Federal Reserve Bulletin, 1965-05

FEDERAL RESERVE B U LLETIN May Volume £i * Number * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN Contents Construction and Mortgage Markets 647 Member Bank Income, 1964 660 Statement to Congress 665 Law Department 669 Announcements 684 National Summary of Business Conditions 686 Guide to Tabular Presentation 688 Financial and Business Statistics, U. S. (Contents on p. 689) 690 International Financial Statistics (Contents on p. 761) 762 Board of Governors and Staff 780 Open Market Committee and Staff; Federal Advisory Council 781 Federal Reserve Banks and Branches 782 Federal Reserve Board Publications 783 Index to Statistical Tables 785 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

CONSTRUCTION AND MORTGAGE MARKETS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o 647 utlays for new construction in April continued at the high established in the first quarter. Total outlays for the first 4 months of the year were moderately above the volume for the same period a year earlier and also above the monthly average for 1964. The further increases this year have been concentrated in business construction. But all major categories have held at advanced levels. A feature of the long upswing in new construction expenditures —which, like the general economic expansion, is now in its fifth year—has been the relatively balanced character of the advance among the major categories. In each of the past 4 years private residential expenditures averaged about 40 per cent of the total. This contrasts with a high of 54 per cent in the Korean war year of 1950 and 44 per cent as recently as 1959. Similarly, there has been little change in the relative contribution of the private nonresidential and public sectors to the annual totals. In general, adjustments within the major groups to changing market conditions have been orderly in character. Although private multifamily housing starts, which had led the expansion in construction through early 1964, have slowed appreciably since then, they appear to have recovered some early this year. Single-family CHART 1 TOTAL OUTLAYS for new construction up further in early '65 RATIO SCALE BILLIONS OF DOLLARS TOTAL but RESIDENTIAL AND PUBLIC slightly under previous highs PRIVATE RESIDENTIAL 1 1 1 1 1 1 1 1 1959 1961 1963 '65 NOTE.—Census Bureau data at seasonally adjusted annual rates. Private residential excludes farm structures. Business includes private commercial, industrial, and public utility. Data for recent months preliminary; latest shown, April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 648 starts have also declined since early 1964 but more moderately. At the same time, upgrading of the quantity and quality of space desired in all types of buildings has continued to provide strong support to total demand and to the level of current new construction expenditures and to maintenance and repairs. Also, costs— particularly for land—have tended higher, and real estate values generally have been maintained. In sharp contrast with developments in the course of previous general economic advances since World War II, mortgage funds have continued ample throughout the current expansion. But competitive positions among depositary institutions have altered, and the pattern of net savings flows to lenders has shifted appreciably away from the dominant mortgage lender—savings and loan associations. Also, opportunities to make loans and investments other than mortgages have broadened as the general expansion in economic activity has progressed and as regulatory and other changes have occurred. The average size of conventional home mortgage loans has increased further in recent months, but additional liberalization of downpayment and maturity terms has been mainly for loans on existing homes. Meanwhile, interest rates and gross yields on home mortgages have held at the reduced levels established 2 years ago, and fees and related charges have tended lower. Expansion of mortgage debt on homes has moderated somewhat from the record amount in 1963, but the growth in such debt on other types of property has continued to show further year-to-year increases. Since the period 2 years ago when purchases of mortgages by private lenders from the Federal National Mortgage Association reached record highs, both purchases and sales by FNMA in the secondary market have been at comparatively low levels. And although the relative positions of major lending groups have continued to shift, mortgage markets generally have remained more in balance than in most earlier postwar periods. LEGISLATIVE AND The Housing Act of 1964 and revisions of regulations effective REGULATORY last year have added a number of factors that are of significance CHANGES for housing and mortgage markets this year. Among the changes under that Act, the maximum loan amount for single-family home mortgages insured by the Federal Housing Administration was raised further, from $25,000 to $30,000, and permissible nonrate terms on conventional mortgage loans made by national banks and by Federally chartered savings and loan associations were also liberalized further. In addition to these changes, the new legislation expanded fur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 649 ther the authority of Federal savings and loan associations to make loans and investments, in certain cases, on activities that are not directly related to housing. Lending and investment powers of savings and loan associations that are insured by the Federal Savings and Loan Insurance Corporation were broadened last year to permit these associations to invest, under certain conditions, in mortgages originated within any metropolitan areas outside their regular lending areas. Effective at the beginning of 1964, the Federal Home Loan Bank Board changed its reserve regulations. The new regulations require that allocations to general reserves by insured associations meet certain minimum net worth levels based not only on a percentage of share accounts but also on an additional sum related to substandard assets and growth in mortgage portfolios. For some associations these changes involve larger reserve allocations than in the past. Recently the FHLBB ordered several associations that had not met the more stringent reserve requirements to reduce their dividend rates. Last November the FHLBB also requested individual Federal home loan banks to develop guidelines that would restrict advances to member associations with less than satisfactory lending experience. In 1964 and early this year a number of the banks raised the rates charged for advances. The definition of capital gains on sales of real estate was tightened somewhat for Federal income tax purposes by the Revenue Act of 1964, but the reduction in income tax rates generally has been a positive influence on both the demand for real estate and mortgage loans and on the supply of savings. Also, competition for savings has continued to broaden this year. This reflects, in part, the further increase in ceiling rates payable on such funds by commercial banks, effected last November by the Federal Reserve and the Federal Deposit Insurance Corporation. In addition to these and other changes, the effects of which are still being worked out, the administration has proposed a comprehensive bill on both housing and urban development to Congress for action this year. CONSTRUCTION _ . . . . . , t t New private nonresidential construction activity advanced substantially further during the past year and in the first quarter of 1965 was running 7 per cent above the same period of 1964. Although residential construction declined during most of last year, the average for the year as a whole was also a new high. Reflecting an upturn in starts toward the year-end, the rate of expenditures for residential construction rose during the winter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 650 Nonresidential. Private nonresidential construction has accounted for three-tenths of total outlays in recent years. The further advance in such construction this year has continued to reflect mainly a sharp increase in business capital outlays. Construction of privately owned schools, hospitals, and related facilities has changed little since the autumn, and farm construction, in a secular decline, has continued to dwindle. CHART 2 MULTIFAMILY STARTS down slightly in 1964, following long upsurge RATIO SCALE MIUIONS OF UNITS I I / I I I I I I I I I I I I 1 I 1 I 1 1 NOTE.—Census Bureau data for private nonfarm units. Figures before 1959 reflect recent Census Bureau revision for total nonfarm starts and F.R. adjustments for type of structure. Figures for multifamily in 1945 and 1946 (not shown) were: 24,000 and 73,000 units, respectively. Business construction moved to a new high this spring. As in other recent years, however, movements for component groups have varied. Industrial building activity, which has accounted for 5 per cent of all construction in recent years, expanded sharply last year after a pause in 1963. This spring it has been more than a fourth above a year earlier and somewhat above the previous high in the second quarter of 1957. Construction expenditures in the office building and warehouse category have tended downward from the highs reached last spring. Outlays for the store, restaurant, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 651 and garage group slowed during the first half of last year, but since then they have moved upward again. Public construction, up somewhat more than private construction in 1964, changed little in the first quarter of this year. The rate of expenditures for highways, which fluctuates considerably, averaged about the same as in the fourth quarter of last year, when the average was slightly reduced. But most other types of public activity continued to rise. Residential. Both single-family and multifamily housing starts declined in the year 1964. But the combined private nonfarm total of 1.5 million units was—except for 1963—the highest in nearly a decade, as shown in Chart 2, which includes recently revised data for 1945-58. In the first quarter of this year, the seasonally adjusted rate of starts dipped again, after an advance in the fourth quarter of last year, but it remained fairly near the average for 1964 as a whole. Single-family starts. So far in the 1960's, single-family starts have held relatively steady at an annual average of under 1 million units. This level is sharply below the peaks reached during the 1950's when backlogs accumulated through World War II, steadily rising prices on all types of houses, and prospects for profitable resale added particular impetus to demands for homeowner ship. Since then, the ability of homeowners to trade up in a situation of favorable mortgage terms and rising after-tax incomes has been a factor limiting declines in homebuilding, particularly of higher quality houses. Demand for second or vacation houses has also provided some support. On the other hand, the number of persons 25-45 years old, who typically form the major source of demand in the single-family market, has not been increasing, and this has exerted a limiting effect on buying of homes. Further increases in costs of land and of construction may have had a similar effect. So too have the greatly augmented supply and improved designs of new rental units, which provide alternatives to buying in suburban as well as urban areas. Multifamily starts. Permits to build private multifamily units declined through most of 1964, and the multifamily share of total nonfarm starts for the year leveled off at 38 per cent after showing a steady year-to-year increase since 1955. In recent months, however, permits for such building have recovered somewhat. In March the seasonally adjusted rate was at a 7-month high, but was still well below the peak at the end of 1963. A factor in the decline in apartment starts last year was the magnitude and duration of the expansion itself. In 1963 starts in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 652 2-or-more-family structures had totaled nearly 600,000, almost triple the early postwar peaks in 1949 and 1950 and more than double the sharply advanced totals in either 1959 or 1960. This expansion has brought not only a pronounced increase in the supply of rental units available but also a reduction in the number of sites immediately suitable or zoned for apartment development. In addition, while rents, as measured in the consumer price index, have continued to rise, the unusually high level of building appears to have made lenders more selective in the financing of apartment builders. The shift in multifamily starts has come at a time when economic conditions for the nation as a whole remain favorable, when mortgage money generally continues to be ample, and when underlying demographic and related factors—including population mobility—are pointing to potential increments in demands for rental CHART 3 TOTAL HOUSING STARTS vary considerably byregion RATIO SCALE RATIO SCALE THOUSANDS OF UNITS MILLIONS OFUNITS J L as do RENTAL VACANCY rates 6 —r NORTH CENTRAL 1961 '65 NOTE.—Census Bureau data. Starts are at seasonally adjusted annual rates. Rental vacancy rates, not seasonally adjusted, relate to vacant, not dilapidated, units available for rent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 653 facilities. The number of young married couples and older individuals, who are characteristically in the market for apartments, is continuing to grow, and the number of persons reaching 18 years of age will be 1 million more this year than it was last year. Also, CHART 4 HOME MORTGAGE interest ratesand yields continue little changed PER CENT PER ANNUM CONVENTIONAL HOME MORTGAGES and so does GROSS YIELD-SPREAD 1959 1961 1963 '65 NOTE.—Mortgage data based on FHA field office opinions for market areas of insuring office cities. For conventional, average interest rates for first mortgages on new and existing houses through March 1960 and on new houses thereafter. For FHA-insured, weighted averages of private secondary market prices of certain new-house mortgages converted to annual yield. For corporate bonds, weighted average of offering yields on public issues, adjusted to Aaa basis, computed by First National City Bank of New York. Thinner segments of line for FHAinsured indicate periods of adjustment to changes in contractual interest rate and for Aaa bonds, no eligible offerings. Latest figures shown, April. scrappage and conversion of existing structures have apparently remained high or have been rising. Moreover, urbanization has continued at a rapid pace, and the scope of multifamily building has broadened further in terms of the types of structures, builders, and geographic areas involved. Regional shifts. An arresting feature of the decline in starts in 1964 as a whole was that it was concentrated in the West. This decline, which involved both single-family and multifamily starts, reflected in part the exceptional expansion in that region from late 1960 through mid-1963. Actual or potential reductions in defenserelated activity, an unusually high rate of rental vacancies, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 654 lender hesitancy in the face of tightened regulations also contributed to the decline. By the first quarter of this year, however, seasonally adjusted starts in this important growth area steadied. In the South, which has accounted for 37 per cent of starts in recent years, and in the Northeast, housing starts were little changed on the average in 1964, and in the first quarter of this year they continued near or above year-earlier rates. Seasonally adjusted starts in the North Central States, after a sharp further increase in 1964 as a whole, moved downward in early 1965. Quarterly movements in starts by region have been far from synchronous not only in terms of rate and direction of change but also in terms of timing, as Chart 3 shows. This has partly reflected changes in the types and sizes of structures started, zoning and building-code modifications, and other special influences in local markets. These and unusual weather conditions, along with other factors, make seasonal adjustment of the individual series especially difficult. But even on an annual basis, in the 4 years since 1960, starts moved together for all regions in only a single year— 1962. In 1961, starts in the North Central States declined, while starts in the other regions were advancing. And in 1963, when starts in the Northeast showed some decline, starts in the North Central States were in a major upward surge. Vacancies. Nationally, vacancy rates for homeowner properties edged upward again early this year to 1.5 per cent of all units available and fit for use; this was just below the high for the series in the third quarter of 1963. The vacancy rate for rental residential CHART 5 FURTHER LIBERALIZATION of nonrate terms selective in recent months... TEARS PER CENT LOAN MATURITY LOAN /PRICE RATIO NEW HOMES EXISTING HOMES J I W63 1964 "65 •65 NOTE.—FHLBB (with FDIC) weighted average data on conventional first mortgage loans for purchase of single-family homes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 655 units—a more volatile series—also rose slightly in the first quarter, to 7.7 per cent, but as Chart 3 shows, the average was still below the postwar peak—8.1 per cent—in the second quarter of 1961. Regionally, the pattern of rental vacancy rates has continued to be diverse. This has been related in part to the pronounced differences in the pace of building activity within individual localities and in part to the level of actual or expected in-migration rates, which have tended to favor the West. Altogether, while the rate in the West has fluctuated at an advanced level, the dominant trend of vacancy rates in the South and North Central States has been downward for some time. In the Northeast the more recent trend has been upward, although the level has remained sharply below the national average. On the whole, the first-quarter increase in rental vacancy rates reflected for the most part a rise outside standard metropolitan areas, where the rate had been exceptionally low in 1964. For metropolitan areas, vacancy rates continued little changed and were just below the high reached in the third quarter of 1963. Among other types of structures for which data are available, average vacancy rates in office buildings continued to increase in 1964 but by less than in other recent years, and the vacancy rate for hotels improved slightly. HOME MORTGAGE Mortgage funds remained ample in early 1965, as net inflows TERMS of savings to major lending institutions as a whole reached a record for this time of year. Nevertheless, the net gain in share accounts at but, with upgrading, LOAN AMOUNTS increase for both new and existing homes THOUSANDS OF DOLLARS THOUSANDS OF DOLLARS PURCHASE PRICE LOAN AMOUNT NEW HOMES EXISTING HOMES 1963 1964 '65 1963 1964 '65 based on reports by major types of lenders, including mortgage companies, as of loan approval date. Latest month, March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 656 savings and loan associations was the smallest since early 1961 even though most of these associations maintained their dividend rates. Repayments on mortgage portfolios have continued to provide a large supply of funds for new lending. However, over the past year net borrowings by associations from the home loan banks slowed markedly. In 1964, outstanding advances rose by only $541 million—a 4-year low—compared with a record $1.3 billion increase in 1963. As a result of these and other factors, further liberalization of mortgage terms by lenders as a whole has tended to be increasingly selective. For new homes, contract interest rates on conventional first mortgages and secondary market yields on 5lA per cent FHAinsured mortgages remained in early 1965 at the reduced levels reached 2 years before, as shown in Chart 4. Rates and yields on loans on existing homes showed a similar pattern. Because offering yields on new issues of high-grade corporate bonds had leveled off after 1963, the unusually narrow spread in yields in favor of mortgages persisted. At the same time, downward pressures on mortgage originating fees and related charges have continued. And in the case of conventional first mortgages, which account for the major share of home financing, data available through March of this year indicate some further liberalization of maturities and loan-to-price ratios for loans on existing homes, as shown in Chart 5. For new homes too, the average loan has increased in amount, reflecting upgraded housing demands and higher prices. Other terms, however, appear little changed. On March 31, 1965, total mortgage debt outstanding exceeded $317 billion. The rate of expansion in such debt has been moderating since early 1964, and for the first quarter of this year it was slightly less than a year earlier. In 1964 as a whole, the net expansion in mortgage debt approximated $30.5 billion. Homes. Debt on 1- to 4-family properties amounted to $200 billion at the end of the first quarter of 1965, but the increase from the end of 1964 was appreciably less than that of a year earlier. For all of 1964 the gain did not match the record in 1963, and it accounted for little more than half the increase in total debt; in 1953-55 when new construction of multifamily and other income properties was smaller in relation to total private building, expansion in home mortgage debt had accounted for more than threefourths of the total rise. The more moderate expansion in home mortgage debt in early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 657 CHART 6 MORTGAGE DEBT up further, but patterns of rise continue to differ by TYPE OF PROPERTY... RATIO SCALE RATIO SCALE BILLIONS OF DOLLARS BILLIONSOF DOLLARS INCOME HOMES I I I and for selected LENDER GROUPS . LOANS ON HOMES 80 — SAVINGS & LOAN ASSOCIATIONS — 40 LIFE INSURANCE COMPANIES MUTUAL SAVINGS BANKS I I LOANS ON INCOME PROPERTIES LIFE INSURANCE COMPANIES 15 — NOTE.—Nonfarm mortgage debt outstanding on home and income (multifamily and commercial) properties estimated in large part by Federal Reserve from reports of Federal and private agencies. Data for 1964 and first quarter 1965 are preliminary. 1959 196) 1963 '45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • MAY 1965 658 1965 reflected partly the lower level of starts. Also, the volume of mortgage originations stemming from sales of existing properties and from mortgage refinancing apparently increased less than in early 1964 and not enough to offset the further increase in repayments. Because of the sharp increase in the size of investor portfolios, the absolute volume of repayments has continued to rise, and—for home as well as other types of mortgage holdings—net expansion has continued to require increasingly larger amounts of new mortgage lending. Income properties. The increase in mortgage debt on multif amily and commercial properties approximated $13 billion in 1964 and accounted for more than two-fifths of the total expansion for the third consecutive year. The share apparently rose further in early 1965. In addition to mortgages, privately placed bonds and securities sold in the open market are sources of financing for large apartments and industrial and commercial buildings. Mortgage debt on farm properties also increased by a record amount in 1964 and early 1965 and accounted for more than 6 per cent of the total rise. Investors. Among the major types of financial institutions, only life insurance companies and mutual savings banks increased their mortgage portfolios by more in 1964 than in 1963. For life insurance companies the net gain was larger than for either commercial or mutual savings banks for the first time since 1961. In early 1965 only the life insurance companies, the major lenders on income properties, were continuing to show a marked year-over-year increase. At the other extreme, savings and loan associations experienced the smallest net expansion since early 1961, although they still accounted for about half of the total rise in home debt during the first quarter and for a substantially increased share of debt on apartments and other types of income properties. Indicating the close balance between supplies and demands within the primary mortgage market, total holdings by Government agencies changed very little in 1964 or in recent months. This contrasts with a decline of $1 billion in 1963, when sales in the secondary market to private investors by the FNMA reached record proportions. FORECLOSURE EXPERIENCE Underscoring the contrast between earlier postwar conditions and those that have developed in the changed market of the 1960's, mortgage foreclosures continued to rise in 1964. However, delinquency rates declined, as credit screening and collection pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE MARKETS 659 cedures generally were tightened further and as personal incomes continued to advance. Although the number of nonfarm foreclosures—mainly on home mortgages—exceeded 100,000 for the first time in the postwar period, the year-to-year increase—one-tenth—was the smallest since 1959. The high point in foreclosures was 252,000 in 1933 when the number of mortgages outstanding was far less than now. Thus, the 1964 foreclosure rate—at about one-half of 1 per cent of mortgages outstanding—was far below rates experienced in the prewar decade. The incidence of foreclosures has varied appreciably among localities and has involved mainly Government-underwritten loans, which typically carry more liberal terms and are designed for families of moderate income. Not all foreclosures relate to homeowners directly. In 1963 a fifth of the foreclosures on home mortgages held by insured savings and loan associations involved construction loans to builders, according to a recent FHLBB survey. Sales of properties acquired in earlier foreclosures apparently increased last year. Because of this development and of the more moderate rise in foreclosures, institutional lenders, the Federal Housing Administration, and the Veterans' Administration altogether probably held few if any more foreclosed properties by the end of 1964 than they did a year earlier. This contrasted with a further sharp increase in such holdings in 1963. In recent months, as during 1964, the number of foreclosed properties acquired by the FHA and the VA has generally been running below the level of sales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Income, 1964 THE MAIN points reflected in member Government securities and cash) declined bank statements of income and dividends from the 1963 level. Ratios of capital to for the year 1964 are: total deposits and to total assets remained • Net income for the year reached a new unchanged. high, but declined in relation to total assets and total capital accounts. EARNING ASSETS AND OPERATING REVENUES • Larger holdings of loans and of State Average holdings of earning assets of memand municipal securities, coupled with ber banks during 1964 were $216 billion, higher rates of return on these assets, were $16.1 billion higher than during 1963. Inprimarily responsible for the increase in creases of $15.2 billion in loans and $3.5 current operating revenue. billion in State and local government securi- • Interest paid on time and savings deties were partially offset by a reduction of posits again accounted for most of the rise $2.8 billion in average holdings of U.S. in current operating expenses, as expansion Government securities. in the volume of these deposits continued, Considering these three broad groups of and as the average rate of interest paid on them rose. • Most of the increase in net current FACTORS IN HIGHER NET INCOME operating earnings was offset by larger net (In millions of dollars) losses on nonoperating transactions. These Change losses were attributable in part to smaller Item from 1963 profits on sales of securities. Increase in net income, total 92 • Net income before related taxes rose Factors increasing net income, total 1,341 only slightly. Taxes on net income, however, Increase in operating revenue from earning assets 1,216 911 were smaller, and this contributed to the rise On miscellaneous operating revenue 151 On other securities 138 in net income. On U.S. Government securities 16 • Both the amount and rate of dividend Nonoperating transactions 44 Larger net increase in valuation reserves on payments were increased, but retained earn- 17 Increase in miscellaneous recoveries 16 Decrease in net losses on loans 1 10 ings continued to provide most of the growth Decrease in provision for taxes on net income 81 in member bank capital accounts. Factors decreasing net income, total 1,249 • As a result of a decline in holdings of Increase in operating expense 964 U.S. Government securities, the ratio of Of interest paid on time deposits 526 Of miscellaneous expense 258 capital to risk assets (total assets less U.S. Of salaries and wages 180 Nonoperating transactions 255 Larger net increase in valuation reserves on loans.. 115 Decrease in profits on sales of securities 82 NOTE.—This article was prepared by Mary Louise 61 Increase in miscellaneous losses 28 Roberts under the general direction of T. A. Veenstra, chief of the Financial Statistics Section of the Board's 1 Includes recoveries credited and losses charged to undivided Division of Data Processing. profits or to valuation reserves. 660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1964 661 earning assets, member banks continued to The ratio of average total capital accounts add to their holdings of those that had to risk assets declined from 13.0 to 12.5 per greater current yields, in order to offset cent, the result of the decline in holdings of increasing costs of interest on time and sav- U.S. Government securities along with the ings deposits. Average holdings of all classi- increase in holdings of loans and of other fications of loans increased, but the largest securities. This continued the generally dollar increases were in commercial and downward trend this ratio has followed in industrial loans, followed by other loans to recent years. individuals (largely consumer loans), and Total operating revenues of member real estate loans. banks rose to $12,386 million. This was Average total holdings of Treasury bills, $1,216 million (11 per cent) more than in notes, and certificates declined from the 1963. Revenue on loans was $911 million 1963 average by $3.3 billion, but Treasury (13 per cent) higher than in 1963, with bond holdings rose by $0.5 billion. The the average rate of return 5.88 per cent, up increase in other securities was almost en- slightly from the previous year. Larger tirely in issues of State and local govern- average holdings and a higher rate of rements, which generally have a relatively turn also resulted in an increase of $138 high after-tax yield. million in revenue on other securities. MEMBER BANK INCOME, 1953-1964 (Dollar amounts in millions) Item 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 Revenue $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 $10,154 $11,169 $12,386 On U.S. Government securities 1,011 1,066 1,118 1,101 1,168 1,266 1,399 1,414 1,537 1,687 1,726 1,742 On other securities 252 273 296 308 339 411 445 467 513 629 773 911 On loans 2,632 2,711 3,083 3,725 4,208 4,326 5,021 5,730 5,870 6,435 7,200 8,111 Service charges on deposits accounts. 219 252 274 310 354 389 422 464 495 532 568 607 Other revenue 477 523 572 634 702 734 788 853 802 870 903 1,015 Expenses1 2,782 2,999 3,265 3,680 4,222 4,617 5,140 5,655 6,074 7,041 7,931 8,895 Salaries and wages 1,371 1,463 1,571 1,735 1,877 1,981 2,118 2,289 2,363 2,501 2,661 2,840 Officer and employee benefits. 331 364 393 420 Interest on time deposits 425 494 543 650 927 1,123 1,280 1,434 1,720 2,358 2,858 3,384 Net occupancy expense 424 459 501 550 Other expenses "985 M42 1*418' i'.iii" i',742" i ^932* 1,236 1,360 1,519 1,701 Net current earnings before income taxes. 1,809 1,828 2,077 2,398 2,549 2,510 2,935 3,273 3,143 3,112 3,239 3,491 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 251 +73 401 654 485 +96 904 344 181 308 329 570 Profits and recoveries (+), losses and charge-offs: On securities2 129 +315 189 326 211 +535 792 +72 +351 + 152 + 81 62 On loans2 43 30 39 81 59 47 37 179 157 132 197 187 Other 40 47 34 18 39 49 31 25 29 27 21 33 Net increase (or decrease, +) in valuation reserves: On securities + 11 63 +37 + 32 + 10 189 + 140 64 123 26 +9 +27 On loans 51 102 176 261 187 153 184 148 224 275 200 315 Net income before related taxes. 1,558 1,900 1,676 1,744 2,063 2,606 2,032 2,929 2,962 2,805 2,910 2,921 Taxes on net income 692 804 691 718 895 1,148 775 1,241 1,250 1,110 1,079 998 Net income 865 1,096 985 1,027 1,169 1,457 1,257 1,689 1,712 1,695 1,831 1,923 Cash dividends declared3. 419 456 501 547 604 646 690 735 793 832 878 961 Ratio of net income to average total capital accounts (per cent) 7.9 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 8.9 9.0 Number of banks at end of year. 6,743 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 6,047 6,108 6,225 1 Expenses were reclassified in 1961 as described on pages 526-27 divided profits or to valuation reserves and excludes transfers to and of the May 1962 BULLETIN. from valuation reserves. 2 Includes recoveries credited and losses charged either to un- 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN • MAY 1965 CHANGES IN MEMBER BANK AVERAGE LOANS maximum permissible interest rates payable AND INVESTMENTS, 1964 on time and savings deposits. In 1956 the (Dollar amounts in millions) average rate of interest paid on these deposits was 1.58 per cent. By 1963 this rate Change from Average average, 1963 had more than doubled, reaching 3.34 per Item amount, 1964 cent. In 1964 it advanced further to 3.47 Amount Percentage per cent. Total loans and investments. $217,919 $16,145 8.0 These rate increases have in turn been Loans1 139,350 15,204 12.2 Commercial and industrial 50,113 4,797 10.6 accompanied by sharp increases in the aver- Agricultural 4,686 105 2.3 For purchasing and carrying age volume of time and savings deposits held securities 7,491 722 10.7 To financial institutions 12,788 1,896 17.4 in member banks. The 1964 level was 14 Real estate 32,797 3,697 12.7 Other loans to individuals 30,069 3,711 14.1 per cent above the 1963 figure. This com- All other 4,242 582 15.9 U.S. Government securities 48,098 -2,806 -5.5 pares with a rise of 17 per cent from 1962 Treasury bills, notes and certificates 25,958 -3,328 -11.4 to 1963 and 16 per cent from 1961 to Bonds* 22,140 523 2.4 1962. Such deposits represented nearly 41 Other securities 30,470 3,746 14.0 State and local government 26,721 3,549 15.3 per cent of average total deposits at member Other 3,750 197 5.5 banks in 1964 as compared with 26 per 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. cent in 1956. 2 Includes small amount of guaranteed obligations. Salaries and wages of officers and em- Despite smaller average holdings of U.S. ployees, the second most important expense Government securities, income from these item in terms of dollar volume, accounted issues rose by $16 million, as the average for 19 per cent of the increase in operating rate of return rose from 3.38 per cent in expenses during 1964. Total payments for 1963 to 3.63 per cent in 1964. Revenue fringe benefits for officers and employees from other sources also rose but did not directly engaged in banking operations, change significantly as a proportion of the which represent such expenses to the bank total. as hospitalization and life insurance premiums, unemployment and social security EXPENSES taxes, and current contributions to retire- Total expenses of member banks, at $8,895 ment funds, were $27 million, or 7 per cent, million, were $964 million, or 12 per cent, more than in 1963 and were equal to 15 higher than in 1963. per cent of the total amount of direct com- More than half of this increase was due pensation paid in the form of wages, salaries, to the rise in interest payments on savings and bonuses. At the end of 1964 member and other time deposits. This expense item banks employed approximately 543,000 rose by $526 million and absorbed a total people in banking operations and paid more of $3,384 million (27 per cent) of total than $3,260 million in wages, salaries, and current operating revenues in 1964. benefits. Both the volume of interest-bearing de- Expenses relating to the occupancy of posits and the effective average rate paid bank premises amounted to $550 million, on them have been rising sharply since the after a deduction for rents received, and end of 1956. Effective rates paid by member accounted for 6 per cent of total expenses. banks have tended to follow periodic in- An additional $297 million was attributable creases by the regulatory agencies in the to furniture and equipment expense. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK INCOME, 1964 663 PROFITS, RECOVERIES, LOSSES, AND loss" reported on these transactions in recent TRANSFERS TO VALUATION RESERVES years and compared with a reduction of The net result of nonoperating transactions $398 million in 1963. was to reduce net income by $570 million in In 1964, for the first time since 1959, 1964, compared with a reduction of $329 nonoperating transactions in securities remillion in 1963. Member banks have shown sulted in a decrease in net income. Substana net gain from these transactions in only tially lower profits on sales of securities and three postwar years (1946, 1954, and the rise in losses and charge-offs accounted 1958), when profits on the sale of securi- for a $36 million net loss. In 1963 there ties more than offset the other transactions was a $90 million increase as a result of on loans and securities that tend to reduce these transactions. Losses and charge-offs net income. on all other bank assets reduced net income Transactions in loans, including the net by $33 million. result of transfers to and from valuation re- Member banks increased their valuation serves, reduced reported net income by $502 reserves on loans by $315 million. These million. This represented the largest "net reserves have expanded each year since 1948 MEMBER BANK INCOME, BY CLASS OF BANK, 1964 AND 1963 (Dollars amounts in millions) Reserve city banks Country Total banks New York City City of Chicago Other 1964 1963 1964 1963 1964 1963 1964 1963 1964 1963 Revenue $12,386 $11,169 $2,017 $1,757 $505 $457 $4,739 $4,291 $5,125 $4,665 On U.S. Government securities 1,742 1,726 214 218 64 68 580 590 883 850 On other securities 911 773 171 139 48 42 313 262 379 330 On loans 8,111 7,200 1,300 1,106 324 288 3,205 2,859 3,282 2,947 All other 1,622 1,471 332 293 69 59 640 581 581 537 Expenses 8,895 7,931 1,345 1,134 340 300 3,391 3,029 3,818 3,467 Salaries and wages 2,840 2,661 420 394 93 89 1,081 1,019 1,246 1,159 Officer and employee benefits 420 393 85 84 21 20 155 141 160 148 Interest on time deposits 3,384 2,858 515 367 156 127 1,319 1,121 1,394 1,242 Net occupancy expense 550 501 102 95 15 14 201 180 232 211 All other 1,701 1,519 224 194 55 51 635 567 787 707 Net current earnings before income taxes 3,491 3,239 671 623 165 156 1,347 1,262 1,307 1,198 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 570 329 91 16 47 24 210 135 222 154 Profits and recoveries (+), losses and charge-offs: On securities* 62 +81 21 + 16 +5 33 +22 10 + 38 On loans * 187 197 20 40 72 63 94 87 Other 33 21 +2 +4 3 13 12 14 11 Net increase (or decrease, -f) in valuation reserves: On securities +27 +9 + 1 + 12 +6 1 + 14 2 +6 + 1 On loans 315 200 51 8 47 17 107 80 109 95 Net income before related taxes 2,921 2,910 581 607 118 132 1,137 1,127 1,085 1,044 Taxes on net income 998 1,079 199 205 37 47 413 464 349 362 Net income 1,923 1,831 382 402 81 85 724 663 736 681 Cash dividends declared* 961 878 213 196 41 35 394 354 313 293 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 15.9 16.0 15.7 15.8 16.2 16.1 16.7 17.0 15.2 15.1 Average total assets 1.29 1.29 1.36 1.37 1.35 1.36 1.31 1.32 1.22 1.21 Net income to— Average total capital accounts 9.0 8.9 10.2 8.0 9.0 8.9 8.6 8.6 Average total assets .71 .73 .78 .66 .75 .70 .69 .69 .69 1 Includes recoveries credited and losses charged either to undivided 2 Includes interest on capital notes and debentures. profits or to valuation reserves and excludes transfers to and from valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN • MAY 1965 when they were first reported; the increase Cash dividends declared amounted to in 1964 was the largest since that time. Val- $961 million, $83 million more than in uation reserves on securities were reduced 1963. This represented 50 per cent of net by $27 million. income after taxes, compared with 48 per cent in the previous year. The ratio of cash INCOME TAXES dividends to average total capital accounts With the smaller increase in net income bewas 4.4 per cent, about the same as in other fore taxes, the proportionately larger income recent years. from tax-exempt investments, and the cut in Retained income for the year totaled $962 the corporate tax rate, provisions for income million and accounted for 58 per cent of the taxes in 1964 were lower than in 1963. The increase in total capital accounts during the total provided for this purpose, $998 million, year. represented 34 per cent of net income be- Revenues, expenses, and income by refore taxes; it was 37 per cent in 1963. serve classifications of member banks for NET INCOME AND CASH DIVIDENDS 1963 and 1964 are shown in an accom- Net income after taxes amounted to $1,923 panying table. Detailed figures for income, million, up 5 per cent from 1963 and 13 expenses, and related items appear on pages per cent from the 1962 level. 750-59. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress H.R. 7539, which is the subject of these bids member banks to underwrite or deal hearings, presents a question that has been in revenue bonds." before this Committee for more than a dec- The question of principle before the Comade: Should the Federal banking laws be mittee, however, is whether it would be in amended to permit commercial banks to the public interest for commercial banks to underwrite and deal in so-called "revenue engage in these activities. That question was bonds" issued by States and political sub- considered by the Congress after the finandivisions? cial collapse of 1929-32. In fact, a major The need for congressional action is a objective of the Banking Act of 1933 was to pressing one because a single provision of separate investment banking from commerexisting law is interpreted differently by the cial banking. Not only were investment two Federal banking agencies responsible for bankers forbidden to serve as officers or diits enforcement. One is the Federal Reserve rectors of commercial banks in the Federal System, which supervises State member Reserve System, but member banks were banks; the other is the Comptroller of the prohibited, under penalty, from being affili- Currency, who supervises national banks. ated with firms dealing in securities. It was made a felony for any commercial bank to The Board of Governors interprets section engage, except within strictly prescribed 5136 of the Revised Statutes as prohibiting limits, in underwriting, selling, or distributbank underwriting of securities that are not ing securities at wholesale or retail. supported by general powers of taxation. The Comptroller of the Currency takes a dif- Proponents of proposals like H.R. 7539 ferent position and holds that banks may might take the position that the Congress lawfully underwrite and deal in types of erred in 1933, or that circumstances have so securities that are not so supported. Con- changed that the separation of commercial sequently, national banks may now engage banking from investment banking, at least so in activities denied to their State-member- far as revenue-bond underwriting is conbank competitors, even though the same law cerned, no longer represents sound policy, applies to both categories. In its Annual Re- even if it did in 1933. Of course, the venerport for 1964 submitted to Congress a able age of the existing law does not foremonth ago, the Board of Governors again close reconsideration. But the Board of recommended "legislation that would reaf- Governors believes that separation of comfirm and clarify existing law . . . which for- mercial banking and investment banking continues to be in the public interest. The fundamental objection to the bill NOTE.—Statement of C. Canby Balderston, Vice Chairman, before the Committee is that it would create Board of Governors of the Federal Reserve System, before the Committee on Banking and Currency, House of Representaconflicts of interests. The typical bank that tives, Apr. 26, 1965, on H.R. 7539. 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN • MAY 1965 would be likely to underwrite revenue bonds Even within the relatively small area at as permitted by this bill also invests for its which the new provision is directed, it would own account in revenue bonds, accepts funds not seem to provide an effective safeguard. in trust for investment, and advises its cor- The prohibition is directed only at purchase respondent banks and other customers as to by a fiduciary bank from itself, and conhow their funds should be invested. Success sequently would not prevent purchases from in underwriting an issue of revenue bonds other members of the underwriting syndiwould depend, of course, on the bank's cate, even though the conflict of interests ability to find investors to buy the bonds. Its would seem to be substantially the same. interest as seller would tend to conflict with Consequently, it must be concluded that this its interests as investor, trustee, and invest- modification of the bill considered at the ment adviser. Its decision to extend credit by 1963 hearings (H.R. 5845, 88th Congress) investing for its own account in a new issue would be ineffectual to meet the objections should be made solely on the merits of the that were considered by the Committee at investment, without regard to its interest in that time. the success of the underwriting. Its decision H.R. 7539 is entitled "A bill to assist as to whether to invest trust funds in the issue cities and States. ..." This is an attractive also should be made without considering its objective to which all of us would subscribe. conflicting interest as underwriter. And this But it is at least questionable, if not improbshould be true whether the trust funds are able, that the bill would produce that result. invested in bonds held by the bank itself or The argument that cities and States would by another member of the underwriting syn- be better off is built upon a tempting theory dicate. Correspondent banks and other cus- that participation by some commercial banks tomers who seek guidance from the bank as in the underwriting of revenue bonds would to whether they should invest in the issue add new competitors to the numerous investshould get advice that is completely im- ment banking firms that are presently enpartial—free from any salesmanship bias. gaged in that business; that more competi- H.R. 7539 attempts to deal with certain tors would make competition more vigorous; conflicts of interests by providing that a and that more vigorous competition would member bank, in its capacity as a fiduciary, reduce the costs of borrowing by States and may not purchase governmental obligations cities. from itself, if those obligations are held by Yet as we have previously informed the it in the capacity of an underwriter or dealer. Committee, a factual study we made of this But this addition to earlier proposals deals question in 1963 led to the conclusion that with only part of the conflicts-of-interests this hope is illusory and that only an inproblem. The new provision would touch significant reduction, if any, in the over-all only the internal fiduciary relationships of costs of State and municipal financing could the banks involved. For example, it would be anticipated. This conclusion was drawn not solve the problems of the relationships from analysis of actual interest costs on a of underwriting banks to their correspond- typical group of revenue bonds, in whose ents or to others who rely on underwriting sale commercial banks could not compete, banks for investment guidance. and of general obligation bonds of compar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 667 able quality, where they could. Furthermore, tee adverse to H.R. 7539 is not sufficient to to the extent that bank underwriting of rev- resolve the problem that confronts you. As enue bonds might diminish interest costs on I mentioned earlier, existing law, intended them, an offsetting increase in aggregate in- by Congress to be equally applicable to all terest costs could be anticipated on general banks, is interpreted and applied differently obligations. This offsetting effect follows by the two Federal bank supervisory agenfrom the fact that tax exemption creates a cies responsible. Under rulings of the Compsharply defined and relatively inelastic mar- troller of the Currency, national banks can ket for State and local bonds; an increase in underwrite and deal in revenue bonds that investor interest in one type of tax-exempt their State-chartered competitors cannot. bonds—in this case, revenue bonds—would This has resulted in confusion, inequity, and tend to reduce demand for the other type— lessened respect for governmental processes. general obligations. For these reasons, we urge that the Com- I can appreciate the feeling of some public mittee amend H.R. 7539 to make clear, finance officers about this bill. From their beyond any possibility of misunderstanding, point of view, enactment of such a bill might the intended meaning of the statutory proyield some benefit; if not, nothing would be vision that banks may underwrite only "genlost. To them, even a relatively insignificant eral obligations of any State or of any politisaving of interest cost, if one materialized, cal subdivisions thereof." We propose that would be welcome. They naturally feel that the provisions of the introduced bill that deal the passage of such a law might yield some with revenue bonds be stricken, and that the benefits to them and, in any event, would do bill be amended by adding at the end of the them no harm. seventh paragraph of Section 5136 of the But in evaluating the proposal, this Com- Revised Statutes the following sentence: mittee and the Congress must of course take "As used in this paragraph, the term 'gena broader view and balance the risk of con- eral obligations of any State or any political flicts of interests against the possible gains subdivision thereof means only obligations from lower borrowing costs for public that are supported by an unconditional bodies. If the participation of commercial promise to pay, directly or indirectly, an agbanks in securities underwriting posed a sub- gregate amount which (together with any stantial threat to the effective performance other funds available for the purpose) will of their banking functions and yet offered suffice to discharge, when due, all interest on substantial benefits in the financing of States and principal of such obligations, which and municipalities, then your Committee promise (1) is made by a governmental would face a real challenge in balancing the entity that possesses general powers of taxrelative importance of the two factors to the ation, including property taxation, and (2) general public. But in our judgment, no such pledges or otherwise commits the full faith problem is presented here. The danger of and credit of said promisor; said term does conflicts of interest is real and substantial, not include obligations not so supported that whereas the promise of cost benefits in public are to be repaid only from specified sources financing is remote and insubstantial. such as the income from designated facilities Unfortunately, a decision by the Commit- or the proceeds of designated taxes." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN • MAY 1965 We believe that enactment of this amend- ing activities with advising and investing ment would establish a uniform and salutary functions. rule and remove a serious inequity. But whatever the decision on this question In sum, I have expressed the hope that this of principle, the Board urges that the existing Committee will reaffirm the policy to keep confusion and unfairness arising from concommercial and investment bankers at arm's flicting interpretations of the law be settled length to prevent the conflicts of interests by congressional action at the earliest opporthat might stem from the intermixture of sell- tunity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Termination of Reserve City Designation AMENDMENT TO REGULATION T (12 CFR PART 220) Pursuant to the Board's Rule for Classification of Reserve Cities, the designation of Toledo, Effective May 15, 1965, section 220.4(c)(3) Ohio, was terminated, effective May 13, 1965. is amended to read as follows: This action is codified as § 204.56 of Title 12, Part 204, Code of Federal Regulations, reading SECTION 220.4—SPECIAL ACCOUNTS as follows: (c) Special Cash Account.— * * * (3)If the security when so purchased is an unissued § 204.56 Termination of Toledo, Ohio, designation security, the period applicable to the transaction under as reserve city. subparagraph (2) of this paragraph shall be 7 days after the date on which the security is made available In accordance with paragraph (e) of § 204.51, a by the issuer for delivery to purchasers. If the security member bank in Toledo, Ohio, has submitted a when so purchased is a "when distributed" security written request for termination of the designation of which is to be distributed in accordance with a pubsuch city as a reserve city, and, acting pursuant to lished plan, the period applicable to the transaction such paragraph (e) of § 204.51, the Board of Gov- under subparagraph (2) of this paragraph shall be 7 ernors has granted such request. Accordingly, the days after the date on which the security is so disdesignation of Toledo, Ohio, as a reserve city is tributed. If the security when so purchased is a new hereby terminated effective May 13, 1965. security issued or to be issued for the purpose of refunding outstanding securities which mature, or are to be payable upon presentation for redemption, with- Special Cash Account in 35 days of the date on which the new security is made available by the issuer for delivery to pur- The Board of Governors, effective May 15, chasers, the period applicable to the transaction under 1965, amended § 220.4(c) (3) of Regulation T, subparagraph (2) of this paragraph shall be 7 days entitled Credit by Brokers, Dealers, and Members after such maturity or payment date, provided, that this sentence shall apply only to the payment of that of National Securities Exchanges, to provide that portion of the purchase price that does not exceed the maximum time for payment for a new security 103 per cent of the amount that will be payable to the issued to accomplish a total or partial refunding purchaser of the new security upon such maturity of, or payment for, securities owned by him at the time of an outstanding security shall be seven days of the purchase. after the maturity, redemption, or prepayment date of such outstanding security, if the period Orders Under Bank Merger Act from the time the new security is actually available for delivery to the purchasers until such The following Orders and Statements were maturity, redemption, or prepayment does not issued in connection with actions by the Board exceed 35 days. The purchaser must own the out- of Governors with respect to applications for apstanding securities at time of purchase and at the proval of the merger of banks: time of maturity, redemption, or prepayment. The reason for this departure from the ordinary rules FIRST TRUST COMPANY OF ALBANY, of payment is to enable certain classes of investors ALBANY, NEW YORK to continue an investment in an enterprise, with- In the matter of the application of First Trust out advancing new funds, by allowing the appli- Company of Albany for approval of merger with cation of the proceeds of the redemption to the The National Bank of Windham. purchase of the new security. This amendment supersedes the last four paragraphs of the Board's ORDER APPROVING MERGER OF BANKS interpretation contained in the 1940 Federal Reserve BULLETIN at page 1172. The text of the There has come before the Board of Governors, amendment reads as follows: pursuant to the Bank Merger Act of 1960 (12 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN • MAY 1965 U.S.C. 1828(c)), an application by First Trust Under the Act, the Board is required to con- Company of Albany, Albany, New York, a State sider, as to each of the banks involved, (1) its member bank of the Federal Reserve System, for financial history and condition, (2) the adequacy the Board's prior approval of the merger of that of its capital structure, (3) its future earnings bank and The National Bank of Windham, Wind- prospects, (4) the general character of its manham, New York, under the charter and title of agement, (5) whether its corporate powers are First Trust Company of Albany. As an incident consistent with the purposes of 12 U.S.C, Ch. 16 to the merger, the two offices of The National (the Federal Deposit Insurance Act), (6) the Bank of Windham would become branches of the convenience and needs of the community to be resulting bank. Notice of the proposed merger, in served, and (7) the effect of the transaction on form approved by the Board, has been published competition (including any tendency toward pursuant to said Act. monopoly). The Board may not approve the Upon consideration of all relevant material in transaction unless, after considering all of these the light of the factors set forth in said Act, in- factors, it finds the transaction to be in the public cluding reports furnished by the Comptroller of interest. the Currency, the Federal Deposit Insurance Cor- Banking factors. The financial histories of First poration, and the Department of Justice on the Trust and Windham National are satisfactory. competitive factors involved in the proposed The asset condition of each of the banks is good, merger, and both have adequate capital structures and IT IS HEREBY ORDERED, for the reasons set forth favorable future earnings prospects. The managein the Board's Statement of this date, that said ment of Windham National is satisfactory. The application be and hereby is approved, provided resulting bank, which would be under the comthat said merger shall not be consummated (a) petent management of First Trust, would have a within seven calendar days after the date of this sound asset condition, an adequate capital struc- Order or (b) later than three months after said ture, and favorable earnings prospects. date. There is no evidence that the corporate powers Dated at Washington, D. C, this 14th day of of the banks are, or would be, inconsistent with April, 1965. the purposes of 12 U.S.C, Ch. 16. By order of the Board of Governors. Convenience and needs of the community. First Voting for this action: Unanimous, with all members Trust has six offices in or near Albany, which present. is the State capital and situated on the west bank (Signed) MERRITT SHERMAN, of the Hudson River about 150 miles north of Secretary. New York City. The bank's two other offices are [SEAL] located, respectively, about 45 miles northwest of STATEMENT Albany in Johnstown, the seat of Fulton County, First Trust Company of Albany, Albany, New and in Broadalbin, a small community approxi- York ("First Trust"), with total deposits of about mately 10 miles east of Johnstown. Consumma- $100 million, has applied, pursuant to the Bank tion of the merger would have no appreciable Merger Act of 1960 (12 U.S.C. 1828(c)), for effect on the convenience and needs of the areas the Board's prior approval of the merger of that now served by First Trust. bank and The National Bank of Windham, Wind- Windham, with an estimated population of ham, New York ("Windham National"), with about 1,300, is situated in Greene County about total deposits of about $3.5 million.1 The banks 57 miles southwest of Albany. Tannersville, the would merge under the charter and name of First location of Windham National's only branch, has Trust Company of Albany, a State member bank a population of about 600 and is situated 14 miles of the Federal Reserve System. As an incident to southeast of Windham. Windham National is the merger, the two offices of Windham National the only bank in its service area 2 which lies in a would become branches of First Trust, increasing to 10 the number of its banking offices. 2 That area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, 1 Deposit figures are as of June 30, 1964. and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 671 resort region in the northern part of the Catskill effect on other banks. Bank customers in the de- Mountains. The population of the Windham- veloping area served by Windham National would Tannersville area, with about 5,000 local residents, have ready access to a bank of sufficient resources increases substantially during the summer months. to meet most of the credit demands that are pres- This area is being developed to attract both ently not being satisfied locally. They would also winter and summer resort business. The credit be provided with a broader range of banking needs of the community are increasing, particu- services than are now available in the Windhamlarly those of resort operators. Many loan appli- Tannersville area. cations have exceeded the bank's lending limit of Accordingly, the Board finds the proposed mer- $20,000, and the resources of the bank have en- ger to be in the public interest. abled it to finance only a small percentage of the mortgage loans on property in the Windham- WACHOVIA BANK AND TRUST COMPANY, Tannersville area. The needs of many local bor- WINSTON-SALEM, NORTH CAROLINA rowers can be met only by turning to larger banks outside the Windham-Tannersville area. In the matter of the application of Wachovia The resulting bank, with a basic lending limit Bank and Trust Company for approval of merof around $700,000, would be in a position to ger with The Bank of Kernersville. meet these credit needs and, in addition, it would provide a number of services not available from ORDER APPROVING MERGER OF BANKS Windham National, including trust services for which there is some local demand. There has come before the Board of Governors, Competition. As noted above, the nearest offices pursuant to the Bank Merger Act of 1960 (12 of First Trust and Windham National are about U.S.C. 1828(c)), an application by Wachovia 57 miles apart. The service areas of the two banks Bank and Trust Company, Winston-Salem, North do not overlap, and there is no significant com- Carolina, a State member bank of the Federal petition between them. Reserve System, for the Board's prior approval of The State Bank of Albany (one of the two the merger of that bank and The Bank of Kernerslargest banks in the Fourth Banking District of ville, Kernersville, North Carolina, under the New York) has a branch at Cairo, approximately charter and title of Wachovia Bank and Trust 15 miles east of Windham. Conversion of Wind- Company. As an incident to the merger, the sole ham National's offices to branches of First Trust office of The Bank of Kernersville would become would provide more effective banking competition a branch of the resulting bank. Notice of the proin the Windham-Tannersville area for State Bank posed merger, in form approved by the Board, of Albany. The three other commercial banks has been published pursuant to said Act. headquartered in Greene County and the five Upon consideration of all relevant material in commercial banks (other than State Bank of Al- the light of the factors set forth in said Act, inbany) headquartered in adjacent or other coun- cluding reports furnished by the Comptroller of ties that compete in various degrees in the Wind- the Currency, the Federal Deposit Insurance Corham-Tannersville area would not be adversely poration, and the Department of Justice on the affected by consummation of the proposal. One competitive factors involved in the proposed of these banks, like State Bank of Albany, is merger, much larger than First Trust, and the others are IT IS HEREBY ORDERED, for the reasons set forth well-established institutions serving chiefly areas in the Board's Statement of this date, that said separate and distinct from the Windham-Tanners- application be and hereby is approved, provided ville area. that said merger shall not be consummated (a) Summary and conclusion. The proposed re- within seven calendar days after the date of this placement of the two offices of Windham Na- Order or (b) later than three months after said tional with offices of First Trust would not elimi- date. nate any significant competition, while banking Dated at Washington, D. C, this 29th day of competition in the area served by Windham Na- April, 1965. tional would be stimulated without any adverse By order of the Board of Governors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN • MAY 1965 Voting for this action: Chairman Martin, and Gov- There is no indication that the corporate powernors Balderston, Shepardson, and Daane. Voting ers of the banks are, or would be, inconsistent with against this action: Governor Robertson. Absent and not voting: Governor Mitchell. the purposes of 12 U.S.C, Ch. 16. Convenience and needs of the communities. (Signed) MERRITT SHERMAN, Kernersville has a population of about 3,000 and Secretary, is located in Forsyth County near the center of [SEAL] the tri-city complex formed by Greensboro, High STATEMENT Point, and Winston-Salem. The economy of Kern- Wachovia Bank and Trust Company, Winston- ersville proper is based principally on textile man- Salem, North Carolina ("Wachovia"), with total ufacturing; agricultural activities are predominant deposits of $764 million, has applied, pursuant to in the immediately surrounding region. Recently, the Bank Merger Act of 1960 (12 U.S.C. Kernersville has been growing as a residential 1828(c)), for the Board's prior approval of the community and, because of its central location, is merger of that bank and The Bank of Kerners- becoming a distribution point for the surrounding ville, Kernersville, North Carolina ("Kernersville cities. Bank"), which has total deposits of $4 million.1 Kernersville Bank, a family-owned and operated The banks would merge under the charter and institution, is the only commercial banking office name of Wachovia, a State member bank of the in Kernersville. The bank makes available only Federal Reserve System. As an incident to the limited services relative to the banking needs of merger, the sole office of Kernersville Bank would the Kernersville area. In particular, the bank does become a branch of Wachovia, increasing the not offer, for example, trust services, special number of its offices to 93. checking accounts, or an adequate range of con- Under the law, the Board is required to con- sumer, farm, and business loans. While these sider, as to each of the banks involved, (1) its services are available at banking offices situated financial history and condition, (2) the adequacy about 10 miles distant, it is clear that the banking of its capital structure, (3) its future earnings needs and convenience of the Kernersville comprospects, (4) the general character of its man- munity would be better served if a wider variety agement, (5) whether its corporate powers are of banking services, such as would be provided consistent with the purposes of 12 U.S.C, Ch. 16 by Wachovia, were more readily available. (the Federal Deposit Insurance Act), (6) the con- The proposed merger would have no apprecivenience and needs of the community to be able effect on the banking needs and conveniserved, and (7) the effect of the transaction on ence of the communities in which Wachovia prescompetition (including any tendency toward ently has banking offices. monopoly). The Board may not approve the Competition. Wachovia, with about 22 per cent transaction unless, after considering all of these of the total deposits and 11 per cent of the offices, factors, it finds the transaction to be in the public is the largest commercial bank in North Carolina. interest. The seven largest banks in North Carolina, five Banking factors. The financial histories of of which have offices in the tri-city area, hold al- Wachovia and Kernersville Bank are satisfactory, together approximately 69 per cent of the State's and each bank has a sound asset condition and commercial bank deposits. The proposed merger an adequate capital structure. Each bank has a would increase Wachovia's share of the State's good earnings record and satisfactory future earn- total commercial bank deposits by about oneings prospects. While each bank is satisfactorily tenth of 1 per cent. managed, the proposed merger would result in a The service area2 of Kernersville Bank may more progressive operation of the office now main- be approximately defined as the area contained tained by Kernersville Bank. In addition to capa- within a radius of about 4 to 8 miles from Kernble management, the resulting bank would have ersville, and it includes portions of eastern Forsyth a sound asset condition, an adequate capital structure, and good future earnings prospects. 2 The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships, deposit figures are as of June 30, 1964. and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 673 County and western Guilford County. The nearest would result in improved and expanded banking offices of Wachovia to Kernersville Bank are in services for the area now served by Kernersville Winston-Salem, High Point, and Greensboro, these Bank, and holds that this factor outweighs the cities being, respectively, about 10, 14, and 17 probable adverse consequences for banking commiles distant. While Kernersville Bank has not petition. Yet, the majority concedes in essence been a very aggressive competitor, some competi- (and the record clearly shows) that full banking tion does exist between the proponent banks; this services are conveniently available to Kernersville and such potential for further competition as ex- residents at other banking offices in the tri-city ists would be foreclosed by consummation of the area; and the majority, at the same time, disdains proposed merger. sub silentio the evidence of record that, notwith- Wachovia has 22 of the 73 3 banking offices in standing consummation of the proposed merger, Forsyth and Guilford Counties, and holds about the major industries in Kernersville will continue 54 per cent of the total deposits held by all com- to maintain their principal banking connections mercial banks in these counties. The proposed elsewhere. Further, no attention whatsoever is merger would increase Wachovia's share of total given by the majority to the fact that Wachovia— commercial bank deposits in this two-county area or other full-service banks—can enter Kernersby less than 1 per cent. There is no indication ville by the establishment of de novo branches. that any other bank in the relevant area would The majority's finding with respect to the convenibe adversely affected by the proposed merger. ence and needs factor is, in my opinion, unsup- Summary and conclusion. While the proposed ported by the record and is the result of sheer ramerger would foreclose some competition between tionalization. the proponent banks and result in a very slight Wachovia, the largest bank in North Carolina, increase in the already heavy concentration of and the next four largest banks together account bank resources, it does not appear that the trans- for over 47 per cent of the banking offices, and action would have any significant adverse conse- for more than 64 per cent of the total deposits, quences for banking competition in the State or of all the State's commercial banks. More particuin the relevant local market area. Wachovia will larly, with 64 of the 73 banking offices1 in provide for the area now served by Kernersville Forsyth and Guilford Counties, the area treated Bank the improved and expanded banking services by the majority as the relevant geographical marwhich are essential for the community's continued ket, these same five banks hold nearly 94 per cent economic progress. This outweighs any adverse of the total deposits held by the 12 commercial competitive effect and, therefore, the net effect banks operating offices there. Wachovia alone of the transaction will be clearly beneficial. owns over 30 per cent of the banking offices, and Accordingly, the Board finds that the proposed holds about 54 per cent of commercial bank demerger would be in the public interest. posits, in this two-county area; Wachovia and the State's second largest bank together account for DISSENTING STATEMENT OF GOVERNOR ROBERTSON over 60 per cent of the banking offices, and for nearly 82 per cent of the commercial bank de- By approving this application the Board has, posits, in this area. Following the merger, the in my judgment, taken one more step toward total deposit holdings of Wachovia in Forsyth and making a virtual nullity of the Bank Merger Act Guilford Counties will exceed by nearly tenfold of 1960. the combined deposits of the area's six remaining I have searched the record in vain for factual independent commercial banks, five of which are bases which would warrant Federal sanction of even smaller than Kernersville Bank. the acquisition by the dominant institution in what is tantamount to an oligopoly of another If the degree of concentration is not prohibihealthy institution in the same industry and lo- tively great here so as to preclude even the slightcated in the same geographical area. est increase through further acquisition of sound, To be sure, the majority finds that the merger 1 Excluding six seasonal offices held also by the 8 Seasonal offices are excluded. big five. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN • MAY 1965 albeit small, banks,2 it is difficult for me to Banks made no recommendation. However, the imagine such a case. Board was advised that the Massachusetts Board I would deny the application. of Bank Incorporation, after a hearing pursuant to the laws of Massachusetts upon the related Order Under Section 3 of the applications filed with it, granted approval. Notice Bank Holding Company Act of receipt of the applications was published in the Federal Register on January 27, 1965 (30 F. R. The Board of Governors issued the following 357), which provided an opportunity for sub- Order and Statement in connection with action on mission of comments and views regarding the an application for permission to become a bank proposed transactions. Time for filing such views holding company, and thereafter to acquire the and comments has expired and all comments and stock of a proposed new bank: views filed with the Board have been considered by it. SHAWMUT ASSOCIATION, INC., IT IS HEREBY ORDERED, for the reasons set forth BOSTON, MASSACHUSETTS in the Board's Statement of this date, that said In the matter of the applications of Shawmut applications be and hereby are approved, provided Association, Inc., for permission to become a that the acquisitions so approved shall not be conbank holding company through acquisition of the summated (a) within seven calendar days after stock of twelve existing Massachusetts banks, and the date of this Order, or (b) later than three thereafter, to acquire the stock of a proposed new months after said date. national bank in Massachusetts. Dated at Washington, D. C, this 16th day of April, 1965. ORDER APPROVING APPLICATIONS UNDER By order of the Board of Governors. BANK HOLDING COMPANY ACT Voting for this action: Unanimous, with all members There has come before the Board of Governors, present. pursuant to sections 3(a)(l) and 3(a) (2) of the (Signed) MERRITT SHERMAN, Secretary. Bank Holding Company Act of 1956 (12 U.S.C. [SEAL] 1842(a)(l) and (2)) and sections 222.4(a)(l) STATEMENT and (2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(l) and (2)), applications on be- Shawmut Association, Boston, Massachusetts half of Shawmut Association, Inc., Boston, Mas- ("Trust"), is a registered bank holding company sachusetts, for the Board's approval of actions and a Massachusetts trust which owns a minimum whereby Applicant would become a bank holding of 55 per cent of twelve banks operating in four company through the acquisition of a majority of counties generally surrounding Suffolk County in the voting shares of each of twelve Massachusetts which Boston, Massachusetts, is located. Trust's banks and thereafter would acquire a minimum twelve majority-owned banks, and their locations of 97.5 per cent of the voting shares of a proposed in Massachusetts, are as follows: National Bank of new national bank in Massachusetts with which Plymouth County, Brockton; County Bank and would be consolidated The National Shawmut Trust Company, Cambridge; The Everett National Bank of Boston, under the charter of the former Bank, Everett; Lexington Trust Company, Lexingand the title of the latter. ton; Melrose Trust Company, Melrose; Needham Since both State and national banks are in- National Bank, Needham; Newton National Bank, volved, the Board notified the Comptroller of the Newton; Merchants-Warren National Bank of Currency and the Massachusetts Commissioner Salem, Salem; Somerville National Bank, Somerof Banks of receipt of the applications and re- ville; Wakefield Trust Company, Wakefield; Walquested their views and recommendations. The tham Citizens National Bank, Waltham; and The Comptroller recommended approval of the appli- Winchester National Bank, Winchester. cations. The Massachusetts Commissioner of At June 30, 1964,1 Trust's twelve subsidiary 2 See the discussion on this point in my Dissenting 1 Unless otherwise indicated, all banking data noted Statement at 51 Federal Reserve BULLETIN 98 (1965). are of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

675 LAW DEPARTMENT banks operated 36 banking offices and had aggre- for views and recommendations on Applicant's gate deposits of $180,374,000. proposals, the Comptroller of the Currency rec- The National Shawmut Bank of Boston, Boston, ommended approval of the applications. The Mas- Massachusetts, ("Present Shawmut Bank") is, sachusetts Commissioner of Banks made no recunder section 2(a)(l) of the Bank Holding Com- ommendation. However, the Board was advised pany Act of 1956 ("the Act"), a bank holding that approval, as required under the laws of Mascompany in respect to the same 12 banks because sachuetts, was granted by the Massachusetts Board it indirectly controls Trust, a bank holding com- of Bank Incorporation following a hearing on the pany. Present Shawmut Bank operates 31 banking applications. offices and has aggregate deposits of $505,741,000. Statutory factors. Section 3(c) of the Act re- Trust and its subsidiary banks and Present Shaw- quires the Board to take into consideration the mut Bank are hereafter referred to as "Shawmut following five factors: (1) the financial history Group". and condition of the holding company and the The applications before the Board reflect a pro- banks concerned; (2) their prospects; (3) the posed reorganization of the present structure of character of their management; (4) the convenithe Shawmut Group to the end that one corporate ence, needs, and welfare of the communities and bank holding company will own and control the area concerned; and (5) whether the effect of Trust's twelve subsidiary banks and Present Shaw- the proposed acquisition would be to expand the mut Bank. A newly formed corporation, Shaw- size or extent of the bank holding company system mut Association, Inc., Boston, Massachusetts, involved beyond limits consistent with adequate ("Applicant"), would, in exchange for its stock, and sound banking, the public interest, and the acquire Trust's property and assets (including the preservation of competition in the field of banking. stock in Trust's twelve subsidiary banks) and assume its liabilities. Through this acquisition Ap- DISCUSSION plicant would become a bank holding company. Applicant has no financial history. However, its It is this action that is the subject of the section prospects for sound financial condition are indi- 3 (a) (1) application filed by Applicant. cated by the sound financial histories and condi- Secondly, Applicant would acquire a minimum tions of Trust, its subsidiary banks, and Present of 97.5 per cent of the voting shares of Congress Shawmut Bank. The managements of Trust, its National Bank of Boston, Massachusetts ("Con- twelve subsidiary banks, and Present Shawmut gress Bank"), a proposed new national bank, for- Bank are capable and experienced. Applicant's mation of which has been preliminarily approved management will be composed of the management by the Comptroller of the Currency. In connec- of Trust supplemented by other directors of Prestion with this proposal, Applicant filed a section ent Shawmut Bank. Applicant's ownership of the 3 (a) (2) application. resulting National Shawmut Bank of Boston would Finally, Congress Bank would consolidate with increase significantly its net worth. In view of the the Present Shawmut Bank under the charter of past successful operations of Trust and its subthe former and the title of the latter, the share- sidiary banks, and that of Present Shawmut Bank, holders of Present Shawmut Bank to receive the prospects of Applicant and the banks involved shares of Applicant in exchange for each share are considered favorable. of Present Shawmut Bank held by them. Conse- Inasmuch as the proposed acquisitions involve, quently, Applicant would control 13 subsidiary essentially, a reorganization of corporate units in banks operating 67 banking offices with aggregate a holding company system, and reflect neither exdeposits of $686,115,000. pansion of that system nor any significant change In view of the reorganizational aspects of these in the character of the system's banking facilities, proposals, the sections 3(a)(l) and 3(a) (2) ap- the convenience, needs, and welfare of the complications have been considered, and are herein munities and areas concerned would not be matediscussed, together. rially affected. On the same bases, the Board con- Views and recommendations of State super- cludes that the proposed acquisitions would not visory authority and the Comptroller of the Cur- alter the existing competitive situation among the rency. In response to a request from the Board banks of the area nor otherwise significantly affect Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN • MAY 1965 actual or potential competition in the field of nonbanking organizations to apply in order to banking. It is the Board's view that achievement carry out the purposes of the Act. by Applicant of the proposed reorganization, re- Pursuant to the requirements of section 4(c)(6) sulting in a consolidation under one corporate en- of the Act and in accordance with the provisions tity of the ownership and control of the banks of section 222.5(b) and 222.7(a) of the Board's involved, is consistent with sound banking and the Regulation Y (12 C.F.R. §§ 222.5(b), 222.7(a)), public interest. a hearing was held in this matter on October 27, Conclusion. On the basis of all the relevant 1964. The Hearing Examiner filed his Report and facts as contained in the record before the Board, Recommended Decision on February 18, 1965, and in the light of the factors set forth in section a copy of which is appended hereto, wherein he 3(c) of the Act, it is the Board's judgment that the recommended that the request be granted. The proposed acquisitions would be consistent with the time for filing exceptions to the aforesaid Report public interest and that the applications should, and Recommended Decision having expired and therefore, be approved. none having been filed, the Board hereby adopts the findings of fact, conclusions of law, and rec- Orders Under Section 4 ommendation embodied therein, and on the basis of Bank Holding Company Act thereof and of the entire record, IT IS HEREBY ORDERED, that the activities The Board of Governors has issued Orders applanned to be undertaken by the proposed comproving requests by two bank holding companies pany, First Oklahoma Baninsurance, Inc., are defor determinations that the proposed activities of termined to be so closely related to the business certain subsidiary nonbanking organizations are of banking or of managing or controlling banks not prohibited. The Board's Orders, accompanied as to be a proper incident thereto and as to make by Hearing Examiners' Reports and Recommendit unnecessary for the prohibitions of section 4(a) ed Decisions, read as follows: of the Bank Holding Company Act of 1956 to apply in order to carry out the purposes of the FIRST OKLAHOMA BANCORPORATION, Act; provided, however, that this determination INC., OKLAHOMA CITY, OKLAHOMA is subject to revocation if the facts upon which it is based should cease to obtain in any material In the matter of the application of First Oklarespect. homa Bancorporation, Inc., Oklahoma City, Oklahoma, pursuant to section 4(c)(6) of the Bank Dated at Washington, D. C, this 16th day of Holding Company Act of 1956 for a determina- April, 1965. By order of the Board of Governors. tion re the proposed First Oklahoma Baninsur- Voting for this action: Chairman Martin, and Govance, Inc., Oklahoma City, Oklahoma. Docket ernors Balderston, Shepardson, and Mitchell. Absent No. BHC-71. and not voting: Governors Robertson and Daane. ORDER (Signed) MERRITT SHERMAN, Secretary. First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, a bank holding company [SEAL] within the meaning of section 2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. § REPORT AND RECOMMENDED DECISION 1841 (a)), filed a request on July 20, 1964, for a STATEMENT OF THE CASE determination by the Board of Governors of the Federal Reserve System that the activities planned First Oklahoma Bancorporation, Inc. ("Bancorporation" or "Applicant") has filed with the Board of to be undertaken by its proposed subsidiary, First Governors of the Federal Reserve System ("the Oklahoma Baninsurance, Inc., are of the kind de- Board") an application pursuant to section 4(c)(6) scribed in section 5(c)(6) of the Act (12 U.S.C. of the Bank Holding Company Act of 1956 ("the Act") for an order and determination by the Board §1843(c)(6)) and section 222.5(b) of the that all the activities of First Oklahoma Baninsurance, Board's Regulation Y (12 C.F.R. § 222.5(b)) so Inc. ("Baninsurance"), a proposed Oklahoma insuras to make it unnecessary for the prohibitions of ance corporation, are activities so closely related to the business of banking or of managing or controlling section 4(a) of the Act with respect to shares in banks as to be a proper incident thereto, and as to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 677 make it unnecessary for the prohibition of section loan and it is optional with their borrowers as to 4(a)(l) of the Act to apply in order to carry out whether the insurance is written. the purposes of the Act. On September 20, 1964, The service presently rendered by the two banks in the Board ordered that a hearing be held on the afore- connection with this insurance is, however, only to act said request pursuant to section 4(c)(6) of the Act as agent or intermediary in behalf of the non-affiliated and section 222.5(b) and 222.7(a) of the Board's insurance companies issuing these policies. Thus, at Regulation Y (12 CFR 222.5(b), 222.7(a)) of which First National, the policies are procured and counterhearing notice was published in the Federal Register signed by one of its employees acting as agent for the on October 7, 1964 (29 FR 13848). insurance company involved. At Idabel National, the Pursuant to the aforesaid Order and notice, a hear- insurance is written by an outside agent located in or ing was held at Washington, D. C, on October 27, near Idabel, though in many cases the insurance is 1964, before the undersigned duly selected and des- written as the result of reference by, or other arrangeignated hearing examiner. Bancorporation and the ments with, employees or officers of Idabel National. Board, the latter appearing in a non-adversary ca- There is no contention that either First National or pacity, were represented at that hearing by counsel Idabel National is not now adequately providing credit and were afforded full opportunity to be heard, to insurance to their customers through the media of examine and cross-examine witnesses, and to file briefs non-affiliated insurance companies. The record estaband proposed findings of fact and conclusions of law.1 lishes, however, that based on an experience of 11 During the hearing, Bancorporation was granted leave years, the "loss ratio" on insurance written at First to make thereafter a part of the record herein certain National was only 17 per cent of the premium charged exhibits not then available, which exhibits were there- as compared to a "loss ratio" of more than 20 per after received and made a part of the record by my cent for the "national average." It is the expectation of Order of November 13, 1964. Applicant, based on this better "loss experience," Upon the entire record and the brief of Applicant I coupled with anticipated economies in operation, that make the following: Baninsurance will realize a net profit as insurer substantially greater than the commissions paid agents for writing that insurance, with the resultant financial FINDINGS OF FACT benefit flowing to Bancorporation. The underlying objective of the pending application is, therefore, to On November 30, 1962, the Board approved Ban- enable Bancorporation to acquire and control all the corporation's application to become a bank holding voting shares of the proposed insurance company company under the Act (45 F. R. Bull. 1608). Pur- which will issue and itself write and carry credit life, suant to that determination, Bancorporation there- health and accident insurance covering the type of after acquired, and it presently is the owner of ap- loans described above. proximately 97 per cent of the authorized and out- To achieve that objective, Bancorporation's board standing capital stock of First National Bank and of directors by a resolution adopted on June 9, 1964 Trust Company of Oklahoma City, Oklahoma ("First ? authorized and instructed its officers to seek the deter- National"), and approximately SIVi per cent of the mination sought in this proceeding and, if successful authorized and outstanding capital stock of Idabel with respect thereto, to form and organize the insur- National Bank of Idabel, Oklahoma ("Idabel National").2 Both banks are engaged in general banking ance company above described to be known as First Oklahoma Baninsurance, Inc. ("Baninsurance"), with business. capital of $150,000 and an additional paid-in surplus Among the loans made by these two banks are the of $75,000. The resolution further authorized and following three types of direct loans in amounts not in directed Bancorporation's officers to subscribe for and excess of $5,000, payable on an installment basis purchase all of the authorized capital stock of that inranging from 12 to 36 months: (a) Personal loans of surance corporation.3 Pursuant to that resolution, approximately $1,000, both secured and unsecured; appropriate articles for the incorporation of Banin- (b) home improvement loans not insured under the surance under the laws of the State of Oklahoma were Federal Housing Act; (c) automobile loans on new prepared. and used automobiles. On December 31, 1963, First Article 111(1) of those articles establishes that the National had outstanding approximately 6,000 such "object, powers and purposes" of the proposed cordirect loans with an aggregate dollar volume of $3.8 poration are to engage in the insurance business as million. Of these borrowers, 4,300, or approximately domestic life insurer as authorized by the laws of 70 per cent, applied for and obtained credit life in- Oklahoma, and to write, execute and issue contracts surance policies negotiated and countersigned by an and policies of insurance only to debtors of the bankemployee of First National. The premiums paid for ing subsidiaries of Bancorporation as follows: "(a) that insurance amounted to approximately $105,000. Credit life, health and accident insurance; (b) to re- On December 31, 1963, Idabel National had approxiinsure and accept reinsurance and to make and enter mately 2,000 similar loans of which number about into contracts pertaining to the same." 400, or 20 per cent, were covered by credit life insurance. Neither of Applicant's subsidiary banks require Article 111(2), however, also grants the proposed such credit insurance as a condition to making the corporation the following additional powers: "To own, acquire, buy, sell, mortgage, trade, lease, convey, lease for oil and gas development and transfer any real, 1 Applicant's proposed findings are adopted to the extent personal or mixed property when the same shall be that their substance is included in or consistent with the findings made below. necessary or convenient and to enter into and to carry 2 After these acquisitions by Bancorporation, the legislature out and perform any and all contracts of every kind of Oklahoma enacted a statute limiting the acquisition by a and character pertaining to its business." bank holding company of not to exceed 5 per cent of the authorized, issued and outstanding capital stock of any bank. Title 6, Oklahoma Statutes Annotated (1963, Section 551-4). s Bancorporation "has a net worth of $44 million". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN • MAY 1965 With respect to this provision, W. H. McDonald, additional $75,000 to surplus of said corporavice-president of Applicant, the designated secretary- tion; treasurer of Baninsurance, and the Applicant's prin- 4. A deposit as required by the Statutes of the cipal witness at the hearing herein, tesified that he in- State of Oklahoma, in amount and type reterpreted Article 111(2) to "contemplate a transaction quired by law; and where [the] insurance company might make a loan 5. Full compliance by the corporation with all and acquire a piece of property through [foreclosure] other applicable State or Federal laws. which it will subsequently have to have the right to make disposition thereof." 4 To make absolutely cer- At the hearing herein, Mr. McDonald testified that tain Applicant has no intention that the proposed all of said conditions will be complied with. If the company will engage generally in the business de- Board should grant the requested determination, the scribed in Article 111(2) of the proposed articles of inoffice of Baninsurance will be located in the quarters corporation, its brief herein assures the Board, with of First National in Oklahoma City, Oklahoma, and the emphasis hereafter noted, that "Applicant has no its business, until additional help is required, will be intention whatsoever and will assure this Honorable conducted by employees of that bank and of Idabel Board in any form requested that it has no intention to National. Four of the five proposed incorporators, and will not permit its wholly owned subsidiary insurwho are also proposed officers and directors of Banance company, if its application is granted, to make insurance, will be men now serving as officers and investments in any assets not permitted to be made directors of either or both Bancorporation and First by Applicant itself." National, including C. A. Vose, proposed president of On the entire record I am convinced and find that Baninsurance and who is presently serving as presithere is no intention on the part of Bancorporation, dent and director of Applicant. The fifth proposed which will control the operation of the proposed in- director is presently a director of Applicant and of surance company, to generally engage in the business First National. described in the aforesaid Article 111(2). The proposed articles of incorporation were submitted to the Secretary of State for the State of Okla- CONCLUDING FINDINGS homa who, on July 8, 1964, advised Bancorporation that, subject to the approval of the Insurance Com- To entitle Applicant to the requested determination missioner of the State of Oklahoma, he would "ap- and exemption from the prohibition imposed by secprove and accept for filing the aforesaid articles of in- tion 4(a)(l) of the Act5 the record must establish, corporation in the exact form submitted when executed as provided by section 4(c) (6) of the Act, that all the and acknowledged by the individual incorporators activities of Baninsurance are of "a financial, fiduciary, indicated thereon." He further advised Bancorpora- or insurance nature . .. so closely related to the tion that he was granting its request for "reservation business of banking or of managing or controlling of corporate name" of Baninsurance in the manner banks as to be a proper incident thereto and as to and for the time provided by law. make it unnecessary for the prohibitions of this sec- On July 8, 1964, the Assistant Insurance Commis- tion to apply in order to carry out the purposes of sioner and counsel for the State of Oklahoma like- this Act."6 wise informed Bancorporation that his office approved On the entire record it is conclusively established the form and contents of the proposed articles of in- that all the activities of Baninsurance will be of an corporation for Baninsurance as well as its proposed "insurance nature." It must also be determined, howbylaws, and that his office would issue a certificate ever, as required by section 4(c)(6) of the Act and permitting that proposed corporation to engage in the section 222.5 (b) of the Board's Regulation Y, whether insurance business within the State of Oklahoma in the activity as to which exemption is sought "is so the manner provided by law upon compliance with closely related to the business of banking. . . , as conthe following: ducted by ... [Applicant's] banking subsidiaries, as to be a proper incident thereto and as to make it un- 1. The execution and acknowledgment of said necessary for the prohibitions of section 4 of the Act Articles in exact form submitted by the in- to apply in order to carry out the purposes of the dicated incorporators and the filing thereof with act." Our only problem is, therefore, to determine the Secretary of State of the State of Oklahoma; whether the two conditions enumerated immediately 2. The adoption of said bylaws by said incorpora- above have been, or will be, complied with. tors in exact form [as submitted]; The Board, in numerous proceedings involving re- 3. Subscription of the full amount of the capital quests for the exemption provided by section 4(c)(6) stock of said insurance corporation in the of the Act, has had no hesitation in determining that amount of $150,000 by First Oklahoma Ban- nonbanking subsidiary companies of a bank holding corporation, Inc., and the contribution of an company engaged as insurance agents writing various types of insurance covering loans made by their affil- * In its brief in support of the application herein, Bancorpora- 5 This section reads as follows: "Except as otherwise protion states with reference to this clause: "Quite frankly, the vided in this Act, no bank holding company shall—(1) after purpose clause contained in Applicant's proposed article fol- the date of enactment of this Act acquire direct or indirect lows more or less identically the form heretofore used within ownership or control of any voting snares of any company the State of Oklahoma ... It very well may be that much of which is not a bank." the additional contents of the purpose clause are unnecessary. 6 "While the language of section 4(c) (6) is couched in the If so, this is the fault of the draftsmen of the document and present tense, it does not preclude consideration of a request does not express any intention on the part of the Applicant to for exemption with respect to a corporation in which the permit its wholly owned subsidiary insurance company to invest Applicant proposes to acquire stock where, as here, the nature any of its assets in investments not permitted Applicant or of the activities to be carried on by that corporation is susengage in any business not permitted Applicant, except, of ceptible of determination." First Bank Stock Corporation, course, issuing insurance policies." 45 F. R. Bull. 917, 928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

679 LAW DEPARTMENT iated banks are companies whose activities are so insurance Occidental then had in effect. It was against closely related to the business of banking, and more this background that the Board was requested to grant particularly as conducted by their affiliated banks, as Transamerica the exemption provided by section 4(c) to entitle them to the exemption provided by section (6) of the Act which would permit it to retain owner- 4(c)(6).7 While the proceedings just referred to in- ship of its shares in Occidental. volved the acquisition or retention by bank holding As previously indicated, the Board in arriving at companies of the shares of corporations acting only as its determination in that proceeding reviewed the insurance agents, I see no reason why the rationale legislative history of section 4(c)(6) as ably reported invoked by the Board pertaining to the relationship in the accompanying Hearing Examiner's Report and of said insurance agencies to the banking business Recommended Decision. Part of that history consisted conducted by their banking affiliates should not simi- of the Report of the Senate Banking and Currency larly apply to companies acting as insurers, the ac- Committee pertaining to section 4(c)(6) as it prestivity for which exemption is sought herein. ently appears in the Act. With respect thereto, the In any event, that very problem, inter alia, was Report states: before the Board in Transamerica Corporation, 43 F. R. Bull. 1014. In that proceeding, and with refer- Exemption (6) has been included ... as a necesence to that problem, the Board gave extensive con- sary provision to enable the administering authorsideration to the legislative history and the congres- ity ... to permit the retention by a bank holding sional intent of section 4(c)(6) of the Act. Though company of activities found to be closely related my ultimate conclusion and recommendation herein to banking ... In the opinion of your committee rests in large measure upon that history, it would certain activities of a financial, fiduciary, or insurneedlessly prolong this Report to here repeat that ance nature are obviously so closely related to history further than as noted below. However, the re- banking as to require no divestment by a bank sulting rationale invoked by the Board in its deter- holding company. For example, the operation of^ a mination in that proceeding, and the guidelines laid credit life insurance company in connection with down therein, must govern my decision and recom- bank loans is clearly within the scope of banking mendation herein. A brief summary of that proceed- operations as presently conducted. So is the operaing, insofar as pertinent here, is therefore in order. tion of an insurance program under which the Transamerica Corporation ("Transamerica"), a insurance proceeds retire the outstanding balance bank holding company, owned or controlled more of the mortgage upon the death of the mortgagor than 50 per cent of the stock of 25 separate banks in cases where the bank holds the mortgage* (Emoperating 288 banking offices located in 11 Western phasis supplied) and Rocky Mountain States. At about the time of the hearing in that proceeding, those banks had outstand- After carefully considering the entire legislative hising loans aggregating $1.4 billion. Their banking prac- tory and delineating the scope and extent of the extices did not differ significantly from those of other emption provided by section 4(c)(6) of the Act so as commercial banks located in the States of their to give effect to the congressional intent, the Board domicile. concluded "that the mere fact that some of Occi- In addition to these bank holdings, Transamerica dental's operations resemble or are kindred to some owned directly or indirectly all or a majority of the of the operations of banks is not enough to warrant shares of a substantial number of nonbanking cor- the kind of determination intended by section 4(c) porations operating in one or more of the States in (6)." And, after noting that "only a relatively inwhich it had controlling banking interests. Its prin- significant part of Occidental's business has a direct cipal nonbanking subsidiary was Occidental Life In- relationship to the business of Transamerica's subsurance Company of California ("Occidental"), a sidiary banks or of other banks" as noted above, it legal reserve life insurance company, engaged in the concluded that these relations did not justify the rebusiness of writing life, accident and health insurance, quested exemption. It was for the foregoing reasons both ordinary and group, in 47 States and foreign that Transamerica's application was denied. countries. Included in the type of insurance written Applying the Board's interpretation of the meaning was credit life, accident and health insurance. At and scope of section 4(c)(6) as expounded in Transabout the time of that proceeding, Occidental had america I conclude that Bancorporation is entitled to $6.7 billion life insurance in force for which approxi- the exemption provided by that section of the Act. mately $178 million was paid in annual premiums. Thus, it conclusively appears herein that all of Ban- The record in that proceeding also established that insurance's activities will be of an insurance nature. Occidental wrote and sold credit life insurance policies It is similarly established, in the sharpest contrast to lending institutions generally and its activity in this possible to the situation presented in Transamerica, respect was not confined to Transamerica's banks. Of that all of Baninsurance's business will be with Banthe $6.7 billion life insurance Occidental then had in corporation's banking subsidiaries and no one else, effect, only $145 million or 2.2 per cent thereof was and that the proposed activities will consist exclusively credit life insurance. On the basis of premiums re- of writing credit insurance covering loans made by ceived, the ratio was even less, only six-tenths of one those subsidiary banks. On that record, I can conceive per cent. Occidental's total credit life insurance then of no activity which would be more closelv related to in force for Transamerica's banks amounted to only the business of banking as conducted by Bancorpora- $40.6 million or six-tenths of one per cent of all life tion's banking subsidiaries, or which would be a more proper incident thereto. 7 See First Bank Stock Corporation, 45 F. R. Bull. 917; Otto Upon the foregoing findings of fact and upon the Bremer Company, 45 F. R. Bull. 892; Bank Shares, In- entire record herein, I make the following: corporated, 45 F.R. Bull. 854; Northwest Bancorp oration, 45 F. R. Bull. 963; Wisconsin Bankshares Corporation, 45 F. R. Bull. 1137. * S. Report No. 1095, 84th Cong., 1st Sess., p. 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN • MAY 1965 CONCLUSIONS OF LAW Regulation Y (12 CFR §§ 222.5(b), 222.7(a)), a hearing was held in this matter on November 1. All of the proposed activities of Baninsurance 6, 1964. The Hearing Examiner filed his Report are of an insurance nature. 2. The proposed activities of Baninsurance are so and Recommended Decision on February 3, 1965, closely related to the business of banking as conducted a copy of which is appended hereto, wherein he by Applicant's subsidiary banks as to be a proper inrecommended that the request be granted. The cident thereto, and as to make it unnecessary for the prohibitions of section 4 of the Act to apply in order time for filing exceptions to the aforesaid Report to carry out the purposes of the Act. and Recommended Decision having expired and none having been filed, the Board hereby adopts RECOMMENDATION the findings of fact, conclusions of law, and rec- It is recommended that the Board of Governors of ommendation embodied therein, and on the basis the Federal Reserve System: thereof and of the entire record, 1. Enter an order determining the issues in this proceeding in accordance with the Findings of Fact and IT IS HEREBY ORDERED, that the proposed addi- Conclusions made above, and tions to the activities of First Wisconsin Company 2. Grant the request of Bancorporation for an are determined to be so closely related to the order under section 4(c)(6) of the Act exempting business of banking or of managing or controlling Baninsurance from application of the prohibitions of section 4(a)(l) of the Act. banks as to be a proper incident thereto and as Dated at Washington, D. C. this 18th day of Feb- to make it unnecessary for the prohibitions of ruary, 1965. section 4(a) of the Bank Holding Company Act DAVID LONDON, Hearing Examnier. of 1956 to apply in order to carry out the purposes of the Act; provided, however, that this determination is subject to revocation if the facts FIRST WISCONSIN BANKSHARES upon which it is based should cease to obtain in CORPORATION, MILWAUKEE, WISCONSIN any material respect. In the matter of the application of First Wis- Dated at Washington, D. C, this 16th day of consin Bankshares Corporation, Milwaukee, Wis- April, 1965. consin, for a Determination under section 4(c)(6) By order of the Board of Governors. of the Bank Holding Company Act of 1956 with Voting for this action: Chairman Martin, and Govrespect to First Wisconsin Company, Docket No. ernors Balderston, Shepardson, and Mitchell. Absent BHC-72. and not voting: Governors Robertson and Daane. (Signed) MERRITT SHERMAN, ORDER Secretary. First Wisconsin Bankshares Corporation, Mil- [SEAL] waukee, Wisconsin, a bank holding company within the meaning of section 2(a) of the Bank Hold- REPORT AND RECOMMENDED DECISION ing Company Act of 1956 (12U.S.C. § 1841 (a)), filed a request on September 14, 1964, for a de- STATEMENT OF THE PROCEEDING termination by the Board of Governors of the On September 14, 1964, First Wisconsin Bank- Federal Reserve System that proposed additions shares Corporation ("Bankshares" or "Applicant"), to the activities of its subsidiary, First Wisconsin a bank holding company within the meaning of section 2(a) of the Bank Holding Company Act of Company, are of the kind described in section 1956 ("the Act"), filed with the Board of Governors 4(c)(6) of the Act (12 U.S.C. § 1843(c)(6)) of the Federal Reserve System ("the Board") a reand section 222.5(b) of the Board's Regulation Y quest for a hearing under the provisions of section 4(c)(6) of the Act and section 222.5(b) of the (12 CFR § 222.5(b)) so as to make it unneces- Board's Regulation Y (12 CFR 222.5(b)). That hearsary for the prohibitions of section 4(a) of the ing was requested to enable the Board to make a Act, with respect to the acquisition and retention determination whether a proposed expansion of the activities of First Wisconsin Company ("the Comof shares in nonbanking organizations, to apply in pany"), beyond those considered and approved by the order to carry out the purposes of the Act. Board in a prior application by the Company in Pursuant to the requirement of section 4(c) (6) Docket No. BHC-48, to enable the Company to engage in the additional business of writing group of the Act and in accordance with the provisions mortgage redemption insurance and monthly disabilof sections 222.5(b) and 222.7(a) of the Board's ity income insurance upon mortgage loans made by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 681 banking subsidiaries of Bankshares, is of the kind ruary 19, 1964, made the following additional twodescribed in section 4(c)(6) of the Act so as to make fold determination: it unnecessary for the provisions of section 4(a) of the Act, with respect to the retention of shares in "(1) that proposed solicitation and servicing of nonbanking organizations, to apply in order to carry installment loan paper by Company solely on out the purposes of the Act. On September 30, 1964, behalf of Bankshares' bank subsidiaries would conthe Board ordered a hearing with respect to the re- stitute 'the business of furnishing services to or perquest aforementioned, which Order was published in forming services for such holding company and the Federal Register on October 7, 1964 (29 F.R. banks' within the intent and meaning of section 13848). 4(c)(l) of the Act, and Pursuant to said Order, a hearing was held at "(2) that it is within the intent and meaning of Washington, D. C, on November 6, 1964, before the the Act for a subsidiary of a bank holding comundersigned duly designated Hearing Examiner. At pany, the shares of which the Board has by order that hearing, Bankshares and the Board appeared by determined to be eligible for retention under seccounsel,1 and were afforded full opportunity to present tion 4(c)(6) of the Act, to perform services of the relevant evidence. Since the close of the hearing, a kind exempt under section 4(c)(l) of the Act." brief has been received from the Applicant and has been duly considered, together with proposed findings 5. In furtherance of the above determination, the of fact and conclusions of law, which findings and Company has employed a salaried staff of expericonclusions have, in substance, been adopted by me. enced sales finance men to work with Bankshares' Upon the entire record in the proceeding, I make banking subsidiaries in the development of their sales the following: financing business. 6. To help finance the cost of this staff, Bankshares FINDINGS OF FACT has been required to make loans to the Company. Bankshares intends to furnish adequate financing to 1. Bankshares is a registered bank holding com- keep the Company on a sound financial basis, includpany under the Act. Its banking subsidiaries consist ing furnishing additional capital funds to the Comof eight national banks, First Wisconsin National pany, if necessary. There is, however, no present or Bank of Milwaukee, The Union National Bank of contemplated intention of the Company to borrow Eau Claire, The First National Bank of Madison, operating funds other than from Bankshares. Expan- First National Bank of Oshkosh, First National Bank sion of the Company's insurance activities into the of Fond du Lac, Southgate National Bank of Mil- field of mortgage redemption insurance, as requested waukee, Mayfair National Bank of Wauwatosa, and by the application herein, is desired to provide the Brookfield National Bank of Brookfield, and one trust Company with additional income to finance such staff company, First Wisconsin Trust Company, organized of employees who furnish services to Bankshares' as a State bank under Wisconsin law. Its other sub- banking subsidiaries which are not directly remunerasidiaries are First Wisconsin Investment Corporation, tive. First Wisconsin Mortgage Company, Wisconsin 7. Within the authority of the second determina- Equities, Inc., and Frst Wisconsin Company (the tion of the Board, quoted at Finding 4, above, Bank- Company), which is the corporation involved in shares is contemplating utilizing the Company to prothese proceedings. vide additional services to its banking subsidiaries 2. The Company is a Wisconsin corporation and a within the purview of section 4(c)(l) of the Act. wholly-owned subsidiary of Bankshares, all of its Specifically, Bankshares may add an agricultural exoutstanding 100 shares of capital stock being owned pert and experienced mortgage loan personnel to the directly by Bankshares. Company's staff. 3. As earlier indicated, by Order entered August 8. Through a group insurance policy issued by The 17, 1959 (Docket No. BHC-48, 45 Federal Reserve Metropolitan Life Insurance Company, individuals Bulletin 1136, September 1959), on the basis of the who apply for certain residential mortgage loans from record made at a hearing held May 26, 1959, the First Wisconsin National Bank of Milwaukee, South- Board determined that the Company and its activities, gate National Bank of Milwaukee, Mayfair National including the writing of credit life and total permanent Bank of Wauwatosa, and Brookfield Bank of Brookdisability insurance on installment loans made by field can, in connection therewith, obtain insurance banking subsidiaries of Bankshares, complied with coverages providing for repayment of the unamortized the requirements of section 4(c)(6) of the Act and, principal amount of the loan in the event of death accordingly, concluded that Bankshares, then known of the insured, and for payment of the monthly inas Wisconsin Bankshares Corporation, was not re- stallments due on such loan in the event and during quired to divest itself of its ownership of the capital the period of his total disability. stock of the Company. The Board's Order, by its 9. The Comptroller of the Currency has ruled that terms, was "based solely upon the facts disclosed by national banks may engage in an insurance program the record," and contained the further note that "if such as that referred to at Finding 8, above. Other the facts should change in the future in such manner competing mortgage lenders offer such insurance covas to make the reasons for the Board's conclusion no erages to their customers in connection with mortgage longer applicable, the statutory exemption resulting loans. from the Board's determination . . . would cease to 10. The insurance program referred to at Finding obtain." 8, above, is available to persons who apply at said 4. Pursuant to Bankshares' request of February 5, banks for mortgage loans with five- to thirty-year ma- 1964, the Board, by letter to Bankshares dated Febturities on one to four-family residential properties, whose loans mature before their 70th birthday. The 1 Counsel for the Board appeared in a nonadversary capacity. insurance may not exceed the lesser of $20,000 or the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN • MAY 1965 amount of the mortgage, and declines as the mortgage DISCUSSION loan balance is reduced by payments. Such insurance is written on a term basis, has no cash surrender The legal problem posed by the foregoing findings value, and no conversion options available. The pur- is to determine whether the Company's activities dechase of such insurance is not made a condition to the scribed in the application herein are, within the meangranting of any mortgage loan and no borrowers who ing of section 4(c)(6) of the Act, ". . . of a financial, have declined such insurance coverage have been fiduciary, or insurance nature, ... so closely related denied, or will be denied, mortgage financing for such to the business of banking, or of managing or conreason. However, approximately 50% of eligible bor- trolling banks as to be a proper incident thereto rowers from First Wisconsin National Bank of Mil- . . . ," thus making it unnecessary for the prohibitions waukee have taken the insurance. The premium on of section 4 of the Act to apply in order to carry out such insurance is computed according to the age of the the purposes of the Act. It must also be determined insured and is added to the monthly loan payment due whether the activity as to which exemption is sought the lending bank. No medical examination is required is closely related to the business of banking as conof the insured if the coverage is taken at or before ducted by the banking subsidiaries of Bankshares and the time the loan is made. as required by section 222.5(b) of the Board's Regula- 11. The insurance coverage offered under the pro- tion Y. gram referred to at Finding 8, above, is substantially As indicated in Finding of Fact 3 above, the Board less expensive than similar coverage would be if ob- has heretofore had occasion to consider similar intained outside the group policy. Because of this dis- surance activities of the Company in order to deterparity in cost, because no medical examination is re- mine whether those similar activities were of the kind quired, and because the insurance is available only to and nature as to entitle Bankshares to the exemption persons applying for mortgage loans from such bank provided by section 4(c)(6) of the Act. In that prosubsidiaries of Bankshares, the specific coverage is not ceeding (Docket No. BHC-48), the purpose of which available through any competing institutions. was to obtain the Board's determination that the writ- 12. No officer or employee of Bankshares, or any ing of credit life and disability insurance by the Comsubsidiary, receives any commission or compensation pany upon installment loans made by a banking by virtue of the writing of such mortgage redemption subsidiary of Bankshares entitled it to an exemption insurance, other than salaried compensation for his from the prohibition imposed by section 4(a) of the services as such officer or employee. Act, the Board gave extensive consideration to the 13. Under the arrangements with the insurance scope of section 4(c)(6) of the Act and its legislative carrier, if the loss ratio experienced under such in- history and, based thereon, concluded that Bankshares surance written during prior predetermined periods is was entitled to the requested determination. A similar favorable, an "experience rebate" is paid to the bank study and review have brought me to a similar conby the carrier. If the carrier were to experience a loss clusion with respect to the application presently under on the insurance written, it could terminate its further consideration. However, to here repeat that analysis participation and require Bankshares' banks to find and history in their entirety would needlessly prolong another carrier if the program were to be continued. this Report. To the extent necessary, they are incorpo- 14. In initially planning this program, and as pres- rated herein by reference, and made a part of this ently implemented, mortgage redemption and disabil- Discussion.2 ity insurance has been utilized primarily as a sales tool Though the legislative history referred to above to increase the volume of outstanding mortgage loans. deals only with credit life insurance, the Board, in Accordingly, the premiums charged were computed by Docket No. BHC-48, Finding of Fact 11 therein, the actuaries for the insurance underwriter at the low- gave consideration to the Company's activity of writest level regarded by them to be feasible, and the ing total permanent disability insurance on install- "experience rebates" paid have not been the maximum ment loans made by a banking subsidiary of Bankamounts which could have been realized. However, shares, and concluded that this activity was an activ- Bankshares might, in the future, determine to change ity also exempted by section 4(c)(6). In any event, the emphasis of the program from that of producing disability income insurance does not differ materially sales to that of producing income. from mortgage life insurance. Since both types of in- 15. Bankshares may, in the future, determine to surance fall within the illustrative examples cited in change the compensation arrangements under the the legislative history, and since I have determined mortgage redemption insurance program from the that the findings reached in Docket No. BHC-48 present "experience rebate" basis to a commission respecting (1) the Company's activities and (2) the basis. business activity of Bankshares' banks continue to be 16. Bankshares may also elect to utilize other un- applicable in all major respects, I conclude that the derwriters in addition to or substitution for The writing of disability insurance is entitled to the same Metropolitan Life Insurance Company. 17. If the Company is permitted to write such 2 One portion of the legislative history, however, bears repemortgage redemption and disability insurance, it is tition. In citing an example of the type of activity which would Bankshares' intention to make the program available enable a bank holding company to secure an exemption from the prohibition ultimately imposed by section 4(a) of the Act, to all of its subsidiary banks. Such expansion of Com- the Report on the Bill submitted by the Senate Committee on pany's activities would allow better supervision of the Banking and Currency states: "For example, the operation of program and better acceptance by such banks. It a credit life-insurance program in connection with bank loans is clearly within the scope of banking operations as presently would thereby create a broader pool of experience by conducted. So is the operation of an insurance program under increasing volume and, accordingly, allow a more which the insurance proceeds retire the outstanding balance of favorable arrangement to be negotiated with the un- the mortgage upon the death of the mortgagor in cases where the bank holds the mortgage." (Report No. 1095 on S. 2577, derwriter. This would enable Bankshares' banks to Senate Committee on Banking and Currency, p. 13. Emphasis provide better service to their respective communities. supplied.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 683 determination accorded the Company's other activi- tion of group mortgage redemption and disability inties. surance upon mortgage loans made by Bankshares' Applying the rationale invoked by the Board in subsidiary banks, all of such activities will continue Docket No. BHC-48, I deem it sufficient for the pur- to be: pose of decision and determination herein to invoke (a) of a financial, fiduciary, or insurance nature, the rationale of the earlier proceeding, and accord- and ingly conclude that the scope attributed to section (b) so closely related to the business of banking, 4(c)(6) in that prior determination warrants the or of managing or controlling banks, as conducted finding and conclusion that the additional activities by Bankshares or its banking subsidiaries, as to be described in the instant application are also of the a proper incident thereto and as to make it unnecesnature prescribed by that section, and entitle Bank- sary for the divestment provisions of the Act to apply shares to the exemption provided thereby and re- in order to carry out the purposes of the Act. quested herein. Accordingly, I recommend that the request of Bankshares for an order of determination exempting its ownership of shares of the Company from appli- CONCLUSIONS OF LAW cation of the prohibitions of section 4(a) of the Act All of the activities of the Company disclosed to be granted. the Board presently are within the intent and mean- Dated at Washington, D. C, this 3rd day of Februing of section 4(c)(6) of the Act, and, if the Board ary, 1965. rules favorably upon Bankshares' application in the DAVID LONDON, instant proceeding so as to permit it to engage in the Hearing Examiner. business of writing and supervising the administra- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTMENT OF A BOARD MEMBER March 1965 BULLETIN. President Johnson's letter to Mr. Mills, accepting the latter's resignation, President Johnson, on April 1, 1965, sent to the follows: Senate the nomination of Sherman J. Maisel of California as a member of the Board of Governors. The nomination was confirmed without dis- March 1, 1965 sent by the Senate on April 22; President Johnson Dear Abbot: signed the commission on the same date. Mr. It is with great regret that I accept your Maisel took the oath of office, administered by resignation; but thirteen years of public Alameda County (California) Superior Judge service here in Washington, and your thirty- Spurgeon Avakian, in Barrows Hall, on the cam- two years of public service as a banker, have pus of the University of California, Berkeley, earned you a well deserved retirement. on April 30. Mr. Maisel's wife, the former The nation is fortunate to have had men Lucy Cowdin, their son, Lawrence, and daughter, like you, and like your father, dedicated to Peggy, were present at the ceremony. the public interest in the banking profession. Mr. Maisel was born in Buffalo, New York, on We shall miss your great personal integrity July 8, 1918. He was graduated from Harvard Coland your independent viewpoint. lege in 1939. He later received from Harvard a master's degree in public administration and a I extend my very best wishes for an active master's, then a doctor's, degree in economics. and satisfying retirement. Mr. Maisel was an economist on the staff of the Federal Reserve Board of Governors from 1939 to Sincerely, 1941. During World War II he served with the Lyndon B. Johnson U.S. Army, rising from the rank of private to cap- Honorable A. L. Mills, Jr. tain before his discharge in 1945. After a year with Board of Governors the Department of State as an economist and Federal Reserve System Foreign Service Reserve officer, he returned to Washington, D. C. Harvard in 1947 as a teaching fellow. Since 1949 he has been a member of the faculty at the University of California, Berkeley. At the time of his APPOINTMENT OF PRESIDENT AT THE FEDERAL RESERVE BANK OF MINNEAPOLIS appointment Mr. Maisel was professor of busi- Mr. Hugh D. Galusha, Jr. was appointed President ness administration and chairman of the Center of the Federal Reserve Bank of Minneapolis, for Real Estate and Urban Economics. In Calieffective May 1, 1965, for the unexpired portion fornia he had also served on a number of city and of the five-year term ending February 28, 1966. state civic committees and commissions. Mr. Mr. Galusha, a lawyer and certified public Maisel is the author of several books and numeraccountant from Helena, Montana, has been a ous articles; his latest book, Financing Real Estate, Class B director of the Minneapolis Reserve Bank was published this month. since January 1, 1963. He is a graduate of the Appointed for the unexpired portion of a term University of Pennsylvania. ending January 31, 1972, Mr. Maisel succeeds Mr. Galusha succeeds Frederick L. Deming who Abbot L. Mills, Jr., whose letter of resignation to resigned earlier this year to become Under Secre- President Johnson appeared on page 424 of the tary of the Treasury for Monetary Affairs. 684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 685 APPOINTMENT OF DIRECTOR loans to and investments in foreign affiliates and On May 13, 1965, the Federal Reserve Bank of other foreign interests on Form 41-R2289. Domes- Kansas City announced the appointment of Armin tic nonbank financial institutions have been asked B. Barney of Colorado Springs, Colorado, as a to observe guidelines issued by the Federal Redirector of the Denver Branch of the Federal serve System. Banks should avoid making new Reserve Bank of Kansas City for the unexpired loans that would directly or indirectly enable portion of a term ending December 31, 1965. borrowers to use funds abroad in a manner in- Mr. Barney is President, Colorado Springs Na- consistent with the Department of Commerce tional Bank, Colorado Springs, Colorado. As a program or with the guidelines for nonbank director of the Denver Branch, he succeeds Mr. financial institutions. Elwood M. Brooks, Chairman of the Board, The Central Bank & Trust Company of Denver, Colo- (B) Loans to U.S. subsidiaries and branches of rado, who died recently. foreign companies which otherwise might have been made by the bank to the foreign parent or GUIDELINES FOR BANKS—BALANCE OF PAYMENTS other foreign affiliate of the company, or which PROGRAM normally would have been obtained abroad. Sub- The Board of Governors of the Federal Reserve sidiaries and branches of foreign companies are System has revised Guideline No. 13, which was being requested by the Department of Commerce issued March 5, 1965,1 in connection with the to file a special quarterly report. President's program to improve the nation's balance of payments position. The text of the (C) Loans to U.S. companies with foreign activirevision follows: ties which take the place of credit normally obtained abroad. Even though such loans are made (13) LOANS TO U.S. RESIDENTS, AND SUBSTI- to domestic firms or those domiciled here, the TUTION OF DOMESTIC CREDIT FOR CREDIT FROM FOREIGN SOURCES. impact on the U.S. balance of payments is the There are a number of situations in which loans same as if the bank had made loans to foreigners to domestic customers may be detrimental to the in the first instance. President's Balance of Payments Program. These To the extent possible, banks should also avoid include: making loans to domestic borrowers which have an effect similar to that of the loans described in (A) Loans to U.S. companies which will aid the paragraphs (B) and (C). borrower in making new foreign loans or investments inconsistent with the President's program. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The Secretary of Commerce has requested large The following bank was admitted to membership companies to improve their own balance of payin the Federal Reserve System during the period ments position during 1965 and to report certain April 15, to May 15, 1965: 1 The Guidelines for Banks and Nonbank Financial Institu- Idaho tions were published in the BULLETIN for March 1965, pp. 371-76. Boise . Commercial State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 14 Industrial production increased somewhat other household goods, and consumer staples infurther in April. Nonagricultural employment creased somewhat further in April. Among maedged down and the unemployment rate increased. terials, production of industrial chemicals con- Retail sales remained below the February peak. tinued to rise and output of metal and glass con- Expansion in bank credit and time and savings tainers recovered from strike-reduced levels. deposits moderated while the rise in the money Production and shipments of steel increased supply continued substantial. Yields on most further, prior to announcement on April 26 of an types of bonds were stable. extension of the industry's labor contract which postponed the threat of a strike until at least September 1. INDUSTRIAL PRODUCTION The Board's index of industrial production in CONSTRUCTION April was 140.8 per cent of the 1957-59 average, compared with a revised March level of 140.5, Outlays for new construction in April, at a and it was 8 per cent above a year earlier. Output seasonally adjusted annual rate of $67 billion, of business equipment rose further as production were down somewhat from the record high of trucks increased to a record high and activity reached in March. Public construction—which in other equipment industries remained at ad- rose 4 per cent in March, according to revised vanced levels. Although auto assemblies declined, figures—accounted for most of the April decrease. overall output of consumer goods was maintained. Private residential construction declined slightly, Production of nondurable materials increased following a 4-month rise, while business construcsomewhat. tion continued to increase. Auto assemblies, which in March were at a record seasonally adjusted annual rate of nearly EMPLOYMENT 10 million units, declined in April to a rate of 9.4 million units. Assemblies are scheduled to remain Employment in nonfarm establishments deat this rate in May. Output of television sets, some clined somewhat in April, in part owing to floods in the Midwest. Employment declined in con- INDUSTRIAL PRODUCTION struction and retail trade but increased further 1957-59 = 100 in State and local government and manufacturing. Much of the small gain in manufacturing reflected the return to work following a strike in the can - TOTAL^A^ - FINAL PRODUCTS^^^ industry. The average factory workweek was ./^MATERIALS reported to be down considerably, but a holiday \V'' in the reporting period may have accounted for the decrease. As a result of a rise in joblessness 1 1 ! ! 1 I 1 1 1 1 of youths, the unemployment rate increased to A /" _ 4.9 per cent from 4.7 per cent in March. EQUIPMENT/ sf - NONDURABLE -V** MANUFACTURES>J*^ /^T CONSUMER DISTRIBUTION ^O^/VV' DURABLE >^-v /? GOODS _ - v x ^J / MANUFACTURES — Retail sales changed little in April and were 7 1 1 1 1 ! ! [ 1 I ! per cent higher than a year earlier. Sales at non- 1961 1963 1965 1961 1963 1965 durable goods stores were unchanged from the F.R. indexes, seasonally adjusted. Latest figures shown are for April. March level. Deliveries of new cars declined 686 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 687 further from the highs reached after the autumn and savings deposits at commercial banks moderstrikes but they remained considerably above the ated. rate in the 1964 model-year. Inventories of new Seasonally adjusted total and required reserves cars increased further and were slightly higher continued to expand in April. Member bank borthan a year earlier. rowings rose further and were larger than excess reserves by about $110 million compared with $75 million in March. Reserves were absorbed by COMMODITY PRICES gold and currency outflows and were supplied by Federal Reserve purchases of U.S. Government The industrial commodity price index rose securities and other factors. slightly in late April and early May. Prices increased for copper, tin, fabricated copper and alu- SECURITY MARKETS minum products, and some stainless steel. Reductions were posted for some electrical equipment Between mid-April and mid-May yields on and components. Wholesale prices of foodstuffs corporate bonds increased somewhat but those on rose somewhat further in April and early May in State and local government and Treasury bonds response chiefly to reduced supplies of hogs and showed little net change. Yields on Treasury bills fresh vegetables. drifted down; in mid-May the rate on 3-month BANK CREDIT, MONEY SUPPLY, AND RESERVES bills was around 3.90 per cent. In early May, the Seasonally adjusted bank credit increased $1.8 Treasury refunded a portion of $4.1 billion of billion in April following an unusually large in- publicly held maturing notes into $2 billion of a crease in March. Total loans rose at a slower pace 9-year bond and $1.6 billion of a 15-month note. than earlier in the year. Holdings of Treasury Common stock prices rose moderately further in issues declined somewhat further while those of late April and early May to a new high and trading municipal and Federal agency securities con- volume increased. In mid-May average prices were tinued to rise. The money supply increased $700 3 per cent above the previous high reached in early million, the same as in March, but growth in time February. INTEREST RATES PRICES ALL ITEMS ^^_ - ALL COMMODITIES I I 1 1 1 1 1 COMMODITIES NONFOOD COMMODITIES 1 I ! 1 1 1 1 SERVICES r^--~*—' PROCESSED FOODS j^ ^^^FOODS _ | V FARM PRODUCTS ^ Y 1 1 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, March; for wholesale prices, April. shown, week ending May 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S. A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Endividuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area 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 A nnually— Con tinued 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 1965 750-58 Operating ratios Apr. 1965 617-19 Bank holding companies: Insured commercial banks May 1965 759 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 688 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 690 Reserve Bank discount rates; margin requirements; reserve requirements.... 695 Open market transactions; Federal Reserve Banks 697 Bank debits; currency in circulation 700 Money supply; banks and the monetary system. . . 702 Commercial and mutual savings banks, by classes. . 704 Commercial banks, by classes 708 Weekly reporting member banks... 710 Business loans 713 Interest rates 714 Security prices; stock market credit; open market paper 715 Savings institutions 716 Federal finance 718 Federally sponsored agencies. 723 Security issues 724 Business finance. . . 727 Real estate credit. 729 Consumer credit. 732 Industrial production 736 Business activity; construction. 740 Employment and earnings 742 Wholesale and consumer prices 744 National product and income series. 746 Flow of funds. 748 Member bank income, 1964. 750 Guide to tabular presentation. 688 Index to statistical tables 785 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). 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 BANK RESERVES AND RELATED ITEMS MAY 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 c r a i e h g t e p i a r n e e u s t s e e r s - -v c D o a a a n u n i d s c n d - - e ts s Float t T a o l - 2 s G to o c ld k T s r o c e r t i u a n e n u u r n a g c r t y - s - d y - - r c C t e c u i i n o i 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 s i n t - h m r e F e F s e . e m i R o g r r v b . n - e e B s r , a O b n t a k h n s e k r c O F o a t . u c h R - n e . t r s B W F a . n R it k M h . s e r m c e r C o s e a b e n n i u e n r c d r 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 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,40: 616 739 248 11,473 11,473 1941_Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945_Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,337755 2255,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954_Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,4 2"6' 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 I960—Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 2,29833,218 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 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Apr 33,498 33,453 45 214 1,79835,602 15,462 5,580 36,887 426 924 141 195 987 17,084 3,193 20,277 May.... 33,907 33,836 71 256 1,74735,981 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 1,784 3366,760 15,462 5,584 37,541 414 886 135 200 1,273 17,356 3,202 20,558 July.... 34,898 34,765 133 265 1,84137,077 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 1,670 3~7~170 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 1,914 37,578 15,462 5,564 38,224 437 893 143 189 ,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 ,009 17,716 3,317 21,033 Nov 36,036 35,867 169 433 1,874 3388,421 15,442 5,494 38,937 529 613 148 200 ,119 17,812 3,347 21,159 Dec 37,126 36,895 231 266 2,42339,873 15,388 5,401 39,698 595 944 181 186 ,093 17,964 3,645 21,609 1965—Jan 36,684 36,457 227 340 2,12639,245 15,258 5,395 39,013 652 875 180 223 949 18,006 3,613 21,619 Feb 37,052 36,957 95 450 1,65039,244 14,984 5,394 38,641 696 943 145 211 ,166 17,820 3,407 21,227 Mar 37,315 37,267 48 441 1,659 "3"9,535 14,687 5,396 38,777 '727 890 144 194 ,049 17,836 3,412 21,248 Apr 37,637 37,482 155 487 1,658 39,882 14,472 5,405 38,942 745 865 170 207 783 18,047 3461 ^21,508 Week ending— 1964 Mar. 4 33,245 33,245 362 1,529 35,204 15,462 5,586 36,352 443 989 150 207 1,040 17,072 3,111 20,183 11 33,437 33,437 253 1,609 35,385 15,463 5,580 36,538 452 941 149 207 1,062 17,079 2,899 19,978 18 33,270 33,195 358 1,75'588 3355,480 15,463 5,576 36,692 444 897 144 200 1,005 17,137 3,076 20,213 25 33,384 33,301 279 1,97335,750 15,462 5,579 36,657 431 1,044 159 196 950 17,354 3,156 20,510 Apr. 1 33,575 33,534 155 1,,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 1,59335,898 15,463 5,583 36,839 415 922 148 203 1,039 17,376 2,974 20,350 15 33,843 33,843 191 1,756 "3"5,891 15,462 5,585 36,998 439 980 135 197 1,005 17,183 3,185 20,368 22 33,050 33,050 321 2,166 35,593 15,462 5,576 36,912 432 898 133 187 946 17,123 3,200 20,323 29 33,086 32,985 101 137 1,77235,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 33,763 33,580 183 213 1,653 35,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 May,!:::::::: 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 ,195 17,107 3,197 20,304 27 33,839 33,819 20 209 1,739 35,844 15,462 5,581 37,123 430 927 131 174 ,250 16,852 3,262 20,114 June 3 34,381 34,327 54 265 1,52136,222 15,463 5,584 37,263 425 914 145 197 ,257 17,066 3,128 20,194 10 34,757 34,530 227 289 1,471 36,597 15,462 5,590 37,487 436 905 135 199 ,308 17,179 3,007 20,186 17 34,591 34,438 153 328 1,823 3"6',811 15,461 5,582 37,614 415 880 131 196 ,240 17,378 3,238 20,616 24 34,427 34,427 232 2,136 36,875 15,461 5,582 37,574 395 905 138 203 1,273 17,430 3,297 20,727 July 1 34,841 34,823 18 221 1,818 36,960 15,462 5,582 37,618 404 873 140 195 1,276 17,498 3,347 20,845 8 35,335 35,215 120 263 1,882 37,588 15,463 5,574 37,916 416 842 134 222 1,256 17,840 2,965 20,805 15 35,304 35,030 274 460 1,787 37,636 15,463 5,562 38,099 425 885 123 204 1,223 17,703 3,291 20,994 22 34,392 34,392 159 2,195 36,789 15,463 5,566 37,969 444 770 131 191 ',158 17,154 3,275 20,429 29 34,518 34,357 161 179 1,626 36,381 15,463 5,567 37,814 440 711 133 190 ,148 16,975 3,350 20,325 ^.2:::::::: 35,112 34,980 132 262 1,460 36,892 15,462 5,570 37,893 433 769 137 199 ,132 17,363 3,197 20,560 35,397 35,097 300 376 1,554 37,393 15,462 5,554 38,114 417 964 141 193 ,113 17,467 3,130 20,597 19 34,855 34,855 279 2,02437,197 15,461 5,558 38,113 41 932 144 199 ,102 17,314 3,269 20,583 26 35,051 34,929 122 329 1,719 "3"7,137 15,462 5,563 37,998 429 918 145 188 ,214 17,270 3,341 20,611 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 BANK RESERVES AND RELATED ITEMS 691 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o 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 e t cu R c r a e i h g t p i a r e u e s s e e r- - c D o a a u i n d s n d - - ts Float i t T a o l - 2 s G to o c ld k T r s o r c e t u i e a u n n u r a n g r y c t s d - - y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n a e r l g s a y d h s s - - Tr t u h e w r a a y i s n t - h m r F e e s . F m e o R rv b r . - e e B s r , a O b n a t k h n s e k ri c O F o , a t u c h - R n e t r . s B W F a . n i R t k M h . s e r m e c r C s o e b a e n n i e u r n c r d r v - y e 3 b s an T k otal Averages of daily figures Week ending— 1964 Sept. 2 35,162 35,144 315 1,451I 36,96815,462 5,572 38,007 423 858 164 191 1,199 17,159 3,372 20,531 9 35,611 35,234 478j 1,563I 37,71615,462 5,566 38,243 426 857 131 188 1,220 17,679 3,000 20,679 16 35,397 35,262 2251 1T,,8484466 37,524 15,462 5,564 38,425 435 906 142 194 1,163 17,285 3,454 20,739 23 34,904 34,904 4"1 0 2" ,4•6"•5> 37,820 15,462 5,569 38,192 448 962 131 193 ,054 17,870 3,386 21,256 30 35,186 35.157 280 !^-9•4-3 37.487 15,461 5,556 38,075 440 914 161 186 ,066 17,662 3,478 21,140 Oct. 7 35,759 35,549 372 1 ,820 38,051 15,463 5,554 38,209 457 838 131 204 ,103 18,125 3,134 21,259 14 35,663 35,532 241 1,875 37,876 15,462 5,541 38,465 470 865 133 177 ,028 17,739 3,246 20,985 21 34,909 34,909 382 2,548 37,878 15,463 5,538 38,432 489 1.012 130 189 966 17,660 3,341 21,001 28 34,911 34.911 233! 1.99537.203 15,462 5,513 38,333 467 810 137 185 925 17,321 3,448 20,769 Nov. 4 35,711 35,642 479 634 37,910 15,462 5,505 38,446 484 666 122 197 ,111 17,851 3,359 21,210 11 35,986 35,671 429 1,711 38,201 15,463 5,497 38,793 503 546 139 205 ,153 17,823 3,192 21,015 18 35,913 35,698 593 1,962 38,532 15,462 5,497 38,975 533 563 130 215 ,150 17,926 3,389 21,315 25 35,99" 35.867 162 22^136 38,388 15,430 5,494 39,071 552 521 148 183 ,245 17,592 3,467 21,059 Dec. 2 36,667 377 1,860)38,969 15,387 5.456 39,277 554 827 224 196 886 17,848 21,376 9 37,335 124 19;0950 39,480 15,387 5,400 39,476 571 873 186 186 ,231 17,745 21,142 16 37,335 162 2,084 39,632 15,388 5,402 39,743 593 1,024 142 176 ,106 17,637 3,750 21,387 23 36,926 291 2.907 40,175 15,387 5,404 39,834 608 978 144 183 ,057 18,160 3,681 21,841 30 36,936 535 2:884 40.409 15,388 5,397 39.852 620 990 221 177 996 18,338 3,653 21,991 1965 Jan. 6 37,058 36,515 340 2,622 40,111 15,388 5,407 39,552 6301 674 228 283 11,026 18,513 3,686 22,199 13 36,816 36,515 460 2,149 39,522 15,330 5,394 39,282 649 j 780 186 205 970 18,174 3,671 21,845 20 36,460 36,403 322 2.249 39,112 15,187 5,393 38,927 662| 1,015 178 212 902 17,797 3,643 21,440 27 36,440 36,334 252 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 36,7691 323 1.61138,923 15,157 5,396 38,565 664 940 148 216 1,032 17,912 3,489 21,401 10 37,272 37,133 517 472 39.384 15,045 5,391 38,641 679 924 152 207 1,158 18,060 3,252 21,312 17 37,151 37,088 398 540 39; 189 14,937 5,397 38,715 699 1,001 141 220 1,158 17,589 3,460 21,049 24 36,812 36.718J 565 730 39.162 14,938 5,391 38,613 719 878 139 204 1,195 17,744 3,442 21,186 Mar. 3 36,911 36,835 315 1.924 39.226 14,902 5,400 38,625 7061 922 159 217 1,224 17,675 3,461 21,136 10 37,319 37.211 426 1,624 39,475 14,813 5,394 38,756 715| 806 150 209 1,202 17,844 3,218 21,062 17..... 37,371 37,308 388 1,59739,484 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 37,4011 502 1,37639.444 14,562 5,397 38,714 746 898 146 181 875 17,843 3,523 21,366 Apr. 7 37,725 37,4961 586 1,409.19.863 14,563 5,398 38,862 732 728 176 207 835 18,283 3,220 21,503 14 37,881 37,6231 412 1,487 19,883 14,519 5,406 39,092 741 910 158 202 804 17,899 3,389 21,288 21 3 3 7 7 , . 3 5 6 9 1 4 3 37 7 . , 3 4 4 8 3 6 ) 5 3 8 6 9 0 1 1 . ,9 7 " 6 5 7 6 3 4 9 0 . , 5 2 4 3 8 0 1 14 4 , , 4 4 1 1 3 2 5 5 , , 4 4 0 0 8 6 3 3 9 8 , . 0 8 5 0 8 2 7 74 6 4 1 i 9 88 2 1 1 1 1 6 7 6 8 2 1 2 9 8 0 7 7 6 2 7 0 1 1 8 7 , , 2 7 2 7 4 7 3 3 , , 4 6 9 2 2 4 2 21 1 , , 4 7 0 1 1 6 28'.'.'.'.'.'.'. End of month 1965 36,907 36,824 83 300 2,,1144 39,422 14,937 5,402 38,593 6921 < 154 210 1,222 17,903 3,162 21,065 Feb 37,591 37,460 131 124|, 1,,1-1-4. 3 88,,'972 14,563 5,390 38,816| 7021 867 162 196 904 17,277 3,899 21,176 37.754 37.509 245 568 1.645 40,071^14,411^5,410^38.746 *>754| 944 146 208 835 18.259 '22,033 Mar Apr Wednesday 36,973 36,937 36 600 593 39,256 14,813 5.407 38,7021 719 858 143 212 1,233 17,608 3,624 21,232 1965 37,273 37,211 62 437 242 39,067 14,813 5,393 38,893! 721 872 151 194 1,193 17,250 3,604 20,854 37,404 37,308 96 407 39,673 14,563 5,404 38,899! 734 1,099 149 190 1,022 17,546 3,719 21,265 Mar. 3 37,301 37301 242 368 39,040 14,563 5,398 38.753J 756 1,002 122 174 904 17,290 3,819 21,109 10 37,591 37,460 124 ,11438.972 14,563 5,390 38,816! 7021 86' 162 196 904 17,277 3,899 21,176 17 131 24 37,895 37,635i 260 1281 ,276 39,447 14,563 5.401 39,041 736! 505 152 199 822 17,956 3,458 21,414 31 37,942 37,623! 319 277 ,368 39,704 14,413 5,413 39,163 760 j 796 147 202 723 17,739 3,864 21,603 Apr. 7 37,502 37,425! 77 209 ,573 39,374 14,413 5,397 38,983 757 883 152 186 712 17,511 3,881 21,392 14 37,360 37.233 127 345 ,376 39,175 14,413 5,412 38,803 7501 959 148 192 731 17,416 4,01 21,433 21 28 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

692 BANK RESERVES AND RELATED ITEMS MAY 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 r - ed Excess B r F i o a n a . n w g R t k s . - s s F e r r r e v e - e e s T h o el t d al qu R i e r - ed 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 a n o a . n R w g t k s - . s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 ,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 ,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 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 ,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 ,038 104 -104 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 ,035 7 18 -11 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 ,056 ,051 5 26 -21 1964—Apr 20,277 19,897 380 213 167 3,787 3,772 15 16 -1 1,021 ,014 7 21 -14 May 20,220 19,883 337 255 82 3,833 3,832 1 26 -25 1,044 ,041 3 5 -2 June 20,558 20,168 390 270 120 3,984 3,945 39 39 1,033 ,033 13 -13 July 20,665 20,265 400 265 135 3,943 3,920 23 40 -H 1,039 ,036 "3 22 -19 Aug .... 20,566 20,149 417 334 83 3,876 3,858 18 39 -21 1,039 ,033 6 13 -7 Sept 20,928 20,508 420 331 89 3,983 3,954 29 45 -16 1,061 ,060 34 -33 Oct 21,033 20,618 415 309 106 3,962 3,942 20 54 -34 1,058 ,055 3 29 -26 Nov 21,159 20,763 396 430 -34 3,893 3,882 11 97 -86 1,076 ,072 4 20 -16 Dec 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 ,086 -3 28 -31 1965—Jan 21,619 21,217 402 299 103 4,117 4,073 43 113 -70 1,094 ,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 Apr *21,508 21.146 P362 471 P-109 ^4,111 M:087 75 ^-50 PI.085 ,086 39 P-40 Week ending— 1964—Apr. 1 20,309 20,037 272 155 117 3,900 3,871 29 27 1,050 ,037 13 -19 8 20,350 19.928 422 208 214 3,814 3,812 1 1 1 ,017 ,015 -56 15 20,368 20,069 299 190 109 3,822 3,801 21 11 1,014 ,013 \ 1 22 20,323 19,882 441 319 122 3,736 3,727 9 -49 1,017 ,016 1 27 29 19,966 19,698 268 135 133 3,736 3,721 15 15 1,013 ,014 -1 -2 Nov. 4 21,210 20,769 441 476 -35 4,021 3,989 32 220 -188 1,083 ,081 3 -10 11 21,015 20,646 369 427 -58 3,829 3,824 5 73 -69 1,065 ,059 5 5 18 21,315 20,724 591 590 1 3,862 3,837 24 131 -106 1,070 ,070 -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 1,081 ,081 1 -33 9 21,142 20,852 290 122 168 3,925 3,907 18 4 14 1,060 ,059 -3 16 21,387 20,999 388 134 254 4,031 4,017 13 12 1 1,065 ,065 23.... 21,841 21,444 397 257 140 4,157 4,145 12 38 -27 1,097 ,104 -7 -50 30.... 21,991 21,429 562 504 58 4,195 4,147 48 101 -53 1,112 ,108 4 -73 1965—Jan. 6 22,199 21,846 353 309 44 4,327 4,328 -2 63 -65 1,153 ,152 1 -14 13.... 21,845 21,257 588 424 164 4,061 4,036 25 161 -137 1,085 ,087 -2 -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 -1 Feb. 3 21,401 21,019 382 278 104 4,101 4,075 26 69 -43 1,102 ,100 2 -32 10.... 21,312 20,815 497 472 25 3,991 3,972 19 56 -36 1,083 ,077 6 -49 17.... 21,049 20,735 314 353 -39 3,964 3,932 32 145 -113 1,075 ,079 -5 -34 24 21,186 20,650 536 520 16 3,905 3,893 12 105 -93 1,074 ,070 4 -83 Mar. 3 21,136 20,924 212 270 -58 4,049 4,028 20 117 -96 ,106 ,104 3 10.... 21,062 20,695 367 385 -18 3,929 3,920 9 82 -73 ,064 ,065 -1 -11 17 21,168 20,843 325 370 -45 3,998 4,000 88 -90 ,078 ,066 12 2 24 21,512 21,058 454 463 -9 4,056 4,024 196 -164 ,086 ,085 1 -19 31 21,366 21,000 366 487 -121 4,105 4,039 651 104 -38 ,101 ,081 21 -160 Apr. 7 21,503 21,1301 373 5701 -197 4,139 4,122 17! 128 -111 ,087 ,089 -2 14 21,288 21,012' 276 397 -121 4,017 3,999 57 -38 .064 ,061 3 -11 21 ^21,715 21,248 M67 572 P-105 4,093 4,081 133 -121 ,078 ,081 -3 -68 ^21,400P21J65 "235 3451 ?'-110 4,118 4.108 3 6 I .105 .101 4 — 3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 BANK RESERVES AND RELATED ITEMS 693 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves B in o g r s ro a w t - Free Reserves B i o n r g r s o w at - Free T h o e t ld al Required Excess Banks 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—Apr 8,235 8,204 31 108 —77 7,234 6,907 327 68 259 May 8,182 8,150 32 144 -112 7,161 6,860 301 80 221 8,318 8,290 28 142 -114 7,224 6,900 324 76 248 July 8,386 8,341 45 147 -102 7,297 6,968 329 56 273 AUK. 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 Apr ^8,680 *>8,648 271 P-238 *>7,631 *>7,326 P3O5 86 P219 Week ending— 1964 Apr 1 8,286 8,251 35 49 -15 7,073 6,878 195 72 123 8 8 261 8 230 31 92 — 61 7 258 6 870 388 57 331 15 8,334 8,312 22 105 -83 7,198 6,943 255 74 181 22 8,214 8,196 19 176 -157 7,356 6,943 412 57 355 29 8,107 8,083 24 54 -30 7,109 6,879 230 79 151 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 42 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 7,846 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 Apr 7... . 8,665 8,645 19 293 -274 7,613 1,214 339 70 269 8 671 8 635 36 248 -212 7 536 1 317 218 78 140 21 8,717 8,696 21 279 -257 *>7,389 »437 95 28 .. 8,653 8,626 26 227 -201 *>7,'524 108 i>87 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. Required reserves: 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

694 MAJOR RESERVE CITY BANKS MAY 1965 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt. securities dealers Less: Net: Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r c v e e e - s s s i r a o B t B w a F o n in r . k R - g s s . F t f i b e r n u N d a a t n n e e n e d r t r k s s a - . l S d u e r o f p r ic l i u t s P r r e e e s a q r e o v u c r f g i e v r . n e e s t d c P ha u s r e - s Sales a 2 c t T r - t a o i w o n t a a n s y l - s2 b c b o P u h f a a y u n n s i r k n e e - s s g 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 r s s 3 de f r B i a r o n o l o w g e m r r s - - s'* lo N a e n t s Total—46 banks 1965—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 '289 524 HA 1,880 1,356 946 934 409 858 148 710 Apr 7 . . 14 297 761 -1 045 10.9 1 799 1,037 850 949 187 984 146 838 14 27 146 1,069 -1,188 12.6 2,230 1,160 982 1,248 178 956 164 792 21 11 323 1,065 -1,377 14.3 2,244 1,179 1,009 1,235 170 1,233 132 1,101 28 17 60 421 -464 4.8 1 978 1,556 1 094 884 462 1 173 153 1,021 8 in New York City 1965 Mar 3 16 115 510 -609 16.2 1,063 553 546 517 7 620 73 546 10 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 r96 440 '-478 r-12.7 957 517 486 472 31 553 119 434 Apr 7 13 125 455 -567 14.7 895 440 425 470 15 666 132 534 14 14 54 705 -744 20.0 1,168 463 463 706 1 612 153 459 21 9 133 726 -849 22.3 1.255 530 530 726 773 102 670 28 7 3 173 -169 4.4 924 751 592 332 159 782 143 639 55 outside New York City 1965—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 88 257 -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 Apr 7 ... 173 306 -478 8.3 904 598 425 479 172 317 14 304 14 13 92 364 -443 7.7 1 062 697 519 542 178 344 11 333 21 2 190 339 -528 9.1 989 650 479 509 170 460 30 431 28 11 57 248 -295 5 1 1 054 805 502 552 303 191 10 381 5 in Chicago 1965—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 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 Anr 7 . . 64 103 -168 17.2 218 115 98 119 16 38 38 14.::.... 1 123 -125 13.2 270 148 92 178 56 35 35 21 — 1 52 130 — 184 19 0 255 125 107 149 19 19 39 28 3 10 -8 .8 236 226 119 117 107 33 33 33 others 1965—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 Apr 7 1 108 203 -310 6.5 686 483 327 359 156 280 14 266 14 . . 12 89 242 — 318 6 7 791 550 427 364 122 309 11 ! 298 21 3 138 209 -344 7.1 733 524 373 361 152 422 30 1 392 28 8 57 238 -287 6.0 818 580 383 434 197 359 10 | 349 1 Based upon reserve balances including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases NOTE.—Weekly averages of daily figures. Details may not add to and sales are offsetting. totals because of rounding. 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. 944-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 DISCOUNT RATES 695 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Apr. 30 date rate Apr. 30 date rate Apr. 30 date rate Boston Nov. 24,1964 Nov. 24,1964 5% Nov. 24,1964 4% New York... Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 Philadelphia.. Nov. 24,1964 Nov. 24,1964 5 Nov. 24,1964 Cleveland Nov. 27,1964 Nov. 27,1964 5% Nov. 27,1964 Richmond. . . Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 Atlanta Nov. 25,1964 Nov. 25,1964 6 Nov. 25,1964 Chicago Nov. 24,1964 Nov. 24,1964 5 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 I 1 Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1932 21/2 1953 1958 Jan. 16 134-2 Jan. 22 1933 23 24 Mar. 3 38 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. 12 Feb. 2 May 21 IV2 Mar. 16 Oct. lA.V.V.'.W Nov. 7 Jan. 11 1935 Apr-\i::::: 1955 1959 May 14 Mar. 6 May 2 16 1937 Aug. 4 May 29 S A e u p g t . . 2 4 7 1 1 - - 1 2 n'.'.'.'.'. J Se u p n t e . 1 1 2 1 1942 Sept-i?::::: 18 Apr. 11 Nov. 18 1960 Oct. 15 23 June 3 30 10 14 1946 Aug. 12 3% Apr. 25 1956 Sept. 9 May 10 Apr. 13 20 1963 1948 Aug. 24 July 17 3 -3 Jan. 12 31 26 19 1964 AU8^::::::::::: 1957 Nov. 24 30 1950 *"•• £::::: f Aug. 21 Nov. 15 3 -3 1965 25 Dec. 2 3 In effect Apr. 30 1 Preferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same as its discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21. 2.75; 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

696 RESERVE REQUIREMENTS MAY 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 and maturity of deposit Central Ja 1 n 9 . 3 6 1, Ja 1 n 9 . 5 7 I, Ja 1 n 9 . 6 2 1, Ju 1 ly 96 1 3 7, No 19 v 6 . 4 24, Effective date J b C re a e c s n n i e k t t r y r s v a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits: banks L 1 e y s e s a t r h a o n r m 1 o y r e e ar } m 3 { k 4 3Vi 4 4 In effect Dec. 31, 1948.. 26 22 16 IVi IVi Postal savings deposits: L 1 e y s e s a t r h a o n r m 1 o y re ear..... } ** 3 i 3» 4 4 4 1949_M Ju a n y e 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 4 5 1 6 6 7 Aug. 1, 11 8* 13 5 Other time deposits:l Aug. 16, 18 12 5 6 1 m ye o a n r th o s r -1 m o y r e e ar } 2* 3 1; 4*4 A Se u p g t . . 25 1 i* ij* 90 days-6 months.... 1951—Jan. 11, 16 , , 23 19 13 6 6 Less than 90 days 1 4 Jan. 25, Feb. 1.. 24 20 14 1953—July 1,9 22 19 13 1954_june 16,24 21 5 5 i For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1 . 20 18 12 BULL., p. 1279. NOTE.—Maximum rates that may be paid by member banks as estab- 1958_Feb. 27, Mar. 1. 19^ 17Vi lished by the Board of Governors under provisions of Regulation Q. Mar. 20, Apr. 1.. 19 17 11 Under this Regulation the rate payable by a member bank may not in Apr. 17 18Vi any event exceed the maximum rate payable by State banks or trust Apr. 24 18 16% cos. on Hke deposits under the laws of the State in which the member I960—Sept. 1 17Vi bank is located. Effective Feb. 1, 1936, maximum rates that may be Nov 24 12 paid by insured nonmember commercial banks, as established by the Dec 1 16Vi FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits: 1962—Oct. 25, Nov. 1. 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. In effect May 1, 1965.. 16% 12 4 4 MARGIN REQUIREMENTS (Per cent of market value) Present legal requirement: Minimum 10 7 3 Effective date M^aximum 22 14 6 6 Regulation 1 When two dates are shown, a first-of-month or midmonth date July 28, Nov. 6, records changes at country banks, and any other date (usually a Thurs.) 1960 1963 records changes at central reserve and reserve city banks. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Regulation T: due from domestic banks. For extensions of credit by brokers and 3 Authority of the Board of Governors to classify or reclassify cities as dealers on listed securities 70 50 70 central reserve cities was terminated effective July 28, 1962. For short sales 70 50 70 Regulation U: NOTE.—All required reserves were held on deposit with F.R. Banks, 70 50 70 June 21, 1917 until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: Country banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 NOTE.—Regulations T and U, prescribed in accordance with Securities and Aug. 25, 1960, respectively. Central reserve city and reserve city Exchange Act of 1934, limit the amount of credit that may be extended on banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, a security by prescribing a maximum loan value, which is a specified 1960, respectively. Effective Nov. 24, 1960, all vault cash. 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 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 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 March 3, 1965 Four weeks ending March 31,1965 Gross demand—Total. . . 137,236 26,685 6,480 51,372 52,699 Gross demand—Total. . . 136,662 26,344 6,409 51,408 52,501 Interbank 14,741 4,650 1,261 6,978 1,852 Interbank... . . 14,589 4,533 1,252 6,981 1,823 U.S. Govt . . . 5,306 1,092 333 2,234 1,647 U.S. Govt 5,907 1,257 363 2,336 1,951 Other 117,190 20,943 4,887 42,160 49,201 Other .. 116,167 20,555 4,793 42,091 48,728 Net demand * 112,047 20,206 5,432 41,360 45,049 Net demand * 112,422 20,321 5,372 41,690 45,039 Time 108,013 15,554 4,655 41,410 46,394 T ime 109,409 16,074 4,699 41,702 46,934 Demand balances due Demand balances due from dom. banks.... 7,280 144 108 1,969 5,060 from dom. banks.. .. 7,202 144 106 1,946 5.006 Currency and coin 3,405 276 54 1,033 2,041 Currency and coin 3,410 294 55 1,036 2; 026 Balances with F.R. Balances with F.R. Banks 17,766 3,701 1,030 7,479 5,556 Banks 17,867 3,728 1,027 7,550 5,561 Total reserves held 21,171 3,977 1,084 8,512 7,597 Total reserves held 21,277 4,022 1,082 8,586 7,587 Required 20,781 3,956 1,082 8,481 7,262 Required 20,899 3,996 1,074 8,547 7,282 Excess 390 21 2 31 335 Excess 378 26 8 39 305 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

MAY 1965 OPEN MARKET ACCOUNT 697 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 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 1,264 447 AUR 574 413 145 610 2,030 Sept . 620 534 388 413 Oct 1,347 888 1,275 534 Nov 1,197 131 1,197 888 -28 Dec ... 813 866 215 706 131 215 5 866 1965—Jan 388 261 12 388 261 12 Feb 865 198 464 784 198 464 1,752 Mar 642 7 551 7 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 Mar. 11 9 3 Apr 13 -15 30 8 May 43 2,164 27 4 June 20 307 11 -307 5 July AUE 187 -2,030 202 41 :::::::::: Sept .. 108 89 34 Oct 33 102 29 -102 11 Nov .. 28 35 Dec 52 335 45 -335 5 -35 1965 Jan . Feb 46 -1,752 23 12 Mar 36 574 45 -574 10 R (U e . p 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 Mar 49'f 338 601 -4 64 662 Apr 172 280 -601 *T -25 -633 May 682 734 1,060 -7 -39 1,014 June 62f 625 566 36 602 July 1,07C) 1,021 257 -7 -21 229 Aug 684I 733 113 ~4 -16 93 S e p t . .. 812 712 186 2 61 249 Oct 682 782 359 -18 341 Nov 1 31" 1 313 1,065 6 -23 1,048 Dec . 2,194\ 1,657 269 15 15 300 1965 Jan . 1,753 2,171 -303 -1 22 -281 Feb . 98" 1 019 166 — 4 -40 122 Mar 482 434 684 1 71 756 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

698 FEDERAL RESERVE BANKS MAY 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. Mar. Apr. Assets Gold certificate account 12,607 12,588 12,594 12,744 12,746 12,607 12,746 13,790 Redemption fund for F.R. notes 1,537 1,540 1,537 1,543 1,547 1,537 1,547 1,405 Total gold certificate reserves 14,144 14,128 14,131 14,287 14,293 14,144 14,293 15,195 Cash 132 130 123 133 144 139 144 188 Discounts and advances: Member bank borrowings 330 184 262 108 109 553 109 116 Other 7 15 25 15 20 15 15 15 Acceptances: Bought outright 54 54 55 55 55 54 55 54 Held under repurchase agreements 40 36 62 93 88 50 88 39 U.S. Govt. securities: Bought outright: Bills 6 614 6 806 7 004 7 016 6 826 6,890 6,826 3,604 Certificates—Special Other 3,265 Notes 25,691 25 691 25 691 25 691 25 706 25,691 25,706 21,622 Bonds 4,928 4,928 4,928 4,928 4,928 4,928 4,928 4,626 Total bought outright 37,233 37 425 37,623 37 635 37.460 37,509 37,460 33,117 Held under repurchase agreements 127 77 319 260 131 245 131 52 Total U.S. Govt. securities 37,360 37,502 37,942 37,895 37,591 37,754 37,591 33,169 Total loans and securities 37,799 37 801 38,336 38,171 37,858 38,426 37,858 33,378 Cash items in process of collection. 6,232 7,086 6,540 5,468 5,377 5,838 5,377 '5,649 Bank premises 102 103 102 102 102 101 102 103 Other assets: 403 415 415 465 375 315 375 214 All other 453 433 406 379 362 459 362 441 Total assets 59,265 60,096 60,053 59,005 58,511 59,422 58,511 '55,168 Liabilities F.R. notes. 34,005 34,188 34,351 34,233 34,003 33,962 34,003 '31,638 Deposits: Member bank reserves 17 416 17 511 17 739 17 956 17 277 18 259 17 277 16 629 U.S. Treasurer—General account 959 '883 '796 505 867 944 867 925 Foreign 148 152 147 152 162 146 162 166 Other 192 204 202 199 196 208 196 193 Total deposits 18,715 18,750 18.884 18,812 18,502 19,557 18,502 17,913 Deferred availability cash items 4 856 5 495 5 172 4 192 4 263 4 193 4 263 3 908 Other liabilities and accrued dividends 519 518 527 569 567 533 567 92 Total liabilities 58,095 58,951 58,934 57,806 57,335 58,245 57,335 '53,551 Capital Accounts Capital paid in 538 537 537 536 536 539 536 510 524 524 524 524 524 524 524 990 Other capital accounts 108 84 58 139 116 114 116 117 Total liabilities and capital accounts 59,265 60,096 60,053 59,005 58,511 59,422 58,511 '55,168 Contingent liability on acceptances purchased for foreign correspondents .. 139 141 137 134 134 139 134 117 U.S. Govt. securities held in custody for foreign account 7,691 7,618 7,610 7,679 7,741 7,626 7,741 7,860 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)... 36,635 36,683 36,642 36,527 36,519 36,624 36,519 33,760 Collateral held against notes outstanding: Gold certificate account 6,900 6,900 6,850 6,850 6,850 6,900 6,850 6,552 Eligible paper 11 6 6 9 6 12 6 43 U.S. Govt. securities. 31,280 31,280 31,270 31,265 31,265 31,280 31,265 28,387 Total collateral. 38,191 38,186 38,126 38.124 38,121 38,192 38,121 34,982 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 FEDERAL RESERVE BANKS 699 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1965 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Gold certificate account 12,607 775 3,128 763 1,011 1,111 677 2,324 504 237 474 i 412 1,191 Redemption fund for F.R. notes. . 1,537 349 85 136 124 91 285 61 29 611 51 177 Total gold certificate reserves 14,144 863 3,477 848 1,147 1,235 768 2,609 565 266 535 463 1,368 F.R. notes of other Banks . 700 183 64 44 51 57 Other cash 139 33 24 15 Discounts and advances: Secured by U.S. Govt. securities. .. 550 32 140 Other 18 Acceptances: Bought outright Held under repurchase agreements . 50 U.S. Govt. securities: Bought outright 37,509 1 ,867 9,434 1,948 2,998 2,460 1,988 6,290 1,369 788 T ,479} 1,604 5,284 Held under repurchase agreements. 245 245 Total loans and securities 38,426 1 ,874 9,823 1,951 3,013 2,499 2,061 6,346 1,379 820 1,574! 3,660 5,426 Cash items in process of collection. . . 7,404 483 I , 396 422 576 587 598 1,225 351 222-1 429! 426 689 Bank premises 101 3 8 3 6 5 19 21 6 3! 6! 11 10 Other assets: Denominated in foreign currencies . 315 '82 18 28 16 45 11 I'- 141 42 All other 459 116 23 36 28 74 17 ll 211 68 Total assets. 61,688 3,33O| 15,118 3,320 4,879 4,422 3,596 10,395 2,365 1,348 2,599) 2,641 7,675 Liabilities F.R. notes 34.662 2,053 8,025 2,047 2,943 2,991 1,971 6,301 1,369 651| 1,338 1,078 3,895 Deposits: Member bank reserves 18,259 683 5.186 791 1,282 769 1,035 2,746 605 451 819 1,069 2,823 U.S. Treasurer—General account.. 944 57 272 27 22 112 15 124 60 40 46 60 109 Foreign 146 7 231 9 14 9 22 5 4 7 9 21 Other 208 132 12 1 1 2 1 55 Total deposits. 19,557 747 j 5,621 839 1,318 893 1,060 2,893 670 495 874 1,139 3,008 Deferred availability cash items... 5,759 449: 1,021 341 468 450 466 952 267 162 313! 327 543 Other liabilities and accrued dividends. 533 25; 141 29 46 28 31 78 19 13 231 29 71 Total liabilities 60,511 3,274 14,808 3,256 4,775 4,362 3,528 10,224 2,325 1,321 2,548I 2,573 7,517 Capital Accounts Capital paid in 539 142 13 241 32 72 S O u th rp e l r u c s apital accounts. 5 1 2 1 4 4 13 31 7 'i! 23 4 ! i 31 5 7 1 0 6 Total liabilities and capital accounts.. 61,688 3,33O| 15,118 3,320 4,879 4,422 3,596] 10,395 2,365 1,348 2,599 2,641 7,675 Ratio of gold certificate reserves to F.R. note liability (per cent): Apr. 30, 1965 40.8 42.0 43.3 41.4 39.0 41.3 39.0 41.4 41.3 40.9 40.0! 42.9 35.1 Mar. 31, 1965 41.3 40.7 39.6 40.5 39.5 44.0 39.8 42.6 41.0 38.7 37.V 35.0 46.9 Apr. 30, 1964 47.2 42.2 53.5 41.9 44.4 41.2 44.5! 40.9 44.9 53.9 51.4i 67.3 50.2 Contingent liability on acceptances purchased for foreign correspondents 139 337 12 20 I Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 36,624 2,148 8,451 2,126 3,164 3,119 2,131 6,643 1,456 680 1,391 1,161 4,154 Collateral held against notes outstanding: Gold certificate account 6,900 420 1,710 465 500 753 400 1,100 290 122 225 180 735 Eligible paper 1? 9 10 U.S. Govt. securities 31,280 1,765 7,200 1,800 2,775 2,410 1,850 5,700 1,260 570 1,200 1,050 3,700 Total collateral 38,192 2,185 8,910 2,267 3,275 3,163 2,250 6,800 1,560 692 1,425 1,230 4,435 1 After deducting $233 million participations of other Federal Reserve 3 After deducting $102 million participations of other Federal Reserve Banks. Banks. 2 After deducting $115 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BANKS; BANK DEBITS MAY 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 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. Mar. Apr. Discounts and advances Total 345 209 277 128 124 568 124 116 Within 15 days 328 190 261 126 120 550 120 111 16 days to 90 days . .. 17 19 16 9 4 18 4 5 91 davs to 1 vear * * Acceptances—Total 94 90 117 148 143 104 143 93 Within 15 days 48 47 76 108 103 58 103 50 16 days to 90 days . ... 46 43 41 40 40 46 40 43 JJ § Government securities—Total... 37,360 37,502 37,942 37,895 37,591 37,754 37,591 33,169 Within 15 days1 1,255 1,304 1,449 1,250 1,030 5,075 1,030 6,598 16 days to 90 days 7,154 7,232 7,479 7,614 7,461 3,509 7,461 2,099 91 days to 1 year . . ... 14,934 14,949 14,997 15,014 15,083 15,153 15 083 9 979 Over 1 year to 5 years 12,409 12,409 12,409 12,409 12,409 12,409 12,409 12,158 Over 5 years to 10 years 1,292 1,292 1,292 1,292 1,292 1,292 1,292 2,105 Over 10 years .... 316 316 316 316 316 316 316 230 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a l n g c ia s n C d a o n l a l d a i r a s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t l n h d d e e s r r s - f S ra w n i c s s s 1964— July. 168 29 52 80 Aug., 195 61 45 80 Sept. 164 90 15 51 Oct.. 74 32 2 31 Nov. 727 717 1 1 Dec. 295 234 51 1 1965—Jan.. 287 235 36 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o I n d e b m ill a i n on d s d o e f p o d s o it ll a a r c s c ) ounts i Turnover of demand deposits 1 Period S T M 2 o 2 S t 5 a A l 's N Le .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 1 S e 8 A r 's SM T 2 o 2 S t 5 a A l 's N Le .Y ad . ing S 6 M o S t A he 's rs2 T S o N M ( t e a . x S Y l c A 2 . l ) . 2 's 4 SM o 2 th 1 S e 8 A r 's 1964 Feb 4,359.2 1,768.9 986.3 2,590.3 1,604.0 43.9 87.1 41.6 32.6 28.8 Mar 4,419.5 1,822.2 999.5 2,597.3 1,597.8 43.8 86.6 40.4 32.6 29.0 Apr 4,603.0 1,909.2 1,038.4 2,693.8 1.655.4 45.1 89.8 42.1 33.2 29.4 Miay , 4,542.0 1,853.6 1,030.0 2,688.4 ,658.4 45.2 89.8 43.1 33 5 29 5 June 4,535.4 1,928.0 992.5 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 ,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 ,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 ,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 ,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 ,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 .808.4 47.9 96.9 44.8 35 4 31 2 Apr 5,113.3 2,151.3 1,131.7 2,962.0 1,830.3 48.4 100.0 44.5 35.2 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 Angclcs-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

MAY 1965 UA CURRENCY 701 DENOM 1NATIONS 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 1 Total Coin $12 1 $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 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 10 1962 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 10 1963 37,692 26,807 3,030 ,722 103 2,469 7,373 12,10910,885 3,221 7,110 249 298 4 1964—Mar.. . . 36,799 26,000 3,105 ,621 102 2,321 7,096 11,754 10,799 3,158 7,094 246 294 4 Apr 36,885 26,063 3,139 ,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 4 May 37,208 26,353 3,169 ,655 105 2,350 7,170 11,904 1100,855 3,185 7,127 246 291 4 June 37,734 26,797 3,205 ,676 107 2,379 7,280 12,15110,937 3,217 7,175 246 292 4 July 37,835 26,859 3,223 ,668 108 2,359 7,262 12,23910,976 3,231 7,202 245 291 4 Aug 38,014 26,972 3,249 ,668 109 2,364 7,272 12,310 11,041 3,249 7,248 245 292 4 Sept 38,166 27,068 3,285 .693 111 2,361 7,280 12,339 11,098 3,253 7,302 246 291 4 Oct 38,373 27,201 3,321 ,716 111 2,385 7,328 12,33911,172 3,262 7,367 246 291 4 Nov 39,248 27,925 3,359 ,749 108 2,455 7,568 12,68711,323 3,314 7,468 246 289 4 Dec 39,619 28,100 3,405 ,806 111 2,517 7,543 12,71711,519 3,381 7,590 248 293 4 1965—Jan 38,540 27,158 3,435 ,709 110 2,381 7,256 12,26711,382 321 7,519 246 290 4 Feb 38,593 27,227 3,468 ,702 110 2,375 7,282 12,289 1111,366 310 7,517 245 288 4 Mar 38,816 27,424 3,520 .704 2,391 7; 327 12,37111,392 3,316 7,536 245 288 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly '- 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 l Total out- Held by Kind of currency M sta a 1 n r 9 d . 6 i 3 5 n 1 g , A g a s o s g l i s d a l e v i c n e a u r s n r t d ity Tre ca 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 M 1 a 9 r. 6 3 5 1, Fe 1 b 9 . 6 2 5 8, Ma 1 r 9 . 6 3 4 1, certificates Agents Gold 14,563 (14,293) 2 271 Gold certificates (14 293) 3 11,477 2,816 F R notes 36 520 101 2,519 33,900 33,663 31,495 Treasury currency—Total 5,390 (1,085) 330 144 4,915 4,930 5,304 Standard silver dollars 485 3 482 482 481 Silver bullion 1,389 1,085 304 Silver certificates (1,085) 8 89 988 1,056 1,715 Subsidiary silver coin 2,268 7 22 2,239 2,198 1,905 Minor coin . .. .... 816 5 12 799 788 719 United States notes 323 2 22 299 296 320 In process of retirement 4 110 * 1 109 110 163 Total—Mar. 31, 1965 5 56,474 (15,377) 702 11,477 5,480 38,816 Feb 28 1965 ... ... 5 56,905 (15,842) 692 11,844 5,776 38,593 Mar 31 1964 5 54,639 (17,103) 376 12,374 5,090 36 799 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. 691. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. BULL., p. 936 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

702 MONEY SUPPLY MAY 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. Currency Demand ad- Currency Demand ad- demand Total componentco d m ep po o n si e t nt justed i Total component co d m ep p o on si e t nt justed * deposits * 1957_Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66 6 4.9 I960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec .. 145.5 29.6 116.0 82.8 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.6 30.6 117.1 97.9 151.6 31.2 120.3 96.7 5.6 1963—Dec 153.2 32.4 120.7 112.3 157.2 33.1 124.1 111.0 5.2 1964 Dec... 159.4 34.2 125.2 126.5 163.6 34.9 128.7 125.0 5.5 1964 Mar... 154.2 32.9 121.3 115.7 152.9 32.6 120.3 115 7 6.1 Apr 154.5 33.0 121.5 116.4 155.0 32.7 122.3 116.7 4.2 May 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 July 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 157.2 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 Apr 2* 160.5 34.7 125.8 133.3 161.1 34.4 126.7 133.7 5.6 Half month 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 Apr. (1). 160.7 34.7 126.0 133.1 160.6 34.6 126.0 133.5 5.8 160.2 34.7 125.5 133.5 161.5 34.2 127.3 133.9 5.5 Not s«jasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m e r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e T s p a t i d m e o d - s e i t * s d d e G e p U m o o .S a v si n t . t . s d 1 en W din ee g k — Total C c u o n r m e r n e p n t o c - y D c d o e e n m m p e o n a p s t n o it d - d ju e T s p a t i d m e o - d s e i t * s d d e G e p U m o o .S a s v i n t . t . s d 1 1964—Jan. 1. 158.8 32.8 126.0 111.5 6.6 1965—Jan. 6 166.2 34.8 131.4 126.5 6.4 8. 158.7 32.9 125.8 112.3 6.4 13 164.7 34.5 130.2 127.6 4.0 15 158.4 32.6 125.8 113.0 4.2 20 164.0 34.2 129 8 128.3 2.9 22. 158.1 32.4 125.7 113.6 3.1 27 162.0 34.0 128.0 129.1 3.8 29. 156.2 32.0 124.1 113.7 2.9 Feb. 3 162.0 34.0 128.0 129.5 4.6 Feb. 5. 156.1 32.2 123.9 113.9 3.6 10 160.9 34.4 126.5 130.1 4.7 12 155.5 32.5 123.0 114.4 3.6 17.. . 159.2 34.2 125 0 130 7 5.3 19. 153.2 32.3 120.9 114.7 5.3 24 156.2 34.1 122 A 131.0 7.2 26. ... 151.5 32.2 119.4 114.9 6.0 Mar 3 158.5 34.1 124.4 131.4 6.7 Mar. 4. 152.4 32.3 120.1 115.2 5.7 10 158.7 34.5 124.2 132.0 5.2 11. 153.1 32.7 120.4 115.6 4.6 17 160.4 34.4 126.0 132.4 4.7 18.• • • 154.5 32.7 121.8 115.8 4.6 24 157.3 34.3 123.0 132.6 8.3 25. 151.9 32.5 119.4 115.9 7.8 31 157.3 34.1 123.2 133.0 8.5 Apr. 1. 152.7 32.5 120.2 116.2 7.9 Apr. 7 159.6 34.6 124.9 133.3 7.2 8. 153.7 32.9 120.8 116.4 6.0 14 161.3 34.6 126.7 133.6 4.6 15. 155.5 32.8 122.7 116.7 5.1 21 163.5 34.5 129.0 133.6 4.4 22. 156.6 32.8 123.8 116.7 2.4 28 160.4 34.1 126.3 134.1 5.8 29. 154.8 32.5 122.2 117.2 3.0 May 5v..,. 159.8 34.3 125.4 134.5 8.5 May 6. 154.4 32.9 121.5 117.4 5.6 13. 153.5 33.1 120.4 117.8 6.1 19... . 20. 151.5 33.0 118.6 118.1 7.6 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

MAY 1965 BANKS AND THE MONETARY SYSTEM 703 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date Gold T s r t c o e r u i a u n e n u r n a g r y c t d - - s 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 u v a r e l ities Other O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t d t i t a - s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y 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—Apr. 29., 15,500 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356,100 323,600 32,400 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 Aug. 26.. 15,500 5,600 344;ooo 200;600 100,700 64,900 35,100 800 42;700 365,100 331,100 34,000 Sept. 30*. 15,500 5,600 205,000 102,800 66,700 35,400 700 43,400 372,100 338,400 33,700 Oct. 28P. 15,500 5,500 351,100 204,000 103,100 67,000 35,200 900 43,500 371,600 337,700 33,900 Nov. 25*. 15,400 5,500 350,600 206,500 105,300 68,100 36,300 1,000 43,600 376,200 341,500 34,800 Dec. 30*. 15,400 5,400 355,400 212,300 105,400 67,800 36,800 900 43,900 382,500 348,900 33,500 361,700 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*. 14,600 5,400 366,200 217,200 103,300 64,600 37,600 1,100 45,600 386,100 350,900 35,200 Apr. 28*. 14,400 5,400 367,900 218,900 102,300 63,800 37,400 1,100 46,800 387,700 353,100 34,600 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally 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 d o e e n - d s - d i t 1 s 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 d o e e n d - s - d i t 1 s Total m b C e a o r n m c k ia s - l b M sa a v n u i k t n u s g a 2 s 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 r u o n a e r l g s a y d h s s - - sa c m a c v o A n i e i m a n 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 I933 June 30 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 I939 r)ec 30 36,194 6,401 29,793 27,059 15,258 10 523 1 278 I 217 2,409 846 634 1941 Dec 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2', 215 1 895 867 1945 Dec 31 102,341 26,490 75,851 48,452 30,135 15 385 2 932 2,141 2,287 24 608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 l|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 2,518 1,293 2,989 668 1961—Dec. 30 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 1,497 422 6,219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—June 29 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 1,337 369 11,306 806 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Apr. 29.... 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 1,300 400 4,400 1,000 June 30 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 Aug. 26.... 154,300 32,900 121,400 152,900 33,100 119,800 169,000 121,200 47,400 400 1,400 400 6,300 1,100 Sept. 30*... 156,800 33,100 123,700 155,800 33,200 122,600 170,400 122,100 47,900 400 1,400 400 9,400 900 Oct. 28*... 157,500 33,300 124,200 158,100 33,200 124,900 172,000 123,500 48,100 400 1,400 500 5,000 700 Nov. 25*... 156,600 33,400 123,200 159,000 34,300 124,700 172,500 123,800 48,300 400 1,500 600 7,200 800 Dec. 30*... 158,800 33,600 125,200 164,300 34,300 130,000 175,000 125,600 49,000 400 1,700 600 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 Apr. 28*... 158,400 33,800 124,600 158,500 33,500 125,000 184,400 133,800 50,200 400 1,500 800 7,000 1,000 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics. 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLS. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank lia- Bor- Total Num- Class of bank Cash bilities capital ber and date assets1 and of Total Loans capital Total i banks U.S. Other ac- Govt. counts- All banks 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 26,479 8,414 14,826 1945—Dec. 31 140,227 30,361101,288 8,577 35,415 177,332165,612 45,613 10,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091161,865 53,105 11,948 14,714 1962—Dec. 28 280,397172,822 72,563 35,012 54,939 343,201303,653 5 28,04613,940 1963—June 29 287,411179,714 69,708 37,989 52,046 347,896 330099,428 5 28,61213,993 Dec. 20 302,251192,686 69,068 40,49751)536 362)394 319,636 )702 29,882 14,079 1964—Apr. 29 304,130196,580 66,180 41,370 48710 361,760 318,450 4, ,620163,310 3,56030,290 14,140 June 30 310,404203,119 65,337 41,948 54073 373,909 331,843 10,263139,160166,469 2,12031,037 14,175 Aug. 26 311,540203,920 64,900 42,720 48810 369,080 324,710 6,040 134,760168,840 3,54031,110 14,203 Sept. 30* 317,630207,530 66,710 43,390 53680 381,020 336,980 9,180 141,030170,260 2,76031,500 14,230 Oct. 28? 317,860207,340 66,980 43,540 51)880 379; 130 333,81015,360 4,740 141,160171,840 3,940 3311,610 14,242 Nov. 25* 322,390210,720 68,080 43,590 52,960 384,860 338,29015,460| 6,990 142,820172,320 4,50031,800 14,251 Dec. 30? 328,310216,600 67,780 43,930 56,550 394,420 347,91016,470| 6,340 149.470174,830 4,73032,010 14,266 1965—Jan. 27* 325,810214,530 66,850 44,430 51,800 387,260 341,28014,800 880 3,990 143,050 178,560 4,400 32,050 14,290 Feb. 24* 327,860216,890 65,940 45,030 52,410 389,770 342,80014,890 930 6,590 139,890 180,500 4,330 32,210 14,290 Mar. 31* 330,880220,650 64,620 45,610 55,320 396,300 349,89016,300 950 8,210 141,6101182,820 3,67032,620 14,292 Apr. 28P 334,050223,480 63,810 46,760 52,380 396,450 348,41014,450 910 6,770 141,990(184,290 5,040 "3.2700 14,297 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377144,10312,792 240 1,343 94,367 35,360 6510,059 14,181 1962—Dec. 28 235,839140,106 66,434 29,298 54,049 297)116 226622,122 16,008 535 6,829 141,041 97,709 627 24,094 13,429 1963—June 29 241,014145,049 63,542 321)423 51,156 299,875266,179 15,042 550 11,060133,624105,903 ,582 13,482 Dec. 20 254,162156,006 63,196 34,959 50,711312,773 275,120 15,267| 526 6,729141,534111,064 664 25,677 13,570 1964—Apr. 29 254,590158,660 60,120 35,810 47,890 310 580 272,40013,700; 640 4,180 136,570117,310 3,560 26,080 13,633 June 30 260,179164,463 59,322 36,394 53,168321 909 28490315,272! 67710,257139,110119,587 2,099 26;768 13,669 Aug. 26 260,330164,400 58,800 37,130 47,910 316 090 277)23014,390 680 6,040 134.710121,410 3,540 26;760 13,697 Sept. 30* 266,060167,640 60,630 37,790 52!,800 327 680 289,02015,820 690 9,180 140,980 112222,350 2,760 27120 13,724 Oct. 28* 266,160167,070 61,130 37,960 50>;,980 325640 285,63015,360 710 4,740 141,110123,710 3,940 27250 13,736 Nov. 25* 270,360170,060 62,290 381,,010 52:;,060 331 030 28990015,460 700 6,990 142,770 112233,980 4,500 27;380 13,746 Dec. 30* 275,980175,550 62,000 38,430 55,550 340,200 298,88016,470J 800 6,340 149,420125,850 4,730 27610 13,761 1965—Jan. 27*. 272,930173,030 60,990 38,910 50,850 332,500 291,80014,800! 880 3,990143,000129,130 4,400 27650 13,785 Feb. 24P. 274,670175,150 59,990 39,530 51,410 334,700 293,16014,890 930 6,590 13"9,840 130,910 4,330 27760 13,786 Mar. 31*. 277,280178,650 58,520 40,110 54,310 340,760 299,77016,300 950 8,210 141,560132,750 3,670 28110 13,789 Apr. 28*. 280,160181,110 57,810 41,240 51,430 340,690 298,12014,450 910 6,770141.940134,050 5,040 28220 13,793 Member banks: I 1941—Dec. 31.. 43,521 18,021 19,539 5,96123,123 68,121 61,717 10,385! 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 2-2,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1962—Dec. 28.. 195,698118,637 52,968 24',092 47,427 249,488 219,468 15,309 358 6,086 117,999 79,716 3,55019,854 6,049 1963—June 29.. 199,495122,088 50,399 27,008 44 929 251,214 222,61914,388 373 9,761 111,548 86,550 1,440 -20,238 6,058 Dec. 20. . 210,127131,712 49,342 29,073 44 395 261,469 229,37614,518| 382 5,986 11"7",562 90,929 3,499 21,054 6,112 1964—Apr. 29 210,375133,873 46,734 29,768 41,889 259,460 226,81713,019 493 3,751113,314 96,240 3,37121,500 6,153 June 30 215,132138,649 46,23530,249 46,767 269,437 238,052 14,527 525 9,342115,624 98,034 1 ,9-36' "2"2,060 6,180 Aug. 26 215,030138,478 45,65130,90141,830 263,825 230,64213,661 531 5,411 111,458 99,581 3),354 22,088 6,188 Sept. 30 220,105141,393 47,24531,467 46,423 274,302 241,33115,056 542 8,460116,969100,304 2:,,624 22,382 6,204 Oct. 28 219,678140,646 47,45831,574 44,680 271,855 237,65614,559 555 4,325116,793101,424 3,,733 22,474 6,209 Nov. 25 223,153143,241 48,38331,529 45,689 276,406 241,14114,646 551 6,319118,030101,595 4,,297 22,560 6,221 Dec. 30 228,341148,138 48,260 31,943 48,737 284,712 249,33615,614 649 5,782124,084103,207 4,486 22,761 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,,9"1 1 4'4', 7"5'0 279,488 244,01814,138 779 5,958115,601107,542 3,97822,888 6,236 Mar. 31 229,456150,921 45,120 33,,441155 4477,,774499 228855,,330000 225500,,22777715,556 795 7,510 111177,349109,067 3,509 -2•3,173 6,235 Apr. 28* 231,866152,951 34,360 45,106 285,023 248,56313,710 759 6,263117,569110,262 4,802 23,253 6,237 Mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1962—Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 41,478 3,951 511 1963—June 29 46,397 34,665 6,166 5,566 890 48,020 43,248 43,180 4,031 511 Dec. 20 48,089 36,679 5,872 5,539 826 49,621 44,516 44,467 4,205 509 1964—Apr. 29 49,540 37,920 6,060 5,560 820 51,180 46,050 46,000 4,210 507 June 30 50,226 38,656 6,016 5,554 905 52,000 46,940 46,882 4,269 506 Aug. 26 51,210 39,520 6,100 5,590 900 52,990 47,480 47,430 4,350l 506 Sept. 30 51,570 39,890 6,080 5,600 880 53,340 47,960 47,910 4,380! 506 Oct. 28 51,700 40,270 5,850 5,580 900 53.490 48,180 48.130 4,360 506 Nov. 25 52,030 40,660 5,790 5,580 900 53)830 48,390 48)340 4,420 505 Dec. 30 52,330 41,050 5,780 5,500 1,000 54,220 49,030 48,980 4,400| 505 1965—Jan. 27 52,880 41,500 5,860 5,520 950 54,760 49,480 49,430 4,400 505 Feb. 24 53,190 41,740 5,950 5,500 1,000 55,070 49,640 49,590 4,450 504 Mar. 31 53,600 42,000 6,100 5,500 1.010 55,540 50,120 50,070 4,510 503 Apr. 28* 53,890 42,370 6,000 5,520 950 55,760 50,290 50,240 4,480' 504 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 705 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—CoDtinued (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 s^ 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 1 Dema O n t d her r B i o n w o g r - s - c c T a o a o p u c t i - n a ta t l s l b N a b o u n e f m r ks - Govt. Other co a u c n - ts2 mand Time U.S. Time Govt. Other Reserve city member banks New York City: 5, «, 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 4,001177 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,960 11,446 1,438 3,984 13 1964—Apr. 29. 34,624 23,967 5,390 5.267 8,864 46,040 37,648 4,044 304 833 20,14012,327 1.270 4,203 13 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 Aug. 26. 35,936 24,648 5,691 5,597 8,621 46,929 38,338 4,000 336 992 19,38313,627 1,365 4,421 14 Sept. 30. 37,904 26,040 5,973 5,891 10,183 50,696 42,287 4,727 340 2,350 21,19913,671 938 4,447 14 Oct. 28. 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 1,059 20,324; 13,969 1,345 4,436 13 Nov. 25. 37,594 26,051 5,954 5,58910,103 50,171 40,753 4,394 333 1,261 20,679 14,086 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 22,792 14,268 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 Apr. 28*. 40,325 29,173 4.764 6.388 9,844 52,852 43,502 4,226 492 1,666 20,84216,276 1,655 4,517 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 1,217 72 4.201 913 426 14 1962—Dec. 28.. 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,277 410 5.264 3,025 262 948 13 1963—June 29.. 9,082 5,545 2,071 ,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 Dec. 20.. 9,615 6,220 1,705 ,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Apr. 29. . 9,316 6,( ,706 ,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 1,012 12 June 30.. 9,636 6,266 ,750 ,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 1,017 12 Aug. 26.. 9,638 6,311 ,717 ,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Sept. 30.. 9,914 6,421 ,857 ,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 1,034 12 Oct. 28.. 9,788 6,404 ,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 1,034 12 Nov. 25.. 10,021 6,600 ,786 ,635 2,232 12,537 11,009 ,251 380 4,906 4,450 256 1,044 12 Dec. 30.. 10,419 7,003 ,853 ,563 2,363 13,077 11,433 ,264 399 5,250 4,499 313 1,055 12 1965—Jan. 27... 10,245 6,767 ,850 ,628 2,163 12,703 11,177 ,153 259 5,076 4,663 232 1,046 12 Feb. 24.. 10,296 6,963 ,678 ,655 2,184 12,842 11,153 ,238 349 4,905 4,633 322 1,053 12 Mar. 31. . 10,310 7,129 ,546 ,635 2,089 12,801 11,088 ,977 501 3,985 4,597 278 1,060 11 Apr. 28?. 10,425 7,073 ,669 ,683 2,318 13,095 11,395 ,182 463 5,047 4,681 355 1,065 11 Other reserve city: "J 1941—Dec. 31.. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31.. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11',423 1 2,844 353 1962—Dec. 28.. 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,609 30,743 1,388 7,263 191 1963—June 29.. 74,614 48,164 17,326 9,124 18,526 95,433 85,555 6,811 110 3,793 41,29133,549 407 7,440 194 Dec. 20.. 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,45935,004 1,417 7,697 190 1964—Apr. 29.. 78,650 52,811 15,69210,14717,445 98,569 86,601 6,232 117 1,586 41,32137,345 1,500 7,984 186 June 30.. 80,466 54,604 15,48810,37519,143102,245 91,145 6,894 118 3,771 42,387 "3"7,974 572 8,110 183 Aug. 26.. 80,662 55,049 14,92210,69117,185100,348 88,169 6,732 116 2,151 40,740 38,430 1,415 8,173 185 Sept. 30.. 82,222 55,804 15,68010,73819,158104,065 91,950 7,217 115 3,244 42,689 38,685 1,150 8,324 185 Oct. 28.. 82,239 55,712 15,72210,80518,305103,165 90,422 7,152 118 1,685 42,618 38,849 1,725 8,357 184 Nov. 25.. 83,044 56,292 15,98610,76618,646104,306 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 45,067 39",467 1,563 8,459 182 1965—Jan. 27... 83,987 57,428 15,54111,01818,353 .1.04.,997 92,273 6,758 184 1,580 42,848 40,903 1,756 8,504 184 Feb. 24. . 84,567 57,966 15,41011,19118,114 1"0"5,275 92,428 6,789 188 2,546 41,590 41,315 1,663 8,529 184 Mar. 31. . 85,374 58,771 15,03211,57119,011107,146 94.519 6,976 185 3,035 42,615 41,708 1,413 8,646 186 Apr. 28*>. 86,265 59,701 14.62911,93518,522107,609 94.001 6,573 181 2,538 42,65142,058 2.310 8,675 184 Country member banks: «, 7 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945_Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 ,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,34.- ,773 1,931 46,895 "3'6,692 172 7,144 5,828 1963—June 29.... 82,952 46,934 24,496 li;522 "1,4465 99,361 89,470 ,641 3,332 45,066 39,371 127 7,894 5,839 Dec. 20 87,316 50,023 24,79712,496 14,274 103,615 92,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—Apr. 29. . 87,785 51,007 23,94612,83213,462103,175 92,305 .629 1,120 46,960 42,540 435 8,301 5,942 June 30. . 88,337 52,289 23,21812,830 14,953105,430 94,733 ,739 2,872 47,270 42,788 230 8,531 5,971 Aug. 26.. 88,794 52,470 23,32113,00314,094 110044,731 93,784 ,700 1,970 46,683 43,375 3771 8,470 5,977 Sept. 30.. 90,065 53,128 23,73513,202 '1 4',831107,083 96,130 ,785 2,250 48,24143,790 278 8,577 5,993 Oct. 28.. 91,040 53,482 24,23313,32514,502 110077,627 96,431 ,870 1,293 48,912 44,292 408 8,647 6,000 Nov. 25.. 92,494 54,298 24,65713,53914,708109,392 98,080 ,899 2,098 49,594 44,425 412 8,722 6,014 Dec. 30.. 93,387 55,495 24,35713,53515,642 111,183 99,744 ,997 1,735 50,975 44,973 483 8,775 6,018 1965—Jan. 27... 92,990 55,062 24,27613,65214,518109,740 98,441 ,831 1,028 49,713 45,805 417 8,784 6,027 Feb. 24.. 93,280 55,319 24,154 13,80715,234 110,568 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 99,67 ,751 2,196 48,626 47,036 3T2 8,941 6,025 Apr. 28». 94,851 57,004 23,49314,354:14,422 111,467 99,665 ,729 1,596 49,029,47,247 482 8,996 6,029 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) 1 Loans and investments Deposits i Total assets— j Securities Total Interbank l Other Cla a s n s d o d f a b t a e nk Total Loans as C s a e s ts h * c b a i a l l p i i n a t i d i - t e a s l Total i Demanc1 r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N b b a u o e n f r m k - s G U o . v S t . . Other cou a n c- ts i m D a e n - d Time U. S. Other Time Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10654 762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13883 23',740 80,27629,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1961—Dec. 30.. 213,904 124,348 66,02623,531 56,086 276,600 247,176 17,737 333 5,934141,05082,122 46222,08913,108 1962—Dec. 28.. 234,243 139,449 65,89128,903 53,702 295,093 260,609 15,844 402 6,815140,16997,380 3,58423,71213,119 1963—Dec. 20.. 252,579 155,261 62,72334,594 50,337 310,730 273,657 15,077 443 6,712140,702 110,723 3,57125,277 13,284 1964—June 30.. 258,597 163,715 58 88036,002 52,845 319,913 283,46315,072 59110,234138,323119,243 2,03526,35813,394 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6 786 1,088 23,262 8 322 3 640 5,117 1945—Dec. 31.. 69,312 13,925 51 250 4,137 20,114 90,220 84,939 9 229 14,013 45,473 16224 3 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 5 409 5,005 1961—Dec. 30.. 116,402 67,309 36,08813,006 31,078 150,809 135,51110,359 104 3,315 76,29245 441 22511875 4,513 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553 733 ,636 12750 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 !,704 13548 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 84114262 4,702 State member banks: 1941—Dec. 31.. 15,950 6,295 7 500 2,155 8,145 24,688 22,259 3,739 621 13,874 4 025 1 2 246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7 986 130 2 945 1,867 1947—Dec. 31.. 32,566 11,200 19240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9 062 9 3055 1,918 1961—Dec. 30.. 63,196 38,924 17971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,30321 716 213 6 763 1,600 1962—Dec. 28.. 68,444 43,089 17305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425 983 1,914 7 104 1,544 1963—Dec. 20.. 72,680 46,866 15958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529 642 1,795 7 506 1,497 1964—June 30.. 73,934 49,179 1467510,080 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 10584 1,063 4,448 19,256 18,119 244 1,560 10,635 5 680 7 1083 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 1271 6,478 1961—Dec. 30.. 34,320 18,123 11972 4,225 6,508 41,504 37,560 543 30 553 21,456 14979 24 3452 6,997 1962—Dec. 28.. 38,557 20,811 12932 4,814 6,276 45,619 41,142 535 43 729 22,170 17664 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 23,140 19793 72 4 234 7,173 1964—June 30.. 43,476 25,066 12654 5,755 6,078 50,488 45,411 546 66 892 22,69921 209 99 4 309 7,215 Noninsured nonmember com 1 1 1 9 9 9 m 4 4 4 e 1 7 5 r — — — cia D D D l e e e b c c c a . . . n 3 3 3 k 1 1 H s . . : . . . 2 2 1 , , ,4 0 2 5 1 0 7 1 9 4 4 3 7 5 1 4 5 8 1 1 6 2 7 9 8 6 3 0 1 2 2 2 5 4 0 5 1 0 7 5 5 7 6 1 6 3 4 2 2 2 , , , 6 7 2 4 6 8 3 8 3 2 2 1 , , , 2 4 87 5 5 2 1 2 177 3 1 2 8 9 1 185 I 1 1 , , 8 -2 ?0 9 5 1 1,392 4 2 3 7 5 6 8 3 5 1 4 4 3 2 3 3 7 2 2 9 5 9 7 7 8 8 1 5 3 4 2 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—June 30.. 1,571 748 432 390 323 1,984 1,439 200 85 23 787 344 64 399 274 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2 270 1,266 3,431 10,992 9,573 457 5,504 3 613 18 1288 7,662 1945—Dec. 31.. 16,849 3,310 12277 1,262 4,962 22,024 20,571 425 14,101 6 045 11 362 7,130 1947_Dec. 31.. 18,454 5,432 11 318 1,703 4,659 23,334 21,591 439 190 167 13,758 7 036 12 1596 7,261 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,32515286 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 23,04217994 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 13087 6,145 6,401 52,472 46,850 745 151 915 23,48621 553 163 4 708 7,489 Insured mutual sav 1 i 9 n 4 g 1 s ba r n w k s: 31 • 1,693 642 629 421 151 1,958 1,789 1789 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 12 12,192 1,252 194 1961 Dec 30 35,660 25,812 4,690 5,158 828 37,065 33,400 1 6 25633,137 11 3,191 330 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—June 30.. 43,431 34,050 4,316 5,064 799 45,022 40,797 1 6 33340,456 20 3.618 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 707 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other lia- Bor- Total Num- Class of bank Cash bilities row- capital ber and date assetsl and ings ac- of Total Loans capital Total i counts banks U.S. Other ac- De- Time Time Govt. counts 2 mand U.S. Govt. Other Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 6 558 350 1947—Dec. 31 3 5,957 1,384 3.813 760 211 6,215 5,556 5,553 637 339 1961—Dec. 30 5,600 3,581 1,446 572 108 5,768 5,087 5,083 577 184 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 5,420 i 608 180 1963—Dec. 20 6,425 4,380 1,548 498 104 6,602 5.859 5,851 633 179 1964—June 30 6,795 4,605 1,700 490 105 6,977 6,143 6,128 1 651 179 1 Reciprocal balances excluded beginning with 1942. parability of figures for classes of banks is affected somewhat by changes 2 Includes other assets and liabilities not shown separately. in F.R. membership, deposit insurance status, and the reserve classifica- 3 See note 3, p. 587, May 1964 BULL. tions of cities and individual banks, and by mergers, etc. 4 See note 4, p. 587, May 1964 BULL. Data for June 30, 1964, for national banks have been adjusted to make 5 See note 5, p. 587, May 1964 BULL. them comparable with State bank data. (Dec. 20, 1963 data also ad- 6 Beginning with May 18, 1964, one New York City country bank with justed to lesser extent.) loans and investments of $1,034 million and total deposits of $982 million Figures are partly estimated except on call dates. was reclassified as a reserve city bank. For revisions in series before June 30, 1947, see July 1947 BULL., pp. 7 See note 6, p. 587, May 1964 BULL. 870-71. NOTE.—Data are for all commercial and mutual savings banks in the See also NOTE, p. 643, May 1964 BULL. United States (including Alaska and Hawaii, beginning with 1959). Com- LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loansl Total i Loansl U.S. U.S. Govt. Other Govt. Other 1957—Dec. 31 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 2 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec. 312 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 ^ 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 Apr. 28" 276.3 176.8 58.5 41.0 275.0 175.9 57.8 41.2 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

708 COMMERCIAL BANKS MAY 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government Total Com- or carrying institutions securities Class of loans * mer- securities Other 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 a c i u n i n a s d - l - A t c u a u g r l l r - - i- b T ro o - R t e a e s t a - e l v d i t i n o i d - - - Other Cer- s g l a o e o n c c v u d a t l - . O s r e i t t h c i e u e r - s trial k a e n r d s ot T he o rs ba T n o ks ot T h o ers uals Total Bills c t a if t i e - s Notes Bonds rities dealers Total: 2 1947—Dec. 31.. 116,284 38,057 18,,1671,660 8301,220 115 9,393 5,723 94769,221 2,193 7,789 6,034 53,205 5,276 3,729 1961—Dec 20.. 215,441124,925 45,172 6,248 4056 2,134 1,033 7,31130,,3 20 27~,,8_4.7. 3,412 66,57811,488 22,1 142;3 ,64120,345 3,592 1962—Dec. 28.. 235,839140,106 48,673 7,097 51442,131 2,578 8,445599 34,.2 59. .3.0.,5..53 3,909 66,43411,674 3,932 23,84126,987 24,755 4,543 1963—Dec. 20.. 254,162156,006 52,947 7,470 5353 2,509 3,605 9,479 39,056 34,550 4,03463,19611,059 1,658 2"2 ,4"1"5 28,065 29,786 5,173 1964—June 30..260,179164,463 55,0617;688 51526 2,704 2,881 10,45041,388 37,5944,42159,322 9,061 3523,141 27; 08531,419 4,975 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4 505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 8888,912 2,45519,07116,045 51,342 3,8733,258 1947—Dec. 31.. 114,274 37,58318,0121,610 8231,19~0~ 114 9,266 5,654 91467,941 2,124 7,552 5,918 52,347 5,129 3,621 1961—Dec. 30.. 213,904124,348 44965 6,2114,030 2,107 1,027 7,296 30,21127,708 3,396 66,02611,356 2,098 26,145 26,426 20,068 3,462 1962—Dec. 28.. 234,243139,449 48458 7,006600 55,1192,103 2,551 8,434 34,12330,402 3,89065,89111,514 3,916 23,715 26,746 24,547 4,356 1963—Dec. 20..252,579155,261 i743 7 5..33322211222,,444777666 3,594 ;415 38;86134,383 4,01562,72310,952 1,649 22,316 27,806 29,559 5,035 1964—June 30..258,597163,71554,855 7663 5,492 226,67711 2,83910,414 41,190 37,432 4,40358,880 8,970 32 23,044 26,835 31,184 4,818 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97,846 32,62816,9621,046 8111,065 113 7,130 4,662 83957,914 1,987 5,816 4,815 4"5-,295 4,1993,105 1962—Dec. 28., 195,698118,637 43,843 4,419 4954 1,777 2,445 7,936 27,162 24,799 3,657 52!,968 8,862 3,24919,44321,414 20,7733,319 1963—Dec. 20..210,127131,712 47,403 4, 124 2,136 3,439 8,875 31,009 27,908 3,765 4'9,342 8,032 1,30718,072 21,932 25,210 3,864 1964—June 30..215,132138,649 49,217 4,755 5;3412,320 2,733 9,887 32,794 30,275 4,137 46,235 6,707 16 18,572 20,940 26,579 3,670 Dec. 31.. 228,497147,690 53,717 4,643 5,1422,411 3,25010,179 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 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1962—Dec. 28..32,989 21,95411,943 17 2,766 425 572 2,087 1,329 2,143 1,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Dec. 20..34,827 23,57712,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—June 30..36,693 25,49012,647 21 3,045 625 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 2,6541,371 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 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 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. Sl- 10,562 7,102 3,870 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 O^er 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 1,901 15,563 1,342 1,053 1962—Dec. 28.. 73,130 46,56717,660 1,179 ,053 752 1,020 3,58311,030 9,8601,266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,89118,862 1,219 1,243 891 1,224 4.28612,52511,1061,46216,686 2,152 545 6,600 7,390 8,810 981 1964—June 30.. 80,466 54,604 19; 624 1,1731,155 970 953 4,70613,20712,0631,75315,488 2,206 6,566 6,715 9,449 925 Dec. 31.. 84,670 57,555 21102 1,0951,060 986 1,134 4,88713,61112,8021,97716,326 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 1 528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31..35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 1,067 1947—Dec. 31..36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1962—Dec. 28.. 80,623 44,69811,2993,187 728 447 764 1,56314,44112,273 826 25,425 4,144 1,223 8.84911,209 8.694 1,807 1963—Dec. 20.. 87,316 50,02312,8313,374 708 496 966 11,55991116,114 1133,951 917 24,797 3,822 573 8,531 11,87110.385 2,111 1964—June 30.. 88,337 52:28913,6143",535 644 534 565 1,52516,88315,063 939 23,218 2,749 15 8,72811,72510,808 2.022 Dec. 31.. 93,759 55:733 ,556 3,493 830 599 710 \1,713300 17.96415,8991,047 24,341 4,209 7,20612,92511,531 2,154 Nonmember 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 ,973 1,219 7,920 1,078 625 1961—Dec. 30.. 35,856 18,700 4,241 2,314 179 306 19 418 6,341 4,995 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 13,466 2,812 683 4,398 5,573 3,9821,224 1963—Dec. 30. 44,035 24;295 5.54412.811 229 373 166 604 8.047 6,643 269 13,854 3,027 351 4,343 6.133 4,576 1,309 1964—June 30.. 45,047 25.815 53844j2,933 185 384 149 563 8,594 7,320 284 13,087 2,354 19 4.569 6,144 4,841 ,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

MAY 1965 COMMERCIAL BANKS 709 RESERVES AND LIABILITIES BY CLASS OF BANE (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n e v R t - h k 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 - e t h - s i s c 3 j p u m D o s d a a t s e d 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 f e n e f r r c d i d t s - 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 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—June 30.... 16,77r4 4,539 12,693122,537 13,909 1,363 10,257 12,583 4,832 121,695 677 257 8,680110,6502,09926,768 All insured: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1961—Dec. 30.... 16,918 3,670 13,871121,671 16,440 1,298 5,934 12,149 5,023 123,878 333 283 5,412 76,426 46222,089 1962—Dec. 28.... 17,680 4,232 12,795123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20.,.. 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 1964—June 30.... 16,774 4,524 12,409121,608 13,756 1,316 10,234 12,491 4,781 121,051 591 257 8,634110,3522,03526,358 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947__Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1962—Dec. 28.... 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—June 30.... 16,774 3,511 7,807 99,288 13,247 1,280 9,342 9,639 4,379 101,605 525 227 7,045 90,7621,936 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 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,9371,728 3,898 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—June 30.... 3,919 273 82 16,389 3,791 920 2,112 420 2,323 18,480 317 71 528 12,582 924 4,402 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 J 027 8 127 233 34 2,152 476 288 1945_Dec. 31.... 942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947 Dec. 31.,.. 1,070 30 175 3,737 ,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 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 28,027 1,388 7,263 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 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 23 1,094 14,169 33 3,822 1962—Dec. 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963 Dec 20 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—June 30 1,028 4,886 23,249 661 84 915 2,943 453 20,090 151 30 1,635 19,888 163 4,708 3 Beginning with 1942, excludes reciprocal bank balances. banks. Comparability of figures for classes of banks is affected some- • 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 collectio n. 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

710 WEEKLY REPORTING MEMBER BANKS MAY 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 - ! j m u a s e d t n e - t d s 2 j L us a o t d a e - n d s 2 m a c n i e a r d l - A t c u u g r l r a - i l - and dealers To others Bank Nonbank Real ot A h l e l r V t a r i e o lu - n ain tr d i u a s l - G U o .S vt . . Other G U o . v S t . . Other m D e o s - - P a e n r d s. serves se- For- tic Sales c t u ie r s i- c t u ie r s i- c t u ie r s i- c t u ie r s i- eign c m c o i e m a r l - - F C e i O n tc S a . ., n. Other Total— Leading Cities 1964 Apr. 1 141,144 138,373 92,002 38,308 1,496 343 3,796 109 1,785 1,071 2,771 4,640 3,539 18,366 20,601 2,052 8 141,065 138,844 91,345 37,964 1,492 561 3,706 103 1,806 1,088 2,221 4,159 3,506 18,393 20,620 2,053 15 141,142 139,288 92,191 38,252 1,494 593 3,732 102 1,810 1,112 1,854 4,369 3,549 18,461 20,111 2,054 22 140,405 138,001 91,592 38,015 1,501 432 3,679 100 1,796 1,123 2,404 4,146 3,525 18,488 20,841 2,054 29 140.858 138,680 92,208 38,057 1,510 434 3,613 101 1,804 1,124 2,178 4,310 3,571 18,520 21,217 2,053 1965 Mar. 3 152,583 150,232102,301 43,343 1,530 883 3,339 67 1,862 1,523 2,351 4,482 3,922 20,188 23,456 2,294 10 151,946 149,679101,758 43,163 1,530 663 3,282 66 1,852 1,536 2,267 4,386 3,930 20,202 23,441 2,293 17 153,911 151,742104,011 44,334 1,535 814 3,526 68 1,856 1,548 2,169 4,860 3,986 20,255 23,530 2,301 24 153,775 151,374103,848 44,310 1,540 713 3,621 70 1,872 1,558 2,401 4,523 3,977 20,305 23,659 2,300 31 154,053 151,967104,817 44,620 1,542 776 3,658 129 1,886 1,574 2,086 4,807 4,090 20,326 23,704 2,295 Apr. 7 153,940 151,293103,991 44,363 1,536 678 3,590 68 1,895 1,567 2,647 4,524 4,057 20,340 23,665 2,292 14 154,194 151,690104,704 44,448 1,553 733 3,710 69 1,913 1,576 2,504 4,614 4,075 20,437 23,869 2,293 21 155,749 152,866 110055,383 44,525 1,547 1,009 3,813 71 1,923 1,585 2,883 4,738 4,056 20,480 23,926 2,290 28 155,550 152,669105,229 44,604 1,550 929 3,642 67 1,935 1.586 2,881 4,620 4,083 20,555 23,951 2,293 New York City 1964 Apr. 1 34,311 33,310 22,931 12,430 188 2,230 584 556 1,001 ,582 716 1,889 3,278 566 8 34,058 33,429 22,606 12,233 289 2,207 578 570 629 ,330 719 1,907 3,295 567 15 33,962 33,507 22,838 12,302 259 2,201 579 576 455 ,483 730 1,925 3,306 567 22 33,883 32,901 22,512 12,146 230 2,172 579 587 982 ,323 734 1,931 3,333 567 29 34,129 33,201 22,781 12,125 247 2,150 580 572 928 ,480 758 1,945 3,446 567 1965 Mar. 3 37,311 36,683 25,940 14,447 371 1,917 499 823 628 ,409 891 2,334 3,832 614 10 37,138 36,477 25,131 14,325 324 1,889 500 825 661 ,402 903 2,324 3,828 614 17 37,895 37,395 26,749 14,808 313 2,126 504 827 500 ,622 928 2,344 3,856 619 24 37,891 37,185 26,707 14,724 359 2,215 507 823 706 ,447 933 2,363 3,916 619 31 38,201 37,447 27,143 14,917 341 2,299 509 838 754 ,606 957 2,368 3,887 619 Apr. 7 38,189 37,233 26,768 14,760 345 2,272 510 842 956 1,440 948 2,366 3,864 620 14 37,972 37,278 26,915 14,733 328 2,348 511 845 694 1,495 945 2,395 3,894 620 21 38,822 37,730 27,225 14,747 450 2,427 518 843 1,092 1,575 945 2,400 3,899 620 28 38,602 37,422 26,955 14,829 380 2,225 519 856 1,180 1,494 952 2,423 3,856 620 Outside New York City 1964 Apr. 1. 106,833 105,063 69,071 25,878 ,476 155 ,566 1,201 515 1,770 3,058 2,823 16,477 17,323 1,486 8. 107,007 105,415 68,739 25,731 ,472 272 ,499 1,228 518 1,592 2,829 2,787 16,486 17,325 1,486 15. 107,180 105,781 69,353 25,950 ,474 334 ,531 1,231 536 1,399 2,886 2,819 16,536 17,465 1,487 22. 106,522 105,100 69,080 25,869 ,481 202 ,507 1,217 536 1,422 2,823 2,791 16,557 17,508 1,487 29. 106,729 105,479 69,427 25,932 ,490 187 ,463 1,224 552 1,250 2,830 2,813 16,575 17,771 1,486 1965 Mar. 3. 115,272 113,549 76,361 28,896 1,512 512 ,422 1,363 700 1,723 3,073 3,031 17,854 19,624 ,680 10. 114,808 113,202 76,021 28,838 1,512 339 ,393 53 1,352 711 1,606 2,984 3,027 17,878 19,613 ,679 17. 116,016 114,347 77.262 29,526 1,510 501 ,400 53 1,352 721 ,669 3.238 3,058 17,911 19,674 ,682 24. 115,884 114,189 77,141 29,586 1,515 354 ,406 56 1,365 735 ,695 3; 076 3,044 17,942 19,743 ,681 31. 115.852 114,520 77,674 29,703 1,515 435 ,359 116 1,377 736 ,332 3,201 3,133 17,958 19,817 ,676 Apr. 7. 115,751 114,060 77,223 29,603 1,508 333 ,318 55 1,385 725 ,691 3,084 3,109 11,914 19,801 ,672 14. 116,222 114,412 77,789 29,715 1,524 405 ,362 57 1,402 731 ,810 3,119 3,130 18,042 19,975 ,673 21., 116,927 115,136 78,158 29,778 1,518 559 ,386 59 1,405 742 ,791 3,163 3,111 18,080 20,027 ,670 28. 116,948 115,247 78,274 29,775 1,521 549 ,417 55 1,416 730 ,701 3,126 3,131 18,132 20,095 ,673 For notes see p. 712. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 WEEKLY REPORTING MEMBER BANKS 711 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U. S. Government securities as T se o t t s a — l Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 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 k l e e h - s s s- b a w e B f a n o i n i c g a r t e k l n - h - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e t R k h - e . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t u i d t s a l a n i l - l ts 1 year 5 years 5 years Total— Leading Cities 1964 Apr. 1 26,870 4,081 109 2,871 14,133 5,676 19,501 18,881 3,727 255 1,717 13,182 5,674 181,656 8 27,960 4,836 113 2,923 14,454 5,634 19,539 17,329 2,870 254 1,701 12,504 5,677 177,771 15 27,261 4,281 115 2,995 14,279 5,591 19,836 18,589 3,331 245 1,779 13,234 5,662 182,403 22 26,609 3,646 162 3,013 14,232 5,556 19,800 17,044 2,995 256 1,800 11,993 5,693 177,211 29 26.713 3,806 155 3,022 14,184 5,546 19,759 17,379 2,837 266 1,842 12,434 5,714 177,812 1965 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 4,214 3,403 11,177 6,624 22,313 18,360 3,213 275 1,920 12,952 6,010 195,111 24 25,140 3,951 3,402 11,170 6,617 22,386 18,089 3,110 270 1,942 12,767 6,133 193,271 31.... 24,965 3,806 3,470 11,121 6.568 22,185 18,852 3,826 247 1,883 12,896 6,324 196,380 Apr. 7 24,700 3,833 3,384 10,946 6,537 22,602 18,236 3,012 228 1,818 13,178 6,180 193,863 14......... 24,513 3,679 3,398 10,972 6,464 22,473 18,600 3,205 235 2,004 13,156 6,220 196,512 21.. 24,583 3,705 3,431 10,943 6,504 22,900 18,159 3,125 225 2,000 12,809 6,244 196,230 24.512 3,669 3,464 10,889 6,490 22,928 18,511 3,129 225 2,025 13,132 6,324 195,543 28. New York City 1964 Apr. 1 5,382 1,161 490 2,654 1,056 4,997 4,604 562 113 255 3,674 2,486 47,440 8 5,842 1,503 480 2,779 1,058 4,981 3,904 90 117 267 3,430 2,500 45,182 15 5,399 1,133 474 2,732 1,038 5,270 4,480 239 110 262 3,869 2,539 46,523 22 5,180 904 487 2,694 1,038 5,209 3,635 58 121 263 3,193 2,547 44,400 29 5,235 972 490 2,683 1,041 5,185 4,003 56 120 263 3,564 2,512 45,449 1965 Mar. 3 4,815 985 676 1,824 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 ,782 1.305 5,964 3,954 106 137 296 3,415 2,568 50,702 31 4,505 7b6 676 ,766 K297 5,799 4,415 602 118 279 3,416 2,618 52,224 4,532 827 670 ,721 1.314 5,933 4,029 120 102 293 3,514 2,525 50,564 Apr-,:::::::::: 4,526 841 671 J712 i;302 5,837 4,205 123 112 295 3,675 2,538 50,821 21 4,555 870 673 ,699 1,313 5,950 3,902 141 107 286 3,368 2,562 50,607 28 4,501 873 658 ,667 1,303 5,966 4,319 99 109 289 3,822 2,607 50,867 Outside New York City 1964 Apr. 1 21,488 2,920 2,381 11,479 4,620 14,504 14,277 3,165 142 1,462 9,508 3,188 134,216 8 22,118 3,333 91 2,443 11,675 4,576 14,558 13,425 2,780 137 1,434 9,074 3,177 132,589 15 21,862 3,148 93 2,521 11,547 4,553 14,566 14,109 3,092 135 1,517 9,365 3,123 135,880 22 21,429 2,742! 105 2,526 11,538 4,518 14,591 13,409 2,937 135 1,537 8,800 3,146 132,811 29... 21.478 2,834 106 2,532 11.501 4,505 14.574 13,376 2,781 146 1,579 8,870 3,202 132,363 ! 1965 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 3,272 2,748 9,345 5,331 16,389 14,295 3,084 135 1,622 9,454 3,544 144,388 24 20,626 2,746 9,388 5,312 16,422 14,135 3,004 133 1,646 9,352 3,565 142,569 31 20,460 2,794 9,355 5,271 16,386 14,437 3,224 129 1,604 9,480 3,706 144,156 Apr. 7 20,168 3,006 2,714 9,225 5,223 16,669 14,207 2,892 126 1,525 9,664 3,655 143,299 14 19,987 2,838 2,727 9,260 5,162 16,636 14,395 3,082 123 1,709 9.481 3,682 145,691 21.... 20,028 2,835 2,758 9,244 5,191 16,950 14,257 2,984 118 1,714 9;441 3,682 145,623 28......... 20,011 2,796 2,806 9,222 5,187 16,962 14,192 3,030 116 1,736 9,310 3,717 144,676 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 WEEKLY REPORTING MEMBER BANKS MAY 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 s o a d a t d s e e e n i - - - d t d s 5 Total 6 IPC G S l a o t o n c a v d a te t l . e F i o g r n - 7 G U o . v S t . . c m m D c o t i i e e m o a c s r - l - - - Total* S in a g v s - IPC Oth S l a e o t r n c a d a t t e l ime e F 9 ig o n r- 7 B F F a r . n o R k m . s o F t r h o e m rs l O ia t t i b h e i s e li r - co i a t u a c n l - ts banks Govt. I Total- Leading Cities 1964 Apr- J:::::: 157,257 62,532 95,811 66,659 5,349 ,841 5,,130 12,192 61,446 14,418 4,381 3,457 223 3,470 5,926 14,780 154,008 63,083 92,338 66,452 4,768 752 3,91711,638 61,670 38,67214,625 4,369 3,523 103 2,917 5,947 14,796 15 157,911 65,987 96,401 70,854 6,204 ,8031,380 12,024 61,510 38,48314,508 4,448 3,604 716 2,841 6,057 14,878 22 152,622 64,341 90,665 67,881 5,314 ,8201,309 10,946 61,957 38,45914,757 4,588 3,684 103 3,279 6,337 14,870 29 153,455 63,959 91,232 66,813 5,529 8062,948 10,464 62,223 38,43714,950 4,660 3,704 276 2,884 6,283 14,914 1965 Mar. 3 166,579 63,507 96,238 68,127 5,423 ,965 4,03612,327 70,341 41,74418,359 5,476 4,084 504 3,764 6,792 15,844 10 164,133 64,249 93,305 67,838 5,112 ,940 2,44611,853 70,828 41,91018,613 5.514 4,097 376 3,622 6,705 15,860 17 168,280 64,404 97,629 69,426 4,851 ,8914,351 12,044 70,651 42,02818,250 5,483 4,188 345 3,873 6,776 15,837 2 3 4 1 1 1 6 7 6 0 , , 3 3 1 1 6 8 6 62 3 , , 5 3 1 7 1 7 9 9 5 9 , , 3 1 1 7 1 8 6 6 6 7 , , 1 6 8 4 3 2 4 5 , , 9 5 4 7 3 0 2, , 0 9 6 0 4 16 5 , , 0 9 5 8 7 81 1 2 1 , ,4 6 6 6 9 2 7 7 1 1 . , 0 1 0 4 5 0 4 4 2 2 , ,3 0 2 9 3 6 1 1 8 8, , 4 4 6 5 5 6 5 5 , , 5 5 5 0 0 0 4 4 , , 2 1 0 7 4 5 ! | 1 5 8 0 3 3 3, , 2 9 9 8 9 3 6 6 V , , , 7 9 ?* 5 4 t 5 7 I 1 I 1 1 J, 5 5 , ,9 8 O 5 " 4 tX 8 2 . Apr. 7 166,965 63,756 95,497 67,945 4,772 ,9463,89812,336 71,468 42,35018,656 5,562 4,209| 65 4,245 6,612 15,976 14 169,280 65,036 97,754 71,243 4,841 876 2,84212,378 71,526 42,216 18,756 5,616 4,252 222 4,371 6,677 15,962 21 168,802 65,244 97,146 70,162 5,211 ,9283,82511,999 71,656 42,170 18,828 5,735 4,243 161 4,510 6,805 15,952 168,214 64,744 96,133 68,572 5,270 ,88615,26610,965 72,081 42,14919,051 5,898 4,317. 257 4,307 6,769 15,996 28 New York City 1964 38,922 16,106 26,805 17,457 364 1,363 ,516 3,144 12,117 4,484 4,500 389 2,452 1,582 2,774 4,162 Apr. 1 36,927 15,797 24,721 16,665 284 1,282 ,192 3,012 12,206 4,468 4,557 395 2,497 1,285 2,806 4,164 8 37,907 16,758 25,822 17,708 881 1,349 289 3,233 12,085 4,430 4,430 391 2,559 ""70 1,572 2,811 4,163 15 35,891 16,142 23,676 16,919 274 1,363 248 2,951 12,215 4,427 4,507 383 2,619 31 1,385 2,932 4,161 22 37,119 16,285 24,857 17,123 377 1,338 824 2,943 12,262 4,418 4,563 384 2,618 1,285 2,887 4,158 29 1965 Mar. 3 40,503 15,811 25,894 16,940 349 1,413 ,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 1,356 ,206 3,168 14,867 4,867 5,979 533 3,014 153 1,760 4,310 24 41,558 15,149 26,547 16,383 346 1,372 ,687 3,422 15,011 4,885 6,115 525 3,028 1,579 4,306 31 43,315 15,887 28,220 17,301 438 1,503 ,759 3,584 15,095 4,916 6,222 495 3,004 1,448 3,112! 4,349 Apr. 7 41,238 15,591 26,008 16,688 319 1,413 ,163 3,433 15,230 4,902 6,321 526 3,019 1,853 131 4,342 14 41,261 15,688 25,977 17,329 347 1,353 812 3,371 15,284 4,884 6,378 525 3,041 2,112 107 4,341 21 41,216 15,995 25,842 17,218 305 1,421 ,141 3,385 15,374 4,880 6,468 528 3,045 1,902 148 4,341 28 41,799 16,133 26,182 17,108 318 1,383 ,651 3,059 15;617 4,882 6,655 545 3,093 20 1,594 3,114 4,340 Outside New York City 1964 Apr. 1 118,335 46,426 69,006 49,202 4,985 478 3,614 9,048 49,329 34,220 9,918 3,992 1,005 223 1,888 3,152 10,618 8 117,081 47,286 67,617 49,787 4,484 470 2,725 8,626 49,464 34,20410,068 3,974 1,026 103 1,632 3,141 10,632 15 120,004 49,229 70,579 53,146 5,323 454 1,091 8,791 49,425 34,05310,078 4,057 1,045 646 1,269 3,246 10,715 22 116,731 48,199 66,989 50,962 5,040 4571,061 7,995 49,742 34,03210,250 4,205 1,065 72 1,894 3,405 10,709 29 116,336 47,674 66,375 49,690 5,152 468 2,124 7,521 49.961 34,019 1"0,387 4,276 1,086 276 1.599 3,396 10,756 1965 Mar. 3 126,076 47,696 70,344 51,187 5,074 552 2,990 8,997 55,732 36,91612,461 4,956 1,167 301 2,186 3,723 11,528 10 124,066 48,382 68,159 50,908 4,827 5601,784 8,647 55,907 37,06012,462 4,980 1,174 268 2,112 3,687 11,541 17 126,830 48,492 71,046 52,432 4,555 535 3,145 8,876 55,784 37,16112,271 4,950 1,174 192 2,113 3,726 11,527 24 124,758 47,362 68,764 49,800 4,597 529 4,370 8,047 55,994 37,21112,350 5,025 1,176 183 2,404 3,688 11,536 31 127,003 47,490 70,958 50,341 5,132 5614,229 9,078 56,045 37,40712,234 5,005 1,171 50 1,851 3,643 11,609 Apr. 7 125,727 48,165 69,489 51,257 4,453 533 2,735 8,903 56,238 37,44812,335 5,036 1,190 65 2,392 3,481 11,634 14 128,019 49,348 71,777 53,914 4,494 523 2,030 9,007 56,242 37,33212,378 5,091 1,211 222 2,259 3,570 11,621 21 127,586 49,249 71,304 52,944 4,906 507 2,684 8,614 56,282 37,29012,360 5,207 1,198 161 2,608 3,657 11,611 28 126,415 48,611 69,951 51,464 4,952 5O3j3,615 7,906 56,464 37,26712,396 5,353 1,224 237 2,713 3,655 11,656* * 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 * 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. Apr. 7 Apr. 14 Apr. 21 Apr. 28 * Includes certified and officers' checks and deposits of mutual savings Total—Leading Cities 14,190 14,332 14,453 14,741 banks, not shown separately. New York City 5,502 5,604 5,760 5,969 7 Deposits of foreign governments and official institutions, central Outside New York City. .. 8,688 8,728 8,693 8,772. banks, international institutions, banks in foreign countries, and foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 BUSINESS LOANS OF BANKS 713 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1965 1965 1965 1964 1964 A 2 p 8 r. A 2 p 1 r. A 1 p 4 r. Apr. M 3 a 1 r. Apr. Mar. Feb. IV III H 2n a d lf H 1 a s l t f Durable goods manufacturing: Primary metals 757 749 747 738 733 24 72 14 92 -18 -81 123 Machinery. 2,701 2,696| 2,687 2,637 2,664 37 293 122 457 93 -81 12 25 Transportation equipment 982 990 ,010 989 ,011 -29! -4 47 64 60 -13 47 19 Other fabricated metal products. . . ,153 1,113 ,118 ,122 ,131 ^2 114 56 169 -36 -36 191 Other durable goods ,346 1,335. ,334 ,302 ,296 50 96 43 143 -66 57 120 Nondurable goods manufacturing: Food, liquor, and tobacco ,674 1,717) ,717 ,751 ,821 -147 17 -76 -179 527 177 704 -622 Textiles, apparel, and leather ,551! 1,543| ,547 ,525 ,518 33 148 115 248 -359 64 -295 234 Petroleum refining ,181 1,187 ,194 ,215 ,208 -27 38 179 166 33 AA -11 -134 Chemicals and rubber ,657j 1,647 ,623 ,601 ,594 63 121 101 190 232 17 249 158 Other nondurable goods ,046 1,022 992 986 989 57 49 97 -94 31 -63 106 Mining, including crude petroleum and natural gas 3,358 3,364 3,364 3,351 3,347 II 63 110 218 295 140 435 -198 Trade: Commodity dealers 1,230 1,269 1,285 1,356 1,409 -179 -155 54 -20 391 154 545 -538 Other wholesale 2,444 2,451 2,429 2,389 2,389 55 139 67 126 81 75 156 40 Retail 2,842 2,891 2,807 2,907 -65 199 33 414 -211 143 -68 49 Transportation, communication, and other public utilities 4,643 4,600 4,589 4,631 4,649 -6 52 19 -15 237 400 637 -496 Construction 2,341 2,347 2,330 2,276 2,264 77 -14 47 2 38 104 142 265 All other: i Bankers' acceptances 769 740 767 761 788 -30 -307 174 61 235 -76 All other types of business, mainly services 5,755! 5,732 5,766 5,844 5,822 -67 161 121 428 394 -39 355 274 Total classified loans 37,430i 37,393 37,347 37,281 37,540 -110 1,378 1,034 2,293 1,771 1,165 2,936 -460 Commercial and industrial loans— All weekly reporting banks 44,604 44,541 44,448 44,363 44,620 16 1,579 1,192 2,501 2,166 1,205 3,371 -45 i Beginning Dec. 31, 1963, bankers' acceptances for the creation NOTE.—About 200 of the weekly reporting member banks are included of dollar exchange are excluded from commercial and industrial loans in this series; these banks classify, by industry, commercial and industrial and those relating to commercial transactions are shown in a separate loans amounting to about 85 per cent of such loans held by all weekly category. Current figures are therefore not strictly comparable with reporting member banks, and about 60 per cent of those held by all figures previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: i 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 June......... 4.99 5.84 5.53 5.24 4.81 June 5.29 5.93 5.61 5.34 5.07 Sept 4.98 5.86 5.57 5.23 4.79 Sept 5.31 5.95 5.67 5.36 5.09 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, 3V4; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3Vi; Sept. 11, 4; 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3 1955. 1959—May 18 .4%: Sept. 1, 5; and 1960—Aug. 23, 4*£. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 INTEREST RATES MAY 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 paper, placed accept- funds 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days i on R a n t e e w Market on R a n t e e w Market (m B a i r ll k s et Other 6 iss y u e e a s r 7 issue yield issue yield yield) 5 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 Apr 3.91 3.80 3.80 3.47 3.484 3.47 3.676 3.66 3.75 3.63 4.18 May 3.89 3.76 3.75 3.50 3.482 3.48 3.612 3.60 3.71 3.67 4.07 June 4.00 3.88 3.75 3.50 3.478 3.48 3.572 3.56 3.70 3.83 4.03 July 3.96 3.81 3.75 3.42 3.479 3.46 3.566 3.56 3.64 3.68 3.99 Aug 3.88 3.76 3.75 3.50 3.506 3.50 3.618 3.61 3.67 3.73 3.99 Sept 3.89 3.75 3.75 3.45 3.527 3.53 3.666 3.68 3.73 3.82 4.03 Oct 4.00 3.91 3.75 3.36 3.575 3.57 3.729 3.72 3.79 3.83 4.04 Nov 4.02 3.89 3.79 3.52 3.624 3.64 3.794 3.81 3.86 3.88 4.04 Dec 4.17 3.98 4.00 3.85 3.856 3.84 3.971 3.94 3.96 3.96 4.07 1965—Jan 4.25 4.05 4.00 3.90 3.828 3.81 3.944 3.94 3.91 3.87 4.06 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 Apr 4.38 4.25 4.19 4.09 3.932 3.93 3.992 3.99 4.00 4.00 4.12 Week ending— 1965—Mar. 27 4.38 4.25 4.15 4.09 3.922 3.91 3.984 3.98 3.99 4.01 4.10 Apr. 3 4.38 4.25 4.25 4.02 3.921 3.92 3.993 3.99 4.01 4.01 4.11 10 4.38 4.25 4.20 4.11 3.942 3.93 3.993 3.98 4.00 4.02 4.11 17 4.38 4.25 4.13 4.12 3.937 3.93 3.991 4.00 4.00 4.00 4.11 24 4.38 4.25 4.15 4.09 3.946 3.93 4.008 4.00 4.00 4.00 4.12 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. i Selected note and bond issues. 3 Seven-day average for week ending Wed. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio ( S l t o a n te g s - Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 ^5.53 1964 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 ^5.34 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 Apr 4.15 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4.64 4.51 4.28 2.95 Week ending— Mar 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 Apr 3 4 14 3.28 3.09 3.51 4.56 4.42 4.79 4 53 4 63 4 52 4 27 3 02 10 4.14 3.28 3.09 3.51 4.56 4.42 4.79 4.53 4.64 4.52 4.27 3.00 17 4.14 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4.64 4.51 4.26 2.95 24 4.15 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4.64 4.51 4.29 2.94 6-12 20 5 5 120 30 30 40 40 40 14 500 500 i 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

MAY 1965 SECURITY MARKETS 715 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—Apr.. 83.84 110.3 94 7 19.94 84.92 43.27 67.30 5,616 1964...... .. 5.45 5.78 .57 24.8 74.1 17.3 May.. 84.38 111.6 94 7 80.72 85.79 44.86 67.29 4,959 June.. 84.70 111.8 94 9 80.24 85.13 46.29 67.46 4,372 1964—Mar.. 5.45 5.79 .55 24.5 74.6 17.2 July.. 84.70 112.1 95 2 83.22 88.19 48.93 70.35 4,663 Apr.. 5.45 5.79 .55 24.8 73.9 17.2 Aug.. 84.59 111.8 95 3 82.00 86.70 47.17 71.17 3,919 May.. 5.45 5.77 .52 24.7 73.7 17.0 Sept.. 84.31 111.0 95 1 83.41 88.27 47.14 72.07 5,228 June.. 5.45 5.76 .59 25.4 74.3 17.3 Oct... 84.37 110.9 95 1 84.85 89.75 48.69 73.37 4,843 July.. 5.46 5.76 .52 24.5 73.9 17.4 Nov.. 84.81 112.0 95 2 85.44 90.36 48.01 74.39 4,928 Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Dec. 84.65 112.6 95 3 83.96 88.71 45.75 74.24 4,729 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 Oct... 5.45 5.75 .58 24.5 73.2 17.4 1965—Jan... 84.56 114.0 95 5 86.12 91.04 46.79 75.87 5,457 Nov.. 5.45 5.75 .55 24.7 73.5 17.4 Feb... 84.40 113.3 95 5 86.75 91.64 46.76 77.04 5,910 Dec.. 5.45 5.76 .59 25.2 73.9 17.8 Mar.. 84.48 112.0 95.2 86.83 91.75 46.98 76.92 5,427 Apr... 84.53 112.2 95 0 87.97 93.08 46.63 77.24 5,673 1965—Jan... 5.45 5.79 .59 24.7 74.0 17.5 Feb... 5.45 5.79 .61 24.9 74.0 17.6 Week Mar... 5.45 5.72 .49 24.9 73.7 18.5 ending— Apr. 5.45 Mar. 27 84.65 112.2 95 2 86.78 91.68 47.23 76.79 5,129 Apr. 3 84.55 112.2 95 1 86.25 91.08 46.44 76.78 4,656 1 Last 6 months only. 10 84.55 112.2 95 0 86.84 91.74 46.64 77.03 5,259 17 84.60 i12.2 95 0 88.09 93.21 46.99 77.34 6,288 NOTE.—Annual data are averages of monthly figures. Yields 24 84.50 112.2 95 0 88.59 93.81 46.46 77.47 5,925 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay- NOTE.—Annual data are averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5 1/A per cent, and data are averages of daily figures unless otherwise noted and are computed as an assumed prepayment period of 15 years. Thrice data are follows: U.S. Govt. bonds, derived from average market yields in preceding table reported as of the first of the succeeding month. on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, Conventional first mortgages, Home Loan Bank Board in derived from average yields, as computed by Standard and Poor's Corp., on basis cooperation with Federal Deposit Insurance Corporation be- of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard ginning in late 1962; interest rate data for earlier years—in and Poor's index. Volume of trading, average daily trading in stocks on the parentheses—are based on estimates from Federal Housing N.Y. Stock Exchange for a SYz-hour trading day. 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 or carrying— Cus- Months Total tomers securities net other than Other securities free U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Total C co u l s l t a o te m ra e l r co O ll t a h te er ral a c b n re a c d l e - i s t 1961—Dec..... 5,602 35 4,259 125 1,343 48 2,954 2,572 382 1.219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Dec... 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Apr 7,314 21 5,510 101 1,804 17 4,411 3,916 495 1,165 May.... 7,277 19 5,439 96 1,838 113 4,362 3,868 494 1,138 June 7,229 18 5,370 94 1,859 156 4,275 3,766 509 1,146 July 7,160 25 5,289 70 1,871 266 4,129 3,672 457 1,114 Aug 7,096 21 5,187 69 1,909 191 4,090 3,618 472 1,077 Sept.... 7,142 19 5,221 81 1,921 109 4,122 3,568 554 1,145 Oct..... 7,101 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 1,954 177 3,763 3,317 446 1,207 Feb 6,872 31 5,007 76 1,865 132 3,748 3,259 489 1,254 Mar '6,941 30 '5,055 129 1,886 106 3,894 3,303 591 1,264 Apr 7,004 30 5,069 67 1,935 213 3,853 3,326 527 1,207 NOTE.—Data in first 3 cols, and last col. are for end of month; in other have been transferred to other member firms and are reported in their cols, for last Wed. debit figures from the month received (some in Dec. 1963, more in Jan. Net debit balances and broker and dealer credit: Ledger balances of 1964). Debit balance totals for the period Oct.-JanM 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

716 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MAY 1965 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- ]Based on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed Others ports ports Dollar points in— Total through direct- into from exdealers i ly 2 Own Bills Own For- United United change Total bills bought acct. eign States States United Foreign CO IT. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 32,751 840 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 S19 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—Mar 7,737 2,038 5,699 3,102 1,395 1,042 353 125 110 1,473 590 990 87 35 1,401 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 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 L,498 667 999 111 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 .439 1,247 193 71 118 I 604 661 916 S9 26 1,571 Mar 9,077 2,070 7,007 3,325 1,297 1,138 159 143 134 I 751 725 924 31 22 1,622 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total Mortgage loan End of period State Corpo- Cash Other liabili- Depos- Other Surplus commitments 3 Mort- U.S. and rate assets assets ties its 2 liabili- acgage Other Govt. local and and ties counts govt. other i surplus accts. Number Amount 1941 4,787 89 3,592 1,'86 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30 026 369 2 986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 «... 24,769 358 6 871 721 4,845 829 552 38 945 34 977 606 3 362 65 248 1 170 I960 . 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38 277 781 3 771 61 855 1 654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—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 37,971 676 6,024 409 5,145 906 871 52 00 i 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 38,764 764 6,095 407 5,179 895 879 52,983 47,274 1,356 4,352 134,371 2,743 Sent 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 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 Feb 40,924 786 6,016 383 5,123 992 909 55,133 49,444 1,214 4,476 138,062 2,838 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 ail 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. 703. and are based on reports filed with U.S. Govt. and State bank supervisory 3 Commitments outstanding of banks in N.Y. State as reported to the agencies. Loans are shown net of valuation reserves. Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 SAVINGS INSTITUTIONS 717 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total United State andForeign ] Total Bonds Stocks gages estate loans assets States local Statement value: 1941 . .... 32 731 9 478 6 796 I 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 . 141 321 12 438 5 813 ^ 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 } 964— Feb. r 142,520 12,581 5,864 3,866 2,851 60,124 54,372 5,752 51,185 4,339 6,731 7,560 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 3 854 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 I45;S23 12,476 5,758 3,809 2,909 61,275 55,213 6,062 52,832 4,446 6,947 7,847 Au*7 146,475 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 Feb 151,028 12,549 5,761 3,797 2,991 62,704 56,183 6,521 55,941 4,543 7,201 8,090 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage End of assets 2— loan period M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other co m m en m ts itties profits4 1941 4,578 107 344 775 6,049 4,682 475 256 6:6 1945 5,376 2,420 450 356 8,747 7,365 644 336 4C2 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 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964—-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 Apr...... 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 Feb 102,321 7,295 3,614 7,000 120,230 102,703 8,019 5,036 2,085 2,387 2,852 1 Includes other loans, stock in the Federal home loan banks, other 4 The decline in reserves and surplus from Feb. to Mar. 1964 is coninvestments, real estate owned and sold on contract, and office buildings centrated in state-chartered savings and loan assns. in Calif, where the and fixtures. accounting system is being revised. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no NOTE.—Federal Savings and Loan Insurance Corp. data; figures are deductions for mortgage-pledged shares. Beginning with Jan. 1958, no estimates for all savings and loan assns, in the United States. Data deduction is made for mortgage-pledged shares. These have declined beginning with 1954 are based on monthly reports of insured assns. and consistently in recent years and amounted to $42 million at the end of annual reports of noninsured assns. Data before 1954 are based entirely 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL FINANCE MAY 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 q e o c 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 j n s u s t s : s t- E p T q a o u y t a t a s l l s . : p r a e o c y r 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 L g n r e v e u n s e s . s s t s : & t. L N c d a e 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—Mar.. 10,148 2,330 304 12,168 7,871 2,227 707 9,390 2,778 -744 167 35 -946 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May! 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 June. 12,401 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 Mar. 11,188 2,175 285 13,065 8,139 1,323 637 8,825 4,240 -1,859 1,033 -43 -2,848 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 c g lu i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ssu a a rk n e c t e i I n n v U e . s S t, . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T u cc r r o e e a r u ' s n s - t Balance F.R. T an a d x O as n t s h e e t e ts r se o c f . 3 G se o c v . t 3 . debt banks a lo cc a t n s. Fiscal year—1961 -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962 -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964 -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 Half year: 1963—Jan.-June 1,894 2,315 720 148 -2,939 2,390 -78 4,607 12,116 806 10,324 986 July-Dec -8,567 -1,408 -434 1,648 403 3,487 -129 -4,741 7,375 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—Mar 2,277 103 368 24 -167 -767 -23 1,861 8,656 831 6,940 885 -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 Mar 3,049 852 396 327 -1,033 -2,186 116 1,289 9,231 867 7,271 1,093 1 Primarily interest payments by Treasury to trust accounts and accumu- 6 Yearly totals for fiscal 1961-64 and all fiscal year 1965 figures reflect lations to U.S. employee trust funds. a shift of the Food for Peace program from agriculture to international 2 Includes small adjustments not shown separately. affairs. Other half-yearly totals and the months before July 1964 have 3 Includes net transactions of Govt.-sponsored enterprises. not been adjusted for this reclassification. 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing accounts. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. 5 Includes technical adjustments not allocated by functions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 FEDERAL FINANCE 719 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total Individual Liquor OASI E a s n ta d te t C o u m s- s r I e n a p t n . a d y- fu R n e d - s Other W he it ld h- Other Corp. Total a b n a d c c t o o- H w ig ay h- Total R an .R d . e U m n p - l. gift ments 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. 60,728 19,761 10,950 13,526 6,602 2,676 1,649 11,796 9,017 2,532 1,273 602 636 5,766 1,348 July-Dec.. 51,847 2200 ,i120 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 1'-7,732 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—Mar 12,168 3,222 770 6,654 ,121 434 264 1,678 1,527 109 196 108 146 1,960 233 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 1142 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 ,045 384 296 508 305 161 183 76 155 107 233 Feb 11,227 5,302 872 473 ,214 360 340 3,369 2,537 797 213 106 173 653 158 Mar 13,065 3,207 928 6,759 .303 n.a. 286 1,580 1.453 81 308 155 249 1,582 158 Cash payments to the public Period Total 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 ab e e l o a f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1961 99,542 47,685 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 '1,818 2,333 '3,642 1,543 4,288 516 13,722 639 2,943 4,258 1,138 Month: 1964—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 '336 385 '1,049 287 740 16 2,249 129 501 1,378 183 Sept 9,700 4,243 '324 386 '491 293 759 35 2,229 126 525 317 189 Oct 10,512 4,301 '448 387 '694 244 779 -48 2,261 94 505 436 200 Nov 9,281 4,052 '-53 406 '220 229 657 -193 2,299 90 398 1,337 164 Dec 11,112 4,512 '562 435 '516 255 651 460 2,407 122 529 430 218 1965—Jan 9,358 4,018 '439 407 '210 164 539 -176 2,422 118 658 315 202 Feb 9,570 3,885 '311 423 '288 166 465 -126 2,423 122 497 1.353 I 172 Mar 8,825 4,583 86 461 386 203 472 -99 2,319 146 501 446 I 197 1963 1964 1965 1963 1964 1965 Item III IV III IV III IV in rv Seasonally adjusted ' Not seasonally adjusted Cash budget: Receipts. . . 27.9 28.5 29.0 29.5 28.6 28.2 28.7 29.8 32.6 27.3 24.5 30.3 33.4 27.0 24.3 30.7 Payments. . 28.8 30.2 29.9 30.5 29.7 30.4 30.1 29.5 29.1 31.0 30.6 '28.7 30.1 31.1 30.9 27.8 Net -.9 -1.7 -.9 -1.1 -l.l -2.2 -1.4 3.4 -3.6 -6.1 '1.6 '3.3 -4.1 -6.6 2.9 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 U.S. GOVERNMENT SECURITIES MAY 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issuesi 3 Total T gr o o t s a s l Marketable Nonmarketable Special End of period gross direct Con- issues « debt i debt 2 Total v ib er le t- Sav- Total Bills C c e a r t t e if s i- Notes Bonds * bonds Total 5 b i o n n g d s s 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118 0 59.5 52.1 29.0 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—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—Apr 308.4 307.6 261.4 207.4 51.0 4.2 65.1 87.0 3.1 50.9 49.1 42.0 May. 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3.1 51.0 49.2 45.0 June 312.5 311.7 260.7 206.5 50.7 67.3 88.5 3.1 51.1 49.3 46.6 July.. 312 0 311 2 261 1 206 8 51 0 58 6 97 1 3 1 51 2 49 4 45.7 Aug... 314.9 314.1 262.2 207.7 52.0 58.6 97.1 3.1 51.4 49.4 47.4 Sept 316 5 315 6 263 8 209 0 53 3 58 6 97 1 3 1 51 7 49 5 47.4 Oct 316.5 315.6 265.0 210.1 55.0 58.1 97.0 3.1 51.8 49.6 46.3 Nov 319 3 318 5 267 4 212 4 56 5 58 9 97 0 3 1 51 9 49 7 46.7 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 Apr . 317.2 316.6 267.3 212.5 56.9 55.1 100.5 2.9 52.5 50.0 44.4 1 Includes noninterest-bearing debt (of which $284 million, on Apr. 30, 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 6 Held only by U.S. Govt. agencies and trust funds. totaled $15,001 million on Mar. 31, 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 p n er d i o o d f T g d r o e o t b s a t s l ag G t U a e r o n n . u S v c d s . t i 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 r e - s - r c O a o t t r i h p o e n o r - s g S l a o o t n c v a a d t t s e l . Savi I n n g d s ividu O a t l h s er n F a i o t n a i r t n o e e n d i r g a - n l2 t O i m o n r t v i h s s e e c 3 s r . funds i 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 .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 2A 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 1964—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 16.5 15.0 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 Mar 318.4 60.7 37.6 220.2 60.0 6.0 11.1 20.0 23.2 49.2 19.9 16.1 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

MAY 1965 U.S. GOVERNMENT SECURITIES 721 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs 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 Feb. 28 214,863 89,829 58 833 30,996 59,702 39 532 6,106 19 694 Mar 31 212,507 87,517 56,525 30,992 62,135 37,120 6,106 19,630 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 Feb 28 12,460 1,646 1,233 413 2,028 3,505 1 563 3 718 Mar 31 12,634 1,782 1,362 420 2,235 3,319 1 .563 3,735 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 Dec 31 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965 Feb 28 36,907 22,981 6,360 16,621 11,799 1,820 58 248 Mar 31 . . 37,591 23,573 6,955 16,618 12,410 1,292 58 258 Held bv 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 Feb 28 165,496 65,202 51,240 13,961 45,875 34.207 4,485 15,728 Mar. 31 162,282 62,162 48,208 13,954 47,490 32,509 4,485 15,636 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—Feb 28 51,446 15,557 9,134 6,423 22,483 12,362 188 856 Mar 31 . .. 50,243 14,480 8,103 6,377 22,803 11,922 189 849 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 J 266 1965 Feb 28 5,689 776 534 242 1,437 1,881 254 1 341 Mar 31 5,698 807 590 217 1,528 1,770 248 1.345 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 Feb 28 9,345 846 549 297 1,997 2,631 853 3 018 Mar 31 9,212 724 433 291 2,222 2,387 874 3,005 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 60 1964—Dec. 31 9,136 6,748 5,043 1,705 2,001 272 112 1965 Feb 28 9,796 7.277 6,279 998 2,022 330 I 163 Mar 31 8,610 5,943 4,843 1,100 2,241 281 141 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 Feb 28 3,618 462 352 110 971 1,458 129 598 Mar 31 3,622 484 369 115 1,007 1,411 127 593 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;oio 1,454 4,680 1965— M Fe a b r . . 2 3 8 1 1 1 6 6 , , 4 2 1 9 6 3 5 5 , , 9 9 9 8 2 5 5 5 , , 1 1 0 0 7 3 8 8 8 8 5 2 2 1 , , 0 85 3 3 5 21,,904623 1 1 , , 4 43 1 1 0 4 5 ,0 9 3 6 7 1 Ail 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 12i144 2,389 3,767 1964 Dec 31 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965 Feb 28 69,311 34,299 29,290 5,009 15,112 13,482 1,628 4,790 Mar. 31 68,480 33,731 28,763 4,968 15,654 12,797 1,632 4,666 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 arc 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 5,997 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 U.S. GOVERNMENT SECURITIES MAY 1965 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period Dealers and brokers se a c g u e r n i c ti y es Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o .S v . t. Other m b C e a o r n c m k i s a - l o A th l e l r securities 1964 Mar 1,685 1,361 213 81 31 563 22 657 443 86 Apr 1 849 I 528 234 70 18 590 24 737 498 134 Mi ay 1,702 [,264 248 165 25 566 29 651 457 120 June 1,488 1,201 170 97 19 458 24 566 439 142 July 1,936 1,433 216 208 79 581 38 784 532 131 Aug 1,453 ,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 Feb 1,814 ,434 219 91 69 516 29 750 518 101 Mar 1,690 ,369 184 83 53 523 24 672 471 108 Week ending— 1965—Mar. 3 1,871 ,529 196 93 54 558 30 751 533 83 10 1,548 ,276 177 62 33 398 20 602 529 99 17 1 727 340 185 106 96 599 23 636 469 84 24.. 1,596 ,272 192 86 46 532 27 638 399 151 31 1 770 508 163 69 30 516 24 753 477 114 Apr. 7 1,763 ,539 124 72 27 601 27 696 439 148 14 1,560 ,226 214 86 35 470 31 636 422 211 21 1,665 1 382 154 81 49 519 62 679 405 170 28 1 .817 1,535 171 69 43 607 32 731 447 99 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur ll ities 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 it c t i . y es Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r ! a- o A th l e l r 1964— Mar 2,775 2,486 323 -34 195 Apr 2,393 2 316 156 — 78 170 1964—Mar 2,971 784 613 1,247 326 May 3,087 2,670 164 253 231 Apr 2,390 545 556 1,065 225 June 3,475 3,217 91 167 318 May 3,082 711 724 1,347 300 July 3,817 3,121 229 468 225 June 3,541 981 761 1,493 307 Aug 4,313 2,978 552 782 275 July 4,156 1,250 871 1,671 364 Sept 3,954 3,302 373 280 250 Aug 4,186 1,144 924 [,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 ,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 1,323 1,229 1,206 596 Mar 3,034 2,590 112 332 268 Feb 3,495 856 902 1,278 459 Mar 3,181 626 807 ,350 398 Week ending— Week ending— 1965—Feb. 3.. 3,766 2,915 88 763 226 10. . 3,449 2,593 196 661 209 1965—Feb. 3... 3,965 1,361 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 Mar. 3. . 3,367 2,800 158 409 301 10. . 2,863 2,412 83 368 268 Mar. 3... 3,476 858 908 1,332 378 17.. 2,785 2,342 100 343 251 10. .. 3,068 596 600 1,478 394 24.. 2,908 2,455 137 317 248 17. .. 3,073 649 758 1,243 424 31 . . 3,423 3,052 111 261 282 24... 3,185 616 823 1,342 404 31 ... 3,302 562 1,002 ,337 402 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 OUTSTANDING SECURITIES 723 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, APRIL 30, 1965 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills Treasuty bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. May 6,1965. 2,202 Oct. 14, 1965 1,001 Apr. 1,1967 1 270 Oct. 1,1969 4 6,261 May 13, 1965. 2,201 Oct. 21, 1965 1,002 Aug. 15, 1967 33 2,929 Feb. 15, 1970 4 4,381 May 20, 1965. 2,201 Oct. 28, 1965 1,003 Oct. 1967. 457 Aug. 15, 1970 4 4,129 May 27, 1965. 2,201 Oct. 31, 1965 1,000 Apr. 1968. 212 Aug. 15, 1971 4 2,806 May 31, 1965. 1,000 Nov. 30, 1965 1,001 Oct. 1968. 115 Nov. 15, 1971 3?/8 2,760 June 3,1965. 2,200 Dec. 31, 1965.... 1,003 Apr. 1969. 61 Feb. 15, 1972 4 2,344 June 10, 1965. 2,201 Jan. 31, 1966.... 1,000 Oct. 1969. 159 Aug. 15, 1972 4 2,579 June 17, 1965. 2,202 Feb. 28, 1966 1,001 Apr. 1970. 2 Aug. 15, 1973 4 3,894 June 22, 19651 3,263 Mar. 31, 1966.... 1,000 Nov. 15, 1973 41/g 4,357 June 24,1965. 2,208 Apr. 30, 1966.... 1,001 Feb. 15, 1974 4Vs 3,130 June 30, 1965. 1,001 Treasury bonds May 15, 1974 4*4 1,532 July 1, 1965. 2,202 June 15, 1962-67... 21/2 1,431 Nov. 15, 1974 3% 2,244 J J u u l l y y 1 8 5 , , 1 1 9 9 6 6 5 5 . . 2 2 , ,2 2 0 0 5 2 Tr M ea a su y r y 1 5 n , o 1 te 9 s 65 A% 1,816 D Ju e n c. e 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8 . .. . . . 2 2 V % i 2 1 , , 5 79 98 2 J M u a n y e 1 1 5 5 , , 1 1 9 97 7 8 5 - - 8 8 3 5 . . . . . 3 A V V 4 4 1 1 , ,2 5 1 8 8 4 J J u u l l y y 2 2 2 9 , , 1 1 9 9 6 6 5 5 . . 2 2 , , 2 2 0 0 3 4 A M u a g y . 1 1 5 3 , , 1 1 9 9 6 6 5 5 3 3 7 % /8 6 6, , 2 6 0 2 2 0 D M e a c. r . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . . . . . . 2 2 V Vi i 2 2, , 4 5 1 3 2 6 N Fe o b v . . 1 15 5 , , 1 1 9 9 8 8 0 0 3V 4 t 2 1 , , 6 9 0 1 9 3 July 31, 1965. 1,000 Aug. 13, 1965 3% 1,066 May 15, 1966 3^ 1,688 May 15, 1985 3VA 1,128 Aug. 5, 1965. 1,004 Oct. 1, 1965...... 1% 315 Aug. 15, 1966 3 1,024 Feb. 15, 1990 3% 4,903 Aug. 12, 1965. 1,001 Nov. 15, 1965 3V2 1,617 Nov. 15, 1966 33/i 1,851 Aug. 15, 1987-92... 414 3,818 A A A u u u g g g . . . 2 3 1 1 6 9 , , , 1 1 1 9 9 9 6 6 6 5 5 5 . . . 1 1 1 , , , 0 0 0 0 0 0 3 0 0 N F F e e o b b v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 5 6 6 3 3 % % 4 2 2 8 , , , 1 5 0 9 9 9 5 7 9 J M S u e n a p r e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 7 7 - - - 7 7 7 1 2 2 . . . . . . . . . 2 2 2 i 1 V / / 2 2 2 1 1 1 , , , 2 4 9 8 0 5 4 0 2 F M F e e a b b y . . 1 1 15 5 5 , , , 1 1 1 9 9 9 9 8 8 8 5 9 - - 9 9 3 4 .. .4% 4 3 2 1 , , 3 5 2 1 6 5 4 0 0 Sept. 2, 1965. 1,000 Apr. 1,1966 11/2 675 Nov. 15, 1967 3% 2,019 Nov. 15, 1998 31/2 4,425 Sept. 9, 1965. 1,000 May 15, 1966 4 9,519 Dec. 15, 1967-72... 21/2 2,706 Sept. 16, 1965. 1,003 Aug. 15, 1966 4 5,156 May 15, 1968 3% 2,460 S Se e p p t t . . 2 30 3 , , 1 1 9 9 6 6 5 5 . . 2 1 , , 0 0 0 0 2 0 N O o ct v . . 15 1 , , 1 1 9 9 6 6 6 6 iy 4 2 2,2 3 5 5 4 7 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 8 8 3 3 % % 3 1 , , 7 59 4 1 7 Co I n n v v e e r s t t i m bl e e n b t o S n e d r s ies B Oct. ?, 1965. 1,001 Feb. 15, 1967 3% 2,358 Feb. 15, 1969 4 1,844 Apr. 1, 1975-80... 2% 2,904 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, MARCH 31, 1965 Agency a , n t d y p c e o u an p d o n d a r t a e t e o ) f issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s) Agency a , n t d y p c e o u an p d o n d a ra te t e o ) f issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Federal home loan banks Federal intermediate credit banks Debentures: Notes: July 1,1964 1, 1965 249 May 15, 1964 4.10 Apr. 15, 1965 430 Aug. 3,1964 May 3, 1965 219 June 15, 1964 4y8 May 17, 1965 525 Sept. 1,1964 June 1, 1965 204 Oct. 15, 1964 4 June 15, 1965 250 Oct. 1,1964 July 1, 1965 192 Aug. 17, 1964 3.95 July 15, 1965 446 Nov. 2, 1964 Aug. 2, 1965 198 Sept. 15, 1964 4.05 Aug. 16, 1965 552 Dec. 1,1964 Sept. 1, 1965 226 Oct. 15, 1964 4.05 Sept. 15, 1965 172 Jan. 1,1965 Oct. 4, 1965 279 Nov. 16, 1964 4.10 Oct. 15, 1965 400 Feb. 1,1965 Nov. 1, 1965 323 Feb. 15, 1965 4.20 Jan. 17, 1966 220 Mar. 1, 1965 Dec. 1, 1965 319 Bonds: Federal land banks Sept. 17, 1962 3*4 Sept. 15, 1965 175 Bonds: July 15, 1964 4*A Mar. 15, 1966 260 Apr. 20, 1964 Apr. 20,1965 209 Dec. 9,1963 4V6 Aug. 15, 1966 200 Aug. 20, 1964 Aug. 23,1965 159 J M un a e r. 1 1 5 5 , , 1 1 9 9 6 6 5 4 4 4* V 4 4 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 7 6 2 1 7 8 5 5 O Ju c n t e . 2 2 0 0 , , 1 1 9 9 6 6 0 1 D O e c c t . . 2 2 0 0 , ,1 1 9 9 6 6 5 5 1 1 4 6 0 0 Apr. 3, 1961 Feb. 21, 1966 150 Fede s r e a c l o N n a d t a io ry n a m l a M rk o e r t t g o a p g e e r a A ti s o so n c s iation— S F M e e a b p . y t . 2 1 0 5 1 , , , 1 1 1 9 9 9 5 6 5 8 1 7 J M F u e l a b y . y 2 1 2 5 0 , , ,1 1 1 9 9 9 6 6 6 7 6 6 -72 1 1 7 9 0 2 3 8 Discount notes 302 May 1,1962 May 22,1967 180 Oct. 1,1957 Oct. 1,1967-70 75 Debentures: Oct. 22, 1963 Oct. 23,1967 174 D D A S M e e e p a c c p r . . r t . . . 1 1 1 1 1 0 0 2 0 0 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 6 6 5 9 8 0 2 7 3 3 4 4 4 3 V 3 % y / / 8 4 8 8 D J A M M u e p a a n c r r r e . . . . 1 1 1 1 1 0 1 2 0 0 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 8 6 9 6 1 9 9 8 8 0 7 3 7 8 8 A A F M F e e u p a b b g r . y . . . 2 2 2 3 0 1 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 6 6 5 6 9 3 5 9 4 J A J M M u u u l n a a y g r e r . . . 2 2 1 2 2 0 0 5 0 0 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 9 8 8 8 1 1 1 1 1 1 8 0 3 6 1 6 0 0 0 A Se p p r t . . 1 1 1 2 , , 1 1 9 9 6 6 0 0 4 4 1 y / 8 5 A Se p p r t . . 1 1 0 0 , , 1 1 9 9 7 7 0 0 1 1 4 1 3 9 J O u c ly t. 2 1 0 5 , , 1 1 9 9 5 6 7 4 J O u c ly t. 2 1 0 5 , ,1 1 9 9 6 6 9 9 20 6 9 0 Aug. 23, 1960 4i/8 Aug. 10, 1971 64 Feb. 1,1960 Feb. 20,1970 82 Sept. 11, 1961 41/2 Sept. 10, 1971 96 Feb. 14, 1958 Apr. 1,1970 83 Feb. 10, 1960 5% Feb. 10, 1972 100 Jan. 5,1960 July 20,1970 85 Dec. 11, 1961 43/g June 12, 1972 100 May 1,1956 May 1,1971 60 June 12, 1961 AVA June 12, 1973 146 Sept. 14, 1956 Sept. 15,1972 109 Feb. 13, 1962 4y2 Feb. 10, 1977 198 F F e e b b . . 2 20 0 , , 1 1 9 96 6 2 3 F F e e b b . . 2 2 0 0 , , 1 1 9 9 7 7 3 4 -78 1 1 4 5 8 5 Banks for cooperatives Tennessee Valley Authority Debentures: Short-term notes 45 Oct. 1, 1964 4 Apr. 1, 1965 203 Bonds: Nov. 2, 1964 4 May 3, 1965 126 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 4% 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

724 CREDIT AGENCIES; SECURITY ISSUES MAY 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 Assets Liabilities and capital (sec o on p d er a a ry ti o m n a s) rket cooperatives credit banks banks End of period v m a b A t n e e o d m c r - s e - 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 a o b n r t e e d ) e s n s - c L a o t ( o o i t A v o 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 ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B a on ) ds 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 ,562 1,315 454 222 932 886 919 1,599 1958 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1,981 1,233 90 1,266 938 989 1,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 ,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Mar.. 4,168 1,709 86 3,622 997 1,189 1,984 1,785 815 586 2,238 2,069 3,406 2,886 Apr... 4,444 1,420 72 3,625 957 1,193 1,983 1,781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 1,607 82 3,727 990 ,196 1,984 1,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 1,201 1,962 1,698 757 498 2,504 2,315 3,516 2,973 July.. 4,763 1,476 106 4,042 936 ,208 1,940 1,698 782 498 2,561 2,396 3,551 2,973 Aug.. 4,781 1,622 75 4,169 926 1,210 1,936 1,696 787 538 2,561 2,433 3,586 3,102 Sept.. 4,837 1,597 99 4,165 989 1,212 1,926 1,549 809 538 2,516 2,424 3,620 3,102 Oct... 4,797 1,614 94 4,144 978 1,214 1,934 1,707 924 576 2,377 2,352 3,652 3,169 Nov.. 4,784 1,889 84 4,369 989 1,216 1,930 1,701 975 638 2,241 2,174 3,680 3,169 Dec... 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—Jan... 4,944 1,491 75 4,078 1,013 1,232 1,954 1,723 1,020 686 2,252 2,102 3,765 3,169 Feb... 4,851 1,425 77 3,905 1,013 1,237 1,958 1,739 1,037 670 2,308 2,143 3,818 3,298 Mar.. 4,747 1,761 80 4,090 1,048 ,247 1,974 1,739 1,007 723 2,380 2,206 3,889 3,298 Nora—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in- principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total Period amount deliv- Total G g o a e b t n i l o e i- r n - s R n e u v e e- PHAi G l U o o a . v S n t . s . State S di p s a s t e n t a c r d t i i . c a t l Other2 ered 3 Total c E a d ti u o - n R br a o i n d a d g d e s s i U tie t s il 1 - * H in o g u s s- V a a e n i t d e s' 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 QQ1 1 371 4 162 7 708 7,441 2,617 1,164 1,412 251 339 1,657 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 1960 7,292 4,771 2 095 302 125 I 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 I 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 fr>c\ 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... 938 537 258 120 23 71 338 529 696 902 361 42 183 134 181 July... 940 563 367 U 116 338 486 947 904 401 25 167 * 311 Aug... 775 244 519 12 511 251 834 756 161 73 439 83 Sept... 920 509 260 130 20 101 374 445 896 892 206 50 248 133 254 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. (and payment to issuer), which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues, * Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 SECURITY ISSUES 725 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, allissues i Prop a o l s l e c d o r u p se o r o a f t e n e is t su p e r s o c 5 eeds, Noncorporate Corporate New capital u«. Period tire- Bonds Stock ment Total G U o . v S t . . 2 G a U c g o y . e v S n 3 t . - . U S l a o t n c . a S a d te . l Other « Total Total of P l f i u e c r b ly e - d p v l P a a t r c e i e l - y d fe P r r r e e - d C m o o m n - Total Total m N on ew ey6 O p p o t u h s r e e - s r s r e i o t c i f u e - s 1957 . 30,571 9,601 572 7 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12 661 r >,447 11784 663 214 1958 . 34,443 12,063 2,321 7,449 1,052 11,558 9 6,332 3,320 571 1,334 11,372 K),823 <)907 915 549 1959 . 31,074 12,322 707 7,681 616 9,748 7J90 3,557 3,632 531 2 027 9 527 c),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 £>_653 8 758 895 271 1961 . 35,527 12,253 1,448 8,360 303 13,165 9.4?0 4,700 4,720 450 3,294 12 885 12-017 10715 1,302 868 1962 . 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 c).747 8 ?40 1,507 754 1963 . 31,616 7,213 1,168 10,107 891 12,237 10,87? 4,714 6,158 342 1,022 12 081 10^553 8 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 10935 1,622 743 1964—Feb . 2,022 413 810 89 710 6?1 279 342 8 80 702 685 573 162 17 Mar..... 2,121 399 844 73 805 714 361 353 3 87 796 754 677 77 42 Apr . 4,930 1,444 1,204 47 2,234 863 383 480 23 1,349 2,215 1,178 2 094 83 37 May . 2,267 367 660 85 1,155 1.008 470 537 50 98 1,141 1,069 953 116 72 June..... 3,056 383 275 900 37 1,461 1,091 468 623 82 289 1,441 1,378 1292 86 63 July . 2,467 387 260 922 29 869 644 234 411 59 166 854 780 653 127 74 Aug.... . 4,128 2,449 160 767 23 728 616 183 433 54 58 718 661 570 91 57 Sept.... . 2,527 358 952 13 1,204 1,048 376 672 23 133 1,191 1,109 788 321 82 Oct . 2,909 367 510 816 186 1,032 819 181 638 25 188 1,015 949 750 199 66 Nov . 4,607 3,242 566 97 702 650 30 620 9 43 695 646 533 112 49 Dec . 3,111 373 1,097 64 1,577 1,434 320 1,114 49 94 1,560 1,419 1256 163 141 1965 Jan .... 2,332 433 811 231 858 725 163 561 50 84 849 801 699 103 48 Feb ,... 3,880 2,129 129 933 14 675 516 187 329 29 130 663 631 564 66 33 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd ea f l i n es a t n a c te ial 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- capital' secu- capitals secu- capitals secu- capitals secu- capitals 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 101j * 1,801 6 I960 1,997 79 794 30 672 39 ?,754 51 1,036 1 2,401 71 1961 3,691 287 1,109 36 651 35 7,883 106 1,432 382 2,248 22 1962 2,958 228 803 32 543 16 ?,341 444 1,276 11 1,825 23 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964 2,733 241 998 81 910 31 7,445 280 2,122 35 3,348 74 1964 Feb .... 123 3 60 2 154 6 155 4 82\ 0 110 1 Mar 146 17 48 31 174 18 34 1 322 4 Apr .... 186 6 107 91 8 151 19 1 37' • 265 3 May.... 206 10 50 119 6 441 53 21j 226 1 332 39 50 35 1 264 4 25*\ 5 439 13 July.... 149 40 45 90 • 207 16 23 4 266 12 164 12 45 20 1 138 27 16 15 277 3 Sept 234 36 166 49 • 296 38 IS) 2 345 4 Oct .... 249 17 88 s 44 1 297 37 81 6 189 * Nov 188 22 134 17 62 1 40 6 1-r * 204 2 Dec 607 26 121 49 115 8 172 31 3C) « 373 28 1965—Jan 396 17 79 4 44 * 98 22 11 1 173 4 Feb ... 144 10 37 2 51 1 152 15 4:y * 205 5 1 Gross proceeds are derived by multiplying principal amounts or 6 For plant and equipment and working capital. number of units by offering price. 7 Beginning with 1957 this figure differs from that shown on the previ- 2 Includes guaranteed issues. ous page because this one is based on Bond Buyer data. 3 Issues not guaranteed. 8 All issues other than those for retirement of securities. •Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. NOTE.—Securities and Exchange Commission estimates of new issues 3 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

726 SECURITY ISSUES MAY 1965 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and ]preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net 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—1 4,302 1,960 2,343 2,197 914 1,283 920 1,185 536 510 384 675 II 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 facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 -30 1,408 476 458 1,699 2,644 317 2,537 1963—IV 574 -275 87 -307 -15 288 47 61 129 912 180 592 1964—I r92 -253 65 16 -6 156 70 234 811 606 II 291 -65 84 -21 15391 31 606 156 229 681 775 452126 III 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. 725. actions only. As contrasted with data shown on p. 725, 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 ! 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 ! 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—Mar.. 263 184 79 26,863 1,403 25,460 1954 863 400 463 6,110 309 5,801 Apr... 276 165 111 27,051 1,339 25,712 May.. 241 153 88 27,497 1,444 26,053 1955 1,207 443 765 7,838 438 7,400 June.. 285 147 138 27,682 1,499 26,183 1956 1,347 433 914 9,046 492 8,554 July... 308 168 140 28,319 1,471 26,848 1957 1,391 406 984 8,714 523 8,191 Aug... 260 149 110 28,164 1,457 26,707 1958 1,620 511 1,109 13,242 634 12,608 Sept.. 299 149 149 29,130 1,436 27,694 1959 2,280 786 1,494 15,818 860 14,958 Oct... 306 142 164 29,087 1,312 27,775 Nov.. 317 134 184 29,062 1,300 27,762 1960 2,097 842 1,255 17,026 973 16,053 Dec... 336 136 200 29,116 1,329 27,787 1961 2,951 1,160 1,791 22,789 980 21,809 1962 2,699 1,123 1,576 21,271 1,315 19,956 1965—Jan... 407 152 254 30,349 1,545 28,804 1963 2,460 1,504 952 25,214 1,341 23,873 Feb... 313 159 154 30,749 1,605 29,144 1964 3,404 1,875 1,528 29,116 1,329 27,787 Mar.. 356 40 316 30,464 1,597 28,867 ipiicludes 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

MAY 1965 BUSINESS FINANCE 727 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 123,911 ,669136,545147,384157,613 37,922 35,381 39,173 38,326 40,784 37,697 40,807 Profits before taxes 13,543 ,268 15,330 17,388 18,835 4,759 3,730 4,887 4,781 5,333 4,077 4,645 Profits after taxes 7,161 ,167 8,215 9,135 10,527 2,453 2,007 2,576 2,603 2,898 2,335 2,691 Dividends 4,485 ,730 5,048 5,441 5,933 1,320 1,183 1,768 1,285 1,448 1,324 1,876 Nondurable goods industries (78 corps.):1 Sales 47,372 ,362 52,245 55,142 59,255 13,869 13,984 14,050 14,220 14,823 14,915 15,297 Profits before taxes 5,579 ,602 5,896 6,395 6,911 1,613 1,613 1,658 1,643 1,752 1,740 1,776 Profits after taxes 3,215 ,225 3,403 3,659 4,144 897 934 961 992 1,028 1,037 1,088 Dividends 1,948 ,031 2,150 2,265 2,404 537 542 649 561 569 584 690 Durable goods industries (99 corps.):2 Sales 76,540 ,307 84,300 92,243 98,358 24,053 21,395 25,123 24,106 25,961 22,782 25,510 Profits before taxes 7,964 ,666 9,434 10,993 11,924 3,145 2,118 3,230 3,138 3,581 2,336 2,868 Profits after taxes 3,946 ,942 4,812 5,476 6,383 1,556 1,073 1,615 1,611 1,871 1,299 1,603 Dividends 2,536 ,699 2,898 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 1,411 316 305 310 347 366 349 340 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 6,042 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 2,732 587 585 668 673 702 701 655 Profits after taxes 768 859 966 1,151 1,398 285 289 319 338 357 373 330 Dividends 494 508 531 578 673 143 141 154 157 170 171 175 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 1,775 589 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 1,630 362 220 648 276 419 276 659 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 3,686 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 2,385 498 529 532 660 542 583 600 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 1,065 255 252 256 261 262 268 274 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 JDepts. of American Telephone and Telegraph Co.) published co. reports. and for 2 affiliated*telephone cos. Dividends are for the 20 operating Railroads. Interstate Commerce Commission data for Class I line- 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

728 BUSINESS FINANCE MAY 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 - 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 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 t e s s d - co c a n a t l s l i p o o u i w n t m a - l pances i ances 1 1956 44.7 21.2 23.5 12.1 11.3 20.0 1963 I 48.9 23 A 25.5 17.2 8.3 31.3 1957 43.2 20.9 22.3 12.6 9 7 21 8 n 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 m. 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 rv. 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 m. 58.0 26.0 32.0 20.0 12.0 33.8 1964 57.6 25.8 31.8 19.8 11.9 33.7 IV 57.7 25.9 31.9 20.2 11.7 34.4 1965—IP. 64.0 27.5 36.5 20.5 15.9 34.8 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties U.S. U.S. taxes Govt.i Other GovU Other 1956 107.4 237.9 34.8 19.1 2 6 95.1 80.4 5.9 130 5 2 4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1 7 99.3 15.0 37.0 I960 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 135.6 306.8 41.1 20.0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42.5 1962 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963—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 n 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 HI 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 ( r n 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—11 9.74 1.96 1.95 .26 .28 .54 1.40 .95 2.41 38.05 ni 10.14 1.96 1.99 .27 .29 .45 L.60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964 I 9.40 1.93 1.87 .26 .32 .51 L.18 .97 2.37 42.55 II 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2 61 43.50 Ill 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 IV 12.84 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 47.75 1965 12 10.85 2.30 2.31 .28 .42 .56 I 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. sstimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 REAL ESTATE CREDIT 729 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage End of holders 2 1- to 4-family houses commercial properties* types period d h A o er l l- l s tu F i t n i c i n i s o a a t n i l n - s - 1 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s d h A o e l r l- l s tu F i t i n c i n o i s a a t n i l n - s - i h O ol t d h e e r r s' d h A o er l l - l s Total t F u i i n t n i s o a ti n n - s . O h d t o e h r l e - s r Total t F u in i t n i s o a ti n n - s . O d h t o e h r l e - s r w u F V n r H i d A t A t e e - r - n - t C i v o e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1957 156.5 119.7 7.4 29.3 10.4 4.0 6.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 51.6 94.5 1958 , 171.8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43.0 28.8 14.2 55.2 105.5 1959 190,8 145.5 10,0 35.4 12.1 4.5 7.6 178.7 130.9 109.2 21.6 47.9 31.8 16.1 59.2 119.4 1960 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.2 167.2 1963 280.8 217.1 11.2 52.5 16.8 6.2 10.6 264.0 182.2 156.3 25.9 81.8 54.6 27.1 73.0 190.9 1964* 311.3 241.0 11.4 59.0 18.8 7.0 11.8 292.5 197.7 170.5 27.2 94.9 63.5 31.4 76.6 215.9 1963—1.... 257.0 197.2 11.8 48.0 15.5 5.6 9.9 241.5 169.2 143.4 25.8 72.2 48.1 24.1 70.1 171.1 II... 265.0 204.1 11.2 49.8 16.1 5.9 10.2 248.9 173.7 148.1 25.6 75.2 50.2 25.0 70.9 178.0 III... 273.0 210.8 11.1 51.1 16.5 6.1 10.5 256.5 178.2 152.5 25.8 78.3 52.3 26.0 71.7 184.8 IV... 280.8 217.1 11.2 52.5 16.8 6.2 10.6 264.0 182.2 156.3 25.9 81.8 54.6 27.1 73.0 190.9 1964—IP. .. 286.8 221.9 11.2 53.7 17.3 6.4 10.9 269.5 185.2 159.2 26.0 84.3 56.4 28.0 73.8 195.7 II*\. 295.5 228.4 11.2 55.8 18.0 6.7 11.3 277.4 189.6 163.0 26.6 87.8 58.7 29.1 74.5 202.9 III?.. 303.5 234.8 11.3 57.4 18.5 6.9 11.6 285.1 193.8 167.0 26.9 91.2 61.0 30.2 75.6 209.5 IV*.. 311.3 241.0 11.4 59.0 18.8 7.0 11.8 292.5 197.7 170.5 27.2 94.9 63.5 31.4 76.6 215.9 1965—IP. .. 317.3 245.6 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts of Agriculavailable) included with "individuals and others." ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank 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 1964 43,978 28,935 7,314 2,742 18,879 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 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 in ... 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_I 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 36,939 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 r3,739 53 Ill 42 948 28 432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12 646 3,879 53 IV 43,978 28,935 7,314 2,742 18,879 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—IP 44,627 41,471 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

730 REAL ESTATE CREDIT MAY 1965 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other 1 Farm i Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1941 6,442 5,529 815 4,714 913 1945 976 6 636 5 860 1,394 4,466 776 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5 277 4 839 1,301 195 3 343 438 37 062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5 472 1,549 201 3,722 498 39,197 36,370 8,273 7,086 21,011 2,827 I960 6,086 5,622 ,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7 478 6 859 1,355 469 5 035 619 46 902 43,502 10,176 6,395 26,931 3,400 1963 9,172 8,306 1,598 678 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—Feb r 705 614 134 52 428 91 51,185 47,328 10,921 6,426 29,981 3,857 Mar 800 673 143 53 477 127 51,441 47,523 10,982 6,420 30,121 3,918 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 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 Feb 748 655 123 50 482 93 55,941 51,593 11,676 6,439 33,478 4,348 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 311 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) By type of lender (N.S.A.) Period Total i N c s ti o t e o r n w u n - 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 a n - l - 2 Period N To .S ta .A l i . i a n l S & o g a s a s v n n - & s. p I c a n a o n s n m u c ie e r - s - b C m a c o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 4,732 1,490 404 1,165 218 1945 1,913 181 1,358 5,376 1945 5,650 2,017 250 1,097 217 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1957 24,244 9,217 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 1,557 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1961 31,157 13,662 1,160 4,997 1,741 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1962 34,187 15,144 1,212 5,851 1,957 1963 24,735 7,039 9,920 90,944 A,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 Sept 3,177 1,442 116 546 190 Mar 2,071 621 784 93,167 4,718 6,886 81,563 Oct 3,534 1,594 125 616 206 Apr 2,081 579 831 94,076 4,722 6,862 82,492 Nov 2,880 1,271 103 495 184 May 2,145 597 881 95,071 4,731 6,828 83,512 Dec 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 2,758 1,170 103 483 145 Oct 2,051 531 893 99,832 4,811 6,706 88,315 Feb 2,575 1,128 90 465 129 Nov 1,791 462 770 100,519 4,830 6,690 88,999 Mar 2,935 1,290 102 540 140 Dec 1,969 522 784 101,314 4,896 6,686 89,732 Apr 3,089 1,350 109 567 154 May 3,090 1,349 116 560 176 1965 June 3,388 1,485 126 607 197 July 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 1,541 379 638 102,351 4,921 6,654 90,776 Sept 3,281 1,386 131 597 215 Mar.p 2,061 541 827 103,160 4,944 6,636 91,580 i Includes amounts for other lenders, not shown separately. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. NOTE.—Federal Home Loan Bank Board data. 2 Beginning with 1958 includes shares pledged against mortgage loans. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 REAL ESTATE CREDIT 731 GOVERNMENT-UlTOERWRnTEN 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 Mortgages Prop- Mortgages End of Con- Period Total h N om ew es h is o E t m i x n - e g s e P c r t o s j - 1 m pr e i e o m r n t v y - t e s - 2 Total 3 h N om ew es h is o E t m i x n - e g s period Total Total s F u i H n re - A d - a g V n u t A a e r e - - d ti v o e n n a - l 1945 18.6 4.3 4.1 .2 14.3 I945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1960 141.3 56.4 26.7 29.7 84.8 1961 153.1 59.1 29.5 29.6 93.9 I960 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 1964P.. .. 197.7 68.7 38.3 30.4 129.0 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—1^ 169.2 62.8 33.0 29.8 106.4 UP 173.7 63.5 33.5 30.0 110.2 1964—Mar 600 126 357 59 58 208 84 124 Ill* 178.2 64.3 34.3 30.0 113.9 Apr 646 117 367 119 43 206 81 125 IV* 182.2 65.5 35.0 30.5 116.7 May 570 105 352 68 46 192 71 121 711 128 442 67 73 233 76 157 1964—IP 185.2 66.3 35.7 30.6 118.9 July 782 141 476 108 57 251 81 171 IIP 189.6 66.8 36.3 30.5 122.7 AUG. ••••••••• 740 137 468 68 67 246 78 167 IIIP 193.8 67.9 37.4 30.5 126.0 SeDt 720 138 467 66 49 270 85 185 IVP 197.7 68.7 38.3 30.4 129.0 Oct 790 159 491 81 58 271 93 178 Nov 688 135 422 81 50 258 91 167 Dec 683 135 428 67 54 242 88 153 NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, 1965—Jan 630 138 405 34 54 225 84 141 figures are derived. Feb 517 115 328 40 34 200 72 128 Based on data from Federal Home Loan Bank Mar 640 137 396 62 45 216 77 139 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) End of ( p d e u ri r o in d g ) m m e i n t- ts Period va A n d c - es R m e e p n a ts y- M de e p m o b s e it r s g period Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu du r in s s-- ed Total t S e h rm or t * - t L e o rm ng - 2 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 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 I960 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 ,634 290 1,114 191 1963 5,601 4,296 4,784 2,863 1,921 1,151 1964 4,412 2,996 ,416 424 251 313 1964 5,563 5,023 5,325 2,846 2,479 1,199 1964 Mar 4,598 3,016 ,582 27 11 192 1964—Mar 339 387 4,168 2,406 1,763 977 Apr 4,572 3,015 1,557 38 31 204 Apr 573 296 4,444 2,463 1,982 957 May 4,565 3,027 1,538 44 21 202 May 352 401 4,395 2,438 1,957 990 4,539 3,025 1,514 36 21 199 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 Aug 4,477 3,008 1,469 44 43 230 Aug 369 351 4,781 2,662 2,119 926 Sept 4,453 2,998 1,455 34 24 245 Sept 382 327 4,837 2,635 2,202 989 Oct 4,440 2,997 1,443 36 14 260 Oct... 401 441 4,797 2,605 2,192 978 Nov 4,439 3,011 1,428 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 P 1965 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 Mar 4,364 2,986 f,378 45 43 320 Mar 348 452 4,747 2,277 2,470 1,048 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

732 CONSUMER CREDIT MAY 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 g O p n o a s t o u p h d m e e r r s er e a r n l R n o d i a e z p n m a a s t i o i o r l d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u r n g t e s S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63.164 48,034 19,540 12,605 3 246 12,643 15,130 5 456 5 684 3 990 1963 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4 315 1964 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6.300 4,640 1964—Mar 68,913 53,795 22,471 13,451 3,321 14,552 15,118 6,002 4,634 4,482 Apr 69,816 54,382 22,830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 May 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 June 71,907 55,914 23,702 13,730 3,395 15,087 15,993 6,233 5,238 4,522 July 72.456 56,496 24,024 13,813 3,426 15,233 15,960 6,218 5,240 4,502 73,069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 Sect 73,495 57,446 24,295 14,046 3,493 15,612 16,049 6,354 5,223 4,472 Oct 73,928 57,826 24,423 14,222 3,509 15,672 16,102 6,333 5,352 4,417 Nov 74,371 58,085 24,367 14,431 3,516 15,771 16,286 6,412 5,394 4,480 Dec 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 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 Mar 76,085 59,788 25,063 14,944 3,440 16,341 16,297 6,518 4,977 4,802 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 Total m b C e a o r n m c k ia - s l fi S n c a o a l s e n . s ce u C n r i e o d n it s fi s n C u a m o n n e c - r e * Other 1 Total D st m e o p r e a e n s r t t 2 - F s t t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m e A a o u le b t r o il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1957 33,867 29,200 12,843 9,609 2,429 3,124 1.195 4,668 1,393 1.210 361 478 1.226 1958 33,642 28,659 12,780 8,844 2,668 3,085 ,282 4,983 1,882 1,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 1,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 1,073 294 345 1,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1964 59,397 51,990 23,943 14,762 6,458 5,078 1,749 7,407 3,922 1,152 286 370 1,677 1964 Mar 53,795 47,653 21,919 13,802 5,668 4,597 1,667 6,142 3,044 1,022 273 334 1,469 54,382 48,191 22,224 13,893 5,776 4,628 1,670 6,191 3,106 1,013 272 340 1,460 May!.'!!!!!..! 55,120 48,824 22,559 14,027 5,889 4,657 1,692 6,296 3,182 1,020 271 348 1,475 June 55,914 49,543 22,907 14,228 6,014 4,701 1,693 6,371 3,231 1,028 271 355 1,486 July 56,496 50,082 23,176 14,359 6,109 4,748 1,690 6,414 3,267 1,037 273 360 1,477 Aug 57,055 50,583 23,389 14,475 6,204 4,797 1,718 6,472 3,332 1,044 273 363 1,460 Scot 57,446 50,937 23,527 14,553 6,283 4,845 1,729 6,509 3,371 1,048 275 365 1,450 Oct 57,826 51,220 23,663 14,625 6,334 4,870 1,728 6,606 3,444 1,062 276 367 1,457 Nov 58,085 51,341 23,680 14,622 6,378 4,919 1,742 6,744 3,541 1,088 279 367 1,469 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 1,764 7,183 3,791 1,128 285 373 1,606 Feb 59,363 52,352 24,246 14,782 6,465 5,101 1,758 7,011 3,713 1.101 282 377 1,538 Mar 59,788 52,837 24,537 14,831 6,569 5,132 1,768 6,951 3,673 1,085 277 384 1,532 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

MAY 1965 CONSUMER CREDIT 733 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 - p to d a m pe o D r b i i r l e e ct s O g p c u o a o t m o m p h d e e e - r r s r R e l m r t o a e n i o n a p o i n z d d n a a s i - r - 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 o p h n d e e e - r r s r m i R z lo o a a e a d n p ti n e a d o r s 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 1960 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 Mar 13,802 8,265 3,603 152 1,782 1964—Mar , 21,919 7,364 4,102 3,195 2,303 4,955 Apr 13,893 8,371 3,580 151 1,791 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 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 AUK 14,475 8,799 3,643 149 1,884 23,389 8,090 4,389 3,244 2,405 5,261 Sept 14,553 8,764 3,706 148 1,935 SeDt 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 1,976 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 8,684 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 Mar 14,831 8,723 3,897 137 2,074 Mar 24,537 8,539 4,673 3,461 2,368 5,496 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 8 7 9 1 8 2 1 2 pape 2 3 r 4 6 loan 1 1 s 4 5 7 6 8 6 5 9 End of period Total b C m a c o i n e a m r k l - - s t O f u i i n c t n t i i s h a a o t e i n l n - r - s s m t p D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t r l 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 I960 13,196 3,884 623 941 3,952 436 3,360 1961 14,151 4,413 723 948 3,907 469 3,691 1964 Mar 11,932 2,406 845 866 7,815 1962 15,130 4,690 766 927 4,252 505 3,990 Apr 12,074 2,446 860 869 7,899 1963 16,145 5,047 912 895 4,456 520 4,315 May 12,238 2,490 876 884 7,988 1964 17,413 5,469 1,004 909 4,756 635 4,640 June 12,408 2,537 894 890 8,087 July 12,547 2,573 911 897 8,166 1964—Mar... 15,118 5,076 926 614 3,485 535 4,482 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 2,689 996 933 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 Mar 13,469 2,744 1,019 935 8,771 Dec... 17,413 5,469 1,004 909 4,756 635 4,640 1965—Jan.... 16,803 5,409 1,003 793 4,280 651 4,667 NOTE.—Institutions represented are consumer finance cos., credit Feb... 16,378 5,436 1,006 660 3,857 637 4,782 unions, industrial loan cos., mutual savings banks, savings and loan Mar... 16,297 5,495 1,023 601 3,743 633 4,802 assns., and other lending institutions holding consumer instalment loans. See NOTE to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heatinc oil accounts. See NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 CONSUMER CREDIT MAY 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 ti o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 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 Mar 5,480 5,322 1,942 1,983 1 488 179 163 1 6Q4 1.688 Apr 5,371 5,578 1,961 2,127 1,544 1,495 174 178 1,692 1,778 May 5,552 5,584 2,023 2,137 1,589 1,547 187 205 1,753 1,695 5,399 5,949 1,962 2,245 1,537 1,632 183 208 1,717 1,864 July 5 541 5 747 1,996 2,166 I 546 1 543 189 208 L 810 1,830 5,529 5,519 2,017 1,984 1,570 1,540 186 210 1,756 1,785 5 617 5 393 2 024 1 830 ][ 5gg 1 592 186 200 I 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 1,792 1,749 Dec 5,816 6,767 2,043 1,992 1,719 2,404 180 161 1,874 2,210 1965 Jan 5,883 5,023 2,120 1,836 1,729 1,440 181 134 1,853 1,613 Feb 6,022 5,007 2,228 1,915 1,760 1,338 175 132 1,859 1,622 Mar 6,030 6,173 2,229 2,382 ,698 1,619 186 176 1,917 1,996 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 Mar 4,956 5,079 1.735 1.783 1.468 1.504 174 177 J.57Q J 61«! Apr 4,959 4,991 1,759 1,768 ,453 1,470 172 171 ,575 1,582 May 5,059 4,846 1,776 ,712 ,483 1,424 175 169 ,625 1,541 5,029 5,155 1,768 ,798 ,486 1,501 170 177 ,605 1,679 July 5,058 5,165 1,781 ,844 ,448 1,460 171 177 ,658 1,684 Au£ . 5,094 4,960 1,789 ,757 ,496 ,430 172 170 ,637 I 603 Sept 5,104 5,002 1,802 ,786 ,491 1,469 172 173 ,639 1,574 Oct 5,097 5,172 1,788 1,871 ,456 1,481 167 175 ,686 1,645 Nov 5,155 5,064 1,818 1,783 ,509 1,463 174 168 ,654 1,650 Dec 5,256 5,455 1,864 1.838 ,505 1,532 177 175 ,710 1,910 1965—Jan 5,213 5,078 1,830 1,783 ,526 1,539 171 163 ,686 1,593 Feb 5,381 4,986 1,897 1,746 ,632 1,558 172 159 ,680 I 523 Mar 5,393 5,748 1.924 2,062 .567 .659 171 182 .731 .845 Net change in credit outstanding2 1957 2,148 920 238 197 793 1958 -225 -1,189 184 245 *tt4 1959 . 5,601 2,268 1,602 463 269 I960 3,588 1,270 896 330 ,093 1961 696 -465 332 53 777 1962 4 506 2,318 746 55 388 1963 5,711 2,659 1,161 143 748 1964 .. 5,652 2,322 1,537 113 .680 1964—Mar 524 243 207 200 197 -16 5 -14 115 73 Apr 412 587 202 359 91 25 2 7 117 196 May 493 738 247 425 106 123 12 36 128 154 June. 370 794 194 447 51 131 13 31 112 185 July 483 582 215 322 98 83 18 31 152 146 435 559 228 227 74 110 14 40 119 182 Sept 513 391 222 44 97 123 14 27 180 197 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 Mar 637 425 305 320 131 -40 15 -6 186 151 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net chang„e s in credit outstanding eq_u al extensions less rep. ay. ments 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

MAY 1965 CONSUMER CREDIT 735 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.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 1960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1964 66,070 24,515 14,020 16,251 11,284 1964—Mar 5,480 5,322 2,006 2,011 1.209 1,166 1,292 1,290 973 855 Apr 5,371 5,578 1,981 2,158 1,160 1,201 1,309 1,347 921 872 May 5,552 5,584 2,075 2,144 1,196 1,194 1,350 1,338 931 908 June 5,399 5,949 2,004 2,247 1,174 1,324 1,321 1,453 900 925 July 5,541 5,747 2,065 2,199 1,158 1,242 1,397 1,426 921 880 Aug .. . 5,529 5,519 2,084 2,063 1,157 1,172 1.35S 1,382 933 902 Sept 5,617 5,393 2,104 1,989 1,191 1,142 1,405 1.348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 1,192 1,402 1,319 919 997 Nov 5,456 5,323 2,036 1,873 1,114 1,070 ,370 1,365 936 1,015 Dec 5,816 6,767 2,186 2,176 [.191 1,317 1,443 1,704 996 1,570 1965—Jan 5,883 5,023 2,224 2,020 1,175 1,027 1,459 L219 1,025 757 Feb 6,022 5,007 2,262 1,974 1,281 1,060 1,427 .217 1,052 756 Mar 6,030 6,173 2,286 2,414 1,276 1,292 ,487 1,551 981 916 Repayments 1957 39,868 14,360 9,759 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 ;;:;!;;::: 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1964 60,418 22,268 13,161 14,825 10,164 1964—Mar 4,956 5,079 1.843 1,891 1,084 1.152 1.201 1.225 828 811 Apr . ... 4,959 4,991 1,833 1,853 1,097 1,110 1,197 1,205 832 823 May 5,059 4,846 1,876 1,809 1,114 1,060 1,234 1,174 835 803 5,029 5,155 1,845 1,899 1,102 ,123 1,223 1,283 859 850 July 5,058 5,165 1,857 1,930 1,097 1,111 1,267 1,287 837 837 5,094 4,960 1,889 1,850 1,087 ,056 1,237 1,210 881 844 Sept 5,104 5,002 1,860 1,851 1,118 1,097 1,266 1,210 860 844 Oct 5,097 5,172 1,868 1,908 1,071 1,120 1,284 1,244 874 900 Nov .. 5,155 5,064 1,916 1,856 1,103 1,073 1,255 1,258 881 877 Dec 5,256 5,455 1.944 1,913 1,129 1,177 1,303 1,458 880 907 1965—Jan 5,213 5,078 1,921 1,872 1,059 992 1,299 1,233 934 981 Feb 5,381 4,986 1,956 1,819 1,157 1,075 1,286 1,164 982 928 Mar 5,393 5,748 1,972 2,123 1,136 1.243 1.328 1.406 957 976 Net change in credit outstanding 2 1957 2,148 1,066 491 665 -75 1958 225 63 765 289 315 19^9 5,601 2,447 1,475 986 693 I960 3 588 1,446 1,152 1,051 -61 1961 696 335 -199 578 -20 1962 4 506 1,997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1964 5,652 2,333 1,239 1,426 654 1964 Mar 524 243 163 120 125 14 91 65 145 44 412 587 148 305 63 91 112 142 89 49 M!ay .... 493 738 199 335 82 134 116 164 96 105 June 370 794 159 348 72 201 98 170 41 75 July 483 582 208 269 61 131 130 139 84 43 Aus; 435 559 195 213 70 116 118 172 52 58 Sept 513 391 244 138 106 78 139 138 24 37 Oct 410 380 162 136 85 72 118 75 45 97 Nov 301 259 120 17 11 -3 115 107 55 138 Dec 560 1,312 242 263 62 140 140 246 116 663 1965 Jan 670 -55 303 148 116 35 160 -14 91 -224 Feb 641 21 306 155 124 -15 141 53 70 -172 Mar 637 425 314 291 140 49 159 145 24 -60 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equa Ho 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

736 INDUSTRIAL PRODUCTION: S.A. MAY 1965 MARKET GROUPING (1957-59= 100) 957-59 1964 1965 pro- Grouping por- avertion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index. 100.00 132.0 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.2 140.5 Final products, total 47.35 737.5 128.7 130.6 737.7 737.7 732.3 733.3 732.5 130.3 134.6 137.4 735.0 735.2 739.7 Consumer goods 32.31 131.3 128.8 130.8 131.0 131.5 132.1 133.1 132.0 129.2 133.6 137.0 137.9 137.6 139.4 Equipment, including defense... 15.04 132.0 128.8 130.7 131.3 132.0 132.7 133.6 133.7 132.6 136.8 138.3 138.2 139.3 140.3 Materials 52.65 132.5 129.3 130.6 131.3 131.8 133.6 134.7 135.6 132.2 135.7 137.7 139.1 140.0 141.2 Consumer goods Automotive products 3.21 745.7 144.3 149.3 151.4 757.7 752.5 755.5 144.7 705.9 143.0 755.2 755.7 753.5 773.7 Autos 1.82 150.6 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 194.2 Auto parts and allied products.... 1.39 138.0 133.4 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.9 145.3 Home goods and apparel 10.00 757.2 126.8 725.9 729.5 130.0 737.2 737.9 737.9 133.8 735.3 737.5 739.9 140.4 747.5 Home goods 4.59 139.9 136.4 137.7 136.9 137.8 139.7 140.1 139.8 142.4 146.7 148.0 150.8 151.8 153.2 Appliances, TV, and radios 1.81 134.2 128.7 130.7 129.7 131.0 131.1 133.3 136.8 139.0 143.2 143.1 144.9 146.5 148.0 Appliances 1.33 139.7 132.9 134.7 139.4 136.9 136.6 140.0 143.9 146.1 149.6 145.9 149.2 150.7 151.6 TV and home radios .47 118.8 116.9 119.5 102.4 114.3 115.5 114.5 116.7 119.1 125.1 135.5 132.9 134.8 137.9 Furniture and rugs 1.26 142.4 139.0 139.7 141.0 141.9 144.7 144.2 141.0 145.5 148.3 149.7 150.6 152.6 153.7 Miscellaneous home goods 1.52 144.7 143.5 144.2 142.1 142.4 145.9 144.8 142.3 143.7 149.7 152.3 157.9 157.5 158.9 Apparel, knit goods, and shoes.... 5.41 123.8 118.7 121.5 123.2 123.4 124.0 124.9 125.3 126.6 127.5 128.8 130.6 130.8 Consumer staples 19.10 128.9 126.3 128.8 128.3 128.9 729.7 130.0 729.9 130.7 130.5 737.5 732.3 737.7 733.2 Processed foods 8.43 119.9 118.4 120.8 120.2 119.4 118.4 118.7 118.7 120.0 122.0 122.5 122.3 121.2 122.5 Beverages and tobacco 2.43 122.4 121.9 125.2 122.6 119.4 126.4 125.5 123.3 123.3 123.1 126.4 125.3 125.6 Drugs, soap, and toiletries 2.97 146.9 140.1 142.8 144.5 150.5 146.7 149.1 152.6 151.9 149.7 151.8 154.2 152.8 155.9 Newspapers, magazines, and books 1.47 123.7 125.1 126.7 124.7 125.5 123.5 123.2 121.3 121.8 122.8 124.3 125.8 125.3 128.8 Consumer fuel and lighting 3.67 141.2 136.2 138.5 138.7 140.6 142.8 145.7 144.4 145.8 142.4 143.2 144.0 145.0 Fuel oil and gasoline 1.20 119.6 117.6 120.9 120.4 121.8 121.4 118.8 120.4 122.2 119.9 120.1 118.0 119.9 120.3 Residential utilities 2.46 151.7 145.3 147.1 47.6 149.8 153.2 158.8 156.1 157.4 153.4 154.5 156.7 157.2 Electricity 1.72 159.3 151.9 154.5 155.2 157.6 162.2 169.8 165.6 166.8 161.1 162.7 160.9 161.4 Gas .74 Equipment Business equipment 11.63 139.0 134.2 735.5 735.0 739.0 140.0 141.6 141.8 740.7 745.2 745.4 747.5 749.7 750.7 Industrial equipment 6.85 136.9 131.9 133.9 135.7 137.6 138.5 139.6 140.4 140.4 144.5 145.9 144.8 147.1 149.0 Commercial equipment 2.42 145.3 141.0 143.1 141.9 143.7 145.7 145.5 147.6 149.3 151.0 152.4 152.5 156.2 159.0 Freight and passenger equipment.. 1.76 141.0 135.8 140.8 143.9 141.3 141.9 144.9 141.0 128.6 149.1 155.2 154.0 150.7 148.4 Farm equipment .61 132.4 127.6 126.6 130.7 129.1 127.9 139.9 136.0 145.1 138.0 140.5 144.3 139.6 Defense equipment 3.41 Materials Durable goods materials 26.73 737.0 727.3 729.0 729.5 730.5 732.7 734.7 735.5 725.7 734.5 735.2 735.7 739. 742.4 Consumer durable 3.43 145.4 141.9 144.1 143.8 148.1 150.2 167.0 153.1 113.2 146.7 155.6 159.6 165. 167.1 Equipment 7.84 134.2 130.4 131.6 132.9 133.3 133.8 135.7 137.1 137.2 138.9 141.3 142.6 143.8 147.1 Construction 9.17 124.4 123.4 123.8 123.5 122.8 125.7 125.7 125.8 123.8 126.6 127.3 128.5 130.9 133.5 Metal materials n.e.c 6.29 128.7 125. 126.9 127.5 127.3 130. 130.6 128.4 130.9 134.5 139.3 141.9 141.0 142.1 Nondurable materials 25.9: 734.0 730.5 732.3 732.5 732.9 734.5 735. 735.7 735.3 737.0 739.3 740.7 740.5 739.9 Business supplies 9.11 127.1 124.9 126.1 126.5 124.9 126.9 127.1 125.9 128.7 128.9 132.6 133.9 136. 134.8 Containers 3.03 127.7 123.6 127.0 128. 123.8 125.0 125.6 125.4 131.6 132.1 135.1 136.2 138. 129.8 General business supplies. .. 6.07 126.9 125.6 125.7 125.7 125.4 127.9 127.8 126.2 127.3 127.3 131.4 132.7 135. 137.3 Nondurable materials n.e.c.... 7.40 157.5 152.4 154.6 153.9 155. 158. 160. 163.0 161.4 163.5 165.6 167.4 167.9 166.9 Business fuel and power 9.41 122.3 118. 120.7 122. 122. 123.0 123.4 123.7 123.9 123.9 125.1 124.6 124.0 124.4 Mineral fuels 6.07 111. 108.9 110.3 112.1 112. 112.4 112.7 113.0 113.3 112.8 113.0 112.4 111.I 112.1 Nonresidential utilities 2.86 149.4 144.5 147.9 148.9 149. 149.8 150.9 150.6 150.6 151. 154.9 154.7 155.9 Electricity 2.3: 149.4 145.6 149.0 150. 150.6 150.5 151.5 151.0 150.4 150.5 154.6 154.7 156.1 General industrial 1.03 142.7 136.9 140.5 142.0 143.5 143.9 145.1 147.1 144. 147. 149. 148.7 150.9 Commercial and other.. 1.21 159. 156. 159. 160.7 160.4 160.9 161.9 159. 160.6 158.1 164.2 165.3 166.0 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 142.1 139. 142. 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8 161.4 Apparel and staples 24.51 127.8 124.6 127.2 127.2 127. 128.0 128.9 128.9 129.8 129.9 131.2 131.9 131.5 Sec NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 INDUSTRIAL PRODUCTION: S.A. 737 INDUSTRY GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 "1964 1964 1965 Grouping por- avertion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.*- Feb.' Mar, Total index 100.00 132.0 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131. 135.0 137. 138.4 139.2 140.5 Manufacturing; total 86.45 132.9 129.9 131.4 132.2 132.4 133.9 134.5 134.9 131. 136.0 139.1 140.0 140.8 142.3 Durable 48.07 133.2 130.0 131.6 132.6 133. 135.0 135.7 135. 129.4 136. 140.6 141.9 142.7 144.7 Nondurable 38.38 132.4 129.8 131.1 131. 131.5 132.5 133.1 134.4 134.5 135. 137.3 137.6 138.4 139.2 Mining 8.23 110.9 108.8 109.9 111.3 111. 110.9 111.9 111.9 112.0 112.7 112.3 112.1 111.8 112.2 Utilities 5.32 150.5 144.8 147.5 148.3 149. 151.4 154.5 153." 153.8 152.3 154.7 155.6 156.5 156.5 Durable manufactures Primary and fabricated metals 12.32 130.1 124.6 126.3 128.5 128.1 132.1 133.7 133.5 131.3 135.6 138.7 140.0 140.8 142.0 Primary metals 6.95 128.2 120.9 123.8 127.1 126.1 131. 132.8 132.8 131.8 134.6 137.9 139.6 137.4 139.5 Iron and steel 5.45 125.6 118.1 123.7 127.8 125. 130.4 32.2 129.1 130.3 133.4 135.7 137.1 137.7 140.0 Nonferrous metals and products. 1.50 137.6 142.6 138.5 135.0 132.8 135.9 133.0 138.5 133.9 140.3 150.9 148.0 149.0 151.7 Fabricated metal products 5.37 132.6 129.3 129.5 130.3 130.6 133.3 134.8 134.3 130.7 136.9 139.7 140.6 145.1 145.2 Structural metal parts 2.86 130.3 127.8 129. 128.1 129.6 131. 131.0 131.7 128.6 135.8 137.2 137.0 140.9 144.2 Machinery and related products.... 27.98 136.1 133. 755. 135.9 137.1 138.0 138.7 137.8 128.7 139.0 144.2 145.3 145.8 148.5 Machinery 14.80 141.0 135.9 137.5 138.5 140.1 141.9 142.8 144.1 144.7 147.4 149.3 150.4 152.3 153.8 Nonelectrical machinery 8.43 141.8 136.7 138.1 139.6 141.9 143.6 144.1 145.0 145.4 148.2 149.9 151.4 152.7 153.9 Electrical machinery 6.37 140.0 134.9 136.8 137.0 137.7 139.7 141.1 142.9 143.8 146.3 148.5 149.2 151.7 153.6 Transportation equipment 10.19 130.7 130.1 133.0 134.1 134.9 134.3 135.3 130.9 105.3 129.2 140.3 141.4 139.7 144.5 Motor vehicles and parts 4.68 150.1 151.1 156.2 157.4 158.3 158.6 160.9 150.1 96.2 143.9 167.4 169.1 167.7 176.2 Aircraft and other equipment... 5.26 112.4 110.6 112.0 112.8 113.4 111.7 111.5 112.7 110.8 114.5 115.0 115.5 114.1 115.5 Instruments and related products.. 1.71 136.4 134.2 134.7 134.6 134.8 136.4 137.4 138.6 137.6 140.2 142.0 142.7 145.3 147.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 121.1 121.9 727.5 120.9 720.7 722.5 121.4 720.7 727.0 720.9 727.7 725.0 725.9 124.8 Clay, glass, and stone products. 2.99 126.0 125.3 125.2 124.3 126.6 126.4 125.6 127.0 126.9 127.7 130.2 132.6 131.8 128.5 Lumber and products 1.73 112.7 116.1 115.4 114.9 109.0 116.1 114.1 109.7 110.8 109.2 105.5 111.9 115.6 118.5 Furniture and miscellaneous.. 3.05 138.4 134.7 135.6 755.2 755.0 755.5 759.0 138.4 141.7 143.4 145.4 145. 147.6 149.3 Furniture and fixtures , 1.54 143.4 139.0 139.8 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3 155.7 Miscellaneous manufactures. 1.51 133.3 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.8 Nondurable manufactures Textiles, apparel, and leather 7.60 124.8 727.7 727.5 725.5 122.9 724.9 725.0 725.5 128.4 750.2 131.4 752.7 133.4 755.7 Textile mill products 2.90 122.8 118.9 119.4 119.3 119.2 121.5 123.5 125.8 127.5 129.6 130.9 132.1 132.6 131.6 Apparel products 3.59 134.0 131.8 130.5 132.8 133.8 134.4 135.1 135.8 137.2 139.1 140.6 142.2 143.8 Leather and products 1.11 100.7 96.3 98.4 104.7 97.3 103.5 103.1 100.3 192.4 103.2 103.3 103.6 101.7 Paper and printing 5.77 727.5 125.4 727.5 725.2 725.5 725.0 727.9 725.2 729.2 725.0 757.7 757.2 757.5 755.5 Paper and products 3.43 133.4 130.4 132.9 134.3 130.1 132.8 132.8 135.5 137.0 133.8 :i40.2 137.7 137.5 140.1 Printing and publishing. 4.74 123.2 121.8 123.6 123.9 124.1 124.5 124.3 123.0 123.6 123.9 125.6 126.6 127.7 128 7 Newspapers 1.53 117.0 115.2 117.2 117.1 117.2 120.0 118.3 115.9 116.3 117.5 119.6 120.7 120.9 12l!o Chemicals, petroleum, and rubber. 11.54 752.2 147.4 149.5 750.0 752.7 752.5 755.5 1755.9 755.4 755.5 755.5 755.5 161.0 162.4 Chemicals and products 7.58 159.4 155.2 157.0 156.7 159.6 158.7 160.8 165.0 162.5 163.0 166.5 166.9 168.0 169.8 Industrial chemicals 3.84 178.0 174.9 176.7 173.7 176.3 177.1 178.7 184.9 179.9 182.6 188.2 186.3 188.7 Petroleum products 1.97 121.0 119.7 120.8 122.0 122.1 124.6 121.2 120.4 122.9 121.6 120.6 119.0 122.0 124.0 Rubber and plastics products 1.99 155.7 145.1 149.4 152.2 153.4 155.2 158.2 162.4 161.0 160.5 164.0 167.2 172.7 Foods, beverages, and tobacco 11.07 120.6 720.2 727.2 720.7 779.5 720.5 720.5 720.0 720.9 722.7 725.7 725.5 725.2 725.5 Foods and beverages 10.25 120.6 120.3 120.6 120.0 119.6 120.0 120.4 120.0 120.7 122.8 123.5 123.6 123, 123.5 Food manufactures 8.64 120.2 119.7 120.0 120.2 119.5 118.9 119.1 119.1 120.2 122.6 122.9 123.0 122. 122.8 Beverages 1.61 123.2 123.8 124. 119.2 120.1 125.8 127.6 124.6 123.3 124.1 126.9 126.9 126. Tobacco products .82 120.8 118.2 127.5 129.2 118.1 127.5 121.4 120.6 123.3 121.0 125.4 122.2 123.5 Mining Coal, oil, and gas 6.80 109.4 707.7 70S. 7 70P.P 709.5 770.7 770.7 777.0 770.5 770.7 770.7 709.7 109.4 709.7 Coal 1.16 104.3 94.5 98.7 106. 105.1 105.0 107.9 105.1 109.2 108.7 107.2 107.7 103.2 103.1 Crude oil and natural gas 5.64 110.4 109.7 110.0 110.7 110.8 111.1 111.3 112.3 111.1 110.4 110.7 110.1 110.7 111.1 Oil and gas extraction 4.91 113.4 112.3 113.0 113.5 113.8 114.2 113.8 114.9 114.3 113.8 114.3 113.6 113.0 114.2 Crude oil 4.25 109.8 109.0 109.6 110.1 110.2 110.3 109.8 111.1 110.8 110.2 110.9 109.8 108.6 110.6 Gas and gas liquids .66 136.5 133.3 134.8 135.3 137.1 139.0 139.6 139.1 136.8 136.5 Oil and gas drilling .73 90.1 92.0 89.8 91.3 90.1 90.5 94.0 94.4 89.2 87.3 Metal, stone, and earth minerals. 1.43 775.7 777.0 775.5 777.9 779.2 114.9 777.7 775.7 775.0 725.5 722.7 725.5 725.5 124.1 Metal mining .61 117.3 119.8 124.2 119.4 119.2 107.7 112.2 111.3 115.7 127.1 121.8 126.7 123.8 123.9 Stone and earth minerals .82 118.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 119.7 123.9 123.4 120.8 122.9 124.3 Utilities Electric 4.04 153.6 148.3 151.3 152.3 153.6 155.5 159.3 157.2 157.4 155.0 158.1 157.3 158.3 Gas 1.28 140.7 138.3 138.9 139.7 140.5 141.6 142.4 143.0 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

738 INDUSTRIAL PRODUCTION: N.S.A. MAY 1965 MARKET GROUPINGS (1957-59= 100) 1957-59 1964 1965 pro- "1964 Grouping por- avertion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index. 100.00 132.0 129.0 131.7 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.i 139.2 141.4 Final products, total 47.35 131.5 128.5 130.7 130.5 133.3 127.5 131.4 136.1 134.9 135.1 134.6 136.5 138.1 140.3 Consumer goods 32.31 131.3 127.7 130.3 130.0 133.2 126.3 131.5 137.1 136.0 134.8 132.6 135.7 137.4 139.6 Equipment, including defense... 15.04 132.0 130. 131.5 131.8 133.5 130.1 131.1 134.0 132.4 135.7 139.0 138.3 139.8 141.9 Materials 52.65 132.5 129.6 132.6 133.9 134.5 127.8 134.2 136.8 135.0 136.6 135.8 137.0 140.1 142.3 Consumer goods Automotive products 3.21 145.1 152.1 162.5 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.5 175.5 173.9 182.9 Autos 1.82 150.6 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 201.1 196.8 213.6 Auto parts and allied products. 1.39 138.0 131.4 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.7 141.7 143.8 142.5 Home goods and apparel 10.00 131.2 129.8 130.5 129.5 131.2 120.0 134.2 135.1 141.6 138.3 129.2 134.1 143.6 145.2 Home goods 4.59 139.9 138.6 138.3 135.6 140.5 126.8 136.4 147.4 150.2 151.8 145.7 142.9 151.6 155.9 Appliances, TV, and radios.. 1.81 134.2 137.8 135.9 130.0 136.8 110.4 120.2 144.1 145.8 148.9 135.2 136.8 153.8 158.9 Appliances 1.33 139.7 147.5 144.9 141.6 145.3 118.8 122.0 147.3 143.2 150.8 141.1 142.5 159.8 168.6 TV and home radios .47 118.8 110.2 110.5 97.4 112.9 86.6 115.1 134.8 153.1 143.5 118.4 120.9 137.0 131.4 Furniture and rugs 1.26 142.4 137.3 137.2 135.6 140.2 137.0 146.1 147.1 152.3 152.3 154.5 147.3 150.0 151.9 Miscellaneous home goods... 1.52 144.7 140.6 142.0 142.1 145.2 137.9 147.7 151.6 153.8 154.9 150.8 146.5 150.4 155.7 Apparel, knit goods, and shoes. 5.41 123.8 122.3 123.9 124.4 123.4 114.1 132.4 124.7 134.2 126.9 115.3 126.7 136.7 Consumer staples 19.10 128.9 122.6 124.8 125.0 129.2 128.8 137.2 137.9 136.7 129.8 128.1 129.8 128.0 129.4 Processed foods 8.43 119.9 109.8 112.7 114.1 116.9 117.8 129.4 135.2 134.3 125.1 118.7 115.6 112.0 113.6 Beverages and tobacco 2.43 122.4 117.6 127.6 131.0 136.5 132.0 136.1 124.9 129.5 116.3 108.9 110.2 114.4 Drugs, soap, and toiletries 2.97 146.9 139.4 142.8 144.6 153.8 140.8 152.4 154.1 154.9 150.1 148.8 153.0 152.3 155.1 Newspapers, magazines, and books. 1.47 123.7 124.8 125.7 123.7 124.5 121.6 124.8 124.7 123.5 122.8 124.8 124.5 124.4 128.5 Consumer fuel and lighting 3.67 141.2 140.2 135.0 130.5 134.2 145.0 148.4 144.7 137.0 135.4 146.8 158.2 154.9 Fuel oil and gasoline 1.20 119.6 116.4 114.7 116.3 120.3 123.5 122.3 120.4 119.0 119.2 122.9 123.0 123.0 119.0 Residential utilities 2.46 151.7 Electricity 1.72 159.3 161.3 151.4 140.5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6 180.4 Gas .74 Equipment Business equipment 11.63 139.0 135.9 137.8 138.8 141.2 137.1 138.7 142.2 140.1 144.1 148.3 147.3 149.7 152.2 Industrial equipment 6.85 136.9 132.0 133.9 135.8 138.8 137.1 139.2 141.7 139.6 142.5 146.8 145.1 146.4 149.1 Commercial equipment 2.42 145.3 139.7 140.4 140.2 144.1 142.8 145.8 149.8 151.8 152.8 155.0 152.7 155.1 157.6 Freight and passenger equipment. 1.76 141.0 141.9 146.4 148.2 147.0 136.2 136.2 139.0 128.6 146.1 149.8 149.4 152.2 155.1 Farm equipment .61 132.4 147.3 147.3 140.5 139.9 115.8 111.9 125.9 133.5 122.1 134.4 145.0 157.8 Defense equipment 3.41 Materials Durable goods materials. 26.73 131.0 127.4 131.2 133.9 134.9 127.7 132.6 136.3 131.3 135.4 135.0 135. 138.9 143.0 Consumer durable 3.43 145.4 146.2 148.4 149.5 149.6 135.2 140.3 153.1 116.0 151.1 163.4 165.2 167.7 172.1 Equipment 7.84 134.2 131.8 133.0 133.8 134.6 129.7 131.6 135.7 136.8 139.0 143.4 143.9 145.1 148.7 Construction 9.17 124.4 116.0 122.6 127.8 132.0 129.5 134.5 133.3 130.6 126.3 118.4 116.0 120.4 125.5 Metal materials n.e.c... . 6.29 128.7 128.2 132.0 134.5 131.4 118.5 126.8 132.3 134.0 135.6 133.2 138.2 142.3 145.5 Nondurable materials 25.92 134.0 131.8 134.0 133.9 134.1 127.8 135.9 137.3 138.9 138.0 136.6 138.3 141.3 141.6 Business supplies 9.11 121.1 124.9 129.5 128.6 126.9 120.2 129.2 130.3 134.3 130.1 127.2 128.7 133.9 134.8 Containers 3.03 127.7 123.6 130.8 129.5 130.0 125.0 138.2 133.6 138.2 124.8 117.5 128.0 135.4 129.8 General business supplies. 6.07 126.9 125.6 128.8 128.2 125.4 117.7 124.6 128.7 132.4 132.8 132.1 129.0 133.2 137.3 Nondurable materials n.e.c.. 7.40 157.5 156.2 157.7 157.7 158.0 147.3 157.8 161.4 162.2 165.1 162.3 166.6 171.3 171.1 Business fuel and power 9.41 122.3 119.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.4 124.9 125.0 Mineral fuels 6.07 111.7 111.4 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 114.6 114.6 Nonresidential utilities 2.86 149.4 Electricity 2.32 149.4 141.3 141.9 146.0 152.5 158.9 162.9 159.9 152.6 147.7 151.4 152.3 150.0 General industrial 1.03 142.7 136.9 138.7 142.7 144.8 143.9 148.0 149.3 147.3 147.4 148.2 148.0 147.0 Commercial and other. 1.21 159.4 148.0 147.9 152.2 163.0 177.0 181.2 174.3 162.2 152.7 159.3 161.2 157.7 Gas .54 Supplementary groups of consumer goods Automotive and home goods.. 7.80 142.1 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.8 167.0 Apparel and staples 24.51 127.8 122.5 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 129.1 129.9 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 INDUSTRIAL PRODUCTION: N.S.A. 739 INDUSTRY GROUPINGS (1957-59= 100) 957-59 *>1964 1964 1965 Grouping p p ti o r o o r n - - a a v g e e r- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index. 100.00 132.0 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.9 135.2 136.8 139.2 141.4 Manufacturing, total. 86.45 132.9 130.0 133.0 133.7 135.2 127.9 133.1 137.4 136.0 137.4 136.2 137.6 140.5 143.3 Durable 48.07 133.2 131.3 134.1 134.8 136.4 128.8 129.6 136.8 132.2 138.6 140.4 140.6 143.5 147.1 Nondurable 38.38 132.4 128.4 131.7 132.3 133.6 126.7 137.4 138.2 140.8 135.8 131.0 133.8 136.9 138.5 Mining 8.23 110.9 107.6 109.8 111.7 112.6 107.0 113.0 113.3 114.5 113.3 111.9 111.0 111.1 110.9 Utilities 5.32 150.5 Durable manufactures Primary and fabricated metals 12.32 130.1 127.4 130.7 131.9 131.2 123.5 131.5 135.4 133.8 136.7 136.1 139.3 143.1 146.4 Primary metals 6.95 128.2 128.4 132.1 132.9 128.6 117.4 125.9 131.3 133.1 135.9 133.8 141.0 145.2 150.1 Iron and steel 5.45 125.6 124.0 128.6 130.4 125.2 116.1 124.3 129.1 132.3 134.7 132.3 139.8 143.6 149.2 Nonferrous metals and products. 1.50 137.6 144.2 144.6 142.2 141.0 122.3 131.7 139.5 136.4 140.3 139.4 145.5 151.2 153.4 Fabricated metal products 5.37 132.6 126.2 128.9 130.6 134.5 131.3 138.8 140.7 134.6 137.7 139.0 137.2 140.3 141.7 Structural metal parts 2.86 130.3 122.8 125.3 127.5 132.2 131.2 135.6 137.0 132.5 137.8 138.6 134.3 135.3 138.6 Machinery and related products,... 27.98 136.1 136.0 138.1 137.9 139.8 130.9 126.8 137.7 130.2 141.4 146.7 146.8 148.7 752.5 Machinery 14.80 141.0 138.4 139.5 139.8 142.6 135.3 138.5 145.3 145.3 147.5 150.6 150.1 154.4 158.0 Nonelectrical machinery 8.43 141.8 140.5 142.2 143.1 145.3 140.0 138.8 143.1 142.8 145.1 150.9 152.2 155.4 159.7 Electrical machinery 6.37 140.0 135.6 135.8 135.4 139.0 129.1 138.0 148.1 148.7 150.8 150.3 147.3 153.1 155.7 Transportation equipment 10.19 130.7 134.3 138.5 137.7 138.4 125.1 109. 128.5 108.3 135.0 144.7 146.1 144.8 150.6 Motor vehicles and parts 4.68 150.1 158.1 166.7 165.0 167.4 142.0 106.7 145.8 102.3 155.0 174.9 178.9 177.3 187.4 Aircraft and other equipment... 5.26 112.4 112.3 112.6 112.3 111.8 109.0 109.5 112.2 111.4 116.2 117.3 116.7 115.5 117.2 Instruments and related products.. 1.71 136.4 132.2 132.7 133.3 136.1 135.0 138.5 140.1 139.1 142.7 143.7 141.7 143.1 145.1 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 121.1113.9 120.4 125.4 72P.2 725.0 732. ¥ 729.9 725.2 727.7 770.5 108.3 114.4 775.7 Clay, glass, and stone products. 2.99 126.0 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.4 118.2 Lumber and products 1.73 112.7 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 93.4 98.5 111.0 112.6 Furniture and miscellaneous.., 3.05 138.4 131.5 133.1 133.1 138.3 735.5 143.4 144.8 7¥9.2 148.2 146.7 739.5 142.9 145.8 Furniture and fixtures 1.54 143 A 135.9 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152.0 154.2 147.6 150.4 152.3 Miscellaneous manufactures. 1.51 133.3 127.1 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144.3 139.1 131. 135.2 139.2 Nondurable manufactures Textiles, apparel, and leather 7.50 124.8 124.7 124.7 126.2 725.7 773.0 131.4 725.0 732.3 129.4 119.3 130.6 138.8 137.7 Textile mill products 2.90 122.8 123.1 121.2 124.7 124.6 110.3 126.6 126.4 127.5 130.2 121.7 131.4 135.3 134.2 Apparel products 3.59 134.0 133.1 135.7 135.5 133.8 121.6 141.9 133.1 144.7 137.7 124.4 138.6 151.0 Leather and products 1.11 100.7 102.1 98.4 100.0 98.3 92.6 109.8 101.8 105.0 101.1 96.4 103.1 108.7 Paper and printing 8.1 727.5 126.4 130.9 129.3 727.5 720.9 727.5 129.4 134.9 730.9 727.5 128.6 131.8 134.6 Paper and products 3.43 133.4 131.7 138.2 135.0 132.7 124.8 137.3 135.5 145.9 134.5 126.6 137.0 140.9 141.5 Printing and publishing., 4.74 123. 122.6 125.6 125.1 123.4 118.2 121.0 124.9 126.9 128.4 128.2 122.6 125.3 129.7 Newspapers. 1.53 117.0 117.5 125.5 124.8 117.8 104.4 107.1 116.7 122.6 128.7 123.2 111.2 116.9 123.4 Chemicals, petroleum, and rubber.. 11.54 152. 148.3 151.7 152.2 155.4 145.3 75¥.7 757.5 757.8 755.2 154.6 157.6 162.0 753.5 Chemicals and products 7.58 159.4 156.5 160.3 159.9 163.0 152.9 160.9 164.5 163.6 162.6 162.6 164.9 168.4 171.1 Industrial chemicals 3.84 178.0 176.6 179.3 176.5 178.1 170.9 176.6 183.1 180.8 184.1 186.3 185.4 190.6 Petroleum products 1.97 121.0 115.5 116.0 120.2 125.8 128.3 127.3 125.2 123.5 119.8 118.8 117.2 120. Rubber and plastics products 1.99 155.7 149.7 154.0 154.5 155.7 133.5 158.2 164.5 170.0 162.1 159.9 169.7 178. ! Foods, beverages, and tobacco.... 11.07 120.6 111. 116,2 118.0 727.3 720.5 730.5 732.7 733. ¥ 723.5 777.0 114.9]113.1 115.8 Foods and beverages 10.25 120.6 111.4 USA 116.7 120.9 121.5 130.5 133.2 133.4 123.6 118.2 114.4 112.3 115.4 Food manufactures 8.64 120. 110. 113.0 114.3 117.0 117.7 129.0 134.9 134.6 125.7 119.2 116.2 112. 114.2 Beverages 1.61 123. 118.2 127.8 129.5 141.7 141.8 138.4 124.6 127.0 112.7 112.4 104.7 110.1 Tobacco products .82 120.8 116. 127.2 133.8 126.4 112.8 131.4 125.3 134.3 123.4 102.1 120.9 122.9 Mining Coal, oil, and gas 6.80 109.4 108.6 108.7 705.4 108.6 703. 709.7 770. 777.7 777.5 772.7 112.0 112.2 777.3 Coal 1.16 104.3 95.3 99.4 107. 108.4 77. 113.5 111. 119.0 113.2 105.3 105.5 104.4 103.9 Crude oil and natural gas 5.64 110.4 111.4 110.7 108.7 108.6 108.5 108.9 109.9 110.2 111.3 113.5 113.4 113.8 112.8 Oil and gas extraction........ 4.91 113.4 115. 114.5 111.9 111.6 111.1 110.8 111.9 113.0 114.5 116.9 116.5 117.0 117.1 Crude oil 4.25 109.8 111.2 111.4 109.0 109.1 108.1 107.6 108.9 109.7 110.2 112.0 111.4 111.9 112.8 Gas and gas liquids .66 136 140.5 134.1 130.0 127.6 130.7 131 131.3 133.9 141.6 Oil and gas drilling 90.1 85.3 85. 87.3 88.2 91. 96.2 96.4 91.4 89.5 90.5 92.6 92.4 83.6 Metal, stone, and earth minerals.. 1.43 118.1 102.7 114.8 727.0 737.5 725.0 725.5 128.4 725.0 727.5 777.7 106.2 105.9 705.9 Metal mining .61 117.3 106.6 115.5 131.3 134.7 115.2 121. 125.8 123.8 116.9 109.6 111.5 111.4 110.3 Stone and earth minerals .82 118.7 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125.1 112.3 102.2s 101. 107.9 Utilities Electric 4.04 153.6 149.8 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3 158.6 167.3! 163.0 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 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

740 BUSINESS ACTIVITY; CONSTRUCTION MAY 1965 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fa M ct a u n r u in - g 2 Prices* Nonag- Major market groupings Maior industry s C tr o u n c - - r tu ic r u a l l - Freight Total Period Total Tot F a i l na g l s C u o p o o m r n d o - e s d r u E c m q ts e u n ip t - M ria a l t s e- Mfg. gr M o i u n i p n g i - ngs U iti t e il s - t c r t o i a o n c n - ts m T p e e o l m o n t y a - t— - l i p m E l m o en y - t - P ro a l y ls - l i o c n a a g r d s - - s r a e l t e a s i l 3 s C u o m n e - r W m c s o o a h m d l o e - i l t e y - 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—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 Nov 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 '138.4 '138.0 '137.9 '138.2 '139.1 '140.0 112.1 '155.6 137 113.0 104 5 132.8 100.4 134 108.9 101.0 Feb '139.2 '138.2 '137.6 '139.3 140.0 '140.8 '111.8 '156.5 140 113.6 105.0 133.5 96.4 '136 108.9 101.2 Mar 140.5 139.7 139.4 140.3 141.2 142.3 112.2 156.5 141 114.2 105.6 135.2 98.1 134 109.0 101.3 Apr.P 140.8 139.9 139.4 141.0 141.8 142.5 112.5 157.5 114.1 105.7 133.1 98.6 133 101.7 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 T t y y p p e e o o f f o c w o n n e s r tr sh u i c p ti o a n nd 1963 1964 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 45,546 47,299 4,215 4,359 4,639 4,504 4,601 3,760 3,762 4,029 3,757 3,598 3,127 3,223 4,209 By type of ownership: Public 14,653 15,371 1,339 1,318 1,535 1,491 1,619 1,101 1,124 1,310 1,174 1,230 1,104 1,112 Private 30,893 31,928 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 20,561 1,991 2,006 2,050 1,996 2,000 1,679 1,717 1,702 1,482 1,306 1,273 1,299 1,877 Nonresidential building 14,377 15,495 1,252 1,420 1,362 1,400 1,548 1,275 1,228 1,425 1,263 1,298 1,155 1,060 1,379 Nonbuilding 10,667 11,244 972 933 1,227 1,107 1,054 807 817 902 1,012 994 700 863 953 NOTI.—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

MAY 1965 CONSTRUCTION 741 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e o n r s n t m i i - - al Total Indu B s u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other trial mercial utility tial 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1.275 5,682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 L,344 6,494 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 I960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 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 Qfifi 1964 66,008 45,954 26,560 13,757 3,333 5,635 4,789 5,637 20,054 6,971 2,298 1964 Apr 66 615 46 449 27,538 13,297 3 076 5 561 4 660 5 614 20 166 7,068 2 371 May 64,983 45,780 26,678 13,437 3,149 5,542 4,746 5,665 19,203 6,410 2,404 June 66 576 46 006 26 612 13 598 3 204 5 562 4 832 5 796 20 570 6 888 2 402 July .... 66,641 46,261 26,708 13,736 3,334 5,574 4,828 5,817 20,380 7,549 2 368 Aug 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 67,009 46,931 26,907 14,438 3,841 5,577 5,020 5,586 20,078 6,688 2,125 Mar p 68,161 47,242 27,011 14,662 3,888 5,859 4,915 5,569 20,919 7,715 2,086 Apr v 67,299 47,105 26,794 14,724 3,907 5,901 4,916 5,587 20,194 2,016 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- (private only) underwritten Period Total Non- Private Total N fa o rm n- p M o e li t t r a o n - p m o e l t it 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 ,349 ,325 24 465 195 271 1957 ,224 ,175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 214 44 336 261 75 1961 1.365 948 417 1.313 975 44 295 52 328 244 83 1962. \\A91 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 Mar 1,663 1.638 133 97 37 130 82 5 43 3 21 16 5 Apr 1,531 1,501 152 103 50 149 91 6 52 4 23 18 5 May 1,529 1,507 161 115 45 158 101 5 52 3 29 23 5 1,611 1,585 164 118 46 159 102 5 51 6 25 19 6 July 1,505 1,483 145 103 42 143 92 4 47 2 26 20 6 1,430 1,408 145 97 48 142 90 4 47 3 23 18 5 Sept 1,457 1,433 126 90 36 123 80 4 40 3 23 18 5 Oct 1,591 1,559 143 99 44 141 90 5 46 2 24 19 5 Nov 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 1965 Jan 1,462 ,430 86 59 27 82 52 3 27 4 17 13 4 Feb *1,420 V1,407 ?88 64 24 ^85 52 3 31 P2 16 12 4 Mar *1,549 V1,522 »123 90 33 nio 77 4 39 20 16 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

742 EMPLOYMENT MAY 1965 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p n T o s o t p t i a t u u l l t a n i t o i o o n n n a - l l N ab o o t r in f o t r h c e e T l f a o o b rc t o a e r l Employed1 Une m ra m e te p n 2 l t oy- N.S.A. N.S.A. S.A. Total Total In c n ul o t n u a ra g l ri- agric I u n lture U pl n o e y m ed - (pe S r . A ce . nt) industries 1959 123,366 51,420 71,946 69,394 65,581 59,745 5,836 3,813 5 5 I960 3 125,368 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 Apr ... . 133,678 57,135 77,252 74,507 70,486 65,695 4,791 4,021 5.4 May 133,866 56,376 77,225 74,477 70,639 65,790 4,849 3,838 5.2 134,041 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 5.0 134,400 55,891 77,006 74,255 70,458 65,641 4,817 3,797 5.1 Sept 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 Apr 135,812 58,504 78,063 75,377 71,717 66,874 4,843 3,660 4.9 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is ob- 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that 3 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. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r 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- 19591, 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 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 58,301 17,339 634 3,103 3,999 12,231 2,951 8,573 9 471 Sept . 58,458 17,449 634 3,080 4,005 12,229 2,960 8 592 9 509 Oct 58,382 17,171 638 3,106 3,996 12,278 2,964 8,633 9 596 Nov 58,878 17,505 639 3,162 3,997 12,311 2,970 8 634 9 660 Dec 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 59,676 17,772 635 3,281 3,997 12,532 2,987 8 730 9 742 Mar.» 59,968 17,852 633 3,301 4,042 12,609 2,995 8 752 9 784 Apr.P 59,917 17,888 633 3,193 4,041 12,558 2,997 8,759 9,848 NOT SEASONALLY ADJUSTED 1964—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 4,013 12,518 2,958 8 608 9 790 Dec 59,938 17,601 635 3,053 4,024 13,166 2,957 8 585 9 917 1965—Jan 58,271 17,456 619 2,837 3,880 12,275 2,949 8,515 9 740 Feb 58,398 17,538 616 2,756 3 933 12 209 2 960 8 564 9 822 Marp 58,823 17,645 615 2,862 3,985 12,250 2,971 8 621 9 874 Apr.? 59,549 17,723 627 3,027 4,001 12,512 2,985 8,750 9,924 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

MAY 1965 EMPLOYMENT AND EARNINGS 743 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Apr. Feb. Mar.P Apr. Feb. Mar. Apr.» Total 12,732 13,227 13,302 13,316 12,592 13,011 13,116 13,174 Durable goods 7,188 7,570 7,618 7,638 7,160 7,467 7,530 7,608 Ordnance and accessories 110 101 100 99 110 101 100 99 Lumber and wood products 536 540 541 527 519 507 509 510 Furniture and fixtures 331 348 351 352 328 342 346 348 Stone, clay, and glass products 493 503 508 505 487 474 484 499 Primary metal industries 967 1,046 1,049 1,042 984 1,045 1,055 1,060 Fabricated metal products 916 979 960 981 907 959 944 971 Machinery except electrical 1,103 1,168 1,179 1,181 1,118 1,173 1,191 1,198 Electrical machinery 1,027 1,099 1,115 1,124 1,012 1,092 1,102 1,107 Transportation equipment 1,156 1,212 1,237 1,249 1,157 1,222 1,237 1,250 Instruments and related products 233 240 241 242 231 238 240 240 Miscellaneous manufacturing industries.. 316 334 337 336 308 315 322 327 Nondurable goods 5,544 5,657 5,684 5,678 5,432 5,544 5,586 5,566 Food and kindred products 1,143 1,144 1,148 1,131 1,070 1,057 1,060 1,059 Tobacco manufactures 76 73 72 73 66 70 65 63 Textile-mill products 800 820 824 825 798 811 818 823 Apparel and other finished textiles 1,152 1,192 1,199 1,213 1,137 1,200 1,215 1,197 Paper and allied products 492 498 499 499 488 490 493 495 Printing, publishing, and allied industries 601 615 617 619 599 611 615 617 Chemicals and allied products 525 537 540 536 533 532 541 545 Products of petroleum and coal 116 112 113 113 115 110 111 112 Rubber products , 329 350 354 355 324 347 350 350 Leather and leather products 310 316 318 314 302 317 318 306 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 Apr. Feb. Mar.? Apr. Feb. Mar.*> Apr.? Apr. Feb. Apr.? Total 40.7 41.3 41.4 40.8 102.47 105.93 107.12 105.56 2.53 2.59 2.60 2.60 Durable goods 41.4 42.0 42.3 41.6 111.51 115.51 117.04 115.37 2.70 2.77 2.78 2.78 Ordnance and accessories 40.3 41.0 41.4 41.0 120.09 125.87 127.20 126.28 2.98 3.07 3.08 3.08 Lumber and wood products 40.2 40.1 40.8 40.5 84.19 84.53 86.22 86.83 2.11 2.14 2.15 2.16 Furniture and fixtures 41.2 42.0 42.0 41.2 83.03 86.53 86.53 84.66 2.04 2.09 2.09 2.08 Stone, clay, and glass products 41.7 41.7 41.7 41.1 104.83 104.60 105.78 106.60 2.52 2.57 2.58 2.60 Primary metal industries 41.2 42.4 42.5 41.7 128.54 133.67 134.73 133.46 3.09 3.16 3.17 3.17 Fabricated metal products 41.8 42.5 42.7 41.9 111.22 114.39 115.48 113.98 2.68 2.73 2.73 2.74 Machinery except electrical 42.2 43.1 43.5 42.2 121.98 125.56 127.89 124.10 2.87 2.92 2.94 2.92 Electrical machinery 40.5 41.2 41.3 40.4 101.15 104.96 105.63 102.91 2.51 2.56 2.57 2.56 Transporation equipment 42.1 43.3 43.6 42.5 129.36 135.79 138.24 135.26 3.08 3.18 3.20 3.19 Instruments and related products 40.7 41.5 41.7 41.0 102.06 107.12 107.64 105.67 2.52 2.60 2.60 2.59 Miscellaneous manufacturing industries.. 39.8 39.9 40.0 39.7 82.76 84.77 85.20 83.74 2.09 2.13 2.13 2.12 Nondurable goods 39.8 40.2 40.2 39.8 89.83 92.73 93.60 92.20 2.28 2.33 2.34 2.34 Food and kindred products 41.1 41.0 41.0 40.9 96.56 98.74 98.98 98.89 2.39 2.45 2.45 2.46 Tobacco manufactures 39.9 39.3 38.8 36.1 80.78 77.75 79.61 78.40 2.04 2.09 2.14 2.19 Textile-mill products 41.0 42.0 42.0 41.4 71.63 76.73 76.91 74.80 1.76 1.84 1.84 1.82 Apparel and other finished textiles 36.2 36.7 36.8 35.9 64.08 66.61 67.52 63.90 1.78 1.82 1.82 1.79 Paper and allied products 42.8 43.0 43.1 42.4 107.53 111.19 111.71 109.46 2.53 2.61 2.61 2.60 Printing, publishing, and allied industries 38.7 38.5 38.5 38.6 113.96 115.67 116.96 115.58 2.96 3.02 3.03 3.01 Chemicals and allied products 41.6 41.9 41.8 42.2 114.40 118.14 118.29 119.85 2.75 2.84 2.83 2.84 Products of petroleum and coal 41.6 41.7 42.4 42.6 130.92 131.78 135.11 137.90 3.17 3.23 3.24 3.26 Rubber products 41.2 42.4 42.4 41.4 102.25 108.52 108.36 105.63 2.50 2.59 2.58 2.57 Leather and leather products 37.8 38.1 38.4 38.2 66.43 71.42 71.62 69.37 1.82 1.86 1.87 1.88 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

744 PRICES MAY 1965 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e l d l l t e r G a l i n e c a c i d t s - y o n F p i a n i u e n s g r h r d s a - - - A u p a p p n k a d e r e e p l T p t o r i a r o n t n a s - - Total M c ic a e a r d l e - s P c o a e n r r a e - l r R e a i c e n n r a g e d d a - - O g s a o e t n r o h v d d e - r s tion tion ices 1929. 59 7 55 6 85 4 1933. 45 1 35 3 60 8 1941. 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47 6 57.3 582 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 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93 7 93.4 958 1957. 98'o 97 8 98.5 98 3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97 1 96.9 985 1958. 1007 101 9 100 100 1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100 1 100 4 100.8 99 8 1959. 101 5 100 101.^ 101 6 101.4 100 102.8 100.7 100.6 103 8 102.8 104.4 in? 4 102 4 101 8 1960. 103 1 101 4 103 1 103 1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104 1 104.9 103 8 1961. 104 10? 6 103.9 104 4 104.4 101.6 107.9 101.4 103.0 105.0 107. 111. 104 6 107 2 104 6 1962. 105 4 103 6 1048 105 7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114. 106 5 109.6 105 1963. 106 7 105 1 106.0 106 8 107.0 1040 107.9 102.4 104.8 107.8 111.4 117.0 107 9 111 5 107 1964. 108 1 106 4 107 107 8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109 114.1 108 8 1964 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 Aor 107.8 105.7 107.0 107.7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 1087 114.0 108 6 Mav 107 8 105 5 106.9 1077 108.4 102.1 108.0 102.9 105.7 109.1 113.5 119.1 1089 114 1 1087 June 108 0 106 107 1 107 8 108.7 101.4 108.1 102.9 105.7 109.2 113.5 119. 10Q 1 114.0 108 7 July 108 107 2 107.1 107 8 108.9 1009 107.9 102.8 105.5 109.4 113.7 119.5 109 114 1 108 9 Aug 108 ?, 106 9 107 107 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119.8 109 4 114.2 108 9 SeDt 108 4 107 107.4 107 9 109.5 101 5 108.2 102.8 105.9 108.9 113.9 119.7 109 5 114 3 109 o Oct 108 5 106 9 107.6 108 109.6 102.9 108.2 102.8 106.2 109.4 114.o 119.9 109 7 114 5 109 1 Nov. 108 7 106 8 1077 108 3 109.8 103.7 108.1 102.9 106.4 110.0 114. 120. 109 7 114.9 109 1 Dec 108 8 1069 107 8 108 4 110.0 105.8 108.3 102.9 106.6 110.5 114 120.^ 1100 114.9 109 1965 Ian 108.9 106.6 108 1 108.4 110.6 1065 108.0 102.8 105.6 111.1 1145 120.6 110.0 115.0 109.3 Feb 108 9 106.6 108. 108 5 110.9 1067 107.8 102.8 105.8 110.6 1147 121 0 110 115.2 1094 Mar 109.0 106.9 108.2 108.7 110.8 106 5 107.7 103.1 106.0 110.6 1149 121 4 110.4 115.4 109.5 Nora—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il e t e c x s . - H e i t d c e . s, F e u tc e . l C ic e h a t e c l m s . , - R b e u e tc r b . , - L b e u t e m c r . , P e a t p c e . r, Metals c M e h r i a n y - 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 el o i l s u a - - s erals 1956. 96.? 96 6 94.3 96 5 100 7 94.8 97 4 97 5 100 6 103 8 97 ? 97 8 9? 1 96 9 95 ? 95 1 98 1 1957. 99.o 99 97.9 99 100.8 94.9 10? 7 99.6 100. 98.5 99 0 99 7 97.7 99.4 98 9 98 0 96 6 1958. 1004 103 6 102.9 99 5 98 9 96.0 98.7 1004 100 1 97 4 100 1 99 1 100 1 100 99 9 99 7 101 5 1959. 100.6 97 99.2 101 1004 109.1 98 7 1000 99 7 104.1 101 0 101 102. 100.4 101 10? 101 9 1960. 100.7 96 9 100.0 101 3 101 5 105.2 99 6 100 99 9 100 4 101 8 101 3 10?4 100 1 101 4 10? 5 99 1961 100. 96 0 100.7 1008 99.7 106.2 100 7 99 1 96 1 95.9 98 8 100 7 102.3 99.5 101 8 103 1039 1962. 100.6 97 7 101.2 100 8 1006 107.4 100 97 5 93 96 5 100 0 100 0 10? 3 98 8 101 8 104 1 107 1963. 100 95 7 101.1 1007 100 5 104.2 99 8 96,3 93 8 98 6 99.2 100 1 10?. 98 1 101 106 1 1104 1964 100.5 94 3 101.0 101 101 104.6 97 1 96 7 5 100 6 99 0 10? 8 102.9 98.5 101 5 1074 109 1964 Mar 100.4 95 100.5 101 1 101 ? 102.5 97 0 96 5 93 9 101.0 99 3 10? 0 102.7 98.5 101 1 107 1 109 8 Apr 100 94 4 100.4 101 1 101 1 104.5 96 1 96 6 93 1 101 8 99 1 10? 102.9 98.6 101 107 1 109 5 May 100 1 93 7 99.4 101,1 101 104.7 96 4 96,7 92 6 101 ,8 98 7 10? 1 103 3 98 6 101 107 107 100.0 93 100.2 1009 1010 104.8 96 3 96 5 91 6 101 4 98 7 10? 103.0 98.5 101 4 1074 1067 July 100 94 1 101.2 101 1 101 1 105.4 96 7 96 6 91 8 101 98 7 10? 5 103 1 98 6 101 5 107 3 107 Aug 100.3 93 6 101.0 101.1 1012 105.6 96 4 96.5 91 8 100.9 98.7 103.0 102.9 98.6 101.7 107 107.3 Sept. 100.7 95 7 102.2 1011 101 105.4 95 96 6 91 9 100.6 98 7 1030 102.9 98.6 101 8 107 109 7 Oct. 100.8 93 8 101.7 101 5 1014 106.0 96 7 96 9 9? 100 3 99 1 103 8 1030 98.5 101 8 1076 110 1 Nov 1007 94.0 100.9 101.6 1014 105.5 97 6 97 92 99.6 98.9 104.3 103 2 98.5 101.8 107 C 108.5 Dec 1007 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 4 101.6 107 110.7 1965—Jan. 1010 93.0 102.2 101.9 101 104.9 98 5 97 3 92 3 100 8 99.0 104 103 3 98 3 101.7 107 110.0 Feb 101 2 94.5 '102.1 101.9 101 105.1 9 97 92 1 '100.8 99.0 104'.6 103 '98 2 101.8 107.6 '109.6 Mar 101.3 95.5 101.8 102.0 101 105.7 97 9 97 92 1 1006 99.4 104.8 103 c 98 3 101.8 107 109.5 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 PRICES 745 WHOLESALE PRICES: DETAIL (1957-59=- 100) 1964 1965 1964 1965 Group Group Mar. Jan. Feb. Mar Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 104.9 98.5 102.5 107.9 Woodpulp 96.1 98.1 98.1 98.1 Grains 99.1 90.4 90.5 90.6 Wastepaper 91.9 96.1 96.0 96.2 Livestock and poultry 83.8 85.5 88.4 89.8 Paper 103.5 103.7 103.8 103.8 Plant and animal fibers 102.1 92.4 91.8 91.6 Paperboard 96.5 96.4 96.4 96.3 Fluid milk 101.2 104.1 r103.5 100.2 Converted paper and paperboard... 98.9 97.9 98.0 98.7 Eggs 90.5 78.9 76.7 86.9 Building paper and board 93.7 93.4 r92.2 92.2 Hay and seeds 110.7 119.0 120.6 119.2 Other farm products 100.7 95.3 97.2 95.2 Metals and Metal Products: Processed Foods: Iron and steel 100.2 101.4 101.2 101.3 Nonferrous metals 102.8 111.9 112.2 112.7 Cereal and bakery products 106.8 108.2 107.9 108.1 Metal containers 105.6 105.7 105.7 105.7 Meat, poultry, and fish 88.7 91.9 r92.1 92.4 Hardware 104.8 104.8 104.8 105.4 Dairy products and ice cream 107.3 108.3 107.8 107.5 Plumbing equipment 100.3 104.1 104.2 104.2 Canned and frozen fruits, and veg- Heating equipment 92.1 91.3 r91.4 91.6 etables 107.5 101.9 100.3 100.7 Fabricated structural metal products., 98.7 100.3 100.2 100.2 Sugar and confectionery 117.3 110.0 110.0 108.1 Fabricated nonstructural metal prod- Packaged beverage materials 98.1 97.2 96.7 94.0 ucts 109.0 108.3 109.0 109.2 Animal fats and oils 89.3 106.4 107.6 109.8 Crude vegetable oils 75.1 104.6 109.1 109.7 Machinery and Motive Products: Refined vegetable oils 75.9 96.1 r99.9 102.6 Vegetable oil end products 87.9 100.6 101.9 102.3 Agricultural machinery and equip... 112.6 114.5 114.7 114.9 Miscellaneous processed foods 107.7 114.5 114.4 112.4 Construction machinery and equip..., 112.0 113.8 114.3 114.5 Metalworking machinery and equip.., 111.2 115.3 115.6 115.6 Textile Products and Apparel: General purpose machinery and equipment , 104.8 104.3 104.4 104.3 Cotton products 101.1 99.5 99.6 99.6 Miscellaneous machinery 104.4 105.1 105.1 105.2 Wool products 103.3 103.4 103.3 103.1 Special industry machinery and Man-made fiber textile products.... 95.5 96.9 r96.3 96.4 equipment (Jan. 1961= 100) , 105.8 107.3 107.3 107.8 Silk products 116.6 121.6 135.5 131.4 Electrical machinery and equip 97.0 96.5 r96.6 96.6 Apparel 102.3 103.1 103.1 103.1 Motor vehicles 99.9 100.8 100.9 100.8 Other textile products 115.8 118.8 118.6 119.2 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 75.7 86.5 90.2 92.1 Furniture and Other Household Dura- Leather 99.6 104.2 103.2 105.7 bles: Footwear 108.2 109.1 109.1 109.1 Other leather products 101.4 102.5 102.8 102.8 Household furniture 105.0 106.1 106.2 106.2 Commercial furniture 103.1 103.3 103.6 103.6 Fuels and Related Products, and Power: Floor coverings 100.1 98.0 98.0 98.0 Household appliances 91.7 90.2 r90.0 90.0 Coal 97.1 98.3 r98.3 97.4 Television, radios, and phonographs. 87.2 86.4 r85.9 85.9 Coke 103.6 107.3 107.3 107.3 Other household durable goods 103.7 104.7 rl04.8 104.8 Gas fuels (Jan. 1958= 100) 123.2 121.4 124.1 123.4 Electric power (Jan. 1958= 100) 99.4 101.1 100.8 100.8 Petroleum products, refined 92.9 95.2 93.9 94.0 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 101.7 102.1 rl01.6 101.6 Concrete ingredients 102.7 103.2 103.2 103.2 Industrial chemicals 94.4 94.6 r94.7 94.5 Concrete products 100.7 101.3 101.2 101.2 Prepared paint 104.8 104.8 105.2 104.4 Structural clay products 103.9 105.0 105.1 105.1 Paint materials 91.8 91.3 90.4 90.3 Gypsum products 108.6 106.6 107.7 108.4 Drugs and Pharmaceuticals 95.2 94.4 r94.6 94.6 Prepared asphalt roofing 86.4 91.2 91.2 91.4 Fats and oils, inedible 85.8 113.4 118.3 118.7 Other nonmetallic minerals 101.3 101.0 101.3 101.6 Mixed fertilizers 103.8 104.4 105.0 105.2 Fertilizer materials 100.2 102.3 103.8 104.3 Tobacco Products and Bottled Bever- Other chemicals and products 99.1 r99.5 r99.7 99.8 ages: Rubber and Products: Tobacco products 106.0 106.1 106.1 106.1 Alcoholic beverages 100.7 100.5 100.9 100.6 Crude rubber 91.2 90.7 90.7 90.6 Nonalcoholic beverages 125.3 128.1 128.1 128.1 Tires and tubes 91.3 88.8 88.5 88.5 Miscellaneous rubber products 97.7 96.6 96.5 96.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... 101.1 101.6 101.6 101.6 Manufactured animal feeds 115.3 115.1 114.3 114.2 Lumber 101.4 100.8 101.4 101.3 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 107.4 107.7 107.5 107.4 Jewelry, watches, photo equipment.. 103.2 103.6 103.6 103.6 Plywood 94.6 94.5 93.0 92.1 Other miscellaneous products 102.4 103.1 103.3 103.3 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 NATIONAL PRODUCT AND INCOME MAY 1965 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 II III IV Gross national product 104.4 56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 648.8 Personal consumption expenditures. 79.0 46.4 81.9 195.0 328.2 337.3 356.8 375.0 399.3 390.0 396.1 404.6 406.5 418.1 Durable goods 9.2 3.5 9.7 30.4 44.9 43.7 48.4 52.1 57.0 55.9 57.0 58.7 56.3 62.0 Nondurable goods 37.7 22.3 43.2 99.8 151.8 155.4 162.0 167.5 177.3 172.9 175.3 179.5 181.3 184.3 Services 32.1 20.7 29.0 64.9 131.5 138.3 146.4 155.3 165.1 161.1 163.8 166.4 169.0 171.7 I Gross private domestic investment 16 1.4 18.1 50.0 71.8 68.8 79.1 82.0 87.7 85.9 87.2 87.3; 90.4 94.7 New construction 1.4 6.6 24.2 40.7 41.0 44.2 46.6 48.9 49.2 48.9 48.9 48.7 49.9 Residential, nonfarm .5 3.5 14.1 21.1 21.1 23.6 25.2 26.0 26.9 26.2 25.7 25.1 26.2 Other 1.0 3.1 10.1 19.7 19.8 20.6 21.3 22.9 22.3 22.7 23.1 23.6 23.7 Producers' durable equipment 1.6 6.9 18.9 27.6 25.9 29.0 31.0 35.1 34.2 34.6 35.6 36.0 37.9 Change in business inventories -1.6 4.5 6.8 3.5 1.9 5.9 4.4 3.7 2.5 3.7 2.8] 5.7 6.8 Nonfarm only -1.4 4.0 6.0 3.2 1.5 5.3 3.9 3 2.2 3.4 2.7 6.1 7.0 Net exports of goods and services. .2 1.1 .6 3.0 4.6 4.0 4.4 7.0 7.7 5.7 7.0 7.7 5.0 Exports 7.0 2.4 6.0 13.1 26.3 27.6 29.2 30.7 35.2 34.5 33.7 35.7 37.lj 33.7 Imports 6.3 2.3 4.8 12.5 23.3 23.0 25.2 26.3 28.2 26.8 27.9 28.7 29.4 28.7 Government purchases of goods and servici 8.5 8.0 24.8 39.0 99.6 108.0 116.3 122.6 128.6 125.2 129.6 129.5! 130.0 131.0 Federal 1.3 2.0 16.9 19.3 53.1 57.4 62.9 64.7 65.5 64.3 67.1 65.5 65.3' 65.1 N Ot a h ti e o r nal defense 1.3 2.0 } 1 3 3. . 8 2 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 4 1 . . 0 5 5 1 7 1 . . 0 0 5 11 5 . . 2 2 . 5 1 5 1 . . 3 3 5 1 4 1 . . 4 9 Less: Government sales .1 .6 .6 .9 .8 1.1 1.2 .9 .9! 1.2 1.2 State and local 7.2 6.0 7.8 19.7 46.5 50.6 53.5 57.9 63.0 60.9 62.5 64.1I 6044.. b 65.9 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 508.0 513.5 519.6J 522.7 532.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally Business; U.S. Income and Output, A Supplement to the Survey of Current adjusted totals at annual rates. For back data and explanation of series Business (1958); and the July 1964 Survey of Current Business. see National Income 1954 Edition, A Supplement to the Survey of Current NATIONAL INCOME (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 III IV National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.3 Compensation of employees 51.1 29.5 64.8 154.2 293.6 302.2 323.1 340.3 361.7 352.5 358.6 364.8370.6 378.3 Wages and salaries 50.4 29.0 62.1 146.4 271.3 278.8 297.1 312.1 331.6 323.2 328.7 334.4 339.9 347.2 Private 45.5 23.9 51.9 124.1 222.9 227.0 241.6 252.9 267.4 260.8 265.3 269.4 274.0 280.5 Military .3 .3 1.9 5.0 9.9 10.2 10.8 10.9 11.8 11.7 11.7 11.8 11.9 11.9 Government civilian 4.6 4.9 8.3 17.3 38.5 41.6 44.7 48.3 52.4 50.7 51.7 53.2 54.0 54.9 Supplements to wages and salaries .7 .5 2.7 7.8 22.3 23.4 25.9 28.2 30.1 29.4 29.9 30A 30.7 31.1 Employer contributions for social insurance .1 .1 2.0 4.0 11.3 11.8 13.6 15.1 16.0 15.7 15.9 16.2 16.2 16.4 Other labor income .6 .4 .7 3.8 11.0 11.6 12.3 13.1 14.1 13.7 14.Oi 14.21 14.5 14.7 Proprietors' income 14.8 5.6 17.4 37.5 46.2 48.2 49.8 50.6 52.0 51.2 51.7 52.1 52.8 52.7 Business and professional 8.8 3.2 10.9 23.5 34.2 35.3 36.6 37.6 39.3 38.6 39.1 39.6 39.9 40.4 Farm 6.0 2.4 6.5 14.0 12.0 12.9 13.2 13.0 12.7 12.6 12.6 12.6 12.9 12.2 Rental income of persons 5.4 2.0 3.5 9.0 12.1 12.2 12.2 12.3 12.4 12.4 12.41 12.4 12.5 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 44.5 44.1 48.4 50.8 57.4 56.4 57.9| 58.1 57.0 62.6 Profits before tax 9.6 .2 17.0 40.6 44.3 44.2 48.2 57.3 57.6 56.6 57.9 58.0 57.7 64.0 Profits tax liability 1.4 .5 7.6 17.9 22.3 22.3 23.2 24.6 25.8 25.4 26.0 26.0 25.9 27.5 Profits after tax 8.3 -.4 9.4 22.8 22.0 21.9 25.0 26.7 31.8 31.2 31.9\ 32.0 31.9 36.5 Dividends 5.8 2.1 4.5 9.2 14.5 15.2 16.5 18.0 19.8 19.4 19.8 20.0 20.2 20.5 Undistributed profits 2.4 -2.4 4.9 13.6 7.5 6.7 8.5 8.7 11.9 11.8 12.lj 12.0 11.7 15.9 i Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .2 .3 A -.2 -.2 -.1 .1 -.7 -1.4 Net interest 6.4 5.0 4.5 5.5 18.1 20.1 22.1 24.4 26.8 25.9 26.5 27.1 27.6 28.2 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

MAY 1965 NATIONAL PRODUCT AND INCOME 747 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 n m rv \v Gross national product. 104.4 56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 648.8 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 43.0 44.5 48.7 50.8 53.4 52.5 53.1 53.7 54.4 54.9 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 46.4 49.0 52.8 55.9 59.4 57.9 59.0 60.1 60.7 61.7 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 '.9 . . 5 4 .8 2.2 2.4 -1 2 . .4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 -.7 -3.0 -2.6 -2.7 -2.0 -1.6 -2.4 -1.4 -2.6 -4.0 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .5 1.6 1.6 1.0 .9 1.0 .7 .9 1.0 .6 Equals: National income 87.8 40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.3 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 44.5 44.1 48.4 50.8 57.4 56.4 57.9 58.1 57.0 62.6 Contributions for social insurance .2 .3 2.8 6.9 20.6 21.4 23.9 26.9 28.7 28.0 28.4 29.0 29.3 29.6 Excess of wage accruals over disbursements -.1 Plus: Government transfer payments... .9 1.5 2.6 14.3 27.3 31.3 32.3 34.3 35.7 35.9 35.5 35.5 35.9 37.1 Net interest paid by government.. 1.0 1.2 1.3 4.8 7.8 7.4 8.0 8.6 9.2 9.1 9.3 9.2 9.3 9.4 Dividends 5.8 2.1 4.5 9.2 14.5 15.2 16.5 18.0 19.8 19.4 19.8 20.0 20.2 20.5 Business transfer payments .6 .7 .5 2.2 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 Equals: Personal income 85.8 47.2 96.3 228.5 401.3 417.6 442.4 464.1 491.4 480.9 487.9 494.5 502.2 511.6 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.8 51.4 52.9 57.9 61.6 59.5 61.4 57.7 55.5 50.2 63.3 Federal , 1.3 .5 2.0 18.2 44.0 45.1 49.1 51.9 49.0 51.2 47.3 48.2 49.3 52.0 State and local 1.4 1.3 2.6 10.6 10.2 10.5 10.6 10.9 11.3 1.0 7.3 7.8 8.8 9.6 Equals: Disposable personal income 83.1 93.0 207.7 431.8 419.5 430.2 435.6 442.1 448.3 45.7 349.9 364.7 384.6 402.5 Less: Personal consumption expenditures.. 79.0 81.9 195.0 399.3 390.0 396.1 404.6 406.5 418.1 46.4 328.2 337.3 356.8 375.0 Equals: Personal saying 4.2 11.1 12.6 32.5 29.5 34.0 31.0 35.5 30.2 -.6 21.7 27.3 27.8 27.5 Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 366.7 374.7 378.8 383.1 386.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1964 1965 Item 1963 1964 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.? Total personal income. 464.1 491.4 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.9 1510.2 511.0 513.5 Wage and salary disbursements 312.1 331.6 325.1 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.6 344.7 347.3 349.6 Commodity-producing industries... 123.3 129.8 127.4 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.6 135.6 136.7 137.9 Manufacturing enty 98.0 103.0 101A 102.3 102.3 102.7 103.0 103.8 105.1 103.4 105.6 106.8 108.0 108.8 109.8 Distributive industries 80.3 84.9 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.7 88.2 89.0 89.6 Service industries 49.3 52.6 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.1 54.4 54.8 55.0 Government 59.2 64.2 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 66.5 66.8 67.1 Other labor income. 13.1 14.1 13.8 13.9 14.0 14.1 14.2 14.2 14.3 14.4 14.5 14.5 14.6 14.7 14.7 Proprietors' income 50.6 52.0 51.2 51.5 51.7 51.9 51.9 52.2 52.4 52.5 52.8 53.2 53.0 52.6 52.4 Business and professional. 37.6 39.3 38.8 39.0 39.1 39.3 39.5 39.6 39.7 39.8 39.9 40.1 40.3 40.4 40.5 Farm 13.0 12.7 12.4 12.5 12.6 12.6 12.4 12.6 12.7 12.7 12.9 13.1 12.7 11.9 12.2 Rental income 12.3 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 12.5 Dividends 18.0 19.8 19.6 19.8 19.8 19.9 20.0 20.0 19.9 19.9 19.9 20.6 20.4 20.6 20.6 Personal interest income. 32.9 36.0 35.3 35.5 35.7 35.9 36.0 36.2 36.5 36.7 36.9 37.2 37.4 37.8 37.6 Transfer payments 36.7 38.2 37.8 38.2 38.0 37.6 37.8 38.0 38.0 38.3 38.4 38.5 140.8 39.0 38.9 Less: Personal contributions for social insurance 11.8 12.7 12.4 12.5 12.5 12.6 12.7 12.8 12.9 12.9 13.0 13.1 13.2 13.2 13.2 Nonagricultural income. 446.6 474.2 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.6 1493.2 494.5 497.3 Agricultural income 17.5 17.1 16.8 17.0 17.1 17.2 16.9 17.1 17.2 17.3 17.5 17.4 17.0 16.5 16.2 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

748 FLOW OF FUNDS MAY 1965 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transaction category, 1960 1961 1962 1963 1964 or sector IV n m iv ii in IV I. Saring and inrestment Gross national sating 119. 115.9 129.8 138.7 148.7 131.5 130.6 138.0 140.1 146.1 144.6 148. 150.4 151.8 Households 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 Farm and noncorp. business 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 Corporate nonfin. business 32.6 33. 38.4 39.4 44.9 40.3 38.7 38.7 40.4 39.9 44.2 45.1 45.5 44.9 U.S. Government 2.4 -5.2 -5.2 -2.9 -6.7 -5.6 -5. -2.8 -2.0 -.8 -4.0 -9.6 -7.0 -6.5 State and local go vt -3.3 -3.8 -2.2 -2.4 -2.6 -2.5 -2. -2.2 -2.3 -2.1 -2.5 -2.6 -2.8 -2.5 Financial sectors 2 2.2 3.1 4.1 2.6 2.8 3.4 4.7 3.9 4.2 .9 3. 3.4 2.9 8 Gross national investment 117.4 114.5 128.8 136.7 148.9 131.0 130.2 134.6 136.5 145.5 147.3 148.2 149.9 150.2 9 Consumer durable goods 44.9 43.7 48.4 52. 56.9 50.2 51.1 51.5 52.2 53.6 55.9 56.9 58.5 56.1 10 Business inventories 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 11 Gross pvt. fixed investment 68.3 66.9 73.3 77.7 84.0 74.7 74.4 76.7 78.7 80.8 83.5 83.5 84.3 84.6 11 12 Households 21.6 20.0 21.4 21.9 22.7 22.4 21.6 21.5 22.2 22.4 22.9 22.8 22.6 22.4 12 13 Nonfinan. business 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 13 14 Financial sectors .7 .6 1.0 .6 .4 .6 .9 1.2 1.3 1.2 .4 .4 .4 14 15 Net financial investment. .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 16 Discrepancy (1-8) 2.0 1.4 .9 2.0 -.2 .5 .4 3.4 3.6 -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 41.8 44.1 49.2 40.2 42.1 49.9 51.1 33.0 By sector 20 U.S. Government -2.0 7.6 7.5 4.8 6.8 6.6 10.9 11.6 -5.0 1.7 11.6 7.9 5.1 2.6 20 21 Short-term mkt. securities 3.1 8.8 .5 1.4 4.1 4.4 6.6 9.0 -10.4 .3 9.1 .8 -2.0 8.4 21 22 Other securities -5.6 -1.4 6.8 3.8 2.2 .9 4.0 3.3 6.4 1.6 3.5 5.5 6.5 -6.7 22 23 Loan participation certs .5 .2 .2 -.4 .5 1.2 .3 -.7 -1.0 -.2 -1 0 1.7 .6 .9 23 24 Foreign borrowers 2.0 2.8 2.3 3.4 4.7 3.4 3.7 5.0 1.4 3.2 4.1 4.0 3.0 7.5 24 25 Loans 1.4 2.0 1.2 2.3 3.9 1.7 1.6 3.1 1.0 3.5 4.1 3.2 3.0 5.3 25 26 Securities .6 .8 1.0 1.0 .8 1.7 2.1 1.8 .5 -.2 * .9 2.2 26 27 Pvt. domestic nonfin. sectors 35.0 36.6 48.6 54.2 59.4 48 44.6 55.9 57.3 58.8 52.4 66.5 57.5 61.2 27 28 Loans 10.0 5.3 13.5 15.2 18.4 13.5 9.1 16.9 15.0 19.9 13.8 22.9 13.0 23.7 28 29 Consumer credit 4.5 1.7 5.5 6.7 5.8 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 2.9 2.2 5.1 5.9 7.2 5.3 .2 6.5 5.2 11.4 4.3 8.4 3.1 13.1 30 31 Other loans 2.6 1.4 2.9 2.6 4.3 1.8 2.5 3.5 2.6 2.0 3.0 7.2 2.4 4.6 31 32 Securities and mortgages 25.0 31.3 35.1 38.9 41.1 35.0 35.6 39.0 42.4 38.9 38.6 43.6 44.6 37.5 32 33 State and local obligations 3.6 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 33 34 Corporate securities 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 34 35 /- to 4-family mortgages 10.5 11.4 13.0 15.2 16.0 13.5 13.6 15.8 16.3 15.1 15.3 16.5 16.9 15.3 35 36 Other mortgages 5.6 7.7 11.9 13.6 13.8 14.1 11.4 13.4 14.3 15.4 12.5 14.3 14.7 13.9 36 37 Net sources of credit (=17) 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 37 38 Chg. in U.S. Govt. cash balance.. .9 1.3 -.4 .1 3.8 4.5 2.9 -7.7 -1.5 8.0 -4.1 -2.4 38 39 U.S. Govt. lending 2.3 2.8 3.5 2.7 3.6 3.2 .2 2.6 3.6 4.5 2.8 5'. 3.0 3.4 39 40 Foreign funds 3.2 2.0 2.9 2.5 2.5 2.3 3.3 7.1 -.4 2.8 2.7 .5 4.0 40 41 Pvt. insur. & pension reserves... 8.2 8.7 9.0 10.2 10.4 8.8 8.7 10.5 11.3 10.5 9.9 10.7 9.4 11.8 41 42 Sources n.e.c 4.0 3.7 2.6 4.0 5.0 2.1 7.2 2.2 5.7 1.0 6.5 4.9 5.7 3.2 42 43 Pvt. domestic nonfin. sectors 16.5 29.7 39.0 43.3 49.3 38.4 35.4 47.3 41.2 49.3 38.2 56.3 51.1 51.3 43 44 Liquid assets 9.2 24.7 31.2 36.2 32.8 34.2 33.3 41.5 29.0 40.7 27.5 35.9 28.7 39.0 44 45 Deposits 13.8 24.2 29.8 33.0 34.7 33.8 29.4 35.9 28.1 38.7 24.6 36.3 33.9 43.8 45 46 Demand dep. and currency -1.3 4.1 1.8 5.0 6.5 5.0 -2.7 10.6 2.1 9.8 -3.0 9.5 5.9 13.7 46 47 Time and svgs. accounts... 15.0 20.1 28.0 28.1 28.1 28.9 32.1 25.3 26.0 28.9 27.6 26.8 28.1 30.1 47 48 At commercial banks.... 5.4 9.0 15.0 13.1 12.6 14.0 15.3 10.6 13.0 13.6 12.5 11.4 12.0 14.5 48 49 At savings instit 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 49 50 Short-term U.S. Govt. sec.. -4.6 .5 1.4 3.2 -1.8 .4 3.9 5.6 .9 2.1 3.0 -.4 -5.2 -4.8 50 51 Other U.S. Govt. securities -.5 -1.3 .6 1.9 3.4 -1.6 -1.6 2. 5.8 1.3 1.2 6.9 7.4 -2.1 51 52 Pvt. credit mkt. instruments... 7.5 7.6 7.0 7.2 12.9 7.2 5.4 6.6 8.2 8.6 9.3 14.1 14.0 14.0 52 53 Less security debt -.3 1.3 -.2 2.0 -.2 1.4 1.8 2.9 1.8 1.4 — .1 .6 -.9 -.4 53 IK. Direct lending in credit markets 54 Total funds raised 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 54 5 5 6 5 T L o es ta s l c n h e a t n g o e f U in . S U . . G S. o G vt o . v c t a . s c h ash 34. . 2 9 46.9 57 1 . . 0 3 62.1 A .1 5 3 4. . 7 8 5 4 4 . . 5 8 6 2 9 . . 9 6 - 6 7 1 .7 .4 - 6 1 5 . . 5 2 6 8 0 . .2 0 - 7 1 9 .1 .6 - 6 4 9 .1 .7 - 7 2 3 .4 .7 5 5 5 6 70.8 57 Funds supplied directly to cr. mkts.. 34.2 46.9 57.0 62.7 70.8 54.7 54.8 69.6 61.4 65.2 60.2 79.6 69.7 73.7 57 58 Monetary authorities .8 1.5 1.9 2.6 3.2 1.6 4.1 2.6 1.0 2.6 5.5 1.4 .8 5.0 58 59 Total .7 1.5 2.0 2.9 3.4 2.3 5.3 2.2 1.9 2.1 5.1 2.1 1.2 5.1 59 60 Less change in U.S. Govt. cash .1 .3 .2 .6 1.1 -.4 .9 -.5 -.4 .7 .4 .1 60 61 Commercial banks, net 8.0 15.5 18.1 19.7 20.6 20.1 15.2 22.3 18.1 23.0 10.4 23.8 19.4 28.9 61 6 6 3 2 L T e o s t s a l chg. in U.S. Govt. cash.. 9. . 0 9 15.7 1 1 9 . . 3 5 1 - 9 .7 .3 21.1 1 2 3 3 . . 2 3 1 3 8 . . 4 6 2 3 5. . 7 3 -8 9 . . 5 7 - 2 1 2 . . 0 9 1 8 9 . . 4 6 - 2 1 2 . .6 - 1 4 5 .5 .5 - 2 2 6 .5 .8 6 6 3 2 64 Security issues .1 * .1 .3 .6 .1 .1 .9 .9 .5 .6 .4 64 65 Nonbank finance, net .2 23.1 26.8 28.5 24.8 28.3 25.7 27.8 25.4 28.4 27.3 31.4 27.2 65 66 Total ,, 21.0 27.8 33.6 32.7 30.5 28.9 36.3 38.7 30.7 31.1 38.5 32.7 28.9 66 67 Less credit raised 2.4 23.4 6.9 4.2 .6 10.6 10.9 5.3 11.1 1.7 67 4.7 5.7 2.7 1.3 68 U.S. Government 2.3 2.4 2.7 3.6 2.6 3.6 4.5 5.1 3.4 68 69 Foreign 1.2 2.8 3.5 .4 3.2 1.1 5.1 -2.2 -.7 2.8 2.1 3.0 1.7 69 7 7 7 7 7 3 4 2 1 0 Pv C L S B t. t e u o a d s s n t s o i e s n m u n e a m e s e n t s s d e t s r i e s c lo c n c u a o ri l n t y f g i o n c v re ts dit -1 - 2 3 1 . . 3 . 9 . . 7 0 3 4 2 5 1 . . . . . . 1 5 5 7 2 3 - 2 9 4 2 1 .2 . . . . . 6 2 3 2 3 1 2 7 2 2 0 . . . . . 9 1 0 2 3 1 1 - 2 1 0 4 .2 . . . . 7 3 4 6 - 4 5 1 1 .9 . . . . . 5 5 2 6 4 6 3 3 1 . . . . . 9 0 8 8 0 1 4 2 6 3 1 . . . . . 9 4 0 9 4 1 9 4 1 1 3 . . . . . 3 5 1 1 8 1 1 - 2 1 0 0 .4 . . . . 1 4 4 6 1 - - 2 4 5 3 . . 1 4 . . . . 9 9 7 6 2 1 4 0 1 4 . . . . . 8 0 6 3 5 - 1 1 2 - 3 1 0 7 . . 9 . . . . 0 9 2 4 9 - - 1 2 1 - 7 0 . . . 4 5 . 0 . 5 6 7 7 7 7 6 1 3 2 4 0 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes, see Apr. 1965 BULL., p. 607. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 FLOW OF FUNDS 749 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1962 1963 1964 Transaction category, 1960 1961 1962 1963 1964 or sector IV I II ra IV I II III IV I. Demand deposits and currency 1 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 2 7 3 5 6 O U t .S h . e H N r S G t o o a o n u t v e f s t i e . n a h a d n o n e d l p c d i l o s a o s l c i a t b s l u g s o in v e t s s s - - - - - 1 1 . . . . . 8 7 9 1 . 0 . 9 5 5 5 1 1 1 . . . . . . 3 1 1 7 1 3 * 3 3 1 1 . . . . . . . 1 3 0 1 4 8 9 - - 2 2 5 5 3 . . 4 . . . 5 . . 1 5 2 2 3 7 6 2 2 . . . . . . . 3 1 6 4 1 5 1 - 7 6 2 4 3 1 .6 . . . . . 9 0 8 2 0 9 - - - 2 3 - 4 2 4 . . . . 2 . . 7 2 2 5 4 4 - 1 1 2 2 5 3 0 1 . . . . 6 . . 9 5 6 6 2 - - 7 1 2 2 3 . . . 7 . . 7 . 9 1 3 8 g - - 1 1 - 1 1 7 0 0 . . . 2 . 5 3 . . 2 5 2 7 - - - 1 3 5 2 2 8 . . . . . . 6 2 0 1 0 0 2 - 1 1 - 9 7 1 0 . . 4 . . 1 . . 6 9 5 2 7 -4 6 2 2 5 . . . . 1 . 9 6 3 4 5 * - 1 1 - 2 4 3 4 4 . . 9 . . 4 . . 2 4 1 0 3 6 2 5 7 4 3 8 9 Mail float 1.7 1.0 -.2 2.1 1.6 -.7 -.7 4.1 .7 4.1 -2.1 .6 .9 7.0 9 10 Rest of the world -.1 .2 .1 .3 7 1 4 5 3 3 1 6 1 5 2 10 II. Time and savings accounts 11 Net increase—Total 15.3 20.7 28.7 29.2 29.7 30.7 34.1 26.1 26.7 29.9 29.4 28.5 28.9 32.0 11 12 At commercial banks—Total , 5.6 9.4 15.6 14.1 14.0 15.6 16.6 11.6 13.8 14.4 14.0 12.9 12.9 16.0 12 .8 1.3 2.6 3.9 3.3 2.5 4.6 2.4 3.2 5.2 6.5 1.5 1.9 3.2 13 14 State and local govts 1.4 .9 1.0 1.6 1.7 .5 2.9 .3 1.5 1.9 .5 .8 2.5 3.1 14 15 Foreign depositors 3 .3 .6 1.0 1.4 1 6 1 4 9 g g 1 5 1 5 1 0 1 4 15 16 Households 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 16 9 5 11.3 13.1 15.1 15.7 15.1 17.5 14.4 12.9 15.5 15.4 15.6 16.0 15.9 17 12.8 17.9 24.4 22.6 23.2 25.8 24.6 22.6 21.3 21.8 20.6 24.4 23.7 23.8 18 in. U.S. Govt. securities 19 Total net issues —2 5 7 3 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 8.8 .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 -2.9 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 7.3 5.2 6.3 5.4 10.6 12.4 -4.0 1.9 12.7 6.3 4.5 1.8 52 1 5 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 24 Short-term -1.0 -1.1 2.0 4.9 2.1 2.9 13.5 7-8 .4 -1.9 5.1 -2.9 5.9 .4 24 25 Commercial banks 1.7 5.4 .8 -2.5 -.8 2.0 4.1 -13.3 -1.0 2.5 -5.3 -1.8 1.4 25 26 Short-term direct 7 0 9 3 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 27 Other direct -5.2 -4.1 5.2 -4.3 2.8 10.3 2.0 -3.9 -6.3 1.5 -8.7 -.2 -9.8 27 28 Nonguaranteed -.1 .8 1.3 -1.1 1.3 .7 1.1 -1.7 1.1 -.6 .3 28 29 Nonbank finance 1.3 1.6 1.8 -2.4 -1.2 3.2 -2.2 2.2 2.2 3.0 -1.0 29 30 Short-term direct 1.2 1.6 13 g 2 1 4 1 1 3 2 1 1 8 2.3 .3 .2 30 31 Other direct 1 7 g c * 1.8 .6 -.6 1.6 -.4 2.4 -1.7 31 1 .1 - -.3 -.2 .1 .6 .2 .3 .3 .4 32 3 3 3 4 Fo S r h ei o g r n t-term 2 c ,4 2 1 .2 0 .6 2 .8 1.2 3.4 -2.4 .2 . . 8 4 2 3 . . 7 1 3 3 4 3 35 Pvt. domestic nonfin. sectors -5.1 -.8 2.0 5.1 1.5 -1.3 2.4 7.7 6.7 3.4 4.2 6.5 2.2 -6.9 35 3 3 6 7 S O h t o h r e t r - t d er ir m ec t direct 4 3 -1.6 1 * 0 2 1 .0 0 2 3 .0 7 -1.6 2 2 .7 5 4.6 — 4. 2 .2 — . . 9 7 2 1 . . 1 9 -1 5 . . 3 3 -6 6 . . 0 6 - - 5 1 . . 9 9 3 3 6 7 3 3 9 8 S N a o v n in gu gs a r b a o n n te d e s d —Households... .8 .4 1.2 9 .4 9 .2 * -2 1 . 2 4 2 1 . 1 * i 1 1 . . 1 5 2 1 . 1 2 -.6 .8 1.6 9 - 1 .2 .0 3 3 8 9 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 40 4 4 1 2 N St o a n te fi n a a n n d c i l a o l c a c l o r g p o o v r ts ations 5 3 .3 6 4 7 .3 9 5 5 .3 0 6 3 .4 7 5 5 .4 9 4 3 .1 3 5.0 2.8 7 4 .2 5 6 1 . . 6 7 4 6 . . 2 6 5 7 . . 9 0 7 5 . . 8 2 2 5 . . 8 6 4 4 1 2 43 Commercial banks .6 .4 43 44 Finance companies 1.5 1.6 2.1 7 4 1 9 1 7 2 4 1 8 2 8 1 9 1.9 44 45 Rest of the world g 1 0 g 2 1 c — .2 * .9 2.2 45 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 4 4 7 8 H St o a u te s e a h n o d ld l s ocal govts 2.1 2 1 .8 4 1.2 1.3 3 1 .4 4 1.5 1.8 1.5 1.0 1.0 1.0 1.5 3 1. . 5 7 3 1 . . 1 6 4 4 7 8 49 5 5 0 1 C In o s m ur m an er c c e i a a l n b d a p n e k n s sion funds 7*f 2 8 . . 6 0 4 7 . . 4 5 5 7. . 7 2 3 8 . . 5 3 7 3 . . 4 8 7 5 . . 5 6 5 8 . . 8 4 7 6. . 1 7 7 3 . . 1 3 2 8 . . 5 8 3 8. . 7 0 7 5 . . 4 6 3 8 . . 1 2 5 5 1 0 53 Security brokers and dealers... < — — 1 . . 3 7 — 1.7 — - . 1 9 .4 - - 1 1 . . 1 3 1 1. . 1 0 - - 1 2 . . 1 0 - -l 1 .C .3 .6 - - 2 2 . . 0 2 - — 2 2 .2 .8 5 5 3 2 54 Investment cos.—Net -.6 -.8 -1.2 -.5 -.2 .1 -.9 -1.1 -.2 -.6 54 55 Portfolio purchases 1.4 1.1 ^ 5 .4 .9 .9 .9 .6 1.6 2.1 55 56 Net issues of own shares.... 1.5 2 0 1.9 1.3 1.6 1.0 6 g 1 8 1 8 4 1 6 1 9 2.7 56 57 Rest of the world 1 * * c 1 4 — 1 57 V. Mortgages 58 Total net lending 16.0 19.5 25.3 29.3 29.5 28.2 25.4 29.7 31.2 31.0 27.6 30.3 31.2 29.0 58 5 6 9 1 1- D to is 4 b - u f r a s m ed ily 1 1 0 0 . . 4 5 1 1 1 1 . . 8 4 1 1 3 3 . . 4 0 1 1 5 5 . . 7 2 1 1 5 6 . . 7 0 1 1 4 3 . . 1 5 1 1 4 3 . . 0 6 1 15 6 . . 8 4 5 1 1 6 6 . . 9 3 1 15 5 . . 1 6 e 1 1 5 5 . . C 3 1 1 - 6 6 .4 . . 5 0 1 1 - 6 6 .4 . . 9 6 1 1 - 5 5 .2 . . 1 3 6 6 5 0 1 9 62 Other 5.6 7.7 11.9 13.6 13.8 14.1 11.4 13.4 14.3 15.4 12.5 14.3 14.7 13.9 62 63 Net acquisitions 16.0 19.5 25.3 29.3 29.5 28.2 25.4 29.7 31.2 31.0 27.6 30.3 31.2 29.0 63 64 Households 2.1 2.4 4.0 4.3 4.9 5.6 3.5 4.5 4.3 4.S 3.8 4.0 5.3 6.4 64 1.2 .6 — 1.0 _ 3 -1.3 -1.9 — .4 .8 -.3 65 66 Commercial banks 1.6 4.0 4.9 4.4 4.4 4.2 5.6 5.2 4.5 4.5 4.6 3.9 66 67 Savings institutions 8^9 11.0 13.2 16.0 14.4 13.9 15.3 16.4 16.5 16.0 14.6 14.8 15^4 13.0 67 68 Insurance 2.9 2.7 3.C 3.9 4.8 4.2 3.2 3.7 4.1 4.4 4.2 4.5 5.1 5.3 68 * .6 .8 .4 .2 1.1 1.1 1.0 — .2 1.2 .2 .3 69 VI. Bank loans n.e.c. 70 Total net borrowing 3.0 6.5 8.1 10.1 7.0 1.3 8.5 8.0 14.6 6.3 12.6 3.4 17.9 70 71 Nonfinancial business 2.1 1.7 4.6 5.6 7.0 4.5 -.4 6.1 5.1 11.5 4.3 8.3 2.9 12.7 71 7 7 2 3 N R o e n st b o a f n k th e fi n w a o n r c ld e . . 1 7 1. . 0 4 1. . 7 6 1 1. . 9 0 - 2 .3 .0 1.3 1.3 2.1 1 1 . . 3 9 3 3. . 6 7 -1 1 . . 4 6 2 2 . . 9 0 7 7 2 3 2^ NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1965 BULL., p. 607. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 MEMBER BANKS, 1964 MAY 1965 INCOME, EXPENSES, AND DIVIDENDS BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city All member banks1 Country New York City of Item City Chicago Other 1960 1961 1962 1963 1964 1964 Revenue 8,927,868 9,216,79510,153,59411,169,49112,385,803 2,016,594 505,302 4,738,598 5,125,309 Interest and dividends on securities: U.S. Govt 1,414,361 1,537,142 1,686,765 1,725,561 1,741,509 214,370 63,896 580,102 883,141 Other 467,351 513,410 629,130 773,150 911,252 170,890 48,105 313,320 378,937 Interest and discount on loans 5,640,438 5,773,423 6,319,741 7,072,778 7,970,810 1,283,316 321,447 3,134,060 3,231,987 Other charges of loans 89,469 96,221 115,200 127,034 140,430 16,221 2,706 71,407 50,096 Service charges on deposits 463,666 494,535 532,409 567,682 607,193 43,743 4,352 241,786 317,312 Other charges, fees, etc 162,140 164,256 175,259 180,270 207,184 31,893 8,872 83,752 82,667 Trust department 442,083 483,580 529,701 556,684 611.043 181,576 47,881 249,626 131,960 Other current revenue 248,360 154,228 165,389 166,332 196,382 74,585 8,043 64,545 49,209 Expenses 5,654,675 6,073,550 7,041,375 7,930,985 8,894,583 1,345,174 339,947 3,391,105 3,818,357 Salaries—Officers 731,508 778,428 830,300 892,580 968,442 103,375 26,817 334,696 503,554 Salaries and wages—Others. . 1,557,204 1,585,010 1,671,111 1,768,197 1,871,935 316,488 66,439 746,624 742,384 Officer and employee benefits. 330,584 363,561 393,150 420,078 84,648 20,640 155,123 159,667 Directors' fees, etc 36,884 38,844 40,69: 43,230 45,855 1,763 431 6,784 36,877 Interest on time deposits 1,434,259 1,720,414 2,358,13: 2,857,600 3,383,524 514,593 155,976 1,319,027 1,393,928 Interest on borrowed money.. 84,220 36,402 62,54: 104,074 122,054 45,775 10,335 49,806 16,138 Net occupancy expense 423,592 458,634 500,550 549,756 101,913 14,935 200,721 232,187 Furniture and equipment 179,876 217,703 254,865 296,599 31,925 8,139 119,968 136,567 Other current expenses 1,810,600 980,400 1,038,700 1,116,739 1,236,340 144,694 36,235 458,356 597,055 Net current earnings before income taxes. 3,273,193 3,143,245 3,112,219 3,238,506 3,491,220 671,420 165,355 1,347,493 1,306,952 Recoveries, transfers from reserves, and profits 503,710 627,393 396,291 409,072 274,775 31,649 21,443 123,818j 97,865 On securities: Profits 283,991 402,424 216,336 140,361 58,30: 3,744 5,595 22,564 26,398 Recoveries 10,336 7,133 4,377 2,902 5,47: 428 3 3,192 1,850 Transfers from reserves 51,28" 79,598 50,147 56,705 53,97! 5,266 14,816 22,841 11,055 On loans: Recoveries 19,883 10,230 10,035 10,551 10,369 286 6 963 9,114 Transfers from reserves 66,545 47,237 51,859 124,361 56,385 10,590 514 28,863 16,418 All other 71,668 80,771 63,537 74,192 90,269 11,335 509 45,395 33,030 Losses, charge-offs, and transfers to reserves 847,465 808,173 703,795 737,728 845,272 122,326 68,827 334,266 319,853 On securities: Sold 195,526 32,17' 51,169 42,929 79,732 21,407 4,533 27,553 26,239 Charge-offs prior to sale ' 18,200 9,230 9,917 8,378 2,349 1,786 4,243 Transfers to reserves 142,435 210,042 84,632 56,646 65,26C 6,203 8,431 37,977 12,649 On loans: Losses and charge-offs 22,813 21,051 16,825 16,165 16,845 771 16,074 Transfers to reserves 389,856 417,095 451,526 516,448 551,796 82,312 48,138 208,195 213,151 All other 96,835 109,611 90,413 95,623 123,26' 10,055 7,725 57,984 47,497 Net income before related taxes. 2,929,438 2,962,465 2,804,715 2,909,850 2,920,723 580,743 117,971 1,137,045 1,084,964 Taxes on net income. 1,240,662 1,250,492 1,109,798 1,078,789 997,62( 198,981 36,670 412,821 349,154 Federal 1,165,534 1,170,215 1,021,782 991,081 909,92 172,997 36,670 372,276 327,985 State 75,128 80,277 88,016 87,708 87,691 25,984 40,545 21,169 Net income 1,688,776 1,711,973 1,694,917 1,831,061 1,923,097 381,762 81,301 724,224 735,810 Cash dividends declared. 734,830 792,635 831,955 877,770 960,84' 212,922 41,201 393,918 312,806 On preferred stock2.. 1,173 1,113 1,064 2,578 24,270 7,350 149 12,118 4,653 On common stock 733,65^ 791,522 830,891 875,192 936,577 205,57r 41,052 381,800 308,153 Memoranda items: Recoveries credited to reserves 3 On securities 16,476 10,510 3,541 5,724 4,13 137 2,107 1,347| 545 On loans 58,057 67,224 71,942 81,604 139,41 25,411 15,195 51,307 47,500 Losses charged to reserves4 On securities 43,65: 18,350 11,950 14,860 42,030 1,615 1,585 30,832 7,998 On loans 233,78: 212,941 196,822 273,439 319,906 45,661 16,180 123,199 134,866 Assets, deposits, and capital accounts: Loans 96,823 100,446 108,551 122,732 137,915 24,978 6,447 54,194 52,296 U.S. Govt. securities 44,978 50,415 52,343 51,043 47,945 5,915 1,748 16,138 24,145 Other securities 16,068 17,660 21,328 26,321 30,307 5,475 1,605 10,261 12,966 Cash assets 41,891 41,068 43,548 44,968 47,698 10,379 2,195 19,826 15,298 Other assets 4,645 5,508 5,977 6,594 7,47: 2,453 268 2,629 2,120 Total assets. 204,406 215,097 231,746 251,657 271,33< 49,200 12,263 103,048 106,825 Time deposits 55,012 63,099 73,097 85,505 97,538 13,082 4,125 37,521 42,811 Total deposits 180,804 189,983 205,029 221,479 238,862 40,797 10,806 91,396 95,863 Total capital accounts. 16,710 17,917 19,066 20,266 21,932 4,268 1,019 8,069 8,576 Number of officers 71,698 74,734 78,406 82,045 87,096 6,354 1,559 28,471 50.712 Number of employees. 418,339 410,080 420,886 433,299 455,51C 59,163 13,383 171,686 211,278 ! Number of banks 6,17. 6,113 6,047 6,108 6,22f 13 182!I 6,018 NOTE.—The schedule for reporting current operating expenses was funds transactions have been classified as interest and discount on loans revised beginning with 1961 and certain items are not directly comparable and interest on borrowed money in these tables. with data for previous years. For detailed summary of these changes see For other notes see following two pages. May 1962 BULL., pp. 526-27. Revenue and expenses incident to Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 MEMBER BANKS, 1964 751 INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 558,200 3,021,239 621,585 928,724 609,513 716,700 1,787,956 392,048 325,755 529,102 637,030 2,257,951 Interest and dividends on securities: U.S. Govt 60,072 352,189 88,403154,456 90,947 117,901 324,661 70,332 57,432 89,139 ,621 240,356 Other 31,698 258,260 42,968 90,776 34,804 47,585 149,701 31,024 22,423 32,555 ,929 123,529 Interest and discount on loans. 352,253 ,940,804 403,037 56'7)7,106 397,439 447,8881,098,697 250,556 200,397 341,762 429,191 ,541,680 Other charges on loans 4,613 27,623 4,338 7,694 8,556 9,234 12,711 2,090 3,078 3,704 ,221 50,568 Service charges on deposits... 33,700 103,058 24,275 39,419 36,155 48,245 67,963 15,314 18,804 31,591 ,737 160,932 Other charges, fees, etc 14,125 43,710 9,437 10,393 13,294 14,351 28,528 5,815 10,612 8,492 ,518 38,909 Trust department 51,464 211,428 41,304 48,786 22,916 24,176 84,872 12,504 9,676 17,083 ,290 70,544 Other current revenue 10,275 84,167 7,823 10,094 5,402 7,320 20,823 4,413 3,333 4,776 ,523 31,433 Expenses 380,185 2.123,313 439,365 666,868 421,184 517,871 ,316,145 272,927 238,965 370,559 452,370 1,694,831 Salaries—Officers 48,436 181,896 48,139 64,035 55,760 65,774 131,970 36,214 33,417 6"0*, 4'3"3 "62,,2:36 180,132 Salaries and wages—Others... 99,811 474,892 94,915130,682 96,765 113,593 249,171 52,893 42,815 74,157 78,,464 363,777 Officer and employee benefits.. 22,590 119,621 22,418 26,848 18,413 22,784 60,302 11,914 11,260 15,079 16,,581 72,268 Directors' fees, etc 2,591 6,714 4,723 3,581 3,617 3,714 6,627 2,806 1,980 3,486 3,,'753 2,263 Interest on time deposits 95,565 828,820 153,118 276,900 129,800 160,194 570,531 94,533 89,132 117,671158,,675 708,585 Interest on borrowed money.. 4,022 50,101 4,069 5,459 3,945 4,819 15,642 2,824 1,632 3,,00099 ,314 15,218 Net occupancy expense 27,835 151,677 29,368 33,416 26,634 31,030 68,532 16,346 13,528 2211,661155 27,872 101,903 Furniture and equipment 16,328 56,615 16,845 20,181 16,984 22,512 36,845 10,287 8,287 14,430 15,' 62,227 Other current expenses 63,007 252,977 65,770 10"5",766 69,266 93,451 176,525 45,110 36,914 60,679 78,417 188,458 Net current earnings before income taxes 178,015 897,926 182,220 261,856 188,329 198,829 471,811 119,121 86,790 158,543 184,660 563,120 Recoveries, transfers from reserves, and profits 28,955 61,657 8,550 13,612 14,509 17,153 44,774 15,443 6,655 13,446 14,330 35,691 On securities: Profits 5,111 7,997 3,233 2,905 1,972 5,597 12,487 4,285 1,519 2,926 2,726 7,543 Recoveries 352 604 194 34 41 91 76 99 199 390 160 3,233 Transfers from reserves.... 11,610 7,374 1,004 1,842 867 1,179 17,393 2,129 502 3,676 1,736 4,666 On loans: Recoveries 349 707 549 406 376 978 1,198 452 1,027 1,870 1,542 915 Transfers from reserves 1,018 23,733 1,749 3,725 602 1,731 5,405 4,587 524 346 1,319 11,646 All other 10,515 21,242 1,821 4,700 10,651 7,577 8,215 3,891 2,884 4,238 6,847 7,688 Losses, charge-offs, and transfers to reserves 46,929 205,757 38,842 46,497 30,982 44,091 148,192 27,758 13,699 31,770 51,096 159,659 On securities: Sold 4,622 27,306 5,835 6,211 2,815 2,916 10,338 1,841 571 2,535 3,675 11,067 Charge-offs prior to sale 313 2,573 388 353 195 362 519 1,825 265 1,057 406 122 Transfers to reserves 1,406 14,001 1,516 3,280 2,313 2,608 12,580 2,285 407 1,258 7,109 16,497 On loans : Losses and charge-offs 406 801 1,062 908 807 1,385 1,369 1,032 1,139 3,725 3,194 1,017 Transfers to reserves 25,575 143,707 23,843 30,403 19,244 31,460 100,966 14,505 9,235 19,275 31,162 102,421 All other 14,607 17,369 6,198 5,342 5,608 5,360 22,420 6,270 2,082 3,920 5,550 28,535 Net income before related taxes.. 160,041 753,826 151,928 228,971 171,856 171,891 368,393 106,806 79,746 140,219 147,894 439,152 Taxes on net income 62,824 241,365 52,749 65,133 65,880 58,834 110,584 36,017 29,733 52,993 51,952 169,562 Federal 52,593 209,217 52,422 65,133 64,584 57,760 108,909 35,110 25,516 49,343 51,884 137,457 State 10,231 32,148 327 1,296 1,074 1,675 907 4,217 3,650 68 32,105 Net income 97,217 512,461 99,179 163,838 105,976 113,057 257,809 70,789 50,013 87,226 95,942 269,590 Cash dividends declared 49,463 278,233 55,416 72,057 45,820 43,673 113,042 30,080 22,130 38,150 50,956 161,827 On preferred stock2 48 10,720 1 981 690 999 905 1,179 14 739 8 7,986 On common stock 49,415 267,513 55,415 71,076 45,130 42,674 112,137 28,901 22,116 37,411 50,948 153,841 Memoranda items: Recoveries credited to reserves3 On securities 16 301 49 68 101 29 2,304 12 1,003 201 44 Lo O ss n e s l o c a h n a s rged to reserves4 5,281 32,416 5,335 10,616 6,795 8,273 31,736 3,067 2,608 7,578 8,588 17,120 On securities 996 7,804 357 4,191 995 570 4,085 1,534 10 379 2,093 19,016 On loans 14,875 75,579 12,717 16,265 10,297 24,107 45,095 7,455 6,201 16,480 24,930 65,905 Assets, deposits, and capital accounts: Loans 5,949 36,079 6,849 10,173 6,531 7,229 19,717 4,362 3,289 5,664 7,214 24,858 U.S. Govt. securities 1,700 9,708 2,459 4,210 2,500 3,269 8,815 1,953 1,529 2,422 2,670 6,709 Other securities 1,129 8,605 1,445 2,979 1,177 1,521 4,999 1,038 732 1,081 1,519 4,081 Cash assets 1,898 12,986 2,157 3,128 2,248 3,150 6,520 1,830 1,130 2,423 3,211 7,015 Other assets 260 2,865 268 352 271 368 748 149 152 229 431 1,377 Total assets 10,937 70,244 13,178 20,843 12,727 15,537 40,799 9,332 6,833 11,820 15,045 44,041 Time deposits 2,769 22,580 4,954 8,574 4,024 4,652 16,637 2,847 2,680 3,354 4,501 19,966 Total deposits 9,427 59,642 11,618 18,438 11,279 13,924 36,668 8,363 6,154 10,568 13,391 39,390 Total capital accounts 1,010 5,813 1,168 1,863 1,059 1,254 3,060 795 530 1,057 1,241 3,082 Number of officers 4,355 13,405 4,731 5,493 5,398 6,203 10,859 3,749 3,409 5,884 5,996 17,614 Number of employees 24,753 97,901 23,992 31,472 26,113 30,810 60,310 14,683 23,104 19,517 20,732 82,123 Number of banks 251 419 421 506 418 502 1,016 481 494 830 672 215 i Includes figures for all banks that were members of the FRS at the 2 Includes interest on capital notes and debentures. end of the year (including those becoming members during the year 3 Not included in recoveries shown above. whose returns may cover operations for only part of the year); and in 4 Not included in losses shown above. addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Asset and For other notes see following page. liability data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 MEMBER BANKS, 1964 MAY 1965 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 188,617 108,108 256,618 565,396 313,578 277,731 402,542 180,240 95,310 198,833 284,636 ,866,989 Interest and dividends on securities: U.S. Govt 17,423 11,297 26,261 79,739 43,544 38,654 70,177 22,987 11,684 26,022 38,427 193,887 Other 6,794 9,051 13,089 63,816 16,775 16,589 34,627 13,490 5,480 11,406 18,557 103,646 Interest and discount on loans 115,623 76,113 169,892 340,806 201,816 180,605 248,719 121,868 62,216 136,596 200,850 ,278,956 Other charges on loans 2,558 1,848 1,914 5,513 4,831 4,363 2,390 1,027 863 1,433 4,043 40,624 Service charges on deposits.. 4,894 4,863 10,077 20,744 19,552 14,818 16,241 5,782 3,071 6,677 4,367 130,700 Other charges, fees, etc 8,642 1,478 5,629 6,087 7,447 6,316 6,660 2,367 3,712 2,429 4,057 28,928 Trust department 26,501 2,378 25,973 41,381 16,520 13,222 18,470 10,175 7,443 12,628 11,811 63,124 Other current revenue 6,182 1,080 3,783 7,310 3,093 3,164 5,258 2,544 841 1,642 2,524 27,124 Expenses 114,675 84,662 173,520 403,002 211,523 195,459 302,679 119,724 65,959 134,613 190,664 ,394,625 Salaries—Officers 13,719 7,119 17,402 32,462 25,595 21,726 21,764 12,482 6,568 15,534 18,062 142,263 Salaries and wages—Others.. 34,962 16,106 45,646 82,999 53,295 45,544 65,576 26,017 15,515 31,022 29,880 300,062 Officer and employee benefits 6,978 3,396 11,368 16,874 9,931 9,308 14,097 6,127 3,613 6,117 7,584 59,730 Directors' fees, etc 232 329 492 675 1,054 669 597 408 228 413 447 1,240 Interest on time deposits.... 24,992 40,675 48,331 172,305 60,333 57,794 128,226 39,335 21,587 45,556 79,061 600,832 Interest on borrowed money. 2,045 429 3,314 4,939 3,201 3,020 3,403 2,463 1,142 2,034 10,253 13,563 Net occupancy expense 7,975 4,720 13,804 19,514 14,976 11,533 17,779 7,244 4,385 7,277 8,846 82,668 Furniture and equipment.... 4,899 2,243 7,198 11,919 9,146 8,410 8,408 4,879 2,923 5,621 5,457 48,865 Other current expenses 18,873 9,645 25,965 61,315 33,992 37,455 42,829 20,769 9,998 21,039 31,074 145,402 Net current earnings before income taxes 73,942 23,446 83,098 162,394 102,055 82,272 99,863 60,516 29,351 64,220 93,972 472,364 Recoveries, transfers from reserves, and profits 20,079 7,124 1,595 8,922 11,027 10,675 8,372 11,417 2,562 7,215 7,168 27,662 On securities: Profits 3,704 941 367 1,442 789 3,022 1,323 2,753 189 1,199 789 6,046 Recoveries 1 36 5 2 4 3,144 Transfers from reserves 8,886 55 631 1,172 534 361 1,445 1,769 2 3,168 997 3,821 On loans: Recoveries 42 4 73 26 12 127 133 233 81 6 226 Transfers from reserves 475 6,069 303 3,253 250 1,288 2,500 4,097 250 37 10,341 All other 6,972 55 220 3,029 9,442 5,841 2,966 2,796 1,884 "2^767 5,339 4,084 Losses, charge-offs, and transfers to reserves 22,905 18,229 16,300 28,923 16,209 17,144 30,111 15,946 3,287 10,047 20,876 134,289 On securities: Sold 1,545 38 2,361 3,713 1,720 1,409 1,583 826 93 1,482 2,665 10,118 Charge-offs prior to sale.., 24 98 34 205 5 1,409 9 2 Transfers to reserves ""542 1,937 1,090 2,708 2,008 1,373 3,188 2,002 685 6,322 16,114 On loans: Losses and charge-offs 10 483 7 92 118 60 Transfers to reserves 12,362 15,568 9,758 19,263 8,774 11,777 18,263 7,578 2,591 6,812 10,995 84,454 All other 8,456 662 3,091 3,131 3,673 1,897 7,065 4,131 503 950 884 23,541 Net income before related taxes.. 71,116 12,341 68,393 142,393 96,873 75,803 78,124 55,987 28,626 61,388 80,264 365,737 Taxes on net income. 30,192 2,419 27,450 37,928 37,170 27,094 20,660 20,669 11,901 24,643 31,658 141,037 Federal 25,388 1,498 27,450 37,928 36,246 26,762 19,989 20,071 9,880 23,053 31,658 112,353 State 4,804 921 924 332 671 598 2,021 1,590 28,684 Net income 40,924 9,922 40,943 104,465 59,703 48,709 57,464 35,318 16,725 36,745 48,606 224,700 Cash dividends declared. 20,822 9,120 26,498 48,528 26,371 20,127 29,138 18,031 8,288 17,961 29,691 139,343 On preferred stock2. . 130 897 639 958 635 1,146 716 6,997 On common stock '20'.822 8,990 26,498 47,631 25,732 19,169 28,503 16,885 "8*,288 17,245 '29,69i 132,346 Memoranda items: Recoveries credited to reserves3 On securities 26 48 36 35 123 4 975 93 7 On loans 2,507 1,169 2,980 6,681 4,880 3,405 6,915 1,596 1,073 4,116 2,921 13,064 Losses charged to reserves4 On securities 528 1,496 1 3,555 857 225 2,103 1,288 295 1,833 18,651 On loans 6,042 4,960 5,824 8,883 4,795 7,344 9,284 3,854 2,591 6,475 8,607 54,540 Assets, deposits, and capital accounts: Loans 2,104 1,175 2,940 6,348 3,466 3,069 4,507 2,290 1,131 2,494 3,72! 20,945 U.S. Govt. securities 518 298 696 2,159 1,187 1,101 1,886 648 316 725 1,151 5,451 Other securities 240 276 429 2,100 575 517 1.111 438 180 359 575 3,459 Cash assets 11. 295 1,172 2,089 1,326 1,564 1,910 1,072 539 1,243 1,756 6,089 Other assets 107 54 122 222 151 14r 17' 70 51 121 245 1,167 Total assets. 3,742 2,099 5,359 12,919 6,705 6,400 9,584 4,518 2,218 4,943 7,450 37,111 Time deposits 680 1,084 1,363 5,051 1,845 1,618 3,664 1,11 623 1,243 2,206 17,029 Total deposits 3,179 1,88^ 4,69 11,349 5,943 5,70: 8,605 4,000 1,971 4,38f 6,520 33,169 Total capital accounts 388 13 466 1,18" 52' 52: 67' 402 17" 454 61 2,528 Number of officers 1,070 608 1,298 2,122 2,105 1,794 1,462 1,01 500 1,235 1,355 13,911 Number of employees. 7,650 3,823 10,340 18,06- 13,507 11,599 15,544 6,84 3,729 7,307 7,108 66,171 Number of banks 19 25 28 21 NOTE.—Does not include reserve city banks in the cities of New York cash, balances with other banks (including reserve balances), and cash and Chicago. The figures of assets, deposits, and capital accounts are items in process of collection. Total capital accounts are comprised of the ciiivj \_/Xj_iv,ag»-». Aiic nguica \JL assets, ucpusna, cum v^apnai atvuuui5 ait; uciio in yiutcss ui tuucmuii. IUICU vapiicu atvuuma <ut wui^iuvu UJ ixio averages of the amounts reported for 4 consecutive official call dates aggregate book value of capital stock, capital notes and debentures, surbeginning with the end of the previous year and ending with the fall call plus, undivided profits, reserves for contingencies, and other capital reof the current year (except that in 1963 Dec 20 and in 1964 Dec. 31 calls serves. were included in place of the fall call). The number of officers, employees, For other notes see preceding page. and banks are as of tte end of the year. Cash assets are comprised of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 MEMBER BANKS, 1964 753 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS (Income in thousands, asset and liability items in millions of dollars) Federal Reserve District Item Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Revenue 369,583 896,537 364,967 363,328 295,935 438,969 880,112 211,808 230,445 330,269 352,394 390,962 Interest and dividends on securities: U.S. Govt 42,649 126,522 62,142 74,717 47,403 79,247 190,588 47,345 45,748 63,117 57,194 46,469 Other 24,904 78,319 29,879 26,960 18,029 30,996 66,969 17,534 16,943 21,149 27,372 19,883 Interest and discount on loans 236,630 581,375 233,145 226,300 195,623 267,283 528,531 128,688 138,181 205,166 228,341 262,724 Other charges on loans 2,055 9,554 2,424 2,181 3,725 4,871 7,615 1,063 2,215 2,271 2,178 9,944 Service charges on deposits.. 28,806 54,452 14,198 18,675 16,603 33,427 47,370 9,532 15,733 24,914 23,370 30,232 Other charges, fees, etc 5,483 10,339 3,808 4,306 5,847 8,035 12,996 3,448 6,900 6,063 5,461 9,981 Trust department , 24,963 27,474 15,331 7,405 6,396 10,954 18,521 2,329 2,233 4,455 4,479 7,420 Other current revenue 4,093 8,502 4,040 2,784 2,309 4,156 7,522 1,869 2,492 3,134 3,999 4,309 Expenses 265,510 693,477 265,845 263,866 209,661 322,412 673,519 153,203 173,006 235,946 261,706 300,206 Salaries—Officers 34,717 71,402 30,737 31,573 30,165 44,048 83,389 23,732 26,849 44,899 44,174 37,869 Salaries and wages—Others., 64,849 142,298 49,269 47,683 43,470 68,049 117,156 26,876 27,300 43,135 48,584 63,715 Officer and employee benefits 15,612 31,577 11,050 9,974 8,482 13,476 25,565 5,787 7,647 8,962 8,997 12,538 Directors' fees, etc , 2,359 4,622 4,231 2,906 2,563 3,045 5,599 2,398 1,752 3,073 3,306 1,023 Interest on time deposits 70,573 273,552 104,787 104,595 69,467 102,400 286,329 55,198 67,545 72,115 79,614 107,753 Interest on borrowed money 1,977 3,897 755 520 744 1,799 1,904 361 490 975 1,061 1,655 Net occupancy expense 19,860 45,044 15,564 13,902 11,658 19,497 35,818 9,102 9,143 14,338 19.026 19,235 Furniture and equipment... 11,429 22,447 9,647 8,262 7,838 14,102 20,298 5,408 5,364 8,809 9,601 13,362 Other current expenses 44,134 98,638 39,805 44,451 35,274 55,996 97,461 24,341 26,916 39,640 47,343 43,056 Net current earnings before income taxes 104,073 203,060 99,122 99,462 86,274 116,557 206,593 58,605 57,439 94,323 90,688 90,756 Recoveries, transfers from reserves, and profits 8,876 22,884 6,955 4,690 3,482 6,478 14,959 4,026 4,093 6,231 7,162 8,029 On securities: Profits 1,407 3,312 2,866 1,463 1,183 2,575 5,569 1,532 1,330 1,727 1,937 1,497 Recoveries 352 176 193 34 41 55 68 97 195 390 160 89 Transfers from reserves... 2,724 2,053 373 670 333 818 1,132 360 500 508 739 845 On loans: Recoveries 307 417 476 380 364 851 1,059 452 794 1,789 1,536 689 Transfers from reserves... 543 7,074 1,446 472 352 443 2,391 490 274 346 1,282 1,305 All other 3,543 9,852 1,601 1,671 1,209 1,736 4,740 1,095 1,000 1,471 1,508 3,604 Losses, charge-offs, and transfers to reserves 24,024 65,202 22,542 17,574 14,773 26,947 49,254 11,812 10,412 21,723 30,220 25,370 On securities: Sold 3,077 5,861 3,474 2,498 1,095 1,507 4,222 1,015 478 1,053 1,010 949 Charge-offs prior to sale.. 313 200 388 255 161 157 514 416 265 1,057 397 120 Transfers to reserves 864 5,861 426 572 305 1,235 961 283 399 573 787 383 On loans: Losses and charge-offs. .. 406 801 1,062 898 807 902 1,362 1,032 1,047 3,607 3,193 957 Transfers to reserves 13,213 45,827 14,085 11,140 10,470 19,683 34,565 6,927 6,644 12,463 20,167 17,967 All other 6,151 6,652 3,107 2,211 1,935 3,463 7,630 2,139 1,579 2,970 4,666 4,994 Net income before related taxes 88,925 160,742 83,535 86,578 74,983 96,088 172,298 50,819 51,120 78,831 67,630 73,415 Taxes on net income 32,632 39,965 25,299 27,205 28,710 31,740 53,254 15,348 17,832 28,350 20,294 28,525 Federal 27,205 34,722 24,972 27,205 28,338 30,998 52,250 15,039 15,636 26,290 20,226 25,104 State 5,427 5,243 327 372 742 1,004 309 2,196 2,060 68 3,421 Net income 56,293 120,777 58,236 59,373 46,273 64,348 119,044 35,471 33,288 50,481 47,336 44,890 Cash dividends declared 28,641 56,191 28,918 23,529 19,449 23,546 42,703 12,049 13,842 20,189 21,265 22,484 On preferred stock 2 48 3,240 1 84 51 41 121 33 14 23 8 989 On common stock 28,593 52,951 28,917 23,445 19,398 23,505 42,582 12,016 13,828 20,166 21,257 21,495 Memoranda items: Recoveries credited to reserves 3 On securities 16 138 1 32 66 29 74 28 108 37 On loans 2,774 5,836 2,355 3,935 1,915 4,868 9,626 1,471 1,535 3,462 5,667 4,056 Losses charged to reserves 4 On securities 468 4,693 356 636 138 345 397 246 10 84 260 365 On loans 8,833 24,958 6,893 7,382 5,502 16,763 19,631 3,601 3,610 10,005 16,323 11,365 Assets, deposits, and capital accounts: Loans 3,845 9,924 3,909 3,825 3,065 4,160 8,764 2,072 2,158 3,171 3,492 3,913 U.S. Govt. securities 1,182 3,496 1,763 2,051 1,314 2,167 5,181 1,305 1,213 1.697 1,519 1,258 Other securities 889 2,854 1,016 879 602 1,004 2,282 600 552 '722 944 622 Cash assets 1,126 2,313 986 1,038 923 1,587 2,416 759 591 1,180 1,455 927 Other assets 153 358 146 131 120 219 310 79 100 108 186 210 Total assets 7,195 18,945 7,819 7,924 6,023 9,137 18,953 4,815 4,614 6,877 7,595 6,929 Time deposits 8,414 3,592 3,524 2,179 3,035 8,848 1,730 2,057 2,112 2,295 2,938 Total deposits 6.248 16,959 6,927 7,089 5,336 8,224 17,256 4,363 4,184 6,186 6,871 6,221 Total capital accounts 622 1,407 702 677 539 732 1,364 394 352 603 630 555 Number of officers 3,285 6,443 3,433 3,371 3,293 4,409 7,838 2,738 2,909 4,649 4,641 3,703 Number of employees 17,103 34,915 13,652 13,405 12,606 19,211 31,383 7,842 19,375 12,210 13,624 15,952 Number of banks 246 403 415 487 400 477 989 465 485 802 655 194 For notes, see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 MEMBER BANKS, 1964 MAY 1965 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentage) All member banks Reserve city New Country York Other City Chicago 1960 1961 1962 1963 1964 1964 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 19.6 17.5 16.3 16.0 15.9 15.7 16.2 16.7 15.2 Net income before related taxes 17.5 16.5 14.7 14.4 13.3 13.6 11.6 14.1 12.7 Net income 10.1 9.6 8.9 9.0 8.9 8.0 9.0 8.6 Cash dividends declared 4.4 4.4 4.4 4.3 4.4 5.0 4.0 4.9 3.6 Percentage of total assets: Total operating revenue 4.37 4.28 4.38 4.44 4.56 4.10 4.12 4.60 4.80 Net current earnings before income taxes 1.60 1.46 1.34 1.29 1.29 1.36 1.35 1.31 1.22 Net income .83 .80 .73 .73 .71 .78 .66 .70 .69 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 15.8 16.7 16.6 15.4 14.1 10.6 12.6 12.3 17.2 Other securities 5.2 5.6 6.2 6.9 7.3 8.5 9.5 6.6 7.4 Revenue on loans 64.2 63.7 63.4 64.5 65.5 64.4 64.2 67.6 64.0 Service charges on deposit accounts. 5.2 5.3 5.2 5.1 4.9 2.2 .9 5.1 6.2 All other revenue 9.6 8.7 8.6 8.1 8.2 14.3 12.8 8.4 5.2 Total revenue. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 25.6 25.6 24.6 23.8 22.9 20.8 18.5 22.8 24.3 Officer and employee benefits. 3.6 3.6 3.5 3.4 4.2 4.1 3.3 3.1 Interest on time deposits 16.1 18.7 23.2 25.6 27.3 25.5 30.9 27.9 27.2 Net occupancy expense 4.6 4.5 4.5 4.4 5.1 2.9 4.2 4.5 Other current expenses *2i.*6* 13.4 13.4 13.6 13.8 11.1 10.9 13.4 15.4 Total expenses 63.3 65.9 69.3 71.0 71.8 66.7 67.3 71.6 74.5 Net current earnings before income taxes... 36.7 34.1 30.7 29.0 28.2 33.3 32.7 28.4 25.5 Net losses including transfers (or recoveries and profits +) 3.9 2.0 3.0 2.9 4.6 4.5 9.4 4.4 4.3 Taxes on net income 13.9 13.5 11.0 9.7 8.1 9.9 7.2 8.7 6.8 Net income after taxes 18.9 18.6 16.7 16.4 15.5 18.9 16.1 15.3 14.4 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.14 3.05 3.22 3.38 3.63 3.62 3.66 3.66 Interest and dividends on other securities. 2.91 2.91 2.95 2.94 3.01 3.12 3.00 2.92 Net losses (or recoveries and profits +)1.. + .12 + .52 + .21 + .11 .08 .18 + .05 .03 Return on loans: Revenue on loans 5.92 5.84 5.93 5.87 5.20 5.03 6.28 Net losses (or recoveries +)1 .18 .16 .12 .16 .14 .08 .02 .13 .18 Distribution of assets: Percentage of total assets: U.S. Govt. securities. . . 22.0 23.4 22.6 20.3 17.7 12.0 14.3 15.7 22.6 Other securities 7.9 8.2 9.2 10.4 11.2 11.1 13.1 10.0 12.1 Loans 47.4 46.7 46.8 48.8 50.8 50.8 52.6 52.6 49.0 Cash assets 20.5 19.1 18.8 17.9 17.6 21.1 17.9 19.2 14.3 Other assets 2.2 2.6 2.6 2.6 2.7 5.0 2.1 2.5 2.0 Other ratios: Total capital accounts to: Total assets 8.2 8.3 8.2 8.1 8.1 8.7 8.3 7.8 8.0 Total assets less U.S. Govt. securities and cash assets 14.2 14.5 14.0 13.0 12.5 13.0 12.2 12.0 12.7 Total deposits 9.2 9.4 9.3 9.2 9.2 10.5 9.4 8.9 Time to total deposits 30.4 33.2 35.7 38.6 40.8 32.1 38.2 41.1 44.7 Interest on time deposits to time deposits. 2.61 2.73 3.23 3.34 3.47 3.93 3.78 3.52 3.26 Number of banks. 6,174 6,113 6,047 6,108 6,225 13 12 182 6,018 i Net losses is the excess of (1) actual losses charged against net profits regardless of size or amount—are weighted equally and in general have plus losses charged against valuation reserves over (2) actual recoveries an equally important influence on the result. In the ratios based on and profits credited to net profits plus recoveries credited to valuation aggregates presented here, the experience of those banks in each group reserves; net recoveries and profits is the reverse. Transfers to and from whose figures are largest have a much greater influence than that of the valuation reserves are excluded. many banks with smaller figures. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speak- NOTE.—The ratios in this and the following 3 tables were computed ing, are the more significant for purposes of general analyses of credit from the dollar aggregates shown in preceding tables. Many of these and monetary problems, while averages of individual ratios are useful ratios vary substantially from the average of individual bank ratios, primarily to those interested in studying the financial results of operations which were shown in the April BULL., in which each bank's figures— of individual banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 MEMBER BANKS, 1964 755 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts : Net current earnings before income taxes 17.6 15.4 15.6 14.1 17.8 15.9 15.4 15.0 16.4 15.0 14.9 18.3 Net income before related taxes 15.8 13.0 13.0 12.3 16.2 13.7 12.0 13.4 15.0 13.3 11.9 14.2 Net income.. 9.6 8.5 10.0 9.0 8.4 9.4 8.3 7.7 8.7 Cash dividends declared 4.9 4.8 4.7 3.9 4.3 3.5 3.7 3.8 4.2 3.6 4.1 5.3 Percentage of total assets : Total operating revenue 5.10 4.30 4.72 4.46 4.79 4.61 4.38 4.20 4.77 4.48 4.23 5.13 Net current earnings before income taxes 1.63 1.28 1.38 1.26 1.48 1.28 1.16 1.28 1.27 1.34 1.23 1.28 Net income .89 .73 .75 .79 .83 .73 .63 .76 .73 .74 .64 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 10.8 11.7 14.2 16.6 14.9 16.5 18.1 17.9 17.6 16.8 15.0 10.7 Other securities 5.7 8.5 6.9 9.8 5.7 6.6 8.4 7.9 6.9 6.2 7.2 5.5 Revenue on loans 63.9 65.2 65.6 61.9 66.6 63.8 62.2 64.5 62.5 65.3 68.3 70.5 Service charges on deposit accounts 6.0 3.4 3.9 4.2 6.0 6.7 3.8 3.9 5.8 6.0 4.4 7.1 All other revenue 13.6 11.2 9.4 7.5 6.8 6.4 7.5 5.8 7.2 5.7 5.1 6.2 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 26.6 21.8 23.0 21.0 25.0 25.0 21.3 22.7 23.4 25.4 22.1 24.1 Officer and employee benefits 4.0 4.0 3.6 2.9 3.0 3.2 3.4 3.0 3.4 2.9 2.6 3.2 Interest on time deposits 17.1 27.4 24.7 29.8 21.3 22.4 31.9 24.1 27.4 22.2 24.9 31.4 Net occupancy expense 5.0 5.0 4.7 3.6 4.4 4.3 3.8 4.2 4.2 4.1 4.4 4.5 Other current expenses 15.4 12.1 14.7 14.5 15.4 17.4 13.2 15.6 15.0 15.4 17.0 11.9 Total expenses 68.1 70.3 70.7 71.8 69.1 72.3 73.6 69.6 73.4 I 70.0 71.0 75.1 Net current earnings before income taxes 31.9 29.7 29.3 28.2 30.9 27.7 26.4 30.4 26.6 30.0 29.0 24.9 Net losses including transfers (or recoveries and profits +) 3.2 4.7 4.8 3.6 2.7 3.7 5.8 3.1 2.1 3.5 5.8 5.5 Taxes on net income 11.3 8.0 8.5 7.0 10.8 8.2 6.2 9.2 9.1 10.0 8.1 7.5 Net income after taxes 17.4 17.0 16.0 17.6 17.4 15.8 14.4 18.1 15.4 16.5 15.1 11.9 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.53 3.63 3.60 3.67 3.64 3.61 3.68 3.60 3.76 3.68 3.58 3.58 Interest and dividends on other securities 2.81 3.00 2.97 3.05 2.96 3.13 2.99 2.99 3.06 3.01 3.02 3.03 Net losses (or recoveries and profits +)1. .02 .16 .08 .11 .05 + .04 2.0 .03 + .04 + .01 .07 .18 Return on loans: Revenue on loans 6.00 5.46 5.95 5.65 6.22 6.32 5.64 5.79 6.19 6.10 6.04 6.41 Net losses (or recoveries +)1 .16 .12 .12 .06 .06 .22 .07 .11 .11 .19 .25 .20 Distribution of assets: Percentage of total assets: U.S. Govt. securities 15.5 13.8 18.7 20.2 19.6 21.0 21.6 20.9 22.4 20.5 17.7 15.2 Other securities 10.3 12.2 11.0 14.3 9.3 9.8 12.3 11.1 10.7 9.2 10.1 9.3 Loans 54.4 51.4 52.0 48.8 51.3 46.5 48.3 46.8 48.1 47.9 48.0 56.5 Cash assets 17.4 18.5 16.3 15.0 17.7 20.3 16.0 19.6 16.6 20.5 21.3 15.9 Other assets 2.4 4.1 2.0 1.7 2.1 2.4 1.8 1.6 2.2 1.9 2.9 3.1 Other ratios: Total capital accounts to : Total assets 9.2 8.3 8.9 8.3 8.1 7.5 8.5 7.8 8.9 8.2 7.0 Total assets less U.S. Govt. securities and cash assets 13.8 12.2 13.6 13.8 13.3 13.8 12.0 14.3 12.7 15.2 13.5 10.2 Total deposits 10.7 9.7 10.1 10.1 9.4 9.0 8.3 9.5 8.6 10.0 9.3 7.8 Time to total deposits 29.4 37.9 42.6 46.5 35.7 33.4 45.4 34.0 43.5 31.7 33.6 50.7 Interest on time deposits to time deposits.. 3.45 3.67 3.09 3.23 3.23 3.44 3.43 3.32 3.33 3.51 3.53 3.55 Number of banks 251 419 421 506 418 502 1,016 481 494 830 672 215 i Net losses is the excess o f (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation 2 Ratio of less than .005. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 MEMBER BANKS, 1964 MAY 1965 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 19.1 17.1 17.8 13.7 19.6 15.8 14.8 15.1 16.6 14.1 15.4 18.7 Net income before related taxes 18.3 9.0 14.7 12.0 18.6 14.5 11.6 13.9 16.2 13.5 13.1 14.5 Net income 10.5 7.2 8.8 8.8 11.5 9.3 8.5 8.8 9.4 8.1 8.0 8.9 Cash dividends declared 5.4 6.7 5.7 4.1 5.1 3.9 4.3 4.5 4.7 4.0 4.9 5.5 Percentage of total assets: Total operating revenue 5.04 5.15 4.79 4.38 4.68 4.34 4.20 3.99 4.30 4.02 3.82 5.03 Net current earnings before income taxes. 1.98 1.12 1.55 1.26 1.52 1.29 1.04 1.34 1.32 1.30 1.26 1.27 Net income 1.09 .47 .76 .81 .89 .76 .60 .78 .75 .74 .65 .61 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities 9.2 10.4 10.2 14.1 13.9 13.9 17.4 12.7 12.3 13.1 13.5 10.4 Other securities 3.6 8.4 5.1 11.3 5.4 6.0 8.6 7.5 5.7 5.7 6.5 5.5 Revenue on loans . • 62.7 72.1 67.0 61.2 65.9 66.6 62.4 68.2 66.2 69.4 72.0 70.7 Service charges on deposit accounts 2.6 4.5 3.9 3.7 6.2 5.3 4.0 3.2 3.2 3.4 1.5 7.0 All other revenue 21.9 4.6 13.8 9.7 8.6 8.2 7.6 8.4 12.6 8.4 6.5 6.4 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 25.8 21.5 24.6 20.4 25.2 24.2 21.7 21.4 23.2 23.4 16.8 23.7 Officer and employee benefits 3.7 3.1 4.4 3.0 3.2 3.4 3.5 3.4 3.8 3.1 2.7 3.2 Interest on time deposits 13.3 37.6 18.8 30.5 19.2 20.8 31.9 21.8 22.6 22.9 27.8 32.2 Net occupancy expense 3.7 Other current expenses 13.8 11.7 14.4 13.9 15.1 17.8 13.7 15.8 15.0 14.6 16.6 11.2 Total expenses 60.8 78.3 67.6 71.3 67.5 70.4 75.2 66.4 69.2 67.0 74.7 67.7 Net current earnings before income taxes .... 39.2 21.7 32.4 28.7 32.5 29.6 24.8 33.6 30.8 33.0 25.3 32.3 Net losses including transfers (or recoveries and profits +) 1.5 10.3 5.7 3.5 1.6 2.3 5.4 2.5 .8 4.8 5.7 Taxes on net income .. 16.0 2.2 10.7 6.7 11.9 9.8 5.1 11.5 12.5 112..44 11.1 7.6 Net income after taxes 21.7 9.2 16.0 18.5 19.0 17.5 14.3 19.6 17.5 18.5 17.1 12.0 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities 3.36 3.79 3.77 3.69 3.67 3.51 3.72 3.55 3.70 3.59 3.34 3.56 Interest and dividends on other securities. 2.83 3.28 3.05 3.04 2.92 3.21 3.12 3.08 3.04 3.18 3.23 3.00 Net losses (or recoveries and profits +)1.. + .22 .10 .17 .14 .10 + .08 .07 .07 + .02 + .04 .21 .22 Return on loans: Revenue on loans . 5.62 6.63 5.84 5.46 5.96 6.03 5.57 5.37 5.58 5.53 5.50 6.30 Net losses (or recoveries +) 1 .17 .32 .09 .03 2 .0 .14 .05 .10 .12 .10 .15 .20 Distribution of assets: Percentage of total assets: U S Govt securities 13.9 14.2 13.0 16.7 17.7 17.2 19.7 14.3 14.3 14.7 15.4 14.7 6.4 13.1 8.0 16.3 8.6 8.1 11.6 9.7 8.1 7.3 7.7 9.3 Loans 56.2 56.0 54.9 49.1 51.7 48.0 47.0 50.7 51.0 50.5 50.0 56.4 Cash assets 20.6 14.1 21.9 16.2 19.8 24.4 19.9 23.7 24.3 25.1 23.6 16.4 Other assets 2.9 2.6 2.2 1.7 2.2 2.3 1.8 1.6 2.3 2.4 3.3 3.2 Other ratios: Total capital accounts to: Total assets 10.4 6.5 8.7 9.2 7.8 8.1 7.1 8.9 8.0 9.2 8.2 6.8 Total assets less U.S. Govt. securities and cash assets 15.8 9.1 13.3 13.7 12.4 13.9 11.7 14.4 13.0 15.3 13.4 9.9 Total deposits 12.2 7.3 9.9 10.5 8.8 9.1 7.9 10.1 9.0 10.4 9.4 7.6 Time to total deposits .. .. 21.4 57.4 29.1 44.5 31.0 28.4 42.6 27.9 31.6 28.4 33.8 51.3 Interest on time deposits to time deposits... 3.68 3.75 3.55 3.41 3.27 3.57 3.50 3.52 3.47 3.67 3.58 3.53 Number of banks • •. 5 3 6 19 18 25 15 16 9 28 17 21 i Net losses is the excess of (1) actual losses charged against net profits 2 Ratio of less than .005. plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net profits plus recoveries credited to valuation NOTE.—Figures do not include reserve city banks in the cities of New reserves; net recoveries and profits is the reverse. Transfers to and from York and Chicago. valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 MEMBER BANKS, 1964 757 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item 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 - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 16.7 14.4 14.1 14.7 16.0 15.9 15.1 14.9 16.3 15.6 14.4 16.4 Net income before related taxes 14.3 11.4 11.9 12.8 13.9 13.1 12.6 12.9 14.5 13.1 10.7 13.2 Net income 9.1 8.6 8.3 8.6 8.7 9.0 9.5 8.4 7.5 Cash dividends declared 4.6 4.0 4.1 3.5 3.6 3.2 3.1 3.1 3.9 3.3 3.4 4.1 Percentage of total assets: Total operating revenue 5.14 4.73 4.67 4.59 4.91 4.80 4.64 4.40 4.99 4.80 4.64 5.64 Net current earnings before income taxes 1.45 1.07 1.27 1.26 1.43 1.28 1.09 1.22 1.24 1.37 1.19 1.31 Net income .78 .64 .74 .75 .77 .70 .63 .74 .72 .73 .62 .65 Sources and disposition oi income: Percentage of total operating revenue Interest and dividends on: U.S. Govt. securities 11.5 14.1 17.0 20.6 16.0 18.0 21.7 22.3 19.9 19.1 16.2 11.9 Other securities 6.7 8.7 8.2 7.4 6.1 7.1 7.6 8.3 7.4 6.4 7.8 5.1 Revenue on loans 64.6 65.9 64.5 62.9 67.4 62.0 60.9 61.3 60.9 62.8 65.4 69.7 Service charges on deposit accounts 7.8 6.1 3.9 5.1 5.6 7.6 5.4 4.5 6.8 7.6 6.6 7.7 All other revenue. 9.4 5.2 6.4 4.0 4.9 5.3 4.4 3.6 5.0 4.1 4.0 5.6 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 26.9 23.9 21.9 21.8 24.9 25.5 22.8 23.9 23.5 26.7 26.3 26.0 Officer and employee benefits 4.2 3.5 3.0 2.7 2.9 3.1 2.9 2.7 3.3 2.7 2.6 3.2 Interest on time deposits 19.1 30.5 28.7 28.8 23.4 23.3 32.5 26.1 29.3 21.8 22.6 27.6 Net occupancy expense 5.4 5.0 4.3 3.8 3.9 4.4 4.1 4.3 4.0 4.3 5.4 4.9 Other current expenses 16.2 14.5 14.9 15.5 15.7 17.1 14.2 15.3 15.0 15.9 17.4 15.1 Total expenses 71.8 77.4 72.8 72.6 70.8 73.4 76.5 72.3 75.1 71.4 74.3 76.8 Net current earnings before income taxes 28.2 22.6 27.2 27.4 29.2 26.6 23.5 27.7 24.9 28.6 25.7 23.2 Net losses including transfers (or recoveries and profits -f) 4.1 4.7 4.3 3.6 3.9 4.7 3.9 3.7 2.8 4.7 6.5 4.4 Taxes on net income 8.9 4.4 6.9 7.5 9.7 7.2 6.1 7.3 7.7 8.6 5.8 7.3 15.2 13.5 16.0 16.3 15.6 14.7 13.5 16.7 14.4 15.3 13.4 11.5 Net income after taxes Rates of return on securities and loans: Return on securities Interest on U.S. Govt. securities 3.61 3.62 3.52 3.64 3.61 3.66 3. 3.63 3.77 3.72 3.77 3.69 Interest and dividends on other securities 2.80 2.74 2.94 3.07 2.99 3.09 2.93 2.92 3.07 2.93 2.90 3.20 Net losses (or recoveries and profits+)1. .10 .11 .04 .06 .01 + .02 + .01 2.0 + .04 2.0 + .02 + .01 Return on loans: Revenue on loans 6.21 5.95 6.03 5.97 6.50 6.54 6.12 6.26 6.51 6.54 6.60 6.97 Net losses (or recoveries + )1 .16 .20 .13 .10 .13 .29 .12 .13 .11 .26 .35 .19 Distribution of assets: Percentage of total assets: U.S. Govt. securities 16.4 18.4 22.5 25.9 21.8 23.7 27.3 27.1 26.3 24.7 20.0 18.1 Other securities 12.4 15.1 13.0 11.1 10.0 11.0 12.1 12.5 11.9 10.5 12.4 9.0 Loans 53.4 52.4 50.0 48.3 50.9 45.5 46.2 43.0 46.8 46.1 46.0 56.5 Cash assets 15.7 12.2 12.6 13.1 15.3 17.4 12.8 15.8 12.8 17.2 19.2 13.4 Other assets 2.1 1.9 1.9 1.6 2.0 2.4 1.6 1.6 2.2 1.5 2.4 3.0 Other ratios: Total capital accounts to: Total assets 8.6 7.4 9.0 8.5 8.9 8.0 7.2 8.2 7.6 8.3 8.0 Total assets less U.S. Govt. securities and cash assets 12.7 10.7 13.8 14.0 14.2 13.6 12.0 14.3 12.5 15.1 13.6 11.7 Total deposits , 10.0 8.3 10.1 9.6 10.1 8.9 7.9 9.0 8.4 9.7 9.2 Time to total desposits 33.4 49.6 51.9 49.7 40.8 36.9 51.3 39.7 49.2 34.1 33.4 47.2 Interest on time deposits to time deposits... 3.38 3.25 2.92 2.97 3.19 3.37 3.24 3.19 3.28 3.41 3.47 3.67 Number of banks 246 403 415 487 400 477 989 465 485 802 655 194 i Net losses is the excess of (1) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries, credited to valuation 2 Ratio of less than .005. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 MEMBER BANKS, 1964 MAY 1965 INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Revenue . 12,251,247 38,841 289,392 527,746 1,032,198 763,292 844,314 2,541,344 6,214,120 Interest and dividends on securities: U S Govt 1 724,356 9,149 65,475 109,417 194 993 135 800 151,242 365,573 692,707 Other 902,125 1,802 17,768 38,285 77,765 57,794 64,593 173,962 470,156 Interest and discount on loans 7,891,348 24,295 179,828 328,451 640,641 471,803 520,477 1,638,286 4,087,567 Other charges on loans •. 138,800 150 1,535 2,915 8,677 7,780 9,047 29,177 79,519 Service charges on deposits 602,467 2,135 16,051 33,058 70,129 50,245 51,678 133,731 245,440 Other charges, fees, etc 205,096 864 5,729 9,195 16,970 13,235 12,854 39,478 106,771 Trust department 592,627 6 506 1,659 13,260 19,206 26,570 133,403 398,017 Other current revenue 194,428 440 2,500 4,766 9,763 7,429 7,853 27,734 133,943 Expenses 8,793,016 29,520 218,327 392,330 770,886 575,054 631,270 1,822,024 4,353,605 Salaries—Officers . . 955 086 8,698 46,655 66,781 107,738 72 852 74,361 196,000 382,001 Salaries and wages—Others 1,849,931 3,820 32,372 64,257 141,369 113,791 126,386 407,799 960,137 Officer and employee benefits 415,921 785 6,589 13,500 29,531 23,500 26,533 88,086 227,397 Directors' fees etc 45,222 798 5,068 6,906 9,727 4,966 3,846 7,843 6,068 Interest on time deposits 3,355,389 7,203 71,724 143,448 284,819 210,758 235,512 637,701 1,764,224 Interest on borrowed money 120,874 56 306 585 1,768 2,191 3,854 18,318 93,796 Net occupancy expense 543,047 1,834 12,555 22,529 45,459 35,942 38,696 109,193 276,839 Furniture and equipment 292,846 965 7,036 12,783 26,187 18,989 23,733 70,737 132,416 Other current expenses 1,214,700 5,361 36,022 61,541 124,288 92,065 98,349 286,347 510,727 Net current earnings before income taxes 3,458,231 9,321 71,065 135,416 261,312 188,238 213,044 719,320 1,860,515 Recoveries, transfers from reserves, and profits 268,386 1,123 5,260 9,695 17,879 14,007 16,815 55,475 148,132 On securities: Profits 57,223 115 1,306 3,281 6,235 4,541 4,424 11,558 25,763 Recoveries 5 449 21 145 320 734 231 269 152 3,577 Transfers from reserves 53,094 19 138 410 1,889 1,079 1,903 9,051 38,605 On loans: Recoveries 10,343 678 2,162 2,214 1,557 1,053 720 1,054 905 Transfers from reserves 55,020 78 476 737 1,872 2,516 3,060 11,037 35,244 All other 87,257 212 1,033 2,733 5,592 4,587 6,439 22,623 44,038 Losses, charge-offs, and transfers to reserves 833,431 2,446 15,991 30,702 60,296 46,383 49,279 160,328 468,006 On securities: Sold 79,029 65 808 1,852 4,133 4,073 4,023 15,017 49,058 Charge-offs prior to sale 7,298 41 574 1,293 1,472 424 329 379 2,786 Transfers to reserves 64,388 10 208 485 2,322 897 1,789 10,457 48,220 On loans: Losses and charge-offs 16,671 1,379 4,548 4,406 3,603 1,084 439 1,094 118 Transfers to reserves 545,425 755 7,798 17,800 40,438 34,176 34,873 110,238 299,347 All other 120,620 196 2,055 4,866 8,328 5,729 7,826 23,143 68,477 Net income before related taxes 2,893,186 7,998 60,334 114,409 218,895 155,862 180,580 614,467 1,540,641 Taxes on net income 984,905 1,948 15,954 33,175 67,565 51,871 60,358 217,942 536,092 Federal 897,793 1,835 14,941 31,170 64,296 49,302 57,764 206,090 472,395 State 87 112 113 1,013 2 005 3 269 2,569 2,594 11,852 63,697 Net income . . . . .. 1,908,281 6,050 44,380 81,234 151,330 103,991 120,222 396,525 1,004,549 Cash dividends declared 947,760 2,285 15,976 28,801 56,569 42,682 50,187 193,035 558,225 On preferred stocks 23 095 6 28 83 233 399 5,356 16,990 On common stock 924,665 2,285 15,970 28,773 56,486 42,449 49,788 187,679 541,235 Memoranda items Recoveries credited to reserves3 On securities 4,144 24 50 80 92 153 1,124 2,621 On loans 138,635 240 2,713 5,008 10,066 7,061 8,454 26,661 78,432 Losses charged to reserves4 On securities 41 406 27 72 625 509 1,123 7,459 31,591 On loans 317,690 539 6,399 13,488 28,741 23,653 23,692 59,565 161,613 Assets, deposits, and capital accounts: Loans . . . 146,165,631 374,068 2,872,999 5,326,804 10,618,705 8,181,559 9,221,086 30,077,065 79,493,345 48,246,029 261,052 1,850,507 3,053,605 5,353,315 3,688,228 4,106,273 10,224,848 19,708,201 Other securities 31 802 522 57,696 614,586 1,366,411 2,809,460 2 125,781 2,327,071 6,194,531 16,306,986 Cash assets 52,128,613 159,716 1,049,108 1,788,244 3,299,112 2,457,375 3,058,758 11,019,759 29,296,541 Other assets 7,835,945 11,705 100,216 200,453 424,994 339,305 378,843 1,252,330 5,128,099 Total assets 286,178,740 864,237 6,487,416 11,735,51722,505,586 16,792,248 19,092,03158,768,533 149,933,172 Time deposits 103 455,139 259,196 2,465,459 4,839,080 9,487,651 6,867,416 7,538,977 20,205,171 51,792,189 Total deposits 253,202,161 754,295 5,796,422 10,620,85620,363,434 15,167,423 17,236,54252,750,696 130,512,493 Total capital accounts 22,527,456 104,105 636,688 986,166 1,776,257 1,252,932 1,438,019 4,491,067 11,842,222 Number of officers . • • 85 795 1,484 6,163 7 925 10,904 6,712 6,342 16,281 29,984 Number of employees 449,733 1,406 10,123 19,022 39,998 42,638 32,843 101,530 202,173 Number of banks . .. 6,017 529 1,684 1,493 1,305 435 247 248 76 1 Total is for banks operating during the entire year, except that 1 4 Not included in losses above. trust company having no deposits is excluded. NOTE.—The figures for assets, deposits, capital accounts, number of 2 Includes interest on capital notes and debentures. officers and employees, and number of banks are as of the end of the year. 3 Not included in recoveries above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 INSURED COMMERCIAL BANKS 759 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1961 1962 1963 1964 1961 1962 1963 1964 Revenue 11,069,604 12,218,959 13,509,713 15,024,487 1,850,932 2,074,638 2,349,875 2,648,846 Interest and dividends on securities: U.S. Govt 1,901,732 2,093,207 2,176,454 2,240,389 363,426 406,759 451,250 499,259 Other 629,134 759,030 921,060 1,085,334 115,287 129,996 147,981 174,153 Interest and discount on loans 6,891,442 7,578,200 8,516,837 9,612,079 1,118,074 1,258,459 1,444,059 1,641,269 Other charges on loans 117,259 139,645 155,478 173,159 20,830 24,445 28,444 32,729 Service charges on deposits 630,458 681,243 728,857 781,405 135,632 148,834 161,175 174,212 Other charges, fees, etc 223,283 237,446 248,362 280,289 58,881 62,194 68,092 73,105 Trust department 502,871 543,916 573,252 629,694 19,385 23,041 25,772 28,339 Other current revenue 173,425 186,272 189,413 222,138 19,417 20,910 23,102 25,780 Expenses 7,440,492 8,589,177 9,714,980 10,897,460 1,363,507 1,553,750 1,790,227 2,009,419 Salaries—Officers 1,028,869 1,098,146 1,183,264 1,284,140 249,831 268,992 291,885 316,988 Salaries and wages—Others 1,869,961 1,975,406 2,101,111 2,234,922 284,042 306,195 334,927 365,104 Officer and employee benefits 377,494 419,098 457,033 490,732 47,010 56,162 64,488 71,303 Directors' fees, etc 59,794 63,236 67,469 72,176 20,875 22,559 24,254 26,336 Interest on time deposits 2,106,645 2,845,283 3,464,308 4,088,061 385,372 487,151 606,708 704,537 Interest on borrowed money 37,997 64,325 106,517 127,277 1,589 1,765 2,443 5,223 Net occupancy expense 510,691 555,670 608,462 670,243 86,691 97,316 108,192 120,778 Furniture and equipment 224,852 267,885 311,518 362,301 43,991 50,244 56,733 65,784 Other current expenses 1,415,298 1,567,608 244,106 333,366 1,224,189 1,300,128 263,366 300,597 Net current earnings before income taxes 3,794,733 4,127,027 487,425 639,427 3,629,112 3,629,782 520,888 559,648 Recoveries, transfers from reserves, and profits 468,450 322,104 81,066 47,338 On securities: 708,171 467,061 70,947 59,433 Profits 453,730 167,445 74,723 49,922 40,818 27,130 16,430 Recoveries 9,934 256,987 4,046 6,633 2,794 1,864 1,144 1,160 Transfers from reserves 86,574 6,241 60,516 57,284 6,980 6,614 3,811 3,306 On loans: 56,761 Recoveries 16,825 16,902 17,913 17,383 6,504 6,867 7,362 7,014 Transfers from reserves 51,817 56,610 131,235 62,313 5,641 4,751 6,874 5,928 All other 89,291 73,560 87,295 103,768 9,225 10,033 13,112 13,500 Losses, charge-offs, and transfers to reserves.., 935,461 836,665 883,637 1,017,299 124,400 132,939 146,122 172,086 On securities: Sold 44,290 58,939 49,887 88,397 11,746 7,820 6,961 8,712 Charge-offs prior to sale 21,354 12,603 12,827 11,256 3,062 3,373 2,910 2,878 Transfers to reserves 224,678 95,039 63,530 72,213 13,414 10,407 7,084 6,953 On loans: Losses and charge-offs 31,194 30,107 29,588 32,385 11,664 13,282 13,423 15,540 Transfers to reserves 481,200 528,710 609,059 666,040 64,076 77,184 92,611 114,244 All other 132,745 111,267 118,746 147,008 20,438 20,873 23,133 23,759 Net income before related taxes 3,401,822 3,260,178 3,379,546 3,431,832 444,091 458,896 472,959 514,679 Taxes on net income 1,406,102 1,256,382 1,226,783 1,148,203 153,445 148,397 149,865 152,458 Federal 1,317,292 1,159,725 1,130,629 1,050,624 144,928 139,505 141,16." 142,312 State 88,810 96,657 96,154 97,579 8,517 8,89f 8,703 10,146 Net income 1,995,720 2,003,796 2,152,763 2,283,629 290,646 310,499 323,094 362,221 Cash dividends declared 895,053 941,189 993,374 1,088,310 101,903 110,701 117,051 128,990 On preferred stock1 1,823 1,763 3,335 25,749 704 699 75" 1,479 On common stock 893,230 939,426 990,039 1,062,561 101,199 110,002 116,294 127,511 Memoranda items Recoveries credited to reserves2 On securities 9,911 4,714 6.216 4,515 699 1,173 49: 379 On loans 73,844 84,863 96,897 157,791 11,623 12,921 15,293 18,378 Losses charge to reserves3 On securities 22,463 16,305 17,314 43,683 A MA 4,355 2,454 1,653 On loans 249,500 238,825 323,475 394,181 36,284 42,003 50,036 74,275 Assets, deposits, and capital accounts: Loans 117,969.985127,789,110145,028,233164,816,70317,532,85719,244,42622,296,50525,466,529 U.S. Govt. securities 61,792,135 64,519,914 64,058,431 61,439,39011,382,34812,183,09^13.025,13413,350,548 Other securities 21,660,321 25,761,084 31,421,875 36,360,062 4,002,947 4,434,993 5,103,896 5,892,023 Cash assets 46,613,211 49,438,670 50,997,566 54,449,343 5,546,688 5,891,680 6,030,031 6,483,176 Other assets 6,162,547 6,712,000 7,434,673 8,425,128 654,205 735,619 841,84: 962,019 Total assets 254,198,199274,220,778298,940,778325,490,62639,119,04542,489,81 47,297,40852,154,295 Time deposits 77,658,528 89,470,056104,507,516119,606,43814,575,63516,383,64819,002,57921,536,090 Total deposits 225,214,703243,319,550264,069,489 128877,988,56035,247,35638,300,79042,590,786 4166,937,686 Total capital accounts 21,288,987 22,703,808 24,283,900 26,391,374 3,374,058 3,642,45r 4,029,246 4,397,383 Number of officers 107,060 112,200 117,147 124,005 32,355 33,895 35,206 37,025 Number of employees 496,040 512,739 531,820 558,265 86,339 92,419 99,088 103,297 Number of banks 13,115 13,124 13,291 13,493 7,004 7,079 7,184 7,269 1 Includes interest on capital notes and debentures. were State member banks of the FRS and were included in member 2 Not included in recoveries above. bank figures. 3 Not included in losses above. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each NOTE.—Includes all insured commercial banks in the United States year (except that in 1963 the March 18 call was also included). The numand possessions. Excludes 1 to 3 mutual savings banks prior to 1962, ber of officers, employees, and banks are as of the end of each year. and 1 or 2 noninsured nondeposit trust companies prior to 1962; these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 762 Gold production. . 763 Net gold purchases and gold stock of the United States. 764 Estimated foreign gold reserves and dollar holdings. 765 International capital transactions of the United States. 766 Money rates in foreign countries 775 Arbitrage in Treasury bills. 776 Foreign exchange rates 777 U.S. balance of payments 778 Foreign trade. . 779 Guide to tabular presentation 688 Index to statistical tables 785 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- 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 GOLD RESERVES MAY 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 J.T70 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 1,170 287 885 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—Mar 42,420 2,328 15,550 24,540 36 76 211 569 ,376 150 42 871 43 Apr 2,334 15,727 36 76 215 579 1,390 120 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 1,392 120 42 931 43 July 2,359 15,629 37 74 219 592 L393 120 42 949 43 Ails 2 424 15 657 37 73 221 592 L 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 I 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 71 226 600 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 r36 228 613 1 473 92 84 rl 041 42 Mar 2,189 14,639 229 625 1,484 1,044 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 35 142 98 60 2,343 289 1964 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 AUJT 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 4,248 247 141 112 56 2,107 1965 Jan 92 85 3 913 4 250 270 141 112 56 2 107 Feb 92 85 3,974 4,251 281 141 56 2 101 Mar 92 85 4,197 4,243 281 2,093 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—Mar 50 172 156 29 1,601 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 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 32 497 78 592 Dec 48 169 34 1,688 20 31 53 67 23 497 78 574 1965—Jan 48 174 34 1,688 20 31 53 67 24 78 545 Feb 1,723 20 31 53 67 519 Mar 1,723 20 31 53 67 498 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 GOLD RESERVES AND PRODUCTION 763 GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la 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 i i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . - E E P F U 3 ments 2 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—Mar.. 573 182 2,542 51 104 115 174 2,458 171 401 15 22 47 Apr 573 182 2,524 51 104 115 174 171 401 15 82 May 573 182 2,526 54 104 115 174 171 401 15 47 575 182 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 Aug 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 43 1965—Jan 646 189 2,702 55 104 111 139 171 401 17 — 111 Feb 677 189 2,702 55 104 115 171 401 16 — 159 Mar 189 2,702 171 401 -104 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 l o d - - U S n ta i t t e e s d C a a d n a - M ic e o x- r N a i g c u a a - Co b l i o a m- India P p h i i n l e ip s - t A ra u l s i - a oth A e l r l * 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 12.8 14.9 33.7 1964—Jan 78.7 L.7 2.6 10.7 .8 1.2 .4 1.3 3.1 F M c a b r 7 8 9 4 . . 9 9 . , 6 6 2 2. . 6 6 2#i.9 1 9 0 . . 8 3 1. .5 0 1 1 . . 2 0 . .5 4 1.2 2 2 . . 6 5 Apr 82.3 .6 2.6 11.6 .7 1.2 .4 1.2 2.6 Mav 83.4 .7 2.6 10.7 .4 1.1 .4 1.2 2.7 85.4 6 2.4 22.5 10.8 .3 1 l 4 1 2 3 0 July 86.9 L.7 11.3 .4 1.0 .4 3.0 Aug 87.2 .7 11.3 .7 1.0 .4 3.1 88.2 6 10.9 .5 .9 .4 2 4,Q 2.5 Oct 89.9 6 11.5 1 0 .5 2 8 Nov 88.0 8 11.5 1.1 .4 3.0 Dec 84.2 9 10.8 .8 23.5 2.8 1965 Jan 10.8 .9 Feb 9.8 1 1 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 U.S. GOLD MAY 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 n in IV Western Europe: -84 -83 -1 -143 -82 -55 -32 -32 -23 3 3 -329 -39 -141 -144 -63 40 -40 -34 -266 -173 -456 -518 -405 -101 -101 -ioi -101 -101 -34 -23 —225 —200 25 Italy -349 100 200 200 Netherlands 25 -261 -30 -249 -25 -60 -60 -20 -10 Spain 31 32 -114 -156 -146 -130 -32 -2 -30 -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 -7 -4 -7 14 -1 -14 Total 80 68-2,326 -827 -1,718 -754 - 1,105 -399 -88 -7 -31 79 35 -171 15 5 190 Latin American republics: 115 75 67 -50 -90 85 -30 -30 -1 -11 -2 57 72 54 28 -1 28 -1 28 28 30 -6 20 38 4 10 10 * -200 65 r 29 6 2 22 17 j q j •3 -28 81 69 19 -100 -109 175 32 56 2 -4 25 7 27 Asia: -30 -157 -15 Other * 18 -4 -28 -97 1-101 2—93 312 3 A 5 -1 -1 Total * 18 -34 -186 -113 -101 -93 12 3 -4 5 -1 -1 All other 14 -3 -5 -38 -6 -1 -36 -7 j 2 -9 -1 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* ld s T to r c e k a * sury 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 ld al Month Total To G ta o l2 ld s T to re c a k s i ury h c F o u o l r d r r e e in 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—Apr.... 15,991 15,727 15,462 264 1 177 1953.... . 22,091 22,091 22,030 -1,161 -1,161 May.. 15,946 15,693 15,463 253 -45 -34 1954.... . 21,793 21,793 21,713 -298 -298 June... 15,805 15,623 15,461 182 -141 -70 1955 . 21,753 21,753 21,690 -40 -40 July... 15,840 15,629 15,462 211 35 6 1956.... . 22,058 22,058 21,949 305 305 Aug.... 15,890 15,657 15,460 233 50 28 1957.... . 22,857 22,857 22,781 799 799 Sept... 15,870 15,643 15,463 227 -20 -14 Oct 15,702 15,606 15,461 96 -168 -37 1958.... . 20,582 20,582 20,534 -2,275 -2,275 Nov... 16,324 15,566 15,386 758 622 -40 1959 . 19,507 19,507 19,456 -1,075 4-1,075 Dec... 15,903 15,471 15,388 432 -421 -95 I960.... . 17,804 17,804 17,767 -1,703 -1,703 1961 . 17,063 16,947 16,889 116 -741 -857 1965—Jan.... 15,572 15,208 15,185 364 -331 -263 1962 . 16,156 16,057 15,978 99 -907 -890 Feb... 15,220 14,993 14,937 227 -352 -215 1963.... . 15,808 15,596 15,513 212 -348 -461 Mar... 15,129 14,639 C14,563 490 -91 -354 1964 , 15,903 15,471 15,388 432 95 -125 Apr.*. 14,885 14,481 14,411 404 -244 -158 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, *hich amounted to $800 million to the IMF. on Apr. 30, 1965. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 11 on p. 773 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only, see pp. 698 and 700. 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

MAY 1965 GOLD RESERVES AND DOLLAR HOLDINGS 765 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, 1964* U.S. Govt. Area and country Gold& U.S. Gold& bonds & notes i 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 D Fi e n n la m n a d rk 1,5 1 1 4 5 3 2 9 4 1 2 * 6 1,7 2 1 9 5 6 1 3 0 1 * 3 1 1 * 1 4 1,7 2 1 8 5 7 2 9 6 1 4 1 4 c 1,8 2 1 3 8 6 2 9 7 1 * 1 4 1,8 3 1 2 5 7 1 2 4 1 • 1 4 1,8 4 2 8 2 1 7 8 2 14 I N G G ta e r e l e t r y h e m c e a e rl n a y n d F s ed Rep of. 6 3 3 1 , , , ,8 4 6 7 1 2 2 0 4 9 9 7 9 4 6 3 3 * * 1 4 6 3 1 , , , , 6 9 1 8 2 6 4 5 8 6 1 6 3 4 5 2 33 * 1 6 4 4 1 1 i 4 6 2 1 , , , , 8 7 9 8 2 9 1 0 2 3 8 1 9 7 9 7 4 1 1 5 6 3 1 , , , , 6 8 0 0 2 2 1 3 0 2 4 6 9 3 7 7 5 * 1 1 5 6 3 1 , , , , 2 0 4 9 2 6 2 3 9 2 4 5 7 3 5 4 7 i 6 2 5 3 , , , 0 2 7 2 3 5 2 5 7 9 5 9 8 2 2 7 5 * I 155 87 164 126 131 135 131 188 131 205 101 214 98 Portugal 632 1 688 1 689 * 687 721 4c 754 * 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 T O U u t n h r i k e te e r d 2 y Kingdom ... 4,1 4 1 9 8 6 1 1 5 3 4 7 8 0 * 3,9 3 1 6 6 3 7 9 6 3 4 6 9 1 * 3 4 2 6 8 * 4,2 5 1 4 5 3 5 9 5 3 4 8 9 * 0 4,1 5 1 5 1 2 3 4 9 40 4 2 8 4,2 4 1 2 6 2 2 2 3 4 4 0 9 2 4,0 4 1 3 7 4 6 8 0 41 4 4 9 4i Total 28,916 708 30,433 779 741 30,420 800 30,761 822 31,329 753 32,716 714 Canada 4,057 389 3,805 686 687 3,555 686 3,674 686 3,863 695 4,021 690 Latin American republics: 271 453 1 4c 452 * 424 4c 386 * 361 * Brazil 429 329 1 329 294 4c 330 4= 349 * Chile 178 186 * 4c 181 * 227 4c 224 * 219 * Colombia 205 231 1 1 244 1 238 1 226 1 265 1 Cuba 16 12 * * 11 4) 11 10 10 * Mexico . .... 626 808 5 2 837 817 1 808 1 903 1 Panama Republic of 98 129 1 10 91 1 105 89 99 Peru 2 1 8 5 1 2 2 2 1 8 5 4 * 1 * 4: 2 27 3 7 0 4 4c c 2 2 7 7 1 6 4 4c c 2 2 7 80 1 4 * c 2 28 7 1 2 * Venezuela 806 992 * 1,017 4c 1,057 1,076 * 1,130 4c Other 336 3 424 1 1 463 2 487 2 465 2 473 2 Total 3,398 13 4,063 12 14 4,132 5 4,207 4 4,165 5 4,362 6 Asia: 288 6 298 5 4c 302 4c 311 4c 307 306 * Indonesia ... . . 72 1 83 1 1 81 1 77 1 63 73 1 Japan 2,484 3 2,773 3 5 2,758 5 2,757 5 2,882 3,023 5 T O h th a e il r and 1,4 4 2 9 3 1 1 7 5 40 * 1,6 2 4 8 8 3 7 6 7 42 * * 41 * 4c 1,8 2 5 9 3 1 3 2 3 38 4 4 c c 1,9 5 2 4 2 3 4 9 0 42 • # 1,9 2 5 9 6 4 5 0 6 45 2,0 2 5 5 5 6 8 6 2 43 * * Total 4,987 50 5,564 51 47 5,779 44 5,848 48 6,053 51 6,278 49 Africa: South Africa 540 671 4i • 670 645 4c 635 4c 624 * U A.R (Egypt) 188 * 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 * 388 4i 373 4c 384 392 4c 402 4t All other 287 29 313 30 26 308 25 350 26 358 28 372 26 Total 624 29 701 30 26 681 25 734 26 750 28 774 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 49,238 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 7,161 904 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 56,399 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. 772. 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

766 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 * c F o o u r n e t i r g ie n s E W u e ro st p e e r n 2 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r es 1963—Dec.. 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964—Mar. 19,151 5,900 13,251 7,500 1,483 1,135 2,815 156 162 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 Aug. 19,415 5,925 13,490 7,636 1,492 1,152 2,906 139 165 Sept. 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. '20,225 5,876 14,349 '8,270 1,483 1,238 3,020 160 178 1965—Jan.. 19,518 5,822 13,696 7,551 1,449 1,265 3,096 159 176 Feb. * 19,632 5,807 13,825 7,644 1,419 1,278 3,124 180 180 19,342 5,905 13,437 7,252 1,316 1,296 3,213 178 182 1 Includes international organizations, and Latin American and Euro- as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt. securities with an original maturity and the European Fund which are included in Western Europe. of more than one year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. 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. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional1 Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E p io r u 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 O c t o r t i u h e n e s r - I960 21,272 4,012 3,897 115 17,260 10,212 7,048 9,046 2,439 2 308 3,115 227 125 1961 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 25,967 4,637 4,501 18 118 21,330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 1964—Mar.... 25,927 '4,730 4,603 19 108 21,197 12,014 9,183 10,679 2,684 3,192 4,218 247 177 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 '4,911 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... r28,834 '4,973 4,802 22 150 '23,861 '13,224 '10,637 '12,253 '2,995 '3,537 '4,638 247 '192 1965—Jan.... 28,765 4,986 4,811 19 156 23,779 12,587 11,192 11,995 2,978 3,592 4,743 252 218 Feb.*.. 28,905 5,010 4,842 17 150 23,895 12,684 11,211 12,000 2,965 3,647 4,808 276 199 Mar.*.. 28,323 5,108 4,943 19 146 23,215 12,296 10,919 11,543 2,566 3,708 4,924 267 207 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 I960 9,046 243 142 54 46 519 3 476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 ,157 2,730 119 1,384 248 125 161 177 490 1963 10,770 365 420 161 99 ,478 3,041 188 803 360 133 191 205 409 1964—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 1,434 447 182 228 410 653 Dec... '12,253 323 436 336 127 1,663 2,010 174 '1,622 367 183 257 394 644 1965—Jan... 11,995 296 470 344 129 1,529 1,922 165 1,591 355 153 257 407 6S1 Feb.*. 12,000 269 458 334 126 1,565 1,898 152 1,570 339 174 267 337 721 Mar.p... 11,543 247 411 338 116 1,333 1,888 150 1,446 313 203 264 277 739 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 767 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—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 1,083 22 1,848 12 254 2 23 3,411 305 233 163 162 10 663 Nov.... 1,199 27 2,004 15 251 3 21 3,480 279 253 151 177 10 773 Dec 1,370 36 1,900 32 '358 3 19 '3,537 290 257 176 207 10 734 1965—Jan 1,321 26 2,049 21 253 3 24 3,592 297 280 189 175 9 698 Feb.P... 1,306 21 2,094 17 324 2 24 3,647 301 304 161 194 10 709 Mar.2>... 1,225 27 2,228 21 293 2 24 3,708 300 328 163 163 9 743 2b. Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L re t . h A p e . . r B B e a r h m & a u m d a a s 7 A S n N u t r i e i ll n t e h a s . m & Am O L e a t r h t i i e c n r a 7 Total M C la h a n i i n d n a - K H o o n n g g India n d I e n o s - i - a Israel 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—Mar.... 91 173 106 616 397 141 88 13 4,218 36 74 55 46 126 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 '180 114 15 '4,638 35 95 59 38 133 1965—Jan 101 241 115 759 415 182 115 16 4,743 35 96 65 26 131 Feb.*... 110 244 119 714 441 207 114 16 4,808 35 100 70 30 134 Mar.?5... 110 266 123 695 468 211 111 19 4,924 35 94 61 27 127 2c. Asia-Continued 2d. Africa 2e. Other countries Congo 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 (Le v o il p le o ) ld- ro M cc o o - 1 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 1 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 2 484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964 Mar 2 469 124 209 200 409 472 247 26 33 43 24 122 177 162 15 Apr ... 2,437 120 205 215 416 512 235 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 32 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 . '2,719 104 233 221 458 543 247 26 7 50 24 141 '192 '176 15 1965 Jan .. 2 716 116 242 225 471 618 252 23 8 57 28 136 218 201 18 Feb.?'. . .. 2,739 111 259 230 484 616 276 33 8 62 28 145 199 178 21 Mar.*... . 2,803 100 252 232 488 703 267 37 9 49 24 148 207 185 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 6 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

768 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 Data8 (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 (Com.): Iceland. . 5.2 7.0 4.7 5.2 Iran 49 4 23 5 33 4 23 4 4.7 10.7 6.0 8.7 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 Monaco. ... 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 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 Saudi Arabia 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 Nicaragua 42.5 35.0 52.3 42.4 Ethiopia, incl Eritrea 20 8 22 3 32 1 33 7 Paraguay 6.8 8.9 8.4 11.4 Ghana 10.8 6 4 6 3 5 6 Trinidad & Tobago 4 1 5.7 5.5 7.4 Liberia 13 4 22 0 17 8 20 0 10.5 14.1 14.9 28.9 Other Latin America: Mozambique 1.1 1.4 1.4 2.5 British 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 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 13.3 5.0 4.2 5.5 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 * 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—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 June 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 '28,834 '25,351 '6,710 '3,994 8,727 3,308 '2,612 '3,354 '1,523 1,257 72 502 '129 1965—Jan 28,765 25,265 6,844 4,047 8,555 3,303 2,515 3,361 1,502 1,281 81 496 138 Feb.P 28,905 25,373 6,734 4,056 8,591 3,303 2,689 3,408 1,513 1 306 79 511 123 Mar.? 28,323 24,727 6,621 3,997 7,972 3,373 2,764 3,451 1,533 1,342 79 497 146 1 Excludes negotiable time certificates of deposit which are included Bank, which amounted to $309 million on Mar. 31, 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

MAY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 769 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 in ica 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 Mar r6,368 940 713 rl,777 2,796 98 44 Apr r r 6 6, , 5 4 5 9 7 3 1 1 , , 0 02 0 8 2 7 7 3 6 5 4 rrl l , 7 ,8 9 1 1 4 2 2 , , 8 79 2 4 5 1 9 0 8 2 4 5 5 0 June r6,897 1,164 855 1,852 2,874 100 52 July r6,727 1,075 746 1,912 2,837 98 58 Aug '6,775 1,048 746 1,932 2,891 98 60 Sept r6,806 1,064 675 1,984 2,923 101 58 Oct '6,912 1,164 '629 '2,020 2,925 108 66 Nov r6,964 1,129 '627 2,098 2,934 109 67 Dec '7,469 1,217 '725 2,212 3,137 120 58 Dec 4 •7,684 * 1,232 '791 '2,206 '3,262 129 63 1965 Jan 7,478 2 1,186 751 2,184 3,189 109 56 Feb.* 7,606 1 1,203 806 2,227 3,202 116 51 Marv ... 7,707 * 1,220 753 2,185 3,367 130 53 4a. Europe End of period Total A tr u ia s- g B iu e m l- D m e a n rk - l F a i n n d - France G Fe e d r . m o R a f n e y p , . Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- I960 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—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 1,048 8 31 18 62 72 133 10 94 40 33 20 32 31 SeDt 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 34 16 71 76 175 10 122 42 41 20 32 41 Dec 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 Dec.4 1,232 11 52 26 84 '79 150 9 114 36 43 23 40 r49 1965 Jan 1,186 9 57 18 77 QOQO 186 10 106 33 46 28 32 51 M Feb a * r. > p 1 1 , , 2 2 2 0 0 3 1 9 0 7 4 2 9 2 2 0 1 7 7 6 7 8 7 0 2 2 1 0 8 3 6 1 9 0 1 13 2 8 5 4 4 3 7 4 4 4 9 2 3 6 4 2 3 6 2 4 4 5 4 4a. Europe—Continued 4b. Latin Amarica End of period S l w a e n r i - t d z- T k u ey r- U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e r t s h o te e p r r e n 5 U.S.S.R. E E O a u s 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- I960 60 49 245 11 11 8 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963 70 48 237 7 23 16 1,742 188 163 187 208 18 465 1964 Mar 77 46 198 14 23 18 1,777 176 155 182 222 16 r494 Apr 81 25 246 17 25 17 1.814 180 147 192 226 17 '515 May 76 23 255 24 24 17 1J791 175 141 186 230 17 r507 June 85 42 347 29 22 15 1,852 171 147 191 246 17 r539 July 91 52 285 26 22 16 1,912 174 147 187 251 16 '571 Aug 88 35 111 23 21 20 1,932 175 153 187 250 16 r568 Sept 82 49 290 21 22 18 1,984 187 158 196 273 16 r565 Oct 90 31 312 17 26 20 '2,020 196 155 183 291 16 r58O Nov 92 15 278 15 21 20 2,098 205 146 188 300 17 604 Dec 97 36 319 15 20 20 2,212 210 145 188 319 17 630 Dec.4 107 r37 '317 16 20 20 '2,206 201 123 173 '334 17 r641 1965—Jan 112 36 241 16 20 21 2,184 207 122 163 310 16 656 Feb" 121 32 215 15 21 23 2,227 206 117 154 310 16 685 Mar.* 118 30 234 20 23 24 2,185 199 119 139 291 16 682 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 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 1 I U gu r a u y - V zu e e n l e a - r O L l e i t p c . h A s u e b . 7 r - m B B m u a & e d h a r a s a - - A N S n n u e a t & i m t r l h i l - e . s A O L i m c a th a t e i e n » r r - Total M C la h a n i i n d n a - K rl o o n n g g India I n n e d s o ia - Israel 1960 . .. 23 44 57 234 55 8 66 1 052 2 9 9 24 1961 32 74 55 144 56 13 74 31 891 2 9 8 36 1962 30 85 122 102 66 9 98 2 017 2 13 20 37 1963 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964—Mar... 50 110 50 115 147 34 12 14 2,796 2 12 26 31 Apr.... 46 113 48 123 147 37 11 11 2,794 2 13 22 i 34 May... 41 113 51 125 144 35 13 11 2,825 2 13 23 38 June... 44 114 54 128 140 37 12 10 2,874 2 15 21 i 39 July... 40 112 55 140 160 38 11 10 2,837 2 16 20 44 Aug.... 38 104 62 137 169 41 19 13 2,891 2 16 19 39 Sept... 37 102 63 140 173 42 1? 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.. r44 r108 77 166 '223 61 18 20 '3,262 2 28 21 7 43 1965—Jan.. .. 45 109 77 158 221 64 19 17 3,189 2 21 22 7 32 Feb.*7.. 56 112 85 159 228 60 19 19 3,202 1 21 16 7 43 Mar.2\. 48 116 83 164 228 62 19 18 3,367 1 25 28 7 52 4c. Asia--Continued i\d. 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 * 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 ft 3 69 28 24 1961 31,528 4 114 10 34 145 6 to 13 85 29 27 1962 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 2 171 25 113 8 52 71 io4 1 IS 28 59 58 48 9 1964 Mar 2 400 31 150 9 58 77 98 1 17 24 55 44 36 8 Apr 2,394 29 161 8 57 74 102 1 1 '0 24 56 45 37 8 May 2,421 28 155 7 54 84 98 1 18 29 49 50 40 9 June 2,469 27 158 7 57 78 100 1 19 26 52 52 43 9 J A U u l g y 2 2 4 4 1 7 6 2 2 2 3 7 1 17 7 9 4 7 7 5 5 3 6 7 7 8 7 9 9 8 8 1 1 2 1 1 9 0 2 2 6 6 5 5 0 0 6 5 0 8 4 5 9 0 9 9 Sept 2 493 25 179 g 53 80 101 1 18 29 52 58 49 10 Oct 2,488 25 185 9 54 81 108 1 18 29 58 66 56 10 Nov 2,496 25 183 8 55 79 109 1 o 19 28 60 67 58 9 Dec 2 653 21 202 9 64 88 120 1 19 42 56 58 48 10 Dec 4 r2 781 21 205 9 65 r82 r129 1 ">0 42 r65 63 48 r16 1965 Jan 2 720 20 205 10 70 80 109 1 1 1 5 31 61 56 43 13 Feb » 2,721 20 207 15 70 80 116 1 -> 14 29 70 52 39 12 Mar.? 2,842 20 212 12 71 97 130 1 3 19 35 72 53 41 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

MAY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 771 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 s o f t i o n i c t a i s u a n 1 - 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 f r 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 s f r o i s t r s - g c F p a u o n c o a n v r o a r p i d t n m e t . e i i c e f r g l s e i . 2 s e n - , - Other 4 I960 3 614 3 135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961 5 . . .. 4 820 4,234 1,660 329 709 622 700 1 874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964 Mar '6,368 '5,706 '2,047 162 1,086 '799 932 2,394 333 662 397 211 55 Apr r6,493 '5 784 '2,094 152 1,108 '834 911 2,413 367 709 444 210 56 May '6,557 '5,822 '2,139 140 1,138 '861 932 2,373 378 735 452 221 62 June '6,897 '6,089 '2,192 168 1,143 '881 933 2,438 526 808 494 254 60 July r6,727 '6,039 '2,233 168 1,152 '913 956 2,401 448 688 419 207 62 r6,775 '6,083 '2,265 151 1,176 '938 956 2,403 460 692 416 202 74 Sent '6 806 '6 132 '2,310 159 1,207 '944 980 2,414 428 674 416 176 83 Oct '6,912 '6,242 r2,379 164 1,251 '964 986 2,431 446 '670 '410 177 83 Nov '6,964 6,303 2,461 165 1,316 980 990 2,420 432 '662 '394 183 84 Dec '7,469 6,810 2,652 223 1,374 1,055 1,007 2,600 552 '659 '400 182 77 Dec « '7,684 '7,044 '2,719 '223 1,387 '1,110 '1,081 '2,664 '580 '640 '363 180 '97 1965 Jan 7,478 6,836 2,752 222 1,427 1,104 1,004 2,560 519 643 373 167 102 Feb » 7 606 6,928 2,924 250 1,491 1,183 966 2,539 500 678 385 174 119 MarP 7,707 7,054 2,944 243 1,500 1,201 1,030 2,632 447 653 398 143 113 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 * 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 first 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 n c i r i g - e n s U K d n i o i n m t g e - d E O u t r h o e p r e Canada A L m at e i 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 1961 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 2,811 217 2 38 31,063 290 31.015 3249 3194 113 68 1964 Mar 105 '3,278 '3,062 215 1 50 1,202 289 1,040 310 195 116 76 Apr 146 '3,311 '3,097 213 1 50 1,238 286 1,040 319 188 111 79 May 155 '3,337 '3,124 212 1 50 1.242 287 1,054 323 196 107 77 June . 157 r3,35O '3,147 202 1 57 1,273 279 1,029 325 197 110 80 Julv 175 '3,414 '3,219 194 1 61 1,302 283 1,030 329 210 115 85 Aug 174 '3,480 '3,282 198 72 1,307 294 1,058 332 216 115 86 Sept 171 '3,589 '3,392 197 73 1,358 292 1,073 351 229 120 92 Oct 164 '3,693 '3,490 203 76 1,408 292 1,099 352 229 131 105 Nov 298 '3,853 '3,652 201 77 1,493 291 1,153 369 238 125 107 Dec / 3,971 3,777 195 77 1.611 273 1,162 385 238 123 103 Dec 4 > 305 1/4,151 '3,930 '221 '82 '1,620 '286 '1,234 '425 '250 '134 120 1965 Jan 309 4,393 4,169 222 1 85 1,674 308 1,338 448 259 162 118 Feb P 440 4,638 4,391 243 4 88 1,781 356 1,385 448 274 175 132 Mar v 397 4,681 4,451 225 5 93 1,761 342 1 393 468 297 189 138 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 * 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

772 INTL. CAPITAL TRANSACTIONS OF THE ILS. MAY 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govi. bonds and notesl U. s S e . c u c r o it r i p e o s r 2 ate 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 ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r regional Total Official Other 1961 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964 -338 -315 -23 -59 36 3,537 3,710 — 173 915 rl,838 -923 748 548 200 1964—Mar -27 * -27 -27 299 334 -35 43 40 3 66 36 31 -4 1 -5 4 -8 340 360 -20 70 192 -121 71 50 22 May -83 -103 20 * 20 313 296 16 53 157 -103 62 50 12 June 12 * 12 1 10 313 297 17 67 112 -44 64 47 17 July -16 1 -17 -23 6 284 353 -68 70 76 g 61 42 19 -98 -61 -37 -40 3 260 262 -2 37 32 6 49 32 16 Sept -81 -84 3 3 267 301 -34 51 97 —46 49 42 7 Oct —30 -21 -9 -13 4 335 353 -17 252 399 -148 60 59 1 -37 * -37 -40 3 297 292 5 86 342 -256 55 50 5 Dec 2 * 2 * 2 289 302 —13 '94 '221 -127 72 59 13 1965—Jan —66 -68 2 -15 17 240 249 -9 49 107 -58 86 48 38 Feb.* -7 -38 30 32 -1 283 291 -9 50 268 -218 77 44 34 Mar.p -17 * -17 * -17 420 389 31 46 148 -102 77 53 24 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes small amounts of State and local govt. securities. See also NOTE to Table 2. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962 Dec 251 200 51 1963 Dec 730 50 30 275 200 175 163 125 13 25 1964 Apr 732 50 30 All 175 158 125 8 25 May 802 50 30 All 1245 158 125 8 25 June ••. 802 50 30 All 1245 152 125 2 25 July 953 50 30 628 1 245 152 125 2 25 Aus • 1,005 50 30 628 1297 152 125 2 25 Sept 1 005 50 30 628 1297 354 2329 25 Oct 1 086 50 30 679 1 327 354 2 329 25 Nov 1 086 50 30 679 1 327 354 2 329 25 Dec 1 086 50 30 679 l 327 354 2 329 25 1965 Jan 1 086 50 30 679 1327 354 2 329 25 Feb 1 112 75 30 679 1 327 354 2 329 25 Mar 1 137 101 30 679 i 327 354 2 329 25 Apr 1,137 101 30 679 1327 354 2 329 25 1 Includes the equivalent of $70 million payable in Swiss francs to the 2 Includes $204 million of nonmarketable bonds issued to the Govern- Bank for International Settlements. ment of Canada in connection with transactions under the Columbia River treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 773 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 e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa^ O c 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 3 12 1962 60 111 — 51 4 129 — 33 24 124 —43 — 20 — 18 1 17 1963 207 198 9 — 8 -14 206 16 199 —47 14 17 1 22 1964 -173 -349 176 -37 -200 4 14 -228 3 25 10 * j 18 I 1964—Mar. . -35 -51 16 2 -13 -19 5 -25 -10 3 Apr... -20 -17 -2 * -6 -24 3 -27 10 -2 -1 i " 1 May.. 16 3 14 -9 — 21 7 6 -17 9 23 1 | « 1 June.. 17 -6 23 A -24 28 -3 o 10 4 3 \ * 2 July. . -68 -74 6 A -32 -32 8 -61 -8 -4 3 • * 1 Aug... -2 -50 48 -3 -22 19 -4 3 -3 * > * 2 Sept.. -34 -43 9 _5 -15 4 * -16 -18 * -2 * 1 Oct... -17 -25 8 -6 -19 14 i -13 -7 * 2 : * 1 Nov.. 5 -27 32 _2 -26 41 -15 -2 5 * 2 * 1 Dec... -13 -37 24 — 3 -14 -5 -1 -22 3 4 * ' i 1 1965—Jan.. . -9 * -9 * -2 _3 -1 -6 -3 -1 * 1 Fsb.p. -9 8 -16 2 -1 7 -5 4 -11 -3 * Mai.P. 31 8 23 9 -2 -8 23 23 7 -4 3 1 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) Period Total g I a i r n n o e t - d n l. al c T e t f o r o o i i u g t r e n n a - s l - r E o u p - e C a a d n a - A L i m a c t a i e n r- Asia A c f a r i i - O c tr o i t u e h s n e 2 r - E pe n r d i o o d f Deposits U s . e S c . u A G ri s t o s i e c e t t s s . l in c E u a s r to m g d o a y 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 r-723 -140 r-583 163 r-665 -36 -77 7 25 1964—Apr.. . 166 7,860 12,726 1964—Mar 33 31 23 10 1 A * 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 -8 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 1 20 4 16 1 -2 1 1 Oct.... 120 8,210 12,707 Sept -39 * -39 — 5 -35 1 -1 * 1 Nov... 256 8,278 12,672 Oct -147 7 -153 7 -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 <? 1965—Jan... 143 7,952 12,871 Feb.. . 154 8,100 12,940 1965—J£.n -20 25 14 -23 1 -20 1 3 Mar... 162 7,741 13,187 Feb.*.... -184 -178 -6 3 -3 -4 -3 * 1 Apr... 146 7,626 13,174 Mar.P. . . -79 3 -82 -6 -71 -6 -1 * 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

774 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1965 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1963 1964 1963 1964 Dec. Mar. June June 1 Sept. Dec? Dec. Mar. June June i Sept. Dec* Europe: Austria 2 2 3 3 3 2 8 7 6 5 5 7 Belgium 26 19 21 20 22 20 22 18 21 20 17 19 Denmark 3 1 1 1 2 8 6 7 7 6 6 Finland 1 1 1 1 1 1 4 7 5 5 8 7 France 33 31 28 27 31 31 47 52 '69 '67 50 52 Germany Fed Rep of 34 32 36 34 44 63 103 114 82 79 95 140 Greece 2 2 5 5 4 4 9 13 9 9 10 10 Italy 25 26 24 22 27 26 106 101 101 99 90 95 Netherlands 46 43 46 46 31 33 32 34 30 30 32 37 Norway 3 2 3 2 2 1 7 6 7 6 7 8 Portugal 1 1 1 1 2 2 8 8 10 10 9 4 Spain 7 7 9 8 12 10 29 32 47 46 48 42 Sweden 9 7 7 7 7 8 17 20 17 17 19 19 Switzerland 25 20 19 18 36 33 27 23 19 17 16 22 Turkey 2 4 5 4 5 6 5 5 5 5 4 9 United Kingdom 100 110 102 97 108 102 241 248 274 270 394 288 Yusoslavia .. . 4 6 1 1 1 3 4 3 3 3 3 Other Western Europe 3 1 3 2 4 5 4 5 6 6 6 9 USSR 1 He He He He He Other Eastern Europe He 1 1 He 1 1 3 4 2 2 3 2 Total 325 319 316 301 341 350 685 '706 '721 '705 821 780 Canada 72 68 62 57 59 72 '732 '910 '919 '909 1,005 1,011 Latin America: 7 6 6 5 4 3 '25 '23 '20 '20 26 30 Brazil 13 13 11 10 11 11 113 118 126 125 128 145 Chile 3 3 3 3 4 5 25 24 23 21 25 25 Colombia 7 6 8 7 7 10 21 21 23 22 25 25 He He 5 5 5 5 4 4 8 11 8 7 8 7 60 59 62 58 64 69 Panama 20 29 21 21 26 28 13 10 '10 '10 9 12 Peru '5 '5 '6 '5 5 7 r22 r23 '23 '22 23 26 Urusuav . .... 1 '1 1 1 1 1 '5 '5 '6 '6 8 10 Venezuela 22 20 22 21 20 21 36 37 40 38 45 49 Other L A. republics 13 10 9 8 11 13 39 42 44 42 47 51 Bahamas and Bermuda ... 1 2 2 2 2 2 10 20 21 20 19 17 Neth. Antilles & Surinam.... 6 6 7 7 9 6 5 5 5 5 4 4 Other Latin America 4 5 6 6 4 6 11 10 11 9 10 10 Total ... 110 '118 112 104 111 119 '390 '403 '421 '403 438 477 Asia: China Mainland 1 2 2 2 1 1 He * He He He Hons Kons . ... 2 2 2 2 2 2 4 6 5 5 7 9 14 14 14 13 16 22 42 39 39 38 36 42 3 3 5 5 3 4 10 5 5 5 4 4 Israel • • 1 2 1 1 1 1 7 7 8 7 7 10 24 23 27 25 31 29 161 170 170 169 187 201 1 1 1 1 Hs 6 5 4 4 5 4 Philippines 5 5 5 4 6 5 9 12 11 11 14 11 Taiwan 1 1 1 1 He 3 4 3 4 4 5 5 Thailand . 2 1 1 1 11 7 7 7 7 5 Other Asia 18 22 21 19 21 21 41 46 53 51 55 60 Total 72 76 80 73 82 89 295 300 308 303 327 352 Africa: Congo (Leopoldville) 1 1 1 3 4 3 2 2 2 5 6 M So o u r t o h c A co frica 10 9 1 H 0 e 1 * 0 11 1 * 4 2 9 8 1 1 1 3 1 1 2 1 2 1 1 1 2 U A R fEevpt) 6 4 2 2 1 3 11 14 13 13 12 13 Other Africa 8 6 6 5 5 10 18 23 26 25 27 26 Total 25 21 19 18 22 31 43 50 55 53 57 57 Other countries: Australia . 17 25 27 27 26 25 32 33 37 36 38 38 All other 5 4 6 5 8 9 9 5 6 6 7 7 Total 22 30 33 32 34 34 42 38 43 41 45 45 International and regional He 1 1 He He 1 1 1 1 He * Grand total '626 '631 '622 '585 649 697 '2,188 '2,407 '2,468 '2,416 2,694 2,723 1 Ninth revised series; includes reports from firms having $500,000 NOTE.—Reported by exporters, importers, and industrial and comor more of liabilities or of claims; for previous series the exemption level mercial concerns in the United States. Data exclude claims held through was $100,000. U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. See also NOTE to Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1965 MONEY RATES 775 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Apr. 30, 1964 Rate Country 1964 1965 A a p s r . o 3 f 0 Per Month 1965 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 6.0 Dec. 1957 6.0 4.5 June 1963 4.5 4.25 Oct. 1963 4.75 4.75 10.0 Apr, 1958 12.0 12.0 Burma 4.0 Feb. 1962 4.0 Canada 1 • 4.0 Aug. 1963 4 25 4.25 4.0 Aug. 1960 4.0 Chile 2 • 14.39 Jan. 1964 14.63 15.09 15.09 China (Taiwan) 3 14.04 July 1963 14.04 8.0 May 1963 8.0 Costa Rica 3.0 Apr. 1939 3.0 5.5 Nov. 1963 6.5 6.5 5.0 Nov. 1956 5.0 El Salvador 6.0 June 1961 4.0 4.0 7.0 Apr. 1962 7.0 4.0 Nov. 1963 3.5 3.5 Germany, Fed. Rep. of. 3.0 May 1961 3.5 3.5 4.5 Oct. 1961 4.5 5.5 Jan. 1963 5.5 3.0 Jan. 1962 3.0 9.0 Dec. 1960 8.0 8.0 4.5 Jan. 1963 5.0 6.0 6.0 Indonesia 9.0 Aug. 1963 9.0 4.0 Oct. 1963 4.0 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 Jane 1958 3.5 Jamaica 4.0 Nov. 1963 5.0 5.0 Japan «•• 6.57 Mar. 1964 6.21 5.84 5.84 Korea 10.5 Mar. 1964 10.5 4.5 June 1942 4.5 Netherlands 4.0 Jan. 1964 4.5 4.5 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 4.0 Jan. 1959 4.0 9.5 Nov. 1959 9.5 Philippine Republic 5 6.0 Jan. 1962 6.0 2.0 Jan. 1944 2.0 South Africa ... .... 3.5 Nov. 1962 4.0 4 5 5 0 5.0 4.0 June 1961 4.0 Sweden 4.5 Jan. 1964 5.0 5.5 5.5 Switzerland 2.0 Feb. 1959 2.5 2.5 Thailand «.... 7.0 Feb. 1945 7.0 4.0 Oct. 1962 4.0 Xurkcy 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); SBegining 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

776 MONEY RATES; ARBITRAGE MAY 1965 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France F G ed e . r m Re a p n . y o , f Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - e y t y o 2 - 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o - 3 T 6 r d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o - 5 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 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—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 Mar 3.69 3.45 6.74 6.45 5.92 5.00 3.13 4.06 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. ARBITAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United Statesand Canada Treasury bill rates Treasury bill rates Premium Date q K ( u U i a b n o U d n a g t j s . i a . S d t i t e s o . i t ) d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) P d f ( ( r o p i . e - s r + o c m w ) u ) o o i a n o u u n r d n r m d t i L n ( c o f N e a n o n v d e f t o o t i r v n e ) C qu a A i n o n a t s e d d C a ana q d A u a b o U d a t j . a s . S t i i . s t o o n U S n ta i t t e e s d C S ( a f p a n o r v a e f o d a r d a) C d f ( ( o a i d - s + n r o c ) w a ) l o o d l o a u a n i r r r a n d n t i C n ( a c f N e n a o n v a e f t o d t i r v a) e 1964 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 -.« -.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 15 6.29 3.91 2.38 -2.55 -.17 3.62 3.54 3.91 -.37 + .47 + .10 23 .... 6.26 3.92 2.34 -2.29 + .05 3.67 3.59 3.92 -.33 + .40 + .07 30 6.20 3.90 2.30 -2.33 -.03 3.80 3.71 3.90 -.19 + .34 + .15 May 7 6.13 3.87 2.26 -2.01 + .25 3.82 3.73 3.87 -.14 + .20 + .06 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

MAY 1965 FOREIGN EXCHANGE RATES 777 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e es n o ti ) na (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D (k e r n o m ne a ) rk ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1959 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961 1.2076 223 28 3 8481 2 0052 98 760 21.023 14.481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 231.057 320.404 1964 .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1964. 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 Apr 1.6627 222.80 3.8700 2.0147 92.654 20.948 14.462 31.081 20.401 Period G (d m e e r u a m r tc k a h ) n e y (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 ) Ja (y p e a n n ) M (d a si o l a a ll y a - r) Me (p x e ic s o o) e ( N g rl u e a i t n l h d d - e s r) Z ( e N p a o e l u a w n nd d) 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 I960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1964 A/pr 25.160 20.970 279.90 .16000 .27583 32.595 8.0056 27.711 277.13 May . 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277.17 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276.65 July . .. 25.159 20 912 278.97 .16001 .27576 32.524 8.0056 27.657 276.21 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275.91 Sept . 25.154 20.862 278.34 .16002 .27665 32.431 8.0056 27.712 275.59 Oct 25.158 20.859 278.35 .16003 .27658 32.467 8.0056 27.772 275.59 Nov 25.148 20.867 278.48 .16003 .27686 32.507 8.0056 27.824 275.73 Dec 25.149 20.898 279.06 .16003 .27837 32.569 8.0056 27.831 276.30 1965 Jan 25.135 20.894 279.13 .16003 .27856 32.575 8.0056 27.827 276.37 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 Apr. 25.149 20.935 279.62 .16004 .27609 32.582 8.0056 27.780 276.85 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Af ( ri 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 I960 14.018 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963 13 987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1964 Apr 13 989 3.4879 139.43 1.6664 19.451 23.143 279.90 iMay 13.992 3.4874 139.45 1.6664 19.464 23.171 279.94 June 13 984 3.4847 139.19 1.6663 19.467 23.172 279.42 July 13.972 3.4796 138.96 1.6663 19.441 23.139 278.97 Aug 13.962 3.4746 138.81 1.6662 19.466 23.145 278.66 Sept 13.956 3.4714 138.65 1.6661 19.461 23.148 278.34 Oct 13.956 3.4680 138.65 1.6662 19.376 23.164 278.35 Nov 13 956 3 4686 138 72 1.6665 19 396 23 172 278 48 Dec 13.980 3.4777 139.01 1.6666 19.439 23.172 279.06 1965 Jan 13 977 3 4783 139 05 1 6665 19.465 23.149 279 13 Feb 13 982 3.4826 139.23 1.6665 19.469 23.102 279.51 Mar 13.976 3.4817 139.10 1.6663 19.468 23.020 279.24 Apr 13.983 3.4822 139.29 1.6663 19.434 23.019 279.62 1 Based on quotations through April 16, 1965. NOTE.—Averages of certified noon buying rates in New York for 2 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, cable transfers. For description of rates and back data, see "International 1963. Finance," Section 15 of Supplement to Banking and Monetary Statistics. 3 Effective Jan. 1, 1963, the franc again became the French monetary 1962. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 U.S. BALANCE OF PAYMENTS MAY 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1962 1963 1964? III IV III IV* A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total 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 oi 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 1,355 -1.383 -1,346 -1,404 -1,423 Balance on goods and services i 5,063 5,685 8,209 1,727 2,179 1,799 1,304 2,109 2,122 Remittances and pensions -738 -826 -830 -202 -197 -206 -206 -212 -215 1. Balance on goods, services, remittances and 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 Grants 2, 3 -1,919 -1,896 -1,906 -455 -496 -467 -549 -438 -452 Long-term loans and subscriptions 3 -2,129 -2,181 -2,360 -441 -562 -514 -693 -601 -552 Change in foreign currency holdings and short-term claims, net (increase, —) 3 -245 -445 -11 -33 -101 75 66 26 -178 Seasonal adjustment on three preceding items combined -80 42 -22 73 -85 34 Change in associated liabilities 147 94 35 29 -9 36 4 17 Scheduled loan repayments 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 -893 -267 57 -138 -31 -247 -477 -1,111 -339 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 -3,053 -820 -416 69 -587 -1,012 -1,523 Balance of A before seasonal adjustment. -3^605 -3*26i 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, net. 5 251 -43 -36 -95 — 1 -55 -2 29 Dollar securities6 31 -16 -45 -1 -5 2 -1 Foreign currency securities "251 -74 -20 -50 -50 30 Sales of convertible nonmarketable securities, net 5. 702 375 175 25 122 203 50 Dollar securities 150 25 Foreign currency securities 552 375 150 122 '203 '56' Change in U.S. short-term liabilities reported by U.S. banks7 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, —). 1,533 375 171 227 -5 -51 303 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 <> 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

MAY 1965 FOREIGN TRADE 779 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 Export surplus Period 1962 1963 1964 1965 1962 1963 1964 1965 1962 1963 1964 1965 Month: Jan 1.668 3 986 2,043 31,217 1.327 31,100 1.434 31,206 341 3-114 609 311 Feb 1,809 32,124 2,046 3 1,593 1,320 3 1,510 1,460 1,601 489 3 614 586 3-8 Mar 1,672 3 1,958 2,074 2,753 1,342 3 1,485 1,520 1,869 330 3 473 554 884 Apr 1,795 3 1.914 2,061 1,365 3J.415 1,541 430 3 499 520 Mav I 762 I 895 2 062 I 404 I 416 I 539 358 479 523 June 1,836 1,803 2,034 1,351 1,431 1,518 485 372 516 July I 748 1 841 2 123 I 347 I 450 L 578 401 391 545 Aue I 703 I 922 2,109 1,497 1,575 357 425 534 Sept 31,908 1,958 2,235 31)471 1,443 1,546 3 437 515 689 Oct 3 I 967 2 155 3 1 312 I 455 1,548 3 211 512 607 Nov 1,725 .966 2,197 1,425 1,466 1,698 300 500 499 Dec 3 1 839 2 091 2 430 3 1 377 4R0 3 462 611 788 Quarter: 5,149 3 5,068 6,163 5,563 3,989 34,095 4,414 4,676 1,160 3 973 1,749 887 n 5,393 3 5,612 6,157 4,120 3 4,262 4,598 1,273 3 1,350 1,559 m 3 5 359 5 721 6 467 3 4 164 4,390 4,699 3 1 195 1,331 1 768 rv 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 J. DEWEY DAANE CHAS. N. SHEPARDSON SHERMAN J. MAISEL 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 ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel Examiner DAVID B. HEXTER, Assistant General Counsel 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 H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF RESEARCH AND STATISTICS DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Director JOSEPH E. KELLEHER, Director FRANK R. GARFIELD, Adviser 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 OFFICE OF DEFENSE PLANNING REED J. IRVINE, Associate Adviser JOHN E. REYNOLDS, Associate Adviser INNIS D. HARRIS, Coordinator RALPH C. WOOD, Associate Adviser DIVISION OF BANK OPERATIONS DIVISION OF DATA PROCESSING JOHN R. FARRELL, Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 780 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 781 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON GEORGE H. ELLIS J. L. ROBERTSON MALCOLM BRYAN HUGH D. GALUSHA, JR. CHARLES J. SCANLON J. DEWEY DAANE SHERMAN J. MAISEL CHAS. N. SHEPARDSON GEORGE W. MITCHELL 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

782 FEDERAL RESERVE BULLETIN • MAY 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 Hugh D. Galusha, Jr. 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. 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • MAY 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. 1963.11pp. 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 688) Acceptances, bankers', 697, 714, 716 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 708, 710 Adjusted, and currency, 703 Arbitrage, 776 Banks, by classes, 696, 704, 709, 712, 716 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 698, 773 claims): Postal savings, 696, 703 Banks and the monetary system, consolidated, 703 Discount rates, 695, 775 Corporate, current, 728 Discounts and advances by Federal Reserve Domestic banks, by classes, 704, 708, 710 Banks, 690, 698, 700 Federal Reserve Banks, 698 Dividends, corporate, 727, 728 Automobiles: Dollar assets, foreign, 765, 773 Consumer instalment credit, 732, 733, 734 Production index, 736, 737 Earnings and hours, manufacturing industries, 743 Employment, 740, 742, 743 Bankers' balances, 709, 711 Farm mortgage loans, 729, 730 (See also Foreign liabilities and claims) Federal finance: Banks and the monetary system, consolidated state- Cash transactions, 718 ment, 703 Receipts and expenditures, 719 Banks for cooperatives, 723, 724 Treasurer's balance, 718 Bonds (See also U.S. Govt. securities): Federal funds, 694 New issues, 724, 725, 726 Federal home loan banks, 723, 724, 731 Prices and yields, 714, 715 Federal Housing Administration, 715, 729, 730, 731 Brokers and dealers in securities, bank loans to, Federal intermediate credit banks, 723, 724 708,710 Federal land banks, 723, 724 Business expenditures on new plant and equip- Federal National Mortgage Assn., 723, 724, 731 ment, 728 Federal Reserve Banks: Business indexes, 740 Condition statement, 698 Business loans (See Commercial and industrial loans) U.S. Govt. securities held by, 690, 698, 700, 720, 721 Capital accounts: Federal Reserve credit, 690, 698, 700 Banks, by classes, 704, 709, 712 Federal Reserve notes, 698, 701 Federal Reserve Banks, 698 Federally sponsored credit agencies, 723, 724 Carloadings, 740 Finance company paper, 714, 716 Central banks, foreign, 762, 775 Financial institutions, loans to, 708, 710 Certificates of deposits, 712 Float, 690 Coins, circulation of, 701 Flow of funds, 748 Commercial and industrial loans: Foreign central banks, 762, 775 Commercial banks, 708 Foreign currency operations, 698, 700, 764, 772 Weekly reporting member banks, 710, 713 Foreign deposits in U.S. banks, 690, 698, Commercial banks: 699,709,712,773 Assets and liabilities, 704, 707, 708 Foreign exchange rates, 777 Consumer loans held, by type, 733 Foreign liabilities and claims: Number, by classes, 704 Banks, 766 768, 769, 771, 773 Real estate mortgages held, by type, 729 Nonfinancial concerns, 774 Commercial paper, 714, 716 Foreign trade, 779 Condition statements (See Assets and liabilities) Construction, 740, 741 Gold: Consumer credit: Certificates, 698, 701 Instalment credit, 732, 733, 734, 735 Earmarked, 773 Noninstalment credit, by holder, 733 Net purchases by U.S., 764 Consumer price indexes, 740, 744 Production, 763 Consumption expenditures, 746, 747 Reserves of central banks and govts., 762 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 727, 728 organizations, 765 Security issues, 725, 726 Stock, 690, 703, 764 Security prices and yields, 714, 715 Gross national product, 746, 747 Cost of living (See Consumer price indexes) Currency in circulation, 690, 701, 702 Hours and earnings, manufacturing industries, 743 Customer credit, stock market, 715 Housing starts, 741 Debits to deposit accounts, 700 Income and expenses : Debt (See specific types of debt or securities) Insured commercial banks, 759 Demand deposits: Member banks, 750 Adjusted, banks and the monetary system, 703 Income, national and personal, 746 Adjusted, commercial banks, 700, 702, 709 Industrial production index, 736, 740 Banks, by classes, 696, 704, 712 Instalment loans, 732, 733, 734, 735 Turnover of, 700 Insurance companies, 717, 720, 721, 730 Type of holder, at commercial banks, 709 Insured commercial banks, 706, 708, 759 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • MAY 1965 Interbank deposits, 696, 704, 709 Reserve requirements, member banks, 696 Interest rates: Reserves: Bond yields, 714 Central banks and govts., 762 Business loans by banks, 713 Commercial banks, 709 Federal Reserve Bank discount rates, 695 Federal Reserve Banks, 698 Foreign countries, 775, 776 Foreign countries and international organiza- Money market rates, 714, 776 tions, 765 Mortgage yields, 715 Member banks, 690, 692, 696, 709, 711 Stock yields, 714 Residential mortgage loans, 729, 730, 731 Time deposits, maximum rates, 696 Retail credit, 732 International capital transactions of the U.S., 766 Retail sales, 740 International institutions, 762, 764, 765 Inventories, 746 Sales finance companies, consumer loans of, Investment companies, new issues, 726 732,733,735 Investments {See also specific types of investments): Saving: Banks, by classes, 704, 708, 711, 716 Flow of funds series, 748 Commercial banks, 707 National income series, 747 Federal Reserve Banks, 698, 700 Savings and loan assns., 717, 721, 730 Life insurance companies, 717 Savings deposits {See Time deposits) Savings and loan assns., 717 Savings institutions, principal assets, 716, 717 Securities {See also U.S. Govt. securities:) Labor force, 742 Federally sponsored agencies, 723 Loans {See also specific types of loans): International transactions, 772, 773 Banks, by classes, 704, 708, 710, 716 New issues, 724, 725, 726 Commercial banks, 707 Silver coin and silver certificates, 701 Federal Reserve Banks, 690, 698, 700 State and local govts.: Insurance companies, 717, 730 Deposits of, 709, 712 Insured or guaranteed by U.S., 729, 730, 731 Holdings of U.S. Govt. securities, 720, 721 Savings and loan assns., 717, 730 New security issues, 724, 725 Ownership of obligations of, 708, 716, 717 Manufactures, production index, 737, 740 Prices and yields of securities, 714, 715 Margin requirements, 696 State member banks, 706 Member banks: Stock market credit, 715 Assets and liabilities, by classes, 704, 708 Stocks: Borrowings at Federal Reserve Banks, 692, New issues, 725, 726 698, 712 Prices and yields, 714, 715 Deposits, by classes, 696 Income and expenses, 750 Tax receipts, Federal, 719 Number, by classes, 705 Time deposits, 696, 702, 703, 704, 709, 712 Reserve position, basic, 694 Treasurer's account balance, 718 Reserve requirements, 696 Treasury cash, 690, 701, 703 Reserves and related items, 690 Treasury currency, 690, 701, 703 Weekly reporting series, 710 Treasury deposits, 690, 698, 718 Mining, production index, 737, 740 Turnover, deposit, 700 Money rates {See Interest rates) Money supply and related data, 702 Unemployment, 742 Mortgages {See Real estate loans) U.S. balance of payments, 778 Mutual funds {See Investment companies) U.S. Govt. balances: Mutual savings banks, 703, 704, 706, 716, 720, Commercial bank holdings, by classes, 709, 712 721, 729 Consolidated monetary statement, 703 Treasury deposits at Federal Reserve Banks, National banks, 706 690,698,718 National income, 746, 747 U.S. Govt. securities: National security expenditures, 719, 746 Bank holdings, 703, 704, 7O8, 711, 716, 720, 721 Nonmember banks, 706, 708, 709, 759 Dealer transactions, positions, and financing, 722 Federal Reserve Bank holdings, 690, 698, 700, Open market transactions, 697 720, 721 Foreign and international holdings, 698, 765, 773 Payrolls, manufacturing, index, 740 International transactions, 772 Personal income, 747 New issues, gross proceeds, 725 Postal Savings System, 696, 703 Open market transactions, 697 Prices: Outstanding, by type of security, 720, 721, 723 Consumer, 740, 744 Ownership of, 720, 721 Security, 715 Prices and yields, 714, 715, 776 Wholesale commodity, 740, 744 United States notes, outstanding and in circula- Production, 736, 740 tion, 701 Profits, corporate, 727, 728 Utilities, production index, 737, 740 Real estate loans: Vault cash, 69(), 696, 709 Banks, by classes, 708, 716, 729 Mortgage yields, 715 Veterans Administration, 729, 730, 731 Type of holder, 729, 730, 731 Type of property mortgaged, 729, 730, 731 Weekly reporting member banks, 710 Reserve position, basic, member banks, 694 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 o THE FEDERAL RESERVE SYSTEM o) Legend 1 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