec. 607 26 121 49 115 172 31 30 373 28 1965—Jan.. 396 17 79 44 98 22 11 i m 1 Gross proceeds are derived by multiplying principal amounts or * For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. * 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

582 SECURITY ISSUES APRIL 1965 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and ]areferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other In co v s e . s 1 t. Other I c n o v s e . s 1 t. Other 1959 13,338 4,845 8,492 7,122 3,049 4,073 2,838 3,378 794 1,002 2,044 2,376 I960 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 1964 18,610 8,290 10,320 10,715 4,077 6,637 4,147 3,748 1,895 2,317 2,252 1,431 1963 IV 4,747 2,476 2,272 3,222 1,121 2,101 931 594 392 962 539 -368 1964 I '4,302 1,960 '2,343 '2,197 914 '1,283 920 1,185 536 510 384 675 11 . . '5,139 1,795 '3,344 '2,987 940 '2 046 917 1,235 469 385 448 850 Ill '4,011 1,946 '2,065 '2,297 1,033 '1,265 '1,010 704 475 438 535 265 IV 5,158 2,590 2,568 3,233 1,191 2,043 1,300 625 415 984 885 360 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & 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 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 1964 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,537 1963—IV 574 -275 87 -307 180 -15 288 47 61 129 912 592 1964—1 '92 -253 r65 16 131 -6 156 70 234 811 '606 422 II 291 -65 '84 -21 '59 31 606 156 '229 681 '775 516 HI '232 28 '93 -34 '38 -47 290 149 42 92 '569 613 IV 689 -226 265 -444 88 -7 356 101 -47 115 693 986 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. 581. actions only. As contrasted with data shown on p. 581, 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 Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other 1953 672 239 433 4,146 1964—Feb... 219 165 55 26,334 1,380 24,954 1954 863 400 463 6,110 309 5,801 Mar.. 263 184 79 26,863 1,403 25,460 Apr... 276 165 111 27,051 1,339 25,712 1955 1,207 443 765 7,838 438 7,400 May.. 241 153 88 27,497 1,444 26,053 1956 1,347 433 914 9,046 492 8,554 June.. 285 147 138 27,682 1,499 26,183 1957 1,391 406 984 8,714 523 8,191 July... 308 168 140 28,319 1,471 26,848 1958 1,620 511 1,109 13,242 634 12,608 Aug... 260 149 110 28,164 1,457 26,707 1959 2,280 786 1,494 15,818 860 14,958 Sept.. 299 149 149 29,130 1,436 27,694 Oct... 306 142 164 29,087 1,312 27,775 1960 2,097 842 1,255 17,026 973 16,053 Nov.. 317 134 184 29,062 1,300 27,762 1961 2,951 1,160 1,791 22,789 980 21,809 Dec... 336 136 200 29,116 1,329 27,787 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963 2,460 1,504 952 25,214 1,341 23,873 1965—Jan... 407 152 254 30,349 1,545 28,804 1964 3,404 1,875 1,528 29,116 1,329 27,787 Feb... 313 159 154 30,749 1,605 29,144 1 Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains NOTE.—Investment Co. Institute data based on reports of members, dividends. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BUSINESS FINANCE 583 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1963 1964 Industry 1960 1961 1962 1963 1964 III IV III IV Manufacturing Total (177 corps.): Sales 123,911123,669;136,545147,384157,613 37,922 35,381 39,173 38,326 40,784 37,697 40,807 Profits before taxes 13,543 13,268 330 17,388 18;835 4,759 3,730 4,887 4,781 5,333 '4,077 4,645 Profits after taxes 7,161 7,167 215 9,135 10,527 2,453 2,007 2,576 2,603 2,898 '2,335 2.691 Dividends 4,485 4,730| 048 5,441 5,933 1,320 1,183 1,768 1,285 1,448 rl,324 1,876 Nondurable goods industries (78 corps.)'.1 Sales 47,372 49,362 52,2455 55,142 59,255 13,869 13,984 14,050 14,220 14,823 14,915 15,297 Profits before taxes 5,579 5,602 8896 6,395 6,911 1,613 1,613 1,658 1,643 1,752 '1,740 1,776 Profits after taxes 3,215 3,225 403 3,659 4,144 897 934 961 992 1,028 1,037 1,088 Dividends 1,948 2,031: 150 2,265 2,404 537 542 649 561 569 -584 690 Durable goods industries (99 corps.):2 Sales 76,540 74,307 300 92,243 98.358 24,053 21,395 25,123 24,106 25,961 "22,782 25,510 Profits before taxes 7,964 7,666 434 10,993 11,924 3,145 2,118 3,230 3,138 3,581 '2,336 2,868 Profits after taxes 3,946 3,942 812 5,476 6,383 1,556 1,073 1,615 1,611 1,871 '1.299 1.603 Dividends 2,536 2,699 898 3,176 3,529 783 641 1,119 724 879 '740 1 .185 Selected industries: Foods and kindred products (25 corps.): Sales 12,202 12,951 13,457 14,164 15,209 3,581 3,621 3,603 3,598 3,721 ''3,863 4,027 Profits before taxes 1,342 1,440 1,460 1,533 1,589 387 404 404 345 401 '420 424 Profits after taxes 639 682 698 740 807 184 195 197 173 202 214 219 Dividends 372 397 425 448 479 111 111 118 117 119 '119 124 Chemicals and allied products (20 corps.): Sales 12,205 12,606 13,759 14,621 16,075 3,728 3,705 3,740 3,791 4,114 4,067 4,102 Profits before taxes 2,005 1,979 2,162 2,337 2,611 616 584 593 636 682 '654 638 Profits after taxes 1,058 1,034 1,126 1,213 1,411 316 305 310 347 366 '"349 349 Dividends 786 833 868 904 924 202 201 299 207 209 212 296 Petroleum refining (16 corps.): Sales 13,815 14,483 15,106 15,995 16,583 3,937 4,068 4,032 4,132 4.111 '4,123 4.217 Profits before taxes 1,267 1,237 1,319 1,495 1,559 343 381 381 400 361 '373 425 Profits after taxes 1,026 1,025 1,099 1,184 1.310 265 312 303 336 298 '318 358 Dividends 521 528 566 608 671 149 154 154 158 159 '169 185 Primary metals and products (34 corps.): Sales 20,828 20,234 21,260 22,146 24,114 6.114 5,470 5.439 5,540 6,046 r6,04? 6.486 Profits before taxes 2,214 1,999 1,838 2,183 2.577 711 467 574 560 674 '605 738 Profits after taxes 1,169 1,067 1,013 1,186 1.485 372 252 332 315 384 '349 437 Dividends 838 843 820 732 763 181 181 190 186 187 187 204 Machinery (24 corps.): Sales 16,681 17,446 19,057 21,041 22.635 5.286 5.286 5,547 5,401 5,673 '5,584 5,976 Profits before taxes 1,509 1,701 1,924 2,368 2.732 587 585 668 673 702 r701 655 Profits after taxes 768 859 966 1,151 1,398 285 289 319 338 357 '373 330 Dividends 494 508 531 578 673 143 141 154 157 170 ni\ 175 Automobiles and equipment (14 corps.): Sales 26,275 23,314 29,156 33,236 35,323 8,755 6,564 9,930 9,275 10,028 7,137 8,883 Profits before taxes 3,197 2,786 4.337 5,011 4,997 1,473 677 1,593 1,573 1,775 r589 1,060 Profits after taxes 1,534 1,404 2,143 2,393 2,625 706 333 753 782 900 '338 604 Dividends 837 973 1,151 1,447 1,630 362 220 648 276 419 659 Public Utility Railroad: Operating revenue 9,514 9,189 9,440 9,560 2,474 2,399 2.447 2,362 2,481 '2,486 Profits before taxes 648 625 729 816 252 197 252 188 245 211 Profits after taxes 445 382 572 651 189 156 225 144 196 175 Dividends 385 359 367 383 103 66 125 110 101 109 Electric power: Operating revenue 11,906 12,478 13,489 14,177 14.968 3.371 3,458 3,529 3,961 3,572 r3,686 3,749 Profits before taxes 3,163 3,349 3,583 3,741 3.947 848 930 862 1,106 893 998 949 Profits after taxes 1,793 1,883 2,062 2,185 ? 385 498 529 532 660 542 583 600 Dividends 1,307 1,374 1,462 1,548 1,672 378 384 394 424 412 426 410 Telephone: Operating revenue 8,111 8,615 9,196 9,796 10,550 2.440 2.465 2,526 2,543 2.619 2,654 2,734 Profits before taxes 2,326 2,478 2,639 2,815 3,069 711 725 707 726 796 773 774 Profits after taxes 1,155 1,233 1,327 1,417 1,590 357 368 356 377 408 402 403 Dividends 806 867 935 988 1,065 255 252 256 261 262 268j 274 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

584 BUSINESS FINANCE APRIL 1965 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t 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 i 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 1961 44.2 22.3 21.9 15.2 6.7 26.9 1964—1 56.6 25.4 31.2 19.4 11.8 33.0 1962 48.2 23.2 25.0 16.5 8.5 30.5 II 57.9 26.0 31.9 19.8 12.1 33.4 1963 51.3 24.6 26.7 18.0 8.7 31.8 ITT.... 58.0 26.0 32.0 20.0 12.0 33.8 1964^ 57.5 25.8 31.7 19.8 11.9 33.7 rvx.. 57.4 25.7 31.7 20.2 11.6 34.4 i Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash 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. i 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.^ 17.6 29.0 1957 . 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118 7 255 3 37.4 18 8 2 8 106 9 81 9 7.5 136.6 1 7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 135 6 306 8 41.1 20 0 3 4 135 8 9^ 2 11 4 171.2 1 8 112 8 14.1 42.5 196^ 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—IV 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964 I 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 II 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 Ill 159.4 364.3 43.1 19.1 3.2 171.6 111.2 16.1 204.9 2.7 135.0 16.0 51.2 IV . . .. 161.1 371.0 45.0 19.1 3.4 173.8 114.3 15.5 209.9 2.7 140.0 17.0 50.2 i Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P t u il b it l i i e c s n C i o c m ati m on u s - Other i a ( n r S a n . t u e A ) a . l 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7.37 1958 30.53 5.47 5 96 94 .75 1 50 6.09 2 62 7 20 1959 . 32.54 5.77 6 29 99 .92 2.02 5.67 2.67 8 21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7 65 1 08 85 2 07 5 48 3 63 9 52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10 03 1964 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965 2. 50.17 10.71 10.83 1.31 1.62 2.57 6.56 16.58 1963 II 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2.41 38.05 HI 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—1 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 HI 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2 84 45.65 IV 12.84 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 47.75 1965—1 2 10.85 2.30 2.31 .28 .42 .56 1.25 3."/4 48.85 II 2 12.72 2.70 2.73 .34 .42 .78 1.64 4.13 49.65 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

APRIL 1965 REAL ESTATE CREDIT 585 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm E pe n r d i o o d f h d A e o l r l l s - t F u i t i n c n i i s o a a t n l i n - s - 1 a U c g i . e e h S n s . o O - l t d h e e v o r r I i s a t d n h 2 n u d e d a i r - l s s h d A o e l r l l - s tu F i t i n c i n i o s a a t n i l n - s - i h O ol t d h e e r r s8 h d A o e l l r - l s T 1 o - t a to l 4- t F f u i a i n t m n i s o a t i i n l n - y s . ho O u d h t s o e h e r l e - s s r c T o o m t M a m l u e l r t c i t F f u i i a a n i t n m l i s o a t p i i n n l - r y s . o p a e n O r d h d t t o e i h e r l e - s s r 4 w u F V n r H i d M A t A t e e - r t o - n y - r p tg e a t s C i v g o e o e 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 19623* 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 19633\... 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 19643* 310.4 240.5 1963—13*. 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 II3».• 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 III3» 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 IV3> 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—13\ 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 II3\ 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 III3> 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 75.6 209.0 310.4 240.5 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 * Mutual savings bank holdings2 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—1 30,844 21,211 6,003 2,547 12,661 7,817 1,816 29,833 26,940 8,340 9,392 9,208 2,842 51 II 32,194 22,048 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—1 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 m* 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

586 REAL ESTATE CREDIT APRIL 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 i Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1957 5 230 4 823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 ,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 I 598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964 10,327 9,277 787 683 6,807 1,050 55,179 50,881 11,523 6,415 32,943 4,298 1964—Jan ' 758 651 146 63 442 107 50,896 47,076 10,864 6,421 29,791 3,820 Feb 705 615 140 54 421 90 51,126 47,271 10,923 6 423 29 925 3,855 Mar 800 673 143 53 All 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 20,576 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 Dec .. . 1,367 1,254 161 57 1,036 113 55,179 50,881 11,523 6,415 32,943 4,298 1965—Jan.. . . 915 808 175 67 566 107 55,626 51,307 11,625 6,433 33,249 4,319 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 i N c t s i o t o e r n w n u - e H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Period S.A. 2 N.S.A. i a n l S s o g s a a s n v n s - & . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m k r l - s - M b s i a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 1,472 4,264 1,429 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1958 27,388 10,516 1,460 5,204 1,640 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1959 .. . 32,235 13,094 1,523 5,832 1,780 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1960 29,341 12,158 1,318 4,520 1.557J 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 1,957 1963 24,735 7,039 9,920 r90,944 '4,696 6.960 '79,288 1963 36,925 16,716 1,339 6,354 2,061 1964 24,505 6,515 10,397 »-101,314 '4,896 '6,686 '89,732 1963 1964 Aug 3,213 3,525 1,611 123 612 212 Feb 1,712 474 674 '92,260 '4,713 '6,909 '80,638 Sept 3,189 3,177 1,442 116 546 190 Mar 2,071 621 784 r93,l67 '4,718 '6,886 '81,563 Oct 3,134 3,534 1,594 125 616 206 Apr 2,081 579 831 '94,076 '4,722 '6,862 '82,492 Nov 3,149 2,880 1,271 103 495 184 May 2,145 597 881 '95,071 '4,731 '6,828 '83,512 Dec 3,059 2,987 1,322 110 504 166 June 2,394 624 1,054 '96,168 '4,744 '6,797 '84,627 July 2,363 635 1,037 '97,211 '4,760 '6,777 '85,674 1964 Aug 2,164 537 1,025 '98,159 '4,769 '6,750 '86,640 Sept 2,048 498 970 '98,995 '4,793 '6,729 '87,473 Jan 3,081 2,758 1,170 103 483 145 Oct 2,051 531 893 '99,832 '4,811 '6,706 '88,315 Feb 3,029 2,575 1,128 90 465 129 Nov 1,791 462 770 '100,519 '4,830 '6,690 '88,999 Mar 3,034 2,935 1,290 102 540 140 Dec 1,969 522 784 '101,314 '4,896 '6,686 '89,732 Apr 3,008 3,089 1,350 109 567 154 May 3,096 3,090 1,349 116 560 176 1965 June 3,143 3,388 1,485 126 607 197 July 3,173 3,519 1,508 137 618 233 Jan.' 1,527 370 638 101,844 4,906 6,683 90,255 Aug 3,277 1,398 130 581 213 Feb.p 1,540 385 633 1025321 4,926 6,652 90,743 1 Includes amounts for other lenders, not shown separately. 1 Includes loans for repairs, additions and alterations, refinancing, etc., 2 Three-month moving average, seasonally adjusted by Federal Renot shown separately. serve. 2 Beginning with 1958 includes shares pledged against mortgage loans. 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

APRIL 1965 REAL ESTATE CREDIT 587 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E t e 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 y t p - e s - - 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n - e g s E pe n r d i o o d f Total Total s F u i H n re - A d - a g V n u t A a e r e - - d t C i v o e o n n n a - - l 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1962 166.5 62.0 32.3 29.7 104.5 1961 6,546 1,783 2,982 926 855 1,829 1,170 656 1963* 182.2 65.5 35.0 30.5 116.7 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1964" 197.9 68.7 38.3 30.4 129.2 1963 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1964 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963 I* 169.2 62.8 33.0 29.8 106.4 11^ 173.7 63.5 33.5 30.0 110.2 1964—Feb 534 126 314 48 46 201 81 120 III? 178.2 64.3 34.3 30.0 113.9 Mar 600 126 357 59 58 208 84 124 IV* 182.2 65.5 35.0 30.5 116.7 Apr 646 117 367 119 43 206 81 125 May 570 105 352 68 46 192 71 121 1964—1* 185.2 66.3 35.7 30.6 118.9 June 711 128 442 67 73 233 76 157 UP 189.6 66.8 36.3 30.5 122.7 July 782 141 476 108 57 251 81 171 Ill* 194.0 67.9 37.4 30.5 126.2 Aug 740 137 468 68 67 246 78 167 IV*> 197.9 68.7 38.3 30.4 129.2 Sept 720 138 467 66 49 270 85 185 Oct 790 159 491 81 58 271 93 178 Nov 688 135 422 81 50 258 91 167 NOTE.— For total debt outstanding, figures are Dec 683 135 428 67 54 242 88 153 FHLBB and F.R. estimates. For conventional, figures are derived. 1965 Jan 630 138 405 34 54 225 84 141 Based on data from Federal Home Loan Bank Feb 517 115 328 40 34 200 72 128 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 Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- Members End of period) ments vances ments deposits period Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total t S e h rm or t- ! t L e o rm ng - 2 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 1960 . . . 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,200 2,662 1,447 1,216 1 180 1962 5,923 3,571 2-353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1963 4,650 3,017 1,634 290 1,114 191 1963 5,601 4,296 4,784 2,863 1,921 1 151 1964 4,412 2,996 1,416 424 251 313 1964 5,563 5,023 5,325 2,846 2,479 1,199 1964—Feb 4,613 3,011 1,603 24 4 188 1964 Feb 225 424 4,216 2,500 1,716 943 Mar 4,598 3,016 1,582 27 11 192 Mar 339 387 4,168 2,406 1,763 977 Apr 4,572 3,015 1,557 38 31 204 573 296 4,444 2,463 1 982 957 May 4,565 3,027 1,538 44 21 202 May 352 401 4,395 2,438 1,957 990 June 4,539 3,025 ,514 36 21 199 June 703 329 4,769 2,674 2 095 1 153 July 4,516 3,033 ,482 41 30 222 July 584 590 4,763 2,699 2,064 936 4,477 3,008 1,469 44 43 230 Aug 369 351 4,781 2,662 2,119 926 Sept 4,453 2,998 ,455 34 24 245 Sept 382 327 4,837 2,635 2 202 989 Oct 4,440 2,997 ,443 36 14 260 Oct 401 441 4,797 2,605 2,192 978 Nov 4,439 3,011 L428 40 11 292 Nov 379 392 4,784 2,572 2 212 989 Dec 4,412 2,996 1,'416 40 31 313 Dec 791 250 5,325 2,846 2,479 1,199 965 Jan 4,417 3,009 1,408 40 4 316 1965—Jan... 412 793 4,944 2,590 2,354 1,013 Feb 4,394 3,005 1,388 48 41 316 Feb 309 402 4,851 2,420 2,431 1,013 NOTE.—Federal National Mortgage Assn. data excluding conventional 1 Secured or unsecured loans maturing in 1 year or less. mortgage loans acquired by FNMA from the RFC Mortgage Co., the 2 Secured loans, amortized quarterly, having maturities of more than Defense Homes Corp., the Public Housing Admin., and Community 1 year but not more than 10 years. Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 CONSUMER CREDIT APRIL 1965 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co O g p n o a s th o p u d e e m r r s er e a r n l R n o d i e a z p n m a a s t o i i * r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 . . . 9 172 6 085 2 458 1 929 376 1 322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 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 1964—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 69,816 54,382 22,830 13 476 3 328 14,748 15,434 6,048 4,833 4,553 Miay • 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 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 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 1965 Jan 76,145 59,342 24,574 15,204 3,473 16,091 16,803 6,412 5,724 4,667 Feb 75,741 59,363 24,743 14,984 3,446 16,190 16,378 6,442 5,154 4,782 i Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan 1959 cluded in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 NOTE.—Consumer credit estimates coyer loans to individuals for house- BULL. Back data are available upon request. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Sales Con- Depart- Furni- Appli- Auto- Total m b e a r n c k ia s l fin co an s. ce u C n r i e o d n i s t fi s n u a m nc e e r 1 Other l Total st m or e e n s t 2 s t t u o r r e es s a to n r c e e s d m ea o l b er il s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1,210 361 478 ,226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 ,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 ,481 5,615 2,414 1,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 1,058 293 342 ,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 1,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 ,647 6,753 3,427 1,086 287 328 ,625 1964 59,397 51,990 23,943 14,762 6,458 5,078 ,749 7,407 3,922 1,152 286 370 ,677 1964—Feb., 53,552 47,454 21,799 13,788 5,607 4,595 ,665 6,098 2,949 1,047 278 330 ,494 Mar. 53,795 47,653 21,919 13,802 5,668 4,597 ,667 6,142 3,044 1,022 273 334 ,469 Apr. 54,382 48,191 22,224 13,893 5,776 4,628 ,670 6,191 3,106 1,013 272 340 ,460 May 55,120 48,824 22,559 14,027 5,889 4,657 ,692 6,296 3,182 1,020 271 348 ,475 June 55,914 49,543 22,907 14,228 6,014 4,701 ,693 6,371 3,231 1,028 271 355 ,486 July. 56,496 50,082 23,176 14,359 6,109 4,748 ,690 6,414 3,267 1,037 273 360 ,477 Aug. 57,055 50,583 23,389 14,475 6,204 4,797 ,718 6,472 3,332 1,044 273 363 ,460 Sept. 57,446 50,937 23,527 14,553 6,283 4,845 ,729 6,509 3,371 1,048 275 365 ,450 Oct.. 57,826 51,220 23,663 14,625 6,334 4,870 ,728 6,606 3,444 1,062 276 367 ,457 Nov. 58,085 51,341 23,680 14,622 6,378 4,919 ,742 6,744 3,541 1,088 279 367 ,469 Dec. 59,397 51,990 23,943 14,762 6,458 5,078 ,749 7,407 3,922 1,152 286 370 ,677 1965—Jan.. 59,342 52,159 24,091 14,797 6,429 5,078 ,764 7,183 3,791 1,128 285 373 ,606 Feb. 59,363 52,352 24,246 14,782 6,465 5,101 ,758 7,011 3,713 1,101 282 377 ,538 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

APRIL 1965 CONSUMER CREDIT 589 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m p o h m d e e e - r r s r e R l m r t o a e n i a o n o p i n z d d n a a s - ir - l s P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s g p O c u o a o t m p o h n e d e e - r r s r m i R l z o o a e a a n d p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 . 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958. 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 1,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 1,754 1963 21,610 7,246 4,003 3,123 2,361 4 877 1964 14,762 8,701 3,889 142 2,030 1964 23,943 8,300 4,451 3,380 2,427 5,385 1964 Feb 13,788 8,227 3,635 154 1.772 1964 Feb 21,799 7,275 4,052 3,226 2,316 4,930 Mar 13,802 8,265 3,603 152 1,782 Mar 21,919 7,364 4,102 3,195 2,303 4 955 Apr 13,893 8,371 3,580 151 1,791 Apr .. 22,224 7,501 4,172 3,185 2,308 5,058 May 14,027 8,489 3,583 149 1,806 May 22,559 7,673 4 255 3,192 2 331 5 108 June 14,228 8,633 3,615 150 1,830 June .. 22,907 7,854 4,323 3,205 2,355 5,170 July 14,359 8,741 3,614 149 1,855 July 23,176 7,979 4,371 3,234 2 380 5 212 Aug 14,475 8,799 3,643 149 1,884 Aug 23,389 8,090 4,389 3,244 2,405 5,261 Sept . .... 14 553 8,764 3,706 148 1,935 Sept 23,527 8,143 4,390 3,255 2,422 5,317 Oct 14,625 8,773 3,754 146 1,952 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 1965—Jan 14,797 C8,684 3,943 140 2.030 1965—Jan 24,091 8,325 4,503 3,455 2,400 5,408 Feb 14,782 8,693 3,887 139 2,063 Feb 24,246 8,405 4,568 3,457 2,378 5,438 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 19 9 4 3 1 9 9 7 5 89 7 1 8 2 1 2 pape 2 3 r 4 6 loan 1 1 s 5 4 6 7 6 8 9 5 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 i l n - r - s s m t p D o a e r e r e n - t s - t x o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t 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 I960. 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3 953 317 2 593 1961 .. 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,800 1962 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11,859 2,394 835 870 7,760 1964 13,285 2,699 997 933 8,656 1960 13,196 3,884 623 941 3,9^2 436 3,360 1961 14,151 4,413 723 948 3,907 469 3,691 1964—Feb 11,867 2,387 838 865 7,777 1962 15*130 4,690 766 927 4^252 505 3^990 Mar 11,932 2,406 845 866 7,815 1963. 16 145 5 047 912 89S 4,456 520 4,315 Apr 12,074 2,446 860 869 7,899 1964 17,413 5,469 1,004 909 4,756 635 4*640 May 12,238 2,490 876 884 7,988 June .. 12,408 2,537 894 890 8,087 1964—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 1965—Jan 13,271 2,689 996 C933 8,653 Oct.... 16,102 5,361 972 660 4,055 637 4,417 Feb 13,324 2,700 1,006 929 8,689 Nov... 16,286 5,377 1,035 703 4,065 626 4,480 Dec... 17,413 5,469 1,004 909 4,756 635 4,640 NOTE.—Institutions represented are consumer finance cos., credit 1965—Jan.... 16,803 5,409 1,003 793 4,280 651 4.667 unions, industrial loan cos., mutual savings banks, savings and loan Feb... 16,378 5,436 1,006 660 3,857 637 4,782 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 horne-heating oil accounts. See NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 CONSUMER CREDIT APRIL 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 ir t io 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 1964—Feb 5,421 4,552 1.953 1,686 1,578 J.212 186 142 t 7(M J.512 Mar 5,480 5,322 1,942 1,983 1,665 1,488 179 163 1,694 1,688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 May 5,552 5,584 2,023 2,137 1,589 1,547 187 205 1,753 1,695 5,399 5,949 1^62 2,245 1,537 1,632 183 208 1,717 1,864 July 5,541 5,747 1.996 2-166 1,546 1,543 189 208 1,810 1,830 5,529 5,519 2,'6l7 1,984 1,570 1,540 186 210 1,756 1,785 Sept 5,617 5,393 2,024 1,830 1,588 1,592 186 200 1,819 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 1,858 1,727 1,631 1,672 175 175 I 792 ,749 Dec 5,816 6,767 2,043 1.997 1,719 2,404 180 161 1 874 £,210 1965—Jan 5,883 5,023 2,120 1,836 1,729 ,440 181 134 1,853 1,613 Feb 6,022 5,007 2,228 1,915 1,760 ,338 175 132 1,859 ,622 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 1964 Feb 4,842 4,597 1 716 1 604 J 395 1,383 171 161 i *£n J 440 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 ,470 172 171 1,575 ,582 May 5,059 4,846 1,776 1,712 1,483 ,424 175 169 1,625 ,541 June 5,029 5,155 1,768 1,798 [,486 ,501 170 177 1,605 ,679 July 5,058 5,165 1,781 1,844 ,448 ,460 171 177 1,658 ,684 Aug •. . 5,094 4,960 1,789 1,757 1,496 ,430 172 170 1,637 ,603 Sept 5,104 5,002 [,802 1,786 1,491 ,469 172 173 1,639 ,574 Oct 5,097 5,172 1,788 1,871 1,456 ,481 167 175 1,686 645 Nov 5,155 5,064 1,818 1,783 1,509 ,463 174 168 1,654 ,650 Dec . 5,256 5,455 1 .8fi4 1,838 1,505 ,532 177 175 1,710 ,910 1965—Jan 5,213 5,078 1,830 1,783 ,526 ,539 171 163 1 686 593 Feb 5,381 4,986 1,897 1,746 ,632 ,558 172 159 1,680 ,523 Net change of credit outstanding 2 1957 2,148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 5,601 2,268 1,602 463 1 269 I960 3 588 1,270 896 330 1 093 1961 696 -465 332 53 777 1962 4,506 2,318 746 55 1,388 1963 5,711 2,659 1,161 143 1 748 1964 5,652 2,322 1,537 113 1,680 1964—Feb 579 -45 237 82 183 -171 15 -19 144 63 Mar . ... .... 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 June 370 794 194 447 51 131 13 31 112 185 July 483 582 215 322 98 83 18 31 152 146 435 559 228 227 74 110 14 40 119 182 Sent 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 1965—Jan 670 -55 290 53 203 -99 10 -29 167 20 Feb 641 21 331 169 128 -220 3 -27 179 99 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction of outstanding. outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 CONSUMER CREDIT 591 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 ti t f u in ti a o n n c s ial Retail outlets Period S.A.i N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 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 1964 Feb 5,421 4,552 2,043 1,786 1,187 980 1 183 1.122 908 664 Mar 5,480 5,322 2,006 2,011 1,209 ,166 ,292 ,290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 ,201 ,309 ,347 921 872 May 5,552 5,584 2,075 2,144 1,196 ,194 350 ,338 931 908 June 5,399 5,949 2,004 2,247 1,174 ,324 ,321 ,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 397 426 921 880 Aug 5,529 5,519 2,084 2,063 1,157 1,172 ,355 ,382 933 902 Sept 5,617 5,393 2,104 1,989 1 191 1 142 405 348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 1,192 ,402 ,319 919 997 Nov . . 5,456 5,323 2,036 1,873 1,114 ,070 ,370 ,365 936 1,015 Dec 5,816 6,767 2,186 2,176 1,191 ,317 443 ,704 996 1,570 1965—Jan 5,883 5,023 2,224 2,020 1,175 1,027 1,459 ?19 1,025 757 Feb 6,022 5,007 2,262 1,974 1,281 ,060 1,427 ,217 1,052 756 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 I960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1964 60,418 22,268 13,161 14,825 10.164 1964 Feb 4,842 4,597 1.793 1.703 1.094 1,032 1.173 1.085 782 111 Mar 4,956 5,079 ,843 ,891 ,084 1.152 ,201 ,225 828 811 Apr 4,959 4,991 ,833 1,853 1,097 1,110 ,197 1,205 832 823 May 5,059 4,846 ,876 1,809 1,114 1,060 ,234 1,174 835 803 June 5,029 5,155 ,845 ,899 1,102 1,123 ,223 1,283 859 850 July 5,058 5,165 ,857 ,930 ,097 1,111 ,267 1,287 837 837 Aug 5,094 4,960 ,889 ,850 1,087 1,056 ,237 1,210 881 844 Sept .... 5,104 5,002 ,860 ,851 ,118 1,097 1,266 1,210 860 844 Oct 5,097 5,172 ,868 ,908 ,071 1,120 ,284 1,244 874 900 Nov 5,155 5,064 ,916 ,856 ,103 1,073 ,255 ,258 881 877 Dec 5.256 5,455 .944 ,913 ,129 All ,303 1,458 880 907 1965 Jan . ... 5,213 5,078 ,921 ,872 ,059 992 1,299 1,233 934 981 Feb 5,381 4,986 ,956 .819 .157 1,075 .286 1.164 982 928 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,S88 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 ,276 501 1964 5,652 2,333 1,239 1,426 654 1964 Feb 579 -45 336 169 93 -52 110 37 40 -199 Mar 524 243 163 120 125 14 91 65 145 44 Apr 412 587 148 305 63 91 112 142 89 49 May 493 738 199 335 82 134 116 164 96 105 June 370 794 159 348 72 201 98 170 41 75 July 483 582 208 269 61 131 130 139 84 43 Auc 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 __-} 115 107 55 138 Dec 560 1.312 242 263 62 140 140 246 116 663 196^ Tan .... 670 -55 303 148 116 35 160 -14 91 -224 Feb . 641 21 306 155 124 -15 141 53 70 -172 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

592 INDUSTRIAL PRODUCTION: S.A. APRIL 1965 MARKET GROUPING (1957-59= 100) 1957-59 Pi 964 1964 1965 Grouping p p ti o r o o r n - - a a v g e e r- Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 132.0 128.: 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131. 135.0 137.7 138.2 138.9 Final products, total 47.35 131.5 128. 128.7 130.6 131.1 131. 132.3 133.3 132.5 130.3 134.6 137. 137.7 137.8 Consumer goods 32.31 131.3 128.8 128.8 130.8 131.0 131.5 132.1 133.1 132.0 129. 133.6 137.0 137.5 137.2 Equipment, including defense. . . 15.04 132.0 127.1 128.8 130.7 131.3 132.0 132. 133.6 133.7 132.6 136.8 138.3 138. 139.1 Materials 52.65 132.5 128.1 129.3 130.6 131.3 131.8 133.6 134.7 135.6 132. 135.7 137.7 138.9 140.0 Consumer goods Automotive products 3.21 145.1 145.5 144.3 149.3 151.4 151. 152.6 155.8 144.7 105.9 143.0 166. 165. 163.5 Autos 1.8: 150.6 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 Auto parts and allied products.... 1.3! 138.0 131. 133.4 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.2 Home goods and apparel 10.00 131. 128.3 126.8 128.9 129.5 130.0 131. 131.9 131.9 133.8 136.3 137.6 139.3 139.8 Home goods 4.59 139.9 137.3 136.4 137.7 136.9 137.8 139.7 140.1 139.8 142.4 146. 148.0 150.8 152.1 Appliances, TV, and radios 1.81 134. 131.3 128.7 130. 129. 131.0 131.1 133.3 136.8 139.0 143. 143.1 145.1 146.6 Appliances 1.33 139.7 135.3 132.9 134. 139.4 136.9 136.6 140.0 143.9 146. 149.6 145.9 149.5 150.7 TV and home radios .47 118.8 120.3 116.9 119. 102.4 114.3 115.5 114.5 116.7 119.1 125.1 135.5 132. 134.8 Furniture and rugs 1.26 142.4 138.1 139.0 139. 141.0 141.9 144.7 144. 141.0 145.5 148.3 149.7 150.5 153.3 Miscellaneous home goods 1.5 144.7 143.7 143.5 144. 142.1 142.4 145.9 144.8 142.3 143.7 149. 152.3 157.8 157.7 Apparel, knit goods, and shoes 5.41 123.8 120.7 118.7 121.5 123. 123.4 124.0 124.9 125.3 126.6 127.5 128.8 129.5 Consumer staples 19.10 128.9 126. 126.3 128.8 128.3 128.9 129.1 130.0 129.9 130.7 130.5 131.8 131.8 131.5 Processed foods 8.43 119.9 120.2 118.4 120.8 120. 119.4 118.4 118.7 118.7 120.0 122.0 122.5 122.3 121.3 Beverages and tobacco 2.43 122.4 118.5 121.9 125.2 122.6 119.4 126.4 125.5 123.3 123.3 123. 126.4 125.3 Drugs, soap, and toiletries 2.97 146.9 140. 140.1 142.8 144.5 150.5 146.7 149.1 152.6 151.9 149.7 151.8 154. 153.5 Newspapers, magazines, and books 1.47 123.7 123.7 125.1 126.7 124.7 125.5 123.5 123.2 121.3 121.8 122.8 124.3 125.8 125.9 Consumer fuel and lighting 3.67 141.2 134.7 136.2 138.5 138.7 140.6 142.8 145.7 144.4 145.8 142.4 143. 141.8 Fuel oil and gasoline 1.20 119.6 116.8 117.6 120.9 120.4 121.8 121.4 118.8 120.4 122.2 119.9 120.1 118.0 120.3 Residential utilities 2.46 151.7 143.4 145.3 147.1 47.6 149.8 153.2 158.8 156. 157.4 153.4 154.5 153.4 Electricity 1.72 159.3 149.2 151.9 154.5 155.2 157.6 162.2 169.8 165.6 166.8 161.1 162.7 160.9 Gas .74 Equipment Business equipment 11.63 139.0 131.9 134.2 136.5 138.0 139.0 140.0 141.6 141.8 140.7 146.2 148.4 147.6 148.6 Industrial equipment 6.85 136.9 127.9 131.9 133.9 135.7 137.6 138.5 139.6 140.4 140.4 144.5 145.9 144.8 146.9 Commercial equipment 2.42 145.3 140.4 141.0 143.1 141.9 143.7 145.7 145.5 147.6 149.3 151.0 152.4 152.5 156.3 Freight and passenger equipment. 1.76 141.0 137.8 135.8 140.8 143.9 141.3 141.9 144.9 141.0 128.6 149.1 155.2 154.0 150.8 Farm equipment .61 132.4 126.0 127.6 126.6 130.7 129.1 127.9 139.9 136.0 145.1 138.0 140.5 Defense equipment 3.41 Materials Durable goods materials. 26.73 131.0 125.8 127.3 129.0 129.8 130.8 132.7 134.1 135.6 128.1 134.5 136.2 138.1 138.4 Consumer durable 3.43 145.4 144.3 141.9 144.1 143.8 148.1 150.2 167.0 153.1 113.2 146.7 155.6 159.6 163.4 Equipment. 7.84 134.2 129.6 130.4 131.6 132.9 133.3 133.8 135.7 137.1 137.2 138.9 141.3 142.6 143.4 Construction 9.17 124.4 123.2 123.4 123.8 123.5 122.8 125.7 125.7 125.8 123.8 126.6 127.3 128.5 130.4 Metal materials n.e.c.. . 6.29 128.7 123.4 125.2 126.9 127.5 127.3 130.2 130.6 128.4 130.9 134.5 139.3 141.9 140.0 Nondurable materials 25.92 134.0 130.6 130. 132.3 132.8 132.9 134.6 135.2 135.7 136.3 757.0 139.3 139.7 141.5 Business supplies 9.11 127.1 125.2 124.9 126.1 126.5 124.9 126.9 127.1 125.9 128.7 128.9 132.6 132.6 137.1 Containers 3.03 127.7 125.5 123.6 127.0 128.2 123.8 125.0 125.6 125.4 131.6 132.1 135.1 131.9 142.0 General business supplies. 6.07 126.9 125.1 125.6 125.7 125.7 125.4 127.9 127.8 126.2 127.3 127.3 131.4 132.9 134.6 Nondurable materials n.e.c. 7.40 157.5 152.2 152.4 154.6 153.9 155.7 158.7 160.2 163.0 161.4 163.5 165.6 167.5 168.6 Business fuel and power 9.41 122.3 118.7 118.7 120.7 122.2 122.7 123.0 123.4 123.7 123.9 123.9 125.1 124.8 124.6 Mineral fuels . 6.07 111.7 109.3 108.9 110.3 112.1 112.2 112.4 112.7 113.0 113.3 112.8 113.0 112.4 111.7 Nonresidential utilities 2.86 149.4 143.5 144.5 147.9 148.9 149.7 149.8 150.9 150.6 150.6 151.4 154.9 155.1 Electricity 2.32 149.4 144.6 145.6 149.0 150.1 150.6 150.5 151.5 151.0 150.4 150.5 154.6 154.7 General industrial 1.03 142.7 135.6 136.9 140.5 142.0 143.5 143.9 145.1 147.1 144.1 147.4 149.7 148.7 Commercial and other. 1.21 159.4 155.6 156.4 159.9 160.7 160.4 160.9 161.9 159.2 160.6 158.1 164.2 165.3 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 142.1 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8 Apparel and staples 24.51 127.8 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 129.8 129.9 131.2 131.3 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 INDUSTRIAL PRODUCTION: S.A. 593 INDUSTRY GROUPINGS (1957-59= 100) 957-59 1964 1965 pro- Grouping por- avertion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec' Jan.r Feb. Total index 100.00 132.0 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.2 138.9 Manufacturing, total 86.45 132.9 129.1 129.9 131.4 132.2 132.4 133.9 134.5 134.9 131.7 136.0 139.1 139.8 140.5 Durable 48.07 133.2 128.9 130.0 131.6 132.6 133.2 135.0 135.7 135.2 129.4 136.7 140.6 141.9 142.3 Nondurable 38.38 132.4 129.4 129.8 131.1 131.7 131.5 132.5 133.1 134.4 134.5 135.2 137.3 137.1 138.3 Mining 8.23 110.9 108.9 108.8 109.9 111.3 111.4 110.9 111.9 111.9 112.0 112.7 112.3 112.1 112.4 Utilities 5.32 150.5 143.4 144.8 147.5 148.3 149.7 151.4 154.5 153.2 153.8 152.3 154.7 154.3 155.0 Durable manufactures Primary and fabricated metals. 12.3. 130.1 122.6 124.6 126.3 128.5 128.1 132.1 133.7 133.5 131.3 135.6 138.7 140.1 140.3 Primary metals 6.9'. 128.2 117.6 120.9 123.8 127.1 126.1 131.2 132.8 132.8 131.8 134.6 137.9 139.6 136.5 Iron and steel 5.45 125.6 114.5 118.1 123.7 127.8 125.2 130.4 32.2 129.1 130.3 133.4 135.7 137.1 137.7 Nonferrous metals and products 1.50 137.6 139.9 142.6 138.5 135.0 132.8 135.9 133.0 138.5 133.9 140.3 150.9 147.9 144.7 Fabricated metal products 5.3' 132.6 129.0 129.3 129.5 130.3 130.6 133.3 134.8 134.3 130.7 136.9 139.7 140.7 145.1 Structural metal parts 2.86 130. 126.0 127.8 129.2 128.1 129.6 131.2 131.0 131.7 128.6 135.8 137.2 137.0 141.0 Machinery and related products... 27.98 136.1 132.3 133. 135. 135.9 137.1 138.0 138.7 137.8 128.7 139.0 144.2 145.2 145.4 Machinery 14.80 141.0 133.6 135.9 137.5 138.5 140.1 141.9 142.8 144.1 144.7 147,4 149.3 150.3 151.5 Nonelectrical machinery 8.43 141.8 132.9 136.7 138.1 139.6 141.9 143.6 144.1 145.0 145.4 348.2 149.9 151.1 151.2 Electrical machinery 6.37 140.0 134.5 134.9 136.8 137.0 137. 139.7 141.1 142.9 143.8 146.3 148.5 149.2 151.9 Transportation equipment 10.19 130.7 131.1 130.1 133.0 134.1 134.9 134.3 435.3 130.9 105.3 329.2 140.3 141.4 139.9 Motor vehicles and parts 4.68 150.1 153.0 151.1 156. 157.4 158.3 158.6 160.9 150.1 96.2 143.9 167,4 169.1 167.6 Aircraft and other equipment.. 5.26 112.4 110.8 110.6 112.0 112.8 113.4 111.7 111,5 112.7 110.8 114.5 115.0 115.5 114.5 Instruments and related products. 1.71 136.4 133.6 134. 134.7 134.6 134.8 136.4 137.4 138.6 137.6 140.2! 142.0 142.7 145.1 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 121.1 121.6 121.9 121.6 120.9 120. 122.6 121.4 120. 121.0 120.9 121.1 125.0 125.1 Clay, glass, and stone products... 2.99 126.0 124, 125.3 125. 124.3 126.6 126.4 125.6 127.0 126.9 127.7 130.2 132.6 131.6 Lumber and products 1.73 112. 117.3 116.1 115.4 114.9 109.0 116.1 114.1 109. 110.8 109,2 105,5 111.9 113.9 Furniture and miscellaneous 3.05 138.4 133.9 134. 135.6 136.2 138.0 138.5 139.0 138.4 141. 143.4 145.4 145.2 147.7 Furniture and fixtures 1.5- 143.4 138.1 139.0 139.8 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3 Miscellaneous manufactures 1.51 133.3 129. 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.9 Nondurable manufactures Textiles, apparel, and leather 7.60 124.8 122.4 121.7 121.6 123.5 122.9 124.9 126.0 126.8 128.4 130.2 131.4 131.8 132.2 Textile mill products 2.90 122.8 119.8 118.9 119.4 119.3 119.2 121.5 123.5 125.8 127.5 129.6 130.9 132.1 132.9 Apparel products. 3.59 134.0 131. 131.8 130.5 132.8 133.8 134.4 135.1 135.8 137. 139.1 140.6] 141.0 Leather and products 1.11 100.7 99. 96.3 98.4 104.7 97.3 103.5 103.1 100.3 192.4 103.2 103.3! 101.7 Paper and printing 8.17 127.5 124. 125.4 127.5 128.2 126.6 128.0 127.9 128.2 129.2 128.01 131.7 129.7 134.3 Paper and products 3.43 133.4 129. 130.4 132.9 134.3 130.1 132.8 132.8 135.5 137.0 133.8 140.2 134.0 143.1 Printing and publishing 4.7- 123.2 121. 121.8 123.6 123.9 124.1 124.5 124.3 123.0 123.6 123.9 125.6 126.6 127.9 Newspapers 1.53 117.0 114. 115.2 117.2 117.1 117.2 120.0 118.3 115.9 116.3 117.5 119.6 120.7 120.9 Chemicals, petroleum, and rubber.. 11.54 152.2 146. 147.4 149.5 150.0 152.1 152.3 153.6 156.9 155.4 155.5 158.3 159.0 160.1 Chemicals and products 7.58 159.4 154. 155. 157.0 156.7 159.6 158.7 160.8 165.0 162.5 163.0 166.5 167.0 168.2 Industrial chemicals 3.84 178.0 173. 174.9 176. 173.7 176.3 177.1 178.7 184. 179.9 182.6 188.2 186.5 Petroleum products 1.97 121.0 119. 119.7 120.8 122.0 122.1 124.6 121.2 120.4 122.9 121.6 120.6 119.5 ' 12218 Rubber and plastics products 1.99 155.7 145. 145.1 149.4 152.2 153. 155.2 158.2 162.4 161.0 160.5 164.0 367.6 Foods, beverages, and tobacco 11.07 120.6 119.5 120.2 121.2 120.7 119.5 120.5 120.5 120.0 120.9 122.7 123.7 123.5 122.7 Foods and beverages 10.25 120.6 120.6 120.3 120.6 120.0 119.6 120.0 120. 120.0 120.7 122.8 123.5 123.6 \22.1 Food manufactures 8.64 120.2 119.8 119.7 120.0 120.2 119.5 118.9 119.1 119. 120.2 122.6 122.9 123.0 121.9 Beverages \ .6 123.2 125.0 123.8 124.1 119.2 120.1 125.8 127.6 124.6 123.3 124.1 126.9 126. Tobacco products 120.8 105.6 118.2 127.5 129.2 118.1 127.5 121. 120.6 123.3 121.0 125.4 122.2 Mining Coal, oil, and gas 6.80 109.4 707.4 107. 108. 109.9 109.8 110.1 110.7 111.0 110.8 110.1 110.1 109. 109.9 Coal 1.16 104.3 99.2 94.5 98.7 106.1 105.1 105.0 107.9 105.1 109.2 108.7 107.2 107.7 103.2 Crude oil and natural gas 5.64 110.4 109.1 109.7 110.0 110.7 110.8 111. 111.3 112.3 111.1 110.4 110.7 110.1 111 .3 Oil and gas extraction 4.91 113.4 111. 112.3 113.0 113.5 113.8 114.2 113.8 114.9 114.3 113.8 114.3 113.6 113.7 Crude oil 4.25 109.8 107.8 109.0 109.6 110. 110.2 110.3 109.8 111.1 110.8 110.2 110.9 109.8 109.7 Gas and gas liquids .66 136.5 136.2 133.3 134.8 135.3 137.1 139.0 139.6 139.1 136.8 136.5 Oil and gas drilling .73 90.1 91.5 92.0 89.8 91.3 90. 90.5 94.0 94. 89.2 87.3 *86,'4 Metal, stone, and earth minerals.. 1.43 118.1 116.4 117.0 118.5 117.9 119.2 114.9 117.7 116.1 118.0 125.3 122.7 123.3 124.4 Metal mining .61 117.3 118.8 119.8 124.2 119. 119.2 107.7 112.2 111.3 115.7 127.1 121.8 126.7 124.1 Stone and earth minerals .82 118.7 114.7 115.0 114.3 116.8 119.2 120.2 121. 119.6 119.7 123.9 123,4 120.8 124.6 Utilities Electric 4.04 153.6 146.5 148. 151.3 152.3 153.6 155.5 159.3 157.2 157.' 155.0 158.1 157. Gas 1.28 140.7 136.9 138. 138.9 139. 140.5 141.6 142.4 143.0 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

594 INDUSTRIAL PRODUCTION: N.S.A. APRIL 1965 MARKET GROUPINGS (1957-59= 100) 1957-59 1964 1965 ^1964 Grouping por- avertion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.'" Feb. Total index 100.00 132 0 128.3 129.0 131.7 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.5 139.0 Final uroducts total 47.35 131.5 128.5 128.5 130.7 130.5 133.3 127.5 131.4 136.1 134.9 135.1 134.6 136.2 137.9 32.31 131.3 128.9 127.7 130.3 130.0 133.2 126.3 131.5 137.1 136.0 134.8 132.6 135.3 137.1 Equipment, including defense.... 15.04 132.0 127.5 130.1 131.5 131.8 133.5 130.1 131.1 134.0 132.4 135.7 139.0 138.1 139.5 52.65 132.5 128.1 129.6 132.6 133.9 134.5 127.8 134.2 136.8 135.0 136.6 135.8 136.8 140.1 Consumer goods 3.21 145.1 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.5 175.5 173.6 Autos 1.82 150.6 172.2 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 201.1 196.8 Auto parts and allied products 1.39 138.0 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.7 141.7 143.1 10.00 131.2 132.9 129.8 130.5 129.5 131.2 120.0 134.2 135.1 141.6 138.3 129.2 753.5 142.5 4.59 139.9 137.4 138.6 138.3 135.6 140.5 126.8 136.4 147.4 150.2 151.8 145.7 142.9 151.2 Appliances, TV, and radios 1.81 134.2 138.7 137.8 135.9 130.0 136.8 110.4 120.2 144.1 145.8 148.9 135.2 136.9 152.1 1.33 139.7 144.6 147.5 144.9 141.6 145.3 118.8 122.0 147.3 143.2 150.8 141.1 142.7 157.5 TV and home radios .47 118.8 122.2 110.2 110.5 97.4 112.9 86.6 115.1 134.8 153.1 143.5 118.4 120.9 137.0 1.26 142.4 135.8 137.3 137.2 135.6 140.2 137.0 146.1 147.1 152.3 152.3 154.5 147.2 150.7 Miscellaneous home goods 1.52 144.7 137.2 140.6 142.0 142.1 145.2 137.9 147.7 151.6 153.8 154.9 150.8 146.4 150.6 Apparel, knit goods, and shoes 5.41 123.8 129.1 122.3 123.9 124.4 123.4 114.1 132.4 124.7 134.2 126.9 115.3 125.6 19.10 128.9 122.5 122.6 124.8 125.0 129.2 128.8 137.2 137.9 136.7 129.8 128.1 129.4 128.2 Processed foods 8.43 119.9 111.1 109.8 112.7 114.1 116.9 117.8 129.4 135.2 134.3 125.1 118.7 115.6 112.1 2.43 122.4 107.4 117.6 127.6 131.0 136.5 132.0 136.1 124.9 129.5 116.3 108.9 110.2 2.97 146.9 139.7 139.4 142.8 144.6 153.8 140.8 152.4 154.1 154.9 150.1 148.8 153.0 153.0 Newspapers, magazines, and books.. 1.47 123.7 122.8 124.8 125.7 123.7 124.5 121.6 124.8 124.7 123.5 122.8 124.8 124.5 125.0 Consumer fuel and lighting 3.67 141.2 144.0 140.2 135.0 130.5 134.2 145.0 148.4 144.7 137.0 135.4 146.8 155.9 1.20 119.6 119.9 116.4 114.7 116.3 120.3 123.5 122.3 120.4 119.0 119.2 122.9 123.0 i23!3 Residential utilities 2.46 151.7 Electricity 1.72 159.3 166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6 Gas 74 Equipment 11.63 139.0 132.4 135.9 137.8 138.8 141.2 137.1 138.7 142.2 140.1 144.1 148.3 147.1 149.1 6.85 136.9 127.3 132.0 133.9 135.8 138.8 137.1 139.2 141.7 139.6 142.5 146 8 145 1 146 2 2.42 145.3 139.4 139.7 140.4 140.2 144.1 142.8 145.8 149.8 151.8 152.8 155.0 152.7 155.2 Freight and passenger equipment... 1.76 141.0 139.2 141.9 146.4 148.2 147.0 136.2 136.2 139.0 128.6 146.1 149.8 149.4 152.3 Farm equipment .61 132.4 142.0 147.3 147.3 140.5 139.9 115.8 111.9 125.9 133.5 122.1 134.4 3.41 Materials Durable goods materials 26.73 131.0 125.3 127.4 131.2 133.9 134.9 127.7 132.6 136.3 131.3 135.4 135.0 135.7 138.2 Consumer durable 3.43 145.4 146.5 146.2 148.4 149.5 149.6 135.2 140.3 153.1 116.0 151.1 163.4 165.2 165.9 7.84 134.2 130.8 131.8 133.0 133.8 134.6 129.7 131.6 135.7 136.8 139.0 143.4 143 9 144 7 9.17 124.4 113.3 116.0 122.6 127.8 132.0 129.5 134.5 133.3 130.6 126.3 118.4 116.0 120.0 Metal materials n e.c 6.29 128.7 124.5 128.2 132.0 134.5 131.4 118.5 126.8 132.3 134.0 135.6 133.2 138.2 141.3 Nondurable materials 25.92 134.0 131.0 131.8 134.0 133.9 134.1 127.8 135.9 137.3 138.9 138.0 136.6 138.0 142.1 9.11 127.1 123.1 124.9 129.5 128.6 126.9 120.2 129.2 130.3 134.3 130.1 127.2 127.4 134.8 3.03 127.7 123.0 123.6 130.8 129.5 130.0 125.0 138.2 133.6 138.2 124.8 117.5 124.0 139.2 6.07 126.9 123.2 125.6 128.8 128.2 125.4 117.7 124.6 128.7 132.4 132.8 132.1 129.2 132.6 Nondurable materials nee 7.40 157.5 155.2 156.2 157.7 157.7 158.0 147.3 157.8 161.4 162.2 165.1 162.3 166.7 172.0 Business fuel and power 9.41 122.3 119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.6 125.6 Mineral fuels 6.07 111.7 112.6 111.4 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 115.1 Nonresidential utilities 2.86 149.4 2.32 149.4 138.9 141.3 141.9 146.0 152.5 158.9 162.9 i59.9 152.6 147.7 151 4 i52 3 General industrial 1.03 142.7 132.1 136.9 138.7 142.7 144.8 143.9 148.0 149.3 147.3 147.4 148.2 148.0 Commercial and other 1.21 159.4 147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3 162.2 152.7 159.3 161.2 Gas .54 Supplementary groups of consumer goods 7.80 142.1 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.4 Apparel and staples 24.51 127.8 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 128.6 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 INDUSTRIAL PRODUCTION: N.S.A. 595 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i o r o 7 o r n - - - 59 P a a 1 v g 9 e e 6 r- 4 Feb. Mar. Apr. May June J 1 u 9 l 6 y 4 Aug. Sept. Oct Nov. Dec.r Jan. 1 r 965 Feb. 100.00 132.0 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.9 135.2 136.5 139.0 86.45 132.9 729.7 130.0 733.0 733.7 135.2 127.9 133.1 137.4 136.0 737 * 136 2 137 4 140 4 Durable 48.07 133.2 129.5 131.3 134.1 134.8 136.4 128.8 129.6 136.8 132.2 138 6 140 4 140 6 143 1 38.38 132.4 128.5 128.4 131.7 132.3 133.6 126.7 137.4 138.2 140.8 135.8 131.0 133 3 137 0 8.23 110.9 108.3 107.6 109.8 111.7 112.6 107.0 113.0 113.3 114.5 113 3 111 9 111 0 111 7 5.32 150.5 Durable manufactures 72.32 730.7 124.4 127.4 730.7 737.9 737.2 723.5 737.5 735.* 733.3 735.7 136.1 139.4 142.6 6.95 128.2 124.3 128.4 132.1 132.9 128.6 117.4 125.9 131.3 133.1 135 9 133 8 141 0 144 3 Iron and steel 5.45 125.6 119.4 124.0 128.6 130.4 125.2 116.1 124.3 129.1 132.3 134.7 132.3 139.8 143.6 Nonferrous metals and products.. 1.50 137.6 142.0 144.2 144.6 142.2 141.0 122.3 131.7 139.5 136.4 140.3 139.4 145.4 146.9 5.37 132.6 124.7 126.2 128.9 130.6 134.5 131.3 138.8 140.7 134.6 137 7 139.0 137 3 140 3 2.86 130.3 121.0 122.8 125.3 127.5 132.2 131.2 135.6 137.0 132.5 137.8 138.6 134 3 135 4 Machinery and related products 27.98 735.7 134.7 735.0 733.7 737.9 139.8 730.9 725.3 737.7 730.2 7*7.* 7*5.7 146.7 148.3 14.80 141.0 135.5 138.4 139.5 139.8 142.6 135.3 138.5 145.3 145.3 147.5 150.6 1 SO 0153 7 8.43 141.8 135.3 140.5 142.2 143.1 145.3 140.0 138.8 143.1 142.8 145.1 150.9 151 9 153 9 Electrical machinery 6.37 140.0 135.8 135.6 135.8 135.4 139.0 129.1 138.0 148.1 148.7 150.8 150.3 147 4 153 3 10.19 130.7 135.0 134.3 138.5 137.7 138.4 125.1 109.1 128.5 108.3 135.0 144.7 146 1 145 0 Motor vehicles and parts 4.68 150.1 160.1 158.1 166.7 165.0 167.4 142.0 106.7 145.8 102.3 155 0 174 9 178 9 177*2 Aircraft and other equipment.... 5.26 112.4 112.1 112.3 112.6 112.3 111.8 109.0 109.5 112.2 111.4 116.2 117.3 116.7 115.9 Instruments and related products... 1.71 136.4 131.6 132.2 132.7 133.3 136.1 135.0 138.5 140.1 139.1 142.7 143.7 141.7 142.9 1.28 Clay glass and lumber ......... . 4.72 121.1 772.0 773.9 720. ¥ 725.* 129.2 725.0 132.4 129.9 128.2 727 7 110.5 108 ? 113 6 Clay, glass, and stone products 2.99 126.0 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.2 1.73 112.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 93.4 98.5 109.3 3.05 138.4 729.5 737.5 733.7 733.7 733.3 735.5 7*3.* 7**. 3 149.2 148.2 146.7 139 5 142 9 Furniture and fixtures 1.54 143.4 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152.0 154.2 147 6 150 4 Miscellaneous manufactures 1.51 133.3 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144.3 139.1 131.2 135.3 Nondurable manufactures Textiles apparel, and leather• 7.60 124.8 729.5 724.7 72*. 7 725.2 125.1 773.0 737.* 126.0 732.3 129.4 119.3 72P 9 137 7 2.90 122.8 122.8 123.1 121.2 124.7 124.6 110.3 126.6 126.4 127.5 130.2 121.7 131 4 135 6 Apparel products 3.59 134.0 142.2 133.1 135.7 135.5 133.8 121.6 141.9 133.1 144.7 137.7 124.4 137.5 Leather and products 1.11 100.7 106.2 102.1 98.4 100.0 98.3 92.6 109.8 101.8 105.0 101.1 96.4 101.2 8.17 127.5 72*. 5 725. ¥ 730.9 729.3 727.3 720.9 727.3 129.4 134.9 130.9 127.5 727 1 134 4 3.43 133.4 132.3 131.7 138.2 135.0 132.7 124.8 137.3 135.5 145.9 134.5 126.6 133 3 146 7 Printing and publishing 4.74 123.2 118.9 122.6 125.6 125.1 123.4 118.2 121.0 124.9 126.9 128.4 128.2 122.6 125 5 1.53 117.0 110.7 117.5 125.5 124.8 117.8 104.4 107.1 116.7 122.6 128.7 123.2 111.2 116.9 Chemicals, petroleum, and rubber.... 11.54 752.2 7*7.7 7*3.3 757.7 752.2 755.* 7*5.3 75*. 7 757.3 757.8 755.2 154.6 157.8 161.1 7.58 159.4 155.0 156.5 160.3 159.9 163.0 152.9 160.9 164.5 163.6 162.6 162.6 165.0 168 7 Industrial chemicals 3.84 178.0 175.0 176.6 179.3 176.5 178.1 170.9 176.6 183.1 180.8 184.1 186.3 185.6 Petroleum products 1.97 121.0 117.3 115.5 116.0 120.2 125.8 128.3 127.3 125.2 123.5 119.8 118.8 117.7 'iii.'o Rubber and plastics products 1.99 155.7 150.4 149.7 154.0 154.5 155.7 133.5 158.2 164.5 170.0 162.1 159.9 170.1 11.07 120.6 770.7 777.7 775.2 773.0 727.3 720.3 730.5 132.7 133.4 723 5 117.0 114 9 113 5 10.25 120.6 111.2 111.4 115.4 116.7 120.9 121.5 130.5 133.2 133.4 123.6 118.2 114 4 112 8 8.64 120.2 111.7 110.1 113.0 114.3 117.0 117.7 129.0 134.9 134.6 125 7 119.2 116 2 112 8 1.61 123.2 108.6 118.2 127.8 129.5 141.7 141.8 138.4 124.6 127.0 112.7 112.4 104 7 .82 120.8 105.1 116.4 127.2 133.8 126.4 112.8 131.4 125.3 134.3 123.4 102.1 120 9 Mining 6.80 109.4 770.7 703.5 703.7 703.* 703.5 703.2 709.7 110.2 777.7 111.6 112.1 112 0 112 7 Coal 1.16 104.3 100.4 95.3 99.4 107.2 108.4 77.2 113.5 111.2 119.0 113.2 105.3 105 5 104 4 5.64 110.4 112.1 111.4 110.7 108.7 108.6 108.5 108.9 109.9 110.2 111.3 113.5 113 4 114 4 4.91 113.4 115.4 115.2 114.5 111.9 111.6 111.1 110.8 111.9 113.0 114.5 116.9 116 5 117 7 4.25 109.8 111.0 111.2 111.4 109.0 109.1 108.1 107.6 108.9 109.7 110.2 112.0 111 4 113 0 Gas and gas liquids .66 136.5 144.0 140.5 134.1 130.0 127.6 130.7 131.1 131.3 133.9 141.6 .73 90.1 89.3 85.3 85.1 87.3 88.2 91.1 96.2 96.4 91.4 89.5 "90.*5 Metal, stone, and earth minerals 1.43 773.7 700.7 702.7 77*. 3 727.0 737.3 725.0 723.3 723.* 723.0 727.5 777.7 106.2 106.9 .61 117.3 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125.8 123.8 116.9 109.6 111 5 111 7 .82 118.7 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125 1 112 3 \(P 2 103 3 Utilities Electric 4.04 153.6 150.8 149.8 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3 158.6 167.3 Gas 1.28 140.7 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description arid 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

596 BUSINESS ACTIVITY; CONSTRUCTION APRIL 1965 SELECTED BUSINESS INDEXES (1957-59- 100) Manu- Industrial production facturing 2 Prices* Nonag- Major market groupings Major industry C st o ru n - - r t i u c r u a l l - Freight Total Period Total Final C p o r n o - du E ct q s uip- M ria a l t s e- gro M up in in - gs» Util- 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 m en 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 a h m l d o e i l - t e y - 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 1964^ 132.0 131.5 131.3 132.0 132.5 132.9 110.9 150.5 137 110.8 101.7 124.7 95.5 127 108.1 100.5 1964—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 131.2 130.3 129.2 132.6 132.2 131.7 112.0 153.8 136 111.2 100.5 122.9 94.6 125 108.5 100.8 135.0 134.6 133.6 136.8 135.7 136.0 112.7 152.3 143 112.1 103.2 127.9 98.5 127 108.7 100.7 Dec 137.7 137.4 137.0 138.3 137.7 139.1 112.3 154.7 154 112.7 104.0 130.9 99.1 133 108.8 100.7 1965 Jan . . 138.2 137.7 137.5 138.1 138.9 139.8 112.1 154.^ 1 i7 in o 104.5 132 8 100 4 114 108 9 101 0 Feb 138.9 137.8 137.2 139.1 140.0 140.5 112.4 155.0 140 1(3.6 105.0 133.5 96.4 137 108.9 101.2 Mar.? 140.1 139.2 138.7 140.3 141.1 141.8 112.4 155.5 114.1 105.3 135.1 98.1 136 101.3 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) 1964 1965 Type of ownership and 1963 1964 type of construction Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 45,546 47 299 ?,01 4,215 4 4,6V> 4,504 4,601 3,760 76? 4 0?Q 3,757 3,598 •P7 % ?n By type of ownership: Public 14,653 15,371 1,041 1,339 1 318 1 1,491 1,619 1,101 1 1 1,174 1,230 1 104 1.112 Private 30,893 31,928 2,160 2,876 3 042 3,104 3,013 2,983 2,658 2 638 2,719 2,583 2,368 2 023 2,110 By type of construction: Residential building. 20,502 1477 1,991 006 ,050 1,996 2,000 1,679 1717 t,70? 1 482 1,306 1^73 14,377 IS,495 1,08? 1,252 1 4?0 1,36? 1,400 1,548 1 275 1 425 1 263 1 298 \ 155 10,667 11,244 692 972 933 1,227 1,107 1,054 807 817 902 1,012 994 700 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 CONSTRUCTION 597 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e n o r s t m n i i - a - l Total Indu B s u - sine C ss om- Public O n d re o t e h s n n i e - - - r Total M ta i r l y i- H w ig a h y - S w a e a n w t d e e r r Other trial mercial utility tial 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3 615 12,732 J 360 4,415 5 682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 t,287 4,934 ,344 6,494 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 ,402 5,545 I 387 7 123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 ,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 5,854 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 66,008 45,954 26,560 13,757 3,333 5,635 4,789 5,637 20,054 6,971 2,298 1964 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 64,983 45,780 26,678 13,437 3,149 5,542 4,746 5,665 19,203 6,410 2,404 June 66,576 46,006 26,612 13,598 3,204 5,562 4,832 5,796 20,570 6,888 2 402 July 66,641 46,261 26,708 13,736 3,334 5,574 4,828 5,817 20,380 7,549 2,368 Aug. 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 5,558 20,091 7,151 2 193 Dec 67,311 46,184 26,016 14,621 3,791 5,639 5,191 5,547 21,127 7,500 2,172 1965 Jan 66 505 46 306 26,617 14,174 3,788 5,579 4,807 5,515 20 199 7 098 2 133 Feb.» 67,084 47,002 26,996 14,420 3,841 5,577 5,002 5,586 20,082 6,688 2,125 Mar.p 67,865 47,634 27,220 14,780 3,944 5,833 5,003 5,634 20,231 2,058 i Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Dept. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By,irea By type of ownership Government- (priv O a te A only) Private underwritten Period Total Non- Total N fa o rm n- politan p m o e li t t r a o n - Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1955 1,646 1,627 19 670 277 393 1956 1,349 1,325 24 465 195 271 1957 1,224 1,175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964 1,585 1,120 465 1,552 976 53 524 33 264 205 59 1964 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 June 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 1,430 1,408 145 97 48 142 90 4 47 3 23 18 5 Sect 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 .. . 1,455 1,429 114 77 37 111 70 4 38 2 21 16 5 Dec 1,646 1,609 100 72 28 99 60 3 36 2 17 13 4 .Ian ,466 ^1,434 2>86 60 26 *>82 53 3 26 P4 17 13 4 Feb 1,422 ^1,409 ^88 65 22 ?85 53 3 29 P2 16 12 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

598 EMPLOYMENT APRIL 1965 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force,S.A.i Unemploy- Period i p n T o s N o t p i t t u . a u S l l t a . i A u t o i n . o n - n al l N ab o N o t . r S in . f A o t r . h c e e T l S f a o . o b A r t c o a . e r i l Total E In m n p o l n o a y g e r d i 2 - In U pl n o e y m ed - (pe m r S r a . e t A c e n e . t 3 nt) Total culturai agriculture industries 1959 123,366 51,420 71,946 69 394 65,581 59,745 5,836 3 813 5.5 I960 4 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961 127,852 53,677 74,175 71,603 66,796 61,333 5,463 4,806 6.7 1962 130,081 55,400 74,681 71,854 67,846 62,657 5,190 4,007 5.6 1963 132,125 56,412 75,712 72,975 68,809 63,863 4,946 4,166 5.7 1964 134,143 57,172 76,971 74,233 70,357 65,596 4,761 3,876 5.2 1964—Mar 133,519 57,965 76,541 73,798 69,812 65,175 4,637 3,986 5.4 Apr 133,678 57,135 77,252 74,507 70,486 65,695 4,791 4,021 6.4 May 133,866 56,376 77,225 74,477 70,639 65,790 4,849 3,838 5.2 June 134,041 54,652 77,049 74,305 70,345 65,519 4,826 3,960 5.3 July 134,216 55,258 76,928 74,188 70,496 65,632 4,864 3,692 5.0 Aug 134,400 55,891 77,006 74,255 70,458 65,641 4,817 3,797 5.1 Sent 134,586 57,721 77,023 74,280 70,465 65,650 4,815 3,815 5.1 Oct 134,772 57,661 76,996 74,259 70,379 65,658 4,721 3,880 5.2 Nov 134,952 58,055 77,140 74,409 70,755 66,084 4,671 3 654 4.9 Dec 135,135 58,568 77,432 74,706 71,004 66,463 4,541 3,702 5.0 1965 Jan 135,302 59,603 77,621 74,914 71,284 66,771 4,513 3,630 4.8 Feb 135,469 59,051 77,755 75,051 71,304 66,709 4,595 3 747 5 0 Mar 135,651 59,039 77,647 74,944 71,440 66,890 4,550 3,504 4.7 1 Monthly figures are shown seasonally adjusted in this BULL, for the 300,000. Most of the increase was in nonagricultural industries. first time. 2 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is ob- 3 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that 4 Inclusion of figures for Alaska and Hawaii beginning with 1960 in- contains the 12th day; annual data are averages of monthly figures. creased population by about 500,000 and total labor force by about Bureau of Labor Statistics estimate. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in fa g c- Mining c C o o n t n i s o t t r r n a u c c t - T ti l o i r c a n n u & s t p il o i p t r i u t e a b 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 I960 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 58,188 17,303 635 3,106 3,976 12,188 2,944 8,533 9,502 SEASONALLY ADJUSTED 1964 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 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 Sent, 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 59,206 17,622 637 3,244 4,020 12,362 2,975 8,654 9,692 1965 Jan 59,334 17,705 633 3,235 3,939 12,447 2,979 8,689 9,707 Feb P 59,677 17,769 635 3,281 3,996 12,541 2,987 8,727 9,741 Mar.p 59,902 17,814 634 3,300 4,032 12,617 2,996 8,751 9,758 NOT SEASONALLY ADJUSTED 1964 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 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,OH 12,518 2 958 8 608 9 790 Dec 59,938 17,601 635 3,053 4,024 13,166 2,957 8,585 9J917 1965—Jan 58,271 17,456 619 2,837 3,880 12,275 2,949 8,515 9,740 Feb.? 58,396 17,532 616 2,756 3 932 12 218 2 960 8 561 9 821 Mar P 58,756 17,606 616 2,861 3,976 12,257 2,972 8,620 9,848 i Data include Alaska and Hawaii beginning with 1959. that includes the 12th 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

APRIL 1965 EMPLOYMENT AND EARNINGS 599 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Mar. Jan. Feb.* Mar. Jan. Feb.*3 Total 12,731 13,168 13,224 13,266 12,543 12,941 13,009 13,077 Durable goods 7,181 7,518 7,569 7,600 7,095 7,421 7,466 7,510 Ordnance and accessories 111 100 101 101 111 101 101 101 Lumber and wood products 539 533 540 543 507 502 507 510 Furniture and fixtures 330 345 348 348 326 341 342 343 Stone, clay, and glass products 498 503 503 507 474 473 474 483 Primary metal industries , 966 1,044 1,047 1,047 972 1,035 1,046 1,053 Fabricated metal products 914 964 978 960 899 951 958 944 Machinery except electrical 1,099 1,166 1,167 1,176 1,110 1,164 1,172 1,188 Electrical machinery 1,025 1,086 1,099 1,109 1,013 1,088 1,092 1,096 Transportation equipment 1,150 1,207 1,212 1,232 1,150 1,223 1,222 1.232 Instruments and related products , 233 238 240 240 232 237 238 239 Miscellaneous manufacturing industries. 316 332 334 337 302 306 315 322 Nondurable goods 5,550 5,650 5,655 5,666 5,448 5,520 5,543 5,567 Food and kindred products 1,150 1,150 1,144 1,141 1,062 1,081 1,057 1,053 Tobacco manufactures 77 74 74 73 69 74 71 66 Textile-mill products 803 817 820 823 797 805 811 817 Apparel and other finished textiles 1,145 1,196 1,191 1,192 1,160 1,170 1,199 1,208 Paper and allied products 491 495 497 500 485 490 489 494 Printing, publishing and allied industries 600 611 614 617 598 607 610 615 Chemicals and allied products 529 536 538 537 529 529 533 538 Products of petroleum and coal 118 113 112 113 116 110 110 111 Rubber products 329 343 349 352 325 342 346 348 Leather and leather products 308 315 316 318 307 313 317 318 NOTE.—Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th 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 Mar. Jan. Mar. Jan. Feb.?3 Mar. Feb." Total 40.6 41.4 41.3 41.5 101.40 105.93 105.93 107.38 2.51 | 2.59 2.59 2.60 Durable goods 41.2 42.2 42.1 42.4 110.29 115.51 115.79 117.74 2.69 2.77 2.77 2.79 Ordnance and accessories 40.3 41.0 41.1 41.3 119.39 126.48 125.77 126.07 2.97 3.07 3.06 3.06 Lumber and wood products 40.3 40.3 40.0 41.1 81.97 82.78 83.92 86.46 2.07 2.08 2.13 2.14 Furniture and fixtures 41.2 41.6 42.0 41.8 82.42 84.66 86.53 86.52 2.03 2.07 2.09 2.10 Stone, clay, and glass products 41.6 41.7 41.8 41.9 102.25 104.19 105.26 107.12 2.50 2.56 2.58 2.60 Primary metal industries 41.4 42.4 42.5 42.7 127.10 133.25 133.98 135.36 3.07 3.15 3.16 3.17 Fabricated metal products 41.6 42.3 42.5 42.8 109.18 113.42 113.97 115.75 2.65 2.72 2.72 2.73 Machinery except electrical 42.4 43.0 43.2 43.4 121.26 125.27 125.85 127.16 2.86 2.92 2.92 2.93 Electrical machinery 40.4 41.1 41.3 41.6 100.90 104.70 105.22 106.40 2.51 2.56 2.56 2.57 Transporation equipment 41.8 43.5 43.3 43.9 126.68 137.49 135.79 139.64 3.06 3.19 3.18 3.21 Instruments and related products 40.7 41.3 41.4 41.6 101.81 106.45 106.86 107.79 2.52 2.59 2.60 2.61 Miscellaneous manufacturing industries. 39.7 39.9 40.0 40.1 82.97 84.53 84.99 85.81 2.09 2.14 2.13 2.14 Nondurable goods 39.7 40.1 40.2 40.2 89.67 92.50 92.73 93.20 2.27 2.33 2.33 2.33 Food and kindred products 40.8 41.3 41.0 40.9 96.08 99.55 98.33 98.74 2.39 2.44 2.44 2.45 Tobacco manufactures 39.4 38.4 39.1 38.6 75.60 76.88 77.33 80.14 2.00 2.05 2.09 2.16 Textile-mill products 40.9 42.2 42.0 42.0 71.63 75.95 76.73 76.91 1.76 1.83 1.84 1.84 Apparel and other finished textiles 36.1 36.8 36.6 36.8 64.79 65.16 66.43 67.52 1.78 1.81 1.82 1.82 Paper and allied products 42.7 43.1 43.1 43.2 106.85 111.19 111.45 111.54 2.52 2.61 2.61 2.60 Printing, publishing and allied industries 38.4 38.5 38.6 38.5 113.58 114.60 115.58 117.34 2.95 3.00 3.01 3.04 Chemicals amd allied products 41.6 41.8 41.9 41.7 114.40 117.86 118.14 118.01 2.75 2.84 2.84 2.83 Products of petroleum and coal 42.1 41.3 41.6 42.3 131.24 133.81 131.46 135.62 3.17 3.24 3.23 3.26 Rubber products 41.2 42.3 42.4 42.2 101.59 108.52 108.10 107.84 2.49 2.59 2.58 2.58 Leather and leather products 37.8 37.5 38.1 38.5 68.24 71.24 71.42 71.81 1.81 1.86 1.86 1.87 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

600 PRICES APRIL 1965 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p e r - - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t - y o n F i t p a n i i u e n o s g r r h d n s - a - - A u p p a p n k a d e r e e p l T p t r o 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 e i n n o r a g e d n d a - - g O s a i o e c t n o r h e v d d e s - r s 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 1964 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 M!ay 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 108.3 107.2 107.1 107.8 108.9 100.9 107.9 102.8 105.5 109.4 113.7 119.5 109.3 114.1 108.9 108.2 106.9 107.2 107.9 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119.8 109.4 114.2 108.9 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 1965 Jan 108.9 106.6 108.1 108.4 110.6 106.5 108.0 102.8 105.6 111.1 114.5 120.6 110.0 115.0 109.3 Feb 108.9 106.6 108.2 108.5 110.9 106.7 107.8 102.8 105.8 110.6 114.7 121.0 110.1 115.2 109.4 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 - - F p u r a c o r t m d 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. er, 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 1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101 5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 . . 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100 6 97 7 101.2 100.8 100.6 107.4 100.2 97.5 93 3 96.5 100.0 100 0 102.3 98 8 101.8 104.1 107 3 1963 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 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 1964—Feb 100.5 94.5 100.9 101.2 101.2 102.5 99.0 96.4 93.6 99.9 99.9 101.8 102.5 98.5 101.2 107.1 110.9 Mar 100.4 95.2 100.5 101.1 101.2 102.5 97.0 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101.1 107.1 109.8 Apr 100.3 94.4 100.4 101.1 101.1 104.5 96.1 96.6 93.1 101.8 99.1 102.2 102.9 98.6 101.3 107.1 109.5 May 100.1 93.7 99.4 101.1 101.2 104.7 96.4 96.7 92.6 101.8 98.7 102.1 103.3 98.6 101.3 107.3 107.2 June 100 0 93.2 100.2 100.9 101.0 104.8 96.3 96.5 91 6 101.4 98.7 102.3 103.0 98.5 101.4 107.4 106 7 July 100.4 94.1 101.2 101.1 101.1 105.4 96.7 96.6 91.8 101.2 98.7 102.5 103.1 98.6 101.5 107.3 107.5 100.3 93.6 101.0 101.1 101.2 105.6 96.4 96.5 91.8 100.9 98.7 103.0 102.9 98.6 101.7 107.5 107.3 Sent 100.7 95.7 102.2 101.1 101.2 105.4 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 94.0 100.9 101.6 101.4 105.5 97.6 97.1 92.2 99.6 98.9 104.3 103.2 98.5 101.8 107.5 108.5 Dec 100 7 92.7 100.8 101.8 101.5 105.4 98.1 97.2 92.2 99.4 98.9 104.7 103.1 98.4 101.6 107.5 110.7 1965 Jan 101 0 93.0 102.2 101.9 r101.5 r104.9 r98.5 97.3 92 3 100.8 99.0 104.5 103.3 r98.3 101 7 107 5 r110 0 Feb 101.2 94.5 102.0 101.9 101.5 105.1 98.0 97.5 92.2 100.4 99.0 104.6 103.5 98.3 101.8 107.6 109.9 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 PRICES 601 WHOLESALE PRICES: DETAIL (1957-59= 100) 1964 1965 1964 1965 Group Group Feb. Dec. Jan. Feb Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.9 98.9 98.5 102.3 Woodpulp 96.1 96,8 98.1 98.1 Grains 102.0 90.1 90.4 90.5 Wastepaper 91.1 95.9 96.1 96.0 Livestock and poultry 82.8 83.1 85.5 88.4 Paper 103.1 103.7 103.7 103.7 Plant and animal fibers 101.7 92.6 92.4 91.8 Paperboard 96.5 96.4 96.4 96.4 Fluid milk 102.3 105.0 104.1 103.6 Converted paper and paperboard... 100.1 97.9 97.9 98.0 Eggs 89.7 85.3 78.9 76.7 Building paper and board 95.0 93.3 '93.4 92.6 Hay and seeds 113.9 116.7 119.0 120.7 Other farm products 96.4 98.3 95.3 97.2 Metals and Metal Products: Processed Foods: Iron and steel 100.2 101.1 101.4 101.2 Nonferrous metals 101 .7 113.4 111.9 112.2 Cereal and bakery products 107.4 108.2 108.2 107.9 Metal containers 105.6 105.6 105.7 105.7 Meat, poultry, and fish 88.9 88.8 91.9 92.0 Hardware 104.6 104.8 104.8 104.8 Dairy products and ice cream 107.5 108.9 108.3 107.8 Plumbing equipment 100.4 104.1 104.1 104.1 Canned and frozen fruits, and veg- Heating equipment 91.8 92.2 r91.3 91.6 etables 107.4 101.9 101.9 100.1 Fabricated structural metal products. 99.1 100.0 100.3 100.1 Sugar and confectionery 122.9 107.1 110.0 110.0 Fabricated nonstructural metal prod- Packaged beverage materials 94.6 98.2 97.2 96.7 ucts 109.4 ! 108.3 108.3 108.8 Animal fats and oils 91.0 107.7 106.4 107.6 Crude vegetable oils 73.7 105.9 104.6 109.1 Machinery and Motive Products: Refined vegetable oils 74.8 98.0 96.1 96.7 Vegetable oil end products 88.3 100.1 100.6 101.9 Agricultural machinery and equip..., 112 5 114.2 '114.5 114.7 Miscellaneous processed foods. 106.6 111.2 114.5 114.4 Construction machinery and equip..., 11K8 113.7 113.8 114.1 Metalworking machinery and equip... 111.0 114.2 115.3 115.6 Textile Products and Apparel: General purpose machinery and equipment , 104.6 105.0 104.3 104.5 Cotton products. 101.2 99.4 99.5 99.6 Miscellaneous machinery 104.3 104.1 105.1 105.1 Wool products 103.3 102.8 103.4 103.3 Special industry machinery and Man-made fiber textile products 95.1 96.8 r96.9 96.4 equipment (Jan. 1961= 100) 105.2 j 106.6 107.3 107.3 Silk products. 116.8 117.4 121.6 135.5 Electrical machinery and equip 96.9 96.3 r96.5 96.5 Apparel 102.3 103.1 103.1 103.1 Motor vehicles , 99.8 100.8 r100.8 100.9 Other textile products 116.7 117.8 118.8 118.6 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 74.0 90.2 86.5 90.2 Furniture and Other Household Dura- Leather 99.7 103.9 104.2 103.3 bles: Footwear 108.2 109.0 109.1 109.1 Other leather products 101.9 104.0 102.5 102.7 Household furniture 105.0 105 7 106.1 106.2 Commercial furniture 103.1 103.3 103.3 103.6 Fuels and Related Products, and Power Floor coverings 100.1 99 0 98.0 98.0 Coal 98.1 98.2 '•98.3 98.4 H Te o l u e s v e is h i o o l n d , r a a p d p i l o ia s n , c a e n s d phonographs. 9 8 1 7 . . 8 2 r 896 o 6 6 r r 9 8 0 6 . . 2 4 9 8 0 6 . . 2 4 Coke 103.6 107.3 107.3 107.3 Other household durable goods 103.7 104 4 104.7 104.7 Gas fuels (Jan. 1958= 100) 126.8 124.0 121.4 125.4 Electric power (Jan. 1958= 100) 101.3 101.3 101.1 100.8 Petroleum products, refined , 95.3 94.0 95.2 93.9 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 101.0 102.1 102.1 102.1 Concrete ingredients 102.7 102.9 103.2 103.2 Industrial chemicals 94.2 94.2 94.6 94.6 Concrete products 101.0 101.1 101.3 101.2 Prepared paint 104.6 104.8 104.8 105.2 Structural clay products 103.8 105.0 105.0 105.1 Paint materials 91.5 91.2 91.3 90.4 Gypsum products 108.6 106.6 106.6 107.7 Drugs and Pharmaceuticals 95.3 94.7 r94.4 94.5 Prepared asphalt roofing 87.4 91.2 91.2 91.2 Fats and oils, inedible 83.2 116.8 113.4 118.2 Other nonmetallic minerals 101 .3 101 .2 101.0 101.2 Mixed fertilizers 103.8 104.7 104.4 104.8 Fertilizer materials 100.2 100.7 102.3 103.8 Tobacco Products and Bottled Bever- Other chemicals and products 99.1 99.6 '99.7 99.8 ages : Rubber and Products: Tobacco products 105.9 106.1 106.1 106.1 Alcoholic beverages 101.0 100.5 1C0.5 100.9 Crude rubber 89.5 90.3 90.7 90,7 Nonalcoholic beverages 125.3 128.1 128.1 128.1 Tires and tubes. 91.3 88.8 88.8 88.5 Miscellaneous rubber products 97.6 96.4 96.6 96.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 100.9 101.0 101.6 101.6 Manufactured animal feeds 117.4 116.4 115.1 114.9 Lumber 100.3 99.1 100.8 100.8 Notions and accessories 99.1 99.1 99.1 99.1 Millwork. 106.9 109.0 107.7 107.5 Jewelry, watches, photo equipment.. 103.3 103.9 103.8 103.8 Plywood 92.2 90.3 '94.5 93.0 Other miscellaneous products 101.7 103.0 103.1 103.3 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 NATIONAL PRODUCT AND INCOME APRIL 1965 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964* IV I II III IV* 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 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 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 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 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 22.1 22.3 22.7 23.1 23.6 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 Chance 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 End 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 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 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 53.1 57.4 62.9 64.7 65.5 64.9 64.3 67.1 65.5 65.3 O Na th t e io r nal defense ) ..3 2.0 \ / 1 3 3 . . 2 8 1 5 4 . . 2 3 4 8 5 . . 0 7 4 8 9 . . 9 0 5 1 3 0 . . 6 2 5 1 5 0 . . 2 3 5 1 5 1 . . 4 2 5 1 5 0 . . 3 5 5 1 4 1 , . 0 5 5 1 7 1 . . 0 0 5 1 5 1 . . 2 2 5 1 5 1 . . 3 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 Output, A Supplement to the Survey of Current adjusted totals at annual rates. For back data and explanation of series Business (1958); and the July 1964 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1963 1964 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964* IV n m iv* National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 520.2 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 0 241.6 252.9 267.4 257.6 260.8 265.3 269.4 274.0 Military .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 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 56.7 Profits before tax 9.6 .2 77.0 40.6 44.3 44.2 48.2 57.3 57.2 54.3 56.6 57.9 58.0 57.4 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 25.7 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 37.7 Dividends 5.8 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 -2A 4.9 13.6 7.5 6.7 8.5 8.7 11.8 9.2 11.8 12.1 12.0 11.6 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .2 -.1 .3 -.4 -.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

APRIL 1965 NATIONAL PRODUCT AND INCOME 603 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 H 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 . . 6 3 . . 7 9 . . 5 4 .8 2.2 2.4 -1 2 . .4 2.4 2.5 2.4 2.5 2.5 2.5 -2 2 . . 2 5 -.7 -3.0 -2.6 -2.7 -1.7 -1.8 -1.6 -2.4 -1.4 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .5 1.6 1.6 1.0 .9 .7 1.0 .7 .9 1.0 Equals: National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 520.2 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 58.1 56.7 Contributions for social insurance .2 .3 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 2.1 4.5 9.2 14.5 15.2 16.5 18.0 19.8 19.1 19.4 19.8 20.0 20.2 Business transfer payments .6 .7 .5 .8 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 49.1 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 8.8 9.6 9.9 Equals: Disposable personal income 83.1 93.0 207.7 431.8 419.5 430.2 435.6 442.1 45.7 349.9 364.7 384.6 402.5 411.2 Less: Personal consumption expenditures.. 79.0 81.9 195.0 399.3 390.0 396.1 404.6 406.5 46.4 328.2 337.3 356.8 375.0 381.3 Equals: Personal saving 4.2 11.1 12.6 32.5 29.5 34.0 31.0 35.5 -.6 21.7 27.3 27.8 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) 1964 1965 Item 1963 1964 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total personal income. 464.1 491.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.9 1510.2 510.7 Wage and salary disbursements...... 312.1 331.6 323.6 325.1 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.6 344.7 346.9 Commodity-producing industries.. 123.3 129.8 127.1 \T1.A 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.6 135.6 136.6 Manufacturing only 98.0 103.0 100.7 101.1 102.3 102.3 102.7 103.0 103.8 105.1 103.4 105.6 106.8 108.0 108.8 Distributive industries 80.3 84.9 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.7 88.2 88.8 Service industries 49.3 52.6 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.1 54.4 54.8 Government 59.2 64.2 62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 66.5 66.8 Other labor income. 13.1 14.1 13.7 13.8 13.9 14.0 14.1 14.2 14.2 14.3 14.4 14.5 14.5 14.6 14.7 Proprietors' income 50.6 52.0 51.3 51.2 51.5 51.7 51.9 51.9 52.2 52.4 52.5 52.8 53.2 53.0 52.7 Business and professional. 37.6 39.3 38.7 38.8 39.0 39.1 39.3 39.5 39.6 39.7 39.8 39.9 40.1 40.3 40.4 Farm 13.0 12.7 12.6 12.4 12.5 12.6 12.6 12.4 12.6 12.7 12.7 12.9 13.1 12.7 12.3 Rental income 12.3 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.5 12.5 Dividends 18.0 19.8 19.4 19.6 19.8 19.8 19.9 20.0 20.0 19.9 19.9 19.9 20.6 20.4 20.6 Personal interest income. 32.9 36.0 35.0 35.3 35.5 35.7 35.9 36.0 36.2 36.5 36.7 36.9 37.2 37.4 37.6 Transfer payments 36.7 38.2 37.5 37.8 38.2 38.0 37.6 37.8 38.0 38.0 38.3 38.4 38.5 140.8 38.9 Less: Personal contributions for social insurance 11.8 12.7 12.3 12.4 12.5 12.5 12.6 12.7 12.8 12.9 12.9 13.0 13.1 13.2 13.2 Nonagricultural income. 446.6 474.2 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.6 1493.2 494.1 Agricultural income 17.5 17.1 17.0 16.8 17.0 17.1 17.2 16.9 17.1 17.2 17.3 17.5 17.4 17.0 16.6 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.0 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FOURTH QUARTER, 1964—Seasonally adjusted annual rates ON (In billions of dollars) O 4 Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld se s - B n u e s s i s - an g S d o t v a lo t t e s c . al Total G U o . v S t . . Total M a o u n t e h t . ary C ba o n m k l s . N f o in n a b n a c n e k R w e t o h s r t e l d of sec A to ll rs Di a s n c c r y ep- and s N a i v a n i t n v l. g est- 3 ment Transaction category- o 1 Gross saving 100.1 57.7 -2.5 155.3 -6.5 2.9 1.2 1.6 -5.5 146.3 151.8 2 Capital consumption 54.3 46.7 101.1 .7 .4 .3 101.7 101.7 3 Net saving (1-2) 45.7 11.0 54.2 -6^5 2.3 .8 1.3 -5^5 44.5 50.1 4 Gross investment (5+10).... 108.1 54.4 -5.0 157.5 -1.7 2.0 .2 1.7 .1 -4.0 153.9 -7.8 150.2 5 Private cap. expend., net.... 78.4 67.3 145.7 .2 .2 146.1 146.1 6 Consumer durables 56.1 .. 56.1 .. 56.1 . 56.1 7 Residential constr 18.5 .. 25.0 .. 25.0 . 25.0 8 Plant and equipment 3.9 .. 55.3 59.2 .. 59.6 . 59.6 9 Inventory change 5.5 5.5 ..5.5 . 5.5 10 Net financial invest. (11 -12) 29.6 -12.9 -5.0 . 11.8 -1.7 1.6. .2 1.5 -.1 -4.0 7.8 . -7.8 .4.0 10 11 Financial uses, net 53.6 16.4 4.1 . 73.1 2.4 65.9 4.9 . 25.4 35.6 . 147.4 . 10.0 11 12 Financial sources 23.0 29.3 9.0 61.3 4.1 64.3 23.9 35.7 10.0 139.7 6.0 12 13 Gold & off. U.S. fgn. exch. 1.3 1.3 1.3 13 14 Treasury currency -.1 -.6 -.1 14 15 Dem. dep. and currency. 11.7 5.4 6.3 5.3 11.7 15 16 Private domestic 4.2 ... -.9 3.4 6.7 .. 14.0 4.9 9.1 7.0 14.0 7.0 . 16 17 U.S. Govt -2.4 .1 -2.5 -1.9 -2.4 -.5 . 17 18 Foreign .4 -.2 .2 .2 18 19 Time and svgs. accounts. 23.8 30.1 . .3 32.0 32.0 32.0 19 20 At coml. banks 8.2 . 3.2 3.1 14.5 . .. 16.0 16.0 1.4 16.0 16.0 20 21 At svgs. instit 15.6 .3 15.9 15.< 15.9 15 21 22 Life insur. reserves 4.9 .. 4.9 . .1 4.8 4.8 4.9 4.9 22 23 Pension fund reserves... 11.0 3.1 11.0 3.1 1.0 6.9 6.9 11.0 11.0 23 24 Consol. bank items i -1.5 -1.5 .1 -1.6 -1.5 -1.5 24 25 Credit mkt. instr 10.6 23.5 -1.0 31.8 -2.5 5.9 7.2 61.2 2.6 67.5 8.5 5.1 30.8 31.6 8.1 1.7 7.5 79.8 79.8 25 26 U.S. Govt. securities 1.1 . -3.5 -4.5 . -6.9 1 5.5 5.0 1.4 -1.0 3.1 1.7 1.7 26 27 State and local oblig 1.4 . .4 1.8 5.6 3.8 2.9 .9 . 5.6 5.6 27 28 Corp. and foreign bonds 3.4 . 4.2 1.3 . 4.7 4.2 3.7 2.3 3.5 1.9 .2 2.1 8.6 8.6 28 29 Corp. stocks -1.7 . -1.5 -1.7 -1.5 3.4 2.7 3.4 2.7 -.4 .1 1.3 1.3 29 30 1- to 4-family mortgages 15.9 1.3 15.3 -.7 14.5 2 2.1 12.4 -.2 15.1 15.1 30 31 Other mortgages 5.6 .5 13.4 5.6 13.9 .3 8.0 1.8 6.2 13.9 13.9 31 32 Consumer credit 6.0 1.5 1.5 6.0 4.6 2.5 . 2.1 6.0 6.0 32 33 Bank loans n.e.c .4 12.7 13.1 18.0 2.0 17.9 . 2.0 2.9 18.0 18.0 33 34 Other loans .6 1.0 3.6 "i.O 4.6 3.8 6.1 1.7 2.0 1.7 -1.3 2.3 9.6 9.6 34 3 3 6 5 O Fe p d e e n r a m l a lo rk a e n t s paper.., 1.0 -.2 .9 1.0 — 1. 2 .2 "i'.i 1.6 . . 8 9 .9 -1.3 1. .7 3 1 . . 7 4 3 1 . . 7 4 3 3 5 6 37 Security credit -.3 -.6 -.3 -.6 -4.1 -3.7 -4.0 -.1 -3.7 -4.4 -4.4 37 38 To brkrs. and dealers... -.3 o -3.4 -3.7 -4.0 .6 -3.7 -3.7 -3.7 38 39 To others - G " —. 6 -. 6 ._ 7 - 7 39 40 Taxes payable 5 -.4 -.9 40 41 Trade credit 4.5 .4 4.5 .5 .2 4.9 1.2 -3.7 41 i 42 Equity in noncorp. business. -2.4 . ... -2.4 -2.4 -2.4 -2.4 42 43 Misc. financial trans 7 10.7 .4 11.4 .4 -.3 -.3 3 3 2.0 1.3 16.6 6.6 -10.0 43 4 Sector discrepancies (1 — 4).. -8.0 3.3 -4. s 1.5 -1.5 -7.6 -7.6 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, NOTE.—For other periods see Table 4. For description of sectors and transaction types see Aug. 1959 ON F.R. loans to banks, F.R. float, and stock of F.R. banks. See Table 4 (G) and (H). BULL., pp. 846-57 and Flow 0/Funds Accounts, 1945-62, 1963 Supplement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FLOW OF FUNDS 605 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transa o c r t io se n c t c o a r tegory, 1960 1961 1962 1963 1964 IV II III IV II III IV I. Saving and investment Gross national saving 131.5 130.6 138.0 140.1 146.1 144.6 148.2 150.4 151.8 Households 84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7 100.1 Farm and noncorp. business. 12.2 12.2 12.3 12.4 12.5 11.6 12.1 12.6 12.9 Corporate nonfin. business.. 40.3 38.7 38.7 40.4 39.9 44.2 45.1 45.5 44.9 U.S. Government -5.6 -5.9 -2.8 -2.0 -.8 -4.0 -9.6 -7.0 -6.5 State and local govt -2.5 2 -2.2 -2.3 -2.1 -2.5 -2.6 -2. -2.5 Financial sectors 2.8 4.7 3.9 4.2 .9 3.2 3.4 2.9 3.*4 Gross national investment... 117.4 136.7 148.9 131.0 130.2 134.6 136.5 145.5 147.3 148.2 149.9 150.2 8 9 Consumer durable goods. 44.9 52.1 56.9 50.2 51.1 51.5 52.2 53. 55.9 56.9 58.5 56.1 9 10 Business inventories 3.5 4.4 3.5 5.4 3.6 3.6 4.2 6.4 2.4 3.6 2.5 5.5 10 11 Gross pvt. fixed investment. 84.0 74.7 74.4 76.7 78.7 80. 83.5 83.5 84.3 84.6 11 12 Households 22.7 22.4 21.6 21.5 22.2 22.4 22.9 22.8 22.6 22.4 12 13 Nonfinan. business 60.7 51.9 52.2 54.4 55.3 57.1 59.4 60.2 61.4 61.8 13 14 Financial sectors .6 .4 .6 .9 1.2 1.3 1.2 .4 .4 .4 14 15 Net financial investment. .7 1.2 2.7 1.4 4.8 5.5 4.2 4.5 4.0 16 Discrepancy (1-8) .5 .4 3.4 3.6 .6 -2.7 .4 1.6 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors 35.0 46.9 58.3 62.3 70.9 58.5 59.3 72.5 53.7 63.7 68.2 78.5 65.7 71.3 18 Loans and short-term securities ... 15.0 16.3 15.4 18.5 26.9 20.8 17.5 28.4 4.5 23.5 26.1 28.6 14.6 38.3 19 Long-term securities and mtgs 20.0 30.7| 42.9 43.8 44.0 37.7 41. 44.1 49.2 40.2 42.1 49.9 51.1 33.0 By sector 20 U.S. Government 6.6 10.9 11.6 -5.0 1.7 11.6 7.9 5.1 2.6 20 21 Short-term mkt. securities 4.4 6.6 9.0 -10.4 .3 9.1 .8 -2.0 8.4 21 22 Other securities .9 4.0 3.3 6.4 1.6 3.5 5.5 6.5 -6.7 22 23 Loan participation certs 1.2 .3 -.7 -1.0 -.2 -1.0 1.7 .6 .9 23 24 Foreign borrowers 3.4 3.7 5.0 1.4 3.2 4.1 4.0 3.0 7.5 24 25 Loans. 1.7 1.6 3.1 1.0 3.5 4.1 3.2 3.0 5.3 25 26 Securities 1.7 2.1 1.8 .5 -.2 .9 2.2 26 27 Pvt. domestic nonfin. sectors 48.5 44.6 55.9 57.3 58.8 52.4 66.5 57.5 61.2 27 28 Loans 13.5 9.1 16.9 15.0 19.9 13.8 22.9 13.0 23.7 28 29 Consumer credit 6.4 6.3 6.9 7.1 6.5 6.5 7.3 7.5 6.0 29 30 Bank loans n.e.c 5.3 6.5 5.2 11.4 4.3 8.4 3.1 13.1 30 31 Other loans I. 2.5 3.5 2.6 2.0 3.0 7.2 2.4 4.6 31 32 Securities and mortgages 35.0 35.6 39.0 42.4 38.9 38.6 43.6 44.6 37.5 32 33 State and local obligations 3.3 5.6 7.0 7.5 6.6 4.2 5.9 7.8 5.6 33 34 Corporate securities 4.1\ 5.0 2.8 4.2 1.7 6.6 7.0 5.2 2 8 34 35 /- to 4-family mortgages 13.5 13.6 15.8 16.3 15.1 15.3 16.5 16.9 15.3 35 36 Other mortgages 14.1 11. 13.4 14.3 15.4 12.5 14.3 14.7 13.9 36 37 Net sources of credit (= 17) 58.5 59.3 72.5 53.7 63.7 68.2 IS.5 65.7 71.3 37 38 Chg. in U.S. Govt. cash balance., 3. 4.5 2.9 -7.7 -1.5 8.0 -1.1 -4. -2.4 38 4 3 0 9 F U o .S re . ig G n o f v u t n . d le s nding 2 3 . . 3 2 3. . 3 2 2 7 . . 6 1 - 3 .4 .6 4.5 * 2 2. . 8 8 2 5. . 1 7 3. . 0 5 4 3 . . 0 4 4 3 0 9 41 Pvt. insur. & pension reserves... 8.8 8.7 10.5 11.3 10.5 9.9 10.7 9.4 11.8 41 42 Sources n.e.c 2.1 7.2 2.2 5.7 1.0 6.5 4.9 5.7 3.2 42 43 Pvt. domestic nonfin. sectors 38.4 35.4 47.3 41.2 49.3 38.2 56.3 51.1 51.3 43 44 Liquid assets 34.2 33.3 41.5 29.0 40.7 27.5 35.9 28.7 39.0 44 45 Deposits 33.8 29.4 35.9 28.1 38.7 24.6 36.3 33.9 43.8 45 46 Demand dep. and currency 5.0 -2.7 10.6 2.1 9.8 -3.0 9.5 5.9 13.7 46 47 Time and svgs. accounts... 28.9 32.1 25.3 26.0 28.9 27.6 26.8 28. 30.1 47 48 At commercial banks... . 14.0] 15.3 10.6 13.0 13.6 12.5 11.4 12.0 14.5 48 49 At savings instit 14.8\ 16.8 14.7 13.0 15.3 15.1 15.4 16.1 15.6 49 50 Short-term U.S. Govt. sec.. .4 3.9 5.6 .9 2.1 3.0 -.4 -5.2 -4.8 50 51 Other U.S. Govt. securities -1.6 -1.6 2.1 5.8 1.3 1.2 6.9 7.4 -2.1 51 52 Pvt. credit mkt. instruments... 7.2 5.4 6.6 8.2 8.6 9.3 14.1 14.0 14.0 52 53 Less security debt 1.4 1.8 2. 1. 1.4 -.1 .6 -.9 -.4 53 HI. Direct lending in credit markets 54 Total funds raised 46.9 58.5 59.3 72.5 53.7 63.7 68.2 78.5 65.7 71.3 54 55 Less change in U.S. Govt. cash... * 3.8 4.5 2.9 -7.7 -1.5 8.0 -1.1 -4.1 -2.4 55 56 Total net of U.S. Govt. cash 54.7 54.8 69.6 61.4 65.2 60.2 79.6 69.7 73.7 56 46.9 57 Funds supplied directly to cr. mkts.. 34.2 54.7 54.8 69.6 61.4 65.2 60.2 79.6 69.7 73.7 58 Monetary authorities 1.6 4.1 2.6 1.0 2.6 5.5 1.4 .8 5.0 59 Total 2.3 5.3 2.2 1.9 2.1 5.1 2.1 1.2 5.1 60 Less change in U.S. Govt. cash .6 1.1 -.4 .9 -.5 -.4 .7 .4 .1 61 Commercial banks, net 20.6 20.1 22.3 18.1 23.0 10.4 23.8 19.4 28.9 62 Total 21.1 23.3 25.7 9.7 22.9 19.6 22.6 15.5 26.8 63 Less chg. in U.S. Govt. cash.. 3.2 3.4 3.3 -8.5 -1.0 8.4 -1. -4.5 -2.5 64 Security issues .6 .1 .1 .1 .9 .9 .5 .6 .4 65 Nonbank finance, net. 26.8 24.8 28 25.7 27.8 25.4 28.4 27.3 31.4 27.2 66 Total 33.6 30.5 28.9 36.3 38.7 30.7 31.1 32.7 28.9 67 Less credit raised... 6.9 .6 10.6 10.9 5.3 2.7 1.7 5.7 1.3 68 U.S. Government. 2.7 3.6 2.6 3.6 4.5 5.1 3.4 68 3.2 3.0 69 Foreign 1.1 5.1 -2.2 -.7 -.4 2.1 1.7 69 .5 -2.0 70 Pvt. domestic nonfin 5.5 4.5 6.0 11.4 13.1 10.6 13.6 20.0 7.5 71 Consumers 4.1 5.2 3.0 6.0 9.5 10.4 5.7 14.3 17.2 10.6 72 Business 1.6 4.4 1. 2.1 2.9 1.5 10.9 -1.0 73 State and local govts... -.9 3.9 3.9 4.3 -.4 4.9 4.8 1.9 -2.5 74 Less net security credit. 1.4 1.8 2.9 1.8 1.4 -.1 .6 3.4 Q For notes see second page following. NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Data are revised from those shown in March 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FLOW OF FUNDS APRIL 1965 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transa o c r t io se n c t c o a r tegory, 1960 1961 1962 1963 1964 IV ii m iv II III IV I. Demand deposits and currency Net incr. in banking system liability. 5.4 4.4 5.0 7.3 10.8 1.8 14.1 -4.5 8.7 6.4 8.4 2.8 11.7 1 U.S. Govt. deposits 1.3 -.4 .1 3.8 4.5 2.9 -7.7 -1.5 8.0 -1.1 -4.1 -2.4 2 Other 5.3 3.1 5.5 7.3 7.0 -2.7 11.2 3. 10.2 -1.6 9.6 6.9 14.1 3 Domestic sectors -.7 5.1 3.0 5.2 6.6 6.9 -3.2 10.6 2.9 10.5 -3.2 10.2 5.3 14.0 4 Households -.9 .4 2.1 2.1 -.6 2.4 5.5 .8 -.2 2.1 -.4 2.4 4.2 5 Nonfinancial business -1.0 X.I .8 -2.5 .5 2.0 -4.2 -2.6 -1.7 -1.3 -5.0 7.9 -.9 6 State and local govts .3 .9 3.2 2.4 4.2 -.2 3.6 2.3 7.2 2.0 1.5 2.6 3.4 7 Financial sectors 1. 1.1 .3 .1 1.9 A .8 .7 -.2 .7 -.5 .3 8 Mail float 1.7 1.0 -.2 2.1 1.6 n "7 4. .7 4.1 -2.1 .6 .9 7.0 9 Rest of the world .1 .7 A 'A .6 .3 -.3 1.6 -.6 1.5 .2 10 II. Time and savings accounts 11 Net increase—Total 15.3 28.7 29.2 29.7 30.7 34.1 26.1 26.7 29.9 29.4 28.5 28.9 32.0 12 At commercial banks—Total 5.8 15.6 14.1 14.0 '2:1 16.6 11.6 13.8 14.4 14.0 12.9 12.9 16.0 13 Corporate business .8 2.6 3.9 3.3 4.6 2.4 3.2 5.2 6.5 1.5 1.9 3.2 14 State and local govts 1.4 1.0 1.6 1.7 2.9 .3 1.5 1.9 .5 .8 2.5 3.1 15 Foreign depositors .3 .6 1.0 1.4 1.4 .9 .8 .8 1.5 1.5 1.0 1.4 16 Households. 3.3 11.5 7.6 7.6 11.0 7.8 8.0 8.3 6.4 5.5 9.1 7.6 8.2 17 At savings institutions 9.5 13.1 15.1 15.7 15.1 17.5 14.4 12.9 15.5 15.4 15.6 16.0 15.9 18 Memo: Households total. 12.8 24.4 22.6 23.2 25.8 24.6 22.6 21.3 21.8 20.6 24 23.7 23.8 III. U.S. Govt. securities 19 Total net issues -2.5 7.3 5.2 6.3 5.4 10.6 12.4 -4.0 1.9 12.6 6.2 4.5 1.7 19 20 Short-term marketable. 3.1 .5 1.4 4.1 4.4 6.6 9.0 -10.4 .3 9.1 .8 -2.0 8.4 20 21 Other -5.3 4.8 1.1 .9 -.3 6.1 -1.2 2.5 -3.0 5.0 1.6 5.1 -8.3 21 22 Net acquisitions, by sector -2.5 7.3 5.2 6.3 5.4 10.6 12.4 -4.0 1.9 12.7 6.3 4.5 1.8 22 23 Monetary authorities .7 1.9 2.8 3.4 2.0 5.4 2.4 1.8 1.6 5.4 2.1 1.3 5.0 23 Short-term -1.0 2.0 4.9 2.1 2.9 13.5 7.8 .4 1 Q 5. -2.9 5.9 .4 24 Commercial banks 1.7 .8 -2.5 -.8 2.0 4.1 * -13.3 -1.0 2.5 -5.3 -1.8 1.4 25 Short-term direct 7.0 -5.2 -3.6 3.7 -2.1 -5.1 -3.2 -10.1 4.2 2.7 2.3 -1.0 11.0 26 Other direct -5.2 5.2 .5 -4.3 2.8 10.3 2.0 -3.9 -6.3 1.5 -8.7 -.2 -9.8 27 Nonguaranteed -.1 .5 .2 1.3 -1.1 1.3 .7 1.1 -1.7 1.1 -.6 .3 28 Nonbank finance -.3 1.3 -.7 1..6 1.8 -2.4 -1.2 3.2 -2.2 2.2 2.2 3.0 -1.0 29 Short-term direct 1.2 .7 -1.3 .8 2.1 -4.1 -1.3 2.1 -1 .5 2.3 .3 .2 30 Other direct -1.7 .5 .5 .5 * 1.8 .6 -.6 1.6 -.4 2.4 -1.7 31 Nonguaranteed .2 .1 .2 -.3 -.2 .1 .6 .2 .3 .3 .4 32 Foreign .5 1.2 .6 .8 1.2 3.4 -2.4 .2 -K6 .8 -.2 3.1 33 Short-term .2 2.0 -.7 1.4 -.3 1.2 -2.6 -1.1 -1.3 .4 -1.0 2.7 34- Pv O S t. h t d h o o e rt m r - t d e e i s r r t m e ic c t d n i o r n ec fi t n. sectors... - - - 5 4 . . . 1 3 4 2 1 . . * 0 0 1.0 -2 3 . . 7 0 - - 1 1 . . . 3 6 2 2 2. . . 5 4 7 4 7 . . 6 7 * _ 4 6 . ! 2 7 2 - 3 . . . 7 4 9 4 2 1 . . . 1 2 9 -1 6 5 . . . 3 5 3 -6 2 6 . . . 0 2 6 - - - 5 1 6 . . . 9 9 9 3 3 3 6 5 7 Nonguaranteed .6 .9 .4 -2.2 2.1 1.5 2.1 -.6 1.6 -.2 38 Savings bonds—Households. -'.3 .4 1.2 .9 1.4 1.1 1.1 1.2 Q 1.0 39 IV. Other securities 40 Total net issues, by sector.... 11.1 13.7 11.7 13.0 14.7 9.8 13.2 13.6 14.0 11.4 13.4 17.0 15.5 12.8 4O 41 State and local govts 3.6 4.9 5.0 6.7 5.9 3.3 5.6 7.0 7.5 6.6 4.2 5.9 7.8 5.6 41 42 Nonfinancial corporations. 5.3 7.3 5.3 3.4 5.4 4.1 5.0 2.8 4.2 1.7 6.6 7.0 5.2 2.8 42 43 Commercial banks .1 .2 .1 .3 .6 .1 * .1 .1 .9 .9 .5 .6 .4 43 4 4 4 5 F R i e n s a t n o c f e t c h o e m w p o a r n ld ies 1. . 5 6 .5 1. . 0 3 1 1 . . 0 6 2.1 1. . 7 7 2. . 1 4 1 1 . . 8 9 1. . 7 5 - 2 . . 2 4 1.8 2. . 8 9 1. 2 1 . . 2 9 4 4 4 5 - 46 Net purchases 11.1 13.7 11.7 13.0 14.7 9.8 13.2 13.6 14.0 11.4 13.4 17.0 15.5 12.8 46 47 Households 2.2 2.4 -.6 -.5 3.4 -1.4 -.5 -3.4 1.0 .9 2.4 4.3 3.7 3.1 47 48 State and local govts 2.1 1.2 1.3 1.4 1.5 1. 1.5 1.0 1.0 1.0 1.5 1.5 1.6 48 49 Corporate Business -.2 49 50 Commercial banks .4 2.6 4.4 5.2 3.5 3.8 5.6 5.8 6. 3.3 2.5 3.0 5.6 3.1 50 51 Insurance and pension funds... 7.1 8.0 7.5 7.7 8.3 7.4 7.5 8.4 7.7 7.1 8.8 8.7 7.4 8.2 51 52 Finance n.e.c -.9 -1.3 <% -.7 -1.7 -1.4 -1.3 1. -2.0 -.7 -1.3 -.5 -2.2 -2.8 52 53 Security brokers and dealers. -.4 -.7 -.2 -1.2 -.9 1.0 .2 -1.0 .6 -2.0 -2.2 53 54 Investment cos.—Net -.5 -.6 -.5 -.5 -.5 -.2 -'.9 -1.0 -.3 -1.1 -.2 -.6 54 55 Portfolio purchases. 1.0 1.4 1.1 .8 1.1 .5 .4 .'9 .9 .9 .1 .6 1.6 2.1 55 Net issues of own shares.. 1.5 2.0 1.9 1.3 1.6 1.0 .6 1.8 1.8 .4 1.6 1:12.7 56 57 Rest of the world .1 .2 -.2 .1 .2 -.2 .1 -.1 57 V. Mortgages 58 Total net lending. 16.0 19. 25.3 29.3 29.5 25.4 29.7 31.2 27.6 30.3 31.2 29.0 58 59 1- to 4-family.. 10.4 11. 13.4 15.7 15.7 14.0 16.4 16.9 15.0 16.0 16.6 15.1 59 60 In process... -.1 .4 .5 -.3 .5 .6 .5 ••> -.4 -.4 -.2 60 Disbursed... 10.5 13.0 15.2 16.0 13.6 15.8 16.3 15^3 16.5 16.9 15.3 61 62 Other 5.6 11.9 13.6 13.8 11.4 13.4 14.3 12.5 14.3 14.7 13.9 62 63 Net acquisitions 16.0 25.3 29.3 29.5 25.4 29.7 31.2 27.6 30.3 31.2 29.0 63 64 Households 2.1 4.0 4.3 4.9 3.5 4.5 4.3 3.8 4.0 5.3 6.4 64 65 U.S. Government 1.2 .3 -1.0 .2 -1.3 -1.9 -.4 .3 .8 .1 -.3 65 66 Commercial banks... .7 4.0 4.9 4.4 4.2 5.6 5.2 4.5 4.6 4.7 3.9 66 67 Savings institutions... 8.9 13.2 16.0 14.4 15.3 16.4 16.5 14.6 14.8 15.4 13.0 67 68 Insurance 2.9 3.0 3.9 4.8 3.2 3.7 4.1 4.2 4.5 5.1 5.3 68 69 Mortgage companies. .5 .2 1. 1.1 -.2 1.2 .2 .3 69 VI. Bank loans n.e.c. 70 Total net borrowing 2.8 6.5 8.1 10.1 1.3 8.5 8.0 6.3 12.6 3.4 17.9 70 71 Nonfinancial business. 2.7 4.6 5.6 7.0 -.4 6.1 5. 4.3 8.3 2.9 12.7 71 11 Nonbank finance -.3 1.0 1.7 1.0 1.3 1.3 2. -.3 3.6 -1.4 2.0 72 73 Rest of the world .1 .4 .6 1.9 .5 .7 2.2 .7 1.6 2.9 73 For notes see following page. NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Data are revised from those shown in March 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FLOW OF FUNDS 607 Notes to Table 2 business, and state and local govts. Line 50 includes household savings I. Saving and investment. Derived statistically from Commerce Dept. bonds as well as marketable issues; see Table 3, line 39. Line 52 includes income and product accounts. Tables presenting the relation to those consumer credit and open-market paper in addition to private securities accounts are available on request. Gross national saving (line 1) is the and mortgages. Line 53 is net of free credit balances at brokers. sum for domestic sectors of gross-saving entries in Table 4. It is before III. Direct lending in credit markets. Monetary authority total is deduction of capital consumption allowances. Govt. saving is net of Table 4(G), lines 5 less 14. Commercial-bank total, line 63, is Table public outlays for capital goods as well as current operations. Gross 4(H), line 5; includes security credit. Nonbank finance totals include national investment (line 8) is gross private domestic investment in in- security credit both in lending and funds raised and exclude investment come-and-product accounts plus consumer durables plus net foreign company shares on both sides; line 67 is lines 3 and 4 of Table 4(1), less investment. Net foreign investment differs from corresponding income- line 4 of 4(1.8), and line 68 is line 7 of Table 4(1) plus line 5 of 4(1.7) less and-product series by amount of errors and omissions in balance of pay- line 4 of (1.8). Line 71 is the net sum of lines 50-53 in Table 2-II. ment statement. Relation of saving-investment discrepancy to flow of funds matrix is Notes to Table 3 described in Aug. 1959 BULL., p. 859. I. Demand deposits and currency. Lines 5-8 are holder record; line 9 II. Financial flows-Summary. This table is described in Nov. 1962 is difference between holder and bank record. BULL., p. 1405. Total net funds raised (line 17) is borrowing through III. U.S. Govt. securities. All holdings stated in par values; excludes credit markets (line 25 of Table 1) by households, nonfinancial business, special issues to international organizations and includes nonguaranteed govts., and foreign. Credit market funds raised by all sectors consists of issues of Govt. agencies. Short-term category consists of direct marketline 17 plus financial-sector borrowing (Table 4(H), line 33 and Table able issues due in less than one year plus part of those due in less than 4(1), line 7). 2 years. U.S. Govt. short-term securities are direct marketable issues due in less IV. Other securities. Total excludes open-end investment co. shares; than 1 year and 2 years. For further detail see Table 4(E), lines 26-29 these are shown as a deduction on line 56, offsetting net purchases of Demand deposits on lines 38 and 46 are on bank-record basis rather such shares included in the other lines (mainly consumer) under "net than holder records shown in Table 4. Difference is described in Aug. purchases." Net purchases includes small amounts for mutual savings 1959 BULL., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(J). banks and nonfinancial corporations not shown separately. Sources n.e.c. (line 42) is mainly financial institution net sources of funds V. Mortgages. Loans in process at savings and loan associations are other than deposits, insurance and pension reserves, security credit, and included in totals outstanding and treated as savings and loan liability. credit mkt. funds. Line 63 includes holdings by State and local govts. not shown separately. Private domestic nonfinancial sectors (line 43) consists of acquisition Line 70 includes liability of consumers not shown separately. of deposits and credit market instruments by households, nonfinancial 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1962 1963 1964 Category 1960 1961 1962 1963 1964 IV III IV II III IV (A) Households 1 Personal income 401.3 417.6 442.4 464.1 491.4 449.6 455.1 460.1 466.4 474.6 480.9 487.9 494.6 502.1 2 Less: Personal taxes & nontaxes.... 51.4 52.9 57.9 61.6 59.5 59.3 60.1 61.1 61.9 63.3 61.4 57.7 58.8 60.1 3 Consumption 328.2 337.3 356.8 375.0 399.4 364.0 369.2 372.0 377.4 381.3 390.0 396.2 404.8 406.7 4 Equals: Personal saving 21.6 27.3 27.8 27.5 32.4 26.3 25.9 27.1 27.1 30.0 29.5 33.9 30.9 35.2 5 Less: Saving by mutual finance 2.., 1.6 2.0 2.1 2.1 2.3 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.3 2.4 6 Plus: Dur. ggo ods in consumpption.., 44.9 43.7 48.4 52.1 56.9 50.2 51.1 51.5 52.2 53.6 55.9 56.9 58.5 56.1 77 HHshholdld capiittla l consumptit ion3 3, 5.3 5.7 6. 6.5 6.9 6. 6.3 6.4 6.6 6.8 6.8 6.9 6.9 6.9 8 Credits from Govt. insur. 4. .. 3.2 3.2 3.6 4.1 4.4 3.9 3.9 4.5 4.0 4.2 4.3 4.6 4.6 4.2 9 Equals: Household gross saving..., 73.5 78.0 83.9 88.2 98.3 84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7 100.1 10 Gross investment (11+15) 73.6 83.0 90.3 94.3 104.2 91.0 90.2 94.7 93.8 98.6 96.8 105.9 106.0 108.1 11 Capital expend, (net of sales)... 66.5 63.7 69.8 74.0 79.5 72.6 72.7 73.0 74.5 76.0 78.8 79.8 81.1 78.4 12 Residential construction 18.4 16.7 17.9 18.2 18.8 18.7 17.9 17 18.5 18.7 19. 19.0 18.7 18.5 13 Consumer durable goods 44.9 43.7 48.4 52.1 56.9 50.2 51.1 51.5 52.2 53.6 55.9! 56.9 58.5 56.1 14 Plant and equip, (nonprofit)... 3.1 3.3 3.5 3.7 3.8 3.7 3.7 3.7 3.7 3.7 3.7 3.8 3.9 3.9 15 Net finan. investment (16-34)... 7.1 19.3 20.5 20.3 24.7 18.4 17.5 21.7 19.4 22.6i 18.0 26.1 24.9 29.6 16 Net acquis. of finan. assets 5... 23.9 35.1 40.5 45.6 49.3 42.7 40.9 47.9 47.0 46.5 41.7 51.7 50.9 52.6 ! 17 Demand dep. and currency. - .9 1.1 A 2.1 2.1 -.6 2.4 5.5 2.1 -A 2.4 4.2 18 Savings accounts 12.8 17.9 24.4 22.6 23.2 25.8 24.6 22.6 21.3 2K8 20.6 24.4 23.7 23.8 19 At commercial banks.... 3.3 6.8 11.5 7.6 7.6 11.0 7.8 8.0 8.3 6.4 5.5 9.1 7.6 8.2 20 At savings institutions. . . 9.6 11.1 12.9 14.9 15.5 14.8 16.8 14.7 13.0 15.3 15.1 15.4 16.1 15.6 21 Life insurance reserves 3.3 3.4 3.8 4.3 4.8 4.0 4.1 4.2 4.4 4.5 4.6 4.7 4.8 4.9 21 22 Pension fund reserves 8.1 10.1 10.1 8.6 8.4 10.7 11.0 10.2 9.6 10.5 9.1 11.0 22 23 Cr. and equity mkt. instr.. . 4.1 4.2 7.2 10.4 5.2 3.0 6.0 9.5 10.4 5.7 14.3 10.9 10.6 23 24 U.S. Govt. securities -3.2 -.7 3.4 2.2 1.0 4.9 4.1 4.7 -.5 6.0 1.9 1.1 24 2 2 5 6 S S a h v o i r n t- g t s e r b m o n m ds kt -.3 -.6 . . 4 5 2 1 . . 6 2 .9 n 1. . 9 2 5 1 . . 3 4 - 1 .5 .1 4 1 . . 1 1 1 1 . . 2 4 -4.4 .9 -.6 .8 1 1. . 9 0 2 2 5 6 27 Other direct -2.8 -1.0 -.6 -1.3 \\l -1.0 -4.6 1 -2.2 -.1 -.3 7.9 -1.5 27 28 Nonguaranteed .4 .9 .2 -2.1 2.5 1.1 2.1 -1.1 1.6 -.3 28 -.1 29 State and local oblig .9 -.1 1.4 1.2 -.5 -.2 1.0 1.4 3.5 1.1 1.7 1.4 29 30 Corporate and fgn. bonds. 1.8 .5 .6 2.1 -.4 1.4 £ .4 1.9 1.2 3.6 3.4 30 31 Corporate stock .3 .9 -1.1 -2.7 -.5 -1.7 -3.9 -.8 -4.5 .2 2'.3 -.7 -1.7 31 32 Mortgages 2.1 2.4 4.0 4.3 4.9 5.6 4.5 4.3 4.9 3. 4.0 5.3 6.4 32 3.5 33 Net invest, in noncorp. bus... -1.2 -1. -1.1 -1.7 -1.1 -1.5 -1.2 -.1 -2., -..5 -2.4 33 -1.6 34 Net increase in liabilities 16.8 15.7 20.0 25.3 24.6 24.3 26. 27.6 24.0 23.7 25.6 26.0 23.0 34 35 Households 16.2 23.4 14.8 18.9 24.3 23.7 22.9 22.0 25.2 26.6 23.3 22.9 24.9 24.8 22.1 36 Credit market instruments, 16.2 13.3 18.9 22.2 23.7 21.1 20.8 22.3 23.6 22.0 23.2 24.4 24.8 22.6 37 1 - to 4-family mortgages, 11.0 11.1 12.8 14.9 16.3 14.2 13.9 15.3 15.5 14.8 16.1 16.3 17.0 15.9 38 Consumer credit 4.5 1.7 5.5 6.7 6.8 6.4 6.3 6.9 7.1 6.5 6.5 7.3 7.5 6.0 4 3 0 9 Se O cu t r h i e ty r l c o r a e n d s it 6 , , .7 1. . 3 6 -.1 .6 2. . 0 6 .6 1. . 7 5 1. . 1 5 2. . 7 1 2. . 8 9 1. . 2 6 -.5 .6 .8 .3 -.6 .6 -.1 -.2 .3 -.1 41 Nonprofit organizations ?.. .9 1.1 1.0 1.4 1.4 1.0 1.0 .6 .9 41 .5 .9 .7 1.2 42 Discrepancy (9-10) -5.0 -6.5 -6.2 -6.6 -5.2 -7.2 -6.0 -6.1 -2.4 -8.0 42 -.2 -5.9 -5.8 -7.4 For numbered notes see p. 615. Data are revised from those shown in Jan. 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FLOW OF FUNDS APRIL 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1960 1961 1962 1963 1964 IV II III IV III IV (B) Nonfinancial business—Total i 1 Income before taxes 2 89.6 91.0 96.6 100.1 107.8 97.4 97.8 98.7 100.6 103.2 106.2 108.2 108.7 108.1 2 Gross saving 44.5 44.6 50.2 51.7 57.2 52.5 50.9 50.9 52.7 52.4 55.8 57.1 58.1 57.7 3 Gross investment. 40 ?, 40.8 44.8 46.0 52 7 46 6 45 9 43 4 50 3 44 4 51 7 50.8 54.0 54.4 4 Capital expenditures.. 49.7 48.1 57.1 59.2 64.2 57.3 55.8 58.0 59.5 63.5 61.8 63.8\ 64.0 67.3 5 Fixed investment 46.2 46.2 51.3 54.8 60.7 51.9 52.2 54.4 55.3 57.1 59.4 60.2! 61.4 61.8 6 Business plant & equipment. 43.6 41.8 45.6 47.7 53.6 46.6 45.8 47.1 48.5 49.6 51.7 53.1| 54.5 55.3 7 1-4 family residential const. 3, - s .4 .1 .4 — 4 — 8 — l 5 3 5 i - .4j -.6 -.7 8 Other residential 3 1 4.0 5.6 6.6 7 5 6 0 6 «? 6 8 6 5 7 0 7 9 7.5 7.5 7.2 9 Change in inventories 4 3.5 1.9 5.9 4.4 3.5 5.4 3.6 3.6 4.2 6.4 2.4 3.6 2.5 5.5 10 Net financial investment -9.5 -7.3 -12.3 -13.2 -11.5 -10.7 -9.9 -14.6 -9.2 -19.1-10.1 -12.9 -10.0 -12.9 11 Net acquis. in finan. assets 7.9 17.5 16.6 17.9 19.7 8.7 18.1 21.4 17.8 14.3 15.3 21.2 25.9 16.4 12 Net increase in liabilities 7 17.4 24.8 29.0 31.1 31.2 19.3 28.0 36.0 27.0 33.4 25.4 34.1 35.9 29.3 13 Credit mkt. instr 14.5 17.2 23.1 24.1 28.8 21.8 16.7 25.4 25.0 29.3 24.3 35.2 23.8 31.8 14 Securities 5.3 7.3 5.3 3.4 5.4 4.1 5.0 2.8 4.2 1.7 6.6 5.2 2.8 15 1-4 family mortgages -.4 .3 .1 .3 -.3 -.6 -.3 5 .8 .3 -.8 :! * -.6 16 Other mortgages 5.4 7.4 11 .4 13.1 13.3 13.5 11.0 12.9 13.8 14.8 12.1 13.8) 14.1 13.4 17 Bank loans n.e.c 2.7 1.7 4.6 5.6 7.0 4.5 -.4 6.1 5.1 11.5 4.3 8.31 2.9 12.7 18 Other loans 7 1.5 .5 1.6 1.6 3.4 .3 1.5 3.1 1.0 1.0 2.1 6.0 1.7 3.6 19 Trade debt 2.3 5.3 3.8 4.3 2.8 -5.3 11.1 3.7 1.4 1.0 2.6 -2.1 10.4 .4 20 Other liabilities .6 2.3 2.1 2.7 -.4 2.8 .2 6.9 .6 3.2 -1.5 1.0 1.7 -2.9 20 21 Discrepancy 4.3 3.9 5.4 5.7 4.5 5.9 5.0 7.5 2.4 8.0 4.1 6.; 4.1 3.3 21 (C) Noncorporate nonfinancial business 1 Net income 2 52.1 54.0 55.6 56.6 58.0 55.6 56.3 56.0 56.6 57.4 57.1 57.7! 58.1 58.9 2 Gross saving 5 11.9 11.5 11.8 12.3 12.3 12.2 12.2 12.3 12.4 12.5 11.6 12.li 12.6 12.9 3 Gross investment 11.9 11.5 11.8 12.3 12.3 12.2 12.2 12.3 12.4 12.5 11.6 12.1] 12.6 12.9 3 4 Capital expenditures 15.3 15.7 18.1 19.4 19.4 19.3 17.5 19.0 19.6 21.5 18.1 19.8\ 20. 18.9 4 5 Fixed investment ^ 9 14.5 15.1 16.9 18.2 19.0 17.6 17.5 18.1 18.3 19.0 18.8 18.8 19.4 18.9 5 6 Change in inventories 4 .8 .6 1.2 1.2 .4 1.7 * .8 1.3 2.5 -.7 1.0] 1.3 * 6 7 Net financial investment -3.4 -4.1 -6.4 -7.1 -7.1 -7.1 -5.3 -6.7 -7.3 -9.0 -6.5 -8.1 -6.1 8 Net acquis. in finan. assets -.1 .5 .6 .6 .6 1.3 1.0 .7 .5 .1 * .4 .9 1.2 9 Net increase in liabilities 7 3.3 4.6 7.0 7.7 7.7 8.5 6.3 7.4 7.7 9.2 6.5 8.1 9.0 7.3 10 Credit mkt. instr 4.1 5.5 8.8 10.5 12.4 8.5 6.3 11.0 10.3 14.5 12.0 12.91 11.1 13.4 11 Mortgages 2.7 4.3 6.2 7.2 7.2 6.9 5.8 7.4 7.9 7.9 6.5 7.9 7.7 7.0 12 Bank loans n.e.c .8 1.0 1.7 2.1 3.2 1.0 -.7 1.8 1.7 5.5 4.1 1.9 2.4 4.4 13 Other loans 7 8 .6 .2 .9 1.2 1.9 .6 1.3 1.9 .7 1.0 1.4 3.1 1.0 2.1 14 Trade debt, net .3 1 -.1 -1.8 -2.9 1.1 1.5 -2.1 -1.4 -5.2 -4.7 -2.8 -.6 -3.7 15 Proprietors' net investment.... -1.2 o -1.8 -1.1 -1.7 -1.1 -1.6 -1.5 -1.2 -.1 -.8 -2.1 -1.5 -2.4 (D) Corporate nonfinancial business 1 ° 1 Profits 37.5 37.0 41.0 43.5 49.8 41.9 41.5 42.7 44.0 45.8 49.1 50.5 50.6 49.2 2 Profits tax accruals 19.1 19.4 20.4 21.7 22.8 20.8 20.6 21.6 21.6 23.1 22.5 23.1 23.1 22.7 3 Net dividend payments 11 11.0 11.0 12.2 13.8 15.3 12.2 13.1 13.6 13.6 14.7 15.0 15.3- 15.4 15.5 4 Net saving (1-2-3) 7.3 6.6 8.4 8.0 11.7 8.9 7.8 7.5 8.7 7.9 11.6 12.11 12 i 11 .0 5 Capital consumption 25.3 26.5 30.0 31.4 33.2 31.4 30.9 31.2 31.7 32.0 32.6 33.0 33.3 33.9 6 Current surp.= gross saving (4+5). 32.6 33.1 38.4 39.4 44.9 40.3 38.7 38.7 40.4 39.9 44.2 45.1 45.5 44.9 7 Gross investment 28.3 29.3 33.0 33.7 40.4 34.4 33.7 3i.l 38.0 31.9 40.1 38.8 41.4 41.5 Capital expenditures 34.4 32.4 39.0 39.8 44.8 57.9 38.3 39.0 39.9 41.9 43.7 44.0 43.3 48.4 9 Fixed investment 31.7 31.1 34.3 36.5 41.7 34.2 34.7 36.2 37.1 38.1 40.6 41.4 42.0 42.9 9 10 Plant and equipment 30.4 28.9 31.5 33.0 38.2 31.6 31.5 32.6 33.6 34.3 36.7 37.8 38.6 39.7 10 11 Residential construction 1.3 2.2 2.9 3.5 3.5 2.6 3.2 3.7 3.4 3.7 3.9 3.6 3.5 3.2 11 12 Change in inventories 4 2.7 1.3 4.7 3.3 3.1 3.7 3.5 2.8 2.9 3.8 3.1 ,.2| 5.5 12 13 Net financial investment -6.1 -3.2 -6.0 -6.1 -4.4 -3.5 -4.6 -7.9 -1.9 -10.0 -3.7 -5.2 -2.91 -6.8 13 14 Net acquis. of finan. assets *2.. . 8.0 17.0 16.0 17.3 19.0 7.3 17.2 20.7 17.3 14.2 15.2 20.8 25.0\ 15.2 14 15 Liquid assets -2.4 2.7 3.6 1.8 2.3 4.1 .2 .4 1.4 5.1 3.2 7.1 .5! -1.6 15 16 Demand dep. and curr -.4 1.6 .8 -2.5 .5 1.3 -4.8 -2.8 -1.5 -.8 -4.6 8.0 -.1! -1.3 16 17 Time deposits .8 1.3 2.6 3.9 3.3 2.5 4.6 2.4 3.2 5.2 6.5 3.2 17 18 U.S. Govt. securities -2.8 -.2 .2 .4 -1.5 .3 .4 .8 -.4 .7 1.3 -2 5\ -1: -3.5 18 2 2 2 1 2 0 1 9 T O C O r o t t a h h n d e e s e r r u m f l c o i r n e a e a r n d n s i c c t r i ( e a f d i l n i a t a s n s c e e t s p 1 a 3 per)... 6 3 . . . . 4 4 6 2 4 9. . . . 5 6 1 1 7 2 . . . . 9 9 9 8 6 8 . . . . 1 1 7 7 6 8 1 1 . . . . 0 4 0 4 - 2 . . . . 6 8 8 1 1 - 4 2 . . . . 2 1 6 5 8 8 1 1 . . . . 3 6 8 6 8 6 . . . . 1 8 9 1 4 3. . . . 5 7 4 5 9 1 . . . . 1 6 5 9 4 5 1 . . 5 6 1 j 1 6 1 l 5 . . . . 4 5 i 5 ! J ! | 1 4 1 0 . . . . 5 0 8 5 2 2 1 0 1 9 23 Net increase in liabilities.... 14.1 20.2 22.0 23.4 23.4 10.9 21.7 28.6 19.2 24.2 18.9 26.0 26 M 22.0 23 24 CT. and equity mkt. instr., 10.4 11.7 14.3 13.6 16.4 13.3 10.4 14.4 14.6 14.8 12.3 22.3 12.7! 18.4 24 25 Corporate bonds 3.5 4.6 4.7 3.7 4.0 3.8 5.0 2.7 3.5 3.6 4.0 3.6 4.2 4.2 25 2 2 6 7 C M o o r r p tg o a ra g t e e s stock 1 1. 9 8 2 3 . . 7 5 5. . 4 5 - 6 . . 3 2 5 1 . . 7 4 6. . 0 3 4. * 8 6. . 0 1 6. . 7 7 -1 7 . . 9 1 4 2. 6 8 6 3 . . 0 3 6 ;. . i 4 -1 5 .5 .8 2 2 6 7 28 Bank loans n.e.c 1.9 .7 2.9 3.5 3.8 3.5 .4 4.4 3.4 6.0 .2 6.4 .4 8.3 28 29 Other loans 14 .9 .3 .7 .4 1.5 -.3 .2 1.2 .3 * .7 2.9 1.5 29 30 Profit tax liability -2.2 .9 .9 1.4 -.7 -.2 -i!6 4.2 1.4 1.0 -.7 -1.3 -.8 30 31 Trade debt 2.0 5.4 3.9 6.1 5.8 -6.4 9.6 5.9 2.8 6.2 7.3 .7 11.0 4.1 31 32 Other liabilities 3.9 2.2 3.0 2.4 1.9 4.2 2.8 4.1 .4 2.2 4.3 3.0 .4 32 33 Discrepancy 4.3 3.9 5.4 5.7 4.5 5.9 5.0 7.5 2.4 8.0 4.1 6.3 4.1 3,3 33 34 Memo: Net trade credit. 4.4 4.2 4.0 2.0 2.6 5.8 3.1 2.4 5.3 -2.7 1.8 3.8 4.4 .4 34 35 Profits tax payments 15. 21.2 18.8 20.0 21.0 23.3 20.2 20.9 21.7 20.0 21.2 22.8 25.2 22.7 22.6 35 For numbered notes see p. 613. Data are revised from those shown in Jan., 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FLOW OF FUNDS 609 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1960 1961 1962 1963 1964 IV II III IV II III IV (E) U.S. Government i 1 Tax receipts (net of refunds) 79.0 80.1 85.9 90.6 89.6 87.6 88.0 90.0 90.9 93.7 90.9 88.1 89.2 90.0 2 Individual income 44.0 45.1 49.1 51.9 49.0 50.2 50.7 51.5 52.2 53.4 51.2 47.2 48.2 49.3 3 Corp. profits tax accruals. 21.0 20.9 21.8 23.0 24.2 22.3 21.9 22.9 22.9 24.4 23.9 24.4 24.4 24.1 4 Other 14.0 14.1 15.1 15.6 16.4 15.1 15.4 15.5 15.7 15.9 15.9 16.5 16.7 16.6 Social insurance programs 2 5 Premiums received 15.7 16.3 18.5 20.9 22.3 18.7 20.5 20.8 21.1 21.3 21.7 22.0 22.5 22.8 6 Benefits paid 14.1 16.8 17.3 18.2 18.7 18.0 18.9 17.8 17.8 18.2 18.9 18.5 18.5 18.8 Life insur. & retirement programs 3 7 Premiums received 1.9 2.0 2.0 2.1 2.2 2.0 2.0 2.1 2.1 2.2 2.2 2.2 2.2 2.2 8 Benefits paid 2.6 2.9 2.9 3.1 3.1 2.9 2.9 3.1 3.2 3.3 3.2 3.2 3.1 3.0 9 Net grants and donations paid4... 16.2 18.8 20.2 21.5 23.7 20.6 20.7 21.2 21.7 22.4 22.7 23.2 24.0 24.8 10 Net interest paid 7.1 6.7 7.1 7.7 8.4 7.4 7.6 7.5 7.8 7.9 8.3 8.4 8.4 8.4 11 Net purchases of goods & services. 53.1 57.4 62.9 64.7 65.5 63.9 65.2 64.3 64.4 64.9 64.3 67.0 65.4 65.2 12 Net surplus 3.5 -4.3 -4.1 -1.5 -5.3 -4.4 -4.8 -1.0 -.8 .5 -2.6 -8.0 -5.4 -5.3 13 Credits imputed to consumers 5.... 1.1 1.0 1.1 1.4 1.4 1.2 1.2 1.8 1.2 1.3 1.4 1.6 1.5 1.1 14 Gross saving 2.4 -5.2 -5.2 -2.9 -5.6 -5.9 -2.8 -2.0 -.8 -4.0 -9.6 -7.0 -6.5 15 Net fin an. investment (16—23) 2.2 -5.1 -4.5 -2.1 -4.1 -1.8 -6.8 -4.2 .2 2.4 -1.1 -6.6 -6.9 -1.7 1 1 6 7 Ne D t e a m cq a u n i d s. d o e ff p in o a si n t . s & as s c e u ts rrency.. 1. . 9 9 43.9 4 1 . . 5 0 3.9 4. . 0 7 6 1 . .6 5 1 4 6. . 2 2 3 7. . 9 2 - -4 8 .0 .4 - 5 . . 3 8 1 8 1 . . 6 1 -1 1 . . 6 5 -2 1 . . 4 0 -1 2 . . 9 4 18 Credit market instruments 2.3 3.5 3.6 3.2' .2 2.6 3.6 4.5 2.8 5.1 3.0 3.4 19 Mortgages 1.2 .3 1.0 .2 -.3 -1.3 -1.9 -.4 -.3 .3 .8 .1 -.3 20 Ex O ce t s h s e r o l f o an ta s x accruals over 1.1 2.2 3.1 3.7 3.4 3.5 1.5 4.5 4.0 4.8 2.5 4.3 2.9 3.8 21 receipts .3 .7 -.5 1.2 2 .1 1.3 1.2 -.8 -2.3 .5 .5 21 22 Other financial assets 6 -.3 .9 .3 \'.e 2.0 -.6 .4 .5 .3 * .5 .4 22 23 Net increase in liabilities -.31 9.0 9.0 6.0 8.1 13.0 12.1 -4.2 3.4 12.2 8.1 8.0 Life insurance and retirement 8.2 4.1 23 2 2 5 4 U. r S e . s e G rv o e v s t. securities7 -2 1 .1 5 7 1 . . 3 0 7 1 . 3 .1 5 1. . 4 2 6 1. . 4 3 1.2 1 1 0 . . 2 6 1 1 2 . . 8 4 -4 1 . . 0 2 1 1. . 9 3 1 1 2 . . 4 6 6 1 . . 2 6 4 1 . . 5 5 1.1 24 26 Svgs. bonds 8 -.3 .8 .4 1.2 .9 5.4 1.4 1.1 1.1 1.2 .8 .9 .8 1.7 25 2 2 2 3 3 8 9 7 0 1 O O t t S O N h h h e e t o r r h o n e r l l g t r i o - a u a t s b a e n e i r r s l c a m i u t i n i r o e t i d e s t i i e r e d e s ct i s 9 sues -5 3 . 3 1 -2.9 . . . 7 2 5 4 1 . . 8 5 .6 - - 1 1 1 . . 1 4 . . . 5 1 4 - 4 .2 . . . . 1 4 9 5 - 4 1 1 .3 A . . 2 0 2 -3 6 6 . . . 5 . . 6 1 3 9 - - - 1 1 9 3 . . . 7 . . 2 3 0 5 -i - o 1 - 2 2 . ! . 4 . . 0 4 8 5 -3 - 3 . . 2 . 0 . . 4 3 4 - - 2 1 - 9 5 . . . 8 . . 3 0 1 0 -1 3 1 1 . . . . 5 . 0 6 7 8 -2 5 1 . . . 0 . . 1 3 5 6 -8 8 1 . . . 3 . . 4 0 6 9 2 2 2 3 2 8 7 9 0 6 32 Discrepancy (14—15) -.1 -.7 -2.7 -3.9 .5 .9 1.4 -2.3 -3.2 -2.9 -3.0 * -4.8 .3 3 3 2 1 33 Memo: Corp. tax receipts, net 22.5 20.6 21.5 22.4 24.7 21.1 21.7 22.9 21.6 23.2 24.6 26.7 23.9 23.6 33 (F) State and local governments 11 1 Tax receipts 41.1 44.1 48.0 51.4 55.2 49.2 50.1 50.8 51.7 52.9 53.9 54.7 55.7 56.6 2 Social ins. and grants rec 9.3 10.4 11.5 13.0 14.6 11.9 12.2 12.5 13.3 13.9 13.9 14.6 14.9 15.1 3 Purch. of goods and services 46.5 50.6 53.5 57.9 63.0 55.0 56.4 56.8 58.5 60.0 60.9 62.5 64.0 64.6 4 Net interest & transfers paid 12 3.5 3.8 3.9 4.1 4.3 4.0 4.1 4.1 4.0 4.1 4.4 4.3 4.2 4.3 5 Net surplus .4 .1 2.1 2.4 2.5 2.1 1.9 2.5 2.5 2.7 2.4 2.5 2.4 2.8 6 Less: Real estate purchases 1.6 1.6 1.8 2.0 2.2 2.0 2.0 2.0 2.0 2.0 2.1 2.1 2.2 2.2 Retirement cr. to hsholds. 2.1 2.3 2.5 2.8 3.0 2.6 2.7 2.8 2.8 2.9 2.9 3.0 3.0 3.1 8 Equals: Gross saving. — 3.3 -3.8 -2.2 -2.4 -2.6 -2.5 -2.8 -2.2 -2.3 -2.1 -2.5 -2.6 -2.8 -2.5 9 Net financial investment (10—18). . -2.4 -3.9 -3.6 -2.0 -2.4 -3.2 -2.1 -2.2 -2.7 -1.0 .2 -2.1 -2.6 -5.0 10 Net acquis. offinan. assets 3.7 3.7 4.5 7.9 6.8 3.8 6.6 7.8 8.2 8.8 7.5 7.2 5.5 4.1 11 Liquid assets .7 1.0 2.4 5.1 3.7 2.7 2.3 7.7 2.7 8.0 2.8 6.0 3.8 2.2 12 Demand deposits and cur... -1.1 .3 .9 3.2 2.4 4.2 -.2 3.6 2.3 7.2 2.0 1.5 2.6 3.4 13 Time deposits 1.4 .9 1.0 1.6 1.7 .5 2.9 .3 1.5 1.9 .5 .8 2.5 3.1 14 Short-term U.S. Govt. sec... .5 2 .5 .3 -.4 -2.0 4 3.8 -1.1 -1.1 .4 3.7 -1.2 -4.3 15 Other U.S. Govt. securities... 'A !3 .5 1.0 1.2 -.5 2.'3 -1.7 4.0 -.8 3.1 -.7 2.8 -.2 16 State and local obligations .1 * q -.4 -.1 -.3 -.2 -.6 -.2 -.6 2 -.2 _ 2 .4 17 Other^ 2.4 2.4 US 2.0 1.9 1.9 2.2 2.4 1.6 2.1 l!6 2.1 2.1 1.7 18 Net increase in liabilities 6.1 7.6 8.2 9.9 9.2 7.0 8.8 10.0 10.9 9.9 7.4 9.3 11.1 9.0 19 State and local obligations.... 3.6 4.9 5.0 6.7 5.9 3.3 5.6 7.0 7.5 6.6 4.2 5.9 7.8 5.6 20 Short-term * .4 .4 .7 .5 .9 .7 .9 .6 .6 .5 .5 1.4 -.6 2 2 2 1 3 2 E O m t O h p e t l h r o e y l r i e a e b i r li e t t i i e r s e m 14 ent reserves. 2 3. . . 5 1 4 4 2 . . . 5 3 4 4 2 . . . 6 5 7 6 2 . . . 0 8 4 5 3 . . . 4 0 4 2 2 1 . . . 5 6 0 4 2 . . . 9 7 5 6 2 . . . 1 8 3 6 2 . . . 9 8 6 6 2 . . . 1 9 4 2 3. . . 7 9 2 5 3 . . . 4 0 5 6 3 . . . 4 0 3 6 3 . . . 1 1 4 24 Discrepancy (8—9) -.9 .1 1.4 3 -.2 .7 -.6 * .4 -1.1 -2.7 -.5 -.2 2.5 25 Memo—Total U.S. Govt. Sec .1 1.0 1.2 .9 -2.5 1.9 2.1 2.9 -1.9 3.5 2.9 1.5 -4.5 For numbered notes see p. 613. Data are revised from those shown in Jan. 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FLOW OF FUNDS APRIL 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category i960 1961 1962 1963 1964 IV II III IV II III IV (G) Monetary authorities i 1 Current surplus * .1 .1 .1 .1 A .i * * .1! .2 1 2 Net acquis. of financial assets 1.1 1.4 1.7 2.2 3.4 2.0 2.3 1.8 1.5 2.8 4.1 2.2! 4.9 1 4 5 6 7 8 9 3 0 T G C F F r . . r o R e R U e l a d d . . . s S O i S l f u t a o h l . t r o n m h a o y G a d n e r k t o t c r s - t f u v . o t t e r t o r i . r r e n e m d s i s n g e o t c n r c d m y u u i e m r r e x i e s t e c c t i n i e t h c s t a s n b g a e n k 2 s . . . . , - - 1 1 1 . . . . . . . . 7 1 7 7 3 4 0 7 -1 2 1 1. . . . . . . . 5 2 8 5 1 6 5 1 - - - 2 2 1 . . . 8 1 1 . . . . 0 0 9 6 * - - 2 2 4 2 .3 . . . . ' 9 9 8 2 A * * - 2 3 3 1 .2 . . . . . 1 4 4 3 1 * * -1 2 2 2 l . ! ! . . 4 9 0 2 3 g * 1 - - 1 - 8 2 5 5 3 . . . 4 . . 1 6 . 3 4 5 - - 5 2 2 7 . . 7 . . . 4 . 2 4 8 2 * — — 1 1 1 . . . . . . . 9 2 4 5 8 4 4 - - 1 - 2 3 1 1 . . . 1 1 . . . . 9 1 6 4 4 « -1 5 5 5 . . . . . . . 9 1 1 4 4 3 5 * -2 5 . . 9 0 1. • 1! 4| — - 4 . 5 5 6 . . . . . 6 0 1 4 5 3 2 11 Net increase in liabilities 1.1 1.3 1.6 2.1 3.2 1.9 2.3 1.8 1.6 2.8 4.1 2.1! 2.1 4.7 11 12 Member bank reserves -1.1 .3 .1 -.4 .8 -.2 -1.2 -.3 —.6 .5 2.8 -l.l! -.1 1.6 12 13 Vault cash of coml. banks 3... .3 .3 .9 .5 -.5 .3 1.8 .7 - .3 -.3 1.1 -.?! .8 -3.2 13 Demand deposits and currency 14 Due to U.S. Govt * * .1 .3 .2 .6 1.1 -.4 .9 -.5 .7 .4| .1 14 15 Due to rest of the world 4... _ .1 .1 * -.1 .1 .2 -.2 -.1 * * -.11 , -.li .4 15 1 1 7 6 Ot C he u r rrency outside banks - — . . 1 1 - . . 2 7 .6 - 1 .1 .9 2. . 4 2 1.0 * .8 1.9 — 1. . 7 1 - 3 .1 .2 . . 3 3 1 1 . . 8 3! ; - 1 .6 .7 4 . . 9 9 1 1 7 6 (H) Commercial banks 5 1 Current surplus. 1.3 .8 1.6 2.5 .9 1.0 1.7 3.1 2.3 2.8 1.5 1.6 1.2 2 Net increase in financial assets 9.1 17.0 20.7 19.6 21.7 26.0 19.1 27.1 7.9 241 21.4 22.1 18.1 25.4 2 4 3 V M a e u m lt b c e a r s b h ank reserves 6 1. . 1 3 . . 3 3 . . 1 9 -.4 .5 -.5 .8 _ 1 2 3 -1 1 . . 2 8 -.3 .7 - - . . 6 3 .5 2 1 . . 8 1 -1 -. . 7 1 -3 1 . . 2 6 4 3 6 5 To C ta r l e d lo it a n m s a a rk nd et i i n n v s e tr s u tm m e e n n t t s s 9 8 . . 0 7 1 1 5 4 . . 7 6 1 1 9 8 . . 5 4 1 1 8 9. . 3 4 2 2 1 1. . 1 3 2 21 3 . . 2 3 1 1 8 9 . . 6 6 2 2 5 2 . . 7 6 9 7 . . 7 0 24.2 1 1 9 8 . . 6 4 2 1 2 9. .6 1 1 5 6 . . 5 2 2 3 6 0 . . 8 8 5 6 1 9 7 8 0 U. S O N S. h t o h o G n e r g o t r - u v t d a e t i . r r r a m s e n e c c t t d e u i e r r d i e t c ie t s 7 - 7 5 1 . . . 0 7 2 1 -4 9 5 . . . 1 . 3 4 3 -5 5 . . 2 . . 2 8 8 - - 2 3 . . 5 6 . . 5 5 - - _ 4 3 . . 8 . 3 7 2 -2 2 2 1 . . . . 1 0 8 3 - - 1 5 1 4 0 . . . 1 1 . 1 3 -3 2 1 . . . 2 0 3 * - - 1 1 -3 0 3 . . . 9 1 . 3 7 - - 1 6 4 1 . . . . 0 3 2 1 -1 2 2 1 . . . . 7 5 5 7 - -5 8 2 1 . . 3 . . 7 3 1 1 | - - 1 1 - -. . . . 6 2 8 0 - 1 9 1 1 . . 8 . . 4 3 0 1 7 9 8 0 11 Other securities & mortgages. 1.1 4.2 8.4 10.1 8.0 8.2 9.8 11.4 11.3 7.8 6.9 7.7 10.3 7.0 11 1 1 1 1 2 3 4 5 C O S 1- t o t a h t r t o e p e r o 4 a r m - n a f d a o te m r l t o b i g l c o y a a n g l m e d s o s o b rt l g ig a . g .. es. . -.2 . . 6 6 * 2. ' . 8 . 8 2 S 2 4 1 . . . 1 9 4 2 2 5 . . . . 1 7 0 2 2 3 1 . . . 5 5 9 * 2 2 3 . . . . 4 0 5 4 2 5 1 . . . . 5 8 3 2 - 2 6 3 .3 . . . 3 1 3 2 2 6 ^ . . 3 3 9 1 2 2 2. . . . 1 3 4 8 2 1 . . 5 7 2 2 3 . . . 4 3 0 !' - 2 2 5 .2 . . . 7 0 8 2 2 1 . . . . 1 9 8 2 1 1 1 1 4 2 5 3 16 Other credit exc. security... 6.0 5.0 9.2 10.8 14.2 11.0 5.7 11.2 9.0 17.4j 9.1 17.5 7.8 22.4 16 17 Consumer credit 1.7 .9 2.3 3.0 2.8 2.6 3.5 3.1 2.5 2.8 2.9 2.7 2.8 2.5 17 18 Bank loans n.e.c 2.8 3.0 6.5 8.1 10.1 7.0 1.3l 8.5 8.0 14.6 6.3 12.6 3.4 17.9 18 19 Other loans 8 1.4 1.1 .4 2 1.4 1.4 .9 -.4 -1.4 * -.2 1.5 2.0 19 2 2 2 2 3 0 1 2 Mi S sc e . c u a r s i s t e y O C t s C p c e r C e n d l m i o t a a n r s ket paper . . . 9 5 2 8 1. . . 1 2 8 7 1. ' 1 . 2 2 3 -.4 > .9 2 I . . 7 5 2 2 2 1 . . . . 5 1 2 2 -1 _ .0 . . 3 6 2 - 3 1 .7 . . . 1 0 3 - - — 1 1 2 . . . 0 0 8 5 - - 1 1 . . 2 . 3 . 0 1 - - 1 2 1 . . 0 2 . . 2 7 1.3 . . 6 9 -4.0 . . . 9 2 9 2 2 2 2 0 2 1 3 24 Net increase in liabilities... 8.0 16.3 19.7 17.8 20.2 25.0 17.7 24.8 6.8 21.8 22.1 18.7! 16.2 23.9 24 25 Demand deposits, net. .3 4.6 3.8 3.0 4.7 9.0 .1 12.8 -7.1 6.0 6.5 4.9 .8 6.3 25 26 U.S. Govt. 9 .9 * 1.3 -.7 -.1 3.2 3.4 3.3 -8.5 -1.0 8.4 -4.5 -2.5 26 27 Foreign i o .1 .1 .3 .6 -.1 .6 .7 .3 -.3 1.7 -1.8 1.6 -.2 27 28 Other, net 11 -.7 4.4 2.4 3.3 4.1 5.9 -3.9 8.8 1.2 7.3 -3.5J 3.6 9.1 28 7^3 29 Time deposits 5.8 9.4 15.6 14.1 14.0 15.6 16.6 11.6 13.8 14.4 14.0 12.9 16.0 29 12.9 30 F.R. float .3 .5 .6 -.3 * 1.2 -2.6 * — .2 1.4 -1.9 .6 .5 30 31 Borrowing at F.R. Banks -.4 .1 -.1 * _ j * .2 A -.5 .4 .8 .4 -.3 31 3 3 2 3 Ot S h e er c u l r ia it b y i l i i s t s ie u s es 2. . 1 1 1. . 8 2 -.3 .1 1. . 1 3 l! . 5 6 -.8 .1 3.6 . . 1 1 -.1 .1 . . 6 9 3. . 1 9 .1 •6i 1. .4 4 3 3 3 2 -.1 34 Discrepancy * — .2 .2 .2 -.9 -.2 • 2 .6 -.3 -.5 34 .5 35 Memo: Total loans exc. mortgages. 6.2 6.0 10.3 11.7 14.0 13.1 14.3 11.8 16.] 10.31 18.3 35 -2.0 (I) Nonbank financial institutions 1 20.2 Net acquis. of financial assets.... 24.5 28.1 31.7 36.3 36.1 34.5 31.1 37.7 40.8 35.8 32.6 42.51 33.8 35.6 D C S O e r e t c . h m u e a r r a n i n t d f y d i n e c a q d r n u e e c p i d t i o i y a t s l m it a s s k s a t e . n t i s d n s c t u r rrency. 23. . 1 5 24 1 1 1 . . . . 1 1 3 6 3 — 0 1. . . . 1 0 3 9 3 1 1 3 . . . . 9 4 3 0 34. . 9 1 c 3 1 1 0 1 . . . . 9 5 2 0 2 — 8 2 . . . . 4 0 2 5 3 3 4 . . . 1 8 0 * 3 - 2 8 .2 . . . 3 1 8 3 2 1 1 . . . . 7 1 4 7 - 3 - 1 2 1 . . 2 . 2 . 5 7 3 1 9 . . . . 9 7 7 4 - 3 1 - - 5 . . . 1 5 2 .7 3 - 3 1 .1 . . . 9 3 6 Net increase in liabilities 24.2 27.4 30.5 35.6 34.3 33.4 30.0 38.1 38.8 35.5 29.2 41.0 31.2| 35.7 Cr. and equity mkt. instr. 2... 3.4 3.5 5.7 7.3 6.4 4.5 2.9 8.1 9.4 3.0 10.4 8.1 For numbered notes see p. 613. Data are revised from those shown in Jan. 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 FLOW OF FUNDS 611 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1960 1961 1962 1963 1964 IV II III IV III IV (I.I) Savings and loan associations 1 Net acquis. of financial assets 7.9 10.7 11.5 13.8 11.6 13.1 13.1 14.0 13.4 14.8 11.1 12.1 11.1 12.4 1 2 Demand deposits and currency 5 .1 .4 .6 . i —.1 1.3 -.1 -.2 .4 3 -.3 -.3 3 Cr. and equity mkt. instr. 6 7.1 9.4 10.2 13.1 10.7 11, 1 12.3 13.4 14.1 12!6 10.9 11.2 9.5 4 U.S. Govt. securities .1 .6 .3 .9 .6 .5 1.2 .8 .8 7 .11 .5 1.2 5 1- to 4-family mortgages 5.9 7.0 7.4 9.3 8.0 7.7 8.4 9.7 10.0 9. 3 8.6! 7.4 6 Other mortgages 1.0 1.7 2.6 2.7 2.1 2.7 2.6 2.9 2.9 2.6 2.2i 2l7 1.0 7 Misc. financial transactions .7 .9 .7 .6 1.0 .7 .9 .8 -1 .2 2.0 •2i 1.21 -.4! 3.1 8 Net increase in liabilities 7.4 9.9 10.7 13.1 11.0 11.9 12.3 13.5 12.6 14.1 11.3! 10.3 12.0 8 9 Savings shares 7.6 8.7 9.4 n.o 10.5 10.7 13.1 10.6 9.1 11.0 10.5J 10.6 10.5 10.7 9 1 1 0 1 B M o t r g r . o l w o i a n n g s f i r n o m pr o F ce H s L s B - - . . 1 2 . . 4 7 . . 4 8 1. . 3 5 —. . 3 5 . . 6 6 -1.3 .5 1. . 7 6 2 . . 5 8 2.0 5 10.3j l!l -.4 .1 i -.2 . 9 1 1 0 1 12 Memo: FHLB loans less deposits. -.5 .4 1.4 •5 2 -1.6 1.9 3.2 ,0 .7 -.1 .6 12 (1.2) Mutual savings banks 1 Net acquis. of financial assets4 1.6 2.3 3.3 3.6 4.5 3.2 4.4 3.2 3.6 3.2 4.5 4.7 5.2 3.8 2 U.S. Govt. securities -.6 1 * -.2 * -.2 -.1 * -.3 -.4 . 1 .4 .3 -.8 3 Corporate bonds .2 -.2 * -.1 * -.2 .2 -.4 , -.1 -.3 .3 * -.1 -.2 4 1- to 4-family mortgages 1.5 1.7 2.1 2.6 2.7 2.3 2.8 2.5 2.4 2.5 2.3 2.6 3.0 2.9 5 Other mortgages .5 .6 1.0 1.3 1.6 1.0 1.3 1.2 1.1 1.6 1.4 1.6 1.7 1.6 6 Savings deposits 1.4 1.9 3.1 3.3 4.2 3.6 3.2 3.1 3.1 3.6 4.0 3.9 4.7| 4.4 (1.3) Life insurance companies 1 Net acquis. of financial assets4 5.7 6.1 6.8 6.7 7.6 6.9 6.5 5.9 7.7 6.9 7.3 7.0! 8.1 8.1 2 Cr. and equity mkt. instr 5.4 5.7 6.4 6.4 7.4 6.6 6.5 5.6 7.1 6.5 6.9 6.8! 8.0 7.9 3 U.S. Govt. securities -.5 -.4 * _ $ -.3 -.2 -1.1 -1.0 -.1 .4 -.1! -.5 4 State and local obligations .4 .3 .1 -'.2 -.1 -.1 -.1 -.2 -.3 * -.21 *! * 5 Corporate bonds 1.8 2.5 2.5 2.7 2.3 2.9 3.3 3.3 2.4 1.9 2.1 2.4 6 Corporate stock .4 .5 .4 .2 .5 .4 .4 .2 .2 .1 | .6 .6 7 1- to 4-family mortgages 1.3 .9 .6 .9 1.5 .9 .8 1.0 1.0 .7 1.11 1.5 1.6 8 Other mortgages 1.3 1.5 2.1 2.7 3.1 3.0 2.1 2.3 2.8 3.5 2.8! 3.4 3.6 9 Other loans .4 •7 .5 .3 -> 1.1 -.2 1.1 * .61 .4 10 Net increase in liabilities 5.4 5.7 6.1 6.5 6.6 6.1 6.2 6.4 6.6 6.8 5.7I 6.0 7.0 7.8 10 11 Life insurance reserves 3.2 3.4 3.6 4.1 4.6 3.8 3.9 4.0 4.2 4.3 4.4 4.6 4.7 4.8 11 12 Pension fund reserves 1.3 1.4 1.4 1.7 1.2 .9 1.1 1.5 1.9 2.2 .8| 1.4 1.8 12 13 Other .4 .4 .5 .5 .4 .8 .7 .6 .5 .4 .4 .4 .5 13 (1•4) Noninsured pension plans 1 Net acquis. of financial assets4. . 3.8 3.9 4.0 4.4 4.6 4.0 3 6 4 9 5 3 4.0 4.7 .3 3.3 5.1 2 U.S. Govt. securities —.1 . 1 .2 .4 .4 1 2 5 8 ? 2 .5 —.2 1.1 3 Corporate bonds 1.6 1. ^ 1.2 1.5 1.6 l!4 1 7 ] 5 I 9 ;s 5 1.9 1.3 4 Corporate stock 1.9 2^3 2 2.2 2.4 2.2 1 4 2 5 2 2 2.6 2.6 2.7 2.0 2.2 (1.5) Other insurance companies 1 Net acquis. of financial assets4... 1.0 13 1.3 1.5 1.7 1.0 1.5 1.7 1.9 2.1 1.6 2 Demand deposits and currency * * * * -.1 .1 4 6 5 3 Cr C U S . t o a . a S n r t p . e d o G a e r n o q a d v t u e t i l . t o y b s c o e m a n c l u d k r o s t i . b t i i l e n i s g s a tr tions.. -.2 . . . 9 8 1 1. . . . 1 7 1 J 1. . 3 1 1.5 1. . . . 3 3 7 1 1. . . . 6 9 1 2 1 1 . . . . 2 7 1 1 1 1 . . . . 8 0 5 1 1. . . . 3 1 9 1 7 Corporate stock .2 .2 .2 .3 .4 .3 .2 (1.6) Finance companies 1 Net acquis. of financial assets. . . 2.1 .5 2.6 4.1 4.5 2.2 3.4 4.7 4.1 4.2 3.0 7.9 2.5 4.6 2 1- to 4-family mortgages * .6 .5 .8 .4 .2 .2 1.1 1.1 1.0 -.2 1.2 .2 .3 3 Consumer credit 1.5 1.3 1.8 1.8 1.8 2.3 .9 2.1 2.1 2.1 1.9 1.9 1.5 4 Other loans .5 -.3 .0 1.4 2.3 .9 2.7 1.0 1.1 1.1 4.8 .4 5 Net increase in liabilities 2.2 .5 2.6 4.1 4.5 2.2 3.3 4.7 4.1 4.3 3.1 7.9 2.5 4.6 6 Corporate bonds 1.5 .5 .3 1.6 2.1 .7 .4 1.9 1.7 2.4 1.8 2.8 1.9 1.9 7 Bank loans n.e.c -.2 .1 1.0 1.6 1.0 1.9 1.5 1.0 2.1 1.7 .1 3.4 -1.5 1.9 8 Other loans (open mkt. paper) .8 -.1 1.2 1.0 1.5 -.3 1.4 1.9 .4 .3 1.2 1.7 2.1 For numbered notes see p. 613. Data are revised from those shown in Jan. 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FLOW OF FUNDS APRIL 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1962 1963 1964 Category 1960 1961 1962 1963 1964 IV II III IV III IV (1.7) Security brokers and dealers 1 Net acquis. of financial assets. . . .4 .3 -1.1 1.7 -2.1 2.8 2.8 -2.2 -.4 1.8 -1.5 -4.2 2 U.S. Govt. securities -.1 .6 -1.1 .6 1.7 -2.0 -.8 1.9 -3.4 1.1 1.2 1.2 -1.2 3 Other securities -.7 * — .2 -1.2 -.9 -1.1 1.0 -1.1 .2 -1.0 .6 -2.0 -2.2 4 6 5 7 8 Ne S F F C t e r r u i o c o n s u m m c t r o r i . m t b a y i g a n e e n c r n r k l c i e c s a r d i b e e i d . t s — it o s f b e a f c g l u a n r n . i t c y b e a s c n r k e s d . i . t 1. . 1 9 _ - 1 .2 . . 1 9 2 1. . • . 5 8 5 4i - - - . . . 6 5 5 * * 2 1 . . . . 2 5 2 4 - - 1 - 1 . . . 6 7 2 . . 9 1 - 2 2 3 .1 . . . . 8 5 3 6 3 1 1 1 . . . . . 3 0 9 9 5 - - 1 1 . . 6 7 .8 •? - -A 1 .7 . . 0 1 c - 2 2 .4 . . . 3 4 1 4 * - -1 - - 1 . . . 3 . 6 7 0 .9 - - - - 3 4 . . . . 3 6 7 0 .6 (1.8) Open-end investment companies 1 Net financial investment _ .4 _ .5 _ .5 _ .5 .6 _ .3 1 -.5 .5 _ .6 -.4 —.5 _ .6 -.8 1 2 Net acquis. of financial assets. 1.1 1.5 1.4 .8 1.1 .7 .21 .3 .3 1.3 * 1.1 1.3 1.9 2 3 Corporate stocks .8 1.2 .7 .9 .7 _ .6 ..2! .9 .6 .7 -.2 -1 .0 2.4 1.5 3 4 Net stock issues 3 1.5 2.0 1.9 1.3 1.6 1.0 .6! .8 1.8 1.8 .4 1.6 1.9 2.7 4 i (J) Rest of the world 1 Net purch. of goods and serv. (2-3). 3.0 4.6 4.0 4.4 7.0 3.9 3.4 4.3 4.2 5.8 7.7 5.7 7.0 7.7 2 Purch. of goods and services *. . 26.3 27.6 29.2 30.7 35.2 29.4 28.8 30.5 31.0 32.6 34.5 33.7 35.7 37.1 3 Sales of goods and services i.... 23.3 23.0 25.2 26.3 28.2 25.5 25.4 26.3 26.8 26.9 26.8 27.9 28.7 29.4 4 Net unilateral receipts from Govt. i. 1.6 1.6 1.6 1.6 1.8 1.6 1.5 1.6 1.6 1.7 1.5 1.6 1.7 2.2 5 Current surplus (4-1) 2 -1.4 -3.0 -2.4 -2.8 -5.3 -2.3 -1.9 -2.6 -2.6 -4.1 -6.2 -4.1 -5.2 -5.5 6 Net financial investment (7-14).... -.7 -2.0 -1.3 -2.5 -4.6 -.7 -1.2 -2.7 -1.4 -4.8 -5.5 -4.2 -4.5 -4.0 7 Net acquis. offinan. assets 4.2 3.1 3.2 3.4 3.5 5.5 5.4 6.6 .9 .6 7.5 3.4 2.9 6.0 8 Gold 1.7 .9 .9 .5 .1 .1 .4 .5 .8 .2 .2 -.3 -A .7 8 U.S. dem. dep. and currency.. -.1 .2 .1 .3 .7 .1 .4 .6 .3 -.3 r.6 -.6 1.5 .2 10 Time deposits .3 .3 .6 1.0 1.4 1.6 1.4 .9 .8 .8 1.5 1.5 1.0 1.4 11 U.S. Govt. securities .5 .4 1.2 .6 .5 .8 1.2 3.4 -2.4 .2 -1.6 .8 -.2 3.1 12 Other credit market instr .7 .1 .2 -.2 -.4 -.1 1.7 .2 -.9 1.1 1.3 -1. -1.4 13 Misc. financial assets 1.1 l.'ol .4 .8 1.0 1.6 2.1 -.5 1.3 .6 -1.3 .8 2.4 2.0 14 Net increase in liabilities 5.0 5.1 4.5 5.9 5.0 4.5 6.6 9.5 2.3 5.5 7.(9 7.7 7.4 10.0 14 15 Official U.S. foreign exchange 3 -.4 .3 —.6 .1 * -1.5 .3 * -.1 .2 .4 -1.5 -.4 1.3 15 1 1 7 6 L Se o c a u n r s i ti 4 es 1. . 4 6 2. . 0 8 1 1. . 0 2 2 1 . . 3 0 3. . 9 8 1 1 . . 7 7 2 1 . . 1 6 3 1. . 8 1 1. . 0 5 3*. 2 5 4.1 * 3. . 2 9 * 2 5 . . 2 3 1 1 6 7 18 Miscellaneous 5 3.4 2.0 2.9 2.4 3.4 2.6 2.5 4.3 1.0 1.8 2.5 5.1 3.0 1.3 18 4.7 19 Discrepancy (5-6)6 -1.0 -1 .1 -.3 -.7 -1.6 -.7 .1 -1.2 .7 -.6 .1 For numbered notes see p. 613. NOTE.—Quarterly data are seasonally adjusted totals at annual rates. Data are revised from those shown in Jan. 1965 BULL. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

613 APRIL 1965 FLOW OF FUNDS Notes to Table 4 (A) Households 3 On owner-occupied houses and nonprofit plant and equipment. 4 Table 4(E), line 13 and 4(F), line 7. 1 Includes nonprofit organizations serving individuals. 5 Includes net free balances with security brokers not shown separately. 2 Retained funds of savings institutions and insurance imputed to 6 Policy loans and hypothecated deposits. personal saving in income and product accounts. 7 Commercial mtgs., bank loans, loans from Govt., and trade debt. (B, C, D) Business Table 4(E), line 30. 8 Loans from U.S. Govt. and commercial loans from finance cos. 1 Sum of Tables 4(C) and 4(D); for detail see below. 9 Includes half of residential items in Table 4(B). 2 Profits and noncorporate income as defined in national income. Ex- I o Excludes corporations in Tables 4(H), (I), and (J). cludes imputed rental income of owner-occupied houses, included in Table I1 Includes branch profits paid to fgn. parents less branch profits 4(A). received from abroad. 3 Change in work in process. 12 includes State and local obligations not shown separately. 4 After inventory valuation adjustment. 13 Direct investments abroad, fgn. currency holdings, and unallocated 5 Net income is treated as payment in full to households, and gross current assets. saving is equal only to capital consumption allowances. 14 Mainly commercial paper and commercial loans from finance cos. 6 Includes farm residential construction. 15 Includes State and local profit taxes. 7 Excludes CCC-guaranteed loans, treated as Govt. borrowing; see (E, F) Govts. govts., subsidies less current surplus of Govt. enterprises. 5 Govt. life ins., employee retirement, and R.R. retirement programs. 1 Lines 1 through 12 are derived from national-income data, while Excludes social security, which is treated as nonfinancial operation. lines 15 through 31 are based on data behind Treasury cash budget. Line <5 Mainly nonconvertible fgn. currencies and official fgn. exchange 21 is a link between the two accounting systems on treatment of corporate position of Treasury. taxes, and the discrepancy (line 32) represents differences on other matters. 7 Public debt held by public and Federal Reserve, plus nonguaranteed Net cash borrowing in Treasury cash budget corresponds closely to line issues of Govt. agencies. Includes interest accruals on savings bonds and 25 less accrual of interest on savings bonds and Treasury bills. Cash Treasury bills; excludes special notes to international organizations. surplus is closely indicated by line 17 less net cash borrowing. Lines 18, 8 E and H bonds held by households. 22, 30, and 31 are in cash outgo in cash budget except for small amounts 9 Marketable issues due in less than 1 year plus part of those due in in receipts. Lines 13 and 24 are imputations reflected in neither national- less than 2 years. income nor cash budget. I ° CCC-guaranteed loans and certificates of participation in Export- 2 OASI, disability insurance, and unemployment programs. Line 5 Import Bank loans. Net movements in inventory under CCC-guarantee includes U.S. Govt. employment taxes; line 6, U.S. Govt. benefit payments are included in line 11. to households. I1 Includes employee retirement funds. 3 Veterans' life insurance and Govt. employee and R.R. retirement 12 Net of current surplus of govt. enterprises. funds. Line 7 excludes Govt. contributions to these funds. 13 Corporate bonds and mortgages. 4 Transfers other than lines 6 and 8, grants-in-aid to State and local 14 Trade debt and loans from U.S. Govt. (G, H) Banking 5 Based on balance sheet estimates for last day of quarter. Reported bank data, as on p. 560, are frequently for last Wednesday of month or 1 Federal Reserve System plus those Treasury accounts included in other reporting date. Excludes banks in U.S. possessions. "Member Bank Reserves, Federal Reserve Bank Credit, and Related 6 Deposits with F.R. Banks; vault cash in reserves is in line 4. Items." Excludes Exchange Stabilization Fund, which is in U.S. Govt. 7 Net change in par value of holdings. accounts. 8 Includes consumer loans secured by hypothecated deposits not 2 Includes F.R. holdings of fgn. currencies, which are net in "other F.R. shown separately. accounts" in table mentioned in note 1. 9 Includes deposits held outside Treasury. 3 Includes vault cash of nonmember banks. 1 o Bank and nonbank. 4 Includes deposits of international organizations other than IMF; ii Net of F.R. float, shown separately in line 30. IMF deposits are net in line 3. (I) Nonbank Finance 3 Includes retained capital-gains dividends. 4 Includes cash and other assets, not shown separately. 1 In addition to types shown, includes credit unions, agencies of foreign 5 Excludes deposits at FHLB, which are included in Miscellaneous, banks, and banks in possessions. line 7. 2 Lines 10, 11 of I.I; lines 6, 7, and 8 of 1.6; and line 4 of 1.8. 6 Includes consumer credit, not shown separately. (J) Rest of the World IMF position consists of U.S. capital subscription less IMF holdings of special U.S. Govt. notes and deposits with Federal Reserve. 1 Lines 2, 3, and 4 are exports, imports, and net transfers from Govt. in 4 Bank loans, acceptances, loans from U.S. Govt., and security credit. national income accounts. 5 Direct investment abroad, foreign currencies held by other than in 2 Net foreign investment in national income accounts with opposite line 15, subscriptions to international organizations except IMF, and sign. unidentified liabilities. 3 Official foreign currency holdings and net IMF position of U.S. 6 Errors and omissions in U.S. balance of payments statement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON 5 FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1964 (Amounts outstanding in billions of dollars) Private domestic nonfinancial sectors Financial sectors U.S. Rest of All Sector H h o o u ld s s e- B n u es s s i- an g S d o t v a lo t t s e c . al Tota Govt. Total Mo au ne th ta . ry C ba o n m k l s . N f o in n a b n a c n e k w th o e rld sectors Discrepancy Transaction category A L A L 1 Total financial assets 1330.0 . 296.7 72.5 . 1699.2 84.9 . 872.1 60.8 306 3 505.0 79 4 . 2735.5 2 Total liabilities 293.6 452 4 130 6 876.6 303.4 796.9 60.8 279.0 457.1 85.9 2062.8 3 Gold stock .1 15.4 15.4 27.6 .... 43.0 . 4 Official U.S. fgn. exch., .1 .3 .3 . .4 5 IMF position 4.1 23.3 6 Treasury currency.... 2.8 5.2 . 5.2 -2.4 Demand dep. and currency. 175.2 36.8 138.4 159.4 175.2 15.8 Pvt. domestic 73.6 . 48.9 . 12.9 ... 135.4 12.3 164.2 35.1 129.2 12.3 . 147.7 164.2 16.5 9 U.S. Govt 7.8 1.4 6.4 8.6 7.8 9 10 Foreign 3.1 .3 2. 3.1 3.1 3.1 10 11 Time and svgs. accounts. 252.0 . 277.3 .9 285.1 .9 . 285.1 285.1 11 12 At coml. banks 94.0 . 15.5 . 119.2 .3 .2 126.4 126.4 2 126.4 126.4 12 13 At svgs. instit 158.0 . 158.0 .7 158.7 '.7 '158.7 158.7 158.7 13 14 Life insur. reserves 101.4 . 101.4 94.5 94.5 101.4 101.4 14 15 Pension fund reserves . . . 135.6 . 30.5 135.6 30.5 18.4 86.7 86.7 135.6 135. 15 16 Consol. bank items i. . 25.7 25.7 22.! 22.9 2.1 25.7 25.7 1 1 8 7 Cr U ed . i S t . m G k o t v . t i . n s s e tr curities3 7 7 5 6 8. . 9 2 . 283.0 4 1 5 8 . . 0 3 297.0 4 2 8 2 . . 2 5 97.3 8 1 5 1 2 7. . 0 1 677.3 49.1 2 2 6 6 8 6 . . 5 7 7 1 7 3 6 6 . . 6 5 . 69.1 3 3 7 7 . . 2 0 . . 2 6 6 6 9 . . 4 3 A 4 3 7 3 0 . . 1 1 68.3 2 1 8 3 . . 9 2 ... 36.31 2 7 6 0 6 6 . . 7 61 2 0 6 5 6 1 . . 7 1 1 1 7 8 19 State and local oblig 35.7 . 2.4 6.2 94^3 44.3 50.0 . 33.3 16.7 . 94.3 94.3 19 20 Corp. and fgn. bonds 10.2 . 93.0 16.8 27.0 93.0 88.5 15.0 1.0 A 87.5 14.3 .9 8 3 116.3 116.3 20 21 Corp. stocks 587.8 . n.a. 587.8 n.a. 82.6 29.1 n.a 82.6 29.1 13.8 n.a. 684.1 29.1 21 22 1-4 family mortgages 11.5 188.5 7.1 14.3 195.7 5.9 177.6 2.2 27.2 .... 150.4 2.2 197.9 197. 22 23 Other mortgages 37.4 4.0 108.6 37.4 112.6 5.4 69.7 . 16.4 .. .. 53.4 . 112.6 112.6 23 24 Consumer credit 76.8 18.4 ... 18.4 76.8 58.4 . 29.4 .. .. 29.0 . 76.8 76.8 24 25 Bank loans n.e.c 4.0 8.3 72.3 89.1 10.2 89.0 ... 10.2 6.6 89.1 89.1 25 26 Other loans 9.6 5.9 20.0 3.0 "5.9 32. 37.7 1.7 24.3 12 .1 6.5 12.6 1.1 21.4 68.9 68.3 26 27 Open market paper 5.9 1.9 5.9 1.9 16.5 7.2 .1 3.8 7.2 1.1 2.6 11.7 11.7 27 28 Federal loans 9.2 3.0 5.3 5 18.8 37.1 37.1 28 12. 29 Security credit 1.2 8.3 1.2 14.6 7.5 8.0 . . 6.7 7.5 .1 15.9 15.9 29 30 To brkrs. and dealers. 1.2 . 1.2 .. 8.3 6.2 7.5 5.1 ... 1.1 7.5 7.5 7.5 30 31 To others 8.3 8.5 . 2.9 ... 5.6 8.5 8.5 31 8^3 32 Taxes payable 15.5 1.6 . 1.6 15.5 18.6 . 2.0 20.2 18.4 1.8 32 33 Trade credit 2.3 132.0 582.5 2.8 132.0 87.6 2.7 3.4 2.5 . 2.5 137.3 91.0 -46.3 33 34 Equity in noncorp. business. n.a. . . n.a. n.a. n.a. n.a. n.a. 34 35 Misc. financial trans 7.3 .. 55.2 57.3 62.5 57.3 4.6 50.5 1.1 6J 40.7 13.1 48.3 98.8 159.5 60.7 35 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. investment companies. No specific liability is attributed to issuers of stocks other than open-end investloans to banks, F.R. float, and stock at F.R. banks. ment companies for amounts outstanding. 2 IMF Position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at 5 Net of noncorporate trade credit assets. F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals. 3 Includes savings bonds. Postal savings system deposits are included in line 12. NOTE.—For description of sectors and transaction categories ,see Aug. 1959 BULL., pp. 846-57. 4 Assets shown at market value; nonbank finance liability is redemption value of shares of open-end Details may not add to totals because of rounding. M Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 BANKS AND BRANCHES 615 NUMBER IN OPERATION ON DECEMBER 31, 1964 Commercial and mutual savings banks Commercial State Member Nonmember Total Total ti N on a- al State su In re - d s N u i o r n e n d - United States 2 14,26613,761 4,773 31,452 7,262 274 Alabama 252 252 80 23 149 Alaska 13 12 5 5 2 Arizona 16 16 4 1 10 1 Arkansas 245 245 63 20 158 4 California 200 200 90 16 88 6 Colorado 246 246 115 17 75 39 Connecticut 137 66 27 7 27 5 22 20 5 2 13 District of Columbia 15 15 8 4 3 Florida 424 424 187 9 225 Georgia 431 431 55 16 310 Hawaii 12 12 2 5 Idaho 24 24 9 6 9 Illinois 1,030 1,030 410 115 499 Indiana 435 431 124 94 208 Iowa 675 675 101 64 494 Kansas . .. 594 594 169 42 382 Kentucky 348 348 82 14 246 Louisiana . .. 209 209 47 10 151 M^aine 78 46 22 6 12 Maryland 127 121 49 7 64 Massachusetts 338 159 93 18 44 Michigan 361 361 96 126 137 Minnesota 721 720 193 28 493 MississiDoi 196 196 31 7 156 Missouri 643 643 91 84 457 ]v£ontana . •. 129 129 48 44 36 Nebraska 432 432 125 13 289 Nevada 8 8 3 3 2 New Hampshire 105 73 50 1 19 New Jersey 257 236 146 48 39 New Mexico 63 63 33 8 22 New York 479 354 203 86 37 North Carolina 152 152 31 4 116 North Dakota . 163 163 41 3 115 Ohio 549 547 221 130 195 Oklahoma 417 417 222 24 170 Oregon 52 51 11 3 35 Pennsylvania 598 591 387 48 146 Rhode Island 17 10 4 1 3 South Carolina 133 133 25 5 99 South Dakota 173 173 33 25 114 Tennessee 294 294 75 8 207 Texas 1,130 1,130 539 75 501 Utah 55 55 12 13 29 Vermont 55 49 28 20 Virginia 277 277 123 61 93 ^'ashington 101 97 28 10 58 West Virginia 184 184 79 33 71 1Wisconsin 582 578 109 56 410 Wvominsz 68 68 38 14 16 Virgin Islands ^ ... 1 1 1 co O w 6 5 16 1 6 1 6 1 4 2 6 2 11 1 5 CO CO Number maintaining branches or additional offices 1 Commercial Mutual savings Member Nonmember Total su In re - d s N u i o n re n - d - Total ti N on a- al State su In re - d s N u i o n re n - d - 327 178 3,204 2,966 1,233 3445 1,269 19 38 38 24 4 10 1 8 8 5 3 10 10 3 1 5 1 53 53 23 6 24 91 91 32 13 44 2 ""Y\ 75 1 38 1 15 7 1 1 6 2 10 8 1 2 5 13 13 6 4 3 57 57 23 7 27 8 8 2 5 i 12 12 5 3 4 4 161 161 61 25 75 173 173 21 15 137 47 47 24 7 16 96 96 39 7 50 83 83 30 7 46 26 6 39 33 14 4 11 4 6 63 58 25 6 26 8 171 178 106 60 18 28 167 167 52 57 57 1 1 5 5 2 3 88 88 23 5 60 53 53 14 13 26 1 1 1 25 25 16 1 8 6 6 2 3 1 32 23 17 15 2 21 161 150 93 35 22 36 36 17 4 15 28 125 253 172 93 56 19 4 85 85 22 3 59 1 4 32 32 5 1 26 2 226 225 118 48 59 31 31 24 2 5 2 1 25 25 5 1 19 10 7 229 224 145 24 53 2 7 17 10 4 3 4 58 58 20 2 36 1 33 33 2 26 4 94 94 42 5 47 15 31 31 5 26 20 20 4 7 9 6 21 19 10 9 125 125 62 22 41 1 4 38 35 14 5 16 3 3 1 104 104 12 6 86 1 1 1 ot ot Mutual savmgs In- sured 172 37 2 6 5 6 NO •—* Non- in- sured 66 66 81 1 5 7 2 3 1 Excludes banks that have banking facilities only; banking facilities 5 Each bank is reported once only—according to the widest area in are shown separately; see note 4. which it operates branches or additional offices. 2 Includes 1 national bank in the Virgin Islands, with 2 branches, that became a member of the F.R. System in 1957. NOTE.—Each branch and additional office is located in the same State 3 State member bank figures include 1 noninsured trust co. without as its parent bank except that 1 national bank in N.J. has a branch in Pa., deposits. 1 national bank in Calif, has 2 branches in Wash, and 1 in Ore., 1 non- 4 Banking facilities (other than branches) that are provided at military insured (unincorporated) bank in N. Y. has 1 branch in Mass, and 1 in Pa.; and other Govt. establishments through arrangements made by the 2 insured nonmember banks in Puerto Rico have 5 branches in N.Y. In Treasury; they are operated by 192 banks, 67 of which have no other the table these branches are shown according to their own location rather type of branch or additional office. than that of the parent bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 BANKS AND BRANCHES APRIL 1965 NUMBER IN OPERATION ON DECEMBER 31, 1964—Continued Branches and additional offices 1 Class of bank Location Commercial Outside head office city Facili- State Mutual ties 4 savings In Total Total ti N on a M - al embe S r tate su I N n re o - d nmem in N b s e u o r r n e - d su In re - d in N su o r n e - d o h c f e f i i t a c y d e I c n o o f u h fi n e c t a e y d c I t o i n g u u c n o o ti u n e s - s c I c o n u o u n o n n t u o t i s i g n e - - s United States 2 14,995 14,321 7,940 33,275 3,056 50 549 125 5,673 4,690 2,169 2,463 280 Alabama 134 134 105 7 22 66 54 5 9 8 Alaska 46 46 38 .....„ 8 14 20 7 5 5 Arizona 241 241 166 50 84 53 68 36 6 Arkansas 88 88 47 13 28 36 46 5 1 2 California 2,228 2,228 1 ,639 406 178 334 274 444 1,176 46 Colorado 1 1 1 1 7 Connecticut 382 285 152 76 57 97 114 209 47 'II 1 Delaware 69 63 3 31 29 6 13 31 20 1 District of Columbia. 78 78 42 28 78 6 Florida 17 Georgia 160 160 101 28 113 2 7 9 Hawaii 109 109 39 69 38 28 6 Idaho 119 119 90 20 9 10 12 20 1 Illinois 5 Indiana 437 437 244 51 142 238 199 4 Iowa 221 221 23 17 181 48 124 Kansas 47 47 24 7 16 46 3 Kentucky 212 212 108 34 70 127 80 5 1 Louisiana 232 232 127 23 82 148 75 6 3 4 Maine 172 160 62 50 39 36 66 61 9 3 Maryland 391 355 171 52 126 124 85 117 65 14 Massachusetts... 674 523 303 127 92 125 338 327 8 1 3 Michigan 802 802 353 307 140 381 281 130 10 3 Minnesota 9 9 6 3 9 Mississippi 187 187 41 125 80 72 28 Missouri 53 53 14 26 53 Montana 1 1 1 Nebraska 25 25 25 2 Nevada 56 56 30 16 10 9 2 New Hampshire. 25 19 17 11 11 3 1 New Jersey 646 619 388 164 67 27 222 423 1 8 New Mexico 80 80 46 5 29 45 26 8 4 New York 2,024 1,800 753 950 92 224 1,082 559 309 74 12 North Carolina.. 707 707 248 93 363 132 88 150 337 4 North Dakota... 42 42 5 2 35 8 20 14 2 Ohio 870 868 464 287 117 416 441 12 3 Oklahoma 31 31 24 2 5 31 5 Oregon 249 249 200 11 38 46 32 33 138 Pennsylvania.... 1,198 1,140 725 206 206 382 489 325 2 Rhode Island 148 110 52 24 27 38 64 23 23 South Carolina.. 236 236 160 2 74 62 35 28 111 South Dakota... 72 72 34 2 36 8 27 21 16 Tennessee 288 288 177 23 88 173 100 7 7 Texas 31 31 5 26 31 19 Utah 100 100 53 27 20 21 11 37 3 Vermont 51 49 26 23 6 19 7 Virginia 465 465 274 108 218 82 80 21 Washington. 388 373 324 23 15 134 61 108 5 West Virginia . . , Wisconsin 168 168 24 12 132 36 106 26 Wyoming Virgin Islands 2. Nonmember Mutual Member banks banks savings banks Location of branches with respect to head office 5 Total National State Insured in N s o ur n e - d Insured in N su o r n e - d Banks with branches or additional offices (except banking facilities) 2 3,204 1,233 445 1,269 19 172 66 Tn head office city 1,028 436 154 333 5 78 22 Outside head office city: In head office county 1,584 602 203 682 4 55 38 In contiguous counties 455 132 59 218 7 33 6 In noncontiguous counties 2 137 63 29 36 3 6 Branches and additional offices (except banking facilities) 2 14,995 7,940 3,275 3,056 50 549 125 In head office city 5,673 2,670 1,612 953 16 361 61 Outside head office city: In head office county 4,690 2,307 873 1,325 14 114 57 In contiguous counties 2,169 1,107 461 513 16 65 7 In noncontiguous counties 2 2,463 1,856 329 265 4 9 Banking facilities 4 280 216 26 38 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 MEMBER BANKS, 1964 617 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—Total deposits Ratio of time deposits to (thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 , 0 00 0 0 - 1 2 0 5 , , 0 0 0 00 0-2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 0 , 0 0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n e 0 d r Summary ratios: Percentage of total capital accounts. Net current earnings before income taxes. 14.1 7.4 10.4 12.7 14.8 15.7 15.8 16.3 17.1 14.6 14.6 13.2 Net income before related taxes 11.8 6.7 8.9 10.8 12.5 12.9 13.0 13.5 14.2 12.7 12.1 11.1 Net income 8.4 5.1 6.9 8.0 8.9 9.0 9.0 9.2 8.7 8.5 8.2 Cash dividends declared 3.1 2.1 2.4 2.8 3.1 3.4 3.6 3.8 4.6 3.5 3.2 2.9 Percentage of total assets : Total operating revenue 4.90 5.18 5.10 4.88 4.8 4.95 4.88 4.80 4.7: 4.56 4.96 4.96 Net current earnings before income taxes 1.23 .87 1.17 1.2: 1.26 1.25 1.20 1.2 1.3: 1.47 1.26 1.09 Net income .53 .76 .76 .76 .72 .67 .68 .7: .88 .73 .68 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 21.4 22.7 24.4 23.8 21.6 19.8 18.3 18.2 14.1 23.6 20.9 21.2 Other securities 7.0 2.8 4.8 6.4 7.7 7.8 7.8 7.7 7.0 6.6 6.9 7.2 Revenue on loans 62.2 64.9 62.0 61.7 62.0 62.2 62.3 62.5 65.9 59.4 61.8 63.9 Service charges on deposit accounts 5.8 5.7 5.5 5.2 5.8 6.6 6.4 5.9 5.0 6.4 6.4 4.7 All other revenue 3.6 3.9 3.3 2.9 2.9 3.6 5.2 5.7 8.0 4.0 4.0 3.0 Total revenue... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 25.9 38.1 31.2 26.9 24.6 24.0 24.4 23.6 33.0 27.0 21.7 Officer and employee benefits 2.5 1.9 2.0 2.2 2.5 2.9 3.1 3.4 2.8 2.6 2.4 Interest on time deposits 26.0 12.5 19.5 25.4 27.6 28.2 27.8 28.2 25.3 8.5 23.5 36.1 Net occupancy expense 4.3 7.2 4.8 4.1 4.1 4.3 4.6 4.5 4.4 5.2 4.6 3.6 Other current expenses 15.9 22.4 18.4 16.0 15.2 15.4 15.4 15.3 14.8 17.8 16.6 14.2 Total expenses 74.6 82.1 75.9 74.6 74.0 74.8 75.3 74.4 71.5 67.3 74.3 78.0 Net current earnings before income taxes 25.4 17.9 24.1 25.4 26.0 25.2 24.7 25.6 28.5 32.7 25.7 22.0 Net losses (or recoveries and profits +)1.. 2.2 1.5 2.3 2.3 2.1 2.2 2.2 2.0 2.3 2.4 1.8 Net increase in valuation reserves 1.6 .3 .9 1.3 1.6 1.9 1.8 2.4 1.5 1.7 1.4 Taxes on net income 6.2 4.4 5.0 5.7 6.4 6.5 6.7 8.6 9.0 6.3 4.9 Net income after taxes 15.4 11.7 15.9 16.1 15.9 14.6 14.0 15.5 19.9 15.3 13.9 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities... 3.77 3.78 3.91 3.82 3.77 3.73 3.64 3.63 3.79 3.78 3.74 Interest and dividends on other securities. 3.33 4.44 4.04 3.50 3.11 3.08 3.14 3.15 3.51 3.31 3.28 Net losses (or recoveries and profits +)1.. + .01 + .02 + .02 + .01 .01 .06 + .02 + .01 .01 Return on loans: Revenue on loans 6.75 7.96 7.20 6.85 6.75 6.67 6.39 6.22 6.04 6.75 6.85 6.60 Net losses 1 .21 .32 .26 .21 .20 .21 .20 .16 .12 .24 .23 .17 Distribution of assets: Percentage of total assets: U.S. Government securities 26.7 28.1 29.9 29.0 26.9 25.5 23.8 23.3 18.0 27.1 26.3 27.2 Other securities 10.6 4.4 6.9 9.5 11.8 12.4 12.3 11.8 10.7 9.6 10.6 11.1 Loans 45.8 43.2 44.2 44.6 45.2 46.5 47.8 48.4 51.3 40.8 45.1 48.5 Cash assets 15.2 22.6 17.6 15.4 14.4 13.9 14.0 14.5 17.7 20.9 16.1 11.7 Real estate assets 1.5 1.6 1.3 1.4 1.5 1.6 1.7 1.5 1.5 1.4 1.6 1.4 Other ratios: Total capital accounts to : Total assets 9.4 16.6 12.9 10.2 8.7 8.1 7.8 7.6 7.9 11.0 9.4 Total assets less U.S. Government securities and cash assets 17.1 36.2 26.0 19.2 15.5 13.8 12.7 12.6 12.4 22.9 17.2 14.8 Total deposits 10.7 21.4 15.5 11.6 9.7 9.0 8.7 8.5 8.9 12.7 10.8 9.8 Time to total deposits 43.1 25.2 35.1 42.6 45.5 46.7 44.9 44.0 38.5 14.0 38.6 60.4 Interest on time deposits2 3.24 2.94 3.22 3.20 3.22 3.25 3.34 3.36 3.46 2.99 3.30 3.26 Trust department revenue to total revenue2. 2.9 1.1 7.1 1.7 1.3 2.2 3.2 3.7 5.5 4.0 3.1 2.0 Number of banks3 5,974 120 523 1,732 1,446 1,202 423 231 297 826 2,971 2,177 For notes see second following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 MEMBER BANKS, 1964 APRIL 1965 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS AND BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Size group—total deposits (in thousands of dollars) groups u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts : Net current earnings before income taxes 14.1 10.8 14.0 17.0 17.9 9.2 13.0 15.9 16.9 9.8 11.7 13.9 14.8 Net income before related taxes 11.8 10.0 12.2 14.1 15.8 7.4 10.7 13.3 14.1 8.9 10.2 11.7 11.7 Net income 8.4 7.6 8.8 9.1 9.6 5.7 8.0 9.3 9.1 7.0 7.7 8.5 8.6 Cash dividends declared 3.1 3.4 3.5 3.4 4.2 1.9 2.7 3.4 4.0 2.0 2.5 3.0 3.7 Percentage of total assets: Total operating revenue 4.90 4.70 4.48 4.59 4.47 5.40 4.96 4.92 4.78 5.07 4.96 4.94 4.98 Net current earnings before income taxes 1.23 1.33 1.49 1.55 1.52 1.02 1.22 1.32 1.31 1.03 1.09 1.11 1.05 Net income .74 .90 .94 .83 .82 .59 .74 .77 .71 .74 .71 .68 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Government securities 21.4 25.9 25.5 22.7 16.3 22.7 23.6 20.6 16.7 24.7 23.3 20.7 17.7 Other securities 7.0 4.2 7.8 7.5 6.2 4.5 6.3 7.7 7.2 4.8 5.9 7.7 8.7 Revenue on loans 62.2 60.7 57.8 58.3 63.3 63.1 61.2 61.1 63.5 63.7 64.2 64.0 63.4 Service charges on deposit accounts 5.8 5.9 6.0 7.8 5.8 6.0 5.9 7.1 5.9 3.9 4.0 4.9 5.7 All other revenue 3.6 3.3 2.9 3.7 8.4 3.7 3.0 3.5 6.7 2.9 2.6 2.7 4.5 Total revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 25.9 38.3 33.6 30.5 26.7 32.1 28.2 25.9 24.5 24.8 22.1 21.1 21.8 Officer and employee benefits 2.5 2.2 2.7 3.1 3.7 1.9 2.2 2.8 3.3 1.9 2.2 2.5 2.8 Interest on time deposits 26.0 5.8 7.5 9.9 13.1 19.8 23.5 23.9 24.6 33.1 36.1 36.2 36.5 Net occupancy expense 4.3 5.6 4.9 5.3 4.8 5.8 4.5 4.5 4.6 3.5 3.2 3.7 4.3 Other current expenses 15.9 18.8 17.6 17.3 17.6 20.6 16.7 16.0 15.5 16.0 14.4 14.0 13.7 Total expenses 74.6 70.7 66.3 66.1 65.9 80.2 75.1 73.1 72.5 79.3 78.0 77.5 79.1 Net current earnings before income taxes.. 25.4 29.3 33.7 33.9 34.1 19.8 24.9 26.9 27.5 20.7 22.0 22.5 20.9 Net losses (or recoveries and profits +)l 2.2 1.8 2.6 2.7 1.5 2.6 2.5 2.4 2.1 1.4 1.7 1.7 2.3 Net increase in valuation reserves 1.6 .4 1.2 2.6 2.1 1.2 1.6 1.7 2.2 .4 1.0 1.6 1.8 Taxes on net income 6.2 6.9 8.5 10.3 12.0 4.1 5.3 6.8 8.2 4.0 4.8 5.2 4.5 Net income after taxes 15.4 20.2 21.4 18.3 18.5 11.9 15.5 16.0 15.0 14.9 14.5 14.0 12.3 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities 3.77 3.87 3.84 3.74 3.62 3.97 3.85 3.76 3.61 3.72 3.78 3.74 3.69 Interest and dividends on other securities 3.33 4.47 3.36 3.01 3.21 3.97 3.50 3.12 3.11 3.91 3.55 3.10 3.15 Net losses (or recoveries and profits +)l + .01 + .02 + .05 .01 + .03 + .01 + .02 .02 .01 .01 .06 Return on loans: Revenue on loans 6.75 7.19 6.79 6.73 5.94 7.64 7.00 6.81 6.24 6.86 6.68 6.60 6.36 Net losses * .21 .28 .25 .26 .12 .31 .24 .23 .16 .14 .15 .17 .19 Distribution of assets: Percentage of total assets: U.S. Government securities 26.7 29.9 28.6 26.5 19.4 28.5 28.9 26.0 21.6 31.7 29.3 26.5 23.2 Other securities 10.6 5.9 11.2 11.3 8.8 6.5 9.3 12.1 11.1 6.8 8.8 12.1 13.7 Loans 45.8 40.2 38.8 40.5 47.6 45.0 43.8 44.5 48.8 47.5 48.2 48.3 50.0 Cash assets 15.2 22.7 20.0 20.0 22.0 18.2 16.3 15.5 16.3 12.8 12.3 11.4 11.3 Real estate assets 1.5 1.2 1.3 1.6 1.6 1.6 1.5 1.7 1.7 1.1 1.3 1.4 1.4 Other ratios: Total capital accounts to: Total assets 9.4 13.8 11.1 9.3 8.7 14.2 10.1 8.5 7.9 11.7 9.8 8.2 7.2 Total assets less U.S. Government securities and cash assets 17.1 31.5 23.2 18.6 15.3 28.0 19.3 15.0 12.9 22.2 17.3 13.6 11.1 Total deposits 10.7 16.6 12.8 10.5 9.9 17.7 11.5 9.5 8.9 13.8 11.0 9.2 8.0 Time to total deposits 43.1 10.5 12.4 16.4 19.5 36.4 38.9 39.0 38.3 60.3 61.3 60.4 58.5 Interest on time deposits 2 3.24 3.00 2.83 2.99 3.33 3.28 3.29 3.27 3.38 3.13 3.24 3.24 3.40 Trust department revenue to total revenue 2 2.9 .2 1.6 2.5 6.0 9.1 2.3 2.0 4.4 1.7 2.8 Number of banks 3 5,974 200 293 220 113 312 808 1,326 525 131 631 1,102 313 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 MEMBER BANKS, 1964 619 OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Net income before related taxes Net income Cash dividends declared Percentage of total assets: Total operating revenue Net current earnings before income taxes Net income Sources and disposition of income: Percentage of total operating revenue : Interest and dividends on: U.S. Government securities Other securities Revenue on loans Service charges on deposit accounts. All other revenue Total revenue. Salaries and wages Officer and employee benefits Interest on time deposits Net occupancy expense Other current expenses Total expenses Net current earnings before income taxes Net losses (or recoveries and profits +) 1 Net increase in valuation reserves Taxes on net income Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities Interest and dividends on other securities. . . Net losses (or recoveries and profits +) 1 Return on loans: Revenue on loans Net losses 1 Distribution of assets: Percentage of total assets: U.S. Government securities Other securities Loans Cash assets Real estate assets Other ratios: Total capital accounts to : Total assets Total assets less U.S. Government securities and cash assets Total deposits Time to total deposits Interest on time deposits2 Trust department revenue to total revenue2 Number of banks 3 . 1 Net losses is the excess of (a) actual losses charged against net income quent issue of the BULLETIN. Such differences result from the fact that plus losses charged against valuation reserves over (b) actual recoveries each bank's figures have an equal weight in calculation of the averages and profits credited to net income plus recoveries credited to valuation whereas the figures of the many small and medium-sized banks have but reserves; net recoveries and profits is the reverse. Transfers to and from little influence on the aggregate dollar amounts. Averages of individual reserves are excluded. ratios are useful primarily to those interested in studying the financial 2 Banks reporting no interest paid on time deposits or trust depart- results of operations of individual banks, while ratios based on aggregates ment revenue, as the case may be, were excluded in computing this show combined results for the banking system as a whole and, broadly average. speaking, are the more significant for purposes of general analyses of 3 The ratios for 251 member banks in operation at the end of 1964 were credit and monetary problems. excluded from the compilations because of unavailability of data covering Figures of revenue, expenses, etc., used in the calculations were taken the complete year's operations, certain accounting adjustments, lack of from the annual income and dividends reports for 1964. Balancecomparability, etc. sheet figures used in the compilations were obtained by averaging the 4 No ratios are shown for groups of less than 3 banks. amounts shown in each bank's official condition reports submitted for NOTE.—These ratios, being arithmetic averages of the operating ratios of Dec. 20, 1963, April 15 and June 30, 1964. Savings deposits are included individual member banks, differ in many cases from corresponding ratios in the time deposit figures used in these tables. computed from aggregate dollar amounts that will be shown in a subse- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 622 Gold production 623 Net gold purchases and gold stock of the United States 624 Estimated foreign gold reserves and dollar holdings 625 International capital transactions of the United States. 626 Money rates in foreign countries 635 Arbitrage in Treasury bills. 636 Foreign exchange rates 637 U.S. balance of payments 638 Foreign trade 639 Guide to tabular presentation 544 Index to statistical tables 645 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- 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 GOLD RESERVES APRIL 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 S n ta 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 el m - Brazil Burma Canada Chile world i Fund world 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 I960 40,540 2,439 17,804 20,295 n.a. 104 147 293 ,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 ,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 ,365 225 42 708 43 1963 42,310 2,312 15,596 24,400 36 78 208 536 ,371 150 42 817 43 1964—Feb 2,322 15,518 36 78 211 558 ,374 150 42 850 43 Mar 42,420 2,328 15,550 24,540 36 76 211 569 1,376 150 42 871 43 Apr 2,334 15,727 36 76 215 579 ,390 120 42 892 43 May 2,353 15,693 36 74 216 579 1,392 120 42 910 42 June 42,940 2,359 15,623 24,960 37 74 218 592 ,392 120 42 931 43 July 2,359 15,629 37 74 219 592 1,393 120 42 949 43 2,424 15,657 37 73 221 592 1,395 120 42 969 43 Sept 43,015 2,425 15,643 24,945 37 73 223 592 1,395 120 42 990 43 Oct 2,425 15,606 37 73 224 592 1,404 92 42 1,001 43 Nov 2,430 15,566 37 73 224 592 1,434 92 42 1,007 43 Dec *43,035 2,179 15,471 ^25,385 37 226 600 1,451 92 84 1,026 43 1965—Jan 2,181 15,208 37 228 600 1,461 92 84 1,036 43 Feb 2,188 14,993 228 613 471 1,040 42 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 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 62 92 61 3,175 3,843 77 247 142 98 60 2,343 289 1964 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 2,104 290 Oct 58 92 64 3,598 4,149 98 247 141 112 56 2,104 Nov 58 92 64 3,632 4,149 98 247 141 112 56 2,104 Dec 58 92 85 3,729 4,248 247 141 56 2,107 1965 Jan 92 85 3,913 4,250 270 141 56 2,107 Feb 92 85 3,974 4,251 281 141 2,101 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 a r y - 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 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 I960 n.a. 119 137 29 1,451 30 52 42 15 552 18 178 1961 43 140 112 29 1,581 20 30 53 47 27 443 65 298 1962 49 172 95 29 1,581 20 30 53 47 41 471 78 499 1963 48 172 139 29 1.601 20 31 53 57 28 497 78 630 1964 Feb 49 172 157 29 1,601 20 31 53 57 21 497 78 631 Mar 50 172 156 29 ,601 20 31 53 57 23 497 78 627 Apr 50 172 162 29 1,601 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 31 497 78 601 Nov 45 167 34 1,621 20 31 53 67 32 78 592 Dec 48 169 34 1,688 20 31 53 67 23 78 574 1965—Jan 1,688 20 31 53 67 24 545 Feb i 723 20 31 53 67 519 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 GOLD RESERVES AND PRODUCTION 623 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la it n z d er- 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 in i m t g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t l r e l. - E E P F U 3 ments 2 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 I960 , 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 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 47 1964—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 47 573 182 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 64 576 182 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 55 104 104 139 2,136 171 401 17 — 50 1965—Jan 646 189 2,702 55 104 111 139 401 17 -111 Feb 677 189 2,702 — 159 i Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union for 1958 and European Fund thereafter. distributed by the Tripartite Commission for the Restitution of Monetary Gold; excludes holdings of the U.S.S.R., other Eastern European coun- NOTE.—For back figures and description of the data in this and the tries, and China Mainland. following tables on gold (except production), see "Gold," Section 14 of The figures included for the Bank for International Settlements are Supplement to Banking and Monetary Statistics, 1962. the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the. gold deposited with the BIS is included in the gold reserves of individual countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc- Congo tion i A So fr u ic th a R de h s o ia - Ghana ( p L o e ld o - - U S n ta i t t e e s d C a a d n a - M ic e o x- r N a i g c u a a - Co b l i o a m- India P p h in il e ip s - t A ra u l s ia - 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 1964 1,019.8 20.1 133.0 33.7 1964—Jan 78.7 1.7 2.6 10.7 .8 1.2 .4 1.3 3.1 Feb 79.9 1.6 2.6 9.8 1.0 ;;;;;:: 1.2 .4 1.2 2.5 Mar ;;;;;;;;; 84.9 1.6 2.6 10.3 .5 L.O .5 1.3 2.6 82.3 1.6 2.6 11.6 .7 1.2 .4 1.2 2.6 May.';.'!;;;;;;;;; 83.4 1.7 2.6 10.7 .4 l.l .4 1.2 2.7 June 85 4 6 2.4 "22*5* 10.8 3 1 4 1 2 3 0 July 86.9 7 11.3 .4 0 .4 3 0 Aug 87.2 .7 11.3 .7 1.0 .4 3.1 Sect 88.2 6 10.9 .4 2 4!6 2.5 Oct 1.6 11.5 0 .5 2 8 1 8 11.5 1 3 0 Dec 2262.5 1.9 10.8 235 2 8 1965 Jan 10.8 ^'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

624 U.S. GOLD APRIL 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 1964 IV I II III IV Western Europe: -84 -83 -143 -82 — 55 — 32 — 32 — 23 Belgium 3 3 -329 — 39 — 141 — 144 — 63 —40 40 France -34 -266 -173 -456 -518 -405 -101 -ioi -101 -101 -101 Germany, Fed. Rep. of.... -34 -23 -225 -200 — 25 Italy -349 100 200 200 Netherlands 25 -261 -30 -249 -25 -60 — 60 Portugal -20 -10 Spain 3i 32 -114 -i56 -146 -i30 -32 _2 — 30 Switzerland -8 -215 20 -324 — 125 102 — 81 30 51 United Kingdom 100 -900 -350 -550 -306 -387 329 618 131 109 221 163 125 Bank for Intl Settlements. -178 -32 -36 —23 Other 18 8 -21 -38 -96 -53 -12 1 n -4 -7 14 -1 -14 Total 80 68 -2,326 -827 -1,718 -754 - 1,105 -399 -88 -7 -31 79 35 -171 Canada 15 5 190 Latin American republics: Argentina 115 75 67 -50 -90 85 -30 -30 C Br o a l z o i m l bia 28 -11 zl -2 5 3 7 8 72 5 1 4 0 28 -1 28 10 i 28 • Mexico -30 -20 A Venezuela . . — 200 65 Other 29 6 2 -5 IP -17 -5 -7 -9 -1 -3 -3 -2 -2 Total -28 81 69 19 -100 -109 175 32 56 -3 -4 25 7 27 Asia: Japan -30 -157 -15 Other * 18 A -28 -97 1-101 2—93 312 3 -4 5 -1 Total * 18 — 34 — 186 — 113 — 101 — 93 12 3 — 4 5 i < All other 14 T -5 -38 -6 — 1 -36 -1 2 Q _! 1 Total foreign countries 80 172-2,294 -998 -1,969 -970 -833 -392 -36 -15 -28 95 41 -145 Intl. Monetary Fund. 4200 600 5-44 4300 150 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -15 -28 95 41 -145 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—Mar.... 15,990 15,550 15,461 440 125 32 1953 22,091 22,091 22,030 -1,161 -1,161 Apr 15,991 15,727 15,462 264 1 177 1954 21,793 21,793 21,713 -298 -298 May... 15,946 15,693 15,463 253 -45 -34 1955 21,753 21,753 21,690 -40 -40 June... 15,805 15,623 15,461 182 -141 -70 1956 22,058 22,058 21,949 305 305 July.... 15,840 15,629 15,462 211 35 6 1957 22,857 22,857 22,781 799 799 Aug.... 15,890 15,657 15,460 233 50 28 Sept.... 15,870 15,643 15,463 227 -20 -14 1958 20,582 20,582 20,534 -2,275 -2,275 Oct 15,702 15,606 15,461 96 -168 -37 1959 19,507 19,507 19,456 -1,075 4-1,075 Nov.... 16,324 15,566 15,386 758 622 -40 1960 17,804 17,804 17,767 -1,703 -1,703 Dec... 15,903 15,471 15,388 432 -421 -95 1961 17,063 16,947 16,889 116 -741 -857 1962 16,156 16,057 15,978 99 -907 -890 1965—Jan 15,572 15,208 15,185 364 -331 -263 1963 15,808 15,596 15,513 212 -348 -461 Feb.,.. 15,220 14,993 14,937 227 -352 -215 1964 15,903 15,471 15,388 432 95 -125 Mar.P.. 15,128 14,638 15,563 490 -92 -355 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 Mar. 31, 1965. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 11 on p. 633 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only see pp. 554 and 556. 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

APRIL 1965 GOLD RESERVES AND DOLLAR HOLDINGS 625 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 Dec. 31, 1963 Mar. 31, 1964 June 30, 1964 Sept. 30, 1964 Dec. 31, 1964P U.S. Govt. Area and country Gold& U.S. Gold & bonds & notes1 Gold& U.S. Gold& U.S. Gold & U.S. Gold& U.S. short- Govt. short- short- Govt. short- Govt. short- Govt. short- Govt. term bonds term term bonds term bonds term bonds term bonds dollars & notes dollars Old New dollars & notes dollars & notes dollars & notes dollars & notes series series Western Europe: Austria 783 * 901 2 3 911 3 902 3 947 3 923 3 Belgium 1,542 * 1,791 1,782 * 1,832 4c 1,821 1,887 4c Denmark 159 16 253 13 14 259 14 289 14 352 14 428 14 Finland 134 2 160 4= 1 176 1 167 1 174 1 212 France 3,744 3 4,653 3 6 4,709 7 5 003 7 5,093 7 5 392 7 Germany Fed Rep of • 6,409 3 6,884 3 1 6,811 1 6,616 1 6,437 1 6,258 1 Greece 196 265 * 239 4c 227 4= 225 4= 272 Italy 3,627 4c 3,146 1 1 2,927 1 3,039 1 3,225 1 3 728 1 Netherlands 1,829 1,961 2 4 1,898 4 1,824 5 1,964 4 2,055 5 Norway 155 87 164 126 131 135 131 188 131 205 101 214 98 Portugal 632 688 1 689 * 687 721 754 4= Spain . 623 1 778 1 2 807 2 839 2 972 2 1 010 2 Sweden 671 93 591 133 129 610 130 615 130 733 90 833 40 Switzerland 3,575 83 3,726 83 75 3,528 77 3,737 77 3,653 78 4,095 79 Turkey 165 4c 136 * 135 129 123 * 140 United Kingdom 4,191 370 3,967 361 328 4 245 380 4 153 402 4 222 402 4 036 414 Other2 481 48 369 49 46 559 49 514 48 462 49 476 49 Total 28,916 708 30,433 779 741 30,420 800 30 761 822 31,329 753 32 713 714 Canada ... 4,057 389 3,805 686 687 3,555 686 3,674 686 3,863 695 4,009 690 Latin American republics: Argentina 271 1 453 * 452 * 424 386 363 Brazil 429 1 329 4c 329 * 294 330 349 * Chile 178 4c 186 * * 181 * 227 224 219 Colombia 205 1 231 1 1 244 1 238 1 226 1 265 1 Cuba 16 * 12 4c 11 * 11 10 10 * Mexico 626 4 808 5 2 837 1 817 1 808 1 903 1 P Pe a r n u ama Republic of 1 9 5 8 2 1 2 1 1 2 5 9 * 1 1 4 0 c 2 9 3 1 0 * 1 2 1 7 0 1 5 * 27 8 1 9 * 1 27 9 2 9 1 Uruguay 281 1 284 277 4c 276 * 280 * 281 Venezuela 806 1 992 1 * 1,017 * 1,057 1,076 * 1.130 * Other 336 3 424 I 463 2 487 2 465 2 471 2 Total 3,398 13 4,063 12 14 4,132 5 4,207 4 4,165 5 4,362 6 Asia: India 288 6 298 5 4c 302 * 311 307 * 306 * Indonesia 72 1 83 1 1 81 1 77 1 63 1 73 1 J T P a h h p i a l a i i n l p a p n i d nes 2,4 4 2 8 3 1 4 7 5 3 '2,7 4 2 7 8 3 3 6 7 3 4c 5 * '2,7 2 5 5 3 1 8 2 3 5 4 4c = '2,7 5 2 5 2 3 7 9 0 5 4 4 c c '2,8 2 5 8 6 4 2 0 6 5 * 4c r3,0 2 5 1 5 6 6 6 2 5 * * Other 1,491 40 1,687 42 41 '1,893 38 1,944 42 '1,995 45 2,058 43 Total 4,987 50 '5,564 51 47 '5,779 44 '5,848 48 '6,053 51 '6,271 49 Africa: South Africa 540 4c 671 4c 4c 670 * 645 635 * 624 * U A R (EavPt) .. 188 4e 188 198 196 196 163 Other 373 10 296 10 9 293 10 287 10 288 14 300 16 Total 1,101 10 1,155 10 9 1,161 10 1,128 10 1,119 14 1,087 16 Other countries: Australia 337 4: 388 4c * 373 384 392 4= 401 4c All other 287 29 '313 30 26 308 25 '350 26 '358 28 371 26 Total 624 29 '701 30 26 681 25 '734 26 '750 28 111 26 Total foreign countries 3 43,083 1,199 '45,721 1,568 1,524 '45,728 1,570 '46,352 1,596 '47,279 1,546 49,214 1,501 International and regional4 7,349 911 6,958 1,213 1,218 '7,067 1,170 '7,294 1,068 7,499 923 7,162 904 Grand total 3 50,432 2,110 '52,679 2,781 2,742 '52,795 2,740 '53,646 2,664 '54,778 2,469 56,376 2,405 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. 632. 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

626 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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 a . l 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 a e b t r i 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 1,664 1 058 2,731 154 176 1964 Feb 19,241 5,945 13,296 7,531 1 579 1.107 2 756 156 167 Mar 19,151 5,900 13,251 7,500 1,483 1,135 2,815 156 162 Apr 18,948 5,951 12,997 7,155 1 471 1,249 2 808 150 164 May 19,046 5,901 13,145 7,249 1,485 1,240 2,864 145 162 June 19,337 5,994 13,343 7,491 1 488 1,153 2 911 136 164 July 19,318 5,979 13,339 7,426 1 472 1,239 2,889 146 167 19,415 5,925 13,490 7,636 1,492 1,152 2,906 139 165 Sent 19,518 5,989 13,529 7,714 1 495 1,074 2 928 146 172 Oct 19,429 5,964 13,465 7,517 1,533 1,175 2,904 158 178 Nov 19,802 5,954 13,848 7,824 1 577 1,191 2 930 152 174 Dec 20,223 5,876 14,347 8,268 1 483 ,238 3 020 160 178 1965—Jan.p 19,518 5,822 13,696 7,551 1,449 ,264 3,097 159 176 Feb P 19,629 5,807 13,822 7,644 1,419 I 275 3,124 180 180 1 Includes international organizations, and Latin American and Euro- of foreign countries and to official international and regional organizations, pean regional organizations, except the Bank for International Settlements as reported by banks in the United States, and estimated foreign official and the European Fund which are included in Western Europe. holdings of marketable U.S. Govt. securities with an original maturity 2 Includes Bank for International Settlements and European Fund. of more than one year. Data exclude nonnegotiable, non-interest-bearing 3 Data are now on same basis as in other columns. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. NOTE.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional * Foreign Other E pe n r 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 ia ff l i - 3 Other Europe Canada A L m a e t r i i n ca Asia Africa c t o ri u e n s - 1960 21,272 4,012 3,897 115 17,260 10 212 7,048 9 046 2,439 2,308 3,115 227 125 1961 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 r25,967 4,637 4,501 18 118 '21,330 12,467 '8,863 10,770 2,988 3,137 '4,001 241 194 1964—Feb . ,-•26,148 4,775 4,649 17 109 '21,372 12,059 '9,313 10,618 3,034 3,191 '4,106 238 184 Mar '25,927 4,731 4,603 19 108 '21,197 12,014 '9,183 10,679 2,684 3,192 '4,218 247 111 Apr '26,355 4,780 4,591 16 172 '21,575 11,757 '9,818 10,643 2,903 3,365 '4,246 235 184 May. '26,362 4,833 4,654 16 163 '21,529 11,905 '9,624 10,618 2,932 3,332 '4,232 230 185 June. '26,328 4,926 4,755 25 146 '21,402 12,102 '9,300 10,662 2,743 3,313 '4,271 227 186 July. '26,894 4,910 4,748 18 144 '21,983 12,121 '9,862 10,791 3,030 3,400 '4,339 233 190 Aug.. '27,277 4,918 4,757 18 143 '22,359 12,312 '10,047 11,148 3,064 3,358 '4,383 224 183 Sept.. '27,406 5,065 4,910 17 138 '22,341 12,351 '9,990 11,285 2,873 3,290 '4,474 231 189 Oct.. '28,039 5,061 4,900 18 143 '22,978 12,300 '10,678 11,233 3,405 3,411 '4,497 244 188 Nov.. '28,975 5,051 4,889 18 144 '23,924 12,723 '11,201 12,012 3,461 3,480 '4,553 238 181 Dec. 28,811 4,974 4,802 22 150 23,837 13,222 10,615 12,251 2,983 3,535 4,631 247 191 1965—Jan.p 28,749 4,986 4,811 19 156 23,763 12,587 11,176 11,994 2,973 3,590 4,736 252 217 Feb.*> 28,856 5,010 4,842 17 150 23,846 12,681 11,165 11,985 2,949 3,634 4,803 276 199 2a. Europe Ger- End of period Total Austria Belgium m D a e r n k - l F a i n n d - France m F a e n d y . , Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of 1960 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 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964—Feb 10,618 322 431 157 108 1,467 3,157 167 536 289 96 200 217 431 Mar... 10,679 342 406 167 110 1,411 2,858 162 784 297 104 192 234 428 Apr... 10,643 297 437 191 111 1,406 2,386 156 849 254 117 189 218 415 May.. 10,618 341 439 195 112 1,518 2,303 148 866 264 159 193 241 420 June.. 10,662 310 440 197 102 1,552 2,535 150 891 223 157 190 264 433 July.. 10,791 327 396 213 105 1,558 2,360 146 928 310 167 216 296 451 Aug... 11,148 355 424 229 105 1,525 2,361 133 1,057 317 171 230 376 509 Sept... 11,285 355 426 260 109 1,529 2,288 132 :1,121 363 174 224 396 551 Oct... 11,233 293 444 269 112 1,524 2,184 159 1,263 356 186 228 409 563 Nov... 12,012 349 473 280 110 1,600 2,152 172 ,434 447 182 228 410 653 Dec... 12,251 323 436 336 127 1,663 2,010 174 1,621 367 183 257 394 644 1965—Jan.*. 11,994 296 470 344 129 1,529 1,922 165 1,591 355 153 257 406 681 Feb.P. 11,985 269 458 334 126 1,565 1,898 152 ,570 339 174 2€7 337 721 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 627 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la it n z d er- Turkey U K d n i o i n m t g ed - Y sl u av g i o a - E W O u e r t s o h t p e e e r rn 5 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 6 15 531 1963 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—Feb 919 28 1,735 13 320 2 22 3,191 392 172 136 173 11 708 Mar. 986 20 1,787 13 357 3 19 3,192 376 179 138 181 11 681 Apr.. 1,043 16 2,008 13 514 3 21 3,365 377 178 142 190 12 707 May. 1,063 15 1,931 14 372 4 20 3,332 402 189 135 178 11 659 June. 1,138 14 1,714 14 309 3 25 3,313 350 174 184 173 11 649 July. 1,121 13 1,864 14 278 4 23 3,400 336 176 168 164 10 666 Aug.. 1,102 12 1,951 13 254 3 21 3,358 307 221 172 149 10 674 Sept. 1,121 18 1,920 16 260 3 20 3,290 313 210 181 169 10 638 Oct.. L,O83 22 1,848 12 254 2 23 3,411 305 233 163 162 10 663 Nov. [,199 27 2,004 15 251 3 21 3,480 279 253 151 177 10 773 Dec. 1,370 36 1,900 32 357 3 19 3,535 290 257 176 207 10 734 1965—Jan. P 1,321 26 2,049 21 253 3 24 3,590 299 279 189 175 9 698 Feb.* 1,306 21 2,080 17 323 2 24 3,634 301 302 161 194 10 709 2b. Latin America—Continued 2c. Asia End of Panama Peru Uru- Vene- O L t . h A e . r Bah & amas An N ti e ll t e h s . & O La th ti e n r Total M Ch a i i n n a - Hong India d In o - - Israel period guay zuela Rep. Bermuda 7 Surinam America 7 land JVvnonngn nesia 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 129 158 113 591 355 136 93 15 '4,001 35 66 51 48 112 1964—Feb 113 173 104 592 391 125 87 14 '4,106 36 72 52 54 129 Mar.... 91 173 106 616 397 141 88 13 '4,218 36 74 55 46 126 Apr 90 191 98 717 412 154 86 11 '4,246 36 72 56 45 132 May.... 90 197 104 687 425 155 85 14 '4,232 36 71 67 40 140 June.... 105 204 105 656 426 166 93 16 '4,271 36 71 64 42 135 July 85 218 106 769 427 171 93 14 '4,339 35 75 62 40 133 Aug 92 214 112 707 419 166 96 19 '4,383 35 80 56 27 129 Sept 89 204 109 675 404 175 98 16 '4,474 36 77 60 28 134 Oct 96 199 113 763 405 178 105 16 '4,497 36 74 55 36 132 Nov 103 196 111 714 410 174 113 15 '4,553 35 85 63 37 140 Dec 99 205 110 729 411 178 114 15 4,631 35 95 59 38 133 1965—Jan.p... 101 241 115 759 415 181 113 16 4,736 35 96 65 26 131 Feb.*.. . 110 244 119 714 430 207 114 18 4,803 35 100 70 30 134 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 Eg .A yp .R t) . A O f t r h ic e a r Total t A ra u l s ia - ot A he ll r 7 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 r2,484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964 Feb '2 417 126 203 177 400 441 238 25 41 43 19 110 184 170 14 Mar '2,469 124 209 200 409 472 247 26 33 43 24 122 177 162 15 Apr .. r2 437 120 205 215 416 512 235 25 24 46 26 113 184 162 22 May.... '2,416 115 203 219 416 510 230 24 19 49 21 117 185 164 21 June.... '2,467 106 204 232 425 490 227 25 17 38 22 125 186 166 19 July '2,478 100 218 249 426 523 233 24 20 44 24 119 190 168 22 Aug '2,545 101 216 248 439 507 224 23 18 38 20 124 183 162 20 Sept '2,592 103 230 238 442 533 231 24 17 46 22 123 189 169 20 Oct '2,587 103 227 240 437 571 244 26 8 48 23 139 188 165 23 Nov '2,608 106 228 221 444 585 238 25 7 51 19 135 181 163 18 Dec 2,712 104 233 221 458 543 247 26 7 50 24 141 191 175 15 1965—Jan.? 2,710 116 242 225 471 618 252 23 8 57 28 136 217 200 18 Feb.**... 2,733 111 259 230 484 616 276 33 8 62 28 145 199 177 22 1 International Bank for Reconstruction and Development, Inter- 4 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

628 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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* (end of period) 1963 1964 1963 1964 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): 5 2 7 0 4 7 5 2 Iran 49 4 23 5 33 4 23 4 Ireland Ret) of 4 7 10.7 6.0 8.7 Iraq 11.1 19 8 22 9 n a Luxembourg 8.9 7.4 8.6 17.4 Jordan 1.7 2 8 2 7 2 7 2 0 2.7 2.4 4.1 Kuwait 38 2 46 5 49 9 56 4 Laos 12.8 8 8 6 5 5 0 Other Latin American republics: Lebanon . .. 77.9 76.3 108.1 84.2 Bolivia 21.2 32.6 35.1 43.2 Malaysia 18.9 24 1 24 3 22 2 Costa Rica 32 8 29.1 35 9 31.5 Pakistan . . 15 9 17 3 16 1 23 1 Dominican Republic . .. 47.4 58.0 40.6 '55.7 Ryukyu Islands (incl. Okinawa). 32.7 21.7 31.6 n.a. Ecuador 37.8 53.4 62.1 67.1 37.1 61.7 151.0 197 2 El Salvador 48.6 41.7 57.8 56.0 Syria 3 4 2 1 5 7 7 6 Guatemala. 74.8 47.9 65.1 48.7 Viet-Nam 11.6 12 1 17 9 19 0 Haiti 11.9 12.9 17.3 14.3 Honduras 23.7 20.0 26.3 26.0 Other Africa: Jamaica 5 8 6.5 4 7 7.0 Algeria 5 9 1 0 1 5 Nicaracua. 42.5 35.0 52.3 42.4 20.8 22 3 32 1 33 7 6 8 8.9 8 4 11 4 Ghana 10 8 6 4 6 3 5 6 Trinidad & Tobaso 4.1 5.7 5.5 7.4 Liberia 13.4 22.0 17.8 20.0 Libya 10.5 14.1 14.9 28.9 Other Latin America: Mozambique 1.1 1.4 1.4 2.5 Rritish ^West Indies 22 6 7 3 6 3 n a Nigeria 24 5 17 8 17 3 n a French West Indies & French Somali Republic .6 .8 .8 .5 Guiana 1.3 1.3 .6 1.1 Southern Rhodesia n.a. 3.6 3 5 n a Sudan 2.4 2.5 2.0 2.2 Other Asia* Tunisia 11.6 1.0 8 9 Afghanistan 13.3 5.0 4.2 5.5 Burma 8.9 9.9 22.1 n.a. All other: Cambodia 10.2 6.9 2.1 n.a New Zealand 8 8 10 5 18 8 12 0 Ceylon 9.6 3.1 3.7 2.4 Represent a partial breakdown of the amounts shown in the "other" interest-bearing special U.S. notes held by the International Developcategories (except "Other Eastern Europe") in Tables 2a-2e. ment Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 6. For back figures and further NOTE.—Short-term liabilities are principally deposits (demand and description of the data in this and the following tables on international time) and U.S. Govt. securities maturing in not more than 1 year from capital transactions of the United States, see "International Finance," their date of issue; the latter, however, exclude nonnegotiable, non- 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 End of period Total in foreign Deposits U.S. Special Deposits U.S. currencies Total Treasury U.S. Other 3 Total Treasury Other 3 bills and notes 2 bills and Demand Time * certificates Demand Time* certificates I960 21,272 18,929 7, 568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8,644 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 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 '25 967 '22,787 5,629 3,673 8,571 3,036 '1,878 3,047 1,493 966 119 469 134 1964 Feb '26 148 '22,952 5,796 3,842 8,371 3,166 '1,777 3,070 1,443 994 127 506 125 Mar '25,927 '22,705 5,818 3,799 7,972 3,171 '1,945 3,111 1,424 1,023 136 528 112 Apr '26,355 '23,091 6,063 3,937 7,687 3,166 '2,238 3,148 1,457 1,038 116 537 117 May '26,362 '23,138 5,901 3,922 7,800 3,164 '2,351 3,107 1,467 1,057 87 495 118 '26,328 '23,070 5,772 3,722 7,866 3,289 '2,421 3,135 1,496 1,080 75 484 123 July '26 894 '23 638 6,210 3,787 7,914 3,289 '2,438 3,132 1,464 1,095 86 487 123 Aug '27,277 '23,993 6,359 3,769 8,163 3,275 '2,427 3,161 1,450 1,135 91 485 124 Sept '27 406 '24,038 6,243 '3,752 8,180 3,425 '2 439 3,237 1,478 1,178 101 480 132 Oct '28,039 '24,683 6,764 3,856 8,133 3,394 '2,536 3,250 1,449 1,196 105 500 106 Nov '28,975 '25,563 7,310 3,880 8,470 3,385 '2,518 3,302 1,500 1,206 84 512 111 Dec 28 811 25,339 6,709 3,990 8,727 3,308 2 605 3,359 1,528 1,257 72 502 113 1965 Jan v 28 749 25,256 6,844 4,046 8,555 3,303 2,508 3,373 1,515 1,281 81 496 119 Feb.* 28,856 25,363 6,731 4,056 8,591 3,303 2,682 3,403 1,507 1,306 79 511 90 1 Excludes negotiable time certificates of deposit which are included Bank, which amounted to $329 million on Feb. 28, 1965. 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

APRIL 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 629 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 cou O n t t h ri e e r s 2 I960 ... 3 614 717 421 1,356 1,052 69 1961 3 4,820 767 556 1,522 31,891 85 1962 . . . 5,163 877 526 1,606 2,017 137 1963 5,975 1 939 638 1,742 2,493 104 58 1964—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 1,075 746 1,916 2,837 98 58 Aug . 6,779 1,048 746 1,936 2,891 98 60 Sept 6,810 1,064 675 1,988 2,923 101 58 Oct. 6,923 1,164 635 2,024 2,925 108 66 Nov r6,975 ••1,219 638 r2,098 r2,934 109 67 Dec 7,474 1,217 729 2,212 3,137 120 58 Dec 4 . . .. . 7,579 1,215 766 2,180 3,225 127 63 1965—Jan P 7,365 2 1,173 709 2,162 3,153 108 56 Feb P 7,503 1 1,203 767 2,203 3,164 114 52 4a. Europe End of period Total A tr u i s a - g B iu e m l- D m e a n rk - l F a i n n d - France F G e e d r . m o R f an ep y . , Greece Italy N la e e n r t - d h s - N w o a r y - t P u o g r a - l Spain S d w en e- 1960 .... ... 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963 . 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964— Feb 1,001 8 30 15 69 80 165 9 95 42 34 12 24 25 Mar 940 8 28 15 69 85 123 9 83 43 33 17 27 23 Apr 1,002 8 29 12 75 86 135 9 85 47 34 17 25 29 May 1 028 9 30 15 63 92 158 9 90 38 35 15 25 29 June. 1,164 7 31 16 63 86 135 10 114 45 41 16 28 32 July •1,075 7 29 17 65 79 114 11 100 46 34 19 31 31 Aug . . .. t,048 8 31 18 62 72 133 10 94 40 33 20 32 31 Sept 1,064 9 31 17 65 74 127 10 92 40 33 17 31 36 Oct . 1,164 9 35 15 69 76 173 10 113 40 36 21 28 43 Nov. 1,129 7 r34 16 71 r76 •"175 10 ri22 r42 41 20 32 r41 Dec ,217 10 42 28 85 79 159 9 109 39 43 19 40 47 Dec 4 215 11 52 26 84 78 149 9 109 36 43 23 40 48 1965—Jan P 1,173 9 57 18 77 88 184 10 104 33 44 28 32 50 Feb.*5 1,203 9 71 20 76 80 211 9 123 44 41 26 25 45 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 a g v o ia - W E O u e r t s h o t e e p r r e n 5 U.S.S.R. E E O u as t r h t o e e p r r n e6 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 11 8 l.lSfi 121 225 73 80 26 343 1961 105 ! 16 181 9 9 8 1,522 192 186 127 125 19 425 1962 75 : 42 221 6 19 8 ,606 181 171 186 131 17 408 1963 70 ! 48 237 7 23 16 1,742 188 163 187 208 18 465 1964 Feb . . . 74 50 219 11 23 18 1,753 175 166 184 219 17 477 Mar 77 46 198 14 23 18 1,781 176 155 182 222 16 498 Apr 81 \ 25 246 17 25 17 1,818 180 147 192 226 17 519 May . . 76 23 255 24 24 17 1,795 175 141 186 230 17 511 June 85 1 42 347 29 22 15 1,856 171 147 191 246 17 543 July... 91 ! 52 285 26 22 16 1,916 174 147 187 251 16 575 Aug 88 ! 35 277 23 21 20 1,936 175 153 187 250 16 572 Sept 82 S 49 290 21 22 18 .988 187 158 196 273 16 569 Oct 90 31 312 17 26 20 2,024 196 155 183 291 16 584 Nov . . . .... 92 i 15 '278 15 21 20 r2,098 205 146 188 300 17 '604 Dec 97 ! 36 319 15 20 20 2,212 210 145 188 319 17 630 Dec. ^ 103 ! 36 313 15 20 20 2,180 201 123 171 327 17 629 1965 Jan P . . 111 36 237 16 21 21 2,162 206 122 163 305 16 648 Feb P 117 32 215 15 21 23 2,203 205 116 153 304 16 678 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 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 c p . h A s u e . b 7 r - m B B m u a & e d h a r a s a - - i A N S n n u a e t & i m r t l h i l - e . s A O L i m c a t a h t e i e n & r r - Total M C la h a n i i n d n a - H K o o n n g g India I n n e d si o a - Israel 1960 23 44 57 234 55 66 1 052 2 9 9 24 1961 32 74 55 144 56 13 74 31,891 2 9 g 36 1962 30 85 122 102 66 9 98 2 017 2 13 20 37 1963 35 99 65 114 135 42 9 16 2 493 2 11 17 22 1964—Feb 45 107 50 112 145 33 1C 12 2,716 2 11 17 29 Mar. 50 110 50 115 147 34 12 14 2,796 2 12 26 31 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 i 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 i 44 Aug.. 38 104 62 137 169 41 19 13 2,891 2 16 19 39 Sept. 37 102 63 140 173 42 U 13 2,923 2 20 24 39 Oct.. 35 96 62 140 188 44 19 16 2,925 2 21 20 40 Nov.. '38 99 67 153 199 50 17 16 '2,934 2 20 19 3 45 Dec. 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 Dec. 4 43 107 77 166 221 61 18 20 3,225 2 28 21 7 43 1965—Jan. P. 44 108 78 157 218 62 19 16 3,153 21 22 7 36 Feb.p 53 111 83 158 226 61 18 19 3,i64 1 21 16 7 40 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 o d e - ) - M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - oth A e l r l 9 I960 806 2 19 7 24 150 3 3 69 28 24 1961 31 528 4 114 10 34 145 6 0 13 85 29 27 1962 1,740 3 70 9 41 80 2 0 26 137 41 57 1963 . . .. 2 171 25 113 8 52 71 104 1 1 • 28 59 58 48 9 1964—Feb 2 340 30 142 10 58 76 100 1 28 55 56 49 8 Mar 2 400 31 150 9 58 77 98 1 1 7 24 55 44 36 3 Apr 2 394 29 161 8 57 74 102 1 1 *>0 24 56 45 37 g May 2,421 28 155 7 54 84 98 1 ? 8 29 49 50 40 9 June 2 469 27 158 7 57 78 100 J 9 26 52 52 43 9 July 2,416 27 174 7 53 78 98 ? 9 26 50 58 49 9 Aug 2,472 23 179 7 56 77 98 q 26 50 60 50 9 Sept 2 493 25 179 8 53 80 101 -> R 29 52 58 49 10 Oct 2,488 25 185 9 54 81 108 R 29 58 66 56 10 Nov r2,496 25 183 8 55 *79 109 Q 28 60 67 58 9 Dec 2,653 21 202 9 64 88 120 2 •9 42 56 58 48 10 Dec. 4 2 744 2 205 9 65 81 127 -> >0 42 63 63 48 15 1965—Jan.p 2,681 20 205 9 70 80 108 5 31 60 56 43 13 Feb.p 2,688 20 207 15 70 79 114 1 2 14 29 68 52 39 12 : 1 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 Differs from December data in line above because of the exclusion as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims NOTE.—Short-term claims are principally the following items payable previously included; and because of the addition of $163 million of short- on demand or with a contractual maturity of not more than 1 year; loans term claims arising from the inclusion of claims previously held but first made to and acceptances made for foreigners; drafts drawn against reported as of Dec. 31,1964, and revision of preliminary data. foreigners where collection is being made by banks and bankers for 5 Until 1963 includes Eastern European countries other than U.S.S.R., their own account or for account of their customers in the United States; Czechoslovakia, Poland, and Rumania. and foreign currency balances held abroad by banks and bankers and 6 Czechoslovakia, Poland, and Rumania only until 1963. their customers in the United States. Excludes foreign currencies held 7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until by U.S. monetary authorities. 1963. See also NOTE to Table 2. 8 Until 1963 includes also the following Latin American Republics: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 631 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 End of period Total Total Total O i t n i f L o s f t i o n c it s a i u a 1 n - l s to— Banks Others C s t t o o i i a o n u l n l n g t e d - s c - - f e A o o i m a g c r f n c n a c a f e e d o e c p r e s r c s t - t - 2 . Other 3 Total D w e e i i g t p h n o e f s r o i s t r s - g c F c p a n o u o o n a v a r m r d p i n t e t . e m i c i f e g r s e i s 2 l - e n . , - Other* 1960 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 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964 Feb 6,265 5,620 2,057 176 ,090 791 891 2,325 348 644 410 197 36 Mar 6,372 5,710 2,051 162 ,086 803 932 2,394 333 662 397 211 55 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 ,138 865 932 2,373 378 735 452 221 62 June 6,901 6,093 2,196 168 ,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 Aug 6,779 6,087 2,269 151 ,176 942 956 2,403 460 692 416 202 74 SeDt 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 2,431 446 677 416 111 83 Nov . '6,975 '6,303 '2,461 165 r ,316 '980 '990 '2,420 '432 '672 '404 183 84 Dec 7,474 6,810 2,652 223 ,374 1,055 1,007 2,600 552 663 405 182 77 Dec.6 7,579 6,951 2,661 222 ,379 1,060 1,037 2,685 569 628 352 180 96 1965 Jan» 7,365 6,750 2,699 222 420 1,058 960 2,580 511 615 345 167 102 Feb P 7,503 6,862 2,878 250 ,482 1,146 953 2,533 497 640 354 174 113 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 Differs from December data in line above because of the exclusion 4 Until 1963 includes foreign government securities, commercial and as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims finance paper. previously included; and because of the addition of $163 million of shortterm claims arising from the inclusion of claims previously held but firs t reported as of Dec. 31, 1964, and revision of preliminary data. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabilities Total Payable in dollars Payable claims Loans o A th l e l r f r o e c r n i u e c n r i i g - e n s U K d n i o i n m t g ed - E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa i ot A he ll r2 1960 7 1 698 15 351 76 914 19 115 208 196] 2 2 034 11 482 274 931 24 146 166 1962 7 2,160 25 552 304 886 74 148 171 1963 69 33,030 2,811 211 2 38 31,063 290 31,015 3249 3194 113 68 1964 Feb 74 3,127 2,909 217 2 50 1 .131 287 995 295 190 113 65 Mar 105 3,274 3,058 215 50 ,202 289 1,036 310 195 116 76 Apr 146 3,307 3,093 213 50 ,238 286 1,036 319 188 111 79 May 155 3,333 3,120 212 50 ,242 287 1.050 323 196 107 77 June 157 3,346 3,143 202 57 ,273 279 1,025 325 197 110 80 July 175 3 410 3 215 194 61 302 283 ,026 329 210 115 85 Aug 174 3,476 3,278 198 72 ,307 294 1,054 332 216 115 86 Sept 171 3,585 3,388 197 73 ,358 292 ,069 351 229 120 92 Oct 164 3 689 3 486 203 * 76 408 292 ,095 352 229 131 105 Nov 298 3 855 3,654 201 77 ,493 291 1,155 369 238 125 107 Dec / 3,971 3,777 195 * 77 ,611 273 1,162 385 238 123 103 Dec 4 > 305 \ 4 133 3 913 220 * 81 .614 285 1,232 423 248 131 119 1965 Jan P 309 4 361 4 143 218 1 81 1,668 307 1,327 445 254 160 118 Feb.? 440 4,594 4,355 234 4 85 1,767 353 1,370 443 270 174 133 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from December data in line above because of the addition of May 1963; on that date such claims were $86 million. Also includes $161 million of long-term claims arising from the inclusion of claims $193 million reported for the first time as of December 1963, representing previously held but first reported as of Dec. 31,1964, and revision of in part claims previously held but not reported by banks. Included in preliminary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) I U.S. corporate U.S. Govt. bonds and notes * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N h s a e a s t l e e p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - 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 ,093 2,037 -944 702 806 -104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964 -338 -315 -23 -59 36 3,537 3,710 -173 915 1,837 -923 748 548 200 1964—Feb 30 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 -4 -5 o 340 360 -20 70 192 -121 71 50 22 May. -83 -103 20 * 20 313 296 16 53 157 -103 62 50 12 June. 12 12 1 10 313 297 17 67 112 44 64 47 17 July -16 -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 Nov -37 -37 -40 3 297 292 5 86 342 -256 55 50 5 Dec... 2 2 289 302 —13 93 220 -127 72 59 13 1965—Jan.** -66 -68 2 -15 17 240 249 Q 48 98 -50 77 44 33 Feb.* -7 -37 30 32 -2 283 291 -9 50 268 -218 77 44 34 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 1n 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 Mar 680 50 30 275 150 175 158 125 8 25 Apr 732 50 30 477 175 158 125 8 25 May 802 50 30 477 158 125 8 25 June 802 50 30 477 245 152 125 2 25 July 953 50 30 628 245 !52 125 2 25 Aug 1,005 50 30 628 297 152 125 2 25 Sept 1 005 50 30 628 297 354 2 329 25 Oct 1,086 50 30 679 327 354 2 329 25 Nov . . 1 086 50 30 679 327 354 2 329 25 Dec 1,086 50 30 679 327 354 2 329 25 1965—Jan . . 1,086 50 30 679 327 354 2 329 25 Feb 1 112 75 30 679 327 354 2 329 25 Mar 1.137 101 30 679 ^27 354 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

APRIL 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 633 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 Stocks Bonds France S l z a w e n r i d t - - U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa i c O tr o i t u e h s n e 2 - r reg I a n i n o t d l n . al 1961 223 323 -99 21 166 -17 61 232 -112 44 44 i 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 ] 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 22 1964 -173 -349 176 -37 -200 -4 14 -228 3 25 10 i 18 1964—Feb... -34 -26 -9 * -6 -22 4 -25 -10 1 -2 * 2 Mar.. -35 -51 16 2 -13 -19 5 -25 -5 -10 2 t 3 Apr... -20 -17 -2 * -6 -24 3 -27 10 -2 -1 1 J J M u u a n ly y e . . . . . . -6 1 1 8 7 6 -7 -6 4 3 2 1 6 3 4 - - - 4 4 9 - - - 2 2 3 1 4 2 -3 2 2 7 8 -3 6 8 - - - 1 6 3 7 1 -8 1 9 0 2 4 4 3 3 3 1 i i i t 2 1 1 Aug... ~2 -50 48 -3 -22 19 2 -4 3 -3 • 2 Sept... -34 -43 9 -5 -15 4 * -16 -18 * -2 t 1 D N O o e c c v t. . . . . . . . . - - 1 1 7 3 5 - - - 2 3 2 7 7 5 2 3 4 8 2 - - - 6 2 3 - - - 1 1 2 9 4 6 - 4 5 1 1 4 -1 -1 5 1 - - 1 2 -2 3 2 -7 5 3 * 4 * 2 2 • t t i 1 1 1 1965—Jan.^ . -9 * -9 * -2 2 -1 -6 2 * Feb. P. -9 8 -16 2 -1 7 -5 4 -11 -3 * > * 1 Not reported separately until May 1963. NOTE.—Statistics include small amounts of State and local govt. securi- 2 Yearly figures through 1963 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) Intl. Total Assets in custody Period Total g a i r o n e- d nal c t e f o r o i 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 i e n r- Asia A c f a r i 1 - 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 . u G rit o i v es t. l Earm go a l r d ked 1961 -830 1 -832 -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—Mar... 167 8,105 12,775 1964—Feb -57 ^ -53 22 -80 4 8 * 1 Apr... 166 7,860 12,726 Mar 33 2 31 23 10 1 -4 • 1 May.. 161 7,892 12,747 Apr -100 -48 -52 24 -58 -14 -5 * 2 June.. 156 8,043 12,795 May.... -91 1 -92 8 -93 3 -12 * 1 July... 135 8,201 12,752 June.... -28 9 -36 13 -49 2 g 1 4 Aug... 163 8,247 12,741 July.... 14 4 9 19 6 -13 -5 1 2 Sept... 148 8,373 12,738 Aug.. . . 22 20 4 16 1 -2 1 1 Oct.... 120 8,201 12,707 Sept -39 • -39 -5 -35 1 -1 * 1 Nov... 256 8,278 12,672 Oct -147 7 -153 2 -171 12 -5 2 6 Dec... 229 8,389 12,698 Nov.... -251 -95 -156 15 -129 -30 -15 * 2 Dec -114 -22 -92 16 -98 5 -18 1 2 1965—Jan.... 143 7,952 12,871 Feb.. . 154 8,100 12,940 1965—Jan.?... -17 5 -21 14 -20 1 -20 1 3 Mar... 162 7,741 13,187 Feb.P... -184 -178 -6 3 -3 A 2 * 1 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 through 1963 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

634 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1965 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners iClaims on foreigners Area and country 1963 1964 1963 1964 Dee. Dec.i Mar. June June 2 Sept." Dec. Dec.i Mar. June June 2 Sept." Europe: Austria 2 2 2 3 3 3 8 8 7 6 5 5 Belgium 26 26 19 21 20 22 22 22 18 21 20 17 Denmark 3 3 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 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 * * 1 1 * 1 3 3 4 2 2 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 8 7 7 19 21 21 23 22 26 Cuba * * * * * 5 5 5 5 5 4 Mexico •. • 8 8 11 8 7 8 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 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 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 9 10 Total 110 110 122 112 104 111 387 415 426 447 429 All Asia: 1 2 2 2 * * * * * Hong Kong 2 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 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 * 6 6 5 4 4 5 Philippines 5 5 5 5 4 6 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) . ... 1 1 1 3 3 3 2 2 2 5 Morocco * * * * * 1 2 2 1 1 2 South Africa . 10 10 9 10 10 11 9 9 8 13 12 11 U.A.R. fEgvot) 5 6 4 2 2 1 11 11 14 13 13 12 Other Africa 8 8 6 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 Allother 5 5 4 6 5 8 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

APRIL 1965 MONEY RATES 635 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Mar. 31, 1964 Rate Country 1964 1965 as of Mar. 31, Per Month 1965 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 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 i5 09 15.09 China (Taiwan) 3 14.04 July 1963 14.04 Colombia. 8.0 May 1963 8.0 Costa Rica 3.0 Apr. 1939 3.0 Denmark . 5.5 Nov. 1963 6.5 6.5 Ecuador... 5.0 Nov. 1956 5 0 El Salvador 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 Greece . 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 0 6 6 6.0 Indonesia. 9.0 Aug. 1963 1 9.0 Iran 4.0 Oct. 1963 I 4.0 Ireland 4.5 Mar. 1964 4.62 4.69 4.87 4.89 4.94 6.87 6.81 6.75 6.81 6.81 Israel 6.0 Feb 1955 6.0 Italy 3.5 June 1958 3.5 Jamaica... 4.0 Nov. 1963 5 6 5.0 Japan 6.57 Mar. 1964 6.21 6.21 Korea 10.5 Mar. 1964 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 Pakistan 4.0 Jan. 1959 4.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 4 0 4 5 5.0 5.0 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 Turkey 7.5 May 1961 7.5 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom 5.0 Feb. 1964 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 Begining with June 1, 1962, the rediscount rate for commercial Ecuador—6 per cent for bank acceptances for commercial purposes; bank loans financing the purchase of surplus agricultural commodities Indonesia—various rates depending on type of paper, collateral, comunder U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, modity involved, etc.; 1962, the rediscount rate for commercial bank financing of 9 categories Japan—penalty rates (exceeding the basic rate shown) for borrowings of development loans was reduced from 6 to 3 per cent. from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and NOTE.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and /or for advances against govt. bonds or gold and 5 per cent on advances govt. securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 MONEY RATES; ARBITRAGE APRIL 1965 OPEN MARKET RATES (Per cent per annum) Germany, Canada United Kingdom France Fed. Rep. of Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u th , r s y ^ D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o - 3 Tr 6 d b e 0 a i a y l - s l 9 s s u 0 , ^ ry D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 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—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 4.16 2.63 2.88 3.68 2.09 2.68 1965—Jan 3.78 3.83 6.84 6.60 5.92 5.00 3.77 3.13 2.44 3.29 '2.35 3.00 Feb 3.72 3.57 6.74 6.48 5.92 5.00 4.11 3.13 3.56 3.34 3.55 3.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International 4 Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date q K ( u U i a b n o U d n a g t j s . a i . S d t i t e s o i . t ) d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) P d f ( ( o p r i e - - s r o c f m ) w u ) o o n i a o u u n r d r n m d t i L n ( o c f N n e a o n v d e f t o o t i r v n e ) qu A i o n t s ed Cana q d u a A o U d t j . a . S t t i . o o n U S n ta i t t e e s d C S ( a f p n a o r v a e f o d a r d a) C P d f ( ( r o a i d e - s + n r o c m w ) ) a l o o l d i a a u o u n i r r n a r m d n t i C n ( N c a fa e n e o v n a t f o t d i r v a) e Canada basis 1964 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. 8 6.44 3.77 2.67 -2.61 .06 3.80 3.71 3.77 -.06 -.14 -.20 15 6.44 3.74 2.70 -2.71 -.01 3.81 3.73 3.74 -.01 -.20 -.21 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 11 6.32 3.89 2.43 -2.52 -.09 3.69 3.61 3.89 -.28 -.07 -.35 19 6.32 3.94 2.38 -2.85 -.47 3.70 3.62 3.94 -.32 + .14 -.18 26 6.29 3.97 2.32 -2.82 -.50 3.76 3.67 3.97 -.30 + .00 -.30 Mar. 5 6.26 3.93 2.33 -2.78 -.45 3.78 3.69 3.93 -.24 + .10 -.14 12 6.20 3.91 2.29 -2.54 -.25 3.71 3.63 3.91 -.28 + .17 -.11 19 6.35 3.90 2.45 -2.74 -.29 3.64 3.56 3.90 -.34 + .41 + .07 26 6.35 3.86 2.49 -3.25 -.76 3.62 3.54 3.86 -.32 + .61 + .29 Apr. 2 6.35 3.91 2.44 -3.02 -.58 3.60 3.52 3.91 -.39 + .54 + .15 9 6.32 3.90 2.42 -2.97 -.55 3.58 3.50 3.90 -.40 + .47 + .07 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

APRIL 1965 FOREIGN EXCHANGE RATES 637 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (p t A o ra u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 1960....... 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 220.404 1964....... .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1964— Mar. .7438 222.95 3.8675 2.0070 92.534 21.019 14.484 31.077 20.404 Apr. .7287 223.03 3.8687 2.0082 92.498 21.020 14.494 31.077 20.405 May .7312 223.06 3.8686 2.0089 92.499 21.021 14.482 31.066 20.405 June .7272 222.64 3.8694 2.0060 92.499 21.009 14.470 31.063 20.401 July. .7279 222.29 3.8710 2.0085 92.473 20.977 14.459 31.063 20.405 Aug. .7075 222.04 3.8725 2.0103 92.690 20.953 14.438 31.059 20.405 Sept. .6980 221.79 3.8712 2.0126 92.913 20.955 14.435 31.056 20.402 Oct.. .6979 221.79 3.8699 2.0146 92.984 20.954 14.430 31.054 20.403 Nov. .6725 221.90 3.8693 2.0149 93.100 20.953 14.430 31.076 20.405 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 Feb. .6615 222.72 3.8681 2.0147 92.943 20.967 14.460 31.081 20.404 Mar. .6629 222.50 3.8694 2.0144 92.480 20.950 14.453 31.080 20.400 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 a 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 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963....... 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964 25.157 20.923 279,21 .16014 .27625 32.566 8.0056 27.724 276.45 1964— Mar. 25.163 20.968 279.81 .16029 .27603 32.645 8.0056 27.731 277.04 Apr. 25.160 20.970 279.90 .16000 .27583 32.595 8.0056 27.711 277.13 May 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 June 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276.65 July. 25.159 20.912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 Aug. 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275.91 Sept. 25.154 20.862 278.34 .16002 .27665 32.431 8.0056 27.712 275.59 Oct.. 25.158 20.859 278.35 .16003 .27658 32.467 8.0056 27.772 275.59 Nov. 25.148 20.867 278.48 .16003 .27686 32.507 8.0056 27.824 275.73 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 Feb., 25.137 20.915 279.51 .16003 .27830 32.602 8.0056 27.825 276.75 Mar. 25.144 20.912 279.24 .16003 .27710 32.553 8.0056 27.780 276.47 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 t i b o e p l ) - ic (e P t o c g r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d - d ) 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 .6664 19.272 23.139 280.00 1964 13.972 3.4800 139.09 .6663 19.414 23.152 279.21 1964—Mar 13.976 3.4867 139.38 .6663 19.430 23.110 279.81 13.989 3.4879 139.43 .6664 19.451 23.143 279.90 y 13.992 3.4874 139.45 .6664 19.464 23.171 279.94 June............ 13.984 3.4847 139.19 .6663 19.467 23.172 279.42 July 13.972 3.4796 138.96 .6663 19.441 23.139 278.97 Aug.. . ........ 13.962 3.4746 138.81 .6662 19.466 23.145 278.66 Sept. 13.956 3.4714 138.65 .6661 19.461 23.148 278.34 Oct......... 13.956 3.4680 138.65 .6662 19.376 23.164 278.35 Nov ... 13.956 3.4686 138.72 .6665 19.396 23.172 278.48 T>ec 13.980 3.4777 139.01 .6666 19.439 23.172 279.06 1965—Jan.. 13.977 3.4783 139.05 .6665 19.465 23.149 279.13 Feb.. 13.982 3.4826 139.23 .6665 19.469 23.102 279.51 Mar. 13.976 3.4817 139.10 .6663 19.468 23.020 279.24 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 Statistic*, 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

638 U.S. BALANCE OF PAYMENTS APRIL 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1962 1963 1964^ III IV III A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total i 30,084 32,020 36,523 8,037 8,471 8,984 8,838 9,247 9,454 Merchandise 20,576 21,989 25.219 5,610 5,917 6,108 6,053 6,372 6.686 Military sales 656 659 758 117 155 210 151 182 215 Investment income receipts, private. 3,850 3,969 4,706 963 1,001 1,214 1,193 1,211 1,088 Investment income receipts, Govt 471 498 456 125 126 131 131 131 63 Other services 4,531 4,905 5,384 1,222 1,272 1,321 1,310 1,351 1,402 Imports of goods and services—Total. -25,021 -26,335 -28,314 -6,733 -6,744 -6,805 -7,039 -7,138 -7,332 Merchandise -16,134 -16,996 -18,638 -4,368 -4,379 -4,416 -4,605 -4,716 -4,901 Military expenditures -3,044 -2,897 -2,807 -711 -708 -717 -728 -694 -668 Investment income payments -995 -1,194 -1,304 -308 -332 -317 -323 -324 -340 Other services -4,848 -5,248 -5,565 -1,325 -1,346 -1,355 -1,383 -1,404 -1,423 Balance on goods and services * 5,063 5,685 8,209 1,727 1,304 2,179 1,799 2,109 2,122 Remittances and pensions -738 -826 -830 -202 -206 -197 -206 -212 -215 1. Balance on goods, services, remittances and pensions 4,325 4,859 7,379 1,098 1,525 1,982 1,593 1,897 1,907 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments -3,547 -3,785 -3,657 -791 -925 -778 -908 -934 -1,037 -1,919 -1,896 -1,906 -455 -496 -467 -549 -438 -452 L G o r n an g t - s te r 2 m , 3 loans and subscriptions 3 -2,129 -2,181 -2,360 -441 -562 -514 -693 -601 -552 Ch s a h n o g r e t- te in rm f c o l r a e i i m gn s , n c e u t r r ( e in n c c r y e as h e o , ld — in ) g 3 s and -245 -445 -11 -33 -101 75 66 26 -178 Seasonal adjustment on three preceding items -80 42 -22 73 -85 34 combined 147 94 48 35 29 -9 36 4 17 C Sc h h a e n d g u e l e i d n l a o s a s n o c r i e a p te a d y m lia e b n i t l s ities 599 643 572 183 163 159 159 160 94 3. U.S. private capital, net -3,434 -4,307 -6,360 -534 -1,008 -1,359 -1,406 -1,578 -2,017 Direct investments abroad -1,654 -1,888 -2,297 -235 -558 -513 -568 -577 -639 Other long-term capital -1,227 -1,685 -1,956 -303 -238 -236 -283 -597 -840 Short-term capital -553 -734 -2,107 4 -212 -610 -555 -404 -538 4. Foreign capital, net, excluding liquid assets in U.S 162 311 478 115 -47 26 130 203 119 Foreign long-term investments in U.S 272 329 153 96 29 13 114 -64 90 Foreign short-term capital -106 -19 118 17 -74 9 17 63 29 Miscellaneous U.S. Govt. nonliquid liabilities 207 2 -2 4 -1 204 -4 1 5. Errors and unrecorded transactions -1,111 -339 -893 -267 57 -138 -31 -247 -477 Balance of A (= 1+2+3+4+5) -3,053 -379 -398 -267 -622 -659 -1,505 Less: Net seasonal adjustments -3,605 -3,261 441 18 -336 -35 353 18 Balance of A before seasonal adjustment. -3,053 -820 -416 69 -587 -1,012 -1,523 -3^605 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,605 3,261 3,053 820 416 -69 587 1,012 1,523 Advance repayments on U.S. Govt. loans4. 681 326 122 241 26 52 33 30 7 Advances on U.S. military exports, net 470 334 206 80 239 151 -64 -28 147 Sales of nonconvertible nonmarketable securities,5 net 251 -43 -36 -95 -1 -55 -2 29 Dollar securities6 31 -16 -45 -1 -5 -2 -1 Foreign currency securities *25i' -74 -20 -50 -50 30 Sales of convertible nonmarketable securities,5 net. 702 375 175 25 122 203 50 Dollar securities 150 25 Foreign currency securities 552 375 150 '25" 122 "263" 50 Change in U.S. short-term liabilities reported by U.S. banks1 and foreign holdings of marketable U.S. Govt. bonds and notes 670 1,564 2,215 192 132 -166 201 739 1,441 International and regional organizations8 211 -238 -246 -15 -112 -85 -25 -139 3 Foreign private holders excluding banks9 131 394 348 93 110 34 54 122 138 Foreign commercial banks -129 438 1,415 -31 8 284 80 570 481 Foreign official holders 457 970 698 145 126 -399 92 186 819 Change in U.S. monetary reserve assets {increase, — ). 1,533 378 171 227 -5 -57 303 70 -151 IMF position 626 30 266 59 15 131 118 135 -118 Convertible currencies 17 -113 -220 -28 -58 -228 258 -45 -205 Gold 890 461 125 196 38 46 -73 -20 172 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. 5 With maturities over 12 months. NOTE.—Dept. of Commerce data. Minus sign indicates net payments <s 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

APRIL 1965 FOREIGN TRADE 639 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports l Imports 2 Export surplus Period 1962 1963 1964 1965 1962 1963 1964 1965 1962 1963 1964 r 1965 Month: Jan 1.668 3 986 2,043 r3 1 217 1 .327 3 1,100 1.434 3 1,206 341 3 — 114 609 Feb 1,809 3 2,124 2,046 31,593 1,320 31,510 ,460 1,601 489 3 614 586 3-8 Mar 1,672 31,958 2,074 1,342 3 1,485 ,520 330 3 473 554 Apr I 795 31 Q14 2 061 I 365 3 1 415 541 430 3499 520 May 1,762 1,895 2,062 1,404 1,416 ,539 358 479 523 June I 836 I 803 2 034 351 1 431 518 485 372 516 July 1,748 1,841 2,123 1,347 1,450 ,578 401 391 545 Aug .703 1,922 2,109 ,346 1,497 ,575 357 425 534 Sent 3 1 ,'908 1,958 2,235 3],471 1,443 ,546 3 437 515 689 Oct 31,523 1,967 2,155 3 1,312 1,455 ,548 3 211 512 607 Nov 1,725 966 2,197 1,425 1,466 ,698 300 500 499 Dec 3 1,839 2,091 2,430 3 .377 1,480 642 3 462 611 788 Quarter: 5 149 3 5 068 6 163 3 989 3 4 095 4 414 1 160 3 973 1 749 II 5,393 35,612 6,157 4,120 3 4,262 4,598 1,273 3 1,350 1,559 m 3 5,359 5,721 6,467 34,164 4,390 4,699 3 1,195 1,331 1,768 IV 3 5,087 6,024 6,782 34,114 4,401 4,888 3 973 1,623 1,894 Year * 20,945 22,424 25,620 16,389 17,142 18,685 4,556 5,282 6,935 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 J. L. ROBERTSON GEORGE W. MITCHELL CHAS. N. SHEPARDSON J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary GLENN M. GOODMAN, Assistant Director ARTHUR L. BROIDA, Assistant Secretary BRENTON C. LEAVITT, Assistant Director KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director LEGAL DIVISION ANDREW N. THOMPSON, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel Examiner THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director DIVISION OF RESEARCH AND STATISTICS H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director DIVISION OF ADMENISTRATIVE 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 SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser SAMUEL I. KATZ, Adviser ROBERT L. SAMMONS, Adviser REED J. IRVINE, Associate Adviser OFFICE OF DEFENSE PLANNING JOHN E. REYNOLDS, Associate Adviser RALPH C. WOOD, Associate Adviser INNIS D. HARRIS, Coordinator 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 640 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 641 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON GEORGE H. ELLIS J. L. ROBERTSON MALCOLM BRYAN GEORGE W. MITCHELL CHARLES J. SCANLON J. DEWEY DAANE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary ERNEST T. BAUGHMAN, Associate Economist MERRITT SHERMAN, Assistant Secretary DANIEL H. BRILL, Associate Economist KENNETH A. KENYON, Assistant Secretary GEORGE GARVY, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel ALBERT R. KOCH, Associate Economist DAVID B. HEXTER, Assistant General Counsel CHARLES T. TAYLOR, Associate Economist GUY E. NOYES, Economist PARKER B. WILLIS, Associate Economist ALAN R. HOLMES, 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, President 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

642 FEDERAL RESERVE BULLETIN • APRIL 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.) Else- serves 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 Mar. 31, 1964. $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. 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN • APRIL 1965 REPRINTS FLOWS THROUGH FINANCIAL INTERMEDIARIES. (From Federal Reserve BULLETIN unless preceded May 1964. 9 pp. by an asterisk) BANKING AND MONETARY STATISTICS, 1963. Se- THE HISTORY OF RESERVE REQUIREMENTS FOR lected series of banking and monetary statis- BANKS IN THE UNITED STATES. NOV. 1938. tics for 1963 only. Feb., Mar., and May 1964. 20 pp. 15 pp. *Part I, ALL-BANK STATISTICS, 1896-1955. Re- REVISION OF THE MONEY SUPPLY SERIES. June print of the U.S. Summary containing a de- 1964. 14 pp. scription of revised statistics for all banks in the United States, by class of bank, together REVISION OF BANK CREDIT SERIES. June 1964. with revised statistics. Apr. 1959. 94 pp. 5 pp. STATISTICS ON THE GOVERNMENT SECURITIES RECENT MONETARY AND CREDIT DEVELOPMENTS. MARKET. Apr. 1961. 8 pp. July 1964. 9 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. FEDERAL RESERVE SECURITY TRANSACTIONS, 1961. 15 pp. 1954-63. July 1964. 16 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 1961.3 pp. 31pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. 1964.25 pp. Mar. 1963. 10 pp. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. 8 pp. Apr. 1963. 11 pp. NEW FOREIGN BOND ISSUES IN THE U.S. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- 64. Oct. 1964.20 pp. MARKET. May 1963. 13 pp. BANK LOANS SECURED BY STOCKS AND BONDS. U.S. GOVERNMENT SECURITIES in 1964. Nov. July 1963. 19 pp. 1964.8 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL RESEARCH INTO BANKING STRUCTURE AND COM- LENDING. July 1963. 8 pp. PETITION. Nov. 1964. 17 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. Aug. 1963. 14 pp. BANK CREDIT AND MONETARY DEVELOPMENTS IN 1964. Feb. 1965. 13 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11pp. BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. 11pp. BALANCE OF PAYMENTS PROGRAM: GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITU- RECENT INTEREST RATE TRENDS. NOV. 1963. TIONS. Mar. 1965. 6 pp. 10 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- SURVEY OF FINANCIAL CHARACTERISTICS OF CON- SUMERS. Mar. 1964. 9 pp. CHANGE OPERATIONS. Mar. 1965. 13 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. REVISION OF BANK DEBITS AND DEPOSIT TURN- 7 pp. OVER SERIES. Mar. 1965. 4 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 544.) Acceptances, bankers', 553, 570, 572 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 564, 566 Adjusted, and currency, 559 Arbitrage, 636 Banks, by classes, 552, 560, 565, 568, 572 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 554, 633 claims): Postal savings, 552, 559 Banks and the monetary system, Discount rates, 551, 635 consolidated, 559 Discounts and advances by Federal Reserve Corporate, current, 584 Banks, 546, 554, 556 Domestic banks, by classes, 560, 564, 566 Dividends, corporate, 583, 584 Federal Reserve Banks, 554 Dollar assets, foreign, 625, 633 Automobiles: Consumer instalment credit, 588, 589, 590 Earnings and hours, manufacturing industries, 599 Production index, 592, 593 Employment, 596, 598, 599 Bankers' balances, 565, 567 Farm mortgage loans, 585, 586 (See also Foreign liabilities and claims) Federal finance: Banks and branches, number, by class and State, 615 Cash transactions, 574 Banks and the monetary system, consolidated Receipts and expenditures, 575 statement, 559 Treasurer's balance, 574 Banks for cooperatives, 579, 580 Federal funds, 550 Bonds (See also U.S. Govt. securities): Federal home loan banks, 579, 580, 587 New issues, 580, 581, 582 Federal Housing Administration, 571, 585, 586, 587 Prices and yields, 570, 571 Federal intermediate credit banks, 579, 580 Branch banks, number, by class and State, 616 Federal land banks, 579, 580 Brokers and dealers in securities, bank Federal National Mortgage Assn., 579, 580, 587 loans to, 564, 566 Federal Reserve Banks: Business expenditures on new plant and Condition statement, 554 equipment, 584 U.S. Govt. securities held by, 546, 554, 556, Business indexes, 596 576, 577 Business loans (See Commercial and industrial loans) Federal Reserve credit, 546, 554, 556 Federal Reserve notes, 554, 557 Capital accounts: Federally sponsored credit agencies, 579, 580 Banks, by classes, 560, 565, 568 Finance company paper, 570, 572 Federal Reserve Banks, 554 Financial institutions, loans to, 564, 566 Carloadings, 596 Float, 546 Central banks, foreign, 622, 635 Flow of funds: Coins, circulation of, 557 Financial assets and liabilities, 614 Commercial and industrial loans: Saving and financial flows, 604 Commercial banks, 564 Foreign central banks, 622, 635 Weekly reporting member banks, 566, 569 Foreign currency operations, 554, 556, 624, 632 Commercial banks: Foreign deposits in U.S. banks, 546, 554, 555, Assets and liabilities, 560, 563, 564 565, 568, 633 Consumer loans held, by type, 589 Foreign exchange rates, 637 Number, by classes, 560, 615 Foreign liabilities and claims: Real estate mortgages held, by type, 585 Banks, 626, 628, 629, 631, 633 Commercial paper, 570, 572 Nonfinancial concerns, 634 Condition statements (See Assets and liabilities) Foreign trade, 639 Construction, 596, 597 Consumer credit: Gold: Instalment credit, 588, 589, 590, 591 Certificates, 554, 557 Noninstalment credit, by holder, 589 Earmarked, 633 Consumer price indexes, 596, 600 Net purchases by U.S., 624 Consumption expenditures, 602, 603 Production, 623 Corporations: Reserves of central banks and govts., 622 Sales, profits, taxes, and dividends, 583, 584 Reserves of foreign countries and international Security issues 581, 582 Security prices and yields, 570, 571 organizations, 625 Cost of living (See Consumer price indexes) Stock, 546, 559, 624 Currency in circulation, 546, 557, 558 Gross national product, 602, 603 Customer credit, stock market, 571 Hours and earnings, manufacturing industries, 599 Debits to deposit accounts, 556 Housing starts, 597 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 602 Adjusted, banks and the monetary system, 559 Industrial production index, 592, 596 Adjusted, commercial banks, 556, 558, 565 Instalment loans, 588, 589, 590, 591 Banks, by classes, 552, 560, 568 Insurance companies, 573, 576, 577, 586 Turnover of, 556 Insured commercial banks, 562, 564, 615 Type of holder, at commercial banks, 565 Interbank deposits, 522, 560, 565 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN • APRIL 1965 Interest rates: Reserve position, basic, member banks, 550 Bond yields, 570 Reserve requirements, member banks, 552 Business loans by banks, 569 Reserves: Federal Reserve Bank discount rates, 551 Central banks and govts., 622 Foreign countries, 635, 636 Commercial banks, 565 Money market rates, 570, 636 Federal Reserve Banks, 554 Mortgage yields, 571 Foreign countries and international Stock yields, 570 organizations, 625 Time deposits, maximum rates, 552 Member banks, 546, 548, 552, 565, 567 International capital transactions of the U.S., 626 Residential mortgage loans, 585, 586, 587 International institutions, 622, 624, 625 Retail credit, 588 Inventories, 602 Retail sales, 596 Investment companies, new issues, 582 Sales finance companies, consumer loans of, 588, Investments {See also specific types of investments): 589, 591 Banks, by classes, 560, 564, 567, 572 Saving: Commercial banks, 563 Flow of funds series, 604 Federal Reserve Banks, 554, 556 National income series, 603 Life insurance companies, 573 Savings and loan assns., 573, 577, 586 Savings and loan assns., 573 Savings deposits {See Time deposits) Savings institutions, principal assets, 572, 573 Labor force, 598 Securities {See also U.S. Govt. securities) Loans {See also specific types of loans): Federally sponsored agencies, 579 Banks, by classes, 560, 564, 566, 572 International transactions, 632, 633 Commercial banks, 563 New issues, 580, 581,582 Federal Reserve Banks, 546, 554, 556 Silver coin and silver certificates, 557 Insurance companies, 573, 586 State and local govts.: Insured or guaranteed by U.S., 585, 586, 587 Deposits of, 565, 568 Savings and loan assns., 573, 586 Holdings of U.S. Govt. securities, 576, 577 New security issues, 580, 581 Manufacturers, production index, 593, 596 Ownership of obligations of, 564, 572, 573 Margin requirements, 552 Prices and yields of securities, 570, 571 Member banks: State member banks, 562, 615 Assets and liabilities, by classes, 560, 564 Stock market credit, 571 Borrowings at Federal Reserve Stocks: Banks, 548, 554, 568 New issues, 581, 582 Deposits, by classes, 552 Prices and yields, 570, 571 Number, by classes, 561, 615 Operating ratios, 617 Tax receipts, Federal, 575 Reserve position, basic, 550 Time deposits, 552, 558, 559, 560, 565, 568 Reserve requirements, 552 Treasurer's account balance, 574 Reserves and related items, 546 Treasury cash, 546, 557, 559 Weekly reporting series, 566 Treasury currency, 546, 557, 559 Mining, production index, 593, 596 Treasury deposits, 546, 554, 574 Money rates {See Interest rates) Turnover, deposit, 556 Money supply and related data, 558 Mortgages {See Real estate loans) Unemployment, 598 Mutual funds, 582 U.S. balance of payments, 638 Mutual savings banks, 559, 560, 562, 572, 576, 577, U.S. Govt. balances: 585,615 Commercial bank holdings, by classes, 565, 568 Consolidated monetary statement, 559 National banks, 562, 615 Treasury deposits at Federal Reserve National income, 602, 603 Banks, 546, 554, 574 National security expenditures, 575, 602 U.S. Govt. securities: Nonmember banks, 562, 564, 565, 615 Bank holdings, 559, 560, 564, 567, 572, 576, 577 Dealer transactions, positions, and financing, 578 Open market transactions, 553 Federal Reserve Bank holdings, 546, 554, 556, Operating ratios, member banks, 617 576, 577 Foreign and international holdings, 554, 625, 633 Payrolls, manufacturing, index, 596 International transactions, 632 Personal income, 603 New issues, gross proceeds, 581 Postal Savings System, 552, 559 Open market transactions, 553 Prices: Outstanding, by type of security, 576, 577, 579 Consumer, 596, 600 Ownership of, 576, 577 Security, 571 Prices and yields, 570, 571, 636 Wholesale commodity, 596, 600 United States notes, outstanding and in Production, 592, 596 circulation, 557 Profits, corporate, 583, 584 Utilities, production index, 593, 596 Real estate loans: Vault cash, 546, 552, 565 Banks, by classes, 564, 572, 585 Veterans Administration, 585, 586, 587 Mortgage yields, 571 Type of holder, 585, 586, 587 Weekly reporting member banks, 566 Type of property mortgaged, 585, 586, 587 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 Co THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis