Full text of Federal Reserve Bulletin : April 1965

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FEDERAL RESERVE

LLETIN
April
Volume £i

*

* • *

Number 4

*

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




WASHINGTON




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or $5.00 for 12 months.




FEDERAL RESERVE

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

EDITORIAL

COMMITTEE

Charles Molony
Ralph A. Young
Daniel H. Brill

Guy E. Noyes
Elizabeth B. Sette

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.




CONSUMER INCOME, SPENDING,
AND SAVING

519

E

ersonal income has been rising about as rapidly this year as it did
in 1964. Since the large rise in disposable income at the time of
the cut in Federal income taxes last March, such income has about
kept pace with the rise in personal income. In recent months consumers' purchases of new automobiles have been at very high
levels, and their purchases of other goods and of services have
expanded further. Nevertheless, their saving in financial forms
has continued to show the same rapid expansion that has characterized the entire cyclical upswing.
Over the period since late 1963, consumers' after-tax income
and their total consumption expenditures have each increased at
an annual rate of about 7.5 per cent—much faster than in the
preceding 2 years. Meanwhile, consumer prices have continued to
rise slowly. Thus most of the large increase in income has represented a real gain in purchasing power.
Underlying the gains in income and spending has been the
continued expansion in output and employment. The rise in personal income in the first quarter, as in 1964, reflected in large
part the strong gains in wage and salary payments that accompanied rising employment and rates of pay in nonagricultural industries. During 1964 nonagricultural employment increased by
1.9 million, the largest 12-month gain since 1959, and it increased
at a faster rate during the first quarter of this year. Although

ECONOMIC ACTIVITY advances further in early 1965; UNEMPLOYMENT declines
1960-61=100

MILLIONS OF PERSONS

RETAIL SALES

[: I

NOTE.—Seasonally adjusted data. Indexes for personal income and retail sales based on Dept. of Commerce series. Nonagricultural
employment, which is based on data for establishments, and unemployment rate are from Bureau of Labor Statistics. Latest figures
shown, March.




FEDERAL RESERVE BULLETIN • APRIL 1965

growth in the labor force was also large, unemployment declined
from a rate of 5.5 per cent at the end of 1963 to 4.7 per cent
in March.
Consumers' allocation of their incomes between spending and
saving was about the same in early 1965 as in early 1964, but in
the intervening period it showed pronounced fluctuations. Spending lagged behind the spurt in disposable income just after the
tax cut last spring. And again last autumn, when automobile purchases were limited by strikes, spending showed much less rise
than income. For the year 1964, the spending rate was lower than
in the preceding 2 years, and the rate of saving higher.
INCOME




The rise in total personal income during 1964 and early 1965
has been the largest increase in this cyclical upswing except for
the initial recovery period in 1961. Mainly because of last year's
tax cut, the step-up in consumers' disposable income has been
more pronounced than the increase in their total income. Consumer prices for goods and services have held to a slow rate of
increase, and consumers' real income has advanced sharply.
Personal income. Total personal income in March was at a seasonally adjusted annual rate of $514 billion, up more than a fourth
from the recession low in early 1961. Since December 1963 the
annual rate of increase has been 6 per cent. During 1963 personal
income had increased by 5.5 per cent and in 1962 by less than
5 per cent.
Labor income—wages and salaries plus various supplements
such as employer contributions to private pension and welfare
funds—accounts for more than two-thirds of personal income
and for the bulk of its fluctuations. More rapid expansion in labor
income has accounted for most of the moderate step-up in personal income since late 1963.
Wages and salaries have increased at an annual rate of 7.5
per cent, as compared with 5 to 5.5 per cent in the preceding 2
years. In the main this development reflects larger gains in employment and longer hours of work.
Employment has increased substantially in most major nonagricultural industries, but perhaps most notably in manufacturing
where it has responded to heightened demands by both business
and consumers. Manufacturing employment increased as much
last year as in the preceding 2 years combined and increased considerably further in early 1965. In March it equaled the peak
reached in mid-1953 at the height of the Korean war boom, despite a long-term downward trend in production-worker employment, associated with rising productivity.

520




CONSUMER INCOME, SPENDING, AND SAVING

Accompanying the large employment gain, average weekly
hours of factory workers have also increased. In fact, during the
first 3 months of 1965, the average workweek reached the highest
level in more than 19 years. Average hourly earnings have continued to increase at a rate of about 3 per cent per year. With
fringe benefits included, total hourly compensation per employee
has been increasing at a somewhat faster pace. However, the rise
has not exceeded the gain in manufacturing productivity.
In line with the step-up in retail sales over the period, trade
employment has increased somewhat more rapidly since late 1963
than earlier. Employment and payrolls of State and local governments and of service industries have maintained their strong uptrend. Federal Government employment has been relatively stable,
but payrolls have risen moderately over the past year, primarily
as a result of salary increases last summer.
While labor income increased more rapidly in 1964 and the
first quarter of 1965 than earlier, the total of all other types of
personal income did not accelerate. Interest and dividend payments continued to expand at a rapid rate, and the gain in income
of nonfarm proprietors was at a moderately faster pace, but farm
income declined slightly further.
Transfer payments continued on a moderate uptrend mainly
because of payments under the old-age and survivors insurance
program. Unemployment compensation, which moves countercyclically, declined with the reduction in unemployment.
CHART 2

With employment rising sharply, WAGES AND SALARIES show strong uptrend

WAGES S. SALARIES

THER PERSONAL
NCOME

1963

NOTE.—Based on Dept. of Commerce seasonally adjusted data. "Other" includes all personal
income except wage and salary disbursements. Latest figures shown, March.

521




522

FEDERAL RESERVE BULLETIN • APRIL 1965

Disposable income. Since the end of 1963, disposable income has
increased at an annual rate of nearly 7.5 per cent, as compared
with 6 per cent for before-tax income. Most of the difference between these increases occurred when the substantially lower withholding rates went into effect as a result of the Federal tax cut
enacted in early 1964. In contrast with the recent 7.5 per cent
rate of increase, disposable income had increased by about 5.5
per cent in 1963 and by less than 4.5 per cent in 1962.
CHART 3
CONSUMERS' after-tax income and spending accelerate since 1963;
BILLIONS OF DOLLARS

*
— 440

/
DISPOSABLE
^S
PERSONAL
^ ^ ' ^
INCOME ^ ^ * ^

_

— 400

— 360
^^r
^ ^ ^

CONSUMPTION
EXPENDITURES

but RATE OF SPENDING varies
— " ™ " V ^

SPENDING

FER CENT
—

RATE

94

f
— 92
i

'

:
1961

I
1963

1965

NOTE.—Dept. of Commerce seasonally adjusted data. Spending rate is consumption expenditures as a percentage of disposable income. Dashed lines are average spending rates for 1962,
1963, and 1964. Latest figures shown, first quarter 196S.

Incorporated in the law that reduced income tax rates for
1964 was provision for a second stage of reduction effective in
1965. However, most of the tax cut's direct effect on disposable
income was experienced in March 1964 when the withholding
rate on wages and salaries was reduced to 14 per cent from 18
per cent in one stage, rather than in two stages. The effect was to
increase disposable income in 1964 by close to $8 billion.
Consumer prices. In spending their larger incomes, consumers
have benefited from relative price stability, particularly for goods.
Average consumer prices of goods and services have risen by only

CONSUMER INCOME, SPENDING, AND SAVING

about 1 per cent over the past year, the same as the average
annual increase since the spring of 1960. Over this period, the
cost of services has risen at a steady 2 per cent a year. Average
price increases for commodities have varied more, owing mainly
to fluctuations in food prices, but have ranged only from 0.5 to
about 1 per cent a year. Over the past year commodity prices
have increased 0.7 per cent.
Increases in costs of services over the past year have continued
to be widespread, but the over-all rate of increase in this upswing
has been smaller than in earlier postwar expansions. The rise in
rents, in particular, has been slower. Over the past year, the largest
increases have been in transportation services, including sharply
higher auto insurance premiums, and in hospital charges and other
medical services.
The small price increase for commodities reflects slight increases for food, apparel, and used cars. Prices of new autos are
little changed from a year ago, and household durable goods have
continued the gradual downtrend of the past several years.
CONSUMER SPENDING




Consumption expenditures began to accelerate late in 1963, in
anticipation of passage of the tax cut, and thereafter rose rapidly
except during the strikes in the automobile industry last autumn.
Over the entire period from late 1963 to early 1965, consumption
expenditures increased somewhat more than disposable income.
With the added flow of income, consumers increased their spending for goods proportionally more than for services, and for
durable goods more than for nondurable goods.
Durable goods. In contrast to the two preceding cyclical upswings
when consumer purchases of durable goods tended to level off after
an initial sharp rise, such purchases, as Chart 4 shows, have
moved up steadily throughout this upswing, except for the dip in
the fourth quarter of 1964, which was due to the auto strikes.
Moreover, the increase since late 1963 has been at a faster rate
than in the preceding 2 years—an annual rate of 12 per cent
compared with 8 per cent. Consumers have spent a steadily
rising proportion of their disposable income for durable goods,
and in the first quarter of 1965 this share was at its highest
level since 1955.
Autos. The dominating feature of consumer demand developments in recent months has been the sharply advanced rate of
sales of new cars, shown in Chart 5. The exceptionally high rate
of sales in the past few months—a seasonally adjusted annual
rate of close to 10 million units (including imports)—has represented in part a making up for sales lost during the strikes last

523




FEDERAL RESERVE BULLETIN • APRIL 1965

autumn, and it is not generally expected to hold throughout the
year.
In fact, in recent weeks, sales of new cars have not been showing all of the very large seasonal rise usual at this time of the year;
the seasonally adjusted rate declined to about 9.3 million units in
March and to a somewhat lower rate in early April. However,
trade reports indicate that this may reflect in part capacity limitations on production of the most popular models.
Despite the strikes last autumn, sales of new domestic autos
for the first 6 months of the 1965 model year were at an average
annual rate of 8.3 million units. This represents the fourth successive step-up in automobile buying, by model year. Sales in the 1964
model year, which closed last September, totaled 7.7 million
units, 7 per cent above sales in the preceding model year. Moreover, since the fall of 1962, sales of imported cars—which had
been declining for about 3 years—have been rising again. On a
calendar year basis, however, total sales of new cars did not exceed the record that had been set in 1955 until 1963. In 1964,
sales were 9 per cent above the 1955 level.
The persistent rise in auto purchases throughout this cyclical
upswing represents a departure from past experience of a more
limited run of "good" auto years. This buoyancy in auto demand
has stemmed not only from the favorable income developments
of the past 4 years but also from increased replacement needs,
a large increase in the driving-age population, the continuing
trend to ownership of two or more cars, a steady succession of
popular models, and ready availability of instalment credit with
36-month maturities. Moreover, it appears that demand for new
cars has been supported by comparatively high trade-in allowances
because used car prices have remained at advanced levels. Since the
beginning of 1964, used car prices have been higher relative to
new car prices than at any other time since the Korean war period
when production of autos was limited.
Household durable goods. Consumer purchases of furniture and
household equipment have followed an unusual pattern during
this cyclical upswing. They have shown only a slight upward movement since mid-1964, whereas in the preceding 12 months they
had increased sharply. In fact, the rise from mid-1963 to mid1964 accounted for half of the total increase in such purchases
over the entire cyclical expansion to date.
The tax cut was undoubtedly an influence on that sharp rise,
particularly in the first half of 1964. Another influence may have
been the cumulative effect of the unusually persistent expansion
in residential construction activity, which extended to early 1964.

524




CONSUMER INCOME, SPENDING, AND SAVING

525

Thereafter there was a sizable decrease in residential construction
activity, which may have acted to moderate the expansion in consumer purchases of home goods after mid-1964. Another inhibiting influence on purchases of household durable goods in recent
months may have been consumers' preferences for buying new
automobiles.
While total retail sales of household durable goods appear to
have shown little change since last summer, some products have
continued to sell especially well. An outstanding feature of this
market has been the coming of age of color television. Sales of
color television sets have been increasing sharply, and consumer
purchases of all types of television sets in late 1964 were up substantially from late 1963. Air conditioners and clothes dryers have
also been important growth items.
Consumer buying plans. The findings of the Census Bureau's
quarterly survey of consumer buying intentions conducted in

DURABLE GOODS pace the rise in consumer spending; NONDURABLES
show large rise since ' 6 3
1960-6I=!00

NONDURABLES

1963

1965

NOTE.—Based on Dept. of Commerce seasonally adjusted data on personal consumption expenditures. Latest figures shown, first quarter 1965.

FEDERAL RESERVE BULLETIN • APRIL 1965

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




With the added flow of income, consumers have increased both
their current consumption and their saving, but the relative distribution of disposable income between the two changed moderately in 1964.
Consumption typically lags a little in its response to large in-

526




CONSUMER INCOME, SPENDING, AND SAVING

527

creases in disposable income. In the spring of 1964, when the tax
cut gave an extrafillipto already expanding after-tax incomes, the
spending rate (consumption as a per cent of disposable income)
declined moderately. The limited availability of autos in the
autumn, which precipitated a temporary sharp decline in consumer purchases of durable goods at a time when total incomes
were continuing to rise, caused the rate to decline again. By the
first quarter of 1965, however, the spending rate was back to about
the level of early 1964.
With the spending rate down moderately in 1964 as a whole,
the saving rate rose to 7.5 per cent of disposable income from the
relatively low 1963 figure of 6.8 per cent. Over the past 10 years
the saving rate has averaged about 7.2 per cent of disposable income. With rapidly rising disposable income and an increase in
the saving rate, the dollar volume of personal saving, which had
been approximately constant during the previous 3 years, rose
sharply in 1964.
CHART S

AUTO SALES this year well above early '64 levels; OTHER DURABLES
moderately higher
1960-61=!00

HOUSEHOLD
DURABLE GOODS

1961

1943

NOTE.—Seasonally adjusted data. Index for autos based on quarterly averages of monthly
data on dealer deliveries, in units. Index for household durable goods based on Dept. of
Commerce personal consumption expenditures on furniture and household equipment. Latest
figures shown, first quarter 196S.

FEDERAL RESERVE BULLETIN • APRIL 1965

528

During this expansion period as a whole, consumer acquisitions
of financial assets have increased faster than personal saving. Consumers have chosen to channel a relatively large share of this
CHART 6

Over this expansion SAVINGS DEPOSITS represent a larger share of
consumer acquisitions of financial assets

SAVINGS AT
SAVINGS INSTITUTIONS

CREDIT & EQUITY
MARKET INSTRUMENTS

SAVINGS AT
COMMERCIAL BANKS

DEMAND DEPOSITS
& CURRENCY




NOTE.—Based on flow of funds data. Items not shown include additions to reserves of life
insurance companies and pension funds and net investment in noncorporate business.

total of financial saving into time and savings deposits at commercial banks and accounts at other savings institutions, as Chart
6 shows.
The distribution of consumer financial asset purchases in this
upswing has been influenced significantly by the pattern of yields
on alternative financial assets. Sharp increases in rates paid by
commercial banks on savings deposits that followed changes in
regulatory ceilings in 1962 and again in late 1964 have been
important in channeling a larger share of the savings flow through
the banking system. Competitive increases in rates paid by savings
institutions other than commercial banks also have occurred during this expansion period, and their share of consumer saving has
been higher than in the two previous expansion periods.




CONSUMER INCOME, SPENDING, AND SAVING

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

529

Statement to Congress
The proposed increase in the resources of
the International Monetary Fund, of which
the increase in the U.S. subscription is an
integral part, will be in the interest of the
United States and of the free world at large.
The United States, as the world's foremost
international trading nation, is deeply interested in the adequacy and stability of the
international payments mechanism. The
Fund is a most important part of that mechanism. Accordingly, its strengthening is essential for further sustainable expansion of
international commerce.
Critics of the present international payments system often contend that adequate
liquidity under that system can be maintained only as long as the United States
suffers a payments deficit and thereby supplies the world with enough dollars to
finance the ever-expanding volume of international commerce. Once the U.S. payments
deficit is eliminated—as it must be—only
the creation of new types of reserve assets
can, in the opinion of these critics, save the
world from a crippling inadequacy of international liquidity.
As you know, the so-called Group of Ten,
which includes the major industrial member
countries of the International Monetary
Fund, is at present studying the possibility
of creating such new types of reserve assets,

NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal Reserve System, on H.R. 6497, before the House Committee on Banking and Currency, March 24, 1965.




if this should become necessary, without disrupting the present mechanism. Whatever
the outcome of these studies may be, agreement on the creation of new types of reserve
assets is a matter for the future. In any case,
the Fund will be a principal source of international liquidity for any period following
elimination of U.S. payments deficits. The
proposed increase in its resources from about
$16 billion to about $21 billion is desirable
and indeed necessary if the Fund is adequately to fulfill that function.
In recent years, international liquidity has
grown in large part through the dollars supplied in consequence of U.S. payments deficits. In these circumstances, recourse to the
Fund was on a moderate scale. But once the
flow of dollars from the U.S. is curtailed or
even stopped, there are likely to be heavier
demands for Fund accommodation. Hence,
the proposed increase in Fund resources may
well spell the difference between future inadequacy and adequacy of means of international payments, and thus between stagnation and further substantial expansion of
international trade, including U.S. exports.
Apart from the general advantages of an
increase in resources of the International
Monetary Fund, the proposed increase in
our subscription will be of particular benefit
to the United States. It is true that the immediate effect of this increase will be a decline in our gold stock by the equivalent of
the gold portion of the subscription, amounting to about $259 million, and an increase in
our dollar liabilities to the Fund by the
530

STATEMENT TO CONGRESS

amount of the dollar portion of the subscription, or about $776 million. But these
changes are mere bookkeeping formalities
rather than financial realities. The decline in
our gold stock will be exactly offset by an
increase in our virtually automatic gold
tranche drawing rights on the Fund's resources; and the increase in our dollar liabilities to the Fund will similarly be offset by
an equivalent increase in our regular drawing rights in the credit tranches.
In fact, the increase in our Fund drawing
rights will be financially far more relevant
than the increase in our dollar liabilities.
The dollar part of our subscription will not
be actually paid out until the Fund needs
to acquire dollars in excess of its present
availabilities of nearly $3.5 billion in order
to satisfy requests for dollar drawings by
other Fund members.
After our payments position has returned
to equilibrium, a moderate outflow of dollars
into the hands of foreign businessmen, resulting from dollar drawings on the Fund,
would not only be harmless, it would be
beneficial. It would actually help to avert the
possibility of a future dollar shortage, if such
should arise.
The increase in our drawing rights will
work to our advantage during any future
period when we incur a temporary payments
imbalance internationally. It is during such
a period that the United States will need to
be in a position to mobilize foreign currency
resources, including those available through
the International Monetary Fund, in order
to supplement the use of our gold to meet
any interim payments problem. The mere
existence of these facilities may obviate any
such need.
At present, the foreign exchange holdings
of the Treasury Stabilization Fund and of the
Federal Reserve System are quite modest.
Until equilibrium in our payments position




531
is restored, there is little or no hope for a
large increase in these holdings. Our drawing rights on the Fund provide an opportunity to acquire, if and when necessary, large
additional amounts of foreign currencies in
order to meet our developing payments
needs. The repayment period for these drawings would range from 1 to 3 years.
The increase in the resources of the International Monetary Fund will also buttress
the efficiency of the bilateral arrangements
concluded in recent years among the central
banks of the major financial countries of the
free world—arrangements in which the Federal Reserve System has played a leading
role.
In the recent sterling crisis, central banks
were able, literally within hours, to put $3
billion at the disposal of the Bank of England. This experience shows the importance
of these arrangements better than any theoretical exposition could do. And the—admittedly more modest—Federal Reserve operations have consistently demonstrated the
advantage of mutual arrangements with foreign central banks in averting adverse effects
of speculative or other disruptive movements
of volatile funds on our payments position
and on the value of the dollar in exchange
markets.
Central bank operations of that kind are,
however, invariably on a short-term basis,
usually for initial periods of 3 months and
renewable for no more than an additional 3,
6, or—at most—9 months. Last November,
the aid "package" for sterling could probably not have been assembled at all, and certainly not as fast as it was, if the participants
had not been able to count on the backstop
function of the International Monetary
Fund. All participants knew that, whatever
might happen, they could always expect repayment through a U.K. drawing on the
Fund. If the dollar ever needed foreign as-

532

FEDERAL RESERVE BULLETIN • APRIL 1965

sistance on a similar scale, the Federal Reserve System would find that our drawing
rights on the International Monetary Fund
would greatly facilitate, and in fact make
possible, any needed expansion in our pres-

ent bilateral arrangements with foreign central banks.
For these reasons, I fully endorse the request of the Secretary of the Treasury for
speedy enactment of H.R. 6497.

Announcements
ERRATUM IN MARCH 1965 BULLETIN

ADMISSION OF STATE BANK TO MEMBERSHIP IN
THE FEDERAL RESERVE SYSTEM

On page 374 of the March 1965 BULLETIN, Balance of Payments Program, Guidelines for Banks,
(8) Trust departments, the second sentence should
be changed to read as follows:

The following bank was admitted to membership
in the Federal Reserve System during the period
March 16, to April 15, 1965:

"They should bear the purpose of that program in
mind in making any acquisitions of foreign obligations
for trust accounts."




Wisconsin
Milwaukee

. American City Bank &
Trust Company

Law Department
Administrative interpretations, new regulations, and similar material

Maximum Interest on Loans
Secured by Time Deposits

bank could pay on the deposit before and after
the loan would not be affected.

The opinion of the Board of Governors has
been requested with respect to loans by a member
bank secured by time deposits in such bank. It is
stated that many banks are now paying interest on
time deposits at the maximum rate of AV2 per cent,
and the legal rate of interest in some States for
ordinary bank loans is fixed by statute at 6 per
cent. The specific question is whether the bank
may make the loan as section 217.4(e) of Regulation Q requires a member bank to charge a rate
of interest not less than 2 per cent in excess of the
rate of interest paid on its time deposit when such
deposit is used as security for a loan.
Section 19 of the Federal Reserve Act (12
U.S.C. 371b) prohibits member banks from paying any time deposit before its maturity, except
upon such conditions and in accordance with
such rules and regulations as may be prescribed
by the Board. The above-mentioned provision of
Regulation Q is intended to implement the law
and prevent evasion thereof. The specified 2 per
cent penalty is designed to discourage loans on
time deposits that would, in effect, enable the
depositor to obtain his funds before maturity. For
this reason, retention of the 2 per cent differential
seems desirable.
Since banks in some States are prohibited from
charging more than 6 per cent on loans, a member
bank in such States that pays 4Vi per cent on a
time deposit may not make a loan on such deposit
without violating Regulation Q. However, there
is nothing in the regulation to prevent a bank and
its customer from agreeing to the payment of a
lesser rate of interest on the deposit while a loan
on the deposit is outstanding. Therefore, by agreement, the rate of interest paid on the deposit could
be reduced to 4 per cent during the period of the
loan, with interest on the loan fixed at 6 per cent.
This would not be a circumvention of the Regulation as the customer would still be paying 2 per
cent more interest on the loan than he would receive on the deposit. The rate of interest that the

Order Under Bank Merger Act




The following Order and Statement were issued
in connection with action by the Board of Governors with respect to an application for approval
of the acquisition of assets and assumption of
deposit liabilities:
THE CITY BANK AND TRUST COMPANY,
MILWAUKEE, WISCONSIN
In the matter of the application of the City
Bank and Trust Company for approval of acquisition of assets of American State Bank.
ORDER APPROVING ACQUISITION
OF BANK'S ASSETS

There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The City Bank
and Trust Company, Milwaukee, Wisconsin,
which, under the new name American City Bank
& Trust Company, is to be a State member bank
of the Federal Reserve System, for the Board's
prior approval of its acquisition of assets and
assumption of deposit liabilities of American State
Bank, Milwaukee, Wisconsin. Notice of the proposed acquisition of assets and assumption of
deposit liabilities, in form approved by the Board,
has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Department of Justice on
the competitive factors involved in the proposed
transaction,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said acquisition of assets and assumption of
deposit liabilities shall not be consummated (a)
within seven calendar days after the date of this

533

534

FEDERAL RESERVE BULLETIN • APRIL 1965

Order, or (b) later than three months after said
date.
Dated at Washington, D.C., this 12th day of
March, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Daane.
Voting against this action: Governors Robertson and
Mitchell.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The City Bank and Trust Company, Milwaukee,
Wisconsin ("City Bank"), with total deposits of
$35.6 million, has applied, pursuant to the Bank
Merger Act of 1960 (12 U.S.C. 1828(c)), for
the Board's prior approval of its acqusiition of the
assets and assumption of the liabilities of American
State Bank, Milwaukee, Wisconsin, which has
total deposits of $44.8 million.1 Neither bank has
any branches. Upon consummation of the transaction, the banking office of City Bank would be
closed, since its operation as a branch would be
prohibited by State law. The name of City Bank
would be changed to American City Bank and
Trust Company, and it would be a State member
bank of the Federal Reserve System.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the
Federal Deposit Insurance Act), (6) the convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the transaction unless, after considering all of these factors, it finds the transaction to be in the public
interest.
Banking factors. The financial histories of City
Bank and American State Bank are satisfactory,
and City Bank has a generally satisfactory asset
condition and an adequate capital structure. The
capital structure of American State Bank is rea1

Deposit figures are as of June 30, 1964.




sonably satisfactory, and although its asset condition reflects a sizable aggregate of relatively highrisk loans, the bank has a good over-all loss experience. American State Bank's earnings record
is good, and its future earnings prospects are reasonably favorable. The earnings record of City
Bank is less than satisfactory, and its future earnings prospects are no better than fair. A factor
of considerable significance in this respect is that
City Bank, located in an area which now consists
largely of merchandising and light manufacturing
establishments, operates, and has traditionally operated, as a "retail" institution catering mainly to
the banking needs of individuals.
The management of City Bank, although presently lacking in depth, is experienced and capable.
American State Bank, basically a "wholesale" institution, is managed fairly satisfactorily although,
apparently as a result in part of the necessity that
it compete with much larger banks, its policies
are aggressive and liberal. The management of
the acquiring bank would be composed of the
managing officers of the proponent banks.
The capital structure and asset condition of the
acquiring bank would be reasonably satisfactory
and its earnings prospects favorable.
There is no evidence that the corporate powers
of the banks are, or would be, inconsistent with
the purposes of 12 U.S.C, Ch. 16.
Convenience and needs of the communities.
City Bank and American State Bank are located
one block apart in the center of the downtown
business district of Milwaukee, Milwaukee County,
Wisconsin. Milwaukee, which is situated on the
west shore of Lake Michigan, is a diversified industrial center and serves as an important port.
The population of Milwaukee is about 741,000
persons, and the total population of Milwaukee
County exceeds one million.
There are 39 commercial banks, with 55 banking offices, in Milwaukee County, virtually all of
which are located in the city of Milwaukee or
within its metropolitan area.2 Fourteen of these
banks, with a total of 27 offices, are subsidiaries
of one or another of three bank holding companies and hold, altogether, 76 per cent of the
total deposits of all commercial banks in Mil2
State law now prohibits the establishment of
branch banking offices. A new bank, to be located in
downtown Milwaukee, has been approved but not yet
opened for business.

LAW DEPARTMENT
waukee County. The head offices of each of the
largest banks owned by these holding companies
are located within one block of the offices of City
Bank and American State Bank.
It is not alleged that the banking needs and convenience of the community are not being adequately met. However, the proposed acquisition
would result in a bank generally capable of providing improved and expanded services and, more
particularly, with a lending limit 80 per cent
greater than the present limit of the larger of the
proponent banks. The acquiring bank, with the
improved and additional services contemplated by
the proposal, would benefit the community in
that it would constitute an alternative source of
relatively full banking services.
Competition. City Bank and American State
Bank have essentially identical service areas,3
which may be approximately defined as the area
within a six-mile radius of downtown Milwaukee.
Both banks, however, secure some business from
throughout the Milwaukee metropolitan area.
If the proposed acquisition were consummated,
the acquiring bank would hold 4.3 per cent of
total deposits held by the present 24 commercial
banks located in the service area, as defined above,
and 4.1 per cent of such deposits held by all commercial banks in Milwaukee County.
Despite the virtually coterminous geographical
markets of the proponent banks, there is a relatively limited amount of competition existing between them because City Bank provides banking
services principally for individuals, whereas American State Bank caters mainly to the banking needs
of business establishments. If operated as independent institutions, some potential for further
competition between these banks may exist in
that each could attempt to add to its principal
range of services the services now provided by
the other. However, the extent to which such competition might be developed, with due regard for
sound banking practices, appears greatly limited
under the circumstances.
Although the proposed acquisition would result
in the elimination of one banking office, the
acquiring bank, with its larger capital base and
with certain economies available to it, would be
capable of significantly greater competitive effec3

The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.




535
tiveness than either of the proponent banks alone.
The proposed transaction would not adversely
affect any other bank and, indeed, would have the
potential for enhancing somewhat the level of
banking competition in the Milwaukee area.
Summary and conclusion. The acquiring bank,
with the contemplated improved and additional
services, would constitute an alternative source
of relatively full banking services for the community. At the same time, the consequences for
banking competition would not be adverse, but
potentially beneficial.
The net effect of the proposed acquisition appears to be that the acquiring bank would have the
advantage of being potentially a more viable and
effective competitor, which would redound to the
general benefit of the banking public in the area
affected.
Accordingly, the Board finds that the proposed
acquisition of assets and assumption of liabilities
would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR MITCHELL
WITH WHICH GOVERNOR ROBERTSON CONCURS

The record in this case clearly establishes that
in the judgment of the applicant and other stockholding interests, consummation of the proposed
acquisition will be to their private corporate advantage. There is no basis in the record to dispute
this judgment. The record is not so clear, however,
as to the consequences for the public interest.
The applicant contends that the acquiring bank
will have the competitive capability to divert business from the "Big Three" banks in Milwaukee by
offering a more complete line of banking services
and a higher loan limit for larger businesses than
heretofore available at either of the participating
banks. The application lists forty-odd corporations which maintain headquarters or large plants
in Milwaukee but which do not have accounts with
either of the banks. From the public point of view,
however, there is much more concern that small
and medium-sized businesses have adequate access
to bank credit. Companies as large as most of
those on the list submitted have scores of credit
alternatives with banks, insurance companies, and
even in the capital market. Small companies have
a very limited number of credit alternatives. Under
this proposal, the smaller concerns in the downtown area of Milwaukee would have one less
alternative, and the interest of the acquiring bank

536
would be shifted to a more affluent clientele.
Rather than adding to the convenience and needs
of the residents of the immediate area, the proposed transaction is likely to have the reverse
effect.
The competitive factor is alleged to be favorable
because the acquiring bank will be larger. With
this argument, every proposal that results in a
larger bank could be supported as furthering competition. The ultimate result of a merger policy
based on this premise would be to make every
bank as large as any other.
It is also said that one of the participating banks
is a "wholesale" bank and the other a "retail"
bank and that, therefore, they are not competitive.
There appears a measure of truth in this generalization because one bank has more of its total
deposits in savings accounts and the time accounts
in the other bank are predominantly certificates
of deposit. One bank has almost no consumer
credit paper, whereas in the other such loans are
over 17 per cent of total net loans and discounts.
But the record appears also to show the consumer
credit paper is largely generated by the bank's
customers rather than the bank. In short, the banks
are somewhat different because of differences in
some of their customers. However, it is possible to
point up similarities too—namely, in the relative
size of their portfolios of commercial and industrial loans, tax exempt securities, and mortgages.
Clearly, each competes with the other, and other
banks in the area, for time and demand deposits,
and the proposed acquisition will leave one less
competitor in the immediate service area.
Two new banking offices are coming into the
immediate area; the area's largest bank is relocating one of its offices to a site in the downtown
area, and a newly organized bank is to be located
in downtown Milwaukee. These specific, concrete
expressions of judgment that the area is not overbanked undermine the contention that the proposed transaction is necessary to the growth and
survival of both or either of the participating
banks.
I conclude that the application should not be
approved because effectuation of the proposal will
lessen competition, it will not add to the public's
convenience or accommodation, and there is no
sustaining justification in the banking factors. This
judgment may be temporarily hostile to the corporate interests of the two banks involved, but that




FEDERAL RESERVE BULLETIN • APRIL 1965
concern should not be paramount to the public
interest.
Orders Under Section 3 of
Bank Holding Company Act

The following Orders and Statement were issued
in connection with action by the Board of Governors on applications by a bank holding company
for approval of the acquisition of voting shares
of banks:
THE FIRST VIRGINIA CORPORATION,
ARLINGTON, VIRGINIA
In the matter of the application of The First
Virginia Corporation, Arlington, Virginia, for approval of the acquisition of voting shares of
Peoples Bank of Radford, Radford, Virginia.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors, pursuant to section 3(a) (2) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1842
(a) (2)) and section 222.4(a)(2) of Federal
Reserve Regulation Y (12 CFR 222.4(a) (2)),
an application by The First Virginia Corporation,
Arlington, Virginia, a registered bank holding
company, for the Board's prior approval of the
acquisition of 80 per cent or more of the voting
shares of Peoples Bank of Radford, Radford,
Virginia.
As required by section 3(b) of the Act, the
Board notified the Commissioner of Banking of
the Commonwealth of Virginia of receipt of the
application and requested his views and recommendation. The Commissioner expressed no objection to its approval.
Notice was published in the Federal Register
of December 18, 1964 (29 F. R. 18025) providing
an opportunity for interested persons to submit
comments and views with respect to the proposed
acquisition. The time for filing such comments
and views has expired, and all those received have
been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.

537

LAW DEPARTMENT
Dated at Washington, D. C , this 12th day of
April, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Mitchell, and Daane.
Absent and not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]

THE FIRST VIRGINIA CORPORATION,
ARLINGTON, VIRGINIA
In the matter of the application of The First
Virginia Corporation, Arlington, Virginia, for approval of the acquisition of voting shares of Bank
of Chesapeake, Chesapeake, Virginia.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to section 3(a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(2))
and section 222.4(a)(2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application
by The First Virginia Corporation, Arlington, Virginia, a registered bank holding company, for the
Board's prior approval of the acquisition of 80 per
cent or more of the voting shares of Bank of
Chesapeake, Chesapeake, Virginia.
As required by section 3(b) of the Act, the
Board notified the Commissioner of Banking of
the Commonwealth of Virginia of receipt of the
application and requested his views and recommendation. The Commissioner expressed no objection to its approval.
Notice was published in the Federal Register of
January 7, 1965 (30 F. R. 180) providing an
opportunity for interested persons to submit comments and views with respect to the proposed acquisition. The time for filing such comments and
views has expired, and all those received have been
considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.
Dated at Washington, D. C , this 12th day of
April, 1965.




By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Shepardson, Mitchell, and Daane.
Present but not voting: Governor Robertson.
Absent and not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The First Virginia Corporation ("Applicant"),
Arlington, Virginia, a registered bank holding
company, has filed applications, pursuant to section 3(a) (2) of the Bank Holding Company Act
of 1956 ("the Act"), with respect to the Peoples
Bank of Radford, Radford, Virginia, and the
Bank of Chesapeake, Chesapeake, Virginia, requesting the Board's approval of the acquisition of
80 per cent or more of the voting shares of each
bank.
Views and recommendations of supervisory authority. As required by section 3(b) of the Act,
notices of receipt of the applications were sent to
the Commissioner of Banking of the Commonwealth of Virginia requesting his views and recommendations. The Commissioner expressed no objection to approval of either application.
Statutory factors. With respect to each application, section 3(c) of the Act requires the Board
to take into consideration the following five factors: (1) the financial history and condition of
the holding company and the banks concerned;
(2) their prospects; (3) the character of their
management; (4) the convenience, needs, and
welfare of the communities and the area concerned; and (5) whether the effect of the proposed
acquisition would be to expand the size or extent
of the bank holding company system involved beyond limits consistent with adequate and sound
banking, the public interest, and the preservation
of competition in the field of banking.
Although the applications have been acted upon
separately, the Board has determined that unnecessary repetition of facts and conclusions resulting
from application of the foregoing statutory factors
to the holding company may be avoided through
this combined Statement. Accordingly, while separate Orders effecting the Board's determinations
accompany this Statement, the Board's findings,
conclusions, and reasoning in respect to each application are combined in this Statement.
Financial history and condition, prospects, and
management of Applicant and the Banks. Appli-

538
cant's system is composed of 9 banks located in
Virginia, operating 44 banking offices with combined deposits of approximately $197 million as
of June 30, 1964.1 It also controls two insurance
agencies, two bank premises companies, and a
bank servicing corporation. Applicant's financial
history is satisfactory. The applications reflect that
Applicant's proposed debt position involves a bank
loan that is of relatively short maturity and rather
heavy in relation to net worth. Although this tends
to offset other relatively favorable aspects relating
to the financial condition and earnings records of
Applicant's subsidiary banks, the Board concludes
that Applicant's financial condition and prospects
are reasonably satisfactory. Applicant's management is experienced and well qualified.
Peoples Bank of Radford. Bank, located in the
independent City of Radford, about 40 miles west
of Roanoke, was chartered and opened for business in 1922. It operates one in-town branch in
addition to its main office. With deposits of $2.8
million, it is one-quarter the size of the other bank
in Radford, First and Merchants National Bank of
Radford.
Bank's financial history is satisfactory and its
financial condition considered fair. While Bank's
earnings record and deposits growth in the past
several years have been good, its prospects for the
future would be bettered under Applicant's control, particularly in respect to Applicant's ability
and stated intention to place or develop more experienced and qualified management in Bank than
Bank, independently, can reasonably be expected
to attract or develop. The likelihood of this result
is a circumstance weighing in favor of approval of
the application.
Bank of Chesapeake. Bank, originally chartered
in 1955 as the Bank of Cradock, assumed its present name in 1964. It operates its main and two
branch offices in the independent City of Chesapeake, and an additional office in adjacent Portsmouth City. Both cities are part of the NorfolkPortsmouth Standard Metropolitan Area. Measured by deposits ($10.5 million), Bank ranks
eighth in size of the nine banks operating in this
area.
Bank's financial history and condition are satisfactory. While, on the basis of its past earnings
1

Unless otherwise indicated, banking data used
herein are as of this date.




FEDERAL RESERVE BULLETIN • APRIL 1965
record and its location in a fast-growing area,
Bank's prospects appear reasonably favorable, its
prospects would be bettered, it is believed, by the
introduction of a more aggressive management
policy. Bank's present management is sound but
conservative. This conservative operating policy is
evidenced by Bank's lower than average ratio of
loans to deposits. Applicant's proposal to foster in
Bank a more aggressive management attitude, particularly as related to its lending policy, constitutes
a consideration favoring approval of the application.
Convenience, needs, and welfare of the communities and areas concerned.
Peoples Bank of Radford. Bank's primary service area 2 is the City of Radford, and contains an
estimated population of 10,500. Considerable support to the area's economy is derived from Radford College, a State-supported college for women.
Diversified manufacturing activities, notably the
operation of the Radford arsenal, have also contributed significantly to the sustained economic
growth of the area.
Bank of Chesapeake. As earlier stated, Bank's
offices are located in Chesapeake and Portsmouth.
The primary service areas of these offices contain,
in the aggregate, an estimated population of approximately 75,000, and generally encompass the
most densely populated sections of the City of
Chesapeake and a portion of Portsmouth City.
Chesapeake, a port city, is located just inside
the mouth of the Chesapeake Bay, and has some
nine miles of industrial waterfront. Among the
nearly 70 manufacturing concerns located in Chesapeake are major oil terminals, chemical plants,
including the world's largest agricultural chemical
plant, and commercial docking and stevedoring
facilities. Chesapeake is also the site for the major
repair facilities of the Norfolk and Western Railroad.
The benefits and advantages that Applicant asserts are inherent in each of the acquisitions proposed are substantially the same. In the main,
these relate to increased lending limits through
capital contributions by Applicant, greater facility in respect to loan participations, and greater
diversification in loan portfolios; a more readily
2
The area from which Applicant estimates 80 per
cent of Bank's deposits of individuals, partnerships,
and corporations originate.

LAW DEPARTMENT
available source of additional capital for whatever
reason required; and improved and expanded investment counseling and auditing services. A review of the records in these cases satisfies the
Board that while Applicant's control of the Banks
would produce in them certain operations, advantages, and improvements over existing conditions, in neither application has there been established the existence of an unserved demand or
need for major banking services.
In respect to those services that Applicant states
would enable the Banks to serve better their trade
areas, on the basis of the evidence presented, the
Board concludes that these services can be obtained from other banking outlets reasonably
available to the areas involved. As to those services
that would relate more directly to the Banks'
operational procedures, their nature is such that
they are, or could be, available to the Banks from
sources other than Applicant. The fact, however,
that Applicant could provide the services mentioned more conveniently, more assuredly, and
perhaps more economically than could others constitutes a consideration consistent with approval of
the applications.
Effect of proposed acquisitions on adequate and
sound banking, public interest, and banking competition. The banking offices and deposits controlled by Applicant represent, respectively, 6.2
and 4.7 per cent of the banking offices and deposits in the State. There are operating in the
State three other bank holding companies (two
registered and one nonregistered) and three independent banks, each of which, measured by total
deposits controlled, is larger than Applicant. Approval of both of Applicant's proposed acquisitions would not change its relative size position
and would increase by only .4 its percentage of
the deposits of all banks in the State. Approval
would result in the four bank holding companies'
controlling, in the aggregate, 22 per cent of the
banking offices and 26 per cent of the deposits of
all banks in the State. An additional 24 per cent
of such deposits are held by the aforementioned
three independent banks.
Applicant's ownership of Peoples Bank of Radford would give Applicant control of one of the
city's two banks, two of the four banking offices,
and 20 per cent of the deposits held by the two
banks. Applicant's subsidiary bank nearest Radford is located in Mount Jackson, some 175 miles




539
distant. The nearest office of a holding company
bank, a subsidiary of Virginia Commonwealth
Corporation, is located about 16 miles southwest
of Radford in adjoining Pulaski County, and holds
deposits of about $6 million. Considering the size
of this bank and its distance from the City of
Radford, it is reasonably concluded that it does
not hold a significant portion of deposits originating in Radford.
If Applicant were to acquire Bank of Chesapeake, it would control the only bank headquartered in that city. Its control of Bank's three offices
in Chesapeake would represent 54 per cent of the
deposits of all banking offices in the city. The
one office of Virginia National Bank, Norfolk, the
city's only other banking office, holds deposits of
$6 million, or 46 per cent of the total deposits of
the city's four banking offices. In the City of Portsmouth, adjoining Chesapeake, Bank operates one
office with deposits of $4 million, representing
about .6 per cent of the deposits of the 12 banking outlets in that city. In the combined Chesapeake-Portsmouth area, Applicant would control
4 of 16 banking offices (25%) and $10.5 million
of the $80 million of deposits (13%) held by
these offices. Within the Norfolk-Portsmouth
Standard Metropolitan Area, in which Chesapeake
and Portsmouth are located, Applicant's acquisition of Bank of Chesapeake would increase its
control of banking offices from 9 to 13 (23% of
the area's 56 banking offices), and its control of
deposits from $30 million to $40 million (9.2%
of the deposits held by all banking offices). In the
Metropolitan Area, holding company subsidiaries
presently control 14 per cent of the total deposits.
Consummation of Applicant's acquisition of Bank
would increase this percentage to 16. Considering
the foregoing data, together with related evidence
of record, the Board concludes that approval of
Applicant's two proposals would not result in an
undue concentration of banking resources, either
in the State as a whole or in the areas directly involved in these applications. In this connection it
is noted that in each of the areas involved in these
applications, one or more independent banks several times larger than Applicant's proposed subsidiary bank have one or more offices.
None of Applicant's subsidiary banks presently
competes with Peoples Bank of Radford. Accordingly, Applicant's acquisition of Bank will not
eliminate any existing competition, nor will there

540
result any reduction in the number of alternative
banking sources in the City of Radford. As to the
effect on Bank's present competitors, the two
banks that appear to compete to any significant
extent in Bank's primary service area are both four
times the size of Bank and each has as many or
more offices than Bank. The Board finds no reasonable probability of adverse competitive effect
from consummation of the proposed acquisition.
Regarding the competitive effects of Applicant's
acquisition of the Bank of Chesapeake, no meaningful competition now exists between Bank and
Applicant's nearest subsidiary, Southern Bank of
Norfolk. The closest offices of the two banks are
five miles apart and are separated by the Elizabeth
River. For these reasons, even absent the affiliation
proposed, an increase in competition between
these banks would appear unlikely.
Within Bank's primary service area, Bank's
principal competitors are six well-established banks
ranging in deposit size from nearly $10 million to
$373 million. In view of the considerable size
advantage held by five of these banks, and the
fact that the sixth and smallest of these is comparable in size to the Bank of Chesapeake and has
for some time been in competition with the five
larger banks, there is no reason to believe that
Applicant's ownership and operation of Bank will




FEDERAL RESERVE BULLETIN • APRIL 1965
result in Bank's gaining any undue competitive
advantage.
Finally, in respect to both applications, the
Board is satisfied that within the communities and
areas involved there will remain adequate alternative sources of banking services following consummation of Applicant's proposals to assure that,
as in the other respects heretofore considered, the
public interest will not be adversely affected.
Summary and conclusion. As herein found, considerations relating to the financial history of Applicant and of the Banks are consistent with approval of the applications. The more convenient
and more assured nature of banking service likely
to result from Applicant's control of the Banks
weighs toward approval of the applications. At
the same time, the Board concludes that consummation of these proposals will not result in an
expansion in the size or extent of Applicant's system that will be inconsistent with adequate and
sound banking, the public interest, or the preservation of banking competition.
Accordingly, on the basis of all the relevant
facts as contained in the records before the Board,
and in the light of the factors set forth in section
3(c) of the Act, it is the Board's judgment that
the proposed acquisitions would be consistent with
the public interest and that the applications should
therefore be approved.

National Summary of Business Conditions
Released for publication April 15

Industrial production and employment continued to expand in March and the unemployment
rate declined. Reflecting a longer factory workweek
as well as increased employment, wage and salary
payments rose further. However, retail sales did
not match the advanced February rate. Loan demand remained strong. The money supply increased, following a decline in February, while
time and savings deposits at commercial banks
rose at a reduced rate. In late March and early
April, bond yields generally changed little. Common stock prices set a new high.
INDUSTRIAL PRODUCTION

CONSTRUCTION

The Board's index of industrial production
rose 1 per cent in March, to 140.1 per cent of
the 1957-59 average from 138.9 in February.
Gains were widespread among manufacturing industries and the increase for autos was particularly large. Reflecting in part inventory accumulation for autos, steel, and some other products,
the index was AVi per cent above the AugustSeptember level and %Vi per cent above March
1964.
Auto assemblies, which had been curtailed
somewhat in February by severe storms, rose 9
per cent in March to a record seasonally adjusted
INDUSTRIAL PRODUCTION
1957-59-100

TOTAL///^

FINAL P R O D U C T S ^ j ^ ^
^^MATERIALS
v

!

I

1

1

1

-\

/
1

I

~
-

NONDURABLE
MANUFACTURES

^T^y/S/
\
/

I

^ ^ ^ *
J*^

1
1963

1

I

EQUIPMENT /

1

V

~

DURABLE
MANUFACTURES

1

!

-

^ ^ / J

/^CONSUMER
GOODS

New construction put in place, revised downward to show a 1 per cent increase in February,
rose 1 per cent further in March to a seasonally
adjusted annual rate of nearly $68 billion. The
expansion in industrial and commercial construction was particularly marked; residential building
continued to rise and was up 6 per cent from a
low last autumn; and public activity increased
after declining earlier this year.
EMPLOYMENT

Employment in nonfarm establishments showed
another substantial gain in March and was 2 million higher than a year earlier. The unemployment rate was down to 4.7 per cent, compared
with 5.0 per cent in February and 5.4 per cent
in March 1964.
Employment increases in manufacturing continued to be concentrated in the machinery and
other metal-using industries, apart from the can
industry which was affected by a strike. Employment increased substantially further in retail trade
and continued to expand in most other nonmanufacturing sectors. The average factory workweek
lengthened and both hourly and weekly earnings
of production workers increased.

_

DISTRIBUTION
1

1
1965

!

1

1
1963

1
1965

F.R. indexes, seasonally adjusted. Latest figures shown are
for March.




annual rate of nearly 10 million units. Production
of television sets also increased considerably while
furniture and appliances changed little; total output of home goods was about a tenth higher than
last summer.
Activity in business equipment industries continued to rise and was up 6 per cent from last
summer. Output of iron and steel increased
slightly further to about the record high reached
in mid-1959 just before the strike. Production of
most other industrial materials also advanced but
output of metal and glass containers was curtailed
by strikes.

Retail sales declined 1 per cent in March, but
as in both January and February they were 9 per
cent higher than a year earlier. The March de-

541

542

FEDERAL RESERVE BULLETIN • APRIL 1965

crease reflected mainly a seasonally adjusted decline in sales at auto dealerships as deliveries of
new autos rose less than seasonally from the high
January-February rate reached in the wake of last
autumn's strikes. Dealers' stocks, including cars
in transit from assembly plants, increased considerably. Sales also declined at apparel and general
merchandise stores but increased at most other
types of stores.
COMMODITY PRICES

The industrial commodity price index continued
to change little in March and early April. However, prices of some sensitive industrial materials,
such as copper scrap and tin, rose appreciably.
Increases were announced for cans and some glass
containers, while declines continued among fuel
oils. Wholesale prices of foodstuffs rose somewhat,
primarily because of a greater-than-seasonal reduction in hog marketings and sustained or increased demands for meats.
BANK CREDIT, MONEY SUPPLY, AND RESERVES

Seasonally adjusted commercial bank credit increased $3.4 billion in March reflecting continued
strong loan demand. Bank holdings of Treasury

securities declined somewhat. The money supply
increased $700 million following a decrease of
similar amount in February. Time and savings
deposits at commercial banks rose $1.3 billion,
considerably less than the large increases of January and February but in line with the average
monthly increase in the second half of 1964.
Seasonally adjusted total and required reserves
rose further in March. Excess reserves declined
substantially while member bank borrowings increased slightly, with the result that borrowings
were larger than excess reserves. Reserves were
supplied principally by Federal Reserve purchases
of U.S. Government securities and were absorbed
by outflows of gold and currency.
SECURITY MARKETS

Between mid-March and mid-April yields on
seasoned corporate and municipal bonds and on
Treasury securities showed little net change. In
mid-April, the rate on 3-month Treasury bills
was 3.94 per cent.
Common stock prices increased in early April
and trading volume expanded. At mid-month,
average prices were slightly above the previous
record reached in early February.
INTEREST RATES

PRICES

-

ALL ITEMS

__

—

LONG-TERM
GOVERNMENT SECURITIES

ALL COMMODITIES

1

1

1

I

1

1

1

1"

!

1
1 1

-

NONFOOD COMMODITIES

COMMODITIES

•

1

1

1

1

1

I

1

1

1

F.R. DISCOUNT RATES

,.•,

/

;

^

*

TREASURY BILLS

1

SERVICES

...-••'*

PROCESSED FOODS
j ^ ^

'^~^

FOODS
I

|

FARM PRODUCTS

Y

1

I

1

1

Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices. February; for wholesale prices, March.




I

I

!

1

Discount rate, range or level for all F.R. Banks. Weekly
average market yields for U.S. Govt. bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures
shown, week ending Apr. 5.




Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp

N.S.A.

Estimated
Corrected
Preliminary
Revised
Revised preliminary

I, II,
III, IV Quarters
n.a.
Not available
n.e.c.
Not elsewhere classified
S. A.
Monthly (or quarterly) figures adjusted for
seasonal variation

IPC
SMSA
A
L
S
U
*

Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(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
Flow of funds

Issue

Annually—Continued

Page

Apr. 1965 604-14
Semiannually

Banking offices:
Analysis of changes in number of
On, and not on, Federal Reserve Par List
number of

Feb. 1965

324

Feb. 1965

325

Annually
Bank holding companies:
List of, Dec. 31, 1963
Banking offices and deposits of group banks,
Dec. 31,1963




June 1964

782

June 1964

783

544

Issue

Banking and monetary statistics, 1964.

Page

Feb. 1965 326-33
Mar. 1965 490-91

Banks and branches, number of, by class and
State

Apr. 1965 615-16

Flow of funds (assets and liabilities)

Apr. 1965

.

Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Stock exchange firms, detailed debit and credit
balances

604

Feb. 1965 322-23
M a y 1964 630-38
Apr. 1965 617-19
M a y 1964
639
Sept. 1964

1206

Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items; Federal funds
Reserve Bank discount rates; margin requirements; reserve requirements. .
Open market transactions; Federal Reserve Banks.
Bank debits; currency in circulation
Money supply; banks and the monetary system. .
Commercial and mutual savings banks, by classes.
Commercial banks, by classes
Weekly reporting member banks. . .
Business loans

546
551
553
556
558
560
564
566
569

Interest rates
Security prices; stock market credit; open market paper. .
Savings institutions
...
Federal finance. .
.. ..
Federally sponsored agencies.
Security issues.
Business
finance.
Real estate credit.
Consumer credit.

570
571
572
574
579
580
583
585
588

Industrial production
Business activity; construction.
Employment and earnings
Wholesale and consumer prices
National product and income series. .
Flow of funds.

592
596
598
600
602
604

Number of banks and branches in operation on Dec. 1964.
Member bank operating ratios, 1964.

615
617

Guide to tabular presentation.
Index to statistical tables.

544
645

The data for F.R. Banks and member banks and
for consumer credit are derived from regular
reports made to the Board; production indexes
are compiled by the Board on the basis of data
collected by other agencies; and flow of funds
figures are compiled on the basis of materials
from a combination of sources, including the
Board. Figures for gold stock, currency, Fed-




eral finance, and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other
sources. For many of the banking and monetary
series back data and descriptive text are available in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).

545

546

BANK RESERVES AND RELATED ITEMS

APRIL 1965

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds

Factors absorbing reserve funds

F. R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Total

Discounts
Repur- and Float
Bought chase
adoutagree- vances
right ments

Total 2

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

Deposits, other
than member bank
reserves,
with F. R. Banks

Treasury

Member bank
reserves
Other
F. R
accounts

For- Otheri

With
F.R.
Banks

Currency
and
coin 3

/Total

Averages of
daily figures
61 1,317 4,024
12 2,208 4,030
83 2,612 17,518
170 2,404 22,759
652 24,744 20,047

2,018
2,295
2,956
3,239
4,322

4,400
210
5,455
27:
7,609 2,402
10,985 2,189
28,452 2,269

30
81
616
592
625

9
142
657
99
524 1,633
448
421
407
29

,117 21,606
,375 25,446
,262 27,299
,018 27,107
992 26,317

22,879
22,483
23,276
22,028
21,711

4,629
4,701
4,806
4,885
4,982

27,806 1,290
29,139 1,280
30,494 1,271
30,968
767
30,749
805

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

24,318
24,498
23,615
26,216
26,993

284
267
367
96
43

840
706
716
564
911

,389 26,853
,633 27,156
443 26,186
496 28,412
,426 29,435

21,689
21,942
22,769
20,563
19,482

31,265
31,775
31,932
32,371
32,775

777
772
768
691
396

434
463
385
470
524

27,248
29,098
30,546
33,729

27,170
29,061
30,474
33,626

78
37
72
103

94
152
305
360

665 29,060
921 31,217
298 33,218
434 36,610

17,954
16,929
15,978
15,562

5,(
5,064
5,144
5,230
5,311
5,396
5,587
5,561
5,583

33,019
33,954
35,281
37,603

408
422
398
389

1964—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

33,389
33,498
33,907
34,631
34,898
35,118
35,273
35,334
36,036
37,126

33,348
33,453
33,836
34,530
34,765
34,996
35,143
35,257
35,867
36,895

41
45
71
101
133
122
130
77
169
231

710 35,454
259
35,602
214
747 35,981
256
784 36,760
271
37,077
265
670 37,170
334
914 37,578
332
311 2,027 37,747
874 38,421
433 1,—
266 2, 423 39,873

15,462
15,462
15,462
15,462
15,463
15,462
15,462
15,462
15,442
15,388

5,579
5,580
5,577
5,584
5,568
5,562
5,564
5,533
5,494
5,401

36,615
36,887
37,107
37,541
37,938
38,033
38,224
38,362
38,937
39,698

1965—Jan
Feb
Mar

36,684 36,457
37,052 36,957
37,315 37,267

227
95
48

340 2,126 39 ,245 15,258
450 1,650 39 ,244 14,984
441 1,659 39,535 14,687

5,395
5,394
5,396

15,462
15,463
15,462
15,462
15,462

5,587
5,586
5,583
5,588
5,586
5,580
5,576
5,579
5,578
5,583
5,585
5,576
5,578

1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec

179
179
1,933
1,933
2,510
2,510
2,219
2,219
23,708 23,708

978
250
8
5
381

1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec

20,345
23,409
24,400
25,639
24,917

20,336
23,310
23,876
25,218
24,888

1955—Dec
1956—Dec
1957—Dec
1958—Dec...
1959—Dec

24,602
24,765
23,982
26,312
27,036

1960—Dec
1961—Pec
1962—Dec
1963—Dec

376 2,314
350 2,211
248 11,473
292 12,812
493 16,027

2,314
2,211
11,473
12,812
16,027

739
796
83:
908
929

17,391
20,310
21,180
19,920
19,279

17,391
20,310
21,180
19,920
19,279

459
372
345
262
361

394
983
247
998
186 1,063
337 1,174
348 1,195

19,240
19,535
19,420
18,899
18,628

19,240
19,535
19,420
18,899
304 18,932

522
514
587
879

250
229
222
160

495
244
290
206

1,029
1,112
1,048
1,215

16,688
17,259
16,932
17,303

2,595
2,859
3,108
3,443

19,283
20,118
20,040
20,746

433
426
425
414
431
421
437
471
529
595

948
924
957
886
804
909
893
863
613
944

153
141
148
135
131
145
143
133
148
181

202
195
180
200
201
194
189
189
200
186

998
987
1,111
1,273
1,194
1,151
1,129
1,009
1,119
1,093

17,146
17,084
17,092
17,356
17,408
17,340
17,589
17,716
17,812
17,964

3,067
3,193
3,128
3,202
3,257
3,226
3,339
3,317
3,347
3,645

20,213
20,277
20,220
20,558
20,665
20,566
20,928
21,033
21,159
21,609

39,013
38,641
38,776

652
'696
728

875
943
890

180
145
144

223
949 18,006
211 1,166 17,820
194 1,049 17,836

3,613
3,407
3,412

21,619
21,227
21,248

36,292
36,462
36,469
36,308

425
424
420
439

759
978
979
903

131
151
124
147

214
960
200
961
209
960
197 1,051

20,220
20,178
20,171
20,036

36,352
36,538
36,692
36,657

443
989
452
941
444
897
431 1,044

150
149
144
159

207 1,040 17,072
207 1,062 17,079
200 1,005 17,137
196
950 17,354

36,735
36,839
36,998
36,912
36,813

391
415
439
432
423

881
922
980
898
929

164
148
135
133
140

202
952
203 1,039
197 1,005
187
946
193
959

17,067
17,376
17,183
17,123
16,667

3,131
3,062
3,199
3,184
3,111
2,899
3,076
3,156
3,242
2,974
3,185
3,200
3,299

20,309
20,350
20,368
20,323
19,966

5,582
5,571
5,573
5,581

36,910
37,150
37,154
37,123

426
417
427
430

990
1,010
927

156
160
143
131

188
954
179
939
178 1,195
174 1,250

17,247
17,218
17,107
16,852

3,030
3,087
3,197
3,262

20,277
20,305
20,304
20,114

3,128
3,007
3,238
3,297
3,347
2,965
3,291
3,275
3,350

20,194
20,186
20,616
20,727

30
164
739
1,531
1,247

Week ending—
1964
Feb.

5
12
19
26.

33,009
33,275
32,887
32,750

32,979
33,214
32,862
32,750

277
372
291
200

1,417 34,771
1,496 35
35,208
1,846 35,088
1,83"
5 ",846
34

Mar. 4 .
11
18
25

33,245
33,437
33,270
33,384

33,245
33,437
33,195
33,301

362
253
358
279

1,529 35,204 15,462
1,609 35
'",385 15,463
1,
,480 15,463
1,973 35 ,750 15,462

Apr.

33,575
33,979
33,843
33,050
33,086

33,534
33,916
33,843
33,050
32,985

101

155
209
191
321
137

20
27

33,763
33,987
33,749
33,839

33,580
33,904
33,715
33,819

183
83
34
20

213 1,653 35,724 15,463
314 1,640 36
"',020 15,463
298 2,064 36,179 15,462
209
739 35,844 15,462

June

3
10
17
24

34,381
34,757
34,591
34,427

34,327
34,530
34,438
34,427

54
227
153

265
289
328
232

36,222
36,597
36
"',811
36 ,875

15,463
15,462
15,461
15,461

5,584
5,590
5,582
5,582

37,263
37,487
37,614
37,574

425
436
415
395

914
905
880
905

145
135
131
138

197
199
196
203

1,257 17,066
1,308 17,179
1,240 17,378
1,273 17,430

July

1
8
15
22
29

34,841
35,335
35,304
34,392
34,518

34,823
35,215
35,030
34,392
34,357

18
120
274

221 1,818 36,960
263
882 37,588
460 1,787 37,636
159 2,195 36,789
179
626 36,381

15,462
15,463
15,463j
15,463
15,463

5,582
5,574
5,562
5,566
5,567

37,618
37,916
38,099
37,969
37,814

404
416
425
444
440

873
842
885
770
711

140
134
123
131
133

195
222
204
191
190

1,276
1,256
1,223
1,158
1,148

May

1
8
15
22^
29

,?::::::::

For notes see opposite page.




161

512 35,353
,898
756 35,891
166 35,593
772 35,083

1,521
1,471
1,823
2,136

I,"

15,512
15,498
15,462
15,462

17,089
17,116
16,972
16,852

17,498
17,840
17,703
17,154
16,975

20,183
19,978
20,213
20,510:

20,845
20,805
20,994
20,429
20,325

547

BANK RESERVES AND RELATED ITEMS

APRIL 1965

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds5

Factors absorbing reserve funds

F.R. Bank credit outstanding

Discounts
ToRepurand Float i tal
2
Bought
adTotal out- chase
agree- vances
right ments

Gold
stock

Deposits, other
Member bank
than member bank
Cur- Treasreserves,
reserves
ury
Other
rency
with
F.R.
Banks
curury
F.R.
in
rency
cash
acciroutholdcounts With Curstand- culaings Treas- Fortion
ing
F.R. rency
Total
and
ury
eign Other!
Banks coin
3

35,112
35,397
34,855
35,051

34,980
35,097
34,855
34,929

132
300

35,162
35,611
35,397
34,904
35,186

35,144
35,234
35,262
34,904
35,157

18
377
135

35,759
. . 35,663
34,909
34,911

35,549
35,532
34,909
34,911

Nov. 4
11
18
25

35,711
35,986
35,913
35,992

Dec. 2
9
16
23
30

Period
or
date

U.S. Govt. securities

Averages of
daily figures
Week ending—
1964
Ana

262
376
279
329

1,460
1,554
2,024
1,719

36,892
37,393
37,197
37,137

15 462
15,462
15,461
15,462

5,570
5,554
5,558
5,563

37,893
38,114
38,113
37,998

433
417
412
429

769
964
932
918

137
141
144
145

17,363 3 197
199
193 1,113 17,467 3,130
199 I 102 17,314 3,269
188 1,214 17,270 3,341

20 560
20,597
20,583
20,611

315
478
225
410
280

1,451
1,563
1,846
2,465
1,943

36,968
37,716
37,524
37,820
37,487

15,462
15 462
15,462
15,462
15,461

5,572
5,566
5,564
5,569
5,556

38,007
38,243
38,425
38,192
38,075

423
426
435
448
440

858
857
906
962
914

164
131
142
131
161

191 1,199 17,159
188 I 220 17,679
19 A 1,163 17,285
193 1,054 17,870
186 1,066 17,662

3,372
3,000
3,454
3,386
3,478

20,531
20,679
20,739
21,256
21,140

210
131

372
241
382
233

1,820
1,875
2,548
1,995

38,051
37,876
37,878
37,203

15,463
15 462
15,463
15,462

5,554
5,541
5,538
5,513

38,209
38,465
38,432
38,333

457
838
470
865
489 1,012
467
810

131
133
130
137

204 1,103 18,125
177 I 028 17,739
966 17,660
189
185
925 17,321

3,134
3 246
3,341
3,448

21,259
20,985
21,001
20,769

35,642
35,671
35,698
35,867

69
315
215
125

479
429
593
162

1,634
1,711
1,962
2,136

37,910
38,201
38,532
38,388

15,462
15,463
15,462
15,430

5,505
5,497
5,497
5,494

38,446
38,793
38,975
39,071

484
503
533
552

666
546
563
521

122
139
130
148

197 1,111 17,851 3,359
205 1,153 17,823 3,192
215 1,150 17,926 3,389
183 . 2 4 5 17,592 3,467

36,667
37,335
37,335
36,926
36,936

36,667
37,335
37,020
36,660
36,570

3is

266
366

377
124
162
291
535

1,860
1,950
2,084
2,907
2,884

38,969
39,480
39,632
40,175
40,409

15,387
15,387
15,388
15,387
15,388

5,456
5,400
5,402
5,404
5,397

39,277
39,476
39,743
39,834
39,852

554
827
571
873
593 1,024
608
978
620
990

224
186
142
144
221

196
186
176

17,848
17,745
17,637
18,160
18,338

6
13
20
27

37,058
36,816
36,460
36,440

36,515
36,515
36,403
36,334

543
301
57
106

340
460
322
252

2,622 40,111
2,149 39,522
2,249 39,112
1,841 38,631

15,388
15,330
15,187
15,187

5,407
5,394
5,393
5,387

39,552
39,282
38,927
38,644

630
674
649
780
662 1,015
657
997

228
186
178
151

283
205
212
213

1,026 18,513
970 18,174
902 17,797
877 17,668

3
10
17
24

36,876
37,272
37,151
36,812

36,769
37,133
37,088
36,718

107
139
63
94

323
517
398
565

1,611
1,472
1,540
1,730

38,923
39,384
39,189
39,162

15,157
15,045
14,937
14,938

5,396
5,391
5,397
5,391

38,565
38,641
38,715
38,613

664
940
679
924
699 1,001
719
878

148
152
141
139

216
207
220
204

1.032 17,912
1*58 18,060
1,158 17,589
,19*5 17,744

3

36,911
37,319
37,371
37,305
37,419

36,835
37,211
37,308
37,305
37,401

16
108
63

315
426
388
482

1,924
1,624
1,597
2,005
502 1,376

39,226
39,475
39,484
39,900
39,444

14,902 5,400
14 813 5,394
14,741 5,397
14,562 5,393
^14,562 *>5,397

38,625
38,756
38,894
38,796
^38,710

706

922

715
717
735
P749

806
912
956

159
150
132
139

217
209
191
186

1,061

146

181

36,741 36,621
36,907 36,824
37,591 37,460

120
83
131

304 1,577 38,737 15,185 5,400 38,540
300 2,144 39,422 14,937 5,402 38,593
124 1,114 38,972 ^14,563 *5,390 ^38,794

653

929

143

?726

988
867

154
162

218 : 1,039 17,801 3,181 20,982
210 1,222 17,903 3,162 21,065
904 17,277 3,899 21,176
196

5

12.:::::::
19
26
Sept. 2
9
16
23
30
Oct.

7
14 .
21
28

122

29

886
1,231
1,106
183 1,057
996
177

3,528
3,397
3,750
3,681
3,653

21,210
21,015
21,315
21,059
21,376
21,142
21,387
21,841
21,991

1965
Jan

Feb.

Mar

10

17
24

31

18

898

17,675
17,844
17,714
980 18,064
875 17,843

t??4

902

r
3
r

686
3,671
3,643
3,591

r
22
r

199
21,845
21,440
21,259

3,489
3,252
3,460
3,442

21,401
21,312
21,049
21,186

3,461
3 218
3,454
3,448
3,523

21,136
21 062
21,168
21,512
21,366

End of month
1965
Jan
Feb
Mar

692

Wednesday
1965
1,397
1,349
1,626
1,545

39,660
38,866
39,246
38,413

15,088
14,938
14,938
14,938

5,392
5,396
5,400
5,384

38,605
38,761
38,674
38,682

670 1,025
692
907
717
111
919
716

138
143
136
134

211 • 1 . 0 8 7
192 IJ70
195 1 199
209 1J9?

1,593
1,242
1,715
242 1,368
124 1,114

39,256
39,067
39,673
39,040
38,972

14,813
14,813
14,563
14,563
^14,563

5,407
5,393
5,404
5,398
*5,390

38,702
38,893
38,899
38,753
^38,794

719
858
721
872
734 1,099
756 1,002
P726
867

143
151
149

212
194
190

Feb

3
10
17
24

37,387
37,242
37,286
. . 36,681

37,149
37,133
37,120
36,628

238
109
166
53

755
144
229
132

Mar

3
10.
17
24
31

36,973
. . . 37,273
37,404
37,301
37,591

36,937
37,2il
37,308
37,301
37,460

36
62
96

600
437
407

* i3i

1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULL., p. 164.
2

Includes industrial loans and acceptances, when held. (Industrial
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.




122
162

174
196

18,404
17,335
17,886
16,883

3,652
3,664
3,804
3,849

22,056
20,999
21,690
20,732

1,233 17,608 3,624 21,232
17,250 3,604
17,546 3,719
904 17,290 3,819
904 17,277 3,899

1 193
10?,?,

20,854
21,265
21,109
21,176

3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963 figures are estimated except for
weekly averages.

548

BANK RESERVES AND RELATED ITEMS

APRIL 1965

RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period

]Reserves

Required Excess

Total
held

Borrowings
at
F.R.
Banks

Reserves
Free
reserves

Total
held

Required

Excess

1929—June
1933 j U ne
1939 Dec
1941 Dec
1945 Dec
1947_Dec

2,314 2,275
12 160 1,797
11 473 6 462
12 812 9,422
16 027 14,536
17,261 16,275

42
363
5,011
3,390
1 491
986

974
184
3
5
334
224

-932
179
5,008
3,385
1,157
762

762
861
5,623
5,142
4,118
4,404

755
792
3,012
4,153
4,070
4,299

7
69
2,611
989
48
105

1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec

17 391
20,310
21,180
19,920
19,279

16,364
19,484
20,457
19,227
18,576

1,027
826
723
693
703

142
657
1,593
441
246

885
169
-870
252
457

4,742
5,275
5,357
4,762
4,508

4,616
5,231
5,328
4,748
4,497

1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959 Dec

19,240
19,535
19,420
18,899
18 932

18,646
18,883
18,843
18,383
18,450

594
652
577
516
482

839
688
710
557
906

-245
-36
-133
-41
-424

4,432
4,448
4,336
4,033
3,920

18,527
19,550
19,468
20,210

<756
568
572

"669
419
268

536

87
149
304
327

19,855
19,897
19,883
20,168
20,265
20,149
20,508
20,618
20,763
21,198

358
380
337
390
400
417
420
415
396
411

259
213
255
270
265
334
331
309
430
243

21,619 21,217
21,227 20,790
21,248 20,908

402
437
340

20,183
19 978
20,213
20,510

19,693
19,664
19,838
20,002

21,259
20,985
'21,001
'20,769

City of Chicago

Borrowings
at
F.R.
Banks

Reserves
Free
reserves

Total
held

63

6

-62
78
540
295
14
7

1,199
1,356
1,406
1,295
1,210

1.191

8
3
-4
1
-1

5
64
232
37
15

3
-61
-236
—36
-16

-162
-91
-105
-81
-109

1,166
1,149
1,136
1,077
1 038

,164

2
12
8
7

85
97
85
39
104

—83
—86
—77
—31
— 104

10
-50
-62
19

958
987
1,042
1,056

4

8
22

-4
—22
— 11
—21

-16

-17
-21
-16
-34
-86
-14

1,026
1,021
1,044
1,033
1,039
1,039
1.061
1,058
I 076
1,083

113
95
120

-70
-90
-97

,094
1,096
1,082

,083

70
11
2
28

65
33
32
8

5
-22
-34
20

1,030
999
1,020
1,037

,020
999
,019
,033

6
50
7
9

53
59
87
1

-47
-9
-80
8

1,070
1,047
1,054
1,052

,070
,042
,057
,048

32
5

-188
c
-69

24
25

220
73
131
10

106
15

1,083
1,065
[,070
1,083

,081
,059
,070
,078

3,969
3,907
4,017
4,145
4,147

3
18
13
12
48

24
4
12
38
101

-21
14
1
-27
-53

,081
1,060
1,065
1,097
1,112

c
,081
-l
,059
,065
,104 ""-1
,108
4

4,327
4,061
4,038
3,984

4,328
4,036
3,982
3,992

-2
25
55
-7

63
161
156
74

-65
-137
-100
-81

1,153
1,085
1,084
1,084

,152
,087
,079
,082

1
-2
5
3

14
30
4

-14
-32
5
-1

104
25
-39
16

4,101
3,991
3,964
3,905

4,075
3,972
3,932
3,893

26
19
32
12

69
56
145
105

-43
-36
-113
-93

1,102
1,083
1,075
,074

,100
,077
,079
,070

2
6
-5
4

34
55
30
87

-32
-49
-34
-83

-58
-18
-45
-9
-121

4,049
3,929
3,998
4,056
4,105

4,028
3,920
4,000
4,024
4,039

20
9
2
32
65

117
82
88
196
104

-96
-73
-90
-164
-38

,106
,064
,078
,086
,101

,104
,065
,066
,085
,081

3
1
12
1
21

2
10
9
20
180

-11
2
-19
-160

192
38

125
44
30
14
12

58
151
486
115
62

67
-107
-456
-101
-50

4,397
4,392
4,303
4,010
3,930

35
57
34
23
-10

197
147
139
102
99

3,658
3,826
3,817
3,895

29
7
46
56

19
57
108

209

3,687
3,834
3,863
3,951

99
167
82
120
135
83
89
106
-34
168

3,803
3,787
3,833
3,984
3,943
3,876
3,983
3,962
3,893
4,083

3,797
3,772
3,832
3,945
3,920
3,858
3,954
3,942
3,882
4,062

6
15
1
39
23
18
29
20
11
21

22
16
26
39
40
39
45
54
97
35

299
405
416

103
32
-76

4,117
3,966
4,026

4,073
3,961
4,004

43
5
23

490
314
375
508

362
253
358
279

128
61
17
229

3,836
3,718
3,801
3,866

3,766
3,707
3,804
3,837

20,826
20,575
20,574
20,465

433
410
'427
'304

370
239
380
230

63
171
'47
'74

4,095
3,948
3,905
3,881

4,089
3,898
3,898
3,872

21,210
21 015
21,315
21,059

'20,769
20,646
20,724
20,801

476
427
590
159

'-35
-58
1
99

4,021
3,829
3,862
3,904

3,989
3,824
3,837
3,879

2....
9 .
16....
23....
30

21,376
r
21 142
21,387
21,841
'21,991

20,987
20,852
20,999
'21,444
'21,429

'441
369
591
258
389
'290
388
'397
'562

375
122
134
257
504

14
'168
254
'140
'58

3,972
3,925
4,031
4,157
4,195

1965—Jan.

6
13....
20
27

22,199
21,845
21,440
21,259

21,846
21,257
21,050
20,918

353
588
390
341

309
424
277
203

44
164
113
138

Feb.

3
10....
17
24

21,401
21,312
21,049
21,186

21,019
20,815
20,735
20,650

382
497
314
536

278
472
353
520

Mar. 3
10
17
24
31....

21,136
21,062
21,168
21,512
21,366

20,924
20,695
20,843
21,058
21,000

212
367
325
454
366

270
385
370
463
487

19,283
20,118
20,040
20 746
c

1964—Mar
Apr
May
June
July
SeDt
Oct

....

Nov

Dec

1965—Jan
Feb
Mar

C

20,213
20,277
20,220
20,558
20,665
20,566
20,928
21,033
21 159
21,609

Free
reserves

1
78
540
295
14
13

161
211
1 141
1,143
939
1,024

....

Excess

161
133
601
848
924

174

-167
69
2,611
989
— 144
67

1960—Dec
1961—Dec
1962—Dec
1963—Dec

Required

Borrowings
at
F.R.
Banks

37

j
-25

1,011

,409
,795
710
,H8

,17,7
,070
1,038
953
987
035

7
5

1,051
,07?

4
7
3

-86
-14
—2
e

3
6
1
3
4
-3

90
21
5
13
22
13
34
29
20
28

-5
'13
5

12
50
50

-17

9

6
-3
4

30
70
113
111
68
33
11
10

^3

13

014

1,041
033

1,036
033

,060

OSS

1,072
1,086
099
077

18
26

-13
-19
-7

— 33

-26

— 16

-31

'-37

-45

Week ending—
1964—Mar. 4
11
18
25
Oct. 7
14
21
28
Nov. 4
11...
18
25
Dec.

For notes see opposite page.




C

5

C

-20
— 69
-112
-172
-69
'-28
-14
-6
c

5

5

44

32
3
43
76

-10
C
-445

5
-33
_3
-1
c -50
-73
c

549

BANK RESERVES AND RELATED ITEMS

APRIL 1965

RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Other reserve city banks
Reserves
Period
Total
held

Required

Excess

Country banks

Borrowings at
F.R.
Banks

-397
62
1,188
1,302

1929 June
1933 June
1939 Dec
1941—Dec
1945 Dec
1947 Dec

761

749

12

648
3,140
4,317
6,394
6,861

528
1,953
3,014
5,976
6,589

120
1,188
1,303
418
271

1
96
123

1950 Dec
1951 Dec
1952 Dec
1953 Dec
1954—Dec

6,689
7,922
8,323
7,962
7,927

6,458
7,738
8,203
7,877
7,836

232
184
120
85
91

50
354
639
184
117

1955 Dec
1956 Dec
1957—Dec
1958 Dec
1959 Dec

7,924
8,078
8,042
7,940
7,954

7,865
7,983
7,956
7,883
7,912

60
96
86
57
41

398
300
314
254
490

1960
1961
1962
1963

Dec
Dec
Dec
Dec

7,950
8,367
8,178
8,393

7,851
8,308
8,100
8,325

100
59
78

68

190

-122

1964—Mar
Apr
May

8,171
8,204
8,150
8,290
8,341
8,312
8,441
8,483
8,565
8,713

40

90

-50

Sept
Oct
Nov
Dec

8,211
8,235
8,182
8,318
8,386
8,349
8,480
8,530
8,612
8,735

31
32
28
45
37
39
47
47
22

108
144
142
147
191
179
163
225
125

« —112
-114
-102
-154
-140
-116
-178
-103

Jan
Feb
Mar

8,713
8,548
8,563

8,676
'8,485
8,547

37
'63
15

120
207
163

'-144
-148

4
11
18
25

8,139
8.142
8,179
8,256

8,084
8,113
8,155
8,224

55
29
25
32

184
96
145
65

7
14
21
28

8,581
8,567
8,471
8,443

8,554
8,484
8,464
8,419

27
83
7
23

189
91
228
146

Nov.

4
11
18
25

8,585
8,570
8,601
8,624

8,543
8,536
8,556
8,576

41
34
46
48

163
262
312
73

Dec

2
9
16
23
30

8,651
*8,633
8,657
8,853
8,838

8,643
8,591
8,621
8,815
8,799

8
r
42
36
37
39

Jan

6
13
20
27

8,983
8,763
8,691
8,566

8,942
8,710
8,610
8,540

Feb

3
10
17
24

8,594
8,530
8,511
8,480

8,568
8,487
8,468
8,440

3
10
17
24

8,527
8,491
8,527
8,659
8,665

8,527
8,455
8,502
8,632
8,599

July

1965

409
58

Reserves
Free
reserves

Total
held

Required

Excess

632

610

22

441
1,568
2,210
4,576
4,972

344
897
1,406
3,566
4,375

96
671

-99
-26

4,761
5,756
6,094
5,901
5,634

-338
-203
-228
-198
-449

20
39

80
20

130

-52

804

Borrowings at
F.R.
Banks
327

126
3

Free
reserves

—305
-30
668

597

4
46
57

4,099
5,161
5,518
5,307
5,032

663
596
576
594
602

29
88
236
105
52

634
508
340
489
550

5,716
5,859
5,906
5,849
6,020

5,220
5,371
5,457
5,419
5,569

497
488
449
430
450

159
144
172
162
213

338
344
277
268
237

6,689
6,931
6,956
7,347

6,066
6,429
6,515
6,939

623
502

40
31

442

583
471

408

48

74

394

7,177
7,234
7,161
7,224
7,297
7,302
7,404
7,483
7,578
7,707

6,865
6,907
6,860
6,900
6,968
6,946
7,053
7,138
7,244
7,337

312

57

327
301
324
329
356
351
345
334
370

255

68
80
76
56
91
73
63
88
55

259
221
248
273
265
278
282
246
315

7,695
7,617
7,577

7,369
7,262
7,279

327
355
298

54
53
83

273
302
215

7,178
7,118
7,212
7,352

6,823
6,844
6,860
6,909

355
274
352
443

83
54
68
29

272
220
284
414

7,513
7,424
'7,571
'7,394

7,113
7,152
7,155
7,125

401
272

'416
'269

60
56
54
73

'362
'196

-122
-228
-266

7,521
7,551
7,782
7,448

7,155
7,227
7,261
7,268

366
324
521
180

80
92
103
76

286
232
418
104

240
60
81
118
258

-232

7,671
7,525
7,634
7,734
r
7,846

7,293
7,295
7,295
'7,380
'7,375

378
229
339

'354
'471

79
55
40
58
69

299
174
298

'296
'403

41
54
81
26

183
152
71
87

-142

7,737
7,936
7,626
7,624

7,424
7,424
7,378
7,305

313
511
249
319

49
81
50
38

264
430
199
281

26
42
43
39

122
307
130
280

-265

7,604
7,708
7,500
7,727

7,275
7,278
7,256
7,248

328
430
244
480

53
54
48
48

275
375
196
432

37
26
27
66

89
209
180
182
104

-172
-154
-155

7,455
7,577
7,565
7,711
7,495

7,265
7,255
7,275
7,317
7,281

190
322
290
394
214

62
84
93
65
99

128
238
197
328
115

C

322
148
182

-170
-519

-77

-83

1,011

C

800
965
540

334

Week ending—
1964

Mar

Oct

1965

1965

Mar

31

i This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and open-




-129
-67

-120
-33

-162
-8

-221
-123

-25

'11
-45
-81

-219
-98
10
-61
-96
-87

-241
-89

-38

341
216

ing figures for allowable cash; see also note 3 to preceding table.
Requiredreserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.
Revisions and corrections shown in weekly data for October, November,
and December 1964 did not appear in this table in the March 1965 BULLETIN but were shown on pp. 490-91 of that BULLETIN.

550

MAJOR RESERVE CITY BANKS

APRIL 1965

BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)

Reporting banks
and
week ending—

Excess
reserves l

Related transactions with
U.S. Govt. securities dealers

Interbank Federal funds transactions

Basic reserve position

Gross transactions

Less:

Net:

Net
Borinterrowings
bank
at F.R. Federal
Banks
funds
trans.

Per cent
Surplus
of
or
avg.
deficit required
reserves

Net transactions

Purchases

Sales

Total
2-way
trans- 2
actions

Purchases
of net
buying
banks

Sales
of net
selling
banks

Loans
to
dealers 3

Borrowings
from
dealers 4

Net
loans

Total—46 banks
22
40
37
30

175
284
208
325

662
686
747
423

-815
-930
-918
-718

8.5
9.9
9.9
7.8

1,866
1,816
2,066
1,703

1,204
1,130
1,319
1,281

962
883
1,007
920

904
933
1,059
784

242
247
312
361

1,298
1 006
1,035
706

90
57
109
134

1,207
950
926
573

20
29
4
42
112

155
205
176
268
278

-846
711
-791
615
861 - 1 , 0 3 3
871 - 1 , 0 9 7
-690
524

8.9
8.5
11.0
11.5
7.3

2,120
1,834
2,021
2,014
1,880

1,409
1,219
1,161
1,143
1,356

1,142
845
871
906
946

978
989
1,150
1,107
934

267
374
290
237
409

990
602
844
996
858

79
81
92
115
148

911
521
751
881
710

3
10
17
24

12
15
16
8

69
51
131
100

377
489
579
284

-434
-525
-695
-376

11.4
14.2
19.0
10.4

925
1,061
1,066
811

548
573
487
528

426
528
471
506

500
534
596
305

123
45
16
21

861
671
725
488

90
56
106
124

770
615
619
364

3

16
10
—1
23
58

115
76
73
180
85

510
546
539
614
440

-609
-612
-612
-770
-467

16.2
16.8
16.4
20.5
12.4

1,063
950
1,005
1,070
957

553
404
467
456
517

546
390
444
444
486

517
560
562
625
472

7
15
23
12
31

620
412
508
562
553

73
81
89
102
119

546
331
418
460
434

1
3
10

437
335
307
208

1965—Feb.

3
10
17
24.

Mar

3
10.
17
24
31

...

8 in New York City
1965

Feb

Mar

io

17
24
31
38 outside
New York City
1965—Feb.

3
10
17
24

10
24
21
22

106
233
77
225

285
197
168
139

-381
-406
-223
-342

6.6
7.2
3.9
6.1

941
755
1,000
892

656
557
832
753

537
356
536
413

404
399
463
479

119
202
295
340

437
335
310
218

Mar

3
10
17
24
31

4
19
5
18
54

40
129
104
193

201
69
322
257
84

-237
-179
-421
-326
-223

4.2
3.2
7.5
5.7
3.9

1,057
884
1,016
944
922

856
815
694
687
839

597
455
427
462
461

461
429
589
482
462

260
359
267
225
378

370
190
336
434
305

6
3
14
29

365
190
333
421
276

5 in Chicago
1965 Feb

3
10
17
24

2
6
—1
2

28
52
27
84

95
16
3
22

-121
-62
-31
-104

12.3
6.4
3.2
10.9

242
179
225
227

147
164
222
205

140
78
102
111

102
101
123
117

8
86
120
95

105
111
72
52

105
111
72
52

Mar

3
10
17
24
31

2
5
-1
2
19

1
3
10
169

-42
-82
34
52
141

44
85
-39
-60
-291

4.4
9.0
4.1
6.2
30.1

226
191
246
245
263

268
273
212
193
122

204
106
99
90
110

22
86
146
155
153

64
168
112
103
12

67
53
54
53
30

67
53
54
53
30

33 others
1965—Feb

3
10
17
24

8
19
22
20

78
180
50
141

190
182
165
117

-260
-344
-193
-238

5.5
7.3
4.1
5.1

699
576
774
665

509
394
609
548

397
278
434
303

302
298
340
362

112
116
175
245

332
224
238
166

Mar

3
10
17
24
31

2
15
6
16
35

40
128
100
78
24

243
151
288
205
-57

-281
-264
-382
-266
68

5.9
5.7
8.1
5.6
1.4

831
693
770
698
659

588
542
483
493
716

392
350
328
372
351

439
343
442
327
309

196
192
155
122
366

303
137
282
381
275

1 Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale) or other lending arrangements.




1
3
10
6
3
14
29

332
224
235
156
298
137
279
368
245

4
Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt. or other issues.
NOTE.—Weekly averages of daily figures, Details may not add to
totals because of rounding.
For description of series and back data, see August 1964 BULL., pp.

DISCOUNT RATES

APRIL 1965

551

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a 1

Federal Reserve Bank

Effective
date

Rate on
Mar. 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland....
Richmond...
Atlanta
Chicago.....
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

Previous
rate

Effective
date

Rate on
Mar. 31

24, 1964
24, 1964
24, 1964
27, 1964
27, 1964
25, 1964
24, 1964
24, 1964
30, 1964
30, 1964
27, 1964
27, 1964

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

i Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances

Advances to all others under
last par. Sec. 13 3

Advances under
Sec. 10(b) 2
Previous
rate

24, 1964
24, 1964
24, 1964
27, 1964
27, 1964
25, 1964
24, 1964
24, 1964
30, 1964
30, 1964
27, 1964
27, 1964

Rate on
Mar. 31

P
¥
6
5
5
5
5
5
5

Effective
date

Previous
rate

Nov. 24,1964
Nov. 24,1964
Nov. 24,1964
Nov. 27, 1964
Nov. 27, 1964
Nov. 25, 1964
July 19,1963
Nov. 24,1964
Nov. 30,1964
Nov. 30, 1964
Nov. 27, 1964
Nov. 27, 1964

secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)

Effective
date

In effect Dec. 31, 1932

Range
(or level)—
all F.R.
Banks

F.R.
Bank
of
N.Y.

21/2-31/2

21/2

1933
Mar. 3
4
Apr. 7
May 26
Oct. 20

3 -31/2
21/2-31/2
2 -31/2

21/2

1934
Feb.
2....
Mar. 16

11/2-3

2

H/2
I1/2

I1/2-21/2
11/2-2

I1/2
H/2

1937

Aug. 27
Sept. 4

Feb.

5
15
Apr. 14
16
May 21

Range
(or level)—
all F.R.
Banks

1 -2
1 -11/2
1

1
1
1
1

15
30

Apr

May
Aug.

Sept

1
1

1
1948

Aug. 21
25

1

WA

4

IVA

11/2
11/2

n/2

18
1%

t

12!!!'.".

-,?:::::

2VA
21/4

Nov. 18
23

18
1956
21/2-3
234-3
234-3

1957
A u g

!:::::
Nov. 15
Dec.
2
2

4

WA
WA

NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, see Banking and Monetary Statistics,
1943,
pp. 439-42.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts

F.R.
Bank
of
N.Y.

1958

Apr.
May
Aug.
Sept.

18
9
15
12
23
Oct. 24
Nov. 7
Mar. 6

3
3

4
-3

3
31/2
3

1959

16

May 29
June 12
Sept. 11
18
June

3
10
14
Aug. 12
Sept. 9
July 17
26

WA

1950
WA

234

I*
3

31

114-11/2
n/2

Range
(or level)—
all F.R.
Banks

13
21

1954

1
Preferential rate of }/% of 1 per cent for advances secured by U.S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.




Jan. 22
24
Mar. 7

134-2

-&::::
2
4

Apr. 13
20
Aug. 24

Effective
date

1953

1946

Apr. 25
May 10

F.R.
Bank
of
N.Y.

1955

1942

Apr. 11

Jan. 12
19
Aug. 13
23

Jan. 16
23

1935

Jan. 11
May 14

Oct.

Effective
date

Nov. 24
30

1960

1963
3 -31/2
31/2
1964
31/2-4

1965
In effect Mar. 31

against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
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,
2.75;
1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75;
1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24,
28, 30, 31, 3.875; 1965—Jan. 4, 5, 6, 7, 8, 3.875.

552

RESERVE REQUIREMENTS

APRIL 1965

MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS

RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)

(Per cent per annum)

Net demand deposits 2

Effective date
Type of deposit

Jan. 1,
1936

Savings deposits held
for:
1 year or more
Less than 1 year

} ^

Postal savings deposits
held for:
1 year or more
Less than 1 year
Other time deposits
payable in;i
1 year or more
6 months-1 year
90 days-6 months....
Less than 90 days....

Jan. 1,
1957

Jan. 1,
1962

3

{ U

) 2%

3

T

3

ik

July 17, Nov. 24,
1963
1964

4
4

4
3%

4
3%

4
4

ik

4%
4

i For exceptions with respect to foreign time deposits, see Oct. 1962
BULL., p. 1279.

NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust
cos. on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936, maximum rates that may be
paid by insured nonmember commercial banks, as established by the
FDIC, have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2%
per cent.
MARGIN REQUIREMENTS

Effective date i

Central Reserve
reserve
city
city
banks 3 banks

Time deposits

Country
banks

Central
reserve
and
reserve
city
banks

Country
banks

In effect Dec. 31, 1948..

26

22

16

7%

7%

1949—May 1,5
June 30, July 1..
Aug. 1,11
Aug. 16, 18
Aug. 25
Sept. 1
1951—Jan. 11, 16 ,
Jan. 25, Feb. 1..
1953—July 1,9
1954—June 16,24
July 29, Aug. 1.

24

21
20
19%
19

15
14
13
12

7
6
5

7
6

1958—Feb. 27, Mar. 1.
Mar. 20, Apr. 1..
Apr. 17
Apr. 24
1960—Sept. 1
Nov 24
Dec. 1

8*%
ii

ii*

23
24
22
21
20

19
20
19
18

!
13
14
13

1

12

WA

5

;}%

12
4

4

16%

12

4

4

10
22

7
14

3
6

3
6

1962—Oct. 25, Nov. 1.

Present legal requirement:
Minimum
Maximum

5

16%

17%
16%

In effect Apr. 1, 1965...

. . . . . . . . . . . .

(Per cent of market value)
Effective date
Regulation
July 28, July 10, Nov. 6,
1960
1962
1963
Regulation T:
For extensions of credit by brokers and
For short sales
Regulation U:
For loans by banks on stocks

70
70

50
50

70
70

70

50

70

1
When two dates are shown, a first-of-month or midmonth date
records changes at country banks, and any other date (usually a Thurs.)
records changes at central reserve and reserve city banks.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.

NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917 until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: Country banks—in
excess of 4 and 2^i per cent of net demand deposits effective Dec. 1, 1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1,
1960, respectively. Effective Nov. 24, 1960, all vault cash.

NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100 per cent) and the
maximum loan value.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks

Reserve city banks
Item

All
member
banks

New
York
City

City
of
Chicago

Countr>
banks

Item

Other

140,040
15,357
3,436
121,247
114,455
106,122

26,801
4,621
775
21,405
20,730
15,023

6,540
1,277
225
5,037
5,455
4,670

52,745
7,428
1,394
43,922
42,295
40,712

7,559
3,598

141
294

97
55

2,009
1,088

17,888
21,486
21,061
425

3,752
4,046

1,034
1,089
1,087
2

7,566
8,654
8,607
47

4,021
25

53,954 Gross demand—Total
Interbank
2,030
U.S. Govt
1,042
Other
50,883
45,975 Net demand 1
45,718 Time
Demand balances due
from dom. banks
5,311
2,160 Currency and coin
Balances with F . R .
Banks
5,537
7,697 Total reserves held....
7,346
Required
351
Excess

1
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.




New
York
City

City
of
Chicago

Other

Country
banks

Four weeks ending March 3 , 1965

Four weeks ending Feb. 3, 1965
Gross demand—Total. . .
Interbank
U.S. Govt
Other
Net demand1
Time
Demand balances due
from dom. banks....
Currency and coin
Balances with F . R .
Banks
Total reserves held
Required
Excess

All
member
banks

137,236
14,741
5,306
117,190
112,047
108,013

26,685
4,650
1,092
20,943
20,206
15,554

6,480
1,261

7,280
3,405
17,766
21,171
20,781
390

4,887
5,432
4,655

51,372
6,978
2,234
42,160
41,360
41,410

52,699
1,852
1,647
49,201
45,049
46,394

144
276

108
54

1,969
1,033

5,060
2,041

3,701
3,977
3,956

1,030
1,084
1,082

7,479
8,512

5,556
7,597
7,262
335

21

333

2

8,481
31

NOTE.—Averages of daily figures. Balances with F.R. Banks are as
of close of business; all other items (excluding total reserves held and
excess reserves) are as of opening of business.

APRIL 1965

553

OPEN MARKET ACCOUNT
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt. securities by maturity
Treasury bills

Total

Others within 1 year

Month
Gross
purchases

1964—Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec..

..

1965 Jan
Feb

Gross
sales

989
699
588
1,332
937
1,264
574
620
1,347
1,197
813

458
18
714
136

388
865

261
198

610
413
534
888
131
866

Redemptions

115
239
367
85
371
447

Gross
purchases

Gross
sales

458
18
714
136

215

989
677
538
1,259
900
1,264
145
388
1,275
1,197
706

12
464

388
784

261
198

610
413
534
888
131
866

Redemptions

Gross
purchases

Exch.
or
maturity
shifts

Gross
sales

-3,411

115
239
367
85
371
447

15
-2,164
2,030
-28

215

5

12
464

1,752

Outright transactions in U.S. Govt. securities by maturity—continued

Gross
purchases

1964—Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb

11
13
43
20
....

187
108
33

Gross
sales

Exch.
or
maturity
shifts
3,481
-15
2,164
307
-2,030

52

102
28
335

46

-1,752

Repurchase agreements
(U.S. Govt. securities)
Gross
purchases
1964

Feb
Mar
Apr
June
July
Aus
Sept
Oct .
Nov
Dec

1965—Jan
Feb

Gross
sales

Gross
purchases

Gross
sales

9
30
27
11
202
89
29
45

Exch.
or
maturity
shifts
-70

-307

-102
35
-335

Net change
in U.S.
Govt.
securities

127
338
280
734
625
1,021
733
712
782
1,313
1,657

4 16
6 01
- 6 01
1,0 60
566
2 57
113
186
359
1,0 65
269

1,753
983

2,171
1,019

+ 166

- 3 03

Gross
purchases

Gross
sales

Exch.
or
maturity
shifts

3
8
4
5
41
34
11
5

-35

12

23

127
497
172
682
625
1,070
684
812
682
1,313
2,194

NOTE.—Sales, redemptions, and negative figures reduce System holdings ; all other figures increase such holdings.




Over 10 years

5-10 years

1-5 years

Bankers' acceptances
Net
outright

Net
repurchases

Net change
in U.S. Govt.
securities and
acceptances

6
15

64
-25
-39
36
-21
-16
61
-18
-23
15

412
662
-633
1,014
602
229
93
249
341
1,048
300

-4

22
-40

-281
+ 122

-4
-4
-7
-7
-7
-4
2

554

FEDERAL RESERVE BANKS

APRIL 1965

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month

Wednesday

1965

1965

Item
Mar. 31

Mar. 24

Mar. 17

Mar. 10

Mar. 3

Mar.

12,746
1,547

12,721
1,547

12,723
1,553

12,986
1,542

12,986
1,547

14,293

14,268

14,276

14,528

144

149

151

152

109
15

222
20

372
35

55

55

1964
Feb.

Mar.

12,746
1,547

13,112
1,549

13,785
1,405

14,533

14,293

14,661

15.190

163

144

175

246

422
15

555
45

109
15

?S5

Assets
Redemption fund for F.R. notes

Cash
Discounts and advances:
Other
Acceptances:
U.S. Govt. securities:
Bought outright:
Bills
77.
Certificates—Special
Other
Notes

Held under repurchase agreements

60

55

55

74

92

55

88
6,826

6 734

6,741

6,668

6,394

6,826

Other assets:
All other
Total assets

35

88

130

i

54 '
17
6,281

.

61
64
4,148

25,706
4,928

25,704
4,863

25,704
4,863

25,697
4,846

25,697
4,846

25,706
4,928

25,697
4,846

i 3,265
| 21,622
4,576

37,460

37 301

37 308

37,211

36 937

37,460

36,824

33.611

96

62

36

131

83

159

131

Total U.S. Govt. securities

55

45

37,591

37,301

37,404

37,273

36,973

37,591

36,907

33,770

37,858
5,377
102

37,672
5.676
102

37,958
7,689
102

37,825
5,348
102

37,663
6,226
102

37,858
5,377
102

37,278
5,876
102

34,025
4,763
102

375
362

368
338

251
315

201
302

375
362

165

330

268

351

58,511

58,573

60,742

58,458

150
284
59,121

58,511

58,525

55,007

34,003

33,965

34,094

34,087

33,898

34,003

33,781

31,566

17,277
867
162

17,290
1,002
122

17.546
i;099
149

17,250
872
151

17,608
858
143

17,277
867
162

17,903
988
154

17,060
831
167

Liabilities
F.R notes
Deposits:
IT s Treasurer—General account
Foreign
Other
Total deposits
Deferred availability cash items
Total liabilities

196

174

190

194

212

196

210

200

18,502

18,588

18,984

18,467

18,821

18,502

19,255

18,258

4,263
567

4,308
563

5,974
565

4,106
605

4,633
602

4,263
567

3,732
602

3,474
95

57,335

57,424

59,617

57,265

57,954

57,335

57,370

! 53,393

536

536

534

532

532

536

524
116

524
89

524
67

524
137

524

524
116

S32
524

509
990

58,511

58,573

60,742

58,458

59,121

Capital Accounts
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
U.S. Govt. securities held in custody for foreign

58,511

99

115

58,525

55,007

134

128

120

119

119

134

118

110

7,741

7,914

8,111

8,181

8,219

7.741

8 100

8 105

Federal Reserve Notes—Federal Reserve Agents* Accounts
Collateral held against notes outstanding:
Eligible paper
U.S. Govt. securities




36, 519

36 ,578

36, 657

36 ,614

36,579

36 ,519

36 ,567

33, 594

6, 850
6
31, 265

6 ,750
4
31 ,365

6, 745
3
31, 365

6 ,740
3
31 ,365

6,670
19
31,365

6 ,850
6
31 ,265

6 ,647
5
31 ,355

6, 542
21
28, 392

38, 121

38 ,119

38, 113

38 ,108

38,054

38 ,121

38 ,007

34, 955

555

FEDERAL RESERVE BANKS

APRIL 1965

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1965
(In millions of dollars)

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

Minne- Kansas
apolis
City

St.
Louis

Dallas

San
Francisco

Assets
Gold certificate account
Redemption fund for F.R. notes

12,746
1,547

748
87

2,839
353

737
86

1,027
137

1,180
129

699
92

2,393
282

498
62

219
29

441
61

325
50

1,640
179

Total gold certificate reserves

14,293

835

3,192

823

1,164

1,309

791

2,675

560

248

502

375

1,819

626
144

51
11

182
33

37
5

54
9

30
9

98
14

40
24

29
8

10
4

13
6

33
5

49
16

4
1

20
4

7
1

1
1

12
1

3
1

28
2

3
*

7
*

21
1

2
1

1
2

F R notes of other Banks
Other cash

Discounts and advances:
109
Secured by U.S. Govt. securities. . .
15
Other
Acceptances:
Boueht outright
55
88
Held under repurchase agreements .
U.S. Govt. securities:
Boufiht outrisht
.
. . . 37,460
131
Held under repurchase agreements .
Total loans and securities
Cash items in process of collection.. .
Bank premises
Other assets:
Denominated in foreign currencies .
All other

1,882

9,216
131

1,977

3,063

2,477

2,016

6,202

1,432

818

1,522

1,627

5,228

37,858

1,887

9,514

1,985

3,065

2,490

2,020

6,232

1,435

825

1,544

1,630

5,231

6,813
102

466
3
17
18

1,372
8

517
6

1,132
21

300
6

410
6

331
11

628
10

22
20

53
59

13
14

200
4
9
6

17
17

22
15

3,288 14,488

3,309

4,877

494
5
19
24
4,380

546
19

198
89

417
3
21
18

3,530 10,236

2,365

1,306

2,515

2,422

50
54
7,857

375
362
60,573

Total assets

55
88

34
28

Liabilities
34,629
F.R. notes
Deposits:
17,277
Member bank reserves
867
U.S. Treasurer—General account..
162
Foreign
196
Other

2 050

8,063

2 032

2 948

2,978

1,986

6,282

1 367

641

1 ^31

1 071

3 880

608

747

794

616

414

62
8
1

1 260
45
13
1

938

102
7
*

4,551
144
2 55
130

700

909

86
7
2

51
8
1

3 051
88
19
51

18,502

111

4,880

818

795

969

3,209

5,699
567

438
27

1,086
150

364
31

286
30

536
75

3,232 14,179

313
25
1 ,279 2,464

2,356

7,700

Total deposits
Deferred availability cash items
Other liabilities
Total liabilities

59,397

92
7
5

37
9
1

2 689
51
21
2

1,319

898

985

2,763

694

455

456
49

413
30

458
33

936
84

243
20

170
13

3,245

4,772

4,319

3,462 10,065

2,324

142
137
30

29
29
6

48
47
10

27
26
8

3,288 14,488

3,309

4,877

4,380

72
5
1

37
3
1

Capital Accounts
Capital paid in
Surplus
Other capital accounts

536
524
116

Total liabilities and capital accounts. . 60,573

25
25
6

77
75
19

18
18
5

13
12
2

24
23
4

31
31
4

71
70
16

3,530 10,236

2,365

1,306

2,515

2,422

7,857

31
31
6

Ratio of gold certificate reserves to
F.R. note liability (per cent):
Mar 31 1965
Feb 28 1965.
Mar 31 1964

41.3
42.4
47.3

40.7
34.5
41.1

39.6
45.8
50.9

40.5
37.2
44.4

39.5
42.7
41.9

44.0
32.1
37.9

39.8
46.5
46.8

42.6
38.9
45.4

41.0
39.9
45.8

38.7
45.8
57.3

37.7
47.3
49.6

35.0
59.4
59.2

46.9
47.4
53.9

Contingent liability on acceptances
purchased for foreign correspondents

134

6

3 35

7

12

7

8

19

5

3

6

8

18

6,600

1,449

665

1,378

1,147

4,119

Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral

36,519

2,129

6,850
6
31,265
38,121

2,185

8,537

2,091

3,161

420

1,710

733

400

1,100

225

180

735

2,775

2,410

1,850

5,700

290
3
1,260

122

7,200

435
3
1,800

500

1,765

555

1,200

1,050

3,700

8,910

2,238

3,275

3,143

2,250

6,800

1,553

677

1,425

1,230

4,435

1
After deducting $277 million participations of other Federal Reserve
Banks.
2
After deducting $107 million participations of other Federal Reserve
Banks.




3,096

2,147

3
After deducting $99 million participations of other Federal Reserve
Banks.

556

FEDERAL RESERVE BANKS; BANK DEBITS

APRIL 1965

MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday

End of month

1965

Item
Mar. 31

Mar. 24

Mar. 17

1965
Mar. 10

Mar. 3

Mar.

1964
Feb.

Mar.

Discounts and advances—Total. . .
Within 15 days
16 days to 90 days
91 days to 1 year

124
120
4

242
225

407
391
16

437
420
17

600
582
18

124

17

120
4

300
282
18

130
126
4

Acceptances—Total
Within 15 days
16 days to 90 days

143
103
40

129
86
43

147
102
45

115
73
42

90
49
41

143
103
40

71
34
37

125
77
48

37,591
1,030
7,461
15,083
12,409
1,292
316

37,301
908
7,462
14,982
12,384
1,259
306

37,404
1,001
7,452
15,002
12,384
1,259
306

37,273
817
7,606
14,925
11,799
1,820
306

36 ,973
845
7 ,534
14 ,669
i l ,799
1 ,820
306

37,591
1,030
7,461
15,083
12,409
1,292
316

36,907
662
7,649
14,671
11,799
1,820
306

33,770
866

Swiss
francs

U.S. Government1 securities—Total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years

8,413

10,034
12,160
2,075
222

1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.

CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)

End of period

1964

Total

124
168
195
164
74
727
295

June
July
Aug
Sept
Oct
Nov
Dec

Pounds
sterling

Belgian
francs

16
29
61
90
32
717
234

52
52
45
15
2
1
51

Canadian
dollars

French
francs

German
marks

Italian
lire

Japanese
yen

Netherlands
guilders

1
1

2
2
2
2
2
2
2

50
80
80
51
31
1
1

1
1
3
3
3
3
3

2
2
2
2
2
2
2

BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts *
(In billions of dollars)
Period

Total
225
SMSA's

Leading SMSA's

1964—Jan..
Feb..
Mar.

4,486.5
4,359.2
4,419.5

,915.0
,768.9
,822.2

Apr.
May
June

4,603.0
4,542.0
4,535.4

,909.2
,853.6
,928.0

1,030.0

July.
Aug.
Sept.

4,833.7
4,579.9
4,763.5

Oct..
Nov.
Dec.
1965—Jan..
Feb..
Mar.
1
2

Total 224
centers
(excl.
N.Y.)

218
other
SMSA's

Total
225
SMSA's

N.Y.

989.6
986.3
999.5

2,571.5
2,590.3
2,597.3

,581.9
,604.0
,597.8

43.9
43.9
43.8

1,038.4
992.5

2,693.8
2,688.4
2,607.4

,655.4
,658.4
,614.9

2,087.0
1,898.2
2,007.6

1,058.9
1,021.3
1,049.5

2,746.7
2,681.7
2,755.9

4,698.2
4,648.0
4,816.5

1,926.7
1,917.7
2,013.0

1,060.6
1,023.7
1,065.4

4,870.9
4,842.5
4,995.6

2,067.6
1,997.4
2,071.8

1,065.5
1,077.2
1,115.4

N.Y.

6 others

2

]

6 others 2

Total 224
SMSA's
(excl.
N.Y.)

other
SMSA's

87.3
87.1
86.6

40.5
41.6
40.4

32.3
32.6
32.6

28.7
28.8
29.0

45.1
45.2
45.0

89.8
89.8
91.2

42.1
43.1
40.9

33.2
33.5
32.9

29.4
29.5
29.3

,687.8
,660.4
,706.4

46.3
44.7
44.3

95.8
89.3
88.5

42.3
42.4
41.4

33.3
33.0
32.9

29.4
29.1
29.2

2,771.5
2,730.3
2,803.5

1,710.9
1,706.6
1,738.1

44.6
45.1
45.5

89.8
91.3
90.7

40.9
41.0
41.7

32.8
33.2
33.4

29.3
29.5
30.0

2,803.3
2,845.1
2,923.8

1,737.8
1,767.9
1,808.4

46.3
47.1
47.9

94.8
96.1
96.9

42.8
44.3
44.8

33.8
34.6
35.4

30.0
30.5
31.2

Excludes interbank and U.S. Govt. demand deposits accounts.
Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.




Turnover of demand deposits
Leading SMSA's

218

NOTE.—Total SMSA's include some cities and counties not designated
as SMSA's.
For a description of the revised series see March 1965 BULL., p. 390.

APRIL 1965

557

U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation i

Total

Coin

$1 2

$2

$5

$10

1939
1941
1945
1947
1950
1955

7,598
11,160
28,515
28,868
27,741
31,158

5,553
8,120
20,683
20,020
19,305
22,021

590
751
1,274
1,404
1,554
1,927

559
695
1,039
1,048
1,113
1,312

36
44
73
65
64
75

1,019
1,355
2,313
2,110
2,049
2,151

1958
1959
I960
1961
1962
1963

32,193
32,591
32,869
33,918
35,338
37,692

22,856
23,264
23,521
24,388
25,356
26,807

2,182
2,304
2,427
2,582
2,782
3,030

1,494
1,511
1,533
1,588
1,636
,722

83
85
88
92
97
103

1964—Feb
Mar
Apr
May
June . .
July

36,312
36,799
36,885
37,208
37,734
37,835
38,014
38,166
38,373
39,248
39,619
38,540
38,593

25,561
26,000
26,063
26,353
26,797
26,859
26,972
27,068
27,201
27,925
28,100
27,158
27,227

3,044
3,105
3,139
3,169
3,205
3,223
3,249
3,285
3,321
3,359
3,405
3,435
3,468

1,590
1,621
1,630
1,655
1,676
1,668
1,668
1,693
1,716
1,749
1,806
1,709
I 702

101
102
103
105
107
108
109
111
111
108
111
110
110

End of period

Sent . .
Oct
Nov
Dec
1965—Jan
Feb.. . .

Coin and small denomination currency

Large denomination currency
$20

Total

$50

$100

$500

$1,000

1,772
2,731
6,782
6,275
5,998
6,617

1,576
2,545
9,201
9,119
8,529
9,940

2,048
3,044
7,834
8,850
8,438
9,136

460
724
2,327
2,548
2,422
2,736

919
1,433
4,220
5 070
5,043
5,641

191
261
454
428
368
307

425
556
801
782
588
438

20
24
7
5
4
3

32
46
24
17
12
12

2,186
2,216
2,246
2,313
2,375
2,469

6,624
6,672
6,691
6,878
7,071
7,373

10,288
10,476
10,536
10,935
11,395
12,109

9,337
9,326
9,348
9,531
9,983
10,885

2,792
2,803
2,815
2,869
2,990
3,221

5,886
5,913
5,954
6,106
6,448
7,110

275
261
249
242
240
249

373
341
316
300
293
298

3
3
3
3
3
3

9
5
10
10
10
4

2,278
2,321
2,320
2,350
2,379
2,359
2,364
2,361
2,385
2,455
2,517
2,381
2,375

6,983
7,096
7,095
7,170
7,280
7,262
7,272
7,280
7,328
7,568
7,543
7,256
7,282

11,566
11,754
11,775
11,904
12,151
12,239
12,310
12,339
12,339
12,687
12,717
12,267
12,289

10,751
10,799
10,822
10,855
10,937
10,976
11,041
11,098
11,172
11,323
11 519
11,382
11,366

3,147
3,158
3,172
3,185
3,217
3,231
3 249
3,253
3,262
3,314
3 381
3,321
3,310

7,057
7,094
7,104
7,127
7,175
7,202
7 248
7,302
7,367
7,468
7,590
7,519
7,517

246
246
247
246
246
245
245
246
246
246
248
246
245

293
294
292
291
292
291
292
291
291
289

3
3
3
3
2
3
3
3
3
3
2
2
2

4
4
4
4
4
4
4
4
4
4
4
4
4

2

l Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the Reserve Banks for which a denominational
breakdown is not available.

$5,000 $10,000

293

290
288

Paper currency only; $1 silver coins reported under coin.

NOTE.—Condensed from Circulation Statement of United
Money, issued by the Treasury.

States

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Currency in circulation i

Held in the Treasury
Kind of currency

Gold
Gold certificates
F.R. notes
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates....
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total

Feb 28 1965
Jan. 31 1965
Feb 29 1965

1

Total outstanding As security
Feb. 28,
against
Treasury
gold and
1965
cash
silver
certificates
14,937
(14,661)
36,566
5,402
485
1 447
(1 182)
2^233

Feb. 29,
1964

33,663
4,930

33,585
4,955

31,089
5,223

(1,182)

298

174

3
265
11
12

*

482

482

459

i i 82

114
23
10
25
1

1,056
2,198

1,120
2,172

1,703
1,871

782

713

289
110

312
164

5,776
6,136
5,538

38,593

323
111
5 56,905
557,419
554,651

Jan. 31,
1964

2 276

in

311,844

804
4

Feb. 28,
1965

(14 661)

*

(15,842)
(16,173)
(17,114)

Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated totals for Wed. dates shown in table on p. 547.
2 Includes $156 million reserve against United States notes.
3 Consists of credits payable in gold certificates: (1) the Gold Certificate
Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R.
notes.
* Redeemable from the general fund of the Treasury.
s Does not include all items shown, as some items represent the security




For
F.R.
Banks
and
Agents

Held by
F.R.
Banks
and
Agents

692
653
433

11,844
12,090
12,369

2,816
2,786

788

296
110

38,540

36,312

for other items; gold certificates are secured by gold, and silver certificates
by standard silver dollars and monetized silver bullion. Duplications
are shown in parentheses.
NOTE.—Condensed from Circulation Statement of United States
Money, issued by the Treasury. For explanation of currency reserves
and security features, see the Circulation Statement or the Aug. 1961
BULL., p. 936.

558

MONEY SUPPLY

APRIL 1965
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Money supply

Period
Total

Currency Demand
deposit
component component

Not seasonally adjusted

Time
deposits
adjusted i

Money supply

Total

Currency Demand
deposit
component component

Time
deposits
adjusted i

U.S.
Govt.
demand i
deposits

1957—Dec
1958—Dec...
1959—Dec
1960—Dec...
1961—Dec
1962—Dec
1963—Dec...
1964—Dec

135.9
141.1
142.1
141.1
145.5
147.6
153.2
159.4

28.3
28.6
28.9
28.9
29.6
30.6
32.4
34.2

107.6
112.6
113.2
112.1
116.0
117.1
120.7
125.2

57.4
65.4
67.4
72.9
82.8
97.9
112.3
126.5

139.3
144.7
145.6
144.7
149.4
151.6
157.2
163.6

28.9
29.2
29.5
29.6
30.2
31.2
33.1
34.9

110.4
115.5
116.1
115.2
119.2
120.3
124.1
128.7

56.7
64.6
66.6
72.1
81.8
96.7
111.0
125.0

3.5
3.9
4.9
4.7
4.9
5.6
5.2
5.5

1964—Feb
Mar.. .
Apr....
May...
June...
July...,
Aug...,
Sept
Oct
Nov....
Dec...

153.8
154.2
154.5
154.5
155.6
156.7
157.2
158.0
158.6
159.1
159.4

32.7
32.9
33.0
33.3
33.4
33.5
33.7
33.8
33.9
34.2
34.2

121.1
121.3
121.5
121.3
122.1
123.3
123.5
124.2
124.7
124.9
125.2

115.1
115.7
116.4
117.4
118.5
119.4
120.6
121.7
123.1
125.1
126.5

153.8
152.9
155.0
152.4
153.6
155.2
155.1
156.9
158.8
160.4
163.6

32.3
32.6
32.7
33.0
33.3
33.7
33.8
33.8
34.0
34.5
34.9

121.5
120.3
122.3
119.4
120.3
121.5
121.3
123.1
124.8
125.9
128.7

114.6
115.7
116.7
118.1
119.2
120.1
121.1
122.0
123.3
124.1
125.0

4.8
6.1
4.2
6.9
7.8
7.0
6.4
6.6
5.6
5.8
5.5

1965—Jan
Feb
Mar.. .

159.8
159.1
159.8

34.5
34.6
34.6

125.3
124.5
125.2

128.9
131.1
132.4

163.9
159.0
158.5

34.3
34.2
34.3

129.6
124.9
124.2

128.1
130.6
132.4

4.2
5.8
6.7

1964—Dec. (1).
(2).

159.4
159.4

34.2
34.2

125.2
125.2

126.3
126.7

162.8
164.4

34.9
35.0

128.0
129.4

124.7
125.3

4.9
6.1

1965—Jan. (1)

160.1
159.5

34.4
34.5

125.8
124.9

128.0
129.7

165.3
162.5

34.6
34.1

130.8
128.5

127.2
128.9

4.7
3.7

Feb. (1)
(2)

159.3
158.8

34.6
34.5

124.7
124.3

130.8
131.6

160.7
157.1

34.3
34.0

126.4
123.1

130.2
131.1

4.8
6.9

Mar.(l)
(2)

160.0
159.6

34.7
34.6

125.4
125.0

132.3
132.6

159.2
157.7

34.4
34.2

124.8
123.5

132.0

5.2
8.1

Half month

Not seasonally adjusted

Not seasonally adjusted

Money supply

Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted 1

U.S.
Govt.
demand 1
deposits

U.S.
Govt.
demand
deposits *

126.1
126.9
129.8
129.6
128.7

124.2
124.6
125.0
125.0
125.5

7.2
5.5
3.6
5.7
6.6

1965—Jan.

6....
13....
20....
27

166.2
164.7
164.0
162.0

34.8
34.5
34.2
34.0

131.4
130.2
129.8
128.0

126.5
127.6
128.3
129.1

6.4
4.0
2.9
3.8

3.6
3.6
5.3
6.0

Feb.

3....
10
17....
24....

162.0
160.9
159.2
156.2

34.0
34.4
34.2
34.1

128.0
126.5
125.0
122.1

129.5
130.1
130.7
131.0

4.6
4.7
5.3
7.2

115.2
115.6
115.8
115.9

5.7
4.6
4.6
7.8

Mar.

3
10
17
24
31

116.2
116.4
116.7

158.5
158.7
160.4
157.3
157.3

34.1
34.5
34.4
34.3
34.1

124.4
124.2
126.0
123.0
123.2

131.4
132.0
132.4
132.6
133.0

6.7
5.2
4.7
8.3
8.5

7.9
6.0
5.1

Apr.

7*\ . . . 159.5
14
21

34.6

124.9

133.3

7.2

110.5
110.8
111.0
111.0

4.5
3.8
4.2
6.6

1..
8.,
15.
22.,
29.,

158.8
158.7
158.4
158.1
156.2

32.8
32.9
32.6
32.4
32.0

126.0
125.8
125.8
125.7
124.1

111.5
112.3
113.0
113.6
113.7

6.6
6.4
4.2
3.1
2.9

5..
12..
19..
26.

156.1
155.5
153.2
151.5

32.2
32.5
32.3
32.2

123.9
123.0
120.9
119.4

113.9
114.4
114.7
114.9

Mar. 4.
11.
18.
25.,

152.4
153.1
154.5
151.9

32.3
32.7
32.7
32.5

120.1
120.4
121.8
119.4

Apr.

152.7
153.7
155.5

32.5
32.9
32.8

120.2
120.8
122.7

1..
8.,
15..

Time
deposits
adjusted i

34.6
35.0
34.8
35.0
35.1

122.5
123.1
125.1
124.3

Feb.

Total

Currency Demand
deposit
compo- component
nent

160.8
161.8
164.6
164.6
163.8

33.0
33.3
33.1
33.3

1964—Jan.

Money supply

Week
ending—

1964—Dec. 2.
9.
16.
23.
30.

155.5
156.4
158.2
157.5

1963—Dec. 4.
11.
18.
25.

132.7

I
i At all commercial banks.
NOTE.—Averages of daily figures. For back data see June 1964 BULL.,
pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and




the U.S. Govt., less cash items in process of collection and F.R. float; (2)
foreign demand balances at F.R. Banks; and (3) currency outside the
Treasury, the FRS, and the vaults of all commercial banks. Time deposits adjusted are time deposits at all commercial banks other than those
due to domestic commercial banks and the U.S. Govt.

APRIL 1965

559

BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets

Liabilities
and capital

Other
securities

Total
assets,
net—
Total
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Bank credit
Date
Gold

Treasury
currency
outstanding

U.S. Government securities
Loans,
net

Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Other

29..
30..
30..
31..
31..
31..
30..
30..
28..
29..
20..

4,037
4,031
17,644
22,737
20,065
22,754
22,706
16,889
15,978
15,733
15,582

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,585
5,568
5,587
5,586

58,642
42,148
54,564
64,653
167,381
160,832
171,667
285,992
309,389
318,697
333,203

41,082
21,957
22,157
26,605
30,387
43,023
60,366
154,017
170,693
178,290
189,433

5,741
10,328
23,105
29,049
128,417
107,086
96,560
102,308
103,684
102,418
103,273

5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,715
72,563
69,708
69,068

216
1,998
2,484
2,254
24,262
22,559
20,778
28,881
30,478
32,027
33,552

26
131
1,204
1,284
2,867
3,328
2,888
712
643
683
653

11,819
9,863
9,302
8,999
8,577
10,723
14,741
29,667
35,012
37,989
40,497

64,698
48,465
75,171
90,637
191,785
188,148
199,008
308,466
330,935
340,017
354,371

55,776
42,029
68,359
82,811
180,806
175,348
184,384
280,397
302,195
310,284
323,251

8,922
6,436
6,812
7,826
10,979
12,800
14,624
28,070
28,739
29,732
31,118

1964—Mar. 25.,
June 30..
July 29..
Aug. 26..
Sept. 30P,
Oct. 28P,
Nov. 25?
Dec. 30P,

15,500
15,461
15,500
15,500
15,500
15,500
15,400
15,400

5,600
5,578
5,600
5,600
5,600
5,500
5,500
5,400

334,200
343,988
341,300
344,000
351,100
350,600
355,400
361,700

191,300
201,161
199,300
200,600
205,000
204,000
206,500
212,300

101,700
100,879
99,900
100,700
102,800
103,100
105,300
105,400

67,600
65,337
64,300
64,900
66,700
67,000
68,100
67,800

33,400
34,794
34,800
35,100
35,400
35,200
36,300
36,800

700
748
700
800
700
900
1,000
900

41,200
41,948
42,100
42,700
43,400
43,500
43,600
43,900

355,300
365,027
362,300
365,100
372,100
371,600
376,200
382,500

323,900
333,114
329,500
331,100
338,400
337,700
341,500
348,900

31,400
31,915
32,800
34,000
33,700
33,900
34,800
33,500

1965—Jan. 27?
Feb. 24*>,
Mar. 31 P.

15,200
14,900
14,600

5,400
5,400
5,400

359,500 210,500
361,500 212,700
366,200 217,200

104,600
103,700
103,300

66,900
65,900
64,600

36,700
36,700
37,600

1,000
1,100
1,100

44,400
45,000
45,600

380,100
381,800
386,100

346,200
346,700
350,900

33,800
35,200
35,200

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.

DETAILS OF DEPOSITS AND CURRENCY

Money supply
Seasonally adjusted *
Date
Total

Currency
outside
banks

1929 June
1933 June
1939 Dec
1941 Dec
1945 Dec
1947_Dec.
1950—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.

29 . .
30
30 . .
31
31
31
30....
30....
28....
29....
20....

110,500
114,600
144,800
147,600
148,300
153,100

26,100
24,600
28,700
29,600
30,700
31,700

1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25....
30
29....
26
30*...
28?...
25*...
30*...

153,100
153,500
154,000
154,300
156,800
157,500
156,600
158,800

32,400
32,700
32,800
32,900
33,100
33,300
33,400
33,600

1965—Jan. 27*... 158,100
Feb. 24*... 156,900
Mar. 3 1 * . . . 160,800

Demand
deposits
adjusted i

Related deposits (not seasonally adjusted)

Not se<isonally adjusted

Total

Currency
outside
banks

Demand
deposits
adjusted !

Total

Commercial
banks

U.S. Government

Mutual Postal
savings Savings
banks 2 System

84,400
90,000
116,100
118,000
117,600
121,400

26,179
19,172
36,194
48,607
102,341
113,597
117,670
150,578
153,162
147,144
158,104

3,639
4,761
6,401
9,615
26,490
26,476
25,398
30,053
30,904
31,832
33,468

22,540
14,411
29,793
38,992
75,851
87,121
92,272
120,525
122,258
115,312
124,636

28,611 19,557
21,656 10,849
27,059 15,258
27,729 15,884
48,452 30,135
56,411 35,249
59,246 36,314
121,216 82,145
139,448 97,440
149,322 105,648
155,713 110,794

8,905
9,621
10,523
10 532
15,385
17,746
20,009
38,420
41,478
43,181
44,467

120,700
120,800
121,200
121,400
123,700
124,200
123,200
125,200

150,800
153,331
154,000
152,900
155,800
158,100
159,000
164,300

32,100
33,020
32,900
33,100
33,200
33,200
34,300
34,300

118,800
120,311
121,000
119,800
122,600
124,900
124,700
130,000

162,200
166,627
167,700
169,000
170,400
172,000
172,500
175,000

115,800
119,330
120,300
121,200
122,100
123,500
123,800
125,600

33,400 126,800 178,700 128,900
33,500 122,600 180,600 130,700
33,800 122,500 182,900 132,500

33,900 124,200 160,200
33,900 123,000 156,100
34,100 126,700 156,300

1
Series begin in 1946; data are available only for last Wed. of month.
2
Other than interbank and U.S. Govt., less cash items in process of
collection.
3 Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
4 Rectification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).




Time

149

1,186
1,278
1,313
2,932
3,416
2,923

Foreign
net 3

365
50

,217
,498

Treasury
cash
holdings

204
264

2,409
2 215
2 287
1,336
1,293

At
commercial
and
savings
banks
381
852
846

At
F.R.
Banks

36
35
634
867
977
870
668
465
602
806
850

422
405
369
392

1,895
24*608
1,452
2,989
6,219
7,090
11,306
6,986

,200
,324
,300
,400
,400
,400
,500
,700

400
391
400
400
400
500
600
600

8,100 1,100
939
10,502
700
5,300
6,300 1,100
900
9,400
700
5,000
800
7,200
800
6,600

,500
1,500
1,600

700
700
700

651
530
493
452

'^682
>,518
,497
,488
,337
,206

45,900
46,882
47,100
47,400
47,900
48,100
48,300
49,000

400
415
400
400
400
400
400
400

49,400
49,600
50,100

400
400
400

4,200
6,800
8,500

900
900
900

NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks
and demand deposits adjusted, see "Banks and the Monetary System,"
Section 1 of Supplement to Banking and Monetary Statistics, 1962, and
Jan. 1948 and Feb. 1960 BULL.

Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.

560

COMMERCIAL AND MUTUAL SAVINGS BANKS

APRIL 1965

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Interbank *
Securities
Other
liaCash bilities
assets
and
Demand
capital Total i DeU.S. Other
ac- 2
Time
Time 3
Govt.
mand
counts
U.S.
Govt. Other

Bor- Total
row- capital
acings counts

25,511 8,999 27,344 90,908 81,816
10,982
44,355
26,479
101,288 8,577 35,415 177,332 165,612
14.065
105,935
45,613
161,865 12,793
81,199 10,723 38,388 175,091
75
240 1,346 94,381 53,105
72,563
343,201 303,653 16,008
535 6,839 141,084 139,188
,563 "',012
35
54,939 343,
309,428 15,042
69,708 37 ,989 52,046 347,896
896 309
551 11,069
...... 133,681 149,083
69,068 40 ,497 51,3
528 6,734 141,576 155,531
,536 362 394 319,636 15,267

23 8,414
227 10,542
66 11,948
635 -,046
28
563 28,612
702 29,882

14,826
14,553
14,714
13,940
13,993
14,079

270 29,990
120 31,037
950 30,870
540 31,110
760 31,500
940 31,610
500 31,800
730 32,010

14,122
14,175
14,195
14,203
14,230
14,242
14,251
14,266

Loans and investments

Class of bank
and date

All banks
1941—Dec.
1945—Dec.
1947_Dec.
1962—Dec.
1963—June
Dec.

31
31
314
28
29
20

Total

Loans

61,126
140,227
134,924
280,397
287,411
302,251

26,615
30,361
43,002
172,822
179,714
192,686

1964—Mar. 25
June 30
July 29
Aug. 26
Sept. 30*
Oct. 28*
Nov. 25*
Dec. 30*

303,200 94,440
310,404 203
"",119
309,330 202 ,950
311,540 203 ,920
317,630 207,530
317,860 207,340
322,390 210,720
328,310 216,600

1965—Jan. 27*
Feb. 24*
Mar. 31*

125,810 214.530 66,850 44,430 1,800 387,260 341,280 4,800
127,860 216,890 65,940 45 ,030 52,410 389,770 342,800 4,890
130,880 220,650 64,620 45,610 55,320 396,300 349,890 6,300

Commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1962—Dec. 28
1963—June 29
Dec. 20
1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25
30
29
26
30*
28*
25*
30*

1965—Jan. 27*
Feb. 24*
Mar. 31*

50,746
24,019
16,284
•35,839
'41,014
•54,162

21,714
26,083
38,057
140,106
145,049
156,006

253,880 56,810
260,179 64,463
63,840
258,640 163
260,330 64,400
266,060 67,640
266,160 67,070
270,360 70,060
275,980 175,550

71,283
150,227
144,103
262,122
266,179
275,120

10,982
14,065
2,792
240
6,008
535
5,042
550
5,267
526

44,349
15,952
105,921
30,241
1,343 94,367 35,360
6,829 141,041 97,709
11,060 133,624 105,903
6729 141,534 111,064
6,729

23 7,173
219 8,950
65 10,059
627 24,094
,582
664 25,677

14,278
14,011
14,181
13.429
13,482
13,570

880 3,990 143,000 129 ,130 4,400 27,650 13,785
930 6,590 139,840 130,910 4,330 27,760 13,786
950 8,210 141,560 132,750 3,670 —,110
13,789
28
140 ,709 37,136
64 22,179 69,640
50 1,176 80,609
358 6,086 117,999
373 9,761 111,548
382 5,986 117,562

1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25
30
29
26
30
28
25
30

209,979 132,381
215,132 138,649
213,635 138,042
215,030 138,478
220,105 141,393
219,678 140,646
223,153 143,241
228,341 148,138

18,021
22,775
32,628
118,637
122,088
131
'"',712

19,539 5,96123,123 68,121
78,338 6,070 29,845 138,304
57,914 7,304 32,845 132,060
968 24,092 47,427 249,488
52,968
50,399 27,008 44;929 251,214
49,"342
" 29,073 44,395 261,469

61,717
129,670
122,528
219,468
222,619
229,376

10,385
13,576
12,353
15,309
14,388
'4,518

47,985 29. 613 41
258,229 226,541 13,378
238,052 14,527
46,235 30,249.46;
, _ .269,437
.,
13,078
45,223 30,370 41,732 262,606 229,429
45,651 30,901 41,830 263,825 230,642 13,661
47,245 31,467 46,423 274,302 241,331 15,056
47,458 31,574 44,680 271,855 237,656 14,559
48,383 31,529 45,689 276,406 241 141 14,646
48,260 31,943 48,737 284,712 249,336 15,614

225,493 145,830 47,297 32,366 44,461 277,606 242,781 14,016
227,093 147,818 46,364 32,911 44,750 279,488 244,018 14,138
229,456 150,921 45, 120 33i415
"" 47^749 285,300 250,277 15,556
10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
44,558 32,716 6,129 5,714
46,397 34,665 6,166 5,566
48,089 36,679 5,872 5,539

1964—Mar. 25
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30

49,320
50,226
50,690
51,210
51,570
51,700
52,030
52,330

1965—Jan. 27
Feb. 24
Mar. 31*

52,880 41,500
53,190 41,740
53,600 42,000




79,104
160,312
155,377
297,116
1
299,875
299
312,773

880 3,990 143,050 178,560 4,400 32,050 14,290
930 6,590 139,890 180,500 4,330 "",210
14,290
32
950 8,210 141,610 182,820 3,670 32,620 14,292

._.500 291,800 4,800
272,930 173,030 60,990 38,910 50,850 332
274,670 '75,150 59,990 39,530 51,410 334,700 293,160 4,890
277,280 78,650 58,520 40,110 54,310 340,760 299,770 6,300
43,521
07,183
97,846
95,698
99,495
•10,127

For notes see end of table.

7,225 26,551
7,331 34,806
"",502
9,006 37
29;298 54 ,049
J,423 51,156
34• ,959 50,711

630 7,870 133,500 162,000
678 10,263 139,160 166,469
690
690 167,570
110
680
040 134,760 168,840
690
141,030 170,260
710
141, 160 171,840
700
142,820 172,320
800
149,470 174,830

630 7,870 133,450 116,090 3,270 25,750 13,614
677 10,257 139,110 119,587 2,099 26,768 13.669
690
13;689
110 135,640 120,500 3,950 26,590
26
680
040 134,710 121,410 3,540 26 ,760 13,697
690
180 140,980 122,350 2,760 27,120 13,724
710
740 141,110 123,710 3,940 27,250 13,736
700
990 142,770 123,980 4,500 27,380 13,746
800
13,761
340 149,420 125,850 4,730 ",610
27

31
31
31
28
29
20

Mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1962—Dec. 28
1963—June 29
Dec. 20

21,808
90,606
69,221
66,434
63,
63,196

4,070
5,272
3,770
4,390
5,820
5,360
5,460
6,470

61,500 35,570 47,390 309,270 272,110 4,070
59,322 36,394 53,168 321,909 284,903
" " 15,272
58,280 36,520 47,720 314,530 275,710 13,770
58,800 37,130 47!910 316;,090 277,230 14,390
60,630 37,790 52 800 327,680 289,020 15,820
61,130 37,960 50 980 325^640 285,630 15,360
62,290 38,010 ,060 331,030 289,900 '5,460
62,000 38,430 55 550 340,200 298,880 6,470

Member banks:
1941—Dec.
1945—Dec.
1947—Dec.
1962—Dec.
1963—June
Dec.

1965—Jan. 27
Feb. 24
Mar. 31*

67,610 41 150 48,280 360,310 318,070
65,337 41 948 54,073 373,909 331,843
64,310 42 070 48,580 366,950 322,830
64,900 42 720 48,810 369,080 324,710
66,710 43 390 53,680 381,020 336,980
66,980 43 540 51,880 379,130 333,810
68,080 43 590 52,960 384,860 338,290
550 394,420 347,910
67,780 43 930

Number
of
banks

37,630
38,656
39,110
39,520
39,890
40,270
40,660
41,050

6,110
6,016
6,030
6,100
6,080
5,850
5,790
5,780

793
609
886
890
890
826

11,804
17,020
19,714
46,086
48,020
49,621

10,533
15,385
17,763
41,531
43,248
44,516

890
5,580
905
5,554
860
5,550
900
5,590
880
5,600
900
5,580
900
5,580
5,500 1,000

51,040
52,000
52,420
52,990
53,340
53,490
53,830
54,220

45,960
46,940
47,120
47,480
47,960
48,180
48,390
49,030

950 54.760 49,480
5,860 5,520
5,950 5,500 1,000 55,070 49,640
6,100 5,500 1,010 55,540 50,120

12,347
4 5,886
24,210
208 7,589
28,340
54 8,464
79,716 3,550 19,854
86,550
440 20,238
90,929 3,499 21,054

6,619
6,884
6,923
6,049
6,058
6,112

3,054 21,226
1,936 22 ,060
3,740 21,947
3,354 22,088
2,624 22 ,382
3,733 22,474
4,297 22,560
4,
,761

6,136
6,180
6,186
6,188
6,204
6,209
6,221
6,225

731 3,662 118,307 106,065 4,186 22 ,799
779 5,958 115,601 107,542 3,978 22,888
'",349 109,067 3,509 23,173
795 7,510 117

6,236
6,236
6,235

489
525
536
531
542
555
551
649

7,032
,459 95,183
9,342
624 98,034
319 98,860
4,636
5,411
,458 99,581
100,304
8,460
116,969
----- 101,424
4,325
030 101,595
6,319
084 103,207
5,782

14
43
58
42

10,527
15,371
17,745
41,478
43,180
44,467

1,241
1,592
1,889
3,951
4,031
4,205

548
542
533
511
511
509

50
50
50
50
50
50
50
50

45,910
46,882
47,070
47,430
47,910
48,130
48,340
48,980

4,240
21 4,269
4,280
4,350
4,380
4,360
4,420
4,400

508
506
506
506
506
506
505
505

50 49,430
50 49,590
50 50,070

4,400
4,450
4,510

505
504
503

6
14

561

COMMERCIAL AND MUTUAL SAVINGS BANKS

APRIL 1965

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments

Class of bank
and date

Reserve city member banks
New York City: 5, 6, 7
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25
30
29
26
30
28
25
30

1965—Jan. 27
Feb. 24
Mar. 31*
City of Chicago: 5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20

Total

Loans

Deposits

Total
assets—
Securities
Total
liaCash bilities
1
assets
and
capital Total*
U.S.
acGovt. Other
counts 2

12,896 4,072 7,265 1,559 6,637
26,143 7,334 17,574 1,235 6,439
20,393 7,179 11.972 1,242 7,261
32,989 21,954 7,017 4,017 11
1,050
32,847 21,446 6,506 4,895 9,802
34,827 23,577 6,154 5,095 9,372
34,885
36,693
35,963
35,936
37,904
36,611
37,594
39,852

23,653
25,490
25,179
24,648
26,040
25,048
26,051
27,733

38,271 26,573
38,950 27,570
39,905 28,894

5,879
5,779
5,322
5,691
5,973
5,712
5,954
6,127

5,353
5,424
5,462
5,597
5,891
5,851
5,589
5,992

8,530
10,550
8,669
8,621
10,183
9,639
10,103
10,975

Interbank

Other
Demand

Demand

Time
Other

17,932
30,121
25,216
37,885
37,454
38,327

4,202
4,640
4,453
4,783
4,734
4,289

17
12
207
187
214

866
6,940
267
1,408
2,052
1,419

12,051
17,287
19,040
22,231
20,351
20,960

45,875
49,716
47,137
46,929
50,696
48,758
50,171
53,356

37,661
41,545
38,475
38,338
42,287
40,001
40,753
43,684

4,096
4,711
3,993
4,000
4,727
4,299
4,394
4,782

306
317
341
336
340
350
333
417

1,563
2,112
987
992
2,350
1,059
1,261
1,425

19,453 2,243
21,224 13,181
19.606 13,548
19,383 13,627
21,199 13,671
20,324 13,969
20,679 14,086
22,792 14,268

4,184
4,402
4,388
4,421
4,447
4,436
4,434
4,472

13
14
14
14
14
13
13
13

457
795 20,670 14,694 1,781
499 1,083 20,447 15,186 1,281
518 1,778 22,123 15,726 1,506

4,465
4,487
4,526

13
13
13
13
12
14
13
12
12

1,430
4,213
2,890
2,129
2,071
1,705

376
385
397
1,409
1,466
1,690

1,566
1,489
1,739
2,280
2,136
1,970

4,363 4,057 1,035
7,459 7,046 1,312
6,866 6,402 ',217
11,432 9,993
,277
11,440 10,141
,202
11,776 10,296
,211

127
1,552
72
410
584
395

9,695
9,636
9,394
9,638
9,914
9,788
10,021
10,419

6,064
6,266
6,092
6,311
6,421
6,404
6,600
7,003

2,063
',750
,737
,717
,857
,791
,786
,853

,568
,620
,565
.610
,636
,593
,635
,563

1,776
2,121
2,091
1,930
2,251
2,234
2,232
2,363

11,713
12,046
11,733
11,817
12,458
12,305
12,537
13,077

10,128
10,630
10,289
10,351
10,964
10,802
11,009
11,433

,124
,182
,148
,229
,327
,238
,251
,264

1965—Jan. 27
Feb. 24
Mar. 3 1 P

10,245
10,296
10,310

6,767
6,963
7,129

,850
,678
,546

,628 2,163
,655 2,184
,635 2,089

12,703 11,177
12,842 11,153
12,801 11,088

,153
,238
,977

Other reserve city: ?
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20

15,347
40,108
36,040
73,130
74,614
78,370

7,105
8,514
13,449
46,567
48,164
51,891

6,467
29,552
20,196
18,398
17,326
16,686

1,776 8,518
2,042 11,286
2,396 13,066
8,165 19,539
9,124 18,526
18
9,792 18,778

24,430
51,898
49,659
94,914
95.433
99,643

22,313
49,085
46,467
84,248
85,555
87,994

4,356
6,418
5,627
7,477
6,811
7,225

104
30
22
82
110
95

78,288
80,466
80,080
80,662
82,222
82,239
83,044
84,683

52,395
54,604
54,557
55,049
55,804
55,712
56,292
57,907

15,866 10,027
863 97,57:
15,488 10,375
143 102,245
15,018 10,505
1209 99,824
14,922 10,691
185 100,348
15,680 10,738
158 104,065
15,722 10,805
305 103,165
15,986 10^766 18^646 104,306
15,923 10,853 19,,757 107,096

86,404
91,145
87,609
88,169
91,950
90,422
91,299
94,475

6,495
6,894
6,320
6,732
7,217
7,152
7,102
7,571

10'
118
115
116
115
118
132
147

1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25
30
29
26
30
28
25
30

1965—Jan. 27
Feb. 24
Mar. 3 1 P
Country member banks: *, 7
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25
30
29
26
30
28
25
30

1965—Jan. 27
Feb. 24
Mar. 31 *»
For notes see end of table.




83,98' 57,428 15,541 11,018 18,353 104,997 92,273 6,758
84,56' 57,966 15,410 11,191 18,114 105,275 92,428 6,789
85,374 58,771 15,03: 11,571 19,011 107,146 94,519 6,976

36
37
37
17
13
13

1,187
924
1,476
1,365
938
1,345
1,784
2,157

954
1,333
1,801
5,418
5,545
6,220

25
30
29
26
30
28
25
30

1,648
807
1,236
195 2,120
30 2,259
1,445
9,256 1,728 3,898
794 3,931
10,131
11,446 1,438 3,984

19,862
32,887
27,982
46,135
44,981
46,434

5,630 6,068 9,427 50,166 40,890 4,274
5,122 6,258 9,218 50,803 41,574 4,359
4,788 6,223 11,597 54,198 44,997 4,852

Total Numcapital ber
of
accounts banks

Time
U.S.
Govt.

2,760
5,931
5,088
8,957
9,082
9,615

1964—Mar.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Borrowings

476
2,419
3,462
719
4,201
913
5,264 3,025
4,840 3,499
4,887 3,787

262
111
255

288
377
426
948
974
996

472
587
282
298
616
288
380
399

4,627
4,744
4,690
4,652
4,840
4,939
4,906
5,250

327
210
201
197
258
255
256
313

,011
,017
,018
,024
,034
,034
,044
,055

12
12
12
12
12
12
12
12

259
349
501

5,076 4,663
4,905 4,633
3,985 4,597

232
,046
322
,053
278 1,060

12
12
11

491
8,221
405
2,337
3,793
2,212

12,557 4,806
1,967
24,655 9,760
2 2,566
1 2.844
28,990 11,423
609 30,743 1,388 7,263
43,609
407 7,440
41,291 33,549
459
43,
" 35,004 1,417 7,697

351
359
353
191
194
190

2,796
3,771
1,875
2,151
3,244
1,685
2,580
2,223

40,167 36,839
42,387 37,974
37
41,155 38,144
40,740 ",430
38
42,689 38,685
42,618 38,849
42,851 38,634
45,067 39,467

4,090
4,145
4,149
4,158
4,314
4,450
4,499

1,000
572
1,647
1,415
1,150
1,725
1,845
1,533

7,815
8,110
8,125
8,173
8,324
8,357
8,360
8,459

186
183
184
185
185
184
182
182

184 1,580 42,848 40,903 1,756 8,504
188 2,546 41,590 41,315 1,663 8,529
185 3,035 42,615 41,708 1,413 8,646

184
184
186

17,415
79:
43,418 1,207
44,443 1,056
87,342
,773
89,470 ,641
92,759
,793

225
5,465
432
1,931
3,332
1,960

10,109 6,258
24,235 12.494
28,378 14,560
46,895 36,692
45,066 ",371
39
48,256 40,693

4
11
23
172
127
390

1,982
2,525
2,934
7,744
7,894
8,377

6,219
6,476
6,519
5,828
5,839
5,897

92,348
94,733
93,056
93,784
96,130
96,431
98,080
99,744

,663
,739
,617
,700
,785
,870
,899
,997

2,201
2,872
1,492
1,970
2,250
1,293
2,098
1,735

46,21 42,21
",788
47,270 42
46,868 43,023
46,683 43,375
48,241 43,790
48,912 44,29:
49,594 44,425
50,975 44,973

540
230
416
377
278
408
412
483

8,216
8,531
8,416
8,470
8,577
8,647
8,722
8,775

5,925
5,971
5,976
5,977
5,993
6,000
6,014
6,018

92,990 55,06: 24,276 13,65: 14,518 109,740 98,441
93,280 55,319 24,154 13,807
13
15,234 110,568 98,863
93,867 56,127 23,754 13,986 15,052 111,155 99,673

,831
,752
,751

1,028 49,713 45
1,980 48,659 46,408
2,196 48,626 47,036

12,518
35,002
36,324
80,623
82,952
87,316

5,890
5,596
10,199
44,698
46,934
50,023

4,377
26,999
22,857
25,425
24,496
24,797

2,250 6,40:
2,408 10,63:
3,268 10,778
10,501 14,559
11,522 14,465
14
12,496 14,274

87,111
88,337
88,198
88,794
90,065
91,040
92,494
93,38^

50,269
52,289
52,214
52,470
53,128
53,482
54,298
55,495

24,177
23,218
23,146
23,321
23,735
24,233
24,657
24,357

12,665 14,00: 103,069
12,830 14,953 105,430
12,838 13,763 103,912
13,003 14,094 104,731
104
13,202 14,831 107,083
13,325 14,502 107,62'"
13,539 14,708 109,39:
13,535 15,64: 111,183

19,466
46,059
47,553
97,008
99,361
103
",615

417 8,784 6,027
712 8,819 6,027
8,941 6,025

562

COMMERCIAL AND MUTUAL SAVINGS BANKS

APRIL 1965

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Securities
Class of ban k
and date

Insured commercial
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

Total

Loans

Cash
assets 1
U. S.
Govt.

Other

Total
assets—
Total
liabilities
and
capital
accounts 1

Deposits
Inter!5ank 1
Total i

Other
Borrowings

Demand
Demand Time

Time

U.S.
Govt.

Other

49.290 21,259 21,046 6,984
121;809 25,765 88,912 7,131
114,274 37,583 67,941 8,750

25,788
34,292
36,926

76,820
157,544
152,733

1 762 41 ,298 15,699
10 ,654
69,411
13 ,883
147,775
23 740 80 ,276 29,876
54 1 325 92 ,975 34,882
141,851 12 ,615

213,904
234,243
252,579
258,597

23,531
28,903
34,594
36,002

56,086
53,702
50,337
52,845

276,600
295,093
310,730
319,913

247,176
260,609
273,657
283,463

27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178

14,977
20,114
22,024

43,433
90,220
88,182

36,088 13,006
35,663 16.042
33,384 19,218
31,560 20,168

31,078
29,684
28,635
29,511

150,809
160,657
170,233
175,250

15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11.200 19,240 2,125

8,145
9,731
10,822

24,688
48,084
43,879

621 13 874 4,025
3 ,739
22,259
4 ,411
44,730
8, 166 24 168 7,986
381 27 068 9,062
15
40,505 3 ,978

30..
28..
20..
30..

63,196
68,444
72,680
73,934

6,302
8,050
9,855
10,080

18,501
17,744
15,760
17,256

84,303
88,831
91,235
95,186

74,119
76,643
78,553
82,074

6 ,835
6 154
5 655
6 038

Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..

5.776
14,639
16,444

3,241 1,509 1,025
2,992 10,584 1,063
4,958 10,039 1,448

2,668
4,448
4,083

8,708
19,256
20,691

7,702
18,119
19,340

262

4

1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

34,320
38,557
42,464
43,476

18,123
20,811
23,550
25.066

11,972
12.932
13,391
12,654

4,225
4,814
5,523
5,755

6,508
6,276
5,942
6,078

41,504
45,619
49,275
50,488

37,560
41,142
44,280
45,411

543
535
559
546

30
43
61
66

Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3H.

1,457
2,211
2,009

455
318
474

761
1,693
1,280

241
200
255

763
514
576

2,283
2,768
2,643

1,872
2,452
2,251

177

1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

1,536
1,584
1,571
1,571

577
657
745
748

553
534
463
432

406
392
362
390

346
346
374
323

1,961
2,009
2,029
1,984

1,513
1,513
1,463
1,439

177
164
190
200

Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

7,233
16,849
18,454

3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703

3,431
4,962
4,659

10,992
22,024
23,334

9,573
20,571
21,591

439

190

5,i 504
3,613
14.1 01
6,045
167 13, 758 7,036

1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

35,856
40.141
44,035
45,047

18,700
21,469
24,295
25.815

6,854
6,622
6,316
6,401

43,465
47.628
51,304
52,472

39,073
42.654
45,743
46,850

719
699
749
745

178
176
144
151

565
743
743
915

tnsured mutual
savings banks:
1941—pec. 31..
1945_Dec. 31..
1947—Dec. 31..

1,693
10,846
12,683

3,081
3,560

7,160
8,165

606
958

429
675

151

1,958
11,424
13,499

1,789
10,363
12,207

1

1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

35,660
38,597
41,664
43,431

25,812
27,778
32,300
34,050

4,690
4,639
4,324
4,316

5,158
5,180
5,041
5,064

828
784
722
799

37,065
39,951
43,019
45,022

33,400
36,104
38,657
40,797

1
1

124,348
139,449
155,261
163,715

66,026
65,891
62,723
58,880

17 ,737
15 ,844
15 ,077
15 ,072

333
402
443
591

5,934
6,815
6,712
10,234

Total N umcapita] t er
of
accounts b anks

141 ,050
140 ,169
140 702
138 323

10 6,844 13 ,426
215 8,671 13 ,297
61 9,734 13 ,398

82,122
462 22,089
97,380 3 , 584 23,712
110,723 3, 571 25,277
119,243 2 , 035 26,358

13 ,108
13 ,119
13 ,284
13 ;394

National member
DanKs:

1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..

State member baiiks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

116,402
127,254
137,447
141,198

For notes see end of table.




67,309
75.548
84,845
89,469

38.924
43,089
46,866
49,179

642

17,971
17,305
15,958
14,675

12,525
13,466
13,854
13,087

4,631
5,206
5,885
6,145

629

421

1 088 23 262 8,322
6 ,786
39,458
9 ,229
14 013 45 473 16,224
84,939
35
82,023 8 ,375
795 53 541 19,278
135,511
142,825
150,823
155,978

10 ,359
9 ,155
8 ,863
8 ,488

104
127
146
161

199
231
236
364

129
244

329
181

457
425

3 315
3 735
3 691
5, 822

2, 066
2, 351
2, 295
3, 520

76
76
76
75

292
075
836
369

45,441
53,733
61,288
66,137

11,875
12,750
13,548
14,262

4 ,513
4 ,505
4 ,615
4 ,702

1 2,246
130 2,945
9 3,055

,502
,867
,918

225
1, 636
1, 704
841

43,303 21,716
213 6,763
.600
41,924 25,983 1, 914 7,104
,544
40,725 29,642 1, 795 7,506 1 ,497
40,255 31,897 1, 095 7,799 1 ,478

53 4 162 3,360
10 635 5,680
149 12 366 6,558

1, 560

21
22
23
22

6
7
7

959 6 ,810
1,083 6 ,416
1,271 6 ,478

456
170
140
699

14,979
17,664
19,793
21,209

24
34
72
99

3,452
3,870
4,234
4,309

6 ,997
7 ,072
7 ,173
7 ,215

185

1,2291
1,5)05
18 1 392

253
365
478

13
4
4

329
279
325

852
714
783

148
133
83
85

12
14
17
23

307
330
341
344

8
44
93
64

370
371
389
399

323
308
285
274

1

553
729
726
892

4 3,640 5 ,117
78 4,644 5 ,017
45 5,409 5 ,005

12
2
6
9
5
6

869
872
832
787

22, 325
2 3 , 042
2 3 , 972
2 3 , 486

15,286
17,994
20.134
21,553

1,789
10,351
12 12,192
256
267
292
333

33,137
35,827
38,359
40,456

18 1,288 7 ,662
11 1,362 7 ;no
12 1,596 7 ,261

3,822
4,240
4,623
4,708

7 .320
7 ,380
7 ,458
7 ,489

164
1 1.034

1,252

52
192
194

3,191
3,343
3,572
3.618

330
331
330
327

33
77
165
163

11
7
38
20

APRIL 1965

563

COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments

Class of bank
and date

Total

Noninsured mutual sayings
banks:
1941 Dec 31
1945—Dec. 31
1947 Dec 31 3
1961—Dec.
1962 Dec.
1963—Dec.
1964 June

30
28
20
30

Loans

Deposits
Total
assets—
Other
Securities
Total
Interbank1
liaCash 1 bilities
assets
and
Demand
capital Total i DeU.S. Other
acTime
Govt,
mand
counts 2
U.S.
Govt. Other

8,687
5,361
5,957

4.259
i;i98
1,384

3,075 1,353
3,522
641
3,813
760

642
180
211

9,846
5,596
6,215

8,744
5,022
5,556

6
2
1

5,600
5,961
6,425
6,795

3,581
3,938
4,380
4,605

1,446
1,490
1,548
1,700

572
533
498
490

108
106
104
105

5,768
6,134
6,602
6,977

5,087
5,427
5,859
6,143

1
1
1
1

1 Reciprocal balances excluded beginning with 1942.
2 Includes other assets and liabilities not shown separately.
3 See note 3, p. 587, May 1964 BULL.
4 See note 4, p. 587, May 1964 BULL.
5 See note 5, p. 587, May 1964 BULL.

« Beginning with May 18,1964, one New York City country bank with
loans and investments of $1,034 million and total deposits of $982 million
was reclassified as a reserve city bank.
7 See note 6, p. 587, May 1964 BULL.

NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). Com-

Bor- Total Number
row- capital
acof
ings counts
banks
Time

8,738
5,020
2 5,553
4
6
8
15

5,083
5,420
5,851
6,128

6

1,077
558
637

496
350
339

1

577
608
633
651

184
180
179
179

1

parability of figures for classes of banks is affected somewhat by changes
in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Dec. 20, 1963 data also adjusted to lesser extent.)
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL., pp.
870-71.
See also NOTE, p. 643, May 1964 BULL.

LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Not seasonally adjusted

Seasonally adjusted

Securities

Securities

Period
Total1

Loans1

Total1

U.S.
Govt.

Other

Loans1
U.S.
Govt.

Other

1957—Dec. 31
1958 Dec. 31
1959—Dec. 31

166.4
181.2
185.9

91.4
95.6
107.6

57.1
65.1
57.8

17.9
20.5
20.5

169.3
184.4
189.5

93.2
97.5
110.0

58.2
66.4
58.9

17.9
20.6
20.5

1960—Dec.
1961—Dec.
1962—Dec.
1963 Dec.
1964—Dec.

31
30
312
31 2
312*

194.5
209.8
228.3
246.5
266.0

113.8
120.5
133.9
149.4
166.7

59.9
65.4
65.2
62.1
60.9

20.8
23.9
29.2
35.0
38.4

198.5
214.4
233.6
252.4
272.6

116.7
123.9
137.9
153.9
171.7

61.0
66 6
66.4
63.4
62.4

20.9
23.9
29.3
35.1
38.5

Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30*
Oct. 28*
Nov. 25*
Dec. 31 2P

251.4
251.8
253.5
256.3
254.5
258.7
261.7
260.8
264.9
266.0

153.9
155.4
157.3
160.0
159.7
161.5
163.0
163.1
165.2
166.7

62.1
60.8
60.3
60.0
58.4
60.2
61.2
59.9
61.3
60.9

35.4
35.6
35.9
36.3
36.4
37.0
37.5
37.8
38.4
38.4

249.9
250.6
251.5
257.3
254.2
256.1
262.2
262.1
265.7
272.6

152.8
154.7
156.7
161.6
159.4
160.2
163.7
163.0
165.4
171.7

61.5
60.1
59.1
59.3
58.3
58.8
60.7
61.1
62.3
62.4

35.6
35.8
35.8
36.4
36.5
37.1
37.8
38.0
38.0
38.5

268.7
271.1
274.5

169.9
171.6
175.5

59.5
59.6
59.0

39.3
39.9
40.0

268.1
269.8
272.9

168.2
170.3
174.3

61.0
60.0
58.5

38.9
39.5
40.1

1964

1965 Jan 27 *
Feb. 24*
Mar. 31*
1

Adjusted to exclude interbank loans.
2 Data are estimates.

NOTE.—For back data, see June 1964 BULL., pp. 693-97.




For description of seasonally adjusted series, see July 1962 BULL. pp.
797-802.
Data are for last Wed. of month and are partly estimated (except for
June 30 and Dec. 31 call dates).

564

COMMERCIAL BANKS

APRIL 1965

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans

Investments

For
To
purchasing
financial
or
carrying
Total
institutions
Comloans i
mer- Agri- securities
and
cial culReal
invest- Total 2 and
estur- To
ments
intate
al broduskers To
To
To
trial
and others banks others
dealers

Class of
bank and
call date

Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

1

38,057 18,167
,
124,925 45,172
140,106 48,673
156,006 52,947
164,463 55,061

Other
to
indi- Other
viduals

U. S. Government
securities

Total

Bills

Certificates

State
and
local Other
govt. secusecu- rities
Notes Bonds rities

,660 830 1,220
6i,248 4,056 2,134
7',097 5,1442,131
7^70 5^53 2,509
"
7,688
5,526 2,704

115
1,033
2,578
3,605
2,881

9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,276 3,729
7,847 3,412 66,578 11,488 2,114 26;336 26,641
7,311 30,320 271
26
20,345 3,592
11,674
3,841 26,987 24,755
8,459
""" 34;259 30,553 3,909 66,434 11
— " 4 ,543
2,415 28^65 29,'786 5 ,173
9,479 39,056 3 4 ,550
" " 4,034 63,196 11,059 l'658 22;415
3,141 27,085 31,419 4,975
10,450 41,388 37 594 4,421 59,322 9,061
35 23

All insured
1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606
-"" 1,190
'""
1947_Dec. 31., 114,274 37,583 18,012 1,610 823

40
49
114

4,505 21,046
3,159 16,899 3,651 3,333
4,773
988
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51,342 3,873 3,258
~" ' 67,941 2,124 7,552 5,918 52
9,266 5,654 914
'-,347 5,129 3,621

124,348 44,965 6,211 4,030 2,107
139,449
48
",1192,103
""•
""' 2,476
155,261 52,743
,
7,444 5,321
163,715 54,855 7,663 5,492 2,671

1,027
2,551
3,594
2,839

Member, total
1941—Dec. 31. 43,521 18,021 8,671 972 594 598
1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31., 97,846 32,628 16,962 1,046 811 ,065

39
47
113

31.
20.
28.
20.
30.

116,284
215,441
235,839
254,162
260,179

1961—Dec. 30. 213,904
1962—Dec. 28.,234,243
1963—Dec. 20.,252,579
1964—June 30. 258,597

28.,195,698
20.,210,127
30. 215,132
31. 228,497

118,637 43,843
131,712 47,403
138,649 49.217
147,690 53,717

4,419 4,954 1,777
4,659 5,1242,136
4,755 5,341 2,320
4,643 5,142 2,411

2,445
3,439
2,733
3^50

New York City:
1941—Dec. 31., 12,896
1945—Dec. 31., 26,143
1947—Dec. 31., 20,393

4,072 2,807
7,334 3,044
7,179 5,361

412 169
2,453 1,172
545 267

32
26
93

1962—Dec.
1963—Dec.
1964—June
Dec.

1962—Dec.
1963—Dec.
1964—June
Dec.

28.
20.
30.,
31.

City of Chicago:
1941—Dec. 31.
1945—Dec. 31.,
1947—Dec. 31.
1962—Dec.
1963—Dec.
1964—June
Dec.

28.
20.
30.,
31.

Other reserve city:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec.
1963—Dec.
1964—June
Dec.

28.
20.
30.
31.

Country:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.

32,989
34,827
36,693
39,507

2,760
5,931
5,088
8,957
9,615
9,636
10,562

11,943
12,332
12,647
14,189

17 2,766
26 2,677
2
21 3,045
30 ",742
2

732
954
760
1,333
1,801 1,418

48
211
73

52
233
87

5,418
6,220
6,266
7,102

407
497
498
510

152
181
192
203

89
242
200
227

114 194
427 1,503
170 484

4
17
15

21,954
23,577
25,490
27,301

2,941
3,378
3,332
3,870

15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
73,130
78,370
80,466
84,670

300
205
225

46,567 17,660 1,179
51,891 18,862 1 ,219
54,604 19,624 1,173
"',102 1,095
57,555 21

12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096

1,053
1,243
,155
,060

7,296 30 ,211 27,708
,123 30,402
8,434 34,123
34,383
9,415 38,861
,
10,414 41,190 37,432

7,936 27,162 24,799 3,657 52,968
8,875 31,009 27,908 3;765 49,342
9;887 32^94 30;275 4,137 46,235
10,179 34,587 32,024 4,824 48,717
123
80
111

425
572 2,087 1,329
569 1,007 2,247 1,968
625 1,014 2,762 2,296
623 1,179 2,615 2,546

703
751
893
948

20
42
23

183
471
227

2
4
5

8,862 3,249 19,443 21,414 20
3,319
8,032 1,307 18,072 21,932 25^210 3
3,864
6,707
16 18,572 20,940 26,579 3
3,670
9,932
15,238 23,548 28,374 3",715

1,623 5,331
522
311
7,265
287 272 17,574
477 3,433 3,325 10,339
564 238 11,972 1,002
640
558 9,772
2,143 ,196 7,017
2,257 1,068 6,154
2,548 1,128 5,779
2,654 ',371 6,178

95

22
36
46

51
149

362
401
409
465

523
594
600
669

1,430
40 4,213
26 2,890
369
318
318
430

2,129
1,705
1,750
1,873

1,998
1,711
1,333
1,958
256
133
132
377
347
418
564

729
606
638

830
629
604

508 2,488 2,023 3,585
147 2,341 1,955 4,653
2,625 1,821 4,952
1,972 2,248 5,579

432
442
472
449

153 1,022
749 1,864
248 2,274

182
181
213

193
204
185

1,242
1,361
1,370
1,392

168
329
251
195

,467
235
115
42

849
599
652
397

788
717
680
911

1,508
751 5,421
6,467
295
1,527
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
3,147 1,969 351 20,196
373 2,358 1,901 15,563 1,342 1,053

752 1,020 3,583 11,030 9,860 1,266
891 1,224 4,286 12
",525 11,106 1,462
970
953 4,706 13,207 12 ,063 ',753
986 1,134 4,887 13,611 1 2 ,802
" - 1,977

659
648
818

11,356 2,098 26,145 26,426 20,068 3,462
11,514 3,916 23,715 26,746 24,547 4 ,356
10,952
,649 22,316 27,806 29! 559 5,035
8,970
32 23,044 26,835 31',.184 4,818

3,007 15,561 3,090 2,871
3,494
19,539
971
3,653
3,455 1,900 1 0
057 78,338 2,275 16,985 14,271 44,807 3,254 2,815
7,130 4,662 839 57,914 15987 5,816 4,815 45-,295 4,199 3,105

2,343
2,152
2,206
3,200

1,403 7,257 7,395 7,252
545 6,600 7,390 8,810
6,566 6,715 9,449
5,662 7,463 9,871

913
981
925
918

481 3,787 1,222 1,028
110
6,722 1.342 1,067
630 5,102 4,544 16
480 2,583 2,108 17,687 2,006 1 ,262

12,273 826 25,425
13,951 917 24,797
15,063 939 23,218
15,899 1,047 24,341

4,144 1,223 8,849 11,209 8,694 1,807
573 8,531 11,871 10,385 2,111
3,822
2,749
15 8,728 11,725 10,808 ,022
7,206 12,925 11,531 2 ,154
4,209

28.
20.
30.
31.

80,623
87,316
88,337
93,759

44,698
50,023
52,289
55,733

11,299 3.187
12,831 3,374
3
1 3 ,614
" " ",535
14,556 3,493

728
708
644
830

447
496
534
599

764
966
565
710

1,563
1,591
1,525
1,730

14,441
16,114
16,883
'-,964
17

Nonmember
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

31.
30.
28.
30.
30..

18,454
35,856
40,141
44,035
45,047

5,432
18,700
21,469
24,295
25,815

614
1,205
4,241 2,314
4,830 2,678
5,544 2,811
5,844 2,933

20
179
190
229
185

156
306
354
373
384

2
19
132
166
149

418
523
604
563

2,266
6,341
7,097
8,047
8,594

1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.

18,398
16,686
15,488
16,326

528
1,823
4,377
707 359 26,999
1,881
22
3,827 1,979 224 -,857

1962—Dec.
1963—Dec.
1964—June
Dec.




3,396 66,026
3,890 65,891
4^015 62,723
4^403 58,880

1,061
4,995
5,754
6,643
7,320

109
214
252
269
284

11,318
12,525
13
13,466
13,854
13,087

206 1,973 1,219
272 4,947
2,259
683 4,398
2,812
3,027
351 4,343
2,354
19 4,569

7,920
5,046
5,573
6,133
6,144

1,078 625
3,655 976
3,982 1,224
4,576 1,309
4,841 1,305

2
Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
For other notes see opposite page.

APRIL 1965

565

COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposi ts
Reserves
with
F.R.
Banks

BalDeCur- ances mand
derency with
doposits
and
adcoin mestic
banks 3 justed 4

17,796
16,918
17,680
17,150
16,774

2,216
3,689
4,252
4,048
4S539

Interbank

Time deposits

U.S.
DoFor- Govt.
mestic 3 eign 5

State
and
local
govt.

Certified
and
officers'
checks,
etc.

11,362
16,574
14,713
14,048
13,909

1,343
5,946
6,829
6,729
10,257

6,799
12,242
12,071
12,256
12,583

2,581
5,056
4,511
4,494
4,832

84,987
124,622
124,459
124,784
121,695

240
481
535
526
677

111
283
269
269
257

All insured:
673 1,762
1941—Dec. 3 1 . . . . 12,396 1,358 8,570 37,845 9,823
1945—Dec. 3 1 . . . . 15,810 1,829 11,075 74,722 12,566 1,248 23,740
1947—Dec. 3 1 . . . . 17,796 2,145 9,736 85,751 11,236 1,379 1,325

3,677
5,098
6,692

1,077
2,585
2,559

36,544
72,593
83,723

158
70
54

59
103
111

5,934
6,815
6,712
10,234

12,149
11,991
12,175
12,491

5,023
4,434
4,429
4,781

123,878
123,744
124,098
121,051

333
402
443
591

283
269
269
257

671 1,709
6,246 33,754 9,714
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176

3,066
4,240
5,504

1,009
2,450
2,401

33,061
62,950
72,704

140
64
50

50
99
105

6,086 9,270
5,986 9,376
9,342 9,639
5,838 10,293

4,083
4,055
4,379
5,368

104,646
104,130
101,605
112,878

358
382
525
664

243
240
227
239

5,158
6,364
7,045
8,012

450

Class of
bank and
call date

Total-.2
1947_Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

31...,
30....
28
20....
30....

30
28....
20
30

16,918
17,680
17,150
16,774

3,670
4,232
4,033
4,524

Member, total:
1941_Dec. 3 1 . . . . 12,396 1,087
1945—Dec. 3 1 . . . . 15,811 1,438
1947_Dec. 3 1 . . . . 17,797 1,672

10,216
14,169
13,099
12,312
12,693

13,871
12,795
11,984
12,409

28....
20....
30....
31....

17,680
17,150
16,774
17,581

3,263
3,131
3,511
3,490

7,897
7,359
7,807
9,057

New York City:
1941 Dec 31 . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

5,105
4,015
4,639

93

141

111
151

28....
20....
30....
31....

4,121
3,625
3,919
3,730

251
264
273
278

156
96
82
180

City of Chicago :
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947 Dec 31

1,021
942
1,070

43
36
30

28....
20....
30....
31....

1,071
1,019
923
1,006

44
49
53
55

Other reserve city:
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

4,060
6,326
7,095

425
494
562

1962—Dec.
1963—Dec.
1964—June
Dec.

1962—Dec.
1963—Dec.
1964—June
Dec.

1962—Dec.
1963—Dec.
1964—June
Dec.

1962—Dec.
1963—Dec.
1964—June
Dec.

28....
20....
30
31....

Country:
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1962—Dec.
1963—Dec.
1964—June
Dec.

28....
20....
30
31....

Nonmember:2
1947_Dec. 31
1961 Dec 30
1962 Dec 28
1963—Dec. 20
1964 June 30

87,123
122,654
124,342
126,579
122,537

121,671
123,361
125,615
121,608

101,528
102,816
99,288
108,324

14,071
13,378
13,247
15,604

1,298
1,265
1,177
1,316

1,237
1,140
1,280
1,403

65 10,059
34,383
76,680 471 22,459
90,991 3,627 24,094
102,886 3,664 25,677
110,650 2,099 26,768

492 15,146
496 29,277
826 33,946
5,412
6,397
7,853
8,634

10 6,844
215 8,671
61 9,734

76,426 462 22,089
90,714 3,584 23,712
102,600 3,571 25,277
110,352 2,035 26,358

418 11,878
399 23,712
693 27,542
74,316
84,326
90,762
95,425

4 5,886
208 7,589
54 8,464
3,550
3,499
1,936
2,481

19,854
21,054
22,060
22,901

237
290

1,338
1,105

11,282
15,712
17,646

17
12

10
12

20
14

17,095
16,763
16,389
17,729

3,854
3,487
3,791
4,112

1,408
1,419
2,112
1,486

366
368
420
441

2,237
2,119
2,323
2,940

19,628
18,473
18,480
20,515

207
214
317
436

53
76
7t
74

266
449
528
677

298
200
175

2,215
3,153
3,737

1,027
1,292
1,196

8
127
20 1,552
21
72

233
237
285

34
66
63

2,152
3,160
3,853

2

9

476
719
902

288
377
426

99
98
151
150

4,262
4,144
3,845
4,294

1,235
1,169
1,135
1,389

41
43
47
59

410
395
587
396

351
275
311
312

109
112
114
122

4,804
4,500
4,319
4,929

18
17
25
22

7
6
5
5

16
185
199
213

3,001
3,595
3,887
4,361

262
948
255
996
210 1,017
204 1,056

2,590 11,117
2,174 22,372
2,125 25,714

4,302
6,307
5,497

491
54
110 8,221
131
405

1,144
1,763
2,282

286
611
705

11,127
22,281
26,003

104
30
22

20
38
45

7,671 1,021
935
7,587
7,106 1,072
7,680 1,065

2,253
2,105
2,296
2,433

35,481
35,859
34,281
37,047

7,229
6,958
6,616
7,962

248
267
278
326

2,337
2,212
3,771
2,195

3,216
3,144
3,234
3,508

980
1,034
1,086
1,238

39,413
39,281
38,067
42,137

82
95
118
134

83
72
69
77

2,210
4,527
4,993

526
796
929

3,216 9,661
4,665 23,595
3,900 27,424

790
1,199
1,049

2
225
8 5,465
432
7

1,370
2,004
2,647

239
435
528

8,500
21,797
25,203

30
17
17

31
52
45

4,817
4,919
4,826
5,165

1,947
1,884
2,113

5,389
5,060
5,278
6,295

44,689
46,049
44,773
49,253

1,753
1,764
1,705
2,141

19
29
34
41

1,931
1,960
2,872
1,760

5,337
5,590
5,674
6,031

756
790
856
1,068

40,801
41,877
40,740
45,298

51
56
64
71

100
86
83
83

544
876

3,947
5,446
5,202
4,953
4,886

13,595
21,994
22,814
23,763
23,249

385

55
70
57

167
565

1,295
2,755
2,802
2,880
2,943

180

649
642
671
661

402
428
438

12,284
19,168
19,813

190
178

989
917

1,028

929
801
920
976

78
84

3 Beginning with 1942, excludes reciprocal bank balances.
• Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
5 See note 6, May 1964 BULL., p. 589.

743
743
915

319

453

20,654
20,090

6

176
144
151

29

778
1,648
1,206 "i95 2,120
30 2,259
1,418
8,937 1,728 3,898
10,920 1,438 3,984
12,582 924 4,402
13,534 1,224 4,471

243 4,542
1,967
160 9,563 ""2
2,566
332 11,045
1 2,844
2,633
2,950
3,362
3,840

28,027 1,388 7,263
31,982 1,416 7,697
34,544 572 8,110
35,728 841 8,488

146 6,082
219 12,224
337 14,177
2,242
2,778
2,956
3,282

4 1,982
11 2,525
23 2,934

34,350
37,829
39,749
41,803

172
390
230
213

7,744
8,377
8,531
8,886

6
172 6,858
1,094 14,169
26 1,292 16,675
29 1,545 18,560
30 1,635 19,888

12
33
77
165
163

1,596
3,822
4,240
4,623
4,708

banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the
reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Data for Dec. 20, 1963, also
adjusted to lesser extent.)
Also see NOTE, May 1964 BULL., p. 589.

NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member




866
5,465
6,450
7,908
8,680

IPC

Bor- Capital
row- acings counts

866
3,595
607
3,535 1,105 6,940
3,236 1,217
267

2,092

10,761
78 15,065
70 16,653

16,440
14,579
13,900
13,756

1,430
1,340
1,295
1,218
1,363

IPC

U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings

For other notes see opposite page.

566

WEEKLY REPORTING MEMBER BANKS

APRIL 1965

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities

Wednesday

Total
loans
and
invest-1
ments

Loans
and
Cominvestments Loans mercial
adadand
justed 2 justed 2 industrial

Agricultural

To brokers
and dealers

To financial institutions

To others

U . S . Other
U.S.
Govt. Other
se- Govt.
sesesecuricuri- curicuri- ties
ties
ties
ties

Bank

Foreign

Nonbank

Do- Pers.
mes- and
tic
Sales
com- Finan. Other
mer- COS.,
cial
etc.

Real
estate

All
other

Valuation
reserves

Total—
Leading Cities
1964
139,454
139,240
141,160
141,158

137,748
137,589
139,308
138,908

89,977
90,168
91,727
91,351

3
10
17
24

151,383
151,344
151,935
151,979

149,205
148,607
149,204
149,301

101,060
100,839
101,529
101,589

42,239
42,337
43,012
43,041

10
17
24
31

152,583
151,946
153,911
153,775
154,053

150,232
149,679
151,742
151,374
151,967

102,301
101,758
104,011
103,848
104,817

43,343 ,530
530
43,163
44,334 1,535
540
44,310
44,620 ,54?

883 3,339
663 3,282
814 3,526
713 3,621
776 3,658

67
66
68
70
129

33,506
33,660
34,259
34,403

32,943
33,132
33,812
33,563

21,902
22,144
22,746
22,565

12,139
12,122
12,358
12,389

22
22
22
21

234 1,840
262 1,909
322 2,028
314 1,945

25
25
25
25

576
581
575
S79

521
543
541
543

3
10
17
24

36,832
37,247
36,962
37,233

36,284
36,118
36,030
36,188

25,396
25,360
25,464
25,535

13,813
13,947
14,207
14,239

20
20
20
20

546
380
282
389

1,897
1,853
1,717
1,691

16
19
15
23

583
590
50?
494

811
827
837
819

1 ,045

10
17
24
31

37,311
37,138
37,895
37,891
38,201

36,683
36,477
37,395
37,185
37,447

25,940
25,737
26,749
26,707
27,143

14,447
14,325
14,808
14,724
14,917

18
18
25
25
27

371 1,917
324 1,889
313 2,126
359 2,215
341 2,299

13
13
15
14
13

499
500
504
507
509

823
825
827
823
838

628
661
500
706
754

,409

105,948
105,580
106,901
106,755

104,805
104,457
105,496
105,345

68,075
68,024
68,981
68,786

25,460 1.460
46?
25,385
25,779 1,471
25,783 ,47?

255
291
437
259

1.526

71
73
72
72

,192
,200

483
515
510
520

,143
,123
,405
,410

2,795
> 766
$,045
*
2,988

3
10
17
24

114,551
114,097
114,973
114,746

112,921
112,489
113,174
113,113

75,664
75,479
76,065
76,054

28,426
28,390
28,805
28,802

1,509
1,513
1 509
1,513

455
412
380
357

,451

Mar. 3
10
17
24
31

115,272
114,808
116,016
115,884
115,852

113,549
113,202
114,347
114,189
114,520

76,361
76,021
77,262
77,141
77,674

28,896
28,838
29,526
29,586
29,703

1 51?
1,512
1 S10
1,515
1,515

512 , 4??.
393
339
501
400
354 1,406
435 1,359

11
18
25

37,599 1.482
484
37,507
38,137 ,493
38,172 ,493

3,366
3,399
3,569
3,469

96
98
97
97

,529 1,001 3,348
533
792 3,247
662 3,103
533
746 3,105

72
74
68
76

489
553
759
573

,768 1,004 1 ,706 A[,113
1,058 1 ,651 A[,203
1,051 1 85? A[ 650
,775 1,063
,250 A[,438

3,447
3,444
3,455
3,449

18,163
18,217
18,280
18,341

20 500
20,486
20,518
20 541

2,050
2,054
2,057
2 060

,947 1,537
958 1,541
866 1,565
,865 1,542

, 178 l
.,737 i.[,238
731 A[,524
>,678 £[,440

4,046
4,020
4,030
3,962

20,074
20,104
20,132
20,167

23,273
23,286
23,330
23 404

2,291
2,291
2,292
2 292

,862 1,523 >,351 i.[,482
85? 1,536 >•
>,267 i [,386
,856 1,548 >,169 i [,860
,87? 1,558 <->,401 i.[,523
886 1,574 > 086 i [ 807

3,922
3,930
3,986
3,977
4,090

20,188
20,202
20,255
20,305
20,326

23 456
23,441
23 530
23,659
23,704

2 294
2,293
2 301
2,300
2,295

563

,318

447
840

,605

688
700
705
714

1,828
1,839
1,860
1,873

3,277
3,271
3,272
3,279

566
567
567
567

873
864
869
872

2,296
2,302
2,315
2,319

3,835
3,846
3,842
3,858

613
614
614
614

891
903
928
933
957

2,334
2,324
2,344
2,363
2,368

3 832
3,828
3,856
3 916
3,887

614
614
619
619
619

2,759
2,744
2,750
2,735

16,335
16,378
16,420
16,468

17 223 ] 434
17,215
487
17 246
490
17,262
493

,630 2,966 3,173
,608 2,912 3,156
799 \ 05? 3,161
,633 3,015 3,090

17,778
17,802
17,817
17,848

19 438
19,440
19,488
19 546

I 678
I 677
1,678
I 678

\ 073
2,984
3 ?38
3,076
3,201

17,854
17,878
17,911
17,942
17,958

19,624
19,613
19,674
19 743
19,817

1,680
1 679
1,682
1 681
1,676

1 773
775

1965
Feb

, 5?.9

New York City
1964
11
18
25

437
450

1965
Feb

S48

319

,129

,326

93?

47?

40?

,622
,447
606

Outside
New York City
1964
11
18
25

490

,541
,524

19?
196

1965
Feb

For notes see p. 568.




394
386

,414

56
55
53
53

1,364
1,368
1,371

726
714
728
723

54
53
53
56
116

,363
135?
1 35?
1,365
1,377

700
711
721
735
736

364

1,606

669

1,695
1,332

3,031
3,027
3,058
3,044
3,133

567

WEEKLY REPORTING MEMBER BANKS

APRIL 1965

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Cash assets 3

Investments
U. S. Government securities

Wednesday

Notes and bonds
maturing—
Total

Bills

Certificates

Other
securities

Total

With1 to
After
in
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F. R.
Banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

Total—
Leading Cities
1964
Mar

4
11
18
25

. . .

28,197
27,865
27,910
27,802

4,938
4,729
4,861
4 837

111
111
112
111

2,868
2,855
2,872
2,856

14,403
14,306
14,279
14,229

5,877
5,864
5,786
5,769

19,574
19,556
19,671
19,755

17,384
17,634
18,225
17,219

3,098
3,016
2,996
2,830

271
246
264
267

1,607
1,726
1,744
1,779

12,408
12,646
13,221
12,343

5,509
5 564
5,481
5 560

176,407
176,512
179,498
177,072

10,467
10,477
11,192
11,150

1965
Feb

3
10
17
24

. . .

26,516
26,095
25 894
25,855

5,010
4,608
4 267
4,402

3,122
3,143
3 391
3,374

7,917
7,867
7 044
6,929

21,629
21,673
21 781
21,857

18,887
17,687
18 664
17,606

3,126
2 954
3 178
3,056

254
268
251
257

1,822
1,903
1 916
2,009

13,685
12,562
13 319
12,284

6,011
6 105
5 971
6,'035

191,757
189 757
193 398
191,005

Mar

3
10
17
24
31

. . . .

25,963
25,661
25,418
25 140
24,965

4,609
4,379
4,234
3 971
3,836

3,324 11,126 6,904
3,335 11,087 6,860
3,383 11,177 6,624
3,382 11,170 6.617
3,440 11,121 (5,568

21,968
22,260
22,313
22,386
22,185

18,403
17,981
18,360
18,089
18,852

3,308
3,108
3,213
3,110
3,826

259
269
275
270
247

1,795
1,920
1,920
1,942
1,883

13,041
12,684
12,952
12,767
12,896

6,129
6 012
6,010
6 133
6,324

193,483
190 696
195,111
193 271
196,380

5,800
5,772
5,794
5,725

1,451
1,432
1,500
1,422

5,042
4,916
4 663
4 763

New York City
1964
Mar. 4
11
18
25

491
485
493
481

2,680
2,677
2,652
2,678

,155
1,157
[,127
1??

5,241
5,216
5,272
5,273

3,831
3,933
4,185
3,794

122
82
72
61

121
104
121
125

253
269
258
268

3,335
3,478
3,734
3,340

2,448
2,445
2 375
2 422

44,524
44,983
45 879
45 298

1,221
1,073
793
913

639
657
677
684

1.660
1,677
,811
I 832

, 527
1,509
1,382
I 334

5,846
5,842
5,903
5 890

4,325
3,395
4,049
3 292

86
99
151
122

117
134
119
127

281
302
278
296

3,841
2,860
3 501
2 747

2,473
2,558
2 525
2 564

49,044
48,542
49 738
48 837

4,815
4,800
4,722
4,514
4,505

985
999
942
771
766

676
658
655
656
676

874
1,825
1,832
1,782
.766

1,330
1,318
1,293
1,305
.297

5,928
5,940
5,924
5,964
5,799

4,070
3,976
4,065
3,954
4,415

102
99
129
106
602

125
132
140
137
118

274
323
298
296
279

3,569
3,422
3,498
3,415
3,416

2 581
2,497
2 466
2,568
2,618

49 669
49,022
50 723
50,702
52,224

22,397
22,093
22,116
22,077

3,487
3,297
3,361
3,415

2,377
2,370
2,379
2,375

11,723
11,629
11,627
11,551

4,722
4,707
4,659
4,647

14,333
14,340
14,399
14,482

13,553
13,701
14,040
13,425

2,976
2,934
2,924
2,769

150
142
143
142

1,354
1,457
1,486
1,511

9,073
9,168
9,487
9,003

3,061
3 119
3,106
3,138

131,883
131 529
133,619
131,774

21 474
21 179
21,231
21,092

3,789
3 535
3,474
3,489

2,483
2,486
2,714
2,690

8,807
8.800
9,381
9,318

6,395
6 358
5,662
5,595

15,783
15 831
15,878
15,967

14,562
14 292
14,615
14,314

3,040
2 855
3,027
2,934

137
134
132
130

1,541
1 601
1,638
1,713

9,844
9 702
9,818
9,537

3 538
3 547
3,446
3,471

142 713
141 215
143,660
142,168

21 148
20,861
20,696
20,626
20,460

3,624
3,380
3.292
3^200
3,070

2,648
2,677
2,728
2,726
2,764

9,302
9,262
9,345
9,388
9,355

5,574
5,542
5,331
5,312
5,271

16,040
16,320
16,389
16,422
16,386

14,333
14,005
14,295
14,135
14,437

3,206
3,009
3,084
3,004
3,224

134
137
135
133
129

1,521
1,597
1,622
1,646
1,604

9,472
9,262
9,454
9,352
9,480

3,548
3,515
3,544
3,565
3,706

143,814
141,674
144,388
142,569
144,156

23
21
22
22

1965
Feb

Mar

3
10
17
24

. .

3
10
17
24
31

. .

Outside
New York City
1964
Mar. 4
11
18
25

.

..

88
90
90
89

1965
Feb

3
10
17
24

Mar

3
10
17
24
31

. . . .

. . .

For notes see the following page.




568

WEEKLY REPORTING MEMBER BANKS

APRIL 1965

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings

Deposits
Time

Demand
Wednesday

Total
unadjusted 4

Demand
deposits
ad- 5 Total 6
justed

IPC

Other time 9

DomesState
For- U.S. tic
and
local eign7 Govt. commerGovt.
cial
banks

Total 8

Savings
IPC

State
and
For-7
local eign
Govt.

Other Capital
From From liabiliacF.R. others ties counts
Banks

Total—
Leading Cities
1964
Mar

153,247
152,608
155,196
153,467

62,353
63,457
63,360
62,630

92,140
91,237
94,006
92,053

65,731
67,421
67,781
65,376

5,304
4,687
4,797
5,169

1,763
1,754
1,754
1,854

3,689
2,148
4,498
5,493

12,038
11,558
11,516
10,795

61,107
61,371
61,190
61,414

38,360
38,428
38,509
38,566

14,475
14,687
14,319
14,513

4,407
4,383
4,437
4,390

3,411
3,414
3,439
3,460

12
397
911
21

165,293
163,442
166,176
164,449

64,992
64 307
62,248
62,986

96,059
93 799
96,227
94,305

68,515
67 254
67,630
67,084

5,396
5,316
4,990
5,153

2,059 3,643
2 153 3,096
2,027 5,120
1,957 4,536

11,948
11 775
12,031
11,398

69,234
69,643
69,949
70,144

41,334
41,478
41,560
41,623

17,961
18,048
18,177
18,266

5,342
5,340
5,386
5,451

3,951
4,119
4,158
4,132

640 3,449 6,587 15,788
59 3,700 6 755 15 801
140 4,270 7,023 15,789

166,579
164,133
168,280
166,316
170,318

63,507
64,249
64,404
62 511
63,377

96,238
93,305
97,629
95 311
99,178

68,127
67 838
69,426
66 183
67,642

5,423
5,112
4,851
4 943
5,570

1,965 4,036
1,940 2,446
1,891 4,351
1 901 6,057
2,064 5,988

12,327
11,853
12,044
11,469
12,662

70,341
70,828
70,651
71,005
71,140

41,744
41,910
42,028
42,096
42,323

18,359
18,613
18,250
18,465
18,456

5,476
5,514
5,483
5,550
5,500

4,084
4,097
4,188
4,204
4,175

504 3,764
376 3,622
345 3,873
183 3,983
50 3,299

36,692
36,797
37,593
37 147

15,706
15,967
16 046
15 713

24,646
24,566
25 467
24 955

16,578
17,046
17,402
16 613

330
270
241
343

1,314 947
1,290 515
1 299 1,226
1 380 1 559

3,254
3,139
3,135
3 004

12,046
12,231
12,126
12 192

4,439
4,450
4,466
4 471

4,527
4,698
4,529
4 598

402
379
386
372

2,417
2,440
2,451
2 457

39,851
39,612
40,341
39 904

16,172
15,798
15,123
15 318

25,756
25,304
25 884
25 339

16,789
16,362
16,590
16 547

1 545 1,004
379 1,616 863
304 1 493 1,294
321 1 399 1 062

3,166
3,301
3,265
3 211

14,095
14,308
14,457
14 565

4,745
4,717
4,799
4 810

5,613
5,665
5,742
5,841

468 2,853

40,503
40,067
41 450
41,558
43,315

15,811
15,867
15 912
15,149
15,887

25,894
25,146
26,583
26,547
28,220

16,940
16,930
16,994
16,383
17,301

349
285
296
346
438

1,413 1,046
1,380 662
1 356 1,206
1,372 1,687
1 503 1,759

3,330
3,206
3,168
3,422
3,584

14,609
14,921
14,867
15,Oil
15,095

4,828
4,850
4,867
4,885
4,916

5,898
6,151
5,979
6,115
6,222

520 2,917
534 2,923
533 3,014
525 3,028
495 3,004

116,555
115,811
117,603
116,320

46,647
47,490
47,314
46,917

67,494
66,671
68,539
67,098

49,153
50,375
50,379
48,763

4,974
4,417
4,556
4,826

455 3,272 8,381 49,064 34,043 9,790 4,051

125,442
123,830
125,835
124,545

48,820
48,509
47,125
47,668

70,303
68,495
70,343
68,966

51,726
50,892
51,040
50,537

5,090
4,937
4,686
4,832

514 2,639
537 2,233
534 3,826
558 3,474

8,782
8,474
8,766
8,187

55,139
55,335
55,492
55,579

36,589
36,701
36,761
36,813

12,348
12,383
12,435
12,425

4,874
4,859
4,879
4,929

126,076
124,066
126,830
. . . 124,758
127,003

47,696
48,382
48,492
47,362
47,490

70,344
68,159
71,046
68,764
70,958

51,187
50,908
52,432
49,800
50,341

5,074
4 827
4,555
4,597
5,132

552 2,990
560 1 784
535 3,145
529 4,370
561 4,229

8,997
8,647
8,876
8,047
9,078

55,732
55,907
55,784
55,994
56,045

36,916
37,060
37,161
37,211
37,407

12,461
12,462
12,271
12,350
12,234

4,956 1,167
4,980 ,174
4,950 1,174
5,025 ,176
5,005 .171

4
U
18
25

2,211
2,613
2,714
2,842

6,220
6,170
5,986
6,034

14,717
14,724
14,691
14,708

1965
Feb

3
10

17
24

Mar

3
10

17
24
31

44 3,655 7,074 15,783
6,792
6 705
6,776
6 947
6,755

15,844
15,860
15,837
15,842
15,958

760 2.924
1,219 2,819
1,274 2 695
1 200 2 811

4,148
4,148
4 140
4 140

155

1,570
1,361
1 743
1 218

3 148
3,244
3 341
3 404

4,320
4,325
4 313
4 311

203
108
153

1,578
1,510
1,760
1,579
1,448

3,069
3,018
3 050
3,259
3 112

4,316
4,319
4 310
4,306
4 349

734

12 1,451 3,296
397 1,394 3,351
1 440 3 291
21 1,642 3,223

10,569
10 576
10 551
10,568

485 1,879 3,439
59 2,339 3 511
140 2,527 3 682
44 2,437 3,670

11,468
11 476
11 476
11,472

New York City
1964
Mar

4
11
18

. .

25

177

1965
Feb

3
10
17
24

Mar

3
10
17

24
31.

306

481 2,957
507 2,973
522 2 952

Outside
New York City
1964
Mar

4
11
18.
25

449 2,742 8,784 49,061 33,921 9,948 4,005
464 1,633 8,419 49,140 33,978 9,989 4,004
474 3,934 7,791 49,222 34,095 9,915 4,018 J

994
974
988

.003

1965
Feb

3
10
17
24

Mar. 3
10
17
24.
31

1 After deduction of valuation reserves.
Exclusive of loans to domestic commercial banks and after deduction
of 3valuation reserves; individual loans items are shown gross.
Excludes cash items in process of collection.
* Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U.S. Govt., less cash items in process of collection.
6 Includes certified and officers' checks and deposits of mutual savings
banks,
not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
2




1,098
,162
1,185
1,180

301 2,186 3,723 11 528

268 2 112 3 687 11 541
192 2,113 3 726 11 527

183 2,404 3,688 11,536
50 1,851 3,643 11,609

branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank
and mutual savings banks, not shown separately.
9 Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31
Total—Leading Cities
13,914 14,147 13,829 14,029 13,962
New York City
5,089 5,316
5,213
5,299
5,355
Outside New York City... 8,825 8,831
8,616
8,730
8,607

569

BUSINESS LOANS OF BANKS

APRIL 1965

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Net change during—
Industry

Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products. . .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other: 1
Bankers' acceptances
All other types of business, mainly
services
Total classified loans
Commercial and industrial loans—
All weekly reporting banks

-45

i Beginning Dec. 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.

NOTE.—About 200 of the weekly reporting member banks are included
in this series; these banks classify, by industry, commercial and industrial
loans amounting to about 85 per cent of such loans held by all weekly
reporting member banks, and about 60 per cent of those held by all
commercial banks.

BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)

Area
period

Size of loan
(thousands of dollars)
All
loans

110

10100

100200

Area

200
and over

Year:
19 large cities:
1956
1957 . .
1958
1959

4.2
4.6
4.3
5.0

5.2
5.5
5.5
5.8

4.8
5.1
5.0
5.5

4.4
4.8
4.6
5.2

4.0
4.5
4.1
4.9

I960
1961.
1962...
1963
1964

5.2
5.0
5 0
5.0
5.0

6.0
5.9
5 9
5.9
5.9

5.7
5.5
5.5
5.5
5.6

5.4
5.2
5 2
5.2
5.3

5.0
4.8
4 8
4.8
4.8

4.99
4.99
4.98
5.00
4.97

5.83
5.84
5.86
5.85
5.89

5.54
5.53
5.57
5.56
5.56

5.22
5.24
5.23
5.31
5.26

4.82
4.81
4.79
4.82
4.78

Quarter ;i
19 large cities:
1964—Mar
Sent
Dec
1965—Mar

i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp.
228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955.




period

All
loans

Size of loan
(thousands of dollars)
110

10100

100200

200
and over

4.77
4.74
4.72
4.77
4.74

5.66
5.64
5.64
5.59
5.62

5.39
5 36
5.40
5 35
5.36

5.06
5 05
5.01
5 08
5.10

4.66
4 63
4.61
4 66
4.62

7 other northern and
eastern cities:
1964 Mar
June
Sept
Dec
1965—Mar

5 02
5.03
5.01
5.03
5.00

5 81
5.83
5.88
5.84
5.85

5 54
5 55
5.56
5.58
5.55

5 24
5 27
5.25
5.31
5.26

4 88
4 89
4.86
4.88
4.85

11 southern and
western cities:
1964—Mar
June
Sept
Dec
1965—Mar

5.29
5.29
5.31
5.31
5.27

5.91
5.93
5.95
5.96
6.02

5.62
5 61
5.67
5.67
5.68

5.31
5 34
5.36
5.46
5.36

5.08
5 07
5.09
5.06
4.99

Quarter—cont.: 1
New York City:
1964 Mar
June
Sept
Dec
1965—Mar . . . .

Changes thereafter occurred on the following dates (new levels shown
in per cent): 1955—Aug. 4, 3VA ; Oct. 14, 31/.; 1956—Apr. 13, 3 % ; Aug.
21, 4; 1957—Aug. 6, 4V£; 1958—Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4;
1959—May 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4V£.

570

INTEREST RATES

APRIL 1965
MONEY MARKET RATES
(Per cent per annum)

U.S. Government securities (taxable)

4

Finance
Period

Prime
coml.
paper,
4- to 6months *

CO.

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days i

3-month bills 5

Federal
funds
rate 3

6-month bills 5

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield) 5

Other 6

3- to 5year
issues 7

3 26
3.55
3.97

3.07
3.40
3.83

3.01
3.36
3.77

2.68
3.18
3.50

2.778
3.157
3.549

2.77
3.16
3.54

2.908
3.253
3.686

2 90
3.25
3.68

3.01
3.30
3.74

3 02
3.28
3.76

3 57
3.72
4.06

Sept
Oct
Nov
Dec

4 00
3.91
3 89
4.00
3.96
3.88
3.89
4 00
4.02
4.17

3.83
3.80
3.76
3.88
3.81
3.76
3.75
3.91
3.89
3.98

3.75
3.80
3.75
3.75
3.75
3.75
3.75
3.75
3.79
4.00

3.43
3.47
3.50
3.50
3.42
3.50
3.45
3.36
3.52
3.85

3.553
3.484
3.482
3.478
3.479
3.506
3.527
3 575
3.624
3.856

3.54
3.47
3.48
3.48
3.46
3.50
3.53
3.57
3.64
3.84

3.740
3.676
3.612
3.572
3.566
3.618
3.666
3.729
3.794
3.971

3.72
3.66
3 60
3.56
3.56
3.61
3.68
3 72
3.81
3.94

3 78
3.75
3 71
3.70
3.64
3 67
3.73
3 79
3.86
3.96

3 67
3 63
3 67
3 83
3.68
3 73
3.82
3 83
3.88
3.96

4 15
4.18
4 07
4 03
3.99
3 99
4.03
4 04
4.04
4.07

1965—Jan
Feb
Mar

4.25
4.27
4.38

4.05
4.12
4.25

4.00
4.10
4.15

3.90
3.98
4.04

3.828
3.929
3.942

3.81
3.93
3.93

3.944
4.003
4.003

3.94
4.00
4.00

3.91
4.00
4.02

3.87
3 97
4.03

4.06
4 08
4.12

Week ending—
1965 Feb 27
Mar 6
13
20
27

4.34
4.38
4 38
4.38
4.38

4.25
4.25
4.25
4.25
4.25

4.13
4.13
4.13
4.13
4.15

3.93
4.00
4.05
4.04
4.09

3.989
3.982
3.948
3.917
3.922

3.99
3.96
3.94
3.92
3.91

4.043
4.038
4.001
3.990
3.984

4.04
4.02
4 01
3.99
3.98

4 04
4.05
4 04
4.00
3.99

4 04
4.07
4 04
4 02
4.01

4 10
4.12
4 13
4 11
4.10

1962
1963
1964
1964

Mar
M^ay
J U ly
AUK

1
Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Seven-day average for week ending Wed.
4
Except for new bill issues, yields are averages computed from daily
closing bid prices.

5

Bills quoted on bank discount rate basis.
67 Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)

Corporate bonds

Government bonds

Period

1962
1963
1964
1964

Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1965 Jan
Feb
Mar
Week ending—
1965 Feb 27
Mar. 6
13
20
27
Number of issues

State
United
and loca I
States
(longterm) Total* A a a

By selected
rating
Baa

Industrial

Railroad

Public Preutility ferred

Earnings/
price ratio

Cornmen

Common

3.95
4.00
4.15
4.18
4.20
4.16
4.13
4.13
4.14
4.16
4.16
4.12
4.14
4.14
4.16
4.15

3.30
3.28
3.28
3.33
3.30
3.29
3.29
3.26
3.27
3.30
3.31
3.27
3.23
3.18
3.18
3.28

3.03
3.06
3.09
3.14
3.12
3.09
3.10
3.08
3.08
3.09
3.11
3.08
3.01
2.97
2.97
3.09

3.67
3.58
3.54
3.57
3.52
3.54
3.54
3.54
3.54
3.57
3.58
3.52
3.51
3.44
3.42
3.51

4.61
4.50
4.57
4.56
4.58
4.59
4.59
4.58
4.57
4.57
4.57
4.58
4.58
4.57
4.55
4.56

4.33
4.26
4.40
4.38
4.40
4.41
4.41
4.40
4.41
4.42
4.42
4.43
4.44
4.43
4.41
4.42

5.02
4.86
4.83
4.83
4.85
4.85
4.85
4.83
4.82
4.82
4.81
4.81
4.81
4.80
4.78
4.78

4.47
4.42
4.52
4.49
4 53
4.54
4 54
4.52
4.52
4.52
4.53
4 53
4.54
4 53
4.52
4 52

4.86
4 65
4.67
4 67
4 69
4.69
4 70
4.68
4.65
4 65
4.66
4 67
4 68
4 66
4.62
4 63

4.51
4 41
4.53
4 51
4 53
4.53
4 55
4.54
4.54
4 53
4.52
4 53
4 54
4 52
4.51
4 51

4 50
4 30
4.32
4 34
4 37
4 41
4 41
4 27
4.29
4 25
4.25
4 25
4 23
4 18
4 22
4 26

3 37
3 17
3 01

6 06
5 68

3
3
3
3
2
3
3
2
2
3

5 51

4.16
4.16
4.16
4.14
4.14
6-12

3.21
3.28
3.28
3.28
3.28

3.03
3.09
3.09
3.09
3.09

3.44
3.51
3.51
3.51
3.51

4.55
4.55
4.55
4.56
4.56

4.41
4.41
4.41
4.42
4.42

4.78
4.78
4.78
4.78
4.79

4.52
4.52
4 52
4.52
4.52

4 51
4.51
4 51
4 51
4.52

4 25
4 25
4 27
4 25
4.26

2 97
2 97
3 00
2 99
2.98

5

120

30

30

40

4 61
4.62
4 63
4.64
4.63
40

40

14

20

5

1

Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.




Aaa

Dividend/
price ratio

By
group

Total i
Baa

Stocks

03
00
01
05
96
03
00
95
96
05

5 68
5 60

2 99
2 99
2 99

500

500

figures. Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend/price ratios are
based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.

MORTGAGES: NEW HOMES
FHAinsured

SECURITY PRICES

Bond prices
est

Fees,
etc.
(per
cent)

Ma-

Loan/
price
ratio
(per
cent)

rate
(per
cent)

i 5 69
5.60
5.46
5.45

(5 98)
(5.93)
(5.81)
5.84
5.78

64
.57

24.0
24.8

73.3
74.1

16.3
17.3

1964—Jan...
Feb...
Mar..
Apr. .
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec..

5.45
5.45
5.45
5.45
5.45
5.45
5.46
5.46
5.46
5.45
5.45
5.45

5.83
5.81
5.79
5.79
5.77
5.76
5.76
5.77
5.77
5.75
5.75
5.76

.64
.58
.55
.55
.52
.59
.52
.58
.57
.58
.55
.59

24.7
24.7
24.5
24.8
24.7
25.4
24.5
24.7
25.0
24.5
24.7
25.2

74.7
74.8
74.6
73.9
73.7
74.3
73.9
74.4
74.2
73.2
73.5
73.9

16.7
17.2
17.2
17.2
17.0
17.3
17.4
17.8
17.6
17.4
17.4
17.8

1965-—Jan...
Feb...
Mar..

5.45
5.45
5.45

5.79
5.79

.59
.61

24.7
24.9

74.0
74.0

17.5
17.6

1

turity

(yrs.)

Period

Avg.
loan
(thou.
dollars)

Yield
(per
cent)

1961
1962
1963
1963
1964

Common stock prices
(1941-43= 10)

Conventional first mortgages
Inter-

Period

571

SECURITY MARKETS

APRIL 1965

Last 6 months only.

NOTE.—Annual data are averages of monthly figures. Yields
on FHA-insured mortgages are derived from weighted averages
of FHA field-office opinions on private secondary market prices
for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5 VA per cent, and
an assumed prepayment period of 15 years. Price data are
reported as of the first of the succeeding month.
Conventional first mortgages, Home Loan Bank Board in
cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in
parentheses—are based on estimates from Federal Housing
Administration.

U.S.
Govt.
(longterm)

State

PubIn-

Railroad

lic

ing

utility

(thou.
shares)

65.54
73.39
86.19
83.64
84.92
85.79
85.13
88.19
86.70
88.27
89.75
90.36
88.71

30.56
37.58
45.46
42.88
43.27
44.86
46.29
48.93
47.17
47.14
48.69
48.01
45.75

59 16
64 99
69.91
66.78
67.30
67.29
67.46
70.35
71.17
72.07
73.37
74.39
74.24

3,820
4,573
4,888
5,428
5,616
4,959
4,372
4,663
3,919
5,228
4,843
4,928
4,729

86.12
86.75
86.83

91.04
91.64
91.75

46.79
46.76
46.98

75.87
77.04
76.92

5,457
5,910
5,427

87.11
87.14
86.83
87.01
86.78

92.07
92.06
91.73
91.98
91.68

47.02
46.89
46.97
47.13
47.23

76.94
77.30
77 00
76.68
76.79

6,379
6,306
5,540
5,325
5,129

Total

local

ate
AAA

dustrial

86.94
86.31
84.46
84.10
83.84
84.38
84.70
84.70
84.59
84.31
84.37
84.81
84.65

112.0
111.3
111.5
109.9
110.3
111.6
111.8
Ii2.1
111.8
111.0
110.9
112.0
112.6

96.2
96.8
95.1
95.2
94.7
94.7
94.9
95.2
95.3
95.1
95.1
95.2
95.3

62.38
69.87
81.37
78.80
79.94
80.72
80.24
83.22
82.00
83.41
84.85
85.44
83.96

1965—Jan... 84.56
Feb... 84.40
Mar.. 84.48

114.0
113.4
112.0

95.5
95.5
95.2

112.1
111.4
111.9
112.2
112.2

95.6
95.4
95.3
95.1
95.2

1962
1963
1964
1964— Mar..
Apr. .
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec. .

and

Corpor-

Volume
of
trad-

Week
ending—
Feb. 27
Mar. 6
13
20
27

84.36
84.31
84.31
84.58
84.65

NOTE.—Annual data are averages of monthly figures. Monthly and weekly
data are averages of daily figures unless otherwise noted and are computed as
follows: U.S. Govt. bonds, derived from average market yields in preceding table
on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds,
derived from average yields, as computed by Standard and Poor's Corp., on basis
of a 4 per cent, 20-year bond; Wed. closing prices.
Common stocks, Standard
and Poor's index. Volume of trading, average daily trading in stocks on the
N.Y. Stock Exchange for a 5^-hour trading day.

STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Net debit balances with
N. Y. Stock Exchange
firms secured by—
Months

Total
securities
other than
U.S. Govt.

U.S.
Govt.
securities

Other
securities

Broker and dealer credit

Bank loans to others than
brokers and dealers for purchasing and carrying—
U.S.
Govt.
securities

Other
securities

Money borrowed on—

U.S.
Govt.
securities

Other securities
TVktai

lotai

Customer
collateral

Other
collateral

Customers
net
free
credit
balances

1961—Dec
1962—Dec
1963—Dec

5,602
5,494
7,242

35
24
26

4,259
4,125
5,515

125
97
140

1,343
,369
,727

48
35
32

2,954
2,785
4,449

2,572
2,434
3,852

382
351
597

1.219
,216
,210

1964—Mar
Apr,....
May....
June
July....
Aug
Sept....
Oct
Nov
Dec

7,141
7,314
7,277
7,229
7,160
7,096
7,142
7,101
7,108
7,053

21
21
19
18
25
19
20
20
21

5,366
5,510
5,439
5,370
5,289
5,187
5,221
5,185
5,160
5,079

97
101
96
94
70
69
81
69
64
72

1,775
1,804
1,838
1,859
1,871
1,909
1,921
1,916
1,948
1,974

18
17
113
156
266
191
109
102
184
222

4,138
4,411
4,362
4,275
4,129
4,090
4,122
4,053
3,951
3,910

3,646
3,916
3,868
3,766
3,672
3,618
3,568
3,528
3,469
3,393

492
495
494
509
457
472
554
525
482
517

,231
,165
,138
,146
,114
,077
,145
,155
1,131
1,169

1965—Jan
Feb
Mar

6,940
6,872
6,937

33
31
30

4,986
5,007
5,051

70
76
129

[,954
1,865
1,886

177
132
106

3,763
'3,748
3,894

3,317
3,259
3,303

446
489
591

1,207
,254
1,264

21

NOTE.—Data in first 3 cols, and last col. are for end of month; in other
cols, for last Wed.
Net debit balances and broker and dealer credit: Ledger balances of
member firms of N.Y. Stock Exchange carrying margin accounts, as
reported to Exchange. Customers' debit and free credit balances exclude
balances maintained with reporting firm by other member firms of national
securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Nov. data on customers' net debit balances exclude amounts carried
by a large former member firm in liquidation; most of these accounts




r

have been transferred to other member firms and are reported in their
debit figures from the month received (some in Dec. 1963, more in Jan.
1964). Debit balance totals for the period Oct.-Jan., therefore, are not
completely comparable.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N.Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.

572

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

APRIL 1965

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper

End of period

Accepting banks

Total
Placed
through
dealers i

Placed
directly2

2,672
3 2,751
3,202
4,497
4,686
6,000
6,747

551
840
677
1,358
1,711
2,088
1,928

2,121
31,911
2,525
3,139
2,975
3,912
4,819

1,307
1,194
1,151
2,027
2,683
2,650
2,890

287
194
302
238
319
282
662
490
1,272
896
1,153
865
1,291 1,031

8,119
7,737
7,920
8,326
8,036
8,879
8,879
8,444
9,343
9,146
8,361

2,079
2,038
2,039
1,973
1,948
2,006
2,070
2,220
2,431
2,438
2,223

6,040
5,699
5,881
6,353
6,088
6,873
6,809
6,224
6,912
6,708
6,138

3,056
3,102
3,102
3,049
3,149
3,137
3,127
3,175
3,222
3,217
3,385

1,466
1,395
1,355
1,418
1,370
1,455
1,486
1,423
1,400
1,458
1,671

8,928
9,033

2,143
2,239

6,785
6,794

3,276
3,232

1,535
1,439

Total

1957
1958
1959
I960
1961
1962
1963
1964

Feb
Mar
Apr
May

June
July
Aug
Sept
Oct
Nov
Dec

. .

1965—Jan
Feb

]Based

Held b y -

Own Bills
bills bought

Total

F.R.
Banks

Others

on—

Goods stored in or
shipped between
ImExports
ports Dollar
points in—
into
from
exUnited United change
United Foreign
States States
States countries

Own
acct.

Foreign
corr.

94
64
36
173
376
288
260

66
49
75
74
51
110
162

76
68
82
230
126
86
92

878
775
675
1,060
1,234
1,301
1,345

278
254
357
403
485
541
567

456
349
309
669
969
778
908

46
83
74
122
117
186
56

296
244
162
308
293
171
41

232
263
249
524
819
974
1,317

1,095
1,042
1,060
1,105
1,113
1,121
1,145
1,127
1,164
1,195
1,301

371
353
295
313
257
334
341
297
236
263
370

64
125
93
47
83
56
36
99
81
63
94

95
110
117
146
146
137
132
127
126
125
122

1,431
1,473
1,536
1,438
1,550
1,489
1,473
1,525
1,614
1,570

983
990
963
941
929
949
922
918
935
955
999

94
87
105
73
82
74
82
113
106
102
111

1,308
1,247

227
193

115
71

122
118

1,504
1,604

662
661

956
916

79
59

31
35
36
34
27
24
22
36
34
40
43
34
26

J 151

4QR

596
590
587
576
567
576
586
609
647
657
667

1
As reported by dealers; includes finance co. paper as well as other
commercial paper sold in the open market.
2 As reported by finance cos. that place their paper directly with
investors.

1,401
1,411
1,426
1,545
1,513
1,514
1,499
1,500
1,463
1,565
1,545
1 571

3 Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly $1,899.

MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Securities

Loans
End of period
Mart-

Other

U.S.
Govt.

State
and
local
govt.

1941
1945
1956
1957
1958
1959 +
I960..

4,787
4,202

89
62

3,592
10,650

19,559
20,971
23,038
24,769
26,702

248
253
320
358
416

7,982
7,583
7,270
6,871
6,243

675
685
729
721
672

1961
1962
1963

28,902
32,056
36,007

475
602
607

6,160
6,107
5,863

1964—Jan....
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec. r

36,352
36,635
36,933
37,267
37,601
37,971
38,407
38,764
39,146
39,538
39,898
40,328

667
703
704
646
714
676
705
764
739
727
760
739

1965—Jan

40,640

800

Corporate
and
other 1

Other
assets

Deposits 2

Other
liabilities

Surplus
accounts

Mortgage loan
commitments 3

Number Amount

829
606

689
185

11,772
16,962

10,503
15,332

38
48

1,231
1,582

920
889
921
829
874

448
490
535
552
589

33,381
35,215
37,784
38,945
40,571

30,026
31,683
34,031
34,977
36,343

369
427
526
606
678

2,986
3,105
3,227
3,362
3,550

89,912
65,248
58,350

1,664
1,170
1,200

677
527
440

3,549
4,344
4,971
4,845
5,076
5,040
5,177
5,074

937
956
912

640
695
799

42,829
46,121
49,702

38,277
41,336
44,606

781
828
943

3,771 61,855
3,957 114,985
4,153 104,326

1,654
2,548
2,549

5,951
6,033
6,117
6,064
6,052
6,024
6,025
6,095
6,082
5,849
5,785
5,791

440
427
424
423
419
409
409
407
409
403
399
391

5,097
5,135
5,151
5,138
5,150
5,145
5,142
5,179
5,193
5,178
5,180
5,099

849
880
887
819
847
906
863
895
883
898
905
1,004

823
800
825
820
827
871
867
879
887
889
898
886

50,179
50,614
51,042
51,178
51,610
52,001
52,417
52,983
53,339
53,482
53,825
54,238

45,006
45,266
45,761
45,851
46,124
46,624
46,918
47,274
47,757
47,982
48,188
48,849

1,023
1,143
1,036
1,118
1,225
1,102
1,222
1,356
1,200
1,146
1,223
989

4,150
4,206
4,244
4,209
4,261
4,275
4,277
4,352
4,382
4,354
4,414
4,400

102,694
113,062
120,396
123,979
124,416
132,625
132,726
134,371
134,277
139,066
136,470
135,992

2,228
2,391
2,504
2,586
2,661
2,690
2,701
2,743
2,736
2,825
2,811
2,820

5,907

388

5,105

977

895

54,713

49,222

1,085

4,405

132,992

2,745

1,786
1,257

1 Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate
securities.
2 See note 3, p. 559.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Assn. of the State of N.Y.
• Data reflect consolidation of a large mutual savings bank with a
commercial bank.




Cash
assets

Total
assets—
Total
liabilities
and
surplus
accts.

NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in the BULLETIN; the latter are for call dates
and are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.

APRIL 1965

573

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities

End of period

Statement value:
1941
1945

Total
assets

Total

Business securities

United State and Foreign1
States
local

Total

Bonds

Stocks

9,573

Mortgages

Real
estate

Policy
loans

Other
assets

2,919
1,962

1 840
1,738

3,869
4,188
4,618
5,231

4,338
4,624
4 937
5,273

4,107
4,319

5,733
6,234
6,655

5,683
6,024
6,385

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

1,240

10,174
11,059

10,060

601
999

6,442
6,636

1,878

101,309
107,580
113,650
119,576

10,690
11,234
11,581
11,679

7,029
7,183
6,868
6,427

2,376
2,681
3,200
3,588

1,285
1,370
1,513
1,664

44,057
47,108
49,666
51,857

40,666
42,999
45,105
46,876

3,391
4,109
4,561
4,981

35,236
37,062
39,197
41,771

3,119

126,816
133,291
141,121

11,896
12,448
12,438

6,134
6,170
5,813

3,888
4,026
3,852

1,874
2,252
2,773

55,294
57,576
60,780

49,036
51,274
53,645

6,258
6,302
7,135

44,203
46,902
50,544

133,291
141,121

12,469
12,464

6,171
5,813

4,037
3,868

2,261
2,783

56,565
59,434

51,389
53,770

5,176
5,664

46,957
50,596

4,114
4,325

6,235
6,656

6,951
7,646

1964—j an r
Feb
Mar
Apr
May
June..
July
A.U2
Sept
Oct
Nov
Dec

141,889
142,531
143,067
143,676
144,312
144,964
145,823
146,475
147,172
147,977
148,746
149,318

12,516
12,506
12,421
12,389
12,436
12,346
12,476
12,507
12,557
12,555
12,509
12,274

5,847
5,805
5,731
5,689
5,731
5,633
5,758
5,763
5,787
5,769
5,699
5,511

3,868
3,857
3,849
3,853
3,827
3,822
3,809
3,822
3,846
3,866
3,841
3,808

2,801
2,844
2,841
2,847
2,878
2,891
2,909
2,922
2,924
2,920
2,969
2,955

59,993
60,050
60,189
60,426
60,613
60,793
61,275
61,355
61,458
61,722
61,968
62,087

54,279
54,281
54,335
54,525
54,674
54,772
55,213
55,228
55,262
55,487
55,658
55,697

5,714
5,769
5,854
5,901
5,939

4,342
4,377

6,692
6,772

6,062
6,127
6,196
6,235
6,310
6,390

50,896
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179

4,416
4,437
4,446
4,462
4,487
4,499
4,514
4,521

7,024
7,060
7,094
7,133

7,450
7,702
7,806
7 781
7,821
7 967
7,847
7,992
8,086
8,157
8,257
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

1957
1958.
1959
1960

.

1961
1962..
1963
Book value:
1962 Dec
1963 Dec

687

1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.

NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance cos. in the United States.

6,021

857

3,364
3,651
3,765
4,007

4,391
4,402

6,819
6,872

6,909
6,955
6,947
6,986

Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."

SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Liabilities

Assets
End of
period

Total
assets2—
Total
iabilities

Savings
capital

Reserves
and
undivided
profits*

Mortgage
loan
commitments

Mortgages

U.S.
Govt.
securities

4 578
5 376

2,420

344
450

775
356

6,049
8,747

4,682
7,365

475
644

256
336

1957
1958
1959
I960

40,007
45,627
53,141
60,070

3,173
3,819
4,477
4,595

2,146
2,585
2,183
2,680

2,770
3,108
3,729
4,131

48,138
55,139
63,530
71,476

41,912
47,976
54,583
62,142

3,363
3,845
4,393
4,983

1,379
1,444
2,387
2,197

1,161
1,293
1,186

713
874
968

1,475
1,285
1,359

1961
1962 r .
1963

68,834
78,770
90,944

5,211
5,563
6,445

3,315
3,926
3,979

4,775
5,346
6,191

82,135
93,605
107,559

70,885
80,236
91,308

5,708
6,520
7,209

2,856
3,629
5,015

1,550
1,999
2,528

1,136
1,221
1,499

1,908
2,230
2,614

1964 r—Jan
Feb
Mar....

91,550
92,260
93,167
94,076
95,071
96,168
97,211
98,159
98,995
99,832
100,519
101,314

6,601
6,666
6,736
6,721
6,715
6,688
6,690
6,739
6,781
6,823
6,965
6,973

3,585
3,618
3,628
3,481
3,518
3,813
3,364
3,378
3,411
3,434
3,520
4,025

6,002
6,109
6,247
6,367
6,750
6,736
6,537
6,651
6,757
6,828
7,054
6,983

107,738
108,653
109,778
110,645
112,054
113,405
113,802
114,927
115,944
116,917
118,058
119,295

91,772
92,526
93,628
93,949
94,931
96,695
96,712
97,485
98,558
99,309
100,168
101,847

7,237
7,253
7,220
7,231
7,244
7,509
7.528
7,548
7,552
7,564
7,580
7,903

4,594
4,381
4,327
4,605
4,548
4,984
4,995
4,996
5,069
5,033
5,003
5,596

2,372
2,344
2,438
2,472
2,511
2,546
2,567
2,495
2,396
2,314
2,244
2,221

1,763
2,149
2,165
2.388
2,820
1,670
2,000
2,403
2,369
2,697
3,063
1,728

2,665
2,819
2,965
3,112
3,149
3,108
3,075
2,983
2,912
2,897
2.822
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

1941
1945

.

..

.
May'.'.'. .
June... .
July.... .
Aug.. . . .
Sept
.
Oct
Nov....
Dec
.

107

Cash

Other i

1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 Consists of advances from FHLB and other borrowing.




Borrowed
money 3

Loans in
process

Other

636
402
1, 484

862

* The decline in reserves and surplus from Feb. to Mar. 1964 is concentrated in state-chartered savings and loan assns. in Calif, where the
accounting system is being revised.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.

574

FEDERAL FINANCE

APRIL 1965

FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions
Payments to the public,
other than debt

Receipts from the public,
other than debt

Net cash borrowing
or repayment
Net
rects.

Period
Budget
net

Plus:
Trust
funds

Less:
Intragovt. 1

Equals:
Total
rects. 2

Budget

Plus:
Trust
funds

Equals:
Total
payts.

Less:
Adjustments

payts.

Change
Less:
in
Invest.
debt
by
*
(direct agen. &
& agen.) trusts

Less:
Noncash
debt

Equals:
Net

Cal. year—1962
1963...
1964...

84,709
87,516
88,696

25,471
29,255
30,742

3,928 106,206
4,144 112,575
4,324 115,035

91,907
94,188
96,944

25,386
28,348
28,925

5,419 111,874
5,313 117,222
5,069 120,800

-5,668
-4,647
-5,765

9,055
7,672
9,084

1,109
2,535
2,156

1,386
883
619

6,560
4,255
6,309

Fiscal year—1961
1962
1963
1964

77,659
81,409
86,376
89,459

23,583
24,290
27,689
30,331

3,945 97,242
3,776 101,865
4,281 109,739
4,190 115,530

81,515
87,787
92,642
97,684

22,793
25,141
26,545
28,885

4,766 99,542
5,266 107,662
5,436 113,751
6,237 120,332

-2,300
-5,797
-4,012
-4,802

2,102
11,010
8,681
7,733

856
492
2,069
2,775

536
923
1,033
1,099

712
9,594
5,579
3,859

Half year:
1963—Jan.-June....
July-Dec
1964—Jan.-June
July-Dec

47,250
40,266
49,193
39,503

15,851
13,404
16,927
13,815

2,352
1,792
2,398
1,926

60,728
51,847
63,683
51,352

45,356
48,832
48,852
48,092

13,536
14,812
14,073
14,852

3,241
2,072
4,165
904

5,078
55,650
61,572 -9,725
4,923
58,760
62,040 -10,688

2,538
5,135
2,598
6,486

2,939
-403
3,178
-1,022

169
714
385
234

-569
4,824
-965
7,274

8,047
10,148
6,609
6,136
12,401
3,487
6,653
10,072
3,398
7,037
8,856

3,705
2,330
1,942
4,744
3,117
1,532
4,171
1,994
1,224
2,928
1,966

222
304
212
222
1,136
270
267
320
271
240
557

11,525
12,168
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256

7,521
7,871
7,930
7,511
9,527
7,410
8,083
8,450
8,329
7,051
8,770

2,063
2,227
2,935
2,067
2,523
2,713
2,524
2,266
2,481
2,073
2,794

191
707
703
45
1,548
-95
-611
1,016
298
-156
453

2,132
9,393
2,778
9,390
10,163 -1,829
1,119
9,533
3,874
10,502
10,217 -5,472
-666
11,218
2,039
9,700
10,512 -6,168
436
9,281
-857
11,112

1,550
-744
-1,880
4,049
683
-594
3,284
1,412
93
2,976
-685

830
167
-1,491
3,230
1,770
-1,205
1,960
-251
-1,556
809
-780

133
35
22
61
48
38
67
82
16
153
-122

586
-946
-411
758
-1,136
572
1,257
1,581
1,633
2,015

5,642
7,518

1,016
3,746

262
27

6,387
11,227

7,676
7,146

2,456
2,146

774
-277

9,358 -2,971
1,656
9,570

-240
1,884

-1,787
1,391

110
60

1,437
433

Month:
1964—Feb
Mar
N&y!!!!!'"
June
July
Aug
Sept
Oct
Nov
Dec
,
1965—Jan
Feb

217

Effects of operations on Treasurer's account

Net operating transactions

Net financing transactions
Agencies & trusts

Period

Budget
surplus
or
deficit

Trust
funds 3

Clearing
accounts

Market
issuance
of
sec. 3

Invest,
in U.S.
Govt.
sec. 3

Change
in
gross
direct
public
debt

Change in
cash balances

Treasurer's account
(end of period)
Operating bal.

Held
outside
Treasury

Treasurer's
account

Balance

F.R.
banks

Tax
and
loan
accts.

Other
net
assets

Fiscal year—1961..
1962..
1963..
1964..

-3,856
-6,378
-6,266
-8,226

790
-851
1,143
1,446

285
566
122
948

-538
1,780
1,022
1,880

-856
-492
-2,069
-2,775

2,640
9,230
7,659
5,853

-222
118
-74
206

-1,311
3,736
1,686
-1,080

6,694
10,430
12,116
11,036

408
612
806
939

5,453
8,815
10,324
9,180

833
1,003
986
917

Half year:
1963—Jan.-June.,
July-Dec,
1964—Jan.-June.,
July-Dec..,

1,894
-8,567

2,315
-1,408
2,854
-1,036

720
-434
1,381
-1,256

148
1,648
232
258

-2,939
403
-3,178
1,022

2,390
3,487
2,366
6,228

-78
-129
334
367

4,607
-4,741
3,661
-3,741

12,116
7,375
11,036
7,295

806
880
939
820

10,324
5,621
9,180
5,377

986
874
917
1,098

-163
368
468
-237
364
-403
-946
613
11
-549
17

-230
24
109
117
502
-64
378
-108
67
125
-139

-830
-167
1,491
-3,230
-1,770
1,205
-1,960
251
1,556
-809
780

1,780
-767
-1,989
3,931
181
-530
2,906
1,520
26
2,851
-546

194
-23
335
-333
9
-10
-43
226
-30
46
178

2,531
1,861
-2,571
2,215
2,735
-4,886
640
3,400
-4,498
2,412
-809

6,795
8,656
6,085
8,300

1,622
-4,930
-15
86

1,642
103
-993
2,677
594
-1,181
1,648
-273
-1,257
855
-829

11,036
6,150
6,789
10,189
5,691
8,104
7,295

1,024
831
925
890
939
785
939
933
687
974
820

4,783
6,940
3,974
6,557
9,180
4,505
5,085
8,339
4,155
6,182
5,377

988
885
1,186
853
917
860
765
917
849
948
1,098

-2,033
372

-1,440
1,600

402
-364

-282
-16

1,787
-1,391

42
1,900

25
-95

-1,550
2,197

5,745
7,942

914
988

3,612
5,800

1,219
1,154

Month:
1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb

341

-8,589
526
2,277
-1,322
-1,375

2,874
-3,923
-1,430

1
Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
2 Includes small adjustments not shown separately.
* Includes net transactions of Govt.-sponsored enterprises.
• Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.




5
Includes technical adjustments not allocated by functions.
< Fiscal year cash payments for agriculture and international affairs
reflect a shift of the Food for Peace program out of agriculture and into
international affairs. Data are not yet available to make the adjustment
on a monthly or half-yearly basis.

NOTE.—Based on Treasury Dspt. and Bureau of the Budget data.

APRIL 1965

575

FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes

Period

Individual

Total

Fiscal year—1961...
1962...
1963...
1964...

97,242
101,865
109,739
115,530

Half year:
1963—Jan.-June..
July-Dec...
1964—Jan.-June..
July-Dec...

60,728
51,847
63,683
51,352

Month:
1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

11,525
12,168
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256

1965—Jan
Feb

Excise taxes

Social ins. taxes

Liquor
and to- Highway
bacco

Total

OASI
and
R.R.

Unempl.

12,981
13,197
15,128
17,405

Estate
and
gift

Customs

Int.
and
repayments

Refunds

Other

Corp.

Total

21,765
21,296
22,336
24,301

12,064
12,752
13,410
13,950

5,204
5,367
5,521
5,630

2,923
3,080
3,405
3,646

16,381
17,032
19,729
21,936

2,896
3,334
4,107
4,037

1,916
2,035
2,187
2,416

1,008
1,171
1,241
1,284

2,105
1,358
1,815
1,702

5,976
6,266
6,571
7,148

1,826
1,838
2,604
2,499

19,761 10,950 13,526
20,120 3,465 9,242
19,139 11,866 15,059
17,732 3,598 9,989

6,602
7,043
6,907
7,398

2,676
2,940
2,690
3,089

1,649
1,898
1,748
1,947

11,796 9,017 2,532
9,209 7,373 1,588
12,727 10,032 2,449
9,378 7,535 1,594

1,273
992
1,424
1,170

602
661
623
729

636
943
759
900

5,766
1,044
6,104
1,008

1,348
1,216
1,283
1,466

Withheld

Other

32,978
36,246
38,719
39
",259

13,175
14,403
14,269
15,331

6,105
3,222
889
4,837
2,654
1,172
4,809
2,669
1,158
4,956
2,969

870
770
5,006
561
2,219
377
159
2,255
264
112
430

451
6,654
684
491
6,196
646
419
3,950
572
449
3,953

,112
,121
,103
195
,290
,234
,284
,203
,176
,244
,257

382
434
465
466
560
456
496
502
n.a.
n.a.
555

320
264
254
308
320
328
380
324
298
336
280

3,382
1,678
1,394
4,163
1,563
904
3,455
1,256
639
2,238
885

2,393
1,527
1,116
3,242
1,457
623
2,732
1,158
478
1,766
778

954
109
239
884
66
233
684
56
121
435
65

184
196
422
234
208
219
219
166
205
168
192

87
108
109
100
117
120
112
122
126
124
125

102
146
119
125
145
143
123
132
130
220
152

944
1,960
1,575
1,196
304
219
207
216
176
100
90

176
233
183
142
288
149
179
202
250
305
383

6,387 1,181
11,227 5,302

2,506
872

607
473

,045
,214

n.a.
n.a.

296
340

508
3,369

305
2,537

161
797

183
213

76
106

155
173

107
653

233
158

Cash payments to the public

Tntai 5J
loiai

National
defense

Intl.
affairs «

Space
research

Agriculture «

Natural
resources

Commerce
and
transp.

Fiscal year—1961
1962
1963
1964

99,542
107,662
113,751
120,332

47,685
51,462
53,429
54,514

3,608
3,976
3,805
3,492

744
1,257
2,552
4,171

3,728
4,458
5,703
5,846

2,101
2,223
2,456
2,595

5,107
5,487
5,777
6,545

Half year:
1963—Jan.-June
July-Dec

55,649
61,572

27,304
26,359

1,368
1,031

1,527
1,857

2,821
4,302

58,761
62,040

28,158
24,569

962
1,205

2,313
2,333

9,393
9,390
10,163
9,533
10,434
10,217
11,218
9,700
10,512
9,281
11,112

4,311
4,425
4,594
4,678
5,765
3,592
3,869
4,243
4,301
4,052
4,512

204
131
-152
275
253
201
265
191
301
-190
437

9,358
9,570

4,018
3,885

265
182

Period

1964—Jan.-June....
July-Dec
Month:
1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb

Hous- Health,
ing
& com. laoor oc
devel. welfare

Education

Veterans

Interest

General
Govt.

-103
1,691
-268
1,674

22,364
23,975
25,698
27,285

945
1,052
1,214
1,299

6,187
6,092
5,971
6,107

7,257
6,940
7,427
8,011

1,678
1,837
1,953
2,221

1,067
1,455

2,679 - 1 , 2 9 6
1,850
3,657

13,347
13,162

650
563

3,010
2,956

3,846
3,841

972
1,052

3,038
4,255

1,139
1,543

2,890
4,288

-175
516

14,126
13,722

732
639

3,150
2,943

4,170
4,258

1,168
1,138

317
359
452
326
504
334
385
386
387
406
435

610
541
587
274
325
672
1,120
624
841
357
641

179
171
174
175
248
235
287
293
244
229
255

424
446
472
460
694
702
740
759
779
657
651

-383
-101
386
-245
181
246
16
35
-48
-193
460

2,358
2,402
2,404
2,000
2,513
2,277
2,249
2,229
2,261
2,299
2,407

120
140
125
106
112
78
129
126
94
90
122

468
499
457
486
537
485
501
525
505
398
529

1,393
364
402
1,394
348
360
1,378
317
436
1,337
430

178
181
172
178
223
184
183
189
200
164
218

407
423

384
417

164
166

539
465

-176
-126

2,422
2,423

118
122

658
497

315
1,353

202
172

1964

1963
Item

III

IV

III

1963
IV

III

Seasonally adjusted
Cash budget:
Receipts...
Payments. .
Net

27.5
28.2

27.8
28.5

28.5 29.0
30.5 30.0

-.7

-.7

-2.0 -1.0

For notes, see opposite page.




29.7
30.5

1964
IV

in

IV

Not seasonally adjusted
28.5 28.2
29.5 30.6

-1.0 -2.5

28.7
30.2

28.2
26.5

32.6
29.1

27.3
31.0

24.5
30.6

30.3
28.6

33.4
30.1

27.0
31.1

24.3
30.9

1.7

3.4

-3.6

-6.1

1.7

3.2

-4.1

-6.6

576

U.S. GOVERNMENT SECURITIES

APRIL 1965

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debti

End of period

Total
gross
direct
debt 2

Marketable
Total
Bills

Total

1941_Dec
1945—Dec
1947 Dec
1957 Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962 Dec
1963—Dec

.

1964—Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1965 Jan
Feb
Mar

...

.

3

Nonmarketable

Certificates

Notes

Bonds 4

Convertible
bonds

Special
issues «

Total 5

Savings
bonds

8.9
56.9
59.5

6.1
48.2
52.1

7.0
20.0
29.0

64 3
278.7
257 0

57.9
278.1
256.9

50.5
255.7
225.3

41.6
198.8
165.8

2.0
17.0
15.1

38.2
21.2

6.0
23.0
11.4

33.6
120.6
118.0

275.0
283.0
290.9
290 4
296.5
304.0
310.1

274.9
282.9
290.8
290.2
296.2
303.5
309.3

227.1
236.0
244.2
242.5
249.2
255.8
261.6

164.2
175.6
188.3
189.0
196.0
203.0
207.6

26.9
29.7
39.6
39.4
43.4
48.3
51.5

34.6
36.4
19.7
18.4
5.5
22.7
10.9

20.7
26 A
44.2
51.3
71.5
53.7
58.7

82.1
83.4
84.8
79.8
75.5
78.4
86.4

9.5
8.3
7.1
5.7
4.6
4.0
3.2

53.4
52.1
48.9
47.8
48.6
48.8
50.7

52.5
51.2
48.2
47.2
47.5
47.5
48.8

45.8
44.8
43.5
44.3
43.5
43.4
43.7

310 4
308.4
312.3
312 5
312 0
314.9
316.5
316.5
319 3
318.7

309.6
307.6
311.5
311 7
311.2
314.1
315.6
315.6
318 5
317.9

262.2
261.4
262.2
260 7
261 1
262.2
263.8
265.0
267 4
267.5

208.2
207.4
208.0
206 5
206 8
207.7
209.0
210.1
212 4
212.5

52.5
51.0
52.2
50 7
51 0
52.0
53.3
55.0
56 5
56.5

4.2
4.2

64.5
65.1
67.3
67 3
58 6
58.6
58.6
58.1
58 9
59.0

87.0
87.0
88.5
88 5
97.1
97.1
97.1
97.0
97 0
97.0

3.2
3.
3
3.
3.
3.
3.
3
3.0

50.8
50.9
51.0
51.1
51.2
51.4
51.7
51.8
51.9
52.0

49.1
49.1
49.2
49.3
49.4
49.4
49.5
49.6
49.7
49.7

43.2
42.0
45.0
46.6
45.7
47.4
47.4
46.3
46,7
46.1

318 6
320.6
318.4

318 0
319.9
317.7

269 4
270.0
267.7

214 4
214.9
212.5

58 4
58.8
56.5

53 2
55.5
55.5

102 8
100.6
100.5

3 0
3.0
2.9

52.1
52.1
52.2

49.8
49.9
49.9

44.2
45.6
45.7

1 Includes noninterest-bearing debt (of which $285 million, on Mar. 31,
1965, was not subject to statutory debt limitation) and guaranteed securities, not shown separately.
2 Excludes guaranteed securities.
3 Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled
$14,828 million on Feb. 28, 1965.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.

5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956.
tax and savings notes, not shown separately.
« Held only by U.S. Govt. agencies and trust funds.

NOTE.—Based on Daily Statement of U.S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
Total
gross
debt

U.S.
Govt.
agencies
and
trust
funds *

F.R.
Banks

64.3
278.7
257.0

9.5
27.0
34.4

2.3
24.3
22.6

275.0
283.0
290.9
290.4
296.5
304.0
310.1

55.2
54.4
53.7
55.1
54.5
55.6
58.0

J964—Feb
Mar...,
Apr...
May
June
July
Aug
Sept
Oct
Nov
Dec

311.1
310.4
308.4
312.3
312.5
312.0
314.9
316.5
316.5
319.3
318.7

1965 Jan
Feb

318.6
320.6

End of
period

1941—Dec
1945—Dec
1947—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
1963—Dec

,

Held by the public

Foreign Other
misc.
and
invesinternational2 tors 3

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

52.5
227.4
200.1

21.4
90.8
68.7

3.7
10.7
12.0

8.2
24.0
23.9

4.0
22.2
14.1

.7
6.5
7.3

5.4
42.9
46.2

8.2
21.2
19.4

.4
2.4
2.7

.5
6.6
5.7

24.2
26.3
26.6
27.4
28.9
30.8
33.6

195.5
202.3
210.6
207.9
213.1
217.6
218.5

59.5
67.5
60.3
62.1
67.2
67.2
64.3

7.6
7.3
6.9
6.3
6.1
6.1
5.8

12.5
12.7
12.5
11.9
11.4
11.5
11.3

18.6
18.8
22.8
20.1
20.0
20.2
20.6

16.6
16.5
18.0
18.7
19.0
20.1
21.1

48.2
47.7
45.9
45.7
46.4
46.9
48.1

15.8
15.3
22.1
19.1
17.9
17.6
18.2

7.6
7.7
12.0
13.0
13.4
15.3
15.9

9.0
8.9
10.1
11.2
11.6
12.7
13.3

57.5
57.6
56.1
59.4
61.1
59.9
61.8
61.8
60.5
61.2
60.6

33.2
33.8
33.2
34.2
34.8
35.1
35.2
35.4
35.7
36.8
37.0

220.5
219.0
219.1
218.8
216.6
217.0
218.0
219.3
220.2
221.4
221.1

62.2
61.6
61.1
60.0
60.2
59.3
60.0
61.8
62.1
63.4
63.7

6.0
6.1
6.0
6.0
6.0
6.0
6.0
6.0
5.8
5.7
5.7

11.3
11.2
11.0
11.0
10.9
10.9
11.0
11.2
11.2
11.2
11.1

22.7
21.4
21.8
22.5
20.2
20.5
20.5
19.1
20.2
20.1
19.7

21.4
21.7
22.6
22.6
22.5
22.3
22.6
22.3
22.2
21.9
21.6

48.2
48.3
48.3
48.4
48.5
48.6
48.6
48.7
48.8
48.9
48.9

19.1
19.6
18.8
19,0
19.0
19.3
18.9
19.3
19.4
19.0
19.2

15.9
15.6
15.3
15.4
15.6
15.8
16.0
16.3
16.3
16.4
16.7

13.6
13.6
14.2
13.8
13.7
14.4
14.3
14.6
14.4
14.6
14.5

59.1
60.4

36.7
36.9

222.8
223.3

62.5
61.3

5.8
5.9

11.3
11.2

20.7
21.4

22.4
23.1

49.0
49.1

'•19.5
19.7

M6.5
16.6

1
Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
in the United States.




Individuals

Commercial
banks

Total

Other
Savings
bonds securities

r

15.0
14.8

3 Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corp. pension funds.
NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and
trust funds; Treasury estimates for other groups.

APRIL 1965

577

U.S. GOVERNMENT SECURITIES
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year

1-5
years

5-10
years

10-20
years

20 years

39,034
37,864
31,974
28,369
30,996

61,640
58,487
64,007
57,886
59,702

33,983
35,682
36,421
43,902
39,532

4,565
8,357
6,108
6,107
6,106

15,539
15,642
17,467
19,718
19,694

865
1,366
1,308
1,200
1,233

726
478
424
418
413

1,425
1,910
2,422
1,743
2,028

2,731
3,021
3,147
3,853
3,505

1,309
2,178
1,563
1,563
1,563

2,583
2,936
3,282
3,689
3,718

17,741
22,580
21,388
21,143
22,981

2,723
4,146
6,487
6,277
6,360

15,018
18,434
14,901
14,866
16,621

10,834
8,658
13,564
13,506
11,799

2,094
2,136
1,797
1,797
1,820

68
88
58
58
58

83
131
237
237
248

162,553
162,089
163,264
165,205
165,496

67,952
64,979
65,331
64,037
65,202

44,662
46,027
48,682
50,952
51,240

23,290
18,952
16,650
13,085
13,961

49,381
47,919
48,021
42,637
45,875

29,158
30,525
31,477
38,252
34,207

3,188
6.091
4,487
4,486
4,485

12,873
12,575
13,948
15,792
15,728

58,004
54,881
53,752
52,560
51,446

19,885
16,703
18,509
15,901
15,557

9,838
9,290
10,969
10,100
9,134

10,047
7,413
7,540
5,801
6,423

26,348
26,107
23,507
20,778
22,483

11,163
11,075
11,049
14,754
12,362

191
533
187
188
188

417
463
501
939
856

Mutual savings banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec 31
1965—Jan. 31
Feb. 28

5,793
5,502
5,434
5,584
5,689

635
690
608
683
776

252
268
344
452
534

383
422
263
231
242

1,337
1,211
1,536
1,301
,437

2,210
2,009
1,765
2,015
1,881

306
377
260
260
254

1,305
1,215
1,266
1,325
1,341

Insurance companies:
1962—Dec. 31
1963—Dec. 31
1964—Dec 31
1965—Jan.* 31
Feb. 28

9,265
9,254
9,160
9,429
9,345

1,259
1,181
1,002
938
846

552
549
480
591
549

707
632
522
347
297

2,175
2,044
2,045
1,911
1,997

2,223
2,303
2,406
2,710
2,631

718
939
818
821
853

2,890
2,787
2,890
3,048
3,018

10,750
10,427
9,136
9,474
9,796

9,063
7,671
6,748
7,134
7,277

6,551
6,178
5,043
5,884
6,279

2,512
1,493
1,705
1,250
998

1,524
2,397
2,001
1,818
2,022

149
290
272
386
330

5
9
3
3
3

9
60
112
134
163

Savings and loan associations:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Jan. 31
Feb. 28

2,862
3,253
3,418
3,513
3,618

437
378
490
421
462

254
236
343
321
352

183
142
148
100
110

817
919
1,055
850
971

1,030
1,202
1,297
1,542
1,458

105
253
129
130
129

473
501
447
570
598

State and local governments:
1962—Dec. 31.
1963—Dec. 31
1964—Dec. 31
1965—Jan. 31
Feb. 28

11,716
12,453
15,022
15,725
16,293

4,447
4,637
4,863
5,470
5,985

3,282
3,869
3,961
4,645
5,103

1,165
768
902
825
882

1,059
941
2,014
1,856
1,853

1,505
1,502
2,010
2,130
2,063

688
1,591
1,454
1,434
1,431

4,017
3,782
4,680
4,836
4,961

All others:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Jan.
Feb.

64,162
66,320
67,341
68,921
69,311

32,227
33,719
33,111
33,490
34,299

23,935
25,637
27,542
28,958
29,290

8,292
8,082
5,570
4,532
5,009

16,121
14,301
15,863
14,125
15,112

10,877
12,144
12,678
14,714
13,482

1,175
2,389
1,637
1,651
1,628

3,761
3,767
4,052
4,941
4,790

Type of holder and date

Tntal
loiai

Total

Bills

Other

203,011
207,571
212,454
214,411
214,863

87,284
89,403
88,451
86,798
89,829

48,250
51,539
56,476
58,429
58,833

U.S. Govt. agencies and trust funds:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Jan. 31
Feb. 28

9,638
11,889
12,146
12,465
12,460

1,591
1,844
1,731
1,618
1,646

Federal Reserve Banks:
1962—Dec. 31
1963—Dec. 3 1 . . . .
1964—Dee. 31
1965—Jan. 31
Feb. 28

30,820
33,593
37,044
36,741
36,907

All holders:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Jan.
Feb.

Held by public:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Jan.
Feb.

31
31
31
31.
28

31
31
31
31
28

Commercial banks:
1962—Dec. 31.
1963—Dec. 31.....
1964—Dec. 31
1965—Jan. 31
Feb. 28

Nonfinancial corporations:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Jan. 31
Feb. 28

31
31
31
31
28

NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 6,003 commercial banks, 501 mutual savings




Over

banks, and 781 insurance cos. combined; (2) about 50 per cent by the
469 nonfinancial corps, and 488 savings and loan assns.; and (3) about
70 per cent by 507 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.

578

U.S. GOVERNMENT SECURITIES

APRIL 1965

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity

By type of customer

Period

I U.S. Govt.
j agency
i securities

Dealers and brokers
Total

Within
1 year

1-5
years

5-10
years

Over
10 years

U.S.
Goyt.
securities

Commercial
banks

Other

All
other

1964—Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec

1,809
1,685
1,849
1,702
1,488
1,936
1,453
1,510
1,749
1,864
2,052

,336
,361
,528
,264
,201
,433
,099
,214
,476
,426
,596

272
213
234
248
170
216
197
155
141
271
261

145
81
70
165
97
208
123
102
92
127
146

56
31
18
25
19
79
34
39
41
40
49

528
563
590
566
458
581
406
443
529
533
615

29
22
24
29
24
38
26
20
25
28
38

737
657
737
651
566
784
604
616
719
805
835

516
443
498
457
439
532
417
432
475
499
564

91
86
134
120
142
131
113
117
114
131
85

1965—Jan

2,405
1,814

,763
,434

307
219

177
91

158
69

689
516

44
29

1,036
750

637
518

93
101

2,018
1,594
1,959
1,747

,517
,215
,550
,431

261
200
234
197

128
93
78
82

111
85
98
37

592
465
575
506

29
33
31
27

774
671
798
750

623 i

424 I
556 i
464

|

78
106
102
120

1,871
1,548
1,727
1,596
1,770

,529
,276
,340
1,272
1,508

196
177
185
192
163

93
62
106
86
69

54
33
96
46
30

558
398
599
532
516

30
20
23
27
24

751
602
636
638
753

533
529
469
399
477

!
I
!

Feb
Week ending—
1965—Feb.

3
10
17
24

Mar. 3
10
17
24
31

I

83
99
84
151
114

NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-

ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.

DEALER POSITIONS

DEALER FINANCING

(Par value, in millions of dollars)

(In millions of dollars)

U.S. Government securities, by maturity
Period

Over
5 years

U.S.
Govt.
agency
securities

Commercial banks

All
maturities

Within
1 year

1-5
years

1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3,475
2,775
2,393
3,087
3,475
3,817
4,313
3,954
3,358
3,692
3,252

2,787
2,486
2,316
2,670
3,217
3,121
2,978
3,302
2,966
3,073
2,675

468
323
156
164
91
229
552
373
231
479
419

219
-34
-78
253
167
468
782
280
160
140
159

195
195
170
231
318
225
275
250
262
313
282

1965—Jan
Feb

3,812
3,420

2,882
2,688

196
163

734
569

246
237

6..
13..
20..
27..

3,756
3,535
3,875
3,911

3,245
2,491
2,795
2,959

720
247
-1
21

-209
797
1,082
932

309
258
209
240

1965—Jan.

3.
10.
17.
24.

3,766
3,449
3,290
3,352

2.915
2,593
2,618
2,740

88
196
163
157

763
661
509
456

226
209
199
294

Feb.

Week ending—
1965—Jan.

Feb.

.
.
.
.

Corporations i

All
other

New
York
City

Elsewhere

M^y
June
July
Aug
Sept
Oct
Nov
Dec

3,645
2,971
2,390
3,082
3,541
4,156
4,186
4,011
3,299
3,706
3,399

1,048
784
545
711
981
1,250
1,144
1,255
845
1,020
1,029

879
613
556
724
761
871
924
1,069
835
963
781

1,355
1,247
1,065
1,347
1,493
1,671
1,703
1,253
1,258
1,192
1,056

363
326
225
300
307
364
416
434
361
531
533

1965—Jan
Feb

4.354
3,495

,323
856

1.229
902

1,206
1,278

596
459

6...
13...
20...
27...

4,048
4,750
4,694
3,980

1,225
1,452
1,444
1,114

934
1,335
1,534
1,101

1,070
1,254
1,273
1,273

820
710
444
492

3...
10.. .
17. . .
24...

3,965
3,543
3,474
3,366

[.361
852
882
620

1,114
975
895
786

1,038
1,185
1,226
1,529

453
531
470
431

1964—Feb
Mar

Week ending—

NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.




All
sources

Period

* All business corps. except commercial banks and insurance cos.
NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
note to the opposite table on this page.

APRIL 1965

579

OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 31, 1965
(In millions of dollars)

Issue and coupon rate
Treasury bills
Apr. 1,1965
Apr. 8,1965
Apr. 15, 1965
Apr. 22,1965
Apr. 29, 1965
Apr. 30,1965
May 6,1965
May 13,1965
May 20, 1965
May 27, 1965
May 31, 1965
June 3,1965
June 10, 1965
June 17, 1965
June 22, 1965
June 24, 1965
June 30, 1965
July 1,1965
July 8,1965
July 15,1965
July 22, 1965
July 29, 1965
July 31,1965
Aug. 5,1965
Aug. 12, 1965
Aug. 19, 1965
Aug. 26, 1965
Aug. 31, 1965
1

Issue and coupon rate

Amount

Treasury bills—Cont.
2,100
Sept. 2, 1965
2,003
Sept. 9, 1965
2,104
Sept. 16, 1965
2,201
Sept. 23, 1965
2,206
Sept. 30, 1965
1,001
Oct. 31, 1965
2,202
Nov. 30, 1965
2,201
Dec. 31, 1965
2,201
Jan. 31, 1966
2,201
Feb. 28, 1966
1,000
Mar. 31, 1966
2,200
2,201
2,202 Treasury notes
3,263
Apr. 1,1965
2,208
May 15, 1965
1,001
May 15,1965
1,002
Aug. 13,1965
1,003
Aug. 13, 1965
1,001
Oct. 1,1965
1,001
Nov. 15, 1965
1,003
Nov. 15, 1965...
1,000
Feb. 15, 1966
1,004
Feb. 15,1966
1,001
Apr. 1,1966
1,000
May 15, 1966
1,003
Aug. 15,1966
1,000
Oct. 1.1966

Amount
1,000
1,000
1,003
1,000
1,001
1,000
1,001
1,003
1,000
1,001
1,000

Vh
4%
3%
3%
3%
m
3%
4
3%
37/g
\Vi
4
4
1%

466
1,816
6,620
6,202
1,066
315
1,616
8,099
2,196
2,597
675
9,519
5,156
357

Tax anticipation issue.

Issue and coupon rate

Issue and coupon rate

Amount

Amount

Treasury notes—Cont.
Nov. 15, 1966
4
Feb. 15, 1967
3%
Apr. 1,1967
\Vi
Aug. 15,1967
334
Oct. 1,1967
"
Apr. 1,1968
Oct. 1,1968
Apr. 1,1969
Oct. 1,1969

2,254
2,358
270
2,929
457
212
115
61

Treasury bonds
June 15, 1962-67... 2\
Dec. 15, 1963-68... 2\
June 15, 1964-69...2i
Dec. 15, 1964-69... 2*
Mar. 15, 1965-70.. .2'
May 15,1966
3U
Aug. 15, 1966
3
Nov. 15,1966
3%
Mar. 15, 1966-71... 2%
June 15, 1967-72.. .2%
Sept. 15, 1967-72... 2%
Nov. 15, 1967
3%
Dec. 15, 1967-72...2%
May 15, 1968
3%
Aug. 15, 1968
334
Nov. 15, 1968
3%

1,431
1,793
2,606
2,537
2.412
1,688
1,024
1,851
1,401
1,286
1,952
2,019
2,708
2,460 Convertible bonds
3,747
Investment Series B
1,591
Apr. 1, 1975-80... 2 #

125

Treasury bonds—Cont.
Feb. 15, 1969
4
Oct. 1,1969
4
Feb. 15, 1970
4
Aug. 15,1970
4
Aug. 15, 1971
4
Nov. 15, 1971
3%
Feb. 15, 1972
4
Aug. 15, 1972
4
Aug. 15,1973
4
Nov. 15, 1973
4%
Feb. 15, 1974
4Vs
May 15, 1974
4V4
Nov. 15, 1974
37/8
May 15, 1975-85... 4*4
June 15, 1978-83... 3 VA
Feb. 15, 1980
4
Nov. 15, 1980
3%
May 15,1985
314
Feb. 15, 1990
3%
Aug. 15, 1987-92... 414
Feb. 15, 1988-93
4
May 15, 1989-94,. AV&
Feb. 15,1995
3
Nov. 15, 1998
3%

1,844
6,262
4,381
4,129
2,806
2,760
2,344
2,579
3,894
4,357
3,130
1,532
2,244
1,218
1,584
2,609
1,913
1,128
4,903
3,818
250
1,560
2,327
4,426

2,941

NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.

FEDERALLY SPONSORED AGENCIES, FEBRUARY 28, 1965

Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
May 15, 1964
June 15,1964
Oct. 15,1964
Aug. 17,1964
Sept. 15, 1964
Oct. 15,1964
Nov. 16, 1964
Feb. 15, 1965
Bonds:
Sept.
July
Dec.
June

17, 1962
15, 1964
9,1963
15, 1964

Maturity

.....4.10
4i/8
4
3.95
4.05
4.05
4.10
4.20
3%
4%
4%
4V4

Amount
(millions
of dollars)

1965
1965
1965
1965
1965
1965
1965
1966

430
525
250
446
552
172
400
220

Sept. 15, 1965
Mar. 15, 1966
Aug. 15, 1966
Nov. 15, 1966

175
260
200
275

Apr.
May
June
July
Aug.
Sept.
Oct.
Jan.

15,
17,
15,
15,
16,
15,
15,
17,

Federal National Mortgage Association
(secondary market operations)
300

Discount notes.
Debentures:
Dec. 10, 1957
Sept. 10, 1962
Dec. 12, 1960
Mar. 10,1958
Apr. 10, 1959
Apr. 11,1960
Sept. 12,1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10, 1960
Dec. 11, 1961
June 12, 1961
Feb. 13, 1962
Banks for cooperatives
Debentures:
Oct. 1,1964
Nov. 2,1964
Dec. 1,1964
Feb. 1,1965

4}
3}
41,
3}
4*>
4}
4V.
4V
4V
5\
4f
4\
4\?

June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.

10, 1965
10, 1966
12, 1966
11, 1968
10, 1969
10, 1970
10, 1970
10, 1971
10, 1971
10, 1972
12, 1972
12, 1973
10, 1977

97
108
93
87
88
143
119
64
96
100
100

146
198

Maturity

Federal intermediate credit banks
Debentures:
June 1,1964
July 1,1964
Aug. 3,1964
Sept. 1,1964
Oct. 1,1964.
Nov. 2,1964.
Dec. 1,1964.
Jan. 1, 1965.
Feb. 1, 1965.

May
June
July
Aug.
Sept.
Oct.
Nov.

Federal land banks
Bonds:
Apr. 20,1964
Aug. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 3, 1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1,1962
Oct. 1,1957
Oct. 22, 1963
Apr. 1,1959
May 1, 1963
Aug. 20, 1964
Feb. 2, 1959
Feb. 23, 1965
July 15, 1957
Oct. 20, 1964
Feb. 1,1960
Feb. 14, 1958
Jan. 5,1960
May 1,1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20,1962

Apr. 20, 1965
Aug. 23, 1965
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Aug. 20, 1968
Mar. 20. 1969
July 15, 1969
July 15, 1969
Oct. 20, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972
Feb. 20, 1973-78
Feb. 20, 1974

Mar. 1, 1965
1, 1965
3, 1965
1, 1965
1, 1965
2, 1965
1, 1965
4, 1965
1, 1965

Tennessee Valley Authority
Short-term notes
4
4
4
4V8

Apr.
May
June
Aug.

1, 1965
3,1965
1, 1965
2, 1965

203
73
192
204

NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.




Agency, type and date of issue,
and coupon rate

Bonds:
Nov. 15, 1960.
July 1, 1961.
Feb. 1,1962.

Amount
(millions
of dollars)

259
249
219
204
192
195
226
279
323
209
159
160
140
150
108
193
72
180
75
174
111
186
160
100
130

60
209
82
83
85
60
109
148
155
45

.4.40

Nov. 15, 1985
July 1, 1986
Feb. 1, 1987

50
50
45

580

CREDIT AGENCIES; SECURITY ISSUES

APRIL 1965

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal National
Mortgage Assn.
(secondary market
operations)

Federal home loan banks
Liabilities and capital

Assets
End of
period

Adto
members

Investments

Cash
and
deposits

Bonds
and
notes

Member
deposits

Mortgage
loans
(A)

Capital
stock

Banks
for
cooperatives

Debentures
and
notes
(L)

Loans
to
cooperatives
(A)

Debentures

Federal
land
banks

Federal
intermediate
credit banks

(L)

Loans
and
discounts
(A)

Debentures

a)

Mortgage
loans

Bonds

(A)

(L)

1956
1957
1958
1959

1,228
1,265
1,298
2,134

1,027
908
999
1,093

62
63
75
103

963
825
714
1,774

683
653
819
589

607
685
769
866

628
1,562
1,323
1,967

200
1,315
1,100
1,640

457
454
510
622

143
222
252
364

747
932
,157
,391

705
886
1,116
1,356

1,744
919
2,089
2,360

1,437
1,599
1,743
1,986

1960
1961
1962
1963

1,981
2,662
3,479
4,784

,233
,153
,531
,906

90
159
173
159

1,266
1,571
2,707
4,363

938
1,180
1,214
1,151

989
,107
,126
,171

2,788
2,770
2,752
2,000

2,523
2,453
2,422
1,788

649
697
735
840

407
435
505
589

,501
,650
,840
2,099

1,454
1,585
1,727
1,952

2,564
2,828
3,052
3,310

2,210
2,431
2,628
2,834

1964—Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325

,622
,709
,420
,607
,804
,476
,622
,597
,614
,889
1,523

86
86
72
82
153
106
75
99
94
84
141

3,631
3,622
3,625
3,727
4,201
4,042
4,169
4,165
4,144
4,369
4,369

943
997
957
990
1,153
936
926
989
978
989
1,199

,182
,189
,193
,196
,201
,208
,210
,212
,214
,216
,227

,985
,984
,983
,984
,962
,940
,936
,926
,934
,930
,940

1,786
1,785
',781
,698
,698
,698
,696
,549
,707
,701
,601

849
815
786
747
757
782
787
809
924
975
958

589
586
533
527
498
498
538
538
576
638
686

2,163
2,238
2,329
2,412
2,504
2,561
2,561
2,516
2,377
2,241
2,247

2,018
2,069
2,157
2,246
2,315
2,396
2,433
2,424
2,352
2,174
2,112

3,364
3,406
3,445
3,481
3,516
3,551
3,586
3,620
3,652
3,680
3,718

2,886
2,886
2,973
2,973
2,973
2,973
3,102
3,102
3,169
3,169
3,169

1965—Jan..
Feb..

4,944
4,851

1,491
1,425

75
77

4,078
3,905

1,013
1,013

,232
,237

,954
,958

,723
,739

1,020
1,037

686
670

2,252
2,308

2,102
2,143

3,765
3,818

3,169
3,298

NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks,

bonds held within the FHLB System), and are not guaranteed by the U.S.
Govt.; for a listing of these securities, see preceding page. Loans are
gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
Issues for new capital

All issues (new capital and refunding)
Type of issue

Type of issuer

Period
Total

General
Reveobligations nue

PHAi

U.S.
Govt.
loans

State

Special
district
and Other 2
stat.
auth.

1958
1959 .

7,526
7,697

5,447
4,782

1,778
2,407

187
332

115 1,993
176 1,686

1,371 4,162
2,121 3,890

I960
1961 . .
1962
1963

7,292
8,566
8,845
10,538

4,771
5,724
5,582
5,855

2,095
2,407
2 681
4,180

302
315
437
254

125
120
145
249

1,110
1,928
1 419
1,620

1,984
2,165
2 600
3,636

4,198
4,473
4 825
5,281

1963—Sept....
Oct . .
Nov....
Dec

480
1,265
754
495

333
679
401
401

122
567
310
85

25
20
43
9

94
143
185
69

73
424
208
126

1964—Jan
Feb...
Mar
Apr
May....
June..,.
July....
Aug....
Sept

1,007
853
867
1,266
706
938
940
775
920

606
663
497
630
472
537
563
244
509

230
181
355
473
214
258
367
519
260

31
8
15
22
20
23
11
12
20

215
214
136
106
141
71
116
13
101

336
208
262
558
167
338
338
511
374

140
1
141

iio
130

1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser
(and
payment to issuer), which occurs after date of sale.
4
Water, sewer, and other utilities.




Total
amount
delivered 3

Use of proceeds
Total

Education

Roads
and
bridges

Utilities*

Housings

7,708 7,441
7,423 7,589

2,617
2,318

1,164
844

1,412
1,985

251
401

7,247
8,463
8,568
9,151

2,405
2,821
2,963
3,029

1,007
1,167
1 114
812

1,316
1,700
1,668
2,344

426
385
521
598

314
698
362
299

712
449
581 1 051
729
897
1,005
416

204
232
278
158

33
102
130
7

77
338
221
136

31
9
2
1

456
431
469
602
339
529
486
251
445

428
944
772
868
812
973
810 1,215
1,214
665
696
902
904
947
756
834
892
896

273
242
251
378
258
361
401
161
206

42
33
262
59
40
42
25
73
50

114
238
136
225
208
183
167
439
248

141
3
11
145
45
134
*

7,102
8,301
8 732
10,496

133

Veterans'
aid

339
355
201
478
125

Other
purposes

1,657
1,685
1,891
1,913
2,177
2,369
103
371
98
115

60
30

313
226
153
407
151
181
311
83
254

5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.

APRIL 1965

581

SECURITY ISSUES
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues

Proposed use of net proceeds,
all corporate issues 5

1

Noncorporate

Corporate

New capital

Period
Total
U.S.
Govt.

2

U.S.
Govt.
agency 3

U.S.
State
and
local

Bonds

Total
Other 4 Total

30,571 9,601
34,443 12,063
31,074 12,322
27,541 7,906

572 7 6,958
2,321 7,449
707 7,681
1,672 7,230

1961...
1962
1963
1964.

35,527 12,253
29,956 8,590
31,616 7,213
36,628 10,656

1,448 8,360
1,188 8,558
1,168 10,107
1,205 10,544

303
915
891
760

1,006
810
844
1,204
660
900
922
767
952
816
566
1,097

16
89
73
47
85
37
29
23
13
186
97
64

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

811

231

858

2,482
2,022
2,121
4,930
2,267
3,056
2,467
4,128
2,527
2,909
4,607
3,111

474
413
399
1,444
367
383
387
2,449
358
367
3,242
373

1965—Jan

2,332

433

275
260
160
510

Publicly
offered

Total

1957
1958
1959,
1960

1964—Jan
Feb
Mar
Apr......
May
June
July
Aug.
Sept
Oct
Nov
Dec

Stock
New 6 Other
purTotal money
poses

Privately Pre- Complaced ferred

Retirement
of
securities

9,957
9,653
7,190
8,081

6,118
6,332
3,557
4,806

3,839
3,320
3,632
3,275

411
571
531
409

2,516 12,661 12,447 11,784
1,334 11,372 10,823 9,907
2,027 9,527 9,392 8,578
1,664 9,924 9,653 8,758

13,165 9,420
10,705 8,969
12,237 10,872
13,463 10,372

4,700
4,440
4,714
3,623

4,720
4,529
6,158
6,749

450
422
342
412

3,294
1,314
1,022
2,679

863
621
714
863
1,008
1,091
644
616
1,048
819
650
1,434

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

27

95
80
87
1,349
98
289
166
58
133
188
43
94

972
702
796
2,215
1,141
1,441
854
718
1,191
1,015
695
1,560

930
685
754
2,178
1,069
1,378
780
661
1,109
949
646
1,419

845
523
677
2,094
953
1,292
653
570
788
750
533
1,256

85
162
77
83
116
86
127
91
321
199
112
163

43
17
42
37
72
63
74
57
82
66
49
141

725

163

561

84

849

801

699

103

48

557 12,884
1,052 11,558
616 9,748
579 10,154

12,885 12,017 10,715
10,501 9,747 8,240
12,081 10,553 8,993
13,300 12,557 10,935

663
915
814
895

214
549
135
271

1,302
868
1,507
754
1,561 1,528
1,622
743

Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Real estate
and financial

Communication

Period
RetireRetireRetireRetireRetireRetireNew
ment of
ment of
New
ment of
New
New
ment of
ment of
ment of
New
New
secucapital^
secucapital 8
secucapital 8
secusecu- capital 8
secucapital 8
capital 8
rities
rities
rities
rities
rities
rities
1957
1958
1959
1960

4,104
3,265
1,941
1,997

49
195
70
79

579
867
812
794

29
13
28
30

802
778
942
672

14
38
15
39

3,821
3,605
3,189
2,754

51
138
15
51

1,441
1,294
707
1,036

4
118

1,701
1,014
1,801
2,401

67
47
6
71

1961
1962
1963..
1964

3,691
2.958
3|312
2,733

287
228
190
241

,109
803
774
998

36
32
55
81

651
543
873
910

35
16
83
31

106
444
699
280

1,435
1,276
726
2,122

382
11
356

2,248
1,825

22
23
144
74

1964—Jan..
Feb.
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.

149
123
146
186
206
332
149
164
234
249
188
607

14
3
17
6
10
39
40
12
36
17
22
26

84
60
48
107
50
50
45
45
166
88
134
121

1
2
1

98
154
31
91
119
35
90
20
49
44
62
115

2,883
2,341
1,935
2,445
109
155
174
151
441
264
207
138
296
297
40
172

26
4
18
19
53
4
16
27
38
37
6
31

157
83
34
1,377
27
258
23
16
19
81
17
30

1965—Jan..

396

17

79

44

98

22

11

5
17
49

1 Gross proceeds are derived by multiplying principal amounts or
number
of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
* Foreign governments, International Bank for Reconstruction and
Development,
and domestic nonprofit organizations.
5
Estimated gross proceeds less cost of flotation.




i 3^348
110
265
226
439
266
277
345
189
204
373

5
4
15
2
6

i

1
1
4
3
1
13
12
3
4
*
2
28

m

* For plant and equipment and working capital.
7 Beginning with 1957 this figure differs from that shown on the previous8 page because this one is based on Bond Buyer data.
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.

582

SECURITY ISSUES

APRIL 1965

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
Common and ]areferred stocks

Bonds and notes

All securities
Period

1959
I960
1961.

N e w issues

New
issues

Retirements

Net
change

New
issues

Retirements

Net
change

13,338
13,485
17,503

4,845
4,962
6,999

8,492
8,523
10,503

7,122
8,072
9,194

3,049
3,078
4,024

. . 14,206
15,552
18,610

6,457
8,711
8,290

7,750
6,841
10,320

8,613
10,556
10,715

3,749
4,979
4,077

. ...

1962
1963
1964

Net change

Retirements

Invest.
cos. 1

Other

Invest.
cos. 1

Other

Invest.
cos. 1

Other

4,073
4,994
5,170

2,838
2,688
3 855

3,378
2,725
4,454

794
855

1,171

1,002
1,029
1,804

2,044
1,833
2,684

2,376
1,696
2,650

4 864
5,577
6,637

3,338
3,049
4,147

2,255
1,948
3,748

1,140
1,536
1,895

1,567
2,197
2,317

2,198
1,513
2,252

-249
1,431

688

1963

IV

4,747

2,476

2,272

3,222

1,121

2,101

931

594

392

962

539

-368

1964

I
11
Ill
IV

'4,302
'5,139
'4,011
5,158

1,960
1,795
1,946
2,590

'2,343
'3,344
'2,065
2,568

'2,197
'2,987
'2,297
3,233

914
940
1,033
1,191

'1,283
'2 046
'1,265
2,043

920
917
'1,010
1,300

1,185
1,235

536
469

384
448

675
850

704
625

475
415

510
385

535
885

265
360

. .

438
984

Type of issuer
Manufacturing

Period

Bonds
& notes

Commercial
and other 2
Bonds
& notes

Stocks

Transportation 3
Bonds
& notes

Stocks

Stocks

Bonds
& notes

Stocks
1 028

1959
I960
1961

316
399

442
462

217
261

162
-46

332
173

2
-42

2,012

415

516

-447

71

-7

1 738
1,689
1,648

1962
1963.
1964

1,355
1,804
1,303

-242
-664
-516

294

-201
-352
-483

-85

-25

339
507

316
317

-19
-30

1963—IV

574

-275

87

-307

180

1964—1
II
HI

'92
291
'232

-253
-65
28
-226

65
'84
'93

16
-21
-34
-444

131
'59
'38

IV

689

r

265

88

1
2

Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3
Railroad
and other transportation cos.
4
Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 581, new issues exclude

Communication

Public
utility

Bonds
& notes

Real estate
and financial

Stocks

Bonds
& notes

4

Stocks

1,572
775

2,342
2,164
3,212

833
1,806
2,644

2,517
1,607
2,537

129

912

592

811
681
92

'606
'775
'569

422
516
613

693

986

635

475
901

445
356

704

149

1,295

479

1,172

357

876

1,408

245
476

438
458

1,699

-15

288

47

61

-6
31
-47

156
606
290

70
156
149

234
'229
42

-7

356

101

-47

115

1,457
447

994

foreign and include offerings of open-end investment cos., sales of securities held by affiliated cos. or RFC, special offerings to employees, and also
new stock issues and cash proceeds connected with conversions of bonds
into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose
shown on p. 581.

OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares

Assets (market value
at end of period)

Year

Assets (market value
at end of period)

Month
Sales i

Redemptions

1953
1954

672
863

239
400

433
463

4,146
6,110

309

5,801

1955
1956
1957
1958
1959

1,207
1,347
1,391
1,620
2,280

443
433
406
511
786

765
914
984
1,109
1,494

7,838
9,046
8,714
13,242
15,818

438
492
523
634
860

7,400
8,554
8,191
12,608
14,958

1960
1961
1962
1963
1964

2,097
2,951
2,699
2,460
3,404

842
1,160
1,123
1,504
1,875

1,255
1,791
1,576
952
1,528

17,026
22,789
21,271
25,214
29,116

973
980
1,315
1,341
1,329

Net
sales

Cash
Total 2 position
3

Other
1964—Feb...
Mar..
Apr...
May..
June..
July...
Aug...
Sept..
Oct...
Nov..
Dec...

16,053
21,809
19,956
23,873 1965—Jan...
27,787
Feb...

1
Includes contractual and regular single purchase sales, voluntary
and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains
dividends.
2
Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other




Sales and redemption
of own shares
Sales i

Redemptions

219
263
276
241
285
308
260
299
306
317
336

165
184
165
153
147
168
149
149
142
134
136

407
313

152
159

Net
sales

Cash
Total 2 position
3

Other

55
79
111
88
138
140
110
149
164
184
200

26,334
26,863
27,051
27,497
27,682
28,319
28,164
29,130
29,087
29,062
29,116

1,380
1,403
1,339
1,444
1,499
1,471
1,457
1,436
1,312
1,300
1,329

24,954
25,460
25,712
26,053
26,183
26,848
26,707
27,694
27,775
27,762
27,787

254
154

30,349
30,749

1,545
1,605

28,804
29,144

short-term debt securities, less current liabilities.
NOTE.—Investment Co. Institute data based on reports of members,
which comprise substantially all open-end investment cos. registered with
the Securities and Exchange Commission. Data reflect newly formed
cos. after their initial offering of securities.

APRIL 1965

583

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1963
Industry

1960

1961

1962

1963

1964

1964
III

III

IV

IV

Manufacturing
Total (177 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (78 corps.)'.1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (99 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (20 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (34 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

123,911 123,669; 136,545 147,384 157,613 37,922 35,381 39,173 38,326 40,784 37,697 40,807
13,543 13,268
330 17,388 18;835 4,759 3,730 4,887 4,781 5,333 '4,077 4,645
7,161 7,167
215 9,135 10,527 2,453 2,007 2,576 2,603 2,898 '2,335 2.691
4,485 4,730|
048 5,441 5,933 1,320 1,183 1,768 1,285 1,448 r l,324 1,876
47,372 49,362 52,245
5 55,142 59,255 13,869 13,984 14,050 14,220 14,823 14,915 15,297
5,579 5,602
8
6,395 6,911
1,613 1,613 1,658 1,643 1,752 '1,740 1,776
896
3,215 3,225
897
934
961
992 1,028 1,037 1,088
403 3,659 4,144
1,948 2,031:
537
-584
690
542
649
561
569
150 2,265 2,404
76,540 74,307
300 92,243 98.358 24,053 21,395 25,123 24,106 25,961 "22,782 25,510
7,964 7,666
434 10,993 11,924 3,145 2,118 3,230 3,138 3,581 '2,336 2,868
3,946 3,942
812 5,476 6,383 1,556 1,073 1,615
1,611 1,871 '1.299 1.603
2,536 2,699
898 3,176 3,529
'740 1 .185
783
641 1,119
724
879

12,202 12,951 13,457 14,164 15,209
1,342 1,440 1,460 1,533 1,589
639
698
740
807
682
372
448
479
425
397

3,581
387
184
111

3,621
404
195
111

3,603
404
197
118

3,598
345
173
117

3,721 ''3,863
'420
401
214
202
119
'119

4,027
424
219
124

12,205 12,606 13,759 14,621 16,075
2,005 1,979 2,162 2,337 2,611
1,058 1,034 1,126 1,213 1,411
786
868
904
924
833

3,728
616
316
202

3,705
584
305
201

3,740
593
310
299

3,791
636
347
207

4,114
682
366
209

4,067
'654
'"349
212

4,102
638
349
296

13,815 14,483 15,106 15,995 16,583
1,267 1,237 1,319 1,495 1,559
1,026 1,025 1,099 1,184 1.310
521
566
608
671
528

3,937
343
265
149

4,068
381
312
154

4,032
381
303
154

4,132
400
336
158

4.111 '4,123
'373
361
'318
298
'169
159

4.217
425
358
185

20,828 20,234 21,260 22,146 24,114
2,214 1,999 1,838 2,183 2.577
1,169 1,067 1,013 1,186 1.485
838
763
843
820
732

6.114
711
372
181

5,470
467
252
181

5.439
574
332
190

5,540
560
315
186

6,046
674
384
187

6,04?
'605
'349
187

6.486
738
437
204

16,681 17,446 19,057 21,041 22.635
1,509 1,701 1,924 2,368 2.732
768
966 1,151 1,398
859
494
531
578
673
508

5.286
587
285
143

5.286
585
289
141

5,547
668
319
154

5,401
673
338
157

5,673 '5,584
r
701
702
357
'373
170

5,976
655
330
175

26,275 23,314 29,156 33,236 35,323
3,197 2,786 4.337 5,011 4,997
1,534 1,404 2,143 2,393 2,625
1,630
837
973 1,151 1,447

8,755
1,473
706
362

6,564
677
333
220

9,930
1,593
753
648

9,275 10,028
1,573 1,775
782
900
276
419

7,137
r
589
'338

8,883
1,060
604
659

2,474
252
189
103

2,399
197
156
66

2.447
252
225
125

2,362
188
144
110

2,481 '2,486
211
245
175
196
109
101

11,906 12,478 13,489 14,177 14.968
3,163 3,349 3,583 3,741 3.947
1,793 1,883 2,062 2,185 ? 385
1,374 1,462 1,548 1,672
1,307

3.371
848
498
378

3,458
930
529
384

3,529
862
532
394

3,961
1,106
660
424

3,572
893
542
412

9,796 10,550
2,815 3,069
1,417 1,590
988 1,065

2.440
711
357
255

2.465
725
368
252

2,526
707
356
256

2,543
726
377
261

2.619
796
408
262

r

ni\

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

9,514
648
445
385

8,111
2,326
1,155
806

9,189
625
382
359

8,615
2,478
1,233
867

9,440
729
572
367

9,196
2,639
1,327
935

1 Includes 17 cos. in groups not shown separately.
Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
2




9,560
816
651
383

r

3,686
998
583
426

3,749
949
600
410

2,654
773
402
268j

2,734
774
403
274

Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.
215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from the Division of Research and Statistics.

584

APRIL 1965

BUSINESS FINANCE
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)

Quarter

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances i

20.0
21.8
22.7
24.3

1963—1 , ,
II
III....
IV....

48.9
51.1
51.3
54.3

23.4
24.5
24.5
26.0

25.5
26.6
26.7
28.3

17.2
17.7
17.9
19.1

8.3
8.9
8.9
9.2

31.3
31.6
32.1
32.4

26.9
30.5
31.8
33.7

1964—1
II
ITT....

56.6
57.9
58.0
57.4

25.4
26.0
26.0
25.7

31.2
31.9
32.0
31.7

19.4
19.8
20.0
20.2

11.8
12.1
12.0
11.6

33.0
33.4
33.8
34.4

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

Undistributed
profits

Corporate
capital
consumption
allowances i

1956
1957
1958
1959

44.7
43.2
37.4
47.7

21.2
20.9
18.6
23.2

23.5
22.3
18.8
24.5

12.1
12.6
12.4
13.7

11.3
9.7
6.4
10.8

1961
1962
1963
1964^

44.2
48.2
51.3
57.5

22.3
23.2
24.6
25.8

21.9
25.0
26.7
31.7

15.2
16.5
18.0
19.8

6.7
8.5
8.7
11.9

Year

rvx..

i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.

NOTE.—Dept. of Commerce estimates.
adjusted annual rates.

Quarterly data are at seasonally

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities

Current assets

End of period

1956
1957 .
1958
1959
1960
1961
196^

Net
working
capital

Total

Cash

U.S.
Govt.
securities

Notes and accts.
receivable
U.S.
Govt. i

107.4
111.6
118 7
124.2
128.6
135 6
142.8

237.9
244.7
255 3
277.3
289.0
306 8
326.7

34.8
34.9
37.4
36.3
37.2
41.1
42.9

19.1
18.6
18 8
22.8
20.1
20 0
20.2

2 6
2.8
2 8
2.9

1963—IV

151.2

349.9

44.5

1964 I
II
Ill
IV

154.7
157.1
159.4
161.1

350.6
356.7
364.3
371.0

40.6
42.5
43.1
45.0

. . . .

Inventories

Notes and accts.
payable
Other

Total
U.S.
Govt.i

Other

1 8
2.0

107.3

14.3

198.8

2.5

131.8

16.3

48.2

108.6
109.6
111.2
114.3

15.5
15.9
16.1
15.5

195.9
199.6
204.9
209.9

2.6
2.6
2.7

128.9
131.7
135.0
140.0

15.6
15.2
16.0
17.0

48.8
50.1
51.2
50.2

20.6

3.6

159.7

21.4
20.2
19.1
19.1

3.3
3.0
3.2

161.3
165.6
171.6
173.8

i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.

29.0
31.1
33.3
37.0
40.1
42.5
45.7

10.6
11 4
12.4

3 4
3.7

3.4

17.6
15.4
12.9
15.0
13.5
14.1
15.0

81.^
84.3
88.7
99.3
105.0
112 8
121.2

80 4
82.2
81 9
88.4
91.8
9^ 2
100.9

5.9

6.7
7.5
9.1

2 4
2.3
1 7

Other

130.5
133.1
136.6
153.1
160.4
171.2
184.0

95 1
99.4
106 9
117.7
126.1
135 8
146.7

3.1

Other

Accrued
Federal
income
taxes

1.7
1.8

2.7

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period

Total
Durable

Nondurable

36.96
30.53
32.54
35.68

8.02
5.47
5.77
7.18

7.94
5 96
6 29
7.30

1961
1962
1963
1964 2
1965 .

34.37
37.31
39.22
44.90
50.17

6.27
7.03
7.85
9.43
10.71

1963

II
HI
IV

9.74
10.14
11.09

1964—1
II
HI
IV
1965—1 2
II 2

1957
1958
1959
I960

.

Public
utilities

Communications

Other i

Total
(S. A.
annual
rate)

Railroad

Other

1.24
94
99
.99

1.40
.75
.92
1.03

1.77
1 50
2.02
1.94

6.20
6.09
5.67
5.68

3.03
2 62
2.67
3.13

7.37
7 20
8 21
8.44

7.40
7 65
7.84
9.16
10.83

.98
1 08
1.04
1.19
1.31

.67
85
1.10
1.41
1.62

1.85
2 07
1.92
2.38
2.57

5.52
5 48
5.65
6.22
6.56

3.22
3 63
3.79
4.30

8.46
9 52
10 03
10.83

1.96
1.96
2.31

1.95
1.99
2.25

.26
.27
.28

.28
.29
.33

.54
.45
.54

1.40
1.60
1.61

.95
.93
1.06

2.41
2 64
2.72

38.05
40.00
41.20

9.40
11.11
11.54
12.84

1.93
2.30
2.37
2.83

1.87
2.23
2.30
2.76

.26
.29
.30
.33

.32
.36
.37
.35

.51
.63
.59

.97

.64

1.18
1.58
1.71
1.76

1.10
1.06
1.17

2.37
2.61
2 84
3.01

42.55
43.50
45.65
47.75

10.85
12.72

2.30
2.70

2.31
2.73

.28
.34

.42
.42

.56
.78

1.25
1.64

1
Includes trade, service, finance, and construction.
2 Anticipated by business.




Transportation
Mining

16. 58

3."/ 4
4.13

48.85
49.65

NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

APRIL 1965

585

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties

End of
period

All
holders

Farm

Other
holders2
Financial
instiIndiU.S. viduals
tutions 1 agenand
cies
others

Nonfarm
1- to 4-family houses

Financial
Other
insti- holders8
tutions i

All
holders

All
holders

Mortgage
types

Multifamily and
commercial properties4

Total

Finan.
institutions

Other
holders

Total

Finan.
institutions

Other
holders

FHAVAunderwritten

Conventional

1941
1945

37.6
35.5

20.7
21.0

4.7
2.4

12.2
12.1

6.4
4.8

1.5
1.3

4.9
3.4

31.2
30.8

18.4
18.6

11.2
12.2

7.2
6.4

12.9
12.2

8.1
7.4

4.8
4.7

3.0
4.3

28.2
26.5

1957
1958
1959
1960

156.5
171.8
190.8
206.8

119.7
131.5
145.5
157.6

7.4
7.8
10.0
11.2

29.3
32.5
35.4
38.0

10.4
11.1
12.1
12.8

4.0
4.2
4.5
4.7

6.4
6.9
7.6
8.2

146.1
160.7
178.7
194.0

107.6
117.7
130.9
141.3

89.9
98.5
109.2
117.9

17.7
19.2
21.6
23.4

38.5
43.0
47.9
52.7

25.8
28.8
31.8
35.0

12.7
14.2
16.1
17.7

51.6
55.2
59.2
62.3

94.5
105.5
119.4
131.7

1961
19623*
19633\...
19643*

226.3
251.6
280.9
310.4

172.6
192.5
216.9
240.5

11.8
12.2
11.2

41.9
47.0
52.9

13.9
15.2
16.8

5.0
5.5
6.2

8.9
9.7
10.6

212.4
236.4
264.2

153.1
166.5
182.2

128.2
140.4
156.0

24.9
26.0
26.2

59.3
69.9
82.0

39.4
46.6
54.8

19.9
23.4
27.2

65.5
69.2
73.0

146.9
167.2
191.1

1963—13*.
II3». •
III3»
IV3>

257.1
265.1
273.1
280.9

197.2
204.1
210.6
216.9

11.8
11.2
11.1
11.2

48.1
49.9
51.4
52.9

15.5
16.1
16.5
16.8

5.6
5.9
6.1
6.2

9.9
10.2
10.5
10.6

241.6
249.0
256.5
264.2

169.2
173.7
178.2
182.2

143.3
147.9
152.2
156.0

25.9
25.8
26.0
26.2

72.4
75.3
78.3
82.0

48.3
50.3
52.3
54.8

24.1
25.0
26.0
27.2

70.1
70.9
71.7
73.0

171.5
178.1
184.8
191.1

1964—13\
II3\
III3>

287.0
295.1
303.1
310.4

221.8
228.3
234.7
240.5

11.2
11.2
11.3

54.0
55.6
57.1

17.3
18.0
18.5

6.4
6.7
6.9

10.9
11.3
11.6

269.7
277.1
284.6

185.2
189.6
194.0

158.9
163.1
167.2

26.3
26.5
26.8

84.5
87.5
90.6

56.5
58.5
60.6

28.0
29.0
30.0

73.8
74.5
75.6

195.8
202.6
209.0

savings and loan assns.
5 Data by type of mortgage on nonfarm 1- to 4-family properties alone
are shown on second page following.

1 Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,
and Federal land banks, and in earlier years, RFC, HOLC, and FFMC.
Other U.S. agencies (amounts small or current separate data not readily
available)
included with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt
held
by
Farmers Home Admin.
4
Derived figures; includes small amounts of farm loans held by

NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.

MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings *
Residential

End of period
Total
Total

FHAinsured

VAguaranteed

Conventional

4,906
4,772

3,292
3 395

1957
1958
1959
I960

23,337
25,523
28,145
28,806

17,147
18,591
20,320
20,362

4,823
5,476
6,122
5,851

3,589
3,335
3,161
2,859

8,735
9,780
11,037
11,652

1961
1962
1963

30,442
34,476
39,414

21,225
23,482
26,476

5,975
6,520
7,105

30,844
32,194
33,430
34,476

21,211
22,048
22,824
23,482

1963—1
II
Ill
IV

35,243
36,939
38,360
39,414

1964—1
II

40,200
41,648
42,948

m*

.

Other
nonfarm

Farm

Total
Total

1,048
856

566
521

4,812
4,208

3,884
3 387

4,823
5,461
6,237
6,796

1,367
1,471
1,588
1,648

21,169
23,263
24,992
26,935

19,010
20,935
22,486
24,306

2,627
2 654
2,862

12,623 7,470
14 308 8,972
16,509 10,611

1,747
2,022
2,327

6,003
6,195
6,376
6,520

2,547
2,593
2,617
2,654

12,661
13,260
13,831
14,308

7,817
8,219
8,628
8,972

23,846
24,958
25,855
26,476

6,627
6,861
7,007
7,105

2,651
2,837
2,870
2,862

26,894
27,750

7,110
7,158

2,824
2,793

FHAinsured

VAguaranteed

Conventional

Other
nonfarm

Farm

900
797

28
24

6 551
7,073
7 622
8,246

2,102
2,275
2,451
2,575

57
53
55
54

29,145
32,320
36,224

26,341 8,045 9,267 9 028
29 181 9 238 9 787 10 156
32,718 10,684 10,490 11,544

2,753
3 088
3,454

51
51
52

1,816
1,927
1,978
2,022

29,833
30,638
31,484
32,320

26,940
27,632
28,464
29,181

9,392 9,208
9,502 9,469
9,633 9,847
9,787 10,156

2,842
2,954
2,968
3,088

51
51
52
51

14,568 9,270
15,260 9,740
15,978 10,203
16,509 10,611

2,127
2,241
2,302
2,327

33,368
34,309
35,191
36,224

30,143 9,724 10,046 10,373
30,969 10,023 10,218 10,728
31,775 10,328 10,335 11 112
32,718 10,684 10,490 11,544

3,174
3,290
3,365
3,454

51
50
51
52

16,960 10,894
17,799 11,340

2,412
2,558

37,155
38,199
39,381

33,506 11,004 10,639 11,863
34,407 11,376 10,826 12,205

3,597
3,740

52
52

1 Includes loans held by nondeposit trust cos., but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States




2

Residential

1941
1945

1962—1
II
Ill
IV

Mutual savings bank holdings

4,669
5,501
6,276
7,074

8,340
8,662
8,984
9,238

7,790
8,360
8,589
8,986

and possessions. First and third quarters, estimates based on FDIC data
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
estimates included F.R. commercial bank call data and data from the
National Assn. of Mutual Savings Banks.

586

REAL ESTATE CREDIT

APRIL 1965

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired

Loans outstanding (end of period)

Nonfarm

Nonfarm

Period
Total
Total

FHAinsured

VAguaranteed

Farm i

1941
1945

976

1957
1958
1959
I960

5 230
5,277
5,970
6,086

4 823
4,839
5,472
5 622

653
1,301
,549
1,401

831
195
201
291

3,339
3,343
3,722
3,930

1961
1962
1963
1964

6,785
7,478
9 172
10,327

6,233
6,859
8 306
9,277

1,388
1,355
I 598
787

220
469
678
683

758
705
800
808
737
863
861
805
875
904
857
1,367

651
615
673
706
652
778
785
739
810
836
791
1,254

146
140
143
133
127
152
151
155
161
165
158
161

915

808

175

1964—Jan '
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct . . . .
Nov
Dec . .
.
1965—Jan.. . .

Total

FHAinsured

VAguaranteed

Farm
Other

4 714
4,466

913
776

7,721
7,433
7,086
6,901

18,180
19,519
21,011
22,856

2,584
2,667
2,827
2,982

9,665
10,176
10,756
11,523

6,553
6,395
6,401
6,415

24,815
26,931
29,595
32,943

3,170
3,400
3,792
4,298

47,076
47,271
47,523
47,824
48,085
48,384
48,709
49,014
49,367
49,756
50,151
50,881

10,864
10,923
10,982
11,032
11,076
11,116
11,165
11,227
11,296
11,376
11,453
11,523

6,421
6 423
6,420
6,425
6,433
6,422
6,413
6,410
6,404
6,403
6,412
6,415

29,791
29 925
30,121
30,367
20,576
30,846
31,131
31,377
31,667
31,977
32 286
32,943

3,820
3,855
3,918
3,982
4,032
4,082
4,123
4,159
4,193
4,228
4,253
4,298

51,307

11,625

6,433

33,249

4,319

6,442
6,636

5,529
5,860

815
1,394

407
438
498
464

35,236
37,062
39,197
41,771

32,652
34,395
36,370
38,789

6,751
7,443
8,273
9,032

4,625
5,035
6,030
6,807

552
619
866
1,050

44,203
46,902
50,544
55,179

41,033
43,502
46,752
50,881

63
54
53
58
60
51
56
56
57
60
60
57

442
421
All
515
465
575
578
528
592
611
573
1,036

107
90
127
102
85
85
76
66
65
68
66
113

50,896
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179

67

566

107

55,626

1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31, 1959.

NOTE.—Institute of Life Insurance data.

Total

Other i

monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for yearend adjustments are more complete.

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)

Period

Total i

Loans outstanding (end of period)

Loans made
New
construe
tion

1,379
1,913

437
181

581
1,358

4,578
5,376

1957
1958
1959
1960

10,160 3,484
12,182 4,050
15,151 5,201
14,304 4,678

4,591
5,172
6,613
6,132

40,007
45,627
53,141
60,070

1,643
2,206
2,995
3,524

7,011 31,353
7,077 36,344
7,186 42,960
7,222 49,324

1957
1958
1959
1960

1961
1962.
1963
1964

17,364
20,754
24,735
24,505

7,207
68,834
78,770
8,524
9,920 r 90,944
10,397 »-101,314

4,167
4,476
'4,696
'4,896

7,152 57,515
7,010 67,284
6.960 '79,288
'6,686 '89,732

1961
1962
1963

1941
1945

5,081
5,979
7,039
6,515

Home
purchase

Total 2

FHAinsured

VAguaranteed

Conventional 2

N.S.A.

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

24,244
27,388
32,235
29,341

9,217
10,516
13,094
12,158

1,472
1,460
1,523
1,318

4,264
5,204
5,832
4,520

1,429
1,640
1,780
1.557J

31,157
34,187
36,925

13,662
15,144
16,716

1,160
1,212
1,339

4,997
5,851
6,354

1,741
1,957
2,061

3,213
3,189
3,134
3,149
3,059

3,525
3,177
3,534
2,880
2,987

1,611
1,442
1,594
1,271
1,322

123
116
125
103
110

612
546
616
495
504

212
190
206
184
166

3,081
3,029
3,034
3,008
3,096
3,143
3,173

2,758
2,575
2,935
3,089
3,090
3,388
3,519
3,277

1,170
1,128
1,290
1,350
1,349
1,485
1,508
1,398

103
90
102
109
116
126
137
130

483
465
540
567
560
607
618
581

145
129
140
154
176
197
233
213

Period

Total i

By type of lender (N.S.A.)

S.A. 2

1941
1945

.. .

1963
1964
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1,712
2,071
2,081
2,145
2,394
2,363
2,164
2,048
2,051
1,791
1,969

474
621
579
597
624
635
537
498
531
462
522

1,527
1,540

370
385

674 '92,260
784 r 93,l67
831 '94,076
881 '95,071
1,054 '96,168
1,037 '97,211
1,025 '98,159
970 '98,995
893 '99,832
770 '100,519
784 '101,314

'4,713
'4,718
'4,722
'4,731
'4,744
'4,760
'4,769
'4,793
'4,811
'4,830
'4,896

101,844
1025321

4,906
4,926

'6,909
'6,886
'6,862
'6,828
'6,797
'6,777
'6,750
'6,729
'6,706
'6,690
'6,686

'80,638
'81,563
'82,492
'83,512
'84,627
'85,674
'86,640
'87,473
'88,315
'88,999
'89,732

1965
Jan.'
Feb.p

638
633

6,683 90,255
6,652 90,743

1
Includes loans for repairs, additions and alterations, refinancing, etc.,
not shown separately.
2
Beginning with 1958 includes shares pledged against mortgage loans.

Aug
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug

1 Includes amounts for other lenders, not shown separately.
2
Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.

NOTE.—Federal Home Loan Bank Board data.




MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)

(In billions of dollars)

FHA-insured

VA-guaranteed

Mortgages

Period
Total

665

1945

587

REAL ESTATE CREDIT

APRIL 1965

New
homes

Existing
homes

257

217

Governmentunderwritten

Mortgages

Projects i

20

End of
period

Property
Total 3
imExNew
prove-2
isting
homes homes
ments
171

192

1956
1957
1958
1959

3,461
3,715
6,349
7,694

1,133
880
1,666
2,563

1,505
1,371
2,885
3,507

130
595
929
628

692
869
868
997

5,868
3,761
1,865
2,787

3,910
2,890
1,311
2,051

1,948
863
549
730

1960
1961
1962
1963
1964

6,293
6,546
7,184
7,216
8,130

2,197
1,783
1,849
1,664
1,608

2,403
2,982
3,421
3,905
4,965

711
926
1,079
843
895

982
855
834
804
663

1,985
1,829
2,652
3,045
2,846

1,554
1,170
1,357
1,272
1,023

428
656
1,292
1,770
1,821

1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

534
600
646
570
711
782
740
720
790
688
683

126
126
117
105
128
141
137
138
159
135
135

314
357
367
352
442
476
468
467
491
422
428

48
59
119
68
67
108
68
66
81
81
67

46
58
43
46
73
57
67
49
58
50
54

201
208
206
192
233
251
246
270
271
258
242

81
84
81
71
76
81
78
85
93
91
88

120
124
125
121
157
171
167
185
178
167
153

1965 Jan
Feb

630
517

138
115

405
328

34
40

54
34

225
200

84
72

141
128

Total

ConvenFHA- VA- tional
inTotal
guarsured anteed

1945

18.6

4.3

4.1

.2

14.3

1957
1958
1959

107.6
117.7
130.9

47.2
50.1
53.8

16.5
19.7
23.8

30.7
30.4
30.0

60.4
67.6
77.0

I960
1961
1962
1963*
1964"

141.3
153.1
166.5
182.2
197.9

56.4
59.1
62.0
65.5
68.7

26.7
29.5
32.3
35.0
38.3

29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7
30.4 129.2

1963 I*
11^
III?
IV*

169.2
173.7
178.2
182.2

62.8
63.5
64.3
65.5

33.0
33.5
34.3
35.0

29.8
30.0
30.0
30.5

106.4
110.2
113.9
116.7

1964—1*

185.2
189.6
194.0
197.9

66.3
66.8
67.9
68.7

35.7
36.3
37.4
38.3

30.6
30.5
30.5
30.4

118.9
122.7
126.2
129.2

UP

Ill*
IV*>

NOTE.— For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Admin, and Veterans Admin.

1 Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
2

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

FEDERAL HOME LOAN BANKS

(In millions of dollars)

(In millions of dollars)

Mortgage holdings

Advances outstanding
(end of period)

Purchases

Sales

Commitments
undisbursed
1945

278

213

195

176

19

46

2,069
2,737
2,418
2,985

609
1,096
623
1,907

5
3
482
5

360
764
1,541
568

1956
1957
1958
1959

745
1,116
1,364
2,067

934
1,079
1,331
1,231

1,228
1,265
1,298
2,134

798
731
685
1,192

430
534
613
942

683
653
819
589

3,356
3,490
3,571
3,017
2,996

2,803
2,603
2-353
1,634
1,416

1,248
815
740
290
424

357
541
498
1,114
251

576
631
355
191
313

1960
1961
1962
1963
1964

.

1,943
2,882
4,111
5,601
5,563

2,097
2,200
3,294
4,296
5,023

1,981
2,662
3,479
4,784
5,325

1,089
1,447
2,005
2,863
2,846

892
1,216
1,474
1,921
2,479

938
1 180
1,213
1 151
1,199

3,011
3,016
3,015
3,027
3,025
3,033
3,008
2,998
2,997
3,011
2,996

1,603
1,582
1,557
1,538
,514
,482
1,469
,455
,443
L428
1,'416

24
27
38
44
36
41
44
34
36
40
40

4
11
31
21
21
30
43
24
14
11
31

188
192
204
202
199
222
230
245
260
292
313

1964

Feb
Mar

Sept
Oct
Nov
Dec

4,613
4,598
4,572
4,565
4,539
4,516
4,477
4,453
4,440
4,439
4,412

225
339
573
352
703
584
369
382
401
379
791

424
387
296
401
329
590
351
327
441
392
250

4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325

2,500
2,406
2,463
2,438
2,674
2,699
2,662
2,635
2,605
2,572
2,846

1,716
1,763
1 982
1,957
2 095
2,064
2,119
2 202
2,192
2 212
2,479

943
977
957
990
1 153
936
926
989
978
989
1,199

Jan
Feb

4,417
4,394

3,009
3,005

1,408
1,388

40
48

4
41

316
316

1965—Jan...
Feb

412
309

793
402

4,944
4,851

2,590
2,420

2,354
2,431

1,013
1,013

End of
period
Total

FHAinsured

VAguaranteed

1956
1957
1958
1959

3,047
3,974
3,901
5,531

978
1,237
1,483
2,546

I960
1961
1962
1963
1964

6,159
6,093
5,923
4,650
4,412

1964—Feb
Mar
Apr
May
June
July

965

Mortgage
transactions
(during
period)

NOTE.—Federal National Mortgage Assn. data excluding conventional
mortgage loans acquired by FNMA from the RFC Mortgage Co., the
Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.




Advances

Repayments

Total

May
June
July
Aug
Sept
Oct
Nov
Dec

.

.

Short- Longterm ! term 2

Members
deposits

1 Secured or unsecured loans maturing in 1 year or less.
2
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.

588

CONSUMER CREDIT

APRIL 1965
TOTAL CREDIT
(In millions of dollars)
Noninstalment

Instalment
End of period

Total
Total

Automobile
paper

Other
consumer
goods
paper

Repair
and modernization
loans *

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

7,222
9 172
5,665

4,503
6 085
2,462

1,497
2 458
455

1,620
1 929
816

298
376
182

1,088
1 322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1957
1958
1959 .

44,970
45,129
51,542

33,867
33,642
39,245

15,340
14,152
16,420

8 844
9,028
10,630

2 101
2,346
2,809

7,582
8,116
9,386

11,103
11,487
12,297

3,364
3,627
4,129

5,146
5,060
5,104

2,593
2,800
3,064

1960
1961
1962
1963
1964

56 028
57,678
63.164
69,890
76,810

42 832
43,527
48,034
53,745
59,397

17 688
17,223
19,540
22,199
24,521

11 525
11 857
12,605
13 766
15 303

3 139
3 191
3,246
3 389
3 502

10 480
11,256
12,643
14,391
16,071

13,196
14,151
15,130
16,145
17,413

4,507
5,136
5,456
5,959
6,473

5,329
5,324
5,684
5,871
6,300

3,360
3,691
3,990
4,315
4,640

1964—Feb...
Mar

Dec

68,786
68,913
69,816
70,945
71,907
72.456
73,069
73,495
73,928
74,371
76,810

53,552
53,795
54,382
55,120
55,914
56,496
57 055
57,446
57,826
58,085
59,397

22,271
22,471
22,830
23,255
23,702
24,024
24 251
24,295
24,423
24,367
24,521

13,467
13,451
13 476
13,599
13 730
13,813
13 923
14,046
14,222
14,431
15,303

3 335
3,321
3 328
3,364
3 395
3,426
3 466
3,493
3,509
3 516
3,502

14,479
14,552
14,748
14,902
15,087
15,233
15,415
15,612
15,672
15,771
16,071

15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413

5,958
6,002
6,048
6,206
6,233
6,218
6,299
6,354
6,333
6,412
6,473

4,805
4,634
4,833
5,099
5,238
5,240
5,231
5,223
5,352
5,394
6,300

4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640

1965 Jan
Feb

76,145
75,741

59,342
59,363

24,574
24,743

15,204
14,984

3,473
3,446

16,091
16,190

16,803
16,378

6,412
6,442

5,724
5,154

4,667
4,782

1939
1941
1945

.

Miay
June
July

. .

•

Sept
Oct

i Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates coyer loans to individuals for household, family, and other personal expenditures, except real estate mortgage

loans. The estimates include data for Alaska beginning with Jan 1959
(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
BULL. Back data are available upon request.

INSTALMENT CREDIT
(In millions of dollars)
Retail outlets

Financial institutions
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

Credit
unions

1939
1941
1945

4,503
6,085
2,462

3,065
4,480
1,776

1,079
1,726
745

1,197
1,797
300

132
198
102

1957
1958
1959

33,867
33,642
39,245

29,200
28,659
33,570

12,843
12,780
15,227

9,609
8,844
10,319

2,429
2,668
3,280

1960
1961
1962
1963
1964

42,832
43,527
48,034
53,745
59,397

37,218
37,935
41,782
46,992
51,990

16,672
17,008
19,005
21,610
23,943

11,472
11,273
12,194
13,523
14,762

1964—Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

53,552
53,795
54,382
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397

47,454
47,653
48,191
48,824
49,543
50,082
50,583
50,937
51,220
51,341
51,990

21,799
21,919
22,224
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943

1965—Jan..
Feb.

59,342
59,363

52,159
52,352

24,091
24,246

Consumer
finance

Other l

Total

Department
stores 2

Furniture
stores

Appliance
stores

Automobile
dealers 3

Other

657
759
629

1,438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

3,124
3,085
3,337

1,195
1,282
1,407

4,668
4,983
5,676

1,393
1,882
2,292

1,210
1,128
1,225

361
292
310

478
506
481

,226
,175
,368

3,923
4,330
4,902
5,622
6,458

3,670
3,799
4,131
4,590
5,078

,481
,525
,550
,647
,749

5,615
5,595
6,252
6,753
7,407

2,414
2,421
3,013
3,427
3,922

1,107
1,058
1,073
1,086
1,152

333
293
294
287
286

359
342
345
328
370

,402
,481
,527
,625
,677

13,788
13,802
13,893
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762

5,607
5,668
5,776
5,889
6,014
6,109
6,204
6,283
6,334
6,378
6,458

4,595
4,597
4,628
4,657
4,701
4,748
4,797
4,845
4,870
4,919
5,078

,665
,667
,670
,692
,693
,690
,718
,729
,728
,742
,749

6,098
6,142
6,191
6,296
6,371
6,414
6,472
6,509
6,606
6,744
7,407

2,949
3,044
3,106
3,182
3,231
3,267
3,332
3,371
3,444
3,541
3,922

1,047
1,022
1,013
1,020
1,028
1,037
1,044
1,048
1,062
1,088
1,152

278
273
272
271
271
273
273
275
276
279
286

330
334
340
348
355
360
363
365
367
367
370

,494
,469
,460
,475
,486
,477
,460
,450
,457
,469
,677

14,797
14,782

6,429
6,465

5,078
5,101

,764
,758

7,183
7,011

3,791
3,713

1,128
1,101

285
282

373
377

,606
,538

1 Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.




1

3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES
(In millions of dollars)

(In millions of dollars)
Automobile
paper

Other
comsumer
goods
paper

Total

End of period

Purchased Direct
1939
1941
1945

1,079
1,726
745

447

178
338

66

143

114

1957
1958.
1959

12,843
12,780
15,227

4,130
4,014
4,827

2,225
2,170
2,525

I960
1961
1962
1963
1964

16,672
17,008
19,005
21,610
23,943

5,316
5,391
6,184
7,246
8,300

Sept
Oct
Nov
Dec

21,799
21,919
. . 22,224
22,559
. . 22,907
23,176
23,389
23,527
23,663
23,680
23,943

1965—Jan
Feb

24,091
24,246

1964 Feb
Mar
Apr
May
June
July
Aug

589

CONSUMER CREDIT

APRIL 1965

237

Repair
and
modernization
loans

166
309

End of period

Personal
loans

135
161

363
471

110

312

2,557
2,269
2,640

1,580
1,715
2,039

2,351
2,612
3,196

2,820
2,860
3,451
4,003
4,451

2,759
2,761
2,824
3,123
3,380

2,200
2,198
2,261
2,361
2,427

3,577
3,798
4,285
4 877
5,385

7,275
7,364
7,501
7,673
7,854
7,979
8,090
8,143
8,233
8,242
8,300

4,052
4,102
4,172
4 255
4,323
4,371
4,389
4,390
4,396
4,393
4,451

3,226
3,195
3,185
3,192
3,205
3,234
3,244
3,255
3,273
3,281
3,380

2,316
2,303
2,308
2 331
2,355
2 380
2,405
2,422
2,437
2,438
2,427

4,930
4 955
5,058
5 108
5,170
5 212
5,261
5,317
5,324
5,326
5,385

8,325
8,405

4,503
4,568

3,455
3,457

2,400
2,378

5,408
5,438

Total

1939 .
1941
1945

1939
1941
1945

878

115
167

148
201

24

58

54

Personal
loans

1,363
164

1957
1958
1959

9,609
8,844
10,319

7,393
6,310
7,187

1,509
1,717
2,114

31
36
72

676
781
946

I960
1961
1962
1963
1964

11,472
11,273
12,194
13,523
14,762

7,528
6,811
7,449
8,228
8,701

2,739
3,100
3,123
3,383
3,889

139
161
170
158

1,066
1,201
1,452
1,754
2,030

13,788
13,802
13,893
14,027
14,228
14,359
14,475
. . . . 14 553
14,625
14 622
14,762

8,227
8,265
8,371
8,489
8,633
8,741
8,799
8,764
8,773
8 698
8,701

3,635
3,603
3,580
3,583
3,615
3,614
3,643
3,706
3,754
3,804
3,889

154
152
151
149

146
144
142

1.772
1,782
1,791
1,806
1,830
1,855
1,884
1,935
1,952
.976
2,030

3,943
3,887

140
139

2.030
2,063

1964

Feb
Mar
Apr

May
June
July
Aug
Sept .
Oct
Nov

Dec

14,797
14,782

1965—Jan
Feb

C

8,684
8,693

142

150
149

149
148

56
66

NONINSTALMENT CREDIT
(In millions of dollars)

(In millions of dollars)

Total

Repair
and
modernization
loans

1,197
1,797
300

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

End of period

Other
consumer
goods
paper

See NOTE to first table on previous page.
See NOTE to first table on previous page.

Automobile
paper

Automobile
paper

Other
consumer
goods
paper

Repair
and
modernization
loans

Singlepayment
loans

Personal
loans

Charge accounts

Service
Other Decredit
Other Credit
finan- partretail
cial
2
insti- mentx outlets cards
tutions stores

End of period

Total

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

Commercial
banks

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1957
1958 .
1959

6,748
7,035
8,024

1,114
1,152
1,400

588
565
681

490
595
698

4,555
4,723
5,244

1939
1941
1945

I960.
1961 . .
1962
1963
1964

9,074
9,654
10,583
11,859
13,285

1,665
1,819
2,111
2,394
2,699

771
743
751
835
997

800
832
815
870
933

5,837
6,257
6,906
7,760
8,656

1957
1958
1959

11,103
11,487
12,297

2,937
3,156
3,582

427
471
547

876
907
958

3 953
3,808
3,753

317
345
393

2 593
2,800
3,064

1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

11,867
11,932
12,074
12,238
12,408
12,547
12,719
12,857
12,932
13,039
13,285

2,387
2,406
2,446
2,490
2,537
2,573
2,610
2,633
2,654
2,667
2,699

838
845
860
876
894
911
927
941
956
969
997

865
866
869
884
890
897
912
923
926
934
933

7,777
7,815
7,899
7,988
8,087
8,166
8,270
8,360
8,396
8,469
8,656

1960
1961
1962
1963.
1964

13,196
14,151
15*130
16 145
17,413

3,884
4,413
4,690
5 047
5,469

623
723
766
912

941
948
927
89S
909

3,9^2
3,907
4^252
4,456
4,756

436
469
505
520
635

3,360
3,691
3^990
4,315
4*640

13,271
13,324

2,689
2,700

996
1,006

1964—Feb.. .
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...

15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413

5,036
5,076
5,152
5,230
5,313
5,329
5,335
5,361
5,361
5,377
5,469

1,035
1,004

655
614
610
626
610
576
588
624
660
703
909

3,590
3,485
3,667
3,910
4,028
4,008
3,960
3,928
4,055
4,065
4,756

560
535
556
563
600
656
683
671
637
626
635

4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640

1965—Jan....
Feb...

16,803
16,378

5,409
5,436

1,003
1,006

793
660

4,280
3,857

651
637

4.667
4,782

Nov
Dec
1965—Jan
Feb

..

C

933
929

8,653
8,689

NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.




..

1,004
922
926
896
976
920
889
964
993
972

518
597
845

1 Includes mail-order houses.
2
Service station and misc. credit-card accounts and horne-heating
oil accounts.
See NOTE to first table on previous page.

590

CONSUMER CREDIT

APRIL 1965

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total

Automobile paper

Period
S.A.1

N.S.A.

S.A.1

N.S.A.

Other consumer
goods paper
S.A.1

N.S.A.

Repair and
modernization loans
S.A.1

N.S.A.

Personal loans
S.A.1

N.S.A.

Extension
1957
1958
1959
1960

42,016
40,119
48,052
49,560

16,465
14,226
17,779
17,654

11,807
11,747
13,982
14,470

1,674
1,871
2,222
2,213

12,069
12,275
14,070
15,223

1961
1962
1963
1964

48,396
55,126
60,822
66,070

16,007
19,796
22,013
23,565

14,578
15,685
17,007
19,162

2,068
2,051
2,178
2,182

15,744
17,594
19,624
21,161

Sept
Oct
Nov
Dec

5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816

4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767

1.953
1,942
1,961
2,023
1^62
1.996
2,'6l7
2,024
1,924
1,858
2,043

1,686
1,983
2,127
2,137
2,245
2-166
1,984
1,830
1,999
1,727
1.997

1,578
1,665
1,544
1,589
1,537
1,546
1,570
1,588
1,582
1,631
1,719

J.212
1,488
1,495
1,547
1,632
1,543
1,540
1,592
1,657
1,672
2,404

186
179
174
187
183
189
186
186
180
175
180

142
163
178
205
208
208
210
200
191
175
161

t 7(M
1,694
1,692
1,753
1,717
1,810
1,756
1,819
1,821
I 792
1 874

J.512
1,688
1,778
1,695
1,864
1,830
1,785
1,771
1,705
,749
£,210

1965—Jan
Feb

5,883
6,022

5,023
5,007

2,120
2,228

1,836
1,915

1,729
1,760

,440
,338

181
175

134
132

1,853
1,859

1,613
,622

1964—Feb
Mar
Apr
May
July

Repayments
1957
1958
1959
1960

39,868
40,344
42,603
45,972

15,545
15,415
15,579
16,384

11,569
11,563
12,402
13,574

1,477
1,626
1,765
1,883

11,276
11,741
12,857
14,130

1961
1962
1963
1964

47,700
50,620
55,111
60,418

16,472
17,478
19,354
21,243

14,246
14,939
15,846
17,625

2,015
1,996
2,035
2,069

14,967
16 206
17,876
19,481

1964

Feb
Mar
Apr
May
June
July
Aug •. .
Sept
Oct
Nov
Dec .

....

1965—Jan
Feb

4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
5,097
5,155
5,256
5,213
5,381

4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
5,078
4,986

1 716
1,735
1,759
1,776
1,768
1,781
1,789
[,802
1,788
1,818
1 .8fi4

1 604
1,783
1,768
1,712
1,798
1,844
1,757
1,786
1,871
1,783
1,838

J 395

1,830
1,897

1,783
1,746

,526
,632

1,468
1,453
1,483
[,486
,448
1,496
1,491
1,456
1,509
1,505

1,383
1.504
,470
,424
,501
,460
,430
,469
,481
,463
,532
,539
,558

171
174
172
175
170
171
172
172
167
174
177
171
172

161
177
171
169
177
177
170
173
175
168
175
163
159

i *£n
1,579
1,575
1,625
1,605
1,658
1,637
1,639
1,686
1,654
1,710

J 440

1 686
1,680

593
,523

1,615
,582
,541
,679
,684
,603
,574
645
,650
,910

Net change of credit outstanding 2
1957
1958
1959
I960

2,148
-225
5,601
3 588

920
-1,189
2,268
1,270

238
184
1,602
896

197
245
463
330

793
534
1 269
1 093

1961
1962
1963
1964

696
4,506
5,711
5,652

-465
2,318
2,659
2,322

332
746
1,161
1,537

53
55
143
113

777
1,388
1 748
1,680

Sent
Oct
Nov
Dec

579
524
412
493
370
483
435
513
410
301
560

-45
243
587
738
794
582
559
391
380
259
1,312

237
207
202
247
194
215
228
222
136
40
179

82
200
359
425
447
322
227
44
128
—56
154

183
197
91
106
51
98
74
97
126
122
214

-171
-16
25
123
131
83
110
123
176
209
872

15
5
2
12
13
18
14
14
13
1
3

-19
-14
7
36
31
31
40
27
16
7
— 14

144
115
117
128
112
152
119
180
135
138
164

63
73
196
154
185
146
182
197
60
99
300

1965—Jan
Feb

670
641

-55
21

290
331

53
169

203
128

-99
-220

10
3

-29
-27

167
179

20
99

1964—Feb
Mar .
Apr
May
June
July

...

....

1 Includes adjustments for differences in trading days.
2
Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and




sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULL., pp. 9-17. Back data upon request.

APRIL 1965

CONSUMER CREDIT

591

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Commercial banks

Total

Period
N.S.A.

S.A.i

S.A.i

N.S.A.

Sales finance
companies
S.A.1

N.S.A.

Other financial
institutions
S.A.i

N.S.A.

Retail outlets
S.A.i

N.S.A.

Extensions
1957
1958
1959
1960

. . . .

1961
1962
1963
1964

.. .

1964 Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
5,883
6,022

. .

1965—Jan
Feb

42,016
40,119
48,052
49,560

15,355
14,860
17,976
18,269

10,250
9,043
11,196
11,456

9,915
9,654
10,940
12,073

6,495
6,563
7,940
7,762

48,396
55,126
60 822
66,070

17,711
20,474
22,871
24,515

10,667
11,999
12 664
14,020

12,282
13,525
14 894
16 251

7,736
9,128
10,393
11 284

4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767

2,043
2,006
1,981
2,075
2,004
2,065
2,084
2,104
2,030
2,036
2,186

1,786
2,011
2,158
2,144
2,247
2,199
2,063
1,989
2,044
1,873
2,176

1,187
1,209
1,160
1,196
1,174
1,158
1,157
1 191
1,156
1,114
1,191

5,023
5,007

2,224
2,262

2,020
1,974

1,175
1,281

980

,166
,201
,194
,324
1,242
1,172
1 142
1,192
,070
,317
1,027
,060

1 183
,292
,309
350
,321
397
,355
405
,402
,370

1.122
,290
,347
,338
,453
426
,382
348

443

,319
,365
,704

1,459
1,427

,217

?19

908
973
921
931

900
921

664
855
872
908

925
880

933
917
919

902
914
997

936
996

1,015
1,570

1,025
1,052

757
756

Repayments
1957
1958
1959
I960

39 868
40,344
42.603
45,972

14 360
14,647
15,560
16,832

9 759
9,842
9,742
10,442

9 250
9,365
10,020
11,022

6 499
6,490
7,281
7,676

1961
1962
1963
1964

47,700
50,620
55,111
60,418

18,294
18,468
20,266
22,268

10,943
11,434
12,211
13,161

11,715
12,593
13,618
14,825

6,749
8,125
9,016
10.164

1964 Feb
Mar
Apr
May
June
July
Aug
Sept

....

Oct

Nov

Dec
1965

Jan
Feb

.

. . .

4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
5,097
5,155
5.256
5,213
5,381

4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455

1.793
,843
,833
,876
,845
,857
,889
,860
,868
,916
.944

1.703
,891
1,853
1,809
,899
,930
,850
,851
,908
,856
,913

1.094
,084
1,097
1,114
1,102
,097
1,087
,118
,071
,103
,129

1,032
1.152
1,110
1,060
1,123
1,111
1,056
1,097
1,120
1,073

5,078
4,986

,921
,956

,872
.819

,059
.157

1,075

All
992

Net change in credit outstanding
1957
1958
1959
I960

!

1961
1962
1963
1964
Feb
Mar
Apr
May
June
July
Auc
Sept
Oct
Nov
Dec

196^

Tan
Feb

....
.

2,447
1,446

696

335

579
524
412
493
370
483
435
513
410
301
560
670
641

1,997
2,605
2,333

782
828
832
835
859
837
881
860
874
881
880

111
811
823
803
850
837
844
844
900
877
907

1,299
.286

1,233
1.164

934
982

981
928

2

665
289
986

-765
1,475
1,152

1,051

— 199
921
1,329
1,239

,276
1,426

-75
315
693
-61

578
932

— 20
656
501
654

1.312

336
163
148
199
159
208
195
244
162
120
242

169
120
305
335
348
269
213
138
136
17
263

93
125
63
82
72
61
70
106
85
11
62

-52
14
91
134
201
131
116
78
72
__-}
140

110
91
112
116
98
130
118
139
118
115
140

37
65
142
164
170
139
172
138
75
107
246

40
145
89
96
41
84
52
24
45
55
116

-199
44
49
105
75
43
58
37
97
138
663

-55
21

303
306

148
155

116
124

35
-15

160
141

-14
53

91
70

-224
-172

-45
243
587
738
794
582
559
391
380
259

1 Includes adjustment for differences in trading days.
2 N e t changes in credit outstanding are equal t o extensions less repayments except: (1) in 1959, when t h e differences d o n o t reflect t h e i n t r o duction of outstanding balances for Alaska and H a w a i i , and (2) in certain
m o n t h s when d a t a for extensions and repayments have been adjusted t o
eliminate duplication resulting from large transfers of paper. I n those




1.085
,225
1,205
1,174
1,283
1,287
1,210
1,210
1,244
,258
1,458

491

-63

4,506
5,711
5,652

. .

1964

1.066

2,148
-225
5.601
3,S88

1.173
,201
,197
,234
,223
,267
,237
1,266
,284
,255
,303

m o n t h s t h e differences between extensions and repayments for s o m e
particular holders d o n o t equal t h e changes in their outstanding credit.
Such transfers d o n o t affect total instalment credit extended, repaid, o r
outstanding.
See also N O T E t o previous table.

592

INDUSTRIAL PRODUCTION: S.A.

APRIL 1965

MARKET GROUPING
(1957-59= 100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense. . .
Materials

1957-59 Pi 964
proaverporage
tion

1964
Feb.

100.00 132.0 128.:
47.35
32.31
15.04
52.65

131.5
131.3
132.0
132.5

128.
128.8
127.1
128.1

Mar.

Apr.

May

June

July

Aug.

1965
Sept.

Oct.

129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.
128.7
128.8
128.8
129.3

130.6
130.8
130.7
130.6

131.1
131.0
131.3
131.3

131.
131.5
132.0
131.8

132.3
132.1
132.
133.6

133.3
133.1
133.6
134.7

132.5
132.0
133.7
135.6

130.3
129.
132.6
132.

Nov. Dec.

Jan.

Feb.

135.0 137.7 138.2 138.9
134.6
133.6
136.8
135.7

137.
137.0
138.3
137.7

137.7
137.5
138.
138.9

137.8
137.2
139.1
140.0

Consumer goods
Automotive products
Autos
A u t o parts a n d allied p r o d u c t s . . . .

3.21 145.1 145.5 144.3 149.3 151.4 151.
152.6 155.8 144.7 105.9 143.0 166. 165. 163.5
1.8: 150.6 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9
1.3! 138.0 131. 133.4 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.2

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes

10.00
4.59
1.81
1.33
.47
1.26
1.5
5.41

128.3 126.8
131.
139.9 137.3 136.4
131.3 128.7
134.
139.7 135.3 132.9
118.8 120.3 116.9
142.4 138.1 139.0
144.7 143.7 143.5
123.8 120.7 118.7

128.9 129.5 130.0 131.
137.7 136.9 137.8 139.7
130. 129. 131.0 131.1
139.4 136.9 136.6
134.
119. 102.4 114.3 115.5
139. 141.0 141.9 144.7
144. 142.1 142.4 145.9
121.5 123. 123.4 124.0

131.9 131.9
140.1 139.8
133.3 136.8
140.0 143.9
114.5 116.7
141.0
144.
144.8 142.3
124.9 125.3

133.8
142.4
139.0
146.
119.1
145.5
143.7
126.6

136.3 137.6 139.3
146. 148.0 150.8
143.
143.1 145.1
149.6 145.9 149.5
125.1 135.5 132.
148.3 149.7 150.5
149. 152.3 157.8
127.5 128.8 129.5

139.8
152.1
146.6
150.7
134.8
153.3
157.7

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

128.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3

126.
120.2
118.5
140.
123.7
134.7
116.8
143.4
149.2

126.3
118.4
121.9
140.1
125.1
136.2
117.6
145.3
151.9

128.8
120.8
125.2
142.8
126.7
138.5
120.9
147.1
154.5

128.3
120.
122.6
144.5
124.7
138.7
120.4
47.6
155.2

128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6

129.1
118.4
126.4
146.7
123.5
142.8
121.4
153.2
162.2

130.0
118.7
125.5
149.1
123.2
145.7
118.8
158.8
169.8

129.9
118.7
123.3
152.6
121.3
144.4
120.4
156.
165.6

130.7
120.0
123.3
151.9
121.8
145.8
122.2
157.4
166.8

130.5
122.0
123.
149.7
122.8
142.4
119.9
153.4
161.1

131.8
122.5
126.4
151.8
124.3
143.
120.1
154.5
162.7

131.8
122.3
125.3
154.
125.8
141.8
118.0
153.4
160.9

131.5
121.3

11.63
6.85
2.42
1.76
.61

139.0
136.9
145.3
141.0
132.4

131.9
127.9
140.4
137.8
126.0

134.2
131.9
141.0
135.8
127.6

136.5
133.9
143.1
140.8
126.6

138.0
135.7
141.9
143.9
130.7

139.0
137.6
143.7
141.3
129.1

140.0
138.5
145.7
141.9
127.9

141.6
139.6
145.5
144.9
139.9

141.8
140.4
147.6
141.0
136.0

140.7
140.4
149.3
128.6
145.1

146.2
144.5
151.0
149.1
138.0

148.4
145.9
152.4
155.2
140.5

147.6
144.8
152.5
154.0

148.6
146.9
156.3
150.8

26.73
3.43
7.84
9.17
6.29

131.0
145.4
134.2
124.4
128.7

125.8
144.3
129.6
123.2
123.4

127.3
141.9
130.4
123.4
125.2

129.0
144.1
131.6
123.8
126.9

129.8
143.8
132.9
123.5
127.5

130.8
148.1
133.3
122.8
127.3

132.7
150.2
133.8
125.7
130.2

134.1
167.0
135.7
125.7
130.6

135.6
153.1
137.1
125.8
128.4

128.1
113.2
137.2
123.8
130.9

134.5
146.7
138.9
126.6
134.5

136.2
155.6
141.3
127.3
139.3

138.1
159.6
142.6
128.5
141.9

138.4
163.4
143.4
130.4
140.0

25.92
9.11
3.03
6.07
7.40

134.0
127.1
127.7
126.9
157.5

130.6
125.2
125.5
125.1
152.2

130.
124.9
123.6
125.6
152.4

132.3
126.1
127.0
125.7
154.6

132.8
126.5
128.2
125.7
153.9

132.9
124.9
123.8
125.4
155.7

134.6
126.9
125.0
127.9
158.7

135.2
127.1
125.6
127.8
160.2

135.7
125.9
125.4
126.2
163.0

136.3
128.7
131.6
127.3
161.4

757.0
128.9
132.1
127.3
163.5

139.3
132.6
135.1
131.4
165.6

139.7
132.6
131.9
132.9
167.5

141.5
137.1
142.0
134.6
168.6

9.41
6.07
2.86
2.32
1.03
1.21
.54

122.3
111.7
149.4
149.4
142.7
159.4

118.7
109.3
143.5
144.6
135.6
155.6

118.7
108.9
144.5
145.6
136.9
156.4

120.7
110.3
147.9
149.0
140.5
159.9

122.2
112.1
148.9
150.1
142.0
160.7

122.7
112.2
149.7
150.6
143.5
160.4

123.0
112.4
149.8
150.5
143.9
160.9

123.4
112.7
150.9
151.5
145.1
161.9

123.7
113.0
150.6
151.0
147.1
159.2

123.9
113.3
150.6
150.4
144.1
160.6

123.9
112.8
151.4
150.5
147.4
158.1

125.1
113.0
154.9
154.6
149.7
164.2

124.8 124.6
112.4 111.7
155.1
154.7
148.7
165.3

153.5
125.9
120.3

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials.
Consumer durable
Equipment.
Construction
Metal materials n.e.c.. .
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c.
Business fuel and power
Mineral fuels
.
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




7.80 142.1 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8
24.51 127.8 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 129.8 129.9 131.2 131.3

593

INDUSTRIAL PRODUCTION: S.A.

APRIL 1965

INDUSTRY GROUPINGS
(1957-59= 100)

Grouping

Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities

957-59
proaverporage
tion

1964
Feb.

Mar.

Apr.

May

June

July

1965

Aug.

Sept.

Oct.

Nov.

Dec'

Jan. r

Feb.

100.00 132.0 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.2 138.9
86.45 132.9 129.1 129.9 131.4 132.2 132.4 133.9 134.5 134.9 131.7 136.0 139.1 139.8 140.5
48.07 133.2 128.9 130.0 131.6 132.6 133.2 135.0 135.7 135.2 129.4 136.7 140.6 141.9 142.3
38.38 132.4 129.4 129.8 131.1 131.7 131.5 132.5 133.1 134.4 134.5 135.2 137.3 137.1 138.3
8.23 110.9 108.9 108.8 109.9 111.3 111.4 110.9 111.9 111.9 112.0 112.7 112.3 112.1 112.4
5.32 150.5 143.4 144.8 147.5 148.3 149.7 151.4 154.5 153.2 153.8 152.3 154.7 154.3 155.0

Durable manufactures
Primary and fabricated metals.
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts

12.3.
6.9'.
5.45
1.50
5.3'
2.86

130.1
128.2
125.6
137.6
132.6
130.

122.6
117.6
114.5
139.9
129.0
126.0

124.6
120.9
118.1
142.6
129.3
127.8

126.3
123.8
123.7
138.5
129.5
129.2

128.5
127.1
127.8
135.0
130.3
128.1

128.1
126.1
125.2
132.8
130.6
129.6

132.1
131.2
130.4
135.9
133.3
131.2

133.7
132.8
32.2
133.0
134.8
131.0

133.5
132.8
129.1
138.5
134.3
131.7

131.3
131.8
130.3
133.9
130.7
128.6

135.6
134.6
133.4
140.3
136.9
135.8

138.7
137.9
135.7
150.9
139.7
137.2

140.1
139.6
137.1
147.9
140.7
137.0

140.3
136.5
137.7
144.7
145.1
141.0

Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

136.1
141.0
141.8
140.0
130.7
150.1
112.4
136.4

132.3
133.6
132.9
134.5
131.1
153.0
110.8
133.6

133.
135.9
136.7
134.9
130.1
151.1
110.6
134.

135.
137.5
138.1
136.8
133.0
156.
112.0
134.7

135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6

137.1 138.0
140.1 141.9
141.9 143.6
139.7
137.
134.9 134.3
158.3 158.6
113.4 111.7
134.8 136.4

138.7
142.8
144.1
141.1
435.3
160.9
111,5
137.4

137.8
144.1
145.0
142.9
130.9
150.1
112.7
138.6

128.7
144.7
145.4
143.8
105.3
96.2
110.8
137.6

139.0
147,4
348.2
146.3
329.2
143.9
114.5
140.2!

144.2
149.3
149.9
148.5
140.3
167,4
115.0
142.0

145.2
150.3
151.1
149.2
141.4
169.1
115.5
142.7

145.4
151.5
151.2
151.9
139.9
167.6
114.5
145.1

Clay, glass, and lumber
Clay, glass, and stone products...
Lumber and products

4.72 121.1 121.6 121.9 121.6 120.9 120. 122.6 121.4 120. 121.0 120.9 121.1 125.0 125.1
2.99 126.0 124, 125.3 125.
124.3 126.6 126.4 125.6 127.0 126.9 127.7 130.2 132.6 131.6
1.73 112. 117.3 116.1 115.4 114.9 109.0 116.1 114.1 109. 110.8 109,2 105,5 111.9 113.9

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

3.05 138.4 133.9 134. 135.6 136.2 138.0 138.5 139.0 138.4 141. 143.4 145.4 145.2 147.7
1.5- 143.4 138.1 139.0 139.8 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3
1.51 133.3 129. 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.9

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products.
Leather and products

7.60
2.90
3.59
1.11

124.8 122.4 121.7 121.6 123.5 122.9 124.9
122.8 119.8 118.9 119.4 119.3 119.2 121.5
134.0 131. 131.8 130.5 132.8 133.8 134.4
96.3 98.4 104.7 97.3 103.5
100.7 99.

Paper and printing
Paper and products
Printing and publishing
Newspapers

8.17
3.43
4.71.53

127.5
133.4
123.2
117.0

124.
129.
121.
114.

125.4
130.4
121.8
115.2

127.5
132.9
123.6
117.2

128.2
134.3
123.9
117.1

126.6
130.1
124.1
117.2

Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

152.2
159.4
178.0
121.0
155.7

146.
154.
173.
119.
145.

147.4
155.
174.9
119.7
145.1

149.5
157.0
176.
120.8
149.4

150.0
156.7
173.7
122.0
152.2

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
\ .6

120.6
120.6
120.2
123.2
120.8

119.5
120.6
119.8
125.0
105.6

120.2
120.3
119.7
123.8
118.2

121.2
120.6
120.0
124.1
127.5

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.80
1.16
5.64
4.91
4.25
.66
.73

109.4
104.3
110.4
113.4
109.8
136.5
90.1

707.4
99.2
109.1
111.
107.8
136.2
91.5

107.
94.5
109.7
112.3
109.0
133.3
92.0

108.
98.7
110.0
113.0
109.6
134.8
89.8

Metal, stone, and earth minerals..
Metal mining
Stone and earth minerals

1.43 118.1 116.4 117.0 118.5 117.9 119.2 114.9 117.7 116.1 118.0 125.3 122.7 123.3 124.4
.61 117.3 118.8 119.8 124.2 119. 119.2 107.7 112.2 111.3 115.7 127.1 121.8 126.7 124.1
.82 118.7 114.7 115.0 114.3 116.8 119.2 120.2 121. 119.6 119.7 123.9 123,4 120.8 124.6

126.0
123.5
135.1
103.1

126.8
125.8
135.8
100.3

128.4
127.5
137.
192.4

130.2
129.6
139.1
103.2

131.4
130.9
140.6]
103.3!

131.8 132.2
132.1 132.9
141.0
101.7

128.0
132.8
124.5
120.0

127.9
132.8
124.3
118.3

128.2
135.5
123.0
115.9

129.2
137.0
123.6
116.3

128.01
133.8
123.9
117.5

131.7
140.2
125.6
119.6

129.7
134.0
126.6
120.7

152.1
159.6
176.3
122.1
153.

152.3
158.7
177.1
124.6
155.2

153.6
160.8
178.7
121.2
158.2

156.9
165.0
184.
120.4
162.4

155.4
162.5
179.9
122.9
161.0

155.5
163.0
182.6
121.6
160.5

158.3
166.5
188.2
120.6
164.0

159.0 160.1
167.0 168.2
186.5
119.5 ' 12218
367.6

120.7
120.0
120.2
119.2
129.2

119.5
119.6
119.5
120.1
118.1

120.5
120.0
118.9
125.8
127.5

120.5
120.
119.1
127.6
121.

120.0
120.0
119.
124.6
120.6

120.9
120.7
120.2
123.3
123.3

122.7
122.8
122.6
124.1
121.0

123.7
123.5
122.9
126.9
125.4

123.5 122.7
123.6 \22.1
123.0 121.9
126.
122.2

109.9
106.1
110.7
113.5
110.
135.3
91.3

109.8
105.1
110.8
113.8
110.2
137.1
90.

110.1
105.0
111.
114.2
110.3
139.0
90.5

110.7
107.9
111.3
113.8
109.8
139.6
94.0

111.0
105.1
112.3
114.9
111.1
139.1
94.

110.8
109.2
111.1
114.3
110.8
136.8
89.2

110.1
108.7
110.4
113.8
110.2
136.5
87.3

110.1
107.2
110.7
114.3
110.9

109.
107.7
110.1
113.6
109.8

134.3
143.1
127.9
120.9

Mining
109.9
103.2
111 .3
113.7
109.7

*86,'4

Utilities
Electric
Gas

4.04 153.6 146.5 148.
1.28 140.7 136.9 138.

151.3 152.3 153.6 155.5 159.3 157.2 157.'
138.9 139. 140.5 141.6 142.4 143.0

NOTE#—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




155.0 158.1

157.

Industrial Production 1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

594

INDUSTRIAL PRODUCTION: N.S.A.

APRIL 1965

MARKET GROUPINGS
(1957-59= 100)
1957-59
Grouping

portion

^1964
average

1964
Feb.

Mar.

Apr.

May

June

July

1965
Aug.

Sept.

Oct.

Nov. Dec. r Jan.'"

Feb.

100.00 132 0 128.3 129.0 131.7 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.5 139.0

Total index
Final uroducts total
E q u i p m e n t , including d e f e n s e . . . .

47.35
32.31
15.04
52.65

131.5
131.3
132.0
132.5

128.5
128.9
127.5
128.1

128.5
127.7
130.1
129.6

130.7
130.3
131.5
132.6

130.5
130.0
131.8
133.9

133.3
133.2
133.5
134.5

127.5
126.3
130.1
127.8

131.4
131.5
131.1
134.2

136.1
137.1
134.0
136.8

134.9
136.0
132.4
135.0

135.1
134.8
135.7
136.6

134.6
132.6
139.0
135.8

136.2
135.3
138.1
136.8

137.9
137.1
139.5
140.1

Consumer goods
Autos
Auto parts and allied products

Appliances, TV, and radios
TV and home radios
Miscellaneous home goods
Apparel, knit goods, and shoes
Processed foods
Newspapers, magazines, and books..
Consumer fuel and lighting
Residential utilities
Electricity
Gas

3.21 145.1 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.5 175.5 173.6
1.82 150.6 172.2 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 201.1 196.8
1.39 138.0 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.7 141.7 143.1
131.2
139.9
134.2
139.7
118.8
142.4
144.7
123.8

132.9
137.4
138.7
144.6
122.2
135.8
137.2
129.1

129.8
138.6
137.8
147.5
110.2
137.3
140.6
122.3

130.5
138.3
135.9
144.9
110.5
137.2
142.0
123.9

129.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4

131.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4

120.0
126.8
110.4
118.8
86.6
137.0
137.9
114.1

134.2
136.4
120.2
122.0
115.1
146.1
147.7
132.4

135.1
147.4
144.1
147.3
134.8
147.1
151.6
124.7

141.6
150.2
145.8
143.2
153.1
152.3
153.8
134.2

138.3
151.8
148.9
150.8
143.5
152.3
154.9
126.9

129.2
145.7
135.2
141.1
118.4
154.5
150.8
115.3

753.5
142.9
136.9
142.7
120.9
147.2
146.4
125.6

142.5
151.2
152.1
157.5
137.0
150.7
150.6

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
74

128.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3

122.5
111.1
107.4
139.7
122.8
144.0
119.9

122.6
109.8
117.6
139.4
124.8
140.2
116.4

124.8
112.7
127.6
142.8
125.7
135.0
114.7

125.0
114.1
131.0
144.6
123.7
130.5
116.3

129.2
116.9
136.5
153.8
124.5
134.2
120.3

128.8
117.8
132.0
140.8
121.6
145.0
123.5

137.2
129.4
136.1
152.4
124.8
148.4
122.3

137.9
135.2
124.9
154.1
124.7
144.7
120.4

136.7
134.3
129.5
154.9
123.5
137.0
119.0

129.8
125.1
116.3
150.1
122.8
135.4
119.2

128.1
118.7
108.9
148.8
124.8
146.8
122.9

129.4
115.6
110.2
153.0
124.5
155.9
123.0

128.2
112.1

11.63
6.85
2.42
1.76
.61

139.0
136.9
145.3
141.0
132.4

132.4
127.3
139.4
139.2
142.0

135.9
132.0
139.7
141.9
147.3

137.8
133.9
140.4
146.4
147.3

138.8
135.8
140.2
148.2
140.5

141.2
138.8
144.1
147.0
139.9

137.1
137.1
142.8
136.2
115.8

138.7
139.2
145.8
136.2
111.9

142.2
141.7
149.8
139.0
125.9

140.1
139.6
151.8
128.6
133.5

144.1
142.5
152.8
146.1
122.1

148.3
146 8
155.0
149.8
134.4

26.73
3.43
7.84
9.17
6.29

131.0
145.4
134.2
124.4
128.7

125.3
146.5
130.8
113.3
124.5

127.4
146.2
131.8
116.0
128.2

131.2
148.4
133.0
122.6
132.0

133.9
149.5
133.8
127.8
134.5

134.9
149.6
134.6
132.0
131.4

127.7
135.2
129.7
129.5
118.5

132.6
140.3
131.6
134.5
126.8

136.3
153.1
135.7
133.3
132.3

131.3
116.0
136.8
130.6
134.0

135.4
151.1
139.0
126.3
135.6

135.0 135.7 138.2
163.4 165.2 165.9
143.4 143 9 144 7
118.4 116.0 120.0
133.2 138.2 141.3

25.92
9.11
3.03
6.07
7.40

134.0
127.1
127.7
126.9
157.5

131.0
123.1
123.0
123.2
155.2

131.8
124.9
123.6
125.6
156.2

134.0
129.5
130.8
128.8
157.7

133.9
128.6
129.5
128.2
157.7

134.1
126.9
130.0
125.4
158.0

127.8
120.2
125.0
117.7
147.3

135.9
129.2
138.2
124.6
157.8

137.3
130.3
133.6
128.7
161.4

138.9
134.3
138.2
132.4
162.2

138.0
130.1
124.8
132.8
165.1

136.6
127.2
117.5
132.1
162.3

9.41
6.07
2.86
2.32
1.03
1.21
.54

122.3
111.7
149.4
149.4
142.7
159.4

119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.6 125.6
112.6 111.4 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 115.1

10.00
4.59
1.81
1.33
.47

1.26
1.52
5.41

153.0
125.0

i23!3

166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6

Equipment

Freight and passenger equipment...
Farm equipment

147.1
145 1
152.7
149.4

149.1
146 2
155.2
152.3

3.41
Materials
Durable goods materials
Consumer durable
Metal materials n e.c
Nondurable materials
Nondurable materials n e e
Business fuel and power
Mineral fuels
Nonresidential utilities
General industrial
Commercial and other
Gas

138.0
127.4
124.0
129.2
166.7

142.1
134.8
139.2
132.6
172.0

138.9 141.3 141.9 146.0 152.5 158.9 162.9 i59.9 152.6 147.7 151 4 i52 3
132.1 136.9 138.7 142.7 144.8 143.9 148.0 149.3 147.3 147.4 148.2 148.0
147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3 162.2 152.7 159.3 161.2

Supplementary groups of
consumer goods
Apparel and staples
See NOTE on opposite page.




7.80 142.1 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.4
24.51 127.8 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 128.6

595

INDUSTRIAL PRODUCTION: N.S.A.

APRIL 1965

INDUSTRY GROUPINGS
(1957-59= 100)
1957-59 P1964
proaverporage
tion

Grouping

1964
Feb.

Mar.

Apr.

May

June

July

1965
Aug.

Sept.

Oct

Nov.

Dec. r

Jan. r

Feb.

100.00 132.0 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.9 135.2 136.5 139.0

729.7
129.5
128.5
108.3

130.0
131.3
128.4
107.6

733.0
134.1
131.7
109.8

733.7
134.8
132.3
111.7

135.2
136.4
133.6
112.6

127.9
128.8
126.7
107.0

133.1
129.6
137.4
113.0

137.4
136.8
138.2
113.3

136.0
132.2
140.8
114.5

737 *
138 6
135.8
113 3

136 2
140 4
131.0
111 9

137
140
133
111

124.4
124.3
119.4
142.0
124.7
121.0
27.98 735.7 134.7

127.4
128.4
124.0
144.2
126.2
122.8

730.7
132.1
128.6
144.6
128.9
125.3

737.9
132.9
130.4
142.2
130.6
127.5

737.2
128.6
125.2
141.0
134.5
132.2

723.5
117.4
116.1
122.3
131.3
131.2

737.5
125.9
124.3
131.7
138.8
135.6

735.*
131.3
129.1
139.5
140.7
137.0

733.3
133.1
132.3
136.4
134.6
132.5

735.7
135 9
134.7
140.3
137 7
137.8

136.1
133 8
132.3
139.4
139.0
138.6

139.4
141 0
139.8
145.4
137 3
134 3

735.0
138.4
140.5
135.6
134.3
158.1
112.3
132.2

733.7
139.5
142.2
135.8
138.5
166.7
112.6
132.7

737.9
139.8
143.1
135.4
137.7
165.0
112.3
133.3

139.8
142.6
145.3
139.0
138.4
167.4
111.8
136.1

730.9
135.3
140.0
129.1
125.1
142.0
109.0
135.0

725.3
138.5
138.8
138.0
109.1
106.7
109.5
138.5

737.7
145.3
143.1
148.1
128.5
145.8
112.2
140.1

730.2
145.3
142.8
148.7
108.3
102.3
111.4
139.1

7*7.*
147.5
145.1
150.8
135.0
155 0
116.2
142.7

7*5.7
150.6
150.9
150.3
144.7
174 9
117.3

86.45
48.07
38.38
8.23
5.32

Durable

132.9
133.2
132.4
110.9
150.5

4
6
3
0

140
143
137
111

4
1
0
7

Durable manufactures

Iron and steel
Nonferrous metals and products..

Machinery and related products
Electrical machinery
Motor vehicles and parts
Aircraft and other equipment....
Instruments and related products...
Clay glass and lumber . . . . . . . . .
Clay, glass, and stone products

.

Furniture and fixtures
Miscellaneous manufactures

72.32
6.95
5.45
1.50
5.37
2.86

730.7
128.2
125.6
137.6
132.6
130.3

14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

141.0
141.8
140.0
130.7
150.1
112.4
136.4

135.5
135.3
135.8
135.0
160.1
112.1
131.6

146.7
1 SO 0
151 9
147 4
146 1
178 9
116.7
143.7 141.7

142.6
144 3
143.6
146.9
140 3
135 4
148.3
153 7
153 9
153 3
145 0
177*2
115.9
142.9

4.72 121.1 772.0 773.9 720. ¥ 725.* 129.2 725.0 132.4 129.9 128.2 727 7 110.5 108 ? 113 6
2.99 126.0 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.2
1.73 112.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 93.4 98.5 109.3
3.05 138.4 729.5 737.5 733.7 733.7 733.3 735.5 7*3.* 7**. 3 149.2 148.2 146.7 139 5 142 9
1.54 143.4 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152.0 154.2 147 6 150 4
1.51 133.3 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144.3 139.1 131.2 135.3

Nondurable manufactures
Textiles apparel, and leather•
Apparel products
Leather and products

Printing and publishing
Chemicals, petroleum, and rubber....
Industrial chemicals
Petroleum products
Rubber and plastics products

7.60
2.90
3.59
1.11

724.7 72*. 7
123.1 121.2
133.1 135.7
102.1 98.4

725.2 125.1 773.0 737.* 126.0 732.3
124.7 124.6 110.3 126.6 126.4 127.5
135.5 133.8 121.6 141.9 133.1 144.7
100.0 98.3 92.6 109.8 101.8 105.0

8.17 127.5 72*. 5
3.43 133.4 132.3
4.74 123.2 118.9
1.53 117.0 110.7

725. ¥
131.7
122.6
117.5

730.9
138.2
125.6
125.5

729.3
135.0
125.1
124.8

727.3
132.7
123.4
117.8

720.9
124.8
118.2
104.4

727.3
137.3
121.0
107.1

129.4
135.5
124.9
116.7

134.9
145.9
126.9
122.6

130.9
134.5
128.4
128.7

127.5
126.6
128.2
123.2

727 1
133 3
122.6
111.2

124.8
122.8
134.0
100.7

729.5
122.8
142.2
106.2

129.4 119.3
130.2 121.7
137.7 124.4
101.1 96.4

72P 9 137 7
131 4 135 6
137.5
101.2
134 4
146 7
125 5
116.9

11.54
7.58
3.84
1.97
1.99

752.2
159.4
178.0
121.0
155.7

7*7.7
155.0
175.0
117.3
150.4

7*3.3
156.5
176.6
115.5
149.7

757.7
160.3
179.3
116.0
154.0

752.2
159.9
176.5
120.2
154.5

755.*
163.0
178.1
125.8
155.7

7*5.3
152.9
170.9
128.3
133.5

75*. 7
160.9
176.6
127.3
158.2

757.3
164.5
183.1
125.2
164.5

757.8
163.6
180.8
123.5
170.0

755.2
162.6
184.1
119.8
162.1

154.6
162.6
186.3
118.8
159.9

157.8 161.1
165.0 168 7
185.6
117.7 'iii.'o
170.1

11.07
10.25
8.64
1.61
.82

120.6
120.6
120.2
123.2
120.8

770.7
111.2
111.7
108.6
105.1

777.7
111.4
110.1
118.2
116.4

775.2
115.4
113.0
127.8
127.2

773.0
116.7
114.3
129.5
133.8

727.3
120.9
117.0
141.7
126.4

720.3
121.5
117.7
141.8
112.8

730.5
130.5
129.0
138.4
131.4

132.7
133.2
134.9
124.6
125.3

133.4
133.4
134.6
127.0
134.3

723 5
123.6
125 7
112.7
123.4

117.0
118.2
119.2
112.4
102.1

114
114
116
104
120

9 113 5
4 112 8
2 112 8
7
9

6.80
1.16
5.64
4.91
4.25
.66
.73
1.43
.61
.82

109.4
104.3
110.4
113.4
109.8
136.5
90.1

770.7
100.4
112.1
115.4
111.0
144.0
89.3

703.5
95.3
111.4
115.2
111.2
140.5
85.3

703.7
99.4
110.7
114.5
111.4
134.1
85.1

703.*
107.2
108.7
111.9
109.0
130.0
87.3

703.5
108.4
108.6
111.6
109.1
127.6
88.2

703.2
77.2
108.5
111.1
108.1
130.7
91.1

709.7
113.5
108.9
110.8
107.6
131.1
96.2

110.2
111.2
109.9
111.9
108.9
131.3
96.4

777.7
119.0
110.2
113.0
109.7
133.9
91.4

111.6
113.2
111.3
114.5
110.2
141.6
89.5

112.1
105.3
113.5
116.9
112.0

112
105
113
116
111

0
5
4
5
4

Mining
Coal

Gas and gas liquids
Metal, stone, and earth minerals

112
104
114
117
113

7
4
4
7
0

"90.*5

773.7 700.7 702.7 77*. 3 727.0 737.3 725.0 723.3 723.* 723.0 727.5 777.7 106.2 106.9
117.3 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125.8 123.8 116.9 109.6 111 5 111 7
118.7 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125 1 112 3 \(P 2 103 3

Utilities
Electric
Gas

4.04 153.6 150.8 149.8
1.28 140.7

145.9 143.7

NOTE.—Published groupings include some series and subtotals not
shown separately. A description arid historical data are available in




149.3 161.6 167.3 162.6 151.5 147.3

158.6

167.3

Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

596

BUSINESS ACTIVITY; CONSTRUCTION

APRIL 1965

SELECTED BUSINESS INDEXES
(1957-59- 100)
Manufacturing 2

Industrial production
Major market groupings
Period

Final products

Total

Constrution
contracts

Major industry
groupings»

MateConrials
sumer EquipMfg.
ment
goods

Nonagricultural
employEmment— ployTotal i ment

Payrolls

Prices*

Freight Total
retail
loadsales 3
ings

Mining

Utilities

75.8
81.9
85.2
92.7
86.3

83.2
91.3
90.5
92.9
90.2

49.5
56.4
61.2
66.8
71.8

67
70
76

86.1
91.1
93.0
95.6
93.3

99.4
106.1
106.1
111.6
101.8

68.9
80.2
84.5
93.6
85.4

1955
1956
1957
1958
1959

96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0

99.2
104.8
104.6
95.6
99.7

80.2
87.9
93.9
98.1
108.0

91
92
93
102
105

96.5
99.8
100.7
97.8
101.5

105.5
106.7
104.7
95.2
100.1

94.8
100.2
101.4
93.5
105.1

I960
1961
1962
1963
1964^

108.7
109.7
118.3
124.3
132.0

109.9
111.2
119.7
124.9
131.5

111.0
112.6
119.7
125.2
131.3

107.6
108.3
119.6
124.2
132.0

107.6
108.4
117.0
123.7
132.5

108.9
109.6
118.7
124.9
132.9

101.6
102.6
105.0
107.9
110.9

115.6
122.3
131.4
140.0
150.5

105
108
120
132
137

103.2
102.8
105.7
107.9
110.8

99.9
95.9
99.1
99.7
101.7

106.7
105.4
113.8
117.9
124.7

128.2
129.0
130.5
131.3
131.6
132.9
133.8
134.0
131.2
135.0
137.7

128.1
128.7
130.6
131.1
131.7
132,3
133.3
132.5
130.3
134.6
137.4

128.8
128.8
130.8
131.0
131.5
132.1
133.1
132.0
129.2
133.6
137.0

127.1
128.8
130.7
131.3
132.0
132.7
133.6
133.7
132.6
136.8
138.3

128.1
129.3
130.6
131.3
131.8
133.6
134.7
135.6
132.2
135.7
137.7

129.1
129.9
131.4
132.2
132.4
133.9
134.5
134.9
131.7
136.0
139.1

108.9
108.8
109.9
111.3
111.4
110.9
111.9
111.9
112.0
112.7
112.3

143.4
144.8
147.5
148.3
149.7
151.4
154.5
153.2
153.8
152.3
154.7

143
140

109.8
110.0
110.1
110.3
110.6
110.9
111.0
111.3
111.2
112.1
112.7

100.8
101.1
101.1
101.1
101.6
101.9
102.0
102.9
100.5
103.2
104.0

122.3
122.5
123.4
123.3
123.8
124.3
126.0
127.6
122.9
127.9
130.9

96.9
94.0
94.8
96.4
93.6
94.5
93.2
96.4
94.6
98.5
99.1

in o 104.5

132 8
133.5
135.1

100 4
96.4
98.1

Total

1950
1951
1952
1953
1954

74.9
81.3
84.3
91.3
85.8

1964—Feb
Mar
Apr
May
July
Aug
Sept
Oct
Dec
1965 Jan . .
Feb
Mar.?
1
2
3
4

72.8
78.6
84.3
89.9
85.7

78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9

76.9
83.8
84.3
92.6
85.9

138.2 137.7 137.5 138.1 138.9 139.8
138.9 137.8 137.2 139.1 140.0 140.5
140.1 139.2 138.7 140.3 141.1 141.8

112.1 1 5 4 . ^
112.4 155.0
112.4 155.5

Employees only, excludes personnel in the armed forces.
Production workers only,
Federal Reserve index based on Census Bureau figures.
Prices are not seasonally adjusted.

61
63

138
138
138
140

121
131
136
143

154
1 i7
140

1(3.6
114.1

105.0
105.3

117.1
121.5
115.0

116.6
104.6
115.3
115.9
108.2
93.8
97.9
95.3
91.2
92.4
93.3
95.5

Consumer

Wholesale
commodity

72
76
79
83
82

83.8
90.5
92.5
93.2
93.6

86.8
96.7
94.0
92.7
92.9

89
92
97
98
105

93.3
94.7
98.0
100.7
101.5

93.2
96.2
99.0
100.4
100.6

106
107
115
120
127

103.1
104.2
105.4
106.7
108.1

100.7
100.3
100.6
100.3
100.5

126
124

107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8

100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
100.8
100.7
100.7

108 9
108.9

101 0
101.2
101.3

125
127

127
128
130
130
125
127

133
114
137
136

NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
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)

Type of ownership and
type of construction

1964
1963

Feb.
45,546 47 299

By type of ownership:
Public
Private
By type of construction:
Residential building.

Mar.

Apr.

?,01 4,215 4

May

June

July

Aug.

4 ,6V> 4 ,504 4,601 3,760

Sept.

Oct.

Nov.

Dec.

76? 4 0?Q 3,757 3,598

Jan.
•P7

Feb.
%?n

1 ,491 1,619 1,101 1
1
14,653 15 ,371 1 ,041 1,339 1 318 1
1,174 1,230 1 104 1.112
30,893 31 ,928 2 ,160 2,876 3 042 3 ,104 3 ,013 2,983 2,658 2 638 2 ,719 2,583 2,368 2 023 2,110
1 477 1,991
006 ,050 1 ,996 2,000 1,679 1 717 t ,70? 1 482 1,306 1 ^73
20,502
14,377 IS ,495 1 ,08? 1,252 1 4?0 1 ,36? 1 ,400 1,548 1 275 1
425 1 263 1 298 \ 155
10,667 11 ,244
692
972
933 1 ,227 1 ,107 1,054
807
817
902 1,012
994
700

NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Co. does not include data for Alaska or Hawaii. Totals of monthly




1965

1964

data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.

597

CONSTRUCTION

APRIL 1965
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Total

Period

Total

Nonfarm
residential

Public

Business
Total

Industrial

Commercial

Public
utility

Other
nonresidential

Total

Military

Highway

Sewer
and
water

1956
1957
1958

47,601
49,139
50,153

34,869
35,080
34,696

20,178
19,006
19,789

11,076
12,029
10,659

3,084
3,557
2,382

3,631
3,564
3,589

4,361
4,908
4,688

3 615
4,045
4,248

12,732
14,059
15,457

J 360
t,287
,402

4,415
4,934
5,545

19591
I960
1961
1962
1963
1964

55,305
53,941
55,447
59,453
62,451
66,008

39,235
38,078
38,299
41,695
43,772
45,954

24,251
21,706
21,680
24,292
25,843
26,560

10,557
11,652
11,789
12,222
12,656
13,757

2,106
2,851
2,780
2,949
2,962
3,333

3,930
4,180
4,674
4,955
5,200
5,635

4,521
4,621
4,335
4,318
4,494
4,789

4,427
4,720
4,830
5,181
5,273
5,637

16,070
15,863
17,148
17,758
18,679
20,054

,465
1,366
1,371
1.222

5,761
5,437
5,854
6,378
6,670
6,971

2,298

66 509
66,615
64,983
66,576
66,641
65,991
66,454
65,335
65,588
67,311

46 923
46,449
45,780
46,006
46,261
45,906
45,861
45 521
45,497
46,184

28,123
27,538
26,678
26,612
26,708
26,342
25,972
25,679
25,642
26,016

13,260
13,297
13,437
13,598
13,736
13,784
14,183
14,231
14,297
14,621

3 074
3,076
3,149
3,204
3,334
3,505
3,514
3,540
3,655
3,791

5,668
5,561
5,542
5,562
5,574
5,609
5,746
5,776
5,767
5,639

4,518
4,660
4,746
4,832
4,828
4,670
4,923
4,915
4,875
5,191

5 540
5,614
5,665
5,796
5,817
5,780
5,706
5,611
5,558
5,547

19 586
20,166
19,203
20,570
20,380
20.085
20,593
19 814
20,091
21,127

6 796
7,068
6,410
6,888
7,549
7,021
7,273
6 667
7,151
7,500

2 341
2 371
2,404
2 402
2,368
2 325
2,264
2 199
2 193
2,172

66 505
67,084
67,865

46 306
47,002
47,634

26,617
26,996
27,220

14,174
14,420
14,780

3,788
3,841
3,944

5,579
5,577
5,833

4,807
5,002
5,003

5,515
5,586
5,634

20 199
20,082
20,231

7 098
6,688

2 133
2,125
2,058

1964

Mar
Apr
June
July
Aug.
Sept
Oct

Nov
Dec
1965 Jan
Feb.»
Mar.p

i Beginning with 1959, includes data for Alaska and Hawaii.

Other

,344
I 387

5 682
6,494
7 123

1,467
1,487
1,581
1,754

7,377
7,573
8,342
8,404

NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Dept. of Commerce and Labor.

NEW HOUSING STARTS
(In thousands of units)
By type of ownership

B y , irea

Annual rate,

Governmentunderwritten

O A

(private only)
Period
Total

Total
politan

Nonfarm

1955
1956
1957
1958

1,646
1,349
1,224
1,382

1959
I960
1961
1962
1963
1964

1,554
1,296
1,365
1,492
1,641
1,585

1,077

1964

Feb
Mar
Apr
May
June
July
Sect
Oct
Nov
Dec
.Ian
Feb

.. .

Nonmetropolitan

Total

1family

2family

Multifamily

1,627
1,325
1,175
1,314
889
948

1,054
1,151
1,120

Public
Total

FHA

VA

19
24
49
68

670
465
322
439

277
195
193
337

393
271
128
102

477
407
417
439
490
465

1,517
1,252
1,313
1,463
1,609
1,552

1,234
995
975
992
1,021
976

56
44
44
49
53
53

227
214
295
422
535
524

37
44
52
30
32
33

458
336
328
339
292
264

349
261
244
261
221
205

109
75
83
78
71
59

100
130
149
158
159
143
142
123
141
111
99

64
82
91
101
102
92
90
80
90
70
60

5
5
6
5
5
4
4
4
5
4
3

32
43
52
52
51
47
47
40
46
38
36

1
3
4
3
6
2
3
3
2
2
2

17
21
23
29
25
26
23
23
24
21
17

12
16
18
23
19
20
18
18
19
16
13

4
5
5
5
6
6
5
5
5
5
4

*>82

53
53

3
3

26
29

P4
P2

17
16

13
12

4
4

1.657
1,663
1,531
1,529
1,611
1,505
1,430
1,457
1,591
1,455
1,646

1,613
1,638
1,501
1,507
1,585
1,483
1,408
1,433
1,559
1,429
1,609

101
133
152
161
164
145
145
126
143
114
100

74
97
103
115
118
103
97
90
99
77

72

27
37
50
45
46
42
48
36
44
37
28

,466
1,422

^1,434
^1,409

2>86
^88

60
65

26
22

NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are not
available by area or type of structure. Complete revisions pre-1959




Private

?85

are pending. Data from Federal Housing Admin, and Veterans Admin,
represent units started, based on field office reports of first compliance
inspections.

598

EMPLOYMENT

APRIL 1965
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force, S.A.i

Total uninstitutional
population
N.S.A.

Period

1959
I960 4
1961
1962
1963
1964
1964—Mar
Apr

May
June
July
Aug

Sent
Oct
Nov
Dec

1965 Jan
Feb
Mar

Not in the
labor force
N.S.A.

Total
labor
force
S.A.i

Employed2
Total
Total

In nonagriculturai
industries

In
agriculture

Unemployed

Unemployment
rate 3
(per cent)
S.A.

123,366
125,368
127,852
130,081
132,125
134,143

51,420
52,242
53,677
55,400
56,412
57,172

71,946
73,126
74,175
74,681
75,712
76,971

69 394
70,612
71,603
71,854
72,975
74,233

65,581
66,681
66,796
67,846
68,809
70,357

59,745
60,958
61,333
62,657
63,863
65,596

5,836
5,723
5,463
5,190
4,946
4,761

3 813
3,931
4,806
4,007
4,166
3,876

5.5
5.6

133,519
133,678
133,866
134,041
134,216
134,400
134,586
134,772
134,952
135,135

57,965
57,135
56,376
54,652
55,258
55,891
57,721
57,661
58,055
58,568

76,541
77,252
77,225
77,049
76,928
77,006
77,023
76,996
77,140
77,432

73,798
74,507
74,477
74,305
74,188
74,255
74,280
74,259
74,409
74,706

69,812
70,486
70,639
70,345
70,496
70,458
70,465
70,379
70,755
71,004

65,175
65,695
65,790
65,519
65,632
65,641
65,650
65,658
66,084
66,463

4,637
4,791
4,849
4,826
4,864
4,817
4,815
4,721
4,671
4,541

3,986
4,021
3,838
3,960
3,692
3,797
3,815
3,880
3 654
3,702

5.4

135,302
135,469
135,651

59,603
59,051
59,039

77,621
77,755
77,647

74,914
75,051
74,944

71,284
71,304
71,440

66,771
66,709
66,890

4,513
4,595
4,550

3,630
3 747
3,504

4.8
5 0

1 Monthly figures are shown seasonally adjusted in this BULL, for the
first
time.
2
Includes self-employed, unpaid family, and domestic service workers.
3
Per cent of civilian labor force.
4
Inclusion of figures for Alaska and Hawaii beginning with 1960 increased population by about 500,000 and total labor force by about

6.7
5.6
5.7
5.2

6.4
5.2
5.3
5.0
5.1
5.1
5.2
4.9

5.0

4.7

300,000. Most of the increase was in nonagricultural industries.
NOTE.—Information relating to persons 14 years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that
contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimate.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)

Period
1959
I960
1961
1962
1963
1964

Total

Manufacturing

53,297
54,203
53,989
55,515
56,643
58,188

16,675
16,796
16,326
16,853
17,005
17,303

57,754
57,827
57,931
58,104
58,256
58,301
58,458
58,382
58,878
59,206

17,208
17,224
17,225
17,285
17,344
17,339
17,449
17,171
17,505
17,622

59,334
59,677
59,902

Mining

732
712
672

Contract
construction

Transportation & public utilities

Trade

Finance

Service

Government
8,083
8,353
8 594
8,890
9,199
9,502

2,960
2,885
2,816
2,902
2,983
3,106

4,011
4,004
3 903
3,906
3,914
3,976

11,127
11,391
11,337
11,566
11,803
12,188

2,594
2,669
2 731
2,800
2,873
2,944

7 115
7,392
7 610
7,947
8,230
8,533

3,122
3,081
3,093
3,106
3,107
3,103
3,080
3,106
3,162
3,244

3,940
3,964
3,968
3,965
3,983
3,999
4,005
3,996
3,997
4,020

12,077
12,096
12,135
12,187
12,223
12,231
12,229
12,278
12,311
12,362

2,924
2,931
2,934
2,943
2,948
2 951
2,960
2 964
2,970
2,975

8,455
8,461
8 489
8,509
8,561
8 573
8,592
8 633
8,634
8,654

17,705
17,769
17,814

633
633
631
639
639
634
634
638
639
637
633
635
634

3,235
3,281
3,300

3,939
3,996
4,032

12,447
12,541
12,617

2,979
2,987
2,996

8,689
8,727
8,751

9,707
9,741
9,758

56,783
57,329
57,874
58,596
58,418
58,680
59,258
59,164
59,441
59,938

17,005
17,058
17,135
17,350
17,299
17,498
17,792
17,428
17,638
17,601

615
627
634
651
646
647
645
644
643
635

2,707
2,921
3,130
3,308
3 424
3,482
3,391
3,376
3,273
3,053

3,885
3,924
3,952
4,005
4,031
4,043
4,045
4,028
4,OH
4,024

11,862
11,919
12,031
12,180
12,173
12,201
12,243
12,341
12,518
13,166

2,901
2 919
2,931
2 964
2,998
2,998
2 972
2,961
2 958
2,957

8,328
8 453
8,548
8 654
8,698
8,676
8 661
8,676
8 608
8,585

9,480
9 508
9,513
9 484
9,149
9,135
9 509
9,710
9 790
9J917

58,271
58,396
58,756

17,456
17,532
17,606

619
616

2,837
2,756
2,861

3,880
3 932
3,976

12,275
12 218
12,257

2,949
2 960
2,972

8,515
8 561
8,620

9,740
9 821
9,848

650

635
635

SEASONALLY ADJUSTED

1964

Mar
Apr
May
July
Aug
Sent,
Oct
Nov
Dec

1965 Jan
Feb P
Mar.p

9,395
9,437

9,456
9,470
9,451
9,471
9,509
9,596
9,660
9,692

NOT SEASONALLY ADJUSTED

1964

Mar
Apr.
May
July
Sept
Oct
Nov
Dec

1965—Jan
Feb.?
Mar P

616

i Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period




that includes the 12th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.

APRIL 1965

599

EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
1964

Industry group

Not seasonally adjusted

1965

1964
Mar.

Jan.

Feb.*3

Mar.

Jan.

Feb.*

1965

12,731

13,168

13,224

13,266

12,543

12,941

13,009

13,077

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
,
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
,
Miscellaneous manufacturing industries.

7,181
111
539
330
498
966
914
1,099
1,025
1,150
233
316

7,518
100
533
345
503
1,044
964
1,166
1,086
1,207
238
332

7,569
101
540
348
503
1,047
978
1,167
1,099
1,212
240
334

7,600
101
543
348
507
1,047
960
1,176
1,109
1,232
240
337

7,095
111
507
326
474
972
899
1,110
1,013
1,150
232
302

7,421
101
502
341
473
1,035
951
1,164
1,088
1,223
237
306

7,466
101
507
342
474
1,046
958

238
315

7,510
101
510
343
483
1,053
944
1,188
1,096
1.232
239
322

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

5,550
1,150
77
803
1,145
491
600
529
118
329
308

5,650
1,150
74
817
1,196
495
611
536
113
343
315

5,655
1,144
74
820
1,191
497
614
538
112
349
316

5,666
1,141
73
823
1,192
500
617
537
113
352
318

5,448
1,062
69
797
1,160
485
598
529
116
325
307

5,520
1,081
74
805
1,170
490
607
529
110
342
313

5,543
1,057
71
811
1,199
489
610
533
110
346
317

5,567
1,053
66
817
1,208
494
615
538
111
348
318

Total

1,172

1,092
1,222

the pay period that includes the 12th of the month.

NOTE.—Bureau of Labor Statistics; data cover production and related
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
(per week; S.A.)
Industry group

1964
Mar.

1965

Average weekly earnings
(dollars per week; N.S.A.)
1964

Jan.

Mar.

1965
Jan.

3

Feb.?

Average hourly earnings
(dollars per hour; N.S.A.)
1964

1965

Mar.

Feb."

Total

40.6

41.4

41.3

41.5 101.40 105.93 105.93 107.38

2.51 |

2.59

2.59

2.60

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transporation equipment
Instruments and related products
Miscellaneous manufacturing industries.

41.2
40.3
40.3
41.2
41.6
41.4
41.6
42.4
40.4
41.8
40.7
39.7

42.2
41.0
40.3
41.6
41.7
42.4
42.3
43.0
41.1
43.5
41.3
39.9

42.1
41.1
40.0
42.0
41.8
42.5
42.5
43.2
41.3
43.3
41.4
40.0

42.4
41.3
41.1
41.8
41.9
42.7
42.8
43.4
41.6
43.9
41.6
40.1

110.29
119.39
81.97
82.42
102.25
127.10
109.18
121.26
100.90
126.68
101.81
82.97

115.51
126.48
82.78
84.66
104.19
133.25
113.42
125.27
104.70
137.49
106.45
84.53

115.79
125.77
83.92
86.53
105.26
133.98
113.97
125.85
105.22
135.79
106.86
84.99

117.74
126.07
86.46
86.52
107.12
135.36
115.75
127.16
106.40
139.64
107.79
85.81

2.69
2.97
2.07
2.03
2.50
3.07
2.65
2.86
2.51
3.06
2.52
2.09

2.77
3.07
2.08
2.07
2.56
3.15
2.72
2.92
2.56
3.19
2.59
2.14

2.77
3.06
2.13
2.09
2.58
3.16
2.72
2.92
2.56
3.18
2.60
2.13

2.79
3.06
2.14
2.10
2.60
3.17
2.73
2.93
2.57
3.21
2.61
2.14

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries
Chemicals amd allied products
Products of petroleum and coal
Rubber products
Leather and leather products

39.7
40.8
39.4
40.9
36.1
42.7
38.4
41.6
42.1
41.2
37.8

40.1
41.3
38.4
42.2
36.8
43.1
38.5
41.8
41.3
42.3
37.5

40.2
41.0
39.1
42.0
36.6
43.1
38.6
41.9
41.6
42.4
38.1

40.2
40.9
38.6
42.0
36.8
43.2
38.5
41.7
42.3
42.2
38.5

89.67
96.08
75.60
71.63
64.79
106.85
113.58
114.40
131.24
101.59
68.24

92.50
99.55
76.88
75.95
65.16
111.19
114.60
117.86
133.81
108.52
71.24

92.73
98.33
77.33
76.73
66.43
111.45
115.58
118.14
131.46
108.10
71.42

93.20
98.74
80.14
76.91
67.52
111.54
117.34
118.01
135.62
107.84
71.81

2.27
2.39
2.00
1.76
1.78
2.52
2.95
2.75
3.17
2.49
1.81

2.33
2.44
2.05
1.83
1.81
2.61
3.00
2.84
3.24
2.59
1.86

2.33
2.44
2.09
1.84
1.82
2.61
3.01
2.84
3.23
2.58
1.86

2.33
2.45
2.16
1.84
1.82
2.60
3.04
2.83
3.26
2.58
1.87

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




600

PRICES

APRIL 1965
CONSUMER PRICES
(1957-59= 100)
Housing

All
items

Period

1929
1933
1941
1945

Food
Total

Rent

Homeownership

Health and recreation

Fuel
oil
and
coal

Gas
and
electricity

Fur- Apparel Transand
nishportaupkeep tion
ings
and
operation

45.2
53.6

88.3
86.4

51.2
55.4

Total

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

50.6
57.5

47.6
63.6

57.3
75.0

58.2
67.3

59.7
45.1
51.3
62.7

55.6
35.3
44.2
58.4

61.4
67.5

85.4
60.8
64.3
66.1

94.7
98.0
100.7
101.5

94.7
97.8
101.9
100.3

95.5
98.5
100.2
101.3

96.5
98.3
100.1
101.6

94.1
98,2
100.4
101.4

95.9
100.8
99.0
100.2

95.9
96.9
100.3
102.8

97.3
99.4
99.9
100.7

97.8
99.5
99.8
100.6

91.3
96.5
99.7
103.8

93.6
97.0
100.3
102.8

91.8
95.5
100.1
104.4

93.7
97.1
100.4
102.4

93.4
96.9
100.8
102.4

95.8
98.5
99.8
101.8

103.1
104.2
105.4
106.7
108.1

101.4
102.6
103.6
105.1
106.4

103.1
103.9
104.8
106.0
107.2

103.1
104.4
105.7
106.8
107.8

103.7
104.4
105.6
107.0
109.1

99.5
101.6
102.1
104.0
103.5

107.0
107.9
107.9
107.9
107.9

101.5
101.4
101.5
102.4
102.8

102.2
103.0
103.6
104.8
105.7

103.8
105.0
107.2
107.8
109.3

105.4
107.3
109.4
111.4
113.6

108.1
111.3
114.2
117.0
119.4

104.1
104.6
106.5
107.9
109.2

104.9
107.2
109.6
111.5
114.1

103.8
104.6
105.3
107.1
108.8

Sept
Oct
Nov
Dec

. . . . . 107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8

106.0
105.7
105.7
105.5
106.2
107.2
106.9
107.2
106.9
106.8
106.9

106.9
107.1
107.0
106.9
107.1
107.1
107.2
107.4
107.6
107.7
107.8

107.5
107.5
107.7
107.7
107.8
107.8
107.9
107.9
108.2
108.3
108.4

108.8
108.9
108.6
108.4
108.7
108.9
109.2
109.5
109.6
109.8
110.0

106.6
106.1
103.3
102.1
101.4
100.9
100.9
101.5
102.9
103.7
105.8

106.2
107.1
108.0
108.0
108.1
107.9
108.2
108.2
108 2
108.1
108.3

102.7
102.8
102.9
102.9
102.9
102.8
102.6
102.8
102 8
102.9
102 9

105.1
105.3
105.6
105.7
105.7
105.5
105.3
105.9
106.2
106.4
106.6

108.6
108.9
109.0
109.1
109.2
109.4
109.3
108.9
109 4
110.0
110.5

112,9
113.1
113.4
113.5
113.5
113.7
113.8
113.9
114.0
114.2
114.3

118.5
118.7
119.0
119.1
119.3
119.5
119.8
119.7
119.9
120.2
120.3

108.4
108.7
108.7
108.9
109.1
109.3
109.4
109.5
109.7
109.7
110.0

113.3
113.6
114.0
114.1
114.0
114.1
114.2
114.3
114 5
114.9
114.9

108.4
108.5
108.6
108.7
108.7
108.9
108.9
109.0
109.1
109.1
109.2

1965 Jan
Feb

108.9
108.9

106.6
106.6

108.1
108.2

108.4
108.5

110.6
110.9

106.5
106.7

108.0
107.8

102.8
102.8

105.6
105.8

111.1
110.6

114.5
114.7

120.6
121.0

110.0
110.1

115.0
115.2

109.3
109.4

1956
1957
1958
1959

...

I960
1961
1962
1963
1964
1964

Feb
Mar
Apr
M!ay
June
July

NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
The new series index begins with January 1964.

WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period

All
com- Farm Processed
modi- products foods Total
ties

Textiles,
etc.

RubHides, Fuel, Chemicals, ber,
etc.
etc.
etc.
etc.

NonLum- Paper,
Ma- Furni- meMisTober,
chinture,
tallic bacco
Metals
cellaetc.
ery
etc.
minetc.
neous
erals

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
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
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
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

1956..
1957
1958
1959

100.7
100.3
100 6
100.3
100.5

96.9
96.0
97 7
95.7
94.3

100.0
100.7
101.2
101.1
101.0

101.3
100.8
100.8
100.7
101.2

101.5
99.7
100.6
100.5
101.2

105.2 99.6 100.2
106.2 100.7 99.1
107.4 100.2 97.5
104.2 99.8 96.3
104.6 97.1 96.7

99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3
96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9
93 3 96.5 100.0 100 0 102.3 98 8 101.8 104.1 107 3
93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4
92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2

Sent
Oct
Nov
Dec

100.5
100.4
100.3
100.1
100 0
100.4
100.3
100.7
100.8
100.7
100 7

94.5
95.2
94.4
93.7
93.2
94.1
93.6
95.7
93.8
94.0
92.7

100.9
100.5
100.4
99.4
100.2
101.2
101.0
102.2
101.7
100.9
100.8

101.2
101.1
101.1
101.1
100.9
101.1
101.1
101.1
101.5
101.6
101.8

101.2
101.2
101.1
101.2
101.0
101.1
101.2
101.2
101.4
101.4
101.5

102.5
102.5
104.5
104.7
104.8
105.4
105.6
105.4
106.0
105.5
105.4

1965 Jan
Feb

101 0
101.2

93.0 102.2 101.9 r 101.5 r 104.9
94.5 102.0 101.9 101.5 105.1

1960
1961
1962
1963
1964

. .

1964—Feb
Mar
Apr
May
June
July

See next page for composition of other commodities.




r

99.0
97.0
96.1
96.4
96.3
96.7
96.4
95.2
96.7
97.6
98.1

96.4
96.5
96.6
96.7
96.5
96.6
96.5
96.6
96.9
97.1
97.2

93.6
93.9
93.1
92.6
91 6
91.8
91.8
91.9
92.1
92.2
92.2

99.9
101.0
101.8
101.8
101.4
101.2
100.9
100.6
100.3
99.6
99.4

98.5
98.0

97.3
97.5

92 3 100.8
92.2 100.4

99.9
99.3
99.1
98.7
98.7
98.7
98.7
98.7
99.1
98.9
98.9

101.8
102.0
102.2
102.1
102.3
102.5
103.0
103.0
103.8
104.3
104.7

102.5
102.7
102.9
103.3
103.0
103.1
102.9
102.9
103.0
103.2
103.1

99.0 104.5 103.3
99.0 104.6 103.5

98.5
98.5
98.6
98.6
98.5
98.6
98.6
98.6
98.5
98.5
98.4
r

101.2
101.1
101.3
101.3
101.4
101.5
101.7
101.8
101.8
101.8
101.6

107.1
107.1
107.1
107.3
107.4
107.3
107.5
107.5
107.6
107.5
107.5

110.9
109.8
109.5
107.2
106 7
107.5
107.3
109 2
110.1
108.5
110.7

98.3 101 7 107 5 r110 0
98.3 101.8 107.6 109.9

APRIL 1965

601

PRICES
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1964

1965

1964

Group
Feb.

Dec.

Jan.

Feb

97.9
102.0
82.8
101.7
102.3
89.7
113.9
96.4

98.9
90.1
83.1
92.6
105.0
85.3
116.7
98.3

98.5
90.4
85.5
92.4
104.1
78.9
119.0
95.3

107.4
88.9
107.5

108.2
88.8
108.9

108.2
91.9
108.3

107.9
92.0
107.8

107.4
122.9
94.6
91.0
73.7
74.8
88.3
106.6

101.9
107.1
98.2
107.7
105.9
98.0
100.1
111.2

101.9
110.0
97.2
106.4
104.6
96.1
100.6
114.5

101.2
103.3
95.1
116.8
102.3
116.7

99.4
102.8
96.8
117.4
103.1
117.8

99.5
103.4
r
96.9
121.6
103.1
118.8

100.1
110.0
96.7
107.6
109.1 Machinery and Motive Products:
96.7
Agricultural machinery and equip...,
101.9
Construction machinery and equip...,
114.4
Metalworking machinery and equip...
General purpose machinery and
equipment
,
Miscellaneous machinery
99.6
Special industry machinery and
103.3
equipment (Jan. 1961= 100)
96.4
Electrical machinery and equip
135.5
Motor vehicles
,
103.1
Transportation equip., R.R. rolling
118.6
stock (Jan. 1961= 100)

Feb.

Dec.

Jan.

Feb.

102.3
Woodpulp
90.5
Wastepaper
88.4
Paper
91.8
Paperboard
Converted paper and paperboard...
103.6
Building paper and board
76.7
120.7
97.2 Metals and Metal Products:

96.1
91.1
103.1
96.5
100.1
95.0

96,8
95.9
103.7
96.4
97.9
93.3

98.1
96.1
103.7
96.4
97.9
'93.4

98.1
96.0
103.7
96.4
98.0
92.6

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products

100.2
101 .7
105.6
104.6
100.4
91.8
99.1

101.1
113.4
105.6
104.8
104.1
92.2
100.0

101.4
111.9
105.7
104.8
104.1
r
91.3
100.3

101.2
112.2
105.7
104.8
104.1
91.6
100.1

109.4 ! 108.3

108.3

108.8

Pulp, Paper, and Allied Products:

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods.
Textile Products and Apparel:
Cotton products.
Wool products
Man-made fiber textile products
Silk products.
Apparel
Other textile products
Hides, Skins, Leather, and Products:

98.1
103.6
126.8
101.3
95.3

98.2
107.3
124.0
101.3
94.0

'•98.3
107.3
121.4
101.1
95.2

90.2 Furniture and Other Household Durables:
103.3
109.1
Household furniture
102.7
Commercial furniture
Floor coverings
Household appliances
Television, radios, and phonographs.
98.4
Other household durable goods
107.3
125.4
100.8
93.9 Nonmetallic Mineral Products:

94.2
104.6
91.5
95.3
83.2
103.8
100.2
99.1

94.2
104.8
91.2
94.7
116.8
104.7
100.7
99.6

94.6
104.8
91.3
r
94.4
113.4
104.4
102.3
'99.7

Flat glass
Concrete ingredients
94.6
Concrete products
105.2
Structural clay products
90.4
Gypsum products
94.5
Prepared asphalt roofing
118.2
Other nonmetallic minerals
104.8
103.8 Tobacco Products and Bottled Bever99.8
ages :

89.5
91.3
97.6

90.3
88.8
96.4

90.7
88.8
96.6

100.3
106.9
92.2

99.1
109.0
90.3

100.8
107.7
'94.5

74.0
99.7
108.2
101.9

Hides and skins
Leather
Footwear
Other leather products

90.2
103.9
109.0
104.0

86.5
104.2
109.1
102.5

Fuels and Related Products, and Power
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined

,

Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes.
Miscellaneous rubber products

Tobacco products
Alcoholic beverages
90,7
Nonalcoholic beverages
88.5
96.5 Miscellaneous Products:

Lumber and Wood Products:
Lumber
Millwork.
Plywood
NOTE.—Bureau of Labor Statistics.




1965

Group

100.8
107.5
93.0

Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products

112 5
11K8
111.0

114.2
113.7
114.2

'114.5
113.8
115.3

114.7
114.1
115.6

104.6
104.3

105.0
104.1

104.3
105.1

104.5
105.1

107.3
r
96.5
100.8

107.3
96.5
100.9

100.6

100.6

103. 7

99 0
r9o 6
86 6
104 4

106.1
103.3
98.0
r
90.2
r
86.4
104.7

106.2
103.6
98.0
90.2
86.4
104.7

101.0
102.7
101.0
103.8
108.6
87.4
101 .3

102.1
102.9
101.1
105.0
106.6
91.2
101 .2

102.1
103.2
101.3
105.0
106.6
91.2
101.0

102.1
103.2
101.2
105.1
107.7
91.2
101.2

105.9
101.0
125.3

106.1
100.5
128.1

106.1
1C0.5
128.1

106.1
100.9
128.1

100.9
117.4
99.1
103.3
101.7

101.0
116.4
99.1
103.9
103.0

101.6
115.1
99.1
103.8
103.1

101.6
114.9
99.1
103.8
103.3

105.2 j 106.6
96.9
96.3
99.8 100.8
100.5 | 100.6

105. 0
103. 1
100. 1
91. 8
87. 2

105 7

103.3

r

602

NATIONAL PRODUCT AND INCOME

APRIL 1965

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1964

1963
Item

1929

1933

1941

1950

1960

1961

1962

1963

1964*
IV

104.4
79.0
9.2
37.7
32.1

Durable goods
Services

Residential nonfarm.
Other
Chance in business inventories
Nonfarm only

I

II

IV*

III

56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6
46.4
3.5
22.3
20.7

16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4

81.9 195.0 328.2 337.3 356.8 375.0 399.3 381.3 390.0 396.1 404.6 406.5
9.7 30.4 44.9 43.7 48.4 52.1 57.0 53.6 55.9 57.0 58.7 56.3
43.2 99.8 151.8 155.4 162.0 167.5 177.3 168.9 172.9 175.3 179.5 181.3
29.0 64.9 131.5 138.3 146.4 155.3 165.1 158.8 161.1 163.8 166.4 169.0
18.1
6.6
3.5
3.1
6.9
4.5
4.0

50.0
24.2
14.1
10.1
18.9
6.8
6.0

71.8
40.7
21.1
19.7
27.6
3.5
3.2

68.8
41.0
21.1
19.8
25.9
1.9
1.5

79.1
44.2
23.6
20.6
29.0
5.9
5.3

82.0
46.6
25.2
21.3
31.0
4.4
3.9

87.7
48.9
26.0
22.9
35.1
3.7
3.6

87.1
48.3
26.2
22.1
32.4
6.4
6.0

85.9
49.2
26.9
22.3
34.2
2.5
2.2

87.2
48.9
26.2
22.7
34.6
3.7
3.4

87.3
48.9
25.7
23.1
35.6
2.8
2.7

90.4
48.7
25.1
23.6
36.0
5.7
6.1

4.6
27.6
23.0

4.0
29.2
25.2

4.4
30.7
26.3

7.0
35.2
28.2

5.8
32.6
26.9

7.7
34.5
26.8

5.7
33.7
27.9

7.0
35.7
28.7

7.7
37.1
29.4

Net exports of goods End services

.8
7.0
6.3

.2
2.4
2.3

1.1
6.0
4.8

.6
13.1
12.5

3.0
26.3
23.3

Government purchases of goods and services..
Federal
National defense
)
Other
Less * Government sales
State and local

8.5
1.3
..3

8.0 24.8
2.0 16.9
2.0 \ 13.8
/ 3.2
6.0
7.8

39.0
19.3
14.3
5.2
.1
19.7

99.6 108.0 116.3 122.6 128.6 124.8 125.2 129.6 129.5 130.0
53.1 57.4 62.9 64.7 65.5 64.9 64.3 67.1 65.5 65.3
45.7 49.0 53.6 55.2 55.4 55.3 54,0 57.0 55.2 55.3
8.0
8.9 10.2 10.3 11.2 10.5 11.5 11.0 11.2 11.3
.6
.6
.9
1.1
.8
1.2
.9
1.2
.9
,9
46.5 50.6 53.5 57.9 63.0 59.9 60.9 62.5 64.1 64.6

Gross national product in constant (1954)
dollars

7.2

181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 502.0 508.0 513.5 519.6 522.7

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series
see National Income 1954 Edition, A Supplement to the Survey of Current

Business; U.S. Income and Output, A Supplement to the Survey of Current
Business (1958); and the July 1964 Survey of Current Business.

NATIONAL INCOME
(In billions of dollars)
1963
Item

1929

1933

1941

1950

1960

1961

1962

1963

1964

1964*
IV

n

m

iv*

National income

87.8

40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 520.2

Compensation of employees

51.1

29.5

64.8 154.2 293.6 302.2 323.1 340.3 361.7 347.7 352.5 358.6 364.8 370.6

Wages and salaries
Private
Military
Government civilian

50.4
45.5

29.0
23.9
.3

62.1 146.4 271.3 278.8 297.1 312.1 331.6 318.8 323.2 328.7 334.4 339.9
51.9 124.1 222.9 227 0 241.6 252.9 267.4 257.6 260.8 265.3 269.4 274.0
9.9 10.2 10.8 10.9 11.8 11.7 11.7 11.7 11.8 11.9
1.9
5.0
8.3 17.3 38.5 41.6 44.7 48.3 52.4 49.6 50.7 51.7 53.2 54.0
7.8 22.3 23.4 25.9 28.2 30.1 28.8 29.4 29.9 30.4 30.7
2.7

Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

.7

.5

.1
.6

.1
.4

2.0
.7

4.0
3.8

11.3
11.0

11.8
11.6

14.8

5.6

17.4

37.5

46.2

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

34.2
12.0

5.4

2.0

3.5

9.0

10.1 - 2 . 0

14.5

.2
9.6
1.4
.5
8.3
-.4
5.8
2.4 -2A

77.0
7.6
9.4
4.5
4.9

.5 - 2 . 1

-2.5

-5.0

.2

-.1

.3

5.0

4.5

5.5

18.1

20.1

22.1

6.4

15.1
13.1

16.0
14.1

15.4
13.4

15.7
13.7

15.9
14.0

16.2
14.2

16.2
14.5

48.2

13.6
12.3
49.8

50.6

52.0

51.5

51.2

51.7

52.1

52.8

35.3
12.9

36.6
13.2

37.6
13.0

39.3
12.7

38.3
13.2

38.6
12.6

39.1
12.6

39.6
12.6

39.9
12.9

12.1

12.2

12.2

12.3

12.4

12.4

12.4

12.4

12.4

12.5

35.7

44.5

44.1

48.4

50.8

57.0

53.1

56.4

57.9

58.1

56.7

40.6
17.9
22.8
9.2
13.6

44.3
22.3
22.0
14.5
7.5

44.2
22.3
21.9
15.2
6.7

48.2
23.2
25.0
16.5
8.5

57.3
24.6
26.7
18.0
8.7

57.2
25.6
31.6
19.8
11.8

54.3
26.0
28.3
19.1
9.2

56.6
25.4
31.2
19.4
11.8

57.9
26.0
31.9
19.8
12.1

58.0
26.0
32.0
20.0
12.0

57.4
25.7
37.7
20.2
11.6

-.4

-.2

-1.2

-.2

-.1

.1

-.7

24.4

26.8

25.4

25.9

26.5

27.1

27.6

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.




603

NATIONAL PRODUCT AND INCOME

APRIL 1965

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1963

Item

1929

1933

1941

1950

1960

1961

1962

1963

1964

1964*
IV

104.4

Gross national product
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

H

III

IV»

56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6

8.6

7.2

9.0

19.1

7.0
.6
.3

7.1
.7
.9

11.3
.5
.4

23.7
.8
-.7

.1

.2

43.0

44.5

48.7

50.8

46.4 49.0 52.8 55.9
2.4 - 12.4
2.4
2.2
.
-2.7
-3.0 -2.6

53.4

53.7

54.4

59.4 57.3 57.9 59.0 60.1
2.5
2.5
2.5
2.5
2.4
-1.7 -1.8 -1.6 -2.4 -1.4

60.7
2.5
-2.2

51.7

52.5

53.1

Plus: Subsidies less current surplus of government enterprises

-.1

Equals: National income

87.8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements

10.1
.2

-2.0
.3

14.5
2.8

35.7
6.9

44.5
20.6

44.1
21.4

48.4
23.9

50.8
26.9

57.0
28.7

53.1
27.5

56.4
28.0

57.9
28.4

58.1
29.0

.9
1.0
5.8
.6

1.5
1.2
2.1
.7

2.6
1.3
4.5
.5

14.3
4.8
9.2
.8

27.3
7.8
14.5
2.2

31.3
7.4
15.2
2.4

32.3
8.0
16.5
2.4

34.3
8.6
18.0
2.4

35.7
9.2
19.8
2.5

34.7
8.8
19.1
2.4

35.9
9.1
19.4
2.5

35.5
9.3
19.8
2.5

35.5
9.2
20.0
2.5

85.8

47.2

2.6
1.3
1.4

1.5
.5

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and nontax payments....
Federal
State and local

Less: Personal consumption expenditures..

79.0
4.2

Equals: Personal saving
Disposable personal income in constant (1954)
dollars

1.6

1.0

.9

.7

1.0

.7

.9

.1

83.1

Equals: Disposable personal income

1.6

.5

1.0

40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5 520.2

1.0
45.7
46.4

56.7
29.3
-.1

35.9
9.3
20.2
2.5

96.3 228.5 401.3 417.6 442.4 464.1 491.4 474.5 480.9 487.9 494.5 502.2
3.3
2.0
1.3

20.8
18.2
2.6

93.0 207.7
81.9 195.0
11.1

12.6

51.4
44.0

52.9
45.1

57.9
49.1

61.6
51.9

7.3

7.8

8.8

9.6

349.9 364.7 384.6 402.5
328.2 337.3 356.8 375.0
21.7

-.6

27.3

27.8

59.5
49.0
10.6
431.8
399.3
32.5

27.5

63.3
53.4
9.9
411.2
381.3

61.4
51.2
10.2

57.7
47.3
10.5

58.8
48.2
10.6

60.2
49.3
10.9

419.5 430.2 435.6 442.1
390.0 396.1 404.6 406.5
29.5

34.0

31.0

35.5

29.9

134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 360.7 366.7 374.7 378.8 383.1

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

PERSONAL INCOME
(In billions of dollars)
1964
Item

1963

1965

1964
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Total personal income.

464.1 491.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.9 1510.2 510.7

Wage and salary disbursements......
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government

312.1 331.6 323.6 325.1 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.6 344.7 346.9
123.3 129.8 127.1 \T1.A 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.6 135.6 136.6
98.0 103.0 100.7 101.1 102.3 102.3 102.7 103.0 103.8 105.1 103.4 105.6 106.8 108.0 108.8
80.3 84.9 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.7 88.2 88.8
49.3 52.6 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.1 54.4 54.8
59.2 64.2 62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 66.5 66.8

Other labor income.

13.1

14.1

13.7

13.8

13.9

14.0

14.1

14.2

14.2

14.3

14.4

14.5

14.5

14.6

14.7

Proprietors' income
Business and professional.
Farm

50.6
37.6
13.0

52.0
39.3
12.7

51.3
38.7
12.6

51.2
38.8
12.4

51.5
39.0
12.5

51.7
39.1
12.6

51.9
39.3
12.6

51.9
39.5
12.4

52.2
39.6
12.6

52.4
39.7
12.7

52.5
39.8
12.7

52.8
39.9
12.9

53.2
40.1
13.1

53.0
40.3

52.7
40.4

12.7

12.3

Rental income

12.3

12.4

12.4

12.4

12.4

12.4

12.4

12.4

12.4

12.4

12.5

12.5

12.5

Dividends

18.0

19.8

19.4

19.6

19.8

19.8

19.9

20.0

20.0

19.9

19.9

19.9

20.6

Personal interest income.

32.9

36.0

35.0

35.3

35.5

35.7

35.9

36.0

36.2

36.5

36.7

36.9

37.2

Transfer payments

36.7

38.2

37.5

37.8

38.2

38.0

37.6

37.8

38.0

38.0

38.3

38.4

38.5

11.8

12.7

12.3

12.4

12.5

12.5

12.6

12.7

12.8

12.9

12.9

13.0

13.1

Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income

for

12.5

20.4

20.6

37.4

37.6

140.8

38.9

13.2

13.2

446.6 474.2 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.6 1493.2 494.1
17.5

17.1

17.0

16.8

17.0

i Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.0 billion.




12.5

17.1

17.2

16.9

17.1

17.2

17.3

17.5

17.4

17.0

16.6

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

1.

SUMMARY O F FLOW O F FUNDS ACCOUNTS FOR F O U R T H QUARTER, 1964—Seasonally adjusted annual rates
ON
O
4

(In billions of dollars)
Private domestic nonfinancial sectors

Sector

Households

State
and local
govts.

Business

Financial sectors
U.S.
Govt.
Total

Monetary
auth.

Total

Coml.
banks

Nonbank
finance

Rest of
the
world

All
sectors

Discrepancy

Transaction
category1
2
3

Gross saving
Capital consumption
Net saving ( 1 - 2 )

4

Gross investment ( 5 + 1 0 ) . . . .

5
6
7
8
9

Private cap. expend., n e t . . . .
Consumer durables
Residential constr
Plant and equipment
Inventory change

10 Net financial invest. (11 - 1 2 )
11 Financial uses, net
12 Financial sources

108.1

57.7
46.7
11.0
54.4

78.4
56.1 ..
18.5 ..
3.9 ..

15
16
17
18

Dem. dep. and currency.
Private domestic
U.S. Govt
Foreign

19
20
21

Time and svgs. accounts.
At coml. banks
At svgs. instit

23.8
8.2 .

22
23

Life insur. reserves
Pension fund reserves...

4.9 ..
11.0

-6^5
2.0

.2

16.4

-5.0 .

11.8

-1.7

4.1 .

73.1

2.4

29.3

9.0

1.6.

1.7

.1

.2

.2

1.5

64.3

23.9

35.6 .

4 . 2 ...

24

Consol. bank items i
Credit mkt. instr
U.S. Govt. securities
State and local oblig
Corp. and foreign bonds
Corp. stocks
1- to 4-family mortgages
Other mortgages
Consumer credit
Bank loans n.e.c
Other loans
Open market paper..,
Federal loans

10.6
1.1
1.4
3.4
-1.7

37
38
39

Security credit
To brkrs. and dealers...
To others

-.3
-.3

40
41
42
43

Taxes payable
Trade credit
Equity in noncorp. business.
Misc. financial trans

3.4

-.9

3.2

3.1

23.5 - 1 . 0 31.8
.
-3.5
.
.
4.2
.
-1.5
15.9
5.6
.5
13.4
6.0
1.5
.4
12.7
.6
1.0
3.6
1.0 - . 2
.9
-.6

-2.5
-4.5 .
.4
1.3 .

.3
..
.3

30.1 .
14.5 .
15.6

3.1

5.9

4.9 .
11.0

.1
1.0

3.1

7.2 61.2
-6.9
1.8
5.6
4.2
4.7
-1.7 -1.5
1.3 15.3 - . 7
.3
5.6 13.9
6.0
1.5
13.1
"i.O
4.6
3.8
1.0 — .2
1.2 "i'.i
-.3

2.6
1

-5^5

-1.5

-1.5

67.5
5.5
3.8
3.7
3.4
14.5
8.0
4.6
18.0
6.1
1.6

8.5

" —. 6

-2.4
7

4.5
. ...
10.7

-8.0

3.3

.4
-2.4
.4

4.5
.5
-2.4 -2.4
11.4
.4

32.0
16.0
15.9

2.3
2.7
2
2.0
1.7
.8
.9

-3.7
-3.7

139.7

1.3

1.3
1.3
-.1
-.6
5.3 11.7
7.0 14.0
-1.9 -2.4
.2
.2

-.3

1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash,
F.R. loans to banks, F.R. float, and stock of F.R. banks. See Table 4 (G) and (H).

.
.

15
16
17
18

4.8
6.9

4.9
11.0

4.9
11.0

22
23

-1.5

-1.5

24

79.8
1.7
5.6
8.6
1.3
15.1
13.9
6.0
18.0
9.6
1.4
3.7

79.8
1.7
5.6
8.6
1.3
15.1
13.9
6.0
18.0
9.6
1.4
3.7

25
26
27
28
29
30
31
32
33
34
35
36

31.6
8.1
-1.0
.9 .
3.5
1.9
3.4
2.7
12.4 - . 2
6.2
2.1
2.0
1.7

1.7
3.1

7.5

.2
-.4

2.1
.1

-1.3
-1.3

2.9
2.3
.7

- . 1 -3.7
.6 - 3 . 7
-. 6

-4.4
-3.7

._ 7

32.0

3 3

2.0

1.5

-1.5

1.3

- 7

-.4
1.2
-2.4
16.6
6.6
-7.6

37
38
39

-4.4
-3.7

5
4.9

-.3

7.0
-.5

16.0
15

.2

-4. s

13
14

16.0
15.9

1.4

1.
-4.0
-4.0

10

15.<

.1 - 1 . 6

2.1
1.8
2.5 .
17.9 .
2.0
.9

.4.0

10.0 11
6.0 12

19
20
21

16.0

30.8
1.4
2.9

-7.8

10.0

32.0

5.1
5.0

.
.
.
.

147.4 .
35.7

150.2
146.1
56.1
25.0
59.6
5.5

7.8 .

-4.0

151.8
101.7
50.1
-7.8

153.9
146.1
56.1
25.0
59.6
..5.5

6.3
9.1
-2.5
-.2

4.8
6.9

-4.1
-3.4

-.6

o

- G

5.4
4.9
.1
.4

11.7
14.0
-2.4

6.7 ..

146.3
101.7
44.5

-5.5

-4.0

-.1

25.4

4.9 .

4.1

61.3

.2

65.9

1.6
.3
1.3

-.1

25
26
27
28
29
30
31
32
33
34
35
36




1.2
.4
.8

145.7
56.1 ..
25.0 ..
59.2 ..
5.5

-12.9
23.0

2.9
.7
2.3

-6.5

-1.7

157.5

-5.0

55.3
5.5

53.6

155.3
101.1
54.2

-2.5

67.3

29.6

Gold & off. U.S. fgn. exch.
Treasury currency

Sector discrepancies (1 — 4)..

3
o

100.1
54.3
45.7

13
14

4

Natl.
saving
and investment

-.9
-3.7
-10.0

40
41
42
43

-7.6

NOTE.—For other periods see Table 4. For description of sectors and transaction types see Aug. 1959
BULL., pp. 846-57 and Flow 0/Funds Accounts, 1945-62, 1963 Supplement.

i
ON

605

FLOW OF FUNDS

APRIL 1965
2. SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)

Transaction category,
or sector

1962
1960

1961

1962

1963

1963

1964

1964
II

IV

III

IV

II

III

IV

I. Saving and investment
131.5 130.6 138.0 140.1 146.1 144.6 148.2 150.4
84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7
12.2 12.2 12.3 12.4 12.5 11.6 12.1 12.6
40.3 38.7 38.7 40.4 39.9 44.2 45.1 45.5
-5.6 -5.9 -2.8 -2.0
- . 8 -4.0 -9.6 -7.0
-2.5
-2.2 -2.3 -2.1 -2.5 -2.6 - 2 .
2
2.8
4.7
3.2
3.9
.9
4.2
3.4
3.*4

Gross national saving
Households
Farm and noncorp. business.
Corporate nonfin. business..
U.S. Government
State and local govt
Financial sectors
Gross national investment...
Consumer durable goods.
Business inventories

9
10

117.4
44.9
3.5

136.7 148.9 131.0 130.2 134.6 136.5 145.5 147.3 148.2 149.9 150.2
52.1 56.9 50.2 51.1 51.5 52.2 53.
55.9 56.9 58.5 56.1
3.5
4.2
4.4
5.4
3.6
2.4
3.6
3.6
2.5
5.5
6.4
84.0
22.7
60.7
.6

Gross pvt. fixed investment.
Households
Nonfinan. business
Financial sectors

11
12
13
14

15
Net financial investment.
16 Discrepancy (1-8)
II. Financial flows—Summary
17 Net funds raised—Nonfinan. sectors
18 Loans and short-term securities . . .
19 Long-term securities and mtgs
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

By sector
U.S. Government
Short-term mkt. securities
Other securities
Loan participation certs
Foreign borrowers
Loans.
Securities
Pvt. domestic nonfin. sectors
Loans
Consumer credit
Bank loans n.e.c
Other loans
Securities and mortgages
State and local obligations
Corporate securities
/- to 4-family mortgages
Other mortgages
Net sources of credit (= 17)
Chg. in U.S. Govt. cash balance.,
U.S. Govt. lending
Foreign funds
Pvt. insur. & pension reserves...
Sources n.e.c

43
44
45
46
47
48
49
50

Pvt. domestic nonfin. sectors
Liquid assets
Deposits
Demand dep. and currency
Time and svgs. accounts...
At commercial banks... .
At savings instit
Short-term U.S. Govt. s e c . .

51
52
53

Other U.S. Govt. securities
Pvt. credit mkt. instruments...
Less security debt

35.0
15.0
20.0

151.8
100.1
12.9
44.9
-6.5
-2.5
2.9

46.9 58.3
16.3 15.4
30.7| 42.9

62.3
18.5
43.8

70.9
26.9
44.0

74.7
22.4
51.9
.4

74.4
21.6
52.2
.6

76.7
21.5
54.4
.9

78.7
22.2
55.3
1.2

.7
.5

1.2
.4

2.7
3.4

1.4
3.6

58.5
20.8
37.7

59.3
17.5
41.

72.5
28.4
44.1

53.7
4.5
49.2

6.6
4.4
.9
1.2
3.4
1.7
1.7
48.5
13.5
6.4
5.3
I.
35.0
3.3
4.1\
13.5
14.1
58.5
3.
3.2
2.3
8.8

10.9
6.6
4.0
.3
3.7
1.6
2.1
44.6
9.1
6.3

11.6 - 5 . 0
9.0 -10.4
6.4
3.3
- . 7 -1.0
1.4
5.0
1.0
3.1
.5
1.8
57.3
55.9
16.9 15.0
7.1
6.9
5.2
6.5
2.6
3.5
39.0 42.4
7.5
7.0
4.2
2.8
16.3
15.8
14.3
13.4
72.5 53.7
2.9 - 7 . 7
3.6
2.6
-.4
7.1
11.3
10.5
5.7
2.2

2.1

2.5
35.6
5.6
5.0
13.6
11.
59.3
4.5
.2
3.3
8.7
7.2

83.5
22.9
59.4
1.2

83.5
22.8
60.2
.4

84.3
22.6
61.4
.4

5.5
4.8
.6 - 2 . 7

4.2

4.5
.4

4.0
1.6

68.2
26.1
42.1

78.5
28.6
49.9

65.7
14.6
51.1

71.3
38.3
33.0

80.
22.4
57.1
1.3

63.7
23.5
40.2

7.9
5.1
11.6
1.7
9.1
.8 - 2 . 0
.3
3.5
5.5
6.5
1.6
.6
1.7
-.2 -1.0
4.1
3.0
4.0
3.2
4.1
3.0
3.2
3.5
.9
-.2
58.8 52.4 66.5 57.5
19.9 13.8 22.9 13.0
6.5
7.3
7.5
6.5
4.3
8.4
3.1
11.4
3.0
7.2
2.4
2.0
38.9 38.6 43.6 44.6
4.2
5.9
7.8
6.6
6.6
7.0
5.2
1.7
15.3
16.5
16.9
15.1
15.4 12.5 14.3 14.7
63.7 68.2 IS.5 65.7
8.0 - 1 . 1 - 4 .
-1.5
2.8
3.0
5.1
4.5
*
2.8
.5
2.7
9.9
9.4
10.7
10.5
6.5
5.7
4.9
1.0
49.3 38.2
40.7 27.5
38.7 24.6
9.8 - 3 . 0
28.9 27.6
13.6 12.5
15.3 15.1
3.0
2.1

56.3
35.9
36.3
9.5
26.8
11.4
15.4
-.4

1.3
8.6
1.4

1.2
9.3
-.1

6.9
14.1
.6

72.5 53.7
2.9 - 7 . 7
69.6 61.4

63.7
-1.5
65.2

68.2
8.0
60.2

69.6
2.6
2.2
-.4

61.4
1.0
1.9
.9

65.2
2.6
2.1
-.5

60.2
5.5
5.1
-.4

3.4

22.3
25.7
3.3

18.1
9.7
-8.5

.1

.1

23.0
22.9
-1.0
.9

28
28.9
.6

25.7
36.3
10.6

27.8
38.7
10.9

25.4
30.7
5.3

2.6

3.6

4.5

38.4 35.4
34.2 33.3
33.8 29.4
5.0 - 2 . 7
28.9 32.1
14.0] 15.3
14.8\ 16.8
3.9
.4

47.3
41.5
35.9
10.6
25.3
10.6
14.7
5.6

41.2
29.0
28.1
2.1
26.0
13.0
13.0
.9

-1.6
7.2
1.4

-1.6
5.4
1.8

2.1
6.6
2.

5.8
8.2
1.

58.5
3.8
54.7

59.3
4.5
54.8

54.7
1.6
2.3
.6

54.8
4.1
5.3
1.1

20.1
23.3
3.2
.1
24.8
30.5

51.1
28.7
33.9
5.9
28.
12.0
16.1
-5.2

8
9
10

84.6 11
22.4 12
61.8 13
.4 14

2.6 20
8.4 21
- 6 . 7 22
.9 23
7.5 24
5.3 25
2.2 26
61.2 27
23.7 28
6.0 29
13.1 30
4.6 31
37.5 32
5.6 33
2 8 34
15.3 35
13.9 36
71.3 37
- 2 . 4 38
3.4 39
4.0 40
11.8 41
3.2 42
51.3
39.0
43.8
13.7
30.1
14.5
15.6
-4.8

43
44
45
46
47
48
49
50

7.4 - 2 . 1
14.0 14.0
-.9
-.4

51
52
53

HI. Direct lending in credit markets
54 Total funds raised
55 Less change in U.S. Govt. c a s h . . .
56 Total net of U.S. Govt. cash
57 Funds supplied directly to cr. mkts..
58
Monetary authorities
59
Total
60
Less change in U.S. Govt. cash
61
62
63
64

Commercial banks, net
Total
Less chg. in U.S. Govt. cash..
Security issues

65
66
67

Nonbank finance, net.
Total
Less credit raised...

68

U.S. Government.

69

Foreign

70
71
72
73
74

Pvt. domestic nonfin
Consumers
Business
State and local govts...
Less net security credit.

46.9
*
46.9
34.2

20.6
21.1
.6

26.8
33.6
6.9
2.7

5.7
3.2

5.5
4.1

For notes see second page following.
Data are revised from those shown in March 1965 BULL.




3.6

.5
4.5
5.2
1.6
-.9
1.4

78.5 65.7
-1.1 -4.1
79.6 69.7

71.3
-2.4
73.7

69.7
.8
1.2
.4

73.7
5.0
5.1

79.6
1.4
2.1
.7

.1

10.4 23.8 19.4 28.9
19.6 22.6 15.5 26.8
-4.5 -2.5
8.4 - 1 .
.6
.9
.5
.4
28.4
31.1
2.7

27.3

5.1

1.1

5.1

-2.2

-.7

-.4

2.1

6.0
3.0

11.4
6.0
4.4
3.9
2.9

13.1
9.5
1.
4.3
1.8

10.6
10.4
2.1
-.4
1.4

13.6
5.7
2.9
4.9
-.1

20.0
14.3
1.5
4.8
.6

3.9
1.8

54
55
56

31.4
32.7

27.2
28.9
1.7

1.3

3.4

68

1.7

69

3.0
-2.0

7.5
17.2 10.6
10.9 - 1 . 0
1.9 - 2 . 5
3.4
Q

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.

606

FLOW OF FUNDS

APRIL 1965
3. PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)

Transaction category,
or sector

1962
1960

1961

1962

1963

1963

1964

1964

ii

IV

m

iv

II

III

IV

I. Demand deposits and currency
Net incr. in banking system liability.
U.S. Govt. deposits
Other
Domestic sectors
Households
Nonfinancial business
State and local govts
Financial sectors
Mail float
Rest of the world

5.4
-.7
-.9
-1.0
1.7

5.3
5.1
X.I
.3
1.
1.0

4.4
5.0
1.3 -.4
5.5
3.1
5.2
3.0
.4
2.1
.8 -2.5
.9
3.2
.3
1.1
2.1
-.2
.1

7.3
.1
7.3
6.6
2.1
.5
2.4
.1
1.6
.7

1
10.8
1.8 14.1 -4.5
8.7
6.4
8.4
2.8 11.7
2.9 -7.7 -1.5
3.8
4.5
8.0 -1.1 -4.1 -2.4
2
7.0 -2.7 11.2
3.
10.2 -1.6
9.6
6.9
3
14.1
6.9 -3.2 10.6
2.9 10.5 -3.2 10.2
5.3
4
14.0
-.6
2.4
.8 -.2
5.5
2.1 - . 4
2.4
5
4.2
2.0 -4.2 -2.6 -1.7 -1.3 -5.0
7.9
-.9
6
4.2 -.2
7.2
2.0
3.6
2.6
2.3
3.4
1.5
7
A
1.9
.7 -.2
.8
-.5
.3
.7
8
"7
n
4.
4.1 -2.1
.7
7.0
.6
.9
9
.6
1.6 -.6
.3 -.3
.2 10
1.5
'A
A

II. Time and savings accounts
11
12
13
14
15
16
17
18

Net increase—Total
At commercial banks—Total
Corporate business
State and local govts
Foreign depositors
Households.
At savings institutions
Memo: Households total.

15.3
5.8
.8
1.4
.3
3.3
9.5
12.8

28.7
15.6
2.6
1.0
.6
11.5
13.1
24.4

29.2
14.1
3.9
1.6
1.0
7.6
15.1
22.6

29.7
14.0
3.3
1.7
1.4
7.6
15.7
23.2

11.0
15.1
25.8

34.1
16.6
4.6
2.9
1.4
7.8
17.5
24.6

19 Total net issues
20
Short-term marketable.
21
Other

-2.5
3.1
-5.3

7.3
.5
4.8

5.2
1.4
1.1

6.3
4.1
.9

5.4
4.4
-.3

10.6
6.6
6.1

22 Net acquisitions, by sector
23
Monetary authorities
Short-term
Commercial banks
Short-term direct
Other direct
Nonguaranteed
Nonbank finance
Short-term direct
Other direct
Nonguaranteed
Foreign
Short-term
Pvt. domestic nonfin. sectors...
Short-term direct
Other direct
Nonguaranteed
Savings bonds—Households.

-2.5
.7
-1.0
1.7
7.0
-5.2
-.1
-.3
1.2
-1.7
.2
.5
.2
-5.1
-4.3
-.4

30.7

'2:1

26.7
13.8
3.2
1.5
.8
8.3
12.9
21.3

29.9
14.4
5.2
1.9
.8
6.4
15.5
21.8

29.4
14.0
6.5
.5
1.5
5.5
15.4
20.6

12.4 -4.0
9.0 -10.4
-1.2
2.5

1.9
.3
-3.0

12.6
9.1
5.0

26.1
11.6
2.4
.3
.9
8.0
14.4
22.6

28.5
12.9
1.5
.8
1.5
9.1
15.6
24

28.9
12.9
1.9
2.5
1.0
7.6
16.0
23.7

32.0
16.0
3.2
3.1
1.4
8.2
15.9
23.8

III. U.S. Govt. securities

5.2
7.3
6.3
5.4
2.8
1.9
3.4
2.0
2.0
4.9
2.1
2.9
.8 -2.5 - . 8
2.0
-5.2 -3.6
3.7 -2.1
5.2
.5 - 4 . 3
2.8
.2
.5
1.3
1.3 -.7
.6
1.
1.8
.7 -1.3
.8
2.1
.5
.5
.5
*
.1
.2
-.3
1.2
.6
.8
2.0 -.7
1.4
2.0
-1.3
1.0
-2.7
.2
3.0 -1.6
1.0
*
.4
.9
.6
1.2
.9
.4

-'.3

10.6
12.4
5.4
2.4
13.5
7.8
4.1
*
-5.1 -3.2
10.3
2.0
-1.1
1.3
-2.4 -1.2
-4.1 -1.3
1.8
.1
-.2
3.4
1.2
1.2
-.3
7.7
2.4
4.6
2.5
*
.7
2.1
-2.2
1.1
1.4

-4.0
1.8
.4
-13.3
-10.1
-3.9
.7
3.2
2.1
.6
.6
-2.4
-2.6
6.7
_ 2
4!2
1.5
1.1

13.2 13.6
5.6
7.0
5.0
2.8
.1
*
1.9
.4
1.8
2.1
13.2 13.6
-.5 -3.4
1.5
1.

14.0
7.5
4.2
.1
1.7
.5
14.0
1.0
1.0

1.9
1.6
1 Q

-1.0
4.2
-6.3
1.1
-2.2
-1
-.6
.2
.2
-1.1
3.4
.9
-.7
2.1
1.2

6.2
1.7 19
4.5
.8 -2.0
8.4 20
1.6
5.1 -8.3 21

12.7
6.3
5.4
2.1
5. -2.9
2.5 -5.3
2.7
2.3
1.5 -8.7
1.1
-1.7
2.2
2.2
.5
2.3
1.6 -.4
.3
-K6
.8
-1.3
.4
4.2
6.5
2.1 -1.3
1.9
5.3
-.6
1.6

4.5
1.3
5.9
-1.8
-1.0
-.2
-.6
3.0
.3
2.4
.3
-.2
-1.0
2.2
-6.0
6.6

1.8
5.0
.4
1.4
11.0
-9.8
.3
-1.0
.2
-1.7
.4
3.1
2.7
-6.9
-5.9
-1.9
-.2
1.0

22
23
24
25
26
27
28
29
30
31
32
33

12.8
5.6
2.8
.4
1.9
2.2

4O
41
42
43

Q

3435
36

37
38
39

IV. Other securities
40 Total net issues, by sector....
State and local govts
41
Nonfinancial corporations.
42
Commercial banks
43
Finance companies
44
Rest of the world
45

11.1
3.6
5.3
.1
1.5
.6

13.7
4.9
7.3
.2
.5

11.7
5.0
5.3
.1
.3
1.0

13.0
6.7
3.4
.3
1.6
1.0

14.7
5.9
5.4
.6
2.1

46 Net purchases
Households
47
State and local govts
48
Corporate Business
49
Commercial banks
50
Insurance and pension funds...
51
Finance n.e.c
52
Security brokers and dealers.
53
Investment cos.—Net
54
Portfolio purchases.
55
Net issues of own shares..
Rest of the world
57

13.7
11.1
2.4
2.2
2.1
-.2
2.6
.4
8.0
7.1
-1.3
-.9
-.7
-.4
-.6
-.5
1.4
1.0
2.0
1.5

11.7
-.6
1.2

13.0
-.5
1.3

14.7
9.8
3.4 -1.4
1.4
1.5

58 Total net lending.
59
1- to 4-family..
60
In process...
Disbursed...
62
Other

16.0
10.4
-.1
10.5
5.6

25.3
13.4
.4
13.0
11.9

29.3
15.7
.5
15.2
13.6

29.5
15.7
-.3
16.0
13.8

63 Net acquisitions
64
Households
65
U.S. Government
66
Commercial b a n k s . . .
67
Savings institutions...
68
Insurance
69
Mortgage companies.

16.0
2.1
1.2
.7
8.9
2.9

25.3
4.0
.3
4.0
13.2
3.0
.5

29.3
4.3
-1.0
4.9
16.0
3.9

29.5
4.9
.2
4.4
14.4
4.8

2.8
2.7
-.3
.1

6.5
4.6
1.0
.4

8.1
5.6
1.7
.6

10.1
7.0
1.0
1.9

4.4
7.5
<%

1.1
1.9
.1

5.2
3.5
7.7
8.3
1
.7
-.7
-.2 - 1 . 2
-.5
-.5
.8
1.1
1.6
1.3
-.2
.2

9.8
3.3
4.1
.1
.7
1.7

3.8
7.4
-1.4
-.9
-.5
.5
1.0

5.6
7.5
-1.3
-.2
.4
.6

11.4
6.6
1.7
.9
2.4
-.2

13.4
4.2
6.6
.9
1.8

17.0
5.9
7.0
.5
2.8
.9

15.5
7.8
5.2
.6
1.

11.4
.9
1.0

13.4
2.4
1.0

17.0
4.3
1.5

15.5
3.7
1.5

5.8
6.
3.3
2.5
3.0
5.6
8.4
7.7
7.1
8.8
8.7
7.4
1. -2.0 -.7 -1.3
-.5 -2.2
.2 -1.0
.6 -2.0
1.0
-'.9 -1.0 -.3 -1.1
-.2
.'9
.9
.9
.6
1.6
.1
1.8
1.8
.4
1.6
.1
.2 -.2
.1

4445

12.8 46
3.1 47
1.6 48
49
3.1 50
8.2 51
-2.8 52
-2.2 53
-.6 54
2.1 55
2.7 56
-.1 57

1:1

V. Mortgages
19.
11.

25.4
14.0
.5
13.6
11.4

15^3
12.5

30.3
16.0
-.4
16.5
14.3

31.2
16.6
-.4
16.9
14.7

29.0
15.1
-.2
15.3
13.9

58
59
60
61
62

31.2
4.3
-.4
5.2
16.5
4.1
1.1

27.6
3.8
.3
4.5
14.6
4.2
-.2

30.3
4.0
.8
4.6
14.8
4.5
1.2

31.2
5.3
.1
4.7
15.4
5.1
.2

29.0
6.4
-.3
3.9
13.0
5.3
.3

63
64
65
66
67
68
69

8.0
5.
2.
.7

6.3
4.3
-.3
2.2

12.6
3.4
8.3
2.9
3.6 -1.4
.7
1.6

17.9
12.7
2.0
2.9

70
71
72
73

29.7
16.4
.6
15.8
13.4

31.2
16.9
.5
16.3
14.3

27.6
15.0

25.4 29.7
3.5
4.5
-1.3 -1.9
5.6
4.2
15.3 16.4
3.2
3.7
.2
1.

••>

VI. Bank loans n.e.c.
70 Total net borrowing
71
Nonfinancial business.
11
Nonbank finance
73
Rest of the world

For notes see following page.
Data are revised from those shown in March 1965 BULL.




1.3
-.4
1.3

8.5
6.1
1.3
.5

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.

607

FLOW OF FUNDS

APRIL 1965
Notes to Table 2
I. Saving and investment. Derived statistically from Commerce Dept.
income and product accounts. Tables presenting the relation to those
accounts are available on request. Gross national saving (line 1) is the
sum for domestic sectors of gross-saving entries in Table 4. It is before
deduction of capital consumption allowances. Govt. saving is net of
public outlays for capital goods as well as current operations. Gross
national investment (line 8) is gross private domestic investment in income-and-product accounts plus consumer durables plus net foreign
investment. Net foreign investment differs from corresponding incomeand-product series by amount of errors and omissions in balance of payment statement.
Relation of saving-investment discrepancy to flow of funds matrix is
described in Aug. 1959 BULL., p. 859.

II. Financial flows-Summary. This table is described in Nov. 1962
BULL., p. 1405. Total net funds raised (line 17) is borrowing through
credit markets (line 25 of Table 1) by households, nonfinancial business,
govts., and foreign. Credit market funds raised by all sectors consists of
line 17 plus financial-sector borrowing (Table 4(H), line 33 and Table
4(1), line 7).
U.S. Govt. short-term securities are direct marketable issues due in less
than 1 year and 2 years. For further detail see Table 4(E), lines 26-29
Demand deposits on lines 38 and 46 are on bank-record basis rather
than holder records shown in Table 4. Difference is described in Aug.
1959 BULL., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(J).
Sources n.e.c. (line 42) is mainly financial institution net sources of funds
other than deposits, insurance and pension reserves, security credit, and
credit mkt. funds.
Private domestic nonfinancial sectors (line 43) consists of acquisition
of deposits and credit market instruments by households, nonfinancial
4.

business, and state and local govts. Line 50 includes household savings
bonds as well as marketable issues; see Table 3, line 39. Line 52 includes
consumer credit and open-market paper in addition to private securities
and mortgages. Line 53 is net of free credit balances at brokers.
III. Direct lending in credit markets. Monetary authority total is
Table 4(G), lines 5 less 14. Commercial-bank total, line 63, is Table
4(H), line 5; includes security credit. Nonbank finance totals include
security credit both in lending and funds raised and exclude investment
company shares on both sides; line 67 is lines 3 and 4 of Table 4(1), less
line 4 of 4(1.8), and line 68 is line 7 of Table 4(1) plus line 5 of 4(1.7) less
line 4 of (1.8). Line 71 is the net sum of lines 50-53 in Table 2-II.
Notes to Table 3
I. Demand deposits and currency. Lines 5-8 are holder record; line 9
is difference between holder and bank record.
III. U.S. Govt. securities. All holdings stated in par values; excludes
special issues to international organizations and includes nonguaranteed
issues of Govt. agencies. Short-term category consists of direct marketable issues due in less than one year plus part of those due in less than
2 years.
IV. Other securities. Total excludes open-end investment co. shares;
these are shown as a deduction on line 56, offsetting net purchases of
such shares included in the other lines (mainly consumer) under "net
purchases." Net purchases includes small amounts for mutual savings
banks and nonfinancial corporations not shown separately.
V. Mortgages. Loans in process at savings and loan associations are
included in totals outstanding and treated as savings and loan liability.
Line 63 includes holdings by State and local govts. not shown separately.
Line 70 includes liability of consumers not shown separately.

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
(In billions of dollars)
1962

Category

1960

1961

1962

1963

1963

1964

1964
III

IV

IV

II

III

IV

(A) Households
1
2
3
4
5
6
7
8
9

Personal income
401.3 417.6 442.4 464.1 491.4 449.6 455.1 460.1 466.4 474.6 480.9 487.9 494.6 502.1
Less: Personal taxes & nontaxes.... 51.4 52.9 57.9 61.6 59.5 59.3 60.1 61.1 61.9 63.3 61.4 57.7 58.8 60.1
Consumption
328.2 337.3 356.8 375.0 399.4 364.0 369.2 372.0 377.4 381.3 390.0 396.2 404.8 406.7
Equals: Personal saving
21.6 27.3 27.8 27.5 32.4 26.3 25.9 27.1 27.1 30.0 29.5 33.9 30.9 35.2
Less: Saving by mutual finance 2 . . ,
1.6
2.1
2.0
2.1
2.4
2.1
2.1
2.3
2.3
2.1
2.1
2.2
2.1
2.1
Plus: Dur. ggoods in consumption..,
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
p
H h l d capital
i t l consumption
ti 33,
5.3
5.7
6.
6.5
6.9
6.
6.8
6.8
6.9
6.9
6.4
6.6
6.9
6.3
Hshold
3.2
3.2
3.6
4.1
4.2
4.2
4.6
4.4
3.9
4.3
4.5
4.6
4.0
3.9
Credits from Govt. insur. 4. ..
Equals: Household gross saving..., 73.5 78.0 83.9 88.2 98.3 84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7 100.1

10 Gross investment (11+15)
11
Capital expend, (net of sales)...
12
Residential construction
13
Consumer durable goods
14
Plant and equip, (nonprofit)...

73.6
66.5
18.4
44.9
3.1

83.0
63.7
16.7
43.7
3.3

90.3
69.8
17.9
48.4
3.5

94.3 104.2
74.0 79.5
18.2 18.8
52.1 56.9
3.8
3.7

91.0
72.6
18.7
50.2
3.7

90.2
72.7
17.9
51.1
3.7

94.7
73.0
17
51.5
3.7

93.8
74.5
18.5
52.2
3.7

98.6
76.0
18.7
53.6
3.7

96.8 105.9 106.0 108.1
78.8 79.8 81.1 78.4
19.
19.0 18.7 18.5
55.9! 56.9 58.5 56.1
3.7
3.8
3.9
3.9

Net finan. investment ( 1 6 - 3 4 ) . . .
Net acquis. of finan. assets 5...
Demand dep. and currency.
Savings accounts
At commercial b a n k s . . . .
At savings institutions. . .

7.1
23.9

19.3
35.1
1.1
17.9
6.8
11.1

20.5
40.5
A
24.4
11.5
12.9

20.3
45.6
2.1
22.6
7.6
14.9

24.7
49.3

17.5
40.9

21.7
47.9

19.4
47.0

22.6i

46.5

2.1
23.2
7.6
15.5

18.4
42.7
-.6
25.8
11.0
14.8

2.4
24.6
7.8
16.8

5.5
22.6
8.0
14.7

21.3
8.3
13.0

2K8
6.4
15.3

18.0
41.7
2.1
20.6
5.5
15.1

26.1
51.7
-A
24.4
9.1
15.4

24.9
50.9
!
2.4
23.7
7.6
16.1

Life insurance reserves
Pension fund reserves
Cr. and equity mkt. instr.. .

3.3
8.1

3.4

3.8

4.3
10.1

4.8
10.1

4.0
8.6

4.1
8.4

4.2
10.7

4.4
11.0

4.5
10.2

4.6
9.6

4.7
10.5

4.8
9.1

4.1

4.2

7.2

10.4

5.2

3.0

6.0

9.5

10.4

5.7

14.3

10.9

-3.2
-.3

-.7

15
16
17
18
19
20
21
22
23
24
25
26
27
28

U.S. Govt. securities
Savings bonds
Short-term mkt
Other direct
Nonguaranteed

29
30
31
32

State and local oblig
Corporate and fgn. bonds.
Corporate stock
Mortgages

- .9
12.8
3.3
9.6

-2.8
-.1
1.8
.3
2.1

33

Net invest, in noncorp. b u s . . .

-1.2

34
35

16.8
16.2

36
37
38
39
40

Net increase in liabilities
Households
Credit market instruments,
1 - to 4-family mortgages,
Consumer credit
Other loans 6
,
Security credit
,

41

Nonprofit organizations ? . .

-.1

42

Discrepancy (9-10)

-.6
-1.0

.4
.5
-.6 -1.3
.9
.4

.9 - . 1
1.4
.5
.6
.9 - 1 . 1 - 2 . 7
2.4
4.3
4.0
-1.

-1.1

15.7

20.0

25.3

14.8
13.3
11.1
1.7
.6

18.9
18.9
12.8
5.5
.6
-.1

24.3
22.2
14.9
6.7
.6
2.0

.9
1.1
.5 - 5 . 0
-6.5
-.2

-6.2

16.2
11.0
4.5
.7

1.3

For numbered notes see p. 615.
Data are revised from those shown in Jan. 1965 BULL.




3.4
1.2
2.6

1.0

29.6
52.6
4.2
23.8
8.2
15.6
4.9 21
11.0 22
10.6

4.7
-.5
1.9
4.1
1.1
4.9
6.0
1.0
.8
1.1
1.2
1.0
1.1
.9
1.4
.2
n
1.4
.6
4.1
4
.
4
1.9
5.3
.
5
1.9
-.3
-.1
-2.2
7.9
-1.5
1
\\l - 1 . 0 - 4 . 6
2.1
1.1
-1.1
1.6
.3
2
.
1
2.5
.2
1.1
1.4
3.5
1.7
-.2
-.5
1.4
1.2
1.0
£
3.4
3.6
1.2
2.1
-.4
.4
1.4
1.9
2'.3 - . 7 - 1 . 7
-.8 -4.5
- . 5 - 1 . 7 -3.9
.2
5.3
6.4
4.0
4.3
5.6
4.5
4.9
3.
4.9
3.5
-.1
-2., - . . 5 -2.4
- 1 . 5 -1.2
-1.7 -1.1
-1.6
26.0 23.0
26.
27.6 24.0 23.7 25.6
24.6 24.3
23.4
23.7 22.9 22.0 25.2 26.6 23.3 22.9 24.9 24.8 22.1
23.7 21.1 20.8 22.3 23.6 22.0 23.2 24.4 24.8 22.6
16.3 14.2 13.9 15.3 15.5 14.8 16.1 16.3 17.0 15.9
6.0
6.5
7.5
6.4
7.3
6.9
7.1
6.5
6.3
6.8
.6
.6
.3
.5
.8
.1
.9
.6
.5
.6
.6
-.5
2.8
1.2
1.7
2.7
1.1
.3 - . 1
-.2
.6
1.4
1.0
1.0
1.4
.9
.7
1.2
.9
-6.6 -5.2 -7.2 -6.0 -6.1 -2.4
-8.0
-5.8 -7.4
-5.9
2.2
.9

23
24
25
26
27
28
29
30
31
32
33
34

41
42

608

FLOW OF FUNDS
4.

APRIL 1965

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962

Category

1960

1961

1962

1963

1964

1963

1964
IV

II

III

IV

III

IV

(B) Nonfinancial business—Total i
1
2
3
4
5
6
7
8
9

Income before taxes 2
Gross saving
Gross investment.
Capital expenditures..
Fixed investment
Business plant & equipment.
1-4 family residential const. 3,
Other residential
Change in inventories 4

10 Net financial investment
11
Net acquis. in finan. assets
12
Net increase in liabilities 7
13
Credit mkt. instr
14
Securities
15
1-4 family mortgages
16
Other mortgages
17
Bank loans n.e.c
18
19

Other loans 7
Trade debt

20

Other liabilities

21 Discrepancy

89.6
44.5

91.0
44.6

96.6 100.1 107.8
50.2 51.7 57.2

97.4
52.5

97.8
50.9

98.7
50.9

100.6
52.7

103.2
52.4

106.2
55.8

40 ?,
49.7
46.2
43.6
- s
3 1

40.8
48.1
46.2
41.8

44.8
57.1
51.3
45.6

46.0
59.2
54.8
47.7

44 4
63.5
57.1
49.6

51 7
61.8
59.4
51.7

.4
6.6
4.4

45 9
55.8
52.2
45.8
— l
6 «?

50 3
59.5
55.3
48.5

.1
5.6
5.9

46 6
57.3
51.9
46.6
— 8
6 0

43 4
58.0
54.4
47.1

.4
4.0
1.9

52 7
64.2
60.7
53.6
— 4
7 5

5

3

6 8

6 5

3.5

5.4

3.6

3.6

4.2

5
7 0
6.4

7 9
2.4

-7.3 -12.3 -13.2 -11.5 -10.7 -9.9 -14.6
7.9 17.5 16.6 17.9 19.7
8.7 18.1 21.4
17.4 24.8 29.0 31.1 31.2
19.3
28.0
36.0
14.5
17.2 23.1
24.1
28.8
21.8
16.7 25.4

-9.2
17.8
27.0
25.0

3.5
-9.5

5.3
-.4
5.4
2.7
1.5
2.3
.6

7.3
.3
7.4
1.7
.5
5.3
2.3

4.3

3.9

5.3
.1
11 .4

3.4
.3
13.1

4.6
1.6
3.8
2.1

5.6
1.6
4.3
2.7

5.4

5.7

5.4
-.3

4.1
-.6

5.0
-.3

13.3

13.5

11.0

12.9

-.4
1.5
.2

6.1
3.1
3.7
6.9

5.0

7.5

7.0
4.5
3.4
.3
2.8 - 5 . 3
-.4
2.8
4.5

5.9

11.1

2.8
5

i

108.2 108.7 108.1
57.1 58.1 57.7
50.8 54.0 54.4
63.8\ 64.0 67.3
60.2! 61.4 61.8
53.1| 54.5 55.3
-.7
- .4j - . 6
7.2
7.5
7.5
5.5
3.6
2.5

-19.1 -10.1 -12.9 -10.0 -12.9
25.9
16.4
14.3 15.3 21.2
35.9 29.3
33.4 25.4 34.1
24.3
35.2 23.8 31.8
29.3
2.8
5.2
4.2
1.7
6.6
* -.6
:!
.8
.3 -.8
12.1
13.8
14.8
13.8) 14.1 13.4
2.9 12.7
8.31
5.1 11.5
4.3
3.6
2.1
1.7
1.0
1.0
6.0
.4
10.4
1.4
1.0
2.6 - 2 . 1
1.0
1.7 - 2 . 9
.6
3.2 -1.5
2.4

8.0

4.1

6.;

4.1

3.3

20
21

(C) Noncorporate nonfinancial business
1
2
3
4
5
6

Net income 2
Gross saving 5
Gross investment
Capital expenditures
Fixed investment ^ 9
Change in inventories 4

7 Net financial investment
8
Net acquis. in finan. assets
9
Net increase in liabilities 7
10
Credit mkt. instr
11
Mortgages
12
Bank loans n.e.c
13
Other loans 7 8
14
Trade debt, net
15
Proprietors' net investment....

52.1
11.9

54.0
11.5

55.6
11.8

56.6
12.3

58.0
12.3

55.6
12.2

56.3
12.2

56.0
12.3

56.6
12.4

57.4
12.5

57.1
11.6

57.7!
12.li

58.1
12.6

58.9
12.9

11.9
15.3
14.5

11.5
15.7
15.1

11.8
18.1
16.9

12.3
19.4
18.2

12.3
19.4
19.0

12.2
19.3
17.6

12.2
17.5
17.5

12.3
19.0
18.1

12.4
19.6
18.3

12.5
21.5
19.0

11.6
18.1
18.8

12.1]
19.8\
18.8
1.0]

12.6
20.
19.4
1.3

12.9
18.9
18.9
*

.8
-3.4

-.1
3.3
4.1
2.7
.8
.6
.3
-1.2

.6
-4.1

.5
4.6
5.5
4.3
1.0
.2

1.2
-6.4

1.2
-7.1

.4
-7.1

.6
.6
.6
7.0 7.7 7.7
8.8 10.5 12.4
6.2
7.2
7.2
1.7
2.1
3.2
.9
1.2
1.9
-.1 -1.8 -2.9

1
o -1.8

-1.1

-1.7

1.7
-7.1

1.3
8.5
8.5
6.9
1.0
.6
1.1
-1.1

*

.8

1.3

2.5

-.7

3
4
5
6

-6.1
-8.1
.4
1.2
.9
1.0
.7
.5
.1
*
7.3
9.0
6.3 7.4 7.7 9.2 6.5 8.1
6.3 11.0 10.3 14.5 12.0 12.91 11.1 13.4
7.0
7.7
5.8
7.4
7.9
7.9
6.5
7.9
4.4
2.4
1.9
-.7
1.8
1.7
5.5
4.1
2.1
1.0
1.3
1.9
.7
1.4
1.0
3.1
- . 6 -3.7
1.5 -2.1 -1.4 -5.2 -4.7 - 2 . 8
-.1 -.8 - 2 . 1 - 1 . 5 - 2 . 4
-1.6 -1.5 -1.2
-5.3

-6.7

-7.3

-9.0

-6.5

(D) Corporate nonfinancial business 1 °
1
2
3
4
5
6

Profits
Profits tax accruals
Net dividend payments 11
Net saving (1-2-3)
Capital consumption
Current surp.= gross saving (4+5).

7 Gross investment
Capital expenditures
Fixed investment
Plant and equipment
Residential construction
Change in inventories 4

9
10
11
12

13 Net financial investment
14
Net acquis. of finan. assets * 2 . . .
15
Liquid assets
16
Demand dep. and curr
17
Time deposits
18
U.S. Govt. securities
19
Consumer credit
20
Other loans (finance paper)...
21
Trade credit
22
Other financial assets 13
23
24
25
26
27
28
29
30
31
32

Net increase in liabilities....
CT. and equity mkt. instr.,
Corporate bonds
Corporate stock
Mortgages
Bank loans n.e.c
Other loans 14
Profit tax liability
Trade debt
Other liabilities

33 Discrepancy
34 Memo: Net trade credit.
35 Profits tax payments 15.

37.5
19.1
11.0

37.0
19.4
11.0

43.5
21.7
13.8

41.9
20.8
12.2

41.5
20.6
13.1

42.7
21.6
13.6

44.0
21.6
13.6

32.0
39.9

49.1
22.5
15.0
11.6
32.6
44.2

50.5
23.1
15.312.11
33.0
45.1

50.6
23.1
15.4
12 i
33.3
45.5

49.2
22.7
15.5
11 .0
33.9
44.9

38.8
44.0
41.4
37.8
3.6

41.4
43.3
42.0
38.6
3.5
,.2|

41.5
48.4
42.9
39.7
3.2
5.5

7.3

6.6

8.4

8.0

25.3
32.6

26.5
33.1

30.0
38.4

31.4
39.4

49.8
22.8
15.3
11.7
33.2
44.9

28.3
34.4
31.7
30.4

29.3
32.4
31.1
28.9

33.0
39.0
34.3
31.5

33.7
39.8
36.5
33.0

40.4
44.8
41.7
38.2

34.4
57.9
34.2
31.6

33.7
38.3
34.7
31.5

3i.l
39.0
36.2
32.6

38.0
39.9
37.1
33.6

31.9
41.9
38.1
34.3

40.1
43.7
40.6
36.7

1.3
2.7

2.2
1.3

2.9
4.7

3.5
3.3

3.5
3.1

2.6
3.7

3.2
3.5

3.7
2.8

3.4
2.9

3.7
3.8

3.9
3.1

-6.1

-3.2

8.0 17.0
2.7
-.4
1.6
.8
1.3
-2.8
-.2
.2
.1
.6
.1
6.4
9.5
3.4
4.6
-2.4

-6.0 -6.1
16.0 17.3

8.9

7.8

7.5

8.7

7.9

30.9
38.7

31.2
38.7

31.7
40.4

-4.4 -3.5 -4.6 -7.9
19.0
7.3 17.2 20.7

3.6
1.8
2.3
.8 -2.5
.5
2.6
3.9
3.3
.2
.4 -1.5
.9
.7
1.0
.8
.7
1.4
7.9
8.1
8.4
2.9
6.1
6.0

19.2
14.6

24.2
14.8

18.9
12.3

3.5
3.6
.7 -1.9
6.7
7.1
3.4
6.0
.3
*
1.4
1.0
2.8
6.2
.4
2.2

4.0
2.6

22.0
14.3

23.4
13.6

23.4
16.4

10.9
13.3

21.7
10.4

28.6
14.4

4.6
2.7
3.5
.7
.3
.9
5.4
2.2

4.7
.5
5.4
2.9
.7
.9
3.9
3.0

3.7
-.3
6.2
3.5
.4
1.4
6.1
2.4

3.8
4.0
.3
1.4
6.0
5.7
3.5
3.8
1.5 -.3
-.7 -.2
5.8 - 6 . 4
1.9
4.2

5.0
*
4.8
.4
.2

2.7
.1
6.0
4.4
1.2
4.2
5.9
4.1

1.9
.9
-2.2

2.0
3.9

-5.2
13
-2.91 -6.8
20.8 25.0\ 15.2 14
15
1
.
6
7.1
.5!
3.2
-4.6
8.0
- . 1 ! - 1 . 3 16
3.2 17
6.5
- 3 . 5 18
1.3 - 2 5\ - 1 :
.8 19
.5
l.i!
1
1.0 20
.9
1.5!
9.1
4.5 21
4.6j 15.5|
5.51 6.4J 10.5
1.6

5.1
-.8
5.2
.7
.4
.5
3.5
4.7

20.2
11.7

-i!6
9.6
2.8

4.3
4.4

3.9
4.2

5.4
4.0

5.7
2.0

4.5
2.6

5.9
5.8

5.0
3.1

7.5
2.4

21.2

18.8

20.0

21.0

23.3

20.2

20.9

21.7

9
10
11
12

-1.9 -10.0 -3.7
17.3 14.2 15.2

.4
1.4
4.1
.2
1.3 -4.8 -2.8 -1.5
2.4
3.2
2.5
4.6
.8 -.4
.3
.4
1.6
.9
.8 -.2
1.8
.1
.1
.5
8.3
8.1
-.6 12.6
4.1
8.6
6.8
2.8

3.5
1.8
1 9

45.8
23.1
14.7

31.4
40.3

14.1
10.4

For numbered notes see p. 613.
Data are revised from those shown in Jan., 1965 BULL.




41.0
20.4
12.2

4 8

.2
.7
-.7
7.3

2.4
8.0
5.3 -2.7

4.1
1.8

21.2

22.8

20.0

26.0
22.3
3.6
3.3
6.0
6.4
2.9
-1.3
.7
4.3

26 M
12.7!
4.2
;.i
6.4
.4
11.0
3.0

5.8 27
8.3 28
1.5 29
- . 8 30
4.1 31
.4 32

6.3
3.8
25.2

4.1
4.4
22.7

3,3
.4
22.6

22.0 23
18.4 24
4.2 25
-1.5

26

33
34
35

609

FLOW OF FUNDS

APRIL 1965

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962
Category

1960

1961

1962

1963

1963

1964

1964
II

IV

III

IV

II

III

IV

(E) U.S. Government i
1 Tax receipts (net of refunds)
2
Individual income
3
Corp. profits tax accruals.
4
Other
Social insurance programs 2
5
Premiums received
6
Benefits paid
Life insur. & retirement programs 3
7
Premiums received
8
Benefits paid
9
10
11
12
13
14

Net grants and donations paid4...
Net interest paid
Net purchases of goods & services.
Net surplus
Credits imputed to consumers 5 . . . .
Gross saving

15 Netfinan. investment (16—23)
16
Net acquis. offinan. assets
17
Demand deposits & currency..
18
Credit market instruments
19
Mortgages
20
Other loans
Excess of tax accruals over
21
receipts
Other financial assets 6
22
23
Net increase in liabilities
Life insurance and retirement
24
reserves
25
U.S. Govt. securities7
26
Svgs. bonds 8
27
Short-term direct 9
28
Other securities
29
Nonguaranteed issues
30
Other loans i o
31
Other liabilities
32 Discrepancy (14—15)
33 Memo: Corp. tax receipts, net

79.0
44.0
21.0
14.0

80.1
45.1
20.9
14.1

85.9
49.1
21.8
15.1

90.6
51.9
23.0
15.6

89.6
49.0
24.2
16.4

87.6
50.2
22.3
15.1

88.0
50.7
21.9
15.4

90.0
51.5
22.9
15.5

90.9
52.2
22.9
15.7

93.7
53.4
24.4
15.9

90.9
51.2
23.9
15.9

88.1
47.2
24.4
16.5

89.2
48.2
24.4
16.7

90.0
49.3
24.1
16.6

15.7
14.1

16.3
16.8

18.5
17.3

20.9
18.2

22.3
18.7

18.7
18.0

20.5
18.9

20.8
17.8

21.1
17.8

21.3
18.2

21.7
18.9

22.0
18.5

22.5
18.5

22.8
18.8

2.0
2.0
2.2
2.1
2.0
2.9
3.1
3.1
2.9
2.9
18.8 20.2 21.5 23.7 20.6
7.7
6.7
7.1
8.4
7.4
57.4 62.9 64.7 65.5 63.9
- 4 . 3 -4.1 - 1 . 5 -5.3 - 4 . 4
1.0
1.4
1.2
1.4
1.1
-5.2 -5.2 -2.9
-5.6

2.0
2.9

2.1
3.1

2.1
3.2

2.2
3.3

2.2
3.2

2.2
3.2

2.2
3.1

2.2
3.0

20.7

21.2

21.7

22.4

22.7

23.2

24.0

7.6

7.5

7.8

7.9

8.3

64.3
-2.6

1.9
2.6
16.2
7.1
53.1
3.5
1.1
2.4

2.2 - 5 . 1
1.9
3.9
.9
2.3
1.2
1.1
2.2

4
9.0

1.0
1.1
7.3
-2
- . 35
.8
3 1
-5.3 -2.9
.7
.2
.5

22.5

-.1
20.6

64.3
-1.0

64.4

64.9

1.8

-.8
1.2

-5.9

-2.8

-2.0

.5
1.3
-.8

1.2

- 4 . 5 - 2 . 1 - 4 . 1 - 1 . 8 -6.8 - 4 . 2
4.0
4.5
6.5
7.9
6.2
3.9
.7
3.2
1.0
1.61 4 . 2
3.6
3.5
3.2'
2.6
.2
.2 - . 3 - 1 . 3 - 1 . 9
.3
1.0
4.5
3.4
3.5
1.5
3.1
3.7
2
.7 - . 5
.1
.3
1.2
-.3
.9
.3
2.0
.5

-.31

65.2
-4.8

9.0
1 .1
7.3
.4
.5
4.8
1 .6

-.7
21.5

6.0
1.4
5.2
1.2
1.4
1.1
1.5
-.4
-.1

8.1

8.2

1.4

\'.e

13.0

12.1

1.2

1.8

1.2
10.6 12.4
1.4
1.1
5.4
9.0
6.6
2
6.1
1
.2
4A
3.5
5
- . 3 - 3 . .3
.
7
1.0
.9 - 1 . 3
1.2
.9
1.4
- 2 . 7 - 3 . 9.5
22.4 24.7 21.1 21.7 22.9
6.3
.9
4.1
.9
.4
.5
-.2

1.4

-4.0

24.8
8.4
8.4
67.0 65.4 65.2
-8.0 -5.4 -5.3
1.5
1.6
1.1
-9.6 -7.0 -6.5
8.4

-6.6

-1.1
11.1

1.5

1.0

8.6
2.8
.3
2.5

-1.6

-2.4

3.6
-.4
4.0

2.4
5.8
-.3
4.5
-.3
4.8

5.1
.8
4.3

3.0
.1
2.9

1.3
-.6

1.2
.4

-.8
.5

-2.3

.5
*

.2

-4.0
-8.4

-4.2
1.2

-4.0
1.1

-io!4
2.5
2.8

-1.0
-.4

-2.3
21.6

.3

-6.9

3.4

12.2

8.1

8.0

1.3
1.9
1.2
.3

1.4

12.6

1.6
6.2
.9
.8
1.6
3.0
1.7

1.5
4.5
.8

-3.0

.8
9.1
5.0

-2.0

-1.5

5.1
.5
.6
1.3

-3.2 -2.9 -3.0
23.2 24.6 26.7

23.9

3.4
-.2
.4

-2.3
-1.0
-.8

*

-1.7
2.4
-1.9
3.4
-.3
3.8
.5

21

.4

22

4.1

23

1.1

24

1.7

25

1.0 26
8.4 27
- 8 . 3 28
.6 29
.9 30
.3

31

-4.8
23.6

32
33

(F) State and local governments 11
1
2
3
4
5
6

Tax receipts
Social ins. and grants rec
Purch. of goods and services
Net interest & transfers paid 12
Net surplus
Less: Real estate purchases
Retirement cr. to hsholds.
8 Equals: Gross saving.

9 Net financial investment (10—18). .
10
Net acquis. offinan. assets
11
Liquid assets
12
Demand deposits and cur...
13
Time deposits
14
Short-term U.S. Govt. sec...
15
Other U.S. Govt. securities...
16
State and local obligations
17
Other^
18
Net increase in liabilities
19
State and local obligations....
Short-term
20
21
Other
22
Employee retirement reserves.
Other liabilities 14
23
24 Discrepancy (8—9)
25 Memo—Total U.S. Govt. Sec

41.1 44.1 48.0 51.4 55.2 49.2
9.3 10.4 11.5 13.0 14.6 11.9
46.5 50.6 53.5 57.9 63.0 55.0
3.9
4.1
3.5
3.8
4.3
4.0
.4
2.1
.1
2.4
2.5
2.1
2.0
2.2
2.0
1.8
1.6
1.6
2.5
2.1
2.3
2.8
3.0
2.6
— 3.3 - 3 . 8 - 2 . 2 - 2 . 4 - 2 . 6 - 2 . 5
-2.4 -3.9 -3.6 -2.0
4.5
7.9
3.7
3.7
.7
1.0
2.4
5.1
.3
.9
3.2
-1.1
.9
1.6
1.0
1.4
.5
.3
.5
2
.5
1.0
!3
'A
q
*
-.4
.1
2.4
US
2.0
2.4
6.1
3.6
*
3.5
2.1
.4

-.9

7.6
4.9
.4
4.5
2.3
.4

8.2
5.0
.4
4.6
2.5
.7

9.9
6.7
.7
6.0
2.8
.4

.1
.1

1.4
1.0

1.2

For numbered notes see p. 613.
Data are revised from those shown in Jan. 1965 BULL.




3

50.1
12.2
56.4

50.8
12.5
56.8

51.7
13.3
58.5

52.9
13.9
60.0

53.9
13.9
60.9

54.7
14.6
62.5

55.7
14.9
64.0

-2.8

-2.2

-2.3

-2.1

-2.5

-2.6

-2.8

.2
7.5
2.8
2.0
.5
.4
3.1

-2.1

-2.6
5.5
3.8
2.6
2.5

l!6

7.2
6.0
1.5
.8
3.7
-.7
-.2
2.1

7.4
4.2
.5
3.7
2.9
.2

9.3
5.9
.5
5.4
3.0
.5

11.1
7.8
1.4
6.4
3.0
.3

9.0
5.6
-.6
6.1
3.1
.4

-2.7

-.5
2.9

-.2
1.5

2.5
-4.5

4.1
1.9
2.0
2.7

4.1
2.5
2.0
2.8

4.0
2.5
2.0
2.8

4.1
2.7
2.0
2.9

-2.4

-3.2

-2.1

-2.2

-2.7

-1.0

6.8
3.7
2.4
1.7
-.4
1.2
-.1
1.9

3.8
2.7
4.2
.5

6.6
2.3
-.2
2.9

7.8
7.7
3.6
.3
3.8

8.2
2.7
2.3
1.5

8.8
8.0
7.2
1.9

-1.1

-1.1

-2.0

4
2.'3 - 1 . 7

-.5
-.3
1.9

-.2
2.2

-.6
2.4

4.0
-.2
1.6

9.2
5.9
.5
5.4
3.0
.4

7.0
3.3
.9
2.5
2.6
1.0

8.8
5.6
.7
4.9
2.7
.5

10.0

10.9

7.0
.9
6.1
2.8
.3

7.5
.6
6.9
2.8
.6

9.9
6.6
.6
6.1
2.9
.4

-.2
.9

.7

-2.5

-.6
1.9

*
2.1

.4
2.9

-1.1
-1.9

-.8
-.6
2.1

4.4
2.4
2.1
2.9

2

3.5

4.3
2.5
2.1
3.0

4.2
2.4
2.2
3.0

-1.2
2.8

_ 2
2.1

56.6
15.1
64.6
4.3
2.8
2.2
3.1
-2.5

-5.0
4.1
2.2
3.4
3.1
-4.3
-.2
.4
1.7

610

FLOW OF FUNDS

APRIL 1965

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962
Category

i960

1961

1962

1963

1963

1964

1964
IV

II

III

IV

II

III

IV

(G) Monetary authorities i
1 Current surplus

*

.1

2 Net acquis. of financial assets
3
Gold and foreign exchange 2..,
4
Treasury currency
5
Credit mkt. instruments
6
U.S. Govt. securities
7
Short-term direct
8
Other
9
F.R. float
10
F.R. loans to domestic banks..

1 .1
1 .7
.1
.7
.7
-1 .0
1 .7
.3
- .4

11 Net increase in liabilities
12
Member bank reserves
13
Vault cash of coml. banks 3 . . .
Demand deposits and currency
14
Due to U.S. Govt
15
Due to rest of the world 4 . . .
16
Currency outside banks
17
Other

1 .1
-1 .1
.3

1 .3
.3
.3

*
_ .1
— .1
- .1

*
.1
.7
- .2

1 .4
.8
.2
1 .5
1.5
-1 .1
2 .6
.5
.1

.1

.1

.1

A

.i

*

*

2.2

2.0

2.3
-.4

1.8
-.7

1 .5
— .5

5.3
5.4

2.2
2.4
7.8

-1.9

*
.2

1 .9
1 .8
.4
1 .4
— .2
.4

2.8
-.1
-.1
2.1
1.6

*

3.4
*
-.2
3.4
3.4
2.1
1.3
*
.1

«

4.1
.5
*
5.1
5.4
5.1
.3
-1.9
.4

1.8

1.8
-.3
.7

1 .6
— .6
- .3

2.8
.5
-.3

4.1
2.8
1.1

1.1
-.2
.8

-.4
-.1
1.9

.9
*
1 .7
— .1

-.5
*
3.2
-.1

-.11
.31
.31

1.7
-.8
*
2.0
1.9
2.0
-.1
.6
-.1
1.6
.1
.9

-2.2

2.1
-.4
.5

3.2
.8
-.5

1.9
-.2
.3

.1
*
.6

.3
-.1
1.9
-.1

.2
.1
2.4
.2

.6
.2
1.0
*

A
' *

2.9
2.8
4.9
-.3

-1.4

1
2!3
2.0
2.9

13.5
g -8.1
-2.6

l!2
*

2.3

-1.2

-5.4

3.4
1.4

.2

.1!
2.2!

1

4.9
2
-.6
5.1
5.0
.4
4.6
.5
• 4| — 3
4.7 11
2.1
1.6 12
-.1
.8 - 3 . 2 13

1.1!
-2.9
5.0
2.1!
-l.l!
-.?!

.7
,
.8;
.3!

.4|
-.li
1.7
-.6

.1 14
.4 15
4.9 16
.9 17

(H) Commercial banks 5
1 Current surplus.
2 Net increase in financial assets
3
Member bank reserves 6
4
Vault cash
5
Total loans and investments
6
Credit market instruments
7
U.S. Govt. securities 7
8
Short-term direct
9
Other direct
10
Nonguaranteed
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Other securities & mortgages.
State and local oblig...
Corporate bonds
1- to 4-family mortgages. .
Other mortgages
Other credit exc. security...
Consumer credit
Bank loans n.e.c
Other loans 8
CCC loans
Open market paper
Security credit
Misc. assets
Net increase in liabilities...
Demand deposits, net.
U.S. Govt. 9
Foreign i o
Other, net 11
Time deposits
F.R. float
Borrowing at F.R. Banks
Other liabilities
Security issues

34

Discrepancy

35

Memo: Total loans exc. mortgages.

1.3

.8

9.1
1.1
.3
9.0
8.7
1.7
7.0

17.0
.3
.3

15.7
14.6
5.4
9.3

-5.2 - 4 . 1
.3
1

2.3

2.8

26.0 19.1 27.1
7.9
.8
-.3
-.6
.1
-.4
_ 2 -1.2
.9
.5
.7
-.5
-.3
13 1.8
9.7
19.5 19.3 21.1 23.3 18.6 25.7
7.0
18.4 18.4 21.3 21.2 19.6 22.6
* -13.3
.8 - 2 . 5
-.8
2.0
4.1
3.7
- 2 . 1 -5.1 - 3 . 2 -10.1
-5.2 -3.6
5.2
2.0
.5 - 4 . 3
2.8
10.3
-3.9
-1.1
.7
.8
.5
1.3
1.3
_ 2

241
.5

1.6

2.5

20.7

19.6

10.1

.9

1.0

1.7

9.8
5.3
.2
2.5
1.8
5.7
11.0
2.6
3.5
7.0
1.3l
.9
1.4
.3
1.2
.2
.6
-1.0
2.1
_ 2
2.5

1.1
.6
-.2
*
.6
6.0
1.7
2.8
1.4
.5
.9
.2
8

4.2
2.8
'.S
.8
5.0
.9
3.0
1.1
.2
.8
1.1
7

2.1
1.9
9.2
2.3
6.5
.4
2
'.2
1.1
3

8.0
.3
.9

16.3

19.7

17.8

20.2

25.0

4.6
*
.1
4.4

3.8
1.3
.1
2.4

3.0
-.7
.3
3.3

4.7
-.1
.6
4.1

9.0
3.2
-.1
5.9

17.7
.1
3.4
.6
-3.9

9.4

15.6

14.1

14.0

15.6

16.6

-.7
5.8
.3
-.4
2.1
.1
*
6.2

2

.5
.1
1.8
.2

— .2
6.0

8.4
4.4

5.0
.2
2.7
2.1

8.0
3.5
*
2.5
1.9

10.8

14.2

3.0
8.1

10.1

2
-.4

I
.9
2

>

.6
-.1
-.3
.1

-.3
*
1.1
.3

.2

.2

10.3

11.7

3.1

21.7

8.2
3.5
.4
2.4
2.0

2.8
1.4
.5
.7

2

*
_j
l!5
.6

1.2
*
-.8
.1

-.9

-.2

14.0

13.1

-2.6
3.6

11.4

11.3

6.1
-.3
3.3
2.3

6.3

24.2
-1.0
4.2
-6.3
1.1

1.5

7.8
2.4
.8
2^9
2.3
2.3
2.1
9.0
17.4j
11.2
3.1
2.5
2.8
8.0
8.5
14.6
-.4
-1.4
*
-.7
-1.0
-.2
.3
—5
.1
3.1
2.8
-1.3
1.0
-1.0
1.0
6.8
21.8
24.8
6.0
12.8 - 7 . 1
3.3
-8.5 -1.0
.7
.3
-.3
7.3
8.8
1.2

-3.5J

13.8

14.0

11.6
*
.2
.1
.1

•2
14.3

1

— .2
A
-.1
.1

14.4

22.1
6.5
8.4
1.7

1.4 - 1 . 9
.4
-.5
.6
3.1
.9
.9

.6

11.8

10.31

24.5
.5
23.1

Net increase in liabilities
Cr. and equity mkt. instr. 2 . . .

24.2
3.4

28 .1
1 .1
24 .3
1 .1
1 .6

31 .7
1 .1
30 .0
— .3
.9

36.3

27 .4
3 .5

30 .5
5 .7

35.6

For numbered notes see p. 613.
Data are revised from those shown in Jan. 1965 BULL.




.3

33.0
1.9
1.4

7.3

36.1
.1
34.9
c

34.3
6.4

34.5
1.9

30.0
1.5
1.2

33.4
4.5

31 . 1
— .4
28 .5
.0
2 .2

37.7

30 .0
2 .9

38.1

*

34.0
3.1
.8
8.1

1.2

-1.8
7^3
12.9
.8
.1
-.1

16.2 23.9
.8
6.3
-4.5 -2.5
-.2
1.6
9.1
3.6
12.9
.6
.4
•6i
-.3

-2.0

40.8
.8
38.1
2.3
-.2

35.8 32.6
.7 - . 2
31.4 32.7
1.1 - 1 . 2
2.7
1.5

42.51 33.8
.7 - . 5
39.7 35.7
.4 - 1 . 2
-.1
1.9

38.8
9.4

35.5

41.0

29.2
3.0

10.4

31.2|

24
25
26
27
28

16.0 29
.5
-.3
1.4
.4

30
31
32
33

-.5

34

18.3

35

20.2

(I) Nonbank financial institutions 1
Net acquis. of financial a s s e t s . . . .
Demand deposits and currency.
Cr. and equity mkt. instr
Security credit
Other financial assets

18.7!
4.9

.5
16.]

1.6

2
21.4 22.1 18.1 25.4
1.6
3
2.8 - 1 . 1
-3.2
4
1.1 - . 7
26.8
5
15.5
19.6
22.6
16.2 30.8 6
18.4 19.
1.4 7
2.5 -5.31 - 1 . 8
11.0 8
2.7
2.3 - 1 . 0
9
1.5 - 8 . 7 | - . 2 -9.8
.3 10
-.6
-1.7
1.1
7.0 11
6.9
7.7 10.3
2.9 12
5.8
3.0
2.5
.2 13
-.2
2.4!' 2.7
2.1 14
2.3
2.0
1.8 15
1.7
7.8 22.4 16
9.1 17.5
2.8
2.5 17
2.9
2.7
3.4 17.9 18
6.3 12.6
1.5
2.0 19
-.2
.6
.9 20
-1.0
.9
.9 21
.7
- 4 . 0 22
1.2
.2 23
-2.2
1.3

35.6
.3
31.6
-.1
3.9
35.7
8.1

APRIL 1965

611

FLOW OF FUNDS
4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962

Category

1960

1961

1962

1963

1963

1964

1964
II

IV

III

IV

III

IV

(I.I) Savings and loan associations
1 Net acquis. of financial assets
2
Demand deposits and currency 5
3
Cr. and equity mkt. instr. 6
4
U.S. Govt. securities
5
1- to 4-family mortgages
6
Other mortgages
7
Misc. financial transactions

7.9
.1
7.1
.1
5.9
1.0
.7

10.7
.4
9.4
.6
7.0
1.7
.9

11.5
.6
10.2
.3
7.4
2.6
.7

13.8
.i
13.1

8 Net increase in liabilities
9
Savings shares
10
Mtg. loans in process
11
Borrowing from FHLB

7.4
7.6
-.1
-.2

9.9
8.7
.4
.7

10.7
9.4
.4
.8

13.1

12 Memo: FHLB loans less deposits.

-.5

.4

14.0

11 .6
— .1
10 .7
.6
8 .0
2 .1
1 .0

13 . 1
1 .3
11 , 1
.5
7 .7
2 .7
.7

13.1

11 .9
10 .7
.6
.6

12.3
13.1

13.5
10.6

.5

1.3

11 .0
10 .5
— .3
.5

1.4

•5

2

.9
9.3
2.7
.6

n.o
.5

13 . 4
.4
14 .1
.8
10 .0
2 .9
- 1 .2

14. 8
3
12! 6
7
9. 3
2. 6
2. 0

12.6

-1.3

.6
1.7

9 .1
.5
2 .8

14. 1
11. 0
5
2. 0

-1.6

1.9

3 .2

, 0

-.1

-.2

12.3

13.4

1.2
8.4
2.6
.9

.8
9.7
2.9
.8

11.1
10.9
.11
8.6!
2.2i

2

•i
10.5J
10.3j

12.1
-.3
11.2
.5
2l7
1.21
11.3!
10.6
l!l

11.1

12.4
-.3
9.5
1.2
7.4
1.0
3.1
-.4!
10.3 12.0
10.5 10.7
-.4i - . 2
.1
.9

8
9
10
11
12

.7

-.1

.6

5.2
.3
-.1
3.0
1.7

3.8
-.8
-.2
2.9
1.6

1

(1.2) Mutual savings banks
1 Net acquis. of financial assets4
2
U.S. Govt. securities
3
Corporate bonds
4
1- to 4-family mortgages
5
Other mortgages

1.6
-.6
.2
1.5
.5

-.2
1.7
.6

3.3
*
*
2.1
1.0

3.6
-.2
-.1
2.6
1.3

4.5
*
*
2.7
1.6

3.2
-.2
-.2
2.3
1.0

4.4
-.1
.2
2.8
1.3

3.2
*
-.4 ,
2.5
1.2

3.6
-.3
-.1
2.4
1.1

3.2
-.4
-.3
2.5
1.6

4.5
.1
.3
2.3
1.4

4.7
.4
*
2.6
1.6

6 Savings deposits

1.4

1.9

3.1

3.3

4.2

3.6

3.2

3.1

3.1

3.6

4.0

3.9

4.7|

4.4

6.9
6.5
.4
*
1.9
.1
.7
3.5
*

7.3
6.9

7.0!
6.8!
-.1!

8.1
8.0

8.1
7.9
-.5
*
2.4
.6
1.6
3.6

6.8
4.3
2.2
.4

5.7I

4 .0
?

4. 7

2.31

(1.3) Life insurance companies
1 Net acquis. of financial assets4
2
Cr. and equity mkt. instr
3
U.S. Govt. securities
4
State and local obligations
5
Corporate bonds
6
Corporate stock
7
1- to 4-family mortgages
8
Other mortgages
9
Other loans
10 Net increase in liabilities
11
Life insurance reserves
12
Pension fund reserves
13
Other

5.7
5.4
-.5
.4
1.8
.4
1.3
1.3

6.1
5.7
-.4
.3
2.5
.5
.9
1.5
.4

6.8
6.4
*
.1
2.5
.4
.6
2.1
•7

5.4
3.2
1.3
.4

5.7
3.4
1.4
.4

6.1
3.6
1.4
.5

6.7
6.4
2.7
.2
.9
2.7
.5

7.6
7.4
-.3
-.1
2.3
.5
1.5
3.1
.3

6.9
6.6
-.2
-.1
2.9
.4
.9
3.0

6.5
4.1
1.7
.5

6.6
4.6
1.2
.4

6.1
3.8
.9
.8

_ $
-'.2

->

(1 •4)
4

1 Net acquis. of financial assets . .
2
U.S. Govt. securities
3
Corporate bonds
4
Corporate stock

3 .8
— .1
1 .6
1 .9

3.9
.1
1. ^
2^3

4 .0
.2
1 .2
2

4.4
.4
1.5
2.2

4.6
.4
1.6
2.4

6.5
6.5

5.9
5.6

-1.1

-1.0

-.1
3.3
.4
.8
2.1
1.1

-.2
3.3
.2
1.0
2.3
-.2

7.7
7.1
-.1
-.3
2.4
.2
1.0
2.8
1.1

6.2
3.9
1.1
.7

6.4
4.0
1.5
.6

6.6
4.2
1.9
.5

-.21

*!

|
1.11
2.8!
.61
4.4

2.1
.6
1.5
3.4
.4

6.0
4.6
.8|
.4

7.0
4.7
1.4
.4

7.8
4.8
1.8
.5

.3
.5
1 .9
2 .7

3 .3
— .2
1 .3
2 .0

5.1
1.1

Noninsured pension plans

4. 0
1
l! 4
2. 2

3 6
2
1 7
1 4

4

]
2

9
5
5
5

5

3
8
9
2 2

I

;s

2 .6

2
5
2. 6

2.2

(1.5) Other insurance companies
4

1 Net acquis. of financial assets ...
2
Demand deposits and currency
3
Cr. and equity mkt. instr
4
U.S. Govt. securities
5
State and local obligations..
6
Corporate bonds
7
Corporate stock

1.0

13

*

.9
-.2
.8
.1
.2

1.3

1.5

1.1
.J
.7
.1
.2

1.3
.1

1.7
*
1.5

1.5
*

1.0

1.3
.3

.7
.1
.2

1.7
*

1.6
.2
.9
.1
.3

2.1

1.9
-.1

1.8
.5
1.0
.1
.3

1.7
.1
1.2
.1
.4

1.6
.1
1.3
.1

.9
.1
.2

(1.6) Finance companies
1 Net acquis. of financial assets. . .
2
1- to 4-family mortgages
3
Consumer credit
4
Other loans

2.1
*
1.5
.5

-.3

5 Net increase in liabilities
6
Corporate bonds
7
Bank loans n.e.c
8
Other loans (open mkt. paper)

2.2
1.5
-.2
.8

.5
.5
.1
-.1

.5
.6

For numbered notes see p. 613.
Data are revised from those shown in Jan. 1965 BULL.




4.5
.4
1.8
2.3

2.2
.2
1.8

.0

4.1
.8
1.8
1.4

3.4
.2
2.3
.9

4.7
1.1
.9
2.7

4.1
1.1
2.1
1.0

4.2
1.0
2.1
1.1

3.0
-.2
2.1
1.1

7.9
1.2
1.9
4.8

2.6
.3
1.0
1.2

4.1
1.6
1.6
1.0

4.5
2.1
1.0
1.5

2.2
.7
1.9
-.3

3.3
.4
1.5
1.4

4.7
1.9
1.0
1.9

4.1
1.7
2.1
.4

4.3
2.4
1.7
.3

3.1
1.8
.1
1.2

7.9
2.8
3.4
1.7

2.6
.5
1.3

2.5
.2
1.9
.4

4.6
.3
1.5

2.5
1.9

4.6
1.9
1.9

-1.5
2.1

10
11
12
13

612

FLOW OF FUNDS
4.

APRIL 1965

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1963

1962
Category

1960

1961

1962

1963

1964

II

IV

1964
III

IV

III

IV

(1.7) Security brokers and dealers

1 Net acquis. of financial assets. . .
2
U.S. Govt. securities
3
Other securities
4
Security credit
5 Net incr. in liab.—security credit
6
From banks
7
From agencies of fgn. banks..
8
Customer credit balances

.4
-.1
-.7
1.1

.9

.3 - 1 . 1
.6
.6 - 1 . 1
* — .2 - 1 . 2
.
5
1.5
-.2
-.6
.8
.9
.
5
.5
1.1
*
•4i
_ 2
*

1.7
1.7
-.9

-2.1
-2.0
-1.1

2.2
1.5
.4
.2

-1.7
-1.2

2.8
-.8
1.0
2.5
3.3
2.8
.6

.9

.1
-.6

-.1

2.8
1.9
-1.1

1.9
3.3
1.9
.5
1.0

- A

-.41

-.6
.9

-4.2
-1.2
-2.2
-.6
-3.7
-4.0
.6
-.3

-.4
*
-.2
.4

— .5
1 .1
- 1 .0
1 .6

_ .6
1 .3
2 .4
1 .9

-.8
1.9
1.5
2.7

7.0
35.7
28.7
1.7
-5.2

7.7
37.1
29.4
2.2
-5.5

-4.5
2.9
-A
1.5
1.0
-.2
-1.
2.4

-4.0
6.0
.7
.2
1.4
3.1
-1.4
2.0

7.4
-.4
*
3.0
4.7

10.0
1.3
2.2
5.3
1.3

-2.2
-.4
-3.4
1.1
.2 - 1 . 0
.8 - . 7
-1.6
.1
-1.7
1.0
c
•?

1.8 - 1 . 5
1.2
1.2
.6 - 2 . 0
* -.7
2.3 - 1 . 0
2.4
.4

-1.3

(1.8) Open-end investment companies
1
2
3
4

Net financial investment
Net acquis. of financial assets.
Corporate stocks
Net stock issues 3

_ .4
1 .1
.8
1 .5

_ .5
1 .5
1 .2
2 .0

_ .5
1 .4
.7
1 .9

_ .5
.8
.9
1 .3

.6
1 .1
.7
1 .6

_ .3
.7
_ .6
1 .0

1
.21

..2!
.6!

-.5
.3
.9
.8

.5
.3
.6
1 .8

_ .6
1 .3
.7
1 .8

1
2
3
4

i
(J) Rest of the world
1 Net purch. of goods and serv. (2-3).
2
Purch. of goods and services *. .
3
Sales of goods and services i . . . .
4 Net unilateral receipts from Govt. i.
5 Current surplus (4-1) 2

3.0
26.3
23.3
1.6
-1.4

4.6
27.6
23.0
1.6
-3.0

4.0
29.2
25.2
1.6
-2.4

6 Net financial investment ( 7 - 1 4 ) . . . .
7
Net acquis. offinan. assets
8
Gold
8
U.S. dem. dep. and currency..
10
Time deposits
11
U.S. Govt. securities
12
Other credit market instr
13
Misc. financial assets

-.7
4.2
1.7

-2.0
3.1
.9
.2
.3
.4

-1.3
3.2
.9
.1
.6

1.1

14
15
16
17
18

5.0
-.4
.6
1.4
3.4

Net increase in liabilities
Official U.S. foreign exchange 3
Securities
Loans 4
Miscellaneous 5

19 Discrepancy (5-6)6

-.1
.3
.5
.7

4.4

7.0

3.9

3.4

4.3

4.2

5.8

7.7

5.7

30.7
26.3

35.2
28.2

29.4
25.5

28.8
25.4

30.5
26.3

31.0
26.8

32.6
26.9

34.5
26.8

33.7
27.9

-2.8

-5.3

-2.3

-1.9

-2.6

-2.6

-4.1

-6.2

-4.1

-2.5

-4.6

-2.7

-1.4

-4.8

-5.5

-4.2

6.6
.5
.6
.9
3.4
1.7
-.5

.6
.2
-.3
.8
.2
-.9
.6

7.5
.2

l.'ol

5.4
.4
.4
1.4
1.2
-.1
2.1

.9
.8
.3
.8

1.2
.1
.4

3.5
.1
.7
1.4
.5
-.2
1.0

-.7
5.5
.1
.1
1.6
.8
-.4
1.6

-1.2

3.4
.5
.3
1.0
.6
.2
.8

3.4
-.3
-.6
1.5
.8
1.3
.8

5.1
.3
.8
2.0
2.0

4 .5
— .6
1 .0
1 .2
2 .9

5.9
.1
1.0
2.3
2.4

5.0
*
.8
3.9
3.4

4.5

6.6
.3
2.1
1.6
2.5

9.5
*
1.8
3.1
4.3

2.3
-.1
.5
1.0
1.0

5.5
.2

-1.0

- 1 .1

-.3

.1

-1.2

.7

For numbered notes see p. 613.
Data are revised from those shown in Jan. 1965 BULL.




1.6

1.8

-.7

1.6

-1.5
1.7
1.7
2.6

-1.6

1.5

-.7

1.6

1.6

-2.4

.2
1.3

1.7

2
3*.5
1.8

1.5

r.6
1.5
-1.6

1.1

-1.3

1.6

7.(9

7.7

.4
*
4.1
2.5

-1.5

-.6

.9
3.2
5.1
.1

14
15
16
17
18

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.

FLOW OF FUNDS

APRIL 1965

613

Notes to Table 4
(A) Households
1

Includes nonprofit organizations serving individuals.
2 Retained funds of savings institutions and insurance imputed to
personal saving in income and product accounts.
(B, C, D) Business
1 Sum of Tables 4(C) and 4(D); for detail see below.
Profits and noncorporate income as defined in national income. Excludes imputed rental income of owner-occupied houses, included in Table
4(A).
3
Change in work in process.
4
After inventory valuation adjustment.
5
Net income is treated as payment in full to households, and gross
saving
is equal only to capital consumption allowances.
6
Includes farm residential construction.
7
Excludes CCC-guaranteed loans, treated as Govt. borrowing; see
2

(E, F) Govts.
1

Lines 1 through 12 are derived from national-income data, while
lines 15 through 31 are based on data behind Treasury cash budget. Line
21 is a link between the two accounting systems on treatment of corporate
taxes, and the discrepancy (line 32) represents differences on other matters.
Net cash borrowing in Treasury cash budget corresponds closely to line
25 less accrual of interest on savings bonds and Treasury bills. Cash
surplus is closely indicated by line 17 less net cash borrowing. Lines 18,
22, 30, and 31 are in cash outgo in cash budget except for small amounts
in receipts. Lines 13 and 24 are imputations reflected in neither nationalincome nor cash budget.
2 OASI, disability insurance, and unemployment programs. Line 5
includes U.S. Govt. employment taxes; line 6, U.S. Govt. benefit payments
to 3households.
Veterans' life insurance and Govt. employee and R.R. retirement
funds.
Line 7 excludes Govt. contributions to these funds.
4
Transfers other than lines 6 and 8, grants-in-aid to State and local
(G, H) Banking
1 Federal Reserve System plus those Treasury accounts included in
"Member Bank Reserves, Federal Reserve Bank Credit, and Related
Items." Excludes Exchange Stabilization Fund, which is in U.S. Govt.
accounts.
2 Includes F.R. holdings of fgn. currencies, which are net in "other F.R.
accounts" in table mentioned in note 1.
3 Includes vault cash of nonmember banks.
4
Includes deposits of international organizations other than IMF;
IMF deposits are net in line 3.
(I) Nonbank Finance
1

In addition to types shown, includes credit unions, agencies of foreign
banks, and banks in possessions.
2 Lines 10, 11 of I.I; lines 6, 7, and 8 of 1.6; and line 4 of 1.8.
(J) Rest of the World
1 Lines 2, 3, and 4 are exports, imports, and net transfers from Govt. in
national
income accounts.
2
Net foreign investment in national income accounts with opposite
sign.
3 Official foreign currency holdings and net IMF position of U.S.




3 On owner-occupied houses and nonprofit plant and equipment.
Table 4(E), line 13 and 4(F), line 7.
5 Includes net free balances with security brokers not shown separately.
6 Policy loans and hypothecated deposits.
7
Commercial mtgs., bank loans, loans from Govt., and trade debt.
4

Table
4(E), line 30.
8
Loans from U.S. Govt. and commercial loans from finance cos.
9 Includes half of residential items in Table 4(B).
I o Excludes corporations in Tables 4(H), (I), and (J).
I1 Includes branch profits paid to fgn. parents less branch profits
received from abroad.
12 includes State and local obligations not shown separately.
13
Direct investments abroad, fgn. currency holdings, and unallocated
current
assets.
14
Mainly commercial paper and commercial loans from finance cos.
1 5 Includes State and local profit taxes.

govts.,
subsidies less current surplus of Govt. enterprises.
5
Govt. life ins., employee retirement, and R.R. retirement programs.
Excludes social security, which is treated as nonfinancial operation.
<5 Mainly nonconvertible fgn. currencies and official fgn. exchange
position
of Treasury.
7
Public debt held by public and Federal Reserve, plus nonguaranteed
issues of Govt. agencies. Includes interest accruals on savings bonds and
Treasury
bills; excludes special notes to international organizations.
8
E and H bonds held by households.
9
Marketable issues due in less than 1 year plus part of those due in
lessI than 2 years.
° CCC-guaranteed loans and certificates of participation in ExportImport Bank loans. Net movements in inventory under CCC-guarantee
areI 1included in line 11.
Includes employee retirement funds.
12
Net of current surplus of govt. enterprises.
1
3 Corporate bonds and mortgages.
14
Trade debt and loans from U.S. Govt.
5 Based on balance sheet estimates for last day of quarter. Reported
bank data, as on p. 560, are frequently for last Wednesday of month or
other
reporting date. Excludes banks in U.S. possessions.
6
Deposits with F.R. Banks; vault cash in reserves is in line 4.
7
Net change in par value of holdings.
8
Includes consumer loans secured by hypothecated deposits not
shown
separately.
9
Includes
deposits held outside Treasury.
1
o Bank and nonbank.
ii Net of F.R. float, shown separately in line 30.

3 Includes retained capital-gains dividends.
Includes cash and other assets, not shown separately.
5 Excludes deposits at FHLB, which are included in Miscellaneous,
line6 7.
Includes consumer credit, not shown separately.
4

IMF position consists of U.S. capital subscription less IMF holdings of
special
U.S. Govt. notes and deposits with Federal Reserve.
4
Bank loans, acceptances, loans from U.S. Govt., and security credit.
5
Direct investment abroad, foreign currencies held by other than in
line 15, subscriptions to international organizations except IMF, and
unidentified liabilities.
6 Errors and omissions in U.S. balance of payments statement.

ON

5

FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1964
(Amounts outstanding in billions of dollars)

Private domestic nonfinancial sectors
Sector

Households

State
and local
govts.

Business

Financial sectors
U.S.
Govt.
Tota

Total

Transaction
category
1 Total financial assets
2 Total liabilities
3
4
5
6

A
1330.0 .

293.6

296.7

452 4

72.5 .

1699.2
130 6

876.6

9
10
11
12
13

Time and svgs. accounts.
At coml. banks
At svgs. instit

252.0 .
94.0 .
158.0 .

14
15

Life insur. reserves
Pension fund reserves . . .

101.4 .
135.6 .

16

Consol. bank items i . .

17
18
19
20
21
22
23
24
25
26
27
28

Credit mkt. instr
U.S. Govt. securities 3
State and local oblig
Corp. and fgn. bonds
Corp. stocks
1-4 family mortgages
Other mortgages
Consumer credit
Bank loans n.e.c
Other loans
Open market paper
Federal loans

29
30
31

Security credit
To brkrs. and dealers.
To others

1.2
1.2 .

32
33
34
35

Taxes payable
Trade credit
Equity in noncorp. business.
Misc. financial trans

15.5
2.3 132.0 582.5
n.a.
n.a. . .
55.2 57.3
7.3 ..

73.6 .

48.9 .

303.4

23.3
2.8

135.4

12.9 ...

277.3
119.2
158.0

15.5 .

101.4
30.5 135.6

872.1

.
.
.
.

37.4

283.0

188.5
4.0
76.8
4.0
9.6

45.0 297.0
18.3
2.4
93.0
n.a.

48.2
22.5
6.2
16.8

7.1

108.6
18.4 ...
8.3
5.9 20.0
5.9
1.9
9.2

97.3 852.1 677.3
117.0
94^3 44.3
27.0 93.0
n.a.
587.8
14.3 195.7
37.4 112.6
18.4 76.8
72.3
32.
3.0 " 5 . 9
1.9
5.9
3.0

8.3
8.3
1.6 .

1.6
2.8 132.0
n.a.
62.5

8^3
15.5
87.6
n.a.
57.3

14.6
6.2
8.5
18.6 .
2.7
4.6

60.8

306 3
60.8

279.0

505.0

79 4 .
457.1

15.4
.3 .

175.2
164.2
7.8
3.1

138.4
129.2
6.4
2.
126.4

22.!
37.2 .
37.0 .

15.0
29.1
2.2
10.2
12
7.2
5.3

22.9

2.1

269.3
66.4
33.3
1.0

A

A
n.a
27.2 . . . .
16.4 .. ..
29.4 .. ..
89.0 . . .
6.5
3.8

.1
.1

7.5
7.5

3.1

1.1

6J

15.8
16.5

9
10

.9 .
2
'.7 '158.7

285.1 285.1
126.4 126.4
158.7 158.7

11
12
13

94.5
86.7

101.4 101.4
135.6 135.

14
15

470.1 68.3
33.1
16.7 .
87.5 14.3
82.6 29.1
2.2
150.4
53.4 .
29.0 .
10.2
12.6
7.2
5

28.9 36.3 1706.6 1051.1
266.7 266.7
13.2 ...
94.3 94.3
.9
8 3 116.3 116.3
n.a. 684.1 29.1
13.8
197.9 197.
112.6 112.6
76.8 76.8
6.6 89.1 89.1
1.1 21.4 68.9 68.3
1.1
2.6 11.7 11.7
18.8 37.1 37.1

25.7

7.5
7.5

40.7

13.1

15.9
7.5
8.5

25.7
17
18
19
20
21
22
23
24
25
26
27
28

15.9
7.5
8.5

29
30
31

20.2 18.4
137.3 91.0
n.a.
n.a.
48.3 98.8 159.5

1.8 32
-46.3 33

.1

2.5

2.5 .

-2.4

159.4 175.2
147.7 164.2
8.6
7.8
3.1
3.1

12.3 .

6.7
1.1
5.6

8.0 . .
5.1 . . .
2.9 . . .

.

50.5

2062.8

43.0 .

....

.4

36.8
35.1
1.4
.3

25.7
69.1

Discrepancy

L

5.2

2.0
3.4

2735.5
85.9

27.6

94.5
86.7

49.1 268.5 776.6
266.7 136.5 .
50.0 .
88.5
82.6
177.6
5.9
69.7 .
5.4
58.4 .
89.1
37.7
1.7 24.3
16.5

12.
1.2
1.2 .. 8.3

All
sectors

5.2 .

25.7
758.9
76.2
35.7
10.2
587.8
11.5

796.9

15.4
.3

18.4

30.5

Rest of
the
world

A

.9 285.1
.2 126.4
.7 158.7

.3

Nonbank
finance

Coml.
banks

L

12.3

1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R.
loans
to banks, F.R. float, and stock at F.R. banks.
2
I M F Position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at
F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals.
34 Includes savings bonds. Postal savings system deposits are included in line 12.
Assets shown at market value; nonbank finance liability is redemption value of shares of open-end




84.9 .
.1
.1
4.1

Gold stock
Official U.S. fgn. exch.,
I M F position
Treasury c u r r e n c y . . . .
Demand dep. and currency.
Pvt. domestic
U.S. Govt
Foreign

Monetary
auth.

60.7

34
35

investment companies. No specific liability is attributed to issuers of stocks other than open-end investment
companies for amounts outstanding.
5
Net of noncorporate trade credit assets.
NOTE.—For description of sectors and transaction categories ,see Aug. 1959 BULL., pp. 846-57.
Details may not add to totals because of rounding.
M

615

BANKS AND BRANCHES

APRIL 1965

NUMBER IN OPERATION ON DECEMBER 31, 1964
Commercial and mutual savings banks

Number maintaining branches or additional offices

Commercial

Commercial
Mutual
savings

State

Mutual
savmgs

Nonmember

Member

Member

Total

14,266 13,761 4,773 31,452 7,262
252
13
16
245
200

252

Colorado
Connecticut

246
137
22
15
424

274

12
16
245
200

80
5
4
63
90

1
20
16

149
5
10
158
88

246
66
20
15
424

115
27
5
8
187

17
7
2
4
9

75
27
13
3
225

39
5

431
431
12
12
24
24
1,030 1,030
431
435

55
2
9
410
124

16
6
115
94

310
5
9
499
208

Ow

Alabama
Alaska
Arizona
Arkansas
California

675
594
348
209
78

675
594
348
209
46

101
169
82
47
22

64
42
14
10
6

494
382
246
151
12

16
1
6
1
6

Maryland
Massachusetts
Michigan
Minnesota
MississiDoi

127
338
361
721
196

121
159
361
720
196

49
93
96
193
31

7
18
126
28
7

64
44
137
493
156

1
4
2
6
2

Missouri
]v£ontana
.
Nebraska
Nevada
New Hampshire

643
129
432
8
105

643
129
432
8
73

91
48
125
3
50

84
44
13
3
1

457
36
289
2
19

11
1
5

257
63
479
152
163

236
63
354
152
163

146
33
203
31
41

48
8
86
4
3

39
22
37
116
115

549
417
52
598
17

547
417
51
591
10

221
222
11
387
4

130
24
3
48
1

195
170
35
146
3

133
133
173
173
294
294
1,130 1,130
55
55

25
33
75
539
12

5
25
8
75
13

99
114
207
501
29

55
277
101
184
582

49
277
97
184
578

28
123
28
79
109

61
10
33
56

20
93
58
71
410

68
1

68
1

38
1

14

16

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
M^aine

. ..
.

•.

Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
^'ashington
West
Virginia
1
Wisconsin
Wvominsz
Virgin Islands ^

...

6
5

CO

.

28

1

""Y\

38
8
10
53
91

38
8
10
53
91

1
75
10
13

1
38
8
13

57
8
12

57
8
12

24
5
3
23
32

State

Insured

3445 1,269
4
1
6
13

10
3
5
24
44

15
1
6

7
2
4

1
16
5
3

23
2
5

7

27
5
4

161

161

61

25

75

26

173
47
96
83
39

173
47
96
83
33

21
24
39
30
14

15
7
7
7
4

137
16
50
46
11

63
178
167
5
88

58
106
167
5
88

25
60
52
2
23

6
18
57

26
28
57
3
60

53
1
25
6
23

53
1
25
6
17

14

26

16
2
15

13
1
1
3

161
36
253
85
32

150
36
172
85
32

93
17
93
22
5

35
4
56
3
1

22
15
19
59
26

226
31
25
229
17

225
31
25
224
10

118
24
5
145
4

48
2
1
24

59
5
19
53
3

58
33
94
31
20

58
33
94
31
20

20

4

2
2
5
5
7

36
26
47
26
9

21
125
38

19
125
35

10
62
14

22
5

9
41
16

104

104

12

6

86

1

1

1

6
8

6
171

1

32
21
125

2
2
10
2

3

4

4

1
7

7

4
1
4
15

1 Excludes banks that have banking facilities only; banking facilities
are2 shown separately; see note 4.
Includes 1 national bank in the Virgin Islands, with 2 branches, that
became
a member of the F.R. System in 1957.
3
State member bank figures include 1 noninsured trust co. without
deposits.
4
Banking facilities (other than branches) that are provided at military
and other Govt. establishments through arrangements made by the
Treasury; they are operated by 192 banks, 67 of which have no other
type of branch or additional office.




178 3,204 2,966 1,233

2

CO

New Jersey
New Mexico
New York
North Carolina
North Dakota

..

2
1
4
6

327

National

Noninsured
19

Insured

172

Noninsured
66

1
2
37
2

co

District of Columbia
Florida

23

Total

6
1

4

3

3

1

42

5

i

4

6
5
6

66

1

8
1
2

ON

Insured

NonIninsured sured

*—•

State

Nonin
sured

4
1

81

1
to to

National
2

Nonmember

Total
Total

United States

1

5
7

2
3

5 Each bank is reported once only—according to the widest area in
which it operates branches or additional offices.
NOTE.—Each branch and additional office is located in the same State
as its parent bank except that 1 national bank in N.J. has a branch in Pa.,
1 national bank in Calif, has 2 branches in Wash, and 1 in Ore., 1 noninsured (unincorporated) bank in N. Y. has 1 branch in Mass, and 1 in Pa.;
2 insured nonmember banks in Puerto Rico have 5 branches in N.Y. In
the table these branches are shown according to their own location rather
than that of the parent bank.

616

BANKS AND BRANCHES

APRIL 1965

NUMBER IN OPERATION ON DECEMBER 31, 1964—Continued
Branches and additional offices

1

Location

Class of bank

Outside head office city

Commercial

State

Mutual
savings
Member

Total

In
head
office
city

Nonmember

Total
National
United States 2
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts...
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire.
New Jersey
New Mexico
New York
North Carolina..
North D a k o t a . . .
Ohio
Oklahoma
Oregon
Pennsylvania....
Rhode Island
South Carolina..
South D a k o t a . . .
Tennessee
Texas
Utah
Vermont
Virginia
Washington.
West Virginia . . ,
Wisconsin
Wyoming
Virgin Islands 2 .

State

7,940
105
38
166
47
1 ,639

33,275
7

152
3
42

76
31
28

160
109
119

101
39
90

20

437
221
47
212
232
172

437
221
47
212
232
160

244
23
24
108
127
62

51
17
7
34
23
50

391
674
802
9
187

171
303
353
6
41

52
127
307

53
1
25
56
25
646
80
2,024
707
42
870
31
249
1,198
148
236
72
288
31
100
51
465
388

355
523
802
9
187
53
1
25
56
19
619
80
1,800
707
42
868
31
249
1,140
110
236
72
288
31
100
49
465
373

168

168

24

14,995
134
46
241
88
2,228
1
382
69
78

14,321

160
109
119

134
46
241
88
2,228
1
285
63
78

.....„

13
406

Insured

30
17
388
46
753
248
5
464
24
200
725
52
160
34
177
53
26
274
324

Insured

125

4,690
54
20
53
46
274

2,169
5
7
68
5
444

209
31

47
20

28
69
9

113
38
10

2
28
12

20

142
181
16
70
82
39
126
92
140
3
125

238
48
46
127
148
36

199
124

124
338
381
9
80
53
1
25
16
11
222
45
1,082
132
8
416
31
46
382
38
62
8
173
31
21
6
218
134

85
327
281

5
6
61
117
8
130

72

28

10
11
423
26
559
88
20
441

9
3
1
8
309
150
14
12

32
489
64
35
27
100

33
325
23
28
21
7

138
2
23
111
16

11
19
82
61

37
7
80
108

50

549

97
6

125

26

164
5
950
93
2
287
2
11
206
24
2
2
23
5
27

27

67
29
92
363
35
117
5
38
206
27
74
36
88
26
20
23
108
23

12

224

15

132

National

Banking facilities

4

For notes see opposite page.




2

'II

280
8
5
6
2
46
7
1
1
6
17

106

9
6
1
5
4
3
1
4
3
14
3
3

3
9
65
1
10

2
2
1
8
4
12
4
2

74
337

3
5

7
19
3
21
5

26

Nonmember
banks

Mutual
savings banks

Total

Location of branches with respect to head office 5

Branches and additional offices (except banking facilities)
In head office city
Outside head office city:
In head office county
In contiguous counties
In noncontiguous counties 2

2,463
9
5
36
1
1,176

7

80
75
66

36

Member banks

Banks with branches or additional offices (except banking facilities)
Tn head office city
Outside head office city:
In head office county
In contiguous counties
In noncontiguous counties 2

In con- In nontiguous contiguous
counties counties

5,673
66
14
84
36
334
1
114
13
78

3,056
22
8
50
28
178
1
57
29

14

Noninsured

In head
office
county

Noninsured

Facilities 4

2

State

Insured

Noninsured

Insured

Noninsured

3,204
1,028

1,233
436

445
154

1,269
333

19
5

172
78

66
22

1,584
455
137

602
132
63

203
59
29

682
218
36

4
7
3

55
33
6

38
6

14,995
5,673

7,940
2,670

3,275
1,612

3,056
953

50
16

549
361

125
61

4,690
2,169
2,463

2,307
1,107
1,856

873
461
329

1,325
513
265

14
16
4

114
65
9

57
7

280

216

26

38

617

MEMBER BANKS, 1964

APRIL 1965

OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
(Averages of individual ratios expressed as percentages)
Size group—Total deposits
(thousands of dollars)
Item

Summary ratios:
Percentage of total capital accounts.
Net current earnings before income taxes.
Net income before related taxes
Net income
Cash dividends declared
Percentage of total assets :
Total operating revenue
Net current earnings before income taxes
Net income
Sources and disposition of income:
Percentage of total operating revenue:
Interest and dividends on:
U.S. Govt. securities
Other securities
Revenue on loans
Service charges on deposit accounts
All other revenue

All
groups

14.1
11.8
8.4
3.1
4.90
1.23

1,000
and
under

7.4
6.7
5.1
2.1
5.18
.87
.53

Ratio of time deposits to
total deposits (per cent)

1,000- 2,000- 5,000- 10,000-25,000-50,000- Over Under
2,000 5,000 10,000 25,000 50,000 100,000 100,000 25

10.4
8.9
6.9
2.4
5.10
1.17
.76

12.7
10.8
8.0
2.8
4.88
1.2:
.76

14.8
12.5
8.9
3.1
4.8
1.26
.76

15.7
12.9
9.0
3.4
4.95
1.25
.72

15.8
13.0
3.6

4.88
1.20
.67

16.3
13.5
9.0
3.8
4.80
1.2
.68

17.1
14.2
9.2
4.6
4.7:
1.3:
.7:

14.6
12.7
8.7
3.5
4.56
1.47
.88

25-50

14.6
12.1
8.5
3.2
4.96
1.26
.73

50
and
over

13.2
11.1
8.2
2.9
4.96
1.09
.68

21.4
7.0
62.2
5.8
3.6

22.7
2.8
64.9
5.7
3.9

24.4
4.8
62.0
5.5
3.3

23.8
6.4
61.7
5.2
2.9

21.6
7.7
62.0
5.8
2.9

19.8
7.8
62.2
6.6
3.6

18.3
7.8
62.3
6.4
5.2

18.2
7.7
62.5
5.9
5.7

14.1
7.0
65.9
5.0
8.0

23.6
6.6
59.4
6.4
4.0

20.9
6.9
61.8
6.4
4.0

21.2
7.2
63.9
4.7
3.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

25.9
2.5
26.0
4.3
15.9

38.1
1.9
12.5
7.2
22.4

31.2
2.0
19.5
4.8
18.4

26.9
2.2
25.4
4.1
16.0

24.6
2.5
27.6
4.1
15.2

24.0
2.9
28.2
4.3
15.4

24.4
3.1
27.8
4.6
15.4

28.2
4.5
15.3

23.6
3.4
25.3
4.4
14.8

33.0
2.8
8.5
5.2
17.8

27.0
2.6
23.5
4.6
16.6

21.7
2.4
36.1
3.6
14.2

Total expenses

74.6

82.1

75.9

74.6

74.0

74.8

75.3

74.4

71.5

67.3

74.3

78.0

Net current earnings before income
taxes

25.4

17.9

24.1

25.4

26.0

25.2

24.7

25.6

28.5

32.7

25.7

22.0

2.2
1.6
6.2
15.4

1.5
.3
4.4
11.7

2.3
.9
5.0
15.9

2.3
1.3
5.7
16.1

2.1
1.6
6.4
15.9

2.2
1.9
6.5
14.6

2.2
1.8
6.7
14.0

2.0
2.4
8.6
15.5

2.3
1.5
9.0
19.9

2.4
1.7

15.3

1.8
1.4
4.9
13.9

3.63
3.15
.06

3.79
3.51
+ .02

+ .01

3.78
3.31

3.74
3.28
.01

6.04
.12

6.75
.24

6.85
.23

6.60
.17

Total revenue...
Salaries and wages
Officer and employee benefits
Interest on time deposits
Net occupancy expense
Other current expenses

Net losses (or recoveries and profits +) 1 ..
Net increase in valuation reserves
Taxes on net income
Net income after taxes
Rates of return on securities and loans:
Return on securities:
Interest on U.S. Government securities...
Interest and dividends on other securities.
Net losses (or recoveries and profits +) 1 ..
Return on loans:
Revenue on loans
Net losses 1

3.77
3.33

6.75
.21

Distribution of assets:
Percentage of total assets:
U.S. Government securities
Other securities
Loans
Cash assets
Real estate assets

26.7
10.6
45.8
15.2
1.5

Other ratios:
Total capital accounts to :
Total assets
Total assets less U.S. Government securities and cash assets
Total deposits

9.4
17.1
10.7
43.1
3.24
2.9

Time to total deposits 2
Interest on time deposits
Trust department revenue to total revenue2.
Number of banks3
For notes see second following page.




5,974

+ .01

+ .02

3.91
4.04

3.82
3.50

7.96
.32

7.20
.26

6.85
.21

3.78
4.44

28.1
4.4
43.2
22.6
1.6

29.9
6.9
44.2
17.6

3.77
3.11

+ .02

+ .01

3.73
3.08

3.64
3.14
.01

6.75
.20

6.67
.21

6.39
.20

1.3

29.0
9.5
44.6
15.4
1.4

16.6

12.9

10.2

8.7

8.1

7.8

7.6

7.9

11.0

9.4

36.2
21.4

26.0
15.5

19.2
11.6

15.5
9.7

13.8
9.0

12.7
8.7

12.6
8.5

12.4
8.9

22.9
12.7

17.2
10.8

14.8
9.8

25.2
2.94
1.1

35.1
3.22
7.1

42.6
3.20
1.7

45.5
3.22
1.3

46.7
3.25
2.2

44.9
3.34
3.2

44.0
3.36
3.7

38.5
3.46
5.5

14.0
2.99
4.0

38.6
3.30
3.1

60.4
3.26
2.0

120

523

423

231

297

826

1,732

26.9
11.8
45.2
14.4
1.5

6.22
.16

1,446

25.5
12.4
46.5
13.9
1.6

1,202

23.8
12.3
47.8
14.0
1.7

23.3
11.8
48.4
14.5
1.5

18.0
10.7
51.3
17.7
1.5

27.1
9.6
40.8
20.9
1.4

6.3

26.3
10.6
45.1
16.1
1.6

2,971

27.2
11.1
48.5
11.7
1.4

2,177

618

MEMBER BANKS, 1964

APRIL 1965

OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS AND BY SIZE OF BANK
(Averages of individual ratios expressed as percentages)
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups

Banks with ratios of time
to total deposits of
25-50 per cent

Banks with ratios of time
to total deposits of
50 per cent and over

Size group—total deposits (in thousands of dollars)
2,000 2,000-5 ,000- Over 2,000 2,000-5,000- Over 2,000 2,000-5,000- Over
and
and
and
under 5,000 25,000 25 ,000 under 5,000 25,000 25,000 under 5,000 25,000 25,000

Summary ratios:
Percentage of total capital accounts :
Net current earnings before income taxes
Net income before related taxes
Net income
Cash dividends declared
Percentage of total assets:
Total operating revenue
Net current earnings before income taxes
Net income
Sources and disposition of income:
Percentage of total operating revenue:
Interest and dividends on:
U.S. Government securities
Other securities
Revenue on loans
Service charges on deposit accounts
All other revenue
Total revenue

14.1
11.8
8.4
3.1
4.90
1.23

.74

21.4
7.0
62.2
5.8
3.6

10.8
10.0
7.6
3.4
4.70
1.33
.90

25.9
4.2
60.7
5.9
3.3

14.0
12.2
8.8
3.5
4.48
1.49
.94

25.5
7.8
57.8
6.0
2.9

17.0
14.1
9.1
3.4
4.59
1.55
.83

22.7
7.5
58.3
7.8
3.7

17.9
15.8
9.6
4.2
4.47
1.52
.82

16.3
6.2
63.3
5.8
8.4

9.2
7.4
5.7
1.9
5.40
1.02
.59

22.7
4.5
63.1
6.0
3.7

13.0
10.7
8.0
2.7
4.96
1.22

.74

23.6
6.3
61.2
5.9
3.0

15.9
13.3
9.3
3.4
4.92
1.32
.77

20.6
7.7
61.1
7.1
3.5

16.9
14.1
9.1
4.0
4.78
1.31
.71

16.7
7.2
63.5
5.9
6.7

9.8
8.9
7.0
2.0
5.07
1.03
.74

24.7
4.8
63.7
3.9
2.9

11.7
10.2
7.7
2.5
4.96
1.09
.71

23.3
5.9
64.2
4.0
2.6

13.9
11.7
8.5
3.0
4.94
1.11
.68

20.7
7.7
64.0
4.9
2.7

14.8
11.7
8.6
3.7
4.98
1.05
.61

17.7
8.7
63.4
5.7
4.5

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
25.9
2.5
26.0
4.3
15.9

38.3
2.2
5.8
5.6
18.8

33.6
2.7
7.5
4.9
17.6

30.5
3.1
9.9
5.3
17.3

26.7
3.7
13.1
4.8
17.6

32.1
1.9
19.8
5.8
20.6

28.2
2.2
23.5
4.5
16.7

25.9
2.8
23.9
4.5
16.0

24.5
3.3
24.6
4.6
15.5

24.8
1.9
33.1
3.5
16.0

22.1
2.2
36.1
3.2
14.4

21.1
2.5
36.2
3.7
14.0

21.8
2.8
36.5
4.3
13.7

Total expenses

74.6

70.7

66.3

66.1

65.9

80.2

75.1

73.1

72.5

79.3

78.0

77.5

79.1

Net current earnings before income taxes..

25.4

29.3

33.7

33.9

34.1

19.8

24.9

26.9

27.5

20.7

22.0

22.5

20.9

2.2
1.6
6.2
15.4

1.8
.4
6.9
20.2

2.6
1.2
8.5
21.4

2.7
2.6
10.3
18.3

1.5
2.1
12.0
18.5

2.6
1.2
4.1
11.9

2.5
1.6
5.3
15.5

2.4
1.7
6.8
16.0

2.1
2.2
8.2
15.0

1.4
.4
4.0
14.9

1.7
1.0
4.8
14.5

1.7
1.6
5.2
14.0

2.3
1.8
4.5
12.3

Salaries and wages
Officer and employee benefits
Interest on time deposits
Net occupancy expense
Other current expenses

Net losses (or recoveries and profits + ) l
Net increase in valuation reserves
Taxes on net income
Net income after taxes
Rates of return on securities and loans:
Return on securities:
Interest on U.S. Government securities
Interest and dividends on other securities
Net losses (or recoveries and profits + ) l
Return on loans:
Revenue on loans
Net losses *
Distribution of assets:
Percentage of total assets:
U.S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less U.S. Government securities
and cash assets
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department revenue to total revenue 2
Number of banks 3
For notes see following page.




3.77
3.33
6.75
.21

3.87
4.47

3.84
3.36

3.74
3.01

3.62 3.97 3.85 3.76
3.21 3.97 3.50 3.12
.01 + .03 + .01 + .02

7.19
.28

6.79
.25

6.73
.26

5.94
.12

+ .01 + .02 + .05

26.7
10.6
45.8
15.2
1.5

29.9
5.9
40.2
22.7
1.2

28.6
11.2
38.8
20.0
1.3

26.5
11.3
40.5
20.0
1.6

19.4
8.8
47.6
22.0
1.6

9.4

13.8

11.1

9.3

17.1
10.7

31.5
16.6

23.2
12.8

18.6
10.5

7.64
.31

7.00
.24

28.5
6.5
45.0
18.2
1.6

28.9
9.3
43.8
16.3
1.5

8.7

14.2

15.3
9.9

28.0
17.7

6.81
.23

3.61
3.11
.02

3.72
3.91
.01

3.78
3.55
.01

3.74
3.10

3.69
3.15
.06

6.24
.16

6.86
.14

6.68
.15

6.60
.17

6.36
.19

31.7
6.8
47.5
12.8
1.1

29.3
8.8
48.2
12.3

21.6
11.1
48.8
16.3
1.7

10.1

8.5

7.9

11.7

9.8

8.2

7.2

19.3
11.5

15.0
9.5

12.9
8.9

22.2
13.8

17.3
11.0

13.6
9.2

11.1
8.0

1.3

26.5
12.1
48.3
11.4
1.4

23.2
13.7
50.0
11.3
1.4

26.0
12.1
44.5
15.5
1.7

43.1 10.5 12.4 16.4 19.5 36.4 38.9 39.0 38.3 60.3 61.3 60.4 58.5
3.24 3.00 2.83 2.99 3.33 3.28 3.29 3.27 3.38 3.13 3.24 3.24 3.40
4.4
1.7 2.8
2.5
6.0
2.3
9.1
2.0
1.6
2.9
.2
5,974

200

293

220

113

312

808 1,326

525

131

631 1,102

313

MEMBER BANKS, 1964

APRIL 1965

619

OPERATING RATIOS BY FEDERAL RESERVE DISTRICT
(Averages of individual ratios expressed as percentages)
Federal Reserve district
Item

Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Net income before related taxes
Net income
Cash dividends declared
Percentage of total assets:
Total operating revenue
Net current earnings before income taxes
Net income
Sources and disposition of income:
Percentage of total operating revenue :
Interest and dividends on:
U.S. Government securities
Other securities
Revenue on loans
Service charges on deposit accounts.
All other revenue
Total revenue.
Salaries and wages
Officer and employee benefits
Interest on time deposits
Net occupancy expense
Other current expenses
Total expenses
Net current earnings before income taxes
Net losses (or recoveries and profits + ) 1
Net increase in valuation reserves
Taxes on net income
Net income after taxes
Rates of return on securities and loans:
Return on securities:
Interest on U.S. Government securities
Interest and dividends on other securities. . .
Net losses (or recoveries and profits + ) 1
Return on loans:
Revenue on loans
Net losses 1
Distribution of assets:
Percentage of total assets:
U.S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to :
Total assets
Total assets less U.S. Government securities
and cash assets
Total deposits
Time to total deposits 2
Interest on time deposits
Trust department revenue to total revenue2
Number of banks 3 .
1 Net losses is the excess of (a) actual losses charged against net income
plus losses charged against valuation reserves over (b) actual recoveries
and profits credited to net income plus recoveries credited to valuation
reserves; net recoveries and profits is the reverse. Transfers to and from
reserves
are excluded.
2
Banks reporting no interest paid on time deposits or trust department revenue, as the case may be, were excluded in computing this
average.
3 The ratios for 251 member banks in operation at the end of 1964 were
excluded from the compilations because of unavailability of data covering
the complete year's operations, certain accounting adjustments, lack of
comparability,
etc.
4
No ratios are shown for groups of less than 3 banks.
NOTE.—These ratios, being arithmetic averages of the operating ratios of
individual member banks, differ in many cases from corresponding ratios
computed from aggregate dollar amounts that will be shown in a subse-




quent issue of the BULLETIN. Such differences result from the fact that
each bank's figures have an equal weight in calculation of the averages
whereas the figures of the many small and medium-sized banks have but
little influence on the aggregate dollar amounts. Averages of individual
ratios are useful primarily to those interested in studying the financial
results of operations of individual banks, while ratios based on aggregates
show combined results for the banking system as a whole and, broadly
speaking, are the more significant for purposes of general analyses of
credit and monetary problems.
Figures of revenue, expenses, etc., used in the calculations were taken
from the annual income and dividends reports for 1964. Balancesheet figures used in the compilations were obtained by averaging the
amounts shown in each bank's official condition reports submitted for
Dec. 20, 1963, April 15 and June 30, 1964. Savings deposits are included
in the time deposit figures used in these tables.

Financial Statistics

* International *
Reported gold reserves of central banks and governments

622

Gold production

623

Net gold purchases and gold stock of the United States

624

Estimated foreign gold reserves and dollar holdings

625

International capital transactions of the United States.

626

Money rates in foreign countries

635

Arbitrage in Treasury bills.

636

Foreign exchange rates

637

U.S. balance of payments

638

Foreign trade

639

Guide to tabular presentation

544

Index to statistical tables

645

The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-




piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at the end of the BULLETIN).

621

622

GOLD RESERVES

APRIL 1965

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world i

End of
period

1958
1959
I960
1961
1962
1963

39,445
40,195
40,540
41,140
41,470
42,310

1964—Feb
Mar
Apr
May
June
July

42,420
42,940

Sept
Oct
Nov
Dec

43,015
*43,035

1965—Jan
Feb

End of
period

Colombia

1958
1959
I960
1961
1962
1963
1964 Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

. . . .

1958
1959
I960
1961
1962
1963

Estimated
rest of
world

Afghanistan

Argentina

1,332
2,407
2,439
2,077
2,194
2,312

20,582
19,507
17,804
16,947
16,057
15,596

17,530
18,280
20,295
22,115
23,220
24,400

n.a.
n.a.
n.a.
36
36
36

60
56
104
190
61
78

162
154
147
162
190
208

194
292
293
303
454
536

1,270
1.134
,170
,248
,365
,371

2,322
2,328
2,334
2,353
2,359
2,359
2,424
2,425
2,425
2,430
2,179

15,518
15,550 24,540
15,727
15,693
15,623 24,960
15,629
15,657
15,643 24,945
15,606
15,566
15,471 ^25,385

36
36
36
36
37
37
37
37
37
37
37

78
76
76
74
74
74
73
73
73
73

211
211
215
216
218
219
221
223
224
224
226

558
569
579
579
592
592
592
592
592
592
600

2,181
2,188

15,208
14,993

37

228
228

600
613

Denmark

Finland

France

Germany,
Fed.
Rep. of

Greece

42
42

1,078
960
885
946
708
817

40
43
45
48
43
43

,374
1,376
,390
1,392
,392
1,393
1,395
1,395
1,404
1,434
1,451

150
150
120
120
120
120
120
120
92
92
92

42
42
42
42
42
42
42
42
42
42
84

850
871
892
910
931
949
969
990
1,001
1,007
1,026

43
43
43
42
43
43
43
43
43
43
43

1,461
471

92

84

1,036
1,040

43
42

Iran

Iraq

3,248
3,298
3,366
3,404
3,451
3,489
3,527
3,564
3,598
3,632
3,729

3,849
3,953
4,060
4,070
4,081
4,117
4,139
4,149
4,149
4,149
4,248

77
77
77
77
77
77
77
93
98
98

92
92

85
85

3,913
3,974

4,250
4,251

Norway

Pakistan

Peru

Philippines

Portugal

Saudi
Arabia

South
Africa

18
18
65
78
78

211
238
178
298
499
630

78
78
78
78
78
78
78
78
78
78
78

631
627
627
626
607
615
597
589
601
592
574

20
20
20

19
28
42
47
47
57

10
9
15
27
41
28

493
548
552
443
471
497

1,601
,601
1,601
1,601
1,601
1,601
1,601
1,601
1,611
1,621
1,688

20
20
20
20
20
20
20
20
20
20
20

31
31
31
31
31
31
31
31
31
31
31

53
53
53
53
53
53
53
53
53
53
53

57
57
57
67
67
67
67
67
67
67
67

21
23
24
25
26
28
29
30
31
32
23

497
497
497
497
497
497
497
497
497

1,688
i 723

20
20

31
31

53
53

67
67

24

1,050
1,132
1,451
1,581
1,581
1.601

49
50
50
50
50
48
46
46
45
45
48

172
172
172
172
172
172
172
172
172

157
156
162
168
168
172
170
170
169
167
169

29
29
29
29
34
34
34
34
34
34
34

124
244
247
287
289
289

2,107
2,101

49
50
52
53
53
53

16
23
29
29
29
29

Japan

56

43
30
30
30
30
31

143
142
137
112
95
139

Italy

1,086
1,749
2,203
2,225
2,243
2,343

141
141

66
66
65
65
65
65
65
65
64
64
85

37
33
58
43
44

Israel

2
2
*
10
41
60
62
62
56
56
56
56
56
56
56
56
56

270
281

92
92
92
92
92
92
92
92
92
92
92

Nigeria

325
327
287
285
225
150

98
98
112
112
112
112
112
112
112
112

63
63
64
64
65
66
67
57
58
58
58

Moroc- Netherco
lands

Canada

142
141
141
141
141
141
141
141
141
141
141

247
247
247
247
247
247

Chile

Burma

Brazil

247
247
247
247
247
247
247
247
247
247
247

17
26
76
87
77
77

Mexico

Indonesia

Belgium

34
84
98
84
98
98

2,639
2,637
2,971
3,664
3,679
3,843

Lebanon

Austria

141
140
130
130
129
142

750
1,290
1,641
2,121
2,587
3,175

91
102
119
140
172
172

For notes see end of table.

India

35
38
41
47
61
61

n.a.
n.a.
n.a.
43
49
48

1965—Jan
Feb

Australia

48
57
107
107
92
92

Kuwait

1964 Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec




United
States

72
71
78
88
57
62

1965 Jan
Feb
End of
period

Intl.
Monetary
Fund

2,343
2,143
2,143
2,146
2,148
2,153
2,100
2,104
2,104
2,104
2,107

289
290
290

545
519

623

GOLD RESERVES AND PRODUCTION

APRIL 1965

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

Spain

Sweden Switzerland

Taiwan

Thailand

Turkey

U.A.R.
(Egypt)

United
Kingdom

Uruguay

Venezuela

Bank
for
Intl.

Yugoslavia

EPU-

EF3

Settle-

ments 2

1958
1959
I960
1961
1962
1963

,

1964—Feb
Mar
May
June
July
Sept
Oct
Nov
Dec

. ..

1965—Jan
Feb

1,925
1,934
2.185
2,560
2,667
2,820

57

204

68
178
316
446

191
170
180
181

573

182

573

182

573
573
573
575
577
576
576
575
576
616

182
182
182
182
182
182
182
182
182
189

2,551
2,542
2,524
2,526
2,599
2,560
2,530
2,532
2,532
2,532
2,725

646
677

189
189

2,702
2,702

43

112

144

174

41
41
43
43

104
104
104
104

133
134
139
140

174
174
174
174

50

104

115

174

51

104

174

174
174
174
174
174
174
174
174
174
139
139

51
51
54
54
55
55
55
55
55
55

104
104
104
104
104
104
104
104
104
104

115
115
115
115
115
115
105
105
105
105
104

55

104

111

i Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
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.

2,808
2,514
2,800
2,268
2,582
2,484
2,458
2,439
2,302
2,136

180

719

180
180
180
180

652
401
401
401

171

401

171

401

171
171
171
171
171
171
171
171
171
171

—42

17
10
4
6
4
14

-134
— 19
115
—50
-279

401
401
401
401
401
401
401
401
401
401

14
15
15
15
15
16
16
16
17
17
17

—7
22
— 82
47
40
64
95
66
71
79
— 50

401

17

-111
— 159

126
40
55
56
56
47

47
28
28

2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments Union for 1958 and European Fund thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.

GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period

World
production i

1,050.0
1,125.0
1,175.0
1,215.0
1,295.0
1,350.0

1958
1959
I960
1961
1962
1963
1964
1964—Jan
Feb
Mar
May.';.'!;;;;;;;;;
June
July
Aug
Sect

;;;;;;;;;

Dec

Congo
(Leo- United
pold- States
ville)

South
Africa

Rhodesia

Ghana

618.0
702.2
748.4
803.1
892.2
960.1
1,019.8

19.4
19,8
19.6
20.1
19.4
19.8
20.1

29.8
32.0
30.8

12.3
12.2
11.1

61.6
57.2
58.8

29.2

8.1
7.1
7.5

54.8

78.7
79.9
84.9
82.3
83.4
85 4
86.9
87.2
88.2

1.7
1.6
1.6
1.6
1.7
6

2.6
2.6
2.6
2.6
2.6
2.4

31.1
32.2

"22*5*

7

.7
6
1.6

Oct

1965

North and South America

1 8
2262.5

1.9

Jan

^'Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Quarterly data.




54.5
51.4

Canada

Mexico

Nicaragua

158.8
156.9

11.6

11.0

7.2
7.3

10.5
9.4
8.3
8.3

7.0
7.9
7.8
7.2

162.0
156.6

145.5
139.0
133.0
10.7
9.8
10.3
11.6
10.7
10.8
11.3
11.3
10.9
11.5
11.5
10.8

.8
1.0 ; ; ; ; ; : :
.5
.7
.4
3
.4
.7

Asia

Colom- India
bia

13.0
13.9
15.2
14 0
13.9
11.4

6.0

1.2
1.2

.4
.4
.5
.4
.4
4

L.O
1.2
l.l
1
0
1.0
0
1

5.8
5.6

5.5
5.7
4.8

Other

Philippines

14.8
14.1

14.4
14 8
14.8
13.2

1.3
1.2
1.3
1.2
1.2
1 2

.4

.4
.4

2 4!6

.5

235

AusAll
tralia other *

38.6
38.1
38.0
37 7
37.4
35.8
33.7

58.9
54 5

53.6
53 8
57 3
59.3

3.1
2.5
2.6
2.6
2.7
3 0
3 0
3.1
2.5
2 8
3 0
2 8

10.8
NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.

624

U.S. GOLD

APRIL 1965

NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1963
1956

Area and country

1957

1958

1960

1959

1961

1962

1963

1964

1964
IV

II

I

IV

III

Western Europe:
Belgium
France
Germany, Fed. Rep. o f . . . .
Italy
Netherlands
Portugal
Spain
Switzerland
United Kingdom
Bank for Intl Settlements.
Other

3
-34

25
-8
100
18
80

Total
Canada
Latin American republics:
Argentina
Brazil
Colombia
Mexico
Venezuela
..
Other

3

3i
8

-84
-329
-349
-261
-20
32
-215
-900
-178
-21

68 - 2 , 3 2 6

15

5

115

75

-83
— 39
-266
-30
-10

-249
-114
-324
-550
-36
-96

20
-350
-32
-38

-827 -1,718

67

-50
-11

Asia:
Japan
Other
Total

-82
-518

-23
100
-25

-i56

— 125
-306
—23
-53

-146
102
-387

-i30

-12

- 7 5 4 - 1,105

— 55
—40
-405
-225
200
-60

— 32
-101

— 32

-ioi

40
-101
— 60

329

131

109

1

n

-4

-7

14

-1

-14

-88

-7

-31

79

35

-171

-30
28

-1

28

-399

zl

-90
-

85
57
38

2

-30
72
A

54
10

_2
30
221

163

— 30
51
125

6

2

IP

-17

-5

69

19

-100

-109

175

32

56

*

-30
18

A

-157
-28

-15
-97

1-101

2—93

312

3

-4

5

*

18

— 34

— 186

— 113

— 93

12

3

—4

5

All other

14
80

172 - 2 , 2 9 4

-5

772 - 2 , 2 9 4

— 101

-38

-6

-998 -1,969

-970

5-44

600

-20

4300

150

-1,041 - 1 , 6 6 9

-820

1

Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2
Includes sales of $21 million to Burma, $32 million to Lebanon, and
$ 13 million to Saudi Arabia.
3 Includes purchases of $25 million from the Philippines.

-7

-9

i

28
•

10

81

280

-101
— 25

-32
— 81
618

-28

4200

— 23
-101

-200
200

— 200
29

Total foreign countries

Grand total

-143
— 63
-456

-30
65
-5

T

Intl. Monetary Fund.

— 144

190

28

Total

— 141
-173
-34

-1

-3

-3

-3

-4

25

-2

-2

7

27

-1
<

i

-1

2

Q

-833

-392

-36

-15

-28

95

41

-145

-833

-392

-36

-15

-28

95

41

-145

—1

-36

1

_ !

4 Proceeds from this sale invested by the IMF in U.S. Govt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
5 Payment to the IMF of $344 million as increase in U.S. gold subscription 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)
Changes in—

End of period
Gold stock i

Year
Total

Total 2

Treasury

Foreign
currency
holdings

Total

1952
1953
1954
1955
1956
1957

23,252
22,091
21,793
21,753
22,058
22,857

23,252
22,091
21,793
21,753
22,058
22,857

23,187
22,030
21,713
21,690
21,949
22,781

379
-1,161
-298
-40
305
799

1958
1959
1960
1961
1962
1963
1964

20,582
19,507
17,804
17,063
16,156
15,808
15,903

20,582
19,507
17,804
16,947
16,057
15,596
15,471

20,534
19,456
17,767
16,889
15,978
15,513
15,388

-2,275
-1,075
-1,703
-741
-907
-348
95

116
99
212
432

Total
gold

Month

Gold stock i
Total

379 1964—Mar.... 15,990
-1,161
15,991
Apr
-298
May... 15,946
-40
June... 15,805
305
July.... 15,840
799
Aug.... 15,890
Sept.... 15,870
15,702
Oct
-2,275
Nov.... 16,324
4-1,075
D e c . . . 15,903
-1,703
-857
-890 1965—Jan
15,572
-461
Feb.,.. 15,220
-125
Mar.P..
15,128

1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on Mar. 31, 1965.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 554 and 556.




End of period

Changes in—

Foreign
currency
holdings 3

Total

Total
gold

Total 2

Treasury

15,550
15,727
15,693
15,623
15,629
15,657
15,643
15,606
15,566
15,471

15,461
15,462
15,463
15,461
15,462
15,460
15,463
15,461
15,386
15,388

440
264
253
182
211
233
227
96
758
432

125
1
-45
-141
35
50
-20
-168
622
-421

32
177
-34
-70
6
28
-14
-37
-40
-95

15,208
14,993
14,638

15,185
14,937
15,563

364
227
490

-331
-352
-92

-263
-215
-355

4 Includes payment of $344 million increase in U.S. gold subscription
to the I M F .
NOTE.—See Table 11 on p. 633 for gold held under earmark at F.R.
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.

625

GOLD RESERVES AND DOLLAR HOLDINGS

APRIL 1965

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31, 1962

Gold& U.S.
short- Govt.
bonds
term
dollars & notes

Area and country

Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany Fed Rep of •
Greece
Italy
Netherlands
Norway
Portugal
Spain .
Sweden
Switzerland
Turkey
United Kingdom
Other 2

783

1,542
159
134

3,744
6,409
196
3,627
1,829
155
632
623
671

...

Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama Republic of
Peru
Uruguay
Venezuela
Other
Total
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Total
Africa:
South Africa
U A R (EavPt)
Other

..

Total
Other countries:
Australia
All other
Total
Total foreign countries 3
International and regional 4
Grand total 3

*
*
16
2
3
3
4c

87
1
93
83

Dec. 31 , 1964P

U.S. Govt.
Gold & bonds & notes 1 Gold& U.S. Gold& U.S. Gold & U.S.
shortshort- Govt. short- Govt. short- Govt.
term
term
bonds
bonds
term
bonds
term
dollars
Old
New dollars & notes dollars & notes dollars & notes
series
series
2

3

253
160

13

4,653
6,884
265
3,146
1,961
164

3
3

14
1
6

901

1,791

688
778
591

911

1,782
4=

1

2
126

1
1
133

259
176

3
*
14
1
7

4
131

4,709
6,811
239
2,927
1,898
135

2
129

689
807
610

*
2
130

1
*
1

1
4c

1

4
131

947

3

1,832

4c

1,821

289
167

14
1
7

352
174

14
1
7

902

3

5
131

5,093
6,437
225
3,225
1,964
205

4
101

687
839
615

2
130

721
972
733

2
90

5 003
6,616
227
3,039
1,824
188

1
4=

1

Gold& U.S.
short- Govt.
term
bonds
dollars & notes

923

4c

428
212

14

5 392
6,258
272
3 728
2,055
214

1
4=

1

3

1,887

754

7
1
1

5
98
4=

3,575
165
4,191

370

3,726
136
3,967

361

75
*
328

3,528
135
4 245

380

3,737
129
4 153

402

3,653
123
4 222

78
*
402

481

48

369

49

46

559

49

514

48

462

49

476

414
49

753 32 713

714

4,009

690

4c

83

77

77

708 30,433

779

741

30,420

800 30 761

822

31,329

4,057

389

3,805

686

687

3,555

686

3,674

686

3,863

271
429
178
205
16
626
98
152
281
806
336

1
1

*

1
*
4
1
1
1
3

453
329
186
231
12
808
129
215
284
992
424

*
*
*
1
*
1
1
*
2

424
294
227
238
11
817
105
271
276
1,057
487

3,398

13

5

4,207

5
1
*

2
10

1

*

I

452
329
181
244
11
837
91
230
277
1,017
463

4,063

12

14

4,132

288
72
2,484
215
437
1,491

6
298
1
83
3 '2,773
237
486
40 1,687

5
1
3
42

4,987

50 '5,564

51

4c

4c

4c

302
1
81
5 '2,758
232
*
513
41 '1,893
47 '5,779
4c

*
2

4,165

5

4,362

6

*
311
1
77
5 '2,757
4=
230
4c
529
38 1,944

307
1
63
5 '2,882
4c
260
4c
546
42 '1,995

*
1
5
*

306
73
3,016
256
562
2,058

*
1
5
*
*
43

44 '5,848

48

51 '6,271

49

4c
*

*

4c

9

293

10

10

1,155

10

9

1,161

4:

388
'313

4c

29

30

*
26

373
308

29

'701

30

26

681

1,199 '45,721

1,568

337
287

911

670
198

1,524 '45,728

6,958

1,213

1,218

2,110 '52,679

2,781

2,742 '52,795

'7,067

2
4

1
1
*
*
*
2

4c

1,101

7,349

4c

10

10

50,432

1

386
330
224
226
10
808
89
271
280
1,076
465

695

2
40
79

363
349
219
265
10
903
99
272
281
1.130
471

296

4c
4e

373

624

*

671
188

540
188

43,083

4c

*
1

1
The first column continues the series based on a 1960 survey and
subsequently reported securities transactions; the second is based on a
survey as of July 31, 1963, and reported securities transactions for Aug.Dec.
Data are not available to reconcile the 2 series.
2
Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Excludes gold reserves of the U.S.S.R., other Eastern European
countries,
and China Mainland.
4
Includes international organizations and Latin American and Euro-




Sept. 30, 1964

June 30, 1964

1 010
833
4,095
140
4 036

28,916

Total
Canada

Mar. 31, 1964

Dec. 31, 1963

1
*
*

10

1,128

25

384
'350

25

'734

1,570 '46,352
'7,294

2,740 '53,646

'6,053
635
196

645
196
287

1,170

1

1

4c

45

*

r

624
163

*

1
*
1

1

*

10

288

14

300

16

10

1,119

14

1,087

16

392
'358

4=

26

28

401
371

26

26

'750

28

111

26

1,546 49,214

1,501

1,596 '47,279
1,068

7,499

2,664 '54,778

923

4c

7,162

904

2,469 56,376

2,405

pean regional organizations, except the Bank for International Settlements
and European Fund, which are included in "Other Western Europe."
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U.S. Treasury bills and certificates); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn.
U.S. Govt. bonds and notes are official and private holdings of U.S.
Govt. securities with an original maturity of more than 1 year; excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions
of foreign countries as shown in Table 8 on p. 632.
See also NOTE to table on gold reserves.

626

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS
(Amounts outstanding; in millions of dollars)
Grand
total

End of period

Intl.
and
regional 1

Foreign
countries

Western
Europe 2

Latin
American
republics

Canada 3

Asia

Other
countries

Africa

1963 Dec

19,505

5,855

13,650

7,867

1,664

1 058

2,731

154

176

1964

19,241
19,151
18,948
19,046
19,337
19,318
19,415
19,518
19,429
19,802
20,223

5,945
5,900
5,951
5,901
5,994
5,979
5,925
5,989
5,964
5,954
5,876

13,296
13,251
12,997
13,145
13,343
13,339
13,490
13,529
13,465
13,848
14,347

7,531
7,500
7,155
7,249
7,491
7,426
7,636
7,714
7,517
7,824
8,268

1 579
1,483
1 471
1,485
1 488
1 472
1,492
1 495
1,533
1 577
1 483

1.107
1,135
1,249
1,240
1,153
1,239
1,152
1,074
1,175
1,191
,238

2 756
2,815
2 808
2,864
2 911
2,889
2,906
2 928
2,904
2 930
3 020

156
156
150
145
136
146
139
146
158
152
160

167
162
164
162
164
167
165
172
178
174
178

19,518
19,629

5,822
5,807

13,696
13,822

7,551
7,644

1,449
1,419

,264
I 275

3,097
3,124

159
180

176
180

Feb
Mar
Apr
May
June
July
Sent
Oct
Nov
Dec

1965—Jan.p
Feb P

1 Includes international organizations, and Latin American and European regional organizations, except the Bank for International Settlements
and the European Fund which are included in Western Europe.
2 Includes Bank for International Settlements and European Fund.
3 Data are now on same basis as in other columns.
NOTE.—Data represent short-term liabilities to the official institutions

of foreign countries and to official international and regional organizations,
as reported by banks in the United States, and estimated foreign official
holdings of marketable U.S. Govt. securities with an original maturity
of more than one year. Data exclude nonnegotiable, non-interest-bearing
special notes held by the Inter-American Development Bank and the
International Development Association, and also nonmarketable U.S.
Treasury notes and bonds, payable in dollars and in foreign currencies.

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Foreign

International and regional *
Grand
total

End of
period

European
regional2

L.A.
regional

Europe
Total

Official 3

Other

Latin
Canada America

Asia

Africa

Other
countries

Total

Intl.

21,272
422,533
25,019
r
25,967

4,012
3,752
5,145
4,637

3,897
3,695
4,938
4,501

34
18

115
57
173
118

17,260
418,781
19,874
'21,330

10 212
10,940
11,963
12,467

7,048
47,841
7,911
'8,863

9 046
10,322
10,162
10,770

2,439
2,758
3,349
2,988

2,308
2,340
2,448
3,137

3,115
42,974
3,444
'4,001

227
283
319
241

125
104
152
194

Apr
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.

. , -•26,148
'25,927
'26,355
'26,362
'26,328
'26,894
'27,277
'27,406
'28,039
'28,975
28,811

4,775
4,731
4,780
4,833
4,926
4,910
4,918
5,065
5,061
5,051
4,974

4,649
4,603
4,591
4,654
4,755
4,748
4,757
4,910
4,900
4,889
4,802

17
19
16
16
25
18
18
17
18
18
22

109
108
172
163
146
144
143
138
143
144
150

'21,372
'21,197
'21,575
'21,529
'21,402
'21,983
'22,359
'22,341
'22,978
'23,924
23,837

12,059 '9,313
12,014 '9,183
11,757 '9,818
11,905 '9,624
12,102 '9,300
12,121 '9,862
12,312 '10,047
12,351 '9,990
12,300 '10,678
12,723 '11,201
13,222 10,615

10,618
10,679
10,643
10,618
10,662
10,791
11,148
11,285
11,233
12,012
12,251

3,034
2,684
2,903
2,932
2,743
3,030
3,064
2,873
3,405
3,461
2,983

3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,290
3,411
3,480
3,535

'4,106
'4,218
'4,246
'4,232
'4,271
'4,339
'4,383
'4,474
'4,497
'4,553
4,631

238
247
235
230
227
233
224
231
244
238
247

184
111
184
185
186
190
183
189
188
181
191

1965—Jan.p
Feb.*>

28,749
28,856

4,986
5,010

4,811
4,842

19
17

156
150

23,763
23,846

11,176
11,165

11,994
11,985

2,973
2,949

3,590
3,634

4,736
4,803

252
276

217
199

1960
1961
1962
1963
1964—Feb
Mar

12,587
12,681

2a. Europe

End of period

Total

Austria Belgium

Denmark

Finland

France

Germany,
Fed.
Rep. of

Greece

Italy

Nether- Norway
lands

Portugal

Spain

Sweden

9,046
. . . . 10,322
10,162
10,770

243
255
329
365

142
326
177
420

54
52
67
161

46
91
73
99

1,157
1,478

3,476
2,842
2,730
3,041

63
67
119
188

877
1,234
1,384
803

328
216
248
360

82
105
125
133

84
99
161
191

149
153
177
205

227
406
490
409

1964—Feb
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...

10,618
10,679
10,643
10,618
10,662
10,791
11,148
11,285
11,233
12,012
12,251

322
342
297
341
310
327
355
355
293
349
323

431
406
437
439
440
396
424
426
444
473
436

157
167
191
195
197
213
229
260
269
280
336

108
110
111
112
102
105
105
109
112
110
127

1,467
1,411
1,406
1,518
1,552
1,558
1,525
1,529
1,524
1,600
1,663

3,157
2,858
2,386
2,303
2,535
2,360
2,361
2,288
2,184
2,152
2,010

167
162
156
148
150
146
133
132
159
172
174

536
784
849
866
891
928
1,057
:1,121
1,263
,434
1,621

289
297
254
264
223
310
317
363
356
447
367

96
104
117
159
157
167
171
174
186
182
183

200
192
189
193
190
216
230
224
228
228
257

217
234
218
241
264
296
376
396
409
410
394

431
428
415
420
433
451
509
551
563
653
644

1965—Jan.*.
Feb.P.

11,994
11,985

296
269

470
458

344
334

129
126

1,529
1,565

1,922
1,898

165
152

1,591
,570

355
339

153
174

257
2€7

406
337

681
721

1960
1961
1962
1963

For notes see following two pages.




519

989

627

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2a. Europe—Continued
End of period SwitzerTurkey
land

United
Kingdom

Yugoslavia

2b. Latin America

Other
Other
Western U.S.S.R. Eastern
Europe 5
Europe

Total

Argentina

Brazil

Chile

16

12
5
3
2

14
16
19
24

2,308
2,340
2,448
3,137

315
235
210
375

194
228
204
179

135
105
135
143

158
147
148
169

11

397
495
531
669

13
13
13
14
14
14
13
16
12
15
32

320
357
514
372
309
278
254
260
254
251
357

2
3
3
4
3
4
3
3
2
3
3

22
19
21
20
25
23
21
20
23
21
19

3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,290
3,411
3,480
3,535

392
376
377
402
350
336
307
313
305
279
290

172
179
178
189
174
176
221
210
233
253
257

136
138
142
135
184
168
172
181
163
151
176

173
181
190
178
173
164
149
169
162
177
207

11
11
12
11
11
10
10
10
10
10
10

708
681
707
659
649
666
674
638
663
773
734

21
17

253
323

3
2

24
24

3,590
3,634

299
301

279
302

189
161

175
194

9
10

698
709

678
875
908
906

18
26
25
21

1,667
2,227
1,609
1,483

10
12
11

1964—Feb
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec.

919
986

1,043
1,063
1,138
1,121
1,102
1,121
L,O83
[,199
1,370

28
20
16
15
14
13
12
18
22
27
36

1,735
1,787
2,008
1,931
1,714
1,864
1,951
1,920
1,848
2,004
1,900

1965—Jan. P
Feb.*

1,321
1,306

26
21

2,049
2,080

2b. Latin America—Continued

Panama

Peru

Uruguay

Cuba Mexico

357
325
351
465

I960
1961
1962
1963

End of
period

Colombia

Venezuela

Other
L.A.
Rep.

77
43

6 15

2c. Asia
Neth.
Other
Bahamas
Antilles & Latin
&
Bermuda 7 Surinam America 7

Total

China
Mainland

Hong
Vnnn
Jvong

India

Indonesia

Israel

I960
1961
1962
1963

123
87
98
129

72
84
105
158

51
57
101
113

398
418
405
591

235
226
267
355

69
111
123
136

72
89
97
93

12
15
10
15

3,115
42,974
3,444
'4,001

35
35
36
35

57
56
65
66

54
78
41
51

178
76
28
48

75
63
81
112

1964—Feb
Mar....
Apr
May....
June....
July
Aug
Sept
Oct
Nov

113
91
90
90
105
85
92
89
96
103
99

173
173
191
197
204
218
214
204
199
196
205

104
106
98
104
105
106
112
109
113
111
110

592
616
717
687
656
769
707
675
763
714
729

391
397
412
425
426
427
419
404
405
410
411

125
141
154
155
166
171
166
175
178
174
178

87
88
86
85
93
93
96
98
105
113
114

14
13
11
14
16
14
19
16
16
15
15

'4,106
'4,218
'4,246
'4,232
'4,271
'4,339
'4,383
'4,474
'4,497
'4,553
4,631

36
36
36
36
36
35
35
36
36
35
35

72
74
72
71
71
75
80
77
74
85
95

52
55
56
67
64
62
56
60
55
63
59

54
46
45
40
42
40
27
28
36
37
38

129
126
132
140
135
133
129
134
132
140
133

101
110

241
244

115
119

759
714

415
430

181
207

113
114

16
18

4,736
4,803

35
35

96
100

65
70

26
30

131
134

Dec
1965—Jan.p...
Feb.*.. .

2d . Africa

2c. Asia—<Continued
End of
period

Japan

Korea

1,887
1 672
2
195
r
2,484

152
199
136
113

Feb
Mar
Apr
..
May....
June....
July
Aug
Sept
Oct
Nov
Dec

'2 417
'2,469
r
2 437
'2,416
'2,467
'2,478
'2,545
'2,592
'2,587
'2,608
2,712

126
124
120
115
106
100
101
103
103
106
104

1965—Jan.?
Feb.**...

2,710
2,733

116
111

I960
1961
1962
1963
1964

4

Taiwan

Thailand

Other
Asia

Total

203
185
174
209

84
92
75
149

186
264
333
382

204
254
280
353

227
283
319
241

32
34
35
26

64
93
68
49

29
32
41
41

203
209
205
203
204
218
216
230

400
409
416
416
425
426
439
442
437
444
458

441
472
512
510
490
523
507
533
571
585
543

238
247
235
230
227
233
224
231
244
238
247

25
26
25
24
25
24
23
24

227
228
233

177
200
215
219
232
249
248
238
240
221
221

26
25
26

41
33
24
19
17
20
18
17
8
7
7

242
259

225
230

471
484

618
616

252
276

23
33

8
8

62

Philippines

1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International
Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European
Investment Bank and other Latin American and European regional
organizations, except Bank for International Settlements and European
Fund which are included in "Europe."
2 Not reported separately until 1962.
3 Foreign central banks and foreign central govts. and their agencies,
and Bank for International Settlements and European Fund.




Congo
Mo- 7
(Leopold- rocco
ville)

2e. Other countries

South U.A.R. Other
Africa (Egypt) Africa

Total

Australia

All
other 7

22
15
14
14

80
109
161
112

125
104
152
194

88
98
147
180

37
6
5
13

43
43
46
49
38
44
38
46
48
51
50

19
24
26
21
22
24
20
22
23
19
24

110
122
113
117
125
119
124
123
139
135
141

184
177
184
185
186
190
183
189
188
181
191

170
162
162
164
166
168
162
169
165
163
175

14
15
22
21
19
22
20
20
23
18
15

57

28
28

136
145

217
199

200

18
22

177

4 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
5 Includes Bank for International Settlements and European Fund.
« Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
7 Data based on reports by banks in the Second F.R. District only for
year-end 1960-1962.
For NOTE see end of Table 2.

628

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2f. Supplementary Data* (end of period)
1963

1964

1963

1964

Area or country

Area or country

Other Western Europe:
Ireland Ret) of
Luxembourg

Apr.

Dec.

Apr.

5 2
4 7

7 0
10.7

4 7

5 2
8.7

8.9

7.4
2.7

6.0
8.6
2.4

2 0

Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
. ..
Ecuador
El Salvador
Guatemala.
Haiti
Honduras
Jamaica
Nicaracua.
Trinidad & Tobaso
Other Latin America:
Rritish ^West Indies
French West Indies & French
Guiana
Other Asia*
Afghanistan
Burma
Cambodia
Ceylon

21.2
32 8
47.4
37.8
48.6
74.8
11.9
23.7
5 8
42.5
6 8
4.1

32.6
29.1
58.0
53.4
41.7
47.9
12.9
20.0

Dec.

17.4
4.1

43.2
31.5
'55.7
67.1
56.0
48.7
14.3
26.0

5.7

35.1
35 9
40.6
62.1
57.8
65.1
17.3
26.3
4 7
52.3
8 4
5.5

22 6

7 3

6 3

na

1.3

1.3

.6

1.1

13.3

5.0
9.9
6.9
3.1

4.2

5.5

22.1

n.a.

2.1
3.7

n.a
2.4

6.5

35.0
8.9

8.9

10.2
9.6

7.0

42.4
11 4
7.4

Other Asia (Cont.):
Iran
Iraq
Jordan
Kuwait
Laos
Lebanon
. . .
Malaysia
Pakistan
. .
Ryukyu Islands (incl. Okinawa).
Syria
Viet-Nam

Apr.

Dec.

Apr.

Dec.

49 4
11.1

23 5
19 8
2 8
46 5
8 8
76.3
24 1
17 3
21.7
61.7
2 1
12 1

33 4
22 9
2 7
49 9
6 5
108.1
24 3
16 1
31.6
151.0
5 7
17 9

23 4
na
2 7
56 4
5 0
84.2
22 2
23 1
n.a.
197 2
7 6
19 0

1.7

38 2
12.8
77.9
18.9
15 9
32.7
37.1
3 4
11.6

Other Africa:
Algeria
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Southern Rhodesia
Sudan
Tunisia

5

9

20.8
10 8
13.4
10.5
1.1
24 5
.6
n.a.
2.4
11.6

22 3
6 4
22.0
14.1
1.4
17 8
.8
3.6
2.5
1.0

1 0
32 1
6 3
17.8
14.9
1.4
17 3
.8
3 5
2.0
8

1 5
33 7
5 6
20.0
28.9
2.5
na
.5
na
2.2
9

8 8

10 5

18 8

12 0

All other:
New Zealand

Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables 2a-2e.

interest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data
on long-term liabilities, see Table 6. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.

NOTE.—Short-term liabilities are principally deposits (demand and
time) and U.S. Govt. securities maturing in not more than 1 year from
their date of issue; the latter, however, exclude nonnegotiable, non-

3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
To banks and official institutions
End of period

Total

1965

Deposits

U.S.
Treasury
bills and
Demand Time * certificates

Special
U.S.
notes 2

Other 3

Deposits
Total
Demand

Time*

21,272 18,929
22,450 19,944
22,533 20,025
25,019 22,311
'25 967 '22,787

8,644
8,707
8,528
5,629 3,673

7,491
7,363
7,363
9,214
8,571

2,469
2,388
2,388
3,012
3,036

1,401
1,549
1,567
1,557
'1,878

2,230
2,356
2,358
2,565
3,047

1,849
1,976
1,977
2,096
1,493

July
Aug
Sept
Oct
Nov
Dec

'26 148
'25,927
'26,355
'26,362
'26,328
'26 894
'27,277
'27 406
'28,039
'28,975
28 811

'22,952
'22,705
'23,091
'23,138
'23,070
'23 638
'23,993
'24,038
'24,683
'25,563
25,339

5,796 3,842
5,818 3,799
6,063 3,937
5,901 3,922
5,772 3,722
6,210 3,787
6,359 3,769
6,243 '3,752
6,764 3,856
7,310 3,880
6,709 3,990

8,371
7,972
7,687
7,800
7,866
7,914
8,163
8,180
8,133
8,470
8,727

3,166
3,171
3,166
3,164
3,289
3,289
3,275
3,425
3,394
3,385
3,308

'1,777
'1,945
'2,238
'2,351
'2,421
'2,438
'2,427
'2 439
'2,536
'2,518
2 605

3,070
3,111
3,148
3,107
3,135
3,132
3,161
3,237
3,250
3,302
3,359

1,443
1,424
1,457
1,467
1,496
1,464
1,450
1,478
1,449
1,500
1,528

Jan v
Feb.*

28 749
28,856

25,256
25,363

6,844
6,731

8,555
8,591

3,303
3,303

2,508
2,682

3,373
3,403

1,515
1,507

I960
1961
1961 4
1962
1963
1964

To all other foreigners

Total

Feb
Mar
Apr
May

7, 568

4,046
4,056

1
Excludes negotiable time certificates of deposit which are included
in "Other."
2 Nonnegotiable, non-interest-bearing special U.S. notes held by the
International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development




U.S.
Treasury
bills and
certificates

Payable
in
foreign
currencies
Other 3

966

148
149
149
116
119

233
231
232
352
469

994

127

1,023
1,038
1,057
1,080
1,095
1,135
1,178
1,196
1,206
1,257

136
116
87

506

125

528
537
495

112
117
118

75
86
91
101
105
84
72

484
487
485
480
500
512
502

123
123
124
132
106
111
113

1,281
1,306

81
79

496
511

119
90

113
150
150
143
134

Bank, which amounted to $329 million on Feb. 28, 1965.
3 Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

629

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Grand
total

End of period
I960
1961
1962
1963

. . .

.

.

..

Canada

Latin
America

1

717
767
877
939

421
556
526
638

1,356
1,522
1,606
1,742

1,052
31,891
2,017
2,493

104

69
85
137
58

1,001
940
1,002
1,028
1,164
1,075
1,048
1,064
1,164
1,217
1,215

636
713
735
764
855
746
746
675
635
638
729
766

1,753
1,781
1,818
1,795
1,856
1,916
1,936
1,988
2,024
r
2,098
2,212
2,180

2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,923
2,925
r
2,934
3,137
3,225

100
98
102
98
100
98
98
101
108
109
120
127

56
44
45
50
52
58
60
58
66
67
58
63

1,173
1,203

709
767

2,162
2,203

3,153
3,164

108
114

56
52

6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,810
6,923
r
6,975
7,474
7,579

.

.

Europe

3 614
3 4,820
5,163
5,975

...

1964—Feb
Mar
Apr.
May
June,.
July
Aug
Sept
Oct.
Nov
Dec
Dec 4

Intl. and
regional

.

•

••1,219

2
1

7,365
7,503

1965—Jan P
Feb P

Asia

Africa i

Other
countries 2

4a. Europe
Total

End of period

1960
1961
1962
1963

....

Austria

France

Germany,
Fed. Rep.
of

Greece

Italy

6
6
6
9

34
35
54
97

33
54
27
33

17
27
35
40

4
5
9
14

8
11
19
26

28
35
18
30

1,001
940
1,002

30
28
29
30
31
29
31
31
35
r
34
42
52

15
15
12
15
16
17
18
17
15
16
28
26

69
69
75
63
63
65
62
65
69
71
85
84

80
85
86
92
86
79
72
74
76
r
76
79
78

165
123
135
158
135
114
133
127
173
•"175
159
149

9
9
9
9
10
11
10
10
10
10
9
9

95
83
85
90
114
100
94
92
113
r
i22
109
109

42
43
47
38
45
46
40
40
40
r
42
39
36

34
33
34
35
41
34
33
33
36
41
43
43

24
27
25
25
28
31
32
31
28
32
40
40

25
23
29
29
32
31
31
36
43
r
41
47
48

57
71

18
20

77
76

88
80

184
211

10
9

104
123

33

44

44
41

12
17
17
15
16
19
20
17
21
20
19
23
28
26

32
25

50
45

Cuba

Mexico

215

9
9

1,164
1,075
t,048
1,064
1,164
1,129
,217

4b. Latin America

4a. Europe—Continued
Switzerland

1965

Turkey

Jan P
Feb P

. .

....

.

.

Yugoslavia

Other
Other
Western U.S.S.R. Eastern
Europe 5
Europe6

Argentina

Brazil

Chile

121
192
181
188

225
186
171
163

73
127
186
187

80
125
131
208

26
19
17
18

343
425
408
465

2,024
2,098
2,212
2,180

175
176
180
175
171
174
175
187
196
205
210
201

166
155
147
141
147
147
153
158
155
146
145
123

184
182
192
186
191
187
187
196
183
188
188
171

219
222
226
230
246
251
250
273
291
300
319
327

17
16
17
17
17
16
16
16
16
17
17
17

477
498
519
511
543
575
572
569
584
'604
630
629

2,162
2,203

206
205

122
116

163
153

305
304

16
16

648
678

245
181
221
237

11
9
6
7

11
9
19
23

8
8
8
16

l.lSfi

74
77
81
76
85
91
88
82
90
92
97
103

50
46
25
23
42
52
35
49
31
15
36
36

219
198
246
255
347
285
277
290
312
'278
319
313

11
14
17
24
29
26
23
21
17
15
15
15

23
23
25
24
22
22
21
22
26
21
20
20

18
18
17
17
15
16
20
18
20
20
20
20

1,753
1,781
1,818
1,795
1,856
1,916
1,936

36
32

237
215

16
15

21
21

23

111

117

\
1
!
!
S
i
!
!

21

1,522
,606
1,742

.988

r

Colombia

Total

49
16
42
48

For notes see following page.




United
Kingdom

105 !
75 :
70 !

60

. .

Sweden

82
165
186
121

1,173
1,203

Feb .
Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov . . .
Dec
Dec. ^

Spain

32
42
68
70

Dec 4

1964

Portugal

9
23
30
52

1965—Jan P
Feb.*5

1960
1961
1962
1963

Norway

13
11
14
13

1 028

End of period

Netherlands

65
20
32
26

•

Dec

Finland

2
5
7
8
8
8
8
9
7
7
8
9
9
7
10
11

. . . .

Denmark

717
767
877
939

. . .
.

1964— Feb
Mar
Apr
May
June.
July
Aug
Sept
Oct .
Nov.

Belgium

630

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
4b. Latin America—Continued

Peru

Uruguay

Venezuela

Other
L.A.
Republics 7

23
32
30
35

44
74
85
99

57
55
122
65

234
144
102
114

55
56
66
135

May!
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.
Dec. 4

45
50
46
41
44
40
38
37
35
'38
41
43

107
110
113
113
114
112
104
102
96
99
102
107

50
50
48
51
54
55
62
63
62
67
76
77

112
115
123
125
128
140
137
140
140
153
165
166

145
147
147
144
140
160
169
173
188
199
222
221

1965—Jan. P .
Feb.p

44
53

108
111

78
83

157
158

218
226

End of
period

Panama

1960
1961
1962
1963
1964—Feb
Mar.

4c. Asia
Bahamas
&
Bermuda i

Neth.
Antilles
&
Surinam

Other
Latin
America &

Japan

Korea

Philippines

806

31 528
1,740
2 171

2
4
3
25

19
114
70
113

Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Dec. 4

2 340
2 400
2 394
2,421
2 469
2,416
2,472
2 493
2,488
r
2,496
2,653
2 744

30
31
29
28
27
27
23
25
25
25
21
2

1965—Jan.p
Feb.p

2,681
2,688

20
20

I960
1961
1962
1963

. . . .

1964—Feb
Mar

Hong
Kong

India

Israel

42

66
74
98
16

1 052
31,891
2 017
2 493

2
2
2
2

9
9
13
11

9
g
20
17

24
36
37
22

33
34
37
35
37
38
41
42
44
50
58
61

1C
12
11
13
12
11
19
U
19
17
18
18

12
14
11
11
10
10
13
13
16
16
20
20

2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,923
2,925
'2,934
3,137
3,225

2
2
2
2
2
2
2
2
2
2
2
2

11
12
13
13
15
16
16
20
21
20
26
28

17
26
22
23
21
20
19
24
20
19
22
21

3
7
7

29
31
34
38
39
44
39
39
40
45
44
43

62
61

19
18

16
19

3,153
3,i64

1

21
21

22
16

7
7

36
40

4d. Africa

Taiwan

Indonesia

13
9
9

4c. Asia—Continued

End of period

China
Mainland

Total

Thailand

Other
Asia

7
10
9
8

24
34
41
52

150
145
80
71

104

142
150
161
155
158
174
179
179
185
183
202
205

10
9
8
7
7
7
7
8
9
8
9
9

58
58
57
54
57
53
56
53
54
55
64
65

76
77
74
84
78
78
77
80
81
*79
88
81

100
98
102
98
100
98
98
101
108
109
120
127

205
207

9
15

70
70

80
79

108
114

Total i

1
1
1
1
J

9
>0

28
24
24
29
26
26
26
29
29
28
42
42

5
14

31
29

•

7
>0
8
9
9
q
R
R

*

?
->

Q

2
->
1

•

2

U.A.R. Other Total 2
(Egypt) Africa i
3
13
26
28

0
0

1
1
1
?

i

4e. Other countries

Congo
(Leo- Moroc- South
poldco i
Africa
ville)
3
6
2
1

i

Australia

All
other 9

59

69
85
137
58

28
29
41
48

24
27
57
9

55
55
56
49
52
50
50
52
58
60
56
63

56
44
45
50
52
58
60
58
66
67
58
63

49
36
37
40
43
49
50
49
56
58
48
48

8
3
g
9
9
9
9
10
10
9
10
15

60
68

56
52

43
39

13
12

:

1
Not reported separately until 1963.
2 Includes Africa until 1963.
3 Includes $58 million reported by banks initially included as of Dec.
1961,
of which $52 million reported for Japan.
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
previously included; and because of the addition of $163 million of shortterm claims arising from the inclusion of claims previously held but first
reported as of Dec. 31,1964, and revision of preliminary data.
5 Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia,
Poland, and Rumania.
6
Czechoslovakia, Poland, and Rumania only until 1963.
7
Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
8
Until 1963 includes also the following Latin American Republics:




Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and9 Trinidad and Tobago.
Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year; loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
See also NOTE to Table 2.

APRIL 1965

631

INTL. CAPITAL TRANSACTIONS OF THE U.S.

5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—
End of period

Total
Total
Total

Feb
Mar
Apr
May
June
July
Aug
SeDt
Oct
Nov .
Dec
Dec.6

Banks

Others

Collec- Acceptances
tions
made
outfor
acct.
standof foring
eigners2

3,614
4,762
4 820
5,163
5,975

3,135
4,177
4 234
4,606
5,344

1,296
1,646
1 660
1,954
1,915

290
329

524
699

482
618

605
694

329
359
186

709
953
955

622
642
774

700
686
832

2,214

6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,810
6,923
'6,975
7,474
7,579

5,620
5,710
5,788
5,826
6,093
6,043
6,087
6,136
6,246
'6,303
6,810
6,951

2,057
2,051
2,098
2,143
2,196
2,237
2,269
2,314
2,383
'2,461
2,652
2,661

176
162
152
140
168
168
151
159
164
165
223
222

,090
,086
,108
,138
,143
,152
,176
,207
,251
,316
,374
,379

791
803
838
865
885
917
942
948
968
'980
1,055
1,060

891
932
911
932
933
956
956
980
986
'990
1,007
1,037

7,365
7,503

6,750
6,862

2,699
2,878

222
250

420
,482

1,058
1,146

960
953

1960
1961
1961 5
1962
1963
1964

Official
institutions 1

Payable in foreign currencies

1965 Jan»
Feb P

r

1
2

Includes central banks.
Not reported separately until 1963.
34 Until 1963 includes acceptances made for account of foreigners.
Until 1963 includes foreign government securities, commercial and
finance paper.

Other 3

1,233
1,837
1 874
1 967

Total

Foreign
govt. seDeposits curities,
with for- comml. Other*
eigners and finance
paper 2

480
586

242
385

384

586
557
631

386
371
432

157

200
186
42

2,325
2,394
2,413
2,373
2,438
2,401
2,403
2,414
2,431
'2,420
2,600
2,685

348
333
367
378
526
448
460
428
446
'432
552
569

644
662
709
735
808
688
692
674
677
'672
663
628

410
397
444
452
494
419
416
416
416
'404
405
352

197
211
210
221
254
207
202
176
111
183
182
180

36
55
56
62
60
62
74
83
83
84
77
96

2,580
2,533

511
497

615
640

345
354

167
174

102
113

238
200

5
These figures reflect the inclusion of data for banks initially included
as 6of Dec. 31, 1961.
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
previously included; and because of the addition of $163 million of shortterm claims arising from the inclusion of claims previously held but firs t
reported as of Dec. 31, 1964, and revision of preliminary data.

6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Claims

End of period

Total
liabilities

7
2
7
69

1960
196]
1962
1963
1964

Feb
Mar
Apr
May
June
July
Aug
Sept

1965 Jan P
Feb.?
1
2

Total
claims

>

Country or area

Payable in dollars Payable
in
foreign
curAll
Loans
other
rencies

Other
Europe

351
482
552

2,811

211

2

15
11
25
38

3,127
3,274
105
3,307
146
3,333
155
157
3,346
3 410
175
3,476
174
3,585
171
3 689
164
3 855
298
/ 3,971
305 \ 4 133

2,909
3,058
3,093
3,120
3,143
3 215
3,278
3,388
3 486
3,654
3,777
3 913

217

2

50

212
202
194
198
197
203
201
195
220

*
*

50
57
61
72
73
76
77
77
81

4 361
4,594

4 143
4,355

218
234

1
4

81
85

309
440

215
213

50
50

*

Not reported separately until 1963.
Includes Africa until 1963.
3 Includes claims previously held, but reported for the first time as of
May 1963; on that date such claims were $86 million. Also includes
$193 million reported for the first time as of December 1963, representing
in part claims previously held but not reported by banks. Included in




United
Kingdom

1 698
2 034
2,160
33,030

74

Oct

Nov
Dec 4
Dec

Type

Latin
Japan
Canada America

Other
Asia

Africa i

All
other 2

3194

115
146
148

76
274
304
290

914
931
886

31,015

19
24
74
3249

113

208
166
171
68

287

995

190

113

65

,493
,611
.614

287
279
283
294
292
292
291
273
285

1,036
1,036
1.050
1,025
,026
1,054
,069
,095
1,155
1,162
1,232

295
310
319
323
325
329
332
351
352
369
385
423

196
197
210
216
229
229
238
238
248

107
110
115
115
120
131
125
123
131

77
80
85
86
92
105
107
103
119

1,668
1,767

307
353

1,327
1,370

445
443

254
270

160
174

118
133

31,063
1 .131
,202
,238
,242
,273
302

,307
,358
408

289
286

195
188

116
111

76
79

this amount are claims on: Europe $5 million, Latin America $134
million,
and Asia $54 million.
4
Differs from December data in line above because of the addition of
$161 million of long-term claims arising from the inclusion of claims
previously held but first reported as of Dec. 31,1964, and revision of
preliminary data.

632

INTL. CAPITAL TRANSACTIONS OF THE U.S.

APRIL 1965

7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
I

U.S. corporate
securities 2

U.S. Govt. bonds and notes *

Foreign bonds

Foreign stocks

Net purchases or sales
Period
Total

Total
512
-728
671
-338

1961
1962
1963
1964

30
-27
-4
-83

1964—Feb
Mar
Apr
May.
June.
July
Aug
Sept
Oct
Nov
Dec...

12

1965—Jan.**
Feb.*

532
-521
302
-315

-103

-16
-98
-81
-30
-37

-61
-84
-21

-66
-7

-68
-37

Purchases

Net pur- PurSales chases or chases
sales

3,384
2,568
2,980
3,537

3,161
2,508
2,773
3,710

223
60
207
-173

802
,093
991
915

1,262
2,037
2,086
1,837

-460
-944
-1,095
-923

596
702
696
748

966
806
644
548

-370
-104
51
200

20
10
6
3
3
4
3
2

230
299
340
313
313
284
260
267
335
297
289

264
334
360
296
297
353
262
301
353
292
302

-34
-35
-20
16
17
-68
2
-34
-17
5
—13

51
43
70
53
67
70
37
51
252
86
93

134
40
192
157
112
76
32
97
399
342
220

-83
3
-121
-103
44
-5
6
-46
-148
-256
-127

62
66
71
62
64
61
49
49
60
55
72

36
36
50
50
47
42
32
42
59
50
59

26
31
22
12
17
19
16
7

17
-2

240
283

249
291

48
50

98
268

-50

-9

-218

77
77

44
44

33
34

Foreign

Intl.
and

-20
-207
369
-23

Official

36

26

3
-27

1
-23
-40

2
30

-15
32

Sales

Net purchases or
sales

Other

-59

29
-27
-5
20
12
-17
-37
3
-9
-37
2

Net pur- PurSales chases or chases
sales

o

*

-13
-40

1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official
institutions of foreign countries; see Table 8.
2
Includes small amounts of State and local govt. securities.

Q

5
13

NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 2.

8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)

Payable in foreign currencies

Payable 1n dollars

End of period
Total

Austria

Belgium

Germany

Italy

Switzerland

Total

Canada

Italy

Sweden

1962 Dec
1963—Dec

251

200

51

730

50

30

275

200

175

163

125

13

25

1964

680
732
802

50
50
50

30
30
30

275
477
477

150

175
175

158
158
158

125
125
125

802
953

50
50
50
50

30
30
30
30

477
628
628
628

152
!52
152
354

125
125
125

30
30
30

679
679
679

245
245
297
297

8
8
8
2
2
2

25
25
25
25
25
25
25
25
25
25

50

30

679

327

354

75
101

30
30

679
679

327
^27

354
354

Mar
Apr

May
June
July
Aug
Sept
Oct

Nov
Dec

1965—Jan . .
Feb

Mar

.

.

1,005
1 005
1,086
1 086
1,086
1,086
1 112
1.137

50
50
50

1
Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.




327
327
327

354
354
354

2
2
2
2

329
329
329
329

2 329
2 329
2 329

25
25
25

2
Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia
River treaty.

APRIL 1965

633

INTL. CAPITAL TRANSACTIONS OF THE U.S.
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

Period

Total

223
60
207
-173

1961
1962
1963
1964
1964—Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
1965—Jan.^ .
Feb. P.
1
2

Country or area

Stocks

Bonds

France

Switzerland

United
Kingdom

323
111
198
-349

-99
-51
9
176

21
4
-8
-37

166
129
-14
-200

-17
-33
206
-4

-9
16
-2
14
23
6
48
9
8
32
24

*
2
*
-9
-4
-4
-3
-5
-6
-2
-3
*
2

-6
-13
-6
-21
-24
-32
-22
-15
-19
-26
-14

-22
-19
-24
7
28
-32
19
4
14
41
-5

-2
-1

2
7

-34
-35
-20
16
17
-68
~2
-34
-17
5
-13

-26
-51
-17
3
-6
-74
-50
-43
-25
-27
-37
*
8

-9
-9

-9
-16

Total
Europe

Canada

Latin
America

Asia

61
24
16
14

232
124
199
-228

-112
-43
-47
3

44
-20
14
25

44
-18
17
10

4
5
3
6
-3
8
2
*
-1
-15
1

-25
-25
-27
-17
-3
-61
-4
-16
-13
-2
-22

-10
-5
10
9
10
-8
3
-18
-7
5
3

1
-10
-2
23
4
4
-3
*
*
*
4

-6
4

2
-11

-3

-2
2
-1
1
3
3
•
-2
2
2
•
*
*

Other
Europe

-1
-5

Africa i

Other
countries 2

Intl.
and
regional

i

12
17
22
18

]
i

*

2
3
1
1
2
1
2
1
1
1
1

t
i

t

i
i
t
t
t

i

*

>

NOTE.—Statistics include small amounts of State and local govt. securities.

Not reported separately until May 1963.
Yearly figures through 1963 include Africa.

10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA

11. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F. R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Period

1961
1962
1963
1964
1964—Feb
Mar
Apr
May....
June....
July....
Aug.. . .
Sept
Oct
Nov....
Dec
1965—Jan.?...
Feb.P...

Total

-830
-1,048
-1,044
-722
-57
33

-100

-91
-28
14
22
-39

-147
-251
-114
-17

-184

Intl.
and
regional

Total
foreign
countries

1

-235
-96

-140
^
2
-48
1
9
4
•

Europe

Canada

-832
-813
-949
-582

-262
-188

-318
-360
-614
-664

-53
31
-52
-92
-36
9
20
-39

22
23
24
8
13
19
4
-5
2
15
16

7 -153
- 9 5 -156
-92
-22
5
-178

-21
-6

-49
163

14
3

1 Not reported separately until May 1963.
2 Yearly figures through 1963 include Africa.




-80
10
-58
-93
-49
6
16
-35

-171
-129
-98

-20
-3

Latin
Amer- Asia
ica

-58
-41
-26
-36

4
1
-14
3
2
-13
1
1
12
-30
5
1
A

Other
coun-2
tries

Africa 1

-121
-175
-252
-77

7

-73
-50
-8
25

8
-4
-5
-12

*
•
*
*
1
1
1
*
2
*
1

1
1
2
1
4
2
1
1
6
2
2

1
*

3
1

g

-5
-2
-1
-5
-15
-18

-20

2

Assets in custody
End of
period

Deposits
U.S. Govt.
securitiesl

Earmarked
gold

1961
1962
1963

279
247
171

6 006
6,990
8,675

11,905
12,700
12,954

1964—Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...

167
166
161
156
135
163
148
120
256
229

8,105
7,860
7,892
8,043
8,201
8,247
8,373
8,201
8,278
8,389

12,775
12,726
12,747
12,795
12,752
12,741
12,738
12,707
12,672
12,698

1965—Jan....
Feb.. .
Mar...

143
154
162

7,952
8,100
7,741

12,871
12,940
13,187

1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.

NOTE.—Excludes deposits and U.S. Govt securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold," Section 14 of Supplement to
Banking and Monetary Statistics, 1962).

634

INTL. CAPITAL TRANSACTIONS OF THE U.S.
12.

APRIL 1965

SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
iClaims

Liabilities to foreigners
1963

Area and country
Dee.
Europe:
Austria
Belgium
Denmark
Finland
France .
Germany Fed Rep of
Italy
Netherlands
Norway
Portugal
Spain
Sweden
.
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
U.S.S.R
Other Eastern Europe

....

....

Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
•. •
Panama
Peru
Uruguay
.
Venezuela
Other L A Republics
Bahamas and Bermuda
Neth. Antilles & S u r i n a m . . . .
Other Latin America
Total
Asia:
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other Asia

.

. .

Total
Africa:
Congo (Leopoldville)
Morocco
South Africa .
U.A.R. fEgvot)
Other Africa
Total
Other countries:
Australia
Allother
Total
International and regional
Grand total

. ...

3
21

2

2

2

26
3
1
33
34
2

19
1
1
31
32
2

25
46

25
46

26
43

3
1
7
9

3
1
7
9

2
1
7
7

Sept."

Dec.

Dec.i

Mar.

June

June 2

Sept."

3

3

8

8

7

6

5

5

20
1
1
27
34
5

22
1
1
31
44
4

22
8
4
47
103
9

22
8
4
47
103
9

18
6
7
52
114
13

21
7
5
70
82
9

20
7
5
68
79
9

17
6
8
50
95
10

24
46

22
46

27
31

106
32

106
32

101
34

101
30

2
1
8
7

2
2
12
7

7
8
29
17

7
8
29
17

99
30

3
1
9
7

6
8
32
20

7
10
47
17

90
32

6
10
46
17

7
9
48
19

1
28
36
5

25

25

20

19

18

36

27

27

23

19

17

2
100
4
3
*

4
110
6
1
*

4
97
1
2
*

5
108
1
4
*

5
234
3
4
1

5
241
3
4
1

1

3

3

5
248
4
5
*

16

5
102
1
3
*

5
274
3
6
*

5
270
3
6
*

4
394
3
6
•

325

325

319

316

301

341

678

685

706

722

706

821

72

72

68

62

57

59

685

731

910

921

912

1,007

34
126
23

*

1

7

7

6

13
3
7
*
8
20
5

13
3
7
*
8
20
6
1

13

22
13
6
4

22
13
1
6
4

110

110

1

*

11
4
7
*
8
26
5
1

25

40

39

10
3
7
*
7
21
6
1

113
25
19
5
60
13
22
4

113
25
21
60
13
27
10

118
24
21
5
59
10
26
8

20
10
2

6
5

22
9
2
7
6

21
8
2
7
6

20
11
2
9
4

36
39
10
5
10

36
39
10
5
11

122

112

104

111

387

415

6
11
29
8
3

6

5

4

5

2
2

2

*
4

14
3
2
23
1

14
5
1
27
1

13
5
1
25
1

16
3
1
31
*

42
10
7
161
6

5
1

5
1

5
1

4
1

2
18

1
22

1
21

1
19

1
21

9
4

2
18

6
*

11
41

11
41

72

72

76

80

73

82

295

*
10
2
6

3
1

3
2

10
2

11
1

9
11
18

2

14
3
1
24

24

5
1

1
*

14
3

1
*

4

11
3
8
*
8
21
7
1

3

2
2

2
2

1
*

2

2

3

34

39

23
5
62
11
25
15

125
21
22
5
58
11
24
15

37
42
20
5
10

40
44
21
5
11

128
25
26
4
64
9
27
23

38
42
20
5
9

45
47
19
4
10

426

447

429

All

*
6

*
5

*
5

39
5
7
170
5

39
5
8
170
4

12
3

11
4

38
5
7
169
4

7
46

7
53

7
51

55

295

300

308

303

327

3
2

2
1

2

2
1

5
2

8
14

12
13
25

11
12
27

4
42
10
7
161

6
9
4

11
4

*
7
36
4
7
186
5

14
5
7

10
5
8

10
6

8

*
9
4
6

5

5

9
11
18

23

13
13
26

25

25

21

19

18

22

43

43

50

55

53

57

17
5

17
5

25
4

27
6

27
5

26
8

32
9

32
9

33
5

37
6

36
6

38
7

22

22

32

34

42

42

38

43

41

45

*

30
*

33

*

1

•

1

1

1

1

1

«

626

627

635

623

586

649

2,131

2,213

2,430

2,498

2 446

2,728

1 Eighth revised series; includes data from firms reporting for the first
time as of Dec. 31, 1963. This series also includes claims previously
held but not reported.
2 Ninth revised series; includes reports from firms having $500,000
or more of liabilities or of claims; for previous series the exemption level
was $100,000.




June 2

2
100
4
3
*

1
2

.

June

26
3
1
33
34
2

*

Total

Mar.

1964

1963

1964
Dec.i

on foreigners

NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 2.

APRIL 1965

635

MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Mar. 31, 1964
Country

1964
Per
cent

Month
effective

Apr.

May

June

July

Argentina
Austria
Belgium...
Brazil
Burma

6.0
4.5
4.25
10.0
4.0

Dec.
June
Oct.
Apr.
Feb.

1957
1963
1963
1958
1962

4.75

Canada * .
Ceylon2
Chile
China (Taiwan) 3
Colombia.

4.0
4.0
14.39
14.04
8.0

Aug.
Aug.
Jan.
July
May

1963
1960
1964
1963
1963

14 63

3.0
5.5
5.0
6.0
7.0

Apr.
Nov.
Nov.
June
Apr.

1939
1963
1956
1961
1962

France
Germany, Fed. Rep. of
Ghana
Greece
.
Honduras 4

4.0
3.0
4.5
5.5
3.0

Nov.
May
Oct.
Jan.
Jan.

1963
1961
1961
1963
1962

Iceland
India
Indonesia.
Iran
Ireland

9.0
4.5
9.0
4.0
4.5

Dec.
Jan.
Aug.
Oct.
Mar.

1960
1963
1963
1963
1964

Israel
Italy
Jamaica...
Japan
Korea

6.0
3.5
4.0
6.57
10.5

Feb
June
Nov.
Mar.
Mar.

1955
1958
1963
1964
1964

4.5
4.0
7.0
6.0
3.5

June
Jan.
Mar.
Apr.
Feb.

1942
1964
1961
1954
1955

4.0
9.5
6.0
2.0
3.5

Jan.
Nov.
Jan.
Jan.
Nov.

1959
1959
1962
1944
1962

...

4.0
4.5
2.0
7 0
4.0

June
Jan.
Feb.
Feb
Oct.

1961
1964
1959
1945
1962

Turkey
United Arab Rep. (Egypt). .
United Kingdom
Venezuela

7.5
5.0
5.0
4.5

May
May
Feb.
Dec.

1961
1962
1964
1960

Costa Rica
Denmark .
Ecuador...
El Salvador
Finland . .

...

Mexico
Netherlands
New Zealand
Nicaragua
Norway
Pakistan
Peru
Philippine Republic
Portugal
South Africa
Spain
Sweden
Switzerland
Thailand
Tunisia . . .

...

5

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.
6.0
4.5
4.75
12.0
4.0

12 0
4 25

4.25
4.0
15.09
14.04
8.0

i5 09

3.0
6.5
5 0
4.0
7.0

6.5

4 0

4.0
3 5
4.5
5.5
3.0

3.5

8.0

5 0
4.62

4.69

4.87

4.89

6 6

1
4.94

I

6.87

6.81

5 6

6.75

6.81

NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and /or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate

8.0
6.0
9.0
4.0
6.81
6.0
3.5
5.0
6.21
10.5

6.21

4.5
4.5
7.0
6.0
3.5

4.5

1
On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3
Rate shown is for call loans.
4
Rate shown is for advances only.
5
Begining with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.




Aug.

Rate
as of
Mar. 31,
1965

1965

4 0

4 5
5 0

2.5

7.0

5.0

4.0
9.5
6.0
2.0
5.0
4.0
5.0
2.5
7.0
4.0
7.5
5.0
7.0
4.5

shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow;
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction:
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against govt. bonds or gold and 5 per cent on advances
against securities of Venezuelan companies.

636

MONEY RATES; ARBITRAGE

APRIL 1965

OPEN MARKET RATES
(Per cent per annum)
Canada
Month

Treasury Day-tobills,
day
3 months^ money2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

Germany,
Fed. Rep. of

France

United Kingdom

Bankers'
allowance Day-today
on
money 3
deposits

Netherlands

Treasury
bills,
60-90
days ^

Day-today
moneys

Treasury
bills,
3 months

Day-today
money

Switzerland
Private
discount
rate

1962—Dec
1963—Dec

3.88
3.71

3.75
3.55

3.86
3.91

3.64
3.74

3.30
3.00

2.50
2.00

3.51
4.66

2.63
2.63

3.50
2.56

1.98
2.25

1.24
1.56

2.00
2.00

1964—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

3.81
3.88
3.75
3.66
3.56
3.60
3.80
3.79
3.69
3.73
3.85

3.57
3.70
3.52
3.33
3.28
3.49
3.79
3.77
3.60
3.68
3.84

4.00
4.53
4.53
4.56
4.64
4.73
4.84
4.84
4.88
5.42
6.84

3.91
4.30
4.30
4.35
4.44
4.57
4.65
4.65
4.69
5.18
6.62

3.10
3.79
3.81
3.77
3.80
3.67
3.92
3.94
3.99
4.54
5.87

2.08
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.56
5.00

4.33
4.98
5.03
6.18
4.91
4.83
4.70
4.74
4.30
4.13
4.16

2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63

2.69
3.38
3.44
3.38
3.31
3.38
3.38
3.69
3.25
3.13
2.88

2.33
2.88
3.00
3.10
3.81
4.26
3.74
3.70
3.80
3.84
3.68

1.88
2.51
2.42
2.78
2.05
3.53
2.06
2.09
3.14
2.79
2.09

2.00
2.00
2.27
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.68

1965—Jan
Feb

3.78
3.72

3.83
3.57

6.84
6.74

6.60
6.48

5.92
5.92

5.00
5.00

3.77
4.11

3.13
3.13

2.44
3.56

3.29
3.34

'2.35
3.55

3.00
3.00

1
2
3
4

5

Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
Rate shown is on private securities.
Rate in effect at end of month.

Based on average of lowest and highest quotation during month.

NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.

ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom

United States and Canada

Treasury bill rates
Date

Treasury bill rates
Premium
(-f)or
discount
(-)on
forward
pound

United
Kingdom
(adj. to
U.S.
quotation
basis)

United
States

Spread
(favor
of
London)

Nov. 6
13
20
27

4.53
4.53
4.62
6.41

3.54
3.56
3.59
3.79

.99
.97
1.03
2.62

-.91
-.92
-1.01
-2.65

Dec.

6.41
6.41
6.41
6.41
6.41

3.76
3.80
3.84
3.84
3.80

2.65
2.61
2.57
2.57
2.61

Net
incentive
(favor
of
London)

Canada

Premium
(+) or
discount
(-)on
forward
Canadian
dollar

Net
incentive
(favor
of
Canada)

As
quoted
in
Canada

Adj. to
U.S.
quotation
basis

United
States

Spread
(favor
of
Canada)

.08
.05
.02
-.03

3.70
3.67
3.68
3.86

3.62
3.59
3.60
3.78

3.54
3.56
3.59
3.79

.08
.03
.01
-.01

-.20
-.17
-.13
-.27

-.12
-.14
-.12
-.28

-2.54
-2.68
-2.62
-2.69
-2.72

.11
-.07
-.05
-.12
-.11

3.86
3.83
3.86
3.85
3.83

3.77
3.74
3.77
3.76
3.74

3.76
3.80
3.84
3.84
3.80

.01
-.06
-.07
-.08
-.06

-.13
-.07
-.07
-.07
— .14

-.12
-.13
-.14
-.15
-.20

1964

4
11
18
24
31
1965

Jan.

8
15
22
29

6.44
6.44
6.41
6.38

3.77
3.74
3.81
3.83

2.67
2.70
2.60
2.55

-2.61
-2.71
-2.61
-2.65

.06
-.01
-.01
-.10

3.80
3.81
3.72
3.70

3.71
3.73
3.63
3.62

3.77
3.74
3.81
3.83

-.06
-.01
-.18
-.21

-.14
-.20
-.27
-.27

-.20
-.21
-.45
-.48

Feb.

5
11
19
26

6.32
6.32
6.32
6.29

3.89
3.89
3.94
3.97

2.43
2.43
2.38
2.32

-2.55
-2.52
-2.85
-2.82

-.12
-.09
-.47
-.50

3.71
3.69
3.70
3.76

3.63
3.61
3.62
3.67

3.89
3.89
3.94
3.97

-.26
-.28
-.32
-.30

-.23
-.07
+ .14
+ .00

-.49
-.35
-.18
-.30

Mar. 5
12
19
26

6.26
6.20
6.35
6.35

3.93
3.91
3.90
3.86

2.33
2.29
2.45
2.49

-2.78
-2.54
-2.74
-3.25

-.45
-.25
-.29
-.76

3.78
3.71
3.64
3.62

3.69
3.63
3.56
3.54

3.93
3.91
3.90
3.86

-.24
-.28
-.34
-.32

+
+
+
+

Apr. 2
9

6.35
6.32

3.91
3.90

2.44
2.42

-3.02
-2.97

-.58
-.55

3.60
3.58

3.52
3.50

3.91
3.90

-.39
-.40

+ .54
+ .47

-.14
-.11
+ .07
+ .29
+ .15
+ .07

NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.




.10
.17
.41
.61

All series: Based on quotations reported to Federal Reserve Bank of
New York by market sources.
For description of series and for back figures see Oct. 1964 BULL.,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
Oct. 1964 BULL.

APRIL 1965

FOREIGN EXCHANGE RATES

637

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

France
(franc)

1959
1960.......
1961
1962
1963
1964.......

1.2730
1.2026
1.2076
.9080
.7245
.7179

223.81
223.71
223.28
223.73
223.10
222.48

3.8619
3.8461
3.8481
3.8685
3.8690
3.8698

2.0012
2.0053
2.0052
2.0093
2.0052
2.0099

104.267
103.122
98.760
93.561
92.699
92.689

21.055
21.048
21.023
21.034
21.015
20.988

14.508
14.505
14.481
14.490
14.484
14.460

.3115
.3112
.3110
.3107
131.057
31.067

.2038
20.389
20.384
20.405
220.404
20.404

1964— Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

.7438
.7287
.7312
.7272
.7279
.7075
.6980
.6979
.6725
.6652

222.95
223.03
223.06
222.64
222.29
222.04
221.79
221.79
221.90
222.36

3.8675
3.8687
3.8686
3.8694
3.8710
3.8725
3.8712
3.8699
3.8693
3.8707

2.0070
2.0082
2.0089
2.0060
2.0085
2.0103
2.0126
2.0146
2.0149
2.0144

92.534
92.498
92.499
92.499
92.473
92.690
92.913
92.984
93.100
93.039

21.019
21.020
21.021
21.009
20.977
20.953
20.955
20.954
20.953
20.944

14.484
14.494
14.482
14.470
14.459
14.438
14.435
14.430
14.430
14.459

31.077
31.077
31.066
31.063
31.063
31.059
31.056
31.054
31.076
31.084

20.404
20.405
20.405
20.401
20.405
20.405
20.402
20.403
20.405
20.405

1965—Jan..
Feb.
Mar.

.6628
.6615
.6629

222.42
222.72
222.50

3.8697
3.8681
3.8694

2.0148
2.0147
2.0144

93.109
92.943
92.480

20.943
20.967
20.950

14.458
14.460
14.453

31.079
31.081
31.080

20.404
20.404
20.400

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yea)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

1959
1960
1961
1962
1963.......
1964

23.926
23.976
24.903
25.013
25.084
25.157

21.031
20.968
20.980
21.026
20.966
20.923

280.88
280.76
280.22
280.78
280.00
279,21

.16099
.16104
.16099
.16107
.16087
.16014

.27781
.27785
.27690
.27712
.27663
.27625

32.857
32.817
32.659
32.757
32.664
32.566

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26.492
26.513
27.555
27.755
27.770
27.724

278.10
277.98
277.45
278.00
277.22
276.45

1964— Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

25.163
25.160
25.159
25.165
25.159
25.152
25.154
25.158
25.148
25.149

20.968
20.970
20.977
20.945
20.912
20.886
20.862
20.859
20.867
20.898

279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48
279.06

.16029
.16000
.16001
.16002
.16001
.16002
.16002
.16003
.16003
.16003

.27603
.27583
.27579
.27580
.27576
.27580
.27665
.27658
.27686
.27837

32.645
32.595
32.606
32.571
32.524
32.474
32.431
32.467
32.507
32.569

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

27.731
27.711
27.681
27.627
27.657
27.674
27.712
27.772
27.824
27.831

277.04
277.13
277.17
276.65
276.21
275.91
275.59
275.59
275.73
276.30

1965—Jan..
Feb.,
Mar.

25.135
25.137
25.144

20.894
20.915
20.912

279.13
279.51
279.24

.16003
.16003
.16003

.27856
.27830
.27710

32.575
32.602
32.553

8.0056
8.0056
8.0056

27.827
27.825
27.780

276.37
276.75
276.47

Norway
(krone)

Philippine
Republic
(peto)

Portugal
(etcudo)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49.721
49.770

3.4967
3.4937
3.4909
3.4986
3.4891
3.4800

139.57
139.87
139.48
139.09

2.0579
.6635
.6643
.6654
.6664
.6663

19.324
19.349
19.353
19.397
19.272
19.414

23.142
23.152
23.151
23.124
23.139
23.152

280.88
280.76
280.22
280.78
280.00
279.21

Period

Period

Period

1959
1960
1961
1962
1963
1964

14.028
14.018
14.000
14.010
13.987
13.972

South Africa
(pound)
279.83
279.71
279.48

(rand)

T>ec

13.976
13.989
13.992
13.984
13.972
13.962
13.956
13.956
13.956
13.980

3.4867
3.4879
3.4874
3.4847
3.4796
3.4746
3.4714
3.4680
3.4686
3.4777

139.38
139.43
139.45
139.19
138.96
138.81
138.65
138.65
138.72
139.01

.6663
.6664
.6664
.6663
.6663
.6662
.6661
.6662
.6665
.6666

19.430
19.451
19.464
19.467
19.441
19.466
19.461
19.376
19.396
19.439

23.110
23.143
23.171
23.172
23.139
23.145
23.148
23.164
23.172
23.172

279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48
279.06

1965—Jan..
Feb..
Mar.

13.977
13.982
13.976

3.4783
3.4826
3.4817

139.05
139.23
139.10

.6665
.6665
.6663

19.465
19.469
19.468

23.149
23.102
23.020

279.13
279.51
279.24

1964—Mar
y

June............
July
Aug.. .
........
Sept.
Oct.........
Nov
...

1
A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
2 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.




NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistic*,
1962.

638

U.S. BALANCE OF PAYMENTS

APRIL 1965

U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1963
Item

1962

1963

1964

1964^
III

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
30,084
20,576
656
3,850
471
4,531

32,020
21,989
659
3,969
498
4,905

36,523
25.219
758
4,706
456
5,384

8,037
5,610
117
963
125
1,222

8,471
5,917
155
1,001
126
1,272

8,984
6,108
210
1,214
131
1,321

8,838
6,053
151
1,193
131
1,310

9,247
6,372
182
1,211
131
1,351

9,454
6.686
215
1,088
63
1,402

-25,021
-16,134
-3,044
-995
-4,848

-26,335
-16,996
-2,897
-1,194
-5,248

-28,314
-18,638
-2,807
-1,304
-5,565

-6,733
-4,368
-711
-308

-6,744
-4,379
-708
-332
-1,325

-6,805
-4,416
-717
-317

-7,039
-4,605
-728
-323

-7,138
-4,716
-694
-324

-7,332
-4,901
-668
-340

-1,355

-1,383

-1,404

-1,423

Balance on goods and services *

5,063

5,685

8,209

2,179

1,799

2,109

2,122

Remittances and pensions

-738

-826

-830

-197

-206

-212

-215

4,325

4,859

7,379

1,098

1,525

1,982

1,593

1,897

1,907

-3,547
-1,919
-2,129

-3,785
-1,896
-2,181

-3,657
-1,906
-2,360

-791
-455
-441

-925
-496
-562

-778
-467
-514

-908
-549
-693

-934
-438
-601

-1,037
-452
-552

-245

-445

-33

Exports of goods and services—Total i
Merchandise
Military sales
Investment income receipts, private.
Investment income receipts, Govt
Other services
Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services

1. Balance on goods, services, remittances
pensions

and

2. U.S. Govt. grants and capital flow, net, excluding
advance debt repayments
Grants 2, 3
Long-term loans and subscriptions 3
Change in foreign currency holdings and
short-term claims, net (increase, —) 3
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
Scheduled loan repayments
3. U.S. private capital, net
Direct investments abroad
Other long-term capital
Short-term capital
4. Foreign capital, net, excluding liquid assets in
U.S
Foreign long-term investments in U.S
Foreign short-term capital
Miscellaneous U.S. Govt. nonliquid liabilities
5. Errors and unrecorded transactions
Balance of A (= 1 + 2 + 3 + 4 + 5 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.

-11

147
599

94
643

-3,434
-1,654
-1,227
-553

-4,307
-1,888
-1,685
-734

162
272
-106

311
329
-19

-4

1

-1,111

-339

-3,605

-3,261

1,304
-206

1,727
-202

-101

75

66

26

-178

48
572
-6,360
-2,297
-1,956
-2,107

-80
35
183

42
29
163

-22
-9
159

73
36
159

-85
4
160

34
17
94

-534
-235
-303
4

-1,008
-558
-238
-212

-1,359
-513
-236
-610

-1,406
-568
-283
-555

-1,578
-577
-597
-404

-2,017
-639
-840
-538

478
153
118
207

115
96
17
2

-47
29
-74
-2

26
13
9
4

130
114
17
-1

203
-64
63
204

119
90
29

-893

-267

57

-138

-31

-247

-477

-3,053

-379
441
-820

-398
18
-416

-267
-336
69

-622
-35
-587

-659
353
-1,012

-1,505
18

-3,053

-3^605

-1,346

-1,523

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
Advance repayments on U.S. Govt. loans 4 .
Advances on U.S. military exports, net
Sales of nonconvertible nonmarketable securities,5
net
Dollar securities6
Foreign currency securities

3,605
681
470

3,261
326
334

3,053
122
206

820
241
80

416
26
239

-69
52
151

251

-43
31
-74

-36
-16
-20

-95
-45
-50

-1
-1

-55
-5
-50

702
150
552

375

175
25
150

25

375

'25"

*25i'

Sales of convertible nonmarketable securities,5 net.
Dollar securities
Foreign currency securities

587
33
-64

1,012
30
-28

1,523

7
147

-2
-2

29
-1
30

122

203

50

122

"263"

50

Change in U.S.1 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U.S. Govt. bonds and notes
International and regional organizations98
Foreign private holders excluding banks
Foreign commercial banks
Foreign official holders

670
211
131
-129
457

1,564
-238
394
438
970

2,215
-246
348
1,415
698

192
-15
93
-31
145

132
-112
110
8
126

-166
-85
34
284
-399

201
-25
54
80
92

739
-139
122
570
186

1,441
3
138
481
819

Change in U.S. monetary reserve assets {increase, — ).
IMF position
Convertible currencies
Gold

1,533
626
17
890

378
30
-113
461

171
266
-220
125

227
59
-28
196

-5
15
-58
38

-57
131
-228
46

303
118
258
-73

70
135
-45
-20

-151
-118
-205
172

1 Excludes military transfers under grants.
Excludes military grants.
3 Not seasonally adjusted separately.
4 Includes sell-offs.
5 With maturities over 12 months.
<s Includes certificates sold abroad by Export-Import Bank.

2




7 Includes official liabilities.
8 Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt. securities.
9 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits).

APRIL 1965

639

FOREIGN TRADE
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports

l

Imports 2

Export surplus

Period
1962
Month:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
Dec

1963

3 986
3 2,124
31,958
31 Q14
1,895
I 803
1,841
1,922
1,958
1,967

1964

1965

1962

3 1 217
31,593

1 .327
1,320
1,342
I 365
1,404
351
1,347
,346
3] ,471
3 1,312
1,425

r

1963

1964

1965

1962

3 1,100

3 1,206
1,601

341
489
330
430
358
485
401
357

3 .377

1,416
1 431
1,450
1,497
1,443
1,455
1,466
1,480

1.434
,460
,520
541
,539
518
,578
,575
,546
,548
,698
642

1963

1964

r

1,725
3 1,839

2,091

2,043
2,046
2,074
2 061
2,062
2 034
2,123
2,109
2,235
2,155
2,197
2,430

m
IV

5 149
5,393
3 5,359
3 5,087

3 5 068
35,612
5,721
6,024

6 163
6,157
6,467
6,782

3 989
4,120
34,164
34,114

3 4 095
3 4,262
4,390
4,401

4 414
4,598
4,699
4,888

1 160
1,273
3 1,195
3 973

3 973
3 1,350
1,331
1,623

1 749
1,559
1,768
1,894

Year *

20,945

22,424

25,620

16,389

17,142

18,685

4,556

5,282

6,935

1.668

1,809
1,672
I 795
1,762
I 836
1,748
.703
3 1 ,'908
31,523

Quarter:
II

1

966

Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual
Security Program.
2
General imports including imports for immediate consumption plus
entries into bonded warehouses.




31,510

3 1,485
3 1 415

3 437
3 211
300
3 462

3 — 114
3 614
3 473
3499
479
372
391
425
515
512
500
611

609
586
554
520
523
516
545
534
689
607
499
788

3 Significantly affected by strikes.
Sum of unadjusted figures.

4

NOTE.—Bureau of the Census data.

1965

3-8

BOARD OF GOVERNORS
of the Federal Reserve System
WM.

Chairman

M C C . MARTIN, JR.,

C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON
CHAS. N. SHEPARDSON

GEORGE W. MITCHELL
J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board

GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board

ROBERT L. CARDON, Legislative

Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARY
MERRITT SHERMAN,

DIVISION OF EXAMINATIONS

Secretary

FREDERIC SOLOMON,

KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary

LEGAL DIVISION
HOWARD H. HACKLEY, General

Counsel

DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant

EDWIN J. JOHNSON,

Director

H. FRANKLIN SPRECHER, JR., Assistant

DIVISION OF ADMENISTRATIVE SERVICES

FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
ROBERT SOLOMON, Adviser
KENNETH B. WILLIAMS, Adviser

LEWIS N. DEMBITZ, Associate

JOSEPH E. KELLEHER,

Director

HARRY E. KERN, Assistant

Adviser

Director

OFFICE OF THE CONTROLLER

DIVISION OF INTERNATIONAL FINANCE

JOHN KAKALEC,

Director

Controller

SAMPSON H. BASS, Assistant

Adviser

Controller

SAMUEL I. KATZ, Adviser
ROBERT L. SAMMONS, Adviser

OFFICE OF DEFENSE PLANNING

REED J. IRVINE, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser

INNIS D. HARRIS,

Coordinator

DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,

DIVISION OF DATA PROCESSING

Director

GERALD M. CONKLING, Assistant

M. B. DANIELS, Assistant

Director
M. H. SCHWARTZ,

Director

JOHN N. KILEY, JR., Assistant




Director

Director

ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director

A. B. HERSEY,

Reserve

DIVISION OF PERSONNEL ADMINISTRATION

DIVISION OF RESEARCH AND STATISTICS

RALPH A. YOUNG,

LLOYD M. SCHAEFFER, Chief Federal
Examiner

General

Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DANIEL H. BRILL,

Director

GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N. THOMPSON, Assistant Director

Director

LEE W. LANGHAM, Assistant

Director

640

Director

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL

641

Federal Open Market Committee
WM. M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

Vice Chairman

C. CANBY BALDERSTON

GEORGE H. ELLIS

J. L. ROBERTSON

MALCOLM BRYAN

GEORGE W. MITCHELL

CHARLES J. SCANLON

J. DEWEY DAANE

CHAS. N. SHEPARDSON

RALPH A. YOUNG, Secretary

ERNEST T. BAUGHMAN, Associate Economist

MERRITT SHERMAN, Assistant Secretary

DANIEL H. BRILL, Associate Economist

KENNETH A. KENYON, Assistant Secretary

GEORGE GARVY, Associate Economist

ARTHUR L. BROIDA, Assistant Secretary

ROBERT C. HOLLAND, Associate Economist

HOWARD H. HACKLEY, General Counsel

ALBERT R. KOCH, Associate Economist

DAVID B. HEXTER, Assistant General Counsel

CHARLES T. TAYLOR, Associate Economist

GUY E. NOYES, Economist

PARKER B. WILLIS, Associate Economist

ALAN R. HOLMES, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account

Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON, Vice President

EDWARD BYRON SMITH, CHICAGO

WILLIAM H. MOORE, NEW YORK

JAMES P. HICKOK, ST. LOUIS

WILLIAM L. DAY, PHILADELPHIA

JOHN A. MOORHEAD, MINNEAPOLIS, President

L . A . STONER, CLEVELAND

ROGER D . KNIGHT, J R . , 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

642

FEDERAL RESERVE BULLETIN • APRIL 1965

Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code

Chairman
Deputy Chairman

President
First Vice President

Boston

02106

Erwin D . Canham
William Webster

George H. Ellis
Earle O. Latham

New York

10045

Alfred Hayes
William F. Treiber

Buffalo

...14240

Philip D . Reed
Everett N. Case
Maurice R. Forman
Walter E. Hoadley
Willis J. Winn

Karl R. Bopp
Robert N. Hilkert

Joseph B. Hall
Logan T. Johnston
Walter C. Langsam
G. L. Bach

W. Braddock Hickman
Edward A. Fink

Edwin Hyde
William H. Grier
Leonard C. Crewe, Jr.
J. C. Cowan, Jr.

Edward A. Wayne
Aubrey N. Heflin

Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Claude J. Yates
Andrew D. Holt
George Benjamin Blair

Malcolm Bryan
Harold T. Patterson

Franklin J. Lunding
James H. Hilton
James William Miller

Charles J. Scanlon
Hugh J. Helmer

Raymond Rebsamen
Smith D . Broadbent, Jr.
Carey V. Stabler
C. Hunter Green
Sam Cooper

Harry A. Shuford
Darryl R. Francis

Atherton Bean
Judson Bemis
Edwin G. Koch

(Vacancy)
M. H. Strothman, Jr.

Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin

George H. Clay
Henry O. Koppang

Robert O. Anderson
Carl J. Thomsen
Roger B. Corbett
D. B. Campbell
John R. Stockton

Watrous H. Irons
Philip E. Coldwell

F. B. Whitman
John D . Fredericks
Arthur G. Coons
Graham J. Barbey
Howard W. Price
William McGregor

Eliot J. Swan
H. Edward Hemmings

Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta

19101
..44101
45201
...15230
23213
21203
...28201
...30303

Birmingham.... ,,35202
32201
Jacksonville
37203
Nashville
...70160
New Orleans
Chicago

..60690

Detroit

...48231

St. Louis

63166

Little Rock
Louisville
Memphis

, 72203
40201
...38101

Minneapolis

,.,55440

Helena

...59601

Kansas City
Denver
Oklahoma City
Omaha
Dallas

64106
80217
73101
...68102
...75222

El Paso
, 79999
Houston
77001
San A n t o n i o . . . . ...78206
San Francisco

94120

Los Angeles
90054
Portland
. 97208
Salt Lake City... ...84110
Seattle
..,98124




Vice President
in charge of branch

Insley B. Smith

Fred O. Kiel
Clyde E. Harrell

Donald F. Hagner
Edmund F. MacDonald

Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw

Russel A. Swaney

Fred Burton
Donald L. Henry
E. Francis DeVos

Clement A. Van Nice

John W. Snider
Howard W. Pritz
George C. Rankin

Fredric W. Reed
J. Lee Cook
Carl H. Moore

Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh

Federal Reserve Board Publications
The material listed may be obtained from Publications Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated,
remittance should accompany request and be made payable to the order of the Board of Governors of
the Federal Reserve System. For a more complete list, including periodic releases, see pp. 1623-26 of the
December 1964 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1963. 297 pp.
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.

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per annum or $.60 a copy in the United States
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Venezuela. (In quantities of 10 or more of
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or $.50 each.) Elsewhere, $7.00 per annum
or $.70 a copy.

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

subscription includes one issue of Historical
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.

108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112
pp. Individual books $1.00 each; set of 3, $2.50.

USE. 1959. 144 pp. $1.00 a copy; in quantities
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FEDERAL FUNDS MARKET—A Study by a
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THE

ALL-BANK STATISTICS,

1896-1955, 1959. 1,229 pp.

$4.00.
Base. 1962.
172 pp. $1.00 a copy; in quantities of 10 or
more sent to one address, $.85 each. (The 1959
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INDUSTRIAL PRODUCTION—1957-59

THE FEDERAL RESERVE ACT, as amended through

Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 386 pp. $1.25.
SUPPLEMENT TO BANKING AND MONETARY STATIS-

TICS. Sec. 1. Banks and the Monetary System.
1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50.
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 92 pp. $.65.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
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of the Board of
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PUBLISHED INTERPRETATIONS

Data from the 1960 Sample Survey
of Agriculture. 1964. 185 pp. $1.00.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

FARM DEBT:

1955. 390 pp. $2.75.




DEBITS AND CLEARINGS STATISTICS AND THEIR

643

644

FEDERAL RESERVE BULLETIN • APRIL 1965

REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938.

20 pp.
*Part I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.

SECURITIES

1961. 15 pp.

FINANCIAL

INTERMEDIARIES.

BANKING AND MONETARY STATISTICS, 1963.

Se-

lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964.
15 pp.
REVISION OF THE MONEY SUPPLY SERIES.

June

1964. 14 pp.
REVISION OF BANK CREDIT SERIES.

June 1964.

5 pp.
RECENT MONETARY AND CREDIT DEVELOPMENTS.

FEDERAL

RESERVE

SECURITY

TRANSACTIONS,

1954-63. July 1964. 16 pp.

REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961.3 pp.

NEW SERIES ON FEDERAL FUNDS. Aug.

1964.

31pp.
PRODUCTION—1957-59

BASE.

Oct.
MINISTERIAL STATEMENT OF THE GROUP OF TEN
AND ANNEX PREPARED BY DEPUTIES. Aug.

1962. 10 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.

Mar. 1963. 10 pp.
NEGOTIABLE TIME

CERTIFICATES OF DEPOSIT.

Apr. 1963. 11 pp.
NEW FOREIGN BOND ISSUES
MARKET. May 1963. 13 pp.

IN

THE

U.S.

1964.25 pp.
U.S. BALANCE
8 pp.

OF PAYMENTS,

1963-64. Oct. 1964.

YIELD DIFFERENTIALS IN TREASURY BILLS,

1959-

64. Oct. 1964.20 pp.

BANK LOANS SECURED BY STOCKS AND BONDS.

July 1963. 19 pp.
A

THROUGH

May 1964. 9 pp.

July 1964. 9 pp.

REVISION OF CONSUMER CREDIT STATISTICS. Dec.

INDUSTRIAL

FLOWS

U.S.

GOVERNMENT SECURITIES in

1964.

Nov.

1964.8 pp.

BANK EXAMINER LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.

RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.

MEASURING AND ANALYZING ECONOMIC GROWTH.
BANK CREDIT AND MONETARY DEVELOPMENTS IN

Aug. 1963. 14 pp.
BANK AND

PCA

LENDING TO FARMERS.

Sept. 1963.

11pp.

BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp.

THE OPEN MARKET POLICY PROCESS. Oct.

1963.

11pp.
RECENT

1964. Feb. 1965. 13 pp.

INTEREST RATE TRENDS. NOV.

1963.

10 pp.

BALANCE OF PAYMENTS PROGRAM: GUIDELINES
FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Mar. 1965. 6 pp.

SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1965. 13 pp.

U.S. TRADE AND PAYMENTS IN 1963. Apr.

REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. Mar. 1965. 4 pp.

7 pp.




1964.

Index to Statistical Tables
(For list of tables published quarterly, semiannually, or
annually, with latest BULLETIN reference, see page 544.)
Acceptances, bankers', 553, 570, 572
Agricultural loans of commercial banks, 564, 566
Arbitrage, 636
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system,
consolidated, 559
Corporate, current, 584
Domestic banks, by classes, 560, 564, 566
Federal Reserve Banks, 554
Automobiles:
Consumer instalment credit, 588, 589, 590
Production index, 592, 593

Deposits (See also specific types of deposits):
Adjusted, and currency, 559
Banks, by classes, 552, 560, 565, 568, 572
Federal Reserve Banks, 554, 633
Postal savings, 552, 559
Discount rates, 551, 635
Discounts and advances by Federal Reserve
Banks, 546, 554, 556
Dividends, corporate, 583, 584
Dollar assets, foreign, 625, 633

Bankers' balances, 565, 567
(See also Foreign liabilities and claims)
Banks and branches, number, by class and State, 615
Banks and the monetary system, consolidated
statement, 559
Banks for cooperatives, 579, 580
Bonds (See also U.S. Govt. securities):
New issues, 580, 581, 582
Prices and yields, 570, 571
Branch banks, number, by class and State, 616
Brokers and dealers in securities, bank
loans to, 564, 566
Business expenditures on new plant and
equipment, 584
Business indexes, 596
Business loans (See Commercial and industrial loans)

Farm mortgage loans, 585, 586
Federal finance:
Cash transactions, 574
Receipts and expenditures, 575
Treasurer's balance, 574
Federal funds, 550
Federal home loan banks, 579, 580, 587
Federal Housing Administration, 571, 585, 586, 587
Federal intermediate credit banks, 579, 580
Federal land banks, 579, 580
Federal National Mortgage Assn., 579, 580, 587
Federal Reserve Banks:
Condition statement, 554
U.S. Govt. securities held by, 546, 554, 556,
576, 577
Federal Reserve credit, 546, 554, 556
Federal Reserve notes, 554, 557
Federally sponsored credit agencies, 579, 580
Finance company paper, 570, 572
Financial institutions, loans to, 564, 566
Float, 546
Flow of funds:
Financial assets and liabilities, 614
Saving and financial flows, 604
Foreign central banks, 622, 635
Foreign currency operations, 554, 556, 624, 632
Foreign deposits in U.S. banks, 546, 554, 555,
565, 568, 633
Foreign exchange rates, 637
Foreign liabilities and claims:
Banks, 626, 628, 629, 631, 633
Nonfinancial concerns, 634
Foreign trade, 639

Capital accounts:
Banks, by classes, 560, 565, 568
Federal Reserve Banks, 554
Carloadings, 596
Central banks, foreign, 622, 635
Coins, circulation of, 557
Commercial and industrial loans:
Commercial banks, 564
Weekly reporting member banks, 566, 569
Commercial banks:
Assets and liabilities, 560, 563, 564
Consumer loans held, by type, 589
Number, by classes, 560, 615
Real estate mortgages held, by type, 585
Commercial paper, 570, 572
Condition statements (See Assets and liabilities)
Construction, 596, 597
Consumer credit:
Instalment credit, 588, 589, 590, 591
Noninstalment credit, by holder, 589
Consumer price indexes, 596, 600
Consumption expenditures, 602, 603
Corporations:
Sales, profits, taxes, and dividends, 583, 584
Security issues 581, 582
Security prices and yields, 570, 571
Cost of living (See Consumer price indexes)
Currency in circulation, 546, 557, 558
Customer credit, stock market, 571
Debits to deposit accounts, 556
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 559
Adjusted, commercial banks, 556, 558, 565
Banks, by classes, 552, 560, 568
Turnover of, 556
Type of holder, at commercial banks, 565




Earnings and hours, manufacturing industries, 599
Employment, 596, 598, 599

Gold:
Certificates, 554, 557
Earmarked, 633
Net purchases by U.S., 624
Production, 623
Reserves of central banks and govts., 622
Reserves of foreign countries and international
organizations, 625
Stock, 546, 559, 624
Gross national product, 602, 603
Hours and earnings, manufacturing industries, 599
Housing starts, 597
Income, national and personal, 602
Industrial production index, 592, 596
Instalment loans, 588, 589, 590, 591
Insurance companies, 573, 576, 577, 586
Insured commercial banks, 562, 564, 615
Interbank deposits, 522, 560, 565

645

646
Interest rates:
Bond yields, 570
Business loans by banks, 569
Federal Reserve Bank discount rates, 551
Foreign countries, 635, 636
Money market rates, 570, 636
Mortgage yields, 571
Stock yields, 570
Time deposits, maximum rates, 552
International capital transactions of the U.S., 626
International institutions, 622, 624, 625
Inventories, 602
Investment companies, new issues, 582
Investments {See also specific types of investments):
Banks, by classes, 560, 564, 567, 572
Commercial banks, 563
Federal Reserve Banks, 554, 556
Life insurance companies, 573
Savings and loan assns., 573
Labor force, 598
Loans {See also specific types of loans):
Banks, by classes, 560, 564, 566, 572
Commercial banks, 563
Federal Reserve Banks, 546, 554, 556
Insurance companies, 573, 586
Insured or guaranteed by U.S., 585, 586, 587
Savings and loan assns., 573, 586
Manufacturers, production index, 593, 596
Margin requirements, 552
Member banks:
Assets and liabilities, by classes, 560, 564
Borrowings at Federal Reserve
Banks, 548, 554, 568
Deposits, by classes, 552
Number, by classes, 561, 615
Operating ratios, 617
Reserve position, basic, 550
Reserve requirements, 552
Reserves and related items, 546
Weekly reporting series, 566
Mining, production index, 593, 596
Money rates {See Interest rates)
Money supply and related data, 558
Mortgages {See Real estate loans)
Mutual funds, 582
Mutual savings banks, 559, 560, 562, 572, 576, 577,
585,615
National banks, 562, 615
National income, 602, 603
National security expenditures, 575, 602
Nonmember banks, 562, 564, 565, 615
Open market transactions, 553
Operating ratios, member banks, 617
Payrolls, manufacturing, index, 596
Personal income, 603
Postal Savings System, 552, 559
Prices:
Consumer, 596, 600
Security, 571
Wholesale commodity, 596, 600
Production, 592, 596
Profits, corporate, 583, 584
Real estate loans:
Banks, by classes, 564, 572, 585
Mortgage yields, 571
Type of holder, 585, 586, 587
Type of property mortgaged, 585, 586, 587




FEDERAL RESERVE BULLETIN • APRIL 1965
Reserve position, basic, member banks, 550
Reserve requirements, member banks, 552
Reserves:
Central banks and govts., 622
Commercial banks, 565
Federal Reserve Banks, 554
Foreign countries and international
organizations, 625
Member banks, 546, 548, 552, 565, 567
Residential mortgage loans, 585, 586, 587
Retail credit, 588
Retail sales, 596
Sales finance companies, consumer loans of, 588,
589, 591
Saving:
Flow of funds series, 604
National income series, 603
Savings and loan assns., 573, 577, 586
Savings deposits {See Time deposits)
Savings institutions, principal assets, 572, 573
Securities {See also U.S. Govt. securities)
Federally sponsored agencies, 579
International transactions, 632, 633
New issues, 580, 581,582
Silver coin and silver certificates, 557
State and local govts.:
Deposits of, 565, 568
Holdings of U.S. Govt. securities, 576, 577
New security issues, 580, 581
Ownership of obligations of, 564, 572, 573
Prices and yields of securities, 570, 571
State member banks, 562, 615
Stock market credit, 571
Stocks:
New issues, 581, 582
Prices and yields, 570, 571
Tax receipts, Federal, 575
Time deposits, 552, 558, 559, 560, 565, 568
Treasurer's account balance, 574
Treasury cash, 546, 557, 559
Treasury currency, 546, 557, 559
Treasury deposits, 546, 554, 574
Turnover, deposit, 556
Unemployment, 598
U.S. balance of payments, 638
U.S. Govt. balances:
Commercial bank holdings, by classes, 565, 568
Consolidated monetary statement, 559
Treasury deposits at Federal Reserve
Banks, 546, 554, 574
U.S. Govt. securities:
Bank holdings, 559, 560, 564, 567, 572, 576, 577
Dealer transactions, positions, and financing, 578
Federal Reserve Bank holdings, 546, 554, 556,
576, 577
Foreign and international holdings, 554, 625, 633
International transactions, 632
New issues, gross proceeds, 581
Open market transactions, 553
Outstanding, by type of security, 576, 577, 579
Ownership of, 576, 577
Prices and yields, 570, 571, 636
United States notes, outstanding and in
circulation, 557
Utilities, production index, 593, 596
Vault cash, 546, 552, 565
Veterans Administration, 585, 586, 587
Weekly reporting member banks, 566
Yields {See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

Co THE FEDERAL RESERVE SYSTEM g)

Legend
Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

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• Federal Reserve Branch Cities