Federal Reserve Bulletin, 1965-06

FEDERAL RESERVE B U LLETIN June 196 £ Volume £i * Number 6 * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

D£ VELOPMENTS IN CONSUMER CREDIT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

787 D emands for consumer credit have been strong in recent months. Consumers have borrowed for such widely ranging purposes as the purchase of automobiles and television sets, the financing of educations and vacations, and the payment of taxes and medical expenses. In general, the expansion in consumer credit has paralleled the growth in consumer expenditures and in the economy as a whole. The growth in instalment credit was particularly vigorous in April, in part because borrowing to pay taxes was larger than usual. The increase exceeded the record set in January, but in percentage terms both January and April ranked below the peak months in 1955 and 1959. The contrast with 1955 is especially striking since that year included 4 months with percentage increases double the size of this April's. By the end of April, instalment credit outstanding had passed the $60 billion mark. This represented an increase of $6.4 billion from the same month last year and more than $19 billion from the cyclical low in the spring of 1961. Meanwhile noninstalment credit too has continued to expand, and at the end of April total consumer credit was at a new high of $77.5 billion. CHART 1 GROWTH in consumer credit continues BIUIONS OF DOLLARS - 50 NONINSTALMENT 1961 1K3 65 NOTE.—End-of-month figures, not seasonally adjusted. Latest figures shown, April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 788 Consumers have also been adding to their other debt during this expansion period. Home mortgages now total more than $190 billion, while policy loans on life insurance, loans to purchase securities, and other miscellaneous borrowing amount to about $16 billion. Together, all the various forms of long- and short-term consumer debt amount to nearly $285 billion. The rise in the instalment segment of consumer credit in early 1965 was distinguished by an upsurge in demand for auto credit to support a record volume of auto sales. Some of this demand represented a catching-up from last fall when sales were slack because of a shortage of cars. When auto sales picked up after the strike, so did the use of credit. Other types of consumer credit have also expanded this year, though at a less rapid pace. Personal loans advanced at a seasonally adjusted annual rate of $2.3 billion in the first 4 months; for consumer goods other than autos the rate was $1.9 billion. Both rates were somewhat above the pace for 1964 as a whole. The acceleration in personal loan activity, particularly in April, reflected in part borrowing to pay income taxes not covered by withholding. There were also scattered reports of consumers refinancing their auto and other loans to ease the impact of income tax payments. Repayments on instalment debt have risen more or less steadily throughout this cyclical expansion. During April, they were running at a seasonally adjusted annual rate of about $65 billion and were equal to a little more than 14 per cent of disposable income. However, repayments have not risen so fast as new credit extensions, which characteristically are more dynamic and reflect more directly the impact of changing market conditions. Thus, as compared with early 1961, extensions are up by more than three-fifths and repayments only two-fifths. INSTALMENT CREDIT The net effect of this difference in rate of growth between extensions and repayments of instalment credit has been a build-up of consumer debt, as may be seen in Chart 1, but it has also meant more buying power in the consumer market. Early in the recovery period, repayments equaled or exceeded extensions. By mid-1962, however, the net growth in instalment credit—extensions minus repayments—was adding on balance $400 million a month to consumer buying power. This was an annual rate of $4.8 billion. The rate of growth moved up toward $6 billion in 1963 and 1964, and during the first 4 months of 1965 it was $8 billion. Growth factors. The amount of instalment credit used in a given period depends mainly on how much demand there is for the goods Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 789 and services involved, but the willingness of individuals to commit their future incomes and the availability of credit on acceptable terms are also important factors. Most credit demands can be related directly to demands for specific consumer items; for example, extensions of auto credit tend to move fairly closely with auto purchases. However, the relationship is not so close for some other types of credit, such as personal loans, which may be used for such diverse purposes as the financing of vacations and the consolidation of debts. The economic climate throughout this upswing has been conducive to expansion of instalment credit. Prices that consumers pay have advanced little, and credit has remained comparatively abundant and terms easy. Meanwhile, with high and rising incomes and a relatively high level of employment, consumers have been more willing and able to take on additional debt. After rising 4.3 per cent during 1962 and 5.3 per cent during 1963, growth in disposable income accelerated to 7.5 per cent last year, CHART 2 INSTALMENT CREDIT GROWTH has stepped up in early '65, spurred by AUTO CREDIT MILLIONS OF DOLLARS i a i - 600 I 1 s - 400 NET CHANGES IN: J IOTAI- - 200 AUTO- I n 1364 '69 NOTE.—Seasonally adjusted data. Latest figures shown, April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 790 under the stimulus of the tax cut. With this gain in after-tax income, consumers boosted their spending on goods and services by almost $30 billion from early 1964 to early 1965, and in doing so they used some $6 billion of net new instalment credit extended by retail stores and financial institutions. In the preceding 12 months about the same amount of debt expansion had accompanied an increase of only a little more than $20 billion in spending. Willingness to incur debt is related to consumer attitudes about their financial positions and prospects. In this respect, consumers continue to be optimistic. Surveys conducted in January and April of this year found that a large majority of consumers thought they were financially as well off as a year earlier or better off. Moreover, they expected incomes to hold up or improve in the future, and their buying plans suggested continued strength in the consumer durable goods markets, particularly for new autos and household appliances. Automobile credit. Changes in automobile credit have accounted for much of the recent fluctuation in total instalment credit outstanding. After growing at a steady rate of from $200 million to $250 million in the first 9 months of last year, the expansion in auto credit slackened in October and even more in November as new auto sales tumbled because of the strike. Largely as a result of this, the seasonally adjusted expansion in total instalment credit in November was the smallest in more than 2 years. As for 1965—nearly half of the first-quarter bulge in instalment credit was for autos, compared with the usual 40 per cent. Auto credit became less important in April, but it still accounted for 45 per cent of the change in total instalment credit outstanding and in terms of the dollar amount was at a record rate. During April there was a greater-than-seasonal rise in the proportion of new cars bought on credit, and an increase in sales of used cars tended partly to offset—insofar as credit volume is concerned—the decline in new-car sales. Most of the $8.5 billion increase in auto credit over the past 4 years has been a direct result of the rise in unit sales of autos. But the volume of auto credit also depends on the proportion of cars sold on credit, the average size of instalment contracts, and the length of contracts; and each has tended to drift upward during this period. The proportion of new cars sold on credit increased about 6 percentage points from early 1961 to mid-1963, after taking account of seasonal variation, but since then the trend has been mostly sidewise. The most recent period has been one of considerable unevenness, mainly because of dislocations arising from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 791 the auto strike. For example, the spurt in the ratio in the final quarter of last year was apparently due not so much to a sudden influx of credit buyers into the market as to a holding back by cash buyers unable to purchase the cars of their choice because of supply shortages. Instalment contracts on new cars in April were about $60 higher than a year earlier and a little more than $250, or 10 per cent, above the average contract recorded in early 1961. Much of the rise reflects the fact that consumers in general are buying CHART 3 NEW CARS: PROPORTION SOLD ON CREDIT tending sidewise since mid-1963 PER CENT - 70 - 65 but AVERAGE CONTRACT continues to edge up - 2800 - 2600 1961 1963 '69 NOTE.—Seasonally adjusted data. New-car sales adjusted to exclude fleet and leasing sales. Average contract data, also used in estimating credit sales, are based on sales finance company reports. Latest figures shown, first quarter. larger cars and more optional equipment. Basic list prices have changed little over the expansion period. The stretching out of maturities has also played a part in the increase in average contract size, since finance charges increase as maturities lengthen. The typical maximum maturity for new-car contracts is 36 months, but the proportion of all new-car contracts involving this maximum has been creeping up for some time. This past April it was 74 per cent at reporting banks; a year earlier it was 72 per cent; 2 years ago it was 68. There is little evidence, however, that the 36-month maximum is being breached in any significant number of contracts. In April less than 1 per cent of all new-car contracts exceeded this maximum, about the same proportion as earlier in the upswing. The average contract for used cars also has been increasing. Indeed, the rise since early 1961 has been greater than that for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 792 new cars. Higher prices have been a factor, along with a lengthening of average maturities. The proportion of contracts with maturities of more than 24 months has been rising for several years, and recently many contracts on late-model used cars have carried 36-month maturities. One group of commercial banks has reported that 36-month contracts are about twice as prevalent in loans currently being granted as in those loans being closed out. This reflects in part the younger average age of used cars after 3 years in which sales of new cars were very large. Minimum downpayment requirements appear to have changed little over the past 4 years, though the proportion of contracts calling for the minimum has continued to creep up. This has been more noticeable for new cars than for used. New-car contracts currently being written by banks typically call for a downpayment of 20-25 per cent of list price. The downpayment has been running slightly less for purchased paper, that is, contracts originated by dealers and sold to banks. The most common used car contract also specifies a downpayment of 20-25 per cent, and again contracts originated by dealers are a little less restrictive. Other types. Credit arising from the purchase of furniture, appliances, and other nonauto goods rose by $1.5 billion or 11 per cent in 1964 and at a slightly faster rate in early 1965. This type of credit has advanced steadily since mid-1961 and has accounted for roughly one-fourth of the increase in total instalment credit outstanding over the period. One of the factors in its expansion has been the continued growth in revolving credit, especially at department stores. In recent years consumers have been able to buy many nondurable items and small durable goods not previously sold on an instalment basis by using revolving credit. As a result, such credit— which is regarded as instalment credit, regardless of where it originates—has been increasingly substituted for conventional forms of both charge-account and instalment credit. It is estimated that the amount of revolving credit outstanding has nearly doubled since 1961 and that about $2.5 billion, or two-thirds, of the instalment credit held by department stores is now in this form. Personal instalment loans have expanded throughout the postwar period with little slack even during recessions. The strong upward trend in this type of instalment credit reflects its use for travel, education, and similar expenditures, which themselves have continued to rise throughout the period since 1947. Since the spring of 1964 the amount owed on personal loans has increased by more than 10 per cent. Compared with 4 years ago, it has risen more than 50 per cent. During the upswing this type of credit has assumed increased importance, accounting for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 793 almost one-third of the advance in total instalment credit compared with a typical one-fourth. Though historically not such a cycle-sensitive component, personal loans are being used increasingly for purchases of luxury services, and they may be growing more responsive to economic developments as time goes by. Home repair and modernization loans are a small—and declining—part of total instalment credit. In early 1965 such loans amounted to about 6 per cent of the total, down from 7.5 per cent in mid-1961 and 10 per cent right after World War II. Their average contract maturity has continued to lengthen ever since 1958, when the maturity ceiling on Federal Housing Administration Title I loans was increased from 3 to 5 years. More than half of the FHA-type contracts written in 1964 were for the full 5-year term. NONINSTALMENT CREDIT The expansion in instalment credit has dominated the consumer credit picture in this upswing, but charge accounts, single-payment loans, and other types of noninstalment credit have grown as vigorously in percentage terms. At the end of April total noninstalment credit was about $ 1 billion or 8 per cent higher than a year earlier and about $4 billion or 35 per cent above what it had been 4 years earlier. The impact of noninstalment credit on changes in total consumer credit outstanding is most noticeable in recessions, when such credit continues to increase while instalment credit tends to decline. Thus, during the first quarter of 1961 when instalment credit was declining at a seasonally adjusted annual rate of close to $400 million, noninstalment credit was rising at a rate of more than $750 million. Because noninstalment credit is often used for small and routine purchases, it is much less responsive to cyclical forces than instalment credit, which finances the larger, more cyclically variable expenditures. In the first quarter of 1965 noninstalment debt was increasing at a seasonally adjusted annual rate of well over $1.5 billion, up sharply from last year's over-all pace. Much of the increase was in charge accounts. Then in April, when there was a decline in total noninstalment credit, it was again charge accounts that were largely the cause. However, lenders reported a flurry of demand for single-payment loans to meet tax payments. The credit-card business, which consists mainly of gasoline credit cards and general-purpose cards used in hotels and restaurants, is an important and growing part of the charge-account classification. Such credit totaled more than $640 million on April 30, 1965—12 per cent of the total. Ten years ago it was about 5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 794 PATTERN OF Because consumers repay much of their noninstalment debt REPAYJV1EN i S • i • ii* •§ » within a month s time, such payments are mainly of short-term economic significance. Repayments on instalment debt, on the other hand, are spread over a longer period and therefore are subject to longer-term influences. While these repayments reduce the amount of total debt outstanding, at the same time they represent a drag on consumer purchasing power during the life of the instalment contract. Repayments on instalment debt have continued to grow in 1965. Through the first 4 months they were at a record annual rate of $64 billion, up from $59 billion in early 1964. At the beginning of the upswing in 1961, they were running at a rate of $47 billion. Repayments on auto debt have accounted for more than a third of the $17 billion rise in total repayments since 1961. Factors affecting repayments. The pattern of repayments is governed largely by the amount of credit extended in previous periods and by contract terms. Current economic events have little influence except as they cause the established pattern to be interrupted either through delinquency or prepayment. Changes in repayments typically lag changes in new credit extensions, with the length of the lag depending upon the maturities of the contracts involved. With more widespread use of contract terms that are generally accepted as the maximum—for example, the 36-month maturity for auto contracts—the lag has continued to grow this past year. The relationship of repayments to credit outstanding differs for each type of credit because of variations in contract terms. Personal loans and nonauto consumer goods paper normally have the shortest average maturities, and repayments during any period are relatively large compared with the outstanding balance. Maturities on automobile paper are longer, so that repayments are not so large in relation to outstandings. For repair and modernization loans, where contracts up to 5 years are common, repayments are an even smaller proportion of the outstanding amount of credit. Relation to income. The ratio of repayments to disposable personal income moved up in the first quarter of 1965 to 14.3 per cent. In the final quarter of 1964 it had been 14.0 per cent. The rise was due to the fact that repayments increased faster than disposable income. With final tax settlements on last year's income higher than usual owing to underwithholding, disposable income rose only 1.5 per cent from the fourth quarter to the first. Meanwhile, repayments on instalment debt increased 3 per cent. The ratio of repayments to income was very low—about 3.5 per cent—at the end of World War II and has been trending upward since then. The sharpest advances came soon after the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 795 war, with the removal of credit regulations and the increased availability of cars and other durable goods. The increase in the last decade has been more modest, averaging about 1 percentage point for each 5-year interval in this period. The persistency of the rise is the result of many factors, but it reflects mainly the fact that more and more people are using instalment credit for more and more purposes. Faced with the choice of buying services or buying durable goods to provide the services, consumers have increasingly demonstrated their preference for the latter. They have shifted, for example, from public transportation to the use of private automobiles and from moviegoing to television sets. And in so doing, they have expanded their use of instalment credit. As already noted, moreover, the use of revolving credit has spread to many small purchases that in the past would have been paid for through 30-day charge accounts or in cash. Although repayments on instalment debt have been accounting for a growing share of disposable income, there is little evidence of significantly increased difficulty in collections. Delinquency rates on consumer loans at commercial banks turned down in CHART 4 PROPORTION OF INCOME committed to debt repayment continues to go up PER CENT — 13 but CONSUMERS are also adding to their LIQUID ASSETS BILLIONS OF DOLLARS — 400 — 350 - 300 L 1961 1963 '65 NOTE.—Seasonally adjusted data. Liquid assets from flow of funds accounts. Latest figures shown, first quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 796 April after having risen somewhat from the lows of last summer. The average rate for all types of loans in April was below the year-earlier level and well below 1961. Moreover, the number of loans delinquent is still but a small fraction of all loans. Although most consumers rely on current income to repay their instalment debt, those with liquid assets—currency, demand and time deposits, savings bonds, and the like—would be able to turn to that source should the need arise. Since 1960, as Chart 4 shows, consumers have increased their liquid assets by $100 billion, more than 5 times the rise in instalment debt. And a large proportion of those with instalment debt—more than two-thirds according to a 1963 survey conducted by the University of Michigan—also have liquid asset holdings. Proportion of Heavily Burdened Borrowers* Furthermore, the rise in consumer debt has been accompanied by a very large increase in consumer holdings of durable goods of Year Per cent all sorts. In most cases, the useful life of these goods will exceed 1960 12 the period of repayments. 1961 10 1962 10 Nonetheless, the continued upward drift in the repayments ratio 1963 12 is a matter of concern. Many families with debt have few or no 1964 10 liquid assets to fall back upon. Moreover, much depends on whether the new debt is being taken on by consumers already * Defined here as spending units with instalment debt equal to 20 heavily burdened or mainly by those with few or no previous comper cent or more of after-tax income. Based on data from Survey Research Center, University of mitments. There is some evidence that the proportion of heavily Michigan. burdened borrowers has not changed significantly in recent years (see table) and that the increase in instalment debt has been widely distributed among income and age groups, but statistical evidence in this area is fragmentary. LENDERS' SHARES Holdings of short- and intermediate-term debt owed by consumers are distributed among many types of retailers and financial institutions. At the end of April commercial banks and sales finance companies together accounted for 65 per cent of the $60 billion of consumer instalment credit outstanding. Consumer finance companies and credit unions held another 20 per cent, and retailers and miscellaneous financial institutions accounted for the remainder. Automobile dealers and other retailers write a major proportion of all instalment contracts but sell the bulk of them to commercial banks and sales finance companies. During 1964, for example, retailers originated nearly three-fourths of all instalment credit extended but retained only a third of what they originated. Growth rates of the various lenders over this cyclical upswing have reflected differing rates of expansion for various types of loans as well as changes in the competitive positions of the lenders. In general, outstanding credit expanded most at those lending Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER CREDIT 797 institutions that customarily do a large part of their business in auto and personal loans. Personal loans outstanding have risen by 58 per cent over the past 4 years. Commercial banks obtained the largest dollar portion of the increase, but their one-third share of the outstanding volume on April 30, 1965, was little different from what it had been in early 1961. Much of the new business went to sales finance companies for the first time and undoubtedly reflected their efforts to diversify in response to the intensified competition they faced in the auto lending field. CHART 5 GROWTH in instalment credit But THEIR SHARES have changed has varied among lenders little since early 1961 PER CENT PROPORTION 100 OTHER FINANCIAL 80 -i CONSUMER FIN. - 80 CREDIT UNIONS CREDIT UNIONS 60 - RETAILERS - 60 SALES FINANCE COML BANKS ALL HOLDERS 40 - CONSUMER FIN. - 40 SALES FINANCE COMMERCIAL 20 - OTHER FINANCIAL BANKS - 20 APRIL 30 APRIL 30 APRIL 30 APRIL 30 1961 1965 1961 1965 Both commercial banks and credit unions reported a greater expansion in their holdings of auto credit than other lenders generally. For all holder groups, auto credit rose by 50 per cent from early 1961 to early 1965, but at banks it rose by 70 per cent and at credit unions by 76 per cent. Credit unions now hold 10 per cent of the auto paper, as against 8.5 per cent 4 years ago, while the commercial bank share has risen. Despite the differences in growth rates by type of lender and type of credit, the respective shares the lenders hold of total instalment credit has not changed materially over the expansion period, as Chart 5 shows. SOURCES OF FUNDS Commercial banks have not only expanded all major types of consumer instalment credit in recent years but also continued in their role as suppliers of funds to other lenders, particularly finance companies and retailers. At the present time such indirect Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JUNE 1965 798 financing is estimated to underlie 10 per cent of all consumer instalment credit. A decade ago it was almost twice that, but since then finance company borrowing has shifted away from banks. The cost to finance companies of obtaining funds for consumer lending rose further early in 1965 before leveling off in March. The average rate for directly placed finance company paper with maturities of 3 to 6 months increased from 3.75 per cent to 4.25 between last fall and this spring. Bank rates on loans to finance companies have also risen during this period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement by William McChesney Martin, including any tendency toward monopoly. Jr., Chairman, Board of Governors of the The agency may approve the transaction Federal Reserve System, before the Subcom- only if, after considering all of the factors mittee on Financial Institutions of the Senate just mentioned, it finds the transaction to be Committee on Banking and Currency, May in the public interest. 19, 1965, on S. 1698. Before acting on a merger application, the action agency is required by the Act to request from the other two Federal bank su- I testify here today in support of the bill pervisory agencies and from the Attorney S. 1698. The bill would amend the Bank General advisory reports on the competitive Merger Act of 1960 to exempt bank mergers factors involved in the case. Under the from the Federal antitrust laws. statute, the advisory reports are not recom- It might be helpful, Mr. Chairman, first mendations as to what action should be to summarize briefly the Bank Merger Act taken by the appropriate agency on the of May 13, 1960. The Act prohibits the merger application, but are limited to the merger, consolidation, acquisition of assets competitive factors only. The advisory reor assumption of liabilities of one insured bank with or by another such bank without ports on the competitive factors must be the prior approval of the Comptroller of the supplied to the action agency normally Currency, the Board of Governors, or the within 30 days of the request. Federal Deposit Insurance Corporation, de- The Act also provides for public notice pending on whether the resulting, acquiring, of the filing of merger applications and for or assuming bank is to be a national bank, special handling of any application involva State member bank, or a nonmember in- ing a probable bank failure or other emersured bank. gency requiring expeditious action. In determining whether to approve or to Of course, if a merger application of a disapprove a merger application, the appro- State member bank or a nonmember insured priate agency is required by the Act to con- bank is rejected by the State banking ausider, as to each of the banks involved, its thority, that closes the matter and dispenses financial history and condition, the adequacy with any need for action on the case under of its capital structure, its future earnings the Federal bank merger statute. prospects, the general character of its man- S. 1698 would make "exclusive and pleagement, whether its corporate powers are nary" the authority of the Board of Govconsistent with the purposes of the Federal ernors, the Comptroller of the Currency, and Deposit Insurance Act, the convenience and the Federal Deposit Insurance Corporation needs of the community to be served, and to approve or to disapprove proposed mergthe effect of the transaction on competition, ers and other similar transactions covered 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN • JUNE 1965 by the Bank Merger Act. Banks participat- ning throughout the legislative history. It ing in transactions approved under the Act was emphasized that banking is a licensed, would be relieved by the bill, as to such strictly regulated, and closely supervised intransactions, from the Sherman Antitrust dustry that offers problems acutely different Act and the Clayton Act. This would be true from other types of business, whether reguwhether the particular transaction "has been lated or not. Because of this, the Congress or is hereafter consummated." in enacting the Bank Merger Act deliber- Any bank merger or similar transaction ately chose to place the authority to pass on consummated prior to the date of enactment bank mergers in the Federal bank superviof the Bank Merger Act (May 13, 1960), sory agencies. following approval of the transaction by the The most troublesome issue was the appropriate State or Federal bank supervi- standards by which the legality of bank sory authority, also would be exempted from mergers was to be tested. As the Committee the Federal antitrust laws by the bill. reports explain, sections 1 and 2 of the In a very real sense, S. 1698 would merely Sherman Antitrust Act prohibit unreasonrestore to the bank merger situation the rules able restraints of trade in interstate comthat were generally understood to apply at merce and monopolies and attempts to the time of enactment of the Bank Merger monopolize in any parts of such commerce, Act in 1960 and until the decision in June while corporate acquisitions in the circum- 1963 of the U.S. Supreme Court in the stances described in section 7 of the Clayton Philadelphia National Bank case that section Act are prohibited where the effect "may be 7 of the Clayton Act applied to bank merg- substantially to lessen competition, or to tend ers, even though approved under the 1960 to create a monopoly." However, it is abunstatute (374 U.S. 321). The best evidence dantly clear from the legislative history that of this is in the legislative history of the Congress felt that it would not be in the Bank Merger Act. I would like to review public interest for the legality of bank that history briefly. mergers to be tested by competitive factors The report of your Committee in 1959 alone, to the exclusion of banking factors, and that of the House Committee on Bank- including offsetting benefits to the public. ing and Currency in 1960 leave no doubt Indeed, the Congress understood specifically that the competitive effects or possible anti- that there would be situations in which trust implications of bank mergers were the "approval of the merger would be in the major reasons prompting adoption of the public interest, even though this would re- Bank Merger Act. A main emphasis of the sult in a substantial lessening of competientire legislative history—and rightly so—is tion." (S. Rept. No. 186, April 17, 1959, that competition is an indispensable element pp. 19-24; H. Rept. No. 1416, March 23, to a strong and progressive banking system. 1960, pp. 10-13.) This and the important gaps that existed No exemption from the antitrust laws is prior to 1960 in the Federal law governing contained in the Bank Merger Act. When bank mergers were stressed as the reasons the Act was passed in 1960, there seemed why legislation was necessary. to be little reason for such an exemption. The special needs and characteristics of At that time, as the legislative history clearly banking, however, is the central theme run- shows, it was generally agreed that section 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 801 of the Clayton Act, as amended by the to unscramble assets after an acquisition Celler-Kefauver Act in 1950, was in- has been completed." (S. Rept. No. 196 on applicable to bank mergers, normally S. 1062, April 17, 1959, p. 22.) accomplished through asset acquisitions My study of the situation makes it crystal rather than stock acquisitions. For example, clear to me that the test for the validity of testimony for the Department of Justice bank mergers today is not what the Conwas that section 7 "is little help" in stopping gress thought it was to be at the time it bank mergers because it "covers bank stock enacted the Bank Merger Act. The Phila- —not bank asset—acquisitions." (Hearings delphia National Bank case, cited above, on S. 1062, House Committee on Banking the decision in April 1964 of the Supreme and Currency, 1960, p. 162.) In addition, Court in the First National Bank and Trust there was little or no experience by which Company of Lexington case (376 U.S. to judge the usefulness of the Sherman Act 665), and the decision on March 10 of this in dealing with bank mergers. year of the Federal District Court in New As you have emphasized on various occa- York in the Manufacturers Hanover Trust sions, Mr. Chairman, the Congress specifi- Company case, leave no doubt that bank cally rejected proposals that antitrust stand- mergers are now subject to both the Sherards be adopted as criteria for approvals man Act and section 7 of the Clayton Act. of bank mergers. Also rejected by the Con- This litigation—as well as other pending gress was a proposal that the Attorney antitrust court cases to overturn bank General be permitted to intervene and mergers—makes it unmistakably clear that obtain court reviews in bank merger cases banks and their customers now face the pending before the Federal bank supervisory uncertainty that, even though merger proagencies. Instead, the Congress decided that posals receive the advance approval of the the proper role for the Department of appropriate Federal banking agency, the Justice in bank merger cases would be ful- transactions are subject to veto in the courts filled by submitting advisory reports on the on the basis of competitive factors alone. competitive factors to the banking agencies The problems that have followed in the for consideration by them in deciding wake of these court cases are well known. whether to approve or disapprove merger A high degree of public confidence is pecuapplications. liarly essential to a sound and vigorous In view of the attempts which certain banking structure. Indeed, the uncertainty banks are having to make, or may have to regarding agency approvals and protracted make, to unscramble their affairs as a result antitrust litigation to unscramble mergers of antitrust litigation subsequent to agency risk detrimental effects on the banks inapprovals of mergers, a statement in your volved and the public. As previously indi- Committee's 1959 report is especially sig- cated by the quotation from your Comnificant. In the words of your Committee: mittee report, this risk was not one that the "The advance approval feature is important Congress thought would materialize when in halting bank acquisitions before they are it enacted the Bank Merger Act; S. 1698 consummated and in preserving the de- would remedy this situation. positors' confidence in an institution which The merger of Manufacturers Trust Commight otherwise be destroyed by an attempt pany and The Hanover Bank, which the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN • JUNE 1965 Board approved under the Bank Merger the Bank Merger Act over the years, there Act in September 1961, was held to violate has been informal discussion between the the Federal antitrust laws last March by staff of the Board and the staff of the the Federal District Court in New York. Justice Department where the Antitrust That merger is the only one approved by Division has had serious question under the Board under the Bank Merger Act that the antitrust laws regarding a particular prohas been the subject of antitrust litigation. posal and the desirability of such discussion Since November 1961, the Board has had has been indicated. a rule under which mergers approved by it While the 7-day provision in the Board's cannot be consummated, except in special rules and other procedures of the kinds that situations, until 7 days have elapsed after I have mentioned minimize the risk of public release of the Board's action approv- having to unscramble a merger that has been ing the transaction (12 CFR 262.2(f) (5)). previously approved by the Board, these Although not required by any statute, administrative measures cannot eliminate this rule was adopted to reduce the pros- that risk. The recent court decisions make pects of having to unscramble a merger it clear that bank mergers approved by the that, subsequent to its approval by the appropriate Federal bank supervisory Board, was made the subject of litigation agency under the Bank Merger Act are not under the Federal antitrust laws. The De- immune from antitrust proceedings, and we partment of Justice, of course, is assured do not know of any Federal statute of limispecifically of advance notice of pending tations on actions to enforce the antitrust bank merger cases under the requirement laws. in the Bank Merger Act for advisory reports The recent court decisions involving bank from the Attorney General. The Board gives mergers have underlined the fact that, in the careful consideration to the advisory reports antitrust field, such matters as banking of the Attorney General, as well as to those factors and offsetting benefits to the public of the other two banking agencies, in deter- are virtually ignored. This, of course, marks mining whether to approve or disapprove the basic difference between the responsia particular transaction. bility of the Federal banking agencies under The Department's Antitrust Division the Bank Merger Act and the antitrust funcoccasionally asks for more information con- tions of the Attorney General and the courts. cerning a particular proposal pending be- In deciding a case under the Bank Merger fore the Board, and this information is Act, the appropriate Federal bank superobtained and supplied by the Board. In visory agency must arrive at a balanced some cases where the Board has received decision of approval or disapproval based additional information regarding an appli- upon a consideration of all of the factors cation after transmittal of the statutory re- specified in the Act. Sound banking and the quests for competitive-factor advisory re- needs of the public, as well as effect on ports, the Board has requested a further competition, must be taken into account. expression of views from the other banking To process merger cases in a way which, agencies and the Attorney General in the essentially, would give consideration only light of the additional information. Further- to competitive or antitrust factors, to the more, as experience has developed under exclusion of other proper considerations, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 803 would be contrary to the responsibility obliged by the antitrust laws to intervene to vested in the action agency by the Bank block a bank merger in the very same cir- Merger Act. In the Board's judgment, there- cumstances in which a Federal banking fore, no administrative steps can be taken agency would be required by another Act appropriately under existing law that would of Congress—the Bank Merger Act—to apeffectively bar actions pursuant to the anti- prove the transaction. Thus, two arms of the trust laws to upset bank mergers previously Government, carrying out their statutory approved by one of the Federal bank super- duties, would work at cross purposes, with visory agencies under the Bank Merger Act. banks and the communities they serve For the reasons I have indicated, the caught in a legal cross fire. Board supports S. 1698 and hopes that it Clearly, this sort of conflict should be will be favorably acted upon by the Con- avoided, as it would be by enactment of S. gress. In its report to you on the bill, you 1698. will recall, Mr. Chairman, that the Board urged that the Congress examine the situation that has developed since 1963 with Statement of C. Canby Balderston, Vice a view to prompt correction along the lines Chairman, Board of Governors of the Fedof your bill. eral Reserve System, before the House Com- The Board's report also mentioned the mittee on Banking and Currency, May 27, possibility of some other approach to the 1965, on H.R. 7371. problem should the Congress be unable to agree on the approach proposed in your bill. As the report pointed out, one such The Board of Governors of the Federal possibility would be to amend the Bank Reserve System favors enactment of H.R. Merger Act to allow a specified time within 7371. The bill would amend the definition which an antitrust action might be brought of "company" in the Bank Holding Comto prevent consummation of an approved pany Act of 1956 so as to include, in addimerger and, if such an action were not filed tion to the corporations, business trusts, and during that time, the merger could be con- similar organizations now covered, any summated and would be exempt from any other trust "unless by its terms it must termiproceeding under the antitrust laws. Because nate within 25 years, or not later than the the Attorney General receives ample notice death of a named beneficiary." The bill inof pending mergers under the procedures of corporates amendments suggested by the the Bank Merger Act for advisory reports, Board in its report on H.R. 10668 that was the specified period in any such alternative introduced by your chairman in the last approach should be relatively short. Congress. The Board's Annual Report Such an alternative, however, would be a submitted to the Congress on March 22, less positive approach than S. 1698. More- 1965, also recommended such an amendover, such an alternative unfortunately ment to the Bank Holding Company Act of would incorporate specifically into the Bank 1956, in addition to a number of other Merger Act two different—and logically in- amendments. consistent—standards for bank mergers. In- That Act requires bank holding comdeed, the Department of Justice would be panies (that is, companies that control two Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN • JUNE 1965 or more banks) to register with the Federal by an individual, as opposed to a "com- Reserve Board; prohibits their formation or pany," perhaps because the Congress felt expansion without Board approval; pro- that control by a company could continue hibits their banking subsidiaries from lend- indefinitely, whereas control by an individing to or investing in the parent company ual could not extend beyond his lifetime. or other subsidiaries; and bars the use of the But the trust device can be used to achieve holding company device to combine banks control for an indefinite period, and the with nonbanking businesses. The Act was potentiality for abuse through long-term passed not only to prevent excessive concen- trusts is just as great as in the case of the tration of banks under single control and more normal forms of business organization management, but also to reinforce prohibi- now covered by the Act's definition of tions previously enacted against banks en- "company." The bill would close this loopgaging in nonbanking businesses. Because hole, while excluding trusts created for a the reasons for requiring bank holding com- limited period—up to 25 years, or for the panies to divest themselves of nonbanking lifetime of a named beneficiary. This would businesses may not be as readily apparent avoid covering trusts such as those freas those for controlling their acquisition of quently created to take care of the spouse additional banks, it may be helpful to quote or minor children of a decedent. from the report of this Committee on H.R. The bill now under consideration does 6227, 84th Congress, which became the not incorporate one suggestion made by the Bank Holding Company Act of 1956: Board in its report on H.R. 10668 last year. That suggestion was to delete from the def- "The reasons underlying the divestment requirement are simple. As a general rule, banks are prohibited inition of "company" the present exemption from engaging in any other type of enterprise than for nonprofit religious, charitable, or educabanking itself. This is because of the danger to the depositors which might result where the bank finds itself tional organizations. The current bill would in effect both the borrower and the lender. It is for this reason, among others, that statutes limiting the invest- repeal the exemption as to charitable or ments of banks have been passed by both the Coneducational organizations, but retain the exgress and State legislatures. "The bank holding company is under no such re- emption for religious organizations. The striction. It may acquire and operate as many nonbanking businesses as it has funds and the disposition Board renews its recommendation that this to acquire. There are in the country today, as has been exemption be repealed in its entirety. As pointed out previously, bank holding companies which, in addition to their investments in the stocks of banks, stated in the Board's first report, filed May also control the operations of such nonbanking businesses as insurance, manufacture, real estate, mining, 7, 1958, on operations under the Act of and a number of others. 1956, "the dangers aimed at by the Holding "Whenever a holding company thus controls both banks and nonbanking businesses, it is apparent that Company Act (unregulated expansion of the holding company's nonbanking businesses may thereby occupy a prefered position over that of their ownership of banks; banking and nonbankcompetitors in obtaining bank credit. It is also aping interests being held by the same organiparent that in critical times the holding company which operates nonbanking businesses may be sub- zations; and lending by a bank to the orgajected to strong temptation to cause the banks which it controls to make loans to its nonbanking affiliates nization that controls it) are not absent even though such loans may not at that time be ensimply because a holding company is optirely justified in the light of current banking standards. In either situation the public interest becomes directly erated for religious, charitable, or educainvolved." tional purposes." The Act does not apply where the banks The bill before you omits a provision in or other businesses are owned or controlled the earlier bill designed to prevent a trust Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 805 from escaping coverage by merging all of ture of these corporate types of banking may its banks into one bank with a number of take either of two forms: branch banking, branches. While the Board questioned the in which a single bank operates a number effectiveness of that provision, and would of offices; or so-called "group banking," in not recommend its reinstatement in H.R. which a corporation controls a number of 7371, I want to take this opportunity to re- banks, usually through ownership of their new another recommendation the Board has stock. been making for the past 7 years, and again Branch banking has long been subject to this year, that would effectively deal with Governmental supervision and regulation. the problem. That is, the Board would In many States no bank is permitted to have amend the Holding Company Act to cover a branch. In the States where branches are companies that own or control a single permitted, approval of the supervisory aubank. While the one-bank cases obviously thorities must first be obtained before a new do not lead to banking concentration, the branch may be established; in many of these reasons for separating banking from non- States branching is permitted only within banking businesses are just as valid whether limited geographical areas. No bank may esthe number of banks involved is one or tablish a branch outside the State where it more than one. has its head office. The Board welcomes the interest your Until 1956, a very different situation Committee is showing in amendments to the existed with respect to group banking. Cor- Holding Company Act. I hope that your porate holding companies could and did hearings both on this bill and on H.R. 7372 gain control of many banks, regardless of will convince you of the merits of these two location, relatively free from Governmental bills, and lay the groundwork for subse- restraint under either the antitrust laws or quent action on the other recommendations the holding company affiliate provisions of of the Board. the Banking Act of 1933. In 1956, after almost two decades of consideration, Congress concluded that the public interest required more effective regulation of bank Statement by C. Canby Balderston, Vice holding companies. The Bank Holding Chairman, Board of Governors of the Fed- Company Act enacted in that year was eral Reserve System, before the Subcombased on two major principles: first, that mittee on Domestic Finance of the House holding companies should not acquire addi- Committee on Banking and Currency, June tional banks except with prior Governmen- 3, 1965, on H.R. 7372. tal approval, and second, that bank holding companies should not engage also in non- Until the end of the first World War, the banking businesses. American commercial banking system con- Accordingly, the law enacted in 1956 was sisted of many thousands of separate insti- entitled "An act to define bank holding tutions, each operating in a single location. companies, control their future expansion, Since that time, one of the most striking de- and require divestment of their nonbanking velopments has been the growth of banking interests." Holding companies then in existinstitutions with multiple offices. The struc- ence were required to dispose of their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN • JUNE 1965 ownership of nonbanking businesses and to the erroneous assumption that a company secure from the Board of Governors of the registered under the Investment Company Federal Reserve System approval to estab- Act is subject to such supervision and regulish additional banks or to acquire the stock lation under that act as to make its regulaof existing ones. In addition, the law itself tion under the Holding Company Act unprohibited a bank holding company from necessary. Actually, of course, the purposes establishing or acquiring banking facilities of the two acts are entirely different. The beyond the boundaries of its own State un- Investment Company Act is aimed primarless specifically authorized by State statute. ily at protecting investors. It does not It will be noted that the title of the statute achieve the principal objectives of the Holdmentioned not only its major purposes, but ing Company Act, namely, to regulate the stated also that it was "An act to define control of banks by a holding company, and bank holding companies." The basic defini- to require that the control of banking and tion of a bank holding company is a cor- nonbanking enterprises be kept separate. poration that "directly or indirectly owns 25 There is simply no plausible reason why a per cent or more of the voting shares of each company should be exempted from the of two or more banks." However, this def- Holding Company Act of 1956 merely beinition, like other provisions of the law, was cause it is registered under the Investment riddled by special exemptions—no less than Company Act of 1940, or is affiliated with six—which made the statute totally inappli- a registered investment company. cable in a number of cases. In fact, when The Board of Governors has consistently President Eisenhower signed the Act, he recommended repeal of this exemption. The pointed out that "as a result of various ex- first such recommendation was made by the emptions and other special provisions the Board in its 1958 Special Report to the legislation falls short of achieving [its] ob- Congress as required by the Holding Comjectives," and he warned that "The exemppany Act; and the recommendation has tions and other special provisions will rebeen reiterated in each subsequent Annual quire the further attention of the Congress." Report, The bill now before this committee, H.R. As far as the Board knows, one corpora- 7372, is designed to eliminate the most ob- tion only, Financial General, enjoys this exjectionable and least defensible of the six emption. It has been operating as a bank special exemptions contained in the Holding holding company without being subject to Company Act. Briefly stated, this exemp- the act. It holds a majority interest in 19 tion makes that act inapplicable to any com- banks in Georgia, Maryland, New York, pany that was registered prior to May 15, Virginia, and Washington, D.C., 25 per cent 1955, under an entirely separate statute, the or more of the stock of two banks in Ten- Investment Company Act of 1940, or to any nessee and Maryland, and 14 to 20 per cent company that is affiliated with such a regis- of the stock of five banks in Illinois, Virtered investment company, unless the invest- ginia, and Tennessee. Of the 26 banks in the ment company or its affiliate owns directly group, 17 have been acquired since enact- 25 per cent or more of the shares of each of ment of the Holding Company Act. These two or more banks. 26 banks have deposits aggregating over $1 The exemption was presumably based on billion, whereas at the end of 1955, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 807 deposits of the Financial General banks Although Financial General alone has so totaled about $365 million. far taken advantage of the investment com- If this company had been subject to the pany exemption, other companies could Holding Company Act, it would have been utilize this exemption in order to evade required to obtain the Board's prior ap- regulation under the Holding Company Act. proval for each bank stock acquisition since Any corporation could become exempt by 1956. In addition, it would have been re- acquiring a mere 5 per cent of the stock of quired to divest itself of its interests in a an investment company registered prior to number of organizations engaged in non- May 15, 1955. Such a corporation would banking businesses, including firms engaged become "affiliated" with the registered inin life insurance, fire and casualty insur- vestment company and therefore would fall ance, industrial and manufacturing activi- within the special exemption in the Holding ties, lease financing, and mortgage banking. Company Act as long as it did not own di- Because of this company's exemption, it rectly 25 per cent or more of the stock of has been able to cross State lines and to ac- two or more banks. quire banks in a number of different States, For the reasons stated, it is the Board's as well as in the District of Columbia. As opinion that companies registered under the you know, the Bank Holding Company Act Investment Company Act or their affiliated absolutely prohibits a holding company companies should be treated exactly like from acquiring banks in any State other other bank holding companies if they conthan that in which it conducts its principal trol two or more banks, whether directly or operations, unless the laws of such other indirectly. Accordingly, the Board strongly State specifically and expressly authorize favors the enactment of H.R. 7372. such acquisition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-6^ APPOINTIVE MEMBERS 1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin... .Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York do Term expired Aug. 9, 1918. Frederic A. Delano Chicago do Resigned July 21, 1918. W. P. G. Harding Atlanta do Term expired Aug. 9, 1922. Adolph C. Miller San Francisco do Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3,1936, on which date his successor took office. Albert Strauss New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14,1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago do Died Nov. 28, 1930. Roy A. Young Minneapolis Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York Sept. 16,1930 Resigned May 10, 1933. Wayland W. Magee Kansas City May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas. .Kansas City do. Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco Nov. 15,1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick New York Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland do Served until Apr. 4,1946, on which date his successor took office. Ronald Ransom Atlanta do Reappointed in 1942, Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis Richmond June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper New York Mar. 30, 1938 Served until Sept. 1,1950, on which date his successor took office. Rudolph M. Evans Richmond Mar. 14,1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr St. Louis Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. Resigned Mar. 31, 1951. Thomas B. McCabe Philadelphia Apr. 15, 1948 For notes see following page. 808 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF BOARD OF GOVERNORS 809 APPOINTIVE MEMBERS i—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership1 Edward L. Norton Atlanta Sept. 1,1950 Resigned Feb. 1, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr New York Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. A. L. Mills, Jr San Francisco Feb. 18, 1952 Reappointed in 1958. Resigned Mar. 1, 1965. J. L. Robertson Kansas City do Reappointed for term beginning Feb. 1, 1964. Paul E. Miller Minneapolis Aug. 13,1954 Died Oct. 21, 1954. C. Canby Balderston Philadelphia Aug. 12,1954 Chas. N. Shepardson Dallas Mar. 17,1955 G. H. King, Jr Atlanta Mar. 25,1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell Chicago Aug. 31,1961 Reappointed for term beginning Feb. 1, 1962. J. Dewey Daane Richmond Nov. 29,1963 Sherman J. Maisel San Francisco Apr. 30, 1965 CHAIRMEN 3 VICE CHAIRMEN 3 Charles S. Hamlin Aug. 10,1914-Aug. 9, 1916. Frederic A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger May 1,1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Platt July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16,1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19,1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles Nov. 15,1934-Jan. 31, 1948. C. Canby Balderston Mar. 11, 1955- Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr Apr. 2,1951- EX-OFFICIO MEMBERS 1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve composed of seven appointive members; that the Secre- Act the Federal Reserve Board was composed of seven tary of the Treasury and the Comptroller of the Curmembers, including five appointive members, the Secre- rency should continue to serve as members until Feb. 1, tary of the Treasury, who was ex-officio chairman of the 1936; that the appointive members in office on the date Board, and the Comptroller of the Currency. The original of that Act should continue to serve until Feb. 1, 1936, term of office was 10 years, and the five original ap- or until their successors were appointed and had qualipointive members had terms of 2, 4, 6, 8, and 10 years, fied; and that thereafter the terms of members should be respectively. In 1922 the number of appointive mem- 14 years and that the designation of Chairman and Vice bers was increased to six, and in 1933 the term of office Chairman of the Board should be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, 2 Date after word "Resigned" denotes final day of approved Aug. 23,1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal 3 Chairman and Vice Chairman were designated Gov- Reserve System and provided that the Board should be ernor and Vice Governor before Aug. 23, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material "Officer" Defined for Regulation F Purposes ducing roughly 60 per cent of its income, as "investing for its own account". However, it has a Section 206.2(o) of Federal Reserve Regula- seat on the local stock exchange, and acts as tion F defines the term "officer" to mean any per- specialist and odd-lot dealer on the floor of the son who occupies one or more of certain enumer- exchange, an activity responsible for some 30 per ated positions in a member State bank "and any cent of its volume and profits. The firm's "offother person who participates in major policy- post trading", apart from the investment account, making functions of the bank." Among the posi- gives rise to about 5 per cent of its total volume tions so enumerated is that of "Vice President", and 10 per cent of its profits. Gross volume has but it is also provided that a person bearing the risen from $4 to $10 million over the past three title of "Vice President" who does not "participate years, but underwriting has accounted for no more in major policy-making functions of the bank" is than one-half of one per cent of that amount. not an officer for the purposes of Regulation F. Section 32 provides that "No officer, director, When Regulation F was adopted, an accom- or employee of any corporation or unincorporated panying description in the Federal Register association, no partner or employee of any part- (30 F.R. 362; January 12, 1965) stated that "an nership, and no individual, primarily engaged in 'officer' of a bank is defined to exclude persons the issue, flotation, underwriting, public sale, or who, regardless of title, do not participate in major distribution, at wholesale or retail, or through policy-making functions." This statement has re- syndicate participation, of stocks, bonds, or other sulted in some confusion as to the scope of the similar securities, shall serve the same time (sic) definition of "officer". In order to clarify the as an officer, director, or employee of any memmatter, the Board of Governors has made the fol- ber bank. . . ." lowing interpretation. In interpreting this language, the Board has All persons holding any position enumerated in consistently held that underwriting, acting as a section 206.2(o), except those holding a position dealer, or generally speaking, selling or distributas "Vice President", are officers for purposes of ing securities as a principal, is covered by the Regulation F regardless of whether they partici- section, while acting as broker or agent is not. pate in major policy-making functions. The sec- In one type of situation, however, although a ond sentence of section 206.2(o), which provides firm was engaged in selling securities as principal, that certain persons are not officers if they do not on its own behalf, the Board held that section 32 participate in major policy-making functions, ap- did not apply. In these cases, the firm alleged that plies only to persons with the title of "Vice Presi- it bought and sold securities purely for investment dent". purposes. Typically, those cases involved personal holding companies or small family investment companies. Securities had been purchased only for Investment for Own Account Affects Applicability members of a restricted family group, and had of Section 32 been held for relatively long periods of time. The Board of Governors has been presented The question now before the Board is whether with the question whether a certain firm is pri- a similar exception can apply in the case of the marily engaged in the activities described in section investment account of a professional dealer. In 32 of the Banking Act of 1933. If the firm is so order to answer this question, it is necessary to engaged, then the prohibitions of section 32 for- analyze, in the light of applicable principles under bid a limited partner to serve as employee of a the statute, the three main types of activity in member bank. which the firm has been engaged, (1) acting as The firm describes the bulk of its business, pro- specialist and odd-lot dealer, (2) off-post trading 810 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 811 as an ordinary dealer, and (3) investing for its for one's own account, and dealing with customown account. ers, is a highly subjective one, and although a On several occasions, the Board has held that, particular firm or individual may be quite scruto the extent the trading of a specialist or odd- pulous in separating the two, the opportunity lot dealer is limited to that required for him to necessarily exists for the kind of abuse at which perform his function on the floor of the exchange, the statute is directed. The Act is designed to prehe is acting essentially in an agency capacity. In vent situations from arising in which a bank direca letter of September 13, 1934, the Board held tor, officer, or employee could influence the bank that the business of a specialist was not of the kind or its customers to invest in securities in which described in the (unamended) section on the un- his firm has an interest, regardless of whether he, derstanding that ". . . in acting as specialists on as an individual, is likely to do so. In the present the New York Curb Exchange, it is necessary for case, when these activities are added to the firm's the firm to buy and sell odd lots and . .. in order "off-post trading", the firm clearly falls within the to protect its position after such transactions have statutory definition. been made, the firm sells or buys shares in lots of For the reasons just discussed, the Board con- 100 or multiples thereof in order to reduce its cludes that the firm must be considered to be priposition in the stock in question to the smallest marily engaged in activities described in section amount possible by this method. It appears there- 32, and that the prohibitions of the section forbid fore that, in connection with these transactions, a limited partner in that firm to serve as employee the firm is neither trading in the stock in question of a member bank. nor taking a position in it except to the extent made necessary by the fact that it deals in odd lots and Order Under Section 3 of Bank Holding cannot complete the transactions by purchases Company Act and sales on the floor of the exchange except to the nearest 100 share amount." The following Order and Statement were issued in connection with action by the Board of Gov- While subsequent amendments to section 32 to ernors on an application by a bank holding comsome extent changed the definition of the kinds of pany for approval of the acquisition of voting securities business that would be covered by the shares of a bank: section, the amendments were designed, so far as is relevant to the present question, to embody existing interpretations of the Board. Accordingly, DENVER U. S. BANCORPORATION, INC., to the extent that the firm's business is described DENVER, COLORADO by the above letter of the Board, it should not be In the matter of the application of Denver U. S. considered to be of a kind described in section 32. Bancorporation, Inc., Denver, Colorado, for ap- Turning to the firm's off-post trading, the Board proval of the acquisition of voting shares of Weld is inclined to agree with the view that this is suffi- County Bank, Greeley, Colorado. cient to make the case a borderline one under the statute. In the circumstances, the Board might pre- ORDER APPROVING APPLICATION UNDER fer to postpone making a determination until BANK HOLDING COMPANY ACT figures for 1965 could be reviewed, particularly There has come before the Board of Governors, in the light of the recent increase in total volume, pursuant to section 3(a)(2) of the Bank Holding if it were not for the third category, the firm's own Company Act of 1956 (12 U.S.C. 1842(a)(2)) investment account. and section 222.4(a) (2) of Federal Reserve Regu- While this question has not been squarely pre- lation Y (12 CFR 222.4(a)(2)), an application sented to it in the past, the Board is of the opinion by Denver U. S. Bancorporation, Inc., Denver, that when a firm is doing any significant amount Colorado, a registered bank holding company, for of business as a dealer or underwriter, then in- the Board's prior approval of the acquisition of vestments for the firm's own account should be at least 50 per cent of the voting shares of Weld taken into consideration in determining whether County Bank, Greeley, Colorado. the firm is "primarily engaged" in the activities As required by section 3(b) of the Act, the described in section 32. The division into dealing Board notified the State Bank Commissioner of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN • JUNE 1965 Colorado of receipt of the application and re- Statutory factors. Section 3(c) of the Act requested his views and recommendation. The Com- quires the Board to take into consideration the missioner expressed the opinion on behalf of the following factors in acting on this application: Colorado Banking Board and the Banking De- (1) the financial history and condition of the partment that the proposed acquisition "would be holding company and the banks concerned; (2) beneficial to the bank", and that neither the Bank- their prospects; (3) the character of their maning Board nor the Banking Department opposed agement; (4) the convenience, needs, and welfare the proposed acquisition. of the communities and the area concerned; and Notice of receipt of the application was pub- (5) whether the effect of the proposed acquisition lished in the Federal Register of February 5, 1965 would be to expand the size or extent of the bank (30 F.R. 1271), providing an opportunity for in- holding company system beyond limits consistent terested persons to submit comments and views with adequate and sound banking, the public inwith respect to the proposed acquisition. The time terest, and the preservation of competition in the for filing such comments and views has expired, field of banking. and all those received have been considered by Finnancial history, condition, prospects, and the Board. management of Applicant and Bank. Applicant IT IS HEREBY ORDERED, for the reasons set forth became a bank holding company on February 5, in the Board's Statement of this date, that said 1964, and its financial history, albeit short, is application be and hereby is approved, provided satisfactory. Applicant's holding company system that the acquisition so approved shall not be con- is composed of three banks, one located in Densummated (a) within seven calendar days after ver, and two in nearby suburban communities. the date of this Order or (b) later than three These banking subsidiaries held combined deposits months after said date. of $366 million at June 30, 1964.1 Based on the Dated at Washington, D. C, this 26th day of satisfactory financial condition of its subsidiary May, 1965. banks, Applicant's financial condition is satisfactory. By order of the Board of Governors. Applicant's prospects depend largely upon the Voting for this action: Chairman Martin, and Gov- prospects of its subsidiary banks. Inasmuch as ernors Balderston, Robertson, Shepardson, Mitchell, and Daane. Governor Maisel did not participate in Applicant's three subsidiary banks reflect sound this action. growth and earnings and favorable prospects, the (Signed) MERRITT SHERMAN, Board concludes that Applicant's prospects are Secretary. also favorable. [SEAL] The managements of Applicant and its subsidiary banks are considered experienced and well STATEMENT qualified. Denver U. S. Bancorporation, Inc. ("Appli- Bank was organized some 75 years ago and has cant"), Denver, Colorado, a registered bank hold- present deposits of about $17 million. Its deposit ing company, has filed with the Board, pursuant growth in recent years compares favorably with to section 3 (a) (2) of the Bank Holding Company its two larger local competitors. Despite Bank's Act of 1956 ("the Act"), an application for ap- favorable deposit growth, the Colorado Bank proval of the acquisition of at least 50 per cent Commissioner considers Bank's financial condition of the voting shares of Weld County Bank and prospects as somewhat unfavorable in view ("Bank"), Greeley, Colorado. of a need found by the Commissioner for addi- Views and recommendation of supervisory au- tional capital and somewhat stronger management thority. As required by section 3(b) of the Act, direction in certain of the Bank's operations. The notice of receipt of the application was given to, Commissioner concluded that in these two reand views and recommendation requested of, the spects, the acquisition of Bank by Applicant State Bank Commissioner. The Commissioner ad- "would be beneficial to the bank." vised that neither the Banking Board nor the Banking Department opposed approval of the 1 Unless otherwise indicated, all banking data noted application. are as of this date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 813 While the Board, on the basis of the record for assistance may arise. On the basis of the record before it, finds that Bank's present financial con- present, the Board is satisfied that Applicant's dition, prospects, and management are fairly rendition of the assistance it proposes in respect satisfactory, the Board finds reasonable the con- to services to be available through Bank would cern expressed by Applicant regarding the man- prove beneficial to the residents and businesses of agement problem that could arise in Bank in the Bank's primary service area. This result lends event of the death or resignation of Bank's chief weight toward approval of the application; howexecutive officer, and agrees that this problem is ever, the affirmative weight is somewhat lessened accentuated by the potential retirement of, and by the absence in the record of evidence indiless active management participation by, certain of cating that any of the major banking needs of Bank's other executive officers, particularly in the the area concerned are presently going unserved. light of the anticipated continued growth of Bank. On balance, it is the Board's conclusion that the While the Board is of the opinion that Applicant's resulting benefit to the convenience and general proposed acquisition of Bank is but one of the welfare of the area likely to result from consumsolutions to Bank's capital need and management mation of Applicant's proposal weighs somewhat succession problems, the Board finds that Appli- in favor of approval. cant's ownership of Bank offers sufficiently reason- Effect of proposed acquisition on adequate and able assurance of more immediate and certain sound banking, public interest, and banking comsolutions to these problems as to constitute a petition. The aggregate deposits of $366 million consideration favorable to approval of the held by Applicant's three banks would, by the application. addition of Bank to Applicant's system, be in- Convenience, needs, and welfare of the com- creased to $383 million, an increase from 14.3 to munities and the area concerned. Bank is located 15 per cent in Applicant's control of the deposits in downtown Greeley, about 58 miles north of of all insured banks in Colorado. Applicant and the City of Denver in the west-central area of the other two registered bank holding companies Weld County. Greeley is the center for large with subsidiary banks in Colorado presently confarming, ranching, and feeding enterprises, and trol 21.4 per cent of the deposits of all insured the location of many retail stores and distributors banks in the State. This concentration would be of farm machinery, automobiles and trucks, increased to 22 per cent through Applicant's acquiappliances, and other kinds of machinery and sition of Bank. The acquisition would give equipment. Greeley has an estimated population Applicant control of 7 per cent of the 14 insured of 30,000. Bank's primary service area,2 with an es- banks in Weld County, 18 per cent ($17 million) timated population of 32,000, encompasses Greeley of the deposits of those banks, and would result and four rural route zones extending a maxi- in Bank being the only holding company submum of nine miles from downtown Greeley. In sidiary in Weld County. addition to Bank, four other banks are located At the time of the Board's approval in in the primary service area. According to Appli- November 1963 of Applicant's formation, the cant, three of these four banks are affiliated. Board concluded that while a sizable portion of The Board's earlier finding regarding the bene- the total deposits and loans of all banks in the ficial effect of Applicant's ownership of Bank in State of Colorado is concentrated in a relatively respect to providing capital funds and rendering few banks, the largest five of which are in Denver assistance as to management succession in Bank, and include Applicant's subsidiary, Denver U. S. bears also upon the convenience and needs of the National Bank, it did not appear that any single area concerned. banking institution was dominant in the Denver Applicant states that it can assist Bank in such area or in the State as a whole. Then, as now, areas as advertising, computer services, auditing, Denver U. S. National Bank was the second largest advice regarding Bank's bond portfolio, trust bank in the State. (With the acquisition of control investments, employee benefits, and in respect to of Bank's $17 million of deposits, Applicant's such other banking services as to which a need system would control deposits aggregating $4 2 The area from which an estimated 75 per cent of million less than those of the State's largest bank.) Bank's IPC deposits originate. The Board concluded that there was no reasonable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN • JUNE 1965 basis to believe that formation of Applicant's more than Bank, and the fact that its two smaller system, including Denver U. S. National Bank, Greeley competitors are affiliated with one of the would be inimical to the proven vigor of banking larger Greeley banks, and since no subsidiary of competition in the areas concerned. Applicant competes to any significant extent in The record before the Board in this case re- the area concerned, the Board concludes that quires no different conclusion regarding the prob- consummation of the proposed acquisition would able impact on banking competition of existing not significantly alter the present competitive and proposed concentrations of banking re- picture in the area concerned. sources. Viewed on a State-wide basis or when The Board concludes that the foregoing conrestricted to Weld County, the minimal increase siderations warrant a finding that the acquisition in concentrations of banking resources that would proposed would not result in an expansion of the result from consummation of the proposed acquisi- size or extent of Applicant's system inconsistent tion does not represent a consideration adverse with adequate and sound banking, the public to approval of the proposal. interest, or the preservation of banking competi- Considering next the extent to which Applicant's tion. ownership of Bank would eliminate existing com- On the basis of all the relevant facts as conpetition or foreclose future competition between tained in the record before the Board, and in the Bank and Applicant's subsidiaries, for the reasons light of the factors set forth in section 3(c) of hereafter mentioned, the Board concludes that the Act, it is the Board's judgment that the prothese considerations present no bar to approval posed transaction would be consistent with the of the application. Bank is located approximately public interest, and that the application should, 58 miles from Applicant's nearest and largest therefore, be approved. subsidiary, Denver U. S. National Bank. The remaining two subsidiaries of Applicant, First CONCURRING STATEMENT OF GOVERNOR Bank of Aurora and Arapahoe County Bank, are ROBERTSON 65 and 72 miles, respectively, from Bank. None In November 1963 I dissented from the Board's of Applicant's subsidiaries draws a significant majority action in approving Applicant's formation amount of its deposits or loans from Bank's for the reason, among others, that the Board's primary service area and only to a minor extent action constituted an open invitation to Applicant to seek further expansion of its system within do Bank's loans and deposits originate in Appli- Colorado, a State wherein a major portion of the cant's subsidiaries' primary service areas. Accordtotal banking resources was controlled by a few ingly, the amount of existing competition between large institutions. Further acquisition of banks by Bank and Applicant's subsidiaries that would be this holding company could be foreseen then. I eliminated following consummation of Applicant's have voted for approval of Applicant's ownership proposal is minimal. Nor is there reason to believe and operation of the Weld County Bank because that future competition between Bank and Appliof the assertions of the Colorado Banking Board cant's subsidiaries would be measurably greater and the Banking Department with respect to their than at present, particularly in respect to Appliconclusion that consummation of this proposal cant's two smaller subsidiaries because of their size would be beneficial to the Weld County Bank and and the relatively great distance separating them eliminate some of its existing problems. from Bank. Bank now competes with the following banks Orders Under Bank Merger Act located in the City of Greeley: (1) Greeley The following Orders and Statements were National Bank, with deposits of $28 million, (2) issued in connection with actions by the Board of the latter bank's two affiliates, with combined de- Governors with respect to applications for posits of $3 million, and (3) First National Bank, approval of the merger or consolidation of banks: with deposits of $26 million. Bank also competes with other banks located from 5 to 26 miles from UNITED CALIFORNIA BANK, Greeley, within Weld County, having deposits LOS ANGELES, CALIFORNIA varying from $360,000 to $4 million. In view of In the matter of the application of United Calithe fact that Bank's two principal Greeley com- fornia Bank for approval of merger with Bank petitors each has deposits of some $10 million of Ceres. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 815 ORDER APPROVING MERGER OF BANKS of United, which is a State member bank of the Federal Reserve System and the only banking There has come before the Board of Governors, subsidiary in California of Western Bancorporapursuant to the Bank Merger Act of 1960 (12 tion, a registered bank holding company. As an U.S.C. 1828(c)), an application by United Caliincident to the merger, the sole office of Ceres fornia Bank, Los Angeles, California, a State Bank would become a branch of United, increasmember bank of the Federal Reserve System, for ing the number of its offices from 178 to 179. the Board's prior approval of the merger of that Under the law, the Board is required to conbank and Bank of Ceres, Ceres, California, sider, as to each of the banks involved, (1) its under the charter and title of United California financial history and condition, (2) the adequacy Bank. As an incident to the merger, the sole office of its capital structure, (3) its future earnings of Bank of Ceres would become a branch of the prospects, (4) the general character of its manageresulting bank. Notice of the proposed merger, ment, (5) whether its corporate powers are conin form approved by the Board, has been pubsistent with the purposes of 12 U.S.C, Ch. 16 lished pursuant to said Act. (the Federal Deposit Insurance Act), (6) the con- Upon consideration of all relevant material in venience and needs of the community to be served, the light of the factors set forth in said Act, inand (7) the effect of the transaction on competicluding reports furnished by the Comptroller of tion (including any tendency toward monopoly). the Currency, the Federal Deposit Insurance The Board may not approve the transaction unless, Corporation, and the Attorney General on the after considering all of these factors, it finds the competitive factors involved in the proposed transaction to be in the public interest. merger. Banking factors. The financial histories of IT IS HEREBY ORDERED, for the reasons set forth United and Ceres Bank are satisfactory, and each in the Board's Statement of this date, that said bank has a satisfactory asset condition and a application be and hereby is approved, provided reasonably adequate capital structure. The earnthat said merger shall not be consummated (a) ings record and future earnings prospects of within seven calendar days after the date of this United are satisfactory. While the earnings of Order or (b) later than three months after said Ceres Bank have been adequate, they are well date. short of the reasonable earnings potential of the Dated at Washington, D. C, this 12th day of bank. The relatively low earnings of Ceres Bank May, 1965. appear to be the result of the investment and By order of the Board of Governors. loan policies of its ultraconservative management. For example, the bank invests exclusively in short- Voting for this action: Chairman Martin, and Governors Balderston, Shepardson, and Mitchell. term U. S. Government obligations. The manage- Voting against this action: Governor Robertson. ment of United is competent and progressive, as Absent and not voting: Governor Daane. Governor Maisel did not participate in this action. would be the management of the resulting bank, which would also have a satisfactory financial (Signed) MERRITT SHERMAN, condition, a reasonably adequate capital structure, Secretary. and favorable future earnings prospects. [SEAL] The corporate powers of the two banks are not, STATEMENT and those of the resulting bank would not be, United California Bank, Los Angeles, Caliinconsistent with the purpose of 12 U.S.C, Ch. 16. fornia ("United"), with total deposits of $2.7 Convenience and needs of the communities. billion, has applied, pursuant to the Bank Merger Ceres has a population of approximately 4,500 Act of 1960 (12 U.S.C. 1828(c)), for the Board's and is located in Stanislaus County, California, prior approval of the merger of that bank and the about 120 miles east of San Francisco. The Bank of Ceres, Ceres, California ("Ceres Bank"), economy of Ceres is based chiefly on agricultural which has total deposits of $3.6 million.1 The activities, but it is growing as a residential combanks would merge under the charter and name munity. 1 The deposit figuresc ited throughout are as of June Ceres Bank makes available only very limited 30, 1964. services relative to the banking needs of the Ceres Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • JUNE 1965 area. The loan volume of Ceres Bank as a per- 8.8 per cent to 11.5 per cent. However, its ranking centage of its total deposits is very low as com- of fifth in this respect would remain unchanged. pared to other banks in the area, and about one- United is the fifth largest bank in California with third of these loans are participations purchased about 8.2 per cent of the total deposits of all the from banks outside the community. The bank State's commercial banks, and its share would be does not make FHA or VA loans, interim real increased by about .01 per cent with the acquisiestate loans, or a number of other types of loans tion of Ceres Bank. There is no indication that —including the installment variety—ordinarily any other bank in the relevant area would be available through commercial banks. These and adversely affected by the proposed merger. The other services not provided by Ceres Bank are merger would eliminate the limited amount of available at other relatively nearby banking offices, competition that exists between the proponent including the Ceres branch of the seventh largest banks, and foreclose also such potential for combank in California located one block from the petition as there may be. However, United would Ceres Bank. However, the proposed merger would be a much more effective competitor for the two have the advantage of providing for the Ceres offices of the large banks that now operate in community an alternative source of relatively the service area of Ceres Bank. full banking services. Summary and conclusion. Although the merger The proposed merger would have no appreci- would foreclose the limited existing and potential able effect on the banking needs and convenience competition between the proponent banks and of the communities in which United presently has increase slightly the resources of the State's fifth banking offices. largest bank, it does not appear that the trans- Competition. The service area2 of Ceres Bank action would have a significantly adverse effect may be approximately defined as the area con- on banking competition. Indeed, the replacement tained within a radius of about three to nine miles of the nonaggressive Ceres Bank by an office of of Ceres, and includes the town of Hughson where United would enhance banking competition in the the only banking office is a branch of a large local market area; at the same time, United would Oakland headquartered bank. Although they are serve as an alternative source of full banking not within the service area of Ceres Bank, banking services, all of which would redound to the net offices located in the towns of Modesto (popula- benefit of the community concerned. tion about 43,000) and Turlock (population about Accordingly, the Board finds that the proposed 9,000) which are situated, respectively, about merger would be in the public interest. five miles north and eight miles south of Ceres, DISSENTING STATEMENT OF GOVERNOR ROBERTSON derive some business from the Ceres community. Although seven banks operate 12 banking offices The Board, by its approval of this application, in Modesto, only five downtown offices—one each gives sanction to a transaction with consequences of United and the State's first, third, fourth, and that, in my judgment, fall precisely within the seventh largest commercial banks in terms of total realm of that which the Bank Merger Act of 1960 deposits—are situated where they can reasonably was designed to prevent. be expected to attract business from the Ceres As a basis for approval, the majority accords area. The five banking offices in Turlock are great weight to its finding that the merger would branches of four of these same banks, one of them result in an alternative source of full banking being United. services for the Ceres community. The record With the acquisition of Ceres Bank, United shows, however, as the majority acknowledges, would own three of 13 banking offices operated that the seventh largest bank in California (a billion dollar institution) operates an office one by six banks in the relevant area as described in block from Ceres Bank, and that there are eleven the preceding paragraph, and its holdings of total more competing banking offices—ten of them deposits in this area would increase from about owned by five of the State's seven largest banks— situated in nearby towns, some five to eight miles 2 The area from which a bank obtains 75 per cent distant. The facts here obviously would not supor more of its deposits of individuals, partnerships, and corporations. port a finding that the banking needs and con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 817 venience of the community are not being ade- in a complete oligopoly. The general application quately served, and the majority makes no such of the Board's reasoning in this case would seal finding. To attach any significance whatsoever the doom of the Bank Merger Act. to the convenience and needs factor on a record I would deny the application. such as the one in this case is, I submit, merely to offer a placebo for the violence that, through THE BANK OF WOOD COUNTY COMPANY, this and like cases, is being done to banking BOWLING GREEN, OHIO competition and to the public interest. In the matter of the application of The Bank United, the fifth largest bank in California, and of Wood County Company for approval of merger the first, third, fourth, and seventh largest banks with The First National Bank of North Baltimore. together account for nearly 70 per cent of the total deposits of all the State's commercial banks. ORDER APPROVING MERGER OF BANKS These same five banks, with 11 of the 13 banking offices in the area treated by the majority as the There has come before the Board of Governors, relevant geographical market, hold nearly 94 per pursuant to the Bank Merger Act of 1960 (12 cent of the total deposits held by the seven com- U.S.C. 1828(c)), an application by The Bank mercial banks operating offices there. Under these of Wood County Company, Bowling Green, Ohio, circumstances even a slight increase in the con- a State member bank of the Federal Reserve centration of banking resources through the System, for the Board's prior approval of the acquisition of sound banks is clearly prohibitive.1 merger of that bank and The First National Bank Yet the majority, while conceding that the merger of North Baltimore, North Baltimore, Ohio, would foreclose competition between the pro- under the charter and title of The Bank of Wood ponent banks, concludes that the elimination of County Company. As an incident to the merger, the last remaining independent bank in the the sole office of The First National Bank of North relevant geographical market—with the five large Baltimore would become a branch of the resulting banks then owning all but one of the banking bank. Notice of the proposed merger, in form offices and holding nearly 97 per cent of the total approved by the Board, has been published deposits—would actually enhance banking com- pursuant to said Act. petition. In this connection, the majority points Upon consideration of all relevant material in to the Ceres Bank's lack of aggressiveness. It the light of the factors set forth in said Act, cannot be gainsaid, however, that the bank has including reports furnished by the Comptroller been aggressive enough to survive comfortably, of the Currency, the Federal Deposit Insurance and it apparently has been a reasonably effective Corporation, and the Attorney General on the competitor since United is willing to pay a pretty competitive factors involved in the proposed premium for its purchase. More fundamentally, merger. the majority fails to comprehend that by its will- IT IS HEREBY ORDERED, for the reasons set forth ingness to approve mergers under the circum- in the Board's Statement of this date, that said stances of this case, it effectively removes the application be and hereby is approved, provided need for banks such as Ceres Bank to adopt that said merger shall not be consummated (a) progressive policies or, when a sale is contem- within seven calendar days after the date of this plated, to seek out a buyer—other than a dominant Order or (b) later than three months after said firm in the industry—who may be willing to adopt date. such policies. Dated at Washington, D. C, this 21st day of The Board's reasoning in this case would permit May, 1965. the eight largest banks in California, which now By order of the Board of Governors. hold about 88 per cent of the total commercial Voting for this action: Chairman Martin, and Govbank deposits in the State, to acquire the banks ernors Balderston, Robertson, and Maisel. Absent and holding the remaining 12 per cent, thus resulting not voting: Governors Shepardson, Mitchell, and Daane. (Signed) MERRITT SHERMAN, 1 See the discussion on this point in my Dissenting Secretary. Statement at 51 Federal Reserve BULLETIN 98 (1965). [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • JUNE 1965 STATEMENT approximately 20 miles south of downtown Toledo, 27 miles northwest of Fostoria, and 26 The Bank of Wood County Company, Bowling miles north of Findlay, the closest sizable cities. Green, Ohio ("Bank of Wood County"), with The economy of Bowling Green is supported by total deposits of $23.4 million, has applied, purboth diversified industry and agriculture. suant to the Bank Merger Act of 1960 (12 U.S.C. North Baltimore, with a 1960 population of 1828(c)), for the Board's prior approval of the about 3,000, is located in the south-central portion merger of that bank and The First National Bank of Wood County, 14 miles south of Bowling of North Baltimore, North Baltimore, Ohio ("First Green, 12 miles north of Findlay, and 13 miles National"), which has total deposits of $4.5 million.1 The banks would merge under the west of Fostoria. Its economy is supported primarily by agriculture. charter and title of Bank of Wood County, which Grain farming and livestock feeding are the is a State member bank of the Federal Reserve basic agricultural activities in Wood County. The System. As an incident to the merger, the sole expansion of these activities in recent years is evioffice of First National would become a branch denced by a marked increase in the size of farms of Bank of Wood County, increasing the number as well as the number of livestock of individual of its offices from three to four. feeders. These operations require more credit than Under the law, the Board is required to concan be supplied by small rural banks. First Nasider, as to each of the banks involved, (1) its tional has not been able to accommodate several financial history and condition, (2) the adequacy of its customers in recent years (including 10 farm of its capital structure, (3) its future earnings customers) due to the bank's low lending limit. prospects, (4) the general character of its man- The merger would result in a bank with greater agement, (5) whether its corporate powers are resources which could better serve the banking consistent with the purposes of 12 U.S.C, Ch. 16 needs and convenience of Wood County, particu- (the Federal Deposit Insurance Act), (6) the larly in the North Baltimore area. convenience and needs of the community to be Competition. The service area2 of Bank of served, and (7) the effect of the transaction on Wood County does not overlap that of First Nacompetition (including any tendency toward tional and there appears to be only slight competimonopoly). The Board may not approve the transtion between the two banks, due in part to the action unless, after considering all of these factors, fact that a bank with deposits of about $12 million it finds the transaction to be in the public interest. is located midway between North Baltimore and Banking factors. The financial histories of Bank Bowling Green. of Wood County and First National are satis- The service area of the resulting bank would factory and each bank has a sound asset conbe a largely rural area extending from Toledo, dition. Each bank also has a satisfactory earnings with a population of over 318,000, south approxirecord and favorable future earnings prospects. mately to Findlay, with a population of 30,000. Management of both banks is satisfactory. First The resulting bank through its office in North National's capital position is adequate. Consum- Baltimore would compete more directly and effecmation of the transaction would bring needed tively with two Findlay banks and two Fostoria improvement in the capital position of Bank of banks, all of which have deposits ranging from Wood County, and the resulting bank would have $12 to $41 million. It is not expected that the capable management, a sound asset condition, and proposed merger would adversely affect the presgood future earnings prospects. ent competitiors of Bank of Wood County or a There is no indication that the corporate powers small bank in North Baltimore that presently comof the banks are, or would be, inconsistent with petes with First National. Numerous alternate the purposes of 12 U.S.C, Ch. 16. sources of banking services would remain avail- Convenience and needs of the communities. able in Wood County. Bowling Green, Ohio, with a 1960 population of Summary. No significant competition would be about 14,000, is the seat of Wood County and is located in the northwestern section of the State, 2 The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships, xThe deposit figures are as of December 31, 1964. and corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 819 eliminated by the proposed merger, while bank- ernors Balderston, Robertson, Shepardson, Mitchell, and Daane. Voting against this action: Governor ing competition in the North Baltimore area Maisel. should be stimulated without any adverse effect (Signed) MERRITT SHERMAN, on other banks. Bank customers in the North Secretary. Baltimore area would have ready access to a bank [SEAL] with sufficient resources to supply much of the credit required by an expanding agricultural STATEMENT economy. Accordingly, the Board finds that the proposed Riverside Trust Company, Hartford, Connectimerger would be in the public interest. cut ("Riverside"), with total deposits of $44 million, has applied, pursuant to the Bank Merger RIVERSIDE TRUST COMPANY, HARTFORD, Act of 1960 (12 U.S.C. 1828(c)), for the Board's CONNECTICUT prior approval of the merger of that bank and Bristol Bank and Trust Company, Bristol, Con- In the matter of the application of Riverside necticut ("Bristol Bank"), which has total de- Trust Company for approval of merger with posits of $18 million.1 The banks would merge Bristol Bank and Trust Company. under the charter of Riverside, which is a member of the Federal Reserve System, and the title ORDER APPROVING MERGER OF BANKS of United Bank & Trust Company, Hartford, Connecticut ("the resulting bank"). The resulting There has come before the Board of Governors, bank would also be a member of the Federal Repursuant to the Bank Merger Act of 1960 (12 serve System. Incident to the merger, the head U.S.C. 1828(c)), an application by Riverside office of Riverside would become head office of Trust Company, Hartford, Connecticut, a State the resulting bank, and Riverside's ten branches, member bank of the Federal Reserve System, for the Board's prior approval of the merger of that together with three existing and two approved but bank and Bristol Bank and Trust Company, Bris- not yet established offices of Bristol Bank, would tol, Connecticut, under the charter of the former become branches of the resulting bank. and title of United Bank & Trust Company. As Under the law, the Board is required to conan incident to the merger, the five authorized sider, as to each of the banks involved, (1) its offices of Bristol Bank and Trust Company would financial history and condition, (2) the adequacy become branches of the resulting bank. Notice of of its capital structure, (3) its future earnings the proposed merger, in form approved by the prospects, (4) the general character of its manage- Board, has been published pursuant to said Act. ment, (5) whether its corporate powers are con- Upon consideration of all relevant material sistent with the purposes of 12 U.S.C, Ch. 16 (the in the light of the factors set forth in said Act, Federal Deposit Insurance Act), (6) the conveniincluding reports furnished by the Comptroller of ence and needs of the community to be served, the Currency, the Federal Deposit Insurance Cor- and (7) the effect of the transaction on competiporation, and the Attorney General on the com- tion (including any tendency toward monopoly). petitive factors involved in the proposed merger. The Board may not approve the proposed merger IT IS HEREBY ORDERED, for the reasons set forth unless, after considering all of these factors, it in the Board's Statement of this date, that said finds the transaction to be in the public interest. application be and hereby is approved, provided Banking factors. The financial history and conthat said merger shall not be consummated (a) dition of Riverside and Bristol Bank are satisfacwithin seven calendar days after the date of this tory. Riverside's capital structure is reasonably Order or (b) later than three months after said adequate, and its earnings prospects and managedate. ment are favorable. Bristol Bank's capital struc- Dated at Washington, D. C, this 4th day of ture is adequate. Its earnings prospects also are June, 1965. favorable, and its management is satisfactory. The condition of the resulting bank would be sound, By order of the Board of Governors. Voting for this action: Chairman Martin, and Gov- 1 Deposit figures are as of December 31, 1964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • JUNE 1965 its capital structure would be reasonably satisfac- city's largest employer. Commercial expansion in tory, its earnings prospects would be favorable, recent years includes two new shopping centers, and its management would be competent. with a third in progress, and the city is carrying Neither the corporate powers of the two exist- out a sizable urban renewal program. The city ing banks, nor those of the resulting bank, are, or is served by two commercial banks operating five would be, inconsistent with the purposes of 12 in-city branches, and two additional branches of U.S.C., Ch. 16. Bristol Bank have been approved, but not yet Convenience and needs of the communities. opened. There is one mutual savings bank in Both Hartford, the State capital, and Bristol, some Bristol. fifteen miles to the southwest, are located in Hart- The lending limit of Riverside is $320,000 and ford County, in the north central part of Con- of Bristol Bank is $175,000; the lending limit of necticut, in a prosperous, growing industrial area the resulting bank would be $495,000. Evidence with some peripheral agriculture, particularly to- in the record indicates that a number of customers bacco. In 1960, Hartford had 162,000 and Bristol and potential customers of Bristol Bank require 46,000 inhabitants. New Britain, with a 1960 credit in excess of its present lending limit. While population of 82,000, is located almost between the two large Hartford banks actively solicit busithem. ness in Bristol, there will be increased convenience Hartford, one of the main insurance centers of in having locally available in Bristol, offices of a the United States, is served by five commercial larger commercial bank with a lending limit of banks and four mutual savings banks, A recently about half a million dollars. chartered national bank has not yet opened for Competition. The nearest offices of Riverside business in Hartford. The two largest Hartford and Bristol Bank are about ten miles apart, and the banks, which are also the largest in the State, hold two do not appear to be in competition with one about 95 per cent of the deposits of commercial another to any important extent. The competitive banks and over 62 per cent of the deposits of all situation in Hartford, and in the State of Connecbanks (including mutual savings banks) in the ticut, would not be significantly altered as a recity. sult of consummation of the proposed merger. Riverside has 3.7 per cent of deposits of com- In Bristol, some imbalance may result, since the mercial banks, and 2.4 per cent of deposits of all remaining commercial bank in the city, a $9 milbanks in Hartford. While Riverside is the third lion institution, instead of competing with a bank commercial bank in size in the city, it is smaller twice its size, will be faced with a rival almost than any of the four mutual savings banks with seven times as large. However, the evidence in which it competes for savings deposits, real estate the record suggests that this small bank would not mortgages, and certain other types of loans. be adversely affected, and there is nothing in the In the past ten years, Riverside has been in- record to indicate that the other smaller banks volved in three mergers, which have accounted in the areas concerned would be adversely affected for 31 per cent and 28 per cent of its deposit and as a result of consummation of the merger. loan growth, respectively. Of Riverside's ten Throughout Connecticut, mutual savings banks, branches, six were acquired by merger with banks in the range in which they function, offer vigorous in six outlying communities, Broad Brook, Port- competition to commercial banks. The total deland, New Hartford, Essex, Old Lyme, and Wind- posits of the mutual savings banks exceed those sor. It does not appear from the record that the of the commercial banks. Indeed, the two comconvenience and needs of any of these communi- mercial banks in Bristol now compete with a muties would be substantially affected by the merger. tual savings bank which holds over two-thirds of Bristol, although developing as a residential all deposits in the community. The resulting bank community, is primarily an industrial center, em- would be almost exactly the size of the mutual ploying about 10,000 persons in 69 plants engaged savings bank. While there has been a recent in the manufacture of machinery, metals, instru- increase in banking concentration in Connecticut, ments, watches, clocks, and other products. The the proposed merger would not involve banks con- New Departure Division of the General Motors trolling a large share of total State deposits. On Corporation, employing over 3,000 workers, is the the contrary, it may lead to some increased com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 821 petition for the mutual savings bank in Bristol. in Hartford County since before 1950 are added Summary and conclusion. Consummation of the to the twenty-five commercial banks doing busiproposed merger between two banks that are not ness there at that time, the disappearance of almost in significant competition with one another would a quarter of the individual banks in a county, over enable the resulting bank better to serve the needs, a period of fourteen years, seems to me to signal and would add to the convenience, of the grow- a significant increase in concentration. ing, industrial community of Bristol. I would disapprove the application. Accordingly, the Board finds that the merger would be in the public interest. THE COMMERCIAL AND SAVINGS BANK OF ST. CLAIR COUNTY, ST. CLAIR, DISSENTING STATEMENT OF GOVERNOR MAISEL MICHIGAN As I read the legislative history of the Bank In the matter of the application of The Com- Merger Act, where competitive factors are submercial and Savings Bank of St. Clair County for stantially adverse, a merger must promise to proapproval of consolidation with Yale State Bank. vide substantial offsetting benefits before the responsible agency is justified in approving it. The ORDER APPROVING CONSOLIDATION OF BANKS record in the present case shows at most that there There has come before the Board of Governors, may be some slight improvement in convenience pursuant to the Bank Merger Act of 1960 (12 to a few borrowers who will be accommodated in U.S.C. 1828(c)), an application by The Com- Bristol instead of having to travel fifteen miles to mercial and Savings Bank of St. Clair County, Hartford, when the Riverside and Bristol banks St. Clair, Michigan, a State member bank of the are merged. Federal Reserve System, for the Board's prior This improvement cannot possibly outweigh the approval of the consolidation of that bank and very serious increasing concentration in commer- Yale State Bank, Yale, Michigan, under the cial banking which has been taking place in Hartcharter and title of the former. As an incident to ford County. In 1950, the County enjoyed comthe consolidation, the sole office of Yale State petitive services of twenty-five commercial banks. Bank would be operated as a branch of The Com- By 1964, eight of these had disappeared. Approval mercial and Savings Bank of St. Clair County. of the present merger will leave only sixteen, a Notice of the proposed consolidation, in form decrease of more than a third in the past fourteen approved by the Board, has been published years. In this respect, Hartford County is a micropursuant to said Act. cosm of the State as a whole, which went from Upon consideration of all relevant material in 112 commercial banks at the end of 1950 to 66 the light of the factors set forth in said Act, at the end of 1964. including reports furnished by the Comptroller of While the banks involved in the present merger the Currency, the Federal Deposit Insurance are not the largest in the County, they are far Corporation, and the Attorney General on the from being the smallest. I do not think Congress competitive factors involved in the proposed conintended the Bank Merger Act to lead to a situasolidation, tion in which three or four banking systems would IT IS HEREBY ORDERED, for the reasons set forth completely dominate commercial life in a busy, in the Board's Statement of this date, that said industrial area like central Connecticut, with only application be and hereby is approved, provided a few little local banks left to preserve a flavor of that said consolidation shall not be consummated individuality. (a) within seven calendar days after the date of The majority gives weight to the competition this Order or (b) later than three months after offered by mutual savings banks, which divide said date. County deposits almost equally with the commer- Dated at Washington, D. C, this 14th day of cial banks. This competition is limited to certain June, 1965. areas. Mutual savings banks do not compete in By order of the Board of Governors. the critical functions, for example, of commercial Voting for this action: Chairman Martin, and loans and demand deposits. But even when the Governors Balderston, Shepardson, Mitchell, Daane, fourteen mutual savings banks which have been and Maisel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN • JUNE 1965 Voting against this action: Governor Robertson. Convenience and needs of the communities. (Signed) MERRITT SHERMAN, Yale has a population of about 1,600 and is Secretary. located in north-central St. Clair County, about [SEAL] 31 miles northwest of St. Clair and about 27 miles northwest of Port Huron, the county seat. The STATEMENT economy of Yale is based principally on agri- The Commercial and Savings Bank of St. Clair culture, especially dairy farming. Yale is encircled County, St. Clair, Michigan ("Commercial and by a number of small independent banks situated Savings Bank"), with total deposits of about $17 at distances ranging from about 12 to 20 miles, million, has applied, pursuant to the Bank Merger and the branch office of Commercial and Savings Act of 1960 (12 U.S.C. § 1828(c)), for the Bank is located at Emmet (population about 280), Board's prior approval of the consolidation of some 10 miles to the southeast. Although it that bank and Yale State Bank, Yale, Michigan appears that no pressing need exists for the serv- ("Yale Bank"), which has total deposits of about ices of a larger bank in the Yale community, the $5 million.1 The banks would consolidate under bank resulting from the proposed consolidation the charter and name of the Applicant, a State could more readily—and generally more economimember bank of the Federal Reserve System. As cally—make available services not offered by Yale an incident to the consolidation, the sole office of Bank that would both facilitate the economic Yale Bank would become a branch of Commercial growth of the area and afford improved conand Savings Bank, increasing the number of its venience for banking customers. offices to three. Competition. Following the consolidation, Com- Under the law, the Board is required to con- mercial and Savings Bank would hold about 12 sider, as to each of the banks involved, (1) its per cent of total deposits held by the 20 offices financial history and condition, (2) the adequacy of the 9 banks competing to some degree in the of its capital structure, (3) its future earnings combined areas served by its 3 offices. There is prospects, (4) the general character of its manage- no evidence that the consolidation would forement, (5) whether its corporate powers are con- close any meaningful competition between the sistent with the purposes of 12 U.S.C, Chapter 16 proponent banks or that it would adversely affect (the Federal Deposit Insurance Act), (6) the other banks. convenience and needs of the community to be Summary and conclusion. It does not appear served, and (7) the effect of the transaction on that the proposed consolidation would have any competition (including any tendency toward adverse consequences for banking competition. monopoly). The Board may not approve the At the same time, Commercial and Savings Bank transaction unless, after considering all of these would make available for the area now served by factors, it finds the transaction to be in the public Yale Bank improved and expanded banking servinterest. ices which would, in addition to benefiting the Banking factors. The financial histories of Com- convenience of banking customers, serve to mercial and Savings Bank and Yale Bank are enhance the community's economic prospects. satisfactory, and each bank has a sound asset con- Accordingly, the Board finds that the proposed dition and an adequate capital structure. Each transaction would be in the public interest. bank has a good earnings record and satisfactory DISSENTING STATEMENT OF GOVERNOR ROBERTSON future earnings prospects. The management of each bank is satisfactory and, in addition to I am unable to conclude from the record in this capable management, the resulting bank would case that consummation of the proposed consolihave a sound asset condition, an adequate capital dation would be in the public interest within the structure, and good future earnings prospects. meaning of the Bank Merger Act of 1960. There is no indication that the corporate powers As I understand the statute and its legislative of the banks are, or would be, inconsistent with history, Congress intended to make approval of a the purposes of 12 U.S.C, Chapter 16. bank consolidation or merger dependent on a positive showing by its proponents that the public 1 Deposit figures are as of December 31, 1964. interest would thereby be benefited and rejected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 823 the philosophy that doubts be resolved in favor of factorily met, nevertheless bases its decision on such transactions.1 In this case, there is a showing the hope that the improved and expanded (but neither of an advantage for the public nor a unneeded) banking services to be offered by the reasonable probability thereof. The majority, resulting bank will somehow enhance the economic while essentially conceding that the banking needs prospects of the Yale area. A mere hope, however and convenience of the community are being satis- fervently held, is not evidence; and it is not, in my judgment, a sufficient basis under the applic- 1 See the discussion on this point in my Dissenting able law upon which to rest a finding of public Statement at 49 Federal Reserve BULLETIN 16, 17 benefit. (1963). Accordingly, I would deny the application. Announcements DEATH OF DIRECTOR ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Mr. W. S. Kennedy, President and Chairman of The following bank was admitted to membership the Board, The First National Bank of Junction in the Federal Reserve System during the period City, Junction City, Kansas, who had served as a May 15, to June 15, 1965. Class A director of the Federal Reserve Bank of Kansas City since October 2, 1951, died on Alabama June 5, 1965. West Blocton . . Bank of West Blocton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 16 Industrial output continued to increase in May, consumer durable goods changed little at advanced although as in April, expansion was less rapid rates, although output of appliances was down than in the first quarter of the year. Nonfarm somewhat from a high in March. Production of employment increased and the unemployment rate business equipment rose 1.5 per cent further, with declined. Retail sales rose appreciably to exceed increases in all categories, and the gain over the the February high. Expansion in bank credit, as year from May 1964 amounted to 11 per cent. in April, was less than earlier in the year. The Iron and steel production remained close to the money supply declined while time and savings record rate reached in April, despite the interim deposits continued to increase at a less rapid pace settlement of the industry's labor contract which than in the first quarter. Common stock prices postponed the threat of a strike. In early June, declined from the high reached in mid-May. steel ingot production continued to change little. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's index of industrial production rose The value of new construction activity in May, in May—to 141.3 per cent of the 1957-59 average at a seasonally adjusted annual rate of nearly $68 from 140.8 per cent in April—reflecting mainly billion, was unchanged from April and 1 per cent continued expansion in output of machinery and below the March peak. Business construction deother business equipment. Production of consumer clined slightly but residential building and public goods increased slightly but remained below the construction activity changed little. March high when auto assemblies were at a record seasonally adjusted annual rate of about 10 million EMPLOYMENT units. Among industrial materials, a small further Employment in nonfarm establishments, which rise in nondurable goods was offset by a decrease had declined in April in part because of floods, in durable goods. rose in May and was somewhat higher than in Autos were assembled in May at a seasonally March. Employment recovered only a small part adjusted annual rate of 9.5 million units, which of its April decrease in construction, but it reis about the same as production in April and covered fully in trade and continued to grow in scheduled output for June. Production of other services and in State and local government. In manufacturing, a decrease in employment in pri- INDUSTRIAL PRODUCTION mary metals was nearly offset by continued ex- 1957-59 = 100 pansion in the machinery industries. Average weekly hours of production workers in manufacturing increased but remained somewhat below - TOTAL/7^ - FINAL PRODUCTS_^/*^ the high figures of the first quarter. >^^MATERIALS The unemployment rate was 4.6 per cent in May compared with 4.9 per cent in April and _ w _ 5.2 per cent in May 1964. Long-term unemploy- 1 1 1 1 1 1 1 1 \ 1 ment—the number of persons unemployed for A /' - 15 weeks or more—declined sharply. EQUIPMENT / V" - NONDURABLE ^*'/*' ~ MANUFACTURES/1^ DISTRIBUTION /3TCONSUMER Retail sales rose 2.5 per cent in May and ^^^y/y' DURABLE - *^\/S GOODS _ v x / MANUFACTURES slightly exceeded the high reached in February when auto sales were at a post-strike peak. Large 1 1 1 1 1 1 i 1 1 1 1961 1963 1965 1961 1963 1965 gains were recorded at general merchandise and F.R. indexes, seasonally adjusted. Latest figures shown are for May. apparel stores, and the total for nondurable goods 824 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 825 stores was up 3 per cent from April and also from showed only a small rise. The money supply de- February. Sales of new domestic autos, although clined $1.2 billion, nearly as much as it had indown substantially from February, were little creased over the preceding two months. Time and changed from April. For durable goods stores as savings deposits at commercial banks continued a whole, the value of sales rose 1 per cent in May. to increase at a less rapid pace than in the first quarter of the year. COMMODITY PRICES Member bank borrowings rose further in May The wholesale commodity price index rose while excess reserves declined somewhat. Borrownearly 1 per cent through May and early June. ings were larger than excess reserves by about Most of the increase reflected a sharp rise in $180 million compared with $110 million in April. foodstuffs, to a level about 5 per cent higher than Seasonally adjusted total and required reserves at the beginning of the year, attributable to delays declined slightly following substantial increases in harvesting vegetables and to reduced production earlier in the year. Reserves were supplied by and marketings of livestock. The industrial com- Federal Reserve purchases of U.S. Government modity price index also increased further, to a securities and were absorbed by currency and gold point 0.5 per cent higher than at the start of the outflows and other factors. year, chiefly because of additional increases for semi-fabricated copper and aluminum products SECURITY MARKETS and a rise in gasoline. Yields on corporate and municipal bonds rose moderately between mid-May and mid-June, while BANK CREDIT, MONEY SUPPLY, AND RESERVES those on Treasury bonds changed little. Treasury The seasonally adjusted increase in commercial bill rates declined; in mid-June the rate on 3-month bank credit of $1.8 billion in May was the same issues was 3.80 per cent compared with 3.90 per as in April but much less than the $2.8 billion cent a month earlier. average monthly increase in the first quarter. Common stock prices declined from an all-time Total loans continued to show relatively large gains high reached in mid-May. On June 15, average but bank holdings of U.S. Government securities prices were 6 per cent below the high. declined further and holdings of other securities INTEREST RATES PRICES ALL ITEMS ^^ - ALL COMMODITIES 1 I 1 1 1 1 1 1 1 1 COMMODITIES NONFOOD COMMODITIES OTHER THAN FARM AND FOOD 1 1 1 1 1 1 1 1 1 1 SERVICES^_^—~^ PROCESSED FOODS _^~ ^"^ FOODS _ | 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, April; for wholesale prices, May. shown, week ending June 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYiMBOLS AND ABBREVIATIONS c Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets L Liabilities I, II, s Sources of funds ra, ivQuarters u Uses of funds n.a. Not available Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Apr. 1965 604-14 Banking and monetary statistics, 1964. Feb. 1965 326-33 Mar. 1965 490-91 June, 1965 888-91 Semiannually Banks and branches, number of, by class and Banking offices: State Apr. 1965615-16 Analysis of changes in number of Feb. 1965 324 On, and not on, Federal Reserve Par List Flow of funds (assets and liabilities) Apr. 1965 604 number of Feb. 1965 325 Income and expenses: Federal Reserve Banks Feb. 1965322-23 Member banks: Annually Calendar year May 1965 750-58 Operating ratios Apr. 1965617-19 Bank holding companies: Insured commercial banks May 1965 759 List of, Dec. 31,1964 June 1965 892 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec.31,1963 June 1964 783 balances Sept. 1964 1206 826 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 828 Reserve Bank discount rates; margin requirements; reserve requirements 833 Open market transactions; Federal Reserve Banks 835 Bank debits; currency in circulation 838 Money supply; banks and the monetary system 840 Commercial and mutual savings banks, by classes 842 Commercial banks, by classes. . . 846 Weekly reporting member banks. 848 Business loans 851 Interest rates 852 Security prices; stock market credit; open market paper 853 Savings institutions 854 Federal finance 856 Federally sponsored agencies 861 Security issues 862 Business finance 865 Real estate credit 867 Consumer credit 870 Industrial production 874 Business activity; construction 878 Employment and earnings 880 Wholesale and consumer prices 882 National product and income series 884 Flow of funds 886 Banking and monetary statistics . 888 Bank holding companies, December 31, 1964 892 Guide to tabular presentation. 826 Index to statistical tables . . 919 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). 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 BANK RESERVES AND RELATED ITEMS JUNE 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 a ri r t o e d T U o .S ta . l Go B r v o o i t u g u . t h 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 - - c v D o a a a n n u i d s c n d - - e ts s Float i t T a o l - 2 s G to o c ld k T s r o c e r t u i a e n u n 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 h e w r a a y s i n t - h m r e F e s F e . e m i R o g rv r b . n - e e B s r , a O b n a t k h n s e k r i 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 e c r C s o e b a e n n i u e r n c r d v r - y e 3 b s an T k otal Averages of daily figures 1929—June.... 179 179 978 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,663333 2277,156 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 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,,665 2299,060 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 ,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 2,298 "3,3218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—Dec 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 ,215 17,303 3,443 20,746 1964—May.... 33,907 33,836 71 256 1,747 35,981 15,462 5,577 37,107 425 957 148 180 ,111 17,092 3,128 20,220 June 34,631 34,530 101 271 1,784 36,760 15,462 5,584 37,541 414 886 135 200 ,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 ,194 17,408 3,257 20,665 Aug 35,118 34,996 122 334 1,670 3377,170 15,462 5,562 38,033 421 909 145 194 ,151 17,340 3,226 20,566 Sept 35,273 35,143 130 332 914 37,578 15,462 5,564 38,224 437 893 143 189 ,129 17,589 3,339 20,928 Oct 35,334 35,257 77 311 027 37,747 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 38,421 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 2,126 39,245 15,258 5,395 39,013 652 875 180 223 949 18,006 3,613 21,619 Feb 37,052 36,957 95 450 1,650 39,244 14,984 5,394 38,641 696 943 145 211 ,166 17,820 3,407 21,227 Mar 37,315 37,267 48 441 1,659 39,535 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 •744 865 170 207 783 18,047 3,458 21,505 May.... 38,111 37,749 362 520 1,633 40,340 14,358 5,401 39,052 756 908 142 187 985 18,070 3411 '21,481 Week ending— 1964 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 1,772 35,083 15,462 5,578 36,813 423 929 140 193 959 16,667 3,299 19,966 33,763 33,580 183 213 1,65335,724 15,463 5,582 36,910 426 156 188 954 17,247 3,030 20,277 33,987 33,904 83 314 1,640 "3'6,020 15,463 5,571 37,150 417 990 160 179 939 17,218 3,087 20,305 20!'.'.'.'..'. 33,749 33,715 34 298 2,064 36,179 15,462 5,573 37,154 427 1,010 143 178 1,195 17,107 3,197 20,304 27 33,839 33,819 20 209 1,739 35,844 15,462 5,581 37,123 430 927 131 174 1,250 16,852 3,262 20,114 June 3 34,381 34,327 54 265 1,52136,222 15,463 5,584 37,263 425 914 145 197 ,257 17,066 3,128 20,194 10 34,757 34,530 227 289 1,47136,597 15,462 5,590 37,487 436 905 135 199 ,308 17,179 3,007 20,186 17 34,591 34,438 153 328 1,82336,811 15,461 5,582 37,614 415 880 131 196 ,240 17,378 3,238 20,616 24 34,427 34,427 232 2,136 3""6,875 15,461 5,582 37,574 395 905 138 203 ,273 17,430 3,297 20,727 July 1 34,841 34,823 18 221 1,81836,960 15,462 5,582 37,618 404 873 140 195 ,276 17,498 3,347 20,845 8 35,335 35,215 120 263 1,88237,588 15,463 5,574 37,916 416 842 134 222 ,256 17,840 2,965 20,805 15 35,304 35,030 274 460 1,78737,636 15,463 5,562 38,099 425 885 123 204 ,223 17,703 3,291 20,994 22 34,392 34,392 159 2,19536,789 15,463 5,566 37,969 444 770 131 191 ,158 17,154 3,275 20,429 29 34,518 34,357 179 1,626 3"'6,381 15,463 5,567 37,814 440 711 133 190 ,148 16,975 3,350 20,325 Aug- ,1::::::: 35,112 34,980 132 26! 1,46036,892 15,462 5,570 37,893 433 769 137 199 ,132 17,363 3,197 20,560 35,397 35,097 300 376 1,,555544 "3"7,393 15,462 5,554 38,114 417 964 141 193 ,113 17,467 3,130 20,597 2 1 6 9 3 3 4 5, , 0 8 5 5 1 5 3 3 4 4 , , 8 9 5 2 5 9 'J22 2 3 7 2 9 9 2 1 , , 0 71 2 9 4 3 3 7 7, , 1 1 3 9 7 7 1 1 5 5 , , 4 4 6 6 1 f 5 5 , , 5 5 5 6 8 3 3 3 8 7 , , 1 9 1 9 3 8 4 4 1 2 2 9 9 9 3 1 2 8 1 1 4 4 4 5 1 1 9 8 9 8 , , 1 2 0 1 2 4 1 1 7 7 , , 3 2 1 7 4 0 3 3 , , 2 3 6 4 9 1 2 2 0 0, , 6 5 1 8 1 3 Sept. 2 35,162 35,144 18 315 1,45136,968 15,46: 5,57! 38,007 423 858 164 191 ,199 17,159 3,372 20,531 9 35,611 35,234 377 478 1,56337,716 15,46: 5,566 38,243 426 857 131 188 ,220 17,679 3,000 20,679 16 35,397 35,262 135 225 1,84637,524 15,46: 5,564 38,425 435 906 142 194 ,163 17,285 3,454 20,739 23 34,904 34,904 410 2,46537,820 15,462 5,569 38,192 448 962 131 193 ,054 17,870 3,386 21,256 30 35,186 35,157 29 280 1,94337,487 15,461 5,556 38,075 440 914 161 186 1,066 17,662 3,478 21,140 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 BANK RESERVES AND RELATED ITEMS 829 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o .S ta . l Go r v i t g . h s t ecurities c v D o a a a n u n i d s c d n - - e ts s Float t T a o l - 2 s G to o c ld k T r s o r c e t u i e a u n n u r a n r g c y t s - - d y - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n e a r l g 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 s F . e m R o r r v b . - e e B s r , a O b n a t k h n s e k ri c O F o a t . u c h R - n e . t r s B W F a . n i R t k M h . s e r m e c r C s b e o a e n e n i u r n r c d r v - y 3 e b s an T k otal Averages of daily figures Week ending— 1964 Oct. 7 35,759 35,549 210 372 820 38,051 15,463 5,554 38,209 457 838 131 204 1,103 18,125 3,134 21,259 14 35,663 35,532 131 241 875 37,876 15,462 5,541 38,465 470 865 133 177 1,028 17,739 3,246 20,985 21 34,909 34,909 382 548 37,878 15,463 5,538 38,432 489 1,012 130 189 966 17,660 3,341 21,001 28........ 34,911 34,911 233 995 37,203 15,462 5,513 38,333 467 810 137 185 925 17,321 3,448 20,769 Nov. 4 35,711 35,642 69 479 634 37,910 15,462 5,505 38,446 484 666 122 197 1,111 17,851 3,359 21,210 11 . 35,986 35,671 315 429 1,71138,201 15,463 5,497 38,793 503 546 139 205 1,153 17,823 3,192 21,015 18 35,913 35,698 215 593 . __ 38,53215,462 5,497 38,975 533 563 130 215 1,150 17,926 3,389 21,315 25 35,992 35,867 125 162 2,136 38,388 15,430 5,494 39,071 552 521 148 183 1,245 17,592 3,467 21,059 Dec. 2. 36,667 36,667 377 860 38,969 15,387 5,456 39,277 554 827 224 196 886 17,848 3,528 21,376 9. 37,335 37,335 124 950 39,480 15,387 5,400 39,476 571 873 186 186 1,231 17,745 3,397 21,142 16. 37,335 37,020 315 162 084 39,632 15,388 5,402 39,743 593 1,024 142 176 1,106 17,637 3,750 21,387 23. 36,926 36,660 266 291 907 40,175 15,387 5,404 39,834 608 978 144 183 1,057 18,160 3,681 21,841 30. 36,936 36,570 366 535 884 40,409 15,388 5,397 39,852 620 990 221 177 996 18,338 3,653 21,991 1965 Jan. 6. 37,058 36,515 543 340 2,622 40,111 15,388 5,407 39,552 630 674 228 283 1,026 18,513 3,686 22,199 13. 36,816 36,515 301 460 2,149 39,522 15,330 5,394 39,282 649 780 186 205 970 18,174 3,671 21,845 20. 36,460 36,403 57 322 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 36,334 106 252 1,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 3,591 21,259 Feb. 3 36,876 36,769 107 323 ,61138,923 15,157 5,396 38,565 664 940 148 216 ,032 17,912 3,489 21,401 10 37,272 37,133 139 517 ,472 39,384 15,045 5,391 38,641 679 924 152 207 ,158 18,060 3,252 21,312 17 37,151 37,088 63 398 ,540 39,189 14,937 5,397 38,715 699 1,001 141 220 ,158 17,589 3,460 21,049 24 36,812 36,718 94 565 ,730 39,162 14,938 5,391 38,613 719 878 139 204 ,195 17,744 3,442 21,186 Mar. 3 36,911 36,835 76 315 ,924 39,226 14,902 5,400 38,625 706 922 159 217 ,224 17,675 3,461 21,136 10 37,319 37,211 108 426 ,624 39,475 14,813 5,394 38,756 715 806 150 209 ,202 17,844 3,218 21,062 17 37,371 37,308 63 388 597 39,484 14,741 5,397 38,894 717 912 132 191 ,061 17,714 3,454 21,168 24 37,305 37.305 is 482 ,00539,900 14,562 5,393 38,796 735 956 139 186 980 18,064 3,448 21,512 31 37,419 37,401 502 376 39,444 14,562 5,397 38,714 746 898 146 181 875 17,843 3,523 21,366 Apr. 7 37,725 37,496i 229 586 ,409 39,863 14,563 5,398 38,862 732 728 176 207 835 18,283 3,220 21,503 14 37,881 37,623| 258 412 ,487 39,883 14,519 5,406 39,092 741 910 158 202 804 17,899 3,389 21,288 21 37,594 37,486 108 589 ,956 40,230 14,412 5,408 39,058 761 881 178 228 720 18,224 3,492 21,716 37,361 37,343 18 360 ,76739,548 14,413 5,406 38,802 744 921 166 190 767 17,777 3,623 21,400 May 5 37,894 37,501 393 494 ,64140,137 14,411 5,409 38,825 747 837 164 205 827 18,353 3,390 21.743 12 38,190 37,565 625 514 557 40,332 14,395 5,399 39,071 744 1,010 134 191 821 18,154 3,311 21,465 19 37,843 37,546 297 515 ;915 40,333 14,353 5,407 39,095 762 1,060 138 186 885 17,966*>3,474 21,440 26 37,980 37.788! 192 497 598 40,146 14,335 5.397 39,047 762 791 142 172 1,142 17,821 3,546 21,367 End of month 1965 Mar 37,591 37,460 131 124 1,114 38,972 14,563 5,390 38,816 702 867 162 196 904 17,277 3,899 21,176 Apr 3 38 7 , , 6 7 8 5 6 4 3 3 7 8 , ,4 5 6 0 6 9 2 2 4 2 5 0 5 54 6 5 8 1 1 , , 6 3 4 0 5 8 4 4 0 0 , , 0 6 7 2 1 1^1 1 4 4 , , 2 4 9 1 1 0 5 5 , 3 4 9 0 9 6 ^ 3 3 8 9 , , 7 1 6 9 0 2 P7 7 6 3 1 6 9 74 4 5 4 1 1 4 4 6 2 2 1 0 8 8 4 1,2 8 8 3 1 5 1 1 8 8 , , 2 0 5 0 9 6 3 3 , J 7 6 2 8 9 P 2 2 1 1 , , 9 17 8 4 8 May Wednesday 1965 37,895 37,635 260 128 1,276 39,447 14,563 5,401 39,041 736 505 152 199 822 17,956 3,458 21,414 Apr. 7 37,942 37,623 319 277 1,368 39,704 14,413 5,413 39,163 760 796 147 202 723 17,739 3,864 21,603 2 1 1 4 3 3 7 7 , , 3 5 6 0 0 2 3 3 7 7 , ,4 2 2 3 5 3 1 7 2 7 7 2 3 0 4 9 5 1 1 , , 5 3 7 7 3 6 3 3 9 9 , , 1 3 7 7 5 4 1 14 4 , , 4 4 1 1 3 3 5 5, , 4 3 1 9 2 7 3 3 8 8 , , 9 8 8 0 3 3 7 7 5 5 7 0 9 8 5 8 9 3 1 14 5 8 2 1 1 8 9 6 2 7 73 1 1 2 1 1 7 7 , , 5 4 1 1 1 6 4 3 , , 0 88 1 1 7 2 2 1 1 , , 4 3 3 9 3 2 28........ 38,258 37,572 686 382 1,446 40,205 14,413 5,414 38,979 764 633 153 186 829 18,488 3,499 21,987 ""*& ;; 38,087 37,546 541 138 1,358 39,646 14,353 5,398 39,171 747 ,080 120 174 732 17,374 3,810 21,184 19 37,797 37,546 251 397 1,590 39,854 14,353 5,409 39,103 776 937 155 170 1,083 17,392*>3,789P21,181 26 38,289 38,135 154 339 ,252 39,952 14,293 5,395 39,122 771 652 156 157 1,281 17,501*>3,952 P"2'1,453 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 BULLETIN, 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

830 BANK RESERVES AND RELATED ITEMS JUNE 1965 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks Newi York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Borrow- Free row- Free row- Free ings re- ings re- ings re- T h o e t l a d l qu R i e re - d Excess F. a t R. serves T h o e t l a d l qu R i e re - d Excess F. a t R. serves T h o e t ld al qu R i e re - d Excess F. a t R. serves Banks Banks Banks 1929 June 2 314 2 275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941 Dec 12,812 9,422 3 390 5 3,385 5,142 4,153 989 989 1,143 848 ?95 295 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 27*5 986 224 762 4 404 4 299 105 38 67 1 024 1 011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 -I 15 -16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 2 85 -83 1956 D^c . . 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -i05 1.136 ,127 8 85 -77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 038 104 -104 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 4 1961 Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 — ^2 196? Dec . . 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 ,035 -••••• j 18 -11 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 5 26 -21 1964—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 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 Sent 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 i ,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 c 12 -17 Feb 21,227 20,790 437 405 32 3,966 3,961 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 e 50 -45 Apr 21,505 21,146 359 471 -112 4,111 4,087 25 75 -50 1,085 1,086 39 -40 May P21 481 "21 149 332 505 -173 4 135 4 127 8 21 -13 1 1 !6 no -1 10 -4 6 Week ending— 1964—May 6 20,277 19,988 289 211 78 3,910 3,890 20 8 12 1,056 ,051 c 20,305 19,892 413 314 99 3,805 3,783 22 13 9 1 ,036 1,036 c C) 20'.'.'.'. 20,304 19,896 408 298 no 3,824 3.825 -1 47 -48 1,056 1,047 i 8 27 . 20 114 19 783 331 208 3 846 3 818 28 12 17 1 038 1 035 123 Dec. 2.... 21,376 20,987 389 375 14 3,972 3,969 24 -21 1,081 1,081 -1 32 -33 9 21,142 20,852 290 122 168 3,925 3,907 \\ 4 14 1,060 1,059 -3 16 21,387 20,999 388 134 254 4,031 4,017 13 12 1 1,065 1,065 1 -1 23 21,841 21,444 397 257 140 4,157 4,145 12 38 -27 1,097 1,104 43 -50 30 21,991 21,429 562 504 58 4,195 4,147 48 101 -53 1,112 1,108 76 -73 1965—Jan. 6... 22,199 21,846 353 309 44 4,327 4,328 63 -65 1,153 1,152 1 14 -14 13... 21,845 21,257 588 424 164 4,061 4,036 ->< 161 -137 1,085 1,087 30 -32 20... 21,440 21,050 390 277 113 4,038 3,982 55 156 -100 1,084 1,079 5 27. .. 21,259 20,918 341 203 138 3,984 3,992 74 -81 L084 1,082 1 Feb. 3... 21,401 21,019 382 278 104 4,101 4,075 26 69 -43 1,102 1,100 3<: -32 10... 21,312 20,815 497 472 25 3,991 3,972 19 56 -36 1,083 1,077 6 55 -49 17. .. 21,049 20,735 314 353 -39 3,964 3,932 32 145 -113 1,075 1,079 30 -34 24... 21,186 20,650 536 520 16 3,905 3,893 12 105 -93 1,074 1,070 87 -83 Mar. 3... 21,136 20,924 212 270 -58 4,049 4,028 20 117 -96 1.106 1,104 1 10. .. 21,062 20,695 367 385 -18 3,929 3,920 < 82 -73 1,064 1,065 10 -11 17... 21,168 20,843 325 370 -45 3,998 4,000 88 -90 1,078 1,066 i: 9 2 24... 21,512 21,058 454 463 _c 4,056 4,024 32 196 -164 1 ,086 1,085 20 -19 31... 21,366 21,000 366 487 -121 4,105 4,039 65 104 -38 1,101 1,081 21 180 -160 Apr. 7... 21,503 21,130 373 570 -197 4,139 4,122 17 128 -111 1,087 1,089 79 -80 14. .. 21,288 21,012 276 397 -121 4,017 3,999 19 57 -38 1,064 1,061 14 -11 21 ... 21,716 21,249 467 572 -105 4,093 4,081 12 133 -121 1,078 1,081 -: 65 -68 28. .. 21,400 21,164 236 345 -109 4,118 4,108 1 6 1,105 1,101 -3 -I May 5... 21,743 21,411 332 478 -146 4,296 4,291 7 -2 1,163 1,152 6 12. .. 21,465 21,118 347 498 -151 4,109 4,079 3( 30 1,116 1,113 -5 19... P2\,440 *>21,104 ^336 500 P-164 4,109 4,110 48 -49 1,093 1,098 -22 26. .. P21,367 ^21,061 "306 483 P-177 4,102 4,077 25 8 17 1,102 1,094 6 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 BANK RESERVES AND RELATED ITEMS 831 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941_Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951_Dec 7,922 7,738 184 354 -170 5,756 5,161 596 88 508 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954_Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958_Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—May 8,182 8,150 32 144 -112 7,161 6,860 301 221 June 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 Aug 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 37 320 -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 32 271 -239 7,628 7,326 303 86 217 May 8,605 8,554 51 383 -332 ^7,626 ^7,357 P268 91 Pi 77 Week ending— 1964—May 6 8,215 8,186 29 118 7,095 6,860 235 80 155 13 8,198 8,164 34 197 -163 7,266 6,908 358 95 263 20 8,173 8,144 29 188 -159 7,252 6,880 371 63 308 27 8,137 8,105 32 104 -73 7,094 6,825 269 90 179 Dec. 2 8,651 8,643 240 -232 7,671 7,293 378 79 299 9 8.633 8,591 42 60 11 7,525 295 229 55 174 16 8; 657 8,621 36 81 -45 7,634 295 339 40 298 23 8,853 8,815 37 118 -81 7,734 380 354 58 296 30 8,838 8,799 39 258 -219 7,846 7,375 i 471 69 403 1965—Jan. 6 8,983 8,942 41 183 -142 7,737 ,424 313 49 264 13 8,763 8,710 54 152 -98 7,936 ,424 511 81 430 20 8,691 8,610 81 71 10 7,626 378 249 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 7,248 480 432 Mar. 3 8,527 8,527 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 7,613 274 339 70 269 14 8,671 8,635 36 248 -212 7,536 317 218 78 140 21 8,717 8,696 21 279 -257 7,826 390 437 95 342 28 8,653 8,626 26 227 -201 7,524 328 197 108 May 5 8,697 8,662 35 397 -362 I 7,587 7.306 280 69 211 12 8,610 8,563 48 375 -327 ' 7,629 7,363 267 85 182 19 8,516 8,511 5 351 -346 ^7.385 84 26 8,558 8,522 37 366 -329 H, 368 106 I i 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964 reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 MAJOR RESERVE CITY BANKS JUNE 1965 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l a G te o d v t t . r a s n e s c a u c ri t t i i o e n s s d w ea i l t e h rs Less: Net: Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e - s s s l 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 n t n n e e e d r r t k s s - a . l S d u e o r f p i r c l i u t s P r r e e e a s q r e o v u r c f g i v e r . e e n s d t c P ha u s r e - s Sales ac 2 t T r t - a o i w o n t a a n s y l - s2 b c o b u P h f a y a u n n s i r k n e e - s g s t s o b S e f a l a l n n l i e k n e s s g t d L ea o t l o a e n rs s 3 de f r B i a r o n o l o w g e m r r s - - s 4 lo N a e n t s Total—46 banks 1965—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 ,009 1,235 170 1,233 132 1,101 28 17 60 421 -464 4.8 1,978 1,556 ,094 884 462 1,173 153 1,021 May 5 41 148 262 -369 3.7 1,900 1,638 ,143 757 495 1,397 134 1,263 59 161 585 -687 7.2 2,124 1,539 ,130 994 409 947 97 849 19 ! ! !!!! -5 168 394 -568 5.9 1,968 1,574 ,082 886 491 1,059 116 944 26 38 95 219 -276 2.9 1,877 1,658 ,106 771 552 814 100 714 8 in New York City 1965—Apr. 7 13 125 455 -567 14.7 895 440 425 470 15 666 132 534 14 14 54 705 -744 20.0 1,168 463 463 706 612 153 459 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 May 5 11 4 -139 146 3.6 763 902 609 154 294 742 124 618 31 29 130 -127 3.3 903 773 552 351 221 588 87 500 19!!!!!! -4 38 51 -92 2.4 882 832 568 314 263 655 106 549 26 16 -96 112 3.0 702 798 578 124 220 545 93 452 38 outside New York City 1965—Apr. 7. 1 173 306 -478 8.3 904 598 425 479 172 317 304 14. 13 92 364 -443 7.7 1,062 697 519 542 178 344 333 21. 2 190 339 -528 9.1 989 650 479 509 170 460 431 28. 11 57 248 -295 5.1 1,054 805 502 552 303 391 381 May 5. 31 144 401 -515 1,137 736 534 603 202 655 645 27 132 455 -560 9.7 1,221 766 577 643 188 359 349 19! -1 131 344 -476 8.3 1,086 742 514 572 228 405 395 26. 22 95 315 -388 6.8 1,175 860 528 647 332 269 262 5 in Chicago 1965—Apr. 7. 64 103 -168 17.2 218 115 98 119 16 38 38 14. 1 3 123 -125 13.2 270 148 92 178 56 35 35 21 . -1 52 130 -184 19.0 255 125 107 149 19 39 39 28. 3 10 236 226 119 117 107 33 33 May 10 53 -42 4.1 222 169 108 113 61 40 40 3 139 -135 13.6 309 171 162 147 9 26 26 19. -2 112 -117 11.9 299 187 134 165 53 26 26 26. 5 67 -62 6.4 274 206 125 149 81 33 others 1965—Apr. 7.. 108 203 -310 6.5 686 483 327 359 156 280 14 266 89 242 -318 6.7 791 550 427 364 122 309 11 298 !! 138 209 -344 7.1 733 524 373 361 152 422 30 392 28. 57 238 -287 6.0 818 580 383 434 197 359 10 349 May 5. 20 144 348 -473 9.8 915 566 425 490 141 614 10 604 24 132 316 -424 8.9 911 595 415 496 180 333 10 323 19.' 1 127 232 -358 7.5 787 555 380 407 175 378 10 368 26. 17 95 247 -326 6.8 901 654 403 498 251 260 7 253 1 Based upon reserve balances including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. NOTE.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see August 1964 BULLETIN, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 DISCOUNT RATES 833 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 May 31 date rate May 31 date rate May 31 date rate Boston Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 New York... Nov. 24,1964 Nov. 24,1964 h Nov. 24,1964 Philadelphia.. Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 4Vi Cleveland Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 Richmond. . . Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 4% S A S D C M K a t h t a a . i n l i l n n a L c l s a n n a F o a s t e g r u a s a o a i p n s C o c i i l t s i y s c . . o . . N N N N N N N o o o o o o o v v v v v v v . . . . . . . 2 3 2 2 2 2 3 5 0 4 4 7 7 0 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 4 4 4 4 4 4 4 N N N N N N N o o o o o o o v v v v v v v . . . . . . . 3 3 2 2 2 2 2 0 0 5 4 4 7 7 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 4 4 4 4 4 4 4 6 5 5 5 5 5 5 N J N N N N N u o o o o o o l v v v v v v y . . . . . . 1 3 2 3 2 2 2 0 0 5 9 4 7 7 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 3 4 4 4 4 4 4 4 4 4 4 4 * * * % % 4 4 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.... 2V4-3J4 1953 1958 Jan. 16 Jan. 22 3 1933 23 24 2% Mar. 3 Mar. 7 2*4 4 13 2VA Apr. 7 1954 21 2% May 26 Feb. 5 Apr. 18 WA Oct. 20 15 May 9 1% Apr. 14 Aug. 15 WA 1934 16 Feb. 2 May 21 **•&::::::: 2 Mar. 16 Oct. 4 2 Nov. 7 2% 1935 1955 Jan. 11 ifcf* 1959 May 14 Apr- &:::: Mar. 6 3 May 2 16 3 1937 Aug. 4 May 29 Aug. 27 1 -2 5 June 12 Sept. 4 l -lV 2 -2 Sept. 11 4 *«"•!!::::: 18 4 1942 2 % Apr. 11 Nov. 18 1960 Oct. 15 1 ^_1 23 June 3 4 30 1 V> 10 3% 14 f 1946 Aug. 12 Apr. 25 1956 Sept. 9 May 10 Apr. 13 2% Jan. 12 1948 1 tf Aug. 2 2 31 4 0 2 3 Y4 July 2 1 6 7 1963 3 3 * % 4 19 1964 Aug-?::: 1 :: 957 3 ,if Nov. 2 3 4 0 1950 2 f Nov. 15 1965 Dec. 2 3 -3 In effect May 31 i Preferential rate of *4 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

834 RESERVE REQUIREMENTS JUNE 1965 MAXIMUM INTEREST RATFS 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 93 . 6 1, Ja 1 n 95 . 7 1, Ja 1 n 9 . 6 2 1, Ju 1 lv 96 1 3 7, No 19 v 6 . 4 24, Effective date i 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 n i e e t r r d y v v e e C ba o tr n u y k n s - Savings deposits: 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 \ f 3 4 % 4 3% 4 4 In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits: Less than 1 year } * 3 \ f 3 4 % 4 3% 4 4 1949— J A M u u n a g y e . 30 1 1 , , , 5 J 1 u 1 ly . .. 1 . .. ' 2 ¥ 4 ' 2 2 is 0 1 * 1 1 1 5 4 3 7 6 5 7 6 Ot 6 h 1 e m y r e o t a i n m r t h o e s r d - 1 m e p o y o r e s e a i r ts: i 3 \ f 3 4 % l; 4% A A Se u u p g g t . . . 2 1 5 1 6, 18 it* 12 5 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 1 For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1. 20 18 12 BULLETIN, p. 1279. 1958—Feb. 27, Mar. 1. i?» ii* NOTE.—Maximum rates that may be paid by member banks as estab- Mar. 20, Apr. 1.. lished by the Board of Governors under provisions of Regulation Q. Apr. 17 \F Under this Regulation the rate payable by a member bank may not in Apr. 24 16% any event exceed the maximum rate payable by State banks or trust 1960—Sept. 1 cos. on like deposits under the laws of the State in which the member Nov 24 17% 12 bank is located. Effective Feb. 1, 1936. maximum rates that may be Dec. 1 16% paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. 1962—Oct. 25. Nov. 1. 4 4 Maximum rate payable on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% In effect June 1, 1965.. 16% 12 4 4 per cent. MARGIN REQUIREMENTS Present legal requirement: (Per cent of market value) 10 7 3 3 Maximum 22 14 6 6 Effective date 1 When two dates are shown, a first-of-month or midmonth date Regulation records changes at country banks, and any other date (usually a Thurs.) July 28, Nov. 6, records changes at central reserve and reserve city banks. 1960 1963 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. Regulation T: 3 Authority of the Board of Governors to classify or reclassify cities as For extensions of credit by brokers and central reserve cities was terminated effective July 28, 1962. 70 50 70 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, Regulation U: June 21, 1917 until late 1959. Since then, member banks have also been For loans by banks on stocks 70 50 70 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 and Aug. 25, 1960, respectively. Central reserve city and reserve city NOTE.—Regulations T and U, prescribed in accordance with Securities banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, Exchange Act of 1934, limit the amount of credit that may be extended on 1960, respectively. Effective Nov. 24, 1960, all member banks were a security by prescribing a maximum loan value, which is a specified allowed to count all vault cash as reserves. 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 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 31, 1965 Four weeks ending April 28, 1965 Gross demand—Total... 136,662 26,344 6,409 51,408 52,501 Gross demand—Total. . 138,954 26,764 6,531 52,560 53,098 Interbank 14,589 4,533 1,252 6,981 1,823 Interbank 14.996 4,654 1,316 7,159 1,866 U.S. Govt 5,907 1,257 363 2,336 1,951 U.S. Govt 4,934 1,179 321 1,977 1,457 Other 116,167 20,555 4,793 42,091 48,728 Other 119,024 20,932 4,893 43,424 49,775 Net demand * 112,422 20,321 5,372 41,690 45,039 Net demand * 113,709 20,729 5,430 42,240 45,311 Time 109,409 16,074 4,699 41,702 46,934 Time 110,389 16,432 4,676 42,036 47,246 Demand balances due Demand balances due from dom. banks.... 7,202 144 106 1,946 5,006 from dom. banks... 7,459 206 101 2,010 5,142 Currency and coin 3,410 294 55 1,036 2,026 Currency and coin 3,432 284 57 1,049 2,042 Balances with F.R. Balances with F.R. Banks 17,867 3,728 1,027 7,550 5,561 Banks 18,045 3,808 1,026 7,628 5,583 Total reserves held 21,277 4,022 1,082 8,586 7,587 Total reserves held 21,477 4,092 1,083 8,677 7,625 Required 20,899 3,996 1,074 8,547 7,282 Required 21,139 4,078 1,083 8,651 7,327 Excess 378 26 8 39 305 Excess 338 14 26 298 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

JUNE 1965 OPEN MARKET ACCOUNT 835 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt. securities by maturity Treasury bills Others within 1 year Month I Exch., maturity Gross Gross Redemp- Gross Gross Redemp- Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemptions 1964—Apr 588 714 367 538 714 367 15 May 1.332 136 85 1 ,259 136 85 2,164 June 937 371 900 371 July 1,264 *6i6' 447 1,264 <si6' 447 Aug 574 413 145 413 2,030 Sept 620 534 388 534 Oct 1,347 888 1,275 888 Nov 1.197 131 1,197 131 -28 Dec 813 866 215 706 866 215 1965—Jan... 388 261 12 388 261 12 Feb... 865 198 464 784 198 464 1,752 Mar.. 642 7 551 7 Apr... 466 290 126 466 *290' 111 '-15 Outright transactions in U.S. Govt. securities by maturity—continued 1-5 years 1965—Jan.. Feb., Mar.. Apr.. 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

836 FEDERAL RESERVE BANKS JUNE 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 May 26 May 19 May 12 May 5 Apr. 28 May Apr. May Assets Gold certificate account 12,461 12,526 12,534 12,607 12,607 12,476 12,607 13,764 Redemption fund for F.R. notes. 1,547 1,547 1,541 1,533 1,537 1,547 1,537 1,412 Total gold certificate reserves 14,008 14,073 14,075 14,140 14,144 14,023 14,144 15,176 Cash 120 121 120 123 132 124 139 169 Discounts and advances: Member bank borrowings 325 382 118 367 330 531 553 226 Other 14 15 20 15 15 14 15 Acceptances: Bought outright 48 50 52 54 54 51 54 Held under repurchase agreements 24 20 11 65 40 31 50 47 U.S. Govt. securities: Bought outright: Bills 7,466 6,927 6,927 6,953 6,614 7,739 6,890 Certificates—Special 4,643 Other Notes 25,702 25,691 25,691 25,691 25,691 25,711 25,691 24,905 Bonds 4,967 4,928 4,928 4,928 4,928 5,016 4,928 4,681 Total bought outright 38,135 37.546 37,546 37,572 37,233 38,466 37,509 34,229 Held under repurchase agreements. 154 251 541 686 127 220 245 Total U.S. Govt. securities 38,289 37,797 38,087 38,258 37,360 38,686 37,754 34,229 Total loans and securities 38,700 38,264 38,288 38,759 37,799 39,313 38,426 34,502 Cash items in process of collection 5,603 6,464 6,378 6,191 6,232 5,270 5,838 5,027 Bank premises 102 102 102 102 102 102 101 103 Other assets: Denominated in foreign currencies.. 75 265 266 315 403 80 315 213 All other 204 181 499 474 453 221 459 168 Total assets. 58,812 59,470 59,728 60,104 59,265 59,133 59,422 55,358 Liabilities F.R. notes 34,333 34,311 34,361 34,179 34,005 34,410 33,962 31,925 Deposits: Member bank reserves 17,501 17.392 17,374 18,488 17,416 18,006 18,259 16,890 U.S. Treasurer—General account. 652 937 1,080 633 959 745 944 997 Foreign 156 155 120 153 148 142 146 161 Other 157 170 174 186 192 316 208 184 Total deposits 18,466 18,654 18,748 19,460 18,715 19,209 19,557 18,232 Deferred availability cash items 4,351 4,874 5,020 4,745 4,856 3,830 4,193 3,463 Other liabilities and accrued dividends 496 487 482 526 519 497 533 112 Total liabilities. 57,646 58,326 58,611 58,910 58,095 57,946 58,245 53,732 Capital Accounts Capital paid in 539 539 539 539 538 540 539 512 Surplus 524 524 524 524 524 524 524 990 Other capital accounts 103 81 54 131 108 123 114 124 Total liabilities and capital accounts 58,812 59,470 59,728 60,104 59,265 59,133 59,422 55,358 Contingent liability on acceptances purchased for foreign correspondents 159 150 145 138 139 160 139 146 U.S. Govt. securities held in custody for foreign account 7,805 7,791 7,614 7,673 7,691 7,713 7,626 7,892 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 36,854 36,785 36,732 36,660 36,635 36,851 36,624 33,957 Collateral held against notes outstanding: Gold certificate account 6,920 6,900 6,900 6,900 6,900 6,940 6,900 6,542 Eligible paper 11 13 8 11 11 43 12 21 U.S. Govt. securities 31,290 31,290 31,290 31,280 31,280 31,290 31,280 28,407 Total collateral. 38,221 38,203 38,198 38,191 38,191 38,273 38,192 34,970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 FEDERAL RESERVE BANKS 837 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1965 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 12,476 741 2 706 715 966 1 110 863 2,151 532 257 524 483 1 428 Redemption fund for F.R. notes 1,547 89 345 86 134 129 90 289 61 30 61 52 181 Total gold certificate reserves 14,023 830 3,051 801 1,100 1,239 953 2,440 593 287 585 535 1,609 F R notes of other Banks 564 48 163 35 46 43 70 46 22 14 11 30 36 124 10 26 4 9 7 10 24 ~8 5 5 5 Discounts and advances: Secured by U.S. Govt. securities... 526 24 53 15 31 74 49 63 31 13 79 5 89 Other 19 1 3 1 1 1 5 •y * 1 1 3 Acceptances: Boueht outrisht 51 51 Held under repurchase agreements . 31 31 U.S. Govt. securities: 38,466 1,958 9,676 2,029 3,148 2,507 2,023 6,486 1,414 824 1,481 1,602 5,318 Held under repurchase agreements . 220 220 Total loans and securities 39,313 1,983 10,034 2,045 3,180 2,582 2,077 6,551 1,445 837 1,561 1,608 5,410 Cash items in process of collection... 7,048 418 1,262 372 508 593 718 1,144 352 205 418 464 594 Bank premises 102 3 8 3 6 20 21 6 3 6 11 10 Other assets: Denominated in foreign currencies . 80 3 » 25 4 7 4 4 3 2 3 4 10 Allother 221 11 55 10 17 14 12 34 8 6 10 10 34 Total assets 61,475 3,306 14,624 3,274 4,873 4,487 3,864 10,271 2,437 1,359 2,599 2,667 7,714 Liabilities F R. notes 34,974 2,073 8,057 2,064 2,967 3,027 1,985 6,363 1,371 660 1 353 1 088 3,966 Deposits: Member bank reserves 18,006 712 4,901 752 1,311 810 954 2,727 635 446 827 1,050 2,881 U.S. Treasurer—General account.. 745 44 111 53 18 124 75 18 78 48 44 44 88 Foreign 142 7 2 28 9 14 8 9 22 5 3 7 9 21 Other 732 * 110 1 * 78 225 2 63 1 2 197 53 19,625 763 5,150 815 1,343 1,020 1,263 2,769 781 498 880 1,300 3,043 Deferred availability cash items 5,192 389 971 305 416 353 519 893 227 162 293 185 479 Other liabilities and accrued dividends. 497 24 133 26 43 26 28 74 17 11 22 26 67 Total liabilities 60,288 3,249 14,311 3,210 4,769 4,426 3,795 10,099 2,396 1,331 2,548 2,599 7,555 Capital Accounts Caoital oaid in 540 26 142 29 48 27 32 77 18 13 24 32 72 Surplus 524 25 137 29 47 26 31 75 18 12 23 31 70 Other capital accounts 123 6 34 6 9 8 6 20 5 3 4 5 17 Total liabilities and capital accounts.. 61,475 3,306 14,624 3,274 4,873 4,487 3,864 10,271 2,437 1,359 2,599 2,667 7,714 Ratio of gold certificate reserves to F.R. note liability (per cent): May 31 1965 40.1 40.0 37.9 38.8 37.1 40.9 48.0 38.3 43.3 43 5 43.2 49 2 40 6 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 May 31* 1964 46.8 40.2 47.0 42.7 45.9 40.3 47.1 42.6 47.3 54.3 55.1 66.2 54.8 Contingent liability on acceptances purchased for foreign correspond- 160 8 3 42 9 14 8 9 23 6 4 7 9 21 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 36,851 2,151 8,435 2,144 3,167 3,159 2,131 6,719 1,455 690 1,406 1,190 4,204 Collateral held against notes outstanding: Gold certificate account 6,940 420 1,710 465 500 793 400 1,100 290 122 225 180 735 Elicible oaoer 43 12 31 U.S. Govt. securities 31,290 1,765 7,200 1,800 2,775 2,410 1,850 5,700 1,260 580 1,200 1,050 3,700 Total collateral 38,273 2,185 8,910 2,277 3,275 3,203 2,250 6,800 1,581 702 1,425 1,230 4,435 1 After deducting $55 million participations of other F.R. Banks. 3 After deducting $118 million participations of other F.R. Banks. 2 After deducting $114 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BANKS; BANK DEBITS JUNE 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 May 26 May 19 May 12 May 5 Apr. 28 May Apr. May Discounts and advances—Total 339 397 138 382 345 545 568 226 Within 15 days 319 378 120 364 328 525 550 218 16 days to 90 days 20 19 18 18 17 20 18 91 days to 1 year Acceptances—Total.. 72 70 63 119 94 82 104 47 Within 15 days.... 38 33 21 73 48 48 58 13 16 days to 90 days. 34 37 42 46 46 34 46 34 U.S. Government securities—Total. 38,289 37,797 38,087 38,258 37,360 38,686 37,754 34,229 Within 15 days i 1,189 1.282 5,626 5,803 1,255 816 5,075 343 16 days to 90 days 7,404 7,226 3,402 3,382 7,154 7,898 3,509 4,667 91 days to 1 year 18,150 17,793 15,042 15,056 14,934 18,368 15,153 12,490 Over 1 year to 5 years 9,938 9,888 12,409 12,409 12,409 9,952 12,409 14,364 Over 5 years to 10 years 1,292 1,292 1,292 1,292 1,292 1,324 1,292 2,131 Over 10 years 316 316 316 316 316 328 316 234 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m 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 n l h d d e e s r r - s f S ra w n i c s s s 1964—Aug 195 61 45 2 1 2 80 3 Sept 164 90 15 2 1 2 51 3 t Oct 74 32 2 2 1 2 31 3 Nov 727 717 2 1 2 1 3 Dec 295 234 51 2 1 2 1 3 1965 Jan 287 235 36 2 1 2 1 3 6 Feb 165 131 16 2 4 2 1 2 5 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o I n d e b m ill a i n o d n s d o e f p o d s o i l t l a a r c s c ) ounts 1 Turnover of demand deposits J 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 S 2 t 5 a A l 's N Le .Y a . ding 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—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 May 4,542.0 1,853.6 1,030.0 2,688.4 1,658.4 45.2 89.8 43.1 33 5 29 5 June 4,535.4 1,928.0 992.5 2,607.4 1,614.9 45.0 91.2 40.9 32.9 29.3 July 4,833.7 2,087.0 1,058.9 2,746.7 1,687.8 46.3 95.8 42.3 33.3 29 4 4,579.9 1,898.2 1,021.3 2,681.7 1,660.4 44.7 89.3 42.4 33.0 29.1 Sept • ... 4,763.5 2,007.6 1,049.5 2,755.9 1,706.4 44.3 88.5 41.4 32.9 29.2 Oct 4,698.2 1,926.7 1,060.6 2,771.5 1,710.9 44.6 89.8 40.9 32.8 29 3 Nov 4,648.0 1,917.7 1,023.7 2,730.3 1,706.6 45.1 91.3 41.0 33.2 29.5 Dec 4,816.5 2,013.0 1,065.4 2,803.5 1,738.1 45.5 90.7 41.7 33.4 30.0 1965 Jan 4,870.9 2,067.6 1,065.5 2,803.3 1,737.8 46.3 94.8 42.8 33.8 30.0 Feb 4,842.5 1,997.4 1,077.2 2,845.1 1.767.9 47.1 96.1 44 3 34 6 30 5 Mar 4,995.6 2,071.8 1,115.4 2,923.8 1.808.4 47.9 96.9 44 8 35 4 31 2 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 May 4,825.6 1,954.1 1,082.7 2,871.5 1,788.8 47.0 96.0 44.3 34.7 30.6 1 Excludes interbank and U.S. Govt. demand deposits accounts. NOTE.—Total SMSA's include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 BULLETIN, p. 390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 U.S. CURRENCY 839 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation * Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 ,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 37,692 26,807 3,030 ,722 103 2,469 7,373 12,109 1"0,885 3,221 7,110 249 298 3 4 1964—Apr. 36,885 26,063 3,139 ,630 103 2,320 7,095 11,77510,822 3,172 7,104 247 292 3 4 May 37,208 26,353 3,169 ,655 105 2,350 7,170 11,904 1100,855 3,185 7,127 246 291 3 4 June 37,734 26,797 3,205 ,676 107 2,379 7,280 12,15110,937 3,217 7,175 246 292 2 4 July. 37,835 26,859 3,223 ,668 108 2,359 7,262 12,23910,976 3,231 7,202 245 291 3 4 Aug. 38,014 26,972 3,249 ,668 109 2,364 7,272 12,31011,041 3,249 7,248 245 292 3 4 Sept. 38,166 27,068 3,285 ,693 111 2,361 7,280 12,33911,098 3,253 7,302 246 291 3 4 Oct.. 38,373 27,201 3,321 ,716 111 2,385 7,328 12,33911,172 3,262 7,367 246 291 3 4 Nov. 39,248 27,925 3,359 ,749 108 2,455 7,568 12,68711,323 3,314 7,468 246 289 3 4 Dec. 39,619 28,100 3,405 ,806 111 2,517 7,543 12,71711,519 3,381 7,590 248 293 2 4 1965—Jan.. 38,540 27,158 3,435 ,709 110 2,381 7,256 12,26711,382 3,321 7,519 246 290 2 4 Feb. 38,593 27,227 3,468 ,702 110 2,375 7,282 12,28911,366 3,310 7,517 245 288 2 4 Mar. 38,816 27,424 3,520 ,704 111 2,391 7,327 12,37111,392 3,316 7,536 245 288 2 4 Apr. 38,760 27,365 3,566 ,714 112 2,381 7,275 12,31711,394 3,313 7,544 244 288 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Circulation Statement of United States down is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation * Total out- Held by Kind of currency s A ta p 1 n r 9 d . 6 i 5 3 n 0 g , A g a s o g l s d a e i c n a u s n r t d ity Treasury B F F a . o n R r k . s B F a a . n n R d k . s Apr. 30, Mar. 31, Apr. 30, silver cash and Agents 1965 1965 1964 certificates Agents Gold . . .. 14,410 (14,144) 2266 Gold certificates (14,144) 311,328 2,8i6 F.R. notes 36,625 98 ' 2.662 33,864 33,900 31,563 Treasury currency—Total 5,406 (1,005) 372 139 4,895 4,915 5,322 Standard silver dollars 485 3 * 482 482 482 Silver bullion 1 ,355 1,005 350 Silver certificates (1,005) 6 77 922 988 1,699 Subsidiary silver coin 2,305 7 22 2,275 2,239 1,933 Minor coin 829 4 16 809 799 724 United States notes .... .... 323 1 23 299 299 322 In process of retirement 4 109 * 109 109 163 Total Apr 10 1965 556,441 (15,149) 736 11,328 5,617 38,760 Mar. 31 (965 556,474 (15,377) 702 11,477 5,480 38,816 Apr 30 1964 554,803 (17,039) 413 12,379 5,126 36,885 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. 829. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 * Redeemable from the general fund of the Treasury. BULLETIN, p. 936. 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 MONEY SUPPLY JUNE 1965 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p re o n n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a t d ed - ! Total c C om ur p re o n n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a t d ed - i d d e e p m os a i n ts d i 1957—Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 142.1 28.9 113.2 67.4 145.6 29.5 116.1 66.6 4.9 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—Apr 154.5 33.0 121.5 116.4 155.0 32.7 122.3 116.7 4.2 May 154.5 33.3 121.3 117.4 152.4 33.0 119.4 118.1 6.9 June 155.6 33.4 122.1 118.5 153.6 33.3 120.3 119.2 7.8 July 156.7 33.5 123.3 119.4 155.2 33.7 121.5 120.1 7.0 Aug 157.2 33.7 123.5 120.6 155.1 33.8 121.3 121.1 6.4 Sept 158.0 33.8 124.2 121.7 156.9 33.8 123.1 122.0 6.6 Oct 158.6 33.9 124.7 123.1 158.8 34.0 124.8 123.3 5.6 Nov 159.1 34.2 124.9 125.1 160.4 34.5 125.9 124.1 5.8 Dec 159.4 34.2 125.2 126.5 163.6 34.9 128.7 125.0 5.5 1965—Jan 159.8 34.5 125.3 128.9 163.9 34.3 129.6 128.1 4.2 Feb 159.1 34.6 124.5 131.1 159.0 34.2 124.9 130.6 5.8 Mar 159.8 34.6 125.2 132.4 158.5 34.3 124.2 132.4 6.7 Apr 160.5 34.7 125.8 133.3 161.1 34.4 126.7 133.7 5.6 MayP 159.3 34.9 124.4 134.3 157.1 34.6 122.6 135.1 9.7 Half month 1965—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. (1) 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 (2) 160.2 34.7 125.5 133.5 161.5 34.2 127.3 133.9 5.5 May (1) 159.2 34.8 124.4 134.0 158.5 34.6 323.9 134.7 8.9 (2) 159.3 34.9 124.3 134.5 155.8 34.5 121.2 135.4 ! 10.5 Not seasonally adjusted Not seasonally adjusted Money supply Money supply en W di e n e g k — Total C c u o n r m r e e n 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 i t o m d ed s - e i ts l d d e e G p U m o o .S s a v i . n t t . s d en W di e n e g k — Total C c u o n r m r e e n p n t o c - y D c d o e e n m m p e o n p a s t n o it d - d ju e T s p a i t o d m e s d - e i ts i d d e G e p U m o o . s S a v i n . t t . s d 1 1964—Feb. 5. 156.1 32.2 123.9 113.9 3.6 1965—Feb. 3... 162.0 34.0 128.0 129.5 4.6 12. 155.5 32.5 123.0 114.4 3.6 10... 160.9 34.4 126.5 130.1 4.7 19. 153.2 32.3 120.9 114.7 5.3 17... 159.2 34.2 125.0 130.7 5.3 26. 151.5 32.2 119.4 114.9 6.0 24... 156.2 34.1 122.1 131.0 7.2 Mar. 4. 152.4 32.3 120.1 115.2 5.7 Mar. 3... 158.5 34.1 124.4 131.4 6.7 11. 153.1 32.7 120.4 115.6 4.6 10... 158.7 34.5 124.2 132.0 5.2 18. 154.5 32.7 121.8 115.8 4.6 17... 160.4 34.4 126.0 132.4 4.7 151.9 32.5 119.4 115.9 7.8 24... 157.3 34.3 123.0 132.6 8.3 25. 31... 157.3 34.1 123.2 133.0 8.5 Apr. 1. 152.7 32.5 120.2 116.2 7.9 8. 153.7 32.9 120.8 116.4 6.0 Apr. 7.., 159.6 34.6 124.9 133.3 7.2 15. 155.5 32.8 122.7 116.7 5.1 14... 161 34.6 126.7 133.6 4.6 22. 156.6 32.8 123.8 116.7 2.4 21... 163. 34.5 129.0 133.6 4.4 29. 154.8 32.5 122.2 117.2 3.0 28... 160.4 34.1 126.3 134.1 5.8 May 6. 154.4 32.9 121.5 117.4 5.6 May 5... 159.8 34.4 125.4 134.5 8.5 13. 153.5 33.1 120.4 117.8 6.1 12... 158.3 34.7 123.6 134.8 8.4 20. 151.5 33.0 118.6 118.1 7.6 19... 156.0 34.5 121.5 135.1 10.3 27. 150.6 32.8 117.8 118.5 7.7 26... 155.1 34.4 120.7 135.3 10.8 June 3. 152.5 33.1 119.3 118.9 7.2 June 2P. 157.0 34.7 122.3 135.7 9.7 10. 153.2 33.5 119.7 119.2 6.2 9*.. 158.2 35.1 123.2 136.0 8.1 17. 155.3 33.4 122.0 119.2 6.3 16... 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

JUNE 1965 BANKS AND THE MONETARY SYSTEM 841 CONSOLIDATED CONDITION STATEMENT (Tn millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date Gold T s r t o c e u r i a n u u n e r n g a 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 o v n r m c e d i r a - n l men R F t e e d s s e e e r r c v a u e l ritie O s ther 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 t i a - s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s C c m o a a n a u p n i c e n s i - d t c t t a s . l , savings Banks banks 1929—June 29. . 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 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— May 27.. 15,500 5,600 336,900 195,900 99,700 65,200 34,000 500 41,300 358,000 325,100 32,900 June 30.. 15,461 5,578 343,988 201,161 100,879 65,337 34,794 748 41,948 365,027 333,114 31,915 Aug. 26.. 15,500 5,600 344,000 200,600 100,700 64,900 35,100 800 42,700 365,100 331,100 34,000 Sept. 30 '. 15,500 5,600 351,300 205,000 102,900 66,800 35,400 700 43,400 372,300 338,500 33,700 Oct. 28 r 15,500 5,500 351,000 204,100 103,300 67,200 35,200 900 43,600 372,000 338,100 33,900 Nov. 25 r. 15,400 5,500 356,100 206,700 105,700 68,500 36,300 1,000 43,700 377,000 342,100 34,900 Dec. 31.. 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1,002 44,287 386,159 352,964 33,193 1965—Jan. 27 r. 15,200 5,400 360,600 210,900 105,100 67,400 36,700 1,000 44,600 381,100 347,200 34,000 Feb. 24 '. 14,900 5,400 362,600 213,100 104,300 66,500 36,700 1,100 45,200 382,900 347,600 35,300 Mar. 31 ' 14,600 5,400 367,200 217,600 103,800 65,100 37,600 1,100 45,800 387,200 351,900 35,300 Apr. 28 r 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1,100 47,000 388,700 354,000 34,700 May 26*\ 14,300 5,400 371,300 222,100 102,500 63,100 38,300 1,100 46,700 391,000 354,700 36,300 DETAILS OF DEPOSITS AND CURRENCY Money supply Releited deposits (not seasonally adjusted) Seasonally adjusted i Not seasonally adjusted Time U. S Governnlent te Total o b r u C e a t n u n s c i r k d - y s e d ju m e s D p a t a o d e e n d - s - d i t 2 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 o d e e n d - s - d i t 2 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 s l 3 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 - 4 T h c i u r 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 d t r l - g - s B F A a .R n t k . s banks 1929 June29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 4,761 14 411 21 656 10 849 9,621 1 186 50 264 852 35 1939 Dec. 30 36,194 6,401 29,793 27,059 15,258 10,523 1 278 1,217 2,409 846 634 1941 Dec. 31 48,607 9,615 38 992 27,729 15,884 10,532 1 313 1,498 2,215 1 895 867 1945—Dec 31 102,341 26,490 75,851 48,452 30,135 15,385 2 932 2,141 2,287 24,608 977 1947_Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3 416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2 923 2,518 1,293 2,989 668 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 i 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—May 27.... 151,900 32,500 119,400 150,000 32,400 117,600 165,100 118,400 46,300 400 1,300 400 7,400 900 June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 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'... 156,900 33,100 123,800 155,900 33,200 122,700 170,500 122,100 47,900 400 1,400 400 9,400 900 Oct. 28 '... 157,800 33,300 124,500 158,400 33,200 125,200 172,100 123,600 48,100 400 1,400 500 5,000 700 Nov.25 '... 156,900 33,400 123,500 159,300 34,300 125,000 172,700 124,000 48,300 400 1,500 600 7,300 800 Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—Jan. 27 '... 158,700 33,900 124,800 160,800 33,400 127,400 179,000 129,200 49,400 400 1,500 700 4,300 900 Feb. 24'... 157,400 33,900 123,500 156,600 33,500 123,100 180,900 131,000 49,600 400 1,500 700 7,000 900 Mar. 31'».. 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1,600 700 8,600 900 Apr. 28'*.. 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1,500 800 7,100 1,000 May 26*... 157,400 33,900 123,500 155,400 33,800 121,600 186,200 135,200 50,700 400 1,500 800 10,200 700 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLETINS. 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

842 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbankl Other lia- Bor- Total Num- Class of bank Cash bilities capital 1 ber and date assetsi and Demand ac- I of Total Loans capital Total i I counts banks U.S. Other ac- De- Time Time 3 Govt. counts2 mand U.S. Govt. Other All banks 1941—Dec. 31 61,126 26,615 25,511 8,,'999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414! 14,826 1945—Dec. 31 140,227 30,361101,288 8,577 35,415177,332165,612 14,065 105,935 45,613 22710,542 14,553 1947__Dec. 31* 134,924 43,002 81,1-9 910,,7. 23- 38,,.3 88175,091 161,86512,793 240 1,346 94,381 53,105 6611,948 14,714 1962—Dec. 28 280,397 .72,822 72,556633 35,012 54,939 343,201303,65316,008 535 6,839141,084139,188 635 2288,046 13,940 1963—June 29 287,411 79,714 69,70837,,9 89 52,,0 46 347,/8"9'6 309,42815,042 55111,069133,681149,083 563 28,612 13,993 Dec. 20 302,251 92,686 690"6"8 40,497 51,536 362,394 319,63615,267 528 6,734 141,576155,531 702 29,882 14,079 1964—May 27 305,660 99,210 65,150 41,300 48,850 363,420 319,50013,680 630 7,200 133,080164,910 3,560 30,620 14,154 June 30 310,404203,119 65,337 41,948 54,073 373,909 331,84315,272 67810,263139,160166,469 2,120 3311,037 14,175 Sept. 30r 317,750 220077,560 66,790 43,400 53,750 381,230 337,15015,820 700 9,200 141,140170,290 2,760 "3,1490 14,230 Oct. 28' 318,300207,490 67,210 43,600 52,000 379,720 334,26015,360 710 4,770 141,440171,980 3,940 31,600 14,242 Nov. 25 r 323,150210,990 68,460 43,700 53,100 385,810 338,97015,460 710 7,090 143,180 1"7"2,530 4,500 31,800 14,251 Dec. 31 329,739216,674 68,779 44,287 61,493 401,161 356,30817,938 821 6,517 155,248175,785 2,,700 332,196 14,266 1965—Jan. 27r 326,880214,920 67,,380 44,58051,960 388,570 342,25014,800 890 4,060 143,630178.870 4,400 32,040 14,290 Feb. 24' 328,920217,270 66,470 455;, 118800 52,580 391,080 343,77014,890 940 6,710 140,420180,810 4,330 32,200 14,290 Mar. 31 ™ 331,950221,040 65,; 140 45,, 77055.,520 397,650 350,89016,300 950 350 142,150183,140 3,670 32;;610 14,292 Apr. 28 »P 335,020223,890 64,180 46,950 52,580 397,710349,32014,450 920 6,850 142,600184,500 5,020 32,670 14,297 May 26* 336,460226,690 63,100 46670 52;220 398;900 349,76014,240 970 9,920 138,490186,140 4,970 32,960 14,300 Commercial banks: !941_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 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,10312,792 240 1,343 "94,367 35,360 6510,059 14,181 1962—Dec. 28 235,839140,106 66,434 29,298 54,049 297,116 262,12216,008 535 6,829141,041 97,709 627 24,094 13,429 1963—June 29 241,014145,049 63,542 32,423 51,156 299,875 266,17915,042 550 11 133^624 105,903 545 24,582 13,482 Dec. 20 254,162 156,006 63,196 34,959 50,711 312,773 275,12015,267 526 6,729 141,534111,064 664 25,677 13,570 1964—May 27 255.720160,860 59,110 35,750 48,000 311,810 273,17013,680 630 7,200 133,030118,630 3,560 26,380 13,647 June 30 260;179164,463 59,322 36,394 53,168 321,909 284,90315,272 67710,257139,110 111199,587 2,09926,768 13,669 Sept. 30r 266,180167,670 60,710 37,800 52,870 327,890 289,19015,820 700 9,200 141,090122,380 2,760 27,110 13,724 Oct. 28 r 266,600167,220 61,360 38,020 51,100 326,230 286,08015,360 710 4,770 141,390123,850 3,940 27,240 13,736 Nov. 25 r 271,120170,330 62,670 38,120 52,200 331,980 290,58015,460 710 7,090 143,130124,190 4,500 27,380 13.746 Dec. 31 211,316175,589 62,991 38,796 60,489 346,921 307,17017,938 819 6,510 155,184126,720 2,679127,795 13,761 1965—Jan. 27 r 274,000 73,420 61,520 39,060 51,010 333,810 292,77014,800 890 4,060 143,580129,440 4,400127,640 13,785 Feb. 24' 275,730 75,530 60,520 39,680 51,580 336,010 294,13014,890 940 6,710 140,370 131,220 4,330 27,750 13,786 Mar. 31r*> 278,350179,040 59,040 40,270 54,510 342,110 300,77016,300 950 8,350142,100 1333,070 3,670 28,100 13,789 Apr. 28™ 281,240 81,530 58,320 41,390 51,640 342,060 299,14014,450 920 6,850 142,550134,370 5,020 28,210 13,793 May 26 P 281,970 83,720 57,100 41,150 51,230 342,490 299,05014,240 970 9,920 138,430135,490 4,97028,410 13,796 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,67013,576 64 222,179 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 47,427 249,488 219,46815,309 358 6,086117,999 79,716 3,550119,854 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 5,986117,562 90,929 3,499 21,054 6,112 1964—May 27 211,293135,665 45,979 29,649 41,983260,441 227,45913,022 489 6,440110,182 97,326 3.389 21,719 6,161 June 30 215,132138,649 46,23530,2249 46,767 269,437 238,05214,527 525 9,342 1"1"5,624 98,034 1,,936 22,060 6,180 Sept. 30 220,105141,393 47,24531,4467 46,423 274,302 241,33115,056 542 8,460116,969100,304 2,,624 22,382 6,204 Oct. 28 219,678140,646 474/"58 31 ;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. 31 228,497147,690 48,71732,08952,737 289,142 255,72417,007 664 5,838128,539103,676 2,48122,901 6,225 1965—Jan. 27 225,493145,830 47,29732,366 44,461277,606 242,78114,016 731 3,662 118,307106,065 4,186 22,799 6,236 Feb. 24 227,093147,818 46,364 32, 441750 279,488 244,01814,138 779 5,958115,601107,542 3, ,888 6,236 Mar. 31 229,456 115500,921 45,120 33,415 47,749 285,330000 225500,27715,556 795 7,510 117,349109,067 3,509 23,173 6,235 Apr. 28 231,866152,951 44,555 34,360 45 106 285,023 248,56313,710 759 6,263117,569110,262 4,802 23,253 6,237 May 26? 232,373154,705 43,615 34,05 804 285,331248,49413,525 817 8,881114,025111,246 4,70123,406 6,239 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—May 27 49,940 38,350 6,040 5,550 850 51,610 46,330 46,280 4,240 507 June 30 50,226 38,656 6,016 5,554 905 52,000 46,940 46,882 4,269 506 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. 31 52,363 41,085 5,788 5,490 1,004 54,239 49,138 49,065 21 4,401 505 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 1 4,510 503 Apr. 28 r 53,780 42,360 5,860 5,560 940 55,650 50,180 5O,13OJ i 4,460 504 May 26* 54,490 42,970 6,000 5,520 990 56,410 50,710 50,650| i 4,550 504 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 843 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans G U o S .S v e . c t. urit O ie t s her Cash c c b T o a i a l a u l p o i n i a c n t t i - - d i t a t e a l s s l 2 Total* m I D n a e t n e - d rba T n i k me U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f r k - s Govt. Other Reserve city member banks New York City: 5, « 1941—Dec. 31 12,896 4.072 7,265 1,559 6,637 19,862 17,932 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11.972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1962—Dec. 28 32,989 21,954 7,017 4,017 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 20,96011,446 1,438 3,984 13 1964—May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,67013,205 1,494 4,351 14 June 30 , 36,693 25,490 5,779 5,424 10,550 49,716 41,545 4,711 317 2.112 21,22413,181 924 4f402 14 Sept. 30 37,904 26,040 5,973 5,891 10,183 50,696 42,287 4,727 340 2,350 21,19913,671 938 4,447 14 Oct. 28 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 1,059 20,32413,969 ,345 4,436 13 Nov. 25 37,594 26,051 5,954 5,589 100,103 50,171 40,753 4,394 333 1,261 20,67914,086 ,784 4.434 13 Dec. 31 39,507 27,301 6,178 6,02811,820 53,867 45,191 5,088 436 1,486 23,89614,285 ,224 4,471 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 ,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 ,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 ,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 ,655 4,517 13 May 26* 40,201 29,558 4,674 5,96910,230 53,184 43,820 4,308 549 1,989 20,28916,685 ,498 4.548 13 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 r312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1962—Dec. 28 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,082 5,545 2,071 ,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 Dec. 20 9,615 6,220 1,705 ,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—May 27 9,394 6,173 ,706 ,515 2,185 11,806 10,414 384 4,810 4,046 185 ,008 12 June 30 9,636 6,266 ,750 ,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 .017 12 Sept. 30 9,914 6,421 ,857 ,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 ,034 12 Oct. 28 9,788 6,404 ,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 ,034 12 Nov. 25 10,021 6,600 ,786 .635 2.232 12,537 11,009 ,251 380 4,906 4,450 256 ,044 12 Dec. 31 10,562 7,102 ,873 ,587 2,366 13,289 11,807 ,448 396 5,362 4,578 204 ,056 12 1965—Jan. 27 10.245 6,767 ,850 ,628 2,163 12,703 11,177 ,153 259 5,0761 4,663 232 ,046 12 Feb. 24 10,296 6,963 ,678 ,655 2,184 12,842 11,153 ,238 349 4,905| 4,633 322 ,053 12 Mar. 31 10,310 7,129 ,546 ,635 2,089 12,801 11,088 ,977 501 3,985) 4,597 278 ,060 11 Apr. 28 10,425 7.073 ,669 ,683 2.318 13.095 11,395 .182 463 5,047 4.681 355 .065 11 May 26*> 10,363 7,108 ,643 ,612 2,23: 12,961 11,282 ,169 576 4,800 4,734 333 ,071 11 Other reserve city: 5, 6 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 43,60930,743 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 43,459 3-5,004 1,417 7,697 190 1964—May 27 79,226 53,749 15,29410,18316,999 98,750 86,814 6,231 115 2,708 40,009 37,751 1,301 8,032 183 June 30 80,466 54,604 15,48810,37519,143102,245 91,145 6,894 118 3,771 42,387137,974 572 8,110 183 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 15,98610,766 1-8,646104,306 91,299 7,102 132 2,580 42,85138,634 1,845 8,360 182 Dec. 31 84,670 57,555 16,32610,789 21,607109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—Jan. 27 83,987 57,428 15,54111,01818,353104,997 92,273 6,758 184 1,580 42,848 40,903 1,756 8,504 184 Feb. 24 84,567 57,966 15,41011,19118,114105,275 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 May 26? 86,034 60,015 14,12311,896 17,984106,851 93,130 6,366 174 3,548 40,969 42073 2,329 8,676 179 Country member banks: 5 6 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 28,378 1144,560 23 2,934 6,519 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 ,773 1,931 46,89536,692 172 7,744 5,828 1963—June 29 82,952 46,934 24,496 11;522 1144,465 99,361 89,470 ,641 3,332 45,066 3"9,371 127 7,894 5,839 Dec. 20 87,316 50,023 24,79712,49614,274103,615 92,759 ,793 1,960 48,256 40,693 390 8,377 5,897 1964—May 27 87,206 51,199 23,36012,64713,406102,539 91,641 ,569 1,999 45,693 42,324 409 8,328 5.952 June 30 88,337 52,289 23,21812,883300 14,953105,430 94,733 ,739 2,872 47,270 42,788 230 8,531 5,971 Sept. 30 90,065 53,128 23,73513,20214,831107,083 96,130 ,785 2,250 48,24143,790 278 8,577 5,993 Oct. 28 91,040 53,482 24,23313,32514,502107,627 96,431 ,870 1,293 48,91244,292 408 8,647 6,000 Nov. 25 92,494 54,298 24,65713,53914,708109.392 98,080 ,899 2,098 49,594 4",4425 412 8,722 6.014 Dec. 31 93,759 55,733 24,34113,68516,944112,932101,581 ,182 1,760 52,398 45,169 213 8,886 6,018 1965—Jan. 27.... 92,990 55,062 24,276 13,65214,518109,740 98,441 ,831 1,028 49,713 45,805 417 8,784 6,027 Feb. 24 93,280 55,319 24,15413,80715,234 110,568 98,863 ,752 1,980 48,659 46,408 712 8.819 6,027 Mar. 31 93,867 56,127 23,75413,986 15,,052 111,155 99,673 ,751 2,196 48,626 47,036 312 «,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 May 26^ 95,775 58,024 23,17514,57614,358112,335,100,262 ,682 2,768 47,967 47,774 541 9,111!6,036 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans G U o S .S v ec t . . urit O ie t s her as C s a e s ts h 1 c c b o T a i u a l a l o p i n i n c a t t i d i t - a t - e s a l s l 2 Total i m I D n a e t n e - d rba T n i k m * e U. D S. ema O O n t t d h h e e r r Time 3 r B i o n o w g r s - - c c T a o a p o u c i t n - t a a t l s ] N b b a o u e n f m r ks - Govt. Insured commercial HD&an 1 nl 9 Kre 4 S*. 1—Dec 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 140,16997,380 3,58423,71213,119 1963—Dec. 20.. 252,579155,261 62,72334,594 50,337 310,730 273,65715,077 443 6,712 140,702110,723 3,57125,27713,284 1964—June 30.. 258,597163,715 58,88036,002 52,845 319,913 283,46315,072 59110,234138,323119,243 2,03526,35813,394 Dec. 31.. 275,053174,234 62,49938,320 59,911 343,876 305,11317,664 733 6,487154,043126,185 2,58027,37713,486 National member WDaanmirmes*: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947_Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,704 13,548 4,615 1964—June 30.. 141,198 89,469 31,56020,168 29,511 175,250 155,978 8,488 161 5,822 75,36966,137 84114,262 4,702 Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,61510,521 211 3,604 84,53470,746 1,109 15,048 4,773 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—June 30.. 73,934 49,179 14,67510,080 17,256 95,186 82,074 6,038 364 3,520 40,25531,897 1,095 7,799 1,478 Dec. 31.. 77,091 51,002 15,31210,777 18,673 98,852 86,108 6,486 453 2,234 44,00532,931 1,372 7,853 1,452 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,17017,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—June 30.. 43,476 25,066 12,654 5,755 6,078 50,488 45,411 546 66 892 22,69921,209 99 4,309 7,215 Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,-291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,<?05 365 4 279 714 1947—Dec. 3H. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 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 Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—June 30.. 45,047 25,815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,48621,553 163 4,708 7,489 Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,64523,043 198 4,894 7,536 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1 789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1,034 192 1947 Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—June 30.. 43,431 34,050 4,316 5,064 799 45,022 40,797 1 6 33340,456 20 3,618 327 Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 845 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank i Other lia- Bor- Total Num- Class of bank Cash bilities row- capital ber and date assetsi and Demand ings ac- of Total Loans capital TotaU counts banks U.S. Other ac- De- Time Time 3 Govt. counts 2 mand U.S. Govt. Other Noninsured mutiial savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 ,361 1J98 5?? 641 180 5,596 2 ,0?0 6 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 i 608 180 1963—Dec. 20 6,425 4,380 1,548 498 104 6,602 5 859 8 5,851 633 179 1964—June 30 6j79S 4,60S 1,700 490 105 6,977 6 143 1 15 6J78 651 179 Dec. 31 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1 Reciprocal balances excluded beginning with 1942. NOTE.—Data are for all commercial and mutual savings banks in the 2 Includes other assets and liabilities not shown separately. United States (including Alaska and Hawaii, beginning with 1959). For 3 Figures for mutual sayings banks include relatively small amounts definition of "commercial banks" as used in this table, and for other of demand deposits. Beginning with June 1961, also includes certain banks that are included under member banks, see NOTE, p. 643, May 1964 accounts previously classified as other liabilities. BULLETIN. 4 Beginning with Dec. 31, 1947, the series was revised; for description, Comparability of figures for classes of banks is affected somewhat by see note 4, p. 587, May 1964 BULLETIN. changes in F.R. membership, deposit insurance status, and the reserve 5 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 BULLETIN, p. 993. For various changes between Data for June 30 and Dec. 31, 1964, for national banks have been reserve city and country status in 1960-63, see note 6, p. 587, May 1964 adjusted to make them comparable with State bank data. (Dec. 20, 1963, BULLETIN. data also adjusted to lesser extent.) 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 BULLETIN was reclassified as a reserve city bank. Beginning with May 13, 1965 pp. 870-71. (Toledo, Ohio) reserve city banks with total loans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i Loansl Total i Loans1 U.S. U.S. Other Govt. Other Govt. 1957—Dec. 31.. 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31.. 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31.. 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31.. 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30.. 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31'.. 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31«. 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31... 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1964—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, 58.4 36.4 254.2 159.4 58.3 36.5 Aug. 26.. 258.7 161 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 '. 261.1 163 60.0 37.9 262.4 163.0 61.4 38.0 Nov. 25'. 265.5 165. 61.6 38.5 266.3 165.5 62.7 38.1 Dec. 31 '. 267.2 167. 61.4 38.7 273.9 172.1 63.0 38.8 1965—Jan. 27'. 269.6 170.2 59.9 39.5 269.1 168.5 61.5 39.1 Feb. 24'. 272.1 171.9 60.2 40.0 270.7 170.5 60.5 39.7 Mar. 31'P 275.5 175.8 59.6 40.1 273.9 174.5 59.0 40.3 Apr. 28 r* 277.3 177.1 59.1 41.1 275.9 176.2 58.3 41.4 May 26P. 279.1 179.3 58.5 41.3 276.9 178.6 57.1 41.2 i Adjusted to exclude interbank loans. call dates. For back data see June 1964 BULLETIN, pp. 693-97; for description of NOTE.—Data are for last Wed. of month except for June 30 and Dec. 31; seasonally adjusted scries, see July 1962 BULLETIN, pp. 797-802. data are partly or wholly estimated except when June 30 and Dec. 31 are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 COMMERCIAL BANKS JUNE 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For To purchasing financial U. S. Government b c C a a l n l a l k s d s a a o n t f e d l i m o T n a a v o e n n e n t d a s s t t l s * - Total 2 C m d t a c i r o u i n n e i a m a s - d r l - l - - A c tu u g r l r - - i- o b k d a T s r e r e n e o r o a c c d s - l a u - r r o r it t y T i h i e n e o s r g s b i a T n n s o k ti s tut o io t T h n o e s rs R t e a e s t a - e l O u v d i t t i a n h o d i l - - e s - r Other Total Bills sec c C u t a i e r f t i e r i - t s - ies Notes Bonds s S r l g a o e i o t t n c c a v i u a d t e t e l - s . O s r e t i h c ti u e e r - s ers Total: 2 1947—Dec. 31., 116.284 38,05718,1671,660 830 1,220 115 9,393 5.723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729 1962—Dec. 28., 235,839 40106 7,,0 97 ,1442,131 2,578 8,459 34,259 30,55?3,909 66,43411,674 3,93223,841 2266; 9-8~7 24,755 4,543 1963—Dec. 20.. 254,162156,00652,947 77,,447700 5,353 2,509 3,605 9,479 39,056 34,5"5"0 4,034 63,19611,059 1,65822,415 28 ,173 1964—June 30., 260,179164,463 55;06177,,668888 55,,55226 22,,704 2.881 10.450 41,388 37,594 4,42159,322 9,061 3523.1412277.,08531,419 4,975 Dec. 31. 277,376175,558899 6600,221177 7,5055,542 2,843 3,491 10,913 43,675 39,8095,15262,991 13,377 19,039 30,57433,533 5,263 All insured 1941—Dec. 31., 49,290 21,259 9,214 1,450 614 662 40 4,773 4 505 21.046 988 3,15916,899 3,6513,333 1945—Dec. 31., 121,809 25,765 9,461 '1,314 3,164 3,606 49 4,677 2,361 ,132 88,912 2,45519,07116,045 51,342 3,""'",258 1947—Dec. 31., 114,274 37,58318,0121,610 823 1,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621 1962—Dec. 28.. 234,243139,449 48,458 7,060 5,119 2,103 2,551 8,434 34,12330,402 3,890 65,89111,514 3,91623,715 26,746 24547 4,356 1963—Dec. 20., 252,579155,261 52,743 7,444 5,321 2,476 3,594 99,441155 3388,88661134,383 4,015 62,72310,952 1,64922,316 27,,806 29559 5,035 1964—June 30.. 258.597163,715 54,855 7,663 5,492 2,671 2,839 1,190 3—7 ,4'3"2 4' ,4—0 358,880 8,970 3223.044 26,83531,1844,818 Dec. 31.. 275,053174,234 59,746 7,482 5,355 2,794 3,41910,812 43-, 4—36 3-9~,6 2—7' 5 11622,49913,275 18,93930,28533,294 5,026 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_Dcc. 31. 107,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 057 78,338 2,27516,98514,271 44,807 3,254 2,815 1947—Dec. 31. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,1993,105 1962—Dec. 28.195,698118,637 43,843 4,419 4,9541,777 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,24919,443 21,414 20,773 3,319 1963—Dec. 20.210,127131,712 47,.403 4,6595;i242,136 3,439 8,87531,009 27,908 3,765 49,342 8,032 1,30718,072 21,932 25,210 3,864 1964—June 30. 215,132138,649 49,217 4,755 55,,334411 22,320 2,733 9,887 32,794 30,275 4,137 46,235 6,707 16 18,.5 72 20,.9 40 26,,5 7.9 3,670 Dec. 31.228,497147,690!53,717 4,643 5,142 2,411 3,250 io; 179 34587 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 1,62_3_ 5,331 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,332255 10,339 606 629 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 ,196 7,017 1,998 508 2,488 2,023 3,585 432 1963-^Dec. 20.34,827 23,577 1"2,332 26 2,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—June 30. 36,693 25,490 12,647 213,045 625 1,014 2,762 2,296 2,5481,128 5,779 1,333 2,625 1,821 4,952 472 Dec. 31. 39,507 27,30114,189 30 2,742 623 1,179 2,615 2,546 2,6"5'4 1,371 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. 31. 10,562 7,102 3,870 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 Other reserve city: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 I,3'42 1,053 1962—Dec. 28. 73,130 46,567 ,660 1 179 1,053 752 1,020 3,58311,030 9,8601,26618,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20. 78,370 51,891 18^62 112"1"9 11,243 891 1,224 4,286 1122,52511,1061,46216,686 2,152 545 6,600 7,390 8,810 981 1964—June 30. 80,466 54,604 19;624 1,1731,155 970 953 4,70613,207 1122,0631,753 1155,488 2,206 6,566 6,715 9,449 925 Dec. 31. 84,670 57,,555 21 102 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 4,544 16,722 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 2,108 17,687 2,006 1,262 1962—Dec. 28. 80,623 44,698 11,2993,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,849 11,209 8,694 1,807 1963—Dec. 20. 87,316 50,023 12,8313,374 708 496 966 1,59116^114 13,951 917 24,797 3,822 573 8,53111,87110,385 ,111 1964—June 30. 88,337 52,289 13,6"1 "4 3,535 644 534 565 1,525 16,88315,063 939 23,218 2,749 158,728 1111,72510,808 ,022 Dec. 31. 93,759 55,733 14,556 3,493 830 599 710 1,730 17,96415,8991,047 24,341 4,209 7,20612,92511,5312,154 Nonmember 1947_Dcc. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28. 40,141 21,469 4,'8"30 21,678 190 354 132 523 7,097 5,754 225522 1133,466 2,812 683 4,398 5,573 3,982 1,224 1963—Dec 30. 44,035 24,295 5,544 2.,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 1,309 1964—June 30. 45.047 25,815 5,844 21,933 185 384 149 563 8,594 7,320 228844 13.087 2,354 19 4,569 6.144 4,841 1,305 Dec. 31. 48,879 27,899 6,500 2!,862 400 43: 241 733 9,r~ 7,786 32814,273 3,445 3,801 7,026 5,159 1,548 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 sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 COMMERCIAL BANKS 847 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n e v R t - k h e . s s r C c e a o n n u i c d r n - y b m a a w B d n e n a o i c s k t l - e t - h s i s c 3 j p u m D o s a d a t s d e e e n i - - - d t d s 4 m D e I s o n t - t i e c r 3 ba e F n ig k o n r- 5 G U o .S v . t. g S l a o o t n c a v d a t t e l . c C c h o a f e e i f e n e f r r c d i d t s - k i ' - s, IPC I b n a t n er k - G P U S i a o n o a n . g s S v v d t s . - t a . l S g 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 u a a c p - n l i t - s etc. Total: 2 1947_Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 0,059 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 12,312 112266,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 02,886 3;66425,677 1964—June 30.. 16,774 4,539 12,693122,537 13,909 1,363 0,257 12,583 4,832 121,695 677 257 8,680110,650 27, 09—926,768 Dec. 31.. 17,581 4,532 15,111134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812"16,6352,67927,795 AH 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 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 90,714 3,58423,712 1963—Dec. 20.. 17,150 4,033 11,984 112255,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853 02,6003,57125,277 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 Dec. 31.. 17,581 4,515 14,613133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,1472;580 27,377 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 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 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,55019,854 1963—Dec. 20.. 17,150 3,131 7,359 102,816 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 90,762i;936 22,060 Dec. 31.. 17,581 3,490 9,057 108,324 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! Ill 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 14 1,418 30 2,259 1962—Dec. 28.. 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 266 8,9371,728 3,898 1963—Dec. 20.. 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,9201,438 3,984 1964—June 30.. 3,919 273 82 16,389 3,791 920 2,112 420 2,323 18,480 317 528 12,582 924 4,402 Dec. 31.. 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 677 13,5341,224 4,471 City of Chicago : 1941—Dec. 31.. 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31.. 942 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1962—Dec. 28.. 1,071 99 4,262 1,235 410 351 109 4,804 16 3,001 262 948 1963—Dec. 20.. 1,019 98 4,144 1,169 395 275 112 4,500 185 3,595 255 996 1964—June 30.. 923 151 3,845 1,135 587 311 114 4,319 199 3,887 210 1,017 Dec. 31.. 1,006 150 4,294 1,389 396 312 122 4,929 213 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 11,127 104 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1947—Dec. 31.. 7,095! 56! 2,125 25,714 5,497 131 405 2,282 705 26,003 22 332 11,045 1 2,844 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 2,633 28,0271,388 7,263 1963—Dec. 20.. 7.587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 2,950 31,9821,416 7,697 1964—June 30.. 7 ;i06' 1,07: 2,296 34,281 6,616 278 3,771 3,234 1,086 38,067 118 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 3,840 35,728 841 Country : 1941—Dec. 31.. 2,210! 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527! 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947_Dec. 31.. 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1962—Dec. 28.. 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 100 2,242 34,350 17: 7,744 1963—Dec. 20.. 4,919 1,884 5,060 46,049 1,764 1,960 5,590 790 41,877 86 2,778 37,829 390 8,377 1964— June 30.. 4,826 2,113 5,278 44,773 1,705 2,872 5,674 856 40,740 83 2,956 39,749 230 8,531 Dec. 31.. 5,165 2,09: 6,295 49,253 2,141 1,760 6,031 1,068 45,298 3,28r 41,803 213 8,886 Nonmember:2 1947_Dec. 31.. 544 3,94' 13,595 385 55 16' 1,295 180 12,284! 190 172 6,858 12 1,596 1962—Dec. 28.. 98' 5,202 22,814 642 57 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—Dec. 20.. 917 4,953 23,763 671 78 743 2,880 438 20,654 144 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 1,635 19,888 163 4,708 Dec. 31.. 1,042 6,054 26,348 765 166 67: 3,227 602 22,816 156 1,800 21,210 198 4,894 3 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see NOTE, p. 589, May 1964 4 Through 1960, demand deposits other than interbank and U.S. BULLETIN.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 BULLETIN. Data for June 30 and Dec. 31, 1964, for national banks have been adjusted to make them comparable with State bank data. (Data for NOTE.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of "commercial banks" as used in this table and for other banks For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 WEEKLY REPORTING MEMBER BANKS JUNE 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Wednesday i T l n o a v o n a e t n d a s s t l - i m n a v e n e n d s t t s - Loans C m c o i e a m r l - - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Real All V t a io lu n aments 1 justed 2 justed2 in t a r d n i u a d s l tural G U c t s u o i . e e r v S - s i t - . . O c t s u t i e h e r - s e i- r G U c t s u o i . e e r S v - s i t . - . O c t s u t i e e h r - s i e - r ] < F si o g r n - c m m D c o t i e i e o m a c s r - l - - - f P s C i a e a n O e t n l a r c S e d s n . . s , . . Other estate other se r r e v es Total- Leading cities 1964 141,784 139,050 9? 796 38,307 ,517 615 3,637 95 1.808 ,110 ,734 4,367 3 564 18,530 ?1 J308 2,062 13 141 766 138 888 9? 886 38,394 ,523 615 3 574 93 ,831 1,105 ?,378 4 37,7 3,562 18,606 71,375 2,064 20 141,1?0 139;185 93 775 38,416 1,538 634 3,773 95 ,837 1,101 1.935 4,378 3 578 18,658 373 2,056 27 141 4?1 139 075 93 158 38,370 ,545 534 3,783 96 ,838 ,117 ,396 4 371 3,584 18,692 71,384 2,056 1965 Anr 7 940 151,?93 103 44 363 1,536 678 3 590 68 895 567 647 4 4,057 20 340 93 665 2 292 p 14 "•;:::.... 154,194 151,690 104,704 44,448 L,553 733 3,710 69 ,913 1,576 <>,>504 4,614 4,075 20,437 869 2,293 21 155,749 157,866 105,383 44, 575 ,547 1,009 3,813 71 1,923 1,585 ,883 4,738 4,056 20,480 73^976 2,290 28 155,550 152,669 105 44;597 1,550 929 3,64? 67 1,935 1,586 ,881 4 670 4,083 20,555 ?3 958 2 293 Mav 5 155,411 157,804 105 977 45, 108 ,551 953 3,646 66 ,979 ,590 ?,607 4,808 4,032 20,625 959 2,295 M y 12 155,786 152,641 106.11? 45,793 1,547 924 3,66? 70 1,941 1,583 ,645 4,597 4,061 20,693 ?4 035 2,294 19 155,495 153 109 106,477 45,458 ,565 916 ,617 73 1,953 ,587 ,386 4,698 4,078 20,734 ?4',10? 2,294 155,879 153,117 106,563 45,??3 ,576 790 3,705 75 .956 1,609 ,71? 4,760 4,175 20,804 ?4 ?33 2 293 New York City 1964 33,914 33,169 7?,883 17,148 70 325 7,134 26 580 57? 745 ,444 784 1,954 3,46? 566 13 33 810 33 045 7? 777 17 191 70 312 7,041 26 583 567 765 1,401 787 1,968 3,44? 566 20 33,683 33,1?4 ??,897 17,70? 70 317 ,11? 26 586 558 559 ,435 777 1,973 3,457 566 27 33 88? 33,7,06 7? 967 1? 195 71 298 7,190 26 586 579 676 438 774 1,977 3,450 567 1965 A P D r 14 7 3 3 8 7,9 1 7 8 ? 9 3 37 7,7 7 7 3 8 3 7 7 6 6,9 7 1 6 5 8 1 14 4, 7 73 6 3 0 7 2 8 9 3 3 4 2 5 8 7, , 7 3 , 4 7 8 ? 1 1 3 2 5 5 1 1 1 0 8 84 4 5 7 9 6 5 9 6 4 1, , 4 49 4 5 0 9 9 4 4 8 5 2 2, , 3 3 9 6 5 6 3 3 , , 8 8 6 9 4 4 6 6 2 2 0 0 21 38,8?? 37 730 77 ??5 14,747 79 450 7,477 12 518 843 1,09? 1,575 945 2,400 3,899 620 28 38 60? 37 47? 76 955 14,87,9 29 380 2 12 519 856 1,180 1,494 952 2,423 3 856 620 Mav 5 38,?88 37,368 77 3?0 15,176 71 421 7, 771 11 514 853 97,0 1,549 907 2,452 3,870 620 y 12 38 37, 77,350 ?74 20 411 ,730 14 519 841 96? 1,431 907 2,466 3,857 620 19 38 113 37 379 77 401 15 778 18 420 7 188 17 521 840 784 1,473 915 2,480 3,871 620 38 436 37,430 77,474 IS 133 18 393 7 17 524 864 1,006 1,539 978 2,499 3,933 620 Outside New York City 1964 May 6 107 370 105 881 69 913 76 1S9 1 497 290 503 69 1,228 538 489 97.3 2.780 16,576 17,846 1,496 13 107,456 105,843 70 ?6 703 1 503 303 1,533 67 1,248 538 1 613 971 7 775 16,638 17,883 1,498 20 107 437 106 061 70 378 76 7,14 1,518 317 1611 69 1,251 543 1 376 7 943 2,801 16,685 17 916 1,490 27 107 539 105 819 70 76, 236 1,593 70 1,252 538 1,7?0 7,883 7 810 16,715 17 934 1,489 1965 Apr 7 115 751 114 060 77 773 79 603 ,508 333 1 318 55 1.385 775 1 691 3 084 3 109 17,974 19 801 1,672 14 116,??? 114,41? 77 789 79 715 1,574 405 1,36? 57 1,402 731 1,810 3,119 3,130 18,042 19 975 1,673 21 116 9?7 115 136 78 158 79 778 1 518 559 1 386 59 1,405 74? 1 791 3 163 3 111 18,080 70 0?7 1,670 28 116 948 115 ?47 78 768 1,521 549 1,417 55 1,416 730 1,701 3 3,131 18,132 20, 10? 1 673 May 5 117 173 115 436 78 65? 79 98? 1 530 532 1 475 55 1 415 737 1 687 3 759 3 130 18,173 20,089 1,675 12 117,001 115 318 78,76? 30,019 1,527 513 1,43? 56 1,422 742 1,683 3,166 3,154 18,227 70, 178 1,674 19 117,38? 115 780 79 076 30 180 1 547 496 1,474 56 1,432 74? 1,60? 3, 775 3 163 18,254 70, 1,674 26 117,393 115 687 79,089 30,090 1,558 397 1,459 58 1,432 745 1,706 3,221 3,197 18,305 20 300 1,673 For notes see p. 850. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 WEEKLY REPORTING MEMBER BANKS 849 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets 3 Total U.S. Government securities assets— Wednesday Total Bills c C t a i e f t i e r - - s W i i N n th o - m te a s tu a 1 r n i t d n o g b — on A d f s ter O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l k e e h - s s s- b a w e B f a n o i n a i c g r t l e k n - h - s s Cu a rr n e d ncy B s F w e R a . r i n e v t R - k h e . s s a o s A t s h e l e l t r s a c l c T i a c a a t o p i b o n e t i i u d s t a l a n i l - l ts 1 year 5 years 5 years Total- Leading cities 1964 May 6 26.664 3,820 194 3,092 14,047 5,511 19,590 17,909 2,922 281 1,640 13,066 5,687 179,362 13 26,440 3,640 206 3,118 14,015 5,461 19,562 17,896 3,088 263 1,836 12,709 5,729 180,092 20 26,488 3,772 3.744 13,117 5,855 19,422 17,724 2,950 268 1,778 12,728 5,616 178,563 27 26,318 3.691 3^814 12,983 5,830 19,549 17,559 3,021 276 1,849 12,413 5,651 178,429 1965 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 28 24,51 3,669). 3,464 10,889 6,490 22,928 18,511 3,129 225 2,025 13,132 6,324 195,543 I May 5 24,066 3,433 10.866 6,472 22,766 18,904 3,235 225 1,769 13,675 6,503 197,172 12 24,092 3,493 10;846 6,484 22,437 18,237 3,234 232 1,982 12,789 6,475 197,230 19 24,239 3,450 10,193 7,235 22,393 18,076 3,066 227 1,949 12,834 6,344 195,705 24,034 3,204 3,517 10,060 7,253 22,520 18,323 2,978 251 2,019 13,075 6,445 195,703 26 New York City 1964 May 6. 5,236 926 549 2,646 ,043 5,050 4,152 55 122 260 3,715 2,474 45,514 13. 5,251 996 551 2,620 ,003 5,022 4,221 73 110 267 3,771 2,529 45,482 20. 5,323 1,128 818 2,302 ,075 4,904 4,439 56 115 262 4,006 2,455 45,139 27. 5,323 1.141 806 2.294 .082 4,916 4,261 102 121 269 3,769 2,417 45,525 1965 Apr. 7. 4,532 827 670 .721 ,314 5,933 4,029 120 102 293 3,514 2,525 50,564 14 4,526 841 671 ,712 ,302! 5,837 4,205 123 112 295 3,675 2,538 50,821 21 4,555 870 673 ,699 ,313! 5,950 3,902 141 107 286 3,368 2,562 50,607 28 4,501 873! 658 ,667 ,303 5,966 4,319 99 109 289 3,822 2,607 50.867 May 5 4,294 562 770 ,646 ,316 5,754 4,521 141 284 3,985 2,732 51,447 12 4,489 691 787 ,680 ,331 5,484 4,249 158 116 289 3,686 2,696 51,285 19 4,469 751. 626 ,528 ,564 5,459 4.325 118 118 284 3,805 2,613 50.698 26 4,421 727! 654 1,483 ,557 5,535 4; 367 105 139 289 3,834 2,677 51;163 Outside New York City i 1964 May 6 21,428 2,894 2,543 11,401 4,468 14,540 13,757 2,867 159 ,380 9,351 3,213 133.848 13 21,189 2,644 125 2,567 11,395 4,458 14,540 13,675 3,015 153 ,569 8,938 3,200 134,610 20 21,165 2,644 2,926 10,815 4,780 14,518 13,285 2,894 153 ,516 8,722 3,161 133,424 27 20.995 2,550 3,008 10,689 4,748 14,633 13,298 2,919 155 ,580 8.644 3.234 132,904 1965 Apr. 7 20,168 3,006 2,714 9,225 5,223 16,669 14,207 2,892 126 ,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 .709 9.481 3,682 145,691 21.... 20,028 2,835 2,758 9,2441 5,191 16,950 14,257 2,984 118 ,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 ,736 9,310 3,717 144,676 May 5.... 19,772 2,733 2,663 9,220 5,156 17,012 14,383 3,094 114 ,485 9,690 3,771 145,725 19,603 2,578 2,706 9,166 5,153 16,953 13,988 3,076 116 ,693 9,103 3,779 145,945 19*.'.!! 19,770 2.610 2,824 8,665 5,671 16,934 13,751 2,948 109 ,665 9,029 3,731 145,007 26.... 19,613 2,477 2,8631 8,577 5,696 16,985 13,956 2,873 112 ,730 9,241 3,768 144,540 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 WEEKLY REPORTING MEMBER BANKS JUNE 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time Wednesday j T u u o s n t t a e a d d l - 4 ju p m D s o d a a t e d s e e n - - i - d t d s 5 Total 6 IPC g S l a o o t n c a v d a t t e l . e F ig o n r- 7 G U o .S v . t. c m m D c o t e i i o e m a c s - r - l - - Totals S in a g v s - IPC Oth S l e a o r t n c a d t a t i e l me e 9 F i o g r n - 7 F B F r a . o R n m k . s F ot r h o e m rs l O ia t t b i h e i e s l r i- I c C o i a a t u c a p n - l - ts banks govt. Total- Leading cities 1964 May 6 155,135 62,261 92,770 65,246 5,843 1,7914.781 11,246 62,365 38,53314,920 4,705 3,736 189 2,866 6,193 14,979 13 155,564 61,797 93,058 66,429 5,223 1,7414.973 11,087 62,506 38,57115,060 4,665 3,740 103 3,055 6,400 14,970 20 153,924 60,692 91,135 64,709 5,039 1,"7 47" -5;;433 10,907 62,789 38,63215,242 4,694 3,748 477 i2,842 6,363 14,957 27 153,955 61,651 90,960 64.867 5,108 1,7935,02910,482 62,995 38,66215,410 4,725 3,729 108l 3,043 6.319 15,004 1965 Arr- 7 166,965 63,756 95.497 67,945 4,772 ,946 3,89812,336 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 42,21618,756 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 1188,828 5,735 4,243 161 4,510 6,805 15,952 28 168,214 64,744 96,133 68,572 5,270 ,886 5>,26610,965 72,081 42,14919,051 5,898 4,317 257 4,307 6,769 15,996 J 169,944 62.842 97,722 66,898 6,017 ,8516,45812,068 72,222 42,23719,131 5,822i 4,367 310 4.053 6,790 16,075 170,031 62,153 97,677 67,755 5,558 854 6,70111,591 72,354 42,31319,225 5,784 4,348 55 4,184 6,890 16,070 19.'.'.'..'. 168,506 60,570 95,812 65.36? 5,075 864 8.21811,234 72,694 42,38719,538 5,762 4,312 339 3,881 6,892 16,087 26 168,179 62,276 95,311 66,078 5,269 855 7,05510,874 72,868 42,44819,623 5,790 4,290 230 4,179 7,012 16,103 New York City ! 1964 May 6 37,290 15,415 25,063 16,150 529 1,339 1,525 3,149 12,227 4.424 4,484 403 2,640 1,107 2,902 ,195 37,011 15,257 24,782 16,419 271 1,288 1,521 3,082 12,229 4.425 4,484 402 2,643 1,352 2,924 4,195 20!'.'.'.'.'. 36,517 15,030 24,134 16,139 268 1,295 1,432 3,110 12,383 4,430 4,616 401 2.661 213 1,316 2,905 4,188 37,018 15,316 24,564 16,402 274 1,326 1,330 2,953 12,454 4,433 4,714 400 2.635 1,463 2,855 4,183 27 1965 41,238 15,591 26,008 16,688 319 1,413 ,163 3,433 15,230 4.902 6,321 526 3.0I9| - . ..! 1,8533,131 4,342 Apr. 7 41,261 15,688 25,977 17,329 347 1,353 812 3,371 15,284 4,884 6,378 525 3,041 . .. 2,1132,107 4,341 14 41,216 15,995 25,842 17,218 305 1,421 1,141 3,385 15,374 4,880 6,468 528 3,045 ...j 1.9023,148 4,341 21 41,799 16,133 26,182 17,108 318 1,383 ,651 3,059 15,617 4,882 6,655 545 3,093 20] 1,5943,114 4,340 28 42,417 15,215 26,652 16,338 609 1,340 2,081 3,450 15,765 4,888 6,740 542 3,154 1,515 3,108 4,377 42,337 15,169 26,532 16,585 528 1, ,106 3,202 15,805 4,904 6,769 556 3,115 1,454 3,114 4,380 19.'.'.'..'. 41,891 14,612 25,875 15,991 266 1, ,372 3,244 16,016 4,920 6,977 560 3,083 1,273 3,131 4,373 26 42,126 15,212 26,029 16,468 311 1,3401,969 3,165 16,097 4,931 7,026 559 3,085 1,412 3,254 4,371 Outside New York City 1964 I May 6 117,845 46,846 67.707 49.096 5.314 4523,256 8,097 50,138 34,10910,436 4,302 1,096 169 1,759 3,291 10,784 13 118,553 46,540 68,276 50,010 4.952 453 3,452 8,005 50,277 34.14610,576 4,263 1,097 103 1,703 3,476 10,775 20 117,407 45,662 67,001 48,570 4,771 452 4,001 7,797 50.406 34,20210,626 4,293 1,087 264 1,526 3,458 10,769 27 116,937 46,335 66.396 48,465 4,834 4673,699 7,529 50,541 34,22910,696 4,325 1,094 102 1', 5803,464 10,821 1965 I i Apr. 7 125.727 48,165 69,489 51,257 4,453 533 2,735 8,903j 56,238 37,44812,335 5,036 i,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 4,952 503 3,615 7,906 56,464 37,26712,396 5,353 1,224 237 2,713 3,655 11,656 May 5 127,527 47,627 71,070 50,560 5,408 511 4,377 8,618 56,457 37.34912,391 5,280 1.213 280 2,538 3,682 11,698 12 127,694 46,984 71.145 51,170 5,O3Oi 490 4,5951 8,389 56,549 37,40912,456 5,228 1,233 55 2.730| 3,776 11,690 19 126,615 45,958 69,937 49,376 4,809> 510 5,846 7.990 56,678 37,46712,561 5,202 1,229 309 2,608j 3,761 11,714 26 126,053 47,064 69;282 49.6101 4.958 515 5,086 7,709 56,771 37,51712,597 5,231 1,205 230 2.767! 3J58; 11J32 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loans items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts 5 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S. Govt., less cash items in process of collection. May 5 May 12 May 19 May 26 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading cities 14,747 14,902 15,063 15,110 banks, not shown separately. New York City 6,080 6,174 6,338 6,383 7 Deposits of foreign governments and official institutions, central Outside New York City... 8,667 8,728 8,725 8,727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 BUSINESS LOANS OF BANKS 851 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1965 1965 1965 1964 1964 M 26 ay M 1 a 9 y M 1 a 2 y M 5 ay A 2 p 8 r. May Apr. Mar. I IV III H 2n a d lf H 1 a s l t f Durable goods manufacturing: 777 77Q 787 780 757 20 24 72 92 -18 -81 -99 123 Machinery ? 7?1 ? 777 2,774 2,740 2,701 20 37 293 457 93 -81 12 25 Transportation equipment ,028 ,058 1,030 1,024 QR? 46 -29 -4 64 60 -13 47 19 Other fabricated metal products... ,187 1,192 1,196 1,164 ,153 34 22 114 169 -36 -36 191 Other durable goods 379 1 379 1 397 1 384 346 33 50 96 143 -66 57 -9 120 Nondurable goods manufacturing: Food liquor and tobacco ,561 1,618 1,612 1,674 ,674 -113 -147 .7 -179 527 177 704 -622 Textiles, apparel, and leather ,565 t,607 1,597 1,572 ,551 14 33 148 248 -359 64 -295 234 Petroleum refining ,202 1,196 1,186 1,181 1,181 21 -27 38 166 33 -44 -11 -134 Chemicals and rubber ,637 1,697 1,687 1,680 1,657 -20 63 121 190 232 17 249 158 Other nondurable goods ,076 ,078 1,067 1,058 1,046 30 57 68 97 -94 31 -63 106 Mining, including crude petroleum and natural gas. \. 315 }.331 3 320 3 320 \ 3SR -43 11 63 218 295 140 435 -198 Trade* Commodity dealers 1,115 1,166 1,195 1,209 1,230 -115 -179 -155 -20 391 154 545 -538 Other wholesale 2,515 2 506 2 485 2 471 2 444 71 55 139 126 81 75 156 40 Retail 3,051 3 061 2,938 2 957 2,842 209 -65 199 414 -211 143 -68 49 Transportation, communication, and other public utilities 4,730 4,726 4 703 4 722 4 643 87 -6 52 -15 237 400 637 -496 Construction 2,433 2,434 2,405 2 378 2,341 92 77 -14 2 38 104 142 265 All other: 1 Bankers' acceptances .. 861 842 867 816 769 92 -19 -30 -307 174 61 235 -76 All other types of business, mainly services 5,814 5,800 5,812 5,786 5,755 59 -67 161 428 394 -39 355 274 Total classified loans 37,967 38,197 38,058 37,916 37,430 537 -110 1,378 2,293 1,771 1,165 2,936 -460 Commercial and industrial loans— All weekly reporting banks 45,223 45,458 45,293 45,108 44,597 626 '-23 1,579 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 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.: 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 1960 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 1 Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—Aug. 4, 3V4', Oct. 14, 3^; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp. 21, 4; 1957—Aug. 6, 4i/2; 1958—Jan. 22, 4; Apr. 21, 3V2; Sept. 11,4; 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. 1959—May 18, 4i/2; Sept. 1, 5; and I960—Aug. 23, 41/2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 INTEREST RATES JUNE 1965 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) * Finance Prime CO. Prime coml. paper bankers' Federal 3-month bills 5 6-month bills 5 9- to 12-month issues Period months 1 m d 3 p i o - r l n a e to c c th e t 6 l s d y - 2 , 90 a a c n d c c a e e y p s s t , - * f r u at n e d s 3 o i n R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a l i d r ll k ) s e 5 t Other 6 i 3 s - y s u t c o e a s r 5 7 - 1962 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1964—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 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 May 4.38 4.25 4.25 4.10 3.895 3.89 3.950 3.95 3.96 3.99 4.11 Week ending— 1965—May 1 4.38 4.25 4.25 4.02 3.916 3.91 3.977 3.98 3.98 3.97 4.12 8 4.38 4.25 4.25 4.12 3.901 3.89 3.950 3.95 3.96 3.97 4.10 15 4.38 4.25 4.25 4.07 3.893 3.89 3.950 3.96 3.96 3.98 4.11 22 4.38 4.25 4.25 4.07 3.897 3.90 3.955 3.95 3.96 4.01 4.11 29 4.38 4.25 4.25 4.07 3.889 3.88 3.945 3.94 3.95 4.00 4.10 1 Averages of daily offering rates of dealers. 5 Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance cos., for varying maturi- « Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 7 Selected note and bond issues. 3 Seven-day average for week ending Wed. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stock. State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio ( S lo ta n te g s - Total i term) Total 1 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 5.54 1964 May 4.16 3.29 3.09 3.54 4.59 4.41 4.85 4 54 4.69 4.53 4.41 3.01 4.13 3.29 3.10 3.54 4.59 4.41 4.85 4.54 4.70 4.55 4.41 3.05 5.68 julv 4 13 3 26 3 08 3 54 4 58 4 40 4 83 4 52 4 68 4 54 4 27 2 96 4.14 3.27 3.08 3.54 4.57 4.41 4.82 4.52 4.65 4.54 4.29 3.03 Sent 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 5.36 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 May 4.14 3.28 3.09 3.51 4.57 4.44 4.81 4.55 4.64 4.53 4.30 2.92 Week ending— 1965—May 1 4.15 3.28 3.09 3.51 4.56 4.43 4 80 4 54 4.63 4 51 4.29 2.92 8 4.14 3.28 3.09 3.51 4.56 4.43 4.80 4.55 4.63 4.51 4.29 2.90 15 4.14 3.28 3.09 3.51 4.57 4.45 4.80 4.55 4.64 4.52 4.28 2.90 22 4.14 3.28 3.09 3.51 4.57 4.43 4.81 4.55 4.63 4.53 4.30 2.91 29 4.14 3.28 3.09 3.51 4.58 4.44 4.82 4.57 4.64 4.55 4.33 2.96 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- figures. Corp. bonds: Averages of daily figures. Both of these series are arately. Because of a limited number of suitable issues, the number from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. adjusted at annual rates. State and local govt. bonds: General obligations only, based on Thurs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 SECURITY MARKETS 853 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Bond prices Common stock prices insurcd (price per $100 bond) (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- he 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........ 15.69 (5.98) 1962 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1962 5.60 (5.93) 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1963 (5.81) 1964 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1963 . ... 5 46 5 84 64 24.0 73.3 16.3 1964—May.. 84.38 111.6 94.7 80.72 85.79 44.86 67.29 4,959 1964 5.45 5.78 .57 24.8 74.1 17.3 June.. 84.70 111.8 94.9 80.24 85.13 46.29 67.46 4,372 July.. 84.70 112.1 95.2 83.22 88.19 48.93 70.35 4,663 1964—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 4^.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 May.. 84.58 111.9 94.8 89.28 94.69 45.53 77.50 5,510 Feb... 5.45 5.79 .61 24.9 74.0 17.6 Mar... 5.45 5.72 .49 24.9 73.7 18.5 Week Apr... 5.45 5,74 .51 24.9 73.7 18.1 ending— May 5.45 May 1 84.53 112.2 94.9 88.99 94.32 46.59 77.33 5,623 8 84.58 112.2 94.9 89.64 95.05 46.51 77.72 5,912 i Last 6 months only. 15 84.58 112.2 94.8 89.90 95.36 45.88 77.97 5,877 22 84.60 111.4 94.7 89.32 94.75 45.13 77.61 5,278 NOTE.—Annual data are averages of monthly figures. Yields 29 84.55 111.8 94.6 88.25 93.60 44.58 76.72 4,974 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 5^4 per cent, and data are averages of daily figures unless otherwise noted and are computed as an assumed prepayment period of 15 years. Price data are follows: 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 5%-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— Cus- Month Total firms secured by— chasing and carrying— tomers securities net other than Other securities free U.S. Govt. G U o .S v . t. Other G U o .S v . t. Other G U o .S v . t. c b re a d l- it securities securities securities securities securities Total Customer Other ances collateral collateral 1961—Dec s 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 ,216 1963—Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 ,210 1964—May.... 7.277 19 5,439 96 1,838 113 4,362 3,868 494 ,138 June.... 7,229 18 5,370 94 1,859 156 4,275 3,766 509 ,146 July 7,160 25 5,289 70 1,871 266 4,129 3,672 457 ,114 A ug 7,096 21 5,187 69 1,909 191 4,090 3,618 472 ,077 Sept 7,142 19 5,221 81 1,921 109 4,122 3,568 554 ,145 Get 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 ,131 Dec 7,053 21 5,079 72 1,974 222 3,910 3,393 517 ,169 1965—Jan 6,940 33 4,986 70 1,954 177 3,763 3,317 446 ,207 Feb 6,872 31 5,007 76 1,865 132 3,748 3,259 489 ,254 Mar 6,941 30 5,055 129 1,886 106 3,894 3,303 591 ,264 Apr r7.001 30 r5,066 67 1,935 213 3,853 3,326 527 ,207 May.... 7,085 26 5,129 75 1,956 157 4,030 3,397 633 1,208 NOTE.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i.e., all accols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. 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. securities exchanges and balances of reporting firm and of general part- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JUNE 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 Placed Placed Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e in tw — een Total through direct- Others into from exdealers 1 ly 2 Total O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries t957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958. 3 2,751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963.. 6,747 1,928 4,819 2,890 1 9Q1 1,031 260 162 92 1,345 567 908 56 41 1 .317 1964—Apr 7,920 2,039 5,881 3,102 ,355 1,060 295 93 117 1,536 587 963 105 36 ,411 May 8,326 1,973 6,353 3,049 1,418 1,105 313 47 146 1,438 576 941 73 34 ,426 June 8,036 1,948 6,088 3,149 1,370 1,113 257 83 146 1,550 567 929 82 27 ,545 July 8,879 2,006 6,873 3,137 ,455 1,121 334 56 137 1,489 576 949 74 24 1,513 Aug 8,879 2,070 6,809 3,127 ,486 1,145 341 36 132 1,473 586 922 82 22 1,514 Sept 8,444 2,220 6,224 3,175 ,423 1,127 297 99 127 1,525 609 918 113 36 i,499 Oct 9,343 2,431 6,912 3,222 ,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 ,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Jan 8,928 2,143 6,785 3,276 ,535 1,308 227 115 122 1,504 662 956 79 34 ,545 Feb 9,033 2,239 6,794 3,232 1,439 1,247 193 71 118 1,604 661 916 59 26 1,571 Mar 9,077 2,070 7,007 3,325 ,297 1,138 159 143 134 1,751 725 924 31 22 1,622 Apr 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 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— Mortgage loan End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments 3 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 61,855 1.654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—Mar. 36,933 704 6,117 424 151 887 825 51,042 45,761 1,036 4,244 120,396 2,504 Apr. 37,267 646 6,064 423 138 819 820 51,178 45,851 1,118 4,209 123,979 2,586 May 37,601 714 6,052 419 150 847 827 51,610 46,124 1,225 4,261 124,416 2,661 June 37,971 676 6,024 409 145 906 871 52,001 46,624 1,102 4,275 132,625 2,690 July. 38,407 705 6,025 409 142 863 867 52,417 46,918 1,222 A,211 132,726 2,701 Aug. 38,764 764 6,095 407 179 895 879 52,983 47,274 1,356 4,352 134,371 2,743 Sept. 39,146 739 6,082 409 193 883 887 53,339 47,757 1,200 C4,383 134,277 2,736 Oct.. 39,538 727 5,849 403 178 898 889 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 Mar. 41,265 820 6,054 381 5,144 1,007 931 55,602 49,989 1,108 4,505 138,853 2,873 * Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt. agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 3, p. 841. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt. and State bank supervisory Savings Banks Assn. of the State of N.Y. agencies. Loans are shown net of valuation reserves. 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

JUNE 1965 SAVINGS INSTITUTIONS 855 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l ndForeign Total Bonds Stocks gages estate Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,784 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 14 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 Book value: 1962—Dec... 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963—Dec... 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—Mar.r.. 143,066 12,488 5,788 3,858 2,842 60,269 54,430 5,839 51,506 4,356 6,778 7,669 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... 145,823 12,476 5,758 3,809 2,909 61,275 55,213 6,062 52,832 4,446 6,947 7,847 Aug 146,475 12,507 5,763 3,822 2,922 61,355 55,228 6,127 53,173 4,462 6,986 7,992 Sept.... 147,172 12,557 5,787 3,846 2,924 61,458 55,262 6,196 53,560 4,487 7,024 8,086 Oct 147,977 12,555 5,769 3,866 2,920 61,722 55,487 6,235 53,984 4,499 7,060 8,157 Nov.. . 148,746 12,509 5,699 3,841 2,969 61,968 55,658 6,310 54,404 4,514 7,094 8,257 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 Mar.... 151,663 12,337 5,557 3,787 2,993 63,008 56,399 6,609 56,343 4,568 7,258 8,149 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other co m l m o e a m n n t i s tties profits 3 1941 4,578 107 344 775 6,049 4,682 475 256 636 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 ,293 874 1,285 1960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 ,186 968 1,359 1961 68,834 5,211 3,315 4,77'5 82,135 70,885 5,708 2,856 ,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 ,999 1,221 2,230 1963 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964—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.r 102,351 7,305 3,609 6,964 120,229 102,680 8,029 5,040 2,085 2,395 2,843 Mar 103,151 7,386 3,558 7,139 121,234 103,735 8,000 4,938 2,182 2,379 3,124 1 Includes other loans, stock in the Federal home loan banks, other centrated in state-chartered savings and loan assns. in Calif, where the investments, real estate owned and sold on contract, and office buildings accounting system is being revised. and fixtures. * Consists of advances from FHLB and other borrowing. 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 The decline in reserves and surplus from Feb. to Mar. 1964 is con- even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL FINANCE JUNE 1965 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Bu n d e g t et T f P u r l n u u d s s s t : g I L n o e t v r s a t s . - : l E r T e q o c u t t a s a l . l s 2 : Budget f T u L n r e u d s s s s t : 3 A m L d e e j n u s t s s s t : 4 - E p T q a o u y t a t a s l l s . : pa o y r ts. C & (d d h a i e i a r n g b n e e t c g n t e .) a I t g n L r e v u e n e s s . t s s s t & : . N L 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— Apr 6,609 1,942 212 8,334 7,930 2,935 703 10,163 -1,829 -1,880 -1,491 22 -411 May 6,136 4,744 222 10,652 7,511 2,067 45 9,533 1,119 4,049 3,230 61 758 June 12,401 3,117 ,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 Apr 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 Effects of operations on Treasurer's account Change in Treasurer's account Net operating transactions Net financing transactions cash balances (end of period) Period Agencies & trusts Change Operating bal. Budget in s d u e r o f p i r c lu it s f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ss s u a e o a r c f k n .3 e c t e i I n G n s e v U o c e v . . s t 3 S t . . . p d g d u i r e r b o e b l s c i t s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance b F a . n R ks . a l T a c o n c a a d t x n s. O as n t s h e e t e ts r Fiscal year—1961. . -3,856 790 285 -538 -856 2,640 -222 -1,311 6,694 408 5,453 833 1962,. -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1063.. -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—Apr -1,322 -993 468 109 1,491 1,989 335 -2,571 6,085 925 3,974 1,186 May. -1,375 2,677 -237 117 -3,230 3,931 -333 2,215 8,300 890 6,557 853 June 2,874 594 364 502 -1,770 181 9 2,735 11,036 939 9,180 917 July -3,923 -1,181 -403 -64 1,205 -530 -10 -4,886 6,150 785 4,505 860 Aug -1,430 1,648 -946 378 -1,960 2,906 -43 640 6,789 939 5,085 765 Sept 1,622 -273 613 -108 251 1,520 226 3,400 10,189 933 8,339 917 Oct -4,930 -1,257 11 67 1,556 26 -30 -4,498 5,691 687 4,155 849 Nov -15 855 -549 125 -809 2,851 46 2,412 8,104 974 6,182 948 Dec 86 -829 17 -139 780 -546 178 -809 7,295 820 5,377 1,098 1965—Jan -2,033 -1,440 402 -282 1,787 42 25 -1,550 5,745 914 3,612 1,219 Feb 372 1,600 -364 -16 -1,391 1,900 -95 2,197 7,942 988 5,800 1,154 Mar 3,049 852 396 327 -1,033 2,186 116 1,289 9,231 867 7,271 1,093 Apr 280 -748 439 249 1,471 1,140 447 105 9,336 944 6,934 1,458 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

JUNE 1965 FEDERAL FINANCE 857 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d - ividual Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A n .R d S . I e U m n p - l. E a g s n t if a d t te t C o u m s- s r m e a I p e n n a n t d . y ts - fu R n e d - s Other held Other Fiscal year—1961... 97,242 32,97813,175 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... 101,865 36,24614,403 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... 109,739 38,71914,269 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 39,25915,331 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 19,76110,950 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 20,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 943 1,044 1,216 1964—Jan.-June.. 63,683 19,13911,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6,104 1,283 July-Dec... 51,352 17,732 3,598 9,989 7,398 3,089 1,947 9,378 7,535 1,594 1,170 729 900 1,008 1,466 Month: 1964—Apr 8,334 889 5,006 684 1,103 465 254 1,394 1,116 239 422 109 119 1,575 183 May 10,652 4,837 561 491 ,195 466 308 4,163 3,242 884 234 100 125 1,196 142 June 14,376 2,654 2,219 6,196 ,290 560 320 1,563 1,457 66 208 117 145 304 288 July 4,745 1,172 377 646 ,234 456 328 904 623 233 219 120 143 219 149 Aug 10,552 4,809 159 419 ,284 496 380 3,455 2,732 684 219 112 123 207 179 Sept 11,739 2,669 2,255 3,950 ,203 502 324 1,256 1,158 56 166 122 132 216 202 Oct 4,344 1,158 264 572 ,176 n.a. 298 639 478 121 205 126 130 176 250 Nov 9,716 4,956 112 449 ,244 n.a. 336 2,238 1,766 435 168 124 220 100 305 Dec 10,256 2,969 430 3,953 ,257 555 280 885 778 65 192 125 152 90 383 1965—Jan 6,387 1,181 2,506 607 ,045 384 296 508 305 161 183 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 ,303 573 286 1,580 1,453 81 308 155 249 ,582 158 Apr 10,492 1,091 5,852 1,187 ,150 n.a. 271 1,570 1,309 221 370 139 214 ,286 205 Cash payments to the public Period Total 5 t f i e N d o n e n a s - a - e l af I f n ai t r l s . 6 s S e p r a e a r - c c e h cu A lt g u r r i- e6 so N u u r r e a r a - c t l - es t m C r a a o e n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e el o a f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s j 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.. 07,662 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.. 13,751 53,429 3,805 2,552 5,703 2,456 5,777 —268 25,698 1,214 5; 971 7,427 1,953 1964.. 20,332 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 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.. 61,510 24,569 1,818 2,333 3,642 1,543 4,288 516 13,722 639 2,943 4,258 1,138 Month: 1964—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 3,592 210 334 672 235 702 246 2,277 78 485 360 184 Aug 11,296 3,869 336 385 ,049 287 740 16 2,249 129 501 1,378 183 Sept '9,400 4,243 324 386 491 293 759 35 2,229 126 525 317 189 Oct 10,317 4,301 448 387 694 244 779 -48 2,261 94 505 436 200 Nov '9,398 4,052 -53 406 220 229 657 -193 2,299 90 398 1,337 164 Dec 10,882 4,512 562 435 516 255 651 460 2,407 122 529 430 218 1965—Jan '9,109 4,018 439 407 210 164 539 -176 2,422 118 658 315 202 Feb '9,606 3,885 311 423 288 166 465 -126 2,423 122 497 1,353 172 Mar '9,566 4,583 86 461 386 203 472 -99 2,319 146 501 446 197 Apr 10,476 4,384 609 529 370 185 449 562 2,448 142 488 450 195 1963 1964 1965 1963 1964 1965 Item III IV III IV III IV III IV 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 '30.2 '29.8 r30.1 29.1 31.0 30.6 28.7 30,1 '30.9 r30.6 '28.3 Net. -.9 -1.7 -.9 -1.1 -1.1 2.0 '-1.1 '-.3 3.4 -3.6 -6. 1.6 3.3 '-3.9 '-6.3 '2.4 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 U.S. GOVERNMENT SECURITIES JUNE 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o b o t t s a s l i d d g e i r r b o e t s c s t 2 Total Marketable C v ib e o r l n e t- - Nonmarket S a a b v l - e i S s p su e e c s ia l 6 Total Bills C c e a r t t e if s i- Notes Bonds 4 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 1960—Dec 290.4 290.2 242.5 189.0 39.4 , 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec 304.0 303.5 255.8 203.0 48.3 j 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—May. . . 312.3 311.5 262.2 208.0 52.2 67.3 88.5 3. 51.0 49.2 45.0 June... 312.5 311.7 260.7 206.5 50.7 67.3 88.5 3. 51.1 49.3 46.6 July. . . 312.0 311.2 261.1 206.8 51.0 58.6 97.1 3. 51.2 49.4 45.7 Aug.... 314.9 314.1 262.2 207.7 52.0 58.6 97.1 3. 51.4 49.4 47.4 Sept.... 316.5 315.6 263.8 209.0 53.3 58.6 97.1 3. 51.7 49.5 47.4 Oct.. . . 316.5 315.6 265.0 210.1 55.0 58.1 97.0 3. 51.8 49.6 46.3 Nov.... 319.3 318.5 267.4 212.4 56.5 58.9 97.0 3. 51.9 49.7 46.7 Dec.. .. 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Jan.. . . 318.6 318.0 269.4 214.4 58.4 53.2 102.8 3.0 52.1 49.8 44.2 Feb.. .. 320.6 319.9 270.0 214.9 58.8 55.5 100.6 3.0 52.1 49.9 45.6 Mar.... 318.4 317.7 267.7 212.5 56.5 55.5 100.5 2.9 52.2 49.9 45.7 Apr.... 317.2 316.6 267.8 212.5 56.9 55.1 100.5 2.9 52.5 50.0 44.4 May. . . 319.8 319.2 266.3 211.0 55.9 52.5 102.5 2.9 52.5 50.0 47.8 1 Includes noninterest-bearing debt (of which $284 million, on May 31, 5 Includes Series A investment bonds, depositary bonds, armed forces 1965, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign ities not shown separately. series, Rural Electrification Administration bonds, and before 1956, 2x Ecxxccmluadeess gguuaarraanntteeeedd sseeccuurriittiieess.. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $14,764 million on Apr. 30, 1965. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G U t e a r o n . u n v c d s S t i t . e . s b F a . n R k . s Total m b C e a o r n c m k ia s - l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r t o n e e d n i r g - a n l2 i O t m n o t v i r h s s e e c s r 3 . funds * bonds securities 1941 —Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945_Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947_Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1957—Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 18.6 16.6 48.2 15.8 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.8 16.5 47.7 15.3 7.7 8.9 1959—Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 22.8 18.0 45.9 22.1 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 20.1 18.7 45.7 19.1 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 20.0 19.0 46.4 17.9 13.4 11.6 1962—Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 20.2 20.1 46.9 17.6 15.3 12.7 1963—Dec 310.1 58.0 33.6 218.5 64.3 5.8 11.3 20.6 21.1 48.1 18.2 15.9 13.3 1964—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 '20.1 23.2 49.2 19.9 r16.0 14.8 Apr 317.2 59.2 37.8 220.3 59.2 5.8 11.0 20.1 24.1 49.2 19.8 16.0 15.3 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

JUNE 1965 U.S. GOVERNMENT SECURITIES 859 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 e - a 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—Mar. 31.. 212,507 87,517 56,525 30,992 62,135 37,120 6,106 19,630 Apr. 30.. 212,451 88,126 56,925 31,201 61,487 37,116 6,106 19,616 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—Mar. 31 12,634 1,782 1,362 420 2; 235 3,319 1,563 3,735 Apr. 30 12,414 1,576 1,191 385 2.228 3,331 1,563 3,716 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—Mar. 31 37,591 23,573 6,955 16,618 12,410 1,292 58 258 Apr. 30 37,754 23,721 7,018 16,703 12,424 1,292 58 259 Held by public: 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Dec. 31 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Dec. 31 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—Mar. 31 162,282 62,162 48,208 13,954 47,490 32,509 4,485 15,636 Apr. 30 162,283 62,829 48,716 14,113 46.835 32,493 4,485 15,641 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—Mar. 31 50,243 14,480 8,103 6,377 22,803 11,922 189 849 Apr. 30 49,622 14,323 7,878 6,445 22,407 11,845 193 854 Mutual savings banks: 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—Dec. 31 5,502 690 268 422 1,211 2,009 377 1,215 1964—Dec. 31 5,434 608 344 263 1,536 1,765 260 1,266 1965—Mar. 31 807 590 217 1,528 1,770 248 1,345 Apr. 30 5.539 722 483 239 1,488 1,746 247 1,337 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—Mar. 31 9.212 724 433 291 2,222 2,387 874 3,005 Apr. 30 9,159 784 466 318 2,140 2,371 892 2,973 Nonfinancial corporations: 1962—Dec. 31 10,750 9,063 6.551 2,512 1,524 149 9 1963—Dec. 31 10,427 7,671 6^78 1,493 2,397 290 60 1964—Dec. 31 9,136 6,748 5,043 1,705 2,001 272 112 1965—Mar. 31 8,610 5,943 4,843 1,100 2,241 281 141 Apr. 30 8,680 6,390 5,310 1,080 1,904 260 123 Savings and lean associations: 1962—Dec. 31 2,862 437 254 183 817 ,030 105 473 1963—Dec. 31 3.253 378 236 142 919 ,202 253 501 1964—Dec. 31 3,418 490 343 148 1,055 ,297 129 447 1965—Mar. 31 3,622 484 369 115 1,007 ,411 127 593 Apr. 30 3,630 485 360 125 999 ,421 128 596 State and local governments: 1962—Dec. 31 11,716 4,447 3,282 1,165 1,059 ,505 688 4,017 1963—Dec. 31 12,453 4,637 3,869 768 941 ,502 1,591 3,782 1964—Dec. 31 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—Mar. 31 16,416 5,992 5,107 885 2,035 1,942 1,410 5,037 Apr. 30 17,303 6,797 5,885 912 2,094 1,930 1,393 5,089 All others: 1962—Dec. 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Mar. 31 68,480 33,731 28,763 4,968 15,654 12,797 1,632 4,666 Apr. 30 68,350 33,328 28,332 4,996 15,803 12,921 1,629 4,669 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 779 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt. agencies and trust funds and F.R. Banks 70 per cent by 507 State and local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual, include holdings of all those not ketable issues held by groups, the proportion held on latest date by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were: (1) separately. about 90 per cent by the 5,991 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 U.S. GOVERNMENT SECURITIES JUNE 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 Within 1-5 5-10 Over All 1 year years years 10 years G U o .S v . t. Other m b e a r n c k ia s l other securities 1964 Apr 1,849 ,528 234 70 18 590 24 737 498 134 May 1,702 ,264 248 165 25 566 29 651 457 120 June 1,488 1,201 170 97 19 458 24 566 439 142 July 1,936 1,433 216 208 79 581 38 784 532 131 Aus 1,453 ,099 197 123 34 406 26 604 417 113 SeDt 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 Apr 1,769 ,467 172 91 38 562 38 708 460 155 Week ending— 1965—Apr. 7 1,763 1,539 124 72 27 601 27 696 439 148 1,560 ,226 214 86 35 470 31 636 422 211 21 1,665 ,382 154 81 49 519 62 679 405 170 28 1,817 1,535 171 69 43 607 32 731 447 99 May 5 2 412 864 236 257 54 701 56 945 710 110 12 1,421 1,191 141 58 32 388 28 646 359 215 19 . 1,490 ,259 127 85 19 395 26 641 428 161 26 1,630 I 409 130 72 19 397 26 676 531 108 NOTE.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period All Within 1-5 Over a G ge o n v c t. y Period sou A r l c l es New Else- C t o io rp n o s r J a- o A th l e l r maturities 1 year years 5 years securities Y C o it r y k where 1964—Apr 2,393 2,316 156 -78 170 May 3,087 2,670 164 253 231 1964—Apr 2,390 545 556 1,065 225 June 3,475 3,217 91 167 318 May 3,082 711 724 1,347 300 July 3,817 3,121 229 468 225 June 3,541 981 761 1,493 307 Aug 4,313 2,978 552 782 275 July 4,156 1,250 871 1,671 364 Sept 3,954 3,302 373 280 250 Aug 4,186 1,144 924 1,703 416 Oct 3,358 2,966 231 160 262 Sept 4,011 1,255 1,069 1^53 434 Nov 3,692 3,073 479 140 313 Oct 3,299 845 835 1,258 361 Dec .... 3,252 2,675 419 159 282 Nov 3,706 1,020 963 1,192 531 Dec 3,399 1,029 781 1,056 533 1965—Jan 3 812 2 882 196 734 246 Feb 3,420 2,688 163 569 237 1965—Jan 4,354 1,323 1,229 1,206 596 Mar 3,034 2,590 112 332 268 Feb 3,495 856 902 1,278 459 Apr 3,471 3,118 115 238 327 Mar 3,181 626 807 1,350 398 Apr 3,594 918 885 1,369 422 Week ending— Week ending— 1965—Mar. 3.. 3,367 2,800 158 409 301 10.. 2,863 2,412 83 368 268 1965—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 1,337 402 Apr. 7.. 3,358 3,008 127 223 312 14.. 3,418 3,022 122 275 334 Apr. 7... 3,542 828 870 1,367 477 21.. 3,366 2,989 122 256 306 14... 3,556 872 795 1,341 549 28.. 3,641 3,302 99 239 337 21 ... 3,712 1,070 974 1,312 357 28... 3,489 881 823 1,487 298 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

JUNE 1965 OUTSTANDING SECURITIES 861 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY, 31, 1965 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills Treasuty bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. June 3,1965 2,200 Nov. 12, 1965 1,001 Oct. 1,1967 457 Feb. 15, 1970 4 4,381 June 10,1965 2,201 Nov. 18, 1965 1,002 Apr. 1,1968 212 Aug. 15,1970 4 4,129 June 17, 1965 2,202 Nov. 26, 1965 1,001 Oct. 1,1968 115 Aug. 15, 1971 4 2,806 June 22, 19651 3,263 Nov. 30, 1965 1,001 Apr. 1,1969 \ 61 Nov. 15,1971 3% 2,760 June 24, 1965 2,208 Dec. 31, 1965 1,003 Oct. 1 , 1 9 6 9\ 159 Feb. 15, 1972 4 2,344 June 30, 1965 1,001 Jan. 31,1966 1,000 Apr. 1,1970 6 Aug. 15, 1972 4 2,579 July 1,1965 2,202 Feb. 28, 1966 1,001 Aug. 15,1973 4 3,894 July 8,1965 2,205 Mar. 31, 1966 1,000 Nov. 15, 1973 ., 4,357 July 15,1965 2,202 Apr. 30, 1966 1,001 Feb. 15, 1974 4V 3,130 July 22, 1965 2,203 May 31, 1966 3 Treasury bonds May 15, 1974 4 3,593 July 29, 1965 2,204 June 15, 1962-67... 2^ 1,431 Nov. 15, 1974 3 2,244 July 31, 1965 1,000 Dec. 15, 1963-68... 2 Vi 1,792 May 15, 1975-85..,4 1,218 Aug. 5,1965 2,204 Treasury notes June 15, 1964-69... 2 % 2,591 June 15, 1978-83... 3 1,584 A A u u g g . . 1 1 9 2 , , 1 1 9 9 6 6 5 5 2 2 , , 2 2 0 0 1 2 A A u u g g . . 1 1 3 3 , , 1 1 9 9 6 6 5 5 3 3 7 % /4 6 1 , ,0 2 6 0 6 2 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . . . . . . 2 2 y ^ 2 2 2, , 4 5 1 3 1 5 N Fe o b v . . 1 15 5 , , 1 1 9 9 8 8 0 0 4 3% 2 1 , , 6 91 0 3 9 Aug. 26, 1965 2,203 Oct. 1,1965 1% 315 May 15, 1966 3% 1,688 May 15, 1985 3*4 1,127 Aug. 31, 1965 1,000 Nov. 15, 1965 3V4 1,617 Aug. 15, 1966 3 1,024 Feb. 15, 1990 3% 4,902 Sept. 2, 1965 1,000 Nov. 15, 1965 4 8,099 Nov. 15, 1966 33/i 1,851 Aug. 15, 1987-92... 4VA 3,818 Sept. 9, 1965 1,000 Feb. 15, 1966 3# 2,195 Mar. 15, 1966-71... 2lA 1,400 Feb. 15, 1988-93...4 250 Sept. 16, 1965 1,003 Feb. 15, 1966 3% 2,597 June 15, 1967-72... 2% 1,283 May 15, 1989-94.. .4Vi 1,560 Sept. 23, 1965 1,000 Apr. 1,1966 \yi 675 Sept. 15, 1967-72... 2^ 1,952 Feb. 15, 1995 3 2,300 Sept. 30, 1965 2,003 May 15, 1966 4 9,519 Nov. 15, 1967 3% 2,019 Nov. 15, 1998 3Vi 4,423 Oct. 7,1965 1,001 Aug. 15, 1966 4 11,060 Dec. 15, 1967-72... 21/2 2,702 Oct. 14, 1965 1,001 Oct. 1, 1966 \Vi 357 May 15, 1968 3% 2,460 O O c c t t . . 2 2 8 1 , , 1 1 9 9 6 6 5 5 1 1 , , 0 0 0 0 2 3 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 6 7 4 3% 2 2, , 3 2 5 5 8 4 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 8 8 3 3 V % 4 3 1 , ,5 7 9 4 1 7 Convertible bonds Oct. 31, 1965 1,000 Apr. 1,1967 IVi 270 Feb. 15, 1969 4 1,844 Investment Series B Nov. 4,1965 1,000 Aug. 15, 1967 3# 2,929 Oct. 1,1969 4 6,261 Apr. 1, 1975-80... 2V4 2,901 1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, APRIL 30, 1965 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate) Maturity o ( f m d i o ll l i l o a n r s s) and coupon rate) Maturity o ( f m d il o l l i l o a n r s s) Federal home loan banks Federal intermediate credit banks Debentures: Notes: Aug. 3,1964 4 May 3, 1965 219 June 15, 1964 4Vi May 17, 1965 525 Sept. 1,1964 3.95 June 1, 1965 204 Oct. 15,1964 4 June 15, 1965 250 Oct. 1,1964 4 July 1, 1965 202 Aug. 17, 1964 3.95 July 15, 1965 446 Nov. 2, 1964 4.05 Aug. 2, 1965 208 Sept. 15; 1964 4.05 Aug. 16, 1965 552 Dec. , 1964 4.05 Sept. 1, 1965 229 Oct. 15, 1964 4.05 Sept. 15, 1965 172 Jan. , 1965 4.20 Oct. 4, 1965 279 Nov. 16, 1964 4.10 Oct. 15, 1965 400 Feb. , 1965 4.15 Nov. 1, 1965 323 Feb. 15, 1965 4.20 Jan. 17, 1966 220 Mar. ., 1965 4.20 Dec. 1, 1965 319 Apr. 15, 1965 4.30 Feb. 15,1966 524 Apr. , 1965 4V4 Jan. 3, 1966 298 Bonds: Federal land banks J D M J S u u e e n l a p c y e r . t . . 1 1 1 1 9 5 5 7 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 5 4 2 4 4 4 V 4 4 3 V V i % y / A 4 4 8 A N S S M e e a u o p p r g v t t . . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 9 1 1 9 9 6 9 9 6 6 6 6 6 6 6 7 5 2 2 2 1 1 7 6 0 8 7 5 0 0 5 5 Bo A J O A M n u u c p d n a t g r s y e . . : . 2 2 2 0 0 0 3 1 , , , , , 1 1 1 1 1 9 9 9 9 9 6 5 6 6 6 1 8 4 1 0 3 4 4 4 3 % *4 D A O F M e e c u a b c t g y . . . . 2 2 2 2 1 3 0 2 0 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 5 6 5 5 1 1 1 1 1 5 4 0 5 6 0 0 8 9 0 Sept. 20, 1961 414 July 20, 1966 193 Fede s r e al c 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— A Fe p b r . . 2 1 0 5 , , 1 19 9 6 5 5 7 4 4 V % 8 F F e e b b . . 1 2 5 0 , ,1 1 9 9 6 6 7 7-72 1 7 2 2 6 May 1,1962 4 May 22, 1967 180 Discount notes 361 Oct. 1,1957 41A Oct. 1,1967-70 75 Oct. 22, 1963 4i/g Oct. 23, 1967 174 Debentures: Apr. 1,1959 414 Mar. 20, 1968 111 Dec. 10, 1957 June 10, 1965 93 May 1,1963 4 June 20, 1968 186 Sept. 10, 1962 Mar. 10, 1966 108 Aug. 20, 1964 4VA Aug. 20, 1968 160 Dec. 12, 1960 Dec. 12, 1966 93 Feb. 2,1959 4% Mar. 20, 1969 100 Mar. 10, 1958 Mar. 11, 1968 87 Feb. 23, 1965 4*4 July 15, 1969 130 Apr. 10, 1959 Apr. 10, 1969 88 July 15, 1957 4% July 15, 1969 60 Apr. 11, 1960 4: Apr. 10, 1970 143 Oct. 20, 1964 4V4 Oct. 20, 1969 209 Sept. 12, 1960 4i Sept.10, 1970 119 Feb. 1,1960 5V* Feb. 20, 1970 82 Aug. 23, 1960 4i Aug.10, 1971 64 Feb. 14, 1958 3% Apr. 1,1970 83 Sept. 11, 1961 41 Sept.10, 1971 96 Jan. 5,1960 5V& July 20, 1970 85 Feb. 10, 1960 5' Feb. 10, 1972 100 May 1,1956 3 May 1,1971 60 Dec. 11, 1961 43 June 12, 1972 100 Sept. 14, 1956 3 Sept. 15, 1972 109 June 12,1961 4*i June 12, 1973 146 Feb. 20, 1963 4 Feb. 20, 1973-78 148 Feb. 13, 1962 414 Feb. 10, 1977 198 Feb. 20, 1962 4 Feb. 20, 1974 155 Apr. 20, 1965 Apr. 21, 1975 200 Banks for cooperatives Tennessee Valley Authority Debentures: Short-term notes 45 Nov. 2, 1964 4 May 3, 1965 126 Bonds: Dec. 1, 1964 4 June 1, 1965 192 Nov. 15, 1960 4.40 Nov. 15, 1985 50 Feb. 1,1965 4H Aug. 2, 1965 204 July 1,1961 4% July 1, 1986 50 Apr. 1,1965 414 Oct. 4, 1965. 175 Feb. 1, 1962 4i/2 Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTB to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 CREDIT AGENCIES; SECURITY ISSUES JUNE 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 (seco o n p d er a a ry ti o m n a s r ) ket cooperatives credit banks banks period v m a A t n e o d m c - e - s I m nv e e n s t t s - C a d a n e s - d h B n a o o n n t d e d s s M b d e e e m - r - C s a to p c it k al M l g o a a o g n r e t s - D n t e a u o b n r t d e e e n s s - c L a o t o o t i p a o v n e es r s - D t e u b r e e n s - c L o a d o u n i a s n d - n t s s D t e u b r e e n s - M l g o a a o g n r e t s - Bonds bers posits posits (A) a) (A) (L) (A) a) (A) (L) 1956 1 228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 . 1,265 908 63 825 653 685 1,562 1,315 454 222 932 RR£ 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 .2M 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 1.107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 ,531 173 2,707 1,214 I 126 2,752 2,422 735 505 1,840 ,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 .952 3,310 2,834 1964—Apr... 4,444 1,420 72 3,625 957 1,193 1.983 1.781 786 533 2,329 2,157 3,445 2,973 May.. 4,395 [,607 82 3,727 990 [,196 1,984 1,698 747 527 2,412 2,246 3,481 2,973 June.. 4,769 1,804 153 4,201 1,153 1,201 1,962 1,698 757 498 2,504 2,315 3,516 2,973 July.. 4,763 1,476 106 4,042 936 1,208 1,940 1,698 782 498 2,561 2,396 3,551 2,973 Aug.. 4,781 1,622 75 4,169 926 1,210 1,936 1,696 787 538 2,561 2,433 3,586 3,102 Sept.. 4,837 ,597 99 4,165 989 1,212 ,926 1,549 809 538 2,516 2,424 3,620 3,102 Oct.. 4,797 1,614 94 4,144 978 1,214 ,934 1,707 924 576 2,377 2,352 3,652 3,169 Nov.. 4,784 ,889 84 4,369 989 1,216 ,930 1,701 975 638 2,241 2,174 3,680 3,169 Dec... 5,325 ,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 ,491 75 4,078 1,013 ,232 ,954 1,723 1,020 686 2,252 2,102 3,765 3,169 Feb... 4,851 ,425 77 3,905 1,013 1,237 ,958 1,739 1,037 670 2,308 2,143 3,818 3,298 Mar.. 4,747 ,761 80 4,090 1,048 ,247 ,974 ,739 1,007 723 2,380 2,206 3,889 3,298 Apr... 5,219 ,386 95 4,184 1,026 ,254 ,990 ,795 978 696 2,480 2,278 3,950 3,415 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in- principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total P>eriod Total G g o a e b t a n i l 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 d a p i s a s u t e n t a t r c d t h i i . c a . t l Other2 a d e m r e o e li d u v n 3 t Total c E at d i u on - b R r a o i n d a d d ge s s i U ti t e i s l - 4 H in o g u ^ s- V a a e n i t d s e ' r- O p p o t u h s r e e - s r 1958. 7,526 5,447 1,778 187 115 1,991 1,371 4,16? 7,708 7,441 ?,617 1,164 1 41? 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 1685 1960. 7,292 4,771 2,095 302 125 1,110 1,984 4J198 7,102 7,247 ?,405 1,007 1 116 426 201 1 891 1961. 8,566 5,724 2,407 315 120 1,928 2,165 4 473 8 301 8,463 ?.871 1,167 1 700 385 478 911 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,8?5 8,732 8,568 ?,%1 1,114 1 668 521 125 ? 177 1963. 10,538 5,855 4,180 254 249 1,670 3 636 ?81 10 496 9,151 1,079 812 ? 144 598 ? 169 1963—Seot 480 333 122 25 94 73 314 712 449 ?M 33 77 31 101 Oct 1,265 679 567 20 141 424 698 581 1,051 ?r? 102 118 9 171 Nov 754 401 310 43 185 208 36? 897 729 ?78 130 ??,1 2 98 Dec 495 401 85 9 69 126 ?99 1 005 416 158 7 116 1 1H 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 n<s 262 469 973 812 ?51 262 116 11 151 Apr 1,266 630 473 141 22 106 558 60? 810 1,215 378 59 225 145 407 May.... 706 472 214 20 141 167 339 1,214 665 ?58 40 ?08 45 151 June.... 938 537 258 iio 23 71 338 «P9 696 902 161 42 181 134 181 July 940 563 367 11 116 338 486 947 904 401 25 167 * 111 Aug.... 775 244 519 12 n 511 ?S1 834 756 161 73 419 81 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 arc based on Bond Buyer data. The principal ' Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. (and payment to issuer), which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues, 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 SECURITY ISSUES 863 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues ] Prop a o l s l e c d o u rp se o r o a f t e n e is t s u p e r s o c 6 eeds, Noncorporate Corporate New capital Re- Period tire- Bonds Stock ment Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t - . l U S o a t c n . a a S d t l . e 4 Other 5 Total Total o P f l f i u e c b r l e y - d p v l P a a t r c e i e - ly d fe P r r r e e - d Corn- Total Total m N on e e w y 7 O p p o t u h s r e e - s r s ri e o t c i f e u s - 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961 35,527 12,253 1.448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 1962 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964 36,628 10,656 1,205 10,544 760 13,463 10,372 3,623 6,749 412 2,679 13,300 12,557 10,935 1,622 743 1964—Mar.. 2,121 399 844 73 805 714 361 353 87 796 754 677 77 42 Apr... 4,930 1,444 1,204 47 2,234 863 383 480 1,349 2,215 2,178 2,094 83 37 May.. 2,267 367 660 85 1,155 1,008 470 537 98 1,141 1,069 953 116 72 June.. 3,056 383 275 900 37 1,461 1,091 468 623 289 1,441 1,378 1,292 86 63 July. . 2,467 387 260 922 29 869 644 234 411 166 854 780 653 127 74 Aug.. 4,128 2,449 160 767 23' 728 616 183 433 58 718 661 570 91 57 Sept.. 2,527 358 952 13 1,204 1,048 376 672 133 1,191 1,109 788 321 82 Oct.. . 2,909 367 '510 816 186 1,032 819 181 638 188 1,015 949 750 199 66 Nov.. 4,607 3,242 566 97 702 650 30 620 43 695 646 533 112 49 Dec... 3,111 373 1,097 64 1,577 1,434 320 1,114 94 1,560 1,419 1,256 163 141 1965—Jan.'-. 2,333 433 811 232J 858 727 161 565 84 850 795 700 95 54 Feb.'. 3,997 2,129 129 933 14j 791 637 187 450 130 779 746 687 59 33 Mar.. 3,003 413 185 1,003 451 1,358 1,215 557 658 82 1 ,343 1,197 1,039 157 146 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utility Communication and financial Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ji ment of capital 8 secu- capital8 secu- capital 8 secu- capitali secu- capital8 secu- capital8 securities rities rities rities rities rities 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964 2,733 241 998 81 910 31 2,445 280 2,122 35 3,348 74 1964__Mar 146 17 48 31 174 18 34 1 322 4 Apr 186 6 107 91 151 19 1,377 265 3 May 206 10 50 119 441 53 27 226 1 J une 332 39 50 35 264 4 258 5 439 13 July 149 40 45 90 207 16 23 4 266 12 Aug 164 12 45 20 138 27 16 15 277 3 Sept 234 36 166 49 296 38 19 2 345 4 Oct 249 17 88 5 44 297 37 81 6 189 Nov 188 22 134 17 62 40 6 17 204 Dec 607 26 121 49 115 172 31 30 373 28 1965—Jan.' 385 23 70 5 40 97 21 21 182 4 Feb.r 192 15 35 2 47 215 13 44 213 3 Mar.. 494 56 104 4 108 229 57 26 236 9 ! 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of notation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See NOTE to table at bottom of opposite page. NOTE.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 SECURITY ISSUES JUNE 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 c-36O Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1959 316 442 217 162 332 2 1,738 1,028 475 445 994 2,342 I960 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,164 1961 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,212 1962 1.355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,517 1963 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,607 1964 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,537 1963—IV 574 -275 87 -307 180 -15 288 47 61 129 912 592 1964—I 92 -253 65 16 131 -6 156 70 234 811 606 II 291 -65 84 -21 59 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 into stocks. Retirements include the same types of issues, and also securi- * Includes investment cos. ties retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 863. actions only. As contrasted with data shown on p. 863, 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 ti d o e n m s p- s N al e e t s Total 2 po C si a t s io h n 3 Other 1953 672 239 433 4,146 1964—Apr... 276 165 111 27,051 1,339 25,712 1954 863 400 463 6,110 309 5,801 May.. 241 153 88 27,497 1,444 26,053 June.. 285 147 138 27,682 1,499 26,183 1955 1,207 443 765 7,838 438 7,400 July... 308 168 140 28,319 1,471 26,848 1956 1,347 433 914 9,046 492 8,554 Aug... 260 149 110 28,164 1,457 26,707 1957 1,391 406 984 8,714 523 8,191 Sept.. 299 149 149 29,130 1,436 27,694 1958 1,620 511 1,109 13,242 634 12,608 Oct... 306 142 164 29,087 1,312 27,775 1959 2,280 786 1,494 15,818 860 14,958 Nov.. 317 134 184 29,062 1,300 27,762 Dec... 336 136 200 29,116 1,329 27,787 1960 2,097 842 1,255 17,026 973 16,053 1961 2,951 1,160 1,791 22,789 980 21,809 1965—Jan... 407 152 254 30,349 1,545 28,804 1962 2,699 1,123 1,576 21,271 1,315 19,956 Feb... 313 159 154 30,749 ,605 29,144 1963 2,460 1,504 952 25,214 1,341 23,873 Mar.. 356 C168 C188 30,464 ,597 28,867 1964 3,404 1,875 1,528 29,116 1,329 27,787 Apr... 351 155 196 31,521 ,523 29,998 1 Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains NOTE.—Investment Co. Institute data based on reports of members, dividends. which comprise substantially all open-end investment cos. registered with 2 Market value at end of period less current liabilities. the Securities and Exchange Commission. Data reflect newly formed 3 Cash and deposits, receivables, all U.S. Govt. securities, and other cos. after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 BUSINESS FINANCE 865 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1963 1964 1965 Industry 1960 1961 1962 1963 1964 III IV I n III IV I Manufacturing Total (177 corps.): Sales 123,911 123,669 136,545147,380157,633 35,371 38,990 38,326 40,784 37,697 r40,827 42,651 13,543 13,268 15,330 17,337 18,821 3,741 4,877 4,781 5,333 4,077 '4,631 5,520 Profits after taxes 7,161 7,167 8,215 9,138 10,520 2,014 2,587 2,603 2 898 2,335 r2,684 1,082 4,485 4,730 5,048 5,444 r5,930 1,183 1,770 1,285 1,448 1,324 1,873 1,419 Nondurable goods industries (78 corps.):1 Sales 47,372 49,362 52,245 55,372 '59,256 14,080 14,057 14,220 14,823 14,915 15,298 15,365 Profits before taxes 5,579 5 602 5 896 6,333 r6,896 1,612 1,646 1,643 1 752 1 740 1,761 1 ,807 Profits after taxes 3,215 3,225 3,403 3,646 '4,137 922 972 992 1,028 1,037 1,080 1,111 1,948 2,031 2,150 2,265 2,404 542 649 561 569 584 690 614 Durable goods industries (99 corps.):2 Sales 76 540 74 307 84 300 92,008 r98,377 21,291 24,933 24 106 25 961 22 782'25 528 27 286 Profits before taxes 7,964 7,666 9,434 11,004 11,925 2,130 3,230 3,138 3 581 2,336 r2,870 3^712 Profits after taxes 3,946 3,942 4,812 5,492 6,383 1,092 1,615 1,611 1,871 1,299 1,603 1.970 Dividends 2,536 2,699 2,898 3,179 '3,526 642 1,121 724 879 740 1,183 804 Selected industries: Foods and kindred products (25 corps.): Sales 12,202 12,951 13,457 14,301 15,209 3,732 3,632 3,598 3,721 3,863 4,027 3,866 Profits before taxes 1,342 1 440 1 460 1,546 1,589 409 407 345 401 420 424 388 Profits after taxes 639 682 698 747 807 196 199 173 202 214 219 201 Dividends 372 397 425 448 479 111 118 117 119 119 124 124 Chemicals and allied products (20 corps.): Sales 12,205 12,606 13,759 14,623 16,07? 3,706 3,751 3,791 4,114 4,067 r4,104 4,171 Profits before taxes 2,005 1,979 2,162 2,286 '2,596 583 572 636 682 654 '623 685 1,058 1 034 1 126 1,182 1,404 301 301 347 366 349 '342 389 Dividends 786 833 868 904 924 201 299 207 209 212 296 222 Petroleum refining (16 corps.): Sales 13,815 14 483 15 106 16,043 16,583 4,027 4,006 4 132 4 111 4 123 4 217 4,404 1,267 1,237 1,319 1,487 1,558 372 388 400 361 373 r424 440 1,026 1,025 1,099 1,204 1,309 303 321 336 298 318 358 363 Dividends 521 528 566 608 '670 154 154 158 159 169 184 182 Primary metals and products (34 corps.): Sales 20,828 20 234 21 260 22,116 24,114 5,463 5,405 5,540 6 046 6,042 6 486 6.614 Profits before taxes 2,214 1,999 1,838 2,178 2,577 470 572 560 674 605 738 '767 1,169 1 067 1 013 1,183 1,485 254 330 315 384 349 437 436 Dividends . • 838 843 820 734 763 181 191 186 187 187 204 195 Machinery (24 corps.): Sales 16,681 17 446 19 057 21,144 '22,653 5,324 5,576 5,401 5 673 5,584 r5 99 S 5,772 1,509 1,701 1,924 2,394 '2,733 602 673 673 702 701 '657 747 768 859 966 1,177 1,399 308 323 338 357 373 '331 385 Dividends 494 508 531 577 673 141 154 157 170 171 175 192 Automobiles and equipment (14 corps.): Sales 26,275 23 314 29 156 32,927 35,323 6,428 9,736 9,275 10 028 7,137 8,883 10,897 Profits before taxes 3,197 2,786 4,337 5,004 4,997 670 1,591 1,573 1,775 589 1,060 1,828 Profits after taxes 1,534 1 404 2 143 2,387 2,625 330 752 782 900 338 604 942 Dividends 837 973 1,151 1,447 1,630 220 648 276 419 276 659 305 Public Utility Railroad: Operating revenue . •. 9,514 9,189 9,440 9,560 9,857 2,398 2,447 2,362 2,481 2,486 2,526 Profits before taxes •••• .. 648 625 729 816 836 196 252 188 245 211 192 Profits after taxes 445 382 572 651 698 1^6 22*5 144 196 175 182 Dividends .. 385 359 367 356 451 66 125 110 101 109 132 Electric power: Operating revenue •. •. . 11,906 12,478 13,489 14,294 14,968 3,475 3,567 3,961 3,572 3,686 3,749 3,309 3 163 3 349 3 583 3,735 3,947 929 862 1,106 893 998 949 1,154 Profits after taxes 1,793 1,883 2,062 2,187 2,385 529 531 660 542 583 600 712 1,307 1,374 1,462 1,567 1,672 384 415 424 412 426 410 467 Telephone: Operating revenue . .. . 8,111 8,615 9,196 9,796 10,550 2,465 2.526 2,543 2,619 2,654 2,734 2,669 2 326 2 478 2 639 2,815 3,069 725 707 726 796 773 774 783 Profits after taxes 1,155 1,233 1,327 1,417 1,590 368 356 377 408 402 403 420 806 867 935 988 1,065 252 256 261 262 268 274 279 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 Depts. 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. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 BUSINESS FINANCE JUNE 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 s t e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a l t l s i p o o u i w n t m a - l p- Quarter P b t 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 pances i ances i 1956 44.7 21.2 23 5 12.1 11.3 20 0 1963 m 51.3 24.5 26.7 17.9 8.9 32 1 1957 43.2 20.9 22.3 12.6 9.7 21.8 rv... 54.3 26.0 28.3 19.1 9.2 32.4 1958 37.4 18.6 18.8 12.4 6.4 22.7 1959 47.7 23.2 24 5 13.7 10.8 24.3 1964 I.... 56.6 25.4 31.2 19.4 11.8 33.0 II... 57.9 26.0 31.9 19.8 12.1 33.4 1961 44.2 22.3 21.9 15.2 6.7 26.9 in .. 58.0 26.0 32.0 20.0 12.0 33.8 1962 48.2 23.2 25.0 16.5 8.5 30.5 IV... 57.7 25.9 31.9 20.2 11.7 34.4 1963 51.3 24.6 26 7 18.0 8.7 31 8 1964 57.6 25.8 31.8 19.8 11.9 33.7 1965—IP... 64.0 27.5 36.5 20.5 15.9 34.7 i Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties U.S. U.S. taxes Govt.i Other Govt.i Other 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959... 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 1960 128 6 289.0 37.2 20.1 3.1 126 A 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 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—I 154.7 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 II 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 Ill 159.4 364.3 43.1 19.1 3.2 171.6 111.2 16.1 204.9 2.7 135.0 16.0 51.2 IV. .... 161.1 371.0 45.0 19.1 3.4 173.8 114.3 15.5 209.9 2.7 140.0 17.0 50.2 1965—1 163.4 376.4 42.5 18.5 3.3 177.5 117.3 17.2 212.9 2.8 141.1 16.6 52.1 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 1960 35 68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34 37 6.27 7 40 .98 .67 1.85 5.52 3.22 8 46 1962.. 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964.. 44 90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10 83 1965 2 r 50 40 10.89 10.89 1.32 1.63 2.64 6.67 16.36 1963—III 10.14 1.96 1.99 .27 .29 .45 1.60 .93 2.64 40.00 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964—I 9.40 1.93 1.87 .26 .32 .51 1.18 .97 2.37 42.55 II 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 Ill 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 IV 12.84 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 47.75 1965—1' 10,79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49.00 TI2r 12.63 2.67 2.73 .34 .41 .78 1.66 4.04 49.60 Ill2 12.92 2.77 2.80 .34 .39 .60 1.82 4.19 50.80 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 REAL ESTATE CREDIT 867 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm E pe n r d i o o d f h d A o e l l r - l s t F u i t i n c i n i s o a a t n i l n - s - 1 a U c g i . e e S h n s . o O - ld th e e v r o r I s i a t n d 2 h n u d e d a i r - l s s h d A o e l l r - l s t F u i t i n c i n i o s a a t n l i n - s - ! h O ol t d h e e r r s3 d h A o e l l r - l s T 1 o - t a to l 4- t F f u i a n i t m n i s o a t i i l n n - y s . ho O u h d t s o e h e l r - e s s r c T o o m t M a m l u e l r t c i t F f i u i a a n i t n l m i s o a t p i i n n l - r y s . o p a e n O r h d d t t o e i h e l r - e s s r 4 w u F V n r H i d M A t A t e e - r t o - n y - r p tg e a s t C i v g o e o e n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1957 156.5 119.7 7.4 29.3 10.4 4.0 6.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 51.6 94.5 1958 171.8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43.0 28.8 14.2 55.2 105.5 1959 190.8 145.5 10.0 35.4 12.1 4.5 7.6 178.7 130.91 109.2 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—I e... 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 IIP.. 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*.. 303.6 234.8 11.3 57.4 18.5 6.9 11.6 285.1 193.8 167.0 26.9 91.2 61.0 30.2 75.6 209.5 311.4 241.0 11.4 59.1 18.9 7.0 11.9 292.5 197.7 170.5 27.2 94.9 63.5 31.4 76.6 215.9 IV?.. 317.5 245.6 1965—1^... 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 Mortage 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 bankholdings2 Residential Residential End of period Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa 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 1 109 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 0731 1' T?s 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 r43,976 r28,938 r7,315 2,742 18,876 12,406 2,638 40,556 36,487 12,287 11,121 13 079 4 016 53 1962—[ 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 If 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 III 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 III 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV .... 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10 684 10 490 11 544 3 454 52 1964 I 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37 155 33,506 11 004 10 639 11 863 3 597 52 TI 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 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 '43,976 r28,938 n, 315 2,742 18,876 12,406 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965 1P 44,627 41,513 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 commecial 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

868 REAL ESTATE CREDIT JUNE 1965 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other i Farm i Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1957 5,230 4 823 653 831 3 339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,370 8,273 7,086 21,011 2,827 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6 233 I 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—Mar. r 811 685 143 53 489 126 51,506 47,585 10,980 6 423 30,182 3,921 Apr 808 706 133 58 515 102 51,806 47,824 11,032 6,425 30,367 3,982 May 737 652 127 60 465 85 52,117 48,085 11,076 6,433 30,576 4,032 863 778 152 51 575 85 52,466 48,384 11,116 6,422 30,846 4,082 July 861 785 151 56 578 76 52,832 48,709 11,165 6,413 31,131 4,123 805 739 155 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 Mar 939 786 154 51 581 153 56,343 51,923 11,742 6,432 33,749 4,420 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-Dcc. figures may differ from end-of-year figures, because 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and because data for yearend adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) By type of lender (N.S.A.) Period Total i N c s ti t o 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 te A a e r - - d ti C v o e n o n a n - l - 2 Period N To .S ta .A l i . i a n l S s o g s a a s n v n s - & . p I c a n a o n n s m c u ie e r - s - b C m a c o i n e a m k r l - s - M b i s a u n a n g t 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 6,613 53,141 2,995 7,186 42,960 1959 32,235 13,094 1,523 5,832 1,780 1960 14,304 4J 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 4,696 6,960 79,288 1963 36,925 16,716 1,339 6,354 2,061 1964 24,505 6,515 10,397 101,314 4,896 6,686 89,732 1963 1964 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 2,051 893 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 2,056 544 824 103,151 4,939 6,629 91,583 Oct 3,225 1,332 129 590 201 ApT.P 2,073 543 851 103,958 4,960 6,620 92,378 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

JUNE 1965 REAL ESTATE CREDIT 869 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Mortgages Prop- Mortgages End of Con- Period erty period Total ven- Total h N om ew es h i o s E t m i x n - e g s e P c r t o s j - i m pr i e o m n v t - e s - 2 Total 3 h N om ew es h is o E t m i x n - e g s Total s F u i H n re - A d - a g V n u t A a e r e - - d tional 1945 18.6 4.3 4.1 2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1958 117.7 50.1 19.7 30.4 67.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1959 130.9 53.8 23.8 30.0 77.0 1958 6 349 1,666 2 885 929 868 1,865 1,311 549 1959 7 694 2,563 3,507 628 997 2,787 2,051 730 1960 141.3 56.4 26.7 29.7 84.8 1961 . . 153.1 59.1 29.5 29.6 93.9 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 1964? 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 1064 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 IIP 173.7 63.5 33.5 30.0 110.2 1964 Apr 646 117 367 119 43 206 81 125 HIP 178.2 64.3 34.3 30.0 113.9 May 570 105 352 68 46 192 71 121 IVP 182.2 65.5 35.0 30.5 116.7 June .. 711 128 442 67 73 233 76 157 July 782 141 476 108 57 251 81 171 1964—1^ 185.2 66.3 35.7 30.6 118.9 Aug 740 137 468 68 67 246 78 167 IIP 189.6 66.8 36.3 30.5 122.7 Sept 720 138 467 66 49 270 85 185 IUP 193.8 67.9 37.4 30.5 126.0 Oct 790 159 491 81 58 271 93 178 IVP 197.7 68.7 38.3 30.4 129.0 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 1965—Jan 630 138 405 34 54 225 84 141 FHLBB and F.R. estimates. For conventional, Feb 517 115 328 40 34 200 72 128 figures are derived. Mar 640 137 396 62 45 216 77 139 Based on data from Federal Home Loan Bank Apr 634 128 413 51 42 179 64 115 Board, Federal Housing Admin., and Veterans Admin. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarly secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing (during mit- Period Ad- Repay- Members End of period) ments vances ments deposits period Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s - - ed Total t S e h rm or t- i t L e o rm ng 2 chases 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 Apr 4 572 3,015 ,557 38 31 204 1964—-Apr 573 296 4,444 2,463 1,982 957 May 4,565 3,027 ,538 44 21 202 May 352 401 4,395 2,438 1,957 990 June 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 ,469 44 43 230 Aug 369 351 4,781 2,662 2,119 926 Sept 4,453 2,998 ,455 34 24 245 Sept 382 327 4,837 2,635 2,202 989 Oct 4 440 2,997 ,443 36 14 260 Oct 401 441 4,797 2,605 2,192 978 Nov .. 4,439 3,011 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 1965 Jan 4,417 3,009 ,408 40 4 316 1965—Jan 412 793 4,944 2,590 2,354 1,013 Feb 4 394 3 005 ,388 48 41 316 Feb 309 402 4,851 2,420 2,431 1,013 Mar 4,364 2,986 1,378 45 43 320 Mar 348 452 4,747 2,277 2,470 1,048 Apr 4,341 2,989 1,352 51 43 321 Apr 735 264 5,219 2,565 2,653 1,026 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

870 CONSUMER CREDIT JUNE 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 u o 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 o i i r o 1 d n - Pe lo rs a o n n s al Total p S a l i o y n m a g n l e s e n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 . 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 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—Apr 69,816 54,382 22,830 13,476 3,328 14,748 15,434 6,048 4,833 4,553 May 70,945 55,120 23,255 13,599 3,364 14,902 15,825 6,206 5,099 4,520 71,907 55,914 23,702 13,730 3,395 15,087 15,993 6,233 5,238 4 522 July 72.456 56,496 24,024 13,813 3,426 15,233 15,960 6,218 5,240 4,502 73,069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4,484 Sept. 73,495 57,446 24,295 14,046 3,493 15,612 16,049 6,354 5,223 4,472 Oct 73,928 57,826 24,423 14,222 3,509 15,672 16,102 6,333 5,352 4,417 Nov 74,371 58,085 24,367 14,431 3,516 15 771 16,286 6,412 5 394 4 480 Dec 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 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 Apr 77,483 60,803 25,615 15,056 3,439 16,693 16,680 6,606 5,210 4,864 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 cover loans to individuals for house- BULLETIN. 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 a o l n s e . c s e u C n r i e o d n it s fi s n C u a m o n n 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 l b e t r o il s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 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 1,282 4,983 1,882 ',128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 1960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 ,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 ,058 293 342 1,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 ,073 294 345 1,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 ,086 287 328 1,625 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—Apr. 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 ,693 6,371 3,231 1,028 271 355 1,486 July. 56,496 50,082 23,176 14,359 6,109 4,748 ,690 6,414 3,267 1,037 273 360 1,477 Aug. 57,055 50,583 23,389 14,475 6,204 4,797 ,718 6,472 3,332 1,044 273 363 1,460 Sept. 57,446 50,937 23,527 14,553 6,283 4,845 ,729 6,509 3,371 1,048 275 365 1,450 Oct.. 57,826 51,220 23,663 14,625 6,334 4,870 ,728 6,606 3,444 ',062 276 367 1,457 Nov. 58,085 51,341 23,680 14,622 6,378 4,919 ,742 6,744 3,541 ,088 279 367 1,469 Dec. 59,397 51,990 23,943 14,762 6,458 5,078 ,749 7,407 3,922 ,152 286 370 1,677 1965—Jan.. 59,342 52,159 24,091 14,797 6,429 5,078 ,764 7,183 3.791 ,128 285 373 1,606 Feb.. 59,363 52,352 24,246 14,782 6,465 5,101 ,758 7,011 3,713 ,101 282 377 1,538 Mar. 59,788 52,837 24,537 14,831 6,569 5,132 ,768 6,951 3,673 ,085 277 384 1,532 Apr.. 60,803 53,828 25,117 14,991 6,739 5,202 ,779 6,975 3,701 1,077 275 395 1,527 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile util Sept. 1950. dealers is included with "other" retail outlets. 2 Includes mail-order house*. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 CONSUMER CREDIT 871 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total P A u u r- t p o a m pe o r bile s g O p c u o a o t m o p h m d e e e - r r s r e R m r t a e n i o n p o iz d d n a a - ir - s l P o o e a n r n a - s l End of period Total m A p o a u p b t e i o l r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R l z o o a e a a n d p ti n d e a o s r i n r n- s l P o o a e n r n a - s l chased Direct loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 I960 11,472 7,528 2,739 139 1,066 I960 16,672 5 316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962.. 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 1,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1964 14,762 8,701 3,889 142 2,030 1964 . ... 23,943 8,300 4,451 3,380 2,427 5,385 1964 Apr 13,893 8,371 3,580 151 1,791 1964 Apr . 22,224 7,501 4,172 3,185 2,308 5,058 May 14,027 8,489 3,583 149 1,806 May 22,559 7,673 4,255 3,192 2,331 5,108 June 14,228 8,633 3,615 150 1,830 June 22,907 7,854 4,323 3,205 2,355 5,170 Julv ... . 14,359 8,741 3,614 149 1,855 July 23,176 7,979 4,371 3,234 2,380 5,212 Aug 14,475 8,799 3,643 149 1,884 Aug 23,389 8 090 4 389 3,244 2,405 5,261 Sept 14,553 8,764 3,706 148 1,935 Sept . 23,527 8,143 4,390 3,255 2,422 5,317 Oct 14,625 8,773 3,754 146 1,952 Oct 23,663 8,233 4,396 3,273 2,437 5,324 Nov 14,622 8,698 3,804 144 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 Apr 14,991 8,824 3,928 136 2,103 Apr 25,117 8,769 4,814 3,506 2,364 5,664 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 paper loans End of perioc Total Com- Other De- credit 1939 789 81 24 15 669 b m c a i n e a r k l - s f i i n c n i s a a t n i l - - s m t p o a e r r e n t- s t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 1957. 6,748 1,114 588 490 4,555 1939 2,719 625 162 236 1,178 518 1958 7,035 1,152 565 595 4,723 1941 3,087 693 152 275 1,370 597 1959 8,024 1,400 681 698 5,244 1945 3,203 674 72 290 1,322 845 I960 9,074 1,665 771 800 5,837 1957 11,103 2,937 427 876 3 953 317 2,593 1961.... 9,654 1,819 743 832 6,257 1958 11,487 3,156 471 907 3,808 345 2,'800 1962 10,583 2,111 751 815 6,906 1959 12,297 3,582 547 958 3,753 393 3,064 1963 11 859 2 394 835 870 7,760 1964 13,285 2,699 997 933 8,656 1960 13,196 3,884 623 941 3,952 436 3,360 1961 14,151 4,413 723 948 3,907 469 3,691 1964 Apr 12,074 2,446 860 869 7,899 1962 15,130 4,690 766 927 4,252 505 3 990 May 12,238 2,490 876 884 7,988 1963 16,145 5,047 912 895 4,456 520 June 12,408 2,537 894 890 8,087 1964 17,413 5,469 1,004 909 4,756 635 4,640 July 12,547 2,573 911 897 8,166 Aue 12,719 2,610 927 912 8,270 1964—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 \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 H 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 Apr 13,720 2,813 1,042 939 8,926 1965—Jan.... 16,803 5,409 1,003 793 4,280 651 4,667 Feb.. . 16,378 5.436 006 660 3.857 637 4,782 NOTE.—Institutions represented are consumer finance cos., credit Mar... 16,297 5,495 .023 601 3,743 633 4,802 unions, industrial loan cos., mutual savings banks, savings and loan Apr.. . 16,680 5,572 j 1,034 626 3,942 642 4,864 assns., and other lending institutions holding consumer instalment loans. See also NOTE to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 CONSUMER CREDIT JUNE 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 rn ep iz a a ir ti o a n n d loans Personal loans Period S.A.I N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i 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 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 ,695 5,399 5,949 1,962 2,245 1,537 1,632 183 208 1,717 ,864 July 5,541 5,747 1,996 2.166 1,546 1,543 189 208 1,810 ,830 A ng 5,529 5,519 2,017 ,984 1,570 1,540 186 210 J 756 ,785 5,617 5,393 2,024 1,830 1,588 1,592 186 200 1,819 ,771 Oct 5,507 5,552 1,924 ,999 1,582 1,657 180 191 1,821 ,705 Nov 5,456 5,323 1,858 1,727 1,631 1,672 175 175 1,792 ,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 ,853 ,613 Feb 6,022 5,007 2,228 .915 1,760 1,338 175 132 ,859 .622 Mar 6,030 6,173 2,229 2',382 1,698 1,619 186 176 917 1,996 Apr 6,189 6,480 2,272 2,496 1,645 1,614 189 190 2,083 2,180 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 Apr 4,959 4,991 1 .759 1,768 1.453 1 .470 172 171 1,575 1 .582 5,059 4,846 ,776 1.712 ,483 ,424 175 169 1,625 ,541 June 5,029 5,155 ,768 1,798 ,486 ,501 170 111 1,605 ,679 J A U u ly g 5 5 , , 0 0 5 9 8 4 4 5 , ,1 9 6 6 5 0 , , 7 7 8 8 1 9 1 1, , 7 8 5 4 7 4 , , 4 4 4 9 8 6 1 1 , , 4 4 6 3 0 0 1 17 7 1 2 1 17 7 0 7 1 1 , , 6 6 5 3 8 7 , , 6 6 8 0 4 3 5,104 5,002 ,802 1,786 ,491 1,469 172 173 1,639 1,574 Oct 5,097 5,172 ,788 1,871 ,456 ,481 167 175 1,686 ,645 Nov 5,155 5,064 ,818 ,783 ,509 ,463 174 168 1,654 ,650 pec 5,256 5,455 ,864 1,838 ,505 ,532 177 175 1,710 ,910 1965 Jan 5,213 5,078 ,830 1,783 ,526 1,539 171 163 1,686 ,593 Feb 5,381 4,986 ,897 1.746 ,632 1,558 172 159 1,680 ,523 Mar 5,393 5,748 ,924 2,062 ,567 1,659 171 182 1,731 ,845 Apr 5,445 5,465 ,936 1,944 1,487 1,502 190 191 1,832 ,828 Net change in credit outstanding 2 1957 2,148 920 238 197 793 1958 -225 -1,189 184 245 534 1959 5,601 2,268 1,602 463 1,269 1960 3 588 1,270 896 330 1 093 1961 696 -465 332 53 111 1962 4,506 2,318 746 55 1 388 1963 5 711 2 659 1 161 143 1 748 1964 • • 5 652 2 322 1 537 113 1 680 1964 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 4 4 8 3 3 5 5 5 8 5 2 9 2 2 1 2 5 8 3 2 2 2 2 7 9 7 8 4 1 8 1 3 0 1 1 8 4 4 3 0 1 1 11 5 9 2 1 1 4 8 6 2 Sent 513 391 222 44 97 123 14 27 180 197 Oct 410 380 136 128 126 176 13 16 135 60 Nov 301 259 40 -56 122 209 1 7 138 99 Dec 560 1,312 179 154 214 872 3 -14 164 300 1965 Jan 670 -55 290 53 203 -99 10 -29 167 20 Feb 641 21 331 169 128 -220 3 -27 179 99 Mar 637 425 305 320 131 -40 15 -6 186 151 Apr 744 1,015 336 552 158 112 -1 -1 251 352 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount except in 1959, when the differences do not reflect the introduction of outstanding. outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan. 1954 BULLETIN, 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

JUNE 1965 CONSUMER CREDIT 873 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.I N.S.A. Extensions 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 . . .. 48,052 17,976 11,196 10,940 7 940 1960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 11,999 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1964 66,070 24,515 14,020 16,251 11,284 1964—Apr 5,371 5,578 1,981 2,158 1.160 1.201 1.309 1.347 921 872 Mav 5,552 5,584 2,075 2,144 1,196 ,194 ,350 ,338 931 908 June . 5,399 5,949 2,004 2,247 1,174 ,324 ,321 ,453 900 925 July 5,541 5,747 2,065 2,199 1,158 ,242 1,397 1,426 921 880 Aug 5,529 5,519 2,084 2,063 1,157 ,172 1,355 1,382 933 902 Sept .. 5,617 5,393 2,104 1,989 1,191 ,142 1,405 1,348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 ,192 1,402 1,319 919 997 Nov • • 5,456 5,323 2,036 1,873 1,114 ,070 1,370 1,365 936 1.015 Dec 5,816 6,767 2,186 2,176 1,191 ,317 1,443 1,704 996 1,570 1965 Jan 5,883 5,023 2,224 2,020 1,175 ,027 [,459 [,219 1,025 757 Feb 6,022 5,007 2,262 1,974 1,281 ,060 1,427 ,217 1,052 756 Mar 6,030 6,173 2,286 2,414 1.276 292 ,487 1,551 981 916 Apr 6,189 6,480 2,362 2,591 1,243 ,284 ,607 ,653 977 952 Repayments 1957 39,868 14,360 9 759 9,250 6 499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 I960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13 618 9 016 1964 60,418 22,268 13,161 14,825 10,164 1964 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 June 5,029 5,155 1,845 1,899 [,102 ,123 1,223 1,283 859 850 July 5,058 5,165 1,857 1,930 1,097 t,lll 1,267 1,287 837 837 5,094 4,960 1,889 1,850 1,087 1,056 1,237 1,210 881 844 Sept 5,104 5,002 1,860 1,851 ,118 ,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 ,073 1,255 1,258 881 877 Dec 5,256 5,455 1,944 1,913 i;i29 .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 Apr 5,445 5,465 2,002 2,011 1,108 1,!24 1,396 1,402 939 928 Net change in credit outstanding 2 1957 2,148 1,066 491 665 — 75 1958 225 63 -765 289 315 1959 5,601 2,447 1,475 986 693 1960 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 Apr 412 587 148 305 63 91 112 142 89 49 Mav 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 Au2 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 Apr 744 1,015 360 580 135 160 211 251 38 24 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 INDUSTRIAL PRODUCTION: S.A. JUNE 1965 MARKET GROUPING (1957-59» 100) 1957-59 Pi 964 1964 1965 Grouping p p ti r o o o r n - - a a v g e e r- Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.r Apr. Total index. 100.00 132.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.1 140.5 140.8 Fi C na o l n p s r u o m du er c t g sto o to d t s al 4 32 7 . . 3 3 1 5 1 13 3 1 1 . . 3 5 1 1 3 30 0 . . 8 6 1 1 3 31 1 . . 0 1 1 13 3 1 1 . . 5 7 1 1 3 32 2 . . 1 3 1 1 3 33 3 . . 1 3 1 1 3 3 2 2. . 0 5 1 1 3 2 0 9. . 2 3 1 1 3 33 4 . . 6 6 1 1 3 37 7 . . 0 4 1 1 3 37 8 . . 9 0 1 13 3 7 8 . . 7 2 1 13 3 9 9 . . 3 5 7 1 5 3 9 8 . . 7 3 Equipment, including defense... 15.04 132.0 130.7 131.3 132.0 132.7 133.6 133.7 132.6 136.8 138.3 138.2 139.4 140.0 140.9 Materials 52.65 132.5 130.6 131.3 131.8 133.6 134.7 135.6 132.2 135.7 137.7 139.1 139.7 141.3 142.3 Consumer goods Automotive products 3.21 145.1 149.3 151.4 151.7 152.6 155.8 144.7 105.9 143.0 166.2 755.7 163.8 775.7 166.8 Autos 1.82 150.6 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 194.2 183.5 Auto parts and allied products. 1.39 138.0 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.9 145.2 144.9 Home goods and apparel 10.00 131.2 128.9 129.5 130.0 131.2 131.9 131.9 133.8 136.3 137.6 139.9 140.3 747.7 140.5 Home goods 4.59 139.9 137.7 136.9 137.8 139.7 140.1 139.8 142.4 146.7 148.0 150.8 151.9 152.9 151.0 Appliances, TV, and radios.. 1.81 134.2 130.7 129.7 131.0 131.1 133.3 136.8 139.0 143.2 143.1 144.9 146.6 148.5 146.3 Appliances 1.33 139.7 134.7 139.4 136.9 136.6 140.0 143.9 146.1 149.6 145.9 149.2 150.8 152.3 149.1 TV and home radios .47 118.8 119.5 102.4 114.3 115.5 114.5 116.7 119.1 125.1 135.5 132.9 134.8 137.9 138.3 Furniture and rugs 1.26 142.4 139.7 141.0 141.9 144.7 144.2 141.0 145.5 148.3 149.7 150.6 152.6 152.7 152.0 Miscellaneous home goods... 1.52 144.7 144.2 142.1 142.4 145.9 144.8 142.3 143.7 149.7 152.3 157.9 157.5 158.3 155.8 Apparel, knit goods, and shoes. 5.41 123.8 121.5 123.2 123.4 124.0 124.9 125.3 126.6 127.5 128.8 130.6 130.6 131.1 Consumer staples 19.10 725.9 128.8 128.3 128.9 129.1 130.0 129.9 130.7 130.5 757.5 132.3 132.0 755.5 752.5 Processed foods 8.43 119.9 120.8 120.2 119.4 118.4 118.7 118.7 120.0 122.0 122.5 122.3 121.2 122.1 122.0 Beverages and tobacco 2.43 122.4 125.2 122.6 119.4 126.4 125.5 123.3 123.3 123.1 126.4 125.3 125.6 127.4 126.9 Drugs, soap, and toiletries 2.97 146.9 142.8 144.5 150.5 146.7 149.1 152.6 151.9 149.7 151.8 154.2 152.8 154.2 152.8 Newspapers, magazines, and books, 1.47 123.7 126.7 124.7 125.5 123.5 123.2 121.3 121.8 122.8 124.3 125.8 125.3 128.6 127.8 Consumer fuel and lighting 3.67 141.2 138.5 138.7 140.6 142.8 145.7 144.4 145.8 142.4 143.2 144.0 146.3 147.3 Fuel oil and gasoline 1.20 119.6 120.9 120.4 121.8 121.4 118.8 120.4 122.2 119.9 120.1 118.0 119.9 118.6 iiiii Residential utilities 2.46 151.7 147.1 47.6 149.8 153.2 158.8 156.1 157.4 153.4 154.5 156.7 159.2 161.3 Electricity 1.72 159.3 154.5 155.2 157.6 162.2 169.8 165.6 166.8 161. 162.7 160.9 164.3 167.0 Gas .74 Equipment Business equipment 77.65 139.0 756.5 755.0 759.0 140.0 747.6 141.8 740.7 146.2 148.4 147.8 149.1 149.7 750.7 Industrial equipment 6.85 136.9 133.9 135.7 137.6 138.5 139.6 140.4 140.4 144.5 145.9 144.8 147.1 148.3 148.4 Commercial equipment 2.42 145.3 143.1 141.9 143.7 145.7 145.5 147.6 149.3 151.0 152.4 152.5 156.2 159.1 161.2 Freight and passenger equipment. 1.76 141.0 140.8 143.9 141.3 141.9 144.9 141.0 128.6 149.1 155.2 154.0 150.7 148.2 150.0 Farm equipment .61 132.4 126.6 130.7 129.1 127.9 139.9 136.0 145.1 138.0 140.5 144.3 139.6 137. Defense equipment 3.41 Materials Durable goods materials 26.73 757.0 729.0 729.5 750.5 752.7 754.7 755.6 725.7 754.5 756.2 755.7 759.0 742.7 142.8 Consumer durable 3.43 145.4 144.1 143.8 148.1 150.2 167.0 153.1 113.2 146.7 155.6 159.6 164.9 166.3 163.6 Equipment 7.84 134.2 131.6 132.9 133.3 133.8 135.7 137.1 137.2 138.9 141.3 142.6 143.8 146.9 147.5 Construction 9.17 124.4 123.8 123.5 122.8 125.7 125.7 125.8 123.8 126.6 127.3 128.5 130.8 133.5 130.6 Metal materials n.e.c 6.29 128.7 126.9 127.5 127.3 130.2 130.6 128.4 130.9 134.5 139.3 141.9 140.5 142.6 141.2 Nondurable materials 25.92 134.0 752.5 752.5 752.9 134.6 755.2 755.7 756.5 757.0 759.5 740.7 740.5 740.5 747.9 Business supplies 9.11 127.1 126.1 126.5 124.9 126.9 127.1 125.9 128.7 128.9 132.6 133.9 135.6 134.3 135.5 Containers 3.03 127.7 127.0 128.2 123.8 125.0 125.6 125.4 131.6 132.1 135.1 136.2 137.9 129.6 138.0 General business supplies. 6.07 126.9 125.7 125.7 125.4 127.9 127.8 126.2 127.3 127.3 131.4 132.7 134.4 136.7 134.2 Nondurable materials n.e.c.. 7.40 157.5 154.6 153.9 155.7 158.7 160.2 163.0 161.4 163.5 165.6 167.4 167.3 167.2 168.7 Business fuel and power 9.41 122.3 120.7 122.2 122.7 123.0 123.4 123.7 123.9 123.9 125.1 124.6 123.7 125.4 127.0 Mineral fuels 6.07 111.7 110.3 112.1 112.2 112.4 112.7 113.0 113.3 112.8 113.0 112.4 110.8 112.1 113.6 Nonresidential utilities 2.86 149.4 147.9 148.9 149.7 149.8 150.9 150.6 150.6 151.4 154.9 154.7 155.9 158.4 Electricity 2.32 149.4 149.0 150.1 150.6 150.5 151.5 151.0 150.4 150.5 154.6 154.7 156.1 159.1 General industrial 1.03 142.7 140.5 142.0 143.5 143.9 145.1 147.1 144.1 147.4 149.7 148.7 150.9 154.9 Commercial and other.. 1.21 159.4 159.9 160.7 160.4 160.9 161.9 159.2 160.6 158. 164.2 165.3 166.0 168.3 Gas .54 Supplementary groups of consumer goods Automotive and home goods... 7.80 142.1 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8 161.2 157.5 Apparel and staples 24.51 127.8 127.2 127.2 127.7 128.0 128.9 128.9 129.8 129.9 131.2 131.9 131.7 132.8 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 INDUSTRIAL PRODUCTION: S.A. 875 INDUSTRY GROUPINGS (1957-59= 100) Grouping 9 p p t 5 i r o 7 o o - r n - 5 - 91 i * a a 1 v g 9 e e 6 r- 4 Apr. May June July A 19 u 6 g 4 . Sept. Oct. Nov. Dec. Jan. Feb. 1 r 96 M 5 ar.r Apr, Total index. 100.00 132.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.1 140.5 140.8 Manufacturing, total 86.45 132.9 131.4 132.2 132.4 133.9 134.5 134.9 737.7 735.0 739.7 140.0 140.6 142.1 142.3 Durable 48.07 133.2 131.6 132.6 133.2 135.0 135.7 135.2 129.4 136.7 140.6 141.9 142.6 144.7 145.1 Nondurable 38.38 132.4 131.1 131.7 131.5 132.5 133.1 134.4 134.5 135.2 137.3 137.6 138.1 138.8 138.8 Mining 8.23 110.9 109.9 111.3 111.4 110.9 111.9 111.9 112.0 112.7 112.3 112.1 111.5 112.3 112.4 Utilities 5.32 150.5 147.5 148.3 149.7 151.4 154.5 153.2 153.8 152.3 154.7 155.6 157.4 159.7 160.0 Durable manufactures Primary and fabricated metals 12.32 130.1 126.3 128.5 128.1 132.1 133.7 735.5 737.3 735.5 735.7 140.0 140.4 142.5 143.8 Primary metals 6.95 128.2 123.8 127.1 126.1 131.2 132.8 132.8 131.8 134.6 137.9 139.6 136.9 140.5 141 .0 Iron and steel 5.45 125.6 123.7 127.8 125.2 130.4 32.2 129. 130.3 133.4 135.7 137.1 137.0 139.7 141.4 Nonferrous metals and products. 1.50 137.6 138.5 135.0 132.8 135.9 133.0 138.5 133.9 140.3 150.9 148.0 149.0 156.8 151.1 Fabricated metal products 5.37 132.6 129.5 130.3 130.6 133.3 134.8 134.3 130.7 136.9 139.7 140.6 144.9 145.0 147.5 Structural metal parts 2.86 130.3 129.2 128.1 129.6 131.2 131.0 131.7 128.6 135.8 137.2 137.0 140.9 144.1 144.3 Machinery and related products... 27.98 136.1 135.2 135.9 137.1 138.0 138.7 137.8 725.7 739.0 144.2 145.3 145.8 148.4 148.8 Machinery 14.80 141.0 137.5 138.5 140.1 141.9 142.8 144.1 144.7 147.4 149.3 150.4 152.3 153.6 155.1 Nonelectrical machinery 8.43 141.8 138.1 139.6 141.9 143.6 144.1 145.0 145.4 148.2 149.9 151.4 152.7 153.8 155.2 Electrical machinery 6.37 140.0 136.8 137.0 137.7 139.7 141.1 142.9 143.8 146.3 148.5 149.2 151.7 153.4 155.0 Transportation equipment 10.19 130.7 133.0 134.1 134.9 134.3 135.3 130.9 105.3 129.2 140.3 141.4 139.7 144.4 143.8 Motor vehicles and parts 4.68 150.1 156.2 157.4 158.3 158.6 160.9 150. 96.2 143.9 167.4 169.1 167.7 176.4 172.3 Aircraft and other equipment.. 5.26 112.4 112.0 112.8 113.4 111.7 111.5 112.7 110.8 114.5 115.0 115.5 114.1 115.3 117.9 Instruments and related products. 1.71 136.4 134.7 134.6 134.8 136.4 137.4 138.6 137.6 140.2 142.0 142.7 145.3 146.9 145.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 121.1 121.6 120.9 120.1 122.6 121.4 120.7 121.0 120.9 727.7 725.0 125.9 126.0 124.0 Clay, glass, and stone products. 2.99 126.0 125.2 124.3 126.6 126.4 125.6 127.0 126.9 127.7 130.2 132.6 131.8 129.2 129.8 Lumber and products 1.73 112.7 115.4 114.9 109.0 116.1 114.1 109.7 110.8 109.2 105.5 111.9 115.6 120.5 114.0 Furniture and miscellaneous 3.05 138.4 135.6 136.2 138.0 735.5 139.0 138.4 747.7 143.4 145.4 745.2 147.6 148.4 149.1 Furniture and fixtures 1.54 143.4 139.8 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3 154.3 155.4 Miscellaneous manufactures 1.51 133.3 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.4 142.7 Nondurable manufactures Textiles, apparel, and leather. 7.50 124.8 121.6 123.5 122.9 124.9 126.0 126.8 128.4 730.2 131.4 732.7 132.8 132.4 133.0 Textile mill products 2.90 122.8 119.4 119.3 119.2 121.5 123.5 125.8 127.5 129.6 130.9 132.1 131.4 130.9 131.6 Apparel products 3.59 134.0 130.5 132.8 133.8 134.4 135.1 135.8 137.2 139.1 140.6 142.2 143.7 144.0 Leather and products 1.11 100.7 98.4 104.7 97.3 103.5 103.1 100.3 192.4 103.2 103.3 103.6 101.2 99.2 Paper and printing 8.17 127.5 127.5 128.2 126.6 128.0 127.9 128.2 129.2 725.0 737.7 73/. 2 131.8 132.9 733.5 Paper and products 3.43 133.4 132.9 134.3 130.1 132.8 132.8 135.5 137.0 133.8 140.2 137.7 137.5 139.0 140.7 Printing and publishing. 4.74 123.2 123.6 123.9 124.1 124.5 124.3 123.0 123.6 123.9 125.6 126.6 127.7 128.5 128.5 Newspapers 1.53 117.0 117.2 117.1 117.2 120.0 118.3 115.9 116.3 117.5 119.6 120.7 120.9 121.0 120.7 Chemicals, petroleum, and rubber. 11.54 152.2 149.5 150.0 152.1 152.3 153.6 156.9 155.4 755.5 755.3 158. 160.4 162.0 160.8 Chemicals and products 7.58 159.4 157.0 156.7 159.6 158.7 160.8 165.0 162.5 163.0 166.5 166.9 167.8 169.4 168.8 Industrial chemicals 3.84 178.0 176.7 173.7 176.3 177.1 178.7 184.9 179.9 182.6 188.2 186.3 188.2 190.5 Petroleum products 1.97 121.0 120.8 122.0 122.1 124.6 121.2 120.4 122.9 121.6 120.6 119.0 121.5 122.2 Rubber and plastics products 1.99 155.7 149.4 152.2 153.4 155.2 158.2 162.4 161.0 160.5 164.0 167.2 171.1 173.3 Foods, beverages, and tobacco. 11.07 120.6 121.2 120.7 119.5 120.5 120.5 720.0 720.9 722.7 723.7 72J.5 123.2 123.3 123.5 Foods and beverages 10.25 120.6 120.6 120.0 119.6 120.0 120.4 120.0 120.7 122.8 123.5 123.6 123.2 123.0 123.2 Food manufactures 8.64 120.2 120.0 120.2 119.5 118.9 119.1 119.1 120.2 122.6 122.9 123.0 122.5 122.2 122.6 Beverages 1.61 123.2 124.1 119.2 120.1 125.8 127.6 124.6 123.3 124.1 126.9 126.9 126.7 127.5 Tobacco products .82 120.8 127.5 129.2 118.1 127.5 121.4 120.6 123.3 121.0 125.4 122.2 123.5 127.2 Mining Coal, oil, and gas 6.80 109.4 108.1 109.9 109.8 110.1 110.7 777.0 770.5 770.7 770.7 109.7 109.1 /09.5 110.7 Coal 1.16 104.3 98.7 106.1 105.1 105.0 107.9 105.1 109.2 108.7 107.2 107.7 103.2 103.1 107.9 Crude oil and natural gas 5.64 110.4 110.0 110.7 110.8 111.1 111.3 112.3 111.1 110.4 110.7 110.1 110.3 111.1 111.3 Oil and gas extraction 4.91 113.4 113.0 113.5 113.8 114.2 113.8 114.9 114.3 113.8 114.3 113.6 112.6 114.2 115.0 Crude oil 4.25 109.8 109.6 110.1 110.2 110.3 109.8 111.1 110.8 110.2 110.9 109.8 108.6 110.5 110.8 Gas and gas liquids .66 136.5 134.8 135.3 137.1 139.0 139.6 139.1 136.8 136.5 133.8 134.6 Oil and gas drilling .73 90.1 89.8 91.3 90.1 90.5 94.0 94.4 89.2 87.3 86.4 86.9 *86."6 Metal, stone, and earth minerals. 1.43 118.1 118.5 117.9 119.. 114.9 777.7 775.7 775. 725.3 722.7 123.3 123.1 124.2 120.3 Metal mining .61 117.3 124.2 119.4 119.: 107.7 112.2 111.3 115.7 127.1 121.8 126.7 123.4 124.3 122.8 Stone and earth minerals 118. 114.3 116.8 119.: 120.2 121.7 119.6 119.7 123.9 123.4 120.8 122.9 124.1 118.5 Utilities Electric 4.04 153.6 151.3 152.3 153.6 155.5 159,3 157.2 157.4 155.0 158.1 157.3 159.6 162.4 Gas 1.28 140.7 138.9 141. 143.2 145.0 146.0 147.1 148.3 148.9 149.6 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

876 INDUSTRIAL PRODUCTION: N.S.A. JUNE 1965 MARKET GROUPINGS (1957-59- 100) Grouping 19 p p 5 o r 7 o r - - - 59 * a 1 v 9 e 6 r 4 - 1964 1965 tion age Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index. 100.00 132.0 131.7 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.8 139.0 141.5 141.4 Final products, total 47,35 131.5 130.7 130.5 133.3 127.5 131.4 136.1 134.9 135.1 134.6 136.5 138.1 140.6 138.5 Consumer goods 32.31 131.3 130.3 130.0 133.2 126.3 131.5 137.1 136.0 134.8 132.6 135.7 137.4 140.1 137.0 Equipment, including defense. 15.04 132.0 131.5 131.8 133.5 130. 131.1 134.0 132.4 135.7 139.0 138.3 139.8 141.6 141.7 Materials 52.65 132.5 132.6 133.9 134.5 127.8 134.2 136.8 135.0 136.6 135.8 137.0 139.7 142.4 144.0 Consumer goods Automotive products 3.21 145.1162.5 160.6 162.7 131.1 89.5 139.1 114. 153.4 169.5 175.5 173.9 182.9 176.6 Autos 1.82 150.6 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 201.1 196.8 213.6 200.0 Auto parts and allied products. 1.39 138.0 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.7 141.7 143.8 142.4 145.9 Home goods and apparel 10.00 131.2 130.5 129.5 131.2 120.0 134.2 135.1 141.6 138.3 129.2 134.1 143.5 145.7 141.3 Home goods 4.59 139.9 138.3 135.6 140.5 126.8 136.4 147.4 150.2 151.8 145.7 142.9 151.6 156.1 151.7 Appliances, TV, and radios.. 1.81 134.2 135.9 130.0 136.8 110.4 120.2 144.1 145.8 148.9 135.2 136.8 153.8 160.5 151.9 Appliances 1.33 139.7 144.9 141.6 145.3 118.8 122.0 147.3 143.2 150.8 141.1 142.5 159.8 170.8 161.6 TV and home radios .47 118.8 110.5 97.4 112.9 86.6 115.1 134.8 153.1 143.5 118.4 120.9 137.0 131.4 124.5 Furniture and rugs 1.26 142.4 137.2 135.6 140.2 137.0 146.1 147.1 152.3 152.3 154.5 147.3 150.0 150.9 149.3 Miscellaneous home goods... 1.52 144.7 142.0 142.1 145.2 137.9 147.7 151.6 153.8 154.9 150.8 146.5 150.4 155. 153.5 Apparel, knit goods, and shoes. 5.41 123.8 123.9 124.4 123.4 114.1 132.4 124.7 134.2 126.9 115.3 126.7 136.5 137.0 Consumer staples 19.10 128.9 124.8 125.0 129.2 128.8 137.2 137.9 136.7 129.8 128.1 129.8 128.0 130.0 128.1 Processed foods 8.43 119.9 112.7 114.1 116.9 117.8 129.4 135.2 134.3 125.1 118.7 115.6 112.0 113.8 112.6 Beverages and tobacco 2.43 122.4 127.6 131.0 136.5 132.0 136.1 124.9 129.5 116.3 108.9 110.2 114.4 123.9 Drugs, soap, and toiletries 2.97 146.9 142.8 144.6 153.8 140.8 152.4 154. 154.9 150.1 148.8 153.0 152.3 155.0 151.3 Newspapers, magazines, and books. 1.47 123.7 125.7 123.7 124.5 121.6 124.8 124.7 123.5 122.8 124.8 124.5 124.4 128.3 126.8 Consumer fuel and lighting 3.67 141.2 135.0 130.5 134.2 145.0 148.4 144.7 137.0 135.4 146.8 158.2 154.9 151.0 Fuel oil and gasoline 1.20 119.6 114.7 116.3 120.3 123.5 122.3 120.4 U&.O 119.2 122.9 123.0 123.0 117.4 115.9 Residential utilities 2.46 151.7 Electricity 1.72 159.3 151.4 140.5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6 180.4 175.7 Gas .74 Equipment Business equipment 11.63 139.0 137.8 138.8 141.2 137.1 138.7 142.2 140.1 144.1 148.3 147.3 149.7 151.9 152.1 Industrial equipment 6.85 136.9 133.9 135.8 138.8 137.1 139.2 141.7 139.6 142.5 146.8 145.1 146.4 148.4 148.4 Commercial equipment 2.42 145.3 140.4 140.2 144.1 142.8 145.8 149.8 151.8 152.8 155.0 152.7 155.1 157.7 158.1 Freight and passenger equipment. 1.76 141.0 146.4 148.2 147.0 136.2 136.2 139.0 128.6 146.1 149.8 149.4 152.2 154.9 156.0 Farm equipment .61 132.4 147.3 140.5 139.9 115.8 111.9 125.9 133.5 122.1 134.4 145.0 157.8 158.9 Defense equipment 3.41 Materials Durable goods materials. 26.73 131.0 131.2 133.9 134.9 127.7 132.6 136.3 131.3 135.4 135.0 135.7 138.7 142.9 144.3 Consumer durable 3.43 145.4 148.4 149.5 149.6 135.2 140.3 153.1 116.0 151.1 163.4 165.2 167.4 171.3 168.5 Equipment 7.84 134.2 133.0 133.8 134.6 129.7 131.6 135.7 136.8 139.0 143.4 143.9 145. 148.5 149.1 Construction 9.17 124.4 122.6 127.8 132.0 129.5 134.5 133.3 130.6 126.3 118.4 116.0 120.3 125.5 129.3 Metal materials n.e.c... . 6.29 128.7 132.0 134.5 131.4 118.5 126.8 132.3 134.0 135.6 133.2 138.2 141.8 146.0 146.8 Nondurable materials 25.92 134.0 134.0 133.9 134.1 127.8 135.9 137.3 138.9 138.0 136.6 138.3 140.8 141.8 143.8 Business supplies 9.11 127.1 129.5 128.6 126.9 120.2 129.2 130.3 134.3 130.1 127.2 128.7 133.3 134.3 139.1 Containers 3.03 127.7 130.8 129.5 130.0 125.0 138.2 133.6 138.2 124.8 117.5 128.0 135.1 129.6 142.1 General business supplies. 6.07 126.9 128.8 128.2 125.4 117.7 124.6 128.7 132.4 132.8 132. 129.0 132.4 136.7 137.6 Nondurable materials n.e.c.. 7.40 157.5 157.7 157.7 158.0 147.3 157.8 161.4 162.2 165.1 162.3 166.6 170.6 171.4 172.1 Business fuel and power 9.41 122.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.4 124.7 125.9 126.0 Mineral fuels 6.07 111.7 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 114.2 114.6 114.9 Nonresidential utilities , 2.86 149.4 Electricity 2.32 149.4 141.9 146.0 152.5 158.9 162.9 159.9 152.6 147.7 151.4 152.3 150.0 153.6 General industrial 1.03 142.7 138.7 142.7 144.8 143.9 148.0 149.3 147.3 147.4 148.2 148.0 147.0 153.4 Commercial and other. 1.21 159.4 147.9 152.2 163.0 177.0 181.2 174.3 162.2 152.7 159.3 161.2 157.7 159.2 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 142. 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.8 167.1 162.0 Apparel and staples 24.51 127.8 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 129.1 129.9 131.5 See NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 INDUSTRIAL PRODUCTION: N.S.A. 877 INDUSTRY GROUPINGS (1957-59=- 100) 1957-59 *1964 1964 1965 Grouping p p ti r o o o r n - - a a v g e e r- Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.' Apr. Total index 100.00 132.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135 9 135.2 136.8 139.0 141.5 141.4 86,45 132.9 133,0 133,7 135,2 127.9 133,1 137.4 136.0 137 4 136.2 137.6 140.4 143.3 143.3 Durable 48.07 133.2 134.1 134.8 136.4 128.8 129.6 136.8 132.2 138 6 140.4 140.6 143.4 147.0 147.3 Nondurable 38.38 132.4 131.7 132.3 133.6 126.7 137.4 138.2 140.8 135 8 131.0 133.8 136.5 138.6 138 3 Mining 8.23 110.9 109.8 111.7 112.6 107.0 113.0 113.3 114.5 113 3 111.9 111.0 110.8 110.9 112.3 Utilities 5.32 150.5 Durable manufactures Primary and fabricated metals 12,32 130.1 130,7 131,9 131,2 123.5 131,5 135.4 133.8 136.7 136.1 139.3 142.7 145.8 148.3 6.95 128.2 132.1 132.9 128.6 117.4 125.9 131.3 133.1 135 9 133.8 141.0 144.7 149.2 150.5 Iron and steel 5.45 125.6 128.6 130.4 125.2 116.1 124.3 129.1 132.3 134*7 132.3 139.8 142.9 146.7 148.5 Nonferrous metals and products.. 1.50 137.6 144.6 142.2 141.0 122.3 131.7 139.5 136.4 140.3 139.4 145.5 151.2 158.5 157.8 5.37 132.6 128.9 130.6 134.5 131.3 138.8 140.7 134.6 137 7 139.0 137.2 140.1 141.5 145.3 Structural metal parts 2.86 130.3 125.3 127.5 132.2 131.2 135.6 137.0 132.5 137.8 138.6 134.3 135.3 138.5 140.0 Machinery and related products 27,98 136.1 138.1 137,9 139,8 130.9 126.8 137.7 130.2 141.4 146.7 146.8 148.7 152.7 151.3 Machinery 14.80 141.0 139.5 139.8 142.6 135.3 138.5 145.3 145.3 147 5 150.6 150.1 154.4 157.9 157.2 Nonelectrical machinery 8.43 141.8 142.2 143.1 145.3 140.0 138.8 143.1 142.8 145.1 150.9 152.2 155.4 159.6 159.9 Electrical machinery 6.37 140.0 135.8 135.4 139.0 129.1 138.0 148.1 148.7 150 8 150.3 147.3 153.1 155.5 153.6 10.19 130.7 138.5 137.7 138.4 125.1 109.1 128.5 108.3 135 0 144.7 146.1 144.8 150.6 148.0 Motor vehicles and parts 4.68 150.1 166.7 165.0 167.4 142.0 106.7 145.8 102.3 155 0 174.9 178.9 177.3 187.7 179.9 Aircraft and other equipment.... 5.26 112.4 112.6 112.3 111.8 109.0 109.5 112.2 111.4 116.2 117.3 116.7 115.5 H7.0 118.5 Instruments and related products... 1.71 136.4 132.7 133.3 136.1 135.0 138.5 140.1 139.1 142.7 143.7 141.7 143.1 144.7 143.3 1.28 Clay, glass, and lumber 4,72 121,1 120.4 125,4 129.2 126.0 132.4 129.9 128.2 121.1 110.5 108.3 114.4 117.3 122.7 Clay, glass, and stone products 2.99 126.0 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.4 H8.9 129.2 1.73 112.7 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 93.4 98.5 111.0 114.5 111.7 3.05 138.4 133.1 133,1 138.3 135.5 143.4 144.8 149.2 148 2 146.7 139.5 142.9 145.6 144 8 1.54 143.4 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152 0 154.2 147.6 150.4 152.4 151.2 Miscellaneous manufactures 1.51 133.3 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144 3 139.1 131.2 135 2 138.8 138.4 Nondurable manufactures 7.60 124.8 124.7 126.2 125,1 113.0 131.4 126.0 132,3 129 4 119.3 130.6 138.2 138.0 134.8 Textile mill products 2.90 122.8 121.2 124.7 124,6 110.3 126.6 126.4 127.5 130 2 121.7 131.4 134.0 133 5 133 6 Apparel products 3.59 134.0 135.7 135.5 133.8 121.6 141.9 133.1 144.7 137.7 124.4 138.6 150.9 151.9 Leather and products 1.11 100.7 98.4 100.0 98.3 92.6 109.8 101.8 105.0 101.1 96.4 103.1 108.2 105.! 8.17 127.5 130.9 129,3 127.3 120.9 127.8 129.4 134,9 130 9 127.5 128.6 131.8 134.6 136.5 Paper and products 3.43 133.4 138.2 135.0 132.7 124.8 137.3 135 5 145.9 134 5 126.6 137.0 140.9 141 8 144 9 Printing and publishing 4.74 123.2 125.6 125.1 123.4 118.2 121.0 124.9 126.9 128 4 128.2 122.6 125.3 129.5 130 5 1.53 117.0 125.5 124.8 117.8 104.4 107.1 116.7 122.6 128 7 123.2 111.2 116.9 123.4 129 3 Chemicals, petroleum, and rubber,... 11.54 152.2 151.7 152,2 155,4 145,3 154.7 157.8 757.8 155.2 154.6 157.6 161.3 163.2 162.8 Chemicals and products 7.58 159.4 160.3 159.9 163.0 152.9 160.9 164.5 163.6 162 6 162.6 164.9 168.2 171.3 171.9 3.84 178.0 179.3 176.5 178.1 170.9 176.6 183.1 180.8 184 1 186.3 185.4 190.1 192.4 Petroleum products 1.97 121.0 116.0 120.2 125.8 128.3 127.3 125.2 123.5 119 8 118.8 117.2 119.7 117 9 117 0 1.99 155.7 154.0 154.5 155.7 133.5 158.2 164.5 170.0 162.1 159.9 169.7 176.2 177.1 Foods, beverages, and tobacco 11.07 120.6 116.2 118,0 121.3 120.8 130.5 132.7 133.4 123.6 117.0 114.9 113.1 116.5 116.6 Foods and beverages 10.25 120.6 115.4 116.7 120.9 121.5 130.5 133.2 133.4 123 6 118.2 114.4 112.3 115.7 115 8 8.64 120.2 113.0 114.3 117.0 117.7 129.0 134.9 134.6 125 7 119.2 116.2 112.7 114 3 113 0 Beverages 1.61 123.2 127,8 129.5 141.7 141.8 138.4 124.6 127.0 112.7 112.4 104.7 110.1 123.2 Tobacco products .82 120.8 127.2 133.8 126.4 112.8 131.4 125.3 134.3 123.4 102.1 120.9 122.9 125.3 Mining 6.80 109.4 108,7 108.4 108.6 103.2 109.7 110.2 111,7 111 6 112.1 112.0 111.9 111 3 111 4 Coal 1.16 104.3 99.4 107.2 108.4 77.2 113.5 111.2 119.0 113 2 105.3 105.5 104 4 103 9 108 7 5.64 110.4 110.7 108.7 108.6 108.5 108.9 109.9 110.2 111 3 113.5 113.4 113.4 112 8 111 9 4.91 113.4 114.5 111.9 111.6 111.1 110.8 111.9 113.0 114 5 116.9 116.5 116 5 117 2 116 4 4.25 109.8 111.4 109.0 109.1 108.1 107.6 108.9 109.7 110 2 112 0 111 4 111 9 IP 7 112 6 Gas and gas liquids • .66 136.5 134.1 130.0 127.6 130.7 131.1 131.3 133.9 141.6 144.9 145.6 .73 90.1 85.1 87.3 88.2 91.1 96.2 96.4 91.4 89.5 90.5 92.6 "92 .'4 83.6 "81 .'5 Metal, stone, and earth minerals 1.43 118.1 114,8 127.0 131.8 125.0 128.8 128,4 128.0 121.6 111.1 106.2 105.8 109.0 116.7 Stone and earth minerals . . 6 8 1 2 1 1 1 1 7 8 . . 3 7 1 1 1 1 5 4 . . 5 3 1 1 2 3 3 1 . . 8 3 1 1 3 2 4 9 . . 7 6 1 1 1 3 5 2. . 3 2 1 13 2 4 1 . . 5 2 1 1 2 3 5 0 . . 8 4 1 1 2 31 3 . . 1 8 1 1 1 2 6 5 1 9 1 1 0 1 9 2 .3 6 1 1 1 0 1 2 .2 5 u 10 i 1 1 9 1 1 1 0 0 7* 6 7 1 11 1 8 4 5 2 Utilities Electric 4.04 153.6 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3 158.6 167.3 163.0 163.0 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

878 BUSINESS ACTIVITY; CONSTRUCTION JUNE 1965 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fa M ct a u n r u in - g 2 Prices 4 Nonag- Major market groupings Major industry s C tr o u n c - - r t i u c r u a l l - Freight Total Period Total Tot F a i l na g l s C o u p o m o r n d o e - d s r u E c m t q s e u n ip t - M ria a l t s e- Mfg. 1gro M i u n i p g n in - gs U iti t e il s - t c r ti a o o c n n t - s m T p e e o l m o n t y a t - — l - i p m E lo m en y - t - P ro a l y ls - l i o n a g d s - s r a e l t e a s i l 3 s C um on e - r W m c s o o a h m l d o e i l - t e y - 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 1960 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 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 June 131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7 138 110.6 101.6 123.8 93.6 127 108.0 100.0 July 132.9 132.3 132.1 132.7 133.6 133.9 110.9 151.4 140 110.9 101.9 124.3 94.5 128 108.3 100.4 Aug 133.8 133.3 133.1 133.6 134.7 134.5 111.9 154.5 121 111.0 102.0 126.0 93.2 130 108.2 100,3 Sept 134.0 132.5 132.0 133.7 135.6 134.9 111.9 153.2 131 111.3 102.9 127.6 96.4 130 108.4 100.7 Oct .... 131.2 130.3 129.2 132.6 132.2 131.7 112.0 153.8 136 111.2 100.5 122.9 94.6 125 108.5 100.8 135.0 134.6 133.6 136.8 135.7 136.0 112.7 152.3 143 112.1 103.2 127.9 98.5 127 108.7 100.7 Dec 137.7 137.4 137.0 138.3 137.7 139.1 112.3 154.7 154 112.7 104.0 130.9 99.1 133 108.8 100.7 1965 Jan 138.4 138.0 137.9 138.2 139.1 140.0 112.1 155.6 137 113.0 104 5 132 8 100 4 134 108 9 101 0 Feb '139.1 138.2 '137.7 139.4 139.7 140.6 111.5 157.4 140 113.6 105.0 133.5 96.4 136 108.9 101.2 Mar . . . 140.5 139.5 '139.3 r140.0 141.3 142.1 112.3 159.7 141 114.2 105.6 135.1 98.1 133 109.0 101.3 Apr 140.8 139.1 138.3 140.9 142.3 142.3 112.4 160.0 152 114.1 105.7 133.7 98.6 134 109.3 101.7 May? 141.3 140.2 138.8 143.1 142.4 142.8 114.4 160.0 114.4 105.6 134.4 100.5 137 102.1 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, nonresickntial, 4 Prices are not seasonally adjusted. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1964 1965 Type of ownership and 1963 1964 type of construction Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. Total construction 45,546 47,299 '4,365 4,639 4,504 4,601 3,760 3,762 4,029 3,757 3,598 3,127 3,223 4.209 4,770 By type of ownership: Public 14,653 15,371 1,318 1,535 1,491 1,619 1,101 1,124 1,310 1,174 1,230 1,104 1,112 1 ,348 1 ,539 Private 30,893 31,928 r3,047 3,104 3,013 2,983 2,658 2,638 2,719 2,583 2,368 2 023 2 110 2,861 3 231 By type of construction: Residential building. 20,502 20,561 2,006 2,050 1,996 2,000 1,679 1,717 1,702 1,482 1,306 1,273 1,299 1.877 14,377 15,495"1,426 1,362 1,400 1,548 1,275 1,228 1,425 1,263 1,298 1,155 1,060 1,379 10,667 11,244 933 1,227 1,107 1,054 807 817 902 1,012 994 700 863 953 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 CONSTRUCTION 879 VALUE OF NEW CONSTRUCTION ACTIVITY an millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d ia u B l s u - sine m C s e s o r m cia - l P u u ti b li l t i y c O n d r t e t o i e h a s n n i e l - - - r Total M ta i r l y i- H w ig a h y - S w a e a n w t d e e r r Other 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1.360 4,415 5,682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 1,344 6,494 1958. 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 I960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 L581 8,342 1962 59,453 41,695 24,292 12,222 2,949 4,955 4,318 5,181 17,758 L222 6,378 1J54 8,404 1963 62 451 43 772 25,843 12,656 2,962 5,200 4,494 5,273 18 679 6 670 1 966 1964 .... 66 008 45 954 26,560 13,757 3,333 5,635 4,789 5,637 20,054 6,971 2,298 1964 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 A.u& .......... 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 12* Mar 68,384 47,463 26,991 14,903 3,888 5,859 5,156 5,569 20,92! 7,715 2,086 Apr.* 67,723 47,531 26,875 14,990 3,940 5,960 5,090 5,666 20,192 7,271 2,050 May? 67,712 47,459 26,994 14,842 3,888 5,864 5,090 5,623 20,253 2,018 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 Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- (priv Q at e A only) Private underwritten Period Total Metro- Non- Total N fa o rm n- politan p m o e li t t r a o n - Total fam 1- ily fam 2- ily 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 ,382 ,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 [,252 995 44 214 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964 1.585 1,120 465 1.552 976 53 524 33 264 205 59 1964 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 ,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 ,591 1,559 143 99 44 141 90 5 46 2 24 19 5 1,455 1,429 114 77 37 111 70 4 38 2 21 16 5 Dec ,646 1,609 100 72 28 99 60 3 36 2 17 13 4 1965 Jan .462 ,430 86 59 27 82 52 3 27 4 17 13 4 Feb 1,418 ,405 88 63 25 85 51 3 31 2 16 12 4 Mar .. ^1,546 V1,519 *123 90 34 2>H9 76 4 39 P4 20 16 4 Apr *>1,548 p1,524 ns5 103 52 »153 103 5 45 22 17 5 NOTE.—Beginning with 1959, Census Bureau series includes both farm are pending. Data from Federal Housing Admin, and Veterans Admin, and nonfarm series developed initially by the Bureau of Labor Statistics. represent units started, based on field office reports of first compliance Series before 1959 reflect recent Census Bureau revisions which are not inspections. available by area or type of structure. Complete revisions pre-1959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 EMPLOYMENT JUNE 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 N t p t i a t u . u S l l t a . n i A t o o i . o n n n a - l l N ab N o o t . r S i n . f A o t r . h c e e T l S f a o . o b A r t c o a . e r l Total Total E In m c n u p o l l t o n u y a ra e g l d ri - * agric I u n lture U pl n o e y m ed - U (p n e e m r S a r m . e t A c e p n e . l 2 t n o t y ) industries 1959 123,366 51,420 71,946 69,394 65,581 59,745 5,836 3,813 5.5 1960 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—May 133,866 56,376 77,225 74,477 70,639 65,790 4,849 3,838 5.2 June 134,041 54,652 77,049 74,305 70,345 65,519 4,826 3,960 5.3 July 134,216 55,258 76,928 74,188 70,496 65,632 4,864 3,692 5.0 Aug 134,400 55,891 77,006 74,255 70,458 65,641 4,817 3,797 5.1 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 May 135,982 57,556 78,127 75,443 71,937 66,979 4,958 3,506 4.6 1 Includes self-employed, unpaid family, and do>imestic 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. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r n r a u c c t - T ti l o i r c a n n u s & t p il o i p t r i u t e a b s - - Trade Finance Service G m ov e e n r t n- 1959i 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—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 59,992 17,849 633 3,304 4,042 12,622 2,997 8,754 9.791 59,916 17,894 629 3,188 4,045 12,568 2,998 8,764 9,830 Mavp 60,064 17,888 627 3,217 4,059 12,621 3,004 8,794 9.854 NOT SEASONALLY ADJUSTED 1964 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 Aue 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 Mar 58,847 17,643 615 2,865 3,985 12,262 2,973 8,623 9,881 59,547 17,729 623 3,022 4,005 12,522 2,986 8,755 9,905 Mavp 60,014 17,800 630 3,256 4,043 12,513 3,001 8,856 9,915 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

JUNE 1965 EMPLOYMENT AND EARNINGS 881 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 May Mar. Apr.*3 May?3 May Mar. Apr.p MayP Total 12,736 13,298 13,314 13,306 12,666 13,108 13,175 13,241 Durable goods 7,174 7,615 7,645 7,635 7,201 7.523 7,616 7,665 Ordnance and accessories 109 100 99 100 108 100 99 99 Lumber and wood products 532 544 536 533 534 511 519 535 Furniture and fixtures 331 352 353 354 325 347 349 348 Stone, clay, and glass products 493 508 504 502 499 484 498 509 Primary metal industries 972 1,047 1,042 1,030 994 1,053 1,060 1,054 Fabricated metal products 910 957 982 977 911 941 972 978 Machinery except electrical 1,109 1,179 1,179 1,183 1,121 1,191 1,196 1,196 Electrical machinery 1,024 1,113 1,126 1,134 1,011 1,100 1,109 1,119 Transportation equipment 1,146 1,237 1,245 1,249 1,155 1,237 1,246 1,259 Instruments and related products 232 241 242 240 230 240 240 239 Miscellaneous manufacturing industries. . 316 337 337 333 313 322 328 330 Nondurable goods 5,562 5,683 5,669 5,671 5,465 5,585 5,559 5,576 Food and kindred products 1,144 1,147 1,124 1.122 1,085 1,059 1,052 1,064 Tobacco manufactures 77 72 72 72 65 65 62 61 Textile-mill products 800 824 824 823 800 818 822 823 Apparel and other finished textiles 1,160 1,199 1,207 1,210 1,141 1,215 1,191 1,191 Paper and allied products 493 500 501 500 490 494 497 497 Printing, publishing, and allied industries 604 616 618 619 601 614 616 616 Chemicals and allied products 527 539 538 540 534 540 547 546 Products of petroleum and coal 116 114 113 112 117 112 112 113 Rubber products 330 354 356 355 328 350 351 353 Leather and leather products 311 318 316 318 304 318 308 311 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 May Mar. Apr.* Mayp May Mar. Apr.. May? May Mar. Apr.p May79 Total . . .. 40.6 41.4 40.9 41.1 102.97 107.12 105.82 107.53 2.53 2 60 2 60 2 61 41.3 42.3 41.8 41.8 112.47 117.04 115.93 117.18 2.71 2.78 2.78 2.79 Ordnance and accessories 40.2 41.4 40.9 41.6 119.90 127.20 125.15 128.24 2.99 3.08 3 06 3 09 Lumber and wood products 40.2 40.7 40.4 40.9 86.67 86.40 87.02 91.05 2.14 2.16 2.17 2.21 Furniture and fixtures 41.2 42.0 41.1 41.6 81.81 86.53 84.45 85.89 2.02 2.09 2 08 2 10 Stone clay and glass products 41.6 41.7 41.2 41.9 106.93 106.19 107.27 111.09 2.54 2.59 2.61 2.62 Primary metal industries 41.5 42.5 43.7 41.7 129.58 134.73 140.68 133.14 3.10 3.17 3.19 3.17 Fabricated metal products 41.7 42.7 41.8 42.4 112.02 115.48 113.71 117.73 2.68 2.73 2 74 2 77 Machinery except electrical . 42.3 43.4 42.2 43.1 122.69 127.60 124.10 128.46 2.88 2.94 2.92 2.96 Electrical machinery 40.4 41.3 40.5 40.8 101.56 105.63 103.57 105.01 2.52 2.57 2.57 2 58 Xransporation equipment 41.9 43.6 42.4 42.5 129.67 138.24 134.51 136.21 3.08 3.20 3.18 3.19 Instruments and related products . 40.8 41.6 40.5 41.1 102.56 107.38 104.78 107.01 2.52 2.60 2.60 2.61 Miscellaneous manufacturing industries... 39.5 40.0 39.4 39.8 81.95 85.20 83.10 84.56 2.08 2.13 2.12 2.13 Nondurable goods 39.7 40.2 39.8 40.0 90.91 93.60 92.20 94.00 2.29 2.34 2 34 2 35 Food and kindred products. 41.0 41.0 40.8 40.9 98.40 98.98 99.05 101.02 2.40 2.45 2.47 2.47 Tobacco manufactures 39.7 38.8 36.1 37.3 80.17 79.61 78.76 80.81 2.04 2.14 2 20 2 19 Textile-mill products 41.0 42.0 41.3 41.6 72.75 76.91 75.03 76.73 1 .77 1.84 1.83 1.84 36.0 36.8 35.9 36.7 63.54 67.52 63.90 65.88 1.77 1.82 1.79 1.80 Paper and allied products 42.9 43.2 42.5 43.2 108.46 111.97 109.72 112.66 2.54 2.61 "> 60 2 62 Printing, publishing, and allied industries. 38.5 38.5 38.5 38.5 114.35 116.96 115.67 117.04 2.97 3.03 3.02 3.04 Chemicals and allied products 41.6 41.8 42.4 41.9 116.20 118.29 120.42 119.99 2.78 2.83 2.84 2.85 41.9 42.2 42.8 42.0 133.14 134.46 139.40 135.98 3.17 3.24 3.28 3 23 Rubber products 41.4 42.4 41.2 41.7 104.74 108.78 104.70 107.59 2.53 2.59 2.56 2.58 Leather and leather products • 38.1 38.3 38.4 38.5 68.43 71.43 69.75 71.06 1.82 1.87 1.88 1.87 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 PRICES JUNE 1965 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e d l l l t e r G a i l c n e a i d c s t - y o n F i t p a n i i u e n o s g r h r d n s - a - - A up p a k p n e a d e re p l T p t o r i a o r n t n a s - - Total M c ic a e a r d e l - s P c o a e n r r a e - l r R e t a i c i e n n o r a g e d n d a - - g O s a i o e c t n o r h e v d d e s - s r 1929 59.7 55 6 85 4 1933 . . . . . 45.1 35.3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 93.6 91.8 93.7 93.4 95.8 1957 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97 1 96 9 98 5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105 0 107.3 111.3 104.6 107 2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 - . 106.7 105.1 106.0 106.8 107.0 104 0 107.8 102.4 104.8 107 8 111.4 117.0 107.9 111 5 107 1 1964 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114 1 108.8 1964 Apr 107.8 105.7 107.0 107.7 108.6 103.3 108.0 102.9 105.6 109.0 113.4 119.0 108.7 114 0 108.6 May 107.8 105.5 106.9 107.7 108.4 102.1 108.0 102.9 105.7 109.1 113.5 119.1 108.9 114.1 108.7 June.. . 108.0 106.2 107.1 107.8 108.7 101.4 108.1 102.9 105.7 109.2 113.5 119.3 109.1 114 0 108.7 July 108.3 107.2 107.1 107.8 108.9 100.9 107.9 102.8 105.5 109.4 113.7 119.5 109.3 114.1 108.9 Aug 108.2 106.9 107.2 107.9 109.2 100.9 108.2 102.6 105.3 109.3 113.8 119.8 109.4 114.2 108.9 Sept 108.4 107.2 107.4 107.9 109.5 101.5 108.2 102.8 105.9 108.9 113.9 119.7 109.5 114 3 109.0 Oct 108.5 106.9 107.6 108.2 109.6 102.9 108.2 102.8 106.2 109.4 114.0 119.9 109.7 114.5 109.1 Nov 108.7 106.8 107.7 108.3 109.8 103.7 108.1 102.9 106.4 110.0 114.2 120.2 109.7 114 9 109.1 Dec 108.8 106.9 107.8 108.4 110.0 105.8 108.3 102.9 106.6 110.5 114.3 120.3 110.0 114.9 109.2 1965 Jan 108.9 106.6 108.1 108.4 110.6 106.5 108.0 102.8 105.6 111.1 114.5 120.6 110.0 115.0 109.3 Feb 108.9 106.6 108.2 108.5 110.9 106.7 107.8 102.8 105.8 110.6 114.7 121.0 110.1 115.2 109.4 Mar 109.0 106.9 108.2 108.7 110.8 106.5 107.7 103.1 106.0 110.6 114.9 121.4 110.4 115 4 109.5 Apr 109.3 107.3 108.2 108.8 110.8 105.4 107.7 103.1 106.3 111.0 115.4 121.6 110.7 115.9 110.3 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities All Farm Proc- Period m c t o i o e m d s i - - p u r c o t d s - f e o s o se d d s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r,M e e tc ta . ls c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T e a t c o c c - . o n c M e e o l i l s u a - - s erals 1956 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95 2 95 1 98 1 1957 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99 9 99 7 101 5 1959 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101 4 102 5 99 3 1961 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962 100.6 97.7 101.2 100.8 100 6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98 8 101 8 104 1 107 3 1963 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1964 100.5 94.3 101.0 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2 1964 Apr 100.3 94.4 100.4 101.1 101.1 104.5 96.1 96.6 93.1 101.8 99.1 102.2 102.9 98.6 101.3 107.1 109.5 M.ay 100.1 93.7 99.4 101.1 101.2 104.7 96.4 96.7 92.6 101 8 98.7 102.1 103 3 98 6 101 3 107 3 107 2 June 100.0 93.2 100.2 100.9 101.0 104.8 96.3 96.5 91.6 101.4 98.7 102.3 103.0 98.5 101 4 107.4 106 7 July 100.4 94.1 101.2 101.1 101.1 105.4 96.7 96.6 91.8 101.2 98.7 102.5 103.1 98.6 101.5 107.3 107.5 Aug . . .. 100.3 93.6 101.0 101.1 101.2 105.6 96.4 96.5 91.8 100.9 98.7 103.0 102 9 98 6 101 7 107 5 107 3 Sent 100.7 95.7 102.2 101.1 101.2 105.4 95.2 96.6 91.9 100.6 98.7 103.0 102.9 98.6 101 8 107.5 109 2 Oct 100.8 93.8 101.7 101.5 101.4 106.0 96.7 96.9 92.1 100.3 99.1 103.8 103.0 98.5 101.8 107.6 110.1 Nov 100.7 94.0 100.9 101.6 101.4 105.5 97.6 97.1 92.2 99.6 98.9 104.3 103 2 98.5 101 8 107 5 108 5 Dec 100.7 92.7 100.8 101.8 101.5 105.4 98.1 97.2 92.2 99.4 98.9 104.7 103.1 98.4 101.6 107.5 110.7 1965—Jan 101.0 93.0 102.2 101.9 101.5 104.9 98.5 97.3 92.3 100.8 99.0 104.5 103.3 98.3 101.7 107.5 110 0 Feb 101.2 94.5 102.1 101.9 101.5 105.1 97.9 97.5 92.2 100.8 99.0 104.6 103.5 98.2 101.8 107.6 109.6 Mar 101.3 r95.4 101.8 102.0 101.5 105.7 97.9 97.5 92.2 r100.7 r99.5 104.8 103 5 98 3r101 9 107 5 109 5 Apr 101.7 97.6 102.3 102.1 101.5 106.3 97.7 97.6 92.3 100.5 99.8 105.1 103.6 98.2 101.9 107.6 110.3 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 PRICES 883 WHOLESALE PRICES: DETAIL (1957-59- 100) 1964 1965 1964 1965 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 105.9 102.5 r107.8 117.6 Woodpulp 96.2 98.1 98.1 98.1 Grains 103.3 90.5 90.6 91.2 Wastepaper 90.2 96.0 96.2 97.3 Livestock and poultry 82.4 88.4 89.8 91.4 Paper 103.6 103.8 103.8 104.0 Plant and animal fibers 102.1 91.8 91.6 91.6 Paperboard 96.5 96.4 96.3 96.3 Fluid milk 99.6 103.5 '100.1 101.6 Converted paper and paperboard. 98.6 98.0 r98.8 99.3 Eggs 79.5 76.7 86.9 91.2 Building paper and board 93.5 92.2 92.2 92.3 Hay and seeds 107.4 120.6 119.2 119.4 Other farm products 99.5 97.2 95.2 95.6 Metals and Metal Products Processed Foods: Iron and steel , 100.2 101.2 101.3 101.4 Nonferrous metals 104.0 112.2 112.7 113.8 Cereal and bakery products 107.8 107.9 108.1 108.3 Metal containers , 105.6 105.7 105.7 105.7 Meat, poultry, and fish 88.3 92.1 92.4 93.6 Hardware 104.8 104.8 105.4 105.4 Dairy products and ice cream 107.1 107.8 107.5 107.5 Plumbing equipment , 100.3 104.2 104.2 104.2 Canned and frozen fruits and veg- Heating equipment 92.1 91.4 91.6 92.0 etables 107.3 100.3 100.7 101.0 Fabricated structural metal products. 98.9 100.2 100.3 100.5 Sugar and confectionery 115.5 110.0 108.1 108.2 Fabricated nonstructural metal prod- Packaged beverage materials 98.1 96.7 94.0 94.0 ucts 108.9 109.0 109.1 109.2 Animal fats and oils 90.0 107.6 r110.0 116.6 Crude vegetable oils 75.1 109.1 109.7 110.3 Machinery and Motive Products: Refined vegetable oils 77.1 99.9 102.6 103.7 Vegetable oil end products 87.7 101.9 102.3 102.3 Agricultural machinery and equip 112.7 114.4 114.6 114.8 Miscellaneous processed foods 110.0 114.4 112.4 111.7 Construction machinery and equip..., 112.2 114.3 114.5 115.0 Metalworking machinery and equip.., 111.4 115.6 115.6 115.7 Textile Products and Apparel: General purpose machinery and equipment 104.7 104.4 r104.4 104.5 Cotton products. 100.5 99.6 99.6 99.7 Miscellaneous machinery , 104.4 105.1 r105.1 105.2 Wool products 103.2 103.3 103.1 103.1 Special industry machinery and Man-made fiber textile products 95.5 96.3 96.4 96.1 equipment (Jan. 1961= 100) 105.8 107.3 107.8 107.8 Silk products 116.4 135.5 131.4 134.5 Electrical machinery and equip 97.7 96.6 96.6 96.9 Apparel 102.3 103.1 103.1 103.1 Motor vehicles 99.9 100.9 100.8 100.8 Other textile products 115.8 118.6 119.2 118.5 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 100.1 100.6 100.6 100.6 Hides, Skins, Leather, and Products: Hides and skins 88.1 90.2 92.1 96.3 Furniture and Other Household Dura- Leather 102.0 103.2 105.7 103.6 bles: Footwear 108.3 109.1 109.1 109.6 Other leather products 103.8 102.8 r102.9 104.7 Household furniture 105.2 106.2 106.2 106.1 Commercial furniture 103.1 103.6 103.6 103.6 Fuels and Related Products, and Power. Floor coverings 100.1 98.0 r97.9 97.7 Household appliances 91.6 90.0 90.0 90.0 Coa! 95.0 98.3 r97.3 95.5 Television, radios, and phonographs. 87.3 85.9 85.9 85.9 Coke 106.1 107.3 107.3 107.3 Other household durable goods 104.1 104.8 104.8 104.8 Gas fuels (Jan. 1958= 100) 120.4 124.1 r124.1 121.9 Electric power (Jan. 1958= 100) 101.3 100.8 100.8 100.8 Petroleum products, refined 91.1 93.9 94.0 94.1 Nonmetallic Mineral Products : Chemicals and Allied Products: Flat glass 102.8 101.6 101.6 101.6 Concrete ingredients 102.8 103.2 103.2 103.2 Industrial chemicals 94.4 94.7 94.5 94.8 Concrete products 100.6 101.2 101.2 101.3 Prepared paint 104.8 105.2 104.4 104.4 Structural clay products 104.5 105.1 105.1 105.1 Paint materials 91.6 90.4 90.3 90.4 Gypsum products 108.6 107.7 108.4 108.1 Drugs and Pharmaceuticals 95.4 94.6 94.6 94.7 Asphalt roofing 86.4 91.2 r91.7 92.1 Fats and oils, inedible 87.3 118.3 118.7 121.3 Other nonmetallic minerals 101.3 101.3 101.6 101.6 Mixed fertilizers 103.9 105.0 105.2 105.3 Fertilizer materials 100.2 103.8 104.3 104.3 Tobacco Products and Bottled Bever- Other chemicals and products 99.3 99.7 99.8 99.9 ages : Rubber and Products: Tobacco products 106.0 106.1 106.1 106.1 Alcoholic beverages 100.7 100.9 100.6 100.7 Crude rubber 91.3 90.7 90.6 91.6 Nonalcoholic beverages 125.3 128.1 128.1 128.1 Tires and tubes 89.2 88.5 88.5 88.5 Miscellaneous rubber products 97.8 96.5 96.5 96.5 Miscellaneous Products : Lumber and Wood Products: Toys, sporting goods, small arms 100.8 101.6 -101.7 101.9 Manufactured animal feeds 114.8 114.3 114.2 115.4 Lumber 102.0 101.4 101.3 101.0 Notions and accessories 99.1 99.1 99.1 99.! Millwork 108.8 107.5 107.6 107.6 Jewelry, watches, photo equipment... 103.2 103.6 r103.5 103.8 Plywood 94.9 93.0 r92.2 91.9 Other miscellaneous products 102.4 103.3 103.3 103.4 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 NATIONAL PRODUCT AND INCOME JUNE 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 Gross private domestic investment. 16.2 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 8.7 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 3.6 .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 5.1 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.. 5.9 1.6 6.9 18.9 27.6 25.9 29.0 31.0 35. 34.2 34.6 35.6 36.0 37.9 Change in business inventories.. 1.7 -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 1.8 -1.4 4.0 6.0 3.2 1.5 5.3 3.9 3.6 2.2 3.4 2.7 6.1 7.0 Net exports of goods and services. .8 .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 37.1 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 services.. 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 National defense . 13.8 14.3 45.7 49.0 53.6 55.2 55.4 54.0 57.0 55.2 55.3 54.4 Other > 1.3 2.0 ' 3.2 5.2 8.0 8.9 10.2 10.3 11.2 11.5 11.0 11.2 11.3 11.9 Less: Government sales .6 .6 .9 .8 1.1 1.2 .9 .9 1.2 1.2 State and local 7.2 6.0 7.8 46.5 50.6 53.5 57.9 63.0 60.9 62.5 64.1 64.6 65.9 Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 508.0 513.5 519.6 522.7- 532.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally Business; U.S. Income and Output, A Supplement to the Survey 0/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 64.8 154.2 293.6 302.2 323.1 340.3 361.7 352.5 358.6 364.8 370.6! 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 30.4 30.7 31.1 Employer contributions for social insurance .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 14.0 14.2 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 39.91 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 12.4 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 57.01 62.6 Profits before tax 9.6 .2 17.0 40.6 44.3 44.2 48.2 51.3 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 12.1 12.0 11.7 15.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .2 .3 -.4 -.2 -.2 -.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.—Dcpt. 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

JUNE 1965 NATIONAL PRODUCT AND INCOME 885 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) i 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 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 . . 7 9 . . 5 4 .8 2.2 2.4 2.4 -2 2 . . 7 4 2.5 2.5 2.5 -1 2 . . 4 5 2.5 2.5 -.7 -3.0 -2.6 -1.8 -2.0 -1.6 -2.4 -2.6 -4.0 Plus: Subsidies less current surplus of government enterprises -.1 .2 .5 1.6 1.6 1.01 .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 -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 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 i 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. 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 58.8 60.2 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 9.6 Equals: Disposable personal income 83.1 93.0 207.7 384.6 431.8 419.5 430.2 435.6 442.1 448.3 45.7 349.9 364.7 402.5 Less: Personal consumption expenditures .. 79.0 81.9 195.0 356.8 399.3 390.0 396.1 404.6 406.5 418.1 46.4 328.2 337.3 375.0 Equals: Personal saving 4.2 11.1 12.6 27.8 32.5 29.5 34.0 31.0 35.5 30.2 -.6 21.7 27.3 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Feb. Mar. Total personal income. 464.1 491.4 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.9 1510.2 511.0 513.8 514.5 Wage and salary disbursements 312.1 331.6 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.6 344.7 347.3 349.6 349.5 Commodity-producing industries... 123.3 129.8 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.6 135.6 136.7 137.8 137.3 Manufacturing only 98.0 103.0 102.3 102.3 102.7 103.0 103.8 105.1 103.4 105.6 106.8 108.0 108.8 109.9 109.4 Distributive industries 80.3 84.9 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.7 88.2 89.0 89.6 89.7 Service industries 49.3 52.6 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.1 54.4 54.8 55.0 55.1 Government 59.2 64.2 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 66.5 66.8 67.1 67.4 _i Other labor income 13.1 14.1 13.9 14.0 14.1 14.2 14.2 14.3 14.4 14.5 14.5 14.6 14.7 14.7 14.8 Proprietors^ income 50.6 52.0 51.5 51.7 51.9 51.9 52.2 52.4\ 52.5 52.8 53.2 53.0 52.6 52.4 52.7 Business and professional. 37.6 39.3 39.0 39.1 39.3 39.5 39.6 39.7! 39.8 39.9 40.1 40.3 40.4 40.5 40.6 Farm 13.0 12.7 12.5 12.6 12.6 12.4 12.6 12.7J 12.7 12.9 13.1 12.7 12.2 11.9 12.1 Rental income .2.3| ,,4 12.4 12.4 12.4 12.4 12.4 12.4J 12.5 12.5 12.5 12.5 12.5 12.5 12.5 Dividends 18.0 19.8 19.8 19.8 19.9 20.0 20.0 19.91 19.9 19.9 20.6! 20.4 20.6 20.7 20.9 Personal interest income. 32.9 36.0 35.5 35.7 35.9 36.0 36.2 36.5 36.7 36.9 37.2 37.4 37.6 37.8 38.0 Transfer payments 36.7 38.2 38.2 38.0 37.6 37.8 38.0 38.0 38.3 38.4 38.5 140.8 38.9 39.2 39.3 Less: Personal contributions for social insurance 11.8 12.7 12.5 12.5 12.6 12.7 12.8 12.9 12.9 13.0 13.1 13.2 13.2 13.2 13.2 Nonagricultural income. 446.6 474.2 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.611493.2 494.5 497.6 498.1 Agricultural income 17.5 17.1 17.0 17.1 17.2 16.9 17.1 17.2 17.3 17.5 17.4 17.0 16.5 16.2 16.4 1 Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonally to veterans in the amount of $2.0 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

886 FLOW OF FUNDS JUNE 1965 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1963 1964 Transaction category, or sector 1961 1962 1963 1964 IV II III IV II III IV I. Saving and investment 1 Gross national saving 119.4 115.9 129.8 138.7 148.7 131.5 130.6 138.0 140.1 146.1 144.6 148.2 150.4 151.8 2 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 3 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 4 Corporate nonfinan. business .... 32.6 33.1 38.4 39.4 44.9 40.3 38.7 38.7 40.4i 39.9 44.2 45.1 45.5 44.9 5 U.S. Government 2.4 -5.2 -5.2 -2.9 -6.7 -5.6 -5.9 -2.8 -2.0 -.8 -4.0 -9.6 -7.0 -6.5 6 State and local govt -3.3 -3.8 -2.2 -2.4 -2.6 -2.5 -2.8 -2.2 -2.3 — 2 1 -2.5 -2.6 -2.8 -2.5 7 Financial sectors 2.3 2.2 3.1 4.1 2.6 2.8 3.4 4.7 3.9 4^2 .9 3.2 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 52.1 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 76.7j 78.7 80.8 83.5 83.5 84.3 84.6 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 13 Nonfinan. business 46.2 46.2 51.3 54.8 60.7 51.9 52.2 54.4j 55.3 57.1 59.4 60.2 61.4 61.8 14 Financial sectors .5 .7 .6 1.0 .6 .4 .6 .91 1.2 1.3 1.2 .4 .4 .4 15 Net financial investment .7 2.0 1.3 2.5 4.6 .7 2.7| 1.4 4.8 5.5 4.2 4.5 4.0 2.0 1.4 .9 2.0 -.2 .5 3.41 3.6 -2.7 .4 1.6 16 Discrepancy (1-8) II. Financial flows—Summary 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 17 Net funds raised—Nonfinan. sectors. 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 18 Loans and short-term securities.... 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 19 Long-term securities and mtgs 4 2 2 2 2 4 4 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 4 5 7 8 1 2 0 1 2 3 6 9 1 3 7 0 2 4 5 6 8 9 F N P U o v e . L L L S S F O C S P U S S r t t . e e o o e v o h o o . h t . s i d c S B c C O O C h u / r S t o a a a g g G o - . e u u o t r e n n n a . r n o o . u t t a i c r o r i m r t h h s s n t g r n G r t i n i i - e o p v e e e t c n p b t k t n s s s e s i i r r o e e a e o u e o e e 4 u s r s U r a r v l s n r m f s c r t - m l r m B o t n u a i n r o t f u . . i o . c e a . a e o a m n o t y c d a S r f e r & n . m n w i d i l r m n n c . e t e p s t s d l s c i s i c s o g o e n G n e a e k l p r e r n n y r a c t c d s e m t e t e c s o . a i f g . t d i e n d u o i o v n m o l e i . n s i r s n r c t t g s r t e o i . i o . t t o c ( b g i r c s c n e u = t l a e e a g i s r g 1 r g c s i a r t t a t h e 7 e s g i o t s s e ) e i r e b s o s s r a n v l s e a s nce.. - - 2 3 3 1 1 5 2 2 3 2 4 2 5 5 2 4 0 3 8 5 5 3 0 5 1 . . . . . . . . . . . . . . . . 6 . . . 0 . . . 0 . 9 6 5 6 3 6 3 0 5 2 0 1 4 2 0 0 0 5 6 9 - 4 3 3 1 1 2 7 2 2 2 2 4 5 6 8 8 3 1 1 1 1 6 7 7 . . . . . . . . . . . . . . . . 4 . . . . . . 2 9 0 3 8 8 6 7 4 8 4 7 0 7 9 3 7 3 6 2 8 4 5 3 1 1 1 5 7 2 2 9 5 2 5 6 2 5 8 3 5 8 3 1 1 1 1 3 . . . . . . . . . . . . . . . . . . . . . . . 0 1 9 3 5 5 0 9 5 0 9 8 6 3 3 0 2 6 3 5 5 2 5 6 3 1 1 1 1 - - 2 2 4 2 6 4 2 6 5 3 0 3 3 3 4 8 2 5 1 1 5 . . . 4 4 . . . . . . . . . . . . . . . . . . . . 2 6 7 7 9 4 0 7 6 3 5 8 2 8 0 4 4 2 9 3 2 4 7 5 1 1 1 1 4 2 4 5 8 4 6 5 2 5 1 3 6 3 0 6 3 9 7 0 . . . . . . . . . . . . . . . . . . . 4 . . . 3 9 ' 8 4 2 1 0 9 5 7 1 0 8 8 2 9 4 5 8 4 6 4 5 3 1 1 1 3 4 6 5 4 2 2 8 8 6 1 3 3 3 8 3 4 5 1 1 1 3 . . . . . . . . . . . . . . . . . . . . . . . 3 4 3 1 1 8 8 5 1 3 4 4 8 7 2 6 5 7 2 5 0 5 9 4 5 3 1 1 1 9 4 2 7 6 2 5 5 4 4 6 8 3 3 9 5 3 1 1 0 . . . . . . . . . . . . . . . . . . . . . . . 3 5 6 0 1 1 2 7 0 5 6 6 4 7 6 6 3 6 3 2 9 3 2 7 5 3 1 1 1 1 1 - 9 2 2 6 7 3 5 3 2 2 3 5 5 7 9 0 6 1 1 .7 . . . . . . . . . . . . . . . . . . . 5 9 1 9 6 0 4 1 8 3 0 0 8 9 5 0 9 6 1 -1 - - - 4 5 5 1 1 5 1 1 1 - 7 0 5 2 4 5 6 1 2 3 3 7 7 6 4 1 7 1 5 . . . . . 0 0 . 4 . . . 4 . . . . . . . 7 . . . . . . 3 . 2 6 2 7 4 6 5 0 3 3 4 4 7 1 3 0 5 - 6 5 1 3 1 1 1 1 - 1 6 2 6 4 8 3 3 1 3 5 8 5 1 1 1 1 9 0 . . 2 ^ . . . . . . . . . . . 5 . . . . . . . 5 0 6 4 5 4 5 2 0 7 1 6 7 7 9 9 5 3 8 2 * - 6 5 3 1 1 1 1 1 4 9 3 4 9 4 6 4 6 2 6 3 8 2 8 2 8 2 3 1 5 . . . . . . . . . . . . . . . . . 0 . . . . . 0 2 5 3 6 9 1 1 5 8 5 0 1 8 2 4 6 5 8 6 3 - 2 4 7 6 1 1 1 1 4 7 4 5 5 5 2 8 3 2 0 3 8 6 7 7 7 6 4 1 . . . . . . . . . . . . 1 . . . . . . . . . . . 7 9 9 4 1 7 9 5 0 2 9 3 2 0 5 3 7 6 5 5 8 9 - - 4 6 5 1 1 2 4 1 5 9 3 5 5 6 2 4 3 5 3 3 4 7 7 6 7 3 . . 0 1 . . . . . . . . . . . . . . . . . 7 . . . 1 4 2 1 4 7 5 0 7 8 9 0 6 0 5 5 0 5 6 * - - 2 7 6 3 1 1 1 1 6 2 3 1 1 4 7 2 8 7 2 6 4 5 5 3 3 3 1 2 5 3 . . . . . . . . . . . . . . . . . . . . . . . 7 4 7 3 2 5 5 0 8 3 4 6 2 2 4 1 0 6 6 3 9 8 9 2 2 4 4 4 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 2 8 0 1 2 1 5 7 0 3 4 6 9 1 9 0 2 3 8 4 5 6 7 43 Pvt. domestic nonfin. sectors 16.5 29.7 39.0 43.3 49.3 38.4 35.4 47.31 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 29.0i 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 33.7 46 47 Time and svgs. accounts... 15.0 20.1 28.0 28.1 28.1 28.9 32.1 25.3 26.Oj 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. .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 2.1 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 2.91 1.8 1.4 -.1 .6 -.4 53 III. Direct lending in credit markets 54 Total funds raised 35.0 46.9 58.3 62.3 70.9 58.5 59.3 72.5j 53.7 63.7 68.2 78.5 65.7 71.3 54 55 Less change in U.S. Govt. cash .9 * 1.3 -.4 .1 3.8 4.5 2.9| -7.7 -1.5 8.0 — 1.1 -4.1 -2.4 55 56 Total net of U.S. Govt. cash 34.2 46.9 57.0 62.7 70.8 54.71 54.8 69.6{ 61.4 65.2 60.2 79.6 69.7 73.7 56 57 Funds supplied directly to cr. mkts... 34.2 46.9 57.0 62.7 70.8 54.7 54.8 69.6l 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 2.6l 1.0 2.6 5.5 1.4 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 5.1 59 60 Less change in U.S. Govt. cash. * .1 .3 .2 .6 I.I -.4 c A .7 .1 60 61 Commercial banks, net 19.7 20.6 20.1 15.2 22.3 23.0 10.4 23.8 19.4 28.9 61 62 Total 19.3 21.1 23.3 18.6 25.7 22.9 19.6 22.6 15.5 26.8 62 63 Less chg. in U.S. Govt. cash... -.7 -.1 3.2 3.4 -1.0 8.4 -1.8 -4.5 -2.5 63 64 Security issues .3 .6 .1 .9 .9 .5 .6 .4 64 65 Nonbank finance, net. 26.8 28.5 24.8 28.3 25.7 27.8 25.4 28.4 31.4 27.2 65 66 Total 33.6 32.7 30.5 28.9 36.3 38.7 30.7 31.1 32.7 28.9 66 67 Less credit raised. 6.9 .6 10.6! 10.9 2.7 1.7 67 4.2 5.7 5.3 1.3 68 U.S. Government. 2.7 2.6 3.6 2.8 5.1 3.4 68 69 Foreign 3.6 3.2 1.1 5.1 -2.2 4.5 4 2.1 3.0 1.7 69 .4 .5 -.7 -2.0 70 Pvt. domestic nonfin. 10.3 4.5 6.0 11.4 13.1 10.6 13.6 20.0 7.5 71 Households 7.2 14.6 5.2 3.0 6.0 9.5 10.4 5.7 14.3 17.2 10.6 7 7 2 3 B St u a s t i e n e a s n s d local govts.. 2 2 . . 1 9 10 1 . . 4 3 - 1 .9 .6 3. . 9 8 4 3. . 9 4 4 1 . . 3 1 - 2 .4 .1 4 2 . . 9 9 4 1 . . 8 5 1 1 0 . . 9 9 - - 1 2. . 5 0 74 Less net security credit. 2.0 2.7 1.4 2.9 1.8 1.4 -.1 .6 3.4 -.4 -.2 -.9 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes, see Apr. 1965 BULLETIN, p. 607. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 FLOW OF FUNDS 887 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Transaction category, or sector I. Demand deposits and currency 1 Net incr. in banking system liability 2 U.S. Govt. deposits 3 Other 4 Domestic sectors 5 Households 6 Nonfinancial business 7 State and local govts 8 Financial sectors 8 Mail float 10 Rest of the world II. Time and savings accounts 11 Net increase-^Total 12 At commercial banks—Total.... 13 Corporate business 14 State and local govts 15 Foreign depositors 16 Households 17 At savings institutions 18 Memo: Households total III. U.S. Govt. securities 19 Total net issues 20 Short-term marketable 21 Other 22 Net acquisitions, by sector 23 Monetary authorities 24 Short-term 25 Commercial banks 26 Short-term direct 27 Other direct 28 Nonguaranteed 29 Nonbank finance 30 Short-term direct 31 Other direct 32 Nonguaranteed 33 Foreign 34 Short-term 35 Pvt. domestic nonfinan. sectors. 36 Short-term direct 37 Other direct 38 Nonguaranteed 39 Savings bonds—Households . IV. Other securities 40 Total net issues, by sector 41 State and local govts 42 Nonfinancial corporations 43 Commercial banks 44 Finance companies 45 Rest of the world 46 Net purchases. 47 Households 48 State and local govts 49 Corporate business 50 Commercial banks 51 Insurance and pension funds... 52 Finance n.e.c 53 Security brokers and dealers. 54 Investment cos.—Net 55 Portfolio purchases 56 Net issues of own shares. . 57 Rest of the world V. Mortgages 58 Total net lending 59 1- to 4-family 60 In process 61 Disbursed 62 Other 63 Net acquisitions 64 Households 65 U.S. Government 66 Commercial banks 67 Savings institutions 68 Insurance 69 Mortgage companies.... VI. Bank loans n.e.c. 70 Total net borrowing 17.9 70 71 Nonfinancial business. 12.7 71 72 Nonbank finance 2.0 72 73 Rest of the world 2.9 73 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1965 BULLETIN, p. 607. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 BANKS AND THE MONETARY SYSTEM JUNE 1965 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total ]Hank credit assets, Treas- net— ury U.S. Government securities Total Capital, e cur- liabil- Total and Gold s r t o e a u n n c t d - y - Total Lo n a e n t s, m C e o r m cia - l Federal O se t c h u e - r ca i a p t n i i e d t s al, c d u e r a p r n o e d n si c t y s c m o a u i c s n - c t . s, rities ing Total and Reserve Other net net savings Banks banks 1929—June 29.... 4,037 2,019 58,642 41,082 5,741 5,499 2,6 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 1 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.... 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31.... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955—Dec. 31.... 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1959—Dec. 31.... 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—Dec. 31 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Dec. 30.... 16,889 5,585 285,992 154,017 102,308 72,715 28,881 712 29,667 308,466 280,397 28,070 1962—Dec. 28.... 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—June 29 15,733 5,587 318,697 178,290 102,418 69,708 32,027 683 37,989 340,017 310,284 29,732 Dec. 20.... 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—Jan. 29.... 15,500 5,600 328,700 187,200 101,400 68,100 32,700 600 40,100 349,800 319,000 30,800 Feb. 26.... 15,500 5,600 330,400 188,700 101,100 67,500 32,900 700 40,600 351,400 319,400 32,000 Mar. 25.... 15,500 5,600 334,200 191,300 101,700 67,600 33,400 700 41,200 355,300 323,900 31,400 Apr. 29 15,500 5,600 335,000 193,500 100,100 66,200 33,100 800 41,400 356,100 323,600 32,400 May 27.... 15,500 5,600 336,900 195,900 99,700 65,200 34,000 500 41,300 358,000 325,100 32,900 June 30 15,461 5,578 343,988 201,161 100,879 65,337 34,794 748 41,948 365,027 333,114 31,915 July 29.... 15,500 5,600 341,300 199,300 99,900 64,300 34,800 700 42,100 362,300 329,500 32,800 Aug. 26 15,500 5,600 344,000 200,600 100,700 64,900 35,100 800 42,700 365,100 331,100 34,000 Sept. 30.... 15,500 5,600 351,300 205,000 102,900 66,800 35,400 700 43,400 372,300 338,500 33,700 Oct. 28.... 15,500 5,500 351,000 204,100 103,300 67,200 35,200 900 43,600 372,000 338,100 33,900 Nov. 25.... 15,400 5,500 356,100 206,700 105,700 68,500 36,300 1,000 43,700 377,000 342,100 34,900 Dec. 31.... 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1.002 44,287 386,159 352,964 33,193 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S. Government e Total o b r u C e a t n u n s c r i 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 r i k d - y s e d ju m e s D p a t a o d 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 s 2 l S P a S t o e v y s m i s t n - a g l s n F e e i o g t r n - 3 T h c i u r 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 1933—june 30 19 172 4,761 14 411 21 656 10 849 9 621 1,186 50 264 352 35 1939—Dec. 30 36,194 6,401 29,793 27,059 15.258 10,523 1,278 1,217 2 409 $46 634 1941—Dec. 31 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1,498 2 215 1, 395 867 1945 Dec 31 102 341 26 490 75 851 48 452 30 135 15 385 2 932 2,141 2 287 24, 508 977 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 1 336 452 870 1950—Dec. 30 114,600 24,600 90,000 117,670 25,398 92,272 59,247 36,314 20,009 2,923 2,518 1 293 2 i289 668 1955—Dec. 31.... 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,129 1,890 3,167 767 4^038 394 1959—Dec. 31.... 140,200 28,200 112,000 144,824 29,422 115,402 101,779 65,884 34,947 948 3,203 391 5, 319 504 1960—Dec. 31.... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6, 193 485 1961—Dec. 30.... 144,800 28,700 116,100 150,578 30,053 120,525 121,216 82,145 38,420 651 ,497 422 6, 219 465 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 ,488 405 7, 390 602 1963—June 29.... 148,300 30,700 117,600 147,144 31,832 115,312 149,322 105,648 43,181 493 ,337 369 11, 306 806 Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 ,206 392 6, 586 850 1964—Jan. 29.... 152,200 31,900 120,300 154,300 31,500 122,800 159,200 113.600 45,100 400 ,200 400 3, 100 800 Feb. 26.... 151,200 32,000 119,200 150,400 31,600 118,800 160,600 114^800 45,400 400 ,100 500 6, 300 800 Mar. 25.... 153,100 32,400 120,700 150,800 32,100 118,800 162,200 115,800 45,900 400 ,200 400 8, 100 1,100 Apr. 29.... 152,900 32,300 120,600 153,100 32,000 121,000 163,500 117,100 46,000 400 ,300 400 4, 400 1,000 May 27.... 151,900 32,500 119,400 150,000 32,400 117,600 165,100 118,400 46,300 400 ,300 400 7, 400 900 June 30 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 ,324 391 10, 502 939 July 29.... 154,000 32,800 121,200 154,000 32,900 121,000 167,700 120,300 47,100 400 ,300 400 5, 300 700 Aug. 26 154,300 32,900 121,400 152,900 33,100 119,800 169,000 121,200 47,400 400 ,400 400 6, 300 1,100 Sept. 30.... 156,900 33,100 123,800 155,900 33,200 122,700 170,500 122,100 47,900 400 1,400 400 9, 400 900 Oct. 28.... 157,800 33,300 124,500 158,400 33,200 125,200 172,100 123,600 48,100 400 ,400 500 5, ooo 700 Nov. 25.... 156,900 33,400 123,500 159,300 34,300 125,000 172,700 124,000 48,300 400 1,500 600 7, 300 800 Dec. 31.... 159.300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6, 770 820 1 Other than interbank and U.S. Govt., less cash items in process of NOTE.—For back figures and descriptions of the consolidated condition collection. statement and the seasonally adjusted series on currency outside banks 2 Includes relatively small amounts of demand deposits. Beginning and demand deposits adjusted, see "Banks and the Monetary System," with. June 1961, also includes certain accounts previously classified as Section I of Supplement to Banking and Monetary Statistics, 1962, and other liabilities. Jan. 1948 and Feb. 1960 BULLETINS. 3 Reclassification of deposits of foreign central banks in May 1961 Except on call dates, figures are partly estimated and are rounded to reduced this item by $1,900 million ($1,500 million to time deposits and the nearest $100 million. $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 889 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s c c b T o a i a l l a o u p i i n c a t n t i - d i a - t e t a l s s l 2 Total m I D n a e n t - e d rba T n i k m l e U.S D . ema O O n t d t h h e e r r Time 3 r B i o n o w g r s - - c T ap o i t t a a l l b N a b u o n e f m r ks - Govt. All banks: 1939—Dec. 30.. 50,884 22,165 19,417 ,302 23 ,242 9,874 32,516 25,852 26 ,19415,035 1941—Dec. 31 .. 61,126 26,615 25,511 ,999 27i ,816 10,982 44,355 26,479 23 ,41414,826 1945—Dec. 31.. 140,227 30,362101,288 8,57735,415177,332 ,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 31 4 134,924 43,002 81,19910,723 38,388175,091161,865 793 240 346 94,381 53,105 6611,94814,714 1950—Dec. 30. , 148,021 60,386 72,89414,74141,,086 191317175,296 577 462 809101,936 56,513 9013,837 14,650 1955—Dec. 31.. 190,780100,057 70,052 20;670 47,803 242!008 220441 059 1,587 712123,238 76,844 16318,11214,243 1959—Dec. 31.. 227,831135,958 65,80126,07150',296 283;629 254885 650 1,443 ,054131,622101,116 62422,91513,991 1960—Dec. 31. . 238,623144,764 67,24226617 53,022 298;126 266196 080 1,800 949133,408107,959 167 24,53913,986 1961—Dec. 30., 256,700154,318 72.715 29 667 57; 368 321394 287 176 914 482 >52 14i;979 120,848 48226,227 13,946 1962—Dec. 28., 280,397172,822 72;563 35012 54,939343,201303,653 008 535 6,839141,0"'84139,188 3,635 28,04613,940 1963—June 29., 287,411179,714 69;708 37989 52046 347896309,428 042 551 ,069 133,681149,083 1,563 28,61213,993 Dec. 20. , 302,251192,686 69;068 40;497 51536 362;394 319,636 267 528 6^34 14^576 155,531 3,70229,88214,079 1964—Jan. 29.. 298,190190,010 68,050 40,130 48.530 355,410313,95014,090 570 820 480158,990 3,23029,53014,095 Feb. 26. . 299,450191,340 67,530 40.580 48;830 356;940 314,55013,960 590 730 ,850160,420 3,32029,87014,113 Mar. 25.. 303,200194,440 67,610 41!150 28;280 360 310 318,07014,070 630 870 133,500162,000 3,27029,99014,122 Apr. 29. . 304,130196,580 66,180 41;370 48;710 361 760318,45013,700 640 180 136620163,310 3,56030,29014,140 May 27. . 305,660199,210 65,150 41.300 48;850 363:420 319,50013,680 630 200 ,080164,910 3,560 30,62014,154 June 30., 310,4 "04 2"0"3",119 65,33741948 54;073373,909331,84315,272 67810,263 ,160166,469 2,12031,037 14,175 July 29.. 309,330 202,950 64,310 42070 48;580 366950 322 13,770 690 5,110 690167,570 3,95030,87014,195 Aug. 26. , 311,540 203,920 64,900 42720 48;810 369,080 324 14,390 680 6,040 134,760168,840 3,54031,11014,203 Sept. 30., 317,750 207,560 66,790 43400 53;750 381,,230 337 15,820 700 9,200 141,140170,290 2,76031,49014,230 Oct. 28. . 318,300207,490 67,210 43 600 52;000 379;720 334 15,360 710 4,770 141 440171,980 3,94031 60014,242 Nov. 25. , 323,115500 221100,990 68,460 43700 53.100 385;810 338,97015,460 710 7; 090 143 180172,530 4,50031 80014,251 Dec. 31 . . 329,739216,674 68,779 44287 61;493 401;161356,30817,938 821 6,517 155248175,785 2,70032 19614,266 Commercial banks: 1939—Dec. 30., 40,668 17,238 16,316 114 22,474 9,874 32,513 15,331 26 885 14,484 1941_Dec. 31., 50,746 21,714 21,808 26,551 10,982 44,349 15,952 23 17314,278 1945—Dec. 31.. 124,019 26,083 90,606 34,806160,312 14,065 105,921 30,241 219 950 14,011 1947—Dec. 31 4 116,284 38,057 69,221 ,006 37 155,377144,103 240 ,343 94,367 35,360 65 1005914,181 1950—Dec. 30., 126,675 52,249 62,027 ,399 40: 168,932155,265 462 2;806101,917 36,503 9011 59014,121 1955—Dec. 31., 160,881 82.601 61,592 ,688 46:838 210;734192,254 1,585 3;709123,187 48,715 15915 30013,716 1959—Dec. 31., 190,270110,832 58,937 20,5:01 49;467 244686 219903 1,441 050131,593 66,169 61519 55613,474 1960—Dec. 31., 199,509117,642 61,003 20,;864 52;150 257552 229,843 1,799 5,945133,379 71,641 163 2098613,472 1961—Dec. 30., 215,441124,925 66,57823,,'937 56;432 278 561248,689 481 5 9461.4,1,,,9^210 82,429 47122 45913,432 1962—Dec. 28., 235,839140,106 66^34 29,298 54;049 297116 262.122 535 6 829141,041 97,709 3,627 24,09413,429 1963—June 29. , 241,014 114455,049 63,54232,,.423 51156 299875 266;179 55011060133,6241105,903 1,545 24 58213,482 Dec. 20. , 254,162156,006 63,196 34,959 50,711312J73 275^120 526 6;729141,534 111,064 3,66425\ 677 13,570 1964—Jan. 29. . 249,790 153,050 62,140 34600 47670 305,330 268, 14,090 570 2,820 ,420 113,900 3,23025 38013,586 Feb. 26. . 250,590154,000 61,540 35 050 47930 306;340 269; 13,960 590 5 730 ,790 115,020 3,32025 67013,604 Mar. 25. . 253,880156,810 61,500 35; 570 47390 309;270 272; 14,070 630 7 870 450 116,090 3,27025,75013,614 Apr. 29. . 254,590158,660 60,120 35 810 47890 310.580 272 13,700 640 4 180136,570117,310 3,56026,08013,633 May 27. . 255,720160,860 59,110 35,750 48 000 311;810 273; 13,680 630 7 200133,030118,630 3,56026 38013,647 June 30. . 260,179164,463 59,32236,39453168 32i;909 284; 15,272 677 >;257139,110119,587 2,099 26 768 13,669 July 29. . 258,640163,840 58,280 36;520 47 720 314.530 275: 13,770 690 110 113355,664400120,500 3,95026 59013,689 Aug. 26. . 260,330164,400 58,80037,130 47910 316;090 277; 14,390 680 6;040134,710121,410 3,54026 76013,697 Sept. 30.. 266,180167,670 60,710 37,,800 52870 327;890 289. 15,820 700 9;200141,090122.380 2,76027 11013,724 Oct. 28.. 266,600167,220 61,360 38,,020 51100 326:230 286; 15,360 710 4; 770141,390123;850 3,94027 24011 3.,736 Nov. 25. . 271,120170,330 62,67038 120 52200 331;980 290,58015,460 710 7,090143,130124,190 4,50027,380113,746 Dec. 31 . . 277,376175,589 62,991 ,796 60 489 346.921307,17017,938 819 6;510155,184126,720 2|679 27^795 13,761 Member banks: 1939—Dec. 30. . 33,941 13,962 14,328 5,651 19,782 361 49, 9,257 154 743 27,489 11,699 3 5,522 6,362 1941—Dec. 31 .. 43,521 18,021 19,539 ,96123,123 121 6i; 10,385 140 1,709 37,136 12,347 4; 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6.,070 29845138;304129;67013,576 64 22,179 69,640 24,210 20•88J :7,589 6,884 1947__I>ec. 31.. 97,846 32,628 57,914 7,304 32845 060 12252812,353 50 1,176 80,609 28,340 54i 8,464 6,923 1950—Dec. 30. . 107,424 44,705 52,36510,35535,524 660 13308913,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31 .. 135,360 70,982 50,697 680 41 416 414 163.75714,512 1,353 3,327105,400 39,165 13712,783 6,543 1959—Dec. 31 .. 157,879 94,779 46,813 287 43 509 205726 18470615,048 1,338 4,504110,989 52,827 58l|l6,264 6,233 I960—Dec. 31 .. 165,619 99,933 49,106 579 45;756 216577193,02916,436 1,639 5 287112,393 57,272 13017,398 6,174 1961—Dec. 30.. 179,599106,232 54,058 308 49 579 235 112 209 17,195 303 5 381119,595 67,157 438|l8,638 6,113 1962—Dec. 28. . 195,698118,637 52,968 24092 47427 249488 219; 15,309 358 6 086117,999 79,716 3,55019,854 6,049 1963—J D u e n c e . 2 2 0 9 . . . . 2 1 1 9 0 9 , , 1 4 2 9 7 51 1 2 3 2 1 , , 0 7 8 1 8 2 4 5 9 0 , ,3 3 9 4 9 2 2 2 9 7 , 0 0 0 7 8 3 4 4 4 4 ; ; 3 9 9 2 5 9 2 2 6 5 1 12 46 1 9 4 2 2 2 2 2 9 ; ; 1 1 4 4 , ,5 3 1 8 8 8 3 3 7 8 3 2 9 5, 7 9 6 8 1 6 1 1 1 1 1 7 , , 5 5 4 6 8 2 9 8 0 6 , , 9 5 2 5 9 0 3 1 , , 4 4 9 4 9 0 2 2 0 1 , , 2 0 3 5 8 4 6 6 , ,1 0 1 5 2 8 1964—Jan. 29. . 206.179129,103 48,344 732 41 480 254644 223,40413,363 429 2,394 823 93,395 3,073 20,952 6,124 Feb. 26. . 206,916129,888 47,873 29155 41969 255804 223,94013,275 448 5;044 823! 94,350 3,16621,172 6,130 Mar. 25. . 209,979132,381,47,985 2961341 171258229 226,54113,378 489 7;032 459! 95,183 3,05421,226 6,136 Apr. 29. . 210,375133,873 46,734 29768 41 889 259460 226,81713,019 493 3;751 314; 96,240 3,37121,500 6,153 May 27. . 211,293135,665 45,979 29649 41 983 260441227,45913,022 489 6 440 1821 97.326 3,38921,719 6,161 June 30.. 215,132138,649 46,235 30249 46767 269437 238,05214,527 525 9; 342 624 98,034 1,93622.060 6,180 July 29. . 213,635138,042 45,223 30,370 41732 262606 229,42913,078 536 4,636112,319 98,860 3,7402i;947 6,186 Aug. 26. . 215,030138,478 45,65130,90141830 263825 230,64213,661 531 ,411111,458 99,581 3,35422:088 6,188 Sept. 30.. 220.105141,393 47,245 31467 46423 274302 241,33115,056 542 8^460 116^969100,304 2,62422;382 6,204 Oct. 28. . 219^78 140,646 47,45831,55774 44680 271 855 237,65614,559 555 4,325 116,793101,424 3,733 22;474 6,209 Nov. 25. . 223,153143,241 48,38331,529 45689 276,406 241,14114,646 551 6,319 118,030101,595 4,29722;560 6,221 Dec. 31.. 228,497147.690 48,717 32,08952',737 289,142 255,72417,007 664 5.838128.539103,676 2.48122;901 6,225 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 COMMERCIAL AND MUTUAL SAVINGS BANKS JUNE 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans andi nvestments Deposits Total assets— Securities Total Interbank i Other Total Num- Cla a s n s d o d f a b te ank Total Loans G U o . v S t . . Other a C ss a e s t h s1 c c b o a i a l a l u p i i n c a t n i d i - t - t e a s s l 2 Total i m D a e n - d Time U. D S. emand Time 3 r B i o n o w g r s - - c c a o a p u c i n - ta ts l ba b o n e f r ks Govt. Other Mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1950_I>ec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 4 28,129 2,812 527 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 4 34,948 3,359 517 1960—Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 4 36,318 3,553 514 1961—Dec. 30 41,259 29,393 6,136 5,730 936 42,833 38,487 7 60 38,420 3,768 514 1962—Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3,951 511 1963—June 29 46,397 34,665 6,166 5,566 890 48,020 43,248 9 58 43,180 4,031 511 Dec. 20 48,089 36,679 5,872 5,539 826 49,621 44,516 42 44,467 4,205 509 1964—Jan. 29 48,400 36,960 5,910 5,530 860 50,080 45,150 60 45,090 4,150 509 Feb. 26 48,860 37,340 5,990 5,530 900 50,600 45,460 60 45,400 4,200 509 Mar. 25 49,320 37,630 6,110 5,580 890 51,040 45,960 50 45,910 4,240 508 Apr. 29 49,540 37,920 6,060 5,560 820 51,180 46,050 50 46,000 4,210 507 May 27 49,940 38,350 6,040 5,550 850 51,610 46,330 50 46,280 4,240 507 June 30 50,226 38,656 6,016 5,554 905 52,000 46,940 50 46,882 21 4,269 506 July 29 50,690 39,110 6,030 5,550 860 52,420 47,120 50 47,070 4,280 506 Aug. 26 51,210 39,520 6,100 5,590 900 52,990 47,480 50 47,430 4,350 506 Sept. 30 51,570 39,890 6,080 5,600 880 53,340 47,960 50 47.910 4,380 506 Oct. 28 51,700 40,270 5,850 5,580 900 53,490 48,180 50 48;130 4,360 506 Nov. 25 52,030 40,660 5,790 5,580 900 53,830 48,390 50 48,340 4,420 505 Dec. 31 52,363 41,085 5,788 5,490 ,004 54,239 49,138 64 49,065 21 4,401 505 Reserve city member banks: 5 New York City: 1939—Dec. 30 9,339 3,296 4,712 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 1941_Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947__Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1959—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 I960—Dec. 31 27,726 18,465 6,980 2.282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Dec. 30 30,297 19,535 7.862 2,900 11,164 43,538 36,818 5,296 191 1,267 23,129 6,935 283 3,683 13 1962—Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—June 29 32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734 187 2,052 20,35110,131 794 3,931 13 Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 1,438 3,984 13 1964—Jan. 29 33,651 22,965 5,691 4,995 8,864 44,912 36,674 4,040 256 351 20,06111.966 1,294 4,161 13 Feb. 26 33,611 22,799 5,561 5,251 9,317 45,377 37,010 4,060 268 901 19,694 12,087 1,320 4,184 13 Mar. 25 34,885 23,653 5,879 5,353 8,530 45,875 37,661 4,096 306 1,563 19,45312,243 1,187 4,184 13 Apr. 29 34,624 23,967 5,390 5,267 8,864 46,040 37,648 4,044 304 833 20,14012,327 1,270 4,203 13 May 27 35,467 24,544 5,619 5,304 9,393 47,346 38,590 4,071 295 1,349 19,670 1133,205 1.494 4,351 14 June 30 36,693 25,490 5,779 5,42410,550 49,716 41,545 4,711 317 2,112 21,22413,181 924 4,402 14 July 29 35,963 25,179 5,322 5,462 8,669 47,137 38,475 3,993 341 987 19,60613,548 1,476 4,388 14 Aug. 26 35,936 24,648 5,691 5,597 8,621 46,929 38,338 4.000 336 992 19,38313,627 1,365 4,421 14 Sept. 30 37,904 26,040 5,973 5,891 10,183 50,696 42,287 4,727 340 2,350 21,19913,671 938 4,447 14 Oct. 28 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 1,059 20,32413,969 1,345 4,436 13 Nov. 25 37,594 26,051 5,954 5,589 10,103 50,171 40,753 4,394 333 1,261 20,67914,086 1,784 4,434 13 Dec. 31 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14•,285 1,224 4,471 13 City of Chicago: 5 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1.333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,225 174 4,604 1,103 490 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 ,286 222 5,165 1,327 3 628 13 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 ,231 272 5,070 1,468 40 762 14 I960—Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 ,380 327 4,899 1,530 35 822 10 1961—Dec. 30 7,606 4,626 2,041 940 2,603 10,383 9,283 ,624 369 5,268 2,008 35 870 9 1962—Dec. 28 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,277 410 5,264 3,025 262 948 13 1963—June 29 9,082 5,545 2,071 ,466 2,136 11,440 10,141 ,202 584 4,840 3,499 111 974 12 Dec. 20 9,615 6,220 1,705 ,690 1,970 11,776 10,296 ,211 395 4,887 3,787 255 996 12 1964—Jan. 29 9,242 5,837 1,823 ,582 1,994 11,437 9,977 ,075 100 4,839 3,948 257 1,002 12 Feb. 26 9,423 5,956 1,867 ,600 2,023 11,641 10,056 ,124 279 4,715 3,923 370 1,002 12 Mar. 25 9,695 6,064 2,063 ,568 1,776 11,713 10,128 .124 472 4,627 3,889 327 1,011 12 Apr. 29 9,316 6,088 1,706 ,522 2,118 11,676 10,263 ,114 212 4,893 4,028 166 1,012 12 May 27 9,394 6,173 1,706 ,515 2,185 11,806 10,414 ,151 384 4,810 4,046 185 1,008 12 June 30 9,636 6,266 1,750 ,620 2,121 12,046 10,630 ,182 587 4,744 4,090 210 1,017 12 July 29 9,394 6,092 1,737 ,565 2,091 11,733 10,289 ,148 282 4,690 4,145 201 1,018 12 Aug. 26 9,638 6,311 1,717 ,610 1,930 11,817 10,351 ,229 298 4,652 4,149 197 1,024 12 Sept. 30 9.914 6,421 1,857 ,636 2,251 12,458 10,964 ,327 616 4,840 4,158 258 1,034 12 Oct. 28 9,788 6,404 1,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 1,034 12 Nov. 25 10,021 6,600 1,786 ,635 2,232 12,537 11,009 ,251 380 4,906 4,450 256 1,044 12 Dec. 31 10,562 7,102 1,873 ,587 2,366 13,289 11,807 ,448 396 5,362 4,578 204 1,056 12 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 891 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Securities a C ss a e s t h s *b T i l l o i i a t t i - a e l s Interbank Other I ]B o o w r - - c T a o p t it a a l l N b u o e f m r - Total Loans G U o .S v . t. Other c c o a a a u p n c i n - d t t a s l 2 Total i m D a e n - d Time U.S D . ema O n t d her Time ings countsbanks Govt. Other Reserve City:6 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1 828 346 1941—Dec. 31 15.347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,391 57 976 32,36611,647 3 322 336 1 19 9 5 5 9 5 — _D D e e c c . . 3 3 1 1 5 6 2 1 , , 4 6 5 2 9 1 2 3 8 8 , , 6 6 2 8 2 6 1 17 8 , , 2 8 9 2 2 6 5 5 , , 0 6 1 4 1 3 1 18 6 , , 2 9 1 9 1 4 7 8 0 1 , , 4 44 7 3 8 7 6 3 4 , , 6 7 7 3 5 3 7 7 , , 2 4 0 5 7 0 2 3 3 0 9 3 1 1 , , 2 6 8 9 8 8 4 3 2 9 , , 6 83 6 5 8 2" 1 1 6 , , 5 1 5 64 5 23 8 8 2 4 6 , , 6 1 4 0 1 6 2 2 9 6 2 5 I960—Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42; ,525 73 6,423 217 1961_Dec. 30 68,565 42,379 19,748 6,438 2200,216 90,815 81,883 8,350 62 2,103 44,986 26,381 81 6,997 206 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337•43,60930,743 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—Jan. 29 76,859 51,034 16,152 9,67316,826 96,184 84,938 6,512 98 813 41,43936,076 1,146 7,773 189 Feb. 26 77,289 51,529 15,994 9,76617,193 96,845 85,456 6,449 105 2,062 40.234 36',606 ,095 7,814 189 Mar. 25 78,288 52,395 15,86610,02716,863 97,572 86,404 6,495 107 2,796 40,16736,839 ,000 7,815 186 Apr. 29 78,650 52,811 15,692 10,14717,445 98,569 86,601 6,232 117 1,586 41,32137,345 ,500 7,984 186 May 27 79,226 53,749 15,29410,18316,999 98,750 86,814 6,231 115 2,708 40,00937,751 ,301 8,032 183 June 30 80,466 54,604 15,488 10,37519,143102,245 91,145 6,894 118 3,771 42,38737,974 572 8,110 183 July 29 80.080 54,557 15,018 10,50517,209 99,824 87,609 6,320 115 1,875 41,15538,144 1,647 8,125 184 Aug. 26 80,662 55,049 14,922 10,69117,185100,348 88,169 6,732 116 2,151 40,740 3"8,430 ,415 8,173 185 Sept. 30 82,222 55,804 15,680 10,73819,158104,065 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 42,61838,849 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 ,845 8,360 182 Dec. 31 84,670 57,555 16,32610,78921,607109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 Country member banks:6 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 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 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,121 922 31,97714,865 9 3,532 6,501 1955—Dec. 31 52,775 24,379 22.570 5,82613,342 66,988 61,636 1,505 ,061 39,68119,372 52 4,769 6,220 1959—Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1.602 ,508 42,,883322 2266,356 71 6,035 5,938 I960—Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 ,783 43,39529,011 23 6,599 5,932 1961—Dec. 30 73,131 39,693 24,407 9,031 15,595 90,376 81,646 1,925 ,641 46,21131,832 40 7,088 5,885 1962—Dec, 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1,773 ,931 46,89536,692 172 7,744 5,828 1963—June 29 82,952 46.934 24,49611,522 14,465 99,361 89,470 1,641 ,332 45,066 39',371 127 7,894 5,839 Dec. 20 87,316 50,023 24,79712,49614,274103,615 92,759 1,793 ,960 48,256 40,693 390 8,377 5,897 1964—Jan. 29 86,427 49,267 24,67812,48213,796102111 91,815 1,736 ,130 47,484 41,405 376 8,016 5,910 Feb. 26 86,593 49,604 24,45112,53813,436 101941 91,418 1,642 ,802 46,180 41,734 381 8,172 5,916 Mar. 25 87,111 50,269 24,17712,66514,002103069 92,348 1,663 2,201 46,212 42,212 540 8,216 5,925 Apr. 29 87,785 51.007 23,94612,83213,462103 175 92,305 1,629 ,120 46,960 42,540 435 8,301 5,942 May 27 87,206 51,199 23,36012,64713,406102,539 91,641 1,569 ,999 45,693 42,324 409 8,328 5,952 June 30 88,337 52.289 23,21812,830 14,953105430 94,733 1,739 2,872 47,270 42,788 230 8,531 5,971 July 29 88,198 52;214 23,14612,83813,763103912 93,056 1,617 ,492 46,868 43,023 416 8,416 5,976 Aug. 26 88,794 52,470 23,32113,00314,094104731 93,784 1,700 ,970 46,683 43,375 377 8,470 5,977 Sept. 30 90,065 53,128 23,73513,20214.831107083 96,130 1,785 2,250 48,24143,790 278 8,577 5,993 Oct. 28 91,040 53,482 24,23313.32514,502107627 96,431 1,870 1,293 48,~912 44,292 408 8,647 6,000 Nov. 25 92,494 54,298 24.65713,53914,708109,392 98,080 1,899 2,098 49,594 44,425 412 8,722 6,014 Dec. 31 93,759 55,733 24,34113,68516,944112932101,581 2,182 1,760 52,398 45,169 213 8,886 6,018 1 Reciprocal balances excluded beginning with 1942. Reclassification banks with total loans and investment of $500 million and total deposits of deposits of foreign central banks in May 1961 reduced interbank of $600 million were reclassified as country banks. deposits by a total of $1,900 million ($1,500 milHon time to other time Beginning with June 1963, 3 New York City banks with loans and inand $400 million demand to other demand). vestments of $392 million and total deposits of $441 million were reclas- 2 Includes other assets and liabilities not shown separately. sified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315. 3 Figures for mutual savings banks include relatively small amounts of demand deposits. Beginning with June 1961, also includes certain ac- NOTE.—Data are for all commercial and mutual savings banks in the counts previously classified as other liabilities. United States (including Alaska and Hawaii, beginning with 1959). 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 Commercial banks represent all commercial banks, both member and noninsured nonmember commercial banks with total loans and invest- nonmember; stock savings banks; and nondeposit trust companies. Comments of about $110 million were added, and 8 banks with total loans mercial banks exclude, and member banks include, a national bank in the and investments of $34 million were transferred from noninsured mutual Virgin Islands that became a member in May 1957, and in the period 1941 savings to nonmember commercial banks. to July 1962, from 1 to 3 mutual savings banks. 5 These data reflect the reclassification of New York City and city of Comparability of figures for classes of banks is affected somewhat Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962 by changes in F.R. membership, deposit insurance status, and the reserve BULL., p. 993. See also second paragraph of note 6 to this table. classifications of cities and individual banks, and by mergers, etc. ^ Beginning with Feb. 1960 reserve city banks with total loans and in- Figures are partly estimated except on call dates. vestments of $950 million and total deposits of $1,070 million were re- For revisions in series before June 30, 1947, see July 1947 BULL., classified as country banks. Beginning with Aug. 23, 1962 (Topeka and pp. 870-71. Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 BANK HOLDING COMPANIES JUNE 1965 BANK HOLDING COMPANIES, DECEMBER 31, 1964 (Registered pursuant to Section 5, Bank Holding Company Act of 1956) pri L n o c c ip a a ti l o n o ff o ic f e Holding company pr L in o c c i a p t a io l n o f o fi f ce Holding company California New Hampshire Los Angeles Western Bancorporation Nashua New Hampshire Bankshares, Inc. Colorado New York Denver Denver U.S. Bancorporation, Inc. Buffalo Marine Midland Corporation Englewood First Colorado Bankshares, Inc. New York Amalgamated Clothing Workers of America New York Empire Shares Corporation Florida New York Southeastern Shares Corporation Jacksonville The Atlantic National Bank of Jacksonville Warsaw Financial Institutions, Inc. Jacksonville Atlantic Trust Company Jacksonville Barnett National Securities Corporation Ohio Pensacola Commercial Associates, Inc. Columbus BancOhio Corporation Tampa The First National Bank of Tampa Springfield The Springfield Savings Society of Clark County Tampa Union Security & Investment Co. Oklahoma Georgia Oklahoma City First Oklahoma Bancorporation, Inc. Atlanta Trust Company of Georgia Atlanta Trust Company of Georgia Associates Tennessee Savannah Citizens and Southern Holding Company Chattanooga Hamilton National Associates, Inc. Savannah The Citizens and Southern National Bank Knoxville Tennessee Shares Corporation Indiana Texas South Bend St. Joseph Agency, Inc. Houston C. B. Investment Corporation South Bend St. Joseph Bank and Trust Company Utah fowa Salt Lake City First Security Corporation Des Moines Brenton Companies, Inc. Virginia Kentucky Arlington The First Virginia Corporation Louisville Trustees, First National Bank of Louisville Richmond United Virginia Bankshares Incorporated Richmond Virginia Commonwealth Corporation Bangor Eastern Trust and Banking Company Washington Port Angeles Union Bond & Mortgage Company Massachusetts Spokane Old National Corporation Boston Baystate Corporation Boston The National Shawmut Bank of Boston Wisconsin Boston Shawmut Association Appleton Valley Bancorporation Milwaukee First Wisconsin Bankshares Corporation Minnesota Milwaukee The Marine Corporation Minneapolis Bank Shares Incorporated Milwaukee Marshall & Ilsley Bank Stock Corporation Minneapolis First Bank Stock Corporation Wausau Central Wisconsin Bankshares, Inc. Minneapolis Northwest Bancorporation St. Paul Otto Bremer Company Canada Montreal Bank of Montreal Missouri Toronto Canadian Imperial Bank of Commerce St. Joseph The First National Bank of St. Joseph St. Louis General Bancshares Corporation Japan Tokyo The Bank of Tokyo, Ltd. Great Falls Bancorporation of Montana Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 894 Gold production 895 Net gold purchases and gold stock of the United States 896 Estimated foreign gold reserves and dollar holdings 897 International capital transactions of the United States 898 Money rates in foreign countries 907 Arbitrage in Treasury bills. 908 Foreign exchange rates 909 U.S. balance of payments 910 Foreign trade 911 Guide to tabular presentation 826 Index to statistical tables 919 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- 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 GOLD RESERVES JUNE 1965 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o d f A i f s g t h a a n n- A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu el m - Brazil Burma Canada Chile world i Fund world 1958 39,445 1,332 20,582 17,530 n.a. 60 162 194 1 270 325 1,078 40 1959 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 I960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964 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 '42,950 2,359 15,623 '24,970 37 74 218 592 1,392 120 42 931 43 July 2,359 15,629 37 74 219 592 1,393 120 42 949 43 Aug 2 424 15 657 37 73 221 592 1 395 120 42 969 43 Sept '43,070 2,425 15,643 '25,000 37 73 223 592 1,395 120 42 990 43 Oct 2,425 15,606 37 73 224 592 1,404 92 42 1,001 43 Nov 2,430 15,566 37 73 224 592 1,434 92 42 1,007 43 Dec 43,060 2,179 15,471 25,410 37 71 226 600 1,451 92 84 1,026 43 1965 Jan 2 181 15 208 37 71 228 600 1 461 92 84 1 036 43 Feb 2,188 14,993 36 228 613 1 473 92 84 1,041 42 Mar M2 810 2 189 14 639 25 980 229 625 1 484 92 1 044 43 Apr 2,217 14,480 230 638 1,490 1,045 43 Ger- E pe n r d i o o d f lo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India I n n e d si o a - Iran Iraq Israel Italy Japan Rep. of 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 Apr . 64 92 65 3,366 4,060 77 247 141 112 56 2,143 May 64 92 65 3,404 4,070 77 247 141 112 56 2,146 June ... 65 92 65 3,451 4,081 77 247 141 112 56 2,148 290 July 66 92 65 3,489 4,117 77 247 141 112 56 2,153 Aug 67 92 65 3,527 4 139 77 247 141 112 56 2,100 Sept 57 92 65 3,564 4,149 93 247 141 112 56 2,104 290 Oct 58 92 64 3,598 4 149 98 247 141 112 56 2 104 Nov 58 92 64 3,632 4,149 98 247 141 112 56 2,104 Dec 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965 Jan 59 92 85 3 913 4 250 77 270 141 112 56 2 107 Feb 60 92 85 3 974 4 251 78 281 141 112 56 2 101 Mar 60 92 85 4,197 4,243 82 281 141 56 2,093 Apr 92 85 4,255 4,243 281 141 56 E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o ay r- P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u- A S r a a u b d i i a A So fr u ic th a 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 Apr 50 172 162 29 1.601 20 31 53 57 24 r505 78 627 May 50 172 168 29 1,601 20 31 53 67 25 r506 78 626 June 50 172 168 34 1,601 20 31 53 67 26 r5O8 78 607 July 48 172 172 34 1,601 20 31 53 67 28 '510 78 615 46 172 170 34 1,601 20 31 53 67 29 r523 78 597 Sect 46 172 170 34 1,601 20 31 53 67 30 r523 78 589 Oct 45 172 169 34 1,611 20 31 53 67 31 '523 78 601 Nov 45 167 34 1,621 20 31 53 67 32 '523 78 592 Dec 48 183 169 34 1.688 20 31 53 67 23 '523 78 574 1965 Jan 48 174 34 1,688 20 31 53 67 24 523 78 545 Feb 171 34 1,723 20 31 53 67 26 532 78 519 Mar 1,723 20 31 53 67 537 498 Apr 1,723 20 31 53 67 540 453 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 GOLD RESERVES AND PRODUCTION 895 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- 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 i o i n t m 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 -42 126 1959 68 191 1,934 41 104 133 174 2,514 180 652 -134 40 1960 178 170 2,185 41 104 134 174 2,800 180 401 -19 55 1961 316 180 2,560 43 104 139 174 2,268 180 401 115 56 1962 446 181 2,667 43 104 140 174 2,582 180 401 -50 56 1963 573 182 2,820 50 104 115 174 2,484 171 401 -279 47 1964—Apr 573 182 2,524 51 104 115 174 171 401 -82 May 573 182 2,526 54 104 115 174 171 401 47 June 575 182 2,599 54 104 115 174 2,439 171 401 40 28 July 577 182 2,560 55 104 115 174 171 401 64 Aug 576 182 2,530 55 104 105 174 171 401 95 Sept 576 182 2,532 55 104 105 174 2,302 171 401 66 Oct 575 182 2,532 55 104 105 174 171 401 71 Nov 576 182 2,532 55 104 105 174 171 401 79 Dec 616 189 2,725 55 104 104 139 171 401 -50 43 1965—Jan 646 189 2,702 55 104 111 139 171 401 17 -111 Feb 677 189 2,702 55 104 115 139 171 401 16 -159 Mar 706 189 2,702 55 104 115 139 2,111 171 401 -104 53 Apr 735 189 2,713 116 401 -98 1 Includes reported or estimated gold holdings of international and 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold regional organizations, central banks and govts. of countries listed in assets minus gold deposit liabilities. this table and also of a number not shown separately here, and gold to be 3 European Payments Union 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 of 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 Americ£i Asia Other World Period produc- Congo tion ! A So fr u ic th a R de h s o ia - Ghana ( p L o e ld o - - U S n ta i t t e e s d C a a d n a - M ic e o x- r N a i g c u a a - Co b l i o a m- India P p h i i n l e ip s - t A ra u l s ia - oth A e l r l 1 ville) 1958 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 13.0 6.0 14.8 38.6 58.9 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.8 1962 1,295.0 892.2 19.4 31.1 7.1 54.5 145.5 8.3 7.8 13.9 5.7 14.8 37.4 57.3 1963 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 1964 1,019.8 20.1 133.0 7.4 12.8 14.9 33.7 1964—Mar 84.9 1.6 2.6 21.9 10.3 .5 .0 .5 1.3 2.6 Apr 82.3 1.6 2.6 11.6 .7 .2 .4 1.2 2.6 May 83.4 1.7 2.6 10.7 .4 .1 .4 1.2 2.7 June ... .• 85.4 1.6 2.4 22.5 10.8 .3 .1 .4 1.2 3.0 July 86.9 1.7 2.4 11.3 .4 .0 .4 3.0 Aug 87.2 1.7 2.5 11.3 .7 .0 .4 3.1 Sept 88.2 1.6 10.9 .5 .9 .4 ' 24.6 2.5 Oct 89.9 1.6 11 5 .8 0 .5 2.8 Nov 88.0 1.8 11.5 .6 1 4 3 0 Dec 84 2 1 9 10 8 5 8 2 3 5 2 8 1965—Jan 1.6 10.8 .9 Feb 9 8 Mar 10 8 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

896 U.S. GOLD JUNE 1965 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1964 1965 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 1964 I n HI IV I Western Europe: A Be u l s g t i r u ia m 3 3 -3 -8 2 4 9 - -3 8 9 3 -1 - 4 1 1 - iii -1 -6 4 3 3 -82 - — 5 5 40 -32 -23 —40 - -4 2 0 5 -34 -266 -173 -456 -518 -405 -101 -101 -101 -101 -482 Germany, Fed. Rep. of.... -34 -23 -225 -200 -25 Italy -349 100 200 200 Netherlands 25 -261 -30 -249 -25 -60 —60 -35 -20 -10 Spain 31 32 -114 -156 -146 -130 -32 -2 -30 -90 Switzerland Q -215 20 -324 -125 102 — 81 — 30 —51 -37 United Kingdom 100 —900 -350 —550 -306 -387 329 618 109 221 163 125 — 76 Bank for Intl. Settlements. -178 -32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 —7 -7 14 -1 -14 -17 Total 80 68-2,326 -827 -1,718 -754 - 1,105 -399 88 -31 79 35 -171 -802 Canada 15 5 190 Latin American republics: 115 75 67 -50 -90 85 -30 Brazil -1 -11 -2 -2 57 72 54 -1 28 -1 28 -1 Colombia 28 -6 38 10 10 -30 -20 -4 Venezuela —200 65 Other 29 6 2 -5 -22 -17 -5 -7 Q -3 -3 -2 2 -7 Total -28 81 69 19 -100 -109 175 32 56 -4 25 7 27 8 Asia: Japan -30 -157 -15 Other * 18 -4 -28 -97 1-101 2—93 312 3 5 -1 _ i • Total * 18 -34 -186 -113 -101 -93 12 3 5 -1 -1 * All other 14 -3 -5 -38 -6 -1 -36 7 2 -9 -1 -1 Total foreign countries 80 172-2,294 -998 -1,969 -970 -833 -392 -36 -28 95 41 -145 -811 Intl. Monetary Fund 4200 600 5-44 4300 150 Grand total 280 772-2,294 -1,041 -1,669 -820 -833 -392 -36 -28 95 41 -145 -811 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. Goyt. securities; Arabia. upon termination of the investment the IMF can reacquire the same 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and amount of gold from the United States. $13 million to Saudi Arabia. s Payment to the IMF of $344 million as increase in U.S. gold sub- 3 Includes purchases of $25 million from the Philippines. scription less sale by the IMF of $300 million (see also note 4). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock i Foreign Month Gold stock i Foreign Total c h u o r l r d e i n n c g y s Total T g o o t l a d l Total h c o u l r d r i e n n g c s y 3 Total T g o o t l a d l Total 2 Treasury Total 2 Treasury 1952 23,252 23,252 23,187 379 379 1964—May... 15,946 15,693 15,463 253 -45 -34 1953 22,091 22,091 22,030 -1,161 -1,161 June... 15,805 15,623 15,461 182 -141 -70 1954 21,793 21,793 21,713 -298 -298 July.... 15,840 15,629 15,462 211 35 6 1955 21,753 21,753 21,690 -40 -40 Aug.... 15,890 15,657 15,460 233 50 28 1956 22,058 22,058 21,949 305 305 Sept.... 15,870 15,643 15,463 227 -20 -14 1957 22,857 22,857 22,781 799 799 Oct 15,702 15,606 15,461 96 -168 -37 Nov.... 16,324 15,566 15,386 758 622 -40 1958 20,582 20,582 20,534 -2,275 -2,275 Dec... 15,903 15,471 15,388 432 -421 -95 1959 19,507 19,507 19,456 -1,075 4-1,075 1960 17,804 17,804 17,767 -1,703 -1,703 1965—Jan 15,572 15,208 15,185 364 -331 -263 1961 17,063 16,947 16,889 116 -741 -857 Feb.... 15,220 14,993 14,937 227 -352 -215 1962 16,156 16,057 15,978 99 -907 -890 Mar.... 15,129 14,639 14,563 490 -91 -354 1963 15,808 15,596 15,513 212 -348 -461 Apr 14,884 14,480 14,410 404 -245 -159 1964 15,903 15,471 15,388 432 95 -125 May**.. 14,512 14,363 14,291 149 -372 -117 1 Includes gold sold to the United States by the International Mone- 4 Includes payment of $344 million increase in U.S. gold subscription tary Fund with the right of repurchase, which amounted to $800 million to the IMF. on May 31, 1965. 2 Includes gold in Exchange Stabilization Fund. NOTE.—See Table 11 on p. 905 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only, see pp. 836 and 838. 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

JUNE 1965 GOLD RESERVES AND DOLLAR HOLDINGS 897 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1963 Mar. 31, 1964 June 30, 1964 Sept. 30, 1964 Dec. 31, 1964 Mar. 31, 1965 P Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria 911 902 947 923 872 Belgium 1,782 1,832 1,821 1,887 1,895 Denmark 14 259 14 289 14 352 428 14 430 14 Finland 1 176 1 167 174 212 1 201 1 France 6 4,709 7 5,003 5,093 5,392 7 5,530 7 Germany, Fed. Rep. of 1 6,811 1 6,616 6,437 6,258 1 6,131 1 Greece * 239 227 225 251 * 232 * Italy 1 2,927 1 3,039 3,225 I 3,729 1 3,539 1 Netherlands 4 1,898 4 1,824 5 1,964 4 2,055 5 2,036 5 Norway 131 135 131 188 131 205 101 214 98 234 68 Portugal '691 * '698 * ''747 * 780 * 801 * Spain 2 807 2 839 2 972 2 1,010 2 983 2 Sweden 129 610 130 615 130 733 90 833 40 928 40 Switzerland 75 3,528 77 3,737 77 3,653 78 4,095 79 3,927 78 Turkey 135 * 129 * 123 140 * 142 * United Kingdom 328 4,245 380 4,153 402 4,222 402 4,020 414 4,308 407 Other* 46 559 49 514 48 1 49 507 49 387 49 Total 741 r30,422 800 r30,772 822 r31,384 753 32,734 714 32,576 676 Canada 687 3,555 3,674 686 3,863 695 4,009 690 3,564 735 Latin American republics: Argentina 452 424 386 361 371 Brazil 329 294 330 349 420 Chile 181 227 224 219 206 Colombia 244 238 226 265 223 Cuba 11 11 10 10 9 Mexico 837 817 808 903 914 Panama, Republic of 91 105 89 99 109 Peru 230 271 271 272 333 Uruguay 277 276 280 281 294 Venezuela 1,017 1,057 .076 1,130 1,096 Other 463 487 465 473 528 Total. .. 4,063 14 4,132 4,207 4,165 4,362 4,503 Asia: India 298 302 311 307 306 342 Indonesia 83 81 77 63 73 62 Japan ,773 2.758 2,757 2.882 3,023 3,107 Philippines 237 232 230 260 256 278 Thailand 486 513 529 546 562 592 f* Other ,687 41 1,893 1,944 42 1,995 45 2,059 43 2,223 43 Total 5,779 5,848 48 6,053 6,279 49 6,604 53 Africa: South Africa 671 670 645 635 620 547 U.A.R. (Egypt) 188 198 196 196 163 163 Other 296 293 10 287 10 288 284 16 317 16 Total 1,155 1,161 10 1,128 10 1 ,119 1,067 16 1,027 16 Other countries: Australia 388 373 384 392 402 411 All other 313 308 25 350 26 358 415 31 371 Total 681 25 734 26 750 826 31 713 Total foreign countries2 1,524 '45,730 1,570 '46,363 1,596 '47,334 1 ,546 1,501 49,100 1,516 49,224 International and regional3. . . 1,218! 7,067 1,170 7,294 1,068 7,499 923 7,162 904 7?279 798 Grand total2 2,742Jr52,797; 2,740 -53,657 2,664 -54,833 2,469 2,405 56,379 2,314 56,386 1 Includes, in addition to other Western European countries, unpub- NOTE.—Gold and short-term dollars include reported and estimated lished gold reserves of certain Western European countries; gold to be official gold reserves, and official and private short-term dollar holdings distributed by the Tripartite Commission for the Restitution of Mone- (principally deposits and U.S. Treasury bills and certificates); excludes tary Gold; European Fund; and the Bank for International Settlements nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- (the figures for the gold reserves of the BIS represent the Bank's net American Development Bank and the International Development Assn. gold assets.) U.S. Govt. bonds and notes are official and private holdings of U.S. 2 Excludes gold reserves of the U.S.S.R., other Eastern European Govt. securities with an original maturity of more than 1 year; excludes countries, and China Mainland. nonmarketable U.S. Treasury bonds and notes held by official institutions 3 Includes international organizations and Latin American and Euro- of foreign countries as shown in Table 8 on p. 904. pean regional organizations, except the Bank for International Settlements See also NOTE to table on gold reserves. and European Fund, which are included in ''Other Western Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 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—Apr. 18,948 5,951 12,997 7,155 1,471 J 249 2,808 150 164 May 19,046 5,901 13,145 7,249 1,485 1,240 2,864 145 162 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 J 499 1,152 2,906 139 165 Sept 19,518 5,989 13,529 7,714 I 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 I 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 '19,519 5,822 13,697 7,551 ,449 ,265 3,096 159 177 Feb 19,606 5 780 13 826 7,644 419 I 278 3 124 180 181 Mar p 19,316 5,878 13,438 7,255 1,316 1,296 3,213 178 180 Apr p 18,989 5,883 13,106 6,949 308 I 305 3,171 184 189 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 End of Grand Latin Other period total Total Intl. g E p io u r e e n r a - o a n - l2 g L i r o . e A n - a . l Total c O i f a fi l - Other Europe Canada America Asia Africa c t o ri u e n s - 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—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 r28,795 '4,974 4,802 22 150 '23,821 13,224 10,597 12,237 '2,983 '3,534 4,638 '238 192 1965—Jan '28,728 4,986 4,811 19 156 '23,742 12,588 11,154 11,986 '2,960 '3,589 4,743 '246 218 Feb 28,838 4,983 4,815 17 150 23,855 12,685 11,170 11,989 2,941 3,645 4,807 273 199 Mar.P... 28,211 5,081 4,916 19 146 23,130 12,297 10,833 11,515 2,520 3,705 4,924 263 204 Apr.P... 27,758 5,086 4,914 15 157 22,672 11,965 10,707 11,003 2,548 3,723 4,916 273 210 2a. Europe Ger- End of period Total Austria Belgium m De a n rk - l F a i n n d - France m F a e n d y . , Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of I960 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 ,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—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 ,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... 12,237 323 436 336 127 1,663 2,010 174 1,622 367 183 257 394 644 1965—Jan... 11,986 296 470 344 129 1,529 1,927 165 1,591 355 153 257 407 681 Feb... 11,989 269 458 334 126 1.565 1,910 152 1,570 339 174 267 337 717 Mar.p 11,515 247 411 338 116 i;333 1,888 150 1,446 313 203 264 277 739 Apr.?. 11,003 215 459 318 122 1,268 1,873 148 1,344 328 197 264 243 724 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 899 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 i n tz d er- Turkey U K d n i o i n m t g ed - Y sl u av g i o a - E W O u e r t s o h t e p e 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 e Total A t r i g n e a n- Brazil <^hile 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 « 15 531 1963 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—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 '1,884 32 358 3 19 '3,534 290 257 176 207 10 734 1965—Jan 1,321 26 '2,034 21 253 3 24 '3,589 297 280 189 175 9 698 Feb 1,308 21 2,074 17 324 2 24 3,645 301 304 161 194 10 709 1,225 27 2,197 21 296 2 24 3,705 300 328 163 163 9 743 Apr. *>..'. 1,209 20 1,892 17 339 3 21 3,723 306 295 154 167 10 699 2b. Latin America—Continued 2c. Asia End of Panama Peru Uru- Vene- O L t . h A e . r Ball & amas An N ti e ll t e h s . & O La th ti e n r Total M Ch a i i n n a - Hong India d In o - - Israel period guay zuela rep. Bermuda ? Surinam America 7 land Kong nesia I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 42,974 35 56 78 76 63 1962 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964—Apr 90 191 98 717 412 154 86 11 4,246 36 72 56 45 132 May.... 90 197 104 687 425 155 85 14 4,232 36 71 67 40 140 June 105 204 105 656 426 166 93 16 4,271 36 71 64 42 135 July 85 218 106 769 427 171 93 14 4,339 35 75 62 40 133 Aug 92 214 112 707 419 166 96 19 4,383 35 80 56 27 129 Sept 89 204 109 675 404 175 98 16 4,474 36 77 60 28 134 Oct 96 199 113 763 405 178 105 16 4,497 36 74 55 36 132 Nov 103 196 111 714 410 174 113 15 4,553 35 85 63 37 140 Dec 99 205 110 729 411 180 114 '12 '4,638 35 95 59 38 133 1965—Jan 101 241 115 759 '414 182 115 '14 4,743 35 96 65 26 131 Feb 110 244 119 714 441 207 114 15 4,807 35 100 70 30 134 109 266 123 695 466 211 111 18 4,924 35 94 61 27 127 Apr.'?'.'.'. 103 246 127 793 476 221 107 19 4,916 35 97 67 28 116 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total (L C e v o o il n p le g o ) o ld- ro M c o c - o7 A So fr u ic th a ( U Eg .A yp .R t) . A O f t r h i e c r a Total t A ra u l s ia - ot A h l e l r7 I960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 41 672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963 2,484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964 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 38 22 125 186 166 19 July 2,478 100 218 249 426 523 233 24 20 44 24 119 190 168 22 Aug 2,545 101 216 248 439 507 224 23 18 38 20 124 183 162 20 Sept 2,592 103 230 238 442 533 231 24 17 46 22 123 189 169 20 Oct 2,587 103 227 240 437 571 244 26 8 48 23 139 188 165 23 Nov 2,608 106 228 221 444 585 238 25 7 51 19 135 181 163 18 Dec r2 719 104 233 221 458 543 '238 26 7 '46 24 '135 192 176 15 1965—Jan 2,716 116 242 225 471 618 '246 23 8 57 28 '131 218 201 18 Feb 2,739 111 259 230 484 615 273 33 8 61 28 143 199 178 21 2,803 100 252 232 488 703 263 37 9 49 24 144 204 182 22 Apr.'?5.".. 2,737 93 248 232 438 774 273 35 10 52 25 150 210 184 25 1 International Bank for Reconstruction and Development, Inter- 4 Includes $82 million reported by banks initially included as of Dec. national Monetary Fund, International Finance Corp., International 31, 1961, of which $81 million reported for Japan. Development Assn., and other international organizations; Inter-Amer- 5 Includes Bank for International Settlements and European Fund. ican Development Bank, European Coal and Steel Community, European <> Decline from end of 1961 reflects principally reclassification of de- Investment Bank and other Latin American and European regional posits for changes in domicile over the past few years from Cuba to other organizations, except Bank for International Settlements and European countries. Fund which are included in "Europe." 7 Data based on reports by banks in the Second F.R. District only for 2 Not reported separately until 1962. year-end 1960-1962. 3 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. For NOTE see end of Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1965 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 8 (end of period) 1963 1964 1963 1964 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Cont.): Iceland • 5.2 7.0 4.7 5.2 Iran 49.4 23.5 33.4 23.4 Ireland Rep of 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 38.2 46.5 49.9 56.4 Laos 12.8 8.8 6.5 5.0 Other Latin American republics: 77.9 76.3 108.1 84.2 Bolivia 21.2 32.6 35.1 43.2 Malaysia 18.9 24.1 24.3 22.2 Costa Rica 32.8 29.1 35.9 31.5 Pakistan 15.9 17.3 16.1 23.1 Dominican Republic 47.4 58.0 40.6 55.7 Ryukyu Islands (incl. Okinawa). 32.7 21.7 31.6 n.a. Ecuador 37.8 53.4 62.1 67.1 37.1 61.7 151.0 197.2 El Salvador . . 48 6 41.7 57.8 56.0 Syria 3 4 2.1 5.7 7.6 Guatemala 74.8 47.9 65.1 48.7 Viet-Nam 11.6 12.1 17.9 19.0 Haiti 11.9 12.9 17.3 14.3 Honduras 23.7 20.0 26.3 26.0 Other Africa: Jamaica 5 8 6.5 4.7 7.0 Algeria .5 .9 1.0 1.5 Nicaragua 42.5 35.0 52.3 42.4 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 13.4 22.0 17.8 20.0 Libya . 10,5 14.1 14.9 28.9 Other Latin America: 1.1 1.4 1.4 2.5 British West Indies 22.6 7.3 6.3 n.a. 24.5 17.8 17.3 n.a. French West Indies & French Somali Republic .6 .8 .8 .5 Guiana 1.3 1.3 .6 1.1 Southern Rhodesia n.a. 3.6 3.5 n.a. Sudan 2.4 2.5 2.0 2.2 Other Asia* Tunisia 11.6 1.0 .8 .9 Afghanistan 13.3 5.0 4.2 5.5 Burma 8.9 9.9 22.1 n.a. All other: Cambodia 10 2 6 9 2.1 n a. New Zealand 8 8 10 5 18 8 12 0 Ceylon 9.6 3.1 3.7 2.4 « Represent a partial breakdown of the amounts shown in the "other" interest-bearing special U.S. notes held by the International Developcategories (except "Other Eastern Europe") in Tables 2a-2e. ment Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 6. For back figures and further NOTE.—Short-term liabilities are principally deposits (demand and description of the data in this and the following tables on international time) and U.S. Govt. securities maturing in not more than 1 year from capital transactions of the United States, sec "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) Pilyable in dollars To banks and official institutions To all other foreigners Payable End of period Total in foreign Total Dem D an e d pos T it i s me 1 c T b er i r l t U e l i s f a . i s S c a u . a n r t d y es n S o p U t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it l s me i c T b er i r l t U e l i s f a . i s S c a u . a n r t d e y s Other 3 currencies 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 19614 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 ,493 966 119 469 134 1964—Apr 26,355 23,091 6,063 3,937 7,687 3,166 2,238 3,148 1,457 ,038 116 537 117 M^ay 26,362 23,138 5,901 3,922 7.800 3,164 2,351 3,107 1 dfil ,057 87 495 118 June 26,328 23,070 5,772 3,722 7^866 3,289 2,421 3 135 496 080 75 484 123 Julv 26,894 23,638 6,210 3,787 7,914 3,289 2,438 3,132 ,464 ,095 86 487 123 Aus .. 27,277 23,993 6 ^59 3,769 8,163 3,275 2 427 3 161 4^0 135 91 485 124 Sept 27,406 24,038 6.243 3,752 8,180 3,425 2,439 3,237 ,478 ,178 101 480 132 Oct 28,039 24,683 6,764 3,856 8,133 3,394 2,536 3,250 ,449 ,196 105 500 106 Nov 28,975 25,563 7,310 3,880 8,470 3,385 2,518 3,302 ,500 ,206 84 512 111 Dec r28,795 25,351 6,710 3,994 8,727 3,308 2,612 r3 355 523 258 72 502 r90 1965—Jan '28,728 r25,269 6,844 4,047 r8,560 3,303 2,515 3 361 502 r 282 81 496 r97 Feb 28,838 25,356 6,734 4,029 8,601 3,303 2,689 3,408 ,510 ,308 79 511 73 Mar.P 28,211 24,698 6,621 3,970 7,972 3,373 2,762 3,449 ,530 1,343 79 497 64 27,758 24,238 6,221 3,978 7,762 3,367 2,910 3,435 ,541 ,359 77 458 86 1 Excludes negotiable time certificates of deposit which are included Bank, which amounted to $309 million on Apr. 30, 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

JUNE 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 901 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 1 cou O n t t h ri e e r s 2 I960 3,614 717 421 1,356 1,052 69 1961 34,820 767 556 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 Apr 6,493 1.002 735 1,814 2,794 102 45 May 6,557 1,028 764 1,791 2,825 98 50 6,897 1,164 855 1,852 2,874 100 52 July 6,727 1,075 746 1,912 2,837 98 58 AUK 6,775 1,048 746 1,932 2,891 98 60 Sept 6,806 1,064 675 1,984 2,923 101 58 Oct 6,912 1,164 629 2,020 2,925 108 66 Nov 6,964 [,129 627 2,098 2,934 109 67 Dec 7,469 1,217 725 2,212 3,137 120 58 Dec 4 r7,838 * r ,230 r912 r2,231 r3,268 r132 63 1965 Jan r7,616 -> r1,169 r885 r2,197 r3,t96 r112 56 Feb 7,728 1 ,178 939 2,235 3,207 117 51 Mar P 7 810 * 1,181 880 2,191 3,374 131 53 Apr.** 7,676 * ,167 800 2,171 3,350 130 57 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 F G e e d r . m o R f an ep y . , Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- 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 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 AUE 1,048 8 31 18 62 72 133 10 94 40 33 20 32 31 Sept 1,064 9 31 17 65 74 127 10 92 40 33 17 31 36 Oct 1,164 9 35 15 69 76 173 10 113 40 36 21 28 43 Nov 1,129 7 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 r1.230 11 r48 26 84 '81 r152 r10 114 36 43 23 40 49 1965 Jan rl,169 9 57 18 77 r89 r189 106 33 46 28 32 51 Feb 1,178 9 72 20 76 81 203 9 125 42 44 26 26 45 Mar. P 1,181 10 49 21 77 72 186 10 138 46 49 34 32 44 1,167 9 49 27 77 82 173 10 123 47 49 36 43 47 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o n i m t g e - d Y sl u av g i o a - W E O u e r t s h o te e p r r e n 5 U.S.S.R. E E O u as t r h t o e e p r r n e6 Total A t r i g n e a n- Brazil Chile l C b o i m 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 ,522 192 186 127 125 19 425 1962 75 42 221 6 19 8 ,606 181 171 186 131 17 408 1963 70 48 237 7 23 16 ,742 188 163 187 208 18 465 1964 Apr 81 25 246 17 25 17 ,814 180 147 192 226 17 515 May 76 23 255 24 24 17 ,791 175 141 186 230 17 507 85 42 347 29 22 15 ,852 171 147 191 246 17 539 July 91 52 285 26 22 16 ,912 174 147 187 251 16 571 88 35 211 23 21 20 ,932 175 153 187 250 16 568 Sept 82 49 290 21 22 18 .984 187 158 196 273 16 ^65 Oct 90 31 312 17 26 20 2,020 196 155 183 291 16 580 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 .... rlll 37 r310 16 20 20 r2,233 r203 r126 r176 17 '645 1965 Jan 112 36 16 20 21 r2.197 207 122 r164 311 16 r660 Feb 118 32 192 15 21 23 2,235 206 117 155 311 16 688 Mar.p 116 30 199 20 23 24 2,191 200 119 140 292 16 686 Apr v 98 7 213 24 24 28 2,171 203 108 140 290 17 684 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1965 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - r O l e L i p t c . h A u s e ? b . 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 t r m l h l i- e . s A O L ic m a th a t e i e n » r r - Total M C la h a n i i n d n a - H K o o n n g g India I n n e d s o ia - Israel 1960 23 44 57 234 55 ? 66 1,052 2 9 9 24 1961 32 74 55 144 56 i: 74 31,891 2 9 8 36 1962 30 85 122 102 66 S) 98 2 017 2 13 20 37 1963 35 99 65 114 135 42 S) 16 2,493 2 11 17 22 1964—Apr 46 113 48 123 147 37 11 11 2,794 2 13 22 34 May.... 41 113 51 125 144 35 13 11 2,825 2 13 23 « 38 June.... 44 114 54 128 140 37 isy 10 2,874 2 15 21 39 July.... 40 112 55 140 160 38 l 10 2,837 2 16 20 i 44 Aug 38 104 62 137 169 41 is) 13 2,891 2 16 19 a 39 Sept 37 102 63 140 173 42 l? 13 2,923 2 20 24 t 39 Oct 35 96 62 140 188 44 is 16 2,925 2 21 20 t 40 Nov 38 99 67 153 199 50 \i 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... r48 108 77 168 223 '65 18 20 '3,268 2 28 21 7 '45 1965—Jan r48 109 77 158 221 '68 19 17 r3,196 2 21 22 7 '33 Feb 56 112 83 161 228 63 19 19 3,207 1 21 16 7 44 Mar.P... 48 116 83 164 228 62 19 18 3,374 1 25 28 7 53 Apr.*\.. 48 112 80 173 221 58 19 19 3,350 1 24 28 7 55 4c. Asia—Continued 4d. Africa 4e. Other couritries Congo End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total i ( p v L o il e l l o d e - ) - M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - oth A e l r l 9 1960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31,528 4 114 10 34 145 6 ]0 13 85 29 27 1962 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964—Apr 2,394 29 161 8 57 74 102 1 20 24 56 45 37 8 May 2,421 28 155 7 54 84 98 ? 18 29 49 50 40 9 June 2,469 27 158 7 57 78 100 ? ]9 26 52 52 43 9 July 2,416 27 174 7 53 78 98 ? 19 26 50 58 49 9 Aug .... 2 472 23 179 7 56 77 98 ? 1Q 26 50 60 50 9 Sept 2,493 25 179 8 53 80 101 ? 18 29 52 58 49 10 Oct 2,488 25 185 9 54 81 108 ? 18 29 58 66 56 10 Nov 2,496 25 183 8 55 79 109 7 19 28 60 67 58 9 Dec 2,653 21 202 9 64 88 120 ? 19 42 56 58 48 10 Dec 4 r2,787 21 r203 9 65 82 ri32 20 42 r67 63 48 16 1965 Jan r2,726 20 205 10 70 80 rH2 1 1 31 r63 56 43 13 Feb 2,726 20 207 12 73 80 117 ? 14 29 71 51 39 12 Mar v 2,848 20 212 12 71 97 131 1Q 35 73 53 41 12 Apr.P 2,819 21 211 13 73 99 130 2 21 35 72 57 45 13 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 $427 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

JUNE 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 903 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 L f s o f t i n o i c t a s i u a n ! - l s to B — anks Others C s t t o o i i a o n u l n l n g t e d - s c - - f e A o o i m a g r f c n n c a a f c e e o d c e p r r e c s s t - t - 2 . Others Total D w e e i i g t p h n o e f s r o i s t r s - g c F p a u o n c o n a r v o a r p i d t n m e t . e i c i e f r g l s e i . s 2 - n e , - Other* 1960 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961.... 4 762 4 177 1 646 329 699 618 694 1 837 586 385 200 1961 5 4,820 4,234 1,660 329 709 622 700 1,874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964—Apr 6,493 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 6,897 6,089 2,192 168 1,143 881 933 2,438 526 808 494 254 60 July 6,727 6,039 2,233 168 1,152 913 956 2,401 448 688 419 207 62 Aug 6,775 6,083 2,265 151 1,176 938 956 2,403 460 692 416 202 74 SeDt . 6,806 6,132 2,310 159 1,207 944 980 2,414 428 674 416 176 83 Oct 6,912 6,242 2,379 164 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 6 '7,838 r7,217 '2,765 '221 r .403 1,141 1,133 '2,618 '702 '621 '338 '181 '102 1965—jan r7 616 '7,003 '2,776 222 1 .4^7 1,127 1,048 '2 512 r666 '613 '338 '169 '107 Feb 7,728 7,092 2,937 250 ,491 ,196 1,007 2,497 650 637 337 176 123 Mar p 7,810 7,227 2,954 243 ,505 ,206 1,076 2,587 608 583 319 147 117 Apr.3' 7,676 7,136 2,903 207 ,495 .201 1,082 2,582 569 541 311 129 100 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec. 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 6 Differs from December data in line above because of the exclusion 4 Until 1963 includes foreign government securities, commercial and as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims finance paper. previously included; and because of the addition of $427 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 All fo c r i u e n r ig - n 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 r 2 Loans other rencies I960 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—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 3,350 3,147 202 1 57 1,273 279 1,029 325 197 110 80 July 175 3,414 3,219 194 1 61 1,302 283 1.030 329 210 115 85 174 3,480 3,282 198 1 72 ,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 ,408 292 1,099 352 229 131 105 D N e o c v 298 f 3 3 , , 9 8 7 53 1 3 3 , , 7 65 7 2 7 2 1 0 9 1 5 * * 7 77 7 , , 4 6 9 1 3 1 2 2 9 73 1 1 1 , , 1 1 5 6 3 2 3 38 6 5 9 2 2 3 3 8 8 1 1 2 2 5 3 1 10 0 3 7 Dec. 4 > 305 1'4,227 '3,977 '249 '1 82 ,622 '304 '1,267 '427 '255 '149 ••122 1965—Jan 309 '4,440 '4,192 '246 r2 '77 r ,676 '328 ,356 '452 259 '173 '119 Feb 493 4,679 4,407 267 5 85 ,781 375 1,394 452 276 182 133 Mar v 458 4 693 4 431 257 5 90 761 342 398 469 297 198 136 Apr.33 441 4,634 4,355 273 6 90 ,762 356 1,331 476 297 187 135 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the addition of May 1963; on that date such claims were $86 million. Also includes $256 million of long-term claims arising from the inclusion of claims $193 million reported for the first time as of Dec. 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

904 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bondsand notes * U. s S e . cu co ri r t p ie 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 h s a e a t s l e e s p s u o r r - c P ha u s r e - s Sales c N h s a e a t s l e e s p s u o r r - c P ha u s r e - s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 1961 512 532 —20 3,384 3 161 223 802 1 262 —460 596 966 370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964 -338 -315 -23 -59 36 3,537 3,710 — 173 915 1,838 -923 748 548 200 1964—Apr -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 10 313 297 17 67 112 -44 64 47 17 July -16 1 -17 -23 6 284 353 -68 70 76 -5 61 42 19 AUK -98 -61 -37 -40 3 260 262 -2 37 32 6 49 32 16 Sept —81 —84 3 3 267 301 —34 51 97 —46 49 42 7 Oct -30 -21 -9 -13 4 335 353 -17 252 399 -148 60 59 Nov -37 • -37 -40 3 297 292 5 86 342 -256 55 50 5 Dec . ... 2 • 2 • 2 289 302 —13 94 221 -127 72 59 13 1965 Jan -66 -68 2 -15 17 240 249 49 107 -58 86 48 38 Feb 7 -38 30 32 -1 283 292 -9 52 269 -217 77 44 34 Mar.*> -17 * -17 * -17 420 389 31 46 148 -102 77 53 24 Aprp . 65 65 65 338 342 -4 87 183 -96 93 69 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 May 802 50 30 477 1245 158 125 8 25 June 802 50 30 477 1245 152 125 2 25 July 953 50 30 628 1245 152 125 2 25 Aug . ... 1,005 50 30 628 1297 152 125 2 25 Sept 1 005 50 30 628 1297 354 2329 25 Oct 1,086 50 30 679 1327 354 2 329 25 Nov 1 086 50 30 679 1327 354 2 329 25 Dec 1 086 50 30 679 i 327 354 2 329 25 1965 Jan 1 086 50 30 679 i 327 354 2 329 25 Feb 1 112 75 30 679 i 327 354 2 329 25 Mar 1 137 101 30 679 i 327 354 2329 25 Apr 1,137 101 30 679 i 327 354 2 329 25 M!a.y 1,137 101 30 679 1327 354 2 329 25 i Includes the equivalent of $70 million payable in Swiss francs to the 2 Includes $204 million of nonmarketable bonds issued to the Govern- Bank for International Settlements. ment of Canada in connection with transactions under the Columbia River treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 905 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 i O c tr o i t e u 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 * _1 18 1964—Apr... -20 -17 -2 * -6 -24 3 -27 10 -2 -1 1 May.. 16 3 14 9 -21 7 6 -17 9 23 1 1 June.. 17 -6 23 -4 -24 28 -3 -3 10 4 3 2 July.. -68 -74 6 4 -32 -32 8 -61 -8 -4 3 I Aug... -2 -50 48 -3 -22 19 2 -4 3 -3 * 2 Sept.. -34 -43 9 -5 -15 4 * -16 -18 * -2 i \ 1 Oct.. -17 -25 8 -6 -19 14 -1 -13 -7 2 1 Nov.. 5 -27 32 -2 -26 41 -15 -2 5 * 2 i 1 Dec... -13 -37 24 -3 -14 -5 -1 -22 3 4 * 1 1965—Jan... -9 * -9 * -2 -3 _! -6 -3 -1 * 1 1 Feb... -9 8 -16 2 2 7 o 4 -11 o * * Mar.P. 31 8 23 9 -2 -8 23 23 7 -4 3 1 Apr.-P. A -49 45 -2 -13 -4 -19 10 1 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) Total Assets in custody Period Total g I a i r n o n e t d n - l. al c t e f o r o i i u g r e n n - s - r E o u p - e C a a d n a - A L i m a c t a e in r- Asia A c f a r i i- O c tr o t i 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 r G it o ie v s t . 1 Earm go a l r d ked 1961 -830 1 -832 -262 -318 -58 -121 — 73 1961 279 6,006 11,905 1962 -1,048 -235 -813 -188 -360 -41 -175 -50 1962 247 6,990 12,700 1963 . . . — 1 044 —96 —949 —49 —614 — 26 — 252 — 8 1963 171 8,675 12,954 1964 -723 -140 -583 163 -665 -36 -77 7 25 1964—May.. 161 7,892 12,747 1964— 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 2 -171 12 -5 2 6 Dec... 229 8,389 12,698 Nov . -251 -95 -156 15 -129 -30 -15 * 2 Dec -114 -22 -92 16 -98 5 -18 1 2 1965—Jan... 143 7,952 12,871 Feb... 154 8,100 12,940 1965—Jan -20 5 -25 14 -23 1 -20 1 3 Mar... 162 7,741 13,187 Feb . -183 -178 5 3 2 -4 -3 * 1 Apr... 146 7,626 13,174 Mar.P. . -79 3 -82 -6 -71 -6 — 1 * 1 May.. 142 7,713 13,050 Apr.*\.. -73 4 -76 22 -28 -27 -47 * 5 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

906 INTL. CAPITAL TRANSACTIONS OF THE U.S. JUNE 1965 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilitiesto 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 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 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 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 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 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 Yugoslavia 4 6 1 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 * * * * Other Eastern Europe * 1 1 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: Arsentina 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 Cuba * * * * * 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 22 23 23 22 23 26 1 1 1 1 1 1 5 5 6 6 8 10 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 1 1 * * * * * * Hong Kong 2 2 2 2 2 2 4 6 5 5 7 9 India 14 14 14 13 16 22 42 39 39 38 36 42 Indonesia • 3 3 5 5 3 4 10 5 5 5 4 4 1 2 1 1 1 1 7 7 8 7 7 10 24 23 27 25 31 29 161 170 170 169 187 201 Korea 1 1 1 1 * 1 6 5 4 4 5 4 5 5 5 4 6 5 9 12 11 11 14 11 Taiwan 1 1 1 * 3 4 3 4 4 5 5 Thailand 2 1 1 1 1 1 11 7 7 7 7 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 * * 1 * 2 1 1 1 2 South Africa 10 9 10 10 11 14 9 8 13 12 11 12 U A R TEevPt) 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 Total 22 30 33 32 34 34 42 38 43 41 45 45 International and regional * * 1 1 * * 1 1 1 * Grand total 626 631 622 585 649 697 2,188 2,407 2,468 2,416 2,694 2,723 i 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

JUNE 1965 MONEY RATES 907 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of May 31, 1964 Rate Country 1964 1965 as of May 31, Per Month 1965 cent effective June July Aug. Sept. I Oct. Nov. Dec. Jan. Feb. Mar. j Apr. May Argentina 6.0 Dec. 1957 6.0 Austria . • • 4.5 June 1963 4.5 Belgium 4.25 Oct. 1963 4.75 4.75 Brazil . 10.0 Apr. 1958 12.0 12.0 4.0 Feb. 1962 4.0 4.0 Aug. 1963 4.25 4.25 Ceylon . .. 4.0 Aug. 1960 5.0 5.0 Chile 2 ... 14.39 Jan. 1964 14.63 15.09 15.09 Colombia 8.0 May 1963 8.0 Costa Rica . . . ... 3.0 Apr. 1939 3.0 Denmark .. 5.5 Nov. 1963 6.5 6.5 5.0 Nov. 1956 5.0 El Salvador 6.0 June 1961 4.6 4.0 Finland 7.0 Apr. 1962 7.0 France 4.0 Nov. 1963 3.5 3.5 Germany, Fed. Rep. of 3.0 May 1961 3.5 3.5 Ghana . 4.5 Oct. 1961 4.5 Greece. 5.5 Jan. 1963 5.5 Honduras 3 3.0 Jan. 1962 3.0 Iceland ........ 9.0 Dec. 1960 8.0 8.0 India • • * • • • 4.5 Jan. 1963 5.0 6 0 6.0 9.0 Aug. 1963 9.0 Iran 4,0 Oct. 1963 4.0 Ireland ... • 4.62 May. 1964 4.69 4.87 4.89 4.94 6.87 6.81 6.75 6.81 6.69 6.69 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Jamaica . .. 4.0 Nov. 1963 5.0 5.0 Japan . 6.57 Mar. 1964 6.21 5 84 5.84 10.5 Mar. 1964 10.5 4 5 June 1942 4.5 Netherlands . ... 4.0 Jan. 1964 4.5 4.5 New Zealand 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3 5 Feb 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru .. 9 5 Nov 1959 9.5 6.0 Jan. 1962 6.0 Portugal . 4.... 2.0 Jan. 1944 2.0 South Africa 3.5 Nov. 1962 4.0 4.5 5.0 5.0 Spain .. 4.0 June 1961 4.0 Sweden 4.5 Jan. 1964 5.0 5 5 5.5 Switzerland 2.0 Feb. 1959 2.5 2.5 Taiwan 5 14.04 July 1963 14.04 Thailand • ..... 7.0 Feb. 1945 7.0 Tunisia 4.0 Oct. 1962 4.0 Turkey . . .... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom 5.0 Feb. 1964 7.0 7.0 Venezuela 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow; average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction: the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank's quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 5 Rate shown is for call loans. 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

908 MONEY RATES; ARBITRAGE JUNE 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 r s y * D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t 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 - y e t y o 3 - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 , * ry D m a o d y n a - y e t y o s - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 1.56 2.00 1964—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 4.45 3.13 4.06 3.05 3.39 3.00 Apr 3.67 3.51 6.78 6.45 5.90 5.00 4.00 3.13 4.19 3.39 3.54 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 * Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canadei Treasury bill rates Treasury bill rates Premium Date q K ( u U i a o n U d n t g j . i a . d S t t e o i . t d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) P d f ( ( o r p i e - + s r o c m w ) u ) o o i o n a u u n r d r n m d t i L n ( o c f N e a n o n v d e f t o t o i r v n e ) qu A i o n t s ed Cana q d u a A o U d t j a . . S ti . 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 + r n o c w ) a ) o l o d l a o u a n r i r n r a 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 basis) Canada basis 1965 Jan 8 6.44 3.77 2.67 -2.61 .06 3.80 3.71 3.77 -.06 -.14 -.20 15 6.44 3.74 2.70 —2.71 -.01 3.81 3.73 3.74 -.01 -.20 — .21 22 . 6.41 3.81 2.60 -2.61 — .01 3.72 3.63 3.81 -.18 -.27 — .45 29 6.38 3.83 2.55 -2.65 -.10 3.70 3.62 3.83 -.21 -.27 — .48 Feb 5 . • 6.32 3.89 2.43 -2.55 -.12 3.71 3.63 3.89 -.26 -.23 — .49 11 6.32 3.89 2.43 -2.52 -.09 3.69 3.61 3.89 -.28 -.07 -.35 19 6.32 3.94 2.38 -2.85 -.47 3.70 3.62 3.94 -.32 + .14 — .18 26 6.29 3.97 2.32 -2.82 -.50 3.76 3.67 3.97 -.30 + .00 -.30 Mar 5 6.26 3.93 2.33 -2.78 -.45 3.78 3.69 3.93 -.24 + .10 -.14 12 6.20 3.91 2.29 -2.54 -.25 3.71 3.63 3.91 -.28 + .17 -.11 19 6.35 3.90 2.45 -2.74 -.29 3.64 3.56 3.90 -.34 + .41 + .07 26 6.35 3.86 2.49 -3.25 -.76 3.62 3.54 3.86 -.32 + .61 + .29 Apr. 2 6.35 3.91 2.44 -3.02 -.58 3.60 3.52 3.91 -.39 + .54 + .15 9 6.32 3.90 2.42 -2.97 -.55 3.58 3.50 3.90 -.40 + .47 + .07 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 4-. 25 3.82 3.73 3.87 -.14 + .20 + 06 14 6.13 3.88 2.25 -1.96 + .29 3.81 3.72 3.88 -.16 + .20 + .04 21 6.10 3.88 2.22 -1.82 + .40 3.85 3.76 3.88 -.12 + .27 + .15 28 6.20 3.85 2.35 -2.44 -.09 3.93 3.84 3.85 -.01 + .27 + .26 June 4 5.49 3.82 1.67 -1.82 -.15 3.98 3.89 3.82 .07 + .34 + .41 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

JUNE 1965 FOREIGN EXCHANGE RATES 909 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (p t A o ra u u l s n i - a d) (s A ch u i s l t l r in ia g) B (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 14.484 331.057 420.404 1964 .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1964 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 .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 May 2.5814 222.87 3.8701 2.0147 92.627 20.951 14.456 31.098 20.397 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) Ja (y p e a n n ) M (d s a i o l a a l y la - r) Me (p x e ic s o o) e ( N g rl u a e i n t l h d d - e s r) Z ( e p N a o e l u a w n n d d) 1959 23.926 21,031 280.88 .16099 .27781 32.857 8.0056 26.492 278 10 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27 555 277 45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32 664 8.0056 27 770 277 22 1964 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276 45 1964—May 25.159 20.977 279.94 .16001 .27579 32.606 8.0056 27.681 277 17 June 25.165 20.945 279.42 .16002 .27580 32.571 8.0056 27.627 276.65 July 25.159 20.912 278.97 .16001 .27576 32 524 8.0056 27 657 276 21 Aug 25.152 20.886 278.66 .16002 .27580 32.474 8.0056 27.674 275 91 Sept . 25.154 20.862 278.34 .16002 .27665 32.431 8.0056 27.712 275.59 Oct 25.158 20.859 278.35 .16003 .27658 32.467 8.0056 27.772 275 59 Nov 25.148 20.867 278.48 .16003 .27686 32.507 8.0056 27.824 275.73 Dec 25.149 20.898 279.06 .16003 .27837 32.569 8.0056 27.831 276.30 1965 Jan 25.135 20.894 279.13 .16003 .27856 32.575 8.0056 27.827 276.37 Feb 25.137 20.915 279.51 .16003 .27830 32.602 8.0056 27.825 276.75 Mar 25 144 20 912 279 24 .16003 27710 32 553 8.0056 27 780 276 47 A pr 25.140 20 91S 279.62 .16004 .27609 32.582 8.0056 27 780 276 85 May 25.097 20.939 279.71 .16004 .27586 32.617 8.0056 27.768 276.94 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) , ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) thAfr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1959 14.028 49,721 3.4967 279.83 9 n^70 19.324 23.142 280.88 I960 14.018 49 770 3.4937 279.71 6635 19 34Q 23 152 280 76 1961 14 000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962.... 14.010 3.4986 139.87 6654 19 397 23.124 280 78 1963 13.987 3.4891 139.48 .6664 19.272 23.139 280.00 1964 . . .. 13 972 3.4800 139.09 1.6663 19.414 23.152 279.21 1964—May 13.992 3.4874 139.45 .6664 19.464 23.171 279.94 Tune . • 13 984 3 4S47 139.19 .6663 19.467 23.172 279.42 July 13.972 3 4796 138.96 .6663 19.441 23.139 278.97 Aug 13 962 3 4746 138.81 .6662 19.466 23.145 278.66 Sept 13.956 3.4714 138.65 .6661 19.461 23.148 278.34 Oct 13.956 3.4680 138.65 .6662 19.376 23.164 278.35 Nov 13.956 3.4686 138 72 6665 19 396 23 172 278 48 Dec 13 980 3.4777 139.01 .6666 19.439 23.172 279.06 1965 Jan H 977 3 4783 139.05 1.6665 19.465 23.149 279.13 Feb H.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 4R22 139 2^ 6<W 19 4^4 23 019 279 62 May 13.982 3.4819 139.33 6661 19.411 23.004 279.71 1 Based on quotations through At>ril 16, 1965. NOTE.—Averages of certified noon buying rates in New York for 2 Based on quotations beginning May 5, 1965. cable transfers. For description of rates and back data, see "International 3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1963. 1962. 4 Effective Jan. 1, 1963, the franc again became the French monetary 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

910 UJS. BALANCE OF PAYMENTS JUNE 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 1964 Item 1962 1963 1964* III IV I n 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 * 30,084 32,020 36,523 8,037 8,471 8,984 8,838 9,247 9,454 Merchandise 20,576 21,989 25,219 5,610 5,917 6,108 6,053 6,372 6,686 Military sales . 656 659 758 117 155 210 151 182 215 Investment income receipts, private. 3,850 3,969 4,706 963 1,001 1,214 1,193 1,211 1,088 Investment income receipts, Govt... 471 498 456 125 126 131 131 131 63 Other services 4,531 4,905 5,384 1,222 1,272 1,321 1,310 1,351 1,402 Imports of goods and services—Total. -25,021 -26,335 -28,314 -6,733 -6,744 -6,805 -7,039 -7,138 -7,332 Merchandise -16,134 -16,996 -18,638 -4,368 -4,379 -4,416 -4,605 -4,716 -4,901 Military expenditures -3,044 -2,897 -2,807 -711 -708 -717 -728 -694 -668 Investment income payments -995 -1,194 -1,304 -308 -332 -317 -323 -324 -340 Other services , -4,848 -5,248 -5,565 -1,325 -1,346 -1,355 -1,383 -1,404 -1,423 Balance on goods and services 1. 5,063 5,685 8,209 1,727 1,304 2,179 1,799 2,109 2,122 Remittances and pensions -738 -826 -830 -202 -206 -197 -206 -212 -215 1. Balance on goods, services, remittances and pensions 4,325 4,859 7,379 1,098 1,525 1,982 1,593 1,897 1,907 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments -3,547 -3,785 -3,657 -791 -925 -778 -908 -934 -1,037 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 48 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+34-4+5) »3,053 -379 -398 -267 -622 -659 -1,505 Less: Net seasonal adjustments -3,605 -3,261 441 18 -336 -35 353 18 Balance of A before seasonal adjustment -3^053' -820 -416 69 -587 -1,012 -1,523 -31605* -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 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 -8 -2 29 Dollar securities6 31 -16 -45 -1 -5 -8 -2 -1 Foreign currency securities "25\ -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 *25' 122 '263' '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 organizations 8 211 -238 -246 -15 -112 -85 -25 -139 Foreign private holders excluding banks9 131 394 348 93 110 34 54 122 138 Foreign commercial banks -129 438 1,415 -31 8 284 80 570 481 Foreign official holders 457 970 698 145 126 -399 92 186 819 Change in U.S. monetary reserve assets (increase, —). 1,533 378 171 227 -5 -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 Includes undetermined holders. 5 With maturities over 12 months. NOTE.—Dept. of Commerce data. Minus sign indicates net p ayments 6 Includes certificates sold abroad by Export-Import Bank. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1965 FOREIGN TRADE 911 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 3986 2,043 31,217 1,327 31,100 ,434 31,206 341 3-114 609 311 Feb 1,809 32.124 2,046 31,593 1 .320 31,510 ,460 31,601 489 3614 586 3-8 Mar 1,672 3 ,958 2,074 32,753 ,342 31,485 ,520 31,869 330 3473 554 3884 Apr 1,795 3 ,914 2,061 32,380 ,365 31,415 ,541 31,835 430 3499 520 3545 May 1,762 ,895 2,062 ,404 1,416 ,539 358 479 523 June K836 ,803 2,034 ,351 1,431 ,518 485 372 516 July 1,748 ,841 2,123 ,347 1,450 57S 401 391 545 Aus 1,703 ,922 2,109 ,346 1,497 1,575 357 425 534 Sept 3!,908 ,958 2 235 3 471 1 443 1 546 3437 515 689 Oct -M,523 ,967 2,155 31,312 1,455 1,548 3211 512 607 Nov 1 ,725 966 2 197 1 425 1 466 31 698 300 500 3499 Dec 31,839 2,091 32,430 31,377 1,480 31,642 3462 611 3788 Quarter: I 5 149 35 068 6 163 35 563 3 989 34 095 4 414 34 676 1,160 3973 1,749 3887 II 5 393 35 612 6 157 4 120 34 262 4 598 1 273 31 350 1 559 III 35,359 5,721 6,467 34,164 4,390 4,699 31,195 1,331 1,768 IV 35,087 6,024 36,782 34 114 4 401 34 888 3973 1,623 31,894 Year* 20,945 22,424 25,620 16,389 17,142 18,685 4,556 5,282 6,935 ^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. BROBDA, 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 912 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 913 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

914 FEDERAL RESERVE BULLETIN • JUNE 1965 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Zip Code Deputy Chairman First Vice President in charge of branch 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 G. L. Bach Clyde E. Harrell Pittsburgh 15230 Edwin Hyde Edward A. Wayne Richmond 23213 William H. Grier Aubrey N. Heflin Leonard C. Crewe, Jr. Donald F. Hagner Baltimore 21203 J. C. Cowan, Jr. Edmund F. MacDonald Charlotte 28201 Jack Tarver Malcolm Bryan J. M. Cheatham Harold T. Patterson Atlanta 30303 C. Caldwell Marks Edward C. Rainey Claude J. Yates Thomas A. Lanford Birmingham 35202 Andrew D. Holt Robert E. Moody, Jr. Jacksonville 32201 George Benjamin Blair Morgan L. Shaw Nashville 37203 New Orleans 70160 Franklin J. Lunding Charles J. Scanlon James H. Hilton Hugh J. Helmer Chicago 60690 James William Miller Russel A. Swaney Detroit.. 48231 Raymond Rebsamen Harry A. Shuford Smith D. Broadbent, Jr. Darryl R. Francis St. Louis 63166 Carey V. Stabler Fred Burton C. Hunter Green Donald L. Henry Little Rock 72203 Sam Cooper E. Francis DeVos Louisville 40201 Atherton Bean Hugh D. Galusha, Jr. Memphis 38101 Judson Bemis M. H. Strothman, Jr. Edwin G. Koch Clement A. Van Nice Minneapolis 55440 Homer A. Scott George H. Clay Helena 59601 Dolph Simons Henry O. Koppang Robert T. Person John W. Snider Kansas City ...64106 James E. Allison Howard W. Pritz Clifford Morris Hardin George C. Rankin Denver 80217 Oklahoma City 73101 Robert O. Anderson Watrous H. Irons Carl J. Thomsen Philip E. Coldwell Omaha, 68102 Roger B. Corbett Fredric W. Reed D. B. Campbell J. Lee Cook Dallas ....75222 John R. Stockton Carl H. Moore El Paso 79999 F. B. Whitman Eliot J. Swan John D. Fredericks Houston 77001 H. Edward Hemmings Arthur G. Coons Clifford H. Watkins San Antonio 78206 Graham J. Barbey William M. Brown Howard W. Price Arthur L. Price San Francisco 94120 William McGregor Erwin R. Barglebaugh Los Angeles 90054 Portland 97208 Salt Lake City 84110 Seattle 98124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM- -PURPOSES AND 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, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (In quantities of 10 or more of INDUSTRIAL PRODUCTION—1957-59 Base. 1962. same issue sent to one address, $5.00 per annum 172 pp. $1.00 a copy; in quantities of 10 or or $.50 each.) Elsewhere, $7.00 per annum more sent to one address, $.85 each. (The 1959 or $.70 a copy. revision available at $.50 a copy.) FEDERAL RESERVE CHART BOOK ON FINANCIAL THE FEDERAL RESERVE ACT, as amended through AND BUSINESS STATISTICS. Monthly. Annual Oct. 1, 1961, with an appendix containing prosubscription includes one issue of Historical visions of certain other statutes affecting the Chart Book. $6.00 per annum or $.60 a copy Federal Reserve System. 386 pp. $1.25. in the United States and the countries listed above. (In quantities of 10 or more of same SUPPLEMENT TO BANKING AND MONETARY STATISissue sent to one address, $.50 each.) Else- TICS. Sec. 1. Banks and the Monetary System. where, $7.00 per annum or $.70 a copy. 1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. HISTORICAL CHART BOOK. Issued annually in Sept. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. Subscription to monthly chart book includes Gold. 1963. 24 pp. $.35. Sec. 15. International one issue. $.60 a copy in the United States and Finance. 1962. 92 pp. $.65. the countries listed above. (In quantities of 10 or more sent to one address, $.50 each.) Else- REGULATIONS OF THE BOARD OF GOVERNORS OF where, $.70 a copy. THE FEDERAL RESERVE SYSTEM. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- ERNMENT SECURITIES MARKET. Pt. I. 1959. RULES OF ORGANIZATION AND PROCEDURE—BOARD 108 pp. Pt II. 1960. 159 pp. Pt. III. 1960. 112 OF GOVERNORS OF THE FEDERAL RESERVE SYSpp. Individual books $1.00 each; set of 3, $2.50. TEM. 1962. 40 pp. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. PUBLISHED INTERPRETATIONS of the Board of 1955. 390 pp. $2.75. Governors, as of Mar. 31, 1965. $2.50. 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN • JUNE 1965 PERIODIC RELEASES INDEX NUMBERS OF WHOLESALE PRICES (G.8) MONTHLY DEPARTMENT STORE SALES—Selected WEEKLY Cities and Areas (G.7.2) APPLICATIONS RECEIVED, OR ACTED ON, BY THE MONTHLY DEPARTMENT STORE SALES, BY DE- BOARD (H.2) PARTMENTS (G.7.3) COMMERCIAL AND INDUSTRIAL LOANS OUTSTAND- MONTHLY FOREIGN EXCHANGE RATES (G.5) ING BY INDUSTRY (H.I2) NATIONAL SUMMARY OF BUSINESS CONDITIONS CONDITION OF WEEKLY REPORTING MEMBER (G.12.2) BANKS IN NEW YORK AND CHICAGO (H.4.3) OPEN MARKET MONEY RATES AND BOND PRICES CONDITION OF WEEKLY REPORTING MEMBER (G.13) BANKS IN LEADING CITIES (H.4.2) RETAIL FURNITURE REPORT (G.I6) FACTORS AFFECTING BANK RESERVES AND CON- SALES FINANCE COMPANIES (G.20) DITION STATEMENT OF F. R. BANKS (H.4.1) STATE MEMBER BANKS OF THE FEDERAL RESERVE RESERVE POSITIONS OF MAJOR RESERVE CITY SYSTEM AND NONMEMBER BANKS THAT MAIN- BANKS (H.5) TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) (G.4) WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS (H.8b) MONTHLY U.S. GOVERNMENT SECURITY YIELDS WEEKLY FOREIGN EXCHANGE RATES (H.10) AND PRICES (G.14) WEEKLY U.S. GOVERNMENT SECURITY YIELDS QUARTERLY-SEMIANNUALLY AND PRICES (H.I5) ALL BANKS IN THE UNITED STATES AND OTHER SEMIMONTHLY-IRREGULAR AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES (E.4) CHANGES IN STATE BANK MEMBERSHIP (K.3) BANK RATES ON SHORT-TERM BUSINESS LOANS ASSETS AND LIABILITIES OF ALL BANKS IN THE (E.2) UNITED STATES (J.4) MATURITY DISTRIBUTION OF OUTSTANDING NEGO- DEMAND DEPOSITS, CURRENCY, AND RELATED TIABLE TIME CERTIFICATES OF DEPOSIT (E.8) ITEMS (J.3) SUMMARY REPORT—ASSETS AND LIABILITIES OF DEPOSITS, RESERVES, AND BORROWINGS OF MEM- MEMBER BANKS (E.3.1) BER BANKS (J.I) MEMBER BANK LOANS (E.3.4) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS (E.6) MONTHLY MATURITY DISTRIBUTION OF OUTSTANDING NEGO- TIABLE TIME CERTIFICATES OF DEPOSITS (E.8) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS (G.7.1) ANNUALLY BANKS DEBITS AND DEPOSIT TURNOVER (G.6) BUSINESS INDEXES (G.12.3) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT (G.19) EXCEPT INTERBANK AND U.S. GOVERNMENT ACCOUNTS (C.5) CONSUMER CREDIT AT CONSUMER FINANCE COM- PANIES (G.22) DEPARTMENT STORE TRADE, UNITED STATES (C.7.3) CONSUMER INSTALMENT CREDIT AT COMMER- CIAL BANKS (G.I8) MEMBER BANK INCOME (C.4) DEPARTMENT STORE CREDIT (G.17) BIENNIALLY FEDERAL RESERVE PAR LIST (Also annual list.) (G.3) DISTRIBUTION OF BANK DEPOSITS BY COUNTIES INTERDISTRICT SETTLEMENT FUND (G:15) AND STANDARD METROPOLITAN AREAS (C.8) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 917 REPRINTS A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) A NEW LOOK AT THE FARM DEBT PICTURE. Dec. 1962. 18 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. 20 FARM DEBT AS RELATED TO VALUE OF SALES. pp. Feb. 1963. 9 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- CHANGES IN STUCTURE OF THE FEDERAL DEBT. tion of method used by Board in adjusting eco- Mar. 1963. 10 pp. nomic data for seasonal variation. June 1941. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. 11 pp. Apr. 1963. 11 pp. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. 1954. 10 pp. May 1963. 13 pp. BANKERS' ACCEPTANCE FINANCING IN THE UNITED RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. STATES. May 1955. 13 pp. INTEREST RATES ON SAVINGS AND OTHER TIME REVISION OF CONSUMER CREDIT STATISTICS. Oct. DEPOSITS, MID-FEBRUARY 1963. June 1963. 1956. 24 pp. (Also, similar reprint from Apr. 7 pp. 1953 BULL.) MEASURES OF MEMBER BANK RESERVES. July SEASONAL FACTORS AFFECTING BANK RESERVES. 1963. 14 pp. Feb. 1958. 12 pp. BANK LOANS SECURED BY STOCKS AND BONDS. July OPEN MARKET OPERATIONS IN LONG-TERM SE- 1963. 19 pp. CURITIES. Nov. 1958. 15 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL *PART I, ALL-BANK STATISTICS, 1896-1955. Re- LENDING. July 1963. 8 pp. print of the U.S. Summary containing a description of revised statistics for all banks in the MEASURING AND ANALYZING ECONOMIC GROWTH. United States, by class of bank, together with Aug. 1963. 14 pp. revised statistics. Apr. 1959. 94 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. STATISTICS ON THE GOVERNMENT SECURITIES 1963. 8 pp. MARKET. Apr. 1961. 8 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. SURVEY OF FINANCE COMPANIES, MID-1960. Oct. Sept. 1963. 17 pp. 1961. 21 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp. ii pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. THE OPEN MARKET POLICY PROCESS. Oct. 1963. 1961. 3 pp. 11 PP. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. RECENT INTEREST RATE TRENDS. NOV. 1963. July 1962. 6 pp. 10 pp. INTEREST RATES AND MONETARY POLICY. Sept. BANK CREDIT AND MONEY IN 1963. Feb. 1964. 1962. 28 pp. 7 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- 1962. 10 pp. SUMERS. Mar. 1964. 9 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 1962. 15 pp. 7 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN • JUNE 1965 REPRINTS—(Continued) U.S. GOVERNMENT SECURITIES IN 1964. Nov. 1964. 8 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. RESEARCH INTO BANKING STRUCTURE AND COM- REVISION OF THE MONEY SUPPLY SERIES. June PETITION. Nov. 1964. 17 pp. 1964. 14 pp. BANK CREDIT AND MONETARY DEVELOPMENTS IN REVISION OF BANK CREDIT SERIES. June 1964. 1964. Feb. 1965. 13 pp. 5 pp. BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp. RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964. 9 pp. BALANCE OF PAYMENTS PROGRAM: GUIDELINES FEDERAL RESERVE SECURITY TRANSACTIONS, 1954- FOR BANKS AND NONBANK FINANCIAL INSTITU- 63. July 1964. 16 pp. TIONS. Mar. 1965. 6 pp. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 31pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Mar. 1965. 13 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. 1964. REVISION OF BANK DEBITS AND DEPOSIT TURN- 25 pp. OVER SERIES. Mar. 1965. 4 pp. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. BANKING AND MONETARY STATISTICS, 1964. Se- 8 pp. lected series of banking and monetary statistics YIELD DIFFERENTIALS IN TREASURY BILLS, 1959- for 1964 only. Feb., Mar., and June 1965. 15 64. Oct. 1964. 20 pp. 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 826.) Acceptances, bankers', 835, 852, 854 Demand deposits—Continued Agricultural loans of commercial banks, 846, 848 Banks, by classes, 834, 842, 850, 889 Arbitrage, 908 Turnover of, 838 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 847 claims): Deposits (See also specific types of deposits): Banks and the monetary system, consolidated, Adjusted, and currency, 841, 888 841, 888 Banks, by classes, 834, 842, 847, 850, 854, 889 Corporate, current, 866 Federal Reserve Banks, 836, 905 Domestic banks, by classes, 842, 846, 848, 889 Postal savings, 834, 841, 888 Federal Reserve Banks, 836 Discount rates, 833, 907 Automobiles: Discounts and advances by Federal Reserve Banks, Consumer instalment credit, 870, 871, 872 828, 836, 838 Production index, 874, 875 Dividends, corporate, 865, 866 Dollar assets, foreign, 897, 905 Balance of payments (See U.S. balance of payments) Bank holding companies, list of, Dec. 31, 1964, 892 Earnings and hours, manufacturing industries, 881 Bankers' balances, 847, 849 Employment, 878, 880, 881 (See also Foreign liabilities and claims) Farm mortgage loans, 867, 868 Banking and monetary statistics for 1964, 888 Federal finance: Banks and the monetary system, consolidated state- Cash transactions, 856 ment, 841, 888 Receipts and expenditures, 857 Banks for cooperatives, 861, 862 Treasurer's balance, 856 Bonds (See also U.S. Govt. securities): Federal funds, 832 New issues, 862, 863, 864 Federal home loan banks, 861, 862, 869 Prices and yields, 852, 853 Federal Housing Administration, 853, 867, 868, 869 Brokers and dealers in securities, bank loans to, Federal intermediate credit banks, 861, 862 846, 848 Federal land banks, 861, 862 Business expenditures on new plant and Federal National Mortgage Assn., 861, 862, 869 equipment, 866 Federal Reserve Banks: Business indexes, 878 Condition statement, 836 Business loans (See Commercial and industrial loans) U.S. Govt. securities held by, 828, 836, 838, 858, 859 Capital accounts: Federal Reserve credit, 828, 836, 838 Banks, by classes, 842, 847, 850, 889 Federal Reserve notes, 836, 839 Federal Reserve Banks, 836 Federally sponsored credit agencies, 861, 862 Carloadings, 878 Finance company paper, 852, 854 Central banks, foreign, 894, 907 Financial institutions, loans to, 846, 848 Certificates of deposit, 850 Float, 828 Coins, circulation of, 839 Flow of funds, 886 Commercial and industrial loans: Foreign central banks, 894, 907 Commercial banks, 846 Foreign currency operations, 836, 838, 896, 904 Weekly reporting member banks, 848, 851 Foreign deposits in U.S. banks, 828, 836, 837, 847. Commercial banks: 850, 905, 888 Assets and liabilities, 842, 845, 846, 889 Foreign exchange rates, 909 Consumer loans held, by type, 871 Foreign liabilities and claims: Number, by classes, 842, 889 Banks, 898, 900, 901, 903, 905 Real estate mortgages held, by type, 867 Nonfinancial concerns, 906 Commercial paper, 852, 854 Foreign trade, 911 Condition statements (See Assets and liabilities) Construction, 878, 879 Gold: Consumer credit: Certificates, 836, 839 Instalment credit, 870, 871, 872, 873 Earmarked, 905 Non instalment credit, by holder, 871 Net purchases by U.S. 896 Consumer price indexes, 878, 882 Production, 895 Consumption expenditures, 884, 885 Reserves of central banks and govts., 894 Corporations: Reserves of foreign countries and international Sales, profits, taxes, and dividends, 865, 866 organizations, 897 Security issues, 863, 864 Stock, 828, 841, 888, 896 Security prices and yields, 852, 853 Gross national product, 884, 885 Cost of living (See Consumer price indexes) Currency in circulation, 828, 839, 840 Hours and earnings, manufacturing industries, 881 Customer credit, stock market, 853 Housing starts, 879 Debits to deposit accounts, 838 Income, national and personal, 884 Debt (See specific types of debt or securities) Industrial production index, 874, 878 Demand deposits: Instalment loans, 870, 871, 872, 873 Adjusted, banks and the monetary system, Insurance companies, 855, 858, 859, 868 841, 888 Insured commercial banks, 844, 846 Adjusted, commercial banks, 838, 840, 847 Interbank deposits, 834, 842, 847, 889 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN • JUNE 1965 Interest rates: Reserves: Bond yields, 852 Central banks and govts., 894 Business loans by banks, 851 Commercial banks, 847 Federal Reserve Bank discount rates, 833 Federal Reserve Banks, 836 Foreign countries, 907, 908 Foreign countries and international Money market rates, 852, 908 organizations, 897 Mortgage yields, 853 Member banks, 828, 830, 834, 847, 849 Stock yields, 852 Residential mortgage loans, 867, 868, 869 Time deposits, maximum rates, 834 Retail credit, 870 International capital transactions of the U.S., 898 Retail sales, 878 International institutions, 894, 896, 897 Inventories, 884 Sales finance companies, consumer loans of, 870, Investment companies, new issues, 864 871, 873 Investments {See also specific types of investments): Saving: Banks, by classes, 842, 846, 849, 854, 889 Flow of funds series, 886 Commercial banks, 845 National income series, 885 Federal Reserve Banks, 836, 838 Savings and loan assns., 855, 859, 868 Life insurance companies, 855 Savings deposits {See Time deposits) Savings and loan assns., 855 Savings institutions, principal assets, 854, 855 Securities {See also U.S. Govt. securities): Labor force, 880 Federally sponsored agencies, 861 Loans {See also specific types of loans): International transactions, 904, 905 Banks, by classes, 842, 846, 848, 854, 889 New issues, 862, 863, 864 Commercial banks, 845 Silver coin and silver certificates, 839 Federal Reserve Banks, 828, 836, 838 State and local govts.: Insurance companies, 855, 868 Deposits of, 847, 850 Insured or guaranteed by U.S., 867, 868, 869 Holdings of U.S. Govt. securities, 858, 859 Savings and loan assns., 855, 868 New security issues, 862, 863 Ownership of obligations of, 846, 854, 855 Manufactures, production index, 875, 878 Prices and yields of securities, 852, 853 Margin requirements, 834 State member banks, 844 Member banks: Stock market credit, 853 Assets and liabilities, by classes, 842, 846, 889 Stocks: Borrowings at Federal Reserve Banks, 830, New issues, 863, 864 836, 850 Prices and yields, 852, 853 Deposits, by classes, 834 Number, by classes, 843, 889 Tax receipts, Federal, 857 Reserve position, basic, 832 Time deposits, 834, 840, 841, 842, 847, 850. 888, 889 Reserve requirements, 834 Treasurer's account balance, 856 Reserves and related items, 828 Treasury cash, 828, 839, 841, 888 Weekly reporting series, 848 Treasury currency, 828, 839, 841, 888 Mining, production index, 875, 878 Treasury deposits, 828, 836, 856 Money rates {See Interest rates) Turnover, deposit, 838 Money supply and related data, 840 Mortgages {See Real estate loans) Unemployment, 880 Mutual funds {See Investment companies) U.S. balance of payments, 910 Mutual savings banks, 841, 842, 844, 854, 858, 859. U.S. Govt. balances: 867, 888, 890 Commercial bank holdings, by classes, 847, 850 Consolidated monetary statement, 841, 888 National banks, 844 Treasury deposits at Federal Reserve Banks. 828. National income, 884, 885 836, 856 National security expenditures, 857, 884 U.S. Govt. securities: Nonmember banks, 844, 846, 847 Bank holdings, 841, 842, 846, 849, 854, 858. 859, 888, 889 Open market transactions, 835 Dealer transactions, positions, and financing, 860 Federal Reserve Bank holdings, 828, 836. 838. Payrolls, manufacturing, index, 878 858, 859 Personal income, 885 Foreign and international holdings, 836. 897. 905 Postal Savings System, 834, 841, 888 International transactions, 904 Prices: New issues, gross proceeds, 863 Consumer, 878, 882 Open market transactions, 835 Security, 853 Outstanding, by tvpe of security. 858. 859. 861 Wholesale commodity, 878, 882 Ownership of, 858, 859 Production, 874, 878 Prices and vields, 852, 853, 908 Profits, corporate, 865, 866 United States notes, outstanding and in circulation. 839 Utilities, production index, 875, 878 Real estate loans: Banks, by classes, 846, 854, 867 Vault cash, 828, 834, 847 Mortgage yields, 853 Type of holder, 867, 868, 869 Veterans Administration, 867, 868, 869 Type of property mortgaged, 867, 868, 869 Reserve position, basic, member banks, 832 Weekly reporting member banks, 848 Reserve requirements, member banks, 834 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 28, ig6f Drawn by H. W. Qafvin, Cut <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